Manulife Hong Kong Series · Manulife Hong Kong Series 3 Investment Manager's Report (continued) for the period ended 31 December 2019 Manulife Global Dynamic Asset Allocation Fund

Manulife Hong Kong Series

Interim Report Unaudited Semi-Annual Reportfor the period ended 31 December 2019


Table of Contents

Fund Information 1

Investment Manager’s Report for the period ended 31 December 2019 2

Statement of Financial Position (Unaudited) 17

Reconciliation of Net Assets and Net Asset per Unit (Unaudited) 20

Statement of Comprehensive Income (Unaudited) 23

Statement of Changes in Net Assets Attributable to unitholders (Unaudited) 25

Portfolio of Investments (Unaudited)

– Manulife Global Dynamic Asset Allocation Fund 26

– Manulife All-weather Portfolio – Capital Conservative Fund 29

– Manulife All-weather Portfolio – Managed Growth Fund 32

– Manulife All-weather Portfolio – Growth Fund 34

– Manulife All-weather Portfolio – Growth Plus Fund 37

Statement of Movements in Investment Portfolio (Unaudited) 40

Statement of Distribution (Unaudited) 42


1

Fund Information

ManagerManulife Investment Management (Hong Kong) Limited (formerly known as "Manulife Asset Management (Hong Kong) Limited")16/F, Lee Garden One 33 Hysan AvenueCauseway BayHong Kong

Directors of the ManagerGuy Mills (resigned on 31 December 2019)Ka Ming Dai (resigned on 10 October 2019)Kenneth Rappold (appointed on 10 October 2019)Michael DommermuthVibha CoburnDamien Green (appointed on 1 January 2020)

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

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

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

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


2

Investment Manager's Report for the period ended 31 December 2019

Manulife Global Dynamic Asset Allocation Fund

Investment Objective

The investment objective of the Fund is to achieve long term capital growth whilst also managing downside risk. The Fund aims to meet its objective by investing primarily in a portfolio of equities, debt securities, exchange traded funds (ETFs) and/or collective investment schemes (other than ETFs) managed by the Manager and/or its affiliates.

Performance Review from 1 July 2019 to 31 December 2019: CLASS AA (USD) INC 4.70%

CLASS AA (HKD) INC 4.40%

CLASS AA (RMB) INC 6.01%

CLASS AA (RMB HEDGED) INC 4.42%

CLASS AA (USD) ACC 4.70%

CLASS I (USD) INC 5.34%

Notes: The performance return is calculated on the basis of NAV to NAV, return in its share class base currency, dividend reinvested, net of fees.

Based on published NAV per unit.Source: Manulife Investment Management (Hong Kong) Limited.

Portfolio Review

During the June-December 2019 period, the sub-Fund experienced a positive return, largely driven by equity exposures in the US, Europe and Japan. Over the period, the sub-Fund made timely allocations into periods of risk-on driven rallies and trimming risk at opportune episodes. December was a good example of this where risk was added earlier in the month, and trimmed towards month end as momentum indicators waned.

Over the period, the sub-Fund ended the year with a lower equity allocation versus the beginning of the period whilst shifting allocations towards non-US assets such as European, Asia and EM equities, whilst trimming US equities.

Market Review

The MSCI World returned +9.2% over second half of 2019, finishing the year above and beyond most investors’ expectations, driven by Japan +11.2%, US +10.8% and emerging markets (EM) gaining +6.3%.

Growth stocks led the way with technology, healthcare gaining +16.8% and 12.5% respectively whilst energy underperformed falling -0.61%.

Within fixed income, the Merrill Lynch High Yield Master gained +3.9%, Barclays EM USD Agg +3.4% and the Barclays Global Aggregate – Corporates gained +3.0%.


3

Investment Manager's Report (continued) for the period ended 31 December 2019

Manulife Global Dynamic Asset Allocation Fund (continued)

In foreign exchange, the British pound gained +4.1% against the US dollar, post the Conservative Party election win.

Key global capital market drivers remained the US Federal Reserve Board (Fed), trade and China. Trade tensions remained less elevated in the second half of 2019 versus the first half of 2019 and markets became more optimistic towards risk assets as a phase one deal became widely accepted as a reasonable first step.

Global macro Purchasing Managers’ Indexes, particularly on the manufacturing side remained weak, some below the 50 threshold implying a contraction, whilst services have remained relatively immune. Despite slowing macro growth and rising geopolitics, risk assets continued to make new highs into year-end as recessionary risks, for now, abated.

Market Outlook

The 2019 calendar year was an interesting period for investors. Despite an inverted yield curve, concerns of a recession and a large volume of negative-yielding debt, global equities rebounded, with US stocks posting some of their best returns in decades as a result of three Fed rate cuts. Posturing between the US and China on trade issues moved markets, defying underlying fundamental concerns.

While a recession doesn’t seem imminent, the MSCI World Index continues to trade at close to 15-year highs. The market, to a large degree, appears to be basing the high valuations we have

been experiencing on perpetually low rates, as 2019’s gains were almost all based on multiple expansion as earnings growth was only 0.1%. In addition, profitability levels measured by earnings-before-interest-and-taxes margins continue to be at historic highs, although this is starting to decline. It is our view that we remain in a high-margin, high-debt, low-growth market with high multiples to match.

Going into 2020, we are finding attractively valued opportunities outside the US, as the US still trades at a 15-year peak relative multiple compared to international markets. While the profitability of international corporations is cyclically high, it still remains well below its US equivalent on average. We are comfortable with our overweight in equities overall – at least, for the time being.

At the margin, sentiment has improved more recently towards risk assets, as markets continue to push towards new highs due to heightened probability of a partial phase one trade deal focused around US agricultural goods, higher probability of a no-deal Brexit off the table and central banks adding liquidity. Cyclically, markets are looking better as some risks are alleviated, however, the structural slowdown in global growth, earnings, a lack of higher inflationary pressures and geopolitics will remain as the backdrop and keep markets volatile.

Currencies, in particular the US dollar, will be key, as global central banks race to pre-empt Fed rate cuts by cutting themselves in order to support export growth and boost inflation.

As a result, rate cuts across EM are supporting local equity and debt markets. Significantly, when these are coupled with material market and economic reforms in important markets, such as Brazil and India, we find ourselves remaining constructive on the EM asset class, which remain attractively valued from


4

a medium to longer-term perspective, however, the near-term has been challenged by slowing global manufacturing and uncertainty on global trade.

The Fed, China and trade will remain key market drivers, whilst other growing risks such as pockets of recessionary risks in Europe, UK trade deal with the European Union by the end of 2020, Hong Kong protests and Iranian headlines have added to investor concerns.

Given the Fed’s three 25 basis point reductions, we think one more cut will come through in March 2020, with a December 2019 pause, barring an unexpected weakening in the economy.

Central banks, globally, are signaling they are committed to positive growth support for economies, which should bode well for risk and higher yielding assets. Bouts of volatility, however, should be expected across currencies, spreads and equities on trade and/or Fed uncertainty.

Any further easing from China could produce stabilisation, rather than the kind of V-shaped recovery we saw in 2016. Nevertheless, even this more limited stimulus should help Chinese markets and overall global trade. A more prolonged trade discussion could continue to impact sentiment as well as adjustments seen in the Chinese yuan, which could also add pressure to the rest of EM foreign exchange and EM assets.

On the margin, we are reducing risk by selling winners in US stocks to buy non-US equities, and by taking profits in investment-grade corporate bonds in developed markets, but sticking with EM debt.

Longer-term, rates should edge higher if we are right about global economic growth improving later into the year. High-yield bonds could remain an attractive asset class if, as we expect, the environment for stocks remains broadly favourable. From a total-return perspective, EM credit is one of our most preferred positions in the portfolio and remains a focal point for income-seeking investors. We continue our search for opportunities and will remain nimble in our asset allocation decision-making into 2020.




5


The investment objective of the Fund is to achieve a stable level of long term capital growth. The Fund aims to meet its objective by investing primarily in a portfolio of equities, debt securities, exchange traded funds (“ETFs”) and/or collective investment schemes (other than ETFs) managed by the Manager and/or its affiliates.

Performance Review from 1 July 2019 to 31 December 2019: Class AA (USD) INC 2.35%

Class AA (HKD) INC 2.05%

Class AA (USD) ACC 2.35%



Portfolio Review

Over the June-December 2019 period, the sub-Fund experienced a positive contribution with performance driven by exposure to US bonds, in particular an actively managed bond fund whilst this was offset by security selection within North American equities.

During the period, the sub-Fund added to equities, reducing the overall fixed income exposure from June to December 2019, although adding more into US bonds within fixed income over the period.

Market Review

The MSCI World returned +9.2% over second half of 2019, finishing the year above and beyond most investors’ expectations, driven by Japan +11.2%, US +10.8% and emerging markets (EM) gaining +6.3%.

Growth stocks led the way with technology, healthcare gaining +16.8% and 12.5% respectively whilst energy underperformed falling -0.61%.





Manulife All-weather Portfolio – Capital Conservative Fund


6


Market Outlook


While a recession doesn’t seem imminent, the MSCI World Index continues to trade at close to 15-year highs. The market, to a large degree, appears to be basing the high valuations we have been experiencing on perpetually low rates, as 2019’s gains were almost all based on multiple expansion as earnings growth was only 0.1%. In addition, profitability levels measured by earnings-before-interest-and-taxes margins continue to be at historic highs, although this is starting to decline. It is our view that we remain in a high-margin, high-debt, low-growth market with high multiples to match.



Currencies, in particular the US dollar, will be key, as global central banks race to pre-empt Fed rate cuts by cutting themselves in order to support export growth and boost inflation. As a result, rate cuts across EM are supporting local equity and debt markets. Significantly, when these are coupled with material market and economic reforms in important markets, such as Brazil and India, we find ourselves remaining constructive on the EM asset class, which remain attractively valued from a medium to longer-term perspective, however, the near-term has been challenged by slowing global manufacturing and uncertainty on global trade.

The Fed, China and trade will remain key market drivers, whilst other growing risks, such as pockets of recessionary risk in Europe, a UK trade deal with the European Union by the end of 2020, Hong Kong protests and Iranian headlines, have added to investor concerns.



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


7

Central banks, globally, are signaling they are committed to positive growth support for economies, which should bode well for risk and higher-yielding assets. Bouts of volatility, however, should be expected across currencies, spreads and equities on trade and/or Fed uncertainty.







8


The investment objective of the Fund is to achieve a balanced level of long term capital growth. The Fund aims to meet its objective by investing primarily in a portfolio of equities, debt securities, exchange traded funds (“ETFs”) and/or collective investment schemes (other than ETFs) managed by the Manager and/or its affiliates.






Portfolio Review

Over the June-December 2019 period, the sub-Fund experienced positive contributions, benefiting from exposure to US bonds, particularly an active managed underlying bond fund as well as from gold exposure. This was partially offset from security selection within North American equities.

Over the period, allocation changes were not significant, with some additions to overall equity, funded by trimming fixed income exposure. However, US bonds were added within fixed income.

Market Review

The MSCI World returned +9.2% over second half of 2019, finishing the year above and beyond most investors’ expectations, driven by Japan +11.2%, US +10.8% and emerging markets (EM) gaining +6.3%. Growth stocks led the way with technology, healthcare gaining +16.8% and 12.5% respectively whilst energy underperformed falling -0.61%.





Manulife All-weather Portfolio – Managed Growth Fund


9


Market Outlook





Currencies, in particular the US dollar, will be key, as global central banks race to pre-empt Fed rate cuts by cutting themselves in order to support export growth and boost inflation. As a result, rate cuts across EM are supporting local equity and debt markets. Significantly, when these are coupled with material market and economic reforms in important markets such as Brazil and India, we find ourselves remaining constructive on the EM asset class, which remain attractively valued from a medium to longer-term perspective, however, the near-term has been challenged by slowing global manufacturing and uncertainty on global trade. The Fed, China and trade will remain key market drivers, whilst other growing risks such as pockets of recessionary risks in Europe, a UK trade deal with the European Union by the end of 2020, Hong Kong protests and Iranian headlines have added to investor concerns.


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


10


Central banks, globally, are signaling they are committed to positive growth support for economies, which should bode well for risk and higher yielding assets. Bouts of volatility, however, should be expected across currencies, spreads and equities on trade and/or Fed uncertainty.







11


Manulife All-weather Portfolio – Growth Fund


The investment objective of the Fund is to offer the potential of long term capital growth. The Fund aims to meet its objective by investing primarily in a portfolio of equities, debt securities, exchange traded funds (“ETFs”) and/or collective investment schemes (other than ETFs) managed by the Manager and/or its affiliates.

Performance Review from 1 July 2019 to 31 December 2019 Class AA (USD) INC 6.07%





Portfolio Review

During the June-December 2019 period, the sub-Fund experienced a positive contribution, benefiting from exposure to European equities and US bonds, in particular an actively managed US bond fund as well as gold exposure – this was partially offset by security selection in North American equities.

Over the period, the sub-Fund trimmed US equity holdings, adding to Asia Pacific ex Japan equities. Within fixed income, allocations were shifted towards adding US bonds.

Market Review

The MSCI World returned +9.2% over second half of 2019, finishing the year above and beyond most investors’ expectations, driven by Japan +11.2%, US +10.8% and emerging markets (EM) gaining +6.3%. Growth stocks led the way with technology, healthcare gaining +16.8% and 12.5% respectively whilst energy underperformed falling -0.61%.





12


Market Outlook





Currencies, in particular the US dollar, will be key, as global central banks race to pre-empt Fed rate cuts by cutting themselves in order to support export growth and boost inflation. As a result, rate cuts across EM are supporting local equity and debt markets. Significantly, when these are coupled with material market and economic reforms in important markets, such as Brazil and India, we find ourselves remaining constructive on the EM asset class, which remain attractively valued from a medium to longer-term perspective, however, the near-term has been challenged by slowing global manufacturing and uncertainty on global trade. The Fed, China and trade will remain key market drivers, whilst other growing risks such as pockets of recessionary risks in Europe, a UK trade deal with the European Union by the end of 2020, Hong Kong protests and Iranian headlines have added to investor concerns. Given the Fed’s three 25 basis point reductions, we think one more cut will come through in March 2020, with a December 2019 pause, barring an unexpected weakening in the economy.

Central banks, globally, are signaling they are committed to positive growth support for economies,


Manulife All-weather Portfolio – Growth Fund (continued)

1 https://tradingeconomics.com/united-states/gdp-growth.2 https://www.frbatlanta.org/cqer/research/gdpnow.aspx?panel=1.3 https://tradingeconomics.com/united-states/unemployment-rate.


13

which should bode well for risk and higher yielding assets. Bouts of volatility, however, should be expected across currencies, spreads and equities on trade and/or Fed uncertainty.






14


The investment objective of the Fund is to maximize long term capital growth. The Fund aims to meet its objective by investing primarily in a portfolio of equities, debt securities, exchange traded funds (“ETFs”) and/or collective investment schemes (other than ETFs) managed by the Manager and/or its affiliates.






Portfolio Review During the June-December 2019 period, the sub-Fund experienced a positive contribution, benefiting from exposure to European equities and gold, which was partially offset by security selection in North American equities and exposures in EM bonds.

Over the period, the sub-Fund reduced equity exposure into the end of December versus the beginning of the period, trimming US equities, adding to European equities, whilst also adding to US bonds.

Market Review

The MSCI World returned +9.2% over second half of 2019, finishing the year above and beyond most investors’ expectations, driven by Japan +11.2%, US +10.8% and emerging markets gaining +6.3%. Growth stocks led the way with technology, healthcare gaining +16.8% and 12.5% respectively whilst energy underperformed falling -0.61%.





Manulife All-weather Portfolio – Growth Plus Fund


15


Market Outlook





Currencies, in particular the US dollar, will be key, as global central banks race to pre-empt Fed rate cuts by cutting themselves in order to support export growth and boost inflation. As a result, rate cuts across EM are supporting local equity and debt markets. Significantly, when these are coupled with material market and economic reforms in important markets, such as Brazil and India, we find ourselves remaining constructive on the EM asset class, which remain attractively valued from a medium to longer-term perspective, however, the near-term has been challenged by slowing global manufacturing and uncertainty on global trade. The Fed, China and trade will remain key market drivers, whilst other growing risks, such as pockets of recessionary risk in Europe, a UK trade deal with the European Union by the end of 2020, Hong Kong protests and Iranian headlines, have added to investor concerns. Given the Fed’s three 25 basis point reductions, we think one more cut will come through in March 2020, with a December 2019 pause, barring an unexpected weakening in the economy.


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


16

Central banks, globally, are signaling they are committed to positive growth support for economies, which should bode well for risk and higher-yielding assets. Bouts of volatility, however, should be expected across currencies, spreads and equities on trade and/or Fed uncertainty.






Man

ulife

Hon

g K

ong

Serie

s

17

Stat

emen

t of F

inan

cial

Pos

ition

As

at 3

1 D

ecem

ber 2

019

(Una

udite

d)

Manu

life Gl

obal

Dyna

mic

Asse

t Allo

catio

n Fun

dMa

nulife

All-w

eathe

r Port

folio

– Ca

pital C

onser

vative

Fund

Manu

life Al

l-weat

her P

ortfol

io –

Mana

ged G

rowth

Fund

Manu

life Al

l-weat

her P

ortfol

io –

Grow

th Fu

ndMa

nulife

All-w

eathe

r Port

folio

– Gr

owth

Plus F

und

Comb

ined

31 De

cemb

er 20

1930

June

20

1931

Dece

mber

2019

30 Ju

ne

2019

31 De

cemb

er 20

1930

June

20

1931

Dece

mber

2019

30 Ju

ne

2019

31 De

cemb

er 20

1930

June

20

1931

Dece

mber

2019

30 Ju

ne

2019

USD

USD

USD

USD

USD

USD

USD

USD

USD

USD

USD

USD

Asse

ts Fin

ancia

l asset

s at fa

ir valu

e thro

ugh p

rofit o

r loss

21,36

5,038

24

,023,4

16

12,99

9,401

12

,510,2

01

14,35

3,940

13

,824,2

46

15,55

3,674

14

,753,3

73

22,50

4,863

21

,191,2

35

86,77

6,916

86

,302,4

71

Cash

and c

ash eq

uivale

nts

1,27

0,119

11

5,872

33

2,302

57

,500

169,2

22

43,17

9 97

,676

95,48

0 65

7,413

31

3,094

2,

526,7

32

625,1

25

Other

receiv

ables

and p

repaym

ents

133,0

63

191,6

72

33,87

4 32

,587

90,25

7 68

,512

1,77

1,784

2,

028,7

42

7,79

7,926

7,

077,6

67

9,82

6,904

9,

399,1

80

Due f

rom br

okers

853,3

98

1,41

8,406

2,

976

252,2

64

365,6

86

419,3

18

133,7

91

756,8

11

– 88

,480

1,35

5,851

2,

935,2

79

Total

asse

ts 23

,621,6

18

25,74

9,366

13

,368,5

53

12,85

2,552

14

,979,1

05

14,35

5,255

17

,556,9

25

17,63

4,406

30

,960,2

02

28,67

0,476

100

,486,4

03

99,26

2,055

Liabil

ities

Finan

cial lia

bilities

at fa

ir valu

e thro

ugh p

rofit o

r loss

7 3,

923

––

––

––

––

7 3,

923

Accou

nts pa

yable a

nd ac

crued

expe

nses

263,9

36

242,6

47

157,6

84

129,9

64

196,7

33

153,6

80

119,0

22

128,7

99

169,0

98

145,3

89

906,4

73

800,4

79

Due t

o brok

ers

313,5

56

1,31

5,952

21

2,046

25

1,124

41

7,256

33

5,357

1,

007,4

42

2,19

3,776

4,

374,8

56

4,71

1,169

6,

325,1

56

8,80

7,378

To

tal lia

bilitie

s (ex

cludin

g net

asse

ts att

ributa

ble to

unith

olders

) 57

7,499

1,

562,5

22

369,7

30

381,0

88

613,9

89

489,0

37

1,12

6,464

2,

322,5

75

4,54

3,954

4,

856,5

58

7,23

1,636

9,

611,7

80

Net a

ssets

attrib

utable

to un

ithold

ers

23,04

4,119

24

,186,8

44

12,99

8,823

12

,471,4

64

14,36

5,116

13

,866,2

18

16,43

0,461

15

,311,8

31

26,41

6,248

23

,813,9

18

93,25

4,767

89

,650,2

75

Man

ulife

Hon

g K

ong

Serie

s

18

Stat

emen

t of F

inan

cial

Pos

ition

(con

tinue

d)

As

at 3

1 D

ecem

ber 2

019

(Una

udite

d)

Num

ber o

f uni

ts in

issu

eMa

nulife

Glob

al Dy

nami

c Ass

et All

ocati

on Fu

ndMa

nulife

All-w

eathe

r Port

folio

– Ca

pital C

onser

vative

Fund

Manu

life Al

l-weat

her P

ortfol

io –

Mana

ged G

rowth

Fund

Manu

life Al

l-weat

her P

ortfol

io –

Grow

th Fu

ndMa

nulife

All-w

eathe

r Port

folio

– Gr

owth

Plus F

und

31 De

cemb

er 20

1930

June

20

1931

Dece

mber

2019

30 Ju

ne

2019

31 De

cemb

er 20

1930

June

20

1931

Dece

mber

2019

30 Ju

ne

2019

31 De

cemb

er 20

1930

June

20

19

Class

AA (U

SD) In

c 85

9,910

.397

916,0

70.79

6 37

4,908

.748

358,6

84.49

4 46

6,072

.252

479,6

37.31

7 67

8,644

.695

655,7

00.91

6 1,

524,7

64.99

2 1,

397,3

93.07

8 Cla

ss AA

(HKD

) Inc

697,7

64.86

4 78

6,447

.092

343,2

54.32

4 34

0,873

.087

383,0

17.79

7 38

7,274

.752

373,3

71.70

2 37

2,447

.091

396,0

45.95

0 41

0,478

.002

Class

AA (R

MB) In

c 22

1,510

.361

223,4

99.52

9 –

––

– –

––

–Cla

ss AA

(RMB

) Inc H

edge

d 18

0,565

.271

184,7

12.84

4 –

––

– –

––

–Cla

ss AA

(USD

) Acc

193,2

74.27

1 20

8,427

.792

485,9

33.04

9 47

6,859

.828

434,2

36.21

7 42

2,191

.055

408,9

67.24

0 39

6,163

.152

500,5

70.25

9 48

7,147

.510

Class

I (USD

) Inc

64,27

4.810

62

,715.5

87

––

––

––

––

Man

ulife

Hon

g K

ong

Serie

s

19

Stat

emen

t of F

inan

cial

Pos

ition

(con

tinue

d)

As

at 3

1 D

ecem

ber 2

019

(Una

udite

d)

Net

ass

et v

alue

("N

AV")

per

uni

t Ma

nulife

Glob

al Dy

nami

c Ass

et All

ocati

on Fu

ndMa

nulife

All-w

eathe

r Port

folio

– Ca

pital C

onser

vative

Fund

Manu

life Al

l-weat

her P

ortfol

io –

Mana

ged G

rowth

Fund

Manu

life Al

l-weat

her P

ortfol

io –

Grow

th Fu

ndMa

nulife

All-w

eathe

r Port

folio

– Gr

owth

Plus F

und

Curre

ncy

31 De

cemb

er 20

1930

June

20

1931

Dece

mber

2019

30 Ju

ne

2019

31 De

cemb

er 20

1930

June

20

1931

Dece

mber

2019

30 Ju

ne

2019

31 De

cemb

er 20

1930

June

20

19

Class

AA (U

SD) In

c US

D 8.

6171

8.

4311

9.

7073

9.

5480

10

.0234

9.

6797

10

.1136

9.

7076

10

.1436

9.

6537

Cla

ss AA

(HKD

) Inc

HKD

86.66

91

85.05

08

97.25

17

95.92

74

98.93

74

95.82

82

100.1

463

96.41

45

98.42

93

93.94

69

Class

AA (R

MB) In

c RM

B 93

.6140

90

.3693

–

– –

– –

––

–Cla

ss AA

(RMB

) Inc H

edge

d RM

B 85

.7918

84

.4049

–

– –

– –

––

–Cla

ss AA

(USD

) Acc

USD

10.64

10

10.15

60

10.43

88

10.19

09

11.08

04

10.59

07

11.65

15

10.97

62

11.87

35

11.05

60

Class

I (USD

) Inc

USD

9.47

76

9.21

51

––

– –

––

––

Man

ulife

Hon

g K

ong

Serie

s

20

Rec

onci

liatio

n of

Net

ass

ets

and

Net

Ass

et p

er U

nit

As

at 3

1 D

ecem

ber 2

019

(Una

udite

d)

NAV

in a

ccor

danc

e w

ith H

KFR

S Ma

nulife

Glob

al Dy

nami

c As

set A

lloca

tion F

und

Manu

life Al

l-weat

her P

ortfol

io –

Capit

al Con

servat

ive Fu

ndMa

nulife

All-w

eathe

r Port

folio

– Ma

nage

d Grow

th Fu

ndMa

nulife

All-w

eathe

r Port

folio

– Gr

owth

Fund

Manu

life Al

l-weat

her P

ortfol

io –

Grow

th Plu

s Fun

dCo

mbine

d31

Dece

mber

2019

30 Ju

ne

2019

31 De

cemb

er 20

1930

June

20

1931

Dece

mber

2019

30 Ju

ne

2019

31 De

cemb

er 20

1930

June

20

1931

Dece

mber

2019

30 Ju

ne

2019

31 De

cemb

er 20

1930

June

20

19

Publi

shed

NAV

23,06

3,070

24

,207,9

51

13,04

9,752

12

,505,6

16

14,37

5,122

13

,900,3

71

16,20

2,565

15

,345,9

84

23,33

9,293

23

,848,2

57

90,02

9,802

89

,808,1

79

Adjus

tmen

t for p

relimi

nary

expen

ses

(10,4

96)

(21,1

07)

(25,5

56)

(34,1

52)

(25,5

56)

(34,1

53)

(25,5

56)

(34,1

53)

(25,7

42)

(34,3

39)

(112

,906)

(157

,904)

Adjus

tmen

t for s

ubscr

iption

s/red

emptio

ns wit

h trad

e date

at ye

ar/pe

riod e

nd

(8,45

5)–

(25,3

73)

– 15

,550

– 25

3,452

–

3,10

2,697

–

3,33

7,871

–

NAV a

s per

finan

cial s

tatem

ents

23,04

4,119

24

,186,8

44

12,99

8,823

12

,471,4

64

14,36

5,116

13

,866,2

18

16,43

0,461

15

,311,8

31

26,41

6,248

23

,813,9

18

93,25

4,767

89

,650,2

75

Man

ulife

Hon

g K

ong

Serie

s

21

Rec

onci

liatio

n of

Net

ass

ets

and

Net

Ass

et p

er U

nit (

cont

inue

d)

The

impa

ct o

n th

e ne

t ass

et v

alue

per

uni

t at 3

1 D

ecem

ber 2

019

and

30 J

une

2019

wer

e as

follo

ws:

As

at 3

1 D

ecem

ber 2

019

(Una

udite

d)

NAV

per

uni

t in

acco

rdan

ce w

ith H

KFR

S Ma

nulife

Glob

al Dy

nami

c Ass

et Al

locati

on Fu

ndMa

nulife

All-w

eathe

r Por

tfolio

– Ca

pital

Cons

ervati

ve Fu

ndMa

nulife

All-w

eathe

r Por

tfolio

– Ma

nage

d Gro

wth F

und

Manu

life A

ll-wea

ther P

ortfo

lio –

Grow

th Fu

ndMa

nulife

All-w

eathe

r Por

tfolio

– Gr

owth

Plus F

und

31 D

ecem

ber

2019

30 Ju

ne

2019

31 D

ecem

ber

2019

30 Ju

ne

2019

31 D

ecem

ber

2019

30 Ju

ne

2019

31 D

ecem

ber

2019

30 Ju

ne

2019

31 D

ecem

ber

2019

30 Ju

ne

2019

Clas

s AA

(USD

) Inc

Pu

blish

ed N

AV pe

r Unit

8.

6187

8.

4385

9.

7263

9.

5742

10

.0412

9.

7035

10

.1293

9.

7293

10

.1535

9.

6676

Ad

justm

ents

(0.00

16)

(0.00

74)

(0.01

90)

(0.02

62)

(0.01

78)

(0.02

38)

(0.01

57)

(0.02

17)

(0.00

99)

(0.01

39)

NAV

as p

er fi

nanc

ial re

porti

ng

8.61

71

8.43

11

9.70

73

9.54

80

10.02

34

9.67

97

10.11

36

9.70

76

10.14

36

9.65

37

Clas

s AA

(HKD

) Inc

Pu

blish

ed N

AV pe

r Unit

86

.6860

85

.1247

97

.4429

96

.1901

99

.1134

96

.0642

10

0.302

0 96

.6291

98

.5252

94

.0824

Ad

justm

ents

(0.01

69)

(0.07

39)

(0.19

12)

(0.26

27)

(0.17

60)

(0.23

60)

(0.15

57)

(0.21

46)

(0.09

59)

(0.13

55)

NAV

as p

er fi

nanc

ial re

porti

ng

86.66

91

85.05

08

97.25

17

95.92

74

98.93

74

95.82

82

100.1

463

96.41

45

98.42

93

93.94

69

Clas

s AA

(RMB

) Inc

Pu

blish

ed N

AV pe

r Unit

93

.6323

90

.4479

–

– –

– –

––

–Ad

justm

ents

(0.01

83)

(0.07

86)

––

––

––

––

NAV

as p

er fi

nanc

ial re

porti

ng

93.61

40

90.36

93

––

––

––

––

Clas

s AA

(RMB

) Inc

Hed

ged

Publi

shed

NAV

per U

nit

86.03

91

84.47

97

––

– –

––

––

Adjus

tmen

ts (0

.2473

) (0

.0748

)–

––

––

––

–NA

V as

per

fina

ncial

repo

rting

85

.7918

84

.4049

–

––

––

––

–

Man

ulife

Hon

g K

ong

Serie

s

22

Rec

onci

liatio

n of

Net

ass

ets

and

Net

Ass

et p

er U

nit (

cont

inue

d)

As

at 3

1 D

ecem

ber 2

019

(Una

udite

d)

NAV

per

uni

t in

acco

rdan

ce w

ith H

KFR

S (c

ontin

ued)

Manu

life G

lobal

Dyna

mic A

sset

Alloc

ation

Fund

Manu

life A

ll-wea

ther P

ortfo

lio –

Capit

al Co

nserv

ative

Fund

Manu

life A

ll-wea

ther P

ortfo

lio –

Mana

ged G

rowt

h Fun

dMa

nulife

All-w

eathe

r Por

tfolio

– Gr

owth

Fund

Manu

life A

ll-wea

ther P

ortfo

lio –

Grow

th Plu

s Fun

d31

Dec

embe

r 20

1930

June

20

1931

Dec

embe

r 20

1930

June

20

1931

Dec

embe

r 20

1930

June

20

1931

Dec

embe

r 20

1930

June

20

1931

Dec

embe

r 20

1930

June

20

19

Clas

s AA

(USD

) Acc

Pu

blish

ed N

AV pe

r Unit

10

.6431

10

.1648

10

.4593

10

.2188

11

.1002

10

.6168

11

.6697

11

.0007

11

.8851

11

.0719

Ad

justm

ents

(0.00

21)

(0.00

88)

(0.02

05)

(0.02

79)

(0.01

98)

(0.02

61)

(0.01

82)

(0.02

45)

(0.01

16)

(0.01

59)

NAV

as p

er fi

nanc

ial re

porti

ng

10.64

10

10.15

60

10.43

88

10.19

09

11.08

04

10.59

07

11.65

15

10.97

62

11.87

35

11.05

60

Clas

s I (U

SD) I

nc

Publi

shed

NAV

per U

nit

9.47

98

9.22

38

––

– –

––

––

Adjus

tmen

ts (0

.0022

) (0

.0087

)–

––

––

––

–NA

V as

per

fina

ncial

repo

rting

9.

4776

9.

2151

–

––

––

––

–

Man

ulife

Hon

g K

ong

Serie

s

23

Stat

emen

t of C

ompr

ehen

sive

Inco

me

For t

he p

erio

d en

ded

31 D

ecem

ber 2

019

(Una

udite

d)

Manu

life Gl

obal

Dyna

mic A

sset

Alloc

ation

Fund

Manu

life Al

l-weat

her P

ortfol

io –

Capit

al Con

servat

ive Fu

ndMa

nulife

All-w

eathe

r Port

folio

– Ma

nage

d Grow

th Fu

ndMa

nulife

All-w

eathe

r Port

folio

– Gr

owth

Fund

Manu

life Al

l-weat

her P

ortfol

io –

Grow

th Plu

s Fun

dCo

mbine

dFo

r the p

eriod

en

ded

31 De

cemb

er 20

19

For th

e peri

od

ende

d 31

Dece

mber

2018

For th

e peri

od

ende

d 31

Dece

mber

2019

For th

e peri

od

ende

d 31

Dece

mber

2018

For th

e peri

od

ende

d 31

Dece

mber

2019

For th

e peri

od

ende

d 31

Dece

mber

2018

For th

e peri

od

ende

d 31

Dece

mber

2019

For th

e peri

od

ende

d 31

Dece

mber

2018

For th

e peri

od

ende

d 31

Dece

mber

2019

For th

e peri

od

ende

d 31

Dece

mber

2018

For th

e peri

od

ende

d 31

Dece

mber

2019

For th

e peri

od

ende

d 31

Dece

mber

2018

USD

USD

USD

USD

USD

USD

USD

USD

USD

USD

USD

USD

Incom

e Div

idend

incom

e 26

0,887

23

6,935

30

8,534

21

7,019

24

6,098

22

7,284

24

9,590

19

2,696

21

4,484

21

9,669

1,

279,5

93

1,09

3,603

Int

erest i

ncome

75

,608

105,8

39

24,50

2 27

,022

21,41

1 25

,173

170

426

278

1,04

7 12

1,969

15

9,507

Ne

t gain

s / (lo

sses)

on fin

ancia

l asset

s and

liabili

ties at

fair v

alue

throu

gh pr

ofit or

loss

948,2

78

(1,77

5,103

) 13

3,676

(6

54,53

5) 53

5,241

(1

,353,0

32)

770,0

91

(2,13

8,817

) 1,

214,2

98

(2,98

7,261

) 3,

601,5

84

(8,90

8,748

)To

tal o

pera

ting

inco

me

1,28

4,773

(1

,432,3

29)

466,7

12

(410

,494)

802,7

50

(1,10

0,575

) 1,

019,8

51

(1,94

5,695

) 1,

429,0

60

(2,76

6,545

) 5,

003,1

46

(7,65

5,638

)

Expe

nses

Ma

nage

ment

fee

(136

,688)

(160

,444)

(63,8

60)

(60,9

43)

(70,6

02)

(77,4

98)

(82,7

02)

(85,6

16)

(106

,260)

(124

,657)

(460

,112)

(509

,158)

Custo

dian f

ee

(11,1

15)

(10,3

49)

(4,49

7) (4

,654)

(4,49

9) (6

,059)

(6,15

4) (6

,638)

(5,40

1) (7

,715)

(31,6

66)

(35,4

15)

Truste

e fee

(3

0,000

) (3

0,000

) (3

0,000

) (3

0,000

) (3

0,000

) (3

0,000

) (3

0,000

) (3

0,000

) (3

0,000

) (3

0,000

) (1

50,00

0) (1

50,00

0)Tra

nsactio

n han

dling f

ee

(25,2

28)

(19,5

88)

(11,3

39)

(6,51

0) (1

1,569

) (9

,253)

(12,3

19)

(9,74

6) (1

6,130

) (1

4,031

) (7

6,585

) (5

9,128

)Au

ditors'

remun

eration

(1

5,618

) (1

2,603

) (1

4,918

) (1

2,603

) (1

5,618

) (1

2,603

) (1

4,918

) (1

2,603

) (1

5,618

) (1

2,603

) (7

6,690

) (6

3,015

)Pu

blicatio

n and

printi

ng fe

e (2

,827)

(3,93

7) (2

,343)

(3,52

2) (2

,430)

(3,55

3) (2

,400)

(3,56

1) (2

,591)

(3,62

0) (1

2,591

) (1

8,193

)Le

gal an

d prof

ession

al fee

(5

39)

– (2

91)

– (3

21)

– (3

15)

– (4

17)

– (1

,883)

–Ex

hang

e diffe

rence

14,69

1 73

,231

537

865

744

1,79

1 20

6 4,

637

112

(115

) 16

,290

80,40

9 Oth

er op

erating

expe

nses

(33,1

09)

(33,7

87)

(2,35

3) (2

,217)

(2,78

9) (3

,935)

(3,21

1) (2

,966)

(3,98

7) (4

,095)

(45,4

49)

(47,0

00)

Tota

l ope

ratin

g ex

pens

es

(240

,433)

(197

,477)

(129

,064)

(119

,584)

(137

,084)

(141

,110)

(151

,813)

(146

,493)

(180

,292)

(196

,836)

(838

,686)

(801

,500)

Oper

atin

g ga

in/ (

loss

) 1,

044,3

40

(1,62

9,806

) 33

7,648

(5

30,07

8) 66

5,666

(1

,241,6

85)

868,0

38

(2,09

2,188

) 1,

248,7

68

(2,96

3,381

) 4,

164,4

60

(8,45

7,138

)

Man

ulife

Hon

g K

ong

Serie

s

24

Sta

tem

ent o

f Com

preh

ensi

ve In

com

e (c

ontin

ued)

For t

he p

erio

d en

ded

31 D

ecem

ber 2

019

(Una

udite

d)

Manu

life Gl

obal

Dyna

mic A

sset

Alloc

ation

Fund

Manu

life Al

l-weat

her P

ortfol

io –

Capit

al Con

servat

ive Fu

ndMa

nulife

All-w

eathe

r Port

folio

– Ma

nage

d Grow

th Fu

ndMa

nulife

All-w

eathe

r Port

folio

– Gr

owth

Fund

Manu

life Al

l-weat

her P

ortfol

io –

Grow

th Plu

s Fun

dCo

mbine

dFo

r the p

eriod

en

ded

31 De

cemb

er 20

19

For th

e peri

od

ende

d 31

Dece

mber

2018

For th

e peri

od

ende

d 31

Dece

mber

2019

For th

e peri

od

ende

d 31

Dece

mber

2018

For th

e peri

od

ende

d 31

Dece

mber

2019

For th

e peri

od

ende

d 31

Dece

mber

2018

For th

e peri

od

ende

d 31

Dece

mber

2019

For th

e peri

od

ende

d 31

Dece

mber

2018

For th

e peri

od

ende

d 31

Dece

mber

2019

For th

e peri

od

ende

d 31

Dece

mber

2018

For th

e peri

od

ende

d 31

Dece

mber

2019

For th

e peri

od

ende

d 31

Dece

mber

2018

USD

USD

USD

USD

USD

USD

USD

USD

USD

USD

USD

USD

Finan

ce Co

st Dis

tributio

n to u

nithold

ers

(526

,869)

(714

,002)

(58,5

11)

(88,9

29)

(97,6

44)

(218

,398)

(192

,797)

(379

,089)

(368

,857)

(662

,832)

(1,24

4,678

) (2

,063,2

50)

Profit/

(Loss)

befor

e tax

517,4

71

(2,34

3,808

)27

9,137

(6

19,00

7) 56

8,022

(1

,460,0

83)

675,2

41

(2,47

1,277

) 87

9,911

(3

,626,2

13)

2,91

9,782

(10,5

20,38

8)

Tax

(33,3

39)

(4,78

3) (3

2,486

) (2

5,946

) (2

8,841

) (2

4,643

) (2

7,705

) (2

0,262

) (2

9,078

) (2

8,918

) (1

51,44

9) (1

04,55

2)Inc

rease/

(Decr

ease)

in ne

t asse

ts attri

butab

le to u

nithold

ers –

being

tot

al com

prehe

nsive

incom

e / (lo

ss)

484,1

32

(2,34

8,591

) 24

6,651

(6

44,95

3) 53

9,181

(1

,484,7

26)

647,5

36

(2,49

1,539

) 85

0,833

(3

,655,1

31)

2,76

8,333

(10,6

24,94

0)

Man

ulife

Hon

g K

ong

Serie

s

25

Stat

emen

t of C

hang

es in

Net

Ass

ets

Attr

ibut

able

to u

nith

olde

rs

For t

he p

erio

d en

ded

31 D

ecem

ber 2

019

(Una

udite

d)

Manu

life Gl

obal

Dyna

mic A

sset

Alloc

ation

Fund

Manu

life Al

l-weat

her P

ortfol

io –

Capit

al Con

servat

ive Fu

ndMa

nulife

All-w

eathe

r Port

folio

– Ma

nage

d Grow

th Fu

ndMa

nulife

All-w

eathe

r Port

folio

– Gr

owth

Fund

Manu

life Al

l-weat

her P

ortfol

io –

Grow

th Plu

s Fun

dCo

mbine

dFo

r the p

eriod

en

ded

31 De

cemb

er 20

19

For th

e peri

od

ende

d 31

Dece

mber

2018

For th

e peri

od

ende

d 31

Dece

mber

2019

For th

e peri

od

ende

d 31

Dece

mber

2018

For th

e peri

od

ende

d 31

Dece

mber

2019

For th

e peri

od

ende

d 31

Dece

mber

2018

For th

e peri

od

ende

d 31

Dece

mber

2019

For th

e peri

od

ende

d 31

Dece

mber

2018

For th

e peri

od

ende

d 31

Dece

mber

2019

For th

e peri

od

ende

d 31

Dece

mber

2018

For th

e peri

od

ende

d 31

Dece

mber

2019

For th

e peri

od

ende

d 31

Dece

mber

2018

USD

USD

USD

USD

USD

USD

USD

USD

USD

USD

USD

USD

Open

ing ba

lance

24,18

6,844

27

,580,8

72

12,47

1,464

12

,587,5

83

13,86

6,218

29

,979,0

96

15,31

1,831

13

,818,3

03

23,81

3,918

30

,956,0

45

89,65

0,275

114

,921,8

99

Issue

of un

its 2,

964,7

56

8,13

5,562

1,

780,0

98

1,89

5,055

1,

360,7

99

8,69

8,495

7,

060,1

22

14,36

9,547

27

,639,9

13

42,28

9,333

40

,805,6

88

75,38

7,992

Re

demp

tion of

units

(4,59

1,613

)(7

,740,5

19)

(1,49

9,390

)(2

,014,6

44)

(1,40

1,082

)(23

,289,4

65)

(6,58

9,028

)(12

,197,0

14)(

25,88

8,416

)(50

,849,5

27)(

39,96

9,529

)(96

,091,1

69)

Increa

se / (D

ecrea

se) in

net a

ssets a

ttribu

table t

o unith

olders

– be

ing

total c

ompre

hensi

ve inc

ome /

(loss)

48

4,132

(2

,348,5

91)

246,6

51

(644

,953)

539,1

81

(1,48

4,726

) 64

7,536

(2

,491,5

39)

850,8

33

(3,65

5,131

) 2,

768,3

33

(1

0,624

,940)

Net a

sset

s attr

ibut

able

to u

nith

olde

rs

23,04

4,119

25

,627,3

24

12,99

8,823

11

,823,0

41

14,36

5,116

13

,903,4

00

16,43

0,461

13

,499,2

97

26,41

6,248

18

,740,7

20

93,25

4,767

83

,593,7

82


26

Manulife Global Dynamic Asset Allocation Fund

Portfolio of Investements (unaudited) As at 31 December 2019

Quantity / Par Value Description

Cost USD

Market Value USD

% of Net Assets

Bond InvestmentsAustralia

1,000,000 COMMONWEALTH BANK OF AUSTRALIA 4.2% S/A 26OCT2020 150,685 144,924 0.63% 150,685 144,924 0.63%

Bermuda 200,000 CONCORD NEW ENERGY GROUP LTD 7.9% S/A 23JAN2021 200,000 204,420 0.88%

200,000 204,420 0.88%British Virgin

Islands 1,000,000 FRANSHION BRILLIANT LTD 5.2% S/A 08MAR2021 156,034 145,995 0.63% 1,000,000 GREENLAND GLOBAL INVESTMENT LTD 7.125% S/A 20MAR2021 157,784 142,513 0.62% 1,000,000 SINOCHEM OFFSHORE CAPITAL CO LTD 4.4% S/A 14FEB2021 157,400 145,313 0.63%

200,000 STUDIO CITY FINANCE LTD 7.25% S/A 11FEB2024 REGS 202,600 211,901 0.92% 673,818 645,722 2.80%

Canada 1,000,000 NATIONAL BANK OF CANADA 4.3% A 11OCT2020 150,751 144,941 0.63%

150,751 144,941 0.63%Cayman Islands

1,000,000 COUNTRY GARDEN HLDGS CO LTD 5.8% S/A 12MAR2021 159,958 145,672 0.63% 1,000,000 SHIMAO PROPERTY HLDGS LTD 5.75% S/A 15MAR2021 157,670 146,462 0.64%

200,000 POWERLONG REAL ESTATE HLDGS LTD 6.95% S/A 17APR2021 198,408 202,644 0.88% 200,000 TIMES CHINA HLDGS LTD 7.625% S/A 21FEB2022 200,000 207,398 0.90%

716,036 702,176 3.05%China

1,000,000 INDUSTRIAL & COMMERCIAL BANK OF CHINA LTD/SINGAPORE 4.5% S/A 22OCT2021

144,600 147,081 0.64%

144,600 147,081 0.64%Hong Kong

1,000,000 SINOPEC CENTURY BRIGHT CAPITAL INVESTMENT LTD 4.5% S/A 31OCT2021

143,800 146,433 0.64%

143,800 146,433 0.64%Korea

1,000,000 BUSAN BANK CO LTD 4.85% A 25MAY2021 156,190 146,032 0.63% 156,190 146,032 0.63%

Netherlands 1,000,000 DAIMLER INTL FINANCE BV 4.8% A 09APR2021 159,958 146,594 0.64%

159,958 146,594 0.64%

Bond Investments Total 2,495,838 2,428,323 10.55%


27


Portfolio of Investments (unaudited) (continued) As at 31 December 2019


Cost USD

Market Value USD

% of Net Assets

Collective Investment Schemes France

9,166 LYXOR EURO STOXX 50 DR UCITS ETF–D-EUR 362,452 373,013 1.62% 362,452 373,013 1.62%

Germany 9,496 ISHARES STOXX EUROPE 600 BASIC RESOURCES (DE) 477,329 495,356 2.15% 3,416 ISHARES STOXX EUROPE 600 HEALTH CARE (DE) 344,157 348,725 1.51%

19,203 ISHARES STOXX EUROPE 600 OIL & GAS (DE) 686,998 704,143 3.06% 7,925 LYXOR EURO STOXX BANKS DR UCITS ETF 772,307 806,364 3.50%

2,280,791 2,354,588 10.22%Hong Kong

113,800 ISHARES CORE MSCI AC ASIA EX JAPAN INDEX ETF 786,314 787,705 3.42% 202,000 ISHARES CORE MSCI CHINA INDEX ETF 685,227 702,997 3.05%

1,471,541 1,490,702 6.47%Luxembourg

959,981 MANULIFE GLOBAL FUND-AMERICAN GROWTH FUND-I3 1,402,174 1,475,202 6.40% 960,419 MANULIFE GLOBAL FUND-EUROPEAN GROWTH FUND-I3 942,416 1,020,253 4.43% 515,269 MANULIFE GLOBAL FUND-JAPANESE GROWTH FUND-I3 573,529 614,046 2.66%

2,918,119 3,109,501 13.49%United Kingdom

2,027 ISHARES $ CORP BOND UCITS ETF USD DIST 247,166 249,301 1.08% 16,240 ISHARES $ HIGH YIELD CORP BOND UCITS ETF USD DIST 1,664,222 1,680,839 7.28% 17,058 ISHARES MSCI EM UCITS ETF USD DIST 677,832 731,063 3.17%

5,884 ISHARES MSCI JAPAN USD HEDGED UCITS ETF (ACC) 227,232 222,239 0.96% 7,359 VANECK VECTORS JP MORGAN EM LOCAL CURRENCY BOND

UCITS ETF 462,194 476,422 2.07%

3,594 VANGUARD S&P 500 UCITS ETF 191,742 219,719 0.95% 3,470,388 3,579,583 15.51%

United States 654 ABERDEEN STANDARD PHYSICAL PALLADIUM SHARES ETF 115,322 119,852 0.52%

13,689 DEUTSCHE X-TRACKERS MSCI JAPAN HEDGED EQUITY ETF 585,795 583,836 2.53% 20,175 NVESCO DB BASE METALS FUND 299,780 301,415 1.31%

2,010 ISHARES 20+ YEAR TREASURY BOND ETF 276,367 272,315 1.18% 2,082 ISHARES 7-10 YEAR TREASURY BOND ETF 230,464 229,478 1.00% 2,990 ISHARES MSCI ALL COUNTRY ASIA EX-JAPAN ETF 208,419 219,765 0.95% 8,297 ISHARES MSCI EMERGING MARKETS ETF 354,909 372,286 1.62%


28




Cost USD

Market Value USD

% of Net Assets

Collective Investment Schemes United States

10,268 ISHARES MSCI EUROPE FINANCIALS ETF 190,521 200,123 0.87% 2,824 ISHARES MSCI JAPAN ETF 161,410 167,294 0.73%

350 ISHARES MSCI SOUTH KOREA ETF 20,992 21,767 0.09% 573 ISHARES PHLX SEMICONDUCTOR ETF 131,151 143,880 0.62%

2,834 ISHARES RUSSELL 2000 ETF 459,067 469,509 2.04% 5,109 ISHARES U.S. TECHNOLOGY ETF 1,049,037 1,188,352 5.16% 6,993 SPDR GOLD SHARES 974,538 999,300 4.34% 3,827 SPDR S&P BANK ETF 176,715 180,979 0.79% 9,055 SPDR S&P SOFTWARE & SERVICES ETF 918,784 920,169 3.99%

18,167 VANECK VECTORS GOLD MINERS ETF 529,564 531,930 2.31% 868 VANGUARD EXTENDED DURATION TREASURY ETF 115,075 112,823 0.49%

1,613 VANGUARD FTSE EUROPE ETF 84,066 94,522 0.41% 4,100 VANGUARD INDUSTRIALS ETF 633,518 630,908 2.74%

86 VANGUARD INFORMATION TECHNOLOGY INDEX ETF 20,654 21,057 0.09% 2,314 VANGUARD INTERMEDIATE-TERM TREASURY ETF 152,867 152,585 0.66%

285 VANGUARD S&P 500 ETF 78,338 84,303 0.37% 7,767,353 8,018,448 34.81%

Collective Investment Schemes Total 18,270,644 18,925,835 82.12%

Portfolio of Investments 20,766,482 21,354,158 92.67%

Forward currency contracts Total HKD/USD (7) 0.00%RMB/USD 10,880 0.05%

10,873 0.05%

Other Net Assets 1,679,088 7.29%Net Assets 23,044,119 100.00%


29

Manulife All-weather Portfolio – Capital Conservative Fund

Portfolio of Investments (unaudited) As at 31 December 2019


Cost USD

Market Value USD

% of Net Assets

Bond Investments

Australia 1,000,000 COMMONWEALTH BANK OF AUSTRALIA 2.75% A 20FEB2024 127,976 128,735 0.99%

127,976 128,735 0.99%

British Virgin Islands

1,000,000 HENDERSON LAND MTN LTD 3.62% A 02JUN2030 130,558 131,306 1.01% 1,000,000 HLP FINANCE LTD 4.6% S/A 16MAY2024 132,119 135,079 1.04% 1,000,000 NWD MTN LTD 3.5% Q 27MAR2024 129,359 128,800 0.99%

392,036 395,185 3.04%China

1,000,000 BANK OF CHINA LTD/MACAU 2.34% S/A 15OCT2020 127,896 128,342 0.99% 500,000 BANK OF COMMUNICATIONS CO LTD/HONG KONG 2.13% A

26OCT2020 FXCD 63,788 64,065 0.49%

191,684 192,407 1.48%Hong Kong

2,900,000 HONG KONG GOVERNMENT BOND PROGRAMME 2.22% S/A 07AUG2024

378,742 380,425 2.93%

3,000,000 HONG KONG MORTGAGE CORP LTD 2.18% Q 19OCT2020 385,617 385,165 2.96% 500,000 HONG KONG T-BILLS 0% A 17JUN2020 63,511 63,648 0.49%

827,870 829,238 6.38%Japan

1,000,000 MUFG BANK LTD/HONG KONG 2.42% A 09MAY2022 FXCD 128,203 128,586 0.99% 128,203 128,586 0.99%

Korea 1,000,000 KEB HANA BANK 2.61% Q 22MAR2021 128,220 128,582 0.99%

128,220 128,582 0.99%



30




Cost USD

Market Value USD

% of Net Assets

Collective Investment Schemes Luxembourg

373,265 MANULIFE GLOBAL FUND-AMERICAN GROWTH FUND-I3 507,035 573,596 4.41% 226,276 MANULIFE GLOBAL FUND-ASIAN EQUITY FUND-I3 212,794 217,384 1.67% 515,179 MANULIFE GLOBAL FUND-EUROPEAN GROWTH FUND-I3 517,602 547,274 4.21% 204,921 MANULIFE GLOBAL FUND-JAPANESE GROWTH FUND-I3 229,801 244,204 1.88%

3,675,256 MANULIFE GLOBAL FUND-US BOND FUND-I3 3,791,727 3,826,675 29.43% 5,258,959 5,409,133 41.60%

United Kingdom 746 ISHARES $ CORP BOND UCITS ETF USD DIST 90,844 91,751 0.73%

90,844 91,751 0.73%United States

3,681 DEUTSCHE X-TRACKERS HARVEST CSI 300 CHINA A-SHARES ETF 104,034 109,105 0.84% 1,599 FIRST TRUST EUROZONE ALPHADEX FUND 64,240 65,333 0.50%

19,798 FIRST TRUST TACTICAL HIGH YIELD ETF 952,409 965,943 7.42% 23,305 INVESCO PREFERRED ETF 348,122 349,808 2.69%

1,047 INVESCO QQQ TRUST SERIES 1 221,969 222,603 1.71% 2,767 INVESCO S&P 500 LOW VOLATILITY ETF 149,884 161,427 1.24% 5,465 ISHARES GLOBAL INFRASTRUCTUR ETF 255,160 261,828 2.01%

895 ISHARES MSCI ALL COUNTRY ASIA EX-JAPAN ETF 65,166 65,783 0.51% 565 ISHARES MSCI MEXICO ETF 25,688 25,442 0.20%

3,910 ISHARES SILVER TRUST 64,714 65,219 0.50% 11,686 ISHARES US PREFERRED STOCK ETF 438,184 439,277 3.38% 2,340 PIMCO 0-5 YEAR HIGH YIELD CORPORATE BOND INDEX ETF 234,015 233,368 1.80% 3,540 SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF 382,750 387,772 2.98%

456 SPDR DOW JONES INDUSTRIAL AVERAGE ETF TRUST 119,895 130,006 1.00% 19,203 VANECK VECTORS JP MORGAN EM LOCAL CURRENCY BOND ETF 644,002 653,093 5.02%

3,348 VANGUARD FTSE PACIFIC ETF 234,945 232,954 1.79% 40 VANGUARD HEALTH CARE ETF 7,353 7,670 0.06%

1,149 VANGUARD INFORMATION TECHNOLOGY INDEX ETF 251,235 281,333 2.16% 3,155 VANGUARD INTERMEDIATE-TERM CORPORATE BOND ETF 263,996 288,146 2.22% 4,046 VANGUARD SHORT-TERM BOND ETF 326,193 326,148 2.51% 2,964 VANGUARD UTILITIES ETF 409,004 423,526 3.26%

5,562,958 5,695,784 43.80%


31




Cost USD

Market Value USD

% of Net Assets



Other Net Assets (578) 0.00% Net Assets 12,998,823 100%


32

Manulife All-weather Portfolio – Managed Growth Fund



Cost USD

Market Value USD

% of Net Assets

Bond Investments Australia

1,000,000 COMMONWEALTH BANK OF AUSTRALIA 2.75% A 20FEB2024 127,976 128,735 0.90% 127,976 128,735 0.90%

British Virgin Islands

1,000,000 HENDERSON LAND MTN LTD 3.62% A 02JUN2030 130,558 131,306 0.91% 500,000 NWD MTN LTD 4.7% A 08MAR2026 65,685 67,832 0.47%

196,243 199,138 1.38%Cayman Islands

1,000,000 CDBL FUNDING 2 3.6% Q 16NOV2021 130,826 130,077 0.91% 500,000 SUN HUNG KAI PRO (CAP) 3.45% Q 20OCT2020 68,165 64,750 0.45%

198,991 194,827 1.36%China

500,000 BANK OF CHINA LTD/MACAU 2.34% S/A 15OCT2020 63,858 64,171 0.45% 63,858 64,171 0.45%

Hong Kong 1,500,000 HONG KONG GOVERNMENT BOND PROGRAMME 1.16% S/A 18MAY2022 187,548 190,145 1.32% 1,250,000 HONG KONG GOVERNMENT BOND PROGRAMME 2.22% S/A 07AUG2024 161,620 163,976 1.14% 1,050,000 HONG KONG GOVERNMENT BOND PROGRAMME 2.46% S/A

04AUG2021 139,814 136,270 0.95%

2,000,000 HONG KONG MORTGAGE CORP LTD 2.18% Q 19OCT2020 257,078 256,777 1.79% 500,000 HONG KONG T-BILLS 0% A 17JUN2020 63,511 63,648 0.44%

809,571 810,816 5.64%Japan

500,000 MUFG BANK LTD/HONG KONG 2.42% A 09MAY2022 FXCD 64,102 64,293 0.45% 64,102 64,293 0.45%

MALAYSIA 1,000,000 MALAYAN BANKING BHD 2.4% A 03OCT2022 128,414 128,323 0.89%

128,414 128,323 0.89%



1,811,002 MANULIFE GLOBAL FUND-AMERICAN GROWTH FUND-I3 2,429,641 2,782,965 19.38% 877,968 MANULIFE GLOBAL FUND-ASIAN EQUITY FUND-I3 817,983 843,464 5.87%

1,296,067 MANULIFE GLOBAL FUND-EUROPEAN GROWTH FUND-I3 1,260,548 1,376,811 9.58% 368,565 MANULIFE GLOBAL FUND-JAPANESE GROWTH FUND-I3 414,043 439,218 3.06%

1,643,790 MANULIFE GLOBAL FUND-US BOND FUND-I3 1,684,033 1,711,513 11.91% 6,606,249 7,153,971 49.80%


33




Cost USD

Market Value USD

% of Net Assets

Collective Investment Schemes United Kingdom

492 ISHARES $ CORP BOND UCITS ETF USD DIST 59,913 60,511 0.42% 59,913 60,511 0.42%

United States 2,479 DEUTSCHE X-TRACKERS HARVEST CSI 300 CHINA A-SHARES ETF 70,063 73,478 0.51% 4,300 FIRST TRUST EUROZONE ALPHADEX FUND 172,753 175,692 1.22% 2,773 FIRST TRUST JAPAN ALPHADEX FUND 139,708 140,674 0.98%

13,275 FIRST TRUST TACTICAL HIGH YIELD ETF 638,914 647,687 4.51% 19,107 INVESCO PREFERRED ETF 284,966 286,796 2.00%

2,031 INVESCO QQQ TRUST SERIES 1 430,778 431,811 3.01% 3,602 INVESCO S&P 500 LOW VOLATILITY ETF 193,622 210,141 1.46% 3,057 ISHARES GLOBAL INFRASTRUCTUR ETF 142,731 146,461 1.02%

981 ISHARES MSCI ALL COUNTRY ASIA EX-JAPAN ETF 71,428 72,104 0.50% 918 ISHARES MSCI MEXICO ETF 41,738 41,338 0.29%

4,284 ISHARES SILVER TRUST 70,904 71,457 0.50% 10,813 ISHARES US PREFERRED STOCK ETF 405,450 406,461 2.83%

5,216 SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF 564,271 571,361 3.98% 520 SPDR DOW JONES INDUSTRIAL AVERAGE ETF TRUST 136,964 148,252 1.03%

12,788 VANECK VECTORS JP MORGAN EM LOCAL CURRENCY BOND ETF 429,422 434,920 3.03% 3,284 VANGUARD FTSE PACIFIC ETF 230,254 228,501 1.59%

89 VANGUARD HEALTH CARE ETF 16,360 17,065 0.12% 1,774 VANGUARD INFORMATION TECHNOLOGY INDEX ETF 387,895 434,364 3.02% 1,433 VANGUARD INTERMEDIATE-TERM CORPORATE BOND ETF 122,470 130,876 0.91% 3,564 VANGUARD SHORT-TERM BOND ETF 287,333 287,294 2.00% 4,146 VANGUARD UTILITIES ETF 570,040 592,422 4.12%

5,408,065 5,549,155 38.63%



Other Net Assets 11,176 0.08%Net Assets 14,365,116 100%


34

Manulife All-weather Portfolio – Growth Fund



Cost USD

Market Value USD

% of Net Assets


1,150,501 MANULIFE GLOBAL FUND-AMERICAN GROWTH FUND-I3 1,611,340 1,767,975 10.76%

1,437,466 MANULIFE GLOBAL FUND-ASIAN EQUITY FUND-I3 1,343,085 1,380,973 8.40%

2,030,975 MANULIFE GLOBAL FUND-EUROPEAN GROWTH FUND-I3 1,981,676 2,157,505 13.13%

579,400 MANULIFE GLOBAL FUND-JAPANESE GROWTH FUND-I3 646,564 690,471 4.20%

1,614,004 MANULIFE GLOBAL FUND-US BOND FUND-I3 1,694,174 1,680,501 10.23%

7,276,839 7,677,425 46.72%

United Kingdom


United States 317 AMERICAN TOWER CORP-CL A 47,890 72,853 0.44%

4,664 DEUTSCHE X-TRACKERS HARVEST CSI 300 CHINA A-SHARES ETF 131,816 138,241 0.84% 4,983 FIRST TRUST EUROZONE ALPHADEX FUND 200,193 203,599 1.24% 2,757 FIRST TRUST JAPAN ALPHADEX FUND 138,902 139,863 0.85% 8,381 FIRST TRUST TACTICAL HIGH YIELD ETF 403,519 408,909 2.49%

11,734 INVESCO PREFERRED ETF 175,003 176,127 1.07% 2,984 INVESCO QQQ TRUST SERIES 1 634,473 634,428 3.86% 5,613 INVESCO S&P 500 LOW VOLATILITY ETF 301,722 327,462 1.99% 5,771 ISHARES GLOBAL INFRASTRUCTUR ETF 269,447 276,489 1.68% 2,012 ISHARES MSCI ALL COUNTRY ASIA EX-JAPAN ETF 146,497 147,882 0.90% 1,133 ISHARES MSCI MEXICO ETF 51,515 51,019 0.31% 8,174 ISHARES SILVER TRUST 135,287 136,342 0.83% 4,191 SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF 453,250 459,082 2.79% 7,939 VANECK VECTORS JP MORGAN EM LOCAL CURRENCY BOND ETF 266,897 270,005 1.64% 1,781 VANGUARD FTSE PACIFIC ETF 125,850 123,922 0.75%

120 VANGUARD HEALTH CARE ETF 22,059 23,009 0.14% 1,646 VANGUARD INFORMATION TECHNOLOGY INDEX ETF 359,907 403,023 2.45% 3,821 VANGUARD SHORT-TERM BOND ETF 308,053 308,011 1.87%

33 VANGUARD TOTAL BOND MARKET ETF 2,755 2,767 0.02% 4,713 VANGUARD UTILITIES ETF 647,221 673,441 4.10%

4,822,253 4,976,474 30.26%



35




Cost USD

Market Value USD

% of Net Assets

Deposit Receipt

United States 1,092 ANHEUSER-BUSCH INBEV SA-SPONSORED ADR 95,380 89,588 0.55% 3,427 DANONE SA-SPONSORED ADR 53,136 56,511 0.34%

143 DIAGEO PLC-SPONSORED ADR 19,047 24,084 0.15% 167,563 170,183 1.04%

Deposit Receipt Total 167,563 170,183 1.04%

Listed Equities United States

99 ALPHABET INC-CL A 94,900 132,600 0.81% 125 AMAZON.COM INC 172,935 230,980 1.41% 258 AMERICAN EXPRESS CO 23,498 32,118 0.20% 127 AMGEN INC 24,045 30,616 0.19% 260 ANALOG DEVICES INC 27,309 30,898 0.19% 582 APPLE INC 87,312 170,904 1.04%

1,848 BAKER HUGHES CO 48,055 47,364 0.29% 4,439 BANK OF AMERICA CORP 106,963 156,342 0.95%

515 BRISTOL-MYERS SQUIBB CO 25,524 33,058 0.20% 63 BROADCOM INC 16,803 19,909 0.12%

499 CARGURUS INC 18,398 17,555 0.11% 190 CATERPILLAR INC 26,006 28,059 0.17%

1,588 CHENIERE ENERGY INC 98,506 96,979 0.59% 1,523 CITIGROUP INC 98,353 121,672 0.74%

766 COMCAST CORP-CL A 29,319 34,447 0.21% 244 DANAHER CORP 27,852 37,449 0.23% 706 EBAY INC 26,870 25,494 0.16% 661 FACEBOOK INC-CL A 112,826 135,670 0.83% 201 FIRST REPUBLIC BANK/CA 19,026 23,607 0.14%

1,853 FOX CORP-CL B 62,858 67,449 0.41% 540 GILEAD SCIENCES INC 35,343 35,089 0.21% 342 GOLDMAN SACHS GROUP INC 69,120 78,636 0.48% 617 JPMORGAN CHASE & CO 59,561 86,010 0.52% 693 KINDER MORGAN INC 13,693 14,671 0.09%

1,918 LENNAR CORP-CL A 94,739 107,005 0.65% 1,559 LIBERTY MEDIA CORP-LIBERTY FORMULA ONE- C 59,216 71,659 0.44%


36


Cost USD

Market Value USD

% of Net Assets


358 LYONDELLBASELL INDUSTRIES NV-CL A 27,251 33,824 0.21% 585 MICROSOFT CORP 73,188 92,255 0.56%

2,284 MORGAN STANLEY 91,949 116,758 0.71% 83 NVIDIA CORP 13,575 19,530 0.12%

288 PEPSICO INC 35,785 39,361 0.24% 320 RALPH LAUREN CORP 28,355 37,510 0.23% 641 STATE STREET CORP 33,056 50,703 0.31% 873 SYNCHRONY FINANCIAL 27,473 31,437 0.19% 344 UNION PACIFIC CORP 44,179 62,192 0.38% 201 UNITED TECHNOLOGIES CORP 23,215 30,102 0.18% 285 UNITEDHEALTH GROUP INC 69,912 83,784 0.51% 201 VISA INC–A 25,840 37,768 0.23%

20 WABTEC CORP/DE 2,624 1,556 0.01% 596 WALMART INC 62,287 70,829 0.43% 268 WALT DISNEY CO 24,534 38,761 0.24% 270 WORKDAY INC-CL A 40,472 44,402 0.27% 231 ZIMMER BIOMET HLDGS INC 26,029 34,576 0.21%

2,128,755 2,691,588 16.41%

Equities Total 2,128,755 2,691,588 16.41%


Other Net Assets 876,787 5.34%Net Assets 16,430,461 100%




37

Manulife All-weather Portfolio – Growth Plus Fund



Cost USD

Market Value USD

% of Net Assets


2,323,296 MANULIFE GLOBAL FUND-AMERICAN GROWTH FUND-I3 3,427,182 3,570,209 13.52% 2,491,759 MANULIFE GLOBAL FUND-ASIAN EQUITY FUND-I3 2,344,861 2,393,833 9.06% 3,575,145 MANULIFE GLOBAL FUND-EUROPEAN GROWTH FUND-I3 3,552,303 3,797,878 14.34%

981,256 MANULIFE GLOBAL FUND-JAPANESE GROWTH FUND-I3 1,097,425 1,169,362 4.43% 384,183 MANULIFE GLOBAL FUND-US BOND FUND-I3 406,348 400,011 1.51%

10,828,119 11,331,293 42.86%United Kingdom


United States 478 AMERICAN TOWER CORP-CL A 73,904 109,854 0.42%

4,460 DEUTSCHE X-TRACKERS HARVEST CSI 300 CHINA A-SHARES ETF 126,051 132,194 0.50% 6,012 FIRST TRUST EUROZONE ALPHADEX FUND 241,533 245,643 0.93% 6,497 FIRST TRUST JAPAN ALPHADEX FUND 326,101 329,593 1.25% 5,284 FIRST TRUST TACTICAL HIGH YIELD ETF 254,499 257,806 0.98%

11,430 INVESCO PREFERRED ETF 170,469 171,564 0.65% 5,171 INVESCO QQQ TRUST SERIES 1 1,099,805 1,099,406 4.16% 8,384 INVESCO S&P 500 LOW VOLATILITY ETF 472,515 489,123 1.85% 6,796 ISHARES GLOBAL INFRASTRUCTUR ETF 317,305 325,596 1.23% 3,837 ISHARES MSCI ALL COUNTRY ASIA EX-JAPAN ETF 279,379 282,020 1.07% 1,470 ISHARES MSCI MEXICO ETF 66,837 66,194 0.25%

10,057 ISHARES SILVER TRUST 166,452 167,751 0.64% 1,474 SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF 159,193 161,462 0.61% 7,826 VANECK VECTORS JP MORGAN EM LOCAL CURRENCY BOND ETF 263,905 266,162 1.01% 2,376 VANGUARD FTSE PACIFIC ETF 167,894 165,322 0.63%

151 VANGUARD HEALTH CARE ETF 27,757 28,953 0.11% 3,620 VANGUARD INFORMATION TECHNOLOGY INDEX ETF 815,327 886,357 3.36% 2,100 VANGUARD INTERMEDIATE-TERM CORPORATE BOND ETF 190,478 191,793 0.73% 2,086 VANGUARD SHORT-TERM BOND ETF 168,175 168,152 0.64% 8,462 VANGUARD UTILITIES ETF 1,172,807 1,209,135 4.58%

6,560,385 6,754,080 25.60%



38




Cost USD

Market Value USD

% of Net Assets

Deposit Receipt United States

1,691 ANHEUSER-BUSCH INBEV SA-SPONSORED ADR 145,028 138,730 0.53% 5,458 DANONE SA-SPONSORED ADR 81,342 90,002 0.34%

217 DIAGEO PLC-SPONSORED ADR 29,774 36,547 0.14% 256,144 265,279 1.01%

Deposit Receipt Total 256,144 265,279 1.01%

Listed Equities

United States 146 ALPHABET INC-CL A 152,908 195,551 0.74% 192 AMAZON.COM INC 277,726 354,785 1.34% 395 AMERICAN EXPRESS CO 36,199 49,174 0.19% 202 AMGEN INC 39,006 48,696 0.18% 414 ANALOG DEVICES INC 43,109 49,200 0.19% 892 APPLE INC 146,460 261,936 0.99%

3,080 BAKER HUGHES CO 83,164 78,940 0.30% 6,800 BANK OF AMERICA CORP 177,411 239,496 0.91%

779 BRISTOL-MYERS SQUIBB CO 39,088 50,004 0.19% 99 BROADCOM INC 26,324 31,286 0.12%

710 CARGURUS INC 26,115 24,978 0.09% 300 CATERPILLAR INC 41,556 44,304 0.17%

2,433 CHENIERE ENERGY INC 150,551 148,583 0.56% 2,259 CITIGROUP INC 145,013 180,472 0.68% 1,196 COMCAST CORP-CL A 45,139 53,784 0.20%

382 DANAHER CORP 42,740 58,629 0.22% 1,087 EBAY INC 41,022 39,252 0.15% 1,028 FACEBOOK INC-CL A 170,791 210,997 0.80%

294 FIRST REPUBLIC BANK/CA 28,900 34,530 0.13% 2,838 FOX CORP-CL B 96,620 103,303 0.39%

824 GILEAD SCIENCES INC 56,617 53,544 0.20% 525 GOLDMAN SACHS GROUP INC 106,815 120,713 0.46% 946 JPMORGAN CHASE & CO 95,419 131,872 0.50%

1,084 KINDER MORGAN INC 19,582 22,948 0.09% 2,938 LENNAR CORP-CL A 146,847 163,911 0.62%


39




Cost USD

Market Value USD

% of Net Assets


2,300 LIBERTY MEDIA CORP-LIBERTY FORMULA ONE- C 86,269 105,720 0.40% 549 LYONDELLBASELL INDUSTRIES NV-CL A 41,790 51,870 0.20% 896 MICROSOFT CORP 108,604 141,299 0.53%

3,500 MORGAN STANLEY 146,715 178,920 0.68% 134 NVIDIA CORP 23,219 31,530 0.12% 435 PEPSICO INC 51,913 59,451 0.23% 491 RALPH LAUREN CORP 43,508 57,555 0.22% 983 STATE STREET CORP 50,693 77,755 0.29%

1,332 SYNCHRONY FINANCIAL 40,861 47,965 0.18% 501 UNION PACIFIC CORP 67,489 90,576 0.34% 314 UNITED TECHNOLOGIES CORP 37,758 47,025 0.18% 436 UNITEDHEALTH GROUP INC 106,835 128,175 0.49% 305 VISA INC–A 38,739 57,310 0.22%

49 WABTEC CORP/DE 5,202 3,812 0.01% 914 WALMART INC 92,586 108,620 0.41% 420 WALT DISNEY CO 35,651 60,745 0.23% 409 WORKDAY INC-CL A 60,160 67,260 0.25% 338 ZIMMER BIOMET HLDGS INC 40,161 50,592 0.19%

3,313,275 4,117,068 15.58%

Equities Total 3,313,275 4,117,068 15.58%


Other Net Assets 3,911,385 14.81%Net Assets 26,416,248 100%

Man

ulife

Hon

g K

ong

Serie

s

40

Stat

emen

t of M

ovem

ents

in In

vest

men

t Por

tfolio

As

at 3

1 D

ecem

ber 2

019

(Una

udite

d)

Manu

life Gl

obal

Dyna

mic

Asse

t Allo

catio

n Fun

dMa

nulife

All-w

eathe

r Port

folio

– Ca

pital C

onser

vative

Fund

Manu

life Al

l-weat

her P

ortfol

io –

Mana

ged G

rowth

Fund

Manu

life Al

l-weat

her P

ortfol

io –

Grow

th Fu

ndMa

nulife

All-w

eathe

r Port

folio

– Gr

owth

Plus F

und

Comb

ined

31 De

cemb

er 20

1930

June

20

1931

Dece

mber

2019

30 Ju

ne

2019

31 De

cemb

er 20

1930

June

20

1931

Dece

mber

2019

30 Ju

ne

2019

31 De

cemb

er 20

1930

June

20

1931

Dece

mber

2019

30 Ju

ne

2019

USD

USD

USD

USD

USD

USD

USD

USD

USD

USD

USD

USD

Finan

cial in

strum

ents

at fai

r valu

e thro

ugh p

rofit o

r loss

Finan

cial as

sets h

eld fo

r trad

ing

Bond

Inve

stmen

ts 2,

428,3

23

2,59

7,678

1,

802,7

33

1,81

8,368

1,

590,3

03

1,59

7,813

–

––

– 5,

821,3

59

6,01

3,859

Austr

alia

144,9

24

147,4

53

128,7

35

131,0

70

128,7

35

131,0

70

––

––

402,3

94

409,5

93

Be

rmud

a 20

4,420

20

1,044

–

––

––

––

– 20

4,420

20

1,044

British

Virgi

n Isla

nds

645,7

22

653,7

89

395,1

85

531,6

08

199,1

38

203,1

82

––

––

1,24

0,045

1,

388,5

79

Ca

nada

14

4,941

14

7,616

–

––

––

––

– 14

4,941

14

7,616

Caym

an Isl

ands

702,1

76

705,4

05

––

194,8

27

65,25

3 –

––

– 89

7,003

77

0,658

China

14

7,081

14

9,442

19

2,407

19

2,078

64

,171

64,08

1 –

––

– 40

3,659

40

5,601

Hong

Kong

14

6,433

14

9,201

82

9,238

77

0,571

81

0,816

1,

005,5

26

––

––

1,78

6,487

1,

925,2

98

Jap

an

––

128,5

86

128,6

81

64,29

3 64

,341

––

––

192,8

79

193,0

22

Ko

rea

146,0

32

146,9

12

128,5

82

––

––

––

– 27

4,614

14

6,912

Malay

sia

––

––

128,3

23

––

––

– 12

8,323

–

Ne

therla

nds

146,5

94

296,8

16

––

––

––

––

146,5

94

296,8

16

Sin

gapo

re –

––

64,36

0 –

64,36

0 –

––

––

128,7

20

Man

ulife

Hon

g K

ong

Serie

s

41

Stat

emen

t of M

ovem

ents

in In

vest

men

t Por

tfolio

(con

tinue

d)

As

at 3

1 D

ecem

ber 2

019

(Una

udite

d)Ma

nulife

Glob

al Dy

nami

c As

set A

lloca

tion F

und

Manu

life Al

l-weat

her P

ortfol

io –

Capit

al Con

servat

ive Fu

ndMa

nulife

All-w

eathe

r Port

folio

– Ma

nage

d Grow

th Fu

ndMa

nulife

All-w

eathe

r Port

folio

– Gr

owth

Fund

Manu

life Al

l-weat

her P

ortfol

io –

Grow

th Plu

s Fun

dCo

mbine

d31

Dece

mber

2019

30 Ju

ne

2019

31 De

cemb

er 20

1930

June

20

1931

Dece

mber

2019

30 Ju

ne

2019

31 De

cemb

er 20

1930

June

20

1931

Dece

mber

2019

30 Ju

ne

2019

31 De

cemb

er 20

1930

June

20

19US

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DUS

DUS

D

Colle

ctive

Inve

stmen

t Sch

emes

18

,925,8

35

21,41

5,730

11

,196,6

68

10,69

1,833

12

,763,6

37

12,22

6,433

12

,691,9

03

12,17

0,945

18

,122,5

16

17,36

2,821

73

,700,5

59

73,86

7,762

France

37

3,013

–

––

––

––

––

373,0

13

–

Germ

any

2,35

4,588

–

––

––

––

––

2,35

4,588

–

Ho

ng Ko

ng

1,49

0,702

2,

404,3

97

––

––

––

––

1,49

0,702

2,

404,3

97

Lu

xembo

urg

3,10

9,501

–

5,40

9,133

4,

587,4

78

7,15

3,971

6,

471,8

95

7,67

7,425

6,

285,1

22

11,33

1,293

11

,651,3

72

34,68

1,323

28

,995,8

67

Un

ited Ki

ngdo

m 3,

579,5

83

7,15

0,318

91

,751

652,6

06

60,51

1 64

5,419

38

,004

762,0

14

37,14

3 34

3,636

3,

806,9

92

9,55

3,993

United

State

s 8,

018,4

48

11,86

1,015

5,

695,7

84

5,45

1,749

5,

549,1

55

5,10

9,119

4,

976,4

74

5,12

3,809

6,

754,0

80

5,36

7,813

30

,993,9

41

32,91

3,505

Depo

sit Re

ceipt

–

––

––

– 17

0,183

17

9,314

26

5,279

27

9,467

43

5,462

45

8,781

United

State

s –

––

––

– 17

0,183

17

9,314

26

5,279

27

9,467

43

5,462

45

8,781

Listed

Equit

ies

––

––

––

2,69

1,588

2,

403,1

14

4,11

7,068

3,

548,9

47

6,80

8,656

5,

952,0

61

Un

ited St

ates

––

––

––

2,69

1,588

2,

403,1

14

4,11

7,068

3,

548,9

47

6,80

8,656

5,

952,0

61

Deriv

ative

s 10

,873

6,08

5 –

––

––

––

– 10

,873

6,08

5

Futur

es –

(3,89

4)–

––

––

––

––

(3,89

4)

Forwa

rd cur

rency

contra

cts

10,87

3 9,

979

––

––

––

––

10,87

3 9,

979

Total

finan

cial in

strum

ents

at fai

r valu

e thro

ugh p

rofit o

r loss

21

,365,0

31

24,01

9,493

12

,999,4

01

12,51

0,201

14

,353,9

40

13,82

4,246

15

,553,6

74

14,75

3,373

22

,504,8

63

21,19

1,235

86

,776,9

09

86,29

8,548


42

Statement of Distribution

For the period ended 31 December 2019

CurrencyDistribution

Per UnitTotal

DistributionDistribution

Date

Manulife Global Dynamic Asset Allocation FundMonthly DividendClass AA (USD) Inc USD 0.0345 31,604.45 09/07/2019Class AA (USD) Inc USD 0.0345 31,202.55 08/08/2019Class AA (USD) Inc USD 0.0345 31,678.83 09/09/2019Class AA (USD) Inc USD 0.0345 30,383.45 10/10/2019Class AA (USD) Inc USD 0.0345 30,780.56 08/11/2019Class AA (USD) Inc USD 0.0345 32,213.95 09/12/2019

187,863.79

Class AA (HKD) Inc HKD 0.3500 275,256.50 09/07/2019Class AA (HKD) Inc HKD 0.3500 272,055.21 08/08/2019Class AA (HKD) Inc HKD 0.3500 266,471.36 09/09/2019Class AA (HKD) Inc HKD 0.3500 261,595.22 10/10/2019Class AA (HKD) Inc HKD 0.3500 256,071.65 08/11/2019Class AA (HKD) Inc HKD 0.3500 251,475.54 09/12/2019

1,582,925.48

Class AA (RMB) Inc RMB 0.3630 81,130.31 09/07/2019Class AA (RMB) Inc RMB 0.3630 81,332.29 08/08/2019Class AA (RMB) Inc RMB 0.3630 80,072.24 09/09/2019Class AA (RMB) Inc RMB 0.3630 79,299.92 10/10/2019Class AA (RMB) Inc RMB 0.3630 79,889.23 08/11/2019Class AA (RMB) Inc RMB 0.3630 80,091.24 09/12/2019

481,815.23

Class AA (RMB) Inc Hedged RMB 0.3470 64,095.37 09/07/2019Class AA (RMB) Inc Hedged RMB 0.3470 64,251.86 08/08/2019Class AA (RMB) Inc Hedged RMB 0.3470 64,411.80 09/09/2019Class AA (RMB) Inc Hedged RMB 0.3470 61,638.32 10/10/2019Class AA (RMB) Inc Hedged RMB 0.3470 62,716.65 08/11/2019Class AA (RMB) Inc Hedged RMB 0.3470 62,939.17 09/12/2019

380,053.17

Class I (USD) Inc USD 0.0375 2,351.21 09/07/2019Class I (USD) Inc USD 0.0375 2,360.74 08/08/2019Class I (USD) Inc USD 0.0375 2,370.53 09/09/2019Class I (USD) Inc USD 0.0375 2,380.27 10/10/2019Class I (USD) Inc USD 0.0375 2,390.21 08/11/2019Class I (USD) Inc USD 0.0375 2,399.90 09/12/2019

14,252.86


43

Statement of Distribution (continued)



Per UnitTotal


Date

Manulife All-weather Portfolio–Capital Conservative FundMonthly DividendClass AA (USD) Inc USD 0.0120 4,304.21 09/07/2019Class AA (USD) Inc USD 0.0120 4,303.25 08/08/2019Class AA (USD) Inc USD 0.0120 5,144.15 09/09/2019Class AA (USD) Inc USD 0.0120 4,337.85 10/10/2019Class AA (USD) Inc USD 0.0120 4,410.49 08/11/2019Class AA (USD) Inc USD 0.0120 4,459.42 09/12/2019

26,959.37


247,038.75

Manulife All-weather Portfolio–Managed Growth FundMonthly DividendClass AA (USD) Inc USD 0.0167 8,009.94 09/07/2019Class AA (USD) Inc USD 0.0167 8,163.17 08/08/2019Class AA (USD) Inc USD 0.0167 8,023.00 09/09/2019Class AA (USD) Inc USD 0.0167 8,024.92 10/10/2019Class AA (USD) Inc USD 0.0167 7,820.70 08/11/2019Class AA (USD) Inc USD 0.0167 8,122.88 09/12/2019

48,164.61


387,401.13


44

Statement of Distribution (continued)



Per UnitTotal


Date

Manulife All-weather Portfolio–Growth FundQuarterly DividendClass AA (USD) Inc USD 0.0900 59,013.08 09/07/2019Class AA (USD) Inc USD 0.0900 48,172.14 10/10/2019

107,185.22

Class AA (HKD) Inc HKD 0.9000 335,202.39 09/07/2019Class AA (HKD) Inc HKD 0.9000 334,418.67 10/10/2019

669,621.06

Manulife All-weather Portfolio–Growth Plus FundQuarterly DividendClass AA (USD) Inc USD 0.1040 145,328.87 09/07/2019Class AA (USD) Inc USD 0.1040 117,901.54 10/10/2019

263,230.41

Class AA (HKD) Inc HKD 1.0140 416,224.70 09/07/2019Class AA (HKD) Inc HKD 1.0140 409,932.86 10/10/2019

826,157.56

This page is left blank intentionally





Interim Report Unaudited Semi-Annual Reportfor the period ended 31 December 2019

Documents

Manulife Hong Kong Series · Manulife Hong Kong Series 3 Investment Manager's Report (continued) for the period ended 31 December 2019 Manulife Global Dynamic Asset Allocation Fund