Data shows that, as of March 14th this year, the net asset value (NAV) of three bond funds — Galaxy Income, Changsheng Bond, and China Merchants Anben Enhanced Gain — had fallen by 3.10%, 3.32%, and 3.84% respectively. All three funds are capable of directly investing in stocks in the secondary market. According to the Q4 2007 quarterly report, their respective stock investment ratios were 18.48%, 15.30%, and 19.69%. However, last year, these three bond funds ranked in the top three among bond funds with NAV growth rates of 44.92%, 42.43%, and 20.13%, respectively. The negative growth seen in some bond funds since the beginning of this year is undoubtedly largely due to their equity positions.