BOCOM INTERNATIONAL CHINA DYNAMIC FUND (A sub-fund of BOCOM International Fund)

SEMI-ANNUAL REPORT (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2017

SEMI-ANNUAL REPORT (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2017

BOCOM INTERNATIONAL CHINA DYNAMIC FUND (A sub-fund of BOCOM International Fund)

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

SEMI-ANNUAL REPORT (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2017

BOCOM INTERNATIONAL CHINA DYNAMIC FUND (A sub-fund of BOCOM International Fund)

MANAGEMENT AND ADMINISTRATION

Manager Directors of the Manager BOCOM International Asset Management Limited TAN Yueheng 9/F, Man Yee Building CHENG Chuange 68 Des Voeux Road Central Central Hong Kong

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 - SEMI-ANNUAL REPORT (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2017

BOCOM INTERNATIONAL CHINA DYNAMIC FUND (A sub-fund of BOCOM International Fund)

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 2016. The CSI 300 Index increased by 10.78% during the same period, and the performance of funds was better than CSI 300 Index.

- 2 - SEMI-ANNUAL REPORT (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2017

BOCOM INTERNATIONAL CHINA DYNAMIC FUND (A sub-fund of BOCOM International Fund)

STATEMENT OF FINANCIAL POSITION (UNAUDITED) AS AT 30 JUNE 2017 30 Jun 31 Dec 2017 2016 RMB RMB Non-Current Assets Deposit reserve 224,000 224,000

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 111,298 133,268

Total liabilities (excluding net assets attributable to unitholder) 791,614 324,451

Net assets attributable to unitholders (after amortization of 45,348,936 39,549,872 establishment costs)

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 (153,970) (189,699) at net asset attributable to unitholder

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 2,100,000.000 2,100,000.000 Class R 1,283,038.384 1,342,847.678

Net asset value per unit Class I 13.494 11.574 Class R 13.378 11.492

- 3 - SEMI-ANNUAL REPORT (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2017

BOCOM INTERNATIONAL CHINA DYNAMIC FUND (A sub-fund of BOCOM International Fund)

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 4.26 07/31/2021 1,020 ,000 1,046,112 2.30%

China Government Bond 3.40 04/17/2023 1,600,000 1,576,960 3.47%

2,623,072 5.77%

Equity securities (88.11%)

Listed in China

ZTE Corp 78,000 1,851,720 4.07% Co Ltd 67,000 2,883,680 6.34% Co Ltd 50,000 660,000 1.45% Yunnan Baiyao Group Co Ltd 19,000 1,783,150 3.92% Appliances Inc of Zhuhai 37,000 1,523,290 3.35% BOE Technology Group Co Ltd 140,000 582,400 1.28% China Resources Sanjiu Medical & Pharmaceutical Co Ltd 23,000 730,250 1.60% Hangzhou Digital Technology Co Ltd 20,000 646,000 1.42% Baoshan Iron & Steel Co Ltd 70,000 469,700 1.03% China Southern Airlines Co Ltd 60,000 522,000 1.15% China United Network Communications Ltd 80,000 597,600 1.31% China Gezhouba Group Co Ltd 120,000 1,348,800 2.96% SAIC Motor Corp Ltd 78,000 2,421,900 5.32% Jiangsu Hengrui Medicine Co Ltd 54,000 2,731,860 6.00% Wanhua Chemical Group Co Ltd 34,000 973,760 2.14% NARI Technology Co Ltd 40,000 706,000 1.55% Zhangzhou Pientzehuang Pharmaceutical Co Ltd 8,000 488,320 1.07% Hengtong Optic-electric Co Ltd 35,000 981,750 2.16% Kweichow Moutai Co Ltd 6,300 2,972,655 6.53% Fuyao Glass Industry Group Co Ltd 40,000 1,041,600 2.29% Inner Mongolia Yili Industrial Group Co Ltd 40,000 863,600 1.90% China Yangtze Power Co Ltd 120,000 1,845,600 4.06% Ping An Insurance Group Co of China Ltd 39,000 1,934,790 4.25% Industrial & Commercial Bank of China Ltd 320,000 1,680,000 3.69% Shanghai Pharmaceuticals Holding Co Ltd 52,000 1,501,760 3.30% China State Construction Engineering Corp Ltd 250,000 2,420,000 5.32% China Communications Construction Co Ltd 40,000 635,600 1.40% China International Travel Service Corp Ltd 32,000 964,480 2.12% - 4 - SEMI-ANNUAL REPORT (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2017

BOCOM INTERNATIONAL CHINA DYNAMIC FUND (A sub-fund of BOCOM International Fund)

Yonghui Superstores Co Ltd 130,000 920,400 2.02% China Construction Bank Corp 230,000 1,414,500 3.11% 40,097,165 88.11%

Total investments 42,720,237 93.88%

Other net assets 2,782,669 6.12%

Total net assets as at 30 June 2017

(before amortization of establishment costs) 45,502,906 100.00%

Total investments at cost 36,561,779

- 5 - SEMI-ANNUAL REPORT (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2017

BOCOM INTERNATIONAL CHINA DYNAMIC FUND (A sub-fund of BOCOM International Fund) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUIDTED) FOR THE SIX MONTHS ENDED 30 JUNE 2017

31 December Holdings 30 June

Investments 2016 Addi tions 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 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 140,000 140,000 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 Co Ltd 7,000 7,000 China Resources Sanjiu Medical & Pharmaceutical Co 23,000 23,000 Ltd 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 12,000 12,000 Material Co Ltd Shenzhen Techand Ecology & Environment Co Ltd 42,000 42,000 Beijing Sinnet Technology Co Ltd 125 ,000 125,000 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 105,000 105,000 China United Network Communications Ltd 240,000 350,000 510,000 80,000 Zhengzhou Yutong Bus Co Ltd 85,000 85,000 China Gezhouba Group Co Ltd 213,000 93,000 120,000 Beijing Tongrentang Co Ltd 45,000 45,000

- 6 - SEMI-ANNUAL REPORT (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2017

BOCOM INTERNATIONAL CHINA DYNAMIC FUND (A sub-fund of BOCOM International Fund) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUIDTED) FOR THE SIX MONTHS ENDED 30 JUNE 2017

31 December Holdings 30 June

Investments (Continued) 2016 Additions Disposals 2017

SAIC Motor Corp Ltd 70,0 00 63,000 55,000 78,000 China Eastern Airlines Corp Ltd 55,000 134,000 189,000 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 20,000 20,000 Ltd 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 2,000 700 6,300 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 30,0 00 Inner Mongolia Yili Industrial Group Co Ltd 65,000 25,000 40,000 China Yangtze Power Co Ltd 164,960 44,960 120,000 Daqin Railway Co Ltd 70,000 180 ,000 250,000 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 490,000 400,000 890,000 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 400,000 300,000 380,000 320,000 China Pacific Insurance Group Co Ltd 67,000 67,0 00 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 50,000 250,000 CRRC Corp Ltd 57,000 57,000 China Communications Construction Co Ltd 55,000 110,000 125,000 40,000 PetroChina Co Ltd 150,000 150,000 China International Travel Service Corp Ltd 32 ,000 32,000 Yonghui Superstores Co Ltd 230,000 100,000 130,000 China Construction Bank Corp 280,000 280,000 330,000 230,000

- 7 - SEMI-ANNUAL REPORT (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2017

BOCOM INTERNATIONAL CHINA DYNAMIC FUND (A sub-fund of BOCOM International Fund) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUIDTED) FOR THE SIX MONTHS ENDED 30 JUNE 2017

31 December Holdings 30 June

Investments (Continued) 2016 Additions Disposals 2017

Bank of China Ltd 350,000 350,000 China Shipbuilding Industry Co Ltd 150,000 150,000 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 1,02 0,000 China Government Bond 3.4% 4/17/2023 2,300,000 700,000 1,600,000

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