VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME …

VALUE PARTNERSGREATER CHINA HIGH YIELD INCOME FUND

For the six months ended 30 June 2021

2021SEMI-ANNUALREPORT

Value Partners Hong Kong Limited43rd Floor, The Center 99 Queen’s Road Central, Hong KongTel: (852) 2880 9263 Fax: (852) 2565 7975Email: [email protected]: www.valuepartners-group.com

VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND(Incorporated as an exempted company in the Cayman Islands with limited liability)

SEMI-ANNUAL REPORT 2021For the six months ended 30 June 2021 1

CONTENTS

Pages

General information 2-4

Manager’s report 5-7

Statement of financial position (unaudited) 8-9

Statement of comprehensive income (unaudited) 10-11

Statement of changes in net assets attributable to redeemable participating shareholders (unaudited) 12-14

Statement of cash flows (unaudited) 15-16

Investment portfolio (unaudited) 17-28

Investment portfolio movements (unaudited) 29-30

Details in respect of financial derivative instruments (unaudited) 31-33

Distribution to redeemable participating shareholders (unaudited) 34


SEMI-ANNUAL REPORT 2021For the six months ended 30 June 20212

GENERAL INFORMATION

DirectorsMr. Lam Wai Sing WilsonMs. Lam Mei Kuen, Winnie (appointed on 30 July 2021)Mr. Kee Chong Li Kwong Wing (appointed on 30 July 2021)Ms. Wong Ngai Sze, Icy (resigned on 30 July 2021)

ManagerValue Partners Hong Kong Limited43rd Floor, The Center99 Queen’s Road CentralHong Kong

Directors of the ManagerDato’ Seri Cheah Cheng HyeMr. So Chun Ki LouisMr. Ho Man Kei, Norman

Custodian and Administrator’s DelegateHSBC Institutional Trust Services (Asia) Limited1 Queen’s Road CentralHong Kong

Administrator Registered and PrincipalOfficeHSBC Trustee (Cayman) Limited

Principal address:Strathvale House90 North Church StreetGeorge TownGrand CaymanCayman Islands

Registered address:P.O. Box 309Ugland HouseGeorge TownGrand CaymanKY1-1104Cayman Islands

AuditorPricewaterhouseCoopersP.O. Box 25818 Forum LaneCamana BayGrand CaymanKY1-1104Cayman Islands

Legal AdvisorsWith respect to Cayman Islands lawMaples and CalderP.O. Box 309Ugland HouseGrand CaymanKY1-1104Cayman Islands

With respect to Hong Kong andInternational lawDeacons5th Floor, Alexandra House18 Chater Road, CentralHong Kong

Information available from:Value Partners Hong Kong Limited43rd Floor, The Center99 Queen’s Road CentralHong Kong

Investor hotline : (852) 2143 0688Fax : (852) 2565 7975Email : [email protected] : www.valuepartners-group.com



GENERAL INFORMATION (Continued)

Recent awards and achievements

Fund awards

2020 • 2020 HKCAMA-Bloomberg Offshore China Fund Awards Best Total Return - Greater China Fixed Income (5-year) – Winner – HKCAMA & Bloomberg

• RefinitivLipperAwards2020–HongKong Bond USD High Yield (5-Year) –Refinitiv

• I&M Professional Investment Awards 2020 – Asian High Yield (3-Year) – Asian High Yield (5-Year) – Insights and Mandates

2019 • 2019 HKCAMA-Bloomberg Offshore China Fund Awards – Best Total Return – Greater China Fixed Income 3-Year – Best Total Return – Greater China Fixed Income 5-Year – HKCAMA & Bloomberg

• Lipper Fund Awards 2019 – Hong Kong – Best US Dollar Bond Fund: High Yield (3 Years) – Best US Dollar Bond Fund: High Yield (5 Years) –Refinitiv

• Fund Selector Asia Awards Hong Kong 2019 High Yield Fund – Platinum Winner – Fund Selector Asia



GENERAL INFORMATION (Continued)

Recent awards and achievements (Continued)

Corporate awards

2021 • Asian Private Banker Asset Management Awards for Excellence 2021 Best Fund Provider - High Yield Bond –AsianPrivateBanker 2020 • The Asset Benchmark Research 2020 Top Investment House in Asian G3 Bonds (Asset Managers category) – The Asset • I&M Professional Investment Awards 2020 CIO of the Year (Fixed Income, Hong Kong) Winner: Gordon IP – Insights and Mandate 2019 • The Asset Benchmark Research Awards 2019 Top Investment House in Asian G3 Bonds (Hedge Fund category) Top Investment House in Asian Local Currency Bond (Hedge Fund category) – The Asset 2018 • I&M Professional Investment Awards 2018 House Performance Awards: Offshore China Equity (10-Year) – Insights and Mandate • Benchmark Fund of the Year Awards 2018, Hong Kong Asia ex-Japan Equity House: Best-In-Class –Benchmark • Benchmark Fund of the Year Awards 2018, Hong Kong Greater China Equity House: Outstanding Achiever –Benchmark



MANAGER’S REPORT

Fixed income market – review and outlook:

The vaccination rollout and easing of mobility restrictions have reset global growth higher. However, the growth pace in the near-term could be derailed by the delta variant and fading low base effect, but we view that the uptrend in growth should be maintained. With global credit spreads being priced for growth recovery and benign default rates, in the coming quarters, we are cautious about any major shift in the Fed’s tone on policy normalization in the US and taper timetable and any change in China’s onshore financing environment that has been kept in a tightening mode for most of this year as growth slowly dissipates.

In the US, we expect that the possibility of a rate hike remains low in the near term, as the recent inflation increase in the country is due to pent-up demand and supply chain bottlenecks, and the US labor market is yet to normalize. That said, we view that a sharp turn in the Fed’s dovish tone could derail market sentiment in the fixed income markets. We will continue to stay cautious on possible US tapering timetables. After the consolidation in 10-year US Treasury yield in the second quarter of 2021 (“2Q21”), we believe there are scopes to trend higher towards end-2021 despite the growth normalization. The possibility of a US rate hike remains low in the near-term. The market is now pricing in one or two hikes by 2023.

In China, the recent Required Reserve Ratio (“RRR”) cut in July underscores People’s Bank of China’s (“PBOC”) intention to support liquidity and preserve lower funding costs. Falling credit impulse would linger to keep financial risks under control. This, and slower growth momentum should keep onshore government bond yields at a lower level – currently at about 3% – after tightening 11bps year-to-date.

In addition, the ongoing demand/supply imbalance behind the upcycle in commodities may turn in the second half of 2021. Nonetheless, we think it is a bit early to expect a material correction in commodity prices when growth is still expanding, albeit at a moderating pace. This, together with a benign US dollar, matters for maintaining a supportive tone for emerging market credit markets and fund flows.

The prospects for growth recovery in Asia and manageable default rates should bode well for the region’s dollar bond market. Moreover, the ample level of global liquidity looking for yield enhancement should lure demand for Asian high yield dollar bonds, which has scope to mean reverse as China’s tightening cycle is being priced in.



MANAGER’S REPORT (Continued)

Fixed income market – review and outlook: (Continued)

Overall, we view that Asia high yield (“Asia HY”) continues to provide attractive value over Asia investment grade (“Asia IG”) and US high yield (“US HY”). During the first half, credit spreads of the JP Morgan Asia Credit Index Investment Grade tightened 22bps, while that of JP Morgan Asia Credit Index High yield widened 42bps. The Asia HY index fared better at 1.3% during the same period, mainly driven by carry, versus the muted returns of Asia IG (-0.5%), driven by the falling 10-year US Treasury yields in the second quarter. Segment-wise, consumer and sovereigns continued to outperform against real estate being affected by onshore tightening.

Value Partners Hong Kong Limited23 August 2021

PerformancefiguresaresourcedfromHSBCInstitutionalTrustServices(Asia)LimitedandBloombergasof30June2021inUSD,NAVtoNAV,withdividendsreinvested.Performancedataisnetofallfees.

TheviewsexpressedaretheviewsofValuePartnersHongKongLimitedonlyandaresubject tochangebasedonmarketandotherconditions.Theinformationprovideddoesnotconstituteinvestmentadviceanditshouldnotbereliedonassuch.Allmaterialhasbeenobtainedfromsourcesbelievedtobereliable,butitsaccuracyisnotguaranteed.Thismaterialcontainscertainstatementsthatmaybedeemedforward-lookingstatements.Pleasenotethatanysuchstatementsarenotguaranteesofanyfutureperformanceandactualresultsordevelopmentsmaydiffermateriallyfromthoseprojected.



MANAGER’S REPORT (Continued)

Value Partners Greater China High Yield Income Fund – NAV as at 30 June 2021

Classes NAV per unit P Acc USD USD15.83P MDis USD USD6.84P Acc HKD HKD15.72P MDis HKD HKD6.81P MDis SGD Hedged SGD7.39A MDis AUD Hedged AUD6.60A MDis CAD Hedged CAD6.74A Acc EUR Hedged EUR9.88A MDis EUR Hedged EUR7.26A MDis GBP Hedged GBP6.91A MDis NZD Hedged NZD6.90A MDis RMB Hedged RMB7.75A MDis RMB Unhedged RMB7.23A Acc RMB Hedged RMB14.80z MDis USD USD7.69z Acc USD USD13.64X Acc USD USD11.52

Performance since launchFrom 28 March 2012 to 30 June 2021



STATEMENT OF FINANCIAL POSITION (UNAUDITED)ASAT30JUNE2021

30.06.2021 31.12.2020 US$ US$ Assets Financial assets at fair value through profit or loss 2,499,575,735 3,667,127,160Amounts receivable on sales of investments 131,807,489 7,834,512Amounts receivable on subscription of shares 3,936,106 7,244,480Dividend, interest receivable and other receivables 13,004,521 13,140,027Margin deposits 6,998,162 7,166,897Bank balances 13,702,546 18,363,193

Total assets 2,669,024,559 3,720,876,269

Equity Administrative shares 100 100

Total equity 100 100

LiabilitiesFinancial liabilities at fair value through profit or loss 2,288,510 29,523Amounts payable on purchase of investments 131,833,643 6,990,105Amounts payable on redemption of shares 9,353,568 19,016,531Management fee payable 3,118,616 4,493,223Distributions payable to redeemable participating shareholders 17,789,997 22,871,905Accruals and other payables 410,406 514,978

Liabilities (excluding net assets attributable to redeemable participating shareholders) 164,794,740 53,916,265

Net assets attributable to redeemable participating shareholders 2,504,229,719 3,666,959,904



STATEMENT OF FINANCIAL POSITION (UNAUDITED) (Continued)ASAT30JUNE2021

30.06.2021 31.12.2020Net asset value per share – Class P Acc USD with 5,608,597 (31.12.2020: 9,786,507) shares outstanding USD15.83 USD16.23 – Class P MDis USD with 112,202,781 (31.12.2020: 145,268,279) shares outstanding USD6.84 USD7.33 – Class P Acc HKD with 8,567,530 (31.12.2020: 68,461,145) shares outstanding HKD15.72 HKD16.08 – Class P MDis HKD with 1,111,970,932 (31.12.2020: 1,440,227,481) shares outstanding HKD6.81 HKD7.28 – Class P MDis SGD Hedged with 7,117,562 (31.12.2020: 8,509,253) shares outstanding SGD7.39 SGD7.92 – Class A MDis AUD Hedged with 33,444,559 (31.12.2020: 45,646,029) shares outstanding AUD6.60 AUD7.09 – Class A MDis CAD Hedged with 6,203,364 (31.12.2020: 8,327,744) shares outstanding CAD6.74 CAD7.23 – Class A Acc EUR Hedged with 360,763 (31.12.2020: 1,059,254) shares outstanding EUR9.88 EUR10.18 – Class A MDis EUR Hedged with 4,494,313 (31.12.2020: 5,681,835) shares outstanding EUR7.26 EUR7.79 – Class A MDis GBP Hedged with 3,657,347 (31.12.2020: 5,221,452) shares outstanding GBP6.91 GBP7.41 – Class A MDis NZD Hedged with 6,721,385 (31.12.2020: 7,345,286) shares outstanding NZD6.90 NZD7.41 – Class A MDis RMB Hedged with 12,923,133 (31.12.2020: 34,873,614) shares outstanding RMB7.75 RMB8.25 – Class A MDis RMB Unhedged with 1,853,262 (31.12.2020: 2,882,947) shares outstanding RMB7.23 RMB7.83 – Class A Acc RMB Hedged with 649,337 (31.12.2020: 1,840,334) shares outstanding RMB14.80 RMB14.99 – Class A Acc RMB Unhedged with Nil (31.12.2020: 750,000) shares outstanding – RMB13.63 – Class z MDis USD with 29,601,821 (31.12.2020: 30,174,140) shares outstanding USD7.69 USD8.22 – Class z Acc USD with 4,365,802 (31.12.2020: 9,943,659) shares outstanding USD13.64 USD13.95 – Class X Acc USD with 43,637 (31.12.2020: 51,912) shares outstanding USD11.52 USD11.72

Note: Semi-annualreportshaveappliedthesameaccountingpoliciesandmethodsofcomputationasareappliedintheannualreportsoftheFund.

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STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)FORTHESIXMONTHSENDED30JUNE2021

30.06.2021 30.06.2020 US$ US$ Income Dividend income 2,029,461 561,063Net realised losses on investments (110,458,467) (327,725,371)Change in unrealised gains/losses on investments 44,325,719 (30,694,681)Interest on deposits 27,700 138,118Net foreign exchange losses (460,583) (2,638,410)Other income 7,850,441 7,989,905

(56,685,729) (352,369,376)

Expenses Management fees Note 2 (21,999,295) (34,342,712)Administration and custodian fees Note 1 (2,039,838) (3,187,598)Safe custody and bank charges Note 1 (165,397) (294,192)Interest expenses Note 1 (952,582) (2,191,096)Transaction costs Note 1 (819,140) (716,652)Auditor’s remuneration (20,248) (21,837)Legal and professional fees (2,097,446) (491,155)Other operating expenses Note 1 (666,124) (1,113,598)

(28,760,070) (42,358,840)

Loss before tax (85,445,799) (394,728,216) Withholding tax on dividends and other investment income (11,243) –

Loss after tax and before distributions (85,457,042) (394,728,216) Distributions to redeemable participating shareholders (120,197,817) (173,246,057)

Decrease in net assets attributable to redeemable participating shareholders from operations (205,654,859) (567,974,273)

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STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) (Continued)FORTHESIXMONTHSENDED30JUNE2021

Note 1 During the period ended 30 June 2021 and 2020, other than administration and custodian fees, safe custody and bank charges and interest expenses that paid to the Custodian or its connected persons, other respective amounts paid to the Custodian or its connected persons were as follows:

30.06.2021 30.06.2020 US$ US$ Transaction costs (60,483) (44,443)Other operating expenses (16,212) (16,891)

Note 2 During the period ended 30 June 2021 and 2020, other than management fees that paid to the Manager, no other amounts paid to the Manager or its connected persons.

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STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS (UNAUDITED)FORTHESIXMONTHSENDED30JUNE2021

30.06.2021 30.06.2020 US$ US$ Net assets attributable to redeemable participating shareholders as at 1 January 3,666,959,904 6,110,476,726

Issue of shares 301,496,256 1,107,165,701Redemption of shares (1,258,571,582) (2,531,221,983)

Net decrease from capital transactions (957,075,326) (1,424,056,282)

Loss after tax and before distributions (85,457,042) (394,728,216)Distributions to redeemable participating shareholders (120,197,817) (173,246,057)

Decrease in net assets attributable to redeemable participating shareholders from operations after distributions (205,654,859) (567,974,273)

Net assets attributable to redeemable participating shareholders as at 30 June 2,504,229,719 4,118,446,171

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STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS (UNAUDITED) (Continued)FORTHESIXMONTHSENDED30JUNE2021

The movement of number of shares in issue during the periods was as follows:

As at Issue Redemption As at Number of shares 1 January of shares of shares 30 June

2021Class P USD Acc 9,786,507 311,753 (4,489,663) 5,608,597Class P USD MDis 145,268,279 8,856,743 (41,922,241) 112,202,781Class P HKD Acc 68,461,145 46,759,613 (106,653,228) 8,567,530Class P HKD MDis 1,440,227,481 101,928,361 (430,184,910) 1,111,970,932Class P SGD Hedged MDis 8,509,253 220,850 (1,612,541) 7,117,562Class A AUD Hedged MDis 45,646,029 1,705,118 (13,906,588) 33,444,559Class A CAD Hedged MDis 8,327,744 106,298 (2,230,678) 6,203,364Class A EUR Hedged Acc 1,059,254 115,567 (814,058) 360,763Class A EUR Hedged MDis 5,681,835 434,041 (1,621,563) 4,494,313Class A GBP Hedged MDis 5,221,452 352,047 (1,916,152) 3,657,347Class A NZD Hedged MDis 7,345,286 863,964 (1,487,865) 6,721,385Class A MDis RMB Hedged 34,873,614 554,415 (22,504,896) 12,923,133Class A MDis RMB Unhedged 2,882,947 1,422 (1,031,107) 1,853,262Class A Acc RMB Hedged 1,840,334 114,450 (1,305,447) 649,337Class A Acc RMB Unhedged 750,000 – (750,000) –Class z USD MDis 30,174,140 630,624 (1,202,943) 29,601,821Class z USD Acc 9,943,659 947,684 (6,525,541) 4,365,802Class X USD Acc 51,912 36,575 (44,850) 43,637

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STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS (UNAUDITED) (Continued)FORTHESIXMONTHSENDED30JUNE2021

The movement of number of shares in issue during the periods was as follows: (Continued)

As at Issue Redemption As at Number of shares 1 January of shares of shares 30 June

2020Class P USD Acc 14,525,336 7,777,873 (9,472,921) 12,830,288Class P USD MDis 235,676,753 30,215,230 (95,976,445) 169,915,538Class P HKD Acc 83,218,901 44,454,837 (84,151,823) 43,521,915Class P HKD MDis 2,167,002,718 169,206,526 (746,799,557) 1,589,409,687Class P SGD Hedged MDis 13,352,280 714,363 (5,126,802) 8,939,841Class A AUD Hedged MDis 61,630,985 7,957,873 (18,197,163) 51,391,695Class A CAD Hedged MDis 11,908,178 542,899 (2,907,013) 9,544,064Class A EUR Hedged Acc 7,529,716 3,035,362 (9,697,727) 867,351Class A EUR Hedged MDis 11,978,586 91,304 (6,148,312) 5,921,578Class A GBP Hedged MDis 7,520,814 170,602 (2,814,404) 4,877,012Class A NZD Hedged MDis 11,132,216 455,146 (2,647,977) 8,939,385Class A MDis RMB Hedged 99,874,245 1,575,004 (61,161,968) 40,287,281Class A MDis RMB Unhedged 2,214,410 81,571 (15,963) 2,280,018Class A Acc RMB Hedged 91,310,557 62,113,151 (77,877,834) 75,545,874Class A Acc RMB Unhedged 750,000 – – 750,000Class z USD MDis 33,042,423 11,742,104 (14,067,401) 30,717,126Class z USD Acc 7,971,483 17,514,451 (7,707,100) 17,778,834Class X USD Acc – 51,912 – 51,912

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STATEMENT OF CASH FLOWS (UNAUDITED) FORTHESIXMONTHSENDED30JUNE2021

30.06.2021 30.06.2020 US$ US$ Cashflowsfromoperatingactivities Decrease in net assets attributable to redeemable participating shareholders from operations (205,654,859) (567,974,273)Adjustments for: Dividend income (2,029,461) (561,063)Interest on deposits (27,700) (138,118)Distribution to redeemable participating shareholders 120,197,817 173,246,057Withholding tax on dividends and other investment income 11,243 –Interest expenses 952,582 2,191,096

(86,550,378) (393,236,301) Decrease in financial assets at fair value through profit or loss 1,167,551,425 2,099,925,043Increase in financial liabilities at fair value through profit or loss 2,258,987 1,476,952Decrease/(increase) in margin deposits 168,735 (10,778,111)Increase in amounts receivable on sales of investments (123,972,977) (47,661,975)Increase in amounts payable on purchase of investments 124,843,538 102,625,564Decrease in other receivables 154,287 75,771,180Decrease in bank overdrafts – (198,743,688)Decrease in management fees payable (1,374,607) (2,808,932)Decrease in accruals and other payables (105,196) (348,711)

Cash generated from operations 1,082,973,814 1,626,221,021Dividend received 2,008,217 561,063Interest on deposits received 30,266 54,659Interest expense paid (952,061) (2,214,376)Withholding tax on dividends and other investment income (11,243) –

Netcashinflowfromoperatingactivities 1,084,048,993 1,624,622,367

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STATEMENT OF CASH FLOWS (UNAUDITED) (Continued)FORTHESIXMONTHSENDED30JUNE2021

30.06.2021 30.06.2020 US$ US$ Cashflowsfromfinancingactivities Distributions paid to redeemable participating shareholders (125,279,725) (185,700,491)Proceeds from issue of redeemable participating shares 304,804,630 1,087,258,036Payments on redemption of redeemable participating shares (1,268,234,545) (2,535,928,300)

Netcashoutflowfromfinancingactivities (1,088,709,640) (1,634,370,755)

Net decrease in cash and cash equivalents (4,660,647) (9,748,388) Cash and cash equivalents as at 1 January 18,363,193 39,411,561

Cash and cash equivalents as at 30 June, representing bank balances 13,702,546 29,663,173

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INVESTMENT PORTFOLIO (UNAUDITED)ASAT30JUNE2021

% of net Holdings Fair value assets US$

FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS Listed equity securities Hong Kong – H Shares Aluminum Corp of China Ltd H SHARES 13,348,000 7,958,847 0.32COSCO SHIPPING Energy Transportation Co Ltd H SHARES 19,522,000 9,100,931 0.36

17,059,778 0.68

Indonesia MNC Kapital Indonesia Tbk PT 1,284,318,599 10,628,841 0.43MNC Vision Networks Tbk PT 1,419,010,631 25,640,048 1.02

36,268,889 1.45

Singapore Nam Cheong Ltd* 500,491 1,489 0.00

Taiwan Taiwan Semiconductor Manufacturing Co Ltd 300,000 6,403,473 0.26

The United States of America AMTD International Inc ADR 2,781,065 16,992,307 0.68

Unlisted equity securities The United States of America AMTD Digital Inc 5,500,000 55,000,000 2.19AMTD International Inc. Class A ordinary 1,666,666 10,183,329 0.41

65,183,329 2.60

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INVESTMENT PORTFOLIO (UNAUDITED) (Continued)ASAT30JUNE2021


FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (Continued)

Quoted debt securities Australia Newcastle Coal Infrastructure Group Pty Ltd 4.7% 5/12/2031 12,200,000 12,625,502 0.50

British Virgin Islands Hong Zu Senior Secured Notes 12% Nov 2022 22,700,000 23,774,467 0.95

Canada Copper Mountain Mining Corp 8% 4/9/2026 2,500,000 2,646,868 0.11Tacora Resources Inc 8.25% 5/15/2026 4,500,000 4,786,282 0.19

7,433,150 0.30

China 21Vianet Group Inc Conv 0% 2/1/2026 10,100,000 8,862,144 0.35Anyue Xingan City Development Investment Co Ltd 7.5% 5/6/2026 28,000,000 4,196,597 0.17Baoxin Auto Finance I Ltd 9.109% PERP 3,200,000 2,581,263 0.10CAR Inc 9.75% 3/31/2024 14,700,000 15,935,621 0.64Central China Real Estate Ltd 6.875% 8/8/2022 6,000,000 6,058,974 0.24Central China Real Estate Ltd 7.25% 4/24/2023 7,000,000 6,758,031 0.27CFLD Cayman Investment Ltd 8.75% 9/28/2022 2,000,000 757,818 0.03China Development Bank 3.3% 3/3/2026 200,000,000 31,360,912 1.25China Development Bank 3.34% 7/14/2025 250,000,000 40,117,648 1.60China Evergrande Group 8.75% 6/28/2025 4,500,000 3,004,826 0.12China Evergrande Group 9.5% 3/29/2024 10,730,000 7,751,972 0.31China Government Bond 3.02% 10/22/2025 150,000,000 23,784,744 0.95China Government Bond 3.03% 3/11/2026 150,000,000 23,521,107 0.94China Grand Automotive Services Ltd 8.625% 4/8/2022 6,080,000 5,994,974 0.24China Grand Automotive Services Ltd 8.885% 7/25/2021 1,000,000 1,012,459 0.04China Hongqiao Group Ltd 6.25% 6/8/2024 14,000,000 14,312,103 0.57China Hongqiao Group Ltd 7.375% 5/2/2023 10,523,000 11,116,674 0.44

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Quoted debt securities (Continued) China (Continued) China SCE Group Holdings Ltd 5.95% 9/29/2024 2,900,000 2,957,349 0.12China SCE Group Holdings Ltd 6% 2/4/2026 9,500,000 9,304,015 0.37China SCE Group Holdings Ltd 7% 5/2/2025 14,500,000 14,894,867 0.60China SCE Group Holdings Ltd 7.25% 4/19/2023 7,970,000 8,332,635 0.33China South City Holdings Ltd 10.875% 6/26/2022 19,000,000 17,523,328 0.70DaFa Properties Group Ltd 12.375% 7/30/2022 3,000,000 3,005,749 0.12Easy Tactic Ltd 11.625% 9/3/2024 2,450,000 2,419,018 0.10Easy Tactic Ltd 5.875% 2/13/2023 5,000,000 4,559,953 0.18Easy Tactic Ltd 8.125% 2/27/2023 19,800,000 19,075,441 0.76Easy Tactic Ltd 8.125% 7/11/2024 1,750,000 1,586,617 0.06Easy Tactic Ltd 8.625% 3/5/2024 750,000 685,276 0.03Easy Tactic Ltd 9.125% 7/28/2022 8,200,000 8,442,648 0.34eHi Car Services Ltd 5.875% 8/14/2022 20,000,000 20,644,753 0.82eHi Car Services Ltd 7.75% 11/14/2024 41,400,000 43,317,154 1.73Fantasia Holdings Group Co Ltd 11.75% 4/17/2022 41,600,000 40,278,068 1.61Fantasia Holdings Group Co Ltd 11.875% 6/1/2023 20,000,000 17,849,917 0.71Fantasia Holdings Group Co Ltd 12.25% 10/18/2022 8,000,000 7,494,642 0.30Fantasia Holdings Group Co Ltd 15% 12/18/2021 26,300,000 26,375,130 1.05Fantasia Holdings Group Co Ltd 9.25% 7/28/2023 12,900,000 11,076,230 0.44GCL New Energy Holdings Ltd 10% 1/30/2024 40,719,000 36,196,094 1.45Guangzhou Fineland Real Estate Development Co Ltd 13.6% 7/27/2023 15,000,000 16,032,267 0.64Guiyang Baiyun Industry Development Investment Co Ltd 7.5% 3/6/2026 35,000,000 5,716,006 0.23Guizhou Guilong Industrial (Group) Co Ltd 7.8% 4/28/2022 20,000,000 782,284 0.03Haiguo Xintai Capital Ltd 4.3% 10/8/2022 2,000,000 2,017,708 0.08Haikou Meilan International Airport Co Ltd 5.25% 9/6/2019 10,270,000 2,993,274 0.12Haimen Zhongnan Investment Development International Co Ltd 10.875% 6/18/2022 1,000,000 958,987 0.04Haimen Zhongnan Investment Development International Co Ltd 11.5% 4/7/2024 18,050,000 17,434,916 0.70

20






Quoted debt securities (Continued) China (Continued) Hainan Airlines (Hong Kong) Co Ltd 12% 10/29/2020 6,555,000 3,812,827 0.15Hansoh Pharmaceutical Group Co Ltd 0% 1/22/2026 14,000,000 13,191,220 0.53Hejun Shunze Investment Co Ltd 11% 6/4/2022 9,200,000 2,516,476 0.10Hilong Holding Ltd 9.75% 11/18/2024 27,000,000 24,363,337 0.97Hong Seng Ltd 9.875% 8/27/2022 2,500,000 2,615,935 0.10Hongkong Xiangyu Investment Co Ltd 4.5% 1/30/2023 8,328,000 8,062,878 0.32iQIYI Inc Conv 2% 4/1/2025 17,226,000 16,298,173 0.65Jiayuan International Group Ltd 12% 10/30/2022 10,800,000 10,958,580 0.44Jiayuan International Group Ltd 13.75% 2/18/2023 10,400,000 10,950,596 0.44Jingrui Holdings Ltd 12% 9/26/2022 5,000,000 4,908,183 0.20Jingrui Holdings Ltd 14.5% 2/19/2023 8,000,000 8,005,413 0.32Jinke Properties Group Co Ltd 6.85% 5/28/2024 5,000,000 4,735,046 0.19Jumbo Fortune Enterprises Ltd 8.5% 10/3/2021 9,000,000 8,878,375 0.35Kaisa Group Holdings Ltd 11.25% 4/16/2025 6,000,000 5,846,385 0.23Kaisa Group Holdings Ltd 11.25% 4/9/2022 37,911,000 39,842,755 1.59Kaisa Group Holdings Ltd 11.5% 1/30/2023 31,378,000 33,321,255 1.33Kaisa Group Holdings Ltd 9.375% 6/30/2024 13,500,000 12,740,496 0.51KWG Group Holdings Ltd 7.875% 9/1/2023 10,960,000 11,504,822 0.46 Lianyungang Xiangyun Investment Co Ltd 7.03% 3/4/2026 30,000,000 4,833,233 0.19Logan Group Co Ltd 4.7% 7/6/2026 7,388,000 7,342,194 0.29MIE Holdings Corp 13.75% 4/12/2022 41,000,000 4,640,585 0.19Modern Land China Co Ltd 11.95% 3/4/2024 4,000,000 3,732,230 0.15Modern Land China Co Ltd 12.85% 10/25/2021 21,338,000 21,946,951 0.88Modern Land China Co Ltd 9.8% 4/11/2023 12,100,000 11,516,874 0.46New Metro Global Ltd 4.625% 10/15/2025 3,800,000 3,750,220 0.15New Metro Global Ltd 4.8% 12/15/2024 10,000,000 10,100,933 0.40New Metro Global Ltd 6.8% 8/5/2023 19,285,000 20,625,458 0.82New Metro Global Ltd 7.5% 3/20/2022 11,520,000 12,022,406 0.48NIO Inc Conv 0% 2/1/2026 4,000,000 3,823,480 0.15NIO Inc Conv 0.5% 2/1/2027 7,860,000 7,486,143 0.30Redsun Properties Group Ltd 10.5% 10/3/2022 21,000,000 21,982,520 0.88

21






Quoted debt securities (Continued) China (Continued) Redsun Properties Group Ltd 13% 10/30/2021 10,800,000 11,344,404 0.45Redsun Properties Group Ltd 7.3% 5/21/2024 8,000,000 7,646,969 0.31Redsun Properties Group Ltd 9.7% 4/16/2023 20,700,000 22,103,426 0.88Redsun Properties Group Ltd 9.95% 4/11/2022 1,260,000 1,305,588 0.05Reward International Investment Ltd 7.25% 1/25/2020 30,560,000 1,757,200 0.07Ronshine China Holdings Ltd 10.5% 3/1/2022 1,000,000 1,048,240 0.04Ronshine China Holdings Ltd 8.1% 6/9/2023 9,683,000 9,462,905 0.38Scenery Journey Ltd 11.5% 10/24/2022 1,500,000 1,282,759 0.05Shaanxi Xixian New Area Jinghe New City Development & Construction Group Co Ltd 7.75% 6/27/2022 8,000,000 8,435,633 0.34Sinic Holdings Group Co Ltd 10.5% 6/18/2022 13,937,000 12,449,249 0.50Sinic Holdings Group Co Ltd 9.5% 10/18/2021 8,000,000 7,932,720 0.32Sunac China Holdings Ltd 5.95% 4/26/2024 2,000,000 2,024,896 0.08Sunac China Holdings Ltd 6.5% 1/26/2026 14,775,000 14,703,875 0.59Sunac China Holdings Ltd 6.65% 8/3/2024 2,000,000 2,062,667 0.08Sunac China Holdings Ltd 7.5% 2/1/2024 19,085,000 20,170,781 0.81Sunac China Holdings Ltd 8.35% 4/19/2023 24,291,000 25,577,694 1.02Tahoe Group Global Co Ltd 7.875% 1/17/2021 16,300,000 4,143,786 0.17Tequ Mayflower Ltd 0% 3/2/2026 1,000,000 869,160 0.03Tianjin Water Investment Group Co Ltd 6.6% 7/28/2021 110,000,000 3,595,663 0.14Tongfang Aqua Ltd 6.8% 1/10/2022 48,200,000 49,212,923 1.97Wanda Properties Overseas Ltd 7.25% 4/28/2022 4,000,000 4,069,144 0.16Xiangtan Wanlou Xincheng Development Construction Investment Co Ltd 6.9% 1/14/2022 20,000,000 632,762 0.03Xin Jiang Guang Hui Industry Investment (Group) Co Ltd 7.5% 8/29/2021 20,000,000 3,285,799 0.13Xingyi Xinheng Urban Construction Investment Co Ltd 5.4% 12/16/2022 90,000,000 2,779,608 0.11Xinping Urban Development Investment Co Ltd 7.7% 1/24/2026 50,000,000 7,811,359 0.31

22






Quoted debt securities (Continued) China (Continued) Yango Cayman Investment Ltd 12.5% 2/20/2022 10,000,000 10,309,391 0.41Yango Cayman Investment Ltd 12.5% 9/24/2021 28,000,000 28,598,376 1.14Yango Justice International Ltd 10% 2/12/2023 14,750,000 15,108,589 0.60Yango Justice International Ltd 10.25% 3/18/2022 24,184,000 25,049,700 1.00Yango Justice International Ltd 7.5% 2/17/2025 9,012,000 8,222,789 0.33Yango Justice International Ltd 7.5% 4/15/2024 9,800,000 9,802,679 0.39Yango Justice International Ltd 7.875% 9/4/2024 13,500,000 12,620,964 0.50Yango Justice International Ltd 8.25% 11/25/2023 14,250,000 14,226,559 0.57Yango Justice International Ltd 9.25% 4/15/2023 15,200,000 15,724,138 0.63Yida China Holdings Ltd 10% 3/27/2022 16,000,000 9,431,306 0.38Yinchuan Tonglian Capital Investment Operation Co Ltd 4.45% 6/10/2023 600,000 575,938 0.02Yongcheng Coal & Electricity Holding Group Co Ltd 7.5% 2/2/2021 10,000,000 152,791 0.01Yuzhou Properties Co Ltd 8.5% 2/26/2024 8,000,000 7,558,671 0.30Zhenro Properties Group Ltd 10.25% PERP 8,500,000 9,029,437 0.36Zhenro Properties Group Ltd 6.63% 1/7/2026 9,900,000 9,278,231 0.37Zhenro Properties Group Ltd 6.7% 8/4/2026 10,000,000 9,214,883 0.37Zhenro Properties Group Ltd 9.15% 5/6/2023 13,200,000 13,931,401 0.56Zhongyuan Asset Management Co Ltd 4.2% 11/29/2022 3,700,000 2,949,319 0.12Zunyi Road & Bridge Construction (Group) Ltd 6.1% 4/27/2023 40,000,000 2,194,137 0.09Zunyi Road & Bridge Construction (Group) Ltd 8% 2/1/2022 18,000,000 18,412,854 0.74

1,353,539,535 54.05

Great Britain House of Fraser Funding PLC 6.51175% 9/15/2020 6,665,000 – –

23






Quoted debt securities (Continued)

Hong Kong AMTD Group Co Ltd 5% 9/8/2022 41,665,000 23,569,659 0.94AMTD International Inc 7.25% PERP 20,000,000 18,189,306 0.73Beijing Energy International Holding Co Ltd 8% 1/20/2022 43,689,000 45,099,839 1.80Blue Skyview Co Ltd 7.125% PERP 65,426,000 12,244,083 0.49Chinlink International Holdings Ltd 13% 8/30/2021 28,000,000 14,155,671 0.56Estate Sky Ltd 5.75% PERP 19,100,000 18,161,654 0.72Fine Perfection Investment Ltd 0% 4/17/2022 9,500,000 10,392,335 0.41Hong Yang Group Co Ltd 11.5% 8/1/2021 32,000,000 33,735,253 1.35PB Issuer (NO. 5) Ltd Conv 3% 12/10/2025 4,450,000 6,724,573 0.27REXLot Holdings Ltd 4.5% 4/17/2019 130,000,000 – –RH International Finance Ltd 6.5% PERP 6,600,000 5,177,788 0.21Sino Biopharmaceutical Ltd 0% 2/17/2025 1,245,000 1,434,409 0.06

188,884,570 7.54

India HCL America Inc 1.375% 3/10/2026 4,000,000 3,985,438 0.16Rolta Americas LLC 8.875% 7/24/2019 36,085,000 802,278 0.03Rolta Americas LLC 8.875% 7/24/2019 (144A) 4,000,000 97,860 0.00Rolta LLC 10.75% 5/16/2018 20,800,000 453,262 0.02Vedanta Resources Finance II PLC 8% 4/23/2023 5,000,000 4,823,906 0.19Vedanta Resources Finance II PLC 8.95% 3/11/2025 20,800,000 21,009,606 0.84Vedanta Resources Finance II PLC 9.25% 4/23/2026 12,204,000 10,982,895 0.44Vedanta Resources Ltd 6.125% 8/9/2024 5,000,000 4,328,999 0.17Vedanta Resources Ltd 6.375% 7/30/2022 16,250,000 16,516,656 0.66Vedanta Resources Ltd 7.125% 5/31/2023 2,000,000 1,869,243 0.08

64,870,143 2.59

24







Indonesia Alam Sutera Realty Tbk PT 6% 5/2/2024 22,000,000 19,451,813 0.78Alam Sutera Realty Tbk PT 6.25% 11/2/2025 41,737,000 34,262,820 1.37APL Realty Holdings Pte Ltd 5.95% 6/2/2024 14,900,000 11,089,520 0.44Bakrie Telecom Pte Ltd 11.5% 5/7/2015 2,000,000 – –Bumi Resources Tbk PT 0% 12/11/2022 1,000,000 237,917 0.01Eterna Capital Pte Ltd 7.5% 12/11/2022 8,000,000 5,738,640 0.23Eterna Capital Pte Ltd 8% 12/11/2022 5,000,000 2,307,150 0.09Gajah Tunggal Tbk PT 8.95% 6/23/2026 11,250,000 11,170,337 0.45Indika Energy Capital IV Pte Ltd 8.25% 10/22/2025 27,350,000 29,494,309 1.18Innovate Capital Pte Ltd 6% 12/11/2024 108,880,814 34,692,827 1.38Jababeka International BV 6.5% 10/5/2023 10,700,000 10,671,193 0.43MNC Investama Tbk PT 9% 5/11/2021 10,000,000 5,866,670 0.23Soechi Capital Pte Ltd 8.375% 1/31/2023 22,004,000 18,558,800 0.74

183,541,996 7.33

Marshall IslandsDiana Shipping Inc 8.375% 6/22/2026 3,900,000 3,993,615 0.16

MongoliaMongolian Mining Corp/Energy Resources LLC 9.25% 4/15/2024 60,770,000 57,522,316 2.30

RussiaBank Otkritie Financial Corp OJSC Via OFCB Capital PLC 10% 4/26/2019 26,715,000 3,134,204 0.13

25







Singapore Golden Energy & Resources Ltd 8.5% 5/14/2026 3,000,000 3,070,701 0.12Hyflux Ltd 4.2% 8/29/2019 11,000,000 – –Hyflux Ltd 4.25% 9/7/2018 6,500,000 – –Hyflux Ltd 4.6% 9/23/2019 3,000,000 – –Lippo Malls Indonesia Retail Trust 6.6% PERP 1,000,000 549,915 0.02Lippo Malls Indonesia Retail Trust 7% PERP 4,250,000 2,396,864 0.10Miclyn Express Offshore Pte Ltd 8.75% 11/25/2018 33,200,000 4,963,566 0.20

10,981,046 0.44

Sri LankaSri Lanka Government International Bond 7.55% 3/28/2030 24,000,000 15,772,660 0.63

The United States of AmericaNavios Maritime Holdings Inc / Navios Maritime Finance II US Inc 7.375% 1/15/2022 4,500,000 4,060,485 0.16

United Arab EmiratesBrooge Petroleum and Gas Investment Co FZE 8.5% 9/24/2025 7,200,000 7,113,994 0.28DIB Sukuk Ltd 1.959% 6/22/2026 500,000 499,200 0.02

7,613,194 0.30

Unlisted investment funds

Cayman Islands Ping An Global Featured Treasury Fund SPC - Ocean Fund SP Class SP9-A Shares** 12,000 12,042,395 0.48Ping An Targeted Maturity Property Bond Strategy SPC** 10,000 9,698,091 0.39

26






Unlisted investment funds (Continued)

Cayman Islands (Continued) Value Partners Asia Principal Credit Fund Limited Partnership** 482,353 52,899,792 2.11Value Partners Fixed Income SPC – Value Partners Credit Opportunities Fund SP Class X USD Acc** 784,309 106,791,478 4.27Value Partners Fixed Income SPC – Value Partners Credit Opportunities Fund SP Class Z USD Acc** 95,602 12,008,604 0.48

193,440,360 7.73

Ireland Value Partners Ireland Fund ICAV - Value Partners Greater China High Yield Bond Fund Class A HKD Unhedged Acc** 776,363 1,074,796 0.04Value Partners Ireland Fund ICAV - Value Partners Greater China High Yield Bond Fund Class A HKD Unhedged MDis** 776,363 948,819 0.04Value Partners Ireland Fund ICAV - Value Partners Greater China High Yield Bond Fund Class A USD Unhedged MDis** 1,022,544 10,061,837 0.40Value Partners Ireland Fund ICAV - Value Partners Greater China High Yield Bond Fund Class X USD Unhedged Acc** 1,867,001 21,302,480 0.85Value Partners Ireland Fund ICAV - Value Partners Greater China High Yield Bond Fund Class Z EUR Hedged Acc** 1,000 11,806 0.00

33,399,738 1.33

27






Unquoted debt securities

Australia AM 9 Hunter Loan 7,908,750 7,189,297 0.29Project Cobbi note 11% due Mar 2022 25,000,000 20,875,541 0.83Project Coil note 11% due Oct 2021 77,810,811 75,670,615 3.02Project Rosey note 22% due Mar 2022 20,939,086 22,179,495 0.89

125,914,948 5.03

China Hainan Airlines Term Loan 9.5% 10/24/2021 56,850,000 19,305,294 0.77MIE Holdings Corp 15% Senior Note Due 2020 28,000,000 6,779,192 0.27Zhong Yi Holdings Ltd 10% 3/29/2021 15,000,000 – –

26,084,486 1.04

Hong Kong AMTD Group Co Ltd 5% 3/8/2022 18,285,000 10,343,723 0.41AMTD HKIB Convertible Note 2% 06/19/2023 15,000,000 11,636,667 0.47

21,980,390 0.88

Malaysia Nam Cheong Ltd Term Loan 4% 12/31/2024 1,133,114 581,717 0.02

The United States of America KKR REIGN I Ltd 5% 5/30/2049 12,000,000 12,059,670 0.48Project Eva 9% 10/23/2023 20,630,000 6,372,958 0.25

18,432,628 0.73

Forward exchange contracts 85,320 0.00

28






Totalfinancialassetsatfairvaluethrough profitorloss 2,499,575,735 99.81

FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS Forward exchange contracts (2,288,510) (0.09)

Totalfinancialliabilitiesatfairvaluethrough profitorloss (2,288,510) (0.09)

Total investments, net 2,497,287,225 99.72

Total investments, at cost (inclusive of transaction cost) 2,740,549,020

* Thetradingofequitysecuritieshasbeensuspended.

** TheinvestmentfundsarenotauthorisedinHongKongandnotavailabletothepublicinHongKong.

29



INVESTMENT PORTFOLIO MOVEMENTS (UNAUDITED)FORTHESIXMONTHSENDED30JUNE2021

% of net assets 30.06.2021 31.12.2020 Listed equity securitiesHong Kong – H Shares 0.68 0.00 – Others – 0.32 – Red Chips – 0.71Indonesia 1.45 1.80Singapore 0.00 0.01Taiwan 0.26 –The United States of America 0.68 0.50

3.07 3.34

Unlisted equity securities The United States of America 2.60 1.44

Quoted debt securitiesAustralia 0.50 0.94British Virgin Islands 0.95 –Canada 0.30 0.13China 54.05 56.92France – 0.85Germany – 0.25Great Britain – 0.02Hong Kong 7.54 6.43India 2.59 1.43Indonesia 7.33 6.80Japan – 0.25Macao – 0.11Marshall Islands 0.16 –Mexico – 0.63Mongolia 2.30 1.88Montenegro – 0.13Netherlands – 0.04Panama – 0.23Philippines – 0.10Russia 0.13 0.07Singapore 0.44 0.27South Korea – 0.08Spain – 0.19Sri Lanka 0.63 –

30



INVESTMENT PORTFOLIO MOVEMENTS (UNAUDITED) (Continued)FORTHESIXMONTHSENDED30JUNE2021

% of net assets 30.06.2021 31.12.2020

Quoted debt securities (Continued) Switzerland – 0.02Thailand – 0.38The United States of America 0.16 0.05United Arab Emirates 0.30 0.59

77.38 78.79

Unlisted investment funds Cayman Islands 7.73 6.02Ireland 1.33 2.03

9.06 8.05

Unquoted debt securities Australia 5.03 3.70British Virgin Islands – 0.80China 1.04 2.16Hong Kong 0.88 0.79Malaysia 0.02 0.01The United States of America 0.73 0.72

7.70 8.18

Listed futures The United States of America – 0.00

Forward exchange contracts (0.09) 0.20

Total investments, net 99.72 100.00

31



DETAILS IN RESPECT OF FINANCIAL DERIVATIVE INSTRUMENTS (UNAUDITED)ASAT30JUNE2021

The Fund’s financial derivative instruments at the reporting date are as follows:

Financial assets:

Forward exchange contracts

Currency Amount Currency Amount sold sold bought bought Settlement date Counter party Fair value US$

The Hongkong and Shanghai Banking AUD 184,657 USD 139,837 30 July 2021 Corporation Limited 1,011 The Hongkong and Shanghai Banking AUD 269,705 USD 205,016 30 July 2021 Corporation Limited 2,250 The Hongkong and Shanghai Banking AUD 76,052 USD 57,726 30 July 2021 Corporation Limited 550 The Hongkong and Shanghai Banking AUD 568,241 USD 428,876 30 July 2021 Corporation Limited 1,668 The Hongkong and Shanghai Banking AUD 3,857,364 USD 2,913,585 30 July 2021 Corporation Limited 13,592 The Hongkong and Shanghai Banking CAD 48,817 USD 39,676 30 July 2021 Corporation Limited 300 The Hongkong and Shanghai Banking CAD 177,579 USD 144,442 30 July 2021 Corporation Limited 1,206 The Hongkong and Shanghai Banking CAD 73,476 USD 59,459 30 July 2021 Corporation Limited 193 The Hongkong and Shanghai Banking EUR 65,832 USD 78,441 30 July 2021 Corporation Limited 46 The Hongkong and Shanghai Banking EUR 405,535 USD 484,412 30 July 2021 Corporation Limited 1,483 The Hongkong and Shanghai Banking EUR 87,643 USD 104,690 30 July 2021 Corporation Limited 321

32



DETAILS IN RESPECT OF FINANCIAL DERIVATIVE INSTRUMENTS (UNAUDITED) (Continued)ASAT30JUNE2021

Financial assets (Continued):

Forward exchange contracts (Continued)


The Hongkong and Shanghai Banking GBP 47,108 USD 65,856 30 July 2021 Corporation Limited 694 The Hongkong and Shanghai Banking NZD 21,872 USD 15,426 30 July 2021 Corporation Limited 129 The Hongkong and Shanghai Banking NZD 195,191 USD 137,152 30 July 2021 Corporation Limited 644 The Hongkong and Shanghai Banking USD 1,488,772 CNH 9,661,967 30 July 2021 Corporation Limited 2,444 The Hongkong and Shanghai Banking USD 15,639,037 CNH 101,506,545 30 July 2021 Corporation Limited 27,367 The Hongkong and Shanghai Banking USD 39,998,423 SGD 53,810,198 30 July 2021 Corporation Limited 31,422

85,320

Financial liabilities:

Forward exchange contracts


The Hongkong and Shanghai Banking USD 174,274,902 AUD 230,123,902 30 July 2021 Corporation Limited (1,266,142) The Hongkong and Shanghai Banking USD 34,731,828 CAD 42,712,161 30 July 2021 Corporation Limited (280,022)

33



DETAILS IN RESPECT OF FINANCIAL DERIVATIVE INSTRUMENTS (UNAUDITED) (Continued)ASAT30JUNE2021

Financial liabilities (Continued):

Forward exchange contracts (Continued)


The Hongkong and Shanghai Banking USD 4,855,199 EUR 4,065,949 30 July 2021 Corporation Limited (13,288) The Hongkong and Shanghai Banking USD 11,739 EUR 9,850 30 July 2021 Corporation Limited (9) The Hongkong and Shanghai Banking USD 39,562,729 EUR 33,131,506 30 July 2021 Corporation Limited (108,274) The Hongkong and Shanghai Banking USD 35,835,096 GBP 25,672,157 30 July 2021 Corporation Limited (323,880) The Hongkong and Shanghai Banking USD 16,261 NZD 22,959 30 July 2021 Corporation Limited (204) The Hongkong and Shanghai Banking USD 13,890 NZD 19,800 30 July 2021 Corporation Limited (43) The Hongkong and Shanghai Banking USD 33,342,897 NZD 47,252,931 30 July 2021 Corporation Limited (296,323) The Hongkong and Shanghai Banking SGD 223,643 USD 166,246 30 July 2021 Corporation Limited (124) The Hongkong and Shanghai Banking USD 74,220 SGD 99,500 30 July 2021 Corporation Limited (201)

(2,288,510)

34



DISTRIBUTION TO REDEEMABLE PARTICIPATING SHAREHOLDERS (UNAUDITED)

In accordance with the Explanatory Memorandum of the Fund, the Manager may determine to make a distribution out of the income and/or capital. During the period ended 30 June 2021, the Fund declared total distributions to redeemable participating shareholders of US$120,197,817 (Period ended 30 June 2020: US$173,246,057).

The table below summarises the dividend distribution made during the reporting period.

01.01.2021 01.01.2020Classes to 30.06.2021 to 30.06.2020 Frequency Ex-dividend dates*

Class P USD MDis Shares USD0.0522 USD0.0573 Monthly Last business day of January to MarchClass P USD MDis Shares USD0.0522 USD0.0522 Monthly Last business day of April to JuneClass P HKD MDis Shares HKD0.0518 HKD0.0576 Monthly Last business day of January to MarchClass P HKD MDis Shares HKD0.0518 HKD0.0518 Monthly Last business day of April to JuneClass P SGD Hedged MDis Shares SGD0.0560 SGD0.0604 Monthly Last business day of January to MarchClass P SGD Hedged MDis Shares SGD0.0560 SGD0.0560 Monthly Last business day of April to JuneClass A AUD Hedged MDis Shares AUD0.0506 AUD0.0527 Monthly Last business day of January to MarchClass A AUD Hedged MDis Shares AUD0.0506 AUD0.0506 Monthly Last business day of April to JuneClass A CAD Hedged MDis Shares CAD0.0510 CAD0.0551 Monthly Last business day of January to MarchClass A CAD Hedged MDis Shares CAD0.0510 CAD0.0510 Monthly Last business day of April to JuneClass A EUR Hedged MDis Shares EUR0.0498 EUR0.0431 Monthly Last business day of January to MarchClass A EUR Hedged MDis Shares EUR0.0498 EUR0.0498 Monthly Last business day of April to JuneClass A GBP Hedged MDis Shares GBP0.0521 GBP0.0497 Monthly Last business day of January to MarchClass A GBP Hedged MDis Shares GBP0.0521 GBP0.0521 Monthly Last business day of April to JuneClass A NZD Hedged MDis Shares NZD0.0539 NZD0.0549 Monthly Last business day of January to MarchClass A NZD Hedged MDis Shares NZD0.0539 NZD0.0539 Monthly Last business day of April to JuneClass A MDis RMB Hedged Shares RMB0.0648 RMB0.0691 Monthly Last business day of January to MarchClass A MDis RMB Hedged Shares RMB0.0648 RMB0.0648 Monthly Last business day of April to JuneClass A MDis RMB Unhedged Shares RMB0.0610 RMB0.0666 Monthly Last business day of January to MarchClass A MDis RMB Unhedged Shares RMB0.0610 RMB0.0610 Monthly Last business day of April to JuneClass z USD MDis Shares USD0.0584 USD0.0639 Monthly Last business day of January to MarchClass z USD MDis Shares USD0.0584 USD0.0584 Monthly Last business day of April to June

* Lastbusinessdayofeachmonthin2021are29January2021,26February2021,31March2021,30April2021,31May2021and30June2021.

Lastbusinessdayofeachmonthin2020are31January2020,28February2020,31March2020,29April2020,29May2020and30June2020.

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