manulife global select (mpf) scheme consolidated report …

MANULIFE GLOBAL SELECT (MPF) SCHEME

CONSOLIDATED REPORT

31 March 2021


CONTENTS

Pages

SCHEME REPORT 1 - 6

INVESTMENT REPORT 7 - 75

INDEPENDENT AUDITOR'S REPORT 76 - 79

AUDITED FINANCIAL STATEMENTS

Master trust scheme

Statement of profit or loss and other comprehensive income 80

Statement of net assets available for benefits 81

Statement of changes in net assets available for benefits 82

Statement of cash flows 83

Constituent funds

Statement of profit or loss and other comprehensive income 84 - 91

Statement of net assets available for benefits 92 - 99

Statement of changes in net assets available for benefits 100 - 107

Statement of cash flows 108 - 115

Notes to financial statements 116 - 146

INFORMATION FOR THE SCHEME MEMBERS 147

INDEPENDENT AUDITOR'S ASSURANCE REPORT 148 - 150


SCHEME REPORT

31 March 2021

DIRECTORS OF MANULIFE PROVIDENT FUNDS TRUST COMPANY LIMITED

Alan Taylor (Independent Director)

22/F, Manulife Financial Centre

223-231 Wai Yip Street

Kwun Tong, Kowloon

Hong Kong

Alexander Lawrence Nutting (resigned on 1 January 2021)

18/F, Manulife Tower

One Bay East

83 Hoi Bun Road

Kwun Tong, Kowloon

Hong Kong

Anthony Nigel Clifton Griffiths (Independent Director)



Kwun Tong, Kowloon

Hong Kong

Chiu Kai-ping Calvin (appointed on 1 September 2021)

23/F, Manulife Tower,

One Bay East, 83 Hoi Bun Road

Kwun Tong, Kowloon

Hong Kong

Chow Kar Yin, Kareen (appointed on 26 April 2021)



Kwun Tong, Kowloon

Hong Kong

Ke Wing Siu, Nigel (resigned on 1 September 2021)

22/F, Manulife Tower,

One Bay East, 83 Hoi Bun Road

Kwun Tong, Kowloon

Hong Kong

Leung Siu Mei, Ellen



Kwun Tong, Kowloon

Hong Kong

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SCHEME REPORT

31 March 2021

DIRECTORS OF MANULIFE PROVIDENT FUNDS TRUST COMPANY LIMITED (continued)

Ng Ching Fat, Raymond



Kwun Tong, Kowloon

Hong Kong

Paul Henry Smith (appointed on 4 September 2020)



Kwun Tong, Kowloon

Hong Kong

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SCHEME REPORT

31 March 2021

MANAGEMENT AND ADMINISTRATION

Trustee and Manulife Provident Funds Trust Company Limited

Custodian: 22/F, Manulife Financial Centre


Kwun Tong, Kowloon

Hong Kong

Auditor: Ernst & Young

27/F, One Taikoo Place

979 King's Road

Quarry Bay, Hong Kong

Administrator of the Manulife (International) Limited

Scheme and MPF 22/F, Manulife Financial Centre

corporate intermediary: 223-231 Wai Yip Street

Kwun Tong, Kowloon

Hong Kong

Administrator of the HSBC Institutional Trust Services (Asia) Limited

Constituent Funds 1 Queen's Road, Central

of the Scheme: Hong Kong

Investment Manager*: Manulife Investment Management (Hong Kong) Limited

16/F, Lee Garden One

33 Hysan Avenue

Causeway Bay

Hong Kong

Principal Banks: The Hong Kong and Shanghai Banking Corporation Limited

HSBC Main Building

1 Queen's Road, Central, Hong Kong

Citibank, N.A.

50/F Champion Tower, 3 Garden Road

Central, Hong Kong

Standard Chartered Bank Hong Kong

Standard Chartered Bank Building

4-4A Des Voeux Road, Central, Hong Kong

Manulife Provident Funds Trust Company Limited (the "Trustee") does not retain a regular external legal

adviser.

* Manulife Investment Management (Hong Kong) Limited ("MIMHK") is the Investment Manager of certain

underlying investments of the Manulife Global Select (MPF) Scheme. MIMHK is licensed with the

Securities and Futures Commission to carry out asset management activities in Hong Kong.

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SCHEME REPORT

31 March 2021

Manulife Provident Funds Trust Company Limited ("MPFTC") is pleased to present the scheme report for

Manulife Global Select (MPF) Scheme (the "Scheme") together with its financial statements for the year ended

31 March 2021.

The Scheme was constituted by a master trust deed dated 29 April 2000, with the latest consolidated trust deed

dated 14 September 2020. There was one supplemental deed dated 14 May 2021. The offering document was

updated according to the changes made to the deed. The most updated offering document for the scheme

financial year ended 31 March 2021 was dated 31 March 2020 with its first and second addendum dated 21

September 2020 and 1 December 2020 respectively. Subsequent to the financial year ended of 31 March 2021,

the offering document has a third addendum dated 14 May 2021.

The Scheme is a master trust scheme, which consists of twenty-nine constituent funds. Each constituent fund

has been structured as a feeder fund, the assets of, which are invested directly in a corresponding approved

pooled investment fund ("APIFs"). These APIFs are structured as sub-funds of an umbrella unit trust fund

(each sub-fund is referred to as "First level UT APIF") with Manulife Investment Management (Hong Kong)

Limited ("MIMHK") as the investment manager except that the Interest Fund Policy and the Stable Fund

Policy are each in the form of an insurance policy ("IP APIF") issued by Manulife (International) Limited

("MIL"). The Scheme also offers an investment arrangement, which is the Default Investment Strategy

("DIS") in accordance with the Mandatory Provident Fund Schemes Ordinance (the "MPFSO").

The assets of the First level UT APIF are invested by the manager of the Manulife MPF Conservative Fund

invest in direct investments permissible under the Mandatory Provident Fund Schemes (General) Regulation

(the "General Regulation"). The assets of the First level UT APIF are invested by the manager of the Manulife

MPF Hang Seng Index Tracking Fund invest in an index-tracking collective investment scheme permissible

under Section 6A of Schedule 1 to the General Regulation (currently, the Tracker Fund of Hong Kong

managed by State Street Global Advisors Asia Limited). The assets of the other First level UT APIFs as well

as the two IP APIFs are invested by the manager of the respective constituent funds are invested in sub-funds

of 2 umbrella unit trust funds. The investment managers of the underlying investments are MIMHK, FIL

Investment Management (Hong Kong) Limited ("FIL Investment") and Vanguard Investments Hong Kong

Limited. The assets of the eleven First Level UT APIFs invested by the Manulife MPF Aggressive Fund,

Manulife MPF Growth Fund, Manulife MPF Stable Fund, Manulife MPF International Equity Fund, Manulife

MPF Retirement Income Fund, Manulife MPF Smart Retirement Fund, Manulife MPF 2025 Retirement Fund,

Manulife MPF 2030 Retirement Fund, Manulife MPF 2035 Retirement Fund, Manulife MPF 2040 Retirement

Fund, Manulife MPF 2045 Retirement Fund of the Scheme are allowed to be invested in index-tracking

collective investment scheme ("ITCIS") permitted under the MPF legislative requirements.

With effect from 21 September 2020, a new constituent fund, Manulife MPF Retirement Income Fund (the

"Retirement Income Fund") was added to the Scheme. The Retirement Income Fund is a brand new constituent

fund, with new and innovative features designed to provide solutions to the retirement needs of members. The

Retirement Income Fund seeks to provide regular and stable income by way of distribution of dividends to

members' account/sub-account, with the secondary objective of generating long-term capital growth.

Investments are made on a diversified basis. Around 20% to 60% of the underlying portfolio is indirectly

invested in equities and equity-related investments, with the remainder being indirectly invested in bonds,

deposits and other investments. It may invest in any region, such as America, Pacific Asia, Japan, Europe.

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SCHEME REPORT

31 March 2021

The Retirement Income Fund is designed with a unique feature of dividends distribution. It aims to distribute

dividends on a regular basis and currently distribute dividends on a monthly basis having started in January

2021. Members who hold units of the Retirement Income Fund in their accounts at the designated record date

are entitled to the dividends determined for the corresponding month. If the relevant Member is below the

age of 65 at the record date, the dividend is automatically reinvested by subscribing for units of the Retirement

Income Fund. If the relevant Member is at or above the age of 65 at the record date, the dividend is

automatically invested in and credited to the Manulife MPF Interest Fund.

Pursuant to the trust deed of the Scheme, the Manulife MPF 2020 Retirement Fund ("2020 Retirement Fund")

reached its maturity and was terminated on 4 January 2021 ("Maturity Date"). On the Maturity Date, all units

in the 2020 Retirement Fund held by the members at the Maturity Date were automatically redeemed, and the

redemption proceeds were applied to invest in and subscribe for units in the Manulife MPF Smart Retirement

Fund ("Smart Retirement Fund").

Members of the Scheme can obtain information about the Scheme and its operation from the Scheme's

Offering Document. Members can download the Offering Document at www.manulife.com.hk or request a

copy in writing to Provident Funds Services, Manulife (International) Limited, 21/F, Tower A, Manulife

Financial Centre, 223-231 Wai Yip Street, Kwun Tong, Kowloon, Hong Kong or call the Customer Service

Hotline on 2108 1388.

Members of the Scheme are also advised to review the terms of the Trust Deed. Copies of the Trust Deed are

available for inspection free of charge during normal working hours at the customer service centres located at

23/F, The Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong and 21/F, Tower A, Manulife

Financial Centre, 223-231 Wai Yip Street, Kwun Tong, Kowloon, Hong Kong.

Members of the Scheme may also request a copy of the consolidated reports of the Scheme for any specific

financial year within the seven years preceding the date of request. Members may also download the latest

consolidated report from the web site www.manulife.com.hk six months after the scheme financial year end.

MPFTC and MIL, which are both 100% owned by Manulife International Holdings Limited, and MIMHK are

members of the Manulife Financial Group. MIL is an associate of MPFTC under Schedule 8 of the MPFSO.

5

http://www.manulife.com.hk/


SCHEME REPORT

31 March 2021

The particulars of the persons who were direct controllers of MIL during the financial year ended 31 March

2021 are:

1. Anil Wadhwani

21/F, Manulife Tower, One Bay East, 83 Hoi Bun Road, Kwun Tong, Kowloon, Hong Kong

2. Christopher Alan Edwards

22/F, Manulife Financial Centre, 223-231 Wai Yip Street, Kwun Tong, Kowloon, Hong Kong

3. David John Bell (resigned on 1 January 2021)


4. Diane Margaret Daly Bean (resigned on 1 January 2021)


5. Garry Alides Willinge


6. Guy Raymond Adam Mills (resigned on 1 January 2021)


7. Kenneth Joseph Rappold Jr


8. Damien Allen Green


9. Steven Christopher Horton


10. Manulife International Holdings Limited


At 31 March 2021, the Scheme recorded 121,862 participating employers and 2,096,513 accounts that were

held by employee members through participating employers, self-employed person members, personal

account members, individual relevant employee members under the Flexi Retirement Contribution ("FRC")

and the Tax deductible Voluntary Contribution ("TVC") arrangement.

During the financial year ended 31 March 2021, total contributions and asset transfers to the Scheme were

HK$35.4 billion while benefits paid out totaled HK$16.7 billion. The assets under management at 31 March

2021 were HK$290.6 billion.

Separate detailed reports of each of the constituent funds of the Scheme are included in the section

"Investment Report"; the reports are prepared by MIMHK.

6


INVESTMENT REPORT

Year ended 31 March 2021

Investment Policies

At 31 March 2021 and during the year, Manulife Global Select (MPF) Scheme was a master trust scheme

offering the following twenty-nine constituent funds:

1. Manulife MPF Aggressive Fund (the "MGAG");

2. Manulife MPF Conservative Fund (the "MGCP");

3. Manulife MPF European Equity Fund (the "MGEE");

4. Manulife MPF Growth Fund (the "MGGR");

5. Manulife MPF Hong Kong Bond Fund (the "MGHB");

6. Manulife MPF Hong Kong Equity Fund (the "MGHE");

7. Manulife MPF Interest Fund (the "MGIT");

8. Manulife MPF International Bond Fund (the "MGIB");

9. Manulife MPF International Equity Fund (the "MGIE");

10. Manulife MPF Japan Equity Fund (the "MGJE");

11. Manulife MPF North American Equity Fund (the "MGNE");

12. Manulife MPF Pacific Asia Equity Fund (the "MGPE");

13. Manulife MPF Stable Fund (the "MGST");

14. Manulife MPF Fidelity Growth Fund (the "MGFG");

15. Manulife MPF Fidelity Stable Growth Fund (the "MGFS");

16. Manulife MPF China Value Fund (the "MGCV");

17. Manulife MPF Healthcare Fund (the "MGHC");

18. Manulife MPF Pacific Asia Bond Fund (the "MGPB");

19. Manulife MPF Hang Seng Index Tracking Fund (the "MGHS");

20. Manulife MPF RMB Bond Fund (the "MGRB");

21. Manulife MPF Smart Retirement Fund (the "MG15");

22. Manulife MPF 2025 Retirement Fund (the "MG25");





27. Manulife MPF Age 65 Plus Fund (the "MGAP");

28. Manulife MPF Core Accumulation Fund (the "MGCA"); and

29. Manulife MPF Retirement Income Fund (the "MGRI").

Manulife MPF 2020 Retirement Fund (the "MG20") had no investments and operations since 5 January 2021.

The Mandatory Provident Fund Schemes Authority (the "MPFA") approved the termination of the MG20 to

take effect on 25 March 2021.

Each of the constituent funds is managed in accordance with separate and distinct investment policies

reflecting the different risk profiles of the twenty-nine investment choices as set out below.

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INVESTMENT REPORT


Investment Policies (continued)

1. MGAG

The MGAG is a unitised equity fund that aims to provide long term capital growth. The underlying

investments are made on a diversified basis mainly in equities and equity-related investments. The

underlying portfolio may also include bonds, deposits and other investments permitted under the General

Regulation up to 30% of the net asset value of MGAG. The investment manager may at its discretion

invest in any region, such as America, Pacific Asia, Japan, Europe, with a relative bias towards Hong

Kong and Pacific Asia region markets.

2. MGCP

The MGCP is a fund mandated by the Mandatory Provident Fund Schemes Ordinance (the "MPFSO")

that aims to provide a rate of return to match the prescribed savings rate published by the MPFA but with

no guarantee of capital or interest. The underlying investments for MGCP are in fixed income instruments

that comply with Section 37 and Schedule 1 of the General Regulation.

3. MGEE

The MGEE is a unitised equity fund that aims to achieve medium to long term capital growth. The

underlying investments are made on a diversified basis in shares of companies covering different sectors

of the economy in Europe and, which are listed on any stock exchange. The underlying portfolio may

also include bonds, deposits and other investments permitted under the General Regulation up to 30% of

the net asset value of the MGEE.

4. MGGR

The MGGR is a unitised balanced fund that aims to provide medium to long term capital growth. The

underlying investments are made on a diversified basis. Around 50% to 90% of the underlying portfolio

of the MGGR is indirectly invested in equities and equity-related investments, with the remainder of the

assets being indirectly invested in bonds, deposits and other investments permitted under the General

Regulation. The investment manager may at its discretion invest in any region, such as America, Pacific

Asia, Japan, Europe.

5. MGHB

The MGHB is a unitised bond fund that aims to provide a competitive overall rate of return. The

underlying investments are made on a diversified basis with at least 70% of the net asset value of the

MGHB invested in Hong Kong Dollar denominated permitted deposits and debt securities (in a portfolio

with a range of maturity periods) issued by the government of Hong Kong or any Government, central

bank or multilateral international agency. It may also purchase debt securities, which satisfy the minimum

credit rating stipulated by the MPFA or those, which are listed on any approved stock exchange, being a

security issued by, or guaranteed by, a company whose shares are so listed. The underlying portfolio may

also include other investments permitted under the General Regulation up to 30% of the net asset value of

the MGHB.

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INVESTMENT REPORT



6. MGHE

The MGHE is a unitised equity fund that aims to provide medium to long term capital growth. The

underlying investments are made on a diversified basis mainly in shares of companies listed on The Hong

Kong Stock Exchange or companies covering different sectors of the economy in Hong Kong and, which

are listed on any stock exchange. The underlying portfolio may also include bonds, deposits and other

investments permitted under the General Regulation up to 30% of the net asset value of the MGHE. The

underlying portfolio may also, via the Stock Connect, invest up to 10% of its net asset value in shares of

companies listed in Mainland China.

7. MGIT

The MGIT is a non-unitised bond fund that aims to provide a capital guarantee and to provide members

with interest each month at a rate that equals to or exceeds the prescribed savings rate published by the

MPFA. The underlying investments made for MGIT are invested at least 70% of the net asset value of

the MGIT in Hong Kong Dollar fixed income instruments. The underlying portfolio may include other

investments permitted under the General Regulation up to 30% of the net asset value of the MGIT.

8. MGIB

The MGIB is a unitised bond fund that aims to provide competitive overall rates of return. The underlying

investments are made on a diversified basis mainly in permitted deposits and debt securities issued by any

government, central bank or multilateral international agency. It may also purchase debt securities, which

satisfy the minimum credit rating stipulated by the MPFA or those, which are listed on any approved stock

exchange being a security issued by, or guaranteed by, a company whose shares are so listed. The

investment manager may at its discretion invest in any region, such as North America, Europe, United

Kingdom and Asia. The underlying portfolio may also include other investments permitted under the

General Regulation up to 30% of the net asset value of the MGIB.

9. MGIE

The MGIE is a unitised equity fund that aims to provide medium to long term capital growth. The

underlying investments are made on a diversified basis in global equities and equity-related investments.

The investment manager may at its discretion invest in any region, such as North America, Japan, Europe,

other Pacific Asia region markets and Hong Kong. The underlying portfolio may also include bonds,

deposits and other investments permitted under the General Regulation up to 30% of the net asset value

of the MGIE.

10. MGJE

The MGJE is a unitised equity fund that aims to provide medium to long term capital growth. The


of the economy in Japan and, which are listed on any stock exchange. The underlying portfolio may also

include bonds, deposits and other investments permitted under the General Regulation up to 30% of the

net asset value of the MGJE.

11. MGNE

The MGNE is a unitised equity fund that aims to provide medium to long term capital growth. The


of the economy in North America and, which are listed on any stock exchange. The underlying portfolio

may also include bonds, deposits and other investments permitted under the General Regulation up to 30%

of the net asset value of the MGNE.

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INVESTMENT REPORT



12. MGPE

The MGPE is a unitised equity fund that aims to provide medium to long term capital growth. The


of the Asia Pacific markets, excluding Japan and, which are listed on any stock exchange. The underlying

portfolio may also include bonds, deposits and other investments permitted under the General Regulation

up to 30% of the net asset value of the MGPE.

13. MGST

The MGST is a unitised balanced fund that aims to provide relatively stable medium to long term growth.

The underlying investments are made on a diversified basis. Up to 40% of the portfolio of the MGST is

indirectly invested in equities and equity-related investments, with the remainder of the assets being

indirectly invested in bonds, deposits and other investments permitted under the General Regulation. The

investment manager may at its discretion invest in any region, such as America, Pacific Asia, Japan,

Europe, with a relative bias towards Hong Kong.

14. MGFG

The MGFG is designed to provide long term capital growth. The underlying investments of the MGFG

are focused on the global equity markets while enjoying the flexibility of investing in global bonds. It is

managed with a view to limiting the volatility of returns in the short term.

The assets of the first level pooled investment fund under the MGFG are invested as a feeder fund into the

respective APIF operated within the umbrella unit trust structure currently managed by FIL Investment

Management (Hong Kong) Limited. It is intended that the underlying investments of the APIF managed

by FIL Investment Management (Hong Kong) Limited are made on a geographically diversified basis

with a bias towards Hong Kong. Approximately 90% of the APIF is invested in global equities in the

markets of Hong Kong, Europe, Japan, America and the Asia Pacific region.

15. MGFS

The MGFS is designed to provide medium to long term capital growth. The underlying investments of

the MGFS are diversified between equities and bonds and are managed with a view to limit the volatility

of returns in the short term.

The assets of the first level pooled investment fund under the MGFS are invested as a feeder fund into the

respective APIF operated within the umbrella unit trust structure currently managed by FIL Investment

Management (Hong Kong) Limited. It is intended that the investments of the APIF managed by FIL

Investment Management (Hong Kong) Limited are made on a geographically diversified basis with a bias

towards Hong Kong. Approximately 50% of the APIF is invested in global equities and 45% of the APIF

is invested in global bonds in the markets of Hong Kong, Europe, Japan, America and the Asia Pacific

region; with the remaining 5% of the assets being in cash deposits permitted under the General Regulation.

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INVESTMENT REPORT



16. MGCV

The MGCV is a unitised equity fund that aims to provide medium to long term capital growth. The

underlying investments are made on a diversified basis mainly in shares of companies covering different

sectors of the economy in the Greater China region, including the People's Republic of China, Hong Kong

and Taiwan, and, which are listed on any stock exchange subject to the restrictions in the General

Regulation and, which have a value or growth proposition. The underlying portfolio may also include

bonds, deposits and other permitted investments permitted under the General Regulation, up to 30% of

the net asset value of the MGCV.

17. MGHC

The MGHC is a unitised equity fund that aims to provide long term capital growth. The underlying

investments are made on a diversified basis mainly consisting of equity-related investments and equities

of companies in the health care and related industries and, which are listed on any stock exchange. The

underlying portfolio may invest in shares of companies covering mainly the pharmaceutical, healthcare

equipment and services, food and drug retailers, managed care business and biotechnology sectors. The

investment manager may at its discretion invest in any region, such as North America (including Canada),

Europe (including UK), Asia and Japan. The underlying portfolio may also include bonds, deposits and

other investments permitted under the General Regulation, up to 30% of the net asset value of the MGHC.

18. MGPB

The MGPB is a unitised bond fund that aims to provide competitive overall rates of return. The underlying

investments are made on a diversified basis mainly in debt securities issued by any government, central

bank, supra-national, multilateral international agency and corporate issuer in the Asia Pacific region. The

underlying portfolio may also include other investments permitted under the General Regulation, up to

30% of the net asset value of the MGPB.

19. MGHS

The MGHS is a unitised equity fund that aims to provide medium to long term capital growth. The

underlying investments are in shares of constituent companies of the Hang Seng Index in substantially

similar composition and weighting as they appear in the index through an approved index-tracking

collective investment scheme ("ITCIS") (currently, the Tracker Fund of Hong Kong managed by State

Street Global Advisors Asia Limited). The MGHS seeks to track the performance of the Hang Seng Index

of Hong Kong.

20. MGRB

The MGRB is a unitised bond fund that aims to provide competitive overall rates of return. The underlying

investments are made on a diversified basis with at least 70% of the net asset value of the MGRB invested

in Renminbi ("RMB") denominated debt securities, which are issued, traded or distributed by any

government, central bank, supra-nationals, multilateral international agencies and corporate issuers

outside Mainland China. The MGRB may also, through the underlying APIF, invest up to 30% of its net

asset value in other RMB or non-RMB denominated investments including money market instruments,

certificates of deposits, cash and deposits, and non-RMB denominated debt securities, permitted under the

General Regulation.

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INVESTMENT REPORT



21. MG15

The MG15 is a unitised fund and is a matured Retirement Fund designed to enable accrued benefits

invested in any other Retirement Funds upon their maturity to be switched to the Smart Retirement Fund.

It aims to provide medium to long term capital growth for members who hold a longer term investment

view and who are prepared to accept significant fluctuations in the value of their investments in order to

achieve potential medium to long term returns. The underlying investments are made on a diversified

basis. Around 40% to 60% of the underlying portfolio is indirectly invested in equities and equity-related

investments, with the remainder of the assets being indirectly invested in bonds, deposits and other

investments permitted under the General Regulation. The investment manager may at its discretion invest

in regions, such as America, Pacific Asia, Japan and Europe.

22. MG25

The MG25 is a unitised fund designed for members expecting to attain their normal retirement age around

2025. It aims to provide long term capital growth while lowering the risk of loss as the members approach

their normal retirement age. The underlying investments are made on a diversified basis. At launch in

2011, around 75% - 95% of the underlying portfolio was indirectly invested in equities and equity-related



in regions, such as America, Pacific Asia, Japan and Europe. When the MG25 gets closer to its maturity

date on the last business day of 2025, the asset allocation strategy of the underlying portfolio will become

less aggressive and will increasingly contain fixed income securities.

23. MG30










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INVESTMENT REPORT



24. MG35










25. MG40










26. MG45










27. MGAP

The MGAP is a unitised equity fund that aims to provide stable growth to members by investing in a

globally diversified manner. It is intended for members who hold a medium to long term investment view

and want to seek returns through some capital appreciation and current income generation. The MGAP

adopts a passive investment strategy through indirectly investing in an underlying APIF (currently the

Vanguard Income Fund ("VIF")) in order to reduce the deviation of performance from the MGAP

Reference Portfolio. The investment manager of the VIF uses sampling techniques in its passive

investment strategy to select securities for investment for efficient portfolio management. Sampling is an

approach whereby the investment manager of the VIF tracks the MGAP Reference Portfolio by investing

in a representative portion, or "sample", of the full list of securities contained in the MGAP Reference

Portfolio, such that the overall characteristics of the portion of securities would be similar to those of the

full list of securities contained in the MGAP Reference Portfolio.

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INVESTMENT REPORT



28. MGCA

The MGCA is a unitised fund that aims to provide capital growth to members by investing in a globally

diversified manner. It is intended for members who hold a medium to long term investment view and

want to seek returns through capital appreciation and modest income generation. The MGCA adopts a

passive investment strategy through indirectly investing in an underlying APIF (currently the Vanguard

Moderate Growth Fund ("VMGF")) in order to reduce the deviation of performance from the MGCA

Reference Portfolio. The investment manager of the VMGF uses sampling techniques in its passive

investment strategy to select securities for investment for efficient portfolio management. Sampling is an

approach whereby the investment manager of the VMGF tracks the MGCA Reference Portfolio by

investing in a representative portion, or "sample", of the full list of securities contained in the MGCA

Reference Portfolio, such that the overall characteristics of the portion of securities would be similar to

those of the full list of securities contained in the MGCA Reference Portfolio.

29. MGRI

The MGRI is a unitised balanced fund, which is designed to seek to provide regular and stable income by

way of distribution of dividends to Members’ account/sub-account, with the secondary objective of

generating long-term capital growth, for Members who hold a longer term investment view and who are

prepared to accept fluctuations in the value of their investments in order to achieve long-term returns. The

dividends distributed to Members’ account/sub-account are invested in the MGRI or the MGIT based on

the Member’s age at the record date as explained under distribution of dividend.

MG20

The MG20 matured and terminated during the year, MG20 was a unitised fund designed for members

expecting to attain their normal retirement age around 2020. It aimed to provide long term capital growth

while lowering the risk of loss as the members approached their normal retirement age. The underlying

investments were made on a diversified basis. At launch in 2011, around 65% - 85% of the underlying

portfolio was indirectly invested in equities and equity-related investments, with the remainder of the

assets being indirectly invested in bonds, deposits and other investments permitted under the General

Regulation. The investment manager had the discretion to invest in regions, such as America, Pacific

Asia, Japan and Europe. As the MG20 approached its maturity date on the last business day of 2020, the

asset allocation strategy of the underlying portfolio became less aggressive and contained an increasingly

proportion of fixed income securities.

The MG20 has had no investments and operations since 5 January 2021. The MPFA approved the

termination of the MG20 to take effect on 25 March 2021.

14


INVESTMENT REPORT


General Investment Climate

1. North American Equity Markets

US stocks produced a stellar gain in the year ended 31 March 2021. The market started at a low in Spring

2020 due to the outbreak of the coronavirus pandemic and economic lockdowns worldwide. Indices later

surged, however, buoyed by massive government stimulus, slowing Covid-19 infection rates and progress

developing a vaccine and new treatments for the virus. Resolution of the November presidential election,

favourable vaccine announcements and more stimulus were added tailwinds. The market paused early in

2021 following a violent protest in the US Capitol, a slower-than-expected vaccine rollout and the spread

of new, more infectious coronavirus variants. However, stocks soon rose again, supported by healthy

corporate earnings, a pickup in vaccine supply and the promise of a third round of stimulus checks.

We are encouraged about prospects for US stocks, given that the economy appears to be in the early stages

of recovery, with vaccine rollouts expected to aid consumer demand. We anticipate resurgent capital

spending, acceleration in gross domestic product, and ultimately stock market appreciation. However, we

could see more volatility, as the market wrestles with policy, regulatory, interest rate and inflation risks.

2. European Equity Markets

The MSCI Europe Index fell more than 5% in 2020 in euro terms, despite rebounding sharply from the

first-quarter losses triggered by national coronavirus lockdowns. However, in US dollar terms, it rose

almost 6% as the weaker dollar enhanced gains for US dollar investors.

The imposition of strict national lockdowns in Europe triggered a steep correction in extremely volatile

trading in March. Waves of economic stimulus measures in Europe and the US then calmed markets and

spurred bargain hunting, sparking a rebound. Markets rallied in the last quarter of 2020 on encouraging

announcements related to the development of potential vaccines fuelling optimism of an economic

recovery, while Democratic candidate Joe Biden’s victory in the US presidential election reduced political

uncertainty. In the last month of 2020, shares continued to rise, lifted by a post-Brexit trade deal at the end

of the year, but the emergence of a new variant of the coronavirus curbed gains.

In early 2021, equities were adversely affected by fears of a slower economic recovery due to the slow

pace of vaccine rollouts and the tightening of restrictions in some countries to contain a third wave of the

pandemic. European leaders also moved to increase controls on vaccine exports and the European

Commission hinted it might block them. Shares were near all-time highs at the end of March, boosted by

hopes of a quicker economic recovery as the US unveiled a massive infrastructure spending programme.

15


INVESTMENT REPORT


General Investment Climate (continued)

3. Pacific Asia Equity Markets

Markets are pricing in higher inflation against a backdrop of unprecedented fiscal stimulus,

accommodative monetary policy, and the accumulated pent-up demand from Covid-19. While such

expectations are valid, there is still a large gap to fill between actual and potential output. Therefore, we

do not project a large increase in inflation and believe that monetary policy will remain accommodative

in the near-term.

In South Korea, investment opportunities have expanded beyond semiconductors and electric vehicle (EV)

batteries. While we continue to like these sectors, we see better upside in the rebound in automotive and

K-beauty products. The tightness of supply of technology materials and components is proving to be a

boon for Taiwanese technology supply chains.

In Southeast Asia, Indonesia and Thailand are the clear beneficiaries of reflation trades. Malaysia and the

Philippines have made slower progress in terms of inoculating their populations. The resurgence of Covid-

19 cases in the Philippines has led to stricter control of movements nationwide. We expect these two

markets to underperform in the near-term. The Singapore market has performed well since the country

further relaxed restrictions on social distancing following a successful containment of Covid-19.

There was a glimmer of optimism when India’s coronavirus caseload fell sharply in early 2021. However,

the country has been hit by a second wave of Covid-19 that threatens to overwhelm the healthcare system.

The pace of the recovery in earnings of corporates largely hinges on the pace of inoculations and how

quickly the coronavirus infection rate is brought under control.

4. Global Bond Markets

International bonds posted positive returns during a 12-month period underscored by the Covid-19

pandemic. Lockdowns and shelter-in-place policies designed to slow the spread of the virus led to a severe

global economic downturn in the first half of the period. Governments around the world responded with

unprecedented monetary and fiscal stimulus to help shore up their economies and stabilise financial

markets. By the second half of the period, the approval and rollout of coronavirus vaccines around the

globe, along with emerging signs of improving economic activity, sparked optimism about a return to

economic normalcy at some point in 2021.

Bond yields fell early in the period as the global recession took hold, but yields reversed course later as

the economic optimism led to concerns about higher inflation down the road. Although bond yields rose

overall for the period, resulting in declining bond prices, global bond markets nonetheless produced

modest gains. Regionally, bond markets in the Europe and Asia-Pacific regions posted the best returns,

while North American fixed-income markets lagged. On a sector basis, high-yield corporate bonds were

the leading performers for the period, while government bonds underperformed.

16


INVESTMENT REPORT


General Investment Climate (continued)

5. Hong Kong Bond Market

The equity market remains the key driver for the Hong Kong fixed income market. With the continuing

trend of Chinese companies delisting from US stock markets continuing, the Hong Kong equity market is

expected to benefit from such developments, which will likely keep Hong Kong short-end interest rates

at a stable and low level. Longer-term interest rates continue to reflect movement in US interest rates. The

long-end movement has been much more active with the 10-year Hong Kong interest rate swap moving

up to 1.7% at the end of March 2021 from 0.85% at the beginning of the year.

With higher interest rates, there is strong demand for longer-dated bonds while new supply has been more

muted as corporates have been funding in US dollars. Overall, the HK dollar depreciated in the first quarter

as the US dollar continued to strengthen since February supported by the rise in US real interest rates and

the recently more subdued initial public offering activity. The widening interest rate differential with US

rates has resulted in both the HK dollar and the renminbi weakening against the US dollar. It is expected

that the US dollar/HK dollar rate will continue to be driven by real yield movements. Interest rates are

also expected to have a steepening bias going forward, though liquidity conditions remain flush overall.

Note: The General Investment Climate commentary above is provided by Manulife Investment

Management (Hong Kong) Limited, one of the investment managers of underlying investments of the

Manulife Global Select (MPF) Scheme.

17


INVESTMENT REPORT


Trustee's Commentary

2020 was a challenging year for global markets and the COVID-19 pandemic impacted economies across the

world. Policies to contain the spread of the pandemic led to global lockdowns, ravaging the world's economies

and the overall market. On the positive side, with the rapid development of effective vaccines and the gradual

rolling out of vaccination programmes to combat the virus globally in the second half of the period, we look

forward with cautious optimism towards the ongoing economic recovery. Most of the equity funds achieved

favorable returns despite the highly volatile investment markets. The performance of the equity segment was

relatively strong in this fiscal year. Part of the reason was led by COVID-19-driven equity market dropped

significantly in Q1 2020.

For the 12-month period ended 31 March 2021, all the constituent funds performed positively. 11 out of 18

comparable constituent funds (61.1%) outperformed the market median under the Scheme. The top five

performing funds (1-year performance) were Manulife MPF Pacific Asia Equity Fund (63.63%), Manulife

MPF North American Equity Fund (62.46%), Manulife MPF European Equity Fund (57.92%), Manulife MPF

International Equity Fund (56.85%) and Manulife MPF 2045 Retirement Fund (49.19%).

The five funds with the lowest performance (1-year performance) were Manulife MPF Hong Kong Bond Fund

(0.34%), Manulife MPF Conservative Fund (0.45%), Manulife MPF Interest Fund (0.50%), Manulife MPF

International Bond Fund (3.41%) and Manulife MPF RMB Bond Fund (7.28%).

(Source: Lipper Inc. (31 March 2021)).

The Manulife MPF Interest Fund maintained the declared interest rate at 0.50% per annum, being considerably

higher than the MPFA prescribed savings rate, which the fund targets to achieve.

(Source: Manulife Global Select (MPF) Scheme Quarterly Fund Fact Sheet (31 March 2021)).

Manulife Provident Funds Trust Company Limited ("MPFTC") continues to hold a positive view of the long

term capability and suitability of the fund managers as they all possess extensive, appropriate experience in

managing equity and fixed income portfolios.

18


INVESTMENT REPORT


Trustee's Commentary (continued)

A. Trustee's commentary on the investments held by the scheme and information of its commentary

Annualized return (in terms of %)

1 Year 5 Years 10 Years

Since

Launch

Manulife MPF Conservative Fund

Launch date: 01/12/2000 0.45 0.69 0.38 0.62

Benchmark / Performance Target

(MPFA Prescribed Savings Rate) 0.00 0.03 0.02 0.42

Deviation from the benchmark /

performance target

Out-

performed

Out-

performed

Out-

performed

Out-

performed

Trustee's commentary The fund has significantly outperformed over 1 year, 5 years,

10 years and since launch compared with the MPFA

Prescribed Saving Rate ("PSR") that is the benchmark.

No market median information is available for conservative

funds as fees and charges of MPF conservative funds can be

deducted from either (i) the assets of the fund or (ii) members'

account by way of unit deduction.

The Manulife MPF Conservative Fund uses method (i) and,

therefore, any unit prices/NAV/fund performance quoted for

the constituent fund have incorporated the impact of fees and

charges.

19


INVESTMENT REPORT




1 Year 5 Years 10 Years Since Launch

Manulife MPF Interest Fund

Launch date: 01/12/2000 0.50 0.35 0.18 0.65


(MPFA Prescribed Savings Rate) 0.00 0.03 0.02 0.42


performance target

Out-

performed

Out-

performed

Out-

performed

Out-

performed

Trustee's commentary The declared interest rate was 0.50% p.a. and higher than the

MPFA Prescribed Saving Rate ("PSR"), which the fund targets

to achieve.

The fund has outperformed over 1 year, 5 years, 10 years and

since launch when compared with the MPFA PSR that is the

benchmark.

There is no market median performance information available

for comparison as the fund is a hard guarantee fund with

customized guarantee conditions.

Manulife MPF Stable Fund

Launch date: 01/12/2000 12.46 4.18 2.56 2.67


(FER-adjusted Benchmark*) 9.98 3.65 2.63 3.27


performance target

Out-

performed

Out-

performed

Under-

performed

Under-

performed

Trustee's commentary The fund has outperformed the FER-adjusted Benchmark over

1 year and 5 years while it underperformed the FER-adjusted

Benchmark over 10 years and since launch.

According to the investment manager, security selection in HK

dollar bonds and Hong Kong equities contributed to

performance.

20


INVESTMENT REPORT





Since

Launch

Manulife MPF International Bond Fund

Launch date: 01/12/2000 3.41 0.94 1.10 2.77


(Lipper Global Bond Median) 1.50 1.31 1.10 1.88


performance target

Out-

performed

Under-

performed Inline

Out-

performed

Trustee's commentary The fund performed better than the market median over 1 year

and since launch. The fund underperformed the market median

over 5 years while it was aligned with the market median over

10 years term.

According to the investment manager, sector allocation was

the largest contributor during the period, driven by an

overweight to investment grade corporates, municipal and US

dollar emerging markets government-related debt combined

with an underweight to agency Mortgage Backed Securities.

The impact of security selection within the Eurozone was

positive while currency management was neutral.

Manulife MPF Hong Kong Bond Fund

Launch date: 01/12/2000 0.34 2.11 1.95 2.09


(Lipper Hong Kong Dollar Bond Median) -0.23 1.60 1.94 1.89


performance target

Out-

performed

Out-

performed

Out-

performed

Out-

performed

Trustee's commentary The fund's performance has outperformed the market median

over 1 year, 5 years, 10 years and since launch.

According to the investment manager, the portfolio's overall

security selection was the biggest contributor with exposure to

USD-denominated bonds of an Indonesian coal mining

company and HKD-denominated bonds of an international

bank being the outperformers. Asset allocation contributed

through the portfolio's being underweight HKD-denominated

government bonds.

21


INVESTMENT REPORT





Manulife MPF Pacific Asia Bond Fund

Launch date: 23/04/2012 10.91 2.78 N/A 2.08


(Lipper Asian Bond Median) 5.96 2.19 N/A 1.12


performance target

Out-

performed

Out-

performed N/A

Out-

performed

Trustee's commentary The fund has outperformed the market median over 1 year, 5

years and since launch.

According to the investment manager, the fund's portfolio's

overall security selection contributed to the remarkable

return. Overweight exposure to Indonesian local currency

bonds contributed as the Indonesian rupiah strengthened

against the HK dollar and local yields fell.

Manulife MPF RMB Bond Fund

Launch date: 16/12/2013 7.28 2.99 N/A 1.84


(Lipper RMB Bond Median) 6.83 1.75 N/A 1.10


performance target

Out-

performed

Out-

performed N/A

Out-

performed


years and since launch.

According to the investment manager, security selection was

the biggest contributor. Asset allocation contributed to

performance due to the portfolio's overweight exposure to

corporate bonds.

22


INVESTMENT REPORT





Manulife MPF Age 65 Plus Fund

Launch date: 01/04/2017 7.90 N/A N/A 4.44


(FTSE MPF DIS Reference Portfolio-

Age 65 Plus Fund)

7.50 N/A N/A 4.41


performance target

Out-

performed N/A N/A

Out-

performed

Trustee's commentary The fund has outperformed the DIS Reference Portfolio over 1

year and since launch.

The fund is a passively managed fund tracked against the DIS

Reference Portfolio. During the period, the fund closely tracked

the Reference Portfolio.

Manulife MPF Growth Fund

Launch date: 01/12/2000 36.83 8.52 4.62 4.38


(Lipper Lifestyle- (>60-80% Equity)

Median)

34.97 8.61 5.00 5.00


performance target

Out-

performed

Under-

performed

Under-

performed

Under-

performed

Trustee's commentary The fund has outperformed the market median over 1 year and it

has underperformed the market median over 5 years, 10 years and

since launch.

According to the investment manager, the underweight in

international bonds and the security selection in Hong Kong

equities contributed to the performance.

23


INVESTMENT REPORT





Manulife MPF Fidelity Stable Growth Fund

Launch date: 01/09/2003 22.17 6.39 4.00 5.41


(Lipper Lifestyle - (>40-60% Equity) Median) 26.32 6.45 3.92 4.46


performance target

Under-

performed

Under-

performed Out-performed Out-performed

Trustee's commentary The fund has underperformed the market median over 1

year and 5 years while it has outperformed the market

median over 10 years and since launch.

According to the investment manager, stock selection in

the US and Japan slightly detracted from performance,

while the fund has slightly outperformed the internal

benchmark. There were two major reasons for the fund's

underperformance compared with peers. The manager's

disciplined security selection approach resulted in its not

chasing some of the "hot stocks". The fund experienced far

less drawdown in Q1 2020 during the COVID crisis

significantly outperforming the peer group at that time.

After Q2 2020, the market staged a V-shape rebound and

managers who had larger drawdowns in Q1 2020 generally

experienced higher rebounds in percentage return terms.

Compared to the 1-year peer group (that no longer

included Q1 2020), the fund performance appeared weaker

against that of its peer group.

Manulife MPF International Equity Fund

Launch date: 01/12/2000 56.85 12.60 8.36 3.84


(Lipper Global Equity Fund Median) 50.35 10.05 7.24 6.08


performance target

Out-

performed

Out-

performed Out-performed

Under-

performed

Trustee's commentary The fund has outperformed the market median over 1 year,

5 years and 10 years but has underperformed the market

median since launch.

According to the investment manager, security selection in

both European equities and North American equities

contributed to the return.

24


INVESTMENT REPORT





Manulife MPF North American Equity

Fund

Launch date: 01/12/2000

62.46 14.38 11.38 4.42


(Lipper United States Equity Median) 54.30 13.84 11.37 9.87


performance target

Out-

performed

Out-

performed

Out-

performed

Under-

performed


years and 10 years but underperformed the market median since

launch.

According to the investment manager, security selection and

overweights in both the consumer discretionary and financials

sectors helped push the fund well ahead during this period.

Positioning in the healthcare, energy and communication

services sectors and stock picks in the information technology

sector further aided performance.

25


INVESTMENT REPORT





Manulife MPF European Equity Fund

Launch date: 01/12/2000 57.92 12.28 6.57 2.29


(Lipper European Equity Median) 43.11 6.26 4.49 3.35


performance target

Out-

performed

Out-

performed

Out-

performed

Under-

performed

Trustee's commentary The fund has significantly outperformed the market median over

1 year, 5 years and 10 years. It has underperformed the market

median in the since launch period.

The performance of the fund has continuously improved since

the underlying sub-investment manager was replaced in mid

January 2019.

According to the investment manager, both stock selection and

sector allocation contributed to the strong performance over 1

year, with the latter particularly due to the strategy's strong

overweight of IT and underweighting Utilities (no exposure) and

Consumer Staples. Stock selection within the Industrials, IT and

Healthcare sectors was especially strong.

26


INVESTMENT REPORT





Manulife MPF Smart Retirement Fund

Launch date: 21/02/2011 27.09 6.63 3.51 3.61




performance target

Out-

performed

Out-

performed

Out-

performed

Out-

performed

Trustee's commentary The fund has outperformed the FER-adjusted Benchmark over

1 year, 5 years, 10 years and since launch.

According to the investment manager, both underweighting

international bonds and security selection of international bonds

contributed to performance.

Manulife MPF Retirement Income Fund


N/A N/A N/A N/A

Benchmark / Performance Target N/A N/A N/A N/A


performance target

N/A N/A N/A N/A

Trustee's commentary The fund was launched on 21 September 2020 and there is no

annualized return available at 31 March 2021.

Manulife MPF Core Accumulation

Fund


29.36 N/A N/A 8.40


(FTSE MPF DIS Reference Portfolio-

Core Accumulation Fund)

29.05 N/A N/A 8.32


performance target

Out-

performed N/A N/A

Out-

performed

Trustee's commentary The fund has outperformed the DIS Reference Portfolio over 1

year and since launch.

The fund is a passively managed fund tracked against the DIS

Reference Portfolio. During the period, the fund was closely

tracking the Reference Portfolio.

27


INVESTMENT REPORT





Manulife MPF Healthcare Fund

Launch date: 02/04/2008 24.35 7.31 9.00 7.45


(Lipper Global Equity Median) 50.35 10.05 7.24 6.08


performance target

Under-

performed

Under-

performed

Out-

performed

Out-

performed

Trustee's commentary There is no market median performance information available

for comparison as the fund is the only sector equity fund in the

MPF in the reporting period.

Because this fund is an equity fund investing globally, the

"Lipper MPF Global Equity Fund category median" is used as

the performance target for the fund.

The fund has underperformed the market median over 1 year

and 5 years but outperformed the market median over 10 years

and since launch.

According to the investment manager, the fund's relatively

large allocation to cash and an underweight to the life science

tools and services sub-sector detracted from performance.

Individual detractors included a US biotechnology company,

which underperformed as a result of unfounded investor

concerns related to the pricing and sustainability of revenues

for its COVID-19 treatment. The investment manager's

fundamental research unequivocally supports the long-term

revenue prospects for this asset. A large-capitalisation

biopharmaceutical company was impacted by negative

headline risk related to its COVID-19 vaccine as well as

investor concerns related to its acquisition of a US

biotechnology company. A Swiss multinational pharmaceutical

company underperformed due to the unanticipated delay to a

key pipeline product in development.

28


INVESTMENT REPORT





Manulife MPF Aggressive Fund

Launch date: 01/12/2000 48.16 10.71 5.80 4.62



Median)

46.30 10.17 5.69 5.71


performance target

Out-

performed

Out-

performed

Out-

performed

Under-

performed

Trustee's commentary The fund has outperformed the market median over 1 year, 5 years

and 10 years while it underperformed compared with the market

median since launch.

According to the investment manager, stock selection within the

underlying Hong Kong Equities Fund and European Equities

Fund contributed to performance.

Manulife MPF Fidelity Growth Fund

Launch date: 01/09/2003 41.17 10.02 5.79 7.52



Median)

46.30 10.17 5.69 5.71


performance target

Under-

performed

Under-

performed

Out-

performed

Out-

performed

Trustee's commentary The fund has underperformed the market median over 1 year and

5 years while it has outperformed the market median over 10 years

and since launch.

According to the investment manager, stock selection In the US

and Japan slightly detracted from performance. However, the fund

has slightly outperformed the internal benchmark. Two major

reasons accounted for the fund's underperformance compared to

peers. The manager's disciplined security selection approach

result in it not chasing some of the "hot stocks". The fund

experienced far less drawdown in Q1 2020 during the COVID

crisis significantly outperforming the peer group at that time.

After Q2 2020, the market staged a V-shape rebound and some

managers who had larger drawdowns in Q1 2020 generally

experienced a higher rebound in percentage return terms.

Compared to the 1-year peer group (that no longer include Q1

2020), the fund performance appeared weaker than that of its peer

group.

29


INVESTMENT REPORT





Manulife MPF Pacific Asia Equity Fund

Launch date: 01/12/2000 63.63 12.56 4.96 6.09


(Lipper Pacific Basin ex Japan Equity

Median)

64.87 11.46 4.30 5.85


performance target

Under-

performed

Out-

performed

Out-

performed

Out-

performed

Trustee's commentary The fund underperformed the market median over 1 year but

outperformed the market median over 5 years, 10 years and

since launch.

According to the investment manager, the asset allocation

decisions at the country and sector level detracted from

performance, the primary detractor being its cash holding.

Apart from stock selection in Australia and China and the

overweight to Indonesia, stock selection in the industrials

sector hindered performance.

Manulife MPF Japan Equity Fund

Launch date: 01/12/2000 45.76 9.14 7.28 2.14


(Lipper Japanese Equity Median) 42.80 8.44 6.35 1.17


performance target

Out-

performed

Out-

performed

Out-

performed

Out-

performed


years, 10 years and since launch.

According to the investment manager, the most positive

contributing stocks were a sushi conveyor-belt restaurant

chain, an online fashion retailer and a company that assembles

motor vehicles and manufactures automotive parts.

30


INVESTMENT REPORT





Manulife MPF Hong Kong Equity

Fund


43.15 12.09 5.19 5.50


(Lipper Hong Kong Equity Median) 40.20 11.10 5.11 7.62


performance target

Out-

performed Out-performed Out-performed

Under-

performed

Trustee's commentary The fund has outperformed the market median over 1 year, 5 years

and 10 years but underperformed the market median since launch.

According to the investment manager, the outperformance was broad

based as stock selection and asset allocation decisions at the sector

and market level both contributed positively. Stock selection in

consumer goods and financials and the overweight in China's

consumer services sector also added to performance.

Manulife MPF 2045 Retirement

Fund


49.19 11.15 6.08 6.17




performance target

Out-

performed Out-performed Out-performed Out-performed

Trustee's commentary The fund has outperformed the FER-adjusted Benchmark over 1

year, 5 years, 10 years and since launch.

According to the investment manager, security selection in the

European equities fund and the Hong Kong equities fund contributed

to performance.

31


INVESTMENT REPORT





Manulife MPF 2040 Retirement

Fund


48.65 11.03 6.01 6.09




performance target

Out-

performed Out-performed Out-performed Out-performed




European equities fund and the Hong Kong equities fund contributed

to performance.

32


INVESTMENT REPORT





Manulife MPF 2035 Retirement Fund

Launch date: 21/02/2011 46.58 10.76 5.90 5.98




performance target

Out-

performed

Out-

performed

Out-





European equities fund and the Hong Kong equities fund

contributed to performance.


Launch date: 21/02/2011 41.79 10.01 5.52 5.60




performance target

Out-

performed

Out-

performed

Out-





international bonds and security selection in the Hong Kong

equities fund contributed to performance.


Launch date: 21/02/2011 32.37 8.29 4.69 4.79




performance target

Out-

performed

Out-

performed

Out-

performed

Out-

performed




international bonds and security selection in the Hong Kong

equities fund contributed to performance.

33


INVESTMENT REPORT





Since

Launch

Manulife MPF Hang Seng Index

Tracking Fund


22.54 8.93 N/A 6.06


(Hang Seng Total Return Index) 23.93 10.28 N/A 7.47


performance target

Under-

performed

Under-

performed N/A

Under-

performed

Trustee's commentary The fund has underperformed the Hang Seng Total Return Index

over 1 year, 5 years and since launch.

The fund is an index-tracking fund to track the Hang Seng Index

(Total Return), its performance is in line with the Hang Seng Total

Return Index for the reporting period.

Manulife MPF China Value Fund

Launch date: 01/02/2006 46.83 13.36 5.35 8.64


(Lipper Greater China Equity Median) 60.53 15.59 6.87 8.44


performance target

Under-

performed

Under-

performed

Under-

performed

Out-

performed

Trustee's commentary The fund has underperformed the market median over 1 year, 5

years and 10 years but outperformed since launch.

According to the investment manager, stock selection in the

Taiwan consumer goods sector and the underweight in Taiwan

equities detracted from performance. A key detractor was a

leading hypermarket chain in China that reported results below

expectations in 2020 due to lower profit margins. The company

is expanding its footprint in community group purchases and

strengthening its multi-channel business models. The current

stock valuation is believed underestimated by the market and is

expected to have potential to rebound.

* The FER-adjusted benchmark performance is an annualized figure of the benchmark performance adjusted

by the Fund Expense Ratio (FER) in which the relevant Constituent Fund (CF) incurred in the captioned period.

34


INVESTMENT REPORT



B. Supporting information in relation to the Trustee's assessment framework for deriving its

commentary and the Trustee's actions, if any, to address its concerns raised in its commentary in

Section A

The Trustee has established an assessment and monitoring framework to assess and review the performance

of the investment funds via an Investment Management Control Committee ("IMCC") comprising

representatives from different technical areas, reporting to the Board of the Trustee on a regular basis. The

IMCC reviews each investment fund's absolute and relative performance (if applicable) over different

periods to identify investment funds delivering unsatisfactory performance. If underperformance persists,

further enhanced monitoring and management action will be arranged as required until it reaches a

satisfactory level.

The International Bond Fund was mentioned in the report last year due to its unsatisfactory performance.

The IMCC worked closely with the investment manager to launch several initiatives in mid-2020 to enhance

performance. Continuous improvement has been recorded since Q3 2020, and it was ranked in the first

quartile for the past 1 year at March 2021.

In addition, we are glad to report that one of the major initiatives, which we introduced in 2019, i.e. the

multi-managers' platform, has proved effective in achieving diversification purposes. The performance of

both the Hong Kong Equity Fund and the North American Equity Fund has improved significantly. The

board has endorsed a strategy extension to Healthcare Fund with the implementation of multi-managers

approach by end 2021 tentatively, subject to relevant regulatory approval.

In consideration of the likely relaxation of investment in the China A shares market in 2020, the Trustee

approved the replacement of one of the underlying sub-investment managers of the China Value Fund by a

manager with strong China A share investment capability. The replacement was completed successfully

effective February 2021. The IMCC has also considered alternatives to address other performance issues

of the fund with a plan to execute the alternative solutions in the later part of 2021.

In August 2020, Vanguard, that is managing the two Default Investment Strategy Funds (i.e. the Core

Accumulation Fund and the Age 65 Plus Fund), announced its exit from Hong Kong in orderly fashion due

to its Asia Strategy Shift. The Board has been informed by Vanguard that the DIS funds will be transited to

another Investment Manager, subject to regulatory approval. The Trustee views this arrangement positively

as it creates the least impact for the members.

The IMCC will continue to closely monitor the performance of each constituent fund for the best interest

of all members while also working proactively with the investment managers to introduce new initiatives

that can help to sustain or enhance the overall investment performance of our funds.

35

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Hig

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Net

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48

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Hig

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Net

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49

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Hig

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22

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Net

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Hig

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Net

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51

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Hig

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17

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14

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Net

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The

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Hig

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Net

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53

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Hig

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13

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Net

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54

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#

17

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Net

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Net

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56

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Net

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57

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16

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Net

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Net

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Net

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60

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Hig

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Net

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61

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Hig

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N/A

9

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N/A

7

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Net

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0.0

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8

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(3

.58 )

(5.6

2 )

(6.7

9 )

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(7.4

9 )

(7.5

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ear.

69


INVESTMENT REPORT


Investment portfolio at 31 March 2021

Name Quoted investments Holdings Market value Cost % of

of Fund - approved pooled investment fund Units HK$ HK$ net assets

MGAG Aggressive Unit Trust Fund 1,139,477,637 28,524,052,580 19,839,143,240 100.00

MGCP Conservative Unit Trust Fund 1,161,527,597 13,176,883,623 13,087,619,338 100.00

MGEE European Equity Unit Trust Fund 237,770,523 3,767,887,419 2,961,837,956 100.00

MGGR Growth Unit Trust Fund 877,353,573 20,984,850,721 15,909,356,490 100.00

MGHB Hong Kong Bond Unit Trust Fund 231,038,394 3,519,357,490 3,463,868,875 100.00

MGHE Hong Kong Equity Unit Trust Fund 517,414,450 15,357,677,351 13,306,906,211 100.00

MGIB International Bond Unit Trust Fund 326,885,479 5,702,852,247 5,640,871,685 100.00

MGIE International Equity Unit Trust Fund 341,539,886 7,341,443,568 5,093,802,644 100.00

MGIT Interest Fund Policy N/A 26,594,442,039 26,594,442,039 100.00

MGJE Japan Equity Unit Trust Fund 146,531,034 2,255,302,232 2,158,115,032 100.00

MGNE North American Equity Unit Trust Fund 567,472,766 13,673,831,140 11,059,412,661 100.00

MGPE Pacific Asia Equity Unit Trust Fund 361,060,316 12,014,432,939 9,596,880,050 100.00

MGST Stable Fund Policy 957,197,521 16,347,208,792 14,400,546,348 100.00

MGFG Growth Unit Trust Fund (Series I) 293,633,588 10,510,225,508 7,895,641,088 100.00

MGFS Stable Growth Unit Trust Fund 323,858,615 8,185,343,189 6,835,625,101 100.00

MGCV China Value Unit Trust Fund 1,033,902,044 36,325,039,983 27,628,847,265 100.00

MGHC Healthcare Unit Trust Fund 1,288,191,094 32,769,958,307 27,578,265,565 100.00

MGHS Hang Seng Index Tracking

Unit Trust Fund 346,718,494 5,863,234,404 5,430,798,706 100.00

MGPB Pacific Asia Bond Unit Trust Fund 145,374,329 1,747,089,347 1,672,811,778 100.00

MGRB RMB Bond Unit Trust Fund 179,741,655 2,052,714,590 1,970,768,700 100.00

70


INVESTMENT REPORT


Investment portfolio at 31 March 2021 (continued)

Name Quoted investments Holdings Market value Cost % of

of Fund - approved pooled investment fund Units HK$ HK$ net assets

MG15 Smart Retirement Unit Trust Fund 81,368,847 1,164,216,598 1,074,900,329 100.00

MG20 2020 Retirement Unit Trust Fund* - - - -

MG25 2025 Retirement Unit Trust Fund 52,724,151 845,777,524 693,545,696 100.00




MG45 2045 Retirement Unit Trust Fund 70,457,872 1,290,665,611 986,952,713 100.00

MGAP Age 65 Plus Unit Trust Fund 306,299,907 3,644,324,746 3,570,424,051 100.00

MGCA Core Accumulation Unit Trust Fund 848,533,016 11,713,379,704 10,038,338,067 100.00

MGRI Retirement Income Unit Trust Fund 130,952,585 1,406,836,979 1,407,569,706 100.00

Note: Investments are accounted for on a trade day basis.

* MG20 had no operations since 5 January 2021 and terminated on 25 March 2021.

71


INVESTMENT REPORT


Statement of movement in portfolio holdings

Year Year

ended ended

31 March 2021 31 March 2020

Name Quoted investments % of % of

of Fund - approved pooled investment fund net assets net assets

MGAG Aggressive Unit Trust Fund 100.00 100.00

MGCP Conservative Unit Trust Fund 100.00 100.00

MGEE European Equity Unit Trust Fund 100.00 100.00

MGGR Growth Unit Trust Fund 100.00 100.00

MGHB Hong Kong Bond Unit Trust Fund 100.00 100.00

MGHE Hong Kong Equity Unit Trust Fund 100.00 100.00

MGIB International Bond Unit Trust Fund 100.00 100.00

MGIE International Equity Unit Trust Fund 100.00 100.00

MGIT Interest Fund Policy 100.00 100.00

MGJE Japan Equity Unit Trust Fund 100.00 100.00

MGNE North American Equity Unit Trust Fund 100.00 100.00

MGPE Pacific Asia Equity Unit Trust Fund 100.00 100.00

MGST Stable Fund Policy 100.00 100.00

MGFG Growth Unit Trust Fund (Series I) 100.00 100.00

MGFS Stable Growth Unit Trust Fund 100.00 100.00

MGCV China Value Unit Trust Fund 100.00 100.00

MGHC Healthcare Unit Trust Fund 100.00 100.00

MGHS Hang Seng Index Tracking Unit Trust Fund 100.00 100.00

MGPB Pacific Asia Bond Unit Trust Fund 100.00 100.00

MGRB RMB Bond Unit Trust Fund 100.00 100.00

72


INVESTMENT REPORT


Statement of movement in portfolio holdings (continued)

Year/period Year

ended ended

31 March 2021 31 March 2020

Name Quoted investments % of % of

of Fund - approved pooled investment fund net assets net assets

MG15 Smart Retirement Unit Trust Fund 100.00 100.00

MG20 2020 Retirement Unit Trust Fund* - 100.00

MG25 2025 Retirement Unit Trust Fund 100.00 100.00





MGAP Age 65 Plus Unit Trust Fund 100.00 100.00

MGCA Core Accumulation Unit Trust Fund 100.00 100.00

MGRI Retirement Income Unit Trust Fund** 100.00 -

* MG20 had no operations since 5 January 2021 and terminated on 25 March 2021.

** MGRI was launched on 21 September 2020.

73


INVESTMENT REPORT


Fund expense ratio

Year ended Year ended

Name Quoted investments 31 March 2021 31 March 2020

of Fund - approved pooled investment fund % %

MGAG Aggressive Unit Trust Fund 1.79 1.80

MGCP Conservative Unit Trust Fund 0.72 0.77

MGEE European Equity Unit Trust Fund 1.78 1.81

MGGR Growth Unit Trust Fund 1.78 1.78

MGHB Hong Kong Bond Unit Trust Fund 1.18 1.18

MGHE Hong Kong Equity Unit Trust Fund 1.79 1.81

MGIB International Bond Unit Trust Fund 1.17 1.18

MGIE International Equity Unit Trust Fund 1.77 1.79

MGIT Interest Fund Policy 1.78 1.79

MGJE Japan Equity Unit Trust Fund 1.80 1.80

MGNE North American Equity Unit Trust Fund 1.74 1.78

MGPE Pacific Asia Equity Unit Trust Fund 1.82 1.85

MGST Stable Fund Policy 1.77 1.77

MGFG Growth Unit Trust Fund (Series I) 1.78 1.78

MGFS Stable Growth Unit Trust Fund 1.77 1.78

MGCV China Value Unit Trust Fund 1.96 2.00

MGHC Healthcare Unit Trust Fund 1.92 1.93

MGHS Hang Seng Index Tracking Unit Trust Fund 1.01 1.01

MGPB Pacific Asia Bond Unit Trust Fund 1.24 1.26

MGRB RMB Bond Unit Trust Fund 1.19 1.21

74


INVESTMENT REPORT


Fund expense ratio (continued)

Year/period ended Year ended

Name Quoted investments 31 March 2021 31 March 2020

of Fund - approved pooled investment fund % %

MG15 Smart Retirement Unit Trust Fund 1.05 1.08


(for the period from 1 April 2020 to

25 March 2021 (date of termination))






MGAP Age 65 Plus Unit Trust Fund 0.80 0.78

MGCA Core Accumulation Unit Trust Fund 0.76 0.76

MGRI Retirement Income Unit Trust Fund 0.72 -

(fund expense ratio for the period from 21 September 2020

(date of inception) to 31 March 2021)

75

EY Zéik Ernst & Young 27/F, One Taikoo Place 979 King's Road Ouarry Bay, Hong Kong

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INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF MANULIFE GLOBAL SELECT (MPF) SCHEME

Report on the audit of the financial statements

Opinion

We have audited the financial statements of Manulife Global Select (MPF) Scheme (the "Scheme") set out on pages 80 to 146, which comprise the statement of net assets available for benefits as at 31 March 2021, and the statement of profit or loss and other comprehensive income, the statement of changes in net assets available for benefits and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the financial statements give a true and fair view of the financial position of the Scheme as at31 March 2021, and its financial transactions and cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards ("HKFRSs") issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA").

Basis for opinion

We conducted our audit in accordance with Hong Kong Standards on Auditing ("HKSAs") and with reference to Practice Note 860.1 (Revised), The Audit of Retirement Schemes issued by the HKICPA. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Scheme in accordance with the HKlCPA's Code of Ethics for Professional Accountants (the "Code"), and we have fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of matter

We draw attention to note 2.1 to the financial statements which describes that Manulife MPF 2020 Retirement Fund was terminated on 25 March 2021. Accordingly, the financial statements of Manulife MPF 2020 Retirement Fund for the period from 1 April 2020 to 25 March 2021 (date of termination) have been prepared on a liquidation basis as described in note 2.1. Our opinion is not modified in respect of this matter.

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

The trustee of the Scheme is responsible for the other information. The other information comprises the information included in the consolidated report, other than the financial statements, our auditor's report and independent auditor's assurance report.

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

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

76

A member firm of Ernst & Young Global Limited

EY wk

INDEPENDENT AUDlTOR'S REPORT (continued) TO THE TRUSTEE OF MANULIFE GLOBAL SELECT (MPF) SCHEME

Responsibilities of trustee for the financial statements

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

In preparing the financial statements, the trustee is responsible for assessing the Scheme's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustee either intends to liquidate the Scheme or to cease operations, or has no realistic alternative but to do so.

In addition, the trustee is required to ensure that the financial statements have been properly prepared in accordance with sections 80, 81, 83 and 84 of the Mandatory Provident Fund Schemes (General) Regulation (the "General Regulation").

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Our report is made solely to you, as a body, in accordance with Section 102 of the General Regulation, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with HKSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. In addition, we are required to assess whether the financial statements of the Scheme have been properly prepared, in all material respects, in accordance with sections 80, 81, 83 and 84 of the General Regulation.

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

. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Scheme's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustee.

77

A member firm of Ernst 8. Young Global Limited

EY we(

INDEPENDENT AUDlTOR'S REPORT (continued) TO THE TRUSTEE OF MANULIFE GLOBAL SELECT (MPF) SCHEME

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

. For the Scheme and the individual constituent funds, including Manulife MPF Aggressive Fund, Manulife MPF Conservative Fund, Manulife MPF European Equity Fund, Manulife MPF Growth Fund, Manulife MPF Hong Kong Bond Fund, Manulife MPF Hong Kong Equity Fund, Manulife MPF Interest Fund, Manulife MPF International Bond Fund, Manulife MPF International Equity Fund, Manulife MPF Japan Equity Fund, Manulife MPF North American Equity Fund, Manulife MPF Pacific Asia Equity Fund, Manulife MPF Stable Fund, Manulife MPF Fidelity Growth Fund, Manulife MPF Fidelity Stable Growth Fund, Manulife MPF China Value Fund, Manulife MPF Healthcare Fund, Manulife MPF Pacific Asia Bond Fund, Manulife MPF Hang Seng Index Tracking Fund, Manulife MPF RMB Bond Fund, Manulife MPF Smart Retirement Fund, Manulife MPF 2025 Retirement Fund, Manulife MPF 2030 Retirement Fund, Manulife MPF 2035 Retirement Fund, Manulife MPF 2040 Retirement Fund, Manulife MPF 2045 Retirement Fund, Manulife MPF Age 65 Plus Fund, Manulife MPF Core Accumulation Fund and Manulife MPF Retirement income Fund (the "CFs"), conclude on the appropriateness of the trustee's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Scheme's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Scheme and the CFs to cease to continue as a going concern. For Manulife MPF 2020 Retirement Fund, conclude on the appropriateness of the trustee's use of the going concern basis of accounting. When such use is inappropriate and the trustee uses an alternative basis of accounting, we conclude on the appropriateness of the trustee's use of the alternative basis of accounting. We also evaluate the adequacy of the disclosures describing the alternative basis of accounting and reasons for its use. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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

78


EY Bik

INDEPENDENT AUDITOR'S REPORT (continued) TO THE TRUSTEE OF MANULIFE GLOBAL SELECT (MPF) SCHEME

Report on matters under the Mandatory Provident Fund Schemes (General) Regulation

a. In our opinion, the financial statements have been properly prepared, in all material respects, in accordance with sections 80, 81, 83 and 84 of the General Regulation.

b. We have obtained all the information and explanations which, to the best of our knowledge and belief, are necessary for the purpose of our audit.

-T\ Q.

Certified Public Accountants Hong Kong 14 September 2021

79



STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME


2021 2020

HK$ HK$

INVESTMENT INCOME

Dividend income 9,947,686 -

Net realised gains on disposal of investments

at fair value through profit or loss 12,545,382,308 3,446,148,098

Net change in unrealised gains/losses on investments

at fair value through profit or loss 49,637,582,083 (19,605,718,497) ______________ ______________

62,192,912,077 (16,159,570,399)

OTHER INCOME

Interest income 717,864 1,115,243 ______________ ______________

62,193,629,941 (16,158,455,156)

EXPENSES

Bank charges 1,033,115 1,011,814 ______________ ______________

PROFIT/(LOSS) AND TOTAL COMPREHENSIVE

INCOME FOR THE YEAR 62,192,596,826 (16,159,466,970) ______________ ______________ ______________ ______________

80


STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS

At 31 March 2021

Notes 2021 HK$

2020 HK$

ASSETS Investments at fair value through profit or loss Contribution receivables from employers Contribution receivables Bom employees Amounts receivable on sale of investments Other receivables Cash and cash equivalents

6

l 1(b) 11(b)

7

289,242,619,950 544,263,891 285,511,703 806,106,836 57,098,473

844,128,588

208,264,729,153 596,619,767 361,007,160 878,406,601 40,000,404

702,868,295

TOTAL ASSETS 291,779,729,441 210,843,631,380

LIABILITIES Benefits payable Amounts payable on purchase of investments Other payables

11(b) 176,874,534 667,755,338 351,373,885

135,312,866 815,694,236 252,540,408

TOTAL LIABILITIES 1,196,003,757 1,203,547,510

EQUITY Net assets available for benefits 290,583,725,684 209,640,083,870

TOTAL LIABILITIES AND EQUITY 291,779,729,441 210,843,631,380

For and on behalf of Manulife Provident Funds Trust Company Limited

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ellen Leuri Director

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I/R5ymond N

Director

81


STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS

At 31 March 2021

Notes 2021 HK$

2020 HK$

ASSETS Investments at fair value through profit or loss Contribution receivables from employers Contribution receivables Bom employees Amounts receivable on sale of investments Other receivables Cash and cash equivalents

6

l 1(b) 11(b)

7

289,242,619,950 544,263,891 285,511,703 806,106,836 57,098,473

844,128,588

208,264,729,153 596,619,767 361,007,160 878,406,601 40,000,404

702,868,295

TOTAL ASSETS 291,779,729,441 210,843,631,380

LIABILITIES Benefits payable Amounts payable on purchase of investments Other payables

11(b) 176,874,534 667,755,338 351,373,885

135,312,866 815,694,236 252,540,408

TOTAL LIABILITIES 1,196,003,757 1,203,547,510

EQUITY Net assets available for benefits 290,583,725,684 209,640,083,870

TOTAL LIABILITIES AND EQUITY 291,779,729,441 210,843,631,380

For and on behalf of Manulife Provident Funds Trust Company Limited

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ellen Leuri Director

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I/R5ymond N

Director

81


STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS


Notes 2021 2020

HK$ HK$

BALANCE BROUGHT FORWARD 209,640,083,870 207,290,714,011 ______________ ______________

CONTRIBUTIONS RECEIVED AND RECEIVABLE 4

From employers

Normal or mandatory 6,936,571,253 6,696,699,224

Additional voluntary 1,606,604,766 1,611,395,839

From members

Normal or mandatory 6,803,717,049 6,560,601,850

Additional voluntary 1,427,351,947 1,047,394,681

Transfers in

Group transfers in from other schemes 2,849,039,622 4,474,883,991

Individual transfers in from other schemes 15,791,249,287 11,240,191,556 ______________ ______________

35,414,533,924 31,631,167,141 ______________ ______________

BENEFITS PAID AND PAYABLE 5

Death or disability benefits ( 299,570,094) ( 263,344,056)

Lump sum retirement benefits ( 3,496,319,420) ( 2,734,858,639)

Payments to and on account of leavers

Refunds of contributions ( 4,424,253,433) ( 3,415,038,659)

Group transfers out to other schemes ( 175,687,320) ( 171,215,896)

Individual transfers out to other schemes ( 8,157,090,936) ( 6,391,179,253)

Withdrawal from special voluntary contribution ( 110,567,733) ( 146,693,809) ______________ ______________

( 16,663,488,936) ( 13,122,330,312) ______________ ______________

228,391,128,858 225,799,550,840

Total comprehensive income for the year 62,192,596,826 ( 16,159,466,970) ______________ ______________

BALANCE CARRIED FORWARD 290,583,725,684 209,640,083,870 ______________ ______________ ______________ ______________

82


STATEMENT OF CASH FLOWS


Note 2021 2020

HK$ HK$

CASH FLOWS FROM OPERATING ACTIVITIES

Profit/(loss) for the year 62,192,596,826 ( 16,159,466,970)

Adjustments for:

Net change in unrealised gains/losses on investments

at fair value through profit or loss ( 49,637,582,083) 19,605,718,497

Net realised gains on disposal of investments

at fair value through profit or loss ( 12,545,382,308) ( 3,446,148,098)

Interest income ( 717,864) ( 1,115,243) _______________ ______________

8,914,571 ( 1,011,814)

(Increase)/decrease in other receivables ( 17,098,069) 1,424,396

Increase in other payables 98,833,477 63,539,721 _______________ ______________

Net cash flows from operating activities 90,649,979 63,952,303 _______________ ______________

CASH FLOWS FROM INVESTING ACTIVITIES

Purchases of investments at fair value

through profit or loss (150,891,695,273) (102,623,930,748)

Sales of investments at fair value through profit or loss 132,146,737,369 84,316,855,661

Interest received 717,864 1,115,243 _______________ ______________

Net cash flows used in investing activities ( 18,744,240,040) ( 18,305,959,844) _______________ ______________

CASH FLOWS FROM FINANCING ACTIVITIES

Contributions received 35,426,725,308 31,457,636,166

Benefits paid ( 16,621,927,268) ( 13,094,025,776)

Distribution paid ( 9,947,686) - _______________ ______________

Net cash flows from financing activities 18,794,850,354 18,363,610,390 _______________ ______________

NET INCREASE IN CASH AND CASH EQUIVALENTS 141,260,293 121,602,849

Cash and cash equivalents at beginning of year 702,868,295 581,265,446 _______________ ______________

CASH AND CASH EQUIVALENTS AT END OF YEAR 844,128,588 702,868,295 _______________ ______________ _______________ ______________

ANALYSIS OF BALANCES OF CASH AND CASH

EQUIVALENTS

Bank balances 7 844,128,588 702,868,295 _______________ _____________ _______________ _____________

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Pro

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Pro

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115


NOTES TO FINANCIAL STATEMENTS

31 March 2021

1. THE SCHEME

The Manulife Global Select (MPF) Scheme (the "Scheme") is established and governed by its trust

deed dated 29 April 2000 (the "Trust Deed"), with the latest consolidated Trust Deed dated 14

September 2020, as amended. The Scheme is approved by the Mandatory Provident Fund Schemes

Authority (the "MPFA") as a master trust scheme under the requirements of the Mandatory Provident

Fund Schemes Ordinance (the "MPFSO") and the Mandatory Provident Fund Schemes (General)

Regulation (the "General Regulation").

At 31 March 2021, the Scheme offers twenty-nine constituent funds. Each constituent fund has been

structured as a feeder fund, the assets of which are invested directly in a corresponding approved

pooled investment fund ("APIF").

Pursuant to the MPF Scheme Brochure, with the approval of the MPFA and the Securities and Futures

Commission (the "regulators"), upon reaching its maturity date, the Manulife MPF 2020 Retirement

Fund (the "2020 Retirement Fund") was closed with member's accumulation being invested into the

Manulife MPF Smart Retirement Fund. The Trustee obtained the approval-in-principle on the

application for termination and cancellation of approved status of the 2020 Retirement Fund from the

regulators on 10 September 2020. The 2020 Retirement Fund then matured and was terminated on 4

January 2021 as planned. The regulators provided the final approval on the termination of the 2020

Retirement Fund on 25 March 2021. The approval status of the 2020 Retirement Fund was also

cancelled on the same date.

2.1 BASIS OF PREPARATION

These financial statements have been prepared in accordance with Hong Kong Financial Reporting

Standards ("HKFRSs") (which include all Hong Kong Financial Reporting Standards, Hong Kong

Accounting Standards ("HKASs") and Interpretations) issued by the Hong Kong Institute of Certified

Public Accountants (the "HKICPA"), accounting principles generally accepted in Hong Kong and the

General Regulation. They have been prepared under the historical cost convention, except for the

remeasurement of investments at fair value through profit or loss as further explained below. These

financial statements are presented in Hong Kong Dollars.

As a result of the termination of Manulife MPF 2020 Retirement Fund ("MG20") as disclosed in note

1 to the financial statements, the financial statements of the MG20 for the year ended 31 March 2020

were prepared on a liquidation basis and the financial statements for the current period from 1 April

2020 to 25 March 2021 (date of termination) have continued to be prepared on a liquidation basis. All

assets and liabilities of the MG20 were transferred to another CF offered by the Scheme on 5 January

2021, no assets nor liabilities were held by the MG20 at the date of termination. No expenses

associated with the termination of MG20 are provided as they will be borne by the trustee.

116



31 March 2021

2.2 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES

The Scheme has adopted the Conceptual Framework for Financial Reporting 2018 and the following

revised HKFRSs for the first time in the current year's financial statements, which are applicable to

the Scheme.

Amendments to HKFRS 3 Definition of a Business

Amendments to HKFRS 9, Interest Rate Benchmark Reform

HKAS 39 and HKFRS 7

Amendments to HKAS 1 Definition of Material

and HKAS 8

The nature and the impact of the Conceptual Framework for Financial Reporting 2018 and the revised

HKFRSs are described below:

Conceptual Framework for Financial Reporting 2018 (the “Conceptual Framework”)

The Conceptual Framework sets out a comprehensive set of concepts for financial reporting and

standard setting, and provides guidance for preparers of financial statements in developing consistent

accounting policies and assistance to all parties to understand and interpret the standards. The

Conceptual Framework is not a standard, and none of the concepts contained therein override the

concepts or requirements in any standard. The Conceptual Framework did not have any significant

impact on the financial position and performance of the Scheme.

Amendments to HKFRS 3 Definition of a Business

Amendments to HKFRS 3 clarify and provide additional guidance on the definition of a business. The

amendments clarify that for an integrated set of activities and assets to be considered a business, it

must include, at a minimum, an input and a substantive process that together significantly contribute

to the ability to create output. A business can exist without including all of the inputs and processes

needed to create outputs. The amendments remove the assessment of whether market participants are

capable of acquiring the business and continuing to produce outputs. Instead, the focus is on whether

acquired inputs and acquired substantive processes together significantly contribute to the ability to

create outputs. The amendments have also narrowed the definition of outputs to focus on goods or

services provided to customers, investment income or other income from ordinary activities.

Furthermore, the amendments provide guidance to assess whether an acquired process is substantive

and introduce an optional fair value concentration test to permit a simplified assessment of whether

an acquired set of activities and assets is not a business. The Scheme has applied the amendments

prospectively to transactions or other events that occurred on or after 1 January 2020. The amendments

did not have any impact on the financial position and performance of the Scheme.

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

Amendments to HKFRS 9, HKAS 39 and HKFRS 7 address the effects of interbank offered rate

reform on financial reporting. The amendments provide temporary reliefs, which enable hedge

accounting to continue during the period of uncertainty before the replacement of an existing interest

rate benchmark. In addition, the amendments require companies to provide additional information to

investors about their hedging relationships, which are directly affected by these uncertainties. The

amendments did not have any impact on the financial position and performance of the Scheme as the

Scheme does not have any interest rate hedge relationships.

117



31 March 2021

2.2 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES (continued)

Amendments to HKAS 1 and HKAS 8 Definition of Material

Amendments to HKAS 1 and HKAS 8 provide a new definition of material. The new definition states

that information is material if omitting, misstating or obscuring it could reasonably be expected to

influence decisions that the primary users of general purpose financial statements make on the basis

of those financial statements. The amendments clarify that materiality will depend on the nature or

magnitude of information. The amendments did not have any impact on the financial position and

performance of the Scheme.

2.3 ISSUED BUT NOT YET EFFECTIVE HONG KONG FINANCIAL REPORTING STANDARDS

The Scheme has not applied the following new and revised HKFRSs, that have been issued but are

not yet effective for the accounting year ended 31 March 2021 in these financial statements. Among

these HKFRSs, the following are expected to be relevant to the Scheme's financial statements upon

becoming effective:

Amendments to HKFRS 3 Reference to the Conceptual Framework2

Amendments to HKFRS 9, Interest Rate Benchmark Reform - Phase 21

HKAS 39, HKFRS 7,

HKFRS 4 and HKFRS 16

Amendments to HKAS 1 Classification of Liabilities as Current or Non-current3, 4

Annual Improvements to Amendments to HKFRS 1, HKFRS 9, Illustrative

HKFRSs 2018-2020 Examples accompanying HKFRS 16, and HKAS 412

1 Effective for annual periods beginning on or after 1 January 2021 2 Effective for annual periods beginning on or after 1 January 2022 3 Effective for annual periods beginning on or after 1 January 2023 4 As a consequence of the amendments to HKAS 1, Hong Kong Interpretation 5 Presentation of

Financial Statements - Classification by the Borrower of a Term Loan that Contains a Repayment

on Demand Clause was revised in October 2020 to align the corresponding wording with no

change in conclusion

Amendments to HKFRS 3 Business Combinations - Reference to the Conceptual Framework

The amendments are intended to replace a reference to the previous Framework for the Preparation

and Presentation of Financial Statements with a reference to the Conceptual Framework for Financial

Reporting issued in June 2018 without significantly changing its requirements. The amendments also

added to an exception to the recognition principle of HKFRS 3 to avoid the issue of potential ‘day 2’

gains or losses arising for liabilities and contingent liabilities that would be within the scope of HKAS

37 or HK(IFRIC)-Int 21 Levies, if incurred separately. In addition, the amendments clarify existing

guidance in HKFRS 3 for contingent assets that would not be affected by replacing the reference to

the Framework for the Preparation and Presentation of Financial Statements. The amendments are

effective for annual reporting periods beginning on or after 1 January 2022 and apply prospectively.

The amendments are not expected to have any impact on the financial position or performance of the

Scheme upon adoption.

118



31 March 2021

2.3 ISSUED BUT NOT YET EFFECTIVE HONG KONG FINANCIAL REPORTING STANDARDS

(continued)

Amendments to HKFRS 9, HKAS 39, HKFRS 7, HKFRS 4 and HKFRS 16 - Interest Rate Benchmark

Reform – Phase 2

The amendments address issues not dealt with in the previous amendments that might affect financial

reporting when an entity replaces the old interest rate benchmark with an alternative benchmark rate

as a result of the interest rate benchmark reform. The Phase 2 amendments provide a practical

expedient to allow the effective interest rate to be updated to reflect the changes to the alternative

benchmark rate without adjusting the carrying amount when accounting for changes to contractual

cash flows of financial assets and liabilities. In addition, an entity will not have to discontinue its hedge

accounting solely because it makes changes required by the interest rate benchmark reform, if the

hedge meets other hedge accounting criteria. Furthermore, the amendments require an entity to

disclose additional information to enable users of financial statements to understand the effect of

interest rate benchmark reform on an entity’s financial instruments and risk management strategy. The

amendments are effective for annual periods beginning on or after 1 January 2021 and shall be applied

retrospectively, but entities are not required to restate the comparative information.

Amendments to HKAS 1 Classification of Liabilities as Current or Non-current

The amendments clarify the requirements for classifying liabilities as current or non-current. The

amendments specify that if an entity’s right to defer settlement of a liability is subject to the entity

complying with specified conditions, the entity has a right to defer settlement of the liability at the end

of the reporting period if it complies with those conditions at that date. Classification of a liability is

unaffected by the likelihood that the entity will exercise its right to defer settlement of the liability.

The amendments also clarify the situations that are considered a settlement of a liability. The

amendments are effective for annual periods beginning on or after 1 January 2023 and shall be applied

retrospectively. Earlier application is permitted. The amendments are not expected to have any

significant impact on the Scheme's financial statements.

Annual Improvements to HKFRS 2018-2020 - Amendments to HKFRS 1, HKFRS 9, Illustrative

examples accompanying HKFRS 16, and HKAS 41

The Scheme expects to adopt the amendments from 1 January 2022. None of the amendments are

expected to have a significant financial impact on the Scheme. Details of the amendments are as

follows:

• HKFRS 9 Financial Instruments clarifies the fees that an entity includes when assessing

whether the terms of a new or modified financial liability are substantially different from the

terms of the original financial liability. These fees include only those paid or received between

the borrower and the lender, including fees paid or received by either the borrower or lender

on the other’s behalf. An entity applies the amendment to financial liabilities that are modified

or exchanged on or after the beginning of the annual reporting period in which the entity first

applies the amendment.

119



31 March 2021

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Other than as adjusted for the adoption of the liquidation basis in the preparation of the financial

statements of MG20, as disclosed in note 2.1 to the financial statements, the significant accounting

policies applied in the preparation of these financial statements of the Scheme and its underlying

constituent funds are set out below.

Revenue recognition Revenue from Contracts with Customers Revenue from contracts with customers is recognised when control of goods or services is transferred to the customers at an amount that reflects the consideration to which the Scheme expects to be entitled in exchange for those goods or services. When the consideration in a contract includes a variable amount, the amount of consideration is estimated to which the Scheme will be entitled in exchange for transferring the goods or services to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognised will not occur when the associated uncertainty with the variable consideration is subsequently resolved.

When the contract contains a financing component, which provides the customer a significant benefit of financing the transfer of goods or services to the customer for more than one year, revenue is measured at the present value of the amount receivable, discounted using the discount rate that would be reflected in a separate financing transaction between the Scheme and the customer at contract inception. When the contract contains a financing component, which provides the Scheme a significant financial benefit for more than one year, revenue recognised under the contract includes the interest expense accreted on the contract liability under the effective interest method. For a contract where the period between the payment by the customer and the transfer of the promised goods or services is one year or less, the transaction price is not adjusted for the effects of a significant financing component, using the practical expedient in HKFRS 15. There is no revenue from contracts with customers recognised during the year. Other income Interest income is recognised on an accrual basis using the effective interest method by applying the rate that exactly discounts the estimated future cash receipts over the expected life of the financial instrument or a shorter period, when appropriate, to the net carrying amount of the financial asset. Realised and unrealised gains and losses on investments at fair value through profit or loss are dealt with in profit or loss in the year in which they arise.

Expenses

All expenses are accounted for on an accrual basis.

Contributions

Contributions are accounted for on an accrual basis.

Benefits

Benefits are accounted for on an accrual basis.

120



31 March 2021

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Cash and cash equivalents

For the purpose of the statement of cash flows, cash and cash equivalents comprise cash on hand and

demand deposits, and short term highly liquid investments that are readily convertible into known

amounts of cash, are subject to an insignificant risk of changes in value, and have a short maturity of

generally within three months when acquired, less bank overdrafts, which are repayable on demand

and form an integral part of the Scheme's or its underlying constituent funds' cash management.

For the purpose of the statement of net assets available for benefits, cash and cash equivalents

comprise cash at bank, including term deposits, which are not restricted as to use.

Financial assets

Trade receivables that do not contain a significant financial component or for which the Scheme has

applied the practical expedient of not adjusting the effect of a significant financial component are

measured at the transaction price determined under HKFRS 15. All other financial assets are initially

recognised at fair value plus transaction costs that are attributable to the acquisition of the financial

assets, except in the case of financial assets recorded at fair value through profit or loss.

Regular way purchases and sales of financial assets are recognised on the trade date, that is, the date

when the Scheme commits to purchase or sell the assets.

(a) Classification and measurement

Debt instruments that do not meet the criteria for amortised cost or as financial assets at fair value

through other comprehensive income are measured at fair value through profit or loss. Interest

income for these financial assets is included in finance income.

Equity investments are measured at fair value through profit or loss unless, on initial recognition,

the Scheme has irrevocably elected to designate the investments that are not held for trading as

equity investments at fair value through other comprehensive income. Dividends of such

investments are recognised in profit or loss when the Scheme's right to receive payment is

established. Changes in the fair value of such investments are recognised in other comprehensive

income and are never transferred to profit or loss even when the assets are sold.

(b) Impairment

The Scheme applies the expected credit loss model to all the financial assets that are subject to

impairment, financial guarantee contracts or contract assets under HKFRS 15. For trade

receivables and contract assets, without a significant financial component, if any, the Scheme

applies the simplified approach, which requires impairment allowances to be measured for

lifetime expected credit losses.

121



31 March 2021


Financial assets (continued)

(b) Impairment (continued)

For other financial assets, impairment allowances are recognised under the general approach

where expected credit losses are recognised in two stages. For credit exposures where there has

not been a significant increase in credit risk since initial recognition, the Scheme is required to

provide for credit losses that result from possible default events within the next 12 months. For

those credit exposures where there has been a significant increase in credit risk since initial

recognition, a loss allowance is required for credit losses expected over the remaining life of the

exposure irrespective of the timing of the default.

The Scheme considers a default has occurred when a financial asset is more than 90 days past

due unless the Scheme has reasonable and supportable information to demonstrate that a more

appropriate default criterion should be applied.

(c) Derecognition

Financial assets are derecognised when the rights to receive cash flows from the assets have

expired; or where the Scheme has transferred its contractual rights to receive the cash flows of the

financial assets and has transferred substantially all the risks and rewards of ownership; or where

control is not retained.

Financial liabilities

Financial liabilities include bank and other borrowings, trade payables, accruals and other monetary

liabilities. They are initially recognised at the fair value of the consideration received less directly

attributable transaction costs. After initial recognition, they are subsequently measured at amortised

cost using the effective interest rate method.

Financial liabilities are derecognised when they are extinguished, i.e., when the obligation is

discharged or cancelled, or expires.

Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the statement of

net assets available for benefits if there is currently an enforceable legal right to offset the recognised

amounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities

simultaneously.

Fair value measurement

The Scheme and its underlying constituent funds measure their equity investments at fair value at the

end of each reporting period. Fair value is the price that would be received to sell an asset or paid to

transfer a liability in an orderly transaction between market participants at the measurement date. The

fair value measurement is based on the presumption that the transaction to sell the asset or transfer the

liability takes place either in the principal market for the asset or liability, or in the absence of a

principal market, in the most advantageous market for the asset or liability. The principal or the most

advantageous market must be accessible by the Fund. The fair value of an asset or a liability is

measured using the assumptions that market participants would use when pricing the asset or liability,

assuming that market participants act in their economic best interest.

122



31 March 2021


Fair value measurement (continued)

The Scheme and its underlying constituent funds use valuation techniques that are appropriate in the

circumstances and for which sufficient data is available to measure fair value, maximising the use of

relevant observable inputs and minimising the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are

categorised within the fair value hierarchy, described as follows, based on the lowest level input that

is significant to the fair value measurement as a whole.

Level 1 – based on quoted prices (unadjusted) in active markets for identical assets or liabilities

Level 2 – based on valuation techniques for which the lowest level input that is significant to the fair

value measurement is observable, either directly or indirectly

Level 3 – based on valuation techniques for which the lowest level input that is significant to the fair

value measurement is unobservable

For assets and liabilities that are recognised in the financial statements on a recurring basis, the

Scheme and its underlying constituent funds determine whether transfers have occurred between

levels in the hierarchy by reassessing categorisation (based on the lowest level input that is significant

to the fair value measurement as a whole) at the end of each reporting period.

Proceeds and payments on issue and redemption of units

The net asset values of the constituent funds are computed on each business day. Prices for issues and

redemptions on each business day are based on the closing valuation of that business day, except for

Manulife MPF Interest Fund ("MGIT"), the valuation of which is performed on a monthly basis on

the last calendar day of each month. For MGIT, no price is issued as it is a non-unitised fund.

Proceeds and payments for units issued and redeemed are shown as movement in the statement of

changes in net assets available for benefits of the respective constituent funds.

123



31 March 2021


Related parties

A party is considered to be related to the Scheme and its underlying constituent funds if:

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

(i) has control or joint control over the Scheme and its underlying constituent funds;

(ii) has significant influence over the Scheme and its underlying constituent funds; or

(iii) is a member of the key management personnel of the Trustee;

or

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

(i) the entity and the Scheme and its underlying constituent funds are members of the

same group;

(ii) one entity is an associate or joint venture of the other entity (or of a parent, subsidiary

or fellow subsidiary of the other entity);

(iii) the entity and the Trustee are joint ventures of the same third party;

(iv) one entity is a joint venture of a third entity and the other entity is an associate of the

third entity;

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

Trustee or an entity related to the Trustee;

(vi) the entity is controlled or jointly controlled by a person identified in (a);

(vii) a person identified in (a)(i) has significant influence over the entity or is a member of

the key management personnel of the entity (or of a parent of the entity); and

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

personnel services to the Trustee.

124



31 March 2021


Associates

For the purpose of these financial statements, an associate of the Scheme and its underlying constituent

funds include each of the following:

(a) an officer, who may be an individual or a corporate entity, of the Scheme and its underlying

constituent funds;

(b) a close relative, partner or employee of an officer of the Scheme and its underlying constituent

funds;

(c) an associated company of the Scheme and its underlying constituent funds;

(d) an officer of an associated company; and

(e) a close relative, partner or employee of an officer of an associated company.

4. CONTRIBUTIONS

Mandatory contributions for both the employers and members are equal to 5% of the members'

relevant income up to HK$30,000 per month but in respect of members earning less than HK$7,100

per month, the members' mandatory contribution is nil.

Self-employed persons must contribute 5% of their relevant income subject to a maximum

contribution of HK$1,500 per month to the Scheme unless their relevant income is less than HK$7,100

per month or HK$85,200 per year.

Any contributions made to the Scheme by the employers or members in excess of their mandatory

contributions are considered and recorded as additional voluntary contributions.

5. BENEFITS

Members will become entitled to benefits in respect of mandatory contributions to the Scheme under

the requirements of the MPFSO. Currently, these circumstances include where the member (i) reaches

the age of 65; (ii) permanently ceases employment after reaching the age of 60; (iii) retires on the

ground of total incapacity; (iv) has a terminal illness; (v) permanently departs from Hong Kong; (vi)

dies or (vii) has the right to claim a small balance pursuant to the MPFSO.

Members will become entitled to benefits in respect of voluntary contributions to the Scheme in

circumstances set out in the Trust Deed and the relevant participation agreement.

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31 March 2021

6. INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS

The Scheme 2021 2020

HK$ HK$

Investments in quoted investments - constituent funds

MGAG 28,524,052,580 20,096,846,461

MGCP 13,176,883,623 11,930,796,014

MGEE 3,767,887,419 2,206,401,887

MGGR 20,984,850,721 15,647,600,146

MGHB 3,519,357,490 3,262,615,816

MGHE 15,357,677,351 10,493,998,937

MGIB 5,702,852,247 4,954,760,417

MGIE 7,341,443,568 4,464,563,017

MGIT 26,594,442,039 24,008,225,415

MGJE 2,255,302,232 1,463,058,612

MGNE 13,673,831,140 6,830,316,058

MGPE 12,014,432,939 7,083,651,463

MGST 16,347,208,792 13,806,567,400

MGFG 10,510,225,508 7,167,732,414

MGFS 8,185,343,189 6,494,039,162

MGCV 36,325,039,983 23,149,355,906

MGHC 32,769,958,307 23,712,412,865

MGHS 5,863,234,404 5,011,465,449

MGPB 1,747,089,347 1,424,615,103

MGRB 2,052,714,590 1,395,178,887

MG15 1,164,216,598 436,277,490

MG20 Note 1 - 513,843,266

MG25 845,777,524 607,519,184

MG30 854,476,082 567,442,982

MG35 884,964,684 573,297,935

MG40 724,150,553 455,160,175

MG45 1,290,665,611 791,166,286

MGAP 3,644,324,746 2,488,918,462

MGCA 11,713,379,704 7,226,901,944

MGRI 1,406,836,979 - ______________ ______________

Investments at fair value 289,242,619,950 208,264,729,153 ______________ ______________ ______________ ______________

Investments at cost 241,765,405,902 210,425,097,188 ______________ ______________ ______________ ______________

Note 1: MG20 had no investments and operations since 5 January 2021 and terminated on 25 March 2021.

126



31 March 2021

7. CASH AND CASH EQUIVALENTS

2021 2020

HK$ HK$

Cash and bank balances 840,988,588 699,898,295

Time deposit 3,140,000 2,970,000 __________ __________

844,128,588 702,868,295 ___________ ___________ ___________ ___________

Cash at bank earns interest at floating rates based on daily bank deposit rates. Short term time deposits

are made for periods of one month, and earn interest at the short term time deposit rate. The carrying

amounts of the cash and cash equivalents approximate their fair values.

8. BANK LOANS, OVERDRAFTS AND OTHER BORROWINGS

The Scheme and its underlying constituent funds had no bank loans, overdrafts and other borrowings

at 31 March 2021 (2020: Nil).

9. INCOME TAX

The Scheme and its underlying constituent funds are not subject to Hong Kong Profits tax as they are

not considered to be carrying on a business in Hong Kong. Reconciliations of the tax expense/credit

applicable to income/loss for the year using the statutory rate to tax expense/credit at the effective tax

rate have not been presented as the income/loss of the Scheme and its underlying constituent funds

are not subject to tax.

10. ACCRUED BENEFITS

The total accrued benefits vested in the members' accounts amounted to HK$288,376,244,115 at 31

March 2021 (2020: HK$207,632,274,341).

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31 March 2021

11. TRANSACTIONS WITH ASSOCIATES AND RELATED PARTY TRANSACTIONS

(a) Transactions with associates and related parties

The assets of the constituent funds of the Scheme are invested directly in sub-funds of

corresponding approved pooled investment funds ("APIFs").

During the year, the constituent funds had the following transactions with the APIFs:

2021 2020

HK$ HK$

Investments in APIFs 150,743,756,375 102,935,443,504

Redemption of investments in APIFs 132,074,437,604 84,660,611,827 ______________ _____________ ______________ _____________

The purchase cost and redemption price of investments in an APIF are determined based on

the net asset value of the APIFs at the time of purchase and redemption. All such transactions

were entered into in the ordinary course of business and on normal commercial terms. The

transaction fees of each subscription/redemption/transfer transacted between the constituent

funds and the APIFs are charged to the APIFs. Rebalancing transactions among Manulife

MPF funds are not counted as transactions and do not incur any transaction fee.

Manulife Investment Management (Hong Kong) Limited is the investment manager of

underlying investments under the Scheme. Depending on the investment strategies of any

new constituent funds established on or after 5 January 2006, assets of the relevant constituent

fund may be invested in an APIF for which annual performance fees may be levied.

In respect of the China Value Fund, an annual performance fee may be levied at the underlying

APIF depending on the net asset value of the underlying APIF.

Except for the above, there was no transaction entered into with the investment manager,

associates of the investment manager or its delegates, administrators, trustee, custodian and/or

any associates, during the year (2020: Nil).

(b) Outstanding balances with related parties

The Scheme and its underlying constituent funds had amounts receivable/payable on

sale/purchase of investments and other receivables at the end of the reporting period. The

balances are unsecured, interest-free and normally settled within one week. Their carrying

amounts approximate their fair values.

(c) Compensation of key management personnel of the Scheme and its underlying constituent

funds

No key management personnel received any compensation in respect of their services

rendered to the Scheme and its underlying constituent funds during the year (2020: Nil).

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31 March 2021

12. SOFT COMMISSION ARRANGEMENTS

No soft commission has been arranged by the Scheme or its underlying constituent funds during the

year (2020: Nil).

13. SECURITY LENDING ARRANGEMENTS

During the year, the Scheme and its underlying constituent funds did not enter into any security

lending arrangements (2020: Nil).

14. NEGOTIABILITY OF ASSETS

At 31 March 2021, there was no statutory or contractual requirement restricting the negotiability of

the assets of the Scheme and its constituent funds (2020: Nil).

15. COMMITMENTS

The Scheme and its underlying constituent funds had no commitments at 31 March 2021 (2020: Nil).

16. CONTINGENT LIABILITIES

The Scheme and its underlying constituent funds had no contingent liabilities at 31 March 2021 (2020:

Nil).

17. MARKETING EXPENSES

There were no advertising expenses, promotional expenses, commissions or brokerage fees payable

to the MPF intermediaries of the Scheme deducted from the constituent funds during the year (2020:

Nil).

18. DISTRIBUTION

The Manulife MPF Retirement Income Fund (the "MGRI") aims to distribute dividends on a monthly

basis. The distribution of dividends commenced in January 2021. The amount of dividend per unit of

the Retirement Income Fund is determined with reference to the recommendation of the investment

manager of the underlying first level APIF.

The distributions made by the MGRI for the period from 21 September 2020 (date of inception) to 31

March 2021 were as follows:

129



31 March 2021

18. DISTRIBUTION (continued)

Unit HK$/Unit HK$

Distribution for January 2021 72,952,188.576 0.033 2,407,422

(paid on 22 January 2021)

Distribution for February 2021 104,151,173.558 0.033 3,436,989

(paid on 23 February 2021)

Distribution for March 2021 124,341,675.295 0.033 4,103,275

(paid on 24 March 2021) ___________ 9,947,686 ___________ ___________

19. FINANCIAL INSTRUMENTS BY CATEGORY

The carrying amounts of each of the categories of financial instruments at the end of the reporting

period are as follows:

2021

Financial assets

Financial assets at Financial

fair value through assets at

profit or loss amortised cost Total

HK$ HK$ HK$

Investments at fair value through

profit or loss 289,242,619,950 - 289,242,619,950

Contribution receivables from employers - 544,263,891 544,263,891

Contribution receivables from employees - 285,511,703 285,511,703

Amounts receivable on sale of investments - 806,106,836 806,106,836

Financial assets included in other receivables - 57,098,473 57,098,473

Cash and cash equivalents - 844,128,588 844,128,588 ______________ ____________ ______________

289,242,619,950 2,537,109,491 291,779,729,441 ______________ ____________ ______________ ______________ ____________ ______________


Financial

liabilities at

amortised cost

HK$

Benefits payable 176,874,534

Amounts payable on purchase of investments 667,755,338

Financial liabilities included in other payables 351,373,885 ____________

1,196,003,757 ____________ ____________

130



31 March 2021

19. FINANCIAL INSTRUMENTS BY CATEGORY (continued)

2020

Financial assets

Financial assets at Financial

fair value through assets at

profit or loss amortised cost Total

HK$ HK$ HK$

Investments at fair value through

profit or loss 208,264,729,153 - 208,264,729,153

Contribution receivables from employers - 596,619,767 596,619,767

Contribution receivables from employees - 361,007,160 361,007,160

Amounts receivable on sale of investments - 878,406,601 878,406,601

Financial assets included in other receivables - 40,000,404 40,000,404

Cash and cash equivalents - 702,868,295 702,868,295 ______________ ____________ ______________

208,264,729,153 2,578,902,227 210,843,631,380 ______________ ____________ ______________ ______________ ____________ ______________


Financial

liabilities at

amortised cost

HK$

Benefits payable 135,312,866

Amounts payable on purchase of investments 815,694,236

Financial liabilities included in other payables 252,540,408 ____________

1,203,547,510 ____________ ____________

131



31 March 2021

20. FAIR VALUE HIERARCHY

The Scheme uses the following hierarchy for determining and disclosing the fair values of financial

instruments:

Management has assessed that the fair values of financial receivables and payables, cash and cash

equivalents, and other payables approximate to their carrying amounts largely due to the short term

maturities of these instruments.

The following tables illustrate the fair value measurement hierarchy of the Scheme's financial

instruments:

Assets measured at recurring fair value

At 31 March 2021:

Fair value measurement using

Quoted prices Significant Significant

in active observable unobservable

Markets Inputs Inputs

(Level 1) (Level 2) (Level 3) Total

HK$'000 HK$'000 HK$'000 HK$'000

Investments at fair value through profit or loss:

APIFs 289,242,620 - - 289,242,620

289,242,620 - - 289,242,620

At 31 March 2020:

Fair value measurement using

Quoted prices Significant Significant

in active observable unobservable

Markets Inputs Inputs

(Level 1) (Level 2) (Level 3) Total

HK$'000 HK$'000 HK$'000 HK$'000

Investments at fair value through profit or loss:

APIFs 208,264,729 - - 208,264,729

208,264,729 - - 208,264,729

During the year, there were no transfers of fair value measurements between Level 1 and Level 2 and

no transfers into or out of Level 3 (2020: Nil).

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31 March 2021

21. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Scheme's principal financial instruments comprise investments at fair value through profit or loss

and cash and cash equivalents. The main risks arising from the Scheme's financial instruments are

price risk, foreign currency risk, interest rate risk, credit risk and liquidity risk. The policies for

managing each of these risks are summarised below.

Price risk

Price risk is the risk that the fair values of equity securities decrease as a result of changes in the levels

of equity indices and the value of individual securities. The Scheme and its underlying constituent

funds are exposed to price risk arising from investments in underlying APIFs classified as trading

equity investments at the end of the reporting period. Each constituent fund of the Scheme is managed

in accordance with separate and distinct investment policies reflecting the different risk profiles of the

investments and there is no concentration of price risk for each constituent fund of the Scheme. The

positions held by the Scheme and its underlying constituent funds at the end of the reporting period

are disclosed in the investment portfolios.

At 31 March 2021 and 2020, it is estimated that had the equity indices increased by 5%, with all other

variables held constant, net assets attributable to unitholders and profit would have increased by the

amounts shown below:

133



31 March 2021

21. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)

Price risk (continued)

At 31 March 2021

Market Indices (+5%) Change in net assets and income (HK$'000)

MGGR MGAG MGPE MGIE MGHE MGJE MGNE MGEE MGFG MGFS MGCV

FTSE MPF Europe 123,327 211,213 - 49,266 - - - 151,172 - - -

FTSE MPF Hong Kong 244,394 402,654 183,756 12,495 773,840 - - - - - -

FTSE MPF Japan 69,626 118,380 - 17,538 - 93,160 - - - - -

FTSE MPF USA 70,063 118,098 - 114,117 - - 374,287 - - - -

FTSE MPF Asia Pacific ex JP & HK 99,983 170,924 366,201 31,689 - - - - - - -

FTSE MPF Greater China - - - - - - - - - - 1,858,319

Russell 1000 57,805 101,511 - 98,423 - - 373,148 - - - -

S&P 500 58,188 102,184 - 99,076 - - 375,621 - - - -

MSCI AC World Information Technology 5,730 10,226 - - - - - - - - -

Citigroup WGBI Non-Exempt Auth 10%

Cap, 25% Hedged to HKD

FTSE MPF Hong Kong

FTSE AW North America Index

FTSE AW Europe Index

FTSE W Japan Index

FTSE AW Asia Pacific Ex Japan Ex HK1

month HIBOR

- - - - - - - - 521,006 409,896 -

134



31 March 2021



At 31 March 2021 (continued)


MGHC MG15 MG25 MG30 MG35 MG40 MG45 MGHS MGAP MGCA MGST MGRI

FTSE MPF Europe - 5,063 4,024 5,323 6,231 5,323 9,606 - - - 34,402 2,986

FTSE MPF Hong Kong - 9,739 7,901 10,398 11,847 10,114 18,100 - - - 120,042 9,070

FTSE MPF Japan - 2,923 2,473 3,298 3,635 3,260 5,733 - - - 35,563 -

FTSE MPF USA - 2,831 2,035 3,008 3,539 3,008 5,485 - - - 25,831 3,804

FTSE MPF Asia Pacific ex JP & HK - 4,160 3,403 4,311 4,992 4,235 7,714 - - - 7,185 9,076

MSCI World Health Care 1,450,027 - - - - - - - - - - -

Russell 1000 - 2,081 1,880 2,551 3,021 2,618 4,767 - - - 19,805 3,357

S&P 500 - 2,095 1,892 2,568 3,041 2,636 4,798 - - - 19,937 3,379

MSCI AC World Information

Technology

- 219 205 223 242 193 350 - - - - -

Hang Seng Index - - - - - - - 287,503 - - - -

FTSE MPF All-World Index

Citi MPF Government Bond Index

MPFA prescribed savings rate

- - - - - - - - 182,385 594,763 - -

A 5% drop in the equity indices would have resulted in an equal but opposite effect on the financial statements as shown above, on the basis that all other

variables remained constant. In practice, the actual trading results may differ from the above sensitivity analysis and the difference could be material.

MGCP, MGHB, MGIT, MGIB, MGPB and MGRB invest in underlying investments that are fixed-income instruments. The price of those securities is

primarily subject to fluctuations in interest rates for which the associated interest rate risk is covered in the later part of this note.

135



31 March 2021



At 31 March 2020


MGGR MGAG MGPE MGIE MGHE MGJE MGNE MGEE MGFG MGFS MGCV

FTSE MPF Europe 80,352 139,475 - 34,018 - - - 100,978 - - -

FTSE MPF Hong Kong 151,781 250,489 109,083 4,632 496,912 - - - - - -

FTSE MPF Japan 68,242 120,041 - 15,765 - 83,220 - - - - -

FTSE MPF USA 46,971 68,335 - 62,803 - - 173,340 - - - -

FTSE MPF Asia Pacific ex JP & HK 62,238 109,249 221,158 19,355 - - - - - - -

FTSE MPF Greater China - - - - - - - - - - 1,091,020

Russell 1000 46,611 80,509 - 52,247 - - 197,756 - - - -

S&P 500 43,922 75,865 - 49,233 - - 186,348 - - - -

MSCI AC World Information Technology 2,760 4,926 - - - - - - - - -

Citigroup WGBI Non-Exempt Auth 10%

Cap, 25% Hedged to HKD

FTSE MPF Hong Kong

FTSE AW North America Index

FTSE AW Europe Index

FTSE W Japan Index

FTSE AW Asia Pacific Ex Japan Ex HK1

month HIBOR

- - - - - - - - 359,181 322,012 -

136



31 March 2021





MGHC MG15 MG20 MG25 MG30 MG35 MG40 MG45 MGHS MGAP MGCA MGST

FTSE MPF Europe - 1,378 1,679 2,971 3,488 3,962 3,273 5,770 - - - 21,358

FTSE MPF Hong Kong - 2,838 3,316 5,074 6,153 6,930 5,765 9,976 - - - 77,150

FTSE MPF Japan - 1,358 1,644 2,467 2,967 3,217 2,860 4,862 - - - 32,030

FTSE MPF USA - 1,097 1,001 1,812 2,194 2,289 1,860 2,813 - - - 12,732

FTSE MPF Asia Pacific ex JP & HK - 1,284 1,468 2,201 2,614 2,935 2,477 4,311 - - - 2,156

MSCI World Health Care 1,079,032 - - - - - - - - - - -

Russell 1000 - 680 1,079 1,639 1,799 1,959 1,559 2,798 - - - 10,753

S&P 500 - 640 1,017 1,544 1,695 1,846 1,469 2,637 - - - 10,133

MSCI AC World Information

Technology

-

41 65 99 107 116 93 168

- - - -

Hang Seng Index - - - - - - - - 252,462 - - -

FTSE MPF All-World Index

Citi MPF Government Bond Index

MPFA prescribed savings rate

- - - - - - - - - 120,132 360,242 -

A 5% drop in the equity indices would have resulted in an equal but opposite effect on the financial statements as shown above, on the basis that all other

variables remained constant. In practice, the actual trading results may differ from the above sensitivity analysis and the difference could be material.

MGCP, MGHB, MGIT, MGIB, MGPB and MGRB invest in underlying investments that are fixed-income instruments. The price of those securities is

primarily subject to fluctuations in interest rates for which the associated interest rate risk is covered in the later part of this note.

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31 March 2021


Foreign currency risk

Foreign currency risk is the risk that the value of financial assets or liabilities will fluctuate due to

changes in foreign exchange rates. The Scheme and its underlying constituent funds are exposed to

foreign currency risk from its cash and investments in underlying APIFs, which are denominated in

currencies other than Hong Kong Dollars and United States Dollars, which are officially linked to the

Hong Kong Dollar. The Scheme and its underlying constituent funds' overall currency positions are

monitored on a daily basis by the investment manager.

The Scheme and its underlying constituent funds primarily utilise forward exchange contracts and

futures to hedge foreign-currency-denominated financial assets and liabilities. Increases or decreases

in the Scheme and its underlying constituent funds' foreign-currency-denominated financial assets and

liabilities are partially offset by gains and losses on the economic hedging instruments.

The tables below indicate currencies other than Hong Kong Dollars and United States Dollars to which

the Scheme and its underlying constituent funds had significant exposure at the end of the reporting

periods on its financial assets and liabilities. At 31 March 2021 and 2020, it is estimated that had the

Hong Kong Dollars or the United States Dollars strengthened by 5% in relation to the foreign

currencies with significant exposure, with all other variables held constant, net assets attributable to

unitholders and profit would have decreased by the amounts shown below.

At 31 March 2021

Currency MGGR MGAG MGPE MGIE MGHE MGIB MGJE MGST

(+5%) HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000

AUD - 48,251 102,637 - - - - -

DKK - 46,820 - - - - - -

CNH - - - - 37,420 - - -

EUR 98,718 131,214 - 30,431 - 91,987 - 34,288

GBP - - - - - 15,469 - -

INR - - 79,986 - - - - -

JPY 89,002 139,088 - 20,403 - 30,383 108,380 45,834

KOW - 46,334 97,979 - - - - -

SGD - - 19,664 - - - - -

TWD - - 89,418 - - - - -

Total 187,720 411,707 389,684 50,834 37,420 137,839 108,380 80,122

138



31 March 2021


Foreign currency risk (continued)


Currency MGEE MG15 MG25 MG30 MG35 MG40 MG45 MGFG


AUD - - - 1,302 1,441 1,203 2,184 -

CHF 25,711 - - - - - - -

CNH - 2,333 - - - - - -

DKK 33,436 - - - 1,390 1,181 2,130 -

EUR 90,319 6,481 4,422 4,216 4,201 3,363 5,993 67,020

GBP 8,517 - - - - - - -

JPY - 4,535 3,539 4,171 4,378 3,845 6,740 71,860

KOW - - - - 1,351 1,146 2,088 -

SEK 27,468 - - - - - - -

Total 185,451 13,349 7,961 9,689 12,761 10,738 19,135 138,880

Currency MGFS MGCV MGHC MGPB MGRB MGAP MGCA MGRI


AUD - - - 8,370 - - - 2,994

CHF - - 86,224 - - - - -

CNH - 123,910 - - 87,070 - - 3,695

EUR 44,041 - 66,564 - - 3,323 31,111 2,143

GBP - - 71,148 - - 1,603 14,695 -

IDR - - - 7,893 - - - -

JPY 70,957 - 49,671 - - 2,718 25,335 -

KOW - - - 7,613 - - - 2,838

MYR - - - 5,652 - - - -

NZD - - - 3,135 - - - -

SGD - - - 2,660 - - - -

TWD - 398,774 - - - - - 2,216

Total 114,998 522,684 273,607 35,323 87,070 7,644 71,141 13,886

A 5% weakening of the Hong Kong Dollars or the United States Dollars against the foreign currencies

would have resulted in an equal but opposite effect on the financial statements as shown above, on the

basis that all other variables remained constant. In practice the actual trading results may differ from

the above sensitivity analysis and the difference could be material.

MGCP, MGHB, MGIT and MGHS are mainly denominated in Hong Kong Dollars and MGNE is

mainly denominated in United States Dollars. Therefore, there is no significant exposure to foreign

currency risk.

139



31 March 2021



At 31 March 2020

Currency MGGR MGAG MGPE MGIE MGIB MGJE MGST

(+5%) HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000

AUD - 30,840 61,999 - - - -

DKK - - - 6,819 - - -

EUR 67,934 72,412 - 17,576 83,748 - -

GBP - - - - 14,218 - -

INR - - 38,958 - - - -

JPY 68,820 104,882 - 13,629 29,471 71,948 29,351

KOW - - 49,759 - - - -

TWD - - 48,976 - - - -

Total 136,754 208,134 199,692 38,024 127,437 71,948 29,351

Currency MGEE MG15 MG20 MG25 MG30 MG35 MG40 MG45


AUD - - - - - - 701 1,219

CHF 16,591 - - - - - - -

CNH - 787 1,121 929 - - - -

DKK 20,242 - - - - - - -

EUR 49,462 2,418 2,674 2,880 2,330 2,152 1,699 2,978

GBP 8,675 - - - - - - -

JPY - 1,782 2,068 2,625 2,773 2,845 2,497 4,242

SEK 12,779 - - - - - - -

Total 107,749 4,987 5,863 6,434 5,103 4,997 4,897 8,439

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31 March 2021




Currency MGFG MGFS MGCV MGHC MGPB MGRB MGAP MGCA


AUD - - - - 7,491 - - -

CHF - - - 68,111 - - - -

CNH - - 36,679 - - 57,022 - -

EUR 37,570 46,578 - - - - 2,427 20,598

GBP - - - - - - 1,239 10,434

IDR - - - - 5,867 - - -

JPY 43,497 27,908 - 47,640 - - 2,230 19,000

KOW - - - - 5,820 - - -

MYR - - - - 4,142 - - -

PHP - - - - 2,464 - - -

SGD - - - - 2,523 - - -

TWD - - 259,888 - - - - -

Total 81,067 74,486 296,567 115,751 28,307 57,022 5,896 50,032

A 5% weakening of the Hong Kong Dollars or the United States Dollars against the foreign currencies

would have resulted in an equal but opposite effect on the financial statements as shown above, on the

basis that all other variables remained constant. In practice the actual trading results may differ from

the above sensitivity analysis and the difference could be material.

MGCP, MGHB, MGHE, MGIT and MGHS are mainly denominated in Hong Kong Dollars and

MGNE is mainly denominated in United States Dollars. Therefore, there is no significant exposure

to foreign currency risk.

Interest rate risk

Interest rate risk is the risk that the value of financial instruments or future cash flows will fluctuate

as a result of changes in market interest rates. The Scheme and its underlying constituent funds are

exposed to interest rate risk on the underlying APIFs, which invest in interest-bearing securities and

cash deposits.

Interest rates are determined by factors of supply and demand in the international money markets,

which are influenced by macro-economic factors. Fluctuations in short term and/or long term interest

rates may affect the value of the units. Fluctuations in interest rates of the currencies in which the

units are denominated and/or fluctuations in interest rates of the currencies in which an underlying

portfolio's investments are denominated may affect the value of the units.

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31 March 2021


Interest rate risk (continued)

It is the Scheme and its underlying constituent funds' policies that the interest-bearing securities held

by the underlying APIFs of the constituent funds of the Scheme are selected on a diversified basis

mainly in short and medium term fixed income instruments in accordance with the investment policies

of the underlying APIFs, which satisfy the minimum credit rating stipulated by the MPFA, so as to

minimise the interest rate risk of the Scheme and its underlying constituent funds from changes in

market interest rates.

At 31 March 2021 and 2020, it is estimated that an increase of interest rate by 25 basis points ("bps"),

with all other variables held constant, would have resulted in a decrease in net assets attributable to

unitholders of the constituent funds set out below by the amounts shown below:

Change in interest rate (+25 bps)

At 31 March 2021 At 31 March 2020

HK$'000 HK$'000

MGAG ( 4,687) ( 4,732)

MGCP 7,264 6,934

MGGR ( 40,685) ( 41,563)

MGHB ( 49,065) ( 43,968)

MGIB ( 98,127) ( 87,696)

MGIT (243,738) (215,668)

MGST (152,476) (122,922)

MGFG ( 2,086) ( 9,986)

MGFS ( 49,634) ( 38,117)

MGPB ( 23,209) ( 18,477)

MGRB ( 20,277) ( 12,337)

MG15 ( 5,918) ( 2,783)

MG20 - ( 3,084)

MG25 ( 3,548) ( 2,485)

MG30 ( 1,652) ( 951)

MG35 ( 713) ( 295)

MG40 ( 231) ( 128)

MG45 ( 336) ( 252)

MGAP ( 11,034) ( 7,675)

MGCA ( 17,234) ( 10,369)

MGRI ( 10,418) -

A decrease of the interest rate by 25 bps would have an equal but opposite effect of the net assets

attributable to unitholders of the above sub-funds. The other sub-funds may hold cash or cash

equivalents that may be subject to interest rate risk. This is relatively immaterial to the size of the

sub-funds' net asset value.

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31 March 2021


Credit risk

Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and

cause the other party to incur a financial loss. The Scheme and its underlying constituent funds are

exposed to credit risk on financial instruments with a maximum exposure equal to the carrying amount

of these instruments.

It is the Scheme's constituent funds' policy to engage only with internally approved counterparties.

The investment manager continuously monitors the credit risk on financial instruments and

counterparties and does not expect any material losses due to credit risk.

Concentrations of credit risk are managed by geographical region and by industry sector. There are

no significant concentrations of credit risk within the Scheme and its underlying constituent funds.

Maximum exposure and year-end staging at 31 March 2021 The table below shows the maximum exposure to credit risk based on the Scheme's credit policy, which is mainly based on past due information unless other information is available without undue cost or effort, and year-end staging classification at 31 March 2021. The amounts presented are gross carrying amounts for financial assets.

12-month ECLs Lifetime ECLs

Simplified

Stage 1 Stage 2 Stage 3 approach

HK$ HK$ HK$ HK$ HK$

Contribution receivables from employers 544,263,891 - - - 544,263,891

Contribution receivables from employees 285,511,703 - - - 285,511,703

Amounts receivable on sale of investments 806,106,836 - - - 806,106,836

Other receivables 57,098,473 - - - 57,098,473

Cash and cash equivalents 844,128,588 - - - 844,128,588 ____________ ________ ________ _________ ____________

2,537,109,491 - - - 2,537,109,491 ____________ ________ ________ _________ ____________ ____________ ________ ________ _________ ____________

Maximum exposure and year-end staging at 31 March 2020 The table below shows the maximum exposure to credit risk based on the Scheme's credit policy, which is mainly based on past due information unless other information is available without undue cost or effort, and year-end staging classification at 31 March 2020. The amounts presented are gross carrying amounts for financial assets.

12-month ECLs Lifetime ECLs

Simplified

Stage 1 Stage 2 Stage 3 approach

HK$ HK$ HK$ HK$ HK$

Contribution receivables from employers 596,619,767 - - - 596,619,767

Contribution receivables from employees 361,007,160 - - - 361,007,160

Amounts receivable on sale of investments 878,406,601 - - - 878,406,601

Other receivables 40,000,404 - - - 40,000,404

Cash and cash equivalents 702,868,295 - - - 702,868,295 ____________ ________ ________ _________ ____________

2,578,902,227 - - - 2,578,902,227 ____________ ________ ________ _________ ____________ ____________ ________ ________ _________ ____________

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31 March 2021


Liquidity risk

Liquidity risk is the risk that the Scheme and its underlying constituent funds will encounter difficulty

in raising funds to meet commitments. Liquidity risk may result from an inability to sell a financial

instrument within a reasonable time at an amount close to its fair value.

Considering that the Scheme invests the majority of the assets in actively traded markets, management

of the Scheme and its underlying constituent funds consider the liquidity risk of the Scheme and its

underlying constituent funds is minimal.

Capital management

The operation of the Scheme is regulated and supervised by the MPFA and the Scheme is governed

by the trust deed of the Scheme. The primary objective of the Scheme's capital management is to

achieve reasonable returns on investments for the Scheme assets.

The capital of the Scheme represents net assets attributable to unitholders. The Scheme does not raise

capital by issue of shares or debt, or in any way other than contributions made to the Scheme. During

the financial period, the Scheme has complied with the General Regulations and there has been no

material change to the trust deed of the Scheme that has impacted how the Scheme should manage its

capital.

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31 March 2021

22. PAYMENTS CHARGED TO DIS CONSTITUENT FUNDS

In accordance with the Mandatory Provident Fund legislation, the aggregate of the payments for

services to the MGAP and MGCA must not, in a single day, exceed a daily rate of 0.75% per annum

of the net asset value of each of the MGAP and MGCA divided by the number of days in the year.

The above aggregate payment for services includes, but is not limited to, the fees paid or payable for

the services provided by the Trustee, the Administrator, the Investment Manager, the Custodian and

the Sponsor and/or promoter (if any) of each of the MGCA and MGAP and its underlying investment

fund(s), and any of the representatives of these parties and such fees are calculated as a percentage of

the net asset value of each of the MGCA and MGAP and its underlying investment fund(s), but do not

include any out-of-pocket expenses incurred by each of the MGCA and MGAP and their underlying

investment fund(s).

In accordance with the Mandatory Provident Fund legislation, the total amount of all payments that is

charged to or imposed on a DIS constituent fund or members who invest in a DIS constituent fund,

for out-of-pocket expenses incurred by the Trustee on a recurrent basis in the discharge of the Trustee's

duties to provide services in relation to a DIS constituent fund, shall not in a single year exceed 0.2%

per annum of the net asset value of each of the MGCA and MGAP.

For this purpose, out-of-pocket expenses include, for example, annual audit expenses, printing or

postage expenses relating to recurrent activities (such as issuing annual benefit statements), recurrent

legal and professional expenses, safe custody charges, which are customarily not calculated as a

percentage of the net asset value and transaction costs incurred by a DIS constituent fund in connection

with recurrent acquisition of investments for the DIS constituent fund (including, for example, costs

incurred in acquiring underlying funds) and annual statutory expenses (such as compensation fund

levy where relevant) of the DIS constituent fund.

Out-of-pocket expenses that are not incurred on a recurrent basis may still be charged to or imposed

on a DIS constituent fund and such out-of-pocket expenses are not subject to the above statutory limit.

Examples include audit expense, independent review expense or accounting expense related to a one-

off issue, such as scheme merger, change of trustee or scheme administrator.

Payment for services, out-of-pocket expenses and other payment charged to the MGCA and MGAP

are disclosed below. Payments for services and out-of-pocket expenses are those defined in the MPF

Ordinance.

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31 March 2021

22. PAYMENTS CHARGED TO DIS CONSTITUENT FUNDS (continued)

2021 2020

MGAP

HK$ MGCA

HK$ MGAP

HK$ MGCA

HK$

Payments for out-of-pocket expenses

- Audit Fees 43,629 48,098 39,595 43,726

- Accounting and Professional Fees 13,650 13,650 13,650 13,650 - Annual Fee 8,096 8,096 4,785 4,785

- Transaction Handling Fees 153,542 152,936 153,336 153,336

- Interest Expense 1,183,713 17,360 428,904 4,037 - Indemnity Insurance 8,563 26,948 4,197 14,533

- Expenses incurred in respect of

administration of scheme and constituent funds

313,580

942,267

192,824

669,267

- Cash Payment Fee 13,915 16,905 6,440 6,325

Total out-of-pocket expenses 1,738,688 1,226,260 843,731 909,659

Payments for services

- Administration Fee 15,646,257 47,729,527 9,520,844 31,394,990

- Investment Management Fee 319,746 974,197 194,538 640,809

Total payments for services expenses 15,966,003 48,703,724 9,715,382 32,035,799

Total payments 17,704,691 49,929,984 10,559,113 32,945,458

Out-of-pocket expenses expressed as a

percentage of average net asset value at the last dealing day of each month of

the DIS constituent funds 0.05% 0.01%

0.04% 0.01%

23. APPROVAL OF FINANCIAL STATEMENTS

The financial statements were approved and authorised for issue by the Trustee on 14 September 2021.

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INFORMATION FOR THE SCHEME MEMBERS

31 March 2021

Members of the Scheme are informed about the financial position of their MPF contributions through the use

of a secure PIN, which provides access to Smart Call (an IVR service) or e-MPF online service (a web based

service). Both services allow members to enquire about their fund balances and perform routine transactions,

such as changing investment instructions. Members can also find comprehensive information in the online

monthly Member Benefit Statement via e-MPF. After log on to e-MPF, members can set up a fund price alert

by selecting the fund and setting a target unit price by the MPF Fund Price Alert. An email alert will be sent

to members when the target unit price is reached. In addition, members are kept abreast of the investment

market with an online view of monthly fund performance through visiting www.manulife.com.hk to access

the e-MPF service. To further facilitate the provision of information to members, a Manulife App for mobile

devices has been launched allowing access to fund information as well as login to the Customer Website for

account balances etc.

Employers can understand the operation of the Scheme through the Employer's Operations Manual, which

continues to be a valuable guide for administrative duties and compliance obligations. In addition, employers

may use the internet to access, at their convenience, information relating to their sub-scheme. This includes

the current Cash Account Balance and the status of Contribution Allocation.

As an additional service, for members that have an email address on its records, Manulife initiates timely

emails to alert members that contributions have been allocated to accounts and fund switch transactions have

been executed.

147

http://www.manulife.com.hk/

EY wk Ernst & Young 27/F, One Taikoo Place 979 King's Road Ouarry Bay, Hong Kong

§i<§E"rE@$5]'>%F)? § § E H 8@§§E979% X315 Ii27ii

Tel EES: +852 2846 9888 Fax f§E2 +852 2868 4432 ey.com

INDEPENDENT AUDITOR'S ASSURANCE REPORT TO THE TRUSTEE OF MANULIFE GLOBAL SELECT (MPF) SCHEME

We have audited the financial statements of Manulife Global Select (MPF) Scheme (the "Scheme") for the year ended 31 March 2021 in accordance with Hong Kong Standards on Auditing and with reference to Practice Note 860.1 (Revised), The Audit of Retirement Schemes ("PN 860.1 (Revised)") issued by the Hong Kong Institute of Certified Public Accountants ("HKlCPA"), and have issued an unqualified auditor's report thereon dated 14 September 2021 .

Pursuant to section 102 of the Mandatory Provident Fund Schemes (General) Regulation (the "General Regulation"), we are required to report whether the Scheme complied with certain requirements of the Mandatory Provident Fund Schemes Ordinance ("MPFSO") and the General Regulation.

Trustee's Responsibility

The General Regulation requires the trustee to ensure that:

(a) proper accounting and other records are kept in respect of the constituent funds of the Scheme, the Scheme assets and all financial transactions entered into in relation to the Scheme,

(b) the requirements specified in the guidelines made by the Mandatory Provident Fund Schemes Authority (the "MPFA") under section 28 of the MPFSO with respect to forbidden investment practices and the requirements of sections 37(2), 51 and 52 and Part x of, and Schedule 1 to, the General Regulation are complied with,

(C) the requirements under sections 34DB(1)(a), (b), (c) and (d), 34DC(1) and 34DD(1) and (4) of the MPFSO are complied with, and

(d) the Scheme assets are not subject to any encumbrance, otherwise than as permitted by the General Regulation.

Our Independence and Quality Control

We have complied with the independence and other ethical requirements of the Code of Ethics for Professional Accountants issued by the HKICPA, which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behavior.

Our firm applies Hong Kong Standard on Quality Control 1, Quality Control for Firms that Pe/form Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements and accordingly maintains a comprehensive system of quality control including documented policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.

Auditor's Responsibility

Our responsibility is to report on the Scheme's compliance with the above requirements based on the results of the procedures performed by us.

We conducted our engagement in accordance with Hong Kong Standard on Assurance Engagements 3000 (Revised), Assurance Engagements Other Than Audits or Reviews of Historical Financial information and with reference to PN 860.1 (Revised) issued by the HKICPA. We have planned and performed our work to obtain reasonable assurance on whether the Scheme has complied with the above requirements.

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INDEPENDENT AUDITOR'S ASSURANCE REPORT (continued) TO THE TRUSTEE OF MANULIFE GLOBAL SELECT (MPF) SCHEME

Auditor's Responsibility (continued)

We have planned and performed such procedures as we considered necessary with reference to the procedures recommended in PN 860.1 (Revised) issued by the HKICPA, which included reviewing, on a test basis, evidence obtained from the Trustee regarding the Scheme's compliance with the above requirements.

We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

1.

Opinion

Based on the foregoing:

in our opinion:

8) proper accounting and other records have been kept during the year ended 31 March 2021 in respect of the constituent funds of the Scheme, the Scheme assets and all financial transactions entered into in relation to the Scheme, and

b) the requirements specified in the guidelines made by the MPFA under section 28 of the MPFSO with respect to forbidden investment practices and the requirements of sections 37(2), 51 and 52 and Part x of, and Schedule 1 to, the General Regulation have been complied with, in all material respects, as at 31 March 2021, 31 December 2020 and 30 June 2020, and

cl the requirements specified in the MPFSO under sections 34DB(1)(a), (b), (c) and (d) 34DC(1) and 34DD(1) and (4)(a) with respect to the investment of accrued benefits and control of payment for services relating to Manulife MPF Core Accumulation Fund and Manulife MPF Age 65 Plus Fund have been complied with, in all material respects, as at 31 March 2021, 31 December 2020 and 30 June 2020, and

d) the requirements specified in section 34DD(4)(b) of the MPFSO with respect to the controls of out-of-pocket expenses of the Manulife MPF Core Accumulation Fund and Manulife MPF Age 65 Plus Fund have been complied with, in all material respects, as at 31 March 2021.

2. as at 31 March 2021, the Scheme assets were not subject to any encumbrance, otherwise than as permitted by the General Regulation.

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INDEPENDENT AUDlTOR'S ASSURANCE REPORT (continued) TO THE TRUSTEE OF MANULIFE GLOBAL SELECT (MPF) SCHEME

Other Matter

The requirement(s) specified in the MPFSO under section(s) 34Dl(1) and (2) and 34DK(2) with respect to the transfer of accrued benefits to an account and specified notice, and 34DJ(2), (3), (4) and (5) with respect to locating scheme members relating to Manulife MPF Core Accumulation Fund and Manulife MPF Age 65 Plus Fund are not applicable to the trustee during the year ended 31 March 2021 as the trustee has completed the relevant transitional provisions. Accordingly, there is no reporting on these sections.

Intended Users and Purpose

This report is intended solely for submission by the trustee to the MPFA pursuant to section 102 of the General Regulation, and is not intended to be, and should not be, used by anyone for any other purpose.

-i Q /z

Certified Public Accountants Hong Kong 14 September 2021

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