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    AB (HK) Unit Trust Series Annual Report AB (HK) Global Value Portfolio AB (HK) Asia Ex-Japan Equity Portfolio for the period from 1 September 2019 to 30 November 2020 (date of termination) AB (HK) Global High Yield Portfolio AB (HK) American Income Portfolio AB (HK) European Income Portfolio AB (HK) Emerging Markets Multi-Asset Portfolio for the year ended 31 August 2020 www.abfunds.com.hk


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    Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) Contents Page Directory of parties 2 Report of the Manager 3 Report of the Trustee 4 Statement of Responsibilities of the Manager and the Trustee 5 Independent Auditor’s Report 6– 8 Statement of Financial Position / Statement of Comprehensive Income / Statement of Changes in Net Assets Attributable to Unitholders / Statement of Cash Flows AB (HK) Global Value Portfolio 9–12 AB (HK) Asia Ex-Japan Equity Portfolio 13–16 AB (HK) Global High Yield Portfolio 17–20 AB (HK) American Income Portfolio 21–24 AB (HK) European Income Portfolio 25–28 AB (HK) Emerging Markets Multi-Asset Portfolio 29–32 Notes to the Financial Statements 33–129 AB (HK) Global Value Portfolio 130 Investment Portfolio (Unaudited) 130 Investment portfolio of AB FCP I - Global Value Portfolio (Unaudited) 131 Statement of movements in investment portfolio (Unaudited) 132 Performance record (Unaudited) 133 AB (HK) Asia Ex-Japan Equity Portfolio 134 Investment Portfolio (Unaudited) 134 Investment portfolio of AB FCP I - Asia Ex-Japan Equity Portfolio (Unaudited) 135 Statement of movements in investment portfolio (Unaudited) 138 Performance record (Unaudited) 139 AB (HK) Global High Yield Portfolio 140 Investment Portfolio (Unaudited) 140 Investment portfolio of AB FCP I - Global High Yield Portfolio (Unaudited) 141 Statement of movements in investment portfolio (Unaudited) 173 Performance record (Unaudited) 174 AB (HK) American Income Portfolio 176 Investment Portfolio (Unaudited) 176 Investment portfolio of AB FCP I - American Income Portfolio (Unaudited) 177 Statement of movements in investment portfolio (Unaudited) 211 Performance record (Unaudited) 212 AB (HK) European Income Portfolio 214 Investment Portfolio (Unaudited) 214 Investment portfolio of AB FCP I - European Income Portfolio (Unaudited) 215 Statement of movements in investment portfolio (Unaudited) 221 Performance record (Unaudited) 222 AB (HK) Emerging Markets Multi-Asset Portfolio 223 Investment Portfolio (Unaudited) 223 Investment portfolio of AB SICAV I - Emerging Markets Multi-Asset Portfolio (Unaudited) 224 Statement of movements in investment portfolio (Unaudited) 241 Performance record (Unaudited) 242 -1-


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    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) DIRECTORY OF PARTIES Manager AllianceBernstein Hong Kong Limited 39th Floor One Island East Taikoo Place 18 Westlands Road Quarry Bay Hong Kong Directors of the Manager Steven Michael Eisenberg Ajai Mohan Kaul Bradley John Gibson Stuart Campbell Rae Investment Adviser AllianceBernstein L.P. 1345 Avenue of the Americas New York New York 10105 U.S. Registrar AllianceBernstein Investor Services, a unit of AllianceBernstein (Luxembourg) S.à r.l. 2-4, rue Eugène Ruppert L-2453 Luxembourg Trustee State Street Trust (HK) Limited 68th Floor Two International Finance Centre 8 Finance Street Central Hong Kong Custodian State Street Bank and Trust Company One Lincoln Street Boston Massachusetts 02111 U.S. Auditor PricewaterhouseCoopers 22/F Prince’s Building Central Hong Kong -2-


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    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) REPORT OF THE MANAGER This report provides an update of AB (HK) Unit Trust Series (the “Fund”) for the annual reporting period ended 31 August 2020/30 November 2020 (date of termination). Pursuant to Clause 28.3 of the Amended and Restated Trust Deed dated 19 December 2019 (as amended from time to time), and as disclosed in the Explanatory Memorandum, the Manager may, in its discretion, cause a Sub-Fund to be terminated if the aggregate Net Asset Value of the Units outstanding thereunder in respect of such Sub-Fund shall be less than US$10 million or its equivalent. As at 30 September 2020, the Net Asset Value of AB (HK) Global Value Portfolio is US$2.09 million and AB (HK) Asia Ex-Japan Equity Portfolio is US$1.69 million. Due to the small fund size of these Sub-Funds, it is increasingly difficult to continue to manage these Sub-Funds in a cost efficient manner and as such, it would be in the best interest of unitholders to terminate these Sub-Funds on the termination date. Global equity markets, led by a strong US rally, recorded positive returns for the 12/15-month period ended 31 August 2020/30 November 2020 (date of termination). US, international and emerging-market equities erased losses from March when the COVID-19 pandemic triggered a decline from all-time highs as global economies were shuttered amid stay-at-home mandates. Investor optimism was supported by expanded monetary and fiscal stimulus, signs of encouraging economic data, and news that several potential vaccines had reached advanced trials. Despite the widespread rebound, headwinds from a resurgence of US-China tensions, persistently high rates of COVID-19 cases in many countries and an unprecedented contraction of economic growth threatened to temper the acceleration of economic activity. Global fixed-income market returns were positive yet volatile over the 12/15-month period. Central banks and governments enacted an unprecedented amount of monetary and fiscal stimulus to combat market illiquidity and cushion the negative economic impact of COVID-19, which set the stage for a rebound in risk assets following the sell-off that started in March. Government bonds rallied as interest rates were slashed. Emerging- and developed-market investment-grade and high-yield corporate bonds led gains as investors searched for higher yields in a period of falling interest rates. Securitized assets advanced, while emerging-market sovereign and local bonds also ended the period with positive returns. The US dollar fell against all major developed-market currencies and was mixed against emerging-market currencies. We appreciate your investment in the Fund. For and on behalf of AllianceBernstein Hong Kong Limited as the Manager 28 December 2020 -3-


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    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) REPORT OF THE TRUSTEE We hereby confirm that, in our opinion, the Manager of the AB (HK) Global Value Portfolio, AB (HK) Asia Ex-Japan Equity Portfolio, AB (HK) Global High Yield Portfolio, AB (HK) American Income Portfolio, AB (HK) European Income Portfolio and AB (HK) Emerging Markets Multi-Asset Portfolio has, in all material respects, managed the • AB (HK) Global Value Portfolio and AB (HK) Asia Ex-Japan Equity Portfolio for the period ended 30 November 2020 (date of termination); and • AB (HK) Global High Yield Portfolio, AB (HK) American Income Portfolio, AB (HK) European Income Portfolio and AB (HK) Emerging Markets Multi-Asset Portfolio for the year ended 31 August 2020, in accordance with the provisions of the Amended and Restated Trust Deed dated 19 December 2019 (as amended from time to time). For and on behalf of State Street Trust (HK) Limited as the Trustee 28 December 2020 -4-


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    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) STATEMENT OF RESPONSIBILITIES OF THE MANAGER AND THE TRUSTEE Manager’s Responsibilities The Manager of the AB (HK) Global Value Portfolio, AB (HK) Asia Ex-Japan Equity Portfolio, AB (HK) Global High Yield Portfolio, AB (HK) American Income Portfolio, AB (HK) European Income Portfolio and AB (HK) Emerging Markets Multi-Asset Portfolio (the “Sub-Funds”) is required by the Code on Unit Trusts and Mutual Funds issued by the Securities & Futures Commission of Hong Kong and the Amended and Restated Trust Deed dated 19 December 2019 (as amended from time to time) (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 Sub-Funds at the end of that period and of the transactions for the period then ended. In respect of these financial statements the Manager, with the assistance of the service provider, is required to: • select suitable accounting policies and then apply them consistently; • make judgments and estimates that are prudent and reasonable; and • prepare or arrange for the preparation of the financial statements on the basis that the Sub-Funds will continue in operation unless it is inappropriate to presume this. The Manager is also required to manage the Sub-Funds in accordance with the Trust Deed and take reasonable steps for the prevention and detection of fraud and other irregularities. AB (HK) Unit Trust Series (the “Fund”) is an umbrella unit trust governed by its Trust Deed. As at 31 August 2020/30 November 2020 (date of termination), the Fund has established the following Sub-Funds: • AB (HK) Global Value Portfolio • AB (HK) Asia Ex-Japan Equity Portfolio • AB (HK) Global High Yield Portfolio • AB (HK) American Income Portfolio • AB (HK) European Income Portfolio • AB (HK) Emerging Markets Multi-Asset Portfolio Trustee’s Responsibilities The Trustee of the Sub-Funds is required to: • take reasonable care to ensure that the Sub-Funds are managed by the Manager in accordance with the Trust Deed and that the investment and borrowing powers are complied with; • satisfy itself that accounting and other related records have been maintained; • safeguard the property of the Sub-Funds and rights attaching thereto; and • report to the Unitholders for each annual accounting period on the conduct of the Manager in the management of the Sub-Funds -5-


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    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) INDEPENDENT AUDITOR’S REPORT To the Unitholders of AB (HK) Unit Trust Series (the “Fund”) Report on the Audit of the Financial Statements Opinion What we have audited The financial statements of AB (HK) Global Value Portfolio and AB (HK) Asia Ex-Japan Equity Portfolio for the period from 1 September 2019 to 30 November 2020 (date of termination) and AB (HK) Global High Yield Portfolio, AB (HK) American Income Portfolio, AB (HK) European Income Portfolio and AB (HK) Emerging Markets Multi-Asset Portfolio for the year ended 31 August 2020 (the ⬙relevant periods⬙) (each a separate sub-fund of AB (HK) Unit Trust Series and referred to individually or collectively as the “Sub-Funds”) set out on pages 9 to 129, which comprise: • the statements of financial position as at 30 November 2020 (date of termination) for AB (HK) Global Value Portfolio and AB (HK) Asia Ex-Japan Equity Portfolio, and as at 31 August 2020 for AB (HK) Global High Yield Portfolio, AB (HK) American Income Portfolio, AB (HK) European Income Portfolio and AB (HK) Emerging Markets Multi-Asset Portfolio; • the statements of comprehensive income for the relevant periods; • the statements of changes in net assets attributable to unitholders for the relevant periods; • the statements of cash flows for the relevant periods; 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 AB (HK) Global Value Portfolio and AB (HK) Asia Ex-Japan Equity Portfolio as at 30 November 2020 (date of termination) and AB (HK) Global High Yield Portfolio, AB (HK) American Income Portfolio, AB (HK) European Income Portfolio and AB (HK) Emerging Markets Multi-Asset Portfolio as at 31 August 2020, and of each of their financial transactions and cash flows for the relevant periods 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 Sub-Funds 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. Emphasis of Matter We draw your attention to Note 2 to the financial statements which states that AB (HK) Global Value Portfolio and AB (HK) Asia Ex-Japan Equity Portfolio are terminated on 30 November 2020. As a result, the financial statements of AB (HK) Global Value Portfolio and AB (HK) Asia Ex-Japan Equity Portfolio have therefore been prepared using liquidation basis of accounting. Our opinion is not modified in respect of this matter. 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. The manager of the Sub-Funds (the “Manager”) is responsible for the other information, except the Report of the Trustee, which the trustee of the Sub-Funds (the “Trustee”) is responsible to issue. -6-


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    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) Other Information (Continued) 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. Responsibilities of the Manager for the Financial Statements The Manager of the Sub-Funds 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 Manager 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 Manager of the Sub-Funds is responsible for assessing the Sub-Funds’ 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 Manager either intends to liquidate the Sub-Funds or to cease operations, or has no realistic alternative but to do so. In addition, the Manager of the Sub-Funds is required to ensure that the financial statements have been properly prepared in accordance with the relevant disclosure provisions of the Amended and Restated Trust Deed dated 19 December 2019 (as amended from time to time) (“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 Sub-Funds 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. 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 Sub-Funds’ internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Manager. -7-


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    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) Auditor’s Responsibilities for the Audit of the Financial Statements (Continued) • Conclude on the appropriateness of the Manager’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 Sub-Funds’ 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 AB (HK) Global High Yield Portfolio, AB (HK) American Income Portfolio, AB (HK) European Income Portfolio and AB (HK) Emerging Markets Multi-Asset Portfolio 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 Manager 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, 28 December 2020 -8-


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    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) AB (HK) Global Value Portfolio Statement of Financial Position As at 30 November 2020 (date of termination) 30 November 2020 (date of 31 August termination) 2019 Note USD USD Current Assets Financial assets at fair value through profit or loss 3(a) - 1,429,594 Cash and cash equivalents 5(j) 1,113,676 2,157 Dividend receivable 5(o) - 7,781 Other receivables and prepayments 5(h) - 3,784 Total assets 1,113,676 1,443,316 Current Liabilities Financial liabilities at fair value through profit or loss 3(a) - 14,377 Distribution payable 8 - 6,458 Administration fee payable 5(c) 521 534 Management fee payable 5(a) 2,580 1,789 Trustee fee payable 5(b) 60 88 Other payables and accruals 29,476 34,906 Total liabilities (excluding net assets attributable to unitholders) 32,637 58,152 Net assets attributable to unitholders (In accordance with HKFRS) 1,081,039 1,385,164 Fair value adjustment of units of the Sub-Fund 6 - (3,392) Net assets attributable to unitholders (In accordance with the Sub-Fund’s Trust Deed) 1,081,039 1,381,772 Approved by the Manager on 28 December 2020. For and on behalf of ................................... AllianceBernstein Hong Kong Limited, as the Manager The notes on pages 33 to 129 form an integral part of these financial statements. -9-


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    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) AB (HK) Global Value Portfolio Statement of Comprehensive Income For the period from 1 September 2019 to 30 November 2020 (date of termination) For the period from 1 September 2019 to 30 November Year ended 2020 (date of 31 August termination) 2019 Note USD USD Income Dividend income 5(o) 136,070 113,851 Interest income 5(j) 4 10 Net changes in fair value on financial assets and liabilities at fair value through profit or loss 4 305,203 (352,631) Net foreign exchange gain/(loss) 12 (685) Other income 5(h) 35,154 39,380 Total investment income/(loss) 476,443 (200,075) Expenses Administration fee 5(c) 13,956 13,182 Audit fee 16,190 14,500 Management fee 5(a) 30,888 27,303 Trustee fee 5(b) 721 637 Other operating expenses 14,646 11,342 Total operating expenses 76,401 66,964 Operating profit/(loss) 400,042 (267,039) Finance cost Distributions to unitholders 8 (128,855) (109,852) Profit/(loss) after distributions 271,187 (376,891) Change in cumulative difference arising from the fair value adjustment of units of the Sub-Fund 6 3,392 (6,999) Increase/(decrease) in net assets attributable to unitholders from operations 274,579 (383,890) The notes on pages 33 to 129 form an integral part of these financial statements. -10-


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    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) AB (HK) Global Value Portfolio Statement of Changes in Net Assets Attributable to Unitholders For the period from 1 September 2019 to 30 November 2020 (date of termination) For the period from 1 September 2019 to 30 November Year ended 2020 (date of 31 August termination) 2019 Note USD USD Net assets attributable to unitholders at the beginning of the period/year 1,381,772 2,722,487 Subscription of units 1,493,916 182,480 Redemption of units (2,069,228) (1,139,305) 806,460 1,765,662 Increase/(decrease) in net assets attributable to unitholders from operations 274,579 (383,890) Net assets attributable to unitholders at the end of the period/year (In accordance with the Sub-Fund’s Trust Deed) 6 1,081,039 1,381,772 The notes on pages 33 to 129 form an integral part of these financial statements. -11-


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    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) AB (HK) Global Value Portfolio Statement of Cash Flows For the period from 1 September 2019 to 30 November 2020 (date of termination) For the period from 1 September 2019 to 30 November Year ended 2020 (date of 31 August termination) 2019 USD USD Cash flows from operating activities Purchase of investments and derivatives (1,649,540) (312,839) Proceeds from disposal of investments and derivatives 3,369,972 1,296,335 Interest income received 4 10 Dividend income received 143,851 118,959 Other income received 38,938 39,276 Management fee paid (30,097) (28,785) Other operating expenses paid (50,984) (44,734) Net cash inflow from operating activities 1,822,144 1,068,222 Cash flows from financing activities Distributions paid (123,752) (108,844) Cash received on issue of units 1,482,355 180,765 Cash paid on redemption of units (2,069,228) (1,139,305) Net cash outflow from financing activities (710,625) (1,067,384) Increase in cash and cash equivalents 1,111,519 838 Cash and cash equivalents at the beginning of the period/year 2,157 1,319 Cash and cash equivalents at the end of the period/year 1,113,676 2,157 Analysis of balances of cash and cash equivalents: Cash at banks 1,113,676 2,157 Non-cash financing activities During the period/year, the following distribution payments were satisfied by the issue of units under the distribution reinvestment plan 11,561 8,919 The notes on pages 33 to 129 form an integral part of these financial statements. -12-


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    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) AB (HK) Asia Ex-Japan Equity Portfolio Statement of Financial Position As at 30 November 2020 (date of termination) 30 November 2020 (date of 31 August termination) 2019 Note USD USD Current Assets Financial assets at fair value through profit or loss 3(a) - 736,273 Cash and cash equivalents 5(j) 805,921 6,338 Dividend receivable 5(o) - 3,803 Other receivables and prepayments 5(h) - 3,760 Total assets 805,921 750,174 Current Liabilities Financial liabilities at fair value through profit or loss 3(a) - 7,377 Distribution payable 8 - 3,088 Administration fee payable 5(c) 515 523 Management fee payable 5(a) 1,975 1,039 Trustee fee payable 5(b) 41 46 Other payables and accruals 31,766 34,891 Total liabilities (excluding net assets attributable to unitholders) 34,297 46,964 Net assets attributable to unitholders (In accordance with HKFRS) 771,624 703,210 Fair value adjustment of units of the Sub-Fund 6 - (3,392) Net assets attributable to unitholders (In accordance with the Sub-Fund’s Trust Deed) 771,624 699,818 Approved by the Manager on 28 December 2020. For and on behalf of ................................... AllianceBernstein Hong Kong Limited, as the Manager The notes on pages 33 to 129 form an integral part of these financial statements. -13-


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    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) AB (HK) Asia Ex-Japan Equity Portfolio Statement of Comprehensive Income For the period from 1 September 2019 to 30 November 2020 (date of termination) For the period from 1 September 2019 to 30 November Year ended 2020 (date of 31 August termination) 2019 Note USD USD Income Dividend income 5(o) 89,321 66,956 Interest income 5(j) 12 20 Net changes in fair value on financial assets and liabilities at fair value through profit or loss 4 318,662 (91,159) Net foreign exchange loss (211) (45) Other income 5(h) 38,086 43,548 Total investment income 445,870 19,320 Expenses Administration fee 5(c) 13,894 13,113 Audit fee 16,190 14,500 Management fee 5(a) 24,417 19,284 Trustee fee 5(b) 503 397 Other operating expenses 16,237 11,941 Total operating expenses 71,241 59,235 Operating profit/(loss) 374,629 (39,915) Finance cost Distributions to unitholders 8 (95,389) (64,104) Profit/(loss) after distributions 279,240 (104,019) Change in cumulative difference arising from the fair value adjustment of units of the Sub-Fund 6 3,392 (6,999) Increase/(decrease) in net assets attributable to unitholders from operations 282,632 (111,018) The notes on pages 33 to 129 form an integral part of these financial statements. -14-


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    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) AB (HK) Asia Ex-Japan Equity Portfolio Statement of Changes in Net Assets Attributable to Unitholders For the period from 1 September 2019 to 30 November 2020 (date of termination) For the period from 1 September 2019 to 30 November Year ended 2020 (date of 31 August termination) 2019 Note USD USD Net assets attributable to unitholders at the beginning of the period/year 699,818 858,593 Subscription of units 2,249,572 2,291,560 Redemption of units (2,460,398) (2,339,317) 488,992 810,836 Increase/(decrease) in net assets attributable to unitholders from operations 282,632 (111,018) Net assets attributable to unitholders at the end of the period/year (In accordance with the Sub-Fund’s Trust Deed) 6 771,624 699,818 The notes on pages 33 to 129 form an integral part of these financial statements. -15-


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    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) AB (HK) Asia Ex-Japan Equity Portfolio Statement of Cash Flows For the period from 1 September 2019 to 30 November 2020 (date of termination) For the period from 1 September 2019 to 30 November Year ended 2020 (date of 31 August termination) 2019 USD USD Cash flows from operating activities Purchase of investments and derivatives (2,351,819) (2,259,944) Proceeds from disposal of investments and derivatives 3,399,166 2,751,849 Interest income received 12 20 Dividend income received 93,124 68,821 Other income received 41,846 44,190 Management fee paid (23,481) (20,648) Other operating expenses paid (49,962) (45,129) Net cash inflow from operating activities 1,108,886 539,159 Cash flows from financing activities Distributions paid (86,344) (62,205) Cash received on issue of units 2,237,439 2,286,450 Cash paid on redemption of units (2,460,398) (2,758,366) Net cash outflow from financing activities (309,303) (534,121) Increase in cash and cash equivalents 799,583 5,038 Cash and cash equivalents at the beginning of the period/year 6,338 1,304 Effect of foreign exchange rates on cash and cash equivalents - (4) Cash and cash equivalents at the end of the period/year 805,921 6,338 Analysis of balances of cash and cash equivalents: Cash at banks 805,921 6,338 Non-cash financing activities During the period/year, the following distribution payments were satisfied by the issue of units under the distribution reinvestment plan 12,133 5,110 The notes on pages 33 to 129 form an integral part of these financial statements. -16-


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    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) AB (HK) Global High Yield Portfolio Statement of Financial Position As at 31 August 2020 31 August 31 August 2020 2019 Note USD USD Current Assets Financial assets at fair value through profit or loss 3(a) 18,215,894 16,232,562 Cash and cash equivalents 5(j) 324 174 Dividend receivable 5(o) 131,102 114,085 Other receivables and prepayments 5(h) 2,231 4,991 Subscription receivable 32,973 7,692 Amounts due from Underlying Scheme 5(m) 47,755 - Total assets 18,430,279 16,359,504 Current Liabilities Financial liabilities at fair value through profit or loss 3(a) 1,139 162,647 Distribution payable 8 135,828 110,857 Administration fee payable 5(c) 1,825 1,797 Management fee payable 5(a) 23,580 20,861 Trustee fee payable 5(b) 1,049 940 Other payables and accruals 34,379 39,446 Redemption payable 47,663 - Amounts due to Underlying Scheme 5(m) 33,004 7,693 Total liabilities (excluding net assets attributable to unitholders) 278,467 344,241 Net assets attributable to unitholders (In accordance with HKFRS) 18,151,812 16,015,263 Fair value adjustment of units of the Sub-Fund 6 - (3,392) Net assets attributable to unitholders (In accordance with the Sub-Fund’s Trust Deed) 18,151,812 16,011,871 Approved by the Manager on 28 December 2020. For and on behalf of ................................... AllianceBernstein Hong Kong Limited, as the Manager The notes on pages 33 to 129 form an integral part of these financial statements. -17-


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    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) AB (HK) Global High Yield Portfolio Statement of Comprehensive Income For the year ended 31 August 2020 Year ended Year ended 31 August 31 August 2020 2019 Note USD USD Income Dividend income 5(o) 1,566,124 1,236,513 Interest income 5(j) 10 30 Net changes in fair value on financial assets and liabilities at fair value through profit or loss 4 (943,762) (1,015,491) Net foreign exchange loss (698) (4) Other income 5(h) 16,242 28,216 Total investment income 637,916 249,264 Expenses Administration fee 5(c) 20,762 20,444 Audit fee 16,253 14,500 Management fee 5(a) 273,052 223,752 Trustee fee 5(b) 6,166 5,052 Other operating expenses 29,302 24,527 Total operating expenses 345,535 288,275 Operating profit/(loss) 292,381 (39,011) Finance cost Distributions to unitholders 8 (1,713,643) (1,261,073) Loss after distributions (1,421,262) (1,300,084) Change in cumulative difference arising from the fair value adjustment of units of the Sub-Fund 6 3,392 (6,999) Decrease in net assets attributable to unitholders from operations (1,417,870) (1,307,083) The notes on pages 33 to 129 form an integral part of these financial statements. -18-


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    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) AB (HK) Global High Yield Portfolio Statement of Changes in Net Assets Attributable to Unitholders For the year ended 31 August 2020 Year ended Year ended 31 August 31 August 2020 2019 Note USD USD Net assets attributable to unitholders at the beginning of the year 16,011,871 15,979,249 Subscription of units 11,130,441 7,488,199 Redemption of units (7,572,630) (6,148,494) 19,569,682 17,318,954 Decrease in net assets attributable to unitholders from operations (1,417,870) (1,307,083) Net assets attributable to unitholders at the end of the year (In accordance with the Sub-Fund’s Trust Deed) 6 18,151,812 16,011,871 The notes on pages 33 to 129 form an integral part of these financial statements. -19-


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    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) AB (HK) Global High Yield Portfolio Statement of Cash Flows For the year ended 31 August 2020 Year ended Year ended 31 August 31 August 2020 2019 USD USD Cash flows from operating activities Purchase of investments and derivatives (11,095,778) (7,946,205) Proceeds from disposal of investments and derivatives 7,984,034 6,915,420 Interest income received 10 30 Dividend income received 1,549,107 1,235,113 Other income received 19,002 26,778 Management fee paid (270,333) (224,083) Other operating expenses paid (77,413) (67,799) Net cash outflow from operating activities (1,891,371) (60,746) Cash flows from financing activities Distributions paid (1,448,659) (1,201,206) Cash received on issue of units 10,865,147 7,410,395 Cash paid on redemption of units (7,524,967) (6,148,494) Net cash inflow from financing activities 1,891,521 60,695 Increase/(decrease) in cash and cash equivalents 150 (51) Cash and cash equivalents at the beginning of the year 174 225 Cash and cash equivalents at the end of the year 324 174 Analysis of balances of cash and cash equivalents: Cash at banks 324 174 Non-cash financing activities During the year, the following distribution payments were satisfied by the issue of units under the distribution reinvestment plan 240,013 70,112 The notes on pages 33 to 129 form an integral part of these financial statements. -20-


  • Page 22

    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) AB (HK) American Income Portfolio Statement of Financial Position As at 31 August 2020 31 August 31 August 2020 2019 Note USD USD Current Assets Financial assets at fair value through profit or loss 3(a) 293,864,468 293,776,498 Cash and cash equivalents 5(j) 2,149 1,786 Dividend receivable 5(o) 1,539,340 1,544,057 Subscription receivable 426,963 3,618,403 Amounts due from Underlying Scheme 5(m) 314,913 1,081,946 Total assets 296,147,833 300,022,690 Current Liabilities Financial liabilities at fair value through profit or loss 3(a) 17,597 2,949,631 Distribution payable 8 2,045,921 1,593,830 Administration fee payable 5(c) 6,494 6,191 Management fee payable 5(a) 273,067 267,876 Trustee fee payable 5(b) 17,392 16,319 Other payables and accruals 38,927 51,889 Redemption payable 547,141 3,612,051 Amounts due to Underlying Scheme 5(m) 194,314 1,086,640 Total liabilities (excluding net assets attributable to unitholders) 3,140,853 9,584,427 Net assets attributable to unitholders (In accordance with HKFRS) 293,006,980 290,438,263 Fair value adjustment of units of the Sub-Fund 6 - (3,469) Net assets attributable to unitholders (In accordance with the Sub-Fund’s Trust Deed) 293,006,980 290,434,794 Approved by the Manager on 28 December 2020. For and on behalf of ................................... AllianceBernstein Hong Kong Limited, as the Manager The notes on pages 33 to 129 form an integral part of these financial statements. -21-


  • Page 23

    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) AB (HK) American Income Portfolio Statement of Comprehensive Income For the year ended 31 August 2020 Year ended Year ended 31 August 31 August 2020 2019 Note USD USD Income Dividend income 5(o) 19,267,571 9,073,070 Interest income 5(j) 95 137 Net changes in fair value on financial assets and liabilities at fair value through profit or loss 4 4,675,367 (2,394,461) Net foreign exchange gain 87 110 Other income 5(h) - 4 Total investment income 23,943,120 6,678,860 Expenses Administration fee 5(c) 48,930 33,056 Audit fee 16,253 14,500 Management fee 5(a) 3,292,252 1,546,142 Trustee fee 5(b) 104,754 49,196 Other operating expenses 59,663 70,937 Total operating expenses 3,521,852 1,713,831 Operating profit 20,421,268 4,965,029 Finance cost Distributions to unitholders 8 (21,857,782) (10,178,605) Loss after distributions (1,436,514) (5,213,576) Change in cumulative difference arising from the fair value adjustment of units of the Sub-Fund 6 3,469 (6,999) Decrease in net assets attributable to unitholders from operations (1,433,045) (5,220,575) The notes on pages 33 to 129 form an integral part of these financial statements. -22-


  • Page 24

    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) AB (HK) American Income Portfolio Statement of Changes in Net Assets Attributable to Unitholders For the year ended 31 August 2020 Year ended Year ended 31 August 31 August 2020 2019 Note USD USD Net assets attributable to unitholders at the beginning of the year 290,434,794 63,059,872 Subscription of units 155,138,762 290,714,105 Redemption of units (151,133,531) (58,118,608) 294,440,025 295,655,369 Decrease in net assets attributable to unitholders from operations (1,433,045) (5,220,575) Net assets attributable to unitholders at the end of the year (In accordance with the Sub-Fund’s Trust Deed) 6 293,006,980 290,434,794 The notes on pages 33 to 129 form an integral part of these financial statements. -23-


  • Page 25

    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) AB (HK) American Income Portfolio Statement of Cash Flows For the year ended 31 August 2020 Year ended Year ended 31 August 31 August 2020 2019 USD USD Cash flows from operating activities Purchase of investments and derivatives (96,654,142) (246,187,098) Proceeds from disposal of investments and derivatives 98,184,292 16,003,541 Interest income received 95 137 Dividend income received 19,272,288 7,871,259 Other income received - 4 Management fee paid (3,287,061) (1,336,028) Other operating expenses paid (241,186) (143,918) Net cash inflow/(outflow) from operating activities 17,274,286 (223,792,103) Cash flows from financing activities Distributions paid (21,048,248) (8,924,435) Cash received on issue of units 157,972,759 287,327,874 Cash paid on redemption of units (154,198,441) (54,609,951) Net cash (outflow)/inflow from financing activities (17,273,930) 223,793,488 Increase in cash and cash equivalents 356 1,385 Cash and cash equivalents at the beginning of the year 1,786 405 Effect of foreign exchange rates on cash and cash equivalents 7 (4) Cash and cash equivalents at the end of the year 2,149 1,786 Analysis of balances of cash and cash equivalents: Cash at banks 2,149 1,786 Non-cash financing activities During the year, the following distribution payments were satisfied by the issue of units under the distribution reinvestment plan 357,443 80,304 The notes on pages 33 to 129 form an integral part of these financial statements. -24-


  • Page 26

    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) AB (HK) European Income Portfolio Statement of Financial Position As at 31 August 2020 31 August 31 August 2020 2019 Note EUR EUR Current Assets Financial assets at fair value through profit or loss 3(a) 15,515,022 14,836,037 Cash and cash equivalents 5(j) 122 281 Dividend receivable 5(o) 59,606 55,203 Other receivables and prepayments 5(h) - 2,890 Subscription receivable - 129,802 Amounts due from Underlying Scheme 5(m) 178,416 - Total assets 15,753,166 15,024,213 Current Liabilities Financial liabilities at fair value through profit or loss 3(a) 434 64,317 Distribution payable 8 93,133 90,613 Administration fee payable 5(c) 694 704 Management fee payable 5(a) 14,562 13,510 Trustee fee payable 5(b) 939 852 Other payables and accruals 27,935 34,524 Redemption payable 178,291 - Amounts due to Underlying Scheme 5(m) - 129,707 Total liabilities (excluding net assets attributable to unitholders) 315,988 334,227 Net assets attributable to unitholders (In accordance with HKFRS) 15,437,178 14,689,986 Fair value adjustment of units of the Sub-Fund 6 - (3,065) Net assets attributable to unitholders (In accordance with the Sub-Fund’s Trust Deed) 15,437,178 14,686,921 Approved by the Manager on 28 December 2020. For and on behalf of ................................... AllianceBernstein Hong Kong Limited, as the Manager The notes on pages 33 to 129 form an integral part of these financial statements. -25-


  • Page 27

    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) AB (HK) European Income Portfolio Statement of Comprehensive Income For the year ended 31 August 2020 Year ended Year ended 31 August 31 August 2020 2019 Note EUR EUR Income Dividend income 5(o) 786,283 627,781 Interest income 5(j) 5 - Net changes in fair value on financial assets and liabilities at fair value through profit or loss 4 (924,700) 870,746 Net foreign exchange loss (718) (213) Other income 5(h) 3,518 17,503 Total investment (loss)/income (135,612) 1,515,817 Expenses Administration fee 5(c) 13,223 12,952 Audit fee 13,683 13,561 Management fee 5(a) 185,610 139,423 Trustee fee 5(b) 5,906 4,436 Other operating expenses 27,127 24,756 Total operating expenses 245,549 195,128 Operating (loss)/profit (381,161) 1,320,689 Finance cost Distributions to unitholders 8 (1,201,546) (1,044,025) (Loss)/profit after distributions (1,582,707) 276,664 Change in cumulative difference arising from the fair value adjustment of units of the Sub-Fund 6 3,065 (6,160) (Decrease)/Increase in net assets attributable to unitholders from operations (1,579,642) 270,504 The notes on pages 33 to 129 form an integral part of these financial statements. -26-


  • Page 28

    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) AB (HK) European Income Portfolio Statement of Changes in Net Assets Attributable to Unitholders For the year ended 31 August 2020 Year ended Year ended 31 August 31 August 2020 2019 Note EUR EUR Net assets attributable to unitholders at the beginning of the year 14,686,921 11,187,143 Subscription of units 7,761,276 9,728,780 Redemption of units (5,431,377) (6,499,506) 17,016,820 14,416,417 (Decrease)/increase in net assets attributable to unitholders from operations (1,579,642) 270,504 Net assets attributable to unitholders at the end of the year (In accordance with the Sub-Fund’s Trust Deed) 6 15,437,178 14,686,921 The notes on pages 33 to 129 form an integral part of these financial statements. -27-


  • Page 29

    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) AB (HK) European Income Portfolio Statement of Cash Flows For the year ended 31 August 2020 Year ended Year ended 31 August 31 August 2020 2019 EUR EUR Cash flows from operating activities Purchase of investments and derivatives (7,492,570) (8,840,904) Proceeds from disposal of investments and derivatives 5,516,161 6,331,507 Interest income received 5 - Dividend income received 781,880 622,277 Other income received 6,408 17,135 Management fee paid (184,558) (136,493) Other operating expenses paid (66,451) (57,808) Net cash outflow from operating activities (1,439,125) (2,064,286) Cash flows from financing activities Distributions paid (1,163,221) (1,024,493) Cash received on issue of units 7,855,273 9,588,433 Cash paid on redemption of units (5,253,086) (6,499,506) Net cash inflow from financing activities 1,438,966 2,064,434 (Decrease)/increase in cash and cash equivalents (159) 148 Cash and cash equivalents at the beginning of the year 281 133 Cash and cash equivalents at the end of the year 122 281 Analysis of balances of cash and cash equivalents: Cash at banks 122 281 Non-cash financing activities During the year, the following distribution payments were satisfied by the issue of units under the distribution reinvestment plan 35,805 12,399 The notes on pages 33 to 129 form an integral part of these financial statements. -28-


  • Page 30

    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) AB (HK) Emerging Markets Multi-Asset Portfolio Statement of Financial Position As at 31 August 2020 31 August 31 August 2020 2019 Note USD USD Current Assets Financial assets at fair value through profit or loss 3(a) 3,102,412 3,194,244 Cash and cash equivalents 5(j) 2,754 713 Dividend receivable 5(o) 17,089 18,457 Other receivables and prepayments 5(h) 3,743 4,046 Amounts due from Underlying Scheme 5(m) 10,665 - Total assets 3,136,663 3,217,460 Current Liabilities Financial liabilities at fair value through profit or loss 3(a) 48 33,070 Distribution payable 8 15,008 10,531 Administration fee payable 5(c) 561 566 Management fee payable 5(a) 4,369 4,408 Trustee fee payable 5(b) 188 199 Other payables and accruals 32,361 35,433 Redemption payable 10,644 - Total liabilities (excluding net assets attributable to unitholders) 63,179 84,207 Net assets attributable to unitholders (In accordance with HKFRS) 3,073,484 3,133,253 Fair value adjustment of units of the Sub-Fund 6 - (3,392) Net assets attributable to unitholders (In accordance with the Sub-Fund’s Trust Deed) 3,073,484 3,129,861 Approved by the Manager on 28 December 2020. For and on behalf of ................................... AllianceBernstein Hong Kong Limited, as the Manager The notes on pages 33 to 129 form an integral part of these financial statements. -29-


  • Page 31

    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) AB (HK) Emerging Markets Multi-Asset Portfolio Statement of Comprehensive Income For the year ended 31 August 2020 Year ended Year ended 31 August 31 August 2020 2019 Note USD USD Income Dividend income 5(o) 203,694 247,317 Interest income 5(j) 5 5 Net changes in fair value on financial assets and liabilities at fair value through profit or loss 4 436,131 (440,060) Net foreign exchange gain/(loss) 29 (39) Other income 5(h) 36,029 38,375 Total investment income/(loss) 675,888 (154,402) Expenses Administration fee 5(c) 13,293 13,336 Audit fee 16,253 14,500 Management fee 5(a) 46,949 53,834 Trustee fee 5(b) 1,027 1,177 Other operating expenses 17,652 12,456 Total operating expenses 95,174 95,303 Operating profit/(loss) 580,714 (249,705) Finance cost Distributions to unitholders 8 (219,213) (248,212) Profit/(loss) after distributions 361,501 (497,917) Change in cumulative difference arising from the fair value adjustment of units of the Sub-Fund 6 3,392 (6,999) Increase/(decrease) in net assets attributable to unitholders from operations 364,893 (504,916) The notes on pages 33 to 129 form an integral part of these financial statements. -30-


  • Page 32

    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) AB (HK) Emerging Markets Multi-Asset Portfolio Statement of Changes in Net Assets Attributable to Unitholders For the year ended 31 August 2020 Year ended Year ended 31 August 31 August 2020 2019 Note USD USD Net assets attributable to unitholders at the beginning of the year 3,129,861 3,297,961 Subscription of units 1,608,095 1,704,549 Redemption of units (2,029,365) (1,367,733) 2,708,591 3,634,777 Increase/(decrease) in net assets attributable to unitholders from operations 364,893 (504,916) Net assets attributable to unitholders at the end of the year (In accordance with the Sub-Fund’s Trust Deed) 6 3,073,484 3,129,861 The notes on pages 33 to 129 form an integral part of these financial statements. -31-


  • Page 33

    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) AB (HK) Emerging Markets Multi-Asset Portfolio Statement of Cash Flows For the year ended 31 August 2020 Year ended Year ended 31 August 31 August 2020 2019 USD USD Cash flows from operating activities Purchase of investments and derivatives (1,776,015) (1,930,516) Proceeds from disposal of investments and derivatives 2,260,315 1,665,409 Interest income received 5 5 Dividend income received 205,062 250,522 Other income received 36,332 38,583 Management fee paid (46,988) (53,791) Other operating expenses paid (51,313) (46,902) Net cash inflow/(outflow) from operating activities 627,398 (76,690) Cash flows from financing activities Distributions paid (137,193) (207,058) Cash received on issue of units 1,530,552 1,651,073 Cash paid on redemption of units (2,018,721) (1,367,733) Net cash (outflow)/inflow from financing activities (625,362) 76,282 Increase/(decrease) in cash and cash equivalents 2,036 (408) Cash and cash equivalents at the beginning of the year 713 1,122 Effect of foreign exchange rates on cash and cash equivalents 5 (1) Cash and cash equivalents at the end of the year 2,754 713 Analysis of balances of cash and cash equivalents: Cash at banks 2,754 713 Non-cash financing activities During the year, the following distribution payments were satisfied by the issue of units under the distribution reinvestment plan 77,543 53,476 The notes on pages 33 to 129 form an integral part of these financial statements. -32-


  • Page 34

    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) Notes to the Financial Statements 1 General Information AB (HK) Unit Trust Series (the “Fund”) is an umbrella unit trust established under the laws of Hong Kong, by an Amended and Restated Trust Deed dated 19 December 2019, as amended from time to time (the “Trust Deed”) between State Street Trust (HK) Limited (the “Trustee”) as trustee and AllianceBernstein Hong Kong Limited (the “Manager”) as manager. As at 31 August 2020, the Fund has established six Sub-funds, namely AB (HK) Global Value Portfolio, AB (HK) Asia Ex-Japan Equity Portfolio, AB (HK) Global High Yield Portfolio, AB (HK) American Income Portfolio, AB (HK) European Income Portfolio and AB (HK) Emerging Markets Multi-Asset Portfolio (collectively the “Sub-Funds”). AB (HK) Global Value Portfolio and AB (HK) Asia Ex-Japan Equity Portfolio are terminated on 30 November 2020. AB (HK) Global High Yield Portfolio and AB (HK) American Income Portfolio each have four classes of units issued. The other four Sub-Funds each have two classes of units issued. The Fund is authorized by the Securities and Futures Commission of Hong Kong (the “SFC”) under Section 104(1) of the Hong Kong Securities and Futures Ordinance and is required to comply with the Code on Unit Trusts and Mutual Funds established by the SFC. The Manager is responsible for, among other things, providing investment management services, investment advice and administrative services to the Fund and arranging for the execution of the Fund’s securities transactions. The Manager has decided to terminate AB (HK) Global Value Portfolio and AB (HK) Asia Ex-Japan Equity Portfolio (the “Terminating Sub-Funds”). On 9 October 2020, the Manager issued a notice informing relevant unitholders of the termination of the Terminating Sub-Funds with effect from 30 November 2020. All units in the Terminating Sub-Funds remaining in issue will be compulsorily redeemed at the redemption price applicable as at the date of termination based on the register of unitholders on 7 December 2020. The Manager plans to apply for withdrawal of authorisation of the Terminating Sub-Funds when the Terminating Sub-Funds have no remaining assets/liabilities or investors (including any investors which are insurance companies which are issuers of SFC-authorised ILAS linked to the performance of the Terminating Sub-Funds). AB (HK) Global Value Portfolio The Sub-Fund is a feeder fund investing all or substantially all of its assets in the Global Value Portfolio, a portfolio of AB FCP I, a mutual investment fund (fonds commun de placement) that is qualified as a UCITS under the laws of Luxembourg and authorized by the SFC. The Sub-Fund commenced operations on 31 August 2015, terminated on 30 November 2020. The investment objective of the AB FCP I - Global Value Portfolio is to achieve long-term capital growth by investing in global portfolios of equity securities that are determined by the investment manager of the Underlying Scheme to be undervalued. AB (HK) Asia Ex-Japan Equity Portfolio The Sub-Fund is a feeder fund investing all or substantially all of its assets in the Asia Ex-Japan Equity Portfolio, a portfolio of AB FCP I, a mutual investment fund (fonds commun de placement) that is qualified as a UCITS under the laws of Luxembourg and authorized by the SFC. The Sub-Fund commenced operations on 31 August 2015, terminated on 30 November 2020. The investment objective of the AB FCP I - Asia Ex-Japan Equity Portfolio is to achieve long-term growth of capital and income by investing primarily in a portfolio of equity securities of companies in the Asia ex-Japan region that are determined by the investment manager of the Underlying Scheme to be undervalued. AB (HK) Global High Yield Portfolio The Sub-Fund is a feeder fund investing all or substantially all of its assets in the Global High Yield Portfolio, a portfolio of AB FCP I, a mutual investment fund (fonds commun de placement) that is qualified as a UCITS under the laws of Luxembourg and authorized by the SFC. The Sub-Fund commenced operations on 31 August 2015. The investment objective of the AB FCP I – Global High Yield Portfolio is to produce high current income as well as overall total return by investing primarily in a portfolio of high-yielding debt securities of issuers located throughout the world, including US issuers and issuers in emerging-market countries. -33-


  • Page 35

    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) Notes to the Financial Statements (Continued) 1 General Information (Continued) AB (HK) American Income Portfolio The Sub-Fund is a feeder fund investing all or substantially all of its assets in the American Income Portfolio, a portfolio of AB FCP I, a mutual investment fund (fonds commun de placement) that is qualified as a UCITS under the laws of Luxembourg and authorized by the SFC. The Sub-Fund commenced operations on 27 August 2015. The investment objective of the AB FCP I - American Income Portfolio is to seek to provide a high level of current income consistent with preservation of capital by investing in a diversified portfolio of fixed-income securities. AB (HK) European Income Portfolio The Sub-Fund is a feeder fund investing all or substantially all of its assets in the European Income Portfolio, a portfolio of AB FCP I, a mutual investment fund (fonds commun de placement) that is qualified as a UCITS under the laws of Luxembourg and authorized by the SFC. The Sub-Fund commenced operations on 31 August 2015. The investment objective of the AB FCP I - European Income Portfolio is to achieve high total return by maximizing current income and, to the extent consistent with that objective, capital appreciation. AB (HK) Emerging Markets Multi-Asset Portfolio The Sub-Fund is a feeder fund investing all or substantially all of its assets in the Emerging Markets Multi-Asset Portfolio, a portfolio of AB SICAV I, an open-ended investment company with variable capital (société d’investissement à capital variable) that is qualified as a UCITS under the laws of Luxembourg and authorized by the SFC. The Sub-Fund commenced operations on 31 August 2015. The investment objective of the AB SICAV I - Emerging Markets Multi-Asset Portfolio is to seek to maximize total return. 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 periods presented, unless otherwise stated. (a) Basis of preparation The financial statements of the Sub-Funds have been prepared in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”). The financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets and liabilities (including derivatives financial instruments) held at fair value through profit or loss. The preparation of financial statements in conformity with HKFRSs requires the use of accounting estimates. It also requires the Manager to exercise its judgment in the process of applying the Sub-Funds’ accounting policies. As detailed in Note 1 to the financial statements in relation to the termination of AB (HK) Global Value Portfolio and AB (HK) Asia Ex-Japan Equity Portfolio, the financial statements of these Sub-Funds for the period from 1 September 2019 to 30 November 2020 (date of termination) have been prepared using liquidation basis of accounting. The corresponding comparative amounts are for the statement of financial position as at 31 August 2019 and the statement of comprehensive income, the statement of changes in net assets attributable to unitholders and the statement of cash flows for the year ended 31 August 2019. Accordingly, they may not be directly comparable with the amounts shown for the current period. The Manager has assessed that the values of all assets and liabilities of AB (HK) Global Value Portfolio and AB (HK) Asia Ex-Japan Equity Portfolio at 30 November 2020 (date of termination) approximate its net realisable value. The Sub-Funds have made accruals for the estimated expenses to be incurred by the Sub-Funds to the extent that such expenses were committed -34-


  • Page 36

    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) Notes to the Financial Statements (Continued) 2 Summary of significant accounting policies (Continued) (a) Basis of preparation (Continued) as at 30 November 2020 (date of termination) excluding termination costs. The Manager will bear all costs in connection with the termination. There are no other changes of accounting policies or adjustments made in the financial statements in order to reflect the fact that the Sub-Funds will be able to realise its assets or to extinguish its liabilities in an orderly manner. The preparation of financial statements in conformity with HKFRSs requires the use of accounting estimates. It also requires the Manager to exercise its judgment in the process of applying the Sub-Funds’ accounting policies. All references to Net Asset Value (“NAV”) throughout these financial statements refer to net assets attributable to unitholders unless otherwise stated. (i) Standards and amendments to existing standards effective from 1 September 2019 There are no standards, amendments to standards or interpretations that are effective for the first time for the financial period beginning on 1 September 2019 that have a material effect on the financial statements of the Sub-Funds. (ii) New standards, amendments and interpretations effective after 1 September 2019 and have not been early adopted A number of new standards, amendments to standards and interpretations are effective for annual periods beginning after 1 September 2019, 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 Sub-Funds. (b) Financial assets and liabilities at fair value through profit or loss (i) Classification The Sub-Funds currently classify all of their investments in Underlying Schemes, and derivatives, as financial assets or liabilities at fair value through profit or loss. All derivatives are carried in assets when fair value is positive and in liabilities when fair value is negative. The Sub-Funds do not classify any derivatives as hedges in a hedging relationship. (ii) Recognition/derecognition Regular purchases and sales of investments are recognized on the trade date - the date on which the Sub-Funds commit to purchase or sell the investment. Investments are derecognized when the rights to receive cash flows from the investments have expired or the Sub-Funds have transferred substantially all risks and rewards of ownership. (iii) Measurement Financial assets and liabilities at fair value through profit or loss are initially recognized at fair value. Subsequent to initial recognition, all financial assets and liabilities at fair value through profit or loss are measured at fair value. Gains and losses arising from changes in the fair value of financial assets or liabilities at fair value through profit or loss are presented in the Statement of Comprehensive Income. (iv) 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. The Sub-Funds utilize the last traded market price for both listed financial assets and liabilities where the last traded price falls within the bid-ask spread. In circumstances where the last traded price is not within the bid-ask spread, the Manager will determine the point within the bid-ask spread that is most representative of fair value. Investments in Underlying Scheme are stated at fair value based on the net asset value per unit of the respective funds as determined by the administrators of the relevant funds. -35-


  • Page 37

    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) Notes to the Financial Statements (Continued) 2 Summary of significant accounting policies (Continued) (c) Income and expenses Dividend income from financial assets at fair value through profit or loss is recognized in the Statement of Comprehensive Income when the Sub-Funds’ right to receive payment is established and is stated gross of withholding tax. Expenses are accounted for on an accruals basis in the Statement of Comprehensive Income. (d) Taxation The Sub-Funds may incur withholding taxes imposed by certain countries on investment income. Such income is recorded gross of withholding taxes in the Statement of Comprehensive Income. Withholding taxes are included as taxation in the Statement of Comprehensive Income. (e) Translation of foreign currencies (i) Functional and presentation currency Items included in the financial statements of the Sub-Funds are measured using the currency of the primary economic environment in which it operates (the “functional currency”). AB (HK) Global Value Portfolio, AB (HK) Asia Ex-Japan Equity Portfolio, AB (HK) Global High Yield Portfolio, AB (HK) American Income Portfolio and AB (HK) Emerging Markets Multi-Asset Portfolio The Manager of the Sub-Funds considers the United States dollar as the currency that most faithfully represents the economic effects of the underlying transactions, events and conditions. The financial statements are presented in United States dollars, the Sub-Funds’ functional and presentation currency. AB (HK) European Income Portfolio The Manager of the Sub-Fund considers the Euro as the currency that most faithfully represents the economic effects of the underlying transactions, events and conditions. The financial statements are presented in Euro, the Sub-Fund’s functional and presentation currency. (ii) Transactions and balances Foreign currency transactions are translated into the 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 statement of financial position 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 foreign exchange gain/(loss)”. 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 changes in fair value on financial assets and liabilities at fair value through profit or loss”. (f) Cash and cash equivalents Cash and cash equivalents include cash in hand, demand deposits, other short-term highly liquid investments with original maturities of three months or less from the date of placement net of bank overdrafts, if any. -36-


  • Page 38

    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) Notes to the Financial Statements (Continued) 2 Summary of significant accounting policies (Continued) (g) Proceeds and payments on issue and redemption of units All proceeds and payments for units issued and redeemed are shown as movements in the Statement of Changes in Net Assets Attributable to Unitholders. The net asset value (NAV) of the Sub-Funds is computed daily. Prices for issues and redemptions are based on the latest available preceding valuation. AB (HK) Global High Yield Portfolio and AB (HK) American Income Portfolio issue four classes of units and other Sub-Funds issue two classes of units, which are redeemable at the unitholder’s option and do not have identical features. Such units are classified as financial liabilities. Units can be put back to the Sub-Funds at any time for cash equal to a proportionate share of the Sub-Funds’ NAV. Units are issued and redeemed at the unitholder’s option at prices based on the Sub-Funds’ NAV per unit at the time of issue or redemption. The Sub-Funds’ NAV per unit is calculated by dividing the net assets attributable to unitholders with the total number of outstanding units. In accordance with the provisions of the Sub-Funds’ explanatory memorandum, listed investment positions and collective investment schemes are valued based on the last traded market price and the net asset value per unit respectively for the purpose of determining the NAV per unit for subscriptions and redemptions. (h) Distributions to unitholders Distributions may be paid out of capital for the Sub-Funds. Distributions to unitholders are recognized in the Statement of Comprehensive Income when they are approved by the Manager. (i) Offsetting financial instruments Financial assets and liabilities are offset and the net amount is reported in the Statement of Financial Position when there is 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. (j) Accrued expenses and other liabilities Accrued expenses and other liabilities are recognized initially at fair value and subsequently stated at amortized cost using the effective interest method. (k) Establishment costs Establishment costs are recognized as an expense in the period in which they are incurred. (l) Transaction costs Transaction costs are costs incurred to acquire financial assets or liabilities at fair value through profit or loss. They include the bid-ask spread, fees and commissions paid to agents, advisers, brokers and dealers. Transaction costs are expensed as incurred in the Statement of Comprehensive Income. 3 Financial risk management The Sub-Funds’ activities expose them to a variety of financial risks: market risk (including market price risk, currency risk and interest rate risk), credit/custody risk and liquidity risk. The Sub-Funds’ overall risk management program focuses on the unpredictability of financial markets and seek to minimize potential adverse effects on the Sub-Funds’ financial performance. The risk management polices employed by the Manager to manage these risks are discussed below: -37-


  • Page 39

    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) Notes to the Financial Statements (Continued) 3 Financial risk management (Continued) (a) Market price risk As at the period/year end date, the Sub-Funds’ overall market positions by securities types were as follows: AB (HK) Global Value Portfolio 30 November 2020 (date of 31 August termination) 2019 USD USD Financial assets at fair value through profit or loss - Collective Investment Schemes - 1,429,581 - Forward Foreign Exchange Contracts - 13 - 1,429,594 Financial liabilities at fair value through profit or loss - Forward Foreign Exchange Contracts - 14,377 - 14,377 AB (HK) Asia Ex-Japan Equity Portfolio 30 November 2020 (date of 31 August termination) 2019 USD USD Financial assets at fair value through profit or loss - Collective Investment Schemes - 736,267 - Forward Foreign Exchange Contracts - 6 - 736,273 Financial liabilities at fair value through profit or loss - Forward Foreign Exchange Contracts - 7,377 - 7,377 AB (HK) Global High Yield Portfolio 31 August 31 August 2020 2019 USD USD Financial assets at fair value through profit or loss - Collective Investment Schemes 18,069,035 16,232,070 - Forward Foreign Exchange Contracts 146,859 492 18,215,894 16,232,562 Financial liabilities at fair value through profit or loss - Forward Foreign Exchange Contracts 1,139 162,647 1,139 162,647 -38-


  • Page 40

    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) Notes to the Financial Statements (Continued) 3 Financial risk management (Continued) (a) Market price risk (Continued) AB (HK) American Income Portfolio 31 August 31 August 2020 2019 USD USD Financial assets at fair value through profit or loss - Collective Investment Schemes 291,493,528 293,764,370 - Forward Foreign Exchange Contracts 2,370,940 12,128 293,864,468 293,776,498 Financial liabilities at fair value through profit or loss - Forward Foreign Exchange Contracts 17,597 2,949,631 17,597 2,949,631 AB (HK) European Income Portfolio 31 August 31 August 2020 2019 EUR EUR Financial assets at fair value through profit or loss - Collective Investment Schemes 15,505,485 14,831,381 - Forward Foreign Exchange Contracts 9,537 4,656 15,515,022 14,836,037 Financial liabilities at fair value through profit or loss - Forward Foreign Exchange Contracts 434 64,317 434 64,317 AB (HK) Emerging Markets Multi-Asset Portfolio 31 August 31 August 2020 2019 USD USD Financial assets at fair value through profit or loss - Collective Investment Schemes 3,077,263 3,193,433 - Forward Foreign Exchange Contracts 25,149 811 3,102,412 3,194,244 Financial liabilities at fair value through profit or loss - Forward Foreign Exchange Contracts 48 33,070 48 33,070 Market price risk is the risk of loss to the value of a financial instrument resulting from movements in market prices, whether those changes are caused by factors specific to the individual instrument or factors affecting all instruments in the market. -39-


  • Page 41

    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) Notes to the Financial Statements (Continued) 3 Financial risk management (Continued) (a) Market price risk (Continued) All securities investments present a risk of loss of capital. The Manager moderates this risk through a careful selection of securities and other financial instruments within specified limits. The Sub-Funds’ investments in Underlying Schemes are susceptible to market price risk arising from uncertainties about future prices of the instruments. The Sub-Funds’ overall market positions are monitored on a daily basis and reviewed formally on a regular basis by the Manager. The Sub-Funds’ investments in the Underlying Schemes are subject to the terms and conditions of the respective offering documents and are susceptible to market price risk arising from uncertainties about future values of those Underlying Schemes. All of the Underlying Schemes in the investment portfolio are managed by portfolio managers who are compensated by the respective Underlying Schemes for their services and which is reflected in the valuation of the Underlying Schemes. The right of the Sub-Funds to request redemption of its investments in the Underlying Schemes is on daily basis. The Sub-Funds’ holdings in an Underlying Scheme, as a percentage of the Underlying Scheme’s total net asset value, will vary from time to time dependent on the volume of subscriptions and redemptions at the Underlying Scheme level. It is possible that the Sub-Funds may, at any point in time, hold a majority of an Underlying Scheme’s total units in issue. The exposure to investments in the Underlying Schemes at fair value by strategy employed is disclosed in the following tables. These investments are included in ⬙financial assets at fair value through profit or loss⬙ in the Statement of Financial Position. AB (HK) Global Value Portfolio Net Asset Fair value of Percentage of Value the units held net assets by the held by the Sub-Fund Sub-Fund Investments USD USD (%) 30 November 2020 (date of termination) AB FCP I - Global Value Portfolio 398,098,508 - - 31 August 2019 AB FCP I - Global Value Portfolio 322,476,894 1,429,581 0.44 AB (HK) Global Value Portfolio’s maximum exposure to loss from its interests in the Underlying Scheme is equal to the total fair value of its investments in the Underlying Scheme. Once the Sub-Fund has disposed of its shares in the Underlying Scheme, the Sub-Fund ceases to be exposed to any risk from that Underlying Scheme. During the period from 1 September 2019 to 30 November 2020 (date of termination) and year ended 31 August 2019, total net gains/losses incurred on investments in the Underlying Scheme are disclosed on the Statement of Comprehensive Income. -40-


  • Page 42

    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) Notes to the Financial Statements (Continued) 3 Financial risk management (Continued) (a) Market price risk (Continued) AB (HK) Asia Ex-Japan Equity Portfolio Net Asset Fair value of Percentage of Value the units held net assets by the held by the Sub-Fund Sub-Fund Investments USD USD (%) 30 November 2020 (date of termination) AB FCP I - Asia Ex-Japan Equity Portfolio 329,316,893 - - 31 August 2019 AB FCP I - Asia Ex-Japan Equity Portfolio 300,017,545 736,267 0.25 AB (HK) Asia Ex-Japan Equity Portfolio’s maximum exposure to loss from its interests in the Underlying Scheme is equal to the total fair value of its investments in the Underlying Scheme. Once the Sub-Fund has disposed of its shares in the Underlying Scheme, the Sub-Fund ceases to be exposed to any risk from that Underlying Scheme. During the period from 1 September 2019 to 30 November 2020 (date of termination) and year ended 31 August 2019, total net gains/losses incurred on investments in the Underlying Scheme are disclosed on the Statement of Comprehensive Income. AB (HK) Global High Yield Portfolio Net Asset Fair value of Percentage of Value the units held net assets by the held by the Sub-Fund Sub-Fund Investments USD USD (%) 31 August 2020 AB FCP I - Global High Yield Portfolio 20,272,411,200 18,069,035 0.09 31 August 2019 AB FCP I - Global High Yield Portfolio 20,563,305,061 16,232,070 0.08 AB (HK) Global High Yield Portfolio’s maximum exposure to loss from its interests in the Underlying Scheme is equal to the total fair value of its investments in the Underlying Scheme. Once the Sub-Fund has disposed of its shares in the Underlying Scheme, the Sub-Fund ceases to be exposed to any risk from that Underlying Scheme. During the year ended 31 August 2020 and 31 August 2019, total net gains/losses incurred on investments in the Underlying Scheme are disclosed on the Statement of Comprehensive Income. -41-


  • Page 43

    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) Notes to the Financial Statements (Continued) 3 Financial risk management (Continued) (a) Market price risk (Continued) AB (HK) American Income Portfolio Net Asset Fair value of Percentage of Value the units held net assets by the held by the Sub-Fund Sub-Fund Investments USD USD (%) 31 August 2020 AB FCP I - American Income Portfolio 28,194,613,525 291,493,528 1.03 31 August 2019 AB FCP I - American Income Portfolio 23,009,132,001 293,764,370 1.28 AB (HK) American Income Portfolio’s maximum exposure to loss from its interests in the Underlying Scheme is equal to the total fair value of its investments in the Underlying Scheme. Once the Sub-Fund has disposed of its shares in the Underlying Scheme, the Sub-Fund ceases to be exposed to any risk from that Underlying Scheme. During the year ended 31 August 2020 and 31 August 2019, total net gains/losses incurred on investments in the Underlying Scheme are disclosed on the Statement of Comprehensive Income. AB (HK) European Income Portfolio Net Asset Fair value of Percentage of Value the units held net assets by the held by the Sub-Fund Sub-Fund Investments EUR EUR (%) 31 August 2020 AB FCP I - European Income Portfolio 2,426,429,717 15,505,485 0.64 31 August 2019 AB FCP I - European Income Portfolio 4,015,417,264 14,831,381 0.37 AB (HK) European Income Portfolio’s maximum exposure to loss from its interests in the Underlying Scheme is equal to the total fair value of its investments in the Underlying Scheme. Once the Sub-Fund has disposed of its shares in the Underlying Scheme, the Sub-Fund ceases to be exposed to any risk from that Underlying Scheme. During the year ended 31 August 2020 and 31 August 2019, total net gains/losses incurred on investments in the Underlying Scheme are disclosed on the Statement of Comprehensive Income. -42-


  • Page 44

    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) Notes to the Financial Statements (Continued) 3 Financial risk management (Continued) (a) Market price risk (Continued) AB (HK) Emerging Markets Multi-Asset Portfolio Net Asset Fair value of Percentage of Value the units held net assets by the held by the Sub-Fund Sub-Fund Investments USD USD (%) 31 August 2020 AB SICAV I - Emerging Market Multi-Asset Portfolio 1,301,824,853 3,077,263 0.24 31 August 2019 AB SICAV I - Emerging Market Multi-Asset Portfolio 1,721,862,000 3,193,433 0.19 AB (HK) Emerging Markets Multi-Asset Portfolio’s maximum exposure to loss from its interests in the Underlying Scheme is equal to the total fair value of its investments in the Underlying Scheme. Once the Sub-Fund has disposed of its shares in the Underlying Scheme, the Sub-Fund ceases to be exposed to any risk from that Underlying Scheme. During the year ended 31 August 2020 and 31 August 2019, total net gains/losses incurred on investments in the Underlying Scheme are disclosed on the Statement of Comprehensive Income. -43-


  • Page 45

    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) Notes to the Financial Statements (Continued) 3 Financial risk management (Continued) (a) Market price risk (Continued) The Sub-Funds hold the following derivative instruments: Forward foreign exchange contracts Forward foreign exchange contracts represent commitments to purchase foreign and domestic currencies, including undelivered spot transactions. Open forward foreign exchange contracts as at 31 August 2020/30 November 2020 (date of termination) and 31 August 2019 are detailed below: AB (HK) Global Value Portfolio 30 November 2020 (date of termination) 31 August 2019 Amount Amount Unrealized Amount Amount Unrealized bought sold gains/(losses) bought sold gains/(losses) USD USD Financial assets at fair value through profit or loss Buy USD / Sell RMB USD - RMB - - USD 7,179 RMB 51,283 13 Total unrealized gains/(losses) on forward foreign exchange contracts - 13 Financial liabilities at fair value through profit or loss Buy RMB / Sell USD RMB - USD - - RMB 9,892,733 USD 1,395,449 (14,358) Buy USD / Sell RMB USD - RMB - - USD 29,438 RMB 211,000 (19) Total unrealized gains/(losses) on forward foreign exchange contracts - (14,377) -44-


  • Page 46

    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) Notes to the Financial Statements (Continued) 3 Financial risk management (Continued) (a) Market price risk (Continued) AB (HK) Asia Ex-Japan Equity Portfolio 30 November 2020 (date of termination) 31 August 2019 Amount Amount Unrealized Amount Amount Unrealized bought sold gains/(losses) bought sold gains/(losses) USD USD Financial assets at fair value through profit or loss Buy USD / Sell RMB USD - RMB - - USD 3,504 RMB 25,030 6 Total unrealized gains/(losses) on forward foreign exchange contracts - 6 Financial liabilities at fair value through profit or loss Buy RMB / Sell USD RMB - USD - - RMB 5,064,852 USD 714,445 (7,357) Buy USD / Sell RMB USD - RMB - - USD 15,756 RMB 113,000 (20) Total unrealized gains/(losses) on forward foreign exchange contracts - (7,377) AB (HK) Global High Yield Portfolio 31 August 2020 31 August 2019 Amount Amount Unrealized Amount Amount Unrealized bought sold gains/(losses) bought sold gains/(losses) USD USD Financial assets at fair value through profit or loss Buy RMB / Sell USD RMB 125,834,607 USD 18,191,334 146,859 RMB 2,286,746 USD 318,976 275 Buy USD / Sell RMB USD - RMB - - USD 117,084 RMB 836,416 217 Total unrealized gains/(losses) on forward foreign exchange contracts 146,859 492 Financial liabilities at fair value through profit or loss Buy RMB / Sell USD RMB - USD - - RMB 112,467,883 USD 15,863,902 (162,634) Buy USD / Sell RMB USD 270,605 RMB 1,862,172 (1,139) USD 7,694 RMB 55,160 (13) Total unrealized gains/(losses) on forward foreign exchange contracts (1,139) (162,647) -45-


  • Page 47

    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) Notes to the Financial Statements (Continued) 3 Financial risk management (Continued) (a) Market price risk (Continued) AB (HK) American Income Portfolio 31 August 2020 31 August 2019 Amount Amount Unrealized Amount Amount Unrealized bought sold gains/(losses) bought sold gains/(losses) USD USD Financial assets at fair value through profit or loss Buy RMB / Sell USD RMB 2,027,540,473 USD 293,107,154 2,370,940 RMB 37,119,148 USD 5,176,870 7,577 Buy USD / Sell RMB USD - RMB - - USD 2,726,901 RMB 19,483,854 4,551 Total unrealized gains/(losses) on forward foreign exchange contracts 2,370,940 12,128 Financial liabilities at fair value through profit or loss Buy RMB / Sell USD RMB - USD - - RMB 2,046,916,679 USD 288,706,384 (2,942,205) Buy USD / Sell RMB USD 3,583,672 RMB 24,681,356 (17,597) USD 3,908,738 RMB 28,034,466 (7,426) Total unrealized gains/(losses) on forward foreign exchange contracts (17,597) (2,949,631) AB (HK) European Income Portfolio 31 August 2020 31 August 2019 Amount Amount Unrealized Amount Amount Unrealized bought sold gains/(losses) bought sold gains/(losses) EUR EUR Financial assets at fair value through profit or loss Buy RMB / Sell EUR RMB 127,043,023 EUR 15,464,341 8,522 RMB 4,431,806 EUR 556,460 4,656 Buy EUR / Sell RMB EUR 343,340 RMB 2,806,463 1,015 EUR - RMB - - Total unrealized gains/(losses) on forward foreign exchange contracts 9,537 4,656 Financial liabilities at fair value through profit or loss Buy RMB / Sell EUR RMB 1,164,593 EUR 142,565 (434) RMB 115,340,314 EUR 14,652,060 (57,985) Buy EUR / Sell RMB EUR - RMB - - EUR 645,038 RMB 5,143,122 (6,332) Total unrealized gains/(losses) on forward foreign exchange contracts (434) (64,317) -46-


  • Page 48

    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) Notes to the Financial Statements (Continued) 3 Financial risk management (Continued) (a) Market price risk (Continued) AB (HK) Emerging Markets Multi-Asset Portfolio 31 August 2020 31 August 2019 Amount Amount Unrealized Amount Amount Unrealized bought sold gains/(losses) bought sold gains/(losses) USD USD Financial assets at fair value through profit or loss Buy RMB / Sell USD RMB 21,474,616 USD 3,104,390 25,149 RMB - USD - - Buy USD / Sell RMB USD - RMB - - USD 84,975 RMB 602,755 811 Total unrealized gains/(losses) on forward foreign exchange contracts 25,149 811 Financial liabilities at fair value through profit or loss Buy RMB / Sell USD RMB - USD - - RMB 22,815,587 USD 3,218,279 (33,070) Buy USD / Sell RMB USD 21,922 RMB 150,478 (48) USD - RMB - - Total unrealized gains/(losses) on forward foreign exchange contracts (48) (33,070) -47-


  • Page 49

    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) Notes to the Financial Statements (Continued) 3 Financial risk management (Continued) (a) Market price risk (Continued) The Sub-Funds invested all, or substantially all, of their assets in equity securities and debt securities through the Underlying Schemes. The Sub-Funds are therefore exposed to substantially the same market price risk as the Underlying Schemes. AB (HK) Global Value Portfolio and AB (HK) Asia Ex-Japan Equity Portfolio As of 30 November 2020 (date of termination), the two Sub-Funds disposed of all shares in the Underlying Schemes. As a result, the two Sub-Funds are no longer exposed to the market price risk through the Underlying Schemes as at 30 November 2020 (date of termination). As at 31 August 2019, the fair value of investments and derivatives of the Underlying Schemes by industrial sector and their estimated market sensitivity, based on the Underlying Schemes’ unaudited financial records were as follows: AB (HK) Global Value Portfolio 31 August 2019 Fair Value Percentage of total net assets USD (%) Equity securities Basic materials 9,260,974 2.87 Communications 25,396,477 7.88 Consumer, cyclical 47,365,528 14.69 Consumer, non-cyclical 48,874,724 15.16 Energy 23,156,875 7.18 Financial 74,485,855 23.10 Healthcare/medical product 10,944,853 3.39 Industrial 23,686,297 7.35 Technology 46,802,259 14.51 Utilities 10,040,136 3.11 320,013,978 99.24 Derivatives Forwards 1,217,665 0.38 Total investments 321,231,643 99.62 -48-


  • Page 50

    AB (HK) Unit Trust Series Annual report for the year/period ended 31 August 2020/30 November 2020 (date of termination) Notes to the Financial Statements (Continued) 3 Financial risk management (Continued) (a) Market price risk (Continued) AB (HK) Asia Ex-Japan Equity Portfolio 31 August 2019 Fair Value Percentage of total net assets USD (%) Equity securities Basic materials 9,104,448 3.04 Communications 11,894,016 3.96 Consumer, cyclical 28,941,849 9.65 Consumer, non-cyclical 20,665,357 6.89 Energy 12,461,803 4.15 Financial 105,273,660 35.09 Industrial 27,994,547 9.33 Technology 59,835,291 19.94 Utilities 17,576,823 5.86 293,747,794 97.91 Total investments 293,747,794 97.91 -49-

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