HSBC Managed Funds HSBC Global Money Funds Interim Report 2021 Contents

Page 1. HSBC MANAGED FUNDS 1.1 HSBC MANAGED BALANCED FUND Statement of Financial Position 1 Statement of Comprehensive Income 2 Statement of Changes in Net Assets Attributable to Unitholders 3 Cash Flow Statement 4 Portfolio Statement 5 Statement of Movements in Portfolio Holdings 26 Details in Respect of Financial Derivative Instruments 28 Performance Record 29 Distribution Disclosure 31

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

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

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

2. HSBC GLOBAL MONEY FUNDS 2.1 HSBC GLOBAL MONEY FUNDS – HONG KONG DOLLAR 2.2 HSBC GLOBAL MONEY FUNDS – US DOLLAR Statement of Financial Position 85 Statement of Comprehensive Income 87 Statement of Changes in Net Assets Attributable to Unitholders 88 Cash Flow Statement 91 Portfolio Statement 92 Statement of Movements in Portfolio Holdings 96 Performance Record 97

3. ADMINISTRATION 100 Statement of Financial Position

HSBC Managed Balanced Fund as at 31 January 2021

31 January 2021 31 July 2020 HKD HKD

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

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

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

20,607,785 18,143,689

NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 1,208,870,108 1,169,511,343

Representing: Financial liabilities 1,208,870,108 1,169,511,343

Units Units Total number of units in issue “A” class income units 10,118,715 10,636,816

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

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

Net asset value per unit “A” class income units 34.74 30.52

Provident class units 45.33 39.67

Accumulation units 19.31 16.95

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

1 Statement of Comprehensive Income

HSBC Managed Balanced Fund for the period ended 31 January 2021

1 August 2020 to 1 August 2019 to 31 January 2021 31 January 2020 HKD HKD

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

Total revenue 166,897,814 40,435,365

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

Total operating expenses 8,183,777 8,771,339

Net profit from operations before taxation 158,714,037 31,664,026

Taxation 1,008,302 1,128,306

Increase in net assets attributable to unitholders and total comprehensive income for the period 157,705,735 30,535,720

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

1 August 2020 to 1 August 2019 to 31 January 2021 31 January 2020 HKD HKD

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

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

2 Statement of Changes in Net Assets Attributable to Unitholders

HSBC Managed Balanced Fund for the period ended 31 January 2021

1 August 2020 to 1 August 2019 to 31 January 2021 31 January 2020 HKD HKD

Balance at the beginning of the period 1,169,511,343 1,321,347,504

Increase in net assets attributable to unitholders and total comprehensive income for the period 157,705,735 30,535,720

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

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

Equalisation on subscriptions and redemptions (70,528) 757

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

Balance at the end of the period 1,208,870,108 1,234,394,436

Units Units “A” class income units

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

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

Provident class units

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

Units at the end of the period 16,577,032 20,274,766

Accumulation units

Units at the beginning of the period 5,875,628 6,010,790 Units issued 118,941 140,144 Units redeemed (509,210) (370,109)

Units at the end of the period 5,485,359 5,780,825

3 Cash Flow Statement

HSBC Managed Balanced Fund for the period ended 31 January 2021

1 August 2020 to 1 August 2019 to 31 January 2021 31 January 2020 HKD HKD

Operating activities

Interest received 68 519,111 Dividends received 8,923,741 10,121,117 Management fees paid (5,662,606) (6,186,557) Trustee’s fees paid (416,921) (457,997) Margin deposits withdrawn from brokers 1,967,751 (399,200) Payments on purchase of investments (636,827,153) (306,643,546) Proceeds from sale of investments (including coupon interest received from investments) 754,669,691 441,134,046 Taxes paid (963,402) (1,147,726) Other operating expenses paid (1,975,481) (2,775,020)

Net cash generated from operating activities 119,715,688 134,164,228

Financing activities

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

Net cash used in financing activities (118,466,582) (119,094,270)

Net increase in cash and cash equivalents 1,249,106 15,069,958

Cash and cash equivalents at the beginning of the period 10,961,360 50,597,920

Cash and cash equivalents at the end of the period 12,210,466 65,667,878

4 Portfolio Statement

HSBC Managed Balanced Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Financial assets TELSTRA CORP LTD 27,927 518,362 0.04 WESFARMERS LTD 1,392 452,237 0.04 Equities WESTPAC BANKING CORP 6,652 836,192 0.07 Listed investments WISETECH GLOBAL LTD 531 98,813 0.01 WOODSIDE PETROLEUM LTD 6,578 957,596 0.08 Australia WOOLWORTHS GROUP LTD 3,136 762,305 0.06 AFTERPAY LTD 1,664 1,337,405 0.11 XERO LTD 462 357,003 0.03

AGL ENERGY LTD 8,281 565,068 0.05 ALS LTD 4,741 281,203 0.02 28,296,678 2.34 ALTIUM LTD 685 125,270 0.01 AMCOR LTD 1,270 108,647 0.01 AMPOL LTD 3,254 506,612 0.04 Austria ANSELL LTD 2,900 634,892 0.05 ANDRITZ AG 441 162,848 0.01 ANZ BANKING GROUP LTD 4,095 577,617 0.05 OMV AG 954 312,202 0.03 ARISTOCRAT LEISURE LTD 608 112,346 0.01 TELEKOM AUSTRIA AG 7,052 416,522 0.03 ASX LTD 1,468 626,966 0.05 VIENNA INSURANCE GROUP AG BEACH ENERGY LTD 29,770 291,339 0.02 WIENER VERSICHERUNG GRUPPE 3,034 603,054 0.05 BENDIGO AND ADELAIDE BANK LTD 7,056 386,190 0.03 VOESTALPINE AG 1,105 313,527 0.03

BHP BILLITON LTD 9,222 2,389,831 0.20 BLUESCOPE STEEL LTD 7,783 768,153 0.06 1,808,153 0.15 CARSALES.COM.AU LTD 3,767 439,692 0.04 COMMONWEALTH BANK OF AUSTRALIA 4,475 2,223,237 0.18 Belgium COMPUTERSHARE LTD 2,186 186,879 0.02 ANHEUSER BUSCH INBEV NV 516 252,664 0.02 CROWN RESORTS LTD 8,009 457,408 0.04 ETABLISSEMENTEN FRANZ CSL LTD 1,437 2,322,911 0.19 COLRUYT NV 336 160,981 0.01 CSR LTD 5,581 174,975 0.01 GROUPE BRUXELLES LAMBERT SA 267 205,692 0.02 DOMAIN HOLDINGS AUSTRALIA LTD 6,389 189,665 0.02 KBC GROEP NV 415 225,649 0.02 EVOLUTION MINING LTD 9,592 269,914 0.02 PROXIMUS SA 2,292 375,251 0.03 FORTESCUE METALS GROUP LTD 9,092 1,178,612 0.10 SOLVAY SA 130 115,163 0.01 IDP EDUCATION LTD 1,700 232,409 0.02 UCB SA 496 399,583 0.03

ILUKA RESOURCES LTD 3,301 126,666 0.01 IOOF HOLDINGS LTD 20,872 387,412 0.03 1,734,983 0.14 JB HI-FI LTD 2,182 672,028 0.06 MACQUARIE GROUP LTD 326 254,840 0.02 MINERAL RESOURCES LTD 3,476 710,331 0.06 Canada NATIONAL AUSTRALIA BANK LTD 6,126 857,902 0.07 BARRICK GOLD CORP 137 23,749 0.00 NEWCREST MINING LTD 3,684 550,546 0.05 BCE INC 1,803 593,593 0.05 OZ MINERALS LTD 6,905 766,120 0.06 BROOKFIELD ASSET MANAGEMENT REA GROUP LTD 927 808,919 0.07 INC 2,128 640,013 0.05 RIO TINTO LTD 1,584 1,039,500 0.09 CANADIAN NATURAL RESOURCES SEEK LTD 4,472 746,258 0.06 LTD 1,155 202,536 0.02 SOUTH32 LTD 55,104 832,667 0.07 CENOVUS ENERGY INC 8,562 392,370 0.03 STAR ENTERTAINMENT GROUP LTD 8,465 173,740 0.01 IMPERIAL OIL LTD 3,238 478,181 0.04

5 Portfolio Statement

HSBC Managed Balanced Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Financial assets France ACCOR SA 2,172 569,418 0.05 Equities AIR LIQUIDE SA 554 704,533 0.06 Listed investments AIRBUS GROUP SE 726 569,007 0.05 AMUNDI SA 897 518,822 0.04 MAGNA INTERNATIONAL INC 1,046 571,791 0.05 ARKEMA SA 737 635,253 0.05 MANULIFE FINANCIAL CORP 5,199 729,278 0.06 ATOS SE 916 547,760 0.05 METRO INC 1,189 398,955 0.03 AXA SA 3,954 681,625 0.06 POWER CORP OF CANADA 1,665 300,862 0.02 BIOMERIEUX SA 120 144,128 0.01 ROYAL BANK OF CANADA 387 243,122 0.02 BNP PARIBAS SA 2,310 865,635 0.07 SHOPIFY INC 37 313,133 0.03 CAPGEMINI SE 513 577,488 0.05 SUNCOR ENERGY INC 2,342 304,068 0.03 CARREFOUR SA 896 118,082 0.01 TECK RESOURCES LTD 1,920 272,237 0.02 CNP ASSURANCES SA 903 106,500 0.01 TELUS CORP 778 124,621 0.01 COMPAGNIE DE SAINT-GOBAIN 2,512 972,093 0.08 TORONTO-DOMINION BANK 556 244,538 0.02 COMPAGNIE GENERALE DES

ETABLISSEMENTS MICHELIN SCA 1,028 1,102,998 0.09 CREDIT AGRICOLE SA 2,431 214,806 0.02 5,833,047 0.48 DANONE SA 1,903 985,243 0.08 DASSAULT SYSTEMES SE 648 1,005,677 0.08 Czech Republic ELECTRICITE DE FRANCE SA 2,004 194,066 0.02 MONETA MONEY BANK AS 23,249 615,182 0.05 ENGIE SA 3,472 419,301 0.03

ESSILORLUXOTTICA SA 279 307,502 0.03 HERMES INTERNATIONAL SA 69 547,682 0.05 Denmark KERING SA 80 408,156 0.03 CARLSBERG A/S 391 445,800 0.04 LEGRAND SA 1,484 1,061,044 0.09 COLOPLAST A/S 729 847,052 0.07 L’OREAL SA 277 756,982 0.06 DEMANT A/S 578 161,641 0.01 LVMH MOET HENNESSY LOUIS DSV PANALPINA A/S 152 184,739 0.02 VUITTON SE 386 1,811,908 0.15 NOVO NORDISK A/S 3,899 2,100,752 0.17 NATIXIS SA 13,014 382,861 0.03 ORSTED A/S 101 149,285 0.01 ORANGE SA 8,827 806,904 0.07 VESTAS WIND SYSTEMS A/S 776 1,311,117 0.11 SAFRAN SA 257 252,024 0.02 SANOFI SA 1,879 1,365,591 0.11 5,200,386 0.43 SARTORIUS STEDIM BIOTECH SA 251 815,738 0.07

SCHNEIDER ELECTRIC SE 1,632 1,859,448 0.15 SEB SA 409 604,511 0.05 Finland SODEXO SA 987 683,008 0.06 ELISA OYJ 1,490 688,888 0.06 STMICROELECTRONICS NV 1,847 578,865 0.05 FORTUM OYJ 4,478 843,036 0.07 TELEPERFORMANCE SE 114 290,167 0.02 KONE OYJ 512 313,117 0.02 TOTAL SA 4,036 1,326,699 0.11 NELES OYJ 1,250 125,170 0.01 VEOLIA ENVIRONNEMENT SA 1,353 281,165 0.02 NOKIA OYJ 15,640 584,021 0.05 VINCI SA 370 266,916 0.02 VIVENDI SA 2,399 572,205 0.05 2,554,232 0.21 WORLDLINE SA 265 174,894 0.01

26,086,705 2.16

6 Portfolio Statement

HSBC Managed Balanced Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

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

Germany ADIDAS AG 193 476,339 0.04 25,004,878 2.07 ALLIANZ SE 914 1,613,001 0.13 AROUNDTOWN SA 10,451 564,709 0.05 BASF SE 1,419 853,228 0.07 Greece BAYER AG 1,260 593,054 0.05 FOLLI FOLLIE COMMERCIAL BAYERISCHE MOTOREN WERKE AG 753 496,607 0.04 MANUFACTURING AND TECHNICAL BEIERSDORF AG 487 414,537 0.04 SA 1,986 – – JUMBO SA 4,495 548,349 0.05 CARL ZEISS MEDITEC AG 470 571,144 0.05 COVESTRO AG 910 481,423 0.04 DAIMLER AG 925 503,300 0.04 548,349 0.05 DELIVERY HERO SE 815 963,517 0.08 DEUTSCHE BANK AG 7,637 602,080 0.05 DEUTSCHE BOERSE AG 462 577,960 0.05 Hong Kong DEUTSCHE POST AG 3,509 1,348,987 0.11 3SBIO INC 15,000 108,450 0.01 AAC TECHNOLOGIES HOLDINGS INC 13,000 547,950 0.05 DEUTSCHE TELEKOM AG 2,373 328,604 0.03 AGILE PROPERTY HOLDINGS LTD 48,440 468,899 0.04 DEUTSCHE WOHNEN AG 2,179 839,124 0.07 AGRICULTURAL BANK OF CHINA LTD DWS GROUP GMBH & CO KGAA 1,516 461,418 0.04 H SHARES 696,360 1,949,808 0.16 FRAPORT FRANKFURT AIRPORT AIA GROUP LTD 170,567 15,990,656 1.32 SERVICES WORLDWIDE AG 411 173,374 0.01 ALIBABA GROUP HOLDING LTD 94,025 23,205,370 1.92 FRESENIUS MEDICAL CARE AG & CO ALIBABA HEALTH INFORMATION KGAA 246 154,799 0.01 TECHNOLOGY LTD 70,702 1,718,059 0.14 FRESENIUS SE & CO KGAA 1,968 681,674 0.06 ALIBABA PICTURES GROUP LTD 520,000 509,600 0.04 HANNOVER RUECK SE 465 560,687 0.05 ANHUI CONCH CEMENT CO LTD H HELLOFRESH AG 761 500,378 0.04 SHARES 23,763 1,091,910 0.09 HENKEL AG & CO KGAA 351 255,260 0.02 ANHUI EXPRESSWAY CO LTD 36,000 176,040 0.01 HENKEL AG & CO KGAA 1,045 841,667 0.07 ANTA SPORTS PRODUCTS LTD 13,732 1,761,816 0.15 INFINEON TECHNOLOGIES AG 3,263 1,018,195 0.08 ASM PACIFIC TECHNOLOGY LTD 8,338 943,028 0.08 KNORR BREMSE AG 297 305,462 0.03 BAIC MOTOR CORP LTD 54,500 149,330 0.01 LEG IMMOBILIEN AG 572 638,732 0.05 BANK OF CHINA LTD H SHARES 1,388,218 3,651,013 0.30 MERCK KGAA 256 332,072 0.03 BANK OF COMMUNICATIONS CO MUENCHENER LTD H SHARES 261,082 1,096,544 0.09 RUECKVERSICHERUNGS- BEIJING CAPITAL INTERNATIONAL GESELLSCHAFT AG 160 331,589 0.03 AIRPORT CO LTD H SHARES 44,340 265,153 0.02 RWE AG 2,996 1,000,780 0.08 BEIJING ENTERPRISES HOLDINGS SAP SE 1,807 1,783,928 0.15 LTD 11,000 279,400 0.02 SIEMENS AG 2,139 2,585,207 0.21 BOC HONG KONG HOLDINGS LTD 49,645 1,151,764 0.10 SIEMENS ENERGY AG 3,119 898,485 0.07 BRILLIANCE CHINA AUTOMOTIVE TALANX AG 1,418 411,419 0.03 HOLDINGS LTD 28,000 170,800 0.01

7 Portfolio Statement

HSBC Managed Balanced Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Financial assets CHINA REINSURANCE GROUP CORP 104,000 84,240 0.01 CHINA RESOURCES BEER HOLDINGS Equities CO LTD 16,460 1,127,510 0.09 Listed investments CHINA RESOURCES CEMENT HOLDINGS LTD 90,000 771,300 0.06 BYD CO LTD 11,681 2,773,069 0.23 CHINA RESOURCES GAS GROUP LTD 14,000 543,200 0.05 BYD ELECTRONIC CO LTD 28,000 1,503,600 0.12 CHINA RESOURCES LAND LTD 52,966 1,636,649 0.14 CANSINO BIOLOGICS INC H SHARES 1,400 353,360 0.03 CHINA SHENHUA ENERGY CO LTD H CHINA CINDA ASSET MANAGEMENT SHARES 11,629 167,225 0.01 CO LTD H SHARES 557,000 818,790 0.07 CHINA TOWER CORP LTD 423,284 474,078 0.04 CHINA CITIC BANK CORP LTD H CHINA TRADITIONAL CHINESE SHARES 271,997 935,670 0.08 MEDICINE HOLDINGS CO LTD 66,000 283,800 0.02 CHINA CONCH VENTURE HOLDINGS CHINA TRAVEL INTERNATIONAL LTD 12,252 452,711 0.04 INVESTMENT HONG KONG LTD 88,000 93,280 0.01 CHINA CONSTRUCTION BANK CORP CHINA VANKE CO LTD H SHARES 23,860 664,501 0.06 H SHARES 1,493,723 8,783,091 0.73 CHONGQING RURAL COMMERCIAL CHINA EAST EDUCATION HOLDINGS BANK CO LTD H SHARES 200,709 670,368 0.06 LTD 18,500 324,120 0.03 CHOW TAI FOOK JEWELLERY GROUP CHINA EVERBRIGHT LTD 50,000 499,500 0.04 LTD 33,000 308,550 0.03 CHINA EVERGRANDE GROUP 12,000 179,280 0.01 CITIC SECURITIES CO LTD 29,288 499,653 0.04 CHINA FEIHE LTD 32,000 742,400 0.06 CK ASSET HOLDINGS LTD 51,445 2,003,783 0.17 CHINA GAS HOLDINGS LTD 16,463 451,086 0.04 CK HUTCHISON HOLDINGS LTD 45,319 2,433,630 0.20 CHINA HONGQIAO GROUP LTD 122,500 839,125 0.07 CK INFRASTRUCTURE HOLDINGS CHINA JINMAO HOLDINGS GROUP LTD 13,418 554,834 0.05 LTD 34,000 103,700 0.01 CLP HOLDINGS LTD 30,224 2,197,285 0.18 CHINA LESSO GROUP HOLDINGS COSCO SHIPPING HOLDINGS CO LTD 99,000 777,150 0.06 LTD 45,000 580,500 0.05 COSCO SHIPPING PORTS LTD 41,489 228,604 0.02 CHINA LIFE INSURANCE CO LTD H COUNTRY GARDEN HOLDINGS CO SHARES 119,679 1,969,916 0.16 LTD 125,631 1,177,163 0.10 CHINA MENGNIU DAIRY CO LTD 52,996 2,451,065 0.20 COUNTRY GARDEN SERVICES CHINA MERCHANTS BANK CO LTD H HOLDINGS CO LTD 14,000 886,900 0.07 SHARES 57,204 3,406,498 0.28 CSPC PHARMACEUTICAL GROUP CHINA MERCHANTS PORT LTD 116,629 923,702 0.08 HOLDINGS CO LTD 25,890 280,130 0.02 DALI FOODS GROUP CO LTD 140,500 656,135 0.05 CHINA MINSHENG BANKING CORP DONGFENG MOTOR GROUP CO LTD LTD H SHARES 145,423 645,678 0.05 H SHARES 123,483 947,115 0.08 CHINA NATIONAL BUILDING ENN ENERGY HOLDINGS LTD 9,871 1,186,494 0.10 MATERIAL CO LTD 32,000 297,280 0.02 ESR CAYMAN LTD 4,600 127,420 0.01 CHINA OVERSEAS LAND & FAR EAST HORIZON LTD 52,000 416,000 0.03 INVESTMENT LTD 64,543 1,128,212 0.09 FIH MOBILE LTD 358,000 436,760 0.04 CHINA PACIFIC INSURANCE GROUP GALAXY ENTERTAINMENT GROUP CO LTD H SHARES 36,360 1,167,156 0.10 LTD 36,255 2,131,794 0.18 CHINA PETROLEUM & CHEMICAL GEELY AUTOMOBILE HOLDINGS LTD 102,734 2,912,509 0.24 CORP H SHARES 377,939 1,402,154 0.12 GENSCRIPT BIOTECH CORP 22,878 226,492 0.02

8 Portfolio Statement

HSBC Managed Balanced Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Financial assets KINGBOARD LAMINATES HOLDINGS LTD 61,500 771,210 0.06 Equities KINGDEE INTERNATIONAL Listed investments SOFTWARE GROUP CO LTD 38,000 1,189,400 0.10 KINGSOFT CORP LTD 8,000 480,000 0.04 GREAT WALL MOTOR CO LTD 73,000 1,773,900 0.15 KWG GROUP HOLDINGS LTD 24,500 252,840 0.02 GUANGDONG INVESTMENT LTD 12,000 163,440 0.01 LEGEND HOLDINGS CORP 48,500 597,520 0.05 GUOTAI JUNAN SECURITIES CO LTD 37,938 427,941 0.04 LENOVO GROUP LTD 63,392 578,769 0.05 HAIDILAO INTERNATIONAL HOLDING LI NING CO LTD 19,000 922,450 0.08 LTD 6,000 392,100 0.03 LOGAN PROPERTY HOLDINGS CO HAIER SMART HOME CO LTD H LTD 28,000 325,360 0.03 SHARES 50,600 1,624,260 0.13 LONGFOR PROPERTIES 31,220 1,368,997 0.11 HANG LUNG PROPERTIES LTD 51,043 1,056,590 0.09 LUYE PHARMA GROUP LTD 32,000 124,480 0.01 HANG SENG BANK LTD 11,457 1,607,417 0.13 MAANSHAN IRON & STEEL CO LTD 78,000 167,700 0.01 HANSOH PHARMACEUTICAL GROUP MEITUAN DIANPING 54,752 19,480,762 1.61 CO LTD 20,000 848,000 0.07 MINTH GROUP LTD 2,000 71,100 0.01 HEALTH AND HAPPINESS (H&H) MTR CORP LTD 6,079 274,467 0.02 INTERNATIONAL HOLDINGS LTD 3,500 132,475 0.01 NETEASE INC 25,100 4,472,820 0.37 HENDERSON LAND DEVELOPMENT NEW CHINA LIFE INSURANCE CO CO LTD 18,575 588,828 0.05 LTD 3,900 112,905 0.01 HENGTEN NETWORKS GROUP LTD 83,600 275,044 0.02 NEW WORLD DEVELOPMENT CO HONG KONG AND CHINA GAS CO LTD 40,281 1,452,130 0.12 LTD 96,336 1,073,183 0.09 PETROCHINA CO LTD H SHARES 314,180 738,323 0.06 HONG KONG EXCHANGES AND PHARMARON BEIJING CO LTD H CLEARING LTD 19,599 9,748,543 0.81 SHARES 4,100 611,720 0.05 HOPSON DEVELOPMENT HOLDINGS PICC PROPERTY & CASUALTY CO LTD 18,000 357,120 0.03 LTD H SHARES 152,480 863,037 0.07 HUTCHISON TELECOMMUNICATIONS PING AN HEALTHCARE AND HONG KONG HOLDINGS LTD 376,000 462,480 0.04 TECHNOLOGY CO LTD 7,700 741,895 0.06 HYSAN DEVELOPMENT CO LTD 30,620 865,015 0.07 PING AN INSURANCE (GROUP) CO INDUSTRIAL AND COMM BANK OF OF CHINA LTD H SHARES 87,263 7,967,112 0.66 CHINA H SHARES 1,302,231 6,446,043 0.53 POLY PROPERTY GROUP CO LTD 107,000 239,680 0.02 INNOVENT BIOLOGICS INC 19,096 1,691,906 0.14 POSTAL SAVINGS BANK OF CHINA JD COM INC 24,605 8,508,409 0.70 CO LTD 281,887 1,561,654 0.13 JIANGSU EXPRESSWAY CO LTD H POWER ASSETS HOLDINGS LTD 4,413 182,257 0.02 SHARES 34,000 306,000 0.03 SAMSONITE INTERNATIONAL SA 12,117 135,710 0.01 JIANGXI COPPER CO LTD 28,000 358,400 0.03 SANDS CHINA LTD 47,340 1,460,439 0.12 JIAYUAN INTERNATIONAL GROUP SHANDONG GOLD MINING CO LTD 6,500 106,340 0.01 LTD 165,488 498,119 0.04 SHANDONG WEIGAO GROUP JOHNSON ELECTRIC HOLDINGS LTD 15,139 347,440 0.03 MEDICAL POLYMER CO LTD 72,000 1,044,000 0.09 KERRY LOGISTICS NETWORK LTD 49,500 819,720 0.07 SHANGHAI FOSUN KINGBOARD CHEMICAL HOLDINGS PHARMACEUTICAL GROUP CO LTD 10,000 350,000 0.03 LTD 33,000 1,047,750 0.09 SHANGHAI PHARMACEUTICAL HOLDINGG CO LTD H SHARES 63,600 853,512 0.07

9 Portfolio Statement

HSBC Managed Balanced Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Financial assets WHARF REAL ESTATE INVESTMENT CO LTD 22,861 940,730 0.08 Equities WUXI APPTEC CO LTD 7,000 1,295,000 0.11 Listed investments WUXI BIOLOGICS CAYMAN INC 41,123 4,486,519 0.37 XIAOMI CORP 175,081 5,112,365 0.42 SHANGRI-LA ASIA LTD 18,000 118,800 0.01 XINJIANG GOLDWIND SCIENCE & SHENZHEN INTERNATIONAL TECHNOLOGY CO LTD 51,600 834,888 0.07 HOLDINGS LTD 26,341 336,638 0.03 XINYI GLASS HOLDINGS LTD 50,000 940,000 0.08 SHENZHEN INVESTMENT LTD 234,553 602,801 0.05 XINYI SOLAR HOLDINGS LTD 62,812 1,067,804 0.09 SHENZHOU INTERNATIONAL GROUP YIHAI INTERNATIONAL HOLDING LTD 9,000 1,149,300 0.10 HOLDINGS LTD 15,444 2,349,032 0.19 YUE YUEN INDUSTRIAL (HOLDINGS) SHIMAO GROUP HOLDINGS LTD 24,000 541,200 0.04 LTD 13,500 228,420 0.02 SHUI ON LAND LTD 542,613 624,005 0.05 YUEXIU PROPERTY CO LTD 328,000 498,560 0.04 SHUN TAK HOLDINGS LTD 180,000 408,600 0.03 ZHONGSHENG GROUP HOLDINGS SINO BIOPHARMACEUTICAL LTD 149,321 1,079,591 0.09 LTD 21,500 979,325 0.08 SINOPHARM GROUP CO LTD H ZIJIN MINING GROUP CO LTD H SHARES 40,800 772,752 0.06 SHARES 86,000 743,040 0.06

SINOTRANS LTD H SHARES 177,000 461,970 0.04 SINOTRUK HONG KONG LTD 31,000 750,200 0.06 275,651,142 22.80 SITC INTERNATIONAL HOLDINGS CO LTD 56,000 997,920 0.08 SJM HOLDINGS LTD 20,000 166,800 0.01 Hungary SMOORE INTERNATIONAL MAGYAR TELEKOM HOLDINGS LTD 6,000 460,500 0.04 TELECOMMUNICATIONS NYRT 31,055 322,516 0.02 SUN HUNG KAI PROPERTIES LTD 27,516 2,916,696 0.24 MOL MAGYAR OLAJES GAZIPARI SUNAC CHINA HOLDINGS LTD 12,201 353,219 0.03 NYRT 5,880 344,513 0.03 SUNAC SERVICES HOLDINGS LTD 1,551 33,812 0.00 RICHTER GEDEON VEGYESZETI GYAR SUNNY OPTICAL TECHNOLOGY NYRT 3,697 812,285 0.07

GROUP CO LTD 10,075 2,057,315 0.17 SWIRE PACIFIC LTD 25,000 197,000 0.02 1,479,314 0.12 SWIRE PACIFIC LTD CLASS A 8,370 406,364 0.03 SWIRE PROPERTIES LTD 43,287 976,122 0.08 TECHTRONIC INDUSTRIES CO LTD 18,733 2,188,014 0.18 India TENCENT HOLDINGS LTD 41,487 28,273,391 2.34 AUROBINDO PHARMA LTD 1,489 143,654 0.01 TONGCHENG-ELONG HOLDINGS LTD 56,400 782,832 0.06 AVENUE SUPERMARTS LTD 593 167,101 0.01 TOPSPORTS INTERNATIONAL BAJAJ AUTO LTD 610 259,688 0.02 HOLDINGS LTD 17,000 214,200 0.02 BHARTI AIRTEL LTD 14,248 838,267 0.07 TRAVELSKY TECHNOLOGY LTD 51,000 883,320 0.07 CIPLA LTD 1,785 157,073 0.01 TSINGTAO BREWERY CO LTD H COROMANDEL INTERNATIONAL LTD 3,337 299,636 0.03 SHARES 2,000 149,700 0.01 DIVI'S LABORATORIES LTD 1,970 707,017 0.06 VTECH HOLDINGS LTD 12,421 771,344 0.06 EXIDE INDUSTRIES LTD 25,563 522,425 0.04 WEICHAI POWER CO LTD 41,000 938,900 0.08 HCL TECHNOLOGIES LTD 5,466 530,944 0.04 WH GROUP LTD 54,466 343,136 0.03 HERO MOTOCORP LTD 756 261,605 0.02 WHARF HOLDINGS LTD 25,000 428,500 0.04 HINDALCO INDUSTRIES LTD 9,467 227,381 0.02

10 Portfolio Statement

HSBC Managed Balanced Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Financial assets INDOFOOD SUKSES MAKMUR TBK PT 96,900 323,995 0.03 Equities UNILEVER INDONESIA TBK PT 78,600 300,817 0.02

Listed investments

1,226,869 0.10 HINDUSTAN UNILEVER LTD 2,530 609,342 0.05 HINDUSTAN UNILEVER LTD 128 30,796 0.00 HINDUSTAN ZINC LTD 887 25,900 0.00 Ireland HOUSING DEVELOPMENT FINANCE KERRY GROUP PLC 606 638,794 0.05 CORP LTD 2,795 706,301 0.06 KINGSPAN GROUP PLC 645 340,256 0.03

INFO EDGE INDIA LTD 1,191 552,369 0.05 INFOSYS LTD 11,493 1,513,404 0.13 979,050 0.08 IPCA LABORATORIES LTD 1,092 214,935 0.02 MRF LTD 37 330,576 0.03 NESTLE INDIA LTD 241 439,562 0.04 Israel NESTLE INDIA LTD 18 32,635 0.00 WIX.COM LTD 224 429,092 0.04

NMDC LTD 16,845 188,419 0.02 NMDC LTD 19,067 213,172 0.02 Italy OIL AND NATURAL GAS A2A SPA 39,776 502,093 0.04 CORPORATION LTD 12,171 115,507 0.01 ASSICURAZIONI GENERALI SPA 7,001 929,242 0.08 OIL INDIA LTD 34,603 410,403 0.03 BANCA MEDIOLANUM SPA 7,134 439,846 0.04 POWER GRID CORPORATION OF BUZZI UNICEM SPA 3,472 664,929 0.05 INDIA LTD 17,409 340,335 0.03 ENEL SPA 9,008 695,061 0.06 RELIANCE INDUSTRIES LTD 7,650 1,500,607 0.12 ENI SPA 9,571 753,019 0.06 RELIANCE INDUSTRIES LTD 5,184 1,014,788 0.08 FINECOBANK BANCO FINEECO SPA 1,211 146,875 0.01 SBI LIFE INSURANCE COMPANY LTD 4,731 435,063 0.04 INTESA SANPAOLO SPA 26,696 453,972 0.04 STATE BANK OF INDIA 15,821 473,982 0.04 ITALGAS SPA 9,952 464,247 0.04 SUN PHARMACEUTICAL INDUSTRIES POSTE ITALIANE SPA 1,588 120,811 0.01 LTD 3,914 245,417 0.02 UNIPOLSAI ASSICURAZIONI SPA 24,731 486,907 0.04 TATA CONSULTANCY SERVICES LTD 3,194 1,056,127 0.09 TECH MAHINDRA LTD 2,341 239,187 0.02 TORRENT POWER LTD 7,409 244,013 0.02 5,657,002 0.47

VODAFONE IDEA LTD 431,349 513,428 0.04 WIPRO LTD 6,594 294,327 0.02 Japan ADVANTEST CORP 1,409 865,081 0.07 15,855,386 1.31 AEON CO LTD 5,200 1,261,649 0.10

AEON MALL CO LTD 3,400 426,060 0.04 AGC INC 3,100 833,412 0.07 Indonesia AICA KOGYO CO LTD 2,600 656,628 0.05 BANK CENTRAL ASIA TBK PT 11,200 209,216 0.02 AJINOMOTO CO INC 1,900 347,992 0.03 GUDANG GARAM TBK PT 4,200 87,567 0.01 AMADA CO LTD 3,200 278,471 0.02 INDOFOOD CBP SUKSES MAKMUR TBK PT 60,700 305,274 0.02

11 Portfolio Statement

HSBC Managed Balanced Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Financial assets JAPAN AVIATION ELECTRONICS INDUSTRY LTD 3,690 444,090 0.04 Equities JAPAN EXCHANGE GROUP INC 4,084 739,530 0.06 Listed investments JAPAN POST INSURANCE CO LTD 3,800 577,782 0.05 JAPAN TOBACCO INC 1,700 261,566 0.02 ASAHI GROUP HOLDINGS LTD 2,700 842,255 0.07 JFE HOLDINGS INC 7,000 471,252 0.04 ASAHI INTECC CO LTD 1,900 484,065 0.04 KANDENKO CO LTD 2,800 186,635 0.02 ASKUL CORP 1,900 520,651 0.04 KAO CORP 773 434,924 0.04 ASTELLAS PHARMA INC 4,200 526,465 0.04 KDDI CORP 5,881 1,341,073 0.11 BENESSE HOLDINGS INC 1,400 209,134 0.02 KEYENCE CORP 755 3,139,141 0.26 BRIDGESTONE CORP 2,400 687,526 0.06 KINDEN CORP 4,600 572,346 0.05 CALBEE INC 1,800 412,596 0.03 KIRIN HOLDINGS CO LTD 4,800 798,440 0.07 CANON MARKETING JAPAN INC 2,300 391,103 0.03 KOBE BUSSAN CO LTD 400 86,089 0.01 CASIO COMPUTER CO LTD 3,800 520,651 0.04 KOKUYO CO LTD 2,900 292,742 0.02 CENTRAL JAPAN RAILWAY CO 1,064 1,166,258 0.10 KOMATSU LTD 1,800 381,601 0.03 CHUGAI PHARMACEUTICAL CO LTD 2,857 1,157,838 0.10 KONAMI HOLDINGS CORP 400 189,597 0.02 COCA-COLA BOTTLERS JAPAN K'S HOLDINGS CORP 6,200 651,577 0.05 HOLDINGS INC 3,900 457,810 0.04 KUBOTA CORP 700 119,187 0.01 DAICEL CORP 6,122 360,456 0.03 KYOCERA CORP 1,607 797,292 0.07 DAIICHI SANKYO CO LTD 4,478 1,115,991 0.09 KYOWA KIRIN CO LTD 3,200 734,688 0.06 DAIICHIKOSHO CO LTD 1,707 455,122 0.04 KYUSHU RAILWAY CO 700 113,795 0.01 DAIKIN INDUSTRIES LTD 963 1,576,552 0.13 LION CORP 800 142,020 0.01 DAITO TRUST CONSTRUCTION CO LIXIL CORP 4,200 759,291 0.06 LTD 1,103 889,600 0.07 M3 INC 1,200 783,065 0.06 DAIWA HOUSE INDUSTRY CO LTD 2,317 508,708 0.04 MARUBENI CORP 13,800 709,607 0.06 DENSO CORP 369 158,697 0.01 MEGMILK SNOW BRAND CO LTD 2,300 384,460 0.03 DISCO CORP 370 933,062 0.08 MEIJI HOLDINGS CO LTD 437 231,085 0.02 EAST JAPAN RAILWAY CO 300 153,085 0.01 MITSUBISHI CORP 7,428 1,456,463 0.12 EISAI CO LTD 239 135,286 0.01 MITSUBISHI ELECTRIC CORP 12,638 1,492,431 0.12 ELECTRIC POWER DEVELOPMENT MITSUBISHI ESTATE CO LTD 4,500 550,572 0.05 CO LTD 2,800 353,569 0.03 MITSUBISHI HEAVY INDUSTRIES LTD 1,300 288,647 0.02 FANUC CORP 631 1,278,840 0.11 MITSUBISHI SHOKUHIN CO LTD 955 200,303 0.02 FAST RETAILING CO LTD 69 459,001 0.04 MITSUBISHI UFJ FINANCIAL GROUP FUJITSU LTD 537 637,130 0.05 INC 21,332 741,436 0.06 GS YUASA CORP 3,400 775,570 0.06 MITSUI & CO LTD 1,900 272,498 0.02 GUNMA BANK LTD 15,300 366,004 0.03 MIZUHO FINANCIAL GROUP INC 2,939 300,053 0.02 HAMAMATSU PHOTONICS KK 1,200 539,463 0.04 MORINAGA MILK INDUSTRY CO LTD 400 154,640 0.01 HASEKO CORP 6,657 607,901 0.05 MS&AD INSURANCE GROUP HIROSE ELECTRIC CO LTD 300 364,604 0.03 HOLDINGS INC 4,455 991,149 0.08 HITACHI LTD 5,200 1,658,322 0.14 MURATA MANUFACTURING CO LTD 1,300 968,093 0.08 HONDA MOTOR CO LTD 3,204 655,995 0.05 NEC CORP 300 126,645 0.01 HOYA CORP 1,816 1,801,565 0.15 NEC NETWORKS & SYSTEM HULIC CO LTD 1,600 140,302 0.01 INTEGRATION CORP 2,700 372,336 0.03 ITOCHU CORP 7,600 1,687,191 0.14 NEXON CO LTD 3,800 896,364 0.07

12 Portfolio Statement

HSBC Managed Balanced Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Financial assets SHIN ETSU CHEMICAL CO LTD 1,667 2,243,890 0.19 SHIONOGI & CO LTD 2,100 883,403 0.07 Equities SHISEIDO CO LTD 1,100 553,083 0.05 Listed investments SHOWA DENKO KK 3,400 628,766 0.05 SKYLARK HOLDINGS CO LTD 1,700 215,926 0.02 NGK INSULATORS LTD 2,000 270,768 0.02 SMC CORP 287 1,346,755 0.11 NIDEC CORP 900 923,174 0.08 SOFTBANK CORP 2,900 295,749 0.02 NIHON UNISYS LTD 1,900 560,052 0.05 SOFTBANK CORP 6,033 3,622,751 0.30 NIKON CORP 9,600 591,543 0.05 SOJITZ CORP 37,500 672,106 0.06 NINTENDO CO LTD 494 2,216,398 0.18 SOMPO HOLDINGS INC 1,418 437,614 0.04 NIPPON ELECTRIC GLASS CO LTD 1,000 169,971 0.01 SONY CORP 3,809 2,835,101 0.23 NIPPON STEEL CORP 6,800 607,866 0.05 SUGI HOLDINGS CO LTD 1,138 580,701 0.05 NIPPON TELEGRAPH AND SUMITOMO CORP 5,300 544,432 0.05 TELEPHONE CORP 4,986 966,748 0.08 SUMITOMO MITSUI FINANCIAL NIPPON YUSEN KABUSHIKI KAISHA 1,200 213,830 0.02 GROUP INC 4,775 1,147,571 0.10 NISSAN MOTOR CO LTD 16,900 665,996 0.06 SUNDRUG CO LTD 2,100 646,222 0.05 NISSHIN SEIFUN GROUP INC 900 117,446 0.01 SUNTORY BEVERAGE & FOOD LTD 500 135,347 0.01 NITORI HOLDINGS CO LTD 358 551,225 0.05 SUZUKI MOTOR CORP 300 104,604 0.01 NITTO DENKO CORP 700 490,952 0.04 SYSMEX CORP 200 181,228 0.02 OLYMPUS CORP 900 125,945 0.01 T&D HOLDINGS INC 1,800 161,705 0.01 OMRON CORP 800 547,461 0.05 TAIYO YUDEN CO LTD 1,800 818,526 0.07 OPEN HOUSE CO LTD 1,200 375,047 0.03 TAKEDA PHARMACEUTICAL CO LTD 2,858 782,746 0.06 ORACLE CORP JAPAN 720 658,553 0.05 TEIJIN LTD 4,100 580,885 0.05 ORIENTAL LAND CO LTD 300 363,271 0.03 TERUMO CORP 1,800 541,907 0.04 ORIX CORP 8,956 1,111,016 0.09 THE 77 BANK LTD 5,400 526,709 0.04 OTSUKA HOLDINGS CO LTD 400 132,185 0.01 TOHO CO LTD 400 119,831 0.01 PANASONIC CORP 1,800 180,169 0.02 TOHOKU ELECTRIC POWER CO INC 8,700 577,967 0.05 PEPTIDREAM INC 300 135,754 0.01 TOKAI RIKA CO LTD 3,700 468,860 0.04 RAKUTEN INC 8,900 678,261 0.06 TOKIO MARINE HOLDINGS INC 3,090 1,174,684 0.10 RECRUIT HOLDINGS CO LTD 2,300 773,689 0.06 TOKYO ELECTRON LTD 657 1,937,086 0.16 RENESAS ELECTRONICS CORP 8,200 728,763 0.06 TOKYU FUDOSAN HOLDINGS CORP 3,400 148,819 0.01 RESONA HOLDINGS INC 28,000 752,759 0.06 TOSOH CORP 4,600 612,546 0.05 RINNAI CORP 700 567,162 0.05 TOTO LTD 1,900 814,749 0.07 ROHM CO LTD 400 314,316 0.03 TOYO SUISAN KAISHA LTD 1,646 629,029 0.05 SANKYU INC 1,600 466,883 0.04 TOYOBO CO LTD 3,600 349,007 0.03 SANWA HOLDINGS CORP 4,900 432,577 0.04 TOYOTA MOTOR CORP 9,332 5,045,324 0.42 SAWAI PHARMACEUTICAL CO LTD 1,138 402,867 0.03 TREND MICRO INC 400 170,045 0.01 SECOM CO LTD 200 140,376 0.01 TSUMURA & CO 2,300 580,011 0.05 SEGA SAMMY HOLDINGS INC 3,100 382,727 0.03 UBE INDUSTRIES LTD 2,400 352,828 0.03 SEKISUI CHEMICAL CO LTD 1,600 223,250 0.02 ULVAC INC 1,012 354,139 0.03 SEKISUI HOUSE LTD 5,500 822,414 0.07 UNICHARM CORP 1,400 487,323 0.04 SEVEN & I HOLDINGS CO LTD 3,529 1,035,256 0.09 YAMAHA CORP 700 305,355 0.03 SG HOLDINGS CO LTD 3,100 617,827 0.05 YAMATO HOLDINGS CO LTD 2,100 404,530 0.03

SHIMADZU CORP 500 147,567 0.01 SHIMAMURA CO LTD 603 518,044 0.04 110,014,407 9.10 SHIMANO INC 111 202,273 0.02

13 Portfolio Statement

HSBC Managed Balanced Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

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

Equities Listed investments 11,743,243 0.97

Luxembourg ARCELORMITTAL 1,274 216,527 0.02 New Zealand EUROFINS SCIENTIFIC 320 238,684 0.02 FISHER & PAYKEL HEALTHCARE CORPORATION LTD 1,592 308,172 0.02 SKYCITY ENTERTAINMENT GROUP 455,211 0.04 LTD 11,457 195,273 0.02

503,445 0.04 Malaysia AMMB HOLDINGS BHD 111,100 656,345 0.05 GENTING BHD 48,700 371,775 0.03 Norway HONG LEONG FINANCIAL GROUP ADEVINTA ASA 1,643 190,357 0.02 BHD 15,518 486,952 0.04 MARINE HARVEST ASA 1,443 248,620 0.02

KUALA LUMPUR KEPONG BHD 8,745 389,819 0.03 MALAYSIA AIRPORTS HOLDINGS 438,977 0.04 BHD 30,730 304,144 0.03 MISC BHD 56,800 649,325 0.05 NESTLE (MALAYSIA) BHD 700 183,944 0.02 Philippines RHB BANK BHD 51,639 505,144 0.04 JOLLIBEE FOODS CORP 3,510 100,595 0.01 TOP GLOVE CORP BHD 55,300 714,912 0.06 MANILA ELECTRIC CO 6,150 258,878 0.02

4,262,360 0.35 359,473 0.03

Netherlands Russia AALBERTS INDUSTRIES NV 1,542 540,217 0.04 ANK BASHNEFT’ PAO 1,760 214,150 0.02 BANK VTB PAO 50,227,670 189,436 0.02 ADYEN NV 51 826,095 0.07 FSK YEES PAO 7,610,000 168,502 0.01 AKZO NOBEL NV 413 326,181 0.03 GAZPROM PAO 39,520 870,837 0.07 ARGENX NV 70 159,050 0.01 GMK NORIL ‘SKIY NIKEL’ PAO 284 715,638 0.06 ASML HOLDING NV 739 3,059,228 0.25 INTER RAO YEES PAO 185,000 99,803 0.01 HEINEKEN NV 586 474,407 0.04 MAGNITOGORSK IRON & STEEL PAO 113,900 605,743 0.05 ING GROEP NV 2,998 208,282 0.02 MOSKOVSKAYA BIRZHA MMVB-RTS KONINKLIJKE AHOLD DELHAIZE NV 2,625 583,331 0.05 PAO 9,620 155,401 0.01 KONINKLIJKE DSM NV 86 116,659 0.01 NK LUKOIL PAO 775 430,160 0.03 SBERBANK ROSSII PAO 16,370 434,740 0.04 KONINKLIJKE PHILIPS NV 2,553 1,081,152 0.09 SURGUTNEFTEGAZ OAO 63,000 217,570 0.02 PROSUS NV 1,599 1,443,320 0.12 SURGUTNEFTEGAZ PAO 22,000 90,367 0.01 QIAGEN NV 284 119,507 0.01 TRANSNEFT’ PAO 18 265,633 0.02 RANDSTAD NV 1,220 591,408 0.05 SIGNIFY NV 957 354,293 0.03 4,457,980 0.37 STELLANTIS NV 7,667 903,815 0.07

14 Portfolio Statement

HSBC Managed Balanced Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Financial assets KIA MOTORS CORP 1,818 1,039,658 0.09 KOREA ZINC INC 179 503,758 0.04 Equities LG CHEM LTD 46 292,395 0.02 Listed investments LG CORP 190 130,518 0.01 LG ELECTRONICS INC 1,037 1,099,798 0.09 Singapore LG UPLUS CORP 4,391 363,726 0.03 COMFORTDELGRO CORP LTD 52,800 487,422 0.04 NAVER CORP 387 920,127 0.08 DBS GROUP HOLDINGS LTD 6,431 946,124 0.08 NCSOFT CORP 70 462,417 0.04 GENTING SINGAPORE LTD 149,600 747,328 0.06 NH INVESTMENT & SECURITIES CO HONG KONG LAND HOLDINGS LTD 25,300 908,278 0.08 LTD 1,698 130,060 0.01 JARDINE MATHESON HOLDINGS LTD 2,293 1,027,660 0.09 POSCO 76 129,332 0.01 JARDINE STRATEGIC HOLDINGS LTD 800 161,218 0.01 SAMSUNG BIOLOGICS CO LTD 42 230,869 0.02 OVERSEA-CHINESE BANKING CORP SAMSUNG ELECTRO-MECHANICS LTD 13,905 838,425 0.07 CO LTD 245 346,449 0.03 SINGAPORE EXCHANGE LTD 13,018 752,997 0.06 SAMSUNG ELECTRONICS CO LTD 1,833 928,800 0.08 UNITED OVERSEAS BANK LTD 5,277 720,851 0.06 SAMSUNG ELECTRONICS CO LTD 14,606 8,302,095 0.69 VENTURE CORPORATION LTD 2,100 243,430 0.02 SAMSUNG SDI CO LTD 36 183,164 0.02 WILMAR INTERNATIONAL LTD 800 24,633 0.00 SHINHAN FINANCIAL GROUP CO LTD 2,055 436,601 0.04

SK HOLDINGS CO LTD 101 217,733 0.02 SK HYNIX INC 1,323 1,123,411 0.09 6,858,366 0.57 SK TELECOM CO LTD 383 647,785 0.05 WOORI FINANCIAL GROUP INC 2,598 158,476 0.01

South Korea CELLTRION INC 210 471,636 0.04 26,616,651 2.20 CJ CHEILJEDANG CORP 173 245,834 0.02 CJ CHEILJEDANG CORP 192 566,961 0.05 CJ ENM CO LTD 740 784,299 0.06 Spain COWAY CO LTD 875 422,750 0.03 AMADEUS IT HOLDING SA A SHARES 1,634 808,723 0.06 DGB FINANCIAL GROUP INC 9,579 422,963 0.03 BANCO BILBAO VIZCAYA DOOSAN HEAVY INDUSTRIES & ARGENTARIA SA 16,400 581,966 0.05 CONSTRUCTION CO LTD 4,137 336,950 0.03 BANCO SANTANDER SA 34,631 787,844 0.06 HANA FINANCIAL GROUP INC 1,531 346,498 0.03 ENDESA SA 3,025 601,265 0.05 HANWHA SOLUTIONS CORP 1,414 488,114 0.04 IBERDROLA SA 10,074 1,061,441 0.09 HYUNDAI DEPARTMENT STORE CO INDUSTRIA DE DISENO TEXTIL SA 4,205 970,091 0.08 LTD 559 303,013 0.02 MAPFRE SA 15,214 216,984 0.02 HYUNDAI GLOVIS CO LTD 437 575,543 0.05 RED ELECTRICA CORP 607 89,544 0.01 HYUNDAI MOBIS CO LTD 131 288,309 0.02 REPSOL SA 3,011 230,373 0.02 HYUNDAI MOTOR CO LTD 889 1,411,172 0.12 SIEMENS GAMESA RENEWABLE HYUNDAI STEEL CO 822 221,078 0.02 ENERGY SA 2,622 837,071 0.07 INDUSTRIAL BANK OF KOREA 6,196 336,291 0.03 TELEFONICA SA 10,794 361,375 0.03

KAKAO CORP 413 1,262,499 0.10 KANGWON LAND INC 1,496 244,211 0.02 6,546,677 0.54 KB FINANCIAL GROUP INC 864 241,358 0.02

15 Portfolio Statement

HSBC Managed Balanced Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Financial assets LONZA GROUP AG 134 665,736 0.05 NESTLE SA 5,760 5,022,486 0.42 Equities NOVARTIS LTD 3,672 2,577,407 0.21 Listed investments ROCHE HOLDING AG 1,381 3,697,148 0.31 SGS SA 41 968,089 0.08 Sweden SIKA AG 86 181,699 0.01 AB SKF 1,214 259,212 0.02 SONOVA HOLDING AG 377 707,799 0.06 ASSA ABLOY AB 5,260 1,013,934 0.08 STRAUMANN HOLDING AG 95 819,419 0.07 ATLAS COPCO AB 2,648 1,122,418 0.09 SWATCH GROUP AG 78 174,723 0.01 ATLAS COPCO AB 897 327,950 0.03 SWISS LIFE HOLDING AG 68 241,168 0.02 BOLIDEN AB 2,170 555,439 0.05 SWISSCOM AG 157 664,235 0.05 EPIROC AB 1,376 205,623 0.02 UBS GROUP AG 9,207 1,033,209 0.09 ESSITY AB 3,467 862,574 0.07 ZURICH INSURANCE GROUP AG 262 813,426 0.07

HEXAGON AB 684 466,027 0.04 HUSQVARNA AB 1,371 132,267 0.01 24,735,358 2.05 INDUSTRIVARDEN AB 1,314 325,939 0.03 INDUSTRIVARDEN AB A 1,232 323,143 0.03 INVESTOR AB 783 447,772 0.04 Taiwan NIBE INDUSTRIER AB 630 163,895 0.01 AU OPTRONICS CORP 86,000 351,246 0.03 SANDVIK AB 4,640 901,763 0.07 CAPITAL SECURITIES CORP 189,000 701,273 0.06 SINCH AB 90 103,204 0.01 CHINA DEVELOPMENT FINANCIAL TELE2 AB 1,915 205,871 0.02 HOLDING CORP 194,000 479,167 0.04 TELEFONAKTIEBOLAGET LM CHINA LIFE INSURANCE CO LTD 114,863 721,982 0.06 ERICSSON 6,833 671,931 0.05 CHINA MOTOR CORP 33,600 432,161 0.04 TELIASONERA AB 14,314 488,957 0.04 CHUNGHWA TELECOM CO LTD 8,000 239,240 0.02 VOLVO AB 1,439 276,984 0.02 CTBC FINANCIAL HOLDING CO LTD 158,743 835,158 0.07

EVA AIRWAYS CORP 47,342 164,517 0.01 FORMOSA PLASTICS CORP 6,000 144,541 0.01 8,854,903 0.73 FUBON FINANCIAL HOLDING CO LTD 36,000 454,058 0.04 HON HAI PRECISION INDUSTRY CO Switzerland LTD 40,000 1,234,967 0.10 ABB LTD 6,653 1,527,411 0.13 LARGAN PRECISION CO LTD 1,083 881,650 0.07 ADECCO SA 1,607 782,139 0.06 MEDIATEK INC 2,439 590,936 0.05 BALOISE HOLDING AG 518 674,081 0.06 MEGA FINANCIAL HOLDING CO LTD 57,000 444,297 0.04 BARRY CALLEBAUT AG 28 482,977 0.04 MOMO.COM INC 2,500 545,490 0.05 CIE FINANCIERE RICHEMONT 602 434,879 0.04 NANYA TECHNOLOGY CORP 29,000 641,602 0.05 CREDIT SUISSE GROUP AG 5,856 599,993 0.05 NIEN MADE ENTERPRISE CO LTD 1,000 102,452 0.01 GEBERIT AG 51 242,531 0.02 POWERTECH TECHNOLOGY INC 6,000 161,819 0.01 GEORG FISCHER AG 63 612,812 0.05 PRESIDENT CHAIN STORE CORP 2,000 147,864 0.01 GIVAUDAN SA 6 188,059 0.02 SHIN KONG FINANCIAL HOLDING CO HELVETIA HOLDING AG 491 382,169 0.03 LTD 231,000 514,907 0.04 JULIUS BAER GRUPPE AG 848 399,128 0.03 SINOPAC FINANCIAL HOLDINGS CO KUEHNE + NAGEL INTL AG 476 842,635 0.07 LTD 219,794 666,424 0.06

16 Portfolio Statement

HSBC Managed Balanced Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Financial assets TURKIYE SINAI KALKINMA BANKASI AS 1 2 0.00 Equities YAPI VE KREDI BANKASI AS 0 0 0.00

Listed investments

1,097,035 0.09 TAIWAN CEMENT CORP 23,595 262,317 0.02 TAIWAN SEMICONDUCTOR MANUFACTURING CO 77,458 12,675,770 1.05 United Kingdom TECO ELECTRIC & MACHINERY CO ANGLO AMERICAN PLC 2,946 757,219 0.06 LTD 79,000 586,250 0.05 ANTOFAGASTA PLC 1,155 175,861 0.01 U-MING MARINE TRANSPORT CORP 47,000 406,695 0.03 ASSOCIATED BRITISH FOODS PLC 3,584 807,867 0.07 UNIMICRON TECHNOLOGY CORP 6,000 143,710 0.01 ASTRAZENECA PLC 2,195 1,750,756 0.14 UNITED MICROELECTRONICS CORP 52,000 719,936 0.06 AVAST PLC 7,673 385,782 0.03 WALSIN TECHNOLOGY CORP 2,550 155,693 0.01 AVIVA PLC 22,741 811,642 0.07 WAN HAI LINES LTD 49,000 580,712 0.05 BAE SYSTEMS PLC 8,611 423,683 0.03 WIN SEMICONDUCTORS CORP 4,000 458,544 0.04 BARCLAYS PLC 15,688 223,064 0.02 YAGEO CORP 1,000 158,940 0.01 BARRATT DEVELOPMENTS PLC 4,224 287,303 0.02 YUANTA FINANCIAL HOLDINGS CO BELLWAY PLC 2,521 739,513 0.06 LTD 58,240 320,919 0.03 BERKELEY GROUP HOLDINGS PLC 1,506 671,717 0.06

BHP GROUP PLC 3,952 846,424 0.07 BP PLC 31,195 901,791 0.07 26,925,237 2.23 BRITISH AMERICAN TOBACCO PLC 2,720 769,650 0.06 BT GROUP PLC 63,959 855,347 0.07 Thailand BUNZL PLC 379 94,833 0.01 ADVANCED INFO SERVICE PCL 3,900 173,782 0.01 COMPASS GROUP PLC 5,644 787,545 0.07 BANGKOK BANK PCL (FOREIG REG) 17,151 504,308 0.04 CONVATEC GROUP PLC 34,448 734,310 0.06 BANGKOK DUSIT MEDICAL CRH PLC 715 230,066 0.02 SERVICES PCL 58,794 315,293 0.03 DIAGEO PLC 2,753 864,435 0.07 BANGKOK LIFE ASSURANCE PCL 52,188 321,779 0.03 EXPERIAN PLC 2,191 596,286 0.05 BUMRUNGRAD HOSPITAL PCL 21,000 682,769 0.06 FERGUSON PLC 934 845,511 0.07 CHAROEN POKPHAND FOODS PLC GLAXOSMITHKLINE PLC 8,861 1,280,306 0.11 (FOREIGN) 71,000 501,228 0.04 GLENCORE PLC 23,306 611,448 0.05 CP ALL PUBLIC CO LTD 42,300 627,374 0.05 HALMA PLC 3,267 858,858 0.07 KASIKORNBANK PCL (FOREIGN REG) 14,333 469,719 0.04 HARGREAVES LANSDOWN PLC 934 169,908 0.01

INTERTEK GROUP PLC 532 312,568 0.03 JUST EAT TAKEAWAY.COM NV 784 698,870 0.06 3,596,252 0.30 KINGFISHER PLC 3,600 106,446 0.01 LLOYDS BANKING GROUP PLC 169,340 595,011 0.05 Turkey LONDON STOCK EXCHANGE GROUP EREGLI DEMIR VE CELIK PLC 795 735,255 0.06 FABRIKALARI TAS 15,613 238,025 0.02 M&G PLC 23,506 440,246 0.04 ISKENDERUN DEMIR VE CELIK AS 10,378 124,588 0.01 MEGGITT PLC 2,994 126,495 0.01 TOFAS TURK OTOMOBIL FABRIKA AS 9,234 355,126 0.03 MELROSE INDUSTRIES PLC 23,719 425,547 0.04 TURKIYE GARANTI BANKASI AS 38,348 379,294 0.03

17 Portfolio Statement

HSBC Managed Balanced Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Financial assets AGILENT TECHNOLOGIES INC 923 860,033 0.07 AKAMAI TECHNOLOGIES INC 782 673,232 0.06 Equities ALEXION PHARMACEUTICALS INC 343 407,792 0.03 Listed investments ALLSTATE CORP 742 616,645 0.05 ALPHABET INC 177 2,519,427 0.21 MORRISON (WM) SUPERMARKETS ALPHABET INC 174 2,465,419 0.20 PLC 9,923 189,600 0.02 ALTRIA GROUP INC 322 102,566 0.01 NATIONAL GRID PLC 6,802 615,612 0.05 AMAZON.COM INC 256 6,364,261 0.53 OCADO GROUP PLC 1,316 389,120 0.03 AMDOCS LIMITED 751 411,230 0.03 PERSIMMON PLC 2,847 773,302 0.06 AMEREN CORP 1,066 601,075 0.05 POLYMETAL INTERNATIONAL PLC 935 157,396 0.01 AMERICAN ELECTRIC POWER PRUDENTIAL PLC 3,010 375,777 0.03 COMPANY INC 465 291,724 0.02 RECKITT BENCKISER GROUP PLC 709 467,896 0.04 AMERICAN EXPRESS CO 583 525,553 0.04 RELX PLC 6,481 1,250,752 0.10 AMERICAN INTL GROUP INC COM RIO TINTO PLC 2,702 1,607,943 0.13 NEW 1,092 317,012 0.03 ROYAL DUTCH SHELL PLC A SHARES 12,371 1,762,431 0.15 AMERIPRISE FINANCIAL INC 331 507,838 0.04 ROYAL DUTCH SHELL PLC B SHARES 6,816 923,286 0.08 AMERISOURCEBERGEN CORP 621 501,738 0.04 SAGE GROUP PLC 8,823 554,080 0.05 AMGEN INC 486 909,798 0.08 SENSATA TECHNOLOGIES HOLDING AMPHENOL CORP 298 288,554 0.02 PLC 716 302,571 0.03 ANALOG DEVICES INC 363 414,682 0.03 SMITH & NEPHEW PLC 4,567 749,593 0.06 ANSYS INC 293 805,085 0.07 SSE PLC 629 99,388 0.01 APPLE INC 9,604 9,826,794 0.81 ST. JAMES’S PLACE PLC 1,781 222,535 0.02 APPLIED MATERIALS INC 853 639,445 0.05 STANDARD CHARTERED PLC 15,009 709,555 0.06 AT&T INC 3,320 737,016 0.06 TATE & LYLE PLC 4,177 306,344 0.03 AUTOZONE INC 13 112,732 0.01 TAYLOR WIMPEY PLC 44,920 700,455 0.06 AVANGRID INC 818 293,474 0.02 TESCO PLC 25,768 656,835 0.05 BANK OF AMERICA CORP 2,987 686,716 0.06 UNILEVER PLC 1,862 840,181 0.07 BAXTER INTL INC 321 191,229 0.02 UNILEVER PLC 1,934 873,119 0.07 BECTON DICKINSON & CO 257 521,679 0.04 UNITED UTILITIES GROUP PLC 1,752 172,032 0.01 BERKSHIRE HATHAWAY INC CLASS B 1,370 2,420,612 0.20 VODAFONE GROUP PLC 106,434 1,414,768 0.12 BEST BUY CO INC 168 141,754 0.01 WHITBREAD PLC 587 174,191 0.01 BIO RAD LABS INC CL A 111 493,831 0.04

BLACKROCK INC 19 103,312 0.01 BOEING CO 79 118,952 0.01 37,210,325 3.08 BOOKING HOLDINGS INC 65 979,943 0.08 BRISTOL MYERS SQUIBB CO 1,305 621,596 0.05 United States of America BROADCOM INC 111 387,735 0.03 ABBOTT LABORATORIES 1,127 1,080,002 0.09 BROADRIDGE FINANCIAL ABBVIE INC 1,120 889,968 0.07 SOLUTIONS INC 323 353,910 0.03 ACCENTURE PLC CLASS A 710 1,331,826 0.11 BURLINGTON STORES INC 195 376,337 0.03 ACTIVISION BLIZZARD INC 942 664,676 0.06 C H ROBINSON WORLDWIDE INC 879 583,146 0.05 ADOBE SYSTEMS INC 430 1,529,610 0.13 CAPITAL ONE FINANCIAL CORP 540 436,545 0.04 ADVANCED MICRO DEVICES INC 156 103,590 0.01 CARDINAL HEALTH INC 1,165 485,356 0.04 AFLAC INC 567 198,631 0.02 CARRIER GLOBAL CORP-WI 2,924 872,882 0.07

18 Portfolio Statement

HSBC Managed Balanced Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Financial assets EXELON CORP 2,524 813,359 0.07 EXPEDIA GROUP INC 543 522,503 0.04 Equities EXPEDITORS INTERNATIONAL OF Listed investments WASHINGTON INC 1,034 717,725 0.06 EXXON MOBIL CORP 649 225,646 0.02 CATERPILLAR INC 456 646,478 0.05 F5 NETWORKS INC 476 723,219 0.06 CENTERPOINT ENERGY INC 580 94,847 0.01 FACEBOOK INC CLASS A 1,375 2,754,197 0.23 CERNER CORP 1,318 818,690 0.07 FASTENAL CO 935 330,521 0.03 CHARLES SCHWAB CORP 2,415 965,115 0.08 FEDEX CORP 371 676,997 0.06 CHEVRON CORP 927 612,402 0.05 FIDELITY NATIONAL FINANCIAL INC 1,779 500,726 0.04 CHIPOTLE MEXICAN GRILL INC COM 23 263,941 0.02 FIDELITY NATIONAL INFORMATION CHUBB LTD 486 548,939 0.05 SERVICES INC 627 600,221 0.05 CISCO SYSTEMS INC 1,882 650,545 0.05 FISERV INC 444 353,532 0.03 CITIGROUP INC 1,548 696,052 0.06 FORD MOTOR CO 11,516 940,259 0.08 CITRIX SYSTEMS INC 247 255,315 0.02 FORTIVE CORP 192 98,376 0.01 COCA COLA CO 781 291,585 0.02 FORTUNE BRANDS HOME & COGNIZANT TECHNOLOGY SECURITY INC 228 152,479 0.01 SOLUTIONS CORP 932 563,313 0.05 FREEPORT-MCMORAN INC 936 195,302 0.02 COLGATE PALMOLIVE CO 1,084 655,604 0.05 GENERAL DYNAMICS CORP 113 128,519 0.01 COMCAST CORP CLASS A 1,159 445,471 0.04 GENERAL ELECTRIC CO 10,857 899,080 0.07 CONOCOPHILLIPS 354 109,877 0.01 GENERAL MOTORS CO 1,933 759,602 0.06 CONSOLIDATED EDISON INC 279 153,120 0.01 GILEAD SCIENCES INC 441 224,316 0.02 CORNING INC 603 167,713 0.01 GLOBAL PAYMENTS INC 440 602,232 0.05 COSTCO WHOLESALE CORP 408 1,114,937 0.09 GOLDMAN SACHS GROUP INC 300 630,783 0.05 CUMMINS INC 143 259,925 0.02 HONEYWELL INTERNATIONAL INC 126 190,874 0.02 CVS HEALTH CORP 1,918 1,065,570 0.09 HORMEL FOODS CORP 328 119,177 0.01 DANAHER CORP 704 1,298,300 0.11 HUNTINGTON INGALLS INDUSTRIES DEERE & CO 145 324,700 0.03 INC 306 373,293 0.03 DELL TECHNOLOGIES INC 933 527,311 0.04 IAC/INTERACTIVECORP 523 851,403 0.07 DISCOVER FINANCIAL SERVICES 492 318,696 0.03 ILLUMINA INC 293 968,820 0.08 DOMINO'S PIZZA INC 35 100,619 0.01 INGREDION INC 952 557,094 0.05 DOW INC 1,501 604,040 0.05 INTEL CORP 2,576 1,108,752 0.09 DR.REDDY'S LABORATORIES LTD 467 221,898 0.02 INTERNATIONAL BUSINESS DUKE ENERGY CORP 706 514,576 0.04 MACHINES CORP 629 580,920 0.05 EATON CORPORATION PLC 942 859,696 0.07 INTERNATIONAL PAPER CO 395 154,088 0.01 EBAY INC 1,893 829,456 0.07 INTUIT INC 161 450,949 0.04 ECOLAB INC 442 700,897 0.06 INTUITIVE SURGICAL INC 160 927,534 0.08 EDISON INTL 1,105 498,315 0.04 JOHNSON & JOHNSON 1,544 1,952,983 0.16 EDWARDS LIFESCIENCES CORP 1,013 648,637 0.05 JPMORGAN CHASE & CO 1,200 1,197,225 0.10 ELECTRONIC ARTS INC 674 748,377 0.06 JUNIPER NETWORKS INC 2,037 385,704 0.03 ELI LILLY AND CO 335 540,210 0.04 KELLOGG CO 627 286,546 0.02 EMERSON ELEC CO 562 345,781 0.03 KEYCORP NEW 1,729 226,032 0.02 ENTERGY CORP 798 589,861 0.05 KEYSIGHT TECHNOLOGIES IN-W/I 188 206,399 0.02 ETSY INC 87 134,303 0.01 KIMBERLY-CLARK CORP 365 373,863 0.03

19 Portfolio Statement

HSBC Managed Balanced Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Financial assets PROCTER & GAMBLE CO 1,043 1,036,868 0.09 PUBLIC SERVICE ENTERPRISE Equities GROUP INC 367 160,581 0.01 Listed investments PULTEGROUP INC 1,300 438,480 0.04 QORVO INC 496 657,189 0.05 KLA-TENCOR CORP 304 660,173 0.05 QUALCOMM INC 359 435,026 0.04 LAM RESEARCH CORP 135 506,584 0.04 REGENERON PHARMACEUTICALS 25 97,667 0.01 LINDE PLC 537 1,021,801 0.08 ROCKWELL AUTOMATION INC 300 578,119 0.05 LOEWS CORP 663 232,827 0.02 ROSS STORES INC 313 270,096 0.02 LOWE'S COMPANIES INC 531 686,971 0.06 SALESFORCE.COM INC 454 794,027 0.07 LYONDELLBASELL INDUSTRIES NV 681 452,845 0.04 SKYWORKS SOLUTIONS INC 653 856,957 0.07 M & T BK CORP 753 773,446 0.06 SNAP-ON INC 517 721,533 0.06 MASCO CORP 1,534 645,985 0.05 SOUTHERN CO 1,555 710,412 0.06 MASTERCARD INC CLASS A 740 1,814,824 0.15 STARBUCKS CORP 208 156,135 0.01 MATCH GROUP INC 309 335,096 0.03 STATE STREET CORP 1,330 721,883 0.06 MCDONALD'S CORP 122 196,610 0.02 STEEL DYNAMICS INC 2,475 657,668 0.05 MEDTRONIC PLC 1,430 1,234,428 0.10 STERIS PLC 452 655,772 0.05 MERCK & CO INC 2,324 1,388,797 0.12 STRYKER CORP 486 832,848 0.07 METTLER-TOLEDO INTERNATIONAL SYNCHRONY FINANCIAL 2,200 574,017 0.05 INC 87 787,983 0.07 TE CONNECTIVITY LTD 296 276,335 0.02 MICRON TECHNOLOGY INC 1,807 1,096,657 0.09 TELEFLEX INC 62 181,541 0.02 MICROSOFT CORP 4,437 7,980,313 0.66 TESLA INC 524 3,224,126 0.27 MOHAWK INDUSTRIES INC 465 517,756 0.04 TEXAS INSTRUMENTS INC 704 904,454 0.07 MOLSON COORS BREWING CO 608 236,471 0.02 THE HOME DEPOT INC 421 884,057 0.07 MONDELEZ INTERNATIONAL INC 219 94,142 0.01 THE TRAVELERS COS INC 242 255,758 0.02 MORGAN STANLEY 399 207,438 0.02 THE WALT DISNEY CO 1,574 2,052,441 0.17 NETFLIX INC 251 1,036,146 0.09 THERMO FISHER SCIENTIFIC INC 191 754,858 0.06 NEWELL BRANDS INC 735 136,892 0.01 TJX COS INC 1,650 819,318 0.07 NEWMONT GOLDCORP CORP 331 152,965 0.01 TWITTER INC 1,503 588,878 0.05 NEXTERA ENERGY INC 2,373 1,487,999 0.12 TYLER TECHNOLOGIES INC 75 245,869 0.02 NIKE INC CL B 406 420,550 0.03 TYSON FOODS INC 652 325,120 0.03 NORTONLIFELOCK INC 4,326 706,754 0.06 UBER TECHNOLOGIES INC 1,826 721,094 0.06 NUCOR CORP 1,384 522,938 0.04 UNION PAC CORP 66 101,056 0.01 NVIDIA CORP 238 958,860 0.08 UNITED PARCEL SERVICE INC CLASS NXP SEMICONDUCTORS NV 292 363,324 0.03 B 581 698,273 0.06 ORACLE CORP 1,824 854,663 0.07 UNITED RENTALS INC 114 214,806 0.02 O'REILLY AUTOMOTIVE INC 74 244,128 0.02 UNITEDHEALTH GROUP INC 504 1,303,611 0.11 PACCAR INC 931 658,502 0.05 VARIAN MEDICAL SYSTEMS INC 203 276,353 0.02 PAYCHEX INC 932 631,026 0.05 VEDANTA LTD 417 28,163 0.00 PAYPAL HOLDINGS INC 449 815,745 0.07 VEEVA SYSTEMS INC A SHRS 101 216,491 0.02 PEPSICO INC 322 340,980 0.03 VERIZON COMMUNICATIONS INC 2,215 940,319 0.08 PFIZER INC 2,163 602,100 0.05 VERTEX PHARMACEUTICALS INC PHILIP MORRIS INTERNATIONAL INC 646 398,966 0.03 COM USD0.01 226 401,433 0.03 PINNACLE WEST CAPITAL CORP 942 549,636 0.05 VIATRIS INC 3,291 433,549 0.04

20 Portfolio Statement

HSBC Managed Balanced Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Financial assets AUSTRALIA, COMMONWEALTH OF (GOVERNMENT) 3.25% 21 APRIL Equities 2025 63,000 421,840 0.03 Listed investments AUSTRALIA, COMMONWEALTH OF (GOVERNMENT) 3.25% 21 JUNE VISA INC CLASS A 1,332 1,995,911 0.17 2039 15,000 109,972 0.01

WAL-MART STORES INC 442 481,488 0.04 WATERS CORP 393 806,519 0.07 649,767 0.05 WAYFAIR INC 393 829,831 0.07 WESTERN UNION CO 4,123 711,952 0.06 WHIRLPOOL CORP 195 279,856 0.02 Belgium XCEL ENERGY INC 500 248,084 0.02 BELGIUM, KINGDOM OF XILINX INC 170 172,111 0.01 (GOVERNMENT) 2.6% 22 JUNE YUM CHINA HOLDINGS INC 1,131 497,324 0.04 2024 5,623 58,950 0.01 ZILLOW GROUP INC 126 135,527 0.01 BELGIUM, KINGDOM OF ZILLOW GROUP INC 151 152,747 0.01 (GOVERNMENT) 0.9% 22 JUNE ZIONS BANCORPORATION 1,752 599,631 0.05 2029 70,000 733,245 0.06

ZOETIS INC 193 230,834 0.02 ZOOM VIDEO COMMUNICATIONS-A 68 196,178 0.02 792,195 0.07

156,007,820 12.91 Canada CANADA (GOVERNMENT) 2.25% 1 Listed equities (Total) 829,644,168 68.64 JUNE 2029 70,000 477,486 0.04

Unlisted investments Denmark DENMARK (KINGDOM OF) 1.5% 15 British Virgin Islands NOVEMBER 2023 106,197 142,572 0.01

CHINA COMMON RICH RENEWABLE ENERGY INVESTMENTS LTD 536,642 – – France FRANCE (GOVERNMENT OF) OAT Equities (Total) 829,644,168 68.64 4.25% 25 OCTOBER 2023 30,320 324,686 0.03

FRANCE, REPUBLIC OF (GOVERNMENT) 0% 25 FEBRUARY Debt securities 2023 20,000 191,135 0.02 FRANCE, REPUBLIC OF Bonds (GOVERNMENT) 0% 25 MAY 2021 130,000 1,226,934 0.10 Listed investments FRANCE, REPUBLIC OF (GOVERNMENT) 0.5% 25 MAY 2025 39,619 391,956 0.03 Australia FRANCE, REPUBLIC OF AUSTRALIA, COMMONWEALTH OF (GOVERNMENT) 1.5% 25 MAY 2050 20,000 245,549 0.02 (GOVERNMENT) 1% 21 DECEMBER FRANCE, REPUBLIC OF 2030 20,000 117,955 0.01 (GOVERNMENT) 2.5% 25 MAY 2030 15,000 179,334 0.01

21 Portfolio Statement

HSBC Managed Balanced Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Debt securities Japan JAPAN (GOVERNMENT OF) 0.3% 20 Bonds DECEMBER 2025 12,100,000 914,396 0.07 Listed investments JAPAN (GOVERNMENT) 0.1% 1 SEPTEMBER 2021 5,000,000 370,773 0.03 FRANCE, REPUBLIC OF JAPAN (GOVERNMENT) 0.1% 20 (GOVERNMENT) 3.25% 25 MAY MARCH 2029 18,000,000 1,347,995 0.11 2045 18,156 290,781 0.02 JAPAN (GOVERNMENT) 0.1% 20 FRANCE, REPUBLIC OF MARCH 2049 3,000,000 214,410 0.02 (GOVERNMENT) 4% 25 OCTOBER JAPAN (GOVERNMENT) 0.4% 20 2038 5,000 80,027 0.01 MARCH 2056 3,500,000 236,422 0.02

JAPAN (GOVERNMENT) 1.7% 20 SEPTEMBER 2044 6,000,000 557,895 0.05 2,930,402 0.24 JAPAN GOVERNMENT 10 YEAR BOND #328 0.6% 20 MARCH 2023 7,600,000 571,551 0.05 Germany JAPAN GOVERNMENT 20 YEAR GERMANY, FEDERAL REPUBLIC OF BOND #150 1.4% 20 SEPTEMBER (GOVERNMENT) 0% 10 JUNE 2022 20,000 190,229 0.02 2034 5,600,000 480,725 0.04 GERMANY, FEDERAL REPUBLIC OF JAPAN GOVERNMENT 20 YEAR (GOVERNMENT) 0% 15 AUGUST BOND #97 2.2% 20 SEPTEMBER 2030 15,000 148,928 0.01 2027 3,650,000 311,545 0.03 GERMANY, FEDERAL REPUBLIC OF JAPAN GOVERNMENT 30 YEAR (GOVERNMENT) 3.25% 15 AUGUST BOND #29 2.4% 20 SEPTEMBER 2050 10,000 96,422 0.01 2038 5,500,000 546,928 0.04

GERMANY, FEDERAL REPUBLIC OF (GOVERNMENT) 3.25% 4 JULY 5,552,640 0.46 2021 40,000 382,982 0.03

Mexico 818,561 0.07 MEXICO (UNITED MEXICAN STATES) (GOVERNMENT) 7.25% 9 Italy DECEMBER 2021 2,200 87,405 0.01 ITALY (REPUBLIC OF) 4% 1 MEXICO (UNITED MEXICAN STATES) FEBRUARY 2037 30,000 404,017 0.03 (GOVERNMENT) 8.5% 31 MAY 2029 2,300 108,698 0.01

ITALY (REPUBLIC OF) 5.5% 1 NOVEMBER 2022 26,000 269,833 0.02 196,103 0.02 ITALY REPUBLIC OF (GOVERNMENT) 1.65% 1 DECEMBER 2030 160,000 1,656,605 0.14 ITALY REPUBLIC OF (GOVERNMENT) Netherlands 2% 1 DECEMBER 2025 66,000 681,105 0.06 NETHERLANDS (GOVERNMENT OF) ITALY, REPUBLIC OF (GOVERNMENT) 3.75% 15 JANUARY 2042 10,000 172,991 0.01

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

3,242,017 0.27

22 Portfolio Statement

HSBC Managed Balanced Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Debt securities United Kingdom UK OF GREAT BRITAIN AND Bonds NORTHERN IRELAND Listed investments (GOVERNMENT) 3.25% 22 JANUARY 2044 20,000 318,882 0.03 Norway UK TREASURY 4.25% 7 MARCH 2036 9,000 145,730 0.01 NORWAY, KINGDOM OF UNITED KINGDOM OF GREAT (GOVERNMENT) 2% 24 MAY 2023 100,000 94,045 0.01 BRITAIN AND NORTHERN IRELAND NORWAY, KINGDOM OF (GOVERNMENT) 0.125% 31 (GOVERNMENT) 3.75% 25 MAY JANUARY 2023 42,000 448,804 0.04 2021 150,000 137,519 0.01 UNITED KINGDOM OF GREAT

BRITAIN AND NORTHERN IRELAND (GOVERNMENT) 0.5% 22 JULY 231,564 0.02 2022 25,000 268,543 0.02 UNITED KINGDOM OF GREAT Poland BRITAIN AND NORTHERN IRELAND POLAND, REPUBLIC OF (GOVERNMENT) 0.625% 22 (GOVERNMENT) 2.75% 25 OCTOBER 2050 15,000 148,440 0.01 OCTOBER 2029 50,000 119,399 0.01 UNITED KINGDOM OF GREAT

BRITAIN AND NORTHERN IRELAND (GOVERNMENT) 1.625% 22 Singapore OCTOBER 2071 17,000 250,524 0.02 SINGAPORE, REPUBLIC OF (GOVERNMENT) 3% 1 SEPTEMBER 2024 15,000 95,779 0.01 1,580,923 0.13

Spain United States of America BONOS Y OBLIG DEL ESTADO 5.15% UNITED STATES OF AMERICA 31 OCTOBER 2044 22,000 403,741 0.03 (GOVERNMENT) 0.125% 15 SPAIN (GOVERNMENT OF) 4.4% 31 OCTOBER 2023 150,000 1,162,260 0.10 OCTOBER 2023 30,000 321,358 0.03 UNITED STATES OF AMERICA SPAIN (GOVERNMENT OF) 5.75% 30 (GOVERNMENT) 0.125% 30 JULY 2032 20,000 307,106 0.02 SEPTEMBER 2022 220,000 1,706,380 0.14 SPAIN, KINGDOM OF (GOVERNMENT) UNITED STATES OF AMERICA 0.6% 31 OCTOBER 2029 35,000 347,325 0.03 (GOVERNMENT) 1.25% 15 MAY SPAIN, KINGDOM OF (GOVERNMENT) 2050 105,000 706,152 0.06 1.3% 31 OCTOBER 2026 35,000 360,942 0.03 UNITED STATES OF AMERICA

(GOVERNMENT) 1.25% 31 OCTOBER 2021 245,000 1,916,093 0.16 1,740,472 0.14 UNITED STATES OF AMERICA (GOVERNMENT) 1.375% 15 Sweden NOVEMBER 2040 5,000 37,012 0.00 SWEDEN, KINGDOM OF UNITED STATES OF AMERICA (GOVERNMENT) 0.75% 12 (GOVERNMENT) 1.5% 15 AUGUST NOVEMBER 2029 90,000 89,372 0.01 2026 115,000 939,726 0.08

23 Portfolio Statement

HSBC Managed Balanced Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Debt securities United States of America AGNC INVESTMENT CORP* 3,222 389,733 0.03 Bonds AMERICAN TOWER CORP* 456 803,889 0.07 Listed investments DUKE REALTY CORP* 2,501 767,162 0.06 IRON MOUNTAIN INC* 1,794 468,363 0.04 UNITED STATES OF AMERICA KIMCO REALTY CORP* 785 100,493 0.01 (GOVERNMENT) 2% 15 FEBRUARY PUBLIC STORAGE* 369 651,260 0.05 SIMON PROPERTY GROUP INC* 93 67,013 0.00 2050 25,000 202,009 0.02 VANGUARD GROUP INC-VANGUARD UNITED STATES TREASURY 2.25% 15 LONG-TERM TREASURY ETF* 72,800 52,208,781 4.32 AUGUST 2027 206,000 1,759,019 0.14 WEYERHAEUSER CO* 1,851 447,651 0.04 US TREASURY NOTES 3% 15 NOVEMBER 2044 71,000 687,638 0.05 US TREASURY NOTES 4.375% 15 55,904,345 4.62

FEBRUARY 2038 11,000 123,427 0.01

70,895,373 5.86

9,239,716 0.76

Unlisted but quoted investments 28,071,959 2.32

Hong Kong HSBC POOLED INVESTMENT FUND - Unlisted but quoted investments HSBC POOLED ASIAN BOND FUND CLASS W 12,863,231 183,910,764 15.21 Malaysia HSBC POOLED INVESTMENT FUND - MALAYSIA (GOVERNMENT) 3.885% HSBC POOLED ASIAN LOCAL 15 AUGUST 2029 70,000 146,385 0.01 CURRENCY BOND FUND CLASS W 2,879,669 31,422,370 2.60

Debt securities (Total) 28,218,344 2.33 215,333,134 17.81

Unit Trusts Ireland Listed investments HSBC US DOLLAR LIQUIDITY FUND Y* 3,141,406 24,357,988 2.02 Hong Kong LINK REIT 38,993 2,639,826 0.22 24,357,988 2.02

United Kingdom 239,691,122 19.83 HSBC EUROPEAN INDEX INSTL ACC 78,237 9,263,402 0.77 HSBC FTSE 100 INDEX INSTL ACC 129,176 3,087,800 0.25

Unit trusts (Total) 310,586,495 25.69

12,351,202 1.02

24 Portfolio Statement

HSBC Managed Balanced Fund as at 31 January 2021 % of net Market asset Holdings value value HKD

Rights

Hong Kong LEGENDHOLDING – PREF OFF 19 RTS(DEC2049) 654 – –

South Korea HANWHA SOLUTIONS CORPORATION RTS FEB2021 221 7,506 0.00

Rights (Total) 7,506 0.00

Total financial assets 1,168,456,513 96.66

Financial liabilities

Derivative liabilities

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

Futures contracts (220,383) (0.02)

Total financial liabilities (265,865) (0.02)

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

Other net assets 40,679,460 3.36

Total net assets 1,208,870,108 100.00

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

25 Statement of Movements in Portfolio Holdings

HSBC Managed Balanced Fund for the period from 1 August 2020 to 31 January 2021

% of % of net asset net asset value value 31 January 2021 31 July 2020

Financial assets

Equities

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

68.64 68.10

26 Statement of Movements in Portfolio Holdings

HSBC Managed Balanced Fund for the period from 1 August 2020 to 31 January 2021

% of % of net asset net asset value value 31 January 2021 31 July 2020

Unlisted investment British Virgin Islands – –

Bonds Listed investments 2.32 6.46 Unlisted investments 0.01 0.04

2.33 6.50

Unit Trusts Listed investments 5.86 3.14 Unlisted investments 19.83 21.84

25.69 24.98

Derivative assets

Foreign currency forward contracts – 0.00

– 0.00

Rights

Unlisted investments 0.00 0.00

Derivative liabilities

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

(0.02) (0.08)

Total investments 96.64 99.50 Other net assets 3.36 0.50

Total net assets 100.00 100.00

27 Details in Respect of Financial Derivative Instruments

HSBC Managed Balanced Fund as at 31 January 2021

Foreign currency forward contracts

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

Currency/Amount Currency/ Settlement date Counterparty Fair value bought Amount sold HKD

Financial liabilities:

HSBC MKTS TREASURY HKD184,476,799 USD23,800,000 8 April 2021 SERVICES (45,482)

(45,482)

Futures

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

Description Underlying Contract Notional Position Counter Fair value assets size market value party HKD

Financial liabilities:

HSBC HOLDINGS PLC HSBC HSBC BANK ORD 19/03/2021 HOLDINGS PLC 1,000 1,241,096 Long PLC (79,083) HSBC HLDGS PLC HSBC HSBC BANK 30/03/2021 HOLDINGS PLC 400 12,717,000 Long PLC (141,300)

(220,383)

Rights

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

Description Underlying Issuer Holdings Fair value % of Net assets HKD asset value

HANWHA HANWHA HANWHA SOLUTIONS SOLUTIONS SOLUTIONS CORPORATION RTS FEB2021 CORP CORP 221 7,506 0.00 LEGEND LEGEND LEGENDHOLDING - PREF OFF HOLDINGS HOLDINGS 19 RTS (DEC2049) CORP CORP 654 – –

0.00

28 Performance Record

HSBC Managed Balanced Fund

(a) Price record (Dealing net asset value per unit)

“A” class income units

Bid Offer Year Lowest Highest Lowest Highest HKD HKD HKD HKD

2011 21.89 25.86 23.09 27.28 2012 20.45 24.99 21.57 26.36 2013 22.02 25.87 23.23 27.29 2014 24.36 27.15 25.69 28.64 2015 25.24 28.12 26.63 29.67 2016 22.66 26.38 23.91 27.83 2017 25.22 29.28 26.61 30.89 2018 28.87 32.61 30.46 34.40 2019 27.31 30.44 27.31 31.90 2020 24.32 31.83 24.32 31.83 1 August 2020 to 31 January 2021 30.48 36.02 30.48 36.02

“L” class income units

Bid Offer Year Lowest Highest Lowest Highest HKD HKD HKD HKD

2011 24.36 28.83 24.36 28.83 2012 23.03 28.13 23.03 28.13 2013 25.06 29.49 25.06 29.49 2014 28.04 31.20 28.04 31.20 2015 30.61 30.99 30.61 30.99 2016 – – – – 2017 – – – – 2018 – – – – 2019 – – – – 2020 – – – – 1 August 2020 to 31 January 2021 – – – –

Provident class units

Bid Offer Year Lowest Highest Lowest Highest HKD HKD HKD HKD

2011 24.85 29.52 24.85 29.52 2012 23.64 28.84 23.64 28.84 2013 25.85 30.54 25.85 30.54 2014 29.10 32.66 29.10 32.66 2015 30.60 34.23 30.60 34.23 2016 27.76 32.19 27.76 32.19 2017 31.24 36.52 31.24 36.52 2018 36.27 41.12 36.27 41.12 2019 34.88 39.04 34.88 39.04 2020 31.47 41.14 31.47 41.14 1 August 2020 to 31 January 2021 39.67 46.99 39.67 46.99

29 Performance Record

Accumulation units

Bid Offer Year Lowest Highest Lowest Highest HKD HKD HKD HKD

2011 11.43 13.51 11.43 13.51 2012 10.78 13.17 10.78 13.17 2013 11.72 13.77 11.72 13.77 2014 13.08 14.58 13.08 14.58 2015 13.64 15.21 13.64 15.21 2016 12.27 14.28 12.27 14.28 2017 13.70 15.94 13.70 15.94 2018 15.82 17.88 15.82 17.88 2019 15.07 16.81 15.07 16.81 2020 13.48 17.64 13.48 17.64 1 August 2020 to 31 January 2021 16.94 20.02 16.94 20.02

(b) Total net asset value

31 January 2021 2020 2019 2018 HKD HKD HKD HKD

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

(c) Net asset value per unit

31 January 2021 2020 2019 2018 HKD HKD HKD HKD

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

30 Distribution Disclosure

HSBC Managed Balanced Fund

A Class

Date of Date of Distribution Total Ex-Distribution Payment Per Unit Distribution HKD HKD

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

31 Statement of Financial Position

HSBC Managed Growth Fund as at 31 January 2021

31 January 2021 31 July 2020 HKD HKD

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

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

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

24,104,674 18,898,984

NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 1,539,030,648 1,523,272,432

Representing: Financial liabilities 1,539,030,648 1,523,272,432

Units Units Total number of units in issue “A” class income units 7,757,859 9,038,942

Provident class units 39,781,907 46,634,245

HKD HKD

Net asset value per unit “A” class income units 26.53 22.49

Provident class units 33.51 28.31

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

32 Statement of Comprehensive Income

HSBC Managed Growth Fund for the period ended 31 January 2021

1 August 2020 to 1 August 2019 to 31 January 2021 31 January 2020 HKD HKD

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

Total revenue 270,176,083 57,688,125

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

Total operating expenses 9,167,235 10,160,232

Net profit from operations before taxation 261,008,848 47,527,893

Taxation 1,554,066 1,903,371

Increase in net assets attributable to unitholders and total comprehensive income for the period 259,454,782 45,624,522

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

1 August 2020 to 1 August 2019 to 31 January 2021 31 January 2020 HKD HKD

Transaction costs 581,016 754,221 Safe custody fees, bank charges and miscellaneous expenses 122,665 154,377

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

33 Statement of Changes in Net Assets Attributable to Unitholders

HSBC Managed Growth Fund for the period ended 31 January 2021

1 August 2020 to 1 August 2019 to 31 January 2021 31 January 2020 HKD HKD

Balance at the beginning of the period 1,523,272,432 1,765,067,704

Increase in net assets attributable to unitholders and total comprehensive income for the period 259,454,782 45,624,522

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

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

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

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

Balance at the end of the period 1,539,030,648 1,638,332,116

Units Units “A” class income units

Units at the beginning of the period 9,038,942 9,598,311 Units issued 334,921 756,424 Units redeemed (1,616,004) (1,947,687)

Units at the end of the period 7,757,859 8,407,048

Provident class units

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

Units at the end of the period 39,781,907 50,330,323

34 Cash Flow Statement

HSBC Managed Growth Fund for the period ended 31 January 2021

1 August 2020 to 1 August 2019 to 31 January 2021 31 January 2020 HKD HKD

Operating activities

Interest received 85 723,021 Dividends received 14,257,334 17,248,303 Management fees paid (6,533,631) (7,387,364) Trustee’s fees paid (539,799) (614,345) Margin deposits withdrawn from brokers 3,058,639 (724,546) Payments on purchase of investments (694,365,231) (346,692,916) Proceeds from sale of investments (including coupon interest received from investments) 927,574,543 508,903,399 Taxes paid (1,529,156) (1,912,467) Other operating expenses paid (2,025,216) (2,794,086)

Net cash generated from operating activities 239,897,568 166,748,999

Financing activities

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

Net cash used in financing activities (234,993,926) (161,582,603)

Net increase in cash and cash equivalents 4,903,642 5,166,396

Cash and cash equivalents at the beginning of the period 14,106,459 73,533,958

Cash and cash equivalents at the end of the period 19,010,101 78,700,354

35 Portfolio Statement

HSBC Managed Growth Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

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

AFTERPAY LTD 2,677 2,151,582 0.14 AGL ENERGY LTD 13,961 952,652 0.06 45,670,811 2.97 ALS LTD 7,920 469,758 0.03 ALTIUM LTD 500 91,438 0.00 AMPOL LTD 5,298 824,840 0.05 Austria ANSELL LTD 4,808 1,052,608 0.07 ANDRITZ AG 725 267,721 0.02 ANZ BANKING GROUP LTD 6,751 952,256 0.06 OMV AG 1,604 524,919 0.03 ARISTOCRAT LEISURE LTD 1,002 185,150 0.01 TELEKOM AUSTRIA AG 11,419 674,456 0.04 ASX LTD 2,266 967,783 0.06 VIENNA INSURANCE GROUP AG BEACH ENERGY LTD 43,760 428,250 0.03 WIENER VERSICHERUNG GRUPPE 4,995 992,832 0.07 BENDIGO AND ADELAIDE BANK LTD 11,480 628,325 0.04 VOESTALPINE AG 1,869 530,300 0.03

BHP BILLITON LTD 15,012 3,890,278 0.25 BLUESCOPE STEEL LTD 12,208 1,204,884 0.08 2,990,228 0.19 C.S.R. LTD 9,039 283,391 0.02 CARSALES.COM.AU LTD 6,101 712,122 0.05 COMMONWEALTH BANK OF Belgium AUSTRALIA 7,349 3,651,077 0.24 ANHEUSER BUSCH INBEV NV 796 389,769 0.03 COMPUTERSHARE LTD 3,911 334,348 0.02 ETABLISSEMENTEN FRANZ CROWN RESORTS LTD 13,373 763,756 0.05 COLRUYT NV 544 260,635 0.02 CSL LTD 2,359 3,813,325 0.25 GROUPE BRUXELLES LAMBERT SA 441 339,738 0.02 DOMAIN HOLDINGS AUSTRALIA LTD 10,680 317,049 0.02 KBC GROEP NV 672 365,387 0.02 EVOLUTION MINING LTD 15,943 448,627 0.03 PROXIMUS SA 3,752 614,286 0.04 FORTESCUE METALS GROUP LTD 15,397 1,995,941 0.13 SOLVAY SA 210 186,033 0.01 IDP EDUCATION LTD 2,754 376,503 0.02 UCB SA 823 663,018 0.04

ILUKA RESOURCES LTD 5,486 210,509 0.01 IOOF HOLDINGS LTD 35,093 651,372 0.04 2,818,866 0.18 JB HI-FI LTD 3,410 1,050,236 0.07 MACQUARIE GROUP LTD 537 419,782 0.03 MINERAL RESOURCES LTD 5,485 1,120,876 0.07 Canada NATIONAL AUSTRALIA BANK LTD 9,618 1,346,931 0.09 BARRICK GOLD CORPORATION 231 40,045 0.00 NEWCREST MINING LTD 5,967 891,723 0.06 BCE INC 2,622 863,229 0.06 OZ MINERALS LTD 11,104 1,232,005 0.08 BROOKFIELD ASSET MANAGEMENT REA GROUP LTD 1,450 1,265,299 0.08 INC 3,611 1,086,037 0.07 RIO TINTO LTD 2,516 1,651,124 0.11 CANADIAN NATURAL RESOURCES SEEK LTD 7,015 1,170,617 0.08 LTD 1,961 343,873 0.02 SOUTH32 LTD 86,409 1,305,711 0.08 CENOVUS ENERGY INC 13,868 635,527 0.04 STAR ENTERTAINMENT GROUP LTD 13,951 286,338 0.02 IMPERIAL OIL LTD 5,245 774,571 0.05 TELSTRA CORP LTD 47,957 890,145 0.06 MAGNA INTERNATIONAL INC 1,724 942,416 0.06

36 Portfolio Statement

HSBC Managed Growth Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Financial assets France ACCOR SA 3,679 964,497 0.06 Equities AIR LIQUIDE SA 913 1,161,081 0.08 Listed investments AIRBUS GROUP SE 1,168 915,428 0.06 AMUNDI SA 1,478 854,871 0.06 MANULIFE FINANCIAL CORP 8,381 1,175,626 0.08 ARKEMA SA 1,251 1,078,292 0.07 METRO INC 1,926 646,246 0.04 ATOS SE 1,297 775,595 0.05 AXA SA 6,555 1,130,008 0.07 POWER CORPORATION OF CANADA 2,796 505,230 0.03 BIOMERIEUX SA 197 236,611 0.02 ROYAL BANK OF CANADA 627 393,896 0.03 BNP PARIBAS SA 3,759 1,408,624 0.09 SHOPIFY INC 57 482,393 0.03 CAPGEMINI SE 840 945,595 0.06 SUNCOR ENERGY INC 3,835 497,909 0.03 CARREFOUR SA 1,477 194,651 0.01 TECK RESOURCES LTD 3,164 448,624 0.03 CNP ASSURANCES SA 1,463 172,547 0.01 TELUS CORP 1,336 214,003 0.01 COMPAGNIE DE SAINT-GOBAIN SA 4,311 1,668,270 0.11 TORONTO-DOMINION BANK 911 400,673 0.03 COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN SCA 1,726 1,851,921 0.12 CREDIT AGRICOLE SA 3,937 347,877 0.02 9,450,298 0.61 DANONE SA 3,298 1,707,479 0.11 DASSAULT SYSTEMES SE 991 1,538,002 0.10 Czech Republic ELECTRICITE DE FRANCE SA 3,836 371,475 0.02 MONETA MONEY BANK AS 37,850 1,001,532 0.07 ENGIE SA 5,203 628,347 0.04

ESSILORLUXOTTICA 469 516,912 0.03 HERMES INTERNATIONAL SCA 113 896,928 0.06 Denmark KERING SA 135 688,764 0.05 CARLSBERG A/S 596 679,531 0.04 LEGRAND SA 2,433 1,739,570 0.11 COLOPLAST A/S 1,200 1,394,325 0.09 L’OREAL SA 444 1,213,357 0.08 DEMANT A/S 958 267,910 0.02 LVMH MOET HENNESSY LOUIS DSV PANALPINA A/S 255 309,923 0.02 VUITTON SE 654 3,069,916 0.20 NOVO NORDISK A/S 6,478 3,490,298 0.23 NATIXIS SA 21,078 620,096 0.04 ORSTED A/S 167 246,838 0.02 ORANGE SA 14,779 1,350,995 0.09 VESTAS WIND SYSTEMS A/S 1,309 2,211,666 0.14 SAFRAN SA 373 365,778 0.02 SANOFI SA 3,124 2,270,413 0.15 SARTORIUS STEDIM BIOTECH SA 408 1,325,981 0.09 8,600,491 0.56 SCHNEIDER ELECTRIC SE 2,756 3,140,096 0.20 SEB SA 684 1,010,967 0.07 SODEXO SA 1,516 1,049,079 0.07 Finland STMICROELECTRONICS NV 3,041 953,075 0.06 ELISA OYJ 2,528 1,168,798 0.08 TELEPERFORMANCE SE 196 498,884 0.03 FORTUM OYJ 6,825 1,284,887 0.08 TOTAL SA 6,729 2,211,931 0.14 KONE OYJ 854 522,269 0.04 VEOLIA ENVIRONNEMENT SA 2,192 455,516 0.03 NELES OYJ 2,025 202,776 0.01 VINCI SA 593 427,787 0.03 NOKIA OYJ 25,331 945,897 0.06 VIVENDI SA 3,938 939,285 0.06 WORLDLINE SA 429 283,130 0.02

4,124,627 0.27

42,979,631 2.79

37 Portfolio Statement

HSBC Managed Growth Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Financial assets TEAMVIEWER AG 541 217,663 0.01 VOLKSWAGEN 45 73,972 0.00 Equities VOLKSWAGEN AG PREFERENCE Listed investments SHARES 111 163,579 0.01 VONOVIA SE 811 421,255 0.03 Germany ZALANDO SE 545 486,291 0.03

ADIDAS AG 321 792,254 0.05 ALLIANZ SE 1,554 2,742,455 0.18 41,260,423 2.68 AROUNDTOWN SA 16,093 869,569 0.06 BASF SE 2,383 1,432,870 0.09 BAYER AG 2,097 987,012 0.06 Greece BAYERISCHE MOTOREN WERKE AG 1,220 804,596 0.05 FOLLI FOLLIE COMMERCIAL BEIERSDORF AG 810 689,476 0.05 MANUFACTURING AND CARL ZEISS MEDITEC AG 770 935,704 0.06 TECHNICAL SA 3,455 – – COVESTRO AG 1,386 733,244 0.05 JUMBO SA 7,281 888,216 0.06

DAIMLER AG 1,549 842,823 0.05 DELIVERY HERO SE 1,311 1,549,902 0.10 888,216 0.06 DEUTSCHE BANK AG 13,270 1,046,170 0.07 DEUTSCHE BOERSE AG 759 949,506 0.06 DEUTSCHE POST AG 5,833 2,242,418 0.15 Hong Kong DEUTSCHE TELEKOM AG 3,949 546,843 0.04 3SBIO INC 35,000 253,050 0.02 DEUTSCHE WOHNEN AG 3,624 1,395,587 0.09 AAC TECHNOLOGIES HOLDINGS INC 21,000 885,150 0.06 DWS GROUP GMBH & CO KGAA 2,455 747,216 0.05 AGILE PROPERTY HOLDINGS LTD 80,306 777,362 0.05 FRAPORT FRANKFURT AIRPORT AGRICULTURAL BANK OF CHINA LTD SERVICES WORLDWIDE AG 650 274,192 0.02 H SHARES 1,144,736 3,205,261 0.21 FRESENIUS MEDICAL CARE AG & CO AIA GROUP LTD 279,951 26,245,406 1.70 KGAA 381 239,750 0.02 ALIBABA GROUP HOLDING LTD 154,209 38,058,781 2.47 FRESENIUS SE AND CO 3,134 1,085,552 0.07 ALIBABA HEALTH INFORMATION HANNOVER RUECK SE 784 945,331 0.06 TECHNOLOGY LTD 113,404 2,755,717 0.18 HELLOFRESH AG 987 648,979 0.04 ALIBABA PICTURES GROUP LTD 950,000 931,000 0.06 HENKEL AG & CO KGAA 630 458,158 0.03 ANHUI CONCH CEMENT CO LTD H HENKEL AG & CO KGAA 1,756 1,414,323 0.09 SHARES 38,834 1,784,422 0.12 INFINEON TECHNOLOGIES AG 5,684 1,773,650 0.12 ANHUI EXPRESSWAY CO LTD 62,000 303,180 0.02 KNORR BREMSE AG 490 503,961 0.03 ANTA SPORTS PRODUCTS LTD 22,241 2,853,520 0.19 LEG IMMOBILIEN AG 964 1,076,465 0.07 ASM PACIFIC TECHNOLOGY LTD 14,050 1,589,055 0.10 MERCK KGAA 386 500,702 0.03 BAIC MOTOR CORP LTD 83,000 227,420 0.01 MUENCHENER BANK OF CHINA LTD H SHARES 2,312,973 6,083,119 0.40 RUECKVERSICHERUNGS- BANK OF COMMUNICATIONS CO GESELLSCHAFT AG 266 551,267 0.04 LTD H SHARES 437,410 1,837,122 0.12 RWE AG 5,031 1,680,548 0.11 BEIJING CAPITAL INTERNATIONAL SAP SE 2,998 2,959,721 0.19 AIRPORT CO LTD H SHARES 72,000 430,560 0.03 SIEMENS AG 3,555 4,296,593 0.28 BEIJING ENTERPRISES HOLDINGS SIEMENS ENERGY AG 5,258 1,514,663 0.10 LTD 20,500 520,700 0.03 TALANX AG 2,296 666,163 0.04 BOC HONG KONG HOLDINGS LTD 82,581 1,915,879 0.12

38 Portfolio Statement

HSBC Managed Growth Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Financial assets CHINA PETROLEUM & CHEMICAL CORP H SHARES 616,838 2,288,469 0.15 Equities CHINA REINSURANCE GROUP CORP 188,000 152,280 0.01 Listed investments CHINA RESOURCES BEER HOLDINGS CO LTD 26,000 1,781,000 0.12 BRILLIANCE CHINA AUTOMOTIVE CHINA RESOURCES CEMENT HOLDINGS LTD 44,000 268,400 0.02 HOLDINGS LTD 150,000 1,285,500 0.08 BYD CO LTD 19,823 4,705,980 0.31 CHINA RESOURCES GAS GROUP LTD 22,000 853,600 0.06 BYD ELECTRONIC CO LTD 45,500 2,443,350 0.16 CHINA RESOURCES LAND LTD 85,942 2,655,608 0.17 CANSINO BIOLOGICS INC 2,400 605,760 0.04 CHINA SHENHUA ENERGY CO LTD H CHINA CINDA ASSET MANAGEMENT SHARES 18,097 260,235 0.02 CO LTD H SHARES 919,000 1,350,930 0.09 CHINA TOWER CORP LTD 712,000 797,440 0.05 CHINA CITIC BANK CORP LTD H CHINA TRADITIONAL CHINESE SHARES 478,139 1,644,798 0.11 MEDICINE HOLDINGS CO LTD 108,000 464,400 0.03 CHINA CONCH VENTURE HOLDINGS CHINA TRAVEL INTERNATIONAL LTD 22,000 812,900 0.05 INVESTMENT HONG KONG LTD 146,000 154,760 0.01 CHINA CONSTRUCTION BANK CORP CHINA VANKE CO LTD H SHARES 41,180 1,146,863 0.07 H SHARES 2,466,628 14,503,773 0.94 CHONGQING RURAL COMMERCIAL CHINA EAST EDUCATION HOLDINGS BANK CO LTD H SHARES 325,548 1,087,330 0.07 LTD 29,512 517,050 0.03 CHOW TAI FOOK JEWELLERY GROUP CHINA EVERBRIGHT LTD 78,000 779,220 0.05 LTD 54,200 506,770 0.03 CHINA EVERGRANDE GROUP 19,000 283,860 0.02 CITIC SECURITIES CO LTD 47,974 818,436 0.05 CHINA FEIHE LTD 51,000 1,183,200 0.08 CK ASSET HOLDINGS LTD 84,072 3,274,604 0.21 CHINA GAS HOLDINGS LTD 26,346 721,880 0.05 CK HUTCHISON HOLDINGS LTD 74,377 3,994,045 0.26 CHINA HONGQIAO GROUP LTD 198,500 1,359,725 0.09 CK INFRASTRUCTURE HOLDINGS CHINA JINMAO HOLDINGS GROUP LTD 22,000 909,700 0.06 LTD 56,000 170,800 0.01 CLP HOLDINGS LTD 50,122 3,643,869 0.24 CHINA LESSO GROUP HOLDINGS COSCO SHIPPING HOLDINGS CO 168,500 1,322,725 0.09 LTD 71,000 915,900 0.06 COSCO SHIPPING PORTS LTD 63,869 351,918 0.02 CHINA LIFE INSURANCE CO LTD H COUNTRY GARDEN HOLDINGS CO SHARES 196,980 3,242,291 0.21 LTD 207,591 1,945,128 0.13 CHINA MENGNIU DAIRY CO LTD 87,176 4,031,890 0.26 COUNTRY GARDEN SERVICES CHINA MERCHANTS BANK CO LTD H HOLDINGS CO LTD 23,000 1,457,050 0.09 SHARES 93,509 5,568,461 0.36 CSPC PHARMACEUTICAL GROUP CHINA MERCHANTS PORT LTD 193,846 1,535,260 0.10 HOLDINGS CO LTD 37,024 400,600 0.03 DALI FOODS GROUP CO LTD 227,500 1,062,425 0.07 CHINA MINSHENG BANKING CORP DONGFENG MOTOR GROUP CO LTD LTD 246,862 1,096,067 0.07 H SHARES 198,306 1,521,007 0.10 CHINA NATIONAL BUILDING ENN ENERGY HOLDINGS LTD 16,532 1,987,146 0.13 MATERIAL CO LTD 50,000 464,500 0.03 ESR CAYMAN LTD 7,480 207,196 0.01 CHINA OVERSEAS LAND & FAR EAST HORIZON LTD 98,000 784,000 0.05 INVESTMENT LTD 106,575 1,862,931 0.12 FIH MOBILE LTD 593,000 723,460 0.05 CHINA PACIFIC INSURANCE GROUP GALAXY ENTERTAINMENT GROUP CO LTD H SHARES 61,284 1,967,216 0.13 LTD 59,536 3,500,717 0.23

39 Portfolio Statement

HSBC Managed Growth Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Financial assets KINGBOARD CHEMICAL HOLDINGS LTD 52,500 1,666,875 0.11 Equities KINGBOARD LAMINATES HOLDINGS Listed investments LTD 103,500 1,297,890 0.08 KINGDEE INTERNATIONAL GEELY AUTOMOBILE HOLDINGS LTD 171,967 4,875,265 0.32 SOFTWARE GROUP CO LTD 62,000 1,940,600 0.13 GENSCRIPT BIOTECH CORP 38,000 376,200 0.02 KINGSOFT CORP LTD 13,000 780,000 0.05 GREAT WALL MOTOR CO LTD 119,500 2,903,850 0.19 KWG GROUP HOLDINGS LTD 40,500 417,960 0.03 GUANGDONG INVESTMENT LTD 20,000 272,400 0.02 LEGEND HOLDINGS CORP 78,500 967,120 0.06 GUOTAI JUNAN SECURITIES CO LTD 62,594 706,060 0.05 LENOVO GROUP LTD 93,271 851,564 0.06 HAIDILAO INTERNATIONAL HOLDING LI NING CO LTD 31,000 1,505,050 0.10 LTD 10,000 653,500 0.04 LOGAN PROPERTY HOLDINGS CO HAIER SMART HOME CO LTD 85,000 2,728,500 0.18 LTD 46,000 534,520 0.03 HANG LUNG PROPERTIES LTD 85,625 1,772,438 0.11 LONGFOR PROPERTIES CO LTD 51,618 2,263,449 0.15 HANG SENG BANK LTD 19,102 2,680,011 0.17 LUYE PHARMA GROUP LTD 71,500 278,135 0.02 HANSOH PHARMACEUTICAL GROUP MAANSHAN IRON & STEEL CO LTD 122,000 262,300 0.02 CO LTD 32,000 1,356,800 0.09 MEITUAN DIANPING 89,875 31,977,525 2.08 HEALTH AND HAPPINESS (H&H) MINTH GROUP LTD 4,000 142,200 0.01 INTERNATIONAL HOLDINGS LTD 6,500 246,025 0.02 MTR CORP LTD 9,506 429,196 0.03 HENDERSON LAND DEVELOPMENT NETEASE INC 41,400 7,377,480 0.48 CO LTD 30,445 965,107 0.06 NEW CHINA LIFE INSURANCE CO HENGTEN NETWORKS GROUP LTD 135,200 444,808 0.03 LTD 8,719 252,415 0.02 HONG KONG AND CHINA GAS CO NEW WORLD DEVELOPMENT CO LTD 160,292 1,785,653 0.12 LTD 65,267 2,352,875 0.15 HONG KONG EXCHANGES AND PETROCHINA CO LTD H SHARES 501,223 1,177,874 0.08 CLEARING LTD 32,289 16,060,549 1.04 PHARMARON BEIJING CO LTD 6,500 969,800 0.06 HOPSON DEVELOPMENT HOLDINGS PICC PROPERTY AND CASUALTY CO LTD 33,622 667,061 0.04 LTD 251,437 1,423,133 0.09 HUTCHISON TELECOMMUNICATIONS PING AN HEALTHCARE AND HONG KONG HOLDINGS LTD 632,000 777,360 0.05 TECHNOLOGY CO LTD 13,072 1,259,487 0.08 HYSAN DEVELOPMENT CO LTD 46,768 1,321,196 0.09 PING AN INSURANCE (GROUP) CO INDUSTRIAL AND COMMERCIAL OF CHINA LTD H SHARES 144,762 13,216,771 0.86 BANK OF CHINA LTD H SHARES 2,152,709 10,655,910 0.69 POLY PROPERTY GROUP CO LTD 180,000 403,200 0.03 INNOVENT BIOLOGICS INC 31,289 2,772,205 0.18 POSTAL SAVINGS BANK OF CHINA JARDINE STRATEGIC HOLDINGS LTD 1,000 201,523 0.01 CO LTD 454,000 2,515,160 0.16 JD COM INC 40,650 14,056,770 0.91 POWER ASSETS HOLDINGS LTD 8,167 337,297 0.02 JIANGSU EXPRESSWAY CO LTD H SAMSONITE INTERNATIONAL SA 19,394 217,213 0.01 SHARES 54,000 486,000 0.03 SANDS CHINA LTD 78,829 2,431,875 0.16 JIANGXI COPPER CO LTD 46,000 588,800 0.04 SHANDONG GOLD MINING CO LTD 14,000 229,040 0.01 JIAYUAN INTERNATIONAL GROUP SHANDONG WEIGAO GROUP LTD 264,716 796,795 0.05 MEDICAL POLYMER CO LTD 116,000 1,682,000 0.11 JOHNSON ELECTRIC HOLDINGS LTD 25,736 590,641 0.04 SHANGHAI FOSUN KERRY LOGISTICS NETWORK LTD 80,000 1,324,800 0.09 PHARMACEUTICAL GROUP CO LTD 16,500 577,500 0.04

40 Portfolio Statement

HSBC Managed Growth Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Financial assets WHARF REAL ESTATE INVESTMENT CO LTD 37,963 1,562,177 0.10 Equities WUXI APPTEC CO LTD 11,700 2,164,500 0.14 Listed investments WUXI BIOLOGICS CAYMAN INC 68,797 7,505,753 0.49 XIAOMI CORP 289,935 8,466,102 0.55 SHANGHAI PHARMACEUTICALS XINJIANG GOLDWIND SCIENCE & HOLDING CO LTD H SHARES 105,200 1,411,784 0.09 TECHNOLOGY CO LTD 87,000 1,407,660 0.09 SHANGRI-LA ASIA LTD 28,000 184,800 0.01 XINYI GLASS HOLDINGS LTD 82,000 1,541,600 0.10 SHENZHEN INTERNATIONAL XINYI SOLAR HOLDINGS LTD 104,534 1,777,078 0.12 HOLDINGS LTD 50,060 639,767 0.04 YIHAI INTERNATIONAL HOLDING LTD 14,439 1,843,860 0.12 SHENZHEN INVESTMENT LTD 373,203 959,132 0.06 YUE YUEN INDUSTRIAL (HOLDINGS) SHENZHOU INTERNATIONAL GROUP LTD 21,500 363,780 0.02 HOLDINGS LTD 25,200 3,832,920 0.25 YUEXIU PROPERTY CO LTD 536,000 814,720 0.05 SHIMAO GROUP HOLDINGS LTD 40,000 902,000 0.06 ZHONGSHENG GROUP HOLDINGS SHUI ON LAND LTD 883,089 1,015,552 0.07 LTD 36,000 1,639,800 0.11 SHUN TAK HOLDINGS LIMITED 298,518 677,636 0.04 ZIJIN MINING GROUP COMPANY LTD 138,000 1,192,320 0.08

SINO BIOPHARMACEUTICAL LTD 248,163 1,794,219 0.12 SINOPHARM GROUP CO LTD H 454,037,843 29.50 SHARES 68,400 1,295,496 0.08 SINOTRANS LTD 272,000 709,920 0.05 SINOTRUK HONG KONG LTD 54,500 1,318,900 0.09 Hungary SITC INTERNATIONAL HOLDINGS CO MAGYAR TELEKOM LTD 89,000 1,585,980 0.10 TELECOMMUNICATIONS PLC 52,214 542,259 0.03 SJM HOLDINGS LTD 34,000 283,560 0.02 MOL HUNGARIAN OIL & GAS 9,660 565,985 0.04 SMOORE INTERNATIONAL HOLDING 10,646 817,081 0.05 RICHTER GEDEON VEGYESZETI GYAR SUN HUNG KAI PROPERTIES LTD 44,410 4,707,460 0.31 NYRT 6,065 1,332,569 0.09

SUNAC CHINA HOLDINGS LTD 18,676 540,670 0.03 SUNAC SERVICES HOLDINGS LTD 2,595 56,571 0.00 2,440,813 0.16 SUNNY OPTICAL TECHNOLOGY GROUP CO LTD 16,800 3,430,560 0.22 SWIRE PACIFIC LTD 40,000 315,200 0.02 India SWIRE PACIFIC LTD CLASS A 12,313 597,796 0.04 AUROBINDO PHARMA LTD 1,343 129,568 0.01 SWIRE PROPERTIES LTD 68,909 1,553,898 0.10 AUROBINDO PHARMA LTD 880 84,661 0.01 TECHTRONIC INDUSTRIES CO LTD 31,158 3,639,254 0.24 AVENUE SUPERMARTS LTD 961 270,799 0.02 TENCENT HOLDINGS LTD 67,817 46,217,286 3.00 BAJAJ AUTO LTD 1,025 436,361 0.03 TONGCHENG-ELONG HOLDINGS LTD 91,200 1,265,856 0.08 BHARTI AIRTEL LTD 22,504 1,324,001 0.09 TOPSPORTS INTERNATIONAL CIPLA LTD 2,942 258,884 0.02 HOLDINGS 27,000 340,200 0.02 COROMANDEL INTERNATIONAL LTD 5,500 493,856 0.03 TRAVELSKY TECHNOLOGY LTD 81,000 1,402,920 0.09 DIVI’S LABORATORIES LTD 3,340 1,198,699 0.08 TSINGTAO BREWERY CO LTD 4,000 299,400 0.02 EXIDE INDUSTRIES LTD 42,981 878,392 0.06 VTECH HOLDINGS LTD 20,700 1,285,470 0.08 HCL TECHNOLOGIES LTD 9,068 880,826 0.06 WEICHAI POWER CO LTD 70,000 1,603,000 0.10 HERO MOTOCORP LTD 1,247 431,509 0.03 WH GROUP LTD 82,455 519,467 0.03 HINDALCO INDUSTRIES LTD 15,192 364,885 0.02 WHARF HOLDINGS LTD 42,000 719,880 0.05 HINDUSTAN UNILEVER LTD 4,512 1,086,700 0.07

41 Portfolio Statement

HSBC Managed Growth Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Financial assets UNILEVER INDONESIA TBK PT 135,500 518,584 0.03

Equities 1,977,171 0.13 Listed investments

HINDUSTAN ZINC LTD 1,493 43,158 0.00 Ireland HOUSING DEVELOPMENT FINANCE CRH PLC 1,157 372,288 0.02 CORP LTD 4,610 1,164,954 0.08 KERRY GROUP PLC 973 1,025,654 0.07 INFO EDGE INDIA LTD 1,929 894,643 0.06 KINGSPAN GROUP PLC 1,064 561,290 0.04

INFOSYS LTD 19,106 2,515,887 0.16 IPCA LABORATORIES LTD 1,753 345,038 0.02 1,959,232 0.13 MRF LTD 61 545,003 0.03 NESTLE INDIA LTD 428 780,633 0.05 NMDC LTD 24,838 277,825 0.02 Israel NMDC LTD 33,327 372,602 0.02 WIX.COM LTD 400 766,236 0.05

OIL AND NATURAL GAS CORPORATION LTD 22,052 209,282 0.01 Italy OIL INDIA LTD 57,387 680,629 0.04 A2A SPA 68,303 862,189 0.06 POWER GRID CORPORATION OF ASSICURAZIONI GENERALI SPA 11,783 1,563,957 0.10 INDIA LTD 28,692 560,910 0.04 BANCA MEDIOLANUM SPA 10,912 672,778 0.04 RELIANCE INDUSTRIES LTD 12,849 2,520,431 0.16 BUZZI UNICEM SPA 5,251 1,005,628 0.07 RELIANCE INDUSTRIES LTD 8,393 1,642,962 0.11 ENEL SPA 14,605 1,126,929 0.07 SBI LIFE INSURANCE COMPANY LTD 7,870 723,726 0.05 ENI SPA 15,861 1,247,898 0.08 STATE BANK OF INDIA 25,625 767,700 0.05 FINECOBANK BANCO FINEECO SPA 2,034 246,692 0.02 SUN PHARMACEUTICAL INDUSTRIES 1,169 72,827 0.00 INTESA SANPAOLO SPA 43,238 735,273 0.05 SUN PHARMACEUTICAL INDUSTRIES ITALGAS SPA 16,402 765,130 0.05 LTD 5,097 319,595 0.02 POSTE ITALIANE SPA 2,712 206,321 0.01 TATA CONSULTANCY SERVICES LTD 5,089 1,682,728 0.11 UNIPOLSAI ASSICURAZIONI SPA 41,433 815,738 0.05 TECH MAHINDRA LTD 3,833 391,630 0.02 TORRENT POWER LTD 12,272 404,175 0.03 VODAFONE IDEA LTD 536,757 638,893 0.04 9,248,533 0.60

WIPRO LTD 11,422 509,828 0.03

Japan 25,904,200 1.68 ADVANTEST CORP 2,000 1,227,937 0.08

AEON CO LTD 8,400 2,038,049 0.13 AEON MALL CO LTD 5,400 676,684 0.04 Indonesia AGC INC 4,900 1,317,329 0.09 BANK CENTRAL ASIA TBK PT 16,200 302,616 0.02 AICA KOGYO CO LTD 4,200 1,060,706 0.07 GUDANG GARAM TBK PT 6,900 143,859 0.01 AJINOMOTO CO INC 3,000 549,461 0.04 INDOFOOD CBP SUKSES MAKMUR AMADA CO LTD 5,300 461,217 0.03 TBK PT 97,000 487,835 0.03 ASAHI GROUP HOLDINGS LTD 4,300 1,341,369 0.09 INDOFOOD SUKSES MAKMUR TBK ASAHI INTECC CO LTD 3,300 840,744 0.05 PT 156,800 524,277 0.04 ASKUL CORP 3,000 822,081 0.05 ASTELLAS PHARMA INC 6,900 864,907 0.06

42 Portfolio Statement

HSBC Managed Growth Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Financial assets JAPAN TOBACCO INC 2,700 415,429 0.03 JFE HOLDINGS INC 11,100 747,271 0.05 Equities KANDENKO CO LTD 4,500 299,948 0.02 Listed investments KAO CORP 1,335 751,130 0.05 KDDI CORP 9,854 2,247,055 0.15 BENESSE HOLDINGS INC 2,320 346,566 0.02 KEYENCE CORP 1,230 5,114,097 0.33 BRIDGESTONE CORP 3,800 1,088,583 0.07 KINDEN CORP 7,400 920,730 0.06 CALBEE INC 2,900 664,737 0.04 KIRIN HOLDINGS CO LTD 8,100 1,347,368 0.09 CANON MARKETING JAPAN INC 3,500 595,157 0.04 KOBE BUSSAN CO LTD 700 150,656 0.01 CASIO COMPUTER COMPANY LTD 6,100 835,782 0.05 KOKUYO CO LTD 4,900 494,633 0.03 CENTRAL JAPAN RAILWAY CO 1,821 1,996,012 0.13 KOMATSU LTD 2,900 614,802 0.04 CHUGAI PHARMACEUTICAL CO LTD 4,700 1,904,739 0.12 KONAMI HOLDINGS CORP 600 284,396 0.02 COCA-COLA BOTTLERS JAPAN K’S HOLDINGS CORP 10,000 1,050,930 0.07 HOLDINGS INC 6,300 739,539 0.05 KUBOTA CORP 1,181 201,085 0.01 DAICEL CORP 10,017 589,788 0.04 KYOCERA CORP 2,699 1,339,073 0.09 DAIICHI SANKYO CO LTD 7,366 1,835,728 0.12 KYOWA KIRIN CO LTD 5,100 1,170,910 0.08 DAIICHIKOSHO CO LTD 2,800 746,538 0.05 KYUSHU RAILWAY CO 1,100 178,821 0.01 DAIKIN INDUSTRIES LTD 1,588 2,599,755 0.17 LION CORPORATION 1,600 284,040 0.02 DAITO TRUST CONSTRUCTION CO LIXIL CORP 7,200 1,301,643 0.08 LTD 1,805 1,455,783 0.09 M3 INC 2,000 1,305,109 0.08 DAIWA HOUSE INDUSTRY CO LTD 3,958 868,998 0.06 MARUBENI CORP 23,200 1,192,962 0.08 DENSO CORP 300 129,022 0.01 MEGMILK SNOW BRAND CO LTD 3,800 635,194 0.04 DISCO CORP 593 1,495,420 0.10 MEIJI HOLDINGS CO LTD 800 423,038 0.03 EAST JAPAN RAILWAY CO 553 282,186 0.02 MITSUBISHI CORP 12,539 2,458,614 0.16 EISAI CO LTD 400 226,420 0.01 MITSUBISHI ELECTRIC CORP 20,415 2,410,823 0.16 ELECTRIC POWER DEVELOPMENT MITSUBISHI ESTATE CO LTD 7,400 905,385 0.06 CO LTD 2,500 315,686 0.02 MITSUBISHI HEAVY INDUSTRIES LTD 2,200 488,479 0.03 FANUC CORP 1,027 2,081,409 0.13 MITSUBISHI SHOKUHIN CO LTD 1,763 369,775 0.02 FAST RETAILING CO LTD 114 758,349 0.05 MITSUBISHI UFJ FINANCIAL GROUP FUJITSU LTD 900 1,067,816 0.07 INC 36,483 1,268,039 0.08 GS YUASA CORPORATION 5,400 1,231,788 0.08 MITSUI & CO LTD 3,100 444,601 0.03 GUNMA BANK LTD 25,500 610,006 0.04 MIZUHO FINANCIAL GROUP INC 5,156 526,394 0.03 HAMAMATSU PHOTONICS KK 2,000 899,104 0.06 MORINAGA MILK INDUSTRY CO LTD 600 231,960 0.01 HASEKO CORP 11,136 1,016,913 0.07 MS&AD INSURANCE GROUP HIROSE ELECTRIC CO LTD 500 607,673 0.04 HOLDINGS INC 7,454 1,658,368 0.11 HITACHI LTD 8,600 2,742,609 0.18 MURATA MANUFACTURING CO LTD 2,200 1,638,311 0.11 HONDA MOTOR CO LTD 5,143 1,052,991 0.07 NEC CORPORATION 500 211,075 0.01 HOYA CORP 3,039 3,014,844 0.20 NEC NETWORKS & SYSTEM HULIC CO LTD 2,700 236,759 0.02 INTEGRATION 4,300 592,979 0.04 ITOCHU CORP 12,400 2,752,785 0.18 NEXON CO LTD 6,300 1,486,077 0.10 JAPAN AVIATION ELECTRONICS NGK INSULATORS LTD 3,500 473,844 0.03 INDUSTRY LTD 6,100 734,133 0.05 NIDEC CORP 1,419 1,455,538 0.09 JAPAN EXCHANGE GROUP INC 6,592 1,193,679 0.08 NIHON UNISYS LTD 3,100 913,769 0.06 JAPAN POST INSURANCE CO LTD 6,100 927,492 0.06 NIKON CORP 13,000 801,047 0.05

43 Portfolio Statement

HSBC Managed Growth Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Financial assets SHIONOGI & CO LTD 3,508 1,475,704 0.10 SHISEIDO CO LTD 1,800 905,044 0.06 Equities SHOWA DENKO KK 5,500 1,017,121 0.07 Listed investments SKYLARK HOLDINGS CO LTD 2,800 355,642 0.02 SMC CORP 471 2,210,179 0.14 NINTENDO CO LTD 816 3,661,094 0.24 SOFTBANK CORP 4,700 479,317 0.03 NIPPON ELECTRIC GLASS CO LTD 1,700 288,950 0.02 SOFTBANK CORP 9,799 5,884,194 0.38 NIPPON STEEL CORP 10,800 965,434 0.06 SOJITZ CORP 61,000 1,093,293 0.07 NIPPON TELEGRAPH AND SOMPO HOLDINGS INC 2,300 709,811 0.05 TELEPHONE CORP 8,352 1,619,391 0.10 SONY CORP 6,289 4,681,005 0.30 NIPPON YUSEN K.K. 2,000 356,383 0.02 SUGI HOLDINGS CO LTD 1,900 969,537 0.06 NISSAN MOTOR CO LTD 25,000 985,201 0.06 SUMITOMO CORP 8,900 914,235 0.06 NISSHIN SEIFUN GROUP INC 1,400 182,695 0.01 SUMITOMO MITSUI FINANCIAL NITORI HOLDINGS CO LTD 600 923,841 0.06 GROUP INC 7,893 1,896,917 0.12 NITTO DENKO CORPORATION 1,100 771,497 0.05 SUNDRUG CO LTD 3,400 1,046,264 0.07 OLYMPUS CORP 800 111,951 0.01 SUNTORY BEVERAGE & FOOD LTD 900 243,625 0.02 OMRON CORP 1,400 958,057 0.06 SUZUKI MOTOR CORP 400 139,472 0.01 OPEN HOUSE CO LTD 1,800 562,570 0.04 SYSMEX CORPORATION 300 271,842 0.02 ORACLE CORP JAPAN 1,218 1,114,053 0.07 T&D HOLDINGS INC 3,000 269,509 0.02 ORIENTAL LAND CO LTD 500 605,451 0.04 TAIYO YUDEN CO LTD 2,400 1,091,368 0.07 ORIX CORP 14,494 1,798,020 0.12 TAKEDA PHARMACEUTICAL CO LTD 4,791 1,312,153 0.09 OTSUKA HOLDINGS CO LTD 800 264,369 0.02 TEIJIN LTD 7,000 991,755 0.06 PANASONIC CORP 2,900 290,272 0.02 TERUMO CORP 3,100 933,284 0.06 PEPTIDREAM INC 500 226,257 0.01 THE 77 BANK LTD 8,900 868,095 0.06 RAKUTEN INC 14,900 1,135,516 0.07 TOHO COMPANY LTD 700 209,705 0.01 RECRUIT HOLDINGS CO LTD 3,971 1,335,791 0.09 TOHOKU ELECTRIC POWER CO INC 14,000 930,062 0.06 RENESAS ELECTRONICS TOKAI RIKA COMPANY LTD 6,300 798,329 0.05 CORPORATION 13,300 1,182,019 0.08 TOKIO MARINE HOLDINGS INC 5,167 1,964,270 0.13 RESONA HOLDINGS INC 46,400 1,247,430 0.08 TOKYO ELECTRON LTD 1,100 3,243,219 0.21 RINNAI CORPORATION 1,100 891,254 0.06 TOKYU FUDOSAN HOLDING 5,500 240,736 0.02 ROHM CO LTD 700 550,053 0.04 TOSOH CORP 7,700 1,025,349 0.07 SANKYU INC 2,600 758,684 0.05 TOTO LTD 3,100 1,329,327 0.09 SANWA HOLDINGS CORP 8,100 715,077 0.05 TOYO SUISAN KAISHA LTD 2,574 983,671 0.06 SAWAI PHARMACEUTICAL CO LTD 1,916 678,289 0.04 TOYOBO CO LTD 5,700 552,594 0.04 SECOM CO LTD 300 210,564 0.01 TOYOTA MOTOR CORP 15,255 8,247,580 0.54 SEGA SAMMY HOLDINGS INC 5,100 629,647 0.04 TREND MICRO INC 350 148,789 0.01 SEKISUI CHEMICAL CO LTD 2,600 362,782 0.02 TSUMURA & CO 3,800 958,279 0.06 SEKISUI HOUSE LTD 9,200 1,375,674 0.09 UBE INDUSTRIES LTD 4,000 588,047 0.04 SEVEN & I HOLDINGS CO LTD 5,882 1,725,525 0.11 ULVAC INC 1,704 596,297 0.04 SG HOLDINGS CO LTD 5,100 1,016,425 0.07 UNICHARM CORP 2,300 800,603 0.05 SHIMADZU CORP 800 236,108 0.01 YAMAHA CORP 1,200 523,465 0.03 SHIMAMURA CO LTD 959 823,888 0.05 YAMATO HOLDINGS CO LTD 3,303 636,268 0.04

SHIMANO INC 198 360,811 0.02 SHIN ETSU CHEMICAL CO LTD 2,801 3,770,327 0.24 179,877,977 11.69

44 Portfolio Statement

HSBC Managed Growth Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

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

Listed investments

20,565,596 1.34 Luxembourg ARCELORMITTAL SA 2,043 347,225 0.02 EUROFINS SCIENTIFIC 530 395,321 0.03 New Zealand

FISHER & PAYKEL HEALTHCARE CORPORATION LTD 2,320 449,095 0.03 742,546 0.05 SKYCITY ENTERTAINMENT GROUP LTD 18,029 307,286 0.02

Malaysia AMMB HOLDINGS BERHAD 153,900 909,194 0.06 756,381 0.05 GENTING BHD 80,000 610,718 0.04 HONG LEONG FINANCIAL GROUP BHD 26,600 834,704 0.05 Norway KUALA LUMPUR KEPONG BHD 14,355 639,892 0.04 ADEVINTA ASA 1,458 168,923 0.01 MALAYSIA AIRPORTS HOLDINGS MOWI ASA 2,658 457,957 0.03

BHD 50,700 501,793 0.03 MISC 91,600 1,047,151 0.07 626,880 0.04 NESTLE (MALAYSIA) BHD 900 236,500 0.01 RHB BANK BHD 88,400 864,748 0.06 TOP GLOVE CORPORATION BERHAD 90,700 1,172,559 0.08 Philippines

JOLLIBEE FOODS CORPORATION 5,690 163,072 0.01 MANILA ELECTRIC CO 9,960 419,257 0.03 6,817,259 0.44

582,329 0.04 Netherlands AALBERTS INDUSTRIES NV 2,497 874,788 0.06 ADYEN NV 77 1,247,242 0.08 Russia AKZO NOBEL NV 681 537,844 0.04 ANK BASHNEFT’ PAO 2,640 321,226 0.02 ARGENX SE 50 113,607 0.01 BANK VTB PAO 97,060,000 366,067 0.02 ASML HOLDING NV 1,231 5,095,953 0.33 FSK YEES PAO 11,886,086 263,184 0.02 HEINEKEN NV 966 782,043 0.05 GAZPROM PAO 62,510 1,377,429 0.09 ING GROEP NV 4,856 337,364 0.02 GMK NORIL’SKIY NIKEL’ PAO 470 1,184,330 0.08 JUST EAT TAKEAWAY.COM NV 1,330 1,185,583 0.08 INTER RAO YEES PAO 304,000 164,001 0.01 KONINKLIJKE AHOLD DELHAIZE NV 4,326 961,330 0.06 MOSKOVSKAYA BIRZHA MMVB-RTS KONINKLIJKE DSM NV 142 192,623 0.01 PAO 15,580 251,679 0.02 KONINKLIJKE PHILIPS NV 4,273 1,809,543 0.12 NK LUKOIL PAO 1,256 697,137 0.04 PROSUS NV 2,691 2,429,001 0.16 SBERBANK ROSSII PAO 26,780 711,199 0.05 QIAGEN NV 468 196,934 0.01 SURGUTNEFTEGAZ OAO 106,100 366,415 0.02 RANDSTAD NV 1,904 922,985 0.06 SURGUTNEFTEGAZ PAO 35,500 145,820 0.01 SIGNIFY NV 1,578 584,194 0.04

45 Portfolio Statement

HSBC Managed Growth Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Financial assets INDUSTRIAL BANK OF KOREA 8,151 442,400 0.03 KAKAO CORP 671 2,051,180 0.13 Equities KANGWON LAND INC 2,466 402,556 0.03 Listed investments KB FINANCIAL GROUP INC 1,424 397,793 0.03 KIA MOTORS CORP 3,024 1,729,332 0.11 TRANSNEFT’ PAO 29 427,964 0.03 KOREA ZINC INC 295 830,215 0.05

LG CHEM LTD 76 483,087 0.03 LG CORP 308 211,576 0.01 7,147,838 0.47 LG ELECTRONICS INC 1,665 1,765,827 0.12 LG UPLUS CORP 7,236 599,389 0.04 Singapore NAVER CORP 638 1,516,901 0.10 COMFORTDELGRO CORPORATION NCSOFT CORP 114 753,079 0.05 LTD 87,000 803,138 0.05 NH INVESTMENT & SECURITIES CO DBS GROUP HOLDINGS LTD 10,688 1,572,411 0.10 LTD 2,873 220,060 0.01 GENTING SINGAPORE LTD 268,800 1,342,793 0.09 POSCO 126 214,420 0.01 HONG KONG LAND HOLDINGS LTD 42,300 1,518,584 0.10 SAMSUNG BIOLOGICS CO LTD 59 324,315 0.02 JARDINE MATHESON HOLDINGS LTD 3,969 1,778,797 0.12 SAMSUNG ELECTRO-MECHANICS OVERSEA-CHINESE BANKING CORP CO LTD 404 571,287 0.04 LTD 23,285 1,404,008 0.09 SAMSUNG ELECTRONICS CO LTD 3,048 1,544,454 0.10 SINGAPORE EXCHANGE LTD 22,000 1,272,541 0.08 SAMSUNG ELECTRONICS CO LTD 24,175 13,741,145 0.89 UNITED OVERSEAS BANK LTD 8,696 1,187,894 0.08 SAMSUNG SDI COMPANY LTD 32 162,813 0.01 VENTURE CORPORATION LTD 3,300 382,533 0.02 SHINHAN FINANCIAL GROUP CO LTD 3,365 714,921 0.05 WILMAR INTERNATIONAL LTD 1,200 36,949 0.00 SK HOLDINGS CO LTD 164 353,547 0.02

SK HYNIX INC 2,215 1,880,842 0.12 SK TELECOM CO LTD 624 1,055,400 0.07 11,299,648 0.73 WOORI FINANCIAL GROUP INC 4,282 261,199 0.02

South Korea 43,390,517 2.82 CELLTRION INC 339 761,355 0.05 CJ CHEILJEDANG CORP 280 397,882 0.03 CJ CHEILJEDANG CORP 311 918,359 0.06 Spain CJ ENM CO LTD 1,117 1,183,868 0.08 AMADEUS IT HOLDING SA A SHARES 2,635 1,304,153 0.08 COWAY CO., LTD 1,442 696,692 0.05 BANCO BILBAO VIZCAYA DGB FINANCIAL GROUP INC 14,410 636,277 0.04 ARGENTARIA SA 27,172 964,218 0.06 DOOSAN HEAVY INDUSTRIES AND BANCO SANTANDER SA 54,978 1,250,731 0.08 CONSTRUCTION COMPANY LTD 7,446 606,462 0.04 CORPORACION MAPFRE SA 24,641 351,433 0.02 HANA FINANCIAL GROUP INC 2,505 566,935 0.04 ENDESA SA 4,925 978,919 0.06 HANWHA SOLUTIONS CORP 2,408 831,244 0.05 IBERDROLA SA 16,917 1,782,449 0.12 HYUNDAI DEPARTMENT STORE INDUSTRIA DE DISENO TEXTIL SA 7,333 1,691,720 0.11 COMPANY LTD 921 499,239 0.03 RED ELECTRICA CORP 1,000 147,519 0.01 HYUNDAI GLOVIS CO LTD 694 914,020 0.06 REPSOL SA 5,054 386,684 0.03 HYUNDAI MOBIS CO LTD 223 490,785 0.03 SIEMENS GAMESA RENEWABLE HYUNDAI MOTOR CO LTD 1,450 2,301,686 0.15 ENERGY SA 4,219 1,346,911 0.09 HYUNDAI STEEL CO 1,331 357,975 0.02

46 Portfolio Statement

HSBC Managed Growth Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Financial assets GEORG FISCHER AG 103 1,001,899 0.06 GIVAUDAN SA 10 313,431 0.02 Equities HELVETIA HOLDING AG 896 697,400 0.05 Listed investments JULIUS BAER GRUPPE AG 1,398 657,997 0.04 KUEHNE + NAGEL INTERNATIONAL TELEFONICA SA 17,482 585,284 0.04 AG 804 1,423,274 0.09

LONZA GROUP AG 221 1,097,968 0.07 NESTLE SA 9,581 8,354,244 0.54 10,790,021 0.70 NOVARTIS LTD 6,177 4,335,687 0.28 ROCHE HOLDING AG 2,309 6,181,545 0.40 Sweden SGS SA 66 1,558,388 0.10 AB SKF 1,967 419,992 0.03 SIKA AG 139 293,677 0.02 ASSA ABLOY AB SERIES 9,028 1,740,265 0.11 SONOVA HOLDING AG 621 1,165,896 0.08 ATLAS COPCO AB 4,573 1,938,376 0.13 STRAUMANN HOLDING AG 145 1,250,692 0.08 ATLAS COPCO AB 1,538 562,304 0.04 SWATCH GROUP AG 126 282,245 0.02 BOLIDEN AB 3,514 899,452 0.06 SWISS LIFE HOLDING AG 110 390,124 0.03 EPIROC AB 2,260 337,724 0.02 SWISSCOM AG 248 1,049,238 0.07 ESSITY AB (PUBL) 5,833 1,451,225 0.09 UBS GROUP AG 15,461 1,735,032 0.11 HEXAGON AB 1,126 767,173 0.05 ZURICH INSURANCE GROUP AG 434 1,347,430 0.09

HUSQVARNA AB B SHS 2,260 218,033 0.01 INDUSTRIVARDEN A SHS 2,031 532,715 0.03 40,830,043 2.65 INDUSTRIVARDEN AB 2,165 537,030 0.04 INVESTOR AB B SHS 1,290 737,708 0.05 NIBE INDUSTRIER AB-B SHS 1,020 265,354 0.02 Taiwan SANDVIK AB 7,720 1,500,346 0.10 AU OPTRONICS CORP 117,000 477,857 0.03 SINCH AB 146 167,420 0.01 CAPITAL SECURITIES CORP 302,000 1,120,553 0.07 TELE2 AB 3,234 347,669 0.02 CHINA DEVELOPMENT FINANCIAL TELEFONAKTIEBOLAGET LM HOLDING CORP 295,000 728,631 0.05 ERICSSON 11,467 1,127,621 0.07 CHINA LIFE INSURANCE CO LTD 198,304 1,246,459 0.08 TELIA CO AB 23,435 800,525 0.05 CHINA MOTOR CORP 49,400 635,379 0.04 VOLVO AB 2,330 448,487 0.03 CHUNGHWA TELECOM CO LTD 11,000 328,955 0.02

CTBC FINANCIAL HOLDING CO LTD 276,660 1,455,528 0.10 EVA AIRWAYS CORP 78,267 271,984 0.02 14,799,419 0.96 FORMOSA PLASTICS CORP 10,000 240,902 0.02 FUBON FINANCIAL HOLDING CO LTD 60,000 756,763 0.05 Switzerland HON HAI PRECISION INDUSTRY CO ABB LTD 11,203 2,572,010 0.17 LTD 64,000 1,975,948 0.13 ADECCO SA 2,647 1,288,315 0.08 LARGAN PRECISION CO LTD 1,749 1,423,829 0.09 BALOISE HOLDING AG 878 1,142,555 0.07 MEDIATEK INC 4,000 969,145 0.06 BARRY CALLEBAUT AG 36 620,970 0.04 MEGA FINANCIAL HOLDING CO LTD 92,000 717,112 0.05 COMPAGNIE FINANCIERE MOMO.COM INC 4,000 872,784 0.06 RICHEMONT SA 974 703,609 0.05 NANYA TECHNOLOGY CORP 51,824 1,146,564 0.07 CREDIT SUISSE GROUP AG 9,484 971,710 0.06 NIEN MADE ENTERPRISE CO LTD 2,000 204,905 0.01 GEBERIT AG 83 394,707 0.03 POWERTECH TECHNOLOGY INC 10,000 269,699 0.02

47 Portfolio Statement

HSBC Managed Growth Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Financial assets Turkey EREGLI DEMIR VE CELIK Equities FABRIKALARI TAS 26,925 410,480 0.02 Listed investments ISKENDERUN DEMIR VE CELIK AS 16,613 199,439 0.01 TOFAS TURK OTOMOBIL FABRIKA 14,801 569,224 0.04 PRESIDENT CHAIN STORE CORP 3,000 221,796 0.01 TURKIYE GARANTI BANKASI AS 58,821 581,790 0.04 SHIN KONG FINANCIAL HOLDING CO TURKIYE SINAI KALKINMA BANKASI LTD 351,000 782,390 0.05 AS 1 2 0.00 SINOPAC FINANCIAL HOLDINGS CO YAPI VE KREDI BANKASI AS 1 2 0.00

LTD 372,294 1,128,810 0.07 TAIWAN CEMENT CORP 39,326 437,206 0.03 1,760,937 0.11 TAIWAN SEMICONDUCTOR MANUFACTURING CO 127,186 20,813,608 1.35 TECO ELECTRIC AND MACHINERY United Kingdom COMPANY LTD 127,000 942,452 0.06 ANGLO AMERICAN PLC 4,433 1,139,426 0.07 U MING MARINE TRANSPORT CORP 74,000 640,328 0.04 ANTOFAGASTA PLC 1,904 289,904 0.02 UNIMICRON TECHNOLOGY CORP 9,000 215,565 0.01 ASSOCIATED BRITISH FOODS PLC 5,843 1,317,067 0.09 UNITED MICROELECTRONICS CORP 83,000 1,149,129 0.08 ASTRAZENECA PLC 3,589 2,862,625 0.19 WALSIN TECHNOLOGY CORP 4,000 244,224 0.02 AVAST PLC 12,492 628,071 0.04 WAN HAI LINES LTD 66,000 782,183 0.05 AVIVA PLC 38,267 1,365,776 0.09 WIN SEMICONDUCTORS CORP 6,000 687,816 0.05 BAE SYSTEMS PLC 14,786 727,508 0.05 YAGEO CORP 2,000 317,879 0.02 BARCLAYS PLC 27,055 384,689 0.03 YUANTA FINANCIAL HOLDINGS CO BARRATT DEVELOPMENTS PLC 6,842 465,371 0.03 LTD 96,720 532,954 0.03 BELLWAY PLC 4,135 1,212,965 0.08

BERKELEY GROUP HOLDINGS PLC 2,503 1,116,407 0.07 BHP GROUP PLC 6,366 1,363,446 0.09 43,739,337 2.84 BP PLC 53,887 1,557,776 0.10 BRITISH AMERICAN TOBACCO PLC 4,508 1,275,582 0.08 Thailand BT GROUP PLC 96,788 1,294,382 0.08 ADVANCED INFO SERVICE PCL 6,400 285,180 0.02 BUNZL PLC 625 156,386 0.01 BANGKOK BANK PCL (FOREIG REG) 28,893 849,570 0.06 COMPASS GROUP PLC 8,540 1,191,643 0.08 BANGKOK DUSIT MEDICAL CONVATEC GROUP PLC 58,239 1,241,450 0.08 SERVICES PCL 98,300 527,150 0.04 DIAGEO PLC 4,287 1,346,107 0.09 BANGKOK LIFE ASSURANCE PCL 84,500 521,008 0.03 EXPERIAN PLC 3,668 998,255 0.07 BUMRUNGRAD HOSPITAL PCL 34,000 1,105,435 0.07 FERGUSON PLC 1,412 1,278,224 0.08 CHAROEN POKPHAND FOODS PCL 115,000 811,849 0.05 GLAXOSMITHKLINE PLC 14,773 2,134,518 0.14 CP ALL PUBLIC CO LTD 71,722 1,063,748 0.07 GLENCORE PLC 37,741 990,160 0.06 KASIKORNBANK PCL (FOREIGN REG) 19,143 627,352 0.04 HALMA PLC 5,375 1,413,028 0.09

HARGREAVES LANSDOWN PLC 1,539 279,966 0.02 INTERTEK GROUP PLC 878 515,855 0.03 5,791,292 0.38 KINGFISHER PLC 8,370 247,487 0.02 LLOYDS BANKING GROUP PLC 287,495 1,010,172 0.07 LONDON STOCK EXCHANGE GROUP PLC 1,207 1,116,293 0.07

48 Portfolio Statement

HSBC Managed Growth Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Financial assets AGNC INVESTMENT CORP 5,404 653,668 0.04 AKAMAI TECHNOLOGIES INC 1,267 1,090,773 0.07 Equities ALEXION PHARMACEUTICALS INC 416 494,581 0.03 Listed investments ALLSTATE CORP 1,225 1,018,046 0.07 ALPHABET INC 295 4,199,046 0.27 M&G PLC 37,783 707,642 0.05 ALPHABET INC 292 4,137,370 0.27 MEGGITT PLC 2,000 84,499 0.01 ALTRIA GROUP INC 522 166,272 0.01 MELROSE INDUSTRIES PLC 38,416 689,228 0.04 AMAZON.COM INC 426 10,590,528 0.69 NATIONAL GRID PLC 11,546 1,044,965 0.07 AMCOR LTD/AUSTRALIA 2,135 182,646 0.01 OCADO GROUP PLC 2,132 630,397 0.04 AMDOCS LTD 1,217 666,401 0.04 PERSIMMON PLC 4,697 1,275,799 0.08 AMEREN CORP 1,802 1,016,076 0.07 POLYMETAL INTERNATIONAL PLC 1,926 324,220 0.02 AMERICAN ELECTRIC POWER PRUDENTIAL PLC 5,350 667,910 0.04 COMPANY INC 709 444,801 0.03 RECKITT BENCKISER GROUP PLC 1,188 784,006 0.05 AMERICAN EXPRESS CO 936 843,769 0.05 RELX PLC 10,903 2,104,143 0.14 AMERICAN INTERNATIONAL GROUP RIO TINTO PLC 4,560 2,713,627 0.18 INC 1,127 327,173 0.02 ROYAL DUTCH SHELL PLC A SHARES 20,228 2,881,776 0.19 AMERIPRISE FINANCIAL INC 517 793,209 0.05 ROYAL DUTCH SHELL PLC B SHARES 11,773 1,594,754 0.10 AMERISOURCEBERGEN SAGE GROUP PLC 12,083 758,806 0.05 CORPORATION 1,006 812,799 0.05 SENSATA TECHNOLOGIES HOLDING 1,099 464,421 0.03 AMGEN INC 817 1,529,434 0.10 SMITH & NEPHEW PLC 7,314 1,200,465 0.08 AMPHENOL CORP 489 473,499 0.03 SSE PLC 1,019 161,012 0.01 ANALOG DEVICES INC 587 670,574 0.04 ST. JAMES’S PLACE PLC 2,858 357,105 0.02 ANSYS INC 474 1,302,425 0.08 STANDARD CHARTERED PLC 22,590 1,067,949 0.07 APPLE INC 15,975 16,345,589 1.06 TATE & LYLE PLC 6,765 496,149 0.03 APPLIED MATERIALS INC 1,371 1,027,759 0.07 TAYLOR WIMPEY PLC 71,584 1,116,237 0.07 AT&T INC 5,362 1,190,325 0.08 TESCO PLC 43,747 1,115,125 0.07 AUTOZONE INC 21 182,105 0.01 UNILEVER PLC 3,063 1,382,103 0.09 AVANGRID INC 1,360 487,928 0.03 UNILEVER PLC 3,318 1,497,937 0.10 BANK OF AMERICA CORP 4,974 1,143,531 0.07 UNITED UTILITIES GROUP PLC 3,669 360,267 0.02 BAXTER INTERNATIONAL INC 529 315,140 0.02 VODAFONE GROUP PLC 176,913 2,351,607 0.15 BECTON DICKINSON & CO 428 868,789 0.06 WHITBREAD PLC 951 282,208 0.02 BERKSHIRE HATHAWAY INC CLASS A 782 1,381,692 0.09 WILLIAM MORRISON BERKSHIRE HATHAWAY INC CLASS B 1 2,668,100 0.17 SUPERMARKETS PLC 16,354 312,477 0.02 BEST BUY CO INC 280 236,257 0.02

BIO-RAD LABORATORIES INC CLASS A 183 814,154 0.05 59,347,373 3.86 BLACKROCK INC 32 173,999 0.01 BOEING CO 171 257,478 0.02 United States of America BOOKING HOLDINGS INC 106 1,598,061 0.10 ACCENTURE PLC CLASS A 1,181 2,215,333 0.14 BRISTOL MYERS SQUIBB CO 2,113 1,006,462 0.07 ACTIVISION BLIZZARD INC 1,595 1,125,433 0.07 BROADCOM INC 182 635,746 0.04 ADOBE INC 714 2,539,865 0.16 BROADRIDGE FINANCIAL ADVANCED MICRO DEVICES INC 425 282,217 0.02 SOLUTIONS INC 536 587,293 0.04 AFLAC INC 786 275,351 0.02 BURLINGTON STORES INC 311 600,209 0.04 AGILENT TECHNOLOGIES INC 1,563 1,456,372 0.09 49 Portfolio Statement

HSBC Managed Growth Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Financial assets ELECTRONIC ARTS INC 1,162 1,290,228 0.08 ELI LILLY AND CO 549 885,300 0.06 Equities EMERSON ELECTRIC CO 911 560,509 0.04 Listed investments ENTERGY CORP 1,287 951,318 0.06 ETSY INC 112 172,896 0.01 C.H. ROBINSON WORLDWIDE INC 1,407 933,431 0.06 EXELON CORP 4,196 1,352,161 0.09 CAPITAL ONE FINANCIAL CORP 865 699,280 0.05 EXPEDIA GROUP INC 873 840,047 0.05 CARDINAL HEALTH INC 1,887 786,151 0.05 EXPEDITORS INTERNATIONAL OF CARRIER GLOBAL CORP-WI 4,980 1,486,646 0.10 WASHINGTON INC 1,669 1,158,494 0.08 CATERPILLAR INC 791 1,121,412 0.07 EXXON MOBIL CORP 1,081 375,845 0.02 CENTERPOINT ENERGY INC 964 157,642 0.01 F5 NETWORKS INC 775 1,177,509 0.08 CERNER CORP 2,128 1,321,830 0.09 FACEBOOK INC CLASS A 2,298 4,603,014 0.30 CHARLES SCHWAB CORP 4,196 1,676,862 0.11 FASTENAL COMPANY 1,523 538,377 0.04 CHEVRON CORP 1,454 960,553 0.06 FEDEX CORPORATION 617 1,125,896 0.07 CHIPOTLE MEXICAN GRILL INC 39 447,552 0.03 FIDELITY NATIONAL FINANCIAL INC 1,013 969,735 0.06 CHUBB LTD 785 886,660 0.06 FIDELITY NATIONAL FINANCIAL INC 2,928 824,129 0.05 CISCO SYSTEMS INC 3,078 1,063,962 0.07 FISERV INC 745 593,201 0.04 CITIGROUP INC 2,500 1,124,114 0.07 FORD MOTOR CO 19,381 1,582,421 0.10 CITRIX SYSTEMS INC 407 420,702 0.03 FORTIVE CORP 311 159,348 0.01 COCA COLA CO 1,254 468,178 0.03 FORTUNE BRANDS HOME AND COGNIZANT TECHNOLOGY SECURITY INC 377 252,126 0.02 SOLUTIONS CORP 1,551 937,444 0.06 FREEPORT-MCMORAN INC 1,516 316,323 0.02 COLGATE PALMOLIVE CO 1,751 1,059,005 0.07 GENERAL DYNAMICS CORP 186 211,544 0.01 COMCAST CORP CLASS A 1,948 748,730 0.05 GENERAL ELECTRIC CO 17,533 1,451,927 0.09 CONOCOPHILLIPS 761 236,204 0.02 GENERAL MOTORS CO 3,281 1,289,319 0.08 CONSOLIDATED EDISON INC 483 265,079 0.02 GILEAD SCIENCES INC 655 333,167 0.02 CORNING INC 976 271,455 0.02 GLOBAL PAYMENTS INC 730 999,158 0.06 COSTCO WHOLESALE CORP 704 1,923,813 0.13 GOLDMAN SACHS GROUP INC 495 1,040,793 0.07 CUMMINS INC 236 428,967 0.03 HONEYWELL INTERNATIONAL INC 176 266,617 0.02 CVS HEALTH CORP 3,271 1,817,248 0.12 HORMEL FOODS CORPORATION 551 200,203 0.01 DANAHER CORP 1,174 2,165,062 0.14 HUNTINGTON INGALLS INDUSTRIES DEERE AND CO 234 523,999 0.03 INC 475 579,459 0.04 DELL TECHNOLOGIES INC 1,643 928,588 0.06 IAC/INTERACTIVECORP COM NPV 838 1,364,198 0.09 DISCOVER FINANCIAL SERVICES 897 581,038 0.04 ILLUMINA INC 456 1,507,788 0.10 DOMINO’S PIZZA INC 57 163,865 0.01 INGREDION INC 1,543 902,937 0.06 DOW INC COM 2,430 977,892 0.06 INTEL CORP CO 4,465 1,921,808 0.12 DR.REDDY’S LABORATORIES LTD 757 359,693 0.02 INTERNATIONAL BUSINESS DUKE ENERGY CORP 1,202 876,092 0.06 MACHINES CORP 1,020 942,032 0.06 DUKE REALTY CORP 4,163 1,276,968 0.08 INTERNATIONAL PAPER CO 649 253,172 0.02 EATON CORPORATION PLC 1,538 1,403,622 0.09 INTUIT INC 293 820,671 0.05 EBAY INC 3,058 1,339,924 0.09 INTUITIVE SURGICAL INC 239 1,385,504 0.09 ECOLAB INC 730 1,157,590 0.08 IRON MOUNTAIN INC 3,037 792,876 0.05 EDISON INTERNATIONAL 1,789 806,774 0.05 JOHNSON & JOHNSON 2,584 3,268,464 0.21 EDWARDS LIFESCIENCES CORP 1,636 1,047,552 0.07 JPMORGAN CHASE & CO 2,017 2,012,336 0.13

50 Portfolio Statement

HSBC Managed Growth Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Financial assets O’REILLY AUTOMOTIVE INC 126 415,678 0.03 PACCAR INC 1,510 1,068,032 0.07 Equities PAYCHEX INC 1,553 1,051,484 0.07 Listed investments PAYPAL HOLDINGS INC 748 1,358,970 0.09 PEPSICO INC 541 572,888 0.04 JUNIPER NETWORKS INC 3,299 624,662 0.04 PFIZER INC 3,773 1,050,264 0.07 KELLOGG CO 966 441,474 0.03 PHILIP MORRIS INTERNATIONAL INC 1,047 646,621 0.04 KEYCORP NEW 2,801 366,174 0.02 PINNACLE WEST CAPITAL CORP 1,521 887,469 0.06 KEYSIGHT TECHNOLOGIES IN-W/I PROCTER & GAMBLE CO 1,813 1,802,342 0.12 ORD NPV 310 340,339 0.02 PUBLIC SERVICE ENTERPRISE KIMBERLY-CLARK CORP 597 611,497 0.04 GROUP INC 594 259,905 0.02 KIMCO REALTY CORP 1,253 160,404 0.01 PUBLIC STORAGE 577 1,018,365 0.07 KLA-TENCOR CORP 466 1,011,975 0.07 PULTEGROUP INC 2,141 722,143 0.05 LAM RESEARCH CORP 211 791,772 0.05 QORVO INC 762 1,009,633 0.07 LINDE PLC 900 1,712,515 0.11 QUALCOMM INC 548 664,051 0.04 LOEWS CORP 941 330,453 0.02 REGENERON PHARMACEUTICALS LOWE’S COS INC 882 1,141,070 0.07 INC COM USD0.001 42 164,081 0.01 LYONDELLBASELL INDUSTRIES NV ROCKWELL AUTOMATION INC 524 1,009,782 0.07 CLASS A 1,103 733,462 0.05 ROSS STORES INC 502 433,189 0.03 M AND T BANK CORPORATION 1,185 1,217,176 0.08 SALESFORCE.COM INC 761 1,330,957 0.09 MASCO CORP 2,543 1,070,887 0.07 SIMON PROPERTY GROUP INC 234 168,612 0.01 MASTERCARD INC CLASS A 1,232 3,021,437 0.20 SKYWORKS SOLUTIONS INC 1,055 1,384,518 0.09 MATCH GROUP INC COM NPV 572 620,307 0.04 SNAP-ON INC 846 1,180,691 0.08 MCDONALD’S CORP 205 330,370 0.02 SOUTHERN CO 2,512 1,147,624 0.07 MEDTRONIC PLC 2,385 2,058,818 0.13 STARBUCKS CORP 343 257,473 0.02 MERCK & CO INC 3,871 2,313,268 0.15 STATE STREET CORP 2,103 1,141,444 0.07 METTLER-TOLEDO INTERNATIONAL STEEL DYNAMICS INC 3,998 1,062,366 0.07 INC 146 1,322,362 0.09 STERIS PLC 766 1,111,330 0.07 MICRON TECHNOLOGY INC 3,066 1,860,737 0.12 STRYKER CORP 811 1,389,793 0.09 MICROSOFT CORP 7,396 13,302,320 0.86 SYNCHRONY FINANCIAL 3,563 929,647 0.06 MOHAWK INDUSTRIES INC 753 838,430 0.05 TE CONNECTIVITY LTD 480 448,110 0.03 MOLSON COORS BREWING CO 985 383,099 0.02 TELEFLEX INC 103 301,593 0.02 MONDELEZ INTERNATIONAL INC 525 225,684 0.01 TESLA INC 875 5,383,799 0.35 MORGAN STANLEY 647 336,372 0.02 TEXAS INSTRUMENTS INC 1,150 1,477,446 0.10 NETFLIX INC 387 1,597,564 0.10 THE HOME DEPOT INC 680 1,427,930 0.09 NEWELL BRANDS INC 1,191 221,821 0.01 THE TRAVELERS COS INC 419 442,820 0.03 NEWMONT GOLDCORP CORP 609 281,437 0.02 THE WALT DISNEY CO 2,578 3,361,622 0.22 NEXTERA ENERGY INC 3,944 2,473,100 0.16 THERMO FISHER SCIENTIFIC INC 296 1,169,833 0.08 NIKE INC CL B 668 691,939 0.05 TJX COS INC 2,693 1,337,227 0.09 NORTONLIFELOCK INC 7,510 1,226,936 0.08 TWITTER INC 2,213 867,058 0.06 NUCOR CORP 2,126 803,299 0.05 TYLER TECHNOLOGIES INC 124 406,503 0.03 NVIDIA CORP 383 1,543,039 0.10 TYSON FOODS INC 1,004 500,645 0.03 NXP SEMICONDUCTORS NV 479 596,001 0.04 UBER TECHNOLOGIES INC 2,935 1,159,042 0.08 ORACLE CORP 3,039 1,423,970 0.09 UNION PACIFIC CORP 102 156,178 0.01

51 Portfolio Statement

HSBC Managed Growth Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Financial assets Unit trusts Listed investments Equities Listed investments Hong Kong LINK REIT 63,584 4,304,637 0.28

UNITED PARCEL SERVICE INC CLASS B 965 1,159,782 0.08 United Kingdom UNITED RENTALS INC 159 299,598 0.02 FTSE 100 IDX INSTITUTIONAL ACC 146,993 3,513,703 0.23 UNITEDHEALTH GROUP INC 872 2,255,454 0.15 VARIAN MEDICAL SYSTEMS INC 328 446,521 0.03 VEDANTA LTD 707 47,748 0.00 United States of America VEEVA SYSTEMS INC A SHRS 147 315,091 0.02 AMERICAN TOWER CORP* 771 1,359,208 0.09 VERIZON COMMUNICATIONS INC 3,823 1,622,953 0.11 WEYERHAEUSER CO* 2,707 654,668 0.04

VERTEX PHARMACEUTICALS INC COM USD0.01 372 660,766 0.04 2,013,876 0.13 VIATRIS INC 5,331 702,295 0.05 VISA INC CLASS A 2,220 3,326,518 0.22 WAL-MART STORES INC 727 791,949 0.05 Unlisted but quoted investments WATERS CORP 633 1,299,050 0.08 WAYFAIR INC 675 1,425,282 0.09 Hong Kong WESTERN UNION CO 6,658 1,149,692 0.07 HSBC POOLED INVESTMENT FUND - WHIRLPOOL CORP 317 454,946 0.03 HSBC POOLED ASIAN BOND FUND XCEL ENERGY INC 808 400,904 0.03 CLASS W 2,896,940 41,418,707 2.69 XILINX INC 340 344,223 0.02 HSBC POOLED INVESTMENT FUND - YUM CHINA HOLDINGS INC 1,864 819,640 0.05 HSBC POOLED ASIAN LOCAL ZILLOW GROUP INC 130 139,830 0.01 CURRENCY BOND FUND CLASS W 2,974,167 32,453,517 2.11

ZILLOW GROUP INC 245 247,834 0.02 ZIONS BANCORPORATION 2,738 937,094 0.06 73,872,224 4.80 ZOETIS INC 318 380,338 0.02 ZOOM VIDEO COMMUNICATIONS 108 311,577 0.02

United States of America HSBC US DOLLAR LIQUIDITY 261,485,352 16.99 FUND Y* 3,916,224 30,365,811 1.97

Listed equities (Total) 1,366,469,896 88.79 Unit trusts (Total) 114,070,251 7.41

Unlisted investments Rights Listed investments British Virgin Islands CHINA COMMON RICH RENEWABLE South Korea ENERGY INVESTMENTS LTD 978,017 – – HANWHA SOLUTIONS CORPORATION 355 12,058 –

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

52 Portfolio Statement

HSBC Managed Growth Fund as at 31 January 2021 % of net Market asset Holdings value value HKD

Financial assets

Rights Unlisted investments

Hong Kong LEGENDHOLDING - PREF OFF 19 RTS(DEC2049) 1,107 – –

Rights (Total) 12,058 0.00

Total financial assets 1,480,552,205 96.20

Financial liabilities

Derivative liabilities

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

Total financial liabilities (404,955) (0.03)

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

Other net assets 58,883,398 3.83

Total net assets 1,539,030,648 100.00

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

53 Statement of Movements in Portfolio Holdings

HSBC Managed Growth Fund for the period from 1 August 2020 to 31 January 2021

% of % of net asset net asset value value 31 January 2021 31 July 2020

Financial assets

Equities

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

88.79 87.68

54 Statement of Movements in Portfolio Holdings

HSBC Managed Growth Fund for the period from 1 August 2020 to 31 January 2021

% of % of net asset net asset value value 31 January 2021 31 July 2020

Unlisted investment British Virgin Islands – –

– –

Total Equities 88.79 87.68

Unit trusts Listed investments 0.64 0.76 Unlisted investments 6.77 10.51

7.41 11.27

Rights

Listed investments 0.00 –

0.00 –

Financial liabilities

Derivative liabilities

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

(0.03) (0.11)

Total investments 96.17 98.84 Other net assets 3.83 1.16

Total net assets 100.00 100.00

55 Details in Respect of Financial Derivative Instruments

HSBC Managed Growth Fund as at 31 January 2021

Foreign currency forward contracts

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

Currency/Amount Currency/ Settlement date Counterparty Fair value bought Amount sold HKD

Financial liabilities:

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

(7,546)

Futures

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

Description Underlying Contract Notional Position Counter Fair value assets size market value party HKD

Financial liabilities:

HSBC HOLDINGS PLC HSBC HSBC BANK ORD 19/03/2021 HOLDINGS PLC 1,000 1,921,697 Long PLC (122,452) HSBC HOLDINGS PLC HSBC HSBC BANK ORD 19/03/2021 HOLDINGS PLC 1,000 480,424 Long PLC (41,137) HSBC HLDGS PLC HSBC HSBC BANK 30/03/2021 HOLDINGS PLC 400 21,043,800 Long PLC (233,820)

(397,409)

Rights

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

Description Underlying Issuer Holdings Fair value % of Net assets HKD asset value

HANWHA SOLUTIONS HANWHA HANWHA CORPORATION RTS SOLUTIONS SOLUTIONS FEB2021 CORP CORP 355 12,058 0.00 LEGEND LEGEND LEGENDHOLDING – PREF OFF HOLDINGS HOLDINGS 19 RTS(DEC2049) CORP CORP 1,107 – –

56 Performance Record

HSBC Managed Growth Fund

(a) Price record (Dealing net asset value per unit)

“A” class income units

Bid Offer Year Lowest Highest Lowest Highest HKD HKD HKD HKD

2011 15.06 18.44 15.88 19.45 2012 13.65 17.66 14.40 18.63 2013 15.12 18.60 15.95 19.62 2014 17.44 19.85 18.39 20.94 2015 18.17 21.03 19.17 22.19 2016 15.94 19.50 16.82 20.57 2017 18.26 22.10 19.26 23.32 2018 21.67 25.36 22.86 26.75 2019 20.26 23.14 20.26 24.36 2020 17.11 24.28 17.11 24.28 1 August 2020 to 31 January 2021 22.50 27.79 22.50 27.79

“L” class income units

Bid Offer Year Lowest Highest Lowest Highest HKD HKD HKD HKD

2011 16.16 19.83 16.16 19.83 2012 14.79 19.11 14.79 19.11 2013 16.55 20.40 16.55 20.40 2014 19.31 22.02 19.31 22.02 2015 21.49 21.84 21.49 21.84 2016 – – – – 2017 – – – – 2018 – – – – 2019 – – – – 2020 – – – – 1 August 2020 to 31 January 2021 – – – –

57 Performance Record

Provident class units

Bid Offer Year Lowest Highest Lowest Highest HKD HKD HKD HKD

2011 16.46 20.26 16.46 20.26 2012 15.14 19.56 15.14 19.56 2013 17.01 21.06 17.01 21.06 2014 19.96 22.88 19.96 22.88 2015 21.11 24.53 21.11 24.53 2016 18.73 22.82 18.73 22.82 2017 21.68 26.46 21.68 26.46 2018 26.17 30.73 26.17 30.73 2019 24.92 28.53 24.92 28.53 2020 21.38 30.30 21.38 30.30 1 August 2020 to 31 January 2021 28.35 35.10 28.35 35.10

(b) Total net asset value

31 January 2021 2020 2019 2018 HKD HKD HKD HKD

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

(c) Net asset value per unit

31 January 2021 2020 2019 2018 HKD HKD HKD HKD

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

58 Distribution Disclosure

HSBC Managed Growth Fund

A Class

Date of Date of Distribution Total Ex-Distribution Payment Per Unit Distribution HKD HKD

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

59 Statement of Financial Position

HSBC Managed Stable Fund as at 31 January 2021

31 January 2021 31 July 2020 HKD HKD

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

332,038,971 312,758,432

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

6,882,264 2,993,255

NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 325,156,707 309,765,177

Representing: Financial liabilities 325,156,707 309,765,177

Units Units Total number of units in issue

“A” class income units 1,980,885 1,709,566

Provident class units 10,551,361 11,006,328

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

HKD HKD Net asset value per unit

“A” class income units 16.39 15.45

Provident class units 21.60 20.28

“Z” class income units 11.41 10.67

Note: Interim reports have applied the same accounting policies and methods of computation as are applied in the annual reports of the Fund. 60 Statement of Comprehensive Income

HSBC Managed Stable Fund for the period ended 31 January 2021

1 August 2020 to 1 August 2019 to 31 January 2021 31 January 2020 HKD HKD

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

TOTAL REVENUE 21,718,990 8,325,848

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

TOTAL OPERATING EXPENSES 1,470,889 2,809,658

NET PROFIT FROM OPERATIONS BEFORE TAXATION 20,248,101 5,516,190

Taxation 16,017 74,125

INCREASE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AND TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 20,232,084 5,442,065

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

1 August 2020 to 1 August 2019 to 31 January 2021 31 January 2020 HKD HKD

Transaction costs 27,935 915,735 Safe custody fees, bank charges and miscellaneous expenses 30,035 11,980

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

61 Statement of Changes in Net Assets Attributable to Unitholders

HSBC Managed Stable Fund for the period ended 31 January 2021

1 August 2020 to 1 August 2019 to 31 January 2021 31 January 2020 HKD HKD

Balance at the beginning of the period 309,765,177 347,542,147

Increase in net assets attributable to unitholders and total comprehensive income for the period 20,232,084 5,442,065

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

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

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

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

Balance at the end of the period 325,156,707 305,730,426

Units Units

“A” class income units

Units at the beginning of the period 1,709,566 2,083,464 Units issued 352,381 351,999 Units redeemed (81,062) (720,092)

Units at the end of the period 1,980,885 1,715,371

Provident class units

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

Units at the end of the period 10,551,361 11,514,288

“Z” class income units

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

Units at the end of the period 5,674,242 5,611,339

62 Cash Flow Statement

HSBC Managed Stable Fund for the period ended 31 January 2021

1 August 2020 to 1 August 2019 to 31 January 2021 31 January 2020 HKD HKD

OPERATING ACTIVITIES

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

Net cash generated from operating activities 7,130,912 42,710,828

FINANCING ACTIVITIES

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

Net cash used in financing activities (6,931,184) (42,739,994)

Net increase/(decrease) in cash and cash equivalents 199,728 (29,166)

Cash and cash equivalents at the beginning of the period 3,100,080 3,918,382

Cash and cash equivalents at the end of the period 3,299,808 3,889,216

63 Portfolio Statement

HSBC Managed Stable Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Financial assets AUSTRALIA, COMMONWEALTH OF (GOVERNMENT) 4.75% 21 APRIL Equities 2027 131,000 977,882 0.30

Listed investments

2,692,410 0.83 Greece FOLLI FOLLIE COMMERCIAL MANUFACTURING AND TECHNICAL Austria SA 191 – – AUSTRIA (REPUBLIC OF) 0% 20

APRIL 2023 65,000 621,788 0.19 AUSTRIA (REPUBLIC OF) 0.75% 20 Turkey MARCH 2051 10,000 109,906 0.04 YAPI VE KREDI BANKASI AS – 1 0.00

731,694 0.23 Listed Equities (Total) 1 0.00

Belgium Unlisted investments BELGIUM, KINGDOM OF (GOVERNMENT) 0.9% 22 JUNE British Virgin Islands 2029 240,000 2,513,982 0.77 CHINA COMMON RICH RENEWABLE BELGIUM, KINGDOM OF ENERGY INVESTMENTS LTD 141,272 – – (GOVERNMENT) 2.6% 22 JUNE 2024 55,000 576,655 0.18

Equities (Total) 1 0.00

3,090,637 0.95

Debt securities

Canada Bonds CANADA (GOVERNMENT) 0.25% 1 Listed Investments FEBRUARY 2023 30,000 182,363 0.06 CANADA (GOVERNMENT) 2.25% 1 Australia JUNE 2029 260,000 1,773,519 0.54 AUSTRALIA, COMMONWEALTH OF (GOVERNMENT) 1% 21 DECEMBER 2030 110,000 648,751 0.20 1,955,882 0.60

AUSTRALIA, COMMONWEALTH OF (GOVERNMENT) 3.25% 21 APRIL Denmark 2025 22,000 147,309 0.05 DENMARK (KINGDOM OF) 1.5% 15 AUSTRALIA, COMMONWEALTH OF NOVEMBER 2023 456,000 612,190 0.19 (GOVERNMENT) 3.25% 21 APRIL 2029 130,000 918,468 0.28

64 Portfolio Statement

HSBC Managed Stable Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Debt securities Hong Kong HONG KONG SPECIAL Bonds ADMINISTRATIVE REGION OF THE Listed Investments PEOPLES REPUBLIC OF CHINA 2.46% 04 AUGUST 2021 850,000 860,311 0.26

France FRANCE (GOVERNMENT OF) OAT Italy 4.25% 25 OCTOBER 2023 226,000 2,420,153 0.75 ITALY (REPUBLIC OF) 4% 1 FRANCE, REPUBLIC OF FEBRUARY 2037 121,000 1,629,536 0.50 (GOVERNMENT) 0% 25 FEBRUARY ITALY (REPUBLIC OF) 4.5% 1 MARCH 2023 120,000 1,146,809 0.35 2024 139,000 1,498,898 0.46 FRANCE, REPUBLIC OF ITALY (REPUBLIC OF) 5.5% 1 (GOVERNMENT) 0% 25 MAY 2021 80,000 755,037 0.23 NOVEMBER 2022 255,000 2,646,436 0.81 FRANCE, REPUBLIC OF ITALY, REPUBLIC OF (GOVERNMENT) (GOVERNMENT) 0% 25 NOVEMBER 0.35% 1 FEBRUARY 2025 60,000 575,191 0.18 2030 110,000 1,065,366 0.33 ITALY, REPUBLIC OF (GOVERNMENT) FRANCE, REPUBLIC OF 0.95% 1 AUGUST 2030 280,000 2,730,909 0.84 (GOVERNMENT) 2% 25 MAY 2048 160,000 2,153,130 0.66 ITALY, REPUBLIC OF (GOVERNMENT) FRANCE, REPUBLIC OF 1.35% 1 APRIL 2030 200,000 2,021,960 0.62 (GOVERNMENT) 2.5% 25 MAY 2030 60,000 717,335 0.22 ITALY, REPUBLIC OF (GOVERNMENT) FRANCE, REPUBLIC OF 1.65% 01 DECEMBER 2030 260,000 2,691,984 0.83 (GOVERNMENT) 4% 25 OCTOBER ITALY, REPUBLIC OF (GOVERNMENT) 2038 35,000 560,189 0.17 2% 01 DECEMBER 2025 100,000 1,031,978 0.32 ITALY, REPUBLIC OF (GOVERNMENT) 8,818,019 2.71 2.45% 1 SEPTEMBER 2050 60,000 691,369 0.21

Germany 15,518,261 4.77

DAIMLER AG 2.29% 9 MAY 2022 1,000,000 1,016,739 0.31 GERMANY, FEDERAL REPUBLIC OF Japan (GOVERNMENT) 0% 10 JUNE 2022 160,000 1,521,829 0.47 JAPAN (GOVERNMENT) 0.1% 1 JULY GERMANY, FEDERAL REPUBLIC OF 2021 19,000,000 1,408,432 0.43 (GOVERNMENT) 0% 15 AUGUST JAPAN (GOVERNMENT) 0.1% 20 2050 40,000 385,687 0.12 DECEMBER 2028 15,500,000 1,161,290 0.36 GERMANY, FEDERAL REPUBLIC OF JAPAN (GOVERNMENT) 0.1% 20 (GOVERNMENT) 0% 15 MAY 2035 50,000 494,784 0.15 JUNE 2030 15,000,000 1,119,341 0.34 GERMANY, FEDERAL REPUBLIC OF JAPAN (GOVERNMENT) 0.1% 20 (GOVERNMENT) 3.25% 4 JULY MARCH 2022 21,400,000 1,588,906 0.49 2021 180,000 1,723,419 0.53 JAPAN (GOVERNMENT) 0.1% 20 MARCH 2029 17,000,000 1,273,106 0.39 5,142,458 1.58 JAPAN (GOVERNMENT) 0.4% 20

JUNE 2040 6,000,000 440,564 0.14

65 Portfolio Statement

HSBC Managed Stable Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

JAPAN (GOVERNMENT) 0.4% 20 Norway JUNE 2049 31,900,000 2,214,660 0.68 NORWAY, KINGDOM OF JAPAN (GOVERNMENT) 0.4% 20 (GOVERNMENT) 2% 24 MAY 2023 260,000 244,517 0.07 MARCH 2056 7,000,000 472,844 0.15 NORWAY, KINGDOM OF JAPAN (GOVERNMENT) 1.8% 20 (GOVERNMENT) 3.75% 25 MAY SEPTEMBER 2043 9,000,000 847,901 0.26 2021 700,000 641,757 0.20

JAPAN GOVERNMENT 20 YEAR BOND #150 1.4% 20 SEPTEMBER 886,274 0.27 2034 36,150,000 3,103,251 0.95 JAPAN GOVERNMENT 20 YEAR BOND #61 1% 20 MARCH 2023 38,500,000 2,919,679 0.90 Poland JAPAN GOVERNMENT 20 YEAR POLAND, REPUBLIC OF BOND #97 2.2% 20 SEPTEMBER (GOVERNMENT) 5.75% 25 APRIL 2027 7,200,000 614,555 0.19 2029 100,000 289,809 0.09

JAPAN GOVERNMENT 30 YEAR BOND #29 2.4% 20 SEPTEMBER Singapore 2038 29,450,000 2,928,549 0.90 SINGAPORE, REPUBLIC OF (GOVERNMENT) 3% 1 SEPTEMBER 20,093,078 6.18 2024 60,000 383,115 0.12

Luxembourg South Korea EUROPEAN INVESTMENT BANK KOOKMIN BANK 3.3% 13 NOVEMBER 2.15% 18 JANUARY 2027 33,600,000 2,834,555 0.87 2021 3,000,000 3,063,575 0.94

KOREA FINANCE CORP 4.42% 12 APRIL 2021 2,000,000 2,015,090 0.62 Mexico MEXICO (UNITED MEXICAN STATES) (GOVERNMENT) 7.25% 9 5,078,665 1.56

DECEMBER 2021 10,000 397,295 0.12 MEXICO (UNITED MEXICAN STATES) Spain (GOVERNMENT) 8.5% 31 MAY 2029 8,000 378,082 0.12 BONOS Y OBLIG DEL ESTADO 5.15% 31 OCTOBER 2044 63,000 1,156,168 0.36 775,377 0.24 SPAIN (GOVERNMENT OF) 4.4% 31

OCTOBER 2023 152,000 1,628,214 0.50 SPAIN, KINGDOM OF (GOVERNMENT) Netherlands 0.5% 30 APRIL 2030 50,000 490,931 0.15 NETHERLANDS (GOVERNMENT OF) SPAIN, KINGDOM OF (GOVERNMENT) 3.75% 15 JANUARY 2042 30,000 518,972 0.16 0.6% 31 OCTOBER 2029 139,000 1,379,375 0.43 SPAIN, KINGDOM OF (GOVERNMENT) New Zealand 1% 31 OCTOBER 2050 15,000 143,162 0.04 ASB FINANCE LTD (LONDON SPAIN, KINGDOM OF (GOVERNMENT) BRANCH) 2.63% 14 DECEMBER 1.3% 31 OCTOBER 2026 165,000 1,701,582 0.52 2021 1,000,000 1,016,880 0.31

66 Portfolio Statement

HSBC Managed Stable Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Debt securities UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND Bonds (GOVERNMENT) 1.625% 22 Listed Investments OCTOBER 2071 70,000 1,031,568 0.32 UNITED KINGDOM OF GREAT SPAIN, KINGDOM OF (GOVERNMENT) BRITAIN AND NORTHERN IRELAND 1.45% 31 OCTOBER 2027 40,000 419,020 0.13 (GOVERNMENT) 1.75% 07 SPAIN, KINGDOM OF (GOVERNMENT) SEPTEMBER 2037 80,000 988,897 0.30 2.35% 30 JULY 2033 50,000 589,537 0.18 UNITED KINGDOM OF GREAT

BRITAIN AND NORTHERN IRELAND (GOVERNMENT) 3.5% 22 JANUARY 7,507,989 2.31 2045 35,000 584,634 0.18 UNITED KINGDOM OF GREAT Sweden BRITAIN AND NORTHERN IRELAND NORDEA BANK AB 3.045% 27 (GOVERNMENT) 4.25% 7 AUGUST 2025 2,000,000 2,171,309 0.67 DECEMBER 2049 30,000 593,701 0.18

SWEDEN, KINGDOM OF (GOVERNMENT) 0.75% 12 6,789,941 2.09 NOVEMBER 2029 300,000 297,907 0.09

United States of America 2,469,216 0.76 UNITED KINGDOM TREASURY NOTES 0.125% 15 OCTOBER 2023 900,000 6,973,558 2.14 United Kingdom UNITED KINGDOM TREASURY NOTES UK TREASURY NOTES 4.25% 7 0.125% 30 SEPTEMBER 2022 500,000 3,878,137 1.19 MARCH 2036 22,000 356,229 0.11 UNITED KINGDOM TREASURY NOTES UNITED KINGDOM OF GREAT 0.25% 30 SEPTEMBER 2025 240,000 1,849,947 0.57 BRITAIN AND NORTHERN IRELAND UNITED KINGDOM TREASURY NOTES (GOVERNMENT) 0.125% 31 1.375% 15 NOVEMBER 2040 75,000 555,188 0.17 JANUARY 2023 170,000 1,816,588 0.56 UNITED STATES OF AMERICA UNITED KINGDOM OF GREAT (GOVERNMENT) 0.375% 30 APRIL BRITAIN AND NORTHERN IRELAND 2025 150,000 1,165,849 0.36 (GOVERNMENT) 0.5% 22 JULY UNITED STATES OF AMERICA 2022 100,000 1,074,171 0.33 (GOVERNMENT) 1.25% 31 UNITED KINGDOM OF GREAT OCTOBER 2021 1,040,000 8,133,619 2.50 BRITAIN AND NORTHERN IRELAND UNITED STATES OF AMERICA (GOVERNMENT) 0.625% 22 (GOVERNMENT) 2% 15 FEBRUARY OCTOBER 2050 20,000 197,919 0.06 2050 80,000 646,429 0.20 UNITED KINGDOM OF GREAT UNITED STATES TREASURY 1.25% 15 BRITAIN AND NORTHERN IRELAND MAY 2050 320,000 2,152,081 0.66 (GOVERNMENT) 1.5% 22 JULY 2047 12,000 146,234 0.05 UNITED STATES TREASURY 1.5% 15 AUGUST 2026 540,000 4,412,625 1.36 UNITED STATES TREASURY 2.25% 15 AUGUST 2027 496,000 4,235,308 1.30

67 Portfolio Statement

HSBC Managed Stable Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Debt securities Unit trusts Listed investments Bonds Unlisted but quoted investments United States of America VANGUARD GROUP INC-VANGUARD UNITED STATES TREASURY 3.375% LONG-TERM TREASURY ETF* 22,157 15,889,972 4.89

15 NOVEMBER 2048 95,000 996,100 0.31 US TREASURY NOTES 2.5% 15 MAY Unlisted but quoted investments 2024 93,000 775,501 0.24 US TREASURY NOTES 3% 15 Hong Kong NOVEMBER 2044 336,000 3,254,175 1.00 HSBC INVESTMENT FUND (H.K.) LIMITED - HSBC POOLED HONG 39,028,517 12.00 KONG EQUITY FUND W CLASS

UNIT 563,681 23,893,014 7.35 HSBC POOLED INVESTMENT FUND Unlisted but quoted investments - HSBC POOLED ASIAN BOND FUND CLASS W 2,700,055 38,603,773 11.87 Canada HSBC POOLED INVESTMENT FUND - BANK OF NOVA SCOTIA 2.295% 27 HSBC POOLED ASIAN LOCAL APRIL 2022 3,000,000 3,062,202 0.94 CURRENCY BOND FUND CLASS W 833,631 9,096,413 2.79 HSBC POOLED INVESTMENT FUND - France HSBC POOLED VC ASIA PAC EX JP TOTAL CAPITAL INTERNATIONAL SA EQ FD-W 1,828,084 24,347,702 7.49 3.088% 14 SEPTEMBER 2026 2,000,000 2,215,352 0.68 HSBC US EQUITY POOLED FUND* 701,572 20,154,683 6.20

Hong Kong 116,095,585 35.70

HKCG FINANCE LTD 3.3% 16 MAY 2022 2,000,000 2,069,442 0.64 Ireland HSBC GLOBAL LIQUIDITY FUNDS - Malaysia HSBC GLOBAL LIQUIDITY FUNDS MALAYSIA (GOVERNMENT) 3.885% PL* 1,525,652 11,829,675 3.64 15 AUGUST 2029 220,000 460,066 0.14

United Kingdom 460,066 0.14 HSBC EUROPEAN INDEX INST ACC 144,440 17,101,907 5.26 HSBC FTSE 100 INDEX INST ACC 234,767 5,611,838 1.73 Debt securities (Total) 134,901,312 41.48 HSBC INDEX TRACKER INVESTMENT

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

35,783,672 11.01

68 Portfolio Statement

HSBC Managed Stable Fund as at 31 January 2021 % of net Market asset Holdings value value HKD

Debt securities

Unit trusts Unlisted but quoted investments

Unit trusts (Total) 179,598,904 55.24

Total financial assets 314,500,217 96.72

Financial liabilities

Derivative liabilities

Foreign currency forward contracts (10,816) (0.00)

Total financial liabilities (10,816) (0.00)

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

Other net assets 10,667,306 3.28

Total net assets 325,156,707 100.00

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

69 Statement of Movements in Portfolio Holdings

HSBC Managed Stable Fund for the period from 1 August 2020 to 31 January 2021

% of net % of net asset value asset value 31 January 2021 31 July 2020

Financial assets

Equities

Listed investments Greece – – Turkey 0.00 –

– –

Unlisted investment British Virgin Islands – –

– –

Bonds Listed investments 39.08 37.86 Unlisted investments 2.40 5.19

41.48 43.05

Unit trusts Listed investments 4.89 7.45 Unlisted investments 50.35 48.28

55.24 55.73

Derivative assets

Foreign currency forward contracts – 0.00

– 0.00

Derivative liabilities

Foreign currency forward contracts (0.00) –

(0.00) –

Total investments 96.72 98.78 Other net assets 3.28 1.22

Total net assets 100.00 100.00

70 Details in Respect of Financial Derivative Instruments

HSBC Managed Stable Fund as at 31 January 2021

Foreign currency forward contracts

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

Currency/Amount Currency/ Settlement date Counterparty Fair value bought Amount sold HKD

Financial liabilities:

HKD50,383,925 USD6,500,000 8 April 2021 ANZ BANK MELBOURNE (10,816)

(10,816)

71 Performance Record

HSBC Managed Stable Fund

(a) Price record (Dealing net asset value per unit)

“A” class income units

Bid Offer Year Lowest Highest Lowest Highest HKD HKD HKD HKD

2011 13.12 14.38 13.84 15.17 2012 13.08 14.22 13.79 15.00 2013 13.36 14.34 14.09 15.12 2014 13.52 14.40 14.26 15.19 2015 13.48 14.31 14.22 15.10 2016 12.86 13.94 13.57 14.71 2017 13.27 14.50 14.00 15.30 2018 14.40 15.33 15.19 16.17 2019 13.80 14.74 13.82 15.28 2020 13.39 15.45 13.39 15.45 1 August 2020 to 31 January 2021 15.37 16.68 15.37 16.68

“L” class income units

Bid Offer Year Lowest Highest Lowest Highest HKD HKD HKD HKD

2011 14.89 16.35 14.89 16.35 2012 14.99 16.29 14.99 16.29 2013 15.42 16.58 15.42 16.58 2014 0.00 16.71 0.00 16.71 2015 – – – – 2016 – – – – 2017 – – – – 2018 – – – – 2019 – – – – 2020 – – – – 1 August 2020 to 31 January 2021 – – – –

72 Performance Record

Provident class units

Bid Offer Year Lowest Highest Lowest Highest HKD HKD HKD HKD

2011 15.21 16.81 15.21 16.81 2012 15.44 16.76 15.44 16.76 2013 15.97 17.25 15.97 17.25 2014 16.48 17.68 16.48 17.68 2015 16.78 17.69 16.78 17.69 2016 16.08 17.53 16.08 17.53 2017 16.73 18.42 16.73 18.42 2018 18.40 19.66 18.40 19.66 2019 17.89 19.20 17.89 19.20 2020 17.53 20.28 17.53 20.28 1 August 2020 to 31 January 2021 20.20 21.98 20.20 21.98

“Z” class income units

Bid Offer Year Lowest Highest Lowest Highest HKD HKD HKD HKD

2019 9.94 10.02 9.94 10.02 2020 9.20 10.67 9.20 10.67 1 August 2020 to 31 January 2021 10.65 11.61 10.65 11.61

(b) Total net asset value

31 January 2021 2020 2019 2018 HKD HKD HKD HKD

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

(c) Net asset value per unit

31 January 2021 2020 2019 2018 HKD HKD HKD HKD

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

73 Statement of Financial Position

HSBC Managed Stable Growth Fund as at 31 January 2021

31 January 2021 31 July 2020 HKD HKD

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

170,717,421 173,764,480

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

6,184,925 392,178

NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 164,532,496 173,372,302

Representing: Financial liabilities 164,532,496 173,372,302

Units Units Total number of units in issue

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

Net asset value per unit

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

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

74 Statement of Comprehensive Income

HSBC Managed Stable Growth Fund for the period ended 31 January 2021

1 August 2020 to 1 August 2019 to 31 January 2021 31 January 2020 HKD HKD

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

TOTAL REVENUE 17,990,413 6,556,520

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

TOTAL OPERATING EXPENSES 785,972 2,103,664

NET PROFIT FROM OPERATIONS BEFORE TAXATION 17,204,441 4,452,856

Taxation (5,726) 88,999

INCREASE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AND TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 17,210,167 4,363,857

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

1 August 2020 to 1 August 2019 to 31 January 2021 31 January 2020 HKD HKD

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

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

75 Statement of Changes in Net Assets Attributable to Unitholders

HSBC Managed Stable Growth Fund for the period ended 31 January 2021

1 August 2020 to 1 August 2019 to 31 January 2021 31 January 2020 HKD HKD

Balance at the beginning of the period 173,372,302 236,635,343

Increase in net assets attributable to unitholders and total comprehensive income for the period 17,210,167 4,363,857

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

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

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

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

Balance at the end of the period 164,532,496 183,018,587

Units Units Provident class units

Units at the beginning of the period 5,179,499 7,706,963 Units issued 278,485 302,946 Units redeemed (1,365,126) (2,281,906)

Units at the end of the period 4,092,858 5,728,003

“Z” class income units

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

Units at the end of the period 5,400,532 5,749,431

76 Cash Flow Statement

HSBC Managed Stable Growth Fund for the period ended 31 January 2021

1 August 2020 to 1 August 2019 to 31 January 2021 31 January 2020 HKD HKD

OPERATING ACTIVITIES

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

Net cash generated from operating activities 22,716,926 55,711,887

FINANCING ACTIVITIES

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

Net cash used in financing activities (22,522,350) (57,337,908)

Net increase/(decrease) in cash and cash equivalents 194,576 (1,626,021)

Cash and cash equivalents at the beginning of the period 1,550,040 7,338,398

Cash and cash equivalents at the end of the period 1,744,616 5,712,377

77 Portfolio Statement

HSBC Managed Stable Growth Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Financial assets Canada CANADA (GOVERNMENT) 2.25% 1 Equities JUNE 2029 95,000 648,017 0.39

Listed investments

Denmark Greece DENMARK (KINGDOM OF) 1.5% 15 FOLLI FOLLIE COMMERCIAL NOVEMBER 2023 118,000 158,418 0.10 MANUFACTURING AND TECHNICAL SA 306 – –

France FRANCE (GOVERNMENT OF) 4.5% 25 Turkey APRIL 2041 29,000 511,112 0.31 YAPI VE KREDI BANKASI AS 0 1 0.00 FRANCE (GOVERNMENT OF) 5.75% 25 OCTOBER 2032 15,000 241,852 0.15 Listed Equities (Total) 1 0.00 FRANCE (GOVERNMENT OF) OAT

4.25% 25 OCTOBER 2023 73,000 781,731 0.47 FRANCE, REPUBLIC OF Unlisted investments (GOVERNMENT) 0% 25 FEBRUARY 2023 25,000 238,919 0.15 British Virgin Islands FRANCE, REPUBLIC OF CHINA COMMON RICH RENEWABLE (GOVERNMENT) 0% 25 MARCH ENERGY INVESTMENTS LTD 64,025 – – 2025 15,000 145,172 0.09 FRANCE, REPUBLIC OF Equities (Total) 1 0.00 (GOVERNMENT) 0% 25 NOVEMBER

2030 30,000 290,554 0.18 FRANCE, REPUBLIC OF Debt securities (GOVERNMENT) 2% 25 MAY 2048 20,000 269,141 0.16 FRANCE, REPUBLIC OF Bonds (GOVERNMENT) 2.5% 25 MAY 2030 35,000 418,445 0.25 Listed investments

Australia 2,896,926 1.76

AUSTRALIA, (GOVERNMENT OF) 3.25% 21 APRIL 2025 33,000 220,964 0.13 Germany AUSTRALIA, COMMONWEALTH OF GERMANY, FEDERAL REPUBLIC OF (GOVERNMENT) 3.25% 21 APRIL (GOVERNMENT) 0% 15 AUGUST 2029 70,000 494,560 0.30 2050 5,000 48,211 0.03 GERMANY, FEDERAL REPUBLIC OF 833,479 0.50 (GOVERNMENT) 3.25% 4 JULY

2021 60,000 574,473 0.35

Belgium BELGIUM, KINGDOM OF 622,684 0.38

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

78 Portfolio Statement

HSBC Managed Stable Growth Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Bonds JAPAN GOVERNMENT 20 YEAR Listed investments BOND #97 2.2% 20 SEPTEMBER 2027 9,150,000 780,998 0.48 Italy JAPAN GOVERNMENT 30 YEAR ITALY (REPUBLIC OF) 4% 1 BOND #29 2.4% 20 SEPTEMBER FEBRUARY 2037 41,000 552,157 0.34 2038 12,750,000 1,267,878 0.77

ITALY (REPUBLIC OF) 4.5% 1 MARCH 2024 45,000 485,255 0.29 7,200,101 4.37 ITALY (REPUBLIC OF) 5% 1 MARCH 2022 24,000 239,246 0.15 ITALY, REPUBLIC OF (GOVERNMENT) Mexico 0.95% 1 AUGUST 2030 70,000 682,727 0.41 MEXICO (UNITED MEXICAN STATES) ITALY, REPUBLIC OF (GOVERNMENT) (GOVERNMENT) 7.25% 9 1.35% 1 APRIL 2030 50,000 505,490 0.31 DECEMBER 2021 3,000 119,188 0.07 ITALY, REPUBLIC OF (GOVERNMENT) MEXICO (UNITED MEXICAN STATES) 1.65% 1 DECEMBER 2030 100,000 1,035,378 0.63 (GOVERNMET) 8.5% 31 MAY 2029 3,000 141,781 0.09

ITALY, REPUBLIC OF (GOVERNMENT) 2% 1 DECEMBER 2025 60,000 619,187 0.37 260,969 0.16 ITALY, REPUBLIC OF (GOVERNMENT) 2.45% 1 SEPTEMBER 2050 20,000 230,456 0.14

Netherlands NETHERLANDS (GOVERNMENT OF) 4,349,896 2.64 3.75% 15 JANUARY 2042 22,000 380,580 0.23

Japan 380,580 0.23 JAPAN (GOVERNMENT) 0.1% 1 JULY 2021 7,000,000 518,896 0.32 JAPAN (GOVERNMENT) 0.1% 20 Norway JUNE 2030 15,000,000 1,119,340 0.68 NORWAY, KINGDOM OF JAPAN (GOVERNMENT) 0.1% 20 (GOVERNMENT) 2% 24 MAY 2023 130,000 122,258 0.07 MARCH 2022 6,500,000 482,612 0.29 NORWAY, KINGDOM OF JAPAN (GOVERNMENT) 0.1% 20 (GOVERNMENT) 3.75% 25 MAY SEPTEMBER 2029 500,000 37,405 0.02 2021 160,000 146,688 0.09

JAPAN (GOVERNMENT) 0.4% 20 JUNE 2049 10,200,000 708,136 0.43 268,946 0.16 JAPAN (GOVERNMENT) 0.4% 20 MARCH 2056 3,000,000 202,647 0.12 JAPAN GOVENMNENT 10 YEAR BOND Poland #328 0.6% 20 MARCH 2023 8,850,000 665,556 0.40 POLAND, REPUBLIC OF JAPAN GOVERNMENT 20 YEAR (GOVERNMENT) 2.75% 25 BOND #150 1.4% 20 SEPTEMBER OCTOBER 2029 80,000 191,038 0.12

2034 8,750,000 751,133 0.46 JAPAN GOVERNMENT 20 YEAR BOND #90 2.2% 20 SEPTEMBER 2026 7,950,000 665,500 0.40 79 Portfolio Statement

HSBC Managed Stable Growth Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Bonds UNITED KINGDOM OF GREAT BRITAN Listed investments AND NORTHERN IRELAND (GOVERNMENT) 0.625% 22 Singapore OCTOBER 2050 18,000 178,128 0.11 SINGAPORE, REPUBLIC OF UNITED KINGDOM OF GREAT BRITAN (GOVERNMENT) 3% 1 SEPTEMBER AND NOTHERN IRELAND 2024 20,000 127,705 0.08 (GOVERNMENT) 1.625% 22

OCTOBER 2071 20,000 294,734 0.18 UNITED KINGDOM OF GREAT BRITAN Spain AND NOTHERN IRELAND SPAIN (GOVERNMENT OF) 0.5% 30 (GOVERNMENT) 1.75% 22 JULY APRIL 2030 15,000 147,279 0.09 2057 5,000 68,531 0.04 SPAIN (GOVERNMENT OF) 1.2% 31 UNITED KINGDOM OF GREAT BRITAN OCTOBER 2040 10,000 103,035 0.06 AND NOTHERN IRELAND SPAIN (GOVERNMENT OF) 2.15% 31 (GOVERNMENT) 3.5% 22 JANUARY OCTOBER 2025 61,000 645,245 0.39 2045 15,000 250,557 0.15 SPAIN (GOVERNMENT OF) 4.4% 31 UNITED KINGDOM OF GREAT BRITAN OCTOBER 2023 90,000 964,074 0.59 AND NOTHERN IRELAND SPAIN (GOVERNMENT OF) 5.75% 30 (GOVERNMENT) 4.25% 7 JULY 2032 21,000 322,462 0.20 SEPTEMBER 2039 17,000 291,090 0.18 SPAIN, KINGDOM OF (GOVERNMENT) 1.3% 31 OCTOBER 2026 20,000 206,252 0.13 SPAIN, KINGDOM OF (GOVERNMENT) 2,057,405 1.25

1.45% 30 APRIL 2029 33,000 349,447 0.21 SPAIN, KINGDOM OF (GOVERNMENT) United States of America 1.45% 31 OCTOBER 2027 60,000 628,530 0.38 UNITED STATES OF AMERICA (GOVERNMENT) 2% 15 FEBRUARY 3,366,324 2.05 2050 55,000 444,420 0.27

UNITED STATES TREASURY 0.125% 15 OCTOBER 2023 350,000 2,711,939 1.65 Sweden UNITED STATES TREASURY 0.125% SWEDEN KINGDOM OF 30 SEPTEMBER 2022 100,000 775,627 0.47 (GOVERNMENT) 0.75% 12 UNITED STATES TREASURY 0.25% 30 NOVEMBER 2029 100,000 99,302 0.06 SEPTEMBER 2025 100,000 770,811 0.47 UNITED STATES TREASURY 1.375% United Kingdom 15 NOVEMBER 2040 20,000 148,050 0.09 UNITED KINGDOM OF GREAT UNITED STATES TREASURY 1.5% 15 BRITAIN AND NORTHERN IRELAND AUGUST 2026 140,000 1,144,014 0.69 US TREASURY NOTES 0.5% 30 APRIL (GOVERNMENT) 0.5% 22 JULY 2027 100,000 769,206 0.47 2022 35,000 375,960 0.23 US TREASURY NOTES 1.25% 15 MAY UNITED KINGDOM OF GREAT BRITAN 2050 90,000 605,273 0.37 AND NORTHERN IRELAND US TREASURY NOTES 1.25% 31 (GOVERNMENT) 0.125% 31 OCTOBER 2021 280,000 2,189,821 1.33 JANUARY 2023 56,000 598,405 0.36 US TREASURY NOTES 2.25% 15 AUGUST 2027 34,000 290,324 0.18 80 Portfolio Statement

HSBC Managed Stable Growth Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Bonds HSBC POOLED VC ASIA PAC EX JP Listed investments EQ FD-W 1,438,909 19,164,391 11.65 HSBC US EQUITY POOLED FUND* 585,538 16,821,264 10.22

US TREASURY NOTES 2.5% 15 MAY 2024 85,800 715,462 0.43 87,427,093 53.14 US TREASURY NOTES 3% 15 NOVEMBER 2044 119,000 1,152,520 0.70

Ireland 11,717,467 7.12 HSBC GLOBAL LIQUIDITY FUNDS - HSBC GLOBAL LIQUIDITY FUNDS PL* 226,380 1,755,313 1.07 Unlisted but quoted investments

Malaysia United Kingdom MALAYSIA (GOVERNMENT) 3.885% 15 AUGUST 2029 80,000 167,297 0.10 HSBC EUROPEAN INDEX INST ACC 109,429 12,956,549 7.88 HSBC FTSE 100 INDEX INST ACC 177,008 4,231,162 2.57 Debt securities (Total) 36,184,548 21.98 HSBC INDEX TRACKER INVESTMENT FUNDS - JAPAN INDEX FUND CLASS INSTITUTIONAL Unit trusts ACCUMULATION 675,376 10,829,826 6.58

Listed investments

28,017,537 17.03 United States of America VANGUARD GROUP INC-VANGUARD LONG-TERM TREASURY ETF* 9,911 7,107,709 4.32 Unit trusts (Total) 124,307,652 75.56

7,107,709 4.32 Total financial assets 160,492,201 97.54

Unlisted but quoted investments Financial liabilities

Hong Kong Derivative liabilities HSBC INVESTMENT FUND (H.K.) LIMITED - HSBC POOLED HONG Foreign currency forward contracts (5,824) (0.00) KONG EQUITY FUND W CLASS UNIT 502,452 21,297,697 12.94 Total financial liabilities (5,824) (0.00) HSBC POOLED INVESTMENT FUND - HSBC POOLED ASIAN BOND FUND CLASS W 1,783,228 25,495,521 15.50 Total net investments HSBC POOLED INVESTMENT FUND - (Total cost of investments: HSBC POOLED ASIAN LOCAL HKD140,504,357) 160,486,377 97.54 CURRENCY BOND FUND CLASS W 425,981 4,648,220 2.83

Other net assets 4,046,119 2.46

* The investment funds are not authorised in Hong Kong and not available to the public in Hong Kong. Total net assets 164,532,496 100.00

81 Statement of Movements in Portfolio Holdings

HSBC Managed Stable Growth Fund for the period from 1 August 2020 to 31 January 2021

% of net % of net asset value asset value 31 January 2021 31 July 2020

Financial assets

Equities

Listed investments Greece – – Turkey 0.00 –

0.00 –

Unlisted investment British Virgin Islands – –

– –

Bonds Listed investments 21.88 24.98 Unlisted investments 0.10 0.14

21.98 25.12

Unit trusts Listed investments 4.32 2.85 Unlisted investments 71.24 70.65

75.56 73.50

Derivative assets

Foreign currency forward contracts – 0.00

– 0.00

Derivative liabilities

Foreign currency forward contracts (0.00) –

(0.00) –

Total investments 97.54 98.62 Other net assets 2.46 1.38

Total net assets 100.00 100.00

82 Details in Respect of Financial Derivative Instruments

HSBC Managed Stable Growth Fund as at 31 January 2021

Foreign currency forward contracts

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

Currency/Amount Currency/ Settlement date Counterparty Fair value bought Amount sold HKD

Financial liabilities:

HKD27,129,806 USD3,500,000 8 April 2021 ANZ BANK MELBOURNE (5,824)

(5,824)

83 Performance Record

HSBC Managed Stable Growth Fund

(a) Price record (Dealing net asset value per unit)

Provident class units

Bid Offer Year Lowest Highest Lowest Highest HKD HKD HKD HKD

2011 15.83 18.15 15.83 18.15 2012 15.57 17.94 15.57 17.94 2013 16.56 18.65 16.56 18.65 2014 17.72 19.35 17.72 19.35 2015 18.26 19.57 18.26 19.57 2016 16.82 18.70 16.82 18.70 2017 18.14 20.58 18.14 20.58 2018 20.50 22.53 20.50 22.53 2019 19.67 21.51 19.67 21.51 2020 18.48 22.54 18.48 22.54 1 August 2020 to 31 January 2021 22.42 25.47 22.42 25.47

“Z” class income units

Bid Offer Year Lowest Highest Lowest Highest HKD HKD HKD HKD

2019 9.91 10.02 9.91 10.02 2020 8.65 10.58 8.65 10.58 1 August 2020 to 31 January 2021 10.54 12.00 10.54 12.00

(b) Total net asset value

31 January 2021 2020 2019 2018 HKD HKD HKD HKD

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

(c) Net asset value per unit

31 January 2021 2020 2019 2018 HKD HKD HKD HKD

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

84 Statement of Financial Position

HSBC Global Money Funds as at 31 January 2021

31 January 2021 31 July 2020

HK Dollar US Dollar HK Dollar US Dollar sub-fund sub-fund sub-fund sub-fund HKD USD HKD USD

ASSETS Financial assets at fair value through profit or loss 2,719,521,436 355,169,364 2,997,492,093 380,054,082 Interest and dividends receivable 1,050,337 432,575 2,853,933 1,003,655 Fixed deposits with original maturity more than three months 798,000,000 – 615,000,000 – Cash and cash equivalents 2,481,396,849 129,198,899 2,921,577,614 147,145,710

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

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

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

NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 5,908,462,182 478,151,285 6,459,895,555 517,866,232

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

Units Units Units Units Total number of units in issue

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

Series B units – 100 862,818 100

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

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

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

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

Series L units 428,507 – 411,456 –

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

85 Statement of Financial Position

HSBC Global Money Funds as at 31 January 2021

31 January 2021 31 July 2020

HK Dollar US Dollar HK Dollar US Dollar sub-fund sub-fund sub-fund sub-fund HKD USD HKD USD

Net asset value per unit

Series A units 21.43 2.07 21.41 2.07

Series B units – 10.06 10.07 10.06

Series C units 1.02 1.02 1.02 1.02

Series D units 10.18 – 10.17 –

Series E units 10.11 – 10.10 –

Series F units 10.01 – 10.10 –

Series L units 19.37 – 19.36 –

Series Z units 10.18 10.16 10.17 10.16

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

86 Statement of Comprehensive Income

HSBC Global Money Funds for the period ended 31 January 2021

1 August 2020 to 1 August 2019 to 31 January 2021 31 January 2020

HK Dollar US Dollar HK Dollar US Dollar sub-fund sub-fund sub-fund sub-fund HKD USD HKD USD

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

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

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

TOTAL OPERATING EXPENSES 6,269,778 281,179 4,788,857 606,250

NET PROFIT FROM OPERATIONS BEFORE FINANCE COSTS 4,633,062 204,204 33,945,840 3,260,125

INCREASE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AND TOTAL COMPREHENSIVE INCOME FOR THE pERIOD 4,633,062 204,204 33,945,840 3,260,125

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

1 August 2020 to 1 August 2019 to 31 January 2021 31 January 2020 HK Dollar US Dollar HK Dollar US Dollar sub-fund sub-fund sub-fund sub-fund HKD USD HKD USD

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

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

87 Statement of Changes in Net Assets Attributable to Unitholders

HSBC Global Money Funds for the period ended 31 January 2021

1 August 2020 to 1 August 2019 to 31 January 2021 31 January 2020

HK Dollar US Dollar HK Dollar US Dollar sub-fund sub-fund sub-fund sub-fund HKD USD HKD USD

Balance at the beginning of the period 6,459,895,555 517,866,232 3,697,578,460 369,741,361

Increase in net assets attributable to unitholders and total comprehensive income for the period 4,633,062 204,204 33,945,840 3,260,125

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

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

Balance at the end of the period 5,908,462,182 478,151,285 4,415,562,349 388,587,490

88 Statement of Changes in Net Assets Attributable to Unitholders

HSBC Global Money Funds for the period ended 31 January 2021

1 August 2020 to 1 August 2019 to 31 January 2021 31 January 2020

HK Dollar US Dollar HK Dollar US Dollar sub-fund sub-fund sub-fund sub-fund Units Units Units Units

Series A units

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

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

Series B units

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

Units at the end of the period – 100 782 100

Series C units

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

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

Series D units

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

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

89 Statement of Changes in Net Assets Attributable to Unitholders

HSBC Global Money Funds for the period ended 31 January 2021

1 August 2020 to 1 August 2019 to 31 January 2021 31 January 2020

HK Dollar US Dollar HK Dollar US Dollar sub-fund sub-fund sub-fund sub-fund Units Units Units Units

Series E units

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

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

Series F units

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

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

Series L units

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

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

Series Z units

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

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

90 Cash Flow Statement

HSBC Global Money Funds for the period ended 31 January 2021

1 August 2020 to 1 August 2019 to 31 January 2021 31 January 2020

HK Dollar US Dollar HK Dollar US Dollar sub-fund sub-fund sub-fund sub-fund HKD USD HKD USD

OPERATING ACTIVITIES

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

Net cash generated from/(used in) operating activities 115,885,670 25,654,942 (867,929,646) (9,269,801)

FINANCING ACTIVITIES

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

Net cash (used in)/generated from financing activities (556,066,435) (43,601,753) 684,038,049 17,344,367

Net (decrease)/increase in cash and cash equivalents (440,180,765) (17,946,811) (183,891,597) 8,074,566

Cash and cash equivalents at the beginning of the period 2,921,577,614 147,145,710 1,231,133,268 76,664,829

Cash and cash equivalents at the end of the period 2,481,396,849 129,198,899 1,047,241,671 84,739,395

91 Portfolio Statement

HSBC Global Money Funds – Hong Kong Dollar as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value HKD HKD

Fixed income instruments Hong Kong Unlisted but quoted investments CHINA CONSTRUCTION BANK CORP (SINGAPORE BRANCH) 0% 23 China MARCH 2021 75,000,000 74,973,311 1.27 AGRICULTURAL BANK OF CHINA LTD HONG KONG MORTGAGE CORP LTD (HONG KONG BRANCH) 0% 17 0% 29 APRIL 2021 110,000,000 109,950,207 1.86 MARCH 2021 80,000,000 79,972,053 1.35 HONG KONG SPECIAL AGRICULTURAL BANK OF CHINA LTD ADMINISTRATIVE REGION 0% 15 MARCH 2021 70,000,000 69,977,462 1.19 GOVERNMENT 0% 10 FEBRUARY BANK OF CHINA LTD (HONG KONG 2021 450,000,000 449,994,344 7.61 BRANCH) 0% 10 FEBRUARY 2021 100,000,000 99,992,855 1.69 HONG KONG SPECIAL BANK OF CHINA LTD (HONG KONG ADMINISTRATIVE REGION BRANCH) 0% 18 FEBRUARY 2021 80,000,000 79,991,063 1.36 GOVERNMENT 0% 24 FEBRUARY BANK OF CHINA LTD (HONG KONG 2021 40,000,000 39,999,622 0.68 BRANCH) 0% 24 FEBRUARY 2021 100,000,000 99,988,033 1.69 HONG KONG SPECIAL CHINA CONSTRUCTION BANK CORP ADMINISTRATIVE REGION (MACAU BRANCH) 0% 8 APRIL GOVERNMENT 0% 31 MARCH 2021 90,000,000 89,977,224 1.52 2021 250,000,000 249,992,055 4.23 CHINA DEVELOPMENT BANK (HONG HONG KONG SPECIAL KONG BRANCH) 0% 11 FEBRUARY ADMINISTRATIVE REGION 2021 100,000,000 99,993,155 1.69 GOVERNMENT 0% 7 APRIL 2021 400,000,000 399,978,632 6.77

CHINA DEVELOPMENT BANK (HONG KONG BRANCH) 0% 3 JUNE 2021 90,000,000 89,967,464 1.52 1,324,888,171 22.42

CHINA DEVELOPMENT BANK (HONG

KONG BRANCH) 0% CD 16 South Korea FEBRUARY 2021 80,000,000 79,992,442 1.36 SHINHAN BANK (HONG KONG INDUSTRIAL AND COMMERCIAL BRANCH) 0% 26 APRIL 2021 100,000,000 99,970,092 1.70 BANK OF CHINA LTD SHINHAN BANK 0% 27 APRIL 2021 100,000,000 99,969,735 1.69 (LUXEMBOURG BRANCH) 0% 7 MAY 2021 100,000,000 99,968,778 1.69 199,939,827 3.39 INDUSTRIAL AND COMMERCIAL BANK OF CHINA LTD (LUXEMBOURG BRANCH) 0% 8 Total net investments MARCH 2021 85,000,000 84,966,628 1.44 (Total cost of investments:

HKD 2,718,906,674) 2,719,521,436 46.03 974,787,157 16.50

Other net assets 3,188,940,746 53.97

France NATIXIS (HONG KONG BRANCH) 0% Total net assets 5,908,462,182 100.00

24 MARCH 2021 100,000,000 99,934,481 1.69 NATIXIS (SINGAPORE BRANCH) 0% 20 APRIL 2021 120,000,000 119,971,800 2.03

219,906,281 3.72

92 Portfolio Statement

HSBC Global Money Funds – Hong Kong Dollar as at 31 January 2021 % of net Market asset value value HKD

Daily liquid assets 915,619,829 15.50 Weekly liquid assets 1,085,619,829 18.37

2,001,239,658 33.87

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

93 Portfolio Statement

HSBC Global Money Funds – US Dollar as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value USD USD

Fixed income instruments CHINA CONSTRUCT BANK (SEOUL Listed Investments BRANCH) 0% 19 APRIL 2021 8,000,000 7,995,554 1.67 CHINA CONSTRUCTION BANK CORP Luxembourg 0% 8 FEBRUARY 2021 6,000,000 5,999,650 1.26 EUROPEAN INVESTMENT BANK 4% INDUSTRIAL AND COMMERCIAL 16 FEBRUARY 2021 9,157,000 9,171,251 1.92 BANK OF CHINA LTD

(LUXEMBOURG BRANCH) 0% 28

MAY 2021 8,000,000 7,992,017 1.67 Netherlands BANK OF NEDERLANDSE GEMEENTEN 4.375% 16 FEBRUARY 2021 5,000,000 5,008,506 1.04 29,982,690 6.27

BNG BANK 2.5% 16 FEBRUARY 2021 3,000,000 3,002,867 0.63

Denmark 8,011,373 1.67 DENMARK KINGDOM (GOVERNMENT)

0% 25 FEBRUARY 2021 20,000,000 19,998,267 4.18 KOMMUNEKREDIT 0% 17 FEBRUARY Philippines 2021 10,000,000 9,999,200 2.09 ASIAN DEVELOPMENT BANK 1.625% 16 MARCH 2021 9,000,000 9,015,819 1.89

29,997,467 6.27

Sweden SWEDISH EXPORT CREDIT 2.375% 9 France APRIL 2021 10,000,000 10,039,872 2.10 CAISSE DES DEPOTS 0% 22 MARCH

2021 15,000,000 14,995,715 3.14 NATIXIS (SINGAPORE BRANCH) 0% 10 Total listed investments 36,238,315 7.58 FEBRUARY 2021 10,000,000 9,999,550 2.09

Unlisted but quoted investments 24,995,265 5.23

Australia QUEENSLAND TREASURY CORP 0% Germany 16 FEBRUARY 2021 20,000,000 19,998,501 4.18 KFW 0% 16 FEBRUARY 2021 8,000,000 7,999,301 1.67 SOUTH AUSTRALIAN (GOVERNMENT) KREDITANST FUR WIE 0% 8 MARCH FINANCIAL AUTHORITIES 0% 2 2021 5,000,000 4,999,223 1.05 FEBRUARY 2021 10,000,000 9,999,936 2.09 LANDESKREDITBANK BADEN WESTERN AUSTRALIA TREASURY WUERTTEMBERG FOERDERBANK CORP 0% 9 MARCH 2021 8,000,000 7,998,441 1.68 0% 16 FEBRUARY 2021 9,000,000 8,999,157 1.88

LANDESKREDITBANK BADEN WUERTTEMBERG FOERDERBANK 37,996,878 7.95 0% 23 APRIL 2021 8,000,000 7,996,493 1.67 NRW BANK 0% 5 MARCH 2021 10,000,000 9,998,312 2.09

China BANK OF CHINA LTD (SYDNEY 39,992,486 8.36 BRANCH) 0% 27 APRIL 2021 8,000,000 7,995,469 1.67

94 Portfolio Statement

HSBC Global Money Funds – US Dollar as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value USD USD

Netherlands Daily liquid assets 116,824,341 24.43 NEDERLANDSE WATERSCHAPS NV Weekly liquid assets 147,824,150 30.92

0% 13 APRIL 2021 24,000,000 23,991,956 5.02 264,648,491 55.35

New Zealand NEW ZEALAND (GOVERNMENT) 0% The weighted average maturity and the weighted average 15 APRIL 2021 20,000,000 19,995,135 4.18 life of the portfolio of the sub-fund are 32 and 32 respectively.

Philippines ASIAN DEVELOPMENT BANK 0% 22 FEBRUARY 2021 14,000,000 13,998,857 2.93

Singapore DBS BANK LTD 0% 8 APRIL 2021 7,000,000 6,997,178 1.47 SHINHAN BANK (SINGAPORE BRANCH) 0% 28 MAY 2021 8,000,000 7,991,503 1.67 UNITED OVERSEAS BANK LTD 0% 22 APRIL 2021 8,000,000 7,995,916 1.67

22,984,597 4.81

United Kingdom EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT 0% 5 MARCH 2021 15,000,000 14,997,468 3.13

United States of America TREASURY BILL 0% 16 FEBRURY 2021 60,000,000 59,998,250 12.55

Total unlisted investments 318,931,049 66.70

Fixed income instruments (Total) 355,169,364 74.28

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

Other net assets 122,981,921 25.72

Total net assets 478,151,285 100.00

95 Statement of Movements in Portfolio Holdings

HSBC Global Money Funds – Hong Kong Dollar for the period from 1 August 2020 to 31 January 2021

% of % of net asset net asset value value 31 January 2021 31 July 2020

Fixed income instruments

Unlisted but quoted investments 46.03 46.40

Total investments 46.03 46.40

Other net assets 53.97 53.60

Total net assets 100.00 100.00

HSBC Global Money Funds – US Dollar for the period from 1 August 2020 to 31 January 2021

% of % of net asset net asset value value 31 January 2021 31 July 2020

Fixed income instruments

Listed Investments 7.58 19.23 Unlisted but quoted investments 66.70 54.16

Total investments 74.28 73.39

Other net assets 25.72 26.61

Total net assets 100.00 100.00

96 Performance Record

HSBC Global Money Funds

Hong Kong Dollar sub-fund Series A units Series B units Series C units Series D units Price Price Price Price Year Lowest Highest Lowest Highest Lowest Highest Lowest Highest HKD HKD HKD HKD HKD HKD HKD HKD

2011 20.45 20.47 N/A N/A N/A N/A N/A N/A 2012 20.47 20.51 N/A N/A N/A N/A N/A N/A 2013 20.51 20.54 N/A N/A N/A N/A N/A N/A 2014 20.54 20.58 N/A N/A N/A N/A N/A N/A 2015 20.58 20.63 N/A N/A N/A N/A N/A N/A 2016 20.63 20.66 N/A N/A N/A N/A N/A N/A 2017 20.66 20.71 N/A N/A N/A N/A N/A N/A 2018 20.71 20.83 N/A N/A N/A N/A N/A N/A 2019 20.84 21.12 N/A N/A 1.00 1.01 10.00 10.03 2020 20.96 21.41 10.00 10.07 1.00 1.02 10.00 10.17 1 August 2020 to 31 January 2021 21.41 21.43 10.07 10.08 1.02 1.02 10.17 10.18

Hong Kong Dollar sub-fund Series E units Series F units Series L units Series Z units Price Price Price Price Year Lowest Highest Lowest Highest Lowest Highest Lowest Highest HKD HKD HKD HKD HKD HKD HKD HKD

2011 N/A N/A N/A N/A 20.02 20.10 N/A N/A 2012 N/A N/A N/A N/A 19.97 20.02 N/A N/A 2013 N/A N/A N/A N/A 19.90 19.97 N/A N/A 2014 N/A N/A N/A N/A 19.86 19.90 N/A N/A 2015 N/A N/A N/A N/A 19.80 19.86 N/A N/A 2016 N/A N/A N/A N/A 19.75 19.81 N/A N/A 2017 N/A N/A N/A N/A 19.64 19.75 N/A N/A 2018 N/A N/A N/A N/A 19.17 19.64 N/A N/A 2019 N/A N/A 1.00 1.01 19.06 19.18 10.00 10.02 2020 10.00 10.10 0.70 10.00 19.08 19.36 10.00 10.17 1 August 2020 to 31 January 2021 10.10 10.11 10.00 10.01 19.36 19.37 10.17 10.18

97 Performance Record

US Dollar sub-fund Series A units Series B units Series C units Series Z units Price Price Price Price Year Lowest Highest Lowest Highest Lowest Highest Lowest Highest USD USD USD USD USD USD USD USD

2011 1.98 1.98 N/A N/A N/A N/A N/A N/A 2012 1.98 1.98 N/A N/A N/A N/A N/A N/A 2013 1.96 2.02 N/A N/A N/A N/A N/A N/A 2014 1.97 1.98 N/A N/A N/A N/A N/A N/A 2015 1.97 1.97 N/A N/A N/A N/A N/A N/A 2016 1.97 1.97 N/A N/A N/A N/A N/A N/A 2017 1.97 1.98 N/A N/A N/A N/A N/A N/A 2018 1.98 2.00 N/A N/A N/A N/A N/A N/A 2019 2.00 2.05 N/A N/A 1.00 1.01 10.00 10.02 2020 2.02 2.07 10.00 10.06 1.00 1.02 10.00 10.16 1 August 2020 to 31 January 2021 2.07 2.07 10.06 10.06 1.02 1.02 10.16 10.16

98 Performance Record

31 January 2021 2020 2019 2018

Total net asset value of Hong Kong Dollar sub-fund (in HK$) (calculated in accordance with HKFRS) – Series A units 2,865,674,291 3,029,231,648 2,795,080,452 3,016,476,653 – Series B units – 8,691,440 – – – Series C units 564,001,038 561,728,427 319,618,097 – – Series D units 561,386,277 500,185,059 20,021,425 – – Series E units 1,255,920,160 1,777,274,037 – – – Series F units 247,773,724 92,510,124 4,555,792 – – Series L units 8,300,167 7,965,578 8,272,605 7,804,348 – Series Z units 405,406,525 482,309,242 550,030,089 –

5,908,462,182 6,459,895,555 3,697,578,460 3,024,281,001

Net asset value per unit of Hong Kong Dollar sub-fund (in HK$) (calculated in accordance with HKFRS) – Series A units 21.43 21.41 21.12 20.83 – Series B units – 10.07 – – – Series C units 1.02 1.02 1.01 – – Series D units 10.18 10.17 10.03 – – Series E units 10.11 10.10 – – – Series F units 10.01 10.00 1.01 – – Series L units 19.37 19.36 19.18 19.17 – Series Z units 10.18 10.17 10.02 –

Total net asset value of US Dollar sub-fund (in US$) (calculated in accordance with HKFRS) – Series A units 248,046,873 285,194,858 273,317,773 241,513,353 – Series B units 1,006 1,006 – – – Series C units 226,520,758 225,923,536 88,242,487 – – Series Z units 3,582,648 6,746,832 8,181,101 –

478,151,285 517,866,232 369,741,361 241,513,353

Net asset value per unit of US Dollar sub-fund (in US$) (calculated in accordance with HKFRS) – Series A units 2.07 2.07 2.05 2.00 – Series B units 10.06 10.06 – – – Series C units 1.02 1.02 1.01 – – Series Z units 10.16 10.16 10.02 –

99 Administration

HSBC Managed Balanced Fund

Manager HSBC Investment Funds (Hong Kong) Limited HSBC Main Building 1 Queen’s Road Central Hong Kong

Directors of the Manager Stuart Glenn BERRY (resigned on 28 August 2020) Pedro Augusto BOTELHO BASTOS Guillermo Eduardo MALDONADO‑CODINA Chun Pong Stephen TAM Ka Yin Joanne LAU

Investment adviser HSBC Global Asset Management (Hong Kong) Limited HSBC Main Building 1 Queen’s Road Central Hong Kong

Investment sub‑advisers HSBC Global Asset Management (UK) Limited 8 Canada Square London E14 5HQ United Kingdom

Custodian, trustee and registrar HSBC Institutional Trust Services (Asia) Limited HSBC Main Building 1 Queen’s Road Central Hong Kong

Auditors KPMG 8th Floor, Prince’s Building 10 Chater Road Central Hong Kong

100 Administration

HSBC Managed Growth Fund

Manager HSBC Investment Funds (Hong Kong) Limited HSBC Main Building 1 Queen’s Road Central Hong Kong

Directors of the Manager Stuart Glenn BERRY (resigned on 28 August 2020) Pedro Augusto BOTELHO BASTOS Guillermo Eduardo MALDONADO‑CODINA Chun Pong Stephen TAM Ka Yin Joanne LAU

Investment adviser HSBC Global Asset Management (Hong Kong) Limited HSBC Main Building 1 Queen’s Road Central Hong Kong

Investment sub‑advisers HSBC Global Asset Management (UK) Limited 8 Canada Square London E14 5HQ United Kingdom

Custodian, trustee and registrar HSBC Institutional Trust Services (Asia) Limited HSBC Main Building 1 Queen’s Road Central Hong Kong

Auditors KPMG 8th Floor, Prince’s Building 10 Chater Road Central Hong Kong

101 Administration

HSBC Managed Stable Fund

Manager HSBC Investment Funds (Hong Kong) Limited HSBC Main Building 1 Queen’s Road Central Hong Kong

Directors of the Manager Stuart Glenn BERRY (resigned on 28 August 2020) Pedro Augusto BOTELHO BASTOS Guillermo Eduardo MALDONADO‑CODINA Chun Pong Stephen TAM Ka Yin Joanne LAU

Investment adviser HSBC Global Asset Management (Hong Kong) Limited HSBC Main Building 1 Queen’s Road Central Hong Kong

Investment sub‑advisers HSBC Global Asset Management (UK) Limited 8 Canada Square London E14 5HQ United Kingdom

Custodian, trustee and registrar HSBC Institutional Trust Services (Asia) Limited HSBC Main Building 1 Queen’s Road Central Hong Kong

Auditors KPMG 8th Floor, Prince’s Building 10 Chater Road Central Hong Kong

102 Administration

HSBC Managed Stable Growth Fund

Manager HSBC Investment Funds (Hong Kong) Limited HSBC Main Building 1 Queen’s Road Central Hong Kong

Directors of the Manager Stuart Glenn BERRY (resigned on 28 August 2020) Pedro Augusto BOTELHO BASTOS Guillermo Eduardo MALDONADO‑CODINA Chun Pong Stephen TAM Ka Yin Joanne LAU

Investment adviser HSBC Global Asset Management (Hong Kong) Limited HSBC Main Building 1 Queen’s Road Central Hong Kong

Investment sub‑advisers HSBC Global Asset Management (UK) Limited 8 Canada Square London E14 5HQ United Kingdom

Custodian, trustee and registrar HSBC Institutional Trust Services (Asia) Limited HSBC Main Building 1 Queen’s Road Central Hong Kong

Auditors KPMG 8th Floor, Prince’s Building 10 Chater Road Central Hong Kong

103 Administration

HSBC Global Money Funds

Manager HSBC Investment Funds (Hong Kong) Limited HSBC Main Building 1 Queen’s Road Central Hong Kong

Directors of the Manager Stuart Glenn BERRY (resigned on 28 August 2020) Pedro Augusto BOTELHO BASTOS Guillermo Eduardo MALDONADO‑CODINA Chun Pong Stephen TAM Ka Yin Joanne LAU

Investment adviser HSBC Global Asset Management (Hong Kong) Limited HSBC Main Building 1 Queen’s Road Central Hong Kong

Custodian, trustee and registrar HSBC Institutional Trust Services (Asia) Limited HSBC Main Building 1 Queen’s Road Central Hong Kong

Auditors KPMG 8th Floor, Prince’s Building 10 Chater Road Central Hong Kong

104 Issued by HSBC Global Asset Management (Hong Kong) Limited NHGIF0121I Printed in the Hong Kong SAR in the Hong Kong Printed NHGIF0121I