AXA GREATER MULTI-FACTOR ADVANTAGE FUND

SEMI-ANNUAL REPORT FOR THE PERIOD ENDED 30TH JUNE 2021 AXA Greater China Multi-Factor Advantage Fund Managed by AXA Investment Managers Asia Limited

This Publication has been approved by AXA Investment Managers Asia Limited Suites 3603-05, 36/F, One Taikoo Place, Taikoo Place, 979 King’s Road, Quarry Bay, Tel: (852) 2285 2000 Fax: (852) 2285 2999 CONTENTS

PAGES

Manager’s report 1

Statement of net assets (unaudited) 2

Statement of comprehensive income (unaudited) 3

Statement of changes in net assets attributable to unitholders (unaudited) 4

Statement of cash flows (unaudited) 5

Investment portfolio (unaudited) 6-10

Movement in investment portfolio (unaudited) 11-16

General information 17 ​AXA GREATER CHINA MULTI-FACTOR ADVANTAGE FUND

MANAGER'S REPORT

​​SEMI-ANNUAL REPORT FOR THE PERIOD ENDED 30TH JUNE 2021

Market Comments

Chinese equities rallied at the start of the year, helped by further signs of economic improvement – fourth-quarter GDP grew by a stronger-than-expected 6.5% year on year. However, stocks reversed course mid-way through the first quarter, as investors worried about high valuations and the prospect of policy tightening. Western countries’ sanctions against over human rights abuses in Xinjiang province added further pressure in March. Concerns about inflationary pressures mounted in June as it emerged that factory-gate prices increased by 9.0% year on year in May – a 12-year high – from 6.8% in April. Furthermore, the Fed’s unexpectedly hawkish statement in June, and persistent worries about policy tightening by Beijing hurt sentiment. Hong Kong stocks moved higher, on optimism over an economic rebound which outweighed concerns about policy tightening in and the US/China tensions. Against this backdrop the benchmark MSCI Zhong Hua Index posted 3.1% return in US dollar terms.

Portfolio Comments

The portfolio underperformed its benchmark index gross of fees and expenses over the first half of 2021. Underperformance was largely driven by weak stock selection and the underweight towards Hong Kong equities which outperformed China equities.

The portfolio’s common factor exposures were rewarded from the positive exposure towards value stocks based on the cheapest book assets but the exposure to attractively valued stock based on earnings offset the gains to some extent. The portfolio’s tilt towards smaller companies contributed positively to excess returns as smaller companies bettered the largest benchmark names over this period.

From an industry standpoint, the overweight to the most economically sensitive industries were accretive to returns, specifically, machinery, chemicals and construction materials driven from rising commodity and raw materials prices. However, the underweight towards textiles and integrated oil companies detracted from relative performance as both industries gathered pace from improving economic sentiment.

Stock selection drove the majority of the underperformance and was particularly challenged within the consumer-tech space. Chinese technology stocks were pressured from the increased scrutiny from regulators on anti-trust concerns. Above-benchmark in online-related stocks, Tal Education, New Oriental Education and Technology, Pinduoduo and VIPShop all featured among the weakest stock picks over the period.

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STATEMENT OF NET ASSETS (UNAUDITED) AS AT 30TH JUNE 2021

30th June 2021 31st December 2020 US$ US$ Assets Current assets , Investments , 29,480,127 30,576,588 Dividend receivable 150,257 1,955 Amounts due from brokers - 807,456 Other accounts receivable 4 6 Cash at bank 305,996 416,468

Total assets 29,936,384 31,802,473

Liabilities Current liabilities Amounts payable on redemption - 790,463 Other accounts payable and accrued expenses 32,868 40,438

Liabilities (excluding net assets attributable to unitholders) 32,868 830,901

a

Net assets attributable to unitholders 29,903,516 30,971,572

Number of units in issue - “A” class units 90,581 91,732 - “M” class units 112,122 118,586 Net assets attributable to unitholders - “A” class units 12,631,923 12,784,311 - “M” class units 17,271,593 18,187,261 Net assets attributable to unitholders per unit - “A” class units 139.45 139.37 - “M” class units 154.04 153.37

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

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STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) FOR THE PERIOD ENDED 30TH JUNE 2021

1st January 2021 1st January 2020 to to 30th June 2021 30th June 2020 US$ US$ Income a Dividend income 391,822 532,875 Interest income 13 114 Net losses on investments (17,543) (946,609) Net (losses)/gains on foreign exchange (558) 2,067 Other income - 9,038

Total investment income/(loss) 373,734 (402,515) a Expenses a Management feeNote 2 49,609 46,907 Trustee’s feeNote 1 23,178 22,346 Custodian fee and bank chargesNote 1 5,493 4,966 Auditor’s remuneration 8,703 8,282 Legal and professional fee 1,186 1,231 Transaction costs 52,846 50,446 Other operating expenses 1,646 1,686 Other operating expenses paid to the TrusteeNote 1 17,852 19,759

Total operating expenses 160,513 155,623

Net operating profit/(loss) before tax 213,221 (558,138) a Withholding tax expense on investment income (27,574) (30,610)

Increase/(decrease) in net assets attributable to unitholders 185,647 (588,748) a a

Note 1 During the period ended 30th June 2021 and 2020, other than Trustee’s fees, Custodian fee and bank charges and Other operating expenses paid to the Trustee were paid to trustee or its Connected persons, no other amounts paid to the Trustee or its Connected Persons.

Note 2 During the period ended 30th June 2021 and 2020, other than Management fee that was paid to the Manager, no other amounts were paid to the Manager or its Connected Persons.

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STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (UNAUDITED) FOR THE PERIOD ENDED 30TH JUNE 2021

1st January 2021 1st January 2020 to to 30th June 2021 30th June 2020 US$ US$ a Balance at the beginning of the period 30,971,572 35,030,820 a Allotment of units 230,642 1,574,200 a Redemption of units (1,484,345) (4,652,628)

Net redemption (1,253,703) (3,078,428) Increase/(decrease) in net assets attributable to unitholders 185,647 (588,748)

Balance at the end of the period 29,903,516 31,363,644

1st January 2021 1st January 2020 to to Number of units in issue 30th June 2021 30th June 2020 Units Units “A” class units a At the beginning of the period 91,732 121,206 Total allotments 1,568 12,743 Total redemptions (2,719) (25,723) At the end of the period 90,581 108,226 a “M” class units a At the beginning of the period 118,586 166,033 Total allotments - 1,443 Total redemptions (6,464) (16,444) At the end of the period 112,122 151,032 a

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STATEMENT OF CASH FLOWS (UNAUDITED) FOR THE PERIOD ENDED 30TH JUNE 2021

1st January 2021 1st January 2020 to to 30th June 2021 30th June 2020 US$ US$ Cash flows from operating activities Increase/(decrease) in net assets attributable to unitholders 185,647 (588,748) Adjustments for: Dividend income (391,822) (532,875) Interest income (13) (114) Withholding tax on investment income 27,574 30,610 Decrease in investments 1,096,461 3,989,610 Decrease in amounts due from brokers 807,456 53,070 Decrease in other accounts receivable 2 49 Decrease in amounts due to brokers - (177,921) Decrease in other accounts payable and accrued expenses (7,570) (62,464) Dividend income received, net of withholding tax paid 215,946 308,044 Interest income received 13 114

Net cash inflow from operating activities 1,933,694 3,019,375 a Cash flows from financing activities Receipts on allotment of units 230,642 1,574,200 Payments on redemption of units (2,274,808) (4,844,360)

Net cash outflow from financing activities (2,044,166) (3,270,160) a Decrease in cash and cash equivalents (110,472) (250,785) Cash and cash equivalents at the beginning of the period 416,468 598,438

Cash and cash equivalents at the end of the period 305,996 347,653 a Analysis of balances of cash and cash equivalents a Cash at bank 305,996 347,653

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INVESTMENT PORTFOLIO (UNAUDITED) AS AT 30TH JUNE 2021

Fair Value % of net Listed/Quoted Investments Holdings US$ assets

Listed equities

China and Hong Kong

BASIC MATERIALS Angang Steel Co Ltd H Shs 46,000 29,143 0.10 Baoshan Iron & Steel Co Ltd 204,900 242,296 0.81 China Risun Group Ltd H Shs 60,000 37,704 0.13 Daqo New Energy Corporation - ADR Npv 1,200 78,024 0.26 Hangzhou Oxygen Plant Group Co Ltd A Shs 14,100 75,488 0.25 Huafon Chemical Co Ltd A Shs 47,900 105,277 0.35 Kingboard Holdings Ltd 26,500 147,073 0.49 Kingboard Laminates Holdings Ltd 51,500 115,522 0.39 Liuzhou Iron & Steel Co Ltd 12,600 11,506 0.04 Nanjing Iron & Steel Co Ltd 90,500 49,867 0.17 Tangshan Sanyou Chemical Industries Co Ltd A Shs 27,900 43,658 0.14 Wanhua Chemical Group Co Ltd 7,600 128,007 0.43 Xinyu Iron & Steel Co Ltd 45,100 38,951 0.13 1,102,516 3.69

COMMUNICATIONS Holding-SP ADR (1 ADR Reps 1 Ord Shrs) 13,200 2,993,496 10.01 Autohome Inc ADR (1 ADR Reps 1 Ord Shs) 1,800 115,128 0.38 Baidu Inc Spon ADR (1 ADR Reps 1 Ord Shs) 3,100 632,090 2.11 BlueFocus Intelligent Communication Group Co A Shs 43,800 41,015 0.14 Focus Media Information Technology Co Ltd A Shs 151,000 219,926 0.74 IQIYI Inc - ADR (1 ADR Reps 7 Shrs) 8,200 127,756 0.43 JD.Com Inc ADR (1 ADR Rep 2 Ord Shrs) 11,200 893,872 2.99 Jiangsu Zhongtian Technology Co Ltd 46,200 71,508 0.24 JOYY Inc ADR ( 1 ADR Reps 20 Ord Shrs) 1,500 98,955 0.33 Dianping 15,500 639,492 2.14 Momo Inc - ADR (1 ADR Reps 2Shrs) 3,600 55,116 0.18 Pinduoduo Inc ADR (1 ADR Reps 4 Ord Shrs) 6,100 774,822 2.59 Holdings Ltd 36,700 2,759,878 9.23 Tencent Music Entertainment - ADR ADR (1 ADR Reps 2 Ord Shrs) 10,300 159,444 0.53 Vipshop Holdings Ltd 17,500 351,400 1.17 Weibo Corp - ADR 2,600 136,812 0.46 Corp 125,400 435,986 1.46 10,506,696 35.13

CONSUMER, CYCLICAL BAIC Motor Corp Ltd H Shs 114,000 42,424 0.14 Brilliance China Automotive Holdings Ltd 128,000 96,257 0.32 China Southern Airlines Co Ltd H Shs 36,000 22,344 0.07 - 6 - ​​AXA GREATER CHINA MULTI-FACTOR ADVANTAGE FUND

INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED) AS AT 30TH JUNE 2021

Fair Value % of net Listed/Quoted Investments (Continued) Holdings US$ assets

Listed equities (Continued)

China and Hong Kong (Continued)

CONSUMER, CYCLICAL (Continued) China Group Duty Free Corporation Limited 3,900 181,151 0.61 Dashang Group Co Ltd A Shs 9,600 30,847 0.10 Dongfeng Motor Group Co Ltd H Shs 164,000 147,404 0.49 Fangda Special Steel Technology Co Ltd 33,900 35,575 0.12 Hubei Xingfa Chemicals Group Co Ltd 10,800 31,476 0.11 Mango Excellent Media Co Ltd A Shs 16,700 177,317 0.59 MGM China Holdings Ltd 9,600 14,538 0.05 Ningbo Tuopu Group Co Ltd 14,300 82,845 0.28 NIO Inc - ADR (1 ADR Rep 1 Ord A Shs) 10,500 558,600 1.87 Pharmaceuticals Holding Co Ltd H Shs 18,100 39,529 0.13 Sinotruk Hong Kong Ltd 56,500 121,063 0.41 Suofeiya Home Collection Co Ltd A Shs 13,200 49,443 0.17 TCL Electronics Holdings Ltd 38,000 22,656 0.08 TCL Technology Group Corp 152,400 180,450 0.60 Tianneng Power International Ltd 22,000 38,471 0.13 Tongkun Group Co Ltd 33,000 123,044 0.41 VTech Holdings Ltd 3,500 36,844 0.12 Weichai Power Company Ltd H Shs 74,000 164,469 0.55 Weifu High-Technology Group A Shs 31,800 102,524 0.34 Yue Yuen Industrial (Holdings) Ltd 13,000 32,107 0.11 Zhengzhou Coal Mning Machinery Group Co Ltd H Shs 26,400 33,621 0.11 2,364,999 7.91

CONSUMER, NON-CYCLICAL Angel Yeast Co Ltd 12,600 106,052 0.36 Anhui Yingjia Distillery Co Ltd 8,100 55,539 0.19 BeiGene Ltd ADR (1 ADR Reps 13 Ord Shrs) 600 205,914 0.69 C&S Paper Co Ltd 12,600 53,728 0.18 Chacha Food Co Ltd A Shs 8,100 54,035 0.18 China Grand Pharmaceutical and Healthcare Holdings Ltd A Shs 52,000 48,613 0.16 China Medical System Holdings Ltd 50,000 131,666 0.44 China Modern Dairy Holdings Ltd 102,000 22,591 0.08 Double Crane Pharmaceutical Co Ltd 17,000 31,338 0.11 China Resources Pharmaceutical Group Ltd 115,500 71,984 0.24 Chongqing Brewery Co Ltd 1,600 49,021 0.16 Chongqing Zhifei Biological Products Co Ltd A Shs 1,600 46,243 0.15 CSPC Pharmaceutical Group Ltd 192,000 277,894 0.93 Baiyunshan Pharmaceutical Holdings Co Ltd 42,000 132,774 0.44 Jafron Biomedical Co Ltd 12,600 168,420 0.56 L'Occitane International 20,750 75,884 0.25 - 7 - ​​AXA GREATER CHINA MULTI-FACTOR ADVANTAGE FUND

INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED) AS AT 30TH JUNE 2021

Fair Value % of net Listed/Quoted Investments (Continued) Holdings US$ assets

Listed equities (Continued)

China and Hong Kong (Continued)

CONSUMER, NON-CYCLICAL (Continued) Luzhou Laojiao Co Ltd A Shs 3,300 120,511 0.40 New Oriental Education and Technology Group Inc ADR Usd0.01 (1 ADR Reps 4 Ord Shrs) 12,600 103,194 0.35 Shanxi Xinghuacun Fen Wine Factory Co Ltd 5,800 402,176 1.35 Shenzhen Mindray Bio-Medical A Shs 5,400 401,227 1.34 Co Ltd H Shs 66,800 198,701 0.66 Tal Education Group ADR (1 ADR Reps 2 Ord Shrs) 3,400 85,782 0.29 TangShan Port Group Co Ltd 98,900 36,891 0.12 YiChang HEC Changjiang Pharmaceutical Co Ltd H Shs 12,400 13,684 0.05 Zai Lab Ltd ADR (1 ADR Reps 1 Ord Shrs) 700 123,893 0.41 Zhejiang Expressway Co Ltd H Shs 108,000 96,098 0.32 3,113,853 10.41

ENERGY China Everbright Environment Group Ltd 116,000 65,724 0.22 Jinneng Science & Technology Co Ltd 11,900 33,264 0.11 98,988 0.33

FINANCIAL 360 Digitech Inc - ADR (1 ADR Reps 2 Ord Shrs) 1,900 79,496 0.27 Agile Group Holdings Limited 70,000 90,679 0.30 Agricultural H Shs 671,000 233,291 0.78 AIA Group Ltd 54,000 671,015 2.24 Bank of China Ltd H Shs 1,880,000 675,419 2.26 Co Ltd H Shs 841,000 565,298 1.89 China Cinda Asset Management Co Ltd H Shs 618,000 117,777 0.39 China CITIC Bank H Shs 626,000 296,642 0.99 H Shs 1,402,000 1,103,063 3.69 China Everbright Bank Co Ltd H Shrs 584,000 238,387 0.80 China Huarong Asset Management Co Ltd 261,000 27,559 0.09 China Overseas Grand Oceans Group Ltd 53,000 30,848 0.10 China Overseas Land and Investment Limited 131,000 297,564 1.00 China Pacific Insurance Group Co Ltd H Shs 9,200 28,965 0.10 China Taiping Insurance Holdings Co Ltd 67,200 111,800 0.37 China Co Ltd H Shs 89,600 280,366 0.94 Holdings Co Ltd 192,000 215,096 0.72 Haitong International Securities Group 121,000 33,343 0.11 Hang Lung Group Limited 20,000 50,993 0.17 Hong Kong Exchanges and Clearing Ltd 17,200 1,025,021 3.43 Industrial and Comm Bank of China H Shs 639,000 375,212 1.26 - 8 - ​​AXA GREATER CHINA MULTI-FACTOR ADVANTAGE FUND

INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED) AS AT 30TH JUNE 2021

Fair Value % of net Listed/Quoted Investments (Continued) Holdings US$ assets

Listed equities (Continued)

China and Hong Kong (Continued)

FINANCIAL (Continued) Kerry Properties Ltd 22,500 74,171 0.25 KWG Group Holdings Ltd 55,500 74,325 0.25 Legend Holdings Corp 34,800 57,180 0.19 Co H Shs 70,500 240,573 0.80 RiseSun Real Estate Development Co Ltd A Shs 80,200 70,011 0.23 Seazen Group Ltd 106,000 100,460 0.34 Shanghai Pudong Development Bank 115,100 178,150 0.60 Shenzhen Investment Limited 158,000 48,626 0.16 Ltd 9,500 141,536 0.47 China Holdings Ltd 71,000 243,650 0.82 Guangyu Development Co Ltd 28,800 23,313 0.08 Times China Holdings Ltd 27,000 30,874 0.10 7,830,703 26.19

INDUSTRIAL Co Ltd H Shs 63,500 336,885 1.13 Anhui Sealing Parts Co Ltd A Shs 17,100 31,972 0.11 China Communication Services Corp Ltd H Shs 118,000 58,956 0.20 China International Marine Containers Group Co Ltd H Shs 30,100 66,511 0.22 China Jushi Co Ltd 48,691 116,888 0.39 China Lesso Group Holdings Ltd 46,000 113,492 0.38 China National Building Material H Shs 138,000 162,063 0.54 China Railway Group Ltd H Shs 396,000 206,520 0.69 COSCO Shipping Holdings Co Ltd 133,500 336,249 1.12 Guangxi Liugong Machinery Co Ltd A Shs 23,200 29,445 0.10 Hexing Electrical Co Ltd 14,400 26,122 0.09 Johnson Electric Holdings Ltd 13,000 33,564 0.11 Lee & Man Paper Manufacturing Ltd 30,000 22,831 0.08 Q Technology Group Co Ltd 17,000 34,850 0.12 Shanying International Holding Co Ltd 63,100 33,694 0.11 Sinoma International Engineering Co Ltd 25,700 36,476 0.12 SITC International Holdings Co Ltd 31,000 129,535 0.43 Co Ltd 34,000 593,676 1.99 Xinyi Glass Holding Co Ltd 76,000 309,741 1.04 Zhuzhou Kibing Group Co Ltd 10,700 30,738 0.10 Zoomlion Heavy Industry Science and Technology Co Ltd H Shs 107,000 112,017 0.37 2,822,225 9.44

TECHNOLOGY Asm Pacific Technology Ltd 6,200 83,988 0.28 Bilibili Inc - Adr (1 Adr Reps 1 Ord Shrs) 2,000 243,680 0.82 B-Soft Co Ltd A Shs 16,770 22,945 0.08

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INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED) AS AT 30TH JUNE 2021

Fair Value % of net Listed/Quoted Investments (Continued) Holdings US$ assets

Listed equities (Continued)

China and Hong Kong (Continued)

TECHNOLOGY (Continued) Chinasoft International Ltd 38,000 69,288 0.23 Lenovo Group Ltd 196,000 225,382 0.75 Netease.Com Inc ADR (1 ADR Reps 25 Ord Shrs) 6,100 703,025 2.35 Thunder Software Technology Co Ltd A Shs 6,314 153,490 0.51 1,501,798 5.02

UTILITIES Beijing Enterprises Holdings Ltd 22,000 78,047 0.26 China Longyuan Power Group Corp H Shs 35,000 60,302 0.20 138,349 0.46 Total Listed/Quoted Investments 29,480,127 98.58 Unlisted Investments

Unlisted equities

Hong Kong

CONSUMER, CYCLICAL 3D-Gold Jewellery Holdings Ltd 32,000 - - INDUSTRIAL China Metal Recycling Holdings Ltd 145,000 - - Total Unlisted Investments - - a a a aa a Total investments 29,480,127 98.58 a a a aa a Total cost of investments 25,301,900

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MOVEMENT IN INVESTMENT PORTFOLIO (UNAUDITED) FOR THE PERIOD ENDED 30TH JUNE 2021

Holdings Holdings as at as at 1st January 30th June Listed/Quoted Investments 2021 Additions Disposals 2021 a a a a Listed equities

360 Digitech Inc - ADR (1 ADR Reps 2 Ord Shrs) - 1,900 - 1,900 Agile Group Holdings Limited - 70,000 - 70,000 Agricultural Bank Of China H Shs 249,000 1,088,000 (666,000) 671,000 AIA Group Ltd 75,800 5,000 (26,800) 54,000 Air China Limited - H Shares - 48,000 (48,000) - Alibaba Group Holding-SP ADR (1 ADR Reps 1 Ord Shrs) 11,700 1,500 - 13,200 Alibaba Health Information Technology Ltd 88,000 16,000 (104,000) - Angang Steel Co Ltd H Shs - 46,000 - 46,000 Angel Yeast Co Ltd - 12,600 - 12,600 Anhui Conch Cement Co Ltd H Shs 34,500 29,000 - 63,500 Anhui Expressway Co Ltd H Shs 54,000 - (54,000) - Anhui Yingjia Distillery Co Ltd - 19,200 (11,100) 8,100 Anhui Zhongding Sealing Parts Co Ltd A Shs - 17,100 - 17,100 Asm Pacific Technology Ltd - 8,500 (2,300) 6,200 Autohome Inc ADR (1 ADR Reps 1 Ord Shs) - 1,800 - 1,800 Avichina Industry & Technology Co Ltd - 85,000 (85,000) - BAIC Motor Corp Ltd H Shs - 224,000 (110,000) 114,000 Baidu Inc Spon ADR (1 ADR Reps 1 Ord Shs) 4,300 200 (1,400) 3,100 Bank of Changsha Co Ltd A Shs - 52,900 (52,900) - Bank of China Ltd H Shs 693,000 1,272,000 (85,000) 1,880,000 Bank of Communications Co Ltd H Shs 841,000 - - 841,000 Bank of Guiyang Co Ltd - 49,700 (49,700) - Bank of Jiangsu Co Ltd 209,700 - (209,700) - Baoshan Iron & Steel Co Ltd - 204,900 - 204,900 BeiGene Ltd ADR (1 ADR Reps 13 Ord Shrs) 800 - (200) 600 Beijing Enterprises Holdings Ltd 21,000 22,000 (21,000) 22,000 Beijing Kunlun Tech Co Ltd A Shs 20,200 17,900 (38,100) - BGI Genomics Co Ltd 6,800 4,000 (10,800) - Bilibili Inc - Adr (1 Adr Reps 1 Ord Shrs) - 2,300 (300) 2,000 BlueFocus Intelligent Communication Group Co A Shs 43,800 - - 43,800 Bosideng International Holdings Ltd 158,000 - (158,000) - Brilliance China Automotive Holdings Ltd 128,000 - - 128,000 B-Soft Co Ltd A Shs 12,900 3,870 - 16,770 C&S Paper Co Ltd - 12,600 - 12,600 Cathay Pacific Airways Ltd - 37,000 (37,000) - Chacha Food Co Ltd A Shs - 8,100 - 8,100 Ltd - 105,000 (105,000) - China Cinda Asset Management Co Ltd H Shs - 1,289,000 (671,000) 618,000 China CITIC Bank H Shs - 626,000 - 626,000 China Communication Services Corp Ltd H Shs - 246,000 (128,000) 118,000 China Construction Bank H Shs 866,000 536,000 - 1,402,000 China Everbright Bank Co Ltd H Shrs 420,000 321,000 (157,000) 584,000 China Everbright Environment Group Ltd 116,000 - - 116,000 China Grand Pharmaceutical and Healthcare Holdings Ltd A Shs - 52,000 - 52,000 China Hongqiao Group Ltd - 148,500 (148,500) - China Huarong Asset Management Co Ltd - 261,000 - 261,000 China International Marine Containers Group Co Ltd H Shs - 66,100 (36,000) 30,100 China Jushi Co Ltd - 53,691 (5,000) 48,691 China Lesso Group Holdings Ltd 20,000 38,000 (12,000) 46,000 China Life Insurance Co Ltd H Shs 301,000 - (301,000) - - 11 - ​​AXA GREATER CHINA MULTI-FACTOR ADVANTAGE FUND

MOVEMENT IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED) FOR THE PERIOD ENDED 30TH JUNE 2021

Holdings Holdings as at as at 1st January 30th June Listed/Quoted Investments (Continued) 2021 Additions Disposals 2021 a a a a

Listed equities (Continued)

China Longyuan Power Group Corp H Shs 41,000 117,000 (123,000) 35,000 China Medical System Holdings Ltd 77,000 - (27,000) 50,000 China Minsheng Banking Corp Ltd H Shs 506,500 205,500 (712,000) - Ltd 18,000 - (18,000) - China Modern Dairy Holdings Ltd - 102,000 - 102,000 China National Accord Medicines Corp Ltd A Shs - 14,700 (14,700) - China National Building Material H Shs 194,000 138,000 (194,000) 138,000 China Oilfield Services Limited - 96,000 (96,000) - China Overseas Grand Oceans Group Ltd 104,000 - (51,000) 53,000 China Overseas Land and Investment Limited - 131,000 - 131,000 China Pacific Insurance Group Co Ltd H Shs 140,200 9,200 (140,200) 9,200 China Railway Group Ltd H Shs 511,000 - (115,000) 396,000 China Resources Cement Holdings Ltd 138,000 - (138,000) - China Resources Double Crane Pharmaceutical Co Ltd 17,000 - - 17,000 Ltd 28,000 - (28,000) - China Resources Pharmaceutical Group Ltd 115,500 - - 115,500 China Resources Sanjiu Medical & Pharmaceutical Co Ltd A Shs - 15,600 (15,600) - China Risun Group Ltd H Shs - 60,000 - 60,000 China Southern Airlines Co Ltd H Shs - 60,000 (24,000) 36,000 China Taiping Insurance Holdings Co Ltd - 95,000 (27,800) 67,200 Corp Ltd H Shs 1,072,000 - (1,072,000) - China Tourism Group Duty Free Corporation Limited - 10,700 (6,800) 3,900 China Vanke Co Ltd H Shs 139,900 113,600 (163,900) 89,600 China Youzan Ltd - 156,000 (156,000) - Chinasoft International Ltd - 42,000 (4,000) 38,000 Chongqing Brewery Co Ltd - 1,600 - 1,600 Chongqing Department Store Co Ltd 6,900 - (6,900) - Chongqing Zhifei Biological Products Co Ltd A Shs - 7,700 (6,100) 1,600 Cinda Real Estate Co Ltd 59,000 - (59,000) - CITIC Ltd - 349,000 (349,000) - CK Hutchison Holdings Ltd - 56,000 (56,000) - CNHTC Jinan Truck Co Ltd 8,600 - (8,600) - Cnooc Ltd 165,000 - (165,000) - COSCO Shipping Holdings Co Ltd - 192,500 (59,000) 133,500 Cosco Shipping Ports Ltd - 64,000 (64,000) - Country Garden Holdings Co Ltd 311,000 192,000 (311,000) 192,000 CSPC Pharmaceutical Group Ltd - 192,000 - 192,000 CSSC Offshore and Marine Engineering Group Co Ltd H Shs - 58,000 (58,000) - Daqo New Energy Corporation - ADR Npv - 1,200 - 1,200 Dashang Group Co Ltd A Shs 9,600 - - 9,600 Dian Diagnostics Group Co Ltd A Shs 7,500 - (7,500) - Dongfeng Motor Group Co Ltd H Shs 200,000 - (36,000) 164,000 Dongyue Group Ltd 50,000 - (50,000) - Fangda Special Steel Technology Co Ltd - 33,900 - 33,900 Focus Media Information Technology Co Ltd A Shs 76,200 74,800 - 151,000 Fufeng Group Ltd 59,000 - (59,000) - Automobile Holdings Ltd 112,000 16,000 (128,000) - Gemdale Properties and Investment Corporation Limited - 258,000 (258,000) - Great Wall Motor Company Ltd H Shs - 25,500 (25,500) - - 12 - ​​AXA GREATER CHINA MULTI-FACTOR ADVANTAGE FUND

MOVEMENT IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED) FOR THE PERIOD ENDED 30TH JUNE 2021

Holdings Holdings as at as at 1st January 30th June Listed/Quoted Investments (Continued) 2021 Additions Disposals 2021 a a a a

Listed equities (Continued)

Greenland Holdings Corp Ltd - 134,300 (134,300) - Xinbao Electrical Appliances Holdings A Shs 8,500 3,900 (12,400) - Guangxi Liugong Machinery Co Ltd A Shs - 23,200 - 23,200 Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd - 42,000 - 42,000 Guangzhou Kingmed Diagnostics Group Co Ltd 9,400 - (9,400) - Guangzhou R&F Properties Co Ltd H Shs 78,800 70,000 (148,800) - Haitong International Securities Group 121,000 - - 121,000 Hang Lung Group Limited - 20,000 - 20,000 Hangzhou Great Star Industrial Co Ltd A Shs 18,900 - (18,900) - Hangzhou Oxygen Plant Group Co Ltd A Shs - 14,100 - 14,100 Hengdian Group DMEGC Magnetic Co Ltd A Shs - 49,800 (49,800) - Hengli Petrochemical Co Ltd - 34,200 (34,200) - Hengyi Petrochemical Co Ltd A Shs 67,900 - (67,900) - Hexing Electrical Co Ltd 14,400 - - 14,400 Hong Kong Exchanges and Clearing Ltd 18,800 - (1,600) 17,200 Huafon Chemical Co Ltd A Shs 33,700 106,900 (92,700) 47,900 Huayu Automotive Systems Co Ltd - 39,800 (39,800) - Hubei Xingfa Chemicals Group Co Ltd - 10,800 - 10,800 Hunan Valin Steel Co Ltd S Shs 113,400 - (113,400) - I.T Ltd 66,000 - (66,000) - Industrial and Comm Bank of China H Shs 547,000 639,000 (547,000) 639,000 Industrial Bank Co Ltd - 36,600 (36,600) - IQIYI Inc - ADR (1 ADR Reps 7 Shrs) - 8,200 - 8,200 Jafron Biomedical Co Ltd 2,900 9,700 - 12,600 JD.Com Inc ADR (1 ADR Rep 2 Ord Shrs) 11,400 800 (1,000) 11,200 Jiangsu Hengli Highpressure Oil Cylinder Co Ltd 4,044 2,700 (6,744) - Jiangsu Yuyue Medical Equipment & Supply Co Ltd A Shs 17,300 - (17,300) - Jiangsu Zhongtian Technology Co Ltd - 46,200 - 46,200 Jinneng Science & Technology Co Ltd - 11,900 - 11,900 Johnson Electric Holdings Ltd 13,000 - - 13,000 Joinn Laboratories China Co Ltd A Shs - 2,500 (2,500) - JOYY Inc ADR ( 1 ADR Reps 20 Ord Shrs) 1,500 300 (300) 1,500 Kerry Logistics Network Ltd 32,000 - (32,000) - Kerry Properties Ltd - 22,500 - 22,500 Kingboard Holdings Ltd 26,500 - - 26,500 Kingboard Laminates Holdings Ltd 61,500 51,500 (61,500) 51,500 Kingfa Science & Technology Co Ltd 44,300 39,200 (83,500) - Kunlun Energy Co Ltd 180,000 - (180,000) - KWG Group Holdings Ltd 64,500 55,500 (64,500) 55,500 Lee & Man Paper Manufacturing Ltd - 30,000 - 30,000 Legend Holdings Corp 39,300 34,800 (39,300) 34,800 Lenovo Group Ltd 272,000 168,000 (244,000) 196,000 Lens Technology Co Ltd A Shs 48,019 - (48,019) - Liuzhou Iron & Steel Co Ltd 12,600 - - 12,600 L'Occitane International - 33,500 (12,750) 20,750 Logan Group Co Ltd 106,000 - (106,000) - Luzhou Laojiao Co Ltd A Shs 13,400 - (10,100) 3,300 Mango Excellent Media Co Ltd A Shs - 16,700 - 16,700 Maoye Commercial Co Ltd A Shs 54,838 - (54,838) - Meituan Dianping 20,900 10,100 (15,500) 15,500 MGM China Holdings Ltd - 23,200 (13,600) 9,600 - 13 - ​​AXA GREATER CHINA MULTI-FACTOR ADVANTAGE FUND

MOVEMENT IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED) FOR THE PERIOD ENDED 30TH JUNE 2021

Holdings Holdings as at as at 1st January 30th June Listed/Quoted Investments (Continued) 2021 Additions Disposals 2021 a a a a

Listed equities (Continued)

Midea Real Estate Holding Ltd 21,800 19,400 (41,200) - MMG Ltd - 108,000 (108,000) - Momo Inc - ADR (1 ADR Reps 2Shrs) - 3,600 - 3,600 Nanjing Iron & Steel Co Ltd - 90,500 - 90,500 Netease.Com Inc ADR (1 ADR Reps 25 Ord Shrs) 7,000 - (900) 6,100 New China Life Insurance Co H Shs 70,500 - - 70,500 New Oriental Education and Technology Group Inc ADR Usd0.01 (1 ADR Reps 4 Ord Shrs) 3,100 36,000 (26,500) 12,600 Nine Dragons Paper Holdings Limited - 84,000 (84,000) - Ningbo Huaxiang Electronic Co Ltd A Shs 11,700 - (11,700) - Ningbo Tuopu Group Co Ltd - 14,300 - 14,300 NIO Inc - ADR (1 ADR Rep 1 Ord A Shs) 10,300 1,100 (900) 10,500 People's Insurance Company Group of China Ltd H Shs - 1,067,000 (1,067,000) - PICC Property and Casualty Co Ltd H Shrs 330,000 - (330,000) - Pinduoduo Inc ADR (1 ADR Reps 4 Ord Shrs) 5,400 900 (200) 6,100 (Group) Co of China Ltd H Shs 6,000 6,000 (12,000) - Q Technology Group Co Ltd - 35,000 (18,000) 17,000 RiseSun Real Estate Development Co Ltd A Shs 80,200 - - 80,200 Samsonite International 24,000 - (24,000) - Seazen Group Ltd - 106,000 - 106,000 Shandong Weigao Group Medical Polymer Co Ltd H Shs 80,000 - (80,000) - Shanghai Bairun Investment Holding Group Co Ltd A Shs - 2,900 (2,900) - Shanghai Pharmaceuticals Holding Co Ltd H Shs - 65,600 (47,500) 18,100 Shanghai Pudong Development Bank - 227,000 (111,900) 115,100 Shanxi Xinghuacun Fen Wine Factory Co Ltd 8,800 - (3,000) 5,800 Shanying International Holding Co Ltd - 132,900 (69,800) 63,100 Shenzhen Inovance Technology Co Ltd A Shs 9,900 - (9,900) - Shenzhen Investment Limited - 158,000 - 158,000 Shenzhen Mindray Bio-Medical A Shs 2,500 6,600 (3,700) 5,400 Shenzhen MTC Co Ltd A Shs 77,400 - (77,400) - Shenzhen Overseas Chinese Town Co Ltd A Shs 165,000 - (165,000) - Shenzhen Topband Co Ltd - 16,800 (16,800) - Group Holdings Ltd - 4,700 (4,700) - Shun Tak Holdings Ltd 122,000 - (122,000) - Sichuan Maker Biotechnolog Co Ltd A Shs - 9,000 (9,000) - Sinoma International Engineering Co Ltd - 25,700 - 25,700 Sinoma Science & Technology Co Ltd A Shs 29,900 25,700 (55,600) - Sino-Ocean Group Holding Ltd 130,500 - (130,500) - Engineering Group Co Ltd 93,000 65,500 (158,500) - Sinopharm Group Co Ltd H Shs 66,800 - - 66,800 Sinotrans Ltd H Shrs 263,000 - (263,000) - Sinotruk Hong Kong Ltd 56,500 - - 56,500 SITC International Holdings Co Ltd - 37,000 (6,000) 31,000 Sun Hung Kai Properties Ltd - 32,500 (23,000) 9,500 Sunac China Holdings Ltd - 71,000 - 71,000 Sungrow Power Supply Co Ltd A Shs - 4,500 (4,500) - Suofeiya Home Collection Co Ltd A Shs - 13,200 - 13,200

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MOVEMENT IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED) FOR THE PERIOD ENDED 30TH JUNE 2021

Holdings Holdings as at as at 1st January 30th June Listed/Quoted Investments (Continued) 2021 Additions Disposals 2021 a a a a

Listed equities (Continued)

Tal Education Group ADR (1 ADR Reps 2 Ord Shrs) 7,900 2,900 (7,400) 3,400 TangShan Port Group Co Ltd 98,900 - - 98,900 Tangshan Sanyou Chemical Industries Co Ltd A Shs - 27,900 - 27,900 TCL Electronics Holdings Ltd - 38,000 - 38,000 TCL Technology Group Corp 51,900 152,400 (51,900) 152,400 Techtronic Industries Co Ltd 34,000 - - 34,000 Tencent Holdings Ltd 40,600 5,200 (9,100) 36,700 Tencent Music Entertainment - ADR ADR (1 ADR Reps 2 Ord Shrs) - 10,300 - 10,300 Thunder Software Technology Co Ltd A Shs 7,882 6,314 (7,882) 6,314 Tian Di Science & Technology Co Ltd 73,100 - (73,100) - Tianjin Guangyu Development Co Ltd 28,800 - - 28,800 Tianneng Power International Ltd 22,000 - - 22,000 Times China Holdings Ltd 35,000 57,000 (65,000) 27,000 TINGY (Cayman Islands) Holding Corp - 30,000 (30,000) - Titan Wind Energy (Suzhou) Co Ltd A Shs 31,500 - (31,500) - Tongkun Group Co Ltd - 33,000 - 33,000 Vipshop Holdings Ltd 15,400 7,200 (5,100) 17,500 VTech Holdings Ltd 3,500 - - 3,500 Wanhua Chemical Group Co Ltd - 7,600 - 7,600 Weibo Corp - ADR - 2,600 - 2,600 Weichai Power Company Ltd H Shs 79,000 103,000 (108,000) 74,000 Weifu High-Technology Group A Shs 31,800 - - 31,800 WH Group Ltd 305,500 - (305,500) - Wuchan Zhongda Group Co Ltd A Shs 102,700 - (102,700) - Wuliangye Yibin Co Ltd A Shs 1,247 - (1,247) - Wynn Macau Ltd - 46,000 (46,000) - Xiamen C & D Corp Ltd 52,300 - (52,300) - Xiaomi Corp 47,800 125,400 (47,800) 125,400 Xinjiang Tianshan Cement A Shs 15,000 - (15,000) - Xinyi Glass Holding Co Ltd 76,000 - - 76,000 Xinyi Solar Holdings Ltd - 26,000 (26,000) - Xinyu Iron & Steel Co Ltd - 45,100 - 45,100 XJ Electric Co Ltd A Shs 20,900 - (20,900) - YiChang HEC Changjiang Pharmaceutical Co Ltd H Shs 12,400 - - 12,400 Yue Yuen Industrial (Holdings) Ltd 27,000 25,000 (39,000) 13,000 Yunnan Hongxiang Yixintang Pharmaceutical Co Ltd A Shs - 8,700 (8,700) - Zai Lab Ltd ADR (1 ADR Reps 1 Ord Shrs) 700 - - 700 Zhejiang Expressway Co Ltd H Shs 108,000 - - 108,000 Zhengzhou Coal Mning Machinery Group Co Ltd H Shs - 26,400 - 26,400 Zhongliang Holdings Group Co Ltd 63,500 56,500 (120,000) - Zhongsheng Group Holdings Ltd - 27,500 (27,500) - Zhuzhou Kibing Group Co Ltd - 10,700 - 10,700 Zoomlion Heavy Industry Science and Technology Co Ltd H Shs - 135,400 (28,400) 107,000 a

- 15 - ​​AXA GREATER CHINA MULTI-FACTOR ADVANTAGE FUND

MOVEMENT IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED) FOR THE PERIOD ENDED 30TH JUNE 2021

Holdings Holdings as at as at 1st January 30th June Unlisted Investments 2021 Additions Disposals 2021 a a a a Unlisted equities

3D-Gold Jewellery Holdings Ltd 32,000 - - 32,000 China Metal Recycling Holdings Ltd 145,000 - - 145,000 a

- 16 - ​​AXA GREATER CHINA MULTI-FACTOR ADVANTAGE FUND

GENERAL INFORMATION

Manager

AXA Investment Managers Asia Limited Suites 3603 - 05, 36/F, One Taikoo Place, Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong

Sub-Investment Manager

AXA Investment Managers Asia (Singapore) Ltd One George Street, #14-02/03, Singapore 049145

Directors of the Manager

AXA Investment Managers Asia Limited Bruno Guilloton Jean-Christophe Menioux Lam Chung Han, Terence Laurent Bilard Simon Geoffrey Lopez

Trustee and Registrar

HSBC Institutional Trust Services (Asia) Limited 1 Queen’s Road Central, Hong Kong

Auditor

PricewaterhouseCoopers 22nd Floor, Prince’s Building, Central, Hong Kong

Status of Fund

Authorized by the Securities and Futures Commission in Hong Kong. Investors should note that such authorization is not a recommendation or endorsement of the Fund nor does it guarantee the commercial merits of the Fund or its performance. It does not mean the Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors. In addition, the price of units and the performance of investments may go down as well as up and that past performance may not be indicative of future performance.

Legal Adviser

Deacons 5th Floor, Alexandra House, 18 Chater Road, Central, Hong Kong

AXA Investment Managers Asia Limited For further information on AXA Investment Managers Asia Limited, please contact customer service hotline at (852) 2285 2000.

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