Manulife Hong Kong Series

Manulife H

ong Kong Series

Manulife Hong Kong Series

Annual Report Audited Financial Statementsfor the year/period ended 30 June 2020


Table of Contents

Trust Information 1

Investment Manager's Report 2

Report of the Trustee 13

Independent Auditor's Report 14

Statement of Financial Position 17

Statement of Comprehensive Income 20

Statement of Changes in Net Assets Attributable to Unitholders 22

Statement of Cash Flows 23

Statement of Distribution 26

Notes to Financial Statements 37

Portfolio of Investments (unaudited)

– Manulife Global Dynamic Asset Allocation Fund 100

– Manulife All-weather Portfolio – Capital Conservative Fund 104

– Manulife All-weather Portfolio – Managed Growth Fund 107

– Manulife All-weather Portfolio – Growth Fund 110

– Manulife All-weather Portfolio – Growth Plus Fund 113

– Manulife STARS Income and Growth Fund 116

Statement of Movements in Investment Portfolios (unaudited) 117

Performance Table (unaudited) 119


1

Trust Information

ManagerManulife Investment Management (Hong Kong) Limited 16/F, Lee Garden One 33 Hysan AvenueCauseway BayHong Kong

Directors of the ManagerDamien Green (appointed on 1 January 2020)Guy Mills (resigned on 1 January 2020)Ka Ming Dai (resigned on 10 October 2019)Ken Rappold (appointed on 10 October 2019)Michael DommermuthVibha Coburn (resigned on 1 October 2020)Yvonne Sin

Solicitor to the ManagerDeacons5/F, Alexandra House18 Chater RoadCentralHong Kong

Trustee and Registrar BOCI-Prudential Trustee Limited12/F & 25/F, Citicorp Centre18 Whitfield RoadCauseway BayHong Kong

Custodian Bank of China (Hong Kong) Limited 14/F, Bank of China Tower1 Garden RoadCentralHong Kong

AuditorErnst & Young22/F, CITIC Tower1 Tim Mei AvenueCentralHong Kong


2

Investment Manager's Report for the year ended 30 June 2020

Manulife Global Dynamic Asset Allocation Fund

Performance Review from 1 July 2019 to 30 June 2020*:

Class AA (USD) INC. -0.37%

Class AA (HKD) INC. -1.13%

Class AA (RMB) INC. 2.52%

CLASS AA (RMB) INC. HEDGED -1.04%

Class AA (USD) ACC. -0.37%

Class I (USD) INC. 0.84%

MARKET REVIEW

The second half of 2019 was a particular strong period for risk assets as the fourth quarter of 2019 saw strong double digit gains. In the latter part of 2019, in the fourth quarter of 2019, MSCI World gained +8.7% driven by technology +14.1% and healthcare +13.8%. Barclays Global High Yield gained +3.5%, finishing off a 2019 gaining +12.6%. As we ended 2019, key global capital market drivers were the US Federal Reserve (Fed), trade and China. Trade tensions remained less elevated versus previous quarters and markets became more optimistic towards risk assets as a phase one deal became widely accepted as a reasonable first step.

The spread of Covid-19 in the first quarter of 2020 changed the world, as every major equity index recorded double-digit losses as the pandemic halted many businesses, unemployment levels rose and the oil market experienced one of its worst months on record in March 2020 as demand fell significantly. Central banks, notably the Fed, took swift and far-reaching action to provide liquidity and inject stability into their respective economies. Stimulus packages were introduced globally in an attempt to avoid an economic collapse.

Over the first quarter of 2020, the S&P 500 was down -19.4%, MSCI EM fell -23.6% with MSCI Latin America down -45.6% over the quarter. Barclays Global High Yield fell -15.0%, whilst the Barclays US Aggregate and the Citi World Government Bond indices outperformed gaining +3.2% and 2% respectively.

The second quarter of 2020 saw a rebound in risk assets as optimism regarding a potential recovery from the Covid-19 pandemic started to take hold. Markets rallied on the back of ongoing fiscal and monetary stimuli and investors were encouraged by the lifting of lockdown restrictions in most major economies.

Over the one year period to June 2020, MSCI World gained +3.4% driven by the US gaining +8.4%, whilst emerging markets (EM) underperformed falling -3.1% largely due to weak performance in Latin America -32.2% over the year.

Sectorally, technology, healthcare and consumer discretionary outperformed over the year gaining +33.3%, 14.5% and 8.9%. In fixed income, Barclays Global Agg gained +4.2%, Citi World Govt Bond Index +4.6% whilst Barclays Global High Yield fell -2%. US 10-year Treasuries fell from 2.12% in June 2019 to 0.65% in June 2020.

* The performance return is calculated in its unit class base currency and includes dividends re-invested.


3

PORTFOLIO REVIEW

During the trailing one-year period, the sub-Fund experienced positive performance. The sub-Fund benefited from exposure to equities, particularly broad US equities with some US technology. Fixed income exposure also added to performance, particularly US investment grade, US treasuries and some US high-yield.

Key detractors over the year were exposures in the Asia-Pacific ex Japan equities and EM bonds.

MARKET OUTLOOK

Markets rebounded in the second quarter as significant amounts of monetary and fiscal stimulus and economies reopening fueled investor optimism. While there have been small rotations into value stocks, growth stocks continue to benefit from Covid-19-related demand for globally digital business practices. In the month of June alone, the positive returns in the MSCI USA Index would have been virtually flat if the technology stocks were excluded.

Despite the markets' rapid recovery this year, we continue to be cognisant that the market can suddenly change course, as there are still underlying fundamental risks at play. Uncertainty is likely to remain high into late summer and the November US election. Global economies could be moving towards phase two where we see a stall-out in markets and a pick-up in the credit default cycle.

Corporate fundamentals are varied across sectors, with defensive business models holding up relatively well and cyclical/commodity businesses facing the most challenges. Markets are nervous for a host of factors, including Covid-19 concerns, slowing global growth and concerns of a recession. We expect global stimulus efforts to remain a focus as central banks globally rush to fill liquidity gaps and relieve economic pressure.

US-China tensions remain the most underappreciated geopolitical risk although it is likely more of a bark than a bite at least until the US election.

The global growth profile, whether a V, W, L, reverse J or "Nike swoosh" remains under debate. What is clear is that not all economies have the financial firepower to implement unique fiscal stimuli and will have to wait for a more broad-based opening up of the global economy.

The key issue is that we are moving further and further away from getting back to the pre-Covid-19 trend, let alone the long-term trend growth path.

The social and political implications of this dynamic are unfolding rapidly before our eyes and therefore, selectivity at the country and asset class level will remain critical for investors.

Investment Manager's Report (continued) for the year ended 30 June 2020

Manulife Global Dynamic Asset Allocation Fund (continued)


4


Manulife All-weather Portfolio – Capital Conservative Fund


Class AA (USD) INC. 2.47%

Class AA (HKD) INC. 1.69%

Class AA (USD) ACC. 2.47%

MARKET REVIEW

The second half of 2019 was a particular strong period for risk assets as the fourth quarter of 2019 saw strong double digit gains. In the latter part of 2019, in the fourth quarter of 2019, MSCI World gained +8.7% driven by technology +14.1% and healthcare +13.8%. Barclays Global High Yield gained +3.5%, finishing off a 2019 gaining +12.6%. As we ended 2019, key global capital market drivers were the US Federal Reserve Board (Fed), trade and China. Trade tensions remained less elevated versus previous quarters and markets became more optimistic towards risk assets as a phase one deal became widely accepted as a reasonable first step.








5

PORTFOLIO REVIEW – Capital Conservative Fund

During the trailing one-year period, the sub-Fund experienced positive absolute performance. The sub-Fund benefited from exposure to US bonds and North American equities.

Key detractors over the year were exposures in EM equities and global infrastructure.

MARKET OUTLOOK

Markets rebounded in the second quarter as significant amounts of monetary and fiscal stimulus, and economies reopening fueled investor optimism. While there have been small rotations into value stocks, growth stocks continue to benefit from Covid-19-related demand for globally digital business practices. In the month of June alone, the positive returns in the MSCI USA Index would have been virtually flat if the technology stocks were excluded.








Manulife All-weather Portfolio – Capital Conservative Fund (continued)


6


Manulife All-weather Portfolio – Managed Growth Fund





MARKET REVIEW









7

PORTFOLIO REVIEW – Managed Growth Fund

During the trailing one-year period, the sub-Fund experienced positive performance. The sub-Fund benefited from exposure to North American equities and US bonds.

Detractors of performance over the period included exposure to EM equities and global infrastructure.

MARKET OUTLOOK


Despite the markets' rapid recovery this year, we continue to be cognisant that the market can suddenly change course, as there are still underlying fundamental risks in play. Uncertainty is likely to remain high into late summer and the November US election. Global economies could be moving towards phase two where we see a stall-out in markets and a pick-up in the credit default cycle.







Manulife All-weather Portfolio – Managed Growth Fund (continued)


8


Manulife All-weather Portfolio – Growth Fund





MARKET REVIEW

The second half of 2019 was a particular strong period for risk assets as the fourth quarter of 2019 saw strong double digit gains. In the latter part of 2019, in the fourth quarter of 2019, MSCI World gained +8.7% driven by technology +14.1% and healthcare +13.8%. Barclays Global High Yield gained +3.5%, finishing off a 2019 gaining +12.6%. As we ended 2019, key global capital market drivers were the US Federal Reserve Board (Fed), trade and China. Trade tensions remained less elevated versus previous quarters and markets became more optimistic towards risk assets as a phase one deal became widely accepted as a reasonable first step.








9

PORTFOLIO REVIEW – Growth Fund

During the trailing one-year period, the Fund experienced positive performance. The Fund benefited from exposure to North American equities as well as US bonds.

Detractors of performance over the period included exposure to EM equities and global infrastructure.

MARKET OUTLOOK









Manulife All-weather Portfolio – Growth Fund (continued)


10


Manulife All-weather Portfolio – Growth Plus Fund





MARKET REVIEW









11

PORTFOLIO REVIEW – Growth Plus Fund

During the trailing one-year period, the sub-Fund experienced positive performance. The sub-Fund benefited from exposure to North American and Japanese equities and US bonds.

Key detractors over the period included exposure to EM equities and global infrastructure.

MARKET OUTLOOK


Despite the markets' rapid recovery this year, we continue to be cognisant that the market can suddenly change course, as there are still underlying fundamental risks in play. Uncertainty is likely to remain high into late summer and the November US election. Global economies could be moving towards phase two where we see a stall-out in markets and a pick-up in the credit default cycle.







Manulife All-weather Portfolio – Growth Plus Fund (continued)


12

Investment Manager's Report for the period ended 30 June 2020

Manulife STARS Income and Growth Fund

The investment objective of the Fund is to provide income and potential for capital appreciation over the medium to longer term.

The Manager's investment process involves identification of a list of asset classes based on the Manager's views on the capital market, selection of underlying collective investment schemes ("CIS") for each asset class within the investment universe, and construction of a portfolio by allocation into the underlying CIS.

Strategic asset allocations are based on optimization of underlying investments given the standing capital market forward outlook to deliver the Fund's investment objectives. These allocations will vary through time according to the Manager's varying expectations of asset class returns and their interactions. Tactical asset allocations are employed from time to time to dynamically adjust the portfolio allocation in order to manage the risk-adjusted returns, based on factors such as macro, sentiment, fundamental and technical indicators.

The reference to "STARS" in the Fund's name is not indicative of the Fund's performance or returns.

Manulife STARS Income and Growth Fund was set up on 29 June 2020. Since the first financial reporting period only covers from 29 June 2020 to 30 June 2020, the Portfolio Review and Market Outlook will be disclosed in the next financial reporting period.


13

Report of the Trustee

In our opinion, the Investment Manager, Manulife Investment Management (Hong Kong) Limited has, in all material respects, managed the Manulife Hong Kong Series (the "Trust"), comprising Manulife Global Dynamic Asset Allocation Fund, Manulife All-weather Portfolio – Capital Conservative Fund, Manulife All-weather Portfolio – Managed Growth Fund, Manulife All-weather Portfolio – Growth Fund and Manulife All-weather Portfolio – Growth Plus Fund for the year ended 30 June 2020 and Manulife STARS Income and Growth Fund for the period ended 30 June 2020 in accordance with the provisions of the Trust Deed dated 3 July 2015, as amended.

For and on behalf of BOCI-Prudential Trustee Limited, the Trustee

Date: 22 October 2020

Independent Auditor's Report

To the Manager and the Trustee ofManulife Hong Kong Series

Opinion

We have audited the financial statements of Manulife Hong Kong Series (the "Trust") and each of its sub-funds, comprising Manulife Global Dynamic Asset Allocation Fund, Manulife All-weather Portfolio – Capital Conservative Fund, Manulife All-weather Portfolio – Managed Growth Fund, Manulife All-weather Portfolio – Growth Fund and Manulife All-weather Portfolio – Growth Plus Fund and Manulife STARS Income and Growth Fund (the "Sub-Funds"), set out on pages 17 to 99, which comprise the statements of financial position as at 30 June 2020, and the statements of comprehensive income, the statements of changes in net assets attributable to unitholders, the statements of cash flows and the statements of distribution for the year then ended of Manulife Global Dynamic Asset Allocation Fund, Manulife All-weather Portfolio – Capital Conservative Fund, Manulife All-weather Portfolio – Managed Growth Fund, Manulife All-weather Portfolio – Growth Fund and Manulife All-weather Portfolio – Growth Plus Fund, and the statement of comprehensive income, the statement of changes in net assets attributable to unitholders, the statement of cash flows and the statement of distribution for the period from 29 June 2020 (date of inception) to 30 June 2020 of Manulife STARS Income and Growth Fund, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the financial statements give a true and fair view of the financial position of the Trust and the Sub-Funds as at 30 June 2020, and of its financial performance and its cash flows for the year/period then ended in accordance with Hong Kong Financial Reporting Standards ("HKFRSs") issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA").

Basis for opinion

We conducted our audit in accordance with Hong Kong Standards on Auditing ("HKSAs") issued by the HKICPA. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Trust and the Sub-Funds in accordance with the HKICPA's Code of Ethics for Professional Accountants (the "Code"), and we have fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Information other than the financial statements and auditor's report thereon

The Manager and the Trustee of the Trust and the Sub-Funds are responsible for the other information. The other information comprises the information included in the annual report (the "Annual Report"), other than the financial statements and our auditor's report thereon.

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

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

14

Independent Auditor's Report (continued)

To the Manager and the Trustee of Manulife Hong Kong Series (continued)

Responsibilities of the Manager and the Trustee for the financial statements

The Manager and the Trustee of the Trust and the Sub-Funds are responsible for the preparation of the financial statements that give a true and fair view in accordance with HKFRSs issued by the HKICPA, and for such internal control as the Manager and the Trustee of the Trust and the Sub-Funds determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Manager and the Trustee of the Trust and Sub-Funds are responsible for assessing the Trust's and the Sub-Funds' ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Manager and the Trustee either intend to liquidate the Trust and the Sub-Funds or to cease operations or have no realistic alternative but to do so.

In addition, the Manager and the Trustee of the Trust and the Sub-Funds are required to ensure that the financial statements have been properly prepared in accordance with the relevant disclosure provisions of the Amended and Restated Trust Deed dated 23 December 2019, and its supplemental deed dated 29 May 2020 (the "Trust Deed") and the relevant disclosure provisions of Appendix E of the Code on Unit Trusts and Mutual Funds (the "SFC Code") issued by the Hong Kong Securities and Futures Commission.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Our report is made solely to you, as a body, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with HKSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. In addition, we are required to assess whether the financial statements of the Trust and the Sub-Funds have been properly prepared, in all material respects, in accordance with the relevant disclosure provisions of the Trust Deed and the relevant disclosure provisions of Appendix E of the SFC Code.

As part of an audit in accordance with HKSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

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

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust's and the Sub-Funds' internal control.

15

Independent Auditor's Report (continued)

To the Manager and the Trustee ofManulife Hong Kong Series (continued)

Auditor's responsibilities for the audit of the financial statements (continued)

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Manager and the Trustee.

• Conclude on the appropriateness of the Manager's and the Trustee's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Trust's and the Sub-Funds' ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Trust and the Sub-Funds to cease to continue as a going concern.

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

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

Report on matters under the relevant disclosure provisions of the Trust Deed and the relevant disclosure provisions of Appendix E of the SFC Code

In our opinion, the financial statements have been properly prepared, in all material respects, in accordance with the relevant disclosure provisions of the Trust Deed and the relevant disclosure provisions of Appendix E of the SFC Code.

Ernst & YoungCertified Public AccountantsCentral, Hong Kong

22 October 2020

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d30

June

20

2030

June

20

1930

June

20

2030

June

20

1930

June

20

2030

June

20

1930

June

20

2030

June

20

1930

June

20

2030

June

20

1930

June

20

20Cl

ass A

A(US

D) In

c 76

8,230

.999

916,0

70.79

6 38

3,878

.539

358,6

84.49

4 47

8,045

.356

479,6

37.31

7 53

0,150

.608

655,7

00.91

6 1,3

65,48

6.530

1,39

7,393

.078

300.0

00

Clas

s AA(

HKD)

Inc

543,8

91.28

0 78

6,447

.092

343,4

47.70

0 34

0,873

.087

377,8

62.36

0 38

7,274

.752

379,1

63.12

8 37

2,447

.091

397,4

37.58

3 41

0,478

.002

232.3

27

Clas

s AA(

RMB)

Inc

214,8

13.31

9 22

3,499

.529

– –

– –

–

– –

–

–

Cl

ass A

A(RM

B) In

c Hed

ged

158,5

55.42

3 18

4,712

.844

– –

– –

–

– –

– 21

1.950

Cl

ass A

A(US

D) A

cc

163,5

54.38

6 20

8,427

.792

527,5

61.49

5 47

6,859

.828

436,1

88.30

9 42

2,191

.055

424,5

29.34

5 39

6,163

.152

488,3

59.26

3 48

7,147

.510

999,1

00.00

0 Cl

ass I

(USD

) Inc

42

,685.3

64

62,71

5.587

–

– –

–

– –

– –

–

Net

ass

et v

alue

per

uni

t

Manu

life G

loba

l Dyn

amic

As

set A

lloca

tion

Fund

Manu

life A

ll-we

athe

r Po

rtfol

io –

Capi

tal

Cons

erva

tive F

und

Manu

life A

ll-we

athe

r Po

rtfol

io –

Man

aged

Gr

owth

Fun

d

Manu

life A

ll-we

athe

r Po

rtfol

io –

Gr

owth

Fun

d

Manu

life A

ll-we

athe

r Po

rtfol

io –

Gr

owth

Plu

s Fun

d

Manu

life S

TARS

In

com

e and

Gro

wth

Fund

Cur

renc

y 30

June

20

2030

June

20

1930

June

20

2030

June

20

1930

June

20

2030

June

20

1930

June

20

2030

June

20

1930

June

20

2030

June

20

1930

June

20

20Cl

ass A

A(US

D) In

c U

SD

7.99

22

8.43

11

9.65

29

9.54

80

9.70

48

9.67

97

9.44

28

9.70

76

9.34

86

9.65

37

9.99

95

Clas

s AA(

HKD)

Inc

HKD

79

.9796

85

.0508

96

.2493

95

.9274

95

.3243

95

.8282

93

.0385

96

.4145

90

.2701

93

.9469

99

.9952

Cl

ass A

A(RM

B) In

c R

MB

88.34

01

90.36

93

– –

– –

– –

– –

–

Clas

s AA(

RMB)

Inc H

edge

d R

MB

79.43

93

84.40

49

– –

– –

– –

– –

99.90

20

Clas

s AA(

USD)

Acc

U

SD

10.12

80

10.15

60

10.45

91

10.19

09

10.84

20

10.59

07

11.10

09

10.97

62

11.20

70

11.05

60

9.99

95

Clas

s I(U

SD) I

nc

USD

8.

8466

9.

2151

–

– –

–

– –

– –

–

Man

ulife

Hon

g K

ong

Serie

s

20

Stat

emen

t of C

ompr

ehen

sive

Inco

me

For t

he y

ear/p

erio

d en

ded

30 J

une

2020

Ma

nulif

e Glo

bal

Dyna

mic

Asse

t Al

loca

tion

Fund

Manu

life A

ll-we

athe

r Po

rtfol

io –

Capi

tal

Cons

erva

tive F

und

Manu

life A

ll-we

athe

r Po

rtfol

io –

Man

aged

Gr

owth

Fun

d

Manu

life A

ll-we

athe

r Po

rtfol

io –

Gr

owth

Fun

d

Manu

life A

ll-we

athe

r Po

rtfol

io –

Gr

owth

Plu

s Fun

d

Manu

life S

TARS

In

com

e and

Gr

owth

Fun

dCo

mbi

ned

Notes

30 Ju

ne20

2030

June

2019

30 Ju

ne20

2030

June

2019

30 Ju

ne20

2030

June

2019

30 Ju

ne20

2030

June

2019

30 Ju

ne20

2030

June

2019

For t

he p

erio

d fro

m 29

June

20

20 (d

ate o

f in

cept

ion)

to

30 Ju

ne 20

2030

June

2020

30 Ju

ne20

19US

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DIn

com

e Di

viden

d inc

ome

10 39

3,066

43

5,056

36

8,451

30

8,442

29

6,656

29

7,450

29

8,729

26

3,610

28

1,681

29

6,755

–

1,63

8,583

1,6

01,31

3 Int

eres

t inco

me

11 14

0,256

19

6,517

47

,633

55,37

8 40

,936

50,81

7 17

2 78

2 27

3 1,

756

– 22

9,270

30

5,250

Ne

t (los

ses)/

gains

on fin

ancia

l as

sets

and l

iabilit

ies at

fair v

alue

throu

gh pr

ofit o

r loss

3

(198

,736)

(676

,066)

205,9

26

199,3

54

262,0

43

(36,1

56)

296,7

38

(397

,233)

741,2

84

(313

,878)

(5)

1,307

,250

(1,22

3,979

)Ot

her o

pera

ting i

ncom

e –

– –

– –

– –

– –

– 16

16

– To

tal o

pera

ting

inco

me

334,5

86

(44,4

93)

622,0

10

563,1

74

599,6

35 31

2,111

59

5,639

(1

32,84

1) 1,

023,2

38

(15,3

67)

113,1

75,11

9 68

2,584

Expe

nses

Ma

nage

ment

fee

13.1

(252

,850)

(308

,226)

(129

,869)

(121

,625)

(138

,504)

(146

,685)

(159

,875)

(165

,846)

(205

,658)

(233

,257)

(246

) (8

87,00

2) (9

75,63

9)Cu

stodia

n fee

13

.3 (2

4,190

) (2

2,687

) (9

,040)

(10,0

41)

(9,03

1) (1

1,849

) (1

1,391

) (1

2,887

) (1

0,907

) (1

5,861

) –

(64,5

59)

(73,3

25)

Trus

tee fe

e 13

.2 (5

0,000

) (6

0,000

) (5

0,000

) (6

0,000

) (5

0,000

) (6

0,000

) (5

0,000

) (6

0,000

) (5

0,000

) (6

0,000

) (2

7) (2

50,02

7) (3

00,00

0)Tr

ansa

ction

costs

(53,1

66)

(52,2

72)

(23,4

76)

(17,4

74)

(22,7

00)

(22,1

00)

(24,4

82)

(23,3

91)

(32,4

03)

(32,6

29)

(155

) (1

56,38

2) (1

47,86

6)Au

ditor

s' re

mune

ratio

n (2

8,050

) (2

8,050

) (2

7,350

) (2

7,350

) (2

8,050

) (2

8,050

) (2

7,350

) (2

7,350

) (2

8,050

) (2

8,050

) (6

8) (1

38,91

8) (1

38,85

0)Pu

blica

tion a

nd pr

inting

fee

(4,94

1) (6

,952)

(3,25

7) (5

,223)

(3,49

1) (5

,500)

(3,41

5) (5

,490)

(4,10

2) (5

,972)

(14)

(19,2

20)

(29,1

37)

Lega

l and

profe

ssion

al fee

(5

39)

– (2

91)

– (3

21)

– (3

15)

– (4

17)

– –

(1,88

3) –

Exha

nge d

iffere

nce

33,66

4 66

,687

701

1,25

0 82

0 1,

587

201

4,21

9 17

6 (2

96)

– 35

,562

73,44

7 Ot

her o

pera

ting e

xpen

ses

(62,8

84)

(67,4

64)

(4,40

4) (5

,194)

(5,43

9) (7

,767)

(6,08

6) (5

,973)

(7,76

3) (8

,242)

(3)

(86,5

79)

(94,6

40)

Tota

l ope

ratin

g ex

pens

es

(442

,956)

(478

,964)

(246

,986)

(245

,657)

(256

,716)

(280

,364)

(282

,713)

(296

,718)

(339

,124)

(384

,307)

(513)

(1,56

9,008

) (1

,686,0

10)

Oper

atin

g (lo

ss)/

profi

t (1

08,37

0) (5

23,45

7) 37

5,024

31

7,517

34

2,919

31,74

7 31

2,926

(4

29,55

9) 68

4,114

(3

99,67

4) (5

02)

1,606

,111

(1,00

3,426

)

Man

ulife

Hon

g K

ong

Serie

s

21

Manu

life G

loba

l Dy

nam

ic As

set

Allo

catio

n Fu

nd

Manu

life A

ll-we

athe

r Po

rtfol

io –

Capi

tal

Cons

erva

tive F

und

Manu

life A

ll-we

athe

r Po

rtfol

io –

Man

aged

Gr

owth

Fun

d

Manu

life A

ll-we

athe

r Po

rtfol

io –

Gr

owth

Fun

d

Manu

life A

ll-we

athe

r Po

rtfol

io –

Gr

owth

Plu

s Fun

d

Manu

life S

TARS

In

com

e and

Gr

owth

Fun

dCo

mbi

ned

Notes

30 Ju

ne20

2030

June

2019

30 Ju

ne20

2030

June

2019

30 Ju

ne20

2030

June

2019

30 Ju

ne20

2030

June

2019

30 Ju

ne20

2030

June

2019

For t

he p

erio

d fro

m 29

June

20

20 (d

ate o

f in

cept

ion)

to

30 Ju

ne 20

2030

June

2020

30 Ju

ne20

19US

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DFi

nanc

e Cos

t

Distr

ibutio

n to u

nitho

lders

(1,00

0,655

) (1

,329,1

49)

(117

,798)

(147

,300)

(193

,585)

(320

,097)

(386

,693)

(579

,025)

(725

,165)

(1,05

0,064

) –

(2,42

3,896

) (3

,425,6

35)

(Los

s)/ P

rofit

befor

e tax

(1

,109,0

25)

(1,85

2,606

) 25

7,226

17

0,217

14

9,334

(288

,350)

(73,7

67)

(1,00

8,584

) (4

1,051

) (1

,449,7

38)

(502

)(81

7,785

) (4

,429,0

61)

With

holdi

ng ta

x12

(47,5

47)

(21,3

45)

(20,5

02)

(32,0

87)

(23,8

72)

(34,2

42)

(29,1

57)

(32,7

34)

(38,9

52)

(47,5

18)

– (1

60,03

0) (1

67,92

6)(D

ecre

ase)

/ Incre

ase i

n net

asse

ts att

ributa

ble to

unith

older

s –

being

total

comp

rehe

nsive

(lo

ss)/

incom

e (1

,156,5

72)

(1,87

3,951

) 23

6,724

13

8,130

12

5,462

(3

22,59

2) (1

02,92

4) (1

,041,3

18)

(80,0

03)

(1,49

7,256

) (5

02)

(977

,815)

(4,59

6,987

)

Stat

emen

t of C

ompr

ehen

sive

Inco

me

(con

tinue

d)

For t

he y

ear/p

erio

d en

ded

30 J

une

2020

Man

ulife

Hon

g K

ong

Serie

s

22

Stat

emen

t of C

hang

es in

Net

Ass

ets

Attr

ibut

able

to u

nith

olde

rs

For t

he y

ear/p

erio

d en

ded

30 J

une

2020

Ma

nulif

e Glo

bal

Dyna

mic

As

set A

lloca

tion

Fund

Manu

life A

ll-we

athe

r Po

rtfol

io –

Capi

tal

Cons

erva

tive F

und

Manu

life A

ll-we

athe

r Po

rtfol

io –

Man

aged

Gr

owth

Fun

d

Manu

life A

ll-we

athe

r Po

rtfol

io –

Gr

owth

Fun

d

Manu

life A

ll-we

athe

r Po

rtfol

io –

Gr

owth

Plu

s Fun

dMa

nulif

e STA

RS In

com

e an

d Gr

owth

Fun

dCo

mbi

ned

Num

ber o

f un

its

USD

Num

ber o

f un

its

USD

Num

ber o

f un

its

USD

Num

ber o

f un

its

USD

Num

ber o

f un

its

USD

Num

ber o

f un

its

USD

Num

ber o

f un

its

USD

As at

1 Ju

ly 20

18

2,546

,168.5

9227

,580,8

721,2

01,60

8.693

12,58

7,583

2,878

,859.5

4529

,979,0

961,2

06,44

1.105

13,81

8,303

2,818

,677.4

8630

,956,0

45 –

– 10,

651,75

5.421

114,9

21,89

9

Issue

of un

its

1,396

,895.6

6013

,280,4

5533

6,698

.851

3,290

,610

1,319

,178.9

1112

,922,4

532,3

23,84

0.077

22,70

4,787

8,088

,553.4

1279

,304,2

18 –

– 13,

465,16

6.911

131,5

02,52

3Re

demp

tion o

f unit

s (1,

561,19

0.612)

(14,80

0,532

)(36

1,890

.135)

(3,54

4,859

)(2,9

08,935

.332)

(28,71

2,739

)(2,1

05,970

.023)

(20,16

9,941

)(8,6

12,212

.308)

(84,94

9,089

) –

– (15

,550,1

98.410

)(15

2,177

,160)

(Dec

reas

e)/ In

creas

e in

net a

ssets

attrib

utable

to

unith

older

s – b

eing

total

comp

rehe

nsive

ga

in/ (lo

sses

) –

(1,87

3,951

) –

138,1

30

– (3

22,59

2) –

(1,04

1,318

) –

(1,49

7,256

) –

– –

(4,59

6,987

)

As at

30 Ju

ne 20

19 an

d 1 J

uly 2

019

2,38

1,873

.640

24,18

6,844

1,17

6,417

.409

12,47

1,464

1,28

9,103

.124

13,86

6,218

1,42

4,311.

159

15,31

1,831

2,29

5,018

.590

23,81

3,918

–

– 8,5

66,72

3.922

89

,650,2

75

Issue

of un

its

495,2

92.78

7 4,

253,0

34

471,8

45.25

7 4,

680,5

61

262,5

98.72

8 2,

630,0

92 1

,148,3

28.17

7 11

,228,3

47 4

,916,0

47.11

7 46

,665,3

21

999,8

44.27

7 10

,000,0

00

8,293,

956.34

3 79

,457,3

55

Rede

mptio

n of u

nits

(985

,435.6

56)

(9,03

5,415

) (3

93,37

4.932

) (3

,900,1

16)

(259

,605.8

27)

(2,60

5,667

) (1,

238,79

6.255)

(12,1

66,74

5) (4,

959,78

2.331)

(47,5

31,69

3) –

– (7

,836,9

95.001

) (7

5,239

,636)

Incre

ase/

(Dec

reas

e) in

ne

t ass

ets at

tributa

ble

to un

ithold

ers –

bein

g tot

al co

mpre

hens

ive

(loss

)/ ga

in

– (1

,156,5

72)

–

236

,724

–

125,4

62

– (1

02,92

4) –

(8

0,003

) –

(5

02)

– (9

77,81

5)

As at

30 Ju

ne 20

20

1,891

,730.7

7118

,247,8

911,2

54,88

7.734

13,48

8,633

1,292

,096.0

2514

,016,1

051,3

33,84

3.081

14,27

0,509

2,251

,283.3

7622

,867,5

4399

9,844

.277

9,999

,498

9,023

,685.2

6492

,890,1

79

Man

ulife

Hon

g K

ong

Serie

s

23

Stat

emen

t of C

ash

Flow

s

For t

he y

ear/p

erio

d en

ded

30 J

une

2020

Ma

nulif

e Glo

bal

Dyna

mic

Asse

t Al

loca

tion

Fund

Manu

life A

ll-we

athe

r Po

rtfol

io –

Capi

tal

Cons

erva

tive F

und

Manu

life A

ll-we

athe

r Po

rtfol

io –

Man

aged

Gr

owth

Fun

d

Manu

life A

ll-we

athe

r Po

rtfol

io –

Gr

owth

Fun

d

Manu

life A

ll-we

athe

r Po

rtfol

io –

Gr

owth

Plu

s Fun

d

Manu

life S

TARS

In

com

e and

Gr

owth

Fun

dCo

mbi

ned

30 Ju

ne20

2030

June

2019

30 Ju

ne20

2030

June

2019

30 Ju

ne20

2030

June

2019

30 Ju

ne20

2030

June

2019

30 Ju

ne20

2030

June

2019

For t

he p

erio

d fro

m 29

June

20

20 (d

ate o

f in

cept

ion)

to

30 Ju

ne 20

2030

June

2020

30 Ju

ne20

19US

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DCa

sh fl

ows (

used

in)/

gene

rate

d fro

m o

pera

ting

activ

ities

(D

ecre

ase)

/ Incre

ase i

n net

asse

ts att

ributa

ble to

unith

older

s –

being

total

comp

rehe

nsive

(loss

)/ inc

ome

(1

,156,5

72)

(1

,873,9

51)

236,7

24

138,1

30

125,4

62

(322

,592)

(102

,924)

(1

,041,3

18)

(80,0

03)

(1

,497,2

56)

(502

) (9

77,81

5)

(4,59

6,987

)Ad

justm

ent fo

r: Di

stribu

tion t

o unit

holde

rs 1,

000,6

55

1,329

,149

117,7

98

147,3

00

193,5

85

320,0

97

386,6

93

579,0

25

725,1

65

1,050

,064

– 2,

423,8

96

3,425

,635

Inter

est in

come

(1

40,25

6) (1

96,51

7) (4

7,633

) (5

5,378

) (4

0,936

) (5

0,817

) (1

72)

(782

) (2

73)

(1,75

6) –

(229

,270)

(305

,250)

Divid

end i

ncom

e (3

93,06

6)(4

35,05

6)(3

68,45

1)(3

08,44

2)(2

96,65

6)(2

97,45

0)(2

98,72

9)(2

63,61

0)(2

81,68

1)(2

96,75

5)–

(1,63

8,583

)(1,6

01,31

3)W

ithho

lding

tax e

xpen

ses

47,54

7 21

,345

20,50

2 32

,087

23,87

2 34

,242

29,15

7 32

,734

38,95

2 47

,518

– 16

0,030

167,9

26

(641

,692)

(1

,155,0

30)

(41,0

60)

(46,3

03)

5,327

(316

,520)

14,02

5 (6

93,95

1) 40

2,160

(6

98,18

5) (5

02)

(261

,742)

(2

,909,9

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Man

ulife

Hon

g K

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s

24

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s Fun

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TARS

In

com

e and

Gr

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mbi

ned

30 Ju

ne20

2030

June

2019

30 Ju

ne20

2030

June

2019

30 Ju

ne20

2030

June

2019

30 Ju

ne20

2030

June

2019

30 Ju

ne20

2030

June

2019

For t

he p

erio

d fro

m 29

June

20

20 (d

ate o

f in

cept

ion)

to

30 Ju

ne 20

2030

June

2020

30 Ju

ne20

19US

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DUS

D

Net c

hang

es in

ope

ratin

g as

sets

an

d lia

bilit

ies

Decre

ase/

(Incre

ase)

in fin

ancia

l as

sests

at fa

ir valu

e thr

ough

pr

ofit o

r loss

5,86

8,556

1,5

41,68

0 (8

10,55

9) (1

5,247

) (1

05,43

5) 14

,071,3

25

585,6

11

(1

,353,2

74)

(368

,425)

3,59

4,832

(9,

994,9

95)

(4,82

5,247

) 17

,839,3

16

Incre

ase i

n due

to/ (

from)

brok

ers

443,5

09

264,8

16

(106

,160)

(475

,762)

295,6

61 (1

0,356

,340)

(806

,365)

763,8

42

(901

,056)

(903

,137)

9,995

,000

8,920

,589

(10,70

6,581

)De

creas

e/ (In

creas

e) in

othe

r re

ceiva

bles a

nd pr

epay

ments

15

55

–

– –

– –

– –

– (1

6)(1

) 55

(D

ecre

ase)

/ Incre

ase i

n acc

ounts

pa

yable

and a

ccru

ed ex

pens

es

(9,58

8) (2

2,677

)(1

,441)

(8,78

9) (1

,641)

(7,42

4) (3

,008)

(3,65

6)(2

,032)

(8,62

8) 51

3 (1

7,197

) (5

1,174

)Int

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t inco

me re

ceive

d 14

8,124

20

6,685

55

,657

54,26

9 49

,550

51,31

4 17

2 78

2 27

3 1,

756

– 25

3,776

314,8

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Divid

end i

ncom

e rec

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(net

of wi

thhold

ing ta

x) 36

7,397

40

5,955

35

2,456

273,2

00

278,3

16 26

1,845

27

5,749

22

5,320

24

7,142

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37

– 1,5

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0 1,

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Net c

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from

/ (us

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6,17

6,321

1,2

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4 (5

51,10

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1,778

3,7

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0 66

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(621

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2,23

6,475

–

5,591

,238

5,90

2,590

Stat

emen

t of C

ash

Flow

s (c

ontin

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For t

he y

ear/p

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30 J

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2020

Man

ulife

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s

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Manu

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loba

l Dy

nam

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set

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n Fu

nd

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ll-we

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r Po

rtfol

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tal

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und

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d

Manu

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ll-we

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owth

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d

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ll-we

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owth

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s Fun

d

Manu

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TARS

In

com

e and

Gr

owth

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dCo

mbi

ned

30 Ju

ne20

2030

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2019

30 Ju

ne20

2030

June

2019

30 Ju

ne20

2030

June

2019

30 Ju

ne20

2030

June

2019

30 Ju

ne20

2030

June

2019

For t

he p

erio

d fro

m 29

June

20

20 (d

ate o

f in

cept

ion)

to

30 Ju

ne 20

2030

June

2020

30 Ju

ne20

19US

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DUS

D

Cash

flow

s fro

m fi

nanc

ing

activ

ities

Issue

of un

its

3,88

3,216

13,23

4,316

4,5

33,48

0 3,

348,1

10

2,258

,131

24

,923,3

60 1

2,147

,609

21

,200,6

67 4

7,716

,646

83

,236,6

35

9,999

,980

80,53

9,062

145,9

43,08

8

Rede

mptio

n of u

nits

(9,14

8,763

)

(14,85

6,877

)(3,

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(3,61

5,082

) (2

,637,9

44)

(28

,756,0

47)

(12

,128,2

61)

(20

,173,2

43)(

47,49

3,718

)

(85,12

1,957

) –

(75,19

3,146

) (15

2,523

,206)

Distr

ibutio

n to u

nitho

lders

(620

,299)

(863

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(8,17

2) (1

3,851

)(3

3,393

) (1

01,68

4)(9

3,639

) (1

74,93

5)(3

78,17

4) (5

84,75

4) –

(1,13

3,677

)

(1,73

8,268

)Ne

t cas

h flo

w (u

sed

in)/

prov

ided

by

fina

ncin

g ac

tiviti

es

(5

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(2

,485,6

05)

740,8

48 (2

80,82

3) (4

13,20

6)

(3,93

4,371

) (7

4,291

) 85

2,489

(1

55,24

6)

(2,47

0,076

)9,9

99,98

04,2

12,23

9

(8,31

8,386

)

Net in

creas

e/ (d

ecre

ase)

in ca

sh

and c

ash e

quiva

lents

290,4

75

(1

,244,1

21)

189,7

41

(499

,455)

108,5

72

(230

,171)

(8,10

7) (2

08,44

8) (7

77,18

4) (2

33,60

1) 9,

999,9

80

9,803

,477

(2

,415,7

96)

Cash

and c

ash e

quiva

lent a

t the

begin

ning o

f the y

ear/p

eriod

115,8

72

1,359

,993

57,50

0 55

6,955

43

,179

273,3

50

95,48

0 30

3,928

31

3,094

54

6,695

–

625,1

25

3,040

,921

Cash

and c

ash e

quiva

lent a

t the

end o

f the y

ear/p

eriod

40

6,347

11

5,872

24

7,241

57

,500

151,7

51

43,17

9 87

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95,48

0 (4

64,09

0) 31

3,094

9,

999,9

80

10

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02

625,1

25

* A p

ortio

n of

the

dist

ribut

ion

to u

nith

olde

rs is

re-in

vest

ed in

to th

e fu

nd d

irect

ly. T

hese

non

-cas

h di

strib

utio

n re

-inve

stm

ents

wer

e ex

clud

ed fr

om th

e ca

sh fl

ows

of th

e fin

anci

ng a

ctiv

ities

.

Stat

emen

t of C

ash

Flow

s (c

ontin

ued)

For t

he y

ear/p

erio

d en

ded

30 J

une

2020


26

Statement of Distribution

For the period from 01 July 2019 to 30 June 2020

CurrencyDistribution Per Unit

Total Distribution

Distribution Date

Manulife Global Dynamic Asset Allocation FundMonthly DividendClass AA (USD) Inc USD 0.0345 31,604.45 9-Jul-19

Class AA (USD) Inc USD 0.0345 31,202.55 8-Aug-19

Class AA (USD) Inc USD 0.0345 31,678.83 9-Sep-19

Class AA (USD) Inc USD 0.0345 30,383.45 10-Oct-19

Class AA (USD) Inc USD 0.0345 30,780.56 8-Nov-19

Class AA (USD) Inc USD 0.0345 32,213.95 9-Dec-19

Class AA (USD) Inc USD 0.0345 29,666.90 9-Jan-20

Class AA (USD) Inc USD 0.0345 29,805.69 10-Feb-20

Class AA (USD) Inc USD 0.0345 29,884.67 9-Mar-20

Class AA (USD) Inc USD 0.0345 28,662.90 8-Apr-20

Class AA (USD) Inc USD 0.0345 29,055.13 11-May-20

Class AA (USD) Inc USD 0.0345 27,971.43 8-Jun-20

362,910.51

Class AA (HKD) Inc HKD 0.3500 275,256.50 9-Jul-19

Class AA (HKD) Inc HKD 0.3500 272,055.21 8-Aug-19

Class AA (HKD) Inc HKD 0.3500 266,471.36 9-Sep-19

Class AA (HKD) Inc HKD 0.3500 261,595.22 10-Oct-19

Class AA (HKD) Inc HKD 0.3500 256,071.65 8-Nov-19

Class AA (HKD) Inc HKD 0.3500 251,475.54 9-Dec-19

Class AA (HKD) Inc HKD 0.3500 244,217.74 9-Jan-20

Class AA (HKD) Inc HKD 0.3500 230,394.19 10-Feb-20

Class AA (HKD) Inc HKD 0.3500 225,910.08 9-Mar-20

Class AA (HKD) Inc HKD 0.3500 213,137.16 8-Apr-20

Class AA (HKD) Inc HKD 0.3500 209,073.48 11-May-20

Class AA (HKD) Inc HKD 0.3500 206,226.98 8-Jun-20

2,911,885.11

Class AA (RMB) Inc RMB 0.3630 81,130.31 9-Jul-19

Class AA (RMB) Inc RMB 0.3630 81,332.29 8-Aug-19

Class AA (RMB) Inc RMB 0.3630 80,072.24 9-Sep-19

Class AA (RMB) Inc RMB 0.3630 79,299.92 10-Oct-19

Class AA (RMB) Inc RMB 0.3630 79,889.23 8-Nov-19


27


Total Distribution

Distribution Date

Manulife Global Dynamic Asset Allocation Fund (continued)Monthly Dividend (continued)Class AA (RMB) Inc RMB 0.3630 80,091.24 9-Dec-19

Class AA (RMB) Inc RMB 0.3630 80,408.25 9-Jan-20

Class AA (RMB) Inc RMB 0.3630 80,955.22 10-Feb-20

Class AA (RMB) Inc RMB 0.3630 80,335.50 9-Mar-20

Class AA (RMB) Inc RMB 0.3630 79,671.83 8-Apr-20

Class AA (RMB) Inc RMB 0.3630 79,895.94 11-May-20

Class AA (RMB) Inc RMB 0.3630 79,390.39 8-Jun-20

962,472.36

Class AA (RMB) Inc Hedged RMB 0.3470 64,095.37 9-Jul-19

Class AA (RMB) Inc Hedged RMB 0.3470 64,251.86 8-Aug-19

Class AA (RMB) Inc Hedged RMB 0.3470 64,411.80 9-Sep-19

Class AA (RMB) Inc Hedged RMB 0.3470 61,638.32 10-Oct-19

Class AA (RMB) Inc Hedged RMB 0.3470 62,716.65 8-Nov-19

Class AA (RMB) Inc Hedged RMB 0.3470 62,939.17 9-Dec-19

Class AA (RMB) Inc Hedged RMB 0.3470 62,656.16 9-Jan-20

Class AA (RMB) Inc Hedged RMB 0.3470 60,474.37 10-Feb-20

Class AA (RMB) Inc Hedged RMB 0.3470 58,295.42 9-Mar-20

Class AA (RMB) Inc Hedged RMB 0.3470 58,127.79 8-Apr-20

Class AA (RMB) Inc Hedged RMB 0.3470 58,264.05 11-May-20

Class AA (RMB) Inc Hedged RMB 0.3470 56,540.26 8-Jun-20

734,411.22

Class I (USD) Inc USD 0.0375 2,351.21 9-Jul-19

Class I (USD) Inc USD 0.0375 2,360.74 8-Aug-19

Class I (USD) Inc USD 0.0375 2,370.53 9-Sep-19

Class I (USD) Inc USD 0.0375 2,380.27 10-Oct-19

Class I (USD) Inc USD 0.0375 2,390.21 8-Nov-19

Class I (USD) Inc USD 0.0375 2,399.90 9-Dec-19

Class I (USD) Inc USD 0.0375 2,409.66 9-Jan-20

Class I (USD) Inc USD 0.0375 1,080.56 10-Feb-20

Class I (USD) Inc USD 0.0375 1,084.82 9-Mar-20

Statement of Distribution (continued)



28




Total Distribution

Distribution Date

Manulife Global Dynamic Asset Allocation Fund (continued)Monthly Dividend (continued)Class I (USD) Inc USD 0.0375 1,503.79 8-Apr-20

Class I (USD) Inc USD 0.0375 1,510.62 11-May-20

Class I (USD) Inc USD 0.0375 1,593.66 8-Jun-20

23,435.97

Manulife All-weather Portfolio–Capital Conservative FundMonthly DividendClass AA (USD) Inc USD 0.0120 4,304.21 9-Jul-19












54,460.31













493,864.29


29




Total Distribution

Distribution Date

Manulife All-weather Portfolio–Managed Growth FundMonthly DividendClass AA (USD) Inc USD 0.0167 8,009.94 9-Jul-19












94,392.88













773,432.28

Manulife All-weather Portfolio–Growth FundQuarterly DividendClass AA (USD) Inc USD 0.0900 59,013.08 9-Jul-19




214,361.76


30




Total Distribution

Distribution Date

Manulife All-weather Portfolio – Growth Fund (continued)Quarterly Dividend (continued)Class AA (HKD) Inc HKD 0.9000 335,202.39 9-Jul-19




1,343,483.76

Manulife All-weather Portfolio – Growth Plus FundQuarterly DividendClass AA (USD) Inc USD 0.1040 145,328.87 9-Jul-19




516,216.90





1,629,028.69


There is no distribution for the sub-fund from 29 June 2020 (date of inception) to 30 June 2020.


31


For the year ended 30 June 2019


Total Distribution

Distribution Date













459,419.82













4,307,714.97




Class AA (RMB) Inc RMB 0.4167 80,165.81 9-Oct-18

Class AA (RMB) Inc RMB 0.4167 81,045.69 8-Nov-18


32


Total Distribution

Distribution Date

Manulife Global Dynamic Asset Allocation Fund (continued)Monthly Dividend (continued)Class AA (RMB) Inc RMB 0.4167 81,295.89 10-Dec-18

Class AA (RMB) Inc RMB 0.4167 82,045.12 9-Jan-19

Class AA (RMB) Inc RMB 0.4167 82,308.02 13-Feb-19

Class AA (RMB) Inc RMB 0.3630 71,935.54 8-Mar-19

Class AA (RMB) Inc RMB 0.3630 79,798.01 9-Apr-19

Class AA (RMB) Inc RMB 0.3630 80,721.83 9-May-19

Class AA (RMB) Inc RMB 0.3630 80,926.30 11-Jun-19

959,239.96

Class AA (RMB) Inc Hedged RMB 0.5000 75,613.57 10-Jul-18



Class AA (RMB) Inc Hedged RMB 0.5000 91,779.29 9-Oct-18

Class AA (RMB) Inc Hedged RMB 0.5000 96,181.43 8-Nov-18

Class AA (RMB) Inc Hedged RMB 0.5000 102,550.94 10-Dec-18

Class AA (RMB) Inc Hedged RMB 0.5000 105,559.33 9-Jan-19

Class AA (RMB) Inc Hedged RMB 0.5000 110,593.34 13-Feb-19

Class AA (RMB) Inc Hedged RMB 0.3470 77,134.33 8-Mar-19

Class AA (RMB) Inc Hedged RMB 0.3470 73,040.81 9-Apr-19

Class AA (RMB) Inc Hedged RMB 0.3470 69,987.35 9-May-19

Class AA (RMB) Inc Hedged RMB 0.3470 68,627.07 11-Jun-19

1,034,011.34




33


Total Distribution

Distribution Date

Manulife Global Dynamic Asset Allocation Fund (continued)Monthly Dividend (continued)Class I (USD) Inc USD 0.0417 2,410.12 10-Jul-18



Class I (USD) Inc USD 0.0417 2,434.30 9-Oct-18

Class I (USD) Inc USD 0.0417 2,442.58 8-Nov-18

Class I (USD) Inc USD 0.0417 2,451.13 10-Dec-18

Class I (USD) Inc USD 0.0417 2,459.88 9-Jan-19

Class I (USD) Inc USD 0.0417 1,949.47 13-Feb-19

Class I (USD) Inc USD 0.0375 1,759.80 8-Mar-19

Class I (USD) Inc USD 0.0375 2,335.25 9-Apr-19

Class I (USD) Inc USD 0.0375 2,342.69 9-May-19

Class I (USD) Inc USD 0.0375 2,343.53 11-Jun-19

27,772.97

Manulife All-weather Portfolio–Capital Conservative FundMonthly DividendClass AA (USD) Inc USD 0.0376 15,360.29 10-Jul-18












65,398.81




34


Total Distribution

Distribution Date

Manulife All-weather Portfolio–Capital Conservative Fund (continued)Monthly Dividend (continued)Class AA (HKD) Inc HKD 0.4569 161,267.48 10-Jul-18












642,292.43

Manulife All-weather Portfolio–Managed Growth FundMonthly DividendClass AA (USD) Inc USD 0.0303 62,673.90 10-Jul-18












158,759.84




35


Total Distribution

Distribution Date

Manulife All-weather Portfolio–Managed Growth Fund (continued)Monthly Dividend (continued)Class AA (HKD) Inc HKD 1.4625 542,418.06 10-Jul-18












1,265,308.87

Manulife All-weather Portfolio–Growth FundQuarterly DividendClass AA (USD) Inc USD 0.2243 104,243.53 10-Jul-18




321,196.42

Class AA (HKD) Inc HKD 2.7464 1,006,664.07 10-Jul-18




2,021,959.25




36


Total Distribution

Distribution Date





700,524.32

Class AA (HKD) Inc HKD 3.7190 1,498,420.59 10-Jul-18




2,741,277.73



Notes to Financial Statements

30 June 2020

37

1. THE TRUST

Manulife Hong Kong Series (the "Trust") is an open-ended unit trust which was constituted on 3 July 2015 and is governed by its amended and restated trust deed dated 23 December 2019, as amended or supplemented from time to time (the "Trust Deed") between Manulife Investment Management (Hong Kong) Limited ("MIMHK") as the manager (the "Manager") and BOCI-Prudential Trustee Limited as the trustee (the "Trustee"). It is established under and governed by the laws of Hong Kong. The Trust is incorporated and established for an unlimited duration. The Trust commenced operations on 27 November 2015. It has been authorised by the Hong Kong Securities and Futures Commission (the "SFC") under Section 104 of the Securities and Futures Ordinance.

The Trust consists of six sub-funds, namely Manulife Global Dynamic Asset Allocation Fund, Manulife All-weather Portfolio – Capital Conservative Fund, Manulife All-weather Portfolio – Managed Growth Fund, Manulife All-weather Portfolio – Growth Fund, Manulife All-weather Portfolio – Growth Plus Fund and Manulife STARS Income and Growth Fund (collectively referred to as the "Sub-Funds").

The investment activities of the Sub-Funds are managed by MIMHK.

Manulife STARS Income and Growth Fund was set up on 29 June 2020. The first financial reporting period is from 29 June 2020 (date of inception) to 30 June 2020.

2.1 BASIS OF PREPARATION

These financial statements of the Trust and the Sub-Funds have been prepared in accordance with Hong Kong Financial Reporting Standards ("HKFRSs") issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA"), accounting principles generally accepted in Hong Kong and the relevant disclosure provisions of the Trust Deed and its supplement deeds, and the relevant disclosure provisions specified in Appendix E to the Code on Unit Trusts and Mutual Funds issued by the SFC (the "SFC Code").

The financial statements have been prepared on a historical cost basis, except for financial assets and financial liabilities classified as at fair value through profit or loss, that have been measured at fair value.

The financial statements of the Trust and the Sub-Funds are presented in United States dollars ("USD"), which is the functional and presentation currency of the Trust and the Sub-Funds.

2.2 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES

The Trust and the Sub-Funds have adopted the following revised HKFRSs for the first time for the current year/period's financial statements, which is applicable to the Trust and the Sub-Funds.

Amendments to HKFRS 9 Prepayment Features with Negative CompensationHK(IFRIC)-Int 23 Uncertainty over Income Tax Treatments

The nature and the impact of the amendment are described below:

Amendments to HKFRS 9 Prepayment Features with Negative Compensation

Under HKFRS 9, a debt instrument can be measured at amortised cost or at fair value through other comprehensive income, provided that the contractual cash flows are ‘solely payments of principal and interest on the principal amount outstanding' (the SPPI criterion) and the instrument is held within the appropriate business model for that classification. The amendments to HKFRS 9 clarify that a financial asset passes the SPPI criterion regardless of an event or circumstance that causes the early termination of the contract and irrespective of which party pays or receives reasonable compensation for the early termination of the contract. The amendments are not expected to have any significant impact on the Trust's and the Sub-Funds' financial statements.


30 June 2020

38

2.2 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES (continued)

HK(IFRIC)-Int 23 Uncertainty over Income Tax Treatments

The interpretation addresses the accounting for income taxes when tax treatments involve uncertainty that affects the application of HKAS 12. The interpretation does not apply to taxes or levies outside the scope of HKAS 12, nor does it specifically include requirements relating to interest and penalties associated with uncertain tax treatments. The interpretation specifically addresses the following:

• Whether an entity considers uncertain tax treatments separately;• The assumptions an entity makes about the examination of tax treatments by taxation authorities;• How an entity determines taxable profits (tax losses), tax bases, unused tax losses, unused tax credits and tax rates;• How an entity considers changes in facts and circumstances.

The interpretation is not expected to have any significant impact on the Trust's and the Sub-Funds' financial statements.

2.3 ISSUED BUT NOT YET EFFECTIVE HONG KONG FINANCIAL REPORTING STANDARDS

The Trust and the Sub-Funds have not applied the following new and revised HKFRSs, which have been issued but are not yet effective, in these financial statements.

Amendments to HKAS 1 and HKAS 8 Definition of Material1

Amendments to HKFRS 9, HKAS 39 and HKFRS 7 Interest Rate Benchmark Reform1

1 Effective for annual periods beginning on or after 1 January 2020

Further information about those HKFRSs that are expected to be applicable to the Trust and the Sub-Funds are as follows:

Amendments to HKAS 1 and HKAS 8 Definition of Material

The amendments to HKAS 1 and HKAS 8 were issued in January 2019 to align the definition of "material" across the standards and to clarify certain aspects of the definition. The new definition states that information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements. The amendments clarify that materiality will depend on the nature or magnitude of information, or both. The amendments are effective for reporting periods beginning on or after 1 January 2020 and are not expected to have any impact on the financial position or performance of the Trust and the Sub-Funds upon adoption.

Amendments to HKFRS 9, HKAS 39 and HKFRS 7 Interest Rate Benchmark Reform

The amendments were issued in November 2019 and address the effects of Interbank Offered Rate ("IBOR") reform on financial reporting. The amendments provide temporary reliefs which enable hedge accounting to continue during the period of uncertainty before the replacement of an existing interest rate benchmark with an alternative nearly risk-free interest rate (an RFR). In addition, the amendments require companies to provide additional information to investors about their hedging relationships which are directly affected by these uncertainties.

The amendments are effective for annual periods beginning on or after 1 January 2020. Early application is permitted. The amendments are not expected to have any impact on the financial position or performance of the Trust and the Sub-Funds upon adoption.


30 June 2020

39

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The significant accounting policies applied in the preparation of these financial statements are set out below.

(A) Financial Instruments

Receivables that do not contain a significant financial component or for which the Trust and the Sub-Funds have applied the practical expedient of not adjusting the effect of a significant financial component are measured at the transaction price determined under HKFRS 15. All the other financial assets are initially recognised at fair value plus transaction costs that are attributable to the acquisition of the financial assets, except in the case of financial assets recorded at fair value through profit or loss. Regular way purchases and sales of financial assets are recognised on the trade date, that is, the date when the Trust and the Sub-Funds commit to purchase or sell the assets.

(a) Classification and measurement

The Trust and the Sub-Funds measure financial assets at amortised cost if the financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets measured at amortised cost using the effective interest rate method, subject to impairment if the assets are held for the collection of contractual cash flows where those contractual cash flows represent solely payments of principal and interest.

Financial assets are measured at fair value through other comprehensive income if the assets' contractual cash flows represent solely payments of principal and interest and the assets are held for collection of contractual cash flows and for selling the financial assets. Such financial assets are subsequently measured at fair value with any gains or losses from changes in fair value recognised in other comprehensive income, except for impairment losses and reversal, foreign exchange gains and losses and interest calculated using the effective interest rate method which are recognised in profit or loss. The cumulative gains or losses previously recognised in other comprehensive income are reclassified from other comprehensive income to profit or loss when the financial asset is derecognised.

Financial assets that do not meet the criteria for amortised cost or as financial assets at fair value though other comprehensive income are measured at fair value through profit or loss. Interest income for these financial assets is included in interest income.

Equity investments are measured at fair value through profit or loss unless, on initial recognition, the Trust and the Sub-Funds have irrevocably elected to designate if investments that are not held for trading as equity investments at fair value through other comprehensive income. Dividends of such investments are recognised in profit or loss when the Trust's and the Sub-Funds' right to receive payment is established. Changes in the fair value of such investments are recognised in other comprehensive income and are never recycled to profit or loss even when the assets are sold.

The Trust's and the Sub-Funds' accounting policy regarding the redeemable units is described in section (G) below.


30 June 2020

40

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

(A) Financial Instruments (continued)

(a) Classification and measurement (continued)

Financial liabilities (other than those recognised as at fair value through profit or loss) include accounts payable and accrued expenses and due to brokers. They are initially recognised at the fair value of the consideration received less directly attributable transaction costs. After initial recognition, they are subsequently measured at amortised cost using the effective interest rate method.

Financial liabilities are derecognised when they are extinguished, i.e., when the obligation is discharged or cancelled, or expires.

Financial liabilities recognised by the Trust and the Sub-Funds refer to derivative financial instruments as described in section (C) below.

(b) Impairment

The Trust and the Sub-Funds apply the expected credit loss model on all the financial assets that are subject to impairment. For trade receivables, without a significant financial component, if any, the Trust and the Sub-Funds apply the simplified approach which requires impairment allowances to be measured at lifetime expected credit losses ("ECLs"). There are no trade receivables held by the Trust and the Sub-funds as at year/period-end.

For other financial assets, impairment allowances are recognised under the general approach where ECLs are recognised in two stages. For credit exposures where there has not been a significant increase in credit risk since initial recognition, the Trust and the Sub-funds are required to provide for credit losses that result from possible default events within the next 12 months. For those credit exposures where there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure irrespective of the timing of the default.

(c) Derecognition

Financial assets are derecognised when the Trust and the Sub-Funds have transferred their rights to receive cash flows from an asset or have entered into a pass-through arrangement, and have neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Trust's and the Sub-Funds' continuing involvement in the asset.

The Trust and the Sub-Funds derecognise a financial liability when the obligation under the liability is discharged, cancelled or expires. (B) Fair value measurement

The Sub-Funds measure its investments in financial instruments, such as interest bearing investments at fair value at each reporting date.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability or, in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible to the Sub-Funds.


30 June 2020

41


(B) Fair value measurement (continued)

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

The fair value for financial instruments traded in active markets at the reporting date is based on their quoted price or binding dealer price quotations, without any deduction for transaction costs.

For all other financial instruments not traded in an active market, the fair value is determined by using appropriate valuation techniques, such as, recent arm's length market transactions, quotes from brokers and market makers, deemed to be appropriate in the circumstances.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

• Level 1–Quoted (unadjusted) market prices in active markets for identical assets or liabilities• Level 2–Valuation techniques for which the lowest level input that is significant to the fair value

measurement is directly or indirectly observable

• Level 3–Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

(C) Derivative financial instruments

The Trust and the Sub-funds use derivative financial instruments such as forward currency contracts, to hedge their foreign currency risk. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative.

Any gains or losses arising from changes in fair value of derivatives are taken directly to profit or loss.

(D) Offsetting financial instruments

Financial assets and financial liabilities are offset and the net amount reported in the statement of financial position if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously. This is generally not the case with master-netting agreements, and the related assets and liabilities are presented gross in the statement of financial position.

For assets and liabilities that are recognised in the financial statements on a recurring basis, the Sub-Funds determine whether transfers have occurred between levels in the hierarchy by re-assessing the categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the beginning of each reporting period.


30 June 2020

42


(E) Functional and presentation currencies

Liquidity of the Trust and the Sub-Funds is managed on a day-to-day basis in USD in order to handle the issuance and redemptions of the Trust's and the Sub-Funds' units. The currency is also used to evaluate the Trust's and the Sub-Funds' performance. Management therefore considers USD as the currency that most faithfully represents the economic effects of the underlying transactions, events and conditions.

(F) Foreign currency translations

Transactions during the year/period, including purchases and sales of securities, income and expenses, are translated at the rates of exchange prevailing on the dates of the transactions.

Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency rate of exchange ruling at the end of each reporting period.

Non–monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non–monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined.

Foreign currency transaction gains and losses on financial instruments classified as at fair value through profit or loss are included in the statement of comprehensive income as part of the "Net gains/(losses) on financial assets and liabilities at fair value through profit or loss". Foreign exchange differences on other financial instruments are included in the statement of comprehensive income as "Net foreign exchange loss".

(G) Redeemable units

Redeemable units are redeemable at the unitholders' option and are classified as financial liabilities, and measured at the redemption amount. The Trust and the Sub-Funds continuously assess the classification of redeemable units.

(H) Cash and cash equivalents

Cash and cash equivalents in the statement of financial position consist of cash balances on deposits with financial institutions with original maturities of three months or less.

(I) Amounts due to and due from brokers

Amounts due to brokers are payables for securities purchased (in a regular way transaction) that have been contracted for, but not yet delivered, on the reporting date. Refer to 2.4 (A) for the accounting policy for recognition and measurement of financial liabilities, other than those classified as at fair value through profit or loss.

Amounts due from brokers include margin accounts and receivables for securities sold (in a regular way transaction) that have been contracted for, but not yet delivered, on the reporting date. Refer to 2.4 (A) for the accounting policy for debt instruments measured at amortised cost for recognition and measurement.

Margin accounts represent cash deposits held with brokers as collateral against open futures contracts.


30 June 2020

43


(J) Revenue recognition

Revenue is recognised when it is probable that the economic benefits will flow to the Sub-funds and when the revenue can be measured reliably, on the following bases:

Realised and unrealised gains and losses on investments at fair value through profit or loss are dealt with in profit or loss in the year/period in which they arise.

Interest income is recognised in the statement of comprehensive income for all interest-bearing financial instruments under an effective interest method.

Dividend income is accounted for an ex-dividend basis gross of any irrecoverable withholding taxes, which are disclosed separately in the statement of comprehensive income.

(K) Expenses

All expenses are accounted for on an accrual basis.

(L) Distributions to unitholders

Distributions are at the discretion of the investment manager. A distribution to the Trust's and the Sub-Funds' unitholders is accounted for as a finance cost recognised in the statement of comprehensive income.

(M) Income taxes

In some jurisdictions, investment income and capital gains are subject to withholding tax deducted at the source of the income. The Trust and the Sub-Funds present the withholding tax separately from the gross investment income in the profit or loss. For the purpose of the statement of cash flows, cash inflows from investments are presented net of withholding taxes, when applicable.

The Trust and the Sub-Funds are exempted from Hong Kong profits tax on profits arising from authorised activities under Section 26A (1A) of the Hong Kong Inland Revenue Ordinance. No Hong Kong profits tax has been provided as the Trust and the Sub-Funds are exempted from Hong Kong profits tax.

Further details on taxation are provided in Note 12.

(N) Related parties

A party is considered to be related to the Trust or the Sub-Funds if:

(a) the party is a person or a close member of that person's family and that person

(i) has control or joint control over the Trust or the Sub-Funds; (ii) has significant influence over the Trust or the Sub-Funds; or (iii) is a member of the key management personnel of the Trust or the Sub-Funds or of

aparent of the Trust or the Sub-Funds;or


30 June 2020

44


(N) Related parties (continued)

(b) the party is an entity where any of the following conditions applies:

(i) the entity and the Trust or the Sub-Funds are members of the same group; (ii) one entity is an associate or joint venture of the other entity (or of a parent, subsidiary or

fellow subsidiary of the other entity); (iii) the entity and the Trust or the Sub-Funds are joint ventures of the same third party; (iv) one entity is a joint venture of a third entity and the other entity is an associate of the

third entity; (v) the entity is a post-employment benefit plan for the benefit of employees of either the

Sub-Funds or an entity related to the Trust or the Sub-Funds; (vi) the entity is controlled or jointly controlled by a person identified in (a); (vii) a person identified in (a)(i) has significant influence over the entity or is a member of the

key management personnel of the entity (or of a parent of the entity); and (viii) the entity, of any member of a group of which it is a part, provides key management

personnel services to the Trust or the Sub-Funds or to the parent of the Trust or the Sub-Funds.

(O) Preliminary expenses

Preliminary expenses are expensed as incurred. Further details on preliminary expenses are provided in Note 19.

2.5 SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS

The preparation of the Trust's and the Sub-Funds' financial statements requires management to make judgements, estimates and assumptions that affect the amounts recognised in the financial statements. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future.

Going concern

The Trust's and the Sub-Funds' management has made an assessment of the Trust's and the Sub-Funds' ability to continue as a going concern and is satisfied that the Trust and the Sub-Funds have the resources to continue in business for the foreseeable future. Furthermore, neither the Manager nor the Trustee is aware of any material uncertainties that may cast significant doubt upon the Trust's and the Sub-Funds' ability to continue as a going concern. Therefore, the financial statements are prepared on the going concern basis.

Taxation

In preparing these financial statements, the Manager has made certain assumptions and used various estimates concerning the tax exposure which is dependent on what might happen in the future. The resulting accounting estimates may not equal the related actual results.

45

Not

es to

Fin

anci

al S

tate

men

ts

30 J

une

2020

3.

FIN

AN

CIA

L A

SSET

S/LI

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For d

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f the

fina

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and

finan

cial

liab

ilitie

s at

fair

valu

e th

roug

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page

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116

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19, n

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give

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ll-we

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Manu

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In

com

e and

Gr

owth

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dCo

mbi

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30 Ju

ne20

2030

June

2019

30 Ju

ne20

2030

June

2019

30 Ju

ne20

2030

June

2019

30 Ju

ne20

2030

June

2019

30 Ju

ne20

2030

June

2019

30 Ju

ne 20

2030

June

2020

30 Ju

ne20

19US

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DFi

nanc

ial as

sets

at fa

ir va

lue

thro

ugh

profi

t or l

oss h

eld fo

r tra

ding

Bond

Inve

stmen

ts 2,

283,7

60

2,597

,678

1,79

8,741

1,8

18,36

8 1,

577,7

01

1,597

,813

– –

– –

– 5,

660,2

02

6,013

,859

Co

llecti

ve In

vestm

ent S

chem

es

15,87

4,450

21,41

5,730

11,52

2,019

10,69

1,833

12,35

1,980

12,22

6,433

11,40

2,996

12,17

0,945

17,32

5,814

17,36

2,821

9,995

,000

78,47

2,259

73,86

7,762

De

posit

Rec

eipt

– –

– –

– –

190,8

01

179,3

14

294,9

38

279,4

67

– 48

5,739

45

8,781

Listed

Equ

ities

– –

– –

– –

2,57

3,965

2,

403,1

14

3,938

,908

3,54

8,947

–

6,51

2,873

5,9

52,06

1

Forw

ard c

urre

ncy c

ontra

cts

3,37

3 10

,008

– –

– –

– –

– –

– 3,

373

10,00

8 To

tal fin

ancia

l ass

ets at

fair v

alue

throu

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ofit o

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for t

radin

g18

,161,5

83

24

,023,4

16

13

,320,7

60

12

,510,2

01

13

,929,6

81

13

,824,2

46

14

,167,7

62

14

,753,3

73

21

,559,6

60

21

,191,2

35

9,99

5,000

91,13

4,446

86,30

2,471

46

Not

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Fin

anci

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tate

men

ts

30 J

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2020

Manu

life G

loba

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nam

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Gr

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30 Ju

ne20

2030

June

2019

30 Ju

ne20

2030

June

2019

30 Ju

ne20

2030

June

2019

30 Ju

ne20

2030

June

2019

30 Ju

ne20

2030

June

2019

30 Ju

ne 20

2030

June

2020

30 Ju

ne20

19US

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DUS

D

Fina

ncial

liabil

ities a

t fair v

alue t

hrou

gh

profi

t or lo

ss he

ld for

trad

ing

Fo

rwar

d cur

renc

y con

tracts

(6

,275)

(29)

– –

– –

– –

– –

(5)

(6,28

0) (2

9)

Futur

es

(4,37

1) (3

,894)

– –

– –

– –

– –

– (4

,371)

(3,89

4)

Total

finan

cial li

abilit

ies at

fair v

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throu

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) (3

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– –

– –

– –

– –

(5)

(10,6

51)

(3,92

3)

Net g

ains/(

losse

s) on

finan

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ssets

/lia

bilitie

s at fa

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s R

ealis

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(450

,219)

(1,92

3,475

)(6

8,177

)(7

45,36

2)(1

7,636

)(8

47,12

8)16

9,110

(1,32

3,400

)44

1,532

(1,55

2,489

) –

74,61

0 (6

,391,8

54)

Unr

ealis

ed

251,4

83

1,247

,409

274,1

03

944,7

16

279,6

79

810,9

72

127,6

28

926,1

67

299,7

52

1,23

8,611

(5

) 1,

232,6

40

5,167

,875

(198

,736)

(676

,066)

205,9

26

199,3

54

262,0

43

(36,1

56)

296,7

38

(397

,233)

741,2

84

(313

,878)

(5)

1,307

,250

(1,22

3,979

)

3.

FIN

AN

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L A

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S/LI

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OSS

(con

tinue

d)


30 June 2020

47

4. FAIR VALUE OF FINANCIAL INSTRUMENTS

The following table shows financial instruments recognised at fair value, analysed between those whose fair value is based on:

– Quoted (unadjusted) prices in active markets for identical assets or liabilities (Level 1); – Those involving inputs other than quoted prices included in Level 1 that are observable for the

asset or liability, either directly (as prices) or indirectly (derived from prices) (Level 2); and– Those with inputs for the asset or liability that are not based on observable market data

(unobservable inputs) (Level 3).

Fair value hierarchyAs at 30 June 2020 Level 1 Level 2 Level 3 Total

USD USD USD USDFinancial assets at fair value through profit or lossManulife Global Dynamic Asset Allocation FundBond Investments – 2,283,760 – 2,283,760 Collective Investment Schemes – Equities 15,874,450 – – 15,874,450 Forward currency contracts – 3,373 – 3,373

Manulife All-weather Portfolio–Capital Conservative FundBond Investments – 1,798,741 – 1,798,741 Collective Investment Schemes – Equities 11,522,019 – – 11,522,019

Manulife All-weather Portfolio – Managed Growth FundBond Investments – 1,577,701 – 1,577,701 Collective Investment Schemes – Equities 12,351,980 – – 12,351,980

Manulife All-weather Portfolio – Growth Fund Collective Investment Schemes – Equities 11,402,996 – – 11,402,996 Stocks – Equities 2,573,965 – – 2,573,965 Deposit Receipt – Equities 190,801 – – 190,801

Manulife All-weather Portfolio – Growth Plus FundCollective Investment Schemes – Equities 17,325,814 – – 17,325,814 Stocks – Equities 3,938,908 – – 3,938,908 Deposit Receipt – Equities 294,938 – – 294,938

Manulife STARS Income and Growth Fund Collective Investment Schemes – Equities 9,995,000 – – 9,995,000

Total financial assets at fair value through profit or loss 85,470,871 5,663,575 – 91,134,446


30 June 2020

48

As at 30 June 2020 Level 1 Level 2 Level 3 TotalUSD USD USD USD

Financial liabililites at fair value through profit or lossManulife Global Dynamic Asset Allocation FundForward currency contracts – (6,275) – (6,275)Futures contracts (4,371) – – (4,371)

Manulife STARS Income and Growth Fund Forward currency contracts – (5) – (5)

Total financial liabilities at fair value through profit or loss (4,371) (6,280) – (10,651)


Financial assets at fair value through profit or lossManulife Global Dynamic Asset Allocation FundBond Investments – 2,597,678 – 2,597,678 Collective Investment Schemes–Equities 21,415,730 – – 21,415,730 Forward currency contracts – 10,008 – 10,008

Manulife All-weather Portfolio–Capital Conservative FundBond Investments – 1,818,368 – 1,818,368Collective Investment Schemes–Equities 10,691,833 – – 10,691,833

Manulife All-weather Portfolio–Managed Growth FundBond Investments – 1,597,813 – 1,597,813 Collective Investment Schemes–Equities 12,226,433 – – 12,226,433

Manulife All-weather Portfolio–Growth FundCollective Investment Schemes–Equities 12,170,945 – – 12,170,945 Stocks–Equities 179,314 – – 179,314 Deposit Receipt–Equities 2,403,114 – – 2,403,114

Manulife All-weather Portfolio–Growth Plus FundCollective Investment Schemes–Equities 17,362,821 – – 17,362,821 Stocks–Equities 3,548,947 – – 3,548,947 Deposit Receipt–Equities 279,467 – – 279,467

Total financial assets at fair value through profit or loss 80,278,604 6,023,867 – 86,302,471

4. FAIR VALUE OF FINANCIAL INSTRUMENTS (continued)

Fair value hierarchy (continued)


30 June 2020

49

4. FAIR VALUE OF FINANCIAL INSTRUMENTS (continued)

Fair value hierarchy (continued)


Financial liabililites at fair value through profit or loss

Manulife Global Dynamic Asset Allocation FundForward currency contracts – (29) – (29)Futures contracts (3,894) – – (3,894)

Total financial liabilities at fair value through profit or loss (3,894) (29) – (3,923)

Level 1 financial assets/liabilities at fair value through profit or loss are marketable securities. Such investments are valued at the stock exchange's last traded prices and quoted mid prices at the close of business on 30 June 2020 and 30 June 2019, respectively.

Level 2 financial assets/liabilities at fair value through profit or loss are securities that are valued based on brokers' quoted prices, alternative pricing sources supported by observable inputs or those not actively traded at the close of business on 30 June 2020 and 30 June 2019.

Level 3 financial assets/liabilities at fair value through profit or loss are securities that have significant unobservable inputs as they are traded infrequently.

There were no other transfers between Level 1, Level 2 and Level 3 during the year/period (2019 Nil).

All fair value measurements disclosed are recurring fair value measurements.

50

Not

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Fin

anci

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tate

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ts

30 J

une

2020

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30 June 2020

53

9. REDEEMABLE UNITS

As at 30 June 2020 and 30 June 2019, the below Classes of units are available for subscription in the Sub-Funds:


– Class AA (USD) Inc, for investment by retail investors– Class AA (HKD) Inc, for investment by retail investors– Class AA (RMB) Inc, for investment by retail investors– Class AA (RMB) Inc Hedged, for investment by retail investors– Class AA (USD) Acc, for investment by retail investors– Class I (USD) Inc, for investment by institutional investors only


– Class AA (USD) Inc, for investment by retail investors– Class AA (HKD) Inc, for investment by retail investors– Class AA (USD) Acc, for investment by retail investors








– Class AA (USD) Inc, for investment by retail investors– Class AA (HKD) Inc, for investment by retail investors– Class AA (RMB) Inc Hedged, for investment by retail investors– Class AA (USD) Acc, for investment by retail investors


30 June 2020

54

9. REDEEMABLE UNITS (continued)

During the year/period ended 30 June 2020 and 30 June 2019, the number of units issued, redeemed and outstanding was as follows:


Class AA(USD) Inc

Class AA (HKD) Inc

Class AA(RMB) Inc

Class AA(RMB) Inc

HedgedClass AA

(USD) AccClass I

(USD) Inc

Balance as at 30 June 2018 965,232.864 959,680.310 191,153.880 151,227.160 221,031.610 57,842.768

Issue of units of the year 1,041,123.598 162,487.132 55,490.685 95,461.997 24,872.419 17,459.829

Redemption of units of the year (1,090,285.666) (335,720.350) (23,145.036) (61,976.313) (37,476.237) (12,587.010)

Balance as at 30 June 2019 and 1 July 2019 916,070.796 786,447.092 223,499.529 184,712.844 208,427.792 62,715.587

Issue of units of the year 431,641.174 18,562.135 9,258.512 10,857.731 9,438.160 15,535.075

Redemption of units of the year (579,480.971) (261,117.947) (17,944.722) (37,015.152) (54,311.566) (35,565.298)

Balance as at 30 June 2020 768,230.999 543,891.280 214,813.319 158,555.423 163,554.386 42,685.364

Manulife All-weather Portfolio – Capital Conservative Fund Class AA(USD) Inc

Class AA (HKD) Inc

Class AA(USD) Acc

Balance as at 30 June 2018 409,039.318 352,958.684 439,610.691

Issue of units of the year 181,180.238 31,994.973 123,523.640

Redemption of units of the year (231,535.062) (44,080.570) (86,274.503)

Balance as at 30 June 2019 and 1 July 2019 358,684.494 340,873.087 476,859.828Issue of units of the year 229,133.310 10,401.963 232,309.984



Manulife All-weather Portfolio – Managed Growth FundClass AA(USD) Inc

Class AA (HKD) Inc

Class AA(USD) Acc

Balance as at 30 June 2018 2,069,202.667 370,882.146 438,774.732

Issue of units of the year 1,216,235.699 46,394.566 56,548.646

Redemption of units of the year (2,805,801.049) (30,001.960) (73,132.323)

Balance as at 30 June 2019 and 1 July 2019 479,637.317 387,274.752 422,191.055 Issue of units of the year 178,016.574 9,453.480 75,128.674




30 June 2020

55


Manulife All-weather Portfolio – Growth Fund Class AA(USD) Inc

Class AA (HKD) Inc

Class AA(USD) Acc




Balance as at 30 June 2019 and 1 July 2019 655,700.916 372,447.091 396,163.152 Issue of units of the year 1,014,761.075 15,215.474 118,351.628



Manulife All-weather Portfolio – Growth Plus Fund Class AA(USD) Inc

Class AA (HKD) Inc

Class AA(USD) Acc




Balance as at 30 June 2019 and 1 July 2019 1,397,393.078 410,478.002 487,147.510 Issue of units of the year 4,820,796.310 21,270.955 73,979.852



Manulife STARS Income and Growth Fund Class AA(USD) Inc

Class AA (HKD) Inc

Class AA(RMB) Inc Hedged

Class AA(USD) Acc

Balance as at 29 June 2020 (date of inception) – – – –

Issue of units of the period 300.000 232.327 211.950 999,100.000

Redemption of units of the period – – – –

Balance as at 30 June 2020 300.000 232.327 211.950 999,100.000


30 June 2020

56


As a result of the ability to issue and redeem shares, the capital of the Sub-Funds can vary depending on the demand for subscriptions and redemptions to the Sub-Funds. The Sub-Funds are not subject to externally imposed capital requirements and have no legal restrictions on the issue or redemption of redeemable units beyond those included in the Trust's prospectus.

With a view to protecting the interests of all unitholders of the Sub-Funds, the Manager may, with the approval of the Trustee, limit the number of units of the Sub-Funds redeemed on any dealing day (whether by sale to the Manager or by cancellation of units) to 10% of the total number of units of the relevant sub-fund in issue. In such event, the limitation will apply pro rata so that all unitholders of the relevant sub-fund who have validly requested to redeem units of the same sub-fund on that dealing day will redeem the same proportion of such units of that sub-fund. Any units not redeemed (but which would otherwise have been redeemed) will be carried forward for redemption, subject to the same limitation, and will have priority on the next succeeding dealing day and all following dealing days (in relation to which the Manager has the same power) until the original request has been satisfied in full. If requests for redemption are so carried forward, the Manager will inform the unitholders concerned.

For the Sub-Funds, units are available for subscriptions and redemptions on each dealing day.

57

Not

es to

Fin

anci

al S

tate

men

ts

30 J

une

2020

10.

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30 June 2020

59

13. FEES AND CHARGES

13.1 Management fees

MIMHK, the Investment Manager, is entitled to receive management fees at the percentage specified below per annum on the NAV of the relevant class of units in the Sub-Funds, accrued and calculated daily and payable monthly in arrears.


Class AA (USD) Inc

Class AA (HKD) Inc

Class AA (RMB) Inc

Class AA (RMB) Inc

Hedged

Class AA (USD) Acc

Class I (USD) Inc

1.20% 1.20% 1.20% 1.20% 1.20% Nil

Manulife All-weather Portfolio – Capital Conservative FundClass AA (USD) Inc Class AA (HKD) Inc Class AA (USD) Acc

1.00% 1.00% 1.00%

Manulife All-weather Portfolio – Managed Growth FundClass AA (USD) Inc Class AA (HKD) Inc Class AA (USD) Acc

1.00% 1.00% 1.00%

Manulife All-weather Portfolio – Growth FundClass AA (USD) Inc Class AA (HKD) Inc Class AA (USD) Acc

1.20% 1.20% 1.20%

Manulife All-weather Portfolio – Growth Plus FundClass AA (USD) Inc Class AA (HKD) Inc Class AA (USD) Acc

1.20% 1.20% 1.20%

Manulife STARS Income and Growth FundClass AA (USD) Inc Class AA (HKD) Inc Class AA (RMB) Inc Hedged Class AA (USD) Acc

1.20% 1.20% 1.20% 1.20%


30 June 2020

60

13. FEE AND CHARGES (continued)

13.2 Trustee fee

BOCI-Prudential Trustee Limited, in relation to its duties as the Trustee, is entitled to receive, on an annual basis, a trustee fee from the Sub-Funds at the below rates:

- From 1 July 2019 to 31 January 2020

(i) 0.125% per annum of the first USD50 million of the net asset value of the Sub-Funds; (ii) 0.11% per annum of the next USD80 million of the net asset value of the Sub-Funds; (iii) 0.10% per annum on the next USD100 million of the net asset value of the Sub-Funds; (iv) 0.09% per annum of the remaining balance of the net asset value of the Sub-Funds

- From 1 February 2020 onwards

(i) 0.10% per annum on the first USD100 million of the net asset value of the Sub-Funds; (ii 0.09% per annum on the remaining balance of the net asset value of the Sub-Funds

The Sub-Funds are subject to a monthly minimum fee of USD5,000 from 1 July 2019 to 31 January 2020 and USD3,000 starting from 1 February 2020, which is accrued on each dealing day and is paid monthly in arrears. The monthly minimum fee is waived for the first year of the launch of the Sub-Funds.

13.3 Custodian fee

The Custodian, Bank of China (Hong Kong) Limited, is entitled to (among others) transaction fees and safe-keeping fees at different rates, largely depending on the markets where the Custodian is required to hold the Sub-Funds' assets. Such fees will be calculated monthly and will be paid monthly in arrears, out of the assets of the relevant Sub-Funds. The Custodian will also be entitled to reimbursement by the Sub-Funds for any out-of-pocket expenses incurred in the course of its duties.


30 June 2020

61

14. FINANCIAL RISK AND MANAGEMENT OBJECTIVES AND POLICIES

Introduction

The Sub-Funds' objective in managing risk is to achieve the investment objectives. Risk is inherent in the activities of the Sub-Funds, but it is managed through a process of ongoing identification, measurement and monitoring, subject to risk limits and other controls. The Sub-Funds are exposed to market risk (which includes price risk, interest rate risk and foreign currency risk), credit risk and liquidity risk.

(a) Market risk

Market risk is the risk that the value of financial assets will fluctuate as a result of changes in market prices, foreign currencies and interest rates whether those changes are caused by factors specific to the individual assets or factors affecting all assets in the market.

All securities investments are exposed to a risk of loss of capital. The Sub-Funds minimise their exposure to market price risk through (i) deliberate securities selection, and (ii) diversification of the investment portfolio. The Sub-Funds will not invest more than 10 per cent of the net asset value in the securities of a single issuer.

Equity price risk

Equity price risk is the risk that the value of a financial instrument will fluctuate due to changes in market prices, whether those changes are caused by factors specific to the individual instrument or factors affecting all instruments in the market.

All securities investments are exposed to a risk of loss of capital. The Sub-Funds' equity price risk is managed through deliberate securities/industry sector selection.

Sensitivity analysis

The sensitivity analyses below have been determined based on the exposure to equity price risk at the reporting date.


As at 30 June 2020, the sub-fund, by using an industry standard risk model, estimated that if equity prices had been 20% higher/lower (2019: 20% higher/lower), net profit for the year ended 30 June 2020 would have increased/decreased by USD3,174,890 (2019: USD 4,283,146). This is mainly due to the changes in fair value of the equity investments of USD15,874,450 (2019: USD21,415,730).


As at 30 June 2020, the sub-fund, by using an industry standard risk model, estimated that if equity prices had been 20% higher/lower (2019: 20% higher/lower), net profit for the year ended 30 June 2020 would have increased/decreased by USD3,779,453 (2019: USD2,822,644). This is mainly due to the changes in fair value of the equity investments of USD11,522,019 (2019: USD10,691,833).


As at 30 June 2020, the sub-fund, by using an industry standard risk model, estimated that if equity prices had been 20% higher/lower (2019: 20% higher/lower), net profit for the year ended 30 June 2020 would have increased/decreased by USD2,973,122 (2019: USD 2,924,318). This is mainly due to the changes in fair value of the equity investments of USD12,351,980 (2019: USD12,226,433).


30 June 2020

62

14. FINANCIAL RISK AND MANAGEMENT OBJECTIVES AND POLICIES (continued)

(a) Market risk (continued)

Equity price risk (continued)

Sensitivity analysis (continued)






As at 30 June 2020, the sub-fund, by using an industry standard risk model, estimated that if equity prices had been 20% higher/lower, net profit for the year/period ended 30 June 2020 would have increased/decreased by USD1,999,000. This is mainly due to the changes in fair value of the equity investments of USD9,995,000.

Interest rate risk

Interest rate risk arises from the effects of fluctuations in the prevailing levels of markets interest rates on the fair value of interest-bearing assets and future cash flows.

As the Sub-Funds have invested in bonds whose values are driven significantly by changes in interest rates, the Sub-Funds are subject to interest rate risk. When interest rates rise, the value of previously acquired debt securities will normally fall because new debt securities acquired will pay a higher rate of interest. In contrast, if interest rates fall, then the value of the previously acquired debt securities will normally rise. The Manager regularly assesses the economic condition, monitors changes in interest rates outlook and takes appropriate measures accordingly to control the impact of interest rate risk. In a rising interest rate environment, the Sub-Funds will acquire debts with a shorter maturity profile to minimise the negative impact to the portfolio.


As at 30 June 2020, the sub-fund held bond investments of USD2,283,760 (2019: USD2,597,678). Most of the sub-fund's investments in bonds bear interest at fixed interest rates and mature within one year (2019: three years).


As at 30 June 2020, the sub-fund held bond investments of USD1,798,741 (2019: USD1,818,368). Most of the sub-fund's investments in bonds bear interest at fixed interest rates and mature within three years (2019: four years).


30 June 2020

63



Interest rate risk (continued)


As at 30 June 2020, the sub-fund held bond investments of USD1,577,701 (2019: USD1,597,813). Most of the sub-fund's investments in bonds bear interest at fixed interest rates and mature within three years (2019: three years).

The following tables demonstrate the sensitivity of an increase or decrease in the Sub-Funds' net assets attributable to unitholders for the year to a reasonably possible change in interest rates, with all other variables held constant. The sensitivity of the increase or decrease in net assets attributable to shareholders for the year is the effect of the assumed changes in interest rates on changes in fair value of investments for the year, based on revaluing fixed rate financial assets and liabilities at the end of the reporting period.


As at 30 June 2020Change in

basis points

Sensitivity of change in fair value

of investments (decrease)/increase

-bond investments +100/-100 (18,122)/18,122

As at 30 June 2019




basis points




As at 30 June 2019



30 June 2020

64



Interest rate risk (continued)



basis points




As at 30 June 2019


The Sub-Funds also have interest-bearing bank deposits. However, the Manager considers the movement in interest rates would have insignificant impact on daily net assets attributable to unitholders for the year/period ended 30 June 2020 and 30 June 2019. Hence, no sensitivity analysis of interest on bank deposit is presented.

Foreign currency risk

Foreign exchange risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange rates.

The Manager considers that the Sub-Funds have no significant foreign exchange risk with respect to HKD because HKD is pegged to USD (the Sub-Funds' functional and presentation currency).

Accordingly, the values of the Sub-Funds' assets may be affected favorably or unfavorably by fluctuations in currency rates and therefore, the Sub-Funds will be subject to foreign currency exchange risk.

The Sub-Funds' major exposure to foreign currency exchange risk at the end of the reporting periods is as follows:


As at 30 June 2020 Assets Liabilities Net exposureUSD USD USD

Renmibi ("RMB") 1,636,448 12,119 1,624,329 Euro ("EUR") 643,612 192,539 451,073 Yen ("JPY") 13,051 – 13,051


Renmibi ("RMB") 1,831,408 62,296 1,769,112 Euro ("EUR") 1,752 – 1,752 Yen ("JPY") – – –


30 June 2020

65



Foreign currency risk (continued)


There was no foreign currency risk exposure for the sub-fund as at 30 June 2020 and 30 June 2019.



Euro ("EUR") 51 – 51


Euro ("EUR") 52 – 52





Euro ("EUR") 353 – 353


Euro ("EUR") 358 – 358


There was no foreign currency risk exposure for the sub-fund as at 30 June 2020.


30 June 2020

66





As at 30 June 2020

Change in exchange

rate

Effect on net assets attributable to

unitholdersUSD

In respect of net assets denominated in RMB 10%/-10% 162,433/(162,433) In respect of net assets denominated in EUR 10%/-10% 45,107/(45,107) In respect of net assets denominated in JPY 10%/-10% 1,305/(1,305)

As at 30 June 2019

In respect of net assets denominated in RMB 10%/-10% 176,911/(176,911) In respect of net assets denominated in EUR 10%/-10% 175/(175) In respect of net assets denominated in JPY – –




As at 30 June 2020

Change in exchange

rate


unitholdersUSD

In respect of net assets denominated in EUR 10%/-10% 5/(5)

As at 30 June 2019





30 June 2020

67





As at 30 June 2020

Change in exchange

rate


unitholdersUSD


As at 30 June 2019



There was no foreign currency risk exposure for the sub-fund as at 30 June 2020.

(b) Credit risk

Credit risk is the risk that a counterparty to a financial instrument will cause a financial loss by failing to discharge an obligation. The Investment Manager has a process in place to confirm that counterparties to financial instruments, including brokers, are reputable. The creditworthiness of counterparties is reviewed on an annual basis.


As at 30 June 2020, most of the bond investments of the sub-fund were rated at A (2019: A) or above as rated by Standard & Poor's/Moody's.


As at 30 June 2020, most of the bond investments of the sub-fund were rated at A+ (2019: A+) or above as rated by Standard & Poor's/Moody's.


As at 30 June 2020, most of the bond investments of the sub-fund were rated at A+ (2019: A+) or above as rated by Standard & Poor's/Moody's.

The Sub-Funds' financial assets which are potentially subject to concentrations of counterparty risk consist principally of bank deposits and investments held with the financial institutions as listed out below. The tables below summarise the Sub-Funds' assets placed with banks and the custodians:


30 June 2020

68


(b) Credit risk (continued)


As at 30 June 2020 USD Credit rating Source of credit rating

Banks Bank of China (Hong Kong) Limited 406,347 A Standard & Poor's

Custodian Bank of China (Hong Kong) Limited 16,615,277 A Standard & Poor's

Other financial services provider Citibank Europe plc, Luxembourg Branch 1,542,933 A+ Standard & Poor's














30 June 2020

69






















30 June 2020

70





Banks Bank of China (Hong Kong) Limited (464,090) A Standard & Poor's









Banks Bank of China (Hong Kong) Limited 9,999,980 A Standard & Poor's

Other financial services provider Alliance Bernstein (Singapore) Ltd. 299,850 Not rated N/A Citibank Europe plc, Luxembourg Branch 4,997,500 A+ Standard & Poor's FIL Investment Management (Hong Kong) Limited 1,499,250 Not rated N/A Franklin Templeton Investments (Asia) Limited 499,750 Not rated N/A J.P. Morgan Asset Mnaagement 1,899,050 Not rated N/A Schroder Investment Management (Hong Kong) Limited 799,600 Not rated N/A


30 June 2020

71



Maximum exposure and year-end staging as at 30 June 2020

The table below shows the credit quality and the maximum exposure to credit risk based on the Sub-Fund's credit policy, which is mainly based on past due information unless other information is available without undue cost or effort, and year-end staging classification as at 30 June 2020. The amounts presented are gross carrying amounts for financial assets.

Manulife Global Dynamic Asset Allocation Fund12-month expected

credit losses

Lifetime expected

credit losses

Stage 1 USD

Stage 2 USD

Stage 3 USD

Simplified approach

USDTotal USD

Financial assets

Cash and cash equivalents – Not yet past due 406,347 – – – 406,347

Other receivables – Not yet past due 49,201 – – – 49,201

Amounts receivable on subscription – Not yet past due 102,172 – – – 102,172

Due from brokers – Not yet past due 35,561 – – – 35,561

593,281 – – – 593,281

Manulife All-weather Portfolio – Capital Conservative Fund12-month expected

credit losses

Lifetime expected

credit losses

Stage 1 USD

Stage 2 USD

Stage 3 USD

Simplified approach

USDTotal USD

Financial assets




Due from brokers – Not yet past due 107,300 – – – 107,300

412,052 – – – 412,052


30 June 2020

72



Maximum exposure and year-end staging as at 30 June 2020 (continued)

Manulife All-weather Portfolio – Managed Growth Fund12-month expected

credit losses

Lifetime expected

credit losses

Stage 1 USD

Stage 2 USD

Stage 3 USD

Simplified approach

USDTotal USD

Financial assets




415,516 – – – 415,516

Manulife All-weather Portfolio – Growth Fund12-month expected

credit losses

Lifetime expected

credit losses

Stage 1 USD

Stage 2 USD

Stage 3 USD

Simplified approach

USDTotal USD

Financial assets




897,622 – – – 897,622


30 June 2020

73



Maximum exposure and year-end staging as at 30 June 2020 (continued)

Manulife All-weather Portfolio – Growth Plus Fund12-month expected

credit losses

Lifetime expected

credit losses

Stage 1 USD

Stage 2 USD

Stage 3 USD

Simplified approach

USDTotal USD

Financial assets


Amounts receivable on subscription – Not yet past due 5,669,972 – – – 5,669,972

5,673,725 – – – 5,673,725

Manulife STARS Income and Growth Fund12-month expected

credit losses

Lifetime expected

credit losses

Stage 1 USD

Stage 2 USD

Stage 3 USD

Simplified approach

USDTotal USD

Financial assets

Cash and cash equivalents – Not yet past due 9,999,980 – – – 9,999,980

Other receivables – Not yet past due 16 – – – 16

Amounts receivable on subscription – Not yet past due 20 – – – 20

10,000,016 – – – 10,000,016

Maximum exposure as at 30 June 2019

The carrying amounts of cash and cash equivalents, other receivables and amount due from brokers represent the Sub-Funds' maximum exposure to credit risk in relation to financial assets. All the Sub-Funds' cash and cash equivalents are held in major financial institution, which the Manager believes are of high credit quality. The Manager consider that the Sub-Fund does not have a significant concentration of credit risk.


30 June 2020

74


(c) Liquidity risk

Liquidity risk is defined as the risk that the Sub-Funds will encounter difficulties in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset.

The Sub-Funds are exposed to the liquidity risk of meeting unitholder redemptions at each dealing date.

With a view of protecting the interest of unitholders, the Sub-Funds are not bound to redeem more than 10% in aggregate of the total number of units in issue of each unit class of the Sub-Funds.

The following tables summarise the maturity profile of the Sub-Funds' financial liabilities based on contractual undiscounted cash flows. Balances due within 1 year equal to their carrying amounts, as the impact of discounting is insignificant. The tables also analyse the maturity profile of the Sub-Funds' financial assets (undiscounted where appropriate) in order to provide a complete view of the Sub-Funds' contractual commitments and liquidity.


30 June 2020

75


(c) Liquidity risk (continued)


As at 30 June 2020 Notes On demandLess than

1 year Others TotalUSD USD USD USD

AssetsFinancial assets at fair value through profit or loss – 18,161,583 – 18,161,583 Cash and cash equivalents 406,347 – – 406,347 Due from brokers – 35,561 – 35,561 Amounts receivable on subscription – 102,172 – 102,172 Divdiend and interest receivables 6 – 49,172 – 49,172 Other receivable 6 – 29 – 29 Total financial assets 406,347 18,348,517 – 18,754,864

LiabilitiesFinancial liabilities at fair value through profit or loss – 10,646 – 10,646 Due to brokers – 376,616 – 376,616 Amounts payable on redemption – 46,870 – 46,870 Other payables and accruals 7 – 72,841 – 72,841 Net assets attributable to unitholders – – 18,247,891 18,247,891 Total financial liaiblities – 506,973 18,247,891 18,754,864



AssetsFinancial assets at fair value through profit or loss – 24,023,416 – 24,023,416 Cash and cash equivalents 115,872 – – 115,872 Due from brokers – 1,418,406 – 1,418,406 Amounts receivable on subscription – 112,710 – 112,710 Divdiend and interest receivables 6 – 78,918 – 78,918 Other receivable 6 – 44 – 44 Total financial assets 115,872 25,633,494 – 25,749,366

LiabilitiesFinancial liabilities at fair value through profit or loss – 3,923 – 3,923 Due to brokers – 1,315,952 – 1,315,952 Amounts payable on redemption – 160,218 – 160,218 Other payables and accruals 7 – 82,429 – 82,429 Net assets attributable to unitholders – – 24,186,844 24,186,844 Total financial liaiblities – 1,562,522 24,186,844 25,749,366

* As detailed in the prospectus of the Trust, the redeemable units might be subject to redemption restrictions.


30 June 2020

76






Financial assetsFinancial assets at fair value through profit or loss – 13,320,760 – 13,320,760 Cash and cash equivalents 247,241 – – 247,241 Due from brokers – 107,300 – 107,300 Amounts receivable on subscription – 47,073 – 47,073 Interest receivable 6 10,438 – 10,438 Total financial assets 247,241 13,485,571 – 13,732,812

Financial liabilitiesAmounts payable on redemption – 129,489 – 129,489 Other payables and accruals 7 – 114,690 – 114,690 Net assets attributable to unitholders – – 13,488,633 13,488,633 Total financial liaiblities – 244,179 13,488,633 13,732,812



Financial assetsFinancial assets at fair value through profit or loss – 12,510,201 – 12,510,201 Cash and cash equivalents 57,500 – – 57,500 Due from brokers – 252,264 – 252,264 Amounts receivable on subscription – 9,618 – 9,618 Interest receivable 6 22,969 – 22,969 Total financial assets 57,500 12,795,052 – 12,852,552

Financial liabilitiesDue to brokers – 251,124 – 251,124 Amounts payable on redemption 13,833 13,833 Other payables and accruals 7 – 116,131 – 116,131 Net assets attributable to unitholders – – 12,471,464 12,471,464 Total financial liaiblities – 381,088 12,471,464 12,852,552



30 June 2020

77






Financial assetsFinancial assets at fair value through profit or loss – 13,929,681 – 13,929,681 Cash and cash equivalents 151,751 – – 151,751 Amounts receivable on subscription – 251,792 – 251,792 Dividends and interest receivables 6 11,973 – 11,973 Total financial assets 151,751 14,193,446 – 14,345,197

Financial liabilitiesDue to brokers – 211,700 – 211,700 Amounts payable on redemption – 2,693 – 2,693 Other payables and accruals 7 – 114,699 – 114,699 Net assets attributable to unitholders – – 14,016,105 14,016,105 Total financial liaiblities – 329,092 14,016,105 14,345,197



Financial assetsFinancial assets at fair value through profit or loss – 13,824,246 – 13,824,246 Cash and cash equivalents 43,179 – – 43,179 Due from brokers – 419,318 – 419,318 Amounts receivable on subscription – 40,023 – 40,023 Dividends and interest receivables 6 28,489 – 28,489 Total financial assets 43,179 14,312,076 – 14,355,255

Financial liabilitiesDue to brokers – 335,357 – 335,357 Amounts payable on redemption – 34,970 – 34,970 Other payables and accruals 7 – 118,710 – 118,710 Net assets attributable to unitholders – – 13,866,218 13,866,218 Total financial liaiblities – 489,037 13,866,218 14,355,255



30 June 2020

78






Financial assetsFinancial assets at fair value through profit or loss – 14,167,762 – 14,167,762 Cash and cash equivalents 87,373 – – 87,373 Amounts receivable on subscription – 807,775 – 807,775 Dividend receivable 6 – 2,474 – 2,474 Total financial assets 87,373 14,978,011 – 15,065,384

Financial liabilitiesDue to broker – 630,600 – 630,600 Amounts payable on redemption – 46,684 – 46,684 Other payables and accurals 7 – 117,591 – 117,591 Net assets attributable to unitholders – – 14,270,509 14,270,509 Total financial liaiblities – 794,875 14,270,509 15,065,384



Financial assetsFinancial assets at fair value through profit or loss – 14,753,373 – 14,753,373 Cash and cash equivalents 95,480 – – 95,480 Due from brokers – 756,811 – 756,811 Amounts receivable on subscription – 2,020,091 – 2,020,091 Dividend receivable 6 – 8,651 – 8,651 Total financial assets 95,480 17,538,926 – 17,634,406

Financial liabilitiesDue to broker – 2,193,776 – 2,193,776 Amounts payable on redemption – 8,200 – 8,200 Other payables and accurals 7 – 120,599 – 120,599 Net assets attributable to unitholders – – 15,311,831 15,311,831 Total financial liaiblities – 2,322,575 15,311,831 17,634,406



30 June 2020

79






Financial assetsFinancial assets at fair value through profit or loss – 21,559,660 – 21,559,660 Amounts receivable on subscription – 5,669,972 – 5,669,972 Other receivables and prepayments 6 – 3,753 – 3,753 Total financial assets – 27,233,385 – 27,233,385

Financial liabilitiesBank overdrafts 464,090 – – 464,090 Due to brokers – 3,721,633 – 3,721,633 Amounts payable on redemption – 59,617 – 59,617 Other payables and accurals 7 – 120,502 – 120,502 Net assets attributable to unitholders – – 22,867,543 22,867,543 Total financial liaiblities 464,090 3,901,752 22,867,543 27,233,385



Financial assetsFinancial assets at fair value through profit or loss – 21,191,235 – 21,191,235 Cash and cash equivalents 313,094 – – 313,094 Due from brokers – 88,480 – 88,480 Amounts receivable on subscription – 7,068,288 – 7,068,288 Other receivables and prepayments 6 – 9,379 – 9,379 Total financial assets 313,094 28,357,382 – 28,670,476

Financial liabilitiesDue to brokers – 4,711,169 – 4,711,169Amounts payable on redemption – 21,642 – 21,642 Other payables and accurals 7 – 123,747 – 123,747 Net assets attributable to unitholders – – 23,813,918 23,813,918Total financial liaiblities – 4,856,558 23,813,918 28,670,476



30 June 2020

80






Financial assetsFinancial assets at fair value through profit or loss – 9,995,000 – 9,995,000 Cash and cash equivalents 9,999,980 – – 9,999,980 Amounts receivable on subscription – 20 – 20 Other receivables and prepayments 6 – 16 – 16 Total 9,999,980 9,995,036 – 19,995,016

Financial liabilitiesFinancial liabilities at fair value through profit or loss – 5 – 5 Due to brokers – 9,995,000 – 9,995,000 Other payables and accurals 7 – 513 – 513 Net assets attributable to unitholders – – 9,999,498 9,999,498 Total – 9,995,518 9,999,498 19,995,016

Capital management

The Sub-Funds' capital is represented by its net assets attributable to unitholders. The Sub-Funds strive to invest the subscriptions of redeemable participating units in investments that meet the Sub-Funds' investment objectives while maintaining sufficient liquidity to meet unitholder redemptions.

The Manager manages the capital of the Sub-Funds in accordance with the Sub-Funds' investment objectives and policies as stated in the prospectus.

81

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30 June 2020

82

15. DERIVATIVES CONTRACTS (continued)

Forward currency contracts (continued)


At the end of the reporting period, the Sub-Funds had entered into forward currency contracts and its fair values and notional amount are as follows:

Forward currency contracts Assets LiabilitiesNotional amount

USD USD USD

30 June 2020 3,373 (6,275) (1,980,480)

30 June 2019 10,008 (29) (2,385,916)


Forward currency contracts Assets LiabilitiesNotional amount

USD USD USD

30 June 2020 – (5) 2,997

Futures contracts

Futures contracts are a commitment to make or take future delivery of various commodities, currencies or financial instruments at a specified time and place. These commitments can be discharged by making or taking delivery of an approved grade of commodity, currency and financial instrument by cash settlement or by making an offsetting sale or purchase of an equivalent futures contract on the same (or a linked) exchange prior to the designated date of deliver.


At the end of the reporting period, the Sub-Funds had entered into futures contracts and its fair value and notional amount are as follows:

Futures contracts Assets LiabilitiesNotional amount

USD USD USD

30 June 2020 – (4,371) (735,250)

30 June 2019 – (3,894) (639,844)


30 June 2020

83

16. RELATED PARTY DISCLOSURES

Saved as disclosed elsewhere in the financial statements, the following is a summary of significant related party transactions entered into during the year/period between the Sub-Funds, Managers or any entities in which those parties or their connected persons have a material interest. Connected persons of the Manager are those as defined in the SFC Code established by the SFC. All such transactions were entered into in the ordinary course of business and under normal commercial terms.

For the year/period ended 30 June 2020 and 30 June 2019, the major related party to the Sub-Funds is MIMHK in its capacity as the Manager. The Manager is a member of the Manulife Group.

(a) Subscription and redemption of units

As at 30 June 2020 and 30 June 2019, there was no director holding any class of unit in the Sub-Funds.

Investment transactions with the Manager and its connected persons are set out below:

Number of unitsManulife Global Dynamic Asset Allocation Fund

Opening balances Subscription (Redemption)

Dividend reinvestment

Transferout

Balances as at year end

2020Class AA (USD) Inc 690,068 409,727 (536,788) 6,282 – 569,289 Class AA (HKD) Inc 94,076 – – 4,901 – 98,977 Class AA (RMB) Inc 77,958 – – 3,862 – 81,820 Class AA (RMB) Inc Hedged 80,843 – – 4,215 – 85,058 Class AA (USD) Acc 133,429 9,438 (22,300) – – 120,567 Class I (USD) Inc – – – – – –

2019Class AA (USD) Inc 694,877 998,648 (1,009,904) 6,447 – 690,068 Class AA (HKD) Inc 89,125 – – 4,951 – 94,076 Class AA (RMB) Inc 74,004 – – 3,954 – 77,958 Class AA (RMB) Inc Hedged 75,983 – – 4,860 – 80,843 Class AA (USD) Acc 116,347 24,872 (7,790) – – 133,429 Class I (USD) Inc – – – – – –

Number of unitsManulife All-weather Portfolio – Capital Conservative Fund



Transferout


2020Class AA (USD) Inc 358,685 224,293 (203,939) 4,840 – 383,879 Class AA (HKD) Inc 331,796 – – 5,002 – 336,798 Class AA (USD) Acc 468,623 230,599 (172,989) – – 526,233



30 June 2020

84

16. RELATED PARTY DISCLOSURES (continued)

(a) Subscription and redemption of units (continued)

Number of unitsManulife All-weather Portfolio – Managed Growth Fund



Transferout



2019Class AA (USD) Inc 2,065,982 1,208,914 (2,805,801) 7,249 – 476,344 Class AA (HKD) Inc 333,466 – – 11,524 – 344,990 Class AA (USD) Acc 429,017 56,116 (72,872) – – 412,261

Number of unitsManulife All-weather Portfolio – Growth Fund



Transferout


2020Class AA (USD) Inc 654,091 1,001,554 (1,140,311) 13,207 – 528,541 Class AA (HKD) Inc 355,028 – – 13,972 – 369,000 Class AA (USD) Acc 384,886 118,021 (85,021) – – 417,886

2019Class AA (USD) Inc 463,210 2,229,419 (2,055,007) 16,469 – 654,091 Class AA (HKD) Inc 336,113 – – 18,915 – 355,028 Class AA (USD) Acc 354,918 51,414 (21,446) – – 384,886

Number of unitsManulife All-weather Portfolio – Growth Plus Fund



Transferout


2020Class AA (USD) Inc 1,389,933 4,802,084 (4,850,252) 15,678 – 1,357,443 Class AA (HKD) Inc 366,756 – – 16,834 – 383,590 Class AA (USD) Acc 469,777 73,980 (62,349) – – 481,408

2019Class AA (USD) Inc 1,943,299 7,923,315 (8,491,705) 15,024 – 1,389,933 Class AA (HKD) Inc 342,546 – – 24,210 – 366,756 Class AA (USD) Acc 445,816 92,619 (68,658) – – 469,777




Transferout

Balances as at period end

For the period from 29 June 2020 (date of inception) to 30 June 2020Class AA (USD) Inc – 300 – – – 300 Class AA (HKD) Inc – 232 – – – 232 Class AA (RMB) Inc Hedged – 212 – – – 212 Class AA (USD) Acc – 999,100 – – – 999,100


30 June 2020

85


(a) Subscription and redemption of units (continued)

Apart from the above, there were no other subscription and redemption of units of the Sub-Funds by the Directors, the Manager, or other connected persons during the year/period ended 30 June 2020 and 30 June 2019.

(b) Investment in funds managed by the Manulife Group

The Sub-Funds invested in ten different sub-funds of Manulife Global Fund Series which is managed by the Manulife Group. The investment manager of Manulife Global Fund – Asia Equity Fund – I3 and Manulife Global Fund – Japan Equity Fund – I3 (formerly known as "Manulife Global Fund – Japanese Growth Fund – I3") are the same as that of the Sub-Funds.

30 June 2020 30 June 2019Manulife Global Dynamic Asset Allocation Fund Holdings Market Value Holdings Market Value

USD USD Manulife Global Fund – US Equity Fund – I3 (formerly known as "Manulife Global Fund – American Growth Fund – I3") 959,981 1,429,219 – –

Manulife Global Fund – China Total Return Bond Fund – I3 99,644 113,714 – –

30 June 2020 30 June 2019Manulife All-weather Portfolio – Capital Conservative Fund Holdings Market Value Holdings Market Value

USD USD Manulife Global Fund – US Equity Fund – I3 (formerly known as "Manulife Global Fund – American Growth Fund – I3") 743,679 1,107,190 391,364 545,952

Manulife Global Fund – Asian Equity Fund – I3 409,206 389,319 136,905 130,512 Manulife Global Fund – Dargon Growth Fund – I3 134,954 146,115 – – Manulife Global Fund – European Growth Fund – I3 349,295 343,147 378,344 374,409 Manulife Global Fund – Japan Equity Fund – I3 (formerly known as "Manulife Global Fund – Japanese Growth Fund – I3") – – 147,056 157,776

Manulife Global Fund – US Bond Fund – I3 3,449,987 3,780,496 3,182,771 3,378,830

30 June 2020 30 June 2019Manulife All-weather Portfolio – Managed Growth Fund Holdings Market Value Holdings Market Value

USD USD Manulife Global Fund – US Equity Fund – I3 (formerly known as "Manulife Global Fund – American Growth Fund – I3") 2,025,643 3,015,777 1,778,547 2,481,074

Manulife Global Fund – Asian Equity Fund – I3 841,367 800,476 543,010 517,651 Manulife Global Fund – Dargon Growth Fund – I3 203,641 220,482 – – Manulife Global Fund – European Growth Fund – I3 1,342,959 1,319,323 1,294,922 1,281,454 Manulife Global Fund – Japan Equity Fund – I3 (formerly known as "Manulife Global Fund – Japanese Growth Fund – I3") 156,688 168,753 341,502 366,397



30 June 2020

86


(b) Investment in funds managed by the Manulife Group (continued) 30 June 2020 30 June 2019

Manulife All-weather Portfolio – Growth Fund Holdings Market Value Holdings Market Value USD USD

Manulife Global Fund – US Equity Fund – I3 (formerly known as "Manulife Global Fund – American Growth Fund – I3") 646,668 962,759 994,269 1,387,005

Manulife Global Fund – Asian Equity Fund – I3 1,105,731 1,051,992 1,009,754 962,599 Manulife Global Fund – Dargon Growth Fund – I3 188,721 204,329 – – Manulife Global Fund – European Growth Fund – I3 1,835,569 1,803,263 1,998,052 1,977,272 Manulife Global Fund – Japan Equity Fund – I3 (formerly known as "Manulife Global Fund – Japanese Growth Fund – I3") 319,405 343,999 600,333 644,097


30 June 2020 30 June 2019Manulife All-weather Portfolio – Growth Plus Fund Holdings Market Value Holdings Market Value

USD USD Manulife Global Fund – US Equity Fund – I3 (formerly known as "Manulife Global Fund – American Growth Fund – I3") 2,220,704 3,306,184 3,382,501 4,718,587

Manulife Global Fund – Asian Equity Fund – I3 1,636,743 1,557,197 2,012,553 1,918,567 Manulife Global Fund – Dargon Growth Fund – I3 802,971 869,377 – – Manulife Global Fund – European Growth Fund – I3 3,417,589 3,357,440 3,542,579 3,505,736 Manulife Global Fund – Japan Equity Fund – I3 (formerly known as "Manulife Global Fund – Japanese Growth Fund – I3") 761,421 820,051 947,864 1,016,963

Manulife Global Fund – US Bond Fund – I3 743,193 814,391 462,998 491,519

30 June 2020Manulife STARS Income and Growth Fund Holdings Market Value

USD Manulife Global Fund – Asia Pacific REIT Fund – I3 ACC 399,800 399,800 Manulife Global Fund – Asia Total Return Fund – I3 ACC 699,650 699,650 Manulife Global Fund – Asian Equity Fund – I3 ACC 699,650 699,650 Manulife Global Fund – China Total Return Bond Fund – I3 ACC 499,750 499,750 Manulife Global Fund – Dargon Growth Fund – I3 ACC 799,600 799,600 Manulife Global Fund – European Growth Fund – I3 ACC 399,800 399,800 Manulife Global Fund – Preferred Securities Income fund – I3 ACC 1,499,250 1,499,250

For the year/period ended 30 June 2020, total gains and losses of the above investments included in profit or loss amounted to USD828,392 (2019: gains and losses of USD436,849).

(c) Fees charged by the Manager

The Manager is entitled to receive management fees from the Sub-Funds (as set out in Note 13).

(d) Secondary commission payable

The Manager is entitled to receive secondary commission from the Sub-Funds for subscriptions (as set out in Note 7).


30 June 2020

87

17. SOFT COMMISSION ARRANGEMENTS MIMHK when acting as the Manager of the Trust and the Sub-Funds, has a fiduciary role in which it has an overriding duty to put the interests of its clients (including the Sub-Funds, whose ultimate beneficiaries are the unitholders) above its own corporate interests and personal interests in every transaction conducted.

MIMHK will not engage in any investment practice where its interests may be in conflict with the portfolios under its management. During the year/period covered by this financial report, MIMHK did not enter or participate in any soft commission arrangements and accordingly there were no soft commission transactions (2019: Nil).

18. FINANCIAL INSTRUMENTS BY CATEGORY


As at 30 June 2020 Note

Financial assets/ liabilities

at fair value through

profit or loss

Financial assets

at amortised cost

Financial liabilities

at amortised cost Total

USD USD USD USD AssetsFinancial assets at fair value through profit or loss 18,161,583 – – 18,161,583 Cash and cash equivalents – 406,347 – 406,347 Due from brokers – 35,561 – 35,561 Amounts receivable on subscription – 102,172 – 102,172 Other receivables and prepayments 6 – 49,201 – 49,201 LiabilitiesFinancial liabilities at fair value through profit or loss (10,646) – – (10,646)Due to brokers – – (376,616) (376,616)Amounts payable on redemption – – (46,870) (46,870)Accounts payable and accrued expenses – – (72,841) (72,841)Total 18,150,937 593,281 (496,327) 18,247,891




profit or loss

Financial assets

at amortised cost



USD USD USD USD AssetsFinancial assets at fair value through profit or loss 24,023,416 – – 24,023,416 Cash and cash equivalents – 115,872 – 115,872 Due from brokers – 1,418,406 – 1,418,406 Amounts receivable on subscription – 112,710 – 112,710 Other receivables and prepayments 6 – 78,962 – 78,962 LiabilitiesFinancial liabilities at fair value through profit or loss (3,923) – – (3,923)Due to brokers – – (1,315,952) (1,315,952)Amounts payable on redemption – – (160,218) (160,218)Accounts payable and accrued expenses – – (82,429) (82,429)Total 24,019,493 1,725,950 (1,558,599) 24,186,844


30 June 2020

88

18. FINANCIAL INSTRUMENTS BY CATEGORY (continued)





profit or loss

Financial assets

at amortised cost



USD USD USD USD AssetsFinancial assets at fair value through profit or loss 13,320,760 – – 13,320,760 Cash and cash equivalents – 247,241 – 247,241 Due from brokers – 107,300 – 107,300 Amounts receivable on subscription – 47,073 – 47,073 Other receivables and prepayments 6 – 10,438 – 10,438 LiabilitiesAmounts payable on redemption – – (129,489) (129,489)Accounts payable and accrued expenses – – (114,690) (114,690)Total 13,320,760 412,052 (244,179) 13,488,633




profit or loss

Financial assets

at amortised cost



USD USD USD USD AssetsFinancial assets at fair value through profit or loss 12,510,201 – – 12,510,201 Cash and cash equivalents – 57,500 – 57,500 Due from brokers – 252,264 – 252,264 Amounts receivable on subscription – 9,618 – 9,618 Other receivables and prepayments 6 – 22,969 – 22,969 LiabilitiesDue to brokers – – (251,124) (251,124)Amounts payable on redemption – – (13,833) (13,833)Accounts payable and accrued expenses – – (116,131) (116,131)Total 12,510,201 342,351 (381,088) 12,471,464


30 June 2020

89






profit or loss

Financial assets

at amortised cost



USD USD USD USD AssetsFinancial assets at fair value through profit or loss 13,929,681 – – 13,929,681 Cash and cash equivalents – 151,751 – 151,751 Amounts receivable on subscription – 251,792 – 251,792 Other receivables and prepayments 6 – 11,973 – 11,973 LiabilitiesDue to brokers – – (211,700) (211,700)Amounts payable on redemption – – (2,693) (2,693)Accounts payable and accrued expenses – – (114,699) (114,699)Total 13,929,681 415,516 (329,092) 14,016,105




profit or loss

Financial assets

at amortised cost



USD USD USD USD AssetsFinancial assets at fair value through profit or loss 13,824,246 – – 13,824,246 Cash and cash equivalents – 43,179 – 43,179 Due from brokers – 419,318 – 419,318 Amounts receivable on subscription – 40,023 – 40,023 Other receivables and prepayments 6 – 28,489 – 28,489 LiabilitiesDue to brokers – – (335,357) (335,357)Amounts payable on redemption – – (34,970) (34,970)Accounts payable and accrued expenses – – (118,710) (118,710)Total 13,824,246 531,009 (489,037) 13,866,218


30 June 2020

90






profit or loss

Financial assets

at amortised cost



USD USD USD USD AssetsFinancial assets at fair value through profit or loss 14,167,762 – – 14,167,762 Cash and cash equivalents – 87,373 – 87,373 Amounts receivable on subscription – 807,775 – 807,775 Other receivables and prepayments 6 – 2,474 – 2,474 LiabilitiesDue to brokers – – (630,600) (630,600)Amounts payable on redemption – – (46,684) (46,684)Accounts payable and accrued expenses – – (117,591) (117,591)Total 14,167,762 897,622 (794,875) 14,270,509




profit or loss

Financial assets

at amortised cost



USD USD USD USD AssetsFinancial assets at fair value through profit or loss 14,753,373 – – 14,753,373 Cash and cash equivalents – 95,480 – 95,480 Due from brokers – 756,811 – 756,811 Amounts receivable on subscription – 2,020,091 – 2,020,091 Other receivables and prepayments 6 – 8,651 – 8,651 LiabilitiesDue to brokers – – (2,193,776) (2,193,776)Amounts payable on redemption – – (8,200) (8,200)Accounts payable and accrued expenses – – (120,599) (120,599)Total 14,753,373 2,881,033 (2,322,575) 15,311,831


30 June 2020

91






profit or loss

Financial assets

at amortised cost


at amortised cost TotalUSD USD USD USD

AssetsFinancial assets at fair value through profit or loss 21,559,660 – – 21,559,660 Amounts receivable on subscription – 5,669,972 – 5,669,972 Other receivables and prepayments 6 – 3,753 – 3,753 LiabilitiesBank overdrafts – – (464,090) (464,090)Due to brokers – – (3,721,633) (3,721,633)Amounts payable on redemption – – (59,617) (59,617)Accounts payable and accrued expenses – – (120,502) (120,502)Total 21,559,660 5,673,725 (4,365,842) 22,867,543




profit or loss

Financial assets

at amortised cost



AssetsFinancial assets at fair value through profit or loss 21,191,235 – – 21,191,235 Cash and cash equivalents – 313,094 – 313,094 Due from brokers – 88,480 – 88,480 Amounts receivable on subscription – 7,068,288 – 7,068,288 Other receivables and prepayments 6 – 9,379 – 9,379 LiabilitiesDue to brokers – – (4,711,169) (4,711,169)Amounts payable on redemption – – (21,642) (21,642)Accounts payable and accrued expenses – – (123,747) (123,747)Total 21,191,235 7,479,241 (4,856,558) 23,813,918


30 June 2020

92






profit or loss

Financial assets

at amortised cost



AssetsFinancial assets at fair value through profit or loss 9,995,000 – – 9,995,000 Cash and cash equivalents – 9,999,980 – 9,999,980 Amounts receivable on subscription – 20 – 20 Other receivables and prepayments 6 – 16 – 16 LiabilitiesFinancial liabilities at fair value through profit or loss (5) – – (5)Due to brokers – – (9,995,000) (9,995,000)Accounts payable and accrued expenses – – (513) (513)Total 9,994,995 10,000,016 (9,995,513) 9,999,498

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30 June 2020

96

20. COMPARATIVE FIGURES

The financial statements provide comparative information in respect of the previous period. Certain comparative figures have been reclassified to conform to the current year/period's financial statements presentation.

21. SUBSEQUENT EVENTS

The Covid-19 outbreak since early 2020 has brought additional uncertainties in the Trust or the Sub-Funds' operating environment. It has had impacts on the operation of the overall market economic environment, which may have adversely affected the income of the investments in the Trust or the Sub-Funds.

The level of impact will depend on how the situation will evolve, the duration and the effectiveness of the control measures taken.

The Trust or the Sub-Funds will keep its contingency measures and risk management under review as the situation evolves. Under current situation, the Trust or the Sub-Funds considered the impact on liquidity is minimal.

Subsequent to the year end, the Manager resolved to declare the distributions of the Sub-Funds. Please refer below for details:


Total Distribution

Distribution Date




Class AA (USD) Inc USD 0.0308 22,612.79 12-Oct-20100,638.95




Class AA (HKD) Inc HKD 0.3079 157,053.26 12-Oct-20708,923.58




Class AA (RMB) Inc RMB 0.3279 71,152.60 12-Oct-20306,651.50


30 June 2020

97


Total Distribution

Distribution Date

Manulife Global Dynamic Asset Allocation Fund (continued)Monthly Dividend (continued)Class AA (RMB) Inc Hedged RMB 0.3470 55,018.73 9-Jul-20



Class AA (RMB) Inc Hedged RMB 0.4847 76,402.10 12-Oct-20241,207.12

Class I (USD) Inc USD 0.0375 1,600.27 9-Jul-20



Class I (USD) Inc USD 0.0341 1,475.10 12-Oct-206,295.68

Manulife All-weather Portfolio – Capital Conservative FundMonthly DividendClass AA (USD) Inc USD 0.0120 4,606.54 9-Jul-20








Manulife All-weather Portfolio – Managed Growth FundMonthly DividendClass AA (USD) Inc USD 0.0167 7,983.36 9-Jul-20




21. SUBSEQUENT EVENTS (continued)


30 June 2020

98


Total Distribution

Distribution Date

Manulife All-weather Portfolio – Managed Growth Fund (continued)Monthly Dividend (continued)Class AA (HKD) Inc HKD 0.1670 63,103.00 9-Jul-20




Manulife All-weather Portfolio – Growth FundQuarterly DividendClass AA (USD) Inc USD 0.0900 47,713.56 9-Jul-20








Manulife STARS Income and Growth FundMonthly DividendClass AA (USD) Inc USD 0.0327 4,463.50 12-Oct-20

4,463.50


Class AA (RMB) Inc Hedged RMB 0.3939 1,375.41 12-Oct-201,375.41

21. SUBSEQUENT EVENTS (continued)


30 June 2020

99

22. APPROVAL OF THE FINANCIAL STATEMENTS

The financial statements of the Trust and the Sub-Funds were approved and authorised by the Manager and the Trustee on 22 October 2020.


100

Quantity / Par Value Description

Cost USD

Market Value USD

% of Net Assets

Listed Bond InvestmentsBond investments

Australia 1,000,000 COMMONWEALTH BANK OF AUSTRALIA 4.2% S/A 26OCT2020 150,685 142,190 0.78%

150,685 142,190 0.78%

Bermuda 200,000 CONCORD NEW ENERGY GROUP LTD 7.9% S/A 23JAN2021 200,000 196,001 1.07%

200,000 196,001 1.07%

British Virgin Islands 1,000,000 FRANSHION BRILLIANT LTD 5.2% S/A 08MAR2021 156,034 142,810 0.78% 1,000,000 GREENLAND GLOBAL INVESTMENT LTD 7.125% S/A

20MAR2021 157,784 143,521 0.79%

1,000,000 SINOCHEM OFFSHORE CAPITAL CO LTD 4.4% S/A 14FEB2021 157,400 142,801 0.78% 200,000 STUDIO CITY FINANCE LTD 7.25% S/A 11FEB2024 REGS 202,599 206,265 1.13%

673,817 635,397 3.48%

Canada 1,000,000 NATIONAL BANK OF CANADA 4.3% A 11OCT2020 150,751 142,018 0.78%

150,751 142,018 0.78%

Cayman Islands 1,000,000 COUNTRY GARDEN HLDGS CO LTD 5.8% S/A 12MAR2021 159,958 143,024 0.78% 1,000,000 SHIMAO PROPERTY HLDGS LTD 5.75% S/A 15MAR2021 157,670 143,306 0.79%

200,000 TIMES CHINA HLDGS LTD 7.625% S/A 21FEB2022 199,999 205,512 1.13%517,627 491,842 2.70%

China 1,000,000 INDUSTRIAL & COMMERCIAL BANK OF CHINA LTD/

SINGAPORE 4.5% S/A 22OCT2021 144,600 144,564 0.79%

144,600 144,564 0.79%

Hong Kong 1,000,000 SINOPEC CENTURY BRIGHT CAPITAL INVESTMENT LTD 4.5%

S/A 31OCT2021 143,800 144,495 0.79%

143,800 144,495 0.79%


Portfolio of Investments (unaudited)As at 30 June 2020


101


Cost USD

Market Value USD

% of Net Assets

Korea 1,000,000 BUSAN BANK CO LTD 4.85% A 25MAY2021 156,190 143,757 0.79%

156,190 143,757 0.79%

Netherlands 1,000,000 DAIMLER INTL FINANCE BV 4.8% A 09APR2021 159,958 143,538 0.79%

159,958 143,538 0.79%

United States 100,000 UNITED STATES OF AMERICA TREASURY BILL 0% A

15OCT2020 99,927 99,958 0.55%

99,927 99,958 0.55%

Bond Investments Total 2,397,355 2,283,760 12.52%

Collective Investment Schemes

Germany 10,916 ISHARES STOXX EUROPE 600 AUTOMOBILES & PARTS

UCITS ETF (DE)458,061 448,318 2.46%

3,015 ISHARES STOXX EUROPE 600 TECHNOLOGY UCITS ETF (DE) 180,499 181,514 0.99%638,560 629,832 3.45%

Hong Kong 27,300 ISHARES CORE MSCI AC ASIA EX JAPAN ETF 183,136 179,648 0.98% 50,000 ISHARES CORE MSCI CHINA ETF 183,610 179,223 0.98%

366,746 358,871 1.96%

Luxembourg 99,644 MANULIFE GLOBAL FUND-CHINA TOTAL RETURN BOND

FUND-I3112,100 113,714 0.62%

959,981 MANULIFE GLOBAL FUND-US EQUITY FUND-I3 1,402,174 1,429,219 7.83%1,514,274 1,542,933 8.45%


Portfolio of Investments (unaudited) (continued)As at 30 June 2020


102




Cost USD

Market Value USD

% of Net Assets

United Kingdom 38,423 INVESCO PREFERRED SHARES UCITS ETF 753,931 730,037 4.01%

3,768 ISHARES $ CORP BOND UCITS ETF USD DIST 454,407 483,397 2.65% 4,659 ISHARES $ HIGH YIELD CORP BOND UCITS ETF USD DIST 444,085 447,357 2.45%

1,652,423 1,660,791 9.11%

United States 2,925 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND 362,428 373,552 2.05% 5,878 INVESCO QQQ TRUST SERIES 1 1,334,628 1,455,393 7.99% 2,468 INVESCO S&P 500 EQUAL WEIGHT ETF 267,627 251,144 1.38% 3,213 ISHARES CORE S&P 500 ETF 983,163 995,034 5.45% 4,352 ISHARES IBOXX $ HIGH YIELD CORPORATE BOND ETF 362,845 355,210 1.95% 1,674 ISHARES J.P. MORGAN USD EMERGING MARKETS BOND

ETF182,834 182,834 1.00%

4,471 ISHARES MSCI EMERGING MARKETS ETF 182,905 178,795 0.98% 20,333 ISHARES MSCI EUROZONE ETF 703,147 741,748 4.06%

8,057 ISHARES MSCI JAPAN ETF 448,549 442,490 2.42% 2,392 ISHARES PHLX SEMICONDUCTOR ETF 577,984 647,921 3.55% 8,737 ISHARES TIPS BOND ETF 1,070,429 1,074,651 5.89% 4,518 ISHARES U.S. TECHNOLOGY ETF 927,688 1,218,956 6.68%

10,829 ISHARES US PREFERRED STOCK ETF 366,497 375,117 2.06% 3,904 SPDR GOLD SHARES 635,144 653,412 3.58%

582 SPDR S&P 500 ETF TRUST 165,953 179,466 0.98% 3,317 SPDR S&P BIOTECH ETF 362,047 371,338 2.03% 6,274 UTILITIES SELECT SECTOR SPDR FUND 379,707 354,042 1.94% 2,942 VANECK VECTORS JP MORGAN EM LOCAL CURRENCY

BOND ETF91,059 90,437 0.50%

5,234 VANGUARD INFORMATION TECHNOLOGY INDEX ETF 1,144,279 1,458,768 7.99% 3,992 VANGUARD INTERMEDIATE-TERM TREASURY ETF 278,541 281,715 1.54%

10,827,454 11,682,023 64.02%

Collective Investment Schemes Total 14,999,457 15,874,450 86.99%

Portfolio of Investments 17,396,812 18,158,210 99.51%


103


Cost USD

Market Value USD

% of Net Assets

Futures

United States (4) 10-YEAR US TREASURY NOTE FUTURE (CBT) SEP2020 (2,273) -0.01% (1) US TREASURY LONG BOND FUTURE (CBT) SEP2020 (2,098) -0.01%

(4,371) -0.02%

Forward Currency Contracts

EUR/USD (4,614) -0.03%HKD/USD (9) 0.00%RMB/USD (1,652) -0.01%USD/EUR 3,178 0.02%USD/RMB 195 0.00%

(2,902) -0.02%

Other Net Assets 96,954 0.53%

Net Assets 18,247,891 100.00%




104


Portfolio of Investments (unaudited) As at 30 June 2020


Cost USD

Market Value USD

% of Net Assets

Bond Investments Australia

1,000,000 COMMONWEALTH BANK OF AUSTRALIA 2.75% A 20FEB2024

127,976 135,474 1.00%

127,976 135,474 1.00%

British Virgin Islands 1,000,000 HENDERSON LAND MTN LTD 3.62% A 02JUN2030 130,558 141,400 1.05% 1,000,000 HLP FINANCE LTD 4.6% S/A 16MAY2024 132,119 140,142 1.04% 1,000,000 NWD MTN LTD 3.5% Q 27MAR2024 129,359 132,704 0.98%

392,036 414,246 3.07%

China 1,000,000 BANK OF CHINA LTD/MACAU 2.34% S/A 15OCT2020 127,896 129,572 0.96%

500,000 BANK OF COMMUNICATIONS CO LTD/HONG KONG 2.13% A 26OCT2020 FXCD

63,788 64,783 0.48%

191,684 194,355 1.44%

Hong Kong 2,900,000 HONG KONG GOVERNMENT BOND PROGRAMME 2.22%

S/A 07AUG2024 378,742 404,347 3.00%

3,000,000 HONG KONG MORTGAGE CORP LTD 2.18% Q 19OCT2020 385,617 388,588 2.88% 764,359 792,935 5.88%

Japan 1,000,000 MUFG BANK LTD/HONG KONG 2.42% A 09MAY2022 FXCD 128,203 131,402 0.97%

128,203 131,402 0.97%

Korea 1,000,000 KEB HANA BANK 2.61% Q 22MAR2021 128,220 130,329 0.98%

128,220 130,329 0.98%

Bond Investments Total 1,732,478 1,798,741 13.34%


105




Cost USD

Market Value USD

% of Net Assets


Luxembourg 409,206 MANULIFE GLOBAL FUND-ASIAN EQUITY FUND-I3 348,249 389,319 2.89% 134,954 MANULIFE GLOBAL FUND-DRAGON GROWTH FUND-I3 138,800 146,115 1.08% 349,295 MANULIFE GLOBAL FUND-EUROPEAN GROWTH FUND-I3 345,660 343,147 2.54%

3,449,987 MANULIFE GLOBAL FUND-US BOND FUND-I3 3,559,320 3,780,496 28.03% 743,679 MANULIFE GLOBAL FUND-US EQUITY FUND-I3 982,444 1,107,190 8.21%

5,374,473 5,766,267 42.75%

United Kingdom 841 ISHARES $ CORP BOND UCITS ETF USD DIST 106,159 107,892 0.80%

5,215 ISHARES JP MORGAN $ EM BOND UCITS ETF USD (DIST) 563,803 565,410 4.19% 5,378 ISHARES JP MORGAN EM LOCAL GOVERNMENT BOND

UCITS ETF 297,934 300,845 2.23%

379 ISHARES MSCI AC FAR EAST EX-JAPAN UCITS ETF USD DIST

20,962 20,625 0.15%

988,858 994,772 7.37%

United States 2,481 CONSUMER DISCRETIONARY SELECT SECTOR SPDR

FUND 303,049 316,849 2.35%

3,334 INVESCO CHINA TECHNOLOGY ETF 206,909 211,642 1.57% 874 ISHARES 20+ YEAR TREASURY BOND ETF 138,806 143,275 1.06%

8,489 ISHARES CORE TOTAL US BOND MARKET ETF 960,083 1,003,485 7.44% 1,102 ISHARES MSCI EUROZONE ETF 41,742 40,201 0.30%

381 ISHARES PHLX SEMICONDUCTOR ETF 89,289 103,201 0.77% 581 ISHARES RUSSELL 1000 VALUE ETF 68,923 65,432 0.49% 193 ISHARES RUSSELL 2000 ETF 27,160 27,634 0.20% 339 ISHARES S&P 500 GROWTH ETF 67,205 70,339 0.52% 617 SPDR GOLD SHARES 102,542 103,267 0.77%

2,657 VANGUARD FINANCIALS ETF 171,183 151,980 1.13% 590 VANGUARD HEALTH CARE ETF 110,038 113,664 0.84%

46 VANGUARD INFORMATION TECHNOLOGY INDEX ETF 10,708 12,821 0.10% 2,939 VANGUARD INTERMEDIATE-TERM BOND ETF 273,070 273,885 2.03% 4,912 VANGUARD INTERMEDIATE-TERM CORPORATE BOND

ETF 441,582 467,328 3.46%

6,287 VANGUARD SHORT-TERM BOND ETF 514,694 522,575 3.87%


106




Cost USD

Market Value USD

% of Net Assets

United States (continued) 12,830 VANGUARD TOTAL BOND MARKET ETF 1,108,725 1,133,402 8.40%

4,635,708 4,760,980 35.30%



Other Net Assets 167,873 1.24%Net Assets 13,488,633 100%


107


Cost USD

Market Value USD

% of Net Assets

Bond Investments

Australia 1,000,000 COMMONWEALTH BANK OF AUSTRALIA 2.75% A

20FEB2024 127,976 135,474 0.97%

127,976 135,474 0.97%

British Virgin Islands 1,000,000 HENDERSON LAND MTN LTD 3.62% A 02JUN2030 130,558 141,400 1.01%

500,000 NWD MTN LTD 4.7% A 08MAR2026 65,685 70,604 0.50% 196,243 212,004 1.51%

Cayman Islands 1,000,000 CDBL FUNDING 2 3.6% Q 16NOV2021 130,826 132,147 0.95%

500,000 SUN HUNG KAI PRO (CAP) 3.45% Q 20OCT2020 68,165 64,982 0.46% 198,991 197,129 1.41%

China 500,000 BANK OF CHINA LTD/MACAU 2.34% S/A 15OCT2020 FXCD 63,858 64,786 0.46%

63,858 64,786 0.46%

Hong Kong 1,500,000 HONG KONG GOVERNMENT BOND PROGRAMME 1.16%

S/A 18MAY2022 187,548 196,816 1.40%

1,250,000 HONG KONG GOVERNMENT BOND PROGRAMME 2.22% S/A 07AUG2024

161,620 174,287 1.24%

1,050,000 HONG KONG GOVERNMENT BOND PROGRAMME 2.46% S/A 04AUG2021

139,814 138,801 0.99%

2,000,000 HONG KONG MORTGAGE CORP LTD 2.18% Q 19OCT2020 257,078 259,059 1.86% 746,060 768,963 5.49%

Japan 500,000 MUFG BANK LTD/HONG KONG 2.42% A 09MAY2022 FXCD 64,102 65,701 0.47%

64,102 65,701 0.47%




108


Cost USD

Market Value USD

% of Net Assets

Malaysia 1,000,000 MALAYAN BANKING BHD 2.4% A 03OCT2022 128,414 133,644 0.95%

128,414 133,644 0.95%Bond Investments Total 1,525,644 1,577,701 11.26%


Luxembourg

841,367 MANULIFE GLOBAL FUND-ASIAN EQUITY FUND-I3 772,585 800,476 5.71% 203,641 MANULIFE GLOBAL FUND-DRAGON GROWTH FUND-I3 213,100 220,482 1.57%

1,342,959 MANULIFE GLOBAL FUND-EUROPEAN GROWTH FUND-I3 1,295,209 1,319,323 9.41% 156,688 MANULIFE GLOBAL FUND-JAPAN EQUITY FUND-I3 160,874 168,753 1.20%

1,254,767 MANULIFE GLOBAL FUND-US BOND FUND-I3 1,290,346 1,374,974 9.81% 2,025,643 MANULIFE GLOBAL FUND-US EQUITY FUND-I3 2,751,338 3,015,778 21.52%

6,483,452 6,899,786 49.22%


1,941 ISHARES JP MORGAN $ EM BOND UCITS ETF USD (DIST) 209,138 210,443 1.51% 2,560 ISHARES JP MORGAN EM LOCAL GOVERNMENT BOND

UCITS ETF 141,537 143,206 1.02%

622 ISHARES MSCI AC FAR EAST EX-JAPAN UCITS ETF USD DIST

34,403 33,849 0.24%

482,036 486,025 3.47%

United States 3,862 CONSUMER DISCRETIONARY SELECT SECTOR SPDR

FUND 473,200 493,216 3.52%

4,540 INVESCO CHINA TECHNOLOGY ETF 281,754 288,199 2.06% 102 INVESCO QQQ TRUST SERIES 1 22,164 25,255 0.18% 905 ISHARES 20+ YEAR TREASURY BOND ETF 143,729 148,357 1.06%

8,998 ISHARES CORE TOTAL US BOND MARKET ETF 1,018,146 1,063,654 7.59% 1,335 ISHARES MSCI ALL COUNTRY ASIA EX-JAPAN ETF 101,286 92,342 0.66% 2,242 ISHARES MSCI EUROZONE ETF 84,923 81,788 0.58%

775 ISHARES PHLX SEMICONDUCTOR ETF 182,850 209,924 1.50% 1,187 ISHARES RUSSELL 1000 VALUE ETF 140,811 133,680 0.95%

365 ISHARES RUSSELL 2000 ETF 51,365 52,261 0.37%




109




Cost USD

Market Value USD

% of Net Assets

United States (continued) 684 ISHARES S&P 500 GROWTH ETF 135,600 141,923 1.01%

1,256 SPDR GOLD SHARES 208,499 210,217 1.50% 3,272 VANGUARD FINANCIALS ETF 210,806 187,158 1.34% 1,463 VANGUARD HEALTH CARE ETF 278,398 281,847 2.01%

96 VANGUARD INFORMATION TECHNOLOGY INDEX ETF 22,213 26,756 0.19% 2,240 VANGUARD INTERMEDIATE-TERM BOND ETF 208,124 208,746 1.49% 3,051 VANGUARD INTERMEDIATE-TERM CORPORATE BOND

ETF 286,962 290,272 2.07%

11,666 VANGUARD TOTAL BOND MARKET ETF 1,002,245 1,030,574 7.35%4,853,075 4,966,169 35.43%



Other Net Assets 86,424 0.62%Net Assets 14,016,105 100%


110

Par Value DescriptionCost USD

Market Value USD

% of Net Assets


Luxembourg 1,105,731 MANULIFE GLOBAL FUND-ASIAN EQUITY FUND-I3 1,036,322 1,051,992 7.37%

188,721 MANULIFE GLOBAL FUND-DRAGON GROWTH FUND-I3 194,100 204,329 1.43% 1,835,569 MANULIFE GLOBAL FUND-EUROPEAN GROWTH FUND-I3 1,795,465 1,803,262 12.64%

319,405 MANULIFE GLOBAL FUND-JAPAN EQUITY FUND-I3 331,888 343,999 2.41% 2,326,386 MANULIFE GLOBAL FUND-US BOND FUND-I3 2,451,221 2,549,253 17.87%

646,668 MANULIFE GLOBAL FUND-US EQUITY FUND-I3 915,792 962,759 6.75% 6,724,788 6,915,594 48.47%

United Kingdom 1,400 ISHARES $ CORP BOND UCITS ETF USD DIST 177,500 179,606 1.26% 2,020 ISHARES JP MORGAN $ EM BOND UCITS ETF USD (DIST) 219,633 219,008 1.53% 2,357 ISHARES MSCI AC FAR EAST EX-JAPAN UCITS ETF USD

DIST 113,950 128,268 0.90% 511,083 526,882 3.69%

United States 317 AMERICAN TOWER CORP 47,890 81,957 0.57%

5,634 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND

687,007 719,518 5.04%

6,115 INVESCO CHINA TECHNOLOGY ETF 379,499 388,180 2.72% 132 INVESCO QQQ TRUST SERIES 1 28,266 32,683 0.23%

1,309 ISHARES 20+ YEAR TREASURY BOND ETF 207,891 214,584 1.50% 2,851 ISHARES MSCI EUROZONE ETF 107,991 104,004 0.73% 1,046 ISHARES PHLX SEMICONDUCTOR ETF 246,622 283,330 1.99% 1,141 ISHARES RUSSELL 1000 VALUE ETF 135,354 128,499 0.90%

420 ISHARES RUSSELL 2000 ETF 59,104 60,136 0.42% 1,377 ISHARES RUSSELL 2000 VALUE ETF 145,692 134,202 0.94% 1,295 ISHARES S&P 500 GROWTH ETF 256,728 268,700 1.88% 1,491 SPDR GOLD SHARES 247,411 249,549 1.75% 4,210 VANGUARD FINANCIALS ETF 271,239 240,812 1.69% 2,736 VANGUARD FTSE EUROPE ETF 130,251 137,703 0.96% 2,471 VANGUARD HEALTH CARE ETF 471,788 476,038 3.34%




111


Market Value USD

% of Net Assets

United States (continued) 122 VANGUARD INFORMATION TECHNOLOGY INDEX ETF 29,457 34,003 0.24%

1,467 VANGUARD INTERMEDIATE-TERM CORPORATE BOND ETF

137,979 139,570 0.98%

3,023 VANGUARD TOTAL BOND MARKET ETF 265,312 267,052 1.87%3,855,481 3,960,520 27.75%


Deposit Receipt United States

2,521 ANHEUSER-BUSCH INBEV SA-SPONSORED ADR 165,144 124,285 0.87% 3,427 DANONE SA-SPONSORED ADR 53,136 47,298 0.33%

143 DIAGEO PLC-SPONSORED ADR 19,047 19,218 0.13%237,327 190,801 1.33%

Deposit Receipt Total 237,327 190,801 1.33%

Listed Equities

United States 226 ALNYLAM PHARMACEUTICALS INC 25,027 33,473 0.23%

99 ALPHABET INC-CL A 94,900 140,387 0.98% 96 AMAZON.COM INC 132,814 264,847 1.86%

458 AMERICAN EXPRESS CO 42,416 43,602 0.31% 260 ANALOG DEVICES INC 27,309 31,886 0.22% 646 APPLE INC 107,493 235,661 1.65%

1,848 BAKER HUGHES CO 48,055 28,441 0.20% 3,659 BANK OF AMERICA CORP 88,168 86,901 0.61%

515 BRISTOL-MYERS SQUIBB CO 25,524 30,282 0.21% 63 BROADCOM INC 16,803 19,883 0.14%

499 CARGURUS INC 18,398 12,650 0.09% 449 CARMAX INC 29,172 40,208 0.28% 201 CARRIER GLOBAL CORP 3,584 4,466 0.03% 190 CATERPILLAR INC 26,006 24,035 0.17%

2,552 CHENIERE ENERGY INC 134,906 123,313 0.86% 1,523 CITIGROUP INC 98,353 77,825 0.55%

766 COMCAST CORP-CL A 29,319 29,859 0.21%




112


Market Value USD

% of Net Assets

United States (continued) 244 DANAHER CORP 27,852 43,147 0.30% 728 FACEBOOK INC-CL A 127,134 165,307 1.16%

1,853 FOX CORP-CL B 62,858 49,735 0.35% 269 GENERAL DYNAMICS CORP 37,754 40,205 0.28% 342 GOLDMAN SACHS GROUP INC 69,120 67,586 0.47% 428 INTEL CORP 24,597 25,607 0.18% 617 JPMORGAN CHASE & CO 59,561 58,035 0.41% 159 KLA CORP 24,192 30,922 0.22%

2,159 LENNAR CORP-CL A 105,608 133,038 0.93% 2,278 LIBERTY MEDIA CORP-LIBERTY FORMULA ONE– C 71,002 72,235 0.51%

358 LYONDELLBASELL INDUSTRIES NV-CL A 27,251 23,528 0.16% 451 MICROSOFT CORP 58,374 91,783 0.64%

2,284 MORGAN STANLEY 91,949 110,317 0.77% 83 NVIDIA CORP 13,575 31,533 0.22%

100 OTIS WORLDWIDE CORP 7,022 5,686 0.04% 201 RAYTHEON TECHNOLOGIES CORP 12,609 12,386 0.09% 641 STATE STREET CORP 33,056 40,736 0.29% 873 SYNCHRONY FINANCIAL 27,473 19,346 0.14% 344 UNION PACIFIC CORP 44,179 58,160 0.41% 285 UNITEDHEALTH GROUP INC 69,912 84,061 0.59% 201 VISA INC – A 25,840 38,827 0.27%

20 WABTEC CORP 2,624 1,151 0.01% 334 WALT DISNEY CO 33,708 37,244 0.26% 564 WORKDAY INC-CL A 83,161 105,671 0.74%

2,088,658 2,573,965 18.04%

Equities Total 2,088,658 2,573,965 18.04%


Other Net Assets 102,747 0.72%Net Assets 14,270,509 100.00%




113


Cost USD

Market Value USD

% of Net Assets


Luxembourg 1,636,743 MANULIFE GLOBAL FUND-ASIAN EQUITY FUND-I3 1,507,639 1,557,197 6.81%

802,971 MANULIFE GLOBAL FUND-DRAGON GROWTH FUND-I3 854,900 869,377 3.80% 3,417,589 MANULIFE GLOBAL FUND-EUROPEAN GROWTH FUND-I3 3,297,814 3,357,440 14.69%

761,421 MANULIFE GLOBAL FUND-JAPAN EQUITY FUND-I3 777,901 820,051 3.59% 743,193 MANULIFE GLOBAL FUND-US BOND FUND-I3 793,996 814,391 3.56%

2,220,704 MANULIFE GLOBAL FUND-US EQUITY FUND-I3 3,240,672 3,306,184 14.46%10,472,922 10,724,640 46.91%


1,595 ISHARES JP MORGAN $ EM BOND UCITS ETF USD (DIST) 173,423 172,930 0.77% 2,564 ISHARES MSCI AC FAR EAST EX-JAPAN UCITS ETF USD

DIST 124,444 139,533 0.61%

421,994 438,572 1.93%

United States 478 AMERICAN TOWER CORP 73,904 123,582 0.54%

8,731 CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND

1,070,661 1,115,036 4.88%

11,066 INVESCO CHINA TECHNOLOGY ETF 689,610 702,470 3.07% 172 INVESCO QQQ TRUST SERIES 1 34,456 42,587 0.19%

2,055 ISHARES 20+ YEAR TREASURY BOND ETF 326,369 336,876 1.47% 4,981 ISHARES MSCI EUROZONE ETF 188,672 181,707 0.79% 1,321 ISHARES PHLX SEMICONDUCTOR ETF 313,428 357,819 1.56% 2,019 ISHARES RUSSELL 1000 VALUE ETF 239,510 227,380 0.99%

540 ISHARES RUSSELL 2000 ETF 75,992 77,317 0.34% 3,709 ISHARES RUSSELL 2000 VALUE ETF 394,016 361,479 1.58% 1,112 ISHARES S&P 500 GROWTH ETF 220,449 230,729 1.01% 2,474 SPDR GOLD SHARES 410,348 414,073 1.81% 5,696 VANGUARD FINANCIALS ETF 366,978 325,811 1.42% 3,398 VANGUARD FTSE EUROPE ETF 159,495 171,021 0.75% 4,143 VANGUARD HEALTH CARE ETF 789,951 798,149 3.49%

167 VANGUARD INFORMATION TECHNOLOGY INDEX ETF 39,204 46,545 0.20% 1,857 VANGUARD INTERMEDIATE-TERM BOND ETF 172,538 173,054 0.76%




114


Cost USD

Market Value USD

% of Net Assets

United States (continued) 1,380 VANGUARD INTERMEDIATE-TERM CORPORATE BOND

ETF 129,796 131,293 0.57%

3,913 VANGUARD TOTAL BOND MARKET ETF 343,819 345,674 1.51% 6,039,196 6,162,602 26.93%


Deposit Receipt United States

3,863 ANHEUSER-BUSCH INBEV SA-SPONSORED ADR 251,065 190,446 0.83% 5,458 DANONE SA-SPONSORED ADR 81,342 75,329 0.33%

217 DIAGEO PLC-SPONSORED ADR 29,774 29,163 0.13% 362,181 294,938 1.29%

Deposit Receipt Total 362,181 294,938 1.29%

Listed Equities

United States 347 ALNYLAM PHARMACEUTICALS INC 38,427 51,394 0.22% 146 ALPHABET INC-CL A 152,908 207,035 0.91% 147 AMAZON.COM INC 212,634 405,546 1.78% 702 AMERICAN EXPRESS CO 65,239 66,830 0.29% 414 ANALOG DEVICES INC 43,109 50,773 0.22% 989 APPLE INC 177,047 360,787 1.58%

3,080 BAKER HUGHES CO 83,164 47,401 0.21% 5,602 BANK OF AMERICA CORP 146,155 133,048 0.58%

779 BRISTOL-MYERS SQUIBB CO 39,088 45,805 0.20% 99 BROADCOM INC 26,324 31,245 0.14%

710 CARGURUS INC 26,115 17,999 0.08% 689 CARMAX INC 44,764 61,700 0.27% 314 CARRIER GLOBAL CORP 5,830 6,977 0.03% 300 CATERPILLAR INC 41,556 37,950 0.17%

3,909 CHENIERE ENERGY INC 206,285 188,883 0.83% 2,259 CITIGROUP INC 145,013 115,435 0.50% 1,196 COMCAST CORP-CL A 45,139 46,620 0.20%




115


Cost USD

Market Value USD

% of Net Assets

United States (continued) 382 DANAHER CORP 42,740 67,549 0.30%

1,115 FACEBOOK INC-CL A 189,370 253,183 1.11% 2,838 FOX CORP-CL B 96,620 76,172 0.33%

413 GENERAL DYNAMICS CORP 57,965 61,727 0.27% 525 GOLDMAN SACHS GROUP INC 106,815 103,751 0.45% 656 INTEL CORP 37,700 39,248 0.17% 946 JPMORGAN CHASE & CO 95,419 88,981 0.39% 244 KLA CORP 37,125 47,453 0.21%

3,307 LENNAR CORP-CL A 163,489 203,777 0.89% 3,491 LIBERTY MEDIA CORP-LIBERTY FORMULA ONE– C 107,971 110,700 0.48%

549 LYONDELLBASELL INDUSTRIES NV-CL A 41,790 36,080 0.16% 691 MICROSOFT CORP 86,940 140,625 0.61%

3,500 MORGAN STANLEY 146,715 169,050 0.74% 134 NVIDIA CORP 23,219 50,908 0.22% 157 OTIS WORLDWIDE CORP 11,421 8,927 0.04% 314 RAYTHEON TECHNOLOGIES CORP 20,507 19,349 0.08% 983 STATE STREET CORP 50,693 62,470 0.27%

1,332 SYNCHRONY FINANCIAL 40,861 29,517 0.13% 501 UNION PACIFIC CORP 67,489 84,704 0.37% 436 UNITEDHEALTH GROUP INC 106,835 128,598 0.56% 305 VISA INC – A 38,739 58,917 0.26%

49 WABTEC CORP 5,202 2,821 0.01% 512 WALT DISNEY CO 48,439 57,093 0.25% 864 WORKDAY INC-CL A 126,225 161,880 0.71%

Equities Total 3,249,086 3,938,908 17.22%


Other Net Assets 1,307,883 5.72%Net Assets 22,867,543 100.00%




116


Cost USD

Market Value USD

% of Net Assets


Luxembourg 16,539 AB FCP I-AMERICAN INCOME PORTFOLIO-I2-USD 299,850 299,850 3.00%

163,033 FIDELITY FUNDS-US HIGH YIELD FUND-I MDIST 1,499,250 1,499,250 14.98% 8,465 FRANKLIN TEMPLETON INVESTMENT FUNDS-FRANKLIN

US OPPORTUNITIES FUND-I ACC 499,750 499,750 5.00%

6,829 JPMORGAN FUNDS-EMERGING MARKETS INVESTMENT GRADE BOND-C ACC

999,500 999,500 9.99%

2,180 JPMORGAN FUNDS-EMERGING MARKETS OPPORTUNITIES FUND-C ACC

899,550 899,550 9.00%

399,800 MANULIFE GLOBAL FUND-ASIA PACIFIC REIT FUND-I3 ACC

399,800 399,800 4.00%

699,650 MANULIFE GLOBAL FUND-ASIA TOTAL RETURN FUND-I3 ACC

699,650 699,650 7.00%

699,650 MANULIFE GLOBAL FUND-ASIAN EQUITY FUND-I3 ACC 699,650 699,650 7.00% 499,750 MANULIFE GLOBAL FUND-CHINA TOTAL RETURN BOND

FUND-I3 ACC 499,750 499,750 5.00%

799,600 MANULIFE GLOBAL FUND-DRAGON GROWTH FUND-I3 ACC

799,600 799,600 8.00%

399,800 MANULIFE GLOBAL FUND-EUROPEAN GROWTH FUND-I3 ACC

399,800 399,800 4.00%

1,499,250 MANULIFE GLOBAL FUND-PREFERRED SECURITIES INCOME FUND-I3 ACC

1,499,250 1,499,250 14.98%

52,529 SCHRODER INTL SELECTION FUND-EMERGING MARKETS-A ACC

799,600 799,600 8.00%

9,995,000 9,995,000 99.95%



Forward currency contracts

RMB/USD (5) 0.00%

Other Net Assets 4,503 0.05%

Net Assets 9,999,498 100.00%

Manulife STARS Growth and Income Fund


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ged

Grow

th F

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d

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Man

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ST

ARS

In

com

e and

Gr

owth

Fun

d

Net a

sset

value

attri

butab

le to

un

ithold

ers

Curre

ncy

30 Ju

ne 2020

30 Ju

ne 2019

30 Ju

ne 2018

30 Ju

ne 2020

30 Ju

ne 2019

30 Ju

ne 2018

30 Ju

ne 2020

30 Ju

ne 2019

30 Ju

ne 2018

30 Ju

ne 2020

30 Ju

ne 2019

30 Ju

ne 2018

30 Ju

ne 2020

30 Ju

ne 2019

30 Ju

ne 2018

For t

he pe

riod

from

29

June

2020

(da

te of

incep

tion) to

30 Ju

ne 20

20

Net a

sset

valu

e per

uni

t Cl

ass A

A(US

D) In

c US

D7.9

9228.4

3859.0

7329.6

6519.5

7429.5

4609.7

1679.7

0359.9

6229.4

5409.7

29310.

3773

9.3556

9.6676

10.426

19.9

995

Clas

s AA(

HKD)

Inc

HKD

79.979

685.

1247

91.916

996.

3710

96.190

196.

4247

95.440

296.

0642

100.26

8393.

1497

96.629

1104

.0715

90.338

294.

0824

104.41

8899.

9952

Clas

s AA(

RMB)

Inc

RMB

88.340

190.

4479

93.551

8 –

– –

– –

– –

– –

– –

– –

Clas

s AA(

RMB)

Inc H

edge

d RM

B79.

4393

84.479

790.

9152

– –

– –

– –

– –

– –

– –

99.90

20 Cl

ass A

A(US

D) A

cc

USD

10.128

010.

1648

10.349

910.

4723

10.218

810.

0008

10.855

210.

6168

10.658

911.

1142

11.000

711.

1553

11.215

411.

0719

11.411

19.9

995Cl

ass I

(USD

) Inc

US

D8.8

4669.2

2389.7

703 –

– –

– –

– –

– –

– –

– –

Net a

sset

valu

e Cl

ass A

A(US

D) In

c US

D6,1

39,818

7,7

30,244

8,7

57,721

3,678,

123

3,434,

101

3,904,

6894,6

45,001

4,6

54,162

20,

613,86

44,9

59,759

6,3

79,497

4,8

23,590

11,341

,496

13,509

,479

20,335

,878

3,000

Clas

s AA(

HKD)

Inc

HKD

43,656

,962

66,946

,112

88,210

,798

33,098

,404

32,788

,627

34,033

,937

36,063

,271

37,203

,253

37,187

,722

35,318

,916

35,989

,240

38,146

,203

35,903

,777

38,618

,761

42,071

,579

23,232

Cl

ass A

A(RM

B) In

c RM

B18,

976,63

8 20,

215,05

2 17,

883,26

7–

––

– –

– –

– –

– –

– –

Clas

s AA(

RMB)

Inc H

edge

d RM

B12,

595,52

9 15,

604,47

7 13,

748,84

3–

––

– –

– –

– –

– –

– 21

,174

Clas

s AA(

USD)

Acc

US

D1,6

56,492

2,1

18,624

2,2

87,648

5,525,

042

4,872,

931

4,396,

474

4,735,

406

4,482,

332

4,676,

8624,7

18,381

4,3

58,065

4,1

84,184

5,477,

374

5,393,

645

5,309,

3489,9

90,508

Clas

s I(U

SD) I

nc

USD

377,62

0 578

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565,14

3–

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– –

– –

– –

– –

– –

Man

ulife

Hon

g K

ong

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120

Perf

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d

Curre

ncy

30 Ju

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30 Ju

ne 2019

30 Ju

ne 2018

30 Ju

ne 2017

30 Ju

ne 2020

30 Ju

ne 2019

30 Ju

ne 2018

30 Ju

ne 2020

30 Ju

ne 2019

30 Ju

ne 2018

30 Ju

ne 2020

30 Ju

ne 2019

30 Ju

ne 2018

30 Ju

ne 2020

30 Ju

ne 2019

30 Ju

ne 2018

For t

he pe

riod

from

29

June

2020

(da

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tion) to

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20

High

est i

ssue

pric

e per

uni

t Cl

ass A

A(US

D) In

c US

D8.7

3039.1

2609.9

2139.6

9499.8

8639.6

12010.

3386

10.235

810.

1079

11.095

610.

3135

10.386

911.

7549

10.341

410.

5682

12.115

010.

0000

Clas

s AA(

HKD)

Inc

HKD

87.607

392.

4790

100.12

9697.

0448

99.060

797.

0374

104.18

26100

.8697

100.54

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101.90

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117.95

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103.31

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100.00

00Cl

ass A

A(RM

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c RM

B95.

3662

96.994

8100

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101.09

45 –

– –

– –

– –

– –

– –

– –

Clas

s AA(

RMB)

Inc H

edge

d RM

B87.

1109

91.511

899.

4618

96.982

6 –

– –

– –

– –

– –

– –

– 10

0.0000

Cl

ass A

A(US

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cc

USD

10.856

010.

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11.071

510.

2863

10.657

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2253

10.667

911.

3528

10.847

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6134

11.987

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4138

12.312

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2294

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7901

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ass I

(USD

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D9.6

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38810.

6135

10.143

0 –

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Man

ulife

Hon

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ARS

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e and

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Fun

d

Curre

ncy

30 Ju

ne 2020

30 Ju

ne 2019

30 Ju

ne 2018

30 Ju

ne 2017

30 Ju

ne 2020

30 Ju

ne 2019

30 Ju

ne 2018

30 Ju

ne 2020

30 Ju

ne 2019

30 Ju

ne 2018

30 Ju

ne 2020

30 Ju

ne 2019

30 Ju

ne 2018

30 Ju

ne 2020

30 Ju

ne 2019

30 Ju

ne 2018

For t

he pe

riod

from

29

June

2020

(da

te of

incep

tion) to

30 Ju

ne 20

20Lo

west

rede

mpt

ion

price

per

uni

t Cl

ass A

A(US

D) In

c US

D7.0

0748.1

2119.0

4349.1

5388.5

8768.9

3419.4

9898.0

6478.8

5389.8

9267.4

0908.6

87610.

2886

7.0782

8.5548

10.335

79.9

995Cl

ass A

A(HK

D) In

c HK

D70.

1866

82.158

091.

6370

91.609

185.

6876

90.020

795.

9717

79.277

187.

9185

99.591

173.

0629

86.545

1103

.2059

68.403

983.

4964

103.53

7899.

9952

Clas

s AA(

RMB)

Inc

RMB

77.580

887.

3524

91.223

197.

2301

– –

– –

– –

– –

– –

– –

– Cl

ass A

A(RM

B) In

c Hed

ged

RMB

69.808

781.

6246

90.624

290.

9714

– –

– –

– –

– –

– –

– –

99.902

0Cl

ass A

A(US

D) A

cc

USD

8.7593

9.5286

10.224

39.6

3639.2

6889.4

6219.9

5158.9

6019.5

84310.

4689

8.6117

9.6321

10.724

18.3

7059.5

76310.

9189

9.9995

Clas

s I(U

SD) I

nc

USD

7.7297

8.8146

9.7377

9.6263

– –

– –

– –

– –

– –

– –

–

Manulife H

ong Kong Series


Annual Report Audited Financial Statementsfor the year/period ended 30 June 2020

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