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 2019 to 28 June 2019

ICBC (ASIA) INVESTMENT FUNDS

CONTENTS PAGES

Management and administration 1

Statement of assets and liabilities 2 – 7

Investment portfolio 8 – 17

Statement of movements in investment portfolios 18 – 29

Performance records 30 – 32

Distribution disclosure 33

ICBC (ASIA) INVESTMENT FUNDS MANAGEMENT AND ADMINISTRATION

Directors of the Manager Li Dong Yang Fan Wu Long Hu Yimin Gao Chong (resigned on 13 February 2019) Wei Quanhong (appointed on 13 February 2019)

Manager ICBC Asset Management (Global) Company Limited Unit 2507-10, 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

ICBC (ASIA) INVESTMENT FUNDS STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

AS AT 28 JUNE 2019

28/6/2019 31/12/2018 Asia Selection Growth Fund HK$ HK$

Assets Financial assets at fair value through profit or loss 20,371,106 16,277,497 Dividend receivable 79,679 5,855 Interest receivable 54 12 Amount due from brokers 395,388 489,341 Amount due from unitholders - 990 Other receivables 20,530 88,993 Cash and cash equivalents 796,332 3,825,553 ───────────── ─────────── Total assets 21,663,089 20,688,241 ═════════════ ═══════════

Liabilities Amount due to brokers - 489,282 Other payables 184,321 175,465 ───────────── ─────────── Total liabilities 184,321 664,747 ───────────── ───────────

Net assets attributable to unitholders Equity 21,478,768 20,023,494 ═════════════ ═══════════

Supplementary Information Net assets attributable to unitholders at last traded prices 21,478,768 20,023,494 ═════════════ ═══════════

Number of units in issue 1,583,099.13 1,566,104.07 ───────────── ─────────── Net asset value per unit 13.57 12.79 ───────────── ───────────

2

ICBC (ASIA) INVESTMENT FUNDS STATEMENT OF ASSETS AND LIABILITIES (Unaudited) (Continued)

AS AT 28 JUNE 2019

28/6/2019 31/12/2018 China & Hong Kong Vision Fund HK$ HK$

Assets Financial assets at fair value through profit or loss 36,307,941 28,481,125 Dividend receivable 130,569 - Interest receivable 369 34 Amount due from brokers 1,001,841 198 Other receivables 6,606 52,567 Cash and cash equivalents 1,329,802 7,515,417 ───────────── ─────────── Total assets 38,777,128 36,049,341 ═════════════ ═══════════ Liabilities Amount due to brokers 211,048 - Other payables 206,185 200,159 ───────────── ─────────── Total liabilities 417,233 200,159 ───────────── ───────────

Net assets attributable to unitholders Equity 38,359,895 35,849,182 ═════════════ ═══════════

Supplementary Information Net assets attributable to unitholders at last traded prices 38,359,895 35,849,182 ═════════════ ═══════════

Number of units in issue 2,450,278.76 2,510,546.30 ───────────── ─────────── Net asset value per unit 15.66 14.28 ───────────── ───────────

3

ICBC (ASIA) INVESTMENT FUNDS STATEMENT OF ASSETS AND LIABILITIES (Unaudited) (Continued)

AS AT 28 JUNE 2019

28/6/2019 31/12/2018 Global Total Return Bond Fund HK$ HK$

Assets Financial assets at fair value through profit or loss 130,331,874 108,545,299 Interest receivable 1,321,319 1,264,330 Amount due from brokers 25,917,310 8,515,580 Other receivables 6,606 - Cash and cash equivalents 70,949 428,646 ───────────── ─────────── Total assets 157,648,058 118,753,855 ═════════════ ═══════════ Liabilities Amount due to brokers 30,414,348 7,899,950 Bank Overdraft 1,102,005 - Other payables 331,295 276,144 ───────────── ─────────── Total liabilities 31,847,648 8,176,094 ───────────── ───────────

Net assets attributable to unitholders Equity 125,800,410 110,577,761 ═════════════ ═══════════

Supplementary Information Net assets attributable to unitholders at last traded prices 125,800,410 110,577,761 ═════════════ ═══════════

Number of units in issue 8,741,948.21 8,377,859.62 ───────────── ─────────── Net asset value per unit 14.39 13.20 ───────────── ───────────

4

ICBC (ASIA) INVESTMENT FUNDS STATEMENT OF ASSETS AND LIABILITIES (Unaudited) (Continued)

AS AT 28 JUNE 2019

28/6/2019 31/12/2018 Asia Infrastructure and Redevelopment Fund HK$ HK$

Assets Financial assets at fair value through profit or loss 16,807,409 13,135,290 Dividend receivable 116,862 5,855 Interest receivable 167 9 Amount due from brokers - 55 Other receivables 20,530 88,993 Cash and cash equivalents 1,646,808 3,408,446 ───────────── ─────────── Total assets 18,591,776 16,638,648 ═════════════ ═══════════

Liabilities Other payables 180,340 169,212 ───────────── ─────────── Total liabilities 180,340 169,212 ───────────── ───────────

Net assets attributable to unitholders Equity 18,411,436 16,469,436 ═════════════ ═══════════

Supplementary Information Net assets attributable to unitholders at last traded prices 18,411,436 16,469,436 ═════════════ ═══════════

Number of units in issue 1,485,258.96 1,455,985.95 ───────────── ─────────── Net asset value per unit 12.40 11.31 ───────────── ───────────

5

ICBC (ASIA) INVESTMENT FUNDS STATEMENT OF ASSETS AND LIABILITIES (Unaudited) (Continued)

AS AT 28 JUNE 2019

28/6/2019 31/12/2018 Global Emerging Enterprises Fund HK$ HK$

Assets Financial assets at fair value through profit or loss 14,666,538 10,450,063 Dividend receivable 128,790 - Interest receivable 7,903 691 Amount due from unitholders - 990 Other receivables 6,606 - Cash and cash equivalents 26,416,594 27,831,680 ───────────── ─────────── Total assets 41,226,431 38,283,424 ═════════════ ═══════════

Liabilities Amount due to brokers 1,445,781 - Other payables 208,673 201,413 ───────────── ─────────── Total liabilities 1,654,454 201,413 ───────────── ───────────

Net assets attributable to unitholders Equity 39,571,977 38,082,011 ═════════════ ═══════════

Supplementary Information Net assets attributable to unit holders at last traded prices 39,571,977 38,082,011 ═════════════ ═══════════

Number of units in issue 3,413,030.68 3,412,519.65 ───────────── ─────────── Net asset value per unit 11.59 11.16 ───────────── ───────────

6

ICBC (ASIA) INVESTMENT FUNDS STATEMENT OF ASSETS AND LIABILITIES (Unaudited) (Continued)

AS AT 28 JUNE 2019

28/6/2019 31/12/2018 Global RMB Fixed Income Fund RMB RMB

Assets Financial assets at fair value through profit or loss 29,529,320 37,228,950 Interest receivable 428,832 602,369 Amount due from unitholders 1,496 1,495 Other receivables 5,815 - Cash and cash equivalents 316,040 2,901,808 ───────────── ─────────── Total assets 30,281,503 40,734,622 ═════════════ ═══════════ Liabilities Distributions payable - 565,660 Other payables 163,492 160,211 ───────────── ─────────── Total liabilities 163,492 725,871 ───────────── ─────────── Net assets attributable to unitholders Equity 30,118,011 40,008,751 ═════════════ ═══════════

Supplementary Information Net assets attributable to unitholders at last traded prices 30,118,011 40,008,751 ═════════════ ═══════════

Number of units in issue 2,756,498.26 3,771,067.31 ───────────── ─────────── Net asset value per unit 10.93 10.61 ───────────── ───────────

7

ICBC (ASIA) INVESTMENT FUNDS INVESTMENT PORTFOLIO (Unaudited)

AS AT 28 JUNE 2019

Fair Value % of net Asia Selection Growth Fund Holdings (HK$) assets

Listed equities

Hong Kong/China

3SBio Inc 24,000 322,080 1.50 AAC Technologies Holdings Inc 8,000 354,800 1.65 AIA Group Ltd 12,000 1,011,000 4.71 Air China Ltd H Shrs 50,000 394,000 1.84 Alibaba Group Holding Ltd (1 ADR Reps 1 Share) 900 1,190,721 5.54 China Education Group Holdings Ltd 40,000 488,000 2.27 China Merchants Bank Co Ltd H Shrs 20,000 779,000 3.63 China Railway Construction Corp H Shrs 50,000 479,000 2.23 China Resources Cement Holdings Ltd 94,000 711,580 3.31 China Resources Land Ltd 24,000 825,600 3.84 Cofco Meat Holdings Ltd 110,000 286,000 1.33 Country Garden Services Holdings Co Ltd 5,747 103,791 0.48 CSPC Pharmaceutical Group Ltd 66,000 831,600 3.87 Geely Automobile Holdings Ltd 24,000 320,640 1.49 Haitong Securities Co Ltd H Shrs 60,200 527,352 2.46 iShares Core S&P BSE Sensex India Index ETF 39,000 1,017,900 4.74 Kingdee International Software Group Co Ltd 40,000 338,000 1.57 New China Life Insurance Co Ltd H Shrs 16,000 608,000 2.83 Ping An Insurance (Group) Co of China Ltd H Shrs 10,500 984,900 4.59 Sunny Optical Technology Group Co Ltd 5,000 403,500 1.88 Techtronic Industries Co Ltd 13,500 807,300 3.76 Tencent Holdings Ltd 2,300 810,980 3.78 Travel Sky Technology 30,000 471,000 2.19 Tsingtao Brewery Co Ltd H Shrs 6,000 298,500 1.39 Zhuzhou CRRC Times Electric Co Ltd H Shrs 21,000 864,150 4.02 ────── ─── 15,229,394 70.90 ────── ───

Macau

Sands China Ltd 24,000 896,400 4.17 ────── ───

Malaysia

Tenaga Nasional 11,000 287,149 1.34 ────── ───

8

ICBC (ASIA) INVESTMENT FUNDS INVESTMENT PORTFOLIO (Unaudited) (Continued)

AS AT 28 JUNE 2019

Fair Value % of net Asia Selection Growth Fund (Continued) Holdings (HK$) assets

Listed equities (continued)

Singapore

Singapore Telecommunications Ltd 15,000 302,861 1.41 ────── ───

South Korea

ING Life Insurance Korea Ltd 860 183,955 0.86 Samsung Electro Mechanics Co Ltd 520 343,701 1.60 Samsung Electronics Co Ltd 2,300 730,574 3.40 SK Hynix Inc 545 255,988 1.19 SK Innovation Co Ltd 210 225,660 1.05 ────── ─── 1,739,878 8.10 ────── ───

Taiwan

ASE Technology Holding Co Ltd 34,000 526,730 2.45 Cathay Financial Holding Co Ltd 12,000 129,982 0.61 Mega Financial Holding Co Ltd 32,000 249,082 1.16 Taiwan Semiconductor Manufacturing Co Ltd 10,000 602,050 2.80 Yuanta/P-Shrs Taiwan Top 50 ETF 20,000 407,580 1.90 ────── ─── 1,915,424 8.92 ────── ───

Total investments, at fair value 20,371,106 94.84 ══════ ═══ Total investments, at cost 19,214,634 ══════

9

ICBC (ASIA) INVESTMENT FUNDS INVESTMENT PORTFOLIO (Unaudited) (Continued)

AS AT 28 JUNE 2019

Fair Value % of net China & Hong Kong Vision Fund Holdings (HK$) assets

Listed equities

Hong Kong/China

3SBio Inc 40,000 536,800 1.40 AAC Technologies Holdings Inc 16,000 709,600 1.85 AIA Group Ltd 44,200 3,723,850 9.71 Air China Ltd H Shrs 80,000 630,400 1.64 Bank of China Ltd H Shrs 320,000 1,056,000 2.75 BOC Hong Kong (Holdings) Ltd 10,000 307,500 0.80 China Construction Bank H Shrs 400,000 2,692,000 7.02 China Education Group Holdings Ltd 60,000 732,000 1.91 China Mengniu Dairy Co Ltd 44,000 1,331,000 3.47 China Railway Construction Corp H Shrs 80,000 766,400 2.00 China Resources Cement Holdings Ltd 204,000 1,544,280 4.03 China Resources Land Ltd 70,000 2,408,000 6.28 CNOOC Ltd 50,000 668,000 1.74 COFCO Meat Holdings Ltd 230,000 598,000 1.56 Country Garden Services Holdings Co Ltd 8,046 145,311 0.38 CSPC Pharmaceutical Group Ltd 90,000 1,134,000 2.96 Geely Automobile Holdings Ltd 26,000 347,360 0.90 Haitong Securities Co Ltd H Shrs 100,000 876,000 2.28 Hong Kong Exchanges and Clearing Ltd 6,000 1,654,800 4.31 Kingdee International Software Group Co Ltd 70,000 591,500 1.54 New China Life Insurance Co Ltd H Shrs 30,000 1,140,000 2.97 Ping An Insurance (Group) Co of China Ltd H Shrs 29,500 2,767,100 7.21 Sun Hung Kai Properties Ltd 7,000 927,500 2.42 Sunny Optical Technology Group Co Ltd 9,000 726,300 1.89 Techtronic Industries Co Ltd 31,500 1,883,700 4.91 Tencent Holdings Ltd 7,600 2,679,760 6.99 Tsingtao Brewery Co Ltd H Shrs 10,000 497,500 1.30 Want Want China Holdings Ltd 150,000 952,500 2.48 ────── ─── 34,027,161 88.70 ────── ─── Macau

Sands China Ltd 34,000 1,269,900 3.31 ────── ───

United Kingdom

HSBC Holdings Plc 15,600 1,010,880 2.64 ────── ───

Total investments, at fair value 36,307,941 94.65 ══════ ═══ Total investments, at cost 33,751,618 ══════ 10

ICBC (ASIA) INVESTMENT FUNDS INVESTMENT PORTFOLIO (Unaudited) (Continued)

AS AT 28 JUNE 2019

Fair Value % of net Global Total Return Bond Fund Holdings (HK$) assets

Bonds

Cayman Islands

Sharjah Sukuk Program 3.854% 03/04/2026 400,000 3,212,452 2.55 ────── ───

Great Britain

Bank of Baroda/London 3.875% 04/04/2024 1,000,000 7,965,388 6.33 ────── ───

Hong Kong/China

Bi Hai Co Ltd 6.25% 05/03/2022 800,000 6,402,480 5.09 CD Tianfu Investment 4.65% 07/05/2024 600,000 4,711,353 3.74 Champion Sincerity Holdings Var Perp 31/12/2049 400,000 3,278,880 2.61 Chongqing Energy Investment 5.625% 18/03/2022 1,000,000 8,024,571 6.38 CIFI Holdings Group 5.5% 23/01/2022 600,000 4,656,167 3.70 Dianjian Haiyu Ltd Var Perp 31/12/2049 1,000,000 7,915,419 6.29 Fortune Star (BVI) Ltd 6.75% 02/07/2023 500,000 3,991,010 3.17 Greenland Global Investment 6.75% 25/06/2022 500,000 3,968,094 3.15 Greenland Global Investment 7.25% 12/03/2022 300,000 2,400,227 1.91 Greenland Global Investment 7.875% 24/10/2020 500,000 4,033,679 3.21 Huafa 2019 I Co Ltd 4.25% 03/07/2024 500,000 3,906,647 3.10 Jinke Properties Group 8.375% 20/06/2021 500,000 3,902,118 3.10 New Metro Global Ltd 6.5% 20/05/2022 500,000 3,933,623 3.13 Shougang Group Co Ltd 4% 23/05/2024 1,000,000 7,983,190 6.35 Sunac China Holdings Ltd 7.25% 14/06/2022 400,000 3,129,877 2.49 Sunac China Holdings Ltd 8.625% 27/07/2020 600,000 4,833,294 3.84 Times China Holdings Ltd 7.625% 21/02/2022 500,000 4,034,186 3.21 Wuhan Metro Var Perpetual 500,000 4,083,961 3.25 Xian Construction Investment 4% 24/06/2022 500,000 3,906,803 3.11 Yuzhou Properties Co Ltd 7.9% 11/05/2021 500,000 4,041,252 3.21 Zhongyuan Sincere Investment Co Ltd 4.25% 28/06/2024 500,000 3,912,971 3.11 ────── ─── 97,049,802 77.15 ────── ─── India

Power Finance Corporation Ltd 3.75% 18/06/2024 800,000 6,295,295 5.00 ────── ───

Indonesia

Bank Rakyat Indonesia 3.95% 28/03/2024 500,000 4,014,081 3.19 ────── ─── 11

ICBC (ASIA) INVESTMENT FUNDS INVESTMENT PORTFOLIO (Unaudited) (Continued)

AS AT 28 JUNE 2019

Fair Value % of net Global Total Return Bond Fund (Continued) Holdings (HK$) assets

Bonds (continued)

Qatar

QNB Finance Ltd 3.5% 28/03/2024 500,000 3,983,124 3.17 ────── ───

United Arab Emirates

First Abu Dhabi Bank P.J.S. FRN 08/07/2024 1,000,000 7,811,732 6.21 ────── ───

Total investments, at fair value 130,331,874 103.60 ══════ ═══ Total investments, at cost 127,314,647 ══════

12

ICBC (ASIA) INVESTMENT FUNDS INVESTMENT PORTFOLIO (Unaudited) (Continued)

AS AT 28 JUNE 2019

Fair Value % of net Asia Infrastructure and Redevelopment Fund Holdings (HK$) assets

Listed equities

Hong Kong/China

3SBio Inc 21,000 281,820 1.53 AIA Group Ltd 10,000 842,500 4.58 Alibaba Group Holding Ltd (1 ADR Reps 1 Share) 350 463,058 2.51 Angang Steel Co Ltd H Shrs 52,000 185,120 1.01 Anhui Conch Cement Co Ltd H Shrs 16,000 783,200 4.25 AviChina Industry & Technology Co Ltd H Shrs 40,000 170,800 0.93 BOC Hong Kong (Holdings) Ltd 15,000 461,250 2.50 China Communications Construction Co Ltd H Shrs 60,000 419,400 2.28 China Education Group Holdings Ltd 28,000 341,600 1.86 China Everbright International Ltd 20,000 144,200 0.78 China Merchants Bank Co Ltd H Shrs 15,000 584,250 3.17 China Oilfield Services Ltd 58,000 448,340 2.43 China Overseas Land & Investment Ltd 12,000 345,600 1.88 China Petroleum & Chemical Corp H Shrs 90,000 477,900 2.60 China Shenhua Energy Co Ltd H Shrs 28,000 458,080 2.49 China Yuhua Education Corp Ltd 58,000 197,200 1.07 Citic Securities Co Ltd H Shrs 16,000 260,480 1.41 Country Garden Holdings Co Ltd 20,000 237,600 1.29 Country Garden Services Holdings Co Ltd 2,299 41,520 0.23 CSPC Pharmaceutical Group Ltd 30,000 378,000 2.05 Geely Automobile Holdings Ltd 25,000 334,000 1.81 Gemdale Properties & Investment Corp Ltd 368,000 342,240 1.86 Guangdong Investments Ltd 26,000 401,960 2.18 Haitong Securities Co Ltd H Shrs 29,800 261,048 1.42 Joy City Property Ltd 150,000 147,000 0.80 PCCW Ltd 60,000 270,600 1.47 Ping An Insurance (Group) Co of China Ltd H Shrs 14,000 1,313,200 7.13 Shenzhen International Holdings Ltd 20,000 310,000 1.68 Shenzhou International Group 6,000 644,400 3.50 Techtronic Industries Co Ltd 12,000 717,600 3.90 Tencent Holdings Ltd 2,100 740,460 4.02 Tingyi (Cayman Islands) Holdings Corp 20,000 260,800 1.42 Yangtze Optical Fibre & Cable Joint Co Ltd 15,000 239,100 1.30 Zhuzhou CRRC Times Electric Co Ltd H Shrs 20,000 823,000 4.47 ZTO Express Cayman Inc-Adr (1 Adr Reps 1 Ord Shs) 3,500 522,491 2.84 ────── ─── 14,849,821 80.65 ────── ───

Malaysia

Tenaga Nasional 10,000 261,044 1.42 ────── ───

13

ICBC (ASIA) INVESTMENT FUNDS INVESTMENT PORTFOLIO (Unaudited) (Continued)

AS AT 28 JUNE 2019

Fair Value % of net Asia Infrastructure and Redevelopment Fund Holdings (HK$) assets (Continued)

Listed equities (continued)

Singapore

Singapore Telecommunications Ltd 15,000 302,861 1.65 ────── ───

South Korea

SK Hynix Inc 500 234,851 1.28 ────── ───

Taiwan

Mega Financial Holding Co Ltd 87,000 677,192 3.68 Taiwan Semiconductor Manufacturing Co Ltd 8,000 481,640 2.61 ────── ─── 1,158,832 6.29 ────── ───

Total investments, at fair value 16,807,409 91.29 ══════ ═══ Total investments, at cost 16,220,029 ══════

14

ICBC (ASIA) INVESTMENT FUNDS INVESTMENT PORTFOLIO (Unaudited) (Continued)

AS AT 28 JUNE 2019

Fair Value % of net Global Emerging Enterprises Fund Holdings (HK$) assets

Listed equities

Hong Kong/China

3SBio Inc 75,000 1,006,500 2.54 Alibaba Group Holding Ltd (1 ADR Reps 1 Share) 950 1,256,872 3.18 BAIC Motor Corp Ltd 50,000 245,000 0.62 China Education Group Holdings Ltd 95,000 1,159,000 2.93 China Railway Signal & Communication Corp H Shrs 120,000 681,600 1.72 China Reinsurance (Group) Corp H Shrs 1,065,000 1,480,350 3.74 China Tower Corp Ltd 1,530,000 3,136,500 7.93 China Yuhua Education Corp Ltd 210,000 714,000 1.80 Postal Savings Bank of China Co Ltd H Shrs 411,000 1,907,040 4.82 Tianli Education International Holdings Ltd 120,000 412,800 1.04 Weibo Corp Soon (1 ADR Reps 1 Share) 1,600 544,044 1.37 Xiaomi Corp 15,000 150,000 0.38 ZTO Express Cayman Inc-Adr (1 Adr Reps 1 Ord Shs) 8,000 1,194,274 3.02 ────── ─── 13,887,980 35.09 ────── ───

South Korea

Samsung Biologics Co Ltd 360 778,558 1.97 ────── ───

Total investments, at fair value 14,666,538 37.06 ══════ ═══ Total investments, at cost 15,323,399 ══════

15

ICBC (ASIA) INVESTMENT FUNDS INVESTMENT PORTFOLIO (Unaudited) (Continued)

AS AT 28 JUNE 2019

Fair Value % of net Global RMB Fixed Income Fund Holdings (RMB) assets

Bonds

Australia

Commonwealth Bank of Australia Var 11/03/2025 1,000,000 1,009,930 3.35 ────── ───

Cayman Islands

QNB Finance Ltd 5.2% 07/06/2021 1,000,000 1,033,850 3.43 Shui on Development Holding 6.875% 02/03/2021 1,000,000 1,035,000 3.44 ────── ─── 2,068,850 6.87 ────── ───

France

BNP Paribas 5% 17/03/2025 1,000,000 1,008,140 3.35 ────── ───

Germany

BMW Finance NV 4.4% 20/09/2021 1,000,000 1,025,600 3.41 ────── ───

Hong Kong/China

Bank of China/Macau 3.30% 17/04/2022 1,000,000 999,990 3.32 Bank of Communications HK 3.4% 21/03/2021 1,000,000 999,090 3.32 China Development Bank 4.35% 06/08/2024 1,000,000 1,039,860 3.45 China Government Bond 4% 22/05/2024 1,000,000 1,045,630 3.47 Chongqing Grain Group 4.02% 14/07/2019 1,000,000 1,000,200 3.32 CIFI Holdings Group 7.75% 20/09/2020 2,000,000 2,071,360 6.88 CNI Capital Ltd 4.3% 11/11/2019 1,000,000 1,001,180 3.32 Far East Horizon Ltd 4.9% 27/02/2021 1,000,000 1,012,800 3.36 Industrial & Commercial Bank China/Sg 4.5% 22/10/2021 1,000,000 1,027,800 3.41 Industrial & Commercial Bank of China Ltd 29/12/2049 2,000,000 2,016,400 6.70 Lenovo Group Ltd 4.95% 10/06/2020 2,000,000 2,014,880 6.69 Shimao Property Holdings 5.75% 15/03/2021 1,000,000 1,024,160 3.40 Sinochem Offshore Capital 4.4% 14/02/2021 1,000,000 1,015,880 3.37 Sinopec Century Bright C 4. 5% 31/10/2021 1,000,000 1,026,140 3.41 Vanke Real Estate HK 3.85% 13/06/2022 2,000,000 2,004,180 6.66 ────── ─── 19,299,550 64.08 ────── ───

16

ICBC (ASIA) INVESTMENT FUNDS INVESTMENT PORTFOLIO (Unaudited) (Continued)

AS AT 28 JUNE 2019

Fair Value % of net Global RMB Fixed Income Fund (Continued) Holdings (RMB) assets

Bonds (continued)

Japan

Bank of China/Tokyo 4.35% 29/11/2020 1,000,000 1,016,640 3.38 ────── ───

Netherlands

Daimler International Finance 3.78% 22/03/2022 1,000,000 1,010,300 3.35 ────── ───

Singapore

BOC Aviation Ltd 4.7% 28/07/2022 1,000,000 1,035,690 3.44 ────── ───

South Korea

Korea Development Bank 4.6% 03/07/2021 1,000,000 1,027,480 3.41 ────── ───

United Arab Emirates

First Abu Dhabi Bank P.J.S.0 4.8% 01/06/2021 1,000,000 1,027,140 3.41 ────── ───

Total investments, at fair value 29,529,320 98.05 ══════ ═══ Total investments, at cost 29,063,528 ══════

17

ICBC (ASIA) INVESTMENT FUNDS STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (Unaudited)

AS AT 28 JUNE 2019

Number of shares Bonus/ Asia Selection Growth Fund Additions Disposals Splits

Listed equities

Hong Kong/China

3SBio Inc 24,000 - - AAC Technologies Holdings Inc 8,000 - - Air China Ltd H Shrs 50,000 - - China Mobile Ltd 13,000 13,000 - China Oilfield Services Ltd - 64,000 - China Railway Construction Corp H Shrs 50,000 - - China Resources Beer Holdings Co Ltd - 16,000 - China Resources Cement Holdings Ltd 76,000 70,000 - China Resources Gas Group Ltd 20,000 20,000 - China Resources Land Ltd 24,000 - - China Resources Power Holdings Co Ltd 30,000 30,000 - China Yuhua Education Corp Ltd 140,000 140,000 - Cofco Meat Holdings Ltd 110,000 - - Country Garden Holdings Co Ltd - 50,000 - CSPC Pharmaceutical Group Ltd 88,000 22,000 - Geely Automobile Holdings Ltd 14,000 14,000 - Guangdong Investments Ltd 30,000 76,000 - Guangzhou Automobile Group Co Ltd H Shrs 44,000 44,000 - Haitong Securities Co Ltd Nil Paid Rts 23/05/2019 - 1,579 1,579 Haitong Securities Co Ltd H Shrs 129,000 68,800 - Kingdee International Software Group Co Ltd 40,000 25,000 - New China Life Insurance Co Ltd H Shrs 38,000 22,000 - Ping An Insurance (Group) Co of China Ltd H Shrs - 5,000 - Sun Art Retail Group Ltd - 30,000 - Sunny Optical Technology Group Co Ltd 5,000 - - Tencent Holdings Ltd 600 600 - Tsingtao Brewery Co Ltd H Shrs 6,000 - - Xinjiang Goldwind Science & Technology Co Ltd 40,000 40,000 - Zhuzhou CRRC Times Electric Co Ltd H Shrs - 10,000 - ────── ────── ─── 979,600 761,979 1,579 ────── ────── ───

18

ICBC (ASIA) INVESTMENT FUNDS STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (Unaudited) (Continued)

AS AT 28 JUNE 2019

Number of shares Bonus/ China & Hong Kong Vision Fund Additions Disposals Splits

Listed equities

Hong Kong/China

3SBio Inc 40,000 - - AAC Technologies Holdings Inc 16,000 - - AIA Group Ltd - (4,000) - Air China Ltd H Shrs 80,000 - - China Mobile Ltd 24,000 (24,000) - China Petroleum & Chemical Corp H Shrs - (140,000) - China Railway Construction Corp H Shrs 80,000 - - China Resources Beer Holdings Co Ltd - (30,000) - China Resources Cement Holdings Ltd 144,000 (140,000) - China Resources Gas Group Ltd 30,000 (30,000) - China Resources Land Ltd 46,000 - - China Resources Power Holdings Co Ltd 50,000 (50,000) - China Yuhua Education Corp Ltd 240,000 (240,000) - CK Asset Holdings Ltd - (10,000) - CK Hutchison Holdings Ltd - (4,840) - CNOOC Ltd 50,000 - - COFCO Meat Holdings Ltd 230,000 - - Country Garden Holdings Company Ltd - (70,000) - CSPC Pharmaceutical Group Ltd 128,000 (38,000) - Geely Automobile Holdings Ltd 26,000 (30,000) - Guangdong Investments Ltd 50,000 (108,000) - Guangzhou Automobile Group Co Ltd H Shrs 90,000 (90,000) - Haitong Securities Co Ltd H Shrs 230,000 (130,000) - Haitong Securities Co Ltd H Shrs - Nil paid Rts 23/05/2019 - (2,857) 2,857 Kingdee International Software Group Co Ltd 70,000 (44,000) - New China Life Insurance Co Ltd H Shrs 70,000 (40,000) - Petrochina Co Ltd H Shrs - (242,000) - Ping An Insurance (Group) Co of China Ltd H Shrs - (10,000) - Sun Hung Kai Properties Ltd 7,000 - - Sunny Optical Technology Group Co Ltd 9,000 - - Tencent Holdings Ltd 1,000 (1,000) - Tsingtao Brewery Co Ltd H Shrs 10,000 - - Xinjiang Goldwind Science & Technology Co Ltd H 80,000 (80,000) - ZhuzhouShrs CRRC Times Electric Co Ltd H Shrs - (17,000) - ────── ────── ──── 1,801,000 (1,575,697) 2,857 ────── ────── ────

19

ICBC (ASIA) INVESTMENT FUNDS STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (Unaudited) (Continued)

AS AT 28 JUNE 2019

Number of shares Bonus/ Global Total Return Bond Fund Additions Disposals Splits

Bonds

British Virgin

CALC Bond 1 Ltd 5.9% 06/05/2019 - (400,000) - Easy Tactic Ltd 8.125% 27/02/2023 500,000 (500,000) - Easy Tactic Ltd 8.625% 27/02/2024 900,000 (900,000) - Easy Tactic Ltd 8.75% 10/01/2021 200,000 (200,000) - Easy Tactic Ltd 9.125% 28/07/2022 200,000 (200,000) - Pioneer Reward Ltd 3.375% 23/05/2022 200,000 (200,000) - SPIC 2018 USD Senior Perpetual Bond Co Ltd 31/12/2049 - (500,000) - Tuspark Forward 6.95% 18/06/2022 400,000 (400,000) - Tuspark Forward 7.9% 07/03/2021 600,000 (600,000) - UHI Capital 3% 12/06/2024 200,000 (200,000) - Vigorous Champion International Ltd 3.625% 28/05/2024 500,000 (500,000) - ────── ────── ──── 3,700,000 (4,600,000) - ────── ────── ────

Cayman Islands

China Hongqiao Group Ltd 6.85% 22/04/2019 - (800,000) - China State Construction Finance 31/12/2049 - (500,000) - Sharjah Sukuk Program 3.854% 03/04/2026 400,000 - - Times China Holdings Ltd 6.6% 02/03/2030 - (500,000) - ────── ────── ──── 400,000 (1,800,000) - ────── ────── ────

Great Britain

Bank of Baroda/London 3.875% 04/04/2024 1,000,000 - - Canara Bank London 3.875% 28/03/2024 400,000 (400,000) - ────── ────── ──── 1,400,000 (400,000) - ────── ────── ────

20

ICBC (ASIA) INVESTMENT FUNDS STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (Unaudited) (Continued)

AS AT 28 JUNE 2019

Number of shares Bonus/ Global Total Return Bond Fund (Continued) Additions Disposals Splits

Bonds (Continued)

Hong Kong/China

Agricultural Development Bank of China 27/09/2021 - (300,000) - Anhui Provincial Investment Group Holding Co Ltd 4.875% - (200,000) - Bank of China Ltd Perpetual Callable - (6,000,000) - Bi Hai Co Ltd 6.25% 05/03/2022 800,000 - - CD Tianfu Investment 4.65% 07/05/2024 800,000 (200,000) - Celestial Miles Var Perp 31/12/2049 500,000 (500,000) - CFID Cayman Investment 6.5% 21/12/2020 200,000 (200,000) - CFID Cayman Investment 8.6% 08/04/2024 200,000 (200,000) - CGNPC International Ltd 2.75% 02/07/2024 1,000,000 (1,000,000) - Champion Sincerity Holdings Var Perp 31/12/2049 400,000 - - China Aoyuan Group Ltd 7.95% 19/02/2023 500,000 (500,000) - China Aoyuan Group Ltd 8.5% 23/01/2022 200,000 (200,000) - China Aoyuan Property Group 7.5% 10/05/2021 - (500,000) - China Cinda Finance 2017 4.75% 21/02/2029 700,000 (700,000) - China Evergrande Group 6.25% 28/06/2021 1,000,000 (1,000,000) - China Evergrande Group 6.25% 28/06/2021 1,000,000 (1,000,000) - China Evergrande Group 9.5% 11/04/2022 200,000 (200,000) - China Huadian Overseas Var Perp 200,000 (200,000) - China Resources Land Ltd 4.125% 26/02/2029 700,000 (700,000) - CHN Aoyuan Property Group 7.95% 07/09/2021 200,000 (200,000) - Chongqing Energy Investment 5.625% 18/03/2022 1,200,000 (200,000) - Chouzhou International Investment Ltd 4.5% 30/05/2022 400,000 (400,000) - CICC HK Finance 2016 MTN 3.375% 03/05/2022 500,000 (500,000) - CIFI Holdings Group 5.5% 23/01/2022 200,000 - - CIFI Holdings Group 7.625% 02/03/2021 - (200,000) - CIFI Holdings Group 7.625% 28/02/2023 1,200,000 (1,200,000) - CIFI Holdings Group 7.75% 05/06/2020 - (200,000) - Coastal Emerald Ltd 5.95% 13/01/2020 1,000,000 (1,000,000) - Country Garden Holdings 6.5% 08/04/2024 1,000,000 (1,000,000) - Country Garden Holdings 7.125% 25/04/2022 200,000 (200,000) - Country Garden Holdings 8% 27/01/2024 1,600,000 (1,600,000) - CRCC Chengan Ltd Var Perp 31/12/2049 700,000 (700,000) - Dianjian Haiyu Ltd Var Perp 31/12/2049 1,000,000 - - Fortune Star (BVI) Ltd 6.75% 02/07/2023 500,000 - - Fortune Star (BVI) Ltd 6.875% 31/01/2021 500,000 (500,000) - Franshion Brilliant Ltd 4% 21/06/2024 700,000 (700,000) - Future Land Development 7.5% 22/01/2021 1,000,000 (1,000,000) -

21

ICBC (ASIA) INVESTMENT FUNDS STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (Unaudited) (Continued)

AS AT 28 JUNE 2019

Number of shares Bonus/ Global Total Return Bond Fund (Continued) Additions Disposals Splits

Bonds (Continued)

Hong Kong/China (Continued)

Greenland Global Investment 6.75% 25/06/2022 500,000 - - Greenland Global Investment 7.25% 12/03/2022 500,000 (200,000) - Greenland Global Investment 7.875% 24/10/2020 500,000 - - Guotai Junan Holdings 3.875% 11/03/2022 500,000 (500,000) - Haimen Zhongnan Investment Development International Co Ltd 10.875% 18/06/2022 200,000 (200,000) - Hejun Shunze Investment Co Ltd 12% 25/04/2021 400,000 (400,000) - Henderson Land MTN Ltd 3.875% 01/03/2029 1,000,000 (1,000,000) - Hilong Holding Ltd 7.25% 22/06/2020 - (500,000) - Hong Kong Airport Authority 3.45% 21/02/2029 200,000 (200,000) - Horse Gallop Finance 3.25% 30/05/2022 1,500,000 (1,500,000) - Huafa 2019 I Co Ltd 4.25% 03/07/2024 500,000 - - Huarong Finance 2019 3.375% 29/05/2022 1,000,000 (1,000,000) - Huarong Finance 2019 Co Ltd 4.5% 29/05/2029 600,000 (600,000) - Huarong Finance Co Ltd 4% 17/07/2019 - (1,000,000) - IFC Development Corp TRS 3.625% 17/04/2029 1,000,000 (1,000,000) - Industrial & Commercial Bank of China 31/12/2049 - (700,000) - Jiangxi Railway Investment 4.85% 21/02/2022 400,000 (400,000) - Jingrui Holdings Ltd 10.875% 04/10/2021 500,000 (500,000) - Jinke Properties Group 8.375% 20/06/2021 500,000 - - Joy Treasure Assets Holdings 4.5% 20/03/2029 900,000 (900,000) - KWG Group Holdings 7.875% 01/09/2023 800,000 (800,000) - Logan Property Holdings 5.25% 23/02/2023 600,000 (600,000) - Logan Property Holdings 7.5% 27/08/2021 - (200,000) - Logan Property Holdings 8.75% 12/12/2020 - (500,000) - Modern Land China Co Ltd 12.85% 25/10/2021 500,000 (500,000) - New Dian Group Pte Ltd 7.375% 23/04/2021 1,000,000 (1,000,000) - New Metro Global Ltd 4.75% 11/02/2019 - (1,000,000) - New Metro Global Ltd 6.5% 20/05/2022 500,000 - - Powerchina Real Estate 4.5% 06/12/2021 - (400,000) - RKPF Overseas 2019 A Ltd 7.875% 01/02/2023 500,000 (500,000) - RKPF Overseas 2019 B 7.75% 18/04/2021 200,000 (200,000) - Rongshi International Finance Ltd 3.25% 21/05/2024 500,000 (500,000) - Shanghai Port Group (BVI) Development Co Ltd 2.875% 18/06/2024 200,000 (200,000) - Shimao Property Holdings 6.375% 15/10/2021 - (200,000) - Shougang Group Co Ltd 4% 23/05/2024 1,000,000 (1,000,000) -

22

ICBC (ASIA) INVESTMENT FUNDS STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (Unaudited) (Continued)

AS AT 28 JUNE 2019

Number of shares Bonus/ Global Total Return Bond Fund (Continued) Additions Disposals Splits

Bonds (Continued)

Hong Kong/ China (Continued)

Shougang Group Co Ltd 4% 23/05/2024 1,000,000 - - Shui on Development Holdings 4.375% 05/10/2019 - (1,000,000) - Sichuan Railway Investment Group Co Ltd 3.8% 27/06/2022 200,000 (200,000) - Sino Ocean Land IV 5.25% 30/04/2022 500,000 (500,000) - Sun Hung Kai Prop 3.75% 25/02/2029 500,000 (500,000) - Sunac China Holdings Ltd 7.25% 14/06/2022 800,000 (400,000) - Sunac China Holdings Ltd 7.875% 15/02/2022 400,000 (400,000) - Sunac China Holdings Ltd 7.95% 11/10/2023 900,000 (900,000) - Sunac China Holdings Ltd 8.375% 15/01/2021 400,000 (400,000) - Times China Holdings Ltd 7.625% 21/02/2022 500,000 - - Towngas Finance Ltd FRN Perpetual Callable 250,000 (250,000) - Vanke Real Estate HK 4.2% 07/06/2024 1,000,000 (1,000,000) - Vertex Capital Investment Ltd 4.75% 03/04/2024 500,000 (500,000) - West China Cement Ltd 6.5% 11/09/2019 - (1,000,000) - Wuhan Metro Var Perpetual - (500,000) - Xian Construction Investment 4% 24/06/2022 500,000 - - Yango Justice International Ltd 9.5% 03/04/2021 200,000 (200,000) - Yangzhou Economic & Tech 5.5% 27/06/2022 1,000,000 (1,000,000) - Yunnan Energy Investment OVR 6.25% 29/11/2021 200,000 (200,000) - Yuzhou Properties Co Ltd 8.5% 04/02/2023 1,000,000 (1,000,000) - Yuzhou Properties Co Ltd 8.625% 23/01/2022 500,000 (500,000) - Zhengzhou Metro Group 5% 20/12/2021 - (200,000) - Zhenro Properties Group 8.6% 13/01/2020 500,000 (500,000) - Zhenro Properties Group 8.65% 21/01/2023 500,000 (500,000) - Zhenro Properties Group 9.15% 08/03/2022 700,000 (700,000) - Zhongyuan Sincere Invst 4.25% 28/06/2024 500,000 - - ────── ────── ──── 49,350,000 (53,750,000) - ────── ────── ──── India

Adani Ports and Special 4.375% 03/07/2029 500,000 (500,000) - Bharat Petroleum Corporation 4.375% 24/01/2022 200,000 (200,000) - Indian Railway Finance 3.73% 29/03/2024 400,000 (400,000) - Induslnd Bank/Gift City 3.875% 15/04/2022 800,000 (800,000) - NTPC Ltd 3.75% 03/04/2024 700,000 (700,000) - Oil India Ltd 5.125% 04/02/2029 500,000 (500,000) - Power Finance Corporation Ltd 3.75% 18/06/2024 1,000,000 (200,000) - ────── ────── ──── 4,100,000 (3,300,000) - ────── ────── ────

23

ICBC (ASIA) INVESTMENT FUNDS STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (Unaudited) (Continued)

AS AT 28 JUNE 2019

Number of shares Bonus/ Global Total Return Bond Fund (Continued) Additions Disposals Splits

Bonds (Continued)

Indonesia

Bank Mandiri PT 3.75% 11/04/2024 1,000,000 (1,000,000) - Bank Rakyat Indonesia 3.95% 28/03/2024 1,000,000 (500,000) - Indika Energy Capital II Pte Ltd 6.875% 10/04/2022 400,000 (400,000) - ────── ────── ──── 2,400,000 (1,900,000) - ────── ────── ────

Luxembourg

Industrial & Commercial Bank of China/Luxembourg FRN 11/06/2022 250,000 (250,000) - ────── ────── ────

Malaysia

SD International Sukuk 6.3% 09/05/2022 500,000 (500,000) - ────── ────── ────

Mexico

Minera Y Metalurgica Del 3.25% 17/04/2024 500,000 (500,000) - ────── ────── ────

Philippines

Philippine National Bank 3.28% 27/09/2024 500,000 (500,000) - ────── ────── ────

Qatar

QNB Finance Ltd 3.5% 28/03/2024 1,200,000 (700,000) - State of Qatar 4.817% 14/03/2049 500,000 (500,000) - ────── ────── ──── 1,700,000 (1,200,000) - ────── ────── ────

24

ICBC (ASIA) INVESTMENT FUNDS STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (Unaudited) (Continued)

AS AT 28 JUNE 2019

Number of shares Bonus/ Global Total Return Bond Fund (Continued) Additions Disposals Splits

Bonds (Continued)

Singapore

BOC Aviation Ltd 3.5% 10/10/2024 1,200,000 (1,200,000) - Medco Oak Tree Pte Ltd 7.375% 14/05/2026 1,000,000 (1,000,000) - SP Group Treasury Pte 3.375% 27/02/2029 1,000,000 (1,000,000) - ────── ────── ──── 3,200,000 (3,200,000) - ────── ────── ────

South Korea Export-Import Bank of Korea 2.375% 25/06/2024 200,000 (200,000) - Korea 2.5% 19/06/2029 500,000 (500,000) - Korea Electric Power Co 2.5% 24/06/2024 200,000 (200,000) - LG Chem Ltd 3.625% 15/04/2029 1,000,000 (1,000,000) - ────── ────── ──── 1,900,000 (1,900,000) - ────── ────── ────

Turkey

Turkey 5.8% 21/02/2022 1,000,000 1,000,000 - ────── ────── ────

United Arab Emirates

First Abu Dhabi Bank P.J.S. FRN 08/07/2024 1,400,000 400,000 - ────── ────── ────

United States of America

Hyundai Capital America 3% 20/06/2022 1,000,000 1,000,000 - ────── ────── ────

25

ICBC (ASIA) INVESTMENT FUNDS STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (Unaudited) (Continued)

AS AT 28 JUNE 2019

Number of shares Bonus/ Asia Infrastructure and Redevelopment Fund Additions Disposals Splits

Listed equities

Hong Kong/ China

3SBio Inc 21,000 - - Angang Steel Co Ltd H Shrs CNY1 - - 12,000 CSPC Pharmaceutical Group Ltd 30,000 - - Haitong Securities Co Ltd Rts Nil Paid 23/05/2019 - 1,064 1,064 Haitong Securities Co Ltd 29,800 - - PCCW Ltd 60,000 - - Tingyi (Cayman Islands) Holdings Corp 20,000 - - ZTO Express Cayman Inc-Adr (1 Adr Reps 1 Ord Shs) 3,500 - - ────── ────── ──── 164,300 1,064 13,064 ────── ────── ────

26

ICBC (ASIA) INVESTMENT FUNDS STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (Unaudited) (Continued)

AS AT 28 JUNE 2019

Number of shares Bonus/ Global Emerging Enterprises Fund Additions Disposals Splits

Listed equities

Hong Kong/ China

China Education Group Holdings Ltd 55,000 - - ZTO Express (Cayman) Inc (1 ADR Reps 1 Share) 8,000 - - ────── ────── ──── 63,000 - - ────── ────── ────

South Korea

Samsung Biologics Co Ltd 360 - - ────── ────── ────

27

ICBC (ASIA) INVESTMENT FUNDS STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (Unaudited)

AS AT 28 JUNE 2019

Number of shares Bonus/ Global RMB Fixed Income Fund Additions Disposals Splits

Bonds

British Virgin Islands

Beijing Capital Polaris 5.2% 26/03/2020 - 2,000,000 - ────── ────── ────

Cayman Islands

QNB Finance Ltd 5.2% 07/06/2021 - 1,000,000 - ────── ────── ────

Hong Kong/China

Agriculture Development Bank China 4.16% 27/09/2020 - 1,000,000 - Bank of China/Macau 3.3% 17/04/2022 2,000,000 1,000,000 - Bank of Communications HK 3.4% 21/03/2021 2,000,000 1,000,000 - China Government Bond 3.36% 21/05/2022 - 1,000,000 - China Government Bond 3.8% 09/07/2023 - 2,000,000 - Chongqing Grain Group 4.02% 14/07/2019 2,000,000 2,000,000 - CNI Capital Ltd 4.3% 11/11/2019 1,000,000 - - Fantasia Holdings Group 9.5% 04/05/2019 - 1,000,000 - Far East Horizon Ltd 4.9% 27/02/2021 1,000,000 - - Franshion Brilliant Ltd 5.2% 08/03/2021 2,000,000 3,000,000 - Haitong International Securities 5.2% 12/02/2019 - 2,000,000 - Industrial & Commercial Bank of China Ltd 29/12/2049 1,000,000 - - Lenovo Group Ltd 4.95% 10/06/2020 1,000,000 - - Ocean Wealth II Ltd 5.5% 08/06/2019 - 2,000,000 - Shimao Property Holdings 5.75% 15/03/2021 1,000,000 1,000,000 - Sinochem Offshore Capital 4.4% 14/02/2021 - 1,000,000 - Vanke Real Estate Hong Kong 3.85% 13/06/2022 2,000,000 - - ────── ────── ──── 15,000,000 18,000,000 - ────── ────── ────

28

ICBC (ASIA) INVESTMENT FUNDS STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (Unaudited)

AS AT 28 JUNE 2019

Number of shares Bonus/ Global RMB Fixed Income Fund (Continued) Additions Disposals Splits

Bonds (Continued)

Japan

Bank of China/Tokyo 4.35% 29/11/2020 - 1,000,000 - ────── ────── ────

Netherlands

Daimler International Finance 3.78% 22/03/2022 1,000,000 - - Daimler International Finance 4.5% 21/09/2021 - 1,000,000 - ────── ────── ──── 1,000,000 1,000,000 - ────── ────── ────

Singapore

BOC Aviation Ltd 4.7% 28/07/2022 - 1,000,000 - ────── ────── ────

South Korea

Export-Import Bank Korea 4.68% 16/03/2021 - 1,000,000 - ────── ────── ────

United Arab Emirates

First Abu Dhabi Bank P.J.S.0 4.8% 01/06/2021 2,000,000 1,000,000 - ────── ────── ────

29

ICBC (ASIA) INVESTMENT FUNDS PERFORMANCE RECORD (Unaudited)

AS AT 28 JUNE 2019

Asia Asia China & Infrastructure Global Global Selection Hong Kong Global Total and Emerging RMB Fixed Growth Vision Return Bond Redevelopment Enterprises Income Fund Fund Fund Fund Fund Fund1 HK$ HK$ HK$ HK$ HK$ RMB Net assets attributable to unitholders (calculated in accordance with Sub-Funds’ constitution)

Financial period ended 28 June 2019 21,478,768 38,359,895 125,800,410 18,411,436 39,571,977 30,118,011 ════════ ════════ ═════════ ═════════ ════════ ════════

Financial year ended 31 December 2018 20,023,494 35,849,182 110,577,761 16,469,436 38,082,011 40,008,751 ════════ ════════ ═════════ ═════════ ════════ ════════

Financial year ended 31 December 2017 13,999,380 17,068,238 80,598,589 9,588,333 41,880,539 33,876,685 ════════ ════════ ═════════ ═════════ ════════ ════════

Net asset value per unit

Financial period ended 28 June 2019 13.57 15.66 14.39 12.40 11.59 10.93 ════════ ════════ ═════════ ═════════ ════════ ════════

Financial year ended 31 December 2018 12.79 14.28 13.20 11.31 11.16 10.61 ════════ ════════ ═════════ ═════════ ════════ ════════

Financial year ended 31 December 2017 15.64 17.18 13.37 13.04 12.24 10.52 ════════ ════════ ═════════ ═════════ ════════ ════════

1The Sub-Fund was launched on 31 January 2011.

30

ICBC (ASIA) INVESTMENT FUNDS PERFORMANCE RECORD (Unaudited) (Continued)

AS AT 28 JUNE 2019 China & Asia Asia Hong Global Infrastructure Global Global Selection Kong Total and Emerging RMB Fixed Growth Vision Return Redevelopment Enterprises Income Fund Fund Bond Fund Fund Fund Fund1 HK$ HK$ HK$ HK$ HK$ RMB Highest and lowest net asset value per unit

Financial period ended 28 June 2019

Highest issued price per unit 14.77 16.66 14.39 13.19 12.02 10.93 ═══════ ═══════ ════════ ═════════ ════════ ════════

Lowest redemption price per unit 12.35 13.88 13.20 10.99 11.05 10.62 ═══════ ═══════ ════════ ═════════ ════════ ════════

Financial year ended 31 December 2018

Highest issued price per unit 16.46 19.24 13.49 14.25 12.89 10.76 ═════════ ═══════ ════════ ═════════ ════════ ════════ Lowest redemption price per unit 12.55 13.═96═ 13.05═ 11.13 11.0═2 10.5═2 ═════════ ═══════ ════════ ═════════ ════════ ════════ ══ ═ ═ ═ Financial year ended 31 December 2017

Highest issued price per unit 16.07 17.61 13.39 13.15 12.46 10.52 ═════════ ═══════ ════════ ═════════ ════════ ════════ Lowest redemption price per unit 11.32 12.97══ 12.84═ 10.69 11.23═ 10.25═ ═════════ ════════ ═════════ ═════════ ═════════ ═════════ ═ Financial year ended 31 December 2016

Highest issued price per unit 12.69 14.25 13.16 12.14 11.59 10.56 ═════════ ═══════ ════════ ═════════ ════════ ════════ Lowest redemption price per unit 9.98 10.55 12.54 9.96 10.07 10.21 ═════════ ═══════ ════════ ═════════ ════════ ════════ ═ ═ ═ ═ Financial year ended 31 December 2015

Highest issued price per unit 15.83 17.20 13.56 15.32 13.10 10.61 ═════════ ═══════ ════════ ═════════ ════════ ════════ Lowest redemption price per unit 10.50 12.39═ 12.54═ 10.29 11.47═ 10.10═ ═════════ ═══════ ════════ ═════════ ════════ ════════ ═ ═ ═ Financial year ended 31 December 2014

Highest issued price per unit 13.48 14.15 13.34 12.53 12.87 10.33 ═════════ ═══════ ════════ ═════════ ════════ ════════ Lowest redemption price per unit 11.46 12.35═ 12.76═ 11.16 11.53═ 10.07═ ═══════ ═══════ ════════ ═════════ ════════ ════════

Financial year ended 31 December 2013

Highest issued price per unit 13.31 12.86 13.28 12.63 12.36 10.19 ═════════ ═══════ ════════ ═════════ ════════ ════════ Lowest redemption price per unit 10.86 10.10═ 12.26═ 10.86 10.63═ 9.68═ ═════════ ═══════ ════════ ═════════ ════════ ════════ ═ ═ 31═

ICBC (ASIA) INVESTMENT FUNDS PERFORMANCE RECORD (Unaudited) (Continued)

AS AT 28 JUNE 2019

Asia Global Asia China & Global Infrastructure Global RMB Selection Hong Kong Total and Emerging Fixed Growth Vision Return Redevelopment Enterprises Income Fund Fund Bond Fund Fund Fund Fund1 HK$ HK$ HK$ HK$ HK$ RMB Highest and lowest net asset value per unit

Financial year ended 31 December 2012

Highest issued price per unit 11.89 10.84 13.11 11.45 11.03 9.92 ═══════ ═══════ ═══════ ═════════ ════════ ════════ Lowest redemption price per unit 10.20 8.79 11.75 9.82 9.54 9.50 ═══════ ═══════ ═══════ ═════════ ════════ ════════

Financial year ended 31 December 2011

Highest issued price per unit 13.15 13.03 11.92 12.94 11.51 10.18 ═══════ ════════ ════════ ═════════ ════════ ════════ Lowest redemption price per unit 8.86══ 8.78═ 11.21═ 9.37 9.19═ 9.62═ ═══════ ═══════ ═══════ ═════════ ═══════ ═══════

Financial year ended 31 December 2010

Highest issued price per unit 12.71 13.08 11.54 12.39 11.03 N/A ═══════ ════════ ════════ ═════════ ════════ ════════ Lowest redemption price per unit 9.76══ 9.83═ 10.19═ 9.44 8.65═ N/A═ ═══════ ═══════ ═══════ ═════════ ════════ ════════

1The Sub-Fund was launched on 31 January 2011.

32

ICBC (ASIA) INVESTMENT FUNDS DISTRIBUTION DISCLOSURE

For the period from 1 January 2019 to 28 June 2019, no distributions were made to the unitholders of each of the Sub-Funds.

33