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    HSBC Global Investment Funds Audited Annual Report for the year ended 31 March 2020 R.C.S. Luxembourg B 25 087 16, boulevard d’Avranches ~ HSBC L-1160 Luxembourg Global Asset Grand Duchy of Luxembourg Management


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    Audited annual report for the year from 1 April 2019 to 31 March 2020 Société d'Investissement à Capital Variable (SICAV), Luxembourg


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    Information concerning the distribution of shares of HSBC Global Investment Funds in or from Switzerland. Legal Representative of the Company in Switzerland: HSBC Global Asset Management (Switzerland) Ltd., Gartenstrasse 26, P.O. Box, CH-8002 Zurich. The Prospectus, Key Investor Information Documents (KIIDs), Articles and annual and semi-annual reports of the Company may be obtained free of charge upon request from the Legal Representative in Switzerland. A breakdown of all transactions carried out on behalf of each sub-fund of the Company for the period under review can be obtained, free of charge, from the Legal Representative in Switzerland. Additional notes for Hong Kong residents in relation to HSBC Global Investment Funds. The following sub-funds of HSBC Global Investment Funds referred to in this document are not authorised in Hong Kong and not available to Hong Kong residents; Asia Bond Global Bond Total Return Asian Currencies Bond Global Corporate Fixed Term Bond 2020 Asia High Yield Bond (launched as at 27 November Global Credit Floating Rate Fixed Term Bond 2022 - 1 2019) Global Credit Floating Rate Fixed Term Bond 2023 - 1 Brazil Bond (launched as at 24 June 2019) China A-shares Equity (launched as at 16 September Global Credit Floating Rate Fixed Term Bond 2023 - 2 2019) (launched as at 19 September 2019) China Multi-Asset Income Global Emerging Markets Local Currency Rates Economic Scale GEM Equity Global Emerging Markets Local Debt Euro Convertible Bond Global Inflation Linked Bond Euro Credit Bond Global Short Duration High Yield Bond Euro Credit Bond Total Return Indonesia Bond (closed as at 3 July 2019) Euroland Growth Mexico Equity Frontier Markets Multi-Asset Style Factors GEM Debt Total Return Multi-Strategy Target Return GEM Inflation Linked Bond (closed as at 9 January 2020) RMB Fixed Income Global Securitised Credit Bond Singapore Dollar Income Bond Global High Yield Securitised Credit Bond Turkey Equity Statement of changes in the investment portfolio A list, specifying for each sub-fund total purchases and sales transacted during the year under review, may be obtained, upon request, at the registered office of the Company. No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current Prospectus accompanied by the latest annual and the most recent semi-annual report, if published thereafter. 1


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    Table of Contents Board of Directors 3 Management and Administration 4 Directors’ Report 7 Investment Advisers’ Report 10 Audit Report 15 Statement of Net Assets as at 31 March 2020 18 Key Figures as at 31 March 2020 34 Statement of Operations and Changes in Net Assets for the year ended 31 March 2020 58 Notes to the Financial Statements for the year ended 31 March 2020 75 Publication of performance for sub-funds distributed in Switzerland – Information concerning the Swiss Investors 230 Table of Contents : Portfolio of Investments and Other Net Assets as at 31 March 2020 252 Portfolio of Investments and Other Net Assets as at 31 March 2020 253 Currency Conversion Table 536 Appendix I (Unaudited Additional Disclosures) – Taxation of the Company (foreign countries) 537 Appendix II (Unaudited Additional Disclosures) – UK SORP Disclosure 540 Appendix III (Unaudited Additional Disclosures) – Dealing Days of the Fund 551 Appendix IV (Unaudited Additional Disclosures) – Fund Holiday Calendar for 2020 552 Appendix V (Unaudited Additional Disclosures) – Investment Advisers 575 Appendix Vl (Unaudited Additional Disclosures) – Risk Management 580 Appendix VII (Unaudited Additional Disclosures) – Securities Financing Transactions Regulation 591 (“SFTR”) 2


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    Board of Directors  Anthony Jeffs, (Chairman), Head of Product Platforms (Appointed with effect from 8 November 2019. Appointed Chairman 8 January 2020) HSBC Global Asset Management Limited, 8 Canada Square, Canary Wharf, London E14 5HQ, United Kingdom.  Dr. Michael Boehm, Chief Operating Officer HSBC Global Asset Management (Deutschland) GmbH, Königsallee 21/23, 40212 Düsseldorf, Germany.  Jean de Courrèges, Independent Director Resident in Luxembourg.  Eimear Cowhey, Independent Director Resident in the Republic of Ireland.  John Li, Independent Director The Directors’ Office S.A., 19, Rue de Bitbourg, L-1273 Luxembourg, Grand Duchy of Luxembourg.  Matteo Pardi, Chief Executive Officer HSBC Global Asset Management (France) Immeuble Coeur Défense - Tour A, 110 Esplanade du Général de Gaulle - La Défense 4, 75419 Paris Cedex 08, France.  George Efthimiou (Chairman), Global Chief Operating Officer (Resigned 8 January 2020) HSBC Global Asset Management Limited, 8 Canada Square, Canary Wharf, London E14 5HQ, United Kingdom.  Joanna Munro, Global Head of Fiduciary Governance (Resigned 25 September 2019) HSBC Global Asset Management Limited, 8 Canada Square, Canary Wharf, London E14 5HQ, United Kingdom.  Peter Dew, Independent Director (Resigned 8 January 2020) Resident in the United Kingdom. 3


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    Management and Administration Registered Office 16, boulevard d’Avranches, L-1160 Luxembourg Grand Duchy of Luxembourg, R.C.S. Luxembourg N° B-25087. Management Company HSBC Investment Funds (Luxembourg) S.A. 16, boulevard d’Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg. Administration Agent, HSBC France, Luxembourg Branch Depositary Bank, Central Paying 16, boulevard d’Avranches, L-1160 Luxembourg, Agent, Domiciliary Agent, Grand Duchy of Luxembourg. Registrar and Transfer Agent Investment Advisers HSBC Global Asset Management (France) Immeuble Cœur Défense - Tour A, 110 Esplanade du Général de Gaulle - La Défense 4, 75419 Paris Cedex 08, France. HSBC Global Asset Management (Hong Kong) Limited Level 22, HSBC Main Building, Queen's Road Central, Hong Kong SAR. HSBC Global Asset Management (Mexico) S.A. de C.V Paseo de la Reforma no. 347, P. 15, Col. Cuauhtémoc, C.P. 06500, México, D.F., México. HSBC Global Asset Management (UK) Limited 8, Canada Square, London E14 5HQ, United Kingdom. HSBC Global Asset Management (USA) Inc. 452 Fifth Avenue, 7th Floor, New York, NY 10018, USA. HSBC Portfoy Yonetimi A.S. Esentepe Mahallesi, Büyükdere Caddesi, No:128, 34394 Sisli, Istanbul, Turkey. 4


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    Management and Administration (continued) Distributors HSBC Investment Funds (Luxembourg) S.A. 16, boulevard d’Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg. HSBC Investment Funds (Hong Kong) Limited HSBC Main Building, 1 Queen's Road Central, Hong Kong SAR. HSBC Global Asset Management (Singapore) Limited 21, Collyer Quay, #06-01 HSBC Building, Singapore 049320, Singapore. HSBC Global Asset Management (France) Immeuble Coeur Défense - Tour A, 110 Esplanade du Général de Gaulle - La Défense 4, 75419 Paris Cedex 08, France. HSBC Trinkaus & Burkhardt AG Königsallee 21/23, D-40212 Düsseldorf, Germany. HSBC Global Asset Management (UK) Limited 8 Canada Square, London E14 5HQ, United Kingdom. HSBC Global Asset Management (Malta) Ltd Operations Centre, 80 Mill Street, Qormi, QRM 3101, Malta. HSBC Global Asset Management (Bermuda) Limited 6 Front Street, 2nd Floor, Hamilton HM 11, Bermuda. HSBC Securities (USA) Inc 452 Fifth Avenue, New York, 10018, United States. HSBC Saudi Arabia 7267 Olaya-AlMurooj, Riyadh 12283-225 Kingdom of Saudi Arabia. HSBC Bank Australia Level 36, Tower 1, International Towers Sydney, 100 Barangaroo Avenue, Sydney NSW 2000, Australia. HSBC Global Asset Management (Japan) K. K. HSBC Building 11-1, Nihonbashi 3 –Chome, Chuo-Ku, Tokyo, 103-0027, Japan. 5


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    Management and Administration (continued) Paying Agent in Switzerland HSBC Private Bank (Suisse) S.A. Quai des Bergues 9-17, Case Postale 2888, CH-1211 Geneva 1, Switzerland. Paying Agent in Hong Kong The Hong Kong and Shanghai Banking Corporation Limited HSBC Main Building, 1 Queen’s Road Central, Hong Kong SAR. Representative and Paying HSBC France, Poland Branch (Formerly HSBC Bank Polska S.A.) Agent in Poland Kraków Business Park 200, Ul. Krakowska 280, 32-080 Zabierzów, Poland. Auditor PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg, Grand Duchy of Luxembourg. Legal Adviser Elvinger Hoss Prussen société anonyme 2, Place Winston Churchill, L-1340 Luxembourg, Grand Duchy of Luxembourg. 6


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    Directors’ Report The Board of Directors presents the Audited Annual Report and Accounts for HSBC Global Investment Funds (the “Company”) for the year ending 31 March 2020. The Company The Company is a variable capital investment company, incorporated under the laws of the Grand Duchy of Luxembourg and is organized as an “umbrella” with a number of sub-funds, each of which has their own investment policies and restrictions. At present, the Company has issued shares in 77 sub-funds. During the year, the total net assets of the Company decreased from USD 34.7 billion to USD 30.4 billion at year end. The Company qualifies as an Undertaking for Collective Investment in Transferable Securities under the amended Directive 2009/65/EC of 13 July 2009 and may therefore be offered for sale in European Union Member States, subject to registration in countries other than the Grand Duchy of Luxembourg. In addition, applications to register the Company and its sub-funds may be made in other non-European countries. The Company and its sub-funds are currently registered for offer and distribution in the Grand Duchy of Luxembourg and in the following jurisdictions: Austria, Bahrain, Belgium, Brunei, Chile, Czech Republic, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, Jersey, Korea, Lebanon, Macau, Malaysia, Malta, Netherlands, Norway, Oman, Poland, Portugal, Qatar, Saudi Arabia, Singapore, Spain, Sweden, Switzerland, Taiwan, United Arab Emirates and United Kingdom. Responsibility of the Directors The responsibility of the directors of the Company (the “Directors”) is governed exclusively by Luxembourg law. With respect to these financial statements, the duties of the Directors are governed by general corporate law and the law of 19 December 2002 on, inter alia, the accounting and annual accounts of undertakings, as amended, and by the law of 17 December 2010 relating to undertakings for collective investment, as amended (the “2010 Law”). Since 1 July 2011, the Company is governed by Part I of the 2010 Law implementing the Directive 2009/65/EC into Luxembourg Law. Remuneration Policy HSBC Investment Funds (Luxembourg) S.A. (“HIFL”) has implemented a remuneration policy pursuant to Directive 2014/91/EU of the European Parliament and of the Council of 23 July 2014 amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) as regards to depositary functions, remuneration policies and sanctions (the “UCITS V Directive”), which was transposed into Luxembourg law on 1 June 2016 by way of the Luxembourg law of 10 May 2016. The remuneration policy, which has been approved by HIFL’s board of directors, includes measures to avoid conflicts of interest and seeks to promote sound and effective risk management and that neither encourage risk taking which is inconsistent with the risk profile and articles of incorporation of the Company nor impair compliance with HIFL’s duty to act in the best interest of the Company. The remuneration policy, which describes how remuneration and benefits are determined, is available at www.global.assetmanagement.hsbc.com/about-us/governance-structure, or on request from HIFL. Total amount of remuneration paid by HIFL to all staff and paid by the investment advisers to their identified staff * during the 12 months period ending 31 March 2020 is as follows: Fixed remuneration USD 6,635,972 Variable remuneration USD 3,015,517 Number of beneficiaries 54 of which, the disclosure of the fixed and variable remuneration of senior management within HIFL and of identified staff * of the investment advisers is: Fixed remuneration USD 5,446,560 Variable remuneration USD 2,863,513 Number of beneficiaries 38 * identified staff are defined as members of staff whose actions have a material impact on the risk profile of the Company 7


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    Directors’ Report (continued) Remuneration Policy (continued) The annual review of the remuneration policy, including a review of the existing remuneration structure as well as implementation of the regulatory requirements and compliance with them, was completed during the year and no irregularities were identified. Furthermore, there were no material changes made to the remuneration policy in the past financial year. Withdrawal of the UK from the EU Following the UK Government’s notification to the European Union (EU) of its intention to leave the Union (i.e. “Brexit”), on 23 January 2020, the UK Government enacted the European Union (Withdrawal Agreement) Act 2020 (WAA). The WAA implemented the withdrawal agreement into UK law. The EU also ratified the withdrawal agreement in accordance with its procedures, with the European Parliament consenting to the Withdrawal Agreement on 29 January 2020. As part of the Withdrawal Agreement, the UK and the EU agreed a Transition Period in order to provide continuity and certainty. During this time, the UK will generally continue to apply EU law as it does now. UK domiciled UCITS will continue to be referred to as UCITS and enjoy the rights conferred by the UCITS Directive during the Transition Period. EU UCITS will continue to use their cross-border passporting rights to passport into the UK. The Transition Period will run from 12:00 midnight CET on 31 January 2020 until 12:00 midnight CET on 31 December 2020. Investors should note that during the Transition Period references to the EU in this document shall be taken to include the UK. Once the Transition period expires, all cross-border passporting rights to the UK for EU UCITS funds will cease; however, the UK’s commitment to a Temporary Permission Regime will mitigate the cliff-edge risks associated with a no-deal end of the Transition Period. The UK Government has also committed to bringing forward domestic legislation to streamline the process to allow overseas (including EU) investment funds to be sold in the UK post-Brexit. Notwithstanding the above, the UK’s future economic and political relationship with the EU (and with other non-EU countries by agreement) continues to remain uncertain. This uncertainty is likely to generate further global currency and asset price volatility. This may negatively impact the returns of a Fund and its investments resulting in greater costs if a Fund decides to employ currency hedging policies. Ongoing uncertainty could adversely impact the general economic outlook and as such, this may impact negatively on the ability of a Fund and its investments to execute their strategies effectively, and may also result in increased costs to the Company. It is possible that there will be more divergence between UK and EU regulations post-Brexit, limiting what cross-border activities can take place. However it is unlikely to affect a Fund’s ability to receive portfolio management services. At the date of this report, the Fund continues to be recognised by the FCA and can be marketed to UK investors. The nature and extent of the impact of any Brexit related changes are uncertain, but may be significant. Impact of the Coronavirus (COVID-19) The recent outbreak of the coronavirus disease 2019 (abbreviated as “COVID-19”) continues to impact global markets in several ways, including: (i) slowing down or stopping international, national, and local travel; (ii) impeding regular business operations across many different businesses, including manufacturers and service providers; and (iii) adding uncertainty to global markets with regard to how long and how serious COVID-19 may prove over time. All of these factors and more regarding COVID-19’s impact on global markets could materially adversely affect the Fund’s performance, including to the extent that the Fund makes investments in certain businesses or industries suffering downturns or impediments caused or exacerbated by COVID-19. The Board continues to monitor the situation and receives regular updates from the Management Company. As at 8 July 2020, to our knowledge, the impact of COVID-19 has not affected the Investment Manager’s ability to execute the investment strategy of the fund, nor has there been any significant redemption activity or interruption to key service providers engaged by the Company. 8


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    Directors’ Report (continued) Corporate Governance Statement The Board of Directors confirms its adoption of the ALFI (Association of the Luxembourg Fund Industry) Code of Conduct for Luxembourg Investment Funds (the “Code”) and confirms its adherence to the principles of the Code at all times during the period. Annual General Meeting The next Annual General Meeting of the Company will be held on 31 July 2020. 9


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    Investment Advisers’ Report Market overview: 1 April 2019 to 31 March 2020 Global equities Global equities fell over the year to 31 March 2020. After having achieved positive returns through 2019, global equities peaked in early 2020 before falling dramatically in the final weeks of the period. For much of 2019 and early 2020, stocks followed the pattern set over the past several years – gradually rising and setting new highs, in aggregate. Markets were buoyed by the prevailing easy monetary conditions and the rising optimism regarding a settlement between the US and China on trade, eventually embodied in the ‘phase one’ agreement, signed in January. However, the end of January witnessed a sea change and equities sold off, as the coronavirus emerged in China and gradually spread throughout the world. February and March witnessed a marked sell-off in equities worldwide as the threat of the virus – from both an economic and health perspective – became more apparent and most countries moved into a lockdown period, with most business activity grinding to a halt. Markets recovered somewhat in the final week of the period as measures were implemented by governments to support their respective economies. Prior to the advent of covid-19, worries about slowing economic trends had been mitigated by the accommodative monetary policy prevailing across the globe. The US Federal Reserve (Fed) cut interest rates further to boost the economy and appease market fears over increasingly sluggish global growth rates. The European Central Bank (ECB) reinstated stimulus measures to help the eurozone’s economy and confirmed that rates would stay low for the foreseeable future, while other major central banks also adopted easy monetary policies. The US economy continued to be relatively resilient compared to other economies, driven by persistently robust employment that underpinned consumption. However, China, Japan, Europe and the UK experienced a greater downturn in activity. China’s 2019 GDP growth rate settled at 6.1% – the slowest rate in almost 30 years. Germany grew by a disappointing 0.6% in 2019, almost falling into recession as its manufacturing base suffered badly from the effects of slowing global activity and the trade dispute between the US and China. The UK was impacted by the uncertainties surrounding Brexit. The outlook for the global economy was revised downwards at the end of the period as economists began to quantify the negative impact of covid-19 on global growth. US equities While the US market did relatively better than most other global equity markets, it was not immune from the sell- off late in the period that ensured the market was lower in absolute terms. For much of the period, US equities moved higher, breaching new all-time highs, driven by decent economic performance, positive earnings growth and the likelihood of a trade deal with China, which materialised with the signing of the ‘phase one’ deal in January. However, the market experienced a dramatic decline from the end of February and into March, due to the covid- 19 pandemic. Although the US market rebounded somewhat from late March, as the US government and Fed introduced emergency measures, it could not recover all the decline. The Fed cut interest rates three times in 2019 to a range of 1.50–1.75% as Chairman Jerome Powell acknowledged the rising risks in the US and global economies from slowing growth and trade issues. However, by the end of the period, and faced with the growing turmoil caused by covid-19, the Fed slashed rates to just 0–0.25%. In economic news, GDP growth slowed but remained relatively resilient. Fourth quarter of 2019 annualised growth was 2.1%, the same level as the third quarter, albeit down from first-quarter growth of 3.1%. Employment data was more robust, with the US unemployment rate falling to 3.5% in December, the joint-lowest figure for 50 years. However, weekly jobless claims surged and reached a new high of 6.9 million in the final week in March as the huge negative impact of the coronavirus became clearer. US corporate earnings proved to be relatively resilient during much of the period, with the majority of companies beating consensus expectations. However, profit growth slowed, as companies grappled with the effects of a softer global economy and the US-China trade war. The impact of the coronavirus has yet to be fully quantified but will almost certainly see profits fall. 10


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    Investment Advisers’ Report (continued) Europe ex-UK equities European equities followed a similar trend to other global markets, rising gently through much of the period before collapsing in late February and early March. Italy and Spain were at the heart of the covid-19 crisis, suffering the largest number of cases in the region. Both respective government effectively closed their borders and placed their populations in lockdown, with only essential travel permitted. Italian bond and equity markets fell substantially as investors feared for the financial viability of the country – already saddled with one of the largest levels of debt within the eurozone. European markets were supported in late 2019 and early 2020 by the supportive monetary policy reintroduced by the ECB – including renewed bond purchases and a cut in the bank deposit to -0.5% – and the improved trade relations between the US and China. Christine Lagarde, at her first meeting as the ECB’s president, made it clear that the bank’s low rates would remain in place. Furthermore, a substantial emergency package to support the eurozone economy was expected to be announced in early April. Economic growth remained sluggish through the period: fourth-quarter GDP grew 1.0% on an annualised basis, the weakest growth rate for over six years, and down from the previous quarter’s 1.3% growth. Meanwhile, Italy and Germany narrowly escaped a technical recession. The eurozone’s manufacturing base, particularly in Germany, continued to hollow out, with the manufacturing purchasing managers’ index receding to an over seven- year low in March. Moreover, industrial production fell over 3.6% in December, the second weakest figure for 10 years. Negotiations with the UK government regarding the UK’s departure from the EU was another distraction for markets. The UK officially left the EU at the end of January, with an agreed transition period until the end of 2020. Uncertainty surrounding the nature of a future trade deal with the UK was an unsettling factor. UK equities UK equities fell over the period, with the FTSE All Share and FTSE 100 both down substantially. The market had been trending higher in the final months of 2019, as the risks of an imminent no-deal Brexit subsided. Brexit was a considerable source of angst for investors, dominating the headlines. Seemingly against the odds, new Prime Minister Boris Johnson secured a new draft deal with the European Union and then won a resounding victory in the general election, delivering a large majority for the Conservative Party. This removed some of the concerns about the Brexit process and timeline, boosting investor sentiment. However, the onset of coronavirus called time on the upward move in UK equities, and they sold off dramatically from late February and into March, before recovering a little in the final weeks of the period. The UK government introduced measures to support the economy, including a scheme to pay the salaries of ‘furloughed’ employees (80% of income, up to £2500 per month) during the pandemic and until the lockdown was finished. Along with additional fiscal stimulus measures, this led to equities bouncing in late March. Moreover, the Bank of England (BoE) cut interest rates from 0.75% to 0.1%, in two back-to-back cuts. UK economic growth remained sluggish, undermined by the continuing uncertainty surrounding Brexit for much of the period and by weak economic trends overseas. While the economy achieved a decent level of 0.5% growth in the third quarter, it stalled in the final quarter of 2019, delivering no growth. On the positive side, unemployment remained at generational lows of 3.8–3.9% through 2019, although expectations rose of a huge increase in the rate following the outbreak of covid-19. Wage growth also remained positive in real terms, albeit the nominal growth rate subsided to 2.9% in the final quarter of 2019, down from 3.7% in the third quarter. UK inflation also showed signs of picking up towards the end of the period, growing at an annualised rate of 1.8% in January before dipping slightly to 1.7% in February. 11


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    Investment Advisers’ Report (continued) Japan equities Japanese equities fell over the period, with all the damage occurring in the final months of the period when the market, in line with other global markets, sold off due to covid-19. Prior to that, Japanese equities had risen steadily, taking their cue from the positive sentiment surrounding accommodative monetary policy overseas and steady policy at home. However, Japanese stocks were intermittently affected by the global trade dispute and relatively sluggish growth at home. Domestic economic indicators were generally bleak. GDP fell 1.8% over the final quarter of 2019 – the steepest decline for over five years – largely due to the impact of the consumption tax increase implemented at the beginning of October. This was raised from 8% to 10%, in an effort to improve the country’s strained fiscal position; the measure had previously been postponed twice, given concerns about its potential impact on an already fragile economy. The much-followed Tankan survey – a quarterly indicator of business sentiment – deteriorated over the period. Worries mounted about a Chinese slowdown, with several Japanese companies – particularly exporters of consumer electronics and automobiles – reducing their profit forecasts. Moreover, the Bank of Japan’s (BoJ) ultra- loose monetary policy continued to weigh on the profits of the banking sector, given its effect on net interest margins. The diplomatic dispute with South Korea, deriving from grievances over Japan’s treatment of Korea during WWII, also unsettled investors and caused exports to South Korea to fall. The BoJ maintained its loose monetary policy, targeting -0.1% short-term interest rates, while stating that the long- term inflation target of 2.0% was unlikely to be met in the near future. The inflation rate was subdued for most of the period, but December’s consumer price index rose 0.8% year on year, before falling back to 0.4% year on year in February. Asia ex-Japan equities Asian Pacific markets fell sharply, owing to the outbreak of covid-19 and growing expectations that the virus would have a material impact on both society and economies. Asian equities experienced a similar pattern to other world markets, rising into 2019 year-end – and peaking in mid-January – before selling off markedly in the final week of February and in March. Initially, a de-escalation in the US-China trade war, culminating in the signing of the ‘phase one’ deal with the US, and loose monetary conditions supported Asian markets. In China, the central bank continued to ease reserve requirements for banks and introduce fresh stimulus measures, such as cutting short- and medium-term loan rates. China’s GDP growth rate continued to slow, falling to a 6.0% annual growth rate for the third and fourth quarters of 2019 – this marked the lowest growth rate since 1992. For 2019, the growth rate was 6.1%, the weakest annual growth rate for nearly 30 years. Hong Kong’s economy slumped into a technical recession for the first time since the global financial crisis as the pro-democracy protests took their toll on business and leisure activity in the region. Tensions continued despite Hong Kong’s leader Carrie Lam withdrawing her contentious extradition bill, while the US provoked the ire of China by passing two pro- democracy bills backing the protesters. Other central banks in the region, such as the Reserve Bank of India, the Bank of Korea and the Reserve Bank of Australia, cut interest rates in order to ease the pressure on their respective economies. India’s growth rate slowed over the period, growing by just 1.1% on a quarterly basis in the fourth quarter of 2019, the lowest growth rate since 2011. South Korea’s economy remained relatively resilient and produced quarterly growth of 1.3% in the final quarter of 2019, the best figure since 2017. Emerging market equities Emerging markets declined over the period. Stocks rose into the beginning of 2020 before collapsing in late February and March as the coronavirus spread globally. However, a marginal recovery was witnessed in the final week of the period. Latin American markets were one the weakest emerging markets (in aggregate), with Argentina, Chile and Brazil all suffering from a mix of worsening economic activity, currency weakness and geopolitical issues. 12


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    Investment Advisers’ Report (continued) Emerging market equities (continued) The escalating US-China trade war, a stronger US dollar and ongoing concerns about global economic growth – which led to weakening commodity prices – weighed on emerging markets throughout the summer of 2019. Thereafter, they recovered until year-end, buoyed by easier global monetary policy and growing optimism over a settlement of the trade dispute between the US and China. In Latin America, the Argentinean market collapsed and the peso slumped during August – triggering the imposition of capital controls and the rescheduling of the country’s US dollar debt – as fears of a populist victory in October’s presidential elections, which came true, increased. In contrast, Brazilian equities initially fared well as the pro- growth policies of President Jair Bolsonaro continued to be rolled out. However, stocks sold off markedly in 2020 as the pandemic hit. Mexican equities suffered when President Trump threatened to increase tariffs on Mexican imports (in response to the immigration crisis at the US border) but subsequently stabilised when Trump backtracked. Falling commodity prices, especially the oil-price collapse in 2020, were a further negative factor undermining emerging markets at large. The Chinese market was one of the best-performing major emerging market over the period. This partly reflected better news over the trade dispute with the US and the signing of the ‘phase one’ agreement, as well as supportive measures from the People’s Bank of China (PBoC). Additionally, the Chinese economy, although slowing, remained relatively robust compared with other countries in the investment category. UK bonds This was a unique period for the UK fixed income market. Yields on 10-year government bonds fell to all-time low of just above 0.1% towards the end of the period as investors sought out safe-haven assets, in light of the developing global pandemic. UK bonds produced a positive return during a very volatile period. Bond yields briefly rose back up again in mid-March before settling at around 0.3% at the end of the period. Early in the period, gilt yields had initially fallen, as concerns about UK growth and Brexit uncertainty affected investor sentiment. However, yields rose in the autumn months and into year-end, as optimism grew around improving US-China trade relations and as the risk of a ‘no deal’ Brexit appeared to diminish. However, they then fell dramatically, along with other major global bond market yields, as the extent of covid-19, and its social and economic consequences, became clearer. The BoE reacted by implementing an emergency rate cut of 50 basis points, cutting the prime rate from 0.75% to 0.25%, followed quickly by a further cut to 0.1%. The new Conservative government’s first budget saw a raft of measures implemented to try and support the economy during this time of crisis. A further substantial emergency package of support measures was later launched. Corporate and high-yield bonds underperformed government bonds. They enjoyed strong returns in 2019 but suffered in the virus-driven equity market sell-off, as yield spreads widened with investors becoming more risk averse and as concerns around credit risk abounded. Global bonds This was a dramatic period for global bonds, with many government bond yields touching new all-time lows. The US Treasury yield fell below 0.4% in early March as investors sought out safe-haven assets as the global pandemic expanded across the world. Monetary policy became increasingly supportive of global bond markets through the period. Having tried to tighten and abandon quantitative easing in 2018, the Fed cut interest rates three times in 2019 before slashing them to almost zero in March 2020. The ECB’s reversal of quantitative tightening and introduction of a substantial support package also gave bond markets a boost. Other major central banks, such as the BoJ, the BoE and the PBoC, also introduced measures to support economies and loosen monetary conditions. 13


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    Investment Advisers’ Report (continued) Global bonds (continued) This change in stance caused bond yields in developed markets to drift lower in unison. Swiss and German 10- year bond yields remained in negative territory, touching new all-time lows. In fact, the global universe of negative- yielding bonds – led by instruments in Europe and Japan – touched a record level in September 2019 of around $17 trillion, corresponding to about one fifth of the debt issued by governments and companies. Yields rose in the final weeks of the period as investors reacted positively to the economic support measures introduced by many governments across the world. With yields near historically low levels, and the prospect of low to zero interest rates predominating across the world, global bond issuance picked up throughout much of the period, although it ground to a halt in the final months as worries over covid-19 gripped the world. 14


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    Audit report To the Shareholders of HSBC Global Investment Funds Our opinion In our opinion, the accompanying financial statements give a true and fair view of the financial position of HSBC Global Investment Funds (the “Fund”) and of each of its sub-funds as at 31 March 2020, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements. What we have audited The Fund’s financial statements comprise:  the statement of net assets as at 31 March 2020;  the portfolio of investments and other net assets as at 31 March 2020;  the statement of operations and changes in net assets for the year then ended; and  the notes to the financial statements, which include a summary of significant accounting policies. Basis for opinion We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (Law of 23 July 2016) and with International Standards on Auditing (ISAs) as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier” (CSSF). Our responsibilities under the Law of 23 July 2016 and ISAs as adopted for Luxembourg by the CSSF are further described in the “Responsibilities of the “Réviseur d’entreprises agréé” 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. We are independent of the Fund in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the financial statements. We have fulfilled our other ethical responsibilities under those ethical requirements. Other information The Board of Directors of the Fund is responsible for the other information. The other information comprises the information stated in the annual report but does not include the financial statements and our audit 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. PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg T : +352 494848 1, F : +352 494848 2900, www.pwc.lu Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°10028256) R.C.S. Luxembourg B 65 477 - TVA LU25482518


  • Page 18

    In connection with our audit of the financial statements, our responsibility is to read the other information identified above 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 Board of Directors of the Fund for the financial statements The Board of Directors of the Fund is responsible for the preparation and fair presentation of the financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements, and for such internal control as the Board of Directors of the Fund 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 Board of Directors of the Fund is responsible for assessing the Fund’s and each of its 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 Board of Directors of the Fund either intends to liquidate the Fund or close any of its sub-funds or to cease operations, or has no realistic alternative but to do so. Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the financial statements The objectives of our audit 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 audit report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF 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. As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, 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 Board of Directors of the Fund; 16


  • Page 19

     conclude on the appropriateness of the Board of Directors of the Fund’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 or any of its 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 audit 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 audit report. However, future events or conditions may cause the Fund or any of its sub-funds (except for HSBC Global Investment Funds - UK Equity and HSBC Global Investment Funds - Global Corporate Fixed Term Bond 2020 where a decision to liquidate exists, as disclosed in Note 20) 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 those charged with governance 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. PricewaterhouseCoopers, Société coopérative Luxembourg, 13 July 2020 Represented by Christelle Crépin 17


  • Page 20

    Statement of Net Assets as at 31 March 2020 International and Regional Equity Sub-funds Asia ex Japan Asia Pacific ex Asia ex Japan Equity Smaller Japan Equity High COMBINED Equity Companies Dividend Notes USD USD USD USD ASSETS Investments in Securities at Cost 32,048,144,662 428,682,958 501,570,712 237,160,874 Unrealised Appreciation/(Depreciation) (2,938,534,016) (45,167,539) (118,796,773) (22,962,123) Investments in Securities at Market Value 29,109,610,646 383,515,419 382,773,939 214,198,751 Unrealised Gain on Forward Foreign Exchange 9 565,335,981 100,172 - 218 Contracts Unrealised Gain on Futures 10 74,734,666 - - - Unrealised Gain on Swaps 11 111,147,418 - - - Cash at Bank 1,607,397,998 8,117,758 7,950,287 2,421,201 Dividend and Interest Receivable, Net 292,362,523 1,149,801 2,034,709 1,557,811 Receivable from Brokers 823,702,103 10,876,110 17,384,933 17,300,371 Receivable from Shareholders 126,108,398 1,128,203 127,419 596,341 Other Assets 6,746,399 - 515 - Total Assets 32,717,146,132 404,887,463 410,271,802 236,074,693 LIABILITIES Unrealised Loss on Forward Foreign Exchange 9 (448,079,213) (1,160) - (613) Contracts Unrealised Loss on Futures 10 (102,270,700) - - - Unrealised Loss on Swaps 11 (134,682,311) - - - Bank Overdraft (361,610,821) (90,092) (7,872) (778,816) Payable to Brokers (736,165,211) (8,055,327) (9,188,375) (15,027,228) Payable to Shareholders (394,077,739) (322,941) (1,215,621) (742,683) Dividend Payable (113,976,940) - - (387,215) Other Liabilities (24,299,477) (646,558) (793,002) (629,114) Total Liabilities (2,315,162,412) (9,116,078) (11,204,870) (17,565,669) Total Net Assets 30,401,983,720 395,771,385 399,066,932 218,509,024 TWO YEAR ASSET SUMMARY 31 March 2019 34,736,470,384 545,684,480 877,174,884 323,548,527 31 March 2018 41,374,996,820 546,810,447 1,546,654,361 374,616,976 18 The accompanying notes form an integral part of these financial statements.


  • Page 21

    Statement of Net Assets as at 31 March 2020 BRIC Markets China Consumer Economic Scale Economic Scale BRIC Equity Equity Opportunities GEM Equity Global Equity Emerging Wealth USD USD USD USD USD USD 238,440,065 108,150,755 33,823,323 319,115,413 143,118,069 13,076,819 (38,544,037) (16,197,742) (4,528,837) (86,640,633) (24,663,211) (679,811) 199,896,028 91,953,013 29,294,486 232,474,780 118,454,858 12,397,008 - - - - - - - - - 83,158 155,690 - - - - - - - 7,475,304 3,523,505 29,901 2,985,656 3,014,946 219,405 290,972 136,281 59,493 825,041 464,473 23,895 10,068,029 7,649,583 25,656 108,911 15,162 20,008 292,087 3,045,885 573,950 640,542 146,549 971 - - 52,798 4,504 146,245 7,522 218,022,420 106,308,267 30,036,284 237,122,592 122,397,923 12,668,809 - - - - - - - - - - (30,625) - - - - - - - - - - - (10,341) (2) (5,647,994) (6,532,405) (25,932) (102,155) (17,449) (20,104) (807,796) (3,116,937) (49,744) (2,071,728) (22,614) (45,221) - - - - - - (306,685) (160,775) (52,968) (171,645) (115,805) (22,843) (6,762,475) (9,810,117) (128,644) (2,345,528) (196,834) (88,170) 211,259,945 96,498,150 29,907,640 234,777,064 122,201,089 12,580,639 329,564,532 161,390,675 41,689,937 555,904,401 151,115,299 14,973,571 388,407,588 181,327,582 58,143,078 583,216,929 176,444,531 14,735,663 The accompanying notes form an integral part of these financial statements. 19


  • Page 22

    Statement of Net Assets as at 31 March 2020 Euroland Equity Smaller Euroland Equity Companies Euroland Growth European Equity Notes EUR EUR EUR EUR ASSETS Investments in Securities at Cost 445,546,174 289,827,706 177,718,252 62,791,024 Unrealised Appreciation/(Depreciation) (110,767,018) (63,314,832) (4,649,889) (17,091,157) Investments in Securities at Market Value 334,779,156 226,512,874 173,068,363 45,699,867 Unrealised Gain on Forward Foreign Exchange 9 196 8 - - Contracts Unrealised Gain on Futures 10 114,730 - 44,885 - Unrealised Gain on Swaps 11 - - - - Cash at Bank 5,450,032 5,734,788 809,009 1,133,845 Dividend and Interest Receivable, Net 207,923 237,560 - 158,396 Receivable from Brokers 1,180,459 1,951,522 1,042,335 860,698 Receivable from Shareholders 3,825,763 1,068,195 3,738,462 122,406 Other Assets 2,940,236 726,909 441,266 243,138 Total Assets 348,498,495 236,231,856 179,144,320 48,218,350 LIABILITIES Unrealised Loss on Forward Foreign Exchange 9 (27,374) (1,095) - - Contracts Unrealised Loss on Futures 10 - - - - Unrealised Loss on Swaps 11 - - - - Bank Overdraft (3,116) - - (782,669) Payable to Brokers (1,341,773) (2,964,380) (2,861,573) (871,100) Payable to Shareholders (495,525) (3,813,655) (138) (14,919) Dividend Payable - - - - Other Liabilities (272,233) (218,801) (52,989) (53,705) Total Liabilities (2,140,021) (6,997,931) (2,914,700) (1,722,393) Total Net Assets 346,358,474 229,233,925 176,229,620 46,495,957 TWO YEAR ASSET SUMMARY 31 March 2019 576,983,269 335,589,426 187,067,443 66,984,286 31 March 2018 838,256,710 520,685,613 180,742,373 82,949,041 20 The accompanying notes form an integral part of these financial statements.


  • Page 23

    Statement of Net Assets as at 31 March 2020 GEM Equity Global Emerging Global Equity Global Equity Global Equity Frontier Markets Volatility Focused Markets Equity Climate Change Dividend Volatility Focused USD USD USD USD USD USD 195,042,475 8,007,842 182,516,747 27,246,491 38,155,636 138,685,201 (52,190,513) (1,606,766) (8,511,148) (1,720,362) (4,367,408) (14,418,560) 142,851,962 6,401,076 174,005,599 25,526,129 33,788,228 124,266,641 - - - - - 424,872 - 5,230 500,978 - - 142,380 - - - - - - 13,184,486 411,269 15,208,887 134,659 600,601 3,439,255 1,082,915 40,780 643,908 54,852 66,331 332,583 9,302,792 - 7,652,669 8,445 67,861 944,507 50,864 - 617,774 26,465 60,468 1,605,481 - 120 2,927 6,436 67,883 176,685 166,473,019 6,858,475 198,632,742 25,756,986 34,651,372 131,332,404 - - - - - (15,543) - - - - - (37,763) - - - - - - - - - - - (65,950) (6,923,034) - (11,242,233) (8,454) (68,035) (946,337) (3,080,441) - (131,477) (15,167) (25,245) (633,425) - - - (45,504) (94,958) (286,307) (230,540) (8,448) (375,597) (32,184) (35,511) (255,866) (10,234,015) (8,448) (11,749,307) (101,309) (223,749) (2,241,191) 156,239,004 6,850,027 186,883,435 25,655,677 34,427,623 129,091,213 272,023,112 11,359,645 195,323,365 14,941,703 31,758,470 178,615,431 465,884,258 13,371,688 201,433,625 17,406,175 26,361,209 200,416,932 The accompanying notes form an integral part of these financial statements. 21


  • Page 24

    Statement of Net Assets as at 31 March 2020 Market Specific Equity Sub-funds China A-shares Equity (launched as Global Lower Global Real Estate at Carbon Equity Equity Brazil Equity 16 September 2019) Notes USD USD USD USD ASSETS Investments in Securities at Cost 55,586,635 1,094,648,225 252,926,852 30,782,320 Unrealised Appreciation/(Depreciation) (7,267,415) (229,539,298) (78,743,596) (3,644,032) Investments in Securities at Market Value 48,319,220 865,108,927 174,183,256 27,138,288 Unrealised Gain on Forward Foreign Exchange 9 - 1,805 - - Contracts Unrealised Gain on Futures 10 84,103 - - - Unrealised Gain on Swaps 11 - - - - Cash at Bank 1,562,060 17,669,316 3,279,727 1,831,683 Dividend and Interest Receivable, Net 169,361 5,095,854 1,480,115 - Receivable from Brokers 182,139 - 1,828,137 - Receivable from Shareholders 579,661 4,945,806 1,297,020 2,634,989 Other Assets 26,692 1,148,278 168,151 - Total Assets 50,923,236 893,969,986 182,236,406 31,604,960 LIABILITIES Unrealised Loss on Forward Foreign Exchange 9 - (3) - - Contracts Unrealised Loss on Futures 10 - - - - Unrealised Loss on Swaps 11 - - - - Bank Overdraft (155,340) - - - Payable to Brokers (181,851) - (2,584,110) - Payable to Shareholders (967,875) (1,594,323) (302,847) (4,277,094) Dividend Payable (94,312) (7,968,158) - - Other Liabilities (57,618) (1,314,608) (435,441) (23,907) Total Liabilities (1,456,996) (10,877,092) (3,322,398) (4,301,001) Total Net Assets 49,466,240 883,092,894 178,914,008 27,303,959 TWO YEAR ASSET SUMMARY 31 March 2019 37,675,891 1,180,354,568 356,933,820 - 31 March 2018 31,930,591 1,117,775,623 413,117,730 - 22 The accompanying notes form an integral part of these financial statements.


  • Page 25

    Statement of Net Assets as at 31 March 2020 Economic Scale Economic Scale Hong Kong Chinese Equity Japan Equity US Equity Equity Indian Equity Mexico Equity USD JPY USD USD USD USD 853,484,654 15,058,020,144 855,083,274 98,144,174 893,241,279 40,426,760 98,035,046 (2,266,462,993) (120,701,774) 4,275,061 (143,209,274) (16,826,915) 951,519,700 12,791,557,151 734,381,500 102,419,235 750,032,005 23,599,845 - 44,411 365,681 - - - - - - - - - - - - - - - 31,092,069 547,820,281 19,906,027 1,170,567 21,587,359 1,181,318 113,933 194,151,474 1,249,445 57,907 675,168 - 43,911,761 41,193,811 891,603 2,092,187 15,712,545 58,753 2,121,028 23,751,949 8,694,339 366,869 2,058,894 6,701 - 96 - - - - 1,028,758,491 13,598,519,173 765,488,595 106,106,765 790,065,971 24,846,617 - (2,570,338) (7,174) - - - - (2,751,384) (517,740) - - - - - - - - - - - - - - - (38,776,974) (41,178,516) (626,320) (2,043,714) (10,619,482) (97,407) (17,818,769) (422,576,039) (8,862,702) (81,553) (3,083,141) (70,611) - - - - - - (1,536,233) (36,875,900) (639,184) (106,011) (1,358,477) (29,852) (58,131,976) (505,952,177) (10,653,120) (2,231,278) (15,061,100) (197,870) 970,626,515 13,092,566,996 754,835,475 103,875,487 775,004,871 24,648,747 1,284,947,554 16,825,792,076 954,199,453 134,358,287 1,451,539,761 51,476,099 1,633,081,397 17,827,617,092 880,547,833 178,149,887 1,684,786,145 92,198,456 The accompanying notes form an integral part of these financial statements. 23


  • Page 26

    Statement of Net Assets as at 31 March 2020 Russia Equity Thai Equity Turkey Equity UK Equity Notes USD USD EUR GBP ASSETS Investments in Securities at Cost 151,814,081 40,908,291 45,544,650 18,932,836 Unrealised Appreciation/(Depreciation) (33,657,810) (11,298,700) (10,248,255) (4,252,559) Investments in Securities at Market Value 118,156,271 29,609,591 35,296,395 14,680,277 Unrealised Gain on Forward Foreign Exchange 9 - - - - Contracts Unrealised Gain on Futures 10 - - - - Unrealised Gain on Swaps 11 - - - - Cash at Bank - 778,112 412,391 65,883 Dividend and Interest Receivable, Net 83,134 247,319 4,632 133,234 Receivable from Brokers 2,739,991 14,166 223,437 907,501 Receivable from Shareholders 4,012,229 77,353 211,786 195,257 Other Assets - - 1,856 1,081 Total Assets 124,991,625 30,726,541 36,150,497 15,983,233 LIABILITIES Unrealised Loss on Forward Foreign Exchange 9 - - - - Contracts Unrealised Loss on Futures 10 - - - - Unrealised Loss on Swaps 11 - - - - Bank Overdraft (22,874) - - - Payable to Brokers (1,527,924) (14,157) - (94) Payable to Shareholders (2,698,216) (167,202) (472,077) (32,374) Dividend Payable - - - - Other Liabilities (213,595) (78,129) (69,333) (22,750) Total Liabilities (4,462,609) (259,488) (541,410) (55,218) Total Net Assets 120,529,016 30,467,053 35,609,087 15,928,015 TWO YEAR ASSET SUMMARY 31 March 2019 182,742,997 60,338,452 53,981,621 19,583,303 31 March 2018 269,451,150 102,051,243 57,172,638 23,542,323 24 The accompanying notes form an integral part of these financial statements.


  • Page 27

    Statement of Net Assets as at 31 March 2020 Bond Sub-funds Asia High Yield Bond Asian Currencies (launched as at 27 Asia Bond Bond November 2019) Brazil Bond Euro Bond Euro Credit Bond USD USD USD USD EUR EUR 134,131,272 39,195,515 157,181,061 38,383,108 133,556,828 399,786,196 (3,048,566) 199,197 (17,592,985) (2,224,672) 12,776,395 (16,761,396) 131,082,706 39,394,712 139,588,076 36,158,436 146,333,223 383,024,800 1,994,035 550,997 4,480,535 172,096 369,767 167,167 - - - - 19,320 - - - - 43,463 - - 1,281,871 231,916 5,416,725 1,316,894 4,703,248 25,600,553 1,526,943 301,219 2,410,056 451,699 1,280,137 4,027,839 219,267 131,955 1,358,728 313,669 101,850 11,139,777 10,726 3,191 581,007 11,392 428,916 8,308,254 - - - - - - 136,115,548 40,613,990 153,835,127 38,467,649 153,236,461 432,268,390 (535,766) (458,045) (669,972) (602,893) (3,963) (146) - - - - (31,845) (396,500) - - - - - - - (24) - - (19,461) (2,820,596) (408,763) (114,464) (1,464,184) (160,459) (278,548) (26,056,162) (6,796) (3,451) (978,171) (399,763) (567,505) (705,863) (182,683) - (1,161,426) - - - (53,138) (26,046) (36,687) (40,578) (48,245) (192,467) (1,187,146) (602,030) (4,310,440) (1,203,693) (949,567) (30,171,734) 134,928,402 40,011,960 149,524,687 37,263,956 152,286,894 402,096,656 93,644,651 38,415,445 38,415,445 92,330,332 142,867,335 538,246,076 85,053,246 42,545,835 42,545,835 163,808,665 140,262,717 888,404,875 The accompanying notes form an integral part of these financial statements. 25


  • Page 28

    Statement of Net Assets as at 31 March 2020 Global Investment Euro Credit Bond Euro High Yield GEM Debt Total Grade Securitised Total Return Bond Return Credit Bond* Notes EUR EUR USD USD ASSETS Investments in Securities at Cost 204,002,891 1,640,596,079 619,574,411 992,884,539 Unrealised Appreciation/(Depreciation) (11,174,324) (99,720,468) (67,060,187) (79,594,140) Investments in Securities at Market Value 192,828,567 1,540,875,611 552,514,224 913,290,399 Unrealised Gain on Forward Foreign Exchange 9 - 476,558 47,640,954 38,007,879 Contracts Unrealised Gain on Futures 10 - - - - Unrealised Gain on Swaps 11 - 2,175,963 17,587,286 - Cash at Bank 18,195,774 128,792,968 75,079,038 1,687,032 Dividend and Interest Receivable, Net 2,124,849 27,502,813 7,736,739 2,447,170 Receivable from Brokers 15,501,898 31,040,471 11,803,748 17,593,463 Receivable from Shareholders - 4,039,659 9,230,801 895,669 Other Assets - - - 1,648 Total Assets 228,651,088 1,734,904,043 721,592,790 973,923,260 LIABILITIES Unrealised Loss on Forward Foreign Exchange 9 - (1,211,772) (59,799,870) (662,212) Contracts Unrealised Loss on Futures 10 (397,520) - (8,672,572) - Unrealised Loss on Swaps 11 - - (16,119,882) - Bank Overdraft (1,109,931) (1,984,892) (1,972,289) (14,655,758) Payable to Brokers (18,645,694) (45,626,490) (30,928,682) (19,246,340) Payable to Shareholders (62,815) (9,687,516) (9,235,939) (3,129,572) Dividend Payable - (1,624) - (3,633,169) Other Liabilities (43,722) (946,304) (428,978) (148,837) Total Liabilities (20,259,682) (59,458,598) (127,158,212) (41,475,888) Total Net Assets 208,391,406 1,675,445,445 594,434,578 932,447,372 TWO YEAR ASSET SUMMARY 31 March 2019 212,526,969 1,793,457,833 1,461,671,818 542,875,418 31 March 2018 353,111,025 1,539,174,678 2,756,266,678 365,881,927 * Until 23 August 2019, the sub-fund is named Global Asset-Backed Bond. 26 The accompanying notes form an integral part of these financial statements.


  • Page 29

    Statement of Net Assets as at 31 March 2020 Global High Yield Global Securitised Securitised Credit Global Bond Total Global Corporate Global Emerging Credit Bond** Bond*** Global Bond Return Bond Markets Bond USD USD USD USD USD USD 90,057,931 145,067,457 55,119,144 27,049,848 2,195,042,088 2,452,563,634 (13,149,161) (26,971,320) 1,187,889 (1,567,454) (86,142,855) (434,343,462) 76,908,770 118,096,137 56,307,033 25,482,394 2,108,899,233 2,018,220,172 2,949,989 1,662,095 322,442 618,530 51,106,376 21,002,706 - - 71,580 371,845 1,206,996 6,427,282 - - - 684,320 1,848,960 13,779,447 990,454 390,997 7,203,653 680,933 50,144,111 87,441,335 392,126 909,451 238,664 223,374 20,453,251 31,053,728 7,150,470 1,946,709 1,360,348 428,334 74,309,532 93,369,724 - - 32,843 12,681 8,627,138 5,571,731 - - - - - - 88,391,809 123,005,389 65,536,563 28,502,411 2,316,595,597 2,276,866,125 (77,852) (183,470) (223,387) (28,153) (1,087,779) (313,280) - - (274,702) (31,588) (2,946,589) (14,858,300) - - - (39,436) (226,954) (41,871,479) - - (6,073,878) (594,901) (38,196,584) (49,736,537) (4,983,168) - (5,581,861) - (37,912,426) (35,441,495) - - (1,449,549) - (10,078,973) (24,746,111) (428,562) - (716) - (14,435,231) (19,577,330) (41,390) (63,784) (22,150) (6,601) (584,938) (926,662) (5,530,972) (247,254) (13,626,243) (700,679) (105,469,474) (187,471,194) 82,860,837 122,758,135 51,910,320 27,801,732 2,211,126,123 2,089,394,931 35,455,993 210,816,404 45,613,898 26,249,589 2,371,930,132 3,905,557,990 20,602,179 190,087,864 258,629,719 20,918,757 2,882,202,723 4,168,290,944 ** Until 23 August 2019, the sub-fund is named Global Asset-Backed Crossover Bond. *** Until 23 August 2019, the sub-fund is named Global Asset-Backed High Yield Bond. The accompanying notes form an integral part of these financial statements. 27


  • Page 30

    Statement of Net Assets as at 31 March 2020 Global Emerging Markets Local Global Emerging Global Government Global High Currency Rates Markets Local Debt Bond Income Bond Notes USD USD USD USD ASSETS Investments in Securities at Cost 206,159,071 1,823,702,624 1,281,806,323 2,002,606,779 Unrealised Appreciation/(Depreciation) 687,789 3,567,090 67,183,000 (220,717,795) Investments in Securities at Market Value 206,846,860 1,827,269,714 1,348,989,323 1,781,888,984 Unrealised Gain on Forward Foreign Exchange 9 25,023,487 122,171,067 35,390,280 17,313,085 Contracts Unrealised Gain on Futures 10 - - 759,984 5,913,736 Unrealised Gain on Swaps 11 1,561,310 8,940,911 - 10,845,549 Cash at Bank 14,185,003 111,994,305 2,418,111 81,187,276 Dividend and Interest Receivable, Net 3,771,776 19,808,272 8,444,272 23,201,609 Receivable from Brokers 132,832 57,005,089 49,942,999 22,209,424 Receivable from Shareholders 1,100,953 1,849,172 17,213,981 1,237,551 Other Assets 79,945 55,156 - - Total Assets 252,702,166 2,149,093,686 1,463,158,950 1,943,797,214 LIABILITIES Unrealised Loss on Forward Foreign Exchange 9 (30,417,261) (203,398,073) (1,119,843) (3,691,429) Contracts Unrealised Loss on Futures 10 - - (224,251) - Unrealised Loss on Swaps 11 (923,091) (6,075,693) - (2,041,632) Bank Overdraft (44,352) (324,320) (14,822,101) (41,653,406) Payable to Brokers (986,144) (36,044,075) (24,243,568) (15,418,092) Payable to Shareholders (3,652,571) (30,625,706) (26,061,946) (14,230,798) Dividend Payable - (12,071,252) (3,693,145) (7,075,510) Other Liabilities (45,078) (526,105) (142,087) (3,047,398) Total Liabilities (36,068,497) (289,065,224) (70,306,941) (87,158,265) Total Net Assets 216,633,669 1,860,028,462 1,392,852,009 1,856,638,949 TWO YEAR ASSET SUMMARY 31 March 2019 277,227,658 2,734,738,358 1,379,376,789 1,554,806,452 31 March 2018 366,092,632 3,107,652,889 1,145,107,666 1,811,241,420 28 The accompanying notes form an integral part of these financial statements.


  • Page 31

    Statement of Net Assets as at 31 March 2020 Global Short Global High Yield Global Inflation Global Lower Global Short Duration High Yield India Fixed Bond Linked Bond Carbon Bond Duration Bond Bond Income USD USD USD USD USD USD 1,469,712,432 214,675,163 333,993,272 33,020,446 426,366,898 872,821,776 (188,177,495) 3,684,383 (15,551,399) (984,232) (50,458,974) 16,936,441 1,281,534,937 218,359,546 318,441,873 32,036,214 375,907,924 889,758,217 23,974,627 8,801,818 3,828,607 1,029,683 5,803,506 3,995,272 795,150 - 46,172 38,314 - - 2,146,754 417,549 - 457,664 - - 44,443,121 1,447,542 4,996,906 446,117 19,642,381 110,825,797 22,812,009 222,463 2,426,653 267,185 7,077,616 21,732,471 80,298,867 3,242,667 4,459,757 1,694,503 27,119,264 95,208,870 4,805,222 145,860 5,225,845 544,866 350,347 1,109,683 - - - 444 1,407 - 1,460,810,687 232,637,445 339,425,813 36,514,990 435,902,445 1,122,630,310 (532,990) (1,447,587) (507,601) (37,300) (368,346) (5,717,568) (1,035,899) - (330,025) (39,557) - - (746,863) (109,960) (145,691) - - - (3,705,734) (208,022) (850,473) (1,263,937) - (40,837,637) (82,184,336) (2,531,257) (4,442,155) (191,799) (25,060,229) (38,649,649) (4,825,626) (1,950,059) (2,026,388) (296,567) (1,175,768) (108,168,099) (18,827,448) - (781,139) (48,449) (4,994,953) (3,717,280) (487,518) (66,922) (346,276) (20,082) (80,993) (1,195,731) (112,346,414) (6,313,807) (9,429,748) (1,897,691) (31,680,289) (198,285,964) 1,348,464,273 226,323,638 329,996,065 34,617,299 404,222,156 924,344,346 1,501,320,513 276,414,676 53,979,582 53,787,688 545,422,302 936,876,740 1,728,879,325 382,169,255 49,967,001 23,015,928 488,209,320 911,628,949 The accompanying notes form an integral part of these financial statements. 29


  • Page 32

    Statement of Net Assets as at 31 March 2020 RMB Fixed Singapore Dollar Income Income Bond US Dollar Bond US High Yield Bond Notes USD SGD USD USD ASSETS Investments in Securities at Cost 92,973,111 241,449,118 188,656,295 63,686,228 Unrealised Appreciation/(Depreciation) 2,106,008 (7,666,037) 2,583,602 (7,336,702) Investments in Securities at Market Value 95,079,119 233,783,081 191,239,897 56,349,526 Unrealised Gain on Forward Foreign Exchange 9 327,081 166,222 - 22,098 Contracts Unrealised Gain on Futures 10 - - - - Unrealised Gain on Swaps 11 - - 537,374 49,352 Cash at Bank 1,392,178 8,784,983 1,773,081 3,327,827 Dividend and Interest Receivable, Net 1,164,754 2,433,643 672,168 1,143,986 Receivable from Brokers 15,924,395 4,092,190 3,578,810 337,120 Receivable from Shareholders 170,178 373,512 998,494 - Other Assets 12 - - - Total Assets 114,057,717 249,633,631 198,799,824 61,229,909 LIABILITIES Unrealised Loss on Forward Foreign Exchange 9 (55,457) (3,542,275) - (198) Contracts Unrealised Loss on Futures 10 - - (271,455) - Unrealised Loss on Swaps 11 - - - - Bank Overdraft - - (8,399) (89,869) Payable to Brokers (11,560,049) (9,418,630) (60,647,601) (537,146) Payable to Shareholders (6,020,019) (694,962) (1,289,061) (32,479) Dividend Payable (27,471) (610,858) (164,147) (26,676) Other Liabilities (63,230) (209,624) (86,164) (31,570) Total Liabilities (17,726,226) (14,476,349) (62,466,827) (717,938) Total Net Assets 96,331,491 235,157,282 136,332,997 60,511,971 TWO YEAR ASSET SUMMARY 31 March 2019 112,910,365 64,227,711 153,718,123 72,945,581 31 March 2018 75,603,391 31,828,955 89,179,622 - 30 The accompanying notes form an integral part of these financial statements.


  • Page 33

    Statement of Net Assets as at 31 March 2020 Other Sub-funds Global Credit Global Corporate Floating Rate Fixed Global Corporate Fixed Term Bond Global Credit Term Bond 2023 - 1 Euro Convertible Fixed Term Bond 2022 (launched as Floating Rate Fixed (launched as at 24 China Multi-Asset Bond 2020 at 25 June 2019) Term Bond 2022 - 1 June 2019) Income USD EUR USD USD USD USD 42,525,934 17,893,464 170,598,683 780,967,961 272,555,177 897,658,094 537,422 (462,956) (286,649) (54,852,458) (39,719,934) (119,002,319) 43,063,356 17,430,508 170,312,034 726,115,503 232,835,243 778,655,775 7,117 23,934 798,829 7,133,012 486,326 17,427,201 - - - - - - - - - - 49 158,680 1,481,432 121,761 14,705,069 19,011,978 17,718,076 71,595,273 266,569 16,525 2,116,234 10,664,925 3,768,188 10,564,538 1,339,644 800,577 62,792 1,776,190 18,812 398,273 351 9 - - - - - 18,416 - - - - 46,158,469 18,411,730 187,994,958 764,701,608 254,826,694 878,799,740 (291) (46,567) - (1,171,809) (125,359) (1,070,557) - - - - - - - - - - (6,910,921) (28,171,605) - - - (9,080,683) (1,492,580) (658,409) (1,789,253) (799,453) (62,997) (1,775,551) (18,888) (16,827,594) - (30,377) (251,425) (548,770) (5,077,745) (8,347,811) (1,074) - (960,119) (2,359,407) (2,030,648) (2,260,821) (9,431) (18,249) (98,240) (405,100) (188,386) (295,540) (1,800,049) (894,646) (1,372,781) (15,341,320) (15,844,527) (57,632,337) 44,358,420 17,517,084 186,622,177 749,360,288 238,982,167 821,167,403 45,076,565 102,900,698 227,177,456 - 307,789,391 - - 128,357,467 383,896,200 - - - The accompanying notes form an integral part of these financial statements. 31


  • Page 34

    Statement of Net Assets as at 31 March 2020 Global Credit Floating Rate Fixed Managed Term Bond 2023 - 2 Global Emerging Solutions - Asia Managed (launched as at 19 Markets Multi-Asset Focused Solutions - Asia September 2019) Income Conservative Focused Growth Notes USD USD USD USD ASSETS Investments in Securities at Cost 907,243,311 143,466,751 21,069,405 27,493,139 Unrealised Appreciation/(Depreciation) (116,694,695) (5,479,136) (1,207,082) (4,217,523) Investments in Securities at Market Value 790,548,616 137,987,615 19,862,323 23,275,616 Unrealised Gain on Forward Foreign Exchange 9 3,262,709 4,935,642 29,442 82,325 Contracts Unrealised Gain on Futures 10 1,222,560 21,645 - - Unrealised Gain on Swaps 11 210,119 354,397 - - Cash at Bank 77,468,021 6,311,243 250,782 636,493 Dividend and Interest Receivable, Net 13,365,902 1,243,095 64,975 29,629 Receivable from Brokers 1,823,968 6,971,094 207,719 179,098 Receivable from Shareholders - 1,540 43,033 49,874 Other Assets - 709 - - Total Assets 887,901,895 157,826,980 20,458,274 24,253,035 LIABILITIES Unrealised Loss on Forward Foreign Exchange 9 (667,317) (6,977,798) (5,273) (5,179) Contracts Unrealised Loss on Futures 10 - - - - Unrealised Loss on Swaps 11 (29,253,352) (189,685) - - Bank Overdraft (3,812,902) (1,495,901) - - Payable to Brokers (18,982) (3,260,402) (160,261) (555,357) Payable to Shareholders (33,030,398) (743,464) (50,977) - Dividend Payable (2,406,731) (509,785) (12,242) - Other Liabilities (313,920) (242,557) (18,787) (45,961) Total Liabilities (69,503,602) (13,419,592) (247,540) (606,497) Total Net Assets 818,398,293 144,407,388 20,210,734 23,646,538 TWO YEAR ASSET SUMMARY 31 March 2019 - 241,615,838 25,828,435 53,433,521 31 March 2018 - 925,808,797 26,739,375 104,833,710 32 The accompanying notes form an integral part of these financial statements.


  • Page 35

    Statement of Net Assets as at 31 March 2020 Managed Solutions - Asia US Income Focused Focused Multi-Asset Style Multi-Strategy (launched as at 21 Income Factors Target Return January 2020) USD EUR EUR USD 333,363,504 796,698,627 17,966,380 538,916,060 (17,560,629) (522,737) 251,135 (95,070,200) 315,802,875 796,175,890 18,217,515 443,845,860 1,790,200 97,201,158 1,322,968 939,896 - 49,753,624 918,162 1,091,909 - 43,614,460 1,066,751 110,200 4,493,551 297,182,901 13,611,044 33,136,752 2,694,205 1,951,181 41,474 3,880,311 10,657,727 115,608 - 5,710,449 541,895 3,717,924 - 1,372,545 - - - - 335,980,453 1,289,712,746 35,177,914 490,087,922 (733,582) (109,262,583) (1,396,610) (12,342) - (64,656,825) (942,294) (89,334) - (1,649,270) (38,532) (4,126) (570,225) (89,860,318) (8,953,219) (12,533,210) (6,735,907) (115,009) - (29,706,212) (2,984,478) (9,906,819) - (7,749,238) (998,880) - - (2,283,392) (620,173) (476,302) (3,058) (766,468) (12,643,245) (275,927,126) (11,333,713) (53,144,322) 323,337,208 1,013,785,620 23,844,201 436,943,600 497,476,538 585,878,706 23,427,556 - 971,670,233 266,846,192 23,248,442 - The accompanying notes form an integral part of these financial statements. 33


  • Page 36

    Key Figures as at 31 March 2020 Total Expense Ratio (TER) / Synthetic TER 31 March 2020 Shares Outstanding Net Asset Value per Share* Sub-fund (see Note 20) 31 March 2020 31 March 2020 31 March 2019 31 March 2018 ASEAN Equity (closed as at 25 March 2019) USD AC - - - - 10.96 IC - - - - 11.33 ZC - - - - 11.66 Total Net Assets - - 17,519,590 Asia ex Japan Equity USD AC 1.85% 1,351,389.638 55.93 67.75 71.48 AC EUR 1.85% 311,190.696 11.31 13.70 14.45 ACO EUR 1.87% 481,467.249 17.69 22.61 27.04 AD 1.85% 1,585,330.896 49.61 60.20 63.52 ADO EUR 1.87% 30,900.279 16.52 21.16 25.30 BC 1.10% 1,938,849.049 7.94 9.55 - BC EUR 1.10% 70,142.073 9.73 11.69 - BCO EUR 1.13% 247,161.117 7.52 9.54 11.32 BD 1.10% 29,278.424 8.59 10.34 - BD GBP 1.10% 527.839 18.11 21.97 23.16 EC 2.35% 28,607.207 49.18 59.88 63.50 ED 2.35% 984.114 48.05 58.50 62.03 IC 1.00% 658,985.759 60.56 72.73 76.09 ID 1.00% 100,991.357 53.75 65.21 68.76 J1C 0.85% 831,304.468 12.96 15.54 16.23 XC 0.88% 5,401,053.027 7.84 9.40 9.82 ZC 0.18% 634,308.951 56.57 67.39 69.93 ZD 0.17% 1,472,175.352 50.96 61.81 65.14 Total Net Assets 395,771,385 545,684,480 546,810,447 Asia ex Japan Equity Smaller Companies USD AC 1.85% 580,760.206 46.09 65.56 81.46 AC EUR 1.85% 663,058.744 12.64 17.98 22.34 AD 1.85% 1,078,396.508 41.74 59.67 74.14 AD HKD 1.85% 62,443.267 1.37 1.96 2.43 BC 1.10% 476,417.470 9.13 12.89 15.90 BC EUR 1.10% 93,729.357 8.36 11.80 14.55 BC GBP 1.10% 129,697.446 21.00 29.65 36.56 BD 1.10% 50,731.884 8.57 12.26 15.18 BD GBP 1.10% 8,405.611 20.00 28.61 35.39 EC 2.35% 109,260.527 43.22 61.80 77.17 IC 1.00% 1,515,910.337 50.57 71.32 87.87 IC EUR 1.00% 1,849.761 8.51 12.00 14.78 ID 1.00% 160,672.214 14.92 21.34 26.41 J1C 0.85% 1,187,000.000 7.70 10.84 13.33 XC 0.88% 17,157,879.375 7.86 11.08 13.62 XC EUR 0.88% 3,948,205.947 9.77 13.76 16.93 XD 0.87% 745,000.831 8.91 12.75 15.77 ZC 0.19% 4,044,735.000 9.23 12.91 16.60 Total Net Assets 399,066,932 877,174,884 1,546,654,361 Asia Pacific ex Japan Equity High Dividend USD AC 1.85% 1,512,901.130 22.51 26.54 26.72 AM2 1.85% 9,788,479.082 7.95 9.74 10.21 AM2 HKD 1.85% 24,638,288.103 1.02 1.25 1.31 AM3O RMB 1.88% 527,198.175 1.06 1.37 1.54 AS 1.85% 1,190,988.591 16.29 19.47 20.03 BS GBP 1.10% 1,691.252 16.22 19.36 19.92 EC 2.35% 41,651.320 21.17 25.08 25.38 IC 1.00% 266,240.976 21.78 25.46 25.41 IC EUR 1.00% 244,008.222 17.15 20.05 20.01 S9S 0.65% 62,668.563 10.01 11.93 12.29 XC 0.87% 4,303,833.709 8.29 9.68 - ZS 0.19% 850,307.584 16.82 20.03 20.54 Total Net Assets 218,509,024 323,548,527 374,616,976 * Swung Net Asset Value per Share (see Note 18) All Net Asset Values per share are disclosed in sub-fund currency. 34


  • Page 37

    Key Figures as at 31 March 2020 Total Expense Ratio (TER) / Synthetic TER 31 March 2020 Shares Outstanding Net Asset Value per Share* Sub-fund (see Note 20) 31 March 2020 31 March 2020 31 March 2019 31 March 2018 BRIC Equity USD AC 1.85% 1,755,836.959 20.65 27.55 27.41 AC GBP 1.85% 5,735.877 15.20 20.28 20.18 AC HKD 1.85% 1,134,855.586 0.99 1.32 1.31 AD 1.85% 39,265.444 18.52 25.07 25.33 AD GBP 1.85% 2,424.766 18.81 25.47 25.76 BC GBP 1.10% 38,874.739 18.14 24.02 23.72 BD GBP 1.10% 5,794.024 15.27 20.66 20.89 EC 2.35% 36,321.080 19.31 25.90 25.89 IC 1.00% 20,930.350 22.54 29.82 29.41 IC EUR 1.00% 133,816.477 12.73 16.84 16.62 J1C 0.85% 3,073,200.684 17.12 22.61 22.27 L1C 0.73% 55.000 22.94 30.27 29.78 M1C 1.35% 106,720.848 22.88 30.38 30.07 M2C 1.35% 3,934,432.463 22.00 29.21 28.91 M2D 1.35% 1,466,699.111 18.91 25.58 25.87 Total Net Assets 211,259,945 329,564,532 388,407,588 BRIC Markets Equity USD AC 1.85% 2,850,536.275 14.15 18.87 18.81 AD 1.85% 1,236,635.256 12.74 17.24 17.47 BD 1.10% 26,971.774 10.41 14.08 14.27 EC 2.35% 405,034.129 13.21 17.70 17.73 ED 2.35% 811.919 12.42 16.82 17.05 IC 1.00% 34,655.687 15.87 20.98 20.73 J1C 0.85% 2,107,249.672 16.24 21.44 21.15 Total Net Assets 96,498,150 161,390,675 181,327,582 China Consumer Opportunities USD AC 1.90% 1,334,098.689 15.70 17.96 18.15 AC HKD 1.90% 3,750,665.639 2.01 2.30 2.33 AD 1.90% 12,002.794 10.78 12.38 12.54 EC 2.40% 9,217.511 10.24 11.77 11.95 IC EUR 1.05% 51,641.178 13.96 15.83 15.86 S5C 0.70% 41,946.810 10.94 12.37 12.35 Total Net Assets 29,907,640 41,689,937 58,143,078 Emerging Wealth USD AC 1.90% 1,063,157.490 10.20 11.63 11.72 AD 1.90% 178,430.153 9.76 11.19 11.31 Total Net Assets 12,580,639 14,973,571 14,735,663 Euroland Equity EUR AC 1.85% 1,787,562.235 30.62 39.83 42.63 ACH USD** - - - 10.68 10.15 AD 1.85% 539,026.384 26.33 34.82 37.61 ADH USD 1.88% 326,736.093 7.13 8.95 8.59 BC 1.10% 727,942.760 7.31 9.43 - BD 1.10% 1,599.654 7.33 9.47 - EC 2.35% 63,704.525 28.64 37.45 40.29 ED 2.35% 1,424.238 26.04 34.44 37.20 IC 1.00% 1,614,454.843 34.29 44.23 46.94 ID 1.00% 827,653.769 30.96 40.95 44.24 XC 0.71% 11,117,074.559 9.52 12.24 12.95 XD** - - - 9.36 9.91 ZC 0.10% 1,688,193.927 40.34 51.56 54.26 ZD 0.11% 448,180.997 29.14 38.52 41.59 Total Net Assets 346,358,474 576,983,269 838,256,710 * Swung Net Asset Value per Share (see Note 18) ** The share classes are dormant as at 31 March 2020. All Net Asset Values per share are disclosed in sub-fund currency. 35


  • Page 38

    Key Figures as at 31 March 2020 Total Expense Ratio (TER) / Synthetic TER 31 March 2020 Shares Outstanding Net Asset Value per Share* Sub-fund (see Note 20) 31 March 2020 31 March 2020 31 March 2019 31 March 2018 Euroland Equity Smaller Companies EUR AC 1.85% 1,318,652.173 57.55 73.19 81.60 ACH USD 1.88% 12,678.386 8.90 10.77 10.65 AD 1.85% 77,563.788 54.72 69.82 78.01 BC 1.10% 2,706,201.039 8.58 10.83 11.99 EC 2.35% 9,450.042 53.90 68.89 77.19 IC 1.00% 272,186.406 64.65 81.52 90.12 ID 1.00% 1,365,090.350 10.59 13.51 15.09 XC 0.84% 791,657.677 11.19 14.08 15.53 ZC 0.11% 1,115,286.385 75.62 94.50 103.58 Total Net Assets 229,233,925 335,589,426 520,685,613 Euroland Growth EUR AC 1.85% 203,053.349 15.32 16.86 16.96 EC 2.35% 6,634.065 12.65 13.99 14.14 IC 1.00% 2,074,299.156 16.73 18.26 18.21 M1C 1.60% 5,601.743 15.70 17.24 17.30 M1D 1.60% 125,099.206 13.39 14.83 14.98 ZC 0.13% 10,769,485.383 12.68 13.72 13.57 Total Net Assets 176,229,620 187,067,443 180,742,373 European Equity EUR AC 1.85% 257,145.877 35.01 44.75 47.38 AD 1.85% 58,535.692 29.07 37.92 40.98 EC 2.35% 3,473.051 31.55 40.53 43.13 ED 2.35% 84,316.644 28.59 37.29 40.30 IC 1.00% 10,028.485 38.82 49.19 51.64 ID 1.00% 26,513.027 6.69 8.73 9.44 PC** - - - - 51.10 PD 1.35% 839,611.655 28.76 37.52 40.55 ZC 0.19% 196,938.000 7.24 9.11 - ZD 0.19% 240,411.414 29.66 38.69 41.80 Total Net Assets 46,495,957 66,984,286 82,949,041 Frontier Markets USD AC 2.25% 221,407.019 74.97 101.05 116.14 AC EUR 2.25% 299,442.272 14.24 19.19 22.05 AD 2.25% 16,015.415 71.16 96.43 110.84 AD EUR 2.25% 3,755.000 10.41 14.12 16.23 BC 1.75% 7,622.347 8.56 11.48 13.13 BC EUR** - - - - - BC GBP 1.75% 7,248.871 15.23 20.43 23.36 EC 2.75% 106,655.045 9.87 13.38 15.45 EC EUR 2.75% 53,135.177 11.17 15.13 17.47 IC 1.65% 89,424.643 111.59 149.49 170.79 IC EUR 1.65% 170,386.859 13.72 18.38 21.00 IC GBP 1.65% 6,559.765 16.96 22.72 25.96 ID 1.65% 397,701.249 99.92 135.36 155.65 ID GBP** - - - 16.98 19.53 XC 1.30% 1,850,908.851 8.87 11.84 13.48 XC GBP 1.30% 821,191.974 14.19 18.94 21.56 XD 1.30% 4,396,385.780 8.44 11.43 13.14 ZC 0.35% 673,034.032 6.04 7.98 8.92 ZD 0.33% 859,600.652 12.77 17.28 19.88 Total Net Assets 156,239,004 272,023,112 465,884,258 * Swung Net Asset Value per Share (see Note 18) ** The share classes are dormant as at 31 March 2020. All Net Asset Values per share are disclosed in sub-fund currency. 36


  • Page 39

    Key Figures as at 31 March 2020 Total Expense Ratio (TER) / Synthetic TER 31 March 2020 Shares Outstanding Net Asset Value per Share* Sub-fund (see Note 20) 31 March 2020 31 March 2020 31 March 2019 31 March 2018 GEM Equity Volatility Focused USD AC 1.90% 500.000 9.38 12.02 13.05 AD 1.90% 516.497 9.08 11.80 12.93 BC 1.15% 500.000 9.71 12.35 13.31 EC 2.40% 1,155.548 9.16 11.80 12.88 ZC 0.30% 689,472.000 9.90 12.49 13.35 Total Net Assets 6,850,027 11,359,645 13,371,688 Global Emerging Markets Equity USD AC 1.90% 7,997,631.142 14.61 17.24 19.10 AC EUR 1.90% 19,133.474 13.84 16.33 18.10 AC GBP 1.90% 10,716.206 14.69 17.33 19.20 AD 1.90% 1,142,275.809 13.18 15.69 17.53 AD GBP 1.90% 1,239.224 13.77 16.40 18.31 BC 1.15% 1,048,830.487 8.44 9.88 - BC GBP 1.15% 20,234.918 17.77 20.81 22.88 BD GBP 1.15% 10,889.163 14.09 16.78 18.74 EC 2.40% 187,165.753 13.20 15.66 17.43 ED 2.40% 3,724.820 12.63 15.03 16.79 IC 1.05% 321,712.180 16.24 18.99 20.86 PC 1.40% 2,257,323.833 10.40 12.20 13.45 PD 1.40% 117,716.137 9.07 10.80 12.06 S1D 0.85% 164,255.570 6.52 7.76 8.67 XC 0.90% 137,359.000 9.79 11.44 12.55 ZC 0.28% 9,487.000 9.64 11.19 12.20 ZD 0.19% 771,517.957 13.46 16.03 17.89 Total Net Assets 186,883,435 195,323,365 201,433,625 Global Equity (closed as at 8 August 2018) USD AC - - - - 13.36 AD - - - - 13.32 BC - - - - 13.58 EC - - - - 13.21 XC - - - - 13.67 ZC - - - - 13.83 Total Net Assets - - 13,832,985 Global Equity Climate Change USD AC 1.85% 703,829.554 8.61 9.15 9.21 AD 1.85% 696,694.809 8.28 8.81 8.88 EC 2.35% 65,556.340 8.10 8.65 8.75 ZQ1 0.25% 1,336,276.628 9.95 10.57 - Total Net Assets 25,655,677 14,941,703 17,406,175 Global Equity Dividend USD AC I 1.85% I 8,841.581 I 10.34 I 11.45 I 11.50 I AC EUR 1.85% 20,329.985 10.82 11.97 - AM2 1.85% 729,935.704 8.90 10.16 10.56 AM2 HKD 1.85% 5,544,525.797 1.15 1.31 1.36 AQ2 1.85% 578.356 8.86 10.12 10.52 EQ2 2.35% 1,058.818 8.65 9.93 10.38 XC 0.80% 500.000 10.86 11.90 11.83 ZBFIX8.5 JPY 0.25% 21,049.063 71.48 - - ZM2 0.25% 2,287,011.089 8.63 9.69 - ZQ1** - - - - 11.20 Total Net Assets 34,427,623 31,758,470 26,361,209 * Swung Net Asset Value per Share (see Note 18) ** The share classes are dormant as at 31 March 2020. All Net Asset Values per share are disclosed in sub-fund currency. 37


  • Page 40

    Key Figures as at 31 March 2020 Total Expense Ratio (TER) / Synthetic TER 31 March 2020 Shares Outstanding Net Asset Value per Share* Sub-fund (see Note 20) 31 March 2020 31 March 2020 31 March 2019 31 March 2018 Global Equity Volatility Focused USD AC 1.85% 85,989.922 10.23 11.73 11.53 AC EUR 1.85% 1,359,167.616 11.53 13.23 13.00 ACO AUD 1.87% 33,089.417 6.00 8.19 8.78 ACO EUR 1.88% 86,974.799 9.88 11.96 13.31 ACO SGD 1.88% 450,770.905 7.00 8.54 8.76 AM2 1.85% 6,982,634.427 8.67 10.24 10.41 AM2 HKD 1.85% 19,471,166.029 1.12 1.32 1.34 AM3O AUD 1.87% 2,146,367.837 5.11 7.11 7.84 AM3O CAD 1.88% 778,745.411 5.87 7.46 7.89 AM3O EUR 1.88% 227,183.563 9.25 11.23 12.55 AM3O RMB 1.88% 5,607,218.062 1.20 1.51 1.64 AM3O SGD 1.88% 193,237.599 5.98 7.47 7.86 BC 1.10% 22,534.223 10.73 12.21 11.92 BC GBP 1.10% 11,848.341 15.40 17.53 17.10 EC 2.35% 2,492.521 9.75 11.24 11.10 ECO EUR 2.38% 106.617 10.06 11.62 13.00 ZCO SGD** - - - - 9.24 Total Net Assets 129,091,213 178,615,431 200,416,932 Global Lower Carbon Equity USD AC 1.15% 254,414.509 9.45 10.44 10.50 AC EUR 1.15% 1,651,952.684 10.74 11.86 11.92 AD 1.15% 740,065.943 9.34 10.41 10.50 AD HKD 1.15% 2,726,783.381 1.15 1.28 - BC GBP 0.75% 4,000.000 10.43 - - ID 0.65% 200,000.000 10.16 11.20 - XC 0.55% 500.000 9.60 10.53 10.53 ZC** - - - 10.58 10.54 ZQ1 0.25% 1,885,449.878 9.13 10.19 - Total Net Assets 49,466,240 37,675,891 31,930,591 Global Real Estate Equity USD AC 1.90% 237,378.254 8.38 11.26 9.92 AC EUR 1.90% 676,382.161 9.59 12.88 11.35 AD 1.90% 49,088.362 8.02 10.90 9.72 AM2 1.90% 113,061.085 7.50 10.45 9.60 AM3O SGD 1.93% 22,162.966 5.16 7.60 7.23 ID 1.00% 268,038.616 8.10 11.01 9.82 ZBFIX85 JPY 0.20% 1,085.250 64.34 - - ZC 0.10% 3,818,716.445 9.16 12.08 10.46 ZD 0.11% 16,895,259.489 8.19 11.11 9.90 ZM2 0.13% 237,751.047 8.08 11.07 - ZQ1 0.10% 84,089,875.417 8.27 11.24 10.03 Total Net Assets 883,092,894 1,180,354,568 1,117,775,623 Latin American Equity (closed as at 4 June 2019) USD AC - - - 13.89 14.65 AC GBP - - - 12.66 13.35 AD - - - 13.05 13.94 AD GBP - - - 10.76 11.50 AD HKD - - - 0.81 0.87 BC - - - 8.66 9.07 BC GBP - - - 14.94 15.64 BD GBP - - - 18.42 19.86 EC - - - 13.28 14.07 IC - - - 15.07 15.76 IC EUR - - - - 10.65 M1C - - - 14.59 15.31 M1D - - - 13.06 13.97 Total Net Assets - 17,444,524 26,854,397 * Swung Net Asset Value per Share (see Note 18) ** The share classes are dormant as at 31 March 2020. All Net Asset Values per share are disclosed in sub-fund currency. 38


  • Page 41

    Key Figures as at 31 March 2020 Total Expense Ratio (TER) / Synthetic TER 31 March 2020 Shares Outstanding Net Asset Value per Share* Sub-fund (see Note 20) 31 March 2020 31 March 2020 31 March 2019 31 March 2018 Brazil Equity USD AC 2.15% 7,309,192.810 12.80 22.47 23.39 AC EUR 2.15% 27,212.977 4.74 8.31 8.65 AC GBP 2.15% 38,533.688 6.37 11.17 11.63 AD 2.15% 5,345,652.800 11.46 20.44 21.61 AD GBP 2.15% 3,617.339 5.60 9.99 10.56 AD HKD 2.15% 2,052,463.702 0.37 0.66 0.70 BC 1.28% 202,772.215 4.97 8.64 8.91 BC GBP 1.28% 114,997.412 7.27 12.64 13.04 BD 1.28% 24,119.894 5.19 9.25 9.80 BD GBP 1.28% 3,154.677 6.34 11.30 11.96 EC 2.65% 204,364.946 11.93 21.04 22.01 ED 2.65% 1,196.382 11.27 20.13 21.26 IC 1.18% 176,791.211 14.69 25.52 26.31 ID 1.18% 3,492.000 11.79 21.00 22.24 S3D 0.85% 128,623.704 12.11 21.55 22.84 XC 0.90% 500.000 5.50 9.52 - ZC 0.22% 836,379.711 17.09 29.40 30.03 Total Net Assets 178,914,008 356,933,820 413,117,730 China A-Shares Equity (launched as at 16 September 2019) USD AC 1.91% 100.000 9.71 - - BC 1.10% 100.000 9.74 - - BD 1.15% 176,325.000 8.93 - - S34D 0.69% 257,867.459 9.77 - - XC 0.96% 100.000 9.75 - - XC EUR 0.90% 100.000 10.73 - - ZC 0.25% 2,364,441.846 9.79 - - Total Net Assets 27,303,959 - - Chinese Equity USD AC 1.90% 1,253,256.216 106.10 112.49 123.00 AC EUR 1.90% 50,821.800 19.07 20.22 22.11 AC GBP 1.90% 16,348.696 24.96 26.47 28.94 AD 1.90% 7,258,990.540 97.90 104.13 113.90 AD GBP 1.90% 906.891 23.83 25.34 27.72 AD HKD 1.90% 8,601,084.599 1.56 1.66 1.81 BC 1.15% 225,420.073 14.24 14.98 16.26 BC GBP 1.15% 32,343.398 24.37 25.65 27.83 BD 1.15% 408,384.662 12.89 13.71 14.99 BD GBP 1.15% 7,859.855 22.54 23.98 26.22 EC 2.40% 57,566.933 98.40 104.86 115.24 ED 2.40% 250.216 96.32 102.64 112.80 IC 1.05% 194,960.023 120.20 126.36 137.00 ID 1.05% 2,815.135 101.11 107.53 117.59 XC 0.82% 2,673,650.000 11.31 11.86 12.83 XD** - - - 8.80 - ZC 0.15% 28,208.496 105.71 110.12 118.40 ZD 0.13% 392,367.736 102.35 108.83 118.82 Total Net Assets 970,626,515 1,284,947,554 1,633,081,397 Hong Kong Equity USD AC 1.85% 4,498.716 134.92 157.47 166.91 AD 1.85% 109,041.099 113.06 133.46 143.50 AD HKD 1.85% 498,491.324 1.30 1.54 1.66 BD GBP 1.10% 394.300 15.98 18.86 20.28 EC 2.35% 2,643.278 126.50 148.39 158.08 IC 1.00% 830.213 150.30 173.92 182.79 PD 1.35% 606,959.915 111.66 131.79 141.70 ZD 0.19% 185,930.290 118.59 139.95 150.40 Total Net Assets 103,875,487 134,358,287 178,149,887 * Swung Net Asset Value per Share (see Note 18) ** The share classes are dormant as at 31 March 2020. All Net Asset Values per share are disclosed in sub-fund currency. 39


  • Page 42

    Key Figures as at 31 March 2020 Total Expense Ratio (TER) / Synthetic TER 31 March 2020 Shares Outstanding Net Asset Value per Share* Sub-fund (see Note 20) 31 March 2020 31 March 2020 31 March 2019 31 March 2018 Indian Equity USD AC 1.90% 1,308,729.679 119.58 191.60 191.75 AC CHF 1.90% 31,107.537 7.94 12.72 12.73 AC EUR 1.90% 20,035.792 11.46 18.35 18.37 AC GBP 1.90% 34,988.345 13.35 21.39 21.40 AD 1.90% 4,026,606.209 117.93 188.96 189.11 AD EUR 1.90% 57,862.001 9.99 16.00 16.01 AD GBP 1.90% 2,237.782 13.17 21.10 21.12 AD HKD 1.90% 3,188,659.614 0.85 1.37 1.37 BC 1.15% 451,333.283 10.26 16.31 16.20 BC GBP 1.15% 85,760.630 13.84 22.01 21.86 BD 1.15% 436,353.966 10.05 15.99 15.89 BD GBP 1.15% 13,162.325 13.46 21.43 21.28 EC 2.40% 38,268.086 109.86 176.91 177.94 ED 2.40% 119.000 109.07 175.63 176.66 IC 1.05% 103,844.088 138.27 219.65 217.95 IC EUR 1.05% 125,645.141 8.93 14.19 14.07 ID 1.05% 28,563.459 129.97 206.84 205.25 WC GBP** - - - - 20.77 XD 0.86% 12,730,000.000 6.76 10.75 10.65 ZC 0.25% 651,902.000 6.72 10.59 10.42 ZD 0.17% 116,092.126 130.67 207.75 205.28 Total Net Assets 775,004,871 1,451,539,761 1,684,786,145 Mexico Equity USD AC 2.15% 729,803.205 4.58 6.97 7.82 EC 2.65% 15,026.212 4.73 7.24 8.16 IC 1.18% 21,601.000 5.12 7.72 8.58 IC EUR 1.18% 922,465.218 6.12 9.23 10.25 JC 0.90% 3,096,049.570 5.00 7.52 8.33 ZC** - - - - 10.01 Total Net Assets 24,648,747 51,476,099 92,198,456 Russia Equity USD AC 2.15% 2,002,210.831 5.57 6.53 6.76 AC EUR 2.15% 70,446.148 9.96 11.68 12.10 AC GBP 2.15% 12,077.663 12.70 14.88 15.41 AD 2.15% 17,413,985.539 4.85 5.87 6.25 AD GBP 2.15% 56,270.712 11.69 14.15 15.08 AD HKD 2.15% 8,152,976.904 0.71 0.86 0.92 BC 1.28% 356,660.935 9.33 10.84 11.13 BC GBP 1.28% 41,006.910 23.03 26.75 27.47 EC 2.65% 397,693.793 5.25 6.18 6.43 IC 1.18% 443,831.965 6.27 7.28 7.47 ZC 0.30% 704,062.000 12.03 13.84 14.00 Total Net Assets 120,529,016 182,742,997 269,451,150 Thai Equity USD AC 1.85% 143,027.253 14.80 22.46 23.38 AD 1.85% 2,217,528.112 11.99 18.30 19.15 EC 2.35% 97,427.344 13.85 21.12 22.09 IC 1.00% 24,419.916 16.71 25.14 25.94 Total Net Assets 30,467,053 60,338,452 102,051,243 * Swung Net Asset Value per Share (see Note 18) ** The share classes are dormant as at 31 March 2020. All Net Asset Values per share are disclosed in sub-fund currency. 40


  • Page 43

    Key Figures as at 31 March 2020 Total Expense Ratio (TER) / Synthetic TER 31 March 2020 Shares Outstanding Net Asset Value per Share* Sub-fund (see Note 20) 31 March 2020 31 March 2020 31 March 2019 31 March 2018 Turkey Equity EUR AC 2.15% 1,052,849.373 15.47 16.90 24.82 AC GBP 2.15% 29,944.015 9.79 10.70 15.72 AD 2.15% 672,388.060 11.11 12.30 18.42 AD GBP 2.15% 2,492.245 9.41 10.41 15.60 BC 1.28% 26,857.764 6.96 7.53 10.97 BC GBP 1.28% 64,921.435 7.56 8.18 11.92 BD 1.28% 1,837.001 6.41 7.10 10.66 BD GBP 1.28% 2,448.420 8.54 9.46 14.20 EC 2.65% 312,157.347 14.52 15.94 23.53 IC 1.18% 362,496.950 17.36 18.77 27.31 J1C** - - - - 15.87 ZC** - - - - 10.16 Total Net Assets 35,609,087 53,981,621 57,172,638 UK Equity GBP AC 1.81% 159,949.762 30.76 40.75 39.37 AD 1.81% 401,471.978 23.02 31.33 30.92 BC 1.06% 5,683.446 11.23 14.77 14.16 BD 1.06% 15,452.173 9.60 13.06 12.89 EC 2.31% 602.911 29.11 38.76 37.64 ID 1.00% 887.400 26.36 35.88 35.41 ZC 0.25% 177,017.993 7.87 10.26 9.76 Total Net Assets 15,928,015 19,583,303 23,542,323 Asia Bond USD AC 1.45% 127,506.375 10.80 10.72 10.22 AM3H SGD 1.47% 1,094.197 6.84 7.43 - BC 0.90% 500.000 11.02 10.88 10.31 IC 0.80% 1,215,965.668 11.06 10.90 10.33 ICH EUR 0.82% 496,985.941 11.35 11.80 - IDH EUR 0.82% 596,300.000 10.56 11.37 12.22 XC 0.66% 1,680,605.532 11.11 10.94 10.35 XDH EUR 0.72% 1,505,100.000 10.35 - - ZC** - - - - 10.43 ZDH EUR 0.18% 5,162,078.975 11.01 11.65 - ZQ1 0.25% 1,033,802.726 9.55 9.79 9.64 ZQ1H GBP 0.26% 423,019.182 11.54 - - Total Net Assets 134,928,402 93,644,651 85,053,246 Asian Currencies Bond USD AC 1.60% 67,066.448 10.27 10.33 10.53 AC EUR 1.60% 43,669.304 13.75 13.83 14.09 AD 1.60% 139,720.001 8.26 8.83 9.38 EC 1.90% 6,682.109 9.69 9.78 9.99 ID 0.86% 200.000 8.38 8.95 9.51 ID EUR 0.88% 2,257,800.000 11.63 12.44 13.21 ZD 0.25% 1,220,744.351 9.06 9.68 10.28 Total Net Assets 40,011,960 38,415,445 42,545,835 * Swung Net Asset Value per Share (see Note 18) ** The share classes are dormant as at 31 March 2020. All Net Asset Values per share are disclosed in sub-fund currency. 41


  • Page 44

    Key Figures as at 31 March 2020 Total Expense Ratio (TER) / Synthetic TER 31 March 2020 Shares Outstanding Net Asset Value per Share* Sub-fund (see Note 20) 31 March 2020 31 March 2020 31 March 2019 31 March 2018 Asia High Yield Bond (launched as at 27 November 2019) USD AC 1.54% 100.000 9.13 - - AM 1.54% 100.995 9.01 - - AM3H SGD 1.55% 135.654 6.29 - - BC 1.03% 100.000 9.14 - - IC 0.88% 100,000.000 9.15 - - XC 0.80% 100,000.000 9.15 - - ZC 0.25% 9,600.000 9.17 - - ZQ1 0.25% 7,071,141.957 8.92 - - ZQ1H AUD 0.27% 38,493.223 5.39 - - ZQ1H CHF 0.27% 404,622.318 9.13 - - ZQ1H EUR 0.27% 1,968,041.062 9.73 - - ZQ1H GBP 0.27% 5,546,772.733 10.98 - - ZQ1H SGD 0.27% 97,770.010 6.21 - - Total Net Assets 149,524,687 - - Brazil Bond USD AC 1.35% 844,412.876 16.77 20.27 21.68 AD 1.35% 352,841.949 6.60 8.57 10.04 BC 0.85% 5,424.913 9.27 11.14 - BD GBP 0.85% 473.701 8.84 11.48 13.36 EC 1.65% 73,376.660 16.11 19.53 20.95 ED 1.65% 11,838.064 8.01 10.41 12.19 IC 0.75% 1,042,913.550 18.02 21.65 23.02 ZC 0.25% 62,312.000 9.58 11.22 12.12 ZD 0.25% 7,211.758 7.08 9.19 10.76 Total Net Assets 37,263,956 92,330,332 163,808,665 Euro Bond EUR AC 1.00% 445,416.159 27.86 27.72 27.29 AD 1.00% 168,700.102 20.32 20.32 20.10 EC 1.30% 64,018.827 26.78 26.73 26.39 IC 0.53% 59,856.043 30.21 29.91 29.30 ID 0.53% 493,909.058 10.45 10.44 10.33 S18C 0.30% 3,679,917.891 10.69 10.56 10.32 XCH JPY 0.45% 399,673.166 80.62 - - ZC 0.13% 4,666,155.268 12.05 11.88 11.60 Total Net Assets 152,286,894 142,867,335 140,262,717 Euro Credit Bond EUR AC I 1.10% I 1,389,951.614 I 26.10 I 27.04 I 26.76 I AD 1.10% 151,988.615 17.06 17.74 17.61 BC 0.68% 6,563,581.738 9.75 10.06 9.91 BD 0.67% 546.000 10.35 10.76 10.68 EC 1.40% 46,904.331 25.10 26.08 25.89 IC 0.63% 2,847,417.165 28.58 29.47 29.02 ID 0.63% 2,858,338.925 10.35 10.76 10.69 S19C 0.40% 5,253,206.772 10.36 10.66 10.48 XC 0.48% 1,692,204.222 10.96 11.25 11.00 XCH JPY 0.47% 148,333.676 99.35 97.36 90.87 XD 0.45% 3,058,283.332 9.80 10.19 10.12 ZC 0.11% 6,402,842.490 10.83 11.11 10.89 ZD** - - - 10.44 10.36 Total Net Assets 402,096,656 538,246,076 888,404,875 * Swung Net Asset Value per Share (see Note 18) ** The share classes are dormant as at 31 March 2020. All Net Asset Values per share are disclosed in sub-fund currency. 42


  • Page 45

    Key Figures as at 31 March 2020 Total Expense Ratio (TER) / Synthetic TER 31 March 2020 Shares Outstanding Net Asset Value per Share* Sub-fund (see Note 20) 31 March 2020 31 March 2020 31 March 2019 31 March 2018 Euro Credit Bond Total Return EUR AC 1.15% 83,541.396 10.73 11.13 11.14 AD 1.14% 1,437.764 9.78 10.24 10.31 BC 0.70% 453.787 9.85 10.18 - EC 1.45% 16,404.580 10.52 10.96 11.00 IC 0.65% 1,719,565.554 11.07 11.43 11.38 ID 0.65% 301,791.815 10.03 10.49 10.57 S10C 0.32% 6,166,184.714 10.82 11.14 11.05 XC 0.51% 0.015 11.32 11.44 11.38 ZC 0.11% 10,395,908.948 11.40 11.72 11.61 Total Net Assets 208,391,406 212,526,969 353,111,025 Euro High Yield Bond EUR AC 1.35% 2,424,128.593 40.30 42.53 42.03 ACH CAD 1.38% 11,000.000 6.81 7.34 6.73 ACH USD 1.38% 17,263.703 10.67 10.71 9.40 AD 1.35% 1,862,467.153 20.89 22.58 22.85 AM2 1.35% 123,887.120 9.89 10.57 10.67 BC 0.80% 852,015.989 11.93 12.52 12.30 BCH GBP 0.82% 3,500.000 12.80 13.67 13.04 BD 0.80% 11,855.179 9.86 10.65 10.79 EC 1.65% 102,708.539 38.72 40.98 40.62 ED 1.65% 10,926.677 24.66 26.66 26.98 IC 0.75% 5,055,802.498 44.97 47.17 46.34 ICH CHF 0.77% 66,890.000 9.91 9.92 9.30 ICH GBP 0.77% 62,378.064 12.70 13.55 12.95 ICH USD 0.78% 242,504.550 10.83 10.80 9.43 ID 0.75% 3,112,960.573 33.16 35.83 36.27 IDH USD** - - - 9.33 - S8C 0.50% 21,745,977.345 10.65 11.14 10.92 S8D 0.50% 50,100,245.196 10.45 11.29 11.43 XC 0.60% 3,465,745.466 45.76 47.93 47.01 XCH GBP 0.66% 76,076.000 10.35 - - XCH USD 0.67% 9,813,456.628 8.44 - - XD 0.59% 8,630,000.000 9.56 10.23 - XDH USD 0.65% 438,516.786 8.44 - - ZC 0.10% 2,154,579.689 48.55 50.59 49.40 ZQ1H JPY** - - - - 83.65 Total Net Assets 1,675,445,445 1,793,457,833 1,539,174,678 * Swung Net Asset Value per Share (see Note 18) ** The share classes are dormant as at 31 March 2020. All Net Asset Values per share are disclosed in sub-fund currency. 43


  • Page 46

    Key Figures as at 31 March 2020 Total Expense Ratio (TER) / Synthetic TER 31 March 2020 Shares Outstanding Net Asset Value per Share* Sub-fund (see Note 20) 31 March 2020 31 March 2020 31 March 2019 31 March 2018 GEM Debt Total Return USD ADH EUR** - - - 11.67 - BC** - - - - - BCH EUR 1.18% 16,904.936 9.70 11.20 - BDH EUR 1.18% 6,933.248 9.09 10.78 12.29 L1C 0.75% 535,818.570 14.61 15.92 15.91 L1C EUR 0.75% 439,550.002 12.55 13.67 13.67 L1CH CHF 0.77% 231,945.000 8.82 9.65 10.38 L1CH EUR 0.77% 15,343,039.622 9.88 11.37 12.85 L1CH JPY** - - - - 9.38 L1D 0.75% 4,835,831.971 11.23 12.62 12.97 L1DH EUR 0.77% 16,805,499.751 7.93 9.42 10.94 L1Q3H JPY** - - - 83.12 91.68 M1C 1.35% 1,704,366.598 13.97 15.31 15.40 M1C EUR 1.35% 244,723.590 12.76 13.99 14.07 M1CH CHF** - - - - 10.49 M1CH EUR 1.38% 680,759.696 9.59 11.09 12.61 M1D 1.35% 203,552.408 10.98 12.34 12.68 M1D EUR 1.35% 106,343.937 10.95 12.31 12.64 M1DH EUR 1.38% 94,757.460 9.11 10.82 12.56 N1C 0.85% 61,993.116 9.42 10.27 10.28 N1CH CHF** - - - - 10.30 N1CH EUR 0.87% 16,081.315 9.19 10.58 11.96 N1DH EUR 0.87% 24,420.000 9.08 10.78 12.52 N1DH GBP** - - - - 14.42 R1CH EUR 1.87% 1,452.643 9.01 10.47 11.96 R1DH EUR 1.87% 369.397 8.46 10.04 11.66 S21DH EUR 0.62% 3,056,283.761 8.52 10.12 11.75 S4C 1.00% 1,010,661.354 9.64 10.53 10.55 XDH EUR 0.88% 11,062,333.540 8.57 10.18 11.81 XM** - - - 9.55 9.86 ZC** - - - - 10.67 ZD** - - - - 14.43 ZDH EUR 0.12% 7,716,784.504 9.11 10.82 12.56 Total Net Assets 594,434,578 1,461,671,818 2,756,266,678 GEM Inflation Linked Bond (closed as at 9 January 2020) USD AC - - - 96.95 105.11 AC EUR - - - 9.70 10.51 AC GBP - - - 9.70 10.51 BC EUR - - - - 13.58 EC - - - 9.53 10.36 IC - - - 101.17 109.08 IC EUR - - - 10.12 10.91 Total Net Assets - 13,470,865 17,901,451 * Swung Net Asset Value per Share (see Note 18) ** The share classes are dormant as at 31 March 2020. All Net Asset Values per share are disclosed in sub-fund currency. 44


  • Page 47

    Key Figures as at 31 March 2020 Total Expense Ratio (TER) / Synthetic TER 31 March 2020 Shares Outstanding Net Asset Value per Share* Sub-fund (see Note 20) 31 March 2020 31 March 2020 31 March 2019 31 March 2018 Global Investment Grade Securitised Credit Bond USD AC 1.15% 4,921.601 9.67 10.18 - ACH EUR 1.16% 85.531 10.10 11.18 - ACH SGD 1.24% 136.893 6.67 7.44 - AD** - - - 10.16 - ADH EUR 1.14% 88.327 10.04 11.22 - AM2 1.15% 901,857.807 9.16 9.92 - AM2 HKD 1.27% 824.134 1.17 1.27 - AM3H AUD 1.17% 84,645.167 5.87 7.38 - AM3H RMB 1.18% 921,457.202 1.30 1.48 - AM3H SGD 1.18% 14,708.329 6.50 7.40 - BC** - - - 10.19 - BCH EUR 0.75% 85.531 10.16 11.21 - BCH GBP 0.73% 2,965.486 11.72 13.11 - BD** - - - 10.19 - BDH EUR 0.74% 88.461 10.08 11.24 - BDH GBP 0.73% 77.016 11.58 13.11 - BQ1H GBP 0.73% 1,309.064 11.39 - - IC 0.69% 100.000 9.73 10.19 - XCH GBP 0.57% 5,015,740.046 11.72 13.10 - XCH JPY 0.57% 302,912.725 85.60 89.78 93.85 ZBFIX85H JPY 0.22% 2,713.125 84.80 - - ZC 0.10% 2,305,530.123 141.40 147.21 143.15 ZM1H JPY 0.13% 478,624.960 81.69 87.78 - ZQ1 0.09% 21,112,647.810 9.30 9.97 - ZQ1H AUD 0.22% 51,105.676 5.65 - - ZQ1H CHF 0.14% 377,853.846 9.36 - - ZQ1H GBP 0.12% 20,694,577.003 11.22 12.86 - ZQ1H SGD 0.14% 151,493.804 6.48 - - ZQ2H EUR 0.12% 3,936,426.967 9.86 11.11 - Total Net Assets 932,447,372 542,875,418 365,881,927 Global Securitised Credit Bond USD AC 1.56% 100.000 8.72 10.19 - IC 0.85% 34,203.000 8.82 10.24 - ICH EUR 0.88% 3,190.519 9.20 - - XCH GBP 0.77% 2,607,305.466 10.41 - - XCH JPY 0.78% 149,808.000 76.87 90.50 - XD 0.75% 1,100,000.000 8.32 - - ZQ1 0.20% 3,916,206.519 8.17 9.88 10.00 Total Net Assets 82,860,837 35,455,993 20,602,179 Global High Yield Securitised Credit Bond USD AC 1.76% 100.000 8.35 10.14 - IC 0.95% 100.000 8.50 10.24 - XC 0.82% 5,032,021.000 9.73 11.71 11.34 XCH JPY 0.84% 74,888.775 73.63 90.93 93.72 ZC 0.12% 400,457.393 156.06 186.41 179.26 Total Net Assets 122,758,135 210,816,404 190,087,864 Global Bond USD AC I 1.00% I 83,888.083 I 18.42 I 17.61 I 17.95 I AD 1.00% 722,830.483 13.95 13.50 13.89 AM2 HKD 1.00% 610,801.447 1.30 1.26 1.32 EC 1.30% 19,266.782 13.84 13.28 13.57 IC 0.53% 635,519.353 19.59 18.65 18.91 ID** - - - - 10.23 PD 0.75% 159,945.585 11.39 11.02 11.34 WC GBP - 401,933.395 18.14 17.17 17.32 WD** - - - 185.91 191.33 ZC 0.15% 250,352.065 18.44 17.49 17.67 ZD 0.15% 901,558.268 14.38 13.92 14.32 Total Net Assets 51,910,320 45,613,898 258,629,719 * Swung Net Asset Value per Share (see Note 18) ** The share classes are dormant as at 31 March 2020. All Net Asset Values per share are disclosed in sub-fund currency. 45


  • Page 48

    Key Figures as at 31 March 2020 Total Expense Ratio (TER) / Synthetic TER 31 March 2020 Shares Outstanding Net Asset Value per Share* Sub-fund (see Note 20) 31 March 2020 31 March 2020 31 March 2019 31 March 2018 Global Bond (Hedged) (closed as at 14 March 2019) USD AC - - - - 9.98 XC - - - - 10.01 ZC - - - - 10.03 Total Net Assets - - 20,068,523 Global Bond Total Return USD AC 1.15% 4,498.008 11.02 10.42 10.16 IC 0.65% 500.000 11.30 10.63 10.32 WCH GBP 0.02% 344,421.673 13.45 13.44 - XC 0.54% 500.000 11.36 10.67 10.35 ZC 0.20% 1,998,500.000 11.56 10.82 10.46 Total Net Assets 27,801,732 26,249,589 20,918,757 Global Corporate Bond USD BC 0.63% 30,970.273 10.52 10.49 - BCH EUR 0.65% 26,031.237 10.92 11.49 - BQ1H GBP 0.65% 11,939.380 11.42 - - ICH EUR 0.60% 37,951.080 10.81 11.37 12.26 XD 0.44% 4,708,568.473 9.44 - - ZBFIX85H JPY 0.22% 9,042.594 84.55 - - ZC 0.12% 69,237.660 10.69 10.61 10.09 ZCH EUR 0.12% 12,036,591.153 11.10 11.62 12.47 ZD 0.09% 6,399,288.047 10.84 11.06 10.78 ZDH GBP 0.22% 3,055.597 12.44 13.62 14.55 ZM1H JPY 0.13% 124,137.202 87.18 89.41 - ZQ1 0.09% 115,013,180.294 10.51 10.73 10.51 ZQ1H AUD 0.16% 247,908.675 6.06 7.29 - ZQ1H CHF 0.18% 444,645.769 9.45 9.70 10.23 ZQ1H EUR 0.13% 10,559,802.279 10.12 10.90 12.07 ZQ1H GBP 0.12% 37,993,022.752 12.30 13.46 14.46 ZQ1H JPY 0.11% 1,784,665.846 88.14 90.42 94.90 ZQ1H SGD 0.12% 697,261.098 6.77 7.32 7.48 Total Net Assets 2,211,126,123 2,371,930,132 2,882,202,723 * Swung Net Asset Value per Share (see Note 18) All Net Asset Values per share are disclosed in sub-fund currency. 46


  • Page 49

    Key Figures as at 31 March 2020 Total Expense Ratio (TER) / Synthetic TER 31 March 2020 Shares Outstanding Net Asset Value per Share* Sub-fund (see Note 20) 31 March 2020 31 March 2020 31 March 2019 31 March 2018 Global Emerging Markets Bond USD AC 1.60% 866,360.075 32.69 37.42 37.13 AC EUR 1.60% 289,165.019 13.07 14.96 14.85 AC GBP 1.60% 6,179.691 17.83 20.41 20.25 AC HKD 1.60% 404,373.162 1.24 1.42 1.41 ACH CHF 1.62% 22,516.833 8.83 10.17 10.87 ACH EUR 1.62% 128,693.394 9.16 11.08 12.44 AD 1.60% 145,213.290 24.18 28.75 29.55 AD EUR** - - - - 13.02 AD GBP 1.60% 511.112 13.62 16.19 16.64 ADH EUR 1.63% 62,748.099 11.54 14.53 16.89 AM2 1.60% 5,675,098.626 18.16 22.19 23.58 AM2 HKD 1.60% 82,669,566.988 0.92 1.12 1.19 AM3H AUD 1.63% 4,820,972.435 3.95 5.65 6.50 AM3H EUR 1.63% 511,768.196 6.90 8.66 10.13 AM3H SGD 1.63% 1,750,178.340 4.52 5.82 6.41 BC 0.98% 49,648.014 10.01 11.38 11.22 BC GBP 0.98% 12,461.474 16.03 18.23 17.98 BCH EUR 1.00% 13,489.625 9.50 11.42 12.74 BD GBP 0.98% 30,623.489 12.46 14.81 15.23 BH EUR** - - - - - BQ1H GBP 1.00% 1,961.733 10.11 - - EC 1.90% 404,487.143 31.41 36.06 35.88 ECH EUR 1.93% 7,952.585 9.81 11.90 13.40 ED 1.90% 5,406.324 19.98 23.76 24.41 IC 0.75% 3,242,987.191 36.40 41.30 40.64 IC EUR 0.75% 929,802.538 15.33 17.39 17.11 ICH CHF 0.77% 13,542.400 9.01 10.28 10.89 ICH EUR 0.77% 2,233,280.032 17.08 20.48 22.80 ICH GBP** - - - - 15.38 ID 0.75% 1,970,420.229 17.40 20.68 21.26 ID EUR 0.75% 2,534,828.575 10.66 12.67 13.02 IDH EUR 0.78% 2,127,456.359 11.88 14.95 17.40 IM2 0.75% 2,308,541.566 7.67 9.29 9.79 PC 1.35% 752,987.641 33.46 38.20 37.81 PD 1.35% 822,730.984 15.82 18.80 19.33 S6C** - - - 11.58 11.39 XC 0.60% 1,989,821.928 36.89 41.80 41.06 XCH CHF** - - - 11.02 11.66 XCH EUR 0.62% 3,438,164.022 10.61 12.71 14.13 XD 0.67% 126,700.000 8.23 9.78 10.06 XDH EUR 0.61% 8,659,200.686 12.35 15.54 18.10 XMH GBP** - - - - 14.06 ZBFIX85H JPY 0.27% 1,220.906 75.44 - - ZC 0.10% 2,287,471.603 10.34 11.66 11.40 ZCH EUR 0.12% 7,650,314.133 9.51 11.33 12.54 ZD 0.09% 11,146,077.124 17.93 21.29 21.87 ZM1H JPY 0.17% 26,684.085 70.87 84.90 - ZQ1 0.09% 76,418,331.113 8.21 9.80 10.13 ZQ1H AUD 0.22% 75,009.834 5.19 7.32 - ZQ1H CHF 0.16% 513,522.296 7.56 9.08 10.13 ZQ1H EUR 0.14% 3,925,338.662 7.98 10.07 11.81 ZQ1H GBP 0.12% 31,136,264.744 9.68 12.44 14.14 ZQ1H JPY 0.12% 460,714.559 71.82 86.13 95.45 ZQ1H SGD 0.12% 229,843.853 5.40 6.85 7.40 Total Net Assets 2,089,394,931 3,905,557,990 4,168,290,944 * Swung Net Asset Value per Share (see Note 18) ** The share classes are dormant as at 31 March 2020. All Net Asset Values per share are disclosed in sub-fund currency. 47


  • Page 50

    Key Figures as at 31 March 2020 Total Expense Ratio (TER) / Synthetic TER 31 March 2020 Shares Outstanding Net Asset Value per Share* Sub-fund (see Note 20) 31 March 2020 31 March 2020 31 March 2019 31 March 2018 Global Emerging Markets Local Currency Rates USD AC 1.61% 500.000 8.21 9.06 10.07 BC GBP 0.98% 300.000 13.94 15.30 16.89 EC 1.90% 1,909.842 8.05 8.92 9.94 ECO EUR 1.93% 1,463.647 9.02 10.55 13.33 IC 0.88% 1,033,602.963 8.59 9.42 10.39 IC EUR 0.88% 350,758.819 11.08 12.15 13.40 XC** - - - 9.46 10.42 XD** - - - - 10.41 ZC 0.18% 2,897,462.052 8.71 9.48 10.39 ZC EUR 0.20% 2,527,453.337 10.28 11.19 12.26 ZCO EUR 0.22% 29,338.000 9.47 10.89 - ZD 0.18% 18,839,174.286 8.09 9.28 10.81 Total Net Assets 216,633,669 277,227,658 366,092,632 Global Emerging Markets Local Debt USD AC 1.60% 1,491,362.263 11.79 13.00 14.22 AC EUR 1.60% 321,528.611 10.68 11.77 12.88 AC GBP 1.60% 1,758.015 13.27 14.63 16.01 AD 1.60% 162,423.408 8.56 9.67 10.83 BC 0.98% 121,925.442 9.72 10.65 11.58 BC GBP 0.98% 11,697.627 13.89 15.21 16.54 BD GBP 0.98% 752.054 11.05 12.48 13.98 BQ1 0.96% 541.069 8.70 - - EC 1.90% 39,725.082 11.42 12.63 13.86 ECO EUR 1.93% 60,037.859 8.99 10.50 13.05 IC 0.88% 1,923,925.910 12.91 14.13 15.34 IC EUR 0.88% 4,479,858.387 11.18 12.24 13.29 ICO EUR 0.90% 1,716,436.940 8.04 9.29 11.43 ID 0.88% 773,893.619 8.86 10.00 11.20 ID EUR 0.88% 4,191,628.504 9.19 10.37 11.63 WC GBP** - - - - 19.07 XC 0.74% 4,596,714.535 8.30 9.07 9.84 XCO EUR 0.75% 17,069,569.697 9.53 10.99 - XC GBP** - - - - 17.19 XCO JPY 0.75% 269,370.000 84.96 93.12 - XD 0.73% 5,892,761.963 6.87 7.76 8.69 ZBFIX85 JPY 0.25% 1,763.531 77.65 - - ZC 0.13% 6,134,658.097 9.58 10.40 11.22 ZD 0.14% 16,993,916.356 8.49 9.57 10.72 ZM2 0.22% 789,837.805 7.70 8.84 - ZQ1 0.13% 150,873,833.916 8.01 9.10 10.22 Total Net Assets 1,860,028,462 2,734,738,358 3,107,652,889 Global Government Bond USD BCH EUR 0.57% 26,000.000 11.84 11.48 - ICH EUR 0.52% 27,895.035 11.84 11.47 12.43 ZBFIX85H JPY 0.22% 15,807.875 95.04 - - ZC 0.12% 63,591.797 11.55 10.57 10.12 ZD 0.10% 6,349,886.896 12.37 11.45 11.05 ZM1H JPY 0.15% 27,822.881 97.32 90.58 - ZQ1 0.10% 66,907,029.899 11.49 10.63 10.31 ZQ1H AUD 0.16% 246,309.817 6.80 7.40 - ZQ1H CHF 0.19% 695,164.477 10.54 9.82 10.25 ZQ1H EUR 0.14% 10,343,392.308 11.33 11.06 12.11 ZQ1H GBP 0.12% 19,824,478.287 13.55 13.41 14.26 ZQ1H JPY 0.12% 1,452,349.839 97.18 90.41 93.90 ZQ1H SGD 0.12% 568,806.335 7.70 7.54 7.62 Total Net Assets 1,392,852,009 1,379,376,789 1,145,107,666 * Swung Net Asset Value per Share (see Note 18) ** The share classes are dormant as at 31 March 2020. All Net Asset Values per share are disclosed in sub-fund currency. 48

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