MANULIFE GLOBAL SELECT (MPF) SCHEME
CONSOLIDATED REPORT
31 March 2021
MANULIFE GLOBAL SELECT (MPF) SCHEME
CONTENTS
Pages
SCHEME REPORT 1 - 6
INVESTMENT REPORT 7 - 75
INDEPENDENT AUDITOR'S REPORT 76 - 79
AUDITED FINANCIAL STATEMENTS
Master trust scheme
Statement of profit or loss and other comprehensive income 80
Statement of net assets available for benefits 81
Statement of changes in net assets available for benefits 82
Statement of cash flows 83
Constituent funds
Statement of profit or loss and other comprehensive income 84 - 91
Statement of net assets available for benefits 92 - 99
Statement of changes in net assets available for benefits 100 - 107
Statement of cash flows 108 - 115
Notes to financial statements 116 - 146
INFORMATION FOR THE SCHEME MEMBERS 147
INDEPENDENT AUDITOR'S ASSURANCE REPORT 148 - 150
MANULIFE GLOBAL SELECT (MPF) SCHEME
SCHEME REPORT
31 March 2021
DIRECTORS OF MANULIFE PROVIDENT FUNDS TRUST COMPANY LIMITED
Alan Taylor (Independent Director)
22/F, Manulife Financial Centre
223-231 Wai Yip Street
Kwun Tong, Kowloon
Hong Kong
Alexander Lawrence Nutting (resigned on 1 January 2021)
18/F, Manulife Tower
One Bay East
83 Hoi Bun Road
Kwun Tong, Kowloon
Hong Kong
Anthony Nigel Clifton Griffiths (Independent Director)
22/F, Manulife Financial Centre
223-231 Wai Yip Street
Kwun Tong, Kowloon
Hong Kong
Chiu Kai-ping Calvin (appointed on 1 September 2021)
23/F, Manulife Tower,
One Bay East, 83 Hoi Bun Road
Kwun Tong, Kowloon
Hong Kong
Chow Kar Yin, Kareen (appointed on 26 April 2021)
21/F, Manulife Financial Centre
223-231 Wai Yip Street
Kwun Tong, Kowloon
Hong Kong
Ke Wing Siu, Nigel (resigned on 1 September 2021)
22/F, Manulife Tower,
One Bay East, 83 Hoi Bun Road
Kwun Tong, Kowloon
Hong Kong
Leung Siu Mei, Ellen
21/F, Manulife Financial Centre
223-231 Wai Yip Street
Kwun Tong, Kowloon
Hong Kong
1
MANULIFE GLOBAL SELECT (MPF) SCHEME
SCHEME REPORT
31 March 2021
DIRECTORS OF MANULIFE PROVIDENT FUNDS TRUST COMPANY LIMITED (continued)
Ng Ching Fat, Raymond
21/F, Manulife Financial Centre
223-231 Wai Yip Street
Kwun Tong, Kowloon
Hong Kong
Paul Henry Smith (appointed on 4 September 2020)
22/F, Manulife Financial Centre
223-231 Wai Yip Street
Kwun Tong, Kowloon
Hong Kong
2
MANULIFE GLOBAL SELECT (MPF) SCHEME
SCHEME REPORT
31 March 2021
MANAGEMENT AND ADMINISTRATION
Trustee and Manulife Provident Funds Trust Company Limited
Custodian: 22/F, Manulife Financial Centre
223-231 Wai Yip Street
Kwun Tong, Kowloon
Hong Kong
Auditor: Ernst & Young
27/F, One Taikoo Place
979 King's Road
Quarry Bay, Hong Kong
Administrator of the Manulife (International) Limited
Scheme and MPF 22/F, Manulife Financial Centre
corporate intermediary: 223-231 Wai Yip Street
Kwun Tong, Kowloon
Hong Kong
Administrator of the HSBC Institutional Trust Services (Asia) Limited
Constituent Funds 1 Queen's Road, Central
of the Scheme: Hong Kong
Investment Manager*: Manulife Investment Management (Hong Kong) Limited
16/F, Lee Garden One
33 Hysan Avenue
Causeway Bay
Hong Kong
Principal Banks: The Hong Kong and Shanghai Banking Corporation Limited
HSBC Main Building
1 Queen's Road, Central, Hong Kong
Citibank, N.A.
50/F Champion Tower, 3 Garden Road
Central, Hong Kong
Standard Chartered Bank Hong Kong
Standard Chartered Bank Building
4-4A Des Voeux Road, Central, Hong Kong
Manulife Provident Funds Trust Company Limited (the "Trustee") does not retain a regular external legal
adviser.
* Manulife Investment Management (Hong Kong) Limited ("MIMHK") is the Investment Manager of certain
underlying investments of the Manulife Global Select (MPF) Scheme. MIMHK is licensed with the
Securities and Futures Commission to carry out asset management activities in Hong Kong.
3
MANULIFE GLOBAL SELECT (MPF) SCHEME
SCHEME REPORT
31 March 2021
Manulife Provident Funds Trust Company Limited ("MPFTC") is pleased to present the scheme report for
Manulife Global Select (MPF) Scheme (the "Scheme") together with its financial statements for the year ended
31 March 2021.
The Scheme was constituted by a master trust deed dated 29 April 2000, with the latest consolidated trust deed
dated 14 September 2020. There was one supplemental deed dated 14 May 2021. The offering document was
updated according to the changes made to the deed. The most updated offering document for the scheme
financial year ended 31 March 2021 was dated 31 March 2020 with its first and second addendum dated 21
September 2020 and 1 December 2020 respectively. Subsequent to the financial year ended of 31 March 2021,
the offering document has a third addendum dated 14 May 2021.
The Scheme is a master trust scheme, which consists of twenty-nine constituent funds. Each constituent fund
has been structured as a feeder fund, the assets of, which are invested directly in a corresponding approved
pooled investment fund ("APIFs"). These APIFs are structured as sub-funds of an umbrella unit trust fund
(each sub-fund is referred to as "First level UT APIF") with Manulife Investment Management (Hong Kong)
Limited ("MIMHK") as the investment manager except that the Interest Fund Policy and the Stable Fund
Policy are each in the form of an insurance policy ("IP APIF") issued by Manulife (International) Limited
("MIL"). The Scheme also offers an investment arrangement, which is the Default Investment Strategy
("DIS") in accordance with the Mandatory Provident Fund Schemes Ordinance (the "MPFSO").
The assets of the First level UT APIF are invested by the manager of the Manulife MPF Conservative Fund
invest in direct investments permissible under the Mandatory Provident Fund Schemes (General) Regulation
(the "General Regulation"). The assets of the First level UT APIF are invested by the manager of the Manulife
MPF Hang Seng Index Tracking Fund invest in an index-tracking collective investment scheme permissible
under Section 6A of Schedule 1 to the General Regulation (currently, the Tracker Fund of Hong Kong
managed by State Street Global Advisors Asia Limited). The assets of the other First level UT APIFs as well
as the two IP APIFs are invested by the manager of the respective constituent funds are invested in sub-funds
of 2 umbrella unit trust funds. The investment managers of the underlying investments are MIMHK, FIL
Investment Management (Hong Kong) Limited ("FIL Investment") and Vanguard Investments Hong Kong
Limited. The assets of the eleven First Level UT APIFs invested by the Manulife MPF Aggressive Fund,
Manulife MPF Growth Fund, Manulife MPF Stable Fund, Manulife MPF International Equity Fund, Manulife
MPF Retirement Income Fund, Manulife MPF Smart Retirement Fund, Manulife MPF 2025 Retirement Fund,
Manulife MPF 2030 Retirement Fund, Manulife MPF 2035 Retirement Fund, Manulife MPF 2040 Retirement
Fund, Manulife MPF 2045 Retirement Fund of the Scheme are allowed to be invested in index-tracking
collective investment scheme ("ITCIS") permitted under the MPF legislative requirements.
With effect from 21 September 2020, a new constituent fund, Manulife MPF Retirement Income Fund (the
"Retirement Income Fund") was added to the Scheme. The Retirement Income Fund is a brand new constituent
fund, with new and innovative features designed to provide solutions to the retirement needs of members. The
Retirement Income Fund seeks to provide regular and stable income by way of distribution of dividends to
members' account/sub-account, with the secondary objective of generating long-term capital growth.
Investments are made on a diversified basis. Around 20% to 60% of the underlying portfolio is indirectly
invested in equities and equity-related investments, with the remainder being indirectly invested in bonds,
deposits and other investments. It may invest in any region, such as America, Pacific Asia, Japan, Europe.
4
MANULIFE GLOBAL SELECT (MPF) SCHEME
SCHEME REPORT
31 March 2021
The Retirement Income Fund is designed with a unique feature of dividends distribution. It aims to distribute
dividends on a regular basis and currently distribute dividends on a monthly basis having started in January
2021. Members who hold units of the Retirement Income Fund in their accounts at the designated record date
are entitled to the dividends determined for the corresponding month. If the relevant Member is below the
age of 65 at the record date, the dividend is automatically reinvested by subscribing for units of the Retirement
Income Fund. If the relevant Member is at or above the age of 65 at the record date, the dividend is
automatically invested in and credited to the Manulife MPF Interest Fund.
Pursuant to the trust deed of the Scheme, the Manulife MPF 2020 Retirement Fund ("2020 Retirement Fund")
reached its maturity and was terminated on 4 January 2021 ("Maturity Date"). On the Maturity Date, all units
in the 2020 Retirement Fund held by the members at the Maturity Date were automatically redeemed, and the
redemption proceeds were applied to invest in and subscribe for units in the Manulife MPF Smart Retirement
Fund ("Smart Retirement Fund").
Members of the Scheme can obtain information about the Scheme and its operation from the Scheme's
Offering Document. Members can download the Offering Document at www.manulife.com.hk or request a
copy in writing to Provident Funds Services, Manulife (International) Limited, 21/F, Tower A, Manulife
Financial Centre, 223-231 Wai Yip Street, Kwun Tong, Kowloon, Hong Kong or call the Customer Service
Hotline on 2108 1388.
Members of the Scheme are also advised to review the terms of the Trust Deed. Copies of the Trust Deed are
available for inspection free of charge during normal working hours at the customer service centres located at
23/F, The Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong and 21/F, Tower A, Manulife
Financial Centre, 223-231 Wai Yip Street, Kwun Tong, Kowloon, Hong Kong.
Members of the Scheme may also request a copy of the consolidated reports of the Scheme for any specific
financial year within the seven years preceding the date of request. Members may also download the latest
consolidated report from the web site www.manulife.com.hk six months after the scheme financial year end.
MPFTC and MIL, which are both 100% owned by Manulife International Holdings Limited, and MIMHK are
members of the Manulife Financial Group. MIL is an associate of MPFTC under Schedule 8 of the MPFSO.
5
MANULIFE GLOBAL SELECT (MPF) SCHEME
SCHEME REPORT
31 March 2021
The particulars of the persons who were direct controllers of MIL during the financial year ended 31 March
2021 are:
1. Anil Wadhwani
21/F, Manulife Tower, One Bay East, 83 Hoi Bun Road, Kwun Tong, Kowloon, Hong Kong
2. Christopher Alan Edwards
22/F, Manulife Financial Centre, 223-231 Wai Yip Street, Kwun Tong, Kowloon, Hong Kong
3. David John Bell (resigned on 1 January 2021)
22/F, Manulife Financial Centre, 223-231 Wai Yip Street, Kwun Tong, Kowloon, Hong Kong
4. Diane Margaret Daly Bean (resigned on 1 January 2021)
22/F, Manulife Financial Centre, 223-231 Wai Yip Street, Kwun Tong, Kowloon, Hong Kong
5. Garry Alides Willinge
22/F, Manulife Financial Centre, 223-231 Wai Yip Street, Kwun Tong, Kowloon, Hong Kong
6. Guy Raymond Adam Mills (resigned on 1 January 2021)
22/F, Manulife Financial Centre, 223-231 Wai Yip Street, Kwun Tong, Kowloon, Hong Kong
7. Kenneth Joseph Rappold Jr
21/F, Manulife Tower, One Bay East, 83 Hoi Bun Road, Kwun Tong, Kowloon, Hong Kong
8. Damien Allen Green
22/F, Manulife Financial Centre, 223-231 Wai Yip Street, Kwun Tong, Kowloon, Hong Kong
9. Steven Christopher Horton
22/F, Manulife Financial Centre, 223-231 Wai Yip Street, Kwun Tong, Kowloon, Hong Kong
10. Manulife International Holdings Limited
21/F, Manulife Tower, One Bay East, 83 Hoi Bun Road, Kwun Tong, Kowloon, Hong Kong
At 31 March 2021, the Scheme recorded 121,862 participating employers and 2,096,513 accounts that were
held by employee members through participating employers, self-employed person members, personal
account members, individual relevant employee members under the Flexi Retirement Contribution ("FRC")
and the Tax deductible Voluntary Contribution ("TVC") arrangement.
During the financial year ended 31 March 2021, total contributions and asset transfers to the Scheme were
HK$35.4 billion while benefits paid out totaled HK$16.7 billion. The assets under management at 31 March
2021 were HK$290.6 billion.
Separate detailed reports of each of the constituent funds of the Scheme are included in the section
"Investment Report"; the reports are prepared by MIMHK.
6
MANULIFE GLOBAL SELECT (MPF) SCHEME
INVESTMENT REPORT
Year ended 31 March 2021
Investment Policies
At 31 March 2021 and during the year, Manulife Global Select (MPF) Scheme was a master trust scheme
offering the following twenty-nine constituent funds:
1. Manulife MPF Aggressive Fund (the "MGAG");
2. Manulife MPF Conservative Fund (the "MGCP");
3. Manulife MPF European Equity Fund (the "MGEE");
4. Manulife MPF Growth Fund (the "MGGR");
5. Manulife MPF Hong Kong Bond Fund (the "MGHB");
6. Manulife MPF Hong Kong Equity Fund (the "MGHE");
7. Manulife MPF Interest Fund (the "MGIT");
8. Manulife MPF International Bond Fund (the "MGIB");
9. Manulife MPF International Equity Fund (the "MGIE");
10. Manulife MPF Japan Equity Fund (the "MGJE");
11. Manulife MPF North American Equity Fund (the "MGNE");
12. Manulife MPF Pacific Asia Equity Fund (the "MGPE");
13. Manulife MPF Stable Fund (the "MGST");
14. Manulife MPF Fidelity Growth Fund (the "MGFG");
15. Manulife MPF Fidelity Stable Growth Fund (the "MGFS");
16. Manulife MPF China Value Fund (the "MGCV");
17. Manulife MPF Healthcare Fund (the "MGHC");
18. Manulife MPF Pacific Asia Bond Fund (the "MGPB");
19. Manulife MPF Hang Seng Index Tracking Fund (the "MGHS");
20. Manulife MPF RMB Bond Fund (the "MGRB");
21. Manulife MPF Smart Retirement Fund (the "MG15");
22. Manulife MPF 2025 Retirement Fund (the "MG25");
23. Manulife MPF 2030 Retirement Fund (the "MG30");
24. Manulife MPF 2035 Retirement Fund (the "MG35");
25. Manulife MPF 2040 Retirement Fund (the "MG40");
26. Manulife MPF 2045 Retirement Fund (the "MG45");
27. Manulife MPF Age 65 Plus Fund (the "MGAP");
28. Manulife MPF Core Accumulation Fund (the "MGCA"); and
29. Manulife MPF Retirement Income Fund (the "MGRI").
Manulife MPF 2020 Retirement Fund (the "MG20") had no investments and operations since 5 January 2021.
The Mandatory Provident Fund Schemes Authority (the "MPFA") approved the termination of the MG20 to
take effect on 25 March 2021.
Each of the constituent funds is managed in accordance with separate and distinct investment policies
reflecting the different risk profiles of the twenty-nine investment choices as set out below.
7
MANULIFE GLOBAL SELECT (MPF) SCHEME
INVESTMENT REPORT
Year ended 31 March 2021
Investment Policies (continued)
1. MGAG
The MGAG is a unitised equity fund that aims to provide long term capital growth. The underlying
investments are made on a diversified basis mainly in equities and equity-related investments. The
underlying portfolio may also include bonds, deposits and other investments permitted under the General
Regulation up to 30% of the net asset value of MGAG. The investment manager may at its discretion
invest in any region, such as America, Pacific Asia, Japan, Europe, with a relative bias towards Hong
Kong and Pacific Asia region markets.
2. MGCP
The MGCP is a fund mandated by the Mandatory Provident Fund Schemes Ordinance (the "MPFSO")
that aims to provide a rate of return to match the prescribed savings rate published by the MPFA but with
no guarantee of capital or interest. The underlying investments for MGCP are in fixed income instruments
that comply with Section 37 and Schedule 1 of the General Regulation.
3. MGEE
The MGEE is a unitised equity fund that aims to achieve medium to long term capital growth. The
underlying investments are made on a diversified basis in shares of companies covering different sectors
of the economy in Europe and, which are listed on any stock exchange. The underlying portfolio may
also include bonds, deposits and other investments permitted under the General Regulation up to 30% of
the net asset value of the MGEE.
4. MGGR
The MGGR is a unitised balanced fund that aims to provide medium to long term capital growth. The
underlying investments are made on a diversified basis. Around 50% to 90% of the underlying portfolio
of the MGGR is indirectly invested in equities and equity-related investments, with the remainder of the
assets being indirectly invested in bonds, deposits and other investments permitted under the General
Regulation. The investment manager may at its discretion invest in any region, such as America, Pacific
Asia, Japan, Europe.
5. MGHB
The MGHB is a unitised bond fund that aims to provide a competitive overall rate of return. The
underlying investments are made on a diversified basis with at least 70% of the net asset value of the
MGHB invested in Hong Kong Dollar denominated permitted deposits and debt securities (in a portfolio
with a range of maturity periods) issued by the government of Hong Kong or any Government, central
bank or multilateral international agency. It may also purchase debt securities, which satisfy the minimum
credit rating stipulated by the MPFA or those, which are listed on any approved stock exchange, being a
security issued by, or guaranteed by, a company whose shares are so listed. The underlying portfolio may
also include other investments permitted under the General Regulation up to 30% of the net asset value of
the MGHB.
8
MANULIFE GLOBAL SELECT (MPF) SCHEME
INVESTMENT REPORT
Year ended 31 March 2021
Investment Policies (continued)
6. MGHE
The MGHE is a unitised equity fund that aims to provide medium to long term capital growth. The
underlying investments are made on a diversified basis mainly in shares of companies listed on The Hong
Kong Stock Exchange or companies covering different sectors of the economy in Hong Kong and, which
are listed on any stock exchange. The underlying portfolio may also include bonds, deposits and other
investments permitted under the General Regulation up to 30% of the net asset value of the MGHE. The
underlying portfolio may also, via the Stock Connect, invest up to 10% of its net asset value in shares of
companies listed in Mainland China.
7. MGIT
The MGIT is a non-unitised bond fund that aims to provide a capital guarantee and to provide members
with interest each month at a rate that equals to or exceeds the prescribed savings rate published by the
MPFA. The underlying investments made for MGIT are invested at least 70% of the net asset value of
the MGIT in Hong Kong Dollar fixed income instruments. The underlying portfolio may include other
investments permitted under the General Regulation up to 30% of the net asset value of the MGIT.
8. MGIB
The MGIB is a unitised bond fund that aims to provide competitive overall rates of return. The underlying
investments are made on a diversified basis mainly in permitted deposits and debt securities issued by any
government, central bank or multilateral international agency. It may also purchase debt securities, which
satisfy the minimum credit rating stipulated by the MPFA or those, which are listed on any approved stock
exchange being a security issued by, or guaranteed by, a company whose shares are so listed. The
investment manager may at its discretion invest in any region, such as North America, Europe, United
Kingdom and Asia. The underlying portfolio may also include other investments permitted under the
General Regulation up to 30% of the net asset value of the MGIB.
9. MGIE
The MGIE is a unitised equity fund that aims to provide medium to long term capital growth. The
underlying investments are made on a diversified basis in global equities and equity-related investments.
The investment manager may at its discretion invest in any region, such as North America, Japan, Europe,
other Pacific Asia region markets and Hong Kong. The underlying portfolio may also include bonds,
deposits and other investments permitted under the General Regulation up to 30% of the net asset value
of the MGIE.
10. MGJE
The MGJE is a unitised equity fund that aims to provide medium to long term capital growth. The
underlying investments are made on a diversified basis in shares of companies covering different sectors
of the economy in Japan and, which are listed on any stock exchange. The underlying portfolio may also
include bonds, deposits and other investments permitted under the General Regulation up to 30% of the
net asset value of the MGJE.
11. MGNE
The MGNE is a unitised equity fund that aims to provide medium to long term capital growth. The
underlying investments are made on a diversified basis in shares of companies covering different sectors
of the economy in North America and, which are listed on any stock exchange. The underlying portfolio
may also include bonds, deposits and other investments permitted under the General Regulation up to 30%
of the net asset value of the MGNE.
9
MANULIFE GLOBAL SELECT (MPF) SCHEME
INVESTMENT REPORT
Year ended 31 March 2021
Investment Policies (continued)
12. MGPE
The MGPE is a unitised equity fund that aims to provide medium to long term capital growth. The
underlying investments are made on a diversified basis in shares of companies covering different sectors
of the Asia Pacific markets, excluding Japan and, which are listed on any stock exchange. The underlying
portfolio may also include bonds, deposits and other investments permitted under the General Regulation
up to 30% of the net asset value of the MGPE.
13. MGST
The MGST is a unitised balanced fund that aims to provide relatively stable medium to long term growth.
The underlying investments are made on a diversified basis. Up to 40% of the portfolio of the MGST is
indirectly invested in equities and equity-related investments, with the remainder of the assets being
indirectly invested in bonds, deposits and other investments permitted under the General Regulation. The
investment manager may at its discretion invest in any region, such as America, Pacific Asia, Japan,
Europe, with a relative bias towards Hong Kong.
14. MGFG
The MGFG is designed to provide long term capital growth. The underlying investments of the MGFG
are focused on the global equity markets while enjoying the flexibility of investing in global bonds. It is
managed with a view to limiting the volatility of returns in the short term.
The assets of the first level pooled investment fund under the MGFG are invested as a feeder fund into the
respective APIF operated within the umbrella unit trust structure currently managed by FIL Investment
Management (Hong Kong) Limited. It is intended that the underlying investments of the APIF managed
by FIL Investment Management (Hong Kong) Limited are made on a geographically diversified basis
with a bias towards Hong Kong. Approximately 90% of the APIF is invested in global equities in the
markets of Hong Kong, Europe, Japan, America and the Asia Pacific region.
15. MGFS
The MGFS is designed to provide medium to long term capital growth. The underlying investments of
the MGFS are diversified between equities and bonds and are managed with a view to limit the volatility
of returns in the short term.
The assets of the first level pooled investment fund under the MGFS are invested as a feeder fund into the
respective APIF operated within the umbrella unit trust structure currently managed by FIL Investment
Management (Hong Kong) Limited. It is intended that the investments of the APIF managed by FIL
Investment Management (Hong Kong) Limited are made on a geographically diversified basis with a bias
towards Hong Kong. Approximately 50% of the APIF is invested in global equities and 45% of the APIF
is invested in global bonds in the markets of Hong Kong, Europe, Japan, America and the Asia Pacific
region; with the remaining 5% of the assets being in cash deposits permitted under the General Regulation.
10
MANULIFE GLOBAL SELECT (MPF) SCHEME
INVESTMENT REPORT
Year ended 31 March 2021
Investment Policies (continued)
16. MGCV
The MGCV is a unitised equity fund that aims to provide medium to long term capital growth. The
underlying investments are made on a diversified basis mainly in shares of companies covering different
sectors of the economy in the Greater China region, including the People's Republic of China, Hong Kong
and Taiwan, and, which are listed on any stock exchange subject to the restrictions in the General
Regulation and, which have a value or growth proposition. The underlying portfolio may also include
bonds, deposits and other permitted investments permitted under the General Regulation, up to 30% of
the net asset value of the MGCV.
17. MGHC
The MGHC is a unitised equity fund that aims to provide long term capital growth. The underlying
investments are made on a diversified basis mainly consisting of equity-related investments and equities
of companies in the health care and related industries and, which are listed on any stock exchange. The
underlying portfolio may invest in shares of companies covering mainly the pharmaceutical, healthcare
equipment and services, food and drug retailers, managed care business and biotechnology sectors. The
investment manager may at its discretion invest in any region, such as North America (including Canada),
Europe (including UK), Asia and Japan. The underlying portfolio may also include bonds, deposits and
other investments permitted under the General Regulation, up to 30% of the net asset value of the MGHC.
18. MGPB
The MGPB is a unitised bond fund that aims to provide competitive overall rates of return. The underlying
investments are made on a diversified basis mainly in debt securities issued by any government, central
bank, supra-national, multilateral international agency and corporate issuer in the Asia Pacific region. The
underlying portfolio may also include other investments permitted under the General Regulation, up to
30% of the net asset value of the MGPB.
19. MGHS
The MGHS is a unitised equity fund that aims to provide medium to long term capital growth. The
underlying investments are in shares of constituent companies of the Hang Seng Index in substantially
similar composition and weighting as they appear in the index through an approved index-tracking
collective investment scheme ("ITCIS") (currently, the Tracker Fund of Hong Kong managed by State
Street Global Advisors Asia Limited). The MGHS seeks to track the performance of the Hang Seng Index
of Hong Kong.
20. MGRB
The MGRB is a unitised bond fund that aims to provide competitive overall rates of return. The underlying
investments are made on a diversified basis with at least 70% of the net asset value of the MGRB invested
in Renminbi ("RMB") denominated debt securities, which are issued, traded or distributed by any
government, central bank, supra-nationals, multilateral international agencies and corporate issuers
outside Mainland China. The MGRB may also, through the underlying APIF, invest up to 30% of its net
asset value in other RMB or non-RMB denominated investments including money market instruments,
certificates of deposits, cash and deposits, and non-RMB denominated debt securities, permitted under the
General Regulation.
11
MANULIFE GLOBAL SELECT (MPF) SCHEME
INVESTMENT REPORT
Year ended 31 March 2021
Investment Policies (continued)
21. MG15
The MG15 is a unitised fund and is a matured Retirement Fund designed to enable accrued benefits
invested in any other Retirement Funds upon their maturity to be switched to the Smart Retirement Fund.
It aims to provide medium to long term capital growth for members who hold a longer term investment
view and who are prepared to accept significant fluctuations in the value of their investments in order to
achieve potential medium to long term returns. The underlying investments are made on a diversified
basis. Around 40% to 60% of the underlying portfolio is indirectly invested in equities and equity-related
investments, with the remainder of the assets being indirectly invested in bonds, deposits and other
investments permitted under the General Regulation. The investment manager may at its discretion invest
in regions, such as America, Pacific Asia, Japan and Europe.
22. MG25
The MG25 is a unitised fund designed for members expecting to attain their normal retirement age around
2025. It aims to provide long term capital growth while lowering the risk of loss as the members approach
their normal retirement age. The underlying investments are made on a diversified basis. At launch in
2011, around 75% - 95% of the underlying portfolio was indirectly invested in equities and equity-related
investments, with the remainder of the assets being indirectly invested in bonds, deposits and other
investments permitted under the General Regulation. The investment manager may at its discretion invest
in regions, such as America, Pacific Asia, Japan and Europe. When the MG25 gets closer to its maturity
date on the last business day of 2025, the asset allocation strategy of the underlying portfolio will become
less aggressive and will increasingly contain fixed income securities.
23. MG30
The MG30 is a unitised fund designed for members expecting to attain their normal retirement age around
2030. It aims to provide long term capital growth while lowering the risk of loss as the members approach
their normal retirement age. The underlying investments are made on a diversified basis. At launch in
2011, around 75% - 95% of the underlying portfolio was indirectly invested in equities and equity-related
investments, with the remainder of the assets being indirectly invested in bonds, deposits and other
investments permitted under the General Regulation. The investment manager may at its discretion invest
in regions, such as America, Pacific Asia, Japan and Europe. When the MG30 gets closer to its maturity
date on the last business day of 2030, the asset allocation strategy of the underlying portfolio will become
less aggressive and will increasingly contain fixed income securities.
12
MANULIFE GLOBAL SELECT (MPF) SCHEME
INVESTMENT REPORT
Year ended 31 March 2021
Investment Policies (continued)
24. MG35
The MG35 is a unitised fund designed for members expecting to attain their normal retirement age around
2035. It aims to provide long term capital growth while lowering the risk of loss as the members approach
their normal retirement age. The underlying investments are made on a diversified basis. At launch in
2011, around 80% - 100% of the underlying portfolio was indirectly invested in equities and equity-related
investments, with the remainder of the assets being indirectly invested in bonds, deposits and other
investments permitted under the General Regulation. The investment manager may at its discretion invest
in regions, such as America, Pacific Asia, Japan and Europe. When the MG35 gets closer to its maturity
date on the last business day of 2035, the asset allocation strategy of the underlying portfolio will become
less aggressive and will increasingly contain fixed income securities.
25. MG40
The MG40 is a unitised fund designed for members expecting to attain their normal retirement age around
2040. It aims to provide long term capital growth while lowering the risk of loss as the members approach
their normal retirement age. The underlying investments are made on a diversified basis. At launch in
2011, around 80% - 100% of the underlying portfolio was indirectly invested in equities and equity-related
investments, with the remainder of the assets being indirectly invested in bonds, deposits and other
investments permitted under the General Regulation. The investment manager may at its discretion invest
in regions, such as America, Pacific Asia, Japan and Europe. When the MG40 gets closer to its maturity
date on the last business day of 2040, the asset allocation strategy of the underlying portfolio will become
less aggressive and will increasingly contain fixed income securities.
26. MG45
The MG45 is a unitised fund designed for members expecting to attain their normal retirement age around
2045. It aims to provide long term capital growth while lowering the risk of loss as the members approach
their normal retirement age. The underlying investments are made on a diversified basis. At launch in
2011, around 80% - 100% of the underlying portfolio was indirectly invested in equities and equity-related
investments, with the remainder of the assets being indirectly invested in bonds, deposits and other
investments permitted under the General Regulation. The investment manager may at its discretion invest
in regions, such as America, Pacific Asia, Japan and Europe. When the MG45 gets closer to its maturity
date on the last business day of 2045, the asset allocation strategy of the underlying portfolio will become
less aggressive and will increasingly contain fixed income securities.
27. MGAP
The MGAP is a unitised equity fund that aims to provide stable growth to members by investing in a
globally diversified manner. It is intended for members who hold a medium to long term investment view
and want to seek returns through some capital appreciation and current income generation. The MGAP
adopts a passive investment strategy through indirectly investing in an underlying APIF (currently the
Vanguard Income Fund ("VIF")) in order to reduce the deviation of performance from the MGAP
Reference Portfolio. The investment manager of the VIF uses sampling techniques in its passive
investment strategy to select securities for investment for efficient portfolio management. Sampling is an
approach whereby the investment manager of the VIF tracks the MGAP Reference Portfolio by investing
in a representative portion, or "sample", of the full list of securities contained in the MGAP Reference
Portfolio, such that the overall characteristics of the portion of securities would be similar to those of the
full list of securities contained in the MGAP Reference Portfolio.
13
MANULIFE GLOBAL SELECT (MPF) SCHEME
INVESTMENT REPORT
Year ended 31 March 2021
Investment Policies (continued)
28. MGCA
The MGCA is a unitised fund that aims to provide capital growth to members by investing in a globally
diversified manner. It is intended for members who hold a medium to long term investment view and
want to seek returns through capital appreciation and modest income generation. The MGCA adopts a
passive investment strategy through indirectly investing in an underlying APIF (currently the Vanguard
Moderate Growth Fund ("VMGF")) in order to reduce the deviation of performance from the MGCA
Reference Portfolio. The investment manager of the VMGF uses sampling techniques in its passive
investment strategy to select securities for investment for efficient portfolio management. Sampling is an
approach whereby the investment manager of the VMGF tracks the MGCA Reference Portfolio by
investing in a representative portion, or "sample", of the full list of securities contained in the MGCA
Reference Portfolio, such that the overall characteristics of the portion of securities would be similar to
those of the full list of securities contained in the MGCA Reference Portfolio.
29. MGRI
The MGRI is a unitised balanced fund, which is designed to seek to provide regular and stable income by
way of distribution of dividends to Members’ account/sub-account, with the secondary objective of
generating long-term capital growth, for Members who hold a longer term investment view and who are
prepared to accept fluctuations in the value of their investments in order to achieve long-term returns. The
dividends distributed to Members’ account/sub-account are invested in the MGRI or the MGIT based on
the Member’s age at the record date as explained under distribution of dividend.
MG20
The MG20 matured and terminated during the year, MG20 was a unitised fund designed for members
expecting to attain their normal retirement age around 2020. It aimed to provide long term capital growth
while lowering the risk of loss as the members approached their normal retirement age. The underlying
investments were made on a diversified basis. At launch in 2011, around 65% - 85% of the underlying
portfolio was indirectly invested in equities and equity-related investments, with the remainder of the
assets being indirectly invested in bonds, deposits and other investments permitted under the General
Regulation. The investment manager had the discretion to invest in regions, such as America, Pacific
Asia, Japan and Europe. As the MG20 approached its maturity date on the last business day of 2020, the
asset allocation strategy of the underlying portfolio became less aggressive and contained an increasingly
proportion of fixed income securities.
The MG20 has had no investments and operations since 5 January 2021. The MPFA approved the
termination of the MG20 to take effect on 25 March 2021.
14
MANULIFE GLOBAL SELECT (MPF) SCHEME
INVESTMENT REPORT
Year ended 31 March 2021
General Investment Climate
1. North American Equity Markets
US stocks produced a stellar gain in the year ended 31 March 2021. The market started at a low in Spring
2020 due to the outbreak of the coronavirus pandemic and economic lockdowns worldwide. Indices later
surged, however, buoyed by massive government stimulus, slowing Covid-19 infection rates and progress
developing a vaccine and new treatments for the virus. Resolution of the November presidential election,
favourable vaccine announcements and more stimulus were added tailwinds. The market paused early in
2021 following a violent protest in the US Capitol, a slower-than-expected vaccine rollout and the spread
of new, more infectious coronavirus variants. However, stocks soon rose again, supported by healthy
corporate earnings, a pickup in vaccine supply and the promise of a third round of stimulus checks.
We are encouraged about prospects for US stocks, given that the economy appears to be in the early stages
of recovery, with vaccine rollouts expected to aid consumer demand. We anticipate resurgent capital
spending, acceleration in gross domestic product, and ultimately stock market appreciation. However, we
could see more volatility, as the market wrestles with policy, regulatory, interest rate and inflation risks.
2. European Equity Markets
The MSCI Europe Index fell more than 5% in 2020 in euro terms, despite rebounding sharply from the
first-quarter losses triggered by national coronavirus lockdowns. However, in US dollar terms, it rose
almost 6% as the weaker dollar enhanced gains for US dollar investors.
The imposition of strict national lockdowns in Europe triggered a steep correction in extremely volatile
trading in March. Waves of economic stimulus measures in Europe and the US then calmed markets and
spurred bargain hunting, sparking a rebound. Markets rallied in the last quarter of 2020 on encouraging
announcements related to the development of potential vaccines fuelling optimism of an economic
recovery, while Democratic candidate Joe Biden’s victory in the US presidential election reduced political
uncertainty. In the last month of 2020, shares continued to rise, lifted by a post-Brexit trade deal at the end
of the year, but the emergence of a new variant of the coronavirus curbed gains.
In early 2021, equities were adversely affected by fears of a slower economic recovery due to the slow
pace of vaccine rollouts and the tightening of restrictions in some countries to contain a third wave of the
pandemic. European leaders also moved to increase controls on vaccine exports and the European
Commission hinted it might block them. Shares were near all-time highs at the end of March, boosted by
hopes of a quicker economic recovery as the US unveiled a massive infrastructure spending programme.
15
MANULIFE GLOBAL SELECT (MPF) SCHEME
INVESTMENT REPORT
Year ended 31 March 2021
General Investment Climate (continued)
3. Pacific Asia Equity Markets
Markets are pricing in higher inflation against a backdrop of unprecedented fiscal stimulus,
accommodative monetary policy, and the accumulated pent-up demand from Covid-19. While such
expectations are valid, there is still a large gap to fill between actual and potential output. Therefore, we
do not project a large increase in inflation and believe that monetary policy will remain accommodative
in the near-term.
In South Korea, investment opportunities have expanded beyond semiconductors and electric vehicle (EV)
batteries. While we continue to like these sectors, we see better upside in the rebound in automotive and
K-beauty products. The tightness of supply of technology materials and components is proving to be a
boon for Taiwanese technology supply chains.
In Southeast Asia, Indonesia and Thailand are the clear beneficiaries of reflation trades. Malaysia and the
Philippines have made slower progress in terms of inoculating their populations. The resurgence of Covid-
19 cases in the Philippines has led to stricter control of movements nationwide. We expect these two
markets to underperform in the near-term. The Singapore market has performed well since the country
further relaxed restrictions on social distancing following a successful containment of Covid-19.
There was a glimmer of optimism when India’s coronavirus caseload fell sharply in early 2021. However,
the country has been hit by a second wave of Covid-19 that threatens to overwhelm the healthcare system.
The pace of the recovery in earnings of corporates largely hinges on the pace of inoculations and how
quickly the coronavirus infection rate is brought under control.
4. Global Bond Markets
International bonds posted positive returns during a 12-month period underscored by the Covid-19
pandemic. Lockdowns and shelter-in-place policies designed to slow the spread of the virus led to a severe
global economic downturn in the first half of the period. Governments around the world responded with
unprecedented monetary and fiscal stimulus to help shore up their economies and stabilise financial
markets. By the second half of the period, the approval and rollout of coronavirus vaccines around the
globe, along with emerging signs of improving economic activity, sparked optimism about a return to
economic normalcy at some point in 2021.
Bond yields fell early in the period as the global recession took hold, but yields reversed course later as
the economic optimism led to concerns about higher inflation down the road. Although bond yields rose
overall for the period, resulting in declining bond prices, global bond markets nonetheless produced
modest gains. Regionally, bond markets in the Europe and Asia-Pacific regions posted the best returns,
while North American fixed-income markets lagged. On a sector basis, high-yield corporate bonds were
the leading performers for the period, while government bonds underperformed.
16
MANULIFE GLOBAL SELECT (MPF) SCHEME
INVESTMENT REPORT
Year ended 31 March 2021
General Investment Climate (continued)
5. Hong Kong Bond Market
The equity market remains the key driver for the Hong Kong fixed income market. With the continuing
trend of Chinese companies delisting from US stock markets continuing, the Hong Kong equity market is
expected to benefit from such developments, which will likely keep Hong Kong short-end interest rates
at a stable and low level. Longer-term interest rates continue to reflect movement in US interest rates. The
long-end movement has been much more active with the 10-year Hong Kong interest rate swap moving
up to 1.7% at the end of March 2021 from 0.85% at the beginning of the year.
With higher interest rates, there is strong demand for longer-dated bonds while new supply has been more
muted as corporates have been funding in US dollars. Overall, the HK dollar depreciated in the first quarter
as the US dollar continued to strengthen since February supported by the rise in US real interest rates and
the recently more subdued initial public offering activity. The widening interest rate differential with US
rates has resulted in both the HK dollar and the renminbi weakening against the US dollar. It is expected
that the US dollar/HK dollar rate will continue to be driven by real yield movements. Interest rates are
also expected to have a steepening bias going forward, though liquidity conditions remain flush overall.
Note: The General Investment Climate commentary above is provided by Manulife Investment
Management (Hong Kong) Limited, one of the investment managers of underlying investments of the
Manulife Global Select (MPF) Scheme.
17
MANULIFE GLOBAL SELECT (MPF) SCHEME
INVESTMENT REPORT
Year ended 31 March 2021
Trustee's Commentary
2020 was a challenging year for global markets and the COVID-19 pandemic impacted economies across the
world. Policies to contain the spread of the pandemic led to global lockdowns, ravaging the world's economies
and the overall market. On the positive side, with the rapid development of effective vaccines and the gradual
rolling out of vaccination programmes to combat the virus globally in the second half of the period, we look
forward with cautious optimism towards the ongoing economic recovery. Most of the equity funds achieved
favorable returns despite the highly volatile investment markets. The performance of the equity segment was
relatively strong in this fiscal year. Part of the reason was led by COVID-19-driven equity market dropped
significantly in Q1 2020.
For the 12-month period ended 31 March 2021, all the constituent funds performed positively. 11 out of 18
comparable constituent funds (61.1%) outperformed the market median under the Scheme. The top five
performing funds (1-year performance) were Manulife MPF Pacific Asia Equity Fund (63.63%), Manulife
MPF North American Equity Fund (62.46%), Manulife MPF European Equity Fund (57.92%), Manulife MPF
International Equity Fund (56.85%) and Manulife MPF 2045 Retirement Fund (49.19%).
The five funds with the lowest performance (1-year performance) were Manulife MPF Hong Kong Bond Fund
(0.34%), Manulife MPF Conservative Fund (0.45%), Manulife MPF Interest Fund (0.50%), Manulife MPF
International Bond Fund (3.41%) and Manulife MPF RMB Bond Fund (7.28%).
(Source: Lipper Inc. (31 March 2021)).
The Manulife MPF Interest Fund maintained the declared interest rate at 0.50% per annum, being considerably
higher than the MPFA prescribed savings rate, which the fund targets to achieve.
(Source: Manulife Global Select (MPF) Scheme Quarterly Fund Fact Sheet (31 March 2021)).
Manulife Provident Funds Trust Company Limited ("MPFTC") continues to hold a positive view of the long
term capability and suitability of the fund managers as they all possess extensive, appropriate experience in
managing equity and fixed income portfolios.
18
MANULIFE GLOBAL SELECT (MPF) SCHEME
INVESTMENT REPORT
Year ended 31 March 2021
Trustee's Commentary (continued)
A. Trustee's commentary on the investments held by the scheme and information of its commentary
Annualized return (in terms of %)
1 Year 5 Years 10 Years
Since
Launch
Manulife MPF Conservative Fund
Launch date: 01/12/2000 0.45 0.69 0.38 0.62
Benchmark / Performance Target
(MPFA Prescribed Savings Rate) 0.00 0.03 0.02 0.42
Deviation from the benchmark /
performance target
Out-
performed
Out-
performed
Out-
performed
Out-
performed
Trustee's commentary The fund has significantly outperformed over 1 year, 5 years,
10 years and since launch compared with the MPFA
Prescribed Saving Rate ("PSR") that is the benchmark.
No market median information is available for conservative
funds as fees and charges of MPF conservative funds can be
deducted from either (i) the assets of the fund or (ii) members'
account by way of unit deduction.
The Manulife MPF Conservative Fund uses method (i) and,
therefore, any unit prices/NAV/fund performance quoted for
the constituent fund have incorporated the impact of fees and
charges.
19
MANULIFE GLOBAL SELECT (MPF) SCHEME
INVESTMENT REPORT
Year ended 31 March 2021
Trustee's Commentary (continued)
Annualized return (in terms of %)
1 Year 5 Years 10 Years Since Launch
Manulife MPF Interest Fund
Launch date: 01/12/2000 0.50 0.35 0.18 0.65
Benchmark / Performance Target
(MPFA Prescribed Savings Rate) 0.00 0.03 0.02 0.42
Deviation from the benchmark /
performance target
Out-
performed
Out-
performed
Out-
performed
Out-
performed
Trustee's commentary The declared interest rate was 0.50% p.a. and higher than the
MPFA Prescribed Saving Rate ("PSR"), which the fund targets
to achieve.
The fund has outperformed over 1 year, 5 years, 10 years and
since launch when compared with the MPFA PSR that is the
benchmark.
There is no market median performance information available
for comparison as the fund is a hard guarantee fund with
customized guarantee conditions.
Manulife MPF Stable Fund
Launch date: 01/12/2000 12.46 4.18 2.56 2.67
Benchmark / Performance Target
(FER-adjusted Benchmark*) 9.98 3.65 2.63 3.27
Deviation from the benchmark /
performance target
Out-
performed
Out-
performed
Under-
performed
Under-
performed
Trustee's commentary The fund has outperformed the FER-adjusted Benchmark over
1 year and 5 years while it underperformed the FER-adjusted
Benchmark over 10 years and since launch.
According to the investment manager, security selection in HK
dollar bonds and Hong Kong equities contributed to
performance.
20
MANULIFE GLOBAL SELECT (MPF) SCHEME
INVESTMENT REPORT
Year ended 31 March 2021
Trustee's Commentary (continued)
Annualized return (in terms of %)
1 Year 5 Years 10 Years
Since
Launch
Manulife MPF International Bond Fund
Launch date: 01/12/2000 3.41 0.94 1.10 2.77
Benchmark / Performance Target
(Lipper Global Bond Median) 1.50 1.31 1.10 1.88
Deviation from the benchmark /
performance target
Out-
performed
Under-
performed Inline
Out-
performed
Trustee's commentary The fund performed better than the market median over 1 year
and since launch. The fund underperformed the market median
over 5 years while it was aligned with the market median over
10 years term.
According to the investment manager, sector allocation was
the largest contributor during the period, driven by an
overweight to investment grade corporates, municipal and US
dollar emerging markets government-related debt combined
with an underweight to agency Mortgage Backed Securities.
The impact of security selection within the Eurozone was
positive while currency management was neutral.
Manulife MPF Hong Kong Bond Fund
Launch date: 01/12/2000 0.34 2.11 1.95 2.09
Benchmark / Performance Target
(Lipper Hong Kong Dollar Bond Median) -0.23 1.60 1.94 1.89
Deviation from the benchmark /
performance target
Out-
performed
Out-
performed
Out-
performed
Out-
performed
Trustee's commentary The fund's performance has outperformed the market median
over 1 year, 5 years, 10 years and since launch.
According to the investment manager, the portfolio's overall
security selection was the biggest contributor with exposure to
USD-denominated bonds of an Indonesian coal mining
company and HKD-denominated bonds of an international
bank being the outperformers. Asset allocation contributed
through the portfolio's being underweight HKD-denominated
government bonds.
21
MANULIFE GLOBAL SELECT (MPF) SCHEME
INVESTMENT REPORT
Year ended 31 March 2021
Trustee's Commentary (continued)
Annualized return (in terms of %)
1 Year 5 Years 10 Years Since Launch
Manulife MPF Pacific Asia Bond Fund
Launch date: 23/04/2012 10.91 2.78 N/A 2.08
Benchmark / Performance Target
(Lipper Asian Bond Median) 5.96 2.19 N/A 1.12
Deviation from the benchmark /
performance target
Out-
performed
Out-
performed N/A
Out-
performed
Trustee's commentary The fund has outperformed the market median over 1 year, 5
years and since launch.
According to the investment manager, the fund's portfolio's
overall security selection contributed to the remarkable
return. Overweight exposure to Indonesian local currency
bonds contributed as the Indonesian rupiah strengthened
against the HK dollar and local yields fell.
Manulife MPF RMB Bond Fund
Launch date: 16/12/2013 7.28 2.99 N/A 1.84
Benchmark / Performance Target
(Lipper RMB Bond Median) 6.83 1.75 N/A 1.10
Deviation from the benchmark /
performance target
Out-
performed
Out-
performed N/A
Out-
performed
Trustee's commentary The fund has outperformed the market median over 1 year, 5
years and since launch.
According to the investment manager, security selection was
the biggest contributor. Asset allocation contributed to
performance due to the portfolio's overweight exposure to
corporate bonds.
22
MANULIFE GLOBAL SELECT (MPF) SCHEME
INVESTMENT REPORT
Year ended 31 March 2021
Trustee's Commentary (continued)
Annualized return (in terms of %)
1 Year 5 Years 10 Years Since Launch
Manulife MPF Age 65 Plus Fund
Launch date: 01/04/2017 7.90 N/A N/A 4.44
Benchmark / Performance Target
(FTSE MPF DIS Reference Portfolio-
Age 65 Plus Fund)
7.50 N/A N/A 4.41
Deviation from the benchmark /
performance target
Out-
performed N/A N/A
Out-
performed
Trustee's commentary The fund has outperformed the DIS Reference Portfolio over 1
year and since launch.
The fund is a passively managed fund tracked against the DIS
Reference Portfolio. During the period, the fund closely tracked
the Reference Portfolio.
Manulife MPF Growth Fund
Launch date: 01/12/2000 36.83 8.52 4.62 4.38
Benchmark / Performance Target
(Lipper Lifestyle- (>60-80% Equity)
Median)
34.97 8.61 5.00 5.00
Deviation from the benchmark /
performance target
Out-
performed
Under-
performed
Under-
performed
Under-
performed
Trustee's commentary The fund has outperformed the market median over 1 year and it
has underperformed the market median over 5 years, 10 years and
since launch.
According to the investment manager, the underweight in
international bonds and the security selection in Hong Kong
equities contributed to the performance.
23
MANULIFE GLOBAL SELECT (MPF) SCHEME
INVESTMENT REPORT
Year ended 31 March 2021
Trustee's Commentary (continued)
Annualized return (in terms of %)
1 Year 5 Years 10 Years Since Launch
Manulife MPF Fidelity Stable Growth Fund
Launch date: 01/09/2003 22.17 6.39 4.00 5.41
Benchmark / Performance Target
(Lipper Lifestyle - (>40-60% Equity) Median) 26.32 6.45 3.92 4.46
Deviation from the benchmark /
performance target
Under-
performed
Under-
performed Out-performed Out-performed
Trustee's commentary The fund has underperformed the market median over 1
year and 5 years while it has outperformed the market
median over 10 years and since launch.
According to the investment manager, stock selection in
the US and Japan slightly detracted from performance,
while the fund has slightly outperformed the internal
benchmark. There were two major reasons for the fund's
underperformance compared with peers. The manager's
disciplined security selection approach resulted in its not
chasing some of the "hot stocks". The fund experienced far
less drawdown in Q1 2020 during the COVID crisis
significantly outperforming the peer group at that time.
After Q2 2020, the market staged a V-shape rebound and
managers who had larger drawdowns in Q1 2020 generally
experienced higher rebounds in percentage return terms.
Compared to the 1-year peer group (that no longer
included Q1 2020), the fund performance appeared weaker
against that of its peer group.
Manulife MPF International Equity Fund
Launch date: 01/12/2000 56.85 12.60 8.36 3.84
Benchmark / Performance Target
(Lipper Global Equity Fund Median) 50.35 10.05 7.24 6.08
Deviation from the benchmark /
performance target
Out-
performed
Out-
performed Out-performed
Under-
performed
Trustee's commentary The fund has outperformed the market median over 1 year,
5 years and 10 years but has underperformed the market
median since launch.
According to the investment manager, security selection in
both European equities and North American equities
contributed to the return.
24
MANULIFE GLOBAL SELECT (MPF) SCHEME
INVESTMENT REPORT
Year ended 31 March 2021
Trustee's Commentary (continued)
Annualized return (in terms of %)
1 Year 5 Years 10 Years Since Launch
Manulife MPF North American Equity
Fund
Launch date: 01/12/2000
62.46 14.38 11.38 4.42
Benchmark / Performance Target
(Lipper United States Equity Median) 54.30 13.84 11.37 9.87
Deviation from the benchmark /
performance target
Out-
performed
Out-
performed
Out-
performed
Under-
performed
Trustee's commentary The fund has outperformed the market median over 1 year, 5
years and 10 years but underperformed the market median since
launch.
According to the investment manager, security selection and
overweights in both the consumer discretionary and financials
sectors helped push the fund well ahead during this period.
Positioning in the healthcare, energy and communication
services sectors and stock picks in the information technology
sector further aided performance.
25
MANULIFE GLOBAL SELECT (MPF) SCHEME
INVESTMENT REPORT
Year ended 31 March 2021
Trustee's Commentary (continued)
Annualized return (in terms of %)
1 Year 5 Years 10 Years Since Launch
Manulife MPF European Equity Fund
Launch date: 01/12/2000 57.92 12.28 6.57 2.29
Benchmark / Performance Target
(Lipper European Equity Median) 43.11 6.26 4.49 3.35
Deviation from the benchmark /
performance target
Out-
performed
Out-
performed
Out-
performed
Under-
performed
Trustee's commentary The fund has significantly outperformed the market median over
1 year, 5 years and 10 years. It has underperformed the market
median in the since launch period.
The performance of the fund has continuously improved since
the underlying sub-investment manager was replaced in mid
January 2019.
According to the investment manager, both stock selection and
sector allocation contributed to the strong performance over 1
year, with the latter particularly due to the strategy's strong
overweight of IT and underweighting Utilities (no exposure) and
Consumer Staples. Stock selection within the Industrials, IT and
Healthcare sectors was especially strong.
26
MANULIFE GLOBAL SELECT (MPF) SCHEME
INVESTMENT REPORT
Year ended 31 March 2021
Trustee's Commentary (continued)
Annualized return (in terms of %)
1 Year 5 Years 10 Years Since Launch
Manulife MPF Smart Retirement Fund
Launch date: 21/02/2011 27.09 6.63 3.51 3.61
Benchmark / Performance Target
(FER-adjusted Benchmark*) 22.67 5.75 3.39 3.36
Deviation from the benchmark /
performance target
Out-
performed
Out-
performed
Out-
performed
Out-
performed
Trustee's commentary The fund has outperformed the FER-adjusted Benchmark over
1 year, 5 years, 10 years and since launch.
According to the investment manager, both underweighting
international bonds and security selection of international bonds
contributed to performance.
Manulife MPF Retirement Income Fund
Launch date: 21/09/2020
N/A N/A N/A N/A
Benchmark / Performance Target N/A N/A N/A N/A
Deviation from the benchmark /
performance target
N/A N/A N/A N/A
Trustee's commentary The fund was launched on 21 September 2020 and there is no
annualized return available at 31 March 2021.
Manulife MPF Core Accumulation
Fund
Launch date: 01/04/2017
29.36 N/A N/A 8.40
Benchmark / Performance Target
(FTSE MPF DIS Reference Portfolio-
Core Accumulation Fund)
29.05 N/A N/A 8.32
Deviation from the benchmark /
performance target
Out-
performed N/A N/A
Out-
performed
Trustee's commentary The fund has outperformed the DIS Reference Portfolio over 1
year and since launch.
The fund is a passively managed fund tracked against the DIS
Reference Portfolio. During the period, the fund was closely
tracking the Reference Portfolio.
27
MANULIFE GLOBAL SELECT (MPF) SCHEME
INVESTMENT REPORT
Year ended 31 March 2021
Trustee's Commentary (continued)
Annualized return (in terms of %)
1 Year 5 Years 10 Years Since Launch
Manulife MPF Healthcare Fund
Launch date: 02/04/2008 24.35 7.31 9.00 7.45
Benchmark / Performance Target
(Lipper Global Equity Median) 50.35 10.05 7.24 6.08
Deviation from the benchmark /
performance target
Under-
performed
Under-
performed
Out-
performed
Out-
performed
Trustee's commentary There is no market median performance information available
for comparison as the fund is the only sector equity fund in the
MPF in the reporting period.
Because this fund is an equity fund investing globally, the
"Lipper MPF Global Equity Fund category median" is used as
the performance target for the fund.
The fund has underperformed the market median over 1 year
and 5 years but outperformed the market median over 10 years
and since launch.
According to the investment manager, the fund's relatively
large allocation to cash and an underweight to the life science
tools and services sub-sector detracted from performance.
Individual detractors included a US biotechnology company,
which underperformed as a result of unfounded investor
concerns related to the pricing and sustainability of revenues
for its COVID-19 treatment. The investment manager's
fundamental research unequivocally supports the long-term
revenue prospects for this asset. A large-capitalisation
biopharmaceutical company was impacted by negative
headline risk related to its COVID-19 vaccine as well as
investor concerns related to its acquisition of a US
biotechnology company. A Swiss multinational pharmaceutical
company underperformed due to the unanticipated delay to a
key pipeline product in development.
28
MANULIFE GLOBAL SELECT (MPF) SCHEME
INVESTMENT REPORT
Year ended 31 March 2021
Trustee's Commentary (continued)
Annualized return (in terms of %)
1 Year 5 Years 10 Years Since Launch
Manulife MPF Aggressive Fund
Launch date: 01/12/2000 48.16 10.71 5.80 4.62
Benchmark / Performance Target
(Lipper Lifestyle- (>80-100% Equity)
Median)
46.30 10.17 5.69 5.71
Deviation from the benchmark /
performance target
Out-
performed
Out-
performed
Out-
performed
Under-
performed
Trustee's commentary The fund has outperformed the market median over 1 year, 5 years
and 10 years while it underperformed compared with the market
median since launch.
According to the investment manager, stock selection within the
underlying Hong Kong Equities Fund and European Equities
Fund contributed to performance.
Manulife MPF Fidelity Growth Fund
Launch date: 01/09/2003 41.17 10.02 5.79 7.52
Benchmark / Performance Target
(Lipper Lifestyle- (>80-100% Equity)
Median)
46.30 10.17 5.69 5.71
Deviation from the benchmark /
performance target
Under-
performed
Under-
performed
Out-
performed
Out-
performed
Trustee's commentary The fund has underperformed the market median over 1 year and
5 years while it has outperformed the market median over 10 years
and since launch.
According to the investment manager, stock selection In the US
and Japan slightly detracted from performance. However, the fund
has slightly outperformed the internal benchmark. Two major
reasons accounted for the fund's underperformance compared to
peers. The manager's disciplined security selection approach
result in it not chasing some of the "hot stocks". The fund
experienced far less drawdown in Q1 2020 during the COVID
crisis significantly outperforming the peer group at that time.
After Q2 2020, the market staged a V-shape rebound and some
managers who had larger drawdowns in Q1 2020 generally
experienced a higher rebound in percentage return terms.
Compared to the 1-year peer group (that no longer include Q1
2020), the fund performance appeared weaker than that of its peer
group.
29
MANULIFE GLOBAL SELECT (MPF) SCHEME
INVESTMENT REPORT
Year ended 31 March 2021
Trustee's Commentary (continued)
Annualized return (in terms of %)
1 Year 5 Years 10 Years Since Launch
Manulife MPF Pacific Asia Equity Fund
Launch date: 01/12/2000 63.63 12.56 4.96 6.09
Benchmark / Performance Target
(Lipper Pacific Basin ex Japan Equity
Median)
64.87 11.46 4.30 5.85
Deviation from the benchmark /
performance target
Under-
performed
Out-
performed
Out-
performed
Out-
performed
Trustee's commentary The fund underperformed the market median over 1 year but
outperformed the market median over 5 years, 10 years and
since launch.
According to the investment manager, the asset allocation
decisions at the country and sector level detracted from
performance, the primary detractor being its cash holding.
Apart from stock selection in Australia and China and the
overweight to Indonesia, stock selection in the industrials
sector hindered performance.
Manulife MPF Japan Equity Fund
Launch date: 01/12/2000 45.76 9.14 7.28 2.14
Benchmark / Performance Target
(Lipper Japanese Equity Median) 42.80 8.44 6.35 1.17
Deviation from the benchmark /
performance target
Out-
performed
Out-
performed
Out-
performed
Out-
performed
Trustee's commentary The fund has outperformed the market median over 1 year, 5
years, 10 years and since launch.
According to the investment manager, the most positive
contributing stocks were a sushi conveyor-belt restaurant
chain, an online fashion retailer and a company that assembles
motor vehicles and manufactures automotive parts.
30
MANULIFE GLOBAL SELECT (MPF) SCHEME
INVESTMENT REPORT
Year ended 31 March 2021
Trustee's Commentary (continued)
Annualized return (in terms of %)
1 Year 5 Years 10 Years Since Launch
Manulife MPF Hong Kong Equity
Fund
Launch date: 01/12/2000
43.15 12.09 5.19 5.50
Benchmark / Performance Target
(Lipper Hong Kong Equity Median) 40.20 11.10 5.11 7.62
Deviation from the benchmark /
performance target
Out-
performed Out-performed Out-performed
Under-
performed
Trustee's commentary The fund has outperformed the market median over 1 year, 5 years
and 10 years but underperformed the market median since launch.
According to the investment manager, the outperformance was broad
based as stock selection and asset allocation decisions at the sector
and market level both contributed positively. Stock selection in
consumer goods and financials and the overweight in China's
consumer services sector also added to performance.
Manulife MPF 2045 Retirement
Fund
Launch date: 21/02/2011
49.19 11.15 6.08 6.17
Benchmark / Performance Target
(FER-adjusted Benchmark*) 41.76 9.60 5.58 5.46
Deviation from the benchmark /
performance target
Out-
performed Out-performed Out-performed Out-performed
Trustee's commentary The fund has outperformed the FER-adjusted Benchmark over 1
year, 5 years, 10 years and since launch.
According to the investment manager, security selection in the
European equities fund and the Hong Kong equities fund contributed
to performance.
31
MANULIFE GLOBAL SELECT (MPF) SCHEME
INVESTMENT REPORT
Year ended 31 March 2021
Trustee's Commentary (continued)
Annualized return (in terms of %)
1 Year 5 Years 10 Years Since Launch
Manulife MPF 2040 Retirement
Fund
Launch date: 21/02/2011
48.65 11.03 6.01 6.09
Benchmark / Performance Target
(FER-adjusted Benchmark*) 41.24 9.49 5.51 5.38
Deviation from the benchmark /
performance target
Out-
performed Out-performed Out-performed Out-performed
Trustee's commentary The fund has outperformed the FER-adjusted Benchmark over 1
year, 5 years, 10 years and since launch.
According to the investment manager, security selection in the
European equities fund and the Hong Kong equities fund contributed
to performance.
32
MANULIFE GLOBAL SELECT (MPF) SCHEME
INVESTMENT REPORT
Year ended 31 March 2021
Trustee's Commentary (continued)
Annualized return (in terms of %)
1 Year 5 Years 10 Years Since Launch
Manulife MPF 2035 Retirement Fund
Launch date: 21/02/2011 46.58 10.76 5.90 5.98
Benchmark / Performance Target
(FER-adjusted Benchmark*) 39.40 9.27 5.41 5.29
Deviation from the benchmark /
performance target
Out-
performed
Out-
performed
Out-
performed Out-performed
Trustee's commentary The fund has outperformed the FER-adjusted Benchmark over 1
year, 5 years, 10 years and since launch.
According to the investment manager, security selection in the
European equities fund and the Hong Kong equities fund
contributed to performance.
Manulife MPF 2030 Retirement Fund
Launch date: 21/02/2011 41.79 10.01 5.52 5.60
Benchmark / Performance Target
(FER-adjusted Benchmark*) 34.78 8.58 5.09 4.98
Deviation from the benchmark /
performance target
Out-
performed
Out-
performed
Out-
performed Out-performed
Trustee's commentary The fund has outperformed the FER-adjusted Benchmark over 1
year, 5 years, 10 years and since launch.
According to the investment manager, both underweighting
international bonds and security selection in the Hong Kong
equities fund contributed to performance.
Manulife MPF 2025 Retirement Fund
Launch date: 21/02/2011 32.37 8.29 4.69 4.79
Benchmark / Performance Target
(FER-adjusted Benchmark*) 26.80 7.16 4.39 4.29
Deviation from the benchmark /
performance target
Out-
performed
Out-
performed
Out-
performed
Out-
performed
Trustee's commentary The fund has outperformed the FER-adjusted Benchmark over 1
year, 5 years, 10 years and since launch.
According to the investment manager, both underweighting
international bonds and security selection in the Hong Kong
equities fund contributed to performance.
33
MANULIFE GLOBAL SELECT (MPF) SCHEME
INVESTMENT REPORT
Year ended 31 March 2021
Trustee's Commentary (continued)
Annualized return (in terms of %)
1 Year 5 Years 10 Years
Since
Launch
Manulife MPF Hang Seng Index
Tracking Fund
Launch date: 23/04/2012
22.54 8.93 N/A 6.06
Benchmark / Performance Target
(Hang Seng Total Return Index) 23.93 10.28 N/A 7.47
Deviation from the benchmark /
performance target
Under-
performed
Under-
performed N/A
Under-
performed
Trustee's commentary The fund has underperformed the Hang Seng Total Return Index
over 1 year, 5 years and since launch.
The fund is an index-tracking fund to track the Hang Seng Index
(Total Return), its performance is in line with the Hang Seng Total
Return Index for the reporting period.
Manulife MPF China Value Fund
Launch date: 01/02/2006 46.83 13.36 5.35 8.64
Benchmark / Performance Target
(Lipper Greater China Equity Median) 60.53 15.59 6.87 8.44
Deviation from the benchmark /
performance target
Under-
performed
Under-
performed
Under-
performed
Out-
performed
Trustee's commentary The fund has underperformed the market median over 1 year, 5
years and 10 years but outperformed since launch.
According to the investment manager, stock selection in the
Taiwan consumer goods sector and the underweight in Taiwan
equities detracted from performance. A key detractor was a
leading hypermarket chain in China that reported results below
expectations in 2020 due to lower profit margins. The company
is expanding its footprint in community group purchases and
strengthening its multi-channel business models. The current
stock valuation is believed underestimated by the market and is
expected to have potential to rebound.
* The FER-adjusted benchmark performance is an annualized figure of the benchmark performance adjusted
by the Fund Expense Ratio (FER) in which the relevant Constituent Fund (CF) incurred in the captioned period.
34
MANULIFE GLOBAL SELECT (MPF) SCHEME
INVESTMENT REPORT
Year ended 31 March 2021
Trustee's Commentary (continued)
B. Supporting information in relation to the Trustee's assessment framework for deriving its
commentary and the Trustee's actions, if any, to address its concerns raised in its commentary in
Section A
The Trustee has established an assessment and monitoring framework to assess and review the performance
of the investment funds via an Investment Management Control Committee ("IMCC") comprising
representatives from different technical areas, reporting to the Board of the Trustee on a regular basis. The
IMCC reviews each investment fund's absolute and relative performance (if applicable) over different
periods to identify investment funds delivering unsatisfactory performance. If underperformance persists,
further enhanced monitoring and management action will be arranged as required until it reaches a
satisfactory level.
The International Bond Fund was mentioned in the report last year due to its unsatisfactory performance.
The IMCC worked closely with the investment manager to launch several initiatives in mid-2020 to enhance
performance. Continuous improvement has been recorded since Q3 2020, and it was ranked in the first
quartile for the past 1 year at March 2021.
In addition, we are glad to report that one of the major initiatives, which we introduced in 2019, i.e. the
multi-managers' platform, has proved effective in achieving diversification purposes. The performance of
both the Hong Kong Equity Fund and the North American Equity Fund has improved significantly. The
board has endorsed a strategy extension to Healthcare Fund with the implementation of multi-managers
approach by end 2021 tentatively, subject to relevant regulatory approval.
In consideration of the likely relaxation of investment in the China A shares market in 2020, the Trustee
approved the replacement of one of the underlying sub-investment managers of the China Value Fund by a
manager with strong China A share investment capability. The replacement was completed successfully
effective February 2021. The IMCC has also considered alternatives to address other performance issues
of the fund with a plan to execute the alternative solutions in the later part of 2021.
In August 2020, Vanguard, that is managing the two Default Investment Strategy Funds (i.e. the Core
Accumulation Fund and the Age 65 Plus Fund), announced its exit from Hong Kong in orderly fashion due
to its Asia Strategy Shift. The Board has been informed by Vanguard that the DIS funds will be transited to
another Investment Manager, subject to regulatory approval. The Trustee views this arrangement positively
as it creates the least impact for the members.
The IMCC will continue to closely monitor the performance of each constituent fund for the best interest
of all members while also working proactively with the investment managers to introduce new initiatives
that can help to sustain or enhance the overall investment performance of our funds.
35
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
INV
ES
TM
EN
T R
EP
OR
T
Yea
r en
ded
31 M
arch
20
21
Inves
tmen
t in
com
e a
nd
per
form
an
ce r
eco
rd f
or
the
yea
r en
ded
/at
31 M
arc
h 2
021
MG
AG
M
GC
P
MG
EE
M
GG
R
MG
HB
M
GH
E
MG
IB
MG
IE
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
Net
in
com
e ex
clud
ing
n
et a
pp
reci
atio
n/d
epre
ciat
ion o
f in
ves
tmen
t -
- -
-
- -
- -
Net
ap
pre
ciat
ion
of
inv
estm
ent
-
real
ised
an
d u
nre
alis
ed
9,5
11,9
11
,364
5
5,8
72
,63
1
1,3
26,1
38
,606
5
,71
6,6
03
,619
9
,07
7,7
40
4
,45
8,0
79
,503
1
66
,65
1,2
04
2
,58
4,4
24
,581
Inco
me
der
ived
fro
m i
nv
estm
ents
-
- -
- -
- -
-
In
tere
st o
n i
nte
rest
bea
rin
g s
ecu
riti
es
Net
ass
et v
alu
e p
er u
nit
2
5.0
33
11
.344
15
.847
23
.918
15
.233
29
.682
1
7.4
46
21
.495
Net
ass
ets
avai
lab
le f
or
ben
efit
s 2
8,5
24
,05
2,5
80
1
3,1
76
,88
3,6
23
3
,76
7,8
87
,419
2
0,9
84
,85
0,7
21
3
,51
9,3
57
,490
1
5,3
57
,67
7,3
51
5
,70
2,8
52
,247
7
,34
1,4
43
,568
Hig
hes
t is
sue
pri
ce p
er u
nit
#
26
.643
11
.344
15
.978
25
.278
15
.624
34
.754
1
8.2
51
22
.062
Lo
wes
t re
dem
pti
on
pri
ce p
er u
nit
#
16
.376
11
.292
9.5
33
17
.049
15
.013
20
.331
1
6.8
04
13
.065
Net
an
nu
alis
ed i
nv
estm
ent
retu
rn (
%)
48
.15
0.4
4
57
.92
36
.83
0.3
4
43
.15
3.4
1
56
.85
The
net
annual
ised
in
ves
tmen
t re
turn
of
each
unit
ised
const
ituen
t fu
nd i
s ca
lcula
ted b
ased
on t
he
rati
o o
f th
e u
nit
pri
ce a
t 3
1 M
arch
20
21
to
th
e u
nit
pri
ce a
t 3
1 M
arch
20
20
.
#
Hig
hes
t is
sue
pri
ce p
er u
nit
an
d l
ow
est
redem
pti
on p
rice
per
unit
are
det
erm
ined
by r
efer
ence
to p
ub
lish
ed f
un
d p
rice
s d
uri
ng
th
e sc
hem
e y
ear.
36
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
INV
ES
TM
EN
T R
EP
OR
T
Yea
r en
ded
31 M
arch
20
21
Inves
tmen
t in
com
e a
nd
per
form
an
ce r
eco
rd f
or
the
yea
r en
ded
/at
31 M
arc
h 2
021 (
con
tin
ued
)
MG
IT
MG
JE
MG
NE
M
GP
E
MG
ST
M
GF
G
MG
FS
M
GC
V
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
Net
in
com
e ex
clud
ing
n
et a
pp
reci
atio
n/d
epre
ciat
ion o
f in
ves
tmen
t 1
25
,60
7,6
35
-
-
-
-
-
-
-
Net
ap
pre
ciat
ion
of
inv
estm
ent
-
real
ised
an
d u
nre
alis
ed
-
73
0,8
20
,21
5
4,6
13,5
50
,387
4
,42
3,5
22
,824
1
,73
9,6
34
,639
2
,97
2,6
39
,933
1
,45
5,0
80
,330
1
0,7
19
,49
9,5
39
Inco
me
der
ived
fro
m i
nv
estm
ents
In
tere
st o
n i
nte
rest
bea
rin
g s
ecu
riti
es
12
5,6
07
,63
5
-
-
-
-
-
-
-
Net
ass
et v
alu
e p
er u
nit
N
/A
15
.391
24
.096
33
.275
17
.078
35
.794
2
5.2
74
35
.134
Net
ass
ets
avai
lab
le f
or
ben
efit
s 2
6,5
94
,44
2,0
39
2
,25
5,3
02
,232
1
3,6
73
,83
1,1
40
1
2,0
14
,43
2,9
39
1
6,3
47
,20
8,7
92
1
0,5
10
,22
5,5
08
8
,18
5,3
43
,189
3
6,3
25
,03
9,9
83
Hig
hes
t is
sue
pri
ce p
er u
nit
#
N/A
1
5.7
70
24
.457
36
.167
17
.802
38
.281
2
6.6
07
40
.413
Lo
wes
t re
dem
pti
on
pri
ce p
er u
nit
#
N/A
9
.97
7
14
.021
20
.045
15
.014
24
.745
2
0.4
15
23
.477
Net
an
nu
alis
ed i
nv
estm
ent
retu
rn (
%)
0.4
9
45
.76
62
.46
63
.62
12
.46
41
.17
22
.17
46
.83
The
net
annual
ised
inv
estm
ent
retu
rn o
f ea
ch u
nit
ised
const
ituen
t fu
nd i
s ca
lcula
ted b
ased
on t
he
rati
o o
f th
e u
nit
pri
ce a
t 3
1 M
arch
20
21
to
th
e un
it p
rice
at
31
Mar
ch
20
20
. T
he
net
an
nual
ised
in
ves
tmen
t re
turn
for
MG
IT i
s th
e su
m o
f cr
edit
ed i
nte
rest
fro
m A
pri
l 20
20
to
Mar
ch 2
02
1 d
ivid
ed b
y t
he
aver
age
mo
nth
ly n
et a
sset
val
ue
from
31 M
arch
202
0 t
o 3
1 M
arch
20
21.
#
Hig
hes
t is
sue
pri
ce p
er u
nit
an
d l
ow
est
redem
pti
on p
rice
per
unit
are
det
erm
ined
by r
efer
ence
to p
ub
lish
ed f
un
d p
rice
s d
uri
ng
th
e sc
hem
e y
ear.
37
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
INV
ES
TM
EN
T R
EP
OR
T
Yea
r en
ded
31 M
arch
20
21
Inves
tmen
t in
com
e a
nd
per
form
an
ce r
eco
rd f
or
the
yea
r en
ded
/at
31 M
arc
h 2
021 (
con
tin
ued
)
MG
HC
M
GH
S
MG
PB
M
GR
B
MG
15
M
G2
0*
MG
25
M
G3
0
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
Net
in
com
e ex
clud
ing
n
et a
pp
reci
atio
n/d
epre
ciat
ion o
f in
ves
tmen
t -
-
-
-
-
-
-
-
Net
ap
pre
ciat
ion
of
inv
estm
ent
-
real
ised
an
d u
nre
alis
ed
6,0
17,1
95
,290
1
,15
6,4
92
,475
1
56
,50
3,6
15
1
11
,53
6,3
62
1
22
,72
8,4
20
1
31
,16
1,8
37
1
98
,73
0,9
50
2
40
,59
3,0
41
Inco
me
der
ived
fro
m i
nv
estm
ents
In
tere
st o
n i
nte
rest
bea
rin
g s
ecu
riti
es
-
-
-
-
-
-
-
-
Net
ass
et v
alu
e p
er u
nit
2
5.4
39
16
.911
12
.018
11
.420
14
.308
-
1
6.0
42
17
.347
Net
ass
ets
avai
lab
le f
or
ben
efit
s 3
2,7
69
,95
8,3
07
5
,86
3,2
34
,404
1
,74
7,0
89
,347
2
,05
2,7
14
,590
1
,16
4,2
16
,598
-
84
5,7
77
,52
4
85
4,4
76
,08
2
Hig
hes
t is
sue
pri
ce p
er u
nit
#
26
.609
18
.454
12
.478
11
.564
14
.963
14
.902
1
6.8
40
18
.334
Lo
wes
t re
dem
pti
on
pri
ce p
er u
nit
#
19
.893
13
.415
10
.765
10
.598
11
.047
11
.526
1
1.8
38
11
.900
Net
an
nu
alis
ed i
nv
estm
ent
retu
rn (
%)
24
.35
22
.54
10
.91
7.2
8
27
.09
NA
3
2.3
6
41
.79
The
net
annual
ised
in
ves
tmen
t re
turn
of
each
unit
ised
const
ituen
t fu
nd i
s ca
lcula
ted b
ased
on t
he
rati
o o
f th
e u
nit
pri
ce a
t 3
1 M
arch
20
21
to
th
e u
nit
pri
ce a
t 3
1 M
arch
20
20
.
#
Hig
hes
t is
sue
pri
ce p
er u
nit
an
d l
ow
est
redem
pti
on p
rice
per
unit
are
det
erm
ined
by r
efer
ence
to p
ub
lish
ed f
un
d p
rice
s d
uri
ng
th
e sc
hem
e y
ear.
*
MG
20 h
ad n
o i
nv
estm
ents
an
d o
per
atio
ns
since
5 J
anuar
y 2
021 a
nd t
erm
inat
ed o
n 2
5 M
arch
2021.
38
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
INV
ES
TM
EN
T R
EP
OR
T
Yea
r en
ded
31 M
arch
20
21
Inves
tmen
t in
com
e a
nd
per
form
an
ce r
eco
rd f
or
the
yea
r/p
erio
d e
nd
ed/a
t 31 M
arc
h 2
021
(co
nti
nu
ed)
F
or
the
per
iod
fro
m
2
1 S
epte
mb
er 2
020
(d
ate
of
ince
pti
on
)
to
31
Mar
ch 2
021
M
G3
5
MG
40
M
G4
5
MG
AP
M
GC
A
MG
RI
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
Net
in
com
e ex
clud
ing
n
et a
pp
reci
atio
n/d
epre
ciat
ion o
f in
ves
tmen
t -
-
-
-
-
9
,94
7,6
86
Net
ap
pre
ciat
ion
of
inv
estm
ent
-
real
ised
an
d u
nre
alis
ed
26
7,0
47
,48
6
22
4,1
99
,62
6
39
4,5
90
,64
4
21
0,3
73
,42
0
2,3
35,1
77
,746
7
,51
8,7
29
Inco
me
der
ived
fro
m i
nv
estm
ents
D
ivid
end
in
com
e -
-
-
-
-
9
,94
7,6
86
Net
ass
et v
alu
e p
er u
nit
1
7.9
81
18
.178
18
.318
11
.898
13
.804
10
.743
Net
ass
ets
avai
lab
le f
or
ben
efit
s 8
84
,96
4,6
84
7
24
,15
0,5
53
1
,29
0,6
65
,611
3
,64
4,3
24
,74
6
11
,713
,37
9,7
04
1
,40
6,8
36
,979
Hig
hes
t is
sue
pri
ce p
er u
nit
#
19
.071
19
.300
19
.459
12
.140
13
.952
11
.210
Lo
wes
t re
dem
pti
on
pri
ce p
er u
nit
#
11
.909
11
.858
11
.905
10
.968
10
.434
9.8
96
Net
an
nu
alis
ed i
nv
estm
ent
retu
rn (
%)
46
.58
48
.65
49
.19
7.9
0
29
.36
7.4
3
The
net
annual
ised
in
ves
tmen
t re
turn
of
each
unit
ised
const
ituen
t fu
nd i
s ca
lcula
ted b
ased
on t
he
rati
o o
f th
e u
nit
pri
ce a
t 3
1 M
arch
20
21
to
th
e u
nit
pri
ce a
t 3
1 M
arch
20
20
. T
he
net
an
nu
alis
ed i
nv
estm
ent
retu
rn f
or
MG
RI
is c
alcu
late
d b
ased
on t
he
rati
o o
f th
e unit
pri
ce a
t 3
1 M
arch
20
21
to t
he u
nit
pri
ce a
t th
e d
ate
of
ince
pti
on
on 2
1
Sep
tem
ber
2020
.
#
Hig
hes
t is
sue
pri
ce p
er u
nit
an
d l
ow
est
redem
pti
on p
rice
per
unit
are
det
erm
ined
by r
efer
ence
to p
ub
lish
ed f
un
d p
rice
s d
uri
ng
th
e sc
hem
e y
ear.
39
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
INV
ES
TM
EN
T R
EP
OR
T
Yea
r en
ded
31 M
arch
20
21
Inves
tmen
t in
com
e a
nd
per
form
an
ce r
eco
rd f
or
the
yea
r en
ded
/at
31 M
arc
h 2
020
MG
AG
M
GC
P
MG
EE
M
GG
R
MG
HB
M
GH
E
MG
IB
MG
IE
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
Net
in
com
e ex
clud
ing
n
et a
pp
reci
atio
n/d
epre
ciat
ion o
f in
ves
tmen
t -
- -
-
- -
- -
Net
ap
pre
ciat
ion
/(d
epre
ciat
ion)
of
inv
estm
ent
-
real
ised
an
d u
nre
alis
ed
( 2
,77
8,1
91
,47
9)
16
9,6
07
,01
6 (
164
,994
,34
7)
( 1
,58
6,0
04
,19
9)
15
6,1
46
,90
1 (
1,5
11
,64
4,2
07)
49
,662
,76
9
(
626
,44
4,3
96
)
Inco
me
der
ived
fro
m i
nv
estm
ents
-
- -
- -
- -
-
In
tere
st o
n i
nte
rest
bea
rin
g s
ecu
riti
es
Net
ass
et v
alu
e p
er u
nit
1
6.8
97
11
.294
10
.035
17
.480
15
.182
20
.735
1
6.8
71
13
.704
Net
ass
ets
avai
lab
le f
or
ben
efit
s 2
0,0
96
,84
6,4
61
11
,930
,79
6,0
14
2
,20
6,4
01
,887
1
5,6
47
,60
0,1
46
3
,26
2,6
15
,816 1
0,4
93
,99
8,9
37
4
,95
4,7
60
,417
4
,46
4,5
63
,017
Hig
hes
t is
sue
pri
ce p
er u
nit
#
21
.208
11
.292
12
.767
20
.831
15
.411
25
.307
1
7.6
70
17
.910
Lo
wes
t re
dem
pti
on
pri
ce p
er u
nit
#
15
.061
11
.120
8.6
83
15
.938
14
.257
18
.830
1
6.3
46
12
.001
Net
an
nu
alis
ed i
nv
estm
ent
retu
rn (
%)
(12
.05
) 1
.55
(5.6
9)
(9.1
1)
5.4
8
(12
.91
) 1
.50
(1
1.7
0)
The
net
annual
ised
in
ves
tmen
t re
turn
of
each
unit
ised
const
ituen
t fu
nd i
s ca
lcula
ted b
ased
on t
he
rati
o o
f th
e u
nit
pri
ce a
t 3
1 M
arch
20
20
to
th
e u
nit
pri
ce a
t 3
1 M
arch
20
19.
#
Hig
hes
t is
sue
pri
ce p
er u
nit
an
d l
ow
est
redem
pti
on p
rice
per
unit
are
det
erm
ined
by r
efer
ence
to p
ub
lish
ed f
un
d p
rice
s d
uri
ng
th
e sc
hem
e y
ear.
40
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
INV
ES
TM
EN
T R
EP
OR
T
Yea
r en
ded
31 M
arch
20
21
Inves
tmen
t in
com
e a
nd
per
form
an
ce r
eco
rd f
or
the
yea
r en
ded
/at
31 M
arc
h 2
020 (
con
tin
ued
)
MG
IT
MG
JE
MG
NE
M
GP
E
MG
ST
M
GF
G
MG
FS
M
GC
V
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
Net
in
com
e ex
clud
ing
n
et a
pp
reci
atio
n/d
epre
ciat
ion o
f in
ves
tmen
t 1
11
,66
8,3
99
-
-
-
-
-
-
-
Net
dep
reci
atio
n o
f in
ves
tmen
t
-
real
ised
an
d u
nre
alis
ed
- (
2
09
,602
,64
3) (
918
,454
,84
2)
(1,4
77
,74
1,7
05
) (
170
,117
,51
7)
( 8
95
,285
,92
7)
( 2
89
,600
,15
7)
( 2
,47
4,8
75
,14
5)
Inco
me
der
ived
fro
m i
nv
estm
ents
In
tere
st o
n i
nte
rest
bea
rin
g s
ecu
riti
es
11
1,6
68
,39
9
-
-
-
-
-
-
-
Net
ass
et v
alu
e p
er u
nit
N
/A
10
.559
14
.832
20
.337
15
.186
25
.355
2
0.6
88
23
.928
Net
ass
ets
avai
lab
le f
or
ben
efit
s 2
4,0
08
,22
5,4
15
1,4
63,0
58
,612
6
,83
0,3
16
,058
7
,08
3,6
51
,463
1
3,8
06
,56
7,4
00
7
,16
7,7
32
,414
6
,49
4,0
39
,162
2
3,1
49
,35
5,9
06
Hig
hes
t is
sue
pri
ce p
er u
nit
#
N/A
1
3.6
54
19
.630
26
.801
16
.031
31
.246
2
2.9
67
28
.822
Lo
wes
t re
dem
pti
on
pri
ce p
er u
nit
#
N/A
9
.34
8
12
.983
18
.091
14
.495
22
.780
1
9.3
20
21
.778
Net
an
nu
alis
ed i
nv
estm
ent
retu
rn (
%)
0.4
9
(13
.44
) (1
0.0
6)
(17
.21
) (1
.12)
(10
.83
) (4
.06)
(9.5
0)
The
net
annual
ised
inv
estm
ent
retu
rn o
f ea
ch u
nit
ised
const
ituen
t fu
nd i
s ca
lcula
ted b
ased
on t
he
rati
o o
f th
e u
nit
pri
ce a
t 3
1 M
arch
20
20
to
th
e un
it p
rice
at
31
Mar
ch
20
19.
The
net
an
nual
ised
in
ves
tmen
t re
turn
for
MG
IT i
s th
e su
m o
f cr
edit
ed i
nte
rest
fro
m A
pri
l 201
9 t
o M
arch
202
0 d
ivid
ed b
y t
he
aver
age
mo
nth
ly n
et a
sset
val
ue
from
31 M
arch
201
9 t
o 3
1 M
arch
20
20.
#
Hig
hes
t is
sue
pri
ce p
er u
nit
an
d l
ow
est
redem
pti
on p
rice
per
unit
are
det
erm
ined
by r
efer
ence
to p
ub
lish
ed f
un
d p
rice
s d
uri
ng
th
e sc
hem
e y
ear.
41
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
INV
ES
TM
EN
T R
EP
OR
T
Yea
r en
ded
31 M
arch
20
21
Inves
tmen
t in
com
e a
nd
per
form
an
ce r
eco
rd f
or
the
yea
r en
ded
/at
31 M
arc
h 2
020 (
con
tin
ued
)
MG
HC
M
GH
S
MG
PB
M
GR
B
MG
15
M
G2
0
MG
25
M
G3
0
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
Net
in
com
e ex
clud
ing
n
et a
pp
reci
atio
n/d
epre
ciat
ion o
f in
ves
tmen
t -
-
-
-
-
-
-
-
Net
dep
reci
atio
n o
f in
ves
tmen
t
-
real
ised
an
d u
nre
alis
ed
( 1
,80
7,8
38
,99
1) (
888
,378
,32
1) (
2
3,1
81
,22
1)
(
4
,193
,04
5)
( 2
7,5
42,9
45
) (
31
,29
0,1
18
) (
51
,75
4,8
65
) (
63
,56
7,8
67
)
Inco
me
der
ived
fro
m i
nv
estm
ents
In
tere
st o
n i
nte
rest
bea
rin
g s
ecu
riti
es
-
-
-
-
-
-
-
-
Net
ass
et v
alu
e p
er u
nit
2
0.4
57
13
.800
10
.836
10
.645
11
.258
11
.746
1
2.1
20
12
.234
Net
ass
ets
avai
lab
le f
or
ben
efit
s 2
3,7
12
,41
2,8
65
5
,01
1,4
65
,449
1
,42
4,6
15
,103
1
,39
5,1
78
,887
4
36
,27
7,4
90
51
3,8
43
,26
6
60
7,5
19
,18
4
56
7,4
42
,98
2
Hig
hes
t is
sue
pri
ce p
er u
nit
#
23
.880
17
.156
11
.619
10
.898
12
.790
13
.331
1
4.2
42
14
.901
Lo
wes
t re
dem
pti
on
pri
ce p
er u
nit
#
17
.681
12
.734
10
.576
10
.446
10
.492
10
.946
1
1.1
31
11
.051
Net
an
nu
alis
ed i
nv
estm
ent
retu
rn (
%)
(6.9
1)
(16
.56
) (1
.29)
(0.3
8)
(5.7
4)
(5.6
8)
(7.6
7)
(9.8
3)
The
net
annual
ised
in
ves
tmen
t re
turn
of
each
unit
ised
const
ituen
t fu
nd i
s ca
lcula
ted b
ased
on t
he
rati
o o
f th
e u
nit
pri
ce a
t 3
1 M
arch
20
20
to
th
e u
nit
pri
ce a
t 3
1 M
arch
20
19.
#
Hig
hes
t is
sue
pri
ce p
er u
nit
an
d l
ow
est
redem
pti
on p
rice
per
unit
are
det
erm
ined
by r
efer
ence
to p
ub
lish
ed f
un
d p
rice
s d
uri
ng
th
e sc
hem
e y
ear.
42
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
INV
ES
TM
EN
T R
EP
OR
T
Yea
r en
ded
31 M
arch
20
21
Inves
tmen
t in
com
e a
nd
per
form
an
ce r
eco
rd f
or
the
yea
r en
ded
/at
31 M
arc
h 2
020 (
con
tin
ued
)
MG
35
M
G4
0
MG
45
M
GA
P
MG
CA
HK
$
HK
$
HK
$
HK
$
HK
$
Net
in
com
e ex
clud
ing
n
et a
pp
reci
atio
n/d
epre
ciat
ion o
f in
ves
tmen
t -
-
-
-
-
Net
(d
epre
ciat
ion
)/ap
pre
ciat
ion
of
inv
estm
ent
-
real
ised
an
d u
nre
alis
ed
( 7
0,9
17
,08
3)
( 5
9,0
54,1
69
) (1
05
,85
7,6
85
) 4
6,1
72
,13
0 (
456
,294
,74
0)
Inco
me
der
ived
fro
m i
nv
estm
ents
In
tere
st o
n i
nte
rest
bea
rin
g s
ecu
riti
es
-
-
-
-
-
Net
ass
et v
alu
e p
er u
nit
1
2.2
67
12
.229
12
.278
11
.027
10
.671
Net
ass
ets
avai
lab
le f
or
ben
efit
s 5
73
,29
7,9
35
4
55
,16
0,1
75
7
91
,16
6,2
86
2
,48
8,9
18
,462
7
,22
6,9
01
,944
Hig
hes
t is
sue
pri
ce p
er u
nit
#
15
.209
15
.290
15
.390
11
.480
12
.383
Lo
wes
t re
dem
pti
on
pri
ce p
er u
nit
#
11
.001
10
.920
10
.949
10
.540
9.7
95
Net
an
nu
alis
ed i
nv
estm
ent
retu
rn (
%)
(10
.77
) (1
1.2
0)
(11
.35
) 3
.99
(4
.38)
The
net
annual
ised
in
ves
tmen
t re
turn
of
each u
nit
ised
const
ituen
t fu
nd i
s ca
lcula
ted b
ased
on t
he
rati
o o
f th
e u
nit
pri
ce a
t 3
1 M
arch
20
20
to
th
e u
nit
pri
ce a
t 3
1 M
arch
20
19.
#
Hig
hes
t is
sue
pri
ce p
er u
nit
an
d l
ow
est
redem
pti
on p
rice
per
unit
are
det
erm
ined
by r
efer
ence
to p
ub
lish
ed f
un
d p
rice
s d
uri
ng
th
e sc
hem
e y
ear.
43
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
INV
ES
TM
EN
T R
EP
OR
T
Yea
r en
ded
31 M
arch
20
21
Inves
tmen
t in
com
e a
nd
per
form
an
ce r
eco
rd f
or
the
yea
r en
ded
/at
31 M
arc
h 2
019
MG
AG
M
GC
P
MG
EE
M
GG
R
MG
HB
M
GH
E
MG
IB
MG
IE
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
Net
in
com
e ex
clud
ing
n
et a
pp
reci
atio
n/d
epre
ciat
ion o
f in
ves
tmen
t -
- -
-
- -
- -
Net
(d
epre
ciat
ion
)/ap
pre
ciat
ion
of
inv
estm
ent
-
real
ised
an
d u
nre
alis
ed
( 1
,18
2,4
48
,69
1)
10
8,3
81
,61
7 (
1
9,8
14
,60
9)
(
73
4,5
03
,82
4)
11
0,8
36
,50
7 (
76
9,3
53
,01
9)
(
59
,828
,33
1)
(
101
,32
7,1
02
)
Inco
me
der
ived
fro
m i
nv
estm
ents
-
- -
- -
- -
-
In
tere
st o
n i
nte
rest
bea
rin
g s
ecu
riti
es
Net
ass
et v
alu
e p
er u
nit
1
9.2
12
11
.122
10
.640
19
.231
14
.393
23
.808
1
6.6
22
15
.520
Net
ass
ets
avai
lab
le f
or
ben
efit
s 2
3,3
41
,90
1,0
72
1
0,4
76
,03
6,1
71
2
,14
5,8
99
,331
1
7,1
76
,67
9,1
72
2
,54
5,1
65
,853
1
1,5
94
,12
4,1
05
4
,07
4,4
24
,934
4
,64
6,9
87
,261
Hig
hes
t is
sue
pri
ce p
er u
nit
#
20
.927
11
.118
11
.374
20
.639
14
.415
27
.109
1
6.9
92
16
.376
Lo
wes
t re
dem
pti
on
pri
ce p
er u
nit
#
17
.105
10
.992
9.1
87
17
.491
13
.526
20
.281
1
6.1
53
13
.352
Net
an
nu
alis
ed i
nv
estm
ent
retu
rn (
%)
(5.1
9)
1.2
1
(0.7
8)
(4.7
4)
4.6
1
(7.7
7)
(1.9
4)
(1.8
9)
The
net
annual
ised
in
ves
tmen
t re
turn
of
each
unit
ised
const
ituen
t fu
nd i
s ca
lcula
ted b
ased
on t
he
rati
o o
f th
e u
nit
pri
ce a
t 3
1 M
arch
20
19
to
th
e u
nit
pri
ce a
t 3
1 M
arch
20
18.
#
Hig
hes
t is
sue
pri
ce p
er u
nit
an
d l
ow
est
redem
pti
on p
rice
per
unit
are
det
erm
ined
by r
efer
ence
to p
ub
lish
ed f
un
d p
rice
s d
uri
ng
th
e sc
hem
e y
ear.
44
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
INV
ES
TM
EN
T R
EP
OR
T
Yea
r en
ded
31 M
arch
20
21
Inves
tmen
t in
com
e a
nd
per
form
an
ce r
eco
rd f
or
the
yea
r en
ded
/at
31 M
arc
h 2
019 (
con
tin
ued
)
MG
IT
MG
JE
MG
NE
M
GP
E
MG
ST
M
GF
G
MG
FS
M
GC
V
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
Net
in
com
e ex
clud
ing
n
et a
pp
reci
atio
n/d
epre
ciat
ion o
f in
ves
tmen
t 9
4,6
50
,62
1
-
-
-
-
-
-
-
Net
ap
pre
ciat
ion
/(d
epre
ciat
ion)
of
inv
estm
ent
-
real
ised
an
d u
nre
alis
ed
- (
1
35
,43
5,5
24
) 2
,70
0,1
18
(
5
12
,65
6,1
90
) 1
4,8
65
,74
1 (
172
,621
,75
1)
(
38
,026
,75
9)
( 1
,23
2,5
86
,62
5)
Inco
me
der
ived
fro
m i
nv
estm
ents
In
tere
st o
n i
nte
rest
bea
rin
g s
ecu
riti
es
94
,650
,62
1
-
-
-
-
-
-
-
Net
ass
et v
alu
e p
er u
nit
N
/A
12
.198
16
.491
24
.565
15
.358
28
.434
2
1.5
64
26
.441
Net
ass
ets
avai
lab
le f
or
ben
efit
s 2
1,5
20
,77
4,7
81
1
,77
0,1
11
,098
5
,30
2,0
27
,239
8
,61
0,3
29
,481
1
3,1
23
,36
6,4
72
7
,58
3,3
39
,076
6
,33
6,8
00
,288
2
6,4
31
,77
0,5
05
Hig
hes
t is
sue
pri
ce p
er u
nit
#
N/A
1
3.7
26
17
.831
27
.050
15
.461
30
.221
2
2.1
49
28
.852
Lo
wes
t re
dem
pti
on
pri
ce p
er u
nit
#
N/A
1
1.1
31
13
.265
21
.856
14
.423
25
.102
1
9.9
29
22
.546
Net
an
nu
alis
ed i
nv
estm
ent
retu
rn (
%)
0.4
9
(8.7
2)
0.9
9
(6.2
4)
(0.0
7)
(2.5
0)
(1.4
4)
(4.4
3)
The
net
annual
ised
inv
estm
ent
retu
rn o
f ea
ch u
nit
ised
const
ituen
t fu
nd i
s ca
lcula
ted b
ased
on t
he
rati
o o
f th
e u
nit
pri
ce a
t 3
1 M
arch
20
19
to
th
e un
it p
rice
at
31
Mar
ch
20
18.
The
net
ann
ual
ised
in
ves
tmen
t re
turn
for
MG
IT i
s th
e su
m o
f cr
edit
inte
rest
fro
m A
pri
l 201
8 t
o M
arch
20
19 d
ivid
ed b
y t
he
aver
age
mon
thly
net
ass
et v
alue
fro
m
31
Mar
ch 2
01
8 t
o 3
1 M
arch
20
19
.
#
Hig
hes
t is
sue
pri
ce p
er u
nit
an
d l
ow
est
redem
pti
on p
rice
per
unit
are
det
erm
ined
by r
efer
ence
to p
ub
lish
ed f
un
d p
rice
s d
uri
ng
th
e sc
hem
e y
ear.
45
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
INV
ES
TM
EN
T R
EP
OR
T
Yea
r en
ded
31 M
arch
20
21
Inves
tmen
t in
com
e a
nd
per
form
an
ce r
eco
rd f
or
the
yea
r en
ded
/at
31 M
arc
h 2
019 (
con
tin
ued
)
MG
HC
M
GH
S
MG
PB
M
GR
B
MG
15
M
G2
0
MG
25
M
G3
0
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
Net
in
com
e ex
clud
ing
n
et a
pp
reci
atio
n/d
epre
ciat
ion o
f in
ves
tmen
t -
-
-
-
-
-
-
-
Net
ap
pre
ciat
ion
/(d
epre
ciat
ion)
of
inv
estm
ent
-
real
ised
an
d u
nre
alis
ed
2,1
56,8
62
,266
5
,62
7,0
54
1
4,4
11
,40
1
21
,793
,80
4
( 1
1,5
41,3
26
) (
17
,68
7,5
31
) (
26
,88
3,6
94
) (
24
,74
8,1
55
)
Inco
me
der
ived
fro
m i
nv
estm
ents
In
tere
st o
n i
nte
rest
bea
rin
g s
ecu
riti
es
-
-
-
-
-
-
-
-
Net
ass
et v
alu
e p
er u
nit
2
1.9
75
16
.538
10
.978
10
.686
11
.944
12
.453
1
3.1
27
13
.567
Net
ass
ets
avai
lab
le f
or
ben
efit
s 2
1,9
84
,09
8,6
43
4
,71
5,0
47
,227
1
,26
6,7
50
,029
1
,22
2,2
42
,506
3
71
,57
3,9
10
5
59
,57
5,6
68
6
22
,95
0,5
61
5
80
,56
8,6
39
Hig
hes
t is
sue
pri
ce p
er u
nit
#
22
.123
17
.566
10
.993
10
.684
12
.538
13
.172
1
4.1
42
14
.685
Lo
wes
t re
dem
pti
on
pri
ce p
er u
nit
#
18
.950
14
.036
10
.281
10
.010
11
.068
11
.525
1
1.9
41
12
.158
Net
an
nu
alis
ed i
nv
estm
ent
retu
rn (
%)
11
.68
(0.7
6)
1.0
9
1.9
4
(3.5
9)
(3.2
1)
(4.5
0)
(4.6
9)
The
net
annual
ised
inv
estm
ent
retu
rn o
f ea
ch u
nit
ised
const
ituen
t fu
nd i
s ca
lcula
ted b
ased
on t
he
rati
o o
f th
e u
nit
pri
ce a
t 3
1 M
arch
20
19
to
th
e un
it p
rice
at
31
Mar
ch
20
18.
#
Hig
hes
t is
sue
pri
ce p
er u
nit
an
d l
ow
est
redem
pti
on p
rice
per
unit
are
det
erm
ined
by r
efer
ence
to p
ub
lish
ed f
un
d p
rice
s d
uri
ng
th
e sc
hem
e y
ear.
46
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
INV
ES
TM
EN
T R
EP
OR
T
Yea
r en
ded
31 M
arch
20
21
Inves
tmen
t in
com
e a
nd
per
form
an
ce r
eco
rd f
or
the
yea
r en
ded
/at
31 M
arc
h 2
019 (
con
tin
ued
)
MG
35
M
G4
0
MG
45
M
GA
P
MG
CA
HK
$
HK
$
HK
$
HK
$
HK
$
Net
in
com
e ex
clud
ing
n
et a
pp
reci
atio
n/d
epre
ciat
ion o
f in
ves
tmen
t -
-
-
-
-
Net
(d
epre
ciat
ion
)/ap
pre
ciat
ion
of
inv
estm
ent
-
real
ised
an
d u
nre
alis
ed
( 2
6,0
27,6
43
) (
19
,99
3,8
72
) (
35
,62
1,4
97
) 3
6,9
61
,03
2
92
,809
,00
4
Inco
me
der
ived
fro
m i
nv
estm
ents
In
tere
st o
n i
nte
rest
bea
rin
g s
ecu
riti
es
-
-
-
-
-
Net
ass
et v
alu
e p
er u
nit
1
3.7
47
13
.771
13
.850
10
.604
11
.160
Net
ass
ets
avai
lab
le f
or
ben
efit
s 5
89
,16
9,8
11
4
63
,58
0,1
58
8
25
,41
4,0
08
1
,34
6,7
32
,621
4
,81
0,3
58
,856
Hig
hes
t is
sue
pri
ce p
er u
nit
#
14
.901
14
.934
15
.004
10
.603
11
.195
Lo
wes
t re
dem
pti
on
pri
ce p
er u
nit
#
12
.241
12
.237
12
.310
10
.089
10
.092
Net
an
nu
alis
ed i
nv
estm
ent
retu
rn (
%)
(4.7
1)
(4.7
3)
(4.5
6)
2.7
2
2.2
6
The
net
annual
ised
inv
estm
ent
retu
rn o
f ea
ch u
nit
ised
const
ituen
t fu
nd i
s ca
lcula
ted b
ased
on t
he
rati
o o
f th
e u
nit
pri
ce a
t 3
1 M
arch
20
19
to
th
e un
it p
rice
at
31
Mar
ch
20
18.
#
Hig
hes
t is
sue
pri
ce p
er u
nit
an
d l
ow
est
redem
pti
on p
rice
per
unit
are
det
erm
ined
by r
efer
ence
to p
ub
lish
ed f
un
d p
rice
s d
uri
ng
th
e sc
hem
e y
ear.
47
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
INV
ES
TM
EN
T R
EP
OR
T
Yea
r en
ded
31 M
arch
20
21
Per
form
an
ce r
eco
rd f
or
the
yea
r en
ded
/at
31 M
arc
h 2
018
MG
AG
M
GC
P
MG
EE
M
GG
R
MG
HB
M
GH
E
MG
IB
MG
IE
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
Hig
hes
t is
sue
pri
ce p
er u
nit
#
21
.827
10
.991
11
.584
21
.430
14
.077
28
.456
1
7.0
15
16
.951
Lo
wes
t re
dem
pti
on
pri
ce p
er u
nit
#
16
.922
10
.964
10
.003
17
.325
13
.675
19
.397
1
6.2
81
13
.682
Net
an
nu
alis
ed i
nv
estm
ent
retu
rn (
%)
18
.91
0.2
4
6.8
4
16
.04
0.5
9
32
.57
4
.16
14
.32
The
net
annual
ised
inv
estm
ent
retu
rn o
f ea
ch u
nit
ised
const
ituen
t fu
nd i
s ca
lcula
ted b
ased
on t
he
rati
o o
f th
e u
nit
pri
ce a
t 3
1 M
arch
20
18
to
th
e un
it p
rice
at
31
Mar
ch
20
17.
#
Hig
hes
t is
sue
pri
ce p
er u
nit
an
d l
ow
est
redem
pti
on p
rice
per
unit
are
det
erm
ined
by r
efer
ence
to p
ub
lish
ed f
un
d p
rice
s d
uri
ng
th
e sc
hem
e y
ear.
48
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
INV
ES
TM
EN
T R
EP
OR
T
Yea
r en
ded
31 M
arch
202
1
Per
form
an
ce r
eco
rd f
or
the
yea
r en
ded
/at
31 M
arc
h 2
018
(co
nti
nu
ed)
MG
IT
MG
JE
MG
NE
M
GP
E
MG
ST
M
GF
G
MG
FS
M
GC
V
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
Hig
hes
t is
sue
pri
ce p
er u
nit
#
N/A
1
4.5
28
17
.774
27
.994
15
.924
31
.626
2
2.8
96
30
.315
Lo
wes
t re
dem
pti
on
pri
ce p
er u
nit
#
N/A
1
1.2
61
14
.502
21
.263
14
.395
24
.446
1
9.4
25
21
.709
Net
an
nu
alis
ed i
nv
estm
ent
retu
rn (
%)
0.2
2
16
.31
10
.49
21
.85
6.8
6
18
.23
12
.53
26
.84
The
net
annual
ised
in
ves
tmen
t re
turn
of
each
unit
ised
const
ituen
t fu
nd i
s ca
lcula
ted b
ased
on t
he
rati
o o
f th
e u
nit
pri
ce a
t 3
1 M
arch
20
18
to
th
e u
nit
pri
ce a
t 3
1 M
arch
20
17.
The
net
ann
ual
ised
in
ves
tmen
t re
turn
for
MG
IT i
s th
e su
m o
f cr
edit
inte
rest
fro
m A
pri
l 201
7 t
o M
arch
20
18 d
ivid
ed b
y t
he
aver
age
mon
thly
net
ass
et v
alue
fro
m
31
Mar
ch 2
01
7 t
o 3
1 M
arch
20
18.
#
Hig
hes
t is
sue
pri
ce p
er u
nit
an
d l
ow
est
redem
pti
on p
rice
per
unit
are
det
erm
ined
by r
efer
ence
to p
ub
lish
ed f
un
d p
rice
s d
uri
ng
th
e sc
hem
e y
ear.
49
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
INV
ES
TM
EN
T R
EP
OR
T
Yea
r en
ded
31 M
arch
202
1
Per
form
an
ce r
eco
rd f
or
the
yea
r en
ded
/at
31 M
arc
h 2
018
(co
nti
nu
ed)
MG
HC
M
GH
S
MG
PB
M
GR
B
MG
15
M
G2
0
MG
25
M
G3
0
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
Hig
hes
t is
sue
pri
ce p
er u
nit
#
22
.177
18
.345
11
.036
10
.492
12
.984
13
.564
1
4.6
61
15
.295
Lo
wes
t re
dem
pti
on
pri
ce p
er u
nit
#
18
.581
12
.947
10
.517
9.6
57
10
.954
11
.340
1
1.7
94
11
.986
Net
an
nu
alis
ed i
nv
estm
ent
retu
rn (
%)
4.6
6
27
.06
3.0
8
8.4
3
13
.03
13
.31
16
.05
18
.04
The
net
annual
ised
in
ves
tmen
t re
turn
of
each
unit
ised
const
ituen
t fu
nd i
s ca
lcula
ted b
ased
on t
he
rati
o o
f th
e u
nit
pri
ce a
t 3
1 M
arch
20
18
to
th
e u
nit
pri
ce a
t 3
1 M
arch
20
17.
#
Hig
hes
t is
sue
pri
ce p
er u
nit
an
d l
ow
est
redem
pti
on p
rice
per
unit
are
det
erm
ined
by r
efer
ence
to p
ub
lish
ed f
un
d p
rice
s d
uri
ng
th
e sc
hem
e y
ear.
50
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
INV
ES
TM
EN
T R
EP
OR
T
Yea
r en
ded
31 M
arch
202
1
Per
form
an
ce r
eco
rd f
or
the
yea
r en
ded
/at
31 M
arc
h 2
018
(co
nti
nu
ed)
MG
35
M
G4
0
MG
45
M
GA
P
MG
CA
HK
$
HK
$
HK
$
HK
$
HK
$
Hig
hes
t is
sue
pri
ce p
er u
nit
#
15
.530
15
.571
15
.642
10
.413
11
.397
Lo
wes
t re
dem
pti
on
pri
ce p
er u
nit
#
12
.083
12
.079
12
.123
9.9
98
9.9
79
Net
an
nu
alis
ed i
nv
estm
ent
retu
rn (
%)
18
.60
18
.86
18
.89
N/A
N
/A
The
net
annual
ised
inv
estm
ent
retu
rn o
f ea
ch u
nit
ised
const
ituen
t fu
nd i
s ca
lcula
ted b
ased
on t
he
rati
o o
f th
e u
nit
pri
ce a
t 3
1 M
arch
20
18
to
th
e un
it p
rice
at
31
Mar
ch
20
17.
#
Hig
hes
t is
sue
pri
ce p
er u
nit
an
d l
ow
est
redem
pti
on p
rice
per
unit
are
det
erm
ined
by r
efer
ence
to p
ub
lish
ed f
un
d p
rice
s d
uri
ng
th
e sc
hem
e y
ear.
51
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
INV
ES
TM
EN
T R
EP
OR
T
Yea
r en
ded
31 M
arch
202
1
Per
form
an
ce r
eco
rd f
or
the
yea
r en
ded
/at
31 M
arc
h 2
017
MG
AG
M
GC
P
MG
EE
M
GG
R
MG
HB
M
GH
E
MG
IB
MG
IE
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
Hig
hes
t is
sue
pri
ce p
er u
nit
#
17
.151
10
.964
10
.050
17
.480
14
.051
19
.857
1
7.1
73
13
.922
Lo
wes
t re
dem
pti
on
pri
ce p
er u
nit
#
14
.529
10
.956
8.2
72
15
.492
13
.381
15
.954
1
5.9
38
11
.384
Net
an
nu
alis
ed i
nv
estm
ent
retu
rn (
%)
13
.24
0.0
7
13
.04
9.4
8
(0.3
3)
16
.05
(2.2
6)
16
.50
The
net
annual
ised
inv
estm
ent
retu
rn o
f ea
ch u
nit
ised
const
ituen
t fu
nd i
s ca
lcula
ted b
ased
on t
he
rati
o o
f th
e u
nit
pri
ce a
t 3
1 M
arch
20
17
to
th
e un
it p
rice
at
31
Mar
ch
20
16.
#
Hig
hes
t is
sue
pri
ce p
er u
nit
an
d l
ow
est
redem
pti
on p
rice
per
unit
are
det
erm
ined
by r
efer
ence
to p
ub
lish
ed f
un
d p
rice
s d
uri
ng
th
e sc
hem
e y
ear.
52
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
INV
ES
TM
EN
T R
EP
OR
T
Yea
r en
ded
31 M
arch
202
1
Per
form
an
ce r
eco
rd f
or
the
yea
r en
ded
/at
31 M
arc
h 2
017 (
con
tin
ued
)
MG
IT
MG
JE
MG
NE
M
GP
E
MG
ST
M
GF
G
MG
FS
M
GC
V
MG
HC
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
Hig
hes
t is
sue
pri
ce p
er u
nit
#
N/A
1
1.7
81
15
.018
21
.676
1
4.4
93
24
.864
19
.612
2
2.3
42
19
.742
Lo
wes
t re
dem
pti
on
pri
ce p
er u
nit
#
N/A
9
.38
4
11
.914
17
.664
1
3.7
79
21
.327
18
.183
1
7.3
76
17
.227
Net
an
nu
alis
ed i
nv
estm
ent
retu
rn (
%)
0.0
1
15
.58
20
.08
16
.77
3
.34
11
.09
4
.84
16
.21
5
.15
The
net
annual
ised
in
ves
tmen
t re
turn
of
each
unit
ised
const
ituen
t fu
nd i
s ca
lcula
ted b
ased
on t
he
rati
o o
f th
e un
it p
rice
at
31
Mar
ch 2
01
7 t
o t
he
un
it p
rice
at
31
Mar
ch 2
01
6.
The
net
annual
ised
in
ves
tmen
t re
turn
fo
r M
GIT
is
the
sum
of
cred
it i
nte
rest
fro
m A
pri
l 2016 t
o M
arch
20
17
div
ided
by
th
e av
erag
e m
onth
ly n
et a
sset
val
ue
from
31 M
arch
20
16 t
o 3
1 M
arch
20
17
.
#
Hig
hes
t is
sue
pri
ce p
er u
nit
an
d l
ow
est
redem
pti
on p
rice
per
unit
are
det
erm
ined
by r
efer
ence
to p
ub
lish
ed f
un
d p
rice
s d
uri
ng
th
e sc
hem
e y
ear.
53
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
INV
ES
TM
EN
T R
EP
OR
T
Yea
r en
ded
31 M
arch
202
1
Per
form
an
ce r
eco
rd f
or
the
yea
r en
ded
/at
31 M
arc
h 2
017 (
con
tin
ued
)
M
GH
S
MG
PB
M
GR
B
MG
15
M
G2
0
MG
25
M
G3
0
MG
35
M
G4
0
MG
45
HK
$
HK
$
HK
$
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
Hig
hes
t is
sue
pri
ce p
er u
nit
#
13
.333
1
0.8
53
1
0.0
55
1
1.0
10
1
1.4
04
11
.902
12
.131
12
.238
12
.239
12
.285
Lo
wes
t re
dem
pti
on
pri
ce p
er u
nit
#
10
.473
10
.138
9
.55
9
1
0.1
97
10
.424
10
.455
10
.410
1
0.4
08
10
.390
10
.410
Net
an
nu
alis
ed i
nv
estm
ent
retu
rn /
ac
tual
net
in
ves
tmen
t re
turn
(%
) 1
8.9
2
0.5
6
(1.9
0)
5
.59
6
.59
9
.96
11
.99
1
2.7
5
12
.89
13
.06
The
net
annual
ised
inv
estm
ent
retu
rn o
f ea
ch u
nit
ised
const
ituen
t fu
nd i
s ca
lcula
ted b
ased
on t
he
rati
o o
f th
e u
nit
pri
ce a
t 3
1 M
arch
20
17
to
th
e un
it p
rice
at
31
Mar
ch
20
16.
#
Hig
hes
t is
sue
pri
ce p
er u
nit
an
d l
ow
est
redem
pti
on p
rice
per
unit
are
det
erm
ined
by r
efer
ence
to p
ub
lish
ed f
un
d p
rice
s d
uri
ng
th
e sc
hem
e y
ear.
54
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
INV
ES
TM
EN
T R
EP
OR
T
Yea
r en
ded
31 M
arch
202
1
Per
form
an
ce r
eco
rd f
or
the
yea
r en
ded
/at
31 M
arc
h 2
016
MG
AG
M
GC
P
MG
EE
M
GG
R
MG
HB
M
GH
E
MG
IB
MG
IE
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
Hig
hes
t is
sue
pri
ce p
er u
nit
#
17
.799
10
.958
10
.704
18
.160
13
.730
23
.502
1
6.6
50
13
.224
Lo
wes
t re
dem
pti
on
pri
ce p
er u
nit
#
13
.522
10
.954
7.8
95
14
.605
13
.323
14
.719
1
5.9
41
10
.530
Net
an
nu
alis
ed i
nv
estm
ent
retu
rn (
%)
(9.1
7)
0.0
0
(11
.61
) (7
.30)
1.2
3
(17
.03
) 1
.69
(5.3
2)
The
net
annual
ised
inv
estm
ent
retu
rn o
f ea
ch u
nit
ised
const
ituen
t fu
nd i
s ca
lcula
ted b
ased
on t
he
rati
o o
f th
e u
nit
pri
ce a
t 3
1 M
arch
20
16
to
th
e un
it p
rice
at
31
Mar
ch
20
15.
#
Hig
hes
t is
sue
pri
ce p
er u
nit
an
d l
ow
est
redem
pti
on p
rice
per
unit
are
det
erm
ined
by r
efer
ence
to p
ub
lish
ed f
un
d p
rice
s d
uri
ng
th
e sc
hem
e y
ear.
55
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
INV
ES
TM
EN
T R
EP
OR
T
Yea
r en
ded
31 M
arch
202
1
Per
form
an
ce r
eco
rd f
or
the
yea
r en
ded
/at
31 M
arc
h 2
016 (
con
tin
ued
)
MG
IT
MG
JE
MG
NE
M
GP
E
MG
ST
M
GF
G
MG
FS
M
GC
V
MG
HC
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
Hig
hes
t is
sue
pri
ce p
er u
nit
#
N/A
1
1.2
02
13
.628
22
.161
1
4.8
28
26
.479
20
.387
26
.356
21
.071
Lo
wes
t re
dem
pti
on
pri
ce p
er u
nit
#
N/A
8
.56
0
10
.803
16
.220
1
3.3
23
19
.868
17
.306
16
.528
16
.826
Net
an
nu
alis
ed i
nv
estm
ent
retu
rn (
%)
0.0
1
(4.0
5)
(
1.2
9)
(10
.81
)
(3
.07
)
(9
.47
)
(
4.5
7)
(1
5.6
7)
(1
0.5
3)
The
net
annual
ised
inv
estm
ent
retu
rn o
f ea
ch u
nit
ised
const
ituen
t fu
nd i
s ca
lcula
ted b
ased
on t
he
rati
o o
f th
e u
nit
pri
ce a
t 3
1 M
arch
20
16
to
th
e un
it p
rice
at
31
Mar
ch
20
15.
The
net
ann
ual
ised
in
ves
tmen
t re
turn
for
MG
IT i
s th
e su
m o
f cr
edit
inte
rest
fro
m A
pri
l 201
5 t
o M
arch
20
16 d
ivid
ed b
y t
he
aver
age
mon
thly
net
ass
et v
alue
fro
m
31
Mar
ch 2
01
5 t
o 3
1 M
arch
20
16.
#
Hig
hes
t is
sue
pri
ce p
er u
nit
an
d l
ow
est
redem
pti
on p
rice
per
unit
are
det
erm
ined
by r
efer
ence
to p
ub
lish
ed f
un
d p
rice
s d
uri
ng
th
e sc
hem
e y
ear.
56
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
INV
ES
TM
EN
T R
EP
OR
T
Yea
r en
ded
31 M
arch
202
1
Per
form
an
ce r
eco
rd f
or
the
yea
r en
ded
/at
31 M
arc
h 2
01
6 (
con
tin
ued
)
M
GH
S
MG
PB
M
GR
B
MG
15
M
G2
0
MG
25
M
G3
0
MG
35
M
G4
0
MG
45
HK
$
HK
$
HK
$
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
Hig
hes
t is
sue
pri
ce p
er u
nit
#
14
.755
1
0.4
77
1
0.1
55
1
1.3
81
1
1.8
45
12
.367
12
.570
1
2.6
86
12
.689
12
.734
Lo
wes
t re
dem
pti
on
pri
ce p
er u
nit
#
9.7
25
9
.78
3
9
.52
8
9
.72
8
9
.90
7
9
.82
7
9.7
25
9
.70
1
9.6
75
9.6
89
Net
an
nu
alis
ed i
nv
estm
ent
retu
rn /
ac
tual
net
in
ves
tmen
t re
turn
(%
) (1
4.6
2)
1
.66
(1.3
2)
(4
.94)
(5
.33)
(7
.29)
(8.3
3)
(8.7
5)
(8.9
1)
(8.9
9)
The
net
annual
ised
inv
estm
ent
retu
rn o
f ea
ch u
nit
ised
const
ituen
t fu
nd i
s ca
lcula
ted b
ased
on t
he
rati
o o
f th
e u
nit
pri
ce a
t 3
1 M
arch
20
16
to
th
e un
it p
rice
at
31
Mar
ch
20
15.
#
Hig
hes
t is
sue
pri
ce p
er u
nit
an
d l
ow
est
redem
pti
on p
rice
per
unit
are
det
erm
ined
by r
efer
ence
to p
ub
lish
ed f
un
d p
rice
s d
uri
ng
th
e sc
hem
e y
ear.
57
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
INV
ES
TM
EN
T R
EP
OR
T
Yea
r en
ded
31 M
arch
202
1
Per
form
an
ce r
eco
rd f
or
the
yea
r en
ded
/at
31 M
arc
h 2
015
MG
AG
M
GC
P
MG
EE
M
GG
R
MG
HB
M
GH
E
MG
IB
MG
IE
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
Hig
hes
t is
sue
pri
ce p
er u
nit
#
16
.673
10
.954
10
.461
17
.285
13
.628
20
.260
1
6.8
53
12
.749
Lo
wes
t re
dem
pti
on
pri
ce p
er u
nit
#
15
.286
10
.931
8.8
49
16
.133
12
.863
17
.058
1
6.2
33
11
.422
Net
an
nu
alis
ed i
nv
estm
ent
retu
rn (
%)
5.5
0
0.2
3
(0.9
0)
4
.01
5.2
1
13
.43
(0
.96)
4
.74
The
net
annual
ised
inv
estm
ent
retu
rn o
f ea
ch u
nit
ised
const
ituen
t fu
nd i
s ca
lcula
ted b
ased
on t
he
rati
o o
f th
e u
nit
pri
ce a
t 3
1 M
arch
20
15
to
th
e un
it p
rice
at
31
Mar
ch
20
14.
#
Hig
hes
t is
sue
pri
ce p
er u
nit
an
d l
ow
est
redem
pti
on p
rice
per
unit
are
det
erm
ined
by r
efer
ence
to p
ub
lish
ed f
un
d p
rice
s d
uri
ng
th
e sc
hem
e y
ear.
58
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
INV
ES
TM
EN
T R
EP
OR
T
Yea
r en
ded
31 M
arch
202
1
Per
form
an
ce r
eco
rd f
or
the
yea
r en
ded
/at
31 M
arc
h 2
015 (
con
tin
ued
)
MG
IT
MG
JE
MG
NE
M
GP
E
MG
ST
M
GF
G
MG
FS
M
GC
V
MG
HC
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
Hig
hes
t is
sue
pri
ce p
er u
nit
#
N/A
1
0.5
93
12
.720
21
.621
14
.379
24
.675
19
.680
22
.256
20
.534
Lo
wes
t re
dem
pti
on
pri
ce p
er u
nit
#
N/A
8
.52
2
11
.131
19
.168
13
.674
22
.260
18
.657
18
.384
16
.104
Net
an
nu
alis
ed i
nv
estm
ent
retu
rn (
%)
0.0
1
16
.03
7.8
0
4.3
8
4.6
8
7.6
5
3.1
9
17
.26
18
.51
The
net
annual
ised
inv
estm
ent
retu
rn o
f ea
ch u
nit
ised
const
ituen
t fu
nd i
s ca
lcula
ted b
ased
on t
he
rati
o o
f th
e u
nit
pri
ce a
t 3
1 M
arch
20
15
to
th
e un
it p
rice
at
31
Mar
ch
20
14.
The
net
ann
ual
ised
in
ves
tmen
t re
turn
for
MG
IT i
s th
e su
m o
f cr
edit
inte
rest
fro
m A
pri
l 2014 t
o M
arch
20
15
div
ided
by t
he
aver
age
mon
thly
net
ass
et v
alue
fro
m
31
Mar
ch 2
014 t
o 3
1 M
arch
20
15
.
#
Hig
hes
t is
sue
pri
ce p
er u
nit
an
d l
ow
est
redem
pti
on p
rice
per
unit
are
det
erm
ined
by r
efer
ence
to p
ub
lish
ed f
un
d p
rice
s d
uri
ng
th
e sc
hem
e y
ear.
59
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
INV
ES
TM
EN
T R
EP
OR
T
Yea
r en
ded
31 M
arch
202
1
Per
form
an
ce r
eco
rd f
or
the
yea
r en
ded
/at
31 M
arc
h 2
015 (
con
tin
ued
)
MG
HS
M
GP
B
MG
RB
M
G1
5
MG
20
M
G2
5
MG
30
M
G3
5
MG
40
M
G4
5
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
Hig
hes
t is
sue
pri
ce p
er u
nit
#
13
.040
1
0.6
35
10
.133
11
.138
11
.438
11
.739
11
.856
11
.901
11
.911
11
.945
Lo
wes
t re
dem
pti
on
pri
ce p
er u
nit
#
10
.989
1
0.2
16
9.8
58
10
.590
1
0.7
33
10
.874
10
.902
1
0.9
25
10
.927
10
.955
Net
an
nu
alis
ed i
nv
estm
ent
retu
rn /
ac
tual
net
in
ves
tmen
t re
turn
(%
) 1
5.8
8
0.0
3
1.0
9
1.6
9
2.9
9
4.5
2
4.9
9
5.4
3
5.4
2
5.5
3
The
net
annual
ised
inv
estm
ent
retu
rn o
f ea
ch u
nit
ised
const
ituen
t fu
nd i
s ca
lcula
ted b
ased
on t
he
rati
o o
f th
e u
nit
pri
ce a
t 3
1 M
arch
20
15
to
th
e un
it p
rice
at
31
Mar
ch
20
14.
#
Hig
hes
t is
sue
pri
ce p
er u
nit
an
d l
ow
est
redem
pti
on p
rice
per
unit
are
det
erm
ined
by r
efer
ence
to p
ub
lish
ed f
un
d p
rice
s d
uri
ng
th
e sc
hem
e y
ear.
60
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
INV
ES
TM
EN
T R
EP
OR
T
Yea
r en
ded
31 M
arch
20
21
Per
form
an
ce r
eco
rd f
or
the
yea
r en
ded
/at
31 M
arc
h 2
014
MG
AG
M
GC
P
MG
EE
M
GG
R
MG
HB
M
GH
E
MG
IB
MG
IE
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
Hig
hes
t is
sue
pri
ce p
er u
nit
#
15
.946
10
.931
10
.218
16
.686
13
.416
18
.898
1
6.7
63
12
.097
Lo
wes
t re
dem
pti
on
pri
ce p
er u
nit
#
13
.496
10
.926
8.2
79
14
.532
12
.675
15
.101
1
5.9
04
10
.098
Net
an
nu
alis
ed i
nv
estm
ent
retu
rn (
%)
10
.70
0.0
5
17
.93
7.7
2
(2.8
9)
5.7
2
(0.5
8)
16
.12
The
net
annual
ised
inv
estm
ent
retu
rn o
f ea
ch u
nit
ised
const
ituen
t fu
nd i
s ca
lcula
ted b
ased
on t
he
rati
o o
f th
e u
nit
pri
ce a
t 3
1 M
arch
20
14
to
th
e un
it p
rice
at
31 M
arch
20
13.
#
Hig
hes
t is
sue
pri
ce p
er u
nit
an
d l
ow
est
redem
pti
on p
rice
per
unit
are
det
erm
ined
by r
efer
ence
to p
ub
lish
ed f
un
d p
rice
s d
uri
ng
th
e sc
hem
e y
ear.
61
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
INV
ES
TM
EN
T R
EP
OR
T
Yea
r en
ded
31 M
arch
202
1
Per
form
an
ce r
eco
rd f
or
the
yea
r en
ded
/at
31 M
arc
h 2
014 (
con
tin
ued
)
MG
IT
MG
JE
MG
NE
M
GP
E
MG
ST
M
GF
G
MG
FS
M
GC
V
MG
HC
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
Hig
hes
t is
sue
pri
ce p
er u
nit
#
N/A
9
.52
4
11
.731
20
.160
13
.926
23
.202
19
.006
20
.886
17
.091
Lo
wes
t re
dem
pti
on
pri
ce p
er u
nit
#
N/A
7
.72
7
9.2
72
17
.116
13
.063
19
.796
17
.083
16
.854
13
.655
Net
an
nu
alis
ed i
nv
estm
ent
retu
rn (
%)
0.0
1
11
.61
20
.87
3.1
3
0.7
5
10
.30
6.3
2
(0.9
5)
2
3.5
7
The
net
annual
ised
inv
estm
ent
retu
rn o
f ea
ch u
nit
ised
const
ituen
t fu
nd i
s ca
lcula
ted b
ased
on t
he
rati
o o
f th
e u
nit
pri
ce a
t 3
1 M
arch
20
14
to
th
e un
it p
rice
at
31 M
arch
20
13.
The
net
ann
ual
ised
in
ves
tmen
t re
turn
for
MG
IT i
s th
e su
m o
f cr
edit
inte
rest
fro
m A
pri
l 2013 t
o M
arch
20
14
div
ided
by t
he
aver
age
mon
thly
net
ass
et v
alue
fro
m
31
Mar
ch 2
013 t
o 3
1 M
arch
20
14
.
#
Hig
hes
t is
sue
pri
ce p
er u
nit
an
d l
ow
est
redem
pti
on p
rice
per
unit
are
det
erm
ined
by r
efer
ence
to p
ub
lish
ed f
un
d p
rice
s d
uri
ng
th
e sc
hem
e y
ear.
62
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
INV
ES
TM
EN
T R
EP
OR
T
Yea
r en
ded
31 M
arch
202
1
Per
form
an
ce r
eco
rd f
or
the
per
iod
en
ded
/yea
r en
ded
/at
31 M
arc
h 2
014 (
con
tin
ued
)
M
GH
S
MG
PB
M
GR
B
MG
15
M
G2
0
MG
25
M
G3
0
MG
35
M
G4
0
MG
45
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
Hig
hes
t is
sue
pri
ce p
er u
nit
#
12
.090
10
.653
10
.082
10
.845
11
.059
11
.271
11
.354
1
1.3
79
11
.386
11
.411
Lo
wes
t re
dem
pti
on
pri
ce p
er u
nit
#
9.9
87
9.8
02
9.8
77
9.7
42
9.6
88
9.6
94
9.6
88
9
.68
0
9.6
77
9.6
95
Net
an
nu
alis
ed i
nv
estm
ent
retu
rn /
ac
tual
net
in
ves
tmen
t re
turn
(%
) 1
.07
(2.0
6)
(1.2
1)*
4
.65
7.0
2
8.8
3
9.6
5
9.9
5
10
.05
10
.07
The
net
annual
ised
inv
estm
ent
retu
rn o
f ea
ch u
nit
ised
const
ituen
t fu
nd i
s ca
lcula
ted b
ased
on t
he
rati
o o
f th
e u
nit
pri
ce a
t 3
1 M
arch
20
14
to
th
e un
it p
rice
at
31 M
arch
20
13.
#
Hig
hes
t is
sue
pri
ce p
er u
nit
an
d l
ow
est
redem
pti
on p
rice
per
unit
are
det
erm
ined
by r
efer
ence
to p
ub
lish
ed f
un
d p
rice
s d
uri
ng
th
e sc
hem
e y
ear.
*
The
actu
al n
et i
nv
estm
ent
retu
rn o
f M
GR
B i
s ca
lcula
ted b
ased
on t
he
rati
o o
f th
e unit
pri
ce a
t 31 M
arch
2014
to t
he
un
it p
rice
at
its
laun
ch d
ate
on 1
6 D
ecem
ber
2013.
63
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
INV
ES
TM
EN
T R
EP
OR
T
Yea
r en
ded
31 M
arch
202
1
Per
form
an
ce r
eco
rd f
or
the
yea
r en
ded
/at
31 M
arc
h 2
013
MG
AG
M
GC
P
MG
EE
M
GG
R
MG
HB
M
GH
E
MG
IB
MG
IE
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
Hig
hes
t is
sue
pri
ce p
er u
nit
#
14
.394
10
.929
8.8
36
15
.473
13
.368
17
.820
1
6.9
39
10
.476
Lo
wes
t re
dem
pti
on
pri
ce p
er u
nit
#
11
.491
10
.925
6.5
34
12
.968
13
.011
13
.488
1
6.2
50
8.1
66
Net
an
nu
alis
ed i
nv
estm
ent
retu
rn (
%)
8.5
9
0.0
1
12
.35
6.9
1
1.6
9
12
.57
1
.72
9.7
2
The
net
annual
ised
inv
estm
ent
retu
rn o
f ea
ch u
nit
ised
const
ituen
t fu
nd i
s ca
lcula
ted b
ased
on t
he
rati
o o
f th
e u
nit
pri
ce a
t 3
1 M
arch
20
13
to
th
e un
it p
rice
at
31 M
arch
20
12.
#
Hig
hes
t is
sue
pri
ce p
er u
nit
an
d l
ow
est
redem
pti
on p
rice
per
unit
are
det
erm
ined
by r
efer
ence
to p
ub
lish
ed f
un
d p
rice
s d
uri
ng
th
e sc
hem
e y
ear.
64
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
INV
ES
TM
EN
T R
EP
OR
T
Yea
r en
ded
31 M
arch
202
1
Per
form
an
ce r
eco
rd f
or
the
yea
r en
ded
/at
31 M
arc
h 2
013 (
con
tin
ued
)
M
GIT
M
GJE
M
GN
E
MG
PE
M
GS
T
MG
FG
M
GF
S
MG
CV
M
GH
C
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
Hig
hes
t is
sue
pri
ce p
er u
nit
#
N/A
8
.11
4
9.6
88
19
.590
1
3.6
99
20
.880
17
.923
20
.534
13
.649
Lo
wes
t re
dem
pti
on
pri
ce p
er u
nit
#
N/A
6
.03
1
7.5
91
15
.607
1
2.7
40
16
.832
15
.726
15
.489
10
.561
Net
an
nu
alis
ed i
nv
estm
ent
retu
rn (
%)
0.0
1
11
.65
10
.93
7.0
0
3
.58
8.8
5
5
.57
7.5
3
18
.97
The
net
annual
ised
inv
estm
ent
retu
rn o
f ea
ch u
nit
ised
const
ituen
t fu
nd i
s ca
lcula
ted b
ased
on t
he
rati
o o
f th
e u
nit
pri
ce a
t 3
1 M
arch
20
13
to
th
e un
it p
rice
at
31 M
arch
20
12.
The
net
ann
ual
ised
in
ves
tmen
t re
turn
for
MG
IT i
s th
e su
m o
f cr
edit
inte
rest
fro
m A
pri
l 2012 t
o M
arch
20
13
div
ided
by t
he
aver
age
mon
thly
net
ass
et v
alue
fro
m
31
Mar
ch 2
012 t
o 3
1 M
arch
20
13
.
#
Hig
hes
t is
sue
pri
ce p
er u
nit
an
d l
ow
est
redem
pti
on p
rice
per
unit
are
det
erm
ined
by r
efer
ence
to p
ub
lish
ed f
un
d p
rice
s d
uri
ng
th
e sc
hem
e y
ear.
65
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
INV
ES
TM
EN
T R
EP
OR
T
Yea
r en
ded
31 M
arch
202
1
Per
form
an
ce r
eco
rd f
or
the
per
iod
en
ded
/yea
r en
ded
/at
31 M
arc
h 2
013 (
con
tin
ued
)
M
GH
S
MG
PB
M
G1
5
MG
20
M
G2
5
MG
30
M
G3
5
MG
40
M
G4
5
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
Hig
hes
t is
sue
pri
ce p
er u
nit
#
11
.732
10
.545
1
0.3
67
10
.328
10
.355
1
0.3
46
10
.344
10
.341
10
.359
Lo
wes
t re
dem
pti
on
pri
ce p
er u
nit
#
8.9
68
9
.78
1
9
.05
6
8.6
46
8.4
30
8
.32
8
8
.29
7
8
.28
4
8
.29
4
Net
an
nu
alis
ed i
nv
estm
ent
retu
rn /
ac
tual
net
in
ves
tmen
t re
turn
(%
) 1
0.2
8*
5
.20*
5
.04
6.7
3
7
.99
8
.54
8
.73
8
.74
8
.82
The
net
annual
ised
inv
estm
ent
retu
rn o
f ea
ch u
nit
ised
const
ituen
t fu
nd i
s ca
lcula
ted b
ased
on t
he
rati
o o
f th
e u
nit
pri
ce a
t 3
1 M
arch
20
13
to
th
e un
it p
rice
at
its
laun
ch
dat
e at
23 A
pr
20
12
or
31 M
arch
20
12.
#
Hig
hes
t is
sue
pri
ce p
er u
nit
an
d l
ow
est
redem
pti
on p
rice
per
unit
are
det
erm
ined
by r
efer
ence
to p
ub
lish
ed f
un
d p
rice
s d
uri
ng
th
e sc
hem
e y
ear.
*
The
actu
al n
et i
nves
tmen
t re
turn
of
MG
HS
and M
GP
B i
s ca
lcula
ted b
ased
on t
he
rati
o o
f th
e unit
pri
ce a
t 3
1 M
arch
20
13
to
th
e un
it p
rice
at
its
lau
nch
dat
e o
n
23
Apri
l 20
12
.
66
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
INV
ES
TM
EN
T R
EP
OR
T
Yea
r en
ded
31 M
arch
202
1
Per
form
an
ce r
eco
rd f
or
the
yea
r en
ded
/at
31 M
arc
h 2
01
2
MG
AG
M
GC
P
MG
EE
M
GG
R
MG
HB
M
GH
E
MG
IB
MG
IE
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
Hig
hes
t is
sue
pri
ce p
er u
nit
#
14
.666
10
.926
8.8
63
15
.653
13
.288
18
.527
16
.635
9.9
84
Lo
wes
t re
dem
pti
on
pri
ce p
er u
nit
#
10
.961
10
.924
6.2
57
12
.447
12
.489
11
.951
15
.594
7.6
71
Net
an
nu
alis
ed i
nv
estm
ent
retu
rn (
%)
(8.2
4)
0
.01
(8.7
4 )
(5.9
7 )
3.8
7
(16
.33
) 4
.50
(2.3
6 )
The
net
annual
ised
inv
estm
ent
retu
rn o
f ea
ch u
nit
ised
const
ituen
t fu
nd i
s ca
lcula
ted b
ased
on t
he
rati
o o
f th
e u
nit
pri
ce a
t 3
1 M
arch
20
12
to
th
e un
it p
rice
at
31 M
arch
20
11.
#
Hig
hes
t is
sue
pri
ce p
er u
nit
an
d l
ow
est
redem
pti
on p
rice
per
unit
are
det
erm
ined
by r
efer
ence
to p
ub
lish
ed f
un
d p
rice
s d
uri
ng
th
e sc
hem
e y
ear.
67
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
INV
ES
TM
EN
T R
EP
OR
T
Yea
r en
ded
31 M
arch
202
1
Per
form
an
ce r
eco
rd f
or
the
yea
r en
ded
/at
31 M
arc
h 2
01
2 (
con
tin
ued
)
MG
IT
MG
JE
MG
NE
M
GP
E
MG
ST
M
GF
G
MG
FS
M
GC
V
M
GH
C
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
H
K$
Hig
hes
t is
sue
pri
ce p
er u
nit
#
N/A
7
.89
4
8.6
89
21
.444
1
3.4
48
21
.089
17
.603
22
.073
11
.59
3
Lo
wes
t re
dem
pti
on
pri
ce p
er u
nit
#
N/A
6
.24
7
6.5
82
15
.531
1
2.5
44
15
.791
15
.118
13
.810
8
.87
4
Net
an
nu
alis
ed i
nv
estm
ent
retu
rn (
%)
0.0
1
(5.9
8 )
5.1
9
(12
.55 )
(
0.9
2 )
(6
.94 )
(
1.7
6 )
(14
.61
)
6
.73
T
he
net
annual
ised
inv
estm
ent
retu
rn o
f ea
ch u
nit
ised
const
ituen
t fu
nd i
s ca
lcula
ted b
ased
on t
he
rati
o o
f th
e u
nit
pri
ce a
t 3
1 M
arch
20
12
to
th
e un
it p
rice
at
31 M
arch
20
11.
The
net
ann
ual
ised
in
ves
tmen
t re
turn
for
MG
IT i
s th
e su
m o
f cr
edit
inte
rest
fro
m A
pri
l 201
1 t
o M
arch
20
12 d
ivid
ed b
y t
he
aver
age
mon
thly
net
ass
et v
alue
fro
m
31
Mar
ch 2
01
1 t
o 3
1 M
arch
20
12.
#
Hig
hes
t is
sue
pri
ce p
er u
nit
an
d l
ow
est
redem
pti
on p
rice
per
unit
are
det
erm
ined
by r
efer
ence
to p
ub
lish
ed f
un
d p
rice
s d
uri
ng
th
e sc
hem
e y
ear.
68
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
INV
ES
TM
EN
T R
EP
OR
T
Yea
r en
ded
31 M
arch
202
1
Per
form
an
ce r
eco
rd f
or
the
yea
r en
ded
/at
31 M
arc
h 2
01
2 (
con
tin
ued
)
M
G1
5
MG
20
M
G2
5
MG
30
M
G3
5
MG
40
M
G4
5
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
Hig
hes
t is
sue
pri
ce p
er u
nit
#
1
0.4
18
10
.434
1
0.4
47
10
.439
10
.438
10
.444
10
.457
Lo
wes
t re
dem
pti
on
pri
ce p
er u
nit
#
8
.68
9
8.2
38
8
.00
8
7.9
08
7.8
79
7.8
70
7.8
70
Net
an
nu
alis
ed i
nv
estm
ent
retu
rn (
%)
(3
.58 )
(5.6
2 )
(6.7
9 )
(7.2
6 )
(7.4
9 )
(7.5
9 )
(7.5
6 )
The
net
annual
ised
inv
estm
ent
retu
rn o
f ea
ch u
nit
ised
const
ituen
t fu
nd i
s ca
lcula
ted b
ased
on t
he
rati
o o
f th
e u
nit
pri
ce a
t 3
1 M
arch
20
12
to
th
e un
it p
rice
at
31 M
arch
20
11.
#
Hig
hes
t is
sue
pri
ce p
er u
nit
an
d l
ow
est
redem
pti
on p
rice
per
unit
are
det
erm
ined
by r
efer
ence
to p
ub
lish
ed f
un
d p
rice
s d
uri
ng
th
e sc
hem
e y
ear.
69
MANULIFE GLOBAL SELECT (MPF) SCHEME
INVESTMENT REPORT
Year ended 31 March 2021
Investment portfolio at 31 March 2021
Name Quoted investments Holdings Market value Cost % of
of Fund - approved pooled investment fund Units HK$ HK$ net assets
MGAG Aggressive Unit Trust Fund 1,139,477,637 28,524,052,580 19,839,143,240 100.00
MGCP Conservative Unit Trust Fund 1,161,527,597 13,176,883,623 13,087,619,338 100.00
MGEE European Equity Unit Trust Fund 237,770,523 3,767,887,419 2,961,837,956 100.00
MGGR Growth Unit Trust Fund 877,353,573 20,984,850,721 15,909,356,490 100.00
MGHB Hong Kong Bond Unit Trust Fund 231,038,394 3,519,357,490 3,463,868,875 100.00
MGHE Hong Kong Equity Unit Trust Fund 517,414,450 15,357,677,351 13,306,906,211 100.00
MGIB International Bond Unit Trust Fund 326,885,479 5,702,852,247 5,640,871,685 100.00
MGIE International Equity Unit Trust Fund 341,539,886 7,341,443,568 5,093,802,644 100.00
MGIT Interest Fund Policy N/A 26,594,442,039 26,594,442,039 100.00
MGJE Japan Equity Unit Trust Fund 146,531,034 2,255,302,232 2,158,115,032 100.00
MGNE North American Equity Unit Trust Fund 567,472,766 13,673,831,140 11,059,412,661 100.00
MGPE Pacific Asia Equity Unit Trust Fund 361,060,316 12,014,432,939 9,596,880,050 100.00
MGST Stable Fund Policy 957,197,521 16,347,208,792 14,400,546,348 100.00
MGFG Growth Unit Trust Fund (Series I) 293,633,588 10,510,225,508 7,895,641,088 100.00
MGFS Stable Growth Unit Trust Fund 323,858,615 8,185,343,189 6,835,625,101 100.00
MGCV China Value Unit Trust Fund 1,033,902,044 36,325,039,983 27,628,847,265 100.00
MGHC Healthcare Unit Trust Fund 1,288,191,094 32,769,958,307 27,578,265,565 100.00
MGHS Hang Seng Index Tracking
Unit Trust Fund 346,718,494 5,863,234,404 5,430,798,706 100.00
MGPB Pacific Asia Bond Unit Trust Fund 145,374,329 1,747,089,347 1,672,811,778 100.00
MGRB RMB Bond Unit Trust Fund 179,741,655 2,052,714,590 1,970,768,700 100.00
70
MANULIFE GLOBAL SELECT (MPF) SCHEME
INVESTMENT REPORT
Year ended 31 March 2021
Investment portfolio at 31 March 2021 (continued)
Name Quoted investments Holdings Market value Cost % of
of Fund - approved pooled investment fund Units HK$ HK$ net assets
MG15 Smart Retirement Unit Trust Fund 81,368,847 1,164,216,598 1,074,900,329 100.00
MG20 2020 Retirement Unit Trust Fund* - - - -
MG25 2025 Retirement Unit Trust Fund 52,724,151 845,777,524 693,545,696 100.00
MG30 2030 Retirement Unit Trust Fund 49,256,703 854,476,082 658,517,623 100.00
MG35 2035 Retirement Unit Trust Fund 49,217,173 884,964,684 665,742,590 100.00
MG40 2040 Retirement Unit Trust Fund 39,837,001 724,150,553 543,854,355 100.00
MG45 2045 Retirement Unit Trust Fund 70,457,872 1,290,665,611 986,952,713 100.00
MGAP Age 65 Plus Unit Trust Fund 306,299,907 3,644,324,746 3,570,424,051 100.00
MGCA Core Accumulation Unit Trust Fund 848,533,016 11,713,379,704 10,038,338,067 100.00
MGRI Retirement Income Unit Trust Fund 130,952,585 1,406,836,979 1,407,569,706 100.00
Note: Investments are accounted for on a trade day basis.
* MG20 had no operations since 5 January 2021 and terminated on 25 March 2021.
71
MANULIFE GLOBAL SELECT (MPF) SCHEME
INVESTMENT REPORT
Year ended 31 March 2021
Statement of movement in portfolio holdings
Year Year
ended ended
31 March 2021 31 March 2020
Name Quoted investments % of % of
of Fund - approved pooled investment fund net assets net assets
MGAG Aggressive Unit Trust Fund 100.00 100.00
MGCP Conservative Unit Trust Fund 100.00 100.00
MGEE European Equity Unit Trust Fund 100.00 100.00
MGGR Growth Unit Trust Fund 100.00 100.00
MGHB Hong Kong Bond Unit Trust Fund 100.00 100.00
MGHE Hong Kong Equity Unit Trust Fund 100.00 100.00
MGIB International Bond Unit Trust Fund 100.00 100.00
MGIE International Equity Unit Trust Fund 100.00 100.00
MGIT Interest Fund Policy 100.00 100.00
MGJE Japan Equity Unit Trust Fund 100.00 100.00
MGNE North American Equity Unit Trust Fund 100.00 100.00
MGPE Pacific Asia Equity Unit Trust Fund 100.00 100.00
MGST Stable Fund Policy 100.00 100.00
MGFG Growth Unit Trust Fund (Series I) 100.00 100.00
MGFS Stable Growth Unit Trust Fund 100.00 100.00
MGCV China Value Unit Trust Fund 100.00 100.00
MGHC Healthcare Unit Trust Fund 100.00 100.00
MGHS Hang Seng Index Tracking Unit Trust Fund 100.00 100.00
MGPB Pacific Asia Bond Unit Trust Fund 100.00 100.00
MGRB RMB Bond Unit Trust Fund 100.00 100.00
72
MANULIFE GLOBAL SELECT (MPF) SCHEME
INVESTMENT REPORT
Year ended 31 March 2021
Statement of movement in portfolio holdings (continued)
Year/period Year
ended ended
31 March 2021 31 March 2020
Name Quoted investments % of % of
of Fund - approved pooled investment fund net assets net assets
MG15 Smart Retirement Unit Trust Fund 100.00 100.00
MG20 2020 Retirement Unit Trust Fund* - 100.00
MG25 2025 Retirement Unit Trust Fund 100.00 100.00
MG30 2030 Retirement Unit Trust Fund 100.00 100.00
MG35 2035 Retirement Unit Trust Fund 100.00 100.00
MG40 2040 Retirement Unit Trust Fund 100.00 100.00
MG45 2045 Retirement Unit Trust Fund 100.00 100.00
MGAP Age 65 Plus Unit Trust Fund 100.00 100.00
MGCA Core Accumulation Unit Trust Fund 100.00 100.00
MGRI Retirement Income Unit Trust Fund** 100.00 -
* MG20 had no operations since 5 January 2021 and terminated on 25 March 2021.
** MGRI was launched on 21 September 2020.
73
MANULIFE GLOBAL SELECT (MPF) SCHEME
INVESTMENT REPORT
Year ended 31 March 2021
Fund expense ratio
Year ended Year ended
Name Quoted investments 31 March 2021 31 March 2020
of Fund - approved pooled investment fund % %
MGAG Aggressive Unit Trust Fund 1.79 1.80
MGCP Conservative Unit Trust Fund 0.72 0.77
MGEE European Equity Unit Trust Fund 1.78 1.81
MGGR Growth Unit Trust Fund 1.78 1.78
MGHB Hong Kong Bond Unit Trust Fund 1.18 1.18
MGHE Hong Kong Equity Unit Trust Fund 1.79 1.81
MGIB International Bond Unit Trust Fund 1.17 1.18
MGIE International Equity Unit Trust Fund 1.77 1.79
MGIT Interest Fund Policy 1.78 1.79
MGJE Japan Equity Unit Trust Fund 1.80 1.80
MGNE North American Equity Unit Trust Fund 1.74 1.78
MGPE Pacific Asia Equity Unit Trust Fund 1.82 1.85
MGST Stable Fund Policy 1.77 1.77
MGFG Growth Unit Trust Fund (Series I) 1.78 1.78
MGFS Stable Growth Unit Trust Fund 1.77 1.78
MGCV China Value Unit Trust Fund 1.96 2.00
MGHC Healthcare Unit Trust Fund 1.92 1.93
MGHS Hang Seng Index Tracking Unit Trust Fund 1.01 1.01
MGPB Pacific Asia Bond Unit Trust Fund 1.24 1.26
MGRB RMB Bond Unit Trust Fund 1.19 1.21
74
MANULIFE GLOBAL SELECT (MPF) SCHEME
INVESTMENT REPORT
Year ended 31 March 2021
Fund expense ratio (continued)
Year/period ended Year ended
Name Quoted investments 31 March 2021 31 March 2020
of Fund - approved pooled investment fund % %
MG15 Smart Retirement Unit Trust Fund 1.05 1.08
MG20 2020 Retirement Unit Trust Fund 0.82 1.07
(for the period from 1 April 2020 to
25 March 2021 (date of termination))
MG25 2025 Retirement Unit Trust Fund 1.06 1.06
MG30 2030 Retirement Unit Trust Fund 1.07 1.07
MG35 2035 Retirement Unit Trust Fund 1.07 1.07
MG40 2040 Retirement Unit Trust Fund 1.08 1.09
MG45 2045 Retirement Unit Trust Fund 1.06 1.06
MGAP Age 65 Plus Unit Trust Fund 0.80 0.78
MGCA Core Accumulation Unit Trust Fund 0.76 0.76
MGRI Retirement Income Unit Trust Fund 0.72 -
(fund expense ratio for the period from 21 September 2020
(date of inception) to 31 March 2021)
75
EY Zéik Ernst & Young 27/F, One Taikoo Place 979 King's Road Ouarry Bay, Hong Kong
§i<§E'rBRi$5I'a*§FE § > & u > m § € § 9 7 9 § » £ K3iE-}£27*§
Tel EE: +852 2846 9888 Fax go +852 2868 4432 ey.com
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF MANULIFE GLOBAL SELECT (MPF) SCHEME
Report on the audit of the financial statements
Opinion
We have audited the financial statements of Manulife Global Select (MPF) Scheme (the "Scheme") set out on pages 80 to 146, which comprise the statement of net assets available for benefits as at 31 March 2021, and the statement of profit or loss and other comprehensive income, the statement of changes in net assets available for benefits and statement of cash flows for the year then ended, 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 Scheme as at31 March 2021, and its financial transactions and cash flows for the year 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") and with reference to Practice Note 860.1 (Revised), The Audit of Retirement Schemes 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 Scheme in accordance with the HKlCPA'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.
Emphasis of matter
We draw attention to note 2.1 to the financial statements which describes that Manulife MPF 2020 Retirement Fund was terminated on 25 March 2021. Accordingly, the financial statements of Manulife MPF 2020 Retirement Fund for the period from 1 April 2020 to 25 March 2021 (date of termination) have been prepared on a liquidation basis as described in note 2.1. Our opinion is not modified in respect of this matter.
Information other than the financial statements and auditor's report thereon
The trustee of the Scheme is responsible for the other information. The other information comprises the information included in the consolidated report, other than the financial statements, our auditor's report and independent auditor's assurance report.
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 the fact. We have nothing to report in this regard.
76
A member firm of Ernst & Young Global Limited
EY wk
INDEPENDENT AUDlTOR'S REPORT (continued) TO THE TRUSTEE OF MANULIFE GLOBAL SELECT (MPF) SCHEME
Responsibilities of trustee for the financial statements
The trustee is 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 trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustee is responsible for assessing the Scheme's 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 trustee either intends to liquidate the Scheme or to cease operations, or has no realistic alternative but to do so.
In addition, the trustee is required to ensure that the financial statements have been properly prepared in accordance with sections 80, 81, 83 and 84 of the Mandatory Provident Fund Schemes (General) Regulation (the "General Regulation").
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, in accordance with Section 102 of the General Regulation, 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 Scheme have been properly prepared, in all material respects, in accordance with sections 80, 81, 83 and 84 of the General Regulation.
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 Scheme's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustee.
77
A member firm of Ernst 8. Young Global Limited
EY we(
INDEPENDENT AUDlTOR'S REPORT (continued) TO THE TRUSTEE OF MANULIFE GLOBAL SELECT (MPF) SCHEME
Auditor's responsibilities for the audit of the financial statements (continued)
. For the Scheme and the individual constituent funds, including Manulife MPF Aggressive Fund, Manulife MPF Conservative Fund, Manulife MPF European Equity Fund, Manulife MPF Growth Fund, Manulife MPF Hong Kong Bond Fund, Manulife MPF Hong Kong Equity Fund, Manulife MPF Interest Fund, Manulife MPF International Bond Fund, Manulife MPF International Equity Fund, Manulife MPF Japan Equity Fund, Manulife MPF North American Equity Fund, Manulife MPF Pacific Asia Equity Fund, Manulife MPF Stable Fund, Manulife MPF Fidelity Growth Fund, Manulife MPF Fidelity Stable Growth Fund, Manulife MPF China Value Fund, Manulife MPF Healthcare Fund, Manulife MPF Pacific Asia Bond Fund, Manulife MPF Hang Seng Index Tracking Fund, Manulife MPF RMB Bond Fund, Manulife MPF Smart Retirement Fund, Manulife MPF 2025 Retirement Fund, Manulife MPF 2030 Retirement Fund, Manulife MPF 2035 Retirement Fund, Manulife MPF 2040 Retirement Fund, Manulife MPF 2045 Retirement Fund, Manulife MPF Age 65 Plus Fund, Manulife MPF Core Accumulation Fund and Manulife MPF Retirement income Fund (the "CFs"), conclude on the appropriateness of 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 Scheme's 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 Scheme and the CFs to cease to continue as a going concern. For Manulife MPF 2020 Retirement Fund, conclude on the appropriateness of the trustee's use of the going concern basis of accounting. When such use is inappropriate and the trustee uses an alternative basis of accounting, we conclude on the appropriateness of the trustee's use of the alternative basis of accounting. We also evaluate the adequacy of the disclosures describing the alternative basis of accounting and reasons for its use. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with 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.
78
A member firm of Ernst & Young Global Limited
EY Bik
INDEPENDENT AUDITOR'S REPORT (continued) TO THE TRUSTEE OF MANULIFE GLOBAL SELECT (MPF) SCHEME
Report on matters under the Mandatory Provident Fund Schemes (General) Regulation
a. In our opinion, the financial statements have been properly prepared, in all material respects, in accordance with sections 80, 81, 83 and 84 of the General Regulation.
b. We have obtained all the information and explanations which, to the best of our knowledge and belief, are necessary for the purpose of our audit.
-T\ Q.
Certified Public Accountants Hong Kong 14 September 2021
79
A member firm of Ernst & Young Global Limited
MANULIFE GLOBAL SELECT (MPF) SCHEME
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Year ended 31 March 2021
2021 2020
HK$ HK$
INVESTMENT INCOME
Dividend income 9,947,686 -
Net realised gains on disposal of investments
at fair value through profit or loss 12,545,382,308 3,446,148,098
Net change in unrealised gains/losses on investments
at fair value through profit or loss 49,637,582,083 (19,605,718,497) ______________ ______________
62,192,912,077 (16,159,570,399)
OTHER INCOME
Interest income 717,864 1,115,243 ______________ ______________
62,193,629,941 (16,158,455,156)
EXPENSES
Bank charges 1,033,115 1,011,814 ______________ ______________
PROFIT/(LOSS) AND TOTAL COMPREHENSIVE
INCOME FOR THE YEAR 62,192,596,826 (16,159,466,970) ______________ ______________ ______________ ______________
80
MANULIFE GLOBAL SELECT (MPF) SCHEME
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
At 31 March 2021
Notes 2021 HK$
2020 HK$
ASSETS Investments at fair value through profit or loss Contribution receivables from employers Contribution receivables Bom employees Amounts receivable on sale of investments Other receivables Cash and cash equivalents
6
l 1(b) 11(b)
7
289,242,619,950 544,263,891 285,511,703 806,106,836 57,098,473
844,128,588
208,264,729,153 596,619,767 361,007,160 878,406,601 40,000,404
702,868,295
TOTAL ASSETS 291,779,729,441 210,843,631,380
LIABILITIES Benefits payable Amounts payable on purchase of investments Other payables
11(b) 176,874,534 667,755,338 351,373,885
135,312,866 815,694,236 252,540,408
TOTAL LIABILITIES 1,196,003,757 1,203,547,510
EQUITY Net assets available for benefits 290,583,725,684 209,640,083,870
TOTAL LIABILITIES AND EQUITY 291,779,729,441 210,843,631,380
For and on behalf of Manulife Provident Funds Trust Company Limited
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ellen Leuri Director
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I/R5ymond N
Director
81
MANULIFE GLOBAL SELECT (MPF) SCHEME
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
At 31 March 2021
Notes 2021 HK$
2020 HK$
ASSETS Investments at fair value through profit or loss Contribution receivables from employers Contribution receivables Bom employees Amounts receivable on sale of investments Other receivables Cash and cash equivalents
6
l 1(b) 11(b)
7
289,242,619,950 544,263,891 285,511,703 806,106,836 57,098,473
844,128,588
208,264,729,153 596,619,767 361,007,160 878,406,601 40,000,404
702,868,295
TOTAL ASSETS 291,779,729,441 210,843,631,380
LIABILITIES Benefits payable Amounts payable on purchase of investments Other payables
11(b) 176,874,534 667,755,338 351,373,885
135,312,866 815,694,236 252,540,408
TOTAL LIABILITIES 1,196,003,757 1,203,547,510
EQUITY Net assets available for benefits 290,583,725,684 209,640,083,870
TOTAL LIABILITIES AND EQUITY 291,779,729,441 210,843,631,380
For and on behalf of Manulife Provident Funds Trust Company Limited
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ellen Leuri Director
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I/R5ymond N
Director
81
MANULIFE GLOBAL SELECT (MPF) SCHEME
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year ended 31 March 2021
Notes 2021 2020
HK$ HK$
BALANCE BROUGHT FORWARD 209,640,083,870 207,290,714,011 ______________ ______________
CONTRIBUTIONS RECEIVED AND RECEIVABLE 4
From employers
Normal or mandatory 6,936,571,253 6,696,699,224
Additional voluntary 1,606,604,766 1,611,395,839
From members
Normal or mandatory 6,803,717,049 6,560,601,850
Additional voluntary 1,427,351,947 1,047,394,681
Transfers in
Group transfers in from other schemes 2,849,039,622 4,474,883,991
Individual transfers in from other schemes 15,791,249,287 11,240,191,556 ______________ ______________
35,414,533,924 31,631,167,141 ______________ ______________
BENEFITS PAID AND PAYABLE 5
Death or disability benefits ( 299,570,094) ( 263,344,056)
Lump sum retirement benefits ( 3,496,319,420) ( 2,734,858,639)
Payments to and on account of leavers
Refunds of contributions ( 4,424,253,433) ( 3,415,038,659)
Group transfers out to other schemes ( 175,687,320) ( 171,215,896)
Individual transfers out to other schemes ( 8,157,090,936) ( 6,391,179,253)
Withdrawal from special voluntary contribution ( 110,567,733) ( 146,693,809) ______________ ______________
( 16,663,488,936) ( 13,122,330,312) ______________ ______________
228,391,128,858 225,799,550,840
Total comprehensive income for the year 62,192,596,826 ( 16,159,466,970) ______________ ______________
BALANCE CARRIED FORWARD 290,583,725,684 209,640,083,870 ______________ ______________ ______________ ______________
82
MANULIFE GLOBAL SELECT (MPF) SCHEME
STATEMENT OF CASH FLOWS
Year ended 31 March 2021
Note 2021 2020
HK$ HK$
CASH FLOWS FROM OPERATING ACTIVITIES
Profit/(loss) for the year 62,192,596,826 ( 16,159,466,970)
Adjustments for:
Net change in unrealised gains/losses on investments
at fair value through profit or loss ( 49,637,582,083) 19,605,718,497
Net realised gains on disposal of investments
at fair value through profit or loss ( 12,545,382,308) ( 3,446,148,098)
Interest income ( 717,864) ( 1,115,243) _______________ ______________
8,914,571 ( 1,011,814)
(Increase)/decrease in other receivables ( 17,098,069) 1,424,396
Increase in other payables 98,833,477 63,539,721 _______________ ______________
Net cash flows from operating activities 90,649,979 63,952,303 _______________ ______________
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of investments at fair value
through profit or loss (150,891,695,273) (102,623,930,748)
Sales of investments at fair value through profit or loss 132,146,737,369 84,316,855,661
Interest received 717,864 1,115,243 _______________ ______________
Net cash flows used in investing activities ( 18,744,240,040) ( 18,305,959,844) _______________ ______________
CASH FLOWS FROM FINANCING ACTIVITIES
Contributions received 35,426,725,308 31,457,636,166
Benefits paid ( 16,621,927,268) ( 13,094,025,776)
Distribution paid ( 9,947,686) - _______________ ______________
Net cash flows from financing activities 18,794,850,354 18,363,610,390 _______________ ______________
NET INCREASE IN CASH AND CASH EQUIVALENTS 141,260,293 121,602,849
Cash and cash equivalents at beginning of year 702,868,295 581,265,446 _______________ ______________
CASH AND CASH EQUIVALENTS AT END OF YEAR 844,128,588 702,868,295 _______________ ______________ _______________ ______________
ANALYSIS OF BALANCES OF CASH AND CASH
EQUIVALENTS
Bank balances 7 844,128,588 702,868,295 _______________ _____________ _______________ _____________
83
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
ST
AT
EM
EN
T O
F P
RO
FIT
OR
LO
SS
AN
D O
TH
ER
CO
MP
RE
HE
NS
IVE
IN
CO
ME
- C
ON
ST
ITU
EN
T F
UN
DS
Yea
r en
ded
31 M
arch
20
21
M
GA
G
MG
CP
M
GE
E
MG
GR
M
GH
B
MG
HE
M
GIB
M
GIE
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
INV
ES
TM
EN
T I
NC
OM
E
Net
rea
lise
d g
ain
s o
n d
isp
osa
l
o
f in
ves
tmen
ts a
t fa
ir v
alu
e
th
rou
gh
pro
fit
or
loss
8
72
,34
7,6
31
1
30
,50
8,2
16
37
0,0
71
,21
6
52
0,4
22
,44
6 1
51
,36
4,7
18
1,3
76,9
90
,884
1
48
,35
7,2
85
31
5,4
98
,15
0
Net
ch
ang
e in
un
real
ised
gai
ns/
loss
es o
n
in
ves
tmen
ts a
t fa
ir v
alu
e
th
rou
gh
pro
fit
or
loss
8
,63
9,5
63
,733
(
74
,63
5,5
85
) 9
56
,06
7,3
90
5,1
96
,181
,17
3
(14
2,2
86
,978
) 3
,08
1,0
88
,619
1
8,2
93
,91
9
2,2
68,9
26
,431
_
__
__
___
___
_
__
___
___
__
__
___
___
___
_
__
__
___
___
_
__
___
___
__
_
__
__
___
___
_ _
__
__
___
__
_
__
__
___
___
_
PR
OF
IT A
ND
TO
TA
L
C
OM
PR
EH
EN
SIV
E I
NC
OM
E
F
OR
TH
E Y
EA
R
9
,511
,911
,36
4
55
,87
2,6
31
1
,326
,138
,60
6
5,7
16
,603
,61
9
9,0
77
,740
4
,458
,079
,50
3
16
6,6
51
,20
4
2,5
84
,424
,58
1
__
___
___
___
_
__
___
___
__
__
___
___
___
_
__
__
___
___
_
__
___
___
__
_
__
__
___
___
_ _
__
__
___
__
_
__
__
___
___
_
__
___
___
___
_
__
___
___
__
__
___
___
___
_
__
__
___
___
_
__
___
___
__
_
__
__
___
___
_ _
__
__
___
__
_
__
__
___
___
_
84
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
ST
AT
EM
EN
T O
F P
RO
FIT
OR
LO
SS
AN
D O
TH
ER
CO
MP
RE
HE
NS
IVE
IN
CO
ME
- C
ON
ST
ITU
EN
T F
UN
DS
(co
nti
nu
ed)
Yea
r en
ded
31 M
arch
20
21
MG
IT
MG
JE
MG
NE
M
GP
E
MG
ST
M
GF
G
MG
FS
M
GC
V
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
INV
ES
TM
EN
T I
NC
OM
E
Net
rea
lise
d g
ain
s o
n d
isp
osa
l
o
f in
ves
tmen
ts a
t fa
ir v
alu
e
th
rou
gh
pro
fit
or
loss
-
4
21
,41
7,2
97
1
,323
,791
,38
7
1,0
04
,423
,53
8
38
1,1
63
,50
3
35
2,8
43
,62
1
18
1,3
21
,32
5
2,5
84,2
77
,900
Net
ch
ang
e in
un
real
ised
gai
ns/
loss
es o
n
in
ves
tmen
ts a
t fa
ir v
alu
e
th
rou
gh
pro
fit
or
loss
-
3
09
,40
2,9
18
3
,289
,759
,00
0
3,4
19
,099
,28
6
1,3
58
,471
,13
6
2,6
19
,796
,31
2
1,2
73
,759
,00
5
8,1
35,2
21
,639
__
___
___
__
__
___
___
___
_
__
__
___
___
_
__
___
___
___
_
__
___
___
___
_
__
___
___
___
_ _
__
__
___
___
_
__
___
___
___
__
-
7
30
,82
0,2
15
4
,613
,550
,38
7
4,4
23
,522
,82
4
1,7
39
,634
,63
9
2,9
72
,639
,93
3
1,4
55
,080
,33
0
10
,71
9,4
99
,53
9
OT
HE
R I
NC
OM
E
Inte
rest
in
com
e
12
5,6
07
,63
5
-
-
-
-
-
-
-
_
__
__
___
__
__
___
___
___
__
___
___
___
_
__
___
___
___
_
__
___
___
___
_
__
___
___
___
_ _
__
__
___
___
_
__
___
___
___
__
PR
OF
IT A
ND
TO
TA
L
C
OM
PR
EH
EN
SIV
E I
NC
OM
E
F
OR
TH
E Y
EA
R
1
25
,60
7,6
35
7
30
,82
0,2
15
4,6
13
,550
,38
7
4,4
23
,522
,82
4
1,7
39
,634
,63
9
2,9
72
,639
,93
3
1,4
55
,080
,33
0
10
,71
9,4
99
,53
9
_
__
__
___
__
__
___
___
___
__
___
___
___
_
__
___
___
___
_
__
___
___
___
_
__
___
___
___
_ _
__
__
___
___
_
__
___
___
___
__
_
__
__
___
__
__
___
___
___
__
___
___
___
_
__
___
___
___
_
__
___
___
___
_
__
___
___
___
_ _
__
__
___
___
_
__
___
___
___
__
85
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
ST
AT
EM
EN
T O
F P
RO
FIT
OR
LO
SS
AN
D O
TH
ER
CO
MP
RE
HE
NS
IVE
IN
CO
ME
- C
ON
ST
ITU
EN
T F
UN
DS
(co
nti
nu
ed)
Yea
r en
ded
31 M
arch
20
21
F
or
the
per
iod
fro
m 1
Apri
l 2
020
to 2
5 M
arch
202
1
(dat
e o
f
te
rmin
atio
n)
MG
HC
M
GH
S
MG
PB
M
GR
B
MG
15
M
G2
0
MG
25
M
G3
0
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
INV
ES
TM
EN
T I
NC
OM
E
Net
rea
lise
d g
ain
s o
n d
isp
osa
l
o
f in
ves
tmen
ts a
t fa
ir v
alu
e
th
rou
gh
pro
fit
or
loss
1,2
82
,40
2,4
09
1
19
,00
7,8
53
73
,60
1,0
50
5
7,2
48
,82
5
17
,10
7,2
50
1
28
,28
5,5
44
33
,79
3,5
28
2
3,9
23
,35
2
Net
ch
ang
e in
un
real
ised
gai
ns/
loss
es o
n
in
ves
tmen
t at
fai
r v
alu
e
th
rou
gh
pro
fit
or
loss
4,7
34,7
92
,881
1
,037
,484
,62
2
82
,90
2,5
65
5
4,2
87
,53
7
10
5,6
21
,17
0
2,8
76
,293
1
64
,93
7,4
22
21
6,6
69
,68
9
_
__
__
___
___
_
__
___
___
___
_
__
___
___
__
_
__
__
___
__
__
___
___
__
_
__
__
___
__
_
__
__
___
__
_
__
__
___
__
P
RO
FIT
AN
D T
OT
AL
C
OM
PR
EH
EN
SIV
E I
NC
OM
E
F
OR
TH
E Y
EA
R/P
ER
IOD
6,0
17,1
95
,290
1
,156
,492
,47
5
15
6,5
03
,61
5
111
,53
6,3
62
12
2,7
28
,42
0
13
1,1
61
,83
7
19
8,7
30
,95
0
24
0,5
93
,04
1
_
__
__
___
___
_
__
___
___
___
_
__
___
___
__
_
__
__
___
__
_
__
__
___
__
_
__
__
___
__
_
__
__
___
__
_
__
__
___
__
__
___
___
___
_
__
___
___
___
_
__
___
___
__
_
__
__
___
__
_
__
__
___
__
_
__
__
___
__
_
__
__
___
__
_
__
__
___
__
86
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
ST
AT
EM
EN
T O
F P
RO
FIT
OR
LO
SS
AN
D O
TH
ER
CO
MP
RE
HE
NS
IVE
IN
CO
ME
- C
ON
ST
ITU
EN
T F
UN
DS
(co
nti
nu
ed)
Yea
r en
ded
31 M
arch
20
21
F
or
the
per
iod
fro
m
2
1 S
epte
mb
er 2
02
0
(d
ate
of
ince
pti
on
)
to 3
1 M
arch
202
1
MG
35
MG
40
M
G4
5
MG
AP
M
GC
A
M
GR
I
HK
$
H
K$
H
K$
H
K$
H
K$
HK
$
INV
ES
TM
EN
T I
NC
OM
E
Div
iden
d i
nco
me
-
-
-
-
-
9,9
47
,686
Net
rea
lise
d g
ain
s o
n d
isp
osa
l
o
f in
ves
tmen
ts a
t fa
ir v
alu
e
th
rou
gh
pro
fit
or
loss
25
,003
,89
2
21
,97
9,5
33
4
6,4
45
,97
3
15
3,6
58
,09
2
29
4,2
66
,79
9
8,2
51
,45
6
Net
ch
ang
e in
un
real
ised
gai
ns/
loss
es o
n
in
ves
tmen
t at
fai
r v
alu
e
th
rou
gh
pro
fit
or
loss
24
2,0
43
,59
4
20
2,2
20
,09
3
34
8,1
44
,67
1
56
,71
5,3
28
2
,040
,910
,94
7
(
732
,72
7)
_
__
__
___
__
_
__
__
___
__
_
__
__
___
___
__
___
___
__
__
___
___
___
_
__
___
__
__
__
_
P
RO
FIT
AN
D T
OT
AL
C
OM
PR
EH
EN
SIV
E I
NC
OM
E
F
OR
TH
E Y
EA
R/P
ER
IOD
26
7,0
47
,48
6
22
4,1
99
,62
6
39
4,5
90
,64
4
21
0,3
73
,42
0
2,3
35
,177
,74
6
17
,46
6,4
15
__
___
___
__
_
__
__
___
__
_
__
__
___
___
__
___
___
__
__
___
___
___
_
__
___
___
___
_
_
__
__
___
__
_
__
__
___
__
_
__
__
___
___
__
___
___
__
__
___
___
___
_
__
___
___
___
_
87
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
ST
AT
EM
EN
T O
F P
RO
FIT
OR
LO
SS
AN
D O
TH
ER
CO
MP
RE
HE
NS
IVE
IN
CO
ME
- C
ON
ST
ITU
EN
T F
UN
DS
Yea
r en
ded
31 M
arch
20
20
M
GA
G
MG
CP
M
GE
E
MG
GR
M
GH
B
MG
HE
M
GIB
M
GIE
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
INV
ES
TM
EN
T I
NC
OM
E
Net
rea
lise
d g
ain
s o
n d
isp
osa
l
o
f in
ves
tmen
ts a
t fa
ir v
alu
e
th
rou
gh
pro
fit
or
loss
3
75
,47
1,2
25
9
5,1
99
,56
0
39
,51
7,0
14
2
31
,20
9,8
30
77
,36
4,9
78
4
9,4
67
,07
1 3
5,0
17
,04
8
11
8,8
56
,76
9
Net
ch
ang
e in
un
real
ised
gai
ns/
loss
es o
n
in
ves
tmen
ts a
t fa
ir v
alu
e
th
rou
gh
pro
fit
or
loss
(3
,153
,66
2,7
04
) 7
4,4
07
,45
6
(2
04,5
11
,361
) (
1,8
17
,21
4,0
29
) 7
8,7
81
,92
3
(1
,56
1,1
11
,27
8)
14
,64
5,7
21
(
74
5,3
01
,165
)
_
__
__
___
___
_
__
___
___
__
__
___
___
___
_
__
__
___
___
_
__
___
___
__
_
__
__
___
___
_ _
__
__
___
__
_
__
__
___
__
(LO
SS
)/P
RO
FIT
AN
D T
OT
AL
C
OM
PR
EH
EN
SIV
E I
NC
OM
E
F
OR
TH
E Y
EA
R
(2
,77
8,1
91
,47
9)
16
9,6
07
,01
6
(1
64,9
94
,347
) (
1,5
86
,00
4,1
99
) 1
56
,14
6,9
01
(1
,511
,64
4,2
07)
49
,66
2,7
69
(
62
6,4
44
,396
)
_
__
__
___
___
_
__
___
___
__
__
___
___
___
_
__
__
___
___
_
__
___
___
__
_
__
__
___
___
_ _
__
__
___
__
_
__
__
___
__
_
__
__
___
___
_
__
___
___
__
__
___
___
___
_
__
__
___
___
_
__
___
___
__
_
__
__
___
___
_ _
__
__
___
__
_
__
__
___
__
88
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
ST
AT
EM
EN
T O
F P
RO
FIT
OR
LO
SS
AN
D O
TH
ER
CO
MP
RE
HE
NS
IVE
IN
CO
ME
- C
ON
ST
ITU
EN
T F
UN
DS
(co
nti
nu
ed)
Yea
r en
ded
31 M
arch
20
20
MG
IT
MG
JE
MG
NE
M
GP
E
MG
ST
M
GF
G
MG
FS
M
GC
V
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
INV
ES
TM
EN
T I
NC
OM
E
Net
rea
lise
d g
ain
s o
n d
isp
osa
l
o
f in
ves
tmen
ts a
t fa
ir v
alu
e
th
rou
gh
pro
fit
or
loss
-
4
,965
,36
9
13
8,7
14
,83
6
14
2,0
99
,83
5
22
2,0
93
,72
4
15
8,4
34
,26
0
66
,67
4,3
10
7
79
,86
5,0
31
Net
ch
ang
e in
un
real
ised
gai
ns/
loss
es o
n
in
ves
tmen
ts a
t fa
ir v
alu
e
th
rou
gh
pro
fit
or
loss
-
(214
,568
,01
2)
(1,0
57
,16
9,6
78
) (
1,6
19
,84
1,5
40
) (
39
2,2
11
,241
) (1
,05
3,7
20
,18
7)
(3
56,2
74
,467
) (
3,2
54
,74
0,1
76
)
__
___
___
__
__
___
___
___
_
__
__
___
___
_
__
___
___
___
_
__
___
___
___
_
__
__
___
___
_
__
___
___
___
__
___
___
___
_
-
(209
,602
,64
3)
(
91
8,4
54
,84
2)
(1
,47
7,7
41
,70
5)
(1
70,1
17
,517
) (
89
5,2
85
,92
7)
(2
89,6
00
,157
) (
2,4
74
,87
5,1
45
)
OT
HE
R I
NC
OM
E
Inte
rest
in
com
e
111
,66
8,3
99
-
-
-
-
-
-
-
_
__
__
___
__
__
___
___
___
__
___
___
___
_
__
___
___
___
_
__
___
___
___
_
__
__
___
___
_
__
___
___
___
__
___
___
___
_
PR
OF
IT/(
LO
SS
) A
ND
TO
TA
L
C
OM
PR
EH
EN
SIV
E I
NC
OM
E
F
OR
TH
E Y
EA
R
111
,66
8,3
99
(2
09,6
02
,643
) (
91
8,4
54
,84
2)
(1
,47
7,7
41
,70
5)
(1
70,1
17
,517
) (
89
5,2
85
,92
7)
(2
89,6
00
,157
) (
2,4
74
,87
5,1
45
)
__
___
___
__
__
___
___
___
__
___
___
___
_
__
___
___
___
_
__
___
___
___
_
__
__
___
___
_
__
___
___
___
__
___
___
___
_
_
__
__
___
__
__
___
___
___
__
___
___
___
_
__
___
___
___
_
__
___
___
___
_
__
__
___
___
_
__
___
___
___
__
___
___
___
_
89
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
ST
AT
EM
EN
T O
F P
RO
FIT
OR
LO
SS
AN
D O
TH
ER
CO
MP
RE
HE
NS
IVE
IN
CO
ME
- C
ON
ST
ITU
EN
T F
UN
DS
(co
nti
nu
ed)
Yea
r en
ded
31 M
arch
20
20
MG
HC
M
GH
S
MG
PB
M
GR
B
MG
15
M
G2
0
MG
25
M
G3
0
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
INV
ES
TM
EN
T I
NC
OM
E
Net
rea
lise
d g
ain
s o
n d
isp
osa
l
o
f in
ves
tmen
ts a
t fa
ir v
alu
e
th
rou
gh
pro
fit
or
loss
559
,59
5,3
72
1
2,3
74
,58
7
23
,71
6,1
79
1
6,4
27
,63
3
3,5
98
,479
8
,188
,268
9
,063
,859
6
,881
,153
Net
ch
ang
e in
un
real
ised
gai
ns/
loss
es o
n
in
ves
tmen
t at
fai
r v
alu
e
th
rou
gh
pro
fit
or
loss
(2,3
67
,43
4,3
63
) (
90
0,7
52
,908
) (
46
,89
7,4
00)
(20
,62
0,6
78
) (
31
,14
1,4
24)
(3
9,4
78
,38
6)
(6
0,8
18
,72
4)
(7
0,4
49
,02
0)
_
__
__
___
___
_
__
___
___
___
__
___
___
__
_
__
__
___
__
_
__
__
___
__
_
__
__
___
__
_
__
__
___
__
_
__
__
___
__
L
OS
S A
ND
TO
TA
L
C
OM
PR
EH
EN
SIV
E I
NC
OM
E
F
OR
TH
E Y
EA
R
(1
,807
,83
8,9
91
) (
88
8,3
78
,321
) (
23
,18
1,2
21)
( 4
,19
3,0
45
) (
27
,54
2,9
45)
(3
1,2
90
,11
8)
(5
1,7
54
,86
5)
(6
3,5
67
,86
7)
_
__
__
___
___
_
__
___
___
___
__
___
___
__
_
__
__
___
__
_
__
__
___
__
_
__
__
___
__
_
__
__
___
__
_
__
__
___
__
__
___
___
___
_
__
___
___
___
__
___
___
__
_
__
__
___
__
_
__
__
___
__
_
__
__
___
__
_
__
__
___
__
_
__
__
___
__
90
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
ST
AT
EM
EN
T O
F P
RO
FIT
OR
LO
SS
AN
D O
TH
ER
CO
MP
RE
HE
NS
IVE
IN
CO
ME
- C
ON
ST
ITU
EN
T F
UN
DS
(co
nti
nu
ed)
Yea
r en
ded
31 M
arch
20
20
MG
35
MG
40
M
G4
5
MG
AP
M
GC
A
HK
$
H
K$
H
K$
H
K$
H
K$
INV
ES
TM
EN
T I
NC
OM
E
Net
rea
lise
d g
ain
s o
n d
isp
osa
l
o
f in
ves
tmen
ts a
t fa
ir v
alu
e
th
rou
gh
pro
fit
or
loss
7,8
40,6
02
6
,900
,978
1
1,6
68
,00
6
71
,02
7,2
57
6
2,2
46
,46
6
Net
ch
ang
e in
un
real
ised
gai
ns/
loss
es o
n
in
ves
tmen
t at
fai
r v
alu
e
th
rou
gh
pro
fit
or
loss
(78
,75
7,6
85
) (
65
,95
5,1
47)
(11
7,5
25
,691
) (
24
,85
5,1
27)
(5
18,5
41
,206
)
__
___
___
__
_
__
__
___
__
_
__
__
___
___
__
___
___
__
__
___
___
___
(L
OS
S)/
PR
OF
IT A
ND
TO
TA
L
C
OM
PR
EH
EN
SIV
E I
NC
OM
E
F
OR
TH
E Y
EA
R
(7
0,9
17
,08
3)
(5
9,0
54
,16
9)
(1
05,8
57
,685
) 4
6,1
72
,13
0
(4
56,2
94
,740
)
__
___
___
__
_
__
__
___
__
_
__
__
___
___
__
___
___
__
__
___
___
___
_
__
__
___
__
_
__
__
___
__
_
__
__
___
___
__
___
___
__
__
___
___
___
91
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
ST
AT
EM
EN
T O
F N
ET
AS
SE
TS
AV
AIL
AB
LE
FO
R B
EN
EF
ITS
- C
ON
ST
ITU
EN
T F
UN
DS
At
31
Mar
ch 2
021
N
ote
s M
GA
G
MG
CP
M
GE
E
MG
GR
M
GH
B
MG
HE
M
GIB
M
GIE
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
A
SS
ET
S
Inves
tmen
ts a
t fa
ir v
alue t
hro
ugh
p
rofi
t o
r lo
ss
6
28,5
24
,052
,58
0
13
,176
,88
3,6
23
3
,76
7,8
87
,419
2
0,9
84
,85
0,7
21
3
,51
9,3
57
,490
1
5,3
57
,67
7,3
51
5
,70
2,8
52
,247
7
,341
,44
3,5
68
Am
oun
ts r
ecei
vab
le o
n s
ub
scri
pti
on
11
(b)
16,2
94
,446
4
6,1
83
,17
4
8,1
37,7
17
1
2,8
09
,15
5
2,3
25,5
01
3
8,6
23
,88
8
8,6
80,4
39
1
0,2
34
,24
4
Am
oun
ts r
ecei
vab
le o
n s
ale
of
inves
tmen
ts 1
1(b
) 2
7,3
89
,041
1
02,5
37
,419
9
,70
0,3
73
1
8,6
88
,76
5
19
,188
,74
4
62
,848
,119
1
3,6
73
,04
9
8,4
62,4
77
__
__
__
__
_
_________
____
_____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
T
OT
AL
AS
SE
TS
28,5
67
,736
,06
7
13
,325
,60
4,2
16
3
,78
5,7
25
,509
2
1,0
16
,34
8,6
41
3
,54
0,8
71
,735
1
5,4
59
,14
9,3
58
5
,72
5,2
05
,735
7
,36
0,1
40
,289
__
__
__
__
_
_________
____
_____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
_
__
__
__
__
_________
____
_____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
L
IAB
ILIT
IES
Am
oun
ts p
ayab
le o
n r
edem
pti
on
11
(b)
27,3
89
,041
1
02,5
37
,419
9
,70
0,3
73
1
8,6
88
,76
5
19
,188
,74
4
62
,848
,119
1
3,6
73
,04
9
8,4
62,4
77
Am
oun
ts p
ayab
le o
n p
urc
has
e o
f
inv
estm
ents
11
(b)
16,2
94
,446
4
6,1
83
,17
4
8,1
37,7
17
1
2,8
09
,15
5
2,3
25,5
01
3
8,6
23
,88
8
8,6
80,4
39
1
0,2
34
,24
4
__
__
__
__
_
_________
____
_____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
T
OT
AL
LIA
BIL
ITIE
S
4
3,6
83
,487
1
48,7
20
,593
1
7,8
38
,09
0
31
,497
,92
0
21
,514
,24
5
10
1,4
72
,007
2
2,3
53
,48
8
18
,696
,72
1
__
__
__
__
_
_________
_________
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
E
QU
ITY
Net
ass
ets
avai
lable
fo
r b
enef
its
2
8,5
24
,052
,58
0
13
,176
,88
3,6
23
3
,76
7,8
87
,419
2
0,9
84
,85
0,7
21
3
,51
9,3
57
,490
1
5,3
57
,67
7,3
51
5
,70
2,8
52
,247
7
,34
1,4
43
,568
__
__
__
__
_
_________
____
_____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
T
OT
AL
LIA
BIL
ITIE
S A
ND
EQ
UIT
Y
2
8,5
67
,736
,06
7
13
,325
,60
4,2
16
3
,78
5,7
25
,509
2
1,0
16
,34
8,6
41
3
,54
0,8
71
,735
1
5,4
59
,14
9,3
58
5
,72
5,2
05
,735
7
,36
0,1
40
,289
__
__
__
__
_
_________
____
_____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
_
__
__
__
__
_________
____
_____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
C
AP
ITA
L A
CC
OU
NT
'S U
NIT
S
IN
IS
SU
E
1
,139
,47
7,6
37
1
,16
1,5
27
,597
2
37,7
70
,523
8
77,3
53
,573
2
31,0
38
,394
5
17,4
14
,450
3
26,8
85
,479
3
41,5
39
,886
__
__
__
__
_
_________
____
_____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
_
__
__
__
__
_________
____
_____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
N
ET
AS
SE
T V
AL
UE
PE
R U
NIT
25.0
33
1
1.3
44
15
.847
2
3.9
18
1
5.2
33
2
9.6
82
1
7.4
46
2
1.4
95
__
__
__
__
_
_________
____
_____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
___
__
_
__
__
__
__
_________
____
_____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
92
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
ST
AT
EM
EN
T O
F N
ET
AS
SE
TS
AV
AIL
AB
LE
FO
R B
EN
EF
ITS
- C
ON
ST
ITU
EN
T F
UN
DS
(co
nti
nued
)
At
31
Mar
ch 2
021
N
ote
s M
GIT
M
GJE
M
GN
E
MG
PE
M
GS
T
MG
FG
M
GF
S
MG
CV
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
A
SS
ET
S
Inves
tmen
ts a
t fa
ir v
alue t
hro
ugh
p
rofi
t o
r lo
ss
6
26,5
94
,442
,03
9
2,2
55,3
02
,232
1
3,6
73
,83
1,1
40
1
2,0
14
,43
2,9
39
1
6,3
47
,20
8,7
92
1
0,5
10
,22
5,5
08
8
,185
,34
3,1
89
3
6,3
25
,03
9,9
83
Am
oun
ts r
ecei
vab
le o
n s
ub
scri
pti
on
11
(b)
154
,18
5,3
30
1
35,7
96
,502
3
8,1
85
,60
1
55
,159
,50
9
18
,173
,04
8
9,5
67,9
76
5
,829
,90
7
43
,577
,02
7
Am
oun
ts r
ecei
vab
le o
n s
ale
of
inves
tmen
ts 1
1(b
) 1
40
,27
0,3
78
7
1,6
86
,47
1
56
,282
,40
4
20
,668
,23
4
25
,503
,30
0
12
,292
,44
1
7,6
64
,45
5
71
,396
,25
1
__
__
__
__
__
_________
_________
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
T
OT
AL
AS
SE
TS
26,8
88
,897
,74
7
2,4
62,7
85
,205
1
3,7
68
,29
9,1
45
1
2,0
90
,26
0,6
82
1
6,3
90
,88
5,1
40
1
0,5
32
,08
5,9
25
8
,19
8,8
37
,551
3
6,4
40
,01
3,2
61
__
__
__
__
__
_________
_________
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
_
__
__
__
___
_________
_________
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
L
IAB
ILIT
IES
Am
oun
ts p
ayab
le o
n r
edem
pti
on
11
(b)
140
,27
0,3
78
7
1,6
86
,47
1
56
,282
,40
4
20
,668
,23
4
25
,503
,30
0
12
,292
,44
1
7,6
64,4
55
7
1,3
96
,25
1
Am
oun
ts p
ayab
le o
n p
urc
has
e o
f
inv
estm
ents
11
(b)
154
,18
5,3
30
1
35,7
96
,502
3
8,1
85
,60
1
55
,159
,50
9
18
,173
,04
8
9,5
67,9
76
5
,82
9,9
07
4
3,5
77
,02
7
__
__
__
__
__
_________
_________
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
T
OT
AL
LIA
BIL
ITIE
S
2
94
,45
5,7
08
2
07,4
82
,973
9
4,4
68
,00
5
75
,827
,74
3
43
,676
,34
8
21
,860
,41
7
13
,494
,36
2
114
,973
,27
8
__
__
__
__
__
_________
_________
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
E
QU
ITY
Net
ass
ets
avai
lable
fo
r b
enef
its
2
6,5
94
,442
,03
9
2,2
55,3
02
,232
1
3,6
73
,83
1,1
40
1
2,0
14
,43
2,9
39
1
6,3
47
,20
8,7
92
1
0,5
10
,22
5,5
08
8
,18
5,3
43
,189
3
6,3
25
,03
9,9
83
__
__
__
__
__
_________
_________
_________
_________
__
__
__
__
_
__
___
__
__
__
__
__
__
_
TO
TA
L L
IAB
ILIT
IES
AN
D E
QU
ITY
26,8
88
,897
,74
7
2,4
62,7
85
,205
1
3,7
68
,29
9,1
45
1
2,0
90
,26
0,6
82
1
6,3
90
,88
5,1
40
1
0,5
32
,08
5,9
25
8
,19
8,8
37
,551
3
6,4
40
,01
3,2
61
__
__
__
__
__
_________
_________
_________
_________
___
__
__
__
__
__
__
__
_
__
__
__
__
_
_
__
__
__
___
_________
_________
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
C
AP
ITA
L A
CC
OU
NT
'S U
NIT
S
IN
IS
SU
E
N
/A
146
,531
,03
4
56
7,4
72
,766
3
61,0
60
,316
9
57,1
97
,521
2
93,6
33
,588
3
23,8
58
,615
1
,03
3,9
02
,044
__
__
__
__
__
_________
_________
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
_
__
__
__
___
_________
_________
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
N
ET
AS
SE
T V
AL
UE
PE
R U
NIT
N/A
1
5.3
91
2
4.0
96
3
3.2
75
1
7.0
78
3
5.7
94
2
5.2
74
3
5.1
34
__
__
__
__
__
_________
_________
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
_
__
__
__
___
_________
_________
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
93
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
ST
AT
EM
EN
T O
F N
ET
AS
SE
TS
AV
AIL
AB
LE
FO
R B
EN
EF
ITS
- C
ON
ST
ITU
EN
T F
UN
DS
(co
nti
nued
)
At
31
Mar
ch 2
021
N
ote
s M
GH
C
MG
HS
M
GP
B
MG
RB
M
G15
MG
20*
MG
25
MG
30
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
A
SS
ET
S
Inves
tmen
ts a
t fa
ir v
alue
thro
ugh
pro
fit
or
loss
6
32,7
69
,958
,30
7
5,8
63,2
34
,404
1
,74
7,0
89
,347
2
,05
2,7
14
,590
1
,16
4,2
16
,598
-
8
45,7
77
,524
8
54,4
76
,082
Am
oun
ts r
ecei
vab
le o
n s
ub
scri
pti
on
11
(b)
20,5
14
,514
1
2,5
99
,10
0
2,3
19,4
39
3
,66
7,9
72
1
,96
4,2
70
-
1
63,5
82
7
98,0
51
Am
oun
ts r
ecei
vab
le o
n s
ale
of
inves
tmen
ts 1
1(b
) 3
6,2
53
,016
3
5,9
91
,96
1
2,4
87,8
60
2
2,5
41
,02
7
2,3
52,7
94
-
8
11,1
23
8
55,6
17
__
__
___
___
_________
_____
____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
T
OT
AL
AS
SE
TS
32,8
26
,725
,83
7
5,9
11,8
25
,46
5
1,7
51,8
96
,646
2
,07
8,9
23
,589
1
,16
8,5
33
,662
-
8
46,7
52
,229
8
56,1
29
,750
__
__
___
___
_________
_____
____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
_
__
__
__
___
_________
_____
____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
L
IAB
ILIT
IES
Am
oun
ts p
ayab
le o
n r
edem
pti
on
11
(b)
36,2
53
,016
3
5,9
91
,96
1
2,4
87,8
60
2
2,5
41
,02
7
2,3
52,7
94
-
8
11,1
23
8
55,6
17
Am
oun
ts p
ayab
le o
n p
urc
has
e o
f
inv
estm
ents
11
(b)
20,5
14
,514
1
2,5
99
,10
0
2,3
19,4
39
3
,66
7,9
72
1
,96
4,2
70
-
1
63,5
82
7
98,0
51
__
__
___
___
_______
__
_____
____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
T
OT
AL
LIA
BIL
ITIE
S
5
6,7
67
,530
4
8,5
91
,06
1
4,8
07,2
99
2
6,2
08
,99
9
4,3
17,0
64
-
9
74,7
05
1
,65
3,6
68
__
__
___
___
_________
_____
____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
E
QU
ITY
Net
ass
ets
avai
lable
fo
r b
enef
its
3
2,7
69
,958
,30
7
5,8
63,2
34
,404
1
,74
7,0
89
,347
2
,05
2,7
14
,590
1
,16
4,2
16
,598
-
8
45,7
77
,524
8
54,4
76
,082
__
__
___
___
_________
_____
____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
TO
TA
L L
IAB
ILIT
IES
AN
D E
QU
ITY
32,8
26
,725
,83
7
5,9
11,8
25
,46
5
1,7
51,8
96
,646
2
,07
8,9
23
,589
1
,16
8,5
33
,662
-
8
46,7
52
,229
8
56,1
29
,750
__
__
___
___
_________
_____
____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
_
__
__
__
___
_________
_____
____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
C
AP
ITA
L A
CC
OU
NT
'S U
NIT
S
IN
IS
SU
E
1
,288
,19
1,0
94
3
46,7
18
,494
1
45,3
74
,329
1
79,7
41
,655
8
1,3
68
,84
7
-
52
,724
,15
1
49
,256
,70
3
__
__
___
___
_________
_____
____
_________
___
_____
_
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
_
__
__
__
___
_________
_____
____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
N
ET
AS
SE
T V
AL
UE
PE
R U
NIT
25.4
39
1
6.9
11
12
.018
1
1.4
20
14
.308
-
1
6.0
42
1
7.3
47
__
__
___
___
_________
_____
____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
_
__
__
__
___
_________
_____
____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
* T
he
fund
was
ter
min
ated
on 2
5 M
arch
20
21
.
94
•
E E CDS
1,40
6,83
6,97
9 10
,650
,053
3,
354,
861
1,42
0,84
1,89
3 vI6'v00'vI
ss0'0s9'0I
I98'17g£'£
€68'Iv8'0z1>'I
6L6'9s8'90v'I
sss'zs6'0s1
'E17L'0I
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dire
ctor
MA
NU
LIFE
GLO
BA
L SE
LEC
T (M
PP) S
CH
EME
STA
TEM
ENT
OF
NET
ASS
ETS
AV
AIL
ABL
E FO
R B
ENEF
ITS
- CO
NST
ITU
ENT
FUN
DS
(con
tinue
d)
At 3
1 M
arch
202
1
S>IH voow
go
MG
45
HK
S
avow S>I;H
MG
35
HK
S N
otes
69589661 zw
'g9p'g v0L66L£'£IL'u
6w'9sL'6
908'181'5 9vL'i7z£'17v9's
9L8'9I8'I 698'IIi7'I 119's99'06z'1
ssz'z6s £vo'svL £ss'osI'vzL
6ss'z0s'I £5L'01s v89'v96'v88
ASSE
TS
Inve
stm
ents
at f
air
valu
e th
roug
h pr
ofit
or lo
ss
6 Am
ol
s rec
eiva
ble
on s
ubsc
riptio
n 11
(b)
Amol
s r
ecei
vabl
e on
sal
e of
inve
stm
ents
11(
b)
s06'€08'9sL'u I00'£vz'6s9'£
99€'v68'£6z'1 6z8'L8z'szL
99/.'LLL'9ss
TOTA
L A
SSET
S
[0Z'17Zp'gZ
zw's9v'£
69589661
ssz'8I6'vI
908'181'9
617i7'9€L'6
sw.'8zz'€
698'u17'I
9L8'9I8'I
9Lz'L€I'1
svo'st>L
s£z'z6s
ZLU€I§I
££50I;
6£€z0€1
(CDS
(<1)II
LIA
BIL
ITIE
S
Amou
nts
paya
ble
OD
rede
mpt
ion
Amou
nts p
ayab
le o
n pu
rcha
se o
f in
vest
men
ts
TCTA
L LI
ABIL
ITIE
S
906'£08'9€L'u I00'£17z'6s9'€
v0L'6Ls's1L'u 9vL'vz£'w9's
9s~z'1768'€6z'I
II9's99'06z'I
6z8'L8z'szL
€ss'osI'vzL
9sL'LLL'988
v89'v96'v88
EQU
ITY
N
et as
sets
avai
labl
e for
ben
e6ts
TOTA
L LI
ABIL
ITIE
S AN
D E
QUI
TY
9I0'€£s'8t>8 L06'66z'90€
zL8'Lsv'0L 100'L£8'6€
sLI'Ltz'6v
CAPI
TAL
A *
coU
nT's
UN
ITS
IN IS
SUE
V08'€I
11.8
98
81€'81 8LII8I
I86ILI
NET
ASS
ET V
ALU
E PE
R U
NIT
For a
nd o
n be
half
of M
anul
ife P
rovi
dent
Fun
ds T
rust
Com
pany
Lim
ited
•
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
\
1 \ .
\..>
-/
s
. . . . . . . . . . . . . . . . . . . . . . . . . . . . Elle
n Le
ung
Dire
ctor
S6
MA
NU
LIFE
GLO
BA
L SE
LEC
T (M
PP) S
CH
EME
STA
TEM
ENT
OF
NET
ASS
ETS
AV
AIL
ABL
E FO
R B
ENEF
ITS
- CO
NST
ITU
ENT
FUN
DS
(con
tinue
d)
At 3
1 M
arch
202
1
Not
es
MG
35
HK
S M
G40
H
KS
MG
45
HK
$ M
GA
P H
KS
MG
CA
H
KS
MG
RI
HK
S
ASSE
TS
Inve
stm
ents
at f
air v
alue
thro
ugh
prof
it or
loss
6
Amou
nts
rece
ivab
le o
n su
bscr
iptio
n 11
(b)
Amou
nts r
ecei
vabl
e on
sale
of i
nves
tmen
ts 1
1(b)
884,
964,
684
510,
733
1,30
2,33
9
724,
150,
553
745,
043
392,
233
1,29
0,66
5,61
1 1,
411,
869
1,81
6,87
6
3,64
4,32
4,74
6 5,
181,
806
9,73
6,44
9
11,7
13,3
79,7
04
3,46
5,44
2 19
,958
,759
l ,40
6,83
6,97
9 10
,650
,053
3,
354,
861
TOTA
LASS
ETS
886,
777,
756
725,
287,
829
1,29
3,89
4,35
6 3,
659,
243,
001
l 1,7
36,8
03,9
05
1,42
0,84
1,89
3
LIAB
ILIT
IES
Amou
nts
paya
ble
on re
dem
ptio
n Am
ount
s pay
able
on
purc
hase
of
inve
stm
ents
11(b
)
11(b
)
1,30
2,33
9
510,
733
392,
233
745,
043
1,81
6,87
6
1,41
1,86
9
9,73
6,44
9
5,18
1,80
6
19,9
58,7
59
3,46
5,44
2
3,35
4,86
1
10,6
50,0
53
TOTA
L LI
ABI
LITI
ES
1,81
3,07
2 1,
137,
276
3,22
8,74
5 14
,918
,255
23
,424
,201
14
,004
,914
EQU
ITY
Net
ase
ts a
vaila
ble
for b
enef
its
884,
964,
684
724,
150,
553
1,29
0,66
5,61
1 3,
644,
324,
746
11,7
13,3
79,7
04
l ,40
6,83
6,97
9
TOTA
L LI
ABI
LITI
ES A
ND
EQ
UIT
Y
886,
777,
756
725,
287,
829
1,29
3,89
4,35
6 3,
659,
243,
001
11,7
36,8
03,9
05
1,42
0,84
1,89
3
CAPI
TAL
ACC
OU
NT'
S U
NIT
S IN
ISSU
E 49
,217
,173
39
,837
,001
70
,457
,872
30
6,29
9,90
7 84
8,53
3,01
6 13
0,95
2,58
5
NET
ASS
ET V
ALU
E PE
R U
NIT
17
.981
18
.178
18
.318
11
.898
13
.804
10
.743
For a
nd o
n be
half
of M
anul
ife P
rovi
dent
Fun
ds T
rust
Com
pany
Lim
ited
\
` \ I,
Q\.
\
.""
....
~: . . . .
. . . . . . .
. . . . . . . .
. . . . . . .
. . . . .
. . . . . .
. . . . . .
. . . . . .
. . . . . .
. . . . . .
. . . . .
Elle
n Le
ung
Dire
ctor
. . . . . .
. . . . .
. . . . . .
. . . . . .
. . . . . .
. . . . . .
. . . . . .
. . .
Raym
ond
N
Dire
ctor
95
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
ST
AT
EM
EN
T O
F N
ET
AS
SE
TS
AV
AIL
AB
LE
FO
R B
EN
EF
ITS
- C
ON
ST
ITU
EN
T F
UN
DS
At
31
Mar
ch 2
020
N
ote
s M
GA
G
MG
CP
M
GE
E
MG
GR
M
GH
B
MG
HE
M
GIB
M
GIE
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
A
SS
ET
S
Inves
tmen
ts a
t fa
ir v
alue
thro
ugh
p
rofi
t o
r lo
ss
6
20,0
96
,846
,46
1
11
,93
0,7
96
,014
2
,20
6,4
01
,887
1
5,6
47
,60
0,1
46
3
,26
2,6
15
,816
1
0,4
93
,99
8,9
37
4
,95
4,7
60
,417
4
,46
4,5
63
,017
Am
oun
ts r
ecei
vab
le o
n s
ub
scri
pti
on
11
(b)
13,0
56
,610
1
22,2
79
,976
3
,311
,769
1
4,8
78
,39
4
22
,358
,67
7
10
1,9
20
,568
1
3,3
58
,28
1
4,9
51,2
67
Am
oun
ts r
ecei
vab
le o
n s
ale
of
inves
tmen
ts 1
1(b
) 2
6,3
09
,733
8
5,7
34
,27
9
10
,093
,08
4
18
,457
,21
9
19
,358
,21
0
12
8,1
91
,278
2
4,5
58
,19
8
7,3
47,9
48
__
__
__
__
_
_________
____
_____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
T
OT
AL
AS
SE
TS
20,1
36
,212
,80
4
12
,138
,81
0,2
69
2
,21
9,8
06
,740
1
5,6
80
,93
5,7
59
3
,30
4,3
32
,703
1
0,7
24
,110
,783
4
,99
2,6
76
,896
4
,47
6,8
62
,232
__
__
__
__
_
_________
____
_____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
_
__
__
__
__
_________
____
_____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
L
IAB
ILIT
IES
Am
oun
ts p
ayab
le o
n r
edem
pti
on
11
(b)
26,3
09
,733
8
5,7
34
,27
9
10
,093
,08
4
18
,457
,21
9
19
,358
,21
0
12
8,1
91
,278
2
4,5
58
,19
8
7,3
47,9
48
Am
oun
ts p
ayab
le o
n p
urc
has
e o
f
inv
estm
ents
11
(b)
13,0
56
,610
1
22,2
79
,976
3
,311
,769
1
4,8
78
,39
4
22
,358
,67
7
10
1,9
20
,568
1
3,3
58
,28
1
4,9
51,2
67
__
__
__
__
_
_________
____
_____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
T
OT
AL
LIA
BIL
ITIE
S
3
9,3
66
,343
2
08,0
14
,255
1
3,4
04
,85
3
33
,335
,61
3
41
,716
,88
7
23
0,1
11,8
46
3
7,9
16
,47
9
12
,299
,21
5
__
__
__
__
_
_________
_________
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
E
QU
ITY
Net
ass
ets
avai
lable
fo
r b
enef
its
2
0,0
96
,846
,46
1
11
,93
0,7
96
,014
2
,20
6,4
01
,887
1
5,6
47
,60
0,1
46
3
,26
2,6
15
,816
1
0,4
93
,99
8,9
37
4
,95
4,7
60
,417
4
,46
4,5
63
,017
__
__
__
__
_
_________
____
_____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
T
OT
AL
LIA
BIL
ITIE
S A
ND
EQ
UIT
Y
2
0,1
36
,212
,80
4
12
,138
,81
0,2
69
2
,21
9,8
06
,740
1
5,6
80
,93
5,7
59
3
,30
4,3
32
,703
1
0,7
24
,110
,783
4
,99
2,6
76
,896
4
,47
6,8
62
,232
__
__
__
__
_
_________
____
_____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
_
__
__
__
__
_________
____
_____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
C
AP
ITA
L A
CC
OU
NT
'S U
NIT
S
IN
IS
SU
E
1
,189
,40
4,1
94
1
,05
6,4
13
,593
2
19,8
71
,890
8
95,1
89
,045
2
14,8
95
,410
5
06,1
00
,305
2
93,6
85
,11
6
32
5,7
87
,722
__
__
__
__
_
_________
____
_____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
_
__
__
__
__
_________
____
_____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
N
ET
AS
SE
T V
AL
UE
PE
R U
NIT
16.8
97
1
1.2
94
10
.035
1
7.4
80
1
5.1
82
2
0.7
35
1
6.8
71
1
3.7
04
__
__
__
__
_
_________
____
_____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
_
__
__
__
__
_________
____
_____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
96
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
ST
AT
EM
EN
T O
F N
ET
AS
SE
TS
AV
AIL
AB
LE
FO
R B
EN
EF
ITS
- C
ON
ST
ITU
EN
T F
UN
DS
(co
nti
nued
)
At
31
Mar
ch 2
020
N
ote
s M
GIT
M
GJE
M
GN
E
MG
PE
M
GS
T
MG
FG
M
GF
S
MG
CV
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
A
SS
ET
S
Inves
tmen
ts a
t fa
ir v
alue t
hro
ugh
p
rofi
t o
r lo
ss
6
24,0
08
,225
,41
5
1,4
63,0
58
,612
6
,83
0,3
16
,058
7
,08
3,6
51
,463
1
3,8
06
,56
7,4
00
7
,16
7,7
32
,414
6
,49
4,0
39
,162
2
3,1
49
,35
5,9
06
Am
oun
ts r
ecei
vab
le o
n s
ub
scri
pti
on
11
(b)
185
,98
0,1
41
2
7,2
23
,82
0
39
,475
,60
1
86
,245
,59
5
21
,566
,49
9
6,9
17,1
60
5
,22
6,9
01
3
3,4
50
,85
4
Am
oun
ts r
ecei
vab
le o
n s
ale
of
inves
tmen
ts 1
1(b
) 11
3,4
21
,563
1
5,9
99
,37
8
64
,932
,12
2
96
,510
,85
5
29
,302
,113
1
7,0
06
,63
4
11
,21
5,7
63
4
8,7
41
,09
7
__
__
__
__
__
_________
_________
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
T
OT
AL
AS
SE
TS
24,3
07
,627
,119
1
,50
6,2
81
,810
6
,93
4,7
23
,781
7
,26
6,4
07
,913
1
3,8
57
,43
6,0
12
7
,19
1,6
56
,208
6
,51
0,4
81
,826
2
3,2
31
,54
7,8
57
__
__
__
__
__
_________
_________
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
_
__
__
__
___
_________
_________
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
L
IAB
ILIT
IES
Am
oun
ts p
ayab
le o
n r
edem
pti
on
11
(b)
11
3,4
21
,563
1
5,9
99
,37
8
64
,932
,12
2
96
,510
,85
5
29
,302
,113
1
7,0
06
,63
4
11
,21
5,7
63
4
8,7
41
,09
7
Am
oun
ts p
ayab
le o
n p
urc
has
e o
f
inv
estm
ents
11
(b)
185
,98
0,1
41
2
7,2
23
,82
0
39
,475
,60
1
86
,245
,59
5
21
,566
,49
9
6,9
17,1
60
5
,22
6,9
01
3
3,4
50
,85
4
__
__
__
__
__
_________
_________
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
T
OT
AL
LIA
BIL
ITIE
S
2
99
,40
1,7
04
4
3,2
23
,19
8
10
4,4
07
,723
1
82,7
56
,450
5
0,8
68
,61
2
23
,923
,79
4
16
,442
,66
4
82
,191
,95
1
__
__
__
__
__
_________
_________
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
E
QU
ITY
Net
ass
ets
avai
lable
fo
r b
enef
its
2
4,0
08
,225
,41
5
1,4
63,0
58
,612
6
,83
0,3
16
,058
7
,08
3,6
51
,463
1
3,8
06
,56
7,4
00
7
,16
7,7
32
,414
6
,49
4,0
39
,162
2
3,1
49
,35
5,9
06
__
__
__
__
__
_________
_________
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
TO
TA
L L
IAB
ILIT
IES
AN
D E
QU
ITY
24,3
07
,627
,119
1
,50
6,2
81
,810
6
,93
4,7
23
,781
7
,26
6,4
07
,913
1
3,8
57
,43
6,0
12
7
,19
1,6
56
,208
6
,51
0,4
81
,826
2
3,2
31
,54
7,8
57
__
__
__
__
__
_________
_________
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
_
__
__
__
___
_________
_________
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
C
AP
ITA
L A
CC
OU
NT
'S U
NIT
S
IN
IS
SU
E
N
/A
13
8,5
63
,553
4
60,5
25
,553
3
48,3
17
,858
9
09,1
69
,399
2
82,6
95
,986
3
13,9
00
,044
9
67,4
61
,056
__
__
__
__
__
_________
_________
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
_
__
__
__
___
_________
_________
_________
_________
__
__
___
__
__
__
__
__
_
__
__
__
__
_
N
ET
AS
SE
T V
AL
UE
PE
R U
NIT
N/A
1
0.5
59
1
4.8
32
2
0.3
37
1
5.1
86
2
5.3
55
2
0.6
88
2
3.9
28
__
__
__
__
__
_________
_________
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
_
__
__
__
___
_________
_________
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
97
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
ST
AT
EM
EN
T O
F N
ET
AS
SE
TS
AV
AIL
AB
LE
FO
R B
EN
EF
ITS
- C
ON
ST
ITU
EN
T F
UN
DS
(co
nti
nued
)
At
31
Mar
ch 2
020
N
ote
s M
GH
C
MG
HS
M
GP
B
MG
RB
M
G15
MG
20
MG
25
MG
30
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
A
SS
ET
S
Inves
tmen
ts a
t fa
ir v
alue
thro
ugh
pro
fit
or
loss
6
23,7
12
,412
,86
5
5,0
11,4
65
,44
9
1,4
24,6
15
,103
1,3
95
,17
8,8
87
4
36,2
77
,490
5
13,8
43
,266
6
07,5
19
,184
5
67,4
42
,982
Am
oun
ts r
ecei
vab
le o
n s
ub
scri
pti
on
11
(b)
38,1
27
,386
2
2,3
53
,83
5
5,8
00,4
00
7,7
25
,17
0
87
0,6
46
3
33,2
25
1
25,7
02
8
9,9
21
Am
oun
ts r
ecei
vab
le o
n s
ale
of
inves
tmen
ts 1
1(b
) 6
5,2
80
,001
3
8,3
94
,10
9
8,6
61,1
26
7,4
49
,63
2
70
5,5
29
9
74,6
93
1
,51
4,6
60
7
39,1
95
__
__
___
___
_________
_____
____
_________
____
____
_
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
T
OT
AL
AS
SE
TS
23,8
15
,820
,25
2
5,0
72,2
13
,393
1
,43
9,0
76
,629
1,4
10
,35
3,6
89
4
37,8
53
,665
5
15,1
51
,184
6
09,1
59
,546
5
68,2
72
,098
__
__
___
___
_________
_____
____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
_
__
__
__
___
_________
_____
____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
L
IAB
ILIT
IES
Am
oun
ts p
ayab
le o
n r
edem
pti
on
11
(b)
65,2
80
,001
3
8,3
94
,10
9
8,6
61,1
26
7,4
49
,63
2
70
5,5
29
9
74,6
93
1
,51
4,6
60
7
39,1
95
Am
oun
ts p
ayab
le o
n p
urc
has
e o
f
inv
estm
ents
11
(b)
38,1
27
,386
2
2,3
53
,83
5
5,8
00,4
00
7,7
25
,17
0
87
0,6
46
3
33,2
25
1
25,7
02
8
9,9
21
__
__
___
___
_________
_____
____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
T
OT
AL
LIA
BIL
ITIE
S
1
03
,40
7,3
87
6
0,7
47
,94
4
14
,461
,52
6
15,1
74
,802
1
,57
6,1
75
1
,30
7,9
18
1
,64
0,3
62
8
29,1
16
__
__
___
___
_________
_____
____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
E
QU
ITY
Net
ass
ets
avai
lable
fo
r b
enef
its
2
3,7
12
,412
,86
5
5,0
11,4
65
,44
9
1,4
24,6
15
,103
1,3
95
,17
8,8
87
4
36,2
77
,490
5
13,8
43
,266
6
07,5
19
,184
5
67,4
42
,982
__
__
___
___
_________
_____
____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
TO
TA
L L
IAB
ILIT
IES
AN
D E
QU
ITY
23,8
15
,820
,25
2
5,0
72,2
13
,393
1
,43
9,0
76
,629
1,4
10
,35
3,6
89
4
37,8
53
,665
5
15,1
51
,184
6
09,1
59
,546
5
68,2
72
,098
__
__
___
___
_________
_____
____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
_
__
__
__
___
_________
_____
____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
C
AP
ITA
L A
CC
OU
NT
'S U
NIT
S
IN
IS
SU
E
1
,159
,16
0,4
87
3
63,1
37
,802
1
31,4
71
,857
131
,06
8,3
94
3
8,7
52
,32
6
43
,745
,07
9
50
,127
,211
4
6,3
81
,31
6
__
__
___
___
_________
_____
____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
_
__
__
__
___
_________
_____
____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
N
ET
AS
SE
T V
AL
UE
PE
R U
NIT
20.4
57
1
3.8
00
1
0.8
36
10.6
45
1
1.2
58
11
.74
6
12
.120
1
2.2
34
__
__
___
___
_________
_____
____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
_
__
__
__
___
_________
_____
____
_________
_________
__
__
__
__
_
__
__
__
__
_
__
__
__
__
_
98
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
ST
AT
EM
EN
T O
F N
ET
AS
SE
TS
AV
AIL
AB
LE
FO
R B
EN
EF
ITS
- C
ON
ST
ITU
EN
T F
UN
DS
(co
nti
nued
)
At
31
Mar
ch 2
020
N
ote
s M
G35
MG
40
MG
45
MG
AP
M
GC
A
HK
$
HK
$
HK
$
HK
$
HK
$
AS
SE
TS
Inves
tmen
ts a
t fa
ir v
alue
thro
ugh
p
rofi
t o
r lo
ss
6
573
,29
7,9
35
4
55,1
60
,175
7
91,1
66
,286
2
,48
8,9
18
,462
7
,22
6,9
01
,944
Am
oun
ts r
ecei
vab
le o
n s
ub
scri
pti
on
11
(b)
204
,10
7
38
0,8
88
1
,03
6,6
60
2
4,2
58
,46
4
12
,185
,71
9
Am
oun
ts r
ecei
vab
le o
n s
ale
of
inves
tmen
ts 1
1(b
) 7
99
,91
4
1,2
27,1
01
1
,45
6,8
09
1
2,6
87
,38
7
21
,336
,97
1
__
__
__
__
_
_________
________
_________
_________
TO
TA
L A
SS
ET
S
5
74
,30
1,9
56
4
56,7
68
,164
7
93,6
59
,755
2
,52
5,8
64
,313
7
,26
0,4
24
,634
__
__
__
__
_
_________
________
_________
_________
__
__
__
__
_
_________
________
_________
_________
L
IAB
ILIT
IES
Am
oun
ts p
ayab
le o
n r
edem
pti
on
11
(b)
799
,91
4
1,2
27,1
01
1
,45
6,8
09
1
2,6
87
,38
7
21
,336
,97
1
Am
oun
ts p
ayab
le o
n p
urc
has
e o
f
inv
estm
ents
11
(b)
204
,10
7
38
0,8
88
1
,03
6,6
60
2
4,2
58
,46
4
12
,185
,71
9
__
__
__
__
_
_________
________
_________
_________
TO
TA
L L
IAB
ILIT
IES
1,0
04
,02
1
1,6
07,9
89
2
,49
3,4
69
3
6,9
45
,85
1
33
,522
,69
0
__
__
__
__
_
_________
________
_________
_________
EQ
UIT
Y
Net
ass
ets
avai
lable
fo
r b
enef
its
5
73
,29
7,9
35
4
55,1
60
,175
7
91,1
66
,286
2
,48
8,9
18
,462
7
,22
6,9
01
,944
__
__
__
__
_
_________
________
_________
_________
TO
TA
L L
IAB
ILIT
IES
AN
D E
QU
ITY
574
,30
1,9
56
4
56,7
68
,164
7
93,6
59
,755
2
,52
5,8
64
,313
7
,26
0,4
24
,634
__
__
__
__
_
_________
________
_________
_________
__
__
__
__
_
_________
________
_________
_________
CA
PIT
AL
AC
CO
UN
T'S
UN
ITS
IN
IS
SU
E
4
6,7
33
,862
3
7,2
18
,25
0
64
,437
,94
8
22
5,7
01
,164
6
77,2
28
,648
__
__
__
__
_
_________
________
_________
_________
__
__
__
__
_
______
___
________
_________
_________
NE
T A
SS
ET
VA
LU
E P
ER
UN
IT
1
2.2
67
1
2.2
29
1
2.2
78
1
1.0
27
10
.671
__
__
__
__
_
_________
________
_________
_________
__
__
__
__
_
_________
________
_________
_________
99
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
ST
AT
EM
EN
T O
F C
HA
NG
ES
IN
NE
T A
SS
ET
S A
VA
ILA
BL
E F
OR
BE
NE
FIT
S -
CO
NS
TIT
UE
NT
FU
ND
S
Yea
r en
ded
31 M
arch
20
21
M
GA
G
MG
CP
M
GE
E
MG
GR
M
GH
B
MG
HE
M
GIB
M
GIE
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
BA
LA
NC
E B
RO
UG
HT
FO
RW
AR
D
2
0,0
96
,84
6,4
61
11
,930
,796
,01
4 2
,20
6,4
01
,887
1
5,6
47
,600
,14
6
3,2
62,6
15
,816
1
0,4
93
,998
,93
7
4,9
54,7
60
,417
4
,46
4,5
63
,017
_
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
_
___
__
__
__
__
_
__
__
__
__
__
__ _
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
Pro
ceed
s o
n i
ssu
e
2,8
04
,631
,774
1
3,6
08
,857
,58
7
2,5
42,5
33
,698
2
,53
1,4
06
,503
3
,46
7,8
72
,858
1
0,6
04
,687
,22
9
4,0
58,8
00
,656
1
,62
8,3
31
,495
Pay
men
ts o
n r
edem
pti
on
( 3
,889
,33
7,0
19
) (1
2,4
18
,642
,60
9)(
2,3
07
,186
,77
2)
(2
,910
,75
9,5
47
) (
3,2
20
,20
8,9
24
) (1
0,1
99
,088
,31
8) (
3,4
77
,36
0,0
30
) (1
,335
,87
5,5
25
)
_
___
__
__
__
__
_ _
___
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
_
__
__
__
__
__
__ _
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
(
1,0
84
,70
5,2
45
) 1
,19
0,2
14
,978
2
35
,34
6,9
26
(
3
79
,35
3,0
44
) 2
47
,66
3,9
34
4
05
,59
8,9
11
5
81
,44
0,6
26
2
92
,45
5,9
70
__
__
__
__
__
__
_ _
___
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
_
__
__
__
__
__
__ _
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
To
tal
com
pre
hen
siv
e in
com
e fo
r th
e y
ear
9
,511
,911
,36
4
55
,872
,631
1
,32
6,1
38
,606
5
,71
6,6
03
,619
9
,07
7,7
40
4
,45
8,0
79
,503
1
66
,65
1,2
04
2
,58
4,4
24
,581
_
___
__
__
__
__
_ _
___
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
_
__
__
__
__
__
__ _
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
BA
LA
NC
E C
AR
RIE
D F
OR
WA
RD
28
,524
,05
2,5
80
1
3,1
76
,883
,62
3
3,7
67,8
87
,419
2
0,9
84
,850
,72
1
3,5
19,3
57
,490
1
5,3
57
,677
,35
1
5,7
02,8
52
,247
7
,34
1,4
43
,568
_
___
__
__
__
__
_ _
___
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
_
__
__
__
__
__
__ _
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_ _
___
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
_
__
__
__
__
__
__ _
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
UN
ITS
OU
TS
TA
ND
ING
AT
BE
GIN
NIN
G O
F Y
EA
R
1,1
89
,404
,194
1
,05
6,4
13
,593
2
19
,87
1,8
90
8
95
,18
9,0
45
2
14
,89
5,4
10
5
06
,10
0,3
05
2
93
,68
5,1
16
3
25
,78
7,7
22
Un
its
issu
ed
12
7,0
42
,613
1
,20
0,8
19
,661
1
88
,40
5,9
45
1
16
,48
7,5
69
2
24
,90
1,5
29
3
84
,21
9,6
35
2
28
,73
5,0
31
8
7,4
86
,283
Un
its
red
eem
ed
(
1
76
,96
9,1
70
) (
1,0
95
,70
5,6
57
) (
17
0,5
07
,312
) (
1
34
,32
3,0
41
) (
2
08
,75
8,5
45
) (
3
72
,90
5,4
90
) (
1
95
,53
4,6
68
) (
71
,73
4,1
19
)
_
___
__
__
__
__
_ _
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
_
__
__
__
__
__
__ _
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
UN
ITS
OU
TS
TA
ND
ING
AT
EN
D O
F Y
EA
R
1
,13
9,4
77
,637
1
,16
1,5
27
,597
2
37
,77
0,5
23
8
77
,35
3,5
73
2
31
,03
8,3
94
5
17
,41
4,4
50
3
26
,88
5,4
79
3
41
,53
9,8
86
__
__
__
__
__
__
_ _
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
_
__
__
__
__
__
__ _
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_ _
___
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
_
__
__
__
__
__
__ _
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
100
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
ST
AT
EM
EN
T O
F C
HA
NG
ES
IN
NE
T A
SS
ET
S A
VA
ILA
BL
E F
OR
BE
NE
FIT
S -
CO
NS
TIT
UE
NT
FU
ND
S (
conti
nued
)
Yea
r en
ded
31 M
arch
20
21
M
GIT
M
GJE
M
GN
E
MG
PE
M
GS
T
MG
FG
M
GF
S
MG
CV
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
BA
LA
NC
E B
RO
UG
HT
FO
RW
AR
D
24
,008
,22
5,4
15
1
,46
3,0
58
,612
6
,83
0,3
16
,058
7
,08
3,6
51
,463
1
3,8
06
,567
,40
0
7,1
67,7
32
,414
6
,49
4,0
39
,162
2
3,1
49
,355
,90
6
_
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
_
___
__
__
__
__ _
___
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__ _
___
__
__
__
__
Pro
ceed
s o
n i
ssu
e
2
2,2
99
,17
7,9
31
1
2,4
43
,861
,95
4
10
,807
,494
,96
5
7,1
65,9
91
,597
4
,17
1,2
59
,474
2
,25
8,0
66
,195
1
,55
8,0
01
,808
1
3,3
68
,510
,55
8
Pay
men
ts o
n r
edem
pti
on
(1
9,8
38
,56
8,9
42
) (1
2,3
82
,438
,54
9)
( 8
,577
,53
0,2
70
) (6
,658
,73
2,9
45
) (
3,3
70
,25
2,7
21
) (
1,8
88
,21
3,0
34
) (1
,321
,77
8,1
11)(
10
,912
,32
6,0
20
)
__
__
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
_
___
__
__
__
__ _
___
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
_
___
__
__
__
__
2
,46
0,6
08
,989
6
1,4
23
,405
2
,22
9,9
64
,695
5
07
,25
8,6
52
8
01
,00
6,7
53
3
69
,85
3,1
61
2
36
,22
3,6
97
2
,45
6,1
84
,538
_
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
_
___
__
__
__
__ _
___
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
_
___
__
__
__
__
To
tal
com
pre
hen
siv
e in
com
e fo
r th
e y
ear
12
5,6
07
,635
7
30
,82
0,2
15
4
,61
3,5
50
,387
4
,42
3,5
22
,824
1
,73
9,6
34
,639
2
,97
2,6
39
,933
1
,45
5,0
80
,330
1
0,7
19
,499
,53
9
_
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
_
___
__
__
__
__ _
___
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
_
___
__
__
__
__
BA
LA
NC
E C
AR
RIE
D F
OR
WA
RD
2
6,5
94
,44
2,0
39
2
,25
5,3
02
,232
1
3,6
73
,831
,14
0
12
,014
,432
,93
9
16
,347
,208
,79
2
10
,510
,225
,50
8
8,1
85,3
43
,189
3
6,3
25
,039
,98
3
_
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
_
___
__
__
__
__ _
___
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
_
___
__
__
__
__
_
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
_
___
__
__
__
__ _
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
_
___
__
__
__
__
UN
ITS
OU
TS
TA
ND
ING
AT
BE
GIN
NIN
G O
F Y
EA
R
N
/A
1
38
,563
,55
3
460
,52
5,5
53
3
48
,31
7,8
58
9
09
,16
9,3
99
2
82
,69
5,9
86
3
13
,90
0,0
44
9
67
,46
1,0
56
Un
its
issu
ed
N/A
9
52,0
87
,844
5
18
,57
0,3
17
2
47
,06
2,0
94
2
50
,60
8,3
87
7
0,2
39
,058
6
5,0
34
,341
4
05,1
71
,800
Un
its
red
eem
ed
N/A
( 9
44
,12
0,3
63
) (
411
,623
,104
) (
23
4,3
19
,636
) (
2
02
,58
0,2
65
) (
5
9,3
01
,456
) (
5
5,0
75
,770
) (
33
8,7
30
,812
)
__
__
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
_
___
__
__
__
__ _
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
_
___
__
__
__
__
UN
ITS
OU
TS
TA
ND
ING
AT
EN
D O
F Y
EA
R
N/A
146
,531
,03
4
567
,47
2,7
66
3
61
,06
0,3
16
9
57
,19
7,5
21
2
93
,63
3,5
88
3
23
,85
8,6
15
1
,03
3,9
02
,044
__
__
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
_
___
__
__
__
__ _
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
_
___
__
__
__
__
_
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
_
___
__
__
__
__ _
___
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
_
___
__
__
__
__
101
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
ST
AT
EM
EN
T O
F C
HA
NG
ES
IN
NE
T A
SS
ET
S A
VA
ILA
BL
E F
OR
BE
NE
FIT
S -
CO
NS
TIT
UE
NT
FU
ND
S (
conti
nued
)
Yea
r en
ded
31 M
arch
20
21
Fo
r th
e p
erio
d
fro
m 1
Ap
ril
2020
to 2
5 M
arch
20
21
(dat
e o
f
term
inat
ion
)
M
GH
C
MG
HS
M
GP
B
MG
RB
M
G1
5
MG
20
MG
25
MG
30
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
BA
LA
NC
E B
RO
UG
HT
FO
RW
AR
D
23
,712
,41
2,8
65
5
,011,4
65
,449
1
,42
4,6
15
,103
1
,39
5,1
78
,887
4
36
,27
7,4
90
5
13
,84
3,2
66
6
07
,51
9,1
84
5
67
,44
2,9
82
_
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
__
__
__
__
__
_
Pro
ceed
s o
n i
ssu
e 1
2,1
61
,37
9,4
82
6
,60
4,3
71
,563
1
,28
0,3
95
,888
1
,78
0,6
68
,194
7
96
,80
0,6
05
1
44
,95
4,7
47
2
52
,39
4,5
79
1
80
,14
9,1
28
Pay
men
ts o
n r
edem
pti
on
(
9,1
21
,02
9,3
30
) (
6,9
09
,09
5,0
83
) (1
,11
4,4
25
,259
) (
1,2
34
,66
8,8
53
) (
191
,589
,91
7)
(7
89
,959
,85
0)
(2
12
,867
,18
9)
(1
33
,709
,06
9)
__
__
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
__
__
__
__
__
_
3
,04
0,3
50
,152
(
3
04
,72
3,5
20
) 1
65
,97
0,6
29
5
45
,99
9,3
41
6
05
,21
0,6
88
(
645
,005
,10
3)
39
,527
,390
4
6,4
40
,059
_
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
__
__
__
__
__
_
To
tal
com
pre
hen
siv
e in
com
e
fo
r th
e y
ear/
per
iod
6
,01
7,1
95
,290
1
,15
6,4
92
,475
1
56
,50
3,6
15
1
11,5
36
,362
1
22
,72
8,4
20
1
31
,16
1,8
37
1
98
,73
0,9
50
2
40
,59
3,0
41
_
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
__
__
__
__
__
_
BA
LA
NC
E C
AR
RIE
D F
OR
WA
RD
3
2,7
69
,95
8,3
07
5
,86
3,2
34
,404
1
,74
7,0
89
,347
2
,05
2,7
14
,590
1
,16
4,2
16
,598
-
8
45
,77
7,5
24
8
54
,47
6,0
82
_
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
__
__
__
__
__
_
_
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
__
__
__
__
__
_
UN
ITS
OU
TS
TA
ND
ING
AT
BE
GIN
NIN
G O
F Y
EA
R/P
ER
IOD
1
,15
9,1
60
,487
3
63
,13
7,8
02
1
31
,47
1,8
57
1
31
,06
8,3
94
3
8,7
52
,326
4
3,7
45
,079
5
0,1
27
,211
4
6,3
81
,316
Un
its
issu
ed
50
6,9
80
,132
4
30
,86
4,7
01
1
06
,92
4,8
89
1
58
,80
5,1
87
5
6,7
10
,947
1
0,6
75
,210
1
6,6
90
,613
1
1,3
71
,524
Un
its
red
eem
ed
(
3
77
,94
9,5
25
) (
4
47
,28
4,0
09
) (
9
3,0
22
,417
) (
1
10,1
31
,926
) (
14
,094
,42
6)
(
54
,420
,28
9)
(
14
,093
,67
3)
(
8,4
96,1
37
)
__
__
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
__
__
__
__
__
_
UN
ITS
OU
TS
TA
ND
ING
AT
EN
D O
F Y
EA
R/P
ER
IOD
1
,28
8,1
91
,094
3
46
,71
8,4
94
1
45
,37
4,3
29
1
79
,74
1,6
55
8
1,3
68
,847
-
5
2,7
24
,151
4
9,2
56
,703
_
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
__
__
__
__
__
_
_
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
__
__
__
__
__
_
102
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
ST
AT
EM
EN
T O
F C
HA
NG
ES
IN
NE
T A
SS
ET
S A
VA
ILA
BL
E F
OR
BE
NE
FIT
S -
CO
NS
TIT
UE
NT
FU
ND
S (
conti
nued
)
Yea
r en
ded
31 M
arch
20
21
F
or
the
per
iod
fro
m
2
1 S
epte
mb
er 2
020
(d
ate
of
ince
pti
on
)
to 3
1 M
arch
20
21
M
G3
5
MG
40
MG
45
MG
AP
M
GC
A
M
GR
I
H
K$
H
K$
H
K$
H
K$
H
K$
HK
$
BA
LA
NC
E B
RO
UG
HT
FO
RW
AR
D
57
3,2
97
,935
4
55
,16
0,1
75
7
91
,16
6,2
86
2
,48
8,9
18
,462
7
,22
6,9
01
,944
-
_
___
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
_
___
__
__
__
__
Pro
ceed
s o
n i
ssu
e 1
84,6
41
,927
1
65
,27
5,4
55
3
61
,98
5,9
61
4
,73
8,7
01
,111
5
,06
1,4
63
,129
1,7
11
,088
,32
4
Pay
men
ts o
n r
edem
pti
on
(1
40
,02
2,6
64
) (
120
,484
,70
3)
( 2
57
,077
,28
0)
(3
,793
,66
8,2
47
) (
2,9
10
,16
3,1
15
) (
3
11
,770
,074
)
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
_
___
__
__
__
__
4
4,6
19
,26
3
44
,790
,752
1
04
,90
8,6
81
9
45
,03
2,8
64
2
,15
1,3
00
,014
1
,39
9,3
18
,250
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
_
___
__
__
__
__
To
tal
com
pre
hen
siv
e in
com
e
fo
r th
e y
ear/
per
iod
2
67,0
47
,486
2
24
,19
9,6
26
3
94
,59
0,6
44
2
10
,37
3,4
20
2
,33
5,1
77
,746
17
,466
,41
5
Dis
trib
uti
on
s to
unit
ho
lder
s
- -
- -
- (
9
,947
,68
6)
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
_
___
__
__
__
__
BA
LA
NC
E C
AR
RIE
D F
OR
WA
RD
8
84,9
64
,684
7
24
,15
0,5
53
1
,29
0,6
65
,611
3
,64
4,3
24
,746
1
1,7
13
,379
,70
4
1
,40
6,8
36
,979
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
_
___
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
_
___
__
__
__
__
UN
ITS
OU
TS
TA
ND
ING
AT
BE
GIN
NIN
G O
F Y
EA
R/P
ER
IOD
4
6,7
33
,86
2
37
,218
,250
6
4,4
37
,948
2
25
,70
1,1
64
6
77
,22
8,6
48
-
Un
its
issu
ed
11
,336
,43
1
10
,146
,490
2
1,8
56
,954
4
01
,87
5,3
76
3
99
,89
4,7
35
15
9,7
12
,122
Un
its
red
eem
ed
(
8,8
53,1
20
) (
7
,527
,73
9)
(
15
,837
,03
0)
(
321
,27
6,6
33
) (
2
28
,59
0,3
67
) (
28,7
59
,537
)
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
_
___
__
__
__
__
UN
ITS
OU
TS
TA
ND
ING
AT
EN
D O
F Y
EA
R/P
ER
IOD
4
9,2
17
,17
3
39
,837
,001
7
0,4
57
,872
3
06
,29
9,9
07
8
48
,53
3,0
16
13
0,9
52
,585
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
_
___
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
_
___
__
__
__
__
103
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
ST
AT
EM
EN
T O
F C
HA
NG
ES
IN
NE
T A
SS
ET
S A
VA
ILA
BL
E F
OR
BE
NE
FIT
S -
CO
NS
TIT
UE
NT
FU
ND
S
Yea
r en
ded
31 M
arch
20
20
M
GA
G
MG
CP
M
GE
E
MG
GR
M
GH
B
MG
HE
M
GIB
M
GIE
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
BA
LA
NC
E B
RO
UG
HT
FO
RW
AR
D
2
3,3
41
,90
1,0
72
10
,476
,03
6,1
71
2
,14
5,8
99
,331
1
7,1
76
,679
,17
2
2,5
45,1
65
,853
1
1,5
94
,124
,10
5
4,0
74,4
24
,934
4
,64
6,9
87
,261
_
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
_
___
__
__
__
__
_
__
__
__
__
__
__ _
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
Pro
ceed
s o
n i
ssu
e
2,5
03
,019
,470
9
,13
9,0
96
,368
1
,05
4,9
02
,061
2
,56
5,6
39
,580
2
,04
0,0
72
,524
7
,40
7,4
83
,079
2
,82
5,5
29
,585
1
,29
4,4
59
,514
Pay
men
ts o
n r
edem
pti
on
( 2
,969
,88
2,6
02
) (
7,8
53
,943
,54
1)
( 8
29,4
05
,158
) (
2,5
08
,71
4,4
07
) (
1,4
78
,76
9,4
62
) (
6,9
95
,96
4,0
40
) (
1,9
94
,85
6,8
71
) (
8
50
,43
9,3
62
)
_
___
__
__
__
__
_ _
___
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
_
__
__
__
__
__
__ _
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
(
4
66
,86
3,1
32
) 1
,28
5,1
52
,827
2
25
,49
6,9
03
5
6,9
25
,173
5
61
,30
3,0
62
4
11,5
19,0
39
8
30
,67
2,7
14
4
44
,02
0,1
52
__
__
__
__
__
__
_ _
___
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
_
__
__
__
__
__
__ _
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
To
tal
com
pre
hen
siv
e in
com
e fo
r th
e y
ear
(
2,7
78
,19
1,4
79
) 1
69
,60
7,0
16
(
16
4,9
94
,347
) (
1,5
86
,00
4,1
99
) 1
56
,14
6,9
01
(
1,5
11,6
44,2
07
) 4
9,6
62
,769
(
6
26
,44
4,3
96
)
_
___
__
__
__
__
_ _
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
_
__
__
__
__
__
__ _
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
BA
LA
NC
E C
AR
RIE
D F
OR
WA
RD
20
,096
,84
6,4
61
1
1,9
30
,796
,01
4
2,2
06,4
01
,887
1
5,6
47
,600
,14
6
3,2
62,6
15
,816
1
0,4
93
,998
,93
7
4,9
54,7
60
,417
4
,46
4,5
63
,017
_
___
__
__
__
__
_ _
___
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
_
__
__
__
__
__
__ _
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_ _
___
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
_
__
__
__
__
__
__ _
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
UN
ITS
OU
TS
TA
ND
ING
AT
BE
GIN
NIN
G O
F Y
EA
R
1,2
14
,965
,926
9
41
,91
3,0
59
2
01
,68
0,8
27
8
93
,16
8,0
07
1
76
,83
5,8
13
4
86
,98
4,4
20
2
45
,12
5,1
82
2
99
,42
6,1
51
Un
its
issu
ed
12
9,5
69
,037
8
14
,90
8,3
61
9
3,0
39
,942
1
32
,32
3,0
18
1
38
,10
7,8
68
3
23
,66
8,8
02
1
66
,42
1,4
91
8
0,6
53
,768
Un
its
red
eem
ed
(
1
55
,13
0,7
69
) (
7
00
,40
7,8
27
) (
7
4,8
48
,879
) (
1
30
,30
1,9
80
) (
1
00
,04
8,2
71
) (
3
04
,55
2,9
17
) (
1
17,8
61
,557
) (
54
,29
2,1
97
)
_
___
__
__
__
__
_ _
___
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
_
__
__
__
__
__
__ _
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
UN
ITS
OU
TS
TA
ND
ING
AT
EN
D O
F Y
EA
R
1
,18
9,4
04
,194
1
,05
6,4
13
,593
2
19
,87
1,8
90
8
95
,18
9,0
45
2
14
,89
5,4
10
5
06
,10
0,3
05
2
93
,68
5,1
16
3
25
,78
7,7
22
__
__
__
__
__
__
_ _
___
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
_
__
__
__
__
__
__ _
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_ _
___
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
_
__
__
__
__
__
__ _
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
104
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
ST
AT
EM
EN
T O
F C
HA
NG
ES
IN
NE
T A
SS
ET
S A
VA
ILA
BL
E F
OR
BE
NE
FIT
S -
CO
NS
TIT
UE
NT
FU
ND
S (
conti
nued
)
Yea
r en
ded
31 M
arch
20
20
M
GIT
M
GJE
M
GN
E
MG
PE
M
GS
T
MG
FG
M
GF
S
MG
CV
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
BA
LA
NC
E B
RO
UG
HT
FO
RW
AR
D
21
,520
,77
4,7
81
1
,77
0,1
11,0
98
5
,30
2,0
27
,239
8
,61
0,3
29
,481
1
3,1
23
,366
,47
2
7,5
83,3
39
,076
6
,33
6,8
00
,288
2
6,4
31
,770
,50
5
_
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
_
___
__
__
__
__ _
___
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__ _
___
__
__
__
__
Pro
ceed
s o
n i
ssu
e
1
6,1
36
,11
6,8
59
7
,87
3,5
50
,012
6
,06
4,9
40
,028
3
,37
9,3
32
,983
3
,88
3,0
55
,999
1
,86
7,7
53
,996
1
,47
1,7
41
,040
6,1
25
,791
,78
0
Pay
men
ts o
n r
edem
pti
on
(1
3,7
60
,33
4,6
24
) (
7,9
70
,99
9,8
55
) (3
,618
,19
6,3
67
) (
3,4
28
,26
9,2
96
) (
3,0
29
,73
7,5
54
) (
1,3
88
,07
4,7
31
) (
1,0
24
,90
2,0
09
) (6
,933
,33
1,2
34
)
__
__
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
_
___
__
__
__
__ _
___
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
_
___
__
__
__
__
2
,37
5,7
82
,235
(
9
7,4
49
,843
) 2
,44
6,7
43
,661
(
4
8,9
36
,313
) 8
53
,31
8,4
45
4
79
,67
9,2
65
4
46
,83
9,0
31
(
8
07
,53
9,4
54
)
__
__
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
_
___
__
__
__
__ _
___
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
_
___
__
__
__
__
To
tal
com
pre
hen
siv
e in
com
e fo
r th
e y
ear
111
,668
,399
(
2
09
,60
2,6
43
) (
91
8,4
54
,842
) (
1,4
77
,74
1,7
05
) (
1
70
,11
7,5
17
) (
8
95
,28
5,9
27
) (
2
89
,60
0,1
57
) (2
,474
,87
5,1
45
)
__
__
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
_
___
__
__
__
__ _
___
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
_
___
__
__
__
__
BA
LA
NC
E C
AR
RIE
D F
OR
WA
RD
2
4,0
08
,22
5,4
15
1
,46
3,0
58
,612
6
,83
0,3
16
,058
7
,08
3,6
51
,463
1
3,8
06
,567
,40
0
7,1
67,7
32
,414
6
,49
4,0
39
,162
2
3,1
49
,355
,90
6
_
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
_
___
__
__
__
__ _
___
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
_
___
__
__
__
__
_
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
_
___
__
__
__
__ _
___
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
_
___
__
__
__
__
UN
ITS
OU
TS
TA
ND
ING
AT
BE
GIN
NIN
G O
F Y
EA
R
N
/A
145
,11
6,7
19
3
21
,511,4
06
3
50
,51
3,0
46
8
54
,47
2,2
31
2
66
,69
7,1
61
2
93
,86
6,0
78
9
99
,65
9,7
49
Un
its
issu
ed
N/A
6
34
,66
2,3
65
3
55
,66
5,7
22
1
40
,20
3,8
42
2
49
,86
4,0
22
6
5,1
87
,055
6
7,2
50
,856
2
35
,22
3,6
53
Un
its
red
eem
ed
N/A
(
6
41
,21
5,5
31
) (
21
6,6
51
,575
) (
1
42
,39
9,0
30
) (
1
95
,16
6,8
54
) (
4
9,1
88
,230
) (
4
7,2
16
,890
) (
26
7,4
22
,346
)
__
__
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
_
___
__
__
__
__ _
___
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
_
___
__
__
__
__
UN
ITS
OU
TS
TA
ND
ING
AT
EN
D O
F Y
EA
R
N/A
1
38
,56
3,5
53
4
60
,52
5,5
53
3
48
,31
7,8
58
9
09
,16
9,3
99
2
82
,69
5,9
86
3
13
,90
0,0
44
9
67
,46
1,0
56
_
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
_
___
__
__
__
__ _
___
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
_
___
__
__
__
__
_
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
_
___
__
__
__
__ _
___
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
_
___
__
__
__
__
105
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
ST
AT
EM
EN
T O
F C
HA
NG
ES
IN
NE
T A
SS
ET
S A
VA
ILA
BL
E F
OR
BE
NE
FIT
S -
CO
NS
TIT
UE
NT
FU
ND
S (
conti
nued
)
Yea
r en
ded
31 M
arch
20
20
M
GH
C
MG
HS
M
GP
B
MG
RB
M
G1
5
MG
20
MG
25
MG
30
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
BA
LA
NC
E B
RO
UG
HT
FO
RW
AR
D
21
,984
,09
8,6
43
4
,71
5,0
47
,227
1
,26
6,7
50
,029
1
,22
2,2
42
,506
3
71
,57
3,9
10
5
59
,57
5,6
68
6
22
,95
0,5
61
5
80
,56
8,6
39
_
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
__
__
__
__
__
_
Pro
ceed
s o
n i
ssu
e 9
,80
6,2
22
,148
6
,99
2,0
45
,718
9
14
,30
8,6
92
8
78,8
43
,252
1
89
,58
1,3
57
1
13
,54
5,3
55
1
60
,07
6,8
78
1
43
,17
8,6
08
Pay
men
ts o
n r
edem
pti
on
(
6,2
70
,06
8,9
35
) (
5,8
07
,24
9,1
75
) (
73
3,2
62
,397
) (
70
1,7
13
,826
) (
97
,334
,83
2)
(1
27
,987
,63
9)
(1
23
,753
,39
0)
(
92
,736
,39
8)
_
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
__
__
__
__
__
_
3
,53
6,1
53
,213
1
,18
4,7
96
,543
1
81
,04
6,2
95
1
77,1
29
,426
9
2,2
46
,525
(
14
,442
,28
4)
36
,323
,488
5
0,4
42
,210
_
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
__
__
__
__
__
_
To
tal
com
pre
hen
siv
e in
com
e
fo
r th
e y
ear
(
1,8
07
,83
8,9
91
) (
8
88
,37
8,3
21
) (
2
3,1
81
,221
) (
4,1
93
,045
) (
27
,542
,94
5)
(
31
,290
,11
8)
(
51
,754
,86
5)
(
63
,567
,86
7)
_
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
__
__
__
__
__
_
BA
LA
NC
E C
AR
RIE
D F
OR
WA
RD
2
3,7
12
,41
2,8
65
5
,011,4
65
,449
1
,42
4,6
15
,103
1
,39
5,1
78
,887
4
36
,27
7,4
90
5
13
,84
3,2
66
6
07
,51
9,1
84
5
67
,44
2,9
82
_
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
__
__
__
__
__
_
_
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
__
__
__
__
__
_
UN
ITS
OU
TS
TA
ND
ING
AT
BE
GIN
NIN
G O
F Y
EA
R
1,0
00
,420
,009
2
85
,10
0,0
43
1
15
,38
6,4
68
11
4,3
83
,106
3
1,1
08
,611
4
4,9
34
,734
4
7,4
55
,690
4
2,7
91
,144
Un
its
issu
ed
44
9,4
91
,141
4
48
,111
,662
8
1,8
49
,321
82
,877
,84
0
15
,729
,890
9
,02
1,8
67
1
2,0
33
,921
1
0,4
27
,146
Un
its
red
eem
ed
(
2
90
,75
0,6
63
) (
3
70
,07
3,9
03
) (
6
5,7
63
,932
) (
6
6,1
92
,552
) (
8
,086
,17
5)
(
10
,211,5
22
) (
9
,362
,40
0)
(
6
,836
,97
4)
_
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
__
__
__
__
__
_
UN
ITS
OU
TS
TA
ND
ING
AT
EN
D O
F Y
EA
R
1,1
59
,160
,487
3
63
,13
7,8
02
1
31
,47
1,8
57
1
31,0
68
,394
3
8,7
52
,326
4
3,7
45
,079
5
0,1
27
,211
4
6,3
81
,316
_
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
__
__
__
__
__
_
_
___
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_
__
__
__
__
__
__
_
___
__
__
__
__
__
__
__
__
__
_
106
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
ST
AT
EM
EN
T O
F C
HA
NG
ES
IN
NE
T A
SS
ET
S A
VA
ILA
BL
E F
OR
BE
NE
FIT
S -
CO
NS
TIT
UE
NT
FU
ND
S (
conti
nued
)
Yea
r en
ded
31 M
arch
20
20
M
G3
5
MG
40
MG
45
MG
AP
M
GC
A
H
K$
H
K$
H
K$
H
K$
H
K$
BA
LA
NC
E B
RO
UG
HT
FO
RW
AR
D
58
9,1
69
,811
4
63
,58
0,1
58
8
25
,41
4,0
08
1
,34
6,7
32
,621
4
,81
0,3
58
,856
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
Pro
ceed
s o
n i
ssu
e 1
48,1
24
,944
1
35
,74
3,2
61
2
45
,26
3,8
71
2
,99
9,4
54
,008
4
,57
6,5
70
,534
Pay
men
ts o
n r
edem
pti
on
(
93
,07
9,7
37
) (
85
,109
,07
5)
(1
73
,653
,90
8)
(1
,903
,44
0,2
97
) (
1,7
03
,73
2,7
06
)
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
5
5,0
45
,20
7
50
,634
,186
7
1,6
09
,963
1
,09
6,0
13
,711
2
,87
2,8
37
,828
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
To
tal
com
pre
hen
siv
e in
com
e
fo
r th
e y
ear
(
70
,91
7,0
83
) (
59
,054
,16
9)
(1
05
,857
,68
5)
46
,172
,130
(
4
56
,29
4,7
40
)
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
BA
LA
NC
E C
AR
RIE
D F
OR
WA
RD
5
73,2
97
,935
4
55
,16
0,1
75
7
91
,16
6,2
86
2
,48
8,9
18
,462
7
,22
6,9
01
,944
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
_
___
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
UN
ITS
OU
TS
TA
ND
ING
AT
BE
GIN
NIN
G O
F Y
EA
R
42
,857
,57
5
33
,663
,375
5
9,5
97
,673
1
27
,00
4,5
02
4
31
,03
4,7
74
Un
its
issu
ed
10
,635
,42
4
9,7
34,6
82
1
7,4
73
,466
2
69
,72
9,2
97
3
94
,62
4,5
67
Un
its
red
eem
ed
(
6,7
59,1
37
) (
6
,179
,80
7)
(
12
,633
,19
1)
(
171
,03
2,6
35
) (
1
48
,43
0,6
93
)
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
UN
ITS
OU
TS
TA
ND
ING
AT
EN
D O
F Y
EA
R
46
,733
,86
2
37
,218
,250
6
4,4
37
,948
2
25
,70
1,1
64
6
77
,22
8,6
48
_
___
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
_
___
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_
__
__
__
__
__
__
__
__
__
__
__
__
107
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
ST
AT
EM
EN
T O
F C
AS
H F
LO
WS
- C
ON
ST
ITU
EN
T F
UN
DS
Yea
r en
ded
31 M
arch
20
21
M
GA
G
MG
CP
M
GE
E
MG
GR
M
GH
B
MG
HE
M
GIB
M
GIE
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
C
AS
H F
LO
WS
FR
OM
OP
ER
AT
ING
AC
TIV
ITIE
S
Pro
fit
for
the
yea
r 9
,511,9
11,3
64
5
5,8
72
,63
1
1,3
26,1
38
,606
5
,71
6,6
03
,619
9
,07
7,7
40
4
,45
8,0
79
,503
1
66,6
51
,204
2
,58
4,4
24
,581
A
dju
stm
ents
fo
r:
Net
chan
ge
in u
nre
alis
ed g
ain
s/lo
sses
on i
nves
tmen
ts
at
fai
r v
alue
thro
ugh
pro
fit
or
loss
(8
,639
,563
,73
3)
74
,635
,58
5
(
956
,06
7,3
90
) (
5,1
96
,18
1,1
73
) 1
42,2
86
,978
(
3,0
81
,088
,61
9)
(
1
8,2
93,9
19
) (
2,2
68
,92
6,4
31
) N
et r
eali
sed
gai
ns
on
dis
po
sal
of
in
ves
tmen
ts a
t fa
ir v
alu
e th
roug
h p
rofi
t o
r lo
ss
(
872
,347
,63
1)
(
1
30
,508
,21
6)
(
370
,07
1,2
16
) (
5
20
,42
2,4
46
) (
1
51
,36
4,7
18
) (
1,3
76
,990
,88
4)
(
148
,35
7,2
85
) (
3
15
,49
8,1
50
)
____
___
___
__
____
___
___
___
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
___
____
___
___
__
____
___
___
__
Net
cas
h f
low
s fr
om
oper
atin
g a
ctiv
itie
s
- -
- -
- -
- -
____
___
___
__
____
___
___
___
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
___
____
___
___
__
____
___
___
__
CA
SH
FL
OW
S F
RO
M I
NV
ES
TIN
G A
CT
IVIT
IES
P
urc
has
es o
f in
ves
tmen
ts a
t fa
ir v
alu
e
th
rough
pro
fit
or
loss
(2
,801
,393
,93
8)
(1
3,6
84
,954
,38
9)
(2
,537
,70
7,7
50
) (
2,5
33
,47
5,7
42
) (
3,4
87
,90
6,0
34
) (
10,6
67
,983
,90
9)
(4
,063
,47
8,4
98
) (
1,6
23
,04
8,5
18
)
Sal
es o
f in
ves
tmen
ts a
t fa
ir v
alue
thro
ugh
pro
fit
or
loss
3
,888
,25
7,7
11
12
,401
,83
9,4
69
2
,30
7,5
79
,483
2
,91
0,5
28
,001
3
,22
0,3
78
,390
1
0,2
64
,43
1,4
77
3
,48
8,2
45
,179
1
,33
4,7
60
,996
_
___
___
___
__
____
___
___
___
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
___
____
___
___
__
____
___
___
__
Net
cas
h f
low
s fr
om
/(use
d i
n)
inv
esti
ng a
ctiv
itie
s 1
,086
,86
3,7
73
(
1,2
83
,114
,920
) (
2
30
,12
8,2
67
) 3
77,0
52
,259
(
2
67
,52
7,6
44
) (
4
03
,552
,43
2)
(
575
,23
3,3
19
) (
2
88
,28
7,5
22
)
_
___
___
___
__
____
___
___
___
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
___
____
___
___
__
____
___
___
__
CA
SH
FL
OW
S F
RO
M F
INA
NC
ING
AC
TIV
ITIE
S
Su
bsc
rip
tion
s re
ceiv
ed
2,8
01
,39
3,9
38
1
3,6
84
,95
4,3
89
2
,53
7,7
07
,750
2
,53
3,4
75
,742
3
,48
7,9
06
,034
1
0,6
67
,98
3,9
09
4
,06
3,4
78
,498
1
,62
3,0
48
,518
Red
emp
tion
pai
d
(3,8
88
,257
,711
) (
12,4
01
,839
,46
9)
(2
,307
,57
9,4
83
) (
2,9
10
,52
8,0
01
) (
3,2
20
,37
8,3
90
) (
10,2
64
,431
,47
7)
(3
,488
,24
5,1
79
) (
1,3
34
,76
0,9
96
)
____
___
___
__
____
___
___
___
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
___
____
___
___
__
____
___
___
__
Net
cas
h f
low
s (u
sed
in
)/fr
om
fin
anci
ng a
ctiv
itie
s (1
,086
,863
,77
3)
1,2
83,1
14
,92
0
23
0,1
28
,267
(
3
77
,05
2,2
59
) 2
67,5
27
,644
4
03,5
52
,432
5
75,2
33
,319
2
88,2
87
,522
_
___
___
___
__
____
___
___
___
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
___
____
___
___
__
____
___
___
__
NE
T C
HA
NG
E I
N C
AS
H A
ND
CA
SH
EQ
UIV
AL
EN
TS
- -
- -
- -
- -
Cas
h a
nd
cas
h e
qu
ival
ents
at
beg
innin
g o
f yea
r
- -
- -
- -
- -
____
___
___
__
____
___
___
___
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
___
____
___
___
__
____
___
___
__
CA
SH
AN
D C
AS
H E
QU
IVA
LE
NT
S A
T E
ND
OF
YE
AR
- -
- -
- -
- -
____
___
___
__
____
___
___
___
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
___
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
___
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
___
____
___
___
__
____
___
___
__
108
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
ST
AT
EM
EN
T O
F C
AS
H F
LO
WS
- C
ON
ST
ITU
EN
T F
UN
DS
(co
nti
nued
)
Yea
r en
ded
31 M
arch
20
21
MG
IT
MG
JE
MG
NE
M
GP
E
MG
ST
M
GF
G
MG
FS
M
GC
V
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
CA
SH
FL
OW
S F
RO
M O
PE
RA
TIN
G A
CT
IVIT
IES
Pro
fit
for
the
yea
r 1
25
,60
7,6
35
7
30,8
20
,215
4
,61
3,5
50
,387
4
,42
3,5
22
,824
1
,73
9,6
34
,639
2
,97
2,6
39
,933
1
,45
5,0
80
,330
1
0,7
19
,49
9,5
39
A
dju
stm
ents
fo
r:
Net
chan
ge
in u
nre
alis
ed g
ain
s/lo
sses
on i
nves
tmen
ts
at
fai
r v
alue
thro
ugh
pro
fit
or
loss
-
(
30
9,4
02
,918
) (
3,2
89,7
59
,000
) (
3,4
19
,09
9,2
86
) (
1,3
58
,47
1,1
36
) (
2,6
19
,79
6,3
12
) (
1,2
73
,75
9,0
05
) (
8,1
35,2
21
,639
) N
et r
eali
sed
gai
ns
on
dis
po
sal
of
in
ves
tmen
ts a
t fa
ir v
alu
e th
roug
h p
rofi
t o
r lo
ss
-
( 42
1,4
17
,297
) (
1,3
23,7
91
,387
) (
1,0
04
,42
3,5
38
) (
3
81
,16
3,5
03
) (
3
52
,84
3,6
21
) (
1
81
,32
1,3
25
) (
2,5
84,2
77
,900
)
Inte
rest
in
com
e (
12
5,6
07
,635
)
-
-
-
-
-
-
-
____
___
___
___
____
___
___
___
____
___
___
___
____
___
___
___
____
___
___
__
____
___
___
___
____
___
___
___
____
___
___
___
Net
cas
h f
low
s fr
om
oper
atin
g a
ctiv
itie
s -
- -
- -
- -
-
_
___
___
___
___
____
___
___
___
____
___
___
___
____
___
___
___
____
___
___
__
____
___
___
___
____
___
___
___
____
___
___
___
CA
SH
FL
OW
S F
RO
M I
NV
ES
TIN
G A
CT
IVIT
IES
Pu
rchas
es o
f in
ves
tmen
ts a
t fa
ir v
alu
e
th
rough
pro
fit
or
loss
(2
2,3
30,9
72
,742
) (
12,3
35
,289
,27
2)
(1
0,8
08
,784
,96
5)
(7
,197
,07
7,6
83
) (
4,1
74
,65
2,9
25
) (
2,2
55
,41
5,3
79
) (
1,5
57
,39
8,8
02
) (
13,3
58
,384
,38
5)
Sal
es o
f in
ves
tmen
ts a
t fa
ir v
alue
thro
ugh
pro
fit
or
loss
1
9,8
11,7
20,1
27
1
2,3
26
,75
1,4
56
8
,58
6,1
79
,988
6
,73
4,5
75
,566
3
,37
4,0
51
,534
1
,89
2,9
27
,227
1
,32
5,3
29
,419
1
0,8
89
,67
0,8
66
Inte
rest
rec
eiv
ed
125
,60
7,6
35
-
-
-
-
-
-
-
_
___
___
___
___
____
___
___
___
____
___
___
___
____
___
___
___
____
___
___
__
____
___
___
___
____
___
___
___
____
___
___
___
Net
cas
h f
low
s u
sed
in
inv
esti
ng a
ctiv
itie
s (
2,3
93,6
44
,980
) (
8
,537
,81
6)
( 2
,22
2,6
04
,977
) (
4
62
,50
2,1
17
) (
8
00
,60
1,3
91
) (
3
62
,48
8,1
52
) (
2
32
,06
9,3
83
) (
2,4
68
,713
,51
9)
_
___
___
___
___
____
___
___
___
____
___
___
___
____
___
___
___
____
___
___
__
____
___
___
___
____
___
___
___
____
___
___
___
CA
SH
FL
OW
S F
RO
M F
INA
NC
ING
AC
TIV
ITIE
S
Su
bsc
rip
tion
s re
ceiv
ed
22,2
05
,365
,10
7
12
,335
,28
9,2
72
1
0,8
08
,78
4,9
65
7
,19
7,0
77
,683
4
,17
4,6
52
,925
2
,25
5,4
15
,379
1
,55
7,3
98
,802
1
3,3
58
,38
4,3
85
R
edem
pti
on
pai
d
(19
,811
,72
0,1
27
) (
12,3
26
,751
,45
6)
(
8,5
86
,179
,98
8)
(6
,734
,57
5,5
66
) (
3,3
74
,05
1,5
34
) (
1,8
92
,92
7,2
27
) (
1,3
25
,32
9,4
19
) (
10,8
89
,670
,86
6)
_
___
___
___
___
____
___
___
___
____
___
___
___
____
___
___
___
____
___
___
__
____
___
___
___
____
___
___
___
____
___
___
___
Net
cas
h f
low
s fr
om
fin
anci
ng
act
ivit
ies
2,3
93
,64
4,9
80
8
,53
7,8
16
2
,22
2,6
04
,977
4
62,5
02
,11
7
80
0,6
01
,391
3
62,4
88
,152
2
32,0
69
,383
2
,46
8,7
13
,519
_
___
___
___
___
____
___
___
___
____
___
___
___
____
___
___
___
____
___
___
__
____
___
___
___
____
___
___
___
____
___
___
___
NE
T C
HA
NG
E I
N C
AS
H A
ND
CA
SH
EQ
UIV
AL
EN
TS
-
- -
- -
- -
-
Cas
h a
nd
cas
h e
qu
ival
ents
at
beg
innin
g o
f yea
r -
- -
- -
- -
-
_
___
___
___
___
____
___
___
___
____
___
___
___
____
___
___
___
____
___
___
__
____
___
___
___
____
___
___
___
____
___
___
___
CA
SH
AN
D C
AS
H E
QU
IVA
LE
NT
S
A
T E
ND
OF
YE
AR
-
- -
- -
- -
-
_
___
___
___
___
____
___
___
___
____
___
___
___
____
___
___
___
____
___
___
__
____
___
___
___
____
___
___
___
____
___
___
___
____
___
___
___
____
___
___
___
____
___
___
___
____
___
___
___
____
___
___
__
____
___
___
___
____
___
___
___
____
___
___
___
109
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
ST
AT
EM
EN
T O
F C
AS
H F
LO
WS
- C
ON
ST
ITU
EN
T F
UN
DS
(co
nti
nued
)
Yea
r en
ded
31 M
arch
20
21
Fo
r th
e per
iod
fro
m 1
Ap
ril
2020
to 2
5 M
arch
20
21
(d
ate
of
term
inat
ion
)
M
GH
C
MG
HS
M
GP
B
MG
RB
M
G15
MG
20
MG
25
MG
30
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
CA
SH
FL
OW
S F
RO
M O
PE
RA
TIN
G A
CT
IVIT
IES
P
rofi
t fo
r th
e y
ear/
per
iod
6
,017
,19
5,2
90
1
,15
6,4
92
,475
1
56,5
03
,615
1
11,5
36
,362
1
22,7
28
,420
1
31,1
61
,837
1
98,7
30
,950
2
40,5
93
,041
Ad
just
men
ts f
or:
Net
chan
ge
in u
nre
alis
ed g
ain
s/lo
sses
on i
nves
tmen
ts
at
fai
r v
alue
thro
ugh
pro
fit
or
loss
( 4
,73
4,7
92
,881
) (
1,0
37
,48
4,6
22
) (
8
2,9
02,5
65
) (
5
4,2
87,5
37
) (
105
,62
1,1
70
) (
2
,87
6,2
93
) (
164
,93
7,4
22
) (
216
,66
9,6
89
)
Net
rea
lise
d g
ain
s on
dis
po
sal
of
in
ves
tmen
ts a
t fa
ir v
alu
e th
roug
h p
rofi
t o
r lo
ss
(
1,2
82,4
02
,409
) (
1
19
,007
,85
3)
(
7
3,6
01,0
50
) (
5
7,2
48,8
25
) (
17
,10
7,2
50
) (
128
,28
5,5
44
) (
33
,79
3,5
28
) (
23
,92
3,3
52
)
_
___
___
___
___
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
_
____
___
___
_
____
___
___
__
____
___
___
__
Net
cas
h f
low
s fr
om
oper
atin
g a
ctiv
itie
s
- -
-
-
-
-
-
-
____
___
___
___
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
_
____
___
___
_
____
___
___
__
____
___
___
__
CA
SH
FL
OW
S F
RO
M I
NV
ES
TIN
G A
CT
IVIT
IES
Pu
rchas
es o
f in
ves
tmen
ts a
t fa
ir v
alu
e th
rou
gh
pro
fit
or
loss
(12
,17
8,9
92
,354
) (
6,6
14
,12
6,2
98
) (
1,2
83
,87
6,8
49
) (
1,7
84
,72
5,3
92
) (
795
,70
6,9
81
) (
145
,28
7,9
72
) (
252
,35
6,6
99
) (
179
,44
0,9
98
)
Sal
es o
f in
ves
tmen
ts a
t fa
ir v
alue
thro
ugh
pro
fit
or
loss
9,1
50
,05
6,3
15
6
,911
,497
,23
1
1,1
20,5
98
,525
1
,21
9,5
77
,458
1
89,9
42
,652
7
90,9
34
,543
2
13,5
70
,726
1
33,5
92
,647
____
___
___
___
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
_
____
___
___
_
____
___
___
__
____
___
___
__
Net
cas
h f
low
s (u
sed
in
)/fr
om
inv
esti
ng a
ctiv
itie
s
( 3
,02
8,9
36
,039
) 2
97,3
70
,933
(
1
63
,27
8,3
24
) (
5
65
,14
7,9
34
) (
605
,76
4,3
29
) 6
45,6
46
,571
(
38
,78
5,9
73
) (
45
,84
8,3
51
)
_
___
___
___
___
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
_
____
___
___
_
____
___
___
__
____
___
___
__
CA
SH
FL
OW
S F
RO
M F
INA
NC
ING
AC
TIV
ITIE
S
Su
bsc
rip
tion
s re
ceiv
ed
1
2,1
78
,992
,35
4
6,6
14,1
26
,298
1
,28
3,8
76
,849
1
,78
4,7
25
,392
7
95,7
06
,981
1
45,2
87
,972
2
52,3
56
,699
1
79,4
40
,998
Red
emp
tion
pai
d
(
9,1
50,0
56
,315
) (
6,9
11,4
97
,23
1)
(1
,120
,59
8,5
25
) (
1,2
19
,57
7,4
58
) (
189
,94
2,6
52
) (
790
,93
4,5
43
) (
213
,57
0,7
26
) (
133
,59
2,6
47
)
_
___
___
___
___
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
_
____
___
___
_
____
___
___
__
____
___
___
__
Net
cas
h f
low
s fr
om
/(use
d i
n)
finan
cin
g a
ctiv
itie
s
3,0
28
,93
6,0
39
(
2
97
,37
0,9
33
) 1
63,2
78
,324
5
65,1
47
,934
6
05,7
64
,329
(
645
,64
6,5
71
) 3
8,7
85
,97
3
45
,848
,35
1
_
___
___
___
___
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
_
____
___
___
_
____
___
___
__
____
___
___
__
NE
T C
HA
NG
E I
N C
AS
H A
ND
CA
SH
EQ
UIV
AL
EN
TS
- -
-
-
-
-
-
-
C
ash
and
cas
h e
qu
ival
ents
at
beg
innin
g o
f yea
r/per
iod
-
-
-
-
-
-
-
-
_
___
___
___
___
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
_
____
___
___
_
____
___
___
__
____
___
___
__
CA
SH
AN
D C
AS
H E
QU
IVA
LE
NT
S
A
T E
ND
OF
YE
AR
/PE
RIO
D
-
-
-
-
-
-
-
-
_
___
___
___
___
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
_
____
___
___
_
____
___
___
__
____
___
___
__
____
___
___
___
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
_
____
___
___
_
____
___
___
__
____
___
___
__
110
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
ST
AT
EM
EN
T O
F C
AS
H F
LO
WS
- C
ON
ST
ITU
EN
T F
UN
DS
(co
nti
nued
)
Yea
r en
ded
31 M
arch
20
21
F
or
the
per
iod f
rom
21 S
epte
mber
2020
(d
ate
of
ince
pti
on
)
to 3
1 M
arch
20
21
MG
35
MG
40
MG
45
MG
AP
M
GC
A
MG
RI
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
CA
SH
FL
OW
S F
RO
M O
PE
RA
TIN
G A
CT
IVIT
IES
Pro
fit
for
the
yea
r/per
iod
267
,04
7,4
86
2
24,1
99
,626
3
94,5
90
,644
2
10,3
73
,420
2
,33
5,1
77
,746
1
7,4
66
,41
5
Ad
just
men
ts f
or:
N
et c
han
ge
in u
nre
alis
ed g
ain
s/lo
sses
on i
nves
tmen
ts
at
fai
r v
alue
thro
ugh
pro
fit
or
loss
(2
42
,043
,59
4)
(2
02
,22
0,0
93
) (
348
,14
4,6
71
) (
5
6,7
15,3
28
) (
2,0
40
,91
0,9
47
) 7
32,7
27
Net
rea
lise
d g
ain
s on
dis
po
sal
of
in
ves
tmen
ts a
t fa
ir v
alu
e th
roug
h p
rofi
t o
r lo
ss
( 2
5,0
03
,89
2)
(
21
,97
9,5
33
) (
46
,44
5,9
73
) (
1
53
,65
8,0
92
) (
2
94
,26
6,7
99
) (
8,2
51
,456
)
____
___
___
__
____
___
___
__
____
___
___
_
____
___
___
__
____
___
___
___
____
___
___
___
Net
cas
h f
low
s fr
om
oper
atin
g a
ctiv
itie
s -
-
-
-
-
9,9
47
,686
____
___
___
__
____
___
___
__
____
___
___
_
____
___
___
__
____
___
___
___
____
___
___
___
CA
SH
FL
OW
S F
RO
M I
NV
ES
TIN
G A
CT
IVIT
IES
Pu
rchas
es o
f in
ves
tmen
ts a
t fa
ir v
alu
e
th
rough
pro
fit
or
loss
(1
84
,335
,30
1)
(1
64
,911
,30
0)
(3
61
,61
0,7
52
) (
4,7
57
,77
7,7
69
) (
5,0
70
,18
3,4
06
) (
1,7
00
,43
8,2
71
)
Sal
es o
f in
ves
tmen
ts a
t fa
ir v
alue
thro
ugh
pro
fit
or
loss
1
39
,52
0,2
39
1
21,3
19
,571
2
56,7
17
,213
3
,79
6,6
19
,185
2
,911
,541
,32
7
30
8,4
15
,213
____
___
___
__
____
___
___
__
____
___
___
_
____
___
___
__
____
___
___
___
____
___
___
___
Net
cas
h f
low
s u
sed
in i
nv
esti
ng a
ctiv
itie
s (4
4,8
15,0
62
) (
43
,59
1,7
29
) (
104
,89
3,5
39
) (
9
61
,15
8,5
84
) (
2,1
58
,64
2,0
79
) (
1,3
92
,02
3,0
58
)
____
___
___
__
____
___
___
__
____
___
___
_
____
___
___
__
____
___
___
___
____
___
___
___
CA
SH
FL
OW
S F
RO
M F
INA
NC
ING
AC
TIV
ITIE
S
Su
bsc
rip
tion
s re
ceiv
ed
184
,33
5,3
01
1
64,9
11,3
00
36
1,6
10
,752
4
,75
7,7
77
,769
5
,07
0,1
83
,406
1
,70
0,4
38
,271
Red
emp
tion
pai
d
(139
,520
,23
9)
(1
21
,31
9,5
71
) (
256
,71
7,2
13
) (
3,7
96
,61
9,1
85
) (
2,9
11,5
41
,32
7)
(
308
,41
5,2
13
)
Dis
trib
uti
on
pai
d
- -
- -
- (
9
,947
,68
6)
____
___
___
__
____
___
___
__
____
___
___
_
____
___
___
__
____
___
___
___
____
___
___
___
Net
cas
h f
low
s fr
om
fin
anci
ng
act
ivit
ies
44,8
15
,062
4
3,5
91
,72
9
10
4,8
93
,539
9
61,1
58
,584
2
,15
8,6
42
,079
1,3
82
,075
,37
2
____
___
___
__
____
___
___
__
____
___
___
_
____
___
___
__
____
___
___
___
____
___
___
___
NE
T C
HA
NG
E I
N C
AS
H A
ND
CA
SH
EQ
UIV
AL
EN
TS
-
-
-
-
-
-
Cas
h a
nd
cas
h e
qu
ival
ents
at
beg
innin
g o
f yea
r/per
iod
- -
-
-
-
-
____
___
___
__
____
___
___
__
____
___
___
_
____
___
___
__
____
___
___
___
____
___
___
___
CA
SH
AN
D C
AS
H E
QU
IVA
LE
NT
S
A
T E
ND
OF
YE
AR
/PE
RIO
D
- -
-
-
-
-
____
___
___
__
____
___
___
__
____
___
___
_
____
___
___
__
____
___
___
___
____
___
___
___
____
___
___
__
____
___
___
__
____
___
___
_
____
___
___
__
____
___
___
___
____
___
___
___
111
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
ST
AT
EM
EN
T O
F C
AS
H F
LO
WS
- C
ON
ST
ITU
EN
T F
UN
DS
Yea
r en
ded
31 M
arch
20
20
M
GA
G
MG
CP
M
GE
E
MG
GR
M
GH
B
MG
HE
M
GIB
M
GIE
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
H
K$
C
AS
H F
LO
WS
FR
OM
OP
ER
AT
ING
AC
TIV
ITIE
S
(Lo
ss)/
pro
fit
for
the
yea
r (2
,778
,191
,47
9)
16
9,6
07
,016
(
1
64
,99
4,3
47
) (
1,5
86
,00
4,1
99
) 1
56,1
46
,901
(
1,5
11,6
44
,20
7)
49
,662
,76
9
(
626
,44
4,3
96
) A
dju
stm
ents
fo
r:
Net
chan
ge
in u
nre
alis
ed g
ain
s/lo
sses
on i
nves
tmen
ts
at
fai
r v
alue
thro
ugh
pro
fit
or
loss
3
,153
,66
2,7
04
(
7
4,4
07
,456
) 2
04,5
11,3
61
1,8
17,2
14
,029
(
7
8,7
81,9
23
) 1
,56
1,1
11,2
78
(
1
4,6
45,7
21
) 7
45,3
01
,165
Net
rea
lise
d g
ain
s on
dis
po
sal
of
in
ves
tmen
ts a
t fa
ir v
alu
e th
roug
h p
rofi
t o
r lo
ss
(
375
,471
,22
5)
(
9
5,1
99
,560
) (
3
9,5
17,0
14
) (
2
31
,20
9,8
30
) (
7
7,3
64,9
78
) (
4
9,4
67,0
71
) (
3
5,0
17,0
48
) (
1
18
,856
,76
9)
____
___
___
__
____
___
___
___
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
__
Net
cas
h f
low
s fr
om
oper
atin
g a
ctiv
itie
s
- -
- -
- -
- -
____
___
___
__
____
___
___
___
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
__
CA
SH
FL
OW
S F
RO
M I
NV
ES
TIN
G A
CT
IVIT
IES
P
urc
has
es o
f in
ves
tmen
ts a
t fa
ir v
alu
e
th
rough
pro
fit
or
loss
(2
,511,8
36
,925
) (
9,0
44
,37
6,3
57
) (
1,0
54
,54
9,2
72
) (
2,5
61
,31
3,1
93
) (
2,0
31
,60
5,4
87
) (
7,3
96
,08
6,8
81
) (
2,8
16
,74
7,4
74
) (
1,2
92
,20
1,5
00
)
Sal
es o
f in
ves
tmen
ts a
t fa
ir v
alue
thro
ugh
pro
fit
or
loss
2
,956
,48
2,4
74
7
,81
3,0
76
,540
8
21,9
80
,348
2
,55
4,4
14
,993
1
,46
3,5
15
,566
6
,98
0,4
93
,089
1
,97
3,6
76
,544
8
45,2
42
,022
____
___
___
__
____
___
___
___
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
__
Net
cas
h f
low
s fr
om
/(use
d i
n)
inv
esti
ng a
ctiv
itie
s 4
44
,64
5,5
49
(
1,2
31
,29
9,8
17
) (
2
32
,56
8,9
24
) (
6,8
98,2
00
) (
5
68
,08
9,9
21
) (
415
,59
3,7
92
) (
8
43
,07
0,9
30
) (
4
46
,95
9,4
78
)
_
___
___
___
__
____
___
___
___
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
__
CA
SH
FL
OW
S F
RO
M F
INA
NC
ING
AC
TIV
ITIE
S
Su
bsc
rip
tion
s re
ceiv
ed
2,5
11,8
36
,925
9
,04
4,3
76
,357
1
,05
4,5
49
,272
2
,56
1,3
13
,193
2
,03
1,6
05
,487
7
,39
6,0
86
,881
2
,81
6,7
47
,474
1
,29
2,2
01
,500
Red
emp
tion
pai
d
(2,9
56
,482
,47
4)
(7
,813
,07
6,5
40
) (
8
21
,98
0,3
48
) (
2,5
54
,41
4,9
93
) (
1,4
63
,51
5,5
66
) (
6,9
80
,49
3,0
89
) (
1,9
73
,67
6,5
44
) (
8
45
,24
2,0
22
)
_
___
___
___
__
____
___
___
___
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
__
Net
cas
h f
low
s (u
sed
in
)/fr
om
fin
anci
ng a
ctiv
itie
s (
444
,645
,54
9)
1,2
31,2
99
,817
2
32,5
68
,924
6
,89
8,2
00
5
68,0
89
,921
4
15,5
93
,792
8
43,0
70
,930
4
46,9
59
,478
____
___
___
__
____
___
___
___
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
__
NE
T C
HA
NG
E I
N C
AS
H A
ND
CA
SH
EQ
UIV
AL
EN
TS
- -
- -
- -
- -
Cas
h a
nd
cas
h e
qu
ival
ents
at
beg
innin
g o
f yea
r
- -
- -
- -
- -
____
___
___
__
____
___
___
___
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
__
CA
SH
AN
D C
AS
H E
QU
IVA
LE
NT
S A
T E
ND
OF
YE
AR
- -
- -
- -
- -
____
___
___
__
____
___
___
___
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
___
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
__
112
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
ST
AT
EM
EN
T O
F C
AS
H F
LO
WS
- C
ON
ST
ITU
EN
T F
UN
DS
(co
nti
nued
)
Yea
r en
ded
31 M
arch
20
20
MG
IT
MG
JE
MG
NE
M
GP
E
MG
ST
M
GF
G
MG
FS
M
GC
V
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
CA
SH
FL
OW
S F
RO
M O
PE
RA
TIN
G A
CT
IVIT
IES
Pro
fit/
(lo
ss)
for
the
yea
r 111
,66
8,3
99
(
2
09
,60
2,6
43
) (
9
18
,45
4,8
42
) (
1,4
77
,74
1,7
05
) (
1
70
,117
,51
7)
(
895
,28
5,9
27
) (
2
89
,60
0,1
57
) (
2,4
74
,87
5,1
45
) A
dju
stm
ents
fo
r:
Net
chan
ge
in u
nre
alis
ed g
ain
s/lo
sses
on i
nves
tmen
ts
at
fai
r v
alue
thro
ugh
pro
fit
or
loss
-
214
,568
,01
2
1,0
57,1
69
,678
1
,61
9,8
41
,540
3
92,2
11,2
41
1,0
53,7
20
,187
3
56,2
74
,467
3
,25
4,7
40
,176
Net
rea
lise
d g
ain
s on
dis
po
sal
of
in
ves
tmen
ts a
t fa
ir v
alu
e th
roug
h p
rofi
t o
r lo
ss
-
(
4,9
65
,369
) (
1
38
,71
4,8
36
) (
1
42
,09
9,8
35
) (
2
22
,09
3,7
24
) (
1
58
,43
4,2
60
) (
6
6,6
74,3
10
) (
7
79
,86
5,0
31
)
Inte
rest
in
com
e (
111,6
68
,399
) -
-
-
-
-
-
-
_
___
___
___
___
____
___
___
__
____
___
___
__
____
___
___
___
____
___
___
__
____
___
___
___
____
___
___
___
____
___
___
___
Net
cas
h f
low
s fr
om
oper
atin
g a
ctiv
itie
s -
- -
- -
- -
-
_
___
___
___
___
____
___
___
__
____
___
___
__
____
___
___
___
____
___
___
__
____
___
___
___
____
___
___
___
____
___
___
___
CA
SH
FL
OW
S F
RO
M I
NV
ES
TIN
G A
CT
IVIT
IES
Pu
rchas
es o
f in
ves
tmen
ts a
t fa
ir v
alu
e
th
rough
pro
fit
or
loss
(1
6,0
07,1
10,0
51
) (
8,0
16
,52
2,3
08
) (
6,0
33
,73
5,5
09
) (
3,3
06
,33
3,0
14
) (
3,8
68
,52
7,1
88
) (
1,8
66
,69
2,7
75
) (
1,4
70
,47
4,9
61
) (
6,1
07
,38
3,2
72
)
Sal
es o
f in
ves
tmen
ts a
t fa
ir v
alue
thro
ugh
pro
fit
or
loss
1
3,7
05
,773
,83
5
7,9
73,7
63
,234
3
,56
2,2
65
,144
3
,41
0,5
93
,645
3
,01
8,1
00
,646
1
,37
6,7
79
,450
1
,01
8,0
54
,657
6
,91
2,5
31
,926
Inte
rest
rec
eiv
ed
111
,66
8,3
99
-
-
-
-
-
-
-
____
___
___
___
____
___
___
__
____
___
___
__
____
___
___
___
____
___
___
__
____
___
___
___
____
___
___
___
____
___
___
___
Net
cas
h f
low
s (u
sed
in
)/fr
om
inv
esti
ng a
ctiv
itie
s (
2,1
89,6
67
,817
) (
4
2,7
59,0
74
) (
2,4
71
,47
0,3
65
) 1
04,2
60
,631
(
8
50
,42
6,5
42
) (
4
89
,91
3,3
25
) (
4
52
,42
0,3
04
) 8
05,1
48
,654
____
___
___
___
____
___
___
__
____
___
___
__
____
___
___
___
____
___
___
__
____
___
___
___
____
___
___
___
____
___
___
___
CA
SH
FL
OW
S F
RO
M F
INA
NC
ING
AC
TIV
ITIE
S
Su
bsc
rip
tion
s re
ceiv
ed
15,8
95
,441
,65
2
8,0
16,5
22
,308
6
,03
3,7
35
,509
3
,30
6,3
33
,014
3
,86
8,5
27
,188
1
,86
6,6
92
,775
1
,47
0,4
74
,961
6
,10
7,3
83
,272
Red
emp
tion
pai
d
(13
,70
5,7
73
,835
) (
7,9
73
,76
3,2
34
) (
3,5
62
,26
5,1
44
) (
3,4
10
,59
3,6
45
) (
3,0
18
,10
0,6
46
) (
1,3
76
,77
9,4
50
) (
1,0
18
,05
4,6
57
) (
6,9
12
,53
1,9
26
)
_
___
___
___
___
____
___
___
__
____
___
___
__
____
___
___
___
____
___
___
__
____
___
___
___
____
___
___
___
____
___
___
___
Net
cas
h f
low
s fr
om
/(use
d i
n)
finan
cin
g a
ctiv
itie
s 2
,189
,66
7,8
17
4
2,7
59
,07
4
2,4
71,4
70
,365
(
1
04
,26
0,6
31
) 8
50,4
26
,542
4
89,9
13
,325
4
52,4
20
,304
(
8
05
,14
8,6
54
)
_
___
___
___
___
____
___
___
__
____
___
___
__
____
___
___
___
____
___
___
__
____
___
___
___
____
___
___
___
____
___
___
___
NE
T C
HA
NG
E I
N C
AS
H A
ND
CA
SH
EQ
UIV
AL
EN
TS
-
- -
- -
- -
-
Cas
h a
nd
cas
h e
qu
ival
ents
at
beg
innin
g o
f yea
r -
- -
- -
- -
-
_
___
___
___
___
____
___
___
__
____
___
___
__
____
___
___
___
____
___
___
__
____
___
___
___
____
___
___
___
____
___
___
___
CA
SH
AN
D C
AS
H E
QU
IVA
LE
NT
S
A
T E
ND
OF
YE
AR
-
- -
- -
- -
-
_
___
___
___
___
____
___
___
__
____
___
___
__
____
___
___
___
____
___
___
__
____
___
___
___
____
___
___
___
____
___
___
___
____
___
___
___
____
___
___
__
____
___
___
__
____
___
___
___
____
___
___
__
____
___
___
___
____
___
___
___
____
___
___
___
113
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
ST
AT
EM
EN
T O
F C
AS
H F
LO
WS
- C
ON
ST
ITU
EN
T F
UN
DS
(co
nti
nued
)
Yea
r en
ded
31 M
arch
20
20
M
GH
C
MG
HS
M
GP
B
MG
RB
M
G15
MG
20
MG
25
MG
30
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
HK
$
CA
SH
FL
OW
S F
RO
M O
PE
RA
TIN
G A
CT
IVIT
IES
Lo
ss f
or
the
yea
r
(1,8
07
,838
,99
1)
(
888
,37
8,3
21
) (
23
,18
1,2
21
) (
4
,19
3,0
45
) (
27
,54
2,9
45
) (
31
,29
0,1
18
) (
51
,75
4,8
65
) (
63
,56
7,8
67
)
Ad
just
men
ts f
or:
Net
chan
ge
in u
nre
alis
ed g
ain
s/lo
sses
on i
nves
tmen
ts
at
fai
r v
alue
thro
ugh
pro
fit
or
loss
2,3
67
,43
4,3
63
9
00,7
52
,908
4
6,8
97
,40
0
20
,620
,67
8
31
,141
,42
4
39
,478
,38
6
60
,818
,72
4
70
,449
,02
0
Net
rea
lise
d g
ain
s on
dis
po
sal
of
in
ves
tmen
ts a
t fa
ir v
alu
e th
roug
h p
rofi
t o
r lo
ss
(
559
,595
,37
2)
(
1
2,3
74,5
87
) (
23
,71
6,1
79
) (
16
,42
7,6
33
) (
3
,59
8,4
79
) (
8
,18
8,2
68
) (
9
,06
3,8
59
) (
6
,88
1,1
53
)
____
___
___
__
____
___
___
__
____
___
___
_
____
___
___
__
____
___
___
_
____
___
___
_
____
___
___
__
____
___
___
__
Net
cas
h f
low
s fr
om
oper
atin
g a
ctiv
itie
s
- -
-
-
-
-
-
-
____
___
___
__
____
___
___
__
____
___
___
_
____
___
___
__
____
___
___
_
____
___
___
_
____
___
___
__
____
___
___
__
CA
SH
FL
OW
S F
RO
M I
NV
ES
TIN
G A
CT
IVIT
IES
Pu
rchas
es o
f in
ves
tmen
ts a
t fa
ir v
alu
e th
rou
gh
pro
fit
or
loss
(9,7
87
,976
,46
5)
(6
,988
,55
1,7
24
) (
910
,20
2,5
03
) (
873
,80
0,0
02
) (
188
,82
4,9
44
) (
113
,261
,06
9)
(1
60
,83
1,6
15
) (
143
,10
2,2
71
)
Sal
es o
f in
ves
tmen
ts a
t fa
ir v
alue
thro
ugh
pro
fit
or
loss
6,2
22
,45
2,2
55
5
,79
9,4
79
,250
7
28,4
60
,123
6
96,9
37
,858
9
7,6
15
,06
9
12
7,5
80
,532
1
22,7
18
,512
9
2,3
32
,56
5
_
___
___
___
__
____
___
___
__
____
___
___
_
____
___
___
__
____
___
___
_
____
___
___
_
____
___
___
__
____
___
___
__
Net
cas
h f
low
s (u
sed
in
)/fr
om
inv
esti
ng a
ctiv
itie
s
(3,5
65
,524
,21
0)
(1
,189
,07
2,4
74
) (
181
,74
2,3
80
) (
176
,86
2,1
44
) (
91
,20
9,8
75
) 1
4,3
19
,46
3
(
38
,113
,10
3)
(
50
,76
9,7
06
)
____
___
___
__
____
___
___
__
____
___
___
_
____
___
___
__
____
___
___
_
____
___
___
_
____
___
___
__
____
___
___
__
CA
SH
FL
OW
S F
RO
M F
INA
NC
ING
AC
TIV
ITIE
S
Su
bsc
rip
tion
s re
ceiv
ed
9
,787
,97
6,4
65
6
,98
8,5
51
,724
9
10,2
02
,503
8
73,8
00
,002
1
88,8
24
,944
1
13
,261
,06
9
16
0,8
31
,615
1
43,1
02
,271
Red
emp
tion
pai
d
(6
,222
,452
,25
5)
(5
,799
,47
9,2
50
) (
728
,46
0,1
23
) (
696
,93
7,8
58
) (
97
,61
5,0
69
) (
127
,58
0,5
32
) (
122
,71
8,5
12
) (
92
,33
2,5
65
)
____
___
___
__
____
___
___
__
____
___
___
_
____
___
___
__
____
___
___
_
____
___
___
_
____
___
___
__
____
___
___
__
Net
cas
h f
low
s fr
om
/(use
d i
n)
finan
cin
g a
ctiv
itie
s
3,5
65
,52
4,2
10
1
,18
9,0
72
,474
1
81,7
42
,380
1
76,8
62
,144
9
1,2
09
,87
5
(
14
,31
9,4
63
) 3
8,1
13,1
03
5
0,7
69
,70
6
_
___
___
___
__
____
___
___
__
____
___
___
_
____
___
___
__
____
___
___
_
____
___
___
_
____
___
___
__
____
___
___
__
NE
T C
HA
NG
E I
N C
AS
H A
ND
CA
SH
EQ
UIV
AL
EN
TS
- -
-
-
-
-
-
-
Cas
h a
nd
cas
h e
qu
ival
ents
at
beg
innin
g o
f yea
r
- -
-
-
-
-
-
-
____
___
___
__
____
___
___
__
____
___
___
_
____
___
___
__
____
___
___
_
____
___
___
_
____
___
___
__
____
___
___
__
CA
SH
AN
D C
AS
H E
QU
IVA
LE
NT
S
A
T E
ND
OF
YE
AR
- -
-
-
-
-
-
-
____
___
___
__
____
___
___
__
____
___
___
_
____
___
___
__
____
___
___
_
____
___
___
_
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
__
____
___
___
_
____
___
___
__
____
___
___
_
____
___
___
_
____
___
___
__
____
___
___
__
114
MA
NU
LIF
E G
LO
BA
L S
EL
EC
T (
MP
F)
SC
HE
ME
ST
AT
EM
EN
T O
F C
AS
H F
LO
WS
- C
ON
ST
ITU
EN
T F
UN
DS
(co
nti
nued
)
Yea
r en
ded
31 M
arch
20
20
MG
35
MG
40
MG
45
MG
AP
M
GC
A
HK
$
HK
$
HK
$
HK
$
HK
$
CA
SH
FL
OW
S F
RO
M O
PE
RA
TIN
G A
CT
IVIT
IES
(Lo
ss)/
pro
fit
for
the
yea
r (
70
,917
,08
3)
(
59
,05
4,1
69
) (
105
,85
7,6
85
) 4
6,1
72
,13
0
(
456
,29
4,7
40
)
Ad
just
men
ts f
or:
Net
chan
ge
in u
nre
alis
ed g
ain
s/lo
sses
on i
nves
tmen
ts
at
fai
r v
alue
thro
ugh
pro
fit
or
loss
7
8,7
57
,685
6
5,9
55
,14
7
117
,525
,69
1
24
,855
,12
7
51
8,5
41
,206
Net
rea
lise
d g
ain
s on
dis
po
sal
of
in
ves
tmen
ts a
t fa
ir v
alu
e th
roug
h p
rofi
t o
r lo
ss
(
7,8
40
,60
2)
(
6
,90
0,9
78
) (
11
,668
,00
6)
(
71
,027
,25
7)
(
6
2,2
46,4
66
)
_
___
___
___
__
____
___
___
__
____
___
___
_
____
___
___
__
____
___
___
___
Net
cas
h f
low
s fr
om
oper
atin
g a
ctiv
itie
s -
-
-
-
-
____
___
___
__
____
___
___
__
____
___
___
_
____
___
___
__
____
___
___
___
CA
SH
FL
OW
S F
RO
M I
NV
ES
TIN
G A
CT
IVIT
IES
Pu
rchas
es o
f in
ves
tmen
ts a
t fa
ir v
alu
e
th
rough
pro
fit
or
loss
(1
48
,659
,40
4)
(1
35
,47
6,1
91
) (
244
,76
9,1
48
) (
2,9
77
,35
5,0
70
) (
4,5
65
,62
4,1
75
) S
ales
of
inves
tmen
ts a
t fa
ir v
alue
thro
ugh
pro
fit
or
loss
9
2,5
37
,999
8
4,1
49
,29
1
17
2,4
88
,158
1
,89
4,3
35
,025
1
,68
7,3
56
,512
____
___
___
__
____
___
___
__
____
___
___
_
____
___
___
__
____
___
___
___
Net
cas
h f
low
s u
sed
in i
nv
esti
ng a
ctiv
itie
s (
56
,121
,40
5)
(
51
,32
6,9
00
) (
72
,28
0,9
90
) (
1,0
83
,02
0,0
45
) (
2,8
78
,26
7,6
63
)
_
___
___
___
__
____
___
___
__
____
___
___
_
____
___
___
__
____
___
___
___
CA
SH
FL
OW
S F
RO
M F
INA
NC
ING
AC
TIV
ITIE
S
Su
bsc
rip
tion
s re
ceiv
ed
148
,65
9,4
04
1
35,4
76
,191
2
44,7
69
,148
2
,97
7,3
55
,070
4
,56
5,6
24
,175
Red
emp
tion
pai
d
( 9
2,5
37
,99
9)
(
84
,14
9,2
91
) (
172
,48
8,1
58
) (
1,8
94
,33
5,0
25
) (
1,6
87
,35
6,5
12
)
_
___
___
___
__
____
___
___
__
____
___
___
_
____
___
___
__
____
___
___
___
Net
cas
h f
low
s fr
om
fin
anci
ng
act
ivit
ies
56,1
21
,405
5
1,3
26
,90
0
72
,280
,99
0
1,0
83,0
20
,045
2
,87
8,2
67
,663
____
___
___
__
____
___
___
__
____
___
___
_
____
___
___
__
____
___
___
___
NE
T C
HA
NG
E I
N C
AS
H A
ND
CA
SH
EQ
UIV
AL
EN
TS
-
-
-
-
-
Cas
h a
nd
cas
h e
qu
ival
ents
at
beg
innin
g o
f yea
r -
-
-
-
-
____
___
___
__
____
___
___
__
____
___
___
_
____
___
___
__
____
___
___
___
CA
SH
AN
D C
AS
H E
QU
IVA
LE
NT
S
A
T E
ND
OF
YE
AR
-
-
-
-
-
____
___
___
__
____
___
___
__
____
___
___
_
____
___
___
__
____
___
___
___
_
___
___
___
__
____
___
___
__
____
___
___
_
____
___
___
__
____
___
___
___
115
MANULIFE GLOBAL SELECT (MPF) SCHEME
NOTES TO FINANCIAL STATEMENTS
31 March 2021
1. THE SCHEME
The Manulife Global Select (MPF) Scheme (the "Scheme") is established and governed by its trust
deed dated 29 April 2000 (the "Trust Deed"), with the latest consolidated Trust Deed dated 14
September 2020, as amended. The Scheme is approved by the Mandatory Provident Fund Schemes
Authority (the "MPFA") as a master trust scheme under the requirements of the Mandatory Provident
Fund Schemes Ordinance (the "MPFSO") and the Mandatory Provident Fund Schemes (General)
Regulation (the "General Regulation").
At 31 March 2021, the Scheme offers twenty-nine constituent funds. Each constituent fund has been
structured as a feeder fund, the assets of which are invested directly in a corresponding approved
pooled investment fund ("APIF").
Pursuant to the MPF Scheme Brochure, with the approval of the MPFA and the Securities and Futures
Commission (the "regulators"), upon reaching its maturity date, the Manulife MPF 2020 Retirement
Fund (the "2020 Retirement Fund") was closed with member's accumulation being invested into the
Manulife MPF Smart Retirement Fund. The Trustee obtained the approval-in-principle on the
application for termination and cancellation of approved status of the 2020 Retirement Fund from the
regulators on 10 September 2020. The 2020 Retirement Fund then matured and was terminated on 4
January 2021 as planned. The regulators provided the final approval on the termination of the 2020
Retirement Fund on 25 March 2021. The approval status of the 2020 Retirement Fund was also
cancelled on the same date.
2.1 BASIS OF PREPARATION
These financial statements have been prepared in accordance with Hong Kong Financial Reporting
Standards ("HKFRSs") (which include all Hong Kong Financial Reporting Standards, Hong Kong
Accounting Standards ("HKASs") and Interpretations) issued by the Hong Kong Institute of Certified
Public Accountants (the "HKICPA"), accounting principles generally accepted in Hong Kong and the
General Regulation. They have been prepared under the historical cost convention, except for the
remeasurement of investments at fair value through profit or loss as further explained below. These
financial statements are presented in Hong Kong Dollars.
As a result of the termination of Manulife MPF 2020 Retirement Fund ("MG20") as disclosed in note
1 to the financial statements, the financial statements of the MG20 for the year ended 31 March 2020
were prepared on a liquidation basis and the financial statements for the current period from 1 April
2020 to 25 March 2021 (date of termination) have continued to be prepared on a liquidation basis. All
assets and liabilities of the MG20 were transferred to another CF offered by the Scheme on 5 January
2021, no assets nor liabilities were held by the MG20 at the date of termination. No expenses
associated with the termination of MG20 are provided as they will be borne by the trustee.
116
MANULIFE GLOBAL SELECT (MPF) SCHEME
NOTES TO FINANCIAL STATEMENTS
31 March 2021
2.2 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES
The Scheme has adopted the Conceptual Framework for Financial Reporting 2018 and the following
revised HKFRSs for the first time in the current year's financial statements, which are applicable to
the Scheme.
Amendments to HKFRS 3 Definition of a Business
Amendments to HKFRS 9, Interest Rate Benchmark Reform
HKAS 39 and HKFRS 7
Amendments to HKAS 1 Definition of Material
and HKAS 8
The nature and the impact of the Conceptual Framework for Financial Reporting 2018 and the revised
HKFRSs are described below:
Conceptual Framework for Financial Reporting 2018 (the “Conceptual Framework”)
The Conceptual Framework sets out a comprehensive set of concepts for financial reporting and
standard setting, and provides guidance for preparers of financial statements in developing consistent
accounting policies and assistance to all parties to understand and interpret the standards. The
Conceptual Framework is not a standard, and none of the concepts contained therein override the
concepts or requirements in any standard. The Conceptual Framework did not have any significant
impact on the financial position and performance of the Scheme.
Amendments to HKFRS 3 Definition of a Business
Amendments to HKFRS 3 clarify and provide additional guidance on the definition of a business. The
amendments clarify that for an integrated set of activities and assets to be considered a business, it
must include, at a minimum, an input and a substantive process that together significantly contribute
to the ability to create output. A business can exist without including all of the inputs and processes
needed to create outputs. The amendments remove the assessment of whether market participants are
capable of acquiring the business and continuing to produce outputs. Instead, the focus is on whether
acquired inputs and acquired substantive processes together significantly contribute to the ability to
create outputs. The amendments have also narrowed the definition of outputs to focus on goods or
services provided to customers, investment income or other income from ordinary activities.
Furthermore, the amendments provide guidance to assess whether an acquired process is substantive
and introduce an optional fair value concentration test to permit a simplified assessment of whether
an acquired set of activities and assets is not a business. The Scheme has applied the amendments
prospectively to transactions or other events that occurred on or after 1 January 2020. The amendments
did not have any impact on the financial position and performance of the Scheme.
Amendments to HKFRS 9, HKAS 39 and HKFRS 7 Interest Rate Benchmark Reform
Amendments to HKFRS 9, HKAS 39 and HKFRS 7 address the effects of interbank offered rate
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. 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 did not have any impact on the financial position and performance of the Scheme as the
Scheme does not have any interest rate hedge relationships.
117
MANULIFE GLOBAL SELECT (MPF) SCHEME
NOTES TO FINANCIAL STATEMENTS
31 March 2021
2.2 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES (continued)
Amendments to HKAS 1 and HKAS 8 Definition of Material
Amendments to HKAS 1 and HKAS 8 provide a new definition of material. 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. The amendments did not have any impact on the financial position and
performance of the Scheme.
2.3 ISSUED BUT NOT YET EFFECTIVE HONG KONG FINANCIAL REPORTING STANDARDS
The Scheme has not applied the following new and revised HKFRSs, that have been issued but are
not yet effective for the accounting year ended 31 March 2021 in these financial statements. Among
these HKFRSs, the following are expected to be relevant to the Scheme's financial statements upon
becoming effective:
Amendments to HKFRS 3 Reference to the Conceptual Framework2
Amendments to HKFRS 9, Interest Rate Benchmark Reform - Phase 21
HKAS 39, HKFRS 7,
HKFRS 4 and HKFRS 16
Amendments to HKAS 1 Classification of Liabilities as Current or Non-current3, 4
Annual Improvements to Amendments to HKFRS 1, HKFRS 9, Illustrative
HKFRSs 2018-2020 Examples accompanying HKFRS 16, and HKAS 412
1 Effective for annual periods beginning on or after 1 January 2021 2 Effective for annual periods beginning on or after 1 January 2022 3 Effective for annual periods beginning on or after 1 January 2023 4 As a consequence of the amendments to HKAS 1, Hong Kong Interpretation 5 Presentation of
Financial Statements - Classification by the Borrower of a Term Loan that Contains a Repayment
on Demand Clause was revised in October 2020 to align the corresponding wording with no
change in conclusion
Amendments to HKFRS 3 Business Combinations - Reference to the Conceptual Framework
The amendments are intended to replace a reference to the previous Framework for the Preparation
and Presentation of Financial Statements with a reference to the Conceptual Framework for Financial
Reporting issued in June 2018 without significantly changing its requirements. The amendments also
added to an exception to the recognition principle of HKFRS 3 to avoid the issue of potential ‘day 2’
gains or losses arising for liabilities and contingent liabilities that would be within the scope of HKAS
37 or HK(IFRIC)-Int 21 Levies, if incurred separately. In addition, the amendments clarify existing
guidance in HKFRS 3 for contingent assets that would not be affected by replacing the reference to
the Framework for the Preparation and Presentation of Financial Statements. The amendments are
effective for annual reporting periods beginning on or after 1 January 2022 and apply prospectively.
The amendments are not expected to have any impact on the financial position or performance of the
Scheme upon adoption.
118
MANULIFE GLOBAL SELECT (MPF) SCHEME
NOTES TO FINANCIAL STATEMENTS
31 March 2021
2.3 ISSUED BUT NOT YET EFFECTIVE HONG KONG FINANCIAL REPORTING STANDARDS
(continued)
Amendments to HKFRS 9, HKAS 39, HKFRS 7, HKFRS 4 and HKFRS 16 - Interest Rate Benchmark
Reform – Phase 2
The amendments address issues not dealt with in the previous amendments that might affect financial
reporting when an entity replaces the old interest rate benchmark with an alternative benchmark rate
as a result of the interest rate benchmark reform. The Phase 2 amendments provide a practical
expedient to allow the effective interest rate to be updated to reflect the changes to the alternative
benchmark rate without adjusting the carrying amount when accounting for changes to contractual
cash flows of financial assets and liabilities. In addition, an entity will not have to discontinue its hedge
accounting solely because it makes changes required by the interest rate benchmark reform, if the
hedge meets other hedge accounting criteria. Furthermore, the amendments require an entity to
disclose additional information to enable users of financial statements to understand the effect of
interest rate benchmark reform on an entity’s financial instruments and risk management strategy. The
amendments are effective for annual periods beginning on or after 1 January 2021 and shall be applied
retrospectively, but entities are not required to restate the comparative information.
Amendments to HKAS 1 Classification of Liabilities as Current or Non-current
The amendments clarify the requirements for classifying liabilities as current or non-current. The
amendments specify that if an entity’s right to defer settlement of a liability is subject to the entity
complying with specified conditions, the entity has a right to defer settlement of the liability at the end
of the reporting period if it complies with those conditions at that date. Classification of a liability is
unaffected by the likelihood that the entity will exercise its right to defer settlement of the liability.
The amendments also clarify the situations that are considered a settlement of a liability. The
amendments are effective for annual periods beginning on or after 1 January 2023 and shall be applied
retrospectively. Earlier application is permitted. The amendments are not expected to have any
significant impact on the Scheme's financial statements.
Annual Improvements to HKFRS 2018-2020 - Amendments to HKFRS 1, HKFRS 9, Illustrative
examples accompanying HKFRS 16, and HKAS 41
The Scheme expects to adopt the amendments from 1 January 2022. None of the amendments are
expected to have a significant financial impact on the Scheme. Details of the amendments are as
follows:
• HKFRS 9 Financial Instruments clarifies the fees that an entity includes when assessing
whether the terms of a new or modified financial liability are substantially different from the
terms of the original financial liability. These fees include only those paid or received between
the borrower and the lender, including fees paid or received by either the borrower or lender
on the other’s behalf. An entity applies the amendment to financial liabilities that are modified
or exchanged on or after the beginning of the annual reporting period in which the entity first
applies the amendment.
119
MANULIFE GLOBAL SELECT (MPF) SCHEME
NOTES TO FINANCIAL STATEMENTS
31 March 2021
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Other than as adjusted for the adoption of the liquidation basis in the preparation of the financial
statements of MG20, as disclosed in note 2.1 to the financial statements, the significant accounting
policies applied in the preparation of these financial statements of the Scheme and its underlying
constituent funds are set out below.
Revenue recognition Revenue from Contracts with Customers Revenue from contracts with customers is recognised when control of goods or services is transferred to the customers at an amount that reflects the consideration to which the Scheme expects to be entitled in exchange for those goods or services. When the consideration in a contract includes a variable amount, the amount of consideration is estimated to which the Scheme will be entitled in exchange for transferring the goods or services to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognised will not occur when the associated uncertainty with the variable consideration is subsequently resolved.
When the contract contains a financing component, which provides the customer a significant benefit of financing the transfer of goods or services to the customer for more than one year, revenue is measured at the present value of the amount receivable, discounted using the discount rate that would be reflected in a separate financing transaction between the Scheme and the customer at contract inception. When the contract contains a financing component, which provides the Scheme a significant financial benefit for more than one year, revenue recognised under the contract includes the interest expense accreted on the contract liability under the effective interest method. For a contract where the period between the payment by the customer and the transfer of the promised goods or services is one year or less, the transaction price is not adjusted for the effects of a significant financing component, using the practical expedient in HKFRS 15. There is no revenue from contracts with customers recognised during the year. Other income Interest income is recognised on an accrual basis using the effective interest method by applying the rate that exactly discounts the estimated future cash receipts over the expected life of the financial instrument or a shorter period, when appropriate, to the net carrying amount of the financial asset. 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 in which they arise.
Expenses
All expenses are accounted for on an accrual basis.
Contributions
Contributions are accounted for on an accrual basis.
Benefits
Benefits are accounted for on an accrual basis.
120
MANULIFE GLOBAL SELECT (MPF) SCHEME
NOTES TO FINANCIAL STATEMENTS
31 March 2021
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Cash and cash equivalents
For the purpose of the statement of cash flows, cash and cash equivalents comprise cash on hand and
demand deposits, and short term highly liquid investments that are readily convertible into known
amounts of cash, are subject to an insignificant risk of changes in value, and have a short maturity of
generally within three months when acquired, less bank overdrafts, which are repayable on demand
and form an integral part of the Scheme's or its underlying constituent funds' cash management.
For the purpose of the statement of net assets available for benefits, cash and cash equivalents
comprise cash at bank, including term deposits, which are not restricted as to use.
Financial assets
Trade receivables that do not contain a significant financial component or for which the Scheme has
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 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 Scheme commits to purchase or sell the assets.
(a) Classification and measurement
Debt instruments that do not meet the criteria for amortised cost or as financial assets at fair value
through other comprehensive income are measured at fair value through profit or loss. Interest
income for these financial assets is included in finance income.
Equity investments are measured at fair value through profit or loss unless, on initial recognition,
the Scheme has irrevocably elected to designate the 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 Scheme's right to receive payment is
established. Changes in the fair value of such investments are recognised in other comprehensive
income and are never transferred to profit or loss even when the assets are sold.
(b) Impairment
The Scheme applies the expected credit loss model to all the financial assets that are subject to
impairment, financial guarantee contracts or contract assets under HKFRS 15. For trade
receivables and contract assets, without a significant financial component, if any, the Scheme
applies the simplified approach, which requires impairment allowances to be measured for
lifetime expected credit losses.
121
MANULIFE GLOBAL SELECT (MPF) SCHEME
NOTES TO FINANCIAL STATEMENTS
31 March 2021
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Financial assets (continued)
(b) Impairment (continued)
For other financial assets, impairment allowances are recognised under the general approach
where expected credit losses are recognised in two stages. For credit exposures where there has
not been a significant increase in credit risk since initial recognition, the Scheme is 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.
The Scheme considers a default has occurred when a financial asset is more than 90 days past
due unless the Scheme has reasonable and supportable information to demonstrate that a more
appropriate default criterion should be applied.
(c) Derecognition
Financial assets are derecognised when the rights to receive cash flows from the assets have
expired; or where the Scheme has transferred its contractual rights to receive the cash flows of the
financial assets and has transferred substantially all the risks and rewards of ownership; or where
control is not retained.
Financial liabilities
Financial liabilities include bank and other borrowings, trade payables, accruals and other monetary
liabilities. 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.
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the statement of
net assets available for benefits if there is currently an enforceable legal right to offset the recognised
amounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities
simultaneously.
Fair value measurement
The Scheme and its underlying constituent funds measure their equity investments at fair value at the
end of each reporting period. 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 by the Fund. 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.
122
MANULIFE GLOBAL SELECT (MPF) SCHEME
NOTES TO FINANCIAL STATEMENTS
31 March 2021
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Fair value measurement (continued)
The Scheme and its underlying constituent funds use valuation techniques that are appropriate in the
circumstances and for which sufficient data is available to measure fair value, maximising the use of
relevant observable inputs and minimising the use of unobservable inputs.
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 – based on quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2 – based on valuation techniques for which the lowest level input that is significant to the fair
value measurement is observable, either directly or indirectly
Level 3 – based on valuation techniques for which the lowest level input that is significant to the fair
value measurement is unobservable
For assets and liabilities that are recognised in the financial statements on a recurring basis, the
Scheme and its underlying constituent funds determine whether transfers have occurred between
levels in the hierarchy by reassessing categorisation (based on the lowest level input that is significant
to the fair value measurement as a whole) at the end of each reporting period.
Proceeds and payments on issue and redemption of units
The net asset values of the constituent funds are computed on each business day. Prices for issues and
redemptions on each business day are based on the closing valuation of that business day, except for
Manulife MPF Interest Fund ("MGIT"), the valuation of which is performed on a monthly basis on
the last calendar day of each month. For MGIT, no price is issued as it is a non-unitised fund.
Proceeds and payments for units issued and redeemed are shown as movement in the statement of
changes in net assets available for benefits of the respective constituent funds.
123
MANULIFE GLOBAL SELECT (MPF) SCHEME
NOTES TO FINANCIAL STATEMENTS
31 March 2021
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Related parties
A party is considered to be related to the Scheme and its underlying constituent 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 Scheme and its underlying constituent funds;
(ii) has significant influence over the Scheme and its underlying constituent funds; or
(iii) is a member of the key management personnel of the Trustee;
or
(b) the party is an entity where any of the following conditions applies:
(i) the entity and the Scheme and its underlying constituent 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 Trustee 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
Trustee or an entity related to the Trustee;
(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, or any member of a group of which it is a part, provides key management
personnel services to the Trustee.
124
MANULIFE GLOBAL SELECT (MPF) SCHEME
NOTES TO FINANCIAL STATEMENTS
31 March 2021
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Associates
For the purpose of these financial statements, an associate of the Scheme and its underlying constituent
funds include each of the following:
(a) an officer, who may be an individual or a corporate entity, of the Scheme and its underlying
constituent funds;
(b) a close relative, partner or employee of an officer of the Scheme and its underlying constituent
funds;
(c) an associated company of the Scheme and its underlying constituent funds;
(d) an officer of an associated company; and
(e) a close relative, partner or employee of an officer of an associated company.
4. CONTRIBUTIONS
Mandatory contributions for both the employers and members are equal to 5% of the members'
relevant income up to HK$30,000 per month but in respect of members earning less than HK$7,100
per month, the members' mandatory contribution is nil.
Self-employed persons must contribute 5% of their relevant income subject to a maximum
contribution of HK$1,500 per month to the Scheme unless their relevant income is less than HK$7,100
per month or HK$85,200 per year.
Any contributions made to the Scheme by the employers or members in excess of their mandatory
contributions are considered and recorded as additional voluntary contributions.
5. BENEFITS
Members will become entitled to benefits in respect of mandatory contributions to the Scheme under
the requirements of the MPFSO. Currently, these circumstances include where the member (i) reaches
the age of 65; (ii) permanently ceases employment after reaching the age of 60; (iii) retires on the
ground of total incapacity; (iv) has a terminal illness; (v) permanently departs from Hong Kong; (vi)
dies or (vii) has the right to claim a small balance pursuant to the MPFSO.
Members will become entitled to benefits in respect of voluntary contributions to the Scheme in
circumstances set out in the Trust Deed and the relevant participation agreement.
125
MANULIFE GLOBAL SELECT (MPF) SCHEME
NOTES TO FINANCIAL STATEMENTS
31 March 2021
6. INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS
The Scheme 2021 2020
HK$ HK$
Investments in quoted investments - constituent funds
MGAG 28,524,052,580 20,096,846,461
MGCP 13,176,883,623 11,930,796,014
MGEE 3,767,887,419 2,206,401,887
MGGR 20,984,850,721 15,647,600,146
MGHB 3,519,357,490 3,262,615,816
MGHE 15,357,677,351 10,493,998,937
MGIB 5,702,852,247 4,954,760,417
MGIE 7,341,443,568 4,464,563,017
MGIT 26,594,442,039 24,008,225,415
MGJE 2,255,302,232 1,463,058,612
MGNE 13,673,831,140 6,830,316,058
MGPE 12,014,432,939 7,083,651,463
MGST 16,347,208,792 13,806,567,400
MGFG 10,510,225,508 7,167,732,414
MGFS 8,185,343,189 6,494,039,162
MGCV 36,325,039,983 23,149,355,906
MGHC 32,769,958,307 23,712,412,865
MGHS 5,863,234,404 5,011,465,449
MGPB 1,747,089,347 1,424,615,103
MGRB 2,052,714,590 1,395,178,887
MG15 1,164,216,598 436,277,490
MG20 Note 1 - 513,843,266
MG25 845,777,524 607,519,184
MG30 854,476,082 567,442,982
MG35 884,964,684 573,297,935
MG40 724,150,553 455,160,175
MG45 1,290,665,611 791,166,286
MGAP 3,644,324,746 2,488,918,462
MGCA 11,713,379,704 7,226,901,944
MGRI 1,406,836,979 - ______________ ______________
Investments at fair value 289,242,619,950 208,264,729,153 ______________ ______________ ______________ ______________
Investments at cost 241,765,405,902 210,425,097,188 ______________ ______________ ______________ ______________
Note 1: MG20 had no investments and operations since 5 January 2021 and terminated on 25 March 2021.
126
MANULIFE GLOBAL SELECT (MPF) SCHEME
NOTES TO FINANCIAL STATEMENTS
31 March 2021
7. CASH AND CASH EQUIVALENTS
2021 2020
HK$ HK$
Cash and bank balances 840,988,588 699,898,295
Time deposit 3,140,000 2,970,000 __________ __________
844,128,588 702,868,295 ___________ ___________ ___________ ___________
Cash at bank earns interest at floating rates based on daily bank deposit rates. Short term time deposits
are made for periods of one month, and earn interest at the short term time deposit rate. The carrying
amounts of the cash and cash equivalents approximate their fair values.
8. BANK LOANS, OVERDRAFTS AND OTHER BORROWINGS
The Scheme and its underlying constituent funds had no bank loans, overdrafts and other borrowings
at 31 March 2021 (2020: Nil).
9. INCOME TAX
The Scheme and its underlying constituent funds are not subject to Hong Kong Profits tax as they are
not considered to be carrying on a business in Hong Kong. Reconciliations of the tax expense/credit
applicable to income/loss for the year using the statutory rate to tax expense/credit at the effective tax
rate have not been presented as the income/loss of the Scheme and its underlying constituent funds
are not subject to tax.
10. ACCRUED BENEFITS
The total accrued benefits vested in the members' accounts amounted to HK$288,376,244,115 at 31
March 2021 (2020: HK$207,632,274,341).
127
MANULIFE GLOBAL SELECT (MPF) SCHEME
NOTES TO FINANCIAL STATEMENTS
31 March 2021
11. TRANSACTIONS WITH ASSOCIATES AND RELATED PARTY TRANSACTIONS
(a) Transactions with associates and related parties
The assets of the constituent funds of the Scheme are invested directly in sub-funds of
corresponding approved pooled investment funds ("APIFs").
During the year, the constituent funds had the following transactions with the APIFs:
2021 2020
HK$ HK$
Investments in APIFs 150,743,756,375 102,935,443,504
Redemption of investments in APIFs 132,074,437,604 84,660,611,827 ______________ _____________ ______________ _____________
The purchase cost and redemption price of investments in an APIF are determined based on
the net asset value of the APIFs at the time of purchase and redemption. All such transactions
were entered into in the ordinary course of business and on normal commercial terms. The
transaction fees of each subscription/redemption/transfer transacted between the constituent
funds and the APIFs are charged to the APIFs. Rebalancing transactions among Manulife
MPF funds are not counted as transactions and do not incur any transaction fee.
Manulife Investment Management (Hong Kong) Limited is the investment manager of
underlying investments under the Scheme. Depending on the investment strategies of any
new constituent funds established on or after 5 January 2006, assets of the relevant constituent
fund may be invested in an APIF for which annual performance fees may be levied.
In respect of the China Value Fund, an annual performance fee may be levied at the underlying
APIF depending on the net asset value of the underlying APIF.
Except for the above, there was no transaction entered into with the investment manager,
associates of the investment manager or its delegates, administrators, trustee, custodian and/or
any associates, during the year (2020: Nil).
(b) Outstanding balances with related parties
The Scheme and its underlying constituent funds had amounts receivable/payable on
sale/purchase of investments and other receivables at the end of the reporting period. The
balances are unsecured, interest-free and normally settled within one week. Their carrying
amounts approximate their fair values.
(c) Compensation of key management personnel of the Scheme and its underlying constituent
funds
No key management personnel received any compensation in respect of their services
rendered to the Scheme and its underlying constituent funds during the year (2020: Nil).
128
MANULIFE GLOBAL SELECT (MPF) SCHEME
NOTES TO FINANCIAL STATEMENTS
31 March 2021
12. SOFT COMMISSION ARRANGEMENTS
No soft commission has been arranged by the Scheme or its underlying constituent funds during the
year (2020: Nil).
13. SECURITY LENDING ARRANGEMENTS
During the year, the Scheme and its underlying constituent funds did not enter into any security
lending arrangements (2020: Nil).
14. NEGOTIABILITY OF ASSETS
At 31 March 2021, there was no statutory or contractual requirement restricting the negotiability of
the assets of the Scheme and its constituent funds (2020: Nil).
15. COMMITMENTS
The Scheme and its underlying constituent funds had no commitments at 31 March 2021 (2020: Nil).
16. CONTINGENT LIABILITIES
The Scheme and its underlying constituent funds had no contingent liabilities at 31 March 2021 (2020:
Nil).
17. MARKETING EXPENSES
There were no advertising expenses, promotional expenses, commissions or brokerage fees payable
to the MPF intermediaries of the Scheme deducted from the constituent funds during the year (2020:
Nil).
18. DISTRIBUTION
The Manulife MPF Retirement Income Fund (the "MGRI") aims to distribute dividends on a monthly
basis. The distribution of dividends commenced in January 2021. The amount of dividend per unit of
the Retirement Income Fund is determined with reference to the recommendation of the investment
manager of the underlying first level APIF.
The distributions made by the MGRI for the period from 21 September 2020 (date of inception) to 31
March 2021 were as follows:
129
MANULIFE GLOBAL SELECT (MPF) SCHEME
NOTES TO FINANCIAL STATEMENTS
31 March 2021
18. DISTRIBUTION (continued)
Unit HK$/Unit HK$
Distribution for January 2021 72,952,188.576 0.033 2,407,422
(paid on 22 January 2021)
Distribution for February 2021 104,151,173.558 0.033 3,436,989
(paid on 23 February 2021)
Distribution for March 2021 124,341,675.295 0.033 4,103,275
(paid on 24 March 2021) ___________ 9,947,686 ___________ ___________
19. FINANCIAL INSTRUMENTS BY CATEGORY
The carrying amounts of each of the categories of financial instruments at the end of the reporting
period are as follows:
2021
Financial assets
Financial assets at Financial
fair value through assets at
profit or loss amortised cost Total
HK$ HK$ HK$
Investments at fair value through
profit or loss 289,242,619,950 - 289,242,619,950
Contribution receivables from employers - 544,263,891 544,263,891
Contribution receivables from employees - 285,511,703 285,511,703
Amounts receivable on sale of investments - 806,106,836 806,106,836
Financial assets included in other receivables - 57,098,473 57,098,473
Cash and cash equivalents - 844,128,588 844,128,588 ______________ ____________ ______________
289,242,619,950 2,537,109,491 291,779,729,441 ______________ ____________ ______________ ______________ ____________ ______________
Financial liabilities
Financial
liabilities at
amortised cost
HK$
Benefits payable 176,874,534
Amounts payable on purchase of investments 667,755,338
Financial liabilities included in other payables 351,373,885 ____________
1,196,003,757 ____________ ____________
130
MANULIFE GLOBAL SELECT (MPF) SCHEME
NOTES TO FINANCIAL STATEMENTS
31 March 2021
19. FINANCIAL INSTRUMENTS BY CATEGORY (continued)
2020
Financial assets
Financial assets at Financial
fair value through assets at
profit or loss amortised cost Total
HK$ HK$ HK$
Investments at fair value through
profit or loss 208,264,729,153 - 208,264,729,153
Contribution receivables from employers - 596,619,767 596,619,767
Contribution receivables from employees - 361,007,160 361,007,160
Amounts receivable on sale of investments - 878,406,601 878,406,601
Financial assets included in other receivables - 40,000,404 40,000,404
Cash and cash equivalents - 702,868,295 702,868,295 ______________ ____________ ______________
208,264,729,153 2,578,902,227 210,843,631,380 ______________ ____________ ______________ ______________ ____________ ______________
Financial liabilities
Financial
liabilities at
amortised cost
HK$
Benefits payable 135,312,866
Amounts payable on purchase of investments 815,694,236
Financial liabilities included in other payables 252,540,408 ____________
1,203,547,510 ____________ ____________
131
MANULIFE GLOBAL SELECT (MPF) SCHEME
NOTES TO FINANCIAL STATEMENTS
31 March 2021
20. FAIR VALUE HIERARCHY
The Scheme uses the following hierarchy for determining and disclosing the fair values of financial
instruments:
Management has assessed that the fair values of financial receivables and payables, cash and cash
equivalents, and other payables approximate to their carrying amounts largely due to the short term
maturities of these instruments.
The following tables illustrate the fair value measurement hierarchy of the Scheme's financial
instruments:
Assets measured at recurring fair value
At 31 March 2021:
Fair value measurement using
Quoted prices Significant Significant
in active observable unobservable
Markets Inputs Inputs
(Level 1) (Level 2) (Level 3) Total
HK$'000 HK$'000 HK$'000 HK$'000
Investments at fair value through profit or loss:
APIFs 289,242,620 - - 289,242,620
289,242,620 - - 289,242,620
At 31 March 2020:
Fair value measurement using
Quoted prices Significant Significant
in active observable unobservable
Markets Inputs Inputs
(Level 1) (Level 2) (Level 3) Total
HK$'000 HK$'000 HK$'000 HK$'000
Investments at fair value through profit or loss:
APIFs 208,264,729 - - 208,264,729
208,264,729 - - 208,264,729
During the year, there were no transfers of fair value measurements between Level 1 and Level 2 and
no transfers into or out of Level 3 (2020: Nil).
132
MANULIFE GLOBAL SELECT (MPF) SCHEME
NOTES TO FINANCIAL STATEMENTS
31 March 2021
21. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Scheme's principal financial instruments comprise investments at fair value through profit or loss
and cash and cash equivalents. The main risks arising from the Scheme's financial instruments are
price risk, foreign currency risk, interest rate risk, credit risk and liquidity risk. The policies for
managing each of these risks are summarised below.
Price risk
Price risk is the risk that the fair values of equity securities decrease as a result of changes in the levels
of equity indices and the value of individual securities. The Scheme and its underlying constituent
funds are exposed to price risk arising from investments in underlying APIFs classified as trading
equity investments at the end of the reporting period. Each constituent fund of the Scheme is managed
in accordance with separate and distinct investment policies reflecting the different risk profiles of the
investments and there is no concentration of price risk for each constituent fund of the Scheme. The
positions held by the Scheme and its underlying constituent funds at the end of the reporting period
are disclosed in the investment portfolios.
At 31 March 2021 and 2020, it is estimated that had the equity indices increased by 5%, with all other
variables held constant, net assets attributable to unitholders and profit would have increased by the
amounts shown below:
133
MANULIFE GLOBAL SELECT (MPF) SCHEME
NOTES TO FINANCIAL STATEMENTS
31 March 2021
21. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
Price risk (continued)
At 31 March 2021
Market Indices (+5%) Change in net assets and income (HK$'000)
MGGR MGAG MGPE MGIE MGHE MGJE MGNE MGEE MGFG MGFS MGCV
FTSE MPF Europe 123,327 211,213 - 49,266 - - - 151,172 - - -
FTSE MPF Hong Kong 244,394 402,654 183,756 12,495 773,840 - - - - - -
FTSE MPF Japan 69,626 118,380 - 17,538 - 93,160 - - - - -
FTSE MPF USA 70,063 118,098 - 114,117 - - 374,287 - - - -
FTSE MPF Asia Pacific ex JP & HK 99,983 170,924 366,201 31,689 - - - - - - -
FTSE MPF Greater China - - - - - - - - - - 1,858,319
Russell 1000 57,805 101,511 - 98,423 - - 373,148 - - - -
S&P 500 58,188 102,184 - 99,076 - - 375,621 - - - -
MSCI AC World Information Technology 5,730 10,226 - - - - - - - - -
Citigroup WGBI Non-Exempt Auth 10%
Cap, 25% Hedged to HKD
FTSE MPF Hong Kong
FTSE AW North America Index
FTSE AW Europe Index
FTSE W Japan Index
FTSE AW Asia Pacific Ex Japan Ex HK1
month HIBOR
- - - - - - - - 521,006 409,896 -
134
MANULIFE GLOBAL SELECT (MPF) SCHEME
NOTES TO FINANCIAL STATEMENTS
31 March 2021
21. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
Price risk (continued)
At 31 March 2021 (continued)
Market Indices (+5%) Change in net assets and income (HK$'000)
MGHC MG15 MG25 MG30 MG35 MG40 MG45 MGHS MGAP MGCA MGST MGRI
FTSE MPF Europe - 5,063 4,024 5,323 6,231 5,323 9,606 - - - 34,402 2,986
FTSE MPF Hong Kong - 9,739 7,901 10,398 11,847 10,114 18,100 - - - 120,042 9,070
FTSE MPF Japan - 2,923 2,473 3,298 3,635 3,260 5,733 - - - 35,563 -
FTSE MPF USA - 2,831 2,035 3,008 3,539 3,008 5,485 - - - 25,831 3,804
FTSE MPF Asia Pacific ex JP & HK - 4,160 3,403 4,311 4,992 4,235 7,714 - - - 7,185 9,076
MSCI World Health Care 1,450,027 - - - - - - - - - - -
Russell 1000 - 2,081 1,880 2,551 3,021 2,618 4,767 - - - 19,805 3,357
S&P 500 - 2,095 1,892 2,568 3,041 2,636 4,798 - - - 19,937 3,379
MSCI AC World Information
Technology
- 219 205 223 242 193 350 - - - - -
Hang Seng Index - - - - - - - 287,503 - - - -
FTSE MPF All-World Index
Citi MPF Government Bond Index
MPFA prescribed savings rate
- - - - - - - - 182,385 594,763 - -
A 5% drop in the equity indices would have resulted in an equal but opposite effect on the financial statements as shown above, on the basis that all other
variables remained constant. In practice, the actual trading results may differ from the above sensitivity analysis and the difference could be material.
MGCP, MGHB, MGIT, MGIB, MGPB and MGRB invest in underlying investments that are fixed-income instruments. The price of those securities is
primarily subject to fluctuations in interest rates for which the associated interest rate risk is covered in the later part of this note.
135
MANULIFE GLOBAL SELECT (MPF) SCHEME
NOTES TO FINANCIAL STATEMENTS
31 March 2021
21. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
Price risk (continued)
At 31 March 2020
Market Indices (+5%) Change in net assets and income (HK$'000)
MGGR MGAG MGPE MGIE MGHE MGJE MGNE MGEE MGFG MGFS MGCV
FTSE MPF Europe 80,352 139,475 - 34,018 - - - 100,978 - - -
FTSE MPF Hong Kong 151,781 250,489 109,083 4,632 496,912 - - - - - -
FTSE MPF Japan 68,242 120,041 - 15,765 - 83,220 - - - - -
FTSE MPF USA 46,971 68,335 - 62,803 - - 173,340 - - - -
FTSE MPF Asia Pacific ex JP & HK 62,238 109,249 221,158 19,355 - - - - - - -
FTSE MPF Greater China - - - - - - - - - - 1,091,020
Russell 1000 46,611 80,509 - 52,247 - - 197,756 - - - -
S&P 500 43,922 75,865 - 49,233 - - 186,348 - - - -
MSCI AC World Information Technology 2,760 4,926 - - - - - - - - -
Citigroup WGBI Non-Exempt Auth 10%
Cap, 25% Hedged to HKD
FTSE MPF Hong Kong
FTSE AW North America Index
FTSE AW Europe Index
FTSE W Japan Index
FTSE AW Asia Pacific Ex Japan Ex HK1
month HIBOR
- - - - - - - - 359,181 322,012 -
136
MANULIFE GLOBAL SELECT (MPF) SCHEME
NOTES TO FINANCIAL STATEMENTS
31 March 2021
21. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
Price risk (continued)
At 31 March 2020 (continued)
Market Indices (+5%) Change in net assets and income (HK$'000)
MGHC MG15 MG20 MG25 MG30 MG35 MG40 MG45 MGHS MGAP MGCA MGST
FTSE MPF Europe - 1,378 1,679 2,971 3,488 3,962 3,273 5,770 - - - 21,358
FTSE MPF Hong Kong - 2,838 3,316 5,074 6,153 6,930 5,765 9,976 - - - 77,150
FTSE MPF Japan - 1,358 1,644 2,467 2,967 3,217 2,860 4,862 - - - 32,030
FTSE MPF USA - 1,097 1,001 1,812 2,194 2,289 1,860 2,813 - - - 12,732
FTSE MPF Asia Pacific ex JP & HK - 1,284 1,468 2,201 2,614 2,935 2,477 4,311 - - - 2,156
MSCI World Health Care 1,079,032 - - - - - - - - - - -
Russell 1000 - 680 1,079 1,639 1,799 1,959 1,559 2,798 - - - 10,753
S&P 500 - 640 1,017 1,544 1,695 1,846 1,469 2,637 - - - 10,133
MSCI AC World Information
Technology
-
41 65 99 107 116 93 168
- - - -
Hang Seng Index - - - - - - - - 252,462 - - -
FTSE MPF All-World Index
Citi MPF Government Bond Index
MPFA prescribed savings rate
- - - - - - - - - 120,132 360,242 -
A 5% drop in the equity indices would have resulted in an equal but opposite effect on the financial statements as shown above, on the basis that all other
variables remained constant. In practice, the actual trading results may differ from the above sensitivity analysis and the difference could be material.
MGCP, MGHB, MGIT, MGIB, MGPB and MGRB invest in underlying investments that are fixed-income instruments. The price of those securities is
primarily subject to fluctuations in interest rates for which the associated interest rate risk is covered in the later part of this note.
137
MANULIFE GLOBAL SELECT (MPF) SCHEME
NOTES TO FINANCIAL STATEMENTS
31 March 2021
21. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
Foreign currency risk
Foreign currency risk is the risk that the value of financial assets or liabilities will fluctuate due to
changes in foreign exchange rates. The Scheme and its underlying constituent funds are exposed to
foreign currency risk from its cash and investments in underlying APIFs, which are denominated in
currencies other than Hong Kong Dollars and United States Dollars, which are officially linked to the
Hong Kong Dollar. The Scheme and its underlying constituent funds' overall currency positions are
monitored on a daily basis by the investment manager.
The Scheme and its underlying constituent funds primarily utilise forward exchange contracts and
futures to hedge foreign-currency-denominated financial assets and liabilities. Increases or decreases
in the Scheme and its underlying constituent funds' foreign-currency-denominated financial assets and
liabilities are partially offset by gains and losses on the economic hedging instruments.
The tables below indicate currencies other than Hong Kong Dollars and United States Dollars to which
the Scheme and its underlying constituent funds had significant exposure at the end of the reporting
periods on its financial assets and liabilities. At 31 March 2021 and 2020, it is estimated that had the
Hong Kong Dollars or the United States Dollars strengthened by 5% in relation to the foreign
currencies with significant exposure, with all other variables held constant, net assets attributable to
unitholders and profit would have decreased by the amounts shown below.
At 31 March 2021
Currency MGGR MGAG MGPE MGIE MGHE MGIB MGJE MGST
(+5%) HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000
AUD - 48,251 102,637 - - - - -
DKK - 46,820 - - - - - -
CNH - - - - 37,420 - - -
EUR 98,718 131,214 - 30,431 - 91,987 - 34,288
GBP - - - - - 15,469 - -
INR - - 79,986 - - - - -
JPY 89,002 139,088 - 20,403 - 30,383 108,380 45,834
KOW - 46,334 97,979 - - - - -
SGD - - 19,664 - - - - -
TWD - - 89,418 - - - - -
Total 187,720 411,707 389,684 50,834 37,420 137,839 108,380 80,122
138
MANULIFE GLOBAL SELECT (MPF) SCHEME
NOTES TO FINANCIAL STATEMENTS
31 March 2021
21. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
Foreign currency risk (continued)
At 31 March 2021 (continued)
Currency MGEE MG15 MG25 MG30 MG35 MG40 MG45 MGFG
(+5%) HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000
AUD - - - 1,302 1,441 1,203 2,184 -
CHF 25,711 - - - - - - -
CNH - 2,333 - - - - - -
DKK 33,436 - - - 1,390 1,181 2,130 -
EUR 90,319 6,481 4,422 4,216 4,201 3,363 5,993 67,020
GBP 8,517 - - - - - - -
JPY - 4,535 3,539 4,171 4,378 3,845 6,740 71,860
KOW - - - - 1,351 1,146 2,088 -
SEK 27,468 - - - - - - -
Total 185,451 13,349 7,961 9,689 12,761 10,738 19,135 138,880
Currency MGFS MGCV MGHC MGPB MGRB MGAP MGCA MGRI
(+5%) HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000
AUD - - - 8,370 - - - 2,994
CHF - - 86,224 - - - - -
CNH - 123,910 - - 87,070 - - 3,695
EUR 44,041 - 66,564 - - 3,323 31,111 2,143
GBP - - 71,148 - - 1,603 14,695 -
IDR - - - 7,893 - - - -
JPY 70,957 - 49,671 - - 2,718 25,335 -
KOW - - - 7,613 - - - 2,838
MYR - - - 5,652 - - - -
NZD - - - 3,135 - - - -
SGD - - - 2,660 - - - -
TWD - 398,774 - - - - - 2,216
Total 114,998 522,684 273,607 35,323 87,070 7,644 71,141 13,886
A 5% weakening of the Hong Kong Dollars or the United States Dollars against the foreign currencies
would have resulted in an equal but opposite effect on the financial statements as shown above, on the
basis that all other variables remained constant. In practice the actual trading results may differ from
the above sensitivity analysis and the difference could be material.
MGCP, MGHB, MGIT and MGHS are mainly denominated in Hong Kong Dollars and MGNE is
mainly denominated in United States Dollars. Therefore, there is no significant exposure to foreign
currency risk.
139
MANULIFE GLOBAL SELECT (MPF) SCHEME
NOTES TO FINANCIAL STATEMENTS
31 March 2021
21. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
Foreign currency risk (continued)
At 31 March 2020
Currency MGGR MGAG MGPE MGIE MGIB MGJE MGST
(+5%) HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000
AUD - 30,840 61,999 - - - -
DKK - - - 6,819 - - -
EUR 67,934 72,412 - 17,576 83,748 - -
GBP - - - - 14,218 - -
INR - - 38,958 - - - -
JPY 68,820 104,882 - 13,629 29,471 71,948 29,351
KOW - - 49,759 - - - -
TWD - - 48,976 - - - -
Total 136,754 208,134 199,692 38,024 127,437 71,948 29,351
Currency MGEE MG15 MG20 MG25 MG30 MG35 MG40 MG45
(+5%) HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000
AUD - - - - - - 701 1,219
CHF 16,591 - - - - - - -
CNH - 787 1,121 929 - - - -
DKK 20,242 - - - - - - -
EUR 49,462 2,418 2,674 2,880 2,330 2,152 1,699 2,978
GBP 8,675 - - - - - - -
JPY - 1,782 2,068 2,625 2,773 2,845 2,497 4,242
SEK 12,779 - - - - - - -
Total 107,749 4,987 5,863 6,434 5,103 4,997 4,897 8,439
140
MANULIFE GLOBAL SELECT (MPF) SCHEME
NOTES TO FINANCIAL STATEMENTS
31 March 2021
21. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
Foreign currency risk (continued)
At 31 March 2020 (continued)
Currency MGFG MGFS MGCV MGHC MGPB MGRB MGAP MGCA
(+5%) HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000
AUD - - - - 7,491 - - -
CHF - - - 68,111 - - - -
CNH - - 36,679 - - 57,022 - -
EUR 37,570 46,578 - - - - 2,427 20,598
GBP - - - - - - 1,239 10,434
IDR - - - - 5,867 - - -
JPY 43,497 27,908 - 47,640 - - 2,230 19,000
KOW - - - - 5,820 - - -
MYR - - - - 4,142 - - -
PHP - - - - 2,464 - - -
SGD - - - - 2,523 - - -
TWD - - 259,888 - - - - -
Total 81,067 74,486 296,567 115,751 28,307 57,022 5,896 50,032
A 5% weakening of the Hong Kong Dollars or the United States Dollars against the foreign currencies
would have resulted in an equal but opposite effect on the financial statements as shown above, on the
basis that all other variables remained constant. In practice the actual trading results may differ from
the above sensitivity analysis and the difference could be material.
MGCP, MGHB, MGHE, MGIT and MGHS are mainly denominated in Hong Kong Dollars and
MGNE is mainly denominated in United States Dollars. Therefore, there is no significant exposure
to foreign currency risk.
Interest rate risk
Interest rate risk is the risk that the value of financial instruments or future cash flows will fluctuate
as a result of changes in market interest rates. The Scheme and its underlying constituent funds are
exposed to interest rate risk on the underlying APIFs, which invest in interest-bearing securities and
cash deposits.
Interest rates are determined by factors of supply and demand in the international money markets,
which are influenced by macro-economic factors. Fluctuations in short term and/or long term interest
rates may affect the value of the units. Fluctuations in interest rates of the currencies in which the
units are denominated and/or fluctuations in interest rates of the currencies in which an underlying
portfolio's investments are denominated may affect the value of the units.
141
MANULIFE GLOBAL SELECT (MPF) SCHEME
NOTES TO FINANCIAL STATEMENTS
31 March 2021
21. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
Interest rate risk (continued)
It is the Scheme and its underlying constituent funds' policies that the interest-bearing securities held
by the underlying APIFs of the constituent funds of the Scheme are selected on a diversified basis
mainly in short and medium term fixed income instruments in accordance with the investment policies
of the underlying APIFs, which satisfy the minimum credit rating stipulated by the MPFA, so as to
minimise the interest rate risk of the Scheme and its underlying constituent funds from changes in
market interest rates.
At 31 March 2021 and 2020, it is estimated that an increase of interest rate by 25 basis points ("bps"),
with all other variables held constant, would have resulted in a decrease in net assets attributable to
unitholders of the constituent funds set out below by the amounts shown below:
Change in interest rate (+25 bps)
At 31 March 2021 At 31 March 2020
HK$'000 HK$'000
MGAG ( 4,687) ( 4,732)
MGCP 7,264 6,934
MGGR ( 40,685) ( 41,563)
MGHB ( 49,065) ( 43,968)
MGIB ( 98,127) ( 87,696)
MGIT (243,738) (215,668)
MGST (152,476) (122,922)
MGFG ( 2,086) ( 9,986)
MGFS ( 49,634) ( 38,117)
MGPB ( 23,209) ( 18,477)
MGRB ( 20,277) ( 12,337)
MG15 ( 5,918) ( 2,783)
MG20 - ( 3,084)
MG25 ( 3,548) ( 2,485)
MG30 ( 1,652) ( 951)
MG35 ( 713) ( 295)
MG40 ( 231) ( 128)
MG45 ( 336) ( 252)
MGAP ( 11,034) ( 7,675)
MGCA ( 17,234) ( 10,369)
MGRI ( 10,418) -
A decrease of the interest rate by 25 bps would have an equal but opposite effect of the net assets
attributable to unitholders of the above sub-funds. The other sub-funds may hold cash or cash
equivalents that may be subject to interest rate risk. This is relatively immaterial to the size of the
sub-funds' net asset value.
142
MANULIFE GLOBAL SELECT (MPF) SCHEME
NOTES TO FINANCIAL STATEMENTS
31 March 2021
21. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
Credit risk
Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and
cause the other party to incur a financial loss. The Scheme and its underlying constituent funds are
exposed to credit risk on financial instruments with a maximum exposure equal to the carrying amount
of these instruments.
It is the Scheme's constituent funds' policy to engage only with internally approved counterparties.
The investment manager continuously monitors the credit risk on financial instruments and
counterparties and does not expect any material losses due to credit risk.
Concentrations of credit risk are managed by geographical region and by industry sector. There are
no significant concentrations of credit risk within the Scheme and its underlying constituent funds.
Maximum exposure and year-end staging at 31 March 2021 The table below shows the maximum exposure to credit risk based on the Scheme'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 at 31 March 2021. The amounts presented are gross carrying amounts for financial assets.
12-month ECLs Lifetime ECLs
Simplified
Stage 1 Stage 2 Stage 3 approach
HK$ HK$ HK$ HK$ HK$
Contribution receivables from employers 544,263,891 - - - 544,263,891
Contribution receivables from employees 285,511,703 - - - 285,511,703
Amounts receivable on sale of investments 806,106,836 - - - 806,106,836
Other receivables 57,098,473 - - - 57,098,473
Cash and cash equivalents 844,128,588 - - - 844,128,588 ____________ ________ ________ _________ ____________
2,537,109,491 - - - 2,537,109,491 ____________ ________ ________ _________ ____________ ____________ ________ ________ _________ ____________
Maximum exposure and year-end staging at 31 March 2020 The table below shows the maximum exposure to credit risk based on the Scheme'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 at 31 March 2020. The amounts presented are gross carrying amounts for financial assets.
12-month ECLs Lifetime ECLs
Simplified
Stage 1 Stage 2 Stage 3 approach
HK$ HK$ HK$ HK$ HK$
Contribution receivables from employers 596,619,767 - - - 596,619,767
Contribution receivables from employees 361,007,160 - - - 361,007,160
Amounts receivable on sale of investments 878,406,601 - - - 878,406,601
Other receivables 40,000,404 - - - 40,000,404
Cash and cash equivalents 702,868,295 - - - 702,868,295 ____________ ________ ________ _________ ____________
2,578,902,227 - - - 2,578,902,227 ____________ ________ ________ _________ ____________ ____________ ________ ________ _________ ____________
143
MANULIFE GLOBAL SELECT (MPF) SCHEME
NOTES TO FINANCIAL STATEMENTS
31 March 2021
21. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
Liquidity risk
Liquidity risk is the risk that the Scheme and its underlying constituent funds will encounter difficulty
in raising funds to meet commitments. Liquidity risk may result from an inability to sell a financial
instrument within a reasonable time at an amount close to its fair value.
Considering that the Scheme invests the majority of the assets in actively traded markets, management
of the Scheme and its underlying constituent funds consider the liquidity risk of the Scheme and its
underlying constituent funds is minimal.
Capital management
The operation of the Scheme is regulated and supervised by the MPFA and the Scheme is governed
by the trust deed of the Scheme. The primary objective of the Scheme's capital management is to
achieve reasonable returns on investments for the Scheme assets.
The capital of the Scheme represents net assets attributable to unitholders. The Scheme does not raise
capital by issue of shares or debt, or in any way other than contributions made to the Scheme. During
the financial period, the Scheme has complied with the General Regulations and there has been no
material change to the trust deed of the Scheme that has impacted how the Scheme should manage its
capital.
144
MANULIFE GLOBAL SELECT (MPF) SCHEME
NOTES TO FINANCIAL STATEMENTS
31 March 2021
22. PAYMENTS CHARGED TO DIS CONSTITUENT FUNDS
In accordance with the Mandatory Provident Fund legislation, the aggregate of the payments for
services to the MGAP and MGCA must not, in a single day, exceed a daily rate of 0.75% per annum
of the net asset value of each of the MGAP and MGCA divided by the number of days in the year.
The above aggregate payment for services includes, but is not limited to, the fees paid or payable for
the services provided by the Trustee, the Administrator, the Investment Manager, the Custodian and
the Sponsor and/or promoter (if any) of each of the MGCA and MGAP and its underlying investment
fund(s), and any of the representatives of these parties and such fees are calculated as a percentage of
the net asset value of each of the MGCA and MGAP and its underlying investment fund(s), but do not
include any out-of-pocket expenses incurred by each of the MGCA and MGAP and their underlying
investment fund(s).
In accordance with the Mandatory Provident Fund legislation, the total amount of all payments that is
charged to or imposed on a DIS constituent fund or members who invest in a DIS constituent fund,
for out-of-pocket expenses incurred by the Trustee on a recurrent basis in the discharge of the Trustee's
duties to provide services in relation to a DIS constituent fund, shall not in a single year exceed 0.2%
per annum of the net asset value of each of the MGCA and MGAP.
For this purpose, out-of-pocket expenses include, for example, annual audit expenses, printing or
postage expenses relating to recurrent activities (such as issuing annual benefit statements), recurrent
legal and professional expenses, safe custody charges, which are customarily not calculated as a
percentage of the net asset value and transaction costs incurred by a DIS constituent fund in connection
with recurrent acquisition of investments for the DIS constituent fund (including, for example, costs
incurred in acquiring underlying funds) and annual statutory expenses (such as compensation fund
levy where relevant) of the DIS constituent fund.
Out-of-pocket expenses that are not incurred on a recurrent basis may still be charged to or imposed
on a DIS constituent fund and such out-of-pocket expenses are not subject to the above statutory limit.
Examples include audit expense, independent review expense or accounting expense related to a one-
off issue, such as scheme merger, change of trustee or scheme administrator.
Payment for services, out-of-pocket expenses and other payment charged to the MGCA and MGAP
are disclosed below. Payments for services and out-of-pocket expenses are those defined in the MPF
Ordinance.
145
MANULIFE GLOBAL SELECT (MPF) SCHEME
NOTES TO FINANCIAL STATEMENTS
31 March 2021
22. PAYMENTS CHARGED TO DIS CONSTITUENT FUNDS (continued)
2021 2020
MGAP
HK$ MGCA
HK$ MGAP
HK$ MGCA
HK$
Payments for out-of-pocket expenses
- Audit Fees 43,629 48,098 39,595 43,726
- Accounting and Professional Fees 13,650 13,650 13,650 13,650 - Annual Fee 8,096 8,096 4,785 4,785
- Transaction Handling Fees 153,542 152,936 153,336 153,336
- Interest Expense 1,183,713 17,360 428,904 4,037 - Indemnity Insurance 8,563 26,948 4,197 14,533
- Expenses incurred in respect of
administration of scheme and constituent funds
313,580
942,267
192,824
669,267
- Cash Payment Fee 13,915 16,905 6,440 6,325
Total out-of-pocket expenses 1,738,688 1,226,260 843,731 909,659
Payments for services
- Administration Fee 15,646,257 47,729,527 9,520,844 31,394,990
- Investment Management Fee 319,746 974,197 194,538 640,809
Total payments for services expenses 15,966,003 48,703,724 9,715,382 32,035,799
Total payments 17,704,691 49,929,984 10,559,113 32,945,458
Out-of-pocket expenses expressed as a
percentage of average net asset value at the last dealing day of each month of
the DIS constituent funds 0.05% 0.01%
0.04% 0.01%
23. APPROVAL OF FINANCIAL STATEMENTS
The financial statements were approved and authorised for issue by the Trustee on 14 September 2021.
146
MANULIFE GLOBAL SELECT (MPF) SCHEME
INFORMATION FOR THE SCHEME MEMBERS
31 March 2021
Members of the Scheme are informed about the financial position of their MPF contributions through the use
of a secure PIN, which provides access to Smart Call (an IVR service) or e-MPF online service (a web based
service). Both services allow members to enquire about their fund balances and perform routine transactions,
such as changing investment instructions. Members can also find comprehensive information in the online
monthly Member Benefit Statement via e-MPF. After log on to e-MPF, members can set up a fund price alert
by selecting the fund and setting a target unit price by the MPF Fund Price Alert. An email alert will be sent
to members when the target unit price is reached. In addition, members are kept abreast of the investment
market with an online view of monthly fund performance through visiting www.manulife.com.hk to access
the e-MPF service. To further facilitate the provision of information to members, a Manulife App for mobile
devices has been launched allowing access to fund information as well as login to the Customer Website for
account balances etc.
Employers can understand the operation of the Scheme through the Employer's Operations Manual, which
continues to be a valuable guide for administrative duties and compliance obligations. In addition, employers
may use the internet to access, at their convenience, information relating to their sub-scheme. This includes
the current Cash Account Balance and the status of Contribution Allocation.
As an additional service, for members that have an email address on its records, Manulife initiates timely
emails to alert members that contributions have been allocated to accounts and fund switch transactions have
been executed.
147
EY wk Ernst & Young 27/F, One Taikoo Place 979 King's Road Ouarry Bay, Hong Kong
§i<§E"rE@$5]'>%F)? § § E H 8@§§E979% X315 Ii27ii
Tel EES: +852 2846 9888 Fax f§E2 +852 2868 4432 ey.com
INDEPENDENT AUDITOR'S ASSURANCE REPORT TO THE TRUSTEE OF MANULIFE GLOBAL SELECT (MPF) SCHEME
We have audited the financial statements of Manulife Global Select (MPF) Scheme (the "Scheme") for the year ended 31 March 2021 in accordance with Hong Kong Standards on Auditing and with reference to Practice Note 860.1 (Revised), The Audit of Retirement Schemes ("PN 860.1 (Revised)") issued by the Hong Kong Institute of Certified Public Accountants ("HKlCPA"), and have issued an unqualified auditor's report thereon dated 14 September 2021 .
Pursuant to section 102 of the Mandatory Provident Fund Schemes (General) Regulation (the "General Regulation"), we are required to report whether the Scheme complied with certain requirements of the Mandatory Provident Fund Schemes Ordinance ("MPFSO") and the General Regulation.
Trustee's Responsibility
The General Regulation requires the trustee to ensure that:
(a) proper accounting and other records are kept in respect of the constituent funds of the Scheme, the Scheme assets and all financial transactions entered into in relation to the Scheme,
(b) the requirements specified in the guidelines made by the Mandatory Provident Fund Schemes Authority (the "MPFA") under section 28 of the MPFSO with respect to forbidden investment practices and the requirements of sections 37(2), 51 and 52 and Part x of, and Schedule 1 to, the General Regulation are complied with,
(C) the requirements under sections 34DB(1)(a), (b), (c) and (d), 34DC(1) and 34DD(1) and (4) of the MPFSO are complied with, and
(d) the Scheme assets are not subject to any encumbrance, otherwise than as permitted by the General Regulation.
Our Independence and Quality Control
We have complied with the independence and other ethical requirements of the Code of Ethics for Professional Accountants issued by the HKICPA, which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behavior.
Our firm applies Hong Kong Standard on Quality Control 1, Quality Control for Firms that Pe/form Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements and accordingly maintains a comprehensive system of quality control including documented policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.
Auditor's Responsibility
Our responsibility is to report on the Scheme's compliance with the above requirements based on the results of the procedures performed by us.
We conducted our engagement in accordance with Hong Kong Standard on Assurance Engagements 3000 (Revised), Assurance Engagements Other Than Audits or Reviews of Historical Financial information and with reference to PN 860.1 (Revised) issued by the HKICPA. We have planned and performed our work to obtain reasonable assurance on whether the Scheme has complied with the above requirements.
148
A member firm of Ernst & Young Global Limited
EY wk
INDEPENDENT AUDITOR'S ASSURANCE REPORT (continued) TO THE TRUSTEE OF MANULIFE GLOBAL SELECT (MPF) SCHEME
Auditor's Responsibility (continued)
We have planned and performed such procedures as we considered necessary with reference to the procedures recommended in PN 860.1 (Revised) issued by the HKICPA, which included reviewing, on a test basis, evidence obtained from the Trustee regarding the Scheme's compliance with the above requirements.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
1.
Opinion
Based on the foregoing:
in our opinion:
8) proper accounting and other records have been kept during the year ended 31 March 2021 in respect of the constituent funds of the Scheme, the Scheme assets and all financial transactions entered into in relation to the Scheme, and
b) the requirements specified in the guidelines made by the MPFA under section 28 of the MPFSO with respect to forbidden investment practices and the requirements of sections 37(2), 51 and 52 and Part x of, and Schedule 1 to, the General Regulation have been complied with, in all material respects, as at 31 March 2021, 31 December 2020 and 30 June 2020, and
cl the requirements specified in the MPFSO under sections 34DB(1)(a), (b), (c) and (d) 34DC(1) and 34DD(1) and (4)(a) with respect to the investment of accrued benefits and control of payment for services relating to Manulife MPF Core Accumulation Fund and Manulife MPF Age 65 Plus Fund have been complied with, in all material respects, as at 31 March 2021, 31 December 2020 and 30 June 2020, and
d) the requirements specified in section 34DD(4)(b) of the MPFSO with respect to the controls of out-of-pocket expenses of the Manulife MPF Core Accumulation Fund and Manulife MPF Age 65 Plus Fund have been complied with, in all material respects, as at 31 March 2021.
2. as at 31 March 2021, the Scheme assets were not subject to any encumbrance, otherwise than as permitted by the General Regulation.
149
A member firm of Ernst & Young Global Limited
EY wk
INDEPENDENT AUDlTOR'S ASSURANCE REPORT (continued) TO THE TRUSTEE OF MANULIFE GLOBAL SELECT (MPF) SCHEME
Other Matter
The requirement(s) specified in the MPFSO under section(s) 34Dl(1) and (2) and 34DK(2) with respect to the transfer of accrued benefits to an account and specified notice, and 34DJ(2), (3), (4) and (5) with respect to locating scheme members relating to Manulife MPF Core Accumulation Fund and Manulife MPF Age 65 Plus Fund are not applicable to the trustee during the year ended 31 March 2021 as the trustee has completed the relevant transitional provisions. Accordingly, there is no reporting on these sections.
Intended Users and Purpose
This report is intended solely for submission by the trustee to the MPFA pursuant to section 102 of the General Regulation, and is not intended to be, and should not be, used by anyone for any other purpose.
-i Q /z
Certified Public Accountants Hong Kong 14 September 2021
150
A member firm of Ernst & Young Global Limited