AXA GREATER CHINA MULTI-FACTOR ADVANTAGE FUND

REPORTS AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST DECEMBER 2020 AXA GREATER CHINA MULTI-FACTOR ADVANTAGE FUND

REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020

TABLE OF CONTENTS

PAGES

Manager’s report 1

Performance table (unaudited) 2

Report of the Trustee to the unitholders of AXA Greater China Multi-Factor Advantage Fund 3

Statement of responsibilities of the Manager and the Trustee 4

Independent auditor’s report 5-7

Statement of net assets 8

Statement of comprehensive income 9

Statement of changes in net assets attributable to unitholders 10

Statement of cash flows 11

Notes to the financial statements 12-30

Investment portfolio (unaudited) 31-35

Movement in investment portfolio (unaudited) 36-42

General information 43 ​​AXA GREATER CHINA MULTI-FACTOR ADVANTAGE FUND

MANAGER’S REPORT

​​AXA Greater China Multi-Factor Advantage Fund Annual Review for 2020

Market Comments

Despite the global coronavirus pandemic that led to societal lockdowns, equity markets posted strong growth globally. Chinese equities had largely outperformed the rest of the world early in the year due to their efforts to mitigate the spread of the virus within their region. Favourable economic news, monetary stimulus and vaccine optimism outweighed concerns of increasing infections globally over the course of the year. However, US-China tensions simmered throughout, causing bouts of concerns with investors. Against this backdrop, the benchmark MSCI Zhong Hua index rose 25.13% in US dollar terms.

Portfolio Comments

The portfolio delivered absolute robust gains over the year but underperformed its benchmark index, gross of fees and expenses. Underperformance was largely driven from the portfolio’s exposure to value and away from growth. Value’s exposure based on both lower multiples of book assets and earnings weighed on performance; tailwinds to value remained as investors gravitated towards growth-oriented stocks.

Industry positioning in aggregate proved detrimental to relative returns, it was the underweight to telecoms that went unrewarded. Subsequently, the overweight positions in China Telecom, China Mobile and China Unicom all featured among the largest stock detractors to returns. The industry underperformed the broader market and those stocks were further pressured from a delisting order issued by President Trump in November barring Americans from purchasing US listed securities with alleged ties to China’s military.

Stock selection proved beneficial to performance particularly within the consumer discretionary sector. Stock picking within the consumer-tech industry was well rewarded as the industry displayed resilience over the course of the pandemic. Overweight positions in JD.Com, VIPShop, Baidu and Meituan all featured among the largest individual stock contributors. Meanwhile, the underweight to one of China’s largest securities, Alibaba, also featured among the top stock picks. Alibaba found itself under pressure from Chinese Antitrust regulators, causing its share price to fall towards the end of the year.

AXA Investment Managers Asia Limited 27th April 2021

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

PERFORMANCE TABLE (UNAUDITED) AS AT 31ST DECEMBER 2020

Net asset Net asset Total value per value per net asset “A” class “M” class Financial year ended value units units a 31st December 2018 US$32,659,811 US$101.05 US$109.92 31st December 2019 US$35,030,820 US$115.68 US$126.54 31st December 2020 US$30,971,572 US$139.37 US$153.37

HIGHEST OFFER / LOWEST BID PRICES

“A” class units “M” class units The highest The lowest The highest The lowest Financial year offer price bid price offer price bid price a 2011 US$82.00 US$55.79 US$84.19 US$57.67 2012 US$78.74 US$62.21 US$82.21 US$64.45 2013 US$84.74 US$68.52 US$89.04 US$71.81 2014 US$89.68 US$74.32 US$94.85 US$78.20 2015 US$108.04 US$77.01 US$114.77 US$81.93 2016 US$90.84 US$66.08 US$97.41 US$70.58 2017 US$123.87 US$81.89 US$133.83 US$88.07 2018 US$137.32 US$97.14 US$148.49 US$105.52 2019 US$120.43 US$97.56 US$131.21 US$106.12 2020 US$139.93 US$91.48 US$153.99 US$100.18 a

- 2 - REPORT OF THE TRUSTEE TO THE UNITHOLDERS OF ​​AXA GREATER CHINA MULTI-FACTOR ADVANTAGE FUND

We hereby confirm that, in our opinion, the Manager of the Fund has, in all material respects, managed the Fund in accordance with the provisions of the Trust Deed dated 28th April 1993, as amended and supplemented from time to time (the “Trust Deed”), for the year ended 31st December 2020.

For and on behalf of HSBC Institutional Trust Services (Asia) Limited as the Trustee of the AXA Greater China Multi-Factor Advantage Fund

Hong Kong, 27th April 2021

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

STATEMENT OF RESPONSIBILITIES OF THE MANAGER AND THE TRUSTEE

Manager’s Responsibilities

The Manager of the Fund is required by the Code on Unit Trusts and Mutual Funds issued by the Securities and Futures Commission of Hong Kong (the “SFC Code”) and the Trust Deed to prepare financial statements for each annual accounting period which give a true and fair view of the financial position of the Fund at the end of that period and of the transactions for the period then ended. In preparing these financial statements, the Manager is required to:

-- select suitable accounting policies and then apply them consistently;

-- make judgments and estimates that are prudent and reasonable; and

-- prepare the financial statements on the basis that the Fund will continue in operation unless it is inappropriate to presume this.

The Manager is also required to manage the Fund in accordance with the Trust Deed and take reasonable steps for the prevention and detection of fraud and other irregularities.

Trustee’s Responsibilities

The Trustee of the Fund is required by the SFC Code and the Trust Deed to:

-- ensure that the Fund in all material respects is managed in accordance with the Trust Deed and that the investment and borrowing powers are complied with;

-- satisfy itself that sufficient accounting and other records have been maintained;

-- safeguard the property of the Fund and rights attaching thereto; and

-- report to the unitholders for each annual accounting period should the Manager not managing the Fund in accordance with the Trust Deed.

- 4 - INDEPENDENT AUDITOR’S REPORT TO THE UNITHOLDERS OF AXA GREATER CHINA MULTI-FACTOR ADVANTAGE FUND

Report on the Audit of the Financial Statements

Opinion

What we have audited

The financial statements ofAXA Greater China Multi-Factor Advantage Fund (the “Fund”) set out on pages 8 to 30, which comprise: •• the statement of net assets as at 31st December 2020; •• the statement of comprehensive income for the year then ended; •• the statement of changes in net assets attributable to unitholders for the year then ended; •• the statement of cash flows for theyear then ended; and •• the notes to the financial statements, which include a summary of significant accounting policies.

Our opinion

In our opinion, the financial statements give a true and fair view of the financial position of the Fund as at 31st December 2020, and of its financial transactions and cash flows for theyear then ended in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”).

Basis for Opinion

We conducted our audit in accordance with Hong Kong Standards on Auditing (“HKSAs”) issued by the HKICPA. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We are independent of the Fund in accordance with the HKICPA’s Code of Ethics for Professional Accountants (the “Code”), and we have fulfilled our other ethical responsibilities in accordance with the Code.

Other Information

The Trustee and the Manager (the “Management”) of the Fund are responsible for the other information. The other information comprises all of the information included in the annual report other than the financial statements and our auditor’s report thereon.

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

- 5 - INDEPENDENT AUDITOR’S REPORT TO THE UNITHOLDERS OF AXA GREATER CHINA MULTI-FACTOR ADVANTAGE FUND (CONTINUED)

Responsibilities of the Management for the Financial Statements

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

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

In addition, the Management of the Fund is required to ensure that the financial statements have been properly prepared in accordance with the relevant disclosure provisions of the Trust Deed dated 28th April 1993, as amended (the “Trust Deed”) and Appendix E of the Code on Unit Trusts and Mutual Funds issued by the Hong Kong Securities and Futures Commission (the “SFC Code”).

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. We report our opinion solely to you, as a body, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with HKSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. In addition, we are required to assess whether the financial statements of the Fund have been properly prepared, in all material respects, in accordance with the relevant disclosure provisions of the Trust Deed and Appendix E of the SFC Code.

- 6 - INDEPENDENT AUDITOR’S REPORT TO THE UNITHOLDERS OF AXA GREATER CHINA MULTI-FACTOR ADVANTAGE FUND (CONTINUED)

Auditor’s Responsibilities for the Audit of the Financial Statements (Continued)

As part of an audit in accordance with HKSAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: •• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. •• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control. •• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Management. •• Conclude on the appropriateness of the Management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Fund to cease to continue as a going concern. •• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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

Report on Matters under the Relevant Disclosure Provisions of the Trust Deed and Appendix E of the SFC Code

In our opinion, the financial statements have been properly prepared, in all material respects, in accordance with the relevant disclosure provisions of the Trust Deed and Appendix E of the SFC Code.

PricewaterhouseCoopers Certified Public Accountants

Hong Kong, 27th April 2021

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

STATEMENT OF NET ASSETS AS AT 31ST DECEMBER 2020

2020 2019 Note US$ US$ Assets Current assets Investments 6(a), 6(f) 30,576,588 34,843,215 Interest receivable - 1 Dividend receivable 1,955 - Amounts due from brokers 807,456 53,070 Other accounts receivable 6 59 Cash at bank 416,468 598,438

Total assets 31,802,473 35,494,783

Liabilities Current liabilities Amounts due to brokers - 177,921 Amounts payable on redemption 790,463 191,732 Other accounts payable and accrued expenses 40,438 94,310

Liabilities (excluding net assets attributable to unitholders) 830,901 463,963

a

Net assets attributable to unitholders 5 30,971,572 35,030,820

Signed for and on behalf of:

______as the Trustee HSBC Institutional Trust Services (Asia) Limited

______as the Manager AXA Investment Managers Asia Limited

The notes on pages 12 to 30 form part of these financial statements.

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

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31ST DECEMBER 2020

2020 2019 Note US$ US$ Income a Dividend income 858,319 972,538 Interest income 9(f) 144 1,160 Net gains on investments 8 5,381,384 4,095,077 Net gains on foreign exchange 2,343 938 Other income 9,038 -

Total investment income 6,251,228 5,069,713 a Expenses a Management fee 4 97,380 106,986 Trustee’s fee 4 45,902 44,324 Custodian fee and bank charges 9 10,408 10,394 Auditor’s remuneration 17,115 16,182 Legal and professional fee 2,429 60,521 Transaction costs 7 107,811 89,067 Other operating expenses 9 41,505 33,092

Total operating expenses 322,550 360,566

Net operating profit before tax 5,928,678 4,709,147 a Withholding tax expense on investment income 3 (52,084) (57,184)

Increase in net assets attributable to unitholders 5,876,594 4,651,963 a a

The notes on pages 12 to 30 form part of these financial statements.

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

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS FOR THE YEAR ENDED 31ST DECEMBER 2020

2020 2019 US$ US$ a Balance at the beginning of the year 35,030,820 32,659,811 a Allotment of units 3,072,015 5,216,498 a Redemption of units (13,007,857) (7,497,452)

Net redemption (9,935,842) (2,280,954) Increase in net assets attributable to unitholders 5,876,594 4,651,963

Balance at the end of the year 30,971,572 35,030,820

Number of units in issue 2020 2019 Units Units “A” class units a At the beginning of the year 121,206 133,549 Total allotments 24,338 36,159 Total redemptions (53,812) (48,502) At the end of the year 91,732 121,206 a “M” class units a At the beginning of the year 166,033 174,342 Total allotments 1,443 10,696 Total redemptions (48,890) (19,005) At the end of the year 118,586 166,033 a

The notes on pages 12 to 30 form part of these financial statements.

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

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST DECEMBER 2020

2020 2019 US$ US$ Cash flows from operating activities Increase in net assets attributable to unitholders 5,876,594 4,651,963 Adjustments for: Dividend income (858,319) (972,538) Interest income (144) (1,160) Withholding tax on investment income 52,084 57,184 Decrease/(increase) in investments 4,266,627 (2,518,701) (Increase)/decrease in amounts due from brokers (754,386) 125,285 Decrease/(increase) in other accounts receivable 53 (53) (Decrease)/increase in amounts due to brokers (177,921) 177,921 (Decrease)/increase in other accounts payable and accrued expenses (53,872) 52,055 Dividend income received, net of withholding tax paid 804,280 920,196 Interest income received 145 1,164

Net cash inflow from operating activities 9,155,141 2,493,316 a Cash flows from financing activities Receipts on allotment of units 3,072,015 5,216,498 Payments on redemption of units (12,409,126) (7,305,720)

Net cash outflow from financing activities (9,337,111) (2,089,222) a (Decrease)/increase in cash and cash equivalents (181,970) 404,094 Cash and cash equivalents at the beginning of the year 598,438 194,344

Cash and cash equivalents at the end of the year 416,468 598,438 a Analysis of balances of cash and cash equivalents a Cash at bank 416,468 598,438

The notes on pages 12 to 30 form part of these financial statements.

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

NOTES TO THE FINANCIAL STATEMENTS

1 The Fund

AXA Greater China Multi-Factor Advantage Fund (the “Fund”) was originally established under the laws of the Cayman Islands by a Trust Deed dated 28th April 1993, as amended and supplemented from time to time (the “Trust Deed”). The proper law of the Fund was changed to the laws of Hong Kong pursuant to the Second Supplemental Trust Deed to the Deed of Substitution dated 21st July 2008. AXA Investment Managers Asia Limited has been appointed as Manager and HSBC Institutional Trust Services (Asia) Limited has been appointed as Trustee.

Prior to 17th April 2019, the objective of the Fund is to offer investors the potential of long- term capital appreciation through investments in companies listed on the Hong Kong and Chinese (both Shenzhen and Shanghai) Stock Exchanges.

With effect from 17th April 2019, the objective of the Fund is to offer investors the potential for long-term capital appreciation. The Fund will invest at least 70% of its net asset value in the securities of companies with economic interest, domiciled, listed or incorporated in mainland China or Hong Kong, where such securities may be traded in mainland China, Hong Kong or other regulated markets.

Effective from 31st December 2019, the name of AXA China and Hong Kong Equity Fund was changed to AXA Greater China Multi-Factor Advantage Fund.

The Fund is authorized by the Securities and Futures Commission in Hong Kong under Section 104(1) of the Securities and Futures Ordinance and is required to comply with the Code on Unit Trusts and Mutual Funds issued by the Securities and Futures Commission of Hong Kong (the “SFC Code”). The Fund currently offers 2 classes of units, as follows:

•• “A” class units are offered to all investors; and •• “M” class units are reserved for use by the Manager, its subsidiaries or associates in investment management mandates or dedicated funds for clients of an AXA Group entity. Investment in the “M” class units requires special approval by the Directors of the Manager.

​​2 Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

​​(a) Basis of preparation

The financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”). The financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets and financial liabilities held at fair value through profit or loss.

The preparation of financial statements in conformity with HKFRSs requires the useof certain critical accounting estimates. It also requires the Manager to exercise its judgment in the process of applying the Fund’s accounting policies.

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

NOTES TO THE FINANCIAL STATEMENTS

​​2 Summary of significant accounting policies (Continued)

​​(a) Basis of preparation (Continued)

All references to net assets throughout the financial statements refer to net assets attributable to unitholders unless otherwise stated.

Standards and amendments to existing standards effective 1st January 2020

There are no standards, amendments to standards or interpretations that are effective for annual periods beginning on 1st January 2020 that have a material effect on the financial statements of the Fund.

New standards, amendments and interpretations effective after 1st January 2020 and have not been early adopted

A number of new standards, amendments to standards and interpretations are effective for annual periods beginning after 1st January 2020, and have not been early adopted in preparing these financial statements. None of these are expected to have a material effect on the financial statements of the Fund.

​​(b) Investments

​​(i) Classification

The Fund classifies its investments based on both the Fund’s business model for managing those financial assets and the contractual cash flow characteristics of the financial assets. The portfolio of financial assets is managed and performance is evaluated on a fair value basis. The Fund is primarily focused on fair value information and uses that information to assess the assets’ performance and to make decisions. The Fund has not taken the option to irrevocably designate any equity securities as fair value through other comprehensive income. Consequently, all investments are measured at fair value through profit or loss.

The Fund’s policy requires the Manager and the Board of Directors to evaluate the information about these financial assets and liabilities on a fair value basis together with other related financial information.

​​(ii) Recognition, derecognition and measurement

Regular purchases and sales of investments are recognised on the trade date - the date on which the Fund commits to purchase or sell the investment. Financial assets and financial liabilities at fair value through profit or loss are initially recognised at fair value. Transaction costs are expensed as incurred in the statement of comprehensive income.

Subsequent to initial recognition, all financial assets and financial liabilities at fair value through profit or loss are measured at fair value. Gains and losses arising from changes in the fair value of the “financial assets or financial liabilities at fair value through profit or loss” category are presented in the statement of comprehensive income within other net changes in fair value of financial assets and liabilities at fair value through profit or loss in the period in which they arise.

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

NOTES TO THE FINANCIAL STATEMENTS

​​2 Summary of significant accounting policies (Continued)

​​(b) Investments (Continued)

​​(iii) Fair value estimation

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of financial assets and liabilities traded in active markets (such as publicly traded derivatives and trading securities) are based on quoted market prices at the close of trading on the reporting date.

Investments that are listed or traded on an exchange are fair valued based on last traded prices.

Investments which are not listed on an exchange or are thinly traded are valued by using quotes from brokers.

When trading in the securities of an investee company is suspended, the investment is valued at the Manager’s estimate of its fair value.

(iv) Transfers between levels of the fair value hierarchy

Transfers between levels of the fair value hierarchy are deemed to have occurred at the beginning of the reporting period.

​​(c) Offsetting financial instruments

Financial assets and liabilities are offset and the net amount reported in the statement of net assets when the Fund currently has a legally enforceable right to set-off the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.

​​(d) Income

(i) Dividend income

Dividend income from financial assets at fair value through profit or loss is recognised in the statement of comprehensive income within dividend income when the Fund’s right to receive payments is established. Dividends are recognized on the ex- dividend dates with the corresponding withholding taxes recorded as an expense.

(ii) Interest income

Interest is recognised on a time-proportionate basis using the effective interest method. Interest income includes interest from cash and cash equivalents.

(iii) Other income

Other income is accounted for on an accrual basis.

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

NOTES TO THE FINANCIAL STATEMENTS

​​2 Summary of significant accounting policies (Continued)

​​(e) Translation of foreign currencies

(i) Functional and presentation currency

The performance of the Fund is measured and reported to the investors in United States dollar. The Manager considers the United States dollar as the currency that most faithfully represents the economic effect of the underlying transactions, events and conditions. The financial statements are presented in United States dollar, which is the Fund’s functional and presentation currency.

(ii) Transactions and balances

Foreign currency transactions are translated into functional currency using the exchange rates prevailing at the dates of the transactions. Foreign currency assets and liabilities are translated into the functional currency using the exchange rate prevailing at the year end date.

Foreign exchange gains and losses arising from translation are included in the statement of comprehensive income.

Foreign exchange gains and losses relating to cash and cash equivalents are presented in the statement of comprehensive income within “net gains/(losses) on foreign exchange”.

Foreign exchange gains and losses relating to the financial assets and liabilities carried at fair value through profit or loss are presented in the statement of comprehensive income within “net gains/(losses) on investments”.

​​(f) Expenses

Expenses are accounted for on an accrual basis.

​​(g) Proceeds and payments on allotment and redemption of units

The net asset value per unit is computed for each dealing day. The price at which units are allotted or redeemed is calculated by reference to the net asset value per unit as at the close of business on the relevant dealing day. Units in the Fund are classified as a financial liability in the statement of net assets and are stated at fair value representing the price at which unitholders can redeem the units from the Fund.

​​(h) Cash and cash equivalents

Cash and cash equivalents includes cash at banks, deposits held at call with banks and other short-term investments in an active market with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown in current liabilities in the statement of net assets.

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

NOTES TO THE FINANCIAL STATEMENTS

​​2 Summary of significant accounting policies (Continued)

​​(i) Amounts due from/to brokers

Amounts due from and to brokers represent receivables for securities sold and payables for securities purchased that have been contracted for but not yet settled or delivered on the reporting date respectively. The due from brokers balance is held for collection.

These amounts are recognised initially at fair value and subsequently measured at amortised cost. At each reporting date, the Fund shall measure the loss allowance on amounts due from broker at an amount equal to the lifetime expected credit losses if the credit risk has increased significantly since initial recognition. If, at the reporting date, the credit risk has not increased significantly since initial recognition, the Fund shall measure the loss allowance at an amount equal to 12-month expected credit losses. Significant financial difficulties of the broker, probability that the broker will enter bankruptcy or financial reorganisation, and default in payments are all considered indicators that a loss allowance may be required. If the credit risk increases to the point that it is considered to be credit impaired, interest income will be calculated based on the gross carrying amount adjusted for the loss allowance.

A significant increase in credit risk is defined by the Manager as any contractual payment which is more than 30 days past due. Any contractual payment which is more than 90 days past due is considered credit impaired.

(j) Transaction costs

Transaction costs are costs incurred to acquire/dispose financial assets or liabilities at fair value through profit or loss. They include fees and commissions paid to agents, brokers and dealers. Transaction costs are expensed as incurred in the statement of comprehensive income.

(k) Taxation

The Fund may incur withholding taxes imposed by certain countries on investment income and capital gains. Such income or gains are recorded gross of withholding taxes in the statement of comprehensive income. Withholding taxes are included as taxation in the statement of comprehensive income.

(l) Changes to presentation and comparative information

When the presentation or classification of items in the financial statements is amended, comparative amounts have been updated to conform with the current year’s presentation or classification.

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

NOTES TO THE FINANCIAL STATEMENTS

​​3 Taxation

(a)​ No provision for Hong Kong profits tax has been made as the Fund was authorized as a collective investment scheme under Section 104 of the Hong Kong Securities and Futures Ordinance and is therefore exempt from profits tax under Section 26A(1A) of the Hong Kong Inland Revenue Ordinance.

(b)​ The Fund invests in shares of companies in People’s Republic of China (“PRC”) listed on the Hong Kong Stock Exchange (“H-shares”). Under the PRC Corporate Income Tax Law, the Fund may be liable to pay PRC tax on the capital gains realized in the trading of H-shares. However, no provision was made for taxation from such gains in the financial statements as the Manager believes that the Fund can sustain a position for not filing a tax return based on the existing tax regulations and that the enforcement of China tax on capital gains is not probable.

(c)​ Withholding tax was charged on dividend income received from H-shares during the years ended 31st December 2020 and 2019.

4 Fees

Management fee

Management fee of 0.75% per annum of the net asset value for “A” class units is calculated on each valuation day and payable monthly in arrears to AXA Investment Managers Asia Limited, the Manager. No management fee is charged in respect of “M” class units.

The Manager will bear the fees of AXA Investment Managers Asia (Singapore) Ltd., the Sub-Investment Manager.

During the year ended 31st December 2020, total management fee was US$97,380 (2019: US$106,986) of which US$8,338 (2019: US$9,031) was outstanding as at end of the year.

Trustee’s fee

Trustee’s fee of 0.1285% per annum of the net asset value of the Fund for the first US$50 million, 0.1035% per annum of the net asset value of the Fund for any amount thereafter, or a minimum fee of US$3,500 per month, whichever is higher. With effect from 1st April 2020, the Trustee charged an additional fixed fee of US$4,000 per annum. The aggregate fees payable to the Trustee shall not exceed the maximum of 0.40% per annum of the net asset value of the Fund. The Trustee’s fee is calculated on each valuation day and payable monthly in arrears to HSBC Institutional Trust Services (Asia) Limited, the Trustee.

During the year ended 31st December 2020, total trustee’s fee was US$45,902 (2019: US$44,324) of which US$3,838 (2019: US$3,836) was outstanding for payment as at end of the year.

​​5 Number of units in issue and net assets attributable to unitholders

The Fund’s capital is represented by the units in the Fund, and shown as “net assets attributable to unitholders” in the statement of net assets. Subscriptions and redemptions of units during the year are shown in the statement of changes in net assets attributable to unitholders. In order to achieve the investment objectives, the Fund endeavors to invest its capital in accordance with the investment policies as outlined in note 6. - 17 - ​​AXA GREATER CHINA MULTI-FACTOR ADVANTAGE FUND

NOTES TO THE FINANCIAL STATEMENTS

​​5 Number of units in issue and net assets attributable to unitholders (Continued)

Redemptions are met by disposals of investments where necessary. In the event of redemption requests being received in respect of more than 10% of the units in issue in a particular class, the Manager may, with a view to protecting the interests of unitholders, limit the number of units to be redeemed on any one day to 10% of the total number of units in issue.

Net assets attributable to unitholders

Net assets attributable to unitholders represent a liability in the statement of net assets, carried at the redemption amount that would be payable at the year end date if the unitholder exercised the right to redeem the units in the Fund.

Number of units in issue

2020 2019 Units Units a Number of units in issue at the end of the year - “A” class units 91,732 121,206 - “M” class units 118,586 166,033

2020 2019 US$ US$ a Net assets attributable to unitholders - “A” class units 12,784,311 14,021,106 - “M” class units 18,187,261 21,009,714 a Net assets attributable to unitholders per unit - “A” class units 139.37 115.68 - “M” class units 153.37 126.54 a

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

NOTES TO THE FINANCIAL STATEMENTS

6 Financial risk management

Strategy in using financial instruments

Prior to 17th April 2019, the objective of the Fund is to offer investors the potential of long- term capital appreciation through investments in companies listed on the Hong Kong and Chinese (both Shenzhen and Shanghai) Stock Exchanges. With effective from 17th April 2019, the Fund’s objective is to offer investors the potential for long-term capital appreciation. The Fund will invest at least 70% of its net asset value in the securities of companies with economic interest, domiciled, listed or incorporated in mainland China or Hong Kong, where such securities may be traded in mainland China, Hong Kong or other regulated markets. The Fund aims to outperform the return of the MSCI Zhong Hua Index, or such equivalent index as the Manager deems appropriate.

The Fund seeks to identify stocks with both superior short-term earnings growth and a long-term earnings advantage through rigorous fundamental analysis using quantitative investment methods. The Fund is exposed to market price risk, interest rate risk, credit and counterparty risk, liquidity risk and currency risk arising from the financial instruments it holds.

The risk management policies employed by the Fund to manage these risks are summarized below.

​​(a) Market price risk

Market price risk is the risk that the value of a financial instrument will fluctuate as a result of changes in market prices, whether those changes are caused by factors specific to the individual instrument or factors affecting all instruments in the market.

All securities investments present a risk of loss of capital. The Manager moderates this risk through a careful selection of securities within specified limits. The maximum loss resulting from equity securities is determined by the fair value of the securities. The Fund’s equity securities are susceptible to market price risk arising from uncertainties about future prices. The Fund actively maintains a high level of diversification in its holdings, thus potentially reducing the amount of risk in the Fund. The Manager’s investment process seeks to exploit the inefficient pricing of securities of similar companies. Its investment process aims to construct a portfolio intended to have the maximum potential to outperform while minimising risk.

As at year end, the overall market exposures were as follows:

2020 2019 Listed/Quoted Investments: Fair value % of net Fair value % of net US$ assets US$ assets Assets Equities China and Hong Kong 30,576,588 98.72% 34,843,215 99.46% – – – –

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

NOTES TO THE FINANCIAL STATEMENTS

6 Financial risk management (Continued)

​​(a) Market price risk (Continued)

The net exposures to industry sectors at 31st December 2020 and 2019 are as follows:

2020 2019 % of net % of net Sectors exposed to assets assets a a Basic materials 2.09 1.48 Communications 34.67 29.78 Consumer, cyclical 8.45 7.59 Consumer, non-cyclical 13.09 8.63 Diversified - 2.16 Energy 1.47 1.57 Financial 26.59 37.97 Industrial 8.23 6.55 Technology 3.78 2.31 Utilities 0.35 1.42

98.72 99.46

The Fund had no individual investments with market value exceeding 10% of its net assets at 31st December 2020 and 2019.

The table below summarizes the impact of increases/decreases of the key relevant benchmark index to which the Fund is exposed. The analysis is based on the assumption that the index had increased/decreased by 10%1 (2019: 5%1) with all other variables held constant and the Fund’s investments moved according to the historical correlation with the index.

2020 2019 Impact on Impact on net assets net assets +/- +/- US$ US$ MSCI Zhong Hua Index 3,063,238 1,739,196

The Manager has used their view of what would be a “reasonable possible shift” in each key market to estimate the change for use in the market sensitivity analysis above.

Disclosures above are shown in absolute terms, changes and impacts could be positive or negative.

1 This % can be revised annually depending on the Manager’s current view of market volatility and other relevant factors. - 20 - ​​AXA GREATER CHINA MULTI-FACTOR ADVANTAGE FUND

NOTES TO THE FINANCIAL STATEMENTS

6 Financial risk management (Continued)

​​(b) Interest rate risk

Interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in market interest rates.

The majority of the Fund’s financial assets and liabilities are non-interest bearing, asa result, the Fund is not subject to significant risk due to fluctuations in the prevailing levels of market interest rates. Any excess cash and cash equivalents are invested at short-term market interest rates.

​​(c) Currency risk

Currency risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange rates. The Fund holds assets and liabilities denominated in currencies other than its functional currency, United States dollar, and is therefore exposed to currency risk with respect to these currencies. The Manager considers there is no currency risk to the Hong Kong dollar which is a linked currency with the United States dollar.

Currency position is monitored by the Manager on a daily basis and reviewed on a weekly basis.

The table below summarizes the Fund’s net exposure to different major currencies except for Hong Kong dollar which is a linked currency with the United States dollar:

As at 31st December 2020 CNY US$ Monetary 1,468 Non-monetary 4,438,017

As at 31st December 2019 CNY US$ Monetary 1,157 Non-monetary 4,539,120

The table below summarizes the impact of increase or decrease of key exchange rates on the exposures tabled above, to which the Fund is exposed. The analysis is based on the assumption that the exchange rates had increased/decreased by 5%2 with all other variables held constant.

2 5%: This % can be revised annually depending on the Manager’s current view of exchange rates volatility and other relevant factors. - 21 - ​​AXA GREATER CHINA MULTI-FACTOR ADVANTAGE FUND

NOTES TO THE FINANCIAL STATEMENTS

6 Financial risk management (Continued)

​​(c) Currency risk (Continued)

As at 31st December 2020 Impact on net assets CNY US$ Monetary 73 Non-monetary 221,901

As at 31st December 2019 Impact on net assets CNY US$ Monetary 58 Non-monetary 226,956

The Manager has used their view of what would be a “reasonable possible shift” in the exchange rates to estimate the change for use in the currency risk sensitivity analysis above.

Disclosures above are shown in absolute terms, changes and impacts could be positive or negative.

​​(d) Credit and counterparty risk

Credit risk is the risk that an issuer or counterparty will be unable or unwilling to pay amounts in full when due.

The Fund’s financial assets which are potentially subject to concentrations of credit risk consist principally of bank deposits and assets held with the custodian. The table below summarizes the assets placed with the bank and custodian as at 31st December 2020 and 2019.

As at 31st December 2020 Credit Source of US$ rating credit rating a Custodian HSBC Institutional Trust Services (Asia) Limited 30,576,588 AA- Fitch a Bank The Hongkong and Shanghai Banking Corporation Limited 416,468 AA- Fitch a As at 31st December 2019 a Custodian HSBC Institutional Trust Services (Asia) Limited 34,843,215 AA- Fitch a Bank The Hongkong and Shanghai Banking Corporation Limited 598,438 AA- Fitch

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

NOTES TO THE FINANCIAL STATEMENTS

6 Financial risk management (Continued)

​​(d) Credit and counterparty risk (Continued)

All transactions in listed/quoted securities are settled on a delivery versus payment basis using approved brokers. The risk of default is considered minimal, as delivery of securities sold is only made when the Fund’s custodian bank has received payment. For a purchase, payment is made once the securities have been received by the Fund’s custodian bank. The trade will fail if either party fails to meet their obligation.

The Fund measures credit risk and expected credit losses using probability of default, exposure at default and loss given default. The Manager considers both historical analysis and forward looking information in determining any expected credit loss. At 31st December 2020 and 31st December 2019‚ all other accounts receivable, amounts due from brokers, dividend receivable, interest receivable and cash at bank are held with counterparties with a credit rating of A or higher and are due to be settled within 2 months. The Manager considers the probability of default to be close to zero as the counterparties have a strong capacity to meet their contractual obligations in the near term. As a result‚ no loss allowance has been recognised based on 12-month expected credit losses as any such impairment would be wholly insignificant to the Fund.

The maximum exposure to credit risk at year end is the carrying amount of the financial assets as shown on the statement of net assets.

None of the assets is impaired nor past due but not impaired.

​​(e) Liquidity risk

Liquidity risk is the risk that an enterprise will encounter difficulty in settling a liability, including a redemption request.

The Fund is exposed to redemptions activities on each dealing day. The Fund invests the majority of its assets in investments that are traded in an active market and can be readily disposed of. Investments, which are neither listed nor quoted, are restricted to a maximum of 10% of the net assets.

The table below analyzes the Fund’s financial liabilities into relevant maturity groupings based on the remaining period at the year end date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances, as the impact of discounting is not significant.

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

NOTES TO THE FINANCIAL STATEMENTS

6 Financial risk management (Continued)

​​(e) Liquidity risk (Continued)

Less than 1 month 1-3 months Over 3 months US$ US$ US$ a As at 31st December 2020 Amounts payable on redemption 790,463 - - Other accounts payable and accrued expenses 16,436 - 24,002 Net assets attributable to unitholders 30,971,572 - -

Total financial liabilities 31,778,471 - 24,002 a a As at 31st December 2019 Amounts due to brokers 177,921 - - Amounts payable on redemption 191,732 - - Other accounts payable and accrued expenses 16,070 48,949 29,291 Net assets attributable to unitholders 35,030,820 - -

Total financial liabilities 35,416,543 48,949 29,291 a

Units are redeemed on demand at the holder’s option. However, the Manager does not envisage that the contractual maturity disclosed in the table above will be representative of the actual cash outflows, as the holders of these instruments typically retain them for the medium to long-term. As at 31st December 2020, there were 3 (2019: 3) unitholders holding over 10% of the total net assets.

As at 31st December 2020, the Fund held cash and cash equivalents of US$416,468 (2019: US$598,438) and other liquid assets of US$31,386,005 (2019: US$34,896,345) that are expected to readily generate cash inflows within 1 month for managing liquidity risk.

​​(f) Fair value estimation

The fair value of financial assets and liabilities traded in active markets (such as trading securities) are based on quoted market prices at the close of trading on the year end date. The Fund utilizes the last traded market price for both financial assets and liabilities.

An active market is a market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis.

A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis.

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

NOTES TO THE FINANCIAL STATEMENTS

6 Financial risk management (Continued)

​​(f) Fair value estimation (Continued)

The carrying value less impairment provision of other receivables and payables are assumed to approximate their fair values. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Fund for similar financial instruments.

HKFRS 13 requires the Fund to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:

•• Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date (level 1).

•• Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2).

•• Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3).

The level in the fair value hierarchy within which the fair value measurement is categorized in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability.

The determination of what constitutes ‘observable’ requires significant judgment by the Fund. The Fund considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

The following table analyzes within the fair value hierarchy the Fund’s investments (by class) measured at fair value at 31st December 2020 and 2019:

Level 1 Level 2 Level 3 Total US$ US$ US$ US$ Listed/Quoted Investments a As at 31st December 2020 Assets - Listed equities 30,576,588 - - 30,576,588 a – – – – a Listed/Quoted Investments a As at 31st December 2019 Assets - Listed equities 34,843,215 - - 34,843,215 a – – – –

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

NOTES TO THE FINANCIAL STATEMENTS

6 Financial risk management (Continued)

​​(f) Fair value estimation (Continued)

Investments whose values are based on quoted market prices in active markets, and therefore classified within level 1, include actively listed equities. The Fund does not adjust the quoted price for these instruments.

Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within level 2. These include equities suspended for trading or delisted.

Investments classified within level 3 have significant unobservable inputs, as they trade infrequently. As of 31st December 2020 and 2019, the Fund held two investments amounted to US$nil classified in level 3.

Transfers between levels of the fair value hierarchy are deemed to have occurred at the beginning of the reporting period.

There is no transfer between levels for the years ended 31st December 2020 and 2019.

Assets and liabilities included in the statement of net assets, except for investments, are carried at amortized cost; their carrying values are a reasonable approximation of fair value as at 31st December 2020 and 2019.

​​(g) Capital risk management

The capital of the Fund is represented by the net assets attributable to unitholders. The amount of net assets attributable to unitholders can change significantly as the Fund is subject to subscriptions and redemptions on every business day at the discretion of unitholders. The Fund’s objective when managing capital is to safeguard the Fund’s ability to continue as a going concern in order to provide returns for unitholders and benefits for other stakeholders and to maintain a strong capital base to support the development of the investment activities of the Fund.

In order to maintain or adjust the capital structure, the Fund’s policy is to perform the following:

-- monitor the level of subscriptions and redemptions relative to the liquid assets; and

-- redeem and issue units in accordance with the Trust Deed of the Fund.

The Manager monitors capital on the basis of the value of net assets attributable to unitholders.

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

NOTES TO THE FINANCIAL STATEMENTS

7 Transaction costs

Transaction costs are costs incurred to acquire/dispose financial assets or liabilities at fair value through profit or loss. They include fees and commissions paid to agents, advisers, brokers and dealers. The details of transaction costs are shown below:

2020 2019 US$ US$ Broker commission 29,338 24,078 Other transaction costs 78,473 64,989

107,811 89,067

8 Net gains on investments

2020 2019 US$ US$ a Realized gains on sales of investments 2,427,198 12,459 Change in unrealized gains/losses in value of investments 2,954,186 4,082,618

Net gains on investments 5,381,384 4,095,077

​​9 Transactions with related parties and connected persons

In addition to those disclosed in note 4 and note 6(d), the Fund had the following transactions with related parties and connected persons. Connected Persons of the Manager, the investment delegate, Trustee/Custodian, Directors of the Fund are those as defined in the Code on Unit Trusts and Mutual Funds issued by the Securities and Futures Commission of Hong Kong. All such transactions were entered into in the ordinary course of business and on normal commercial terms. To the best of the Manager’s knowledge, the Fund did not have any other transactions with connected persons except for those disclosed:

(a) AXA Balanced Fund, a fund managed by the Manager, held units of the Fund as at 31st December 2020 and 2019 as follows:

Class Units Units Units Units outstanding on subscribed redeemed outstanding on 1st January during the year during the year 31st December Units Units Units Units 2020 “M” class units 45,494 - (13,027) 32,467 2019 “M” class units 48,389 2,692 (5,587) 45,494

During the year ended 31st December 2020, AXA Balanced Fund invested into the Fund with subscription of US$Nil (2019: US$302,616) and redemption of US$1,806,526 (2019: US$674,756). As at 31st December 2020, AXA Balanced Fund invested US$4,979,537 (2019: US$5,756,871) into the Fund.

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

NOTES TO THE FINANCIAL STATEMENTS

​​9 Transactions with related parties and connected persons (Continued)

During the year ended 31st December 2020, AXA Balanced Fund was entitled to profit from transaction in units of the Fund of US$785,136 (2019: US$243,257).

(b) AXA Capital Growth Fund, a fund managed by the Manager, held units of the Fund as at 31st December 2020 and 2019 as follows:

Class Units Units Units Units outstanding on subscribed redeemed outstanding on 1st January during the year during the year 31st December Units Units Units Units 2020 “M” class units 21,990 - (6,353) 15,637 2019 “M” class units 21,522 2,000 (1,532) 21,990

During the year ended 31st December 2020, AXA Capital Growth Fund invested into the Fund with subscription of US$Nil (2019: US$232,077) and redemption of US$903,698 (2019: US$184,114). As at 31st December 2020, AXA Capital Growth Fund invested US$2,398,239 (2019: US$2,782,608) into the Fund.

During the year ended 31st December 2020, AXA Capital Growth Fund was entitled to profit from transaction in units of the Fund of US$349,271 (2019: US$54,826).

(c) AXA Capital Stable Fund, a fund managed by the Manager, held units of the Fund as at 31st December 2020 and 2019 as follows:

Class Units Units Units Units outstanding on subscribed redeemed outstanding on 1st January during the year during the year 31st December Units Units Units Units 2020 “M” class units 8,944 - (2,995) 5,949 2019 “M” class units 8,652 1,960 (1,668) 8,944

During the year ended 31st December 2020, AXA Capital Stable Fund invested into the Fund with subscription of US$Nil (2019: US$228,271) and redemption of US$411,308 (2019: US$197,763). As at 31st December 2020, AXA Capital Stable Fund invested US$912,394 (2019: US$1,131,770) into the Fund.

During the year ended 31st December 2020, AXA Capital Stable Fund was entitled to profit from transaction in units of the Fund of US$127,004 (2019: US$43,644).

(d) AXA Growth Fund, a fund managed by the Manager, held units of the Fund as at 31st December 2020 and 2019 as follows:

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

NOTES TO THE FINANCIAL STATEMENTS

​​9 Transactions with related parties and connected persons (Continued)

Class Units Units Units Units outstanding on subscribed redeemed outstanding on 1st January during the year during the year 31st December Units Units Units Units 2020 “M” class units 78,271 740 (25,046) 53,965 2019 “M” class units 84,666 3,348 (9,743) 78,271

During the year ended 31st December 2020, AXA Growth Fund invested into the Fund with subscription of US$90,162 (2019: US$375,855) and redemption of US$3,247,753 (2019: US$1,178,110). As at 31st December 2020, AXA Growth Fund invested US$8,276,589 (2019: US$9,904,393) into the Fund.

During the year ended 31st December 2020, AXA Growth Fund was entitled to profit from transaction in units of the Fund of US$1,199,746 (2019: US$393,535).

(e) As at 31st December 2020 and 2019, the Fund placed bank deposits of US$416,468 (2019: US$598,438) with The Hongkong and Shanghai Banking Corporation Limited , the holding company of the Trustee as stated in the statement of net assets.

(f) During the years ended 31st December 2020 and 2019, the Fund earned interest income on bank deposits amounted to US$144 (2019: US$1,160) from The Hongkong and Shanghai Banking Corporation Limited, the holding company of the Trustee as stated in the statement of comprehensive income.

(g) During the years ended 31st December 2020 and 2019, the Fund had the following transactions with the Trustee:

2020 2019 US$ US$ a Custodian fee 8,437 9,464 Bank charges 1,971 930 Transaction handling fee 28,545 23,021 Transfer agent transaction fee 3,225 2,950 Out-of-pocket expenses 2,127 4,517 Taxation service charges 3,450 (748) SFC reporting fee 2,100 -

Custodian fee relates to safekeeping of investments. Transaction handling fee relates to fee on purchases and sales of investments. Transfer agent transaction fee relates to processing of subscription, redemption, switching and transfer transactions. Taxation service charges relates to the taxation services provided by the Trustee. The expenses incurred in the year ended 31st December 2019 was offset with the over provision made in prior years. The above fees were included in “custodian fee and bank charges” and “other operating expenses” in the statement of comprehensive income.

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

NOTES TO THE FINANCIAL STATEMENTS

​​9 Transactions with related parties and connected persons (Continued)

(h) The Fund received the brokerage services provided by The Hongkong and Shanghai Banking Corporation Limited for the purchases and sales of investments during the years ended 31st December 2020 and 2019. Details of the transactions are summarized below.

Total Aggregate brokerage value of commission transactions % of total paid Average rate US$ transactions US$ of commission 31st December 2020 1,152,710 1.26% 345 0.03% 31st December 2019 8,367,382 11.25% 2,512 0.03%

​​10 Soft commission arrangements

During the year, the Manager and its connected persons did not enter into any soft commission arrangements with brokers relating to dealing in the assets of the Fund (2019: Nil).

11 Approval of the financial statements

The financial statements were approved for issue by the Trustee and the Manager on 27th April 2021.

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

INVESTMENT PORTFOLIO (UNAUDITED) AS AT 31ST DECEMBER 2020

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

Listed equities

China and Hong Kong

BASIC MATERIALS Dongyue Group Ltd 50,000 39,658 0.13 Fufeng Group Ltd 59,000 22,066 0.07 Huafon Chemical Co Ltd A Shs (formerly known as Zhejiang Huafon Spandex Co Ltd A Shs) 33,700 52,340 0.17 Hunan Valin Steel Co Ltd S Shs 113,400 83,436 0.27 Kingboard Holdings Ltd 26,500 111,757 0.36 Kingboard Laminates Holdings Ltd 61,500 100,413 0.32 Kingfa Science & Technology Co Ltd 44,300 116,876 0.38 Liuzhou Iron & Steel Co Ltd 12,600 10,066 0.03 Sinoma Science & Technology Co Ltd A Shs 29,900 111,285 0.36 647,897 2.09

COMMUNICATIONS Alibaba Group Holding-SP ADR (1 ADR Reps 1 Ord Shrs) 11,700 2,722,941 8.79 Baidu Inc Spon ADR (1 ADR Reps 1 Ord Shs) 4,300 929,832 3.00 Beijing Kunlun Tech Co Ltd A Shs 20,200 62,031 0.20 BlueFocus Intelligent Communication Group Co A Shs 43,800 40,452 0.13 China Mobile Ltd 18,000 102,607 0.33 China Telecom Corp Ltd H Shs 1,072,000 297,246 0.96 Focus Media Information Technology Co Ltd A Shs 76,200 115,766 0.37 JD.Com Inc ADR (1 ADR Rep 2 Ord Shrs) 11,400 1,002,060 3.24 JOYY Inc ADR ( 1 ADR Reps 20 Ord Shrs) 1,500 119,970 0.39 Meituan Dianping 20,900 794,075 2.56 Pinduoduo Inc ADR (1 ADR Reps 4 Ord Shrs) 5,400 959,418 3.10 Tencent Holdings Ltd 40,600 2,953,165 9.54 Vipshop Holdings Ltd 15,400 432,894 1.40 Xiaomi Corp 47,800 204,667 0.66 10,737,124 34.67

CONSUMER, CYCLICAL Alibaba Health Information Technology Ltd 88,000 259,897 0.84 Bosideng International Holdings Ltd 158,000 80,489 0.26 Brilliance China Automotive Holdings Ltd 128,000 116,546 0.38 Chongqing Department Store Co Ltd 6,900 30,694 0.10 CNHTC Jinan Truck Co Ltd 8,600 41,645 0.13 Dashang Group Co Ltd A Shs 9,600 29,997 0.10 Dongfeng Motor Group Co Ltd H Shs 200,000 233,174 0.75 Geely Automobile Holdings Ltd 112,000 382,778 1.24 Guangdong Xinbao Electrical Appliances Holdings A Shs 8,500 55,278 0.18 - 31 - ​​AXA GREATER CHINA MULTI-FACTOR ADVANTAGE FUND

INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED) AS AT 31ST DECEMBER 2020

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

Listed equities (Continued)

China and Hong Kong (Continued)

CONSUMER, CYCLICAL (Continued) Hengyi Petrochemical Co Ltd A Shs 67,900 133,780 0.43 I.T Ltd 66,000 23,748 0.08 Maoye Commercial Co Ltd A Shs (formerly known as Chengshang Group Co Ltd A Shs) 54,838 31,485 0.10 Ningbo Huaxiang Electronic Co Ltd A Shs 11,700 28,040 0.09 NIO Inc - ADR (1 ADR Rep 1 Ord A Shs) 10,300 502,022 1.62 Samsonite International 24,000 42,529 0.14 Sinotruk Hong Kong Ltd 56,500 144,277 0.46 TCL Technology Group Corp 51,900 56,560 0.18 VTech Holdings Ltd 3,500 27,151 0.09 Weichai Power Company Ltd H Shs 79,000 158,533 0.51 Weifu High-Technology Group A Shs 31,800 113,511 0.37 Wuchan Zhongda Group Co Ltd A Shs 102,700 69,082 0.22 Yue Yuen Industrial (Holdings) Ltd 27,000 56,202 0.18 2,617,418 8.45

CONSUMER, NON-CYCLICAL Anhui Expressway Co Ltd H Shs 54,000 32,245 0.10 BeiGene Ltd ADR (1 ADR Reps 13 Ord Shrs) 800 206,712 0.67 BGI Genomics Co Ltd 6,800 134,563 0.43 China Medical System Holdings Ltd 77,000 85,998 0.28 China Resources Double Crane Pharmaceutical Co Ltd 17,000 31,375 0.10 China Resources Pharmaceutical Group Ltd 115,500 59,285 0.19 Dian Diagnostics Group Co Ltd A Shs 7,500 39,574 0.13 Guangzhou Kingmed Diagnostics Group Co Ltd 9,400 185,377 0.60 Jafron Biomedical Co Ltd 2,900 30,274 0.10 Jiangsu Yuyue Medical Equipment & Supply Co Ltd A Shs 17,300 75,121 0.24 Luzhou Laojiao Co Ltd A Shs 13,400 466,478 1.51 New Oriental Education and Technology Group Inc ADR Usd0.01 (1 ADR Reps 4 Ord Shrs) 3,100 576,011 1.86 Shandong Weigao Group Medical Polymer Co Ltd H Shs 80,000 180,762 0.58 Shanxi Xinghuacun Fen Wine Factory Co Ltd 8,800 508,347 1.64 Shenzhen Mindray Bio-Medical A Shs 2,500 163,931 0.53 Sinopharm Group Co Ltd H Shs 66,800 162,480 0.53 Tal Education Group ADR (1 ADR Reps 2 Ord Shrs) 7,900 564,929 1.82 TangShan Port Group Co Ltd 98,900 37,754 0.12 WH Group Ltd 305,500 256,098 0.83 Wuliangye Yibin Co Ltd A Shs 1,247 56,019 0.18

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

INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED) AS AT 31ST DECEMBER 2020

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

Listed equities (Continued)

China and Hong Kong (Continued)

CONSUMER, NON-CYCLICAL (Continued) YiChang HEC Changjiang Pharmaceutical Co Ltd H Shs 12,400 14,121 0.05 Zai Lab Ltd ADR (1 ADR Reps 1 Ord Shrs) 700 94,738 0.31 Zhejiang Expressway Co Ltd H Shs 108,000 91,232 0.29 4,053,424 13.09

ENERGY China Everbright Environment Group Ltd (formerly known as China Everbright International Ltd) 116,000 65,526 0.21 CNOOC Ltd 165,000 152,788 0.50 Kunlun Energy Co Ltd 180,000 155,536 0.50 Sinopec Engineering Group Co Ltd 93,000 40,060 0.13 Titan Wind Energy (Suzhou) Co Ltd A Shs 31,500 40,826 0.13 454,736 1.47

FINANCIAL Agricultural Bank Of China H Shs 249,000 91,201 0.29 AIA Group Ltd 75,800 928,700 3.00 Bank of China Ltd H Shs 693,000 236,844 0.76 Bank of Communications Co Ltd H Shs 841,000 444,695 1.44 Bank of Jiangsu Co Ltd 209,700 176,239 0.57 China Construction Bank H Shs 866,000 657,833 2.12 China Everbright Bank Co Ltd H Shrs 420,000 159,792 0.52 China Life Insurance Co Ltd H Shs 301,000 663,812 2.14 China Minsheng Banking Corp Ltd H Shs 506,500 288,725 0.93 China Overseas Grand Oceans Group Ltd 104,000 55,797 0.18 China Pacific Insurance Group Co Ltd H Shs 140,200 548,769 1.77 China Resources Land Ltd 28,000 115,555 0.37 China Vanke Co Ltd H Shs 139,900 482,641 1.56 Cinda Real Estate Co Ltd 59,000 36,780 0.12 Country Garden Holdings Co Ltd 311,000 429,970 1.39 Guangzhou R&F Properties Co Ltd H Shs 78,800 101,322 0.33 Haitong International Securities Group 121,000 29,182 0.09 Hong Kong Exchanges and Clearing Ltd 18,800 1,030,456 3.33 Industrial and Comm Bank of China H Shs 547,000 354,844 1.14 KWG Group Holdings Ltd 64,500 88,009 0.28 Legend Holdings Corp 39,300 51,597 0.17 Logan Group Co Ltd 106,000 173,617 0.56 Midea Real Estate Holding Ltd 21,800 48,695 0.16 New China Life Insurance Co H Shs 70,500 275,041 0.89 PICC Property and Casualty Co Ltd H Shrs 330,000 249,824 0.81 Ping An Insurance (Group) Co of China Ltd H Shs 6,000 73,512 0.24 RiseSun Real Estate Development Co Ltd A Shs 80,200 80,612 0.26 - 33 - ​​AXA GREATER CHINA MULTI-FACTOR ADVANTAGE FUND

INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED) AS AT 31ST DECEMBER 2020

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

Listed equities (Continued)

China and Hong Kong (Continued)

FINANCIAL (Continued) Shenzhen Overseas Chinese Town Co Ltd A Shs 165,000 180,070 0.58 Shun Tak Holdings Ltd 122,000 37,290 0.12 Sino-Ocean Group Holding Ltd 130,500 26,087 0.08 Tianjin Guangyu Development Co Ltd 28,800 27,795 0.09 Times China Holdings Ltd 35,000 48,660 0.16 Zhongliang Holdings Group Co Ltd 63,500 42,421 0.14 8,236,387 26.59

INDUSTRIAL Anhui Conch Cement Co Ltd H Shs 34,500 216,019 0.70 China Lesso Group Holdings Ltd 20,000 31,314 0.10 China National Building Material H Shs 194,000 233,185 0.75 China Railway Group Ltd H Shs 511,000 225,387 0.73 China Resources Cement Holdings Ltd 138,000 154,127 0.50 Hangzhou Great Star Industrial Co Ltd A Shs 18,900 90,505 0.29 Hexing Electrical Co Ltd 14,400 30,477 0.10 Jiangsu Hengli Highpressure Oil Cylinder Co Ltd 4,044 70,340 0.23 Johnson Electric Holdings Ltd 13,000 32,190 0.10 Kerry Logistics Network Ltd 32,000 70,159 0.23 Lens Technology Co Ltd A Shs 48,019 226,249 0.73 Shenzhen Inovance Technology Co Ltd A Shs 9,900 142,176 0.46 Sinotrans Ltd H Shrs 263,000 95,651 0.31 Techtronic Industries Co Ltd 34,000 484,972 1.57 Tian Di Science & Technology Co Ltd 73,100 34,656 0.11 Tianneng Power International Ltd 22,000 53,058 0.17 Xiamen C & D Corp Ltd 52,300 66,093 0.21 Xinjiang Tianshan Cement A Shs 15,000 34,864 0.11 Xinyi Glass Holding Co Ltd 76,000 212,204 0.68 XJ Electric Co Ltd A Shs 20,900 46,518 0.15 2,550,144 8.23

TECHNOLOGY B-Soft Co Ltd A Shs 12,900 26,866 0.09 Lenovo Group Ltd 272,000 256,781 0.83 Netease.Com Inc ADR (1 ADR Reps 25 Ord Shrs) 7,000 670,390 2.16 Shenzhen MTC Co Ltd A Shs 77,400 73,866 0.24 Thunder Software Technology Co Ltd A Shs 7,882 141,949 0.46 1,169,852 3.78

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

INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED) AS AT 31ST DECEMBER 2020

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

Listed equities (Continued)

China and Hong Kong (Continued)

UTILITIES Beijing Enterprises Holdings Ltd 21,000 68,521 0.22 China Longyuan Power Group Corp H Shs 41,000 41,085 0.13 109,606 0.35 Total Listed/Quoted Investments 30,576,588 98.72 Unlisted Investments

Unlisted equities

Hong Kong

CONSUMER, CYCLICAL 3D-Gold Jewellery Holdings Ltd 32,000 - - INDUSTRIAL China Metal Recycling Holdings Ltd 145,000 - - Total Unlisted Investments - - a a a aa a Total investments 30,576,588 98.72 a a a aa a Total cost of investments 24,137,888

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

MOVEMENT IN INVESTMENT PORTFOLIO (UNAUDITED) FOR THE YEAR ENDED 31ST DECEMBER 2020

Holdings Holdings as at as at 31st 1st January December Listed/Quoted Investments 2020 Additions Disposals 2020 a a a a Listed equities

5I5J Holding Group Co Ltd A Shs 57,200 - (57,200) - Agile Group Holdings Ltd - 94,000 (94,000) - Agricultural Bank Of China H Shs - 1,048,000 (799,000) 249,000 AIA Group Ltd 117,600 99,400 (141,200) 75,800 Alibaba Group Holding-SP ADR (1 ADR Reps 1 Ord Shrs) 15,800 5,200 (9,300) 11,700 Alibaba Health Information Technology Ltd - 170,000 (82,000) 88,000 Allied Properties HK Ltd 50,000 - (50,000) - Angel Yeast Co Ltd - 15,400 (15,400) - Anhui Conch Cement Co Ltd H Shs 91,000 99,500 (156,000) 34,500 Anhui Expressway Co Ltd H Shs 76,000 - (22,000) 54,000 Apeloa Pharmaceutical Co Ltd A Shs 37,400 21,700 (59,100) - Asia Cement China Holdings Corp - 34,500 (34,500) - Autobio Diagnostics Co Ltd A Shs 11,400 1,500 (12,900) - BAIC Motor Corp Ltd H Shs - 121,500 (121,500) - Baidu Inc Spon ADR (1 ADR Reps 1 Ord Shs) 6,700 300 (2,700) 4,300 Bank of Beijing Co Ltd A Shs 268,300 44,000 (312,300) - Bank of China Ltd H Shs 2,104,000 1,518,000 (2,929,000) 693,000 Bank of Communications Co Ltd H Shs 155,000 1,062,000 (376,000) 841,000 Bank of Guiyang Co Ltd - 68,900 (68,900) - Bank of Jiangsu Co Ltd 209,700 - - 209,700 Bank of Jiangsu Co Ltd Rts Dec 2020 - 62,910 (62,910) - Bank of Shanghai Co Ltd - 293,700 (293,700) - BeiGene Ltd ADR (1 ADR Reps 13 Ord Shrs) - 800 - 800 Beijing Capital Development - 72,900 (72,900) - Beijing Enterprises Holdings Ltd 50,000 21,000 (50,000) 21,000 Beijing Enterprises Water Group Ltd 340,000 - (340,000) - Beijing Jetsen Technology A Shs 97,968 - (97,968) - Beijing Jingneng Clean Energy Co Ltd H Shs - 170,000 (170,000) - Beijing Kunlun Tech Co Ltd A Shs - 20,200 - 20,200 BGI Genomics Co Ltd - 6,800 - 6,800 BlueFocus Intelligent Communication Group Co A Shs - 75,600 (31,800) 43,800 Bohai Financial Investment A Shs 129,100 - (129,100) - Bosideng International Holdings Ltd - 158,000 - 158,000 Brilliance China Automotive Holdings Ltd - 128,000 - 128,000 B-Soft Co Ltd A Shs - 12,900 - 12,900 Budweiser Brewing Co APAC Ltd - 43,800 (43,800) - BYD Electronic Co Ltd - 35,000 (35,000) - C & S Paper Co Ltd 18,000 27,100 (45,100) - CanSino Biologics Inc H Shs - 2,400 (2,400) - Cecep Solar Energy Co Ltd A Shs 98,800 - (98,800) - Centre Testing International Group A Shs 52,500 - (52,500) - Chacha Food Co Ltd A Shs 10,600 10,000 (20,600) - Chaowei Power Holdings Ltd 51,000 - (51,000) - Chengdu Hongqi Chain Co Ltd A Shs 39,078 28,400 (67,478) - China Aoyuan Group Ltd - 61,000 (61,000) - China Cinda Asset Management H Shrs 1,108,000 - (1,108,000) - China CITIC Bank H Shs 960,000 568,000 (1,528,000) - China Communication Services Corp Ltd H Shs - 156,000 (156,000) - China Communications Construction Co Ltd H Shs - 152,000 (152,000) - China Construction Bank H Shs 1,919,000 344,000 (1,397,000) 866,000 China Education Group Holdings Ltd - 30,000 (30,000) - China Energy Engineering Corp Ltd - 196,000 (196,000) - - 36 - ​​AXA GREATER CHINA MULTI-FACTOR ADVANTAGE FUND

MOVEMENT IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2020

Holdings Holdings as at as at 31st 1st January December Listed/Quoted Investments (Continued) 2020 Additions Disposals 2020 a a a a

Listed equities (Continued)

China Everbright Bank Co Ltd H Shrs 1,081,000 1,200,000 (1,861,000) 420,000 China Everbright Environment Group Ltd (formerly known as China Everbright International Ltd) - 172,000 (56,000) 116,000 China Feihe Ltd - 18,000 (18,000) - China Galaxy Securities Co Ltd - 321,000 (321,000) - China Gas Holdings Limited - 27,400 (27,400) - China Grand Pharmaceutical A Shs - 108,000 (108,000) - China Huarong Asset Management Co Ltd - 1,843,000 (1,843,000) - China International Capital Corp - 43,600 (43,600) - China Lesso Group Holdings Ltd 109,000 - (89,000) 20,000 China Life Insurance Co Ltd H Shs 211,000 301,000 (211,000) 301,000 China Longyuan Power Group Corp H Shs - 41,000 - 41,000 China Maple Leaf Educational Systems Ltd 90,000 - (90,000) - China Medical System Holdings Ltd 77,000 - - 77,000 China Merchants Bank Co Ltd H Shs - 31,500 (31,500) - China Minsheng Banking Corp Ltd H Shs 835,600 816,000 (1,145,100) 506,500 China Mobile Ltd 19,500 150,000 (151,500) 18,000 China National Accord Medicines A Shs - 14,000 (14,000) - China National Building Material H Shs 306,000 - (112,000) 194,000 China Overseas Grand Oceans Group Ltd 104,000 - - 104,000 China Overseas Land and Investment Ltd - 227,500 (227,500) - China Pacific Insurance Group Co Ltd H Shs 178,000 66,000 (103,800) 140,200 China Railway Construction Corp H Shs 108,500 422,500 (531,000) - China Railway Group Ltd H Shs - 511,000 - 511,000 China Resources Cement Holdings Ltd - 184,000 (46,000) 138,000 China Resources Double Crane Pharmaceutical Co Ltd - 17,000 - 17,000 China Resources Land Ltd - 38,000 (10,000) 28,000 China Resources Pharmaceutical Group Ltd 180,500 - (65,000) 115,500 China South City Holdings Ltd 199,000 - (199,000) - China Taiping Insurance Holdings Co Ltd 117,200 - (117,200) - China Telecom Corp Ltd H Shs 1,232,000 418,000 (578,000) 1,072,000 China Traditional Chinese Medicine Co Ltd - 132,000 (132,000) - China Unicom Hong Kong Ltd 244,000 370,000 (614,000) - China Vanke Co Ltd H Shs 38,900 171,000 (70,000) 139,900 China Yongda Automobiles Services Holdings Ltd - 35,000 (35,000) - China Yuhua Education Corp Ltd - 72,000 (72,000) - Chongqing Department Store Co Ltd - 6,900 - 6,900 Cinda Real Estate Co Ltd - 59,000 - 59,000 CITIC Ltd 470,000 185,000 (655,000) - CITIC Securities Co Ltd H Shs - 14,500 (14,500) - CK Asset Holdings Ltd 11,500 - (11,500) - CK Hutchison Holdings Ltd 72,500 28,000 (100,500) - CNHTC Jinan Truck Co Ltd - 8,600 - 8,600 CNOOC Ltd 249,000 - (84,000) 165,000 Country Garden Holdings Co Ltd 178,000 238,000 (105,000) 311,000 CSC Financial Co Ltd H Shs - 23,000 (23,000) - CSSC Offshore and Marine Engineering (Group) Co Ltd H Shs - 68,000 (68,000) - Dashang Group Co Ltd A Shs 9,600 - - 9,600 Dian Diagnostics Group Co Ltd A Shs - 18,500 (11,000) 7,500 Dongfeng Motor Group Co Ltd H Shs 270,000 - (70,000) 200,000 Dongyue Group Ltd 50,000 - - 50,000 Double Medical Technology Inc - 2,200 (2,200) - - 37 - ​​AXA GREATER CHINA MULTI-FACTOR ADVANTAGE FUND

MOVEMENT IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2020

Holdings Holdings as at as at 31st 1st January December Listed/Quoted Investments (Continued) 2020 Additions Disposals 2020 a a a a

Listed equities (Continued)

ENN Energy Holdings Ltd - 3,500 (3,500) - Financial Street Holdings A Shs - 68,100 (68,100) - Focus Media Information Technology Co Ltd A Shs - 100,400 (24,200) 76,200 Foshan Haitian Flavouring and Food Co Ltd - 3,290 (3,290) - Fosun International 197,500 - (197,500) - Fufeng Group Ltd 59,000 - - 59,000 Fujian Sunner Development A Shs 33,500 - (33,500) - Gansu Qilianshan Cement Group Co Ltd 23,400 - (23,400) - G-bits Network Technology Xiamen Co Ltd - 1,300 (1,300) - Geely Automobile Holdings Ltd - 366,000 (254,000) 112,000 Gemdale Properties and Investment Corp - 294,000 (294,000) - Genertec Universal Medical Group Co Ltd 69,000 - (69,000) - Grandjoy Holdings Group Co Ltd A Shs - 40,100 (40,100) - Great Eagle Holdings Ltd 17,000 - (17,000) - Greenland Holdings Corp Ltd - 220,600 (220,600) - Greentown China Holdings Ltd 65,500 - (65,500) - Guangdong Tapai Group Co A Shs - 15,300 (15,300) - Guangdong Wens Foodstuffs A Shs - 35,304 (35,304) - Guangdong Xinbao Electrical Appliances Holdings A Shs 24,700 - (16,200) 8,500 Guangzhou Kingmed Diagnostics Group Co Ltd 14,100 9,400 (14,100) 9,400 Guangzhou R&F Properties Co Ltd H Shs - 161,200 (82,400) 78,800 Guangzhou Wondfo Biotech - 6,154 (6,154) - Guizhou Space Appliance Co Ltd A Shs - 7,700 (7,700) - Guoco Group Ltd 7,000 - (7,000) - Haier Electronics Group Co Ltd - 38,000 (38,000) - Haitong International Securities Group - 121,000 - 121,000 Hang Lung Properties Ltd 26,000 - (26,000) - Hang Seng Bank Ltd - 21,500 (21,500) - Hangzhou Great Star Industrial Co Ltd A Shs - 18,900 - 18,900 Hangzhou Robam Appliances A Shs - 21,600 (21,600) - Harbin Electric Co Ltd H Shs 102,000 - (102,000) - Hefei Meiya Optoelectronic A Shs 5,600 6,400 (12,000) - Henan Shuanghui Investment A Shs - 27,600 (27,600) - Hengan International Group Company Limited - 27,000 (27,000) - Hengli Petrochemical Co Ltd - 33,000 (33,000) - Hengyi Petrochemical Co Ltd A Shs - 67,900 - 67,900 Hexing Electrical Co Ltd 14,400 - - 14,400 Hisense Home Appliances Group Co Ltd H Shs 34,000 - (34,000) - HKT Trust & HKT Ltd - 62,000 (62,000) - HLA Corp 77,800 - (77,800) - Hong Kong And China Gas Co Ltd - 72,000 (72,000) - Hong Kong Exchanges and Clearing Ltd 29,200 6,800 (17,200) 18,800 Hopson Development Holdings Ltd 52,000 - (52,000) - Huafon Chemical Co Ltd A Shs (formerly known as Zhejiang Huafon Spandex Co Ltd A Shs) - 33,700 - 33,700 Huaibei Mining Holdings Co A Shs - 26,300 (26,300) - Huaneng Lancang River Hydropower Inc - 240,900 (240,900) - Hubei Biocause Phamaceutical Co Ltd A Shs - 100,200 (100,200) - Hudian Fuxin Energy Corp Ltd H Shs - 176,000 (176,000) - Huishang Bank Corp Ltd H Shs 188,100 - (188,100) - Hunan Valin Steel Co Ltd S Shs 74,300 113,400 (74,300) 113,400 - 38 - ​​AXA GREATER CHINA MULTI-FACTOR ADVANTAGE FUND

MOVEMENT IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2020

Holdings Holdings as at as at 31st 1st January December Listed/Quoted Investments (Continued) 2020 Additions Disposals 2020 a a a a

Listed equities (Continued)

Hundsun Technologies Inc - 13,670 (13,670) - I.T Ltd 66,000 - - 66,000 Industrial and Comm Bank of China H Shs 134,000 865,000 (452,000) 547,000 Inner Mongolia Yili Industrial Group Co Ltd - 16,500 (16,500) - Innovent Biologics Inc - 5,000 (5,000) - IReader Technology Co Ltd - 7,500 (7,500) - Jafron Biomedical Co Ltd - 15,250 (12,350) 2,900 JD.Com Inc ADR (1 ADR Rep 2 Ord Shrs) 21,000 3,400 (13,000) 11,400 Jiangshu Hengshun Vinegar - 10,400 (10,400) - Jiangsu Expressway Co Ltd H Shs 132,000 126,000 (258,000) - Jiangsu Hengli Highpressure Oil Cylinder Co Ltd - 8,444 (4,400) 4,044 Jiangsu Hengrui Medicine Co Ltd - 6,500 (6,500) - Jiangsu King's Luck Brewery Joint-Stock Co Ltd 35,800 - (35,800) - Jiangsu Yuyue Medical Equipment & Supply Co Ltd A Shs - 38,800 (21,500) 17,300 Jiangxi Copper Co Ltd H Shs 38,000 119,000 (157,000) - Jiangxi Wannianqing Cement 24,100 - (24,100) - Jinke Properties Group Co Ltd A Shs - 94,200 (94,200) - Jinneng Science and Technology Co Ltd 21,400 - (21,400) - Johnson Electric Holdings Ltd 21,500 - (8,500) 13,000 Joincare Pharmaceutical Group 59,600 - (59,600) - Joinn Laboratories China Co Ltd A Shs - 4,620 (4,620) - JOYY Inc ADR ( 1 ADR Reps 20 Ord Shrs) - 3,659 (2,159) 1,500 K. Wah International Holdings Ltd 94,000 - (94,000) - Kerry Logistics Network Ltd - 32,000 - 32,000 Kerry Properties Ltd - 29,500 (29,500) - Kingboard Holdings Ltd 34,500 26,500 (34,500) 26,500 Kingboard Laminates Holdings Ltd - 61,500 - 61,500 Kingdee International Software Group Co Ltd - 85,000 (85,000) - Kingfa Science & Technology Co Ltd - 44,300 - 44,300 Kingsoft Corp Ltd - 27,000 (27,000) - Kunlun Energy Co Ltd 36,000 362,000 (218,000) 180,000 Kweichow Moutai Co Ltd A Shs - 600 (600) - KWG Group Holdings Ltd - 148,000 (83,500) 64,500 La Chapelle 45,000 - (45,000) - Legend Holdings Corp 72,200 39,300 (72,200) 39,300 Lenovo Group Ltd - 272,000 - 272,000 Lens Technology Co Ltd A Shs - 48,019 - 48,019 Liaoning Wellhope Agri-Tech Joint Stock Co Ltd A Shs - 39,200 (39,200) - Liuzhou Iron & Steel Co Ltd - 12,600 - 12,600 Livzon Pharmaceutical Group H Shrs - 14,700 (14,700) - Logan Group Co Ltd - 106,000 - 106,000 Loncin Motor Co Ltd A Shs 54,800 - (54,800) - Luxshare Precision Industry Co Ltd A Shs - 26,356 (26,356) - Luye Pharma Group Ltd - 80,500 (80,500) - Luzhou Laojiao Co Ltd A Shs 22,980 13,400 (22,980) 13,400 Maoye Commercial Co Ltd A Shs (formerly known as Chengshang Group Co Ltd A Shs) 54,838 - - 54,838 Meituan Dianping 37,100 41,500 (57,700) 20,900 Melco International Development Ltd 46,000 - (46,000) - Midea Real Estate Holding Ltd - 21,800 - 21,800 MMG Ltd - 112,000 (112,000) - Momo Inc ADR (1 ADR Reps 2 Shrs) - 2,500 (2,500) - - 39 - ​​AXA GREATER CHINA MULTI-FACTOR ADVANTAGE FUND

MOVEMENT IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2020

Holdings Holdings as at as at 31st 1st January December Listed/Quoted Investments (Continued) 2020 Additions Disposals 2020 a a a a

Listed equities (Continued)

Nanjing Iron and Steel Co Ltd 133,500 - (133,500) - Nanjing Xinjiekou Department Store Co Ltd 41,400 27,800 (69,200) - Netease.Com Inc ADR (1 ADR Reps 25 Ord Shrs) 1,900 7,600 (2,500) 7,000 New China Life Insurance Co H Shs 88,500 70,500 (88,500) 70,500 New Hope Liuhe Co Ltd A Shs - 2,000 (2,000) - New Oriental Education and Technology Group Inc ADR Usd0.01 (1 ADR Reps 4 Ord Shrs) 3,600 400 (900) 3,100 NewOcean Energy Holdings Ltd 130,000 - (130,000) - Ningbo Huaxiang Electronic Co Ltd A Shs 19,900 11,700 (19,900) 11,700 NIO Inc - ADR (1 ADR Rep 1 Ord A Shs) - 11,000 (700) 10,300 North Huajin Chemical Industries A Shs 54,500 - (54,500) - Offcn Education Technology A Shs - 67,800 (67,800) - Orient Overseas (International) Ltd - 11,000 (11,000) - People's Insurance Co Group of China Ltd H 416,000 883,000 (1,299,000) - PICC Property and Casualty Co Ltd H Shrs - 694,000 (364,000) 330,000 Pinduoduo Inc ADR (1 ADR Reps 4 Ord Shrs) - 7,600 (2,200) 5,400 Ping An Healthcare And Technology Co Ltd - 4,800 (4,800) - Ping An Insurance (Group) Co of China Ltd H Shs 33,000 57,500 (84,500) 6,000 Poly Developments And Holdings Group Co Ltd - 140,700 (140,700) - Poly Property Group Co Ltd 122,000 - (122,000) - Postal Savings Bank Of China Co Ltd H Shs - 927,000 (927,000) - Powerlong Real Estate Holdings Ltd - 174,000 (174,000) - Red Star Macalline Group Corp Ltd H Shrs - 83,200 (83,200) - RiseSun Real Estate Development Co Ltd A Shs - 80,200 - 80,200 Sailun Group Co Ltd 83,100 52,800 (135,900) - Samsonite International - 24,000 - 24,000 Sands China Ltd 134,400 - (134,400) - Semiconductor Manufacturing International Corp - 78,000 (78,000) - Shandong Hi-Speed Co Ltd 151,400 - (151,400) - Shandong Weigao Group Medical Polymer Co Ltd H Shs - 96,000 (16,000) 80,000 Shandong Yisheng Livestock A Shs 19,100 8,470 (27,570) - Shanghai 2345 Network Holding A Shs - 89,600 (89,600) - Shanghai Bairun Investment Holding Group Co Ltd A Shs - 9,900 (9,900) - Shanghai Electric Group Company Ltd H Shs - 572,000 (572,000) - Shanghai Pudong Development Bank Co Ltd - 221,801 (221,801) - Shanghai Shimao Co Ltd A Shs 115,400 - (115,400) - Shanxi Xinghuacun Fen Wine Factory Co Ltd - 8,800 - 8,800 Shenzhen Expressway Co Ltd H Shs 84,000 - (84,000) - Shenzhen Goodix Technology Co Ltd - 900 (900) - Shenzhen Inovance Technology Co Ltd A Shs - 9,900 - 9,900 Shenzhen International Holdings Ltd - 60,000 (60,000) - Shenzhen Mindray Bio-Medical A Shs - 13,000 (10,500) 2,500 Shenzhen MTC Co Ltd A Shs - 77,400 - 77,400 Shenzhen Overseas Chinese Town Co Ltd A Shs 33,800 131,200 - 165,000 Shenzhen Sinovatio Technology Co Ltd - 3,360 (3,360) - Shenzhou International Group Holdings Ltd - 1,800 (1,800) - Shui on Land Ltd 159,500 - (159,500) - - 40 - ​​AXA GREATER CHINA MULTI-FACTOR ADVANTAGE FUND

MOVEMENT IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2020

Holdings Holdings as at as at 31st 1st January December Listed/Quoted Investments (Continued) 2020 Additions Disposals 2020 a a a a

Listed equities (Continued)

Shun Tak Holdings Ltd 122,000 - - 122,000 Sichuan Swellfun Co Ltd 15,000 - (15,000) - Sieyuan Electric Co Ltd A Shs - 14,500 (14,500) - Sina Corporation Com 3,100 - (3,100) - Sinoma International Engin A Shs 53,500 - (53,500) - Sinoma Science & Technology Co Ltd A Shs - 29,900 - 29,900 Sino-Ocean Group Holding Ltd - 130,500 - 130,500 Sino-Ocean Group Holding Ltd Pref Offer Rts Dec 2020 - 522 (522) - Sinopec Engineering Group Co Ltd - 93,000 - 93,000 Sinopec Oilfield Service Corp H Shares - 898,000 (898,000) - Sinopharm Group Co Ltd H Shs - 136,000 (69,200) 66,800 Sinotrans Ltd H Shrs - 263,000 - 263,000 Sinotruk Hong Kong Ltd - 56,500 - 56,500 SJM Holdings Ltd 187,000 - (187,000) - Stella International Holdings Ltd 26,000 - (26,000) - Sun Art Retail Group Ltd - 19,000 (19,000) - Sun Hung Kai Properties Ltd 44,500 - (44,500) - Sunac China Holdings Ltd - 35,000 (35,000) - Suning.com Co Ltd A Shs 161,200 - (161,200) - Swire Pacific Ltd 7,000 - (7,000) - Tal Education Group ADR (1 ADR Reps 2 Ord Shrs) - 9,000 (1,100) 7,900 TangShan Port Group Co Ltd 182,300 - (83,400) 98,900 TBEA Co Ltd - 72,300 (72,300) - TCL Technology Group Corp - 51,900 - 51,900 Techtronic Industries Co Ltd - 50,000 (16,000) 34,000 Tecon Biology Co Ltd A Shs - 20,800 (20,800) - Tencent Holdings Ltd 70,300 6,000 (35,700) 40,600 Thaihot Group Co Ltd A Shs - 46,600 (46,600) - Thunder Software Technology Co Ltd A Shs - 7,882 - 7,882 Tian Di Science & Technology Co Ltd - 73,100 - 73,100 Tianjin Development Holdings Ltd 86,000 - (86,000) - Tianjin Guangyu Development Co Ltd - 28,800 - 28,800 Tianma Microelectronics A Shs - 38,000 (38,000) - Tianneng Power International Ltd 48,000 22,000 (48,000) 22,000 Times China Holdings Ltd - 35,000 - 35,000 Tingyi (Cayman Islands) Holding Corp 42,000 62,000 (104,000) - Titan Wind Energy (Suzhou) Co Ltd A Shs - 31,500 - 31,500 Toly Bread Co Ltd - 12,900 (12,900) - Towngas China Co Ltd 101,000 - (101,000) - Tunghsu Optoelectronic Technology Co Ltd A Shs - 214,500 (214,500) - United Laboratories Ltd - 34,000 (34,000) - Vinda International Holdings Ltd - 40,000 (40,000) - Vipshop Holdings Ltd 42,100 8,400 (35,100) 15,400 VSTECS Holdings Ltd 90,000 - (90,000) - VTech Holdings Ltd - 3,500 - 3,500 Want Want China Holdings Ltd - 84,000 (84,000) - Weichai Power Company Ltd H Shs - 100,000 (21,000) 79,000 Weifu High-Technology Group A Shs - 31,800 - 31,800 WH Group Ltd - 426,000 (120,500) 305,500 Wheelock and Co Ltd 45,000 - (45,000) - Wuchan Zhongda Group Co Ltd A Shs - 102,700 - 102,700 Wuhan Department Store Group A Shs 23,200 - (23,200) - Wuhan Guide Infrared Co Ltd A Shs - 8,500 (8,500) - - 41 - ​​AXA GREATER CHINA MULTI-FACTOR ADVANTAGE FUND

MOVEMENT IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2020

Holdings Holdings as at as at 31st 1st January December Listed/Quoted Investments (Continued) 2020 Additions Disposals 2020 a a a a

Listed equities (Continued)

Wuhu Sanqi Interactive Entertainment Network Technology Group Co Ltd 46,800 8,900 (55,700) - Wuliangye Yibin Co Ltd A Shs 15,800 6,947 (21,500) 1,247 WUS Printed Circuit Kunsha A Shs 43,300 - (43,300) - Wuxi Apptec Co Ltd - 3,800 (3,800) - Wuxi Biologics Cayman Inc - 17,500 (17,500) - XCMG Construction Machinery Co Ltd A Shs 175,300 - (175,300) - Xiamen C & D Corp Ltd 59,300 52,300 (59,300) 52,300 Xiandai Investment Co Ltd A Shs 49,681 - (49,681) - Xiaomi Corp - 72,400 (24,600) 47,800 Xinhua Winshare Publishing and Media Co Ltd H Shs 26,000 - (26,000) - Xinjiang Tianshan Cement A Shs 20,300 15,000 (20,300) 15,000 Xinjiang Zhongtai Chemical A Shs 70,300 - (70,300) - Xinyi Glass Holding Co Ltd - 244,000 (168,000) 76,000 Xinyi Solar Holdings Ltd - 304,000 (304,000) - Xinyu Iron and Steel Co Ltd 96,300 - (96,300) - XJ Electric Co Ltd A Shs - 20,900 - 20,900 YiChang HEC Changjiang Pharmaceutical Co Ltd H Shs - 12,400 - 12,400 Youngor Group Co Ltd - 97,100 (97,100) - Yue Yuen Industrial (Holdings) Ltd 13,000 48,500 (34,500) 27,000 Yum China Holdings Inc - 1,100 (1,100) - Yunnan Hongxiang Yixintang A Shs - 7,900 (7,900) - Yuzhou Group Holdings Co Ltd (formerly known as Yuzhou Properties Co) 154,000 - (154,000) - Zai Lab Ltd ADR (1 ADR Reps 1 Ord Shrs) - 1,000 (300) 700 Zhejiang Expressway Co Ltd H Shs - 222,000 (114,000) 108,000 Zhejiang Medicine Co Ltd - 18,800 (18,800) - Zhejiang NHU Co Ltd - 37,263 (37,263) - Zhejiang Transfar Co Ltd A Shs - 64,100 (64,100) - Zhejiang Wolwo Bio-Pharmaceutical Co Ltd - 5,400 (5,400) - Zhejiang Xianju Pharmaceutical Co Ltd A Shs - 13,757 (13,757) - Zhengzhou Coal Mning Machinery Group Co Ltd H Shs 92,000 - (92,000) - Zhongliang Holdings Group Co Ltd - 63,500 - 63,500 Zhuzhou Kibing Group Co Ltd 82,700 38,200 (120,900) - Zoomlion Heavy Industry Science and Technology Co Ltd H Shs 233,200 330,400 (563,600) - ZTO Express Cayman Inc - 10,700 (10,700) - A Listed collective investment schemes Champion REIT 174,000 - (174,000) - Link REIT - 25,600 (25,600) -

Unlisted Investments a a a a Unlisted equities

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

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GENERAL INFORMATION

Manager

AXA Investment Managers Asia Limited Current address of the Manager (since 21st September 2020) Suites 3603 - 05, 36/F, One Taikoo Place, Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong

Old address of the Manager (until 20th September 2020) Suites 3603 - 06, 36/F, One Taikoo Place, Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong

Sub-Investment Manager

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

Directors of the Manager

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

Trustee and Registrar

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

Auditor

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

Status of Fund

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

Legal Adviser

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

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

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