manulife hong kong series
TRANSCRIPT
Manulife H
ong Kong Series
Manulife Hong Kong Series
Annual Report Audited Financial Statementsfor the year/period ended 30 June 2020
Manulife Hong Kong Series
Table of Contents
Trust Information 1
Investment Manager's Report 2
Report of the Trustee 13
Independent Auditor's Report 14
Statement of Financial Position 17
Statement of Comprehensive Income 20
Statement of Changes in Net Assets Attributable to Unitholders 22
Statement of Cash Flows 23
Statement of Distribution 26
Notes to Financial Statements 37
Portfolio of Investments (unaudited)
– Manulife Global Dynamic Asset Allocation Fund 100
– Manulife All-weather Portfolio – Capital Conservative Fund 104
– Manulife All-weather Portfolio – Managed Growth Fund 107
– Manulife All-weather Portfolio – Growth Fund 110
– Manulife All-weather Portfolio – Growth Plus Fund 113
– Manulife STARS Income and Growth Fund 116
Statement of Movements in Investment Portfolios (unaudited) 117
Performance Table (unaudited) 119
Manulife Hong Kong Series
1
Trust Information
ManagerManulife Investment Management (Hong Kong) Limited 16/F, Lee Garden One 33 Hysan AvenueCauseway BayHong Kong
Directors of the ManagerDamien Green (appointed on 1 January 2020)Guy Mills (resigned on 1 January 2020)Ka Ming Dai (resigned on 10 October 2019)Ken Rappold (appointed on 10 October 2019)Michael DommermuthVibha Coburn (resigned on 1 October 2020)Yvonne Sin
Solicitor to the ManagerDeacons5/F, Alexandra House18 Chater RoadCentralHong Kong
Trustee and Registrar BOCI-Prudential Trustee Limited12/F & 25/F, Citicorp Centre18 Whitfield RoadCauseway BayHong Kong
Custodian Bank of China (Hong Kong) Limited 14/F, Bank of China Tower1 Garden RoadCentralHong Kong
AuditorErnst & Young22/F, CITIC Tower1 Tim Mei AvenueCentralHong Kong
Manulife Hong Kong Series
2
Investment Manager's Report for the year ended 30 June 2020
Manulife Global Dynamic Asset Allocation Fund
Performance Review from 1 July 2019 to 30 June 2020*:
Class AA (USD) INC. -0.37%
Class AA (HKD) INC. -1.13%
Class AA (RMB) INC. 2.52%
CLASS AA (RMB) INC. HEDGED -1.04%
Class AA (USD) ACC. -0.37%
Class I (USD) INC. 0.84%
MARKET REVIEW
The second half of 2019 was a particular strong period for risk assets as the fourth quarter of 2019 saw strong double digit gains. In the latter part of 2019, in the fourth quarter of 2019, MSCI World gained +8.7% driven by technology +14.1% and healthcare +13.8%. Barclays Global High Yield gained +3.5%, finishing off a 2019 gaining +12.6%. As we ended 2019, key global capital market drivers were the US Federal Reserve (Fed), trade and China. Trade tensions remained less elevated versus previous quarters and markets became more optimistic towards risk assets as a phase one deal became widely accepted as a reasonable first step.
The spread of Covid-19 in the first quarter of 2020 changed the world, as every major equity index recorded double-digit losses as the pandemic halted many businesses, unemployment levels rose and the oil market experienced one of its worst months on record in March 2020 as demand fell significantly. Central banks, notably the Fed, took swift and far-reaching action to provide liquidity and inject stability into their respective economies. Stimulus packages were introduced globally in an attempt to avoid an economic collapse.
Over the first quarter of 2020, the S&P 500 was down -19.4%, MSCI EM fell -23.6% with MSCI Latin America down -45.6% over the quarter. Barclays Global High Yield fell -15.0%, whilst the Barclays US Aggregate and the Citi World Government Bond indices outperformed gaining +3.2% and 2% respectively.
The second quarter of 2020 saw a rebound in risk assets as optimism regarding a potential recovery from the Covid-19 pandemic started to take hold. Markets rallied on the back of ongoing fiscal and monetary stimuli and investors were encouraged by the lifting of lockdown restrictions in most major economies.
Over the one year period to June 2020, MSCI World gained +3.4% driven by the US gaining +8.4%, whilst emerging markets (EM) underperformed falling -3.1% largely due to weak performance in Latin America -32.2% over the year.
Sectorally, technology, healthcare and consumer discretionary outperformed over the year gaining +33.3%, 14.5% and 8.9%. In fixed income, Barclays Global Agg gained +4.2%, Citi World Govt Bond Index +4.6% whilst Barclays Global High Yield fell -2%. US 10-year Treasuries fell from 2.12% in June 2019 to 0.65% in June 2020.
* The performance return is calculated in its unit class base currency and includes dividends re-invested.
Manulife Hong Kong Series
3
PORTFOLIO REVIEW
During the trailing one-year period, the sub-Fund experienced positive performance. The sub-Fund benefited from exposure to equities, particularly broad US equities with some US technology. Fixed income exposure also added to performance, particularly US investment grade, US treasuries and some US high-yield.
Key detractors over the year were exposures in the Asia-Pacific ex Japan equities and EM bonds.
MARKET OUTLOOK
Markets rebounded in the second quarter as significant amounts of monetary and fiscal stimulus and economies reopening fueled investor optimism. While there have been small rotations into value stocks, growth stocks continue to benefit from Covid-19-related demand for globally digital business practices. In the month of June alone, the positive returns in the MSCI USA Index would have been virtually flat if the technology stocks were excluded.
Despite the markets' rapid recovery this year, we continue to be cognisant that the market can suddenly change course, as there are still underlying fundamental risks at play. Uncertainty is likely to remain high into late summer and the November US election. Global economies could be moving towards phase two where we see a stall-out in markets and a pick-up in the credit default cycle.
Corporate fundamentals are varied across sectors, with defensive business models holding up relatively well and cyclical/commodity businesses facing the most challenges. Markets are nervous for a host of factors, including Covid-19 concerns, slowing global growth and concerns of a recession. We expect global stimulus efforts to remain a focus as central banks globally rush to fill liquidity gaps and relieve economic pressure.
US-China tensions remain the most underappreciated geopolitical risk although it is likely more of a bark than a bite at least until the US election.
The global growth profile, whether a V, W, L, reverse J or "Nike swoosh" remains under debate. What is clear is that not all economies have the financial firepower to implement unique fiscal stimuli and will have to wait for a more broad-based opening up of the global economy.
The key issue is that we are moving further and further away from getting back to the pre-Covid-19 trend, let alone the long-term trend growth path.
The social and political implications of this dynamic are unfolding rapidly before our eyes and therefore, selectivity at the country and asset class level will remain critical for investors.
Investment Manager's Report (continued) for the year ended 30 June 2020
Manulife Global Dynamic Asset Allocation Fund (continued)
Manulife Hong Kong Series
4
Investment Manager's Report for the year ended 30 June 2020
Manulife All-weather Portfolio – Capital Conservative Fund
Performance Review from 1 July 2019 to 30 June 2020*:
Class AA (USD) INC. 2.47%
Class AA (HKD) INC. 1.69%
Class AA (USD) ACC. 2.47%
MARKET REVIEW
The second half of 2019 was a particular strong period for risk assets as the fourth quarter of 2019 saw strong double digit gains. In the latter part of 2019, in the fourth quarter of 2019, MSCI World gained +8.7% driven by technology +14.1% and healthcare +13.8%. Barclays Global High Yield gained +3.5%, finishing off a 2019 gaining +12.6%. As we ended 2019, key global capital market drivers were the US Federal Reserve Board (Fed), trade and China. Trade tensions remained less elevated versus previous quarters and markets became more optimistic towards risk assets as a phase one deal became widely accepted as a reasonable first step.
The spread of Covid-19 in the first quarter of 2020 changed the world, as every major equity index recorded double-digit losses as the pandemic halted many businesses, unemployment levels rose and the oil market experienced one of its worst months on record in March 2020 as demand fell significantly. Central banks, notably the Fed, took swift and far-reaching action to provide liquidity and inject stability into their respective economies. Stimulus packages were introduced globally in an attempt to avoid an economic collapse.
Over the first quarter of 2020, the S&P 500 was down -19.4%, MSCI EM fell -23.6% with MSCI Latin America down -45.6% over the quarter. Barclays Global High Yield fell -15.0%, whilst the Barclays US Aggregate and the Citi World Government Bond indices outperformed gaining +3.2% and 2% respectively.
The second quarter of 2020 saw a rebound in risk assets as optimism regarding a potential recovery from the Covid-19 pandemic started to take hold. Markets rallied on the back of ongoing fiscal and monetary stimuli and investors were encouraged by the lifting of lockdown restrictions in most major economies.
Over the one year period to June 2020, MSCI World gained +3.4% driven by the US gaining +8.4%, whilst emerging markets (EM) underperformed falling -3.1% largely due to weak performance in Latin America -32.2% over the year.
Sectorally, technology, healthcare and consumer discretionary outperformed over the year gaining +33.3%, 14.5% and 8.9%. In fixed income, Barclays Global Agg gained +4.2%, Citi World Govt Bond Index +4.6% whilst Barclays Global High Yield fell -2%. US 10-year Treasuries fell from 2.12% in June 2019 to 0.65% in June 2020.
* The performance return is calculated in its unit class base currency and includes dividends re-invested.
Manulife Hong Kong Series
5
PORTFOLIO REVIEW – Capital Conservative Fund
During the trailing one-year period, the sub-Fund experienced positive absolute performance. The sub-Fund benefited from exposure to US bonds and North American equities.
Key detractors over the year were exposures in EM equities and global infrastructure.
MARKET OUTLOOK
Markets rebounded in the second quarter as significant amounts of monetary and fiscal stimulus, and economies reopening fueled investor optimism. While there have been small rotations into value stocks, growth stocks continue to benefit from Covid-19-related demand for globally digital business practices. In the month of June alone, the positive returns in the MSCI USA Index would have been virtually flat if the technology stocks were excluded.
Despite the markets' rapid recovery this year, we continue to be cognisant that the market can suddenly change course, as there are still underlying fundamental risks at play. Uncertainty is likely to remain high into late summer and the November US election. Global economies could be moving towards phase two where we see a stall-out in markets and a pick-up in the credit default cycle.
Corporate fundamentals are varied across sectors, with defensive business models holding up relatively well and cyclical/commodity businesses facing the most challenges. Markets are nervous for a host of factors, including Covid-19 concerns, slowing global growth and concerns of a recession. We expect global stimulus efforts to remain a focus as central banks globally rush to fill liquidity gaps and relieve economic pressure.
US-China tensions remain the most underappreciated geopolitical risk although it is likely more of a bark than a bite at least until the US election.
The global growth profile, whether a V, W, L, reverse J or "Nike swoosh" remains under debate. What is clear is that not all economies have the financial firepower to implement unique fiscal stimuli and will have to wait for a more broad-based opening up of the global economy.
The key issue is that we are moving further and further away from getting back to the pre-Covid-19 trend, let alone the long-term trend growth path.
The social and political implications of this dynamic are unfolding rapidly before our eyes and therefore, selectivity at the country and asset class level will remain critical for investors.
Investment Manager's Report (continued) for the year ended 30 June 2020
Manulife All-weather Portfolio – Capital Conservative Fund (continued)
Manulife Hong Kong Series
6
Investment Manager's Report for the year ended 30 June 2020
Manulife All-weather Portfolio – Managed Growth Fund
Performance Review from 1 July 2019 to 30 June 2020*:
Class AA (USD) INC. 2.24%
Class AA (HKD) INC. 1.46%
Class AA (USD) ACC. 2.24%
MARKET REVIEW
The second half of 2019 was a particular strong period for risk assets as the fourth quarter of 2019 saw strong double digit gains. In the latter part of 2019, in the fourth quarter of 2019, MSCI World gained +8.7% driven by technology +14.1% and healthcare +13.8%. Barclays Global High Yield gained +3.5%, finishing off a 2019 gaining +12.6%. As we ended 2019, key global capital market drivers were the US Federal Reserve (Fed), trade and China. Trade tensions remained less elevated versus previous quarters and markets became more optimistic towards risk assets as a phase one deal became widely accepted as a reasonable first step.
The spread of Covid-19 in the first quarter of 2020 changed the world, as every major equity index recorded double-digit losses as the pandemic halted many businesses, unemployment levels rose and the oil market experienced one of its worst months on record in March 2020 as demand fell significantly. Central banks, notably the Fed, took swift and far-reaching action to provide liquidity and inject stability into their respective economies. Stimulus packages were introduced globally in an attempt to avoid an economic collapse.
Over the first quarter of 2020, the S&P 500 was down -19.4%, MSCI EM fell -23.6% with MSCI Latin America down -45.6% over the quarter. Barclays Global High Yield fell -15.0%, whilst the Barclays US Aggregate and the Citi World Government Bond indices outperformed gaining +3.2% and 2% respectively.
The second quarter of 2020 saw a rebound in risk assets as optimism regarding a potential recovery from the Covid-19 pandemic started to take hold. Markets rallied on the back of ongoing fiscal and monetary stimuli and investors were encouraged by the lifting of lockdown restrictions in most major economies.
Over the one year period to June 2020, MSCI World gained +3.4% driven by the US gaining +8.4%, whilst emerging markets (EM) underperformed falling -3.1% largely due to weak performance in Latin America -32.2% over the year.
Sectorally, technology, healthcare and consumer discretionary outperformed over the year gaining +33.3%, 14.5% and 8.9%. In fixed income, Barclays Global Agg gained +4.2%, Citi World Govt Bond Index +4.6% whilst Barclays Global High Yield fell -2%. US 10-year Treasuries fell from 2.12% in June 2019 to 0.65% in June 2020.
* The performance return is calculated in its unit class base currency and includes dividends re-invested.
Manulife Hong Kong Series
7
PORTFOLIO REVIEW – Managed Growth Fund
During the trailing one-year period, the sub-Fund experienced positive performance. The sub-Fund benefited from exposure to North American equities and US bonds.
Detractors of performance over the period included exposure to EM equities and global infrastructure.
MARKET OUTLOOK
Markets rebounded in the second quarter as significant amounts of monetary and fiscal stimulus and economies reopening fueled investor optimism. While there have been small rotations into value stocks, growth stocks continue to benefit from Covid-19-related demand for globally digital business practices. In the month of June alone, the positive returns in the MSCI USA Index would have been virtually flat if the technology stocks were excluded.
Despite the markets' rapid recovery this year, we continue to be cognisant that the market can suddenly change course, as there are still underlying fundamental risks in play. Uncertainty is likely to remain high into late summer and the November US election. Global economies could be moving towards phase two where we see a stall-out in markets and a pick-up in the credit default cycle.
Corporate fundamentals are varied across sectors, with defensive business models holding up relatively well and cyclical/commodity businesses facing the most challenges. Markets are nervous for a host of factors, including Covid-19 concerns, slowing global growth and concerns of a recession. We expect global stimulus efforts to remain a focus as central banks globally rush to fill liquidity gaps and relieve economic pressure.
US-China tensions remain the most underappreciated geopolitical risk although it is likely more of a bark than a bite at least until the US election.
The global growth profile, whether a V, W, L, reverse J or "Nike swoosh" remains under debate. What is clear is that not all economies have the financial firepower to implement unique fiscal stimuli and will have to wait for a more broad-based opening up of the global economy.
The key issue is that we are moving further and further away from getting back to the pre-Covid-19 trend, let alone the long-term trend growth path.
The social and political implications of this dynamic are unfolding rapidly before our eyes and therefore, selectivity at the country and asset class level will remain critical for investors.
Investment Manager's Report (continued) for the year ended 30 June 2020
Manulife All-weather Portfolio – Managed Growth Fund (continued)
Manulife Hong Kong Series
8
Investment Manager's Report for the year ended 30 June 2020
Manulife All-weather Portfolio – Growth Fund
Performance Review from 1 July 2019 to 30 June 2020*:
Class AA (USD) INC. 1.02%
Class AA (HKD) INC. 0.25%
Class AA (USD) ACC. 1.02%
MARKET REVIEW
The second half of 2019 was a particular strong period for risk assets as the fourth quarter of 2019 saw strong double digit gains. In the latter part of 2019, in the fourth quarter of 2019, MSCI World gained +8.7% driven by technology +14.1% and healthcare +13.8%. Barclays Global High Yield gained +3.5%, finishing off a 2019 gaining +12.6%. As we ended 2019, key global capital market drivers were the US Federal Reserve Board (Fed), trade and China. Trade tensions remained less elevated versus previous quarters and markets became more optimistic towards risk assets as a phase one deal became widely accepted as a reasonable first step.
The spread of Covid-19 in the first quarter of 2020 changed the world, as every major equity index recorded double-digit losses as the pandemic halted many businesses, unemployment levels rose and the oil market experienced one of its worst months on record in March 2020 as demand fell significantly. Central banks, notably the Fed, took swift and far-reaching action to provide liquidity and inject stability into their respective economies. Stimulus packages were introduced globally in an attempt to avoid an economic collapse.
Over the first quarter of 2020, the S&P 500 was down -19.4%, MSCI EM fell -23.6% with MSCI Latin America down -45.6% over the quarter. Barclays Global High Yield fell -15.0%, whilst the Barclays US Aggregate and the Citi World Government Bond indices outperformed gaining +3.2% and 2% respectively.
The second quarter of 2020 saw a rebound in risk assets as optimism regarding a potential recovery from the Covid-19 pandemic started to take hold. Markets rallied on the back of ongoing fiscal and monetary stimuli and investors were encouraged by the lifting of lockdown restrictions in most major economies.
Over the one year period to June 2020, MSCI World gained +3.4% driven by the US gaining +8.4%, whilst emerging markets (EM) underperformed falling -3.1% largely due to weak performance in Latin America -32.2% over the year.
Sectorally, technology, healthcare and consumer discretionary outperformed over the year gaining +33.3%, 14.5% and 8.9%. In fixed income, Barclays Global Agg gained +4.2%, Citi World Govt Bond Index +4.6% whilst Barclays Global High Yield fell -2%. US 10-year Treasuries fell from 2.12% in June 2019 to 0.65% in June 2020.
* The performance return is calculated in its unit class base currency and includes dividends re-invested.
Manulife Hong Kong Series
9
PORTFOLIO REVIEW – Growth Fund
During the trailing one-year period, the Fund experienced positive performance. The Fund benefited from exposure to North American equities as well as US bonds.
Detractors of performance over the period included exposure to EM equities and global infrastructure.
MARKET OUTLOOK
Markets rebounded in the second quarter as significant amounts of monetary and fiscal stimulus and economies reopening fueled investor optimism. While there have been small rotations into value stocks, growth stocks continue to benefit from Covid-19-related demand for globally digital business practices. In the month of June alone, the positive returns in the MSCI USA Index would have been virtually flat if the technology stocks were excluded.
Despite the markets' rapid recovery this year, we continue to be cognisant that the market can suddenly change course, as there are still underlying fundamental risks at play. Uncertainty is likely to remain high into late summer and the November US election. Global economies could be moving towards phase two where we see a stall-out in markets and a pick-up in the credit default cycle.
Corporate fundamentals are varied across sectors, with defensive business models holding up relatively well and cyclical/commodity businesses facing the most challenges. Markets are nervous for a host of factors, including Covid-19 concerns, slowing global growth and concerns of a recession. We expect global stimulus efforts to remain a focus as central banks globally rush to fill liquidity gaps and relieve economic pressure.
US-China tensions remain the most underappreciated geopolitical risk although it is likely more of a bark than a bite at least until the US election.
The global growth profile, whether a V, W, L, reverse J or "Nike swoosh" remains under debate. What is clear is that not all economies have the financial firepower to implement unique fiscal stimuli and will have to wait for a more broad-based opening up of the global economy.
The key issue is that we are moving further and further away from getting back to the pre-Covid-19 trend, let alone the long-term trend growth path.
The social and political implications of this dynamic are unfolding rapidly before our eyes and therefore, selectivity at the country and asset class level will remain critical for investors.
Investment Manager's Report (continued) for the year ended 30 June 2020
Manulife All-weather Portfolio – Growth Fund (continued)
Manulife Hong Kong Series
10
Investment Manager's Report for the year ended 30 June 2020
Manulife All-weather Portfolio – Growth Plus Fund
Performance Review from 1 July 2019 to 30 June 2020*:
Class AA (USD) INC. 1.29%
Class AA (HKD) INC. 0.52%
Class AA (USD) ACC. 1.29%
MARKET REVIEW
The second half of 2019 was a particular strong period for risk assets as the fourth quarter of 2019 saw strong double digit gains. In the latter part of 2019, in the fourth quarter of 2019, MSCI World gained +8.7% driven by technology +14.1% and healthcare +13.8%. Barclays Global High Yield gained +3.5%, finishing off a 2019 gaining +12.6%. As we ended 2019, key global capital market drivers were the US Federal Reserve (Fed), trade and China. Trade tensions remained less elevated versus previous quarters and markets became more optimistic towards risk assets as a phase one deal became widely accepted as a reasonable first step.
The spread of Covid-19 in the first quarter of 2020 changed the world, as every major equity index recorded double-digit losses as the pandemic halted many businesses, unemployment levels rose and the oil market experienced one of its worst months on record in March 2020 as demand fell significantly. Central banks, notably the Fed, took swift and far-reaching action to provide liquidity and inject stability into their respective economies. Stimulus packages were introduced globally in an attempt to avoid an economic collapse.
Over the first quarter of 2020, the S&P 500 was down -19.4%, MSCI EM fell -23.6% with MSCI Latin America down -45.6% over the quarter. Barclays Global High Yield fell -15.0%, whilst the Barclays US Aggregate and the Citi World Government Bond indices outperformed gaining +3.2% and 2% respectively.
The second quarter of 2020 saw a rebound in risk assets as optimism regarding a potential recovery from the Covid-19 pandemic started to take hold. Markets rallied on the back of ongoing fiscal and monetary stimuli and investors were encouraged by the lifting of lockdown restrictions in most major economies.
Over the one year period to June 2020, MSCI World gained +3.4% driven by the US gaining +8.4%, whilst emerging markets (EM) underperformed falling -3.1% largely due to weak performance in Latin America -32.2% over the year.
Sectorally, technology, healthcare and consumer discretionary outperformed over the year gaining +33.3%, 14.5% and 8.9%. In fixed income, Barclays Global Agg gained +4.2%, Citi World Govt Bond Index +4.6% whilst Barclays Global High Yield fell -2%. US 10-year Treasuries fell from 2.12% in June 2019 to 0.65% in June 2020.
* The performance return is calculated in its unit class base currency and includes dividends re-invested.
Manulife Hong Kong Series
11
PORTFOLIO REVIEW – Growth Plus Fund
During the trailing one-year period, the sub-Fund experienced positive performance. The sub-Fund benefited from exposure to North American and Japanese equities and US bonds.
Key detractors over the period included exposure to EM equities and global infrastructure.
MARKET OUTLOOK
Markets rebounded in the second quarter as significant amounts of monetary and fiscal stimulus and economies reopening fueled investor optimism. While there have been small rotations into value stocks, growth stocks continue to benefit from Covid-19-related demand for globally digital business practices. In the month of June alone, the positive returns in the MSCI USA Index would have been virtually flat if the technology stocks were excluded.
Despite the markets' rapid recovery this year, we continue to be cognisant that the market can suddenly change course, as there are still underlying fundamental risks in play. Uncertainty is likely to remain high into late summer and the November US election. Global economies could be moving towards phase two where we see a stall-out in markets and a pick-up in the credit default cycle.
Corporate fundamentals are varied across sectors, with defensive business models holding up relatively well and cyclical/commodity businesses facing the most challenges. Markets are nervous for a host of factors, including Covid-19 concerns, slowing global growth and concerns of a recession. We expect global stimulus efforts to remain a focus as central banks globally rush to fill liquidity gaps and relieve economic pressure.
US-China tensions remain the most underappreciated geopolitical risk although it is likely more of a bark than a bite at least until the US election.
The global growth profile, whether a V, W, L, reverse J or "Nike swoosh" remains under debate. What is clear is that not all economies have the financial firepower to implement unique fiscal stimuli and will have to wait for a more broad-based opening up of the global economy.
The key issue is that we are moving further and further away from getting back to the pre-Covid-19 trend, let alone the long-term trend growth path.
The social and political implications of this dynamic are unfolding rapidly before our eyes and therefore, selectivity at the country and asset class level will remain critical for investors.
Investment Manager's Report (continued) for the year ended 30 June 2020
Manulife All-weather Portfolio – Growth Plus Fund (continued)
Manulife Hong Kong Series
12
Investment Manager's Report for the period ended 30 June 2020
Manulife STARS Income and Growth Fund
The investment objective of the Fund is to provide income and potential for capital appreciation over the medium to longer term.
The Manager's investment process involves identification of a list of asset classes based on the Manager's views on the capital market, selection of underlying collective investment schemes ("CIS") for each asset class within the investment universe, and construction of a portfolio by allocation into the underlying CIS.
Strategic asset allocations are based on optimization of underlying investments given the standing capital market forward outlook to deliver the Fund's investment objectives. These allocations will vary through time according to the Manager's varying expectations of asset class returns and their interactions. Tactical asset allocations are employed from time to time to dynamically adjust the portfolio allocation in order to manage the risk-adjusted returns, based on factors such as macro, sentiment, fundamental and technical indicators.
The reference to "STARS" in the Fund's name is not indicative of the Fund's performance or returns.
Manulife STARS Income and Growth Fund was set up on 29 June 2020. Since the first financial reporting period only covers from 29 June 2020 to 30 June 2020, the Portfolio Review and Market Outlook will be disclosed in the next financial reporting period.
Manulife Hong Kong Series
13
Report of the Trustee
In our opinion, the Investment Manager, Manulife Investment Management (Hong Kong) Limited has, in all material respects, managed the Manulife Hong Kong Series (the "Trust"), comprising Manulife Global Dynamic Asset Allocation Fund, Manulife All-weather Portfolio – Capital Conservative Fund, Manulife All-weather Portfolio – Managed Growth Fund, Manulife All-weather Portfolio – Growth Fund and Manulife All-weather Portfolio – Growth Plus Fund for the year ended 30 June 2020 and Manulife STARS Income and Growth Fund for the period ended 30 June 2020 in accordance with the provisions of the Trust Deed dated 3 July 2015, as amended.
For and on behalf of BOCI-Prudential Trustee Limited, the Trustee
Date: 22 October 2020
Independent Auditor's Report
To the Manager and the Trustee ofManulife Hong Kong Series
Opinion
We have audited the financial statements of Manulife Hong Kong Series (the "Trust") and each of its sub-funds, comprising Manulife Global Dynamic Asset Allocation Fund, Manulife All-weather Portfolio – Capital Conservative Fund, Manulife All-weather Portfolio – Managed Growth Fund, Manulife All-weather Portfolio – Growth Fund and Manulife All-weather Portfolio – Growth Plus Fund and Manulife STARS Income and Growth Fund (the "Sub-Funds"), set out on pages 17 to 99, which comprise the statements of financial position as at 30 June 2020, and the statements of comprehensive income, the statements of changes in net assets attributable to unitholders, the statements of cash flows and the statements of distribution for the year then ended of Manulife Global Dynamic Asset Allocation Fund, Manulife All-weather Portfolio – Capital Conservative Fund, Manulife All-weather Portfolio – Managed Growth Fund, Manulife All-weather Portfolio – Growth Fund and Manulife All-weather Portfolio – Growth Plus Fund, and the statement of comprehensive income, the statement of changes in net assets attributable to unitholders, the statement of cash flows and the statement of distribution for the period from 29 June 2020 (date of inception) to 30 June 2020 of Manulife STARS Income and Growth Fund, and notes to the financial statements, including a summary of significant accounting policies.
In our opinion, the financial statements give a true and fair view of the financial position of the Trust and the Sub-Funds as at 30 June 2020, and of its financial performance and its cash flows for the year/period then ended in accordance with Hong Kong Financial Reporting Standards ("HKFRSs") issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA").
Basis for opinion
We conducted our audit in accordance with Hong Kong Standards on Auditing ("HKSAs") issued by the HKICPA. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Trust and the Sub-Funds in accordance with the HKICPA's Code of Ethics for Professional Accountants (the "Code"), and we have fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Information other than the financial statements and auditor's report thereon
The Manager and the Trustee of the Trust and the Sub-Funds are responsible for the other information. The other information comprises the information included in the annual report (the "Annual Report"), other than the financial statements and our auditor's 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 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.
14
Independent Auditor's Report (continued)
To the Manager and the Trustee of Manulife Hong Kong Series (continued)
Responsibilities of the Manager and the Trustee for the financial statements
The Manager and the Trustee of the Trust and the Sub-Funds are responsible for the preparation of the financial statements that give a true and fair view in accordance with HKFRSs issued by the HKICPA, and for such internal control as the Manager and the Trustee of the Trust and the Sub-Funds determine 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 Manager and the Trustee of the Trust and Sub-Funds are responsible for assessing the Trust's and the 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 Manager and the Trustee either intend to liquidate the Trust and the Sub-Funds or to cease operations or have no realistic alternative but to do so.
In addition, the Manager and the Trustee of the Trust and the Sub-Funds are required to ensure that the financial statements have been properly prepared in accordance with the relevant disclosure provisions of the Amended and Restated Trust Deed dated 23 December 2019, and its supplemental deed dated 29 May 2020 (the "Trust Deed") and the relevant disclosure provisions of Appendix E of the Code on Unit Trusts and Mutual Funds (the "SFC Code") issued by the Hong Kong Securities and Futures Commission.
Auditor's responsibilities for the audit of the financial statements
Our objectives 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 auditor's report that includes our opinion. Our report is made solely to you, as a body, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with HKSAs 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. In addition, we are required to assess whether the financial statements of the Trust and the Sub-Funds have been properly prepared, in all material respects, in accordance with the relevant disclosure provisions of the Trust Deed and the relevant disclosure provisions of Appendix E of the SFC Code.
As part of an audit in accordance with HKSAs, we exercise professional judgement 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 Trust's and the Sub-Funds' internal control.
15
Independent Auditor's Report (continued)
To the Manager and the Trustee ofManulife Hong Kong Series (continued)
Auditor's responsibilities for the audit of the financial statements (continued)
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Manager and the Trustee.
• Conclude on the appropriateness of the Manager's and the Trustee'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 Trust's and the 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 auditor's 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 auditor's report. However, future events or conditions may cause the Trust and the Sub-Funds to cease to continue as a going concern.
• 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 the Manager and the Trustee 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.
Report on matters under the relevant disclosure provisions of the Trust Deed and the relevant disclosure provisions of Appendix E of the SFC Code
In our opinion, the financial statements have been properly prepared, in all material respects, in accordance with the relevant disclosure provisions of the Trust Deed and the relevant disclosure provisions of Appendix E of the SFC Code.
Ernst & YoungCertified Public AccountantsCentral, Hong Kong
22 October 2020
16
Man
ulife
Hon
g K
ong
Serie
s
17
Stat
emen
t of F
inan
cial
Pos
ition
As
at 3
0 Ju
ne 2
020
Manu
life G
loba
l Dy
nam
ic As
set
Allo
catio
n Fu
nd
Manu
life A
ll-we
athe
r Po
rtfol
io –
Capi
tal
Cons
erva
tive F
und
Manu
life A
ll-we
athe
r Po
rtfol
io –
Mana
ged
Grow
th F
und
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Fun
d
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Plu
s Fun
d
Manu
life S
TARS
In
com
e and
Gr
owth
Fun
dCo
mbi
ned
Note
s30
June
20
2030
June
20
1930
June
20
2030
June
20
1930
June
20
2030
June
20
1930
June
20
2030
June
20
1930
June
20
2030
June
20
1930
June
2020
30 Ju
ne
2020
30 Ju
ne
2019
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Ass
ets
Finan
cial a
ssets
at fa
ir valu
e thr
ough
profi
t or lo
ss
3,4
18,16
1,583
24,02
3,416
13,32
0,760
12,51
0,201
13,92
9,681
13,82
4,246
14,16
7,762
14,75
3,373
21,55
9,660
21,19
1,235
9,
995,0
00
91
,134,4
46
86
,302,4
71
Cash
and c
ash e
quiva
lent
5 40
6,347
11
5,872
24
7,241
57
,500
151,7
51
43,17
9 87
,373
95,48
0 –
313,0
94
9,999
,980
10,89
2,692
62
5,125
Ot
her r
eceiv
ables
and
prep
ayme
nts
6 49
,201
78,96
2 10
,438
22,96
9 11
,973
28,48
9 2,
474
8,65
1 3,
753
9,37
9 16
77
,855
148,4
50
Amou
nts re
ceiva
ble on
subs
cripti
on
102,1
72
112,7
10
47,07
3 9,
618
251,7
92
40,02
3 80
7,775
2,0
20,09
1 5,
669,9
72
7,068
,288
20
6,878
,804
9,25
0,730
Du
e fro
m br
oker
s 8
35,56
1 1,
418,4
06
107,3
00
252,2
64
– 41
9,318
–
756,8
11
– 88
,480
– 14
2,861
2,9
35,27
9
Tota
l ass
ets
18,75
4,864
25
,749,3
66
13,73
2,812
12
,852,5
52
14,34
5,197
14
,355,2
55
15,06
5,384
17
,634,4
06
27,23
3,385
28
,670,4
76
19,99
5,016
109
,126,6
58
99,26
2,055
Man
ulife
Hon
g K
ong
Serie
s
18
Stat
emen
t of F
inan
cial
Pos
ition
(con
tinue
d)
As
at 3
0 Ju
ne 2
020
Manu
life G
loba
l Dy
nam
ic As
set
Allo
catio
n Fu
nd
Manu
life A
ll-we
athe
r Po
rtfol
io –
Capi
tal
Cons
erva
tive F
und
Manu
life A
ll-we
athe
r Po
rtfol
io –
Mana
ged
Grow
th F
und
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Fun
d
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Plu
s Fun
d
Manu
life S
TARS
In
com
e and
Gr
owth
Fun
dCo
mbi
ned
Note
s30
June
20
2030
June
20
1930
June
20
2030
June
20
1930
June
20
2030
June
20
1930
June
20
2030
June
20
1930
June
20
2030
June
20
1930
June
2020
30 Ju
ne
2020
30 Ju
ne
2019
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Liab
ilities
Fin
ancia
l liab
ilities
at fa
ir valu
e thr
ough
profi
t or lo
ss
3,4 10
,646
3,92
3 –
– –
– –
– –
– 5
10,65
1 3,
923
Bank
over
draft
s 5
– –
– –
– –
– –
464,0
90
– –
464,0
90
– Ac
coun
ts pa
yable
and a
ccru
ed
expe
nses
7
72,84
1 82
,429
114,6
90
116,1
31
114,6
99
118,7
10
117,5
91
120,5
99
120,5
02
123,7
47
513
540,8
36
561,6
16
Amou
nts pa
yable
on re
demp
tion
46,87
0 16
0,218
12
9,489
13
,833
2,69
3 34
,970
46,68
4 8,
200
59,61
7 21
,642
– 28
5,353
23
8,863
Du
e to b
roke
rs 8
376,6
16
1,315
,952
– 25
1,124
21
1,700
33
5,357
63
0,600
2,1
93,77
6 3,
721,6
33
4,711
,169
9,99
5,000
14,9
35,54
9 8,
807,3
78
Tota
l liab
ilities
(exc
ludi
ng
net a
sset
s attr
ibut
able
to
unith
olde
rs)
506,9
73
1,562
,522
244,1
79
381,0
88
329,0
92
489,0
37
794,8
75
2,322
,575
4,36
5,842
4,8
56,55
8 9,
995,5
18
16
,236,4
79
9,611
,780
Net a
sset
s attr
ibut
able
to
unith
olde
rs
18
,247,8
91
24
,186,8
44
13
,488,6
33
12
,471,4
64
14
,016,1
05
13
,866,2
18
14
,270,5
09
15
,311,8
31
22
,867,5
43
23
,813,9
18
9,99
9,498
92,89
0,179
89,65
0,275
Man
ulife
Hon
g K
ong
Serie
s
19
Stat
emen
t of F
inan
cial
Pos
ition
(con
tinue
d)
As
at 3
0 Ju
ne 2
020
Num
ber o
f uni
ts in
issu
e
Manu
life G
loba
l Dyn
amic
As
set A
lloca
tion
Fund
Manu
life A
ll-we
athe
r Po
rtfol
io –
Capi
tal
Cons
erva
tive F
und
Manu
life A
ll-we
athe
r Po
rtfol
io –
Mana
ged
Grow
th F
und
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Fun
d
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Plu
s Fun
d
Manu
life S
TARS
In
com
e and
Gr
owth
Fun
d30
June
20
2030
June
20
1930
June
20
2030
June
20
1930
June
20
2030
June
20
1930
June
20
2030
June
20
1930
June
20
2030
June
20
1930
June
20
20Cl
ass A
A(US
D) In
c 76
8,230
.999
916,0
70.79
6 38
3,878
.539
358,6
84.49
4 47
8,045
.356
479,6
37.31
7 53
0,150
.608
655,7
00.91
6 1,3
65,48
6.530
1,39
7,393
.078
300.0
00
Clas
s AA(
HKD)
Inc
543,8
91.28
0 78
6,447
.092
343,4
47.70
0 34
0,873
.087
377,8
62.36
0 38
7,274
.752
379,1
63.12
8 37
2,447
.091
397,4
37.58
3 41
0,478
.002
232.3
27
Clas
s AA(
RMB)
Inc
214,8
13.31
9 22
3,499
.529
– –
– –
–
– –
–
–
Cl
ass A
A(RM
B) In
c Hed
ged
158,5
55.42
3 18
4,712
.844
– –
– –
–
– –
– 21
1.950
Cl
ass A
A(US
D) A
cc
163,5
54.38
6 20
8,427
.792
527,5
61.49
5 47
6,859
.828
436,1
88.30
9 42
2,191
.055
424,5
29.34
5 39
6,163
.152
488,3
59.26
3 48
7,147
.510
999,1
00.00
0 Cl
ass I
(USD
) Inc
42
,685.3
64
62,71
5.587
–
– –
–
– –
– –
–
Net
ass
et v
alue
per
uni
t
Manu
life G
loba
l Dyn
amic
As
set A
lloca
tion
Fund
Manu
life A
ll-we
athe
r Po
rtfol
io –
Capi
tal
Cons
erva
tive F
und
Manu
life A
ll-we
athe
r Po
rtfol
io –
Man
aged
Gr
owth
Fun
d
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Fun
d
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Plu
s Fun
d
Manu
life S
TARS
In
com
e and
Gro
wth
Fund
Cur
renc
y 30
June
20
2030
June
20
1930
June
20
2030
June
20
1930
June
20
2030
June
20
1930
June
20
2030
June
20
1930
June
20
2030
June
20
1930
June
20
20Cl
ass A
A(US
D) In
c U
SD
7.99
22
8.43
11
9.65
29
9.54
80
9.70
48
9.67
97
9.44
28
9.70
76
9.34
86
9.65
37
9.99
95
Clas
s AA(
HKD)
Inc
HKD
79
.9796
85
.0508
96
.2493
95
.9274
95
.3243
95
.8282
93
.0385
96
.4145
90
.2701
93
.9469
99
.9952
Cl
ass A
A(RM
B) In
c R
MB
88.34
01
90.36
93
– –
– –
– –
– –
–
Clas
s AA(
RMB)
Inc H
edge
d R
MB
79.43
93
84.40
49
– –
– –
– –
– –
99.90
20
Clas
s AA(
USD)
Acc
U
SD
10.12
80
10.15
60
10.45
91
10.19
09
10.84
20
10.59
07
11.10
09
10.97
62
11.20
70
11.05
60
9.99
95
Clas
s I(U
SD) I
nc
USD
8.
8466
9.
2151
–
– –
–
– –
– –
–
Man
ulife
Hon
g K
ong
Serie
s
20
Stat
emen
t of C
ompr
ehen
sive
Inco
me
For t
he y
ear/p
erio
d en
ded
30 J
une
2020
Ma
nulif
e Glo
bal
Dyna
mic
Asse
t Al
loca
tion
Fund
Manu
life A
ll-we
athe
r Po
rtfol
io –
Capi
tal
Cons
erva
tive F
und
Manu
life A
ll-we
athe
r Po
rtfol
io –
Man
aged
Gr
owth
Fun
d
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Fun
d
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Plu
s Fun
d
Manu
life S
TARS
In
com
e and
Gr
owth
Fun
dCo
mbi
ned
Notes
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
For t
he p
erio
d fro
m 29
June
20
20 (d
ate o
f in
cept
ion)
to
30 Ju
ne 20
2030
June
2020
30 Ju
ne20
19US
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DIn
com
e Di
viden
d inc
ome
10 39
3,066
43
5,056
36
8,451
30
8,442
29
6,656
29
7,450
29
8,729
26
3,610
28
1,681
29
6,755
–
1,63
8,583
1,6
01,31
3 Int
eres
t inco
me
11 14
0,256
19
6,517
47
,633
55,37
8 40
,936
50,81
7 17
2 78
2 27
3 1,
756
– 22
9,270
30
5,250
Ne
t (los
ses)/
gains
on fin
ancia
l as
sets
and l
iabilit
ies at
fair v
alue
throu
gh pr
ofit o
r loss
3
(198
,736)
(676
,066)
205,9
26
199,3
54
262,0
43
(36,1
56)
296,7
38
(397
,233)
741,2
84
(313
,878)
(5)
1,307
,250
(1,22
3,979
)Ot
her o
pera
ting i
ncom
e –
– –
– –
– –
– –
– 16
16
– To
tal o
pera
ting
inco
me
334,5
86
(44,4
93)
622,0
10
563,1
74
599,6
35 31
2,111
59
5,639
(1
32,84
1) 1,
023,2
38
(15,3
67)
113,1
75,11
9 68
2,584
Expe
nses
Ma
nage
ment
fee
13.1
(252
,850)
(308
,226)
(129
,869)
(121
,625)
(138
,504)
(146
,685)
(159
,875)
(165
,846)
(205
,658)
(233
,257)
(246
) (8
87,00
2) (9
75,63
9)Cu
stodia
n fee
13
.3 (2
4,190
) (2
2,687
) (9
,040)
(10,0
41)
(9,03
1) (1
1,849
) (1
1,391
) (1
2,887
) (1
0,907
) (1
5,861
) –
(64,5
59)
(73,3
25)
Trus
tee fe
e 13
.2 (5
0,000
) (6
0,000
) (5
0,000
) (6
0,000
) (5
0,000
) (6
0,000
) (5
0,000
) (6
0,000
) (5
0,000
) (6
0,000
) (2
7) (2
50,02
7) (3
00,00
0)Tr
ansa
ction
costs
(53,1
66)
(52,2
72)
(23,4
76)
(17,4
74)
(22,7
00)
(22,1
00)
(24,4
82)
(23,3
91)
(32,4
03)
(32,6
29)
(155
) (1
56,38
2) (1
47,86
6)Au
ditor
s' re
mune
ratio
n (2
8,050
) (2
8,050
) (2
7,350
) (2
7,350
) (2
8,050
) (2
8,050
) (2
7,350
) (2
7,350
) (2
8,050
) (2
8,050
) (6
8) (1
38,91
8) (1
38,85
0)Pu
blica
tion a
nd pr
inting
fee
(4,94
1) (6
,952)
(3,25
7) (5
,223)
(3,49
1) (5
,500)
(3,41
5) (5
,490)
(4,10
2) (5
,972)
(14)
(19,2
20)
(29,1
37)
Lega
l and
profe
ssion
al fee
(5
39)
– (2
91)
– (3
21)
– (3
15)
– (4
17)
– –
(1,88
3) –
Exha
nge d
iffere
nce
33,66
4 66
,687
701
1,25
0 82
0 1,
587
201
4,21
9 17
6 (2
96)
– 35
,562
73,44
7 Ot
her o
pera
ting e
xpen
ses
(62,8
84)
(67,4
64)
(4,40
4) (5
,194)
(5,43
9) (7
,767)
(6,08
6) (5
,973)
(7,76
3) (8
,242)
(3)
(86,5
79)
(94,6
40)
Tota
l ope
ratin
g ex
pens
es
(442
,956)
(478
,964)
(246
,986)
(245
,657)
(256
,716)
(280
,364)
(282
,713)
(296
,718)
(339
,124)
(384
,307)
(513)
(1,56
9,008
) (1
,686,0
10)
Oper
atin
g (lo
ss)/
profi
t (1
08,37
0) (5
23,45
7) 37
5,024
31
7,517
34
2,919
31,74
7 31
2,926
(4
29,55
9) 68
4,114
(3
99,67
4) (5
02)
1,606
,111
(1,00
3,426
)
Man
ulife
Hon
g K
ong
Serie
s
21
Manu
life G
loba
l Dy
nam
ic As
set
Allo
catio
n Fu
nd
Manu
life A
ll-we
athe
r Po
rtfol
io –
Capi
tal
Cons
erva
tive F
und
Manu
life A
ll-we
athe
r Po
rtfol
io –
Man
aged
Gr
owth
Fun
d
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Fun
d
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Plu
s Fun
d
Manu
life S
TARS
In
com
e and
Gr
owth
Fun
dCo
mbi
ned
Notes
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
For t
he p
erio
d fro
m 29
June
20
20 (d
ate o
f in
cept
ion)
to
30 Ju
ne 20
2030
June
2020
30 Ju
ne20
19US
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DFi
nanc
e Cos
t
Distr
ibutio
n to u
nitho
lders
(1,00
0,655
) (1
,329,1
49)
(117
,798)
(147
,300)
(193
,585)
(320
,097)
(386
,693)
(579
,025)
(725
,165)
(1,05
0,064
) –
(2,42
3,896
) (3
,425,6
35)
(Los
s)/ P
rofit
befor
e tax
(1
,109,0
25)
(1,85
2,606
) 25
7,226
17
0,217
14
9,334
(288
,350)
(73,7
67)
(1,00
8,584
) (4
1,051
) (1
,449,7
38)
(502
)(81
7,785
) (4
,429,0
61)
With
holdi
ng ta
x12
(47,5
47)
(21,3
45)
(20,5
02)
(32,0
87)
(23,8
72)
(34,2
42)
(29,1
57)
(32,7
34)
(38,9
52)
(47,5
18)
– (1
60,03
0) (1
67,92
6)(D
ecre
ase)
/ Incre
ase i
n net
asse
ts att
ributa
ble to
unith
older
s –
being
total
comp
rehe
nsive
(lo
ss)/
incom
e (1
,156,5
72)
(1,87
3,951
) 23
6,724
13
8,130
12
5,462
(3
22,59
2) (1
02,92
4) (1
,041,3
18)
(80,0
03)
(1,49
7,256
) (5
02)
(977
,815)
(4,59
6,987
)
Stat
emen
t of C
ompr
ehen
sive
Inco
me
(con
tinue
d)
For t
he y
ear/p
erio
d en
ded
30 J
une
2020
Man
ulife
Hon
g K
ong
Serie
s
22
Stat
emen
t of C
hang
es in
Net
Ass
ets
Attr
ibut
able
to u
nith
olde
rs
For t
he y
ear/p
erio
d en
ded
30 J
une
2020
Ma
nulif
e Glo
bal
Dyna
mic
As
set A
lloca
tion
Fund
Manu
life A
ll-we
athe
r Po
rtfol
io –
Capi
tal
Cons
erva
tive F
und
Manu
life A
ll-we
athe
r Po
rtfol
io –
Man
aged
Gr
owth
Fun
d
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Fun
d
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Plu
s Fun
dMa
nulif
e STA
RS In
com
e an
d Gr
owth
Fun
dCo
mbi
ned
Num
ber o
f un
its
USD
Num
ber o
f un
its
USD
Num
ber o
f un
its
USD
Num
ber o
f un
its
USD
Num
ber o
f un
its
USD
Num
ber o
f un
its
USD
Num
ber o
f un
its
USD
As at
1 Ju
ly 20
18
2,546
,168.5
9227
,580,8
721,2
01,60
8.693
12,58
7,583
2,878
,859.5
4529
,979,0
961,2
06,44
1.105
13,81
8,303
2,818
,677.4
8630
,956,0
45 –
– 10,
651,75
5.421
114,9
21,89
9
Issue
of un
its
1,396
,895.6
6013
,280,4
5533
6,698
.851
3,290
,610
1,319
,178.9
1112
,922,4
532,3
23,84
0.077
22,70
4,787
8,088
,553.4
1279
,304,2
18 –
– 13,
465,16
6.911
131,5
02,52
3Re
demp
tion o
f unit
s (1,
561,19
0.612)
(14,80
0,532
)(36
1,890
.135)
(3,54
4,859
)(2,9
08,935
.332)
(28,71
2,739
)(2,1
05,970
.023)
(20,16
9,941
)(8,6
12,212
.308)
(84,94
9,089
) –
– (15
,550,1
98.410
)(15
2,177
,160)
(Dec
reas
e)/ In
creas
e in
net a
ssets
attrib
utable
to
unith
older
s – b
eing
total
comp
rehe
nsive
ga
in/ (lo
sses
) –
(1,87
3,951
) –
138,1
30
– (3
22,59
2) –
(1,04
1,318
) –
(1,49
7,256
) –
– –
(4,59
6,987
)
As at
30 Ju
ne 20
19 an
d 1 J
uly 2
019
2,38
1,873
.640
24,18
6,844
1,17
6,417
.409
12,47
1,464
1,28
9,103
.124
13,86
6,218
1,42
4,311.
159
15,31
1,831
2,29
5,018
.590
23,81
3,918
–
– 8,5
66,72
3.922
89
,650,2
75
Issue
of un
its
495,2
92.78
7 4,
253,0
34
471,8
45.25
7 4,
680,5
61
262,5
98.72
8 2,
630,0
92 1
,148,3
28.17
7 11
,228,3
47 4
,916,0
47.11
7 46
,665,3
21
999,8
44.27
7 10
,000,0
00
8,293,
956.34
3 79
,457,3
55
Rede
mptio
n of u
nits
(985
,435.6
56)
(9,03
5,415
) (3
93,37
4.932
) (3
,900,1
16)
(259
,605.8
27)
(2,60
5,667
) (1,
238,79
6.255)
(12,1
66,74
5) (4,
959,78
2.331)
(47,5
31,69
3) –
– (7
,836,9
95.001
) (7
5,239
,636)
Incre
ase/
(Dec
reas
e) in
ne
t ass
ets at
tributa
ble
to un
ithold
ers –
bein
g tot
al co
mpre
hens
ive
(loss
)/ ga
in
– (1
,156,5
72)
–
236
,724
–
125,4
62
– (1
02,92
4) –
(8
0,003
) –
(5
02)
– (9
77,81
5)
As at
30 Ju
ne 20
20
1,891
,730.7
7118
,247,8
911,2
54,88
7.734
13,48
8,633
1,292
,096.0
2514
,016,1
051,3
33,84
3.081
14,27
0,509
2,251
,283.3
7622
,867,5
4399
9,844
.277
9,999
,498
9,023
,685.2
6492
,890,1
79
Man
ulife
Hon
g K
ong
Serie
s
23
Stat
emen
t of C
ash
Flow
s
For t
he y
ear/p
erio
d en
ded
30 J
une
2020
Ma
nulif
e Glo
bal
Dyna
mic
Asse
t Al
loca
tion
Fund
Manu
life A
ll-we
athe
r Po
rtfol
io –
Capi
tal
Cons
erva
tive F
und
Manu
life A
ll-we
athe
r Po
rtfol
io –
Man
aged
Gr
owth
Fun
d
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Fun
d
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Plu
s Fun
d
Manu
life S
TARS
In
com
e and
Gr
owth
Fun
dCo
mbi
ned
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
For t
he p
erio
d fro
m 29
June
20
20 (d
ate o
f in
cept
ion)
to
30 Ju
ne 20
2030
June
2020
30 Ju
ne20
19US
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DCa
sh fl
ows (
used
in)/
gene
rate
d fro
m o
pera
ting
activ
ities
(D
ecre
ase)
/ Incre
ase i
n net
asse
ts att
ributa
ble to
unith
older
s –
being
total
comp
rehe
nsive
(loss
)/ inc
ome
(1
,156,5
72)
(1
,873,9
51)
236,7
24
138,1
30
125,4
62
(322
,592)
(102
,924)
(1
,041,3
18)
(80,0
03)
(1
,497,2
56)
(502
) (9
77,81
5)
(4,59
6,987
)Ad
justm
ent fo
r: Di
stribu
tion t
o unit
holde
rs 1,
000,6
55
1,329
,149
117,7
98
147,3
00
193,5
85
320,0
97
386,6
93
579,0
25
725,1
65
1,050
,064
– 2,
423,8
96
3,425
,635
Inter
est in
come
(1
40,25
6) (1
96,51
7) (4
7,633
) (5
5,378
) (4
0,936
) (5
0,817
) (1
72)
(782
) (2
73)
(1,75
6) –
(229
,270)
(305
,250)
Divid
end i
ncom
e (3
93,06
6)(4
35,05
6)(3
68,45
1)(3
08,44
2)(2
96,65
6)(2
97,45
0)(2
98,72
9)(2
63,61
0)(2
81,68
1)(2
96,75
5)–
(1,63
8,583
)(1,6
01,31
3)W
ithho
lding
tax e
xpen
ses
47,54
7 21
,345
20,50
2 32
,087
23,87
2 34
,242
29,15
7 32
,734
38,95
2 47
,518
– 16
0,030
167,9
26
(641
,692)
(1
,155,0
30)
(41,0
60)
(46,3
03)
5,327
(316
,520)
14,02
5 (6
93,95
1) 40
2,160
(6
98,18
5) (5
02)
(261
,742)
(2
,909,9
89)
Man
ulife
Hon
g K
ong
Serie
s
24
Manu
life G
loba
l Dy
nam
ic As
set
Allo
catio
n Fu
nd
Manu
life A
ll-we
athe
r Po
rtfol
io –
Capi
tal
Cons
erva
tive F
und
Manu
life A
ll-we
athe
r Po
rtfol
io –
Man
aged
Gr
owth
Fun
d
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Fun
d
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Plu
s Fun
d
Manu
life S
TARS
In
com
e and
Gr
owth
Fun
dCo
mbi
ned
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
For t
he p
erio
d fro
m 29
June
20
20 (d
ate o
f in
cept
ion)
to
30 Ju
ne 20
2030
June
2020
30 Ju
ne20
19US
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DUS
D
Net c
hang
es in
ope
ratin
g as
sets
an
d lia
bilit
ies
Decre
ase/
(Incre
ase)
in fin
ancia
l as
sests
at fa
ir valu
e thr
ough
pr
ofit o
r loss
5,86
8,556
1,5
41,68
0 (8
10,55
9) (1
5,247
) (1
05,43
5) 14
,071,3
25
585,6
11
(1
,353,2
74)
(368
,425)
3,59
4,832
(9,
994,9
95)
(4,82
5,247
) 17
,839,3
16
Incre
ase i
n due
to/ (
from)
brok
ers
443,5
09
264,8
16
(106
,160)
(475
,762)
295,6
61 (1
0,356
,340)
(806
,365)
763,8
42
(901
,056)
(903
,137)
9,995
,000
8,920
,589
(10,70
6,581
)De
creas
e/ (In
creas
e) in
othe
r re
ceiva
bles a
nd pr
epay
ments
15
55
–
– –
– –
– –
– (1
6)(1
) 55
(D
ecre
ase)
/ Incre
ase i
n acc
ounts
pa
yable
and a
ccru
ed ex
pens
es
(9,58
8) (2
2,677
)(1
,441)
(8,78
9) (1
,641)
(7,42
4) (3
,008)
(3,65
6)(2
,032)
(8,62
8) 51
3 (1
7,197
) (5
1,174
)Int
eres
t inco
me re
ceive
d 14
8,124
20
6,685
55
,657
54,26
9 49
,550
51,31
4 17
2 78
2 27
3 1,
756
– 25
3,776
314,8
06
Divid
end i
ncom
e rec
eivied
(net
of wi
thhold
ing ta
x) 36
7,397
40
5,955
35
2,456
273,2
00
278,3
16 26
1,845
27
5,749
22
5,320
24
7,142
249,8
37
– 1,5
21,06
0 1,
416,1
57
Net c
ash
from
/ (us
ed in
) op
erat
ing
activ
ities
6,17
6,321
1,2
41,48
4 (5
51,10
7) (2
18,63
2) 52
1,778
3,7
04,20
0 66
,184
(1
,060,9
37)
(621
,938)
2,23
6,475
–
5,591
,238
5,90
2,590
Stat
emen
t of C
ash
Flow
s (c
ontin
ued)
For t
he y
ear/p
erio
d en
ded
30 J
une
2020
Man
ulife
Hon
g K
ong
Serie
s
25
Manu
life G
loba
l Dy
nam
ic As
set
Allo
catio
n Fu
nd
Manu
life A
ll-we
athe
r Po
rtfol
io –
Capi
tal
Cons
erva
tive F
und
Manu
life A
ll-we
athe
r Po
rtfol
io –
Man
aged
Gr
owth
Fun
d
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Fun
d
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Plu
s Fun
d
Manu
life S
TARS
In
com
e and
Gr
owth
Fun
dCo
mbi
ned
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
For t
he p
erio
d fro
m 29
June
20
20 (d
ate o
f in
cept
ion)
to
30 Ju
ne 20
2030
June
2020
30 Ju
ne20
19US
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DUS
D
Cash
flow
s fro
m fi
nanc
ing
activ
ities
Issue
of un
its
3,88
3,216
13,23
4,316
4,5
33,48
0 3,
348,1
10
2,258
,131
24
,923,3
60 1
2,147
,609
21
,200,6
67 4
7,716
,646
83
,236,6
35
9,999
,980
80,53
9,062
145,9
43,08
8
Rede
mptio
n of u
nits
(9,14
8,763
)
(14,85
6,877
)(3,
784,4
60)
(3,61
5,082
) (2
,637,9
44)
(28
,756,0
47)
(12
,128,2
61)
(20
,173,2
43)(
47,49
3,718
)
(85,12
1,957
) –
(75,19
3,146
) (15
2,523
,206)
Distr
ibutio
n to u
nitho
lders
(620
,299)
(863
,044)
(8,17
2) (1
3,851
)(3
3,393
) (1
01,68
4)(9
3,639
) (1
74,93
5)(3
78,17
4) (5
84,75
4) –
(1,13
3,677
)
(1,73
8,268
)Ne
t cas
h flo
w (u
sed
in)/
prov
ided
by
fina
ncin
g ac
tiviti
es
(5
,885,8
46)
(2
,485,6
05)
740,8
48 (2
80,82
3) (4
13,20
6)
(3,93
4,371
) (7
4,291
) 85
2,489
(1
55,24
6)
(2,47
0,076
)9,9
99,98
04,2
12,23
9
(8,31
8,386
)
Net in
creas
e/ (d
ecre
ase)
in ca
sh
and c
ash e
quiva
lents
290,4
75
(1
,244,1
21)
189,7
41
(499
,455)
108,5
72
(230
,171)
(8,10
7) (2
08,44
8) (7
77,18
4) (2
33,60
1) 9,
999,9
80
9,803
,477
(2
,415,7
96)
Cash
and c
ash e
quiva
lent a
t the
begin
ning o
f the y
ear/p
eriod
115,8
72
1,359
,993
57,50
0 55
6,955
43
,179
273,3
50
95,48
0 30
3,928
31
3,094
54
6,695
–
625,1
25
3,040
,921
Cash
and c
ash e
quiva
lent a
t the
end o
f the y
ear/p
eriod
40
6,347
11
5,872
24
7,241
57
,500
151,7
51
43,17
9 87
,373
95,48
0 (4
64,09
0) 31
3,094
9,
999,9
80
10
,428,6
02
625,1
25
* A p
ortio
n of
the
dist
ribut
ion
to u
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Manulife Hong Kong Series
26
Statement of Distribution
For the period from 01 July 2019 to 30 June 2020
CurrencyDistribution Per Unit
Total Distribution
Distribution Date
Manulife Global Dynamic Asset Allocation FundMonthly DividendClass AA (USD) Inc USD 0.0345 31,604.45 9-Jul-19
Class AA (USD) Inc USD 0.0345 31,202.55 8-Aug-19
Class AA (USD) Inc USD 0.0345 31,678.83 9-Sep-19
Class AA (USD) Inc USD 0.0345 30,383.45 10-Oct-19
Class AA (USD) Inc USD 0.0345 30,780.56 8-Nov-19
Class AA (USD) Inc USD 0.0345 32,213.95 9-Dec-19
Class AA (USD) Inc USD 0.0345 29,666.90 9-Jan-20
Class AA (USD) Inc USD 0.0345 29,805.69 10-Feb-20
Class AA (USD) Inc USD 0.0345 29,884.67 9-Mar-20
Class AA (USD) Inc USD 0.0345 28,662.90 8-Apr-20
Class AA (USD) Inc USD 0.0345 29,055.13 11-May-20
Class AA (USD) Inc USD 0.0345 27,971.43 8-Jun-20
362,910.51
Class AA (HKD) Inc HKD 0.3500 275,256.50 9-Jul-19
Class AA (HKD) Inc HKD 0.3500 272,055.21 8-Aug-19
Class AA (HKD) Inc HKD 0.3500 266,471.36 9-Sep-19
Class AA (HKD) Inc HKD 0.3500 261,595.22 10-Oct-19
Class AA (HKD) Inc HKD 0.3500 256,071.65 8-Nov-19
Class AA (HKD) Inc HKD 0.3500 251,475.54 9-Dec-19
Class AA (HKD) Inc HKD 0.3500 244,217.74 9-Jan-20
Class AA (HKD) Inc HKD 0.3500 230,394.19 10-Feb-20
Class AA (HKD) Inc HKD 0.3500 225,910.08 9-Mar-20
Class AA (HKD) Inc HKD 0.3500 213,137.16 8-Apr-20
Class AA (HKD) Inc HKD 0.3500 209,073.48 11-May-20
Class AA (HKD) Inc HKD 0.3500 206,226.98 8-Jun-20
2,911,885.11
Class AA (RMB) Inc RMB 0.3630 81,130.31 9-Jul-19
Class AA (RMB) Inc RMB 0.3630 81,332.29 8-Aug-19
Class AA (RMB) Inc RMB 0.3630 80,072.24 9-Sep-19
Class AA (RMB) Inc RMB 0.3630 79,299.92 10-Oct-19
Class AA (RMB) Inc RMB 0.3630 79,889.23 8-Nov-19
Manulife Hong Kong Series
27
CurrencyDistribution Per Unit
Total Distribution
Distribution Date
Manulife Global Dynamic Asset Allocation Fund (continued)Monthly Dividend (continued)Class AA (RMB) Inc RMB 0.3630 80,091.24 9-Dec-19
Class AA (RMB) Inc RMB 0.3630 80,408.25 9-Jan-20
Class AA (RMB) Inc RMB 0.3630 80,955.22 10-Feb-20
Class AA (RMB) Inc RMB 0.3630 80,335.50 9-Mar-20
Class AA (RMB) Inc RMB 0.3630 79,671.83 8-Apr-20
Class AA (RMB) Inc RMB 0.3630 79,895.94 11-May-20
Class AA (RMB) Inc RMB 0.3630 79,390.39 8-Jun-20
962,472.36
Class AA (RMB) Inc Hedged RMB 0.3470 64,095.37 9-Jul-19
Class AA (RMB) Inc Hedged RMB 0.3470 64,251.86 8-Aug-19
Class AA (RMB) Inc Hedged RMB 0.3470 64,411.80 9-Sep-19
Class AA (RMB) Inc Hedged RMB 0.3470 61,638.32 10-Oct-19
Class AA (RMB) Inc Hedged RMB 0.3470 62,716.65 8-Nov-19
Class AA (RMB) Inc Hedged RMB 0.3470 62,939.17 9-Dec-19
Class AA (RMB) Inc Hedged RMB 0.3470 62,656.16 9-Jan-20
Class AA (RMB) Inc Hedged RMB 0.3470 60,474.37 10-Feb-20
Class AA (RMB) Inc Hedged RMB 0.3470 58,295.42 9-Mar-20
Class AA (RMB) Inc Hedged RMB 0.3470 58,127.79 8-Apr-20
Class AA (RMB) Inc Hedged RMB 0.3470 58,264.05 11-May-20
Class AA (RMB) Inc Hedged RMB 0.3470 56,540.26 8-Jun-20
734,411.22
Class I (USD) Inc USD 0.0375 2,351.21 9-Jul-19
Class I (USD) Inc USD 0.0375 2,360.74 8-Aug-19
Class I (USD) Inc USD 0.0375 2,370.53 9-Sep-19
Class I (USD) Inc USD 0.0375 2,380.27 10-Oct-19
Class I (USD) Inc USD 0.0375 2,390.21 8-Nov-19
Class I (USD) Inc USD 0.0375 2,399.90 9-Dec-19
Class I (USD) Inc USD 0.0375 2,409.66 9-Jan-20
Class I (USD) Inc USD 0.0375 1,080.56 10-Feb-20
Class I (USD) Inc USD 0.0375 1,084.82 9-Mar-20
Statement of Distribution (continued)
For the period from 01 July 2019 to 30 June 2020
Manulife Hong Kong Series
28
Statement of Distribution (continued)
For the period from 01 July 2019 to 30 June 2020
CurrencyDistribution Per Unit
Total Distribution
Distribution Date
Manulife Global Dynamic Asset Allocation Fund (continued)Monthly Dividend (continued)Class I (USD) Inc USD 0.0375 1,503.79 8-Apr-20
Class I (USD) Inc USD 0.0375 1,510.62 11-May-20
Class I (USD) Inc USD 0.0375 1,593.66 8-Jun-20
23,435.97
Manulife All-weather Portfolio–Capital Conservative FundMonthly DividendClass AA (USD) Inc USD 0.0120 4,304.21 9-Jul-19
Class AA (USD) Inc USD 0.0120 4,303.25 8-Aug-19
Class AA (USD) Inc USD 0.0120 5,144.15 9-Sep-19
Class AA (USD) Inc USD 0.0120 4,337.85 10-Oct-19
Class AA (USD) Inc USD 0.0120 4,410.49 8-Nov-19
Class AA (USD) Inc USD 0.0120 4,459.42 9-Dec-19
Class AA (USD) Inc USD 0.0120 4,498.90 9-Jan-20
Class AA (USD) Inc USD 0.0120 4,497.82 10-Feb-20
Class AA (USD) Inc USD 0.0120 4,533.53 9-Mar-20
Class AA (USD) Inc USD 0.0120 4,703.73 8-Apr-20
Class AA (USD) Inc USD 0.0120 4,653.70 11-May-20
Class AA (USD) Inc USD 0.0120 4,613.26 8-Jun-20
54,460.31
Class AA (HKD) Inc HKD 0.1200 40,904.75 9-Jul-19
Class AA (HKD) Inc HKD 0.1200 40,955.86 8-Aug-19
Class AA (HKD) Inc HKD 0.1200 40,891.68 9-Sep-19
Class AA (HKD) Inc HKD 0.1200 41,034.30 10-Oct-19
Class AA (HKD) Inc HKD 0.1200 41,600.58 8-Nov-19
Class AA (HKD) Inc HKD 0.1200 41,651.58 9-Dec-19
Class AA (HKD) Inc HKD 0.1200 41,190.53 9-Jan-20
Class AA (HKD) Inc HKD 0.1200 41,100.55 10-Feb-20
Class AA (HKD) Inc HKD 0.1200 41,150.72 9-Mar-20
Class AA (HKD) Inc HKD 0.1200 41,083.42 8-Apr-20
Class AA (HKD) Inc HKD 0.1200 41,137.36 11-May-20
Class AA (HKD) Inc HKD 0.1200 41,162.96 8-Jun-20
493,864.29
Manulife Hong Kong Series
29
Statement of Distribution (continued)
For the period from 01 July 2019 to 30 June 2020
CurrencyDistribution Per Unit
Total Distribution
Distribution Date
Manulife All-weather Portfolio–Managed Growth FundMonthly DividendClass AA (USD) Inc USD 0.0167 8,009.94 9-Jul-19
Class AA (USD) Inc USD 0.0167 8,163.17 8-Aug-19
Class AA (USD) Inc USD 0.0167 8,023.00 9-Sep-19
Class AA (USD) Inc USD 0.0167 8,024.92 10-Oct-19
Class AA (USD) Inc USD 0.0167 7,820.70 8-Nov-19
Class AA (USD) Inc USD 0.0167 8,122.88 9-Dec-19
Class AA (USD) Inc USD 0.0167 7,783.41 9-Jan-20
Class AA (USD) Inc USD 0.0167 7,769.34 10-Feb-20
Class AA (USD) Inc USD 0.0167 7,752.92 9-Mar-20
Class AA (USD) Inc USD 0.0167 7,567.06 8-Apr-20
Class AA (USD) Inc USD 0.0167 7,720.82 11-May-20
Class AA (USD) Inc USD 0.0167 7,634.72 8-Jun-20
94,392.88
Class AA (HKD) Inc HKD 0.1670 64,674.89 9-Jul-19
Class AA (HKD) Inc HKD 0.1670 64,486.41 8-Aug-19
Class AA (HKD) Inc HKD 0.1670 64,593.68 9-Sep-19
Class AA (HKD) Inc HKD 0.1670 64,469.14 10-Oct-19
Class AA (HKD) Inc HKD 0.1670 64,535.58 8-Nov-19
Class AA (HKD) Inc HKD 0.1670 64,641.43 9-Dec-19
Class AA (HKD) Inc HKD 0.1670 63,963.96 9-Jan-20
Class AA (HKD) Inc HKD 0.1670 64,068.25 10-Feb-20
Class AA (HKD) Inc HKD 0.1670 64,171.85 9-Mar-20
Class AA (HKD) Inc HKD 0.1670 64,514.76 8-Apr-20
Class AA (HKD) Inc HKD 0.1670 64,634.23 11-May-20
Class AA (HKD) Inc HKD 0.1670 64,678.10 8-Jun-20
773,432.28
Manulife All-weather Portfolio–Growth FundQuarterly DividendClass AA (USD) Inc USD 0.0900 59,013.08 9-Jul-19
Class AA (USD) Inc USD 0.0900 48,172.14 10-Oct-19
Class AA (USD) Inc USD 0.0900 61,078.03 9-Jan-20
Class AA (USD) Inc USD 0.0900 46,098.51 8-Apr-20
214,361.76
Manulife Hong Kong Series
30
Statement of Distribution (continued)
For the period from 01 July 2019 to 30 June 2020
CurrencyDistribution Per Unit
Total Distribution
Distribution Date
Manulife All-weather Portfolio – Growth Fund (continued)Quarterly Dividend (continued)Class AA (HKD) Inc HKD 0.9000 335,202.39 9-Jul-19
Class AA (HKD) Inc HKD 0.9000 334,418.67 10-Oct-19
Class AA (HKD) Inc HKD 0.9000 336,034.52 9-Jan-20
Class AA (HKD) Inc HKD 0.9000 337,828.18 8-Apr-20
1,343,483.76
Manulife All-weather Portfolio – Growth Plus FundQuarterly DividendClass AA (USD) Inc USD 0.1040 145,328.87 9-Jul-19
Class AA (USD) Inc USD 0.1040 117,901.54 10-Oct-19
Class AA (USD) Inc USD 0.1040 158,575.55 9-Jan-20
Class AA (USD) Inc USD 0.1040 94,410.94 8-Apr-20
516,216.90
Class AA (HKD) Inc HKD 1.0140 416,224.70 9-Jul-19
Class AA (HKD) Inc HKD 1.0140 409,932.86 10-Oct-19
Class AA (HKD) Inc HKD 1.0140 401,590.59 9-Jan-20
Class AA (HKD) Inc HKD 1.0140 401,280.54 8-Apr-20
1,629,028.69
Manulife STARS Income and Growth Fund
There is no distribution for the sub-fund from 29 June 2020 (date of inception) to 30 June 2020.
Manulife Hong Kong Series
31
Statement of Distribution (continued)
For the year ended 30 June 2019
CurrencyDistribution Per Unit
Total Distribution
Distribution Date
Manulife Global Dynamic Asset Allocation FundMonthly DividendClass AA (USD) Inc USD 0.0417 40,218.09 10-Jul-18
Class AA (USD) Inc USD 0.0417 41,174.40 8-Aug-18
Class AA (USD) Inc USD 0.0417 41,642.76 10-Sep-18
Class AA (USD) Inc USD 0.0417 41,394.51 9-Oct-18
Class AA (USD) Inc USD 0.0417 41,306.83 8-Nov-18
Class AA (USD) Inc USD 0.0417 40,898.41 10-Dec-18
Class AA (USD) Inc USD 0.0417 40,290.14 9-Jan-19
Class AA (USD) Inc USD 0.0417 41,072.24 13-Feb-19
Class AA (USD) Inc USD 0.0345 33,963.05 8-Mar-19
Class AA (USD) Inc USD 0.0345 33,013.55 9-Apr-19
Class AA (USD) Inc USD 0.0345 32,623.86 9-May-19
Class AA (USD) Inc USD 0.0345 31,821.98 11-Jun-19
459,419.82
Class AA (HKD) Inc HKD 0.4167 399,866.85 10-Jul-18
Class AA (HKD) Inc HKD 0.4167 400,135.65 8-Aug-18
Class AA (HKD) Inc HKD 0.4167 421,970.38 10-Sep-18
Class AA (HKD) Inc HKD 0.4167 394,569.40 9-Oct-18
Class AA (HKD) Inc HKD 0.4167 388,642.68 8-Nov-18
Class AA (HKD) Inc HKD 0.4167 386,316.01 10-Dec-18
Class AA (HKD) Inc HKD 0.4167 383,263.51 9-Jan-19
Class AA (HKD) Inc HKD 0.4167 366,307.90 13-Feb-19
Class AA (HKD) Inc HKD 0.3500 305,670.24 8-Mar-19
Class AA (HKD) Inc HKD 0.3500 299,007.55 9-Apr-19
Class AA (HKD) Inc HKD 0.3500 282,777.43 9-May-19
Class AA (HKD) Inc HKD 0.3500 279,187.37 11-Jun-19
4,307,714.97
Class AA (RMB) Inc RMB 0.4167 79,647.45 10-Jul-18
Class AA (RMB) Inc RMB 0.4167 79,662.82 8-Aug-18
Class AA (RMB) Inc RMB 0.4167 79,687.48 10-Sep-18
Class AA (RMB) Inc RMB 0.4167 80,165.81 9-Oct-18
Class AA (RMB) Inc RMB 0.4167 81,045.69 8-Nov-18
Manulife Hong Kong Series
32
CurrencyDistribution Per Unit
Total Distribution
Distribution Date
Manulife Global Dynamic Asset Allocation Fund (continued)Monthly Dividend (continued)Class AA (RMB) Inc RMB 0.4167 81,295.89 10-Dec-18
Class AA (RMB) Inc RMB 0.4167 82,045.12 9-Jan-19
Class AA (RMB) Inc RMB 0.4167 82,308.02 13-Feb-19
Class AA (RMB) Inc RMB 0.3630 71,935.54 8-Mar-19
Class AA (RMB) Inc RMB 0.3630 79,798.01 9-Apr-19
Class AA (RMB) Inc RMB 0.3630 80,721.83 9-May-19
Class AA (RMB) Inc RMB 0.3630 80,926.30 11-Jun-19
959,239.96
Class AA (RMB) Inc Hedged RMB 0.5000 75,613.57 10-Jul-18
Class AA (RMB) Inc Hedged RMB 0.5000 78,455.25 8-Aug-18
Class AA (RMB) Inc Hedged RMB 0.5000 84,488.63 10-Sep-18
Class AA (RMB) Inc Hedged RMB 0.5000 91,779.29 9-Oct-18
Class AA (RMB) Inc Hedged RMB 0.5000 96,181.43 8-Nov-18
Class AA (RMB) Inc Hedged RMB 0.5000 102,550.94 10-Dec-18
Class AA (RMB) Inc Hedged RMB 0.5000 105,559.33 9-Jan-19
Class AA (RMB) Inc Hedged RMB 0.5000 110,593.34 13-Feb-19
Class AA (RMB) Inc Hedged RMB 0.3470 77,134.33 8-Mar-19
Class AA (RMB) Inc Hedged RMB 0.3470 73,040.81 9-Apr-19
Class AA (RMB) Inc Hedged RMB 0.3470 69,987.35 9-May-19
Class AA (RMB) Inc Hedged RMB 0.3470 68,627.07 11-Jun-19
1,034,011.34
Statement of Distribution (continued)
For the year ended 30 June 2019
Manulife Hong Kong Series
33
CurrencyDistribution Per Unit
Total Distribution
Distribution Date
Manulife Global Dynamic Asset Allocation Fund (continued)Monthly Dividend (continued)Class I (USD) Inc USD 0.0417 2,410.12 10-Jul-18
Class I (USD) Inc USD 0.0417 2,418.09 8-Aug-18
Class I (USD) Inc USD 0.0417 2,426.13 10-Sep-18
Class I (USD) Inc USD 0.0417 2,434.30 9-Oct-18
Class I (USD) Inc USD 0.0417 2,442.58 8-Nov-18
Class I (USD) Inc USD 0.0417 2,451.13 10-Dec-18
Class I (USD) Inc USD 0.0417 2,459.88 9-Jan-19
Class I (USD) Inc USD 0.0417 1,949.47 13-Feb-19
Class I (USD) Inc USD 0.0375 1,759.80 8-Mar-19
Class I (USD) Inc USD 0.0375 2,335.25 9-Apr-19
Class I (USD) Inc USD 0.0375 2,342.69 9-May-19
Class I (USD) Inc USD 0.0375 2,343.53 11-Jun-19
27,772.97
Manulife All-weather Portfolio–Capital Conservative FundMonthly DividendClass AA (USD) Inc USD 0.0376 15,360.29 10-Jul-18
Class AA (USD) Inc USD 0.0167 6,544.30 8-Aug-18
Class AA (USD) Inc USD 0.0120 4,343.05 10-Sep-18
Class AA (USD) Inc USD 0.0120 4,538.26 9-Oct-18
Class AA (USD) Inc USD 0.0120 4,275.14 8-Nov-18
Class AA (USD) Inc USD 0.0120 4,213.30 10-Dec-18
Class AA (USD) Inc USD 0.0120 4,376.97 9-Jan-19
Class AA (USD) Inc USD 0.0120 4,637.19 13-Feb-19
Class AA (USD) Inc USD 0.0120 4,209.52 8-Mar-19
Class AA (USD) Inc USD 0.0120 4,415.22 9-Apr-19
Class AA (USD) Inc USD 0.0120 4,237.31 9-May-19
Class AA (USD) Inc USD 0.0120 4,248.26 11-Jun-19
65,398.81
Statement of Distribution (continued)
For the year ended 30 June 2019
Manulife Hong Kong Series
34
CurrencyDistribution Per Unit
Total Distribution
Distribution Date
Manulife All-weather Portfolio–Capital Conservative Fund (continued)Monthly Dividend (continued)Class AA (HKD) Inc HKD 0.4569 161,267.48 10-Jul-18
Class AA (HKD) Inc HKD 0.1667 59,413.65 8-Aug-18
Class AA (HKD) Inc HKD 0.1200 42,906.31 10-Sep-18
Class AA (HKD) Inc HKD 0.1200 41,489.78 9-Oct-18
Class AA (HKD) Inc HKD 0.1200 42,071.18 8-Nov-18
Class AA (HKD) Inc HKD 0.1200 42,220.51 10-Dec-18
Class AA (HKD) Inc HKD 0.1200 42,419.49 9-Jan-19
Class AA (HKD) Inc HKD 0.1200 42,811.81 13-Feb-19
Class AA (HKD) Inc HKD 0.1200 42,430.95 8-Mar-19
Class AA (HKD) Inc HKD 0.1200 41,868.85 9-Apr-19
Class AA (HKD) Inc HKD 0.1200 41,920.94 9-May-19
Class AA (HKD) Inc HKD 0.1200 41,471.48 11-Jun-19
642,292.43
Manulife All-weather Portfolio–Managed Growth FundMonthly DividendClass AA (USD) Inc USD 0.0303 62,673.90 10-Jul-18
Class AA (USD) Inc USD 0.0167 8,498.92 8-Aug-18
Class AA (USD) Inc USD 0.0167 8,304.93 10-Sep-18
Class AA (USD) Inc USD 0.0167 10,528.31 9-Oct-18
Class AA (USD) Inc USD 0.0167 8,761.64 8-Nov-18
Class AA (USD) Inc USD 0.0167 8,294.60 10-Dec-18
Class AA (USD) Inc USD 0.0167 9,634.42 9-Jan-19
Class AA (USD) Inc USD 0.0167 8,237.81 13-Feb-19
Class AA (USD) Inc USD 0.0167 8,754.91 8-Mar-19
Class AA (USD) Inc USD 0.0167 8,922.37 9-Apr-19
Class AA (USD) Inc USD 0.0167 8,165.74 9-May-19
Class AA (USD) Inc USD 0.0167 7,982.29 11-Jun-19
158,759.84
Statement of Distribution (continued)
For the year ended 30 June 2019
Manulife Hong Kong Series
35
CurrencyDistribution Per Unit
Total Distribution
Distribution Date
Manulife All-weather Portfolio–Managed Growth Fund (continued)Monthly Dividend (continued)Class AA (HKD) Inc HKD 1.4625 542,418.06 10-Jul-18
Class AA (HKD) Inc HKD 0.1667 62,707.75 8-Aug-18
Class AA (HKD) Inc HKD 0.1670 64,537.35 10-Sep-18
Class AA (HKD) Inc HKD 0.1670 68,045.71 9-Oct-18
Class AA (HKD) Inc HKD 0.1670 68,071.88 8-Nov-18
Class AA (HKD) Inc HKD 0.1670 67,356.39 10-Dec-18
Class AA (HKD) Inc HKD 0.1670 67,471.69 9-Jan-19
Class AA (HKD) Inc HKD 0.1670 66,504.11 13-Feb-19
Class AA (HKD) Inc HKD 0.1670 64,707.82 8-Mar-19
Class AA (HKD) Inc HKD 0.1670 64,634.88 9-Apr-19
Class AA (HKD) Inc HKD 0.1670 64,283.46 9-May-19
Class AA (HKD) Inc HKD 0.1670 64,569.77 11-Jun-19
1,265,308.87
Manulife All-weather Portfolio–Growth FundQuarterly DividendClass AA (USD) Inc USD 0.2243 104,243.53 10-Jul-18
Class AA (USD) Inc USD 0.0900 103,305.43 9-Oct-18
Class AA (USD) Inc USD 0.0900 55,439.75 9-Jan-19
Class AA (USD) Inc USD 0.0900 58,207.71 9-Apr-19
321,196.42
Class AA (HKD) Inc HKD 2.7464 1,006,664.07 10-Jul-18
Class AA (HKD) Inc HKD 0.9000 338,637.25 9-Oct-18
Class AA (HKD) Inc HKD 0.9000 344,653.46 9-Jan-19
Class AA (HKD) Inc HKD 0.9000 332,004.47 9-Apr-19
2,021,959.25
Statement of Distribution (continued)
For the year ended 30 June 2019
Manulife Hong Kong Series
36
CurrencyDistribution Per Unit
Total Distribution
Distribution Date
Manulife All-weather Portfolio – Growth Plus FundQuarterly DividendClass AA (USD) Inc USD 0.1279 249,415.50 10-Jul-18
Class AA (USD) Inc USD 0.1040 169,180.08 9-Oct-18
Class AA (USD) Inc USD 0.1040 113,477.77 9-Jan-19
Class AA (USD) Inc USD 0.1040 168,450.97 9-Apr-19
700,524.32
Class AA (HKD) Inc HKD 3.7190 1,498,420.59 10-Jul-18
Class AA (HKD) Inc HKD 1.0140 417,085.20 9-Oct-18
Class AA (HKD) Inc HKD 1.0140 416,135.95 9-Jan-19
Class AA (HKD) Inc HKD 1.0140 409,635.99 9-Apr-19
2,741,277.73
Statement of Distribution (continued)
For the year ended 30 June 2019
Notes to Financial Statements
30 June 2020
37
1. THE TRUST
Manulife Hong Kong Series (the "Trust") is an open-ended unit trust which was constituted on 3 July 2015 and is governed by its amended and restated trust deed dated 23 December 2019, as amended or supplemented from time to time (the "Trust Deed") between Manulife Investment Management (Hong Kong) Limited ("MIMHK") as the manager (the "Manager") and BOCI-Prudential Trustee Limited as the trustee (the "Trustee"). It is established under and governed by the laws of Hong Kong. The Trust is incorporated and established for an unlimited duration. The Trust commenced operations on 27 November 2015. It has been authorised by the Hong Kong Securities and Futures Commission (the "SFC") under Section 104 of the Securities and Futures Ordinance.
The Trust consists of six sub-funds, namely Manulife Global Dynamic Asset Allocation Fund, Manulife All-weather Portfolio – Capital Conservative Fund, Manulife All-weather Portfolio – Managed Growth Fund, Manulife All-weather Portfolio – Growth Fund, Manulife All-weather Portfolio – Growth Plus Fund and Manulife STARS Income and Growth Fund (collectively referred to as the "Sub-Funds").
The investment activities of the Sub-Funds are managed by MIMHK.
Manulife STARS Income and Growth Fund was set up on 29 June 2020. The first financial reporting period is from 29 June 2020 (date of inception) to 30 June 2020.
2.1 BASIS OF PREPARATION
These financial statements of the Trust and the Sub-Funds have been prepared in accordance with Hong Kong Financial Reporting Standards ("HKFRSs") issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA"), accounting principles generally accepted in Hong Kong and the relevant disclosure provisions of the Trust Deed and its supplement deeds, and the relevant disclosure provisions specified in Appendix E to the Code on Unit Trusts and Mutual Funds issued by the SFC (the "SFC Code").
The financial statements have been prepared on a historical cost basis, except for financial assets and financial liabilities classified as at fair value through profit or loss, that have been measured at fair value.
The financial statements of the Trust and the Sub-Funds are presented in United States dollars ("USD"), which is the functional and presentation currency of the Trust and the Sub-Funds.
2.2 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES
The Trust and the Sub-Funds have adopted the following revised HKFRSs for the first time for the current year/period's financial statements, which is applicable to the Trust and the Sub-Funds.
Amendments to HKFRS 9 Prepayment Features with Negative CompensationHK(IFRIC)-Int 23 Uncertainty over Income Tax Treatments
The nature and the impact of the amendment are described below:
Amendments to HKFRS 9 Prepayment Features with Negative Compensation
Under HKFRS 9, a debt instrument can be measured at amortised cost or at fair value through other comprehensive income, provided that the contractual cash flows are ‘solely payments of principal and interest on the principal amount outstanding' (the SPPI criterion) and the instrument is held within the appropriate business model for that classification. The amendments to HKFRS 9 clarify that a financial asset passes the SPPI criterion regardless of an event or circumstance that causes the early termination of the contract and irrespective of which party pays or receives reasonable compensation for the early termination of the contract. The amendments are not expected to have any significant impact on the Trust's and the Sub-Funds' financial statements.
Notes to Financial Statements
30 June 2020
38
2.2 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES (continued)
HK(IFRIC)-Int 23 Uncertainty over Income Tax Treatments
The interpretation addresses the accounting for income taxes when tax treatments involve uncertainty that affects the application of HKAS 12. The interpretation does not apply to taxes or levies outside the scope of HKAS 12, nor does it specifically include requirements relating to interest and penalties associated with uncertain tax treatments. The interpretation specifically addresses the following:
• Whether an entity considers uncertain tax treatments separately;• The assumptions an entity makes about the examination of tax treatments by taxation authorities;• How an entity determines taxable profits (tax losses), tax bases, unused tax losses, unused tax credits and tax rates;• How an entity considers changes in facts and circumstances.
The interpretation is not expected to have any significant impact on the Trust's and the Sub-Funds' financial statements.
2.3 ISSUED BUT NOT YET EFFECTIVE HONG KONG FINANCIAL REPORTING STANDARDS
The Trust and the Sub-Funds have not applied the following new and revised HKFRSs, which have been issued but are not yet effective, in these financial statements.
Amendments to HKAS 1 and HKAS 8 Definition of Material1
Amendments to HKFRS 9, HKAS 39 and HKFRS 7 Interest Rate Benchmark Reform1
1 Effective for annual periods beginning on or after 1 January 2020
Further information about those HKFRSs that are expected to be applicable to the Trust and the Sub-Funds are as follows:
Amendments to HKAS 1 and HKAS 8 Definition of Material
The amendments to HKAS 1 and HKAS 8 were issued in January 2019 to align the definition of "material" across the standards and to clarify certain aspects of the definition. The new definition states that information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements. The amendments clarify that materiality will depend on the nature or magnitude of information, or both. The amendments are effective for reporting periods beginning on or after 1 January 2020 and are not expected to have any impact on the financial position or performance of the Trust and the Sub-Funds upon adoption.
Amendments to HKFRS 9, HKAS 39 and HKFRS 7 Interest Rate Benchmark Reform
The amendments were issued in November 2019 and address the effects of Interbank Offered Rate ("IBOR") reform on financial reporting. The amendments provide temporary reliefs which enable hedge accounting to continue during the period of uncertainty before the replacement of an existing interest rate benchmark with an alternative nearly risk-free interest rate (an RFR). In addition, the amendments require companies to provide additional information to investors about their hedging relationships which are directly affected by these uncertainties.
The amendments are effective for annual periods beginning on or after 1 January 2020. Early application is permitted. The amendments are not expected to have any impact on the financial position or performance of the Trust and the Sub-Funds upon adoption.
Notes to Financial Statements
30 June 2020
39
2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The significant accounting policies applied in the preparation of these financial statements are set out below.
(A) Financial Instruments
Receivables that do not contain a significant financial component or for which the Trust and the Sub-Funds have applied the practical expedient of not adjusting the effect of a significant financial component are measured at the transaction price determined under HKFRS 15. All the other financial assets are initially recognised at fair value plus transaction costs that are attributable to the acquisition of the financial assets, except in the case of financial assets recorded at fair value through profit or loss. Regular way purchases and sales of financial assets are recognised on the trade date, that is, the date when the Trust and the Sub-Funds commit to purchase or sell the assets.
(a) Classification and measurement
The Trust and the Sub-Funds measure financial assets at amortised cost if the financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets measured at amortised cost using the effective interest rate method, subject to impairment if the assets are held for the collection of contractual cash flows where those contractual cash flows represent solely payments of principal and interest.
Financial assets are measured at fair value through other comprehensive income if the assets' contractual cash flows represent solely payments of principal and interest and the assets are held for collection of contractual cash flows and for selling the financial assets. Such financial assets are subsequently measured at fair value with any gains or losses from changes in fair value recognised in other comprehensive income, except for impairment losses and reversal, foreign exchange gains and losses and interest calculated using the effective interest rate method which are recognised in profit or loss. The cumulative gains or losses previously recognised in other comprehensive income are reclassified from other comprehensive income to profit or loss when the financial asset is derecognised.
Financial assets that do not meet the criteria for amortised cost or as financial assets at fair value though other comprehensive income are measured at fair value through profit or loss. Interest income for these financial assets is included in interest income.
Equity investments are measured at fair value through profit or loss unless, on initial recognition, the Trust and the Sub-Funds have irrevocably elected to designate if investments that are not held for trading as equity investments at fair value through other comprehensive income. Dividends of such investments are recognised in profit or loss when the Trust's and the Sub-Funds' right to receive payment is established. Changes in the fair value of such investments are recognised in other comprehensive income and are never recycled to profit or loss even when the assets are sold.
The Trust's and the Sub-Funds' accounting policy regarding the redeemable units is described in section (G) below.
Notes to Financial Statements
30 June 2020
40
2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(A) Financial Instruments (continued)
(a) Classification and measurement (continued)
Financial liabilities (other than those recognised as at fair value through profit or loss) include accounts payable and accrued expenses and due to brokers. They are initially recognised at the fair value of the consideration received less directly attributable transaction costs. After initial recognition, they are subsequently measured at amortised cost using the effective interest rate method.
Financial liabilities are derecognised when they are extinguished, i.e., when the obligation is discharged or cancelled, or expires.
Financial liabilities recognised by the Trust and the Sub-Funds refer to derivative financial instruments as described in section (C) below.
(b) Impairment
The Trust and the Sub-Funds apply the expected credit loss model on all the financial assets that are subject to impairment. For trade receivables, without a significant financial component, if any, the Trust and the Sub-Funds apply the simplified approach which requires impairment allowances to be measured at lifetime expected credit losses ("ECLs"). There are no trade receivables held by the Trust and the Sub-funds as at year/period-end.
For other financial assets, impairment allowances are recognised under the general approach where ECLs are recognised in two stages. For credit exposures where there has not been a significant increase in credit risk since initial recognition, the Trust and the Sub-funds are required to provide for credit losses that result from possible default events within the next 12 months. For those credit exposures where there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure irrespective of the timing of the default.
(c) Derecognition
Financial assets are derecognised when the Trust and the Sub-Funds have transferred their rights to receive cash flows from an asset or have entered into a pass-through arrangement, and have neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Trust's and the Sub-Funds' continuing involvement in the asset.
The Trust and the Sub-Funds derecognise a financial liability when the obligation under the liability is discharged, cancelled or expires. (B) Fair value measurement
The Sub-Funds measure its investments in financial instruments, such as interest bearing investments at fair value at each reporting date.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability or, in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible to the Sub-Funds.
Notes to Financial Statements
30 June 2020
41
2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(B) Fair value measurement (continued)
The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.
The fair value for financial instruments traded in active markets at the reporting date is based on their quoted price or binding dealer price quotations, without any deduction for transaction costs.
For all other financial instruments not traded in an active market, the fair value is determined by using appropriate valuation techniques, such as, recent arm's length market transactions, quotes from brokers and market makers, deemed to be appropriate in the circumstances.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
• Level 1–Quoted (unadjusted) market prices in active markets for identical assets or liabilities• Level 2–Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable
• Level 3–Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable
(C) Derivative financial instruments
The Trust and the Sub-funds use derivative financial instruments such as forward currency contracts, to hedge their foreign currency risk. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative.
Any gains or losses arising from changes in fair value of derivatives are taken directly to profit or loss.
(D) Offsetting financial instruments
Financial assets and financial liabilities are offset and the net amount reported in the statement of financial position if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously. This is generally not the case with master-netting agreements, and the related assets and liabilities are presented gross in the statement of financial position.
For assets and liabilities that are recognised in the financial statements on a recurring basis, the Sub-Funds determine whether transfers have occurred between levels in the hierarchy by re-assessing the categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the beginning of each reporting period.
Notes to Financial Statements
30 June 2020
42
2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(E) Functional and presentation currencies
Liquidity of the Trust and the Sub-Funds is managed on a day-to-day basis in USD in order to handle the issuance and redemptions of the Trust's and the Sub-Funds' units. The currency is also used to evaluate the Trust's and the Sub-Funds' performance. Management therefore considers USD as the currency that most faithfully represents the economic effects of the underlying transactions, events and conditions.
(F) Foreign currency translations
Transactions during the year/period, including purchases and sales of securities, income and expenses, are translated at the rates of exchange prevailing on the dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency rate of exchange ruling at the end of each reporting period.
Non–monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non–monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined.
Foreign currency transaction gains and losses on financial instruments classified as at fair value through profit or loss are included in the statement of comprehensive income as part of the "Net gains/(losses) on financial assets and liabilities at fair value through profit or loss". Foreign exchange differences on other financial instruments are included in the statement of comprehensive income as "Net foreign exchange loss".
(G) Redeemable units
Redeemable units are redeemable at the unitholders' option and are classified as financial liabilities, and measured at the redemption amount. The Trust and the Sub-Funds continuously assess the classification of redeemable units.
(H) Cash and cash equivalents
Cash and cash equivalents in the statement of financial position consist of cash balances on deposits with financial institutions with original maturities of three months or less.
(I) Amounts due to and due from brokers
Amounts due to brokers are payables for securities purchased (in a regular way transaction) that have been contracted for, but not yet delivered, on the reporting date. Refer to 2.4 (A) for the accounting policy for recognition and measurement of financial liabilities, other than those classified as at fair value through profit or loss.
Amounts due from brokers include margin accounts and receivables for securities sold (in a regular way transaction) that have been contracted for, but not yet delivered, on the reporting date. Refer to 2.4 (A) for the accounting policy for debt instruments measured at amortised cost for recognition and measurement.
Margin accounts represent cash deposits held with brokers as collateral against open futures contracts.
Notes to Financial Statements
30 June 2020
43
2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(J) Revenue recognition
Revenue is recognised when it is probable that the economic benefits will flow to the Sub-funds and when the revenue can be measured reliably, on the following bases:
Realised and unrealised gains and losses on investments at fair value through profit or loss are dealt with in profit or loss in the year/period in which they arise.
Interest income is recognised in the statement of comprehensive income for all interest-bearing financial instruments under an effective interest method.
Dividend income is accounted for an ex-dividend basis gross of any irrecoverable withholding taxes, which are disclosed separately in the statement of comprehensive income.
(K) Expenses
All expenses are accounted for on an accrual basis.
(L) Distributions to unitholders
Distributions are at the discretion of the investment manager. A distribution to the Trust's and the Sub-Funds' unitholders is accounted for as a finance cost recognised in the statement of comprehensive income.
(M) Income taxes
In some jurisdictions, investment income and capital gains are subject to withholding tax deducted at the source of the income. The Trust and the Sub-Funds present the withholding tax separately from the gross investment income in the profit or loss. For the purpose of the statement of cash flows, cash inflows from investments are presented net of withholding taxes, when applicable.
The Trust and the Sub-Funds are exempted from Hong Kong profits tax on profits arising from authorised activities under Section 26A (1A) of the Hong Kong Inland Revenue Ordinance. No Hong Kong profits tax has been provided as the Trust and the Sub-Funds are exempted from Hong Kong profits tax.
Further details on taxation are provided in Note 12.
(N) Related parties
A party is considered to be related to the Trust or the Sub-Funds if:
(a) the party is a person or a close member of that person's family and that person
(i) has control or joint control over the Trust or the Sub-Funds; (ii) has significant influence over the Trust or the Sub-Funds; or (iii) is a member of the key management personnel of the Trust or the Sub-Funds or of
aparent of the Trust or the Sub-Funds;or
Notes to Financial Statements
30 June 2020
44
2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(N) Related parties (continued)
(b) the party is an entity where any of the following conditions applies:
(i) the entity and the Trust or the Sub-Funds are members of the same group; (ii) one entity is an associate or joint venture of the other entity (or of a parent, subsidiary or
fellow subsidiary of the other entity); (iii) the entity and the Trust or the Sub-Funds are joint ventures of the same third party; (iv) one entity is a joint venture of a third entity and the other entity is an associate of the
third entity; (v) the entity is a post-employment benefit plan for the benefit of employees of either the
Sub-Funds or an entity related to the Trust or the Sub-Funds; (vi) the entity is controlled or jointly controlled by a person identified in (a); (vii) a person identified in (a)(i) has significant influence over the entity or is a member of the
key management personnel of the entity (or of a parent of the entity); and (viii) the entity, of any member of a group of which it is a part, provides key management
personnel services to the Trust or the Sub-Funds or to the parent of the Trust or the Sub-Funds.
(O) Preliminary expenses
Preliminary expenses are expensed as incurred. Further details on preliminary expenses are provided in Note 19.
2.5 SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
The preparation of the Trust's and the Sub-Funds' financial statements requires management to make judgements, estimates and assumptions that affect the amounts recognised in the financial statements. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future.
Going concern
The Trust's and the Sub-Funds' management has made an assessment of the Trust's and the Sub-Funds' ability to continue as a going concern and is satisfied that the Trust and the Sub-Funds have the resources to continue in business for the foreseeable future. Furthermore, neither the Manager nor the Trustee is aware of any material uncertainties that may cast significant doubt upon the Trust's and the Sub-Funds' ability to continue as a going concern. Therefore, the financial statements are prepared on the going concern basis.
Taxation
In preparing these financial statements, the Manager has made certain assumptions and used various estimates concerning the tax exposure which is dependent on what might happen in the future. The resulting accounting estimates may not equal the related actual results.
45
Not
es to
Fin
anci
al S
tate
men
ts
30 J
une
2020
3.
FIN
AN
CIA
L A
SSET
S/LI
AB
ILIT
IES
AT F
AIR
VA
LUE
THR
OU
GH
PR
OFI
T O
R L
OSS
For d
etai
ls o
f the
fina
ncia
l ass
ets
and
finan
cial
liab
ilitie
s at
fair
valu
e th
roug
h pr
ofit o
r los
s, p
leas
e re
fer t
o th
e P
ortfo
lio o
f Inv
estm
ents
on
page
s 10
0 to
116
. A
s at
30
June
202
0 an
d 20
19, n
o fin
anci
al a
sset
s at
fair
valu
e th
roug
h pr
ofit o
r los
s w
ere
give
n or
rece
ived
as
colla
tera
l.
Manu
life G
loba
l Dy
nam
ic As
set
Allo
catio
n Fu
nd
Manu
life A
ll-we
athe
r Po
rtfol
io –
Capi
tal
Cons
erva
tive F
und
Manu
life A
ll-we
athe
r Po
rtfol
io –
Man
aged
Gr
owth
Fun
d
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Fun
d
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Plu
s Fun
d
Manu
life S
TARS
In
com
e and
Gr
owth
Fun
dCo
mbi
ned
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne 20
2030
June
2020
30 Ju
ne20
19US
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DFi
nanc
ial as
sets
at fa
ir va
lue
thro
ugh
profi
t or l
oss h
eld fo
r tra
ding
Bond
Inve
stmen
ts 2,
283,7
60
2,597
,678
1,79
8,741
1,8
18,36
8 1,
577,7
01
1,597
,813
– –
– –
– 5,
660,2
02
6,013
,859
Co
llecti
ve In
vestm
ent S
chem
es
15,87
4,450
21,41
5,730
11,52
2,019
10,69
1,833
12,35
1,980
12,22
6,433
11,40
2,996
12,17
0,945
17,32
5,814
17,36
2,821
9,995
,000
78,47
2,259
73,86
7,762
De
posit
Rec
eipt
– –
– –
– –
190,8
01
179,3
14
294,9
38
279,4
67
– 48
5,739
45
8,781
Listed
Equ
ities
– –
– –
– –
2,57
3,965
2,
403,1
14
3,938
,908
3,54
8,947
–
6,51
2,873
5,9
52,06
1
Forw
ard c
urre
ncy c
ontra
cts
3,37
3 10
,008
– –
– –
– –
– –
– 3,
373
10,00
8 To
tal fin
ancia
l ass
ets at
fair v
alue
throu
gh pr
ofit o
r loss
for t
radin
g18
,161,5
83
24
,023,4
16
13
,320,7
60
12
,510,2
01
13
,929,6
81
13
,824,2
46
14
,167,7
62
14
,753,3
73
21
,559,6
60
21
,191,2
35
9,99
5,000
91,13
4,446
86,30
2,471
46
Not
es to
Fin
anci
al S
tate
men
ts
30 J
une
2020
Manu
life G
loba
l Dy
nam
ic As
set
Allo
catio
n Fu
nd
Manu
life A
ll-we
athe
r Po
rtfol
io –
Capi
tal
Cons
erva
tive F
und
Manu
life A
ll-we
athe
r Po
rtfol
io –
Man
aged
Gr
owth
Fun
d
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Fun
d
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Plu
s Fun
d
Manu
life S
TARS
In
com
e and
Gr
owth
Fun
dCo
mbi
ned
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne 20
2030
June
2020
30 Ju
ne20
19US
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DUS
D
Fina
ncial
liabil
ities a
t fair v
alue t
hrou
gh
profi
t or lo
ss he
ld for
trad
ing
Fo
rwar
d cur
renc
y con
tracts
(6
,275)
(29)
– –
– –
– –
– –
(5)
(6,28
0) (2
9)
Futur
es
(4,37
1) (3
,894)
– –
– –
– –
– –
– (4
,371)
(3,89
4)
Total
finan
cial li
abilit
ies at
fair v
alue
throu
gh pr
ofit o
r loss
for t
radin
g (1
0,646
) (3
,923)
– –
– –
– –
– –
(5)
(10,6
51)
(3,92
3)
Net g
ains/(
losse
s) on
finan
cial a
ssets
/lia
bilitie
s at fa
ir valu
e thro
ugh p
rofit o
r los
s R
ealis
ed
(450
,219)
(1,92
3,475
)(6
8,177
)(7
45,36
2)(1
7,636
)(8
47,12
8)16
9,110
(1,32
3,400
)44
1,532
(1,55
2,489
) –
74,61
0 (6
,391,8
54)
Unr
ealis
ed
251,4
83
1,247
,409
274,1
03
944,7
16
279,6
79
810,9
72
127,6
28
926,1
67
299,7
52
1,23
8,611
(5
) 1,
232,6
40
5,167
,875
(198
,736)
(676
,066)
205,9
26
199,3
54
262,0
43
(36,1
56)
296,7
38
(397
,233)
741,2
84
(313
,878)
(5)
1,307
,250
(1,22
3,979
)
3.
FIN
AN
CIA
L A
SSET
S/LI
AB
ILIT
IES
AT F
AIR
VA
LUE
THR
OU
GH
PR
OFI
T O
R L
OSS
(con
tinue
d)
Notes to Financial Statements
30 June 2020
47
4. FAIR VALUE OF FINANCIAL INSTRUMENTS
The following table shows financial instruments recognised at fair value, analysed between those whose fair value is based on:
– Quoted (unadjusted) prices in active markets for identical assets or liabilities (Level 1); – Those involving inputs other than quoted prices included in Level 1 that are observable for the
asset or liability, either directly (as prices) or indirectly (derived from prices) (Level 2); and– Those with inputs for the asset or liability that are not based on observable market data
(unobservable inputs) (Level 3).
Fair value hierarchyAs at 30 June 2020 Level 1 Level 2 Level 3 Total
USD USD USD USDFinancial assets at fair value through profit or lossManulife Global Dynamic Asset Allocation FundBond Investments – 2,283,760 – 2,283,760 Collective Investment Schemes – Equities 15,874,450 – – 15,874,450 Forward currency contracts – 3,373 – 3,373
Manulife All-weather Portfolio–Capital Conservative FundBond Investments – 1,798,741 – 1,798,741 Collective Investment Schemes – Equities 11,522,019 – – 11,522,019
Manulife All-weather Portfolio – Managed Growth FundBond Investments – 1,577,701 – 1,577,701 Collective Investment Schemes – Equities 12,351,980 – – 12,351,980
Manulife All-weather Portfolio – Growth Fund Collective Investment Schemes – Equities 11,402,996 – – 11,402,996 Stocks – Equities 2,573,965 – – 2,573,965 Deposit Receipt – Equities 190,801 – – 190,801
Manulife All-weather Portfolio – Growth Plus FundCollective Investment Schemes – Equities 17,325,814 – – 17,325,814 Stocks – Equities 3,938,908 – – 3,938,908 Deposit Receipt – Equities 294,938 – – 294,938
Manulife STARS Income and Growth Fund Collective Investment Schemes – Equities 9,995,000 – – 9,995,000
Total financial assets at fair value through profit or loss 85,470,871 5,663,575 – 91,134,446
Notes to Financial Statements
30 June 2020
48
As at 30 June 2020 Level 1 Level 2 Level 3 TotalUSD USD USD USD
Financial liabililites at fair value through profit or lossManulife Global Dynamic Asset Allocation FundForward currency contracts – (6,275) – (6,275)Futures contracts (4,371) – – (4,371)
Manulife STARS Income and Growth Fund Forward currency contracts – (5) – (5)
Total financial liabilities at fair value through profit or loss (4,371) (6,280) – (10,651)
As at 30 June 2019 Level 1 Level 2 Level 3 TotalUSD USD USD USD
Financial assets at fair value through profit or lossManulife Global Dynamic Asset Allocation FundBond Investments – 2,597,678 – 2,597,678 Collective Investment Schemes–Equities 21,415,730 – – 21,415,730 Forward currency contracts – 10,008 – 10,008
Manulife All-weather Portfolio–Capital Conservative FundBond Investments – 1,818,368 – 1,818,368Collective Investment Schemes–Equities 10,691,833 – – 10,691,833
Manulife All-weather Portfolio–Managed Growth FundBond Investments – 1,597,813 – 1,597,813 Collective Investment Schemes–Equities 12,226,433 – – 12,226,433
Manulife All-weather Portfolio–Growth FundCollective Investment Schemes–Equities 12,170,945 – – 12,170,945 Stocks–Equities 179,314 – – 179,314 Deposit Receipt–Equities 2,403,114 – – 2,403,114
Manulife All-weather Portfolio–Growth Plus FundCollective Investment Schemes–Equities 17,362,821 – – 17,362,821 Stocks–Equities 3,548,947 – – 3,548,947 Deposit Receipt–Equities 279,467 – – 279,467
Total financial assets at fair value through profit or loss 80,278,604 6,023,867 – 86,302,471
4. FAIR VALUE OF FINANCIAL INSTRUMENTS (continued)
Fair value hierarchy (continued)
Notes to Financial Statements
30 June 2020
49
4. FAIR VALUE OF FINANCIAL INSTRUMENTS (continued)
Fair value hierarchy (continued)
As at 30 June 2019 Level 1 Level 2 Level 3 TotalUSD USD USD USD
Financial liabililites at fair value through profit or loss
Manulife Global Dynamic Asset Allocation FundForward currency contracts – (29) – (29)Futures contracts (3,894) – – (3,894)
Total financial liabilities at fair value through profit or loss (3,894) (29) – (3,923)
Level 1 financial assets/liabilities at fair value through profit or loss are marketable securities. Such investments are valued at the stock exchange's last traded prices and quoted mid prices at the close of business on 30 June 2020 and 30 June 2019, respectively.
Level 2 financial assets/liabilities at fair value through profit or loss are securities that are valued based on brokers' quoted prices, alternative pricing sources supported by observable inputs or those not actively traded at the close of business on 30 June 2020 and 30 June 2019.
Level 3 financial assets/liabilities at fair value through profit or loss are securities that have significant unobservable inputs as they are traded infrequently.
There were no other transfers between Level 1, Level 2 and Level 3 during the year/period (2019 Nil).
All fair value measurements disclosed are recurring fair value measurements.
50
Not
es to
Fin
anci
al S
tate
men
ts
30 J
une
2020
5.
CA
SH A
ND
CA
SH E
QU
IVA
LEN
TS A
ND
BA
NK
OVE
RD
RA
FTS
Cas
h an
d ca
sh e
quiv
alen
ts a
s at
30
June
202
0 re
pres
ent c
ash
held
at b
anks
. A
s at
30
June
202
0 an
d 30
Jun
e 20
19, t
here
wer
e no
cas
h eq
uiva
lent
s w
ere
give
n or
rece
ived
as
colla
tera
l. Manu
life G
loba
l Dy
nam
ic As
set
Allo
catio
n Fu
nd
Manu
life A
ll-we
athe
r Po
rtfol
io –
Capi
tal
Cons
erva
tive F
und
Manu
life A
ll-we
athe
r Po
rtfol
io –
Man
aged
Gr
owth
Fun
d
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Fun
d
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Plu
s Fun
d
Manu
life S
TARS
In
com
e and
Gro
wth
Fund
Com
bine
d30
June
2020
30 Ju
ne20
1930
June
2020
30 Ju
ne20
1930
June
2020
30 Ju
ne20
1930
June
2020
30 Ju
ne20
1930
June
2020
30 Ju
ne20
1930
June
2020
30 Ju
ne20
2030
June
2019
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Cash
at ba
nks
406,3
47
115,8
72
247,2
41
57,50
0 15
1,751
43
,179
87,37
3 95
,480
– 31
3,094
9,
999,9
80 1
0,892
,692
625,1
25
Bank
over
draft
s –
– –
– –
– –
– (4
64,09
0) –
– (4
64,09
0) –
406,3
4711
5,872
247,2
4157
,500
151,7
5143
,179
87,37
395
,480
(464
,090)
313,0
949,9
99,98
010
,428,6
0262
5,125
6.
OTH
ER R
ECEI
VAB
LES
AN
D P
REP
AYM
ENTS
Manu
life G
loba
l Dy
nam
ic As
set
Allo
catio
n Fu
nd
Manu
life A
ll-we
athe
r Po
rtfol
io –
Capi
tal
Cons
erva
tive F
und
Manu
life A
ll-we
athe
r Po
rtfol
io –
Man
aged
Gr
owth
Fun
d
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Fun
d
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Plu
s Fun
d
Manu
life S
TARS
In
com
e and
Gro
wth
Fund
Com
bine
d30
June
2020
30 Ju
ne20
1930
June
2020
30 Ju
ne20
1930
June
2020
30 Ju
ne20
1930
June
2020
30 Ju
ne20
1930
June
2020
30 Ju
ne20
19 30
June
2020
30 Ju
ne20
2030
June
2019
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Divid
end r
eceiv
able
5,781
27,65
9–
4,507
129
8,031
2,474
8,651
3,753
9,379
–12
,137
58,22
7Int
eres
t rec
eivab
le 43
,391
51,25
910
,438
18,46
211
,844
20,45
8–
––
––
65,67
390
,179
Othe
r rec
eivab
les29
44–
––
––
––
–16
4544
49,20
178
,962
10,43
822
,969
11,97
328
,489
2,474
8,651
3,753
9,379
1677
,855
148,4
50
51
Not
es to
Fin
anci
al S
tate
men
ts
30 J
une
2020
Manu
life G
loba
l Dy
nam
ic As
set
Allo
catio
n Fu
nd
Manu
life A
ll-we
athe
r Po
rtfol
io –
Capi
tal
Cons
erva
tive F
und
Manu
life A
ll-we
athe
r Po
rtfol
io –
Man
aged
Gr
owth
Fun
d
Manu
life A
ll-we
athe
r Po
rtfol
io –
Grow
th F
und
Manu
life A
ll-we
athe
r Po
rtfol
io –
Grow
th P
lus F
und
Manu
life S
TARS
In
com
e and
Gro
wth
Fund
Com
bine
d30
June
2020
30 Ju
ne20
1930
June
2020
30 Ju
ne20
1930
June
2020
30 Ju
ne20
1930
June
2020
30 Ju
ne20
1930
June
2020
30 Ju
ne20
19
30 Ju
ne 20
2030
June
2020
30 Ju
ne20
19US
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DUS
DUS
D
Seco
ndar
y com
miss
ion pa
yable
58
21
2 –
– 9
– 60
52
–
– –
127
264
Mana
geme
nt fee
paya
ble
18,99
8 23
,135
11,90
2 10
,190
12,16
4 11
,312
14,10
5 13
,013
17,24
9 16
,643
246
74,66
4 74
,293
Audit
fee p
ayab
le 25
,000
25,00
0 25
,000
25,00
0 25
,000
25,00
0 25
,000
25,00
0 25
,000
25,00
0 68
12
5,068
12
5,000
Ot
her p
ayab
les
28,78
5 34
,082
77,78
8 80
,941
77,52
6 82
,398
78,42
6 82
,534
78,25
3 82
,104
199
340,9
77
362,0
59
72,84
182
,429
114,6
9011
6,131
114,6
9911
8,710
117,5
9112
0,599
120,5
0212
3,747
513
540,8
3656
1,616
The
othe
r pay
able
s in
clud
e di
vide
nd d
istri
butio
n fe
e, o
ther
pay
able
s an
d ac
crua
ls a
nd tr
uste
e fe
e.
7.
AC
CO
UN
TS P
AYA
BLE
AN
D A
CC
RU
ED E
XPEN
SES
52
Not
es to
Fin
anci
al S
tate
men
ts
30 J
une
2020
8.
DU
E FR
OM
/TO
BR
OK
ERS
Manu
life G
loba
l Dy
nam
ic As
set
Allo
catio
n Fu
nd
Manu
life A
ll-we
athe
r Po
rtfol
io –
Capi
tal
Cons
erva
tive F
und
Manu
life A
ll-we
athe
r Po
rtfol
io –
Man
aged
Gr
owth
Fun
d
Manu
life A
ll-we
athe
r Po
rtfol
io –
Grow
th F
und
Manu
life A
ll-we
athe
r Po
rtfol
io –
Grow
th P
lus F
und
Manu
life S
TARS
In
com
e and
Gr
owth
Fun
dCo
mbi
ned
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30
June
2020
30 Ju
ne20
2030
June
2019
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Marg
in ca
sh he
ld wi
th br
oker
* 35
,561
587,1
91
– –
– –
– –
– –
35
,561
587,1
91
Rece
ivable
s for
secu
rities
sold
but n
ot ye
t sett
led
– 83
1,215
10
7,300
25
2,264
–
419,3
18
– 75
6,811
–
88,48
0 –
107,3
00
2,348
,088
Due f
rom
bro
kers
35
,561
1,41
8,406
10
7,300
25
2,264
–
419,3
18
– 75
6,811
–
88,48
0 –
142,8
61
2,935
,279
Marg
in de
ficit*
18
,122
978
– –
– –
– –
– –
– 18
,122
978
Paya
bles f
or se
curiti
es pu
rchas
ed bu
t no
t yet
settle
d 35
8,494
1,3
14,97
4 –
251,1
24
211,7
00
335,3
57
630,6
00
2,193
,776
3,721
,633
4,71
1,169
9,
995,0
00 1
4,917
,427
8,80
6,400
Du
e to
brok
ers
376,6
16
1,315
,952
– 25
1,124
21
1,700
33
5,357
63
0,600
2,1
93,77
6 3,7
21,63
3 4,
711,1
69
9,99
5,000
14,9
35,54
9 8,
807,3
78
* As
at 3
0 Ju
ne 2
020,
rest
rictio
ns o
n th
e us
e of
bal
ance
s du
e fro
m/to
bro
kers
exi
st d
ue to
ope
n de
rivat
ive
posi
tions
. The
am
ount
s re
pres
ente
d ca
sh c
olla
tera
l fo
r mar
gin
on fu
ture
s co
ntra
cts.
Notes to Financial Statements
30 June 2020
53
9. REDEEMABLE UNITS
As at 30 June 2020 and 30 June 2019, the below Classes of units are available for subscription in the Sub-Funds:
Manulife Global Dynamic Asset Allocation Fund
– Class AA (USD) Inc, for investment by retail investors– Class AA (HKD) Inc, for investment by retail investors– Class AA (RMB) Inc, for investment by retail investors– Class AA (RMB) Inc Hedged, for investment by retail investors– Class AA (USD) Acc, for investment by retail investors– Class I (USD) Inc, for investment by institutional investors only
Manulife All-weather Portfolio – Capital Conservative Fund
– Class AA (USD) Inc, for investment by retail investors– Class AA (HKD) Inc, for investment by retail investors– Class AA (USD) Acc, for investment by retail investors
Manulife All-weather Portfolio – Managed Growth Fund
– Class AA (USD) Inc, for investment by retail investors– Class AA (HKD) Inc, for investment by retail investors– Class AA (USD) Acc, for investment by retail investors
Manulife All-weather Portfolio – Growth Fund
– Class AA (USD) Inc, for investment by retail investors– Class AA (HKD) Inc, for investment by retail investors– Class AA (USD) Acc, for investment by retail investors
Manulife All-weather Portfolio – Growth Plus Fund
– Class AA (USD) Inc, for investment by retail investors– Class AA (HKD) Inc, for investment by retail investors– Class AA (USD) Acc, for investment by retail investors
Manulife STARS Income and Growth Fund
– Class AA (USD) Inc, for investment by retail investors– Class AA (HKD) Inc, for investment by retail investors– Class AA (RMB) Inc Hedged, for investment by retail investors– Class AA (USD) Acc, for investment by retail investors
Notes to Financial Statements
30 June 2020
54
9. REDEEMABLE UNITS (continued)
During the year/period ended 30 June 2020 and 30 June 2019, the number of units issued, redeemed and outstanding was as follows:
Manulife Global Dynamic Asset Allocation Fund
Class AA(USD) Inc
Class AA (HKD) Inc
Class AA(RMB) Inc
Class AA(RMB) Inc
HedgedClass AA
(USD) AccClass I
(USD) Inc
Balance as at 30 June 2018 965,232.864 959,680.310 191,153.880 151,227.160 221,031.610 57,842.768
Issue of units of the year 1,041,123.598 162,487.132 55,490.685 95,461.997 24,872.419 17,459.829
Redemption of units of the year (1,090,285.666) (335,720.350) (23,145.036) (61,976.313) (37,476.237) (12,587.010)
Balance as at 30 June 2019 and 1 July 2019 916,070.796 786,447.092 223,499.529 184,712.844 208,427.792 62,715.587
Issue of units of the year 431,641.174 18,562.135 9,258.512 10,857.731 9,438.160 15,535.075
Redemption of units of the year (579,480.971) (261,117.947) (17,944.722) (37,015.152) (54,311.566) (35,565.298)
Balance as at 30 June 2020 768,230.999 543,891.280 214,813.319 158,555.423 163,554.386 42,685.364
Manulife All-weather Portfolio – Capital Conservative Fund Class AA(USD) Inc
Class AA (HKD) Inc
Class AA(USD) Acc
Balance as at 30 June 2018 409,039.318 352,958.684 439,610.691
Issue of units of the year 181,180.238 31,994.973 123,523.640
Redemption of units of the year (231,535.062) (44,080.570) (86,274.503)
Balance as at 30 June 2019 and 1 July 2019 358,684.494 340,873.087 476,859.828Issue of units of the year 229,133.310 10,401.963 232,309.984
Redemption of units of the year (203,939.265) (7,827.350) (181,608.317)
Balance as at 30 June 2020 383,878.539 343,447.700 527,561.495
Manulife All-weather Portfolio – Managed Growth FundClass AA(USD) Inc
Class AA (HKD) Inc
Class AA(USD) Acc
Balance as at 30 June 2018 2,069,202.667 370,882.146 438,774.732
Issue of units of the year 1,216,235.699 46,394.566 56,548.646
Redemption of units of the year (2,805,801.049) (30,001.960) (73,132.323)
Balance as at 30 June 2019 and 1 July 2019 479,637.317 387,274.752 422,191.055 Issue of units of the year 178,016.574 9,453.480 75,128.674
Redemption of units of the year (179,608.535) (18,865.872) (61,131.420)
Balance as at 30 June 2020 478,045.356 377,862.360 436,188.309
Notes to Financial Statements
30 June 2020
55
9. REDEEMABLE UNITS (continued)
Manulife All-weather Portfolio – Growth Fund Class AA(USD) Inc
Class AA (HKD) Inc
Class AA(USD) Acc
Balance as at 30 June 2018 464,819.166 366,538.259 375,083.680
Issue of units of the year 2,245,888.437 23,782.797 54,168.843
Redemption of units of the year (2,055,006.687) (17,873.965) (33,089.371)
Balance as at 30 June 2019 and 1 July 2019 655,700.916 372,447.091 396,163.152 Issue of units of the year 1,014,761.075 15,215.474 118,351.628
Redemption of units of the year (1,140,311.383) (8,499.437) (89,985.435)
Balance as at 30 June 2020 530,150.608 379,163.128 424,529.345
Manulife All-weather Portfolio – Growth Plus Fund Class AA(USD) Inc
Class AA (HKD) Inc
Class AA(USD) Acc
Balance as at 30 June 2018 1,950,484.544 402,911.874 465,281.068
Issue of units of the year 7,938,613.658 56,724.864 93,214.890
Redemption of units of the year (8,491,705.124) (49,158.736) (71,348.448)
Balance as at 30 June 2019 and 1 July 2019 1,397,393.078 410,478.002 487,147.510 Issue of units of the year 4,820,796.310 21,270.955 73,979.852
Redemption of units of the year (4,852,702.858) (34,311.374) (72,768.099)
Balance as at 30 June 2020 1,365,486.530 397,437.583 488,359.263
Manulife STARS Income and Growth Fund Class AA(USD) Inc
Class AA (HKD) Inc
Class AA(RMB) Inc Hedged
Class AA(USD) Acc
Balance as at 29 June 2020 (date of inception) – – – –
Issue of units of the period 300.000 232.327 211.950 999,100.000
Redemption of units of the period – – – –
Balance as at 30 June 2020 300.000 232.327 211.950 999,100.000
Notes to Financial Statements
30 June 2020
56
9. REDEEMABLE UNITS (continued)
As a result of the ability to issue and redeem shares, the capital of the Sub-Funds can vary depending on the demand for subscriptions and redemptions to the Sub-Funds. The Sub-Funds are not subject to externally imposed capital requirements and have no legal restrictions on the issue or redemption of redeemable units beyond those included in the Trust's prospectus.
With a view to protecting the interests of all unitholders of the Sub-Funds, the Manager may, with the approval of the Trustee, limit the number of units of the Sub-Funds redeemed on any dealing day (whether by sale to the Manager or by cancellation of units) to 10% of the total number of units of the relevant sub-fund in issue. In such event, the limitation will apply pro rata so that all unitholders of the relevant sub-fund who have validly requested to redeem units of the same sub-fund on that dealing day will redeem the same proportion of such units of that sub-fund. Any units not redeemed (but which would otherwise have been redeemed) will be carried forward for redemption, subject to the same limitation, and will have priority on the next succeeding dealing day and all following dealing days (in relation to which the Manager has the same power) until the original request has been satisfied in full. If requests for redemption are so carried forward, the Manager will inform the unitholders concerned.
For the Sub-Funds, units are available for subscriptions and redemptions on each dealing day.
57
Not
es to
Fin
anci
al S
tate
men
ts
30 J
une
2020
10.
DIV
IDEN
D IN
CO
ME
Manu
life G
loba
l Dy
nam
ic As
set
Allo
catio
n Fu
nd
Manu
life A
ll-we
athe
r Po
rtfol
io –
Capi
tal
Cons
erva
tive F
und
Manu
life A
ll-we
athe
r Po
rtfol
io –
Man
aged
Gr
owth
Fun
d
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Fun
d
Manu
life A
ll-we
athe
r Po
rtfol
io –
Grow
th P
lus F
und
Manu
life S
TARS
In
com
e and
Gr
owth
Fun
dCo
mbi
ned
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
For
the p
erio
d fr
om 29
June
2020
(d
ate o
f inc
eptio
n)
to 30
June
2020
30 Ju
ne20
2030
June
2019
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Equit
y sec
uritie
s held
for t
radin
g 39
3,066
43
5,056
36
8,451
30
8,442
29
6,656
29
7,450
29
8,729
26
3,610
28
1,681
29
6,755
–
1,63
8,583
1,6
01,31
3 39
3,066
43
5,056
36
8,451
30
8,442
29
6,656
29
7,450
29
8,729
26
3,610
28
1,681
29
6,755
–
1,63
8,583
1,6
01,31
3
11.
INTE
RES
T IN
CO
ME
Manu
life G
loba
l Dy
nam
ic As
set
Allo
catio
n Fu
nd
Manu
life A
ll-we
athe
r Po
rtfol
io –
Capi
tal
Cons
erva
tive F
und
Manu
life A
ll-we
athe
r Po
rtfol
io –
Man
aged
Gr
owth
Fun
d
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Fun
d
Manu
life A
ll-we
athe
r Po
rtfol
io –
Grow
th P
lus F
und
Manu
life S
TARS
In
com
e and
Gr
owth
Fun
dCo
mbi
ned
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
For
the p
erio
d fr
om 29
June
2020
(d
ate o
f inc
eptio
n)
to 30
June
2020
30 Ju
ne20
2030
June
2019
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Inter
est in
come
from
finan
cial a
ssets
at
fair v
alue t
hrou
gh pr
ofit o
r loss
13
2,739
17
6,569
47
,513
54,96
7 40
,811
49,88
2 –
– –
– –
221,0
63
281,4
18
Bank
inter
est in
come
7,
517
19,94
8 12
0 41
1 12
5 93
5 17
2 78
2 27
3 1,
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207
23,83
2 14
0,256
19
6,517
47
,633
55,37
8 40
,936
50,81
7 17
2 78
2 27
3 1,
756
– 22
9,270
30
5,250
58
Not
es to
Fin
anci
al S
tate
men
ts
30 J
une
2020
12.
TAXA
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30 Ju
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June
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30 Ju
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2019
30 Ju
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2030
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2019
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June
2019
For
the p
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d fr
om 29
June
2020
(d
ate o
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to 30
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30 Ju
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USD
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USD
USD
With
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ng ta
x (4
7,547
) (2
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)(2
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) (2
9,157
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) –
(160
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(167
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(47,5
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(21,3
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(20,5
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(32,0
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(23,8
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(34,2
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(29,1
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(32,7
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(38,9
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(47,5
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– (1
60,03
0) (1
67,92
6)
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prov
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g pr
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has
been
mad
e as
the
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vest
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and
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om H
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tion
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Notes to Financial Statements
30 June 2020
59
13. FEES AND CHARGES
13.1 Management fees
MIMHK, the Investment Manager, is entitled to receive management fees at the percentage specified below per annum on the NAV of the relevant class of units in the Sub-Funds, accrued and calculated daily and payable monthly in arrears.
Manulife Global Dynamic Asset Allocation Fund
Class AA (USD) Inc
Class AA (HKD) Inc
Class AA (RMB) Inc
Class AA (RMB) Inc
Hedged
Class AA (USD) Acc
Class I (USD) Inc
1.20% 1.20% 1.20% 1.20% 1.20% Nil
Manulife All-weather Portfolio – Capital Conservative FundClass AA (USD) Inc Class AA (HKD) Inc Class AA (USD) Acc
1.00% 1.00% 1.00%
Manulife All-weather Portfolio – Managed Growth FundClass AA (USD) Inc Class AA (HKD) Inc Class AA (USD) Acc
1.00% 1.00% 1.00%
Manulife All-weather Portfolio – Growth FundClass AA (USD) Inc Class AA (HKD) Inc Class AA (USD) Acc
1.20% 1.20% 1.20%
Manulife All-weather Portfolio – Growth Plus FundClass AA (USD) Inc Class AA (HKD) Inc Class AA (USD) Acc
1.20% 1.20% 1.20%
Manulife STARS Income and Growth FundClass AA (USD) Inc Class AA (HKD) Inc Class AA (RMB) Inc Hedged Class AA (USD) Acc
1.20% 1.20% 1.20% 1.20%
Notes to Financial Statements
30 June 2020
60
13. FEE AND CHARGES (continued)
13.2 Trustee fee
BOCI-Prudential Trustee Limited, in relation to its duties as the Trustee, is entitled to receive, on an annual basis, a trustee fee from the Sub-Funds at the below rates:
- From 1 July 2019 to 31 January 2020
(i) 0.125% per annum of the first USD50 million of the net asset value of the Sub-Funds; (ii) 0.11% per annum of the next USD80 million of the net asset value of the Sub-Funds; (iii) 0.10% per annum on the next USD100 million of the net asset value of the Sub-Funds; (iv) 0.09% per annum of the remaining balance of the net asset value of the Sub-Funds
- From 1 February 2020 onwards
(i) 0.10% per annum on the first USD100 million of the net asset value of the Sub-Funds; (ii 0.09% per annum on the remaining balance of the net asset value of the Sub-Funds
The Sub-Funds are subject to a monthly minimum fee of USD5,000 from 1 July 2019 to 31 January 2020 and USD3,000 starting from 1 February 2020, which is accrued on each dealing day and is paid monthly in arrears. The monthly minimum fee is waived for the first year of the launch of the Sub-Funds.
13.3 Custodian fee
The Custodian, Bank of China (Hong Kong) Limited, is entitled to (among others) transaction fees and safe-keeping fees at different rates, largely depending on the markets where the Custodian is required to hold the Sub-Funds' assets. Such fees will be calculated monthly and will be paid monthly in arrears, out of the assets of the relevant Sub-Funds. The Custodian will also be entitled to reimbursement by the Sub-Funds for any out-of-pocket expenses incurred in the course of its duties.
Notes to Financial Statements
30 June 2020
61
14. FINANCIAL RISK AND MANAGEMENT OBJECTIVES AND POLICIES
Introduction
The Sub-Funds' objective in managing risk is to achieve the investment objectives. Risk is inherent in the activities of the Sub-Funds, but it is managed through a process of ongoing identification, measurement and monitoring, subject to risk limits and other controls. The Sub-Funds are exposed to market risk (which includes price risk, interest rate risk and foreign currency risk), credit risk and liquidity risk.
(a) Market risk
Market risk is the risk that the value of financial assets will fluctuate as a result of changes in market prices, foreign currencies and interest rates whether those changes are caused by factors specific to the individual assets or factors affecting all assets in the market.
All securities investments are exposed to a risk of loss of capital. The Sub-Funds minimise their exposure to market price risk through (i) deliberate securities selection, and (ii) diversification of the investment portfolio. The Sub-Funds will not invest more than 10 per cent of the net asset value in the securities of a single issuer.
Equity price risk
Equity price risk is the risk that the value of a financial instrument will fluctuate due to changes in market prices, whether those changes are caused by factors specific to the individual instrument or factors affecting all instruments in the market.
All securities investments are exposed to a risk of loss of capital. The Sub-Funds' equity price risk is managed through deliberate securities/industry sector selection.
Sensitivity analysis
The sensitivity analyses below have been determined based on the exposure to equity price risk at the reporting date.
Manulife Global Dynamic Asset Allocation Fund
As at 30 June 2020, the sub-fund, by using an industry standard risk model, estimated that if equity prices had been 20% higher/lower (2019: 20% higher/lower), net profit for the year ended 30 June 2020 would have increased/decreased by USD3,174,890 (2019: USD 4,283,146). This is mainly due to the changes in fair value of the equity investments of USD15,874,450 (2019: USD21,415,730).
Manulife All-weather Portfolio – Capital Conservative Fund
As at 30 June 2020, the sub-fund, by using an industry standard risk model, estimated that if equity prices had been 20% higher/lower (2019: 20% higher/lower), net profit for the year ended 30 June 2020 would have increased/decreased by USD3,779,453 (2019: USD2,822,644). This is mainly due to the changes in fair value of the equity investments of USD11,522,019 (2019: USD10,691,833).
Manulife All-weather Portfolio – Managed Growth Fund
As at 30 June 2020, the sub-fund, by using an industry standard risk model, estimated that if equity prices had been 20% higher/lower (2019: 20% higher/lower), net profit for the year ended 30 June 2020 would have increased/decreased by USD2,973,122 (2019: USD 2,924,318). This is mainly due to the changes in fair value of the equity investments of USD12,351,980 (2019: USD12,226,433).
Notes to Financial Statements
30 June 2020
62
14. FINANCIAL RISK AND MANAGEMENT OBJECTIVES AND POLICIES (continued)
(a) Market risk (continued)
Equity price risk (continued)
Sensitivity analysis (continued)
Manulife All-weather Portfolio – Growth Fund
As at 30 June 2020, the sub-fund, by using an industry standard risk model, estimated that if equity prices had been 20% higher/lower (2019: 20% higher/lower), net profit for the year ended 30 June 2020 would have increased/decreased by USD3,723,571 (2019: USD3,452,289). This is mainly due to the changes in fair value of the equity investments of USD14,167,762 (2019: USD14,753,373).
Manulife All-weather Portfolio – Growth Plus Fund
As at 30 June 2020, the sub-fund, by using an industry standard risk model, estimated that if equity prices had been 20% higher/lower (2019: 20% higher/lower), net profit for the year ended 30 June 2020 would have increased/decreased by USD5,229,942 (2019: USD4,831,602). This is mainly due to the changes in fair value of the equity investments of USD21,559,660 (2019: USD21,191,235).
Manulife STARS Income and Growth Fund
As at 30 June 2020, the sub-fund, by using an industry standard risk model, estimated that if equity prices had been 20% higher/lower, net profit for the year/period ended 30 June 2020 would have increased/decreased by USD1,999,000. This is mainly due to the changes in fair value of the equity investments of USD9,995,000.
Interest rate risk
Interest rate risk arises from the effects of fluctuations in the prevailing levels of markets interest rates on the fair value of interest-bearing assets and future cash flows.
As the Sub-Funds have invested in bonds whose values are driven significantly by changes in interest rates, the Sub-Funds are subject to interest rate risk. When interest rates rise, the value of previously acquired debt securities will normally fall because new debt securities acquired will pay a higher rate of interest. In contrast, if interest rates fall, then the value of the previously acquired debt securities will normally rise. The Manager regularly assesses the economic condition, monitors changes in interest rates outlook and takes appropriate measures accordingly to control the impact of interest rate risk. In a rising interest rate environment, the Sub-Funds will acquire debts with a shorter maturity profile to minimise the negative impact to the portfolio.
Manulife Global Dynamic Asset Allocation Fund
As at 30 June 2020, the sub-fund held bond investments of USD2,283,760 (2019: USD2,597,678). Most of the sub-fund's investments in bonds bear interest at fixed interest rates and mature within one year (2019: three years).
Manulife All-weather Portfolio – Capital Conservative Fund
As at 30 June 2020, the sub-fund held bond investments of USD1,798,741 (2019: USD1,818,368). Most of the sub-fund's investments in bonds bear interest at fixed interest rates and mature within three years (2019: four years).
Notes to Financial Statements
30 June 2020
63
14. FINANCIAL RISK AND MANAGEMENT OBJECTIVES AND POLICIES (continued)
(a) Market risk (continued)
Interest rate risk (continued)
Manulife All-weather Portfolio – Managed Growth Fund
As at 30 June 2020, the sub-fund held bond investments of USD1,577,701 (2019: USD1,597,813). Most of the sub-fund's investments in bonds bear interest at fixed interest rates and mature within three years (2019: three years).
The following tables demonstrate the sensitivity of an increase or decrease in the Sub-Funds' net assets attributable to unitholders for the year to a reasonably possible change in interest rates, with all other variables held constant. The sensitivity of the increase or decrease in net assets attributable to shareholders for the year is the effect of the assumed changes in interest rates on changes in fair value of investments for the year, based on revaluing fixed rate financial assets and liabilities at the end of the reporting period.
Manulife Global Dynamic Asset Allocation Fund
As at 30 June 2020Change in
basis points
Sensitivity of change in fair value
of investments (decrease)/increase
-bond investments +100/-100 (18,122)/18,122
As at 30 June 2019
-bond investments +100/-100 (42,888)/42,888
Manulife All-weather Portfolio – Capital Conservative Fund
As at 30 June 2020Change in
basis points
Sensitivity of change in fair value
of investments (decrease)/increase
-bond investments +100/-100 (43,381)/43,481
As at 30 June 2019
-bond investments +100/-100 (53,740)/53,740
Notes to Financial Statements
30 June 2020
64
14. FINANCIAL RISK AND MANAGEMENT OBJECTIVES AND POLICIES (continued)
(a) Market risk (continued)
Interest rate risk (continued)
Manulife All-weather Portfolio – Managed Growth Fund
As at 30 June 2020Change in
basis points
Sensitivity of change in fair value
of investments (decrease)/increase
-bond investments +100/-100 (36,000)/36,000
As at 30 June 2019
-bond investments +100/-100 (39,864)/39,864
The Sub-Funds also have interest-bearing bank deposits. However, the Manager considers the movement in interest rates would have insignificant impact on daily net assets attributable to unitholders for the year/period ended 30 June 2020 and 30 June 2019. Hence, no sensitivity analysis of interest on bank deposit is presented.
Foreign currency risk
Foreign exchange risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange rates.
The Manager considers that the Sub-Funds have no significant foreign exchange risk with respect to HKD because HKD is pegged to USD (the Sub-Funds' functional and presentation currency).
Accordingly, the values of the Sub-Funds' assets may be affected favorably or unfavorably by fluctuations in currency rates and therefore, the Sub-Funds will be subject to foreign currency exchange risk.
The Sub-Funds' major exposure to foreign currency exchange risk at the end of the reporting periods is as follows:
Manulife Global Dynamic Asset Allocation Fund
As at 30 June 2020 Assets Liabilities Net exposureUSD USD USD
Renmibi ("RMB") 1,636,448 12,119 1,624,329 Euro ("EUR") 643,612 192,539 451,073 Yen ("JPY") 13,051 – 13,051
As at 30 June 2019 Assets Liabilities Net exposureUSD USD USD
Renmibi ("RMB") 1,831,408 62,296 1,769,112 Euro ("EUR") 1,752 – 1,752 Yen ("JPY") – – –
Notes to Financial Statements
30 June 2020
65
14. FINANCIAL RISK AND MANAGEMENT OBJECTIVES AND POLICIES (continued)
(a) Market risk (continued)
Foreign currency risk (continued)
Manulife All-weather Portfolio – Capital Conservative Fund
There was no foreign currency risk exposure for the sub-fund as at 30 June 2020 and 30 June 2019.
Manulife All-weather Portfolio – Managed Growth Fund
As at 30 June 2020 Assets Liabilities Net exposureUSD USD USD
Euro ("EUR") 51 – 51
As at 30 June 2019 Assets Liabilities Net exposureUSD USD USD
Euro ("EUR") 52 – 52
Manulife All-weather Portfolio – Growth Fund
There was no foreign currency risk exposure for the sub-fund as at 30 June 2020 and 30 June 2019.
Manulife All-weather Portfolio – Growth Plus Fund
As at 30 June 2020 Assets Liabilities Net exposureUSD USD USD
Euro ("EUR") 353 – 353
As at 30 June 2019 Assets Liabilities Net exposureUSD USD USD
Euro ("EUR") 358 – 358
Manulife STARS Income and Growth Fund
There was no foreign currency risk exposure for the sub-fund as at 30 June 2020.
Notes to Financial Statements
30 June 2020
66
14. FINANCIAL RISK AND MANAGEMENT OBJECTIVES AND POLICIES (continued)
(a) Market risk (continued)
Foreign currency risk (continued)
Manulife Global Dynamic Asset Allocation Fund
As at 30 June 2020
Change in exchange
rate
Effect on net assets attributable to
unitholdersUSD
In respect of net assets denominated in RMB 10%/-10% 162,433/(162,433) In respect of net assets denominated in EUR 10%/-10% 45,107/(45,107) In respect of net assets denominated in JPY 10%/-10% 1,305/(1,305)
As at 30 June 2019
In respect of net assets denominated in RMB 10%/-10% 176,911/(176,911) In respect of net assets denominated in EUR 10%/-10% 175/(175) In respect of net assets denominated in JPY – –
Manulife All-weather Portfolio – Capital Conservative Fund
There was no foreign currency risk exposure for the sub-fund as at 30 June 2020 and 30 June 2019.
Manulife All-weather Portfolio – Managed Growth Fund
As at 30 June 2020
Change in exchange
rate
Effect on net assets attributable to
unitholdersUSD
In respect of net assets denominated in EUR 10%/-10% 5/(5)
As at 30 June 2019
In respect of net assets denominated in EUR 10%/-10% 5/(5)
Manulife All-weather Portfolio – Growth Fund
There was no foreign currency risk exposure for the sub-fund as at 30 June 2020 and 30 June 2019.
Notes to Financial Statements
30 June 2020
67
14. FINANCIAL RISK AND MANAGEMENT OBJECTIVES AND POLICIES (continued)
(a) Market risk (continued)
Foreign currency risk (continued)
Manulife All-weather Portfolio – Growth Plus Fund
As at 30 June 2020
Change in exchange
rate
Effect on net assets attributable to
unitholdersUSD
In respect of net assets denominated in EUR 10%/-10% 35/(35)
As at 30 June 2019
In respect of net assets denominated in EUR 10%/-10% 36/(36)
Manulife STARS Income and Growth Fund
There was no foreign currency risk exposure for the sub-fund as at 30 June 2020.
(b) Credit risk
Credit risk is the risk that a counterparty to a financial instrument will cause a financial loss by failing to discharge an obligation. The Investment Manager has a process in place to confirm that counterparties to financial instruments, including brokers, are reputable. The creditworthiness of counterparties is reviewed on an annual basis.
Manulife Global Dynamic Asset Allocation Fund
As at 30 June 2020, most of the bond investments of the sub-fund were rated at A (2019: A) or above as rated by Standard & Poor's/Moody's.
Manulife All-weather Portfolio – Capital Conservative Fund
As at 30 June 2020, most of the bond investments of the sub-fund were rated at A+ (2019: A+) or above as rated by Standard & Poor's/Moody's.
Manulife All-weather Portfolio – Managed Growth Fund
As at 30 June 2020, most of the bond investments of the sub-fund were rated at A+ (2019: A+) or above as rated by Standard & Poor's/Moody's.
The Sub-Funds' financial assets which are potentially subject to concentrations of counterparty risk consist principally of bank deposits and investments held with the financial institutions as listed out below. The tables below summarise the Sub-Funds' assets placed with banks and the custodians:
Notes to Financial Statements
30 June 2020
68
14. FINANCIAL RISK AND MANAGEMENT OBJECTIVES AND POLICIES (continued)
(b) Credit risk (continued)
Manulife Global Dynamic Asset Allocation Fund
As at 30 June 2020 USD Credit rating Source of credit rating
Banks Bank of China (Hong Kong) Limited 406,347 A Standard & Poor's
Custodian Bank of China (Hong Kong) Limited 16,615,277 A Standard & Poor's
Other financial services provider Citibank Europe plc, Luxembourg Branch 1,542,933 A+ Standard & Poor's
As at 30 June 2019 USD Credit rating Source of credit rating
Banks Bank of China (Hong Kong) Limited 115,872 A Standard & Poor's
Custodian Bank of China (Hong Kong) Limited 24,013,408 A Standard & Poor's
Manulife All-weather Portfolio – Capital Conservative Fund
As at 30 June 2020 USD Credit rating Source of credit rating
Banks Bank of China (Hong Kong) Limited 247,241 A Standard & Poor's
Custodian Bank of China (Hong Kong) Limited 7,554,494 A Standard & Poor's
Other financial services provider Citibank Europe plc, Luxembourg Branch 5,766,266 A+ Standard & Poor's
As at 30 June 2019 USD Credit rating Source of credit rating
Banks Bank of China (Hong Kong) Limited 57,500 A Standard & Poor's
Custodian Bank of China (Hong Kong) Limited 7,922,723 A Standard & Poor's
Other financial services provider Citibank Europe plc, Luxembourg Branch 4,587,478 A+ Standard & Poor's
Notes to Financial Statements
30 June 2020
69
14. FINANCIAL RISK AND MANAGEMENT OBJECTIVES AND POLICIES (continued)
(b) Credit risk (continued)
Manulife All-weather Portfolio – Managed Growth Fund
As at 30 June 2020 USD Credit rating Source of credit rating
Banks Bank of China (Hong Kong) Limited 151,751 A Standard & Poor's
Custodian Bank of China (Hong Kong) Limited 7,029,896 A Standard & Poor's
Other financial services provider Citibank Europe plc, Luxembourg Branch 6,899,785 A+ Standard & Poor's
As at 30 June 2019 USD Credit rating Source of credit rating
Banks Bank of China (Hong Kong) Limited 43,179 A Standard & Poor's
Custodian Bank of China (Hong Kong) Limited 7,352,351 A Standard & Poor's
Other financial services provider Citibank Europe plc, Luxembourg Branch 6,471,895 A+ Standard & Poor's
Manulife All-weather Portfolio – Growth Fund
As at 30 June 2020 USD Credit rating Source of credit rating
Banks Bank of China (Hong Kong) Limited 87,373 A Standard & Poor's
Custodian Bank of China (Hong Kong) Limited 7,252,167 A Standard & Poor's
Other financial services provider Citibank Europe plc, Luxembourg Branch 6,915,595 A+ Standard & Poor's
As at 30 June 2019 USD Credit rating Source of credit rating
Banks Bank of China (Hong Kong) Limited 95,480 A Standard & Poor's
Custodian Bank of China (Hong Kong) Limited 8,468,250 A Standard & Poor's
Other financial services provider Citibank Europe plc, Luxembourg Branch 6,285,123 A+ Standard & Poor's
Notes to Financial Statements
30 June 2020
70
14. FINANCIAL RISK AND MANAGEMENT OBJECTIVES AND POLICIES (continued)
(b) Credit risk (continued)
Manulife All-weather Portfolio – Growth Plus Fund
As at 30 June 2020 USD Credit rating Source of credit rating
Banks Bank of China (Hong Kong) Limited (464,090) A Standard & Poor's
Custodian Bank of China (Hong Kong) Limited 10,835,021 A Standard & Poor's
Other financial services provider Citibank Europe plc, Luxembourg Branch 10,724,639 A+ Standard & Poor's
As at 30 June 2019 USD Credit rating Source of credit rating
Banks Bank of China (Hong Kong) Limited 313,094 A Standard & Poor's
Custodian Bank of China (Hong Kong) Limited 9,539,861 A Standard & Poor's
Other financial services provider Citibank Europe plc, Luxembourg Branch 11,651,374 A+ Standard & Poor's
Manulife STARS Income and Growth Fund
As at 30 June 2020 USD Credit rating Source of credit rating
Banks Bank of China (Hong Kong) Limited 9,999,980 A Standard & Poor's
Other financial services provider Alliance Bernstein (Singapore) Ltd. 299,850 Not rated N/A Citibank Europe plc, Luxembourg Branch 4,997,500 A+ Standard & Poor's FIL Investment Management (Hong Kong) Limited 1,499,250 Not rated N/A Franklin Templeton Investments (Asia) Limited 499,750 Not rated N/A J.P. Morgan Asset Mnaagement 1,899,050 Not rated N/A Schroder Investment Management (Hong Kong) Limited 799,600 Not rated N/A
Notes to Financial Statements
30 June 2020
71
14. FINANCIAL RISK AND MANAGEMENT OBJECTIVES AND POLICIES (continued)
(b) Credit risk (continued)
Maximum exposure and year-end staging as at 30 June 2020
The table below shows the credit quality and the maximum exposure to credit risk based on the Sub-Fund's credit policy, which is mainly based on past due information unless other information is available without undue cost or effort, and year-end staging classification as at 30 June 2020. The amounts presented are gross carrying amounts for financial assets.
Manulife Global Dynamic Asset Allocation Fund12-month expected
credit losses
Lifetime expected
credit losses
Stage 1 USD
Stage 2 USD
Stage 3 USD
Simplified approach
USDTotal USD
Financial assets
Cash and cash equivalents – Not yet past due 406,347 – – – 406,347
Other receivables – Not yet past due 49,201 – – – 49,201
Amounts receivable on subscription – Not yet past due 102,172 – – – 102,172
Due from brokers – Not yet past due 35,561 – – – 35,561
593,281 – – – 593,281
Manulife All-weather Portfolio – Capital Conservative Fund12-month expected
credit losses
Lifetime expected
credit losses
Stage 1 USD
Stage 2 USD
Stage 3 USD
Simplified approach
USDTotal USD
Financial assets
Cash and cash equivalents – Not yet past due 247,241 – – – 247,241
Other receivables – Not yet past due 10,438 – – – 10,438
Amounts receivable on subscription – Not yet past due 47,073 – – – 47,073
Due from brokers – Not yet past due 107,300 – – – 107,300
412,052 – – – 412,052
Notes to Financial Statements
30 June 2020
72
14. FINANCIAL RISK AND MANAGEMENT OBJECTIVES AND POLICIES (continued)
(b) Credit risk (continued)
Maximum exposure and year-end staging as at 30 June 2020 (continued)
Manulife All-weather Portfolio – Managed Growth Fund12-month expected
credit losses
Lifetime expected
credit losses
Stage 1 USD
Stage 2 USD
Stage 3 USD
Simplified approach
USDTotal USD
Financial assets
Cash and cash equivalents – Not yet past due 151,751 – – – 151,751
Other receivables – Not yet past due 11,973 – – – 11,973
Amounts receivable on subscription – Not yet past due 251,792 – – – 251,792
415,516 – – – 415,516
Manulife All-weather Portfolio – Growth Fund12-month expected
credit losses
Lifetime expected
credit losses
Stage 1 USD
Stage 2 USD
Stage 3 USD
Simplified approach
USDTotal USD
Financial assets
Cash and cash equivalents – Not yet past due 87,373 – – – 87,373
Other receivables – Not yet past due 2,474 – – – 2,474
Amounts receivable on subscription – Not yet past due 807,775 – – – 807,775
897,622 – – – 897,622
Notes to Financial Statements
30 June 2020
73
14. FINANCIAL RISK AND MANAGEMENT OBJECTIVES AND POLICIES (continued)
(b) Credit risk (continued)
Maximum exposure and year-end staging as at 30 June 2020 (continued)
Manulife All-weather Portfolio – Growth Plus Fund12-month expected
credit losses
Lifetime expected
credit losses
Stage 1 USD
Stage 2 USD
Stage 3 USD
Simplified approach
USDTotal USD
Financial assets
Other receivables – Not yet past due 3,753 – – – 3,753
Amounts receivable on subscription – Not yet past due 5,669,972 – – – 5,669,972
5,673,725 – – – 5,673,725
Manulife STARS Income and Growth Fund12-month expected
credit losses
Lifetime expected
credit losses
Stage 1 USD
Stage 2 USD
Stage 3 USD
Simplified approach
USDTotal USD
Financial assets
Cash and cash equivalents – Not yet past due 9,999,980 – – – 9,999,980
Other receivables – Not yet past due 16 – – – 16
Amounts receivable on subscription – Not yet past due 20 – – – 20
10,000,016 – – – 10,000,016
Maximum exposure as at 30 June 2019
The carrying amounts of cash and cash equivalents, other receivables and amount due from brokers represent the Sub-Funds' maximum exposure to credit risk in relation to financial assets. All the Sub-Funds' cash and cash equivalents are held in major financial institution, which the Manager believes are of high credit quality. The Manager consider that the Sub-Fund does not have a significant concentration of credit risk.
Notes to Financial Statements
30 June 2020
74
14. FINANCIAL RISK AND MANAGEMENT OBJECTIVES AND POLICIES (continued)
(c) Liquidity risk
Liquidity risk is defined as the risk that the Sub-Funds will encounter difficulties in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset.
The Sub-Funds are exposed to the liquidity risk of meeting unitholder redemptions at each dealing date.
With a view of protecting the interest of unitholders, the Sub-Funds are not bound to redeem more than 10% in aggregate of the total number of units in issue of each unit class of the Sub-Funds.
The following tables summarise the maturity profile of the Sub-Funds' financial liabilities based on contractual undiscounted cash flows. Balances due within 1 year equal to their carrying amounts, as the impact of discounting is insignificant. The tables also analyse the maturity profile of the Sub-Funds' financial assets (undiscounted where appropriate) in order to provide a complete view of the Sub-Funds' contractual commitments and liquidity.
Notes to Financial Statements
30 June 2020
75
14. FINANCIAL RISK AND MANAGEMENT OBJECTIVES AND POLICIES (continued)
(c) Liquidity risk (continued)
Manulife Global Dynamic Asset Allocation Fund
As at 30 June 2020 Notes On demandLess than
1 year Others TotalUSD USD USD USD
AssetsFinancial assets at fair value through profit or loss – 18,161,583 – 18,161,583 Cash and cash equivalents 406,347 – – 406,347 Due from brokers – 35,561 – 35,561 Amounts receivable on subscription – 102,172 – 102,172 Divdiend and interest receivables 6 – 49,172 – 49,172 Other receivable 6 – 29 – 29 Total financial assets 406,347 18,348,517 – 18,754,864
LiabilitiesFinancial liabilities at fair value through profit or loss – 10,646 – 10,646 Due to brokers – 376,616 – 376,616 Amounts payable on redemption – 46,870 – 46,870 Other payables and accruals 7 – 72,841 – 72,841 Net assets attributable to unitholders – – 18,247,891 18,247,891 Total financial liaiblities – 506,973 18,247,891 18,754,864
As at 30 June 2019 Notes On demandLess than
1 year Others TotalUSD USD USD USD
AssetsFinancial assets at fair value through profit or loss – 24,023,416 – 24,023,416 Cash and cash equivalents 115,872 – – 115,872 Due from brokers – 1,418,406 – 1,418,406 Amounts receivable on subscription – 112,710 – 112,710 Divdiend and interest receivables 6 – 78,918 – 78,918 Other receivable 6 – 44 – 44 Total financial assets 115,872 25,633,494 – 25,749,366
LiabilitiesFinancial liabilities at fair value through profit or loss – 3,923 – 3,923 Due to brokers – 1,315,952 – 1,315,952 Amounts payable on redemption – 160,218 – 160,218 Other payables and accruals 7 – 82,429 – 82,429 Net assets attributable to unitholders – – 24,186,844 24,186,844 Total financial liaiblities – 1,562,522 24,186,844 25,749,366
* As detailed in the prospectus of the Trust, the redeemable units might be subject to redemption restrictions.
Notes to Financial Statements
30 June 2020
76
14. FINANCIAL RISK AND MANAGEMENT OBJECTIVES AND POLICIES (continued)
(c) Liquidity risk (continued)
Manulife All-weather Portfolio – Capital Conservative Fund
As at 30 June 2020 Notes On demandLess than
1 year Others TotalUSD USD USD USD
Financial assetsFinancial assets at fair value through profit or loss – 13,320,760 – 13,320,760 Cash and cash equivalents 247,241 – – 247,241 Due from brokers – 107,300 – 107,300 Amounts receivable on subscription – 47,073 – 47,073 Interest receivable 6 10,438 – 10,438 Total financial assets 247,241 13,485,571 – 13,732,812
Financial liabilitiesAmounts payable on redemption – 129,489 – 129,489 Other payables and accruals 7 – 114,690 – 114,690 Net assets attributable to unitholders – – 13,488,633 13,488,633 Total financial liaiblities – 244,179 13,488,633 13,732,812
As at 30 June 2019 Notes On demandLess than
1 year Others TotalUSD USD USD USD
Financial assetsFinancial assets at fair value through profit or loss – 12,510,201 – 12,510,201 Cash and cash equivalents 57,500 – – 57,500 Due from brokers – 252,264 – 252,264 Amounts receivable on subscription – 9,618 – 9,618 Interest receivable 6 22,969 – 22,969 Total financial assets 57,500 12,795,052 – 12,852,552
Financial liabilitiesDue to brokers – 251,124 – 251,124 Amounts payable on redemption 13,833 13,833 Other payables and accruals 7 – 116,131 – 116,131 Net assets attributable to unitholders – – 12,471,464 12,471,464 Total financial liaiblities – 381,088 12,471,464 12,852,552
* As detailed in the prospectus of the Trust, the redeemable units might be subject to redemption restrictions.
Notes to Financial Statements
30 June 2020
77
14. FINANCIAL RISK AND MANAGEMENT OBJECTIVES AND POLICIES (continued)
(c) Liquidity risk (continued)
Manulife All-weather Portfolio – Managed Growth Fund
As at 30 June 2020 Notes On demandLess than
1 year Others TotalUSD USD USD USD
Financial assetsFinancial assets at fair value through profit or loss – 13,929,681 – 13,929,681 Cash and cash equivalents 151,751 – – 151,751 Amounts receivable on subscription – 251,792 – 251,792 Dividends and interest receivables 6 11,973 – 11,973 Total financial assets 151,751 14,193,446 – 14,345,197
Financial liabilitiesDue to brokers – 211,700 – 211,700 Amounts payable on redemption – 2,693 – 2,693 Other payables and accruals 7 – 114,699 – 114,699 Net assets attributable to unitholders – – 14,016,105 14,016,105 Total financial liaiblities – 329,092 14,016,105 14,345,197
As at 30 June 2019 Notes On demandLess than
1 year Others TotalUSD USD USD USD
Financial assetsFinancial assets at fair value through profit or loss – 13,824,246 – 13,824,246 Cash and cash equivalents 43,179 – – 43,179 Due from brokers – 419,318 – 419,318 Amounts receivable on subscription – 40,023 – 40,023 Dividends and interest receivables 6 28,489 – 28,489 Total financial assets 43,179 14,312,076 – 14,355,255
Financial liabilitiesDue to brokers – 335,357 – 335,357 Amounts payable on redemption – 34,970 – 34,970 Other payables and accruals 7 – 118,710 – 118,710 Net assets attributable to unitholders – – 13,866,218 13,866,218 Total financial liaiblities – 489,037 13,866,218 14,355,255
* As detailed in the prospectus of the Trust, the redeemable units might be subject to redemption restrictions.
Notes to Financial Statements
30 June 2020
78
14. FINANCIAL RISK AND MANAGEMENT OBJECTIVES AND POLICIES (continued)
(c) Liquidity risk (continued)
Manulife All-weather Portfolio – Growth Fund
As at 30 June 2020 Notes On demandLess than
1 year Others TotalUSD USD USD USD
Financial assetsFinancial assets at fair value through profit or loss – 14,167,762 – 14,167,762 Cash and cash equivalents 87,373 – – 87,373 Amounts receivable on subscription – 807,775 – 807,775 Dividend receivable 6 – 2,474 – 2,474 Total financial assets 87,373 14,978,011 – 15,065,384
Financial liabilitiesDue to broker – 630,600 – 630,600 Amounts payable on redemption – 46,684 – 46,684 Other payables and accurals 7 – 117,591 – 117,591 Net assets attributable to unitholders – – 14,270,509 14,270,509 Total financial liaiblities – 794,875 14,270,509 15,065,384
As at 30 June 2019 Notes On demandLess than
1 year Others TotalUSD USD USD USD
Financial assetsFinancial assets at fair value through profit or loss – 14,753,373 – 14,753,373 Cash and cash equivalents 95,480 – – 95,480 Due from brokers – 756,811 – 756,811 Amounts receivable on subscription – 2,020,091 – 2,020,091 Dividend receivable 6 – 8,651 – 8,651 Total financial assets 95,480 17,538,926 – 17,634,406
Financial liabilitiesDue to broker – 2,193,776 – 2,193,776 Amounts payable on redemption – 8,200 – 8,200 Other payables and accurals 7 – 120,599 – 120,599 Net assets attributable to unitholders – – 15,311,831 15,311,831 Total financial liaiblities – 2,322,575 15,311,831 17,634,406
* As detailed in the prospectus of the Trust, the redeemable units might be subject to redemption restrictions.
Notes to Financial Statements
30 June 2020
79
14. FINANCIAL RISK AND MANAGEMENT OBJECTIVES AND POLICIES (continued)
(c) Liquidity risk (continued)
Manulife All-weather Portfolio – Growth Plus Fund
As at 30 June 2020 Notes On demandLess than
1 year Others TotalUSD USD USD USD
Financial assetsFinancial assets at fair value through profit or loss – 21,559,660 – 21,559,660 Amounts receivable on subscription – 5,669,972 – 5,669,972 Other receivables and prepayments 6 – 3,753 – 3,753 Total financial assets – 27,233,385 – 27,233,385
Financial liabilitiesBank overdrafts 464,090 – – 464,090 Due to brokers – 3,721,633 – 3,721,633 Amounts payable on redemption – 59,617 – 59,617 Other payables and accurals 7 – 120,502 – 120,502 Net assets attributable to unitholders – – 22,867,543 22,867,543 Total financial liaiblities 464,090 3,901,752 22,867,543 27,233,385
As at 30 June 2019 Notes On demandLess than
1 year Others TotalUSD USD USD USD
Financial assetsFinancial assets at fair value through profit or loss – 21,191,235 – 21,191,235 Cash and cash equivalents 313,094 – – 313,094 Due from brokers – 88,480 – 88,480 Amounts receivable on subscription – 7,068,288 – 7,068,288 Other receivables and prepayments 6 – 9,379 – 9,379 Total financial assets 313,094 28,357,382 – 28,670,476
Financial liabilitiesDue to brokers – 4,711,169 – 4,711,169Amounts payable on redemption – 21,642 – 21,642 Other payables and accurals 7 – 123,747 – 123,747 Net assets attributable to unitholders – – 23,813,918 23,813,918Total financial liaiblities – 4,856,558 23,813,918 28,670,476
* As detailed in the prospectus of the Trust, the redeemable units might be subject to redemption restrictions.
Notes to Financial Statements
30 June 2020
80
14. FINANCIAL RISK AND MANAGEMENT OBJECTIVES AND POLICIES (continued)
(c) Liquidity risk (continued)
Manulife STARS Income and Growth Fund
As at 30 June 2020 Notes On demandLess than
1 year Others TotalUSD USD USD USD
Financial assetsFinancial assets at fair value through profit or loss – 9,995,000 – 9,995,000 Cash and cash equivalents 9,999,980 – – 9,999,980 Amounts receivable on subscription – 20 – 20 Other receivables and prepayments 6 – 16 – 16 Total 9,999,980 9,995,036 – 19,995,016
Financial liabilitiesFinancial liabilities at fair value through profit or loss – 5 – 5 Due to brokers – 9,995,000 – 9,995,000 Other payables and accurals 7 – 513 – 513 Net assets attributable to unitholders – – 9,999,498 9,999,498 Total – 9,995,518 9,999,498 19,995,016
Capital management
The Sub-Funds' capital is represented by its net assets attributable to unitholders. The Sub-Funds strive to invest the subscriptions of redeemable participating units in investments that meet the Sub-Funds' investment objectives while maintaining sufficient liquidity to meet unitholder redemptions.
The Manager manages the capital of the Sub-Funds in accordance with the Sub-Funds' investment objectives and policies as stated in the prospectus.
81
Not
es to
Fin
anci
al S
tate
men
ts
30 J
une
2020
15.
DER
IVAT
IVES
CO
NTR
AC
TS
The
Sub
-Fun
ds m
ay in
vest
in d
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ativ
e fin
anci
al in
stru
men
ts fo
r inv
estm
ent o
r hed
ging
pur
pose
s ac
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to th
e re
spec
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stm
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trate
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as
stat
ed
in th
e pr
ospe
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. As
at th
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d of
the
repo
rting
per
iod,
the
Trus
t and
the
Sub
-Fun
ds h
eld
the
follo
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:
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In
com
e and
Gr
owth
Fun
dCo
mbi
ned
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
For t
he p
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dfro
m 29
June
2020
(d
ate o
f inc
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n)
to 30
June
2020
30 Ju
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2030
June
2019
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Fina
ncia
l ass
ets
Forw
ard c
urre
ncy c
ontra
cts 3,
373
10,00
8 –
– –
– –
– –
– –
3,37
3 10
,008
Futur
es co
ntrac
ts –
– –
– –
– –
– –
– –
– –
3,37
3 10
,008
– –
– –
– –
– –
– 3,
373
10,00
8
Fina
ncia
l lia
bilit
ies
Forw
ard c
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ncy c
ontra
cts (6
,275)
(29)
– –
– –
– –
– –
(5)
(6,28
0) (2
9)Fu
tures
contr
acts
(4,37
1) (3
,894)
– –
– –
– –
– –
– (4
,371)
(3,89
4) (1
0,646
) (3
,923)
– –
– –
– –
– –
(5)
(10,6
51)
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mat
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t oth
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ting
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eem
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to b
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and
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ing
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to c
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' ass
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n U
SD
.
Notes to Financial Statements
30 June 2020
82
15. DERIVATIVES CONTRACTS (continued)
Forward currency contracts (continued)
Manulife Global Dynamic Asset Allocation Fund
At the end of the reporting period, the Sub-Funds had entered into forward currency contracts and its fair values and notional amount are as follows:
Forward currency contracts Assets LiabilitiesNotional amount
USD USD USD
30 June 2020 3,373 (6,275) (1,980,480)
30 June 2019 10,008 (29) (2,385,916)
Manulife STARS Income and Growth Fund
Forward currency contracts Assets LiabilitiesNotional amount
USD USD USD
30 June 2020 – (5) 2,997
Futures contracts
Futures contracts are a commitment to make or take future delivery of various commodities, currencies or financial instruments at a specified time and place. These commitments can be discharged by making or taking delivery of an approved grade of commodity, currency and financial instrument by cash settlement or by making an offsetting sale or purchase of an equivalent futures contract on the same (or a linked) exchange prior to the designated date of deliver.
Manulife Global Dynamic Asset Allocation Fund
At the end of the reporting period, the Sub-Funds had entered into futures contracts and its fair value and notional amount are as follows:
Futures contracts Assets LiabilitiesNotional amount
USD USD USD
30 June 2020 – (4,371) (735,250)
30 June 2019 – (3,894) (639,844)
Notes to Financial Statements
30 June 2020
83
16. RELATED PARTY DISCLOSURES
Saved as disclosed elsewhere in the financial statements, the following is a summary of significant related party transactions entered into during the year/period between the Sub-Funds, Managers or any entities in which those parties or their connected persons have a material interest. Connected persons of the Manager are those as defined in the SFC Code established by the SFC. All such transactions were entered into in the ordinary course of business and under normal commercial terms.
For the year/period ended 30 June 2020 and 30 June 2019, the major related party to the Sub-Funds is MIMHK in its capacity as the Manager. The Manager is a member of the Manulife Group.
(a) Subscription and redemption of units
As at 30 June 2020 and 30 June 2019, there was no director holding any class of unit in the Sub-Funds.
Investment transactions with the Manager and its connected persons are set out below:
Number of unitsManulife Global Dynamic Asset Allocation Fund
Opening balances Subscription (Redemption)
Dividend reinvestment
Transferout
Balances as at year end
2020Class AA (USD) Inc 690,068 409,727 (536,788) 6,282 – 569,289 Class AA (HKD) Inc 94,076 – – 4,901 – 98,977 Class AA (RMB) Inc 77,958 – – 3,862 – 81,820 Class AA (RMB) Inc Hedged 80,843 – – 4,215 – 85,058 Class AA (USD) Acc 133,429 9,438 (22,300) – – 120,567 Class I (USD) Inc – – – – – –
2019Class AA (USD) Inc 694,877 998,648 (1,009,904) 6,447 – 690,068 Class AA (HKD) Inc 89,125 – – 4,951 – 94,076 Class AA (RMB) Inc 74,004 – – 3,954 – 77,958 Class AA (RMB) Inc Hedged 75,983 – – 4,860 – 80,843 Class AA (USD) Acc 116,347 24,872 (7,790) – – 133,429 Class I (USD) Inc – – – – – –
Number of unitsManulife All-weather Portfolio – Capital Conservative Fund
Opening balances Subscription (Redemption)
Dividend reinvestment
Transferout
Balances as at year end
2020Class AA (USD) Inc 358,685 224,293 (203,939) 4,840 – 383,879 Class AA (HKD) Inc 331,796 – – 5,002 – 336,798 Class AA (USD) Acc 468,623 230,599 (172,989) – – 526,233
2019Class AA (USD) Inc 409,039 175,285 (231,535) 5,896 – 358,685 Class AA (HKD) Inc 325,466 – – 6,330 – 331,796 Class AA (USD) Acc 438,791 115,790 (85,958) – – 468,623
Notes to Financial Statements
30 June 2020
84
16. RELATED PARTY DISCLOSURES (continued)
(a) Subscription and redemption of units (continued)
Number of unitsManulife All-weather Portfolio – Managed Growth Fund
Opening balances Subscription (Redemption)
Dividend reinvestment
Transferout
Balances as at year end
2020Class AA (USD) Inc 476,344 171,086 (178,312) 6,871 – 475,989 Class AA (HKD) Inc 344,990 – – 7,312 – 352,302 Class AA (USD) Acc 412,261 71,745 (55,214) – – 428,792
2019Class AA (USD) Inc 2,065,982 1,208,914 (2,805,801) 7,249 – 476,344 Class AA (HKD) Inc 333,466 – – 11,524 – 344,990 Class AA (USD) Acc 429,017 56,116 (72,872) – – 412,261
Number of unitsManulife All-weather Portfolio – Growth Fund
Opening balances Subscription (Redemption)
Dividend reinvestment
Transferout
Balances as at year end
2020Class AA (USD) Inc 654,091 1,001,554 (1,140,311) 13,207 – 528,541 Class AA (HKD) Inc 355,028 – – 13,972 – 369,000 Class AA (USD) Acc 384,886 118,021 (85,021) – – 417,886
2019Class AA (USD) Inc 463,210 2,229,419 (2,055,007) 16,469 – 654,091 Class AA (HKD) Inc 336,113 – – 18,915 – 355,028 Class AA (USD) Acc 354,918 51,414 (21,446) – – 384,886
Number of unitsManulife All-weather Portfolio – Growth Plus Fund
Opening balances Subscription (Redemption)
Dividend reinvestment
Transferout
Balances as at year end
2020Class AA (USD) Inc 1,389,933 4,802,084 (4,850,252) 15,678 – 1,357,443 Class AA (HKD) Inc 366,756 – – 16,834 – 383,590 Class AA (USD) Acc 469,777 73,980 (62,349) – – 481,408
2019Class AA (USD) Inc 1,943,299 7,923,315 (8,491,705) 15,024 – 1,389,933 Class AA (HKD) Inc 342,546 – – 24,210 – 366,756 Class AA (USD) Acc 445,816 92,619 (68,658) – – 469,777
Manulife STARS Income and Growth Fund
Opening balances Subscription (Redemption)
Dividend reinvestment
Transferout
Balances as at period end
For the period from 29 June 2020 (date of inception) to 30 June 2020Class AA (USD) Inc – 300 – – – 300 Class AA (HKD) Inc – 232 – – – 232 Class AA (RMB) Inc Hedged – 212 – – – 212 Class AA (USD) Acc – 999,100 – – – 999,100
Notes to Financial Statements
30 June 2020
85
16. RELATED PARTY DISCLOSURES (continued)
(a) Subscription and redemption of units (continued)
Apart from the above, there were no other subscription and redemption of units of the Sub-Funds by the Directors, the Manager, or other connected persons during the year/period ended 30 June 2020 and 30 June 2019.
(b) Investment in funds managed by the Manulife Group
The Sub-Funds invested in ten different sub-funds of Manulife Global Fund Series which is managed by the Manulife Group. The investment manager of Manulife Global Fund – Asia Equity Fund – I3 and Manulife Global Fund – Japan Equity Fund – I3 (formerly known as "Manulife Global Fund – Japanese Growth Fund – I3") are the same as that of the Sub-Funds.
30 June 2020 30 June 2019Manulife Global Dynamic Asset Allocation Fund Holdings Market Value Holdings Market Value
USD USD Manulife Global Fund – US Equity Fund – I3 (formerly known as "Manulife Global Fund – American Growth Fund – I3") 959,981 1,429,219 – –
Manulife Global Fund – China Total Return Bond Fund – I3 99,644 113,714 – –
30 June 2020 30 June 2019Manulife All-weather Portfolio – Capital Conservative Fund Holdings Market Value Holdings Market Value
USD USD Manulife Global Fund – US Equity Fund – I3 (formerly known as "Manulife Global Fund – American Growth Fund – I3") 743,679 1,107,190 391,364 545,952
Manulife Global Fund – Asian Equity Fund – I3 409,206 389,319 136,905 130,512 Manulife Global Fund – Dargon Growth Fund – I3 134,954 146,115 – – Manulife Global Fund – European Growth Fund – I3 349,295 343,147 378,344 374,409 Manulife Global Fund – Japan Equity Fund – I3 (formerly known as "Manulife Global Fund – Japanese Growth Fund – I3") – – 147,056 157,776
Manulife Global Fund – US Bond Fund – I3 3,449,987 3,780,496 3,182,771 3,378,830
30 June 2020 30 June 2019Manulife All-weather Portfolio – Managed Growth Fund Holdings Market Value Holdings Market Value
USD USD Manulife Global Fund – US Equity Fund – I3 (formerly known as "Manulife Global Fund – American Growth Fund – I3") 2,025,643 3,015,777 1,778,547 2,481,074
Manulife Global Fund – Asian Equity Fund – I3 841,367 800,476 543,010 517,651 Manulife Global Fund – Dargon Growth Fund – I3 203,641 220,482 – – Manulife Global Fund – European Growth Fund – I3 1,342,959 1,319,323 1,294,922 1,281,454 Manulife Global Fund – Japan Equity Fund – I3 (formerly known as "Manulife Global Fund – Japanese Growth Fund – I3") 156,688 168,753 341,502 366,397
Manulife Global Fund – US Bond Fund – I3 1,254,767 1,374,974 1,719,403 1,825,319
Notes to Financial Statements
30 June 2020
86
16. RELATED PARTY DISCLOSURES (continued)
(b) Investment in funds managed by the Manulife Group (continued) 30 June 2020 30 June 2019
Manulife All-weather Portfolio – Growth Fund Holdings Market Value Holdings Market Value USD USD
Manulife Global Fund – US Equity Fund – I3 (formerly known as "Manulife Global Fund – American Growth Fund – I3") 646,668 962,759 994,269 1,387,005
Manulife Global Fund – Asian Equity Fund – I3 1,105,731 1,051,992 1,009,754 962,599 Manulife Global Fund – Dargon Growth Fund – I3 188,721 204,329 – – Manulife Global Fund – European Growth Fund – I3 1,835,569 1,803,263 1,998,052 1,977,272 Manulife Global Fund – Japan Equity Fund – I3 (formerly known as "Manulife Global Fund – Japanese Growth Fund – I3") 319,405 343,999 600,333 644,097
Manulife Global Fund – US Bond Fund – I3 2,326,386 2,549,254 1,237,895 1,314,149
30 June 2020 30 June 2019Manulife All-weather Portfolio – Growth Plus Fund Holdings Market Value Holdings Market Value
USD USD Manulife Global Fund – US Equity Fund – I3 (formerly known as "Manulife Global Fund – American Growth Fund – I3") 2,220,704 3,306,184 3,382,501 4,718,587
Manulife Global Fund – Asian Equity Fund – I3 1,636,743 1,557,197 2,012,553 1,918,567 Manulife Global Fund – Dargon Growth Fund – I3 802,971 869,377 – – Manulife Global Fund – European Growth Fund – I3 3,417,589 3,357,440 3,542,579 3,505,736 Manulife Global Fund – Japan Equity Fund – I3 (formerly known as "Manulife Global Fund – Japanese Growth Fund – I3") 761,421 820,051 947,864 1,016,963
Manulife Global Fund – US Bond Fund – I3 743,193 814,391 462,998 491,519
30 June 2020Manulife STARS Income and Growth Fund Holdings Market Value
USD Manulife Global Fund – Asia Pacific REIT Fund – I3 ACC 399,800 399,800 Manulife Global Fund – Asia Total Return Fund – I3 ACC 699,650 699,650 Manulife Global Fund – Asian Equity Fund – I3 ACC 699,650 699,650 Manulife Global Fund – China Total Return Bond Fund – I3 ACC 499,750 499,750 Manulife Global Fund – Dargon Growth Fund – I3 ACC 799,600 799,600 Manulife Global Fund – European Growth Fund – I3 ACC 399,800 399,800 Manulife Global Fund – Preferred Securities Income fund – I3 ACC 1,499,250 1,499,250
For the year/period ended 30 June 2020, total gains and losses of the above investments included in profit or loss amounted to USD828,392 (2019: gains and losses of USD436,849).
(c) Fees charged by the Manager
The Manager is entitled to receive management fees from the Sub-Funds (as set out in Note 13).
(d) Secondary commission payable
The Manager is entitled to receive secondary commission from the Sub-Funds for subscriptions (as set out in Note 7).
Notes to Financial Statements
30 June 2020
87
17. SOFT COMMISSION ARRANGEMENTS MIMHK when acting as the Manager of the Trust and the Sub-Funds, has a fiduciary role in which it has an overriding duty to put the interests of its clients (including the Sub-Funds, whose ultimate beneficiaries are the unitholders) above its own corporate interests and personal interests in every transaction conducted.
MIMHK will not engage in any investment practice where its interests may be in conflict with the portfolios under its management. During the year/period covered by this financial report, MIMHK did not enter or participate in any soft commission arrangements and accordingly there were no soft commission transactions (2019: Nil).
18. FINANCIAL INSTRUMENTS BY CATEGORY
Manulife Global Dynamic Asset Allocation Fund
As at 30 June 2020 Note
Financial assets/ liabilities
at fair value through
profit or loss
Financial assets
at amortised cost
Financial liabilities
at amortised cost Total
USD USD USD USD AssetsFinancial assets at fair value through profit or loss 18,161,583 – – 18,161,583 Cash and cash equivalents – 406,347 – 406,347 Due from brokers – 35,561 – 35,561 Amounts receivable on subscription – 102,172 – 102,172 Other receivables and prepayments 6 – 49,201 – 49,201 LiabilitiesFinancial liabilities at fair value through profit or loss (10,646) – – (10,646)Due to brokers – – (376,616) (376,616)Amounts payable on redemption – – (46,870) (46,870)Accounts payable and accrued expenses – – (72,841) (72,841)Total 18,150,937 593,281 (496,327) 18,247,891
As at 30 June 2019 Note
Financial assets/ liabilities
at fair value through
profit or loss
Financial assets
at amortised cost
Financial liabilities
at amortised cost Total
USD USD USD USD AssetsFinancial assets at fair value through profit or loss 24,023,416 – – 24,023,416 Cash and cash equivalents – 115,872 – 115,872 Due from brokers – 1,418,406 – 1,418,406 Amounts receivable on subscription – 112,710 – 112,710 Other receivables and prepayments 6 – 78,962 – 78,962 LiabilitiesFinancial liabilities at fair value through profit or loss (3,923) – – (3,923)Due to brokers – – (1,315,952) (1,315,952)Amounts payable on redemption – – (160,218) (160,218)Accounts payable and accrued expenses – – (82,429) (82,429)Total 24,019,493 1,725,950 (1,558,599) 24,186,844
Notes to Financial Statements
30 June 2020
88
18. FINANCIAL INSTRUMENTS BY CATEGORY (continued)
Manulife All-weather Portfolio – Capital Conservative Fund
As at 30 June 2020 Note
Financial assets/ liabilities
at fair value through
profit or loss
Financial assets
at amortised cost
Financial liabilities
at amortised cost Total
USD USD USD USD AssetsFinancial assets at fair value through profit or loss 13,320,760 – – 13,320,760 Cash and cash equivalents – 247,241 – 247,241 Due from brokers – 107,300 – 107,300 Amounts receivable on subscription – 47,073 – 47,073 Other receivables and prepayments 6 – 10,438 – 10,438 LiabilitiesAmounts payable on redemption – – (129,489) (129,489)Accounts payable and accrued expenses – – (114,690) (114,690)Total 13,320,760 412,052 (244,179) 13,488,633
As at 30 June 2019 Note
Financial assets/ liabilities
at fair value through
profit or loss
Financial assets
at amortised cost
Financial liabilities
at amortised cost Total
USD USD USD USD AssetsFinancial assets at fair value through profit or loss 12,510,201 – – 12,510,201 Cash and cash equivalents – 57,500 – 57,500 Due from brokers – 252,264 – 252,264 Amounts receivable on subscription – 9,618 – 9,618 Other receivables and prepayments 6 – 22,969 – 22,969 LiabilitiesDue to brokers – – (251,124) (251,124)Amounts payable on redemption – – (13,833) (13,833)Accounts payable and accrued expenses – – (116,131) (116,131)Total 12,510,201 342,351 (381,088) 12,471,464
Notes to Financial Statements
30 June 2020
89
18. FINANCIAL INSTRUMENTS BY CATEGORY (continued)
Manulife All-weather Portfolio – Managed Growth Fund
As at 30 June 2020 Note
Financial assets/ liabilities
at fair value through
profit or loss
Financial assets
at amortised cost
Financial liabilities
at amortised cost Total
USD USD USD USD AssetsFinancial assets at fair value through profit or loss 13,929,681 – – 13,929,681 Cash and cash equivalents – 151,751 – 151,751 Amounts receivable on subscription – 251,792 – 251,792 Other receivables and prepayments 6 – 11,973 – 11,973 LiabilitiesDue to brokers – – (211,700) (211,700)Amounts payable on redemption – – (2,693) (2,693)Accounts payable and accrued expenses – – (114,699) (114,699)Total 13,929,681 415,516 (329,092) 14,016,105
As at 30 June 2019 Note
Financial assets/ liabilities
at fair value through
profit or loss
Financial assets
at amortised cost
Financial liabilities
at amortised cost Total
USD USD USD USD AssetsFinancial assets at fair value through profit or loss 13,824,246 – – 13,824,246 Cash and cash equivalents – 43,179 – 43,179 Due from brokers – 419,318 – 419,318 Amounts receivable on subscription – 40,023 – 40,023 Other receivables and prepayments 6 – 28,489 – 28,489 LiabilitiesDue to brokers – – (335,357) (335,357)Amounts payable on redemption – – (34,970) (34,970)Accounts payable and accrued expenses – – (118,710) (118,710)Total 13,824,246 531,009 (489,037) 13,866,218
Notes to Financial Statements
30 June 2020
90
18. FINANCIAL INSTRUMENTS BY CATEGORY (continued)
Manulife All-weather Portfolio – Growth Fund
As at 30 June 2020 Note
Financial assets/ liabilities
at fair value through
profit or loss
Financial assets
at amortised cost
Financial liabilities
at amortised cost Total
USD USD USD USD AssetsFinancial assets at fair value through profit or loss 14,167,762 – – 14,167,762 Cash and cash equivalents – 87,373 – 87,373 Amounts receivable on subscription – 807,775 – 807,775 Other receivables and prepayments 6 – 2,474 – 2,474 LiabilitiesDue to brokers – – (630,600) (630,600)Amounts payable on redemption – – (46,684) (46,684)Accounts payable and accrued expenses – – (117,591) (117,591)Total 14,167,762 897,622 (794,875) 14,270,509
As at 30 June 2019 Note
Financial assets/ liabilities
at fair value through
profit or loss
Financial assets
at amortised cost
Financial liabilities
at amortised cost Total
USD USD USD USD AssetsFinancial assets at fair value through profit or loss 14,753,373 – – 14,753,373 Cash and cash equivalents – 95,480 – 95,480 Due from brokers – 756,811 – 756,811 Amounts receivable on subscription – 2,020,091 – 2,020,091 Other receivables and prepayments 6 – 8,651 – 8,651 LiabilitiesDue to brokers – – (2,193,776) (2,193,776)Amounts payable on redemption – – (8,200) (8,200)Accounts payable and accrued expenses – – (120,599) (120,599)Total 14,753,373 2,881,033 (2,322,575) 15,311,831
Notes to Financial Statements
30 June 2020
91
18. FINANCIAL INSTRUMENTS BY CATEGORY (continued)
Manulife All-weather Portfolio – Growth Plus Fund
As at 30 June 2020 Note
Financial assets/ liabilities
at fair value through
profit or loss
Financial assets
at amortised cost
Financial liabilities
at amortised cost TotalUSD USD USD USD
AssetsFinancial assets at fair value through profit or loss 21,559,660 – – 21,559,660 Amounts receivable on subscription – 5,669,972 – 5,669,972 Other receivables and prepayments 6 – 3,753 – 3,753 LiabilitiesBank overdrafts – – (464,090) (464,090)Due to brokers – – (3,721,633) (3,721,633)Amounts payable on redemption – – (59,617) (59,617)Accounts payable and accrued expenses – – (120,502) (120,502)Total 21,559,660 5,673,725 (4,365,842) 22,867,543
As at 30 June 2019 Note
Financial assets/ liabilities
at fair value through
profit or loss
Financial assets
at amortised cost
Financial liabilities
at amortised cost TotalUSD USD USD USD
AssetsFinancial assets at fair value through profit or loss 21,191,235 – – 21,191,235 Cash and cash equivalents – 313,094 – 313,094 Due from brokers – 88,480 – 88,480 Amounts receivable on subscription – 7,068,288 – 7,068,288 Other receivables and prepayments 6 – 9,379 – 9,379 LiabilitiesDue to brokers – – (4,711,169) (4,711,169)Amounts payable on redemption – – (21,642) (21,642)Accounts payable and accrued expenses – – (123,747) (123,747)Total 21,191,235 7,479,241 (4,856,558) 23,813,918
Notes to Financial Statements
30 June 2020
92
18. FINANCIAL INSTRUMENTS BY CATEGORY (continued)
Manulife STARS Income and Growth Fund
As at 30 June 2020 Note
Financial assets/ liabilities
at fair value through
profit or loss
Financial assets
at amortised cost
Financial liabilities
at amortised cost TotalUSD USD USD USD
AssetsFinancial assets at fair value through profit or loss 9,995,000 – – 9,995,000 Cash and cash equivalents – 9,999,980 – 9,999,980 Amounts receivable on subscription – 20 – 20 Other receivables and prepayments 6 – 16 – 16 LiabilitiesFinancial liabilities at fair value through profit or loss (5) – – (5)Due to brokers – – (9,995,000) (9,995,000)Accounts payable and accrued expenses – – (513) (513)Total 9,994,995 10,000,016 (9,995,513) 9,999,498
93
Not
es to
Fin
anci
al S
tate
men
ts
30 J
une
2020
19.
REC
ON
CIL
IATI
ON
OF
NET
ASS
ETS
AN
D N
ET A
SSET
VA
LUE
PER
UN
IT
The
effe
ct o
f adj
ustm
ent t
o ot
her
rece
ivab
les
and
prep
aym
ents
afte
r ex
pens
ing
prev
ious
ly c
apita
lised
pre
limin
ary
expe
nses
and
oth
er a
djus
tmen
ts to
the
publ
ishe
d N
AV is
set
out
in th
e fo
llow
ing
tabl
es:
Manu
life G
loba
l Dy
nam
ic As
set
Allo
catio
n Fu
nd
Manu
life A
ll-we
athe
r Po
rtfol
io –
Capi
tal
Cons
erva
tive F
und
Manu
life A
ll-we
athe
r Po
rtfol
io –
Mana
ged
Grow
th F
und
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Fun
d
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Plu
s Fun
d
Manu
life S
TARS
In
com
e and
Gro
wth
Fund
Com
bine
d30
June
2020
30 Ju
ne20
1930
June
2020
30 Ju
ne20
1930
June
2020
30 Ju
ne20
1930
June
2020
30 Ju
ne20
1930
June
2020
30 Ju
ne20
19
30 Ju
ne 20
2030
June
2020
30 Ju
ne20
19
Net a
sset
s attr
ibut
able
to
unith
olde
rs
18
,268,1
33
24
,207,9
51
13
,473,8
51
12
,505,6
16 14
,033,6
51 13
,900,3
71
14
,235,3
39
15
,345,9
84
21
,451,5
34
23
,848,2
57
9,99
9,498
91,46
2,006
89,8
08,17
9
Adjus
tmen
t for f
orma
tion e
xpen
ses
– (2
1,107
) (1
7,053
) (3
4,152
) (1
7,053
) (3
4,153
) (1
7,052
) (3
4,153
) (1
7,240
) (3
4,339
) –
(68,3
98)
(157
,904)
Adjus
tmen
t for s
ubsc
riptio
ns/
rede
mptio
ns w
ith tr
ade d
ate at
ye
ar/pe
riod e
nd
(20,2
42)
– 31
,835
– (4
93)
– 52
,222
– 1,
433,2
49
– –
1,49
6,571
–
NAV
as p
er fi
nanc
ial re
porti
ng
18
,247,8
91
24
,186,8
44
13
,488,6
33
12
,471,4
64
14
,016,1
05
13
,866,2
18
14
,270,5
09 1
5,311
,831
22
,867,5
43
23
,813,9
18
9,99
9,498
92
,890,1
79
89
,650,2
75
* The
NAV
per
uni
t is
calc
ulat
ed in
acc
orda
nce
with
the
pros
pect
us w
here
pre
limin
ary
expe
nses
are
cap
italis
ed a
nd to
be
amor
tised
ove
r the
60
mon
ths
of th
e op
erat
ions
of t
he S
ub-F
unds
, whi
le th
e ne
t ass
ets
as r
epor
ted
in th
e au
dite
d fin
anci
al s
tate
men
ts, t
he p
relim
inar
y ex
pens
es a
re e
xpen
sed
as in
curr
ed, a
s re
quire
d un
der H
KFR
Ss.
94
Not
es to
Fin
anci
al S
tate
men
ts
30 J
une
2020
19.
REC
ON
CIL
IATI
ON
OF
NET
ASS
ETS
AN
D N
ET A
SSET
VA
LUE
PER
UN
IT (c
ontin
ued)
Net
ass
et v
alue
per
Sha
re in
acc
orda
nce
with
IFR
S
Manu
life G
loba
l Dy
nam
ic As
set
Allo
catio
n Fu
nd
Manu
life A
ll-we
athe
r Po
rtfol
io –
Capi
tal
Cons
erva
tive F
und
Manu
life A
ll-we
athe
r Po
rtfol
io –
Mana
ged
Grow
th F
und
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Fun
d
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Plu
s Fun
d
Manu
life S
TARS
In
com
e and
Gro
wth
Fund
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne 20
20 C
lass A
A(US
D) In
c P
ublis
hed N
AV pe
r Sha
re
7.99
22
8.43
85
9.66
51
9.57
42
9.71
67
9.70
35
9.45
40
9.72
93
9.35
56
9.66
76
9.99
95
Adju
stmen
ts –
(0.00
74)
(0.01
22)
(0.02
62)
(0.01
19)
(0.02
38)
(0.01
12)
(0.02
17)
(0.00
70)
(0.01
39)
– N
AV as
per
fina
ncial
repo
rting
7.
9922
8.
4311
9.
6529
9.
5480
9.
7048
9.
6797
9.
4428
9.
7076
9.
3486
9.
6537
9.
9995
Clas
s AA(
HKD)
Inc
Pub
lishe
d NAV
per S
hare
79
.9796
85
.1247
96
.3710
96
.1901
95
.4402
96
.0642
93
.1497
96
.6291
90
.3382
94
.0824
99
.9952
A
djustm
ents
– (0
.0739
) (0
.1217
) (0
.2627
) (0
.1159
) (0
.2360
) (0
.1112
) (0
.2146
) (0
.0681
) (0
.1355
) –
NAV
as p
er fi
nanc
ial re
porti
ng
79.97
96
85.05
08
96.24
93
95.92
74
95.32
43
95.82
82
93.03
85
96.41
45
90.27
01
93.94
69
99.99
52
Clas
s AA(
RMB)
Inc
Pub
lishe
d NAV
per S
hare
88
.3401
90
.4479
–
– –
– –
– –
– –
Adju
stmen
ts –
(0.07
86)
– –
– –
– –
– –
– N
AV as
per
fina
ncial
repo
rting
88
.3401
90
.3693
–
– –
– –
– –
– –
Clas
s AA(
RMB)
Inc H
edge
d P
ublis
hed N
AV pe
r Sha
re
79.43
93
84.47
97
– –
– –
– –
– –
99.90
20 A
djustm
ents
– (0
.0748
) –
– –
– –
– –
– –
NAV
as p
er fi
nanc
ial re
porti
ng
79.43
93
84.40
49
– –
– –
– –
– –
99.90
20
95
Not
es to
Fin
anci
al S
tate
men
ts
30 J
une
2020
Manu
life G
loba
l Dy
nam
ic As
set
Allo
catio
n Fu
nd
Manu
life A
ll-we
athe
r Po
rtfol
io –
Capi
tal
Cons
erva
tive F
und
Manu
life A
ll-we
athe
r Po
rtfol
io –
Mana
ged
Grow
th F
und
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Fun
d
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Plu
s Fun
d
Manu
life S
TARS
In
com
e and
Gro
wth
Fund
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne 20
20
Clas
s AA(
USD)
Acc
P
ublis
hed N
AV pe
r Sha
re
10.12
80
10.16
48
10.47
23
10.21
88
10.85
52
10.61
68
11.11
42
11.00
07
11.21
54
11.07
19
9.99
95
Adju
stmen
ts –
(0.00
88)
(0.01
32)
(0.02
79)
(0.01
32)
(0.02
61)
(0.01
33)
(0.02
45)
(0.00
84)
(0.01
59)
– N
AV as
per
fina
ncial
repo
rting
10
.1280
10
.1560
10
.4591
10
.1909
10
.8420
10
.5907
11
.1009
10
.9762
11
.2070
11
.0560
9.
9995
Clas
s I(U
SD) I
nc
Pub
lishe
d NAV
per S
hare
8.
8466
9.
2238
–
– –
– –
– –
– –
Adju
stmen
ts –
(0.00
87)
– –
– –
– –
– –
– N
AV as
per
fina
ncial
repo
rting
8.
8466
9.
2151
–
–
–
–
–
–
–
–
–
19.
REC
ON
CIL
IATI
ON
OF
NET
ASS
ETS
AN
D N
ET A
SSET
VA
LUE
PER
UN
IT (c
ontin
ued)
Net
ass
et v
alue
per
Sha
re in
acc
orda
nce
with
IFR
S (c
ontin
ued)
Notes to Financial Statements
30 June 2020
96
20. COMPARATIVE FIGURES
The financial statements provide comparative information in respect of the previous period. Certain comparative figures have been reclassified to conform to the current year/period's financial statements presentation.
21. SUBSEQUENT EVENTS
The Covid-19 outbreak since early 2020 has brought additional uncertainties in the Trust or the Sub-Funds' operating environment. It has had impacts on the operation of the overall market economic environment, which may have adversely affected the income of the investments in the Trust or the Sub-Funds.
The level of impact will depend on how the situation will evolve, the duration and the effectiveness of the control measures taken.
The Trust or the Sub-Funds will keep its contingency measures and risk management under review as the situation evolves. Under current situation, the Trust or the Sub-Funds considered the impact on liquidity is minimal.
Subsequent to the year end, the Manager resolved to declare the distributions of the Sub-Funds. Please refer below for details:
CurrencyDistribution Per Unit
Total Distribution
Distribution Date
Manulife Global Dynamic Asset Allocation FundMonthly DividendClass AA (USD) Inc USD 0.0345 26,503.96 9-Jul-20
Class AA (USD) Inc USD 0.0345 25,840.07 10-Aug-20
Class AA (USD) Inc USD 0.0345 25,682.13 8-Sep-20
Class AA (USD) Inc USD 0.0308 22,612.79 12-Oct-20100,638.95
Class AA (HKD) Inc HKD 0.3500 190,361.92 9-Jul-20
Class AA (HKD) Inc HKD 0.3500 183,283.21 10-Aug-20
Class AA (HKD) Inc HKD 0.3500 178,225.19 8-Sep-20
Class AA (HKD) Inc HKD 0.3079 157,053.26 12-Oct-20708,923.58
Class AA (RMB) Inc RMB 0.3630 77,977.23 9-Jul-20
Class AA (RMB) Inc RMB 0.3630 77,934.10 10-Aug-20
Class AA (RMB) Inc RMB 0.3630 79,587.57 8-Sep-20
Class AA (RMB) Inc RMB 0.3279 71,152.60 12-Oct-20306,651.50
Notes to Financial Statements
30 June 2020
97
CurrencyDistribution Per Unit
Total Distribution
Distribution Date
Manulife Global Dynamic Asset Allocation Fund (continued)Monthly Dividend (continued)Class AA (RMB) Inc Hedged RMB 0.3470 55,018.73 9-Jul-20
Class AA (RMB) Inc Hedged RMB 0.3470 54,777.14 10-Aug-20
Class AA (RMB) Inc Hedged RMB 0.3470 55,009.15 8-Sep-20
Class AA (RMB) Inc Hedged RMB 0.4847 76,402.10 12-Oct-20241,207.12
Class I (USD) Inc USD 0.0375 1,600.27 9-Jul-20
Class I (USD) Inc USD 0.0375 1,606.90 10-Aug-20
Class I (USD) Inc USD 0.0375 1,613.41 8-Sep-20
Class I (USD) Inc USD 0.0341 1,475.10 12-Oct-206,295.68
Manulife All-weather Portfolio – Capital Conservative FundMonthly DividendClass AA (USD) Inc USD 0.0120 4,606.54 9-Jul-20
Class AA (USD) Inc USD 0.0120 5,378.28 10-Aug-20
Class AA (USD) Inc USD 0.0120 4,740.96 8-Sep-20
Class AA (USD) Inc USD 0.0120 4,655.21 12-Oct-2019,380.99
Class AA (HKD) Inc HKD 0.1200 41,213.72 9-Jul-20
Class AA (HKD) Inc HKD 0.1200 41,170.65 10-Aug-20
Class AA (HKD) Inc HKD 0.1200 41,220.32 8-Sep-20
Class AA (HKD) Inc HKD 0.1200 41,270.44 12-Oct-20164,875.13
Manulife All-weather Portfolio – Managed Growth FundMonthly DividendClass AA (USD) Inc USD 0.0167 7,983.36 9-Jul-20
Class AA (USD) Inc USD 0.0167 7,551.05 10-Aug-20
Class AA (USD) Inc USD 0.0167 7,576.25 8-Sep-20
Class AA (USD) Inc USD 0.0167 7,597.18 12-Oct-2030,707.84
21. SUBSEQUENT EVENTS (continued)
Notes to Financial Statements
30 June 2020
98
CurrencyDistribution Per Unit
Total Distribution
Distribution Date
Manulife All-weather Portfolio – Managed Growth Fund (continued)Monthly Dividend (continued)Class AA (HKD) Inc HKD 0.1670 63,103.00 9-Jul-20
Class AA (HKD) Inc HKD 0.1670 63,209.96 10-Aug-20
Class AA (HKD) Inc HKD 0.1670 63,311.94 8-Sep-20
Class AA (HKD) Inc HKD 0.1670 63,348.87 12-Oct-20252,973.77
Manulife All-weather Portfolio – Growth FundQuarterly DividendClass AA (USD) Inc USD 0.0900 47,713.56 9-Jul-20
Class AA (USD) Inc USD 0.0741 42,785.27 12-Oct-2090,498.83
Class AA (HKD) Inc HKD 0.9000 341,246.82 9-Jul-20
Class AA (HKD) Inc HKD 0.7304 279,358.04 12-Oct-20620,604.86
Manulife All-weather Portfolio – Growth Plus FundQuarterly DividendClass AA (USD) Inc USD 0.1040 142,010.61 9-Jul-20
Class AA (USD) Inc USD 0.0693 95,522.67 12-Oct-20237,533.28
Class AA (HKD) Inc HKD 1.0140 403,001.72 9-Jul-20
Class AA (HKD) Inc HKD 0.6695 282,120.91 12-Oct-20685,122.63
Manulife STARS Income and Growth FundMonthly DividendClass AA (USD) Inc USD 0.0327 4,463.50 12-Oct-20
4,463.50
Class AA (HKD) Inc HKD 0.3274 17,986.16 12-Oct-2017,986.16
Class AA (RMB) Inc Hedged RMB 0.3939 1,375.41 12-Oct-201,375.41
21. SUBSEQUENT EVENTS (continued)
Notes to Financial Statements
30 June 2020
99
22. APPROVAL OF THE FINANCIAL STATEMENTS
The financial statements of the Trust and the Sub-Funds were approved and authorised by the Manager and the Trustee on 22 October 2020.
Manulife Hong Kong Series
100
Quantity / Par Value Description
Cost USD
Market Value USD
% of Net Assets
Listed Bond InvestmentsBond investments
Australia 1,000,000 COMMONWEALTH BANK OF AUSTRALIA 4.2% S/A 26OCT2020 150,685 142,190 0.78%
150,685 142,190 0.78%
Bermuda 200,000 CONCORD NEW ENERGY GROUP LTD 7.9% S/A 23JAN2021 200,000 196,001 1.07%
200,000 196,001 1.07%
British Virgin Islands 1,000,000 FRANSHION BRILLIANT LTD 5.2% S/A 08MAR2021 156,034 142,810 0.78% 1,000,000 GREENLAND GLOBAL INVESTMENT LTD 7.125% S/A
20MAR2021 157,784 143,521 0.79%
1,000,000 SINOCHEM OFFSHORE CAPITAL CO LTD 4.4% S/A 14FEB2021 157,400 142,801 0.78% 200,000 STUDIO CITY FINANCE LTD 7.25% S/A 11FEB2024 REGS 202,599 206,265 1.13%
673,817 635,397 3.48%
Canada 1,000,000 NATIONAL BANK OF CANADA 4.3% A 11OCT2020 150,751 142,018 0.78%
150,751 142,018 0.78%
Cayman Islands 1,000,000 COUNTRY GARDEN HLDGS CO LTD 5.8% S/A 12MAR2021 159,958 143,024 0.78% 1,000,000 SHIMAO PROPERTY HLDGS LTD 5.75% S/A 15MAR2021 157,670 143,306 0.79%
200,000 TIMES CHINA HLDGS LTD 7.625% S/A 21FEB2022 199,999 205,512 1.13%517,627 491,842 2.70%
China 1,000,000 INDUSTRIAL & COMMERCIAL BANK OF CHINA LTD/
SINGAPORE 4.5% S/A 22OCT2021 144,600 144,564 0.79%
144,600 144,564 0.79%
Hong Kong 1,000,000 SINOPEC CENTURY BRIGHT CAPITAL INVESTMENT LTD 4.5%
S/A 31OCT2021 143,800 144,495 0.79%
143,800 144,495 0.79%
Manulife Global Dynamic Asset Allocation Fund
Portfolio of Investments (unaudited)As at 30 June 2020
Manulife Hong Kong Series
101
Quantity / Par Value Description
Cost USD
Market Value USD
% of Net Assets
Korea 1,000,000 BUSAN BANK CO LTD 4.85% A 25MAY2021 156,190 143,757 0.79%
156,190 143,757 0.79%
Netherlands 1,000,000 DAIMLER INTL FINANCE BV 4.8% A 09APR2021 159,958 143,538 0.79%
159,958 143,538 0.79%
United States 100,000 UNITED STATES OF AMERICA TREASURY BILL 0% A
15OCT2020 99,927 99,958 0.55%
99,927 99,958 0.55%
Bond Investments Total 2,397,355 2,283,760 12.52%
Collective Investment Schemes
Germany 10,916 ISHARES STOXX EUROPE 600 AUTOMOBILES & PARTS
UCITS ETF (DE)458,061 448,318 2.46%
3,015 ISHARES STOXX EUROPE 600 TECHNOLOGY UCITS ETF (DE) 180,499 181,514 0.99%638,560 629,832 3.45%
Hong Kong 27,300 ISHARES CORE MSCI AC ASIA EX JAPAN ETF 183,136 179,648 0.98% 50,000 ISHARES CORE MSCI CHINA ETF 183,610 179,223 0.98%
366,746 358,871 1.96%
Luxembourg 99,644 MANULIFE GLOBAL FUND-CHINA TOTAL RETURN BOND
FUND-I3112,100 113,714 0.62%
959,981 MANULIFE GLOBAL FUND-US EQUITY FUND-I3 1,402,174 1,429,219 7.83%1,514,274 1,542,933 8.45%
Manulife Global Dynamic Asset Allocation Fund (continued)
Portfolio of Investments (unaudited) (continued)As at 30 June 2020
Manulife Hong Kong Series
102
Manulife Global Dynamic Asset Allocation Fund (continued)
Portfolio of Investments (unaudited) (continued)As at 30 June 2020
Quantity / Par Value Description
Cost USD
Market Value USD
% of Net Assets
United Kingdom 38,423 INVESCO PREFERRED SHARES UCITS ETF 753,931 730,037 4.01%
3,768 ISHARES $ CORP BOND UCITS ETF USD DIST 454,407 483,397 2.65% 4,659 ISHARES $ HIGH YIELD CORP BOND UCITS ETF USD DIST 444,085 447,357 2.45%
1,652,423 1,660,791 9.11%
United States 2,925 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND 362,428 373,552 2.05% 5,878 INVESCO QQQ TRUST SERIES 1 1,334,628 1,455,393 7.99% 2,468 INVESCO S&P 500 EQUAL WEIGHT ETF 267,627 251,144 1.38% 3,213 ISHARES CORE S&P 500 ETF 983,163 995,034 5.45% 4,352 ISHARES IBOXX $ HIGH YIELD CORPORATE BOND ETF 362,845 355,210 1.95% 1,674 ISHARES J.P. MORGAN USD EMERGING MARKETS BOND
ETF182,834 182,834 1.00%
4,471 ISHARES MSCI EMERGING MARKETS ETF 182,905 178,795 0.98% 20,333 ISHARES MSCI EUROZONE ETF 703,147 741,748 4.06%
8,057 ISHARES MSCI JAPAN ETF 448,549 442,490 2.42% 2,392 ISHARES PHLX SEMICONDUCTOR ETF 577,984 647,921 3.55% 8,737 ISHARES TIPS BOND ETF 1,070,429 1,074,651 5.89% 4,518 ISHARES U.S. TECHNOLOGY ETF 927,688 1,218,956 6.68%
10,829 ISHARES US PREFERRED STOCK ETF 366,497 375,117 2.06% 3,904 SPDR GOLD SHARES 635,144 653,412 3.58%
582 SPDR S&P 500 ETF TRUST 165,953 179,466 0.98% 3,317 SPDR S&P BIOTECH ETF 362,047 371,338 2.03% 6,274 UTILITIES SELECT SECTOR SPDR FUND 379,707 354,042 1.94% 2,942 VANECK VECTORS JP MORGAN EM LOCAL CURRENCY
BOND ETF91,059 90,437 0.50%
5,234 VANGUARD INFORMATION TECHNOLOGY INDEX ETF 1,144,279 1,458,768 7.99% 3,992 VANGUARD INTERMEDIATE-TERM TREASURY ETF 278,541 281,715 1.54%
10,827,454 11,682,023 64.02%
Collective Investment Schemes Total 14,999,457 15,874,450 86.99%
Portfolio of Investments 17,396,812 18,158,210 99.51%
Manulife Hong Kong Series
103
Quantity / Par Value Description
Cost USD
Market Value USD
% of Net Assets
Futures
United States (4) 10-YEAR US TREASURY NOTE FUTURE (CBT) SEP2020 (2,273) -0.01% (1) US TREASURY LONG BOND FUTURE (CBT) SEP2020 (2,098) -0.01%
(4,371) -0.02%
Forward Currency Contracts
EUR/USD (4,614) -0.03%HKD/USD (9) 0.00%RMB/USD (1,652) -0.01%USD/EUR 3,178 0.02%USD/RMB 195 0.00%
(2,902) -0.02%
Other Net Assets 96,954 0.53%
Net Assets 18,247,891 100.00%
Manulife Global Dynamic Asset Allocation Fund (continued)
Portfolio of Investments (unaudited) (continued)As at 30 June 2020
Manulife Hong Kong Series
104
Manulife All-weather Portfolio – Capital Conservative Fund
Portfolio of Investments (unaudited) As at 30 June 2020
Quantity / Par Value Description
Cost USD
Market Value USD
% of Net Assets
Bond Investments Australia
1,000,000 COMMONWEALTH BANK OF AUSTRALIA 2.75% A 20FEB2024
127,976 135,474 1.00%
127,976 135,474 1.00%
British Virgin Islands 1,000,000 HENDERSON LAND MTN LTD 3.62% A 02JUN2030 130,558 141,400 1.05% 1,000,000 HLP FINANCE LTD 4.6% S/A 16MAY2024 132,119 140,142 1.04% 1,000,000 NWD MTN LTD 3.5% Q 27MAR2024 129,359 132,704 0.98%
392,036 414,246 3.07%
China 1,000,000 BANK OF CHINA LTD/MACAU 2.34% S/A 15OCT2020 127,896 129,572 0.96%
500,000 BANK OF COMMUNICATIONS CO LTD/HONG KONG 2.13% A 26OCT2020 FXCD
63,788 64,783 0.48%
191,684 194,355 1.44%
Hong Kong 2,900,000 HONG KONG GOVERNMENT BOND PROGRAMME 2.22%
S/A 07AUG2024 378,742 404,347 3.00%
3,000,000 HONG KONG MORTGAGE CORP LTD 2.18% Q 19OCT2020 385,617 388,588 2.88% 764,359 792,935 5.88%
Japan 1,000,000 MUFG BANK LTD/HONG KONG 2.42% A 09MAY2022 FXCD 128,203 131,402 0.97%
128,203 131,402 0.97%
Korea 1,000,000 KEB HANA BANK 2.61% Q 22MAR2021 128,220 130,329 0.98%
128,220 130,329 0.98%
Bond Investments Total 1,732,478 1,798,741 13.34%
Manulife Hong Kong Series
105
Manulife All-weather Portfolio – Capital Conservative Fund (continued)
Portfolio of Investments (unaudited) (continued)As at 30 June 2020
Quantity / Par Value Description
Cost USD
Market Value USD
% of Net Assets
Collective Investment Schemes
Luxembourg 409,206 MANULIFE GLOBAL FUND-ASIAN EQUITY FUND-I3 348,249 389,319 2.89% 134,954 MANULIFE GLOBAL FUND-DRAGON GROWTH FUND-I3 138,800 146,115 1.08% 349,295 MANULIFE GLOBAL FUND-EUROPEAN GROWTH FUND-I3 345,660 343,147 2.54%
3,449,987 MANULIFE GLOBAL FUND-US BOND FUND-I3 3,559,320 3,780,496 28.03% 743,679 MANULIFE GLOBAL FUND-US EQUITY FUND-I3 982,444 1,107,190 8.21%
5,374,473 5,766,267 42.75%
United Kingdom 841 ISHARES $ CORP BOND UCITS ETF USD DIST 106,159 107,892 0.80%
5,215 ISHARES JP MORGAN $ EM BOND UCITS ETF USD (DIST) 563,803 565,410 4.19% 5,378 ISHARES JP MORGAN EM LOCAL GOVERNMENT BOND
UCITS ETF 297,934 300,845 2.23%
379 ISHARES MSCI AC FAR EAST EX-JAPAN UCITS ETF USD DIST
20,962 20,625 0.15%
988,858 994,772 7.37%
United States 2,481 CONSUMER DISCRETIONARY SELECT SECTOR SPDR
FUND 303,049 316,849 2.35%
3,334 INVESCO CHINA TECHNOLOGY ETF 206,909 211,642 1.57% 874 ISHARES 20+ YEAR TREASURY BOND ETF 138,806 143,275 1.06%
8,489 ISHARES CORE TOTAL US BOND MARKET ETF 960,083 1,003,485 7.44% 1,102 ISHARES MSCI EUROZONE ETF 41,742 40,201 0.30%
381 ISHARES PHLX SEMICONDUCTOR ETF 89,289 103,201 0.77% 581 ISHARES RUSSELL 1000 VALUE ETF 68,923 65,432 0.49% 193 ISHARES RUSSELL 2000 ETF 27,160 27,634 0.20% 339 ISHARES S&P 500 GROWTH ETF 67,205 70,339 0.52% 617 SPDR GOLD SHARES 102,542 103,267 0.77%
2,657 VANGUARD FINANCIALS ETF 171,183 151,980 1.13% 590 VANGUARD HEALTH CARE ETF 110,038 113,664 0.84%
46 VANGUARD INFORMATION TECHNOLOGY INDEX ETF 10,708 12,821 0.10% 2,939 VANGUARD INTERMEDIATE-TERM BOND ETF 273,070 273,885 2.03% 4,912 VANGUARD INTERMEDIATE-TERM CORPORATE BOND
ETF 441,582 467,328 3.46%
6,287 VANGUARD SHORT-TERM BOND ETF 514,694 522,575 3.87%
Manulife Hong Kong Series
106
Manulife All-weather Portfolio – Capital Conservative Fund (continued)
Portfolio of Investments (unaudited) (continued)As at 30 June 2020
Quantity / Par Value Description
Cost USD
Market Value USD
% of Net Assets
United States (continued) 12,830 VANGUARD TOTAL BOND MARKET ETF 1,108,725 1,133,402 8.40%
4,635,708 4,760,980 35.30%
Collective Investment Schemes Total 10,999,039 11,522,019 85.42%
Portfolio of Investments 12,731,517 13,320,760 98.76%
Other Net Assets 167,873 1.24%Net Assets 13,488,633 100%
Manulife Hong Kong Series
107
Quantity / Par Value Description
Cost USD
Market Value USD
% of Net Assets
Bond Investments
Australia 1,000,000 COMMONWEALTH BANK OF AUSTRALIA 2.75% A
20FEB2024 127,976 135,474 0.97%
127,976 135,474 0.97%
British Virgin Islands 1,000,000 HENDERSON LAND MTN LTD 3.62% A 02JUN2030 130,558 141,400 1.01%
500,000 NWD MTN LTD 4.7% A 08MAR2026 65,685 70,604 0.50% 196,243 212,004 1.51%
Cayman Islands 1,000,000 CDBL FUNDING 2 3.6% Q 16NOV2021 130,826 132,147 0.95%
500,000 SUN HUNG KAI PRO (CAP) 3.45% Q 20OCT2020 68,165 64,982 0.46% 198,991 197,129 1.41%
China 500,000 BANK OF CHINA LTD/MACAU 2.34% S/A 15OCT2020 FXCD 63,858 64,786 0.46%
63,858 64,786 0.46%
Hong Kong 1,500,000 HONG KONG GOVERNMENT BOND PROGRAMME 1.16%
S/A 18MAY2022 187,548 196,816 1.40%
1,250,000 HONG KONG GOVERNMENT BOND PROGRAMME 2.22% S/A 07AUG2024
161,620 174,287 1.24%
1,050,000 HONG KONG GOVERNMENT BOND PROGRAMME 2.46% S/A 04AUG2021
139,814 138,801 0.99%
2,000,000 HONG KONG MORTGAGE CORP LTD 2.18% Q 19OCT2020 257,078 259,059 1.86% 746,060 768,963 5.49%
Japan 500,000 MUFG BANK LTD/HONG KONG 2.42% A 09MAY2022 FXCD 64,102 65,701 0.47%
64,102 65,701 0.47%
Manulife All-weather Portfolio – Managed Growth Fund
Portfolio of Investments (unaudited)As at 30 June 2020
Manulife Hong Kong Series
108
Quantity / Par Value Description
Cost USD
Market Value USD
% of Net Assets
Malaysia 1,000,000 MALAYAN BANKING BHD 2.4% A 03OCT2022 128,414 133,644 0.95%
128,414 133,644 0.95%Bond Investments Total 1,525,644 1,577,701 11.26%
Collective Investment Schemes
Luxembourg
841,367 MANULIFE GLOBAL FUND-ASIAN EQUITY FUND-I3 772,585 800,476 5.71% 203,641 MANULIFE GLOBAL FUND-DRAGON GROWTH FUND-I3 213,100 220,482 1.57%
1,342,959 MANULIFE GLOBAL FUND-EUROPEAN GROWTH FUND-I3 1,295,209 1,319,323 9.41% 156,688 MANULIFE GLOBAL FUND-JAPAN EQUITY FUND-I3 160,874 168,753 1.20%
1,254,767 MANULIFE GLOBAL FUND-US BOND FUND-I3 1,290,346 1,374,974 9.81% 2,025,643 MANULIFE GLOBAL FUND-US EQUITY FUND-I3 2,751,338 3,015,778 21.52%
6,483,452 6,899,786 49.22%
United Kingdom 768 ISHARES $ CORP BOND UCITS ETF USD DIST 96,958 98,527 0.70%
1,941 ISHARES JP MORGAN $ EM BOND UCITS ETF USD (DIST) 209,138 210,443 1.51% 2,560 ISHARES JP MORGAN EM LOCAL GOVERNMENT BOND
UCITS ETF 141,537 143,206 1.02%
622 ISHARES MSCI AC FAR EAST EX-JAPAN UCITS ETF USD DIST
34,403 33,849 0.24%
482,036 486,025 3.47%
United States 3,862 CONSUMER DISCRETIONARY SELECT SECTOR SPDR
FUND 473,200 493,216 3.52%
4,540 INVESCO CHINA TECHNOLOGY ETF 281,754 288,199 2.06% 102 INVESCO QQQ TRUST SERIES 1 22,164 25,255 0.18% 905 ISHARES 20+ YEAR TREASURY BOND ETF 143,729 148,357 1.06%
8,998 ISHARES CORE TOTAL US BOND MARKET ETF 1,018,146 1,063,654 7.59% 1,335 ISHARES MSCI ALL COUNTRY ASIA EX-JAPAN ETF 101,286 92,342 0.66% 2,242 ISHARES MSCI EUROZONE ETF 84,923 81,788 0.58%
775 ISHARES PHLX SEMICONDUCTOR ETF 182,850 209,924 1.50% 1,187 ISHARES RUSSELL 1000 VALUE ETF 140,811 133,680 0.95%
365 ISHARES RUSSELL 2000 ETF 51,365 52,261 0.37%
Manulife All-weather Portfolio – Managed Growth Fund (continued)
Portfolio of Investments (unaudited) (continued)As at 30 June 2020
Manulife Hong Kong Series
109
Manulife All-weather Portfolio – Managed Growth Fund (continued)
Portfolio of Investments (unaudited) (continued)As at 30 June 2020
Quantity / Par Value Description
Cost USD
Market Value USD
% of Net Assets
United States (continued) 684 ISHARES S&P 500 GROWTH ETF 135,600 141,923 1.01%
1,256 SPDR GOLD SHARES 208,499 210,217 1.50% 3,272 VANGUARD FINANCIALS ETF 210,806 187,158 1.34% 1,463 VANGUARD HEALTH CARE ETF 278,398 281,847 2.01%
96 VANGUARD INFORMATION TECHNOLOGY INDEX ETF 22,213 26,756 0.19% 2,240 VANGUARD INTERMEDIATE-TERM BOND ETF 208,124 208,746 1.49% 3,051 VANGUARD INTERMEDIATE-TERM CORPORATE BOND
ETF 286,962 290,272 2.07%
11,666 VANGUARD TOTAL BOND MARKET ETF 1,002,245 1,030,574 7.35%4,853,075 4,966,169 35.43%
Collective Investment Schemes Total 11,818,563 12,351,980 88.12%
Portfolio of Investments 13,344,207 13,929,681 99.38%
Other Net Assets 86,424 0.62%Net Assets 14,016,105 100%
Manulife Hong Kong Series
110
Par Value DescriptionCost USD
Market Value USD
% of Net Assets
Collective Investment Schemes
Luxembourg 1,105,731 MANULIFE GLOBAL FUND-ASIAN EQUITY FUND-I3 1,036,322 1,051,992 7.37%
188,721 MANULIFE GLOBAL FUND-DRAGON GROWTH FUND-I3 194,100 204,329 1.43% 1,835,569 MANULIFE GLOBAL FUND-EUROPEAN GROWTH FUND-I3 1,795,465 1,803,262 12.64%
319,405 MANULIFE GLOBAL FUND-JAPAN EQUITY FUND-I3 331,888 343,999 2.41% 2,326,386 MANULIFE GLOBAL FUND-US BOND FUND-I3 2,451,221 2,549,253 17.87%
646,668 MANULIFE GLOBAL FUND-US EQUITY FUND-I3 915,792 962,759 6.75% 6,724,788 6,915,594 48.47%
United Kingdom 1,400 ISHARES $ CORP BOND UCITS ETF USD DIST 177,500 179,606 1.26% 2,020 ISHARES JP MORGAN $ EM BOND UCITS ETF USD (DIST) 219,633 219,008 1.53% 2,357 ISHARES MSCI AC FAR EAST EX-JAPAN UCITS ETF USD
DIST 113,950 128,268 0.90% 511,083 526,882 3.69%
United States 317 AMERICAN TOWER CORP 47,890 81,957 0.57%
5,634 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND
687,007 719,518 5.04%
6,115 INVESCO CHINA TECHNOLOGY ETF 379,499 388,180 2.72% 132 INVESCO QQQ TRUST SERIES 1 28,266 32,683 0.23%
1,309 ISHARES 20+ YEAR TREASURY BOND ETF 207,891 214,584 1.50% 2,851 ISHARES MSCI EUROZONE ETF 107,991 104,004 0.73% 1,046 ISHARES PHLX SEMICONDUCTOR ETF 246,622 283,330 1.99% 1,141 ISHARES RUSSELL 1000 VALUE ETF 135,354 128,499 0.90%
420 ISHARES RUSSELL 2000 ETF 59,104 60,136 0.42% 1,377 ISHARES RUSSELL 2000 VALUE ETF 145,692 134,202 0.94% 1,295 ISHARES S&P 500 GROWTH ETF 256,728 268,700 1.88% 1,491 SPDR GOLD SHARES 247,411 249,549 1.75% 4,210 VANGUARD FINANCIALS ETF 271,239 240,812 1.69% 2,736 VANGUARD FTSE EUROPE ETF 130,251 137,703 0.96% 2,471 VANGUARD HEALTH CARE ETF 471,788 476,038 3.34%
Manulife All-weather Portfolio – Growth Fund
Portfolio of Investments (unaudited)As at 30 June 2020
Manulife Hong Kong Series
111
Par Value DescriptionCost USD
Market Value USD
% of Net Assets
United States (continued) 122 VANGUARD INFORMATION TECHNOLOGY INDEX ETF 29,457 34,003 0.24%
1,467 VANGUARD INTERMEDIATE-TERM CORPORATE BOND ETF
137,979 139,570 0.98%
3,023 VANGUARD TOTAL BOND MARKET ETF 265,312 267,052 1.87%3,855,481 3,960,520 27.75%
Collective Investment Schemes Total 11,091,352 11,402,996 79.91%
Deposit Receipt United States
2,521 ANHEUSER-BUSCH INBEV SA-SPONSORED ADR 165,144 124,285 0.87% 3,427 DANONE SA-SPONSORED ADR 53,136 47,298 0.33%
143 DIAGEO PLC-SPONSORED ADR 19,047 19,218 0.13%237,327 190,801 1.33%
Deposit Receipt Total 237,327 190,801 1.33%
Listed Equities
United States 226 ALNYLAM PHARMACEUTICALS INC 25,027 33,473 0.23%
99 ALPHABET INC-CL A 94,900 140,387 0.98% 96 AMAZON.COM INC 132,814 264,847 1.86%
458 AMERICAN EXPRESS CO 42,416 43,602 0.31% 260 ANALOG DEVICES INC 27,309 31,886 0.22% 646 APPLE INC 107,493 235,661 1.65%
1,848 BAKER HUGHES CO 48,055 28,441 0.20% 3,659 BANK OF AMERICA CORP 88,168 86,901 0.61%
515 BRISTOL-MYERS SQUIBB CO 25,524 30,282 0.21% 63 BROADCOM INC 16,803 19,883 0.14%
499 CARGURUS INC 18,398 12,650 0.09% 449 CARMAX INC 29,172 40,208 0.28% 201 CARRIER GLOBAL CORP 3,584 4,466 0.03% 190 CATERPILLAR INC 26,006 24,035 0.17%
2,552 CHENIERE ENERGY INC 134,906 123,313 0.86% 1,523 CITIGROUP INC 98,353 77,825 0.55%
766 COMCAST CORP-CL A 29,319 29,859 0.21%
Manulife All-weather Portfolio – Growth Fund (continued)
Portfolio of Investments (unaudited) (continued)As at 30 June 2020
Manulife Hong Kong Series
112
Par Value DescriptionCost USD
Market Value USD
% of Net Assets
United States (continued) 244 DANAHER CORP 27,852 43,147 0.30% 728 FACEBOOK INC-CL A 127,134 165,307 1.16%
1,853 FOX CORP-CL B 62,858 49,735 0.35% 269 GENERAL DYNAMICS CORP 37,754 40,205 0.28% 342 GOLDMAN SACHS GROUP INC 69,120 67,586 0.47% 428 INTEL CORP 24,597 25,607 0.18% 617 JPMORGAN CHASE & CO 59,561 58,035 0.41% 159 KLA CORP 24,192 30,922 0.22%
2,159 LENNAR CORP-CL A 105,608 133,038 0.93% 2,278 LIBERTY MEDIA CORP-LIBERTY FORMULA ONE– C 71,002 72,235 0.51%
358 LYONDELLBASELL INDUSTRIES NV-CL A 27,251 23,528 0.16% 451 MICROSOFT CORP 58,374 91,783 0.64%
2,284 MORGAN STANLEY 91,949 110,317 0.77% 83 NVIDIA CORP 13,575 31,533 0.22%
100 OTIS WORLDWIDE CORP 7,022 5,686 0.04% 201 RAYTHEON TECHNOLOGIES CORP 12,609 12,386 0.09% 641 STATE STREET CORP 33,056 40,736 0.29% 873 SYNCHRONY FINANCIAL 27,473 19,346 0.14% 344 UNION PACIFIC CORP 44,179 58,160 0.41% 285 UNITEDHEALTH GROUP INC 69,912 84,061 0.59% 201 VISA INC – A 25,840 38,827 0.27%
20 WABTEC CORP 2,624 1,151 0.01% 334 WALT DISNEY CO 33,708 37,244 0.26% 564 WORKDAY INC-CL A 83,161 105,671 0.74%
2,088,658 2,573,965 18.04%
Equities Total 2,088,658 2,573,965 18.04%
Portfolio of Investments 13,417,337 14,167,762 99.28%
Other Net Assets 102,747 0.72%Net Assets 14,270,509 100.00%
Manulife All-weather Portfolio – Growth Fund (continued)
Portfolio of Investments (unaudited) (continued)As at 30 June 2020
Manulife Hong Kong Series
113
Quantity / Par Value Description
Cost USD
Market Value USD
% of Net Assets
Collective Investment Schemes
Luxembourg 1,636,743 MANULIFE GLOBAL FUND-ASIAN EQUITY FUND-I3 1,507,639 1,557,197 6.81%
802,971 MANULIFE GLOBAL FUND-DRAGON GROWTH FUND-I3 854,900 869,377 3.80% 3,417,589 MANULIFE GLOBAL FUND-EUROPEAN GROWTH FUND-I3 3,297,814 3,357,440 14.69%
761,421 MANULIFE GLOBAL FUND-JAPAN EQUITY FUND-I3 777,901 820,051 3.59% 743,193 MANULIFE GLOBAL FUND-US BOND FUND-I3 793,996 814,391 3.56%
2,220,704 MANULIFE GLOBAL FUND-US EQUITY FUND-I3 3,240,672 3,306,184 14.46%10,472,922 10,724,640 46.91%
United Kingdom 983 ISHARES $ CORP BOND UCITS ETF USD DIST 124,127 126,109 0.55%
1,595 ISHARES JP MORGAN $ EM BOND UCITS ETF USD (DIST) 173,423 172,930 0.77% 2,564 ISHARES MSCI AC FAR EAST EX-JAPAN UCITS ETF USD
DIST 124,444 139,533 0.61%
421,994 438,572 1.93%
United States 478 AMERICAN TOWER CORP 73,904 123,582 0.54%
8,731 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND
1,070,661 1,115,036 4.88%
11,066 INVESCO CHINA TECHNOLOGY ETF 689,610 702,470 3.07% 172 INVESCO QQQ TRUST SERIES 1 34,456 42,587 0.19%
2,055 ISHARES 20+ YEAR TREASURY BOND ETF 326,369 336,876 1.47% 4,981 ISHARES MSCI EUROZONE ETF 188,672 181,707 0.79% 1,321 ISHARES PHLX SEMICONDUCTOR ETF 313,428 357,819 1.56% 2,019 ISHARES RUSSELL 1000 VALUE ETF 239,510 227,380 0.99%
540 ISHARES RUSSELL 2000 ETF 75,992 77,317 0.34% 3,709 ISHARES RUSSELL 2000 VALUE ETF 394,016 361,479 1.58% 1,112 ISHARES S&P 500 GROWTH ETF 220,449 230,729 1.01% 2,474 SPDR GOLD SHARES 410,348 414,073 1.81% 5,696 VANGUARD FINANCIALS ETF 366,978 325,811 1.42% 3,398 VANGUARD FTSE EUROPE ETF 159,495 171,021 0.75% 4,143 VANGUARD HEALTH CARE ETF 789,951 798,149 3.49%
167 VANGUARD INFORMATION TECHNOLOGY INDEX ETF 39,204 46,545 0.20% 1,857 VANGUARD INTERMEDIATE-TERM BOND ETF 172,538 173,054 0.76%
Manulife All-weather Portfolio – Growth Plus Fund
Portfolio of Investments (unaudited) As at 30 June 2020
Manulife Hong Kong Series
114
Quantity / Par Value Description
Cost USD
Market Value USD
% of Net Assets
United States (continued) 1,380 VANGUARD INTERMEDIATE-TERM CORPORATE BOND
ETF 129,796 131,293 0.57%
3,913 VANGUARD TOTAL BOND MARKET ETF 343,819 345,674 1.51% 6,039,196 6,162,602 26.93%
Collective Investment Schemes Total 16,934,112 17,325,814 75.77%
Deposit Receipt United States
3,863 ANHEUSER-BUSCH INBEV SA-SPONSORED ADR 251,065 190,446 0.83% 5,458 DANONE SA-SPONSORED ADR 81,342 75,329 0.33%
217 DIAGEO PLC-SPONSORED ADR 29,774 29,163 0.13% 362,181 294,938 1.29%
Deposit Receipt Total 362,181 294,938 1.29%
Listed Equities
United States 347 ALNYLAM PHARMACEUTICALS INC 38,427 51,394 0.22% 146 ALPHABET INC-CL A 152,908 207,035 0.91% 147 AMAZON.COM INC 212,634 405,546 1.78% 702 AMERICAN EXPRESS CO 65,239 66,830 0.29% 414 ANALOG DEVICES INC 43,109 50,773 0.22% 989 APPLE INC 177,047 360,787 1.58%
3,080 BAKER HUGHES CO 83,164 47,401 0.21% 5,602 BANK OF AMERICA CORP 146,155 133,048 0.58%
779 BRISTOL-MYERS SQUIBB CO 39,088 45,805 0.20% 99 BROADCOM INC 26,324 31,245 0.14%
710 CARGURUS INC 26,115 17,999 0.08% 689 CARMAX INC 44,764 61,700 0.27% 314 CARRIER GLOBAL CORP 5,830 6,977 0.03% 300 CATERPILLAR INC 41,556 37,950 0.17%
3,909 CHENIERE ENERGY INC 206,285 188,883 0.83% 2,259 CITIGROUP INC 145,013 115,435 0.50% 1,196 COMCAST CORP-CL A 45,139 46,620 0.20%
Manulife All-weather Portfolio – Growth Plus Fund (continued)
Portfolio of Investments (unaudited) (continued)As at 30 June 2020
Manulife Hong Kong Series
115
Quantity / Par Value Description
Cost USD
Market Value USD
% of Net Assets
United States (continued) 382 DANAHER CORP 42,740 67,549 0.30%
1,115 FACEBOOK INC-CL A 189,370 253,183 1.11% 2,838 FOX CORP-CL B 96,620 76,172 0.33%
413 GENERAL DYNAMICS CORP 57,965 61,727 0.27% 525 GOLDMAN SACHS GROUP INC 106,815 103,751 0.45% 656 INTEL CORP 37,700 39,248 0.17% 946 JPMORGAN CHASE & CO 95,419 88,981 0.39% 244 KLA CORP 37,125 47,453 0.21%
3,307 LENNAR CORP-CL A 163,489 203,777 0.89% 3,491 LIBERTY MEDIA CORP-LIBERTY FORMULA ONE– C 107,971 110,700 0.48%
549 LYONDELLBASELL INDUSTRIES NV-CL A 41,790 36,080 0.16% 691 MICROSOFT CORP 86,940 140,625 0.61%
3,500 MORGAN STANLEY 146,715 169,050 0.74% 134 NVIDIA CORP 23,219 50,908 0.22% 157 OTIS WORLDWIDE CORP 11,421 8,927 0.04% 314 RAYTHEON TECHNOLOGIES CORP 20,507 19,349 0.08% 983 STATE STREET CORP 50,693 62,470 0.27%
1,332 SYNCHRONY FINANCIAL 40,861 29,517 0.13% 501 UNION PACIFIC CORP 67,489 84,704 0.37% 436 UNITEDHEALTH GROUP INC 106,835 128,598 0.56% 305 VISA INC – A 38,739 58,917 0.26%
49 WABTEC CORP 5,202 2,821 0.01% 512 WALT DISNEY CO 48,439 57,093 0.25% 864 WORKDAY INC-CL A 126,225 161,880 0.71%
Equities Total 3,249,086 3,938,908 17.22%
Portfolio of Investments 20,545,379 21,559,660 94.28%
Other Net Assets 1,307,883 5.72%Net Assets 22,867,543 100.00%
Manulife All-weather Portfolio – Growth Plus Fund (continued)
Portfolio of Investments (unaudited) (continued)As at 30 June 2020
Manulife Hong Kong Series
116
Quantity / Par Value Description
Cost USD
Market Value USD
% of Net Assets
Collective Investment Schemes
Luxembourg 16,539 AB FCP I-AMERICAN INCOME PORTFOLIO-I2-USD 299,850 299,850 3.00%
163,033 FIDELITY FUNDS-US HIGH YIELD FUND-I MDIST 1,499,250 1,499,250 14.98% 8,465 FRANKLIN TEMPLETON INVESTMENT FUNDS-FRANKLIN
US OPPORTUNITIES FUND-I ACC 499,750 499,750 5.00%
6,829 JPMORGAN FUNDS-EMERGING MARKETS INVESTMENT GRADE BOND-C ACC
999,500 999,500 9.99%
2,180 JPMORGAN FUNDS-EMERGING MARKETS OPPORTUNITIES FUND-C ACC
899,550 899,550 9.00%
399,800 MANULIFE GLOBAL FUND-ASIA PACIFIC REIT FUND-I3 ACC
399,800 399,800 4.00%
699,650 MANULIFE GLOBAL FUND-ASIA TOTAL RETURN FUND-I3 ACC
699,650 699,650 7.00%
699,650 MANULIFE GLOBAL FUND-ASIAN EQUITY FUND-I3 ACC 699,650 699,650 7.00% 499,750 MANULIFE GLOBAL FUND-CHINA TOTAL RETURN BOND
FUND-I3 ACC 499,750 499,750 5.00%
799,600 MANULIFE GLOBAL FUND-DRAGON GROWTH FUND-I3 ACC
799,600 799,600 8.00%
399,800 MANULIFE GLOBAL FUND-EUROPEAN GROWTH FUND-I3 ACC
399,800 399,800 4.00%
1,499,250 MANULIFE GLOBAL FUND-PREFERRED SECURITIES INCOME FUND-I3 ACC
1,499,250 1,499,250 14.98%
52,529 SCHRODER INTL SELECTION FUND-EMERGING MARKETS-A ACC
799,600 799,600 8.00%
9,995,000 9,995,000 99.95%
Collective Investment Schemes Total 9,995,000 9,995,000 99.95%
Portfolio of Investments 9,995,000 9,995,000 99.95%
Forward currency contracts
RMB/USD (5) 0.00%
Other Net Assets 4,503 0.05%
Net Assets 9,999,498 100.00%
Manulife STARS Growth and Income Fund
Portfolio of Investments (unaudited) As at 30 June 2020
Man
ulife
Hon
g K
ong
Serie
s
117
Stat
emen
t of M
ovem
ents
in In
vest
men
t Por
tfolio
s (u
naud
ited)
For t
he y
ear/p
erio
d en
ded
30 J
une
2020
Ma
nulif
e Glo
bal
Dyna
mic
Asse
t Al
loca
tion
Fund
Manu
life A
ll-we
athe
r Po
rtfol
io –
Capi
tal
Cons
erva
tive F
und
Manu
life A
ll-we
athe
r Po
rtfol
io –
Mana
ged
Grow
th F
und
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Fun
d
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Plu
s Fun
d
Man
ulife
STA
RS
Inco
me a
nd
Grow
th F
und
Com
bine
d
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
For
the p
erio
d fr
om 29
June
2020
(d
ate o
f inc
eptio
n)
to 30
June
2020
30 Ju
ne20
2030
June
2019
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Fin
ancia
l inst
rum
ents
at fa
ir va
lue t
hrou
gh p
rofit
or l
oss
Finan
cial a
ssets
held
for tr
ading
Bo
nd In
vest
men
ts
2,28
3,760
2,
597,6
78
1,79
8,741
1,
818,3
68
1,57
7,701
1,
597,8
13
– –
– –
– 5,
660,2
02
6,01
3,859
Au
strali
a 14
2,190
14
7,453
13
5,474
13
1,070
13
5,474
13
1,070
–
– –
– –
413,1
38
409,5
93
Berm
uda
196,0
01
201,0
44
– –
– –
– –
– –
– 19
6,001
201,0
44
Britis
h Virg
in Isl
ands
63
5,397
65
3,789
41
4,246
53
1,608
21
2,004
203,1
82
– –
– –
– 1,2
61,64
7 1,
388,5
79
Cana
da
142,0
18
147,6
16
– –
– –
– –
– –
– 14
2,018
14
7,616
Ca
yman
Islan
ds
491,8
42
705,4
05
– –
197,1
29
65,25
3 –
– –
– –
688,9
71
770,6
58
China
14
4,564
14
9,442
19
4,355
19
2,078
64
,786
64,08
1 –
– –
– –
403,7
05
405,6
01
Hong
Kon
g 14
4,495
14
9,201
79
2,935
77
0,571
76
8,963
1,
005,5
26
– –
– –
– 1,
706,3
93
1,92
5,298
Ja
pan
– –
131,4
02
128,6
81
65,70
1 64
,341
– –
– –
– 19
7,103
19
3,022
Ko
rea
143,7
57
146,9
12
130,3
29
– –
– –
– –
– –
274,0
86
146,9
12
Malay
sia
– –
– –
133,6
44
– –
– –
– –
133,6
44
– Ne
therla
nds
143,5
38
296,8
16
– –
– –
– –
– –
– 14
3,538
29
6,816
Si
ngap
ore
– –
– 64
,360
– 64
,360
– –
– –
– –
128,7
20
Unite
d Stat
es
99,95
8 –
– –
– –
– –
– –
– 99
,958
–
Man
ulife
Hon
g K
ong
Serie
s
118
Manu
life G
loba
l Dy
nam
ic As
set
Allo
catio
n Fu
nd
Manu
life A
ll-we
athe
r Po
rtfol
io –
Capi
tal
Cons
erva
tive F
und
Manu
life A
ll-we
athe
r Po
rtfol
io –
Mana
ged
Grow
th F
und
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Fun
d
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Plu
s Fun
d
Man
ulife
STA
RS
Inco
me a
nd
Grow
th F
und
Com
bine
d
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
30 Ju
ne20
2030
June
2019
For
the p
erio
d fr
om 29
June
2020
(d
ate o
f inc
eptio
n)
to 30
June
2020
30 Ju
ne20
2030
June
2019
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Colle
ctive
Inve
stm
ent S
chem
es
15,87
4,450
21,4
15,73
0 11
,522,0
19 1
0,691
,833
12,35
1,980
12,2
26,43
3 11
,402,9
96 12
,170,9
45 1
7,325
,814
17,36
2,821
9,
995,0
00 7
8,472
,259
73,86
7,762
Ge
rman
y 62
9,832
–
– –
– –
– –
– –
– 62
9,832
–
Hong
Kon
g 35
8,871
2,
404,3
97
– –
– –
– –
– –
– 35
8,871
2,
404,3
97
Luxe
mbou
rg
1,54
2,933
–
5,76
6,267
4,
587,4
78
6,89
9,786
6,
471,8
95
6,915
,594
6,28
5,122
10,7
24,64
0 11
,651,3
72
9,99
5,000
41,8
44,22
0 28
,995,8
67
Unite
d King
dom
1,66
0,791
7,
150,3
18
994,7
72
652,6
06
486,0
25
645,4
19
526,8
82
762,0
14
438,5
72
343,6
36
– 4,
107,0
42
9,55
3,993
Un
ited S
tates
11
,682,0
23 1
1,861
,015
4,76
0,980
5,
451,7
49
4,96
6,169
5,
109,1
19
3,960
,520
5,12
3,809
6,
162,6
02
5,36
7,813
–
31,53
2,294
32,91
3,505
Depo
sit R
eceip
t –
– –
– –
– 19
0,801
17
9,314
29
4,938
27
9,467
–
485,7
39
458,7
81
Unite
d Stat
es –
– –
– –
– 19
0,801
17
9,314
29
4,938
27
9,467
–
485,7
39
458,7
81
List
ed E
quiti
es –
– –
– –
– 2,5
73,96
5 2,
403,1
14
3,93
8,908
3,
548,9
47
– 6,5
12,87
3 5,
952,0
61
Unite
d Stat
es –
– –
– –
– 2,5
73,96
5 2,
403,1
14
3,93
8,908
3,
548,9
47
– 6,5
12,87
3 5,
952,0
61
Deriv
ative
s(7
,273)
6,08
5 –
– –
– –
– –
– (5
)(7
,278)
6,08
5 Fu
tures
(4
,371)
(3,89
4) –
– –
– –
– –
– –
(4,37
1) (3
,894)
Forw
ard c
urre
ncy c
ontra
cts
(2,90
2) 9,
979
– –
– –
– –
– –
(5)
(2,90
7) 9,
979
Tota
l fina
ncial
inst
rum
ents
at
fair
valu
e thr
ough
pro
fit o
r lo
ss
18,15
0,937
24,01
9,493
13,3
20,76
0 12
,510,2
01 1
3,929
,681
13,82
4,246
14,1
67,76
2 14
,753,3
73 2
1,559
,660
21,19
1,235
9,
994,9
95
91,12
3,795
86,29
8,548
Stat
emen
t of M
ovem
ents
in In
vest
men
t Por
tfolio
s (u
naud
ited)
(con
tinue
d)
For t
he y
ear/p
erio
d en
ded
30 J
une
2020
(con
tinue
d)
Man
ulife
Hon
g K
ong
Serie
s
119
Perf
orm
ance
Tab
le (u
naud
ited)
Manu
life G
loba
l Dyn
amic
As
set A
lloca
tion
Fund
Manu
life A
ll-we
athe
r Po
rtfol
io –
Capi
tal
Cons
erva
tive F
und
Manu
life A
ll-we
athe
r Po
rtfol
io –
Mana
ged
Grow
th F
und
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Fun
d
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Plu
s Fun
d
Man
ulife
ST
ARS
In
com
e and
Gr
owth
Fun
d
Net a
sset
value
attri
butab
le to
un
ithold
ers
Curre
ncy
30 Ju
ne 2020
30 Ju
ne 2019
30 Ju
ne 2018
30 Ju
ne 2020
30 Ju
ne 2019
30 Ju
ne 2018
30 Ju
ne 2020
30 Ju
ne 2019
30 Ju
ne 2018
30 Ju
ne 2020
30 Ju
ne 2019
30 Ju
ne 2018
30 Ju
ne 2020
30 Ju
ne 2019
30 Ju
ne 2018
For t
he pe
riod
from
29
June
2020
(da
te of
incep
tion) to
30 Ju
ne 20
20
Net a
sset
valu
e per
uni
t Cl
ass A
A(US
D) In
c US
D7.9
9228.4
3859.0
7329.6
6519.5
7429.5
4609.7
1679.7
0359.9
6229.4
5409.7
29310.
3773
9.3556
9.6676
10.426
19.9
995
Clas
s AA(
HKD)
Inc
HKD
79.979
685.
1247
91.916
996.
3710
96.190
196.
4247
95.440
296.
0642
100.26
8393.
1497
96.629
1104
.0715
90.338
294.
0824
104.41
8899.
9952
Clas
s AA(
RMB)
Inc
RMB
88.340
190.
4479
93.551
8 –
– –
– –
– –
– –
– –
– –
Clas
s AA(
RMB)
Inc H
edge
d RM
B79.
4393
84.479
790.
9152
– –
– –
– –
– –
– –
– –
99.90
20 Cl
ass A
A(US
D) A
cc
USD
10.128
010.
1648
10.349
910.
4723
10.218
810.
0008
10.855
210.
6168
10.658
911.
1142
11.000
711.
1553
11.215
411.
0719
11.411
19.9
995Cl
ass I
(USD
) Inc
US
D8.8
4669.2
2389.7
703 –
– –
– –
– –
– –
– –
– –
Net a
sset
valu
e Cl
ass A
A(US
D) In
c US
D6,1
39,818
7,7
30,244
8,7
57,721
3,678,
123
3,434,
101
3,904,
6894,6
45,001
4,6
54,162
20,
613,86
44,9
59,759
6,3
79,497
4,8
23,590
11,341
,496
13,509
,479
20,335
,878
3,000
Clas
s AA(
HKD)
Inc
HKD
43,656
,962
66,946
,112
88,210
,798
33,098
,404
32,788
,627
34,033
,937
36,063
,271
37,203
,253
37,187
,722
35,318
,916
35,989
,240
38,146
,203
35,903
,777
38,618
,761
42,071
,579
23,232
Cl
ass A
A(RM
B) In
c RM
B18,
976,63
8 20,
215,05
2 17,
883,26
7–
––
– –
– –
– –
– –
– –
Clas
s AA(
RMB)
Inc H
edge
d RM
B12,
595,52
9 15,
604,47
7 13,
748,84
3–
––
– –
– –
– –
– –
– 21
,174
Clas
s AA(
USD)
Acc
US
D1,6
56,492
2,1
18,624
2,2
87,648
5,525,
042
4,872,
931
4,396,
474
4,735,
406
4,482,
332
4,676,
8624,7
18,381
4,3
58,065
4,1
84,184
5,477,
374
5,393,
645
5,309,
3489,9
90,508
Clas
s I(U
SD) I
nc
USD
377,62
0 578
,474
565,14
3–
––
– –
– –
– –
– –
– –
Man
ulife
Hon
g K
ong
Serie
s
120
Perf
orm
ance
Tab
le (u
naud
ited)
(con
tinue
d)
Manu
life G
loba
l Dyn
amic
As
set A
lloca
tion
Fund
Manu
life A
ll-we
athe
r Po
rtfol
io –
Capi
tal
Cons
erva
tive F
und
Manu
life A
ll-we
athe
r Po
rtfol
io –
Mana
ged
Grow
th F
und
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Fun
d
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Plu
s Fun
d
Man
ulife
ST
ARS
In
com
e and
Gr
owth
Fun
d
Curre
ncy
30 Ju
ne 2020
30 Ju
ne 2019
30 Ju
ne 2018
30 Ju
ne 2017
30 Ju
ne 2020
30 Ju
ne 2019
30 Ju
ne 2018
30 Ju
ne 2020
30 Ju
ne 2019
30 Ju
ne 2018
30 Ju
ne 2020
30 Ju
ne 2019
30 Ju
ne 2018
30 Ju
ne 2020
30 Ju
ne 2019
30 Ju
ne 2018
For t
he pe
riod
from
29
June
2020
(da
te of
incep
tion) to
30 Ju
ne 20
20
High
est i
ssue
pric
e per
uni
t Cl
ass A
A(US
D) In
c US
D8.7
3039.1
2609.9
2139.6
9499.8
8639.6
12010.
3386
10.235
810.
1079
11.095
610.
3135
10.386
911.
7549
10.341
410.
5682
12.115
010.
0000
Clas
s AA(
HKD)
Inc
HKD
87.607
392.
4790
100.12
9697.
0448
99.060
797.
0374
104.18
26100
.8697
100.54
26111
.7327
101.90
31103
.6466
117.95
26100
.1335
103.31
65120
.7591
100.00
00Cl
ass A
A(RM
B) In
c RM
B95.
3662
96.994
8100
.6445
101.09
45 –
– –
– –
– –
– –
– –
– –
Clas
s AA(
RMB)
Inc H
edge
d RM
B87.
1109
91.511
899.
4618
96.982
6 –
– –
– –
– –
– –
– –
– 10
0.0000
Cl
ass A
A(US
D) A
cc
USD
10.856
010.
4856
11.071
510.
2863
10.657
410.
2253
10.667
911.
3528
10.847
911.
6134
11.987
711.
4138
12.312
112.
2294
11.711
212.
7901
10.000
0Cl
ass I
(USD
) Inc
US
D9.6
0839.8
38810.
6135
10.143
0 –
– –
– –
– –
– –
– –
– –
Man
ulife
Hon
g K
ong
Serie
s
121
Perf
orm
ance
Tab
le (u
naud
ited)
(con
tinue
d)
Manu
life G
loba
l Dyn
amic
As
set A
lloca
tion
Fund
Manu
life A
ll-we
athe
r Po
rtfol
io –
Capi
tal
Cons
erva
tive F
und
Manu
life A
ll-we
athe
r Po
rtfol
io –
Mana
ged
Grow
th F
und
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Fun
d
Manu
life A
ll-we
athe
r Po
rtfol
io –
Gr
owth
Plu
s Fun
d
Man
ulife
ST
ARS
In
com
e and
Gr
owth
Fun
d
Curre
ncy
30 Ju
ne 2020
30 Ju
ne 2019
30 Ju
ne 2018
30 Ju
ne 2017
30 Ju
ne 2020
30 Ju
ne 2019
30 Ju
ne 2018
30 Ju
ne 2020
30 Ju
ne 2019
30 Ju
ne 2018
30 Ju
ne 2020
30 Ju
ne 2019
30 Ju
ne 2018
30 Ju
ne 2020
30 Ju
ne 2019
30 Ju
ne 2018
For t
he pe
riod
from
29
June
2020
(da
te of
incep
tion) to
30 Ju
ne 20
20Lo
west
rede
mpt
ion
price
per
uni
t Cl
ass A
A(US
D) In
c US
D7.0
0748.1
2119.0
4349.1
5388.5
8768.9
3419.4
9898.0
6478.8
5389.8
9267.4
0908.6
87610.
2886
7.0782
8.5548
10.335
79.9
995Cl
ass A
A(HK
D) In
c HK
D70.
1866
82.158
091.
6370
91.609
185.
6876
90.020
795.
9717
79.277
187.
9185
99.591
173.
0629
86.545
1103
.2059
68.403
983.
4964
103.53
7899.
9952
Clas
s AA(
RMB)
Inc
RMB
77.580
887.
3524
91.223
197.
2301
– –
– –
– –
– –
– –
– –
– Cl
ass A
A(RM
B) In
c Hed
ged
RMB
69.808
781.
6246
90.624
290.
9714
– –
– –
– –
– –
– –
– –
99.902
0Cl
ass A
A(US
D) A
cc
USD
8.7593
9.5286
10.224
39.6
3639.2
6889.4
6219.9
5158.9
6019.5
84310.
4689
8.6117
9.6321
10.724
18.3
7059.5
76310.
9189
9.9995
Clas
s I(U
SD) I
nc
USD
7.7297
8.8146
9.7377
9.6263
– –
– –
– –
– –
– –
– –
–
Manulife H
ong Kong Series
Manulife Hong Kong Series
Annual Report Audited Financial Statementsfor the year/period ended 30 June 2020