VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND SEMI-ANNUAL 2020 REPORT For the six months ended 30 June 2020 Value Partners Hong Kong Limited 43rd Floor, The Center 99 Queen’s Road Central, Hong Kong Tel: (852) 2880 9263 Fax: (852) 2565 7975 Email: [email protected] Website: www.valuepartners-group.com

In the event of inconsistency, the English text of this Semi-Annual Report shall prevail over the Chinese text. This report shall not constitute an offer to sell or a solicitation of an offer to buy shares in any of the funds. Subscriptions are to be made only on the basis of the information contained in the explanatory memorandum, as supplemented by the latest semi-annual and annual reports. VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND (Incorporated as an exempted company in the Cayman Islands with limited liability) CONTENTS

Pages

General information 2-4

Manager’s report 5-6

Statement of financial position (unaudited) 7-8

Statement of comprehensive income (unaudited) 9-10

Statement of changes in net assets attributable to redeemable participating shareholders (unaudited) 11-13

Statement of cash flows (unaudited) 14-15

Investment portfolio (unaudited) 16-31

Investment portfolio movements (unaudited) 32-33

Details in respect of financial instruments (unaudited) 34-37

Distribution to redeemable participating shareholders (unaudited) 38

SEMI-ANNUAL REPORT 2020 For the six months ended 30 June 2020 1 VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND (Incorporated as an exempted company in the Cayman Islands with limited liability) GENERAL INFORMATION

Directors Auditor Ms. Wong Ngai Sze, Icy (appointed on PricewaterhouseCoopers 15 April 2020) P.O. Box 258 Mr. Lam Wai Sing Wilson (appointed on 18 Forum Lane 22 April 2020) Camana Bay Mr. Roger Anthony Hepper (resigned on Grand Cayman 2 April 2020) KY1-1104 Ms. Ng Chit Sze, Jessie (resigned on Cayman Islands 15 April 2020) Ms. Cheung Hor Yee Patricia (appointed on Legal Advisors 17 January 2020 and resigned on With respect to Cayman Islands law 29 July 2020) Maples and Calder P.O. Box 309 Manager Ugland House Value Partners Hong Kong Limited Grand Cayman 43rd Floor, The Center KY1-1104 99 Queen’s Road Central Cayman Islands Hong Kong With respect to Hong Kong and Directors of the Manager International law Dato’ Seri Cheah Cheng Hye Deacons Mr. So Chun Ki Louis 5th Floor, Alexandra House Mr. Ho Man Kei, Norman 18 Chater Road, Central Hong Kong Custodian and Administrator’s Agent HSBC Institutional Trust Services (Asia) Limited Information available from: 1 Queen’s Road Central Value Partners Hong Kong Limited Hong Kong 43rd Floor, The Center 99 Queen’s Road Central Administrator Registered and Hong Kong Principal Office HSBC Trustee (Cayman) Limited Investor hotline : (852) 2143 0688 Principle address: Fax : (852) 2565 7975 Strathvale House Email : [email protected] 90 North Church Street Website : www.valuepartners-group.com George Town Grand Cayman Cayman Islands

Registered address: P.O. Box 309 Ugland House George Town Grand Cayman KY1-1104 Cayman Islands

SEMI-ANNUAL REPORT 2020 2 For the six months ended 30 June 2020 VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND (Incorporated as an exempted company in the Cayman Islands with limited liability) GENERAL INFORMATION (Continued)

Recent awards and achievements

Value Partners Greater China High Yield Income Fund

2020 • Refinitiv Lipper Awards 2020 – Hong Kong Bond USD High Yield (5-Year) – Refinitiv

• I&M Professional Investment Awards 2020 – Best Asian High Yield (3-Year) – Best Asian High Yield (5-Year) – Insights & 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 Funds: High Yield (3-Year) – Best US Dollar Bond Funds: High Yield (5-Year) – Refinitiv

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

SEMI-ANNUAL REPORT 2020 For the six months ended 30 June 2020 3 VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND (Incorporated as an exempted company in the Cayman Islands with limited liability) GENERAL INFORMATION (Continued)

Recent awards and achievements (Continued)

Corporate Awards

2019 • Top Investment House in Asian G3 Bonds (Hedge Fund category) – The Asset Benchmark Research Awards 2019

• Top Investment House in Asian Local Currency Bond (Hedge Fund category) – The Asset Benchmark Research Awards 2019

• The Most Astute Investors in Asian G3 Bonds for Hong Kong Ranked the 5th : Mr. Jason YAN (Senior Fund Manager)

• Highly Commended titles: Mr. Gordon IP (Chief Investment Officer, Fixed Income) Ms. Elaine HU (Senior Fund Manager) Mr. Edwin KAM (Senior Fund Manager) – The Asset Benchmark Research Awards 2019

• The Asset Triple A Asset Servicing, Institutional Investor and Insurance Awards 2019 Fund Manager of the Year – Fixed Income High Yield (Greater China) Mr. Gordon IP – The Asset Benchmark Research Awards 2019

SEMI-ANNUAL REPORT 2020 4 For the six months ended 30 June 2020 VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND (Incorporated as an exempted company in the Cayman Islands with limited liability) MANAGER’S REPORT

Asian credit markets started 2020 on a high note, however quickly giving up some of the gains upon escalation to the COVID-19 outbreak that swept through the region. Later, the region has recovered most losses during the second quarter.

The recovery is linked to several events: prompt actions by governments and central banks (especially by the U.S. Federal Reserve), oil price recovery, dollar stabilization, and the optimism on a V-shaped recovery on the global economy. Ample liquidity encourages investors to look beyond near-term fluctuations, as long as signs in the sequential improvement in the economy are present.

During the reporting period, we continued to focus on benchmark and high-quality B-rated Chinese property names. We were also very active in trading the investment grade new issue market.

Outlook:

Global markets continue to be fragile, and investors should expect volatility. The market will oscillate between the hope of the COVID-19 vaccine, the Fed’s bond-buying program, and stimulus expectations against the pandemic and trade war concerns. The recent uptick of COVID-19 cases in the U.S. is worth our attention. The conflict between the U.S. and China would continue in the foreseeable future. The poll shows that the popularity of Donald Trump is declining, casting doubts on his odds of winning a second presidential term. The market has low visibility and high uncertainty. We believe that a prudent strategy would focus on strong income generation and liquidity management.

Mounting risks and minimizing policy room in the US support a theory of sticking to where we find relative value. We trust that a portfolio of strong income generation, manageable volatility and capital appreciation can be constructed. We adopt a so-called “sandwich” strategy, in which we go down the credit curve in long-duration investment grade bonds. On the high yield side, we stay relatively closer to home, involving some benchmark names rated at B or BB as well as selectively adding bonds of a B-rating.

Value Partners Hong Kong Limited 21 August 2020

Performance figures are sourced from HSBC Institutional Trust Services (Asia) Limited and Bloomberg as of 30 June 2020 in USD, NAV to NAV, with dividends reinvested. Performance data is net of all fees.

The views expressed are the views of Value Partners Hong Kong Limited only and are subject to change based on market and other conditions. The information provided does not constitute investment advice and it should not be relied on as such. All material has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. This material contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected.

SEMI-ANNUAL REPORT 2020 For the six months ended 30 June 2020 5 VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND (Incorporated as an exempted company in the Cayman Islands with limited liability) MANAGER’S REPORT (Continued)

Value Partners Greater China High Yield Income Fund – NAV as at 30 June 2020

Classes NAV per unit P Acc USD USD15.18 P Acc HKD HKD15.04 P MDis USD USD7.16 P MDis HKD HKD7.11 P MDis SGD Hedged SGD7.74 A Acc EUR Hedged EUR9.57 A MDis AUD Hedged AUD6.94 A MDis CAD Hedged CAD7.07 A MDis EUR Hedged EUR7.62 A MDis GBP Hedged GBP7.26 A MDis NZD Hedged NZD7.26 A Acc RMB Hedged RMB13.83 A Acc RMB Unhedged RMB13.85 A MDis RMB Hedged RMB8.00 A MDis RMB Unhedged RMB8.33 z MDis USD USD8.01 z Acc USD USD13.01 X Acc USD USD10.88

Performance since launch From 28 March 2012 to 30 June 2020

70% Value Partners Greater China High Yield Income Fund (P Acc USD) 60% +51.8% 50%

40%

30%

20%

10%

0%

-10% 4/2012 12/2013 12/2014 12/2015 12/2016 12/2017 12/2018 3/2020

SEMI-ANNUAL REPORT 2020 6 For the six months ended 30 June 2020 VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND (Incorporated as an exempted company in the Cayman Islands with limited liability) STATEMENT OF FINANCIAL POSITION (UNAUDITED) AS AT 30 JUNE 2020

30.06.2020 31.12.2019 US$ US$

Assets Financial assets at fair value through profit or loss 4,138,707,412 6,238,632,455 Amounts receivable on sales of investments 61,192,690 13,530,715 Amounts receivable on subscription of shares 27,630,658 7,722,993 Dividend, interest receivable and other receivables 22,164,819 97,852,540 Margin deposits 16,539,415 5,761,304 Bank balances 29,663,173 39,411,561

4,295,898,167 6,402,911,568 Total assets

Equity Administrative shares 100 100

100 100 Total equity

Liabilities Financial liabilities at fair value through profit or loss 5,912,304 4,435,352 Amounts payable on purchase of investments 116,632,580 14,007,016 Amounts payable on redemption of shares 24,064,197 28,770,514 Management fee payable 5,145,556 7,954,488 Distributions payable to redeemable participating shareholders 25,125,302 37,579,736 Bank overdrafts – 198,743,688 Accruals and other payables 571,957 943,948

Liabilities (excluding net assets attributable to 177,451,896 292,434,742 redeemable participating shareholders)

Net assets attributable to redeemable 4,118,446,171 6,110,476,726 participating shareholders

SEMI-ANNUAL REPORT 2020 For the six months ended 30 June 2020 7 VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND (Incorporated as an exempted company in the Cayman Islands with limited liability) STATEMENT OF FINANCIAL POSITION (UNAUDITED) (Continued) AS AT 30 JUNE 2020

30.06.2020 31.12.2019 Net asset value per share – Class P Acc USD with 12,830,288 (31.12.2019: 14,525,336) shares outstanding USD15.18 USD16.28 – Class P MDis USD with 169,915,538 (31.12.2019: 235,676,753) shares outstanding USD7.16 USD8.03 – Class P Acc HKD with 43,521,915 (31.12.2019: 83,218,901) shares outstanding HKD15.04 HKD16.21 – Class P MDis HKD with 1,589,409,687 (31.12.2019: 2,167,002,718) shares outstanding HKD7.11 HKD8.02 – Class P MDis SGD Hedged with 8,939,841 (31.12.2019: 13,352,280) shares outstanding SGD7.74 SGD8.71 – Class A MDis AUD Hedged with 51,391,695 (31.12.2019: 61,630,985) shares outstanding AUD6.94 AUD7.83 – Class A MDis CAD Hedged with 9,544,064 (31.12.2019: 11,908,178) shares outstanding CAD7.07 CAD7.95 – Class A Acc EUR Hedged with 867,351 (31.12.2019: 7,529,716) shares outstanding EUR9.57 EUR10.38 – Class A MDis EUR Hedged with 5,921,578 (31.12.2019: 11,978,586) shares outstanding EUR7.62 EUR8.57 – Class A MDis GBP Hedged with 4,877,012 (31.12.2019: 7,520,814) shares outstanding GBP7.26 GBP8.17 – Class A MDis NZD Hedged with 8,939,385 (31.12.2019: 11,132,216) shares outstanding NZD7.26 NZD8.17 – Class A MDis RMB Hedged with 40,287,281 (31.12.2019: 99,874,245) shares outstanding RMB8.00 RMB8.99 – Class A MDis RMB Unhedged with 2,280,018 (31.12.2019: 2,214,410) shares outstanding RMB8.33 RMB9.21 – Class A Acc RMB Hedged with 75,545,874 (31.12.2019: 91,310,557) shares outstanding RMB13.83 RMB14.81 – Class A Acc RMB Unhedged with 750,000 (31.12.2019: 750,000) shares outstanding RMB13.85 RMB14.63 – Class z MDis USD with 30,717,126 (31.12.2019: 33,042,423) shares outstanding USD8.01 USD8.96 – Class z Acc USD with 17,778,834 (31.12.2019: 7,971,483) shares outstanding USD13.01 USD13.92 – Class X Acc USD with 51,912 (31.12.2019: Nil) shares outstanding USD10.88 –

Note: Semi-annual reports have applied the same accounting policies and methods of computation as are applied in the annual reports of the Fund.

SEMI-ANNUAL REPORT 2020 8 For the six months ended 30 June 2020 VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND (Incorporated as an exempted company in the Cayman Islands with limited liability) STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2020

30.06.2020 30.06.2019 US$ US$

Income Dividend income 561,063 4,914,311 Net realised (losses)/gains on investments (327,725,371) 11,523,042 Change in unrealised gains/losses on investments (30,694,681) 481,064,041 Interest on deposits 138,118 1,689,130 Net foreign exchange losses (2,638,410) (989,387) Other income 7,989,905 607,679

(352,369,376) 498,808,816

Expenses Management fee Note 2 (34,342,712) (44,950,414) Administration and custodian fees Note 1 (3,187,598) (4,037,581) Safe custody and bank charges Note 1 (294,192) (306,156) Interest expenses Note 1 (2,191,096) (76,542) Transaction costs Note 1 (716,652) (345,341) Auditor’s remuneration (21,837) (19,911) Legal and professional fees (491,155) (866,848) Other operating expenses Note 1 (1,113,598) (790,423)

(42,358,840) (51,393,216)

(Loss)/profit before tax (394,728,216) 447,415,600

Withholding tax on dividends and other investment income – (206,255)

(Loss)/profit after tax and before distributions (394,728,216) 447,209,345

Distributions to redeemable participating shareholders (173,246,057) (253,911,200)

(Decrease)/increase in net assets attributable to redeemable participating shareholders (567,974,273) 193,298,145 from operations

SEMI-ANNUAL REPORT 2020 For the six months ended 30 June 2020 9 VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND (Incorporated as an exempted company in the Cayman Islands with limited liability) STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) (Continued) FOR THE SIX MONTHS ENDED 30 JUNE 2020

Note 1 During the period ended 30 June 2020 and 2019, other than administration and custodian fees, safe custody and bank charges and interest expenses that paid to Custodian or their connected persons, other respective amounts paid to the Custodian or their connected persons were as follows:

30.06.2020 30.06.2019 US$ US$

Transaction costs (44,443) (56,326) Other operating expenses (16,891) (14,367)

Note 2 During the period ended 30 June 2020 and 2019, other than management fee that paid to Manager, no other amounts paid to the Manager or their connected persons.

SEMI-ANNUAL REPORT 2020 10 For the six months ended 30 June 2020 VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND (Incorporated as an exempted company in the Cayman Islands with limited liability) STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2020

30.06.2020 30.06.2019 US$ US$

Net assets attributable to redeemable participating 6,110,476,726 5,022,026,214 shareholders as at 1 January

Issue of shares 1,107,165,701 3,424,840,617 Redemption of shares (2,531,221,983) (1,574,612,429)

(1,424,056,282) 1,850,228,188 Net (decrease)/increase from capital transactions

(Loss)/profit after tax and before distributions (394,728,216) 447,209,345 Distributions to redeemable participating shareholders (173,246,057) (253,911,200)

(Decrease)/increase in net assets attributable to redeemable participating shareholders from (567,974,273) 193,298,145 operations after distributions

Net assets attributable to redeemable participating 4,118,446,171 7,065,552,547 shareholders as at 30 June

SEMI-ANNUAL REPORT 2020 For the six months ended 30 June 2020 11 VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND (Incorporated as an exempted company in the Cayman Islands with limited liability) STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS (UNAUDITED) (Continued) FOR THE SIX MONTHS ENDED 30 JUNE 2020

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

As at As at 1 January Issue Redemption 30 June Number of shares 2020 of shares of shares 2020

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

SEMI-ANNUAL REPORT 2020 12 For the six months ended 30 June 2020 VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND (Incorporated as an exempted company in the Cayman Islands with limited liability) STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS (UNAUDITED) (Continued) FOR THE SIX MONTHS ENDED 30 JUNE 2020

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

As at As at 1 January Issue Redemption 30 June Number of shares 2019 of shares of shares 2019

Class P Acc USD 13,723,470 17,677,438 (6,452,483) 24,948,425 Class P MDis USD 196,293,148 134,128,918 (62,555,715) 267,866,351 Class P Acc HKD 23,104,355 50,889,037 (7,292,789) 66,700,603 Class P MDis HKD 2,283,326,397 984,638,834 (584,687,572) 2,683,277,659 Class P MDis SGD Hedged 10,657,783 3,400,508 (703,049) 13,355,242 Class A MDis AUD Hedged 54,894,690 24,621,197 (10,898,806) 68,617,081 Class A MDis CAD Hedged 10,096,456 5,065,659 (2,239,190) 12,922,925 Class A Acc EUR Hedged 863,857 3,591,994 (1,051,365) 3,404,486 Class A MDis EUR Hedged 13,763,311 1,421,898 (2,864,716) 12,320,493 Class A MDis GBP Hedged 5,994,015 2,730,676 (677,502) 8,047,189 Class A MDis NZD Hedged 8,736,650 5,745,880 (3,039,973) 11,442,557 Class A MDis RMB Hedged 47,013,749 53,998,623 (1,439,398) 99,572,974 Class A MDis RMB Unhedged 4,120,500 75,453 (57,677) 4,138,276 Class A Acc RMB Hedged 4,978,451 80,479,379 (10,475,737) 74,982,093 Class A Acc RMB Unhedged 750,000 – – 750,000 Class z MDis USD 6,352,734 17,968,308 (1,961,874) 22,359,168 Class z Acc USD 2,059,414 11,295,878 (9,162,524) 4,192,768

SEMI-ANNUAL REPORT 2020 For the six months ended 30 June 2020 13 VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND (Incorporated as an exempted company in the Cayman Islands with limited liability) STATEMENT OF CASH FLOWS (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2020

30.06.2020 30.06.2019 US$ US$

Cash flows from operating activities (Decrease)/increase in net assets attributable to redeemable participating shareholders from operations (567,974,273) 193,298,145 Adjustments for: Dividend income (561,063) (4,914,311) Interest on deposits (138,118) (1,689,130) Distribution to redeemable participating shareholders 173,246,057 253,911,200 Withholding tax on dividends and other investment income – 206,255 Interest expense 2,191,096 76,542

(393,236,301) 440,888,701

Decrease/(increase) in financial assets at fair value through profit or loss 2,099,925,043 (1,963,849,753) Increase/(decrease) in financial liabilities at fair value through profit or loss 1,476,952 (3,353,590) (Increase)/decrease in margin deposits (10,778,111) 9,455,737 Increase in amounts receivable on sales of investments (47,661,975) (33,244,524) Increase in amounts payable on purchase of investments 102,625,564 62,937,889 Decrease in other receivables 75,771,180 23,730,920 Decrease in bank overdrafts (198,743,688) – (Decrease)/increase in management fees payable (2,808,932) 1,559,920 (Decrease)/increase in accruals and other payables (348,711) 664,348

Cash generated from/(used in) operations 1,626,221,021 (1,461,210,352) Dividend received 561,063 4,914,311 Interest on deposits received 54,659 1,692,352 Interest expense paid (2,214,376) (57,941) Withholding tax on dividends and other investment income – (206,255)

1,624,622,367 (1,454,867,885) Net cash inflow/(outflow) from operating activities

SEMI-ANNUAL REPORT 2020 14 For the six months ended 30 June 2020 VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND (Incorporated as an exempted company in the Cayman Islands with limited liability) STATEMENT OF CASH FLOWS (UNAUDITED) (Continued) FOR THE SIX MONTHS ENDED 30 JUNE 2020

30.06.2020 30.06.2019 US$ US$

Cash flows from financing activities Distributions paid to redeemable participating shareholders (185,700,491) (244,177,433) Proceeds from issue of redeemable participating shares 1,087,258,036 3,210,035,761 Payments on redemption of redeemable participating shares (2,535,928,300) (1,505,555,759)

(1,634,370,755) 1,460,302,569 Net cash (outflow)/inflow from financing activities

Net (decrease)/increase in cash and cash equivalents (9,748,388) 5,434,684

Cash and cash equivalents as at 1 January 39,411,561 235,476,456

Cash and cash equivalents as at 30 June 29,663,173 240,911,140 representing bank balances

SEMI-ANNUAL REPORT 2020 For the six months ended 30 June 2020 15 VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND (Incorporated as an exempted company in the Cayman Islands with limited liability) INVESTMENT PORTFOLIO (UNAUDITED) AS AT 30 JUNE 2020

% of net Holdings Fair value assets US$

FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

Listed equity securities

Hong Kong – H Shares Times Neighborhood Holdings Ltd 846 1,149 0.00

Hong Kong – Others Longfor Group Holdings Ltd 700,000 3,328,237 0.08 Mongolian Mining Corp 16,769,361 952,024 0.02

4,280,261 0.10

Indonesia Bumi Resources Tbk PT 207,711,405 728,556 0.01 MNC Kapital Indonesia Tbk PT 1,534,847,399 16,796,641 0.41 MNC Vision Networks Tbk PT 1,574,037,231 41,517,909 1.01

59,043,106 1.43

Singapore Noble Group Ltd* 36,000,000 257,944 0.01

The United States of America AMTD International Inc ADR 2,781,065 20,023,668 0.49

Unlisted equity securities

The United States of America AMTD Digital Inc 5,500,000 41,250,000 1.00 AMTD International Inc. Class A ordinary 1,666,666 11,999,995 0.29

53,249,995 1.29

SEMI-ANNUAL REPORT 2020 16 For the six months ended 30 June 2020 VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND (Incorporated as an exempted company in the Cayman Islands with limited liability) INVESTMENT PORTFOLIO (UNAUDITED) (Continued) AS AT 30 JUNE 2020

% of net Holdings Fair value assets US$

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

Quoted debt securities

Australia Paladin Energy Ltd 10% 1/25/2023 40,915,000 31,816,229 0.77

China Anyue Xingan City Development Investment Co Ltd 7.5% 5/6/2026 28,000,000 3,872,110 0.09 Caiyun International Investment Ltd 5.5% 4/8/2022 900,000 808,587 0.02 Central China Real Estate Ltd 7.65% 8/27/2023 8,000,000 7,966,480 0.19 CFLD Cayman Investment Ltd 6.9% 1/13/2023 18,100,000 18,488,607 0.45 CFLD Cayman Investment Ltd 6.92% 6/16/2022 20,000,000 20,019,667 0.49 CFLD Cayman Investment Ltd 8.05% 1/13/2025 7,000,000 6,849,267 0.17 CFLD Cayman Investment Ltd 8.6% 4/8/2024 20,000,000 20,145,356 0.49 China Aoyuan Group Ltd 6.35% 2/8/2024 8,000,000 7,945,360 0.19 China Aoyuan Group Ltd 8.5% 1/23/2022 14,500,000 15,536,831 0.38 China Construction Bank Corp 2.45% 6/24/2030 4,000,000 3,993,586 0.10 China Evergrande Group 11.5% 1/22/2023 24,300,000 24,193,607 0.59 China Evergrande Group 4.25% 2/14/2023 170,000,000 21,047,103 0.51 China Evergrande Group 8.25% 3/23/2022 21,200,000 20,035,873 0.49 China Evergrande Group 8.9% 5/24/2021 6,500,000 6,439,922 0.16 China Evergrande Group 9.5% 3/29/2024 17,730,000 15,071,702 0.37 China Hongqiao Group Ltd 7.125% 7/22/2022 8,840,000 8,454,742 0.21 China Hongqiao Group Ltd 7.375% 5/2/2023 13,023,000 11,873,288 0.29 China Jinjiang Environment Holding Co Ltd 6% 7/27/2020 1,000,000 1,009,917 0.02 China SCE Group Holdings Ltd 5.875% 3/10/2022 11,775,000 11,823,331 0.29 China SCE Group Holdings Ltd 7.25% 4/19/2023 22,470,000 22,803,455 0.55 China SCE Group Holdings Ltd 7.375% 4/9/2024 21,000,000 21,060,871 0.51 China South City Holdings Ltd 10.875% 6/26/2022 19,100,000 17,485,294 0.42 China South City Holdings Ltd 11.5% 2/12/2022 7,000,000 7,060,007 0.17 China South City Holdings Ltd 11.875% 3/27/2021 17,500,000 17,766,297 0.43 China South City Holdings Ltd 7.25% 1/25/2021 8,000,000 8,041,173 0.19

SEMI-ANNUAL REPORT 2020 For the six months ended 30 June 2020 17 VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND (Incorporated as an exempted company in the Cayman Islands with limited liability) INVESTMENT PORTFOLIO (UNAUDITED) (Continued) AS AT 30 JUNE 2020

% of net Holdings Fair value assets US$

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

Quoted debt securities (Continued)

China (Continued) China South City Holdings Ltd 7.25% 11/20/2022 1,000,000 823,297 0.02 Chongqing Energy Investment Group Co Ltd 5.625% 3/18/2022 2,300,000 2,223,649 0.05 CIFI Holdings Group Co Ltd 6.55% 3/28/2024 4,500,000 4,711,144 0.11 CIFI Holdings Group Co Ltd 7.625% 2/28/2023 10,000,000 10,780,721 0.26 Colour Life Services Group Co Ltd 8% 2/25/2021 34,000,000 33,229,333 0.81 DaFa Properties Group Ltd 11.5% 1/27/2021 6,000,000 6,200,853 0.15 Dexin China Holdings Co Ltd 11.875% 4/23/2022 18,500,000 18,438,914 0.45 Easy Tactic Ltd 8.125% 2/27/2023 25,310,000 23,826,229 0.58 Easy Tactic Ltd 8.625% 2/27/2024 3,800,000 3,547,598 0.09 Easy Tactic Ltd 9.125% 7/28/2022 28,700,000 28,638,331 0.70 eHi Car Services Ltd 5.875% 8/14/2022 35,930,000 28,719,123 0.70 Fantasia Holdings Group Co Ltd 10.875% 1/9/2023 8,550,000 9,138,140 0.22 Fantasia Holdings Group Co Ltd 11.75% 4/17/2022 56,100,000 59,442,033 1.44 Fantasia Holdings Group Co Ltd 11.875% 6/1/2023 12,000,000 12,387,430 0.30 Fantasia Holdings Group Co Ltd 12.25% 10/18/2022 6,200,000 6,636,048 0.16 Fantasia Holdings Group Co Ltd 15% 12/18/2021 45,800,000 49,552,699 1.20 Fantasia Holdings Group Co Ltd 7.375% 10/4/2021 3,000,000 3,017,139 0.07 Fantasia Holdings Group Co Ltd 8.375% 3/8/2021 200,000 206,170 0.00 Fortune Star BVI Ltd 6.85% 7/2/2024 13,000,000 13,177,320 0.32 Fortune Star BVI Ltd 6.875% 1/31/2021 540,000 561,118 0.01 Future Land Development Holdings Ltd 6.15% 4/15/2023 8,000,000 8,040,747 0.19 GCL New Energy Holdings Ltd 7.1% 1/30/2021 15,150,000 7,710,646 0.19 GLP China Holdings Ltd 4.974% 2/26/2024 9,000,000 9,412,117 0.23 Golden Wheel Tiandi Holdings Co Ltd 12.95% 3/14/2022 13,350,000 13,928,611 0.34 Golden Wheel Tiandi Holdings Co Ltd 14.25% 1/9/2023 12,000,000 12,000,000 0.29 Golden Wheel Tiandi Holdings Co Ltd 7% 1/18/2021 25,040,000 25,490,581 0.62 Guangzhou Fangyuan Real Estate Development Co Ltd 13.5% 4/17/2021 19,700,000 20,535,083 0.50

SEMI-ANNUAL REPORT 2020 18 For the six months ended 30 June 2020 VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND (Incorporated as an exempted company in the Cayman Islands with limited liability) INVESTMENT PORTFOLIO (UNAUDITED) (Continued) AS AT 30 JUNE 2020

% of net Holdings Fair value assets US$

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

Quoted debt securities (Continued)

China (Continued) Guiyang Baiyun Industry Development Investment Co Ltd 7.5% 3/6/2026 35,000,000 5,577,809 0.14 Guizhou Guilong Industrial (Group) Co Ltd 7.8% 4/28/2022 20,000,000 1,488,178 0.04 Haikou Meilan International Airport Co Ltd 5.25% 9/6/2019 10,270,000 7,165,885 0.17 Haimen Zhongnan Investment Development International Co Ltd 10.875% 6/18/2022 34,950,000 35,451,081 0.86 Hainan Airlines (Hong Kong) Co Ltd 12% 10/29/2020 6,555,000 6,584,017 0.16 Hejun Shunze Investment Co Ltd 11% 6/4/2022 12,500,000 12,692,125 0.31 Hejun Shunze Investment Co Ltd 11% 6/4/2022(Jul) 18,000,000 18,260,020 0.44 Hejun Shunze Investment Co Ltd 12% 4/25/2021 34,400,000 35,891,584 0.87 Hejun Shunze Investment Co Ltd 9% 3/4/2021 19,500,000 20,028,060 0.49 Hilong Holding Ltd 7.25% 6/22/2020 11,127,000 4,965,090 0.12 Hilong Holding Ltd 8.25% 9/26/2022 13,210,000 5,315,226 0.13 Hong Kong JY Flower Ltd 6.1% 2/25/2023 2,000,000 2,022,700 0.05 Hong Seng Ltd 9.875% 8/27/2022 12,000,000 11,828,087 0.29 Hongkong Xiangyu Investment Co Ltd 4.5% 1/30/2023 2,500,000 2,580,637 0.06 Huarong Finance II Co Ltd 4.625% 6/3/2026 22,300,000 24,033,763 0.58 Jiangsu Nantong Sanjian International Co Ltd 7.8% 10/26/2020 14,700,000 10,865,424 0.26 Jilin Railway Investment & Development Co Ltd 6.8% 7/30/2020 30,000,000 4,502,491 0.11 Jingkai Investment Co Ltd 6.5% 12/28/2020 1,000,000 1,005,467 0.02 Jingrui Holdings Ltd 10.875% 10/4/2021 3,000,000 2,935,414 0.07 Jingrui Holdings Ltd 13% 7/31/2020 22,125,000 23,256,423 0.56 Jingrui Holdings Ltd 9.45% 4/23/2021 9,000,000 8,888,850 0.22 Kaisa Group Holdings Ltd 10.5% 1/15/2025 7,200,000 7,203,144 0.17 Kaisa Group Holdings Ltd 10.875% 7/23/2023 7,500,000 7,864,569 0.19 Kaisa Group Holdings Ltd 11.25% 4/9/2022 52,859,000 56,303,028 1.37 Kaisa Group Holdings Ltd 11.5% 1/30/2023 30,378,000 32,648,334 0.79 Kaisa Group Holdings Ltd 11.95% 10/22/2022 20,700,000 22,055,729 0.54

SEMI-ANNUAL REPORT 2020 For the six months ended 30 June 2020 19 VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND (Incorporated as an exempted company in the Cayman Islands with limited liability) INVESTMENT PORTFOLIO (UNAUDITED) (Continued) AS AT 30 JUNE 2020

% of net Holdings Fair value assets US$

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

Quoted debt securities (Continued)

China (Continued) Kangmei Pharmaceutical Co Ltd 5.2% 7/17/2022 10,000,000 293,433 0.01 Kangmei Pharmaceutical Co Ltd 6.1% 3/28/2021 40,000,000 1,435,105 0.03 KWG Group Holdings Ltd 7.875% 9/1/2023 40,260,000 42,859,991 1.04 LDK Solar Co Ltd BR Conv 5.535% 12/31/2018 5,028,379 8,111 0.00 Lianyungang Xiangyun Investment Co Ltd 7.03% 3/4/2026 30,000,000 4,436,381 0.11 Logan Property Holdings Co Ltd 6.125% 4/16/2021 5,500,000 4,034,739 0.10 MIE Holdings Corp 13.75% 4/12/2022 43,065,000 9,689,625 0.24 Modern Land China Co Ltd 12.85% 10/25/2021 40,700,000 41,435,381 1.01 Modern Land China Co Ltd 7.95% 3/5/2021 8,972,000 8,920,650 0.22 Nanshan Group Co Ltd 5.65% 10/23/2020 10,000,000 1,462,209 0.04 Nanshan Group Co Ltd 5.75% 4/12/2021 10,000,000 1,368,610 0.03 NEW Dian Group Pte Ltd 7.375% 4/23/2021 2,800,000 2,415,478 0.06 New Metro Global Ltd 6.5% 5/20/2022 3,100,000 3,140,743 0.08 New Metro Global Ltd 6.8% 8/5/2023 29,285,000 30,408,308 0.74 New Metro Global Ltd 7.125% 5/23/2021 3,000,000 3,054,152 0.07 New Metro Global Ltd 7.5% 12/16/2021 6,000,000 6,129,870 0.15 New Metro Global Ltd 7.5% 3/20/2022 9,100,000 9,491,497 0.23 Nexteer Automotive Group Ltd 5.875% 11/15/2021 1,000,000 1,004,677 0.02 Pearl Holding III Ltd 9.5% 12/11/2022 (REGS) 20,800,000 5,737,280 0.14 Proven Honour Capital Ltd 4.125% 5/6/2026 5,000,000 5,301,210 0.13 Red Star Macalline Holding Group Co Ltd 6.35% 8/2/2020 50,000,000 7,468,121 0.18 Red Star Macalline Holding Group Co Ltd 6.8% 4/26/2021 30,000,000 4,144,993 0.10 Redco Group 11% 8/29/2020 10,508,000 10,920,983 0.27 Redsun Properties Group Ltd 10.5% 10/3/2022 29,200,000 30,095,467 0.73 Redsun Properties Group Ltd 11.5% 3/4/2021 52,400,000 55,437,366 1.35 Redsun Properties Group Ltd 13% 10/30/2021 26,000,000 27,701,720 0.67 Redsun Properties Group Ltd 13.5% 12/3/2020 48,500,000 50,199,440 1.22 Redsun Properties Group Ltd 9.7% 4/16/2023 27,000,000 27,481,905 0.67 Redsun Properties Group Ltd 9.95% 4/11/2022 28,760,000 29,526,198 0.72 Reward International Investment Ltd 7.25% 1/25/2020 30,560,000 6,063,715 0.15

SEMI-ANNUAL REPORT 2020 20 For the six months ended 30 June 2020 VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND (Incorporated as an exempted company in the Cayman Islands with limited liability) INVESTMENT PORTFOLIO (UNAUDITED) (Continued) AS AT 30 JUNE 2020

% of net Holdings Fair value assets US$

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

Quoted debt securities (Continued)

China (Continued) Rock International Investment Inc 6.625% 3/27/2020 58,491,000 24,462,983 0.59 RongXingDa Development BVI Ltd 8% 4/24/2022 24,610,000 23,803,749 0.58 Ronshine China Holdings Ltd 10.5% 3/1/2022 32,400,000 35,553,168 0.86 Ronshine China Holdings Ltd 11.25% 8/22/2021 13,787,000 15,101,763 0.37 Ronshine China Holdings Ltd 8.95% 1/22/2023 1,800,000 1,957,391 0.05 SDOE International Finance I Co Ltd 5.45% 10/24/2020 1,000,000 977,411 0.02 Seazen Group Ltd 6.45% 6/11/2022 26,830,000 27,123,878 0.66 Shaanxi Xixian New Area Jinghe New City Development & Construction Group Co Ltd 7.75% 6/27/2022 8,000,000 8,067,689 0.20 Shandong Honghe Holdings Group Co Ltd 8.5% 6/23/2021 4,000,000 118,892 0.00 Sichuan Languang Development Co Ltd 7.5% 7/11/2021 30,000,000 4,527,144 0.11 Sichuan Languang Development Co Ltd 7.5% PERP 230,000,000 33,885,275 0.82 Sinic Holdings Group Co Ltd 11.75% 3/10/2021 8,000,000 8,342,262 0.20 Sunac China Holdings Ltd 7.25% 6/14/2022 22,000,000 22,448,439 0.54 Sunac China Holdings Ltd 7.5% 2/1/2024 19,500,000 20,522,385 0.50 Sunac China Holdings Ltd 7.95% 10/11/2023 18,226,000 18,972,169 0.46 Sunac China Holdings Ltd 8.35% 4/19/2023 16,500,000 17,310,877 0.42 Tahoe Group Co Ltd 7.5% 7/5/2020 120,000,000 18,241,235 0.44 Tahoe Group Co Ltd 7.5% 9/8/2020 69,000,000 8,545,794 0.21 Tahoe Group Global Co Ltd 7.875% 1/17/2021 18,300,000 10,571,965 0.26 Tahoe Group Global Co Ltd 8.125% 1/17/2023 1,500,000 960,613 0.02 Tengchong City Yuezhou Water Investment Development Co Ltd 6.2% 3/30/2026 50,000,000 6,282,102 0.15 Tianjin Water Investment Group Co Ltd 6.6% 7/28/2021 160,000,000 9,430,454 0.23 Tianrui Group Co Ltd 8% 1/15/2021 53,000,000 7,591,880 0.18 Times China Holdings Ltd 6.75% 7/16/2023 12,700,000 13,326,586 0.32 Times China Holdings Ltd 6.75% 7/8/2025 7,000,000 6,927,200 0.17

SEMI-ANNUAL REPORT 2020 For the six months ended 30 June 2020 21 VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND (Incorporated as an exempted company in the Cayman Islands with limited liability) INVESTMENT PORTFOLIO (UNAUDITED) (Continued) AS AT 30 JUNE 2020

% of net Holdings Fair value assets US$

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

Quoted debt securities (Continued)

China (Continued) Tongfang Aqua Ltd 6.8% 1/10/2022 53,700,000 52,816,528 1.28 Top Wise Excellence Enterprise Co Ltd 6% 3/16/2020 34,700,000 6,031,138 0.15 Tsinghua Unigroup Co Ltd 5.6% 11/15/2020 30,000,000 3,826,342 0.09 Tus Environmental Science And Technology Development Co Ltd 5.07% 10/18/2020 50,000,000 6,691,700 0.16 Tuspark Forward Ltd 7.9% 3/7/2021 500,000 344,412 0.01 Wanda Properties Overseas Ltd 6.875% 7/23/2023 22,600,000 22,253,398 0.54 Wanda Properties Overseas Ltd 6.95% 12/5/2022 9,708,000 9,562,083 0.23 Weifang Binhai Investment Development Co Ltd 5.8% 12/2/2020 8,000,000 8,092,095 0.20 Weifang Water Investment Co Ltd 3.7% 3/14/2021 20,000,000 2,775,207 0.07 Xiangtan Jiuhua Economic Construction Investment Co Ltd 6.38% 10/18/2024 10,000,000 1,454,728 0.04 Xiangtan Wanlou Xincheng Development Construction Investment Co Ltd 6.9% 1/14/2022 20,000,000 1,171,922 0.03 Xin Jiang Guang Hui Industry Investment (Group) Co Ltd 7.5% 8/29/2021 20,000,000 2,997,182 0.07 Xingyi Xinheng Urban Construction Investment Co Ltd 5.4% 12/16/2022 90,000,000 7,705,637 0.19 Xinhu BVI 2018 Holding Co Ltd 11% 3/14/2022 14,000,000 13,262,262 0.32 Xinping Urban Development Investment Co Ltd 7.7% 1/24/2026 50,000,000 7,043,351 0.17 Xinyuan Real Estate Co Ltd 7.75% 2/28/2021 34,500,000 29,231,476 0.71 Xinyuan Real Estate Co Ltd 8.875% 11/22/2020 20,700,000 18,414,256 0.45 Yancheng High-tech Zone Investment Group Co Ltd 7.5% 10/13/2020 11,500,000 12,129,203 0.29 Yango Cayman Investment Ltd 12.5% 2/20/2022 25,000,000 25,857,228 0.63 Yango Cayman Investment Ltd 12.5% 9/24/2021 27,000,000 27,295,611 0.66 Yango Group Co Ltd 7.5% PERP 10,000,000 1,490,585 0.04 Yango Justice International Ltd 10% 2/12/2023 24,250,000 25,397,779 0.62 Yango Justice International Ltd 10.25% 3/18/2022 33,654,000 35,771,388 0.87 Yango Justice International Ltd 8.25% 11/25/2023 23,450,000 23,182,318 0.56 Yango Justice International Ltd 9.25% 4/15/2023 27,200,000 28,292,669 0.69

SEMI-ANNUAL REPORT 2020 22 For the six months ended 30 June 2020 VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND (Incorporated as an exempted company in the Cayman Islands with limited liability) INVESTMENT PORTFOLIO (UNAUDITED) (Continued) AS AT 30 JUNE 2020

% of net Holdings Fair value assets US$

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

Quoted debt securities (Continued)

China (Continued) Yango Justice International Ltd 9.5% 4/3/2021 55,000,000 57,143,472 1.39 Yida China Holdings Ltd 10% 3/27/2022 18,000,000 13,851,704 0.34 Yihua Overseas Investment Ltd 8.5% 10/23/2020 13,800,000 5,812,926 0.14 Yuzhou Properties Co Ltd 5.375% PERP 8,000,000 7,368,449 0.18 Yuzhou Properties Co Ltd 8.3% 5/27/2025 3,000,000 2,994,807 0.07 Yuzhou Properties Co Ltd 8.375% 10/30/2024 7,517,000 7,723,199 0.19 Yuzhou Properties Co Ltd 8.5% 2/26/2024 34,216,000 36,104,514 0.88 Yuzhou Properties Co Ltd 8.5% 2/4/2023 12,420,000 13,375,201 0.32 Zhenjiang Transportation Industry Group Co Ltd 7% 11/28/2022 5,000,000 5,172,358 0.13 Zhenro Properties Group Ltd 10.25% PERP 8,500,000 8,828,667 0.21 Zhenro Properties Group Ltd 8.3% 9/15/2023 7,330,000 7,241,372 0.18 Zhenro Properties Group Ltd 8.35% 3/10/2024 5,000,000 4,979,439 0.12 Zhenro Properties Group Ltd 8.7% 8/3/2022 10,000,000 10,439,367 0.25 Zhenro Properties Group Ltd 9.15% 3/8/2022 18,000,000 18,950,595 0.46 Zhenro Properties Group Ltd 9.15% 5/6/2023 24,200,000 24,903,232 0.60 Zunyi Road & Bridge Construction (Group) Ltd 6.1% 4/27/2023 40,000,000 3,076,239 0.07 Zunyi Road & Bridge Construction (Group) Ltd 8% 2/1/2022 18,000,000 18,875,490 0.46

2,500,232,833 60.71

Germany Commerzbank AG 6.125% PERP 4,000,000 4,301,673 0.11

Great Britain BP Capital Markets PLC 3.25% PERP 2,000,000 2,259,844 0.05 BP Capital Markets PLC 3.625% PERP 2,500,000 2,827,764 0.07 BP Capital Markets PLC 4.25% PERP 2,500,000 3,105,539 0.08 House of Fraser Funding PLC 6.51175% 9/15/2020 6,665,000 417,289 0.01

SEMI-ANNUAL REPORT 2020 For the six months ended 30 June 2020 23 VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND (Incorporated as an exempted company in the Cayman Islands with limited liability) INVESTMENT PORTFOLIO (UNAUDITED) (Continued) AS AT 30 JUNE 2020

% of net Holdings Fair value assets US$

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

Quoted debt securities (Continued)

Great Britain (Continued) New Look Secured Issuer PLC 6.5% 7/1/2022 500,000 35,315 0.00

8,645,751 0.21

Hong Kong AMTD Group Co Ltd 5% 3/8/2022 18,285,000 16,743,473 0.41 AMTD Group Co Ltd 5% 9/8/2022 39,665,000 36,321,020 0.88 AMTD HKIB Convertible Note 2% 06/19/2023 15,000,000 12,762,500 0.31 AMTD International Inc 7.25% PERP 20,000,000 20,189,306 0.49 Blue Skyview Co Ltd 7.125% PERP 65,426,000 34,846,482 0.85 Celestial Dynasty Ltd 4.25% 6/27/2029 5,000,000 4,985,111 0.12 Estate Sky Ltd 5.75% PERP 19,300,000 17,500,756 0.42 Hong Yang Group Co Ltd 11.5% 8/1/2021 32,000,000 34,573,813 0.84 Hongkong Electric Finance Ltd 2.25% 6/9/2030 900,000 895,829 0.02 Hysan MTN Ltd 2.82% 9/4/2029 3,000,000 3,025,395 0.07 Hysan MTN Ltd 2.875% 6/2/2027 5,000,000 5,055,030 0.12 New Lion Bridge Co Ltd 9.75% 10/10/2020 16,900,000 17,013,238 0.41 NWD Finance BVI Ltd 5.25% PERP 3,500,000 3,590,134 0.09 NWD MTN Ltd 4.5% 5/19/2030 4,255,000 4,286,274 0.10 Panda Green Energy Group Ltd 8% 1/20/2022 93,089,000 91,659,412 2.23 REXLot Holdings Ltd 4.5% 4/17/2019 130,000,000 1,569,882 0.04 RH International Finance Ltd 6.5% PERP 14,800,000 11,365,265 0.28

316,382,920 7.68

India Adani Electricity Mumbai Ltd 3.949% 2/12/2030 2,000,000 1,905,595 0.05 Greenko Mauritius Ltd 6.25% 2/21/2023 6,500,000 6,682,061 0.16 ITNL Offshore Pte Ltd 7.5% 1/18/2021 25,200,000 809,360 0.02 Jaiprakash Power Ventures Ltd 7% 5/15/2017 27,898,000 628,279 0.01 Rolta Americas LLC 8.875% 7/24/2019 36,085,000 4,652,439 0.11 Rolta Americas LLC 8.875% 7/24/2019 (144A) 4,000,000 571,080 0.01 Rolta LLC 10.75% 5/16/2018 20,800,000 1,987,712 0.05 Vedanta Resources Finance II PLC 8% 4/23/2023 7,650,000 5,763,748 0.14 SEMI-ANNUAL REPORT 2020 24 For the six months ended 30 June 2020 VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND (Incorporated as an exempted company in the Cayman Islands with limited liability) INVESTMENT PORTFOLIO (UNAUDITED) (Continued) AS AT 30 JUNE 2020

% of net Holdings Fair value assets US$

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

Quoted debt securities (Continued)

India (Continued) Vedanta Resources Finance II PLC 9.25% 4/23/2026 7,249,000 5,376,164 0.13 Vedanta Resources Ltd 6.125% 8/9/2024 14,055,000 10,133,882 0.25 Vedanta Resources Ltd 6.375% 7/30/2022 11,950,000 9,457,345 0.23 Vedanta Resources Ltd 7.125% 5/31/2023 3,200,000 2,361,893 0.06

50,329,558 1.22

Indonesia Alam Synergy Pte Ltd 11.5% 4/22/2021 13,920,000 6,946,755 0.17 Alam Synergy Pte Ltd 6.625% 4/24/2022 79,978,000 38,542,987 0.94 Bakrie Telecom Pte Ltd 11.5% 5/7/2015 2,000,000 17,420 0.00 Bayan Resources Tbk PT 6.125% 1/24/2023 4,108,000 3,929,474 0.09 Bumi Resources Tbk PT 0% 12/11/2022 1,000,000 329,873 0.01 Eterna Capital Pte Ltd 7.5% 12/11/2022 11,695,309 6,674,513 0.16 Eterna Capital Pte Ltd 8% 12/11/2022 7,735,523 2,389,503 0.06 Innovate Capital Pte Ltd 6% 12/11/2024 128,380,814 42,814,162 1.04 JGC Ventures Pte Ltd 10.75% 8/30/2021 27,050,000 12,529,561 0.30 MNC Investama Tbk PT 9% 5/11/2021 70,819,000 55,108,513 1.34 Project Rally Term Loan LIBOR 7.5% 12/12/19 28,320,188 28,901,768 0.70 Soechi Capital Pte Ltd 8.375% 1/31/2023 56,260,000 38,129,004 0.93

236,313,533 5.74

Japan Takeda Pharmaceutical Co Ltd 2.05% 3/31/2030 2,800,000 2,794,512 0.06 Takeda Pharmaceutical Co Ltd 3.025% 7/9/2040 2,800,000 2,800,000 0.07 Takeda Pharmaceutical Co Ltd 3.175% 7/9/2050 2,800,000 2,800,000 0.07 Takeda Pharmaceutical Co Ltd 3.375% 7/9/2060 2,000,000 2,000,000 0.05

10,394,512 0.25

SEMI-ANNUAL REPORT 2020 For the six months ended 30 June 2020 25 VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND (Incorporated as an exempted company in the Cayman Islands with limited liability) INVESTMENT PORTFOLIO (UNAUDITED) (Continued) AS AT 30 JUNE 2020

% of net Holdings Fair value assets US$

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

Quoted debt securities (Continued)

Macao Wynn Macau Ltd 5.5% 1/15/2026 26,100,000 25,812,662 0.63

Malaysia Nam Cheong Ltd Term Loan 4% 12/31/2024 1,133,114 828,216 0.02

Mongolia Mongolian Mining Corp/Energy Resources LLC 9.25% 4/15/2024 68,277,000 48,475,836 1.18

Netherlands Samvardhana Motherson Automotive Systems Group BV 4.875% 12/16/2021 3,460,000 3,405,682 0.08

Peru Banco de Credito del Peru 3.125% 7/1/2030 3,500,000 3,472,735 0.08

Philippines Jollibee Worldwide Pte Ltd 4.125% 1/24/2026 6,000,000 6,024,072 0.15 Jollibee Worldwide Pte Ltd 4.75% 6/24/2030 8,000,000 7,973,309 0.19 PLDT Inc 3.45% 6/23/2050 4,000,000 4,043,627 0.10 Royal Capital BV 4.875% PERP 500,000 495,937 0.01

18,536,945 0.45

Russia Bank Otkritie Financial Corp OJSC Via OFCB Capital PLC 10% 4/26/2019 26,715,000 3,142,352 0.08

Singapore GLP Pte Ltd 3.875% 6/4/2025 2,500,000 2,487,441 0.06 Hyflux Ltd 4.2% 8/29/2019 11,000,000 2,555,856 0.06 Hyflux Ltd 4.25% 9/7/2018 6,500,000 1,447,064 0.04 Hyflux Ltd 4.6% 9/23/2019 3,000,000 699,738 0.02 Lippo Malls Indonesia Retail Trust 7% PERP** 3,250,000 1,966,974 0.05

SEMI-ANNUAL REPORT 2020 26 For the six months ended 30 June 2020 VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND (Incorporated as an exempted company in the Cayman Islands with limited liability) INVESTMENT PORTFOLIO (UNAUDITED) (Continued) AS AT 30 JUNE 2020

% of net Holdings Fair value assets US$

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

Quoted debt securities (Continued)

Singapore (Continued) Miclyn Express Offshore Pte Ltd 8.75% 11/25/2018 33,200,000 8,404,248 0.20

17,561,321 0.43

Sri Lanka Sri Lanka Government International Bond 5.75% 1/18/2022 2,000,000 1,639,709 0.04 Sri Lanka Government International Bond 5.75% 4/18/2023 26,426,000 19,039,127 0.46 Sri Lanka Government International Bond 5.875% 7/25/2022 2,928,000 2,355,513 0.06 Sri Lanka Government International Bond 6.125% 6/3/2025 1,000,000 677,894 0.02 Sri Lanka Government International Bond 6.2% 5/11/2027 13,161,000 8,756,818 0.21 Sri Lanka Government International Bond 6.35% 6/28/2024 10,810,000 7,601,907 0.18 Sri Lanka Government International Bond 6.75% 4/18/2028 11,166,000 7,486,552 0.18 Sri Lanka Government International Bond 6.825% 7/18/2026 3,000,000 2,088,906 0.05 Sri Lanka Government International Bond 6.85% 11/3/2025 4,000,000 2,745,944 0.07 Sri Lanka Government International Bond 6.85% 3/14/2024 23,128,000 16,752,937 0.41 Sri Lanka Government International Bond 7.55% 3/28/2030 22,729,000 15,296,712 0.37 SriLankan Airlines Ltd 7% 6/25/2024 1,000,000 510,507 0.01

84,952,526 2.06

SEMI-ANNUAL REPORT 2020 For the six months ended 30 June 2020 27 VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND (Incorporated as an exempted company in the Cayman Islands with limited liability) INVESTMENT PORTFOLIO (UNAUDITED) (Continued) AS AT 30 JUNE 2020

% of net Holdings Fair value assets US$

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

Quoted debt securities (Continued)

Thailand CP Foods Capital Ltd 0.5% 6/18/2025 15,400,000 15,529,984 0.38 Minor International PCL 3.1% PERP 3,000,000 3,020,347 0.07 Thaioil Treasury Center Co Ltd 3.75% 6/18/2050 500,000 503,042 0.01

19,053,373 0.46

The United States of America Hyundai Capital America 3.5% 11/2/2026 2,000,000 2,064,792 0.05 KKR REIGN I Ltd 5% 5/30/2049 25,000,000 23,857,639 0.58 New Cotai LLC / New Cotai Capital Corp 10.625% 5/1/2019 4,134,912 1,898,495 0.05

27,820,926 0.68

Uruguay Uruguay Government International Bond 3.875% 7/2/2040 19,580,000 467,391 0.01

Unlisted investment funds

Cayman Islands Value Partners Asia Principal Credit Fund Limited Partnership** 500,000 48,832,000 1.19 Value Partners Fixed Income SPC - Value Partners Credit Opportunities Fund SP Class X Acc USD** 1,151,524 130,214,309 3.16 Value Partners Fixed Income SPC - Value Partners Credit Opportunities Fund SP Class Z Acc USD** 95,602 10,395,794 0.25

189,442,103 4.60

SEMI-ANNUAL REPORT 2020 28 For the six months ended 30 June 2020 VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND (Incorporated as an exempted company in the Cayman Islands with limited liability) INVESTMENT PORTFOLIO (UNAUDITED) (Continued) AS AT 30 JUNE 2020

% of net Holdings Fair value assets US$

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

Unlisted investment funds (Continued)

Ireland Value Partners Ireland Fund ICAV - Value Partners Greater China High Yield Bond Fund Class A Acc HKD** 776,363 1,011,730 0.03 Value Partners Ireland Fund ICAV - Value Partners Greater China High Yield Bond Fund Class A Mdis HKD** 776,363 967,654 0.02 Value Partners Ireland Fund ICAV - Value Partners Greater China High Yield Bond Fund Class A MDis USD** 1,022,544 10,266,346 0.25 Value Partners Ireland Fund ICAV - Value Partners Greater China High Yield Bond Fund Class X Acc USD** 5,832,257 61,705,274 1.50

73,951,004 1.80

Unquoted debt securities

Australia AM 9 Hunter Loan 7,908,750 6,514,144 0.16 Marrylands Private Note 22% 03/31/2022 20,939,086 14,292,481 0.35 Persephone Co. Pty Ltd. TERM LOAN 11% due Oct 2021 89,163,257 54,514,398 1.32 Project Cobbitty Cobbitty 1 pty Ltd 11% 03/31/2022 25,000,000 14,389,882 0.35

89,710,905 2.18

British Virgin Islands VMS CSW 1 Land Holdings Ltd 8.25% 6/22/2021 240,500,000 30,429,991 0.74

Cayman Islands Signum Millenia I Ltd Term Loan 8.5% 9/14/2020 8,700,000 8,713,219 0.21

SEMI-ANNUAL REPORT 2020 For the six months ended 30 June 2020 29 VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND (Incorporated as an exempted company in the Cayman Islands with limited liability) INVESTMENT PORTFOLIO (UNAUDITED) (Continued) AS AT 30 JUNE 2020

% of net Holdings Fair value assets US$

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

Unquoted debt securities (Continued)

China Hainan Airlines Term Loan 9.5% 10/24/2021 59,000,000 47,063,153 1.14 Jiayuan 11.375% Senior Secured Notes due 2022 50,000,000 44,182,118 1.07 Jumbo Fortune Enterprises Ltd 8.5% 10/3/2021 9,000,000 8,372,125 0.20 MIE Holdings Corporation 15% Senior Note Due 2020 28,000,000 19,600,000 0.48 Zhong YI Holdings Ltd 10% 3/29/2021 15,000,000 – –

119,217,396 2.89

Hong Kong Chinlink International Holdings Ltd 13% 8/30/2021 28,000,000 17,235,556 0.42 EV Wanchai 1 Holdings Ltd 8.155% 11/29/2020 352,500,000 39,796,590 0.97

57,032,146 1.39

Indonesia Azion Bao Pte Ltd 0% 12/31/2022 56,000 14,466 0.00

Japan TKJP Corp 0.582% 3/26/2021 900,000,000 – – TKJP Corp 0.847% 3/6/2019 800,000,000 – – TKJP Corp 1.021% 12/15/2017 200,000,000 – –

– –

Luxembourg Deutsche Bank Luxembourg SA 0% 4/2/2022 25,000,000 19,875,000 0.48

1,518,085 0.04 Currency forwards

Total financial assets at fair value through 4,138,707,412 100.50 profit or loss

SEMI-ANNUAL REPORT 2020 30 For the six months ended 30 June 2020 VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND (Incorporated as an exempted company in the Cayman Islands with limited liability) INVESTMENT PORTFOLIO (UNAUDITED) (Continued) AS AT 30 JUNE 2020

% of net Holdings Fair value assets US$

FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS

(5,912,304) (0.14) Currency forwards

Total financial liabilities at fair value through (5,912,304) (0.14) profit or loss

4,132,795,108 100.36 Total investments, net

Total investments, at cost 4,477,644,293 (inclusive of transaction cost)

* The trading of equity securities has been suspended.

** The Trust and investment funds are not authorized in Hong Kong and not available to the public in Hong Kong.

SEMI-ANNUAL REPORT 2020 For the six months ended 30 June 2020 31 VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND (Incorporated as an exempted company in the Cayman Islands with limited liability) INVESTMENT PORTFOLIO MOVEMENTS (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2020

% of net assets 30.06.2020 31.12.2019

Listed equity securities Australia – 0.16 Hong Kong – H Shares 0.00 0.21 – Others 0.10 1.70 Indonesia 1.43 0.20 Singapore 0.01 0.03 The United States of America 0.49 1.04

2.03 3.34

Unlisted equity securities Hong Kong – 0.29 The United States of America 1.29 0.20

1.29 0.49

Quoted debt securities Argentina – 0.31 Australia 0.77 0.59 Brazil – 0.48 Cayman Islands – 0.20 China 60.71 66.38 Germany 0.11 0.03 Great Britain 0.21 0.17 Hong Kong 7.68 5.93 Hungary – 0.08 India 1.22 1.25 Indonesia 5.74 5.61 Japan 0.25 – Kazakhstan – 0.23 Macao 0.63 0.05 Malaysia 0.02 – Mexico – 0.30 Mongolia 1.18 1.24 Netherlands 0.08 – Peru 0.08 – Philippines 0.45 – Russia 0.08 0.42 Singapore 0.43 1.01 Sri Lanka 2.06 0.85 SEMI-ANNUAL REPORT 2020 32 For the six months ended 30 June 2020 VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND (Incorporated as an exempted company in the Cayman Islands with limited liability) INVESTMENT PORTFOLIO MOVEMENTS (UNAUDITED) (Continued) FOR THE SIX MONTHS ENDED 30 JUNE 2020

% of net assets 30.06.2020 31.12.2019

Quoted debt securities (Continued) Thailand 0.46 – The United States of America 0.68 0.44 United Arab Emirates – 0.14 Uruguay 0.01 – Venezuela – 0.19

82.85 85.90

Unlisted investment funds Cayman Islands 4.60 3.14 Hong Kong – 1.33 Ireland 1.80 0.83

6.40 5.30

Unquoted debt securities Australia 2.18 1.85 British Virgin Islands 0.74 0.69 Cayman Islands 0.21 0.15 China 2.89 2.64 Hong Kong 1.39 1.18 Indonesia 0.00 0.00 Luxembourg 0.48 0.37

7.89 6.88

(0.10) 0.12 Currency forwards

100.36 102.03 Total investments, net

SEMI-ANNUAL REPORT 2020 For the six months ended 30 June 2020 33 VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND (Incorporated as an exempted company in the Cayman Islands with limited liability) DETAILS IN RESPECT OF FINANCIAL DERIVATIVE INSTRUMENTS (UNAUDITED) AS AT 30 JUNE 2020

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

Financial assets:

Currency forwards

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

USD 2,205,600 EUR 2,000,000 21st July 2020 UBS AG 40,044 Hong Kong and Shanghai Banking SGD 1,001,941 USD 720,291 30th July 2020 Corporation Limited 2,346 Hong Kong and Shanghai Banking AUD 301,793 USD 207,792 31st July 2020 Corporation Limited 827 Hong Kong and Shanghai Banking AUD 260,845 USD 179,520 31st July 2020 Corporation Limited 636 Hong Kong and Shanghai Banking AUD 140,897 USD 96,967 31st July 2020 Corporation Limited 342 Hong Kong and Shanghai Banking CAD 33,379 USD 24,463 31st July 2020 Corporation Limited 52 Hong Kong and Shanghai Banking EUR 488,911 USD 549,112 31st July 2020 Corporation Limited 31 Hong Kong and Shanghai Banking EUR 227,906 USD 257,751 31st July 2020 Corporation Limited 1,796 Hong Kong and Shanghai Banking EUR 503,120 USD 569,005 31st July 2020 Corporation Limited 3,966 Hong Kong and Shanghai Banking GBP 18,098 USD 22,618 31st July 2020 Corporation Limited 383 Hong Kong and Shanghai Banking NZD 96 USD 62 31st July 2020 Corporation Limited –

SEMI-ANNUAL REPORT 2020 34 For the six months ended 30 June 2020 VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND (Incorporated as an exempted company in the Cayman Islands with limited liability) DETAILS IN RESPECT OF FINANCIAL DERIVATIVE INSTRUMENTS (UNAUDITED) (Continued) AS AT 30 JUNE 2020

Financial assets (Continued):

Currency forwards (Continued)

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

Hong Kong and Shanghai Banking USD 3,338 EUR 2,975 31st July 2020 Corporation Limited 3 Hong Kong and AUD 118,000,000 USD 82,266,060 10th September Shanghai Banking 2020 Corporation Limited 1,338,191 AUD 11,000,000 USD 7,673,600 11th September UBS AG 2020 129,468

1,518,085

Financial liabilities:

Currency forwards

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

Hong Kong and Shanghai Banking CNH 1,000,000,000 USD 141,213,020 14th July 2020 Corporation Limited (144,570) EUR 2,000,000 USD 2,178,200 21st July 2020 UBS AG (67,444) Hong Kong and Shanghai Banking USD 719 SGD 1,000 30th July 2020 Corporation Limited (2) Hong Kong and Shanghai Banking USD 50,218,040 SGD 69,817,890 30th July 2020 Corporation Limited (189,725) Hong Kong and Shanghai Banking USD 703,448 AUD 1,022,683 31st July 2020 Corporation Limited (2,106) Hong Kong and Shanghai Banking USD 201,154 AUD 290,699 31st July 2020 Corporation Limited (1,796)

SEMI-ANNUAL REPORT 2020 For the six months ended 30 June 2020 35 VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND (Incorporated as an exempted company in the Cayman Islands with limited liability) DETAILS IN RESPECT OF FINANCIAL DERIVATIVE INSTRUMENTS (UNAUDITED) (Continued) AS AT 30 JUNE 2020

Financial liabilities (Continued):

Currency forwards (Continued)

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

Hong Kong and Shanghai Banking USD 235,354 AUD 339,253 31st July 2020 Corporation Limited (2,699) Hong Kong and Shanghai Banking USD 245,544,222 AUD 353,837,141 31st July 2020 Corporation Limited (2,887,435) Hong Kong and Shanghai Banking USD 32,734 CAD 44,383 31st July 2020 Corporation Limited (276) Hong Kong and Shanghai Banking USD 49,680,918 CAD 67,101,234 31st July 2020 Corporation Limited (608,420) Hong Kong and Shanghai Banking USD 520,352 EUR 460,235 31st July 2020 Corporation Limited (3,476) Hong Kong and Shanghai Banking USD 9,786,257 EUR 8,649,099 31st July 2020 Corporation Limited (72,709) Hong Kong and Shanghai Banking EUR 100,000 USD 112,169 31st July 2020 Corporation Limited (138) Hong Kong and Shanghai Banking USD 104,993 EUR 93,464 31st July 2020 Corporation Limited (26) Hong Kong and Shanghai Banking USD 51,485,715 EUR 45,503,103 31st July 2020 Corporation Limited (382,523) Hong Kong and Shanghai Banking USD 1,218 GBP 985 31st July 2020 Corporation Limited (8) Hong Kong and Shanghai Banking USD 44,029,953 GBP 35,220,441 31st July 2020 Corporation Limited (758,567)

SEMI-ANNUAL REPORT 2020 36 For the six months ended 30 June 2020 VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND (Incorporated as an exempted company in the Cayman Islands with limited liability) DETAILS IN RESPECT OF FINANCIAL DERIVATIVE INSTRUMENTS (UNAUDITED) (Continued) AS AT 30 JUNE 2020

Financial liabilities (Continued):

Currency forwards (Continued)

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

Hong Kong and Shanghai Banking USD 121 GBP 97 31st July 2020 Corporation Limited (1) Hong Kong and Shanghai Banking USD 4,035 NZD 6,264 31st July 2020 Corporation Limited (18) Hong Kong and Shanghai Banking USD 40,131 NZD 61,774 31st July 2020 Corporation Limited (516) Hong Kong and Shanghai Banking USD 41,886,973 NZD 64,466,788 31st July 2020 Corporation Limited (545,773) Hong Kong and Shanghai Banking USD 145,824,713 CNH 1,031,275,723 31st July 2020 Corporation Limited (182,465) Hong Kong and Shanghai Banking USD 45,633,915 CNH 322,692,156 31st July 2020 Corporation Limited (61,611)

(5,912,304)

SEMI-ANNUAL REPORT 2020 For the six months ended 30 June 2020 37 VALUE PARTNERS GREATER CHINA HIGH YIELD INCOME FUND (Incorporated as an exempted company in the Cayman Islands with limited liability) 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 2020, the Fund declared total distributions to redeemable participating shareholders of US$173,246,057 (period ended 30 June 2019: US$253,911,200).

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

01.01.2020 01.01.2019 Classes to 30.06.2020 to 30.06.2019 Frequency Ex-dividend dates*

Class P MDis USD Shares USD0.0573 USD0.0621 Monthly Last business day of January to March Class P MDis USD Shares USD0.0522 USD0.0621 Monthly Last business day of April to June Class P MDis HKD Shares HKD0.0576 HKD0.0622 Monthly Last business day of January to March Class P MDis HKD Shares HKD0.0518 HKD0.0622 Monthly Last business day of April to June Class P MDis SGD Hedged Shares SGD0.0604 SGD0.0630 Monthly Last business day of January to March Class P MDis SGD Hedged Shares SGD0.0560 SGD0.0625 Monthly Last business day of April to June Class A MDis AUD Hedged Shares AUD0.0527 AUD0.0609 Monthly Last business day of January to March Class A MDis AUD Hedged Shares AUD0.0506 AUD0.0578 Monthly Last business day of April to June Class A MDis CAD Hedged Shares CAD0.0551 CAD0.0595 Monthly Last business day of January to March Class A MDis CAD Hedged Shares CAD0.0510 CAD0.0571 Monthly Last business day of April to June Class A MDis EUR Hedged Shares EUR0.0431 EUR0.0482 Monthly Last business day of January to March Class A MDis EUR Hedged Shares EUR0.0498 EUR0.0450 Monthly Last business day of April to June Class A MDis GBP Hedged Shares GBP0.0497 GBP0.0576 Monthly Last business day of January to March Class A MDis GBP Hedged Shares GBP0.0521 GBP0.0522 Monthly Last business day of April to June Class A MDis NZD Hedged Shares NZD0.0549 NZD0.0652 Monthly Last business day of January to March Class A MDis NZD Hedged Shares NZD0.0539 NZD0.0602 Monthly Last business day of April to June Class A MDis RMB Hedged Shares RMB0.0691 RMB0.0829 Monthly Last business day of January to March Class A MDis RMB Hedged Shares RMB0.0648 RMB0.0716 Monthly Last business day of April to June Class A MDis RMB Unhedged Shares RMB0.0666 RMB0.0640 Monthly Last business day of January to March Class A MDis RMB Unhedged Shares RMB0.0610 RMB0.0701 Monthly Last business day of April to June Class z MDis USD Shares USD0.0639 USD0.0698 Monthly Last business day of January to March Class z MDis USD Shares USD0.0584 USD0.0698 Monthly Last business day of April to June

* Last business day of each month in 2020 are 31 January 2020, 28 February 2020, 31 March 2020, 29 April 2020, 29 May 2020 and 30 June 2020.

Last business day of each month in 2019 are 31 January 2019, 28 February 2019, 29 March 2019, 30 April 2019, 31 May 2019 and 28 June 2019.

SEMI-ANNUAL REPORT 2020 38 For the six months ended 30 June 2020

The sales prospectus or the terms of contract or the Placement Memorandum, the

Articles of Association or the Limited Partnership Agreement or the Trust deed as well as the annual and semi-annual reports of the Fund may be obtained free of charge from the Swiss Representative. In respect of the Shares distributed in Switzerland to

Qualified Investors, place of performance and jurisdiction is at the registered office of the Representative.

Swiss Representative: FIRST INDEPENDENT FUND SERVICES LTD, Klausstrasse 33,

CH-8008 Zurich.

Swiss Paying Agent: NPB Neue Privat Bank AG, Limmatquai 1, CH-8024 Zurich.