MANAGEMENT AND ADMINISTRATION... 1 REPORT OF THE MANAGER... 2 STATEMENT OF FINANCIAL POSITION (UNAUDITED)... 4

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2 CONTENTS MANAGEMENT AND ADMINISTRATION REPORT OF THE MANAGER STATEMENT OF FINANCIAL POSITION (UNAUDITED) STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) STATEMENT OF NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING UNITS (UNAUDITED) INVESTMENT PORTFOLIO (UNAUDITED) DISTRIBUTION OF THIS SEMI-ANNUAL REPORT IN THE EUROPEAN ECONOMIC AREA INFORMATION FOR INVESTORS IN SWITZERLAND

3 MANAGEMENT AND ADMINISTRATION Manager Zeal Asset Management Limited Suite 2605, Tower 1 Lippo Centre 89 Queensway Telephone No.: Fax No.: Directors of the Manager Trustee, Administrator and Registrar Custodian Legal Counsel to the Manager Auditors CHOI Nga Chung NGAN Wai Wah POON Chun Pong Daniel BOCI-Prudential Trustee Limited 12/F and 25/F Citicorp Centre 18 Whitfield Road Causeway Bay Bank of China () Limited 14/F, Bank of China Tower 1 Garden Road Central Simmons & Simmons 13th Floor, One Pacific Place 88 Queensway Ernst & Young 22/F, CITIC Tower 1 Tim Mei Avenue Central 1

4 REPORT OF THE MANAGER First half of 2018 Review ZEAL Voyage China Fund ( Units) returned % in 1H Consumer Staples and Health Care contributed most to performance, while Financials and Consumer Discretionary were the main sources of detraction. As contrarian value stock pickers generally making concentrated investments into about stocks, we have experienced a period this year where our stock picks have been unappreciated by the market, causing the detraction in performance. The nature of our investment strategy is to invest in stocks which we believe are temporarily underappreciated by the market, thus accumulating stock at attractive valuations. And then, when the market realizes the value in our holdings, we would benefit from the rise in stock prices. So far this year, the market has taken a prolonged period to realize the merits of our holdings perhaps due to macro shocks and/or misreading the company fundamentals, and our strategy suffered as a result. However, we are highly confident that our high conviction holdings have strong fundamentals and will come to be recognized by the market in time. For the 2 main areas of detraction, please find more details below. The detraction in Financials are concentrated in the banking sector. Earlier in the year, we positioned in several select banking stocks with the thesis that as the economy reflated, corporate earnings would improve, corporates abilities to repay debts would also strengthen, and in turn that would improve the asset quality of banks, leading to a re-rating. At the time, we were able to start positioning at an attractive valuation because the market was concerned about the repercussion of the new asset management rules on banks, and the government s deleveraging efforts may affect the banks loan incomes. We made a contrarian call after we did extensive research into the banking sector, and we concluded that the market has overreacted. Our rationale is that since the government s main goal is to keep pushing through reforms, it needs to maintain a growing economy. Thus, the government will only gradually implement the new asset management rules, and for the same reason, will only deleverage the economy in a highly controlled manner. In hindsight, our view was eventually proven correct in July when the government finally released the implementation details of the new asset management rules which, as we expected, are gradual and not as harsh as the market expected. Furthermore, on July 23, the Premier also encouraged banks to lend especially to support SMEs in China and to main a reasonable level of total social financing and liquidity 2. On banking assets, non-performing loans (NPL) ratio, NPL balance and overdue ratio have also been generally improving. However, as there was a considerable time lag between the announcement of the direction of new asset management rules and the release of the detailed implementation rules in July, the market feared the worst in the meantime, and banking stocks took a hit. While our bank holdings suffered for a few months, we believe our thesis is now starting to play out and the environment is becoming more conducive to a turnaround in banks going forward. On Consumer Discretionary, our performance was most affected by our auto parts supplier stocks, which were major contributors last year but corrected sharply this year due to trade tensions with the US and the generally poor performance of auto sector stocks. The largest detractor in this space is a company that has a very strong R&D commitment, and it has key technologies for application in ADAS (Advanced Driver-assistance Systems), and autonomous driving in the next 5-10 years. After the correction of this stock, we believed that it represented very appealing value and so we decided to maintain a position there since we believe that it still holds tremendous potential to become a key incumbent in the new technologies to be employed in the ADAS/Autonomous driving era. We do admit that as value investors, predicting the market s reaction to political incidents like trade war is not our strong suit. However, the market may have overacted on the repercussions of this company due to trade war since it is auto related (a hot topic during trade war). As this company was once a US company which was later bought by a Chinese company, its world headquarters is in fact in Michigan and its clients include the many non-us global players like BMW, Groupe PSA, Toyota and Volkswagen. Finally, this stock has very good visibility since it has a substantial order backlog representing a healthy business pipeline for at least the next 30 months. 1 Fund performance mentioned referred to ZEAL Voyage China Fund ( Units), NAV-NAV with dividend reinvested. Data sources from BOCI-Prudential Trustee Limited and Bloomberg as of 29 June

5 REPORT OF THE MANAGER (Continued) Outlook Looking ahead in the third quarter, we expected the monetary conditions in China to sequentially loosen from second quarter. There is room for fiscal policy to become more accommodative, while monetary policy should maintain an appropriate level of total social financing (TSF) and reasonably ample liquidity. The State Council executive meeting on July 23 rd announced that the government will bolster the real economy through domestic demand expansion and economic restructuring through more proactive fiscal policy and moderate scale of financing and sufficient liquidity 2. On July 31 st, the Political Bureau of the CPC Central Committee held a meeting to analyze the current economic situation and deploy the economic work in 2H18. 2 The Politburo meeting prioritized growth stabilization and the tone of monetary policy changed from stable and neutral 3 to stable 2. We think that we are in a stage where fine-tuning of policy intensity is being introduced and the pace of deleveraging will be better managed. The government s move to offer more Reserve Requirement Ratio (RRR) cuts, expand types of guarantees for medium-term lending facility and managed enforcement on the crackdown of Wealth Management Product in recent months indicates that the policy makers are ready to respond by making adjustments to their policies as and when warranted. We have been redeploying capital in deep value opportunities when they present themselves. As value-investors, we are highly sensitive to deep value, as values always emerge when everyone is paralyzed by external shocks but not when things look good and safe. We have been very selectively accumulating economically sensitive stocks that have been oversold to a point where they exhibit mid-single digit PE and/or dividend yields approaching double digits. While the market may be cautious about their business outlooks, we are confident that the sharp declines in their share prices have significantly over-stated the uncertainties surrounding these stocks. The interim season is coming up and we believe that a number of companies will announce results that will surprise the market on the upside. Zeal Asset Management Limited 29 June Source: The State Council, The People s Republic of China, as of July Source: The State Council, The People s Republic of China, as of April 2018 This document is based on management forecasts and reflects prevailing conditions and our views as of this date, all of which are accordingly subject to change. In preparing this document, we have relied upon and assumed without independent verification, the accuracy and completeness of all information available from public sources. All opinions or estimates contained in this document are entirely Zeal Asset Management Limited s judgment as of the date of this document and are subject to change without notice. Past performance is not indicative of future performance. There can be no assurance that the Fund s investment objective will be achieved and investment results may vary substantially over time. Investment in the Fund is not intended to be a complete investment program for any investor. 3

6 STATEMENT OF FINANCIAL POSITION (UNAUDITED) As at 29 June June December 2017 ASSETS Financial assets at fair value through profit or loss 2,303,909,409 2,947,261,207 Cash and cash equivalents 284,243, ,167,450 Amounts due from broker 322,939,846 53,881,358 Dividend receivable 3,874,373 Interest receivable 1,838, ,086 Subscription proceeds receivable 6,111,587 9,223,839 TOTAL ASSETS 2,922,917,674 3,229,770,940 LIABILITIES (EXCLUDING NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING UNITS) Amounts due to brokers 339,378,061 2,597,155 Financial liabilities at fair value through profit or loss 3,033,736 Redemption proceeds payable 12,414,866 49,536,660 Performance fee payable 160,689,718 Management fee payable 3,825,981 4,616,219 Trustee fee payable 252, ,880 Other accounts payable and accrual 307, ,380 TOTAL LIABILITIES 359,212, ,135,012 NET ASSETS ATTRIBUTABLE TO HOLDERS of redeemable participating units (calculate in accordance with IFRS) 2,563,705,315 3,011,635,928 NUMBER OF ISSUES UNITS units class 427,167, ,451, (dist) units class 172,377, ,147, USD units class 96,306, ,623, AUD (hedged) units class 93, , RMB (hedged) units class 294,733, ,027, NET ASSET VALUE PER UNIT (PRESENTED IN LOCAL CURRENCY) units class (dist) units class USD units class - USD AUD (hedged) units class - AUD RMB (hedged) units class - CNY

7 STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) Period ended Year ended 29 June December 2017 INCOME Dividend income 33,572,986 52,933,530 Interest income 574, ,769 Sundry income 10,291 34,158,112 53,438,299 EXPENSES Management fees (25,048,955) (44,062,530) Brokerage fees (6,357,538) (12,578,783) Transaction costs (6,717,717) (11,107,425) Performance fees (1,585,832) (202,462,677) Dividend witholding tax (565,315) (1,958,577) Custodian fees (502,094) (966,017) Trustee fees (1,640,958) (2,942,859) Legal and professional fees (22,460) (350,344) Audit fees (119,243) (244,786) Other operating expenses (611,735) (1,203,883) (43,171,847) (277,877,881) Net Loss Before Investments and Exchange Differences (9,013,735) (224,439,582) INVESTMENT AND EXCHANGE DIFFERENCES Net (loss)/gains on financial assets and liabilities at fair value through profit or loss (382,820,626) 1,078,162,879 Net foreign exchange differences (10,322,605) (328,315) (393,143,231) 1,077,834,564 (DECREASE)/INCREASE IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING UNITS FROM OPERATIONS FOR THE PERIOD/YEAR BEFORE DISTRIBUTION (402,156,966) 853,394,982 FINANCE COST Distributions to unitholders (11,440,100) (4,943,088) (DECREASE)/INCREASE IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING UNITS FROM OPERATIONS FOR THE PERIOD/YEAR (413,597,066) 848,451,894 5

8 STATEMENT OF NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING UNITS (UNAUDITED) Period ended Year ended 29 June December 2017 Net assets attributable to holders of redeemable participating units at the beginning of the period/year 3,011,635,928 1,944,620,232 Issuance of redeemable participating units during the period/year 790,626,388 1,749,860,459 Redemption of redeemable participating units during the period/year (824,959,935) (1,531,296,657) (Decrease)/Increase in net assets attributable to holders of redeemable participating units from operations for the period/year (413,597,066) 848,451,894 Net assets attributable to holders of redeemable participating units at the end of the period/year 2,563,705,315 3,011,635,928 6

9 INVESTMENT PORTFOLIO (UNAUDITED) As at 29 June 2018 Securities Name Number of Shares Fair Value as of 29 June 2018 % of Net Asset Value Listed Equities China Kweichow Moutai Co., Ltd. A 184, ,567, Tongkun Group Co., Ltd. A 1,980,714 40,370, Zhejiang Dahua Technology Co., Ltd. A 1,830,000 48,843, ,780, Alibaba Health Information Technology Limited 10,244,000 77,547, Anta Sports Products Limited 1,314,000 54,596, China Construction Bank Corporation H 18,098, ,210, China Hongqiao Group Limited 787,000 5,823, China Mengniu Dairy Company Limited 2,488,000 66,180, China Merchants Bank Co Ltd H 4,323, ,165, China Vanke Co., Ltd. H 2,805,300 77,005, Chow Tai Fook Jewellery Group Limited 3,674,000 32,478, Kingboard Laminates Holdings Limited 5,545,500 53,735, Lifestyle International Holdings Limited 585,500 9,742, Luk Fook Holdings (International) Limited 486,000 15,770, MGM China Holdings Limited 5,576, ,483, Nexteer Automotive Group Limited 4,641,000 53,835, Shenzhou International Group Holdings Limited 1,498, ,081, Sun Art Retail Group Limited 8,284,500 84,998, WuXi Biologics (Cayman) Inc. 1,622, ,725, Xtep International Holdings Limited 4,437,500 23,829, Zhongsheng Group Holdings Limited 2,662,500 62,701, ,262,912, Taiwan Silergy Corp 679, ,507,

10 INVESTMENT PORTFOLIO (UNAUDITED) (Continued) As at 29 June 2018 Fixed Income Securities Number of Shares Fair Value as of 29 June 2018 % of Net Asset Value HKGB 0.77% S/A 21AUG ,300, ,466, HKGB 1.31% S/A 20FEB ,400, ,044, HKGB 1.32% S/A 23DEC ,400, ,731, HKGB 1.49% S/A 30SEP ,600,000 91,343, HKGB 1.79% S/A 21MAY ,000,000 63,942, ,528, Depositary Receipt United States New Oriental Education & Technology Group Inc-ADR 70,242 52,179, Foreign Currency Forwards Foreign Exchange Forward receivable 461 Foreign Exchange Forward payable (3,034,197) (0.12) (3,033,736) (0.12) Total financial assets at fair value through profit and loss (cost: 2,253,497,816) 2,300,875, Other net assets 262,829, Net assets 2,563,705,

11 DISTRIBUTION OF THIS SEMI-ANNUAL REPORT IN THE EUROPEAN ECONOMIC AREA ( EEA ) As at the date of this semi-annual report, ZEAL Voyage China Fund (the Fund ) has been notified, registered or approved (as the case may be and howsoever described) in accordance with the local law/regulations implementing the Alternative Investment Fund Managers Directive (Directive 2011/61/EU)) (the AIFMD ) for marketing to professional investors into the following member states of the EEA (each a Member State ): the Netherlands; and the United Kingdom. In relation to other Member State(s), this semi-annual report may only be distributed and Units may only be offered or placed in a Member State to the extent that: (i) at the investor s own initiative; or (ii) to the extent that this semi-annual report may otherwise be lawfully distributed and the Units may lawfully be offered or placed in that Member State. In addition, the following applies to the distribution of this semi-annual report in the Member State(s) identified below, to the extent that such distribution constitutes marketing for the purposes of the AIFMD: United Kingdom: This semi-annual report is being issued in the United Kingdom by the Fund to and/or is directed only at persons who are professional investors for the purposes of the Alternative Investment Fund Managers Regulations 2013 and is accordingly exempt from the financial promotion restriction in Section 21 of the Financial Services and Markets Act 2000 ( FSMA ) in accordance with regulation 29(3) of the FSMA (Financial Promotions) Order The opportunity to invest in the Fund is only available to such persons in the United Kingdom and this semi-annual report must not be relied or acted upon by any other persons in the United Kingdom. 9

12 INFORMATION FOR INVESTORS IN SWITZERLAND The Fund had appointed Société Générale as Swiss Representative and Paying Agent. The current Explanatory Memorandum, the Trust Deed, the annual report and semi-annual report of the Fund may be obtained free of charge from the representative in Switzerland, Société Générale, Paris, Zurich Branch, Talacker 50, P.O. Box 5070, CH-8021 Zurich. The paying agent of the Fund in Switzerland is Société Générale, Paris, Zurich Branch, Talacker 50, P.O. Box 5070, CH-8021 Zurich. The Company may offer Shares only to qualified investors in Switzerland. In respect of the Shares distributed in and from Switzerland, the place of performance and jurisdiction is the registered office of the Swiss Representative. 10

13 For the period ended 30 September 2018

14 For the period ended 30 September 2018 CONTENTS MANAGEMENT AND ADMINISTRATION REPORT OF THE MANAGER STATEMENT OF FINANCIAL POSITION (UNAUDITED) STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING UNITS (UNAUDITED) INVESTMENT PORTFOLIO (UNAUDITED)

15 For the period ended 30 September 2018 MANAGEMENT AND ADMINISTRATION Manager Zeal Asset Management Limited Suite 2605, Tower 1 Lippo Centre 89 Queensway Telephone No.: Fax No.: Directors of the Manager Trustee, Administrator and Registrar Custodian Legal Counsel to the Manager Auditors CHOI Nga Chung NGAN Wai Wah POON Chun Pong Daniel BOCI-Prudential Trustee Limited 12/F and 25/F Citicorp Centre 18 Whitfield Road Causeway Bay Bank of China () Limited 14/F, Bank of China Tower 1 Garden Road Central Simmons & Simmons 13/F, One Pacific Place 88 Queensway Ernst & Young 22/F, CITIC Tower 1 Tim Mei Avenue Central 1

16 For the period ended 30 September 2018 REPORT OF THE MANAGER Review of the Previous Period In Q2, China s economic growth remained solid, but by Q3, weak economic data showed that growth momentum has slowed. Negative factors such as the lagged effects of China s deleveraging campaign and Sino-US trade disputes has taken its toll. P2P lending going bust spooked the markets in Q2. Based on our on-the-ground research findings, P2P lending in general have seen a recovery on retail funding in September after the introduction of P2P lending inspection guidelines. On the regulatory front, both central and local governments have softened their stance toward P2P lending control. Instead, they now focused on ensuring a smooth exit of non-compliant players and the loan balance cap for P2P lending may have no pressure to compress in the near term. The government is very responsive and has shown more sophistication in dealing with such potential crisis. From our on-the-ground research, we find that manufacturers, especially cyclical businesses, tend to manage their production capacity conservatively in response to demand uncertainties against the backdrop of trade disputes. They ve been reducing inventories, such as components and raw materials, for the purpose of more prudent cash flow management and would start to rebuild inventory only when they see sequentially stronger new orders momentum. Also, they have been asking their customers to pay sooner to reduce accounts receivable and strengthen cash flow. When the whole value chain adopts a more prudent approach in view of the trade conflict and global growth uncertainties, liquidity pressures may increase and business growth will likely slow down. On the other hand, we re encouraged to see Chinese companies pursuing positive changes in operation and management. Generally, they are becoming more aware of risks and operational discipline. For example, some highly-leveraged real estate companies are re-evaluating their business models, optimizing cash flow and paying more attention to workplace safety issues. Although the market has barely noticed this incremental change, we believe such change is beneficial to improving business financial position, and in the medium and long term, it will be conducive to creating a healthier economic system in China. Outlook We are quite certain that a policy turnaround is confirmed, but we haven t seen the economy and earnings bottom out yet. In a highly uncertain macro-economic environment, the effectiveness of China s policy responses might be affected by external factors, such as uncertainty about rising US interest rate, increasing political risks and global liquidity tightening. As such, we are expecting high volatility in the near future and it would be wise to take neither a very bearish nor bullish stance. The market is looking forward to more tax and fee cuts as a real backstop to the staling economy. There have been messages from semi-official channels that the government is considering a massive scale tax cut. From our estimates, 3% cut in VAT and 2% cut in corporate tax translate into 0.75% and 0.3% GDP boost respectively 1. In aggregate, these two reduction measures could reach 1.05% of GDP if successfully implemented 1. The market apparently takes these tax reduction measures as a stabilization tool. We, however, think that if the scale of the tax cut program is big enough, it could surprise the market on the upside in terms of its stimulating effects to the economy. The tax cuts in the US could serve as a reference case. 2

17 For the period ended 30 September 2018 Long term global investors who tend to value company fundamentals and attractive valuation continued to add China A-shares to their portfolios. On November 2, US$2.6bn flowed into A-shares through the Stock Connect, hitting a new high since the Shenzhen- Stock Connect launched in As value investors, we see that the already pessimistic market sentiment is now driving many stocks from the undervalued territory to the depressed territory. Considering sustainable free cash flow yield and dividend yield as one of the benchmarks for finding real value, we are beginning to see many stocks are now offering 7-10% and 5-8% 1, respectively. The market may remain volatile for a while, but values have already emerged. Our portfolio will take the chance to start accumulating those stocks by stages. Zeal Asset Management Limited 30 September Source: Zeal Asset Management Limited, as of Oct Source: Bloomberg, as of Nov 2018 This document is based on management forecasts and reflects prevailing conditions and our views as of this date, all of which are accordingly subject to change. In preparing this document, we have relied upon and assumed without independent verification, the accuracy and completeness of all information available from public sources. All opinions or estimates contained in this document are entirely Zeal Asset Management Limited s judgment as of the date of this document and are subject to change without notice. Past performance is not indicative of future performance. There can be no assurance that the Fund s investment objective will be achieved and investment results may vary substantially over time. Investment in the Fund is not intended to be a complete investment program for any investor. 3

18 For the period ended 30 September 2018 STATEMENT OF FINANCIAL POSITION (UNAUDITED) As at 30 September September March 2018 ASSETS Financial assets at fair value through profit or loss 108,403, ,362,904 Cash and cash equivalents 30,762,472 5,144,308 Amounts due from broker 7,776,828 1,022,797 Dividend receivable 173,042 Other receivables 35, ,563 TOTAL ASSETS 147,150, ,762,572 LIABILITIES (EXCLUDING NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING UNITS) Amounts due to brokers 2,298 Financial liabilities at fair value through profit or loss 3,050 5,595 Performance fee payable 1,371,168 Management fee payable 44,345 59,824 Trustee fee payable 37,333 40,000 Other accounts payable and accrual 448, ,451 TOTAL LIABILITIES 533,708 1,764,336 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING UNITS (calculated in accordance with IFRS) 146,617, ,998,236 NUMBER OF ISSUES UNITS (M) Units class 37,082, ,082, USD (M) Units class 5,611, ,611, Units class 15,628, ,677, USD Units class 1,436, , AUD (hedged) units class 138, , NET ASSET VALUE PER UNIT (calculated in accordance with IFRS) (M) Units class () USD (M) Units class (USD) Units class () USD Units class (USD) AUD (hedged) units class (AUD)

19 For the period ended 30 September 2018 STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) For the period from 1 April 2018 to 30 September 2018 Period ended 30 September 2018 Year ended 31 March 2018 INCOME Dividend income 2,719,909 4,506,055 Interest income 7,749 5,738 Sundry income 48, ,428 2,775,888 4,757,221 EXPENSES Performance fee (19,017) (3,068,933) Brokerage fee (548,283) (860,611) Management fee (283,832) (493,840) Trustee fee (237,333) (480,000) Dividend witholding tax (86,673) (218,401) Audit fee (75,039) (151,320) Custodian fee (72,056) (109,867) Transaction cost (24,960) (44,760) Other operating expenses (173,638) (408,620) (1,520,831) (5,836,352) Net gain/(loss) before investments and exchange differences 1,255,057 (1,079,131) INVESTMENT AND EXCHANGE DIFFERENCES Net (loss)/gain on financial assets and liabilities at fair value through profit or loss (24,235,148) 37,985,620 Net foreign exchange differences (451,033) 126,261 (24,686,181) 38,111,881 (DECREASE)/INCREASE IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING UNITS FROM OPERATIONS FOR THE PERIOD/YEAR (23,431,124) 37,032,750 5

20 For the period ended 30 September 2018 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING UNITS (UNAUDITED) For the period from 1 April 2018 to 30 September 2018 Period ended 30 September 2018 Year ended 31 March 2018 Net assets attributable to holders of redeemable participating units at the beginning of the period/year 169,998,236 76,571,341 Issuance of redeemable participating units during the period/ year 14,919, ,506,551 Redemption of redeemable participating units during the period/year (14,869,702) (61,112,406) (Decrease)/Increase in net assets attributable to holders of redeemable participating units from operations for the period/year (23,431,124) 37,032,750 Net assets attributable to holders of redeemable participating units at the end of the period/year 146,617, ,998,236 6

21 For the period ended 30 September 2018 INVESTMENT PORTFOLIO (UNAUDITED) As at 30 September 2018 Securities Name Equity Securities Number of Shares Fair Value as of 30 September 2018 () % of Net Asset Value China Anhui Conch Cement Co Ltd A 71,665 2,997, China Construction Bank Corp A 956,940 7,876, China Merchants Bank Co Ltd A 237,700 8,293, China State Construction Engineering Corp Ltd A 1,193,280 7,447, China Vanke Co Ltd A 165,200 4,563, Kweichow Moutai Co Ltd A 9,120 7,569, ,748, Alibaba Health Information Technology Ltd 470,000 3,604, Brilliance China Automotive Holdings Ltd 262,000 3,316, BYD Electronic (International) Co Ltd 42, , China Communications Construction Co Ltd H 363,000 2,904, China Petroleum & Chemical Corp H 558,000 4,374, China Vanke Co Ltd H 167,200 4,330, Country Garden Holdings Co Ltd 239,000 2,358, Kingboard Laminates Holdings Ltd 668,500 4,639, Longfor Group Holdings Ltd 438,000 8,847, Petrochina Co Ltd H 1,072,000 6,796, Postal Savings Bank Of China Co Ltd H 1,263,000 6,226, Shenzhou International Group Holdings Ltd 58,000 5,823, Sun Art Retail Group Ltd 153,000 1,557, Wuxi Biologics (Cayman) Inc 98,500 7,796, Xtep International Holdings Ltd 117, , ,593, Taiwan Silergy Corp 20,000 2,818, ,818,

22 For the period ended 30 September 2018 INVESTMENT PORTFOLIO (UNAUDITED) (continued) As at 30 September 2018 Securities Name Depositary Receipts Number of Shares Fair Value as of 30 September 2018 () % of Net Asset Value United States ZTO Express (Cayman) Inc ADR 25,020 3,243, Foreign Currency Forwards 3,243, Foreign Exchange Forward contract (3,050) (3,050) Total financial assets at fair value through profit and loss (cost: 106,832,247) 108,400, OTHER NET ASSETS 38,216, NET ASSETS 146,617,