Société d'Investissement à Capital Variable

SICAV

R.C.S Luxembourg B 26 141

Unaudited Semi-Annual Report

Manulife Global FundSociété d'Investissement à Capital Variable

for the six month period ended 31 December 2020

No subscription can be received on the basis of �nancial reports. Subscriptions are only valid if made on the bases of the current prospectus, accompanied by the latest annual report and semi-annual report if published therea�er.

Contents

Directors ..................................................................................................................................................... 1Management and Administration ............................................................................................................. 2Directors’ Report ........................................................................................................................................ 4Statement of Net Assets ........................................................................................................................... 10Statement of Changes in Net Assets ........................................................................................................ 15Statement of Operations ........................................................................................................................... 20Statistical Information ............................................................................................................................... 25Statement of Changes in Shares .............................................................................................................. 35Industrial Composition of Portfolios as a Percentage of Net Asset Value .............................................. 55Portfolio of Investments ............................................................................................................................ 61ASEAN Equity Fund ..................................................................................................................................... 61Asia Total Return Fund1 ................................................................................................................................. 63Asia Pacific REIT Fund .................................................................................................................................. 68Asia Value Dividend Equity Fund .................................................................................................................. 70Asian Equity Fund ........................................................................................................................................ 73Asian High Yield Fund ................................................................................................................................... 76Asian Small Cap Equity Fund ........................................................................................................................ 79China Total Return Bond Fund....................................................................................................................... 83China Value Fund .......................................................................................................................................... 88Dragon Growth Fund1................................................................................................................................... 91Dynamic Leaders Fund*............................................................................................................................... 94Emerging Eastern Europe Fund ................................................................................................................... 97European Growth Fund ................................................................................................................................ 99Global Equity Fund ....................................................................................................................................... 102Global Multi-Asset Diversified Income Fund ................................................................................................ 104Global REIT Fund .......................................................................................................................................... 122Global Resources Fund ................................................................................................................................ 126Healthcare Fund ........................................................................................................................................... 129India Equity Fund ......................................................................................................................................... 131Japan Equity Fund ........................................................................................................................................ 133Latin America Equity Fund ........................................................................................................................... 134Preferred Securities Income Fund ................................................................................................................ 136Sustainable Asia Bond Fund*1 ...................................................................................................................... 141Taiwan Equity Fund ...................................................................................................................................... 147U.S. Bond Fund ............................................................................................................................................ 149U.S. Equity Fund .......................................................................................................................................... 169U.S. Small Cap Equity Fund .......................................................................................................................... 171U.S. Special Opportunities Fund ................................................................................................................... 174Notes to the Financial Statements ........................................................................................................... 182Information for Shareholders .................................................................................................................... 220Supplementary Information ...................................................................................................................... 221

1 This Unaudited Semi-Annual Report includes inter alia information in relation to those sub-funds as indicated. These Sub-Funds have been registered for distribution with the German Financial Regulator (the BaFin) pursuant to section 310 of the German Capital Investment Code and only shares in those Sub-Funds will be marketed to investors within Germany.

* Refer to note 12

1

Directors

M A N U L I F E G L O B A L F U N D

DIRECTORSPaul Smith (Chairman)c/o Manulife Investment Management (Hong Kong) Limited16th FloorLee Garden One33 Hysan AvenueCauseway Bay Hong Kong SAR

Christakis Partassides29-31 Kasou StreetFlat 402CY-1086 NicosiaCyprus

Yves Wagner19, rue de BitbourgL-1273 LuxembourgGrand Duchy of Luxembourg

Gianni Fiacco16th FloorLee Garden One33 Hysan AvenueCauseway BayHong Kong SAR

John Li19, rue de BitbourgL-1273 LuxembourgGrand Duchy of Luxembourg

Leonardo Zerilli200 Berkeley StBoston MA 02116United States of America

2

Management and Administration


Registered Office31, Z.A. BourmichtL - 8070 Bertrange

Grand Duchy of LuxembourgR.C.S. Luxembourg B26141

MANAGEMENT COMPANYCarne Global Fund Managers (Luxembourg) S.A.3, rue Jean PiretL-2350 LuxembourgGrand Duchy of Luxembourg

DistributorManulife Investment Management International Holdings LimitedThe Goddard BuildingHaggatt HallSt. MichaelBarbados

Depositary, Administrator,Registrar and Paying AgentCitibank Europe plc, Luxembourg Branch31, Z.A. BourmichtL -8070 BertrangeGrand Duchy of LuxembourgTel: (352) 45 14 14 1Fax: (352) 45 14 14 332

Legal AdvisersLuxembourgLinklaters LLPAvenue J.F. Kennedy 35L -1855 LuxembourgGrand Duchy of Luxembourg

Hong KongDechert31st Floor, Jardine HouseOne Connaught PlaceCentralHong Kong SAR

Hong Kong DistributorManulife Investment Management (Hong Kong) Limited16th FloorLee Garden One33 Hysan AvenueCauseway BayHong Kong SARTel: (852) 2510 3388Fax: (852) 2810 9510

Investment ManagersFiera Capital (UK) Limited3rd Floor, Queensberry House3 Old Burlington StreetMayfairLondon W1S 3AEUnited Kingdom(Investment Manager of the Emerging EasternEurope Fund and Latin America Equity Fund)

Manulife Investment Management (Hong Kong) Limited16th FloorLee Garden One33 Hysan AvenueCauseway BayHong Kong SAR(Investment Manager of the ASEAN Equity Fund, Asia Total Return Fund (until 16 December 2020), Asia Pacific REIT Fund, Asian Equity Fund, Asian High Yield Fund (until 16 December 2020), Asian Small Cap Equity Fund, China Total Return Bond Fund, China Value Fund, Dragon Growth Fund, India Equity Fund, Japan Equity Fund, Sustainable Asia Bond Fund* (since 6 August 2020) and Taiwan Equity Fund, and Co-Investment Manager of the Asia Total Return Fund and Asian High Yield Fund since 17 December 2020)

Manulife Investment Management (Europe) Limited1 London WallLondon EC2Y 5EAUnited Kingdom(Co-Investment Manager of the Asia Total Return Fund and Asian High Yield Fund since 17 December 2020)

T. Rowe Price International Ltd.60 Queen Victoria StreetLondon EC4N 4TZUnited Kingdom(Investment Manager of the European Growth Fund)

* Refer to note 12

3

Management and Administration


Manulife Investment Management (US) LLC197 Clarendon StreetBoston, MA 02116United States of America(Investment Manager of the Dynamic Leaders Fund* (since 4 December 2020), Global Equity Fund, Global Multi-Asset Diversified Income Fund, Global REIT Fund, Global Resources Fund, Healthcare Fund, Preferred Securities Income Fund, U.S. Bond Fund, U.S. Equity Fund, U.S. Small Cap Equity Fund and U.S. Special Opportunities Fund)

Sensible Asset Management Limited43rd Floor, The Center99 Queen’s Road CentralHong Kong SAR(Investment Manager of the Asia Value Dividend Equity Fund)

Sub-Investment ManagersValue Partners Limited43rd Floor, The Center99 Queen’s Road CentralHong Kong SAR(Sub-Investment Manager of the Asia Value Dividend Equity Fund)

Manulife Investment Management (Hong Kong) Limited16th FloorLee Garden One33 Hysan AvenueCauseway BayHong Kong SAR(Sub-Investment Manager of the Global Multi-Asset Diversified Income Fund until 16 December 2020 and Co-Sub-Investment Manager of the Global Multi-Asset Diversified Income Fund since 17 December 2020)

Manulife Investment Management (Europe) Limited1 London WallLondon EC2Y 5EAUnited Kingdom(Co-Sub-Investment Manager of the Global Multi-Asset Diversified Income Fund since 17 December 2020)

Manulife Investment Management (Singapore) Pte. Ltd.8 Cross Street#16-01 Manulife TowerSingapore 048424(Sub-Investment Manager of the Sustainable Asia Bond Fund since 06 August 2020)

Investment AdvisersManulife Investment Management (Taiwan) Co., Ltd.9/F, No.89 Sungren RoadTaipei 11073TaiwanRepublic of China(Investment Adviser to the Investment Manager of the Taiwan Equity Fund)

AuditorPricewaterhouseCoopers Société coopérativeRéviseur d’Enterprises2, rue Gerhard MercatorB.P. 1443, L -1014 LuxembourgGrand Duchy of Luxembourg

Hong Kong RepresentativeCitibank N.A. Hong Kong Branch50th Floor, Champion Tower3, Garden RoadCentralHong Kong SAR

* Refer to note 12

4

Directors’ Report


Performance and Growth of Assets

The second half of 2020 was one of strongest six months in history, after markets embraced risk post the first quarter of 2020 sell-off into the summer months. The third quarter of 2020 saw momentum in risk assets continue, whilst the fourth quarter of 2020 had a softer October 2020 due to US election uncertainty, however, November and December were strong performing months into year-end.

Over the second half of 2020, MSCI World gained +23.3%, with the S&P 500 +22.2% whilst MSCI EM gained +31.4%, driven by a strong LatAm and Asia. Sectorally within MSCI World, consumer discretionary, materials and industrials gained +37%, 29.6% and 29% respectively. The underperforming sectors over the second half of 2020 were energy which gained +7.2% and real estate +11.4%.

Within fixed income, Barclays Global High Yield gained +12.3% and the Barclays Global Aggregate – Corporate gained +7.3% over the second half of 2020.

The disconnect between globally weak macroeconomic growth and capital markets remained stark as Covid-19 cases continued to rise in the summer months, US election uncertainty and job layoffs added to macro distress and uncertain markets. Geopolitical tensions intensified over the third quarter of 2020, as the US-China governments shifted from trade negotiations to targeted talks around Chinese technology as well as sanctions.

Furthermore, second-quarter gross domestic product (GDP) in the US, released on the final day of September, showed that US economic activity for that three-month stretch fell at an annualised rate of 31.4%, slightly better than earlier estimates, but still the largest quarterly contraction on record.

The US unemployment rate continued to fall, reaching 7.9% in September, down from a peak of 14.7% in April. Manufacturing data showed an encouraging picture. The US Institute of Supply Management indicated growth in the overall economy despite a slowdown in September. In Europe, the composite Purchasing Managers’ Index, barely above the 50-mark indicated improving conditions. The Covid-19 outbreak remained persistent in the US and worldwide throughout.

The key catalysts for market performance in the fourth quarter of 2020, was initially the “no blue wave” US election outcome in November, followed by weak macroeconomic data which kept the US Federal Reserve Board (Fed) expanding its balance sheet, continuing its accommodative stance and commitment to support risk assets. Into December, markets continued to rally as Pfizer announced their vaccine would be >90% effective. Moderna and Astra Zeneca followed with their vaccine success stories which helped support the S&P 500 onto new highs.

Year in Review

Global equities posted strong returns. Stocks initially drifted lower in October as uncertainty surrounding the coronavirus and the US elections weighed on sentiment. However, positive news surrounding Covid-19 vaccines contributed to a broad-based surge in the market in the final two months of the year. The US equity market defied expectations, rallying sharply in the second half of 2020 and ending the year near record levels. Stocks benefited from massive federal government stimulus that began last spring and expectations leading up to new stimulus measures, passed by Congress and signed by the president late in the year, to help bridge the gap until the economy is fully recovered.

Asia-Pacific ex Japan equity markets moved higher in the second half to finish the year on a high note on the Fed’s new policy framework of “lower for longer” interest rates, with risk-on sentiment stemming from the election of Joe Biden and split Congress pending run-off elections spurring capital inflows to emerging markets in Asia, with many lagging ASEAN markets posting banner gains.

Developed international and emerging-market equities both exceeded the return of the United States. Sentiment in Europe rebounded on hopes that the vaccine would help revive the region’s sluggish growth, while Biden’s victory reduced political uncertainty. In December, shares continued to rise, lifted by post-Brexit trade deal at the end of the year, but the emergence of a new variant of the virus curbed gains.

US bonds posted mixed results in the last six months of 2020, producing modest overall gains amid the ongoing global Covid-19 pandemic. The period began with the US economy’s emergence from a historic downturn related to lockdown measures taken in the early stages of the pandemic. The massive third-quarter recovery—the US economy grew at a record-high 33% annualised rate—was fueled by unprecedented fiscal and monetary stimulus programmes and a gradual easing of social-distancing restrictions.

5

Directors’ Report


Outlook

The approval and initial distribution of multiple coronavirus vaccines imbues the Portfolio Managers (PMs) with a sense of optimism in the early stages of 2021. That said, we are still many months away from a material return to normalcy—it will take some time for a critical mass to be immunised, and in the meantime, continued Covid-19 outbreaks globally will likely dampen economic activity.

Putting 2020 behind us, the PMs fully believe that in remaining true to their investment philosophy and process, they will be able to create long-term risk adjusted performance with good downside market protection.

Despite the US stock market’s recent strong performance, the PMs remain optimistic about its prospects for 2021. They believe the US is in the early stages of the next economic cycle, which will likely gain momentum as more people are vaccinated and able to return to normal activities. In addition, the new stimulus measure should help bridge the gap until that happens.

Looking ahead, consensus estimated that Asia ex-Japan economies will grow at a rate of 6.3% year-over-year in 2021. Overall, we expect economic recovery in the region to be gradual and uneven. China’s “dual circulation” strategy aims to boost technology innovation globalising the country’s home-grown companies. Cyclical recovery can be played through South Korea, Taiwan’s technology supply chain is expected to continue to play an important role in supporting technology innovations in China and the US, and India is set to benefit from a recovery in domestic consumption and bank earnings.

A recovery in Europe will to some extent depend on the evolution of the disease and the efficacy and distribution of any vaccines to treat it. In addition, the level of continuing policy support, the evolution of corporate and consumer confidence, and the degree of disruption caused by the newly agreed post-Brexit trading arrangements will determine the longer-term trajectory of activity.

The PMs continue to recognise the massive disconnect of the markets and the underlying economic health. The global economy and company fundamentals are likely to be driven by high levels of debt globally (government, corporate, household), near-peak corporate margins, a trend towards de-globalisation, heightened awareness of environmental, social and governance considerations, all compounded by weak global demand through an uncertain pandemic recovery. These considerations support the PMs focus on quality, and they remain committed to investing in companies with strong balance sheets that will not only survive a downturn, but also create long-term value.

The Board of Directors23 February 2021

The figures included in this report are historical and not necessarily indicative of future performance.

6

Directors’ Report


PERFORMANCE FROM 1 JULY 2020 TO 31 December 2020**

ASEAN Equity Fund Class I 19.50%MSCI AC ASEAN Index 15.18%

Asia Total Return Fund Class AA 7.83%Asia Total Return Fund Class AA Inc 7.82%Asia Total Return Fund Class AA (AUD) H MDIST (G) 20.28%Asia Total Return Fund Class AA (HKD) 7.82%Asia Total Return Fund Class AA (HKD) Inc 7.82%Asia Total Return Fund Class AA (USD) MDIST (G) 7.82%Asia Total Return Fund Class AA (HKD) MDIST (G) 7.82%Asia Total Return Fund Class I 7.98%Asia Total Return Fund Class I3 8.53%Asia Total Return Fund Class I3 Acc 8.54%Asia Total Return Fund Class I3 Inc 8.53%Asia Total Return Fund Class J 8.25%MGF Asia Total Return Custom Index 5.37%

Asia Pacific Reit Fund Class AA 9.78%Asia Pacific Reit Fund Class AA Inc 9.78%Asia Pacific Reit Fund Class AA (AUD) H MDIST (G) 22.30%Asia Pacific Reit Fund Class AA (GBP) H MDIST (G) 20.71%Asia Pacific Reit Fund Class AA (HKD) 9.78%Asia Pacific Reit Fund Class AA (HKD) Inc 9.78%Asia Pacific Reit Fund Class AA (HKD) MDIST (G) 9.78%Asia Pacific Reit Fund Class AA (RMB) H MDIST (G) 20.39%Asia Pacific Reit Fund Class AA (USD) MDIST (G) 9.77%Asia Pacific Reit Fund Class I 10.14%Asia Pacific Reit Fund Class I3 10.71%Asia Pacific Reit Fund Class I3 Acc 10.64%Asia Pacific Reit Fund Class I3 Inc 10.69%Asia Pacific Reit Fund Class P (AUD) H Inc 22.59%Asia Pacific Reit Fund Class P (AUD) H MDIST (G) 22.63%Asia Pacific Reit Fund Class P (SGD) H MDIST (G) 15.80%Asia Pacific Reit Fund Class P (SGD) MDIST (G) 9.89%Asia Pacific Reit Fund Class P (USD) Inc 10.06%Asia Pacific Reit Fund Class P (USD) MDIST (G) 10.06%Asia Pacific Reit Fund Class R (HKD) MDIST (G) 9.78%Asia Pacific Reit Fund Class R (USD) MDIST (G) 9.78%Asia Pacific Reit Fund Class S (SGD) H 15.62%Asia Pacific Reit Fund Class S (SGD) H MDIST (G) 15.65%Asia Pacific Reit Fund Class S (SGD) MDIST (G) 9.75%

Asia Value Dividend Equity Fund Class AA 29.65%Asia Value Dividend Equity Fund Class AA Inc 29.89%MSCI AC Far East Free ex-Japan Index 30.64%

Asian Equity Fund Class A 30.61%Asian Equity Fund Class AA 30.44%Asian Equity Fund Class I 30.91%Asian Equity Fund Class I3 31.64%Asian Equity Fund Class I3 Acc 31.64%MSCI AC Asia Ex Japan GR USD 31.47%

Asian High Yield Fund Class AA Acc 7.76%Asian High Yield Fund Class I Acc 7.87%Asian High Yield Fund Class I3 Acc 8.48%Asian High Yield Fund Class I3 Inc 7.93%Asian High Yield Fund Class P (AUD) H Inc 20.44%Asian High Yield Fund Class P (AUD) H MDIST (G) 20.44%Asian High Yield Fund Class P (HKD) Inc 7.90%Asian High Yield Fund Class P (HKD) MDIST (G) 7.89%Asian High Yield Fund Class P (SGD) H Inc 13.62%Asian High Yield Fund Class P (SGD) H MDIST (G) 13.62%Asian High Yield Fund Class P (USD) Inc 7.90%Asian High Yield Fund Class P (USD) MDIST (G) 7.90%

** The performance returns are calculated in U.S. dollar terms and include dividends re-invested; whereas the index (or indices) is calculated in U.S. dollar terms and on total return basis.

7

Directors’ Report


Asian Small Cap Equity Fund Class AA 29.34%Asian Small Cap Equity Fund Class AA (HKD) 29.34%Asian Small Cap Equity Fund Class I 29.80%Asian Small Cap Equity Fund Class I3 30.52%MSCI AC Asia Pacific Ex JPN Small GR USD 35.49%

China Total Return Bond Fund Class AA 3.62%China Total Return Bond Fund Class AA Inc 3.63%China Total Return Bond Fund Class AA (AUD) H 15.74%China Total Return Bond Fund Class AA (AUD) H MDIST (G) 15.68%China Total Return Bond Fund Class AA (HKD) 3.65%China Total Return Bond Fund Class AA (HKD) Inc 3.65%China Total Return Bond Fund Class AA (HKD) MDIST (G) 3.65%China Total Return Bond Fund Class AA (USD) MDIST (G) 3.65%China Total Return Bond Fund Class I 3.72%China Total Return Bond Fund Class I3 4.31%China Total Return Bond Fund Class I3 Acc 4.31%China Total Return Bond Fund Class I3 Inc 4.34%China Total Return Bond Fund Class P (SGD) H Inc 9.31%China Total Return Bond Fund Class P (SGD) H MDIST (G) 9.22%China Total Return Bond Fund Class P (USD) Inc 3.75%China Total Return Bond Fund Class P (USD) MDIST (G) 3.75%

China Value Fund Class A 29.54%China Value Fund Class AA 29.54%MSCI Golden Dragon Index 27.91%

Dragon Growth Fund Class A 28.63%Dragon Growth Fund Class AA 28.47%Dragon Growth Fund Class AA (HKD) 28.47%Dragon Growth Fund Class AA (HKD) MDIST (G) 28.47%Dragon Growth Fund Class AA (USD) MDIST (G) 28.46%Dragon Growth Fund Class I3 29.64%Dragon Growth Fund Class I3 Acc 29.65%Dragon Growth Fund Class S (SGD) H MDIST (G) 35.27%MSCI Zhong Hua Index 23.90%

Emerging Eastern Europe Fund Class A 21.33%Emerging Eastern Europe Fund Class AA 21.17%MSCI Emerging Europe 10/40 Index 15.71%

European Growth Fund Class A 22.06%European Growth Fund Class AA 22.06%European Growth Fund Class I 22.34%European Growth Fund Class I3 23.03%European Growth Fund Class I3 Acc 23.03%MSCI Europe Index 20.96%

Global Equity Fund Class A 19.56%Global Equity Fund Class AA 19.41%Global Equity Fund Class S (SGD) 19.38%MSCI World NR USD 23.00%

Global Multi-Asset Diversified Income Fund Class AA 12.95%Global Multi-Asset Diversified Income Fund Class AA Inc 12.95%Global Multi-Asset Diversified Income Fund Class AA (AUD) H MDIST (G) 26.05%Global Multi-Asset Diversified Income Fund Class AA (CAD) H MDIST (G) 20.24%Global Multi-Asset Diversified Income Fund Class AA (GBP) H MDIST (G) 24.19%Global Multi-Asset Diversified Income Fund Class AA (HKD) 12.95%Global Multi-Asset Diversified Income Fund Class AA (HKD) Inc 12.95%Global Multi-Asset Diversified Income Fund Class AA (HKD) MDIST (G) 12.95%Global Multi-Asset Diversified Income Fund Class AA (RMB) H MDIST (G) 24.00%Global Multi-Asset Diversified Income Fund Class AA (SGD) H Inc 18.86%Global Multi-Asset Diversified Income Fund Class AA (SGD) H MDIST (G) 18.87%Global Multi-Asset Diversified Income Fund Class AA (USD) MDIST (G) 12.95%Global Multi-Asset Diversified Income Fund Class I 13.20%Global Multi-Asset Diversified Income Fund Class I Acc 13.20%


PERFORMANCE FROM 1 JULY 2020 TO 31 December 2020** (continued)

8

Directors’ Report



Global Multi-Asset Diversified Income Fund Class I3 13.84%Global Multi-Asset Diversified Income Fund Class I3 Inc 13.84%Global Multi-Asset Diversified Income Fund Class P (AUD) H MDIST (G) 26.17%Global Multi-Asset Diversified Income Fund Class P (SGD) H MDIST (G) 19.15%Global Multi-Asset Diversified Income Fund Class P (USD) MDIST (G) 13.24%Global Multi-Asset Diversified Income Fund Class R (HKD) MDIST (G) 12.95%Global Multi-Asset Diversified Income Fund Class R (USD) MDIST (G) 12.94%

Global REIT Fund Class AA 16.58%Global REIT Fund Class AA (HKD) 16.43%Global REIT Fund Class I3 17.50%S&P Global REIT Total Return 15.79%

Global Resources Fund Class AA 17.06%Global Resources Customized Index*** 12.09%

Healthcare Fund Class AA 9.40%MSCI World/Health Care Index 11.94%

India Equity Fund Class AA 36.03%India Equity Fund Class I2 36.62%India Equity Fund Class S (SGD) H 43.18%MSCI India 10/40 Index 41.33%

Japan Equity Fund Class A 22.34%Japan Equity Fund Class AA 22.19%Japan Equity Fund Class I3 23.31%TOPIX Index 22.19%

Latin America Equity Fund Class AA 29.44%MSCI Latin America 10/40 Index 33.29%

Preferred Securities Income Fund Class AA 11.69%Preferred Securities Income Fund Class AA Inc 11.70%Preferred Securities Income Fund Class AA (AUD) H 24.49%Preferred Securities Income Fund Class AA (AUD) H MDIST (G) 24.75%Preferred Securities Income Fund Class AA (GBP) H MDIST (G) 22.94%Preferred Securities Income Fund Class AA (HKD) 11.69%Preferred Securities Income Fund Class AA (HKD) Inc 11.76%Preferred Securities Income Fund Class AA (HKD) MDIST (G) 11.69%Preferred Securities Income Fund Class AA (RMB) H MDIST (G) 22.61%Preferred Securities Income Fund Class AA (SGD) H Inc 17.60%Preferred Securities Income Fund Class AA (SGD) H MDIST (G) 17.65%Preferred Securities Income Fund Class AA (USD) MDIST (G) 11.69%Preferred Securities Income Fund Class I 11.75%Preferred Securities Income Fund Class I3 12.37%Preferred Securities Income Fund Class I3 Acc 12.34%Preferred Securities Income Fund Class I3 Inc 12.34%Preferred Securities Income Fund Class R (HKD) MDIST (G) 11.69%Preferred Securities Income Fund Class R (USD) MDIST (G) 11.69%

Taiwan Equity Fund Class AA 23.57%TSEC TAIEX Total Return 36.67%

U.S. Bond Fund Class AA 3.12%U.S. Bond Fund Class AA (HKD) 3.13%U.S. Bond Fund Class AA (HKD) Inc 3.13%U.S. Bond Fund Class AA Inc 3.13%U.S. Bond Fund Class I3 3.81%Barclays Capital U.S. Aggregate Bond Index 1.29%

U.S. Equity Fund Class A 24.74%U.S. Equity Fund Class AA 24.58%U.S. Equity Fund Class AA (HKD) 24.58%


*** Customized by Amundi S.A., the provider of the benchmark. The benchmark comprises of 1/3 MSCI World Energy, 1/3 MSCI World Materials and 1/3 FTSE Gold Mines.

9

Directors’ Report


U.S. Equity Fund Class I3 25.73%S&P 500 Index 22.16%

U.S. Small Cap Equity Fund Class AA 35.77%Russell 2000 Index 37.85%

U.S. Special Opportunities Fund Class AA 9.36%U.S. Special Opportunities Fund Class AA Inc 9.37%U.S. Special Opportunities Fund Class AA (HKD) Inc 9.37%U.S. Special Opportunities Fund Class T 9.37%ICE BofAML US High Yield Index 11.49%

PERFORMANCE FROM 3 JULY 2020 TO 31 DECEMBER 2020**

China Value Fund Class I3 25.56%

PERFORMANCE FROM 6 AUGUST 2020 TO 31 DECEMBER 2020**

ASEAN Equity Fund Class I3 14.05%


Sustainable Asia Bond Fund Class AA Acc 1.46%Sustainable Asia Bond Fund Class I Acc 1.55%Sustainable Asia Bond Fund Class I (EUR) H Acc 4.35%Sustainable Asia Bond Fund Class I3 Acc 1.99%Sustainable Asia Bond Fund Class AA (AUD) H MDIST (G) 8.08%Sustainable Asia Bond Fund Class AA (SGD) H MDIST (G) 5.04%Sustainable Asia Bond Fund Class AA (USD) MDIST (G) 1.46%Sustainable Asia Bond Fund Class P (USD) MDIST (G) 1.56%Taiwan Equity Fund Class I3 6.34%


Asia Pacific Reit Fund Class P (HKD) MDIST (G) 5.55%


U.S. Bond Fund Class AA (HKD) MDIST (G) 1.91%U.S. Bond Fund Class AA (USD) MDIST (G) 1.86%

PERFORMANCE FROM 14 NOVEMBER 2020 TO 31 DECEMBER 2020**

India Equity Fund Class I3 11.59%

PERFORMANCE FROM 5 DECEMBER 2020 TO 31 DECEMBER 2020**

Dynamic Leaders Fund Class I Acc 1.33%Dynamic Leaders Fund Class I3 Acc 1.36%Dynamic Leaders Fund Class I3 Inc 1.38%

PERFORMANCE FROM 22 DECEMBER 2020 TO 31 DECEMBER 2020**

Asia Total Return Fund Class I5 Acc 0.57%Asia Total Return Fund Class I5 (CHF) H Acc 0.89%Asia Total Return Fund Class I5 (EUR) H Acc 0.69%Asia Total Return Fund Class I5 (GBP) H Acc 3.15%Asia Total Return Fund Class I6 Acc 0.57%Asian High Yield Fund Class AA (HKD) MDIST (G) 0.20%Asian High Yield Fund Class AA (SGD) H MDIST (G) 0.94%Asian High Yield Fund Class AA (USD) MDIST (G) 0.21%Dragon Growth Fund Class I5 Acc 3.33%Dragon Growth Fund Class I6 Acc 3.33%Sustainable Asia Bond Fund Class I5 (CHF) H Acc 0.05%Sustainable Asia Bond Fund Class I5 (EUR) H Acc -0.14%Sustainable Asia Bond Fund Class I5 (GBP) H Acc 1.78%Sustainable Asia Bond Fund Class I5 Acc 0.12%Sustainable Asia Bond Fund Class I6 Acc 0.11%



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s (N

ote

2.9)

––

20,2

06–

–17

,756

To

tal

Ass

ets

8,5

77

,79

91

56

,80

1,4

39

40

6,3

18

,27

41

4,8

84

,28

21

55

,76

2,0

83

12

,89

0,4

78

Ban

k ov

erdr

afts

––

(472

)–

––

Opt

ions

sol

d at

mar

ket

valu

e (N

ote

2.7,

7)

––

––

––

Div

iden

ds p

ayab

le,

net

––

––

––

Unr

ealis

ed d

epre

ciat

ion

on f

orw

ard

fore

ign

exch

ange

con

trac

ts (

Not

e 2.

6, 7

)–

––

––

–U

nrea

lised

dep

reci

atio

n on

fut

ures

con

trac

ts (

Not

e 2.

5, 7

)–

(6,5

63)

––

––

Am

ount

s pa

yabl

e on

pur

chas

es o

f se

curit

ies

––

(2,0

08,8

24)

(107

,091

)–

–A

mou

nts

paya

ble

on r

edem

ptio

ns–

(450

,104

)(1

,248

,353

)(6

8,61

2)(2

07,0

06)

–In

vest

men

t m

anag

emen

t an

d pe

rfor

man

ce f

ees

paya

ble

(Not

e 3.

1, 3

.2)

(6,0

02)

(82,

199)

(419

,991

)(3

58,2

94)

(178

,660

)(7

72)

Man

agem

ent

com

pany

fee

s pa

yabl

e (N

ote

3.3)

(103

)(1

,955

)(4

,938

)(1

78)

(1,8

88)

(161

)O

ther

liab

ilitie

s (N

ote

4.2)

(6,6

28)

(72,

099)

(160

,043

)(1

1,12

7)(4

45,9

48)

(19,

303)

To

tal

Liab

ilit

ies

(12

,73

3)

(61

2,9

20

)(3

,84

2,6

21

)(5

45

,30

2)

(83

3,5

02

)(2

0,2

36

)

Net

Ass

ets

8,5

65

,06

61

56

,18

8,5

19

40

2,4

75

,65

31

4,3

38

,98

01

54

,92

8,5

81

12

,87

0,2

42

The

Not

es t

o th

e Fi

nanc

ial S

tate

men

ts f

orm

an

inte

gral

par

t of

the

se f

inan

cial

sta

tem

ents

.

11 M A N U L I F E G L O B A L F U N D

State

men

t o

f N

et A

sset

s (c

ontin

ued)

as a

t 31

Dec

embe

r 20

20(e

xpre

ssed

in U

nite

d S

tate

s D

olla

rs)

Asi

an

Sm

all

Cap

Eq

uit

y Fu

nd

Ch

ina T

ota

l R

etu

rn B

on

d

Fun

dC

hin

a V

alu

e Fu

nd

Dra

go

n G

row

th

Fun

dD

ynam

ic L

ead

ers

Fun

d*

Emer

gin

g

East

ern

Eu

rop

e Fu

nd

Sec

uriti

es p

ortf

olio

at

cost

108,

710,

192

33,7

74,5

4157

5,20

2,70

930

9,65

9,87

14,

892,

285

158,

314,

327

Unr

ealis

ed a

ppre

ciat

ion/

(dep

reci

atio

n)38

,624

,258

1,83

1,12

629

1,91

9,52

516

8,82

8,39

778

,835

3,51

8,94

6

Secu

riti

es p

ort

foli

o a

t m

ark

et v

alu

e (N

ote

2.2

)1

47

,33

4,4

50

35

,60

5,6

67

86

7,1

22

,23

44

78

,48

8,2

68

4,9

71

,12

01

61

,83

3,2

73

Cas

h at

ban

k2,

869,

076

71,4

9114

,458

,434

12,3

12,4

6496

,117

3,15

3,20

1In

tere

st a

nd d

ivid

ends

rec

eiva

ble,

net

204,

939

537,

018

341,

010

110,

562

1,71

863

5,15

4U

nrea

lised

app

reci

atio

n on

for

war

d fo

reig

n ex

chan

ge c

ontr

acts

(N

ote

2.6,

7)

–3,

068

–80

2–

–A

mou

nts

rece

ivab

le o

n sa

les

of s

ecur

ities

293,

098

–71

9,89

391

3,59

6–

–A

mou

nts

rece

ivab

le o

n su

bscr

iptio

ns24

5,11

72,

051

1,31

4,59

41,

434,

661

–17

,460

Tax

recl

aim

(N

ote

4.1)

220,

559

––

––

66,7

77O

ther

ass

ets

––

––

––

Form

atio

n E

xpen

ses

(Not

e 2.

9)–

7,83

3–

––

–

To

tal

Ass

ets

15

1,1

67

,23

93

6,2

27

,12

88

83

,95

6,1

65

49

3,2

60

,35

35

,06

8,9

55

16

5,7

05

,86

5

Ban

k ov

erdr

afts

––

–(1

32)

–(1

00)

Opt

ions

sol

d at

mar

ket

valu

e (N

ote

2.7,

7)

––

––

––

Div

iden

ds p

ayab

le,

net

––

––

––

Unr

ealis

ed d

epre

ciat

ion

on f

orw

ard

fore

ign

exch

ange

con

trac

ts (

Not

e 2.

6, 7

)–

––

––

–U

nrea

lised

dep

reci

atio

n on

fut

ures

con

trac

ts (

Not

e 2.

5, 7

)–

––

––

–A

mou

nts

paya

ble

on p

urch

ases

of

secu

ritie

s(3

37,5

18)

––

––

–A

mou

nts

paya

ble

on r

edem

ptio

ns(2

90,5

89)

–(1

,440

,959

)(1

,023

,648

)–

(288

,996

)In

vest

men

t m

anag

emen

t an

d pe

rfor

man

ce f

ees

paya

ble

(Not

e 3.

1, 3

.2)

(186

,755

)(3

1,13

7)(1

,056

,839

)(6

06,2

18)

–(2

07,4

94)

Man

agem

ent

com

pany

fee

s pa

yabl

e (N

ote

3.3)

(1,8

10)

(455

)(1

0,74

8)(5

,905

)(5

1)(2

,067

)O

ther

liab

ilitie

s (N

ote

4.2)

(492

,902

)(3

0,83

6)(3

49,1

91)

(181

,919

)(7

96)

(61,

972)

To

tal

Liab

ilit

ies

(1,3

09

,57

4)

(62

,42

8)

(2,8

57

,73

7)

(1,8

17

,82

2)

(84

7)

(56

0,6

29

)

Net

Ass

ets

14

9,8

57

,66

53

6,1

64

,70

08

81

,09

8,4

28

49

1,4

42

,53

15

,06

8,1

08

16

5,1

45

,23

6

* R

efer

to

note

12

The

Not

es t

o th

e Fi

nanc

ial S

tate

men

ts f

orm

an

inte

gral

par

t of

the

se f

inan

cial

sta

tem

ents

.


State

men

t o

f N

et A

sset

s (c

ontin

ued)

as a

t 31

Dec

embe

r 20

20(e

xpre

ssed

in U

nite

d S

tate

s D

olla

rs)

Euro

pea

n

Gro

wth

Fu

nd

Glo

bal

Equ

ity

Fun

d

Glo

bal

M

ult

i-A

sset

D

iver

sifi

ed

Inco

me

Fun

dG

lob

al

REI

T

Fun

dG

lob

al

Res

ou

rces

Fu

nd

Hea

lth

care

Fu

nd

Sec

uriti

es p

ortf

olio

at

cost

78,1

94,0

7718

0,41

8,99

416

5,23

5,70

512

,184

,074

28,4

52,6

4825

1,95

8,35

6U

nrea

lised

app

reci

atio

n/(d

epre

ciat

ion)

21,1

27,3

1845

,939

,406

7,81

1,19

01,

854,

989

1,88

8,70

365

,520

,330

Secu

riti

es p

ort

foli

o a

t m

ark

et v

alu

e (N

ote

2.2

)9

9,3

21

,39

52

26

,35

8,4

00

17

3,0

46

,89

51

4,0

39

,06

33

0,3

41

,35

13

17

,47

8,6

86

Cas

h at

ban

k57

4,03

44,

214,

960

18,2

37,2

7162

2,26

763

,421

3,23

2,70

6In

tere

st a

nd d

ivid

ends

rec

eiva

ble,

net

39,4

2315

0,40

01,

502,

761

79,6

0425

,407

164,

371

Unr

ealis

ed a

ppre

ciat

ion

on f

orw

ard

fore

ign

exch

ange

con

trac

ts (

Not

e 2.

6, 7

)–

–13

5,15

7–

––

Am

ount

s re

ceiv

able

on

sale

s of

sec

uriti

es–

––

––

–A

mou

nts

rece

ivab

le o

n su

bscr

iptio

ns45

7,62

966

,897

4,25

5,15

214

3,74

325

,626

444,

884

Tax

recl

aim

(N

ote

4.1)

129,

328

10,1

845,

066

1,45

58,

753

–O

ther

ass

ets

––

––

––

Form

atio

n E

xpen

ses

(Not

e 2.

9)–

–17

,661

––

–

To

tal

Ass

ets

10

0,5

21

,80

92

30

,80

0,8

41

19

7,1

99

,96

31

4,8

86

,13

23

0,4

64

,55

83

21

,32

0,6

47

Ban

k ov

erdr

afts

–(1

90)

(6,2

89)

(386

)(1

)(1

3)O

ptio

ns s

old

at m

arke

t va

lue

(Not

e 2.

7, 7

)–

–(2

09,5

38)

––

–D

ivid

ends

pay

able

, ne

t–

––

––

–U

nrea

lised

dep

reci

atio

n on

for

war

d fo

reig

n ex

chan

ge c

ontr

acts

(N

ote

2.6,

7)

–(5

21,9

61)

––

––

Unr

ealis

ed d

epre

ciat

ion

on f

utur

es c

ontr

acts

(N

ote

2.5,

7)

––

––

––

Am

ount

s pa

yabl

e on

pur

chas

es o

f se

curit

ies

––

–(1

36,8

92)

––

Am

ount

s pa

yabl

e on

red

empt

ions

(318

,109

)(4

44,0

33)

(868

,293

)(2

3,90

0)(3

5,33

6)(1

,040

,042

)In

vest

men

t m

anag

emen

t an

d pe

rfor

man

ce f

ees

paya

ble

(Not

e 3.

1, 3

.2)

(110

,029

)(2

82,8

83)

(205

,212

)(1

6,42

7)(4

3,96

3)(4

59,4

16)

Man

agem

ent

com

pany

fee

s pa

yabl

e (N

ote

3.3)

(1,2

30)

(2,8

69)

(2,4

85)

(175

)(3

83)

(4,0

01)

Oth

er li

abili

ties

(Not

e 4.

2)(3

8,45

2)(8

5,79

2)(9

0,55

6)(1

0,99

3)(1

2,74

5)(1

18,7

32)

To

tal

Liab

ilit

ies

(46

7,8

20

)(1

,33

7,7

28

)(1

,38

2,3

73

)(1

88

,77

3)

(92

,42

8)

(1,6

22

,20

4)

Net

Ass

ets

10

0,0

53

,98

92

29

,46

3,1

13

19

5,8

17

,59

01

4,6

97

,35

93

0,3

72

,13

03

19

,69

8,4

43

The

Not

es t

o th

e Fi

nanc

ial S

tate

men

ts f

orm

an

inte

gral

par

t of

the

se f

inan

cial

sta

tem

ents

.


State

men

t o

f N

et A

sset

s (c

ontin

ued)

as a

t 31

Dec

embe

r 20

20(e

xpre

ssed

in U

nite

d S

tate

s D

olla

rs)

Ind

ia E

qu

ity

Fun

dJa

pan

Eq

uit

y Fu

nd

Lati

n A

mer

ica

Equ

ity

Fun

d

Pre

ferr

ed

Secu

riti

es

Inco

me

Fun

dSu

stain

ab

le A

sia

Bo

nd

Fu

nd

*T

aiw

an

Eq

uit

y Fu

nd

Sec

uriti

es p

ortf

olio

at

cost

193,

024,

092

33,1

18,6

7925

,493

,181

352,

514,

376

71,5

37,6

9629

,458

,730

Unr

ealis

ed a

ppre

ciat

ion/

(dep

reci

atio

n)77

,438

,624

9,38

7,79

94,

538,

100

8,00

9,85

692

7,08

111

,748

,507

Secu

riti

es p

ort

foli

o a

t m

ark

et v

alu

e (N

ote

2.2

)2

70

,46

2,7

16

42

,50

6,4

78

30

,03

1,2

81

36

0,5

24

,23

27

2,4

64

,77

74

1,2

07

,23

7C

ash

at b

ank

4,49

8,54

779

5,97

01,

251,

804

5,61

1,14

51,

934,

995

22,0

08In

tere

st a

nd d

ivid

ends

rec

eiva

ble,

net

–27

,075

68,0

292,

697,

482

698,

818

17,4

96U

nrea

lised

app

reci

atio

n on

for

war

d fo

reig

n ex

chan

ge c

ontr

acts

(N

ote

2.6,

7)

2,36

9–

–1,

107,

085

––

Am

ount

s re

ceiv

able

on

sale

s of

sec

uriti

es82

2,97

3–

–1,

539,

765

–24

1,31

3A

mou

nts

rece

ivab

le o

n su

bscr

iptio

ns1,

526,

831

484,

638

104,

778

1,03

5,18

839

22,

615,

214

Tax

recl

aim

(N

ote

4.1)

3,52

7,62

0–

––

––

Oth

er a

sset

s–

––

––

–Fo

rmat

ion

Exp

ense

s (N

ote

2.9)

––

–9,

264

7,34

9–

To

tal

Ass

ets

28

0,8

41

,05

64

3,8

14

,16

13

1,4

55

,89

23

72

,52

4,1

61

75

,10

6,3

31

44

,10

3,2

68

Ban

k ov

erdr

afts

––

–(1

,769

)–

(150

,622

)O

ptio

ns s

old

at m

arke

t va

lue

(Not

e 2.

7, 7

)–

––

––

–D

ivid

ends

pay

able

, ne

t–

––

(3)

––

Unr

ealis

ed d

epre

ciat

ion

on f

orw

ard

fore

ign

exch

ange

con

trac

ts (

Not

e 2.

6, 7

)–

––

–(5

9,19

7)–

Unr

ealis

ed d

epre

ciat

ion

on f

utur

es c

ontr

acts

(N

ote

2.5,

7)

––

–(1

7,15

4)(2

7,04

0)–

Am

ount

s pa

yabl

e on

pur

chas

es o

f se

curit

ies

(1,6

56,4

09)

––

––

–A

mou

nts

paya

ble

on r

edem

ptio

ns(1

,691

,787

)(3

60,9

89)

(85,

969)

(479

,775

)–

(1,0

42,1

69)

Inve

stm

ent

man

agem

ent

and

perf

orm

ance

fee

s pa

yabl

e (N

ote

3.1,

3.2

)(3

61,4

30)

(47,

186)

(43,

907)

(337

,700

)(2

3,02

0)(5

8,19

9)M

anag

emen

t co

mpa

ny f

ees

paya

ble

(Not

e 3.

3)(3

,278

)(5

08)

(382

)(4

,762

)(6

92)

(523

)O

ther

liab

ilitie

s (N

ote

4.2)

(7,1

53,5

18)

(18,

160)

(15,

247)

(151

,367

)(2

3,63

4)(2

4,80

8)

To

tal

Liab

ilit

ies

(10

,86

6,4

22

)(4

26

,84

3)

(14

5,5

05

)(9

92

,53

0)

(13

3,5

83

)(1

,27

6,3

21

)

Net

Ass

ets

26

9,9

74

,63

44

3,3

87

,31

83

1,3

10

,38

73

71

,53

1,6

31

74

,97

2,7

48

42

,82

6,9

47

* R

efer

to

note

12

The

Not

es t

o th

e Fi

nanc

ial S

tate

men

ts f

orm

an

inte

gral

par

t of

the

se f

inan

cial

sta

tem

ents

.


State

men

t o

f N

et A

sset

s (c

ontin

ued)

as a

t 31

Dec

embe

r 20

20(e

xpre

ssed

in U

nite

d S

tate

s D

olla

rs)

U.S

. B

on

d

Fun

dU

.S.

Equ

ity

Fu

nd

U.S

. Sm

all

Cap

Eq

uit

y Fu

nd

U.S

. Sp

ecia

l O

pp

ort

un

itie

s Fu

nd

Co

mb

ined

as

at

3

1 D

ecem

ber

2

02

0

Sec

uriti

es p

ortf

olio

at

cost

128,

289,

137

216,

320,

819

21,5

66,8

8939

,081

,933

3,69

0,19

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13

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844

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1,26

7,49

411

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41,3

33,9

233,

423,

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36,5

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14,9

54,4

5926

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13,7

20,5

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4,03

4,12

924

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209,

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600,

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221,

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29,8

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149

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471

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42,5

76,6

1521

,984

,297

5,96

6,09

457

,459

,115

99,0

96,4

7971

,788

,338

Am

ount

s pa

id o

n re

dem

ptio

n of

sha

res

(72,

567,

785)

(22,

137,

361)

(7,8

80,3

40)

(141

,006

,131

)(2

5,46

7,51

3)(6

7,47

3,18

5)D

ivid

ends

pai

d du

ring

the

perio

d (N

ote

5)(7

37,0

39)

(162

,947

)(4

5,82

3)(1

1,81

7,05

0)(3

13)

(130

,615

)

Net

ass

ets

at t

he e

nd o

f th

e pe

riod

269,

974,

634

43,3

87,3

1831

,310

,387

371,

531,

631

74,9

72,7

4842

,826

,947

* R

efer

to

note

12

The

Not

es t

o th

e Fi

nanc

ial S

tate

men

ts f

orm

an

inte

gral

par

t of

the

se f

inan

cial

sta

tem

ents

.


State

men

t O

f C

han

ges

in

Net

Ass

ets

(con

tinue

d)fo

r th

e si

x m

onth

per

iod

ende

d 31

Dec

embe

r 20

20(e

xpre

ssed

in U

nite

d S

tate

s D

olla

rs)

U.S

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on

d

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Equ

ity

Fun

d

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. Sm

all

C

ap

Eq

uit

y Fu

nd

U.S

. Sp

ecia

l O

pp

ort

un

itie

s Fu

nd

Co

mb

ined

fo

r th

e si

x m

on

th

per

iod

en

ded

3

1 D

ecem

ber

2

02

0

Net

ass

ets

at t

he b

egin

ning

of

the

perio

d14

8,92

5,66

529

7,11

3,72

024

,964

,428

40,3

68,5

564,

135,

909,

295

Net

inve

stm

ent

inco

me/

(def

icit)

1,74

9,01

1(6

47,3

87)

(171

,711

)79

8,47

79,

077,

381

Net

pro

fits/

(loss

es)

real

ised

on:

–

sale

of

inve

stm

ents

and

opt

ions

(N

ote

2.2)

1,09

5,49

827

,628

,559

2,99

1,94

9(4

2,85

8)22

9,74

3,89

6

– fo

reig

n cu

rren

cy (

Not

e 2.

4)(2

,419

)(4

,694

)(6

40)

(576

)(1

18,2

27)

–

forw

ard

fore

ign

exch

ange

con

trac

ts (

Not

e 2.

6)–

––

–8,

943,

699

–

futu

res

cont

ract

s (N

ote

2.5)

––

––

154,

475

–

swap

con

trac

ts (

Not

e 2.

8)–

––

–49

,857

Net

cha

nge

in u

nrea

lised

app

reci

atio

n/(d

epre

ciat

ion)

on:

–

inve

stm

ents

and

opt

ions

(N

ote

2.2)

1,67

6,04

844

,267

,662

5,00

4,88

73,

008,

621

580,

622,

216

–

forw

ard

fore

ign

exch

ange

con

trac

ts (

Not

e 2.

6)–

––

–2,

716,

364

–

futu

res

cont

ract

s (N

ote

2.5)

––

––

158,

305

4,51

8,13

871

,244

,140

7,82

4,48

53,

763,

664

831,

347,

966

Am

ount

s re

ceiv

ed o

n su

bscr

iptio

n of

sha

res

31,4

19,4

6492

,229

,662

4,93

3,78

14,

858,

008

1,09

9,95

3,04

1A

mou

nts

paid

on

rede

mpt

ion

of s

hare

s(4

4,95

4,98

7)(1

17,3

24,0

61)

(11,

031,

162)

(3,5

40,4

64)

(1,2

68,3

74,3

89)

Div

iden

ds p

aid

durin

g th

e pe

riod

(Not

e 5)

(3,7

12,6

73)

(500

,306

)–

(1,7

44,2

53)

(47,

230,

110)

Net

ass

ets

at t

he e

nd o

f th

e pe

riod

136,

195,

607

342,

763,

155

26,6

91,5

3243

,705

,511

4,75

1,60

5,80

3

The

Not

es t

o th

e Fi

nanc

ial S

tate

men

ts f

orm

an

inte

gral

par

t of

the

se f

inan

cial

sta

tem

ents

.


State

men

t o

f O

per

ati

on

sfo

r th

e si

x m

onth

per

iod

ende

d 31

Dec

embe

r 20

20(e

xpre

ssed

in U

nite

d S

tate

s D

olla

rs)

ASE

AN

Eq

uity

Fu

nd

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a To

tal

Ret

urn

Fun

dA

sia

Pac

ific

R

EIT

Fun

d

Asi

a V

alue

D

ivid

end

Eq

uity

Fu

nd

Asi

an E

qui

ty

Fun

dA

sian

Hig

h

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ld F

und

Inco

me

Div

iden

ds (N

ote

2.3)

78,7

38–

7,31

7,69

620

5,27

61,

124,

412

–B

ond

inte

rest

(Not

e 2.

3)–

3,48

4,15

1–

––

363,

995

Dep

osit

inte

rest

(Not

e 2.

3)45

142

1,54

934

221

25In

tere

st in

com

e on

sw

ap c

ontr

acts

(Not

e 2.

8)–

––

––

–O

ther

inco

me

(Not

e 8)

––

––

––

1,7

32,46

168

,303

2,864

,972

257,0

851,2

02,67

92,9

69,04

8

78,7

833,

484,

293

7,31

9,24

520

5,31

01,

124,

633

364,

020

Expe

nses

Inte

rest

exp

ense

on

swap

con

trac

ts (N

ote

2.8)

––

––

––

Inve

stm

ent

man

agem

ent

fees

(Not

e 3.

1)33

,856

496,

700

2,45

6,80

911

9,26

31,

034,

816

4,34

6M

anag

emen

t co

mpa

ny f

ees

(Not

e 3.

3)53

611

,505

27,4

971,

007

10,6

2394

2A

dmin

istr

atio

n fe

es (N

ote

3.4)

11,1

8865

,985

174,

152

14,6

8355

,912

30,9

52D

epos

itary

fee

s (N

ote

3.4)

7,89

938

,218

58,4

2114

,052

38,1

141,

531

Taxa

tion

(Not

e 4)

383

23,9

0594

,722

3,41

465

1,20

681

5Pr

intin

g an

d pu

blis

hing

exp

ense

s95

2,06

84,

434

178

1,75

22,

433

Lega

l and

oth

er p

rofe

ssio

nal f

ees

625

6,48

714

,594

828

4,92

54,

230

Aud

it fe

es29

96,

456

15,5

0856

75,

935

527

Dire

ctor

s fe

es a

nd e

xpen

ses

962,

068

4,96

818

11,

901

169

Am

ortis

atio

n of

for

mat

ion

expe

nses

(Not

e 2.

9)46

–3,

567

––

2,29

1B

ank

char

ges

2978

62,

588

1938

65

Perf

orm

ance

rel

ated

man

agem

ent

fees

(Not

e 3.

2)–

––

337,

821

––

Oth

er e

xpen

ses

600

886

1,47

72,

532

2,87

850

55,6

5265

5,06

42,

858,

737

494,

545

1,80

8,44

848

,291

Net

inve

stm

ent

inco

me/

(def

icit)

23,1

312,

829,

229

4,46

0,50

8(2

89,2

35)

(683

,815

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5,72

9

The

Not

es t

o th

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nanc

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tate

men

ts f

orm

an

inte

gral

par

t of

the

se f

inan

cial

sta

tem

ents

.


State

men

t o

f O

per

ati

on

s (c

ontin

ued)

for

the

six

mon

th p

erio

d en

ded

31 D

ecem

ber

2020

(exp

ress

ed in

Uni

ted

Sta

tes

Dol

lars

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an S

mal

l C

ap

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und

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Tota

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ond

Fu

nd

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rag

on G

row

th

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dD

ynam

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Lead

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Fun

d*

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East

ern

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d

Inco

me

Div

iden

ds (N

ote

2.3)

1,35

2,41

0–

6,09

8,82

12,

194,

878

1,71

43,

370,

891

Bon

d in

tere

st (N

ote

2.3)

–88

0,52

2–

––

–D

epos

it in

tere

st (N

ote

2.3)

7017

1,29

371

1–

294

Inte

rest

inco

me

on s

wap

con

trac

ts (N

ote

2.8)

––

––

––

Oth

er in

com

e (N

ote

8)–

––

––

–

1,732

,461

68,30

32,8

64,97

225

7,085

1,202

,679

2,969

,048

1,35

2,48

088

0,53

96,

100,

114

2,19

5,58

91,

714

3,37

1,18

5

Expe

nses

Inte

rest

exp

ense

on

swap

con

trac

ts (N

ote

2.8)

––

––

––

Inve

stm

ent

man

agem

ent

fees

(Not

e 3.

1)1,

142,

789

190,

650

6,16

5,10

53,

500,

724

11,

165,

167

Man

agem

ent

com

pany

fee

s (N

ote

3.3)

10,7

542,

709

61,1

7233

,016

5111

,087

Adm

inis

trat

ion

fees

(Not

e 3.

4)53

,920

41,7

5420

9,35

713

1,95

238

779

,031

Dep

osita

ry f

ees

(Not

e 3.

4)42

,555

15,2

8114

7,05

259

,011

3957

,161

Taxa

tion

(Not

e 4)

465,

738

7,76

920

6,41

811

1,52

312

837

,870

Prin

ting

and

publ

ishi

ng e

xpen

ses

2,12

543

59,

937

5,45

94

1,73

8Le

gal a

nd o

ther

pro

fess

iona

l fee

s7,

105

1,99

634

,241

13,9

30–

9,12

7A

udit

fees

6,11

71,

519

34,2

0518

,501

2513

,079

Dire

ctor

s fe

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nd e

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1,96

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610

,956

5,92

58

2,02

8A

mor

tisat

ion

of f

orm

atio

n ex

pens

es (N

ote

2.9)

–3,

084

––

202

–B

ank

char

ges

451

1,29

73,

489

197

–2

Perf

orm

ance

rel

ated

man

agem

ent

fees

(Not

e 3.

2)–

––

––

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ther

exp

ense

s4,

205

145

25,9

5517

,850

21,

396

1,73

7,71

926

7,12

56,

907,

887

3,89

8,08

884

71,

377,

686

Net

inve

stm

ent

inco

me/

(def

icit)

(385

,239

)61

3,41

4(8

07,7

73)

(1,7

02,4

99)

867

1,99

3,49

9

* R

efer

to

note

12

The

Not

es t

o th

e Fi

nanc

ial S

tate

men

ts f

orm

an

inte

gral

par

t of

the

se f

inan

cial

sta

tem

ents

.


State

men

t o

f O

per

ati

on

s (c

ontin

ued)

for

the

six

mon

th p

erio

d en

ded

31 D

ecem

ber

2020

(exp

ress

ed in

Uni

ted

Sta

tes

Dol

lars

)

Euro

pea

n

Gro

wth

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dG

lob

al E

qui

ty

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d

Glo

bal

M

ulti

-Ass

et

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ersi

fied

In

com

e Fu

nd

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bal

REI

T Fu

nd

Glo

bal

R

esou

rces

Fun

dH

ealt

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re

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d

Inco

me

Div

iden

ds (N

ote

2.3)

458,

661

1,93

1,75

01,

225,

127

289,

179

298,

487

1,44

8,45

3B

ond

inte

rest

(Not

e 2.

3)–

–2,

760,

454

––

–D

epos

it in

tere

st (N

ote

2.3)

8024

41,

134

116

614

Inte

rest

inco

me

on s

wap

con

trac

ts (N

ote

2.8)

––

152,

361

––

–O

ther

inco

me

(Not

e 8)

––

––

–82

,546

1,7

32,46

168

,303

2,864

,972

257,0

851,2

02,67

92,9

69,04

8

458,

741

1,93

1,99

44,

139,

076

289,

190

298,

493

1,53

1,61

3

Expe

nses

Inte

rest

exp

ense

on

swap

con

trac

ts (N

ote

2.8)

––

124,

722

––

–In

vest

men

t m

anag

emen

t fe

es (N

ote

3.1)

651,

781

1,67

5,88

01,

291,

490

96,2

6825

9,80

42,

783,

441

Man

agem

ent

com

pany

fee

s (N

ote

3.3)

6,99

016

,335

14,8

6598

02,

166

23,1

77A

dmin

istr

atio

n fe

es (N

ote

3.4)

42,6

3863

,384

95,6

6218

,577

24,5

1072

,842

Dep

osita

ry f

ees

(Not

e 3.

4)23

,252

24,8

6935

,995

6,85

24,

035

30,1

93Ta

xatio

n (N

ote

4)22

,166

55,8

3942

,973

3,29

97,

262

78,5

36Pr

intin

g an

d pu

blis

hing

exp

ense

s1,

263

2,84

32,

764

2,45

937

73,

931

Lega

l and

oth

er p

rofe

ssio

nal f

ees

4,43

18,

493

5,15

54,

890

2,14

110

,009

Aud

it fe

es3,

978

9,27

28,

433

553

1,23

513

,231

Dire

ctor

s fe

es a

nd e

xpen

ses

1,27

42,

970

2,70

217

739

64,

239

Am

ortis

atio

n of

for

mat

ion

expe

nses

(Not

e 2.

9)–

–4,

081

––

–B

ank

char

ges

352

202

4,51

115

8235

Perf

orm

ance

rel

ated

man

agem

ent

fees

(Not

e 3.

2)–

––

––

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ther

exp

ense

s2,

332

1,47

44,

202

754

287

1,29

2

760,

457

1,86

1,56

11,

637,

555

134,

824

302,

295

3,02

0,92

6

Net

inve

stm

ent

inco

me/

(def

icit)

(301

,716

)70

,433

2,50

1,52

115

4,36

6(3

,802

)(1

,489

,313

)

The

Not

es t

o th

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nanc

ial S

tate

men

ts f

orm

an

inte

gral

par

t of

the

se f

inan

cial

sta

tem

ents

.


State

men

t o

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per

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s (c

ontin

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for

the

six

mon

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d en

ded

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ber

2020

(exp

ress

ed in

Uni

ted

Sta

tes

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Eq

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Fu

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d

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me

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iden

ds (N

ote

2.3)

1,22

2,14

235

3,46

523

7,57

86,

979,

821

–61

4,54

6B

ond

inte

rest

(Not

e 2.

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––

4,46

8,97

769

2,89

4–

Dep

osit

inte

rest

(Not

e 2.

3)23

2524

818

246

97In

tere

st in

com

e on

sw

ap c

ontr

acts

(Not

e 2.

8)–

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ther

inco

me

(Not

e 8)

––

––

––

1,7

32,46

168

,303

2,864

,972

257,0

851,2

02,67

92,9

69,04

8

1,22

2,16

535

3,49

023

7,60

211

,449

,616

693,

140

614,

643

Expe

nses

Inte

rest

exp

ense

on

swap

con

trac

ts (N

ote

2.8)

––

––

––

Inve

stm

ent

man

agem

ent

fees

(Not

e 3.

1)2,

123,

564

282,

898

244,

104

2,20

5,84

254

,911

333,

478

Man

agem

ent

com

pany

fee

s (N

ote

3.3)

18,7

162,

942

2,02

629

,717

3,23

32,

895

Adm

inis

trat

ion

fees

(Not

e 3.

4)85

,081

26,4

8217

,822

133,

916

22,1

4118

,344

Dep

osita

ry f

ees

(Not

e 3.

4)18

4,15

05,

160

9,19

338

,129

2,35

421

,794

Taxa

tion

(Not

e 4)

8,42

7,49

29,

745

6,98

294

,808

3,20

59,

778

Prin

ting

and

publ

ishi

ng e

xpen

ses

3,25

154

740

94,

822

339

451

Lega

l and

oth

er p

rofe

ssio

nal f

ees

9,12

52,

686

2,35

013

,403

2,92

62,

187

Aud

it fe

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gral

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61

ASEAN Equity Fund


Portfolio of investments

as at 31 December 2020

Quantity/ Par Value Description

Cost USD

Market Value USD

% of Net Assets

Transferable securities and money market instruments admitted to an official exchange listing (1)

Equities

Indonesia1,722,700 Aneka Tambang Tbk Pt 93,219 237,240 2.77

75,600 Bank Central Asia Tbk Pt 144,929 182,128 2.13446,400 Bank Mandiri Tbk Pt 212,238 200,947 2.35843,900 Blue Bird Tbk Pt 140,942 78,078 0.91

2,216,958 Ciputra Development Tbk Pt 189,900 155,414 1.812,651,100 Industri Jamu Dan Farmasi Sido

Muncul Tbk Pt91,060 151,886 1.77

3,236,500 Integra Indocabinet Tbk Pt 134,717 128,991 1.511,873,800 Kalbe Farma Tbk Pt 182,983 197,371 2.311,409,500 Telkom Indonesia Persero Tbk PT 306,524 332,041 3.881,898,000 Total Bangun Persada Tbk Pt 87,011 49,980 0.58

1,583,523 1,714,076 20.02Malaysia

119,200 AME Elite Consortium Bhd 53,960 72,602 0.8544,500 Hartalega Holdings Bhd 95,243 134,302 1.5730,600 Hong Leong Bank Bhd 138,065 138,451 1.62

198,900 IGB Real Estate Investment Trust 78,945 85,049 0.9942,120 Lpi Capital Bhd 146,326 143,664 1.68

136,000 MBM Resources BHD 104,358 114,615 1.3443,000 Public Bank Bhd 163,278 220,212 2.56

271,800 Skp Resources Bhd 88,679 145,276 1.7042,300 Time dotCom Bhd 130,143 139,440 1.63

223,550 Uchi Technologies Bhd 130,670 144,495 1.69126,800 Westports Holdings Bhd 136,274 135,548 1.58

1,265,941 1,473,654 17.21Philippines

599,300 Century Pacific Food Inc. 185,758 218,386 2.558,280 GT Capital Holdings Inc. 87,492 100,862 1.184,245 Pldt Inc. 121,514 118,447 1.384,125 SM Investments Corp. 61,920 90,104 1.05

105,400 Sm Prime Holdings Inc. 77,249 84,498 0.99351,300 Wilcon Depot Inc. 115,484 123,626 1.44

649,417 735,923 8.59Singapore

112,100 CapitaLand Integrated Commercial Trust 182,650 183,338 2.14110,000 Comfortdelgro Corp. Limited 132,828 139,093 1.63

30,200 DBS Group Holdings Limited 560,344 572,581 6.6889,700 Frasers Logistics & Industrial Trust 76,889 95,765 1.1239,200 Oversea-Chinese Banking Corp. Limited 285,191 298,593 3.48

195,800 Raffles Medical Group Limited 158,830 147,513 1.72121,200 Sheng Siong Group Limited 99,722 142,243 1.66

31,500 Singapore Exchange Limited 205,617 221,336 2.5814,900 Venture Corp. Limited 180,964 219,094 2.5672,300 Wilmar International Limited 195,737 254,558 2.97

2,078,772 2,274,114 26.54

62

ASEAN Equity Fund



Cost USD

Market Value USD

% of Net Assets

Thailand37,300 Airports of Thailand pcl – NVDR 79,857 77,501 0.91

270,200 Bangkok Chain Hospital pcl – NVDR 132,062 122,655 1.4466,200 Central Pattana pcl 111,165 105,510 1.23

1,401,000 Chularat Hospital PCL 108,518 115,036 1.34130,300 Com7 pcl 112,356 169,617 1.98

1,594,600 Dynasty Ceramic pcl 121,008 118,159 1.3881,000 Hana Microelectronics Company Limited 112,604 107,469 1.25

1,700 Kerry Express Thailand pcl 1,584 2,795 0.03127,200 Osotspa pcl 149,323 150,721 1.76

44,600 PTT Exploration and Production stock pcl – NVDR

162,851 146,261 1.71

551,600 R&B Food Supply PCL 73,958 171,225 2.00207,200 RS pcl 122,011 119,645 1.40

15,200 Siam Cement pcl – NVDR 183,549 191,777 2.24148,300 SiS Distribution Thailand PCL 87,387 86,624 1.01

44,900 Thai Oil pcl – NVDR 66,442 77,931 0.91

1,624,675 1,762,926 20.59Vietnam

6,988 Vietnam Dairy Products JSC 32,147 32,693 0.38104,140 Vincom Retail JSC 161,328 140,610 1.64

193,475 173,303 2.02

Equities Total 7,395,803 8,133,996 94.97

Total Transferable securities and

money market instruments admitted

to an official exchange listing (1) 7,395,803 8,133,996 94.97

Other transferable securities and money market instruments (2)

Equities

Malaysia15,100 Heineken Malaysia Bhd 80,390 86,415 1.01

80,390 86,415 1.01

Equities Total 80,390 86,415 1.01

Total Other transferable securities and

money market instruments (2) 80,390 86,415 1.01

Portfolio of Investments 7,476,193 8,220,411 95.98

Other Net Assets 344,655 4.02

Net Assets 8,565,066 100.00

(1) All securities classified under this section are listed on a stock-exchange.(2) All securities classified under this section are unlisted.The notes to the Financial Statements form an integral part of these financial statements.



63

Asia Total Return Fund




Quantity/ Par Value

Par Value Currency** Description

Cost USD

Market Value USD

% of Net Assets


Supranationals, Governments and Local Public Authorities, Debt Instruments

China26,000,000 CNY China (Govt of) 1.990% 9/Apr/2025*** 3,684,186 3,855,971 2.47

3,684,186 3,855,971 2.47India

280,000,000 INR India (Govt of) 5.770% 3/Aug/2030 3,762,126 3,796,512 2.43150,000,000 INR India (Govt of) 7.170% 8/Jan/2028 2,177,232 2,221,792 1.42100,000,000 INR India (Govt of) 7.590% 11/Jan/2026 1,586,957 1,507,513 0.97

7,526,315 7,525,817 4.82Indonesia

700,000 Indonesia (Govt of) 3.700% 30/Oct/2049 693,728 768,114 0.4950,000,000,000 IDR Indonesia (Govt of) 6.125% 15/May/2028 2,847,232 3,613,844 2.3144,000,000,000 IDR Indonesia (Govt of) 6.500% 15/Jun/2025 3,046,734 3,293,631 2.1147,000,000,000 IDR Indonesia (Govt of) 7.000% 15/May/2027 3,779,279 3,591,092 2.3050,000,000,000 IDR Indonesia (Govt of) 7.000% 15/Sep/2030 3,277,905 3,809,680 2.4440,000,000,000 IDR Indonesia (Govt of) 8.250% 15/May/2029 2,957,769 3,279,629 2.1025,000,000,000 IDR Indonesia (Govt of) 8.250% 15/May/2036 1,997,585 2,079,045 1.33

18,000,000 IDR Indonesia (Govt of) 8.375% 15/Sep/2026 1,481 1,471 0.0045,000,000,000 IDR Indonesia (Govt of) 8.375% 15/Apr/2039 3,315,820 3,784,489 2.42

21,917,533 24,220,995 15.50Philippines

100,000,000 PHP Philippine (Govt of) 3.900% 26/Nov/2022 1,760,244 2,129,764 1.36

1,760,244 2,129,764 1.36Republic of Korea (South)

2,000,000,000 KRW Korea (Govt of) 1.375% 10/Jun/2030 1,671,280 1,784,736 1.144,000,000,000 KRW Korea (Govt of) 1.875% 10/Jun/2029 3,450,843 3,752,602 2.405,700,000,000 KRW Korea (Govt of) 2.000% 10/Dec/2021 4,827,921 5,313,603 3.401,700,000,000 KRW Korea (Govt of) 2.375% 10/Mar/2023 1,503,952 1,614,036 1.03

2,900,000,000 KRW Korea (Govt of) 5.500% 10/Mar/2028 3,234,368 3,386,115 2.1720,000,000,000 IDR Korea Development Bank 7.000%

30/Nov/20221,482,030 1,472,080 0.94

16,170,394 17,323,172 11.08Thailand

30,000,000 THB Thailand (Govt of) 1.200% 14/Jul/2021 991,230 1,087,408 0.7033,865,000 THB Thailand (Govt of) 1.585% 17/Dec/2035 1,090,221 1,150,551 0.74

2,081,451 2,237,959 1.44

Supranationals, Governments and

Local Public Authorities,

Debt Instruments Total 53,140,123 57,293,678 36.67

64



Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets

Bonds

Australia1,316,000 National Australia Bank Limited 2.332%

21/Aug/20301,316,000 1,340,058 0.86

1,316,000 1,340,058 0.86Bermuda

1,216,000 Concord New Energy Group Limited 10.750% 24/Sep/2023

1,197,125 1,185,965 0.76

1,197,125 1,185,965 0.76Cayman Islands

1,500,000 21Vianet Group Inc. 7.875% 15/Oct/2021 1,527,645 1,526,437 0.971,000,000 Central China Real Estate Limited 7.250%

16/Jul/2024993,309 1,006,692 0.64

1,200,000 China Aoyuan Group Limited 7.950% 7/Sep/2021

1,213,024 1,226,089 0.79

1,500,000 China Hongqiao Group Limited 7.125% 22/Jul/2022

1,483,981 1,443,750 0.93

300,000 China SCE Group Holdings Limited 7.375% 9/Apr/2024

309,000 318,795 0.20

1,200,000 ENN Energy Holdings Limited 2.625% 17/Sep/2030

1,191,726 1,202,898 0.77

1,500,000 Geely Automobile Holdings Limited FRN Perp.

1,494,615 1,540,150 0.99

1,000,000 Logan Group Company Limited 5.750% 14/Jan/2025

1,001,664 1,058,350 0.68

1,500,000 Longfor Group Holdings Limited 3.950% 16/Sep/2029

1,554,837 1,624,387 1.04

1,119,000 Redsun Properties Group Limited 9.700% 16/Apr/2023

1,106,154 1,182,867 0.76

1,600,000 Sunac China Holdings Limited 7.500% 1/Feb/2024

1,613,160 1,689,600 1.08

1,000,000 Weibo Corp. 3.375% 8/Jul/2030 1,008,070 1,023,955 0.661,500,000 Yuzhou Group Holdings Company Limited

8.375% 30/Oct/20241,567,500 1,631,696 1.04

1,700,000 Zhenro Properties Group Limited 8.650% 21/Jan/2023

1,698,589 1,779,700 1.13

17,763,274 18,255,366 11.68China

1,000,000 China Minmetals Corp. Perp FRN Perp. 1,000,000 1,016,017 0.65700,000 Guangxi Financial Investment Group 5.750%

23/Jan/2021696,500 695,783 0.45

1,696,500 1,711,800 1.10



65



Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets

Hong Kong475,000 AIA Group Limited 3.200% 16/Sep/2040 474,235 506,900 0.32

1,188,000 AIA Group Limited 4.875% 11/Mar/2044 1,469,207 1,604,256 1.03896,000 Blossom Joy Limited FRN Perp. 896,000 900,480 0.58900,000 CNAC HK Finbridge Company Limited

3.000% 22/Sep/2030898,767 851,070 0.54

1,500,000 Dah Sing Bank Limited FRN 15/Jan/2029 1,573,785 1,612,050 1.031,000,000 GET International Investment Holdings

Limited 3.750% 18/Jul/20221,001,768 1,023,574 0.66

1,640,000 HBIS Group Hong Kong Company Limited 3.750% 18/Dec/2022

1,628,520 1,623,600 1.04

971,000 Lenovo Group Limited 3.421% 2/Nov/2030 971,000 1,025,329 0.66500,000 Lenovo Group Limited 5.875% 24/Apr/2025 561,401 575,830 0.37500,000 Shanghai Commercial Bank Limited FRN

17/Jan/2029525,975 535,836 0.34

1,000,000 Weichai International FRN Perp. 1,000,284 1,012,757 0.65 11,000,942 11,271,682 7.22

India600,000 Renew Power 6.670% 12/Mar/2024 608,250 635,950 0.41

608,250 635,950 0.41Indonesia

800,000 Adaro Indonesia Pt 4.250% 31/Oct/2024 797,387 825,968 0.531,213,000 Bayan Resources Tbk PT 6.125% 24/Jan/2023 1,213,000 1,246,418 0.801,000,000 Chandra Asri Petrochemical 4.950%

8/Nov/2024933,750 1,008,946 0.65

1,000,000 Indonesia Asahan Aluminium Persero PT 5.450% 15/May/2030

989,904 1,207,250 0.77

1,200,000 Perusahaan Perseroan Persero PT 6.150% 21/May/2048

1,276,500 1,579,650 1.01

5,210,541 5,868,232 3.76

Isle of Man1,500,000 Gohl Capital Limited 4.250% 24/Jan/2027 1,527,168 1,597,582 1.02

1,527,168 1,597,582 1.02Mauritius

1,000,000 Network I2i Limited FRN Perp. 952,500 1,068,625 0.681,500,000 UPL Corp. Limited 4.500% 8/Mar/2028 1,490,100 1,595,643 1.03

2,442,600 2,664,268 1.71Netherlands

1,200,000 Minejesa Capital 5.625% 10/Aug/2037 1,263,000 1,321,900 0.85 1,263,000 1,321,900 0.85



66



Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets

Singapore1,250,000 SGD CMT MTN Pte Limited 3.200% 21/Aug/2025 909,323 1,008,782 0.651,300,000 Indika Energy III 5.875% 9/Nov/2024 1,283,002 1,335,106 0.851,600,000 Medco Oak Tree Pte Limited 7.375%

14/May/20261,613,737 1,717,947 1.10

2,500,000 SGD Oversea-Chinese Banking Corp. Limited FRN Perp.

1,819,572 2,003,764 1.27

1,750,000 SGD Singapore Post Limited 4.250% Perp. 1,398,071 1,357,202 0.871,100,000 TBLA International Pte Limited 7.000%

24/Jan/20231,022,250 1,108,612 0.71

8,045,955 8,531,413 5.45

Thailand1,000,000 Bangkok Bank pcl FRN 25/Sep/2034 1,004,931 1,046,640 0.67

800,000 Kasikornbank pcl FRN 2/Oct/2031 799,166 825,263 0.53 1,804,097 1,871,903 1.20

United States1,300,000 Incitec Pivot Finance LLC 3.950% 3/Aug/2027 1,303,532 1,419,572 0.91

500,000 Resorts World Las Vegas LLC 4.625% 16/Apr/2029

496,365 512,779 0.33

1,799,897 1,932,351 1.24

Virgin Islands (British)1,600,000 Coastal Emerald Limited FRN Perp. 1,601,938 1,627,440 1.041,746,000 Elect Global Investments Limited FRN perp. 1,745,999 1,762,587 1.131,000,000 ENN Clean Energy International

Investment Limited 7.500% 27/Feb/20211,027,526 1,005,828 0.64

1,100,000 Franshion Brilliant Limited FRN Perp. 1,091,750 1,102,915 0.711,000,000 Greenland Global Investment Limited

6.750% 3/Mar/20241,000,000 941,000 0.60

1,000,000 Hopson Capital International Group Company Limited 6.000% 17/Feb/2021

996,853 1,000,705 0.64

200,000 New Metro Global Limited 4.800% 15/Dec/2024

200,000 203,250 0.13

600,000 New Metro Global Limited 6.500% 23/Apr/2021

582,970 605,363 0.39

900,000 New Metro Global Limited 6.800% 5/Aug/2023

914,625 953,366 0.61

1,323,000 Shandong Iron and Steel Xinheng International Company Limited 6.850% 25/Sep/2022

1,323,000 1,345,712 0.86

10,484,661 10,548,166 6.75

Bonds Total 66,160,010 68,736,636 44.01

Total Transferable securities and money market

instruments admitted to an official exchange

listing (1) 119,300,133 126,030,314 80.68



67



Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets

Transferable securities and money market instruments dealt in on another regulated market and recently issued transferable securities


China14,000,000 CNY China (Govt of) 2.360% 2/Jul/2023*** 2,077,775 2,133,099 1.3726,000,000 CNY China (Govt of) 2.680% 21/May/2030*** 3,696,276 3,850,508 2.4726,000,000 CNY China (Govt of) 2.850% 4/Jun/2027*** 3,805,563 3,938,016 2.52

9,579,614 9,921,623 6.36Malaysia

14,500,000 MYR Malaysia (Govt of) 3.620% 30/Nov/2021 3,618,787 3,664,454 2.3512,000,000 MYR Malaysia (Govt of) 3.757% 20/Apr/2023 2,864,612 3,106,506 1.99

9,500,000 MYR Malaysia (Govt of) 4.160% 15/Jul/2021 2,286,284 2,391,993 1.537,000,000 MYR Malaysia (Govt of) 4.181% 15/Jul/2024 1,677,720 1,867,611 1.20

300,000 MYR Malaysia (Govt of) 4.254% 31/May/2035 74,202 82,772 0.051,500,000 MYR Malaysia (Govt of) 4.392% 15/Apr/2026 531,621 412,606 0.26

11,053,226 11,525,942 7.38Philippines

45,000,000 PHP Philippine (Govt of) 3.500% 21/Apr/2023 889,986 968,990 0.62

889,986 968,990 0.62

Supranationals, Governments and

Local Public Authorities,

Debt Instruments Total 21,522,826 22,416,555 14.36

Total Transferable securities and money

market instruments dealt in on another

regulated market and recently issued

transferable securities 21,522,826 22,416,555 14.36


Other Net Assets 7,741,650 4.96

Net Assets 156,188,519 100.00



** if different from USD*** The security is valued with the off-shore FX rate of CNH (refer to note 2.2 on page 183)(1) All securities classified under this section are listed on a stock-exchange.The notes to the Financial Statements form an integral part of these financial statements.

68

Asia Pacific REIT Fund





Cost USD

Market Value USD

% of Net Assets


Equities

Australia3,298,810 Centuria Industrial REIT 7,528,177 7,879,948 1.963,703,485 Centuria Office REIT 7,010,883 6,126,775 1.52

742,554 Charter Hall Group REIT 4,556,935 8,444,001 2.10826,330 Dexus 7,126,991 6,004,667 1.49455,270 Goodman Group 4,397,254 6,655,308 1.65

1,402,902 Stockland 4,672,260 4,533,266 1.132,735,642 Waypoint REIT 4,930,238 5,773,371 1.43

40,222,738 45,417,336 11.28Cayman Islands

4,638,000 China Aoyuan Group Limited 6,472,261 4,510,078 1.121,062,000 China Resources Land Limited 4,664,681 4,382,849 1.095,722,000 CIFI Holdings Group Company Limited 3,925,868 4,848,364 1.20

975,500 Powerlong Commercial Management Holdings Limited

2,702,864 3,120,045 0.78

6,632,000 Times Neighborhood Holdings Limited 8,442,556 6,209,593 1.54

26,208,230 23,070,929 5.73China

1,542,750 A-Living Services Company Limited – H 7,573,387 6,844,409 1.71

7,573,387 6,844,409 1.71Hong Kong

5,636,000 China Jinmao Holdings Group Limited 3,691,711 2,594,903 0.641,378,000 China Overseas Land & Investment Limited 5,029,865 2,996,324 0.74

415,000 Hang Lung Properties Limited 928,627 1,094,519 0.273,272,000 Link REIT 36,024,350 29,792,021 7.401,338,250 New World Development Company Limited 7,554,542 6,230,550 1.55

13,743,000 Prosperity REIT 5,713,954 4,289,225 1.07552,500 Sun Hung Kai Properties Limited 8,154,636 7,125,482 1.78

11,186,000 Sunlight Real Estate Investment Trust 7,901,419 5,438,738 1.35

74,999,104 59,561,762 14.80Malaysia

6,700,700 Sunway Real Estate Investment Trust 3,016,737 2,498,711 0.62

3,016,737 2,498,711 0.62Philippines

5,066,400 Sm Prime Holdings Inc. 3,667,561 4,061,659 1.01

3,667,561 4,061,659 1.01

69




Cost USD

Market Value USD

% of Net Assets

Singapore13,483,789 Ascendas 29,588,038 30,424,533 7.57

6,935,000 Ascott Residence Trust 6,439,680 5,671,082 1.4119,657,848 CapitaLand Integrated Commercial Trust 34,747,028 32,150,330 8.00

2,142,000 Capitaland Limited 5,512,535 5,319,723 1.324,692,700 CDL Hospitality Trusts 5,346,896 4,512,552 1.12

931,600 City Developments Limited 6,278,937 5,621,905 1.4012,728,300 Far East Hospitality Trust 5,909,879 5,975,273 1.4811,666,000 Fortune Real Estate Investment Trust 12,655,023 11,118,556 2.7610,128,960 Frasers Centrepoint Trust 18,312,296 18,866,687 4.6917,207,204 Frasers Logistics & Industrial Trust 14,492,410 18,370,675 4.5612,353,100 Keppel 10,884,625 10,475,860 2.60

5,032,895 Keppel DC REIT 6,383,164 10,708,284 2.6614,083,300 Lendlease Global Commercial REIT 7,816,753 7,784,361 1.9312,793,600 Mapletree Commercial Trust 18,406,571 20,633,270 5.1316,596,700 Mapletree Greater China Company 13,723,057 12,189,592 3.03

6,366,300 Mapletree Industrial Trust 11,513,759 13,930,947 3.4616,408,631 Mapletree Logistics Trust 19,491,525 24,972,619 6.20

4,004,400 Suntec Real Estate Investment Trust 5,123,007 4,517,721 1.12793,800 UOL Group Limited 4,355,093 4,634,055 1.15

236,980,276 247,878,025 61.59Thailand

10,447,400 Frasers Property Thailand Industrial Freehold & Leasehold REIT

5,357,989 4,079,946 1.01

5,357,989 4,079,946 1.01

Equities Total 398,026,022 393,412,777 97.75






Net Assets 402,475,653 100.00

(1) All securities classified under this section are listed on a stock-exchange.The notes to the Financial Statements form an integral part of these financial statements.



70

Asia Value Dividend Equity Fund





Cost USD

Market Value USD

% of Net Assets


Equities

Bermuda3,020,000 CSI Properties Limited 153,438 91,139 0.64

88,000 Johnson Electric Holdings Limited 195,108 217,905 1.52

348,546 309,044 2.16Cayman Islands

109,000 China Education Group Holdings Limited 206,341 210,019 1.46124,000 China Lilang Limited 99,494 84,598 0.59

80,000 China Resources Land Limited 354,035 330,158 2.29360,000 China State Construction International

Holdings Limited244,942 205,214 1.44

313,500 China Yongda Automobiles 322,406 518,331 3.61408,786 CIFI Holdings Group Company Limited 289,783 346,373 2.41104,000 Haitian International Holdings Limited 257,949 359,460 2.51174,500 Hkbn Limited 282,772 270,059 1.88

15,000 Innovent Biologics Inc. 107,267 158,727 1.1177,500 KWG Group Holdings Limited 110,412 105,747 0.74

184,000 KWG Living Group Holdings Limited 129,736 149,500 1.04172,000 Lee & Man Holding Limited 88,651 77,195 0.54

6,500 Longfor Properties Company Limited 31,199 38,058 0.277,600 Meituan 270,248 288,754 2.01

19,000 Sitc International Company Limited 17,116 41,020 0.29202,000 SSY Group Limited 116,517 114,627 0.80

10,400 Tencent Holdings Limited 714,666 756,475 5.28288,000 TK Group Holdings Limited 109,213 92,857 0.65

50,000 Zhen Ding Technology Holding Limited 197,418 202,863 1.41

3,950,165 4,350,035 30.33China

699,000 China Construction Bank Corp. 555,757 530,974 3.71205,000 China Life Insurance Company Limited – H 469,686 452,097 3.15334,000 China Longyuan Power Group Corp. 233,556 334,695 2.33

39,000 China Merchants Bank Company Limited – H 190,002 246,458 1.72138,000 China Railway Construction Corp. Limited 134,961 75,462 0.53219,000 China Railway Group Limited 118,272 96,594 0.67902,000 China Telecom Corp. Limited 281,892 250,108 1.75

54,000 Chinasoft International Limited 57,561 60,241 0.42166,000 Guangzhou Automobile Group

Company Limited172,322 184,543 1.29

21,500 Jinke Smart SE 138,857 173,024 1.21454,000 Qilu Expressway Company Limited 97,826 102,465 0.71405,000 Qingdao Port International – H 231,435 250,191 1.74116,000 Sinopharm Group Company 345,708 282,151 1.97

63,800 Suzhou Gold Mantis Companynstruction Decoration Company Limited***

81,980 92,154 0.64

63,000 Times China Holdings Limited 77,753 87,587 0.61146,000 Zhejiang Expressway Company Limited 114,880 123,332 0.86

3,302,448 3,342,076 23.31

71




Cost USD

Market Value USD

% of Net Assets

Hong Kong53,000 Boc Hong Kong Holdings Limited 168,257 160,630 1.12

186,834 China Resources Power Holdings Company Limited

302,840 201,198 1.40

512,870 Far East Consortium 228,275 190,494 1.33136,000 Far East Horizon Limited 123,606 140,142 0.98

93,500 Genertec Universal Medical Group Company Limited

70,967 69,819 0.49

103,000 Nine Dragons Paper Holdings Limited 142,219 146,121 1.02226,000 Yuexiu Transport Infrastructure Ltd 139,067 153,895 1.07

1,175,231 1,062,299 7.41Indonesia

432,300 Acset Indonusa Tbk Pt 65,862 13,537 0.0933,600 Bank Central Asia Tbk Pt 66,092 80,946 0.56

2,885,000 Bekasi Fajar Industrial Estate Tbk Pt 55,232 36,959 0.26621,900 Link Net Tbk Pt 154,322 106,668 0.74274,800 Telkom Indonesia Persero Tbk PT 51,505 64,735 0.45

393,013 302,845 2.10Philippines

156,100 Century Pacific Food Inc. 52,180 56,883 0.4020,520 Security Bank Corp. 58,529 57,257 0.40

110,709 114,140 0.80Republic of Korea (South)

1,589 Asia Paper Manufacturing Company Limited 46,774 54,488 0.382,164 BH Company 42,426 43,726 0.301,486 Handsome Company Limited 42,290 41,381 0.29

826 Hansol Chemical Company Limited 71,836 149,415 1.04593 Hugel Inc. 68,551 102,519 0.71

3,784 Korea Investment Holdings Company Limited 221,189 275,188 1.921,392 Kt&g Corp. 104,701 106,486 0.74

587 Mando Corp. 26,870 31,774 0.22530 Naver Corp. 114,254 142,710 1.00

18,534 Samsung Electronics Company Limited Pfd 616,942 1,255,739 8.77563 SK Hynix Inc. 41,709 61,416 0.43668 Tokai Carbon Korea Company 41,578 77,051 0.54

1,439,120 2,341,893 16.34Singapore

66,400 Ascendas India Trust 67,947 69,381 0.48107,000 First Resources Limited 109,901 103,703 0.72

9,000 UOL Group Limited 49,508 52,540 0.37

227,356 225,624 1.57



72




Cost USD

Market Value USD

% of Net Assets

Taiwan29,000 Elan Microelectronics Corp. 129,051 137,787 0.9610,000 Genius Electronic Optical Company Limited 193,579 201,795 1.4174,000 Gold Circuit Electronics Limited 133,662 133,000 0.93

6,000 MediaTek Inc. 106,751 159,514 1.1156,000 Taiwan Semiconductor Manufacturing

Company Limited497,723 1,056,311 7.37

29,000 Taiwan Surface Mounting Technology Company Limited

127,606 133,142 0.93

18,000 Taiwan Union Technology Corp. 84,829 77,515 0.54202,000 United Microelectronics Corp. 169,314 338,970 2.36

4,000 Wiwynn Corp. 97,269 100,221 0.70

1,539,784 2,338,255 16.31Thailand

163,300 Digital Telecommunications Infrastructure Fund

71,191 70,313 0.49

50,200 Osotspa pcl 58,585 59,483 0.41

129,776 129,796 0.90

Equities Total 12,616,148 14,516,007 101.23





Other Net Liabilities (177,027) (1.23)

Net Assets 14,338,980 100.00



*** The security is valued with the off-shore FX rate of CNH (refer to note 2.2 on page 183)(1) All securities classified under this section are listed on a stock-exchange.The notes to the Financial Statements form an integral part of these financial statements.

73

Asian Equity Fund





Cost USD

Market Value USD

% of Net Assets


Equities

Australia396,326 Evolution Mining Limited 1,371,578 1,528,835 0.99

1,371,578 1,528,835 0.99Cayman Islands

52,000 Airtac International Group 1,065,555 1,665,612 1.08341,740 Alibaba Group Holding Limited 4,916,307 10,251,502 6.62730,300 Budweiser Brewing Company APAC Limited 2,349,343 2,411,144 1.56

1,750,000 China Resources Cement Holdings Limited 2,128,060 1,954,510 1.26748,000 Minth Group Limited 2,346,632 3,945,544 2.55182,900 NetEase Inc. 3,124,727 3,481,625 2.24154,400 Tencent Holdings Limited 4,381,515 11,230,740 7.25

68,797 Trip.com Group Limited 2,420,619 2,287,500 1.48

22,732,758 37,228,177 24.04China

253,187 Chacha Food Company Limited – A*** 1,594,031 2,097,269 1.35428,000 China Merchants Bank Company Limited – H 2,592,397 2,704,717 1.75

3,567,000 Industrial & Commercial Bank of China – H 2,128,344 2,313,945 1.49969,891 NARI Technology Company Limited*** 3,127,832 3,964,071 2.56

22,071 New Oriental Education & Technology Group Inc. – ADR

3,025,608 3,956,668 2.55

343,500 Ping An Insurance Group Company of China Limited

2,549,892 4,208,549 2.71

490,332 Sany Heavy Industry Company Limited – A***

1,190,628 2,638,378 1.70

502,609 Venustech Group Inc. – A*** 2,505,268 2,258,337 1.4689,503 Will Semiconductor Limited*** 2,566,176 3,181,738 2.05

21,280,176 27,323,672 17.62Hong Kong

1,645,000 Beijing Tong Ren Tang Chinese Medicine Company Limited

2,882,720 1,729,042 1.12

2,168,000 China Merchants Holdings International Company Limited

2,778,661 2,653,429 1.71

44,200 Hong Kong Exchanges and Clearing Limited 1,466,975 2,422,664 1.57136,000 Techtronic Industries Company 842,560 1,939,885 1.25

7,970,916 8,745,020 5.65India

45,951 Divi’s Laboratories Limited 1,409,986 2,416,115 1.56385,016 ICICI Bank Limited 2,254,543 2,819,355 1.82

26,021 Maruti Suzuki India Limited 2,503,124 2,724,202 1.7669,139 Reliance Industries Limited 1,415,767 1,878,563 1.21

7,583,420 9,838,235 6.35

74

Asian Equity Fund



Cost USD

Market Value USD

% of Net Assets

Indonesia21,032,000 Kalbe Farma Tbk Pt 2,291,208 2,215,334 1.4326,566,300 Total Bangun Persada Tbk Pt 1,460,988 699,568 0.45

3,752,196 2,914,902 1.88Malaysia

3,799,000 Skp Resources Bhd 1,221,817 2,030,544 1.31


16,359 Hyundai Motor Company 2,722,261 2,891,412 1.863,358 LG Chem Limited P.P. 144A 887,561 2,547,182 1.64

202,286 Samsung Electronics Company Limited 5,532,367 15,083,527 9.754,420 Samsung Sdi Company Limited 1,078,422 2,555,254 1.65

10,220,611 23,077,375 14.90Singapore

344,500 Singapore Exchange Limited 2,209,368 2,420,655 1.56169,100 Venture Corp. Limited 1,770,066 2,486,500 1.60743,200 Wilmar International Limited 2,089,073 2,616,702 1.69

6,068,507 7,523,857 4.85Taiwan

920,000 ASE Technology Holding Company 2,414,981 2,661,990 1.72466,000 Micro-Star International Company Limited 1,606,450 2,197,505 1.42203,000 Realtek Semiconductor Corp. 2,641,966 2,821,273 1.82412,000 Sinbon Electronics Company Limited 1,666,483 3,167,225 2.05687,000 Taiwan Semiconductor Manufacturing

Company Limited4,027,831 12,958,675 8.36

104,000 Wiwynn Corp. 2,365,578 2,605,757 1.68

14,723,289 26,412,425 17.05Thailand

32,700 Kerry Express Thailand pcl 30,472 53,754 0.03148,300 Siam Cement pcl – NVDR 1,950,839 1,871,084 1.21

1,981,311 1,924,838 1.24Vietnam

1,705,670 Vincom Retail JSC 2,624,203 2,302,996 1.49

2,624,203 2,302,996 1.49

Equities Total 101,530,782 150,850,876 97.37






75

Asian Equity Fund


*** The security is valued with the off-shore FX rate of CNH (refer to note 2.2 on page 183)a Defaulted/Fair Valued by the Board of Directors.(1) All securities classified under this section are listed on a stock-exchange.(2) All securities classified under this section are unlisted.The notes to the Financial Statements form an integral part of these financial statements.


Cost USD

Market Value USD

% of Net Assets


Equities

Cayman Islands351,600 China Metal Recycling Holdings Limited a 370,833 0 0.00

370,833 0 0.00

Equities Total 370,833 0 0.00

Total Other transferable securities

and money market instruments (2) 370,833 0 0.00



Net Assets 154,928,581 100.00



76

Asian High Yield Fund





Cost USD

Market Value USD

% of Net Assets


Bonds

Bermuda304,000 Concord New Energy Group Limited 10.750%

24/Sep/2023302,834 296,491 2.30

200,000 Hopson Development Holdings Limited 7.500% 27/Jun/2022

203,900 204,482 1.59

506,734 500,973 3.89Cayman Islands

250,000 21Vianet Group Inc. 7.875% 15/Oct/2021 252,500 254,406 1.98200,000 AC Energy Finance International Limited

5.100% Perp.200,000 207,478 1.61

200,000 Agile Group Holdings Limited 6.050% 13/Oct/2025

199,150 205,634 1.60

200,000 AYC Finance Limited 4.850% Perp. 198,000 203,560 1.58200,000 China Aoyuan Group Limited 6.200%

24/Mar/2026198,200 205,670 1.60

400,000 China Hongqiao Group Limited 7.125% 22/Jul/2022

363,900 385,000 2.99


204,500 212,530 1.65

300,000 CIFI Holdings Group Company Limited 6.000% 16/Jul/2025

300,600 320,777 2.50

200,000 CIFI Holdings Group Company Limited 6.450% 7/Nov/2024

202,940 215,621 1.68

200,000 Golden Eagle Retail Group Limited 4.625% 21/May/2023

176,000 204,584 1.59

200,000 Health & Happiness International Holdings Limited 5.625% 24/Oct/2024

206,500 209,138 1.62

200,000 Honghua Group Limited 6.375% 1/Aug/2022 201,750 196,994 1.53200,000 KWG Group Holdings Limited 7.875%

1/Sep/2023210,750 210,036 1.63

200,000 Logan Group Company Limited 4.250% 17/Sep/2024

196,800 199,641 1.55

200,000 MGM China Holdings Limited 5.875% 15/May/2026

213,500 210,567 1.64

200,000 Powerlong Real Estate Holdings Limited 6.950% 23/Jul/2023

199,706 209,675 1.63

200,000 Redsun Properties Group Limited 9.700% 16/Apr/2023

197,704 211,415 1.64

200,000 Sunac China Holdings Limited 7.500% 1/Feb/2024

203,900 211,200 1.64

200,000 Yankuang Group Cayman Limited 4.000% 16/Jul/2023

198,884 200,770 1.56

200,000 Yuzhou Group Holdings Company 7.850% 12/Aug/2026

200,900 213,093 1.66

200,000 Yuzhou Group Holdings Company Limited 8.300% 27/May/2025

201,500 216,351 1.68

4,527,684 4,704,140 36.56

77




Cost USD

Market Value USD

% of Net Assets

China200,000 Guangxi Financial Investment Group 5.750%

23/Jan/2021190,400 198,795 1.54

190,400 198,795 1.54Hong Kong

200,000 Lenovo Group Limited 3.421% 2/Nov/2030 200,000 211,190 1.64200,000 Lenovo Group Limited 5.875% 24/Apr/2025 200,000 230,332 1.79200,000 Nanyang Commercial Bank Limited FRN

Perp.201,500 203,611 1.58

200,000 Yancoal International Resources Development 3.500% 4/Nov/2023

200,000 200,962 1.56

250,000 Yanlord Land HK Company Limited 6.750% 23/Apr/2023

256,750 260,771 2.03

1,058,250 1,106,866 8.60India

200,000 Adani Ports & Special Economic Zone Ltd 4.200% 4/Aug/2027

203,500 216,619 1.68

200,000 GMR Hyderabad International Airport 4.250% 27/Oct/2027

168,000 192,483 1.50

200,000 HPCL-Mittal Energy Limited 5.450% 22/Oct/2026

205,500 208,120 1.62

200,000 JSW Steel Limited 5.950% 18/Apr/2024 170,900 212,893 1.65200,000 Renew Power 6.670% 12/Mar/2024 209,500 211,983 1.65

957,400 1,042,098 8.10Indonesia

250,000 Adaro Indonesia Pt 4.250% 31/Oct/2024 247,875 258,114 2.01270,000 Bayan Resources Tbk PT 6.125%

24/Jan/2023270,000 277,438 2.15

200,000 Chandra Asri Petrochemical 4.950% 8/Nov/2024

199,250 201,789 1.57

717,125 737,341 5.73Malaysia

250,000 SD International Sukuk II Limited 6.997% 12/Mar/2025

249,875 233,417 1.81

249,875 233,417 1.81Mauritius

300,000 Greenko Solar Mauritius Limited 5.950% 29/Jul/2026

304,125 323,101 2.51

200,000 Network I2i Limited Perp FRN Perp. 140,000 213,725 1.66274,000 UPL Corp. Limited FRN Perp. 274,000 271,178 2.11

718,125 808,004 6.28



78





Cost USD

Market Value USD

% of Net Assets

Singapore200,000 ABJA Investment Company Pte Limited

5.950% 31/Jul/2024210,750 214,901 1.67

300,000 Indika Energy III 5.875% 9/Nov/2024 292,125 308,102 2.40300,000 Medco Oak Tree Pte Limited 7.375%

14/May/2026308,850 322,115 2.50

200,000 Pakuwon Prima PtE 5.000% 14/Feb/2024 204,250 205,993 1.60200,000 TBG Global Pte Limited 5.250% 10/Feb/2022 203,250 201,383 1.56200,000 TBLA International Pte Limited 7.000%

24/Jan/2023202,500 201,566 1.57

1,421,725 1,454,060 11.30Virgin Islands (British)

200,000 ENN Clean Energy International Investment Limited 7.500% 27/Feb/2021

207,100 201,166 1.56

200,000 Greenland Global Investment Limited 6.750% 3/Mar/2024

200,000 188,200 1.46

200,000 LS Finance 2025 Limited 4.500% 26/Jun/2025

186,000 195,307 1.52

300,000 New Metro Global Limited 7.125% 23/May/2021

300,600 304,082 2.36

200,000 RKPF Overseas 2019 A Limited 6.000% 4/Sep/2025

200,000 205,238 1.59

300,000 Shandong Iron and Steel Xinheng International Company Limited 6.850% 25/Sep/2022

295,800 305,150 2.37

200,000 Studio City Finance Limited 7.250% 11/Feb/2024

208,000 208,469 1.62

1,597,500 1,607,612 12.48

Bonds Total 11,944,818 12,393,306 96.29


market instruments admitted to an official

exchange listing (1) 11,944,818 12,393,306 96.29



Net Assets 12,870,242 100.00



79

Asian Small Cap Equity Fund





Cost USD

Market Value USD

% of Net Assets


Equities

Australia254,428 ALS Limited 1,534,928 1,890,148 1.26230,264 Amcor plc 2,422,673 2,730,605 1.83

60,624 Appen Limited 459,429 1,157,106 0.77545,681 Bapcor Limited 2,351,056 3,281,905 2.19

1,077,385 Beach Energy Limited 1,065,622 1,503,335 1.00411,824 IPH Limited 1,816,073 2,047,058 1.37703,195 Reliance Worldwide Corp. Limited 2,101,709 2,201,600 1.47131,396 Seven Group Holdings Limited 1,862,960 2,371,792 1.58

13,614,450 17,183,549 11.47Cayman Islands

2,827,000 Cathay Media and Education Group Inc. 1,653,375 2,996,950 2.002,260,000 CMGE Technology Group Limited 1,044,082 804,451 0.543,900,000 Frontage Holdings Corp. 2,171,234 2,142,675 1.43

991,000 Haitian International Holdings Limited 2,139,671 3,425,235 2.291,841,500 Hkbn Limited 2,690,205 2,849,935 1.90

273,307 iClick Interactive Asia Group Limited 1,791,493 2,355,906 1.5764,836 iHuman Inc. 778,032 1,178,070 0.7976,744 I-Mab 1,109,345 3,452,713 2.30

1,783,000 KWG Living Group Holdings Limited 1,497,394 1,448,685 0.97766,000 Minth Group Limited 2,378,650 4,040,491 2.70

75,000 Parade Technologies Limited 1,519,842 2,962,868 1.98199,500 Semiconductor Manufacturing

International Corp.571,821 568,613 0.38

351,000 Zhongsheng Group Holdings Limited 753,324 2,501,044 1.67

20,098,468 30,727,636 20.52China

586,581 Hengyi Petrochemical Company Limited*** 1,134,515 1,154,955 0.77288,100 Shandong Pharmaceutical Glass Company*** 2,069,927 2,222,497 1.48

3,204,442 3,377,452 2.25Hong Kong

192,900 ASM Pacific Technology Limited 2,186,786 2,545,012 1.702,812,000 China Merchants Commercial Real Estate

Investment Trust1,228,336 888,512 0.59

924,000 Guangdong Investment Limited 1,693,983 1,663,563 1.11412,000 Hua Hong Semiconductor Limited 850,691 2,337,932 1.56

5,959,796 7,435,019 4.96

80




Cost USD

Market Value USD

% of Net Assets

India38,529 Amber Enterprises India Limited 1,167,325 1,240,650 0.8234,583 Apollo Hospitals Enterprise Limited 999,588 1,141,985 0.76

464,369 Apollo Tyres Limited 815,630 1,131,253 0.75131,412 AU Small Finance Bank Ltd 1,310,062 1,533,405 1.02

52,302 Balkrishna Industries Limited 874,745 1,178,430 0.79320,987 Cholamandalam Investment and Finance

Company Limited1,105,234 1,702,957 1.14

255,166 Crompton Greaves Consumer Electricals Limited

1,035,179 1,328,957 0.89

84,821 Dalmia Bharat Limited 1,228,751 1,253,439 0.849,027 Dixon Technologies India Limited 616,048 1,661,481 1.11

1,846,335 Federal Bank Limited 1,203,954 1,685,438 1.12363,339 Hindalco Industries Limited 932,706 1,196,173 0.80

51,552 ICICI Lombard General Insurance Company Limited

903,343 1,073,022 0.72

121,626 Kajaria Ceramics Limited 959,804 1,171,194 0.78147,333 Kansai Nerolac Paints Limited 986,525 1,225,467 0.82

30,806 Navin Fluorine International Limited 829,982 1,101,332 0.73

14,968,876 19,625,183 13.09Indonesia

15,149,400 Aneka Tambang Tbk Pt 901,975 2,086,283 1.39

901,975 2,086,283 1.39Malaysia

2,464,950 Pentamaster Corp. Bhd 1,311,533 3,094,597 2.06512,350 QL Resources Bhd 673,559 738,753 0.49

1,985,092 3,833,350 2.55Philippines

7,121,100 MerryMart Consumer Corp. 467,354 916,387 0.61


4,014 CJ Corp. 334,277 340,321 0.2369,999 D&C Media Company Limited 1,481,035 2,371,329 1.5840,636 Doosan Fuel Cell Company Limited 1,635,793 2,001,321 1.3423,096 Kolmar BNH Company Limited 1,119,106 1,103,459 0.7413,064 Mando Corp. 558,534 707,140 0.4737,469 Nature Holdings Company Limited 1,411,610 1,365,902 0.91

176,919 Nice Information Service Company Limited 2,004,637 4,039,041 2.6916,872 POSCO Chemical Company Limited 1,004,974 1,615,296 1.0867,614 Seojin System Company Limited 1,667,458 3,149,483 2.1010,135 SK Materials Company Limited 1,585,664 3,338,229 2.23

195,312 Vitzrocell Company Limited 1,237,184 2,966,642 1.97

14,040,272 22,998,163 15.34



81




Cost USD

Market Value USD

% of Net Assets

Singapore411,300 iFAST Corp. Limited 1,035,865 934,277 0.62

2,012,000 Sheng Siong Group Limited 1,686,557 2,361,323 1.58112,000 Venture Corp. Limited 1,465,818 1,646,884 1.10492,100 Wilmar International Limited 1,027,900 1,732,615 1.16

5,216,140 6,675,099 4.46Taiwan

197,000 Century Iron & Steel Industrial Company Limited

908,599 750,202 0.50

198,000 Chief Telecom Inc. 1,350,061 2,498,098 1.67175,000 Eclat Textile Company Limited 2,267,649 2,631,435 1.76383,000 Global PMX Company Limited 2,020,996 2,337,712 1.56

1,510,000 Highwealth Construction Corp. 2,293,397 2,464,020 1.64572,000 Macronix International 864,001 861,121 0.57268,000 Nan Pao Resins Chemical Company Limited 1,331,726 1,487,947 1.00338,000 Phoenix Silicon International Corp. 718,742 706,127 0.47187,000 Simplo Technology Company Limited 1,469,855 2,329,365 1.55248,000 Sinbon Electronics Company Limited 1,539,077 1,906,485 1.27

1,507,000 TA Chen Stainless Pipe 1,302,951 1,678,748 1.12424,000 Taiwan Cement Corp. 633,322 651,895 0.44445,000 Taiwan Union Technology Corp. 1,946,606 1,916,344 1.28441,000 Unimicron Technology Corp. 638,592 1,371,760 0.92

71,000 Yageo Corp. 1,124,931 1,308,929 0.87

20,410,505 24,900,188 16.62Thailand

1,959,500 Central Plaza Hotel pcl – NVDR 1,578,313 1,550,079 1.0361,800 Kerry Express Thailand pcl 57,589 101,591 0.07

2,011,700 RS pcl 1,202,476 1,161,635 0.78931,500 Sri Trang Gloves Thailand 2,251,263 2,362,962 1.58512,000 TQM Corp. PCL 1,574,563 2,298,542 1.53

6,664,204 7,474,809 4.99

Equities Total 107,531,574 147,233,118 98.25






82





Cost USD

Market Value USD

% of Net Assets


Rights

Republic of Korea (South)3,615 Posco Chemical Company Limited Right 50,697 101,332 0.07

50,697 101,332 0.07

Rights Total 50,697 101,332 0.07




transferable securities 50,697 101,332 0.07


Equities

Cayman Islands1,065,600 China Metal Recycling Holdings Limited a 1,127,921 0 0.00

1,127,921 0 0.00

Equities Total 1,127,921 0 0.00

Total Other transferable securities

and money market instruments (2) 1,127,921 0 0.00



Net Assets 149,857,665 100.00



83

China Total Return Bond Fund




Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets


Bonds

Bermuda200,000 China Oil & Gas Group Limited 5.500%

25/Jan/2023198,746 206,001 0.57

405,000 Concord New Energy Group Limited 10.750% 24/Sep/2023

379,468 394,997 1.09

578,214 600,998 1.66Cambodia

500,000 Vanke Real Estate Hong Kong Company Limited 3.975% 9/Nov/2027

454,210 548,933 1.52

454,210 548,933 1.52Canada

500,000 CNOOC Finance 2014 ULC 4.875% 30/Apr/2044

519,350 624,238 1.73

519,350 624,238 1.73Cayman Islands

500,000 21Vianet Group Inc. 7.875% 15/Oct/2021 507,000 508,812 1.41400,000 Agile Group Holdings Limited FRN Perp. 411,250 418,727 1.16500,000 CDBL Funding 1 3.500% 24/Oct/2027 450,725 537,252 1.49400,000 Central China Real Estate Limited 7.250%

16/Jul/2024386,000 402,677 1.11

200,000 Central China Real Estate Limited 7.650% 27/Aug/2023

199,086 206,353 0.57

500,000 China Aoyuan Group Limited 6.350% 8/Feb/2024

499,940 523,552 1.45


576,000 577,500 1.60

500,000 China Overseas Finance Cayman III Limited 6.375% 29/Oct/2043

610,040 699,228 1.93

279,000 China Resources Land Limited 4.125% 26/Feb/2029

276,227 311,080 0.86

400,000 China State Construction Finance Cayman III Limited FRN Perp.

408,800 402,684 1.11

400,000 Country Garden Holdings Company Limited 6.500% 8/Apr/2024

425,500 431,380 1.19

500,000 Geely Automobile Holdings Limited FRN Perp.

498,841 513,383 1.42


189,000 204,584 0.57

84



Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets

Cayman Islands (continued)454,000 Health & Happiness International Holdings

Limited 5.625% 24/Oct/2024465,801 474,742 1.31

733,000 Honghua Group Limited 6.375% 1/Aug/2022

732,300 721,982 2.00

400,000 KWG Group Holdings Limited 7.875% 1/Sep/2023

407,900 420,073 1.16

200,000 Logan Group Company Limited 5.750% 14/Jan/2025

200,000 211,670 0.59

200,000 Logan Group Company Limited 7.500% 25/Aug/2022

200,000 206,069 0.57

500,000 Longfor Properties Company 4.500% 16/Jan/2028

449,680 554,839 1.53

200,000 Meituan 2.125% 28/Oct/2025 199,754 203,324 0.56400,000 Ovph Limited 5.875% Perp. 390,800 403,115 1.11250,000 Powerlong Real Estate Holdings Limited

6.250% 10/Aug/2024247,830 259,000 0.72

400,000 Powerlong Real Estate Holdings Limited 6.950% 23/Jul/2023

400,606 419,350 1.16


498,750 526,008 1.45

200,000 Seazen Group Limited 6.000% 12/Aug/2024 200,000 208,296 0.58600,000 Shimao Group Holdings Limited 5.600%

15/Jul/2026624,230 657,604 1.82


407,800 410,368 1.13

500,000 Times China Holdings Limited 6.750% 8/Jul/2025

500,000 530,775 1.47

277,000 Yankuang Group Cayman Limited 4.000% 16/Jul/2023

275,454 278,066 0.77

400,000 Yuzhou Group Holdings Company Limited 8.500% 26/Feb/2024

410,000 432,557 1.20

12,049,314 12,655,050 35.00China

600,000 CCB Life Insurance Company Limited FRN 21/Apr/2077

563,100 604,620 1.67

200,000 Industrial & Commercial Bank of China Limited FRN Perp.

198,800 204,415 0.57

200,000 Shougang Group Company Limited 4.000% 23/May/2024

198,702 212,961 0.59

960,602 1,021,996 2.83



85



Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets

Hong Kong200,000 Airport Authority 2.400% Perp. 200,000 203,068 0.56200,000 Chong Hing Bank Limited FRN 26/Jul/2027 191,300 201,224 0.56250,000 Chong Hing Bank Limited FRN Perp. 252,500 255,500 0.71344,000 CITIC Limited 2.850% 25/Feb/2030 343,288 357,618 0.98400,000 CITIC Limited 3.875% 28/Feb/2027 373,728 439,745 1.21500,000 CNAC HK Finbridge Company Limited

5.125% 14/Mar/2028499,000 545,789 1.51

500,000 CNPC HK Overseas Capital Limited 5.950% 28/Apr/2041

618,520 720,029 1.99

400,000 CRCC Chengan Limited FRN Perp. 405,580 408,967 1.13250,000 Dah Sing Bank Limited FRN 15/Jan/2029 248,898 268,675 0.74200,000 Far East Horizon FRN Perp. 186,900 199,048 0.55600,000 HBIS Group Hong Kong Company Limited

3.750% 18/Dec/2022595,800 594,000 1.64

809,000 Lenovo Group Limited 3.421% 2/Nov/2030 809,000 854,265 2.36305,000 MCC Holding Hong Kong Corp. Limited

FRN Perp.305,000 305,914 0.85

400,000 Nanyang Commercial Bank Limited FRN Perp.

391,209 407,222 1.12

250,000 Shanghai Commercial Bank Limited FRN 17/Jan/2029

249,553 267,918 0.74

283,000 Yancoal International Resources Development 3.500% 4/Nov/2023

283,000 284,361 0.79

200,000 Zoomlion HK SPV Company 6.125% 20/Dec/2022

191,240 210,063 0.58

6,144,516 6,523,406 18.02United States

500,000 Resorts World Las Vegas LLC 4.625% 16/Apr/2029

410,750 512,779 1.42

410,750 512,779 1.42Virgin Islands (British)

854,000 CCCI Treasure Limited FRN Perp. 855,875 842,197 2.33200,000 Celestial Miles Limited FRN Perp. 200,000 211,950 0.59600,000 China Huadian Overseas Development

Management Company Limited FRN Perp.613,160 625,345 1.73

267,000 China Huaneng Group Hong Kong Treasury Management Holdinging Limited 2.850% Perp.

267,000 269,670 0.75

200,000 Coastal Emerald Limited FRN Perp. 200,000 203,430 0.56775,000 Elect Global Investments Limited Perp

FRN Perp.771,201 782,363 2.15


206,115 201,166 0.56

400,000 Franshion Brilliant Limited FRN Perp. 359,300 401,060 1.11500,000 Greenland Global Investment Limited

6.750% 26/Sep/2023499,965 473,292 1.31



86



Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets

Virgin Islands (British) (continued)397,000 HKT Capital No 5 Limited 3.250%

30/Sep/2029394,618 429,380 1.19

300,000 Hopson Capital International Group Company Limited 6.000% 17/Feb/2021

300,000 300,212 0.83

500,000 Huarong Finance 2017 Company Limited FRN Perp.

486,875 510,720 1.41

500,000 LS Finance 2017 Limited 4.875% 15/Jul/2024

485,000 496,134 1.37

800,000 Minmetals Bounteous Finance BVI Limited FRN Perp.

800,000 813,510 2.25

400,000 New Metro Global Limited 6.800% 5/Aug/2023

398,800 423,718 1.17

500,000 RKPF Overseas 2019 A Limited 5.900% 5/Mar/2025

500,000 513,197 1.42

347,000 SF Holding Investment Limited 2.875% 20/Feb/2030

343,304 366,481 1.01

614,000 Shandong Iron and Steel Xinheng International Company Limited 6.850% 25/Sep/2022

617,900 624,540 1.73

500,000 Sinopec Group Overseas Development 2015 Limited 4.100% 28/Apr/2045

465,980 589,724 1.63


410,500 416,938 1.15

500,000 Sunny Express Enterprises Corp. 3.000% 23/Oct/2029

512,193 524,649 1.45

400,000 Towngas Finance Limited FRN Perp. 400,000 424,230 1.17600,000 Yingde Gases Investment Limited 6.250%

19/Jan/2023583,620 621,400 1.72

10,671,406 11,065,306 30.59

Bonds Total 31,788,362 33,552,706 92.77

Bonds – convertibles

Virgin Islands (British)500,000 Chalco Hong Kong Investment Company

Limited FRN Perp.480,000 506,088 1.40

480,000 506,088 1.40

Bonds – convertibles Total 480,000 506,088 1.40






87



** if different from USD*** The security is valued with the off-shore FX rate of CNH (refer to note 2.2 on page 183)(1) All securities classified under this section are listed on a stock-exchange.The notes to the Financial Statements form an integral part of these financial statements.



Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets



China10,000,000 CNY China Development Bank 3.340%

14/Jul/2025***1,506,179 1,546,873 4.28

1,506,179 1,546,873 4.28

Supranationals, Governments and Local

Public Authorities, Debt Instruments Total 1,506,179 1,546,873 4.28







Net Assets 36,164,700 100.00

88

China Value Fund





Cost USD

Market Value USD

% of Net Assets


Equities

Cayman Islands1,361,000 AAC Technologies Holdings Inc. 8,570,878 7,617,804 0.86

240,564 Alibaba Group Holding Limited 30,734,838 56,737,019 6.443,487,000 Alphamab Oncology 6,266,518 7,321,302 0.83

36,498 Baidu Inc. – ADR 6,957,734 7,920,066 0.90217,083 Bilibili Inc. 6,834,467 19,444,124 2.20

2,175,800 Budweiser Brewing Company APAC Limited 7,137,237 7,183,580 0.8210,633,000 Cathay Media and Education Group Inc. 6,290,654 11,272,224 1.28

5,635,000 China Education Group Holdings Limited 7,714,967 10,857,416 1.231,176,940 CK Asset Holdings Limited 5,816,518 6,041,146 0.69

93,673 GDS Holdings Limited 5,456,880 8,732,197 0.993,896,000 HKT Trust and Hkt Limited 5,342,395 5,054,741 0.57

295,111 Huazhu Group Limited 10,481,599 13,168,717 1.491,158,709 iClick Interactive Asia Group Limited 7,400,050 9,988,072 1.13

317,383 I-Mab 4,510,591 14,279,061 1.628,496,000 KWG Living Group Holdings Limited 7,726,659 6,902,986 0.78

516,868 Lufax Holdinging Limited 7,078,167 7,623,803 0.87744,900 Meituan 9,488,097 28,301,710 3.21

3,864,000 Minth Group Limited 15,994,074 20,381,793 2.31196,000 Parade Technologies Limited 4,251,768 7,742,960 0.88131,091 Pinduoduo Inc. 3,543,475 23,254,232 2.64433,200 Ping An Healthcare & Technology

Company Limited5,539,811 5,251,680 0.60

2,347,000 Semiconductor Manufacturing International Corp.

6,564,315 6,689,403 0.76

7,003,500 Sino Biopharmaceutical 5,507,179 6,774,205 0.771,656,000 Sunac China Holdings Limited 7,860,679 6,118,809 0.693,898,281 Sunac Services Holdings Limited 5,942,354 8,627,251 0.98

68,305 Tal Education Group – ADR 2,070,769 4,908,397 0.56990,800 Tencent Holdings Limited 24,611,244 72,068,764 8.18

8,735,000 Topsports International Holdings Limited 10,071,653 13,067,812 1.481,293,000 Wuxi Biologics Cayman Inc. 3,840,174 17,142,478 1.951,457,500 Zhongsheng Group Holdings Limited 3,373,751 10,385,390 1.18

242,979,495 430,859,142 48.89

89

China Value Fund



Cost USD

Market Value USD

% of Net Assets

China522,500 BYD Company Limited 3,337,928 13,692,790 1.55

14,874,000 China Construction Bank Corp. 11,626,413 11,298,610 1.282,757,223 China Jushi Company Limited – A*** 3,354,543 8,465,631 0.962,895,500 China Merchants Bank Company Limited – H 11,859,274 18,297,916 2.085,157,625 ENN Natural Gas Company Limited*** 9,218,006 10,781,921 1.22

312,800 Gigadevice Semiconductor Beijing Inc. – A***

10,277,636 9,503,000 1.08

1,150,298 Gree Electric Appliances Inc. – A*** 9,794,272 10,959,948 1.241,457,365 Han’s Laser Technology – A*** 7,880,122 9,583,660 1.094,916,670 Hengyi Petrochemical Company Limited*** 8,317,932 9,680,726 1.10

104,677 New Oriental Education & Technology Group Inc. – ADR

13,402,477 18,765,446 2.13

1,849,560 Ningbo Joyson Electronic Corp.*** 6,821,373 7,215,137 0.821,324,000 Ping An Insurance Group Company of

China Limited11,419,533 16,221,595 1.84

929,726 Shandong Pharmaceutical Glass Company*** 7,020,537 7,172,207 0.81269,908 Will Semiconductor Limited*** 8,432,256 9,594,948 1.09

11,305,588 XCMG Construction Machinery Company Limited – A***

8,638,943 9,338,871 1.06

1,093,545 Zhongji Innolight Company Limited*** 9,183,210 8,555,393 0.97

140,584,455 179,127,799 20.32Hong Kong

2,473,200 AIA Group Limited 20,976,365 30,301,548 3.445,118,000 China Merchants Holdings International

Company Limited6,609,601 6,263,953 0.71

9,891,000 Cnooc Limited 13,808,361 9,158,969 1.043,843,000 Geely Automobile Holdings Limited 8,488,324 13,134,037 1.49

432,562 Hong Kong Exchanges and Clearing Limited 12,210,034 23,709,329 2.70800,900 Link REIT 6,221,722 7,292,307 0.83

5,825,000 Sun Art Retail Group Limited 6,510,886 5,919,760 0.67

74,825,293 95,779,903 10.88Taiwan

1,042,000 FLEXium Interconnect Inc. 3,927,780 4,487,258 0.512,185,000 Formosa Plastics Corp. 6,066,900 7,496,464 0.85

429,189 Hiwin Technologies Corp. 4,053,214 5,873,175 0.6772,000 Largan Precision Company Limited 9,636,793 8,187,123 0.93

605,000 Lotes Company Limited 8,698,287 10,216,911 1.17311,000 MediaTek Inc. 3,839,995 8,268,162 0.94

9,512,000 Mega Financial Holding Company Limited 8,978,062 10,088,256 1.14458,000 Realtek Semiconductor Corp. 6,415,024 6,365,236 0.72

4,509,000 Taiwan Semiconductor Manufacturing Company Limited

21,388,561 85,051,915 9.65

3,070,000 Uni-President Enterprises Corp. 7,434,089 7,375,138 0.84431,000 Yageo Corp. 6,600,998 7,945,752 0.90

87,039,703 161,355,390 18.32

Equities Total 545,428,946 867,122,234 98.41

Total Transferable securities and money market instruments admitted to an official exchange listing (1) 545,428,946 867,122,234 98.41



90

China Value Fund




Cost USD

Market Value USD

% of Net Assets


Equities

Bermuda7,146,000 Euro-Asia Agricultural Holdings

Company Limited a1,191,427 0 0.00

1,191,427 0 0.00Cayman Islands

16,916,500 Real Gold Mining Limited a 27,921,022 0 0.00

27,921,022 0 0.00Hong Kong

8,304,000 Peace Mark Holdings Limited a 661,314 0 0.00

661,314 0 0.00

Equities Total 29,773,763 0 0.00

Total Other transferable securities and money market instruments (2) 29,773,763 0 0.00



Net Assets 881,098,428 100.00



91

Dragon Growth Fund





Cost USD

Market Value USD

% of Net Assets


Equities

Cayman Islands1,064,000 AAC Technologies Holdings Inc. 7,094,064 5,955,433 1.211,074,300 Alibaba Group Holding Limited 15,310,786 32,226,805 6.562,039,000 Alphamab Oncology 3,691,450 4,281,082 0.87

25,039 Baidu Inc. – ADR 4,773,267 5,433,463 1.11116,463 Bilibili Inc. 3,666,628 10,431,591 2.12

1,579,400 Budweiser Brewing Company APAC Limited 5,226,787 5,214,517 1.069,603,000 Cathay Media and Education Group Inc. 5,876,941 10,180,303 2.074,125,000 China Education Group Holdings Limited 5,642,652 7,947,975 1.62

518,280 GDS Holdings Limited 3,683,553 6,039,133 1.232,256,000 Hkbn Limited 3,989,270 3,491,422 0.71

193,021 Huazhu Group Limited 6,829,708 8,613,162 1.75679,329 iClick Interactive Asia Group Limited 4,096,114 5,855,816 1.19202,614 iHuman Inc. 2,431,368 3,681,496 0.75197,302 I-Mab 2,779,013 8,876,617 1.81

4,631,000 KWG Living Group Holdings Limited 4,168,035 3,762,680 0.77378,975 Lufax Holdinging Limited 5,188,948 5,589,881 1.14551,300 Meituan 6,870,624 20,946,077 4.26

2,538,000 Minth Group Limited 7,495,388 13,387,420 2.73294,800 NetEase Inc. 5,260,605 5,611,718 1.14

56,591 New Oriental Education & Technology Group Inc.

7,233,348 10,159,413 2.06

114,455 Pinduoduo Inc. 3,027,184 20,303,172 4.13291,500 Ping An Healthcare & Technology

Company Limited3,637,591 3,533,852 0.72

1,790,000 Semiconductor Manufacturing International Corp.

5,037,818 5,101,845 1.04

4,966,500 Sino Biopharmaceutical 4,112,289 4,803,898 0.981,670,000 Sunac China Holdings Limited 7,819,414 6,170,539 1.252,366,732 Sunac Services Holdings Limited 3,662,174 5,237,793 1.07

549,600 Tencent Holdings Limited 14,853,247 39,976,778 8.144,198,000 Topsports International Holdings Limited 4,868,335 6,280,329 1.28

816,000 Wuxi Biologics Cayman Inc. 2,433,604 10,818,455 2.20965,000 Zhongsheng Group Holdings Limited 2,171,220 6,876,090 1.40

162,931,425 286,788,755 58.37

92

Dragon Growth Fund



Cost USD

Market Value USD

% of Net Assets

China266,500 BYD Company Limited 1,717,630 6,983,978 1.42

1,885,984 China Jushi Company Limited – A*** 2,315,010 5,790,625 1.182,164,500 China Merchants Bank Company Limited – H 8,992,124 13,678,411 2.783,674,404 ENN Natural Gas Company Limited*** 6,502,998 7,681,275 1.56

179,100 Gigadevice Semiconductor Beijing Inc. – A***

5,919,055 5,441,136 1.11

778,958 Gree Electric Appliances Inc. – A*** 6,425,292 7,421,850 1.511,381,375 Han’s Laser Technology – A*** 7,481,869 9,083,948 1.852,795,240 Hengyi Petrochemical Company Limited*** 5,723,903 5,503,716 1.121,842,317 Ningbo Joyson Electronic Corp.*** 6,848,328 7,186,882 1.46

806,500 Ping An Insurance Group Company of China Limited

6,507,101 9,881,206 2.01

689,354 Shandong Pharmaceutical Glass Company*** 5,175,962 5,317,900 1.08146,227 Will Semiconductor Limited*** 4,568,311 5,198,217 1.06

7,830,277 XCMG Construction Machinery Company Limited – A***

6,505,158 6,468,124 1.32

621,135 Zhongji Innolight Company Limited*** 5,195,466 4,859,474 0.99

79,878,207 100,496,742 20.45Hong Kong

1,768,600 AIA Group Limited 11,060,857 21,668,815 4.41449,800 ASM Pacific Technology Limited 4,891,346 5,934,403 1.20

3,740,000 China Merchants Holdings International Company Limited

4,753,917 4,577,410 0.93

5,743,000 Cnooc Limited 7,201,960 5,317,962 1.083,133,000 Geely Automobile Holdings Limited 7,028,264 10,707,504 2.18

337,100 Hong Kong Exchanges and Clearing Limited 9,784,912 18,476,923 3.76877,000 Hua Hong Semiconductor Limited 1,778,943 4,976,617 1.01

5,802,000 Nine Dragons Paper Holdings Limited 5,125,435 8,230,996 1.675,270,500 Sun Art Retail Group Limited 6,638,231 5,356,240 1.09

461,500 Sun Hung Kai Properties Limited 6,775,008 5,951,873 1.21

65,038,873 91,198,743 18.54

Equities Total 307,848,505 478,484,240 97.36






93

Dragon Growth Fund




Cost USD

Market Value USD

% of Net Assets


Equities

Bermuda2,764,000 China Animal Healthcare Limited a 1,811,366 4,028 0.00

1,811,366 4,028 0.00

Equities Total 1,811,366 4,028 0.00


money market instruments (2) 1,811,366 4,028 0.00



Net Assets 491,442,531 100.00



94

Dynamic Leaders Fund*





Cost USD

Market Value USD

% of Net Assets


Equities

Belgium992 Anheuser-Busch InBev SA/NV 69,025 69,378 1.37

69,025 69,378 1.37Canada

82 Constellation Software Inc. 103,027 106,347 2.101,088 Thomson Reuters Corp. 87,884 89,477 1.77

152 Topicus.com Inc. 523 575 0.01756 Waste Connections Inc. 76,843 76,840 1.52

268,277 273,239 5.40Cayman Islands

2,300 Alibaba Group Holding Limited 76,859 68,995 1.361,500 Tencent Holdings Limited 113,992 109,107 2.15

190,851 178,102 3.51China

8,000 China Merchants Bank Company Limited – H 51,948 50,555 1.004,000 Ping An Insurance Group Company of

China Limited49,506 49,008 0.97

101,454 99,563 1.97France

1,663 Danone SA 104,639 109,675 2.16798 Michelin 100,973 102,740 2.03

205,612 212,415 4.19India

1,096 HDFC Bank Limited – ADR 75,153 78,737 1.55

75,153 78,737 1.55Netherlands

242 Ferrari NV 52,016 56,005 1.111,053 Heineken Holding NV 102,406 99,530 1.97


115 LG Chem Limited P.P. 144A 90,559 87,232 1.72287 SK Hynix Inc. 30,629 31,308 0.62

121,188 118,540 2.34

95




Cost USD

Market Value USD

% of Net Assets

Switzerland947 Compagnie Financiere Richemont SA – Reg 79,463 86,108 1.70

79,463 86,108 1.70Taiwan

1,005 Taiwan Semiconductor Manufacturing Company Limited – ADR

101,697 109,625 2.16

101,697 109,625 2.16United Kingdom

1,233 Associated British Foods plc 38,803 38,132 0.75841 Astrazeneca plc 88,998 84,139 1.66842 Diageo plc 33,262 33,102 0.65631 Unilever plc 37,077 37,857 0.75

198,140 193,230 3.81United States

651 Abbott Laboratories 69,781 70,471 1.3980 Alphabet Inc. – A 145,426 139,747 2.7567 Amazon.com Inc. 213,268 219,242 4.33

409 American Express Company 50,754 48,900 0.96728 Apple Inc. 89,363 97,148 1.92170 Broadcom Inc. 68,603 73,911 1.46443 Cheniere Energy Inc. 26,195 27,103 0.53933 Cisco Systems Inc. 41,177 41,285 0.81

2,350 Comcast Corp. 121,516 122,294 2.41222 Deere & Company 56,462 59,254 1.17118 Dollar General Corp. 24,662 24,673 0.49

2,044 Ebay Inc. 102,092 103,140 2.04609 Eli Lilly & Company 88,290 101,696 2.01473 Facebook Inc. – A 132,845 129,929 2.56236 Goldman Sachs Group Inc. 57,067 61,329 1.21

1,099 JPMorgan Chase & Company 134,731 137,552 2.721,296 Lennar Corp. 96,468 99,196 1.96

703 Lowe’s Companies Inc. 106,704 112,416 2.221,048 Microsoft Corp. 224,550 232,133 4.58

323 Monster Beverage Corp. 27,872 29,590 0.581,677 Morgan Stanley 108,441 113,734 2.24

67 MSCI Inc. – A 28,242 29,543 0.5888 Netflix Inc. 43,781 47,398 0.94

381 Nike Inc. 52,240 53,953 1.0697 Northrop Grumman Corp. 29,528 29,443 0.58

216 Nvidia Corp. 115,767 112,661 2.22



96



* Refer to note 12(1) All securities classified under this section are listed on a stock-exchange.The notes to the Financial Statements form an integral part of these financial statements.


Cost USD

Market Value USD

% of Net Assets

United States (continued)1,211 Oracle Corp. 72,990 77,807 1.54

104 Parker Hannifin Corp. 28,218 27,992 0.55560 Paypal Holdings Inc. 119,946 129,332 2.56189 Roper Technologies Inc 77,841 80,038 1.58

97 S&P Global Inc. 32,283 31,564 0.62139 Sherwin-Williams Company 99,112 100,746 1.99152 Stanley Works 27,468 26,995 0.53230 Thermo Fisher Scientific Inc. 109,672 106,168 2.09185 Union Pacific Corp. 37,494 38,241 0.75371 UnitedHealth Group Inc 128,645 128,425 2.53

1,880 Verizon Communications Inc. 115,780 109,472 2.16509 Visa Inc. – A 106,630 111,553 2.21772 Walmart Inc. 115,099 110,574 2.18

3,327,003 3,396,648 67.01

Equities Total 4,892,285 4,971,120 98.09






Net Assets 5,068,108 100.00



97

Emerging Eastern Europe Fund





Cost USD

Market Value USD

% of Net Assets


Equities

Austria126,521 Erste Group Bank AG 3,917,817 3,908,179 2.37

3,917,817 3,908,179 2.37Czech Republic

1,413,576 Moneta Money Bank AS 5,057,955 4,506,589 2.73

5,057,955 4,506,589 2.73Greece

2,884,613 Alpha Bank AE 5,561,883 3,386,889 2.05

5,561,883 3,386,889 2.05Hungary

94,298 OTP Bank plc 4,253,573 4,259,348 2.58

4,253,573 4,259,348 2.58Jersey – Channel Islands

166,809 Polymetal International plc 2,306,469 3,845,726 2.33

2,306,469 3,845,726 2.33Luxembourg

159,647 Allegro.eu SA 1,807,864 3,637,274 2.20

1,807,864 3,637,274 2.20Netherlands

106,910 Yandex NV – A 3,433,822 7,380,532 4.47

3,433,822 7,380,532 4.47Poland

89,158 Dino Polska SA 2,746,850 6,945,644 4.20694,154 Powszechna Kasa Oszczednosci Bank

Polski SA6,906,420 5,374,044 3.25

64,830 Santander Bank Polska SA 5,584,943 3,246,082 1.97

15,238,213 15,565,770 9.42Romania

12,506,437 Fondul Proprietatea SA 3,182,742 4,506,533 2.73

3,182,742 4,506,533 2.73Russian Federation

1,503,096 Gazprom OAO – ADR – Reg 9,925,586 8,409,822 5.09455,225 Gazprom OAO – ADR 3,591,725 2,546,984 1.54103,355 Lukoil PJSC – ADR 7,307,699 7,049,845 4.27121,777 Lukoil PJSC – ADR 10,006,595 8,306,409 5.03246,071 MMC Norilsk Nickel PJSC – ADR 6,763,590 7,688,488 4.66

7,735 Novatek PJSC – GDR 1,338,920 1,263,512 0.7764,237 Novatek PJSC – GDR 9,446,399 10,493,115 6.35

142,399 PhosAgro PJSC – GDR 1,691,330 1,948,018 1.18141,287 PhosAgro PJSC 1,840,113 1,932,806 1.17341,465 Rosneft Oil Company PJSC – GDR 2,052,683 1,932,692 1.17425,584 Rosneft Oil Company PJSC 3,049,309 2,408,805 1.46200,578 X5 Retail Group NV – GDR – Reg 6,068,891 7,262,929 4.40

63,082,840 61,243,425 37.09

98

Emerging Eastern Europe Fund



Cost USD

Market Value USD

% of Net Assets

Turkey673,797 Arcelik AS 3,064,608 2,772,377 1.68

1,636,076 Haci Omer Sabanci Holding AS 2,537,824 2,562,159 1.55338,103 Mavi Giyim Sanayi Ve Ticaret AS 3,311,306 2,377,431 1.44

1,327,496 MLP Saglik Hizmetleri AS 3,645,044 3,532,538 2.14580,201 Tofas Turk Otomobil Fabrik 2,648,227 2,632,801 1.59604,601 Turkcell Iletisim Hizmetleri AS 1,542,819 1,315,538 0.80

1,979,860 Turkiye Garanti Bankasi AS 4,309,546 2,792,352 1.691 Turkiye Sinai Kalkinma Bankasi AS 0 0 0.00– Yatas Yatak ve Yorgan Sanayi Ve Ticaret AS 1 1 0.00

21,059,375 17,985,197 10.89Virgin Islands (British)

124,588 Mail.Ru Group Limited – GDR 2,999,681 3,273,550 1.98

2,999,681 3,273,550 1.98

Equities Total 131,902,234 133,499,012 80.84





Equities

Russian Federation1,442,687 Detsky Mir PJSC 2,126,104 2,654,217 1.613,330,807 Moscow Exchange Micex 5,196,264 7,171,674 4.344,182,456 Sberbank of Russia PJSC 14,344,193 15,348,292 9.29

491,767 Tatneft PJSC 4,745,532 3,160,078 1.91

26,412,093 28,334,261 17.15

Equities Total 26,412,093 28,334,261 17.15







Net Assets 165,145,236 100.00




99

European Growth Fund





Cost USD

Market Value USD

% of Net Assets


Equities

Austria34,384 Bawag Group AG 1,332,512 1,602,862 1.6047,001 Erste Group Bank AG 1,167,377 1,438,003 1.43

2,499,889 3,040,865 3.03Denmark

2,735 Rockwool International AS – B 823,814 1,027,219 1.0316,303 Topdanmark A/S 688,285 710,154 0.71

1,512,099 1,737,373 1.74Finland

37,012 Sampo Oyj – A 1,371,901 1,569,633 1.5764,920 Stora Enso Oyj 1,026,870 1,245,977 1.2536,219 Valmet Oyj 863,594 1,037,924 1.04

3,262,365 3,853,534 3.86France

10,654 Air Liquide SA 1,243,005 1,754,620 1.758,355 EssilorLuxottica SA 1,027,136 1,307,323 1.31

21,412 Sanofi 2,202,704 2,067,226 2.079,748 SEB SA 1,384,597 1,781,795 1.774,089 Teleperformance 802,162 1,360,890 1.36

12,287 Thales SA 1,370,371 1,128,973 1.1331,791 Verallia Sasu 999,162 1,132,939 1.13

9,029,137 10,533,766 10.52Germany

4,644 Adidas AG 1,306,020 1,697,144 1.7017,888 Evotec SE 488,411 664,467 0.6645,041 Infineon Technologies AG 1,172,764 1,734,425 1.7311,175 Kion Group AG 711,995 975,528 0.98

7,931 Knorr-Bremse AG 848,503 1,086,574 1.094,691 Morphosys AG 586,502 539,904 0.544,383 Muenchener Rueckversicherungs AG – Reg 912,480 1,305,498 1.30

25,052 Norma Group 733,223 1,287,079 1.2918,644 Scout24 AG 970,009 1,533,536 1.5316,830 Siemens AG – Reg 2,070,450 2,426,342 2.4220,825 Zalando SE 755,555 2,326,316 2.33

10,555,912 15,576,813 15.57Ireland

32,746 Experian plc 1,179,228 1,242,181 1.24

1,179,228 1,242,181 1.24

100




Cost USD

Market Value USD

% of Net Assets

Italy24,211 De’Longhi SpA 452,461 765,688 0.7763,048 Finecobank Banca Fineco SpA 706,127 1,036,411 1.0449,965 Freni Brembo SpA 585,254 661,981 0.6637,875 Prysmian SpA 736,935 1,351,149 1.35

2,480,777 3,815,229 3.82Netherlands

6,652 ASML Holding NV 1,916,992 3,244,143 3.2524,572 Corbion NV 715,543 1,391,132 1.39

113,409 Davide Campari-Milano NV 1,039,583 1,299,423 1.307,952 Ferrari NV 1,449,485 1,840,303 1.84

10,421 Koninklijke DSM NV 1,018,933 1,799,982 1.8016,014 Koninklijke Vopak NV 750,673 844,546 0.84

6,891,209 10,419,529 10.42Portugal

92,930 Jeronimo Martins SGPS SA 1,595,809 1,575,505 1.57

1,595,809 1,575,505 1.57Spain

105,800 Acerinox SA 1,078,330 1,172,524 1.1730,569 Aedas Homes SAU 720,316 791,261 0.7924,980 Amadeus IT Holding SA – A 1,331,560 1,825,169 1.8229,474 Cellnex Telecom SAU 815,323 1,776,043 1.7830,972 Grifols SA 848,952 907,318 0.91

140,610 Iberdrola SA 1,747,156 2,018,172 2.02

6,541,637 8,490,487 8.49Sweden

57,356 Assa Abloy AB 1,295,415 1,421,696 1.4276,461 Epiroc AB – A 768,118 1,400,617 1.4091,467 Husqvarna AB – B 799,118 1,192,385 1.1877,524 Swedbank AB 1,046,817 1,367,613 1.37

3,909,468 5,382,311 5.37Switzerland

23,096 Alcon Inc. 1,338,681 1,543,055 1.54593 Barry Callebaut AG – Reg 1,215,930 1,416,682 1.42

31,909 Julius Baer Group Limited 1,570,201 1,847,801 1.852,028 Lonza Group AG – Reg 1,260,901 1,309,783 1.31

603 Partners Group Holding AG – Reg 555,089 712,070 0.719,739 Roche Holding AG 2,731,508 3,416,998 3.425,167 Zurich Insurance Group AG – Reg 1,706,099 2,191,295 2.19

10,378,409 12,437,684 12.44



101




Cost USD

Market Value USD

% of Net Assets

United Kingdom25,016 Abcam plc 428,805 529,664 0.5331,308 Ashtead Group plc 1,095,599 1,470,320 1.4721,866 Astrazeneca plc 2,054,217 2,187,602 2.1979,235 Burberry Group plc 1,635,626 1,936,866 1.93

114,596 Great Portland Estates plc 1,029,544 1,045,675 1.0572,653 Homeserve plc 1,016,017 1,017,251 1.02

106,893 Howden Joinery Group plc 733,097 1,006,925 1.0121,110 InterContinental Hotels Group plc 1,066,529 1,352,421 1.3514,898 London Stock Exchange Group plc 1,603,295 1,833,188 1.8353,350 Mondi plc 1,009,850 1,253,105 1.25

114,829 National Grid plc 1,306,142 1,356,808 1.3674,854 RELX plc 1,635,763 1,832,841 1.8368,883 Segro plc 646,454 891,636 0.8991,995 Smith & Nephew plc 1,724,696 1,897,544 1.89

120,341 Trainline plc 582,241 762,750 0.7658,952 Unite Group plc 790,263 841,522 0.84

18,358,138 21,216,118 21.20

Equities Total 78,194,077 99,321,395 99.27






Net Assets 100,053,989 100.00




102

Global Equity Fund





Cost USD

Market Value USD

% of Net Assets


Equities

Australia375,235 Amcor plc 3,895,726 4,449,757 1.94

3,895,726 4,449,757 1.94France

31,395 Capgemini SE 3,577,326 4,883,552 2.1393,893 Danone SA 6,892,651 6,192,251 2.7051,219 Michelin 6,667,194 6,594,314 2.8735,359 Sanofi 3,332,905 3,413,743 1.4951,598 Total SE 2,566,817 2,234,414 0.97

23,036,893 23,318,274 10.16Ireland

6,768 Accenture plc 1,153,078 1,750,746 0.76150,739 CRH plc 5,067,431 6,296,712 2.74

52,556 Johnson Controls International plc 2,110,660 2,425,985 1.06

8,331,169 10,473,443 4.56Japan

13,100 Fanuc Corp. 1,681,718 3,223,834 1.40165,100 Mitsubishi Estate Company Limited 3,045,920 2,654,738 1.16

4,727,638 5,878,572 2.56Netherlands

33,126 Akzo Nobel NV 2,629,409 3,570,395 1.5652,541 Heineken NV 4,670,441 5,879,555 2.56

256,407 Koninklijke Ahold Delhaize NV 5,876,433 7,269,188 3.1785,286 Philips NV 3,313,784 4,580,465 2.0038,832 Wolters Kluwer NV 1,906,858 3,289,822 1.43


122,156 Samsung Electronics Company Limited Pfd 4,801,556 8,276,461 3.61

4,801,556 8,276,461 3.61Switzerland

21,742 Chubb Limited 2,812,796 3,285,868 1.4366,915 Novartis AG – Reg 5,175,564 6,355,668 2.7712,997 Roche Holding AG 4,590,074 4,560,090 1.99

12,578,434 14,201,626 6.19United Kingdom

128,151 Associated British Foods plc 4,140,993 3,963,229 1.73506,232 Direct Line Insurance Group plc 2,472,342 2,205,926 0.96

26,037 Ferguson plc 2,292,493 3,159,732 1.38209,103 Informa plc 1,961,566 1,568,134 0.68

1,468,053 Tesco plc 4,418,533 4,640,404 2.02120,243 Unilever plc 6,545,847 7,213,944 3.14

21,831,774 22,751,369 9.91

103

Global Equity Fund



Cost USD

Market Value USD

% of Net Assets

United States5,712 Alphabet Inc. – A 7,866,588 9,977,950 4.35

68,394 Apple Inc. 2,752,697 9,126,837 3.9842,773 Applied Materials Inc. 2,638,132 3,658,375 1.5934,769 Arthur J Gallagher & Company 2,372,315 4,221,305 1.84

5,428 Autozone Inc. 6,293,949 6,370,301 2.7819,822 Colgate-Palmolive Company 1,240,102 1,682,095 0.73

125,379 Comcast Corp. 5,421,987 6,524,724 2.8518,846 Electronic Arts Inc. 1,846,356 2,691,774 1.17

9,665 F5 Networks Inc. 1,673,699 1,692,052 0.7429,453 Fortune Brands Home & Security Inc. 1,665,973 2,491,724 1.0911,392 Home Depot Inc. 2,227,656 3,014,893 1.3154,801 Intel Corp. 2,812,767 2,678,673 1.1746,230 Johnson & Johnson 5,762,734 7,218,814 3.1430,543 JPMorgan Chase & Company 2,587,398 3,822,762 1.6714,200 Kimberly-Clark Corp. 2,039,142 1,905,214 0.8357,490 Merck & Company Inc. 4,485,780 4,638,868 2.0243,312 Microsoft Corp. 3,277,114 9,593,608 4.1812,459 Northrop Grumman Corp. 3,870,918 3,781,805 1.65

111,788 Oracle Corp. 5,368,582 7,182,379 3.1324,997 Otis Worldwide Corp. 1,340,263 1,666,550 0.7356,291 Philip Morris International Inc. 4,329,399 4,599,538 2.0010,122 Stanley Works 1,062,292 1,797,667 0.7824,327 Starbucks Corp. 1,694,091 2,593,988 1.13

127,620 Verizon Communications Inc. 6,514,088 7,431,313 3.2417,605 Waste Management Inc. 1,674,857 2,056,264 0.90

82,818,879 112,419,473 49.00

Equities Total 180,418,994 226,358,400 98.65






Net Assets 229,463,113 100.00




104

Global Multi-Asset Diversified Income Fund




Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets



Bahrain415,000 Bahrain (Govt of) 5.450% 16/Sep/2032 415,000 437,474 0.22

415,000 437,474 0.22Costa Rica

580,000 Costa Rica (Govt of) 6.125% 19/Feb/2031 574,647 540,850 0.28

574,647 540,850 0.28Egypt

900,000 Egypt (Govt of) 7.053% 15/Jan/2032 918,350 982,494 0.50

918,350 982,494 0.50Ghana

800,000 Ghana (Govt of) 7.625% 16/May/2029 810,632 852,265 0.44

810,632 852,265 0.44Saudi Arabia

240,000 Saudi (Govt) 4.500% 22/Apr/2060 237,799 302,351 0.15

237,799 302,351 0.15South Africa

9,600,000 ZAR South Africa (Govt of) 8.000% 31/Jan/2030 613,497 625,063 0.32

613,497 625,063 0.32Ukraine

200,000 Ukraine (Govt of) 7.253% 15/Mar/2033 207,000 218,552 0.11

207,000 218,552 0.11United States

1,000,000 Federal National Mortgage Association 2.500% 13/Apr/2021

1,015,980 1,006,653 0.51

1,015,980 1,006,653 0.51



105



Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets

Bonds

Argentina330,000 Telecom Argentina SA 8.000% 18/Jul/2026 306,520 306,570 0.16245,000 Transportadora de Gas del Sur SA 6.750%

2/May/2025223,665 225,441 0.12

530,185 532,011 0.28Austria

575,000 JBS Investments II GmbH 5.750% 15/Jan/2028

607,469 618,988 0.32


420,960 431,684 0.22

1,028,429 1,050,672 0.54Bahrain

650,000 Oil and Gas Holding Company BSCC 7.500% 25/Oct/2027

718,621 745,338 0.39

718,621 745,338 0.39Bermuda

300,000 Athene Holding Limited 6.150% 3/Apr/2030 299,424 373,675 0.19300,000 China Oil & Gas Group Limited 4.625%

20/Apr/2022303,000 302,051 0.15

202,000 Concord New Energy Group Limited 10.750% 24/Sep/2023

199,132 197,011 0.10

200,000 Hopson Development Holdings Limited 7.500% 27/Jun/2022

202,800 204,482 0.10

800,000 Inkia Energy Limited 5.875% 9/Nov/2027 830,210 869,049 0.43

1,834,566 1,946,268 0.97Brazil

200,000 BRF SA 5.750% 21/Sep/2050 196,484 223,750 0.11455,000 Globo Comunicacao e Participacoes SA

4.875% 22/Jan/2030420,538 487,705 0.25

617,022 711,455 0.36Canada

650,000 Enbridge Inc. FRN 1/Mar/2078 691,530 707,940 0.36465,000 First Quantum Minerals Limited 7.250%

1/Apr/2023468,364 479,090 0.24

1,159,894 1,187,030 0.60



106



Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets

Cayman Islands300,000 21Vianet Group Inc. 7.875% 15/Oct/2021 304,375 305,288 0.16200,000 AC Energy Finance International Limited

5.100% Perp.200,000 207,478 0.11


199,150 205,634 0.11

200,000 Central China Real Estate Limited 7.250% 16/Jul/2024

195,040 201,338 0.10


383,400 385,000 0.20


206,000 212,530 0.11

200,000 CIFI Holdings Group Company Limited FRN Perp.

187,880 203,656 0.10

200,000 Country Garden Holdings Company Limited 3.875% 22/Oct/2030

202,660 206,373 0.11

295,000 CSN Inova Ventures 6.750% 28/Jan/2028 283,742 321,108 0.16200,000 Honghua Group Limited 6.375%

1/Aug/2022202,000 196,994 0.10


209,400 210,036 0.11

200,000 Logan Group Company Limited 4.250% 17/Sep/2024

196,800 199,641 0.10

200,000 MGM China Holdings Limited 5.875% 15/May/2026

212,750 210,567 0.11

300,000 New World China Land Limited 4.750% 23/Jan/2027

316,530 317,653 0.15

200,000 Powerlong Real Estate Holdings Limited 6.250% 10/Aug/2024

203,750 207,200 0.11


197,704 211,415 0.11


305,850 316,800 0.16


204,400 212,310 0.11

400,000 Transocean Inc. 8.000% 1/Feb/2027 371,860 188,750 0.10200,000 Yuzhou Group Holdings Company 7.850%

12/Aug/2026200,900 213,093 0.11

200,000 Yuzhou Group Holdings Company Limited 8.300% 27/May/2025

201,500 216,351 0.11

300,000 Zhenro Properties Group Limited 7.875% 14/Apr/2024

303,800 312,915 0.16

5,289,491 5,262,130 2.70



107



Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets

China200,000 Guangxi Financial Investment Group

5.750% 23/Jan/2021191,750 198,795 0.10

191,750 198,795 0.10Costa Rica

945,000 Instituto Costarricense de Electricidad 6.375% 15/May/2043

783,788 773,640 0.40

783,788 773,640 0.40Czech Republic

469,000 EUR Sazka Group AS 3.875% 15/Feb/2027 511,863 556,958 0.28

511,863 556,958 0.28Hong Kong

200,000 Chalieco Hong Kong Corp. Limited FRN Perp.

202,600 203,065 0.10

300,000 HBIS Group Hong Kong Company Limited 3.750% 18/Dec/2022

295,650 297,000 0.15

200,000 Lenovo Group Limited 3.421% 2/Nov/2030 200,000 211,190 0.11

698,250 711,255 0.36India

200,000 GMR Hyderabad International Airport 4.250% 27/Oct/2027

179,500 192,483 0.10

200,000 HPCL – Mittal Energy Limited 5.250% 28/Apr/2027

201,750 207,205 0.11

300,000 JSW Steel Limited 5.950% 18/Apr/2024 306,390 319,340 0.16200,000 Renew Power 6.670% 12/Mar/2024 212,000 211,983 0.11

899,640 931,011 0.48Indonesia

200,000 Adaro Indonesia Pt 4.250% 31/Oct/2024 198,550 206,492 0.11300,000 Bayan Resources Tbk PT 6.125%

24/Jan/2023296,713 308,265 0.15

300,000 Chandra Asri Petrochemical 4.950% 8/Nov/2024

293,118 302,684 0.16

788,381 817,441 0.42Ireland

150,000 Cimpress plc 7.000% 15/Jun/2026 157,875 158,205 0.08

157,875 158,205 0.08Israel

465,000 Leviathan Bond Limited 6.750% 30/Jun/2030

471,452 530,858 0.27

471,452 530,858 0.27Japan

916,000 Softbank Group Corp. FRN Perp. 832,084 912,641 0.47640,000 Takeda Pharmaceutical Company Limited

3.375% 9/Jul/2060640,000 708,810 0.36

1,472,084 1,621,451 0.83



108



Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets

Jersey – Channel Islands800,000 Walnut Bidco plc 9.125% 1/Aug/2024 826,600 848,040 0.43

826,600 848,040 0.43Luxembourg

785,000 EUR Altice Financing SA 3.000% 15/Jan/2028 848,354 929,703 0.48400,000 ARD Finance SA 6.500% 30/Jun/2027 401,500 425,317 0.21450,000 Avation Capital SA 6.500% 15/May/2021 466,800 330,244 0.17430,000 Kenbourne Invest SA 6.875% 26/Nov/2024 443,879 466,765 0.24600,000 Rede D’or Finance Sarl 4.500%

22/Jan/2030602,024 627,975 0.32

735,188 BRL Swiss Insured Brazil Power Finance Sarl 9.850% 16/Jul/2032

194,008 161,355 0.08

2,956,565 2,941,359 1.50Malaysia

500,000 SD International Sukuk II Limited 6.997% 12/Mar/2025

503,500 466,833 0.24

503,500 466,833 0.24Mauritius

400,000 Greenko Investment Company 4.875% 16/Aug/2023

406,000 408,203 0.21

250,000 HTA Group Limited/Mauritius 7.000% 18/Dec/2025

248,598 270,358 0.14

200,000 Network I2i Limited FRN Perp. 206,500 213,725 0.11300,000 UPL Corp. Limited FRN Perp. 295,110 296,910 0.15

1,156,208 1,189,196 0.61Mexico

17,000,000 MXN America Movil SAB de CV 7.125% 9/Dec/2024

869,070 906,294 0.46

14,440,000 MXN Banco Actinver SA 9.500% 18/Dec/2032 749,595 552,397 0.29695,000 Cydsa SAB de CV 6.250% 4/Oct/2027 700,780 732,898 0.37

7,000,000 MXN Grupo Televisa SAB 8.490% 11/May/2037 310,229 324,235 0.17645,000 Infraestructura Energetica Nova SAB de CV

4.750% 15/Jan/2051626,327 708,049 0.36

879,000 Operadora de Servicios Mega SA de CV Sofom ER 8.250% 11/Feb/2025

882,030 921,851 0.47

250,000 Petroleos Mexicanos 5.350% 12/Feb/2028 214,474 246,899 0.13325,000 Petroleos Mexicanos 6.625% 15/Jun/2035 227,836 321,525 0.16460,000 Petroleos Mexicanos 6.840% 23/Jan/2030 475,207 479,373 0.24270,000 Petroleos Mexicanos 6.875% 16/Oct/2025 269,158 296,129 0.15400,000 Sixsigma Networks Mexico SA de CV

7.500% 2/May/2025378,625 374,600 0.19

525,000 Total Play Telecomunicaciones SA 7.500% 12/Nov/2025

525,000 524,409 0.27

1,100,000 Unifin Financiera SAB de CV 8.375% 27/Jan/2028

1,136,149 1,067,973 0.56

7,364,480 7,456,632 3.82



109



Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets

Netherlands450,000 Cimpress plc 7.000% 15/Jun/2026 472,478 474,615 0.24275,000 Embraer Netherlands Finance BV 6.950%

17/Jan/2028274,258 313,142 0.16

800,000 IHS Netherlands Holdco BV 8.000% 18/Sep/2027

833,170 865,263 0.44

388,000 Petrobras Global Finance BV 5.093% 15/Jan/2030

392,689 435,031 0.22

500,000 Petrobras Global Finance BV 6.900% 19/Mar/2049

531,250 634,624 0.32

340,000 EUR PPF Telecom Group BV 3.125% 27/Mar/2026

402,506 443,363 0.23

175,000 EUR Prosus NV 2.031% 3/Aug/2032 205,301 223,890 0.11

3,111,652 3,389,928 1.72Panama

600,000 Cable Onda SA 4.500% 30/Jan/2030 615,550 665,547 0.34170,000 Carnival Corp. 9.875% 1/Aug/2027 170,000 196,496 0.10

785,550 862,043 0.44Philippines

200,000 Globe Telecom Inc. 2.500% 23/Jul/2030 196,750 200,305 0.10

196,750 200,305 0.10Singapore

300,000 ABJA Investment Company Pte Limited 5.950% 31/Jul/2024

318,000 322,350 0.17

300,000 Indika Energy III 5.875% 9/Nov/2024 287,295 308,101 0.16400,000 Medco Bell Pte Limited 6.375%

30/Jan/2027400,236 409,500 0.21

200,000 Pakuwon Prima PtE 5.000% 14/Feb/2024 203,500 205,993 0.11300,000 TBLA International Pte Limited 7.000%

24/Jan/2023301,500 302,349 0.15

1,510,531 1,548,293 0.80Spain

400,000 EUR Cellnex Telecom SA 1.875% 26/Jun/2029 474,592 505,113 0.26

474,592 505,113 0.26Thailand

300,000 Thaioil Treasury Center Company 3.500% 17/Oct/2049

297,438 287,171 0.15

297,438 287,171 0.15Turkey

655,000 Turkcell Iletisim Hizmetleri AS 5.750% 15/Oct/2025

667,503 701,531 0.36

630,000 Turkiye Sise ve Cam Fabrikalari AS 6.950% 14/Mar/2026

639,959 702,576 0.36

495,000 Ulker Biskuvi Sanayi AS 6.950% 30/Oct/2025

495,000 536,069 0.27

1,802,462 1,940,176 0.99



110



Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets

United Arab Emirates400,000 Oztel Holdings SPC Limited 6.625%

24/Apr/2028403,000 430,861 0.22

403,000 430,861 0.22United Kingdom

800,000 EUR Ellaktor Value plc 6.375% 15/Dec/2024 878,808 924,601 0.47400,000 International Game Technology plc 6.500%

15/Feb/2025443,164 448,208 0.23

430,000 EUR Vmed O2 UK Financing 3.250% 31/Jan/2031

511,764 543,089 0.28

1,833,736 1,915,898 0.98United States

300,000 Antero Resources Corp. 5.000% 1/Mar/2025

198,613 276,000 0.14

600,000 Bally’s Corp 6.750% 1/Jun/2027 625,667 647,400 0.34680,000 Bausch Health Americas Inc. 9.250%

1/Apr/2026772,079 760,152 0.39

300,000 Boeing Company 5.705% 1/May/2040 300,000 387,975 0.20390,000 Centene Corp. 3.000% 15/Oct/2030 390,000 412,925 0.21400,000 Charles Schwab Corp. FRN Perp. 400,000 446,250 0.23300,000 Citizens Financial Group Inc. FRN Perp. 300,000 336,563 0.17500,000 Energy Transfer Operating LP FRN Perp. 500,589 477,945 0.24370,000 Ford Motor Company 8.500% 21/Apr/2023 370,000 417,388 0.21215,000 Ford Motor Credit Company LLC 4.000%

13/Nov/2030221,089 224,652 0.11

400,000 Freedom Mortgage Corp. 8.250% 15/Apr/2025

385,577 419,550 0.21

735,000 General Motors Financial Company Inc. FRN Perp.

754,294 817,982 0.43

400,000 GLP Capital LP/GLP Financing II Inc. 5.750% 1/Jun/2028

395,500 474,664 0.24

400,000 Huntington Bancshares Inc. FRN Perp. 400,000 470,375 0.24700,000 NBM US Holdings Inc. 7.000%

14/May/2026726,646 764,543 0.40

500,000 NRG Energy Inc. 6.625% 15/Jan/2027 534,564 528,750 0.26145,000 Occidental Petroleum Corp. 6.375%

1/Sep/2028145,000 153,741 0.08

145,000 Occidental Petroleum Corp. 6.625% 1/Sep/2030

145,000 157,688 0.08

345,000 Plains All America Pipe FRN Perp. 232,013 282,728 0.14400,000 Sprint Corp. 7.875% 15/Sep/2023 437,000 463,708 0.24300,000 Uber Technologies Inc. 7.500%

15/Sep/2027299,455 331,770 0.17

244,086 US Airways Group Inc. 6.750% 3/Jun/2021 228,795 236,893 0.12390,000 Wyndham Destinations Inc. 6.625%

31/Jul/2026390,000 446,387 0.23

9,151,881 9,936,029 5.08



111



Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets

Virgin Islands (British)200,000 Champion Sincerity Holdings Limited

FRN Perp.209,900 208,842 0.11


206,500 201,166 0.10

700,000 Gold Fields Orogen Holdings BVI Limited 6.125% 15/May/2029

787,495 854,131 0.43

200,000 Greenland Global Investment Limited 6.750% 26/Sep/2023

200,600 189,317 0.10

250,000 New Metro Global Limited 7.500% 16/Dec/2021

248,875 257,563 0.13

200,000 RKPF Overseas 2019 A Limited 6.000% 4/Sep/2025

200,000 205,238 0.10

214,000 Shandong Iron and Steel Xinheng International Company Limited 6.500% 5/Nov/2023

214,000 216,420 0.11

200,000 Studio City Finance Limited 6.500% 15/Jan/2028

210,380 215,320 0.11


416,600 416,938 0.21

300,000 Yingde Gases Investment Limited 6.250% 19/Jan/2023

309,900 310,700 0.16

3,004,250 3,075,635 1.56

Bonds Total 52,532,486 54,728,030 27.96


United States571 Wells Fargo & Company 7.500% Perp. 774,562 857,756 0.44

774,562 857,756 0.44


Equities

Australia17,007 Agl Energy Limited 189,634 157,110 0.0850,311 Amcor plc 525,787 596,617 0.3054,987 Aurizon Holdings Limited 169,448 165,780 0.08

115,459 Ausnet Services 148,772 156,644 0.0816,183 Fortescue Metals Group Limited 208,200 293,116 0.15

1,241,841 1,369,267 0.69



112



Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets

Belgium974 Anheuser-Busch InBev SA/NV – ADR 55,583 68,180 0.03

55,583 68,180 0.03Bermuda

1,758 Everest Re Group Limited 356,013 403,180 0.211,432 IHS Markit Limited 119,737 127,391 0.07

475,750 530,571 0.28Canada

11,795 Algonquin Power & Utilities Corp. 302,518 331,911 0.173,828 BCE Inc. 164,070 163,711 0.089,345 Shaw Communications Inc. 176,205 164,313 0.08

755 Suncor Energy Inc. 12,620 12,873 0.019,528 Telus Corp. 170,238 188,575 0.10

825,651 861,383 0.44Cayman Islands

110,000 HKT Trust and Hkt Limited 164,248 142,716 0.07

164,248 142,716 0.07Finland

4,066 Fortum Oyj 81,681 98,263 0.05

81,681 98,263 0.05France

4,139 Capgemini SE 495,714 643,829 0.3312,451 Danone SA 838,702 821,145 0.42

6,866 Michelin 784,214 883,980 0.454,775 Sanofi 470,181 461,003 0.246,834 Total SE 287,535 295,941 0.15

2,876,346 3,105,898 1.59Hong Kong

54,500 Boc Hong Kong Holdings Limited 153,917 165,176 0.0810,400 Hang Seng Bank Limited 162,022 179,327 0.0929,500 Power Assets Holdings Limited 166,382 159,791 0.08

482,321 504,294 0.25Ireland

919 Accenture plc 179,785 237,727 0.1219,906 CRH plc 735,487 831,519 0.43

3,676 Eaton Corp. plc 359,119 439,760 0.226,980 Johnson Controls International plc 279,256 322,197 0.16

1,553,647 1,831,203 0.93Italy

19,296 Enel SpA 176,886 195,904 0.103,027 Salvatore Ferragamo Italia SpA 46,902 58,894 0.03

32,221 Snam SpA 168,724 181,864 0.09

392,512 436,662 0.22



113



Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets

Japan1,900 Daito Trust Construction Company Limited 157,177 177,739 0.091,730 Fanuc Corp. 279,936 425,743 0.228,400 Japan Tobacco Inc. 155,745 171,342 0.09

14,100 Kajima Corp. 169,384 189,095 0.107,000 Mitsubishi Corp. 146,291 172,606 0.09

18,360 Mitsubishi Estate Company Limited 317,210 295,221 0.156,600 Mitsubishi Heavy Industries Limited 158,525 202,131 0.10

10,300 Mitsui & Company Limited 164,010 188,858 0.106,800 Mitsui Chemicals Inc. 143,513 199,612 0.10

28,300 Resona Holdings Inc. 96,636 98,975 0.0522,700 Shimizu Corp. 171,949 165,211 0.0812,300 Sumitomo Corp. 142,340 162,985 0.08

2,700 Sumitomo Mitsui Financial Group Inc. 74,840 83,528 0.043,000 Sumitomo Mitsui Trust Holdings Inc. 81,480 92,489 0.053,200 Tokio Marine Holdings Inc. 139,646 164,829 0.08

10,300 Tosoh Corp. 171,879 160,722 0.08

2,570,561 2,951,086 1.50Netherlands

4,367 Akzo Nobel NV 400,216 470,685 0.247,374 Heineken NV 702,370 825,182 0.43

33,740 Koninklijke Ahold Delhaize NV 891,709 956,536 0.4911,516 Philips NV 554,110 618,491 0.3262,795 Royal KPN NV 164,220 191,583 0.10

5,038 Wolters Kluwer NV 393,549 426,816 0.22

3,106,174 3,489,293 1.80New Zealand

54,940 Spark New Zealand Limited 169,430 186,666 0.10

169,430 186,666 0.10Norway

9,558 Mowi ASA 171,284 213,894 0.1110,306 Telenor ASA 164,165 176,175 0.09


17,301 Samsung Electronics Company Limited Pfd 752,345 1,172,198 0.60

752,345 1,172,198 0.60Singapore

200,900 CapitaLand Integrated Commercial Trust 281,886 328,571 0.1710,300 DBS Group Holdings Limited 151,583 195,284 0.10

114,026 Mapletree Logistics Trust 173,007 173,538 0.0924,700 Oversea-Chinese Banking Corp. Limited 154,755 188,144 0.1010,300 United Overseas Bank Limited 146,378 176,177 0.09

907,609 1,061,714 0.55



114



Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets

Spain7,294 Enagas SA 169,099 160,749 0.088,486 Naturgy Energy Group SA 159,384 197,377 0.108,659 Red Electrica Corp. SA 166,605 178,191 0.09

46,579 Telefonica SA 163,112 185,422 0.09

658,200 721,739 0.36Sweden

12,662 Tele2 AB 169,856 168,320 0.0940,747 Telia Company AB 169,479 169,382 0.09

339,335 337,702 0.18Switzerland

1,658 Banque Cantonale Vaudoise 169,537 181,294 0.092,888 Chubb Limited 399,603 436,463 0.221,156 Dufry AG – Reg 46,078 72,954 0.049,036 Novartis AG – Reg 780,606 858,250 0.441,755 Roche Holding AG 615,500 615,754 0.31

2,011,324 2,164,715 1.10United Kingdom

4,633 Admiral Group plc 155,086 183,911 0.0917,311 Associated British Foods plc 504,846 535,364 0.2715,775 BP plc – ADR 611,196 327,962 0.16

4,080 British American Tobacco plc 135,574 150,924 0.08297 Diageo plc – ADR 43,849 46,988 0.02

67,407 Direct Line Insurance Group plc 259,242 293,729 0.153,463 Ferguson plc 323,668 420,255 0.219,004 Glaxosmithkline plc 169,675 165,059 0.088,813 Imperial Brands plc 145,563 184,852 0.09

27,805 Informa plc 220,285 208,519 0.1113,882 National Grid plc 163,169 164,028 0.08

2,621 Rio Tinto plc 162,610 195,842 0.10522 Sensata Technologies Holding plc 21,509 27,196 0.01

193,634 Tesco plc 569,750 612,062 0.31869 Unilever plc 51,379 52,135 0.03

14,982 Unilever plc 839,956 910,963 0.4769,740 WM Morrison Supermarkets plc 175,739 168,952 0.09

4,553,096 4,648,741 2.35



115



Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets

United States2,252 3M Company 352,192 390,519 0.207,636 Alliant Energy Corp. 412,016 389,436 0.20

371 Alnylam Pharmaceuticals Inc. 49,605 47,674 0.02951 Alphabet Inc. – A 1,419,660 1,661,245 0.85126 Amazon.com Inc. 405,404 412,304 0.22

4,518 American Electric Power Company Inc. 373,889 371,109 0.19540 American Express Company 53,369 64,562 0.03508 American Tower Corp. 123,499 112,456 0.06142 Analog Devices Inc. 16,824 20,742 0.01171 Anthem Inc. 46,369 53,930 0.03

30,310 Apollo Commercial Real Estate Finance Inc. 559,790 336,441 0.1710,955 Apple Inc. 965,981 1,461,890 0.75

6,657 Applied Materials Inc. 429,421 569,373 0.294,560 Arthur J Gallagher & Company 450,464 553,629 0.29

13,219 AT&T Inc. 378,533 375,882 0.192,700 Automatic Data Processing Inc. 382,458 470,528 0.24

713 Autozone Inc. 827,457 836,777 0.432,515 Baker Hughes a GE Company 44,029 52,815 0.035,338 Bank of America Corp. 132,808 159,926 0.086,885 Blackstone Group Inc. 371,215 443,325 0.23

14,325 Blackstone Mortgage Trust Inc. 524,861 393,078 0.206,348 Bristol-Myers Squibb Company 385,411 388,434 0.20

26,615 Brixmor Property Group Inc. 543,995 432,760 0.221,054 Broadcom Inc. 343,328 458,248 0.23

300 Broadcom Inc. 307,035 424,503 0.227,818 Campbell Soup Company 401,238 375,420 0.193,793 Cargurus Inc. 97,575 120,769 0.062,491 Caterpillar Inc. 340,012 448,579 0.22

19,000 Centerpoint Energy Inc. 804,713 756,010 0.391,118 Change Healthcare Inc. 14,417 20,582 0.012,227 Cheniere Energy Inc. 117,561 136,248 0.079,720 Cisco Systems Inc. 374,184 430,110 0.227,620 Coca Cola Company 360,333 415,442 0.213,037 Colgate-Palmolive Company 214,357 257,720 0.13

14,300 Colony Capital Inc. 284,368 336,193 0.1716,534 Comcast Corp. 720,079 860,430 0.44

4,713 Consolidated Edison Inc. 350,651 336,461 0.172,542 Crown Castle International Corp. 416,983 398,204 0.203,800 CVS Health Corp. 241,655 255,740 0.13

482 Dollar Tree Inc. 47,266 51,892 0.037,156 Dominion Energy Inc. 745,583 707,585 0.363,261 DTE Energy Company 376,341 389,266 0.20

15,000 DTE Energy Company 700,407 705,600 0.364,351 Duke Energy Corp. 360,952 395,593 0.202,484 Electronic Arts Inc. 281,067 354,790 0.185,595 Emerson Electric Company 373,889 445,474 0.22

10,889 Energy Transfer Operating LP 271,073 242,280 0.123,680 Entergy Corp. 375,235 362,885 0.19

50,000 Equitrans Midstream Corp. 630,126 383,500 0.20



116





Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets

United States (continued)4,173 Eversource Energy 368,768 357,835 0.185,453 Exelon Corp. 198,266 229,408 0.123,813 Extra Space Storage Inc. 395,260 437,199 0.221,237 Facebook Inc. – A 331,714 339,792 0.177,767 First Hawaiian Inc. 126,565 181,126 0.092,918 Five Point Holdings LLC – A 15,398 15,757 0.013,981 Fortune Brands Home & Security Inc. 278,543 336,793 0.175,822 General Mills Inc. 372,637 340,995 0.173,518 Genuine Parts Company 343,364 349,724 0.185,896 Gilead Sciences Inc. 396,995 335,895 0.18

365 Goldman Sachs Group Inc. 73,950 94,853 0.05813 Group 1 Automotive Inc. 89,357 104,682 0.05

2,044 Hain Celestial Group Inc. 69,236 81,453 0.041,061 Hologic Inc. 71,067 75,649 0.041,499 Home Depot Inc. 348,350 396,710 0.202,977 IBM Corp. 367,793 369,595 0.194,453 Ingredion Inc. 369,099 346,532 0.187,218 Intel Corp. 367,119 352,816 0.183,869 International Paper Company 136,995 190,471 0.103,050 JM Smucker Company 356,378 350,171 0.188,664 Johnson & Johnson 1,230,782 1,352,885 0.704,080 JPMorgan Chase & Company 474,479 510,654 0.275,933 Kellogg Company 409,466 366,600 0.191,877 Kimberly-Clark Corp. 267,622 251,837 0.131,663 KKR & Company Inc. – A 60,380 65,822 0.032,961 Lennar Corp. 226,570 226,635 0.12

281 Liberty Broadband Corp. – A 41,766 43,906 0.023,709 Liberty Media Corp. 138,810 160,414 0.08

176 Madison Square Garden Entertainment Corp. 11,737 18,378 0.0112,171 Merck & Company Inc. 971,464 982,078 0.50

6,275 Microsoft Corp. 1,144,335 1,389,912 0.71404 Moderna Inc. 28,037 44,198 0.02

3,011 Morgan Stanley 156,247 204,206 0.1014,833 NextEra Energy Inc. 664,755 745,787 0.3819,000 NiSource Inc. 508,773 540,550 0.28

4,662 Northern Trust Corp. 374,031 428,391 0.221,687 Northrop Grumman Corp. 517,683 512,072 0.26

30,000 NuStar Energy LP 689,699 538,200 0.28209 Nvidia Corp. 106,058 109,010 0.06

10 NVR Inc. 41,624 40,900 0.0211,713 Oge Energy Corp. 371,573 371,653 0.1914,771 Oracle Corp. 812,341 949,037 0.48

3,292 Otis Worldwide Corp. 204,477 219,478 0.113,566 Packaging Corp. of America 344,909 489,612 0.25

333 Parker Hannifin Corp. 75,158 89,627 0.054,675 Paychex Inc. 342,119 430,568 0.222,656 PepsiCo Inc. 363,658 391,255 0.20

10,764 Pfizer Inc. 396,359 392,240 0.207,423 Philip Morris International Inc. 568,675 606,534 0.314,948 Pinnacle West Capital Corp. 388,331 392,772 0.20

889 Polaris Industries Inc. 89,697 84,677 0.04

117



Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets

United States (continued)1,652 Post Holdings Inc. 150,715 167,331 0.096,748 Public Service Enterprise Group Inc. 367,087 387,808 0.201,651 Public Storage Inc. 333,482 377,980 0.195,000 Qurate Retail Inc. 493,500 490,200 0.25

29,400 Qwest Corp. 741,724 748,524 0.38431 Regal-Beloit Corp. 42,963 52,276 0.03256 Roper Technologies Inc 110,183 108,411 0.06535 Salesforce.com Inc. 119,219 118,331 0.06

9,878 SCE Trust VI 229,607 238,578 0.122,892 Sempra Energy 360,224 364,970 0.19

15,230 Sempra Energy 380,143 429,181 0.224,410 Simon Property Group Inc. 650,589 366,427 0.19

15,000 South Jersey Industries Inc. 723,525 547,951 0.2722,720 Southern Company 1,150,053 1,226,201 0.62

1,325 Stanley Works 172,771 235,320 0.123,249 Starbucks Corp. 251,918 346,441 0.18

20,960 Starwood Property Trust Inc. 515,478 402,851 0.21664 Synchrony Financial 16,011 22,749 0.01

5,906 Sysco Corp. 373,869 430,666 0.222,885 T Rowe Price Group Inc. 381,176 430,702 0.222,645 Texas Instruments Inc. 379,773 429,680 0.223,231 Travelers Companies Inc. 360,002 448,363 0.236,240 Tyson Foods Inc. – A 369,332 393,432 0.20

278 United Rentals Inc. 50,324 63,971 0.0316,337 United States Cellular Corp. 319,615 413,980 0.21

585 Us Foods Holding 14,016 19,299 0.01958 Valero Energy Corp. 39,033 53,888 0.03

23,255 Verizon Communications Inc. 1,336,493 1,354,138 0.691,335 Viatris Inc. 21,368 24,350 0.012,351 Waste Management Inc. 242,289 274,597 0.14

32,000 Williams Companies Inc. 711,482 637,120 0.33549 Workday Inc. – A 111,769 131,661 0.07

47,417,880 50,043,080 25.58

Equities Total 70,970,983 76,115,440 38.87






118



Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets



United States1,000,000 United States Treasury Bill 0.000%

28/Jan/2021997,021 999,964 0.51

1,700,000 United States Treasury Bill 0.000% 4/Feb/2021

1,699,054 1,699,927 0.87

500,000 United States Treasury Bill 0.000% 25/Feb/2021

499,708 499,955 0.26

3,195,783 3,199,846 1.64



Bonds

Canada665,000 MDC Partners Inc. 6.500% 1/May/2024 608,937 672,415 0.34265,000 MEG Energy Corp. 7.125% 1/Feb/2027 234,850 276,263 0.14

843,787 948,678 0.48Cayman Islands

600,000 GEMS MENASA Cayman Limited/GEMS Education Delaware LLC 7.125% 31/Jul/2026

613,000 624,750 0.32

200,000 Melco Resorts Finance Limited 5.625% 17/Jul/2027

207,500 210,878 0.11

150,000 Sable International Finance Limited 5.750% 7/Sep/2027

150,000 160,172 0.08

970,500 995,800 0.51Ireland

625,000 C&W Senior Financing DAC 6.875% 15/Sep/2027

666,448 675,144 0.34

190,000 C&W Senior Financing DAC 7.500% 15/Oct/2026

193,325 202,591 0.10

600,000 LCPR Senior Secured Financing DAC 6.750% 15/Oct/2027

624,702 648,103 0.33

1,484,475 1,525,838 0.77Luxembourg

700,000 Altice France Holding SA 10.500% 15/May/2027

778,281 790,127 0.40

600,000 Stena International SA 6.125% 1/Feb/2025 562,500 597,400 0.31

1,340,781 1,387,527 0.71



119



Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets

United Kingdom700,000 Connect Finco sarl 6.750% 1/Oct/2026 732,210 754,460 0.39135,000 International Game Technology plc 5.250%

15/Jan/2029135,000 145,361 0.07

867,210 899,821 0.46United States

490,000 Allied Universal Holdco LLC 6.625% 15/Jul/2026

519,025 521,840 0.26

275,000 APX Group Inc. 7.625% 1/Sep/2023 265,155 286,327 0.15400,000 Brighthouse Financial Inc. 5.625%

15/May/2030399,484 494,030 0.25

255,000 Brightstar Escrow Corp. 9.750% 15/Oct/2025

255,000 268,069 0.14

225,000 Centene Corp. 3.375% 15/Feb/2030 225,000 237,370 0.12475,000 Centene Corp. 4.625% 15/Dec/2029 492,210 527,167 0.27175,000 Clear Channel Worldwide Holdings Inc.

9.250% 15/Feb/2024175,000 177,419 0.09

490,000 CSC Holdings LLC 5.750% 15/Jan/2030 513,878 538,081 0.27560,000 CSI Compressco LP 7.500% 1/Apr/2025 551,627 524,378 0.27500,000 DaVita Inc. 3.750% 15/Feb/2031 500,000 506,743 0.26300,000 DaVita Inc. 4.625% 1/Jun/2030 300,000 318,770 0.16500,000 Energy Transfer Operating LP FRN Perp. 471,385 425,500 0.22170,000 Expedia Group Inc. 4.625% 1/Aug/2027 188,275 189,950 0.10410,000 Gogo Intermediate Holdings LLC/Gogo

Finance Company Inc. 9.875% 1/May/2024431,593 439,772 0.22

120,000 Graham Packaging Company Inc. 7.125% 15/Aug/2028

120,000 132,340 0.07

310,000 iHeartCommunications Inc. 8.375% 1/May/2027

258,850 330,985 0.17

630,000 Lions Gate Capital Holdings LLC 6.375% 1/Feb/2024

615,322 647,258 0.33

500,000 Markel Corp. FRN Perp. 499,050 554,375 0.29700,000 Mednax Inc. 6.250% 15/Jan/2027 712,239 751,624 0.38780,000 MPLX LP FRN Perp. 716,516 747,533 0.38270,000 National CineMedia LLC 5.875%

15/Apr/2028234,900 228,209 0.12

350,000 PBF Holding Company LLC 6.000% 15/Feb/2028

350,000 199,938 0.10

300,000 Regions Financial Corp. FRN Perp. 300,000 335,180 0.17540,000 Select Medical Corp. 6.250% 15/Aug/2026 570,371 579,521 0.30305,000 Sempra Energy FRN Perp. 305,000 326,731 0.17800,000 Sotheby’s 7.375% 15/Oct/2027 810,016 857,200 0.44600,000 Southern California Edison Company

FRN Perp.612,021 612,055 0.31

550,000 TripAdvisor Inc. 7.000% 15/Jul/2025 583,687 596,427 0.30250,000 Tutor Perini Corp. 6.875% 1/May/2025 244,688 246,375 0.13520,000 Uber Technologies Inc. 8.000% 1/Nov/2026 535,571 567,209 0.29195,000 United Airlines 5.875% 15/Oct/2027 195,000 210,722 0.11500,000 Uniti Group LP 7.125% 15/Dec/2024 491,250 507,025 0.25365,000 US Renal Care Inc 10.625% 15/Jul/2027 364,050 404,755 0.21

13,806,163 14,290,878 7.30

Bonds Total 19,312,916 20,048,542 10.23



120



Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets


United States185,000 Dish Network Corp. 3.375% 15/Aug/2026 172,849 175,403 0.09

172,849 175,403 0.09


Commercial Papers and Other Short-term Instruments

Australia300,000 Commonwealth Bank 0.000% 11/Jan/2021 299,966 299,988 0.15

1,000,000 Westpac Bank Corp. 0.000% 4/Mar/2021 999,616 999,694 0.51

1,299,582 1,299,682 0.66Canada

1,000,000 PSP Capital 0.000% 2/Feb/2021 999,324 999,853 0.511,000,000 The Bank of Nova Scotia 0.000%

26/Jan/2021999,811 999,856 0.51

1,999,135 1,999,709 1.02United States

1,000,000 British Columbia (Province of) 0.000% 16/Mar/2021

999,638 999,677 0.51

1,000,000 Cargill Inc. 0.000% 6/Jan/2021 999,900 999,980 0.511,000,000 Honeywell International Inc. 0.000%

3/May/2021998,275 999,214 0.51

275,000 Jupiter Sect Corp. 0.000% 16/Mar/2021 274,866 274,885 0.14700,000 Lime Funding LLC 0.000% 3/Feb/2021 699,759 699,868 0.36

1,000,000 Manhattan Asset 0.000% 2/Feb/2021 999,715 999,835 0.511,000,000 Old Line Funding LLC 0.000% 7/Jan/2021 999,800 999,971 0.51

925,000 Pfizer Inc. 0.000% 8/Jan/2021 924,900 924,979 0.471,000,000 Salt River Project 0.000% 6/Jan/2021 999,108 999,965 0.511,000,000 Unilever Capital 0.000% 4/Jan/2021 999,875 999,989 0.52

8,895,836 8,898,363 4.55

Commercial Papers and Other Short-term

Instruments Total 12,194,553 12,197,754 6.23







121



Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets


Bonds

Cayman Islands600,000 Latam Finance Limited 7.000% 1/Mar/2026 a 631,098 305,775 0.15

631,098 305,775 0.15Luxembourg

300,000 EUR Altice France Holding SA 8.000% 15/May/2027

375,216 400,847 0.20

375,216 400,847 0.20United States

370,000 LSC Communications Inc. 8.750% 15/Oct/2023 a

282,354 51,800 0.03

282,354 51,800 0.03

Bonds Total 1,288,668 758,422 0.38


money market instruments (2) 1,288,668 758,422 0.38



Net Assets 195,817,590 100.00

** if different from USDa Defaulted/Fair Valued by the Board of Directors.(1) All securities classified under this section are listed on a stock-exchange.(2) All securities classified under this section are unlisted.The notes to the Financial Statements form an integral part of these financial statements.




Global REIT Fund




Cost USD

Market Value USD

% of Net Assets


Equities

Australia65,500 APN Industria REIT 118,613 145,322 0.9961,679 Centuria Industrial REIT 130,083 147,334 1.0087,500 Centuria Office REIT 125,357 144,754 0.9819,393 Dexus 128,490 140,923 0.9617,200 Goodman Group 115,183 251,436 1.7147,500 Gpt Group 126,876 165,239 1.1296,000 Mirvac Group 154,577 195,922 1.33

114,000 Stockland 309,682 368,373 2.5151,432 Waypoint REIT 92,002 108,543 0.74

1,300,863 1,667,846 11.34Belgium

2,200 Befimmo Sca Sicafi 102,836 97,968 0.67

102,836 97,968 0.67Canada

8,500 Choice Properties Reit 85,070 86,386 0.5913,400 Dream Industrial Real Estate

Investment Trust111,072 136,396 0.93

5,800 First Capital Real Estate Investment Trust 98,049 61,750 0.4214,900 H&R Real Estate Investment Trust 148,695 154,241 1.0524,985 Riocan Real Estate Investment Trust 397,862 327,568 2.2316,279 SmartCentres Real Estate Investment Trust 294,569 293,655 2.0015,639 True North Commercial Real Estate

Investment Trust71,799 77,565 0.53

1,207,116 1,137,561 7.75France

4,791 Klepierre SA 115,573 108,085 0.74

115,573 108,085 0.74Hong Kong

25,125 Link REIT 242,211 228,767 1.56426,000 Prosperity REIT 138,675 132,956 0.90200,000 Sunlight Real Estate Investment Trust 105,106 97,242 0.66210,000 Yuexiu Real Estate Investment Trust 94,639 102,375 0.70

580,631 561,340 3.82Ireland

71,500 Hibernia REIT plc 89,714 101,220 0.6955,375 Irish Residential Properties REIT plc 61,945 101,625 0.69

151,659 202,845 1.38Japan

57 GLP J REIT 63,650 89,939 0.6128 Nippon Prologis REIT Inc. 59,882 87,492 0.6096 United Urban Investment Corp. 103,948 118,870 0.81

227,480 296,301 2.02


Global REIT Fund


Cost USD

Market Value USD

% of Net Assets

Netherlands2,400 NSI NV 95,548 96,570 0.66

95,548 96,570 0.66Singapore

240,000 ARA LOGOS Logistics Trust 100,610 109,033 0.7451,016 Ascendas 103,559 115,111 0.78

138,879 CapitaLand Integrated Commercial Trust 189,664 227,136 1.55165,000 EC World Real Estate Investment Trust 89,204 89,328 0.61157,000 Fortune Real Estate Investment Trust 159,094 149,633 1.02

41,280 Frasers Centrepoint Trust 83,846 76,890 0.5255,000 Keppel DC REIT 106,573 117,021 0.8040,000 Mapletree Commercial Trust 69,446 64,511 0.44

150,000 Mapletree Greater China Company 99,717 110,169 0.7558,000 Mapletree Industrial Trust 116,722 126,918 0.8678,972 Mapletree Logistics Trust 110,905 120,189 0.82

191,600 Sabana Shari’ah Compliant Industrial Real Estate Investment Trust

60,016 51,501 0.35

1,289,356 1,357,440 9.24United Kingdom

15,250 Segro plc 128,887 197,399 1.3460,000 Target Healthcare REIT plc 81,917 93,434 0.6482,000 Tritax Big Box REIT plc 148,754 188,068 1.2830,070 Urban Logistics REIT plc 51,320 58,738 0.4086,833 Warehouse Reit plc 122,399 142,337 0.97

533,277 679,976 4.63United States

650 Alexandria Real Estate Equities Inc. 50,842 113,965 0.785,600 American Finance Trust Inc. 132,368 143,584 0.983,000 American Finance Trust Inc. 75,000 74,907 0.51

15,100 American Finance Trust Inc. 118,148 112,344 0.76350 American Tower Corp. 21,856 77,480 0.53

2,450 Americold Realty Trust 46,588 89,719 0.6113,550 Apollo Commercial Real Estate Finance Inc. 170,297 150,405 1.02

2,600 Armada Hoffler Properties Inc. 63,379 68,354 0.471,075 Avalonbay Communities Inc. 197,693 169,700 1.155,700 Blackstone Mortgage Trust Inc. 155,461 156,408 1.06

15,900 Bluerock Residential Growth REIT Inc. 128,715 191,754 1.301,571 Boston Properties Inc. 97,065 146,370 1.006,150 Brixmor Property Group Inc. 125,024 99,999 0.683,000 Brookfield Property REIT Inc. 67,410 67,500 0.468,840 Brookfield Property REIT Inc. 115,209 132,158 0.901,250 Camden Property Trust 119,659 122,450 0.835,400 City Office REIT Inc. 126,936 140,670 0.96

900 Coresite Realty Corp. 108,805 110,619 0.75850 Crown Castle International Corp. 114,986 133,153 0.91

1,283 Cyrusone Inc. 46,284 92,761 0.631,939 Digital Realty Trust Inc. 102,507 267,252 1.82




Global REIT Fund


Cost USD

Market Value USD

% of Net Assets

United States (continued)2,550 Duke Realty Corp. 72,792 99,909 0.682,850 Equity Residential 179,069 166,526 1.13

535 Essex Property Trust Inc. 72,291 125,559 0.851,050 Federal Realty Investment Trust 87,716 87,990 0.602,557 Gaming & Leisure Properties Inc. 99,235 106,448 0.723,600 Global Medical REIT Inc. 91,140 95,220 0.656,800 Global Net Lease Inc. 112,181 116,552 0.793,900 Global Net Lease Inc. 91,065 98,514 0.673,700 Global Net Lease Inc. 91,202 96,052 0.651,500 Healthcare Trust Inc. 32,505 35,070 0.244,600 Healthpeak Properties Inc. 130,509 136,574 0.933,450 Hudson Pacific Properties Inc. 108,383 81,317 0.551,350 Innovative Industrial Properties Inc. 98,888 244,769 1.674,800 Iron Mountain Inc. 141,962 139,680 0.957,002 Kimco Realty Corp. 94,393 102,404 0.707,550 KKR Real Estate Finance Trust Inc. 129,099 134,692 0.928,400 Lexington Realty Trust 80,063 88,536 0.604,422 MGM Growth Properties LLC – A 127,053 137,038 0.931,075 Mid-America Apartment Communities Inc. 86,045 133,902 0.918,200 Monmouth REIT – A 107,454 141,860 0.977,023 Plymouth Industrial REIT Inc. 104,828 102,466 0.70

11,400 Preferred Apartment Communities Inc. 83,041 83,334 0.573,513 Prologis Inc. 152,433 346,030 2.351,450 QTS Realty Trust Inc. – A 40,436 87,754 0.602,300 Regency Centers Corp. 98,854 103,615 0.704,500 Retail Value Inc. 68,786 67,860 0.465,505 Simon Property Group Inc. 398,466 457,409 3.112,372 Sl Green Realty Corp. 97,590 136,793 0.932,700 Spirit Realty Capital Inc. 98,160 107,001 0.733,100 Stag Industrial Inc. 90,067 95,821 0.658,350 Starwood Property Trust Inc. 148,734 160,487 1.093,500 Summit Hotel Properties Inc. 60,750 77,964 0.533,500 Summit Hotel Properties Inc. 62,000 79,660 0.543,000 UDR Inc. 85,916 113,370 0.771,300 UMH Properties Inc. 32,409 32,942 0.227,100 UMH Properties Inc. 97,092 104,867 0.714,000 Ventas Inc. 176,658 194,240 1.323,950 Vici Properties Inc. 82,308 100,054 0.682,237 Vornado Realty Trust 94,132 80,420 0.552,500 Welltower Inc. 182,323 159,450 1.081,600 WP Carey Inc. 107,475 111,360 0.76

6,579,735 7,833,061 53.27

Equities Total 12,184,074 14,038,993 95.52







Global REIT Fund


Cost USD

Market Value USD

% of Net Assets


Equities

Malta570,000 BGP Holdings plc a 0 70 0.00

0 70 0.00

Equities Total 0 70 0.00


money market instruments (2) 0 70 0.00



Net Assets 14,697,359 100.00

a Defaulted/Fair Valued by the Board of Directors.(1) All securities classified under this section are listed on a stock-exchange.(2) All securities classified under this section are unlisted.The notes to the Financial Statements form an integral part of these financial statements.



126

Global Resources Fund


Portfolio of investmentsas at 31 December 2020


Cost USD

Market Value USD

% of Net Assets


Equities

Australia16,791 BHP Group Limited – ADR 879,443 1,093,765 3.6111,194 Fortescue Metals Group Limited 68,274 202,752 0.6739,315 South32 Limited 41,789 74,853 0.25

167,833 Western Areas NL 585,249 341,225 1.12

1,574,755 1,712,595 5.65Canada

19,480 Agnico Eagle Mines Limited 686,637 1,385,379 4.5617,787 ARC Resources Limited 170,113 84,583 0.2891,655 B2gold Corp. 266,638 513,657 1.6959,402 Barrick Gold Corp. 597,089 1,353,772 4.4626,247 Barrick Gold Corp. 447,370 598,487 1.97

3,303 Brookfield Renewable Corp. 105,860 192,928 0.647,111 Cameco Corp. 100,846 94,459 0.31

21,289 Canadian Natural Resources Limited 611,926 521,411 1.7213,270 Centerra Gold Inc. 132,262 153,326 0.5049,541 Conic Metals Corp. 57,299 18,302 0.06

5,101 Enbridge Inc. 186,985 164,099 0.5423,441 ERO Copper Corp. 200,569 380,473 1.2529,082 First Quantum Minerals Limited 321,810 531,465 1.75

9,922 Franco-Nevada Corp. 479,635 1,256,228 4.1423,747 Kinross Gold Corp. 163,757 175,454 0.5821,463 Kirkland Lake Gold Limited 618,308 894,791 2.9579,405 Lucara Diamond Corp. 106,992 32,455 0.11

110,716 Lundin Mining Corp. 456,724 985,109 3.25178,000 Nevada Copper Corp. 72,069 19,587 0.06

5,413 Nutrien Limited 235,639 256,088 0.8436,094 Oceanagold Corp. 77,543 69,365 0.23

6,758 Pan American Silver Corp. 212,371 230,428 0.769,654 SSR Mining Inc. 155,674 192,131 0.63

23,129 Suncor Energy Inc. 687,805 394,134 1.3026,810 Teck Resources Limited 483,673 489,313 1.61

5,960 Turquoise Hill Resources Limited 190,351 74,262 0.249,055 West Fraser Timber Company Limited 463,065 575,292 1.89

20,676 Wheaton Precious Metals Corp. 370,714 870,106 2.8637,727 Yamana Gold Inc. 181,804 215,879 0.71

8,841,528 12,722,963 41.89Cayman Islands

18,898 Endeavour Mining Corp. 304,461 436,559 1.44

304,461 436,559 1.44Curacao

9,637 Schlumberger Limited 624,239 209,316 0.69

624,239 209,316 0.69Finland

2,818 Neste Oyj 109,528 204,515 0.67

109,528 204,515 0.67

127




Cost USD

Market Value USD

% of Net Assets

France8,349 Total SE – ADR 314,553 352,996 1.16

314,553 352,996 1.16Germany

4,141 BASF SE 365,576 328,776 1.08

365,576 328,776 1.08Ireland

1,671 Smurfit Kappa Group plc 70,972 78,430 0.26

70,972 78,430 0.26Jersey – Channel Islands

79,214 Glencore plc 398,384 252,121 0.83

398,384 252,121 0.83Mexico

3,578 Fresnillo plc 40,230 55,205 0.18

40,230 55,205 0.18Netherlands

3,011 Lyondellbasell Industries NV – A 264,613 274,814 0.90

264,613 274,814 0.90Norway

5,992 Aker BP ASA 164,331 151,784 0.509,928 Equinor ASA 152,849 165,252 0.54

317,180 317,036 1.04Portugal

24,994 Galp Energia SGPS SA – B 357,209 268,410 0.88

357,209 268,410 0.88South Africa

8,351 Anglogold Ashanti Limited – ADR 158,636 189,067 0.62

158,636 189,067 0.62Sweden

11,255 Boliden AB 161,729 401,456 1.323,438 Lundin Energy AB 78,615 93,551 0.31

240,344 495,007 1.63United Kingdom

6,985 Anglo American plc 181,916 231,334 0.76122,011 BP plc 725,895 424,668 1.40

9,490 Rio Tinto plc – ADR 494,960 710,516 2.3425,399 Royal Dutch Shell plc – A – ADR 1,331,046 906,744 2.99

2,733,817 2,273,262 7.49United States

4,452 Alcoa Corp. 182,384 101,060 0.345,998 Cabot Oil & Gas Corp. 105,883 97,468 0.32

14,273 Chevron Corp. 1,386,345 1,207,352 3.995,087 Concho Resources Inc. 506,588 294,664 0.977,211 Conocophillips 373,839 286,781 0.94

778 Corteva Inc. 15,732 29,867 0.1013,793 Devon Energy Corp. 737,171 219,447 0.72

2,744 Diamondback Energy Inc. 293,379 134,017 0.443,546 Dow Inc. 126,089 196,771 0.654,706 DuPont de Nemours Inc. 233,136 332,997 1.09


128




Cost USD

Market Value USD

% of Net Assets

United States (continued)7,458 EOG Resources Inc. 628,174 369,917 1.22

19,150 Exxon Mobil Corp. 1,242,392 793,193 2.61651 First Solar Inc. 48,745 64,814 0.21

34,474 Freeport-McMoRan Copper & Gold 638,386 893,911 2.9412,468 Halliburton Company 613,108 236,144 0.78

3,135 Helmerich & Payne Inc. 184,435 73,202 0.245,317 Hess Corp. 302,133 281,588 0.933,864 International Paper Company 181,179 190,225 0.63

15,409 Newmont Goldcorp Corp. 1,397,856 917,576 3.0221,037 Newmont Mining Corp. 788,745 1,252,543 4.12

2,480 NextEra Energy Inc. 140,467 189,026 0.625,497 Nucor Corp. 238,603 287,438 0.94

925 Nutrien Limited 40,949 43,743 0.146,513 Parsley Energy Inc. – A 64,175 91,964 0.303,860 Phillips 66 243,256 271,088 0.894,148 Pioneer Natural Resources Company 539,116 468,807 1.54

493 Sherwin-Williams Company 130,586 357,322 1.192,988 Southern Copper Corp. 87,632 193,891 0.645,111 Valero Energy Corp. 266,140 287,494 0.95

11,736,623 10,164,310 33.47

Equities Total 28,452,648 30,335,382 99.88





Rights

Canada7,022 Pan American Silver Corp. Right 0 5,969 0.02

0 5,969 0.02

Rights Total 0 5,969 0.02




transferable securities 0 5,969 0.02



Net Assets 30,372,130 100.00



129

Healthcare Fund




Cost USD

Market Value USD

% of Net Assets


Equities

Denmark19,068 Genmab A/S 2,916,820 7,743,222 2.42

2,916,820 7,743,222 2.42France

116,989 Sanofi 11,856,191 11,294,729 3.53

11,856,191 11,294,729 3.53Ireland

62,612 Medtronic Inc. 5,092,869 7,251,096 2.28

5,092,869 7,251,096 2.28Japan

199,000 Astellas Pharma Inc. 3,543,517 3,078,177 0.9645,200 Hoya Corp. 4,518,169 6,259,138 1.9633,600 JCR Pharmaceuticals Company Limited 522,232 794,597 0.2536,000 Kyowa Kirin Company Limited 928,681 983,057 0.31

9,512,599 11,114,969 3.48Spain

23,598 Almirall SA 309,087 316,121 0.10

309,087 316,121 0.10Switzerland

37,420 Alcon Inc. 1,814,447 2,466,726 0.7776,711 Novartis AG – ADR 5,585,912 7,200,862 2.2554,127 Roche Holding AG 15,225,942 18,990,845 5.94

22,626,301 28,658,433 8.96United Kingdom

172,417 Astrazeneca plc 16,642,772 17,249,604 5.40431,300 Vectura Group plc 641,424 734,088 0.23

17,284,196 17,983,692 5.63United States

196,897 Abbott Laboratories 12,766,136 21,314,100 6.6750,972 AbbVie Inc. 3,687,541 5,384,172 1.6820,259 Acadia Pharmaceuticals Inc. 1,116,849 1,073,727 0.3491,331 Alexion Pharmaceuticals Inc. 10,624,135 14,141,693 4.4220,768 Anthem Inc. 5,465,003 6,549,812 2.0517,963 Atea Pharmaceuticals Inc. 431,112 745,465 0.2369,365 Baxter International Inc. 5,833,221 5,515,905 1.7340,438 Becton Dickinson & Company 10,628,236 10,027,006 3.1451,943 Bristol-Myers Squibb Company 3,024,452 3,178,392 0.9946,767 Catalent Inc. 2,418,112 4,818,404 1.5164,280 Centene Corp. 4,372,950 3,804,733 1.1933,575 Change Healthcare Inc. 422,476 618,116 0.1915,419 Cooper Companies Inc. 2,924,301 5,477,291 1.71

8,837 Cortexyme Inc. 150,229 246,287 0.0830,136 Danaher Corp. 5,189,467 6,662,166 2.08

113,176 Eli Lilly & Company 9,312,569 18,899,260 5.9165,630 Emergent Biosolutions Inc. 4,164,556 5,924,420 1.85

161,325 Gilead Sciences Inc. 11,269,846 9,190,685 2.8726,545 Globus Medical Inc. – A 1,398,745 1,709,763 0.5325,280 Guardant Health Inc. 2,011,020 3,185,027 1.00

130

Healthcare Fund


a Defaulted/Fair Valued by the Board of Directors.(1) All securities classified under this section are listed on a stock-exchange.The notes to the Financial Statements form an integral part of these financial statements.


Cost USD

Market Value USD

% of Net Assets

United States (continued)14,537 Henry Schein Inc. 831,687 961,332 0.3015,983 Humana Inc. 5,786,713 6,505,081 2.0379,034 Incyte Corp. Limited 6,149,680 6,771,633 2.1299,866 Johnson & Johnson 12,831,282 15,594,076 4.88

4,630 Ligand Pharmaceuticals Inc. 771,678 467,862 0.1537,308 McKesson Corp. 5,355,666 6,450,553 2.02

129,433 Merck & Company Inc. 7,676,182 10,443,949 3.2714,717 Merit Medical Systems Inc. 569,146 805,020 0.2567,401 PerkinElmer Inc. 8,087,280 9,505,564 2.9719,323 Prestige Brands Holdings Inc. 685,528 674,566 0.2117,235 Sage Therapeutics Inc. 2,935,101 1,503,409 0.4772,513 Sangamo Therapeutics Inc. 812,310 1,162,383 0.3617,448 Stryker Corp. 2,156,091 4,222,939 1.3238,933 Syneos Health Inc. 1,777,819 2,608,511 0.8222,664 Thermo Fisher Scientific Inc. 7,096,895 10,461,702 3.27

165,943 Travere Therapeutics Inc. 4,638,438 4,588,324 1.4454,361 UnitedHealth Group Inc 14,055,601 18,817,604 5.8913,221 Vertex Pharmaceuticals Inc. 2,932,240 3,045,986 0.95

182,360,293 233,056,918 72.89

Equities Total 251,958,356 317,419,180 99.29



Rights

United States180,322 Stemline Therapeutics Inc. Right a 0 59,506 0.02

0 59,506 0.02

Rights Total 0 59,506 0.02

Total Transferable securities and money market instruments dealt in on another regulated market and recently issued transferable securities 0 59,506 0.02



Net Assets 319,698,443 100.00


131

India Equity Fund





Cost USD

Market Value USD

% of Net Assets


Equities

India142,677 Amber Enterprises India Limited 2,943,181 4,594,259 1.70

1,396,328 Ambuja Cements Limited 3,436,398 4,755,560 1.76103,225 Apollo Hospitals Enterprise Limited 2,951,232 3,408,653 1.26

1,501,922 Apollo Tyres Limited 2,580,495 3,658,844 1.362,796,352 Ashok Leyland Limited 3,450,556 3,652,955 1.35

203,812 Asian Paints Limited 4,555,837 7,711,216 2.86467,380 AU Small Finance Bank Ltd 4,688,504 5,453,709 2.02

44,479 Bajaj Finserv Limited 4,005,940 5,421,648 2.01157,274 Balkrishna Industries Limited 2,617,977 3,543,582 1.31

1,142,951 Cholamandalam Investment and Finance Company Limited

4,007,937 6,063,787 2.25

631,883 Cipla Limited 4,551,239 7,090,887 2.63978,767 Crompton Greaves Consumer

Electricals Limited3,970,449 5,097,622 1.89

76,711 Divi’s Laboratories Limited 1,861,739 4,033,483 1.4933,066 Dixon Technologies India Limited 2,480,776 6,086,024 2.25

6,496,274 Federal Bank Limited 4,394,990 5,930,164 2.202,590,749 Gail India Limited 4,194,769 4,370,074 1.62

355,122 Godrej Consumer Products Limited 3,581,974 3,597,277 1.33371,273 Havells India Limited 4,006,957 4,655,180 1.72441,870 Hcl Technologies Limited 2,671,275 5,721,779 2.12453,119 HDFC Bank Limited 4,998,884 8,907,052 3.30

1,768,911 Hindalco Industries Limited 4,498,210 5,823,551 2.16328,029 Hindustan Lever Limited 8,859,654 10,753,920 3.99293,120 Housing Development Finance Corp. 8,176,949 10,264,384 3.80

3,562,949 ICICI Bank Limited 17,592,884 26,090,385 9.67284,389 ICICI Lombard General Insurance

Company Limited5,015,316 5,919,373 2.19

1,412,486 Infosys Technologies Limited 13,437,120 24,276,225 8.98429,540 Kajaria Ceramics Limited 3,397,005 4,136,242 1.53240,540 Kotak Mahindra Bank Limited 4,679,233 6,569,576 2.43

61,810 Larsen & Toubro Infotech 1,447,174 3,095,687 1.15111,755 Maruti Suzuki India Limited 10,023,437 11,699,902 4.34105,097 Navin Fluorine International Limited 2,717,108 3,757,278 1.39

132

India Equity Fund



Cost USD

Market Value USD

% of Net Assets

India (continued)121,225 PI Industries Limited 2,452,019 3,641,775 1.35545,844 Reliance Industries Limited 8,689,380 14,831,027 5.49458,074 SBI Life Insurance Company Limited 4,599,744 5,668,925 2.10191,076 Solara Active Pharma Sciences 3,124,919 3,115,982 1.15171,268 Tata Consultancy Services Limited 5,336,734 6,710,211 2.49621,808 Tata Steel Limited 4,485,331 5,477,503 2.03396,087 Tech Mahindra Limited 4,251,008 5,275,568 1.95132,665 UltraTech Cement Limited 8,289,758 9,601,447 3.56

193,024,092 270,462,716 100.18

Equities Total 193,024,092 270,462,716 100.18






Net Assets 269,974,634 100.00





Japan Equity Fund




Cost USD

Market Value USD

% of Net Assets


Equities

Japan94,400 Dai-ichi Mutual Life Insurance Company 1,390,144 1,421,795 3.2883,900 KDDI Corp. 2,334,297 2,496,360 5.7562,700 Hakuhodo Dy Holdings Inc. 824,412 860,988 1.9828,700 Hitachi Limited 987,206 1,132,180 2.6122,300 Hoya Corp. 1,292,055 3,088,176 7.1136,000 Itochu Corp. 556,055 1,035,509 2.3922,600 Matsumotokiyoshi Holdings Company Limited 745,840 965,015 2.22

110,600 Panasonic Corp. 1,106,561 1,277,785 2.9522,400 Meitec Corp. 959,833 1,165,161 2.69

106,000 Mitsui Fudosan Company Limited 2,411,542 2,220,399 5.1214,200 Nissan Chemical Industries Limited 499,551 890,213 2.05

5,800 Okamoto Industries Inc. 179,252 222,612 0.5134,600 Ono Pharmaceutical Company Limited 731,469 1,043,591 2.4119,100 Otsuka Corp. 812,038 1,010,190 2.3340,800 Recruit Holdings Company Limited 1,045,666 1,710,872 3.9433,900 Renesas Electronics Corp. 231,854 354,972 0.8271,000 Santen Pharmaceutical Company Limited 1,050,335 1,154,108 2.66

113,300 Sanwa Holdings Corp. 1,156,117 1,321,623 3.0593,500 Sekisui Chemical Company Limited 1,494,244 1,773,002 4.0933,800 Seven & I Holdings Company Limited 1,087,355 1,200,196 2.7710,000 Shin-Etsu Chemical Company Limited 895,660 1,750,692 4.0412,400 Ship Healthcare Holdings Inc 538,578 690,727 1.59

1,400 SMC Corp. 512,978 855,258 1.977,400 SoftBank Group Corp. 263,125 578,672 1.33

56,300 ZOZO Inc. 959,945 1,392,680 3.2119,900 SCSK Corp. 897,396 1,139,405 2.6379,200 Sumitomo Mitsui Financial Group Inc. 2,606,471 2,450,285 5.6518,000 Suntory Beverage & Food Limited 681,365 637,586 1.4756,400 Sushiro Global Holdings Limited 743,049 2,161,970 4.9736,900 Taisei Corp. 1,340,341 1,273,031 2.9320,300 Toyota Industries Corp. 1,061,754 1,613,441 3.7216,300 Toyota Motor Corp. 985,891 1,258,665 2.9033,000 Tsubaki Nakashima Company 736,300 359,319 0.83

33,118,679 42,506,478 97.97

Equities Total 33,118,679 42,506,478 97.97




Net Assets 43,387,318 100.00


134

Latin America Equity Fund





Cost USD

Market Value USD

% of Net Assets


Equities

Bermuda2,422 Credicorp Limited 338,152 391,589 1.25

338,152 391,589 1.25Brazil

33,000 Arezzo Industria e Comercio 409,696 433,163 1.38258,783 B3 SA Brasil Bolsa Balcao 1,654,209 3,087,932 9.86575,893 Banco Bradesco SA – ADR 3,388,144 3,023,438 9.67

45,700 Banco do Brasil SA 471,803 341,372 1.09110,697 Boa Vista SE 252,809 269,592 0.86159,400 Dimed SA Distribuidora de Medicamentos 824,255 668,999 2.14413,690 Hapvida Participacoes e Investimentos SA 743,999 1,215,374 3.88140,191 Itau Unibanco Holding SA – ADR 901,080 857,268 2.74

38,836 Linx SA 165,418 280,080 0.8934,429 Localiza Rent a Car 195,338 457,024 1.46

121,912 Lojas Renner SA 725,191 1,021,916 3.26106,700 Magazine Luiza SA 201,064 512,525 1.64178,088 Movida Participacoes SA 553,662 708,003 2.26138,000 Neoenergia SA 520,154 468,129 1.50266,400 Odontoprev SA 839,659 746,238 2.38130,508 Petrobras Distribuidora SA 714,441 556,031 1.78188,079 Petroleo Brasileiro SA – ADR 2,081,352 2,066,988 6.60185,278 Rumo SA 657,970 686,293 2.19

50,100 Suzano SA 464,645 564,639 1.80

15,764,889 17,965,004 57.38Chile

46,964 Banco Santander Chile SA – ADR 714,948 902,648 2.88284,169 Parque Arauco SA 635,891 464,997 1.49572,925 Vina Concha y Toro SA 1,016,826 994,492 3.18

2,367,665 2,362,137 7.55Mexico

30,849 America Movil SAB de CV – ADR 474,436 453,172 1.4585,008 Bolsa Mexicana de Valores SAB de CV 161,842 208,345 0.67

333,700 Corporacion Inmobiliaria Vesta SAB de CV 511,181 659,264 2.1012,618 Fomento Economico Mexicano SAB

de CV – ADR899,490 956,192 3.05

40,988 Grupo Aeroportuario del Centro Norte SAB de CV

176,384 260,347 0.83

292,547 Grupo Bimbo SAB de CV 569,673 637,318 2.04101,983 Grupo Financiero Banorte SAB de CV 409,495 569,985 1.82171,000 Infraestructura Energetica Nova SAB de CV 560,300 673,594 2.15352,999 Qualitas Controladora SAB de CV 943,011 1,890,810 6.04327,400 Wal-Mart de Mexico SAB de CV 851,520 949,456 3.03

5,557,332 7,258,483 23.18

135

Latin America Equity Fund



Cost USD

Market Value USD

% of Net Assets

Panama6,443 Copa Holdings SA – A 572,508 489,088 1.56

15,065 Intercorp Financial Services Inc. 574,928 470,932 1.50

1,147,436 960,020 3.06United States

650 Mercadolibre Inc. 317,707 1,094,048 3.49

317,707 1,094,048 3.49

Equities Total 25,493,181 30,031,281 95.91






Net Assets 31,310,387 100.00




136

Preferred Securities Income Fund





Cost USD

Market Value USD

% of Net

Assets


Bonds

Canada5,000,000 Enbridge Inc. FRN 1/Mar/2078 5,118,509 5,445,700 1.46

5,118,509 5,445,700 1.46France

3,060,000 Electricite de France SA FRN Perp. 3,130,730 3,312,261 0.89

3,130,730 3,312,261 0.89Japan

500,000 Dai-Ichi Life Insurance Company Limited FRN Perp.

473,750 553,467 0.15

4,589,000 Softbank Group Corp. FRN Perp. 4,630,386 4,572,174 1.23700,000 Sumitomo Life Insurance Company FRN

20/Sep/2073768,750 790,557 0.21

5,872,886 5,916,198 1.59Mexico

6,000,000 Credito Real SAB de CV SOFOM ER 9.500% 7/Feb/2026

6,979,500 6,532,499 1.75

6,979,500 6,532,499 1.75Netherlands

4,000,000 Aegon NV FRN 11/Apr/2048 4,320,000 4,516,039 1.223,500,000 Argentum Netherlands BV for Swiss Re

Limited FRN 15/Aug/20503,810,625 3,973,460 1.07

8,130,625 8,489,499 2.29United Kingdom

5,150,000 Lloyds Bank plc FRN Perp. 6,262,018 5,958,976 1.611,500,000 Prudential plc 5.250% Perp. 1,500,625 1,529,875 0.413,000,000 Standard Chartered plc FRN Perp. 3,388,510 3,905,625 1.05

11,151,153 11,394,476 3.07

137




Cost USD

Market Value USD

% of Net

Assets

United States3,350,000 American International Group Inc. FRN

1/Apr/20483,365,475 3,856,098 1.04

5,650,000 Assurant Inc. FRN 27/Mar/2048 6,147,499 6,368,326 1.704,000,000 Charles Schwab Corp. 4.000% Perp. 4,000,000 4,225,000 1.142,300,000 Charles Schwab Corp. FRN Perp. 2,300,000 2,565,938 0.694,000,000 Comerica Inc. FRN Perp. 4,000,000 4,435,000 1.193,000,000 Discover Financial Services FRN Perp. 3,000,000 3,392,813 0.911,600,000 Dominion Energy Inc. FRN 1/Oct/2054 1,649,594 1,777,600 0.482,000,000 General Motors Financial Company Inc.

FRN Perp.2,000,000 2,225,800 0.60

5,500,000 General Motors Financial Company Inc. FRN Perp.

5,327,796 5,975,750 1.61

3,500,000 JPMorgan Chase & Company FRN Perp. 3,612,000 3,620,313 0.974,000,000 PartnerRe Finance B LLC FRN 1/Oct/2050 3,996,480 4,180,000 1.132,370,000 Provident Finance Trust I 7.405% 15/Mar/2038 2,608,163 2,742,446 0.743,100,000 Prudential Financial Inc. FRN 15/Sep/2048 3,384,777 3,592,156 0.974,000,000 Southern Company FRN 15/Jan/2051 4,000,000 4,235,147 1.141,600,000 USB Capital IX FRN Perp. 1,547,490 1,566,960 0.42

50,939,274 54,759,347 14.73

Bonds Total 91,322,677 95,849,980 25.78


United States3,750 Wells Fargo & Company 7.500% Perp. 5,176,693 5,633,250 1.52

5,176,693 5,633,250 1.52

Bonds – convertibles Total 5,176,693 5,633,250 1.52

Equities

Bermuda160,000 Brookfield Infrastructure Partners LP 4,000,000 4,174,400 1.12240,000 Brookfield Renewable Partners LP 6,000,000 6,554,400 1.76

10,000,000 10,728,800 2.88Canada

308,000 Algonquin Power & Utilities Corp. 8,390,020 8,704,080 2.3480,000 Brookfield Finance Inc. 2,000,000 2,048,800 0.55

10,390,020 10,752,880 2.89



138




Cost USD

Market Value USD

% of Net

Assets

United States325,000 Aegon Funding Company LLC 8,227,903 8,843,250 2.38106,792 American Financial Group Inc. 2,669,800 2,950,663 0.79106,775 AT&T Inc. 2,871,462 2,977,955 0.80370,000 Bank of America Corp. 9,767,432 9,934,500 2.68165,125 Brighthouse Financial Inc. 4,320,823 4,636,710 1.25205,000 Brunswick Corp. 5,531,013 5,545,250 1.49180,000 Centerpoint Energy Inc. 9,008,389 7,162,200 1.93245,000 Citigroup Capital XIII 6,738,573 6,921,250 1.87100,000 CMS Energy Corp. 2,647,359 2,802,000 0.75246,975 Diversified Healthcare Trust 6,013,599 5,791,564 1.56150,000 DTE Energy Company 7,511,588 7,056,000 1.90250,000 Energy Transfer Operating LP 6,285,585 5,562,500 1.50145,000 Ford Motor Company 3,704,828 3,857,000 1.04231,150 GMAC Capital Trust I 6,101,330 6,185,574 1.66

54,360 Hercules Capital Inc. 1,361,390 1,456,848 0.39150,000 National Rural Utilities Cooperative

Finance Corp.3,887,500 4,399,500 1.18

70,000 NextEra Energy Inc. 3,402,000 3,535,000 0.95290,000 NuStar Energy LP 6,677,343 5,202,600 1.40

20,000 PG&E Corp. 2,000,000 2,439,800 0.6645,000 Pinnacle Financial Partners Inc. 1,125,000 1,243,800 0.33

122,250 PPL Capital Funding Inc. 3,130,800 3,202,950 0.8630,000 Qurate Retail Inc. 2,867,100 2,941,200 0.79

186,338 QVC Inc. 4,728,813 4,705,035 1.27196,500 Qwest Corp. 4,780,700 5,002,890 1.35130,000 Qwest Corp. 3,206,148 3,350,100 0.90

47,595 SCE Trust II 1,155,875 1,195,110 0.3220,000 SCE Trust VI 463,753 483,050 0.13

320,000 Sempra Energy 8,244,865 9,017,599 2.44495,000 South Jersey Industries Inc. 16,561,311 14,484,450 3.90120,000 Southern Company 6,193,697 6,138,000 1.65156,000 Telephone & Data Systems Inc. 3,921,351 3,939,000 1.06340,000 United States Cellular Corp. 8,500,000 8,898,400 2.39

70,000 WesBanco Inc. 1,750,000 1,956,500 0.53100,650 Wesco International Inc. 2,817,604 3,131,222 0.84

168,174,934 166,949,470 44.94

Equities Total 188,564,954 188,431,150 50.71






139




Cost USD

Market Value USD

% of Net

Assets



United States2,075,000 CoBank ACB FRN Perp. 2,231,344 2,266,419 0.61

2,231,344 2,266,419 0.61

Supranationals, Governments and Local Public

Authorities, Debt Instruments Total 2,231,344 2,266,419 0.61

Bonds

Canada3,731,000 Emera Inc. FRN 15/Jun/2076 4,083,165 4,362,658 1.173,500,000 Transcanada Trust FRN 15/Sep/2079 3,605,000 3,858,750 1.04

7,688,165 8,221,408 2.21France

1,800,000 AXA SA FRN Perp. 1,974,505 2,514,798 0.68

1,974,505 2,514,798 0.68Jersey – Channel Islands

1,150,000 HSBC Capital Funding Dollar 1 LP FRN Perp. 1,730,000 1,966,788 0.53

1,730,000 1,966,788 0.53Netherlands

1,800,000 Braskem Netherlands Finance BV FRN 23/Jan/2081

1,815,166 2,010,302 0.54

1,815,166 2,010,302 0.54United States

5,000,000 CMS Energy Corp. FRN 1/Dec/2050 5,000,000 5,121,000 1.382,000,000 CMS Energy Corp. FRN 1/Jun/2050 2,000,000 2,255,000 0.614,660,000 Energy Transfer Operating LP FRN Perp. 4,401,300 3,965,660 1.074,000,000 Enstar Finance LLC FRN 1/Sep/2040 4,000,000 4,186,000 1.13

625,000 Liberty Mutual Group Inc. P.P. 144A 7.800% 15/Mar/2037

740,000 801,222 0.22

3,000,000 Markel Corp. FRN Perp. 3,000,000 3,326,250 0.902,750,000 MetLife Inc. 9.250% 8/Apr/2038 3,825,173 4,198,150 1.135,035,000 MPLX LP FRN Perp. 5,032,036 4,825,418 1.303,841,000 Nationwide Financial Services Inc. 6.750%

15/May/20874,345,956 4,586,154 1.23

5,550,000 NextEra Energy Capital Holdings Inc. FRN 1/May/2079

5,944,680 6,518,475 1.76

38,289,145 39,783,329 10.73

Bonds Total 51,496,981 54,496,625 14.69



140




Cost USD

Market Value USD

% of Net

Assets

Equities

United States130,336 Integrys Holding Inc. 3,471,727 3,494,308 0.94410,000 Trinity Capital Inc. 10,250,000 10,352,500 2.79

13,721,727 13,846,808 3.73

Equities Total 13,721,727 13,846,808 3.73







Net Assets 371,531,631 100.00




141

Sustainable Asia Bond Fund*




Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets



Indonesia1,150,000 Hutama Karya Persero PT 3.750%

11/May/20301,260,880 1,288,575 1.72

500,000 Indonesia (Govt of) 2.950% 11/Jan/2023 521,750 522,104 0.70500,000 Indonesia (Govt of) 3.850% 18/Jul/2027 562,500 571,666 0.76

1,300,000 Indonesia (Govt of) 3.850% 15/Oct/2030 1,513,069 1,514,553 2.03500,000 Indonesia (Govt of) 4.125% 15/Jan/2025 561,875 559,893 0.75600,000 Indonesia (Govt of) 4.200% 15/Oct/2050 727,750 717,330 0.96500,000 Indonesia (Govt of) 7.750% 17/Jan/2038 770,000 787,991 1.05300,000 Perusahaan Penerbit SBSN Indonesia III

4.450% 20/Feb/2029346,944 354,620 0.47

6,264,768 6,316,732 8.44Philippines

1,200,000 Philippine (Govt of) 2.457% 5/May/2030 1,316,235 1,295,693 1.73200,000 Philippine (Govt of) 2.650% 10/Dec/2045 200,000 202,563 0.27650,000 Philippine (Govt of) 3.700% 1/Mar/2041 772,458 753,065 1.00


750,000 Export-Import Bank of Korea 1.250% 21/Sep/2030

736,058 737,863 0.98

700,000 Korea South-East Power Company Limited 2.125% 3/Feb/2025

738,024 738,024 0.98

1,474,082 1,475,887 1.96



Bonds

Australia1,500,000 Australia & New Zealand Banking Group

Limited FRN 25/Nov/20351,499,999 1,528,823 2.05

400,000 Australia & New Zealand Banking Group Limited FRN Perp.

460,798 468,414 0.62

750,000 AUD Lendlease Finance Limited 3.400% 27/Oct/2027

526,925 612,311 0.82

600,000 Macquarie Bank Limited FRN Perp. 618,760 646,347 0.861,300,000 National Australia Bank Limited 2.332%

21/Aug/20301,298,481 1,323,765 1.77

4,404,963 4,579,660 6.12

142



Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets

Cayman Islands400,000 21Vianet Group Inc. 7.875% 15/Oct/2021 410,150 407,050 0.54237,000 AC Energy Finance International Limited

5.100% Perp.237,000 245,861 0.33


402,010 411,268 0.55

200,000 Agile Group Holdings Limited 6.700% 7/Mar/2022

206,000 206,900 0.28

200,000 Central China Real Estate Limited 7.250% 13/Aug/2024

197,600 200,130 0.27

200,000 Central China Real Estate Limited 7.750% 24/May/2024

199,248 204,263 0.27

800,000 Champion MTN Limited 2.950% 15/Jun/2030

811,736 817,878 1.09

200,000 China Aoyuan Group Limited 5.980% 18/Aug/2025

199,858 205,690 0.27

400,000 China Aoyuan Group Limited 6.350% 8/Feb/2024

407,100 418,842 0.56

300,000 China Mengniu Dairy Company Limited 3.000% 18/Jul/2024

316,386 314,305 0.42

650,000 China Overseas Finance Cayman VIII Limited 2.750% 2/Mar/2030

666,369 650,909 0.87


202,800 212,530 0.28

600,000 CIFI Holdings Group Company Limited 5.950% 20/Oct/2025

607,300 644,760 0.86

600,000 CK Hutchison International 20 Limited 2.500% 8/May/2030

633,684 630,454 0.84

1,050,000 Country Garden Holdings Company Limited 5.625% 14/Jan/2030

1,159,574 1,163,800 1.54

1,450,000 ENN Energy Holdings Limited 2.625% 17/Sep/2030

1,451,285 1,453,501 1.94

400,000 Foxconn Far East Limited 2.500% 28/Oct/2030

398,876 413,449 0.55

200,000 Fufeng Group Limited 5.875% 28/Aug/2021 205,700 204,973 0.27950,000 Geely Automobile Holdings Limited

FRN Perp.957,150 975,429 1.30


552,063 562,607 0.75

756,000 Health & Happiness International Holdings Limited 5.625% 24/Oct/2024

788,580 790,540 1.05

253,000 Hutchison Whampoa Limited 7.450% 24/Nov/2033

399,740 398,424 0.53


629,030 630,109 0.84



143



Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets

Cayman Islands (continued)700,000 Link Finance Cayman 2009 Limited 2.875%

21/Jul/2026752,250 749,382 1.00

200,000 Logan Group Company Limited 4.850% 14/Dec/2026

200,000 204,250 0.27

400,000 Logan Group Company Limited 5.750% 14/Jan/2025

405,250 423,340 0.56

400,000 Longfor Group Holdings Limited 3.850% 13/Jan/2032

427,876 431,839 0.58

400,000 Powerlong Real Estate Holdings Limited 6.250% 10/Aug/2024

399,900 414,400 0.55


407,750 422,830 0.56

750,000 Shimao Group Holdings Limited 5.600% 15/Jul/2026

814,000 822,005 1.10

400,000 Sun Hung Kai Properties Capital Market Limited 2.750% 13/May/2030

430,400 419,649 0.56


208,200 210,074 0.28


203,250 212,310 0.28

400,000 Yuzhou Group Holdings Company 7.850% 12/Aug/2026

400,620 426,187 0.57

200,000 Zhenro Properties Group Limited 5.950% 18/Nov/2021

200,960 201,341 0.27

250,000 Zhenro Properties Group Limited 7.350% 5/Feb/2025

249,558 259,427 0.35

200,000 Zhenro Properties Group Limited 8.350% 10/Mar/2024

203,600 210,620 0.28

17,342,853 17,571,326 23.41China

800,000 Bank of China Limited 0.950% 21/Sep/2023 797,552 800,112 1.07300,000 China Merchants Bank Company Limited

0.950% 25/Sep/2023298,011 298,643 0.40

900,000 China Merchants Bank Company Limited 1.200% 10/Sep/2025

893,356 891,687 1.19

200,000 Guangzhou Development District Financial Holdinging Group Company Limited 2.600% 15/Dec/2023

200,000 200,562 0.27

200,000 Industrial & Commercial Bank of China Limited FRN Perp.

199,380 204,415 0.27

700,000 Poly Developments and Holdings Group Company Limited 3.950% 5/Feb/2023

729,778 729,711 0.97

200,000 ZhongAn Online P&C Insurance 3.125% 16/Jul/2025

200,226 199,196 0.27

3,318,303 3,324,326 4.44



144



Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets

Hong Kong830,000 AIA Group Limited 3.200% 16/Sep/2040 846,142 885,741 1.18400,000 AIA Group Limited 3.375% 7/Apr/2030 453,500 449,619 0.60247,000 Airport Authority 2.400% Perp. 247,000 250,789 0.33400,000 Blossom Joy Limited 2.200% 21/Oct/2030 399,392 395,758 0.53400,000 Blossom Joy Limited FRN Perp. 401,460 402,000 0.54500,000 Chong Hing Bank Limited FRN Perp. 502,413 507,127 0.68800,000 Far East Horizon FRN Perp. 799,000 796,191 1.06400,000 GET International Investment Holdings

Limited 3.750% 18/Jul/2022406,750 409,430 0.55

400,000 Hero Asia Investment Limited 1.500% 18/Nov/2023

398,582 400,400 0.53

950,000 Lenovo Group Limited 3.421% 2/Nov/2030 977,375 1,003,154 1.34450,000 Lenovo Group Limited 5.875% 24/Apr/2025 488,025 518,247 0.69800,000 MTR Corp. Limited 1.625% 19/Aug/2030 790,025 794,914 1.06200,000 Nanyang Commercial Bank Limited FRN

Perp.201,500 203,611 0.27

700,000 Shanghai Commercial Bank Limited FRN 29/Nov/2027

719,770 719,513 0.96

1,100,000 Vanke Real Estate Hong Kong Company Limited 3.500% 12/Nov/2029

1,163,249 1,173,628 1.56

500,000 Yanlord Land HK Company Limited 6.750% 23/Apr/2023

522,950 521,543 0.70

9,317,133 9,431,665 12.58India

300,000 Adani Green Energy UP Limited 6.250% 10/Dec/2024

324,000 333,518 0.44

200,000 Hindustan Petroleum Corp. Limited 4.000% 12/Jul/2027

205,000 212,969 0.28

450,000 Indian Railway Finance Corp. Limited 3.835% 13/Dec/2027

486,500 497,329 0.66

450,000 ReNew Power Limited 6.450% 27/Sep/2022

463,420 469,087 0.63

1,478,920 1,512,903 2.01Indonesia

350,000 Bank Mandiri Persero Tbk PT 4.750% 13/May/2025

389,375 392,202 0.52

900,000 Bank Rakyat Indonesia Persero Tbk PT 3.950% 28/Mar/2024

958,540 968,033 1.29

500,000 Pertamina Persero PT 3.100% 21/Jan/2030 522,250 535,630 0.71600,000 Pertamina Persero PT 4.175% 21/Jan/2050 627,453 645,870 0.87400,000 Tower Bersama Infrastructure TBK PT

4.250% 21/Jan/2025404,500 416,600 0.56

2,902,118 2,958,335 3.95Macau

750,000 Industrial & Commercial Bank of China Macau Limited FRN 12/Sep/2029

775,358 775,304 1.03

775,358 775,304 1.03



145



Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets

Malaysia550,000 Axiata Spv5 Labuan Limited 3.064%

19/Aug/2050545,655 555,043 0.73

500,000 Malayan Banking Bhd FRN 29/Oct/2026 511,500 510,179 0.68

1,057,155 1,065,222 1.41Mauritius

200,000 Azure Power Energy Limited 5.500% 3/Nov/2022

206,200 205,407 0.27

250,000 Azure Power Solar Energy Pvt Limited 5.650% 24/Dec/2024

260,000 267,275 0.36

800,000 Greenko Investment Company 4.875% 16/Aug/2023

807,800 816,407 1.09

300,000 Network I2i Limited FRN Perp. 300,600 320,588 0.43

1,574,600 1,609,677 2.15Philippines

200,000 Globe Telecom Inc. 2.500% 23/Jul/2030 194,500 200,305 0.27200,000 Globe Telecom Inc. 3.000% 23/Jul/2035 199,000 195,007 0.26444,000 Union Bank of the Philippines 2.125%

22/Oct/2025441,638 452,562 0.60


300,000 Busan Bank 3.625% 25/Jul/2026 320,400 324,628 0.431,100,000 Kookmin Bank 2.500% 4/Nov/2030 1,106,094 1,133,162 1.51

200,000 LG Chem Limited 3.250% 15/Oct/2024 215,788 216,603 0.29500,000 Shinhan Financial Group Company 1.350%

10/Jan/2026501,280 507,553 0.68

2,143,562 2,181,946 2.91Singapore

250,000 SGD Ascendas Real Estate Investment Trust 2.650% 26/Aug/2030

182,682 200,747 0.27

1,500,000 SGD Ascendas Real Estate Investment Trust FRN Perp.

1,112,737 1,145,496 1.53

1,034,000 BOC Aviation Limited 2.625% 17/Sep/2030 1,031,746 1,043,950 1.392,000,000 SGD CMT MTN Pte Limited 2.150% 7/Dec/2032 1,495,384 1,516,415 2.031,400,000 DBS Group Holdings Limited FRN Perp. 1,405,210 1,434,315 1.91

300,000 Oversea-Chinese Banking Corp. Limited 4.250% 19/Jun/2024

330,600 329,449 0.44

350,000 PSA Treasury Pte Limited 2.250% 30/Apr/2030

373,800 371,656 0.50

1,000,000 SGD SingPost Group Treasury Pte Limited 2.530% 19/Nov/2030

745,583 776,489 1.04

400,000 SingTel Group Treasury Pte Limited 1.875% 10/Jun/2030

410,280 410,328 0.55

300,000 SingTel Group Treasury Pte Limited 2.375% 3/Oct/2026

321,240 323,890 0.43

200,000 Temasek Financial I Limited 3.625% 1/Aug/2028

238,000 234,034 0.31



146



Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets

Singapore (continued)500,000 United Overseas Bank Limited FRN

16/Mar/2031498,695 505,846 0.67

700,000 United Overseas Bank Limited FRN Perp. 718,304 726,205 0.97488,000 Vena Energy Capital Pte Limited 3.133%

26/Feb/2025481,212 496,174 0.66

9,345,473 9,514,994 12.70Thailand

200,000 Bangkok Bank pcl FRN 25/Sep/2034 202,800 209,328 0.28500,000 Kasikornbank pcl FRN 2/Oct/2031 502,360 515,790 0.69

705,160 725,118 0.97Virgin Islands (British)

400,000 Champion Sincerity Holdings Limited FRN Perp.

417,700 417,683 0.56

282,000 Coastal Emerald Limited FRN Perp. 288,345 286,836 0.38913,000 Contemporary Ruiding Development

Limited 1.875% 17/Sep/2025910,398 923,063 1.23

600,000 Contemporary Ruiding Development Limited 2.625% 17/Sep/2030

605,940 607,606 0.81

600,000 Elect Global Investments Limited FRN Perp.

587,130 605,700 0.81

1,000,000 Guangzhou Metro Investment Finance BVI Limited 1.507% 17/Sep/2025

1,000,000 988,856 1.32

500,000 Huarong Finance 2017 Company Limited FRN Perp.

508,950 510,720 0.68

200,000 LTC GB Limited 2.750% 26/May/2021 202,258 201,088 0.27400,000 RKPF Overseas 2019 A Limited 5.900%

5/Mar/2025402,150 410,558 0.55

200,000 SF Holding Investment Limited 2.875% 20/Feb/2030

214,678 211,228 0.28

500,000 Sunny Express Enterprises Corp. 3.125% 23/Apr/2030

539,562 529,975 0.71

640,000 TSMC Global Limited 1.375% 28/Sep/2030 632,306 629,174 0.84

6,309,417 6,322,487 8.44

Bonds Total 61,510,153 62,420,837 83.25


market instruments admitted to an official

exchange listing (1) 71,537,696 72,464,777 96.65



Net Assets 74,972,748 100.00



* Refer to note 12** if different from USD(1) All securities classified under this section are listed on a stock-exchange.The notes to the Financial Statements form an integral part of these financial statements.

147

Taiwan Equity Fund





Cost USD

Market Value USD

% of Net Assets


Equities

Cayman Islands226,000 Gourmet Master Company Limited 787,403 1,134,111 2.65

34,000 Parade Technologies Limited 777,609 1,343,166 3.14

1,565,012 2,477,277 5.79Taiwan

385,000 Asia Cement Corp. 560,985 591,933 1.38768,000 AU Optronics Corp. 424,904 382,664 0.89

27,000 AURAS Technology Company Limited 208,375 205,639 0.4878,000 Century Iron & Steel Industrial

Company Limited363,275 297,034 0.69

72,000 Chilisin Electronics Corp. 270,600 286,998 0.67969,000 China Airlines Limited 417,850 415,565 0.97848,000 China General Plastics Corp. 644,805 768,090 1.80292,000 Co-Tech Development Corp. 517,400 553,909 1.29

90,000 Delta Electronics Inc. 538,703 842,415 1.97181,000 E Ink Holdings Inc. 301,220 295,034 0.69

15,000 Eclat Textile Company Limited 218,344 225,552 0.5335,000 eMemory Technology Inc. 768,904 741,162 1.73

4,933 Ennoconn Corp. 47,891 44,067 0.10125,000 Feedback Technology Corp. 363,397 314,972 0.74

92,000 Feng Tay Enterprise Company Limited 559,543 653,218 1.52110,000 FLEXium Interconnect Inc. 358,502 473,703 1.11134,000 Formosa Plastics Corp. 425,474 459,737 1.07

61,000 Global PMX Company Limited 366,110 372,325 0.8720,000 Global Unichip Corp. 234,174 241,300 0.5619,000 Grand Plastic Technology Corp. 293,980 268,793 0.6394,000 Iteq Corp. 435,214 461,673 1.08

132,000 Kinsus Interconnect Technology Corp. 311,577 380,058 0.893,000 Largan Precision Company Limited 450,492 341,130 0.80

92,000 Lotes Company Limited 1,073,454 1,553,646 3.63735,000 Macronix International 1,104,667 1,106,511 2.58

57,000 Makalot Industrial Company Limited 268,761 388,483 0.91102,000 Marketech International Corp. 420,263 422,916 0.99

87,000 MediaTek Inc. 1,429,021 2,312,958 5.391,558,000 Mega Financial Holding Company Limited 1,543,672 1,652,387 3.86

152,000 Micro-Star International Company Limited 460,732 716,783 1.67400,000 Nanya Technology Corp. 813,425 1,235,685 2.89

83,000 Novatek Microelectronics Corp. Limited 828,669 1,090,015 2.5549,000 Pegavision Corp. 318,880 493,527 1.15

563,000 Phoenix Silicon International Corp. 1,098,525 1,176,182 2.75179,000 Powertech Technology Inc. 608,616 604,571 1.41

148

Taiwan Equity Fund




Cost USD

Market Value USD

% of Net Assets

Taiwan (continued)46,000 Realtek Semiconductor Corp. 507,890 639,303 1.49

493,000 SDI Corp. 1,039,304 1,723,004 4.0236,000 Sinbon Electronics Company Limited 145,164 276,748 0.6592,000 Sino-American Silicon Products Inc. 323,147 581,185 1.36

1,045,000 TA Chen Stainless Pipe 1,018,807 1,164,096 2.72226,334 Taiwan Semiconductor Manufacturing

Company Limited780,145 4,269,269 9.96

51,000 Taiwan Union Technology Corp. 218,194 219,626 0.51751,000 Tung Ho Steel Enterprise Corp. 827,833 975,575 2.28239,000 Txc Corp. 353,164 637,100 1.49230,000 U-Ming Marine Transport Corp. 302,261 302,052 0.71831,000 Unimicron Technology Corp. 907,013 2,584,880 6.03345,000 United Microelectronics Corp. 316,679 578,934 1.35327,000 Universal Cement Corp. 228,340 270,000 0.63

20,000 Wiwynn Corp. 501,248 501,107 1.1768,000 Yageo Corp. 977,216 1,253,622 2.93

101,000 Yeedex Electronic Corp. 396,909 382,824 0.89

27,893,718 38,729,960 90.43

Equities Total 29,458,730 41,207,237 96.22






Net Assets 42,826,947 100.00



149

U.S. Bond Fund





Cost USD

Market Value USD

% of Net Assets



Saudi Arabia290,000 Saudi (Govt) 4.375% 16/Apr/2029 289,996 344,802 0.25

289,996 344,802 0.25United States

160,000 United States Treasury N/B 0.125% 31/Aug/2022

159,953 160,050 0.12

1,080,000 United States Treasury N/B 0.125% 30/Sep/2022

1,079,400 1,080,253 0.79

2,320,000 United States Treasury N/B 0.125% 30/Nov/2022

2,319,488 2,320,272 1.70


2,787,685 2,789,210 2.05


1,441,149 1,436,800 1.05

1,552,000 United States Treasury N/B 1.375% 15/Aug/2050

1,452,045 1,449,422 1.06

790,000 United States Treasury N/B 1.625% 30/Sep/2026

798,949 842,214 0.62

1,357,000 United States Treasury N/B 2.250% 15/Aug/2049

1,339,842 1,550,372 1.14

1,357,000 United States Treasury N/B 2.500% 15/Feb/2045

1,660,237 1,615,360 1.19


3,258,315 3,703,974 2.73

469,000 United States Treasury N/B 3.000% 15/Feb/2047

475,023 612,411 0.45


2,063,280 2,235,899 1.64

18,835,366 19,796,237 14.54



Bonds

Argentina58,000 Telecom Argentina SA 6.500% 15/Jun/2021 60,743 56,212 0.04

105,000 Telecom Argentina SA 8.000% 18/Jul/2026 103,625 97,545 0.07

164,368 153,757 0.11Austria


199,500 215,300 0.16

199,500 215,300 0.16

150

U.S. Bond Fund



Cost USD

Market Value USD

% of Net Assets

Bermuda122,000 IHS Markit Limited 4.750% 1/Aug/2028 121,546 150,576 0.11247,000 Marvell Technology Group Limited 4.875%

22/Jun/2028247,795 292,607 0.21

369,341 443,183 0.32Brazil

206,000 Natura Cosmeticos SA 5.375% 1/Feb/2023 208,366 211,981 0.16

208,366 211,981 0.16Canada

216,000 Enbridge Inc. FRN 15/Jul/2077 214,083 220,914 0.16190,000 Enbridge Inc. FRN 15/Jul/2080 190,000 213,988 0.16171,000 Enbridge Inc. FRN 1/Mar/2078 170,240 186,243 0.14177,000 Husky Energy Inc. 3.950% 15/Apr/2022 179,236 182,491 0.13

63,000 Magna International Inc. 2.450% 15/Jun/2030 62,728 67,792 0.05125,000 Methanex Corp. 4.250% 1/Dec/2024 128,920 131,556 0.10

47,000 Methanex Corp. 5.250% 15/Dec/2029 46,964 50,905 0.04104,000 TransCanada PipeLines Limited 4.250%

15/May/2028114,762 122,736 0.09

1,106,933 1,176,625 0.87France

80,000 AXA SA 8.600% 15/Dec/2030 92,653 124,540 0.09200,000 Credit Agricole FRN Perp. 205,750 227,833 0.17

298,403 352,373 0.26Ireland

211,000 AerCap Ireland Capital DAC 2.875% 14/Aug/2024

210,974 219,291 0.16

293,000 GE Capital International Funding Company 4.418% 15/Nov/2035

308,593 350,144 0.27

116,000 Johnson Controls International plc 1.750% 15/Sep/2030

115,639 118,114 0.09

59,000 Shire Acquisitions Investments Ireland 3.200% 23/Sep/2026

60,319 66,031 0.05

220,000 Shire Acquisitions Investments Ireland Limited 3.200% 23/Sep/2026

219,739 246,216 0.18

915,264 999,796 0.75Israel

170,000 Leviathan Bond Limited 6.500% 30/Jun/2027 180,200 192,389 0.14

180,200 192,389 0.14Italy

200,000 Telecom Italia SpA 5.303% 30/May/2024 202,500 218,105 0.16

202,500 218,105 0.16Japan

209,000 Softbank Group Corp. FRN Perp. 216,054 208,234 0.15

216,054 208,234 0.15



151

U.S. Bond Fund



Cost USD

Market Value USD

% of Net Assets

Luxembourg40,000 Telecom Italia Capital SA 7.200% 18/Jul/2036 42,800 53,918 0.04

155,000 Telecom Italia Capital SA 7.200% 18/Jul/2036 158,681 208,931 0.15

201,481 262,849 0.19Mexico

145,000 Cydsa SAB de CV 6.250% 4/Oct/2027 146,269 152,907 0.11

146,269 152,907 0.11Netherlands

403,000 Petrobras Global Finance BV 5.093% 15/Jan/2030

372,493 451,848 0.34

112,000 Petrobras Global Finance BV 6.900% 19/Mar/2049

112,785 142,156 0.10

230,000 Prosus NV 5.500% 21/Jul/2025 244,849 264,783 0.19

730,127 858,787 0.63Peru

125,983 ABY Transmision Sur SA 6.875% 30/Apr/2043 129,448 169,384 0.12

129,448 169,384 0.12Sweden

290,000 Ericsson LM 4.125% 15/May/2022 297,120 302,036 0.23

297,120 302,036 0.23United Kingdom

145,000 Barclays plc 4.375% 12/Jan/2026 144,292 166,842 0.12106,224 British Airways 4.625% 20/Jun/2024 106,224 106,861 0.08275,000 HSBC Holdings plc FRN 18/May/2024 275,000 296,809 0.22

23,000 HSBC Holdings plc FRN 18/May/2024 24,191 24,824 0.02200,000 HSBC Holdings plc FRN Perp. 206,225 203,437 0.15310,000 Lloyds Banking Group plc 4.450%

8/May/2025311,849 355,576 0.26

30,000 Lloyds Banking Group plc 4.450% 8/May/2025

31,186 34,411 0.03

195,000 Lloyds Banking Group plc FRN Perp. 206,944 219,868 0.16265,000 Natwest Group plc 3.875% 12/Sep/2023 264,803 287,720 0.21211,000 Natwest Group plc FRN Perp. 211,000 231,519 0.17225,000 Natwest Group plc 8.625% Perp. 239,063 234,107 0.17152,000 Natwest Group plc FRN Perp. 161,320 158,152 0.12277,000 Vodafone Group plc FRN 4/Apr/2079 277,000 345,298 0.25

2,459,097 2,665,424 1.96United States

357,000 AbbVie Inc. 3.200% 21/Nov/2029 395,588 402,197 0.29109,000 AbbVie Inc. 4.250% 21/Nov/2049 128,887 135,291 0.10100,000 Activision Blizzard Inc. 3.400% 15/Sep/2026 100,393 113,768 0.08234,000 Aecom 5.125% 15/Mar/2027 233,880 260,325 0.20

85,000 Air Lease Corp. 2.875% 15/Jan/2026 86,153 89,850 0.0787,000 Air Lease Corp. 3.625% 1/Dec/2027 89,888 93,860 0.07

274,000 Ally Financial Inc. 5.125% 30/Sep/2024 274,239 315,697 0.23107,000 Ally Financial Inc. 5.800% 1/May/2025 105,746 127,051 0.09349,000 Amazon.com Inc. 3.150% 22/Aug/2027 348,227 397,501 0.30194,000 Amazon.com Inc. 4.050% 22/Aug/2047 199,148 256,496 0.19139,230 American Airlines 3.650% 15/Feb/2029 140,493 141,103 0.10



152

U.S. Bond Fund



Cost USD

Market Value USD

% of Net Assets

United States (continued)196,000 American Homes 4 Rent 4.250%

15/Feb/2028194,435 225,345 0.17

124,000 American Tower Corp. 2.400% 15/Mar/2025 123,882 131,830 0.10142,000 American Tower Corp. 2.950% 15/Jan/2025 145,698 154,028 0.11302,000 American Tower Corp. 3.550% 15/Jul/2027 300,812 341,332 0.25117,000 American Tower Corp. 3.800% 15/Aug/2029 121,107 135,905 0.10117,000 Amerigas Partners LP 5.500% 20/May/2025 117,690 129,324 0.09183,000 Amerisourcebergen Corp. 2.800%

15/May/2030182,580 198,608 0.15

150,000 Anheuser-Busch InBev Worldwide Inc. 4.600% 15/Apr/2048

149,151 190,331 0.14

29,000 Anheuser-Busch InBev Worldwide Inc. 4.600% 15/Apr/2048

27,630 36,797 0.03

89,000 Antero Resources Corp. 5.000% 1/Mar/2025 52,822 81,880 0.0672,000 Anthem Inc. 2.250% 15/May/2030 74,616 76,037 0.06

118,000 Applied Materials Inc. 2.750% 1/Jun/2050 117,449 128,685 0.09153,000 Ares Capital Corp. 4.200% 10/Jun/2024 161,872 166,826 0.12129,000 AT&T Inc. 2.300% 1/Jun/2027 128,809 137,556 0.10214,000 AT&T Inc. 3.100% 1/Feb/2043 213,897 217,722 0.16

58,000 AT&T Inc. 3.650% 1/Jun/2051 60,631 61,191 0.0481,000 Autodesk Inc. 2.850% 15/Jan/2030 80,818 90,311 0.0798,000 Autonation Inc. 4.750% 1/Jun/2030 97,489 117,865 0.09

245,000 Bank of America Corp. FRN 29/Apr/2031 245,000 262,441 0.19145,000 Bank of America Corp. FRN 24/Oct/2051 145,000 151,272 0.11241,000 Bank of America Corp. 3.950% 21/Apr/2025 241,556 271,096 0.20

75,000 Bank of America Corp. 4.200% 26/Aug/2024 74,945 83,962 0.0630,000 Bank of America Corp. 4.200% 26/Aug/2024 30,184 33,585 0.02

279,000 Bank of America Corp. 4.450% 3/Mar/2026 280,269 325,217 0.24292,000 Bank of America Corp. FRN Perp. 307,807 340,618 0.25308,000 Boeing Company 3.200% 1/Mar/2029 317,416 324,405 0.24221,000 Boeing Company 5.040% 1/May/2027 245,460 259,000 0.19133,000 Boeing Company 5.805% 1/May/2050 133,000 183,121 0.13

81,000 Booking Holdings Inc. 4.625% 13/Apr/2030 99,107 100,558 0.07174,000 Brighthouse Financial 3.700% 22/Jun/2027 171,100 189,035 0.14125,000 Broadcom Corp. 3.125% 15/Jan/2025 126,189 134,955 0.10252,000 Broadcom Inc. 5.000% 15/Apr/2030 250,879 306,516 0.23153,000 Centene Corp. 3.000% 15/Oct/2030 153,000 161,994 0.12287,000 Charter Communications Operating LLC

4.200% 15/Mar/2028286,339 330,926 0.24

285,000 Charter Communications Operating LLC 4.800% 1/Mar/2050

288,387 339,109 0.25

362,000 Charter Communications Operating LLC 5.750% 1/Apr/2048

357,343 473,263 0.35

312,000 Charter Communications Operating LLC 6.484% 23/Oct/2045

332,966 442,572 0.32

43,000 Choice Hotels International Inc. 3.700% 1/Dec/2029

45,503 46,916 0.03



153

U.S. Bond Fund



Cost USD

Market Value USD

% of Net Assets

United States (continued)74,000 Choice Hotels International Inc. 3.700%

15/Jan/203175,769 81,645 0.06

165,000 Cimarex Energy Company 4.375% 1/Jun/2024 166,447 179,999 0.13271,000 Citigroup Inc. 3.200% 21/Oct/2026 281,141 302,192 0.22322,000 Citigroup Inc. 4.600% 9/Mar/2026 332,215 377,032 0.28234,000 Citigroup Inc. FRN Perp. 233,615 240,615 0.18103,000 Citigroup Inc. 5.500% 13/Sep/2025 109,818 123,742 0.09

85,000 Citigroup Inc. FRN Perp. 85,000 85,213 0.06210,000 Citigroup Inc. FRN Perp. 210,097 241,709 0.18240,000 Citizens Financial Group Inc. 3.250%

30/Apr/2030239,714 270,546 0.20

84,000 CNA Financial Corp. 2.050% 15/Aug/2030 83,788 86,466 0.0678,000 Cno Financial Group Inc. 5.250%

30/May/202579,850 89,806 0.07

204,000 CNO Financial Group Inc. 5.250% 30/May/2029

221,383 245,278 0.18

41,000 Comcast Corp. 3.999% 1/Nov/2049 49,769 51,769 0.04215,000 Comcast Corp. 4.049% 1/Nov/2052 227,969 275,244 0.20557,000 Comcast Corp. 4.150% 15/Oct/2028 659,122 670,418 0.50

49,000 Commercial Metals Company 5.375% 15/Jul/2027

48,694 51,876 0.04

66,000 Constellation Brands Inc. 2.875% 1/May/2030 65,869 72,364 0.05264,000 Crown Castle International Corp. 2.250%

15/Jan/2031263,551 273,004 0.20

45,000 Crown Castle International Corp. 3.300% 1/Jul/2030

44,631 50,419 0.04

241,000 Crown Castle International Corp. 3.650% 1/Sep/2027

273,063 272,419 0.20

41,000 Crown Castle International Corp. 4.150% 1/Jul/2050

40,877 49,819 0.04

115,000 CSC Holdings LLC 5.875% 15/Sep/2022 116,198 122,148 0.09126,000 CVS Health Corp. 2.700% 21/Aug/2040 125,942 127,626 0.09

44,000 CVS Health Corp. 3.000% 15/Aug/2026 43,950 48,698 0.04155,000 CVS Health Corp. 3.750% 1/Apr/2030 155,591 180,537 0.13195,000 CVS Health Corp. 4.300% 25/Mar/2028 217,064 231,854 0.17211,000 CVS Health Corp. 5.050% 25/Mar/2048 218,138 285,911 0.21268,000 Delta Air Lines Inc. 2.900% 28/Oct/2024 266,936 264,156 0.19193,000 Delta Air Lines Inc. 3.800% 19/Apr/2023 193,802 197,221 0.14238,000 Delta Air Lines Inc. 4.375% 19/Apr/2028 236,643 241,027 0.17254,000 Discover Financial Services 3.950%

6/Nov/2024259,282 280,462 0.21

66,000 Discover Financial Services 4.100% 9/Feb/2027

67,631 76,057 0.06

11,000 Dollar General Corp. 3.500% 3/Apr/2030 12,474 12,653 0.01120,000 Dollar General Corp. 3.500% 3/Apr/2030 119,920 138,029 0.10343,000 Dollar Tree Inc. 4.200% 15/May/2028 342,588 407,934 0.30132,000 Dominion Energy Inc. 3.375% 1/Apr/2030 132,055 150,077 0.11231,000 eBay Inc. 2.700% 11/Mar/2030 238,337 248,828 0.18104,000 Emera USA Finance LP 3.550% 15/Jun/2026 104,032 116,518 0.09

69,000 Encompass Health Corp. 4.500% 1/Feb/2028 68,560 72,377 0.05



154

U.S. Bond Fund



Cost USD

Market Value USD

% of Net Assets

United States (continued)59,000 Encompass Health Corp. 4.625% 1/Apr/2031 59,000 62,835 0.0573,000 Energy Transfer Partners LP 4.200%

15/Apr/202772,844 80,260 0.06

176,000 Energy Transfer Partners LP 5.150% 15/Mar/2045

172,474 191,180 0.14

174,000 Equinix Inc. 1.550% 15/Mar/2028 173,842 176,534 0.1366,000 Equinix Inc. 1.800% 15/Jul/2027 65,834 68,007 0.05

243,000 Equinix Inc. 3.200% 18/Nov/2029 245,384 266,865 0.20113,000 Equinix Inc. 5.375% 15/May/2027 113,056 123,029 0.09190,000 Expedia Group Inc. 3.250% 15/Feb/2030 188,297 197,389 0.14344,000 Expedia Group Inc. 3.800% 15/Feb/2028 342,246 368,080 0.27285,000 Expedia Group Inc. 5.000% 15/Feb/2026 288,787 319,104 0.23142,000 Fifth Third Bancorp FRN Perp. 142,242 144,503 0.11101,000 FirstEnergy Corp. 2.650% 1/Mar/2030 100,928 101,121 0.07

95,000 Flowserve Corp. 3.500% 1/Oct/2030 94,673 101,497 0.08243,000 Ford Motor Company 5.875% 2/Aug/2021 275,204 248,490 0.18512,000 Ford Motor Credit Company LLC 4.134%

4/Aug/2025509,264 536,900 0.39

275,000 Ford Motor Credit Company LLC 5.113% 3/May/2029

277,250 306,787 0.23

213,000 General Electric Company 4.250% 1/May/2040

214,177 252,597 0.19

275,000 General Electric Company 5.550% 5/Jan/2026 303,222 333,691 0.2587,000 General Motors Company 5.400% 1/Apr/2048 97,966 109,692 0.08

368,000 General Motors Financial Company Inc. 3.600% 21/Jun/2030

391,490 410,666 0.30

206,000 General Motors Financial Company Inc. 4.300% 13/Jul/2025

208,867 230,942 0.17

146,000 General Motors Financial Company Inc. 5.200% 20/Mar/2023

145,934 160,181 0.12

190,000 Gilead Sciences Inc. 2.800% 1/Oct/2050 188,820 190,100 0.14365,000 Goldman Sachs Group Inc. 3.850%

26/Jan/2027369,051 416,190 0.30

102,000 HCA Inc. 4.125% 15/Jun/2029 103,271 118,301 0.09150,000 HCA Inc. 5.250% 15/Apr/2025 150,000 175,181 0.13

16,000 HCA Inc. 5.250% 15/Apr/2025 16,924 18,686 0.01180,000 HCA Inc. 5.250% 15/Jun/2026 183,900 213,210 0.16

41,000 Hillenbrand Inc. 5.750% 15/Jun/2025 41,000 44,498 0.03173,000 Host Hotels & Resorts LP 3.375%

15/Dec/2029172,270 177,356 0.12

128,000 Host Hotels & Resorts LP 3.500% 15/Sep/2030

127,878 134,958 0.10

80,000 Host Hotels & Resorts LP 4.500% 1/Feb/2026

87,046 87,464 0.06

188,000 Howmet Aerospace Inc 5.125% 1/Oct/2024 197,302 206,721 0.15121,000 Jefferies Financial Group Inc 5.500%

18/Oct/2023119,356 132,802 0.10



155

U.S. Bond Fund



Cost USD

Market Value USD

% of Net Assets

United States (continued)210,000 Jefferies Group LLC 4.150% 23/Jan/2030 207,242 244,911 0.18219,000 Jefferies Group LLC 4.850% 15/Jan/2027 223,790 255,777 0.19142,586 JetBlue 2019-1 Class AA Pass Through Trust

2.750% 15/May/2032143,160 143,745 0.11

251,000 JPMorgan Chase & Company FRN 22/Apr/2031

251,000 268,602 0.20

304,000 JPMorgan Chase & Company 2.950% 1/Oct/2026

311,104 337,268 0.25

237,000 JPMorgan Chase & Company FRN 13/May/2031

237,000 259,761 0.19

224,000 JPMorgan Chase & Company FRN 29/Jan/2027

240,860 257,595 0.19

199,000 JPMorgan Chase & Company FRN Perp. 199,000 205,841 0.15264,000 JPMorgan Chase & Company FRN Perp. 281,533 297,053 0.22

61,000 Keurig Dr Pepper Inc. 3.200% 1/May/2030 60,843 69,013 0.05105,000 Kinder Morgan Energy Partners LP 7.750%

15/Mar/2032111,851 147,834 0.11

151,000 KLA Corp. 4.100% 15/Mar/2029 150,278 180,375 0.13117,000 Kraft Heinz Foods Company 4.375%

1/Jun/2046126,009 126,793 0.09

108,000 Kroger Company 2.200% 1/May/2030 107,769 113,377 0.09175,000 Lam Research Corp. 3.750% 15/Mar/2026 174,806 200,370 0.15144,000 Lam Research Corp. 4.875% 15/Mar/2049 145,831 209,752 0.15

4,000 Lazard Group LLC 4.375% 11/Mar/2029 4,180 4,695 0.00130,000 Lazard Group LLC 4.375% 11/Mar/2029 129,013 152,574 0.11

89,000 Levi Strauss & Company 5.000% 1/May/2025 89,445 91,430 0.07117,000 M&T Bank Corp. FRN Perp. 117,693 127,384 0.09

63,000 Marriott International Inc. 3.125% 15/Jun/2026

65,058 67,062 0.05

167,000 Marriott International Inc. 3.500% 15/Oct/2032

165,793 182,867 0.14

94,000 Marriott International Inc. 4.625% 15/Jun/2030

105,970 110,301 0.08

194,000 Meredith Corp. 6.875% 1/Feb/2026 186,965 190,610 0.14173,000 MetLife Inc. FRN 15/Dec/2036 192,638 223,032 0.16162,000 MGM Resorts International 4.750%

15/Oct/2028162,000 173,467 0.13

410,000 Micron Technology Inc. 4.185% 15/Feb/2027 412,559 478,891 0.3595,000 Micron Technology Inc. 4.975% 6/Feb/2026 97,211 112,297 0.08

382,000 Micron Technology Inc. 5.327% 6/Feb/2029 385,842 479,089 0.35204,000 Microsoft Corp. 2.525% 1/Jun/2050 150,753 214,969 0.16430,000 Morgan Stanley FRN 28/Apr/2026 430,038 454,759 0.33166,000 Morgan Stanley 3.875% 27/Jan/2026 172,935 190,079 0.14205,000 Motorola Solutions Inc. 2.300% 15/Nov/2030 204,594 209,248 0.15316,000 Motorola Solutions Inc. 4.600% 23/Feb/2028 312,636 381,078 0.28

51,000 Motorola Solutions Inc. 4.600% 23/May/2029 56,609 61,261 0.04129,000 MPLX LP 4.000% 15/Mar/2028 128,421 147,886 0.11

43,000 MPLX LP 4.125% 1/Mar/2027 46,919 49,614 0.04439,000 Netflix Inc. 4.875% 15/Apr/2028 459,546 495,520 0.37243,000 Netflix Inc. 5.875% 15/Nov/2028 244,242 291,249 0.21



156

U.S. Bond Fund



Cost USD

Market Value USD

% of Net Assets

United States (continued)94,000 Newmont Corp. 2.800% 1/Oct/2029 93,226 102,646 0.07

312,000 Nextera Energy Capital Holdings Inc. 3.550% 1/May/2027

311,570 355,543 0.27

79,000 NiSource Inc. 3.600% 1/May/2030 78,708 91,397 0.07165,000 NVIDIA Corp. 2.850% 1/Apr/2030 165,519 185,313 0.14

55,000 OneMain Finance Corp. 6.875% 15/Mar/2025 55,000 63,963 0.0556,000 OneMain Finance Corp. 8.875% 1/Jun/2025 56,000 63,490 0.05

358,000 Oracle Corp. 2.950% 1/Apr/2030 359,334 399,899 0.29157,000 Owens Corning 3.950% 15/Aug/2029 159,346 180,746 0.13260,000 PayPal Holdings Inc. 2.850% 1/Oct/2029 259,123 289,042 0.22

24,000 PayPal Holdings Inc. 2.850% 1/Oct/2029 25,860 26,681 0.02235,000 PNC Financial Services FRN Perp. 252,007 241,001 0.18

39,000 PNC Financial Services Group Inc. 3.150% 19/May/2027

40,668 43,988 0.03

350,000 Prudential Financial Inc. 5.875% 15/Sep/2042 380,383 374,898 0.29203,000 QVC Inc. 4.375% 15/Mar/2023 200,574 213,710 0.16110,000 QVC Inc. 5.450% 15/Aug/2034 107,414 115,294 0.08

78,000 Radian Group Inc. 4.500% 1/Oct/2024 80,048 82,206 0.0660,000 Raymond James Financial Inc. 4.650%

1/Apr/203059,801 73,595 0.05

441,000 Regions Financial Corp. 2.250% 18/May/2025 440,477 466,471 0.34141,000 Sabine Pass Liquefaction LLC 4.200%

15/Mar/2028140,863 161,238 0.12

154,000 Sabine Pass Liquefaction LLC 5.000% 15/Mar/2027

162,425 181,446 0.13

253,000 Sabine Pass Liquefaction LLC 5.875% 30/Jun/2026

288,995 305,784 0.22

148,000 Santander Holdings USA Inc. 3.400% 18/Jan/2023

147,599 155,481 0.11

20,000 Santander Holdings USA Inc. 3.450% 2/Jun/2025

20,720 21,830 0.02


297,416 325,263 0.24


334,712 363,017 0.27

81,000 Santander Holdings USA Inc. 4.400% 13/Jul/2027

86,468 92,545 0.07

62,000 Service Corp. InternationalUS 3.375% 15/Aug/2030

62,000 64,337 0.05

207,000 ServiceNow Inc. 1.400% 1/Sep/2030 206,226 202,042 0.15157,000 Sprint Corp. 7.875% 15/Sep/2023 165,001 182,005 0.13211,000 Starbucks Corp. 2.250% 12/Mar/2030 209,764 223,384 0.16

30,000 Steel Dynamics Inc. 3.250% 15/Jan/2031 29,688 33,592 0.0230,000 Stifel Financial Corp. 4.250% 18/Jul/2024 30,068 33,723 0.0268,000 Stifel Financial Corp. 4.250% 18/Jul/2024 67,453 76,440 0.06

250,000 Sunoco Logistics Partners Operations LP 3.900% 15/Jul/2026

251,012 274,063 0.20

132,000 Sunoco Logistics Partners Operations LP 5.400% 1/Oct/2047

128,233 147,146 0.11

53,000 Sysco Corp. 5.950% 1/Apr/2030 52,890 69,517 0.05177,000 Targa Resources Partners LP 5.875%

15/Apr/2026181,641 186,552 0.14



157

U.S. Bond Fund



Cost USD

Market Value USD

% of Net Assets

United States (continued)274,000 T-Mobile USA Inc. 2.050% 15/Feb/2028 273,558 285,487 0.21

88,000 T-Mobile USA Inc. 2.550% 15/Feb/2031 87,818 92,517 0.07287,000 TransDigm Inc. 5.500% 15/Nov/2027 285,923 302,785 0.22103,000 United Rentals North America Inc. 3.875%

15/Nov/2027103,186 108,326 0.08

68,000 United Rentals North America Inc. 3.875% 15/Feb/2031

68,000 71,400 0.05

197,000 United Rentals North America Inc. 4.875% 15/Jan/2028

196,676 210,585 0.16

144,000 Ventas Realty 3.500% 1/Feb/2025 139,878 158,487 0.1280,000 Verisign Inc. 5.250% 1/Apr/2025 80,294 91,008 0.07

281,000 Verizon Communications Inc. 2.650% 20/Nov/2040

280,739 283,566 0.21

40,000 Verizon Communications Inc. 3.000% 22/Mar/2027

39,980 44,395 0.03

323,000 Verizon Communications Inc. 4.329% 21/Sep/2028

391,227 389,009 0.30

180,000 Verizon Communications Inc. 4.400% 1/Nov/2034

186,118 224,455 0.16

151,000 Verizon Communications Inc. 4.500% 10/Aug/2033

192,958 191,275 0.14

261,000 Verizon Communications Inc. 4.862% 21/Aug/2046

261,186 351,037 0.27

86,000 Visa Inc. 2.700% 15/Apr/2040 85,822 94,268 0.07129,000 Vulcan Materials Company 3.500%

1/Jun/2030128,641 147,688 0.11

279,000 Wells Fargo & Company FRN 30/Apr/2026 279,000 294,060 0.22279,000 Wells Fargo & Company FRN 2/Jun/2028 279,071 297,081 0.22195,000 Wells Fargo & Company FRN 30/Apr/2041 195,000 212,004 0.16440,000 Wells Fargo & Company FRN Perp. 462,144 506,549 0.37180,000 Williams Companies Inc. 3.750% 15/Jun/2027 179,884 206,234 0.15404,000 Williams Companies Inc. 4.550% 24/Jun/2024 422,894 452,152 0.33

58,000 Williams Companies Inc. 5.750% 24/Jun/2044 60,094 74,864 0.0595,000 Yum! Brands Inc. 3.625% 15/Mar/2031 95,000 96,172 0.07

39,593,263 43,576,899 32.05

Bonds Total 47,417,734 52,160,029 38.37


United States108 Wells Fargo & Company 7.500% Perp. 139,995 162,238 0.12

139,995 162,238 0.12




158

U.S. Bond Fund



Cost USD

Market Value USD

% of Net Assets

Equities

United States134 Broadcom Inc. 134,000 189,611 0.14245 Dominion Energy Inc. 24,500 24,226 0.02261 DTE Energy Company 13,050 12,277 0.01

4,950 GMAC Capital Trust I 133,387 132,462 0.102,150 NextEra Energy Inc. 104,813 107,823 0.08

341 Southern Company 17,050 17,442 0.01

426,800 483,841 0.36

Equities Total 426,800 483,841 0.36






United States233,000 Florida State Board of Administration Finance

Corp. 1.705% 1/Jul/2027233,000 243,329 0.18

233,000 243,329 0.18


Public Authorities, Debt Instruments Total 233,000 243,329 0.18

Mortgage and Asset Backed Securities

United States495,000 Ally Master Owner Trust 2.700% 17/Jan/2023 494,935 495,442 0.36770,000 American Express Credit Account Master

Trust 3.180% 15/Apr/2024769,896 785,522 0.58

570,000 Capital One Multi-Asset Execution Trust 1.660% 17/Jun/2024

546,554 574,819 0.42

1,519,416 Commercial Mortgage Pass Through Certificate FRN 10/May/2051

58,415 46,075 0.03

1,918,212 Commercial Mortgage Pass Through Certificate FRN 10/Jan/2024

237,819 43,820 0.03

962,545 Commercial Mortgage Pass Through Certificate FRN 15/Aug/2045

73,954 17,139 0.01

1,363,538 Commercial Mortgage Pass Through Certificate FRN 15/Oct/2045

123,279 30,371 0.02



159

U.S. Bond Fund



Cost USD

Market Value USD

% of Net Assets

United States (continued)1,224,171 Fannie Mae 3.500% 1/Apr/2045 1,291,309 1,335,494 0.98

676,792 Fannie Mae 4.000% 1/Mar/2047 716,553 738,337 0.54685,023 Fannie Mae Pool 3.000% 1/Oct/2042 688,983 731,209 0.54151,145 Fannie Mae Pool 3.000% 1/Dec/2042 157,521 163,036 0.12

72,898 Fannie Mae Pool 3.000% 1/Mar/2043 73,388 79,977 0.061,174,768 Fannie Mae Pool 3.000% 1/Jul/2046 1,143,380 1,267,190 0.931,246,693 Fannie Mae Pool 3.000% 1/Sep/2049 1,281,124 1,315,554 0.97

628,082 Fannie Mae Pool 3.000% 1/Oct/2049 634,755 662,774 0.49416,528 Fannie Mae Pool 3.000% 1/Oct/2049 426,941 449,297 0.33245,599 Fannie Mae Pool 3.000% 1/Nov/2049 250,319 262,235 0.19504,076 Fannie Mae Pool 3.000% 1/Nov/2049 514,709 538,220 0.40720,926 Fannie Mae Pool 3.500% 1/May/2042 756,522 793,244 0.58451,056 Fannie Mae Pool 3.500% 1/Nov/2042 469,027 492,074 0.36313,316 Fannie Mae Pool 3.500% 1/Apr/2043 333,780 341,906 0.25

1,435,997 Fannie Mae Pool 3.500% 1/Apr/2047 1,428,593 1,602,482 1.18594,792 Fannie Mae Pool 3.500% 1/Nov/2047 614,727 648,881 0.48

1,216,707 Fannie Mae Pool 3.500% 1/Dec/2047 1,243,703 1,312,143 0.96622,913 Fannie Mae Pool 3.500% 1/Jan/2048 630,992 671,773 0.49341,220 Fannie Mae Pool 3.500% 1/Mar/2048 344,072 374,382 0.27174,196 Fannie Mae Pool 3.500% 1/Jul/2049 178,660 185,029 0.14816,882 Fannie Mae Pool 3.500% 1/Mar/2050 854,152 867,682 0.64785,732 Fannie Mae Pool 3.500% 1/Apr/2050 838,401 842,452 0.62162,372 Fannie Mae Pool 4.000% 1/Sep/2040 174,607 178,406 0.13296,487 Fannie Mae Pool 4.000% 1/Sep/2041 318,515 326,228 0.24252,812 Fannie Mae Pool 4.000% 1/Oct/2041 271,496 277,777 0.20114,500 Fannie Mae Pool 4.000% 1/Oct/2041 119,724 127,238 0.09158,469 Fannie Mae Pool 4.000% 1/Jan/2042 166,145 176,099 0.13143,232 Fannie Mae Pool 4.000% 1/Mar/2042 153,325 157,376 0.12687,625 Fannie Mae Pool 4.000% 1/Oct/2046 741,561 741,561 0.54285,203 Fannie Mae Pool 4.000% 1/Oct/2048 292,333 312,030 0.23458,459 Fannie Mae Pool 4.500% 1/Jun/2041 489,359 508,316 0.37888,698 Fannie Mae Pool 4.500% 1/Nov/2047 914,110 977,013 0.72482,459 Fannie Mae Pool 4.500% 1/Jul/2048 502,228 523,618 0.38

10,433,470 Freddie Mac FRN 25/Jan/2022 400,917 41,838 0.034,873,116 Freddie Mac FRN 25/Jul/2022 507,580 71,878 0.051,381,829 Freddie Mac FRN 25/Jan/2022 187,072 13,583 0.011,752,419 Freddie Mac FRN 25/Dec/2021 188,781 14,142 0.01

482,374 Freddie Mac FRN 25/Jun/2022 55,834 7,771 0.011,782,640 Freddie Mac 3.000% 1/Feb/2047 1,787,653 1,939,596 1.42

466,493 Freddie Mac 3.000% 1/Apr/2047 470,028 494,447 0.36616,376 Freddie Mac 4.000% 1/Apr/2047 651,914 661,834 0.49265,089 Freddie Mac Gold Pool 3.000% 1/Mar/2043 266,456 288,429 0.21476,373 Freddie Mac Gold Pool 3.500% 1/Apr/2044 495,279 531,602 0.39885,596 Freddie Mac Gold Pool 3.500% 1/Oct/2046 939,424 945,374 0.69428,456 Freddie Mac Gold Pool 4.000% 1/Nov/2043 450,550 475,453 0.35101,916 Freddie Mac Gold Pool 4.000% 1/Nov/2047 105,356 109,910 0.08133,898 Freddie Mac Gold Pool 4.000% 1/Aug/2048 136,921 145,865 0.11

2,144,485 Freddie Mac Pool 3.000% 1/Dec/2049 2,179,500 2,261,594 1.67973,575 Freddie Mac Pool 3.000% 1/Jan/2050 1,007,498 1,025,467 0.75587,540 Freddie Mac Pool 3.000% 1/Jan/2050 622,517 633,029 0.46



160

U.S. Bond Fund



Cost USD

Market Value USD

% of Net Assets

United States (continued)1,900,337 Ginnie Mae FRN 16/Jan/2060 128,605 102,893 0.081,130,347 Ginnie Mae FRN 16/Apr/2057 91,531 47,988 0.041,558,100 Ginnie Mae FRN 16/Mar/2060 98,059 83,345 0.061,124,498 Ginnie Mae FRN 16/Jan/2060 73,484 56,520 0.04

568,142 Ginnie Mae FRN 16/Feb/2059 70,553 29,952 0.021,440,601 Ginnie Mae FRN 16/Apr/2060 129,296 84,909 0.06

834,312 Ginnie Mae FRN 16/Apr/2060 70,405 49,582 0.041,267,224 Ginnie Mae FRN 16/Apr/2058 114,081 64,601 0.05

467,243 Ginnie Mae FRN 16/Jan/2053 98,759 11,479 0.011,204,181 Ginnie Mae FRN 15/Jan/2059 133,738 65,411 0.051,863,462 Ginnie Mae FRN 16/Sep/2058 162,570 92,515 0.07

803,036 Ginnie Mae FRN 16/May/2059 83,953 48,459 0.04412,676 Ginnie Mae FRN 16/Dec/2057 76,918 24,862 0.02887,916 Ginnie Mae FRN 16/Nov/2056 105,319 52,239 0.04

1,150,683 Government National Mortgage Association FRN 16/May/2061

123,698 84,550 0.06

368,018 Government National Mortgage Association FRN 16/May/2062

31,526 30,681 0.02

722,592 Government National Mortgage Association FRN 16/May/2062

64,126 60,503 0.04

815,311 Government National Mortgage Association FRN 16/Jul/2061

80,662 66,420 0.05

1,708,774 Government National Mortgage Association FRN 16/Jun/2062

150,319 142,508 0.10

1,481,684 Government National Mortgage Association FRN 16/Jun/2062

145,644 127,261 0.09

305,000 Nissan Auto Receivables Owner Trust 2.890% 17/Jun/2024

302,451 310,555 0.23

140,637 Santander Drive Auto Receivables 3.510% 15/Aug/2023

140,607 141,613 0.10

34,249,450 33,414,879 24.52

Mortgage and Asset Backed Securities Total 34,249,450 33,414,879 24.52

Bonds

Bermuda135,000 Aircastle Limited 5.500% 15/Feb/2022 136,725 141,106 0.10146,000 IHS Markit Limited 4.000% 1/Mar/2026 142,711 167,657 0.12

68,000 IHS Markit Limited 4.750% 15/Feb/2025 68,160 78,203 0.06

347,596 386,966 0.28



161

U.S. Bond Fund



Cost USD

Market Value USD

% of Net Assets

Canada232,000 1011778 BC ULC 4.000% 15/Oct/2030 231,999 235,405 0.18

84,444 Air Canada 3.700% 15/Jul/2027 84,444 77,365 0.0699,921 Air Canada 4.125% 15/May/2025 104,119 95,758 0.0718,000 ATS Automation Tooling Systems Inc. 4.125%

15/Dec/202818,000 18,540 0.01

75,000 Bausch Health Cos Inc. 5.250% 30/Jan/2030 75,228 78,591 0.06175,000 Bausch Health Cos Inc. P.P. 144A 6.125%

15/Apr/2025155,233 179,860 0.13

154,000 Bausch Health Cos Inc. 6.250% 15/Feb/2029 154,483 167,206 0.12129,000 GFL Environmental Inc. 3.500% 1/Sep/2028 129,000 132,225 0.10224,000 MDC Partners Inc. 6.500% 1/May/2024 207,230 226,497 0.17

66,000 Norbord Inc. 6.250% 15/Apr/2023 66,000 71,557 0.05

1,225,736 1,283,004 0.95Cayman Islands

200,000 CSN Inova Ventures 6.750% 28/Jan/2028 201,500 217,700 0.16235,000 Seagate HDD Cayman 4.091% 1/Jun/2029 212,463 252,478 0.19200,000 Seagate HDD Cayman 4.125% 15/Jan/2031 199,718 214,260 0.16

613,681 684,438 0.51France

252,000 Credit Agricole SA 3.250% 14/Jan/2030 250,561 275,962 0.20

250,561 275,962 0.20Luxembourg

200,000 FS Luxembourg Sarl 10.000% 15/Dec/2025 200,000 216,750 0.1661,000 NXP BV 3.400% 1/May/2030 60,846 69,132 0.05

260,846 285,882 0.21Marshall Islands

138,000 Altera Infrastructure LP 8.500% 15/Jul/2023 138,371 119,784 0.09

138,371 119,784 0.09Norway

150,000 Aker BP ASA 2.875% 15/Jan/2026 149,372 153,753 0.11200,000 Aker BP ASA 4.000% 15/Jan/2031 198,746 215,737 0.16

348,118 369,490 0.27Supranational

243,000 NXP BV 3.875% 18/Jun/2026 256,074 277,672 0.20

256,074 277,672 0.20United Kingdom

72,000 British Airways 8.375% 15/Nov/2028 72,000 79,368 0.06130,000 International Game Technology plc P.P. 144A

6.500% 15/Feb/2025130,587 145,668 0.10

84,000 Royalty Pharma plc 1.750% 2/Sep/2027 82,559 86,341 0.06

285,146 311,377 0.22



162

U.S. Bond Fund



Cost USD

Market Value USD

% of Net Assets

United States156,000 Advantage Sales & Marketing Inc. 6.500%

15/Nov/2028156,000 164,873 0.12

50,000 Affinity Gaming 6.875% 15/Dec/2027 50,000 53,000 0.04115,000 Ahern Rentals P.P. 144A 7.375%

15/May/2023108,899 84,813 0.06

59,000 Albertsons Companies Inc. 3.250% 15/Mar/2026

59,000 60,033 0.04

58,000 Albertsons Companies Inc. 4.875% 15/Feb/2030

58,000 63,975 0.05

130,306 American Airlines 3.150% 15/Aug/2033 130,306 126,245 0.09319,127 American Airlines 3.375% 5/Jan/2027 304,300 299,141 0.21

86,871 American Airlines 3.500% 15/Aug/2033 86,871 76,664 0.0682,146 American Airlines 3.600% 15/Oct/2029 82,146 75,177 0.0690,100 American Airlines 3.700% 1/May/2023 90,100 72,553 0.0591,163 American Airlines 4.000% 15/Feb/2029 92,149 80,383 0.06

201,531 American Airlines 4.100% 15/Jan/2028 202,566 186,585 0.1412,180 American Airlines 6.977% 23/May/2021 12,789 11,845 0.0184,000 ANGI Group LLC 3.875% 15/Aug/2028 84,764 84,599 0.06

147,000 APX Group Inc. 7.625% 1/Sep/2023 142,579 153,055 0.1145,000 Arconic Corp. 6.000% 15/May/2025 45,275 48,229 0.0421,000 Arconic Corp. 6.125% 15/Feb/2028 21,000 22,736 0.02

157,000 Ares Capital Corp. 3.875% 15/Jan/2026 156,619 170,159 0.1369,000 Asbury Automotive Group Inc. 4.750%

1/Mar/203070,085 73,636 0.05

178,000 AT&T Inc. 2.550% 1/Dec/2033 155,569 182,903 0.13211,000 AT&T Inc. 3.500% 15/Sep/2053 215,208 213,470 0.16153,000 Bally’s Corp 6.750% 1/Jun/2027 153,899 165,087 0.11

21,000 Boise Cascade Company 4.875% 1/Jul/2030 21,000 22,780 0.0255,000 Brightstar Escrow Corp. 9.750% 15/Oct/2025 55,000 57,819 0.0469,623 British Airways 4.125% 20/Sep/2031 69,108 68,161 0.0586,000 British Airways 4.250% 15/Nov/2032 86,000 92,027 0.07

209,000 Broadcom Inc. 4.700% 15/Apr/2025 208,979 239,476 0.18654,000 Broadcom Inc. 4.750% 15/Apr/2029 742,677 779,224 0.58

18,000 Builders FirstSource Inc. 5.000% 1/Mar/2030 18,000 19,455 0.0130,000 Builders FirstSource Inc. 6.750% 1/Jun/2027 29,625 32,572 0.0247,000 Cable One Inc. 4.000% 15/Nov/2030 47,000 48,956 0.0445,000 Caesars Resort Collection LLC 5.750%

1/Jul/202547,363 47,815 0.04

245,000 Cantor Fitzgerald LP 4.875% 1/May/2024 245,384 271,446 0.2072,000 Carrier Global Corp. 2.722% 15/Feb/2030 76,531 76,886 0.0637,000 Catalent Pharma Solutions Inc. 5.000%

15/Jul/202737,000 39,088 0.03

53,000 CCM Merger Inc. 6.375% 1/May/2026 53,000 55,926 0.0462,000 CDW LLC 3.250% 15/Feb/2029 62,000 63,201 0.0568,000 Centene Corp. 3.375% 15/Feb/2030 68,150 71,738 0.0549,000 Centene Corp. 4.250% 15/Dec/2027 48,726 52,067 0.0455,000 Centene Corp. 4.625% 15/Dec/2029 55,492 61,040 0.04

153,000 Centene Corp. 5.375% 1/Jun/2026 155,123 161,606 0.1259,000 CenturyLink Inc. 4.000% 15/Feb/2027 59,000 60,974 0.04

144,000 CenturyLink Inc. 4.500% 15/Jan/2029 144,000 146,610 0.1133,000 Charles River Laboratories International Inc.

4.250% 1/May/202833,000 34,712 0.03



163

U.S. Bond Fund



Cost USD

Market Value USD

% of Net Assets

United States (continued)209,000 Cheniere Energy Partners LP 4.500%

1/Oct/2029213,242 221,076 0.16

121,000 Cincinnati Bell Inc. 7.000% 15/Jul/2024 120,471 125,901 0.0919,000 Clark Equipment Company 5.875%

1/Jun/202519,000 20,121 0.01

30,000 Clean Harbors Inc. 4.875% 15/Jul/2027 30,000 31,326 0.0264,847 Continental Airlines Inc. 5.983% 19/Apr/2022 66,147 64,604 0.05

210,000 CoStar Group Inc. 2.800% 15/Jul/2030 219,316 218,183 0.16101,000 Cox Communications Inc. 1.800% 1/Oct/2030 100,686 101,001 0.07161,000 CSC Holdings LLC 5.750% 15/Jan/2030 165,440 176,798 0.13

54,000 CSI Compressco LP 7.500% 1/Apr/2025 66,204 50,895 0.04174,000 CSI Compressco LP 7.500% 1/Apr/2025 172,164 165,300 0.12169,780 CSI Compressco LP 10.000% 1/Apr/2026 158,771 132,938 0.09

76,000 CyrusOne LP 2.150% 1/Nov/2030 75,084 74,240 0.05155,000 CyrusOne LP 3.450% 15/Nov/2029 155,841 168,142 0.12

22,000 Dave & Buster’s Inc. 7.625% 1/Nov/2025 22,000 23,200 0.02155,000 DaVita Inc. 3.750% 15/Feb/2031 155,000 157,090 0.12147,000 DaVita Inc. 4.625% 1/Jun/2030 147,000 156,197 0.11104,000 DCP Midstream LLC P.P. 144A FRN

21/May/2043102,381 89,821 0.07

48,000 Dealer Tire LLC/DT Issuer LLC 8.000% 1/Feb/2028

48,000 50,859 0.04

255,000 Dell International LLC 4.900% 1/Oct/2026 254,946 301,103 0.22247,000 Dell International LLC 5.300% 1/Oct/2029 246,601 303,256 0.22

73,000 Dell International LLC 5.850% 15/Jul/2025 72,900 87,595 0.06173,000 Dell International LLC 8.350% 15/Jul/2046 213,535 259,437 0.19

41,000 Delta Air Lines Inc. 4.500% 20/Oct/2025 41,000 44,024 0.0356,711 Delta Air Lines Inc. 6.718% 2/Jan/2023 54,911 56,985 0.0591,000 DPL Inc. 4.125% 1/Jul/2025 91,000 98,295 0.0765,000 Edgewell Personal Care Co 5.500%

1/Jun/202865,000 69,895 0.05

240,000 Energy Transfer Operating LP 4.250% 15/Mar/2023

246,577 254,692 0.19

149,000 Energy Transfer Operating LP 5.875% 15/Jan/2024

162,715 167,431 0.12

32,000 Enova International Inc. 8.500% 1/Sep/2024 33,747 31,493 0.02150,000 Enova International Inc. 8.500% 15/Sep/2025 141,243 147,480 0.11312,000 Enterprise Products Operating LLC FRN

16/Aug/2077310,187 316,730 0.23

128,000 Freedom Mortgage Corp. 8.125% 15/Nov/2024

128,040 133,599 0.10

56,000 Freedom Mortgage Corp. 8.250% 15/Apr/2025

56,000 58,737 0.04

255,000 Fresenius Medical Care USA Finance III Inc. 2.375% 16/Feb/2031

253,447 259,295 0.19

21,000 Frontier Communications Corp. 5.875% 15/Oct/2027

21,000 22,742 0.02

30,000 Gartner Inc. 4.500% 1/Jul/2028 31,851 31,791 0.0268,000 GCI LLC 4.750% 15/Oct/2028 68,200 72,502 0.05

150,000 GLP Capital LP 5.375% 15/Apr/2026 155,724 172,042 0.1398,000 Gogo Intermediate Holdings LLC 9.875%

1/May/202497,522 105,116 0.08



164

U.S. Bond Fund



Cost USD

Market Value USD

% of Net Assets

United States (continued)10,000 Graham Packaging Company Inc. 7.125%

15/Aug/202810,000 11,028 0.01

16,000 Group 1 Automotive Inc. 4.000% 15/Aug/2028

16,400 16,470 0.01

123,000 H&E Equipment Se 3.875% 15/Dec/2028 123,000 124,674 0.0949,000 Hanesbrands Inc. 5.375% 15/May/2025 49,000 51,965 0.0445,000 Harsco Corp. 5.750% 31/Jul/2027 45,000 47,654 0.0367,000 Hilton Domestic Operating Company Inc.

4.000% 1/May/203167,000 70,887 0.05

116,000 Hilton Domestic Operating Company Inc. 4.875% 15/Jan/2030

123,431 127,248 0.09

37,000 Hilton Domestic Operating Company Inc. 5.750% 1/May/2028

37,000 40,367 0.03

40,000 Huntington Ingalls Industries Inc. 3.844% 1/May/2025

39,998 44,468 0.03

182,000 Huntington Ingalls Industries Inc. 4.200% 1/May/2030

192,320 215,291 0.16

72,000 Iron Mountain Inc. 4.875% 15/Sep/2029 75,618 76,140 0.0696,000 Iron Mountain Inc. 5.250% 15/Jul/2030 102,670 104,160 0.0790,000 J2 Global Inc. 4.625% 15/Oct/2030 90,000 95,468 0.07

102,000 Jacobs Entertainment 7.875% 1/Feb/2024 104,233 105,041 0.0851,000 JB Poindexter & Company 7.125%

15/Apr/202651,540 54,156 0.04

27,000 JW Aluminum Continuous Cast Company 10.250% 1/Jun/2026

28,721 28,600 0.02

60,000 Ken Garff Automotive LLC 4.875% 15/Sep/2028

62,054 62,340 0.05

13,000 Kraft Heinz Foods Company 3.875% 15/May/2027

13,000 14,086 0.01

89,000 Kraft Heinz Foods Company 5.500% 1/Jun/2050

89,000 111,890 0.08

123,000 Kratos Defense & Security Solution 6.500% 30/Nov/2025

123,000 129,042 0.09

53,000 Ladder Capital Finance Holdings 5.250% 15/Mar/2022

53,000 53,388 0.04

9,000 Lamb Weston Holdings Inc. 4.875% 15/May/2028

9,000 10,092 0.01

91,000 Laureate Education Inc. 8.250% 1/May/2025 91,000 96,506 0.07170,000 Level 3 Financing Inc. 3.400% 1/Mar/2027 169,718 184,579 0.14142,000 Liberty Mutual Group Inc. 3.951%

15/Oct/205097,033 169,732 0.12

113,000 Lions Gate Capital Holdings LLC 5.875% 1/Nov/2024

112,040 115,107 0.08

7,000 Lions Gate Capital Holdings LLC 6.375% 1/Feb/2024

6,668 7,192 0.01

60,000 LogMeIn Inc. 5.500% 1/Sep/2027 62,212 62,852 0.0545,000 Macy’s Inc. 8.375% 15/Jun/2025 48,816 49,797 0.0480,000 MasTec Inc. 4.500% 15/Aug/2028 80,000 84,000 0.0693,000 Match Group Inc. 4.125% 1/Aug/2030 93,000 96,162 0.0721,000 Mauser Packaging Solutions Holding

Company 8.500% 15/Apr/202420,790 21,899 0.02



165

U.S. Bond Fund



Cost USD

Market Value USD

% of Net Assets

United States (continued)85,000 Mednax Inc. 5.250% 1/Dec/2023 85,478 86,264 0.06

131,000 Mednax Inc. 6.250% 15/Jan/2027 130,880 140,661 0.10100,000 MetLife Inc. 9.250% 8/Apr/2038 121,258 152,660 0.11

78,000 MGM Growth Properties Operating Partnership LP MGP Finance Co-Issuer Inc. 3.875% 15/Feb/2029

78,000 80,007 0.06

32,000 Michaels Stores Inc. 4.750% 1/Oct/2027 31,920 32,893 0.0244,000 Microchip Technology Inc. 4.250%

1/Sep/202544,000 46,493 0.03

356,000 Microchip Technology Inc. 4.333% 1/Jun/2023

365,293 384,736 0.28

85,000 Midwest Connector Capital Company LLC 3.625% 1/Apr/2022

85,531 86,417 0.06

195,000 Midwest Connector Capital Company LLC 3.900% 1/Apr/2024

196,219 199,893 0.15

90,000 MPLX LP 4.250% 1/Dec/2027 89,840 103,799 0.08100,000 MPLX LP 5.250% 15/Jan/2025 101,263 102,751 0.08396,000 MPLX LP FRN Perp. 390,095 379,517 0.28

70,000 National CineMedia LLC 5.875% 15/Apr/2028 70,000 59,165 0.0466,000 Nationstar Mortgage Holdings Inc. 5.125%

15/Dec/203066,000 69,795 0.05

39,000 Nationstar Mortgage Holdings Inc. 6.000% 15/Jan/2027

39,000 41,462 0.03

160,000 New Jersey State 4.081% 15/Jun/2039 162,438 168,582 0.1220,000 New Jersey State 4.131% 15/Jun/2042 20,236 20,770 0.02

104,000 New York Life Insurance Co 3.750% 15/May/2050

103,365 124,416 0.09

60,000 NextEra Energy Operating Partners 4.500% 15/Sep/2027

60,000 67,194 0.05

132,000 NextEra Energy Operating Partners LP 3.875% 15/Oct/2026

132,000 141,834 0.10

19,000 Nordstrom Inc. 8.750% 15/May/2025 19,000 21,349 0.02141,000 NRG Energy Inc. 2.450% 2/Dec/2027 140,801 147,676 0.11

23,000 NRG Energy Inc. 3.375% 15/Feb/2029 23,000 23,616 0.0266,000 NRG Energy Inc. 3.625% 15/Feb/2031 66,000 68,100 0.05

125,000 NRG Energy Inc. 3.750% 15/Jun/2024 124,964 136,613 0.1069,000 Owens-Brockway Glass Container Inc.

6.625% 13/May/202769,000 74,944 0.06

15,000 Picasso Finance Sub Inc. 6.125% 15/Jun/2025

15,000 16,090 0.01

145,000 PNC Financial Services FRN Perp. 141,866 151,163 0.1180,000 Post Holdings Inc. 5.500% 15/Dec/2029 80,000 87,500 0.0625,000 Prime SE 3.375% 31/Aug/2027 25,000 24,812 0.0286,000 Prime Security Services Borrower LLC

6.250% 15/Jan/202886,000 92,532 0.07

30,000 PTC Inc. 4.000% 15/Feb/2028 30,000 31,500 0.0275,000 Qorvo Inc. 3.375% 1/Apr/2031 79,313 77,681 0.0624,000 Refinitiv US Holdings Inc. 6.250%

15/May/202624,000 25,655 0.02



166

U.S. Bond Fund



Cost USD

Market Value USD

% of Net Assets

United States (continued)38,000 Refinitiv US Holdings Inc. 8.250%

15/Nov/202638,000 41,492 0.03

139,000 Reynolds Group Issuer Inc. 4.000% 15/Oct/2027

143,518 142,997 0.09

42,000 Sabre GLBL Inc. 7.375% 1/Sep/2025 44,100 45,768 0.03386,000 Santander Holdings USA Inc. 3.244%

5/Oct/2026376,604 419,461 0.31

162,000 SBA Communications Corp. 3.875% 15/Feb/2027

161,535 169,328 0.12

194,000 SBA Tower Trust 2.836% 15/Jan/2025 194,000 205,766 0.15120,000 Select Medical Corp. 6.250% 15/Aug/2026 123,000 128,783 0.09

90,000 Simmons Foods Inc. 5.750% 1/Nov/2024 89,924 92,195 0.0712,000 Specialty Building Products Holdings 6.375%

30/Sep/202612,090 12,675 0.01

59,000 Standard Industries Inc. 3.375% 15/Jan/2031 59,000 59,775 0.0429,000 Standard Industries Inc. 5.000% 15/Feb/2027 28,855 30,374 0.0229,000 Stericycle Inc. 3.875% 15/Jan/2029 29,000 29,824 0.0236,000 Sunoco LP Sunoco Finance 4.500%

15/May/202936,000 37,490 0.03

33,000 Switch Limited 3.750% 15/Sep/2028 33,000 33,682 0.02173,000 Teachers Insurance & Annuity Association of

America 4.270% 15/May/2047204,867 216,542 0.16

35,000 Team Health Holdings Inc. 6.375% 1/Feb/2025

35,000 30,185 0.02

60,000 Tempo Acquisition LLC 6.750% 1/Jun/2025 60,750 62,051 0.05123,000 T-Mobile USA Inc. 3.750% 15/Apr/2027 140,190 140,375 0.10263,000 T-Mobile USA Inc. 3.875% 15/Apr/2030 261,101 304,450 0.22154,000 T-Mobile USA Inc. 4.500% 15/Apr/2050 154,517 191,257 0.14

33,000 Townsquare Media Inc. 6.875% 1/Feb/2026 33,332 34,568 0.0345,000 Trident Merger Sub 6.625% 1/Nov/2025 45,000 45,851 0.0345,000 Tutor Perini Corp. 6.875% 1/May/2025 45,000 44,348 0.0390,000 Twitter Inc. 3.875% 15/Dec/2027 93,770 95,679 0.07

220,000 Uber Technologies Inc. 7.500% 15/Sep/2027 214,215 243,298 0.18163,291 United Airlines 3.450% 7/Jul/2028 162,887 161,005 0.12227,119 United Airlines 3.650% 7/Jul/2027 222,419 219,857 0.16198,914 United Airlines 3.750% 3/Sep/2026 200,759 199,909 0.15134,290 United Airlines 4.550% 25/Aug/2031 135,504 131,821 0.10

53,526 United Airlines 4.600% 1/Sep/2027 53,919 51,679 0.0489,930 United Airlines 4.625% 3/Sep/2022 91,403 90,379 0.07

341,000 United Airlines 5.875% 15/Oct/2027 345,133 368,492 0.26230,000 Universal Health Services Inc. 5.000%

1/Jun/2026233,536 237,936 0.17

90,738 US Airways Group Inc. 5.900% 1/Oct/2024 96,895 90,557 0.0748,336 US Airways Group Inc. 6.250% 22/Apr/2023 50,818 45,581 0.03

109,000 Valvoline Inc. 3.625% 15/Jun/2031 109,000 111,998 0.0854,000 Varex Imaging Corp 7.875% 15/Oct/2027 54,000 57,553 0.0488,000 Viatris Inc. 2.300% 22/Jun/2027 87,960 93,643 0.07

176,000 Viatris Inc. 2.700% 22/Jun/2030 179,079 186,464 0.1488,000 Vici Properties 4.125% 15/Aug/2030 90,420 92,557 0.07

108,000 Vici Properties 4.625% 1/Dec/2029 112,633 115,963 0.09



167

U.S. Bond Fund



Cost USD

Market Value USD

% of Net Assets

United States (continued)223,000 Vistra Operations Company LLC 3.700%

30/Jan/2027236,105 245,429 0.18

230,000 Vistra Operations Company LLC 4.300% 15/Jul/2029

229,503 260,772 0.19

293,000 Voya Financial Inc. FRN 15/May/2053 294,626 311,630 0.2377,000 Wyndham Destinations Inc. 4.625%

1/Mar/203076,910 81,428 0.06

126,000 Xerox Holdings Corp. 5.500% 15/Aug/2028 131,646 134,060 0.0916,000 XPO Logistics Inc. 6.250% 1/May/2025 16,280 17,226 0.0193,000 Yum! Brands Inc. 4.750% 15/Jan/2030 96,459 101,874 0.07

21,170,459 22,211,520 16.23

Bonds Total 24,896,588 26,206,095 19.16







United States253,365 Applebee’s Funding LLC 4.194% 7/Jun/2049 253,365 249,917 0.18132,000 Avis Budget Rental Car Funding AESOP LLC

2.330% 20/Aug/2026131,956 136,529 0.10

181,000 Avis Budget Rental Car Funding AESOP LLC 2.360% 20/Mar/2026

180,997 187,166 0.14

132,464 CGDBB Commercial Mortgage Trust FRN 15/Jul/2032

132,464 130,602 0.10

89,470 Db Master Finance LLC 3.629% 20/Nov/2047 87,135 92,042 0.0792,388 Db Master Finance LLC 4.030% 20/Nov/2047 88,988 97,908 0.07

300,700 Domino’s Pizza Master Issuer LLC 4.118% 25/Jul/2047

300,700 318,796 0.24

130,000 GS Mortgage Securities Corp. Trust FRN 10/Feb/2027

133,020 135,852 0.10

105,000 IMIT Trust 0.610% 15/Jun/2034 104,916 107,883 0.0872,060 Mill City Mortgage Loan Trust FRN

25/Aug/205871,293 76,708 0.06

98,000 Oxford Finance Funding 4.459% 15/Feb/2027 98,585 101,580 0.07

1,583,419 1,634,983 1.21

Mortgage and Asset Backed Securities Total 1,583,419 1,634,983 1.21



168

U.S. Bond Fund



Cost USD

Market Value USD

% of Net Assets

Bonds

United States172,000 LSC Communications Inc. 8.750%

15/Oct/2023 a

156,169 24,080 0.02

15,306 Waterford Gaming P.P. 144A 8.625% 15/Sep/2049 a

15,306 0 0.00

171,475 24,080 0.02

Bonds Total 171,475 24,080 0.02

Equities

United States82,000 Stearns Holdings LLC 45,314 69,700 0.05

45,314 69,700 0.05

Equities Total 45,314 69,700 0.05


money market instruments (2) 1,800,208 1,728,763 1.28



Net Assets 136,195,607 100.00

a Defaulted/Fair Valued by the Board of Directors.(1) All securities classified under this section are listed on a stock-exchange.(2) All securities classified under this section are unlisted.The notes to the Financial Statements form an integral part of these financial statements.




U.S. Equity Fund

169




Cost USD

Market Value USD

% of Net Assets


Equities

Belgium172,033 Anheuser-Busch InBev SA/NV – ADR 11,331,497 12,042,310 3.51

11,331,497 12,042,310 3.51France

62,232 Danone SA 4,615,871 4,104,205 1.20

4,615,871 4,104,205 1.20Netherlands

33,407 Lyondellbasell Industries NV – A 2,574,397 3,049,057 0.89

2,574,397 3,049,057 0.89United Kingdom

13,405 Diageo plc – ADR 2,180,718 2,120,805 0.62

2,180,718 2,120,805 0.62United States

3,393 Airbnb Inc. 267,014 496,124 0.1431,348 Alexion Pharmaceuticals Inc. 3,973,893 4,853,923 1.4131,707 Alnylam Pharmaceuticals Inc. 3,490,838 4,074,350 1.19

9,455 Alphabet Inc. – A 7,104,517 16,516,373 4.828,432 Amazon.com Inc. 7,766,738 27,591,696 8.05

43,519 American Express Company 3,203,674 5,203,132 1.5227,441 American Tower Corp. 3,228,224 6,074,614 1.77

1,185 Amgen Inc. 236,438 267,846 0.0825,195 Analog Devices Inc. 2,540,310 3,680,234 1.07

178,127 Apple Inc. 7,146,005 23,770,158 6.93218,295 Baker Hughes a GE Company 5,122,434 4,584,195 1.34345,706 Bank of America Corp. 7,278,566 10,357,352 3.02

39,999 Bristol-Myers Squibb Company 2,152,567 2,447,539 0.718,712 Broadcom Inc. 2,845,275 3,787,716 1.11

100,398 Cargurus Inc. 3,885,795 3,196,672 0.9344,452 Carmax Inc. P.P. 144A 2,457,586 4,149,150 1.2119,359 Carrier Global Corp. 383,375 719,187 0.2117,015 Caterpillar Inc. 2,138,966 3,064,061 0.89

238,635 Cheniere Energy Inc. 13,017,580 14,599,689 4.2682,646 Comcast Corp. 3,229,772 4,300,898 1.2538,650 Crown Castle International Corp. 6,275,184 6,054,523 1.7722,776 Danaher Corp. 2,655,871 5,035,090 1.4772,197 Facebook Inc. – A 11,943,186 19,831,794 5.79

1,342 First Republic Bank 131,365 193,691 0.06195,595 Fox Corp. 6,355,255 5,664,431 1.65

33,031 Goldman Sachs Group Inc. 6,603,485 8,583,766 2.5088,782 JPMorgan Chase & Company 7,933,241 11,111,955 3.2417,708 KLA Corp. 2,668,266 4,550,779 1.33

190,853 Lennar Corp. 10,100,514 14,607,889 4.26


U.S. Equity Fund

170



Cost USD

Market Value USD

% of Net Assets

United States (continued)221,857 Liberty Media Corp. 7,084,368 9,595,315 2.80

45,578 Microsoft Corp. 6,111,433 10,095,527 2.95206,626 Morgan Stanley 7,923,048 14,013,374 4.10

9,681 Otis Worldwide Corp. 551,516 645,432 0.1946,836 Polaris Industries Inc. 4,247,333 4,461,129 1.3019,359 Raytheon Technologies Corp. 1,270,945 1,380,297 0.4058,674 State Street Corp. 3,328,392 4,205,752 1.2373,980 Synchrony Financial 2,202,489 2,534,555 0.7426,984 Union Pacific Corp. 2,908,133 5,577,863 1.6327,938 UnitedHealth Group Inc 7,441,459 9,671,018 2.8221,320 Visa Inc. – A 2,503,232 4,672,491 1.3629,696 Walt Disney Company 2,712,319 5,414,472 1.58

122,229 Wells Fargo & Company 3,411,749 3,641,202 1.0657,311 Workday Inc. – A 7,785,986 13,744,324 4.01

195,618,336 309,021,578 90.15

Equities Total 216,320,819 330,337,955 96.37






Net Assets 342,763,155 100.00



171

U.S. Small Cap Equity Fund





Cost USD

Market Value USD

% of Net Assets


Equities

Cayman Islands20,305 CC Neuberger Principal Holdings I 227,249 223,964 0.84

227,249 223,964 0.84Finland

35,010 Rovio Entertainment Oyj 239,328 271,005 1.02

239,328 271,005 1.02Israel

17,216 Camtek Limited/Israel 233,753 382,540 1.4313,415 Tower Semiconductor Limited 257,839 345,302 1.29

491,592 727,842 2.72Jersey – Channel Islands

4,652 WNS Holdings Limited – ADR 261,927 338,293 1.27

261,927 338,293 1.27United States

7,496 ABM Industries Inc. 251,291 281,925 1.062,721 Advanced Energy Industries Inc. 182,268 262,413 0.98

37,219 Agile Therapeutics Inc. 103,101 108,307 0.416,723 American Assets Trust Inc. 268,314 189,454 0.71

20,637 Angiodynamics Inc. 218,484 300,062 1.125,831 Applied Industrial Technologies Inc. 321,973 451,378 1.696,687 Arcosa Inc. 319,550 365,445 1.377,957 Atlantic Union Bankshares Corp. 239,020 259,955 0.979,671 Avient Corp. 308,014 387,710 1.456,906 Banner Corp. 297,669 318,436 1.197,515 Boot Barn Holdings Inc. 206,235 322,844 1.21

13,042 Cargurus Inc. 391,618 415,257 1.569,055 Central Garden & Pet Company 266,761 334,673 1.25

17,035 Change Healthcare Inc. 243,467 313,614 1.1721,500 ChannelAdvisor Corp. 348,314 346,795 1.3021,304 Chiasma Inc. 95,306 90,755 0.34

7,748 Cogent Communications Group Inc. 455,549 451,941 1.693,314 Columbia Sportswear Company 229,855 291,334 1.096,495 Commvault Systems Inc. 289,140 354,692 1.33

886 Cooper Companies Inc. 171,585 314,734 1.1911,256 Cutera Inc. 148,114 270,144 1.01

2,085 Eastgroup Properties Inc. 238,450 284,437 1.072,370 Emergent Biosolutions Inc. 156,305 213,939 0.806,684 First American Financial Corp. 292,550 340,149 1.275,456 First Hawaiian Inc. 114,297 127,234 0.486,794 First Industrial Realty Trust Inc. 217,379 281,543 1.05

18,068 Foley Trasimene Acquisition Corp. II 230,255 278,609 1.044,479 Gibraltar Industries Inc. 262,004 318,143 1.19

32,373 Glu Mobile Inc. 251,568 292,004 1.09

172




Cost USD

Market Value USD

% of Net Assets

United States (continued)10,836 Groupon Inc. 291,043 412,093 1.54

2,120 Haemonetics Corp. 194,179 251,368 0.945,959 Hub Group Inc. – A 291,236 338,292 1.276,124 Independent Bank Group Inc. 258,382 377,851 1.434,281 Integer Holdings Corp. 284,566 344,492 1.304,624 Integra Lifesciences Holdings Corp. 215,358 300,190 1.124,831 J2 Global Communications Inc. 358,446 471,505 1.775,698 Kennametal Inc. 172,787 203,874 0.769,496 Kulicke & Soffa Industries Inc. 249,870 298,934 1.121,959 Ligand Pharmaceuticals Inc. 211,213 197,957 0.741,345 Lithia Motors Inc. 144,901 390,520 1.451,560 Madison Square Garden Company – A 289,521 290,410 1.09

27,863 Magnolia Oil & Gas Corp. 249,239 202,843 0.764,469 Malibu Boats Inc. – A 240,311 278,240 1.04

13,550 Maxlinear Inc. – A 263,272 509,615 1.914,673 Merit Medical Systems Inc. 190,933 255,613 0.968,421 Moelis & Company – A 271,424 389,387 1.467,689 Movado Group Inc. 141,079 127,561 0.485,109 NuVasive Inc. 265,728 288,097 1.08

11,840 Pdc Energy Inc. 268,157 241,418 0.9016,930 PGT Innovations Inc. 323,758 347,065 1.3015,444 Physicians Realty Trust 267,835 274,285 1.03

5,652 Pinnacle Financial Partners Inc. 330,442 362,406 1.362,385 PRA Health Sciences Inc. 217,386 294,237 1.109,248 Prestige Brands Holdings Inc. 329,859 322,848 1.219,083 Progress Software Corp. 366,140 404,013 1.523,167 Providence Service Corp. 174,258 440,276 1.654,067 Quanta Services Inc. 135,133 289,774 1.08

23,750 RealReal Inc. 355,617 480,462 1.813,160 Regal-Beloit Corp. 224,869 383,277 1.445,248 Sailpoint Technologies Holding Inc. 113,437 277,619 1.04

21,285 Sciplay Corp. – A 295,258 294,584 1.1015,311 Seaspine Holdings Corp. 177,071 268,249 1.0010,616 Skillz Inc. 193,964 200,642 0.75

4,856 South State Corp. 310,382 349,632 1.313,801 Spectrum Brands Holdings Inc. 236,071 295,110 1.11

11,722 Super Micro Computer Inc. 324,025 356,466 1.344,168 Synaptics Inc. 235,662 395,502 1.485,584 Syneos Health Inc. 275,707 374,129 1.419,443 Tenable Holdings Inc. 310,157 489,903 1.836,907 Timken Company 273,736 529,283 1.98

18,360 Tivity Health Inc. 267,104 358,754 1.344,124 Travere Therapeutics Inc. 102,520 114,029 0.43

11,881 TripAdvisor Inc. 274,699 333,975 1.251,251 Unifirst Corp. 171,405 261,822 0.986,711 Unitil Corp. 303,924 293,338 1.108,666 Universal Electronics Inc. 337,408 450,632 1.69



173






Cost USD

Market Value USD

% of Net Assets

United States (continued)17,405 Univest Corp. of Pennsylvania 373,106 355,932 1.33

9,583 Urban Outfitters Inc. 173,224 246,954 0.93938 Vail Resorts Inc. 146,618 257,012 0.96

2,354 Varonis Systems Inc. 215,306 386,197 1.4527,718 Veeco Instruments Inc. 363,083 480,076 1.80

2,824 Williams-Sonoma Inc. 177,548 290,307 1.09

20,346,793 25,996,976 97.40

Equities Total 21,566,889 27,558,080 103.25






Net Assets 26,691,532 100.00


174

U.S. Special Opportunities Fund




Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets


Bonds

Australia200,000 Virgin Australia Holdings Limited 8.125%

15/Nov/2024 a

200,000 11,500 0.03

200,000 11,500 0.03Canada

400,000 Bausch Health Cos Inc. 6.125% 15/Apr/2025

415,120 411,108 0.94

360,000 Enbridge Inc. FRN 1/Mar/2078 371,460 392,090 0.90

786,580 803,198 1.84Cayman Islands

300,000 Seagate HDD Cayman 5.750% 1/Dec/2034 252,000 352,440 0.80

252,000 352,440 0.80France

245,000 BNP Paribas SA FRN Perp. 247,610 291,510 0.67285,000 Credit Agricole FRN Perp. 286,527 324,663 0.74240,000 Credit Agricole FRN Perp. 251,180 292,487 0.67280,000 Societe Generale SA FRN Perp. 291,158 287,860 0.66

1,076,475 1,196,520 2.74Ireland

500,000 AerCap Ireland Capital DAC 6.500% 15/Jul/2025

494,614 599,080 1.37

494,614 599,080 1.37Japan

250,000 Softbank Group Corp. FRN Perp. 245,075 249,083 0.57

245,075 249,083 0.57Luxembourg

105,000 Altice Financing SA 7.500% 15/May/2026 110,119 110,691 0.25350,000 ARD Finance SA 6.500% 30/Jun/2027 353,233 372,152 0.85

463,352 482,843 1.10Netherlands

305,000 ING Groep NV FRN Perp. 304,227 336,483 0.77300,000 Prosus NV 5.500% 21/Jul/2025 285,750 345,370 0.79

589,977 681,853 1.56Switzerland

200,000 Credit Suisse Group AG FRN Perp. 213,500 218,234 0.50

213,500 218,234 0.50United Kingdom

200,000 Lloyds Banking Group plc FRN Perp. 211,037 225,505 0.52

211,037 225,505 0.52

175



Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets

United States110,000 Aecom 5.125% 15/Mar/2027 111,435 122,375 0.28280,000 Aecom 5.875% 15/Oct/2024 292,371 311,150 0.71100,000 American Axle & Manufacturing Inc.

6.875% 1/Jul/2028100,000 107,313 0.25

320,000 Amerigas Partners LP 5.500% 20/May/2025 320,000 353,706 0.80275,000 Amerigas Partners LP 5.625% 20/May/2024 279,192 301,813 0.69275,000 Amerigas Partners LP 5.750% 20/May/2027 275,000 313,993 0.72150,000 Antero Resources Corp. 5.000%

1/Mar/2025103,056 138,000 0.32

120,000 Apache Corp. 4.625% 15/Nov/2025 120,000 126,710 0.29130,000 Apache Corp. 4.875% 15/Nov/2027 130,000 138,134 0.32345,000 Ashland Inc. 6.875% 15/May/2043 376,753 460,006 1.05380,000 B&G Foods Inc. 5.250% 1/Apr/2025 383,800 392,746 0.91445,000 Ball Corp. 5.000% 15/Mar/2022 451,872 466,660 1.07370,000 Bank of America Corp. FRN Perp. 400,487 419,487 0.95

91,000 Carpenter Technology Corp. 6.375% 15/Jul/2028

91,000 100,100 0.23

170,000 Centene Corp. 3.000% 15/Oct/2030 170,000 179,993 0.41200,000 Charter Communications Operating LLC

5.050% 30/Mar/2029227,268 242,995 0.56

300,000 Cooper Tire & Rubber Company 7.625% 15/Mar/2027

310,500 348,862 0.79

455,000 CSC Holdings LLC 5.875% 15/Sep/2022 459,673 483,281 1.11350,000 Delta Air Lines Inc. 3.750% 28/Oct/2029 278,180 337,207 0.78100,000 Delta Air Lines Inc. 7.375% 15/Jan/2026 106,645 114,628 0.26249,000 Delta Air Lines Inc. 7.375% 15/Jan/2026 248,965 285,424 0.65550,000 DISH DBS Corp. 5.875% 15/Jul/2022 555,565 575,056 1.31130,000 Encompass Health Corp. 4.625%

1/Apr/2031130,000 138,450 0.32

365,000 Encompass Health Corp. 4.750% 1/Feb/2030

374,643 391,963 0.90

230,000 Energy Transfer Operating LP FRN Perp. 230,000 219,855 0.50450,000 Ford Motor Company 4.750% 15/Jan/2043 421,439 458,719 1.05

15,000 Ford Motor Credit Company 3.219% 9/Jan/2022

12,347 15,122 0.03

385,000 Ford Motor Credit Company LLC 3.350% 1/Nov/2022

380,363 391,978 0.90

200,000 Freeport-McMoran Inc. 5.450% 15/Mar/2043

173,000 249,725 0.57

150,000 Freeport-McMoRan Inc. 4.250% 1/Mar/2030

150,000 161,824 0.37

95,000 Freeport-McMoRan Inc. 4.250% 1/Mar/2030

94,763 102,488 0.23

125,000 Freeport-McMoRan Inc. 5.000% 1/Sep/2027

131,815 133,043 0.30



176



Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets

United States (continued)125,000 Freeport-McMoRan Inc. 5.000%

1/Sep/2027125,000 133,043 0.30

100,000 Goodyear Tire & Rubber Company 9.500% 31/May/2025

100,000 112,887 0.26

305,000 HCA Inc. 5.375% 1/Feb/2025 314,163 343,506 0.79115,000 HCA Inc. 5.375% 1/Feb/2025 115,000 129,519 0.30365,000 JPMorgan Chase & Company FRN Perp. 396,484 410,698 0.94197,000 Kraft Heinz Foods Company 6.750%

15/Mar/2032246,782 260,036 0.59

200,000 Lennar Corp. 5.875% 15/Nov/2024 224,000 231,200 0.53200,000 Level 3 Financing Inc. 5.375% 15/Jan/2024 204,750 202,935 0.46500,000 Meredith Corp. 6.875% 1/Feb/2026 476,613 491,264 1.12260,000 MGM Resorts International 6.000%

15/Mar/2023280,004 279,890 0.64

450,000 Netflix Inc. 5.875% 15/Nov/2028 473,313 539,349 1.23200,000 Netflix Inc. 6.375% 15/May/2029 228,746 248,800 0.57310,000 NRG Energy Inc. 6.625% 15/Jan/2027 323,500 327,825 0.75


60,000 63,617 0.15


60,000 65,250 0.15

145,000 OneMain Finance Corp. 6.625% 15/Jan/2028

145,000 172,913 0.40

350,000 OneMain Finance Corp. 6.875% 15/Mar/2025

350,000 407,037 0.93

270,000 OneMain Finance Corp. 7.125% 15/Mar/2026

270,725 318,347 0.73

70,000 OneMain Finance Corp. 8.875% 1/Jun/2025 70,000 79,363 0.18250,000 Ovintiv Exploration Inc 5.750% 30/Jan/2022 259,919 260,313 0.60450,000 PBF Holding LLC 7.250% 15/Jun/2025 456,529 291,987 0.67250,000 Sabine Pass Liquefaction LLC 5.625%

1/Mar/2025268,438 291,425 0.67

130,000 Southwestern Energy Company 8.375% 15/Sep/2028

130,000 141,538 0.32

405,000 Spectrum Brands Inc. 5.750% 15/Jul/2025 430,819 418,456 0.96400,000 Sprint Capital Corp. 6.875% 15/Nov/2028 474,999 527,649 1.21300,000 Sprint Corp. 7.125% 15/Jun/2024 283,500 350,784 0.80200,000 Sprint Corp. 7.250% 15/Sep/2021 215,476 208,000 0.48260,000 Sprint Corp. 7.875% 15/Sep/2023 224,191 301,410 0.69310,000 Starwood Property Trust Inc. 5.000%

15/Dec/2021310,000 315,392 0.72

280,000 T-Mobile USA Inc. 4.500% 1/Feb/2026 280,000 287,166 0.66125,000 T-Mobile USA Inc. 4.750% 1/Feb/2028 116,450 134,399 0.31560,000 T-Mobile USA Inc. 6.500% 15/Jan/2026 597,047 580,392 1.33200,000 TreeHouse Foods Inc. 4.000% 1/Sep/2028 200,000 206,976 0.47415,000 Uber Technologies Inc. 7.500%

15/Sep/2027422,920 458,949 1.05



177



Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets

United States (continued)145,000 United Rentals North America Inc. 3.875%

15/Nov/2027145,000 152,498 0.35

350,000 United States Cellular Corp. 6.700% 15/Dec/2033

371,487 455,963 1.04

205,000 Wells Fargo & Company FRN Perp. 231,315 236,006 0.54400,000 Western Digital Corp. 4.750% 15/Feb/2026 410,000 443,750 1.02555,000 Wyndham Destinations Inc. 6.350%

1/Oct/2025587,250 631,322 1.44

100,000 Xerox Corp. 6.750% 15/Dec/2039 105,750 107,449 0.25

18,875,302 20,202,109 46.23

Bonds Total 23,407,912 25,022,365 57.26


Canada219,000 CAD WildBrain Limited 5.875% 30/Sep/2024 168,609 140,291 0.32

168,609 140,291 0.32United States

20,000 Uber Technologies Inc. 0.000% 15/Dec/2025

20,000 20,975 0.05

288 Wells Fargo & Company 7.500% Perp. 362,466 432,634 0.99

382,466 453,609 1.04


Equities

United States1,670 American Electric Power Company Inc. 83,500 83,250 0.191,090 Boston Scientific Corp. 109,000 118,810 0.27

275 Broadcom Inc. 275,000 389,128 0.89955 Dominion Energy Inc. 95,500 94,430 0.22

3,150 DTE Energy Company 158,500 148,176 0.3424,540 GMAC Capital Trust I 635,239 656,690 1.51

2,364 NextEra Energy Inc. 114,890 119,382 0.271,494 Southern Company 74,700 76,418 0.17

1,546,329 1,686,284 3.86

Equities Total 1,546,329 1,686,284 3.86






178



Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets


Bonds

Bermuda130,000 NCL Corp. Limited 5.875% 15/Mar/2026 130,000 136,825 0.31

130,000 136,825 0.31Canada

400,000 Bombardier Inc. 7.875% 15/Apr/2027 321,500 367,750 0.8450,000 Empire Communities Corp. 7.000%

15/Dec/202550,000 52,750 0.12

415,000 MDC Partners Inc. 6.500% 1/May/2024 418,124 419,627 0.96110,000 Tervita Corp. 11.000% 1/Dec/2025 107,800 118,639 0.27

897,424 958,766 2.19Cayman Islands

100,000 Seagate HDD Cayman 3.375% 15/Jul/2031 100,000 100,885 0.23

100,000 100,885 0.23United States

60,000 AdaptHealth LLC 4.625% 1/Aug/2029 60,000 61,950 0.1465,000 Affinity Gaming 6.875% 15/Dec/2027 65,000 68,900 0.16

250,000 American Airlines Group Inc. 5.000% 1/Jun/2022

164,850 224,344 0.51

60,000 Antero Resources Corp. 8.375% 15/Jul/2026

60,000 61,050 0.14

110,000 Arconic Corp. 6.000% 15/May/2025 110,000 117,893 0.27100,000 Austin BidCo Inc. 7.125% 15/Dec/2028 100,000 104,750 0.24200,000 Bally’s Corp 6.750% 1/Jun/2027 200,000 215,800 0.49300,000 Bausch Health Americas Inc. 9.250%

1/Apr/2026304,740 335,361 0.77

110,000 Boise Cascade Company 4.875% 1/Jul/2030

110,000 119,323 0.27

150,000 Calumet Specialty Products Partners LP 7.750% 15/Apr/2023

119,035 146,880 0.34

130,000 Cars.com Inc. 6.375% 1/Nov/2028 130,000 138,316 0.32140,000 Carvana Company 5.625% 1/Oct/2025 140,000 143,629 0.33

60,000 CDW LLC 3.250% 15/Feb/2029 60,000 61,163 0.14390,000 Centene Corp. 3.375% 15/Feb/2030 394,589 411,441 0.93325,000 Centene Corp. 4.625% 15/Dec/2029 342,473 360,693 0.83300,000 Chemours Company 5.750% 15/Nov/2028 300,000 306,750 0.70400,000 Cheniere Corp. 5.875% 31/Mar/2025 423,992 464,726 1.06350,000 Clear Channel Worldwide Holdings Inc.

9.250% 15/Feb/2024342,708 354,837 0.81



179



Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets

United States (continued)300,000 Continental Resources Inc. 5.750%

15/Jan/2031300,000 334,095 0.75

220,000 CSC Holdings LLC 5.375% 1/Feb/2028 220,000 235,388 0.54167,000 CSI Compressco LP 7.500% 1/Apr/2025 205,519 157,398 0.36525,510 CSI Compressco LP 10.000% 1/Apr/2026 492,855 411,474 0.94100,000 Dave & Buster’s Inc. 7.625% 1/Nov/2025 98,375 105,455 0.24

75,000 DaVita Inc. 3.750% 15/Feb/2031 75,000 76,011 0.17295,000 DCP Midstream LP FRN Perp. 283,938 246,227 0.56520,000 DCP Midstream Operating LP 5.375%

15/Jul/2025531,995 572,303 1.32

140,000 Dealer Tire LLC/DT Issuer LLC 8.000% 1/Feb/2028

144,200 148,339 0.34

200,000 Dell International LLC 8.350% 15/Jul/2046 245,173 299,927 0.69300,000 Enova International Inc. 8.500% 1/Sep/2024 276,985 295,243 0.68100,000 Expedia Group Inc. 4.625% 1/Aug/2027 110,750 111,735 0.26200,000 Freedom Mortgage Corp. 8.125%

15/Nov/2024201,560 208,749 0.48

140,000 G-III Apparel Group Limited 7.875% 15/Aug/2025

140,000 153,132 0.35

165,000 GLP Capital LP 5.375% 15/Apr/2026 171,858 189,246 0.4390,000 iHeartCommunications Inc. 4.750%

15/Jan/202884,275 92,475 0.21

454,000 iHeartCommunications Inc. 8.375% 1/May/2027

425,271 484,733 1.11

125,000 Iron Mountain Inc. 4.875% 15/Sep/2029 131,250 132,188 0.30110,000 JB Poindexter & Company 7.125%

15/Apr/2026116,050 116,806 0.27

250,000 Kraft Heinz Foods Company 3.750% 1/Apr/2030

268,200 267,604 0.61

50,000 Kronos Acquisition Holdings Inc. 5.000% 31/Dec/2026

50,000 52,375 0.12

60,000 Live Nation Entertainment Inc. 3.750% 15/Jan/2028

60,000 61,050 0.14

250,000 Live Nation Entertainment Inc. 4.750% 15/Oct/2027

250,624 254,552 0.59

300,000 Mednax Inc. 5.250% 1/Dec/2023 307,875 304,462 0.70200,000 Meredith Corp. 6.500% 1/Jul/2025 200,000 213,125 0.49270,000 MPLX LP 5.250% 15/Jan/2025 270,000 277,428 0.63250,000 MPLX LP FRN Perp. 253,125 239,594 0.55100,000 National CineMedia LLC 5.750%

15/Aug/202668,900 74,500 0.17

60,000 Nationstar Mortgage Holdings Inc. 5.125% 15/Dec/2030

60,000 63,450 0.15

100,000 Netflix Inc. 5.375% 15/Nov/2029 100,000 118,063 0.27240,000 Novelis Corp. 4.750% 30/Jan/2030 240,000 257,453 0.60

50,000 NRG Energy Inc. 3.375% 15/Feb/2029 50,000 51,339 0.1275,000 NRG Energy Inc. 3.625% 15/Feb/2031 75,000 77,387 0.18



180



Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets

United States (continued)200,000 Parsley Energy LLC 4.125% 15/Feb/2028 200,000 213,439 0.48120,000 Post Holdings Inc. 5.625% 15/Jan/2028 120,000 128,257 0.29

80,000 Rackspace Technology Global Inc. 5.375% 1/Dec/2028

80,000 83,829 0.19

110,000 Scripps Escrow II Inc. 3.875% 15/Jan/2029 110,000 114,400 0.26205,000 Sempra Energy FRN Perp. 205,000 219,606 0.50200,000 Sprint Communications Inc. 11.500%

15/Nov/2021209,500 217,344 0.50

250,000 Uber Technologies Inc. 8.000% 1/Nov/2026 253,200 272,697 0.6285,000 United Airlines 5.875% 15/Oct/2027 85,000 91,853 0.21

100,000 Wesco International Inc. 7.250% 15/Jun/2028

99,244 113,465 0.26

300,000 WeWork Cos Inc. 7.875% 1/May/2025 206,250 203,543 0.47

11,504,359 12,039,545 27.55

Bonds Total 12,631,783 13,236,021 30.28


United States375,000 Dish Network Corp. 3.375% 15/Aug/2026 335,869 355,547 0.81

335,869 355,547 0.81








Cayman Islands30,818 Lehman XS Net Interest Margin Notes

9.000% 28/Jan/2047 a

29,104 0 0.00

29,104 0 0.00

Mortgage and Asset Backed Securities Total 29,104 0 0.00



181



Quantity/ Par Value


Cost USD

Market Value USD

% of Net Assets

Bonds

Luxembourg77,000 Intelsat Jackson Holding 8.000%

15/Feb/2024 a

84,013 78,842 0.18

400,000 Intelsat Jackson Holdings SA 5.500% 1/Aug/2023 a

249,598 272,000 0.62

333,611 350,842 0.80United States

250,000 Frontier Florida LLC 6.860% 1/Feb/2028 a 246,250 259,844 0.59

246,250 259,844 0.59

Bonds Total 579,861 610,686 1.39


money market instruments (2) 608,965 610,686 1.39



Net Assets 43,705,511 100.00

** if different from USDa Defaulted/Fair Valued by the Board of Directors.(1) All securities classified under this section are listed on a stock-exchange.(2) All securities classified under this section are unlisted.The notes to the Financial Statements form an integral part of these financial statements.




Notes to the Financial StatementsFor the six month period ended 31 December 2020

1 General

Manulife Global Fund (the “Company”) was incorporated on 7 July 1987 as an open-ended investment company and is organised as a Société d’ Investissement à Capital Variable (“SICAV”) under Part I of the Law of 17 December 2010 amended on 10 May 2016 of the Grand Duchy of Luxembourg.

The Company maintains separate accounts for each sub-fund to which the proceeds of issue of shares and the income arising from the investment of those proceeds are credited and against which expenses are allocated and charged, as appropriate, on an equitable basis. Upon redemption, shareholders are entitled only to their proportion of the net assets, as reflected in the relevant Net Asset Value, held in the account relating to the sub-fund in which their class of shares is designated. Separate Statements of Operations, Net Assets and Changes in Net Assets have accordingly been prepared for each sub-fund.

As of 31 December 2020, the Company is comprised of 28 sub-funds:

ASEAN Equity FundAsia Total Return FundAsia Pacific REIT FundAsia Value Dividend Equity FundAsian Equity FundAsian High Yield FundAsian Small Cap Equity FundChina Total Return Bond FundChina Value FundDragon Growth FundDynamic Leaders Fund*Emerging Eastern Europe FundEuropean Growth FundGlobal Equity FundGlobal Multi-Asset Diversified Income FundGlobal REIT FundGlobal Resources FundHealthcare FundIndia Equity FundJapan Equity FundLatin America Equity FundPreferred Securities Income FundSustainable Asia Bond Fund*Taiwan Equity FundU.S. Bond FundU.S. Equity FundU.S. Small Cap Equity FundU.S. Special Opportunities Fund

Please refer to the prospectus of the Company for details on the availability of respective share classes in the relevant jurisdictions.

* Refer to note 12



2 Accounting policies

2.1 Presentation of Financial Statements

The financial statements are prepared in accordance with Luxembourg regulations relating to undertakings for collective investments.

2.2 Investments

Listed securities and securities dealt in on another regulated market are valued on the basis of their last available market price at the “Valuation Point” on the period end date. The prospectus defines the “Valuation Point” as such time on each Business Day as may be determined by the Directors at which the Net Asset Value per Share of a respective Sub-Fund may be determined.

Non-listed securities and money market instruments listed or dealt on a regulated market but in respect of which the last sales price is not representative of the fair value, are valued on the basis of their probable sales prices as determined with prudence and in good faith by the Board of Directors upon the advice of the Investment Managers. Liquid assets are valued at their face value with interest accrued; in the case of short-term instruments (especially discount instruments) that have a maturity of less than 90 days, the value of the instrument based on the net acquisition cost, is gradually adjusted to the repurchase price thereof while the investment return calculated on the net acquisition cost is kept constant. In the event of material changes in market conditions, the valuation basis of the investment is adjusted to the new market yields.

In the event of it being impossible or incorrect to carry out a valuation in accordance with the above rules owing to particular circumstances, the Board of Directors is entitled to use other generally recognized valuation principles upon the advice of the Investment Managers, in order to reach a proper valuation of the Company’s total assets.

Units of underlying UCI and UCITS (target funds) are valued on the basis of their last available Net Asset Value per unit or share reduced by any applicable charges.

Realised gains and losses on sales of investments in securities are determined on the basis of average cost.

Any resulting gains or losses are recognized in the Statement of Changes in Net Assets under the heading “Net profits/(losses) realised on sale of investments and options”. The net change in unrealised appreciation/(depreciation) on investments and options is included in the Statement of Changes in Net Assets under the heading “Net change in unrealised appreciation/(depreciation) on investments and options”.

Brokerage charges are taken into account in calculating the cost of investments.

As approved by the pricing committee, the valuation of Renminbi (“RMB”) Bonds, denominated in Chinese Renminbi (“CNY”) and traded through Hong Kong or Singapore, is done at the Hong Kong delivered Chinese Renminbi (“CNH”) foreign exchange rate. All securities subject to this specific pricing process are indicated in the portfolios with a ***.



2 Accounting policies (continued)

2.3 Investment Income

Dividends are credited to income on the date upon which the relevant securities are first listed as “ex-dividend”, net of any irrecoverable withholding tax. Bond and deposit interest income is accrued on a daily basis.

2.4 Foreign currency transaction

Amounts included in the Statement of Operations in foreign currency are translated into the accounting currency of the respective sub-funds at rates of exchange prevailing on the date of the transaction. Resulting translation gains and losses are recognized in the Statement of Operations in the period in which they occur.

The financial statements and accounting records of each sub-fund are expressed in the reference currency of the relevant sub-fund. Transactions in currencies other than the sub-funds’ currency are translated into the sub-funds’ currency based on the exchange rates in effect at the date of the transaction.

Assets and liabilities denominated in other currencies are translated at the rate of exchange prevailing at the balance sheet date. Any resulting gains or losses are recognized in the Statement of Changes in Net Assets under the heading “Net profits/(losses) realised on foreign currency”.

The main exchange rates used as of 31 December 2020 are:

1 USD = 84.076005 ARS 1 USD = 1,086.295299 KRW1.293577 AUD 19.862157 MXN5.194212 BRL 4.022494 MYR1.272250 CAD 8.534972 NOK0.880700 CHF 1.383317 NZD710.732054 CLP 48.023820 PHP6.500894 CNY 3.718744 PLN21.392205 CZK 3.968506 RON6.065238 DKK 74.019245 RUB0.815162 EUR 8.169534 SEK0.732064 GBP 1.320700 SGD7.753861 HKD 29.959854 THB296.442102 HUF 7.419994 TRY14,050.864128 IDR 28.097780 TWD3.217203 ILS 23,255.813953 VND73.067368 INR 14.652444 ZAR103.049970 JPY

2.5 Futures contracts

Outstanding futures contracts are valued at the reporting date at the last available market price of the instruments. The net change in unrealised appreciation/(depreciation) on futures is included in the Statement of Changes in Net Assets under the heading “Net change in unrealised appreciation/(depreciation) on futures contracts”. All margin amounts are included in “Cash at bank”.

The realised gain/(loss) on futures contracts is disclosed in the Statement of Changes in Net Assets under the heading “Net profits/(losses) realised on futures contracts”.

2.6 Forward foreign exchange contracts

Outstanding forward foreign exchange contracts are valued at the reporting date at the last available market price of the contract. The unrealised appreciation/(depreciation) on forward foreign exchange contracts is included in the Statement of Net Assets under the headings “Unrealised appreciation on forward foreign exchange contracts” and “Unrealised depreciation on forward foreign exchange contracts”.

Any resulting gains or losses are recognized in the Statement of Changes in Net Assets under the heading “Net profits/(losses) realised on forward foreign exchange contracts”. The net change in unrealised appreciation/(depreciation) on forward foreign exchange contracts is included in the Statement of Changes in Net Assets under the heading “Net change in unrealised appreciation/(depreciation) on forward foreign exchange contracts”.



2 Accounting policies (continued)

2.7 Options

The Company may purchase and write (sell) options.

The risk associated with purchasing an option is that the Company pays a premium whether or not the option is exercised. Additionally, the Company bears the risk of loss of the premium and any change in market value should the counterparty not perform under the contract. Put and call options purchased are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options are decreased by the premiums paid.

When the sub-fund writes an option, the premium received by the sub-fund is recorded as a liability and is subsequently adjusted to the current market value of the option written. In writing covered options, the sub-fund bears market risk of an unfavourable change in the price of the security underlying the written option. Exercise of an option written by the sub-fund could result in the sub-fund selling or buying a security at a price different from the current market value. Losses from written market index call options may be unlimited.

Premiums received from writing options which expire unexercised are recorded by the sub-fund on the expiration date as realised gains from options transactions. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realised gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realised loss. If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the sub-fund has realised a gain or a loss. If a written put option is exercised, the premium reduces the cost basis of the security purchased by the sub-fund.

2.8 Swap contracts

Over-the-Counter (“OTC”) swap contracts are valued by an independent pricing service. Centrally cleared swaps listed or settled on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange.

The unrealised appreciation/(depreciation) on swap contracts is included in the Statement of Net Assets under the headings “Unrealised appreciation on swap contracts” and “Unrealised depreciation on swap contracts”.

Any resulting gains or losses are recognized in the Statement of Changes in Net Assets under the heading “Net profits/(losses) realised on swap contracts”. The net change in unrealised appreciation/(depreciation) on swap contracts is included in the Statement of Changes in Net Assets under the heading “Net change in unrealised appreciation/(depreciation) on swap contracts”.

2.9 Formation expenses

Formation expenses are amortized over five years commencing from the inception date of the relevant share classes of the relevant sub-funds.

2.10 Combined figures

The combined Statement of Net Assets, the combined Statement of Operations and the Combined Statement of Changes in Net Assets are expressed in United States Dollars.

For this purpose, the corresponding statements of each sub-fund have been translated into United States Dollars at the exchange rate prevailing at the balance sheet date.



3 Expenses

3.1 Investment management fees

The Company pays investment management fees to the Distributor, Investment Managers and Sub-Investment Managers, at the percentage specified below per annum on the net asset value of the relevant class of shares in the relevant sub-fund, accrued and calculated on each Business Day and payable monthly in arrears:

Sub-FundClass A Annual

Class AA Annual

Class AA Acc Annual

Class AA (AUD

Hedged) Annual

Class AA (CAD

Hedged) Annual

Class AA (HKD)

Annual

Class AA Inc Annual

Class AA (AUD

Hedged) Inc

Annual

Class AA (CAD

Hedged) Inc

Annual

Class AA (HKD) Inc

Annual Fee Fee Fee Fee Fee Fee Fee Fee Fee Fee

(as a % p.a. of the net asset

value of the

relevant Class)


value of the

relevant Class)


value of the

relevant Class)


value of the

relevant Class)


value of the

relevant Class)


value of the

relevant Class)


value of the

relevant Class)


value of the

relevant Class)


value of the

relevant Class)


value of the

relevant Class)

Equity Funds:ASEAN Equity Fund N/A 1.75% 1.75% N/A N/A N/A N/A N/A N/A N/AAsia Pacific REIT Fund N/A 1.50% 1.50% N/A N/A 1.50% 1.50% 1.50% 1.50% 1.50%Asia Value Dividend Equity Fund N/A 1.75% 1.75% N/A N/A N/A 1.75% N/A N/A N/AAsian Equity Fund 1.50% 1.75% 1.75% N/A N/A N/A N/A N/A N/A N/AAsian Small Cap Equity Fund N/A 1.75% 1.75% 1.75% 1.75% 1.75% N/A N/A N/A N/AChina Value Fund 1.50% 1.50% 1.50% N/A N/A N/A N/A N/A N/A N/ADragon Growth Fund 1.50% 1.75% 1.75% 1.75% N/A 1.75% N/A N/A N/A N/ADynamic Leaders Fund* N/A N/A N/A N/A N/A N/A N/A N/A N/A N/AEmerging Eastern Europe Fund 1.50% 1.75% 1.75% N/A N/A N/A N/A N/A N/A N/AEuropean Growth Fund 1.50% 1.50% 1.50% N/A N/A N/A N/A N/A N/A N/AGlobal Equity Fund 1.50% 1.75% 1.75% N/A N/A N/A N/A N/A N/A N/AGlobal REIT Fund N/A 1.50% 1.50% 1.50% 1.50% 1.50% N/A N/A N/A N/AGlobal Resources Fund N/A 1.75% 1.75% N/A N/A N/A N/A N/A N/A N/AHealthcare Fund N/A 1.75% 1.75% N/A N/A N/A N/A N/A N/A N/AIndia Equity Fund N/A 1.75% 1.75% N/A N/A N/A N/A N/A N/A N/AJapan Equity Fund 1.50% 1.75% 1.75% N/A N/A N/A N/A N/A N/A N/ALatin America Equity Fund N/A 1.75% 1.75% N/A N/A N/A N/A N/A N/A N/ATaiwan Equity Fund N/A 1.75% 1.75% N/A N/A N/A N/A N/A N/A N/AU.S. Equity Fund 1.50% 1.75% 1.75% N/A N/A 1.75% N/A N/A N/A N/AU.S. Small Cap Equity Fund N/A 1.75% 1.75% N/A N/A N/A N/A N/A N/A N/A

Bond Funds:Asia Total Return Fund N/A 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25%Asian High Yield Fund N/A N/A 1.25% N/A N/A N/A N/A N/A N/A N/AChina Total Return Bond Fund N/A 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25%Sustainable Asia Bond Fund* N/A 1.25% N/A N/A N/A N/A N/A N/A N/A N/AU.S. Bond Fund N/A 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25%U.S. Special Opportunities Fund N/A 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25%

Hybrid Funds:Global Multi-Asset Diversified

Income Fund N/A 1.50% 1.50% N/A N/A 1.50% 1.50% 1.50% 1.50% 1.50%Preferred Securities Income Fund N/A 1.10% 1.10% 1.10% 1.10% 1.10% 1.10% 1.10% 1.10% 1.10%

* Refer to note 12



3 Expenses (continued)

3.1 Investment management fees (continued)

Sub-Fund

Class AA (SGD

Hedged) Inc

Annual

Class AA (USD)

MDIST (G)

Annual

Class AA (AUD

Hedged) MDIST

(G) Annual

Class AA (CAD

Hedged) MDIST

(G) Annual

Class AA (GBP

Hedged) MDIST

(G) Annual

Class AA (HKD)

MDIST (G)

Annual

Class AA (RMB

Hedged) MDIST

(G) Annual

Class AA (SGD

Hedged) MDIST

(G) Annual

Class I Annual

Class I Acc



value of the

relevant Class)


value of the

relevant Class)


value of the

relevant Class)


value of the

relevant Class)


value of the

relevant Class)


value of the

relevant Class)


value of the

relevant Class)


value of the

relevant Class)

(as a maximum

% p.a. of the

net asset value

of the relevant

Class)

(as a maximum

% p.a. of the

net asset value

of the relevant

Class)

Equity Funds:ASEAN Equity Fund N/A N/A N/A N/A N/A N/A N/A N/A 1.00% 1.10%Asia Pacific REIT Fund N/A 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% N/A 1.10% 1.10%Asia Value Dividend Equity Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A 1.10%Asian Equity Fund N/A N/A N/A N/A N/A N/A N/A N/A 1.10% 1.10%Asian Small Cap Equity Fund N/A N/A N/A N/A N/A N/A N/A N/A 1.10% 1.10%China Value Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A 1.10%Dragon Growth Fund N/A 1.75% 1.75% N/A N/A 1.75% N/A N/A N/A 1.10%Dynamic Leaders Fund* N/A N/A N/A N/A N/A N/A N/A N/A N/A 0.75%Emerging Eastern Europe Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A 1.10%European Growth Fund N/A N/A N/A N/A N/A N/A N/A N/A 1.10% 1.10%Global Equity Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A 1.10%Global REIT Fund N/A 1.50% 1.50% N/A N/A 1.50% N/A 1.50% 1.10% 1.10%Global Resources Fund N/A N/A N/A N/A N/A N/A N/A N/A 1.10% 1.10%Healthcare Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A 1.10%India Equity Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A 1.10%Japan Equity Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A 1.10%Latin America Equity Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A 1.10%Taiwan Equity Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A 1.10%U.S. Equity Fund N/A N/A N/A N/A N/A N/A N/A N/A 1.10% 1.10%U.S. Small Cap Equity Fund N/A N/A N/A N/A N/A N/A N/A N/A 1.10% 1.10%

Bond Funds:Asia Total Return Fund N/A 1.25% 1.25% N/A N/A 1.25% N/A N/A 1.00% 1.00%Asian High Yield Fund N/A 1.25% N/A N/A N/A 1.25% N/A 1.25% N/A 1.10%China Total Return Bond Fund N/A 1.25% 1.25% 1.25% N/A 1.25% N/A N/A 1.10% 1.10%Sustainable Asia Bond Fund* N/A 1.25% 1.25% N/A N/A N/A N/A 1.25% N/A 1.10%U.S. Bond Fund N/A 1.25% N/A N/A N/A 1.25% N/A N/A 1.10% 1.10%U.S. Special Opportunities Fund N/A N/A N/A N/A N/A N/A N/A N/A 1.10% 1.10%


Income Fund 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.10% 1.10%Preferred Securities Income Fund 1.10% 1.10% 1.10% 1.10% 1.10% 1.10% 1.10% 1.10% 1.10% 1.10%

* Refer to note 12





Sub-Fund

Class I (EUR

Hedged) Acc

AnnualClass I2 Annual

Class I2 Acc

Annual

Class I2 SGD

Hedged Annual

Class I3 Annual

Class I3 Acc

Annual

Class I3 (SGD)

Acc Annual

Class I3 (SGD

Hedged) Acc

Annual

Class I3 Inc

Annual

Class I4 (EUR

Hedged) Acc

Annual Fee Fee Fee Fee Fee Fee Fee Fee Fee Fee(as a

maximum % p.a. of the

net asset value

of the relevant

Class)

(as a maximum

% p.a. of the

net asset value

of the relevant

Class)

(as a maximum

% p.a. of the

net asset value

of the relevant

Class)

(as a maximum

% p.a. of the

net asset value

of the relevant

Class)

(as a maximum

% p.a. of the

net asset value

of the relevant

Class)

(as a maximum

% p.a. of the

net asset value

of the relevant

Class)

(as a maximum

% p.a. of the

net asset value

of the relevant

Class)

(as a maximum

% p.a. of the

net asset value

of the relevant

Class)

(as a maximum

% p.a. of the

net asset value

of the relevant

Class)

(as a maximum

% p.a. of the

net asset value

of the relevant

Class)

Equity Funds:ASEAN Equity Fund N/A N/A N/A N/A ** ** N/A N/A N/A N/AAsia Pacific REIT Fund N/A N/A N/A N/A ** ** ** N/A ** N/AAsia Value Dividend Equity Fund N/A N/A N/A N/A N/A ** N/A N/A N/A N/AAsian Equity Fund N/A N/A N/A N/A ** ** N/A N/A N/A N/AAsian Small Cap Equity Fund N/A 0.90% N/A N/A ** ** N/A N/A N/A N/AChina Value Fund N/A N/A N/A N/A N/A ** N/A N/A N/A N/ADragon Growth Fund N/A N/A N/A N/A ** ** N/A N/A N/A N/ADynamic Leaders Fund* N/A N/A N/A N/A N/A ** N/A N/A ** N/AEmerging Eastern Europe Fund N/A N/A N/A N/A N/A ** N/A N/A N/A N/AEuropean Growth Fund N/A N/A N/A N/A ** ** N/A N/A N/A N/AGlobal Equity Fund N/A N/A N/A N/A ** ** N/A N/A N/A N/AGlobal REIT Fund N/A N/A N/A N/A ** ** N/A N/A ** N/AGlobal Resources Fund N/A N/A N/A N/A ** ** N/A N/A N/A N/AHealthcare Fund N/A N/A N/A N/A ** ** N/A N/A N/A N/AIndia Equity Fund N/A 0.90% 0.90% N/A ** ** N/A ** N/A N/AJapan Equity Fund N/A N/A N/A N/A ** ** N/A N/A N/A N/ALatin America Equity Fund N/A N/A N/A N/A N/A ** N/A N/A N/A N/ATaiwan Equity Fund N/A N/A N/A N/A ** ** N/A N/A N/A N/AU.S. Equity Fund N/A 0.90% N/A N/A ** ** N/A N/A N/A N/AU.S. Small Cap Equity Fund N/A N/A N/A N/A ** ** N/A N/A N/A N/A

Bond Funds:Asia Total Return Fund N/A 0.60% N/A 0.60% ** ** N/A N/A ** N/AAsian High Yield Fund N/A N/A N/A N/A N/A ** N/A N/A 1.00% N/AChina Total Return Bond Fund N/A N/A N/A N/A ** ** N/A N/A ** N/ASustainable Asia Bond Fund* 1.10% N/A N/A N/A N/A ** N/A N/A N/A 1.10%U.S. Bond Fund N/A N/A N/A N/A ** ** N/A N/A N/A N/AU.S. Special Opportunities Fund N/A 0.60% N/A N/A ** ** N/A N/A N/A N/A


Income Fund N/A N/A N/A N/A ** ** ** N/A ** N/APreferred Securities Income Fund N/A N/A N/A N/A ** ** ** N/A ** N/A

* Refer to note 12** Separately agreed with the relevant Manulife entity





Sub-Fund

Class I4 (RMB

Hedged) Inc

Annual

Class I5 Acc

Annual

Class I5 (CHF)

Acc Annual

Class I5 (CHF

Hedged) Acc

Annual

Class I5 (EUR)

Acc Annual

Class I5 (EUR

Hedged) Acc

Annual

Class I5 (GBP)

Acc Annual

Class I5 (GBP

Hedged) Acc

Annual

Class I6 Acc

Annual

Class I6 (CHF)

Acc Annual

Fee Fee Fee Fee Fee Fee Fee Fee Fee Fee(as a

maximum % p.a. of the

net asset value

of the relevant

Class)


value of the

relevant Class)


value of the

relevant Class)


value of the

relevant Class)


value of the

relevant Class)


value of the

relevant Class)


value of the

relevant Class)


value of the

relevant Class)


value of the

relevant Class)


value of the

relevant Class)

Equity Funds:ASEAN Equity Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/AAsia Pacific REIT Fund 0.90% 0.75% 0.75% N/A 0.75% N/A 0.75% N/A 0.75% 0.75%Asia Value Dividend Equity Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/AAsian Equity Fund N/A 0.75% 0.75% N/A 0.75% N/A 0.75% N/A 0.75% 0.75%Asian Small Cap Equity Fund N/A 0.90% 0.90% N/A 0.90% N/A 0.90% N/A 0.90% 0.90%China Value Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/ADragon Growth Fund N/A 0.90% 0.90% N/A 0.90% N/A 0.90% N/A 0.90% 0.90%Dynamic Leaders Fund* N/A N/A N/A N/A N/A N/A N/A N/A N/A N/AEmerging Eastern Europe Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/AEuropean Growth Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/AGlobal Equity Fund N/A 0.70% 0.70% N/A 0.70% N/A 0.70% N/A 0.70% 0.70%Global REIT Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/AGlobal Resources Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/AHealthcare Fund N/A 0.85% 0.85% N/A 0.85% N/A 0.85% N/A 0.85% 0.85%India Equity Fund N/A 0.80% 0.80% N/A 0.80% N/A 0.80% N/A 0.80% 0.80%Japan Equity Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/ALatin America Equity Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/ATaiwan Equity Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/AU.S. Equity Fund N/A 0.70% 0.70% N/A 0.70% N/A 0.70% N/A 0.70% 0.70%U.S. Small Cap Equity Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Bond Funds:Asia Total Return Fund N/A 0.55% N/A 0.55% N/A 0.55% N/A 0.55% 0.55% N/AAsian High Yield Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/AChina Total Return Bond Fund N/A 0.50% N/A 0.50% N/A 0.50% N/A 0.50% 0.50% N/ASustainable Asia Bond Fund* N/A 0.55% N/A 0.55% N/A 0.55% N/A 0.55% 0.55% N/AU.S. Bond Fund N/A 0.50% N/A 0.50% N/A 0.50% N/A 0.50% 0.50% N/AU.S. Special Opportunities Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A


Income Fund N/A 0.80% N/A 0.80% N/A 0.80% N/A 0.80% 0.80% N/APreferred Securities Income Fund N/A 0.50% N/A 0.50% N/A 0.50% N/A 0.50% 0.50% N/A

* Refer to note 12





Sub-Fund

Class I6 (CHF

Hedged) Acc

Annual

Class I6 (EUR)

Acc Annual

Class I6 (EUR

Hedged) Acc

Annual

Class I6 (GBP)

Acc Annual

Class I6 (GBP

Hedged) Acc

AnnualClass J Annual

Class P (USD) Inc

Annual

Class P (AUD

Hedged) Inc

Annual

Class P (HKD) Inc

Annual

Class P (SGD) Inc



value of the

relevant Class)


value of the

relevant Class)


value of the

relevant Class)


value of the

relevant Class)


value of the

relevant Class)


value of the

relevant Class)


value of the

relevant Class)


value of the

relevant Class)


value of the

relevant Class)


value of the

relevant Class)

Equity Funds:ASEAN Equity Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/AAsia Pacific REIT Fund N/A 0.75% N/A 0.75% N/A N/A 1.00% 1.00% 1.00% 1.00%Asia Value Dividend Equity Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/AAsian Equity Fund N/A 0.75% N/A 0.75% N/A N/A N/A N/A N/A N/AAsian Small Cap Equity Fund N/A 0.90% N/A 0.90% N/A N/A N/A N/A N/A N/AChina Value Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/ADragon Growth Fund N/A 0.90% N/A 0.90% N/A N/A N/A N/A N/A N/ADynamic Leaders Fund* N/A N/A N/A N/A N/A N/A N/A N/A N/A N/AEmerging Eastern Europe Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/AEuropean Growth Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/AGlobal Equity Fund N/A 0.70% N/A 0.70% N/A N/A N/A N/A N/A N/AGlobal REIT Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/AGlobal Resources Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/AHealthcare Fund N/A 0.85% N/A 0.85% N/A N/A N/A N/A N/A N/AIndia Equity Fund N/A 0.80% N/A 0.80% N/A N/A N/A N/A N/A N/AJapan Equity Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/ALatin America Equity Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/ATaiwan Equity Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/AU.S. Equity Fund N/A 0.70% N/A 0.70% N/A N/A N/A N/A N/A N/AU.S. Small Cap Equity Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Bond Funds:Asia Total Return Fund 0.55% N/A 0.55% N/A 0.55% 0.50% N/A N/A N/A N/AAsian High Yield Fund N/A N/A N/A N/A N/A N/A 1.00% 1.00% 1.00% N/AChina Total Return Bond Fund 0.50% N/A 0.50% N/A 0.50% N/A 1.00% N/A 1.00% N/ASustainable Asia Bond Fund* 0.55% N/A 0.55% N/A 0.55% N/A N/A N/A N/A N/AU.S. Bond Fund 0.50% N/A 0.50% N/A 0.50% N/A N/A N/A N/A N/AU.S. Special Opportunities Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A


Income Fund 0.80% N/A 0.80% N/A 0.80% N/A 1.00% 1.00% 1.00% N/APreferred Securities Income Fund 0.50% N/A 0.50% N/A 0.50% N/A N/A N/A N/A N/A

* Refer to note 12





Sub-Fund

Class P (SGD

Hedged) Inc

Annual

Class P (USD)

MDIST (G)

Annual

Class P (AUD

Hedged) MDIST

(G) Annual

Class P (HKD)

MDIST (G)

Annual

Class P (SGD)

MDIST (G)

Annual

Class P (SGD

Hedged) MDIST

(G) Annual

Class R (USD)

MDIST (G)

Annual

Class R (HKD)

MDIST (G)

AnnualClass S Annual

Class S Hedge



value of the

relevant Class)


value of the

relevant Class)


value of the

relevant Class)


value of the

relevant Class)


value of the

relevant Class)


value of the

relevant Class)


value of the

relevant Class)


value of the

relevant Class)


value of the

relevant Class)


value of the

relevant Class)

Equity Funds:ASEAN Equity Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/AAsia Pacific REIT Fund 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.50% 1.50% N/A 1.25%Asia Value Dividend Equity Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/AAsian Equity Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/AAsian Small Cap Equity Fund N/A N/A N/A N/A N/A N/A N/A N/A 1.50% N/AChina Value Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/ADragon Growth Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A 1.50%Dynamic Leaders Fund* N/A N/A N/A N/A N/A N/A N/A N/A N/A N/AEmerging Eastern Europe Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/AEuropean Growth Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/AGlobal Equity Fund N/A N/A N/A N/A N/A N/A N/A N/A 1.50% N/AGlobal REIT Fund N/A 1.00% 1.00% 1.00% N/A 1.00% N/A N/A N/A N/AGlobal Resources Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/AHealthcare Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/AIndia Equity Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A 1.50%Japan Equity Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/ALatin America Equity Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/ATaiwan Equity Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/AU.S. Equity Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/AU.S. Small Cap Equity Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Bond Funds:Asia Total Return Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A 1.25%Asian High Yield Fund 1.00% 1.00% 1.00% 1.00% N/A 1.00% N/A N/A N/A N/AChina Total Return Bond Fund 1.00% 1.00% N/A 1.00% N/A 1.00% N/A N/A N/A 1.25%Sustainable Asia Bond Fund* N/A 1.00% N/A N/A N/A 1.00% N/A N/A N/A N/AU.S. Bond Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/AU.S. Special Opportunities Fund N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A


Income Fund 1.00% 1.00% 1.00% 1.00% N/A 1.00% 1.50% 1.50% N/A N/APreferred Securities Income Fund N/A N/A N/A N/A N/A N/A 1.10% 1.10% N/A N/A

* Refer to note 12





Sub-Fund

Class S Inc

Annual

Class S MDIST

(G) Annual

Class S Hedged MDIST

(G) Annual

Class T Annual

Fee Fee Fee Fee(as a %

p.a. of the net asset

value of the

relevant Class)


value of the

relevant Class)


value of the

relevant Class)


value of the

relevant Class)

Equity Funds:ASEAN Equity Fund N/A N/A N/A N/AAsia Pacific REIT Fund 1.25% 1.25% 1.25% N/AAsia Value Dividend Equity Fund N/A N/A N/A N/AAsian Equity Fund N/A N/A N/A N/AAsian Small Cap Equity Fund N/A N/A N/A N/AChina Value Fund N/A N/A N/A N/ADragon Growth Fund N/A N/A 1.50% N/ADynamic Leaders Fund* N/A N/A N/A N/AEmerging Eastern Europe Fund N/A N/A N/A N/AEuropean Growth Fund N/A N/A N/A N/AGlobal Equity Fund N/A N/A N/A N/AGlobal REIT Fund N/A N/A N/A N/AGlobal Resources Fund N/A N/A N/A N/AHealthcare Fund N/A N/A N/A N/AIndia Equity Fund N/A N/A N/A N/AJapan Equity Fund N/A N/A N/A N/ALatin America Equity Fund N/A N/A N/A N/ATaiwan Equity Fund N/A N/A N/A N/AU.S. Equity Fund N/A N/A N/A N/AU.S. Small Cap Equity Fund N/A N/A N/A N/A

Bond Funds:Asia Total Return Fund N/A N/A N/A N/AAsian High Yield Fund N/A N/A N/A N/AChina Total Return Bond Fund N/A N/A 1.25% N/ASustainable Asia Bond Fund* N/A N/A N/A N/AU.S. Bond Fund N/A N/A N/A N/AU.S. Special Opportunities Fund N/A N/A N/A 1.25%


Income Fund N/A N/A N/A N/APreferred Securities Income Fund N/A N/A N/A N/A

* Refer to note 12




3.2 Performance Fee

In addition to the investment management fee, an annual performance fee may be paid in respect of each of the Classes A, AA and AA Inc Shares if the Net Asset Value per Share of the relevant Class at the end of any particular performance period (after taking into account the performance fee accrued but unpaid for the performance period) is in excess of the target Net Asset Value per Share for that Class (the “Excess Return”). Performance fees can be levied in respect of each of the Classes AA (AUD Hedged), AA (CAD Hedged), AA (CAD), AA (HKD), AA (AUD Hedged) Inc, AA (CAD Hedged) Inc, AA (HKD) Inc, AA (SGD Hedged) Inc, AA (USD) MDIST (G), AA (AUD Hedged) MDIST (G), AA (CAD Hedged) MDIST (G), AA (GBP Hedged) MDIST (G), AA (HKD) MDIST (G), AA (RMB Hedged) MDIST (G), AA (SGD Hedged) MDIST (G), I, I2, I3, I4, I5, I6, P, R, S and T Shares although no such performance fees are currently levied in respect of any of these Classes. In the event of the imposition of such performance fees on any of these Classes (at such fee rate and calculation methodology to be determined by the Directors in their discretion in the future), at least one month’s notice (or such shorter notice as agreed with the relevant Shareholders of each relevant Class) would be given. No performance fees are payable in respect of Class J Shares.

Performance fees in respect of the Class A, Class AA and Class AA Inc Shares may be payable, equivalent to a maximum of 20% of such Excess Return multiplied by the average number of Shares in the relevant Class in issue during the performance period by reference to which the fee is payable. Affected Shareholders will receive at least one month’s prior notice of any proposed increase of performance fee from the current rate up to the maximum rate of 20%.

The target Net Asset Value per Share in each Class for the end of any particular performance period will be either:

(a) (applicable to Asia Value Dividend Equity Fund only) the higher of (i) the target Net Asset Value per Share for the immediately preceding performance period; and (ii) the Net Asset Value per Share as at the close of business on the last Business Day in the immediately preceding performance period (after taking into account the performance fee paid for that performance period) (the “Low Tide Mark”); or

(b) (applicable to all other sub-funds) 110% (adjusted proportionally for any period of more or less than 12 months) of such Low Tide Mark (the “10% Hurdle Return”)

(the ”Target Net Asset Value per Share”).

The initial Target Net Asset Value per Share for a Class will be 110% (adjusted proportionally for any period of less than 12 months) of its initial offering price per Share.

The actual performance fee payable by, and the Target Net Asset Value Per Share applicable to, each sub-fund is set out in the table below:

Performance Fee (as a %of the Excess Return) Target Net Asset

Class A Class AA Class AA Inc Value per Share

Asia Value Dividend Equity Fund N/A 15% 15% Low Tide MarkAll other sub-funds^ N/A 8% N/A 10% Hurdle Return^ Only applicable to Latin America Equity Fund.

The performance fee payable by each sub-fund is accrued on each Business Day throughout the relevant performance period and is payable as soon as reasonably practicable after the end of such performance period. The accrual is made based on the Net Asset Value per Share on each Business Day. If it exceeds the Target Net Asset Value per Share for that Class, a performance fee accrual will be made. If not, no performance fee accrual will be made. On each Business Day, the accrual made on the previous Business Day will continue to be reversed and a new performance fee accrual will be calculated and made in accordance with the above. If the Net Asset Value per Shares on a Business Day is lower than or equal to the Target Net Asset Value per Share, all previously accrued performance fee will be reversed and no performance fee will be accrued.




3.2 Performance Fee (continued)

The standing policy of the Company is that a relevant sub-fund which is entitled to levy a performance fee does not perform equalisation or issue different series of shares for the purposes of determining the performance fee payable. The Company’s methodology for calculating the performance fee involves adjusting the issue and redemption price per share to make provision for accrual for the performance fee upon the issue and redemption of shares during the relevant performance period. The calculation of the Net Asset Value per Share will take into account unrealised appreciation as well as realised gains which may result in a performance fee being paid on unrealised gains which may subsequently never be realised.

3.3 Management Company

The Company has designated Carne Global Fund Managers (Luxembourg) S.A. to act as its Management Company pursuant to a management company services agreement dated 11 April 2019 (as may be amended from time to time) (the “Management Company Services Agreement”).

The Management Company was incorporated in Luxembourg on 17 September 2009 for an indefinite period and is subject to the provisions of Chapter 15 of the 2010 Law. It has its registered office in the Grand-Duchy of Luxembourg, at 3, rue Jean Piret, L-2350 Luxembourg (until 30 June 2020: 6B, route de Trèves, L-2633 Senningerberg). The articles of incorporation of the Management Company are filed in their consolidated, legally binding form for public reference in the Luxembourg Trade and Companies Register under no. B 148 258.

Pursuant to the Management Company Services Agreement, the Management Company is entrusted with the day-to-day management of the Company, with the responsibility to perform, directly or by way of delegation, all operational functions relating to the investment management and the administration of the Company and the marketing and distribution of the Shares.

In agreement with the Company, the Management Company has decided to delegate several of its functions as is further described in the Prospectus.

The Management Company shall adopt procedures aiming to control that the execution of the mandates given to the different agents are carried out in accordance with the conditions agreed and in compliance with the rules and regulations in force.

In consideration for its services, the Management Company is entitled to receive from the Company a management company fee of a maximum of 0.015% per annum per sub-fund.

These fees are payable monthly and are calculated on the average net assets of each sub-fund for the relevant month.

3.4 Administration and Depositary fees

Citibank Europe plc, Luxembourg Branch receives fees as Administrator and Depositary at annual rates as follows:

Administration fee:

The Company pays the fees of the Administrator, Registrar, Listing Agent, Paying Agent and Transfer Agent at commercial rates agreed between these parties and the Company, in addition to reasonable out-of-pocket expenses properly incurred in the course of carrying out their duties. The maximum fee paid for these services by the Company will be 0.5% p.a. of its Net Asset Value (excluding reasonable out-of-pocket expenses).

The actual fees charged are 4 basis points p.a. on Net Asset Value per sub-fund below first USD 250 million and 3 basis points p.a. on Net Asset Value per sub-fund above USD 250 million, with a minimum of USD 10,000 per sub-fund p.a.




3.4 Administration and Depositary fees (continued)

Depositary fee:

The fee paid by the Company for this service varies depending upon the markets in which the assets of the Company are invested and custodied. It typically ranges from 0.003% p.a. of the value of the assets of a sub-fund of the Company which are held in developed markets to 0.40% p.a. of the value of the assets of such sub-funds which are held in emerging markets (excluding transaction charges and reasonable disbursements and out-of-pocket expenses). Settlement charges are on a per transaction basis, which vary depending on the countries of which the securities are settled. It ranges from USD 6 per transaction for developed markets to USD 130 per transaction in emerging markets.

Reasonable expenses properly incurred by the Depositary or by other banks and financial institutions to which safekeeping of assets of the Company is entrusted are additional to the Depositary’s fee and will be borne by the Company. The Depositary’s fee normally includes the custody fees and certain transaction charges of the other banks and financial institutions.

3.5 Initial, Redemption and Switching Charges

Although an initial charge of up to 6% may be deducted from any subscription monies received from investors, no such initial charge is presently levied on Shareholders in respect of Class A, Classes I, Classes I3, Classes I4, Classes I5, Classes I6 and Class J Shares. An initial charge of up to 3.5% of the subscription amount is levied in respect of all applications for Class S Hedged Shares. An initial charge of up to 5% of the subscription amount is levied in respect of all applications for Classes AA, Classes I2, Classes P, Classes R, Classes S (with the exception of the class S Hedged) and Class T Shares.

Investors are charged a redemption charge of a maximum of 1% of the Redemption Price if they redeem their Class A Shares within the first two years of subscribing for the relevant Shares. However, the Company may (by giving not less than three months’ notice to the Shareholders and the Depositary) increase or (without having to give any prior notice) decrease or waive the redemption charge. In any case, the redemption charge does not exceed a maximum of 1% of the Redemption Price. No redemption charge is presently levied in respect of Classes AA, Classes I, Classes I2, Classes I3, Classes I4, Classes I5, Classes I6, Classes J, Classes P, Classes S and Class T shares.

A switching charge of up to 1% of the total Redemption Price payable on the Shares being redeemed shall apply in respect of all conversion requests received by the Company or the Distributor unless otherwise agreed with the relevant Shareholders.

The Distributor is entitled to retain initial, switching and redemption charges (if any) payable by Shareholders as described in the latest prospectus.




3.6 Brokerage

No transactions were entered into by the Company that were effected through the Manulife Group and no commissions were paid to the Manulife Group for any transactions.

3.7 Cash commissions

All cash commissions received by the Investment Managers, Sub-Investment Managers or investment advisers or any of their associated persons arising out of the sale and purchase of investments for the Company are credited to the account of the relevant sub-fund managed or advised by such Investment Manager, Sub-Investment Manager or investment advisers.

The prospectus allows the Investment Managers, Sub-Investment Managers or investment advisers or any of their associated persons to receive and retain goods and services and other soft dollar benefits which are of demonstrable benefit to the Shareholders as may be permitted under relevant regulations from brokers and other persons through whom such investment transactions are carried out. These goods and services include, but are not limited to, qualifying research services, computer hardware and software obtained to enhance investment decision making and appropriate order execution services.

In all cases where such goods and services and other soft dollar benefits are retained by any of the Investment Managers, Sub-Investment Managers or investment advisers or any of their associated persons, such person shall ensure that transaction execution is consistent with best execution standards, that any brokerage fee borne by the relevant sub-fund does not exceed customary institutional full service brokerage rates for such transactions, and that the availability of soft dollar benefits is not the sole or primary purpose for transacting with such broker or dealer.

No soft commission arrangements were entered into in respect of the Company’s transactions with brokers, except that of Manulife Investment Management (US) LLC.

“Investment Manager(s)/Sub-Investment Manager(s)/Investment Adviser(s)” Name of the sub-funds

Soft commission amount

For the six month period ended

31 December 2020USD

Manulife Investment Healthcare Fund 20 Management (US) LLC U.S. Equity Fund 2,372

U.S. Small Cap Equity Fund 4,271




3.8 Transaction costs

For the period from 1 July 2020 to 31 December 2020, the Company incurred transaction costs related to purchase or sale of financial instruments (securities and derivatives) as follows. These charges consist of broker fees and stamp duty tax and are included in the cost of investments.

Sub-FundTransaction

costs in USDFor the

period ended 31 December 2020

Equity Funds:ASEAN Equity Fund 10,978Asia Pacific REIT Fund 215,917Asia Value Dividend Equity Fund 63,613Asian Equity Fund 230,374Asian Small Cap Equity Fund 425,253China Value Fund 865,779Dragon Growth Fund 442,314Dynamic Leaders Fund* 4,210Emerging Eastern Europe Fund 14,651European Growth Fund 151,428Global Equity Fund 46,898Global REIT Fund 5,885Global Resources Fund 2,603Healthcare Fund 50,229India Equity Fund 646,653Japan Equity Fund 2,937Latin America Equity Fund 8,682Taiwan Equity Fund 187,465U.S. Equity Fund 41,022U.S. Small Cap Equity Fund 29,201

Bond Funds:Asia Total Return Fund 8,310Asian High Yield Fund –China Total Return Bond Fund –Sustainable Asia Bond Fund* 1,909U.S. Bond Fund –U.S. Special Opportunities Fund 110

Hybrid Funds:Global Multi-Asset Diversified Income Fund 76,502Preferred Securities Income Fund 3,756

* Refer to note 12



4 Taxation

4.1 General

The Company is not liable for any Luxembourg tax on profits or income, and dividends paid by the Company are not liable to any withholding tax, subject to certain conditions. The Company is liable in Luxembourg to subscription tax (taxe d’abonnement) of 0.05% per annum in respect of the aggregate Net Asset Value at the end of the relevant quarter, calculated and payable quarterly in respect of the following Classes: Class A, Classes AA, Classes I2, Classes I6, Classes P, Classes R, Classes S as well as Class T Shares of all the sub-funds, such tax being payable quarterly on the basis of the value of the net assets of the Company at the end of the relevant calendar quarter. The Company is liable in Luxembourg to a tax of 0.01% per annum in respect of the aggregate Net Asset Value of the Classes I, Classes I3, Classes I4, Classes I5 and Class J Shares of all the sub-funds, such tax being payable quarterly on the basis of the value of the net assets of the Company at the end of the relevant calendar quarter. No stamp duty or other tax is payable in Luxembourg on the issue of Shares. No Luxembourg capital gains tax is payable on the realised or unrealised capital appreciation of the assets of the Company.

Foreign income, capital gains, dividends and interest may be subject to withholding taxes or other taxes imposed by the country of origin concerned and such taxes may not be recoverable by the Company or its Shareholders. Where there is a reasonable likelihood that a tax liability will be incurred, such tax payable is provided for in the Net Asset Value.

In order to minimize the impact of local taxation on investment returns, the Company makes claims, where practicable, under the domestic law of the country of origin concerned and the relevant double tax treaties. These claims are made on the Company’s understanding of the validity of such claims, given the information available to the Company from its depositaries, external advisers and other sources, as to the interpretation and application of the relevant legal provisions by the tax authorities in the country of origin concerned. These claims are included in the Statement of Net Assets under the heading “Tax reclaim” and in the Statement of Operations under the heading “Taxation”, which shows the net position of tax expenses and income from claims.

4.2 India

Section 2(14)(b) of the Income-tax Act, 1961 (“the Act”) of India Income Tax provides any security held by foreign institutional investor which has invested in such security in accordance with the regulations made under the Securities and Exchange Board of India Act, 1992 would be treated as capital asset. Hence, any income arising from transfer of such security by a Foreign Portfolio Investor (FPI) would be in the nature of capital gain and subject to capital gain tax.

Indian capital gain tax payable is included in the Statement of Net Assets under the heading “Other liabilities”. The net position of capital gain tax is included in the Statement of Operations under the heading “Taxation”.

For the period from 1 July 2020 to 31 December 2020, the total capital gain tax expenses for the following sub funds are as follows:

Capital GainTax in USD

Sub-Fund

For thesix month period

ended 31 December 2020

Asia Total Return Fund 6,353Asian Equity Fund 616,171Asian Small Cap Equity Fund 437,554India Equity Fund 8,363,643



5 Dividend policy

The Company’s policy is to distribute annually at least 85% of the available net investment income of each sub-fund to its Shareholders (or “United Kingdom equivalent profits” computed according to United Kingdom corporation tax principles, if higher), except in respect of Accumulating Classes. However, if the amount of dividend payable to a Shareholder in respect of each Class is less than USD 50.00, the dividend will, instead, be reinvested for the account of such Shareholder in Shares of that Class, notwithstanding any earlier indication of the Shareholder to receive cash dividends.

Any such Shares will be issued on the date of payment of dividends. Interim dividends may also be declared in respect of any sub-fund at the discretion of the Directors, subject to the provision of the Articles.

The Directors may, at their discretion, pay dividends out of income, realized capital gains and/or capital, of certain sub-funds in respect of Shares of certain Classes of such sub-funds. For the dividend policy of respective distributing share classes, please refer to Section 10 of the Prospectus.

The following dividends were distributed to Shareholders during the period from 1 July 2020 to 31 December 2020:

For the six month period ended 31 December 2020

Name of Sub-Funds Class CurrencyDividend

Per ShareDistribution

Date

Annual DividendASEAN Equity Fund I USD 0.00890300 30-Oct-20ASEAN Equity Fund I3 USD 0.00706800 30-Oct-20Asia Total Return Fund AA USD 0.10516500 30-Oct-20Asia Total Return Fund AA (HKD) HKD 0.20639200 30-Oct-20Asia Total Return Fund I USD 0.04240100 30-Oct-20Asia Total Return Fund I3 USD 0.06370300 30-Oct-20Asia Pacific REIT Fund AA USD 0.02204000 30-Oct-20Asia Pacific REIT Fund AA (HKD) HKD 0.18370000 30-Oct-20Asia Pacific REIT Fund I USD 0.05558700 30-Oct-20Asia Pacific REIT Fund I3 USD 0.08078200 30-Oct-20Asia Value Dividend Equity Fund AA USD 0.02004800 30-Oct-20Asian Equity Fund A USD 0.01229900 30-Oct-20Asian Equity Fund AA USD 0.00074600 30-Oct-20Asian Equity Fund I USD 0.01041000 30-Oct-20Asian Equity Fund I3 USD 0.01105500 30-Oct-20Asian Small Cap Equity Fund AA USD 0.01314600 30-Oct-20Asian Small Cap Equity Fund I USD 0.03248800 30-Oct-20Asian Small Cap Equity Fund I3 USD 0.00000400 30-Oct-20China Total Return Bond Fund AA USD 0.03046400 30-Oct-20China Total Return Bond Fund AA (AUD Hedged) AUD 0.02850300 30-Oct-20China Total Return Bond Fund AA (HKD) HKD 0.30249300 30-Oct-20China Total Return Bond Fund I USD 0.02448300 30-Oct-20China Total Return Bond Fund I3 USD 0.01598500 30-Oct-20China Value Fund A USD 0.01156900 30-Oct-20China Value Fund AA USD 0.00370300 30-Oct-20Dragon Growth Fund I3 USD 0.00207300 30-Oct-20Emerging Eastern Europe Fund A USD 0.09271700 30-Oct-20Emerging Eastern Europe Fund AA USD 0.05095000 30-Oct-20European Growth Fund A USD 0.02875100 30-Oct-20European Growth Fund AA USD 0.00295800 30-Oct-20European Growth Fund I USD 0.00744800 30-Oct-20European Growth Fund I3 USD 0.01745800 30-Oct-20Global Equity Fund A USD 0.01594500 30-Oct-20Global Equity Fund AA USD 0.00026500 30-Oct-20Global Equity Fund S SGD 0.00154200 30-Oct-20Global Multi-Asset Diversified Income Fund AA USD 0.02780500 30-Oct-20Global Multi-Asset Diversified Income Fund AA (HKD) HKD 0.17231500 30-Oct-20






Date

Global Multi-Asset Diversified Income Fund I USD 0.02048400 30-Oct-20Global Multi-Asset Diversified Income Fund I3 USD 0.02995000 30-Oct-20Global REIT Fund AA USD 0.02895400 30-Oct-20Global REIT Fund AA (HKD) HKD 0.04848400 30-Oct-20Global REIT Fund I3 USD 0.01154400 30-Oct-20Global Resources Fund AA USD 0.00227000 30-Oct-20India Equity Fund AA USD 0.00655100 30-Oct-20Japan Equity Fund A USD 0.01446300 30-Oct-20Japan Equity Fund AA USD 0.01211600 30-Oct-20Japan Equity Fund I3 USD 0.01855200 30-Oct-20Latin America Equity Fund AA USD 0.00107600 30-Oct-20Preferred Securities Income Fund AA USD 0.03241500 30-Oct-20Preferred Securities Income Fund AA (AUD Hedged) AUD 0.02006000 30-Oct-20Preferred Securities Income Fund AA (HKD) HKD 0.50048400 30-Oct-20Preferred Securities Income Fund I USD 0.08352100 30-Oct-20Preferred Securities Income Fund I3 USD 0.10513700 30-Oct-20Taiwan Equity Fund AA USD 0.01009900 30-Oct-20U.S. Bond Fund AA USD 0.03298000 30-Oct-20U.S. Bond Fund AA (HKD) HKD 0.44794600 30-Oct-20U.S. Bond Fund I3 USD 0.02640400 30-Oct-20U.S. Equity Fund I3 USD 0.01011700 30-Oct-20U.S. Special Opportunities Fund AA USD 0.03516200 30-Oct-20

Monthly DividendAsia Total Return Fund AA Inc USD 0.00259600 8-Jul-20Asia Total Return Fund AA (HKD) Inc HKD 0.02747900 8-Jul-20Asia Total Return Fund AA (USD) MDIST (G) USD 0.00420000 8-Jul-20Asia Total Return Fund AA (AUD Hedged) MDIST (G) AUD 0.00399400 8-Jul-20Asia Total Return Fund AA (HKD) MDIST (G) HKD 0.04200000 8-Jul-20Asia Total Return Fund I3 Inc USD 0.00388600 8-Jul-20Asia Total Return Fund AA Inc USD 0.00259600 10-Aug-20Asia Total Return Fund AA (HKD) Inc HKD 0.02747900 10-Aug-20Asia Total Return Fund AA (USD) MDIST (G) USD 0.00420000 10-Aug-20Asia Total Return Fund AA (AUD Hedged) MDIST (G) AUD 0.00393100 10-Aug-20Asia Total Return Fund AA (HKD) MDIST (G) HKD 0.04200000 10-Aug-20Asia Total Return Fund I3 Inc USD 0.00388600 10-Aug-20Asia Total Return Fund AA Inc USD 0.00259600 8-Sep-20Asia Total Return Fund AA (HKD) Inc HKD 0.02747900 8-Sep-20Asia Total Return Fund AA (USD) MDIST (G) USD 0.00420000 8-Sep-20Asia Total Return Fund AA (AUD Hedged) MDIST (G) AUD 0.00390300 8-Sep-20Asia Total Return Fund AA (HKD) MDIST (G) HKD 0.04200000 8-Sep-20Asia Total Return Fund I3 Inc USD 0.00388600 8-Sep-20Asia Total Return Fund AA Inc USD 0.00259600 8-Oct-20Asia Total Return Fund AA (HKD) Inc HKD 0.02747900 8-Oct-20Asia Total Return Fund AA (USD) MDIST (G) USD 0.00420000 8-Oct-20Asia Total Return Fund AA (AUD Hedged) MDIST (G) AUD 0.00398800 8-Oct-20Asia Total Return Fund AA (HKD) MDIST (G) HKD 0.04200000 8-Oct-20Asia Total Return Fund I3 Inc USD 0.00388600 8-Oct-20Asia Total Return Fund AA Inc USD 0.00259600 9-Nov-20Asia Total Return Fund AA (HKD) Inc HKD 0.02747900 9-Nov-20Asia Total Return Fund AA (USD) MDIST (G) USD 0.00420000 9-Nov-20Asia Total Return Fund AA (AUD Hedged) MDIST (G) AUD 0.00394700 9-Nov-20Asia Total Return Fund AA (HKD) MDIST (G) HKD 0.04200000 9-Nov-20Asia Total Return Fund I3 Inc USD 0.00388600 9-Nov-20Asia Total Return Fund AA Inc USD 0.00259600 8-Dec-20Asia Total Return Fund AA (HKD) Inc HKD 0.02747900 8-Dec-20

5 Dividend policy (continued)






Date

Asia Total Return Fund AA (USD) MDIST (G) USD 0.00420000 8-Dec-20Asia Total Return Fund AA (AUD Hedged) MDIST (G) AUD 0.00382100 8-Dec-20Asia Total Return Fund AA (HKD) MDIST (G) HKD 0.04200000 8-Dec-20Asia Total Return Fund I3 Inc USD 0.00388600 8-Dec-20Asia Pacific REIT Fund AA Inc USD 0.00280000 8-Jul-20Asia Pacific REIT Fund AA (HKD) Inc HKD 0.02800000 8-Jul-20Asia Pacific REIT Fund AA (USD) MDIST (G) USD 0.00410000 8-Jul-20Asia Pacific REIT Fund AA (AUD Hedged) MDIST (G) AUD 0.00389600 8-Jul-20Asia Pacific REIT Fund AA (GBP Hedged) MDIST (G) GBP 0.00416000 8-Jul-20Asia Pacific REIT Fund AA (HKD) MDIST (G) HKD 0.04100000 8-Jul-20Asia Pacific REIT Fund AA (RMB Hedged) MDIST (G) CNY 0.05808600 8-Jul-20Asia Pacific REIT Fund I3 Inc USD 0.00400000 8-Jul-20Asia Pacific REIT Fund P (USD) Inc USD 0.00320000 8-Jul-20Asia Pacific REIT Fund P (AUD Hedged) Inc AUD 0.00298600 8-Jul-20Asia Pacific REIT Fund P (USD) MDIST (G) USD 0.00410000 8-Jul-20Asia Pacific REIT Fund P (AUD Hedged) MDIST (G) AUD 0.00389500 8-Jul-20Asia Pacific REIT Fund P (SGD) MDIST (G) SGD 0.00410000 8-Jul-20Asia Pacific REIT Fund P (SGD Hedged) MDIST (G) SGD 0.00389600 8-Jul-20Asia Pacific REIT Fund R (USD) MDIST (G) USD 0.00585000 8-Jul-20Asia Pacific REIT Fund R (HKD) MDIST (G) HKD 0.05858000 8-Jul-20Asia Pacific REIT Fund S Hedged SGD 0.00287900 8-Jul-20Asia Pacific REIT Fund S MDIST (G) SGD 0.00410000 8-Jul-20Asia Pacific REIT Fund S Hedged MDIST (G) SGD 0.00392300 8-Jul-20Asia Pacific REIT Fund AA Inc USD 0.00280000 10-Aug-20Asia Pacific REIT Fund AA (HKD) Inc HKD 0.02800000 10-Aug-20Asia Pacific REIT Fund AA (USD) MDIST (G) USD 0.00410000 10-Aug-20Asia Pacific REIT Fund AA (AUD Hedged) MDIST (G) AUD 0.00386100 10-Aug-20Asia Pacific REIT Fund AA (GBP Hedged) MDIST (G) GBP 0.00432300 10-Aug-20Asia Pacific REIT Fund AA (HKD) MDIST (G) HKD 0.04100000 10-Aug-20Asia Pacific REIT Fund AA (RMB Hedged) MDIST (G) CNY 0.04878700 10-Aug-20Asia Pacific REIT Fund I3 Inc USD 0.00400000 10-Aug-20Asia Pacific REIT Fund P (USD) Inc USD 0.00320000 10-Aug-20Asia Pacific REIT Fund P (AUD Hedged) Inc AUD 0.00293800 10-Aug-20Asia Pacific REIT Fund P (USD) MDIST (G) USD 0.00410000 10-Aug-20Asia Pacific REIT Fund P (AUD Hedged) MDIST (G) AUD 0.00384200 10-Aug-20Asia Pacific REIT Fund P (SGD) MDIST (G) SGD 0.00410000 10-Aug-20Asia Pacific REIT Fund P (SGD Hedged) MDIST (G) SGD 0.00386000 10-Aug-20Asia Pacific REIT Fund R (USD) MDIST (G) USD 0.00585000 10-Aug-20Asia Pacific REIT Fund R (HKD) MDIST (G) HKD 0.05858000 10-Aug-20Asia Pacific REIT Fund S Hedged SGD 0.00282200 10-Aug-20Asia Pacific REIT Fund S MDIST (G) SGD 0.00410000 10-Aug-20Asia Pacific REIT Fund S Hedged MDIST (G) SGD 0.00389600 10-Aug-20Asia Pacific REIT Fund AA Inc USD 0.00280000 8-Sep-20Asia Pacific REIT Fund AA (HKD) Inc HKD 0.02800000 8-Sep-20Asia Pacific REIT Fund AA (USD) MDIST (G) USD 0.00410000 8-Sep-20Asia Pacific REIT Fund AA (AUD Hedged) MDIST (G) AUD 0.00384400 8-Sep-20Asia Pacific REIT Fund AA (GBP Hedged) MDIST (G) GBP 0.00420400 8-Sep-20Asia Pacific REIT Fund AA (HKD) MDIST (G) HKD 0.04100000 8-Sep-20Asia Pacific REIT Fund AA (RMB Hedged) MDIST (G) CNY 0.05632300 8-Sep-20Asia Pacific REIT Fund I3 Inc USD 0.00400000 8-Sep-20Asia Pacific REIT Fund P (USD) Inc USD 0.00320000 8-Sep-20Asia Pacific REIT Fund P (AUD Hedged) Inc AUD 0.00292200 8-Sep-20Asia Pacific REIT Fund P (USD) MDIST (G) USD 0.00410000 8-Sep-20Asia Pacific REIT Fund P (AUD Hedged) MDIST (G) AUD 0.00383600 8-Sep-20Asia Pacific REIT Fund P (SGD) MDIST (G) SGD 0.00410000 8-Sep-20Asia Pacific REIT Fund P (SGD Hedged) MDIST (G) SGD 0.00368100 8-Sep-20







Date

Asia Pacific REIT Fund R (USD) MDIST (G) USD 0.00585000 8-Sep-20Asia Pacific REIT Fund R (HKD) MDIST (G) HKD 0.05858000 8-Sep-20Asia Pacific REIT Fund S Hedged SGD 0.00260300 8-Sep-20Asia Pacific REIT Fund S MDIST (G) SGD 0.00410000 8-Sep-20Asia Pacific REIT Fund S Hedged MDIST (G) SGD 0.00377700 8-Sep-20Asia Pacific REIT Fund AA Inc USD 0.00257900 8-Oct-20Asia Pacific REIT Fund AA (HKD) Inc HKD 0.02545400 8-Oct-20Asia Pacific REIT Fund AA (USD) MDIST (G) USD 0.00390800 8-Oct-20Asia Pacific REIT Fund AA (AUD Hedged) MDIST (G) AUD 0.00354800 8-Oct-20Asia Pacific REIT Fund AA (GBP Hedged) MDIST (G) GBP 0.00494900 8-Oct-20Asia Pacific REIT Fund AA (HKD) MDIST (G) HKD 0.03856100 8-Oct-20Asia Pacific REIT Fund AA (RMB Hedged) MDIST (G) CNY 0.06164300 8-Oct-20Asia Pacific REIT Fund I3 Inc USD 0.00378700 8-Oct-20Asia Pacific REIT Fund P (USD) Inc USD 0.00301400 8-Oct-20Asia Pacific REIT Fund P (AUD Hedged) Inc AUD 0.00268600 8-Oct-20Asia Pacific REIT Fund P (USD) MDIST (G) USD 0.00394800 8-Oct-20Asia Pacific REIT Fund P (AUD Hedged) MDIST (G) AUD 0.00357700 8-Oct-20Asia Pacific REIT Fund P (SGD) MDIST (G) SGD 0.00363000 8-Oct-20Asia Pacific REIT Fund P (SGD Hedged) MDIST (G) SGD 0.00365500 8-Oct-20Asia Pacific REIT Fund R (USD) MDIST (G) USD 0.00550000 8-Oct-20Asia Pacific REIT Fund R (HKD) MDIST (G) HKD 0.05491200 8-Oct-20Asia Pacific REIT Fund S Hedged SGD 0.00192800 8-Oct-20Asia Pacific REIT Fund S MDIST (G) SGD 0.00361900 8-Oct-20Asia Pacific REIT Fund S Hedged MDIST (G) SGD 0.00339000 8-Oct-20Asia Pacific REIT Fund AA Inc USD 0.00257900 9-Nov-20Asia Pacific REIT Fund AA (HKD) Inc HKD 0.02545400 9-Nov-20Asia Pacific REIT Fund AA (USD) MDIST (G) USD 0.00390800 9-Nov-20Asia Pacific REIT Fund AA (AUD Hedged) MDIST (G) AUD 0.00353000 9-Nov-20Asia Pacific REIT Fund AA (GBP Hedged) MDIST (G) GBP 0.00498800 9-Nov-20Asia Pacific REIT Fund AA (HKD) MDIST (G) HKD 0.03856100 9-Nov-20Asia Pacific REIT Fund AA (RMB Hedged) MDIST (G) CNY 0.06577000 9-Nov-20Asia Pacific REIT Fund I3 Inc USD 0.00378700 9-Nov-20Asia Pacific REIT Fund P (USD) Inc USD 0.00301400 9-Nov-20Asia Pacific REIT Fund P (AUD Hedged) Inc AUD 0.00269400 9-Nov-20Asia Pacific REIT Fund P (USD) MDIST (G) USD 0.00394800 9-Nov-20Asia Pacific REIT Fund P (AUD Hedged) MDIST (G) AUD 0.00358800 9-Nov-20Asia Pacific REIT Fund P (SGD) MDIST (G) SGD 0.00363000 9-Nov-20Asia Pacific REIT Fund P (SGD Hedged) MDIST (G) SGD 0.00369300 9-Nov-20Asia Pacific REIT Fund R (USD) MDIST (G) USD 0.00550000 9-Nov-20Asia Pacific REIT Fund R (HKD) MDIST (G) HKD 0.05491200 9-Nov-20Asia Pacific REIT Fund S Hedged SGD 0.00192100 9-Nov-20Asia Pacific REIT Fund S MDIST (G) SGD 0.00361900 9-Nov-20Asia Pacific REIT Fund S Hedged MDIST (G) SGD 0.00338500 9-Nov-20Asia Pacific REIT Fund AA Inc USD 0.00257900 8-Dec-20Asia Pacific REIT Fund AA (HKD) Inc HKD 0.02545400 8-Dec-20Asia Pacific REIT Fund AA (USD) MDIST (G) USD 0.00390800 8-Dec-20Asia Pacific REIT Fund AA (AUD Hedged) MDIST (G) AUD 0.00350400 8-Dec-20Asia Pacific REIT Fund AA (GBP Hedged) MDIST (G) GBP 0.00498300 8-Dec-20Asia Pacific REIT Fund AA (HKD) MDIST (G) HKD 0.03856100 8-Dec-20Asia Pacific REIT Fund AA (RMB Hedged) MDIST (G) CNY 0.06767500 8-Dec-20Asia Pacific REIT Fund I3 Inc USD 0.00378700 8-Dec-20Asia Pacific REIT Fund P (USD) Inc USD 0.00301400 8-Dec-20Asia Pacific REIT Fund P (AUD Hedged) Inc AUD 0.00264600 8-Dec-20Asia Pacific REIT Fund P (USD) MDIST (G) USD 0.00394800 8-Dec-20Asia Pacific REIT Fund P (AUD Hedged) MDIST (G) AUD 0.00353800 8-Dec-20Asia Pacific REIT Fund P (HKD) MDIST (G) HKD 0.04074100 8-Dec-20







Date

Asia Pacific REIT Fund P (SGD) MDIST (G) SGD 0.00363000 8-Dec-20Asia Pacific REIT Fund P (SGD Hedged) MDIST (G) SGD 0.00368400 8-Dec-20Asia Pacific REIT Fund R (USD) MDIST (G) USD 0.00550000 8-Dec-20Asia Pacific REIT Fund R (HKD) MDIST (G) HKD 0.05491200 8-Dec-20Asia Pacific REIT Fund S Hedged SGD 0.00190200 8-Dec-20Asia Pacific REIT Fund S MDIST (G) SGD 0.00361900 8-Dec-20Asia Pacific REIT Fund S Hedged MDIST (G) SGD 0.00340200 8-Dec-20Asia Value Dividend Equity Fund AA Inc USD 0.00310000 10-Aug-20Asia Value Dividend Equity Fund AA Inc USD 0.00310000 8-Sep-20Asia Value Dividend Equity Fund AA Inc USD 0.00310000 8-Oct-20Asia Value Dividend Equity Fund AA Inc USD 0.00310000 9-Nov-20Asia Value Dividend Equity Fund AA Inc USD 0.00310000 8-Dec-20Asian High Yield Fund I3 Inc USD 0.00265900 8-Jul-20Asian High Yield Fund P (USD) Inc USD 0.00261600 8-Jul-20Asian High Yield Fund P (AUD Hedged) Inc AUD 0.00258900 8-Jul-20Asian High Yield Fund P (HKD) Inc HKD 0.02602500 8-Jul-20Asian High Yield Fund P (SGD Hedged) Inc SGD 0.00260600 8-Jul-20Asian High Yield Fund P (USD) MDIST (G) USD 0.00489700 8-Jul-20Asian High Yield Fund P (AUD Hedged) MDIST (G) AUD 0.00484900 8-Jul-20Asian High Yield Fund P (HKD) MDIST (G) HKD 0.04868700 8-Jul-20Asian High Yield Fund P (SGD Hedged) MDIST (G) SGD 0.00487600 8-Jul-20Asian High Yield Fund I3 Inc USD 0.00342000 10-Aug-20Asian High Yield Fund P (USD) Inc USD 0.00337000 10-Aug-20Asian High Yield Fund P (AUD Hedged) Inc AUD 0.00325000 10-Aug-20Asian High Yield Fund P (HKD) Inc HKD 0.03350400 10-Aug-20Asian High Yield Fund P (SGD Hedged) Inc SGD 0.00331200 10-Aug-20Asian High Yield Fund P (USD) MDIST (G) USD 0.00474100 10-Aug-20Asian High Yield Fund P (AUD Hedged) MDIST (G) AUD 0.00457500 10-Aug-20Asian High Yield Fund P (HKD) MDIST (G) HKD 0.04713600 10-Aug-20Asian High Yield Fund P (SGD Hedged) MDIST (G) SGD 0.00466000 10-Aug-20Asian High Yield Fund I3 Inc USD 0.00349600 8-Sep-20Asian High Yield Fund P (USD) Inc USD 0.00345200 8-Sep-20Asian High Yield Fund P (AUD Hedged) Inc AUD 0.00332700 8-Sep-20Asian High Yield Fund P (HKD) Inc HKD 0.03431700 8-Sep-20Asian High Yield Fund P (SGD Hedged) Inc SGD 0.00340700 8-Sep-20Asian High Yield Fund P (USD) MDIST (G) USD 0.00483800 8-Sep-20Asian High Yield Fund P (AUD Hedged) MDIST (G) AUD 0.00466400 8-Sep-20Asian High Yield Fund P (HKD) MDIST (G) HKD 0.04809600 8-Sep-20Asian High Yield Fund P (SGD Hedged) MDIST (G) SGD 0.00477500 8-Sep-20Asian High Yield Fund I3 Inc USD 0.00353800 8-Oct-20Asian High Yield Fund P (USD) Inc USD 0.00350600 8-Oct-20Asian High Yield Fund P (AUD Hedged) Inc AUD 0.00350300 8-Oct-20Asian High Yield Fund P (HKD) Inc HKD 0.03486000 8-Oct-20Asian High Yield Fund P (SGD Hedged) Inc SGD 0.00348900 8-Oct-20Asian High Yield Fund P (USD) MDIST (G) USD 0.00488100 8-Oct-20Asian High Yield Fund P (AUD Hedged) MDIST (G) AUD 0.00478700 8-Oct-20Asian High Yield Fund P (HKD) MDIST (G) HKD 0.04851500 8-Oct-20Asian High Yield Fund P (SGD Hedged) MDIST (G) SGD 0.00485500 8-Oct-20Asian High Yield Fund I3 Inc USD 0.00324300 9-Nov-20Asian High Yield Fund P (USD) Inc USD 0.00319600 9-Nov-20Asian High Yield Fund P (AUD Hedged) Inc AUD 0.00319500 9-Nov-20Asian High Yield Fund P (HKD) Inc HKD 0.03179000 9-Nov-20Asian High Yield Fund P (SGD Hedged) Inc SGD 0.00319000 9-Nov-20Asian High Yield Fund P (USD) MDIST (G) USD 0.00458800 9-Nov-20Asian High Yield Fund P (AUD Hedged) MDIST (G) AUD 0.00458800 9-Nov-20Asian High Yield Fund P (HKD) MDIST (G) HKD 0.04563000 9-Nov-20







Date

Asian High Yield Fund P (SGD Hedged) MDIST (G) SGD 0.00457500 9-Nov-20Asian High Yield Fund I3 Inc USD 0.00413800 8-Dec-20Asian High Yield Fund P (USD) Inc USD 0.00335600 8-Dec-20Asian High Yield Fund P (AUD Hedged) Inc AUD 0.00301300 8-Dec-20Asian High Yield Fund P (HKD) Inc HKD 0.03336300 8-Dec-20Asian High Yield Fund P (SGD Hedged) Inc SGD 0.00312000 8-Dec-20Asian High Yield Fund P (USD) MDIST (G) USD 0.00427500 8-Dec-20Asian High Yield Fund P (AUD Hedged) MDIST (G) AUD 0.00392600 8-Dec-20Asian High Yield Fund P (HKD) MDIST (G) HKD 0.04249800 8-Dec-20Asian High Yield Fund P (SGD Hedged) MDIST (G) SGD 0.00403600 8-Dec-20China Total Return Bond Fund AA Inc USD 0.00330000 8-Jul-20China Total Return Bond Fund AA (HKD) Inc HKD 0.03300000 8-Jul-20China Total Return Bond Fund AA (USD) MDIST (G) USD 0.00430000 8-Jul-20China Total Return Bond Fund AA (AUD Hedged) MDIST (G) AUD 0.00404400 8-Jul-20China Total Return Bond Fund AA (HKD) MDIST (G) HKD 0.04300000 8-Jul-20China Total Return Bond Fund I3 Inc USD 0.00420000 8-Jul-20China Total Return Bond Fund P (USD) Inc USD 0.00350000 8-Jul-20China Total Return Bond Fund P (SGD Hedged) Inc SGD 0.00325400 8-Jul-20China Total Return Bond Fund P (USD) MDIST (G) USD 0.00430000 8-Jul-20China Total Return Bond Fund P (SGD Hedged) MDIST (G) SGD 0.00405600 8-Jul-20China Total Return Bond Fund AA Inc USD 0.00330000 10-Aug-20China Total Return Bond Fund AA (HKD) Inc HKD 0.03300000 10-Aug-20China Total Return Bond Fund AA (USD) MDIST (G) USD 0.00430000 10-Aug-20China Total Return Bond Fund AA (AUD Hedged) MDIST (G) AUD 0.00401200 10-Aug-20China Total Return Bond Fund AA (HKD) MDIST (G) HKD 0.04300000 10-Aug-20China Total Return Bond Fund I3 Inc USD 0.00420000 10-Aug-20China Total Return Bond Fund P (USD) Inc USD 0.00350000 10-Aug-20China Total Return Bond Fund P (SGD Hedged) Inc SGD 0.00322100 10-Aug-20China Total Return Bond Fund P (USD) MDIST (G) USD 0.00430000 10-Aug-20China Total Return Bond Fund P (SGD Hedged) MDIST (G) SGD 0.00402400 10-Aug-20China Total Return Bond Fund AA Inc USD 0.00330000 8-Sep-20China Total Return Bond Fund AA (HKD) Inc HKD 0.03300000 8-Sep-20China Total Return Bond Fund AA (USD) MDIST (G) USD 0.00430000 8-Sep-20China Total Return Bond Fund AA (AUD Hedged) MDIST (G) AUD 0.00398300 8-Sep-20China Total Return Bond Fund AA (HKD) MDIST (G) HKD 0.04300000 8-Sep-20China Total Return Bond Fund I3 Inc USD 0.00420000 8-Sep-20China Total Return Bond Fund P (USD) Inc USD 0.00350000 8-Sep-20China Total Return Bond Fund P (SGD Hedged) Inc SGD 0.00301900 8-Sep-20China Total Return Bond Fund P (USD) MDIST (G) USD 0.00430000 8-Sep-20China Total Return Bond Fund P (SGD Hedged) MDIST (G) SGD 0.00382400 8-Sep-20China Total Return Bond Fund AA Inc USD 0.00316500 8-Oct-20China Total Return Bond Fund AA (HKD) Inc HKD 0.03124100 8-Oct-20China Total Return Bond Fund AA (USD) MDIST (G) USD 0.00463000 8-Oct-20China Total Return Bond Fund AA (AUD Hedged) MDIST (G) AUD 0.00429500 8-Oct-20China Total Return Bond Fund AA (HKD) MDIST (G) HKD 0.04568600 8-Oct-20China Total Return Bond Fund I3 Inc USD 0.00433700 8-Oct-20China Total Return Bond Fund P (USD) Inc USD 0.00336800 8-Oct-20China Total Return Bond Fund P (SGD Hedged) Inc SGD 0.00307700 8-Oct-20China Total Return Bond Fund P (USD) MDIST (G) USD 0.00464100 8-Oct-20China Total Return Bond Fund P (SGD Hedged) MDIST (G) SGD 0.00435000 8-Oct-20China Total Return Bond Fund AA Inc USD 0.00316500 9-Nov-20China Total Return Bond Fund AA (HKD) Inc HKD 0.03124100 9-Nov-20China Total Return Bond Fund AA (USD) MDIST (G) USD 0.00463000 9-Nov-20China Total Return Bond Fund AA (AUD Hedged) MDIST (G) AUD 0.00430800 9-Nov-20China Total Return Bond Fund AA (HKD) MDIST (G) HKD 0.04568600 9-Nov-20China Total Return Bond Fund I3 Inc USD 0.00433700 9-Nov-20







Date

China Total Return Bond Fund P (USD) Inc USD 0.00336800 9-Nov-20China Total Return Bond Fund P (SGD Hedged) Inc SGD 0.00309600 9-Nov-20China Total Return Bond Fund P (USD) MDIST (G) USD 0.00464100 9-Nov-20China Total Return Bond Fund P (SGD Hedged) MDIST (G) SGD 0.00436900 9-Nov-20China Total Return Bond Fund AA Inc USD 0.00316500 8-Dec-20China Total Return Bond Fund AA (HKD) Inc HKD 0.03124100 8-Dec-20China Total Return Bond Fund AA (USD) MDIST (G) USD 0.00463000 8-Dec-20China Total Return Bond Fund AA (AUD Hedged) MDIST (G) AUD 0.00425000 8-Dec-20China Total Return Bond Fund AA (HKD) MDIST (G) HKD 0.04568600 8-Dec-20China Total Return Bond Fund I3 Inc USD 0.00433700 8-Dec-20China Total Return Bond Fund P (USD) Inc USD 0.00336800 8-Dec-20China Total Return Bond Fund P (SGD Hedged) Inc SGD 0.00310100 8-Dec-20China Total Return Bond Fund P (USD) MDIST (G) USD 0.00464100 8-Dec-20China Total Return Bond Fund P (SGD Hedged) MDIST (G) SGD 0.00437300 8-Dec-20Dragon Growth Fund AA (USD) MDIST (G) USD 0.00132800 8-Jul-20Dragon Growth Fund AA (HKD) MDIST (G) HKD 0.01328000 8-Jul-20Dragon Growth Fund AA (USD) MDIST (G) USD 0.00132800 10-Aug-20Dragon Growth Fund AA (HKD) MDIST (G) HKD 0.01328000 10-Aug-20Dragon Growth Fund S Hedged MDIST (G) SGD 0.00125400 10-Aug-20Dragon Growth Fund AA (USD) MDIST (G) USD 0.00132800 8-Sep-20Dragon Growth Fund AA (HKD) MDIST (G) HKD 0.01328000 8-Sep-20Dragon Growth Fund S Hedged MDIST (G) SGD 0.00075600 8-Sep-20Dragon Growth Fund AA (USD) MDIST (G) USD 0.00132800 9-Nov-20Dragon Growth Fund AA (HKD) MDIST (G) HKD 0.01328000 9-Nov-20Dragon Growth Fund S Hedged MDIST (G) SGD 0.00111200 9-Nov-20Dragon Growth Fund AA (USD) MDIST (G) USD 0.00132800 8-Dec-20Dragon Growth Fund AA (HKD) MDIST (G) HKD 0.01328000 8-Dec-20Dragon Growth Fund S Hedged MDIST (G) SGD 0.00103800 8-Dec-20Global Multi-Asset Diversified Income Fund AA Inc USD 0.00455000 8-Jul-20Global Multi-Asset Diversified Income Fund AA (HKD) Inc HKD 0.04550000 8-Jul-20Global Multi-Asset Diversified Income Fund AA (SGD Hedged) Inc SGD 0.00444100 8-Jul-20Global Multi-Asset Diversified Income Fund AA (USD) MDIST (G) USD 0.00593000 8-Jul-20Global Multi-Asset Diversified Income Fund AA (AUD Hedged) MDIST (G) AUD 0.00569600 8-Jul-20Global Multi-Asset Diversified Income Fund AA (CAD Hedged) MDIST (G) CAD 0.00576800 8-Jul-20Global Multi-Asset Diversified Income Fund AA (GBP Hedged) MDIST (G) GBP 0.00614000 8-Jul-20Global Multi-Asset Diversified Income Fund AA (HKD) MDIST (G) HKD 0.05930000 8-Jul-20Global Multi-Asset Diversified Income Fund AA (RMB Hedged) MDIST (G) CNY 0.07641000 8-Jul-20Global Multi-Asset Diversified Income Fund AA (SGD Hedged) MDIST (G) SGD 0.00573500 8-Jul-20Global Multi-Asset Diversified Income Fund I3 Inc USD 0.00573000 8-Jul-20Global Multi-Asset Diversified Income Fund P (USD) MDIST (G) USD 0.00593000 8-Jul-20Global Multi-Asset Diversified Income Fund P (AUD Hedged) MDIST (G) AUD 0.00572600 8-Jul-20Global Multi-Asset Diversified Income Fund P (SGD Hedged) MDIST (G) SGD 0.00573200 8-Jul-20Global Multi-Asset Diversified Income Fund R (USD) MDIST (G) USD 0.00780000 8-Jul-20Global Multi-Asset Diversified Income Fund R (HKD) MDIST (G) HKD 0.07844000 8-Jul-20Global Multi-Asset Diversified Income Fund AA Inc USD 0.00455000 10-Aug-20Global Multi-Asset Diversified Income Fund AA (HKD) Inc HKD 0.04550000 10-Aug-20Global Multi-Asset Diversified Income Fund AA (SGD Hedged) Inc SGD 0.00433800 10-Aug-20Global Multi-Asset Diversified Income Fund AA (USD) MDIST (G) USD 0.00593000 10-Aug-20Global Multi-Asset Diversified Income Fund AA (AUD Hedged) MDIST (G) AUD 0.00569000 10-Aug-20Global Multi-Asset Diversified Income Fund AA (CAD Hedged) MDIST (G) CAD 0.00568700 10-Aug-20Global Multi-Asset Diversified Income Fund AA (GBP Hedged) MDIST (G) GBP 0.00620600 10-Aug-20Global Multi-Asset Diversified Income Fund AA (HKD) MDIST (G) HKD 0.05930000 10-Aug-20Global Multi-Asset Diversified Income Fund AA (RMB Hedged) MDIST (G) CNY 0.07440200 10-Aug-20Global Multi-Asset Diversified Income Fund AA (SGD Hedged) MDIST (G) SGD 0.00570400 10-Aug-20Global Multi-Asset Diversified Income Fund I3 Inc USD 0.00573000 10-Aug-20Global Multi-Asset Diversified Income Fund P (USD) MDIST (G) USD 0.00593000 10-Aug-20







Date

Global Multi-Asset Diversified Income Fund P (AUD Hedged) MDIST (G) AUD 0.00569200 10-Aug-20Global Multi-Asset Diversified Income Fund P (SGD Hedged) MDIST (G) SGD 0.00570100 10-Aug-20Global Multi-Asset Diversified Income Fund R (USD) MDIST (G) USD 0.00780000 10-Aug-20Global Multi-Asset Diversified Income Fund R (HKD) MDIST (G) HKD 0.07844000 10-Aug-20Global Multi-Asset Diversified Income Fund AA Inc USD 0.00455000 8-Sep-20Global Multi-Asset Diversified Income Fund AA (HKD) Inc HKD 0.04550000 8-Sep-20Global Multi-Asset Diversified Income Fund AA (SGD Hedged) Inc SGD 0.00415500 8-Sep-20Global Multi-Asset Diversified Income Fund AA (USD) MDIST (G) USD 0.00593000 8-Sep-20Global Multi-Asset Diversified Income Fund AA (AUD Hedged) MDIST (G) AUD 0.00567500 8-Sep-20Global Multi-Asset Diversified Income Fund AA (CAD Hedged) MDIST (G) CAD 0.00568200 8-Sep-20Global Multi-Asset Diversified Income Fund AA (GBP Hedged) MDIST (G) GBP 0.00617600 8-Sep-20Global Multi-Asset Diversified Income Fund AA (HKD) MDIST (G) HKD 0.05930000 8-Sep-20Global Multi-Asset Diversified Income Fund AA (RMB Hedged) MDIST (G) CNY 0.07579200 8-Sep-20Global Multi-Asset Diversified Income Fund AA (SGD Hedged) MDIST (G) SGD 0.00552900 8-Sep-20Global Multi-Asset Diversified Income Fund I3 Inc USD 0.00573000 8-Sep-20Global Multi-Asset Diversified Income Fund P (USD) MDIST (G) USD 0.00593000 8-Sep-20Global Multi-Asset Diversified Income Fund P (AUD Hedged) MDIST (G) AUD 0.00567300 8-Sep-20Global Multi-Asset Diversified Income Fund P (SGD Hedged) MDIST (G) SGD 0.00553500 8-Sep-20Global Multi-Asset Diversified Income Fund R (USD) MDIST (G) USD 0.00780000 8-Sep-20Global Multi-Asset Diversified Income Fund R (HKD) MDIST (G) HKD 0.07844000 8-Sep-20Global Multi-Asset Diversified Income Fund AA Inc USD 0.00428400 8-Oct-20Global Multi-Asset Diversified Income Fund AA (HKD) Inc HKD 0.04265300 8-Oct-20Global Multi-Asset Diversified Income Fund AA (SGD Hedged) Inc SGD 0.00403000 8-Oct-20Global Multi-Asset Diversified Income Fund AA (USD) MDIST (G) USD 0.00550500 8-Oct-20Global Multi-Asset Diversified Income Fund AA (AUD Hedged) MDIST (G) AUD 0.00515400 8-Oct-20Global Multi-Asset Diversified Income Fund AA (CAD Hedged) MDIST (G) CAD 0.00531300 8-Oct-20Global Multi-Asset Diversified Income Fund AA (GBP Hedged) MDIST (G) GBP 0.00747300 8-Oct-20Global Multi-Asset Diversified Income Fund AA (HKD) MDIST (G) HKD 0.05434700 8-Oct-20Global Multi-Asset Diversified Income Fund AA (RMB Hedged) MDIST (G) CNY 0.08603100 8-Oct-20Global Multi-Asset Diversified Income Fund AA (SGD Hedged) MDIST (G) SGD 0.00522000 8-Oct-20Global Multi-Asset Diversified Income Fund I3 Inc USD 0.00538600 8-Oct-20Global Multi-Asset Diversified Income Fund P (USD) MDIST (G) USD 0.00551200 8-Oct-20Global Multi-Asset Diversified Income Fund P (AUD Hedged) MDIST (G) AUD 0.00517900 8-Oct-20Global Multi-Asset Diversified Income Fund P (SGD Hedged) MDIST (G) SGD 0.00525200 8-Oct-20Global Multi-Asset Diversified Income Fund R (USD) MDIST (G) USD 0.00734600 8-Oct-20Global Multi-Asset Diversified Income Fund R (HKD) MDIST (G) HKD 0.07327700 8-Oct-20Global Multi-Asset Diversified Income Fund AA Inc USD 0.00428400 9-Nov-20Global Multi-Asset Diversified Income Fund AA (HKD) Inc HKD 0.04265300 9-Nov-20Global Multi-Asset Diversified Income Fund AA (SGD Hedged) Inc SGD 0.00404100 9-Nov-20Global Multi-Asset Diversified Income Fund AA (USD) MDIST (G) USD 0.00550500 9-Nov-20Global Multi-Asset Diversified Income Fund AA (AUD Hedged) MDIST (G) AUD 0.00516500 9-Nov-20Global Multi-Asset Diversified Income Fund AA (CAD Hedged) MDIST (G) CAD 0.00510400 9-Nov-20Global Multi-Asset Diversified Income Fund AA (GBP Hedged) MDIST (G) GBP 0.00735900 9-Nov-20Global Multi-Asset Diversified Income Fund AA (HKD) MDIST (G) HKD 0.05434700 9-Nov-20Global Multi-Asset Diversified Income Fund AA (RMB Hedged) MDIST (G) CNY 0.08586800 9-Nov-20Global Multi-Asset Diversified Income Fund AA (SGD Hedged) MDIST (G) SGD 0.00523500 9-Nov-20Global Multi-Asset Diversified Income Fund I3 Inc USD 0.00538600 9-Nov-20Global Multi-Asset Diversified Income Fund P (USD) MDIST (G) USD 0.00551200 9-Nov-20Global Multi-Asset Diversified Income Fund P (AUD Hedged) MDIST (G) AUD 0.00518900 9-Nov-20Global Multi-Asset Diversified Income Fund P (SGD Hedged) MDIST (G) SGD 0.00526800 9-Nov-20Global Multi-Asset Diversified Income Fund R (USD) MDIST (G) USD 0.00734600 9-Nov-20Global Multi-Asset Diversified Income Fund R (HKD) MDIST (G) HKD 0.07327700 9-Nov-20Global Multi-Asset Diversified Income Fund AA Inc USD 0.00428400 8-Dec-20Global Multi-Asset Diversified Income Fund AA (HKD) Inc HKD 0.04265300 8-Dec-20Global Multi-Asset Diversified Income Fund AA (SGD Hedged) Inc SGD 0.00410400 8-Dec-20Global Multi-Asset Diversified Income Fund AA (USD) MDIST (G) USD 0.00550500 8-Dec-20







Date

Global Multi-Asset Diversified Income Fund AA (AUD Hedged) MDIST (G) AUD 0.00509300 8-Dec-20Global Multi-Asset Diversified Income Fund AA (CAD Hedged) MDIST (G) CAD 0.00511100 8-Dec-20Global Multi-Asset Diversified Income Fund AA (GBP Hedged) MDIST (G) GBP 0.00735800 8-Dec-20Global Multi-Asset Diversified Income Fund AA (HKD) MDIST (G) HKD 0.05434700 8-Dec-20Global Multi-Asset Diversified Income Fund AA (RMB Hedged) MDIST (G) CNY 0.08988300 8-Dec-20Global Multi-Asset Diversified Income Fund AA (SGD Hedged) MDIST (G) SGD 0.00523300 8-Dec-20Global Multi-Asset Diversified Income Fund I3 Inc USD 0.00538600 8-Dec-20Global Multi-Asset Diversified Income Fund P (USD) MDIST (G) USD 0.00551200 8-Dec-20Global Multi-Asset Diversified Income Fund P (AUD Hedged) MDIST (G) AUD 0.00513900 8-Dec-20Global Multi-Asset Diversified Income Fund P (SGD Hedged) MDIST (G) SGD 0.00527400 8-Dec-20Global Multi-Asset Diversified Income Fund R (USD) MDIST (G) USD 0.00734600 8-Dec-20Global Multi-Asset Diversified Income Fund R (HKD) MDIST (G) HKD 0.07327700 8-Dec-20Preferred Securities Income Fund AA Inc USD 0.00400000 8-Jul-20Preferred Securities Income Fund AA (HKD) Inc HKD 0.04000000 8-Jul-20Preferred Securities Income Fund AA (SGD Hedged) Inc SGD 0.00376000 8-Jul-20Preferred Securities Income Fund AA (USD) MDIST (G) USD 0.00495000 8-Jul-20Preferred Securities Income Fund AA (AUD Hedged) MDIST (G) AUD 0.00471600 8-Jul-20Preferred Securities Income Fund AA (GBP Hedged) MDIST (G) GBP 0.00516300 8-Jul-20Preferred Securities Income Fund AA (HKD) MDIST (G) HKD 0.04950000 8-Jul-20Preferred Securities Income Fund AA (RMB Hedged) MDIST (G) CNY 0.06685700 8-Jul-20Preferred Securities Income Fund AA (SGD Hedged) MDIST (G) SGD 0.00473400 8-Jul-20Preferred Securities Income Fund I3 Inc USD 0.00490000 8-Jul-20Preferred Securities Income Fund R (USD) MDIST (G) USD 0.00659000 8-Jul-20Preferred Securities Income Fund R (HKD) MDIST (G) HKD 0.06628000 8-Jul-20Preferred Securities Income Fund AA Inc USD 0.00400000 10-Aug-20Preferred Securities Income Fund AA (HKD) Inc HKD 0.04000000 10-Aug-20Preferred Securities Income Fund AA (SGD Hedged) Inc SGD 0.00376900 10-Aug-20Preferred Securities Income Fund AA (USD) MDIST (G) USD 0.00495000 10-Aug-20Preferred Securities Income Fund AA (AUD Hedged) MDIST (G) AUD 0.00466800 10-Aug-20Preferred Securities Income Fund AA (GBP Hedged) MDIST (G) GBP 0.00522900 10-Aug-20Preferred Securities Income Fund AA (HKD) MDIST (G) HKD 0.04950000 10-Aug-20Preferred Securities Income Fund AA (RMB Hedged) MDIST (G) CNY 0.06033900 10-Aug-20Preferred Securities Income Fund AA (SGD Hedged) MDIST (G) SGD 0.00469400 10-Aug-20Preferred Securities Income Fund I3 Inc USD 0.00490000 10-Aug-20Preferred Securities Income Fund R (USD) MDIST (G) USD 0.00659000 10-Aug-20Preferred Securities Income Fund R (HKD) MDIST (G) HKD 0.06628000 10-Aug-20Preferred Securities Income Fund AA Inc USD 0.00400000 8-Sep-20Preferred Securities Income Fund AA (HKD) Inc HKD 0.04000000 8-Sep-20Preferred Securities Income Fund AA (SGD Hedged) Inc SGD 0.00356500 8-Sep-20Preferred Securities Income Fund AA (USD) MDIST (G) USD 0.00495000 8-Sep-20Preferred Securities Income Fund AA (AUD Hedged) MDIST (G) AUD 0.00465500 8-Sep-20Preferred Securities Income Fund AA (GBP Hedged) MDIST (G) GBP 0.00501500 8-Sep-20Preferred Securities Income Fund AA (HKD) MDIST (G) HKD 0.04950000 8-Sep-20Preferred Securities Income Fund AA (RMB Hedged) MDIST (G) CNY 0.06342900 8-Sep-20Preferred Securities Income Fund AA (SGD Hedged) MDIST (G) SGD 0.00452100 8-Sep-20Preferred Securities Income Fund I3 Inc USD 0.00490000 8-Sep-20Preferred Securities Income Fund R (USD) MDIST (G) USD 0.00659000 8-Sep-20Preferred Securities Income Fund R (HKD) MDIST (G) HKD 0.06628000 8-Sep-20Preferred Securities Income Fund AA Inc USD 0.00400000 8-Oct-20Preferred Securities Income Fund AA (HKD) Inc HKD 0.04000000 8-Oct-20Preferred Securities Income Fund AA (SGD Hedged) Inc SGD 0.00387800 8-Oct-20Preferred Securities Income Fund AA (USD) MDIST (G) USD 0.00495000 8-Oct-20Preferred Securities Income Fund AA (AUD Hedged) MDIST (G) AUD 0.00468000 8-Oct-20Preferred Securities Income Fund AA (GBP Hedged) MDIST (G) GBP 0.00513200 8-Oct-20Preferred Securities Income Fund AA (HKD) MDIST (G) HKD 0.04950000 8-Oct-20Preferred Securities Income Fund AA (RMB Hedged) MDIST (G) CNY 0.06767900 8-Oct-20







Date

Preferred Securities Income Fund AA (SGD Hedged) MDIST (G) SGD 0.00471700 8-Oct-20Preferred Securities Income Fund I3 Inc USD 0.00490000 8-Oct-20Preferred Securities Income Fund R (USD) MDIST (G) USD 0.00659000 8-Oct-20Preferred Securities Income Fund R (HKD) MDIST (G) HKD 0.06628000 8-Oct-20Preferred Securities Income Fund AA Inc USD 0.00400000 9-Nov-20Preferred Securities Income Fund AA (HKD) Inc HKD 0.04000000 9-Nov-20Preferred Securities Income Fund AA (SGD Hedged) Inc SGD 0.00376300 9-Nov-20Preferred Securities Income Fund AA (USD) MDIST (G) USD 0.00495000 9-Nov-20Preferred Securities Income Fund AA (AUD Hedged) MDIST (G) AUD 0.00469400 9-Nov-20Preferred Securities Income Fund AA (GBP Hedged) MDIST (G) GBP 0.00519900 9-Nov-20Preferred Securities Income Fund AA (HKD) MDIST (G) HKD 0.04950000 9-Nov-20Preferred Securities Income Fund AA (RMB Hedged) MDIST (G) CNY 0.06569500 9-Nov-20Preferred Securities Income Fund AA (SGD Hedged) MDIST (G) SGD 0.00473800 9-Nov-20Preferred Securities Income Fund I3 Inc USD 0.00490000 9-Nov-20Preferred Securities Income Fund R (USD) MDIST (G) USD 0.00659000 9-Nov-20Preferred Securities Income Fund R (HKD) MDIST (G) HKD 0.06628000 9-Nov-20Preferred Securities Income Fund AA Inc USD 0.00400000 8-Dec-20Preferred Securities Income Fund AA (HKD) Inc HKD 0.04000000 8-Dec-20Preferred Securities Income Fund AA (SGD Hedged) Inc SGD 0.00373600 8-Dec-20Preferred Securities Income Fund AA (USD) MDIST (G) USD 0.00495000 8-Dec-20Preferred Securities Income Fund AA (AUD Hedged) MDIST (G) AUD 0.00461600 8-Dec-20Preferred Securities Income Fund AA (GBP Hedged) MDIST (G) GBP 0.00532900 8-Dec-20Preferred Securities Income Fund AA (HKD) MDIST (G) HKD 0.04950000 8-Dec-20Preferred Securities Income Fund AA (RMB Hedged) MDIST (G) CNY 0.07039900 8-Dec-20Preferred Securities Income Fund AA (SGD Hedged) MDIST (G) SGD 0.00473200 8-Dec-20Preferred Securities Income Fund I3 Inc USD 0.00490000 8-Dec-20Preferred Securities Income Fund R (USD) MDIST (G) USD 0.00659000 8-Dec-20Preferred Securities Income Fund R (HKD) MDIST (G) HKD 0.06628000 8-Dec-20Sustainable Asia Bond Fund* AA (USD) MDIST (G) USD 0.00262800 8-Dec-20Sustainable Asia Bond Fund* AA (AUD Hedged) MDIST (G) AUD 0.00232100 8-Dec-20Sustainable Asia Bond Fund* AA (SGD Hedged) MDIST (G) SGD 0.00252300 8-Dec-20Sustainable Asia Bond Fund* P (USD) MDIST (G) USD 0.00262800 8-Dec-20U.S. Bond Fund AA Inc USD 0.00176200 8-Jul-20U.S. Bond Fund AA (HKD) Inc HKD 0.01758500 8-Jul-20U.S. Bond Fund AA Inc USD 0.00166800 10-Aug-20U.S. Bond Fund AA (HKD) Inc HKD 0.01674800 10-Aug-20U.S. Bond Fund AA Inc USD 0.00201700 8-Sep-20U.S. Bond Fund AA (HKD) Inc HKD 0.02049100 8-Sep-20U.S. Bond Fund AA Inc USD 0.00174500 8-Oct-20U.S. Bond Fund AA (HKD) Inc HKD 0.01777100 8-Oct-20U.S. Bond Fund AA Inc USD 0.00225300 9-Nov-20U.S. Bond Fund AA (HKD) Inc HKD 0.02260900 9-Nov-20U.S. Bond Fund AA Inc USD 0.00150800 8-Dec-20U.S. Bond Fund AA (HKD) Inc HKD 0.01512700 8-Dec-20U.S. Bond Fund AA (USD) MDIST (G) USD 0.00270900 8-Dec-20U.S. Bond Fund AA (HKD) MDIST (G) HKD 0.02709300 8-Dec-20U.S. Special Opportunities Fund AA Inc USD 0.00175600 8-Jul-20U.S. Special Opportunities Fund AA (HKD) Inc HKD 0.02631200 8-Jul-20U.S. Special Opportunities Fund T USD 0.00259200 8-Jul-20U.S. Special Opportunities Fund AA Inc USD 0.00204000 10-Aug-20U.S. Special Opportunities Fund AA (HKD) Inc HKD 0.03054300 10-Aug-20U.S. Special Opportunities Fund T USD 0.00303600 10-Aug-20U.S. Special Opportunities Fund AA Inc USD 0.00223000 8-Sep-20U.S. Special Opportunities Fund AA (HKD) Inc HKD 0.03299200 8-Sep-20U.S. Special Opportunities Fund T USD 0.00324600 8-Sep-20


* Refer to note 12






Date

U.S. Special Opportunities Fund AA Inc USD 0.00176800 8-Oct-20U.S. Special Opportunities Fund AA (HKD) Inc HKD 0.02645100 8-Oct-20U.S. Special Opportunities Fund T USD 0.00261300 8-Oct-20U.S. Special Opportunities Fund AA Inc USD 0.00192000 9-Nov-20U.S. Special Opportunities Fund AA (HKD) Inc HKD 0.02884300 9-Nov-20U.S. Special Opportunities Fund T USD 0.00284400 9-Nov-20U.S. Special Opportunities Fund AA Inc USD 0.00234900 8-Dec-20U.S. Special Opportunities Fund AA (HKD) Inc HKD 0.03520800 8-Dec-20U.S. Special Opportunities Fund T USD 0.00345500 8-Dec-20

Quarterly DividendAsia Total Return Fund J USD 0.00996400 8-Jul-20Asia Total Return Fund J USD 0.01026000 8-Oct-20

6 Changes in the Portfolio of Investments

The detail of all transactions on portfolio of investments over the period is available from Citibank Europe plc, Luxembourg Branch, the Company’s administrative agent, upon request.

7 Financial instruments

Forward foreign exchange contracts

The Company has entered into forward foreign exchange contracts as hedges against fluctuations in foreign exchange rates.

As at 31 December 2020, the Company has outstanding forward foreign exchange contracts as follows:


Purchased Amount Currency Sold Amount Currency Counterparty

Maturity Date

Unrealised Appreciation/(Depreciation)

(USD)

130,392 AUD 98,347 USD Citibank London 29-Jan-21 2,48244,121 CHF 49,772 USD Citibank London 29-Jan-21 37240,728 EUR 49,805 USD Citibank London 29-Jan-21 19437,292 GBP 49,663 USD Citibank London 29-Jan-21 1,2901,500,000 USD 1,641,150,000 KRW HSBC 7-Jan-21 (7,429)4,009,640 USD 4,350,620,000 KRW HSBC 7-Jan-21 13,582

Total net unrealised appreciation on forward foreign exchange contracts 10,491




7 Financial instruments (continued)

Forward foreign exchange contracts (continued)



Maturity Date


(USD)

280,066 GBP 375,854 USD Citibank London 29-Jan-21 6,80522,186 SGD 16,612 USD Citibank London 29-Jan-21 187817,507 SGD 615,748 USD Citibank London 29-Jan-21 3,25616,189 SGD 12,152 USD Citibank London 29-Jan-21 10695,549 SGD 71,725 USD Citibank London 29-Jan-21 623770,242 SGD 579,430 USD Citibank London 29-Jan-21 3,786222,314 SGD 167,482 USD Citibank London 29-Jan-21 8516,429 SGD 4,837 USD Citibank London 29-Jan-21 31216,967 SGD 163,247 USD Citibank London 29-Jan-21 1,03789,862 SGD 67,613 USD Citibank London 29-Jan-21 429401,734 SGD 300,734 USD Citibank London 29-Jan-21 3,4536,113,395 SGD 4,576,426 USD Citibank London 29-Jan-21 52,546113,940,316 SGD 85,294,499 USD Citibank London 29-Jan-21 979,40034,748 SGD 26,018 USD Citibank London 29-Jan-21 292490,756 SGD 367,397 USD Citibank London 29-Jan-21 4,19710,919 SGD 8,174 USD Citibank London 29-Jan-21 931,520 SGD 1,138 USD Citibank London 29-Jan-21 1343,718 SGD 32,928 USD Citibank London 29-Jan-21 1741,000 SGD 753 USD Citibank London 29-Jan-21 453,159 SGD 40,126 USD Citibank London 29-Jan-21 125782,677 SGD 590,789 USD Citibank London 29-Jan-21 1,842432,792 SGD 326,969 USD Citibank London 29-Jan-21 7351,137,010 SGD 860,009 USD Citibank London 29-Jan-21 91861,134 SGD 46,241 USD Citibank London 29-Jan-21 49516,113 SGD 388,757 USD Citibank London 29-Jan-21 2,036143,457 SGD 108,058 USD Citibank London 29-Jan-21 566606,614 USD 808,953 SGD Citibank London 29-Jan-21 (5,913)63,448 USD 83,841 AUD Citibank London 29-Jan-21 (1,383)80 USD 107 SGD Citibank London 29-Jan-21 (1)3,754 USD 5,001 SGD Citibank London 29-Jan-21 (33)37,933 USD 50,424 SGD Citibank London 29-Jan-21 (248)2 USD 3 SGD Citibank London 29-Jan-21 –298,899 USD 392,849 AUD Citibank London 29-Jan-21 (4,879)123,834 USD 165,647 SGD Citibank London 29-Jan-21 (1,591)26,751 USD 35,648 AUD Citibank London 29-Jan-21 (815)





Asia Pacific REIT Fund (continued)


Maturity Date


(USD)

12,881 USD 17,167 AUD Citibank London 29-Jan-21 (394)4,309 USD 28,285 CNY Citibank London 29-Jan-21 (33)31,894 USD 42,532 SGD Citibank London 29-Jan-21 (311)21,372 USD 139,956 CNY Citibank London 29-Jan-21 (115)128,184 USD 169,383 AUD Citibank London 29-Jan-21 (2,795)6,297 USD 8,398 SGD Citibank London 29-Jan-21 (62)153,120 USD 202,312 AUD Citibank London 29-Jan-21 (3,321)39,777 USD 53,052 SGD Citibank London 29-Jan-21 (394)26,605 USD 173,978 CNY Citibank London 29-Jan-21 (105)75,717 USD 100,041 AUD Citibank London 29-Jan-21 (1,642)743,741 USD 991,970 SGD Citibank London 29-Jan-21 (7,364)1,742 USD 2,301 AUD Citibank London 29-Jan-21 (38)7,863 USD 10,334 AUD Citibank London 29-Jan-21 (128)2,951 USD 3,906 SGD Citibank London 29-Jan-21 (7)194,065 USD 252,748 AUD Citibank London 29-Jan-21 (1,378)41,097 USD 54,010 AUD Citibank London 29-Jan-21 (668)20,505 AUD 15,594 USD Citibank London 29-Jan-21 26240,855 AUD 31,071 USD Citibank London 29-Jan-21 52142,232 CNY 6,467 USD Citibank London 29-Jan-21 1740,666 CNY 6,218 USD Citibank London 29-Jan-21 26144,634 CNY 22,148 USD Citibank London 29-Jan-21 5712,557 AUD 9,540 USD Citibank London 29-Jan-21 170985 GBP 1,332 USD Citibank London 29-Jan-21 1410,000 CNY 1,528 USD Citibank London 29-Jan-21 7135,314 AUD 102,059 USD Citibank London 29-Jan-21 2,57611,739,703 AUD 8,854,542 USD Citibank London 29-Jan-21 223,45420,129,502 CNY 3,073,423 USD Citibank London 29-Jan-21 16,97924,036,162 AUD 18,129,010 USD Citibank London 29-Jan-21 457,5048,824 CNY 1,347 USD Citibank London 29-Jan-21 831,267 AUD 23,586 USD Citibank London 29-Jan-21 5913,616 AUD 2,725 USD Citibank London 29-Jan-21 7177,649 AUD 59,030 USD Citibank London 29-Jan-21 1,014156,153 AUD 118,710 USD Citibank London 29-Jan-21 2,0391,363,244 CNY 208,692 USD Citibank London 29-Jan-21 601136,098 CNY 20,876 USD Citibank London 29-Jan-21 19159,208 AUD 121,850 USD Citibank London 29-Jan-21 1,262111,740 AUD 86,113 USD Citibank London 29-Jan-21 29379,111 AUD 60,548 USD Citibank London 29-Jan-21 627225,930 AUD 174,114 USD Citibank London 29-Jan-21 592255,926 CNY 39,253 USD Citibank London 29-Jan-21 38212,424 CNY 32,590 USD Citibank London 29-Jan-21 22

Total net unrealised appreciation on forward foreign exchange contracts 1,738,700







Maturity Date


(USD)

141,595 SGD 105,997 USD Citibank London 29-Jan-21 1,217141,898 SGD 106,223 USD Citibank London 29-Jan-21 1,22066,778 SGD 50,116 USD Citibank London 29-Jan-21 447150,899 AUD 113,814 USD Citibank London 29-Jan-21 2,872150,616 AUD 113,601 USD Citibank London 29-Jan-21 2,867




Maturity Date


(USD)

162,468 SGD 121,622 USD Citibank London 29-Jan-21 1,3978,048 AUD 6,070 USD Citibank London 29-Jan-21 1538,097 AUD 6,107 USD Citibank London 29-Jan-21 154158,693 SGD 118,796 USD Citibank London 29-Jan-21 1,364


Dragon Growth Fund


Maturity Date


(USD)

48,500 SGD 36,532 USD Citibank London 29-Jan-21 1913,010 SGD 2,264 USD Citibank London 29-Jan-21 1567,778 SGD 50,738 USD Citibank London 29-Jan-21 5831,940 SGD 1,460 USD Citibank London 29-Jan-21 95,048 SGD 3,818 USD Citibank London 29-Jan-21 4

Total net unrealised appreciation on forward foreign exchange contracts 802

Global Equity Fund


Maturity Date


(USD)

14,439,151 USD 12,187,858 EUR Toronto-Dominion Bank 27-Jan-21 (521,961)

Total net unrealised depreciation on forward foreign exchange contracts (521,961)







Maturity Date


(USD)

11,267,879 AUD 8,498,672 USD Citibank London 29-Jan-21 214,474143,284 AUD 108,070 USD RBC Capital Market 29-Jan-21 2,72718,601 AUD 14,236 USD Citibank London 29-Jan-21 14716,800 AUD 12,725 USD Citibank London 29-Jan-21 26630,617 AUD 23,276 USD Citibank London 29-Jan-21 40040,767 AUD 31,004 USD Citibank London 29-Jan-21 52057,002 CAD 44,281 USD Citibank London 29-Jan-21 5283,056,574 CNY 466,685 USD Citibank London 29-Jan-21 2,578196,077 CNY 29,979 USD Citibank London 29-Jan-21 12427,358 CNY 4,189 USD Citibank London 29-Jan-21 1190,000 EUR 105,624 USD Australia New Zealand Bank 27-Jan-21 4,8578,060 GBP 10,817 USD Citibank London 29-Jan-21 19685,099 SGD 63,705 USD Citibank London 29-Jan-21 7317,044 SGD 5,273 USD Citibank London 29-Jan-21 61138,903 SGD 103,981 USD Citibank London 29-Jan-21 1,1945,000 SGD 3,744 USD Citibank London 29-Jan-21 424,346 SGD 3,287 USD Citibank London 29-Jan-21 42,151,483 USD 1,816,073 EUR Goldman Sachs 27-Jan-21 (77,823)253,812 USD 215,000 EUR RBC Capital Market 27-Jan-21 (10,109)155,955 USD 130,000 EUR Citibank London 27-Jan-21 (3,627)31,336 USD 41,186 AUD Citibank London 29-Jan-21 (512)3,666 USD 24,005 CNY Citibank London 29-Jan-21 (20)14,891 USD 19,394 AUD Citibank London 29-Jan-21 (106)69,082 USD 91,286 AUD Citibank London 29-Jan-21 (1,506)


India Equity Fund


Maturity Date


(USD)

12,055 SGD 9,082 USD Citibank London 29-Jan-21 46278,241 SGD 208,288 USD Citibank London 29-Jan-21 2,3917,026 USD 9,370 SGD Citibank London 29-Jan-21 (68)








Maturity Date


(USD)

2,114,690 SGD 1,583,035 USD Citibank London 29-Jan-21 18,17510,464,123 SGD 7,833,335 USD Citibank London 29-Jan-21 89,940109,882 GBP 147,464 USD Citibank London 29-Jan-21 2,6704,632,783 CNY 707,345 USD Citibank London 29-Jan-21 3,90815,926 CNY 2,439 USD Citibank London 29-Jan-21 71,936,219 CNY 296,491 USD Citibank London 29-Jan-21 76952,753,155 AUD 39,788,486 USD Citibank London 29-Jan-21 1,004,103208,761 AUD 157,456 USD Citibank London 29-Jan-21 3,974158,037 AUD 118,684 USD Citibank London 29-Jan-21 3,52223,309 SGD 17,454 USD Citibank London 29-Jan-21 196101,278 SGD 75,820 USD Citibank London 29-Jan-21 866529,519 SGD 397,489 USD Citibank London 29-Jan-21 3,4558,113 SGD 6,090 USD Citibank London 29-Jan-21 5339,644 SGD 29,866 USD Citibank London 29-Jan-21 152122,571 SGD 92,325 USD Citibank London 29-Jan-21 484148,895 SGD 112,029 USD Citibank London 29-Jan-21 71231,716 SGD 23,728 USD Citibank London 29-Jan-21 28717,874 SGD 13,372 USD Citibank London 29-Jan-21 162215 USD 287 SGD Citibank London 29-Jan-21 (2)163,896 USD 217,475 AUD Citibank London 29-Jan-21 (4,270)165,825 USD 218,502 AUD Citibank London 29-Jan-21 (3,135)4,879 USD 6,486 SGD Citibank London 29-Jan-21 (32)757 USD 1,006 SGD Citibank London 29-Jan-21 (5)7,303 USD 9,613 AUD Citibank London 29-Jan-21 (130)85,192 USD 111,961 AUD Citibank London 29-Jan-21 (1,384)25,867 USD 34,239 SGD Citibank London 29-Jan-21 (58)98,791 USD 128,664 AUD Citibank London 29-Jan-21 (701)51,757 USD 67,206 AUD Citibank London 29-Jan-21 (212)299,484 USD 398,034 SGD Citibank London 29-Jan-21 (1,901)356,167 USD 468,117 AUD Citibank London 29-Jan-21 (5,814)165,621 USD 218,853 AUD Citibank London 29-Jan-21 (3,611)33,230 USD 44,314 SGD Citibank London 29-Jan-21 (324)261,332 USD 346,429 AUD Citibank London 29-Jan-21 (6,550)30,178 USD 40,303 SGD Citibank London 29-Jan-21 (339)151,337 AUD 115,095 USD Citibank London 29-Jan-21 1,93023,764 AUD 18,187 USD Citibank London 29-Jan-21 188

Total net unrealised appreciation on forward foreign exchange contracts 1,107,085



Maturity Date


(USD)

6,864 AUD 5,177 USD Citibank London 29-Jan-21 13144,397 CHF 50,281 USD Citibank London 29-Jan-21 1774,165 EUR 5,093 USD Citibank London 29-Jan-21 2040,947 EUR 50,258 USD Citibank London 29-Jan-21 1037,578 GBP 50,496 USD Citibank London 29-Jan-21 84814,251 SGD 10,669 USD Citibank London 29-Jan-21 1222,000 SGD 1,498 USD Citibank London 29-Jan-21 17518 SGD 391 USD Citibank London 29-Jan-21 11,711,018 USD 2,300,000 SGD HSBC 28-Jan-21 (30,509)260,182 USD 350,000 AUD Australia New Zealand Bank 28-Jan-21 (10,459)307,059 USD 410,000 AUD Australia New Zealand Bank 28-Jan-21 (9,977)899,043 USD 1,200,000 SGD Australia New Zealand Bank 28-Jan-21 (9,578)

Total net unrealised depreciation on forward foreign exchange contracts (59,197)

* Refer to note 12




Financial futures contracts

As at 31 December 2020, the Company has outstanding financial futures contracts as follows:


Maturity DateShort quantity Contract

Trade Counterparty Currency

Type of collateral

Commitment (in Trade currency)

Local Market Price (in Trade

currency)


(USD)

22-Mar-21 (105) US Treasury Note futures

UBS London USD Cash 14,490,000 138 (6,563)

Total net unrealised depreciation on financial futures contracts (6,563)

The amount of collateral against futures contract for the Asia Total Return Fund amounted to USD 323,409 (counterparty: UBS London)




Type of collateral



currency)


(USD)


Morgan Stanley USD Cash 27,600,000 138 (17,154)


The amount of collateral against futures contract for the Preferred Securities Income Fund amounted to USD 401,530 (counterparty: Morgan Stanley)




Type of collateral



currency)


(USD



22-Mar-21 11 WI Treasury Note futures


31-Mar-21 19 US Treasury Note futures

UBS London USD Cash 2,396,672 126 4,452

31-Mar-21 38 US Treasury Note futures

UBS London USD Cash 8,396,812 110 7,719


The amount of collateral against futures contract for the Sustainable Asia Bond Fund amounted to USD 275,953 (counterparty: UBS London)




Options

As at 31 December 2020, the Company has outstanding options contract as follows:


DescriptionMaturity Date Currency Contracts Counterparty

Strike Price


Market value (USD)


(USD)

Call Index S&P 500 Communication Services Select Sector 31-Dec-20 USD (1,897) Barclays 361.00 (664,614) – 5,905Call Nikkei 225 Index 8-Jan-21 JPY (4,177) Goldman Sachs 27,250.00 (114,634,298) (14,941) (7,751)Put Nikkei 225 Index 8-Jan-21 JPY (5,638) Goldman Sachs 25,750.00 154,730,230 (882) 15,899Call S&P/ASX 200 Index 31-Dec-20 AUD (105) Goldman Sachs 6,800.00 (691,645) – 2,578Put Index S&P 500 Materials Select Sector 31-Dec-20 USD (251) Barclays 732.00 191,797 – 1,871Call Index S&P 500 Materials Select Sector 31-Dec-20 USD (429) Barclays 781.00 (327,812) – 2,383Put Index S&P 500 Energy Select Sector 31-Dec-20 USD (765) Barclays 388.00 306,635 – 4,080Put E-mini Industrial Select Sector Index 31-Dec-20 USD (749) Barclays 865.00 664,947 – 5,875Call E-mini Industrial Select Sector Index 31-Dec-20 USD (1,037) Barclays 922.00 (920,628) – 6,550Put Index S&P 500 Financial Select Sector 31-Dec-20 USD (2,557) Barclays 340.00 917,375 – 7,761Call Index S&P 500 Financial Select Sector 31-Dec-20 USD (3,254) Barclays 368.00 (1,167,438) – 7,208Put E-mini Consumer Staples Select Sector Index 31-Dec-20 USD (873) Barclays 661.00 589,895 – 3,929Put Index S&P 500 Utilities Select Sector 31-Dec-20 USD (389) Barclays 612.00 243,603 – 845Call Index S&P 500 Utilities Select Sector 31-Dec-20 USD (4,036) Barclays 644.00 (2,527,464) – 21,094Put E-Mini Tech Select Sector Index 31-Dec-20 USD (1,226) Barclays 1,230.00 1,603,620 – 14,832Call E-Mini Tech Select Sector Index 31-Dec-20 USD (1,070) Barclays 1,309.00 (1,399,571) – 10,663Put Index S&P 500 Health Care Select Sector 31-Dec-20 USD (861) Barclays 1,106.00 977,304 – 6,944Call Index S&P 500 Health Care Select Sector 31-Dec-20 USD (1,014) Barclays 1,159.00 (1,150,971) – 4,455Put E-mini Consumer Discretionary Select Sector Index 31-Dec-20 USD (479) Barclays 1,541.00 777,316 – 6,252Put Index S&P 500 Communication Services Select Sector 31-Dec-20 USD (2,167) Barclays 340.00 759,208 – 6,108Put MSCI Emerging Markets Index 31-Dec-20 USD (2,293) Barclays 1,210.00 2,955,746 – 21,120Put Dow Jones U.S. Real Estate Index 31-Dec-20 USD (674) Barclays 327.00 223,990 – 1,752Call E-mini Consumer Staples Select Sector Index 31-Dec-20 USD (2,725) Barclays 691.16 (1,841,310) – 3,856Call E-mini Consumer Discretionary Select Sector Index 31-Dec-20 USD (117) Barclays 1,640.52 (189,866) – 1,062Call Dow Jones U.S. Real Estate Index 31-Dec-20 USD (1,807) Barclays 344.00 (600,520) – 3,258Call S&P/ASX 200 Index 21-Jan-21 AUD (86) Goldman Sachs 6,800.00 (566,490) (1,574) (124)Call Nikkei 225 Index 15-Jan-21 JPY (4,387) Goldman Sachs 27,250.00 (120,397,574) (19,771) (16,964)Put Nikkei 225 Index 15-Jan-21 JPY (5,517) Goldman Sachs 25,500.00 151,409,486 (2,054) 5,788Call Hong Kong Hang Seng Index 28-Jan-21 HKD (6) Goldman Sachs 27,200.00 (163,387) (435) (336)Put Index S&P 500 Materials Select Sector 15-Jan-21 USD (251) Citigroup 723.00 191,797 (874) 269Call Index S&P 500 Materials Select Sector 15-Jan-21 USD (453) Citigroup 774.00 (346,151) (3,062) 1,578Put Index S&P 500 Energy Select Sector 15-Jan-21 USD (774) Citigroup 377.00 310,242 (2,916) 1,298Put E-mini Industrial Select Sector Index 15-Jan-21 USD (752) Citigroup 849.00 667,611 (4,479) 614Call E-mini Industrial Select Sector Index 15-Jan-21 USD (910) Citigroup 908.00 (807,880) (5,917) 5,253Put Index S&P 500 Financial Select Sector 15-Jan-21 USD (2,517) Citigroup 341.00 903,024 (4,649) 10,155Call Index S&P 500 Financial Select Sector 15-Jan-21 USD (2,802) Citigroup 371.00 (1,005,274) (5,821) (2,032)Put E-mini Consumer Staples Select Sector Index 15-Jan-21 USD (872) Citigroup 654.00 589,219 (2,365) (1,291)Put Index S&P 500 Utilities Select Sector 15-Jan-21 USD (392) Citigroup 598.00 245,482 (661) 301Call Index S&P 500 Utilities Select Sector 15-Jan-21 USD (3,541) Citigroup 634.00 (2,217,480) (17,797) 5,476Put E-Mini Tech Select Sector Index 15-Jan-21 USD (1,208) Citigroup 1,225.00 1,580,076 (7,325) 7,600Call E-Mini Tech Select Sector Index 15-Jan-21 USD (972) Citigroup 1,321.00 (1,271,386) (16,792) (747)Put Index S&P 500 Health Care Select Sector 15-Jan-21 USD (865) Citigroup 1,082.00 981,844 (4,604) (688)Call Index S&P 500 Health Care Select Sector 15-Jan-21 USD (915) Citigroup 1,155.00 (1,038,598) (7,891) 3,201Put E-mini Consumer Discretionary Select Sector Index 15-Jan-21 USD (473) Citigroup 1,534.00 767,580 (2,512) 4,209




Options (continued)

Global Multi-Asset Diversified Income Fund (continued)

DescriptionMaturity Date Currency Contracts Counterparty

Strike Price


Market value (USD)


(USD)

Call Index S&P 500 Communication Services Select Sector 15-Jan-21 USD (1,803) Citigroup 359.00 (631,681) (5,538) (1,121)Put Index S&P 500 Communication Services Select Sector 15-Jan-21 USD (2,173) Citigroup 333.00 761,311 (3,132) 7,181Put Dow Jones U.S. Real Estate Index 15-Jan-21 USD (685) Citigroup 316.00 227,646 (835) 1,445Call Dow Jones U.S. Real Estate Index 15-Jan-21 USD (1,694) Citigroup 338.00 (562,967) (4,168) (867)Call E-mini Consumer Staples Select Sector Index 15-Jan-21 USD (2,301) Citigroup 698.43 (1,554,809) (3,124) 1,640Call E-mini Consumer Discretionary Select Sector Index 15-Jan-21 USD (94) Citigroup 1,643.90 (152,542) (1,274) 956Put Index Euro Stoxx Banks 15-Jan-21 EUR (83) Morgan Stanley 67.50 93,374 (2,546) 5,816Put Index Euro Stoxx Industrial Goods & Services 15-Jan-21 EUR (5) Morgan Stanley 930.00 33,514 (1,196) 4,909Put FTSE 100 Index 15-Jan-21 GBP (8) Morgan Stanley 6,150.00 90,447 (2,568) 7,438Put Index Euro Stoxx Utilities 15-Jan-21 EUR (6) Morgan Stanley 350.00 32,875 (110) 1,428Call Index Euro Stoxx Chemicals 15-Jan-21 EUR (3) Morgan Stanley 1,190.00 54,375 (460) 1,830Put MSCI Emerging Markets Index 14-Jan-21 USD (23) Morgan Stanley 1,200.00 664,110 (27,600) –Put Index Euro Stoxx Automobiles & Parts 15-Jan-21 EUR (7) Morgan Stanley 490.00 54,993 (1,073) 2,559Put Index Euro Stoxx Technology 15-Jan-21 EUR (7) Morgan Stanley 660.00 71,506 (429) 3,203Put Index Euro Stoxx Health Care 15-Jan-21 EUR (3) Morgan Stanley 840.00 18,578 (534) 1,371Put Index Euro Stoxx Oil & Gas 15-Jan-21 EUR (9) Morgan Stanley 215.00 32,630 (607) 1,975Put Index Euro Stoxx Personal & Household Goods 15-Jan-21 EUR (5) Morgan Stanley 870.00 66,768 (184) 2,502Call Index Euro Stoxx Technology 15-Jan-21 EUR (9) Morgan Stanley 715.00 (182,259) (5,631) (2,609)Call Index Euro Stoxx Banks 15-Jan-21 EUR (23) Morgan Stanley 77.50 (30,286) (1,552) 63Call Index Euro Stoxx Utilities 15-Jan-21 EUR (22) Morgan Stanley 375.00 (296,752) (11,201) (7,976)Call FTSE 100 Index 15-Jan-21 GBP (7) Morgan Stanley 6,625.00 (121,199) (6,454) (1,235)Call Index Euro Stoxx Personal & Household Goods 15-Jan-21 EUR (2) Morgan Stanley 925.00 (65,604) (2,000) (1,511)

Total net unrealised appreciation on option contracts 211,086

8 Other income

Other income for the Healthcare Fund is comprised of a compensation received by the sub-fund from the Administrator for an amount of USD 82,546 on 10 September 2020.

9 Related Party Disclosures

All transactions with related parties were entered into in the ordinary course of business and under normal commercial terms.

For the period from 1 July 2020 to 31 December 2020, the main related parties of the Company are the following:

• Manulife Investment Management International Holdings Limited in its capacities as Distributor;

• The Investment Managers and Sub-Investment Managers;

The Distributor, the Investment Managers and the Sub-Investment Managers may be members of the Manulife Group. The transactions with Manulife Group are the following:

– Investment management fees and performance fees charged by the Distributor (please refer to Note 3.1 and 3.2);

– Subscriptions and redemption of shares in the sub-funds from seed capital, insurance schemes and feeder funds owned by Manulife Group.

There are no existing or proposed service contracts between any of the Directors and the Company. The Directors are entitled to such remuneration as may be voted to them by the Company in general meetings.



10 Income equalisation arrangements

Income equalisation arrangements are applied across all Classes for all sub-funds. Such income equalisation arrangements are intended to ensure that the income per Share which is distributed in respect of a distribution period is not affected by changes in the number of Shares issued during the period (i.e. by the subscription and/or redemption of Shares) thereby treating all Shareholders of such Class equally.

11 Movements in portfolio holdings

A detailed list of changes in the composition of the portfolio is available to shareholders upon request and free of charge at the registered office of the Company.

12 Important events

The Investment Managers and Sub-Investment Managers are closely monitoring and responding to developments concerning the outbreak of COVID-19. The Investment Managers and Sub-Investment Managers, the Administrator and the Depositary have all deployed business continuity arrangements to minimise interruption to business in respect of the COVID-19 pandemic. At the time of signing this unaudited semi-annual report there remains uncertainty regarding the full impact of COVID-19. The Board, the Investment Managers and Sub-Investment Managers and the other key service providers will continue to monitor developments and respond as appropriate.

With effect from 6 August 2020, Manulife Investment Management (Hong Kong) Limited located at 16th Floor, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong SAR, has been appointed as Investment Manager of the Sustainable Asia Bond Fund.

With effect from 6 August 2020, Manulife Investment Management (Singapore) Pte. Ltd. located at 8 Cross Street, #16-01 Manulife Tower, Singapore 048424, has been appointed as Sub-Investment Manager of the Sustainable Asia Bond Fund.

With effect from 4 December 2020, Manulife Investment Management (US) LLC located at 197 Clarendon Street, Boston, MA02116, United States of America, has been appointed as Investment Manager of the Dynamic Leaders Fund.

With effect from 17 December 2020, Manulife Investment Management (Europe) Limited located at 1 London Wall, London EC2Y 5EA, United Kingdom and Manulife Investment Management (Hong Kong) Limited located at 16th Floor, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong SAR have been appointed as Co-Investment Managers of the Asia Total Return Fund and Asian High Yield Fund to replace the existing Investment Manager, Manulife Investment Management (Hong Kong) Limited.

With effect from 17 December 2020, Manulife Investment Management (Europe) Limited located at 1 London Wall, London EC2Y 5EA, United Kingdom, and Manulife Investment Management (Hong Kong) Limited located at 16th Floor, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong SAR, have been appointed as Co-Sub-Investment Managers of the Global Multi-Asset Diversified Income Fund to replace the existing Sub-Investment Manager, Manulife Investment Management (Hong Kong) Limited.

The sub-fund Sustainable Asia Bond Fund has been launched on 6 August 2020.

The sub-fund Dynamic Leaders Fund has been launched on 4 December 2020.



13 Subsequent event

Introduction of Swing Pricing Policy

As of 31 December 2020, the Company does not employ any swing pricing policy within its valuation policy to adjust the calculation of the Net Asset Value of any sub-fund.

In order to manage the liquidity risks of the sub-funds and with the aim of protecting existing Shareholders of the sub-funds in the event of significant net cash inflows or outflows, as of 18 January 2021, the Company may make adjustments to the calculation of the Net Asset Value of any sub-fund on each Business Day in accordance with its swing pricing policy, which shall be set out as follows:

The Company may need to accommodate significant net cash inflows or outflows resulting from large subscription, redemption and/or switching activity by investors which result in high transaction costs associated with a sub-fund’s portfolio trades. As a result, the sub-fund may suffer reduction of the NAV per Share (“dilution”). In order to reduce this dilution impact and to protect existing Shareholders’ interests, a swing pricing policy (“Swing Pricing Policy”) shall be adopted by the Company as part of its daily valuation policy. The Swing Pricing Policy shall be applicable to all sub-funds.

If on any Business Day, the aggregate net investor(s) transactions in Shares of a sub-fund exceed a pre-determined threshold as calculated as a percentage of the relevant sub-fund’s Net Asset Value or as a fixed amount expressed in the base currency of the relevant sub-fund (as determined and reviewed by the Board or any duly authorised delegate of the Board from time to time), the NAV per Share of the sub-fund may be adjusted upwards or downwards to reflect the costs (including dealing costs and estimated bid/offer spreads) attributable to net inflows and net outflows respectively (“Adjustment”) if the Board considers it is in the best interest of the investors.

The value of the Adjustment for each sub-fund will be reviewed at least twice a year to reflect the estimated costs of trading assets held by the relevant sub-fund and prevailing market conditions. The estimation procedure for the value of the Adjustment captures the main factors causing dealing costs. Such Adjustment may vary from sub-fund to sub-fund and will not exceed 2.00% of the original NAV per Share (the “Maximum Adjustment”). Under exceptional circumstances, the Directors may, in the interest of Shareholders, decide to temporarily increase the Maximum Adjustment indicated above, subject to prior notification thereof to Shareholders and investors. The value of the Adjustment is determined by the Board or any duly authorised delegate of the Board.


Information for Shareholders

GENERAL INFORMATION

Authorised Status

The Company qualifies as an undertaking for collective investment in transferable securities (“UCITS”) under Part I of the Law of 10 May 2016 of the Grand Duchy of Luxembourg.

Dividend Payment

When a dividend is declared:

– registered Shareholders who have requested that dividends of any sub-fund be re-invested automatically in further shares of the sub-fund will receive an appropriate number of additional shares. Such shares will be issued on the dealing day following the date of payment of the dividend. Shareholders should note that dividend re-investment represents a distribution of income and should be recorded as such on the Shareholders tax return;

– other registered Shareholders will be sent a cheque at the date of payment for the appropriate amount.


Supplementary Information

1 Information on exposure arising from the use of financial derivative instruments

a) Gross exposure arising from the use of financial derivative instrument during the period (as a proportion to the sub-fund’s total net asset value):

Sub-fund Name Maximum Minimum Average

Asia Total Return Fund 12.18% 7.60% 8.96%Asia Pacific REIT Fund 98.65% 26.46% 38.39%Asia Value Dividend Equity Fund 3.51% 0.07% 0.89%Asian High Yield Fund 0.11% 3.20% 4.08%Asian Small Cap Equity Fund 1.66% 0.01% 0.23%China Total Return Bond Fund 2.11% 0.67% 0.82%China Value Fund 0.58% 0.00% 0.18%Dragon Growth Fund 0.70% 0.00% 0.02%Global Equity Fund 0.20% 0.06% 0.07%Global Multi-Asset Diversified Income Fund 49.96% 9.16% 32.34%Global REIT Fund 0.58% 0.01% 0.17%Global Resources Fund 0.94% 0.67% 0.81%Healthcare Fund 0.80% 0.66% 0.70%India Equity Fund 0.24% 0.06% 0.09%Preferred Securities Income Fund 49.45% 17.97% 22.94%Sustainable Asia Bond Fund 39.92% 17.07% 31.09%U.S. Bond Fund 0.00% 0.00% 0.00%U.S. Special Opportunities Fund 0.48% 0.26% 0.37%

b) Net derivative exposure during the period (as a proportion to the sub-fund’s total net asset value):

Sub-fund Name Maximum Minimum Average

ASEAN Equity Fund 1.43% 0.00% 0.02%Asia Total Return Fund 8.75% 2.30% 5.01%Asia Pacific REIT Fund 31.58% 25.16% 28.67%Asia Value Dividend Equity Fund 1.60% 0.00% 0.14%Asian Equity Fund 0.25% 0.00% 0.01%Asian High Yield Fund 3.86% 3.20% 3.32%Asian Small Cap Equity Fund 0.57% 0.00% 0.05%China Total Return Bond Fund 0.71% 0.67% 0.69%China Value Fund 0.58% 0.00% 0.06%Dragon Growth Fund 0.02% 0.00% 0.01%Emerging Eastern Europe Fund 0.00% 0.00% 0.00%European Growth Fund 2.37% 0.00% 0.14%Global Equity Fund 0.00% 0.00% 0.00%Global Multi-Asset Diversified Income Fund 18.83% 6.15% 9.54%Global REIT Fund 0.93% 0.00% 0.02%Global Resources Fund 0.94% 0.67% 0.81%Healthcare Fund 0.80% 0.66% 0.70%India Equity Fund 0.08% 0.06% 0.07%Japan Equity Fund 0.00% 0.00% 0.00%Latin America Equity Fund 0.00% 0.00% 0.00%Preferred Securities Income Fund 18.18% 16.06% 17.19%Sustainable Asia Bond Fund 33.53% 9.01% 21.73%Taiwan Equity Fund 0.00% 0.00% 0.00%U.S. Bond Fund 0.00% 0.00% 0.00%U.S. Equity Fund 0.00% 0.00% 0.00%U.S. Small Cap Equity Fund 0.00% 0.00% 0.00%U.S. Special Opportunities Fund 0.48% 0.26% 0.37%


Supplementary Information

2 Securities Financing Transaction Regulation

The Securities Financing Transaction Regulation (“SFTR”) introduces reporting requirements for securities financing transactions (“SFTs”) and total return swaps. A SFT is defined as per Article 3 (11) of the SFTR as:

• a repurchase/reverse repurchase agreement;

• securities or commodities lending and securities or commodities borrowing;

• a buy-sell back transaction or sell-buy back transaction; or

• a margin lending transaction.

During the period from 1 July 2020 to 31 December 2020, the Company did not enter into transactions within the scope of the SFTR.

SICAV

R.C.S Luxembourg B 26 141

Unaudited Semi-Annual Report

Manulife Global FundSociété d'Investissement à Capital Variable

for the six month period ended 31 December 2020

No subscription can be received on the basis of �nancial reports. Subscriptions are only valid if made on the bases of the current prospectus, accompanied by the latest annual report and semi-annual report if published therea�er.

Société d'Investissement à Capital Variable

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