GF Industry Leaders Mixed Assets Fund Updated Prospectus Fund Manager: GF Fund Management Co. Ltd. Fund Custodian: Industrial and Commercial Bank of China Ltd. Date: June 2017 [Important Notes] GF Industry Leaders Mixed Assets Fund (the “Fund”) has been approved by the China Securities Regulatory Commission (CSRC) Zheng Jian Xu Ke [2010] no. 950 on July 12, 2010. The Fund Contractis effectivefrom November 23, 2010. The Fund Manager guarantees that the contents of the Prospectus are true, accurate, and complete. This Prospectus has been approved by the CSRC; but the CSRC’s approval of the offering of the Fund neither represents its substantive judgment or guarantee on the value and return of the Fund, nor indicates that there is no risk when investing in the Fund. Investment involves risks. Investors shall read the Prospectus carefully when subscribing to this Fund. The performance of other funds under the management of the Fund Manager does not constitute any guarantee for the performance of the Fund. The Fund Manager shall manage and use the fund assets according to the principles of due diligence, honesty, good faith, and prudence, but does not guarantee any profits or minimum returns on the Fund. The Fund invests in the securities market, and the net value of the Fund will fluctuate due to factors such as fluctuations in the securities market. Before investing in the Fund, investors shall have a good understanding on the product characteristics of the Fund, and will be exposed to various types of risks involved in the investment of the Fund, which include the following: systematic risks formed by the effects of environmental factors, such as political, economic and social factors on securities prices, specific non-systematic risks of individual securities, liquidity risk arising from continued significant redemptions by the Investors of the Fund, management risk of the Fund during the management of the Fund by the Fund Manager, and other specific risks of the Fund. Investors shall read the Prospectus andthe Fund Contract carefully before making any investment decisions Past performance of the Fund is not indicative of future performance. The contents contained in this Prospectus (Update) are as of May 23, 2017, while the cut-off dates for the relevant financial data and the performance of the net asset value are March 31, 2017 and December 31, 2016 respectively (the financial data is unaudited). Table of Contents Section I Preface ........................................................................................................................................... 1 Section II Definitions ..................................................................................................................................... 2 Section III Fund Manager .............................................................................................................................. 8 Section IV Fund Custodian .......................................................................................................................... 17 Section V Relevant Service Institutions....................................................................................................... 23 Section VI Offering of the Fund ................................................................................................................... 91 Section VII Effective Fund Contract ............................................................................................................ 92 Section VIII Subsequent Subscription, Redemption and Switching of Fund Units ..................................... 92 Section IX Investments of the Fund .......................................................................................................... 105 Section X Performance of the Fund .......................................................................................................... 120 Section XI Property of the Fund ................................................................................................................ 122 Section XII Valuation of Fund Assets ......................................................................................................... 124 Section XIII Fund Income and Distribution ............................................................................................... 129 Section XIV Expenses and Taxes of the Fund ............................................................................................ 131 Section XV Accounting and Audit of the Fund .......................................................................................... 134 Section XVI Information Disclosure of the Fund ....................................................................................... 135 Section XVII Risk Disclosure ...................................................................................................................... 141 Section XVIII Termination and Liquidation of Fund .................................................................................. 144 Section XIX Summary of Fund Contract .................................................................................................... 146 Section XX Summary of Fund Custody Agreement ............................................................................. 164 Section XXI Services to Fund Unitholders ................................................................................................. 186 Section XXII Additional Disclosures ........................................................................................................... 188 Section XXIII Storage and Inspection of the Prospectus ........................................................................... 192 Section XXIV Documents Available for Inspection .................................................................................... 192 Section I Preface GF Industry Leaders Mixed AssetsFund Prospectus (hereinafter referred to as the “Prospectus”) is prepared pursuant to theSecurities Investment Funds Law of The People's Republic of China (hereafter referred to as the “Funds Law”), the Administrative Measures on the Operations of Public Offering of Securities Investment Funds (hereinafter referred to as the “Measures on Operations”), the Administrative Measures on Sales of Securities Investment Funds (hereinafter referred to as the “Measures on Sales”), the Administrative Measures on Information Disclosure of Securities Investment Funds (hereinafter referred to as the “Measures on Information Disclosure”) and the GF Industry Leaders Mixed AssetsFund Contract (hereinafter referred to as the “Fund Contract”). The Fund Manager undertakes that there is no false content, misleading statement or material omission in the Prospectus, and accepts legal liability for its truth, accuracy and completeness. The application for the offering of GF Industry Leaders Mixed AssetsFund (hereinafter referred to as “Fund” or the “Fund”) is based on the information stated in the Prospectus. The Fund Manager does not entrust or authorize any person to provide any information that is not stated in the Prospectus nor to make any interpretation or explanation of the Prospectus. This Prospectus is prepared pursuant to the Fund Contract and approved by the CSRC. The Fund Contract is a legal document that stipulates the rights and obligations of the Parties to the Fund Contract. Investors of the Fund will become Fund Unitholders and Parties to the Fund Contract once fund units are obtained pursuant to the Fund Contract. Their holding of the fund units is in itself an acknowledgement and acceptance of the Fund Contract, and they shall be entitled to the rights and will assume the obligations pursuant to the Funds Law, the Fund Contract and other relevant provision. Investors of the Fund shall read the Fund Contract carefully for the purpose of understanding of the rights and obligations of Fund Unitholders. 1 Section II Definitions Unless otherwise specified herein, the following terms or abbreviations in the Prospectus shall have the meanings given below: Prospectus “GF Industry Leaders Mixed AssetsFund Prospectus”, which discloses particulars of the Fund Manager and the Fund Custodian, Relevant Service Institutions, Offering of the Fund, Effective Fund Contract, Transaction in the Fund units, Subsequent Subscription, Redemption, Investments of the Fund, Performance of the Fund, Property of the Fund, Valuation of Fund Assets, Fund Income and Distribution, Expenses and Taxes, Information Disclosure of the Fund, Risk Disclosure, Termination and Liquidation of the Fund, Extract of Fund Contract, Extract of Fund Custody Agreement, Services to Fund Unitholders, Additional Disclosures, Keeping and Inspection of the Prospectus, Documents Available for Inspection and information relating to the Fund, documents of invitation available to investors to choose and decide whether to applyfor Fund Subscription or Subsequent Subscription, and any periodic updates thereto The Contract, Fund The Fund Contract ofGF Industry Leaders Mixed AssetsFund Contract and any valid amendments and supplements made thereto China, PRC The People’s Republic of China which, for the sole purpose of the Fund Contract, excludes Hong Kong Special Administration Region, Macau Special Administration Region and Taiwan Laws and Regulations The prevailing laws, administrative regulations, department rules and regulations and regulatory documents that are currently effective and promulgated in China Funds Law The Securities