lglobal funds (in liquidation)

LGlobal Funds (in liquidation) Société d'Investissement à Capital Variable RCS Luxembourg B 160 733 Audited Financial Statements for the period from January 1, 2020, to November 16, 2020 (date of liquidation)

LGlobal Funds (in liquidation)

LGlobal Funds - Asia High Dividend Equity*

LGlobal Funds - Asian High Conviction Equity*

*Sub-fund liquidated on November 16, 2020.


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Table of Contents

Management and Administration 2

Directors' Report 3

Audit report 7

Statistics 10

Combined Statement of Net Assets as at November 16, 2020 (date of liquidation) 11

Combined Statement of Operations and Changes in Net Assets for the period ended November 16, 2020 (date of liquidation) 11


Statement of Net Assets as at November 16, 2020 (date of liquidation) 12

Statement of Operations and Changes in Net Assets for the period ended November 16, 2020 (date of liquidation) 12

Statement of Changes in Number of Shares 13


Statement of Net Assets as at November 16, 2020 (date of liquidation) 14

Statement of Operations and Changes in Net Assets for the period ended November 16, 2020 (date of liquidation) 14

Statement of Changes in Number of Shares 14

Notes to the Financial Statements as at November 16, 2020 (date of liquidation) 15

Unaudited Information 19



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Board of Directors:

Gerard LeeChairman

James Tan Thian PengDirector

Lim Shyong Piau (resigned on December 31, 2020)Director

Administration

Registered Office of the Company:60, avenue J.F. KennedyL-1855 LuxembourgGrand Duchy of Luxembourg

Management CompanyMDO Management Company S.A.19, rue de BitbourgL-1273 LuxembourgGrand Duchy of Luxembourg

Investment ManagerLion Global Investors Limited (Singapore Company Registration No. 198601745D)65, Chulia Street, #18-01 OCBC CentreSingapore 049513

DepositaryBNP Paribas Securities Services, Luxembourg Branch60, avenue J.F. KennedyL-1855 LuxembourgGrand Duchy of Luxembourg

Administrator, Registrar and Transfer Agent, Domiciliary AgentBNP Paribas Securities Services, Luxembourg Branch,60, avenue J.F. KennedyL-1855 LuxembourgGrand Duchy of Luxembourg

AuditorPricewaterhouseCoopers, Société coopérative,2, rue Gerhard MercatorB.P. 1443L-1014 LuxembourgGrand Duchy of Luxembourg

Global DistributorLion Global Investors Limited (Singapore Company Registration No. 198601745D)65, Chulia Street, #18-01 OCBC CentreSingapore 049513

Legal Advisers as to Luxembourg LawElvinger Hoss Prussen, société anonyme2 Place Winston ChurchillBP 45L-2014 LuxembourgGrand Duchy of Luxembourg

As to Singapore LawChan & Goh LLP50 Craig Road, #03-01Singapore 089688

Management and Administration

LGlobal Funds (in liquidation) Directors’ Report

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LGlobal Funds - Asia High Dividend Equity PERFORMANCE OF THE SUB-FUND For the period ended November 16, 2020 (date of liquidation). Cumulative returns for the Fund are calculated up to November 16, 2020 in SGD terms, on a single pricing basis with dividends reinvested net of all charges payable upon reinvestment.

Time Period Fund Returns (%) (Class A Cap SGD ) Benchmark2 Returns (%)

3 months 5.0 8.6 6 months 24.2 21.8 1 year# 16.7 17.7 3 years1 6.9 5.5 5 years1 7.6 9.2 Since Inception1 (September 19, 2012) 5.8 7.9

Time Period Fund Returns (%) (Class A QDist SGD) Benchmark2 Returns (%)

3 months 5.0 8.6 6 months 24.2 21.8 1 year# 16.2 17.7 3 years1 4.7 5.5 5 years1 6.3 9.2 Since Inception1 (August 7, 2013) 4.3 8.4

Time Period Fund Returns (%) (Class A Dist SGD ) Benchmark2 Returns (%)

3 months 5.0 8.6 6 months 23.5 21.8 1 year# 15.7 17.7 3 years1 4.4 5.5 5 years1 6.0 9.2 Since Inception1 (June 4, 2012) 6.0 8.8

Time Period Fund Returns (%) (Class G VDist SGD) Benchmark2 Returns (%)

3 months 5.1 8.6 6 months 24.3 21.8 1 year# 15.4 17.7 3 years1 4.8 5.5 5 years1 - - Since Inception1 (June 24, 2013) 8.4 10.1

Time Period Fund Returns (%) (Class I QDist SGD) Benchmark2 Returns (%)

3 months 5.2 8.6 6 months 24.7 21.8 1 year# 16.3 17.7 3 years1 5.6 5.5 5 years1 7.1 9.2 Since Inception1 (January 3, 2012) 6.5 8.0

LGlobal Funds (in liquidation) Directors’ Report (continued)

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LGlobal Funds - Asia High Dividend Equity (continued) PERFORMANCE OF THE SUB-FUND (continued)

Time Period Fund Returns (%) (Class L Dist SGD) Benchmark2 Returns (%)

3 months 5.4 8.6 6 months 25.0 21.8 1 year# 18.4 17.7 3 years1 6.4 5.5 5 years1 - - Since Inception1 (June 24, 2013) 8.4 10.6

Cumulative returns for the Fund are calculated up to November 16, 2020 in USD terms, on a single pricing basis with dividends reinvested net of all charges payable upon reinvestment.

Time Period Fund Returns (%) (Class A Cap USD) Benchmark2 Returns (%)

3 months 8.0 9.5 6 months 28.4 29.6 1 year# 17.0 13.6 3 years1 4.9 4.4 5 years1 6.0 10.1 Since Inception1 (February 4, 2013) 2.6 4.9

Time Period Fund Returns (%) (Class A QDist USD) Benchmark2 Returns (%)


Time Period Fund Returns (%) (Class I QDist USD) Benchmark2 Returns (%)


Source: Morningstar/Lion Global Investors Ltd # For the period of December 31, 2019 to November 16, 2020. 1 Returns more than 1 year are annualised. 2 Benchmark: Inception to September 30, 2013: MSCI AC Asia Pacific ex-Japan Index (Ex-Ante portfolio Beta Adjusted). From October 1, 2013: MSCI AC Asia Pacific ex Japan Index. REVIEW For the period ended November 16, 2020 (date of liquidation), the Fund returned 17.9%, while the benchmark MSCI AC Asia Pacific ex Japan Index returned 9.0% in Class I QDist USD terms. For the period under review, the MSCI Asia Pacific ex Japan Index rose 9.0%. The key contributors to the index gains were Taiwan, China and South Korea, while Thailand, Singapore and Indonesia registered losses for the period and were the key detractors.


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LGlobal Funds - Asia High Dividend Equity (continued) REVIEW (continued) Technology and Healthcare stocks were the main beneficiaries of the response to the coronavirus pandemic that ravaged the world. Substantial quantitative easing measures taken by global central banks and fiscal stimulus by governments were needed to deal with the physical lockdowns imposed on populations. The vast liquidity unleashed found its way to businesses that performed well during the pandemic, such as online ecommerce and healthcare. As of January 13, 2021.


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LGlobal Funds - Asian High Conviction Equity PERFORMANCE OF THE SUB-FUND For the peridod ended November 16, 2020 (date of liquidation). Cumulative returns for the Fund are calculated up to September 7, 2020 in SGD terms, on a single pricing basis with dividends reinvested net of all charges payable upon reinvestment.

Time Period Fund Returns (%) (Class L Dist SGD)

Benchmark2 Returns (%) (MSCI AC Asia Pacific ex Japan Index)

3 months 12.6 10.1 6 months 11.9 9.0 1 year# 20.5 14.9 3 years1 7.6 5.2 5 years1 10.5 9.9 Since Inception1 (25 June 2015) 7.5 6.1

Past performance is not necessarily indicative of future performance. Cumulative returns for the Fund are calculated up to November 16, 2020 in USD terms, on a single pricing basis with dividends reinvested net of all charges payable upon reinvestment.

Time Period Fund Returns (%) (Class L Cap USD)

Benchmark2 Returns (%) (MSCI AC Asia Pacific ex Japan Index)

3 months 10.8 9.1 6 months 33.6 31.8 1 year# 17.6 19.7 3 years1 8.0 5.9 5 years1 12.1 11.3 Since Inception1 (November 3, 2014) 8.7 6.9

Source: Morningstar/Lion Global Investors Ltd # For the period of December 31, 2019 to November 16, 2020. 1 Returns more than 1 year are annualised. 2 Benchmark: Inception to September 30, 2013: MSCI AC Asia Pacific ex-Japan Index (Ex-Ante portfolio Beta Adjusted). From October 1, 2013: MSCI AC Asia Pacific ex Japan Index. REVIEW For the period ended November 16, 2020 (date of liquidation), the Fund returned 17.6%, while the benchmark MSCI AC Asia Pacific ex Japan Index returned 19.7% in Class L Cap USD terms. For the period under review, the MSCI Asia Pacific ex-Japan Index rose 19.7% The key contributors to the index gains were Taiwan, China and South Korea, while Thailand, Singapore and Indonesia registered losses for the period and were the key detractors. Technology and Healthcare stocks were the main beneficiaries of the response to the coronavirus pandemic that ravaged the world. Substantial quantitative easing measures taken by global central banks and fiscal stimulus by governments were needed to deal with the physical lockdowns imposed on populations. The vast liquidity unleashed found its way to businesses that performed well during the pandemic, such as online ecommerce and healthcare. As of January 13, 2021. The Board of Directors Luxembourg, January 13, 2021

PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 LuxembourgT : +352 494848 1, F : +352 494848 2900, www.pwc.lu Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°10028256)R.C.S. Luxembourg B 65 477 - TVA LU25482518

Audit report

To the Shareholders ofLGlobal Funds (in liquidation)

Our opinion

In our opinion, the accompanying financial statements give a true and fair view of the financial position of LGlobal Funds (in liquidation) (the “Fund”) and of each of its sub-funds as at 16 November 2020 (date of beginning of the liquidation period), and of the results of their operations and changes in their net assets for the period from 1 January 2020 to 16 November 2020 (date of beginning of the liquidation period) in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements.

What we have audited

The Fund’s financial statements comprise:

the combined statement of net assets for the Fund and the statement of net assets for each of the sub-funds as at 16 November 2020 (date of beginning of the liquidation period);

the combined statement of operations and changes in net assets for the Fund and the statement of operations and changes in net assets for each of the sub-funds for the period from 1 January 2020 to 16 November 2020 (date of beginning of the liquidation period); and

the notes to the financial statements, which include a summary of significant accounting policies.

Basis for opinion

We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (Law of 23 July 2016) and with International Standards on Auditing (ISAs) as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier” (CSSF). Our responsibilities under the Law of 23 July 2016 and ISAs as adopted for Luxembourg by the CSSF are further described in the “Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the financial statements” section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

We are independent of the Fund in accordance with the International Code of Ethics for Professional Accountants, including International Independence Standards, issued by the International Ethics Standards Board for Accountants (IESBA Code) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the financial statements. We have fulfilled our other ethical responsibilities under those ethical requirements.

Emphasis of Matter

We draw attention to Note 1 to the financial statements, which indicates that the Extraordinary General Meeting of Shareholders, held on 16 November 2020, decided the dissolution of the Fund and to put it into liquidation with immediate effect. Therefore, as indicated in the Note 2 to the financial statements, the financial statements of the Fund and of each of its sub-funds for the period ended 16 November 2020

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(date of beginning of the liquidation period) have been prepared on a non-going concern basis of accounting. Our opinion is not modified in respect of this matter.

Other information

The Board of Directors of the Fund is responsible for the other information. The other information comprises the information stated in the annual report but does not include the financial statements and our audit report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Board of Directors of the Fund for the financial statements

The Board of Directors of the Fund is responsible for the preparation and fair presentation of the financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements, and for such internal control as the Board of Directors of the Fund determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors of the Fund is responsible for assessing the Fund’s and each of its sub-funds' ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors of the Fund either intends to liquidate the Fund or close any of its sub-funds or to cease operations, or has no realistic alternative but to do so.

Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the financial statements

The objectives of our audit are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an audit report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;

obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control;

evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors of the Fund;

conclude on the appropriateness of the Board of Directors of the Fund’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund’s or any of its sub-funds' ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our audit report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our audit report;

evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

PricewaterhouseCoopers, Société coopérativeRepresented by@esig

@esigKenneth Kai Siong Iek

Luxembourg, 17 March 2021


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The accompanying notes are an integral part of these financial statements.

Statistics


Net Asset Value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

1,893,139.99 54,102,020.56 49,170,116.90USD

Net asset value per share

Class A Cap SGD 16.38 14.03 12.13SGDClass A Cap USD*** - 11.17 9.54USDClass A Dist SGD 11.98 10.35 9.26SGDClass A QDist SGD 10.31 9.06 8.11SGDClass A QDist USD 10.03 8.82 7.80USDClass G VDist SGD**** - 11.23 10.04SGDClass I QDist SGD***** - 10.93 9.71SGDClass I QDist USD** - 9.43 8.27USDClass L Dist SGD 12.95 10.94 9.64SGD−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Class A Cap SGD 2,591.95 2,980.23 3,177.42Class A Cap USD*** - 12,971.93 17,764.79Class A Dist SGD 18,659.39 92,148.59 20,805.60Class A QDist SGD 32,909.76 52,210.38 56,206.55Class A QDist USD 37,820.78 37,820.78 54,953.84Class G VDist SGD**** - 3,475,884.09 3,224,138.82Class I QDist SGD***** - 341,464.63 865,838.47Class I QDist USD** - 987,020.91 987,020.91Class L Dist SGD 110,740.00 1,408,740.00 1,408,740.00

−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

*Sub-fund liquidated on November 16, 2020.**Share class closed on August 13, 2020 (last NAV was calculated on August 12, 2020).***Share class closed on October 28, 2020 (last NAV was calculated on October 27, 2020).****Share class closed on November 9, 2020 (last NAV was calculated on November 6, 2020).*****Share class closed on November 9, 2020 (last NAV was calculated on November 6, 2020).


Net Asset Value−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

14,631,877.30 37,365,927.79 29,389,987.92USD

Net asset value per share

Class L Cap USD 16.51 14.04 11.30USDClass L Dist SGD** - 13.17 10.74SGD−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

Number of shares

Class L Cap USD 885,835.61 2,200,241.51 2,200,241.51Class L Dist SGD** - 662,174.84 574,833.23

−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−

*Sub-fund liquidated on November 16, 2020.**Share class closed September 7, 2020 (last NAV was calculated on September 4, 2020).

December 31, 2018November 16, 2020 December 31, 2019

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Combined Statement

USD

Assets

Cash at bank 16,725,095.72Dividends and interest receivable 19,404.22

Total assets 16,744,499.94

LiabilitiesAccrued expenses 215,300.13Dividends and interest payable 9 4,182.52

Total liabilities 219,482.65

Net assets at the end of the period 16,525,017.29

Notes

Statement of Net Assets as at November 16, 2020 (date ofliquidation)

IncomeDividends (net of withholding taxes) 2.10 1,308,381.83Bank interest 27,529.19Other income 5,847.14

Total income 1,341,758.16

ExpensesInvestment management fee 4 386,629.73Depositary fees 6 78,133.71Management Company fee 3 41,600.37Administration fees 6 101,269.26Professional fees 86,010.46Transaction costs 11 545,799.11Taxe d'abonnement 5 5,820.81Bank interest and charges 23,973.22Printing & Publication fees 522.55Tax charges (excluding taxe d'abonnement) 12,412.50Other expenses 7 143,151.13

Total expenses 1,425,322.85

Net investment income / (loss) (83,564.69)

Net realised gain / (loss) on: Investments 20,836,378.74Foreign currencies transactions 2,241.55Forward foreign exchange contracts 2.9 (897.54)

Net realised gain / (loss) for the period 20,754,158.06

Net change in unrealised appreciation / (depreciation) on: Investments (11,647,978.42)

Increase / (Decrease) in net assets as a result ofoperations

9,106,179.64

Proceeds received on subscription of shares 15,839,753.78Net amount paid on redemption of shares (99,026,601.66)Dividend distributions 9 (862,262.82)Net assets at the beginning of the period 91,467,948.35


USDNotes

Statement of Operations and Changes in Net Assets forthe period ended November 16, 2020 (date of liquidation)

12



LGlobal Funds - Asia High Dividend Equity* (in USD)Statement of Operations and Changes in Net Assets for theperiod ended November 16, 2020 (date of liquidation)

USD

Assets



LiabilitiesAccrued expenses 158,799.21Dividends and interest payable 9 4,182.52



Notes



IncomeDividends (net of withholding taxes) 2.10 719,430.79Bank interest 17,683.17Other income 5,847.14

Total income 742,961.10

ExpensesInvestment management fee 4 386,629.73Depositary fees 6 43,371.35Management Company fee 3 26,221.44Administration fees 6 70,810.25Professional fees 41,773.26Transaction costs 11 357,207.25Taxe d'abonnement 5 3,681.13Bank interest and charges 12,325.75Printing & Publication fees 306.99Tax charges (excluding taxe d'abonnement) 10,136.49Other expenses 7 99,817.74

Total expenses 1,052,281.38

Net investment income / (loss) (309,320.28)

Net realised gain / (loss) on: Investments 11,381,692.05Foreign currencies transactions (8,385.19)Forward foreign exchange contracts 2.9 1,262.73




5,275,707.33

Proceeds received on subscription of shares 15,612,555.94Net amount paid on redemption of shares (72,234,881.02)Dividend distributions 9 (862,262.82)Net assets at the beginning of the period 54,102,020.56


USDNotes


13



LGlobal Funds - Asia High Dividend Equity* (in USD)

Number of shares in issue atthe end of the period

Number of shares in issue atthe beginning of the period

Number of sharessubscribed

Number of sharesredeemed

Statement of Changes in Number of Shares

Class A Cap SGD 2,980.23 2,494.89 (2,883.17) 2,591.95

Class A Cap USD*** 12,971.93 - (12,971.93) -

Class A Dist SGD 92,148.59 7,724.26 (81,213.46) 18,659.39

Class A QDist SGD 52,210.38 838.54 (20,139.16) 32,909.76

Class A QDist USD 37,820.78 - - 37,820.78

Class G VDist SGD**** 3,475,884.09 1,892,097.58 (5,367,981.67) -

Class I QDist SGD***** 341,464.63 125.24 (341,589.87) -

Class I QDist USD** 987,020.91 - (987,020.91) -

Class L Dist SGD 1,408,740.00 49,207.99 (1,347,207.99) 110,740.00

*Sub-fund liquidated on November 16, 2020. **Share class closed on August 13, 2020 (last NAV was calculated on August 12, 2020). ***Share class closed on October 28, 2020 (last NAV was calculated on October 27, 2020). ****Share class closed on November 9, 2020 (last NAV was calculated on November 6, 2020). *****Share class closed on November 9, 2020 (last NAV was calculated on November 6, 2020).

14



LGlobal Funds - Asian High Conviction Equity* (in USD)Statement of Operations and Changes in Net Assets for theperiod ended November 16, 2020 (date of liquidation)

USD

Assets



LiabilitiesAccrued expenses 56,500.92



Notes



IncomeDividends (net of withholding taxes) 2.10 588,951.04Bank interest 9,846.02

Total income 598,797.06

ExpensesDepositary fees 6 34,762.36Management Company fee 3 15,378.93Administration fees 6 30,459.01Professional fees 44,237.20Transaction costs 11 188,591.86Taxe d'abonnement 5 2,139.68Bank interest and charges 11,647.47Printing & Publication fees 215.56Tax charges (excluding taxe d'abonnement) 2,276.01Other expenses 7 43,333.39

Total expenses 373,041.47

Net investment income / (loss) 225,755.59

Net realised gain / (loss) on: Investments 9,454,686.69Foreign currencies transactions 10,626.74Forward foreign exchange contracts 2.9 (2,160.27)




3,830,472.31

Proceeds received on subscription of shares 227,197.84Net amount paid on redemption of shares (26,791,720.64)Net assets at the beginning of the period 37,365,927.79


USDNotes


Number of shares in issue atthe end of the period

Number of shares in issue atthe beginning of the period

Number of sharessubscribed

Number of sharesredeemed

Statement of Changes in Number of Shares

Class L Cap USD 2,200,241.51 - (1,314,405.90) 885,835.61

Class L Dist SGD** 662,174.84 24,225.85 (686,400.69) -

**Share class closed September 7, 2020 (last NAV was calculated on September 4, 2020).

LGlobal Funds (in liquidation) Notes to the Financial Statements as at November 16, 2020 (date of liquidation)

15

Note 1 - General Information LGlobal Funds (the “Company”) is an open-ended investment company organised as a société anonyme under the laws of the Grand Duchy of Luxembourg and qualifies as a société d’investissement à capital variable (“SICAV”). The Company was incorporated on May 3, 2011. The Company is governed under Part I of the law of December 17, 2010, as amended, relating to undertakings for collective investment. The Company operates separate sub-funds, each of which is represented by one or more share classes. The sub-funds are distinguished by their specific investment policy or any other specific features. The Company constitutes a single legal entity, but the assets of each sub-fund are invested for the exclusive benefit of the shareholders of the corresponding sub-fund and the assets of a specific sub-fund are solely accountable for the liabilities, commitments and obligations of that sub-fund. Certain shares may be listed on the Luxembourg Stock Exchange. The Directors may decide to make an application to list certain shares, as well as list all such shares on any recognised stock exchange. During the period there were no shares listed on the Luxembourg Stock Exchange. Following the Extraordinary General Meeting of Shareholders held on November 16, 2020, the Company was put into liquidation with effective date November 16, 2020. At the reporting date, the Company had the following sub-funds closed during the period: LGlobal Funds - Asia High Dividend Equity (liquidated on November 16, 2020) LGlobal Funds - Asian High Conviction Equity (liquidated on November 16, 2020) Prior to November 16, 2020 (date of liquidation), the sub-funds offer A, G, I and L shares as specified below:

Class Currency A Cap (All Investors) A Dist (All Investors) A QDist (All Investors)

USD, SGD, GBP, EUR SGD USD, SGD, GBP, EUR

G VDist (Investment Manager) SGD I Cap (Institutional Investors) I QDist (Institutional Investors)

USD, SGD, GBP, EUR USD, SGD, GBP, EUR

L Cap (Investment Manager) L Dist (Investment Manager) L QDist (Investment Manager)

USD, SGD SGD USD, SGD

As at November 16, 2020 (date of liquidation) only the class A Cap SGD, A Dist SGD, A QDist SGD, A QDist USD, L Dist SGD and L Cap USD were active. Note 2 - Accounting Principles The financial statements as at November 16, 2020 (date of liquidation) have been prepared on a liquidation basis as the principle of continuity of operations used for the preparation of the financial statements is no longer appropriate. The use of the liquidation basis requires that the assets are valued at their liquidation value and provisions are included in the Net Asset Value calculation to cover all liquidation costs. The application of the non-going concern basis of accounting has not led to material adjustments to the sub-funds’ published net asset value. In valuing total assets, the following rules have been applied: (1) The value of equities, bonds, zero coupon bonds, financial derivative instruments and assets is determined on the liquidation basis. (2) If a security is not traded or admitted on any official stock exchange or regulated market or other market, or in the case of securities so traded or

admitted the last available price of which does not reflect their true value, the Directors are required to proceed on the basis of their expected sales price, which shall be valued with prudence and in good faith.

(3) The financial derivative instruments which are not listed on any official stock exchange or traded on any other organised market are subject to reliable

and verifiable valuation on a daily basis and can be sold, liquidated or closed by an offsetting transaction at any time at their fair value at the Company’s initiative. The reference to fair value is understood as a reference to the amount for which an asset could be exchanged, or a liability be settled, between knowledgeable, willing parties in an arm’s length transaction. The reference to reliable and verifiable valuation is understood as a reference to a valuation, which does not rely on market quotations of the counterparty.

(4) Units or shares in undertakings for collective investments are valued on the basis of their last available net asset value as reported by such

undertakings.

LGlobal Funds (in liquidation) Notes to the Financial Statements as at November 16, 2020 (date of liquidation) (continued)

16

Note 2 - Accounting Principles (continued) (5) Liquid assets and money market instruments are valued at nominal value plus any accrued interest or on an amortised cost basis. In the event of

material changes in market conditions, the valuation basis of the investment is adjusted to the new market yields. All other assets, where practice allows, are valued in the same manner.

(6) If any of the aforesaid valuation principles do not reflect the valuation method commonly used in specific markets or if any such valuation principles

do not seem accurate for the purpose of determining the value of the Company’s assets, the Directors fix different valuation principles in good faith and in accordance with generally accepted valuation principles and procedures.

(7) Any assets or liabilities in currencies other than the base currency of the sub-fund is converted using the relevant spot rate quoted by a bank or other

recognised financial institution at period-end. (8) Income and expenses in currencies other than the sub-fund accounting currency are converted into that currency at the exchange rate prevailing at

the transaction date. (9) Forward foreign exchange contracts are valued on the basis of the forward exchange rate corresponding to the residual maturity of the contract. All

realised and change in unrealised gains and losses are included in the statement of operations and changes in the assets. Forward foreign exchange contracts outstanding at period-end are detailed below the securities portfolio of the related sub-fund.

(10) Dividends, net of withholdings taxes, are recognized as income on the ex-dividend date. Interest income is accrued on a daily basis. (11) Formation expenses are supported directly by Lion Global Investors Limited. Note 3 - Management Company Fee The Directors have appointed MDO Management Company S.A. to act as management company of the Company to perform investment management, administration and distribution functions. MDO Management Company S.A. is a “société anonyme” incorporated on October 23, 2003 for an unlimited period of time and is subject to the laws of the Grand Duchy of Luxembourg. The Management Company is entitled to receive from the Company an annual fee of up to 0.05% of the Net Asset Value of the relevant sub-fund, subject to a minimum annual fee of up to EUR 10,000 per sub-fund calculated on the average of the total assets under management of the previous quarter and are payable quarterly in arrears. These fees are subject to review by the Management Company and the Company from time to time. The Management Company is also entitled to reimbursement of all reasonable out-of-pocket expenses properly incurred in carrying out its duties. Note 4 - Investment Management Fee Lion Global Investors Limited (Singapore Company Registration No. 198601745D) is a company incorporated under the laws of the Republic of Singapore, which holds a Capital Markets Services Licence for fund management issued by the Monetary Authority of Singapore. Launched in September 2005 following the merger of the asset management arms of the Oversea-Chinese Banking Corporation Limited and Great Eastern insurance group, Lion Global Investors Limited is one of the largest asset management companies in Singapore and Southeast Asia. The investment manager is entitled to receive as remuneration for its services an investment management fee as follow:

Sub-Fund Class A Effective

rate Class G Effective

rate Class I Effective

rate Class L LGlobal Funds - Asia High Dividend Equity*

up to 1.50% 1.50% up to 1.50% 1.50%

up to 0.75% 0.75%

None LGlobal Funds - Asian High Conviction Equity* 1.50% – – 0.75%

*Sub-fund liquidated on November 16, 2020. Note 5 - Taxation The Company is not subject to any taxes in Luxembourg on income or capital gains. The only tax to which the Company in Luxembourg is subject is the “taxe d’abonnement” to a rate of 0.05% per annum based on the Net Asset Value of each sub-fund at the end of the relevant quarter, calculated and paid quarterly. In respect of any share class which comprises only institutional investors (Class I), the tax levied will be at the rate of 0.01% per annum.


17

Note 6 - Administrator, Registrar and Transfer Agent, Domiciliary Agent, Listing Agent, Depositary and Paying Agent The Directors have appointed BNP Paribas Securities Services, Luxembourg Branch as the Domiciliary Agent of the Company. The Administrator is responsible for all administrative duties required by Luxembourg law, and in particular for the bookkeeping and the calculation of the Net Asset Value per share of any class of shares within each sub-fund. The Registrar and Transfer Agent is responsible for handling the processing of subscriptions for shares, dealing with requests for redemptions and switches and accepting transfers of funds, for the safekeeping of the register of shareholders of the Company, the delivery of share certificates, if requested, the safekeeping of all non-issued share certificates of the Company, for accepting share certificates tendered for replacement, redemption or conversion. In its capacity of Domiciliary Agent, BNP Paribas Securities Services, Luxembourg Branch is responsible for all corporate agency duties required by Luxembourg law, and in particular for providing and supervising the mailing of statements, reports, notices and other documents to the shareholders. The Domiciliary Agent has also been appointed to act as listing agent for the Company in relation to the listing of its shares inter alia on the Luxembourg Stock Exchange and receive fees for the performance of its duties as such. BNP Paribas Securities Services, Luxembourg Branch receive from the Company a fee in relation to its administrative, registrar, transfer agent, domiciliary agent and listing agent services in accordance with usual practice in Luxembourg. The Directors have appointed BNP Paribas Securities Services, Luxembourg Branch as depositary of the assets of all the sub-funds of the Company. Administrative, registrar and transfer agent fees are subject to review by BNP Paribas Securities Services, Luxembourg Branch, the Company and the Management Company from time to time. The domiciliary fees are subject to review by BNP Paribas Securities Services, Luxembourg Branch and the Company from time to time. Depositary fees may be subject to review by the Depositary and the Company from time to time. In addition, the Depositary is entitled to any reasonable expenses properly incurred in carrying out its duties. BNP Paribas Securities Services, Luxembourg Branch is appointed as its paying agent (the “Paying Agent”) responsible for the payment of distributions to shareholders. Note 7 - Other Charges and Expenses The Company pays all charges and expenses incurred in the operation of the Company including, without limitation, taxes, expenses for legal and auditing services, brokerage, governmental duties and charges, stock exchange listing expenses and fees due to supervisory authorities in various countries, including the costs incurred in obtaining and maintaining registrations so that the shares of the Company may be marketed in different countries; expenses incurred in the issue, switch and redemption of shares and payment of dividends, registration fees, insurance, interest and the costs of computation and publication of share prices and postage, telephone, facsimile transmission and the use of other electronic communication; costs of printing proxies, statements, share certificates or confirmations of transactions, shareholders’ reports, prospectuses and supplementary documentation, explanatory brochures and any other periodical information or documentation. In addition to standard banking and brokerage charges paid by the Company, the Investment Manager providing services to the Company may receive payment for these services. The Investment Manager may enter into soft commission arrangements only where there is a direct and identifiable benefit to the clients of the Investment Manager, including the Company, and where the Investment Manager is satisfied that the transactions generating the soft commissions are made in good faith, in strict compliance with applicable regulatory requirements and in the best interests of the Company. Any such arrangements must be made by the Investment Manager on terms commensurate with best market practice. Note 8 - Exchange Rates As at November 16, 2020 (date of liquidation), the exchange rates used for the translation of the Company’s assets and liabilities not denominated in USD are as follows: 1 USD = 6.577012 CNY 1 USD = 0.844202 EUR 1 USD = 74.617492 INR 1 USD = 1,109.250011 KRW 1 USD = 1.347136 SGD 1 USD = 28.500485 TWD


18

Note 9 - Dividend Distributions It was decided by the Circular Resolution dated March 13, 2020 to recommend and approve an interim dividend by the sub-fund LGlobal Funds - Asia High Dividend Equity*, as follows: Sub-Fund Ex-date Amount per share Total dividend in USD LGlobal Funds - Asia High Dividend Equity Class A QDist SGD March 31, 2020 0.0715 SGD 2,141.30 LGlobal Funds - Asia High Dividend Equity Class A QDist USD March 31, 2020 0.0672 USD 2,541.56 LGlobal Funds - Asia High Dividend Equity Class G VDist SGD*** March 31, 2020 0.0886 SGD 207,047.85 LGlobal Funds - Asia High Dividend Equity Class I QDist SGD**** March 31, 2020 0.0864 SGD 20,688.81 LGlobal Funds - Asia High Dividend Equity Class I QDist USD** March 31, 2020 0.0719 USD 52,272.80 It was decided by the Circular Resolution dated June 17, 2020 to recommend and approve an interim dividend by the sub-fund LGlobal Funds - Asia High Dividend Equity*, as follows: Sub-Fund Ex-date Amount per share Total dividend in USD LGlobal Funds - Asia High Dividend Equity Class A QDist SGD June 30, 2020 0.0675 SGD 2,067.13 LGlobal Funds - Asia High Dividend Equity Class A QDist USD June 30, 2020 0.0626 USD 2,367.58 LGlobal Funds - Asia High Dividend Equity Class G VDist SGD*** June 30, 2020 0.0836 SGD 214,743.71 LGlobal Funds - Asia High Dividend Equity Class I QDist SGD**** June 30, 2020 0.0817 SGD 19,968.25 LGlobal Funds - Asia High Dividend Equity Class I QDist USD** June 30, 2020 0.0672 USD 48,855.81 It was decided by the Circular Resolution dated September 18, 2020 to recommend and approve an interim dividend by the sub-fund LGlobal Funds - Asia High Dividend Equity*, as follows: Sub-Fund Ex-date Amount per share Total dividend in USD LGlobal Funds - Asia High Dividend Equity Class A QDist SGD September 30, 2020 0.0793 SGD 2,064.40 LGlobal Funds - Asia High Dividend Equity Class A QDist USD September 30, 2020 0.0764 USD 2,889.51 LGlobal Funds - Asia High Dividend Equity Class G VDist SGD*** September 30, 2020 0.0983 SGD 260,624.57 LGlobal Funds - Asia High Dividend Equity Class I QDist SGD**** September 30, 2020 0.0962 SGD 23,989.54 *Sub-fund liquidated on November 16, 2020. **Share class closed on August 13, 2020 (last NAV was calculated on August 12, 2020). ***Share class closed on November 9, 2020 (last NAV was calculated on November 6, 2020). ****Share class closed on November 9, 2020 (last NAV was calculated on November 6, 2020). Note 10 - Changes in the Composition of the Investment Portfolio The report on changes in the composition of the investment portfolio for each sub-fund is available up on request and free of charge from the registered office of the Company. Note 11 - Transactions Costs The transaction costs which are defined as: stamp duty, brokerage fees and stock exchange fees, are the costs incurred by the Company in connection with purchases or sales of transferable securities, money market instruments, derivatives or other eligible assets. Note 12 - Global Risk Exposure The two liquidated sub-funds as at November 16, 2020 (date of liquidation), used the commitment approach in order to monitor and measure the global exposure. The global exposure of the sub-funds is calculated based on the commitment approach in accordance with the methodology described in the ESMA’s guidelines 10-788. Note 13 - Subsequent Events At the reporting date, no material subsequent event has occurred since November 16, 2020 (date of liquidation). A first advance liquidation distribution of approximately 97% of the Net Asset Value per share published as at November 16, 2020 (date of liquidation) was paid to shareholder on November 23, 2020.

LGlobal Funds (in liquidation) Unaudited Information

19

Security Financing Transaction Regulation (SFTR) At the date of the financial statements, LGlobal Funds (liquidated on November 16, 2020) is currently not concerned by the requirements of the Securities Financing Transaction Regulation (SFTR) 2015/2365 on transparency of securities financing transactions and of reuse. Furthermore, no corresponding transactions were carried out during the period referring to the financial statements. Remuneration Policy The management company has adopted a remuneration policy pursuant to applicable laws and regulations with the objective to ensure that its remuneration structure is in line with its interests and those of the collective investment schemes it manages and to prevent risk-taking which is inconsistent with the risk profiles, rules or articles of incorporation or management regulations of the collective investment schemes it manages. Details of the remuneration policy of the management company, including the persons in charge of determining the fixed and variable remunerations of staffs, a description of the key remuneration elements and an overview of how remuneration is determined, is available at http://www.mdo-manco.com/about-us/legal-documents.

lglobal funds (in liquidation)

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