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E FUND INVESTMENT FUND SERIES REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015 E FUND RMB FIXED INCOME FUND E FUND RMB MAINLAND CHINA BOND FUND (Sub-funds of E Fund Investment Fund Series) E FUND RMB FIXED INCOME FUND E FUND RMB MAINLAND CHINA BOND FUND (Sub-funds of E Fund Investment Fund Series) REPORTS AND FINANCIAL STATEMENTS Contents Pages Management and administration ................................................................................................... 1 Report of the Manager .................................................................................................................... 2 - 3 Report of the Trustee ....................................................................................................................... 4 Independent Auditor’s Report ........................................................................................................ 5 - 6 Statement of Financial Position ..................................................................................................... 7 Statement of Comprehensive Income ............................................................................................ 8 Statement of Changes in Net Assets Attributable to Unitholders................................................. 9 Statement of Cash Flows ................................................................................................................. 10 Notes to the Financial Statements .................................................................................................. 11 – 49 E Fund RMB Fixed Income Fund - Investment Portfolio (Unaudited) .................................................................................. 50 – 51 - Statement of Movement in Investment Portfolio (Unaudited) ..................................... 52 – 55 - Performance Table (Unaudited) ..................................................................................... 56 E Fund RMB Mainland China Bond Fund - Investment Portfolio (Unaudited) .................................................................................. 57 – 58 - Statement of Movement in Investment Portfolio (Unaudited) ..................................... 59 – 61 - Performance Table (Unaudited) ..................................................................................... 62 E FUND RMB FIXED INCOME FUND E FUND RMB MAINLAND CHINA BOND FUND (Sub-funds of E Fund Investment Fund Series) MANAGEMENT AND ADMINISTRATION Manager and RQFII Holder Directors of the Manager E Fund Management (Hong Kong) Co., Limited Liu Xiaoyan Suites 3501-02, 35/F Zhang Youzao Two International Finance Centre Fan Yue 8 Finance Street Ma Jun Central Hong Kong Trustee and Registrar Bank of Communications Trustee Limited 1/F, Far East Consortium Building 121 Des Voeux Road Central Hong Kong PRC Custodian Bank of Communications Co., Ltd. 188 Yin Cheng Zhong Road Shanghai 200120 The People's Republic of China 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 - E FUND RMB FIXED INCOME FUND (A sub-fund of E Fund Investment Fund Series) REPORT OF THE MANAGER TO THE UNITHOLDERS Introduction E Fund RMB Fixed Income Fund is a sub-fund of E Fund Investment Fund Series. The inception day of the Fund was on 18 January 2012. The manager of the E Fund RMB Fixed Income Fund is E Fund Management (Hong Kong) Co., Ltd. and the trustee is Bank of Communications Trustee Limited. Fund Performance E Fund RMB Fixed Income Fund seeks to achieve long term capital growth in RMB terms through investment in a portfolio consisting primarily of RMB denominated and settled fixed income debt instruments issued or distributed within China which aim to generate a steady flow of income in addition to capital appreciation for the Sub-Fund. As of 31 December 2015, the Net Asset Value per unit of the RMB Fixed Income Fund for Class A RMB (distribution) and Class I RMB (distribution) was RMB 112.82 and RMB 115.24 respectively. The total size of the fund was approximately RMB 886 million. As of 31 December 2015, a summary of the performance of the RMB Fixed Income Fund is given below. Cumulative Performance in RMB* Since Launch1 1 Month 3 Months 6 Months 1 Year Class A RMB (Dis) 33.1% 2.1% 4.0% 4.7% 13.2% Class I RMB (Dis) 35.7% 2.1% 4.2% 5.0% 13.8% Calendar Year Cumulative Performance in RMB* 2015 2014 2013 2012 Class A RMB (Dis) 13.2% 12.1% -0.1% - Class I RMB (Dis) 13.8% 12.6% 0.4% - Source: Bloomberg *NAV-to-NAV return, total return with dividend (if any) reinvested 1 The total return for the period from its inception date to 31 December 2015 Note: Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the calendar year end, NAV-To- NAV, with dividend reinvested. These figures show by how much the E Fund RMB Fixed Income Fund /Class A and Class I increased or decreased in value during the calendar year being shown. Performance data has been calculated in RMB, including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Where no past performance is shown there was insufficient data available in that year to provide performance. The top 5 holdings are as below. Top 5 Holdings (% of Total NAV) HNEXPR VAR 03/07/26 7.52% BJKYCI 7.78 02/25/21 6.61% SASCWX 5.68 05/18/25 6.47% DALTIN 7.00 08/08/21 6.42% CFDEVL 7.07 06/19/21 6.37% - 2 - E FUND RMB MAINLAND CHINA BOND FUND (A sub-fund of E Fund Investment Fund Series) REPORT OF THE MANAGER TO THE UNITHOLDERS (CONTINUED) Introduction E Fund RMB Mainland China Bond Fund is a sub-fund of E Fund Investment Fund Series. The Fund was launched on 22 August 2013. The manager of the E Fund RMB Mainland China Bond Fund is E Fund Management (Hong Kong) Co., Ltd. and the trustee is Bank of Communications Trustee Limited. Fund Performance E Fund RMB Mainland China Bond Fund seeks to achieve long term capital growth in RMB terms through investment in a portfolio consisting primarily of RMB denominated and settled fixed income debt instruments issued or distributed within China which aim to generate a steady flow of income in addition to capital appreciation for the Sub-Fund. As of 31 December 2015, the Net Asset Value per unit of the RMB Mainland China Bond Fund for Class A RMB (accumulation) and Class I RMB (accumulation) was RMB 108.87 and RMB 110.14 respectively. The total size of the fund was approximately RMB 908 million. As of 31 December 2015, a summary of the performance of the E Fund RMB Mainland China Bond Fund is given below. Cumulative Performance in RMB* Since Launch1 1 Month 3 Months 6 Months 1 Year Class A RMB (Acc) 8.9% 1.1% 1.7% 2.9% 5.6% Class I RMB (Acc) 10.1% 1.1% 1.8% 3.2% 6.1% Calendar Year Cumulative Performance in RMB* 2015 2014 2013 Class A RMB (Acc) 5.6% 4.5% - Class I RMB (Acc) 6.1% 5.0% - Source: Bloomberg *NAV-to-NAV return, total return with dividend (if any) reinvested 1 The total return for the period from its launch date to 31 December 2015 Note: Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the calendar year end, NAV-To- NAV, with dividend reinvested. These figures show by how much the E Fund RMB Mainland China Bond Fund /Class A and Class I increased or decreased in value during the calendar year being shown. Performance data has been calculated in RMB, including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Where no past performance is shown there was insufficient data available in that year to provide performance. The top 5 holdings are as below. Top 5 Holdings (% of Total NAV) CNPCCH 4.47 02/22/18 5.90% CNGC 5.05 09/15/17 5.78% CHNNUC 2.96 09/06/16 5.30% TSURBN 7.10 02/26/21 5.13% SBSG 3.18 10/26/16 4.99% - 3 - E FUND RMB FIXED INCOME FUND E FUND RMB MAINLAND CHINA BOND FUND (Sub-funds of E Fund Investment Fund Series) REPORT OF THE TRUSTEE TO THE UNITHOLDERS OF E FUND INVESTMENT FUND SERIES (THE “TRUST FUND”) We hereby confirm that, in our opinion, the Manager has, in all material respects, managed the Trust Fund in accordance with the provisions of the Trust Deed dated 18 January 2012 and all its supplemental deeds for the year ended 31 December 2015. For and on behalf of Bank of Communications Trustee Limited 27 April 2016 - 4 - INDEPENDENT AUDITOR’S REPORT TO THE UNITHOLDERS OF E FUND RMB FIXED INCOME FUND AND E FUND RMB MAINLAND CHINA BOND FUND (THE “SUB-FUNDS”) (Sub-funds of E Fund Investment Fund Series) Report on the Financial Statements We have audited the financial statements of E Fund RMB Fixed Income Fund and E Fund RMB Mainland China Bond Fund (the “Sub-Funds”), each a separate sub-fund of E Fund Investment Fund Series (the “Trust”) set out on pages 7 to 49, which comprise the statement of financial position as at 31 December 2015, and the statements of comprehensive income, statements of changes in net assets attributable to unitholders and statements of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information. Management’s Responsibility for the Financial Statements The Trustee and the Manager (the “Management”) of the Sub-Funds are responsible for the preparation of financial statements that give a true and fair view in accordance with International
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