2006 Annual Report

	Hang Seng FTSE/Xinhua China 25 Index ETF (02838)

Manager's Report Performance Table Trustee's Report Independent Auditor's Report Investment Portfolio Statement of Movements in Portfolio Holdings Statement of Assets and Liabilities Statement of Changes in Net Assets Attributable to Unitholders Revenue Statement Cash Flow Statement Distribution Statement Notes on the Financial Statements Performance of the FTSE/Xinhua China 25 Index and Hang Seng FTSE/Xinhua China 25 Index ETF Hang Seng FTSE/Xinhua China 25 Index ETF-Comparison of Daily Closing Price and Net Asset Value per Unit FTSE/Xinhua China 25 Index Constituent Stock Disclosure Report on Investment Overweight in Constituent Stocks of the FTSE/Xinhua China 25 Index by the Fund Management and Administration