BOCOM INTERNATIONAL CHINA DYNAMIC FUND (A sub-fund of BOCOM International Fund) SEMI-ANNUAL REPORT (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2017

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2 Contents Pages Management and Administration 1 Report of the Manager to the Unitholders 2 Statement of Financial Position (Unaudited) 3 Investment Portfolio (Unaudited) 4 5 Statement of Movements in Investment Portfolio (Unaudited) 6 8

3 MANAGEMENT AND ADMINISTRATION Manager BOCOM International Asset Management Limited 9/F, Man Yee Building 68 Des Voeux Road Central Central Hong Kong Directors of the Manager TAN Yueheng CHENG Chuange Trustee and Registrar Bank of Communications Trustee Limited 1/F, Far East Consortium Building 121 Des Voeux Road Central Central Hong Kong PRC Custodian HSBC Bank (China) Company Limited 33/F, HSBC Building, Shanghai ifc 8 Century Avenue, Pudong Shanghai Legal Counsel to the Manager Deacons 5/F, Alexandra House 18 Chater Road Central Hong Kong Auditor PricewaterhouseCoopers 21/F, Edinburgh Tower 15 Queen s Road Central Hong Kong - 1 -

4 REPORT OF THE MANAGER TO THE UNITHOLDERS Review of the whole market, the overall trend stabilized and moved upward slowly. In the tectonic plate aspect, the performance of blue chips led by wine&food plate and household appliances was eye-catching, and we made the allocation at the right timing. Due to the impact of accelerated initial public offering (IPO) and tightened management by China Securities Regulatory Commission (CSRC) on refinancing, stocks listed on the small and medium-sized enterprises (SME) board and the ChiNext board with relatively high valuation remained sluggish throughout the 1H2017. However, compare to last year, there are some small cap stocks become attractive, and we will pay attention to them. Fund performance: We prefer constituents of the CSI 300 Index that record stable performance and also constituents of the SSE 50 Index that are leading stocks of their industries and that see high dividend. These stocks are representatives of value investment among China s listed companies and their rise marks that market confidence is improving. As of June 30, 2017, class R and class I went up by 16.41% and 16.59%, respectively, from the end of The CSI 300 Index increased by 10.78% during the same period, and the performance of funds was better than CSI 300 Index

5 STATEMENT OF FINANCIAL POSITION (UNAUDITED) AS AT 30 JUNE Jun 31 Dec RMB RMB Non-Current Assets Deposit reserve 224, ,000 Assets Financial assets at fair value through profit or loss 42,720,237 32,384,520 Interest receivable 29,578 35,288 Amounts due from brokers 849,808 - Cash and cash equivalents 2,316,927 7,230,515 Total assets 46,140,550 39,874,323 Non-Current Liabilities Deferred tax liability - 1,249 Liabilities Amounts due to brokers 489,020 - Management fee payable 47,892 44,903 Trustee fee payable 61,151 63,015 Sub-custodian fee payable 3,648 3,411 Preliminary expenses payable 54,688 54,688 Provision for tax 23,917 23,917 Accrued expenses and other payables 111, ,268 Total liabilities (excluding net assets attributable to unitholder) 791, ,451 Net assets attributable to unitholders (after amortization of establishment costs) 45,348,936 39,549,872 Represented by: Net assets attributable to unitholders (before amortization of establishment costs) 45,502,906 39,739,571 Adjustment for different basis adopted by the Sub-Fund in arriving at net asset attributable to unitholder (153,970) (189,699) Net assets per class Class I 28,337,577 24,306,656 Class R 17,165,329 15,432,915 Number of units outstanding Class I 2,100, ,100, Class R 1,283, ,342, Net asset value per unit Class I Class R

6 INVESTMENT PORTFOLIO (UNAUDITED) AS AT 30 JUNE 2017 Fair Value % of Net Investments (93.88%) Holdings RMB Asset Debt securities (5.77%) Listed in China China Government Bond /31/2021 1,020,000 1,046, % China Government Bond /17/2023 1,600,000 1,576, % Equity securities (88.11%) Listed in China - 4-2,623, % ZTE Corp 78,000 1,851, % Midea Group Co Ltd 67,000 2,883, % Weichai Power Co Ltd 50, , % Yunnan Baiyao Group Co Ltd 19,000 1,783, % Gree Electric Appliances Inc of Zhuhai 37,000 1,523, % BOE Technology Group Co Ltd 140, , % China Resources Sanjiu Medical & Pharmaceutical Co Ltd 23, , % Hangzhou Hikvision Digital Technology Co Ltd 20, , % Baoshan Iron & Steel Co Ltd 70, , % China Southern Airlines Co Ltd 60, , % China United Network Communications Ltd 80, , % China Gezhouba Group Co Ltd 120,000 1,348, % SAIC Motor Corp Ltd 78,000 2,421, % Jiangsu Hengrui Medicine Co Ltd 54,000 2,731, % Wanhua Chemical Group Co Ltd 34, , % NARI Technology Co Ltd 40, , % Zhangzhou Pientzehuang Pharmaceutical Co Ltd 8, , % Hengtong Optic-electric Co Ltd 35, , % Kweichow Moutai Co Ltd 6,300 2,972, % Fuyao Glass Industry Group Co Ltd 40,000 1,041, % Inner Mongolia Yili Industrial Group Co Ltd 40, , % China Yangtze Power Co Ltd 120,000 1,845, % Ping An Insurance Group Co of China Ltd 39,000 1,934, % Industrial & Commercial Bank of China Ltd 320,000 1,680, % Shanghai Pharmaceuticals Holding Co Ltd 52,000 1,501, % China State Construction Engineering Corp Ltd 250,000 2,420, % China Communications Construction Co Ltd 40, , % China International Travel Service Corp Ltd 32, , %

7 Yonghui Superstores Co Ltd 130, , % China Construction Bank Corp 230,000 1,414, % 40,097, % Total investments 42,720, % Other net assets 2,782, % Total net assets as at 30 June 2017 (before amortization of establishment costs) 45,502, % Total investments at cost 36,561,

8 BOCOM INTERNATIONAL CHINA DYNAMIC FUND STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUIDTED) 31 December Holdings 30 June Investments 2016 Additions Disposals 2017 ZTE Corp 102,000 24,000 78,000 Shenzhen Overseas Chinese Town Co Ltd 50,000 50,000 Midea Group Co Ltd 54,000 38,000 25,000 67,000 Weichai Power Co Ltd 50,000 50,000 Tangshan Jidong Cement Co Ltd 40,000 40,000 Dong-E-E-Jiao Co Ltd 30,800 30,800 North Industries Group Red Arrow Co Ltd 35,000 35,000 Yunnan Baiyao Group Co Ltd 27,600 14,000 22,600 19,000 Weifu High-Technology Group Co Ltd 36,000 36,000 Chongqing Changan Automobile Co Ltd 64,000 64,000 Gree Electric Appliances Inc of Zhuhai 45,000 39,000 47,000 37,000 Changchun High & New Technology Industries Inc 5,000 5,000 BOE Technology Group Co Ltd 140, ,000 Guoyuan Securities Co Ltd 28,000 28,000 Beijing New Building Materials PLC 60,000 60,000 Henan Shuanghui Investment & Development Co Ltd 24,939 24,939 Huadong Medicine Co Ltd 7,000 7,000 China Resources Sanjiu Medical & Pharmaceutical Co Ltd 23,000 23,000 Focus Media Information Technology Co Ltd 80,000 80,000 China CAMC Engineering Co Ltd 20,000 20,000 Guoxuan High-Tech Co Ltd 35,000 35,000 AVIC Jonhon OptronicTechnology Co Ltd 19,981 19,981 Yantai Jereh Oilfield Services Group Co Ltd 25,000 25,000 Hangzhou Hikvision Digital Technology Co Ltd 51,000 31,000 20,000 Tianqi Lithium Corp 12,000 12,000 Lomon Billions Group Co Ltd 27,000 27,000 Valiant Co Ltd 20,000 20,000 Chengdu Hongqi Chain Co Ltd 75,000 75,000 Beijing Sanju Environmental Protection and New Material Co Ltd 12,000 12,000 Shenzhen Techand Ecology & Environment Co Ltd 42,000 42,000 Beijing Sinnet Technology Co Ltd 125, ,000 Chaozhou Three-Circle Group Co Ltd 45,000 45,000 Huaxia Bank Co Ltd 45,000 45,000 Baoshan Iron & Steel Co Ltd 70,000 70,000 China Petroleum & Chemical Corp 70,000 70,000 China Southern Airlines Co Ltd 60,000 60,000 China Merchants Bank Co Ltd 60,000 60,000 AVIC Helicopter Co Ltd 15,000 15,000 Sichuan Road & Bridge Co Ltd 80,000 80,000 Poly Real Estate Group Co Ltd 105, ,000 China United Network Communications Ltd 240, , ,000 80,000 Zhengzhou Yutong Bus Co Ltd 85,000 85,000 China Gezhouba Group Co Ltd 213,000 93, ,000 Beijing Tongrentang Co Ltd 45,000 45,

9 BOCOM INTERNATIONAL CHINA DYNAMIC FUND STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUIDTED) 31 December Holdings 30 June Investments (Continued) 2016 Additions Disposals 2017 SAIC Motor Corp Ltd 70,000 63,000 55,000 78,000 China Eastern Airlines Corp Ltd 55, , ,000 China Railway Tielong Container Logistics Co Ltd 60,000 60,000 China CSSC Holdings Ltd 28,962 28,962 Beijing Tiantan Biological Products Corp Ltd 15,000 15,000 Shanghai Fosun Pharmaceutical Group Co Ltd 76,000 76,000 Jiangsu Hengrui Medicine Co Ltd 50,000 9,000 5,000 54,000 Wanhua Chemical Group Co Ltd 105,000 71,000 34,000 Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd 20,000 20,000 China Fortune Land Development Co Ltd 17,000 17,000 Jiangxi Copper Co Ltd 28,000 28,000 NARI Technology Co Ltd 40,000 40,000 Zhangzhou Pientzehuang Pharmaceutical Co Ltd 8,000 8,000 Hangxiao Steel Structure Co Ltd 45,000 45,000 Hengtong Optic-electric Co Ltd 111,000 76,000 35,000 Kangmei Pharmaceutical Co Ltd 40,000 40,000 Kweichow Moutai Co Ltd 5,000 2, ,300 China Railway Hi-tech Industry Co Ltd 37,000 37,000 Shandong Gold Mining Co Ltd 51,000 51,000 Anhui Conch Cement Co Ltd 83,901 83,901 Zhejiang Daily Digital Culture Group Co Ltd 35,000 35,000 Fuyao Glass Industry Group Co Ltd 60,000 55,000 75,000 40,000 CSSC Offshore and Marine Engineering Group Co Ltd 34,875 34,875 Sanan Optoelectronics Co Ltd 35,000 35,000 Shanghai Bailian Group Co Ltd 30,000 30,000 Inner Mongolia Yili Industrial Group Co Ltd 65,000 25,000 40,000 China Yangtze Power Co Ltd 164,960 44, ,000 Daqin Railway Co Ltd 70, , ,000 Future Land Holdings Co Ltd 80,955 80,955 Industrial Bank Co Ltd 50,000 50,000 China Railway Construction Corp Ltd 90,000 90,000 Agricultural Bank of China Ltd 490, , ,000 Ping An Insurance Group Co of China Ltd 40,000 54,000 55,000 39,000 New China Life Insurance Co Ltd 55,000 55,000 Industrial & Commercial Bank of China Ltd 400, , , ,000 China Pacific Insurance Group Co Ltd 67,000 67,000 Shanghai Pharmaceuticals Holding Co Ltd 93,000 41,000 52,000 China Life Insurance Co Ltd 36,902 36,902 China State Construction Engineering Corp Ltd 225,000 75,000 50, ,000 CRRC Corp Ltd 57,000 57,000 China Communications Construction Co Ltd 55, , ,000 40,000 PetroChina Co Ltd 150, ,000 China International Travel Service Corp Ltd 32,000 32,000 Yonghui Superstores Co Ltd 230, , ,000 China Construction Bank Corp 280, , , ,

10 BOCOM INTERNATIONAL CHINA DYNAMIC FUND STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUIDTED) 31 December Holdings 30 June Investments (Continued) 2016 Additions Disposals 2017 Bank of China Ltd 350, ,000 China Shipbuilding Industry Co Ltd 150, ,000 China CITIC Bank Corp Ltd 80,000 80,000 Gigadevice Semiconductor Beijing Inc 3,000 3,000 China Government Bond 4.26% 7/31/2021 1,020,000 1,020,000 China Government Bond 3.4% 4/17/2023 2,300, ,000 1,600,