HSBC Managed Funds HSBC Global Money Funds - HSBC HK

HSBC Managed FundsHSBC Global Money Funds Interim Report 2021

Contents

Page1. HSBCMANAGEDFUNDS

1.1 HSBCMANAGEDBALANCEDFUND

Statement of Financial Position 1Statement of Comprehensive Income 2Statement of Changes in Net Assets Attributable to Unitholders 3Cash Flow Statement 4Portfolio Statement 5Statement of Movements in Portfolio Holdings 26Details in Respect of Financial Derivative Instruments 28Performance Record 29Distribution Disclosure 31

1.2 HSBCMANAGEDGROWTHFUND

Statement of Financial Position 32Statement of Comprehensive Income 33Statement of Changes in Net Assets Attributable to Unitholders 34Cash Flow Statement 35Portfolio Statement 36Statement of Movements in Portfolio Holdings 54Details in Respect of Financial Derivative Instruments 56Performance Record 57Distribution Disclosure 59

1.3 HSBCMANAGEDSTABLEFUND

Statement of Financial Position 60Statement of Comprehensive Income 61Statement of Changes in Net Assets Attributable to Unitholders 62Cash Flow Statement 63Portfolio Statement 64Statement of Movements in Portfolio Holdings 70Details in Respect of Financial Derivative Instruments 71Performance Record 72

1.4 HSBCMANAGEDSTABLEGROWTHFUND

Statement of Financial Position 74Statement of Comprehensive Income 75Statement of Changes in Net Assets Attributable to Unitholders 76Cash Flow Statement 77Portfolio Statement 78Statement of Movements in Portfolio Holdings 82Details in Respect of Financial Derivative Instruments 83Performance Record 84

Contents

2. HSBCGLOBALMONEYFUNDS

2.1 HSBCGLOBALMONEYFUNDS–HONGKONGDOLLAR

2.2 HSBCGLOBALMONEYFUNDS–USDOLLAR

Statement of Financial Position 85Statement of Comprehensive Income 87Statement of Changes in Net Assets Attributable to Unitholders 88Cash Flow Statement 91Portfolio Statement 92Statement of Movements in Portfolio Holdings 96Performance Record 97

3. ADMINISTRATION 100

1

Statement of Financial Position

HSBCManagedBalancedFundas at 31 January 2021

31January2021 31July2020HKD HKD

ASSETSFinancial assets at fair value through profit or loss 1,168,456,513 1,164,676,894Interest and dividends receivable 819,708 2,363,418Subscriptions receivable 2,453,984 1,934,229Amounts due from brokers 45,506,782 7,719,131Other receivables 30,440 –Cash and cash equivalents 12,210,466 10,961,360

1,229,477,893 1,187,655,032

LIABILITIESFinancial liabilities at fair value through profit or loss 265,865 964,410Redemptions payable 2,175,940 1,218,545Amounts due to brokers 14,642,423 11,858,349Distributions payable – 557,252Other payables 3,523,557 3,545,133

20,607,785 18,143,689

NETASSETSATTRIBUTABLETOUNITHOLDERS 1,208,870,108 1,169,511,343

Representing:Financialliabilities 1,208,870,108 1,169,511,343

Units UnitsTotalnumberofunitsinissue

“A” class income units 10,118,715 10,636,816

Provident class units 16,577,032 18,791,732

Accumulation units 5,485,359 5,875,628

Netassetvalueperunit

“A” class income units 34.74 30.52

Provident class units 45.33 39.67

Accumulation units 19.31 16.95

Note: Interim reports have applied the same accounting policies and methods of computation as are applied in the annual reports of the Fund.

2

Statement of Comprehensive Income

HSBCManagedBalancedFundfor the period ended 31 January 2021

1August2020to31January2021


HKD HKD

Interest income 69 519,219Dividend income 7,661,160 9,055,476Net gains from financial instruments at fair value through profit or loss 159,010,898 31,249,908Net foreign exchange loss (88,270) (395,037)Other income 313,957 5,799

TOTALREvENUE 166,897,814 40,435,365

Management fees Note 2 5,653,440 6,078,111Transaction costs Note 1 1,321,720 1,223,920Trustee’s fees Note 1 415,528 448,900Administrative fees 348,948 346,259Auditor’s remuneration 83,972 83,972Registrar’s fees Note 1 64,350 75,109Legal and professional fees 95,244 207,795Safe custody fees, bank charges and miscellaneous expenses Note 1 200,575 307,273

TOTALOpERATINGExpENSES 8,183,777 8,771,339

NETpROFITFROMOpERATIONSBEFORETAxATION 158,714,037 31,664,026

Taxation 1,008,302 1,128,306

INCREASEINNETASSETSATTRIBUTABLETOUNITHOLDERSANDTOTALCOMpREHENSIvEINCOMEFORTHEpERIOD 157,705,735 30,535,720

Note 1 During the periods ended 31 January 2021 and 2020, other than Trustee’s fees and Registrar’s fees that were paid to Trustee/connected person, other respective amounts paid to the Trustee/connected person were as follows:



HKD HKD

Transaction costs 659,499 720,323Safe custody fees, bank charges and miscellaneous expenses 90,190 97,900

Note 2 During the period ended 31 January 2021 and 2020, other than Management fees that paid to Manager, no other amounts paid to the Manager/connected person of Manager.

3

Statement of Changes in Net Assets Attributable to Unitholders




HKD HKD

Balanceatthebeginningoftheperiod 1,169,511,343 1,321,347,504

Increaseinnetassetsattributabletounitholdersandtotalcomprehensiveincomefortheperiod 157,705,735 30,535,720

Subscriptions of units (excluding equalisation)“A” class income units 4,200,550 3,341,051Provident class units 22,069,819 29,140,892Accumulation units 2,136,770 2,340,994

Redemptions of units (excluding equalisation)“A” class income units (20,525,601) (12,988,178)Provident class units (117,327,814) (133,218,508)Accumulation units (8,830,166) (6,105,796)

Equalisation on subscriptions and redemptions (70,528) 757

(118,346,970) (117,488,788)

Balanceattheendoftheperiod 1,208,870,108 1,234,394,436

Units Units“A” class income units

Units at the beginning of the period 10,636,816 11,242,511Units issued 130,266 111,054Units redeemed (648,367) (429,897)

Units at the end of the period 10,118,715 10,923,668

Provident class units

Units at the beginning of the period 18,791,732 22,945,301Units issued 522,182 745,002Units redeemed (2,736,882) (3,415,537)


Accumulation units



4

Cash Flow Statement




HKD HKD

OpERATINGACTIvITIES

Interest received 68 519,111Dividends received 8,923,741 10,121,117Management fees paid (5,662,606) (6,186,557)Trustee’s fees paid (416,921) (457,997)Margin deposits withdrawn from brokers 1,967,751 (399,200)Payments on purchase of investments (636,827,153) (306,643,546)Proceeds from sale of investments (including coupon interest received from

investments) 754,669,691 441,134,046Taxes paid (963,402) (1,147,726)Other operating expenses paid (1,975,481) (2,775,020)

Netcashgeneratedfromoperatingactivities 119,715,688 134,164,228

FINANCINGACTIvITIES

Proceeds from issue of units including equalisation 27,898,003 35,054,611Payments on redemption of units including equalisation (145,807,333) (152,886,810)Distributions paid (557,252) (1,262,071)

Netcashusedinfinancingactivities (118,466,582) (119,094,270)

Netincreaseincashandcashequivalents 1,249,106 15,069,958

Cashandcashequivalentsatthebeginningoftheperiod 10,961,360 50,597,920

Cashandcashequivalentsattheendoftheperiod 12,210,466 65,667,878

5

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets

EquitiesListed investments

AustraliaAFTERPAY LTD 1,664 1,337,405 0.11AGL ENERGY LTD 8,281 565,068 0.05ALS LTD 4,741 281,203 0.02ALTIUM LTD 685 125,270 0.01AMCOR LTD 1,270 108,647 0.01AMPOL LTD 3,254 506,612 0.04ANSELL LTD 2,900 634,892 0.05ANZ BANKING GROUP LTD 4,095 577,617 0.05ARISTOCRAT LEISURE LTD 608 112,346 0.01ASX LTD 1,468 626,966 0.05BEACH ENERGY LTD 29,770 291,339 0.02BENDIGO AND ADELAIDE BANK LTD 7,056 386,190 0.03BHP BILLITON LTD 9,222 2,389,831 0.20BLUESCOPE STEEL LTD 7,783 768,153 0.06CARSALES.COM.AU LTD 3,767 439,692 0.04COMMONWEALTH BANK OF

AUSTRALIA 4,475 2,223,237 0.18COMPUTERSHARE LTD 2,186 186,879 0.02CROWN RESORTS LTD 8,009 457,408 0.04CSL LTD 1,437 2,322,911 0.19CSR LTD 5,581 174,975 0.01DOMAIN HOLDINGS AUSTRALIA LTD 6,389 189,665 0.02EVOLUTION MINING LTD 9,592 269,914 0.02FORTESCUE METALS GROUP LTD 9,092 1,178,612 0.10IDP EDUCATION LTD 1,700 232,409 0.02ILUKA RESOURCES LTD 3,301 126,666 0.01IOOF HOLDINGS LTD 20,872 387,412 0.03JB HI-FI LTD 2,182 672,028 0.06MACQUARIE GROUP LTD 326 254,840 0.02MINERAL RESOURCES LTD 3,476 710,331 0.06NATIONAL AUSTRALIA BANK LTD 6,126 857,902 0.07NEWCREST MINING LTD 3,684 550,546 0.05OZ MINERALS LTD 6,905 766,120 0.06REA GROUP LTD 927 808,919 0.07RIO TINTO LTD 1,584 1,039,500 0.09SEEK LTD 4,472 746,258 0.06SOUTH32 LTD 55,104 832,667 0.07STAR ENTERTAINMENT GROUP LTD 8,465 173,740 0.01

HoldingsMarket

value

%ofnet

assetvalue

HKD

TELSTRA CORP LTD 27,927 518,362 0.04WESFARMERS LTD 1,392 452,237 0.04WESTPAC BANKING CORP 6,652 836,192 0.07WISETECH GLOBAL LTD 531 98,813 0.01WOODSIDE PETROLEUM LTD 6,578 957,596 0.08WOOLWORTHS GROUP LTD 3,136 762,305 0.06XERO LTD 462 357,003 0.03

28,296,678 2.34

AustriaANDRITZ AG 441 162,848 0.01OMV AG 954 312,202 0.03TELEKOM AUSTRIA AG 7,052 416,522 0.03VIENNA INSURANCE GROUP AG

WIENER VERSICHERUNG GRUPPE 3,034 603,054 0.05VOESTALPINE AG 1,105 313,527 0.03

1,808,153 0.15

BelgiumANHEUSER BUSCH INBEV NV 516 252,664 0.02ETABLISSEMENTEN FRANZ

COLRUYT NV 336 160,981 0.01GROUPE BRUXELLES LAMBERT SA 267 205,692 0.02KBC GROEP NV 415 225,649 0.02PROXIMUS SA 2,292 375,251 0.03SOLVAY SA 130 115,163 0.01UCB SA 496 399,583 0.03

1,734,983 0.14

CanadaBARRICK GOLD CORP 137 23,749 0.00BCE INC 1,803 593,593 0.05BROOKFIELD ASSET MANAGEMENT

INC 2,128 640,013 0.05CANADIAN NATURAL RESOURCES

LTD 1,155 202,536 0.02CENOVUS ENERGY INC 8,562 392,370 0.03IMPERIAL OIL LTD 3,238 478,181 0.04

6

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


MAGNA INTERNATIONAL INC 1,046 571,791 0.05MANULIFE FINANCIAL CORP 5,199 729,278 0.06METRO INC 1,189 398,955 0.03POWER CORP OF CANADA 1,665 300,862 0.02ROYAL BANK OF CANADA 387 243,122 0.02SHOPIFY INC 37 313,133 0.03SUNCOR ENERGY INC 2,342 304,068 0.03TECK RESOURCES LTD 1,920 272,237 0.02TELUS CORP 778 124,621 0.01TORONTO-DOMINION BANK 556 244,538 0.02

5,833,047 0.48

CzechRepublicMONETA MONEY BANK AS 23,249 615,182 0.05

DenmarkCARLSBERG A/S 391 445,800 0.04COLOPLAST A/S 729 847,052 0.07DEMANT A/S 578 161,641 0.01DSV PANALPINA A/S 152 184,739 0.02NOVO NORDISK A/S 3,899 2,100,752 0.17ORSTED A/S 101 149,285 0.01VESTAS WIND SYSTEMS A/S 776 1,311,117 0.11

5,200,386 0.43

FinlandELISA OYJ 1,490 688,888 0.06FORTUM OYJ 4,478 843,036 0.07KONE OYJ 512 313,117 0.02NELES OYJ 1,250 125,170 0.01NOKIA OYJ 15,640 584,021 0.05

2,554,232 0.21

HoldingsMarket

value

%ofnet

assetvalue

HKD

FranceACCOR SA 2,172 569,418 0.05AIR LIQUIDE SA 554 704,533 0.06AIRBUS GROUP SE 726 569,007 0.05AMUNDI SA 897 518,822 0.04ARKEMA SA 737 635,253 0.05ATOS SE 916 547,760 0.05AXA SA 3,954 681,625 0.06BIOMERIEUX SA 120 144,128 0.01BNP PARIBAS SA 2,310 865,635 0.07CAPGEMINI SE 513 577,488 0.05CARREFOUR SA 896 118,082 0.01CNP ASSURANCES SA 903 106,500 0.01COMPAGNIE DE SAINT-GOBAIN 2,512 972,093 0.08COMPAGNIE GENERALE DES

ETABLISSEMENTS MICHELIN SCA 1,028 1,102,998 0.09CREDIT AGRICOLE SA 2,431 214,806 0.02DANONE SA 1,903 985,243 0.08DASSAULT SYSTEMES SE 648 1,005,677 0.08ELECTRICITE DE FRANCE SA 2,004 194,066 0.02ENGIE SA 3,472 419,301 0.03ESSILORLUXOTTICA SA 279 307,502 0.03HERMES INTERNATIONAL SA 69 547,682 0.05KERING SA 80 408,156 0.03LEGRAND SA 1,484 1,061,044 0.09L’OREAL SA 277 756,982 0.06LVMH MOET HENNESSY LOUIS

VUITTON SE 386 1,811,908 0.15NATIXIS SA 13,014 382,861 0.03ORANGE SA 8,827 806,904 0.07SAFRAN SA 257 252,024 0.02SANOFI SA 1,879 1,365,591 0.11SARTORIUS STEDIM BIOTECH SA 251 815,738 0.07SCHNEIDER ELECTRIC SE 1,632 1,859,448 0.15SEB SA 409 604,511 0.05SODEXO SA 987 683,008 0.06STMICROELECTRONICS NV 1,847 578,865 0.05TELEPERFORMANCE SE 114 290,167 0.02TOTAL SA 4,036 1,326,699 0.11VEOLIA ENVIRONNEMENT SA 1,353 281,165 0.02VINCI SA 370 266,916 0.02VIVENDI SA 2,399 572,205 0.05WORLDLINE SA 265 174,894 0.01

26,086,705 2.16

7

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


GermanyADIDAS AG 193 476,339 0.04ALLIANZ SE 914 1,613,001 0.13AROUNDTOWN SA 10,451 564,709 0.05BASF SE 1,419 853,228 0.07BAYER AG 1,260 593,054 0.05BAYERISCHE MOTOREN WERKE AG 753 496,607 0.04BEIERSDORF AG 487 414,537 0.04CARL ZEISS MEDITEC AG 470 571,144 0.05COVESTRO AG 910 481,423 0.04DAIMLER AG 925 503,300 0.04DELIVERY HERO SE 815 963,517 0.08DEUTSCHE BANK AG 7,637 602,080 0.05DEUTSCHE BOERSE AG 462 577,960 0.05DEUTSCHE POST AG 3,509 1,348,987 0.11DEUTSCHE TELEKOM AG 2,373 328,604 0.03DEUTSCHE WOHNEN AG 2,179 839,124 0.07DWS GROUP GMBH & CO KGAA 1,516 461,418 0.04FRAPORT FRANKFURT AIRPORT

SERVICES WORLDWIDE AG 411 173,374 0.01FRESENIUS MEDICAL CARE AG & CO

KGAA 246 154,799 0.01FRESENIUS SE & CO KGAA 1,968 681,674 0.06HANNOVER RUECK SE 465 560,687 0.05HELLOFRESH AG 761 500,378 0.04HENKEL AG & CO KGAA 351 255,260 0.02HENKEL AG & CO KGAA 1,045 841,667 0.07INFINEON TECHNOLOGIES AG 3,263 1,018,195 0.08KNORR BREMSE AG 297 305,462 0.03LEG IMMOBILIEN AG 572 638,732 0.05MERCK KGAA 256 332,072 0.03MUENCHENER

RUECKVERSICHERUNGS-GESELLSCHAFT AG 160 331,589 0.03

RWE AG 2,996 1,000,780 0.08SAP SE 1,807 1,783,928 0.15SIEMENS AG 2,139 2,585,207 0.21SIEMENS ENERGY AG 3,119 898,485 0.07TALANX AG 1,418 411,419 0.03

HoldingsMarket

value

%ofnet

assetvalue

HKD

TEAMVIEWER AG 465 187,086 0.02VOLKSWAGEN 27 44,383 0.00VOLKSWAGEN 67 98,737 0.01VONOVIA SE 429 222,834 0.02ZALANDO SE 324 289,098 0.02

25,004,878 2.07

GreeceFOLLI FOLLIE COMMERCIAL

MANUFACTURING AND TECHNICAL SA 1,986 – –

JUMBO SA 4,495 548,349 0.05

548,349 0.05

HongKong3SBIO INC 15,000 108,450 0.01AAC TECHNOLOGIES HOLDINGS INC 13,000 547,950 0.05AGILE PROPERTY HOLDINGS LTD 48,440 468,899 0.04AGRICULTURAL BANK OF CHINA LTD

H SHARES 696,360 1,949,808 0.16AIA GROUP LTD 170,567 15,990,656 1.32ALIBABA GROUP HOLDING LTD 94,025 23,205,370 1.92ALIBABA HEALTH INFORMATION

TECHNOLOGY LTD 70,702 1,718,059 0.14ALIBABA PICTURES GROUP LTD 520,000 509,600 0.04ANHUI CONCH CEMENT CO LTD H

SHARES 23,763 1,091,910 0.09ANHUI EXPRESSWAY CO LTD 36,000 176,040 0.01ANTA SPORTS PRODUCTS LTD 13,732 1,761,816 0.15ASM PACIFIC TECHNOLOGY LTD 8,338 943,028 0.08BAIC MOTOR CORP LTD 54,500 149,330 0.01BANK OF CHINA LTD H SHARES 1,388,218 3,651,013 0.30BANK OF COMMUNICATIONS CO

LTD H SHARES 261,082 1,096,544 0.09BEIJING CAPITAL INTERNATIONAL

AIRPORT CO LTD H SHARES 44,340 265,153 0.02BEIJING ENTERPRISES HOLDINGS

LTD 11,000 279,400 0.02BOC HONG KONG HOLDINGS LTD 49,645 1,151,764 0.10BRILLIANCE CHINA AUTOMOTIVE

HOLDINGS LTD 28,000 170,800 0.01

8

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


BYD CO LTD 11,681 2,773,069 0.23BYD ELECTRONIC CO LTD 28,000 1,503,600 0.12CANSINO BIOLOGICS INC H SHARES 1,400 353,360 0.03CHINA CINDA ASSET MANAGEMENT

CO LTD H SHARES 557,000 818,790 0.07CHINA CITIC BANK CORP LTD H

SHARES 271,997 935,670 0.08CHINA CONCH VENTURE HOLDINGS

LTD 12,252 452,711 0.04CHINA CONSTRUCTION BANK CORP

H SHARES 1,493,723 8,783,091 0.73CHINA EAST EDUCATION HOLDINGS

LTD 18,500 324,120 0.03CHINA EVERBRIGHT LTD 50,000 499,500 0.04CHINA EVERGRANDE GROUP 12,000 179,280 0.01CHINA FEIHE LTD 32,000 742,400 0.06CHINA GAS HOLDINGS LTD 16,463 451,086 0.04CHINA HONGQIAO GROUP LTD 122,500 839,125 0.07CHINA JINMAO HOLDINGS GROUP

LTD 34,000 103,700 0.01CHINA LESSO GROUP HOLDINGS

LTD 45,000 580,500 0.05CHINA LIFE INSURANCE CO LTD H

SHARES 119,679 1,969,916 0.16CHINA MENGNIU DAIRY CO LTD 52,996 2,451,065 0.20CHINA MERCHANTS BANK CO LTD H

SHARES 57,204 3,406,498 0.28CHINA MERCHANTS PORT

HOLDINGS CO LTD 25,890 280,130 0.02CHINA MINSHENG BANKING CORP

LTD H SHARES 145,423 645,678 0.05CHINA NATIONAL BUILDING

MATERIAL CO LTD 32,000 297,280 0.02CHINA OVERSEAS LAND &

INVESTMENT LTD 64,543 1,128,212 0.09CHINA PACIFIC INSURANCE GROUP

CO LTD H SHARES 36,360 1,167,156 0.10CHINA PETROLEUM & CHEMICAL

CORP H SHARES 377,939 1,402,154 0.12

HoldingsMarket

value

%ofnet

assetvalue

HKD

CHINA REINSURANCE GROUP CORP 104,000 84,240 0.01CHINA RESOURCES BEER HOLDINGS

CO LTD 16,460 1,127,510 0.09CHINA RESOURCES CEMENT

HOLDINGS LTD 90,000 771,300 0.06CHINA RESOURCES GAS GROUP LTD 14,000 543,200 0.05CHINA RESOURCES LAND LTD 52,966 1,636,649 0.14CHINA SHENHUA ENERGY CO LTD H

SHARES 11,629 167,225 0.01CHINA TOWER CORP LTD 423,284 474,078 0.04CHINA TRADITIONAL CHINESE

MEDICINE HOLDINGS CO LTD 66,000 283,800 0.02CHINA TRAVEL INTERNATIONAL

INVESTMENT HONG KONG LTD 88,000 93,280 0.01CHINA VANKE CO LTD H SHARES 23,860 664,501 0.06CHONGQING RURAL COMMERCIAL

BANK CO LTD H SHARES 200,709 670,368 0.06CHOW TAI FOOK JEWELLERY GROUP

LTD 33,000 308,550 0.03CITIC SECURITIES CO LTD 29,288 499,653 0.04CK ASSET HOLDINGS LTD 51,445 2,003,783 0.17CK HUTCHISON HOLDINGS LTD 45,319 2,433,630 0.20CK INFRASTRUCTURE HOLDINGS

LTD 13,418 554,834 0.05CLP HOLDINGS LTD 30,224 2,197,285 0.18COSCO SHIPPING HOLDINGS CO LTD 99,000 777,150 0.06COSCO SHIPPING PORTS LTD 41,489 228,604 0.02COUNTRY GARDEN HOLDINGS CO

LTD 125,631 1,177,163 0.10COUNTRY GARDEN SERVICES

HOLDINGS CO LTD 14,000 886,900 0.07CSPC PHARMACEUTICAL GROUP

LTD 116,629 923,702 0.08DALI FOODS GROUP CO LTD 140,500 656,135 0.05DONGFENG MOTOR GROUP CO LTD

H SHARES 123,483 947,115 0.08ENN ENERGY HOLDINGS LTD 9,871 1,186,494 0.10ESR CAYMAN LTD 4,600 127,420 0.01FAR EAST HORIZON LTD 52,000 416,000 0.03FIH MOBILE LTD 358,000 436,760 0.04GALAXY ENTERTAINMENT GROUP

LTD 36,255 2,131,794 0.18GEELY AUTOMOBILE HOLDINGS LTD 102,734 2,912,509 0.24GENSCRIPT BIOTECH CORP 22,878 226,492 0.02

9

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


GREAT WALL MOTOR CO LTD 73,000 1,773,900 0.15GUANGDONG INVESTMENT LTD 12,000 163,440 0.01GUOTAI JUNAN SECURITIES CO LTD 37,938 427,941 0.04HAIDILAO INTERNATIONAL HOLDING

LTD 6,000 392,100 0.03HAIER SMART HOME CO LTD H

SHARES 50,600 1,624,260 0.13HANG LUNG PROPERTIES LTD 51,043 1,056,590 0.09HANG SENG BANK LTD 11,457 1,607,417 0.13HANSOH PHARMACEUTICAL GROUP

CO LTD 20,000 848,000 0.07HEALTH AND HAPPINESS (H&H)

INTERNATIONAL HOLDINGS LTD 3,500 132,475 0.01HENDERSON LAND DEVELOPMENT

CO LTD 18,575 588,828 0.05HENGTEN NETWORKS GROUP LTD 83,600 275,044 0.02HONG KONG AND CHINA GAS CO

LTD 96,336 1,073,183 0.09HONG KONG EXCHANGES AND

CLEARING LTD 19,599 9,748,543 0.81HOPSON DEVELOPMENT HOLDINGS

LTD 18,000 357,120 0.03HUTCHISON TELECOMMUNICATIONS

HONG KONG HOLDINGS LTD 376,000 462,480 0.04HYSAN DEVELOPMENT CO LTD 30,620 865,015 0.07INDUSTRIAL AND COMM BANK OF

CHINA H SHARES 1,302,231 6,446,043 0.53INNOVENT BIOLOGICS INC 19,096 1,691,906 0.14JD COM INC 24,605 8,508,409 0.70JIANGSU EXPRESSWAY CO LTD H

SHARES 34,000 306,000 0.03JIANGXI COPPER CO LTD 28,000 358,400 0.03JIAYUAN INTERNATIONAL GROUP

LTD 165,488 498,119 0.04JOHNSON ELECTRIC HOLDINGS LTD 15,139 347,440 0.03KERRY LOGISTICS NETWORK LTD 49,500 819,720 0.07KINGBOARD CHEMICAL HOLDINGS

LTD 33,000 1,047,750 0.09

HoldingsMarket

value

%ofnet

assetvalue

HKD

KINGBOARD LAMINATES HOLDINGS LTD 61,500 771,210 0.06

KINGDEE INTERNATIONAL SOFTWARE GROUP CO LTD 38,000 1,189,400 0.10

KINGSOFT CORP LTD 8,000 480,000 0.04KWG GROUP HOLDINGS LTD 24,500 252,840 0.02LEGEND HOLDINGS CORP 48,500 597,520 0.05LENOVO GROUP LTD 63,392 578,769 0.05LI NING CO LTD 19,000 922,450 0.08LOGAN PROPERTY HOLDINGS CO

LTD 28,000 325,360 0.03LONGFOR PROPERTIES 31,220 1,368,997 0.11LUYE PHARMA GROUP LTD 32,000 124,480 0.01MAANSHAN IRON & STEEL CO LTD 78,000 167,700 0.01MEITUAN DIANPING 54,752 19,480,762 1.61MINTH GROUP LTD 2,000 71,100 0.01MTR CORP LTD 6,079 274,467 0.02NETEASE INC 25,100 4,472,820 0.37NEW CHINA LIFE INSURANCE CO

LTD 3,900 112,905 0.01NEW WORLD DEVELOPMENT CO

LTD 40,281 1,452,130 0.12PETROCHINA CO LTD H SHARES 314,180 738,323 0.06PHARMARON BEIJING CO LTD H

SHARES 4,100 611,720 0.05PICC PROPERTY & CASUALTY CO

LTD H SHARES 152,480 863,037 0.07PING AN HEALTHCARE AND

TECHNOLOGY CO LTD 7,700 741,895 0.06PING AN INSURANCE (GROUP) CO

OF CHINA LTD H SHARES 87,263 7,967,112 0.66POLY PROPERTY GROUP CO LTD 107,000 239,680 0.02POSTAL SAVINGS BANK OF CHINA

CO LTD 281,887 1,561,654 0.13POWER ASSETS HOLDINGS LTD 4,413 182,257 0.02SAMSONITE INTERNATIONAL SA 12,117 135,710 0.01SANDS CHINA LTD 47,340 1,460,439 0.12SHANDONG GOLD MINING CO LTD 6,500 106,340 0.01SHANDONG WEIGAO GROUP

MEDICAL POLYMER CO LTD 72,000 1,044,000 0.09SHANGHAI FOSUN

PHARMACEUTICAL GROUP CO LTD 10,000 350,000 0.03SHANGHAI PHARMACEUTICAL

HOLDINGG CO LTD H SHARES 63,600 853,512 0.07

10

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


SHANGRI-LA ASIA LTD 18,000 118,800 0.01SHENZHEN INTERNATIONAL

HOLDINGS LTD 26,341 336,638 0.03SHENZHEN INVESTMENT LTD 234,553 602,801 0.05SHENZHOU INTERNATIONAL GROUP

HOLDINGS LTD 15,444 2,349,032 0.19SHIMAO GROUP HOLDINGS LTD 24,000 541,200 0.04SHUI ON LAND LTD 542,613 624,005 0.05SHUN TAK HOLDINGS LTD 180,000 408,600 0.03SINO BIOPHARMACEUTICAL LTD 149,321 1,079,591 0.09SINOPHARM GROUP CO LTD H

SHARES 40,800 772,752 0.06SINOTRANS LTD H SHARES 177,000 461,970 0.04SINOTRUK HONG KONG LTD 31,000 750,200 0.06SITC INTERNATIONAL HOLDINGS CO

LTD 56,000 997,920 0.08SJM HOLDINGS LTD 20,000 166,800 0.01SMOORE INTERNATIONAL

HOLDINGS LTD 6,000 460,500 0.04SUN HUNG KAI PROPERTIES LTD 27,516 2,916,696 0.24SUNAC CHINA HOLDINGS LTD 12,201 353,219 0.03SUNAC SERVICES HOLDINGS LTD 1,551 33,812 0.00SUNNY OPTICAL TECHNOLOGY

GROUP CO LTD 10,075 2,057,315 0.17SWIRE PACIFIC LTD 25,000 197,000 0.02SWIRE PACIFIC LTD CLASS A 8,370 406,364 0.03SWIRE PROPERTIES LTD 43,287 976,122 0.08TECHTRONIC INDUSTRIES CO LTD 18,733 2,188,014 0.18TENCENT HOLDINGS LTD 41,487 28,273,391 2.34TONGCHENG-ELONG HOLDINGS LTD 56,400 782,832 0.06TOPSPORTS INTERNATIONAL

HOLDINGS LTD 17,000 214,200 0.02TRAVELSKY TECHNOLOGY LTD 51,000 883,320 0.07TSINGTAO BREWERY CO LTD H

SHARES 2,000 149,700 0.01VTECH HOLDINGS LTD 12,421 771,344 0.06WEICHAI POWER CO LTD 41,000 938,900 0.08WH GROUP LTD 54,466 343,136 0.03WHARF HOLDINGS LTD 25,000 428,500 0.04

HoldingsMarket

value

%ofnet

assetvalue

HKD

WHARF REAL ESTATE INVESTMENT CO LTD 22,861 940,730 0.08

WUXI APPTEC CO LTD 7,000 1,295,000 0.11WUXI BIOLOGICS CAYMAN INC 41,123 4,486,519 0.37XIAOMI CORP 175,081 5,112,365 0.42XINJIANG GOLDWIND SCIENCE &

TECHNOLOGY CO LTD 51,600 834,888 0.07XINYI GLASS HOLDINGS LTD 50,000 940,000 0.08XINYI SOLAR HOLDINGS LTD 62,812 1,067,804 0.09YIHAI INTERNATIONAL HOLDING LTD 9,000 1,149,300 0.10YUE YUEN INDUSTRIAL (HOLDINGS)

LTD 13,500 228,420 0.02YUEXIU PROPERTY CO LTD 328,000 498,560 0.04ZHONGSHENG GROUP HOLDINGS

LTD 21,500 979,325 0.08ZIJIN MINING GROUP CO LTD H

SHARES 86,000 743,040 0.06

275,651,142 22.80

HungaryMAGYAR TELEKOM

TELECOMMUNICATIONS NYRT 31,055 322,516 0.02MOL MAGYAR OLAJES GAZIPARI

NYRT 5,880 344,513 0.03RICHTER GEDEON VEGYESZETI GYAR

NYRT 3,697 812,285 0.07

1,479,314 0.12

IndiaAUROBINDO PHARMA LTD 1,489 143,654 0.01AVENUE SUPERMARTS LTD 593 167,101 0.01BAJAJ AUTO LTD 610 259,688 0.02BHARTI AIRTEL LTD 14,248 838,267 0.07CIPLA LTD 1,785 157,073 0.01COROMANDEL INTERNATIONAL LTD 3,337 299,636 0.03DIVI'S LABORATORIES LTD 1,970 707,017 0.06EXIDE INDUSTRIES LTD 25,563 522,425 0.04HCL TECHNOLOGIES LTD 5,466 530,944 0.04HERO MOTOCORP LTD 756 261,605 0.02HINDALCO INDUSTRIES LTD 9,467 227,381 0.02

11

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


HINDUSTAN UNILEVER LTD 2,530 609,342 0.05HINDUSTAN UNILEVER LTD 128 30,796 0.00HINDUSTAN ZINC LTD 887 25,900 0.00HOUSING DEVELOPMENT FINANCE

CORP LTD 2,795 706,301 0.06INFO EDGE INDIA LTD 1,191 552,369 0.05INFOSYS LTD 11,493 1,513,404 0.13IPCA LABORATORIES LTD 1,092 214,935 0.02MRF LTD 37 330,576 0.03NESTLE INDIA LTD 241 439,562 0.04NESTLE INDIA LTD 18 32,635 0.00NMDC LTD 16,845 188,419 0.02NMDC LTD 19,067 213,172 0.02OIL AND NATURAL GAS

CORPORATION LTD 12,171 115,507 0.01OIL INDIA LTD 34,603 410,403 0.03POWER GRID CORPORATION OF

INDIA LTD 17,409 340,335 0.03RELIANCE INDUSTRIES LTD 7,650 1,500,607 0.12RELIANCE INDUSTRIES LTD 5,184 1,014,788 0.08SBI LIFE INSURANCE COMPANY LTD 4,731 435,063 0.04STATE BANK OF INDIA 15,821 473,982 0.04SUN PHARMACEUTICAL INDUSTRIES

LTD 3,914 245,417 0.02TATA CONSULTANCY SERVICES LTD 3,194 1,056,127 0.09TECH MAHINDRA LTD 2,341 239,187 0.02TORRENT POWER LTD 7,409 244,013 0.02VODAFONE IDEA LTD 431,349 513,428 0.04WIPRO LTD 6,594 294,327 0.02

15,855,386 1.31

IndonesiaBANK CENTRAL ASIA TBK PT 11,200 209,216 0.02GUDANG GARAM TBK PT 4,200 87,567 0.01INDOFOOD CBP SUKSES MAKMUR

TBK PT 60,700 305,274 0.02

HoldingsMarket

value

%ofnet

assetvalue

HKD

INDOFOOD SUKSES MAKMUR TBK PT 96,900 323,995 0.03

UNILEVER INDONESIA TBK PT 78,600 300,817 0.02

1,226,869 0.10

IrelandKERRY GROUP PLC 606 638,794 0.05KINGSPAN GROUP PLC 645 340,256 0.03

979,050 0.08

IsraelWIX.COM LTD 224 429,092 0.04

ItalyA2A SPA 39,776 502,093 0.04ASSICURAZIONI GENERALI SPA 7,001 929,242 0.08BANCA MEDIOLANUM SPA 7,134 439,846 0.04BUZZI UNICEM SPA 3,472 664,929 0.05ENEL SPA 9,008 695,061 0.06ENI SPA 9,571 753,019 0.06FINECOBANK BANCO FINEECO SPA 1,211 146,875 0.01INTESA SANPAOLO SPA 26,696 453,972 0.04ITALGAS SPA 9,952 464,247 0.04POSTE ITALIANE SPA 1,588 120,811 0.01UNIPOLSAI ASSICURAZIONI SPA 24,731 486,907 0.04

5,657,002 0.47

JapanADVANTEST CORP 1,409 865,081 0.07AEON CO LTD 5,200 1,261,649 0.10AEON MALL CO LTD 3,400 426,060 0.04AGC INC 3,100 833,412 0.07AICA KOGYO CO LTD 2,600 656,628 0.05AJINOMOTO CO INC 1,900 347,992 0.03AMADA CO LTD 3,200 278,471 0.02

12

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


ASAHI GROUP HOLDINGS LTD 2,700 842,255 0.07ASAHI INTECC CO LTD 1,900 484,065 0.04ASKUL CORP 1,900 520,651 0.04ASTELLAS PHARMA INC 4,200 526,465 0.04BENESSE HOLDINGS INC 1,400 209,134 0.02BRIDGESTONE CORP 2,400 687,526 0.06CALBEE INC 1,800 412,596 0.03CANON MARKETING JAPAN INC 2,300 391,103 0.03CASIO COMPUTER CO LTD 3,800 520,651 0.04CENTRAL JAPAN RAILWAY CO 1,064 1,166,258 0.10CHUGAI PHARMACEUTICAL CO LTD 2,857 1,157,838 0.10COCA-COLA BOTTLERS JAPAN

HOLDINGS INC 3,900 457,810 0.04DAICEL CORP 6,122 360,456 0.03DAIICHI SANKYO CO LTD 4,478 1,115,991 0.09DAIICHIKOSHO CO LTD 1,707 455,122 0.04DAIKIN INDUSTRIES LTD 963 1,576,552 0.13DAITO TRUST CONSTRUCTION CO

LTD 1,103 889,600 0.07DAIWA HOUSE INDUSTRY CO LTD 2,317 508,708 0.04DENSO CORP 369 158,697 0.01DISCO CORP 370 933,062 0.08EAST JAPAN RAILWAY CO 300 153,085 0.01EISAI CO LTD 239 135,286 0.01ELECTRIC POWER DEVELOPMENT

CO LTD 2,800 353,569 0.03FANUC CORP 631 1,278,840 0.11FAST RETAILING CO LTD 69 459,001 0.04FUJITSU LTD 537 637,130 0.05GS YUASA CORP 3,400 775,570 0.06GUNMA BANK LTD 15,300 366,004 0.03HAMAMATSU PHOTONICS KK 1,200 539,463 0.04HASEKO CORP 6,657 607,901 0.05HIROSE ELECTRIC CO LTD 300 364,604 0.03HITACHI LTD 5,200 1,658,322 0.14HONDA MOTOR CO LTD 3,204 655,995 0.05HOYA CORP 1,816 1,801,565 0.15HULIC CO LTD 1,600 140,302 0.01ITOCHU CORP 7,600 1,687,191 0.14

HoldingsMarket

value

%ofnet

assetvalue

HKD

JAPAN AVIATION ELECTRONICS INDUSTRY LTD 3,690 444,090 0.04

JAPAN EXCHANGE GROUP INC 4,084 739,530 0.06JAPAN POST INSURANCE CO LTD 3,800 577,782 0.05JAPAN TOBACCO INC 1,700 261,566 0.02JFE HOLDINGS INC 7,000 471,252 0.04KANDENKO CO LTD 2,800 186,635 0.02KAO CORP 773 434,924 0.04KDDI CORP 5,881 1,341,073 0.11KEYENCE CORP 755 3,139,141 0.26KINDEN CORP 4,600 572,346 0.05KIRIN HOLDINGS CO LTD 4,800 798,440 0.07KOBE BUSSAN CO LTD 400 86,089 0.01KOKUYO CO LTD 2,900 292,742 0.02KOMATSU LTD 1,800 381,601 0.03KONAMI HOLDINGS CORP 400 189,597 0.02K'S HOLDINGS CORP 6,200 651,577 0.05KUBOTA CORP 700 119,187 0.01KYOCERA CORP 1,607 797,292 0.07KYOWA KIRIN CO LTD 3,200 734,688 0.06KYUSHU RAILWAY CO 700 113,795 0.01LION CORP 800 142,020 0.01LIXIL CORP 4,200 759,291 0.06M3 INC 1,200 783,065 0.06MARUBENI CORP 13,800 709,607 0.06MEGMILK SNOW BRAND CO LTD 2,300 384,460 0.03MEIJI HOLDINGS CO LTD 437 231,085 0.02MITSUBISHI CORP 7,428 1,456,463 0.12MITSUBISHI ELECTRIC CORP 12,638 1,492,431 0.12MITSUBISHI ESTATE CO LTD 4,500 550,572 0.05MITSUBISHI HEAVY INDUSTRIES LTD 1,300 288,647 0.02MITSUBISHI SHOKUHIN CO LTD 955 200,303 0.02MITSUBISHI UFJ FINANCIAL GROUP

INC 21,332 741,436 0.06MITSUI & CO LTD 1,900 272,498 0.02MIZUHO FINANCIAL GROUP INC 2,939 300,053 0.02MORINAGA MILK INDUSTRY CO LTD 400 154,640 0.01MS&AD INSURANCE GROUP

HOLDINGS INC 4,455 991,149 0.08MURATA MANUFACTURING CO LTD 1,300 968,093 0.08NEC CORP 300 126,645 0.01NEC NETWORKS & SYSTEM

INTEGRATION CORP 2,700 372,336 0.03NEXON CO LTD 3,800 896,364 0.07

13

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


NGK INSULATORS LTD 2,000 270,768 0.02NIDEC CORP 900 923,174 0.08NIHON UNISYS LTD 1,900 560,052 0.05NIKON CORP 9,600 591,543 0.05NINTENDO CO LTD 494 2,216,398 0.18NIPPON ELECTRIC GLASS CO LTD 1,000 169,971 0.01NIPPON STEEL CORP 6,800 607,866 0.05NIPPON TELEGRAPH AND

TELEPHONE CORP 4,986 966,748 0.08NIPPON YUSEN KABUSHIKI KAISHA 1,200 213,830 0.02NISSAN MOTOR CO LTD 16,900 665,996 0.06NISSHIN SEIFUN GROUP INC 900 117,446 0.01NITORI HOLDINGS CO LTD 358 551,225 0.05NITTO DENKO CORP 700 490,952 0.04OLYMPUS CORP 900 125,945 0.01OMRON CORP 800 547,461 0.05OPEN HOUSE CO LTD 1,200 375,047 0.03ORACLE CORP JAPAN 720 658,553 0.05ORIENTAL LAND CO LTD 300 363,271 0.03ORIX CORP 8,956 1,111,016 0.09OTSUKA HOLDINGS CO LTD 400 132,185 0.01PANASONIC CORP 1,800 180,169 0.02PEPTIDREAM INC 300 135,754 0.01RAKUTEN INC 8,900 678,261 0.06RECRUIT HOLDINGS CO LTD 2,300 773,689 0.06RENESAS ELECTRONICS CORP 8,200 728,763 0.06RESONA HOLDINGS INC 28,000 752,759 0.06RINNAI CORP 700 567,162 0.05ROHM CO LTD 400 314,316 0.03SANKYU INC 1,600 466,883 0.04SANWA HOLDINGS CORP 4,900 432,577 0.04SAWAI PHARMACEUTICAL CO LTD 1,138 402,867 0.03SECOM CO LTD 200 140,376 0.01SEGA SAMMY HOLDINGS INC 3,100 382,727 0.03SEKISUI CHEMICAL CO LTD 1,600 223,250 0.02SEKISUI HOUSE LTD 5,500 822,414 0.07SEVEN & I HOLDINGS CO LTD 3,529 1,035,256 0.09SG HOLDINGS CO LTD 3,100 617,827 0.05SHIMADZU CORP 500 147,567 0.01SHIMAMURA CO LTD 603 518,044 0.04SHIMANO INC 111 202,273 0.02

HoldingsMarket

value

%ofnet

assetvalue

HKD

SHIN ETSU CHEMICAL CO LTD 1,667 2,243,890 0.19SHIONOGI & CO LTD 2,100 883,403 0.07SHISEIDO CO LTD 1,100 553,083 0.05SHOWA DENKO KK 3,400 628,766 0.05SKYLARK HOLDINGS CO LTD 1,700 215,926 0.02SMC CORP 287 1,346,755 0.11SOFTBANK CORP 2,900 295,749 0.02SOFTBANK CORP 6,033 3,622,751 0.30SOJITZ CORP 37,500 672,106 0.06SOMPO HOLDINGS INC 1,418 437,614 0.04SONY CORP 3,809 2,835,101 0.23SUGI HOLDINGS CO LTD 1,138 580,701 0.05SUMITOMO CORP 5,300 544,432 0.05SUMITOMO MITSUI FINANCIAL

GROUP INC 4,775 1,147,571 0.10SUNDRUG CO LTD 2,100 646,222 0.05SUNTORY BEVERAGE & FOOD LTD 500 135,347 0.01SUZUKI MOTOR CORP 300 104,604 0.01SYSMEX CORP 200 181,228 0.02T&D HOLDINGS INC 1,800 161,705 0.01TAIYO YUDEN CO LTD 1,800 818,526 0.07TAKEDA PHARMACEUTICAL CO LTD 2,858 782,746 0.06TEIJIN LTD 4,100 580,885 0.05TERUMO CORP 1,800 541,907 0.04THE 77 BANK LTD 5,400 526,709 0.04TOHO CO LTD 400 119,831 0.01TOHOKU ELECTRIC POWER CO INC 8,700 577,967 0.05TOKAI RIKA CO LTD 3,700 468,860 0.04TOKIO MARINE HOLDINGS INC 3,090 1,174,684 0.10TOKYO ELECTRON LTD 657 1,937,086 0.16TOKYU FUDOSAN HOLDINGS CORP 3,400 148,819 0.01TOSOH CORP 4,600 612,546 0.05TOTO LTD 1,900 814,749 0.07TOYO SUISAN KAISHA LTD 1,646 629,029 0.05TOYOBO CO LTD 3,600 349,007 0.03TOYOTA MOTOR CORP 9,332 5,045,324 0.42TREND MICRO INC 400 170,045 0.01TSUMURA & CO 2,300 580,011 0.05UBE INDUSTRIES LTD 2,400 352,828 0.03ULVAC INC 1,012 354,139 0.03UNICHARM CORP 1,400 487,323 0.04YAMAHA CORP 700 305,355 0.03YAMATO HOLDINGS CO LTD 2,100 404,530 0.03

110,014,407 9.10

14

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


LuxembourgARCELORMITTAL 1,274 216,527 0.02EUROFINS SCIENTIFIC 320 238,684 0.02

455,211 0.04

MalaysiaAMMB HOLDINGS BHD 111,100 656,345 0.05GENTING BHD 48,700 371,775 0.03HONG LEONG FINANCIAL GROUP

BHD 15,518 486,952 0.04KUALA LUMPUR KEPONG BHD 8,745 389,819 0.03MALAYSIA AIRPORTS HOLDINGS

BHD 30,730 304,144 0.03MISC BHD 56,800 649,325 0.05NESTLE (MALAYSIA) BHD 700 183,944 0.02RHB BANK BHD 51,639 505,144 0.04TOP GLOVE CORP BHD 55,300 714,912 0.06

4,262,360 0.35

NetherlandsAALBERTS INDUSTRIES NV 1,542 540,217 0.04ADYEN NV 51 826,095 0.07AKZO NOBEL NV 413 326,181 0.03ARGENX NV 70 159,050 0.01ASML HOLDING NV 739 3,059,228 0.25HEINEKEN NV 586 474,407 0.04ING GROEP NV 2,998 208,282 0.02KONINKLIJKE AHOLD DELHAIZE NV 2,625 583,331 0.05KONINKLIJKE DSM NV 86 116,659 0.01KONINKLIJKE PHILIPS NV 2,553 1,081,152 0.09PROSUS NV 1,599 1,443,320 0.12QIAGEN NV 284 119,507 0.01RANDSTAD NV 1,220 591,408 0.05SIGNIFY NV 957 354,293 0.03STELLANTIS NV 7,667 903,815 0.07

HoldingsMarket

value

%ofnet

assetvalue

HKD

STELLANTIS NV 2,749 324,477 0.03WOLTERS KLUWER NV 980 631,821 0.05

11,743,243 0.97

NewZealandFISHER & PAYKEL HEALTHCARE

CORPORATION LTD 1,592 308,172 0.02SKYCITY ENTERTAINMENT GROUP

LTD 11,457 195,273 0.02

503,445 0.04

NorwayADEVINTA ASA 1,643 190,357 0.02MARINE HARVEST ASA 1,443 248,620 0.02

438,977 0.04

philippinesJOLLIBEE FOODS CORP 3,510 100,595 0.01MANILA ELECTRIC CO 6,150 258,878 0.02

359,473 0.03

RussiaANK BASHNEFT’ PAO 1,760 214,150 0.02BANK VTB PAO 50,227,670 189,436 0.02FSK YEES PAO 7,610,000 168,502 0.01GAZPROM PAO 39,520 870,837 0.07GMK NORIL ‘SKIY NIKEL’ PAO 284 715,638 0.06INTER RAO YEES PAO 185,000 99,803 0.01MAGNITOGORSK IRON & STEEL PAO 113,900 605,743 0.05MOSKOVSKAYA BIRZHA MMVB-RTS

PAO 9,620 155,401 0.01NK LUKOIL PAO 775 430,160 0.03SBERBANK ROSSII PAO 16,370 434,740 0.04SURGUTNEFTEGAZ OAO 63,000 217,570 0.02SURGUTNEFTEGAZ PAO 22,000 90,367 0.01TRANSNEFT’ PAO 18 265,633 0.02

4,457,980 0.37

15

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


SingaporeCOMFORTDELGRO CORP LTD 52,800 487,422 0.04DBS GROUP HOLDINGS LTD 6,431 946,124 0.08GENTING SINGAPORE LTD 149,600 747,328 0.06HONG KONG LAND HOLDINGS LTD 25,300 908,278 0.08JARDINE MATHESON HOLDINGS LTD 2,293 1,027,660 0.09JARDINE STRATEGIC HOLDINGS LTD 800 161,218 0.01OVERSEA-CHINESE BANKING CORP

LTD 13,905 838,425 0.07SINGAPORE EXCHANGE LTD 13,018 752,997 0.06UNITED OVERSEAS BANK LTD 5,277 720,851 0.06VENTURE CORPORATION LTD 2,100 243,430 0.02WILMAR INTERNATIONAL LTD 800 24,633 0.00

6,858,366 0.57

SouthKoreaCELLTRION INC 210 471,636 0.04CJ CHEILJEDANG CORP 173 245,834 0.02CJ CHEILJEDANG CORP 192 566,961 0.05CJ ENM CO LTD 740 784,299 0.06COWAY CO LTD 875 422,750 0.03DGB FINANCIAL GROUP INC 9,579 422,963 0.03DOOSAN HEAVY INDUSTRIES &

CONSTRUCTION CO LTD 4,137 336,950 0.03HANA FINANCIAL GROUP INC 1,531 346,498 0.03HANWHA SOLUTIONS CORP 1,414 488,114 0.04HYUNDAI DEPARTMENT STORE CO

LTD 559 303,013 0.02HYUNDAI GLOVIS CO LTD 437 575,543 0.05HYUNDAI MOBIS CO LTD 131 288,309 0.02HYUNDAI MOTOR CO LTD 889 1,411,172 0.12HYUNDAI STEEL CO 822 221,078 0.02INDUSTRIAL BANK OF KOREA 6,196 336,291 0.03KAKAO CORP 413 1,262,499 0.10KANGWON LAND INC 1,496 244,211 0.02KB FINANCIAL GROUP INC 864 241,358 0.02

HoldingsMarket

value

%ofnet

assetvalue

HKD

KIA MOTORS CORP 1,818 1,039,658 0.09KOREA ZINC INC 179 503,758 0.04LG CHEM LTD 46 292,395 0.02LG CORP 190 130,518 0.01LG ELECTRONICS INC 1,037 1,099,798 0.09LG UPLUS CORP 4,391 363,726 0.03NAVER CORP 387 920,127 0.08NCSOFT CORP 70 462,417 0.04NH INVESTMENT & SECURITIES CO

LTD 1,698 130,060 0.01POSCO 76 129,332 0.01SAMSUNG BIOLOGICS CO LTD 42 230,869 0.02SAMSUNG ELECTRO-MECHANICS

CO LTD 245 346,449 0.03SAMSUNG ELECTRONICS CO LTD 1,833 928,800 0.08SAMSUNG ELECTRONICS CO LTD 14,606 8,302,095 0.69SAMSUNG SDI CO LTD 36 183,164 0.02SHINHAN FINANCIAL GROUP CO LTD 2,055 436,601 0.04SK HOLDINGS CO LTD 101 217,733 0.02SK HYNIX INC 1,323 1,123,411 0.09SK TELECOM CO LTD 383 647,785 0.05WOORI FINANCIAL GROUP INC 2,598 158,476 0.01

26,616,651 2.20

SpainAMADEUS IT HOLDING SA A SHARES 1,634 808,723 0.06BANCO BILBAO VIZCAYA

ARGENTARIA SA 16,400 581,966 0.05BANCO SANTANDER SA 34,631 787,844 0.06ENDESA SA 3,025 601,265 0.05IBERDROLA SA 10,074 1,061,441 0.09INDUSTRIA DE DISENO TEXTIL SA 4,205 970,091 0.08MAPFRE SA 15,214 216,984 0.02RED ELECTRICA CORP 607 89,544 0.01REPSOL SA 3,011 230,373 0.02SIEMENS GAMESA RENEWABLE

ENERGY SA 2,622 837,071 0.07TELEFONICA SA 10,794 361,375 0.03

6,546,677 0.54

16

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


SwedenAB SKF 1,214 259,212 0.02ASSA ABLOY AB 5,260 1,013,934 0.08ATLAS COPCO AB 2,648 1,122,418 0.09ATLAS COPCO AB 897 327,950 0.03BOLIDEN AB 2,170 555,439 0.05EPIROC AB 1,376 205,623 0.02ESSITY AB 3,467 862,574 0.07HEXAGON AB 684 466,027 0.04HUSQVARNA AB 1,371 132,267 0.01INDUSTRIVARDEN AB 1,314 325,939 0.03INDUSTRIVARDEN AB A 1,232 323,143 0.03INVESTOR AB 783 447,772 0.04NIBE INDUSTRIER AB 630 163,895 0.01SANDVIK AB 4,640 901,763 0.07SINCH AB 90 103,204 0.01TELE2 AB 1,915 205,871 0.02TELEFONAKTIEBOLAGET LM

ERICSSON 6,833 671,931 0.05TELIASONERA AB 14,314 488,957 0.04VOLVO AB 1,439 276,984 0.02

8,854,903 0.73

SwitzerlandABB LTD 6,653 1,527,411 0.13ADECCO SA 1,607 782,139 0.06BALOISE HOLDING AG 518 674,081 0.06BARRY CALLEBAUT AG 28 482,977 0.04CIE FINANCIERE RICHEMONT 602 434,879 0.04CREDIT SUISSE GROUP AG 5,856 599,993 0.05GEBERIT AG 51 242,531 0.02GEORG FISCHER AG 63 612,812 0.05GIVAUDAN SA 6 188,059 0.02HELVETIA HOLDING AG 491 382,169 0.03JULIUS BAER GRUPPE AG 848 399,128 0.03KUEHNE + NAGEL INTL AG 476 842,635 0.07

HoldingsMarket

value

%ofnet

assetvalue

HKD

LONZA GROUP AG 134 665,736 0.05NESTLE SA 5,760 5,022,486 0.42NOVARTIS LTD 3,672 2,577,407 0.21ROCHE HOLDING AG 1,381 3,697,148 0.31SGS SA 41 968,089 0.08SIKA AG 86 181,699 0.01SONOVA HOLDING AG 377 707,799 0.06STRAUMANN HOLDING AG 95 819,419 0.07SWATCH GROUP AG 78 174,723 0.01SWISS LIFE HOLDING AG 68 241,168 0.02SWISSCOM AG 157 664,235 0.05UBS GROUP AG 9,207 1,033,209 0.09ZURICH INSURANCE GROUP AG 262 813,426 0.07

24,735,358 2.05

TaiwanAU OPTRONICS CORP 86,000 351,246 0.03CAPITAL SECURITIES CORP 189,000 701,273 0.06CHINA DEVELOPMENT FINANCIAL

HOLDING CORP 194,000 479,167 0.04CHINA LIFE INSURANCE CO LTD 114,863 721,982 0.06CHINA MOTOR CORP 33,600 432,161 0.04CHUNGHWA TELECOM CO LTD 8,000 239,240 0.02CTBC FINANCIAL HOLDING CO LTD 158,743 835,158 0.07EVA AIRWAYS CORP 47,342 164,517 0.01FORMOSA PLASTICS CORP 6,000 144,541 0.01FUBON FINANCIAL HOLDING CO LTD 36,000 454,058 0.04HON HAI PRECISION INDUSTRY CO

LTD 40,000 1,234,967 0.10LARGAN PRECISION CO LTD 1,083 881,650 0.07MEDIATEK INC 2,439 590,936 0.05MEGA FINANCIAL HOLDING CO LTD 57,000 444,297 0.04MOMO.COM INC 2,500 545,490 0.05NANYA TECHNOLOGY CORP 29,000 641,602 0.05NIEN MADE ENTERPRISE CO LTD 1,000 102,452 0.01POWERTECH TECHNOLOGY INC 6,000 161,819 0.01PRESIDENT CHAIN STORE CORP 2,000 147,864 0.01SHIN KONG FINANCIAL HOLDING CO

LTD 231,000 514,907 0.04SINOPAC FINANCIAL HOLDINGS CO

LTD 219,794 666,424 0.06

17

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


TAIWAN CEMENT CORP 23,595 262,317 0.02TAIWAN SEMICONDUCTOR

MANUFACTURING CO 77,458 12,675,770 1.05TECO ELECTRIC & MACHINERY CO

LTD 79,000 586,250 0.05U-MING MARINE TRANSPORT CORP 47,000 406,695 0.03UNIMICRON TECHNOLOGY CORP 6,000 143,710 0.01UNITED MICROELECTRONICS CORP 52,000 719,936 0.06WALSIN TECHNOLOGY CORP 2,550 155,693 0.01WAN HAI LINES LTD 49,000 580,712 0.05WIN SEMICONDUCTORS CORP 4,000 458,544 0.04YAGEO CORP 1,000 158,940 0.01YUANTA FINANCIAL HOLDINGS CO

LTD 58,240 320,919 0.03

26,925,237 2.23

ThailandADVANCED INFO SERVICE PCL 3,900 173,782 0.01BANGKOK BANK PCL (FOREIG REG) 17,151 504,308 0.04BANGKOK DUSIT MEDICAL

SERVICES PCL 58,794 315,293 0.03BANGKOK LIFE ASSURANCE PCL 52,188 321,779 0.03BUMRUNGRAD HOSPITAL PCL 21,000 682,769 0.06CHAROEN POKPHAND FOODS PLC

(FOREIGN) 71,000 501,228 0.04CP ALL PUBLIC CO LTD 42,300 627,374 0.05KASIKORNBANK PCL (FOREIGN REG) 14,333 469,719 0.04

3,596,252 0.30

TurkeyEREGLI DEMIR VE CELIK

FABRIKALARI TAS 15,613 238,025 0.02ISKENDERUN DEMIR VE CELIK AS 10,378 124,588 0.01TOFAS TURK OTOMOBIL FABRIKA AS 9,234 355,126 0.03TURKIYE GARANTI BANKASI AS 38,348 379,294 0.03

HoldingsMarket

value

%ofnet

assetvalue

HKD

TURKIYE SINAI KALKINMA BANKASI AS 1 2 0.00

YAPI VE KREDI BANKASI AS 0 0 0.00

1,097,035 0.09

UnitedKingdomANGLO AMERICAN PLC 2,946 757,219 0.06ANTOFAGASTA PLC 1,155 175,861 0.01ASSOCIATED BRITISH FOODS PLC 3,584 807,867 0.07ASTRAZENECA PLC 2,195 1,750,756 0.14AVAST PLC 7,673 385,782 0.03AVIVA PLC 22,741 811,642 0.07BAE SYSTEMS PLC 8,611 423,683 0.03BARCLAYS PLC 15,688 223,064 0.02BARRATT DEVELOPMENTS PLC 4,224 287,303 0.02BELLWAY PLC 2,521 739,513 0.06BERKELEY GROUP HOLDINGS PLC 1,506 671,717 0.06BHP GROUP PLC 3,952 846,424 0.07BP PLC 31,195 901,791 0.07BRITISH AMERICAN TOBACCO PLC 2,720 769,650 0.06BT GROUP PLC 63,959 855,347 0.07BUNZL PLC 379 94,833 0.01COMPASS GROUP PLC 5,644 787,545 0.07CONVATEC GROUP PLC 34,448 734,310 0.06CRH PLC 715 230,066 0.02DIAGEO PLC 2,753 864,435 0.07EXPERIAN PLC 2,191 596,286 0.05FERGUSON PLC 934 845,511 0.07GLAXOSMITHKLINE PLC 8,861 1,280,306 0.11GLENCORE PLC 23,306 611,448 0.05HALMA PLC 3,267 858,858 0.07HARGREAVES LANSDOWN PLC 934 169,908 0.01INTERTEK GROUP PLC 532 312,568 0.03JUST EAT TAKEAWAY.COM NV 784 698,870 0.06KINGFISHER PLC 3,600 106,446 0.01LLOYDS BANKING GROUP PLC 169,340 595,011 0.05LONDON STOCK EXCHANGE GROUP

PLC 795 735,255 0.06M&G PLC 23,506 440,246 0.04MEGGITT PLC 2,994 126,495 0.01MELROSE INDUSTRIES PLC 23,719 425,547 0.04

18

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


MORRISON (WM) SUPERMARKETS PLC 9,923 189,600 0.02

NATIONAL GRID PLC 6,802 615,612 0.05OCADO GROUP PLC 1,316 389,120 0.03PERSIMMON PLC 2,847 773,302 0.06POLYMETAL INTERNATIONAL PLC 935 157,396 0.01PRUDENTIAL PLC 3,010 375,777 0.03RECKITT BENCKISER GROUP PLC 709 467,896 0.04RELX PLC 6,481 1,250,752 0.10RIO TINTO PLC 2,702 1,607,943 0.13ROYAL DUTCH SHELL PLC A SHARES 12,371 1,762,431 0.15ROYAL DUTCH SHELL PLC B SHARES 6,816 923,286 0.08SAGE GROUP PLC 8,823 554,080 0.05SENSATA TECHNOLOGIES HOLDING

PLC 716 302,571 0.03SMITH & NEPHEW PLC 4,567 749,593 0.06SSE PLC 629 99,388 0.01ST. JAMES’S PLACE PLC 1,781 222,535 0.02STANDARD CHARTERED PLC 15,009 709,555 0.06TATE & LYLE PLC 4,177 306,344 0.03TAYLOR WIMPEY PLC 44,920 700,455 0.06TESCO PLC 25,768 656,835 0.05UNILEVER PLC 1,862 840,181 0.07UNILEVER PLC 1,934 873,119 0.07UNITED UTILITIES GROUP PLC 1,752 172,032 0.01VODAFONE GROUP PLC 106,434 1,414,768 0.12WHITBREAD PLC 587 174,191 0.01

37,210,325 3.08

UnitedStatesofAmericaABBOTT LABORATORIES 1,127 1,080,002 0.09ABBVIE INC 1,120 889,968 0.07ACCENTURE PLC CLASS A 710 1,331,826 0.11ACTIVISION BLIZZARD INC 942 664,676 0.06ADOBE SYSTEMS INC 430 1,529,610 0.13ADVANCED MICRO DEVICES INC 156 103,590 0.01AFLAC INC 567 198,631 0.02

HoldingsMarket

value

%ofnet

assetvalue

HKD

AGILENT TECHNOLOGIES INC 923 860,033 0.07AKAMAI TECHNOLOGIES INC 782 673,232 0.06ALEXION PHARMACEUTICALS INC 343 407,792 0.03ALLSTATE CORP 742 616,645 0.05ALPHABET INC 177 2,519,427 0.21ALPHABET INC 174 2,465,419 0.20ALTRIA GROUP INC 322 102,566 0.01AMAZON.COM INC 256 6,364,261 0.53AMDOCS LIMITED 751 411,230 0.03AMEREN CORP 1,066 601,075 0.05AMERICAN ELECTRIC POWER

COMPANY INC 465 291,724 0.02AMERICAN EXPRESS CO 583 525,553 0.04AMERICAN INTL GROUP INC COM

NEW 1,092 317,012 0.03AMERIPRISE FINANCIAL INC 331 507,838 0.04AMERISOURCEBERGEN CORP 621 501,738 0.04AMGEN INC 486 909,798 0.08AMPHENOL CORP 298 288,554 0.02ANALOG DEVICES INC 363 414,682 0.03ANSYS INC 293 805,085 0.07APPLE INC 9,604 9,826,794 0.81APPLIED MATERIALS INC 853 639,445 0.05AT&T INC 3,320 737,016 0.06AUTOZONE INC 13 112,732 0.01AVANGRID INC 818 293,474 0.02BANK OF AMERICA CORP 2,987 686,716 0.06BAXTER INTL INC 321 191,229 0.02BECTON DICKINSON & CO 257 521,679 0.04BERKSHIRE HATHAWAY INC CLASS B 1,370 2,420,612 0.20BEST BUY CO INC 168 141,754 0.01BIO RAD LABS INC CL A 111 493,831 0.04BLACKROCK INC 19 103,312 0.01BOEING CO 79 118,952 0.01BOOKING HOLDINGS INC 65 979,943 0.08BRISTOL MYERS SQUIBB CO 1,305 621,596 0.05BROADCOM INC 111 387,735 0.03BROADRIDGE FINANCIAL

SOLUTIONS INC 323 353,910 0.03BURLINGTON STORES INC 195 376,337 0.03C H ROBINSON WORLDWIDE INC 879 583,146 0.05CAPITAL ONE FINANCIAL CORP 540 436,545 0.04CARDINAL HEALTH INC 1,165 485,356 0.04CARRIER GLOBAL CORP-WI 2,924 872,882 0.07

19

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


CATERPILLAR INC 456 646,478 0.05CENTERPOINT ENERGY INC 580 94,847 0.01CERNER CORP 1,318 818,690 0.07CHARLES SCHWAB CORP 2,415 965,115 0.08CHEVRON CORP 927 612,402 0.05CHIPOTLE MEXICAN GRILL INC COM 23 263,941 0.02CHUBB LTD 486 548,939 0.05CISCO SYSTEMS INC 1,882 650,545 0.05CITIGROUP INC 1,548 696,052 0.06CITRIX SYSTEMS INC 247 255,315 0.02COCA COLA CO 781 291,585 0.02COGNIZANT TECHNOLOGY

SOLUTIONS CORP 932 563,313 0.05COLGATE PALMOLIVE CO 1,084 655,604 0.05COMCAST CORP CLASS A 1,159 445,471 0.04CONOCOPHILLIPS 354 109,877 0.01CONSOLIDATED EDISON INC 279 153,120 0.01CORNING INC 603 167,713 0.01COSTCO WHOLESALE CORP 408 1,114,937 0.09CUMMINS INC 143 259,925 0.02CVS HEALTH CORP 1,918 1,065,570 0.09DANAHER CORP 704 1,298,300 0.11DEERE & CO 145 324,700 0.03DELL TECHNOLOGIES INC 933 527,311 0.04DISCOVER FINANCIAL SERVICES 492 318,696 0.03DOMINO'S PIZZA INC 35 100,619 0.01DOW INC 1,501 604,040 0.05DR.REDDY'S LABORATORIES LTD 467 221,898 0.02DUKE ENERGY CORP 706 514,576 0.04EATON CORPORATION PLC 942 859,696 0.07EBAY INC 1,893 829,456 0.07ECOLAB INC 442 700,897 0.06EDISON INTL 1,105 498,315 0.04EDWARDS LIFESCIENCES CORP 1,013 648,637 0.05ELECTRONIC ARTS INC 674 748,377 0.06ELI LILLY AND CO 335 540,210 0.04EMERSON ELEC CO 562 345,781 0.03ENTERGY CORP 798 589,861 0.05ETSY INC 87 134,303 0.01

HoldingsMarket

value

%ofnet

assetvalue

HKD

EXELON CORP 2,524 813,359 0.07EXPEDIA GROUP INC 543 522,503 0.04EXPEDITORS INTERNATIONAL OF

WASHINGTON INC 1,034 717,725 0.06EXXON MOBIL CORP 649 225,646 0.02F5 NETWORKS INC 476 723,219 0.06FACEBOOK INC CLASS A 1,375 2,754,197 0.23FASTENAL CO 935 330,521 0.03FEDEX CORP 371 676,997 0.06FIDELITY NATIONAL FINANCIAL INC 1,779 500,726 0.04FIDELITY NATIONAL INFORMATION

SERVICES INC 627 600,221 0.05FISERV INC 444 353,532 0.03FORD MOTOR CO 11,516 940,259 0.08FORTIVE CORP 192 98,376 0.01FORTUNE BRANDS HOME &

SECURITY INC 228 152,479 0.01FREEPORT-MCMORAN INC 936 195,302 0.02GENERAL DYNAMICS CORP 113 128,519 0.01GENERAL ELECTRIC CO 10,857 899,080 0.07GENERAL MOTORS CO 1,933 759,602 0.06GILEAD SCIENCES INC 441 224,316 0.02GLOBAL PAYMENTS INC 440 602,232 0.05GOLDMAN SACHS GROUP INC 300 630,783 0.05HONEYWELL INTERNATIONAL INC 126 190,874 0.02HORMEL FOODS CORP 328 119,177 0.01HUNTINGTON INGALLS INDUSTRIES

INC 306 373,293 0.03IAC/INTERACTIVECORP 523 851,403 0.07ILLUMINA INC 293 968,820 0.08INGREDION INC 952 557,094 0.05INTEL CORP 2,576 1,108,752 0.09INTERNATIONAL BUSINESS

MACHINES CORP 629 580,920 0.05INTERNATIONAL PAPER CO 395 154,088 0.01INTUIT INC 161 450,949 0.04INTUITIVE SURGICAL INC 160 927,534 0.08JOHNSON & JOHNSON 1,544 1,952,983 0.16JPMORGAN CHASE & CO 1,200 1,197,225 0.10JUNIPER NETWORKS INC 2,037 385,704 0.03KELLOGG CO 627 286,546 0.02KEYCORP NEW 1,729 226,032 0.02KEYSIGHT TECHNOLOGIES IN-W/I 188 206,399 0.02KIMBERLY-CLARK CORP 365 373,863 0.03

20

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


KLA-TENCOR CORP 304 660,173 0.05LAM RESEARCH CORP 135 506,584 0.04LINDE PLC 537 1,021,801 0.08LOEWS CORP 663 232,827 0.02LOWE'S COMPANIES INC 531 686,971 0.06LYONDELLBASELL INDUSTRIES NV 681 452,845 0.04M & T BK CORP 753 773,446 0.06MASCO CORP 1,534 645,985 0.05MASTERCARD INC CLASS A 740 1,814,824 0.15MATCH GROUP INC 309 335,096 0.03MCDONALD'S CORP 122 196,610 0.02MEDTRONIC PLC 1,430 1,234,428 0.10MERCK & CO INC 2,324 1,388,797 0.12METTLER-TOLEDO INTERNATIONAL

INC 87 787,983 0.07MICRON TECHNOLOGY INC 1,807 1,096,657 0.09MICROSOFT CORP 4,437 7,980,313 0.66MOHAWK INDUSTRIES INC 465 517,756 0.04MOLSON COORS BREWING CO 608 236,471 0.02MONDELEZ INTERNATIONAL INC 219 94,142 0.01MORGAN STANLEY 399 207,438 0.02NETFLIX INC 251 1,036,146 0.09NEWELL BRANDS INC 735 136,892 0.01NEWMONT GOLDCORP CORP 331 152,965 0.01NEXTERA ENERGY INC 2,373 1,487,999 0.12NIKE INC CL B 406 420,550 0.03NORTONLIFELOCK INC 4,326 706,754 0.06NUCOR CORP 1,384 522,938 0.04NVIDIA CORP 238 958,860 0.08NXP SEMICONDUCTORS NV 292 363,324 0.03ORACLE CORP 1,824 854,663 0.07O'REILLY AUTOMOTIVE INC 74 244,128 0.02PACCAR INC 931 658,502 0.05PAYCHEX INC 932 631,026 0.05PAYPAL HOLDINGS INC 449 815,745 0.07PEPSICO INC 322 340,980 0.03PFIZER INC 2,163 602,100 0.05PHILIP MORRIS INTERNATIONAL INC 646 398,966 0.03PINNACLE WEST CAPITAL CORP 942 549,636 0.05

HoldingsMarket

value

%ofnet

assetvalue

HKD

PROCTER & GAMBLE CO 1,043 1,036,868 0.09PUBLIC SERVICE ENTERPRISE

GROUP INC 367 160,581 0.01PULTEGROUP INC 1,300 438,480 0.04QORVO INC 496 657,189 0.05QUALCOMM INC 359 435,026 0.04REGENERON PHARMACEUTICALS 25 97,667 0.01ROCKWELL AUTOMATION INC 300 578,119 0.05ROSS STORES INC 313 270,096 0.02SALESFORCE.COM INC 454 794,027 0.07SKYWORKS SOLUTIONS INC 653 856,957 0.07SNAP-ON INC 517 721,533 0.06SOUTHERN CO 1,555 710,412 0.06STARBUCKS CORP 208 156,135 0.01STATE STREET CORP 1,330 721,883 0.06STEEL DYNAMICS INC 2,475 657,668 0.05STERIS PLC 452 655,772 0.05STRYKER CORP 486 832,848 0.07SYNCHRONY FINANCIAL 2,200 574,017 0.05TE CONNECTIVITY LTD 296 276,335 0.02TELEFLEX INC 62 181,541 0.02TESLA INC 524 3,224,126 0.27TEXAS INSTRUMENTS INC 704 904,454 0.07THE HOME DEPOT INC 421 884,057 0.07THE TRAVELERS COS INC 242 255,758 0.02THE WALT DISNEY CO 1,574 2,052,441 0.17THERMO FISHER SCIENTIFIC INC 191 754,858 0.06TJX COS INC 1,650 819,318 0.07TWITTER INC 1,503 588,878 0.05TYLER TECHNOLOGIES INC 75 245,869 0.02TYSON FOODS INC 652 325,120 0.03UBER TECHNOLOGIES INC 1,826 721,094 0.06UNION PAC CORP 66 101,056 0.01UNITED PARCEL SERVICE INC CLASS

B 581 698,273 0.06UNITED RENTALS INC 114 214,806 0.02UNITEDHEALTH GROUP INC 504 1,303,611 0.11VARIAN MEDICAL SYSTEMS INC 203 276,353 0.02VEDANTA LTD 417 28,163 0.00VEEVA SYSTEMS INC A SHRS 101 216,491 0.02VERIZON COMMUNICATIONS INC 2,215 940,319 0.08VERTEX PHARMACEUTICALS INC

COM USD0.01 226 401,433 0.03VIATRIS INC 3,291 433,549 0.04

21

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


VISA INC CLASS A 1,332 1,995,911 0.17WAL-MART STORES INC 442 481,488 0.04WATERS CORP 393 806,519 0.07WAYFAIR INC 393 829,831 0.07WESTERN UNION CO 4,123 711,952 0.06WHIRLPOOL CORP 195 279,856 0.02XCEL ENERGY INC 500 248,084 0.02XILINX INC 170 172,111 0.01YUM CHINA HOLDINGS INC 1,131 497,324 0.04ZILLOW GROUP INC 126 135,527 0.01ZILLOW GROUP INC 151 152,747 0.01ZIONS BANCORPORATION 1,752 599,631 0.05ZOETIS INC 193 230,834 0.02ZOOM VIDEO COMMUNICATIONS-A 68 196,178 0.02

156,007,820 12.91

Listed equities (Total) 829,644,168 68.64

Unlisted investments

BritishvirginIslandsCHINA COMMON RICH RENEWABLE

ENERGY INVESTMENTS LTD 536,642 – –

Equities (Total) 829,644,168 68.64

Debtsecurities

BondsListed investments

AustraliaAUSTRALIA, COMMONWEALTH OF

(GOVERNMENT) 1% 21 DECEMBER 2030 20,000 117,955 0.01

HoldingsMarket

value

%ofnet

assetvalue

HKD

AUSTRALIA, COMMONWEALTH OF (GOVERNMENT) 3.25% 21 APRIL 2025 63,000 421,840 0.03

AUSTRALIA, COMMONWEALTH OF (GOVERNMENT) 3.25% 21 JUNE 2039 15,000 109,972 0.01

649,767 0.05

BelgiumBELGIUM, KINGDOM OF

(GOVERNMENT) 2.6% 22 JUNE 2024 5,623 58,950 0.01

BELGIUM, KINGDOM OF (GOVERNMENT) 0.9% 22 JUNE 2029 70,000 733,245 0.06

792,195 0.07

CanadaCANADA (GOVERNMENT) 2.25% 1

JUNE 2029 70,000 477,486 0.04

DenmarkDENMARK (KINGDOM OF) 1.5% 15

NOVEMBER 2023 106,197 142,572 0.01

FranceFRANCE (GOVERNMENT OF) OAT

4.25% 25 OCTOBER 2023 30,320 324,686 0.03FRANCE, REPUBLIC OF

(GOVERNMENT) 0% 25 FEBRUARY 2023 20,000 191,135 0.02

FRANCE, REPUBLIC OF (GOVERNMENT) 0% 25 MAY 2021 130,000 1,226,934 0.10

FRANCE, REPUBLIC OF (GOVERNMENT) 0.5% 25 MAY 2025 39,619 391,956 0.03



22

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Debtsecurities



FRANCE, REPUBLIC OF (GOVERNMENT) 4% 25 OCTOBER 2038 5,000 80,027 0.01

2,930,402 0.24

GermanyGERMANY, FEDERAL REPUBLIC OF

(GOVERNMENT) 0% 10 JUNE 2022 20,000 190,229 0.02GERMANY, FEDERAL REPUBLIC OF

(GOVERNMENT) 0% 15 AUGUST 2030 15,000 148,928 0.01

GERMANY, FEDERAL REPUBLIC OF (GOVERNMENT) 3.25% 15 AUGUST 2050 10,000 96,422 0.01

GERMANY, FEDERAL REPUBLIC OF (GOVERNMENT) 3.25% 4 JULY 2021 40,000 382,982 0.03

818,561 0.07

ItalyITALY (REPUBLIC OF) 4% 1

FEBRUARY 2037 30,000 404,017 0.03ITALY (REPUBLIC OF ) 5 .5% 1

NOVEMBER 2022 26,000 269,833 0.02ITALY REPUBLIC OF (GOVERNMENT)

1.65% 1 DECEMBER 2030 160,000 1,656,605 0.14ITALY REPUBLIC OF (GOVERNMENT)

2% 1 DECEMBER 2025 66,000 681,105 0.06ITALY, REPUBLIC OF (GOVERNMENT)

2.45% 1 SEPTEMBER 2050 20,000 230,457 0.02

3,242,017 0.27

HoldingsMarket

value

%ofnet

assetvalue

HKD

JapanJAPAN (GOVERNMENT OF) 0.3% 20

DECEMBER 2025 12,100,000 914,396 0.07JAPAN (GOVERNMENT) 0.1% 1

SEPTEMBER 2021 5,000,000 370,773 0.03JAPAN (GOVERNMENT) 0.1% 20

MARCH 2029 18,000,000 1,347,995 0.11JAPAN (GOVERNMENT) 0.1% 20

MARCH 2049 3,000,000 214,410 0.02JAPAN (GOVERNMENT) 0.4% 20


SEPTEMBER 2044 6,000,000 557,895 0.05JAPAN GOVERNMENT 10 YEAR BOND

#328 0.6% 20 MARCH 2023 7,600,000 571,551 0.05JAPAN GOVERNMENT 20 YEAR

BOND #150 1.4% 20 SEPTEMBER 2034 5,600,000 480,725 0.04

JAPAN GOVERNMENT 20 YEAR BOND #97 2.2% 20 SEPTEMBER 2027 3,650,000 311,545 0.03


5,552,640 0.46

MexicoMEXICO (UNITED MEXICAN STATES)

(GOVERNMENT) 7.25% 9 DECEMBER 2021 2,200 87,405 0.01

MEXICO (UNITED MEXICAN STATES) (GOVERNMENT) 8.5% 31 MAY 2029 2,300 108,698 0.01

196,103 0.02

NetherlandsNETHERLANDS (GOVERNMENT OF)

3.75% 15 JANUARY 2042 10,000 172,991 0.01

23

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Debtsecurities


NorwayNORWAY, KINGDOM OF

(GOVERNMENT) 2% 24 MAY 2023 100,000 94,045 0.01NORWAY, KINGDOM OF

(GOVERNMENT) 3.75% 25 MAY 2021 150,000 137,519 0.01

231,564 0.02

polandPOLAND, REPUBLIC OF

(GOVERNMENT) 2.75% 25 OCTOBER 2029 50,000 119,399 0.01

SingaporeSINGAPORE, REPUBLIC OF

(GOVERNMENT) 3% 1 SEPTEMBER 2024 15,000 95,779 0.01

SpainBONOS Y OBLIG DEL ESTADO 5.15%

31 OCTOBER 2044 22,000 403,741 0.03SPAIN (GOVERNMENT OF) 4.4% 31

OCTOBER 2023 30,000 321,358 0.03SPAIN (GOVERNMENT OF) 5.75% 30

JULY 2032 20,000 307,106 0.02SPAIN, KINGDOM OF (GOVERNMENT)

0.6% 31 OCTOBER 2029 35,000 347,325 0.03SPAIN, KINGDOM OF (GOVERNMENT)

1.3% 31 OCTOBER 2026 35,000 360,942 0.03

1,740,472 0.14

SwedenSWEDEN, KINGDOM OF

(GOVERNMENT) 0.75% 12 NOVEMBER 2029 90,000 89,372 0.01

HoldingsMarket

value

%ofnet

assetvalue

HKD

UnitedKingdomUK OF GREAT BRITAIN AND

NORTHERN IRELAND (GOVERNMENT) 3.25% 22 JANUARY 2044 20,000 318,882 0.03

UK TREASURY 4.25% 7 MARCH 2036 9,000 145,730 0.01UNITED KINGDOM OF GREAT

BRITAIN AND NORTHERN IRELAND (GOVERNMENT) 0.125% 31 JANUARY 2023 42,000 448,804 0.04

UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND (GOVERNMENT) 0.5% 22 JULY 2022 25,000 268,543 0.02

UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND (GOVERNMENT) 0.625% 22 OCTOBER 2050 15,000 148,440 0.01


1,580,923 0.13

UnitedStatesofAmericaUNITED STATES OF AMERICA

(GOVERNMENT) 0.125% 15 OCTOBER 2023 150,000 1,162,260 0.10

UNITED STATES OF AMERICA (GOVERNMENT) 0.125% 30 SEPTEMBER 2022 220,000 1,706,380 0.14

UNITED STATES OF AMERICA (GOVERNMENT) 1.25% 15 MAY 2050 105,000 706,152 0.06

UNITED STATES OF AMERICA (GOVERNMENT) 1.25% 31 OCTOBER 2021 245,000 1,916,093 0.16

UNITED STATES OF AMERICA (GOVERNMENT) 1.375% 15 NOVEMBER 2040 5,000 37,012 0.00

UNITED STATES OF AMERICA (GOVERNMENT) 1.5% 15 AUGUST 2026 115,000 939,726 0.08

24

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Debtsecurities


UNITED STATES OF AMERICA (GOVERNMENT) 2% 15 FEBRUARY 2050 25,000 202,009 0.02

UNITED STATES TREASURY 2.25% 15 AUGUST 2027 206,000 1,759,019 0.14

US TREASURY NOTES 3% 15 NOVEMBER 2044 71,000 687,638 0.05

US TREASURY NOTES 4.375% 15 FEBRUARY 2038 11,000 123,427 0.01

9,239,716 0.76

28,071,959 2.32

Unlisted but quoted investments

MalaysiaMALAYSIA (GOVERNMENT) 3.885%

15 AUGUST 2029 70,000 146,385 0.01

Debt securities (Total) 28,218,344 2.33

UnitTrustsListed investments

HongKongLINK REIT 38,993 2,639,826 0.22

UnitedKingdomHSBC EUROPEAN INDEX INSTL ACC 78,237 9,263,402 0.77HSBC FTSE 100 INDEX INSTL ACC 129,176 3,087,800 0.25

12,351,202 1.02

HoldingsMarket

value

%ofnet

assetvalue

HKD

UnitedStatesofAmericaAGNC INVESTMENT CORP* 3,222 389,733 0.03AMERICAN TOWER CORP* 456 803,889 0.07DUKE REALTY CORP* 2,501 767,162 0.06IRON MOUNTAIN INC* 1,794 468,363 0.04KIMCO REALTY CORP* 785 100,493 0.01PUBLIC STORAGE* 369 651,260 0.05SIMON PROPERTY GROUP INC* 93 67,013 0.00VANGUARD GROUP INC-VANGUARD

LONG-TERM TREASURY ETF* 72,800 52,208,781 4.32WEYERHAEUSER CO* 1,851 447,651 0.04

55,904,345 4.62

70,895,373 5.86


HongKongHSBC POOLED INVESTMENT FUND -

HSBC POOLED ASIAN BOND FUND CLASS W 12,863,231 183,910,764 15.21

HSBC POOLED INVESTMENT FUND - HSBC POOLED ASIAN LOCAL CURRENCY BOND FUND CLASS W 2,879,669 31,422,370 2.60

215,333,134 17.81

IrelandHSBC US DOLLAR LIQUIDITY

FUND Y* 3,141,406 24,357,988 2.02

24,357,988 2.02

239,691,122 19.83

Unit trusts (Total) 310,586,495 25.69

25

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Rights

HongKongLEGENDHOLDING – PREF OFF 19

RTS(DEC2049) 654 – –

SouthKoreaHANWHA SOLUTIONS

CORPORATION RTS FEB2021 221 7,506 0.00

Rights (Total) 7,506 0.00

Totalfinancialassets 1,168,456,513 96.66

Financialliabilities

Derivativeliabilities

Foreign currency forward contracts (45,482) (0.00)

Futures contracts (220,383) (0.02)

Total financial liabilities (265,865) (0.02)

Totalnetinvestments(Total cost of investments: HKD962,595,485) 1,168,190,648 96.64

Othernetassets 40,679,460 3.36

Totalnetassets 1,208,870,108 100.00

* The investment funds are not authorised in Hong Kong and not available to the public in Hong Kong.

26

Statement of Movements in Portfolio Holdings

HSBCManagedBalancedFundfor the period from 1 August 2020 to 31 January 2021

%ofnetasset

value31January2021

%ofnetasset

value31July2020

Financialassets

Equities

Listed investmentsAustralia 2.34 2.58Austria 0.15 0.14Belgium 0.14 0.17Canada 0.48 0.49Czech Republic 0.05 0.03Denmark 0.43 0.47Finland 0.21 0.38France 2.16 2.20Germany 2.07 2.10Greece 0.05 0.03Hong Kong 22.80 22.11Hungary 0.12 0.09India 1.31 1.26Indonesia 0.10 0.11Ireland 0.08 0.08Israel 0.04 –Italy 0.47 0.56Japan 9.10 8.85Luxembourg 0.04 –Malaysia 0.35 0.34Netherlands 0.97 0.92New Zealand 0.04 0.02Norway 0.04 0.19Philippines 0.03 0.13Poland – 0.03Portugal – 0.07Russia 0.37 0.38Singapore 0.57 0.55South Korea 2.20 1.97Spain 0.54 0.55Sweden 0.73 0.68Switzerland 2.05 2.17Taiwan 2.23 1.98Thailand 0.30 0.25Turkey 0.09 0.08United Kingdom 3.08 2.90United States of America 12.91 13.24

68.64 68.10

27


HSBCManagedBalancedFundfor the period from 1 August 2020 to 31 January 2021

%ofnetasset

value31January2021

%ofnetasset

value31July2020

Unlisted investmentBritish Virgin Islands – –

BondsListed investments 2.32 6.46Unlisted investments 0.01 0.04

2.33 6.50

UnitTrustsListed investments 5.86 3.14Unlisted investments 19.83 21.84

25.69 24.98

Derivativeassets

Foreign currency forward contracts – 0.00

– 0.00

Rights

Unlisted investments 0.00 0.00


Foreign currency forward contracts (0.00) –Futures contracts (0.02) (0.08)

(0.02) (0.08)

Totalinvestments 96.64 99.50Othernetassets 3.36 0.50

Totalnetassets 100.00 100.00

28

Details in Respect of Financial Derivative Instruments


Foreign currency forward contracts

As at 31 January 2021, the Fund held the outstanding foreign currency forward contracts as shown below:

Currency/Amountbought

Currency/Amountsold

Settlementdate Counterparty FairvalueHKD

Financial liabilities:

HKD184,476,799 USD23,800,000 8 April 2021HSBC MKTS TREASURY

SERVICES (45,482)

(45,482)

Futures

The details of futures contracts held by the Fund as at 31 January 2021 are as follows:

Description Underlyingassets

Contractsize

Notionalmarketvalue

position Counterparty

FairvalueHKD

Financialliabilities:

HSBC HOLDINGS PLC ORD 19/03/2021

HSBC HOLDINGS PLC 1,000 1,241,096 Long

HSBC BANK PLC (79,083)

HSBC HLDGS PLC 30/03/2021

HSBC HOLDINGS PLC 400 12,717,000 Long


(220,383)

Rights

As at 31 January 2021, the Fund held rights as shown below:


Issuer Holdings FairvalueHKD

%ofNetassetvalue

HANWHA SOLUTIONS CORPORATION RTS FEB2021

HANWHA SOLUTIONS

CORP

HANWHA SOLUTIONS

CORP 221 7,506 0.00

LEGENDHOLDING - PREF OFF 19 RTS (DEC2049)

LEGEND HOLDINGS

CORP

LEGEND HOLDINGS

CORP 654 – –

0.00

29

Performance Record

HSBCManagedBalancedFund

(a) pricerecord(Dealingnetassetvalueperunit)

“A”classincomeunits

Bid OfferYear Lowest Highest Lowest Highest

HKD HKD HKD HKD

2011 21.89 25.86 23.09 27.282012 20.45 24.99 21.57 26.362013 22.02 25.87 23.23 27.292014 24.36 27.15 25.69 28.642015 25.24 28.12 26.63 29.672016 22.66 26.38 23.91 27.832017 25.22 29.28 26.61 30.892018 28.87 32.61 30.46 34.402019 27.31 30.44 27.31 31.902020 24.32 31.83 24.32 31.831 August 2020 to 31 January 2021 30.48 36.02 30.48 36.02

“L”classincomeunits


HKD HKD HKD HKD

2011 24.36 28.83 24.36 28.832012 23.03 28.13 23.03 28.132013 25.06 29.49 25.06 29.492014 28.04 31.20 28.04 31.202015 30.61 30.99 30.61 30.992016 – – – –2017 – – – –2018 – – – –2019 – – – –2020 – – – –1 August 2020 to 31 January 2021 – – – –

providentclassunits


HKD HKD HKD HKD


30

Performance Record

Accumulationunits


HKD HKD HKD HKD


(b) Totalnetassetvalue

31January2021HKD

2020HKD

2019HKD

2018HKD

Total net asset value 1,208,870,108 1,169,511,343 1,321,347,504 1,447,487,102

(c) Netassetvalueperunit

31January2021HKD

2020HKD

2019HKD

2018HKD

Net asset value per unit– “A” class income units 34.74 30.52 29.95 30.24– Provident class units 45.33 39.67 38.57 38.51– Accumulation units 19.31 16.95 16.59 16.69

31

Distribution Disclosure


AClass

DateofEx-Distribution

Dateofpayment

DistributionperUnit

TotalDistribution

HKD HKD

2020 July Distribution 31 July 2020 11 August 2020 0.052389 557,252.15

32


HSBCManagedGrowthFundas at 31 January 2021


ASSETSFinancial assets at fair value through profit or loss 1,480,552,205 1,507,207,271Interest and dividends receivable 1,146,028 3,289,309Subscriptions receivable 3,810,923 4,284,943Amounts due from brokers 58,585,625 13,283,434Other receivables 30,440 –Cash and cash equivalents 19,010,101 14,106,459

1,563,135,322 1,542,171,416

LIABILITIESFinancial liabilities at fair value through profit or loss 404,956 1,619,855Redemptions payable 13,400,598 4,279,777Amounts due to brokers 8,113,445 9,809,506Distributions payable – 892,201Other payables 2,185,675 2,297,645

24,104,674 18,898,984

NETASSETSATTRIBUTABLETOUNITHOLDERS 1,539,030,648 1,523,272,432

Representing:Financialliabilities 1,539,030,648 1,523,272,432




HKD HKD





33


HSBCManagedGrowthFundfor the period ended 31 January 2021



HKD HKD

Interest income 87 722,446Dividend income 12,114,051 15,449,761Net gains from financial instruments at fair value through profit or loss 257,826,035 41,846,140Net foreign exchange loss (63,547) (334,925)Other income 299,457 4,703

TOTALREvENUE 270,176,083 57,688,125

Management fees Note 2 6,493,406 7,243,235Transaction costs Note 1 1,653,226 1,588,880Trustee’s fees Note 1 536,570 602,601Registrar’s and administrative fees Note 1 81,743 82,465Auditor’s remuneration 79,928 79,928Legal and professional fees 93,654 196,872Safe custody fees, bank charges and miscellaneous expenses Note 1 228,708 366,251



Taxation 1,554,066 1,903,371


Note 1 During the periods ended 31 January 2021 and 2020, other than Trustee’s fees and Registrar’s and administrative fees that were paid to Trustee/connected person, respective amounts paid to the Trustee/connected person were as follows:



HKD HKD



34





HKD HKD

Balanceatthebeginningoftheperiod 1,523,272,432 1,765,067,704


Subscriptions of units (excluding equalisation)“A” class income units 8,191,984 16,885,840Provident class units 50,188,032 56,340,979

Redemptions of units (excluding equalisation)“A” class income units (38,465,163) (44,361,399)Provident class units (263,341,624) (201,030,076)

Equalisation on subscriptions and redemptions (269,795) (195,454)

(243,696,566) (172,360,110)

Balanceattheendoftheperiod 1,539,030,648 1,638,332,116

Units Units“A” class income units




Units at the beginning of the period 46,634,245 55,429,316Units issued 1,642,570 2,006,798Units redeemed (8,494,908) (7,105,791)


35

Cash Flow Statement




HKD HKD

OpERATINGACTIvITIES

Interest received 85 723,021Dividends received 14,257,334 17,248,303Management fees paid (6,533,631) (7,387,364)Trustee’s fees paid (539,799) (614,345)Margin deposits withdrawn from brokers 3,058,639 (724,546)Payments on purchase of investments (694,365,231) (346,692,916)Proceeds from sale of investments (including coupon interest received from

investments) 927,574,543 508,903,399Taxes paid (1,529,156) (1,912,467)Other operating expenses paid (2,025,216) (2,794,086)


FINANCINGACTIvITIES

Proceeds from issue of units including equalisation 58,910,854 75,180,711Payments on redemption of units including equalisation (293,012,579) (235,379,180)Distributions paid (892,201) (1,384,134)


Netincreaseincashandcashequivalents 4,903,642 5,166,396



36

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


AustraliaAFTERPAY LTD 2,677 2,151,582 0.14AGL ENERGY LTD 13,961 952,652 0.06ALS LTD 7,920 469,758 0.03ALTIUM LTD 500 91,438 0.00AMPOL LTD 5,298 824,840 0.05ANSELL LTD 4,808 1,052,608 0.07ANZ BANKING GROUP LTD 6,751 952,256 0.06ARISTOCRAT LEISURE LTD 1,002 185,150 0.01

ASX LTD 2,266 967,783 0.06BEACH ENERGY LTD 43,760 428,250 0.03BENDIGO AND ADELAIDE BANK LTD 11,480 628,325 0.04BHP BILLITON LTD 15,012 3,890,278 0.25BLUESCOPE STEEL LTD 12,208 1,204,884 0.08C.S.R. LTD 9,039 283,391 0.02CARSALES.COM.AU LTD 6,101 712,122 0.05COMMONWEALTH BANK OF

AUSTRALIA 7,349 3,651,077 0.24COMPUTERSHARE LTD 3,911 334,348 0.02CROWN RESORTS LTD 13,373 763,756 0.05CSL LTD 2,359 3,813,325 0.25DOMAIN HOLDINGS AUSTRALIA LTD 10,680 317,049 0.02EVOLUTION MINING LTD 15,943 448,627 0.03FORTESCUE METALS GROUP LTD 15,397 1,995,941 0.13IDP EDUCATION LTD 2,754 376,503 0.02ILUKA RESOURCES LTD 5,486 210,509 0.01IOOF HOLDINGS LTD 35,093 651,372 0.04JB HI-FI LTD 3,410 1,050,236 0.07MACQUARIE GROUP LTD 537 419,782 0.03MINERAL RESOURCES LTD 5,485 1,120,876 0.07NATIONAL AUSTRALIA BANK LTD 9,618 1,346,931 0.09NEWCREST MINING LTD 5,967 891,723 0.06OZ MINERALS LTD 11,104 1,232,005 0.08REA GROUP LTD 1,450 1,265,299 0.08RIO TINTO LTD 2,516 1,651,124 0.11SEEK LTD 7,015 1,170,617 0.08SOUTH32 LTD 86,409 1,305,711 0.08STAR ENTERTAINMENT GROUP LTD 13,951 286,338 0.02TELSTRA CORP LTD 47,957 890,145 0.06

HoldingsMarket

value

%ofnet

assetvalue

HKD

WESFARMERS LTD 2,234 725,788 0.05WESTPAC BANKING CORP 10,988 1,381,250 0.09WISETECH GLOBAL LTD 803 149,430 0.01WOODSIDE PETROLEUM LTD 11,202 1,630,737 0.11WOOLWORTHS GROUP LTD 4,962 1,206,172 0.08XERO LTD 762 588,823 0.04

45,670,811 2.97

AustriaANDRITZ AG 725 267,721 0.02OMV AG 1,604 524,919 0.03TELEKOM AUSTRIA AG 11,419 674,456 0.04VIENNA INSURANCE GROUP AG

WIENER VERSICHERUNG GRUPPE 4,995 992,832 0.07VOESTALPINE AG 1,869 530,300 0.03

2,990,228 0.19

BelgiumANHEUSER BUSCH INBEV NV 796 389,769 0.03ETABLISSEMENTEN FRANZ

COLRUYT NV 544 260,635 0.02GROUPE BRUXELLES LAMBERT SA 441 339,738 0.02KBC GROEP NV 672 365,387 0.02PROXIMUS SA 3,752 614,286 0.04SOLVAY SA 210 186,033 0.01UCB SA 823 663,018 0.04

2,818,866 0.18

CanadaBARRICK GOLD CORPORATION 231 40,045 0.00BCE INC 2,622 863,229 0.06BROOKFIELD ASSET MANAGEMENT

INC 3,611 1,086,037 0.07CANADIAN NATURAL RESOURCES

LTD 1,961 343,873 0.02CENOVUS ENERGY INC 13,868 635,527 0.04IMPERIAL OIL LTD 5,245 774,571 0.05MAGNA INTERNATIONAL INC 1,724 942,416 0.06

37

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


MANULIFE FINANCIAL CORP 8,381 1,175,626 0.08METRO INC 1,926 646,246 0.04POWER CORPORATION OF CANADA 2,796 505,230 0.03ROYAL BANK OF CANADA 627 393,896 0.03SHOPIFY INC 57 482,393 0.03SUNCOR ENERGY INC 3,835 497,909 0.03TECK RESOURCES LTD 3,164 448,624 0.03TELUS CORP 1,336 214,003 0.01TORONTO-DOMINION BANK 911 400,673 0.03

9,450,298 0.61

CzechRepublicMONETA MONEY BANK AS 37,850 1,001,532 0.07

DenmarkCARLSBERG A/S 596 679,531 0.04COLOPLAST A/S 1,200 1,394,325 0.09DEMANT A/S 958 267,910 0.02DSV PANALPINA A/S 255 309,923 0.02NOVO NORDISK A/S 6,478 3,490,298 0.23ORSTED A/S 167 246,838 0.02VESTAS WIND SYSTEMS A/S 1,309 2,211,666 0.14

8,600,491 0.56

FinlandELISA OYJ 2,528 1,168,798 0.08FORTUM OYJ 6,825 1,284,887 0.08KONE OYJ 854 522,269 0.04NELES OYJ 2,025 202,776 0.01NOKIA OYJ 25,331 945,897 0.06

4,124,627 0.27

HoldingsMarket

value

%ofnet

assetvalue

HKD

FranceACCOR SA 3,679 964,497 0.06AIR LIQUIDE SA 913 1,161,081 0.08AIRBUS GROUP SE 1,168 915,428 0.06AMUNDI SA 1,478 854,871 0.06ARKEMA SA 1,251 1,078,292 0.07ATOS SE 1,297 775,595 0.05AXA SA 6,555 1,130,008 0.07BIOMERIEUX SA 197 236,611 0.02BNP PARIBAS SA 3,759 1,408,624 0.09CAPGEMINI SE 840 945,595 0.06CARREFOUR SA 1,477 194,651 0.01CNP ASSURANCES SA 1,463 172,547 0.01COMPAGNIE DE SAINT-GOBAIN SA 4,311 1,668,270 0.11COMPAGNIE GENERALE DES

ETABLISSEMENTS MICHELIN SCA 1,726 1,851,921 0.12CREDIT AGRICOLE SA 3,937 347,877 0.02DANONE SA 3,298 1,707,479 0.11DASSAULT SYSTEMES SE 991 1,538,002 0.10ELECTRICITE DE FRANCE SA 3,836 371,475 0.02ENGIE SA 5,203 628,347 0.04ESSILORLUXOTTICA 469 516,912 0.03HERMES INTERNATIONAL SCA 113 896,928 0.06KERING SA 135 688,764 0.05LEGRAND SA 2,433 1,739,570 0.11L’OREAL SA 444 1,213,357 0.08LVMH MOET HENNESSY LOUIS

VUITTON SE 654 3,069,916 0.20NATIXIS SA 21,078 620,096 0.04ORANGE SA 14,779 1,350,995 0.09SAFRAN SA 373 365,778 0.02SANOFI SA 3,124 2,270,413 0.15SARTORIUS STEDIM BIOTECH SA 408 1,325,981 0.09SCHNEIDER ELECTRIC SE 2,756 3,140,096 0.20SEB SA 684 1,010,967 0.07SODEXO SA 1,516 1,049,079 0.07STMICROELECTRONICS NV 3,041 953,075 0.06TELEPERFORMANCE SE 196 498,884 0.03TOTAL SA 6,729 2,211,931 0.14VEOLIA ENVIRONNEMENT SA 2,192 455,516 0.03VINCI SA 593 427,787 0.03VIVENDI SA 3,938 939,285 0.06WORLDLINE SA 429 283,130 0.02

42,979,631 2.79

38

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


GermanyADIDAS AG 321 792,254 0.05ALLIANZ SE 1,554 2,742,455 0.18AROUNDTOWN SA 16,093 869,569 0.06BASF SE 2,383 1,432,870 0.09BAYER AG 2,097 987,012 0.06BAYERISCHE MOTOREN WERKE AG 1,220 804,596 0.05BEIERSDORF AG 810 689,476 0.05CARL ZEISS MEDITEC AG 770 935,704 0.06COVESTRO AG 1,386 733,244 0.05DAIMLER AG 1,549 842,823 0.05DELIVERY HERO SE 1,311 1,549,902 0.10DEUTSCHE BANK AG 13,270 1,046,170 0.07DEUTSCHE BOERSE AG 759 949,506 0.06DEUTSCHE POST AG 5,833 2,242,418 0.15DEUTSCHE TELEKOM AG 3,949 546,843 0.04DEUTSCHE WOHNEN AG 3,624 1,395,587 0.09DWS GROUP GMBH & CO KGAA 2,455 747,216 0.05FRAPORT FRANKFURT AIRPORT

SERVICES WORLDWIDE AG 650 274,192 0.02FRESENIUS MEDICAL CARE AG & CO

KGAA 381 239,750 0.02FRESENIUS SE AND CO 3,134 1,085,552 0.07HANNOVER RUECK SE 784 945,331 0.06HELLOFRESH AG 987 648,979 0.04HENKEL AG & CO KGAA 630 458,158 0.03HENKEL AG & CO KGAA 1,756 1,414,323 0.09INFINEON TECHNOLOGIES AG 5,684 1,773,650 0.12KNORR BREMSE AG 490 503,961 0.03LEG IMMOBILIEN AG 964 1,076,465 0.07MERCK KGAA 386 500,702 0.03MUENCHENER

RUECKVERSICHERUNGS-GESELLSCHAFT AG 266 551,267 0.04

RWE AG 5,031 1,680,548 0.11SAP SE 2,998 2,959,721 0.19SIEMENS AG 3,555 4,296,593 0.28SIEMENS ENERGY AG 5,258 1,514,663 0.10TALANX AG 2,296 666,163 0.04

HoldingsMarket

value

%ofnet

assetvalue

HKD

TEAMVIEWER AG 541 217,663 0.01VOLKSWAGEN 45 73,972 0.00VOLKSWAGEN AG PREFERENCE

SHARES 111 163,579 0.01VONOVIA SE 811 421,255 0.03ZALANDO SE 545 486,291 0.03

41,260,423 2.68


MANUFACTURING AND TECHNICAL SA 3,455 – –

JUMBO SA 7,281 888,216 0.06

888,216 0.06

HongKong3SBIO INC 35,000 253,050 0.02AAC TECHNOLOGIES HOLDINGS INC 21,000 885,150 0.06AGILE PROPERTY HOLDINGS LTD 80,306 777,362 0.05AGRICULTURAL BANK OF CHINA LTD

H SHARES 1,144,736 3,205,261 0.21AIA GROUP LTD 279,951 26,245,406 1.70ALIBABA GROUP HOLDING LTD 154,209 38,058,781 2.47ALIBABA HEALTH INFORMATION

TECHNOLOGY LTD 113,404 2,755,717 0.18ALIBABA PICTURES GROUP LTD 950,000 931,000 0.06ANHUI CONCH CEMENT CO LTD H

SHARES 38,834 1,784,422 0.12ANHUI EXPRESSWAY CO LTD 62,000 303,180 0.02ANTA SPORTS PRODUCTS LTD 22,241 2,853,520 0.19ASM PACIFIC TECHNOLOGY LTD 14,050 1,589,055 0.10BAIC MOTOR CORP LTD 83,000 227,420 0.01BANK OF CHINA LTD H SHARES 2,312,973 6,083,119 0.40BANK OF COMMUNICATIONS CO

LTD H SHARES 437,410 1,837,122 0.12BEIJING CAPITAL INTERNATIONAL

AIRPORT CO LTD H SHARES 72,000 430,560 0.03BEIJING ENTERPRISES HOLDINGS

LTD 20,500 520,700 0.03BOC HONG KONG HOLDINGS LTD 82,581 1,915,879 0.12

39

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


BRILLIANCE CHINA AUTOMOTIVE HOLDINGS LTD 44,000 268,400 0.02

BYD CO LTD 19,823 4,705,980 0.31BYD ELECTRONIC CO LTD 45,500 2,443,350 0.16CANSINO BIOLOGICS INC 2,400 605,760 0.04CHINA CINDA ASSET MANAGEMENT

CO LTD H SHARES 919,000 1,350,930 0.09CHINA CITIC BANK CORP LTD H

SHARES 478,139 1,644,798 0.11CHINA CONCH VENTURE HOLDINGS

LTD 22,000 812,900 0.05CHINA CONSTRUCTION BANK CORP

H SHARES 2,466,628 14,503,773 0.94CHINA EAST EDUCATION HOLDINGS

LTD 29,512 517,050 0.03CHINA EVERBRIGHT LTD 78,000 779,220 0.05CHINA EVERGRANDE GROUP 19,000 283,860 0.02CHINA FEIHE LTD 51,000 1,183,200 0.08CHINA GAS HOLDINGS LTD 26,346 721,880 0.05CHINA HONGQIAO GROUP LTD 198,500 1,359,725 0.09CHINA JINMAO HOLDINGS GROUP

LTD 56,000 170,800 0.01CHINA LESSO GROUP HOLDINGS

LTD 71,000 915,900 0.06CHINA LIFE INSURANCE CO LTD H

SHARES 196,980 3,242,291 0.21CHINA MENGNIU DAIRY CO LTD 87,176 4,031,890 0.26CHINA MERCHANTS BANK CO LTD H

SHARES 93,509 5,568,461 0.36CHINA MERCHANTS PORT

HOLDINGS CO LTD 37,024 400,600 0.03CHINA MINSHENG BANKING CORP

LTD 246,862 1,096,067 0.07CHINA NATIONAL BUILDING

MATERIAL CO LTD 50,000 464,500 0.03CHINA OVERSEAS LAND &

INVESTMENT LTD 106,575 1,862,931 0.12CHINA PACIFIC INSURANCE GROUP

CO LTD H SHARES 61,284 1,967,216 0.13

HoldingsMarket

value

%ofnet

assetvalue

HKD

CHINA PETROLEUM & CHEMICAL CORP H SHARES 616,838 2,288,469 0.15

CHINA REINSURANCE GROUP CORP 188,000 152,280 0.01CHINA RESOURCES BEER HOLDINGS

CO LTD 26,000 1,781,000 0.12CHINA RESOURCES CEMENT

HOLDINGS LTD 150,000 1,285,500 0.08CHINA RESOURCES GAS GROUP LTD 22,000 853,600 0.06CHINA RESOURCES LAND LTD 85,942 2,655,608 0.17CHINA SHENHUA ENERGY CO LTD H

SHARES 18,097 260,235 0.02CHINA TOWER CORP LTD 712,000 797,440 0.05CHINA TRADITIONAL CHINESE

MEDICINE HOLDINGS CO LTD 108,000 464,400 0.03CHINA TRAVEL INTERNATIONAL

INVESTMENT HONG KONG LTD 146,000 154,760 0.01CHINA VANKE CO LTD H SHARES 41,180 1,146,863 0.07CHONGQING RURAL COMMERCIAL

BANK CO LTD H SHARES 325,548 1,087,330 0.07CHOW TAI FOOK JEWELLERY GROUP

LTD 54,200 506,770 0.03CITIC SECURITIES CO LTD 47,974 818,436 0.05CK ASSET HOLDINGS LTD 84,072 3,274,604 0.21CK HUTCHISON HOLDINGS LTD 74,377 3,994,045 0.26CK INFRASTRUCTURE HOLDINGS

LTD 22,000 909,700 0.06CLP HOLDINGS LTD 50,122 3,643,869 0.24COSCO SHIPPING HOLDINGS CO 168,500 1,322,725 0.09COSCO SHIPPING PORTS LTD 63,869 351,918 0.02COUNTRY GARDEN HOLDINGS CO

LTD 207,591 1,945,128 0.13COUNTRY GARDEN SERVICES

HOLDINGS CO LTD 23,000 1,457,050 0.09CSPC PHARMACEUTICAL GROUP

LTD 193,846 1,535,260 0.10DALI FOODS GROUP CO LTD 227,500 1,062,425 0.07DONGFENG MOTOR GROUP CO LTD

H SHARES 198,306 1,521,007 0.10ENN ENERGY HOLDINGS LTD 16,532 1,987,146 0.13ESR CAYMAN LTD 7,480 207,196 0.01FAR EAST HORIZON LTD 98,000 784,000 0.05FIH MOBILE LTD 593,000 723,460 0.05GALAXY ENTERTAINMENT GROUP

LTD 59,536 3,500,717 0.23

40

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


GEELY AUTOMOBILE HOLDINGS LTD 171,967 4,875,265 0.32GENSCRIPT BIOTECH CORP 38,000 376,200 0.02GREAT WALL MOTOR CO LTD 119,500 2,903,850 0.19GUANGDONG INVESTMENT LTD 20,000 272,400 0.02GUOTAI JUNAN SECURITIES CO LTD 62,594 706,060 0.05HAIDILAO INTERNATIONAL HOLDING

LTD 10,000 653,500 0.04HAIER SMART HOME CO LTD 85,000 2,728,500 0.18HANG LUNG PROPERTIES LTD 85,625 1,772,438 0.11HANG SENG BANK LTD 19,102 2,680,011 0.17HANSOH PHARMACEUTICAL GROUP

CO LTD 32,000 1,356,800 0.09HEALTH AND HAPPINESS (H&H)

INTERNATIONAL HOLDINGS LTD 6,500 246,025 0.02HENDERSON LAND DEVELOPMENT

CO LTD 30,445 965,107 0.06HENGTEN NETWORKS GROUP LTD 135,200 444,808 0.03HONG KONG AND CHINA GAS CO

LTD 160,292 1,785,653 0.12HONG KONG EXCHANGES AND

CLEARING LTD 32,289 16,060,549 1.04HOPSON DEVELOPMENT HOLDINGS

LTD 33,622 667,061 0.04HUTCHISON TELECOMMUNICATIONS

HONG KONG HOLDINGS LTD 632,000 777,360 0.05HYSAN DEVELOPMENT CO LTD 46,768 1,321,196 0.09INDUSTRIAL AND COMMERCIAL

BANK OF CHINA LTD H SHARES 2,152,709 10,655,910 0.69INNOVENT BIOLOGICS INC 31,289 2,772,205 0.18JARDINE STRATEGIC HOLDINGS LTD 1,000 201,523 0.01JD COM INC 40,650 14,056,770 0.91JIANGSU EXPRESSWAY CO LTD H

SHARES 54,000 486,000 0.03JIANGXI COPPER CO LTD 46,000 588,800 0.04JIAYUAN INTERNATIONAL GROUP

LTD 264,716 796,795 0.05JOHNSON ELECTRIC HOLDINGS LTD 25,736 590,641 0.04KERRY LOGISTICS NETWORK LTD 80,000 1,324,800 0.09

HoldingsMarket

value

%ofnet

assetvalue

HKD

KINGBOARD CHEMICAL HOLDINGS LTD 52,500 1,666,875 0.11

KINGBOARD LAMINATES HOLDINGS LTD 103,500 1,297,890 0.08

KINGDEE INTERNATIONAL SOFTWARE GROUP CO LTD 62,000 1,940,600 0.13

KINGSOFT CORP LTD 13,000 780,000 0.05KWG GROUP HOLDINGS LTD 40,500 417,960 0.03LEGEND HOLDINGS CORP 78,500 967,120 0.06LENOVO GROUP LTD 93,271 851,564 0.06LI NING CO LTD 31,000 1,505,050 0.10LOGAN PROPERTY HOLDINGS CO

LTD 46,000 534,520 0.03LONGFOR PROPERTIES CO LTD 51,618 2,263,449 0.15LUYE PHARMA GROUP LTD 71,500 278,135 0.02MAANSHAN IRON & STEEL CO LTD 122,000 262,300 0.02MEITUAN DIANPING 89,875 31,977,525 2.08MINTH GROUP LTD 4,000 142,200 0.01MTR CORP LTD 9,506 429,196 0.03NETEASE INC 41,400 7,377,480 0.48NEW CHINA LIFE INSURANCE CO

LTD 8,719 252,415 0.02NEW WORLD DEVELOPMENT CO

LTD 65,267 2,352,875 0.15PETROCHINA CO LTD H SHARES 501,223 1,177,874 0.08PHARMARON BEIJING CO LTD 6,500 969,800 0.06PICC PROPERTY AND CASUALTY CO

LTD 251,437 1,423,133 0.09PING AN HEALTHCARE AND

TECHNOLOGY CO LTD 13,072 1,259,487 0.08PING AN INSURANCE (GROUP) CO

OF CHINA LTD H SHARES 144,762 13,216,771 0.86POLY PROPERTY GROUP CO LTD 180,000 403,200 0.03POSTAL SAVINGS BANK OF CHINA

CO LTD 454,000 2,515,160 0.16POWER ASSETS HOLDINGS LTD 8,167 337,297 0.02SAMSONITE INTERNATIONAL SA 19,394 217,213 0.01SANDS CHINA LTD 78,829 2,431,875 0.16SHANDONG GOLD MINING CO LTD 14,000 229,040 0.01SHANDONG WEIGAO GROUP

MEDICAL POLYMER CO LTD 116,000 1,682,000 0.11SHANGHAI FOSUN

PHARMACEUTICAL GROUP CO LTD 16,500 577,500 0.04

41

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


SHANGHAI PHARMACEUTICALS HOLDING CO LTD H SHARES 105,200 1,411,784 0.09

SHANGRI-LA ASIA LTD 28,000 184,800 0.01SHENZHEN INTERNATIONAL

HOLDINGS LTD 50,060 639,767 0.04SHENZHEN INVESTMENT LTD 373,203 959,132 0.06SHENZHOU INTERNATIONAL GROUP

HOLDINGS LTD 25,200 3,832,920 0.25SHIMAO GROUP HOLDINGS LTD 40,000 902,000 0.06SHUI ON LAND LTD 883,089 1,015,552 0.07SHUN TAK HOLDINGS LIMITED 298,518 677,636 0.04SINO BIOPHARMACEUTICAL LTD 248,163 1,794,219 0.12SINOPHARM GROUP CO LTD H

SHARES 68,400 1,295,496 0.08SINOTRANS LTD 272,000 709,920 0.05SINOTRUK HONG KONG LTD 54,500 1,318,900 0.09SITC INTERNATIONAL HOLDINGS CO

LTD 89,000 1,585,980 0.10SJM HOLDINGS LTD 34,000 283,560 0.02SMOORE INTERNATIONAL HOLDING 10,646 817,081 0.05SUN HUNG KAI PROPERTIES LTD 44,410 4,707,460 0.31SUNAC CHINA HOLDINGS LTD 18,676 540,670 0.03SUNAC SERVICES HOLDINGS LTD 2,595 56,571 0.00SUNNY OPTICAL TECHNOLOGY

GROUP CO LTD 16,800 3,430,560 0.22SWIRE PACIFIC LTD 40,000 315,200 0.02SWIRE PACIFIC LTD CLASS A 12,313 597,796 0.04SWIRE PROPERTIES LTD 68,909 1,553,898 0.10TECHTRONIC INDUSTRIES CO LTD 31,158 3,639,254 0.24TENCENT HOLDINGS LTD 67,817 46,217,286 3.00TONGCHENG-ELONG HOLDINGS LTD 91,200 1,265,856 0.08TOPSPORTS INTERNATIONAL

HOLDINGS 27,000 340,200 0.02TRAVELSKY TECHNOLOGY LTD 81,000 1,402,920 0.09TSINGTAO BREWERY CO LTD 4,000 299,400 0.02VTECH HOLDINGS LTD 20,700 1,285,470 0.08WEICHAI POWER CO LTD 70,000 1,603,000 0.10WH GROUP LTD 82,455 519,467 0.03WHARF HOLDINGS LTD 42,000 719,880 0.05

HoldingsMarket

value

%ofnet

assetvalue

HKD

WHARF REAL ESTATE INVESTMENT CO LTD 37,963 1,562,177 0.10

WUXI APPTEC CO LTD 11,700 2,164,500 0.14WUXI BIOLOGICS CAYMAN INC 68,797 7,505,753 0.49XIAOMI CORP 289,935 8,466,102 0.55XINJIANG GOLDWIND SCIENCE &

TECHNOLOGY CO LTD 87,000 1,407,660 0.09XINYI GLASS HOLDINGS LTD 82,000 1,541,600 0.10XINYI SOLAR HOLDINGS LTD 104,534 1,777,078 0.12YIHAI INTERNATIONAL HOLDING LTD 14,439 1,843,860 0.12YUE YUEN INDUSTRIAL (HOLDINGS)

LTD 21,500 363,780 0.02YUEXIU PROPERTY CO LTD 536,000 814,720 0.05ZHONGSHENG GROUP HOLDINGS

LTD 36,000 1,639,800 0.11ZIJIN MINING GROUP COMPANY LTD 138,000 1,192,320 0.08

454,037,843 29.50

HungaryMAGYAR TELEKOM

TELECOMMUNICATIONS PLC 52,214 542,259 0.03MOL HUNGARIAN OIL & GAS 9,660 565,985 0.04RICHTER GEDEON VEGYESZETI GYAR

NYRT 6,065 1,332,569 0.09

2,440,813 0.16

IndiaAUROBINDO PHARMA LTD 1,343 129,568 0.01AUROBINDO PHARMA LTD 880 84,661 0.01AVENUE SUPERMARTS LTD 961 270,799 0.02BAJAJ AUTO LTD 1,025 436,361 0.03BHARTI AIRTEL LTD 22,504 1,324,001 0.09CIPLA LTD 2,942 258,884 0.02COROMANDEL INTERNATIONAL LTD 5,500 493,856 0.03DIVI’S LABORATORIES LTD 3,340 1,198,699 0.08EXIDE INDUSTRIES LTD 42,981 878,392 0.06HCL TECHNOLOGIES LTD 9,068 880,826 0.06HERO MOTOCORP LTD 1,247 431,509 0.03HINDALCO INDUSTRIES LTD 15,192 364,885 0.02HINDUSTAN UNILEVER LTD 4,512 1,086,700 0.07

42

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


HINDUSTAN ZINC LTD 1,493 43,158 0.00HOUSING DEVELOPMENT FINANCE

CORP LTD 4,610 1,164,954 0.08INFO EDGE INDIA LTD 1,929 894,643 0.06INFOSYS LTD 19,106 2,515,887 0.16IPCA LABORATORIES LTD 1,753 345,038 0.02MRF LTD 61 545,003 0.03NESTLE INDIA LTD 428 780,633 0.05NMDC LTD 24,838 277,825 0.02NMDC LTD 33,327 372,602 0.02OIL AND NATURAL GAS

CORPORATION LTD 22,052 209,282 0.01OIL INDIA LTD 57,387 680,629 0.04POWER GRID CORPORATION OF

INDIA LTD 28,692 560,910 0.04RELIANCE INDUSTRIES LTD 12,849 2,520,431 0.16RELIANCE INDUSTRIES LTD 8,393 1,642,962 0.11SBI LIFE INSURANCE COMPANY LTD 7,870 723,726 0.05STATE BANK OF INDIA 25,625 767,700 0.05SUN PHARMACEUTICAL INDUSTRIES 1,169 72,827 0.00SUN PHARMACEUTICAL INDUSTRIES

LTD 5,097 319,595 0.02TATA CONSULTANCY SERVICES LTD 5,089 1,682,728 0.11TECH MAHINDRA LTD 3,833 391,630 0.02TORRENT POWER LTD 12,272 404,175 0.03VODAFONE IDEA LTD 536,757 638,893 0.04WIPRO LTD 11,422 509,828 0.03

25,904,200 1.68

IndonesiaBANK CENTRAL ASIA TBK PT 16,200 302,616 0.02GUDANG GARAM TBK PT 6,900 143,859 0.01INDOFOOD CBP SUKSES MAKMUR

TBK PT 97,000 487,835 0.03INDOFOOD SUKSES MAKMUR TBK

PT 156,800 524,277 0.04

HoldingsMarket

value

%ofnet

assetvalue

HKD

UNILEVER INDONESIA TBK PT 135,500 518,584 0.03

1,977,171 0.13

IrelandCRH PLC 1,157 372,288 0.02KERRY GROUP PLC 973 1,025,654 0.07KINGSPAN GROUP PLC 1,064 561,290 0.04

1,959,232 0.13

IsraelWIX.COM LTD 400 766,236 0.05

ItalyA2A SPA 68,303 862,189 0.06ASSICURAZIONI GENERALI SPA 11,783 1,563,957 0.10BANCA MEDIOLANUM SPA 10,912 672,778 0.04BUZZI UNICEM SPA 5,251 1,005,628 0.07ENEL SPA 14,605 1,126,929 0.07ENI SPA 15,861 1,247,898 0.08FINECOBANK BANCO FINEECO SPA 2,034 246,692 0.02INTESA SANPAOLO SPA 43,238 735,273 0.05ITALGAS SPA 16,402 765,130 0.05POSTE ITALIANE SPA 2,712 206,321 0.01UNIPOLSAI ASSICURAZIONI SPA 41,433 815,738 0.05

9,248,533 0.60

JapanADVANTEST CORP 2,000 1,227,937 0.08AEON CO LTD 8,400 2,038,049 0.13AEON MALL CO LTD 5,400 676,684 0.04AGC INC 4,900 1,317,329 0.09AICA KOGYO CO LTD 4,200 1,060,706 0.07AJINOMOTO CO INC 3,000 549,461 0.04AMADA CO LTD 5,300 461,217 0.03ASAHI GROUP HOLDINGS LTD 4,300 1,341,369 0.09ASAHI INTECC CO LTD 3,300 840,744 0.05ASKUL CORP 3,000 822,081 0.05ASTELLAS PHARMA INC 6,900 864,907 0.06

43

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


BENESSE HOLDINGS INC 2,320 346,566 0.02BRIDGESTONE CORP 3,800 1,088,583 0.07CALBEE INC 2,900 664,737 0.04CANON MARKETING JAPAN INC 3,500 595,157 0.04CASIO COMPUTER COMPANY LTD 6,100 835,782 0.05CENTRAL JAPAN RAILWAY CO 1,821 1,996,012 0.13CHUGAI PHARMACEUTICAL CO LTD 4,700 1,904,739 0.12COCA-COLA BOTTLERS JAPAN

HOLDINGS INC 6,300 739,539 0.05DAICEL CORP 10,017 589,788 0.04DAIICHI SANKYO CO LTD 7,366 1,835,728 0.12DAIICHIKOSHO CO LTD 2,800 746,538 0.05DAIKIN INDUSTRIES LTD 1,588 2,599,755 0.17DAITO TRUST CONSTRUCTION CO

LTD 1,805 1,455,783 0.09DAIWA HOUSE INDUSTRY CO LTD 3,958 868,998 0.06DENSO CORP 300 129,022 0.01DISCO CORP 593 1,495,420 0.10EAST JAPAN RAILWAY CO 553 282,186 0.02EISAI CO LTD 400 226,420 0.01ELECTRIC POWER DEVELOPMENT

CO LTD 2,500 315,686 0.02FANUC CORP 1,027 2,081,409 0.13FAST RETAILING CO LTD 114 758,349 0.05FUJITSU LTD 900 1,067,816 0.07GS YUASA CORPORATION 5,400 1,231,788 0.08GUNMA BANK LTD 25,500 610,006 0.04HAMAMATSU PHOTONICS KK 2,000 899,104 0.06HASEKO CORP 11,136 1,016,913 0.07HIROSE ELECTRIC CO LTD 500 607,673 0.04HITACHI LTD 8,600 2,742,609 0.18HONDA MOTOR CO LTD 5,143 1,052,991 0.07HOYA CORP 3,039 3,014,844 0.20HULIC CO LTD 2,700 236,759 0.02ITOCHU CORP 12,400 2,752,785 0.18JAPAN AVIATION ELECTRONICS

INDUSTRY LTD 6,100 734,133 0.05JAPAN EXCHANGE GROUP INC 6,592 1,193,679 0.08JAPAN POST INSURANCE CO LTD 6,100 927,492 0.06

HoldingsMarket

value

%ofnet

assetvalue

HKD

JAPAN TOBACCO INC 2,700 415,429 0.03JFE HOLDINGS INC 11,100 747,271 0.05KANDENKO CO LTD 4,500 299,948 0.02KAO CORP 1,335 751,130 0.05KDDI CORP 9,854 2,247,055 0.15KEYENCE CORP 1,230 5,114,097 0.33KINDEN CORP 7,400 920,730 0.06KIRIN HOLDINGS CO LTD 8,100 1,347,368 0.09KOBE BUSSAN CO LTD 700 150,656 0.01KOKUYO CO LTD 4,900 494,633 0.03KOMATSU LTD 2,900 614,802 0.04KONAMI HOLDINGS CORP 600 284,396 0.02K’S HOLDINGS CORP 10,000 1,050,930 0.07KUBOTA CORP 1,181 201,085 0.01KYOCERA CORP 2,699 1,339,073 0.09KYOWA KIRIN CO LTD 5,100 1,170,910 0.08KYUSHU RAILWAY CO 1,100 178,821 0.01LION CORPORATION 1,600 284,040 0.02LIXIL CORP 7,200 1,301,643 0.08M3 INC 2,000 1,305,109 0.08MARUBENI CORP 23,200 1,192,962 0.08MEGMILK SNOW BRAND CO LTD 3,800 635,194 0.04MEIJI HOLDINGS CO LTD 800 423,038 0.03MITSUBISHI CORP 12,539 2,458,614 0.16MITSUBISHI ELECTRIC CORP 20,415 2,410,823 0.16MITSUBISHI ESTATE CO LTD 7,400 905,385 0.06MITSUBISHI HEAVY INDUSTRIES LTD 2,200 488,479 0.03MITSUBISHI SHOKUHIN CO LTD 1,763 369,775 0.02MITSUBISHI UFJ FINANCIAL GROUP

INC 36,483 1,268,039 0.08MITSUI & CO LTD 3,100 444,601 0.03MIZUHO FINANCIAL GROUP INC 5,156 526,394 0.03MORINAGA MILK INDUSTRY CO LTD 600 231,960 0.01MS&AD INSURANCE GROUP

HOLDINGS INC 7,454 1,658,368 0.11MURATA MANUFACTURING CO LTD 2,200 1,638,311 0.11NEC CORPORATION 500 211,075 0.01NEC NETWORKS & SYSTEM

INTEGRATION 4,300 592,979 0.04NEXON CO LTD 6,300 1,486,077 0.10NGK INSULATORS LTD 3,500 473,844 0.03NIDEC CORP 1,419 1,455,538 0.09NIHON UNISYS LTD 3,100 913,769 0.06NIKON CORP 13,000 801,047 0.05

44

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


NINTENDO CO LTD 816 3,661,094 0.24NIPPON ELECTRIC GLASS CO LTD 1,700 288,950 0.02NIPPON STEEL CORP 10,800 965,434 0.06NIPPON TELEGRAPH AND

TELEPHONE CORP 8,352 1,619,391 0.10NIPPON YUSEN K.K. 2,000 356,383 0.02NISSAN MOTOR CO LTD 25,000 985,201 0.06NISSHIN SEIFUN GROUP INC 1,400 182,695 0.01NITORI HOLDINGS CO LTD 600 923,841 0.06NITTO DENKO CORPORATION 1,100 771,497 0.05OLYMPUS CORP 800 111,951 0.01OMRON CORP 1,400 958,057 0.06OPEN HOUSE CO LTD 1,800 562,570 0.04ORACLE CORP JAPAN 1,218 1,114,053 0.07ORIENTAL LAND CO LTD 500 605,451 0.04ORIX CORP 14,494 1,798,020 0.12OTSUKA HOLDINGS CO LTD 800 264,369 0.02PANASONIC CORP 2,900 290,272 0.02PEPTIDREAM INC 500 226,257 0.01RAKUTEN INC 14,900 1,135,516 0.07RECRUIT HOLDINGS CO LTD 3,971 1,335,791 0.09RENESAS ELECTRONICS

CORPORATION 13,300 1,182,019 0.08RESONA HOLDINGS INC 46,400 1,247,430 0.08RINNAI CORPORATION 1,100 891,254 0.06ROHM CO LTD 700 550,053 0.04SANKYU INC 2,600 758,684 0.05SANWA HOLDINGS CORP 8,100 715,077 0.05SAWAI PHARMACEUTICAL CO LTD 1,916 678,289 0.04SECOM CO LTD 300 210,564 0.01SEGA SAMMY HOLDINGS INC 5,100 629,647 0.04SEKISUI CHEMICAL CO LTD 2,600 362,782 0.02SEKISUI HOUSE LTD 9,200 1,375,674 0.09SEVEN & I HOLDINGS CO LTD 5,882 1,725,525 0.11SG HOLDINGS CO LTD 5,100 1,016,425 0.07SHIMADZU CORP 800 236,108 0.01SHIMAMURA CO LTD 959 823,888 0.05SHIMANO INC 198 360,811 0.02SHIN ETSU CHEMICAL CO LTD 2,801 3,770,327 0.24

HoldingsMarket

value

%ofnet

assetvalue

HKD

SHIONOGI & CO LTD 3,508 1,475,704 0.10SHISEIDO CO LTD 1,800 905,044 0.06SHOWA DENKO KK 5,500 1,017,121 0.07SKYLARK HOLDINGS CO LTD 2,800 355,642 0.02SMC CORP 471 2,210,179 0.14SOFTBANK CORP 4,700 479,317 0.03SOFTBANK CORP 9,799 5,884,194 0.38SOJITZ CORP 61,000 1,093,293 0.07SOMPO HOLDINGS INC 2,300 709,811 0.05SONY CORP 6,289 4,681,005 0.30SUGI HOLDINGS CO LTD 1,900 969,537 0.06SUMITOMO CORP 8,900 914,235 0.06SUMITOMO MITSUI FINANCIAL

GROUP INC 7,893 1,896,917 0.12SUNDRUG CO LTD 3,400 1,046,264 0.07SUNTORY BEVERAGE & FOOD LTD 900 243,625 0.02SUZUKI MOTOR CORP 400 139,472 0.01SYSMEX CORPORATION 300 271,842 0.02T&D HOLDINGS INC 3,000 269,509 0.02TAIYO YUDEN CO LTD 2,400 1,091,368 0.07TAKEDA PHARMACEUTICAL CO LTD 4,791 1,312,153 0.09TEIJIN LTD 7,000 991,755 0.06TERUMO CORP 3,100 933,284 0.06THE 77 BANK LTD 8,900 868,095 0.06TOHO COMPANY LTD 700 209,705 0.01TOHOKU ELECTRIC POWER CO INC 14,000 930,062 0.06TOKAI RIKA COMPANY LTD 6,300 798,329 0.05TOKIO MARINE HOLDINGS INC 5,167 1,964,270 0.13TOKYO ELECTRON LTD 1,100 3,243,219 0.21TOKYU FUDOSAN HOLDING 5,500 240,736 0.02TOSOH CORP 7,700 1,025,349 0.07TOTO LTD 3,100 1,329,327 0.09TOYO SUISAN KAISHA LTD 2,574 983,671 0.06TOYOBO CO LTD 5,700 552,594 0.04TOYOTA MOTOR CORP 15,255 8,247,580 0.54TREND MICRO INC 350 148,789 0.01TSUMURA & CO 3,800 958,279 0.06UBE INDUSTRIES LTD 4,000 588,047 0.04ULVAC INC 1,704 596,297 0.04UNICHARM CORP 2,300 800,603 0.05YAMAHA CORP 1,200 523,465 0.03YAMATO HOLDINGS CO LTD 3,303 636,268 0.04

179,877,977 11.69

45

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


LuxembourgARCELORMITTAL SA 2,043 347,225 0.02EUROFINS SCIENTIFIC 530 395,321 0.03

742,546 0.05

MalaysiaAMMB HOLDINGS BERHAD 153,900 909,194 0.06GENTING BHD 80,000 610,718 0.04HONG LEONG FINANCIAL GROUP

BHD 26,600 834,704 0.05KUALA LUMPUR KEPONG BHD 14,355 639,892 0.04MALAYSIA AIRPORTS HOLDINGS

BHD 50,700 501,793 0.03MISC 91,600 1,047,151 0.07NESTLE (MALAYSIA) BHD 900 236,500 0.01RHB BANK BHD 88,400 864,748 0.06TOP GLOVE CORPORATION BERHAD 90,700 1,172,559 0.08

6,817,259 0.44

NetherlandsAALBERTS INDUSTRIES NV 2,497 874,788 0.06ADYEN NV 77 1,247,242 0.08AKZO NOBEL NV 681 537,844 0.04ARGENX SE 50 113,607 0.01ASML HOLDING NV 1,231 5,095,953 0.33HEINEKEN NV 966 782,043 0.05ING GROEP NV 4,856 337,364 0.02JUST EAT TAKEAWAY.COM NV 1,330 1,185,583 0.08KONINKLIJKE AHOLD DELHAIZE NV 4,326 961,330 0.06KONINKLIJKE DSM NV 142 192,623 0.01KONINKLIJKE PHILIPS NV 4,273 1,809,543 0.12PROSUS NV 2,691 2,429,001 0.16QIAGEN NV 468 196,934 0.01RANDSTAD NV 1,904 922,985 0.06SIGNIFY NV 1,578 584,194 0.04

HoldingsMarket

value

%ofnet

assetvalue

HKD

STELLANTIS NV 13,001 1,532,607 0.10STELLANTIS NV 5,844 689,794 0.04WOLTERS KLUWER NV 1,663 1,072,161 0.07

20,565,596 1.34

NewZealandFISHER & PAYKEL HEALTHCARE

CORPORATION LTD 2,320 449,095 0.03SKYCITY ENTERTAINMENT GROUP

LTD 18,029 307,286 0.02

756,381 0.05

NorwayADEVINTA ASA 1,458 168,923 0.01MOWI ASA 2,658 457,957 0.03

626,880 0.04

philippinesJOLLIBEE FOODS CORPORATION 5,690 163,072 0.01MANILA ELECTRIC CO 9,960 419,257 0.03

582,329 0.04

RussiaANK BASHNEFT’ PAO 2,640 321,226 0.02BANK VTB PAO 97,060,000 366,067 0.02FSK YEES PAO 11,886,086 263,184 0.02GAZPROM PAO 62,510 1,377,429 0.09GMK NORIL’SKIY NIKEL’ PAO 470 1,184,330 0.08INTER RAO YEES PAO 304,000 164,001 0.01MOSKOVSKAYA BIRZHA MMVB-RTS

PAO 15,580 251,679 0.02NK LUKOIL PAO 1,256 697,137 0.04SBERBANK ROSSII PAO 26,780 711,199 0.05SURGUTNEFTEGAZ OAO 106,100 366,415 0.02SURGUTNEFTEGAZ PAO 35,500 145,820 0.01

46

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


TRANSNEFT’ PAO 29 427,964 0.03

7,147,838 0.47

SingaporeCOMFORTDELGRO CORPORATION

LTD 87,000 803,138 0.05DBS GROUP HOLDINGS LTD 10,688 1,572,411 0.10GENTING SINGAPORE LTD 268,800 1,342,793 0.09HONG KONG LAND HOLDINGS LTD 42,300 1,518,584 0.10JARDINE MATHESON HOLDINGS LTD 3,969 1,778,797 0.12OVERSEA-CHINESE BANKING CORP

LTD 23,285 1,404,008 0.09SINGAPORE EXCHANGE LTD 22,000 1,272,541 0.08UNITED OVERSEAS BANK LTD 8,696 1,187,894 0.08VENTURE CORPORATION LTD 3,300 382,533 0.02WILMAR INTERNATIONAL LTD 1,200 36,949 0.00

11,299,648 0.73

SouthKoreaCELLTRION INC 339 761,355 0.05CJ CHEILJEDANG CORP 280 397,882 0.03CJ CHEILJEDANG CORP 311 918,359 0.06CJ ENM CO LTD 1,117 1,183,868 0.08COWAY CO., LTD 1,442 696,692 0.05DGB FINANCIAL GROUP INC 14,410 636,277 0.04DOOSAN HEAVY INDUSTRIES AND

CONSTRUCTION COMPANY LTD 7,446 606,462 0.04HANA FINANCIAL GROUP INC 2,505 566,935 0.04HANWHA SOLUTIONS CORP 2,408 831,244 0.05HYUNDAI DEPARTMENT STORE

COMPANY LTD 921 499,239 0.03HYUNDAI GLOVIS CO LTD 694 914,020 0.06HYUNDAI MOBIS CO LTD 223 490,785 0.03HYUNDAI MOTOR CO LTD 1,450 2,301,686 0.15HYUNDAI STEEL CO 1,331 357,975 0.02

HoldingsMarket

value

%ofnet

assetvalue

HKD

INDUSTRIAL BANK OF KOREA 8,151 442,400 0.03KAKAO CORP 671 2,051,180 0.13KANGWON LAND INC 2,466 402,556 0.03KB FINANCIAL GROUP INC 1,424 397,793 0.03KIA MOTORS CORP 3,024 1,729,332 0.11KOREA ZINC INC 295 830,215 0.05LG CHEM LTD 76 483,087 0.03LG CORP 308 211,576 0.01LG ELECTRONICS INC 1,665 1,765,827 0.12LG UPLUS CORP 7,236 599,389 0.04NAVER CORP 638 1,516,901 0.10NCSOFT CORP 114 753,079 0.05NH INVESTMENT & SECURITIES CO

LTD 2,873 220,060 0.01POSCO 126 214,420 0.01SAMSUNG BIOLOGICS CO LTD 59 324,315 0.02SAMSUNG ELECTRO-MECHANICS

CO LTD 404 571,287 0.04SAMSUNG ELECTRONICS CO LTD 3,048 1,544,454 0.10SAMSUNG ELECTRONICS CO LTD 24,175 13,741,145 0.89SAMSUNG SDI COMPANY LTD 32 162,813 0.01SHINHAN FINANCIAL GROUP CO LTD 3,365 714,921 0.05SK HOLDINGS CO LTD 164 353,547 0.02SK HYNIX INC 2,215 1,880,842 0.12SK TELECOM CO LTD 624 1,055,400 0.07WOORI FINANCIAL GROUP INC 4,282 261,199 0.02

43,390,517 2.82

SpainAMADEUS IT HOLDING SA A SHARES 2,635 1,304,153 0.08BANCO BILBAO VIZCAYA

ARGENTARIA SA 27,172 964,218 0.06BANCO SANTANDER SA 54,978 1,250,731 0.08CORPORACION MAPFRE SA 24,641 351,433 0.02ENDESA SA 4,925 978,919 0.06IBERDROLA SA 16,917 1,782,449 0.12INDUSTRIA DE DISENO TEXTIL SA 7,333 1,691,720 0.11RED ELECTRICA CORP 1,000 147,519 0.01REPSOL SA 5,054 386,684 0.03SIEMENS GAMESA RENEWABLE

ENERGY SA 4,219 1,346,911 0.09

47

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


TELEFONICA SA 17,482 585,284 0.04

10,790,021 0.70

SwedenAB SKF 1,967 419,992 0.03ASSA ABLOY AB SERIES 9,028 1,740,265 0.11ATLAS COPCO AB 4,573 1,938,376 0.13ATLAS COPCO AB 1,538 562,304 0.04BOLIDEN AB 3,514 899,452 0.06EPIROC AB 2,260 337,724 0.02ESSITY AB (PUBL) 5,833 1,451,225 0.09HEXAGON AB 1,126 767,173 0.05HUSQVARNA AB B SHS 2,260 218,033 0.01INDUSTRIVARDEN A SHS 2,031 532,715 0.03INDUSTRIVARDEN AB 2,165 537,030 0.04INVESTOR AB B SHS 1,290 737,708 0.05NIBE INDUSTRIER AB-B SHS 1,020 265,354 0.02SANDVIK AB 7,720 1,500,346 0.10SINCH AB 146 167,420 0.01TELE2 AB 3,234 347,669 0.02TELEFONAKTIEBOLAGET LM

ERICSSON 11,467 1,127,621 0.07TELIA CO AB 23,435 800,525 0.05VOLVO AB 2,330 448,487 0.03

14,799,419 0.96

SwitzerlandABB LTD 11,203 2,572,010 0.17ADECCO SA 2,647 1,288,315 0.08BALOISE HOLDING AG 878 1,142,555 0.07BARRY CALLEBAUT AG 36 620,970 0.04COMPAGNIE FINANCIERE

RICHEMONT SA 974 703,609 0.05CREDIT SUISSE GROUP AG 9,484 971,710 0.06GEBERIT AG 83 394,707 0.03

HoldingsMarket

value

%ofnet

assetvalue

HKD

GEORG FISCHER AG 103 1,001,899 0.06GIVAUDAN SA 10 313,431 0.02HELVETIA HOLDING AG 896 697,400 0.05JULIUS BAER GRUPPE AG 1,398 657,997 0.04KUEHNE + NAGEL INTERNATIONAL

AG 804 1,423,274 0.09LONZA GROUP AG 221 1,097,968 0.07NESTLE SA 9,581 8,354,244 0.54NOVARTIS LTD 6,177 4,335,687 0.28ROCHE HOLDING AG 2,309 6,181,545 0.40SGS SA 66 1,558,388 0.10SIKA AG 139 293,677 0.02SONOVA HOLDING AG 621 1,165,896 0.08STRAUMANN HOLDING AG 145 1,250,692 0.08SWATCH GROUP AG 126 282,245 0.02SWISS LIFE HOLDING AG 110 390,124 0.03SWISSCOM AG 248 1,049,238 0.07UBS GROUP AG 15,461 1,735,032 0.11ZURICH INSURANCE GROUP AG 434 1,347,430 0.09

40,830,043 2.65

TaiwanAU OPTRONICS CORP 117,000 477,857 0.03CAPITAL SECURITIES CORP 302,000 1,120,553 0.07CHINA DEVELOPMENT FINANCIAL

HOLDING CORP 295,000 728,631 0.05CHINA LIFE INSURANCE CO LTD 198,304 1,246,459 0.08CHINA MOTOR CORP 49,400 635,379 0.04CHUNGHWA TELECOM CO LTD 11,000 328,955 0.02CTBC FINANCIAL HOLDING CO LTD 276,660 1,455,528 0.10EVA AIRWAYS CORP 78,267 271,984 0.02FORMOSA PLASTICS CORP 10,000 240,902 0.02FUBON FINANCIAL HOLDING CO LTD 60,000 756,763 0.05HON HAI PRECISION INDUSTRY CO

LTD 64,000 1,975,948 0.13LARGAN PRECISION CO LTD 1,749 1,423,829 0.09MEDIATEK INC 4,000 969,145 0.06MEGA FINANCIAL HOLDING CO LTD 92,000 717,112 0.05MOMO.COM INC 4,000 872,784 0.06NANYA TECHNOLOGY CORP 51,824 1,146,564 0.07NIEN MADE ENTERPRISE CO LTD 2,000 204,905 0.01POWERTECH TECHNOLOGY INC 10,000 269,699 0.02

48

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


PRESIDENT CHAIN STORE CORP 3,000 221,796 0.01SHIN KONG FINANCIAL HOLDING CO

LTD 351,000 782,390 0.05SINOPAC FINANCIAL HOLDINGS CO

LTD 372,294 1,128,810 0.07TAIWAN CEMENT CORP 39,326 437,206 0.03TAIWAN SEMICONDUCTOR

MANUFACTURING CO 127,186 20,813,608 1.35TECO ELECTRIC AND MACHINERY

COMPANY LTD 127,000 942,452 0.06U MING MARINE TRANSPORT CORP 74,000 640,328 0.04UNIMICRON TECHNOLOGY CORP 9,000 215,565 0.01UNITED MICROELECTRONICS CORP 83,000 1,149,129 0.08WALSIN TECHNOLOGY CORP 4,000 244,224 0.02WAN HAI LINES LTD 66,000 782,183 0.05WIN SEMICONDUCTORS CORP 6,000 687,816 0.05YAGEO CORP 2,000 317,879 0.02YUANTA FINANCIAL HOLDINGS CO

LTD 96,720 532,954 0.03

43,739,337 2.84

ThailandADVANCED INFO SERVICE PCL 6,400 285,180 0.02BANGKOK BANK PCL (FOREIG REG) 28,893 849,570 0.06BANGKOK DUSIT MEDICAL

SERVICES PCL 98,300 527,150 0.04BANGKOK LIFE ASSURANCE PCL 84,500 521,008 0.03BUMRUNGRAD HOSPITAL PCL 34,000 1,105,435 0.07CHAROEN POKPHAND FOODS PCL 115,000 811,849 0.05CP ALL PUBLIC CO LTD 71,722 1,063,748 0.07KASIKORNBANK PCL (FOREIGN REG) 19,143 627,352 0.04

5,791,292 0.38

HoldingsMarket

value

%ofnet

assetvalue

HKD

TurkeyEREGLI DEMIR VE CELIK

FABRIKALARI TAS 26,925 410,480 0.02ISKENDERUN DEMIR VE CELIK AS 16,613 199,439 0.01TOFAS TURK OTOMOBIL FABRIKA 14,801 569,224 0.04TURKIYE GARANTI BANKASI AS 58,821 581,790 0.04TURKIYE SINAI KALKINMA BANKASI

AS 1 2 0.00YAPI VE KREDI BANKASI AS 1 2 0.00

1,760,937 0.11

UnitedKingdomANGLO AMERICAN PLC 4,433 1,139,426 0.07ANTOFAGASTA PLC 1,904 289,904 0.02ASSOCIATED BRITISH FOODS PLC 5,843 1,317,067 0.09ASTRAZENECA PLC 3,589 2,862,625 0.19AVAST PLC 12,492 628,071 0.04AVIVA PLC 38,267 1,365,776 0.09BAE SYSTEMS PLC 14,786 727,508 0.05BARCLAYS PLC 27,055 384,689 0.03BARRATT DEVELOPMENTS PLC 6,842 465,371 0.03BELLWAY PLC 4,135 1,212,965 0.08BERKELEY GROUP HOLDINGS PLC 2,503 1,116,407 0.07BHP GROUP PLC 6,366 1,363,446 0.09BP PLC 53,887 1,557,776 0.10BRITISH AMERICAN TOBACCO PLC 4,508 1,275,582 0.08BT GROUP PLC 96,788 1,294,382 0.08BUNZL PLC 625 156,386 0.01COMPASS GROUP PLC 8,540 1,191,643 0.08CONVATEC GROUP PLC 58,239 1,241,450 0.08DIAGEO PLC 4,287 1,346,107 0.09EXPERIAN PLC 3,668 998,255 0.07FERGUSON PLC 1,412 1,278,224 0.08GLAXOSMITHKLINE PLC 14,773 2,134,518 0.14GLENCORE PLC 37,741 990,160 0.06HALMA PLC 5,375 1,413,028 0.09HARGREAVES LANSDOWN PLC 1,539 279,966 0.02INTERTEK GROUP PLC 878 515,855 0.03KINGFISHER PLC 8,370 247,487 0.02LLOYDS BANKING GROUP PLC 287,495 1,010,172 0.07LONDON STOCK EXCHANGE GROUP

PLC 1,207 1,116,293 0.07

49

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


M&G PLC 37,783 707,642 0.05MEGGITT PLC 2,000 84,499 0.01MELROSE INDUSTRIES PLC 38,416 689,228 0.04NATIONAL GRID PLC 11,546 1,044,965 0.07OCADO GROUP PLC 2,132 630,397 0.04PERSIMMON PLC 4,697 1,275,799 0.08POLYMETAL INTERNATIONAL PLC 1,926 324,220 0.02PRUDENTIAL PLC 5,350 667,910 0.04RECKITT BENCKISER GROUP PLC 1,188 784,006 0.05RELX PLC 10,903 2,104,143 0.14RIO TINTO PLC 4,560 2,713,627 0.18ROYAL DUTCH SHELL PLC A SHARES 20,228 2,881,776 0.19ROYAL DUTCH SHELL PLC B SHARES 11,773 1,594,754 0.10SAGE GROUP PLC 12,083 758,806 0.05SENSATA TECHNOLOGIES HOLDING 1,099 464,421 0.03SMITH & NEPHEW PLC 7,314 1,200,465 0.08SSE PLC 1,019 161,012 0.01ST. JAMES’S PLACE PLC 2,858 357,105 0.02STANDARD CHARTERED PLC 22,590 1,067,949 0.07TATE & LYLE PLC 6,765 496,149 0.03TAYLOR WIMPEY PLC 71,584 1,116,237 0.07TESCO PLC 43,747 1,115,125 0.07UNILEVER PLC 3,063 1,382,103 0.09UNILEVER PLC 3,318 1,497,937 0.10UNITED UTILITIES GROUP PLC 3,669 360,267 0.02VODAFONE GROUP PLC 176,913 2,351,607 0.15WHITBREAD PLC 951 282,208 0.02WILLIAM MORRISON

SUPERMARKETS PLC 16,354 312,477 0.02

59,347,373 3.86

UnitedStatesofAmericaACCENTURE PLC CLASS A 1,181 2,215,333 0.14ACTIVISION BLIZZARD INC 1,595 1,125,433 0.07ADOBE INC 714 2,539,865 0.16ADVANCED MICRO DEVICES INC 425 282,217 0.02AFLAC INC 786 275,351 0.02AGILENT TECHNOLOGIES INC 1,563 1,456,372 0.09

HoldingsMarket

value

%ofnet

assetvalue

HKD

AGNC INVESTMENT CORP 5,404 653,668 0.04AKAMAI TECHNOLOGIES INC 1,267 1,090,773 0.07ALEXION PHARMACEUTICALS INC 416 494,581 0.03ALLSTATE CORP 1,225 1,018,046 0.07ALPHABET INC 295 4,199,046 0.27ALPHABET INC 292 4,137,370 0.27ALTRIA GROUP INC 522 166,272 0.01AMAZON.COM INC 426 10,590,528 0.69AMCOR LTD/AUSTRALIA 2,135 182,646 0.01AMDOCS LTD 1,217 666,401 0.04AMEREN CORP 1,802 1,016,076 0.07AMERICAN ELECTRIC POWER

COMPANY INC 709 444,801 0.03AMERICAN EXPRESS CO 936 843,769 0.05AMERICAN INTERNATIONAL GROUP

INC 1,127 327,173 0.02AMERIPRISE FINANCIAL INC 517 793,209 0.05AMERISOURCEBERGEN

CORPORATION 1,006 812,799 0.05AMGEN INC 817 1,529,434 0.10AMPHENOL CORP 489 473,499 0.03ANALOG DEVICES INC 587 670,574 0.04ANSYS INC 474 1,302,425 0.08APPLE INC 15,975 16,345,589 1.06APPLIED MATERIALS INC 1,371 1,027,759 0.07AT&T INC 5,362 1,190,325 0.08AUTOZONE INC 21 182,105 0.01AVANGRID INC 1,360 487,928 0.03BANK OF AMERICA CORP 4,974 1,143,531 0.07BAXTER INTERNATIONAL INC 529 315,140 0.02BECTON DICKINSON & CO 428 868,789 0.06BERKSHIRE HATHAWAY INC CLASS A 782 1,381,692 0.09BERKSHIRE HATHAWAY INC CLASS B 1 2,668,100 0.17BEST BUY CO INC 280 236,257 0.02BIO-RAD LABORATORIES INC

CLASS A 183 814,154 0.05BLACKROCK INC 32 173,999 0.01BOEING CO 171 257,478 0.02BOOKING HOLDINGS INC 106 1,598,061 0.10BRISTOL MYERS SQUIBB CO 2,113 1,006,462 0.07BROADCOM INC 182 635,746 0.04BROADRIDGE FINANCIAL

SOLUTIONS INC 536 587,293 0.04BURLINGTON STORES INC 311 600,209 0.04

50

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


C.H. ROBINSON WORLDWIDE INC 1,407 933,431 0.06CAPITAL ONE FINANCIAL CORP 865 699,280 0.05CARDINAL HEALTH INC 1,887 786,151 0.05CARRIER GLOBAL CORP-WI 4,980 1,486,646 0.10CATERPILLAR INC 791 1,121,412 0.07CENTERPOINT ENERGY INC 964 157,642 0.01CERNER CORP 2,128 1,321,830 0.09CHARLES SCHWAB CORP 4,196 1,676,862 0.11CHEVRON CORP 1,454 960,553 0.06CHIPOTLE MEXICAN GRILL INC 39 447,552 0.03CHUBB LTD 785 886,660 0.06CISCO SYSTEMS INC 3,078 1,063,962 0.07CITIGROUP INC 2,500 1,124,114 0.07CITRIX SYSTEMS INC 407 420,702 0.03COCA COLA CO 1,254 468,178 0.03COGNIZANT TECHNOLOGY

SOLUTIONS CORP 1,551 937,444 0.06COLGATE PALMOLIVE CO 1,751 1,059,005 0.07COMCAST CORP CLASS A 1,948 748,730 0.05CONOCOPHILLIPS 761 236,204 0.02CONSOLIDATED EDISON INC 483 265,079 0.02CORNING INC 976 271,455 0.02COSTCO WHOLESALE CORP 704 1,923,813 0.13CUMMINS INC 236 428,967 0.03CVS HEALTH CORP 3,271 1,817,248 0.12DANAHER CORP 1,174 2,165,062 0.14DEERE AND CO 234 523,999 0.03DELL TECHNOLOGIES INC 1,643 928,588 0.06DISCOVER FINANCIAL SERVICES 897 581,038 0.04DOMINO’S PIZZA INC 57 163,865 0.01DOW INC COM 2,430 977,892 0.06DR.REDDY’S LABORATORIES LTD 757 359,693 0.02DUKE ENERGY CORP 1,202 876,092 0.06DUKE REALTY CORP 4,163 1,276,968 0.08EATON CORPORATION PLC 1,538 1,403,622 0.09EBAY INC 3,058 1,339,924 0.09ECOLAB INC 730 1,157,590 0.08EDISON INTERNATIONAL 1,789 806,774 0.05EDWARDS LIFESCIENCES CORP 1,636 1,047,552 0.07

HoldingsMarket

value

%ofnet

assetvalue

HKD

ELECTRONIC ARTS INC 1,162 1,290,228 0.08ELI LILLY AND CO 549 885,300 0.06EMERSON ELECTRIC CO 911 560,509 0.04ENTERGY CORP 1,287 951,318 0.06ETSY INC 112 172,896 0.01EXELON CORP 4,196 1,352,161 0.09EXPEDIA GROUP INC 873 840,047 0.05EXPEDITORS INTERNATIONAL OF

WASHINGTON INC 1,669 1,158,494 0.08EXXON MOBIL CORP 1,081 375,845 0.02F5 NETWORKS INC 775 1,177,509 0.08FACEBOOK INC CLASS A 2,298 4,603,014 0.30FASTENAL COMPANY 1,523 538,377 0.04FEDEX CORPORATION 617 1,125,896 0.07FIDELITY NATIONAL FINANCIAL INC 1,013 969,735 0.06FIDELITY NATIONAL FINANCIAL INC 2,928 824,129 0.05FISERV INC 745 593,201 0.04FORD MOTOR CO 19,381 1,582,421 0.10FORTIVE CORP 311 159,348 0.01FORTUNE BRANDS HOME AND

SECURITY INC 377 252,126 0.02FREEPORT-MCMORAN INC 1,516 316,323 0.02GENERAL DYNAMICS CORP 186 211,544 0.01GENERAL ELECTRIC CO 17,533 1,451,927 0.09GENERAL MOTORS CO 3,281 1,289,319 0.08GILEAD SCIENCES INC 655 333,167 0.02GLOBAL PAYMENTS INC 730 999,158 0.06GOLDMAN SACHS GROUP INC 495 1,040,793 0.07HONEYWELL INTERNATIONAL INC 176 266,617 0.02HORMEL FOODS CORPORATION 551 200,203 0.01HUNTINGTON INGALLS INDUSTRIES

INC 475 579,459 0.04IAC/INTERACTIVECORP COM NPV 838 1,364,198 0.09ILLUMINA INC 456 1,507,788 0.10INGREDION INC 1,543 902,937 0.06INTEL CORP CO 4,465 1,921,808 0.12INTERNATIONAL BUSINESS

MACHINES CORP 1,020 942,032 0.06INTERNATIONAL PAPER CO 649 253,172 0.02INTUIT INC 293 820,671 0.05INTUITIVE SURGICAL INC 239 1,385,504 0.09IRON MOUNTAIN INC 3,037 792,876 0.05JOHNSON & JOHNSON 2,584 3,268,464 0.21JPMORGAN CHASE & CO 2,017 2,012,336 0.13

51

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


JUNIPER NETWORKS INC 3,299 624,662 0.04KELLOGG CO 966 441,474 0.03KEYCORP NEW 2,801 366,174 0.02KEYSIGHT TECHNOLOGIES IN-W/I

ORD NPV 310 340,339 0.02KIMBERLY-CLARK CORP 597 611,497 0.04KIMCO REALTY CORP 1,253 160,404 0.01KLA-TENCOR CORP 466 1,011,975 0.07LAM RESEARCH CORP 211 791,772 0.05LINDE PLC 900 1,712,515 0.11LOEWS CORP 941 330,453 0.02LOWE’S COS INC 882 1,141,070 0.07LYONDELLBASELL INDUSTRIES NV

CLASS A 1,103 733,462 0.05M AND T BANK CORPORATION 1,185 1,217,176 0.08MASCO CORP 2,543 1,070,887 0.07MASTERCARD INC CLASS A 1,232 3,021,437 0.20MATCH GROUP INC COM NPV 572 620,307 0.04MCDONALD’S CORP 205 330,370 0.02MEDTRONIC PLC 2,385 2,058,818 0.13MERCK & CO INC 3,871 2,313,268 0.15METTLER-TOLEDO INTERNATIONAL

INC 146 1,322,362 0.09MICRON TECHNOLOGY INC 3,066 1,860,737 0.12MICROSOFT CORP 7,396 13,302,320 0.86MOHAWK INDUSTRIES INC 753 838,430 0.05MOLSON COORS BREWING CO 985 383,099 0.02MONDELEZ INTERNATIONAL INC 525 225,684 0.01MORGAN STANLEY 647 336,372 0.02NETFLIX INC 387 1,597,564 0.10NEWELL BRANDS INC 1,191 221,821 0.01NEWMONT GOLDCORP CORP 609 281,437 0.02NEXTERA ENERGY INC 3,944 2,473,100 0.16NIKE INC CL B 668 691,939 0.05NORTONLIFELOCK INC 7,510 1,226,936 0.08NUCOR CORP 2,126 803,299 0.05NVIDIA CORP 383 1,543,039 0.10NXP SEMICONDUCTORS NV 479 596,001 0.04ORACLE CORP 3,039 1,423,970 0.09

HoldingsMarket

value

%ofnet

assetvalue

HKD

O’REILLY AUTOMOTIVE INC 126 415,678 0.03PACCAR INC 1,510 1,068,032 0.07PAYCHEX INC 1,553 1,051,484 0.07PAYPAL HOLDINGS INC 748 1,358,970 0.09PEPSICO INC 541 572,888 0.04PFIZER INC 3,773 1,050,264 0.07PHILIP MORRIS INTERNATIONAL INC 1,047 646,621 0.04PINNACLE WEST CAPITAL CORP 1,521 887,469 0.06PROCTER & GAMBLE CO 1,813 1,802,342 0.12PUBLIC SERVICE ENTERPRISE

GROUP INC 594 259,905 0.02PUBLIC STORAGE 577 1,018,365 0.07PULTEGROUP INC 2,141 722,143 0.05QORVO INC 762 1,009,633 0.07QUALCOMM INC 548 664,051 0.04REGENERON PHARMACEUTICALS

INC COM USD0.001 42 164,081 0.01ROCKWELL AUTOMATION INC 524 1,009,782 0.07ROSS STORES INC 502 433,189 0.03SALESFORCE.COM INC 761 1,330,957 0.09SIMON PROPERTY GROUP INC 234 168,612 0.01SKYWORKS SOLUTIONS INC 1,055 1,384,518 0.09SNAP-ON INC 846 1,180,691 0.08SOUTHERN CO 2,512 1,147,624 0.07STARBUCKS CORP 343 257,473 0.02STATE STREET CORP 2,103 1,141,444 0.07STEEL DYNAMICS INC 3,998 1,062,366 0.07STERIS PLC 766 1,111,330 0.07STRYKER CORP 811 1,389,793 0.09SYNCHRONY FINANCIAL 3,563 929,647 0.06TE CONNECTIVITY LTD 480 448,110 0.03TELEFLEX INC 103 301,593 0.02TESLA INC 875 5,383,799 0.35TEXAS INSTRUMENTS INC 1,150 1,477,446 0.10THE HOME DEPOT INC 680 1,427,930 0.09THE TRAVELERS COS INC 419 442,820 0.03THE WALT DISNEY CO 2,578 3,361,622 0.22THERMO FISHER SCIENTIFIC INC 296 1,169,833 0.08TJX COS INC 2,693 1,337,227 0.09TWITTER INC 2,213 867,058 0.06TYLER TECHNOLOGIES INC 124 406,503 0.03TYSON FOODS INC 1,004 500,645 0.03UBER TECHNOLOGIES INC 2,935 1,159,042 0.08UNION PACIFIC CORP 102 156,178 0.01

52

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets


UNITED PARCEL SERVICE INC CLASS B 965 1,159,782 0.08

UNITED RENTALS INC 159 299,598 0.02UNITEDHEALTH GROUP INC 872 2,255,454 0.15VARIAN MEDICAL SYSTEMS INC 328 446,521 0.03VEDANTA LTD 707 47,748 0.00VEEVA SYSTEMS INC A SHRS 147 315,091 0.02VERIZON COMMUNICATIONS INC 3,823 1,622,953 0.11VERTEX PHARMACEUTICALS INC

COM USD0.01 372 660,766 0.04VIATRIS INC 5,331 702,295 0.05VISA INC CLASS A 2,220 3,326,518 0.22WAL-MART STORES INC 727 791,949 0.05WATERS CORP 633 1,299,050 0.08WAYFAIR INC 675 1,425,282 0.09WESTERN UNION CO 6,658 1,149,692 0.07WHIRLPOOL CORP 317 454,946 0.03XCEL ENERGY INC 808 400,904 0.03XILINX INC 340 344,223 0.02YUM CHINA HOLDINGS INC 1,864 819,640 0.05ZILLOW GROUP INC 130 139,830 0.01ZILLOW GROUP INC 245 247,834 0.02ZIONS BANCORPORATION 2,738 937,094 0.06ZOETIS INC 318 380,338 0.02ZOOM VIDEO COMMUNICATIONS 108 311,577 0.02

261,485,352 16.99

Listed equities (Total) 1,366,469,896 88.79




Equities (Total) 1,366,469,896 88.79

HoldingsMarket

value

%ofnet

assetvalue

HKD

UnittrustsListed investments

HongKongLINK REIT 63,584 4,304,637 0.28

UnitedKingdomFTSE 100 IDX INSTITUTIONAL ACC 146,993 3,513,703 0.23

UnitedStatesofAmericaAMERICAN TOWER CORP* 771 1,359,208 0.09WEYERHAEUSER CO* 2,707 654,668 0.04

2,013,876 0.13


HongKongHSBC POOLED INVESTMENT FUND -

HSBC POOLED ASIAN BOND FUND CLASS W 2,896,940 41,418,707 2.69

HSBC POOLED INVESTMENT FUND - HSBC POOLED ASIAN LOCAL CURRENCY BOND FUND CLASS W 2,974,167 32,453,517 2.11

73,872,224 4.80

UnitedStatesofAmericaHSBC US DOLLAR LIQUIDITY

FUND Y* 3,916,224 30,365,811 1.97


RightsListed investments

SouthKoreaHANWHA SOLUTIONS

CORPORATION 355 12,058 –

53

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets

RightsUnlisted investments

HongKongLEGENDHOLDING - PREF OFF 19

RTS(DEC2049) 1,107 – –

Rights (Total) 12,058 0.00

Totalfinancialassets 1,480,552,205 96.20



Foreign currency forward contracts (7,546) (0.00)Futures contracts 1,359 (397,409) (0.03)

Totalfinancialliabilities (404,955) (0.03)

Totalnetinvestments(Total cost of investments: HKD 1,154,530,549) 1,480,147,250 96.17




54


HSBCManagedGrowthFundfor the period from 1 August 2020 to 31 January 2021

%ofnetasset

value31January2021

%ofnetasset

value31July2020

Financialassets

Equities

Listed investmentsAustralia 2.97 3.32Austria 0.19 0.19Belgium 0.18 0.23Canada 0.61 0.63Czech Republic 0.07 0.03Denmark 0.56 0.61Finland 0.27 0.50France 2.79 2.85Germany 2.68 2.71Greece 0.06 0.03Hong Kong 29.50 28.42Hungary 0.16 0.11India 1.68 1.62Indonesia 0.13 0.15Ireland 0.13 0.12Israel 0.05 –Italy 0.60 0.73Japan 11.69 11.38Luxembourg 0.05 –Malaysia 0.44 0.43Netherlands 1.34 1.22New Zealand 0.05 0.03Norway 0.04 0.25Philippines 0.04 0.17Poland – 0.04Portugal – 0.08Russia 0.47 0.50Singapore 0.73 0.69South Korea 2.82 2.52Spain 0.70 0.72Sweden 0.96 0.88Switzerland 2.65 2.80Taiwan 2.84 2.55Thailand 0.38 0.33Turkey 0.11 0.10United Kingdom 3.86 3.70United States of America 16.99 17.04

88.79 87.68

55


HSBCManagedGrowthFundfor the period from 1 August 2020 to 31 January 2021

%ofnetasset

value31January2021

%ofnetasset

value31July2020


– –

Total Equities 88.79 87.68

UnittrustsListed investments 0.64 0.76Unlisted investments 6.77 10.51

7.41 11.27

Rights

Listed investments 0.00 –

0.00 –



Foreign currency forward contracts (0.00) –Futures contracts (0.03) (0.11)

(0.03) (0.11)



56



Foreign currency forward contracts As at 31 January 2021, the Fund held the outstanding foreign currency forward contracts as shown below:


Currency/Amountsold



HKD34,881,120 USD4,500,000 8 April 2021 ANZ BANK MELBOURNE (7,546)

(7,546)

Futures

The details of futures contracts held by the Fund as at 31 January 2021 are as follows:


Contractsize

Notionalmarketvalue

position Counterparty

FairvalueHKD

Financialliabilities:


HSBC HOLDINGS PLC 1,000 1,921,697 Long



HSBC HOLDINGS PLC 1,000 480,424 Long


HSBC HLDGS PLC 30/03/2021

HSBC HOLDINGS PLC 400 21,043,800 Long


(397,409)

Rights

As at 31 January 2021, the Fund held rights as shown below:


Issuer Holdings FairvalueHKD

%ofNetassetvalue

HANWHA SOLUTIONS CORPORATION RTS FEB2021

HANWHA SOLUTIONS

CORP

HANWHA SOLUTIONS

CORP 355 12,058 0.00

LEGENDHOLDING – PREF OFF 19 RTS(DEC2049)

LEGEND HOLDINGS

CORP

LEGEND HOLDINGS

CORP 1,107 – –

57

Performance Record

HSBCManagedGrowthFund




HKD HKD HKD HKD




HKD HKD HKD HKD

2011 16.16 19.83 16.16 19.832012 14.79 19.11 14.79 19.112013 16.55 20.40 16.55 20.402014 19.31 22.02 19.31 22.022015 21.49 21.84 21.49 21.842016 – – – –2017 – – – –2018 – – – –2019 – – – –2020 – – – –1 August 2020 to 31 January 2021 – – – –

58

Performance Record

providentclassunits


HKD HKD HKD HKD



31January2021HKD

2020HKD

2019HKD

2018HKD

Total net asset value 1,539,030,648 1,523,272,432 1,765,067,704 1,996,975,668


31January2021HKD

2020HKD

2019HKD

2018HKD

Net asset value per unit– “A” class income units 26.53 22.49 22.48 23.08– Provident class units 33.51 28.31 27.95 28.30

59

Distribution Disclosure


AClass

DateofEx-Distribution

Dateofpayment

DistributionperUnit

TotalDistribution

HKD HKD

2020 July Distribution 31 July 2020 11 August 2020 0.052389 892,201.28

60


HSBCManagedStableFundas at 31 January 2021


ASSETSFinancial assets at fair value through profit or loss 314,500,217 305,973,848Interest and dividends receivable 768,738 1,053,544Subscriptions receivable 1,515,800 939,455Amounts due from brokers 11,923,968 1,691,505Other receivables 30,440 –Cash and cash equivalents 3,299,808 3,100,080

332,038,971 312,758,432

LIABILITIESFinancial liabilities at fair value through profit or loss 10,816 –Redemptions payable 670,410 2,184,695Amounts due to brokers 5,540,981 131,502Other payables 660,057 677,058

6,882,264 2,993,255

NETASSETSATTRIBUTABLETOUNITHOLDERS 325,156,707 309,765,177

Representing:Financialliabilities 325,156,707 309,765,177




“Z” class income units 5,674,242 5,634,622

HKD HKDNetassetvalueperunit



“Z” class income units 11.41 10.67


61


HSBCManagedStableFundfor the period ended 31 January 2021



HKD HKD

Interest income 20 14,202Dividend income 141,875 1,064,964Net gains from financial instruments at fair value through profit or loss 21,569,486 7,180,293Net foreign exchange gain 4,916 64,396Other income 2,693 1,993

TOTALREvENUE 21,718,990 8,325,848

Management fees Note 2 1,059,876 1,090,402Transaction costs Note 1 28,442 1,048,840Trustee’s fees Note 1 110,759 113,403Registrar’s and administrative fees Note1 47,917 55,417Auditor’s remuneration 68,236 68,236Legal and professional fees 17,154 210,402Safe custody fees, bank charges and miscellaneous expenses Note 1 138,505 222,958



Taxation 16,017 74,125


Note 1 During the periods ended 31 January 2021 and 2020, other than Trustee’s fees and Registrar’s and administrative fees that were paid to Trustee/connected person, other respective amounts paid to the Trustee/connected person were as follows:



HKD HKD



62





HKD HKD

Balanceatthebeginningoftheperiod 309,765,177 347,542,147


Subscriptions of units (excluding equalisation)“A” class income units 5,766,150 5,144,474Provident class units 24,136,059 21,321,893“Z” class income units 2,839,786 3,446,937

Redemptions of units (excluding equalisation)“A” class income units (1,295,894) (10,582,969)Provident class units (33,922,206) (52,189,182)“Z” class income units (2,357,820) (14,417,294)

Equalisation on subscriptions and redemptions (6,629) 22,355

(4,840,554) (47,253,786)

Balanceattheendoftheperiod 325,156,707 305,730,426

Units Units

“A” class income units




Units at the beginning of the period 11,006,328 13,120,294Units issued 1,159,568 1,100,156Units redeemed (1,614,535) (2,706,162)


“Z” class income units

Units at the beginning of the period 5,634,622 6,707,730Units issued 257,581 342,415Units redeemed (217,961) (1,438,806)


63

Cash Flow Statement




HKD HKD

OpERATINGACTIvITIES

Interest received 20 16,758Dividends received 141,875 1,242,993Management fees paid (1,059,521) (1,127,677)Trustee’s fees paid (110,852) (117,098)Margin deposits withdrawn from brokers – 389,793Payments on purchase of investments (237,171,939) (247,120,024)Proceeds from sale of investments (including coupon interest received from investments) 245,687,694 291,279,439Taxes paid (11,164) (76,185)Other operating expenses paid (345,201) (1,777,171)


FINANCINGACTIvITIES

Proceeds from issue of units including equalisation 32,146,216 30,112,870Payments on redemption of units including equalisation (39,077,400) (72,852,864)


Netincrease/(decrease)incashandcashequivalents 199,728 (29,166)



64

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets



MANUFACTURING AND TECHNICAL SA 191 – –

TurkeyYAPI VE KREDI BANKASI AS – 1 0.00

ListedEquities(Total) 1 0.00




Equities(Total) 1 0.00

Debtsecurities

BondsListed Investments

AustraliaAUSTRALIA, COMMONWEALTH OF

(GOVERNMENT) 1% 21 DECEMBER 2030 110,000 648,751 0.20



HoldingsMarket

value

%ofnet

assetvalue

HKD


2,692,410 0.83

AustriaAUSTRIA (REPUBLIC OF) 0% 20

APRIL 2023 65,000 621,788 0.19AUSTRIA (REPUBLIC OF) 0.75% 20

MARCH 2051 10,000 109,906 0.04

731,694 0.23


(GOVERNMENT) 0.9% 22 JUNE 2029 240,000 2,513,982 0.77

BELGIUM, KINGDOM OF (GOVERNMENT) 2.6% 22 JUNE 2024 55,000 576,655 0.18

3,090,637 0.95


FEBRUARY 2023 30,000 182,363 0.06CANADA (GOVERNMENT) 2.25% 1

JUNE 2029 260,000 1,773,519 0.54

1,955,882 0.60


NOVEMBER 2023 456,000 612,190 0.19

65

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Debtsecurities


FranceFRANCE (GOVERNMENT OF) OAT

4.25% 25 OCTOBER 2023 226,000 2,420,153 0.75FRANCE, REPUBLIC OF

(GOVERNMENT) 0% 25 FEBRUARY 2023 120,000 1,146,809 0.35

FRANCE, REPUBLIC OF (GOVERNMENT) 0% 25 MAY 2021 80,000 755,037 0.23

FRANCE, REPUBLIC OF (GOVERNMENT) 0% 25 NOVEMBER 2030 110,000 1,065,366 0.33

FRANCE, REPUBLIC OF (GOVERNMENT) 2% 25 MAY 2048 160,000 2,153,130 0.66


FRANCE, REPUBLIC OF (GOVERNMENT) 4% 25 OCTOBER 2038 35,000 560,189 0.17

8,818,019 2.71

GermanyDAIMLER AG 2.29% 9 MAY 2022 1,000,000 1,016,739 0.31GERMANY, FEDERAL REPUBLIC OF

(GOVERNMENT) 0% 10 JUNE 2022 160,000 1,521,829 0.47GERMANY, FEDERAL REPUBLIC OF


GERMANY, FEDERAL REPUBLIC OF (GOVERNMENT) 0% 15 MAY 2035 50,000 494,784 0.15

GERMANY, FEDERAL REPUBLIC OF (GOVERNMENT) 3.25% 4 JULY 2021 180,000 1,723,419 0.53

5,142,458 1.58

HoldingsMarket

value

%ofnet

assetvalue

HKD

HongKongHONG KONG SPECIAL

ADMINISTRATIVE REGION OF THE PEOPLES REPUBLIC OF CHINA 2.46% 04 AUGUST 2021 850,000 860,311 0.26


FEBRUARY 2037 121,000 1,629,536 0.50ITALY (REPUBLIC OF) 4.5% 1 MARCH

2024 139,000 1,498,898 0.46ITALY (REPUBLIC OF) 5.5% 1

NOVEMBER 2022 255,000 2,646,436 0.81ITALY, REPUBLIC OF (GOVERNMENT)

0.35% 1 FEBRUARY 2025 60,000 575,191 0.18ITALY, REPUBLIC OF (GOVERNMENT)

0.95% 1 AUGUST 2030 280,000 2,730,909 0.84ITALY, REPUBLIC OF (GOVERNMENT)

1.35% 1 APRIL 2030 200,000 2,021,960 0.62ITALY, REPUBLIC OF (GOVERNMENT)

1.65% 01 DECEMBER 2030 260,000 2,691,984 0.83ITALY, REPUBLIC OF (GOVERNMENT)

2% 01 DECEMBER 2025 100,000 1,031,978 0.32ITALY, REPUBLIC OF (GOVERNMENT)

2.45% 1 SEPTEMBER 2050 60,000 691,369 0.21

15,518,261 4.77

JapanJAPAN (GOVERNMENT) 0.1% 1 JULY

2021 19,000,000 1,408,432 0.43JAPAN (GOVERNMENT) 0.1% 20

DECEMBER 2028 15,500,000 1,161,290 0.36JAPAN (GOVERNMENT) 0.1% 20

JUNE 2030 15,000,000 1,119,341 0.34JAPAN (GOVERNMENT) 0.1% 20



JUNE 2040 6,000,000 440,564 0.14

66

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

JAPAN (GOVERNMENT) 0.4% 20 JUNE 2049 31,900,000 2,214,660 0.68

JAPAN (GOVERNMENT) 0.4% 20 MARCH 2056 7,000,000 472,844 0.15

JAPAN (GOVERNMENT) 1.8% 20 SEPTEMBER 2043 9,000,000 847,901 0.26

JAPAN GOVERNMENT 20 YEAR BOND #150 1.4% 20 SEPTEMBER 2034 36,150,000 3,103,251 0.95

JAPAN GOVERNMENT 20 YEAR BOND #61 1% 20 MARCH 2023 38,500,000 2,919,679 0.90



20,093,078 6.18

LuxembourgEUROPEAN INVESTMENT BANK

2.15% 18 JANUARY 2027 33,600,000 2,834,555 0.87



MEXICO (UNITED MEXICAN STATES) (GOVERNMENT) 8.5% 31 MAY 2029 8,000 378,082 0.12

775,377 0.24


3.75% 15 JANUARY 2042 30,000 518,972 0.16

NewZealandASB FINANCE LTD (LONDON

BRANCH) 2.63% 14 DECEMBER 2021 1,000,000 1,016,880 0.31

HoldingsMarket

value

%ofnet

assetvalue

HKD



(GOVERNMENT) 3.75% 25 MAY 2021 700,000 641,757 0.20

886,274 0.27


(GOVERNMENT) 5.75% 25 APRIL 2029 100,000 289,809 0.09



SouthKoreaKOOKMIN BANK 3.3% 13 NOVEMBER

2021 3,000,000 3,063,575 0.94KOREA FINANCE CORP 4.42% 12

APRIL 2021 2,000,000 2,015,090 0.62

5,078,665 1.56

SpainBONOS Y OBLIG DEL ESTADO 5.15%

31 OCTOBER 2044 63,000 1,156,168 0.36SPAIN (GOVERNMENT OF) 4.4% 31

OCTOBER 2023 152,000 1,628,214 0.50SPAIN, KINGDOM OF (GOVERNMENT)

0.5% 30 APRIL 2030 50,000 490,931 0.15SPAIN, KINGDOM OF (GOVERNMENT)

0.6% 31 OCTOBER 2029 139,000 1,379,375 0.43SPAIN, KINGDOM OF (GOVERNMENT)

1% 31 OCTOBER 2050 15,000 143,162 0.04SPAIN, KINGDOM OF (GOVERNMENT)

1.3% 31 OCTOBER 2026 165,000 1,701,582 0.52

67

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Debtsecurities


SPAIN, KINGDOM OF (GOVERNMENT) 1.45% 31 OCTOBER 2027 40,000 419,020 0.13

SPAIN, KINGDOM OF (GOVERNMENT) 2.35% 30 JULY 2033 50,000 589,537 0.18

7,507,989 2.31

SwedenNORDEA BANK AB 3.045% 27

AUGUST 2025 2,000,000 2,171,309 0.67SWEDEN, KINGDOM OF


2,469,216 0.76

UnitedKingdomUK TREASURY NOTES 4.25% 7

MARCH 2036 22,000 356,229 0.11UNITED KINGDOM OF GREAT

BRITAIN AND NORTHERN IRELAND (GOVERNMENT) 0.125% 31 JANUARY 2023 170,000 1,816,588 0.56

UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND (GOVERNMENT) 0.5% 22 JULY 2022 100,000 1,074,171 0.33


UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND (GOVERNMENT) 1.5% 22 JULY 2047 12,000 146,234 0.05

HoldingsMarket

value

%ofnet

assetvalue

HKD

UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND (GOVERNMENT) 1.625% 22 OCTOBER 2071 70,000 1,031,568 0.32

UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND (GOVERNMENT) 1.75% 07 SEPTEMBER 2037 80,000 988,897 0.30

UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND (GOVERNMENT) 3.5% 22 JANUARY 2045 35,000 584,634 0.18

UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND (GOVERNMENT) 4.25% 7 DECEMBER 2049 30,000 593,701 0.18

6,789,941 2.09

UnitedStatesofAmerica UNITED KINGDOM TREASURY NOTES

0.125% 15 OCTOBER 2023 900,000 6,973,558 2.14UNITED KINGDOM TREASURY NOTES

0.125% 30 SEPTEMBER 2022 500,000 3,878,137 1.19UNITED KINGDOM TREASURY NOTES

0.25% 30 SEPTEMBER 2025 240,000 1,849,947 0.57UNITED KINGDOM TREASURY NOTES

1.375% 15 NOVEMBER 2040 75,000 555,188 0.17UNITED STATES OF AMERICA

(GOVERNMENT) 0.375% 30 APRIL 2025 150,000 1,165,849 0.36

UNITED STATES OF AMERICA (GOVERNMENT) 1.25% 31 OCTOBER 2021 1,040,000 8,133,619 2.50

UNITED STATES OF AMERICA (GOVERNMENT) 2% 15 FEBRUARY 2050 80,000 646,429 0.20

UNITED STATES TREASURY 1.25% 15 MAY 2050 320,000 2,152,081 0.66



68

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Debtsecurities

BondsUnlisted but quoted investments

UNITED STATES TREASURY 3.375% 15 NOVEMBER 2048 95,000 996,100 0.31

US TREASURY NOTES 2.5% 15 MAY 2024 93,000 775,501 0.24

US TREASURY NOTES 3% 15 NOVEMBER 2044 336,000 3,254,175 1.00

39,028,517 12.00


CanadaBANK OF NOVA SCOTIA 2.295% 27

APRIL 2022 3,000,000 3,062,202 0.94

FranceTOTAL CAPITAL INTERNATIONAL SA

3.088% 14 SEPTEMBER 2026 2,000,000 2,215,352 0.68

HongKongHKCG FINANCE LTD 3.3% 16 MAY

2022 2,000,000 2,069,442 0.64


15 AUGUST 2029 220,000 460,066 0.14

460,066 0.14


HoldingsMarket

value

%ofnet

assetvalue

HKD


UnitedStatesofAmericaVANGUARD GROUP INC-VANGUARD

LONG-TERM TREASURY ETF* 22,157 15,889,972 4.89


HongKongHSBC INVESTMENT FUND (H.K.)

LIMITED - HSBC POOLED HONG KONG EQUITY FUND W CLASS UNIT 563,681 23,893,014 7.35

HSBC POOLED INVESTMENT FUND - HSBC POOLED ASIAN BOND FUND CLASS W 2,700,055 38,603,773 11.87

HSBC POOLED INVESTMENT FUND - HSBC POOLED ASIAN LOCAL CURRENCY BOND FUND CLASS W 833,631 9,096,413 2.79

HSBC POOLED INVESTMENT FUND - HSBC POOLED VC ASIA PAC EX JP EQ FD-W 1,828,084 24,347,702 7.49

HSBC US EQUITY POOLED FUND* 701,572 20,154,683 6.20

116,095,585 35.70

IrelandHSBC GLOBAL LIQUIDITY FUNDS -

HSBC GLOBAL LIQUIDITY FUNDS PL* 1,525,652 11,829,675 3.64

UnitedKingdomHSBC EUROPEAN INDEX INST ACC 144,440 17,101,907 5.26HSBC FTSE 100 INDEX INST ACC 234,767 5,611,838 1.73HSBC INDEX TRACKER INVESTMENT

FUND - JAPAN INDEX FUND CLASS INSTITUTIONAL ACCUMULATION 815,074 13,069,927 4.02

35,783,672 11.01

69

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Debtsecurities

UnittrustsUnlisted but quoted investments


Totalfinancialassets 314,500,217 96.72




Totalfinancialliabilities (10,816) (0.00)

Totalnetinvestments(Total cost of investments: HKD286,763,523) 314,489,401 96.72


Totalnetassets 325,156,707 100.00


70


HSBCManagedStableFundfor the period from 1 August 2020 to 31 January 2021

%ofnetassetvalue

%ofnetassetvalue

31January2021 31July2020

Financialassets

Equities

Listed investmentsGreece – –Turkey 0.00 –

– –


– –


41.48 43.05


55.24 55.73

Derivativeassets


– 0.00


Foreign currency forward contracts (0.00) –

(0.00) –



71





Currency/Amountsold




(10,816)

72

Performance Record

HSBCManagedStableFund




HKD HKD HKD HKD




HKD HKD HKD HKD

2011 14.89 16.35 14.89 16.352012 14.99 16.29 14.99 16.292013 15.42 16.58 15.42 16.582014 0.00 16.71 0.00 16.712015 – – – –2016 – – – –2017 – – – –2018 – – – –2019 – – – –2020 – – – –1 August 2020 to 31 January 2021 – – – –

73

Performance Record

providentclassunits


HKD HKD HKD HKD


“Z”classincomeunits


HKD HKD HKD HKD

2019 9.94 10.02 9.94 10.022020 9.20 10.67 9.20 10.671 August 2020 to 31 January 2021 10.65 11.61 10.65 11.61


31January2021HKD

2020HKD

2019HKD

2018HKD

Total net asset value 325,156,707 309,765,177 347,542,147 373,653,876


31January2021HKD

2020HKD

2019HKD

2018HKD

Net asset value per unit–“ A” class income units 16.39 15.45 14.64 14.50– Provident class units 21.60 20.28 19.08 18.76– “Z” class income units 11.41 10.67 9.96 –

74


HSBCManagedStableGrowthFundas at 31 January 2021


ASSETSFinancial assets at fair value through profit or loss 160,492,201 170,971,261Interest and dividends receivable 175,556 305,654Subscriptions receivable 879,938 417,525Amounts due from brokers 7,394,670 520,000Other receivables 30,440 –Cash and cash equivalents 1,744,616 1,550,040

170,717,421 173,764,480

LIABILITIESFinancial liabilities at fair value through profit or loss 5,824 –Redemptions payable 3,990,036 –Amounts due to brokers 1,823,376 –Other payables 365,689 392,178

6,184,925 392,178

NETASSETSATTRIBUTABLETOUNITHOLDERS 164,532,496 173,372,302

Representing:Financialliabilities 164,532,496 173,372,302


Provident class units 4,092,858 5,179,499“Z” class income units 5,400,532 5,382,524


Provident class units 24.79 22.50“Z” class income units 11.68 10.56


75


HSBCManagedStableGrowthFundfor the period ended 31 January 2021



HKD HKD

Interest income 11 66,496Dividend income 51,931 900,786Net gains from financial instruments at fair value through profit or loss 17,904,870 5,546,914Net foreign exchange gain 31,559 39,399Other income 2,042 2,925

TOTALREvENUE 17,990,413 6,556,520

Management fees Note 2 428,450 529,176Transaction costs Note 1 40,252 964,187Trustee’s fees Note 1 60,562 72,139Registrar’s and administrative fees Note 1 35,811 37,998Auditor’s remuneration 63,587 63,587Legal and professional fees 17,154 222,212Safe custody fees, bank charges and miscellaneous expenses Note 1 140,156 214,365

TOTALOpERATINGExpENSES 785,972 2,103,664


Taxation (5,726) 88,999


Note 1 During the periods ended 31 January 2021 and 2020, other than Trustee’s fees and Registrar’s and administrative fees that were paid to Trustee/connected person, respective amounts paid to the Trustee/connected person were as follows:



HKD HKD

Transaction costs 39,490 819,152Safe custody fees and bank charges 27,868 8,739

Note 2 During the periods ended 31 January 2021 and 2020, other than Management fees that paid to the Manager, no other amounts were paid to the Manager/connected person of Manager.

76





HKD HKD

Balanceatthebeginningoftheperiod 173,372,302 236,635,343

Increaseinnetassetsattributabletounitholdersandtotalcomprehensive incomefortheperiod 17,210,167 4,363,857

Subscriptions of units (excluding equalisation)Provident class units 6,529,246 6,476,395“Z” class income units 3,109,613 3,405,368

Redemptions of units (excluding equalisation)Provident class units (32,943,416) (48,658,499)“Z” class income units (2,820,000) (18,962,027)

Equalisation on subscriptions and redemptions 74,584 (241,850)

(26,049,973) (57,980,613)

Balanceattheendoftheperiod 164,532,496 183,018,587

Units UnitsProvident class units



“Z” class income units

Units at the beginning of the period 5,382,524 7,308,430Units issued 277,467 339,658Units redeemed (259,459) (1,898,657)


77

Cash Flow Statement




HKD HKD

OpERATINGACTIvITIES

Interest received 11 67,099Dividends received 51,931 1,133,552Management fees paid (438,864) (567,473)Trustee’s fees paid (61,371) (76,238)Margin deposits withdrawn from brokers – 407,154Payments on purchase of investments (91,904,009) (138,652,111)Proceeds from sale of investments (including coupon interest received from investments) 115,372,568 195,180,844Taxes paid 7,866 (89,925)Other operating expenses paid (311,206) (1,691,015)


FINANCINGACTIvITIES

Proceeds from issue of units including equalisation 9,165,286 10,122,918Payments on redemption of units including equalisation (31,687,636) (67,460,826)


Netincrease/(decrease)incashandcashequivalents 194,576 (1,626,021)



78

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD

Financialassets



MANUFACTURING AND TECHNICAL SA 306 – –

TurkeyYAPI VE KREDI BANKASI AS 0 1 0.00

Listed Equities (Total) 1 0.00




Equities (Total) 1 0.00

Debtsecurities


AustraliaAUSTRALIA, (GOVERNMENT OF)

3.25% 21 APRIL 2025 33,000 220,964 0.13AUSTRALIA, COMMONWEALTH OF

(GOVERNMENT) 3.25% 21 APRIL 2029 70,000 494,560 0.30

833,479 0.50


(GOVERNMENT) 0.9% 22 JUNE 2029 80,000 837,994 0.51

HoldingsMarket

value

%ofnet

assetvalue

HKD


JUNE 2029 95,000 648,017 0.39


NOVEMBER 2023 118,000 158,418 0.10

FranceFRANCE (GOVERNMENT OF) 4.5% 25

APRIL 2041 29,000 511,112 0.31FRANCE (GOVERNMENT OF) 5.75%

25 OCTOBER 2032 15,000 241,852 0.15FRANCE (GOVERNMENT OF) OAT

4.25% 25 OCTOBER 2023 73,000 781,731 0.47FRANCE, REPUBLIC OF


FRANCE, REPUBLIC OF (GOVERNMENT) 0% 25 MARCH 2025 15,000 145,172 0.09

FRANCE, REPUBLIC OF (GOVERNMENT) 0% 25 NOVEMBER 2030 30,000 290,554 0.18

FRANCE, REPUBLIC OF (GOVERNMENT) 2% 25 MAY 2048 20,000 269,141 0.16


2,896,926 1.76

GermanyGERMANY, FEDERAL REPUBLIC OF


GERMANY, FEDERAL REPUBLIC OF (GOVERNMENT) 3.25% 4 JULY 2021 60,000 574,473 0.35

622,684 0.38

79

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD



FEBRUARY 2037 41,000 552,157 0.34ITALY (REPUBLIC OF) 4.5% 1 MARCH

2024 45,000 485,255 0.29ITALY (REPUBLIC OF) 5% 1 MARCH

2022 24,000 239,246 0.15ITALY, REPUBLIC OF (GOVERNMENT)

0.95% 1 AUGUST 2030 70,000 682,727 0.41ITALY, REPUBLIC OF (GOVERNMENT)

1.35% 1 APRIL 2030 50,000 505,490 0.31ITALY, REPUBLIC OF (GOVERNMENT)

1.65% 1 DECEMBER 2030 100,000 1,035,378 0.63ITALY, REPUBLIC OF (GOVERNMENT)

2% 1 DECEMBER 2025 60,000 619,187 0.37ITALY, REPUBLIC OF (GOVERNMENT)

2.45% 1 SEPTEMBER 2050 20,000 230,456 0.14

4,349,896 2.64

JapanJAPAN (GOVERNMENT) 0.1% 1 JULY

2021 7,000,000 518,896 0.32JAPAN (GOVERNMENT) 0.1% 20

JUNE 2030 15,000,000 1,119,340 0.68JAPAN (GOVERNMENT) 0.1% 20


SEPTEMBER 2029 500,000 37,405 0.02JAPAN (GOVERNMENT) 0.4% 20

JUNE 2049 10,200,000 708,136 0.43JAPAN (GOVERNMENT) 0.4% 20

MARCH 2056 3,000,000 202,647 0.12JAPAN GOVENMNENT 10 YEAR BOND

#328 0.6% 20 MARCH 2023 8,850,000 665,556 0.40JAPAN GOVERNMENT 20 YEAR

BOND #150 1.4% 20 SEPTEMBER 2034 8,750,000 751,133 0.46


HoldingsMarket

value

%ofnet

assetvalue

HKD



7,200,101 4.37



MEXICO (UNITED MEXICAN STATES) (GOVERNMET) 8.5% 31 MAY 2029 3,000 141,781 0.09

260,969 0.16


3.75% 15 JANUARY 2042 22,000 380,580 0.23

380,580 0.23



(GOVERNMENT) 3.75% 25 MAY 2021 160,000 146,688 0.09

268,946 0.16


(GOVERNMENT) 2.75% 25 OCTOBER 2029 80,000 191,038 0.12

80

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD




SpainSPAIN (GOVERNMENT OF) 0.5% 30

APRIL 2030 15,000 147,279 0.09SPAIN (GOVERNMENT OF) 1.2% 31




JULY 2032 21,000 322,462 0.20SPAIN, KINGDOM OF (GOVERNMENT)

1.3% 31 OCTOBER 2026 20,000 206,252 0.13SPAIN, KINGDOM OF (GOVERNMENT)

1.45% 30 APRIL 2029 33,000 349,447 0.21SPAIN, KINGDOM OF (GOVERNMENT)

1.45% 31 OCTOBER 2027 60,000 628,530 0.38

3,366,324 2.05

SwedenSWEDEN KINGDOM OF


UnitedKingdomUNITED KINGDOM OF GREAT

BRITAIN AND NORTHERN IRELAND (GOVERNMENT) 0.5% 22 JULY 2022 35,000 375,960 0.23

UNITED KINGDOM OF GREAT BRITAN AND NORTHERN IRELAND (GOVERNMENT) 0.125% 31 JANUARY 2023 56,000 598,405 0.36

HoldingsMarket

value

%ofnet

assetvalue

HKD

UNITED KINGDOM OF GREAT BRITAN AND NORTHERN IRELAND (GOVERNMENT) 0.625% 22 OCTOBER 2050 18,000 178,128 0.11

UNITED KINGDOM OF GREAT BRITAN AND NOTHERN IRELAND (GOVERNMENT) 1.625% 22 OCTOBER 2071 20,000 294,734 0.18

UNITED KINGDOM OF GREAT BRITAN AND NOTHERN IRELAND (GOVERNMENT) 1.75% 22 JULY 2057 5,000 68,531 0.04

UNITED KINGDOM OF GREAT BRITAN AND NOTHERN IRELAND (GOVERNMENT) 3.5% 22 JANUARY 2045 15,000 250,557 0.15

UNITED KINGDOM OF GREAT BRITAN AND NOTHERN IRELAND (GOVERNMENT) 4.25% 7 SEPTEMBER 2039 17,000 291,090 0.18

2,057,405 1.25

UnitedStatesofAmericaUNITED STATES OF AMERICA


UNITED STATES TREASURY 0.125% 15 OCTOBER 2023 350,000 2,711,939 1.65

UNITED STATES TREASURY 0.125% 30 SEPTEMBER 2022 100,000 775,627 0.47

UNITED STATES TREASURY 0.25% 30 SEPTEMBER 2025 100,000 770,811 0.47

UNITED STATES TREASURY 1.375% 15 NOVEMBER 2040 20,000 148,050 0.09


US TREASURY NOTES 0.5% 30 APRIL 2027 100,000 769,206 0.47


US TREASURY NOTES 1.25% 31 OCTOBER 2021 280,000 2,189,821 1.33

US TREASURY NOTES 2.25% 15 AUGUST 2027 34,000 290,324 0.18

81

Portfolio Statement


HoldingsMarket

value

%ofnet

assetvalue

HKD



US TREASURY NOTES 3% 15 NOVEMBER 2044 119,000 1,152,520 0.70

11,717,467 7.12



15 AUGUST 2029 80,000 167,297 0.10



UnitedStatesofAmericaVANGUARD GROUP INC-VANGUARD

LONG-TERM TREASURY ETF* 9,911 7,107,709 4.32

7,107,709 4.32


HongKongHSBC INVESTMENT FUND (H.K.)

LIMITED - HSBC POOLED HONG KONG EQUITY FUND W CLASS UNIT 502,452 21,297,697 12.94

HSBC POOLED INVESTMENT FUND - HSBC POOLED ASIAN BOND FUND CLASS W 1,783,228 25,495,521 15.50

HSBC POOLED INVESTMENT FUND - HSBC POOLED ASIAN LOCAL CURRENCY BOND FUND CLASS W 425,981 4,648,220 2.83

HoldingsMarket

value

%ofnet

assetvalue

HKD

HSBC POOLED VC ASIA PAC EX JP EQ FD-W 1,438,909 19,164,391 11.65

HSBC US EQUITY POOLED FUND* 585,538 16,821,264 10.22

87,427,093 53.14

IrelandHSBC GLOBAL LIQUIDITY FUNDS -

HSBC GLOBAL LIQUIDITY FUNDS PL* 226,380 1,755,313 1.07

UnitedKingdom

HSBC EUROPEAN INDEX INST ACC 109,429 12,956,549 7.88HSBC FTSE 100 INDEX INST ACC 177,008 4,231,162 2.57HSBC INDEX TRACKER INVESTMENT

FUNDS - JAPAN INDEX FUND CLASS INSTITUTIONAL ACCUMULATION 675,376 10,829,826 6.58

28,017,537 17.03


Totalfinancialassets 160,492,201 97.54




Total financial liabilities (5,824) (0.00)

Totalnetinvestments(Total cost of investments: HKD140,504,357) 160,486,377 97.54




82


HSBCManagedStableGrowthFundfor the period from 1 August 2020 to 31 January 2021

%ofnetassetvalue

%ofnetassetvalue


Financialassets

Equities

Listed investmentsGreece – –Turkey 0.00 –

0.00 –


– –


21.98 25.12


75.56 73.50

Derivativeassets


– 0.00


Foreign currency forward contracts (0.00) –

(0.00) –



83





Currency/Amountsold




(5,824)

84

Performance Record

HSBCManagedStableGrowthFund


providentclassunits


HKD HKD HKD HKD


“Z”classincomeunits


HKD HKD HKD HKD

2019 9.91 10.02 9.91 10.022020 8.65 10.58 8.65 10.581 August 2020 to 31 January 2021 10.54 12.00 10.54 12.00

(b)Totalnetassetvalue

31January2021HKD

2020HKD

2019HKD

2018HKD

Total net asset value 164,532,496 173,372,302 236,635,343 347,415,316

(c)Netassetvalueperunit

31January2021HKD

2020HKD

2019HKD

2018HKD

Net asset value per unit– Provident class units 24.79 22.50 21.30 21.23– “Z” class income units 11.68 10.56 9.92 –

85


HSBCGlobalMoneyFundsas at 31 January 2021


HKDollarsub-fund

USDollarsub-fund

HKDollarsub-fund

USDollarsub-fund

HKD USD HKD USD

ASSETSFinancial assets at fair value through profit or loss 2,719,521,436 355,169,364 2,997,492,093 380,054,082Interest and dividends receivable 1,050,337 432,575 2,853,933 1,003,655Fixed deposits with original maturity more than three

months 798,000,000 – 615,000,000 –Cash and cash equivalents 2,481,396,849 129,198,899 2,921,577,614 147,145,710

5,999,968,622 484,800,838 6,536,923,640 528,203,447

LIABILITIESRedemptions payable – 6,263,500 – 9,946,102Amounts due to brokers 89,967,464 – 74,948,993 –Distributions payable – – – –Other payables 1,538,976 386,053 2,079,092 391,113

91,506,440 6,649,553 77,028,085 10,337,215

NETASSETSATTRIBUTABLETOUNITHOLDERS 5,908,462,182 478,151,285 6,459,895,555 517,866,232

Representing:Financialliabilities 5,908,462,182 478,151,285 6,459,895,555 517,866,232

Units Units Units UnitsTotalnumberofunitsinissue

Series A units 133,747,841 119,746,033 141,473,031 137,739,054

Series B units – 100 862,818 100

Series C units 551,987,316 221,251,181 550,027,889 220,744,741

Series D units 55,167,891 – 49,184,045 –

Series E units 124,242,891 – 175,946,944 –

Series F units 24,745,468 – 9,247,594 –

Series L units 428,507 – 411,456 –

Series Z units 39,805,383 352,567 47,422,236 664,364

86


HSBCGlobalMoneyFundsas at 31 January 2021


HKDollarsub-fund

USDollarsub-fund

HKDollarsub-fund

USDollarsub-fund

HKD USD HKD USD


Series A units 21.43 2.07 21.41 2.07

Series B units – 10.06 10.07 10.06

Series C units 1.02 1.02 1.02 1.02

Series D units 10.18 – 10.17 –

Series E units 10.11 – 10.10 –

Series F units 10.01 – 10.10 –

Series L units 19.37 – 19.36 –

Series Z units 10.18 10.16 10.17 10.16


87


HSBCGlobalMoneyFundsfor the period ended 31 January 2021



HKDollarsub-fund

USDollarsub-fund

HKDollarsub-fund

USDollarsub-fund

HKD USD HKD USD

Interest income 5,432,349 80,171 19,707,937 726,582Net gains from financial assets at fair value through profit or loss 4,902,148 356,565 19,025,115 3,139,793Net foreign exchange gain 5 – 105 –Other income 568,338 48,647 1,540 –

TOTALREvENUE 10,902,840 485,383 38,734,697 3,866,375

Management fees Note 2 4,390,524 111,170 3,168,501 390,767Trustee’s fees Note 1 879,577 70,358 967,954 94,622Registrar fees Note 1 352,199 22,910 321,241 22,212Administrative fee – – 14,864 1,806Auditor’s remuneration 113,558 9,103 89,923 11,344Legal and professional fees 129,034 16,650 51,516 5,563Bank charges 1,620 14,810 2,750 (53)Miscellaneous expenses Note 1 403,266 36,178 172,108 79,989

TOTALOpERATINGExpENSES 6,269,778 281,179 4,788,857 606,250

NETpROFITFROMOpERATIONSBEFORE FINANCECOSTS 4,633,062 204,204 33,945,840 3,260,125

INCREASEINNETASSETSATTRIBUTABLE TOUNITHOLDERSANDTOTAL COMpREHENSIvEINCOMEFORTHE pERIOD 4,633,062 204,204 33,945,840 3,260,125

Note 1 During the period ended 31 January 2021 and 2020, other than Trustee’s fees and Registrar’s fees were paid to Trustee or its Connected persons, other respective amounts paid to the Trustee or its Connected person were as follows:



HKDollarsub-fund

USDollarsub-fund

HKDollarsub-fund

USDollarsub-fund

HKD USD HKD USD

Miscellaneous expenses 207,412 17,060 126,291 15,623


88





HKDollarsub-fund

USDollarsub-fund

HKDollarsub-fund

USDollarsub-fund

HKD USD HKD USD

Balanceatthebeginningoftheperiod 6,459,895,555 517,866,232 3,697,578,460 369,741,361

Increaseinnetassetsattributableto unitholdersandtotalcomprehensive incomefortheperiod 4,633,062 204,204 33,945,840 3,260,125

Subscriptions of units 4,754,948,901 427,633,370 3,328,347,167 293,975,214Redemptions of units (5,311,015,336) (467,552,521) (2,644,309,118) (278,389,210)

(556,066,435) (39,919,151) 684,038,049 15,586,004

Balanceattheendoftheperiod 5,908,462,182 478,151,285 4,415,562,349 388,587,490

89





HKDollarsub-fund

USDollarsub-fund

HKDollarsub-fund

USDollarsub-fund

Units Units Units Units

Series A units

Units at the beginning of the period 141,473,031 137,739,054 132,325,618 133,584,864Units issued 70,930,371 44,118,910 62,557,412 33,406,007Units redeemed (78,655,561) (62,111,931) (66,712,090) (41,934,504)

Units at the end of the period 133,747,841 119,746,033 128,170,940 125,056,367

Series B units

Units at the beginning of the period 862,818 100 – –Units issued – – 782 100Units redeemed (862,818) – – –

Units at the end of the period – 100 782 100

Series C units

Units at the beginning of the period 550,027,889 220,744,741 316,858,888 87,163,888Units issued 1,012,262,409 328,393,013 1,025,072,927 219,039,600Units redeemed (1,010,302,982) (327,886,573) (999,645,069) (186,058,048)

Units at the end of the period 551,987,316 221,251,181 342,286,746 120,145,440

Series D units

Units at the beginning of the period 49,184,045 – 1,995,319 –Units issued 51,001,341 – 31,724,915 –Units redeemed (45,017,495) – (7,660,914) –

Units at the end of the period 55,167,891 – 26,059,320 –

90





HKDollarsub-fund

USDollarsub-fund

HKDollarsub-fund

USDollarsub-fund

Units Units Units Units

Series E units

Units at the beginning of the period 175,946,944 – – –Units issued 129,404,809 – 61,114,681 –Units redeemed (181,108,862) – (10,041,191) –

Units at the end of the period 124,242,891 – 51,073,490 –

Series F units

Units at the beginning of the period 9,247,594 – 4,530,322 –Units issued 31,227,048 – 11,231,585 –Units redeemed (15,729,174) – (15,761,892) –

Units at the end of the period 24,745,468 – 15 –

Series L units

Units at the beginning of the period 411,456 – 431,337 –Units issued 17,051 – 17,908 –Units redeemed – – (26,980) –

Units at the end of the period 428,507 – 422,265 –

Series Z units

Units at the beginning of the period 47,422,236 664,364 54,920,358 816,589Units issued 6,084,369 8,875 798,506 26,465Units redeemed (13,701,222) (320,672) (1,209,314) (70,705)

Units at the end of the period 39,805,383 352,567 54,509,550 772,349

91

Cash Flow Statement




HKDollarsub-fund

USDollarsub-fund

HKDollarsub-fund

USDollarsub-fund

HKD USD HKD USD

OpERATINGACTIvITIES

Interest received 7,235,945 82,910 18,161,804 744,839Management fees paid (4,971,698) (134,680) (3,137,551) (391,447)Trustee’s fees paid (952,692) (76,130) (957,021) (95,354)Payments on purchase of investments (6,187,108,724) (906,808,815) (4,220,934,377) (767,365,043)Proceeds from sale of investments (including coupon interest received from investments) 6,485,000,000 932,618,439 3,894,766,149 757,918,188Net payments on fixed deposit with original maturity more than three months (183,000,000) – (555,000,000) –Other operating expenses paid (885,504) (75,429) (830,295) (80,984)Net foreign exchange gain 5 – 105 –Other income received 568,338 48,647 1,540 –

Netcashgeneratedfrom/(usedin) operatingactivities 115,885,670 25,654,942 (867,929,646) (9,269,801)

FINANCINGACTIvITIES

Proceeds from issue of units 4,754,948,901 427,633,370 3,328,347,167 293,975,214Payments on redemption of units (5,311,015,336) (471,235,123) (2,644,309,118) (276,630,847)

Netcash(usedin)/generatedfromfinancing activities (556,066,435) (43,601,753) 684,038,049 17,344,367

Net(decrease)/increaseincashandcash equivalents (440,180,765) (17,946,811) (183,891,597) 8,074,566

Cashandcashequivalentsatthebeginning oftheperiod 2,921,577,614 147,145,710 1,231,133,268 76,664,829

Cashandcashequivalentsattheendofthe period 2,481,396,849 129,198,899 1,047,241,671 84,739,395

92

Portfolio Statement

HSBCGlobalMoneyFunds–HongKongDollaras at 31 January 2021

HoldingsMarket

value

%ofnet

assetvalue

HKD

FixedincomeinstrumentsUnlisted but quoted investments

ChinaAGRICULTURAL BANK OF CHINA LTD

(HONG KONG BRANCH) 0% 17 MARCH 2021 80,000,000 79,972,053 1.35

AGRICULTURAL BANK OF CHINA LTD 0% 15 MARCH 2021 70,000,000 69,977,462 1.19

BANK OF CHINA LTD (HONG KONG BRANCH) 0% 10 FEBRUARY 2021 100,000,000 99,992,855 1.69



CHINA CONSTRUCTION BANK CORP (MACAU BRANCH) 0% 8 APRIL 2021 90,000,000 89,977,224 1.52

CHINA DEVELOPMENT BANK (HONG KONG BRANCH) 0% 11 FEBRUARY 2021 100,000,000 99,993,155 1.69

CHINA DEVELOPMENT BANK (HONG KONG BRANCH) 0% 3 JUNE 2021 90,000,000 89,967,464 1.52

CHINA DEVELOPMENT BANK (HONG KONG BRANCH) 0% CD 16 FEBRUARY 2021 80,000,000 79,992,442 1.36

INDUSTRIAL AND COMMERCIAL BANK OF CHINA LTD (LUXEMBOURG BRANCH) 0% 7 MAY 2021 100,000,000 99,968,778 1.69

INDUSTRIAL AND COMMERCIAL BANK OF CHINA LTD (LUXEMBOURG BRANCH) 0% 8 MARCH 2021 85,000,000 84,966,628 1.44

974,787,157 16.50

FranceNATIXIS (HONG KONG BRANCH) 0%

24 MARCH 2021 100,000,000 99,934,481 1.69NATIXIS (SINGAPORE BRANCH) 0%

20 APRIL 2021 120,000,000 119,971,800 2.03

219,906,281 3.72

HoldingsMarket

value

%ofnet

assetvalue

HKD

HongKong CHINA CONSTRUCTION BANK CORP

(SINGAPORE BRANCH) 0% 23 MARCH 2021 75,000,000 74,973,311 1.27

HONG KONG MORTGAGE CORP LTD 0% 29 APRIL 2021 110,000,000 109,950,207 1.86

HONG KONG SPECIAL ADMINISTRATIVE REGION GOVERNMENT 0% 10 FEBRUARY 2021 450,000,000 449,994,344 7.61

HONG KONG SPECIAL ADMINISTRATIVE REGION GOVERNMENT 0% 24 FEBRUARY 2021 40,000,000 39,999,622 0.68

HONG KONG SPECIAL ADMINISTRATIVE REGION GOVERNMENT 0% 31 MARCH 2021 250,000,000 249,992,055 4.23

HONG KONG SPECIAL ADMINISTRATIVE REGION GOVERNMENT 0% 7 APRIL 2021 400,000,000 399,978,632 6.77

1,324,888,171 22.42

SouthKorea SHINHAN BANK (HONG KONG

BRANCH) 0% 26 APRIL 2021 100,000,000 99,970,092 1.70SHINHAN BANK 0% 27 APRIL 2021 100,000,000 99,969,735 1.69

199,939,827 3.39

Totalnetinvestments(Total cost of investments: HKD 2,718,906,674) 2,719,521,436 46.03

Othernetassets 3,188,940,746 53.97


93

Portfolio Statement

HSBCGlobalMoneyFunds–HongKongDollaras at 31 January 2021

Marketvalue

%ofnet

assetvalue

HKD

Dailyliquidassets 915,619,829 15.50Weeklyliquidassets 1,085,619,829 18.37

2,001,239,658 33.87

The weighted average maturity and the weighted average life of the portfolio of the sub-fund are 42 and 42 respectively.

94

Portfolio Statement

HSBCGlobalMoneyFunds–USDollaras at 31 January 2021

HoldingsMarket

value

%ofnet

assetvalue

USD

FixedincomeinstrumentsListed Investments

Luxembourg EUROPEAN INVESTMENT BANK 4%

16 FEBRUARY 2021 9,157,000 9,171,251 1.92

NetherlandsBANK OF NEDERLANDSE GEMEENTEN

4.375% 16 FEBRUARY 2021 5,000,000 5,008,506 1.04BNG BANK 2.5% 16 FEBRUARY 2021 3,000,000 3,002,867 0.63

8,011,373 1.67

philippines ASIAN DEVELOPMENT BANK 1.625%

16 MARCH 2021 9,000,000 9,015,819 1.89

Sweden SWEDISH EXPORT CREDIT 2.375% 9

APRIL 2021 10,000,000 10,039,872 2.10

Totallistedinvestments 36,238,315 7.58


AustraliaQUEENSLAND TREASURY CORP 0%

16 FEBRUARY 2021 20,000,000 19,998,501 4.18SOUTH AUSTRALIAN (GOVERNMENT)

FINANCIAL AUTHORITIES 0% 2 FEBRUARY 2021 10,000,000 9,999,936 2.09

WESTERN AUSTRALIA TREASURY CORP 0% 9 MARCH 2021 8,000,000 7,998,441 1.68

37,996,878 7.95

ChinaBANK OF CHINA LTD (SYDNEY

BRANCH) 0% 27 APRIL 2021 8,000,000 7,995,469 1.67

HoldingsMarket

value

%ofnet

assetvalue

USD

CHINA CONSTRUCT BANK (SEOUL BRANCH) 0% 19 APRIL 2021 8,000,000 7,995,554 1.67

CHINA CONSTRUCTION BANK CORP 0% 8 FEBRUARY 2021 6,000,000 5,999,650 1.26

INDUSTRIAL AND COMMERCIAL BANK OF CHINA LTD (LUXEMBOURG BRANCH) 0% 28 MAY 2021 8,000,000 7,992,017 1.67

29,982,690 6.27

DenmarkDENMARK KINGDOM (GOVERNMENT)

0% 25 FEBRUARY 2021 20,000,000 19,998,267 4.18KOMMUNEKREDIT 0% 17 FEBRUARY

2021 10,000,000 9,999,200 2.09

29,997,467 6.27

FranceCAISSE DES DEPOTS 0% 22 MARCH

2021 15,000,000 14,995,715 3.14NATIXIS (SINGAPORE BRANCH) 0% 10

FEBRUARY 2021 10,000,000 9,999,550 2.09

24,995,265 5.23

Germany KFW 0% 16 FEBRUARY 2021 8,000,000 7,999,301 1.67KREDITANST FUR WIE 0% 8 MARCH

2021 5,000,000 4,999,223 1.05LANDESKREDITBANK BADEN

WUERTTEMBERG FOERDERBANK 0% 16 FEBRUARY 2021 9,000,000 8,999,157 1.88

LANDESKREDITBANK BADEN WUERTTEMBERG FOERDERBANK 0% 23 APRIL 2021 8,000,000 7,996,493 1.67

NRW BANK 0% 5 MARCH 2021 10,000,000 9,998,312 2.09

39,992,486 8.36

95

Portfolio Statement

HSBCGlobalMoneyFunds–USDollaras at 31 January 2021

HoldingsMarket

value

%ofnet

assetvalue

USD

Netherlands NEDERLANDSE WATERSCHAPS NV

0% 13 APRIL 2021 24,000,000 23,991,956 5.02

NewZealand NEW ZEALAND (GOVERNMENT) 0%

15 APRIL 2021 20,000,000 19,995,135 4.18

philippines ASIAN DEVELOPMENT BANK 0% 22

FEBRUARY 2021 14,000,000 13,998,857 2.93

Singapore DBS BANK LTD 0% 8 APRIL 2021 7,000,000 6,997,178 1.47SHINHAN BANK (SINGAPORE

BRANCH) 0% 28 MAY 2021 8,000,000 7,991,503 1.67UNITED OVERSEAS BANK LTD 0% 22

APRIL 2021 8,000,000 7,995,916 1.67

22,984,597 4.81

UnitedKingdom EUROPEAN BANK FOR

RECONSTRUCTION AND DEVELOPMENT 0% 5 MARCH 2021 15,000,000 14,997,468 3.13

UnitedStatesofAmerica TREASURY BILL 0% 16 FEBRURY

2021 60,000,000 59,998,250 12.55

Totalunlistedinvestments 318,931,049 66.70

Fixedincomeinstruments(Total) 355,169,364 74.28

Totalnetinvestments(Total cost of investments: USD [355,381,188]) 355,169,364 74.28



HoldingsMarket

value

%ofnet

assetvalue

USD

Dailyliquidassets 116,824,341 24.43Weeklyliquidassets 147,824,150 30.92

264,648,491 55.35

The weighted average maturity and the weighted average life of the portfolio of the sub-fund are 32 and 32 respectively.

96


HSBCGlobalMoneyFunds–HongKongDollarfor the period from 1 August 2020 to 31 January 2021

%ofnetasset

value31January2021

%ofnetasset

value31July2020

Fixedincomeinstruments

Unlisted but quoted investments 46.03 46.40

Totalinvestments 46.03 46.40

Othernetassets 53.97 53.60


HSBCGlobalMoneyFunds–USDollarfor the period from 1 August 2020 to 31 January 2021

%ofnetasset

value31January2021

%ofnetasset

value31July2020

Fixedincomeinstruments

Listed Investments 7.58 19.23Unlisted but quoted investments 66.70 54.16

Totalinvestments 74.28 73.39

Othernetassets 25.72 26.61


97

Performance Record

HSBCGlobalMoneyFunds

HongKongDollarsub-fundSeriesAunits SeriesBunits SeriesCunits SeriesDunits

price price price priceYear Lowest Highest Lowest Highest Lowest Highest Lowest Highest

HKD HKD HKD HKD HKD HKD HKD HKD

2011 20.45 20.47 N/A N/A N/A N/A N/A N/A2012 20.47 20.51 N/A N/A N/A N/A N/A N/A2013 20.51 20.54 N/A N/A N/A N/A N/A N/A2014 20.54 20.58 N/A N/A N/A N/A N/A N/A2015 20.58 20.63 N/A N/A N/A N/A N/A N/A2016 20.63 20.66 N/A N/A N/A N/A N/A N/A2017 20.66 20.71 N/A N/A N/A N/A N/A N/A2018 20.71 20.83 N/A N/A N/A N/A N/A N/A2019 20.84 21.12 N/A N/A 1.00 1.01 10.00 10.032020 20.96 21.41 10.00 10.07 1.00 1.02 10.00 10.171 August 2020 to 31 January 2021 21.41 21.43 10.07 10.08 1.02 1.02 10.17 10.18

HongKongDollarsub-fundSeriesEunits SeriesFunits SeriesLunits SeriesZunits


HKD HKD HKD HKD HKD HKD HKD HKD

2011 N/A N/A N/A N/A 20.02 20.10 N/A N/A2012 N/A N/A N/A N/A 19.97 20.02 N/A N/A2013 N/A N/A N/A N/A 19.90 19.97 N/A N/A2014 N/A N/A N/A N/A 19.86 19.90 N/A N/A2015 N/A N/A N/A N/A 19.80 19.86 N/A N/A2016 N/A N/A N/A N/A 19.75 19.81 N/A N/A2017 N/A N/A N/A N/A 19.64 19.75 N/A N/A2018 N/A N/A N/A N/A 19.17 19.64 N/A N/A2019 N/A N/A 1.00 1.01 19.06 19.18 10.00 10.022020 10.00 10.10 0.70 10.00 19.08 19.36 10.00 10.171 August 2020 to 31 January 2021 10.10 10.11 10.00 10.01 19.36 19.37 10.17 10.18

98

Performance Record

USDollarsub-fundSeriesAunits SeriesBunits SeriesCunits SeriesZunits


USD USD USD USD USD USD USD USD

2011 1.98 1.98 N/A N/A N/A N/A N/A N/A2012 1.98 1.98 N/A N/A N/A N/A N/A N/A2013 1.96 2.02 N/A N/A N/A N/A N/A N/A2014 1.97 1.98 N/A N/A N/A N/A N/A N/A2015 1.97 1.97 N/A N/A N/A N/A N/A N/A2016 1.97 1.97 N/A N/A N/A N/A N/A N/A2017 1.97 1.98 N/A N/A N/A N/A N/A N/A2018 1.98 2.00 N/A N/A N/A N/A N/A N/A2019 2.00 2.05 N/A N/A 1.00 1.01 10.00 10.022020 2.02 2.07 10.00 10.06 1.00 1.02 10.00 10.161 August 2020 to 31 January 2021 2.07 2.07 10.06 10.06 1.02 1.02 10.16 10.16

99

Performance Record

31January2021 2020 2019 2018

Total net asset value of Hong Kong Dollar sub-fund (in HK$) (calculated in accordance with HKFRS)– Series A units 2,865,674,291 3,029,231,648 2,795,080,452 3,016,476,653– Series B units – 8,691,440 – –– Series C units 564,001,038 561,728,427 319,618,097 –– Series D units 561,386,277 500,185,059 20,021,425 –– Series E units 1,255,920,160 1,777,274,037 – –– Series F units 247,773,724 92,510,124 4,555,792 –– Series L units 8,300,167 7,965,578 8,272,605 7,804,348– Series Z units 405,406,525 482,309,242 550,030,089 –

5,908,462,182 6,459,895,555 3,697,578,460 3,024,281,001

Net asset value per unit of Hong Kong Dollar sub-fund (in HK$) (calculated in accordance with HKFRS)– Series A units 21.43 21.41 21.12 20.83– Series B units – 10.07 – –– Series C units 1.02 1.02 1.01 –– Series D units 10.18 10.17 10.03 –– Series E units 10.11 10.10 – –– Series F units 10.01 10.00 1.01 –– Series L units 19.37 19.36 19.18 19.17– Series Z units 10.18 10.17 10.02 –

Total net asset value of US Dollar sub-fund (in US$) (calculated in accordance with HKFRS)– Series A units 248,046,873 285,194,858 273,317,773 241,513,353– Series B units 1,006 1,006 – –– Series C units 226,520,758 225,923,536 88,242,487 –– Series Z units 3,582,648 6,746,832 8,181,101 –

478,151,285 517,866,232 369,741,361 241,513,353

Net asset value per unit of US Dollar sub-fund (in US$) (calculated in accordance with HKFRS)– Series A units 2.07 2.07 2.05 2.00– Series B units 10.06 10.06 – –– Series C units 1.02 1.02 1.01 –– Series Z units 10.16 10.16 10.02 –

100

Administration


ManagerHSBC Investment Funds (Hong Kong) LimitedHSBC Main Building1 Queen’s Road CentralHong Kong

DirectorsoftheManagerStuart Glenn BERRY (resigned on 28 August 2020)Pedro Augusto BOTELHO BASTOSGuillermo Eduardo MALDONADO-CODINAChun Pong Stephen TAMKa Yin Joanne LAU

InvestmentadviserHSBC Global Asset Management (Hong Kong) LimitedHSBC Main Building1 Queen’s Road CentralHong Kong

Investmentsub-advisersHSBC Global Asset Management (UK) Limited8 Canada SquareLondon E14 5HQUnited Kingdom

Custodian,trusteeandregistrarHSBC Institutional Trust Services (Asia) Limited HSBC Main Building1 Queen’s Road CentralHong Kong

AuditorsKPMG 8th Floor, Prince’s Building10 Chater Road CentralHong Kong

Administration

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HSBCManagedStableFund







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HSBCGlobalMoneyFunds






Issued by HSBC Global Asset Management (Hong Kong) Limited

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