ICBC (Asia) Investment Funds. (A unit trust constituted by a Trust Deed dated 2 July 2009 and Supplemental Deeds under the laws of the Hong Kong)

Transcription

1 ICBC (Asia) Investment Funds (A unit trust constituted by a Trust Deed dated 2 July 2009 and Supplemental Deeds under the laws of the Hong Kong) Interim Report For the period from 1 January 2018 to 29 June 2018

2 CONTENTS PAGES Management and administration 1 Statement of assets and liabilities 2 7 Investment portfolio 8 18 Statement of movements in investment portfolios Performance records Distribution disclosure 38

3 MANAGEMENT AND ADMINISTRATION Directors of the Manager Jiang Yisheng Jim Wai Kee Leung Chui Yee, Flora Liu Ximeng Kwok Wai Ki, Henry Li Dong Du Houyang Yang Fan Manager ICBC Asset Management (Global) Company Limited Unit , ICBC Tower, 3 Garden Road, Central Hong Kong Trustee and Registrar HSBC Institutional Trust Services (Asia) Limited 1 Queen s Road Central Hong Kong Auditors KPMG 8th Floor, Prince s Building 10 Chater Road Central, Hong Kong Legal Advisers Deacons 5th Floor Alexandra House 18 Chater Road Central Hong Kong 1

4 STATEMENT OF ASSETS AND LIABILITIES (Unaudited) 29/6/ /12/2017 Asia Selection Growth Fund HK$ HK$ Assets Financial assets at fair value through profit or loss 18,836,447 13,238,068 Dividend receivable 75,451 8,601 Interest receivable 25 - Amount due from brokers - 505,132 Amount due from unitholders 300, Other receivables - 386,495 Cash and cash equivalents 3,907, ,925 Total assets 23,119,662 14,668,211 Liabilities Amount due to brokers - 492,674 Amount due to unitholders - 5,984 Other payables 119, ,173 Total liabilities 119, ,831 Net assets attributable to unitholders Equity 23,000,074 13,999,380 Supplementary Information Net assets attributable to unit holders at last traded prices 23,000,074 13,999,380 Number of units in issue 1,524, , Net asset value per unit

5 STATEMENT OF ASSETS AND LIABILITIES (Unaudited) (Continued) 29/6/ /12/2017 China & Hong Kong Vision Fund HK$ HK$ Assets Financial assets at fair value through profit or loss 33,256,081 15,018,397 Dividend receivable 172,089 - Interest receivable Amount due from brokers - 205,954 Amount due from unitholders 600,000 97,500 Other receivables - 467,277 Cash and cash equivalents 8,244,763 1,621,494 Total assets 42,273,203 17,410,623 Liabilities Amount due to brokers 763, ,615 Other payables 134, ,770 Total liabilities 897, ,385 Net assets attributable to unitholders Equity 41,375,385 17,068,238 Supplementary Information Net assets attributable to unit holders at last traded prices 41,375,385 17,068,238 Number of units in issue 2,467, , Net asset value per unit

6 STATEMENT OF ASSETS AND LIABILITIES (Unaudited) (Continued) 29/6/ /12/2017 Global Total Return Bond Fund HK$ HK$ Assets Financial assets at fair value through profit or loss 70,949,827 72,394,459 Interest receivable 905, ,557 Amount due from brokers 14,888,167 - Cash and cash equivalents 5,939,945 10,823,368 Total assets 92,683,553 83,966,384 Liabilities Distributions payable 598,658 - Amount due to brokers 13,286,907 3,110,404 Other payables 171, ,391 Total liabilities 14,057,300 3,367,795 Net assets attributable to unitholders Equity 78,626,253 80,598,589 Supplementary Information Net assets attributable to unit holders at last traded prices 78,626,253 80,598,589 Number of units in issue 5,986, ,029, Net asset value per unit

7 STATEMENT OF ASSETS AND LIABILITIES (Unaudited) (Continued) 29/6/ /12/2017 Asia Infrastructure and Redevelopment Fund HK$ HK$ Assets Financial assets at fair value through profit or loss 13,173,717 8,308,156 Dividend receivable 124,418 8,600 Interest receivable 23 - Amount due from unitholders 300,000 - Other receivables - 387,277 Cash and cash equivalents 3,957,934 1,137,239 Total assets 17,556,092 9,841,272 Liabilities Amount due to brokers - 85,069 Amount due to unitholders - 5,539 Other payables 110, ,331 Total liabilities 110, ,939 Net assets attributable to unitholders Equity 17,445,223 9,588,333 Supplementary Information Net assets attributable to unit holders at last traded prices 17,445,223 9,588,333 Number of units in issue 1,391, , Net asset value per unit

8 STATEMENT OF ASSETS AND LIABILITIES (Unaudited) (Continued) AS AT 29 JUNE /6/ /12/2017 Global Emerging Enterprises Fund HK$ HK$ Assets Financial assets at fair value through profit or loss 12,358,844 9,428,049 Dividend receivable 2,055 - Interest receivable 3, Amount due from unitholders Other receivables - 300,000 Cash and cash equivalents 30,213,550 32,367,095 Total assets 42,577,717 42,096,238 Liabilities Interest payables 1, Amount due to brokers 984,772 - Other payables 133, ,564 Total liabilities 1,119, ,699 Net assets attributable to unitholders Equity 41,457,987 41,880,539 Supplementary Information Net assets attributable to unit holders at last traded prices 41,457,987 41,880,539 Number of units in issue 3,416, ,422, Net asset value per unit

9 STATEMENT OF ASSETS AND LIABILITIES (Unaudited) (Continued) 29/6/ /12/2017 Global RMB Fixed Income Fund RMB RMB Assets Financial assets at fair value through profit or loss 27,994,235 33,507,630 Interest receivable 389, ,501 Amount due from brokers 1,000,750 - Amount due from unitholders - 1,496 Cash and cash equivalents 4,292, ,179 Total assets 33,677,230 34,014,806 Liabilities Distributions payable 287,001 - Amount due to brokers 3,016,450 - Other payables 87, ,121 Total liabilities 3,390, ,121 Net assets attributable to unitholders Equity 30,286,651 33,876,685 Supplementary Information Net assets attributable to unit holders at last traded prices 30,286,651 33,876,685 Number of units in issue 2,870, ,219, Net asset value per unit

10 INVESTMENT PORTFOLIO (Unaudited) Fair Value % of net Asia Selection Growth Fund Holdings (HK$) assets Listed equities Hong Kong/ China 3SBio Inc 18, , AIA Group Ltd 8, , Alibaba Group Holding Ltd (1 ADR Reps 1 Share) 900 1,310, BlackRock Asset Management North Asia Ltd (formerly known as ishares Core S&P BSE Sensex India Index ETF) 39, , China Medical System Holdings Ltd 60, , China Merchants Bank Co Ltd H Shrs 20, , China Oilfield Services Ltd 64, , China Resources Cement Holding Ltd 88, , Country Garden Holdings Company Ltd 50, , Country Garden Services Holdings Co Ltd 5,747 57, CSPC Pharmaceutical Group Ltd 40, , Geely Automobile Holdings Ltd 24, , Kingdee International Software Group Co Ltd 36, , Ping An Insurance (Group) Co of China Ltd H Shrs 12, , Sands China Ltd 24,000 1,006, Sun Art Retail Group Ltd 30, , Sunny Optical Technology Group Co Ltd 6, , Tencent Holdings Ltd 2,700 1,063, Travelsky Technology Ltd H Shrs 30, , Zhuzhou CRRC Times Electric Co Ltd H Shrs 26, , ,080, Malaysia Tenaga Nasional 11, , Singapore 313, Singapore Telecommunications Ltd 15, , ,

11 INVESTMENT PORTFOLIO (Unaudited) (Continued) Fair Value % of net Asia Selection Growth Fund (Continued) Holdings (HK$) assets Listed equities (continued) South Korea ING Life Insurance Korea Ltd , Samsung Electro Mechanics Co Ltd , Samsung Electronics Co Ltd 2, , SK Hynix Inc , SK Innovation Co Ltd , Taiwan 2,182, ASE Technology Holding Co Ltd 34, , Cathay Financial Holding Co Ltd 12, , Mega Financial Holding Co Ltd 32, , Taiwan Semiconductor Manufacturing Co Ltd 10, , Yuanta/P-Shrs Taiwan Top 50 ETF 20, , Unlisted equities Taiwan 1,993, Cathay Financial Holding Co Ltd Nil Paid Rts 27/07/ Total investments, at fair value 18,836, Total investments, at cost 16,552,038 9

12 INVESTMENT PORTFOLIO (Unaudited) (Continued) Fair Value % of net China & Hong Kong Vision Fund Holdings (HK$) assets Listed equities Hong Kong/ China 3SBio Inc 50, , AAC Technologies Holdings Inc 8, , AIA Group Ltd 42,200 2,894, Bank of China Ltd H Shrs 320,000 1,244, BOC Hong Kong (Holdings) Ltd 10, , China Construction Bank H Shrs 400,000 2,900, China Mengniu Dairy Co Ltd 36, , China Petroleum & Chemical Corp H Shrs 140, , China Resources Land Ltd 24, , China Shenhua Energy Co Ltd H Shrs 55,000 1,024, CK Asset Holdings Ltd 10, , CK Hutchison Holdings Ltd 4, , Country Garden Holdings Company Ltd 70, , Country Garden Services Holdings Co Ltd 8,046 80, CSPC Pharmaceutical Group Ltd 80,000 1,896, Geely Automobile Holdings Ltd 30, , Henderson Land Development Co Ltd 4, , Hengan International Group Co Ltd 11, , Hong Kong Exchanges and Clearing Ltd 6,000 1,416, HSBC Holdings Plc 15,600 1,148, Kingdee International Software Group Co Ltd 100, , Petrochina Co Ltd H Shrs 242,000 1,444, Ping An Insurance (Group) Co of China Ltd H Shrs 25,500 1,841, Sands China Ltd 34,000 1,426, Sunny Optical Technology Group Co Ltd 4, , Tencent Holdings Ltd 7,600 2,992, Want Want China Holdings Ltd 150,000 1,047, Yanzhou Coal Mining Co Ltd H Shrs 80, , ,936,

13 INVESTMENT PORTFOLIO (Unaudited) (Continued) Fair Value % of net China & Hong Kong Vision Fund (Continued) Holdings (HK$) assets Listed equities Cayman Islands China Education Group Holdings Ltd 100,000 1,320, ,320, Total investments, at fair value 33,256, Total investments, at cost 30,868,924 11

14 INVESTMENT PORTFOLIO (Unaudited) (Continued) Fair Value % of net Global Total Return Bond Fund Holdings (HK$) assets Bonds Cayman Islands China Hongqiao Group Ltd 6.85% 22/04/ ,000 3,145, Hong Kong/ China 3,145, Bank of China Ltd Perpetual Callable 4,000,000 4,858, Bank of China (Hong Kong) Ltd 0% 01/08/ ,000 6,265, Bank of Communications Perpetual Callable 200,000 1,563, Central China Real Estate 8% 28/01/ ,000 3,147, China Aoyuan Property Group 7.5% 10/05/ ,000 1,519, Far East Horizon Ltd FRN 03/07/ ,000 5,488, Haitong International Securities Group 5.2% 12/02/2019 5,000,000 5,933, Hilong Holding Ltd 7.25% 22/06/ ,000 1,514, Hong Seng Ltd 8.5% 20/11/ ,000 4,626, Horse Gallop Finance FRN 28/06/ ,000 3,937, Huarong Finance 2017 Co Ltd FRN 03/07/ ,000 2,351, Industrial & Commercial Bank of China variable 31/12/ ,000 1,607, Logan Property Holdings 5.125% 02/11/ ,000 3,131, New Metro Global Ltd 4.75% 11/02/ ,000 4,677, Shimao Property Holdings Ltd 5.75% 15/03/2021 4,000,000 4,702, Times China Holdings Ltd 7.85% 04/06/ ,000 1,533, Wuhan Metro Group Co Ltd 2.375% 08/11/ ,000 1,535, Indonesia 58,391, Indika Energy Capital II Pte Ltd 6.875% 10/04/ ,000 1,551, ,551,

15 INVESTMENT PORTFOLIO (Unaudited) (Continued) Fair Value % of net Global Total Return Bond Fund (Continued) Holdings (HK$) assets Bonds (continued) Macau Industrial and Commercial Bank of China (Macau) Ltd 2.74% 28/09/ ,000 6,279, ,279, Singapore BOC Aviation Pte Ltd FRN 02/05/ ,000 1,581, ,581, Total investments, at fair value 70,949, Total investments, at cost 71,890,963 13

16 INVESTMENT PORTFOLIO (Unaudited) (Continued) Fair Value % of net Asia Infrastructure and Redevelopment Fund Holdings (HK$) assets Listed equities Hong Kong/ China AIA Group Ltd 6, , Air China Ltd H Shs 30, , Alibaba Group Holding Ltd (1 ADR Reps 1 Share) , Angang Steel Co Ltd H Shrs 40, , Anhui Conch Cement Co Ltd H Shrs 16, , AviChina Industry & Technology Co Ltd H Shrs 40, , BOC Hong Kong (Holdings) Ltd 15, , China Communications Construction Co Ltd H Shrs 60, , China Everbright International Ltd 20, , China Merchants Bank Co Ltd H Shrs 15, , China Oilfield Services Ltd 58, , China Overseas Land & Investment Ltd 12, , China Petroleum & Chemical Corp H Shrs 90, , China Shenhua Energy Co Ltd H Shrs 16, , Citic Securities Co Ltd H Shrs 16, , Country Garden Holdings Company Ltd 20, , Country Garden Services Holdings Co Ltd 2,299 23, Geely Automobile Holdings Ltd 25, , Gemdale Properties & Investment Corp Ltd 368, , Guangdong Investments Ltd 26, , Guangzhou Automobile Group Co Ltd H Shrs 42, , Joy City Property Ltd 150, , Ping An Insurance (Group) Co of China Ltd H Shrs 11, , Shenzhen International Holdings Ltd 20, , Shenzhou International Group 6, , Tencent Holdings Ltd 2, , Yangtze Optical Fibre & Cable Joint Co Ltd 15, , Zhuzhou CRRC Times Electric Co Ltd H Shrs 12, , Malaysia 11,271, Tenaga Nasional 10, ,

17 INVESTMENT PORTFOLIO (Unaudited) (Continued) Asia Infrastructure and Redevelopment Fund (Continued) Fair Value % of net Holdings (HK$) assets Listed equities (continued) Singapore Singapore Telecommunications Ltd 15, , South Korea SK Hynix Inc , Taiwan Mega Financial Holding Co Ltd 87, , Taiwan Semiconductor Manufacturing Co Ltd 8, , ,049, Total investments, at fair value 13,173, Total investments, at cost 12,882,529 15

18 INVESTMENT PORTFOLIO (Unaudited) (Continued) Fair Value % of net Global Emerging Enterprises Fund Holdings (HK$) assets Listed equities Hong Kong/ China 3SBio Inc 60,000 1,069, Alibaba Group Holding Ltd (1 ADR Reps 1 Share) 1,900 2,766, BAIC Motor Corporation Ltd 50, , China Railway Signal & Communication Corporation H Shs 120, , China Reinsurance (Group) Corp H Shrs 1,065,000 1,831, China Yuhua Education Corp Ltd 160, , JD.Com Inc (1 ADR Reps 2 Shrs) 5,040 1,540, Postal Savings Bank of China Co Ltd H Shrs 411,000 2,100, Weibo Corp Spon (1 ADR Reps 1 Share) 1,600 1,114, ,358, Total investments, at fair value 12,358, Total investments, at cost 12,225,835 16

19 INVESTMENT PORTFOLIO (Unaudited) (Continued) Fair Value % of net Global RMB Fixed Income Fund Holdings (RMB) assets Bonds Australia Commonwealth Bank of Australia 11/03/2025 1,000,000 1,008, National Australia Bank 4.28% 22/12/2018 2,000,000 1,989, France 2,997, BNP Paribas 5% 17/03/2025 1,000,000 1,004, Hong Kong/ China Car Inc 6.5% 04/04/2021 2,000,000 1,960, China Development Bank 4.35% 06/08/2024 1,000,000 1,007, China Development Bank 4.35% 19/09/2024 1,000,000 1,002, Chongqing Grain Group 4.02% 14/07/2019 1,000, , Export Import Bank China 4.15% 18/06/2027 1,000, , Fantasia Holdings Group 9.5% 04/05/2019 1,000,000 1,027, Far East Horizon Ltd 4.9% 27/02/2021 2,000,000 2,006, Haitong International Securities 5.2% 12/02/2019 2,000,000 2,002, Huarui Investment Holding 5.25% 26/11/2018 1,000,000 1,002, Lenovo Group Ltd 4.95% 10/06/2020 1,000, , Ocean Wealth II Ltd 5.5% 08/06/2019 2,000,000 2,016, Rosy Capital Global Ltd 5.25% 30/07/2018 1,000,000 1,000, Shimao Property Holdings 5.75% 15/03/2021 1,000, , Shimao Property Holdings Aug 5.75% 15/03/2021 1,000, , Shui On Development Holding 6.875% 02/03/2021 2,000,000 1,975, ,971,

20 INVESTMENT PORTFOLIO (Unaudited) (Continued) Fair Value % of net Global RMB Fixed Income Fund (Continued) Holdings (RMB) assets Bonds (continued) Macau Bank of China Macau 4.65% 05/03/2021 2,000,000 2,010, South Korea Export-Import Bank Korea 4.68% 16/03/2021 1,000,000 1,008, Korea Development Bank 4.6% 03/07/2021 1,000,000 1,002, ,011, Total investments, at fair value 27,994, Total investments, at cost 27,943,412 18

21 STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (Unaudited) Number of shares Bonus/ Asia Selection Growth Fund Additions Disposals Splits Listed equities Hong Kong/ China 3SBio Inc - (20,000) - AIA Group Ltd 3, ANTA Sports Products Ltd - (11,000) - BYD Electronic International Co Ltd 8,000 (18,000) - China Medical System Holdings Ltd 60, China Merchants Bank Co Ltd H Shrs 20, China Oilfield Services Ltd 64, China Resources Cement Holding Ltd 88, China Yuhua Education Corp Ltd - (36,000) - Citic Securities Co Ltd H Shrs 16,000 (16,000) - Country Garden Holdings Company Ltd 100,000 (50,000) - Country Garden Services Holdings Co Ltd 5, CSPC Pharmaceutical Group Ltd 40, Grand Baoxin Auto Group Ltd 100,000 (140,000) - Kingdee International Software Group Co Ltd 36, Ping An Insurance (Group) Co of China Ltd H Shrs 3,000 (4,000) - Sands China Ltd 24,000 (4,800) - Sun Art Retail Group Ltd 30, Sunny Optical Technology Group Co Ltd 2, Travelsky Technology Ltd H Shrs 30, Zhuzhou CRRC Times Electric Co Ltd H Shrs 18, South Korea 647,747 (299,800) - LG Innotek Co Ltd - (402) - Samsung Electro Mechanics Co Ltd Samsung Electronics Co Ltd - - 2,254 SK Hynix Inc - (600) - SK Innovation Co Ltd (1,002) 2,254 19

22 STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (Unaudited) Number of shares Bonus/ Asia Selection Growth Fund (Continued) Additions Disposals Splits Listed equities (Continued) Taiwan Advanced Semiconductor Engineering Inc - (68,000) - ASE Technology Holding Co Ltd 34, United States of America 34,000 (68,000) - Nexteer Automotive Group Ltd - (25,000) - Unlisted equities Taiwan - (25,000) - Cathay Financial Holding Co Ltd Nil Paid Rts 27/07/

23 STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (Unaudited) (Continued) Number of shares Bonus/ China & Hong Kong Vision Fund Additions Disposals Splits Listed equities Cayman Islands China Education Group Holdings Ltd 100, harf Real Estate Investment Company Limited 10,000 (10,000) - Hong Kong/ China 110,000 (10,000) - 3SBio Inc 50,000 (27,000) - AAC Technologies Holdings Inc 12,000 (4,000) - AIA Group Ltd 20, Air China Ltd Shs H Ord Cny1 60,000 (60,000) - Bank of China Ltd H Shrs 50, BOC Hong Kong (Holdings) Ltd 10, Brilliance China Automotive Holdings Ltd 12,000 (20,000) - China Construction Bank H Shrs 230, China Life Insurance Co H Shrs - (15,000) - China Medical System Holdings Ltd 50,000 (50,000) - China Mengniu Dairy Co Ltd 36, China Merchants Bank Co Ltd H Shrs 47,000 (60,000) - China Mobile Ltd 7,000 (7,000) - China Oilfield Services Ltd 90,000 (90,000) - China Petroleum & Chemical Corp H Shrs 80, China Railway Group Ltd H Shrs 80,000 (80,000) - China Resources Gas Group Ltd - (10,000) - China Shenhua Energy Co Ltd H Shrs 55, China Unicom (Hong Kong) 30,000 (30,000) - China Yuhua Education Corp Ltd - (70,000) - Citic Securities Co Ltd H Shrs 60,000 (60,000) - Country Garden Holdings Company Ltd 140,000 (70,000) - Country Garden Services Holdings Co Ltd 8, CSPC Pharmaceutical Group Ltd 120,000 (40,000) - Geely Automobile Holdings Ltd 30,000 (30,000) - Gemdale Properties & Investment Corp Ltd 200,000 (600,000) - Health and Happiness H&H International Holdings Ltd 14,000 (14,000) - 21

24 STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (Unaudited) (Continued) Number of shares Bonus/ China & Hong Kong Vision Fund (Continued) Additions Disposals Splits Listed equities (Continued) Hong Kong/ China (Continued) Henderson Land Development Co Ltd Hengan International Group Co Ltd 11, Hong Kong Exchanges and Clearing Ltd 3, I-CABLE Communications Ltd - (3,832) - Kingdee International Software Group Co Ltd 100, Nine Dragons Paper Holdings Ltd 30,000 (30,000) - Petrochina Co Ltd H Shrs 192, Ping An Insurance (Group) Co of China Ltd H Shrs 8, Sands China Ltd 24, SSY Group Ltd 110,000 (110,000) - Sun Art Retail Group Ltd 60,000 (60,000) - Tencent Holdings Ltd 3, Want Want China Holdings Ltd 150, Yangtze Optical Fibre and Cable Joint Stock Ltd Co 22,000 (22,000) - Yanzhou Coal Mining Co Ltd H Shrs 80, ,285,946 (1,562,832)

25 STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (Unaudited) (Continued) Number of shares Bonus/ Global Total Return Bond Fund Additions Disposals Splits Bonds British Virgin China Cinda Finance % 08/02/ ,000 (400,000) - Coastal Emerald Ltd 200,000 (200,000) - Fuxiang Investment Management 5.1% 04/06/ ,000 (200,000) - Greenland Global Investment 7.125% 20/03/2021 1,000,000 (1,000,000) - Hong Seng Ltd 8.5% 01/05/ ,000 (500,000) - Tongfang Aqua 2017 Ltd 5.375% 29/03/ ,000 (600,000) - Tsinghua Unic Ltd 4.75% 31/01/ ,000 (700,000) - Cayman Islands 3,600,000 (3,600,000) - China Aoyuan Property Group 6.525% 25/04/ ,000 (200,000) - China Hongqiao Group Ltd 6.85% 22/04/ , QNB Finance Ltd FRN 31/05/2021 1,000,000 (1,000,000) - 1,600,000 (1,200,000) - Germany BMW Financial Services 4.25% 18/10/ (1,000,000) - 23

26 STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (Unaudited) (Continued) Number of shares Bonus/ Global Total Return Bond Fund Additions Disposals Splits Bonds Hong Kong/ China Alibaba Group Holding Ltd 3.4% 06/12/ ,000 (400,000) - Baidu Inc 3.875% 29/09/ ,000 (200,000) - Bank of China Ltd Perpetual Callable 7,500,000 (5,500,000) - Bank of China/Hong Kong Ltd 0% 01/08/ , Bank of Communications (Hong Kong) FRN 17/05/ ,000 (500,000) - Bank of Communications Perpetual Callable 200, Bank of Zhengzhou Co Ltd Perpetual Callable 29/12/ (500,000) - Central China Real Estate 6.875% 23/10/ ,000 (400,000) - Central China Real Estate 8% 28/01/ , Central Plaza Development Ltd 3.875% 30/01/2021 1,000,000 (1,000,000) - Central Plaza Development Ltd Perpetual Callable - (250,000) - China Aoyuan Property Group 6.35% 11/01/ ,000 (200,000) - China Aoyuan Property Group 7.5% 10/05/ , China Everbright Bank Ncd 0% 12/01/2018 (China Interbank) - (2,000,000) - China Evergrande Group 7% 23/03/ ,000 (800,000) - China Overseas Grand Oceans Finance 4.875% 01/06/ ,000 (200,000) - China Zheshang Bank Perpetual Callable - (500,000) - Chouzhou International Investment Ltd 4% 05/12/ ,000 (1,000,000) - CICC Hong Kong Finance 2016 MTN FRN 25/04/ ,000 (200,000) - CIFI Holdings Group 6.875% 23/04/ ,000 (200,000) - CNAC (HK) Finbridge Co Ltd 4.125% 14/03/ ,000 (500,000) - CNAC (HK) Finbridge Co Ltd 5.125% 14/03/ ,000 (200,000) - Concord New Energy Group 7.9% 23/01/ ,000 (200,000) - Country Garden Holdings 5.8% 12/03/2021 1,000,000 (1,000,000) - Dawn Victor Ltd 5.5% 05/06/ ,000 (800,000) - Dr Peng Holding Hong Kong 5.05% 01/06/ ,000 (400,000) - Easy Tactic Ltd 5.75% 13/01/ ,000 (200,000) - Fantasia Holdings Group 7.25% 13/02/ ,000 (200,000) - Far East Horizon Ltd 4.9% 27/02/2021 2,000,000 (2,000,000) - Far East Horizon Ltd FRN 03/07/ ,

27 STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (Unaudited) (Continued) Number of shares Bonus/ Global Total Return Bond Fund (Continued) Additions Disposals Splits Bonds (Continued) Hong Kong/ China (Continued) Franshion Brilliant Limited 5.2% 08/03/2021 2,000,000 (2,000,000) - Future Land Development 5% 16/02/ ,000 (200,000) - GCL New Energy Holdings 7.1% 30/01/ ,000 (200,000) - Haitong International Finance 2014 Ltd 3.99% 11/09/ (200,000) - Haitong International Securities Group 5.2% 12/02/2019 7,000,000 (2,000,000) - Hausing International Holdings 4.5% 20/03/ ,000 (400,000) - Hausing International Holdings 5% 20/03/ ,000 (400,000) - Hilong Holding Ltd 7.25% 22/06/2020 2,200,000 (2,000,000) - Hong Kong Baorong Development 3.625% 09/12/ (500,000) - Hong Seng Ltd 8.5% 20/11/ ,000 (200,000) - Horse Gallop Finance FRN 28/06/ , Huarong Finance 2017 Co Ltd 4.75% 27/04/ ,000 (200,000) - Huarong Finance 2017 Co Ltd FRN 03/07/ ,000 (500,000) - Huarong Finance Co Ltd 4% 17/07/ (250,000) - Hubei Science & Technology Investment Group Hong Kong Ltd 4.375% 05/03/ ,000 (200,000) - Huzhou City Investment Development 4.875% 20/12/ (200,000) - ICBCIL Finance Co Ltd FRN 15/05/ ,000 (200,000) - ICBCIL Finance Co Ltd FRN 15/05/ ,000 (400,000) - Industrial & Commercial Bank of China variable 31/12/ ,000 (600,000) - Jiangsu Nantong Sanjian 7.8% 26/10/ (200,000) - Jiaxing City Investment and Development 4.4% 03/01/ (400,000) - Jiayuan International Group Ltd 8.125% 17/01/ ,000 (200,000) - Kaisa Group Holdings Ltd 7.25% 30/06/ ,000 (800,000) - Knight Castle Investmnts 7.99% 23/01/ ,000 (600,000) - Kunzhi Ltd FRN 21/05/ ,000 (500,000) - Logan Property Holdings 5.125% 02/11/ ,000 (200,000) - Logan Property Holdings 6.875% 24/04/2021 1,000,000 (1,000,000) - Longfor Properties 6.75% 29/01/ (200,000) - Moon Wise Global Perpetual Callable 600,000 (600,000) - 25

28 STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (Unaudited) (Continued) Number of shares Bonus/ Global Total Return Bond Fund (Continued) Additions Disposals Splits Bonds (Continued) Hong Kong/ China (Continued) New Metro Global Ltd 6.5% 23/04/ ,000 (400,000) - New World China Land Ltd 5.375% 06/11/ (500,000) - Nuoxi Capital Ltd 5.35% 24/01/ ,000 (500,000) - Ocean Wealth II Ltd 5.5% 08/06/ (2,000,000) - Powerlong Real Estate 6.95% 17/04/ ,000 (200,000) - Proven Glory Capital Ltd 4% 21/02/ ,000 (200,000) - Shimao Property Holdings Ltd 5.75% 15/03/2021 7,000,000 (3,000,000) - Shui On Development Holding 6.875% 02/03/2021 1,000,000 (1,000,000) - Shui On Development Holding Ser Apr 6.875% 02/03/2021 2,000,000 (2,000,000) - Sino Trendy Investment 3.875% 25/01/ ,000 (200,000) - Sunny Optical Technology 3.75% 23/01/ ,000 (500,000) - Times China Holdings Ltd 6.25% 17/01/ ,000 (400,000) - Times China Holdings Ltd 7.85% 04/06/2021 1,200,000 (1,000,000) - Towngas Finance Ltd FRN Perpetual Callable - (200,000) - Trillion Chance Ltd 5% 13/02/ ,000 (800,000) - Trillion Chance Ltd 5.25% 11/10/ (600,000) - Vanke Real Estate (Hong Kong) FRN 25/05/ ,000 (500,000) - Vertex Capital Investment Ltd 4.15% 22/04/ ,000 (600,000) - Wuhan Metro Group Co Ltd 2.375% 08/11/ , XZ Eco Technology Development Zone International 4.5% 16/06/ (500,000) - Yancoal International STP Perpetual 200,000 (200,000) - Yangzhou Urban Construction 4.375% 19/12/ (200,000) - Yankuang Group Cayman 4.75% 30/11/ (400,000) - Yuzhou Properties Co Ltd 6% 25/02/ ,000 (200,000) - Yuzhou Properties Co Ltd 7.9% 11/05/ ,000 (200,000) - Zhongtai International Finance BVI 4.1% 04/02/ ,000 (200,000) - 56,500,000 (51,600,000) - 26

29 STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (Unaudited) (Continued) Number of shares Bonus/ Global Total Return Bond Fund (Continued) Additions Disposals Splits Bonds (Continued) India ABJA Investment Co Ltd 5.45% 24/01/ ,000 (200,000) - Indonesia Indika Energy III Pte Ltd 5.875% 09/11/ (200,000) - Indika Energy Capital II Pte Ltd 6.875% 10/04/ , Indo Energy Finance II 6.375% 24/01/ ,000 (200,000) - PB International BV 7.625% 26/01/ ,000 (400,000) - PT Wijaya Karya 7.7% 31/01/2021 5,000,000,000 (5,000,000,000) - Macau 200,000 (5,000,800,000) - Bank of China/Macau 4.65% 05/03/2021 2,000,000 (2,000,000) - Industrial and Commercial Bank of China (Macau) Ltd 2.74% 28/09/ , Maldives 2,800,000 (2,000,000) - MOF Republic of Maldives Bond 7% 07/06/ ,000 (400,000) - 27

30 STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (Unaudited) (Continued) Number of shares Bonus/ Global Total Return Bond Fund (Continued) Additions Disposals Splits Bonds (Continued) Pakistan Third Pakistan International Sukuk 5.625% 05/12/ (300,000) - Singapore BOC Aviation Ltd FRN 21/05/ ,000 (200,000) - BOC Aviation Pte Ltd FRN 02/05/ ,000 (400,000) - Soechi Capital Pte Ltd 8.375% 31/01/2023 1,000,000 (1,000,000) - South Korea 1,800,000 (1,600,000) - Export-Import Bank Korea 4.68% 16/03/2021 1,000,000 (1,000,000) - Sri Lanka Republic of Sri Lanka 6.75% 18/04/ ,000 (400,000) - Supra-National Arab Petroleum Investments Corporation 4.7% 13/03/2021 3,000,000 (3,000,000) - 28

31 STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (Unaudited) (Continued) Number of shares Bonus/ Global Total Return Bond Fund (Continued) Additions Disposals Splits Bonds (Continued) United Arab Emirates QNB Finance Ltd 5.1% 14/05/2021 1,000,000 (1,000,000) - United States of America China Construction Bank Perpetual Callable 400,000 (400,000) - 29

32 STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (Unaudited) (Continued) Number of shares Bonus/ Asia Infrastructure and Redevelopment Fund Additions Disposals Splits Listed equities Hong Kong/ China AIA Group Ltd 4, Air China Ltd H Shs 30, Anhui Conch Cement Co Ltd H Shrs 8, BOC Hong Kong (Holdings) Ltd 5, China Communications Construction Co Ltd H Shrs 48, China Merchants Bank Co Ltd 15, China Oilfield Services Ltd 58, China Petroleum & Chemical Corp H Shrs 30, China Resources Gas Group Ltd - (8,000) - China Shenhua Energy Co Ltd 16, China Yuhua Education Corp Ltd - (30,000) - CITIC Securities Co Ltd 16, Country Garden Holdings Company Ltd 40,000 (20,000) - Country Garden Services Holdings Co Ltd 2, Dongjiang Environmental Co Ltd H Shrs - (20,000) - Geely Automobile Holdings Ltd 10, Gemdale Properties & Investment Corp Ltd 200, Guangzhou Automobile Group Co Ltd H Shrs 22,000-12,000 Huaneng Power International Inc H Shrs - (20,000) - Huaneng Renewables Corp Ltd H Shrs - (40,000) - Ping An Insurance Group Co of China Ltd 11, Shenzhou International Group 2, Uni Medical - (36,000) - Yangtze Optical Fibre & Cable Joint Co Ltd 15, Zhuzhou CRRC Times Electric Co Ltd 12, , ,000 12,000 30

33 STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (Unaudited) (Continued) Number of shares Bonus/ Global Emerging Enterprises Fund Additions Disposals Splits Listed equities Hong Kong/ China 3SBio Inc 60, BAIC Motor Corporation Ltd 50, China Railway Signal & Communication Corporation H Shs 120, China Yuhua Education Corp Ltd 160, JD.Com Inc (1 ADR Reps 2 Shrs) - (1,160) - 390,000 (1,160) - 31

34 STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (Unaudited) Number of shares Bonus/ Global RMB Fixed Income Fund Additions Disposals Splits Bonds Australia Commonwealth Bank of Australia 11/03/ (2,000,000) - British Virgin Islands Greenland Global Invstment 7.125% 20/03/2021 1,000,000 (1,000,000) - Cayman Islands QNB Finance Ltd 5.2% 07/06/2021 2,000,000 (2,000,000) - QNB Finance Ltd 5.25% 21/06/2021 1,000,000 (1,000,000) - Germany 3,000,000 (3,000,000) - BMW Financial Services 4.25% 18/10/ (1,000,000) - 32

35 STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (Unaudited) Number of shares Bonus/ Global RMB Fixed Income Fund (Continued) Additions Disposals Splits Bonds (Continued) Australia Bank of Ningbo Co Ltd 0% 18/01/ (3,000,000) - Car Inc 6.5% 04/04/2021 2,000, China Development Bank (Reg S) (Reg) 4.35% 06/08/2024 1,000, China Development Bank Ser Emtn (Reg S) (Reg) 4.35% 19/09/2024 1,000, China New Town Finance 15.5% 06/05/ (1,500,000) - Country Garden Holdings 5.8% 12/03/2021 1,000,000 (1,000,000 - Export Import Bank China 4.15% 18/06/2027 1,000, Fantasia Holdings Group 9.5% 04/05/2019 2,000,000 (1,000,000) - Far East Horizon Ltd 4.9% 27/02/2021 4,000,000 (2,000,000) - Franshion Brilliant Ltd 5.2% 08/03/2021 6,000,000 (6,000,000) - Haitong International Securities 5.2% 12/02/2019 7,000,000 (5,000,000) - Huarui Investment Holding 5.25% 26/11/ (1,000,000) - Lenovo Group Ltd 4.95% 10/06/2020 1,000,000 (1,000,000) - Longfor Properties 6.75% 28/05/ (1,000,000) - New World China Land Ltd 5.5% 06/02/ (3,000,000) - Ocean Wealth II Ltd 5.5% 08/06/ (1,000,000) - Rosy Capital Global Ltd 5.25% 30/07/2018 1,000, Shimao Property Holdings 5.75% 15/03/2021 2,000,000 (1,000,000) - Shimao Property Holdings Aug 5.75% 15/03/2021 1,000, Shui On Development Holding 6.875% 02/03/2021 3,000,000 (1,000,000) - Shui On Development Holdings 6.875% 02/03/2021 1,000,000 (1,000,000) - Sinostrong International Ltd 4% 28/05/ (3,000,000) - Start Plues Investments 5.55% 24/06/ (1,000,000) - Tianjin Eco-City Investment & Development Co Ltd 4.65% 29/10/ (1,000,000) - UA Finance BVI Ltd 6.9% 02/05/2018 3,000,000 (4,000,000) - Wharf Finance No 1 Limited 4% 27/03/ (1,000,000) - Macau 37,000,000 (39,500,000) Bank of China Macau 4.65% 05/03/2021 3,000,000 (1,000,000) - 33

36 STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (Unaudited) Number of shares Bonus/ Global RMB Fixed Income Fund (Continued) Additions Disposals Splits Bonds (Continued) Qatar QNB Finance Ltd 5.1% 08/03/2021 3,000,000 (3,000,000) - QNB Finance Ltd 5.1% 14/05/2021 2,000,000 (2,000,000) - Singapore 5,000,000 (5,000,000) - BOC Aviation Ltd 4.5% 17/10/2020 2,000,000 (2,000,000) - South Korea Export-Import Bank Korea 4.68% 16/03/2021 1,000, Korea Development Bank 4.6% 03/07/2021 2,000,000 (1,000,000) - Supra-National 3,000,000 (1,000,000) - Arab Petroleum Invstments 4.7% 13/03/2021 2,000,000 (2,000,000) - Central American Bank 4.2% 21/09/ (3,000,000) - Thailand 2,000,000 5,000,000 - TMB Bank 5.5% 09/03/ (1,000,000) - 34

37 PERFORMANCE RECORD (Unaudited) Net assets attributable to unitholders (calculated in accordance with Sub- Funds constitution) Asia Selection Growth Fund China & Hong Kong Vision Fund Global Total Return Bond Fund Asia Infrastructure and Redevelopment Fund Global Emerging Enterprises Fund Global RMB Fixed Income Fund 1 HK$ HK$ HK$ HK$ HK$ RMB Financial period ended 30 June ,000,074 41,375,385 78,626,253 17,445,223 41,457,987 30,286,651 Financial year ended 31 December ,999,380 17,068,238 80,598,589 9,588,333 41,880,539 33,876,685 Financial year ended 31 December ,432,001 16,743,797 87,278,724 8,426,852 47,666,025 37,758,811 Net asset value per unit Financial period ended 29 June Financial year ended 31 December Financial year ended 31 December The Sub-Fund was launched on 31 January

38 PERFORMANCE RECORD (Unaudited) (Continued) Highest and lowest net asset value per unit Asia China & Global Total Asia Infrastructure and Global Emerging Global RMB Fixed Selection Hong Kong Return Bond Redevelopment Enterprises Income Growth Fund Vision Fund Fund Fund Fund Fund 1 HK$ HK$ HK$ HK$ HK$ RMB Financial period ended 29 June 2018 Highest issued price per unit Lowest redemption price per unit Financial year ended 31 December 2017 Highest issued price per unit Lowest redemption price per unit Financial year ended 31 December 2016 Highest issued price per unit Lowest redemption price per unit Financial year ended 31 December 2015 Highest issued price per unit Lowest redemption price per unit Financial year ended 31 December 2014 Highest issued price per unit Lowest redemption price per unit Financial year ended 31 December 2013 Highest issued price per unit Lowest redemption price per unit Financial year ended 31 December 2012 Highest issued price per unit Lowest redemption price per unit

39 PERFORMANCE RECORD (Unaudited) (Continued) Asia Selection Growth Fund Highest and lowest net asset value per unit Financial year ended 31 December 2011 China & Global Total Asia Infrastructure and Global Emerging Global RMB Fixed Hong Kong Return Bond Redevelopment Enterprises Income Vision Fund Fund Fund Fund Fund 1 HK$ HK$ HK$ HK$ HK$ RMB Highest issued price per unit Lowest redemption price per unit Financial year ended 31 December 2010 Highest issued price per unit N/A Lowest redemption price per unit N/A Financial year ended 31 December 2009 Highest issued price per unit N/A Lowest redemption price per unit N/A 1 The Sub-Fund was launched on 31 January

40 DISTRIBUTION DISCLOSURE Global Total Return Bond Fund Date of Ex-distribution Date of Payment Distribution Per Unit HKD Total Distribution HKD Interim Distribution 3 July July ,658 Global RMB Fixed Income Fund Date of Ex-distribution Date of Payment Distribution Per Unit RMB Total Distribution RMB Interim Distribution 3 July July ,001 38