MAZE UCITS (previously TARGET ASIA FUND (LUXEMBOURG))

Transcription

1 An Investment Company with Variable Capital Semi-Annual Report including unaudited financial statements as at June 30, 2018 R.C.S. Luxembourg B No subscription may be accepted on the basis of the Annual Report including the audited financial statements. Subscriptions are accepted only on the basis of the current Prospectus and the Key Investor Information Document, the latest annual report or the latest semi-annual report if published thereafter. The Shares referred to in the Prospectus of the Fund (the Prospectus ) are offered solely on the basis of the information contained in the Prospectus and in the reports referred to in the Prospectus. No person is authorized to give any information or to make any representations other than those contained in the Prospectus, and any purchase made by any person on the basis of statements or representations not contained in or inconsistent with the information contained in the Prospectus shall be solely at the risk of the purchaser. The Shares have not been registered under the United States Securities Act of 1933, as amended (the Securities Act ), and the Fund has not been registered under the United States Investment Company Act of 1940, as amended. The Shares may not be offered, sold, transferred or delivered, directly or indirectly, in the United States, its territories or possessions or to U.S. Persons (as defined in Regulation S under the Securities Act) except to certain qualified U.S. institutions in reliance on certain exemptions from the registration requirements of the Securities Act. Neither the Shares nor any interest therein may be beneficially owned by any other U.S. Person. Maze UCITS (previously Target Asia Fund (Luxembourg)) may redeem Shares held by a U.S. Person or refuse to register any transfer to a U.S. Person as it deems appropriate to assure compliance with the Securities Act. See Heading PROCEDURE FOR SUBSCRIPTION AND REDEMPTION in the Prospectus. THIS SEMI-ANNUAL REPORT DOES NOT CONSTITUTE AN OFFER OR SOLICITATION BY ANY PERSON IN ANY JURISDICTION IN WHICH SUCH OFFER OR SOLICITATION IS NOT LAWFUL OR IN WHICH THE PERSON MAKING SUCH OFFER OR SOLICITATION IS NOT QUALIFIED TO DO SO. THE PROSPECTUS DOES NOT CONSTITUTE AN OFFER OR SOLICITATION TO ANY PERSON TO WHOM IT IS UNLAWFUL TO MAKE SUCH OFFER OR SOLICITATION.

2 Table of contents Organisation of the SICAV... 3 Information to the Shareholders... 5 Statement of Net Assets... 6 Statement of Operations and Changes in Net Assets... 7 Net Asset Information... 8 Schedule of Investments... 9 Geographical Classification of Investments Industrial Classification of Investments Notes to the Financial Statements Supplementary Information

3 Organisation of the SICAV Registered Office 4, rue Jean Monnet, L-2180 Luxembourg Board of Directors of the SICAV Chairman David Tsz Wing Chan, Managing Director Canterbury Capital Ltd, Hong Kong (until March 16, 2018) Alain Léonard, Director Andbank Asset Management Luxembourg Directors Mai-San Young, Director Canterbury Capital Ltd, Hong Kong (until March 16, 2018) Wesley Seifer, Portfolio Manager Semper Capital Management, LP (since March 19, 2018) Erika Morris, Sector Specialist Semper Capital Management, LP (since March 19, 2018) Phu-Van Luc, Conducting Officer Samarang Asset Management S.A. Depositary Bank, Paying Agent, Administrative, Registrar and Transfer Agent Domiciliary Agent Management Company Investment Manager Citibank Europe plc, Luxembourg Branch 31, Z.A. Bourmicht, L-8070 Bertrange Andbank Asset Management Luxembourg 4, rue Jean Monnet, L-2180 Luxembourg Andbank Asset Management Luxembourg 4, rue Jean Monnet, L-2180 Luxembourg Semper Capital Management, LP 52 Vanderbilt Ave. Suite 401 New-York, NY 10017, United States (since March 29, 2018) (for the Sub-Fund MAZE UCITS - Semper Strategic Focus High Yield Fund 1 ) Canterbury Capital Ltd. 14 Floor South China Building, 1-3 Wyndham Street, Central, Hong Kong (until March 15, 2018) (for the Sub-Fund MAZE UCITS - Target Asia 2 ) Investment Adviser Scherrer & Partner Investment Management AG Bleicherweg 66, CH-8002 Zürich, Switzerland (until March 15, 2018) (for the Sub-Fund MAZE UCITS - Target Asia 2 ) 2 previously denominated Target Asia Fund (Luxembourg), closed on May 22,

4 Organisation of the SICAV (continued) Global Distributor UK Facilities Agent Auditor Canterbury Capital International P.O. Box 3175, Road Town, Tortola, British Virgin Islands (for the Sub-Fund MAZE UCITS - Target Asia 1 ) Financial Express Limited 3 rd Floor, Hollywood House Church East Street, Woking Surrey GU21 6HJ, United Kingdom (for the Sub-Fund MAZE UCITS - Semper Strategic Focus High Yield Fund 2 ) Deloitte Audit, Société à responsabilité limitée 560, rue de Neudorf L-2220 Luxembourg Legal Advisor Elvinger Hoss Prussen, société anonyme 2, place Winston Churchill L-2014 Luxembourg 1 previously denominated Target Asia Fund (Luxembourg), closed on May 22, launched on May 2,

5 Information to the Shareholders Audited annual reports will be available for inspection by Shareholders at the registered office of the SICAV, at the paying agents and distributors and at the website: within four months of the close of the accounting year. Unaudited semi-annual reports will also be made available in the same manner within two months of the end of the period to which they refer. The accounting year of the SICAV starts on January 1 of each year and shall end on December 31 of the same year.. 5

6 Statement of Net Assets as at June 30, 2018 Assets MAZE UCITS - Semper Strategic Focus High Yield Fund 1 (USD) Investments in securities at cost (note 2.4) 98,318,964 Unrealised depreciation ( 268,734) Investments in securities at market value (note 2.2) 98,050,230 Cash at bank 1,954,867 Interest receivable, net (note 2.6) 1,890,115 Subscriptions receivable 901,212 Formation expenses (note 2.7) 67,775 Total Assets 102,864,199 Liabilities Unrealised depreciation on forw ard foreign exchange contracts (note 2.2) 110,317 Accrued expenses (note 7) 231,750 Redemptions payable 193,529 Payable for securities purchased 1,075,347 Total Liabilities 1,610,943 Net Assets 101,253,256 The accompanying notes form an integral part of these financial statements. 6

7 Statement of Operations and Changes in Net Assets for the Period Ended on June 30, 2018 MAZE UCITS - Semper Strategic Focus High Yield Fund 1 MAZE UCITS - Target Asia 2 Combined 3 (USD) (USD) (USD) Net assets at the beginning of the period 4,729,957 4,729,957 Income Dividends, net (note 2.6) 12,812 12,812 Interest on bonds, net 1,144,295 2,513 1,146,808 Bank interest Total Income 1,144,295 15,831 1,160,126 Expenses Management fees (note 3) 79,291 14,017 93,308 Management Company fees 19, ,478 Distribution fees (note 4) 4,672 4,672 Global fees (note 5) 16,849 13,272 30,121 Audit and legal fees 5,268 15,361 20,629 Transaction costs (note 8) 17,884 17,884 Overdraft interest Regulatory fees 3,095 4,286 7,381 Taxe d'abonnement (note 6) 12, ,568 Tax agent fees 1,875 5,696 7,571 Formation expenses (note 2.7) 2,225 2,225 Liquidation fees (note 13) 12,890 12,890 Miscellaneous fees 23,239 11,731 34,970 Total Expenses 164, , ,126 Net investment gain/(loss) 979,902 (84,902) 895,000 Net realised loss on sales of investments (9,295) (361,698) (370,993) Net realised gain/(loss) on forward foreign exchange contracts (2,874,918) 930 (2,873,988) Net realised loss on foreign exchange (59) (13,532) (13,591) Change in net unrealised appreciation/(depreciation) on : Investments in securities (268,734) 495, ,664 Forward foreign exchange contracts (110,317) (110,317) Net change in net assets for the period resulting from operations (2,283,421) 36,196 (2,247,225) Proceeds from subscriptions 104,509,576 30, ,540,452 Payments for redemptions (972,899) (4,797,029) (5,769,928) Net payments from subscription and redemption activity 103,536,677 (4,766,153) 98,770,524 Net assets at the end of the period 101,253, ,253,256 2 previously denominated Target Asia Fund (Luxembourg), closed on May 22, please see note 2.8. The accompanying notes form an integral part of these financial statements. 7

8 Net Asset Information as at June 30, 2018, December 31, 2017 and December 31, 2016 MAZE UCITS - Sem per Strategic Focus High Yield Fund 1 MAZE UCITS - Target Asia 2 (USD) (USD) Net Assets as at June 30, ,253,256 December 31, ,729,957 December 31, ,666,076 Net Asset Value per share as at June 30, 2018 (in share class currency) Class A1 Share Class B1 Share Class C1 Share Class D1 Share Net Asset Value per share as at December 31, 2017 (in share class currency) Class A Share Net Asset Value per share as at December 31, 2016 (in share class currency) Class A Share Number of shares outstanding as at June 30, 2018 Class A1 Share 7, Class B1 Share 1, Class C1 Share 708, Class D1 Share 63, Number of shares outstanding as at December 31, 2017 Class A Share 15, Number of shares outstanding as at December 31, 2016 Class A Share 18, previously denominated Target Asia Fund (Luxembourg), closed on May 22,

9 Schedule of Investments as at June 30, 2018 MAZE UCITS - Semper Strategic Focus High Yield Fund 1 Nominal Value Description Market value (USD) % NAV Transferable securities and money market instruments admitted to an official exchange listing USD Bonds 2,500,000 Alliance One International Inc % - 15/Jul/21 2,500,000 Amag Pharmaceuticals Inc % - 1/Sep/23 2,500,000 Calumet Specialty Products Partners 7.625% - 15/Jan/22 2,000,000 Diebold Nixdorf Inc % - 15/Apr/24 1,500,000 Dynagas LNG Partners LP 6.250% - 30/Oct/19 1,500,000 Ferrellgas LP 6.500% - 1/May/21 1,000,000 Fresh Market Inc % - 1/May/23 2 2,500,000 Frontier Communications Corp % - 15/Mar/19 2,500,000 Global Ship Lease Inc % - 15/Nov/22 1,000,000 Gogo Intermediate Holdings LLC % - 1/Jul/22 2,000,000 Hecla Mining Company 6.875% - 1/May/21 2,000,000 Hertz Corp % - 15/Jan/21 2,000,000 Kindred Healthcare Inc % - 15/Apr/22 2,000,000 Kinetic Concepts Inc % - 15/Feb/21 2,000,000 Lee Enterprises Inc % - 15/Mar/22 2,000,000 Lifepoint Health Inc % - 1/Dec/23 2,000,000 Magnachip 6.625% - 15/Jul/21 2,000,000 Natural Resource Partners LP % - 15/Mar/22 2,103,000 Perstorp Holdinging AG 8.500% - 30/Jun/21 2,500,000 Petroleum Geo-Services ASA 7.375% - 15/Dec/20 2,250,000 Quad Graphics Inc % - 1/May/22 1,000,000 Quorum Health Corp % - 15/Apr/23 2,000,000 Rent-A-Center Inc % - 15/Nov/20 2,000,000 Seitel Inc % - 15/Apr/19 1,500,000 Simmons Foods Inc % - 1/Nov/24 896,000 Supervalu Inc % - 1/Jun/21 2,000,000 Teekay Offshore Partners LP 6.000% - 30/Jul/19 2,290, ,648, ,502, ,918, ,509, ,378, , ,523, ,478, ,072, ,027, ,965, ,064, ,028, ,102, ,994, ,935, ,164, ,202, ,506, ,305, ,001, ,006, ,990, ,309, , ,042, ,000,000 Xerium Technologies 9.500% - 15/Aug/21 2,115, Total Bonds Total Transferable securities and money market instruments admitted to an official exchange listing 53,638, ,638, ,638, Transferable securities and money market instruments dealt in on another regulated market and recently issued transferable securities USD Bonds 2,500,000 Ahern Rentals Inc % - 15/May/23 2,440, ,500,000 Artesyn Embedded Technologies Inc % - 15/Oct/20 2,400, ,000,000 Bakercorp International Inc % - 1/Jun/19 1,945, ,500,000 Beverages & More Inc % - 15/Jun/22 2,198, ,500,000 Consolidated Communications 6.500% - 1/Oct/22 2,337, ,000,000 Fortress Transportation & Infrastructure LLC 6.750% - 15/Mar/22 2,055, ,500,000 Gibraltar Industries Inc % - 1/Feb/21 1,516, Distressed fixed income security. The accompanying notes form an integral part of these financial statements. 9

10 Schedule of Investments as at June 30, 2018 (continued) MAZE UCITS - Semper Strategic Focus High Yield Fund 1 (continued) Nominal Value Description Market value (USD) % NAV Transferable securities and money market instruments dealt in on another regulated market and recently issued transferable securities (continued) USD Bonds (continued) 2,500,000 Hardw oods Acquisition Inc % - 1/Aug/21 2,322, ,000,000 Harland Clarke Holdings Corp % - 1/Mar/20 1,984, ,500,000 Hc2 Holdings Inc % - 1/Dec/19 2,540, ,000,000 Hexion Inc % - 15/Apr/20 1,975, ,650,000 Horizon Pharma Inc % - 1/May/23 2,670, ,000,000 International Wire % - 1/Aug/21 1,895, ,000,000 LSC Communications Inc % - 15/Oct/23 1,980, ,000,000 Mediacom Broadband 5.500% - 15/Apr/21 1,009, ,500,000 Monitronics International Inc % - 1/Apr/20 1,612, ,500,000 Techniplas LLC % - 1/May/20 2,241, ,500,000 Unisys Corp % - 15/Apr/22 2,795, ,000,000 Urban One Inc % - 15/Feb/20 1,942, Total Bonds Total Transferable securities and money market instruments dealt in on another regulated market and recently issued transferable securities 39,864, ,864, ,864, Other transferable securities and money market instruments USD Bonds Total Bonds 2,500,000 Cleaver-Brooks Inc % - 1/Mar/23 2,579, ,000,000 Michael Baker International 8.750% - 1/Mar/23 1,967, Total Other transferable securities and money market instruments Total Investments in Securities Other Net Assets Total Net Assets 4,547, ,547, ,547, ,050, ,203, ,253, The accompanying notes form an integral part of these financial statements. 10

11 Geographical Classification of Investments as at June 30, 2018 MAZE UCITS - Semper Strategic Focus High Yield Fund 1 Country % NAV United States Marshall Islands 5.96 Norway 2.47 Sweden 2.18 Total Investments in Securities Other Net Assets 3.16 Total Net Assets

12 Industrial Classification of Investments as at June 30, 2018 MAZE UCITS - Semper Strategic Focus High Yield Fund 1 Sector % NAV Commercial services 9.72 Transportation 7.99 Telecommunication services 7.31 Software 4.72 Machinery 4.64 Oil and gas services 4.44 Chemicals 4.13 Mining (non precious) 4.01 Financial services 3.90 Pharmaceuticals 3.54 Healthcare services 3.03 Telecommunication equipment 2.95 Biotechnology 2.62 Oil and gas producers 2.47 Industrials 2.41 Electrical equipment 2.37 Construction and Building materials 2.29 Tobacco 2.26 Materials and Commodities 2.21 Beverages 2.17 Broadcasting, radio and television 2.08 Precious metals 2.00 Healthcare supplies and equipment 2.00 Healthcare products 1.97 Publishing and printing 1.92 Semiconductors 1.91 Consumer goods 1.50 Energy - alternate sources 1.36 Food 1.29 Media 1.00 Retail 0.63 Total Investments in Securities Other Net Assets 3.16 Total Net Assets

13 NOTE 1 GENERAL MAZE UCITS Notes to the Financial Statements as at June 30, 2018 MAZE UCITS (the SICAV ) is a Luxembourg open-ended investment company established as a SICAV which was set up for an unlimited duration in Luxembourg in the form of a public limited company (société anonyme) on December 21, 2001 under the name of Target Asia Fund (Luxembourg). The SICAV is governed by the provisions of Part I of the Luxembourg law of December 17, 2010 relating to Undertakings for Collective Investment, as amended by the Directive 2014/91/EU (UCITS V). The Articles of Incorporation were published in the Recueil Electronique des Sociétés et Associations (the RESA ) on January 25, 2002, restated on May 6, 2015 then on March 19, 2018 and the modifications were published in the RESA respectively on June 5, 2015 and May 23, They have been filed with the Chancery of the District Court of Luxembourg. The SICAV is registered at the Luxembourg Register of Commerce under the number B The investment objective of the SICAV is to offer its shareholders investments in a selection of negotiable securities and other eligible financial assets with high growth potential. The choice of assets will not be limited either geographically or as regards either the types of negotiable securities and other eligible financial assets or the currencies in which they are expressed, except for any applicable investment restrictions. The investment policy and more particularly the duration of investments will be adjusted in line with the current political, economic, financial and monetary outlook at any given time. The SICAV may issue shares (each a Share ) of one or several separate sub-funds (each a Sub-Fund ). The SICAV has currently one active Sub-Fund: MAZE UCITS Semper Strategic Focus High Yield Fund 1 (denominated in USD) with four active classes of Shares: Class A1 (distributing) 1 : Shares denominated in USD and intended for institutional investors only Class B1 (distributing) 1 : Shares denominated in USD and intended for retail investors only Class C1 (hedged/distributing) 1 : Shares denominated in GBP and intended for all types of investors Class D1 (accumulating) 1 : shares denominated in USD and intended for all types of investors NOTE 2 ACCOUNTING PRINCIPLES The financial statements are prepared in accordance with generally accepted accounting principles and presented in accordance with the legal reporting requirements applicable in Luxembourg relating to undertakings for collective investment. 2.1) Conversion of foreign currencies The financial statements and accounting records of the SICAV are expressed in the reference currency of each Sub-Fund and consolidated in USD. Cash deposits, other net assets and the market value of investments expressed in currencies other than USD are converted into USD at the exchange rate prevailing at the closing date of the financial statements. Income and expenses in currencies other than USD are converted into USD at the exchange rate prevailing on payment date. As at June 30, 2018 the main exchange rates are as follows: 1 USD = EUR 1 USD = GBP 13

14 Notes to the Financial Statements as at June 30, 2018 (continued) NOTE 2 ACCOUNTING PRINCIPLES (continued) 2.2) Valuation of investment securities The value of the assets is determined as follows: The value of any cash on hand or on deposit, bills and demand notes payable and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received is deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof is arrived at after making such discount as may be considered appropriate in such case to reflect the true value thereof. The value of any security or other asset which is quoted or dealt in on a stock exchange is based on its last available price in Luxembourg on the stock exchange which is normally the principal market for such security. The value of any security or other asset which is dealt in on any other regulated market is based on its last available price in Luxembourg. In the event that any assets are not listed nor dealt in on any stock exchange or on any other regulated market, or if, with respect to assets listed or dealt in on any stock exchange or on any other regulated market as aforesaid, the price as determined pursuant to the two paragraphs above is not, in the opinion of the Board of Directors, representative of the fair market value of the relevant assets, the value of such assets is based on the reasonably foreseeable sales price determined prudently and in good faith. Units of undertakings for collective investment are valued at their last determined and available net asset value or, if such price is not, in the opinion of the Board of Directors, representative of the fair market value of such assets, then the price is determined by the Board of Directors on a fair and equitable basis. The liquidating value of forward contracts not traded on stock exchanges nor on other regulated markets means their net liquidating value determined, pursuant to the policies established by the Board of Directors, on a basis consistently applied for each different variety of contracts. The liquidating value of forward contracts traded on stock exchanges or on other regulated markets is based upon the last available settlement prices of these contracts on stock exchanges and regulated markets on which the particular forward contracts are traded by the SICAV; provided that if a forward contract could not be liquidated on the day with respect to which net assets are being determined, the basis for determining the liquidating value of such contract is such value as the Board of Directors may deem fair and reasonable. 2.3) Net realised profit or loss on sales of investments The net realised profit or loss on sales of investments is determined on the basis of the average cost of investments sold. 2.4) Acquisition cost of investments The cost of investments expressed in currencies other than USD is converted into USD at the exchange rate prevailing on purchase date. 2.5) Unrealised profit or loss In accordance with current practices, unrealised profits or losses at the end of the financial period are accounted for in the financial statements. 14

15 Notes to the Financial Statements as at June 30, 2018 (continued) NOTE 2 ACCOUNTING PRINCIPLES (continued) 2.6) Investment income Interest income is accrued on a day-to-day basis and dividends are accounted on an ex-dividend basis. Interest and dividend are stated net of irrecoverable withholding taxes, if any. 2.7) Sub-Fund formation expenses Expenses incurred in connection with the creation of any additional Sub-Fund shall be borne by the relevant Sub-Fund and will be written off over a period of five years. Hence, the additional Sub-Funds shall not bear a pro rata of the costs and expenses incurred in connection with the creation of the Fund and the initial issue of Shares, which have not already been written off at the time of the creation of the new Sub- Fund(s). 2.8) Combined figures The combined Statement of Net Assets and the combined Statement of Operations and Changes in Net Assets are expressed in United States Dollars ( USD ) and are presented for information purposes only. NOTE 3 INVESTMENT MANAGEMENT, INVESTMENT ADVISORY & PERFORMANCE FEES For the Sub-Fund MAZE UCITS - Semper Strategic Focus High Yield Fund 1 the Investment Manager is entitled to an Investment Management Fee of up to 0.50% per annum based on the average net assets of the Sub-Fund during the relevant month, payable monthly by the Management Company out of the Management Company fee. For the Sub-Fund MAZE UCITS - Target Asia 2 the Investment Manager is entitled to a Management Fee of 1.50% per annum based on the average net assets of the Sub-Fund during the relevant month. Such fee is accrued on each Valuation Day and payable monthly in arrears. For the Sub-Fund MAZE UCITS - Target Asia 2, the Investment Manager is also entitled to a Performance Fee calculated on each Valuation Day, on the basis of the difference between the NAV per share of the relevant class on such Valuation Day and the Reference NAV (as defined hereinafter) multiplied by the number of shares outstanding in that class on that Valuation Day. 20% of the amount so calculated shall accrue on each Valuation Day. The Reference NAV shall be, for the relevant class, the highest previous NAV preceding the relevant Valuation Day. If the Performance Fee so calculated is equal to or less than zero on any Valuation Day, no accrual shall be made and the Performance Fee accrued since the previous calendar quarter shall not be reduced. The Performance Fee accrued on each Valuation Day shall be paid to the Investment Manager at the end of each calendar quarter. No Performance Fee has been charged for the financial period ended June 30, Part of the Investment Management Fee may be retained and paid by the Management Company with the prior approval of the Investment Manager and paid to counterparties rendering services in favor of the SICAV. For the Sub-Fund MAZE UCITS - Target Asia 2, the Investment Adviser is remunerated a fee by the Investment Manager out of the Investment Management Fee. The Investment Manager shall pay to the Investment Adviser a fee equal to 0.625% per annum on the average net assets of the SICAV during the relevant month payable monthly in arrears. The Investment Adviser shall not be remunerated out of the Performance Fee. 2 previously denominated Target Asia Fund (Luxembourg), closed on May 22,

16 Notes to the Financial Statements as at June 30, 2018 (continued) NOTE 4 DISTRIBUTION FEES Class A shares of the Sub-Fund MAZE UCITS - Target Asia 1 are charged a Shareholder service fee of 0.50% per annum accrued on each Valuation Day and payable monthly. This fee is paid to the Global Distributor. The Distributor is further entitled to receive a portion of the Investment Management Fee normally due to the Investment Manager on the basis of the NAV of the Sub-Fund MAZE UCITS - Target Asia 1 and paid at the end of each month at the rate of 0.725% per annum. NOTE 5 GLOBAL FEES The SICAV pays, in accordance with normal practice in Luxembourg, fees, expenses and transaction charges of the Depositary, as well as fees, expenses and transaction charges of the Administrative Agent for providing registrar, transfer, and administration services (the Global Fee ). The Global Fee is calculated on the NAV of the SICAV, accrued on each Valuation Day and payable monthly. The Depositary is paid at the following rate: -MAZE UCITS - Semper Strategic Focus High Yield Fund 2 : 0.02% per annum on the average net assets of the Sub-Fund during the relevant month with a minimum of EUR 22,000 per Sub-Fund per year. -MAZE UCITS - Target Asia 1 : 0.02% per annum on the average net assets of the Sub-Fund during the relevant month with a minimum of USD 2,000 per month. The Administrative Agent is paid at the following rate: -MAZE UCITS - Semper Strategic Focus High Yield Fund 2 : 0.07% per annum on the average net assets of the Sub-Fund during the relevant month with a minimum of EUR 30,000 per Sub-Fund per year. -MAZE UCITS - Target Asia 1 : up to 0.035% per annum on the average net assets of the Sub-Fund during the relevant month with a minimum of USD 1,400 per month. The Registrar and Transfer Agent is paid at the following tariffs: -MAZE UCITS - Semper Strategic Focus High Yield Fund 2 : EUR 3,000 per Class per year. -MAZE UCITS - Target Asia 1 : a maintenance fee of USD 250 per class per month; a shareholder servicing fee of USD 125 per shareholder account per annum; a shareholder account fee of USD 20 per shareholder account per annum; and a transaction fee of up to USD 40 per transaction NOTE 6 TAXATION The SICAV is subject to Luxembourg tax laws and is liable to a tax (taxe d abonnement) of 0.05% per annum of its net asset value. This tax is reduced to 0.01% per annum of its net asset value allocated to classes intended for institutional investors. Such tax is payable quarterly on the basis of the value of the aggregate net assets of the Sub-Funds at the end of the relevant calendar quarter. However, the portion of assets which are invested in units of UCITS and UCIs shall be exempt from such tax as far as those UCITS and UCIs are already submitted to this tax in Luxembourg. 1 previously denominated Target Asia Fund (Luxembourg), closed on May 22, launched on May 2,

17 Notes to the Financial Statements as at June 30, 2018 (continued) NOTE 7 ACCRUED EXPENSES As at June 30, 2018, the accrued expenses consisted of the following : (USD) Management fees 79,291 Formation expenses 70,000 Management Company fees 19,824 Global fees 16,119 Audit and legal fees 5,662 Taxe d'abonnement 12,308 Tax agent fees 1,875 Miscellaneous fees 26,671 Total 231,750 NOTE 8 TRANSACTION COSTS For the period ended June 30, 2018, the SICAV supported transaction costs related to purchase or sale of financial instruments (securities and derivatives) for an amount of USD 0 which fully relates to brokerage fees. NOTE 9 FORWARD FOREIGN EXCHANGE CONTRACTS As at June 30, 2018, the Sub-Fund MAZE UCITS - Semper Strategic Focus High Yield Fund 1 has the following forward foreign exchange contracts outstanding: Maturity Date Currency Purchased Amount Currency Sold Amount Counterparty Unrealised appreciation / (depreciation) (in USD) 31-Jul-18 GBP 496,670 USD 658,234 CITIBANK (1,527) 31-Jul-18 GBP 70,990,881 USD 93,974,179 CITIBANK (108,616) 31-Jul-18 USD 194,268 GBP 146,585 CITIBANK Jul-18 USD 161,199 GBP 122,388 CITIBANK (624) Net Unrealised Depreciation on Forward Foreign Exchange Contracts NOTE 10 CHANGES IN THE INVESTMENT PORTFOLIO (110,317) The details of changes in the investment portfolio composition during the reporting period are available to the Shareholders at the registered office of the SICAV. NOTE 11 CORPORATE GOVERNANCE The Board adheres to the principles and best practice recommendations published by the Association of the Luxembourg Fund Industry ( ALFI ) in the ALFI Code of Conduct for Luxembourg Investment Funds. The Management Company implements permanent compliance controls through its own Risk Management systems which appropriately cover the investment risks. 17

18 Notes to the Financial Statements as at June 30, 2018 (continued) NOTE 12 GLOBAL EXPOSURE The method retained by the Management Company for the determination of the global risk exposure of the SICAV is the commitment approach. NOTE 13 IMPORTANT EVENTS Since January 2018, the SICAV is undergoing a restructuring in order to turn it into a fund with multiple sub-funds instead of a stand-alone fund. This restructuring was triggered by the intention to close the strategy implemented by Canterbury Capital Ltd, the then appointed investment manager of the SICAV, while Semper Capital Management LP had demonstrated its interest in acting as investment manager in respect of a new created sub-fund to be created within the SICAV. The then existing investors were informed of the preceding facts and, with effect as of March 15, 2018 (after receipt of the relevant regulatory approvals), all the remaining shares of Class A were compulsory redeemed. In parallel a new Class B has been created, in which Mr Alain Léonard, a member of the Board of Directors of the SICAV subscribed. Class B has been created exclusively for the purposes of covering the running costs during the restructuring and has not being actively managed. On March 19, 2018, the articles of association of the SICAV were amended in order to transform it into a fund with multiple sub-funds and, among others, change its name into "MAZE UCITS". Two new directors, Ms Erika Morris and Mr Wesley Seifer, were appointed the same day in replacement of Ms Mai-San Young and Mr David Chan, who resigned. The next step of the restructuring was to reorganise the current assets comprised in Class B into a subfund denominated MAZE UCITS - Target Asia (the Target Asia Sub-Fund ) and to create a new sub-fund denominated MAZE UCITS - Semper Strategic Focus High Yield (the Semper Sub-Fund ). The Semper Sub-Fund was launched on May 2, 2018 by the means of a subscription of approximately USD 100 million. As a last step of the restructuring, the Target Asia Sub-Fund has been closed on May 22, 2018 and solely the Semper Sub-Fund remains within the SICAV. New prospectuses have been issued in March and April NOTE 14 SUBSEQUENT EVENTS By means of Circular Resolution, the Board decided to convene an Extraordinary General Meeting in order to appoint Thomas Kelleher as new Director of the SICAV with effective date July 20, A new Prospectus has been issued in July

19 Supplementary Information EUROPEAN REGULATION (EU) 2015/2365 ON THE TRANSPARENCY OF FINANCIAL TRANSACTIONS IN SECURITIES AND REUSE OF COLLATERAL (SECURITIES FINANCING TRANSACTIONS REGULATION OR SFTR) During the period ended June 30, 2018, the SICAV did not enter into transactions within the scope of the SFTR. 19