Audited Annual Report for the year ended 30 June 2015

Size: px
Start display at page:

Download "Audited Annual Report for the year ended 30 June 2015"

Transcription

1 Société d'investissement à Capital Variable Audited Annual Report for the year ended 30 June 2015 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 report and semi-annual report if published thereafter. SICAV R.C.S Luxembourg B

2 Contents Directors and Conducting Persons... 1 Management and Administration... 2 Directors Report... 4 Audit Report... 6 Statement of Net Assets... 8 Statement of Changes in Net Assets Statement of Changes in Shares Statement of Operations Statistical Information Industrial Composition of Portfolios as a Percentage of Net Asset Value (Unaudited) Statement of Movements in Portfolio Holdings (Unaudited) Portfolio of Investments American Growth Fund Asia Total Return Fund Asia Value Dividend Equity Fund Asian Equity Fund Asian Small Cap Equity Fund China Value Fund Dragon Growth Fund Emerging Eastern Europe Fund European Growth Fund Global Contrarian Fund Global Property Fund Global Resources Fund Greater China Opportunities Fund Healthcare Fund India Equity Fund International Growth Fund Japanese Growth Fund Latin America Equity Fund Russia Equity Fund Strategic Income Fund Taiwan Equity Fund Turkey Equity Fund U.S. Bond Fund U.S. Small Cap Equity Fund U.S. Special Opportunities Fund U.S. Treasury Inflation-Protected Securities Fund Notes to the Financial Statements Information for Shareholders

3 DIRECTORS and Conducting Persons DIRECTORS Paul Smith (Chairman) CFA Institute 23rd Floor, Man Yee Building 68 Des Voeux Road Central Hong Kong SAR Clive Anderson 51 Bras Basah Road #09-00 Manulife Centre Singapore (from 17 October 2014 until 13 February 2015) Robert A. Cook 48th Floor The Lee Gardens 33 Hysan Avenue Causeway Bay Hong Kong SAR (until 5 May 2015) Donna Cotter 16th Floor The Lee Gardens 33 Hysan Avenue Causeway Bay Hong Kong SAR (until 10 July 2015) Christakis Partassides GFM Holdings (Cyprus) Limited 2nd Floor, Elenion Building, 5 Themistocles Dervis Str. CY Nicosia Cyprus Yves Wagner 19, rue de Bitbourg L Luxembourg Grand Duchy of Luxembourg Philip Witherington 48th Floor The Lee Gardens 33 Hysan Avenue Causeway Bay Hong Kong SAR (from 18 February 2015) Steven Yeo 48th Floor The Lee Gardens 33 Hysan Avenue Causeway Bay Hong Kong SAR (from 24 June 2015) CONDUCTING PERSONS John Li How Cheong 19, rue de Bitbourg L Luxembourg Grand Duchy of Luxembourg Isaac Cheuk Pang Wong 16th Floor The Lee Gardens 33 Hysan Avenue Causeway Bay Hong Kong SAR (until 22 July 2014) Donna Cotter 16th Floor The Lee Gardens 33 Hysan Avenue Causeway Bay Hong Kong SAR (from 22 July 2014 until 10 July 2015) Yves Wagner 19, rue de Bitbourg L Luxembourg Grand Duchy of Luxembourg Gianni Fiacco 47th Floor The Lee Gardens 33 Hysan Avenue Causeway Bay Hong Kong SAR (from 10 July 2015) Gianni Fiacco 47th Floor The Lee Gardens 33 Hysan Avenue Causeway Bay Hong Kong SAR (from 10 July 2015) 1 MANULIFE GLOBAL FUND

4 MANAGEMENT AND ADMINISTRATION Registered Office 31, Z.A. Bourmicht L Bertrange Grand Duchy of Luxembourg R.C.S. Luxembourg B26141 General Adviser and Distributor Manulife Asset Management International Holdings Limited Manulife Place Bishop s Court Hill Collymore Rock, St. Michael Barbados Custodian, Administrator, Registrar and Paying Agent Citibank International Limited, Luxembourg Branch* 31, Z.A. Bourmicht L Bertrange Grand Duchy of Luxembourg Tel: (352) Fax: (352) Legal Advisers Luxembourg Linklaters LLP Avenue J.F. Kennedy 35 L Luxembourg Grand Duchy of Luxembourg Hong Kong Dechert LLP 27th Floor, Henley Building 5 Queen s Road Central Hong Kong SAR Investment Managers Charlemagne Capital (UK) Limited 39, St. James Street London SW1A 1JD United Kingdom (Investment Manager of the Emerging Eastern Europe Fund, Latin America Equity Fund, Russia Equity Fund and Turkey Equity Fund) Manulife Asset Management (Hong Kong) Limited 47th Floor The Lee Gardens 33 Hysan Avenue Causeway Bay Hong Kong SAR (Investment Manager of the Asia Total Return Fund, Asian Equity Fund, Asian Small Cap Equity Fund, Dragon Growth Fund, Global Resources Fund (until 31 October 2014), Greater China Opportunities Fund, India Equity Fund, Japanese Growth Fund and Taiwan Equity Fund) Manulife Asset Management (Europe) Limited 10 King William Street London EC4N 7TW United Kingdom (Investment Manager of the European Growth Fund and International Growth Fund) Hong Kong Distributor Manulife Asset Management (Hong Kong) Limited 47th Floor The Lee Gardens 33 Hysan Avenue Causeway Bay Hong Kong SAR Tel: (852) Fax: (852) * With effect from 31 October 2014, Citibank International plc (Luxembourg Branch) changed its name to Citibank International Limited, Luxembourg Branch. MANULIFE GLOBAL FUND 2

5 MANAGEMENT AND ADMINISTRATION Manulife Asset Management (US) LLC 101 Huntington Avenue Boston MA United States of America (Investment Manager of the American Growth Fund, Global Contrarian Fund, Global Property Fund, Healthcare Fund, Strategic Income Fund, U.S. Bond Fund, U.S. Small Cap Equity Fund, U.S. Special Opportunities Fund and U.S. Treasury Inflation- Protected Securities Fund and Global Resources Fund from 1 November 2014) Sensible Asset Management Limited 9th Floor, Nexxus Building 41 Connaught Road Central Hong Kong SAR (Investment Manager of the Asia Value Dividend Equity Fund) Value Partners Limited 9th Floor, Nexxus Building 41 Connaught Road Central Hong Kong SAR (Investment Manager of the China Value Fund) Sub-Investment Managers Amundi S.A. (successor entity to Société Générale Gestion) 90 boulevard Pasteur Paris France (Sub-Investment Manager of the Global Resources Fund until 31 October 2014) Investment Advisers Kotak Mahindra (UK) Limited Farringdon Place 20 Farringdon Road London EC1M 3AP United Kingdom (Investment Adviser to the Investment Manager of the India Equity Fund) Manulife Asset Management (Japan) Limited 15th Floor Marunouchi Trust Tower North Building Marunouchi Chiyoda-ku Tokyo (Investment Adviser to the Investment Manager of the Japanese Growth Fund) Auditor PricewaterhouseCoopers, Société coopérative 2 Rue Gerhard Mercator B.P. 1443, L Luxembourg Grand Duchy of Luxembourg Hong Kong Representative Citibank N.A. Hong Kong Branch 50th Floor, Citibank Tower Citibank Plaza 3, Garden Road Central Hong Kong SAR To the Shareholders of Manulife Global Fund Schroder Investment Management (Hong Kong) Limited Suite 3301, Level 33 Two Pacific Place 88 Queensway Hong Kong SAR Value Partners Limited 9th Floor, Nexxus Building 41 Connaught Road Central Hong Kong SAR (Sub-Investment Manager of the Asia Value Dividend Equity Fund) 3 MANULIFE GLOBAL FUND

6 DIRECTORS REPORT Performance and growth of assets During the year under review, the US economy continued to improve as the US Federal Reserve (the Fed) ended its quantitative easing program in October 2014 while economic data continued to suggest that the Fed was on course to normalise monetary policy. In Europe, the European Central Bank commenced quantitative easing measures in March 2015, pledging to buy 60 billion-euro-a-month of bonds through to September Economic data towards the end of the period as was largely positive, first quarter 2015 GDP growth improved slightly while the manufacturing purchasing managers index (PMI) increased to 52.5 in June However concerns over a possible Greek exit from the eurozone weighed on investor sentiment. Chinese and Hong Kong equity markets made strong gains despite concerns over Chinese economic growth, as GDP growth slowed to 7% in the second quarter of China s official manufacturing purchasing managers index (PMI) fell to 49.8 in January, the lowest reading in two and a half years before rising to 50.2 in May and signalling a minor expansion in the manufacturing sector. Manulife Global Fund s total assets under management increased 4% to US$3.58 billion during the twelve-month period ended 30 June During the year, equity markets performed relatively better compared to bond markets. In terms of subfunds performance, the China Value Fund and Dragon Growth Fund posted returns in excess of 20% while the Healthcare Fund posted returns of over 18%. The Greater China Opportunities Fund and the Indian Equity Fund posted returns of over 10%. Year in review As the global economy improved, equities generally outperformed bonds as the MSCI World Index increased returned 1.97% in US dollar terms during the twelve-month period ended 30 June US stocks as measured by S&P 500 Index returned 7.41%, while bonds, as measured by Barclays Capital US Aggregate Total Return Index were up by 1.86%. Emerging market equities generally underperformed developed market equities, as the MSCI Emerging Markets Index returned -4.89% in US dollars. Yields on 10-year US Treasury bonds fell from 2.53% to 2.35%. The euro depreciated against the US dollar by %, while sterling depreciated by -8.15%. The majority of sub-funds recorded positive returns over the year. US equities continued to perform well, on the back of a strengthening economy with stronger job data, retail sales and consumer confidence. However investor sentiment was tempered on concerns over a stronger US dollar and its impact on corporate earnings. In Europe, strong local market gains were offset by a sharply devalued euro. The recovery s continued fragility, coupled with uncertainty about Greek debt negotiations, weighed on equity performance. Chinese equity markets rose significantly over the period, buoyed by interest rate cuts and further stimulus measures from the People s Bank of China (PBoC). The PBoC cut interest rates four times over the period and cut reserve requirement ratios for banks. The Chinese government also revealed further details for a modern Silk Road under the One Belt, One Road plan to increase infrastructure investment across Asia, Africa and Europe. MANULIFE GLOBAL FUND 4

7 DIRECTORS REPORT Outlook The global macro environment is expected to remain positive, with modest economic growth led by the US. Inflation worldwide is likely to remain subdued while interest rates are anticipated to stay at low levels in developed markets. However, the US may look to gradually raise interest rates in the latter half of Over the short term, equity volatility is expected to increase given the uncertainty on the timing of the first interest rate hike by the US Federal Reserve and some downside growth risks in China, Asia and emerging market economies. However, the medium to longer term outlook remains positive. The Fed highlighted that the US labour market has continued to improve with solid job gains but inflation continued to run below target due to declining energy prices. This may support a rate hike in the US in the fourth quarter of In China, second quarter 2015 GDP growth remained at 7% while China is expected to benefit from the better external demand from the developed markets in the coming months, with the official manufacturing PMI remaining steady at 50.2 in June The Board of Directors is pleased to confirm that effective 1 October 2015, International Growth Fund will change its name to the Global Equity Fund and will be managed by the Manulife Asset Management (US) LLC, which is replacing Manulife Asset Management (Europe) Limited. In respect of the Taiwan Equity Fund, Schroder Investment Management (Hong Kong) Limited will cease to act as the sub investment manager while Manulife Asset Management (Taiwan) Co., Ltd will be appointed as the investment adviser. The Board of Directors will continue to monitor the investment performance of the sub-funds to safeguard the interests of the shareholders. The twenty-sixth Annual General Meeting will be held on 16 October The Board of Directors 15 September 2015 Note: The figures in this report are historical and not necessarily indicative of future performance. The global risk exposure is disclosed in note 8. 5 MANULIFE GLOBAL FUND

8 AUDIT REPORT To the Shareholders of Manulife Global Fund We have audited the accompanying financial statements of Manulife Global Fund and of each of its subfunds, which comprise the statement of net assets and the portfolio of investments as at 30 June 2015 and the statement of operations and the statement of changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements. Responsibility of the Board of Directors of the Company for the financial statements The Board of Directors of the Company is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the Company determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Responsibility of the Réviseur d entreprises agréé Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgment of the Réviseur d entreprises agréé, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Réviseur d entreprises agréé considers internal control relevant to the entity s preparation and fair presentation of the financial statements 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 entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the Company, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. PricewaterhouseCoopers, Société coopérative, 2 Rue Gerhard Mercator, B.P. 1443, L Luxembourg T: , F: , Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n ) R.C.S. Luxembourg B TVA LU MANULIFE GLOBAL FUND 6

9 AUDIT REPORT Opinion In our opinion, the financial statements give a true and fair view of the financial position of Manulife Global Fund and of each of its sub-funds as of 30 June 2015, 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 of the financial statements. Other matters Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole. PricewaterhouseCoopers, Société coopérative Luxembourg, 15 September 2015 Represented by Valérie Arnold 7 MANULIFE GLOBAL FUND

10 STATEMENT OF NET ASSETS as at 30 June 2015 (expressed in United States Dollars) American Growth Fund Asia Total Return Fund Securities portfolio at cost 167,217,520 89,116,666 15,298,568 98,086, ,458, ,076,331 Unrealised appreciation/(depreciation) 55,260,978 (3,649,725) 3,357,388 9,631,716 43,898, ,159,034 Securities portfolio at market value (Note 2.2) 222,478,498 85,466,941 18,655, ,718, ,357,614 1,107,235,365 Options purchased at market value Cash at bank 2,820,900 5,717, ,017 2,694,758 2,324,311 14,229,658 Interest and dividends receivable, net 172,661 1,230, , ,520 1,244,405 11,735,370 Unrealised appreciation on forward foreign exchange contracts (Note 2.6, 7) 42,570 Unrealised appreciation on future contracts (Note 2.5, 7) 22,188 Amounts receivable on sales of securities 63,597 3,638,407 42,197,190 Amounts receivable on subscriptions 1,222,757 98, , ,595 3,218,069 5,320,081 Tax reclaim 6,550 Other assets Formation Expenses (Note 2.8) 1,624 7, ,169 1,369 Total Assets 226,702,990 92,586,583 20,001, ,960, ,343,758 1,138,521,843 Bank overdrafts (182) (30,698) (810,457) Unrealised depreciation on forward foreign exchange contracts (Note 2.6, 7) (8,773) Amounts payable on purchases of securities (69,894) (2,160,921) (7,145,965) (578,175) Amounts payable on redemptions (1,200,966) (99,421) (189,004) (440,075) (1,891,658) (4,707,655) Management fees (Note 3.1) (544,136) (142,916) (516,160) (266,178) (1,019,394) (2,768,195) Other liabilities (51,050) (14,690) (5,717) (28,307) (79,236) (249,156) Total Liabilities (1,796,334) (257,027) (811,473) (2,895,481) (10,955,483) (8,303,181) Net Assets 224,906,656 92,329,556 19,190, ,064, ,388,275 1,130,218,662 Asia Value Dividend Equity Fund Asian Equity Fund Asian Small Cap Equity Fund China Value Fund Number of shares outstanding: Class A 6,888,537 24,451, ,168,827 Class AA 3,171, ,500 9,952,857 7,125,242 80,376,809 8,640,678 Class AA (HKD) 1, ,705 Class AA (HKD) Inc 55,363 Class AA Inc 11,986, ,958 Class HA 50,000 53,366 50,027 50,123 Class HC 50,000 52,660 50,000 50,000 Class HI 50,000 53,992 50, ,714 Class I 8,068,798 35,052,756 16,027, ,253,663 Class I2 Class I3 619, ,900 Class J 42,414,799 Class S Class S Hedged Class T Net asset value per share: Class A Class AA Class AA (HKD) * * Class AA (HKD) Inc * Class AA Inc Class HA Class HC Class HI Class I Class I2 Class I Class J Class S Class S Hedged Class T * Expressed in Hong Kong Dollars The Notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 8

11 STATEMENT OF NET ASSETS (continued) as at 30 June 2015 (expressed in United States Dollars) Dragon Growth Fund Emerging Eastern Europe Fund European Growth Fund Global Contrarian Fund Global Property Fund Global Resources Fund Securities portfolio at cost 126,269, ,627,116 94,444,999 22,475,499 11,869,450 40,321,136 Unrealised appreciation/(depreciation) 23,646,249 (7,998,052) 2,543,295 (517,175) 4,618,383 (6,479,098) Securities portfolio at market value (Note 2.2) 149,916, ,629,064 96,988,294 21,958,324 16,487,833 33,842,038 Options purchased at market value Cash at bank 2,784,670 3,400,338 54, , , ,900 Interest and dividends receivable, net 1,603, , ,519 42,004 39,197 37,305 Unrealised appreciation on forward foreign exchange contracts (Note 2.6, 7) Unrealised appreciation on future contracts (Note 2.5, 7) Amounts receivable on sales of securities 392,807 Amounts receivable on subscriptions 2,207, , ,314 90, , ,435 Tax reclaim 2,879 59,905 1,149 3,160 Other assets Formation Expenses (Note 2.8) 4,978 Total Assets 156,511, ,662,281 98,404,489 22,562,438 16,987,304 34,175,838 Bank overdrafts (100,259) (11) Unrealised depreciation on forward foreign exchange contracts (Note 2.6, 7) Amounts payable on purchases of securities (128,219) Amounts payable on redemptions (1,162,327) (680,247) (402,309) (227,304) (24,354) (350,599) Management fees (Note 3.1) (385,597) (273,633) (238,057) (62,564) (47,454) (100,014) Other liabilities (36,843) (42,830) (25,665) (10,297) (5,179) (9,419) Total Liabilities (1,584,767) (996,710) (666,031) (400,424) (205,217) (460,032) Net Assets 154,927, ,665,571 97,738,458 22,162,014 16,782,087 33,715,806 Number of shares outstanding: Class A 45,553,691 31,554,087 7,841,983 Class AA 3,175,020 7,731,749 22,466,028 16,789,166 43,700,128 Class AA (HKD) 35,793,624 24,155 Class AA (HKD) Inc Class AA Inc Class HA 50,000 Class HC 50,000 Class HI 50,057 Class I 4,718,603 Class I2 50,000 Class I3 415, ,790 Class J Class S 1,149 Class S Hedged Class T Net asset value per share: Class A Class AA Class AA (HKD) * * Class AA (HKD) Inc Class AA Inc Class HA Class HC Class HI Class I Class I Class I Class J Class S ** Class S Hedged Class T * Expressed in Hong Kong Dollars ** Expressed in Singapore Dollars The Notes to the Financial Statements form an integral part of these financial statements. 9 MANULIFE GLOBAL FUND

12 STATEMENT OF NET ASSETS (continued) as at 30 June 2015 (expressed in United States Dollars) Greater China Opportunities Fund Healthcare Fund India Equity Fund International Growth Fund Japanese Growth Fund Latin America Equity Fund Securities portfolio at cost 16,102, ,901, ,310,046 14,537,544 37,393,333 62,309,128 Unrealised appreciation/(depreciation) 2,386,078 52,121,219 23,351,091 2,944,867 1,371,579 (2,792,715) Securities portfolio at market value (Note 2.2) 18,489, ,022, ,661,137 17,482,411 38,764,912 59,516,413 Options purchased at market value Cash at bank 386, ,345, , , ,914 Interest and dividends receivable, net 191, , ,523 20,266 26, ,177 Unrealised appreciation on forward foreign exchange contracts (Note 2.6, 7) Unrealised appreciation on future contracts (Note 2.5, 7) Amounts receivable on sales of securities 65,369 2,039, ,217 Amounts receivable on subscriptions 44,118 4,313,379 1,087, , , ,321 Tax reclaim 5,107 2,583 Other assets Formation Expenses (Note 2.8) 33,565 Total Assets 19,209, ,637, ,502,701 18,243,553 39,756,285 60,822,825 Bank overdrafts (897,346) (41,989) (5,417) Unrealised depreciation on forward foreign exchange contracts (Note 2.6, 7) Amounts payable on purchases of securities (1,755,574) (90,549) (449,462) Amounts payable on redemptions (455,477) (2,174,684) (2,293,252) (62,895) (413,568) (634,181) Management fees (Note 3.1) (42,431) (785,369) (516,380) (44,133) (93,247) (171,381) Other liabilities (3,653) (69,556) (62,547) (10,313) (15,476) (17,933) Total Liabilities (501,561) (3,926,955) (4,669,742) (213,307) (971,753) (823,495) Net Assets 18,708, ,710, ,832,959 18,030,246 38,784,532 59,999,330 Number of shares outstanding: Class A 2,728,294 9,790,905 Class AA 2,496, ,944, ,163,881 4,450,975 4,131,004 69,129,647 Class AA (HKD) Class AA (HKD) Inc Class AA Inc Class HA Class HC Class HI Class I 6,351,712 Class I2 11,893,449 Class I3 700, , ,039 Class J Class S Class S Hedged Class T Net asset value per share: Class A Class AA Class AA (HKD) Class AA (HKD) Inc Class AA Inc Class HA Class HC Class HI Class I Class I Class I Class J Class S Class S Hedged Class T The Notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 10

13 STATEMENT OF NET ASSETS (continued) as at 30 June 2015 (expressed in United States Dollars) Russia Equity Fund Strategic Income Fund Taiwan Equity Fund Turkey Equity Fund U.S. Bond Fund U.S. Small Cap Equity Fund Securities portfolio at cost 115,432,298 60,238,503 26,096,951 45,996, ,257,323 24,931,200 Unrealised appreciation/(depreciation) (15,728,246) (2,439,127) 5,132,105 (5,438,353) (694,718) 3,101,589 Securities portfolio at market value (Note 2.2) 99,704,052 57,799,376 31,229,056 40,558, ,562,605 28,032,789 Options purchased at market value 15,625 Cash at bank 2,009, , , ,805 4,544, ,511 Interest and dividends receivable, net 359, , ,953 42,061 1,177,654 19,333 Unrealised appreciation on forward foreign exchange contracts (Note 2.6, 7) 758,735 Unrealised appreciation on future contracts (Note 2.5, 7) Amounts receivable on sales of securities 416, , , ,900 Amounts receivable on subscriptions 701,034 67, , , , ,461 Tax reclaim 3,130 Other assets 5,804 Formation Expenses (Note 2.8) 4, Total Assets 102,776,967 59,836,800 33,587,357 42,148, ,206,493 28,975,934 Bank overdrafts (1,402,398) Unrealised depreciation on forward foreign exchange contracts (Note 2.6, 7) Amounts payable on purchases of securities (466,981) (297,079) (576,434) (193,966) Amounts payable on redemptions (693,090) (330,258) (874,676) (1,219,877) (308,668) (265,711) Management fees (Note 3.1) (298,153) (120,500) (89,938) (114,675) (311,181) (77,204) Other liabilities (32,631) (18,807) (9,763) (12,137) (33,661) (8,434) Total Liabilities (1,023,874) (2,338,944) (1,271,456) (1,346,689) (1,229,944) (545,315) Net Assets 101,753,093 57,497,856 32,315,901 40,801, ,976,549 28,430,619 Number of shares outstanding: Class A Class AA 226,397,713 29,295,254 18,809,293 51,547, ,027,842 23,304,506 Class AA (HKD) 9,779 Class AA (HKD) Inc 93,651 Class AA Inc 1,934,170 Class HA 53,753 54,711 50,000 Class HC 53,042 53,985 50,000 Class HI 54,394 55,357 50,000 Class I 13,581,746 Class I2 1,020,129 Class I3 1,550, ,340 Class J Class S Class S Hedged 35,991,913 Class T Net asset value per share: Class A Class AA Class AA (HKD) * Class AA (HKD) Inc * Class AA Inc Class HA Class HC Class HI Class I Class I Class I Class J Class S Class S Hedged ** Class T * Expressed in Hong Kong Dollars ** Expressed in Singapore Dollars The Notes to the Financial Statements form an integral part of these financial statements. 11 MANULIFE GLOBAL FUND

14 STATEMENT OF NET ASSETS (continued) as at 30 June 2015 (expressed in United States Dollars) U.S. Special Opportunities Fund U.S. Treasury Inflation-Protected Securities Fund Combined for the year ended 30 June 2015 Securities portfolio at cost 84,775,717 8,455,370 3,060,001,647 Unrealised appreciation/(depreciation) (5,467,056) (93,289) 415,226,739 Securities portfolio at market value (Note 2.2) 79,308,661 8,362,081 3,475,228,386 Options purchased at market value 15,625 Cash at bank 4,414, ,944 54,617,781 Interest and dividends receivable, net 1,354,189 31,852 21,977,353 Unrealised appreciation on forward foreign exchange contracts (Note 2.6, 7) 801,305 Unrealised appreciation on future contracts (Note 2.5, 7) 22,188 Amounts receivable on sales of securities 1,055,874 51,334,354 Amounts receivable on subscriptions 363,560 41,338 24,065,305 Tax reclaim 84,463 Other assets 8,126 13,930 Formation Expenses (Note 2.8) 57,900 Total Assets 86,505,103 8,588,215 3,628,218,590 Bank overdrafts (3,288,757) Unrealised depreciation on forward foreign exchange contracts (Note 2.6, 7) (8,773) Amounts payable on purchases of securities (109,439) (14,022,658) Amounts payable on redemptions (120,681) (187,457) (21,410,394) Management fees (Note 3.1) (170,270) (17,208) (9,216,368) Other liabilities (29,825) (3,626) (886,751) Total Liabilities (430,215) (208,291) (48,833,701) Net Assets 86,074,888 8,379,924 3,579,384,889 Number of shares outstanding: Class A Class AA 76,064,369 6,530,561 Class AA (HKD) Class AA (HKD) Inc Class AA Inc 11,816,677 Class HA Class HC Class HI Class I 5,451,939 Class I2 Class I3 Class J Class S Class S Hedged Class T 546,639 Net asset value per share: Class A Class AA Class AA (HKD) Class AA (HKD) Inc Class AA Inc Class HA Class HC Class HI Class I Class I2 Class I3 Class J Class S Class S Hedged Class T The Notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 12

15 STATEMENT OF NET ASSETS as at 30 June 2014 (expressed in United States Dollars) American Growth Fund Asia Total Return Fund Asia Value Dividend Equity Fund Asian Equity Fund Asian Small Cap Equity Fund China Value Fund Securities portfolio at cost 177,294,249 54,043,869 13,484, ,083, ,325, ,180,872 Unrealised appreciation 60,036, ,622 1,911,445 7,402,872 49,290,642 87,866,125 Securities portfolio at market value (Note 2.2) 237,331,116 54,505,491 15,396, ,486, ,616, ,046,997 Cash at bank 2,479,882 2,368,355 98,245 1,110,316 1,924,133 22,819,254 Interest and dividends receivable, net 151, , , , ,593 4,918,095 Unrealised appreciation on futures contracts (Notes 2.5, 7) Amounts receivable on sales of securities 78,616 2,570,767 5,033,634 36,277,527 Amounts receivable on subscriptions 2,815,027 76,341 62,213 1,818,889 8,729,064 3,929,092 Tax reclaim Other assets 1,354 Formation Expenses (Note 2.8) 2,629 16, ,341 1,962 Total Assets 242,780,506 57,739,753 15,743, ,340, ,111, ,992,927 Bank overdrafts (4,048,871) (726,875) Unrealised depreciation on forward foreign exchange contracts (Note 2.6, 7) (63,675) (4,025) (14) Unrealised depreciation on future contracts (Note 2.5, 7) (18,813) Amounts payable on purchases of securities (63,476) (507,355) (7,497,130) (2,449,064) Amounts payable on redemptions (1,654,443) (216,692) (172,771) (952,945) (4,340,269) (9,023,399) Management fees (Note 3.1) (269,312) (35,015) (284,980) (119,020) (458,063) (1,099,124) Other liabilities (65,414) (13,841) (5,196) (32,355) (94,773) (267,715) Total Liabilities (1,989,169) (348,036) (526,423) (5,664,571) (13,117,124) (12,839,302) Net Assets 240,791,337 57,391,717 15,217, ,676, ,994, ,153,625 Number of shares outstanding: Class A 8,152,264 26,527, ,779,818 Class AA 3,393,914 9,518,516 3,980,079 78,179,391 9,107,332 Class AA (HKD) Class AA Inc 17,406,184*** Class HA 50,000 52,004 50,027 50,000 Class HC 50,000 51,572 50,000 50,000 Class HI 50,000 52,387 50, ,754 Class I 5,472,976 34,489,028 17,702, ,275,273 Class I2 Class J Class S Class S Hedged Class T Net asset value per share: Class A Class AA Class AA (HKD) Class AA Inc *** Class HA Class HC Class HI Class I Class I2 Class J Class S Class S Hedged Class T *** Previously Class AA The Notes to the Financial Statements form an integral part of these financial statements. 13 MANULIFE GLOBAL FUND

16 STATEMENT OF NET ASSETS (continued) as at 30 June 2014 (expressed in United States Dollars) Dragon Growth Fund Emerging Eastern Europe Fund European Growth Fund Global Contrarian Fund Global Property Fund Global Resources Fund Securities portfolio at cost 83,827, ,747,035 96,100,167 27,629,838 13,309,374 48,019,145 Unrealised appreciation 15,047,572 10,088,361 14,069, ,243 5,480,552 4,601,451 Securities portfolio at market value (Note 2.2) 98,875, ,835, ,169,296 28,287,081 18,789,926 52,620,596 Cash at bank 571,750 2,660,098 3,507, , ,416 1,474,232 Interest and dividends receivable, net 773,283 1,143, ,960 55,615 56,073 44,249 Unrealised appreciation on futures contracts (Notes 2.5, 7) Amounts receivable on sales of securities 924, , , ,004 88,358 Amounts receivable on subscriptions 839,441 1,135,634 4,042, ,763 75, ,119 Tax reclaim 3, ,180 1, ,512 Other assets Formation Expenses (Note 2.8) 6,248 Total Assets 101,984, ,228, ,536,695 29,770,955 19,201,878 54,575,066 Bank overdrafts Unrealised depreciation on forward foreign exchange contracts (Note 2.6, 7) (12) Unrealised depreciation on future contracts (Note 2.5, 7) Amounts payable on purchases of securities (1,318,455) (810,624) (236,296) (276,808) (390,807) Amounts payable on redemptions (1,313,932) (1,311,270) (718,608) (366,659) (127,481) (739,273) Management fees (Note 3.1) (116,549) (193,738) (129,128) (39,261) (24,829) (66,714) Other liabilities (28,062) (63,954) (28,562) (10,150) (6,371) (15,184) Total Liabilities (2,777,010) (2,379,586) (1,112,594) (692,878) (158,681) (1,211,978) Net Assets 99,207, ,848, ,424,101 29,078,077 19,043,197 53,363,088 Number of shares outstanding: Class A 39,378,068 34,555,028 8,753,712 Class AA 3,357,458 7,954,667 29,504,742 19,398,507 49,863,076 Class AA (HKD) 20,572,221*** Class AA Inc Class HA 50,000 Class HC 50,000 Class HI 50,000 Class I 5,954,310 Class I2 151,567 Class J Class S 11,095 Class S Hedged Class T Net asset value per share: Class A Class AA Class AA (HKD) * Class AA Inc Class HA Class HC Class HI Class I Class I Class J Class S ** Class S Hedged Class T * Expressed in Hong Kong Dollars, previously Class AA ** Expressed in Singapore Dollars *** Previously Class AA The Notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 14

17 STATEMENT OF NET ASSETS (continued) as at 30 June 2014 (expressed in United States Dollars) Greater China Opportunities Fund Healthcare Fund India Equity Fund International Growth Fund Japanese Growth Fund Latin America Equity Fund Securities portfolio at cost 9,316, ,804, ,647,566 15,708,019 36,148,701 86,048,293 Unrealised appreciation 1,891,636 21,380,392 36,003,999 3,414,585 1,757,991 12,917,467 Securities portfolio at market value (Note 2.2) 11,208, ,185, ,651,565 19,122,604 37,906,692 98,965,760 Cash at bank 274,436 2,514,088 1,625, , ,336 1,482,783 Interest and dividends receivable, net 56, , ,766 9,588 36,058 48,790 Unrealised appreciation on futures contracts (Notes 2.5, 7) Amounts receivable on sales of securities 378,079 3,331, , ,073 Amounts receivable on subscriptions 3,264,841 1,811,050 70, , ,952 Tax reclaim 4,654 Other assets Formation Expenses (Note 2.8) Total Assets 11,917, ,064, ,906,647 19,404,200 38,552, ,920,358 Bank overdrafts (405,043) Unrealised depreciation on forward foreign exchange contracts (Note 2.6, 7) Unrealised depreciation on future contracts (Note 2.5, 7) Amounts payable on purchases of securities (558,912) (1,229,393) Amounts payable on redemptions (1,807,592) (2,209,211) (104,811) (592,428) (1,142,825) Management fees (Note 3.1) (10,899) (195,455) (220,640) (22,214) (42,613) (132,778) Other liabilities (2,874) (41,595) (59,769) (6,633) (11,829) (34,545) Total Liabilities (572,685) (2,044,642) (4,124,056) (133,658) (646,870) (1,310,148) Net Assets 11,344, ,019, ,782,591 19,270,542 37,905, ,610,210 Number of shares outstanding: Class A 3,278,892 11,156,304 Class AA 2,585 90,581, ,550,316 3,727, ,613 86,421,450 Class AA (HKD) Class AA Inc Class HA Class HC Class HI Class I 5,359,805 Class I2 Class J Class S Class S Hedged Class T Net asset value per share: Class A Class AA Class AA (HKD) Class AA Inc Class HA Class HC Class HI Class I Class I2 Class J Class S Class S Hedged Class T The Notes to the Financial Statements form an integral part of these financial statements. 15 MANULIFE GLOBAL FUND

18 STATEMENT OF NET ASSETS (continued) as at 30 June 2014 (expressed in United States Dollars) Russia Equity Fund Strategic Income Fund Taiwan Equity Fund Turkey Equity Fund U.S. Bond Fund U.S. Small Cap Equity Fund Securities portfolio at cost 118,172,130 86,111,443 32,464,473 47,725, ,160,163 27,940,801 Unrealised appreciation 3,845,708 1,532,375 6,384,551 1,527,246 2,903,257 4,385,982 Securities portfolio at market value (Note 2.2) 122,017,838 87,643,818 38,849,024 49,252, ,063,420 32,326,783 Cash at bank 1,934, ,235 1,108,579 1,849,352 1,509, ,749 Interest and dividends receivable, net 1,037,638 1,058, ,572 1,304,579 24,564 Unrealised appreciation on futures contracts (Notes 2.5, 7) 2,358 Amounts receivable on sales of securities 619,250 99, , ,860 Amounts receivable on subscriptions 1,728, , ,719 1,555,834 1,259, ,334 Tax reclaim 27,717 Other assets 11,126 16,903 Formation Expenses (Note 2.8) 20,419 1,947 1,826 Total Assets 127,365,149 90,255,012 40,706,862 52,657, ,437,075 33,493,116 Bank overdrafts Unrealised depreciation on forward foreign exchange contracts (Note 2.6, 7) (695,383) Unrealised depreciation on future contracts (Note 2.5, 7) Amounts payable on purchases of securities (887,941) (423,103) (505,753) (513,017) (6,834) Amounts payable on redemptions (1,739,634) (209,525) (430,926) (1,345,119) (575,903) (515,616) Management fees (Note 3.1) (162,278) (69,027) (51,264) (67,634) (134,151) (43,142) Other liabilities (43,944) (23,950) (13,188) (17,296) (39,871) (10,731) Total Liabilities (2,833,797) (1,420,988) (1,001,131) (1,430,049) (1,262,942) (576,323) Net Assets 124,531,352 88,834,024 39,705,731 51,227, ,174,133 32,916,793 Number of shares outstanding: Class A Class AA 203,342,136 32,084,387 24,591,265 53,285, ,307,087 28,028,764 Class AA (HKD) Class AA Inc Class HA 52,146 53,101 50,000 Class HC 51,709 52,655 50,000 Class HI 52,538 53,495 50,000 Class I 1,178, ,106 Class I2 1,194,937 Class J 18,045,350 Class S Class S Hedged 39,491,260 Class T Net asset value per share: Class A Class AA Class AA (HKD) Class AA Inc Class HA Class HC Class HI Class I Class I Class J Class S Class S Hedged ** Class T ** Expressed in Singapore Dollars The Notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 16

19 STATEMENT OF NET ASSETS (continued) as at 30 June 2014 (expressed in United States Dollars) U.S. Special Opportunities Fund U.S. Treasury Inflation-Protected Securities Fund Combined for the year ended 30 June 2014 Securities portfolio at cost 128,874,132 12,741,421 2,988,910,785 Unrealised appreciation 2,396, , ,442,496 Securities portfolio at market value (Note 2.2) 131,270,135 12,928,844 3,346,353,281 Cash at bank 3,057, ,637 57,269,450 Interest and dividends receivable, net 2,008,710 58,281 15,709,065 Unrealised appreciation on futures contracts (Notes 2.5, 7) 2,358 Amounts receivable on sales of securities 201,250 52,865,906 Amounts receivable on subscriptions 1,635,774 32,922 37,620,730 Tax reclaim 165,313 Other assets 333, ,414 Formation Expenses (Note 2.8) 2,169 58,157 Total Assets 138,508,692 13,210,684 3,510,406,674 Bank overdrafts (5,180,789) Unrealised depreciation on forward foreign exchange contracts (Note 2.6, 7) (763,109) Unrealised depreciation on future contracts (Note 2.5, 7) (18,813) Amounts payable on purchases of securities (1,225,053) (18,900,021) Amounts payable on redemptions (993,145) (186,374) (32,790,851) Management fees (Note 3.1) (127,225) (12,446) (4,127,499) Other liabilities (36,991) (4,755) (979,548) Total Liabilities (2,382,414) (203,575) (62,760,630) Net Assets 136,126,278 13,007,109 3,447,646,044 Number of shares outstanding: Class A Class AA 120,673,150 9,838,985 Class AA (HKD) Class AA Inc Class HA Class HC Class HI Class I 1,963,173 Class I2 Class J Class S Class S Hedged Class T 7,061,470 Net asset value per share: Class A Class AA Class AA (HKD) Class AA Inc Class HA Class HC Class HI Class I Class I2 Class J Class S Class S Hedged Class T The Notes to the Financial Statements form an integral part of these financial statements. 17 MANULIFE GLOBAL FUND

20 STATEMENT OF CHANGES IN NET ASSETS for the year ended 30 June 2015 (expressed in United States Dollars) American Growth Fund Asia Total Return Fund Asia Value Dividend Equity Fund Asian Equity Fund Asian Small Cap Equity Fund China Value Fund Net assets at the beginning of the year 240,791,337 57,391,717 15,217, ,676, ,994, ,153,625 Net investment income/(deficit) (1,492,932) 3,007, ,230 (316,965) 456,434 6,705,420 Net profits/(losses) realised on: sale of investments and options (Note 2.2) 23,569,587 (510,813) 1,463,716 4,314,554 5,499,219 81,319,839 foreign currency (Note 2.4) 12,383 (337,368) (25,881) (992,080) (3,081,939) (345,542) forward foreign exchange contracts (Note 2.6) 1,626, (57,015) (174,444) (11,215) futures contracts (Note 2.5) (413,463) Net change in unrealised appreciation/(depreciation) on: investments and options (Note 2.2) (4,775,889) (4,111,347) 1,445,943 2,228,844 (5,391,920) 145,292,909 forward foreign exchange contracts (Note 2.6) 106,245 4,025 (8,759) futures contracts (Note 2.5) 41,001 Performance related management fees (Note 3.2) (463,646) 17,313,149 (592,375) 2,635,463 5,181,363 (2,701,409) 232,961,411 Amounts received on subscription of shares 74,571, ,080,128 9,522,507 52,271, ,878, ,603,092 Amounts paid on redemption of shares (107,769,558) (84,012,284) (8,179,157) (57,649,311) (200,382,184) (282,303,812) Dividends paid during the year (Note 5) (2,537,630) (5,962) (414,959) (1,401,093) (7,195,654) Net assets at the end of the year 224,906,656 92,329,556 19,190, ,064, ,388,275 1,130,218,662 The Notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 18

21 STATEMENT OF CHANGES IN NET ASSETS (continued) for the year ended 30 June 2015 (expressed in United States Dollars) Dragon Growth Fund Emerging Eastern Europe Fund European Growth Fund Global Contrarian Fund Global Property Fund Global Resources Fund Net assets at the beginning of the year 99,207, ,848, ,424,101 29,078,077 19,043,197 53,363,088 Net investment income/(deficit) 1,175,720 2,112, ,805 24,901 12,036 (140,998) Net profits/(losses) realised on: sale of investments and options (Note 2.2) 11,801,711 (31,187,841) 2,713, ,664 1,370,580 (2,776,708) foreign currency (Note 2.4) 2,584 (120,897) (69,934) (12,058) 579 (152,711) forward foreign exchange contracts (Note 2.6) (18) 1, (256) (5,364) 800 futures contracts (Note 2.5) Net change in unrealised appreciation/(depreciation) on: investments and options (Note 2.2) 8,598,677 (18,086,413) (11,525,834) (1,174,418) (862,169) (11,080,549) forward foreign exchange contracts (Note 2.6) 12 futures contracts (Note 2.5) Performance related management fees (Note 3.2) 21,578,686 (47,280,829) (8,119,048) (686,167) 515,662 (14,150,166) Amounts received on subscription of shares 146,856,243 16,767,725 55,481,433 4,393,434 5,510,222 11,906,775 Amounts paid on redemption of shares (112,002,434) (28,705,592) (65,856,870) (10,623,271) (8,148,952) (17,403,891) Dividends paid during the year (Note 5) (712,499) (964,617) (1,191,158) (59) (138,042) Net assets at the end of the year 154,927, ,665,571 97,738,458 22,162,014 16,782,087 33,715,806 The Notes to the Financial Statements form an integral part of these financial statements. 19 MANULIFE GLOBAL FUND

22 STATEMENT OF CHANGES IN NET ASSETS (continued) for the year ended 30 June 2015 (expressed in United States Dollars) Greater China Opportunities Fund Healthcare Fund India Equity Fund International Growth Fund Japanese Growth Fund Latin America Equity Fund Net assets at the beginning of the year 11,344, ,019, ,782,591 19,270,542 37,905, ,610,210 Net investment income/(deficit) 170,322 (1,178,197) (5,181,819) (7,472) 58,531 (13,800) Net profits/(losses) realised on: sale of investments and options (Note 2.2) 1,118,420 6,348,665 34,577,501 1,081,965 2,649,957 (6,836,271) foreign currency (Note 2.4) (8,390) (54,041) (252,775) (14,014) (171,921) (160,441) forward foreign exchange contracts (Note 2.6) 1,931 (7,268) futures contracts (Note 2.5) Net change in unrealised appreciation/(depreciation) on: investments and options (Note 2.2) 494,442 30,740,827 (12,652,908) (469,718) (386,412) (15,710,182) forward foreign exchange contracts (Note 2.6) futures contracts (Note 2.5) Performance related management fees (Note 3.2) 1,774,794 35,857,254 16,489, ,692 2,150,155 (22,727,962) Amounts received on subscription of shares 10,148, ,058,867 97,133,135 7,730,007 29,056,095 22,714,601 Amounts paid on redemption of shares (4,519,211) (81,225,553) (85,572,766) (9,544,479) (30,103,225) (39,564,254) Dividends paid during the year (Note 5) (41,330) (18,516) (223,854) (1,033,265) Net assets at the end of the year 18,708, ,710, ,832,959 18,030,246 38,784,532 59,999,330 The Notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 20

23 STATEMENT OF CHANGES IN NET ASSETS (continued) for the year ended 30 June 2015 (expressed in United States Dollars) Russia Equity Fund Strategic Income Fund Taiwan Equity Fund Turkey Equity Fund U.S. Bond Fund U.S. Small Cap Equity Fund Net assets at the beginning of the year 124,531,352 88,834,024 39,705,731 51,227, ,174,133 32,916,793 Net investment income/(deficit) 2,117,440 2,805, ,694 (148,060) 4,560,429 (323,918) Net profits/(losses) realised on: sale of investments and options (Note 2.2) (14,371,194) (2,950,610) 3,098,037 (473,526) (354,999) 2,544,255 foreign currency (Note 2.4) (125,645) (21,898) (65,576) (113,780) 1, forward foreign exchange contracts (Note 2.6) (1,433) 166,363 4,865 futures contracts (Note 2.5) (485,694) Net change in unrealised appreciation/(depreciation) on: investments and options (Note 2.2) (19,573,954) (3,971,650) (1,252,446) (6,965,599) (3,597,975) (1,284,393) forward foreign exchange contracts (Note 2.6) 1,454,118 futures contracts (Note 2.5) (2,358) Performance related management fees (Note 3.2) (31,954,786) (3,006,083) 1,928,709 (7,696,100) 608, ,246 Amounts received on subscription of shares 72,588,024 12,123,777 16,941,456 62,626, ,841,417 8,642,351 Amounts paid on redemption of shares (63,411,497) (37,137,765) (26,185,640) (65,356,290) (92,367,504) (14,064,771) Dividends paid during the year (Note 5) (3,316,097) (74,355) (5,280,179) Net assets at the end of the year 101,753,093 57,497,856 32,315,901 40,801, ,976,549 28,430,619 The Notes to the Financial Statements form an integral part of these financial statements. 21 MANULIFE GLOBAL FUND

24 STATEMENT OF CHANGES IN NET ASSETS (continued) for the year ended 30 June 2015 (expressed in United States Dollars) U.S. Special Opportunities Fund U.S. Treasury Inflation-Protected Securities Fund Combined for the year ended 30 June 2015 Net assets at the beginning of the year 136,126,278 13,007,109 3,447,646,044 Net investment income/(deficit) 5,237,110 (63,855) 20,702,350 Net profits/(losses) realised on: sale of investments and options (Note 2.2) (5,095,367) 26, ,416,568 foreign currency (Note 2.4) (6,109,045) forward foreign exchange contracts (Note 2.6) 8 1,545,721 futures contracts (Note 2.5) (899,157) Net change in unrealised appreciation/(depreciation) on: investments and options (Note 2.2) (7,863,059) (280,712) 57,784,095 forward foreign exchange contracts (Note 2.6) 1,555,641 futures contracts (Note 2.5) 38,643 Performance related management fees (Note 3.2) (463,646) (7,720,665) (317,505) 193,571,170 Amounts received on subscription of shares 71,633,667 1,090,788 1,614,172,075 Amounts paid on redemption of shares (106,583,711) (5,393,435) (1,644,067,417) Dividends paid during the year (Note 5) (7,380,681) (7,033) (31,936,983) Net assets at the end of the year 86,074,888 8,379,924 3,579,384,889 The Notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 22

25 STATEMENT OF CHANGES IN NET ASSETS for the year ended 30 June 2014 (expressed in United States Dollars) American Growth Fund Asia Total Return Fund Asia Value Dividend Equity Fund Asian Equity Fund Asian Small Cap Equity Fund China Value Fund Net assets at the beginning of the year 208,251,045 55,126,391 16,145,996 86,356, ,490, ,183,104 Net investment income/(deficit) (1,241,990) 2,122, , , ,319 7,040,242 Net profits/(losses) realised on: sale of investments and options (Note 2.2) 18,849,368 (732,344) 636,024 11,800,566 17,361,430 18,347,647 foreign currency (Note 2.4) (2,745) 39,272* 12,848 (876,281)* (1,558,817)* (321,867) forward foreign exchange contracts (Note 2.6) (471,039) (302,717) (38,323) (448,615) (31,477) futures contracts (Note 2.5) (54,332) Net change in unrealised appreciation/(depreciation) on: investments and options (Note 2.2) 28,899,350 2,310,443 1,662,640 5,273,001 42,234, ,986,004 forward foreign exchange contracts (Note 2.6) (82,784) (555) (4,025) 3,394 (10) futures contracts (Note 2.5) (18,813) Performance related management fees (Note 3.2) (265,170) 46,503,983 3,113,295 1,894,420 16,413,109 57,902, ,020,539 Amounts received on subscription of shares 63,342,242 20,684,006 8,104,750 42,928, ,381, ,374,945 Amounts paid on redemption of shares (77,304,360) (20,185,900) (10,348,346) (32,607,905) (121,641,417) (271,947,745) Dividends paid during the year (Note 5) (1,573) (1,346,075) (579,401) (413,771) (2,139,503) (6,477,218) Net assets at the end of the year 240,791,337 57,391,717 15,217, ,676, ,994, ,153,625 The Notes to the Financial Statements form an integral part of these financial statements. * The figures for the year ended 30 June 2014 related to taxation and net profits (losses) realised on foreign currency have been reclassified to ensure comparability with the figures for the year ended 30 June MANULIFE GLOBAL FUND

26 STATEMENT OF CHANGES IN NET ASSETS (continued) for the year ended 30 June 2014 (expressed in United States Dollars) Dragon Growth Fund Emerging Eastern Europe Fund European Growth Fund Global Contrarian Fund Global Property Fund Global Resources Fund Net assets at the beginning of the year 76,685, ,547,895 65,523,629 40,010,866 18,945,193 51,841,235 Net investment income/(deficit) 724, ,229 1,158,434 (94,876) 135,770 (142,251) Net profits/(losses) realised on: sale of investments and options (Note 2.2) 6,650,195 (265,381) 7,813,048 (30,014) 1,091, ,595 foreign currency (Note 2.4) (3,956) (143,190) 74,998 (62,173) (8,252) 17,575 forward foreign exchange contracts (Note 2.6) (55) (3,864) (6,733) 15,793 (924) (11,239) futures contracts (Note 2.5) Net change in unrealised appreciation/(depreciation) on: investments and options (Note 2.2) 8,941,457 16,940,856 7,439,977 7,157,558 1,125,112 9,401,661 forward foreign exchange contracts (Note 2.6) (12) (11) futures contracts (Note 2.5) Performance related management fees (Note 3.2) 16,311,908 17,261,650 16,479,724 6,986,288 2,343,489 9,923,341 Amounts received on subscription of shares 65,442,744 23,467,444 70,916,558 4,365,503 4,633,028 14,325,480 Amounts paid on redemption of shares (58,419,258) (43,326,177) (34,709,843) (22,284,580) (5,627,628) (22,726,968) Dividends paid during the year (Note 5) (813,357) (4,101,928) (785,967) (1,250,885) Net assets at the end of the year 99,207, ,848, ,424,101 29,078,077 19,043,197 53,363,088 The Notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 24

27 STATEMENT OF CHANGES IN NET ASSETS (continued) for the year ended 30 June 2014 (expressed in United States Dollars) Greater China Opportunities Fund Healthcare Fund India Equity Fund International Growth Fund Japanese Growth Fund Latin America Equity Fund Net assets at the beginning of the year 9,623,781 41,158, ,662,960 10,309,119 41,882, ,691,249 Net investment income/(deficit) 28,407 (533,539) (1,347,646) 17, , ,869 Net profits/(losses) realised on: sale of investments and options (Note 2.2) 865, ,810 8,955, ,919 1,191,862 (4,295,647) foreign currency (Note 2.4) 754 (17,236) (171,133)* 18,196 (61,307) (104,408) forward foreign exchange contracts (Note 2.6) (413) (4,608) futures contracts (Note 2.5) Net change in unrealised appreciation/(depreciation) on: investments and options (Note 2.2) 697,326 17,728,002 32,308,327 2,201, ,203 16,383,185 forward foreign exchange contracts (Note 2.6) futures contracts (Note 2.5) Performance related management fees (Note 3.2) 1,591,875 17,367,037 39,744,665 3,032,022 2,264,127 12,665,391 Amounts received on subscription of shares 272, ,912,166 35,658,397 14,304,089 32,342,856 24,026,548 Amounts paid on redemption of shares (51,928) (41,417,815) (62,283,431) (8,374,284) (38,549,493) (44,531,334) Dividends paid during the year (Note 5) (91,130) (404) (34,603) (2,241,644) Net assets at the end of the year 11,344, ,019, ,782,591 19,270,542 37,905, ,610,210 The Notes to the Financial Statements form an integral part of these financial statements. * The figures for the year ended 30 June 2014 related to taxation and net profits (losses) realised on foreign currency have been reclassified to ensure comparability with the figures for the year ended 30 June MANULIFE GLOBAL FUND

28 STATEMENT OF CHANGES IN NET ASSETS (continued) for the year ended 30 June 2014 (expressed in United States Dollars) Russia Equity Fund Strategic Income Fund Taiwan Equity Fund Turkey Equity Fund U.S. Bond Fund U.S. Small Cap Equity Fund Net assets at the beginning of the year 137,711,776 88,271,301 36,878,339 50,033, ,573,924 25,386,073 Net investment income/(deficit) (678,857) 3,465, ,766 (299,579) 5,263,955 (402,970) Net profits/(losses) realised on: sale of investments and options (Note 2.2) (9,491,963) (337,752) 3,143,327 (982,355) (1,295,583) 1,435,069 foreign currency (Note 2.4) (20,207) (127,360) 4,652 (59,909) (1,864) (353) forward foreign exchange contracts (Note 2.6) 1,207,205 (4,368) futures contracts (Note 2.5) (400,989) 14,143 Net change in unrealised appreciation/(depreciation) on: investments and options (Note 2.2) 20,617,479 3,086,276 3,420,633 1,569,572 4,257,657 3,603,207 forward foreign exchange contracts (Note 2.6) (2,094,300) futures contracts (Note 2.5) (2,664) Performance related management fees (Note 3.2) 10,426,452 4,796,053 6,687, ,361 8,224,165 4,634,953 Amounts received on subscription of shares 43,323,162 18,056,043 15,410,068 59,262,101 54,671,388 14,366,265 Amounts paid on redemption of shares (64,237,982) (18,495,967) (19,201,151) (58,160,422) (64,403,289) (11,470,498) Dividends paid during the year (Note 5) (2,692,056) (3,793,406) (69,046) (130,465) (6,892,055) Net assets at the end of the year 124,531,352 88,834,024 39,705,731 51,227, ,174,133 32,916,793 The Notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 26

29 STATEMENT OF CHANGES IN NET ASSETS (continued) for the year ended 30 June 2014 (expressed in United States Dollars) U.S. Special Opportunities Fund U.S. Treasury Inflation-Protected Securities Fund Combined for the year ended 30 June 2014 Net assets at the beginning of the year 96,554,955 20,668,066 2,957,513,012 Net investment income/(deficit) 6,108,653 5,634 23,782,875 Net profits/(losses) realised on: sale of investments and options (Note 2.2) 2,072,692 (361,675) 84,063,137 foreign currency (Note 2.4) (3,262) (193) (3,376,218)* forward foreign exchange contracts (Note 2.6) (101,377) futures contracts (Note 2.5) (441,178) Net change in unrealised appreciation/(depreciation) on: investments and options (Note 2.2) 5,196, , ,134,860 forward foreign exchange contracts (Note 2.6) (2,178,303) futures contracts (Note 2.5) (21,477) Performance related management fees (Note 3.2) (265,170) 13,374, , ,597,149 Amounts received on subscription of shares 100,104,235 2,505,823 1,307,182,609 Amounts paid on redemption of shares (68,887,622) (10,577,269) (1,231,772,612) Dividends paid during the year (Note 5) (5,019,627) (38,874,114) Net assets at the end of the year 136,126,278 13,007,109 3,447,646,044 The Notes to the Financial Statements form an integral part of these financial statements. * The figures for the year ended 30 June 2014 related to taxation and net profits (losses) realised on foreign currency have been reclassified to ensure comparability with the figures for the year ended 30 June MANULIFE GLOBAL FUND

30 STATEMENT OF CHANGES IN SHARES for the year ended 30 June 2015 American Growth Fund Asia Total Return Fund Asia Value Dividend Equity Fund Asian Equity Fund Asian Small Cap Equity Fund China Value Fund Dragon Growth Fund Shares outstanding as at 30 June 2014 Class A 8,152,264 26,527, ,779,818 39,378,068 Class AA 3,393,914 9,518,516 3,980,079 78,179,391 9,107,332 Class AA (HKD) 20,572,221 Class AA (HKD) Inc Class AA Inc 17,406,184 Class HA 50,000 52,004 50,027 50,000 Class HC 50,000 51,572 50,000 50,000 Class HI 50,000 52,387 50, ,754 Class I 5,472,976 34,489,028 17,702, ,275,273 Class I2 Class I3 Class J Class S Class S Hedged Class T Total subscriptions Class A 1,297,854 4,806,800 21,815,027 37,294,070 Class AA 7,273, ,239 5,202,654 8,486,895 39,193,342 2,399,768 Class AA (HKD) 122, ,199 52,840,818 Class AA (HKD) Inc 55,363 Class AA Inc 3,969, ,274 Class HA 1, Class HC 1,088 Class HI 1, ,290,709 Class I 17,923,745 45,432,466 22,293,799 66,948,862 Class I2 Class I3 619, , ,292 Class J 48,052,008 Class S Class S Hedged Class T Total redemptions Class A 2,561,581 6,882,676 30,426,018 31,118,447 Class AA 7,495, ,739 4,768,313 5,341,732 36,995,924 2,866,422 Class AA (HKD) 121,051 98,494 37,619,415 Class AA (HKD) Inc Class AA Inc 9,389,082 11,316 Class HA Class HC Class HI 2,137,749 Class I 15,327,923 44,868,738 23,968,299 68,970,472 Class I2 Class I3 280, ,292 Class J 5,637,209 Class S Class S Hedged Class T Shares outstanding as at 30 June 2015 Class A 6,888,537 24,451, ,168,827 45,553,691 Class AA 3,171, ,500 9,952,857 7,125,242 80,376,809 8,640,678 Class AA (HKD) 1, ,705 35,793,624 Class AA (HKD) Inc 55,363 Class AA Inc 11,986, ,958 Class HA 50,000 53,366 50,027 50,123 Class HC 50,000 52,660 50,000 50,000 Class HI 50,000 53,992 50, ,714 Class I 8,068,798 35,052,756 16,027, ,253,663 Class I2 Class I3 619, ,900 Class J 42,414,799 Class S Class S Hedged Class T The Notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 28

31 Statement of Changes in Shares (continued) for the year ended 30 June 2015 Emerging Eastern Europe Fund European Growth Fund Global Contrarian Fund Global Property Fund Global Resources Fund Greater China Opportunities Fund Shares outstanding as at 30 June 2014 Class A 34,555,028 8,753,712 Class AA 3,357,458 7,954,667 29,504,742 19,398,507 49,863,076 2,585 90,581,975 Class AA (HKD) Class AA (HKD) Inc Class AA Inc Class HA 50,000 Class HC 50,000 Class HI 50,000 Class I 5,954,310 5,359,805 Class I2 151,567 Class I3 Class J Class S 11,095 Class S Hedged Class T Healthcare Fund Total subscriptions Class A 4,089,717 2,948,921 Class AA 1,047,769 12,952,029 3,305,385 5,393,886 13,088,717 4,138, ,764,304 Class AA (HKD) 24,155 Class AA (HKD) Inc Class AA Inc Class HA Class HC Class HI 57 Class I 11,528,165 2,106,768 Class I2 535,886 Class I3 660, , , ,936 Class J Class S 3,595 Class S Hedged Class T Total redemptions Class A 7,090,658 3,860,650 Class AA 1,230,207 13,174,947 10,344,099 8,003,227 19,251,665 1,644,655 43,401,954 Class AA (HKD) Class AA (HKD) Inc Class AA Inc Class HA Class HC Class HI Class I 12,763,872 1,114,861 Class I2 637,453 Class I3 245,532 Class J Class S 13,541 Class S Hedged Class T Shares outstanding as at 30 June 2015 Class A 31,554,087 7,841,983 Class AA 3,175,020 7,731,749 22,466,028 16,789,166 43,700,128 2,496, ,944,325 Class AA (HKD) 24,155 Class AA (HKD) Inc Class AA Inc Class HA 50,000 Class HC 50,000 Class HI 50,057 Class I 4,718,603 6,351,712 Class I2 50,000 Class I3 415, , , ,936 Class J Class S 1,149 Class S Hedged Class T The Notes to the Financial Statements form an integral part of these financial statements. 29 MANULIFE GLOBAL FUND

32 STATEMENT OF CHANGES IN SHARES (continued) for the year ended 30 June 2015 India Equity Fund International Growth Fund Japanese Growth Fund Latin America Equity Fund Russia Equity Fund Strategic Income Fund Shares outstanding as at 30 June 2014 Class A 3,278,892 11,156,304 Class AA 134,550,316 3,727, ,613 86,421, ,342,136 32,084,387 24,591,265 Class AA (HKD) Class AA (HKD) Inc Class AA Inc Class HA 52,146 Class HC 51,709 Class HI 52,538 Class I Class I2 1,194,937 Class I3 Class J 18,045,350 Class S Class S Hedged 39,491,260 Class T Total subscriptions Class A 535,099 5,730,755 Class AA 59,778,662 4,932,344 11,630,916 21,421, ,556,694 4,529,519 10,547,082 Class AA (HKD) Class AA (HKD) Inc Class AA Inc Class HA 1,607 Class HC 1,333 Class HI 1,856 Class I Class I2 12,975, ,580 Class I3 700,060 Class J 809,900 Class S Class S Hedged 7,808,569 Class T Total redemptions Class A 1,085,697 7,096,154 Class AA 61,165,097 4,209,080 8,080,525 38,713, ,501,117 7,318,652 16,329,054 Class AA (HKD) Class AA (HKD) Inc Class AA Inc Class HA Class HC Class HI Class I Class I2 1,081, ,388 Class I3 243,021 Class J 18,855,250 Class S Class S Hedged 11,307,916 Class T Shares outstanding as at 30 June 2015 Class A 2,728,294 9,790,905 Class AA 133,163,881 4,450,975 4,131,004 69,129, ,397,713 29,295,254 18,809,293 Class AA (HKD) Class AA (HKD) Inc Class AA Inc Class HA 53,753 Class HC 53,042 Class HI 54,394 Class I Class I2 11,893,449 1,020,129 Class I3 457,039 Class J Class S Class S Hedged 35,991,913 Class T Taiwan Equity Fund The Notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 30

33 Statement of Changes in Shares (continued) for the year ended 30 June 2015 Turkey Equity Fund U.S. Bond Fund U.S. Small Cap Equity Fund U.S. Special Opportunities Fund U.S. Treasury Inflation-Protected Securities Fund Shares outstanding as at 30 June 2014 Class A Class AA 53,285, ,307,087 28,028, ,673,150 9,838,985 Class AA (HKD) Class AA (HKD) Inc Class AA Inc Class HA 53,101 50,000 Class HC 52,655 50,000 Class HI 53,495 50,000 Class I 1,178, ,106 1,963,173 Class I2 Class I3 Class J Class S Class S Hedged Class T 7,061,470 Total subscriptions Class A Class AA 69,615,272 58,155,850 5,907,893 39,280, ,986 Class AA (HKD) 39,326 2,381 Class AA (HKD) Inc 173,398 Class AA Inc 3,072,093 14,057,328 Class HA 1,610 Class HC 1,330 Class HI 1,862 Class I 24,271,496 1,083,829 14,334,511 Class I2 Class I3 1,550, ,018 Class J Class S Class S Hedged Class T 4,489,234 Total redemptions Class A Class AA 71,353,351 64,435,095 10,632,151 83,889,032 4,144,410 Class AA (HKD) 29,547 2,381 Class AA (HKD) Inc 79,747 Class AA Inc 1,137,923 2,240,651 Class HA Class HC Class HI Class I 11,868,355 1,754,935 10,845,745 Class I2 Class I3 237,678 Class J Class S Class S Hedged Class T 11,004,065 Shares outstanding as at 30 June 2015 Class A Class AA 51,547, ,027,842 23,304,506 76,064,369 6,530,561 Class AA (HKD) 9,779 Class AA (HKD) Inc 93,651 Class AA Inc 1,934,170 11,816,677 Class HA 54,711 50,000 Class HC 53,985 50,000 Class HI 55,357 50,000 Class I 13,581,746 5,451,939 Class I2 Class I3 1,550, ,340 Class J Class S Class S Hedged Class T 546,639 The Notes to the Financial Statements form an integral part of these financial statements. 31 MANULIFE GLOBAL FUND

34 American Growth Fund STATEMENT OF CHANGES IN SHARES for the year ended 30 June 2014 Asia Total Return Fund Asia Value Dividend Equity Fund Asian Equity Fund Asian Small Cap Equity Fund China Value Fund Dragon Growth Fund Shares outstanding as at 30 June 2013 Class A 9,054,935 29,758, ,848,571 41,160,693 Class AA 667,602 11,037,387 3,776,928 72,555,382 11,289,454 Class AA (HKD) 11,867,148*** Class AA Inc 29,750,028*** Class HA 50,000 50,712 50,000 50,000 Class HC 50,000 50,543 50,000 50,000 Class HI 50,000 50,862 50,000 50,000 Class I 948,378 23,277, ,913 40,789,269 Class I2 Class J Class S Class S Hedged Class T Total subscriptions Class A 1,955,263 5,403,293 18,400,828 25,405,762 Class AA 4,041,943 5,289,818 4,290,115 43,700,589 1,708,729 Class AA (HKD) 16,899,285*** Class AA Inc 8,007,412*** Class HA 1, Class HC 1,029 Class HI 1, ,754 Class I 6,006,711 11,693,762 18,795, ,810,368 Class I2 Class J Class S Class S Hedged Class T Total redemptions Class A 2,857,934 8,634,236 34,469,581 27,188,387 Class AA 1,315,631 6,808,689 4,086,964 38,076,580 3,890,851 Class AA (HKD) 8,194,212*** Class AA Inc 20,351,256*** Class HA Class HC Class HI Class I 1,482, ,093 1,716,630 24,324,364 Class I2 Class J Class S Class S Hedged Class T Shares outstanding as at 30 June 2014 Class A 8,152,264 26,527, ,779,818 39,378,068 Class AA 3,393,914 9,518,516 3,980,079 78,179,391 9,107,332 Class AA (HKD) 20,572,221*** Class AA Inc 17,406,184*** Class HA 50,000 52,004 50,027 50,000 Class HC 50,000 51,572 50,000 50,000 Class HI 50,000 52,387 50, ,754 Class I 5,472,976 34,489,028 17,702, ,275,273 Class I2 Class J Class S Class S Hedged Class T *** Previously Class AA The Notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 32

35 Statement of Changes in Shares (continued) for the year ended 30 June 2014 Emerging Eastern Europe Fund European Growth Fund Global Contrarian Fund Global Property Fund Global Resources Fund Greater China Opportunities Fund Healthcare Fund Shares outstanding as at 30 June 2013 Class A 38,766,851 6,738,851 Class AA 3,722, ,788 39,770,723 20,298,524 58,402,645 29,837,893 Class AA (HKD) Class AA Inc Class HA 50,000 Class HC 50,000 Class HI 50,000 Class I 5,256,214 Class I2 8,029,195 Class J Class S 19,924 Class S Hedged Class T Total subscriptions Class A 4,331,195 4,916,517 Class AA 1,599,670 9,575,605 4,605,560 5,121,651 14,279,179 2,585 87,188,963 Class AA (HKD) Class AA Inc Class HA Class HC Class HI Class I 6,101, ,722 Class I2 173,128 Class J Class S 4,720 Class S Hedged Class T Total redemptions Class A 8,543,018 2,901,656 Class AA 1,964,951 1,871,726 14,871,541 6,021,668 22,818,748 26,444,881 Class AA (HKD) Class AA Inc Class HA Class HC Class HI Class I 146,741 25,131 Class I2 8,050,756 Class J Class S 13,549 Class S Hedged Class T Shares outstanding as at 30 June 2014 Class A 34,555,028 8,753,712 Class AA 3,357,458 7,954,667 29,504,742 19,398,507 49,863,076 2,585 90,581,975 Class AA (HKD) Class AA Inc Class HA 50,000 Class HC 50,000 Class HI 50,000 Class I 5,954,310 5,359,805 Class I2 151,567 Class J Class S 11,095 Class S Hedged Class T The Notes to the Financial Statements form an integral part of these financial statements. 33 MANULIFE GLOBAL FUND

36 Statement of Changes in Shares (continued) for the year ended 30 June 2014 India Equity Fund International Growth Fund Japanese Growth Fund Latin America Equity Fund Russia Equity Fund Strategic Income Fund Taiwan Equity Fund Shares outstanding as at 30 June 2013 Class A 2,437,403 13,099,413 Class AA 161,690,585 1,251, , ,811, ,555,171 37,967,428 27,338,429 Class AA (HKD) Class AA Inc Class HA 50,675 Class HC 50,507 Class HI 50,825 Class I Class I2 1,274,105 Class J 17,072,555 Class S Class S Hedged 32,760,533 Class T Total subscriptions Class A 2,085,434 8,986,763 Class AA 34,486,928 5,505,129 4,399,600 22,300,696 73,083,366 7,082,608 10,528,390 Class AA (HKD) Class AA Inc Class HA 1,471 Class HC 1,202 Class HI 1,713 Class I Class I2 725,675 Class J 972,795 Class S Class S Hedged 10,712,061 Class T Total redemptions Class A 1,243,945 10,929,872 Class AA 61,627,197 3,028,897 4,443,740 41,690, ,296,401 12,965,649 13,275,554 Class AA (HKD) Class AA Inc Class HA Class HC Class HI Class I Class I2 804,843 Class J Class S Class S Hedged 3,981,334 Class T Shares outstanding as at 30 June 2014 Class A 3,278,892 11,156,304 Class AA 134,550,316 3,727, ,613 86,421, ,342,136 32,084,387 24,591,265 Class AA (HKD) Class AA Inc Class HA 52,146 Class HC 51,709 Class HI 52,538 Class I Class I2 1,194,937 Class J 18,045,350 Class S Class S Hedged 39,491,260 Class T The Notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 34

37 Statement of Changes in Shares (continued) for the year ended 30 June 2014 Turkey Equity Fund U.S. Bond Fund U.S. Small Cap Equity Fund U.S. Special Opportunities Fund U.S. Treasury Inflation-Protected Securities Fund Shares outstanding as at 30 June 2013 Class A Class AA 52,403, ,063,711 25,967,829 98,543,845 16,136,583 Class AA (HKD) Class AA Inc Class HA 50,935 50,000 Class HC 50,766 50,000 Class HI 51,084 50,000 Class I Class I2 Class J Class S Class S Hedged Class T 1,100,550 Total subscriptions Class A Class AA 65,946,965 43,822,254 12,197,657 85,084,759 1,951,132 Class AA (HKD) Class AA Inc Class HA 2,166 Class HC 1,889 Class HI 2,411 Class I 1,178,605 1,031,606 1,963,173 Class I2 Class J Class S Class S Hedged Class T 11,284,140 Total redemptions Class A Class AA 65,064,797 52,578,878 10,136,722 62,955,454 8,248,730 Class AA (HKD) Class AA Inc Class HA Class HC Class HI Class I 360,500 Class I2 Class J Class S Class S Hedged Class T 5,323,220 Shares outstanding as at 30 June 2014 Class A Class AA 53,285, ,307,087 28,028, ,673,150 9,838,985 Class AA (HKD) Class AA Inc Class HA 53,101 50,000 Class HC 52,655 50,000 Class HI 53,495 50,000 Class I 1,178, ,106 1,963,173 Class I2 Class J Class S Class S Hedged Class T 7,061,470 The Notes to the Financial Statements form an integral part of these financial statements. 35 MANULIFE GLOBAL FUND

38 Statement of Operations for the year ended 30 June 2015 (expressed in United States Dollars) American Growth Fund Asia Total Return Fund Asia Value Dividend Equity Fund Asian Equity Fund Asian Small Cap Equity Fund China Value Fund Income Dividends (Note 2.3) 2,543, ,600 2,540,644 11,904,014 24,829,106 Bond interest (Note 2.3) 3,938,258 Deposit interest (Note 2.3) 2, ,669 Other income ,543,932 3,940, ,619 2,541,046 11,905,769 24,829,134 Expenses Management fees (Note 3.1) 3,541, , ,647 1,642,126 6,309,689 15,783,610 Administration fees (Note 3.3) 237, ,809 49, , , ,640 Custodian fees (Note 3.3) 24,965 23,899 53, , , ,432 Taxation (Note 4) 111,934 62,008 8, ,533 4,189, ,244 Printing and publishing expenses 39,370 22,108 10,351 19,841 60, ,176 Legal and other professional fees 43,055 14,189 2,988 55, , ,417 Audit fees 24,465 8,469 1,648 13,953 40,331 94,488 Directors fees and expenses (Note 3.8) 2,713 1, ,302 5,193 11,745 Amortisation of formation expenses (Note 2.8) 1,005 8, , Bank charges ,153 9,514 5,095 Other expenses 9,386 3,642 6,132 13,967 45, ,275 4,036, , ,389 2,858,011 11,449,335 18,123,714 Net investment income/(deficit) (1,492,932) 3,007, ,230 (316,965) 456,434 6,705,420 The Notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 36

39 Statement of Operations (continued) for the year ended 30 June 2015 (expressed in United States Dollars) Dragon Growth Fund Emerging Eastern Europe Fund European Growth Fund Global Contrarian Fund Global Property Fund Global Resources Fund Income Dividends (Note 2.3) 3,440,597 4,801,487 2,613, , , ,798 Bond interest (Note 2.3) Deposit interest (Note 2.3) , Other income ,440,623 4,802,051 2,615, , , ,813 Expenses Management fees (Note 3.1) 1,950,017 1,945,837 1,573, , , ,081 Administration fees (Note 3.3) 145, , ,116 84,897 51,546 62,981 Custodian fees (Note 3.3) 26, ,942 29,998 19,363 7,025 10,823 Taxation (Note 4) 63,309 58,794 48,594 12,102 8,769 19,082 Printing and publishing expenses 21,063 27,057 18,914 9,731 6,243 9,795 Legal and other professional fees 19,680 41,649 20,196 9,733 3,855 9,370 Audit fees 23,279 28,582 10,978 5,846 1,568 6,425 Directors fees and expenses (Note 3.8) 1,362 1,485 1, Amortisation of formation expenses (Note 2.8) 1,225 1, Bank charges 598 1,130 1, Other expenses 13,458 30,195 6,218 1, ,672 2,264,903 2,689,444 1,852, , , ,811 Net investment income/(deficit) 1,175,720 2,112, ,805 24,901 12,036 (140,998) The Notes to the Financial Statements form an integral part of these financial statements. 37 MANULIFE GLOBAL FUND

40 Statement of Operations (continued) for the year ended 30 June 2015 (expressed in United States Dollars) Greater China Opportunities Fund Healthcare Fund India Equity Fund International Growth Fund Japanese Growth Fund Latin America Equity Fund Income Dividends (Note 2.3) 422,330 3,124,404 2,177, , ,027 1,615,967 Bond interest (Note 2.3) Deposit interest (Note 2.3) Other income ,349 3,124,423 2,177, , ,242 1,615,986 Expenses Management fees (Note 3.1) 161,467 3,903,943 3,219, , ,810 1,384,313 Administration fees (Note 3.3) 36, , ,949 56,231 86,044 99,097 Custodian fees (Note 3.3) 23,052 19, ,040 7,179 38,699 63,395 Taxation (Note 4) 2, ,874 3,526,697 9,085 18,696 35,807 Printing and publishing expenses 5,177 26,313 25,280 12,459 26,086 16,855 Legal and other professional fees 18,010 27, ,503 4,767 16,379 18,311 Audit fees 1,326 21,842 18,481 7,481 6,595 7,131 Directors fees and expenses (Note 3.8) 161 2,433 2, Amortisation of formation expenses (Note 2.8) 3, Bank charges Other expenses 1,326 6,297 5,963 1,199 1,113 3, ,027 4,302,620 7,359, , ,711 1,629,786 Net investment income/(deficit) 170,322 (1,178,197) (5,181,819) (7,472) 58,531 (13,800) The Notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 38

41 Statement of Operations (continued) for the year ended 30 June 2015 (expressed in United States Dollars) Russia Equity Fund Strategic Income Fund Taiwan Equity Fund Turkey Equity Fund U.S. Bond Fund U.S. Small Cap Equity Fund Income Dividends (Note 2.3) 4,490, , , ,406 99, ,191 Bond interest (Note 2.3) 3,634,776 6,636,786 Deposit interest (Note 2.3) Other income 1, ,492,393 3,919, , ,506 6,736, ,210 Expenses Management fees (Note 3.1) 1,775, , , ,171 1,812, ,032 Administration fees (Note 3.3) 206, ,153 46, , ,600 63,093 Custodian fees (Note 3.3) 219,407 25,971 51,883 48,264 18,826 14,654 Taxation (Note 4) 47,337 32,660 16,351 21,962 68,146 14,340 Printing and publishing expenses 17,808 15,610 36,313 37,154 33,529 6,641 Legal and other professional fees 34,986 16,212 6,891 10,639 26,144 6,502 Audit fees 24,009 7,219 7,212 3,796 12,709 2,665 Directors fees and expenses (Note 3.8) 1, , Amortisation of formation expenses (Note 2.8) 16,250 1, Bank charges 1,227 4, Other expenses 47,289 5,825 2,594 5,329 6, ,374,953 1,113, ,976 1,117,566 2,176, ,128 Net investment income/(deficit) 2,117,440 2,805, ,694 (148,060) 4,560,429 (323,918) The Notes to the Financial Statements form an integral part of these financial statements. 39 MANULIFE GLOBAL FUND

42 Statement of Operations (continued) for the year ended 30 June 2015 (expressed in United States Dollars) U.S. Special Opportunities Fund U.S. Treasury Inflation-Protected Securities Fund Combined for the year ended 30 June 2015 Income Dividends (Note 2.3) 416,108 71,077,420 Bond interest (Note 2.3) 6,416, ,119 20,759,899 Deposit interest (Note 2.3) 7 9,204 Other income ,384 6,833, ,138 91,848,907 Expenses Management fees (Note 3.1) 1,309, ,492 52,561,385 Administration fees (Note 3.3) 143,697 39,973 4,258,833 Custodian fees (Note 3.3) 12,646 4,924 2,030,089 Taxation (Note 4) 47,263 5,124 9,891,922 Printing and publishing expenses 38,975 4, ,320 Legal and other professional fees 22,164 2, ,907 Audit fees 12,560 1, ,104 Directors fees and expenses (Note 3.8) 1, ,039 Amortisation of formation expenses (Note 2.8) 2,185 38,520 Bank charges ,653 Other expenses 5, ,785 1,595, ,993 71,146,557 Net investment income/(deficit) 5,237,110 (63,855) 20,702,350 The Notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 40

43 Statement of Operations for the year ended 30 June 2014 (expressed in United States Dollars) American Growth Fund Asia Total Return Fund Asia Value Dividend Equity Fund Asian Equity Fund Asian Small Cap Equity Fund China Value Fund Income Dividends (Note 2.3) 2,721, ,683 2,153,472 5,808,900 24,754,171 Bond interest (Note 2.3) 2,783,322 Deposit interest (Note 2.3) 2, Other income ,721,254 2,785, ,687 2,153,733 5,809,576 24,754,382 Expenses Management fees (Note 3.1) 3,446, , ,923 1,410,633 4,450,020 15,274,345 Administration fees (Note 3.3) 236, ,585 59, , ,710 1,085,934 Custodian fees (Note 3.3) 17,815 14,235 61,964 95, , ,974 Taxation (Note 4) 115,175 16,900* 8, ,097* 352,058* 510,708 Printing and publishing expenses 25,576 8,788 5,302 14,787 37,526 90,646 Legal and other professional fees 67,710 10,147 6,457 64,076 86, ,997 Audit fees 43,941 19,719 5,179 20,096 58, ,325 Directors fees and expenses (Note 3.8) 4,101 1, ,691 4,494 18,789 Amortisation of formation expenses (Note 2.8) ,728 7, , Bank charges ,299 8,463 1,342 Other expenses 5,192 1,609 1,267 4,176 7,575 26,490 3,963, , ,337 1,895,562 5,498,257 17,714,140 Net investment income/(deficit) (1,241,990) 2,122, , , ,319 7,040,242 The Notes to the Financial Statements form an integral part of these financial statements. * The figures for the year ended 30 June 2014 related to taxation and net profits (losses) realised on foreign currency have been reclassified to ensure comparability with the figures for the year ended 30 June MANULIFE GLOBAL FUND

44 Statement of Operations (continued) for the year ended 30 June 2014 (expressed in United States Dollars) Dragon Growth Fund Emerging Eastern Europe Fund European Growth Fund Global Contrarian Fund Global Property Fund Global Resources Fund Income Dividends (Note 2.3) 2,376,788 4,324,071 2,701, , , ,803 Bond interest (Note 2.3) 7 Deposit interest (Note 2.3) Other income ,377,760 4,324,345 2,701, , , ,844 Expenses Management fees (Note 3.1) 1,398,822 2,684,103 1,294, , , ,205 Administration fees (Note 3.3) 125, , , ,032 52,701 77,265 Custodian fees (Note 3.3) 17, ,809 27,103 23,592 7,970 14,207 Taxation (Note 4) 46,967 89,196 46,287 17,783 9,609 26,538 Printing and publishing expenses 13,566 18,894 14,644 6,547 4,623 6,290 Legal and other professional fees 18,286 60,169 17,184 27,141 22,735 14,679 Audit fees 25,963 58,128 17,985 13,497 6,796 10,422 Directors fees and expenses (Note 3.8) 1,545 3,425 1, ,042 Amortisation of formation expenses (Note 2.8) 211 1,970 Bank charges 316 1, Other expenses 4,511 13,969 2,957 1, ,408 1,653,481 3,591,116 1,543, , ,678 1,087,095 Net investment income/(deficit) 724, ,229 1,158,434 (94,876) 135,770 (142,251) The Notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 42

45 Statement of Operations (continued) for the year ended 30 June 2014 (expressed in United States Dollars) Greater China Opportunities Fund Healthcare Fund India Equity Fund International Growth Fund Japanese Growth Fund Latin America Equity Fund Income Dividends (Note 2.3) 227,698 1,333,428 2,082, ,666 1,000,557 2,816,349 Bond interest (Note 2.3) Deposit interest (Note 2.3) 69 Other income 227,698 1,333,428 2,082, ,735 1,000,557 2,816,349 Expenses Management fees (Note 3.1) 118,039 1,655,292 2,586, , ,002 1,816,092 Administration fees (Note 3.3) 30,479 96, ,058 58,121 94, ,184 Custodian fees (Note 3.3) 19,778 13, ,927 6,869 37,792 90,241 Taxation (Note 4) 1,161 55, ,235* 8,381 20,098 51,764 Printing and publishing expenses ,554 15,203 7,842 9,979 9,866 Legal and other professional fees 23,887 10, ,236 4,029 8,464 26,565 Audit fees 4,369 18,828 25,112 6,622 10,144 21,193 Directors fees and expenses (Note 3.8) 188 1,164 2, ,097 Amortisation of formation expenses (Note 2.8) Bank charges Other expenses 612 2,077 3,032 1,155 1,239 2, ,291 1,866,967 3,429, , ,188 2,129,480 Net investment income/(deficit) 28,407 (533,539) (1,347,646) 17, , ,869 The Notes to the Financial Statements form an integral part of these financial statements. * The figures for the year ended 30 June 2014 related to taxation and net profits (losses) realised on foreign currency have been reclassified to ensure comparability with the figures for the year ended 30 June MANULIFE GLOBAL FUND

46 Statement of Operations (continued) for the year ended 30 June 2014 (expressed in United States Dollars) Russia Equity Fund Strategic Income Fund Taiwan Equity Fund Turkey Equity Fund U.S. Bond Fund U.S. Small Cap Equity Fund Income Dividends (Note 2.3) 2,314, , , ,064 72, ,022 Bond interest (Note 2.3) 4,480,733 7,343,550 Deposit interest (Note 2.3) 3,308 5 Other income 1, ,316,300 4,669, , ,130 7,416, ,022 Expenses Management fees (Note 3.1) 2,293, , , ,613 1,793, ,170 Administration fees (Note 3.3) 218, ,980 48, , ,838 66,701 Custodian fees (Note 3.3) 288,840 16,580 56,806 46,853 13,470 12,910 Taxation (Note 4) 65,709 36,815 18,478 23,531 71,735 15,509 Printing and publishing expenses 11,425 13,397 27,237 27,433 15,730 5,840 Legal and other professional fees 50,834 14,697 33,477 11,607 31,108 2,731 Audit fees 49,876 24,859 9,399 9,842 29,760 12,842 Directors fees and expenses (Note 3.8) 2,638 1, , Amortisation of formation expenses (Note 2.8) 22, Bank charges 906 1, Other expenses 12,363 5, ,394 3,354 1,035 2,995,157 1,203, ,143 1,120,709 2,152, ,992 Net investment income/(deficit) (678,857) 3,465, ,766 (299,579) 5,263,955 (402,970) The Notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 44

47 Statement of Operations (continued) for the year ended 30 June 2014 (expressed in United States Dollars) U.S. Special Opportunities Fund U.S. Treasury Inflation-Protected Securities Fund Combined for the year ended 30 June 2014 Income Dividends (Note 2.3) 526,555 60,556,093 Bond interest (Note 2.3) 7,308, ,779 22,197,161 Deposit interest (Note 2.3) 7,368 Other income 51 4,046 7,835, ,779 82,764,668 Expenses Management fees (Note 3.1) 1,441, ,345 48,242,000 Administration fees (Note 3.3) 144,805 45,312 4,356,887 Custodian fees (Note 3.3) 11,832 5,867 1,913,618 Taxation (Note 4) 58,982 7,518 2,085,835* Printing and publishing expenses 14,758 3, ,942 Legal and other professional fees 27,593 4,721 1,026,977 Audit fees 22,222 6, ,181 Directors fees and expenses (Note 3.8) 1, ,565 Amortisation of formation expenses (Note 2.8) ,174 Bank charges 33 24,769 Other expenses 2, ,845 1,726, ,145 58,981,793 Net investment income/(deficit) 6,108,653 5,634 23,782,875 The Notes to the Financial Statements form an integral part of these financial statements. * The figures for the year ended 30 June 2014 related to taxation and net profits (losses) realised on foreign currency have been reclassified to ensure comparability with the figures for the year ended 30 June MANULIFE GLOBAL FUND

48 STATISTICAL INFORMATION for the year ended 30 June 2015 (expressed in United States Dollars) American Growth Fund Class A Class AA Class AA (HKD) Class HA Class HC Class HI Class I Class I Total Net Assets 206,729,561 5,406,817 2,556 71,254 70,665 72,126 11,934, ,858 Number of Shares in Issue 6,888,537 3,171,325 1,870 50,000 50,000 50,000 8,068, ,199 Net Asset Value per share * Total Net Assets 227,691,017 5,398,564 66,837 66,485 67,357 7,501,077 Number of Shares in Issue 8,152,264 3,393,914 50,000 50,000 50,000 5,472,976 Net Asset Value per share Total Net Assets 206,163, ,813 54,931 54,806 55,115 1,055,340 Number of Shares in Issue 9,054, ,602 50,000 50,000 50, ,378 Net Asset Value per share * Expressed in Hong Kong Dollars The Notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 46

49 STATISTICAL INFORMATION (continued) for the year ended 30 June 2015 (expressed in United States Dollars) Class AA Asia Total Return Fund Class AA (HKD) Inc Class AA Inc Class HA Class HC Class HI Class I Class J 2015 Total Net Assets 127,687 70,956 11,334,974 50,108 49,417 50,723 38,984,697 41,660,995 Number of Shares in Issue 128,500 55,363 11,986,972 53,366 52,660 53,992 35,052,756 42,414,799 Net Asset Value per share * Total Net Assets 17,136,020 50,851 50,404 51,248 40,103,194 Number of Shares in Issue 17,406,184 52,004 51,572 52,387 34,489,028 Net Asset Value per share Total Net Assets 28,880,921 48,821 48,635 48,986 26,099,028 Number of Shares in Issue 29,750,028 50,712 50,543 50,862 23,277,359 Net Asset Value per share * Expressed in Hong Kong Dollars The Notes to the Financial Statements form an integral part of these financial statements. 47 MANULIFE GLOBAL FUND

50 STATISTICAL INFORMATION (continued) for the year ended 30 June 2015 (expressed in United States Dollars) Asia Value Dividend Equity Fund Asian Equity Fund Class AA Class AA Inc Class A Class AA Class I Class I Total Net Assets 18,456, ,815 83,537,158 7,833,086 20,306, ,572 Number of Shares in Issue 9,952, ,958 24,451,712 7,125,242 16,027, ,900 Net Asset Value per share Total Net Assets 15,217,419 87,047,620 4,196,246 21,432,515 Number of Shares in Issue 9,518,516 26,527,588 3,980,079 17,702,134 Net Asset Value per share Total Net Assets 16,145,996 82,363,206 3,357, ,891 Number of Shares in Issue 11,037,387 29,758,531 3,776, ,913 Net Asset Value per share The Notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 48

51 STATISTICAL INFORMATION (continued) for the year ended 30 June 2015 (expressed in United States Dollars) Asian Small Cap Equity Fund Class AA Class AA (HKD) Class HA Class HC Class HI Class I 2015 Total Net Assets 192,322, ,529 70,044 69,464 71, ,279,079 Number of Shares in Issue 80,376, ,705 50,027 50,000 50, ,253,663 Net Asset Value per share * Total Net Assets 187,700,224 70,801 70,427 71, ,081,853 Number of Shares in Issue 78,179,391 50,027 50,000 50, ,275,273 Net Asset Value per share Total Net Assets 146,197,519 59,405 59,271 59,650 57,114,984 Number of Shares in Issue 72,555,382 50,000 50,000 50,000 40,789,269 Net Asset Value per share * Expressed in Hong Kong Dollars The Notes to the Financial Statements form an integral part of these financial statements. 49 MANULIFE GLOBAL FUND

52 STATISTICAL INFORMATION (continued) for the year ended 30 June 2015 (expressed in United States Dollars) China Value Fund Class A Class AA Class HA Class HC Class HI 2015 Total Net Assets 1,102,769,712 26,606,731 75,419 74, ,007 Number of Shares in Issue 112,168,827 8,640,678 50,123 50, ,714 Net Asset Value per share Total Net Assets 956,080,188 22,584,500 60,759 60, ,740 Number of Shares in Issue 120,779,818 9,107,332 50,000 50, ,754 Net Asset Value per share Total Net Assets 955,328,287 24,693,678 53,694 53,572 53,873 Number of Shares in Issue 136,848,571 11,289,454 50,000 50,000 50,000 Net Asset Value per share The Notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 50

53 STATISTICAL INFORMATION (continued) for the year ended 30 June 2015 (expressed in United States Dollars) Dragon Growth Fund Emerging Eastern Europe Fund European Growth Fund Class A Class AA (HKD)** Class A Class AA Class A Class AA Class I Class I Total Net Assets 103,945,990 50,981, ,121,041 4,544,530 86,354,842 6,159,168 4,818, ,503 Number of Shares in Issue 45,553,691 35,793,624 31,554,087 3,175,020 7,841,983 7,731,749 4,718, ,114 Net Asset Value per share * Total Net Assets 74,770,266 24,436, ,051,965 6,796, ,100,235 6,816,800 6,507,067 Number of Shares in Issue 39,378,068 20,572,221 34,555,028 3,357,458 8,753,712 7,954,667 5,954,310 Net Asset Value per share * Total Net Assets 64,969,128 11,715, ,551,194 6,996,701 65,349, ,223 Number of Shares in Issue 41,160,693 11,867,148 38,766,851 3,722,739 6,738, ,788 Net Asset Value per share * * Expressed in Hong Kong Dollars The Notes to the Financial Statements form an integral part of these financial statements. 51 MANULIFE GLOBAL FUND

54 STATISTICAL INFORMATION (continued) for the year ended 30 June 2015 (expressed in United States Dollars) Global Contrarian Fund Class AA Class HA Class HC Class HI Class I2 Class I3 Class S 2015 Total Net Assets 21,334,410 51,834 51,404 52,480 57, , Number of Shares in Issue 22,466,028 50,000 50,000 50,057 50, ,790 1,149 Net Asset Value per share ** 2014 Total Net Assets 28,731,042 53,487 53,204 53, ,683 8,745 Number of Shares in Issue 29,504,742 50,000 50,000 50, ,567 11,095 Net Asset Value per share ** 2013 Total Net Assets 32,117,286 44,645 44,543 44,806 7,745,653 13,933 Number of Shares in Issue 39,770,723 50,000 50,000 50,000 8,029,195 19,924 Net Asset Value per share ** ** Expressed in Singapore Dollars The Notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 52

55 STATISTICAL INFORMATION (continued) for the year ended 30 June 2015 (expressed in United States Dollars) Global Property Fund Global Resources Fund Greater China Opportunities Fund Class AA Class AA (HKD) Class AA Class AA Class I Class I Total Net Assets 16,752,887 29,200 33,715,806 2,817,049 15,204, ,073 Number of Shares in Issue 16,789,166 24,155 43,700,128 2,496,826 6,351, ,060 Net Asset Value per share * Total Net Assets 19,043,197 53,363,088 2,591 11,342,362 Number of Shares in Issue 19,398,507 49,863,076 2,585 5,359,805 Net Asset Value per share Total Net Assets 18,945,193 51,841,235 9,623,781 Number of Shares in Issue 20,298,524 58,402,645 5,256,214 Net Asset Value per share * Expressed in Hong Kong Dollars The Notes to the Financial Statements form an integral part of these financial statements. 53 MANULIFE GLOBAL FUND

56 STATISTICAL INFORMATION (continued) for the year ended 30 June 2015 (expressed in United States Dollars) Healthcare Fund India Equity Fund International Growth Fund Class AA Class I3 Class AA Class I2 Class A Class AA 2015 Total Net Assets 294,997, , ,124,829 11,708,129 13,117,249 4,912,996 Number of Shares in Issue 147,944, , ,163,881 11,893,449 2,728,294 4,450,975 Net Asset Value per share Total Net Assets 153,019, ,782,591 15,278,278 3,992,264 Number of Shares in Issue 90,581, ,550,316 3,278,892 3,727,711 Net Asset Value per share Total Net Assets 41,158, ,662,960 9,218,379 1,090,740 Number of Shares in Issue 29,837, ,690,585 2,437,403 1,251,479 Net Asset Value per share The Notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 54

57 STATISTICAL INFORMATION (continued) for the year ended 30 June 2015 (expressed in United States Dollars) Japanese Growth Fund Latin America Equity Fund Russia Equity Fund Class A Class AA Class I3 Class AA Class AA 2015 Total Net Assets 34,568,619 3,751, ,807 59,999, ,753,093 Number of Shares in Issue 9,790,905 4,131, ,039 69,129, ,397,713 Net Asset Value per share Total Net Assets 37,406, , ,610, ,531,352 Number of Shares in Issue 11,156, ,613 86,421, ,342,136 Net Asset Value per share Total Net Assets 41,375, , ,691, ,711,776 Number of Shares in Issue 13,099, , ,811, ,555,171 Net Asset Value per share The Notes to the Financial Statements form an integral part of these financial statements. 55 MANULIFE GLOBAL FUND

58 STATISTICAL INFORMATION (continued) for the year ended 30 June 2015 (expressed in United States Dollars) Strategic Income Fund Class AA Class HA Class HC Class HI Class I2 Class J Class S Hedged 2015 Total Net Assets 31,604,331 50,895 50,195 51,517 1,036,689 24,704,230 Number of Shares in Issue 29,295,254 53,753 53,042 54,394 1,020,129 35,991,913 Net Asset Value per share ** 2014 Total Net Assets 36,550,901 51,814 51,359 52,221 1,337,665 20,181,286 30,608,777 Number of Shares in Issue 32,084,387 52,146 51,709 52,538 1,194,937 18,045,350 39,491,260 Net Asset Value per share ** 2013 Total Net Assets 42,658,487 49,673 49,484 49,842 1,392,775 19,017,315 25,053,725 Number of Shares in Issue 37,967,428 50,675 50,507 50,825 1,274,105 17,072,555 32,760,533 Net Asset Value per share ** ** Expressed in Singapore Dollars The Notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 56

59 STATISTICAL INFORMATION (continued) for the year ended 30 June 2015 (expressed in United States Dollars) Taiwan Turkey Equity Fund Equity Fund Class AA Class AA 2015 Total Net Assets 32,315,901 40,801,352 Number of Shares in Issue 18,809,293 51,547,433 Net Asset Value per share Total Net Assets 39,705,731 51,227,603 Number of Shares in Issue 24,591,265 53,285,512 Net Asset Value per share Total Net Assets 36,878,339 50,033,028 Number of Shares in Issue 27,338,429 52,403,344 Net Asset Value per share The Notes to the Financial Statements form an integral part of these financial statements. 57 MANULIFE GLOBAL FUND

60 STATISTICAL INFORMATION (continued) for the year ended 30 June 2015 (expressed in United States Dollars) Class AA Class AA (HKD) U.S. Bond Fund Class AA (HKD) Inc Class AA Inc Class HA Class HC Class HI Class I Class I Total Net Assets 130,515,588 12, ,392 1,906,962 51,744 51,031 52,378 13,728,665 1,539,310 Number of Shares in Issue 108,027,842 9,779 93,651 1,934,170 54,711 53,985 55,357 13,581,746 1,550,545 Net Asset Value per share * * Total Net Assets 142,835,090 51,814 51,359 52,218 1,183,652 Number of Shares in Issue 114,307,087 53,101 52,655 53,495 1,178,605 Net Asset Value per share Total Net Assets 152,426,184 49,254 49,067 49,419 Number of Shares in Issue 123,063,711 50,935 50,766 51,084 Net Asset Value per share * Expressed in Hong Kong Dollars The Notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 58

61 STATISTICAL INFORMATION (continued) for the year ended 30 June 2015 (expressed in United States Dollars) U.S. Small Cap Equity Fund Class AA Class HA Class HC Class HI Class I Class I Total Net Assets 27,607,859 59,942 59,446 60, ,692 Number of Shares in Issue 23,304,506 50,000 50,000 50, ,340 Net Asset Value per share Total Net Assets 32,022,767 58,154 57,847 58, ,417 Number of Shares in Issue 28,028,764 50,000 50,000 50, ,106 Net Asset Value per share Total Net Assets 25,236,715 49,768 49,655 49,935 Number of Shares in Issue 25,967,829 50,000 50,000 50,000 Net Asset Value per share The Notes to the Financial Statements form an integral part of these financial statements. 59 MANULIFE GLOBAL FUND

62 STATISTICAL INFORMATION (continued) for the year ended 30 June 2015 (expressed in United States Dollars) U.S. Special Opportunities Fund U.S. Treasury Inflation-Protected Securities Fund Class AA Class AA Inc Class I Class T Class AA 2015 Total Net Assets 69,607,012 10,750,026 5,146, ,771 8,379,924 Number of Shares in Issue 76,064,369 11,816,677 5,451, ,639 6,530,561 Net Asset Value per share Total Net Assets 125,582,908 1,987,893 8,555,478 13,007,109 Number of Shares in Issue 120,673,150 1,963,173 7,061,470 9,838,985 Net Asset Value per share Total Net Assets 95,311,853 1,243,102 20,668,066 Number of Shares in Issue 98,543,845 1,100,550 16,136,583 Net Asset Value per share The Notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 60

63 STATISTICAL INFORMATION (continued) for the year ended 30 June 2015 (expressed in United States Dollars) American Growth Fund Class A Class AA Class AA (HKD) Class HA Class HC Class HI Class I Class I Highest Subscription Price * Lowest Redemption Price * Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price * Expressed in Hong Kong Dollars The Notes to the Financial Statements form an integral part of these financial statements. 61 MANULIFE GLOBAL FUND

64 STATISTICAL INFORMATION (continued) for the year ended 30 June 2015 (expressed in United States Dollars) Class AA Asia Total Return Fund Class AA (HKD) Inc Class AA Inc** Class HA Class HC Class HI Class I Class J 2015 Highest Subscription Price * Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price 2009 Highest Subscription Price Lowest Redemption Price 2008 Highest Subscription Price Lowest Redemption Price 2007 Highest Subscription Price Lowest Redemption Price 2006 Highest Subscription Price Lowest Redemption Price * Expressed in Hong Kong Dollars ** Previously Class AA until 15 June 2014 The Notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 62

65 STATISTICAL INFORMATION (continued) for the year ended 30 June 2015 (expressed in United States Dollars) Asia Value Dividend Equity Fund Asian Equity Fund Asian Opportunities Fund Class AA Class AA Inc Class A Class AA Class I Class I3 Class I 2015 Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price The Notes to the Financial Statements form an integral part of these financial statements. 63 MANULIFE GLOBAL FUND

66 STATISTICAL INFORMATION (continued) for the year ended 30 June 2015 (expressed in United States Dollars) Asian Small Cap Equity Fund Class AA Class AA (HKD) Class HA Class HC Class HI Class I Class I Highest Subscription Price * Lowest Redemption Price * Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price * Expressed in Hong Kong Dollars The Notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 64

67 STATISTICAL INFORMATION (continued) for the year ended 30 June 2015 (expressed in United States Dollars) China Value Fund Dragon Growth Fund Class A Class AA Class HA Class HC Class HI Class A Class AA Class AA (HKD)** 2015 Highest Subscription Price * Lowest Redemption Price * 2014 Highest Subscription Price * Lowest Redemption Price * 2013 Highest Subscription Price * Lowest Redemption Price * 2012 Highest Subscription Price * Lowest Redemption Price * 2011 Highest Subscription Price * Lowest Redemption Price * 2010 Highest Subscription Price * Lowest Redemption Price * 2009 Highest Subscription Price * Lowest Redemption Price * 2008 Highest Subscription Price * Lowest Redemption Price * 2007 Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price * Expressed in Hong Kong Dollars ** Previously Class AA until 15 June 2014 The Notes to the Financial Statements form an integral part of these financial statements. 65 MANULIFE GLOBAL FUND

68 STATISTICAL INFORMATION (continued) for the year ended 30 June 2015 (expressed in United States Dollars) Emerging Eastern Europe Fund Emerging Markets Infrastructure European Fund a Growth Fund Class A Class AA Class AA Class A Class AA Class I Class I3 Class J 2015 Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price a Liquidated on 28 June 2013 The Notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 66

69 STATISTICAL INFORMATION (continued) for the year ended 30 June 2015 (expressed in United States Dollars) Global Contrarian Fund Class AA Class HA Class HC Class HI Class I Class I2 Class I3 Class J Class S 2015 Highest Subscription Price ** Lowest Redemption Price ** 2014 Highest Subscription Price ** Lowest Redemption Price ** 2013 Highest Subscription Price ** Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price 2007 Highest Subscription Price Lowest Redemption Price 2006 Highest Subscription Price Lowest Redemption Price ** Expressed in Singapore Dollars The Notes to the Financial Statements form an integral part of these financial statements. 67 MANULIFE GLOBAL FUND

70 STATISTICAL INFORMATION (continued) for the year ended 30 June 2015 (expressed in United States Dollars) Class AA Global Property Fund Global Resources Fund Greater China Opportunities Fund Healthcare Fund Class AA (HKD) Class J Class AA Class AA Class I Class I3 Class AA Class I Highest Subscription Price * Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price * Expressed in Hong Kong Dollars The Notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 68

71 STATISTICAL INFORMATION (continued) for the year ended 30 June 2015 (expressed in United States Dollars) India Equity Fund International Growth Fund Japanese Growth Fund Latin America Equity Fund Russia Equity Fund Class AA Class I2 Class A Class AA Class A Class AA Class I3 Class AA Class AA 2015 Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price The Notes to the Financial Statements form an integral part of these financial statements. 69 MANULIFE GLOBAL FUND

72 STATISTICAL INFORMATION (continued) for the year ended 30 June 2015 (expressed in United States Dollars) Strategic Income Fund Class AA Class HA Class HC Class HI Class I Class I2 Class J Class S Hedged 2015 Highest Subscription Price ** Lowest Redemption Price ** 2014 Highest Subscription Price ** Lowest Redemption Price ** 2013 Highest Subscription Price ** Lowest Redemption Price ** 2012 Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price 2008 Highest Subscription Price Lowest Redemption Price 2007 Highest Subscription Price Lowest Redemption Price 2006 Highest Subscription Price Lowest Redemption Price ** Expressed in Singapore Dollars The Notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 70

73 STATISTICAL INFORMATION (continued) for the year ended 30 June 2015 (expressed in United States Dollars) Taiwan Turkey Equity Fund Equity Fund Class AA Class AA 2015 Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price The Notes to the Financial Statements form an integral part of these financial statements. 71 MANULIFE GLOBAL FUND

74 STATISTICAL INFORMATION (continued) for the year ended 30 June 2015 (expressed in United States Dollars) Class AA Class AA (HKD) U.S. Bond Fund Class AA (HKD) Inc Class AA Inc Class HA Class HC Class HI Class I Class I Highest Subscription Price * * Lowest Redemption Price * * Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price * Expressed in Hong Kong Dollars The Notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 72

75 STATISTICAL INFORMATION (continued) for the year ended 30 June 2015 (expressed in United States Dollars) U.S. Small Cap Equity Fund Class AA Class HA Class HC Class HI Class I Class I Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price The Notes to the Financial Statements form an integral part of these financial statements. 73 MANULIFE GLOBAL FUND

76 STATISTICAL INFORMATION (continued) for the year ended 30 June 2015 (expressed in United States Dollars) U.S. Special Opportunities Fund U.S. Treasury Inflation-Protected Securities Fund U.S.Value Fund Class AA Class AA (HKD) Class AA Inc Class I Class J Class T Class AA Class J 2015 Highest Subscription Price * Lowest Redemption Price * Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price Highest Subscription Price Lowest Redemption Price * Expressed in Hong Kong Dollars The Notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 74

77 INDUSTRIAL COMPOSITION OF PORTFOLIOS AS A PERCENTAGE OF NET ASSET VALUE (UNAUDITED) as at 30 June 2015 and 30 June June 2015 American Growth Fund 30 June June 2015 Asia Total Return Fund 30 June June 2015 Asia Value Dividend Equity Fund 30 June June 2015 Asian Equity Fund 30 June 2014 Asset backed and mortgage backed securities 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Basic materials 0.00% 0.00% 6.26% 6.53% 1.01% 2.70% 3.62% 6.77% Communications 17.71% 15.43% 4.33% 6.67% 3.54% 7.68% 6.83% 5.29% Consumer, cyclical 16.46% 12.24% 2.77% 4.93% 20.35% 22.32% 14.98% 15.33% Consumer, Non-cyclical 3.02% 5.52% 2.81% 1.24% 3.99% 2.06% 3.25% 1.27% Energy 8.87% 13.16% 8.02% 6.32% 3.69% 6.01% 0.00% 6.42% Financials 25.80% 23.69% 31.40% 35.64% 31.61% 27.19% 28.99% 15.20% Funds 0.00% 0.00% 0.00% 0.68% 0.00% 0.00% 0.00% 0.00% Healthcare 7.98% 6.83% 0.00% 0.00% 0.85% 0.00% 5.99% 2.82% Industrials 4.19% 5.15% 7.19% 8.49% 13.38% 10.88% 20.72% 24.77% Real Estate 1.53% 0.00% 0.27% 0.83% 7.99% 8.39% 0.58% 0.48% Supranationals, governments and local public authorities 0.00% 0.00% 26.72% 21.78% 0.00% 0.00% 0.00% 0.00% Technology 13.36% 16.54% 0.88% 0.00% 6.44% 9.19% 9.63% 15.08% Utilities 0.00% 0.00% 1.92% 1.86% 4.37% 4.76% 1.53% 6.40% Total Securities 98.92% 98.56% 92.57% 94.97% 97.22% % 96.12% 99.83% 75 MANULIFE GLOBAL FUND

78 INDUSTRIAL COMPOSITION OF PORTFOLIOS AS A PERCENTAGE OF NET ASSET VALUE (UNAUDITED) (continued) as at 30 June 2015 and 30 June 2014 Asian Small Cap Equity Fund 30 June June June 2015 China Value Fund 30 June June 2015 Dragon Growth Fund 30 June June 2015 Emerging Eastern Europe Fund 30 June 2014 Asset backed and mortgage backed securities 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Basic materials 7.16% 4.65% 0.45% 0.47% 0.83% 0.97% 6.17% 4.65% Communications 5.43% 5.45% 8.38% 5.26% 15.90% 14.84% 5.97% 6.41% Consumer, cyclical 20.17% 21.48% 8.74% 14.51% 6.17% 8.91% 6.99% 7.26% Consumer, Non-cyclical 2.67% 2.73% 0.53% 1.52% 0.92% 0.91% 11.46% 7.11% Energy 1.07% 4.07% 7.05% 13.34% 5.30% 10.48% 27.70% 32.00% Financials 7.45% 5.19% 35.85% 16.95% 39.29% 36.98% 29.78% 33.11% Funds 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.12% 1.04% Healthcare 13.34% 5.40% 4.27% 6.63% 2.13% 5.90% 0.00% 0.00% Industrials 26.17% 29.02% 12.49% 12.41% 16.81% 16.14% 6.00% 4.24% Real Estate 0.00% 1.06% 3.80% 4.79% 1.95% 1.16% 0.00% 0.00% Supranationals, governments and local public authorities 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Technology 7.09% 16.53% 6.89% 15.61% 3.95% 0.00% 0.00% 0.00% Utilities 0.67% 3.64% 9.52% 2.88% 3.52% 3.38% 2.04% 2.41% Total Securities 91.22% 99.22% 97.97% 94.37% 96.77% 99.67% 97.23% 98.23% MANULIFE GLOBAL FUND 76

79 INDUSTRIAL COMPOSITION OF PORTFOLIOS AS A PERCENTAGE OF NET ASSET VALUE (UNAUDITED) (continued) as at 30 June 2015 and 30 June June 2015 European Growth Fund 30 June 2014 Global Contrarian Fund 30 June June June 2015 Global Property Fund 30 June June 2015 Global Resources Fund 30 June 2014 Asset backed and mortgage backed securities 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Basic materials 9.32% 7.65% 1.06% 1.56% 0.00% 0.00% 57.88% 54.50% Communications 10.70% 10.52% 10.73% 10.04% 0.00% 0.00% 0.00% 0.00% Consumer, cyclical 10.27% 2.52% 9.01% 5.20% 3.62% 5.14% 0.00% 0.00% Consumer, Non-cyclical 9.64% 8.12% 19.31% 17.27% 0.00% 0.00% 0.00% 0.00% Energy 5.76% 8.37% 3.88% 7.14% 0.00% 0.00% 41.25% 41.47% Financials 21.75% 18.70% 16.57% 15.31% 23.75% 23.12% 0.00% 0.00% Funds 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Healthcare 16.32% 17.31% 14.11% 14.73% 0.00% 0.00% 0.00% 0.00% Industrials 9.72% 10.66% 16.90% 17.83% 1.74% 1.77% 1.24% 2.64% Real Estate 0.00% 0.00% 0.00% 0.00% 69.14% 68.64% 0.00% 0.00% Supranationals, governments and local public authorities 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Technology 5.45% 6.94% 7.51% 8.20% 0.00% 0.00% 0.00% 0.00% Utilities 0.30% 3.03% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Total Securities 99.23% 93.82% 99.08% 97.28% 98.25% 98.67% % 98.61% 77 MANULIFE GLOBAL FUND

80 INDUSTRIAL COMPOSITION OF PORTFOLIOS AS A PERCENTAGE OF NET ASSET VALUE (UNAUDITED) (continued) as at 30 June 2015 and 30 June June 2015 Greater China Opportunities Fund 30 June June 2015 Healthcare Fund 30 June June 2015 India Equity Fund 30 June June 2015 International Growth Fund 30 June 2014 Asset backed and mortgage backed securities 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Basic materials 1.79% 2.91% 0.00% 0.00% 2.14% 0.77% 5.80% 4.09% Communications 13.63% 9.83% 0.00% 0.00% 0.00% 0.00% 6.51% 7.17% Consumer, cyclical 6.48% 5.65% 3.21% 3.58% 11.76% 12.90% 14.45% 13.99% Consumer, Non-cyclical 1.28% 2.61% 0.00% 0.00% 7.67% 4.15% 8.84% 9.63% Energy 3.87% 7.45% 0.00% 0.00% 9.11% 12.93% 5.15% 9.12% Financials 34.25% 25.01% 0.00% 0.00% 23.33% 24.76% 15.95% 18.24% Funds 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Healthcare 2.40% 6.82% 95.94% 93.91% 8.16% 7.23% 14.73% 12.46% Industrials 19.52% 23.22% 0.62% 0.00% 17.25% 14.98% 9.53% 10.34% Real Estate 0.66% 0.00% 0.00% 0.00% 0.00% 0.00% 1.48% 0.52% Supranationals, governments and local public authorities 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Technology 11.64% 12.66% 0.00% 0.00% 18.71% 20.44% 11.80% 11.02% Utilities 3.31% 2.64% 0.00% 0.00% 0.77% 0.00% 2.72% 2.65% Total Securities 98.83% 98.80% 99.77% 97.49% 98.90% 98.16% 96.96% 99.23% MANULIFE GLOBAL FUND 78

81 INDUSTRIAL COMPOSITION OF PORTFOLIOS AS A PERCENTAGE OF NET ASSET VALUE (UNAUDITED) (continued) as at 30 June 2015 and 30 June June 2015 Japanese Growth Fund 30 June June 2015 Latin America Equity Fund 30 June June 2015 Russia Equity Fund 30 June June 2015 Strategic Income Fund 30 June 2014 Asset backed and mortgage backed securities 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 9.14% 6.77% Basic materials 8.78% 6.54% 6.95% 10.18% 13.50% 13.83% 0.55% 0.79% Communications 12.03% 9.72% 5.22% 2.82% 9.36% 11.38% 8.16% 6.99% Consumer, cyclical 11.99% 27.26% 11.15% 12.73% 3.31% 4.46% 6.14% 4.72% Consumer, Non-cyclical 5.17% 0.00% 13.66% 12.34% 12.47% 9.33% 3.73% 3.54% Energy 3.33% 1.35% 1.70% 6.14% 41.60% 41.53% 1.33% 4.51% Financials 25.84% 22.33% 29.96% 23.27% 13.33% 14.84% 18.51% 19.96% Funds 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Healthcare 4.65% 7.59% 0.00% 2.27% 0.00% 0.00% 9.81% 7.13% Industrials 26.88% 16.11% 19.42% 23.09% 0.00% 0.00% 5.19% 4.86% Real Estate 1.28% 0.10% 5.70% 3.98% 0.00% 0.00% 0.30% 0.33% Supranationals, governments and local public authorities 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 30.80% 33.40% Technology 0.00% 8.19% 3.40% 1.55% 0.00% 0.00% 2.37% 1.57% Utilities 0.00% 0.81% 2.04% 0.00% 4.41% 2.61% 4.49% 4.09% Total Securities 99.95% % 99.20% 98.37% 97.98% 97.98% % 98.66% 79 MANULIFE GLOBAL FUND

82 INDUSTRIAL COMPOSITION OF PORTFOLIOS AS A PERCENTAGE OF NET ASSET VALUE (UNAUDITED) (continued) as at 30 June 2015 and 30 June June 2015 Taiwan Equity Fund 30 June June 2015 Turkey Equity Fund 30 June June 2015 U.S. Bond Fund 30 June 2014 U.S. Small Cap Equity Fund 30 June June 2014 Asset backed and mortgage backed securities 0.00% 0.00% 0.00% 0.00% 41.39% 31.12% 0.00% 0.00% Basic materials 2.81% 2.73% 4.36% 4.74% 1.60% 2.20% 4.56% 5.84% Communications 11.10% 9.93% 3.54% 3.67% 2.84% 3.59% 3.06% 2.54% Consumer, cyclical 4.97% 5.75% 10.87% 8.95% 6.66% 5.02% 17.90% 17.80% Consumer, Non-cyclical 2.34% 0.00% 8.61% 8.42% 1.61% 1.75% 7.26% 4.11% Energy 0.00% 1.14% 3.09% 3.10% 4.23% 5.34% 1.71% 3.74% Financials 15.70% 13.55% 38.59% 38.39% 17.32% 22.14% 14.29% 13.62% Funds 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Healthcare 1.56% 1.59% 0.00% 0.00% 1.78% 1.70% 17.04% 17.03% Industrials 29.58% 29.82% 22.15% 22.39% 3.31% 3.28% 11.78% 20.56% Real Estate 0.00% 0.00% 6.07% 4.36% 0.78% 0.62% 5.91% 2.55% Supranationals, governments and local public authorities 0.00% 0.00% 0.00% 0.00% 12.28% 17.53% 0.00% 0.00% Technology 28.58% 33.33% 0.00% 0.00% 1.09% 1.25% 13.40% 9.26% Utilities 0.00% 0.00% 2.12% 2.12% 1.45% 2.30% 1.69% 1.16% Total Securities 96.64% 97.84% 99.40% 96.14% 96.34% 97.84% 98.60% 98.21% MANULIFE GLOBAL FUND 80

83 INDUSTRIAL COMPOSITION OF PORTFOLIOS AS A PERCENTAGE OF NET ASSET VALUE (UNAUDITED) (continued) as at 30 June 2015 and 30 June June 2015 U.S. Special Opportunities Fund 30 June 2014 U.S. Treasury Inflation-Protected Securities Fund 30 June June 2014 Asset backed and mortgage backed securities 0.00% 0.00% 0.91% 2.34% Basic materials 4.02% 7.35% 0.00% 0.00% Communications 14.64% 15.17% 0.00% 0.35% Consumer, cyclical 14.59% 19.07% 0.00% 0.00% Consumer, Non-cyclical 5.10% 5.43% 0.00% 0.00% Energy 9.45% 12.98% 0.00% 0.00% Financials 20.02% 15.10% 0.00% 0.00% Funds 0.00% 0.00% 0.00% 0.00% Healthcare 8.57% 7.39% 0.00% 0.00% Industrials 9.38% 6.49% 0.00% 0.00% Real Estate 0.63% 0.81% 0.00% 0.00% Supranationals, governments and local public authorities 0.00% 0.12% 98.88% 96.71% Technology 2.68% 3.62% 0.00% 0.00% Utilities 3.06% 2.90% 0.00% 0.00% Total Securities 92.14% 96.43% 99.79% 99.40% 81 MANULIFE GLOBAL FUND

84 STATEMENT OF MOVEMENTS IN PORTFOLIO HOLDINGS (UNAUDITED) as at 30 June 2015 and 30 June June 2015 American Growth Fund 30 June June 2015 Asia Total Return Fund 30 June 2014 Asia Value Dividend Equity Fund 30 June June June 2015 Asian Equity Fund USD USD USD USD USD USD USD USD 30 June 2014 Bonds 61,590,132 43,412,474 Bonds convertibles Equities 222,478, ,331,116 18,653,345 15,396, ,718, ,460,226 Funds Mortgage and Asset Backed Securities Rights 53 26,592 Supranationals, Governments and Local Public Authorities, Debt Instruments 23,876,809 11,093,017 Warrants Equity 2,611 Total Portfolio of Investments 222,478, ,331,116 85,466,941 54,505,491 18,655,956 15,396, ,718, ,486,818 MANULIFE GLOBAL FUND 82

85 STATEMENT OF MOVEMENTS IN PORTFOLIO HOLDINGS (UNAUDITED) (continued) as at 30 June 2015 and 30 June June 2015 Asian Small Cap Equity Fund 30 June June 2015 China Value Fund 30 June June 2015 Dragon Growth Fund 30 June June 2015 Emerging Eastern Europe Fund USD USD USD USD USD USD USD USD 30 June 2014 Bonds Bonds convertibles Equities 395,357, ,616,148 1,107,235, ,046, ,916,065 98,875, ,629, ,073,938 Funds 1,761,458 Mortgage and Asset Backed Securities Rights Supranationals, Governments and Local Public Authorities, Debt Instruments Warrants Equity Total Portfolio of Investments 395,357, ,616,148 1,107,235, ,046, ,916,065 98,875, ,629, ,835, MANULIFE GLOBAL FUND

86 STATEMENT OF MOVEMENTS IN PORTFOLIO HOLDINGS (UNAUDITED) (continued) as at 30 June 2015 and 30 June June 2015 European Growth Fund 30 June June 2015 Global Contrarian Fund 30 June June 2015 Global Property Fund 30 June June 2015 Global Resources Fund USD USD USD USD USD USD USD USD 30 June 2014 Bonds Bonds convertibles 277,182 Equities 96,988, ,119,106 21,958,324 28,287,081 16,477,466 18,786,117 33,842,038 52,343,414 Funds Mortgage and Asset Backed Securities Rights 50,190 Supranationals, Governments and Local Public Authorities, Debt Instruments Warrants Equity 10,367 3,809 Total Portfolio of Investments 96,988, ,169,296 21,958,324 28,287,081 16,487,833 18,789,926 33,842,038 52,620,596 MANULIFE GLOBAL FUND 84

87 STATEMENT OF MOVEMENTS IN PORTFOLIO HOLDINGS (UNAUDITED) (continued) as at 30 June 2015 and 30 June June 2015 Greater China Opportunities Fund 30 June June 2015 Healthcare Fund 30 June June 2015 India Equity Fund 30 June June 2015 International Growth Fund USD USD USD USD USD USD USD USD 30 June 2014 Bonds Bonds convertibles Equities 18,489,034 11,208, ,022, ,185, ,661, ,651,565 17,482,411 19,122,604 Funds Mortgage and Asset Backed Securities Rights Supranationals, Governments and Local Public Authorities, Debt Instruments Warrants Equity Total Portfolio of Investments 18,489,034 11,208, ,022, ,185, ,661, ,651,565 17,482,411 19,122, MANULIFE GLOBAL FUND

88 STATEMENT OF MOVEMENTS IN PORTFOLIO HOLDINGS (UNAUDITED) (continued) as at 30 June 2015 and 30 June June 2015 Japanese Growth Fund 30 June June 2015 Latin America Equity Fund 30 June June 2015 Russia Equity Fund 30 June June 2015 Strategic Income Fund USD USD USD USD USD USD USD USD 30 June 2014 Bonds 29,893,667 46,832,644 Bonds convertibles 297, ,515 Equities 38,764,912 37,906,692 59,516,413 98,965,760 99,704, ,017,838 5,018,223 6,053,043 Funds Mortgage and Asset Backed Securities 5,254,230 6,018,075 Rights Supranationals, Governments and Local Public Authorities, Debt Instruments 17,336,020 28,109,541 Warrants Equity Total Portfolio of Investments 38,764,912 37,906,692 59,516,413 98,965,760 99,704, ,017,838 57,799,376 87,643,818 MANULIFE GLOBAL FUND 86

89 STATEMENT OF MOVEMENTS IN PORTFOLIO HOLDINGS (UNAUDITED) (continued) as at 30 June 2015 and 30 June June 2015 Taiwan Equity Fund 30 June June 2015 Turkey Equity Fund 30 June June 2015 U.S. Bond Fund 30 June June 2015 U.S. Small Cap Equity Fund USD USD USD USD USD USD USD USD 30 June 2014 Bonds 61,246,741 68,905,542 Bonds convertibles 263, ,943 Equities 31,229,056 38,849,024 40,558,480 49,252,466 1,698,502 1,793,250 28,032,789 32,326,783 Funds Mortgage and Asset Backed Securities 61,243,922 44,865,016 Rights Supranationals, Governments and Local Public Authorities, Debt Instruments 18,110,172 25,266,669 Warrants Equity Total Portfolio of Investments 31,229,056 38,849,024 40,558,480 49,252, ,562, ,063,420 28,032,789 32,326, MANULIFE GLOBAL FUND

90 STATEMENT OF MOVEMENTS IN PORTFOLIO HOLDINGS (UNAUDITED) (continued) as at 30 June 2015 and 30 June June 2015 U.S. Special Opportunities Fund 30 June 2014 U.S. Treasury Inflation-Protected Securities Fund 30 June June 2014 USD USD USD USD Bonds 73,198, ,444,250 45,918 Bonds convertibles 2,155,794 1,737,752 Equities 3,954,647 10,921,712 Funds Mortgage and Asset Backed Securities 75, ,780 Rights Supranationals, Governments and Local Public Authorities, Debt Instruments 166,421 8,286,202 12,578,146 Warrants Equity Total Portfolio of Investments 79,308, ,270,135 8,362,081 12,928,844 MANULIFE GLOBAL FUND 88

91 AMERICAN GROWTH FUND Portfolio of Investments as at 30 June 2015 Quantity/ Par Value Description Cost USD Market Value USD % of Net Assets Transferable securities and money market instruments admitted to an official exchange listing (1) Equities Cayman Islands 4,870 Alibaba Group Holding 335, , , , Curacao 71,501 Schlumberger Limited 5,682,915 6,147, ,682,915 6,147, Germany 33,902 Adidas AG 2,251,085 2,617, ,251,085 2,617, Ireland 49,908 Medtronic Inc. 1,959,854 3,687, ,959,854 3,687, Switzerland 39,499 Novartis AG ADR 2,493,981 3,902, ,493,981 3,902, United Kingdom 26,818 Diageo plc ADR 2,161,749 3,127, ,161,749 3,127, United States 36,340 Amazon.Com Inc. 7,541,790 15,774, ,083 American Express Company 2,074,356 2,809, ,252 American International Group Inc. 5,546,699 7,629, ,706 American Tower Corp. 3,474,817 3,434, ,012 Amgen Inc. 2,397,788 4,134, ,564 Apache Corp. 3,635,711 2,096, ,233 Apple Computer Company 8,539,359 12,405, ,068 Bank of America Corp. 7,590,869 10,422, ,286 Cabot Oil & Gas Corp. 2,116,168 1,994, ,510 Carmax Inc. P.P. 144A 2,797,051 4,025, ,336 Caterpillar Inc. 2,326,726 2,254, ,207 Chevron Corp. 1,729,675 1,860, ,266 Cisco Systems Inc. 4,388,062 4,360, ,131 Citigroup Inc. 9,269,682 10,411, ,000 Danaher Corp. 2,213,692 2,384, ,630 Ebay Inc. 2,630,392 2,832, ,079 EMC Corp. 3,383,437 3,506, ,517 Exxon Mobil Corp. 1,857,943 1,959, ,466 Facebook Inc. A 6,971,037 9,000, ,572 General Electric Company 3,231,139 4,377, ,509 Goldman Sachs Group Inc. 4,897,579 7,000, ,959 Google Inc. A 2,599,903 4,309, ,600 Google Inc. C 2,820,663 4,492, ,136 IHS Inc. 3,549,731 4,023, ,860 JPMorgan Chase & Company 5,584,208 9,509, MANULIFE GLOBAL FUND

92 AMERICAN GROWTH FUND Portfolio of Investments as at 30 June 2015 Quantity/ Par Value Description Cost USD Market Value USD % of Net Assets United States (continued) 178,113 Lennar Corp. 6,323,474 9,158, ,608 Linkedin Corp. 2,249,889 3,023, ,742 Lowe s Companies Inc. 1,863,746 4,454, ,895 Merck & Company Inc. 2,501,024 3,826, ,704 Morgan Stanley 1,612,347 3,693, ,767 NVR Inc. 3,570,154 5,115, ,900 Occidental Petroleum Corp. 4,281,899 3,725, ,746 Oracle Corp. 1,414,298 1,918, ,017 PepsiCo Inc. 2,573,907 3,657, ,943 Polo Ralph Lauren Corp. 6,260,654 6,247, ,813 Prudential Financial Inc. 1,322,361 1,996, ,303 Qualcomm Inc. 3,330,015 3,855, ,965 Southwestern Energy Company 2,784,867 2,180, ,156 T Rowe Price Group Inc. 1,844,529 2,192, ,088 Tempur-Pedic International Inc. 3,745,230 5,398, ,430 United Parcel Service Inc. 2,103,612 2,778, ,948 Wells Fargo & Company 1,382,191 2,361, ,332, ,591, Equities Total 167,217, ,478, Total Transferable securities and money market instruments admitted to an official exchange listing (1) 167,217, ,478, Portfolio of Investments 167,217, ,478, Other Net Assets 2,428, Net Assets 224,906, (1) All securities classified under this section are listed on a stock-exchange. The notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 90

93 AMERICAN GROWTH FUND Investment Objective: The sub-fund aims to achieve capital growth from a portfolio of North American equities, with the main emphasis on the U.S. While the portfolio consists predominantly of securities of a carefully selected list of larger companies, smaller and medium-sized quoted companies are also included. PERFORMANCE FROM 1 JULY 2014 TO 30 June 2015* American Growth Fund Class A +7.45% American Growth Fund Class AA +7.18% American Growth Fund Class HA +6.61% American Growth Fund Class HC +6.29% American Growth Fund Class HI +7.08% American Growth Fund Class I +7.92% S&P 500 Index +7.42% PERFORMANCE FROM 8 JULY 2014 TO 30 June 2015 American Growth Fund Class AA HKD +5.92% PORTFOLIO REVIEW The Share Class A returned 7.45% for the period, compared to the S&P 500 Index return of 7.42%. A sizable overweight position and strong security selection in the consumer discretionary sector gave the biggest boost to performance versus the Index. A significant part of this outperformance came from the Sub-fund s investment in e-commerce leader Amazon.com, Inc., a top holding at nearly 6% of assets. Amazon s share price rose over 33% during the period. Most of this gain came in 2015 after the company reported better-than-expected quarterly results, driven by its online dominance, the strength of its web services business and less intense investment spending. Other consumer discretionary standouts were direct beneficiaries of the U.S. housing recovery, including homebuilder Lennar Corporation and home improvement retailer Lowe s Companies, Inc. Stock picks in financials also aided performance versus the Index. Standouts included diversified financial The Goldman Sachs Group, Inc., which benefited from increased volatility that helped trading revenues, as well as from a pickup in mergers and acquisitions activity. Elsewhere, individual contributors included social network company Facebook, Inc., as its new advertising products for mobile users and huge user base fueled revenue and profit growth. All of these positions represented sizable overweight positions that posted strong doubledigit gains. Health care detracted the most from relative performance. The Fund lost ground from having a sizable underweight position in this top-performing sector because few stocks here looked reasonably valued to us. However, many health care stocks continued to climb, buoyed by mergers and acquisitions activity and new product releases. Stock picks in energy and consumer staples further hampered results versus the Index. Among the biggest individual detractors were energy-related companies, including exploration and production companies Apache Corporation and Occidental Petroleum Corporation, energy services company Schlumberger N.V. and natural gas producer Southwestern Energy Company. All four companies stock prices fell sharply as global oversupply and sluggish demand caused commodity prices to plunge. Another detractor was mobile semiconductor manufacturer QUALCOMM, Inc., as slowing handset growth, increased competition and challenges to its overseas licensing business pressured its stock return. The Sub-fund ended the period with a bias toward stocks in the more economically sensitive financials, information technology and consumer discretionary sectors, which together represented roughly 70% of assets. * The performance return of the fund is calculated in U.S. dollar terms and includes dividends re-invested; whereas the index (or indices) is calculated in U.S. dollar terms and on total return basis. 91 MANULIFE GLOBAL FUND

94 AMERICAN GROWTH FUND MARKET REVIEW The U.S. stock market proved resilient over the past year, posting a solid gain despite some significant challenges. On the positive side, the U.S. economy showed modest improvement, although severe winter weather stalled its progress in the first quarter of The U.S. Federal Reserve Board kept interest rates near historic lows. Consumer confidence generally increased, and corporate earnings were largely favorable. However, multiple concerns hindered returns, including geopolitical unrest in the Middle East and a steep drop in oil prices. Disappointing global economic growth, a strong U.S dollar and expectations that U.S. interest rates would move higher further pressured results. Within the S&P 500 Index, health care and consumer discretionary stocks were standout performers, while energy stocks posted a steep decline. OUTLOOK Not much has changed about our outlook. Many investors appear to be concerned that stocks look fairly valued after the U.S. equity market s six-year run and the increased likelihood of an interest rate hike. However, our sub-fund s portfolio manager remain optimistic that improving U.S. economic growth and careful security selection can lead to further gains. Going forward, they expect to maintain our focus on financially sound companies with sustainable cash flows and attractive valuations. They especially favor prospects for large-capitalization stocks, which we believe are more attractively valued than small- and mid-cap stocks, while offering solid earnings growth prospects. MANULIFE GLOBAL FUND 92

95 ASIA TOTAL RETURN FUND Portfolio of Investments as at 30 June 2015 Quantity/ Par Value Description Cost USD Market Value USD % of Net Assets Transferable securities and money market instruments admitted to an official exchange listing (1) Supranationals, Governments and Local Public Authorities, Debt Instruments Indonesia 5,000,000,000 Indonesia (Govt of) 7.000% 15/May/ , , ,200,000,000 Indonesia (Govt of) 8.250% 15/Jun/ , , ,000,000,000 Indonesia (Govt of) 8.375% 15/Mar/2024 1,641,310 1,432, ,000,000,000 Indonesia (Govt of) 8.375% 15/Mar/2034 1,797,822 1,791, ,000,000,000 Indonesia (Govt of) 9.500% 15/Jul/ , , ,057,909 4,190, New Zealand 550,000 New Zealand (Govt of) 5.500% 15/Apr/ , , , , Philippines 85,000,000 Philippine (Govt of) 4.950% 15/Jan/2021 1,994,437 1,988, ,994,437 1,988, Republic of Korea (South) 19,000,000,000 Export-Import Bank of Korea 8.000% 1,529,585 1,377, /May/2018 1,000,000,000 Korea (Govt of) 2.250% 10/Jun/ , , ,000,000,000 Korea (Govt of) 2.750% 10/Jun/2017 1,951,596 1,827, ,500,000,000 Korea (Govt of) 2.750% 10/Mar/2018 1,448,789 1,376, ,000,000 Korea (Govt of) 3.500% 10/Sep/ , , ,000,000,000 Korea (Govt of) Treasury Bond 2.750% 917, , /Sep/ ,000,000 Korea (Govt of) Treasury Bond 5.000% 680, , /Jun/ ,000,000 Korea (Govt of) Treasury Bond 5.750% 404, , /Sep/2018 8,534,877 8,226, Supranational 30,000,000 Asian Development Bank 6.350% 496, , /Aug/ ,000,000 European Bank for Reconstruction & 1,230,267 1,173, Development 6.000% 3/Mar/ ,000,000 IBRD 6.000% 20/Dec/2016 1,650,181 1,555, ,000,000 Inter-American Development Bank 517, , % 24/Jul/2015 3,893,603 3,668, Thailand 30,000,000 Thailand (Govt of) 1.200% 14/Jul/ , , , , United Kingdom 4,000,000 United Kingdom Gilt 2.700% 21/Oct/2017 ** 651, , , , MANULIFE GLOBAL FUND Supranationals, Governments and Local Public Authorities, Debt Instruments Total 21,649,848 20,060,

96 ASIA TOTAL RETURN FUND Portfolio of Investments as at 30 June 2015 Quantity/ Par Value Description Cost USD Market Value USD % of Net Assets Bonds Australia 1,000,000 Commonwealth Bank of Australia 5.125% 819, , /Aug/ ,000 Crown Group Finance Limited 5.750% 689, , /Jul/2017 1,000,000 FMG Resources 8.250% 1/Nov/2019 1,037, , ,000 Telstra Corp. Limited 7.750% 15/Jul/ , , ,084,041 2,589, Canada 200,000 PTTEP Canada International Finance Limited 206, , % 5/Apr/ ,000 PTTEP Canada International Finance Limited 250, , % 12/Jun/ , , Cayman Islands 300,000 Agile Property Holdings Limited 8.375% 310, , /Feb/ ,000 Agile Property Holdings Limited 8.875% 238, , /Apr/2017 1,100,000 Champion 3.750% 17/Jan/2023 1,013,030 1,051, ,000 China Overseas Finance Cayman V Limited 398, , % 15/Nov/ ,000 China Overseas Finance Cayman V Limited 354, , % 15/Nov/ ,000 China Overseas Finance Cayman VI Limited 404, , % 8/May/ ,000 China Shanshui Cement Group Limited 250, , % 25/May/ ,000 Country Garden Holdings Company Limited 314, , % 27/May/ ,000 Hutchison Whampoa International Limited 504, , % 29/Apr/ ,000 Longfor Properties Company Limited 6.875% 308, , /Oct/ ,000 MCE Finance Limited 5.000% 15/Feb/ , , ,000 New World China Land 5.375% 6/Nov/ , , ,000 Parkson Retail Group 4.500% 3/May/ , , ,000 Shimao Property Holdings Limited 6.625% 600, , /Jan/ ,000 Sun Hung Kai Properties Capital Market 481, , Limited 4.500% 14/Feb/ ,000 Texhong Textile Group Limited 7.625% 412, , /Jan/ ,000 UOB Cayman Limited FRN 15/Mar/ , , ,481,065 7,590, MANULIFE GLOBAL FUND 94

97 ASIA TOTAL RETURN FUND Portfolio of Investments as at 30 June 2015 Quantity/ Par Value Description Cost USD Market Value USD % of Net Assets China 1,000,000 Bank of China Limited 5.000% 13/Nov/2024 1,043,750 1,023, ,000,000 Baosteel Group Corp. Limited 4.150% 653, , /Mar/2017** 600,000 Bluestar Finance Holdings Limited 4.375% 600, , /Jun/ ,000 China Construction Bank FRN 13/May/ , , ,600,000 China Construction Bank Corp. FRN 261, , /Nov/2024** 5,000,000 Export-Import Bank of China 3.000% 803, , /May/2016** 3,809,487 3,788, Hong Kong 500,000 Bank of East Asia Limited FRN 13/Sep/ , , ,000 Chalieco Hong Kong Corp. Limited FRN 509, , /Aug/2049 3,000,000 China Construction Bank Asia Corp. Limited 482, , % 13/Mar/2016** 6,000,000 China Unicom Hong Kong Limited 4.000% 968, , /Apr/2017** 700,000 FPT Finance Limited 6.375% 28/Sep/ , , ,000 Hero Asia Investment Limited FRN 305, , /Dec/2049 5,000,000 HKCG Finance Limited 1.400% 762, , /Apr/2016** 500,000 Sino Land Company Limited 3.250% 497, , /Sep/2017 1,000,000 Wheelock Finance Limited 4.500% 821, , /Sep/ ,000 Yancoal International Trading Company 608, , Limited FRN 29/May/2049 6,104,977 6,104, India 500,000 Icici Bank Limited 3.500% 18/Mar/ , , ,000 JSW Steel Limited 4.750% 12/Nov/ , , ,000 Reliance Industries Limited 4.125% 247, , /Jan/ ,000 Reliance Industries Limited 4.875% 593, , /Feb/2045 1,835,055 1,775, MANULIFE GLOBAL FUND

98 ASIA TOTAL RETURN FUND Portfolio of Investments as at 30 June 2015 Quantity/ Par Value Description Cost USD Market Value USD % of Net Assets Indonesia 600,000 Indosat Palapa Company BV 7.375% 645, , /Jul/ ,000 Mitra Pinasthika 6.750% 19/Sep/ , , ,000 Pelabuhan Indonesia 4.875% 1/Oct/ , , ,000 Pelabuhan Indonesia II Pt 4.250% 544, , /May/ ,000 Pertamina Persero PT 6.450% 30/May/ , , ,000,000 Pertamina PT 5.250% 23/May/2021 1,047,501 1,041, ,000 Perusahaan Listrik Negara PT 5.500% 408, , /Nov/ ,000 Theta Capital Pte Limited 7.000% 617, , /May/2019 4,882,724 4,745, Jersey Channel Islands 300,000 West China Cement Limited 6.500% 298, , /Sep/ , , Malaysia 6,750,000 Cagamas Global 3.700% 22/Sep/2017** 1,098,904 1,088, ,300,000 Cimb Bank Bhd 4.375% 25/Sep/2019 1,177,918 1,007, ,000,000 Ioi Investment Bhd 4.375% 27/Jun/ ,840 1,012, ,000 Malayan Banking Bhd 3.800% 28/Apr/ , , ,000 Petronas Capital Limited 4.500% 888, , /Mar/2045 1,000,000 Ssg Resources Limited 4.250% 4/Oct/2022 1,002,422 1,014, ,770,234 5,558, Netherlands 1,000,000 Bharti Airtel International Netherlands BV 978,540 1,047, % 11/Mar/ ,000 Indo Energy Finance II BV 6.375% 610, , /Jan/2023 1,000,000 Majapahit Holding BV 7.750% 20/Jan/2020 1,172,000 1,158, ,000,000 Volkswagen International Finance NV 3.750% 160, , /Nov/2017** 2,921,154 2,835, New Zealand 5,000,000 Fonterra Cooperative Group Limited 3.600% 811, , /Jan/2019** 811, , Philippines 14,000,000 Petron Corp % 10/Nov/ , , , , MANULIFE GLOBAL FUND 96

99 ASIA TOTAL RETURN FUND Portfolio of Investments as at 30 June 2015 Quantity/ Par Value Description Cost USD Market Value USD % of Net Assets Republic of Korea (South) 300,000 Export-Import Bank of Korea 4.875% 255, , /Dec/ ,000,000 Export-Import Bank of Korea 7.000% 419, , /Jun/ ,000,000,000 Export-Import Bank of Korea 8.400% 1,187, , /Jul/ ,000 Sk Telecom Company Limited 4.750% 523, , /Nov/2017 2,386,507 1,964, Singapore 200,000 ABJA Investment Company Pte Limited 200, , % 31/Jan/ ,000 Alam Synergy Pte Limited 9.000% 608, , /Jan/2019 5,000,000 Global Logistic Properties Limited 3.375% 778, , /May/2016** 500,000 Global Logistic Properties 3.875% 4/Jun/ , , ,000 Mapletree Treasury Services Limited FRN 399, , /Jul/2049 1,750,000 Singapore Post Limited 4.250% 29/Sep/2049 1,398,071 1,366, ,000 Tbg Global Pte Limited 4.625% 3/Apr/ , , ,365,657 4,370, Supranational 50,000,000 International Finance Corp % 804, , /Dec/ , , Thailand 600,000 PTT Global Chemical pcl 4.250% 19/Sep/ , , ,000 Thai Oil pcl 3.625% 23/Jan/ , , ,000 Thai Oil pcl 4.875% 23/Jan/ , , ,490,435 1,463, United Kingdom 300,000 Vedanta Resources 6.000% 31/Jan/ , , ,000 Vedanta Resources plc 9.500% 18/Jul/ , , , , United States 5,000,000 Caterpillar Financial Services Corp % 816, , /Nov/2017** 900,000 Citigroup Inc % 29/Jun/ , , ,000 Cnooc Finance 3.500% 5/May/ , , ,000 Morgan Stanley 7.375% 22/Feb/ , , ,000 Reliance Holdings USA Inc % 248, , /Feb/2022 3,356,169 3,130, MANULIFE GLOBAL FUND

100 ASIA TOTAL RETURN FUND Portfolio of Investments as at 30 June 2015 Quantity/ Par Value Description Cost USD Market Value USD % of Net Assets Virgin Islands (British) 2,000,000 Avic International Finance & Investment 321, , Limited 4.800% 10/Apr/2017** 1,000,000 Bestgain Real Estate Limited 2.625% 941, , /Mar/2018 1,250,000 Bestgain Real Estate Limited 3.275% 1,002, , /Nov/ ,000 Ccci Treasure Limited FRN 29/Dec/ , , ,000 China Cinda Finance Limited 3.125% 498, , /Apr/2020 5,000,000 Datang Telecom 5.500% 29/Sep/2017** 812, , ,000 Double Rosy Limited 3.625% 18/Nov/ , , ,000,000 Eastern Creation Investment II Holdings 977, , Limited 3.750% 27/Jun/2017** 500,000 Franshion Investment Limited 4.700% 506, , /Oct/2017 1,000,000 Greenland Global Investment Limited 4.375% 994,200 1,014, /Jul/ ,000 Henson Finance Limited 5.500% 17/Sep/ , , ,000 Hysan Mtn Limited 3.500% 16/Jan/ , , ,000 Poly Real Estate Finance Limited 4.500% 896, , /Aug/2018 5,000,000 Sinochem Offshore Capital Company Limited 807, , % 13/May/2017** 300,000 Sino-Ocean Land 5.950% 4/Feb/ , , ,000 Star Energy Geothermal 6.125% 197, , /Mar/2020 1,000,000 Wiseyear Holdings Limited 5.875% 1,033,079 1,110, /Apr/ ,674,081 10,838, Bonds Total 61,472,609 60,095, Total Transferable securities and money market instruments admitted to an official exchange listing (1) 83,122,457 80,155, Transferable securities and money market instruments dealt in on another regulated market and recently issued transferable securities (2) Supranationals, Governments and Local Public Authorities, Debt Instruments MANULIFE GLOBAL FUND 98

101 ASIA TOTAL RETURN FUND Portfolio of Investments as at 30 June 2015 Quantity/ Par Value Description Cost USD Market Value USD % of Net Assets China 3,000,000 China (Govt of) 1.400% 18/Aug/2016** 478, , , , Malaysia 1,500,000 Malaysia (Govt of) 3.580% 28/Sep/ , , ,500,000 Malaysia (Govt of) 3.654% 31/Oct/2019 1,081, , ,000,000 Malaysia (Govt of) 3.835% 12/Aug/ , , ,500,000 Malaysia (Govt of) 4.048% 30/Sep/ , , ,500,000 Malaysia (Govt of) 4.160% 15/Jul/ , , ,500,000 Malaysia (Govt of) 4.392% 15/Apr/ , , ,898,485 3,339, Supranationals, Governments and Local Public Authorities, Debt Instruments Total 4,376,771 3,816, Total Transferable securities and money market instruments dealt in on another regulated market and recently issued transferable securities (2) 4,376,771 3,816, Other transferable securities and money market instruments (2) Bonds Australia 600,000 Incitec Pivot Limited 5.750% 21/Feb/ , , , , China 4,000,000 Industrial & Commercial Bank of China 644, , Limited 3.350% 19/Nov/2016** 644, , United States 500,000 Morgan Stanley 7.600% 8/Aug/ , , , , Bonds Total 1,617,438 1,494, Total Other transferable securities and money market instruments (2) 1,617,438 1,494, Portfolio of Investments 89,116,666 85,466, Other Net Assets 6,862, Net Assets 92,329, ** The security is valued with the off-shore FX rate of CNH (refer to note 2.2 on page 242) (1) All securities classified under this section are listed on a stock-exchange. (2) All securities classified under this section are unlisted. The notes to the Financial Statements form an integral part of these financial statements. 99 MANULIFE GLOBAL FUND

102 ASIA TOTAL RETURN FUND Investment Objective: The sub-fund aims to maximize total returns from a combination of capital appreciation and income generation. The sub-fund primarily invests in a diversified portfolio of fixed income securities, issued by governments, agencies, supra-nationals and corporate issuers in Asia. The sub-fund may also invest (up to 30 per cent of its net assets) in cash and fixed income securities of other issuers outside Asia if the Investment Manager considers that such securities will achieve the goal of maximizing capital appreciation and income generation. The sub-fund invests in securities denominated in Asian currencies or other currencies. It may invest in local currency bonds with unhedged currency exposure to achieve currency gains. The sub-fund may also hedge for efficient portfolio management purposes. The sub-fund may invest in higher-yielding debt securities rated lower than investment grade, or if unrated, their equivalent. As such, an investment in this sub-fund is accompanied by a higher degree of credit risk. PERFORMANCE FROM 1 JULY 2014 TO 30 june 2015* Asia Total Return Fund Class AA Inc** -0.89% Asia Total Return Fund Class HA -1.46% Asia Total Return Fund Class HC -1.95% Asia Total Return Fund Class HI -1.02% Asia Total Return Fund Class I -0.36% 50% JP Morgan ELMI Plus (Asia) + 50% JP Morgan Asia Credit Index (USD) -3.43% PERFORMANCE FROM 14 OCTOBer 2014 TO 30 june 2015 Asia Total Return Fund Class J USD Inc -0.24% PERFORMANCE FROM 17 OCTOBer 2014 TO 30 june 2015 Asia Total Return Fund Class AA USD -0.63% PORTFOLIO REVIEW The portfolio s main contribution came from currency positioning. The broad portfolio overweight in US dollar versus the benchmark helped amid a strengthening US dollar. Amongst other currencies, the overweight in offshore Chinese renminbi, underweight in Singapore dollar and South Korean won also contributed positively to relative performance. The portfolio also benefited from the overweight to US dollar denominated corporate bonds and exposure to Singaporean corporate bonds. On the other hand, the underweight US dollar interest rate duration positioning amid declining US Treasury yields and exposure to Indonesian bonds detracted from performance over the period. MARKET REVIEW In US, 10-year Treasury yields fell from 2.53% to 2.35% over the period. US treasury yields traded as low as 1.64%, driven by declining inflation expectations on lower energy prices. However, yields rose toward the end of the period as US economic growth and labour market data improved, supporting calls for the US Federal Reserve (Fed) to start normalising its interest rate policy in * The performance return of the fund is calculated in U.S. dollar terms and includes dividends re-invested; whereas the index (or indices) is calculated in U.S. dollar terms and on total return basis. ** Previously Class AA MANULIFE GLOBAL FUND 100

103 ASIA TOTAL RETURN FUND Over the period, a number of Asian central banks cut interest rates as inflation pressures receded due to lower energy prices, providing central banks more leeway for monetary policy easing. In China, first quarter 2015 GDP grew at 7%, its slowest pace in six years, down from 7.3% in the fourth quarter of Policy wise, the People s Bank of China (PBoC) cut interest rates four times during the period to stimulate the economy as growth slowed, reducing the one-year lending rate to 4.85% and the oneyear deposit rate to 2%, while reserve requirement ratios (RRR) for banks were also cut. Longer-dated offshore Chinese bond yields fell over the period. In South Korea, the Bank of Korea cut its policy rate four times over the period to 1.50% to stimulate its economy. South Korean bond yields declined over the period. In India, the Reserve Bank of India cut interest rates three times over the period to 7.25%, taking advantage of subdued inflation to lend more support to the economy. Indian bond yields fell over the period. In Indonesia, Bank Indonesia raised its policy rate by 25 basis points to 7.75% in November 2014 before cutting rates to 7.5% in February 2015 to spur GDP growth going forward. Indonesian bond yields rose over the period amid rising inflation while first quarter 2015 GDP was lower than expected, spurring some capital outflows from foreign investors. Asian corporate credit markets performed well over the period. The JP Morgan Asian Investment Grade Corporate Bond Index returned 4.13%, while the Asian High Yield Corporate Bond Index returned 4.72%, in US dollar terms. The majority of Asian currencies sold-off against the US dollar. Offshore Chinese renminbi was one of the few currencies that strengthened against the US dollar, amid speculation that the currency might be included in the International Monetary Fund s special drawing rights basket later this year. Malaysian ringgit was one of the worst performing currencies against the US dollar, amid concerns of a possible ratings downgrade by ratings agency Fitch and lower oil prices. OUTLOOK As the Sub-fund s portfolio manager believes the Fed is on track to start normalising monetary policy later in 2015, they have defensively positioned the portfolio through short US dollar interest rate duration and an overweight exposure to the US dollar. In addition, the portfolio s high yield exposure has been trimmed and the level of cash has increased. Tactically, the Sub-fund s portfolio manager continues to actively manage the portfolio s interest rate duration amid an uncertain macroeconomic environment and seek to capitalise on short-term market dislocations. As some local Asian yield curves have steepened recently, the Sub-fund s portfolio manager may opportunistically increase duration to selective markets where they believe bonds are attractive from a total return perspective and central banks have room to ease monetary policy. The portfolio is positioned to benefit from broad US dollar strength, but the Subfund s portfolio manager maintains tactical exposure to selective Asian currencies which they believe are backed by strong economic fundamentals and to diversify portfolio risk. 101 MANULIFE GLOBAL FUND

104 Asia Value Dividend Equity Fund Portfolio of Investments as at 30 June 2015 Quantity/ Par Value Description Cost USD Market Value USD % of Net Assets Transferable securities and money market instruments admitted to an official exchange listing (1) Equities Australia 3,318 United Overseas Australia 1,591 1, ,591 1, Bermuda 3,920,000 CSI Properties Limited 176, , ,400 Nam Cheong Limited 103,560 89, ,559 Skyworth Digital Holdings Limited 52,377 93, , , Cayman Islands 155,000 Belle International Holdings Limited 168, , ,680 Cheung Kong Property Holding 206, , ,000 China Lilang Limited 141, , ,000 China Resources Cement Holdings Limited 153, , ,000 Cifi Holdings Group Company Limited 184, , ,680 Ck Hutchison Holdings Limited 492, , ,000 Dorsett Hospitality International 39,897 39, ,000 EGL Holdings Company Limited 69, , ,000 Hopefluent Group Holdings Limited 227, , ,000 Jiangnan Group Limited 235, , ,000 Lee & Man Holding Limited 90,410 96, ,000 Longfor Properties Company Limited 327, , ,400 Mgm China Holdings Limited 102,174 69, ,000 Oi Wah Pawnshop Credit Holding 63,843 85, ,000 Shimao Property Holdings Limited 216, , ,690,000 Sinomax Group Limited 239, , ,000 Sitc International Company Limited 82, , ,000 Springland International Holdings Limited 102,633 72, ,000 Time Watch Investments Limited 54,332 69, ,000 Tk Group Holdings Limited 50,077 89, ,000 Wonderful Sky Financial Group Holdings 20,894 34, Limited 119,500 Zhongsheng Group Holdings Limited 107,809 84, ,378,099 3,849, MANULIFE GLOBAL FUND 102

105 Asia Value Dividend Equity Fund Portfolio of Investments as at 30 June 2015 Quantity/ Par Value Description Cost USD Market Value USD % of Net Assets China 901,000 Agricultural Bank of China H 396, , ,500 Baic Motor Corp. Limited 253, , ,396,000 Bank of China Limited H 601, , ,000 China Construction Bank Corp. 571, , ,000 China Life Insurance Company Limited H 66,258 91, ,000 China Machinery Engineering Corp. H 79, , ,000 China Shenhua Energy Company Limited 108,002 75, ,443 China Vanke Company Limited H 533, , ,900 Dalian Wanda Commercial Properties 97,674 95, Company Limited H 58,000 Dongfeng Motor Group Company Limited 88,219 77, ,500 Great Wall Motor Company Limited 61,243 71, ,100 Luthai Textile Company Limited 78, , ,000 Petrochina Company Limited 279, , ,000 Qingdao Port International H 213, , ,500 Sinopec Engineering Group Company Limited 292, , ,500 Yangtze Optical Fibre & Cable Joint Stock 97, , Limited H 3,819,345 4,688, Hong Kong 71,000 Boc Hong Kong Holdings Limited 214, , ,000 China Overseas Land & Investment Limited 87,679 91, ,000 China Power International Development 224, , Limited 140,000 China Resources Power Holdings Company 338, , Limited 44,000 Chow Sang Sang Holding 108,824 88, ,758 Far East Consortium 138, , ,393 Hui Xian Real Estate Investment Trust** 92,168 93, ,000 Luk Fook Holdings International Limited 127, , ,140,000 Modern Beauty Salon Holdings Limited 169, , ,000 Pico Far East Holdings Limited 60,033 67, ,000 Scmp Group Limited a 103, , ,628 Sino Land Company Limited 164, , ,000 Spring Real Estate Investment Trust 108, , ,000 Yuexiu Real Estate Investment Trust 89,208 96, ,028,074 2,511, Indonesia 117,400 Bank Mandiri Tbk PT 90,240 88, ,600 Nusa Raya Cipta Tbk Pt 2,400 2, ,400 Telekomunikasi Indonesia Tbk PT 53,455 64, , , Malaysia 397,750 Mah Sing Group Bhd 179, , ,500 Signature International Bhd 60,473 64, ,700 UOA Development Bhd 76,904 63, , , MANULIFE GLOBAL FUND

106 Asia Value Dividend Equity Fund Portfolio of Investments as at 30 June 2015 Quantity/ Par Value Description Cost USD Market Value USD % of Net Assets Philippines 141,500 Leisure & Resorts World Corp. 29,358 28, ,000 Premium Leisure Corp. 14,928 14, ,286 42, Republic of Korea (South) 112 Alticast Corp ,163 Amorepacific Corp. 184, , ,995 BGF Retail Company Limited 124, , ,292 Corestem Inc. 61, , ,355 Gs Retail Company Limited 79, , ,686 Hynix Semiconductor Inc. 158, , ,243 Hyundai Marine & Fire Insurance Company 57,657 59, Limited 4,433 Hyundai Motor Company Pfd 325, , Hyundai Motor Company ,823 Hyundai Motor Company 223, , Korea Ratings Corp. 5,757 5, ,560 LG Corp. 170, , LG Corp ,111 Macquarie Korea Infrastructure Fund 88,963 94, Samsung Electronics Company 517, , Limited Pfd 1 Samsung Fire & Marine Insurance Company Limited 3,409 Samsung Fire & Marine Insurance 268, , Company Limited 2,222 SK Telecom Company Limited 363, , ,631,986 4,116, Singapore 26,000 Aims Amp Capital Industrial Reit 29,228 28, ,000 Asian Pay Television Trust 124, , ,800 China Merchants Holdings Pacific Limited 83, , ,000 Croesus Retail Trust 93,842 86, ,300 DBS Group Holdings Limited 240, , ,100 Ezion Holdings Limited 225, , ,000 Frasers Commercial Trust 24,671 26, ,000 Parkway Life Real Estate Investment Trust 34,127 34, ,500 Wing Tai Holdings Limited 86,093 82, ,000 Yangzijiang Shipbuilding Holdings Limited 306, , ,248,630 1,289, MANULIFE GLOBAL FUND 104

107 Asia Value Dividend Equity Fund Portfolio of Investments as at 30 June 2015 Quantity/ Par Value Description Cost USD Market Value USD % of Net Assets Taiwan Thailand 54,000 Farglory Land Development Company Limited 69,117 56, ,000 Huaku Development Company Limited 46,427 41, ,000 Johnson Health Tech Company Limited 29,215 30, ,000 Mega Financial Holding Company Limited 128, , ,000 Superalloy Industrial Company Limited 20,325 20, ,000 Taiwan Semiconductor Manufacturing 283, , Company Limited 577, , ,000 Asian Property Development pcl NVDR ,000 Asian Property Development pcl 61,312 62, ,800 Bangchak Petroleum pcl 169, , ,300 Jasmine Broadband Internet Infrastructure 125, , Fund 55,600 Pruksa Real Estate 40,457 41, ,800 Somboon Advance Technology pcl 96,760 92, ,700 Supalai pcl 37,985 37, ,700 Tisco Financial 53,290 54, ,600 Tisco Financial Group pcl NVDR 30,885 30, ,100 True Telecommunication Growth 158, , Infrastructure Fund 773, , Equities Total 15,298,568 18,653, Warrants Equity Malaysia 53,250 Mah Sing Group Bhd Wts 21/Feb/ , , Warrants Equity Total 0 2, Total Transferable securities and money market instruments admitted to an official exchange listing (1) 15,298,568 18,655, Portfolio of Investments 15,298,568 18,655, Other Net Assets 534, Net Assets 19,190, ** The security is valued with the off-shore FX rate of CNH (refer to note 2.2 on page 242) a Defaulted/Fair Valued by the Board of Directors. (1) All securities classified under this section are listed on a stock-exchange. The notes to the Financial Statements form an integral part of these financial statements. 105 MANULIFE GLOBAL FUND

108 Asia Value Dividend Equity Fund Investment Objective: The sub-fund aims to achieve capital appreciation through investing primarily in a portfolio of equities and equity-related securities of companies that distribute dividends, and are domiciled in, or derive significant income from, or have significant operations in the Far East ex-japan region ( FarEast in this context bears the same meaning as MSCI Barra ascribes to its index universe under the MSCI AC Far East ex-japan Index it comprises countries or markets including Thailand, Taiwan, South Korea, Singapore, Philippines, Malaysia, Indonesia, Hong Kong and China). These companies are listed or traded on the stock exchanges of the Far East ex-japan region. The underlying investment philosophy for the Sub-Fund is based on the belief that, while markets are inefficient and discrepancies exist in the short-run, prices in the longrun ultimately reflect fundamental values. The Sub-Fund seeks to identify under-valued securities comprising the MSCI AC Far East ex- Japan Index that will benefit from the upside correction between the market s short-term inefficiency and long-term efficiency. PERFORMANCE FROM 1 JULY 2014 TO 30 june 2015* Asia Value Dividend Equity Fund Class AA % MSCI AC Far East Free ex-japan Index +4.19% PERFORMANCE FROM 2 December 2014 TO 30 june 2015 Asia Value Dividend Equity Fund Class AA Inc % PORTFOLIO REVIEW Asian ex-japan equities saw a positive year as the Chinese stockmarkets recorded strong gains throughout most of the review period. The sub-fund benefited from its significant exposure to Chinese equities as well as a Korean cosmetics company which has been one of the portfolio s top holdings. Over the review period, the sub-fund delivered an absolute return of 15.99%; for reference, the MSCI Far East (ex Japan) index was up 4.19%. In terms of sectors, financials and consumer staples contributed positively to the sub-fund s performance. The key detractor was in the energy exposure. In the period under review, the portfolio saw increased exposure to real estate and consumer staples, while exposure to consumer discretionary came down. MARKET REVIEW The review period has been a positive but relatively mixed year for the Asian equity markets. Within the Greater China region, while Taiwanese stocks underperformed in general, the Chinese equity markets outperformed and saw a strong rally from October 2014 to mid-june 2015 before a major correction near the end of the review period. Meanwhile, the Korean equity market ended the review period with small gains and ASEAN markets, especially Indonesian equities, experienced much volatility. China At the beginning of the review period, the Chinese stockmarkets continued their upward momentum from the first half of 2014 on the back of various positive economic data. After a temporary correction in September, market sentiment turned more positive again in October when the property sector in China started to see some early signs of recovery following a series of loosening measures by the Chinese government. Meanwhile, the PBoC surprised the market by announcing a cut in interest rates on 21 November, two years after its last rate cut in July Since then, the Chinese government continued to roll out more accommodative policies such as interest rate cuts, reserve requirement ratio (RRR) cuts, and property-loosening measures. The loosening stance of the government provided solid support to market sentiment, coupled with positive reform measures including the local government debt swap plan which helped to reduce risks of bad debt, the Chinese stockmarket climbed higher in the first half of 2015 despite a temporary correction in January With China A shares rallying, the positive sentiment also spilled over to other Chinese stocks including the B-share and the H-share markets. * The performance return of the fund is calculated in U.S. dollar terms and includes dividends re-invested; whereas the index (or indices) is calculated in U.S. dollar terms and on total return basis. MANULIFE GLOBAL FUND 106

109 Asia Value Dividend Equity Fund However, the rapid and sharp rally has caused valuations of many A-share stocks become overstretched. By mid-june, the Shanghai Composite Index surged 152% since July 2014 and climbed 60% since the beginning of With the China Securities Regulatory Commission s (CSRC) tightened margin financing in late June, Chinese retail investors, who have been dominating the stockmarket and sitting on huge paper gains, rushed to cash in their positions. This has unwound bubbles created by hot money flows and exacerbated the market correction. The intensified stock price decline escalated deleveraging pressures and forced more people to search for downside protection. These self-reinforcing forces have turned into a vicious cycle. As of 8 July 2015, the Shanghai Composite Index plunged 32% from its peak on 12 June and H shares (represented by Hang Seng China Enterprises Index) dropped 21% over the same period. (Note: all index performances in this paragraph are in local currency terms.) Korea After falling in the second half of 2014, Korean stocks rebounded strongly in the first quarter of 2015 and ended the review period with mild gains. On the economic front, although trade data and industrial output remained weak amid slowing external demand and a weak Japanese yen, domestic sentiment was strong on the back of tourism boom and improving labor market condition. An outbreak of the Middle East Respiratory Syndrome (MERS) since late May 2015 has dampened economic growth as foreign tourists canceled their trips and consumers stayed home, but the impact is expected to be temporary. As a pre-emptive action, the Bank of Korea cut its benchmark rate on June 11 by 25 basis points to a record low of 1.5%. The Korean government also announced a 22 trillion won package to revitalize the economy. Meanwhile, more Korean companies announced to boost dividend payouts after the 2014 Tax Revision Bill had been passed by Korea s National Assembly in December. ASEAN In the ASEAN region, equity markets saw a mixed performance. While both the Indonesian and Thai markets moved higher in the second half of 2014, fund outflows and currency depreciation in India and Indonesia remained a focus for investors. Towards the end of 2014, Thailand s SET Index plunged 9.2% on 15 December (in local currency terms), its biggest intraday fall in six years, because of political uncertainties and falling global oil prices. The market picked up momentum again in the first quarter of 2015 but saw a correction in the last few months of the review period, giving back most of its gains in the previous months. On the economic front, although a major overhang on the country s tourism industry was removed as the Thai government lifted martial law in April, Thailand suffered from severe droughts recently, making its path to economic recovery more challenging especially amid global economic uncertainty. The Bank of Thailand kept its policy interest rate at 1.5% on June 10 after making two consecutive cuts by 25 basis points each in March and April. The Indonesian stockmarket saw a continuous upward trend since the beginning of the review period and reached its multi-year high in March However, as the Indonesian rupiah became one of the worst performing currencies across the region against the US dollar, the Indonesian stockmarket saw a significant loss in the second quarter of To stop the rupiah from free falling, the Central Bank of Indonesia announced in April a ban, effective from July 1, 2015, on the use of the US dollar and other foreign currencies in all financial transactions in the country. OUTLOOK While the swing in the Chinese stockmarkets in late June and early July was wilder and more frightening than usual, as the sub-fund s portfolio manager stepped back and evaluated calmly, it seemed to us that it was not a real collapse. The turbulence has hurt those who entered the market lately, but the numerous investors who have been in the market for a longer period were still making profit. As of July 8, 2015, the Shanghai Composite Index rose about 8% year-to-date and 70% over the past 12 months (all in local currency terms). This explains a lack of real panic, and it is a reason not to over-react to the severe setback in June and July. After all, a bull market has to climb a wall of worry. Capitalism with Chinese characteristics means that the government has huge power to influence markets. Developing a healthy stockmarket is a top official priority, and many tools remain available to make this happen. For example, the government has significant room to reduce interest rates and bank reserve ratios. Unlike some Western countries, Chinese government agencies can intervene forcefully in the market to get what they want without the need to gain legislative approval. The central bank has come out to provide liquidity to the China Securities Finance Corporation, a government-backed agency that has been buying shares in the market. 107 MANULIFE GLOBAL FUND

110 Asia Value Dividend Equity Fund Our impression is that because the market s recent fall hasn t caused social or financial instability, the government hasn t felt a pressing need to bring out the bazooka. China has the world s biggest pool of savings, but the wealth is mainly allocated to bank deposits and real estate, with the amount tied up in stocks estimated at only 10% to 15% of household wealth. In the meantime, some of the worst excesses in the market have been purged, at least for the time being. For example, the excessive use of margin loans to buy stocks is widely blamed for the plunge but in recent weeks, the outstanding amount of margin loans has dropped to less than RMB1.5 trillion from a peak of RMB2.3 trillion on June 18. The total is dropping so quickly that it should be below RMB1 trillion (the level at the end of 2014) by mid-july. More importantly, valuations of Hong Kong-listed H shares, our favorite segment of the Chinese equity markets, and other Chinese stocks have become much more reasonable, creating a supportive force to sustain a healthy stockmarket. As of July 8, 2015, the MSCI China Index traded at about 9.2 times forward earnings. Chinese A shares using the CSI 300 Index as the benchmark were down to approximately 13.5 times forward earnings, a 9% discount to the 10-year average. It is possible only time will tell that what has happened will be seen as a swift and frightening correction within the context of an on-going bull market. In a market with Chinese characteristics, brutal corrections need to happen from time to time to cure excesses that could otherwise make it impossible to sustain a healthy market. The recent troubles do have some lingering impact, however. Renewed caution among investors is apparent, and in the big cities with concentrations of stockmarket speculators, there may be some negative wealth effect, the sub-fund s portfolio manager also see a possible slowdown in China s reform agenda. The Chinese government is sincere about wanting to deregulate financial markets and further liberalize capital flows in and out of the country but it may now do this more cautiously, to safeguard its power to carry out market interventions. Last but not least, although the US may start to turn its interest rate cycle as early as September this year, the move has been slower than expected given relatively sluggish economic data at home and uncertainties over Greece s ongoing crisis. Coupled with Japan s quantitative and qualitative easing policies and the European Central Bank s bond-buying program, the developments have continued to keep liquidity abundant and interest rates low in global markets. With China cutting interest rates the fourth time since last November and countries across Asia, such as Korea, Indonesia, India and Thailand, joining the club, the low-rate environment is expected to continue, benefiting our portfolio which is more focused on high-dividend stocks across the region. MANULIFE GLOBAL FUND 108

111 Asian Equity Fund Portfolio of Investments as at 30 June 2015 Quantity/ Par Value Description Cost USD Market Value USD % of Net Assets Transferable securities and money market instruments admitted to an official exchange listing (1) Equities Australia 243,110 Vita Group Limited 317, , , , Bermuda 4,792,000 Global Brands Group Holding Limited 909,011 1,007, ,000 Pax Global Technology Limited 840,074 1,293, ,749,085 2,301, Cayman Islands 117,304 Cheung Kong Property Holding 649, , ,000 China High Speed Transmission Equipment 523, , Group Company Limited 900,000 China Hongqiao Group Limited 792, , ,000 China Lesso Group Holdings Limited 532, , ,000 China Medical System Holdings Limited 829, , ,000 China Resources Land Limited 1,036,276 1,265, ,000 China State Construction International 580, , Holdings Limited 939,000 China ZhengTong Auto Services 471, , Holdings Limited 81,804 Ck Hutchison Holdings Limited 1,079,338 1,201, ,524,000 Cowell E Holdings Inc. 889,337 1,405, ,000,000 Far East Global Group Limited 749, , ,000 Intelliepi Inc. 843, , ,141 Netease.com ADR 1,107,717 1,325, ,000 Nexteer Automotive Group Limited 543, , ,000 Shimao Property Holdings Limited 311, , ,000 Silergy Corp. 727, , ,000 Spg Land Holdings Limited 738, , ,100 Tencent Holdings Limited 2,707,831 3,135, ,000 Uni-President China Holdings Limited 772, , ,000 Vinda International Holdings 293, , ,000 Wasion Meters Group Limited 856, , ,000 WH Group Limited 713, , ,749,108 19,430, China 3,869,000 Bank of China Limited H 2,056,604 2,515, ,000 Bank of Communications Company Limited 550, , ,000 Beijing Capital International Airport 829, , Company Limited H 525,000 China Communications Construction 558, , Company Limited H 2,691,000 China Construction Bank Corp. 2,252,155 2,457, ,000 China Eastern Airlines Corp. Limited 435, , ,280,000 China Everbright Bank Company Limited H 714, , ,000 China Life Insurance Company Limited H 2,082,201 1,980, ,800 China Pacific Insurance Group Company Limited 758, , MANULIFE GLOBAL FUND

112 Asian Equity Fund Portfolio of Investments as at 30 June 2015 Quantity/ Par Value Description Cost USD Market Value USD % of Net Assets China (continued) 558,000 China Railway Group Limited 465, , ,388,000 Chongqing Rural Commercial Bank H 889,451 1,111, ,000 Fosun International 643,443 1,176, ,038,000 Huadian Power International Company 1,228,066 1,150, ,200 Huatai Securities Company Limited 474, , ,004,000 Industrial & Commercial Bank of China H 650, , ,000 Legend Holdings Corp. 382, , ,900 New China Life Insurance Company H 872,134 1,241, ,000 Picc Property & Casualty Company Limited 1,982,422 2,262, ,825,981 20,745, Hong Kong 459,600 Aia Group Limited 2,511,602 3,008, ,000 Boc Hong Kong Holdings Limited 390, , ,000 Cathay Pacific Airways Limited 568, , ,000 China Everbright International Limited 661, , ,500 China Mobile Limited 797, , ,000 China Overseas Land & Investment Limited 675, , ,800 Dah Sing Banking Group Limited 771, , ,000 Far East Horizon Limited 501, , ,000 Galaxy Entertainment Group Limited 756, , ,700 Hong Kong Exchanges & Clearing Limited 897,650 1,154, ,000 Huabao International Holdings Limited 517, , ,526,000 Hutchison Telecommunications Hong Kong 720, , Holdings Limited 245,000 Lee & Man Paper Manufacturing Limited 146, , ,000 New World Development Limited 775, , ,452,000 Shenzhen Investment Limited 740, , ,960,000 Sinofert Holdings Limited 883, , ,500 Smartone Telecommunications 413, , Holding Limited 187,000 Swire Properties Limited 593, , ,000 Texhong Textile Group Limited 831, , ,000 Wheelock & Company Limited 1,036,760 1,006, ,193,152 15,557, India 146,000 Arvind Mills Limited 543, , ,000 Britannia Industries Limited 750, , ,352 Cox & Kings India Limited 443, , ,422 Dalmia Bharat Limited 167, , ,000 Dish TV India Limited 897,528 1,002, ,194 Eros International Media Limited 497, , ,748 Oberoi Realty Limited 366, , ,060 Sundram Fasteners Limited 500, , ,180 Talwalkars Better Value Fit 495, , ,000 Torrent Pharmaceuticals Limited 654, , ,000 Welspun India Limited 312, , ,629,884 5,836, Indonesia 10,162,200 Bank Pembangunan Daerah Jawa 713, , ,000,000 Sri Rejeki Isman Tbk Pt 591, , ,304,587 1,193, MANULIFE GLOBAL FUND 110

113 Asian Equity Fund Portfolio of Investments as at 30 June 2015 Quantity/ Par Value Description Cost USD Market Value USD % of Net Assets Philippines 350,030 Cebu Air Inc. 711, , ,159,000 Filinvest Land Inc. 410, , ,122,524 1,161, Republic of Korea (South) 34,000 Aerospace Technology of Kore 794, , ,900 Amorepacific Group Pfd 427, , ,400 BGF Retail Company Limited 973,564 1,491, ,000 Cell Biotech Company Limited 578, , ,000 Celltrion Inc. 785, , ,000 Cj Cheiljedang Corp. 812, , ,000 Daum Communications Corp. 791, , ,100 E-Mart Company Limited 711, , ,000 Enex Company Limited 172, , ,000 Gs Retail Company Limited 321, , ,600 Hanssem Company Limited 877, , ,700 Honam Petrochemical Corp. 836, , ,500 Hyosung Corp. 730, , ,000 Hyundai Development Company 765, , ,600 Hyundai Glovis Company Limited 597, , ,340 Inbody Company Limited 408, , ,829 Korea Electric Power Corp. 532, , ,100 Medy-Tox Inc. 1,011,351 1,048, ,300 Meritz Securities Company Limited 529, , ,300 Nhn Corp. 728, , ,000 Osstem Implant Company Limited 806, , ,000 Samsung C&t Corp. 1,625,010 1,483, ,670 Samsung Electronics Company Limited 4,201,560 4,171, Samsung Electronics Company Limited Pfd 749, , ,098 Samsung Life Insurance 1,192,589 1,165, ,000 Sansung Life & Science Company 838, , ,289 Sodiff Advanced Materials Company Limited 726,912 1,189, ,200 Vitzrocell Company Limited 470, , ,997,563 25,870, Singapore 5,612 Avago Technologies Limited 581, , ,000 Raffles Medical Group Limited 768, , Taiwan 1,350,558 1,570, ,000 Azurewave Technologies Inc. 458, , ,000 Cathay Financial Holding Company Limited 794, , ,000 Chen Full International Company 708, , ,000 Chilisin Electronics Corp. 294, , ,000 E.Sun Financial Holding Company Limited 337, , ,000 Ennoconn Corp. 538, , MANULIFE GLOBAL FUND

114 Asian Equity Fund Portfolio of Investments as at 30 June 2015 Quantity/ Par Value Description Cost USD Market Value USD % of Net Assets Taiwan (continued) 353,000 FLEXium Interconnect Inc. 962,465 1,430, ,000 Hon Hai Precision Industry Company Limited 1,187,194 1,238, ,000 Hota Industrial Manufacturing Company 857,223 1,208, Limited 10,000 Largan Precision Company Limited 744,698 1,142, ,000 Powertech Technology Inc. 528, , ,000 Radiant Opto-Electronics Corp. 582, , ,000 Shin Zu Shing Company Limited 652, , ,000 Taiwan Paiho Limited 627, , ,000 Taiwan Semiconductor Manufacturing 597, , Company Limited 129,000 Tung Thih Electronic Company Limited 482, , ,000 Turvo International Company Limited 536, , ,889,819 13,125, Thailand 110,000 Bumrungrad Hospital pcl NVDR 585, , , , Equities Total 97,716, ,718, Total Transferable securities and money market instruments admitted to an official exchange listing (1) 97,716, ,718, Other transferable securities and money market instruments (2) Equities Cayman Islands 351,600 China Metal Recycling Holdings Limited a 370, , Equities Total 370, Total Other transferable securities and money market instruments (2) 370, Portfolio of Investments 98,086, ,718, Other Net Assets 4,346, Net Assets 112,064, a Defaulted/Fair Valued by the Board of Directors. (1) All securities classified under this section are listed on a stock-exchange. (2) All securities classified under this section are unlisted. The notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 112

115 Asian Equity Fund Investment Objective: The sub-fund aims to achieve capital growth by investing in a diversified portfolio of securities of companies listed on stock markets throughout Asia, including those in Australia, Hong Kong, Indonesia, Malaysia, New Zealand, the People s Republic of China, the Philippines, Singapore, South Korea, Taiwan and Thailand, but not any of the stock exchanges in Japan. A proportion of the subfund may be invested in warrants and convertible bonds issued by, or in respect of, such companies. PERFORMANCE FROM 1 JULY 2014 TO 30 JUne 2015* Asian Equity Fund Class A +4.53% Asian Equity Fund Class AA +4.27% Asian Equity Fund Class I +4.99% MSCI AC Far East Free ex-japan Index +4.19% PORTFOLIO REVIEW The sub-fund outperformed during the twelve month period. The outperformance was broad-based, with strong positive contributions coming from stock selection decisions at the country and sector level and asset allocation decisions at the country level. Stock selection in all markets with the exception of Hong Kong and the Philippines contributed to outperformance. Stock selection was particularly strong in South Korea, Malaysia and Taiwan. The large underweight in Malaysia as well as allocation to India also supported performance during the period. In South Korea, the underweight in the banking sector and outperforming positions in the convenience retail, kitchen furniture and biotechnology sectors had a positive impact on performance. In Taiwan, our large underweight position in a leading semiconductor foundry company which announced disappointing results on back of slowing China smartphone growth and market share losses contributed to the outperformance. Stock selection in all sectors with the exception of energy and telecommunications contributed positively. Stock selection in consumer discretionary, financials and industrials contributed the most to performance. In the consumer discretionary sector, our auto exposure in Malaysia and auto parts exposure in Taiwan contributed meaningfully to outperformance. Our large underweight in the South Korea auto sector was an additional factor. In financials, our large weighting in Chinese financials, particularly insurance and banks, supported performance, as the stocks responded well to the series of interest rate and reserve requirement ratio cuts during the period. In the industrial sector, a South Korean manufacturer of key parts to the aerospace industry and our Chinese airline and railway exposure contributed to outperformance. South Korea remains the sub-fund s largest overweight. The sub-fund continues to hold an underweight position in most of the Southeast Asian markets. Additionally, our allocation to the mid and small cap sector, particularly in South Korea and Hong Kong performed well in the first half of This followed a period of substantial profit-taking in the last two months of Two Hong Kong-listed small cap companies, a leading energy management and measurement company and an electronic funds transfer point of sales company were key contributors. * The performance return of the fund is calculated in U.S. dollar terms and includes dividends re-invested; whereas the index (or indices) is calculated in U.S. dollar terms and on total return basis. 113 MANULIFE GLOBAL FUND

116 Asian Equity Fund MARKET REVIEW During the period, Asian equity markets recorded positive returns supported by accommodative monetary policy and continued low oil prices. In the US, the Federal Reserve (the Fed) ended its quantitative easing program in October 2014, after adding more than $3.5 trillion to the Fed s balance sheet. Economic data out of the US continued to suggest a modest recovery and that the Fed was on course to raise interest rates later in Third quarter GDP grew at a 5% annual rate before slowing in the first quarter of 2015 due to unseasonal weather. In Europe, the European Central Bank commenced its quantitative easing measures in March 2015 that will see the central bank buy 60 billion euros worth of bonds each month through to September However concerns over a possible Greek exit from the eurozone weighed on investor sentiment. Economic data towards the end of the period as was largely positive, first quarter 2015 GDP growth improved slightly while the manufacturing purchasing sub-fund s portfolio managers index increased to 52.5 in June In Asia, Chinese equities posted strong gains despite mixed economic data. First quarter 2015 GDP slowed to 7% as the People s Bank of China (PBoC) cut benchmark interest rates four times during the period in order to stimulate growth. Towards the end of the period, the official purchasing managers index (PMI) rose to 50.2 in May signalling a minor expansion in the manufacturing sector. Industrial production and retail sales figures towards the end of the period also saw moderate growth. However, trade data continued to disappoint. In Taiwan, the market declined slightly on global growth concerns and its impact on the technology manufacturing sector. In South Korea, the market was down while the Bank of Korea cut its interest rates to a record low of 1.5% in June 2015 due to an outbreak of the Middle East Respiratory Syndrome (Mers). In India, the equity market continued to make gains as first quarter 2015 GDP came in at 7.5%, while the Reserve Bank of India cut its key interest rate three times to 7.25%. Towards the end of the period, markets declined due to unseasonal rains damaging crops and the imposition of a minimum alternate tax on foreign institutional investors. In Indonesia, the equity market fell on worries over slowing growth and disappointing corporate earnings as first quarter 2015 GDP slowed to 4.7%. In Thailand, the equity market was flat as economic indicators remained lacklustre as first quarter 2015 GDP grew less than expected. In Malaysia, the market declined considerably as lower oil prices continued to weigh on sentiment despite a better than expected first quarter GDP reading of 5.6%. OUTLOOK The Sub-fund s portfolio manager recognises that the equity market has entered a period of weak seasonality, with growing macro-economic concerns combined with margin selling in some markets. Compelling long-term value has emerged in a number of our holdings and we plan to add on weakness to our holdings. The Sub-fund s portfolio manager is very constructive on the Asian markets for the medium-term. MANULIFE GLOBAL FUND 114

117 Asian Small Cap Equity Fund Portfolio of Investments as at 30 June 2015 Quantity/ Par Value Description Cost USD Market Value USD % of Net Assets Transferable securities and money market instruments admitted to an official exchange listing (1) Equities Australia 759,746 Altium Limited 2,513,550 2,595, ,800,000 Ardent Leisure Group 3,122,487 3,012, ,000 Aristocrat Leisure Limited 3,008,983 2,667, ,109,586 Capitol Health Limited 1,659,056 1,244, ,341,500 Lifehealthcare Group Limited 3,005,401 3,621, ,088 Mcmillan Shakespeare Limited 2,448,442 2,490, ,248 My Net Fone Limited 877, , ,722 Retail Food Group Limited 4,292,845 3,173, ,608 Sandfire Resources Nl 1,763,166 1,736, ,000 Select Harvests Limited 1,141,607 1,696, ,311,129 Sino Gas & Energy Holdings 2,993,143 1,572, ,148,370 Sirius Resources Nl 2,642,447 2,922, ,000 Sirtex Medical Limited 4,460,336 4,167, ,928,701 31,819, Bermuda 180,000 Beijing Enterprises Water Group Limited 155, , ,200,000 CGN Meiya Power Holdings Company 3,184,919 2,758, Limited 3,019,000 China Animal Healthcare Limited a 2,337,818 1,697, ,000,000 Global Brands Group Holding Limited 1,274,199 1,471, ,226,000 IT Limited 1,376,687 1,210, ,017,000 Pax Global Technology Limited 4,948,711 8,630, ,988,000 Skyworth Digital Holdings Limited 4,896,245 4,439, ,340,000 Town Health International Medical Group 3,424,659 4,897, Limited 21,599,000 25,254, Cayman Islands 13,359,000 Central China Real Estate Limited 4,265,675 3,791, ,016,000 Century Sage Scientific Holdings Limited 4,277,301 6,072, ,262,000 Century Sunshine Group Holdings Limited 3,628,479 3,835, ,500,000 China Harmony New Energy 3,549,903 2,789, ,943,500 China Hongqiao Group Limited 2,466,752 2,771, ,434,000 China Lesso Group Holdings Limited 3,372,895 4,423, ,197,000 China Sanjiang Fine Chemicals Company 3,800,571 3,191, Limited 3,600,000 CIMC Enric Holdings Limited 4,289,554 3,060, ,085,000 Cowell E Holdings Inc. 2,305,634 3,767, ,043,000 Dongpeng Holdings Company Limited 2,645,816 2,582, ,018,000 Fu Shou Yuan International 3,245,054 3,345, ,676,000 Fufeng Group Limited 3,686,097 5,693, ,457,000 Global Lighting Technologies Inc. 2,195,592 1,888, ,000 Gourmet Master Company Limited 3,390,111 3,362, ,296,000 Jiangnan Group Limited 3,337,184 3,249, ,500,000 Pacific Textile Holdings Limited 3,912,852 3,992, ,000 Silergy Corp. 4,084,565 5,085, MANULIFE GLOBAL FUND

118 Asian Small Cap Equity Fund Portfolio of Investments as at 30 June 2015 Quantity/ Par Value Description Cost USD Market Value USD % of Net Assets Cayman Islands (continued) 6,471,000 Sitc International Company Limited 4,736,463 4,273, ,086,000 Tk Group Holdings Limited 2,962,009 4,372, ,000 Topbi International Holdings Limited 3,028,433 2,722, ,318,000 Wasion Meters Group Limited 7,555,870 14,375, ,000 Yeong Guan Energy Technology Group 3,101,061 3,128, Company Limited 5,697,500 Yestar International Holdings Company 1,855,638 2,557, Limited 81,693,509 94,334, China 3,584,000 Sichuan Xinhua Winshare Chainstore 4,481,279 4,299, Company Limited 4,481,279 4,299, Hong Kong 31,118,000 China Financial Services Holdings Limited 3,059,572 3,291, ,850,000 Dah Sing Banking Group Limited 3,938,124 4,047, ,904,000 EVA Precision Industrial Holdings Limited 4,774,837 5,853, ,200,000 Guotai Junan International 2,139,548 2,084, ,200,000 Huabao International Holdings Limited 4,649,027 2,530, ,352,000 Lee & Man Paper Manufacturing Limited 807, , ,130,800 Man Wah Holdings Limited 3,524,725 4,055, ,310,000 Shenzhen Investment Limited 4,264,440 4,073, ,960,000 Sinofert Holdings Limited 3,103,212 2,746, ,978,000 Sun Hung Kai & Company Limited 4,494,375 4,469, ,067,000 Texhong Textile Group Limited 2,338,538 1,877, ,000,000 Tongda Group Holdings Limited 4,011,432 4,450, ,105,289 40,340, India 718,933 Cox & Kings India Limited 2,318,624 2,651, ,050,000 Dish TV India Limited 4,632,426 5,093, ,081,160 Eros International Media Limited 5,479,808 8,952, ,550 Finolex Cables Limited 1,313,724 2,173, ,892 Fortis Healthcare Limited 2,256,738 2,441, ,000 Indiabulls Housing Finance 4,924,641 5,141, ,731 Kaveri Seed Company Limited 1,975,464 1,649, ,962,948 KRBL Limited 2,006,660 5,050, ,000 Pc Jeweller Limited 3,100,870 3,016, ,767 SRF Limited 2,842,966 4,272, ,775 Strides Arcolab Limited 3,269,491 4,409, ,000 Voltas Limited 3,517,311 3,198, ,000 Welspun India Limited 2,866,635 3,028, ,505,358 51,081, Malaysia 2,888,037 Inari Amertron Bhd 1,816,019 2,487, ,816,019 2,487, Philippines 60,000,000 Filinvest Land Inc. 2,738,345 2,475, ,738,345 2,475, MANULIFE GLOBAL FUND 116

119 Asian Small Cap Equity Fund Portfolio of Investments as at 30 June 2015 Quantity/ Par Value Description Cost USD Market Value USD % of Net Assets Republic of Korea (South) 293,000 Aerospace Technology of Kore 6,552,158 6,882, ,000 Binex Company 3,582,707 3,433, ,023 Celltrion Inc. 4,379,114 6,295, ,256,797 Enex Company Limited 2,375,042 6,591, ,362 Inbody Company Limited 5,724,030 8,526, ,000 Koh Young Technology Inc. 2,956,926 2,579, ,094 Mds Technology Company Limited 4,618,025 4,688, ,000 Mediaplex Inc. 4,415,564 5,007, ,600 Medy-Tox Inc. 5,201,323 5,792, ,681 Nasmedia Company Limited 2,292,903 7,806, ,300 Naturalendo Tech Company Limited 4,268,029 3,024, ,000 S&T Motiv Company Limited 3,902,709 4,113, ,328 Simm Tech Company Limited 4,415,139 4,056, ,000 SK Networks Company Limited 3,077,384 2,978, ,000 Viromed Company Limited 3,167,517 3,196, ,250 Vitzrocell Company Limited 3,237,813 3,658, ,378 Wonik Qnc Corp. 3,447,654 4,051, ,614,037 82,681, Singapore 3,002,000 Frencken Group Limited 806, , ,641,000 Sheng Siong Group Limited 1,892,706 2,245, Taiwan 2,699,534 2,691, ,954,000 Alpha Networks Inc. 1,416,227 1,206, ,000 Bioteque Corp. 1,248,840 1,731, ,421,000 Bon Fame Company Limited 3,151,992 4,085, ,779,000 Chen Full International Company 2,300,854 2,848, ,010,000 Chin-Poon Industrial Company 1,824,932 1,538, ,000 Hermes Microvision Inc. 1,417,411 1,302, ,000 Hu Lane Associate Inc. 2,980,894 3,336, ,000 Kung Long Batteries Industrial Company 1,029, , Limited 232,000 Lion Travel Service Company Limited 1,215,876 1,259, ,950 Poya Company Limited 912,732 1,702, ,000 Senao Networks Inc. 1,929,567 2,561, ,033,000 Shin Zu Shing Company Limited 2,830,035 3,133, ,629,000 Sinbon Electronics Company Limited 2,722,578 3,035, ,000 Sporton International Inc. 3,082,277 3,817, ,574,000 Sunspring Metal Corp. 2,967,256 2,550, ,431,000 Taiwan Paiho Limited 2,567,081 4,034, ,000 Taiwan Secom Company Limited 2,696,925 2,697, ,000 TSC Auto ID Technology Company Limited 2,544,054 2,652, ,000 Turvo International Company Limited 2,677,339 2,117, ,617,000 Wistron NeWeb Corp. 4,551,574 4,590, ,068,073 51,190, MANULIFE GLOBAL FUND

120 Asian Small Cap Equity Fund Portfolio of Investments as at 30 June 2015 Quantity/ Par Value Description Cost USD Market Value USD % of Net Assets Thailand 2,319,700 KCE Electronics NVDR 2,997,790 3,811, ,900,000 Thai Reinsurance pcl NVDR 3,084,036 2,890, ,081,826 6,701, Equities Total 350,330, ,357, Total Transferable securities and money market instruments admitted to an official exchange listing (1) 350,330, ,357, Other transferable securities and money market instruments (2) Equities Cayman Islands 1,065,600 China Metal Recycling Holdings Limited a 1,127, ,127, Equities Total 1,127, Total Other transferable securities and money market instruments (2) 1,127, Portfolio of Investments 351,458, ,357, Other Net Assets 38,030, Net Assets 433,388, a Defaulted/Fair Valued by the Board of Directors. (1) All securities classified under this section are listed on a stock-exchange. (2) All securities classified under this section are unlisted. The notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 118

121 Asian Small Cap Equity Fund Investment Objective: The sub-fund aims to provide long-term capital growth for those investors who hold a long term investment view and are prepared to accept significant fluctuations in the value of their investments.the sub-fund s investment portfolio will be made on a diversified basis, for which its underlying securities will consist mainly of equity related investments and equities of smaller capitalization companies in the Asian and/or Pacific region. A proportion of the sub-fund may be invested in warrants, bonds and convertible bonds issued by, or in respect of, such companies. PERFORMANCE FROM 1 JULY 2014 TO 30 June 2015* Asian Small Cap Equity Fund Class AA -0.34% Asian Small Cap Equity Fund Class HA -1.07% Asian Small Cap Equity Fund Class HC -1.36% Asian Small Cap Equity Fund Class HI -0.53% Asian Small Cap Equity Fund Class I +0.35% MSCI Asia Pacific ex-japan Small Cap Index +0.58% PERFORMANCE FROM 21 JULY 2014 TO 30 June 2015 Asian Small Cap Equity Fund Class AA HKD -3.21% PORTFOLIO REVIEW The sub-fund s performance came from asset allocation decisions at both the sector and country levels. While stock selection contributed positively to performance in the first half of the period, this was offset by poor performance from stock selection in the second half of the period. Historically, stock selection has accounted for the major portion of the performance for the sub-fund, and thus this period was an exception, with asset allocation being the primary factor for outperformance. At the asset allocation level, our underweight positions in Australia, Singapore, Taiwan and Indonesia contributed positively to performance. Conversely, our overweight in India and South Korea had a similar positive impact. Due to concerns of slowing growth in Southeast Asia, we cut our limited exposure to these markets early in the second half of Stock selection in financials particularly, but also in utilities capped performance during the period. In financials, the underweight in Chinese financials was a key factor. Stock selection in consumer discretionary and information technology was a positive contributing factor. Stock selection in China, South Korea and Australia was weak. The sub-fund s performance during the period was negatively impacted by a sharp decline in the small cap markets in Australia, Hong Kong and South Korea during November and December During this period, a number of the sub-fund s South Korean holdings declined sharply for no fundamental reason, some hitting 52-week lows. In Hong Kong, China-related small cap equities sold off following the rate cut in November, with investors moving into large cap financials. The sub-fund s holdings in companies with smaller market capitalisations and less liquidity were particularly hard hit. Many of the holdings in these markets bounced back strongly in January Stock selection in Malaysia (primarily technology holdings not affected by the weak economy), Taiwan (auto parts and niche technology holdings) and Thailand (technology and solar exposure) contributed positively. Additionally, a kitchen furniture manufacturer and advertising company in South Korea were the key contributors to the sub-fund s performance. An energy measurement company and an electronic funds transfer point of sales terminal manufacturer in China also made significant contributions. India, Hong Kong/China and South Korea remain the sub-fund s largest overweights. The sub-fund continues to have an underweight in Australia and to most Southeast Asian markets. MARKET REVIEW During the period, Asian equity markets recorded positive returns supported by accommodative monetary policy and continued low oil prices. * The performance return of the fund is calculated in U.S. dollar terms and includes dividends re-invested; whereas the index (or indices) is calculated in U.S. dollar terms and on total return basis. 119 MANULIFE GLOBAL FUND

122 Asian Small Cap Equity Fund In the US, the Federal Reserve (the Fed) ended its quantitative easing program in October 2014, after adding more than US$3.5 trillion to its balance sheet. Economic data out of the US continued to suggest a modest recovery and that the Fed was on course to raise interest rates later in Third quarter gross domestic product (GDP) grew at a 5% annual rate before slowing in the first quarter of 2015 due to unseasonal weather. In Europe, the European Central Bank commenced its quantitative easing measures in March 2015 that will see the central bank buy 60 billion euros worth of bonds each month through to September However concerns over a possible Greek exit from the eurozone weighed on investor sentiment. Economic data towards the end of the period as was largely positive, first quarter 2015 GDP growth improved slightly while the manufacturing purchasing managers index increased to 52.5 in June In Asia, Chinese equities posted strong gains despite mixed economic data. First quarter 2015 GDP slowed to 7% as the People s Bank of China cut benchmark interest rates four times during the period in order to stimulate growth. Towards the end of the period, the official purchasing managers index (PMI) rose to 50.2 in May signalling a minor expansion in the manufacturing sector. Industrial production and retail sales figures towards the end of the period also saw moderate growth. However, trade data continued to disappoint. In Taiwan, the market declined slightly on global growth concerns and its impact on the technology manufacturing sector. In South Korea, the market was down while the Bank of Korea cut its interest rates to a record low of 1.5% in June 2015 due to an outbreak of the Middle East Respiratory Syndrome (Mers). In India, the equity market continued to make gains as first quarter 2015 GDP came in at 7.5%, while the Reserve Bank of India cut its key interest rate three times to 7.25%. Towards the end of the period, markets declined due to unseasonal rains damaging crops and the imposition of a minimum alternate tax on foreign institutional investors. In Indonesia, the equity market fell on worries over slowing growth and disappointing corporate earnings as first quarter 2015 GDP slowed to 4.7%. In Thailand, the equity market was flat as economic indicators remained lacklustre as first quarter 2015 GDP grew less than expected. In Malaysia, the market declined considerably as lower oil prices continued to weigh on sentiment despite a better than expected first quarter GDP reading of 5.6%. In Australia, the equity market was down over the period, hampered by falling commodity prices and weaker external demand. However, first quarter 2015 GDP grew at a better than expected 2.3%, while the Reserve Bank of Australia cut interest rates to a record low of 2%. OUTLOOK While the Sub-fund s portfolio manager remains constructive on the medium term outlook for Asian markets, they recognise there is uncertainty over the short-term, due to weak seasonality and high valuations in the Chinese domestic equity market. While Hong Kong-listed Chinese equities have recently been pressured by the decline in mainland shares, the Sub-fund s portfolio manager feels many are undervalued and will report better-than-expected earnings in the coming months. The Sub-fund s portfolio manager also notes that earnings in South Korea have been coming in better than analysts expectations in many cases. MANULIFE GLOBAL FUND 120

123 China Value Fund Portfolio of Investments as at 30 June 2015 Quantity/ Par Value Description Cost USD Market Value USD % of Net Assets Transferable securities and money market instruments admitted to an official exchange listing (1) Equities Bermuda 27,308,000 CGN Meiya Power Holdings Company 6,022,611 10,462, Limited 6,896,000 China Gas Holdings Limited 12,980,122 11,048, ,090,000 China Resources Gas Group Limited 5,828,992 6,200, ,361,000 Haier Electronics Group Company Limited 3,339,690 3,669, ,040,000 Haitong International Securities Group 4,366,326 7,259, Limited 11,330,000 Luye Pharma Group Limited 10,731,938 12,130, ,777,500 Shenzhen International Holdings Limited 4,561,390 4,851, ,622,000 Sihuan Pharmaceutical Holdings 3,530,361 6,611, Group Limited 51,361,430 62,233, Cayman Islands 1,994,940 Cheung Kong Property Holding 7,544,526 16,546, ,987,000 China High Speed Transmission Equipment 6,153,717 10,406, Group Company Limited 3,397,555 China Resources Land Limited 7,766,561 11,022, ,626,000 China State Construction International 6,817,247 6,529, Holdings Limited 1,994,940 Ck Hutchison Holdings Limited 17,990,603 29,310, ,664,000 GCL Poly Energy Holdings Limited 5,024,742 3,847, ,916,500 Real Gold Mining Limited a 27,921,022 3,055, ,016,000 Shimao Property Holdings Limited 11,032,217 9,899, ,780,800 Tencent Holdings Limited 27,669,942 35,537, ,920, ,156, China 10,512,000 Agricultural Bank of China H 4,904,939 5,654, ,000 Air China Limited H 437, , ,523,526 Anhui Gujing Distillery Company B 5,240,478 5,974, ,577,000 Bank of China Limited H 19,671,086 27,030, ,530,000 Bank of Communications Company Limited 8,849,848 12,017, ,473,000 BBMG Corp. 3,712,179 3,516, ,826,000 CGN Power Company Limited H 28,623,872 41,806, ,688,000 China Citic Bank Corp. Limited 2,485,924 2,940, ,764,000 China Communications Construction 3,983,569 7,128, Company Limited H 11,638,000 China Communications Services Corp. 5,827,721 5,884, Limited H 33,491,000 China Construction Bank Corp. 26,151,752 30,587, ,867,000 China Everbright Bank Company Limited H 3,218,478 3,519, ,631,000 China Life Insurance Company Limited H 18,825,476 24,515, ,575,000 China Longyuan Power Group Corp. 11,465,144 10,646, ,153,000 China Merchants Bank Company Limited H 3,415,785 3,361, ,908,027 China National Accord Medicines Corp Ltd B 5,122,872 11,819, MANULIFE GLOBAL FUND

124 China Value Fund Portfolio of Investments as at 30 June 2015 Quantity/ Par Value Description Cost USD Market Value USD % of Net Assets China (continued) 3,508,000 China National Building Material Company 3,983,065 3,316, Limited H 19,076,000 China Petroleum & Chemical Corp. 16,952,140 16,462, ,552,000 China Railway Construction Corp. Limited 5,622,885 8,579, ,000 China Shenhua Energy Company Limited 2,598,928 2,036, ,904,000 China Telecom Corp. Limited 1,491,655 1,704, ,472,293 China Vanke Company Limited H 20,053,158 43,003, ,562,150 Chongqing Changan Automobile Company 24,135,872 62,829, Limited 7,005,900 CRRC H 4,247,578 10,754, ,600 GF Securities Company Limited H 922, , ,526,000 Guodian Technology & Environment Group 4,646,351 2,796, Corp. Limited 875,200 Haitong Securities Company Limited H 1,445,232 2,314, ,400,000 Huadian Fuxin Energy Corp. H 13,667,894 15,505, ,440,000 Huadian Power International Company 3,256,861 9,352, ,874,000 Huaneng Renewables Corp. H 18,182,891 20,944, ,637,000 Huatai Securities Company Limited 8,436,094 7,449, ,205,160 Industrial & Commercial Bank of China H 22,072,120 27,179, ,881,040 Luthai Textile Company Limited 5,328,772 7,794, ,298,900 New China Life Insurance Company H 24,856,211 43,592, ,350,000 People s Insurance Company H 9,066,420 13,020, ,446,000 Petrochina Company Limited 32,486,489 28,393, ,000 Ping An Insurance Group Company of China 6,501,315 8,900, Limited 1,311,000 Qingdao Port International H 949, , ,056,453 Shanghai Bailian Group Co. B 15,612,110 17,724, ,449 Shanghai Mechanical & Electrical Industry 1,460,078 1,376, Company B 391,400 Shanghai Pharmaceuticals Holding 1,213,390 1,090, Company Limited 5,291,000 Sinotrans Limited 3,966,150 3,528, ,500 Zhuzhou Csr Times Electric Company 5,684,322 7,011, Limited H 7,713,840 ZTE Corp. H 11,681,619 19,622, ,458, ,994, Hong Kong 4,030,600 Aia Group Limited 15,726,759 26,386, ,000 Beijing Enterprises Holdings Limited 3,171,442 3,101, ,103,000 Boc Hong Kong Holdings Limited 6,245,338 8,762, ,286,000 China Everbright Limited 12,552,394 21,812, ,000 China Merchants Holdings International 2,010,451 2,590, Company Limited 2,741,500 China Mobile Limited 30,850,988 35,099, ,000 China Overseas Land & Investment Limited 2,603,331 3,210, ,564,000 China Power International Development 3,897,731 9,578, Limited 7,060,047 China Taiping Insurance Holdings Company 21,195,378 25,363, Limited 9,248,000 China Unicom Hong Kong Limited 14,808,453 14,554, ,880,000 CSPC Pharmaceutical Group Limited 10,586,688 17,667, ,027,600 Dah Sing Banking Group Limited 1,695,696 2,248, ,850,000 Far East Horizon Limited 3,044,874 2,713, MANULIFE GLOBAL FUND 122

125 China Value Fund Portfolio of Investments as at 30 June 2015 Quantity/ Par Value Description Cost USD Market Value USD % of Net Assets Hong Kong (continued) 114,250 Hong Kong Exchanges & Clearing Limited 2,610,037 4,032, ,322,000 Pccw Limited 1,806,017 1,984, ,304,000 Peace Mark Holdings Limited a 1,573, ,000 Shanghai Industrial Holdings Limited 3,611,144 3,049, ,764,000 Shenzhen Investment Limited 4,114,852 3,805, ,854,000 Sino-Ocean Land Holdings Limited 7,798,848 7,448, ,600 Swire Properties Limited 2,453,438 2,287, ,208,000 Tao Heung Holdings Limited 4,352,074 5,758, ,709, ,454, Singapore 66,943,000 Siic Environment Holdings Limited 8,620,657 9,698, ,620,657 9,698, Taiwan 6,144,600 Cathay Financial Holding Company Limited 10,208,377 10,733, ,325,000 Delta Electronics Inc. 8,817,878 6,785, ,048,000 Fubon Financial Holding Company Limited 14,675,656 18,005, ,884,800 Hon Hai Precision Industry Company Limited 21,191,335 21,644, ,890,000 Kinpo Electronics 8,081,397 6,638, ,046,000 Quanta Computer Inc. 2,655,725 2,474, ,165,146 Shin Kong Financial Holding Company Limited 7,555,420 7,377, ,769,000 Taiwan Semiconductor Manufacturing 42,628,390 49,037, Company Limited 115,814, ,697, Equities Total 872,884,904 1,107,235, Total Transferable securities and money market instruments admitted to an official exchange listing (1) 872,884,904 1,107,235, Other transferable securities and money market instruments (2) Equities Hong Kong 7,146,000 Euro-Asia Agricultural Holdings Company Limited a 1,191, ,191, Equities Total 1,191, Total Other transferable securities and money market instruments (2) 1,191, Portfolio of Investments 874,076,331 1,107,235, Other Net Assets 22,983, Net Assets 1,130,218, a Defaulted/Fair Valued by the Board of Directors. (1) All securities classified under this section are listed on a stock-exchange. (2) All securities classified under this section are unlisted. The notes to the Financial Statements form an integral part of these financial statements. 123 MANULIFE GLOBAL FUND

126 China Value Fund Investment Objective: The sub-fund aims to achieve long-term capital growth through investments primarily in companies with substantial business interests in the Greater China Region (which includes the PRC, Hong Kong and Taiwan), which are listed or traded on the stock exchanges of Shanghai, Shenzhen, Hong Kong, Taipei or other overseas exchanges, and which are currently undervalued but which may have long-term growth potential. The Sub-Fund s investments will generally be in equity securities of its target companies, although it may also invest in convertible bonds and depository receipts issued by such companies, in all cases, within the limits of the investment and borrowing powers and restrictions contained in the Prospectus. Investments of the Sub-Fund may also include A-Shares and/or B-Shares listed on the Shanghai Securities Exchange and the Shenzhen Stock Exchange in Mainland China. The Sub-Fund is not investing at the A-Share market for the time being, but may invest in it with a maximum of 30% of its net asset value at a time that the Directors and Investment Manager determine. Prior notice will be given to the relevant investors and the name of the QFII will be disclosed should the Sub-Fund determine in the future to invest in the A-Share market. The Sub-Fund may also invest in fixed-income securities and hold cash on an ancillary basis, if determined to be appropriate by the Investment Manager. PERFORMANCE FROM 1 JULY 2014 TO 30 June 2015* China Value Fund Class A % China Value Fund Class AA % China Value Fund Class HA % China Value Fund Class HC % China Value Fund Class HI % FTSE All World Greater China Index % Hang Seng Index % Hang Seng Red Chips Index % Hang Seng H Shares Index % MSCI China Free Index % PORTFOLIO REVIEW The Chinese stockmarkets moved higher amid volatility in the review period. As a consequence, the Share Class AA made a net gain of 24.79%. For reference, the FTSE Greater China Index gained 15.54% over the same period. The sub-fund outperformed the market (represented by the FTSE Greater China Index) primarily because of its stock selection in the financial and industrial sectors. In the review period, the sub-fund s portfolio manager have taken a more proactive stance in our portfolio and maintained a low cash allocation. Compared with the reference index, the sub-fund s portfolio manager continued to remain underweight in Taiwan and overweight in China, particularly in sectors such as insurance, property, health care and oil & gas. The portfolio s overweight exposure to the Chinese insurance sector is in-line with our positive view towards Chinese financial stocks amidst China s rate cut cycle. In the past two to three years, valuations of Chinese insurance stocks have been falling as insurers investment gains were dragged by the poor performance of stock and bond markets. Besides, the relatively higher returns offered by wealth management products also weakened the competitive advantage of insurance policies. However, amidst rate cut cycles, falling interest rates will boost bond prices and the stock market is also likely to perform well, generating better investment returns to insurance companies. At the same time, interest rate cuts will lead to a decline in the returns of wealth management products, making insurance policies more appealing and hence improving the business of insurers. * The performance return of the fund is calculated in U.S. dollar terms and includes dividends re-invested; whereas the index (or indices) is calculated in U.S. dollar terms and on total return basis. MANULIFE GLOBAL FUND 124

127 China Value Fund The sub-fund s portfolio manager have also increased the portfolio s exposure to the Chinese banking sector which has benefited from China s monetary loosening. In terms of valuations, Chinese banks were among the cheapest in Asia or even globally. Valuations have remained low as investors are worried that Chinese banks have understated their non-performing loan (NPL) ratios. In fact, the valuations of Chinese banks have implied an overly pessimistic NPL formation. As such, the sub-fund s portfolio manager think that this has fully priced in the risks. Additionally, more targeted monetary loosening as well as potential reserve requirement ratio (RRR) cuts by the People s Bank of China (PBoC), if any, may provide support to drive loan growth higher and benefit the Chinese banking sector. Overall speaking, while the top contributor was the financial sector, industrials also contributed positively to the Fund s performance. Meanwhile, the oil & gas sector has been the main detractor to the subfund. MARKET REVIEW The Greater China equity market recorded strong gains amid volatility during the review period. Within the region, while Taiwanese stocks underperformed in general, the Chinese equity market outperformed and saw a strong rally towards mid-june before a major correction near the end of the month. At the beginning of the review period, the Chinese stockmarket continued its upward momentum from the first half of 2014 on the back of various positive economic data. After a temporary correction in September, market sentiment turned more positive again in October when the property sector in China started to see some early signs of recovery following a series of loosening measures by the Chinese government. In November, the widely anticipated Shanghai-Hong Kong Stock Connect finally went live. Investment flows have been active northbound, but southbound flows have been relatively muted. Before the end of the month, the PBoC surprised the market by announcing a cut in interest rates on 21 November, two years after its last rate cut in July Since then, the Chinese government continued to roll out more accommodative policies such as interest rate cuts, reserve requirement ratio (RRR) cuts, and property-loosening measures. The loosening stance of the government provided solid support to market sentiment, coupled with positive reform measures including the local government debt swap plan which helped to reduce risks of bad debt, the Chinese stockmarket climbed higher in the first half of 2015 despite a temporary correction in January With China A shares rallying, the positive sentiment also spilled over to other Chinese stocks including the B-share and the H-share markets. However, the rapid and sharp rally has caused valuations of many A-share stocks become overstretched. By mid-june, the Shanghai Composite Index surged 152% since July 2014 and climbed 60% since the beginning of Meanwhile, the Shenzhen Stock Exchange s Small and Medium Enterprise (SME) Board rose 138% since early 2015 till mid-june. With the China Securities Regulatory Commission s (CSRC) tightened margin financing in late June, Chinese retail investors, who have been dominating the stockmarket and sitting on huge paper gains, rushed to cash in their positions. This has unwound bubbles created by hot money flows and exacerbated the market correction. The intensified stock price decline escalated deleveraging pressures and forced more people to search for downside protection. These self-reinforcing forces have turned into a vicious cycle. As of 8 July 2015, the Shanghai Composite Index plunged 32% from its peak on 12 June and H shares (represented by Hang Seng China Enterprises Index) dropped 21% over the same period. (Note: all index performances in this paragraph are in local currency terms.) OUTLOOK While China investing has always been a roller-coaster ride, this time the swing was wilder and more frightening than usual. From past experience, the sub-fund s portfolio manager know it is important to step back and evaluate calmly. Our conclusion is that the situation was not as bad as it might seem. Here are our reasons: Not a real collapse. Actually, despite the recent fall, Chinese equities as measured by the Shanghai A-share market (represented by the Shanghai Composite Index), still show a gain of about 8% year to date and 70% over the past 12 months as of 8 July 2015 (all in local currency terms). The crash in June and early July 2015 has hurt those who entered the market recently, but the numerous investors who have been in the market for a longer period are still profitable. This explains a lack of real panic, and it is a reason not to over-react to the severe setback in June and July. After all, a bull market has to climb a wall of worry. And we believe the positive long-term momentum in the A-share market will likely continue to spill over to the Hong Kong market. 125 MANULIFE GLOBAL FUND

128 China Value Fund Capitalism with Chinese characteristics means that the government has huge power to influence markets. Developing a healthy stockmarket is a top official priority, and many tools remain available to make this happen. For example, the government has significant room to reduce interest rates and bank reserve ratios. Unlike some Western countries, Chinese government agencies can intervene forcefully in the market to get what they want without the need to gain legislative approval. The central bank has come out to provide liquidity to the China Securities Finance Corporation, a government-backed agency that has been buying shares in the market. Our impression is that because the market s recent fall hasn t caused social or financial instability, the government hasn t felt a pressing need to bring out the bazooka. China has the world s biggest pool of savings, but the wealth is mainly allocated to bank deposits and real estate, with the amount tied up in stocks estimated at only 10% to 15% of household wealth. Some of the worst excesses in the market have been purged, at least for the time being. For example, the excessive use of margin loans to buy stocks is widely blamed for the plunge but in recent weeks, the outstanding amount of margin loans has dropped to less than 1.5 trillion renminbi from a peak of 2.3 trillion renminbi on 18 June. The total is dropping so quickly that it should be below 1 trillion renminbi (the level at the end of 2014) by mid-july. And valuations have become much more reasonable, especially for the Hong Kong-listed H shares, which is our favorite segment of the Chinese equity markets. As of 8 July 2015, the H shares (represented by the MSCI China Index) traded at about 9.2 times forward earnings, a 22% discount to its 10-year average. It is possible only time will tell that what has happened will be seen as a swift and frightening correction within the context of an on-going bull market. In a market with Chinese characteristics, brutal corrections need to happen from time to time to cure excesses that could otherwise make it impossible to sustain a healthy market. The recent troubles do have some lingering impact, however. Renewed caution among investors is apparent, and in the big cities with concentrations of stockmarket speculators, there may be some negative wealth effect, the sub-fund s portfolio manager also see a possible slowdown in China s reform agenda. The Chinese government is sincere about wanting to deregulate financial markets and further liberalize capital flows in and out of the country but it may now do this more cautiously, to safeguard its power to carry out market interventions. MANULIFE GLOBAL FUND 126

129 Dragon Growth Fund Portfolio of Investments as at 30 June 2015 Quantity/ Par Value Description Cost USD Market Value USD % of Net Assets Transferable securities and money market instruments admitted to an official exchange listing (1) Equities Bermuda 202,000 Cheung Kong Infrastructure Holdings Limited 1,116,254 1,568, ,764,000 China Animal Healthcare Limited a 1,811,366 1,554, ,018,000 Gome Electrical Appliances Holdings Limited 2,026,585 1,768, ,000 Pax Global Technology Limited 1,285,297 1,250, ,239,502 6,142, Cayman Islands 5,770 Baidu.com ADR 1,265,276 1,166, ,000 Car Inc. 908,036 1,443, ,032 Cheung Kong Property Holding 1,426,094 2,613, ,182,444 China Resources Land Limited 2,797,229 3,836, ,270,000 China State Construction International 2,180,435 2,286, Holdings Limited 1,183,000 China ZhengTong Auto Services Holdings 538, , Limited 315,032 Ck Hutchison Holdings Limited 3,400,660 4,628, ,879,000 Cowell E Holdings Inc. 1,029,699 1,733, ,323 Jd.Com Inc. ADR 1,470,534 1,858, ,000 Kingsoft Corp. Limited 1,671,381 1,882, ,504,000 Sino Biopharmaceutical 1,785,606 1,746, ,060,000 Sinosoft Technology Group 2,369,156 2,974, ,275,000 Spg Land Holdings Limited 2,196,973 1,763, ,100 Tencent Holdings Limited 5,880,813 11,356, ,000 Vinda International Holdings 1,027,260 1,418, ,130,000 Wisdom Holdings Group 644,891 1,673, ,592,391 43,152, China 1,864,000 Angang Steel Company Limited H 1,524,728 1,286, ,374,000 Bank of China Limited H 5,041,157 6,094, ,610,000 Beijing Capital International Airport Company 1,652,651 1,856, Limited H 300,000 Byd Company Limited 1,391,061 1,801, ,568,000 CGN Power Company Limited H 1,681,427 1,868, ,620,000 China Communications Construction 1,409,107 2,424, Company Limited H 7,389,000 China Construction Bank Corp. 5,700,857 6,748, ,704,000 China Eastern Airlines Corp. Limited 815,368 1,426, ,000 China Life Insurance Company Limited H 3,138,717 3,574, ,000 China Merchants Bank Company Limited H 2,344,518 2,195, ,094,000 China Oilfield Services Limited 2,356,036 1,744, ,644,000 China Petroleum & Chemical Corp. 2,300,108 2,281, ,500 Dalian Wanda Commercial Properties 1,927,718 2,046, Company Limited H 389,500 Great Wall Motor Company Limited 1,979,755 1,909, ,508,000 Huadian Power International Company 1,316,653 1,670, ,800 Huatai Securities Company Limited 1,252,419 1,078, ,706,000 Industrial & Commercial Bank of China H 5,782,696 6,123, MANULIFE GLOBAL FUND

130 Dragon Growth Fund Portfolio of Investments as at 30 June 2015 Quantity/ Par Value Description Cost USD Market Value USD % of Net Assets China (continued) 107,100 Legend Holdings Corp. 593, , ,332,000 Petrochina Company Limited 2,984,432 2,602, ,500 Picc Property & Casualty Company Limited 822,179 1,244, ,000 Ping An Insurance Group Company of China 4,056,280 5,267, Limited 607,600 Shanghai Pharmaceuticals Holding Company 2,087,445 1,692, Limited 229,500 Zhuzhou Csr Times Electric Company 1,843,048 1,720, Limited H 54,002,195 59,257, Hong Kong 1,185,600 Aia Group Limited 5,333,740 7,761, ,000 Boc Hong Kong Holdings Limited 1,228,984 1,791, ,000 China Everbright International Limited 581,083 1,640, ,000 China Merchants Holdings International 1,649,297 1,818, Company Limited 663,000 China Mobile Limited 7,506,988 8,488, ,600 China Taiping Insurance Holdings Company 1,641,234 1,485, Limited 1,122,000 China Unicom Hong Kong Limited 1,780,289 1,765, ,112,000 Cnooc Limited 2,122,254 1,577, ,000 Galaxy Entertainment Group Limited 3,095,336 1,614, ,374,000 Guangdong Investment Limited 1,667,825 1,924, ,600 Hong Kong Exchanges & Clearing Limited 2,138,320 4,397, ,500 Link Real Estate Investment Trust 1,053,790 1,256, ,000 Mtr Corp. 1,004,186 1,005, ,258,000 New World Development Limited 1,563,977 1,645, ,000 Sun Hung Kai Properties Limited 1,970,341 2,365, ,337,644 40,539, Singapore 1,014,000 Sound Global Limited a 1,098, , ,098, , Equities Total 126,269, ,916, Total Transferable securities and money market instruments admitted to an official exchange listing (1) 126,269, ,916, Portfolio of Investments 126,269, ,916, Other Net Assets 5,011, Net Assets 154,927, a Defaulted/Fair Valued by the Board of Directors. (1) All securities classified under this section are listed on a stock-exchange. The notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 128

131 Dragon Growth Fund Investment Objective: The sub-fund aims to achieve capital growth by investing in a diversified portfolio of public companies which are listed on the Stock Exchange of Hong Kong Limited and/or the Growth Enterprise Market of The Stock Exchange of Hong Kong Limited and/or, although not incorporated or listed on either stock exchange in Hong Kong, are incorporated or listed on a stock exchange in any other jurisdiction and have substantial business interests in Hong Kong and/or derive a substantial portion of their revenue from their business carried in Hong Kong. A proportion of the sub-fund may also be invested in equity warrants and convertible bonds issued by, or in respect of, such companies. PERFORMANCE FROM 1 JULY 2014 TO 30 June 2015* Dragon Growth Fund Class A % Dragon Growth Fund Class AA (HKD)** % MSCI Zhong Hua Index % PORTFOLIO REVIEW The sub-fund outperformed during the 12 month period. This outperformance was primarily attributable to strong stock selection decisions at the sector level and asset allocation decisions at the country level. Stock selection in China and in the financials, consumer discretionary and consumer staples sectors were the main contributors to performance. A Chinese life insurance company performed strongly amid improvement in its agency sales force, coupled with strong productivity enhancements. A Chinese company involved worldwide infrastructure construction also performed well after signing a contract to build an underwater tunnel in Bangladesh while its dredging business remains a bright spot with strong new orders and revenue growth. Additionally, a Chinese airline rose as low fuel prices drove earnings revisions. Key detractors included a Chinese life insurance company that fell on fears the Chinese equities were entering a bear market. Despite the recent share price correction, the Sub-fund s portfolio manager views this as a good opportunity for the Chinese life insurers given the strong fundamentals and strong operating momentum. Strong stock selection in China was offset by stock selection in Hong Kong. However, stock selection in a number of sectors, particularly financials, consumer discretionary, consumer staples and industrials were positive contributing factors. China remains the sub-fund s largest overweight while the sub-fund continues to have an underweight in Hong Kong. MARKET REVIEW Chinese equities continued to make strong gains over the period, advancing to seven year highs despite mixed economic data. However, the equity market saw more volatility towards the end of the period as authorities moved to curb margin financing and liquidity tightened. China s first quarter GDP grew at 7%, its slowest pace in six years, down from 7.3% in the fourth quarter of The official manufacturing purchasing managers index (PMI) fell from 51.0 in July 2014 to 49.8 in January 2015, the lowest reading in two and a half years before recovering to 50.2 in May Industrial production and retail sales figures towards the end of the period saw moderate growth. However, new house prices continued to decline after first showing a year-on-year fall in September Meanwhile, China s fixed-asset investment rose 11.4% in the first five months of 2015, the slowest rate in nearly 15 years. Policy wise, the People s Bank of China (PBoC) cut interest rates four times during the period, reducing the one-year lending rate to 4.85% and the one-year deposit rate to 2%, while reserve requirement ratios (RRR) for banks were also cut. During the period, the Chinese government also revealed further details for a modern Silk Road under the One Belt, One Road plan to increase infrastructure investment across Asia, Africa and Europe. * The performance return of the fund is calculated in U.S. dollar terms and includes dividends re-invested; whereas the index (or indices) is calculated in U.S. dollar terms and on total return basis. ** Previously Class AA 129 MANULIFE GLOBAL FUND

132 Dragon Growth Fund Authorities also announced further market reforms, including allowing mainland mutual funds to invest in Hong Kong shares via the Shanghai-Hong Kong Stock Connect and a mutual recognition scheme that will allow funds domiciled in either Hong Kong or the mainland to be marketed and distributed across both territories. OUTLOOK In China, the equity market corrected sharply in June but was still up on a year-to-date basis as investors took profit after a prolonged market rally. The government continues to undertake a program of monetary and fiscal support measures designed to maintain an appropriate balance between ongoing structural reform and the need to maintain sufficient economic growth. The government has also shifted from targeted to more broad based measures to focus on the wider economy. The Sub-fund s portfolio manager believes that further stimulus measures such as interest rate cuts, reserve requirement ratio (RRR) cuts and moderate liquidity injections are likely to follow in the months ahead. In addition, the Sub-fund s portfolio manager anticipates more relaxation in property related polices and the government is also expected to boost infrastructure investment through the One Belt, One Road development program. Furthermore, the Sub-fund s portfolio manager believes state owned enterprise (SOE) reforms will raise the efficiency and competitiveness of SOEs, benefiting sectors such as telecommunications and energy. In addition, the market continues to be buoyed by Qualified Domestic Institutional Investor (QDII) funds and domestic retail investors buying Hong Kong-listed Chinese stocks that are trading at a discount to their A-share peers via the Stock Connect. The industrial sector has also performed strongly recently. Railway companies in particular, have been buoyed by the merger between CSR and CNR, as well as potential overseas orders driven by the One Belt, One Road scheme and the establishment of the Asia Infrastructure Investment Bank. Furthermore, the Sub-fund s portfolio manager believes the upcoming launch of the Shenzhen-Hong Kong Connect is likely to be a positive for the overall market as it will open up more investment opportunities for investors. Overall, the Sub-fund s portfolio manager remains relatively conservative on portfolio construction and will focus more on company quality and earnings growth potential rather than strong economic recovery expectation and thematic plays. MANULIFE GLOBAL FUND 130

133 Emerging Eastern Europe Fund Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Transferable securities and money market instruments admitted to an official exchange listing (1) Equities Canada 463,728 Bankers Petroleum Limited 1,491,763 1,124, ,491,763 1,124, Czech Republic 9,389 Komercni Banka AS 1,404,394 2,076, ,404,394 2,076, Hungary 87,435 OTP Bank plc 1,500,856 1,727, ,500,856 1,727, Ireland 344,776 Dragon Oil plc 3,143,851 3,944, ,143,851 3,944, Kazakhstan 150,501 Kcell JSC 1,585,979 1,307, ,585,979 1,307, Poland 33,844 Bank Zachodni WBK SA 2,985,420 3,032, ,538 Powszechna Kasa Oszczednosci Bank Polski 7,263,629 4,940, SA 77,266 Prime Car Management Sa 888, , ,137,069 8,851, Romania 6,143,545 Fondul Proprietatea SA 1,138,038 1,223, ,152,000 Omv Petrom Sa Snp Ro 1,578,912 1,142, ,716,950 2,366, Russian Federation 41,054,488 Eon Russia OJSC 3,084,979 2,236, ,470 Lenta Limited Reg 2,930,304 1,641, ,534 Lukoil OAO ADR 4,870,095 4,197, ,566 Lukoil OAO ADR 9,293,285 5,782, ,018 Magnit Pjsc Mgnt Ru 3,822,786 5,077, ,288 MMC Norilsk Nickel ADR 3,359,782 3,242, ,818 Mobile Telesystems Ojsc Mtss Rx 2,434,515 2,733, ,356,967 Moscow Exchange Micex 4,511,781 2,917, ,891 Phosagro OAO GDR 1,565,713 2,076, ,170,610 Sberbank RF 4,087,198 5,370, ,412,330 Surgutneftegaz JSC Pfd 5,470,693 6,424, ,224 Tatneft ADR 5,369,383 4,969, ,900 TMK OAO GDR 3,128,137 1,450, ,116 X 5 Retail Group NV GDR Reg 2,139,213 2,485, ,067,864 50,607, MANULIFE GLOBAL FUND

134 Emerging Eastern Europe Fund Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Turkey 749,240 Akbank TAS 2,181,882 2,161, ,295 Arcelik AS 3,173,538 2,686, ,818 Bim Birlesik Magazalar AS 2,169,246 2,229, ,569 Coca-Cola Icecek AS 2,784,950 1,812, ,537 Pegasus Hava Tasimaciligi AS 1,339,391 1,194, ,972 Tav Havalimanlari Holding AS 1,484,697 3,332, ,654 Tofas Turk Otomobil Fabrik 2,386,158 3,331, ,403 Turk Traktor ve Ziraat Makineleri AS 591,546 1,169, ,421,369 Turkiye Garanti Bankasi AS 5,755,968 4,434, ,031,531 Turkiye Sinai Kalkinma Bankasi AS 3,232,898 3,203, ,100,274 25,556, United Kingdom 385,521 International Personal Finance plc 1,784,248 2,793, ,490 Nostrum Oil & Gas plc 3,692,709 2,795, ,091 Stock Spirits Group plc 1,474, , ,951,791 6,554, Virgin Islands (British) 120,475 Mail.Ru Group Limited GDR 3,526,325 2,512, ,526,325 2,512, Equities Total 114,627, ,629, Total Transferable securities and money market instruments admitted to an official exchange listing (1) 114,627, ,629, Portfolio of Investments 114,627, ,629, Other Net Assets 3,036, Net Assets 109,665, (1) All securities classified under this section are listed on a stock-exchange. The notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 132

135 Emerging Eastern Europe Fund Investment Objective: The sub-fund aims to achieve capital growth through investment primarily in securities which are listed or traded on the stock exchanges of Central and Eastern European countries. It is intended that the sub-fund will initially be concentrating (although not necessarily exclusively) on securities listed or traded on stock exchanges in the Czech Republic, Hungary, Poland, Slovakia and Russia whilst such securities may also be listed in other exchanges as depository receipts or certificates, or in other forms of instruments. However, the sub-fund will seek to broaden its participation in other markets within the region as they develop. PERFORMANCE FROM 1 JULY 2014 TO 30 June 2015* Emerging Eastern Europe Fund Class A % Emerging Eastern Europe Fund Class AA % MSCI Emerging Europe 10/40 Index % PORTFOLIO REVIEW The sub-fund returned a negative performance over the 12-month period ending June 2015, with share prices suffering marked falls across the region with a sharply weaker oil price, the ongoing conflict in Ukraine, political uncertainty in Turkey, and the precarious financial position of Greece all conspiring to send local currencies and stockmarkets lower. Against this volatile backdrop, share price movements only reflected company-specific developments to a minor extent, with top-down macroeconomic and risk considerations dominating. The performance of the sub-fund with respect to underlying markets was primarily due to its stock selection, especially in Russia. A number of portfolio holdings added significant value however. These included the Russian oil and gas group Surgutneftegas, which held up well thanks to a yield of some 20% on its preference shares and a cash position that exceeds its market capitalisation; with the cash held in US dollars, the stock presents a perfect hedge against rouble weakness. Dragon Oil, an oil and gas exploration and production company operating in the Caspian Sea off-shore Turkmenistan, also performed well after receiving a takeover approach from Emirates National Oil Company, which already owns 54% of the stock. The bid values the company at GBp 750 per share and although some shareholders have suggested that this undervalues the company, the sub-fund s portfolio manager believes that it represents a fair value for the asset. The Turkish car group Tofas was a further positive contributor as its share price rose on the back of very strong car sales, particularly over the first half of The sub-fund did have some investments in Greece over the period under review. Any exposure to Greece was however completely divested before the stockmarket was closed and capital controls were introduced as the bail-out negotiations came to a head. Nevertheless, this exposure was a drag on performance with a position in Alpha Bank the most damaging. Elsewhere, Russia s largest retailer Magnit ran into significant profit taking after a very strong relative performance, detracting from performance. Operationally, the company continues to go from strength to strength, benefiting from higher food price inflation and accelerating traffic as customers shift from corner shops and open air markets to discounters. Significant changes to the portfolio included the divestment of the Russian gas giant Gazprom in favour of LUKOIL, which provides higher quality, better visibility, a higher dividend stream and better corporate governance. A new holding in Tatnedft was also introduced to the portfolio. Tatneft is one of the few Russian companies not beholden to the central government with a majority stake effectively held by the fiercely independent Republic of Tartarstan. Its share price fell to a level sufficient to compensate for any rouble weakness, with the company also benefiting from generous free cashflow and an attractive dividend payment. MARKET REVIEW Emerging European stockmarkets suffered sharp falls over the latter part of 2014 and although finding some stability in 2015 still closed the period under review with losses of around 25%. All markets were weaker, with Russia leading the way as a sharp fall in the price of oil, combined with the imposition of EU sanctions, saw the rouble lose significant value and the economy fall into recession. Turkey suffered at the hands of political uncertainty, as the incumbent administration appeared to lose its grip on power, despite an ongoing robust economic performance. With the conflict in Ukraine dragging on without either resolution or escalation and thus slipping out of the limelight, Greece was the focus of 133 MANULIFE GLOBAL FUND

136 Emerging Eastern Europe Fund the market s attention for much of the period and especially later in 2015 as tense bail-out negotiations threatened to eject the country from the single currency. In the event, Greece agreed to its creditors demands, received additional funding and was able, for the time being, to remain within the euro zone. The fall in the oil price, from close to USD 110 a barrel in mid-2014 to below USD 50 a barrel in early 2015, occurred against a backdrop of unfettered supply from oil producers amidst some concern for slowing global economic activity, and hence demand for oil, particularly in China. The Russian economy is heavily dependent upon oil production and this development resulted in a sharp fall in the value of the rouble, to which the central bank responded with significant intervention in the foreign currency market and a sharp rise in interest rates. As the price of oil bounced from its near-term low, to close the period under review above USD 60 a barrel, the central bank was able to reverse some part of its interest rate hike as the rouble recovered somewhat. As a result of these developments it now seems likely that the Russian economy may contract by as much 2% this year, though forecasts made at the turn of the year were considerably more gloomy than this. In Turkey, there were two key elections for the markets to consider. In August 2014, Recep Tayyip Erdogan, previously the prime minister, became Turkey s first directly elected president. This outcome was widely expected and discounted in the markets and seemed to herald a move towards a more executive presidency. In order to effect this constitutional change however, the AK Party would need to win a convincing victory in the June 2015 parliamentary elections. In the event, voters concerns surrounding Erdogan s increasingly autocratic style deprived the AK Party not only of a majority large enough to change the constitution but also of an outright victory itself. At the end of the period under review, the make-up of any new government remained uncertain with coalition negotiations underway. OUTLOOK The outlook for the emerging markets of eastern Europe remains subject to a number of uncertainties, detailed below. Despite this, these markets are for the most part large and liquid and attractive investment opportunities are rarely absent. The sub-fund s portfolio manager remains confident that a continuing focus on stock selection will most likely generate a positive return over the medium term. Foremost amongst these is the oil price, which has an especially large impact on the Russian economy. After the sharp fall seen over the past 12 months, the oil price has shown some stability more recently. The ongoing conflict in Ukraine, which has moved no nearer to a resolution over recent months, is a further important factor determining economic activity in Russia given the sanctions imposed by the EU and US as a result of Russia s perceived involvement. The impact on Ukraine itself should also not be overlooked. Although Greece appeared to secure a new round of financing in July, the possibility that it will be forced out of the European single currency remains given the potential for the bailout agreement to be derailed. The stability of the Greek government itself is an important factor here, with the current Syriza administration not certain to remain in power. There is political uncertainty in Turkey as well. The June 2015 elections produced no clear winner and although a coalition will most likely be formed, fresh elections remain a possibility. Turkish financial markets effectively ignored a robust economic performance to focus on political developments over the past 12 months and this sentiment may well persist until a stable government is formed. In Poland, the increasing anticipation of a victory by the Law and Justice Party (PiS) in the October 2015 parliamentary elections puts some pressure on the banks as the party favours increased economic interventionism with a banking levy high up on its agenda. This is likely to garner increasing column inches over the coming months but is unlikely to cause a dramatic change in the investment case. * The performance return of the fund is calculated in U.S. dollar terms and includes dividends re-invested; whereas the index (or indices) is calculated in U.S. dollar terms and on total return basis. MANULIFE GLOBAL FUND 134

137 European Growth Fund Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Transferable securities and money market instruments admitted to an official exchange listing (1) Equities Australia 106,511 South32 Limited 179, , , , Austria 5,624 Andritz AG 268, , ,269 Wienerberger AG 1,180,574 1,071, ,449,533 1,387, Belgium 3,116 Galapagos NV 50, , , , Finland 640,479 Talvivaara Mining Company plc a 498, , France 39,789 Compagnie de Saint-Gobain 1,795,319 1,814, ,869 Danone 675, , ,191 Safran SA 925,327 1,389, ,657 Sanofi-Aventis SA 1,267,241 1,267, ,617 Schneider Electric SA 1,340,390 1,307, ,003,518 6,425, Germany 38,181 Adidas AG 3,296,833 2,948, ,594 Carl Zeiss Meditec AG 143, , ,372 Continental AG 887,217 1,511, ,746 Elringklinger AG 150, , ,044 Fresenius Medical Care AG & Company KGaA 1,061,760 1,335, ,518 Henkel AG & Company KGaA 1,321,407 1,954, ,973 Infineon Technologies AG 1,385,736 1,818, ,529 Rheinmetall AG 2,197,238 1,982, ,310 RWE AG 572, , ,780 Sap AG 724, , ,740,714 12,825, Ireland 82,020 Greencore Group plc 334, , , , Italy 565,009 Intesa Sanpaolo SpA 1,674,950 2,077, ,128,888 Telecom Italia SpA 2,584,433 2,719, ,961 Unicredit SpA 2,041,265 1,982, ,300,648 6,780, Jersey Channel Islands 56,110 Wpp plc 711,865 1,267, ,865 1,267, MANULIFE GLOBAL FUND

138 1,034,728 1,301,074 European Growth Fund Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Netherlands 25,746 Akzo Nobel NV 1,737,296 1,901, ,152 Koninklijke Ahold NV 911, , ,695 Royal KPN NV 2,854,714 3,096, ,989 Unilever NV 1,034,728 1,301, Norway Portugal Spain Sweden 6,537,946 7,233, ,568 Statoilhydro ASA 1,276,238 1,300, ,276,238 1,300, ,734 Galp Energia SGPS SA B 770, , , , ,143 Banco Santander Central Hispano SA 948, , ,872 Telefonica SA 2,703,845 2,549, ,651,977 3,522, ,681 Ericsson (LM) 1,158,167 1,072, ,202 Svenska Cellulosa AB 1,853,370 2,409, ,011,537 3,481, Switzerland 45,749 ABB Limited Reg 961, , ,701 Credit Suisse Group AG Reg 992, , ,818 Novartis AG Reg 1,975,092 2,844, ,872 Roche Holding AG 1,810,015 2,802, ,863 Sunrise Companymunications Group AG 836, , ,148 Syngenta AG Reg 348, , ,924,178 8,877, United Kingdom 125,654 Admiral Group plc 2,437,404 2,763, ,710 Anglo American plc 1,403, , ,698 Arm Holdings plc 1,266,724 1,748, ,107 Astrazeneca plc 928, , ,494 Atkins WS plc P.P. 144A 547, , ,938 Barclays Bank plc 2,059,693 2,171, ,984 Berendsen plc 757, , ,041 Bg Group plc 1,021, , ,592 Bhp Billiton plc 2,761,936 2,416, ,420 Cobham plc 1,423,510 1,292, ,230 DS Smith plc 294, , ,879 GKN plc 1,925,521 1,909, ,131 Glaxosmithkline plc 4,883,188 3,911, ,983 HSBC Holdings plc 3,150,399 2,872, ,332 Indivior plc 900,960 1,402, ,034 Kingfisher plc 1,462,224 1,549, ,018 Lloyds TSB Bank plc 405, , ,240 Prudential plc 770,306 1,511, ,233 Rio Tinto plc 3,199,714 2,881, ,022 Royal Bank of Scotland Group plc 511, , ,442 Royal Dutch Shell plc 3,088,653 2,426, ,706 Rsa Insurance Group plc 3,023,491 2,634, ,396 Sabmiller plc 388, , ,216 Smith & Nephew plc 1,131,823 1,229, MANULIFE GLOBAL FUND 136

139 European Growth Fund Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets United Kingdom (continued) 135,521 Standard Chartered Bank plc 2,773,139 2,191, ,088 Tesco plc 1,561,938 1,333, ,492 Tullow Oil plc 923, , ,002,994 42,650, Equities Total 94,444,999 96,988, Total Transferable securities and money market instruments admitted to an official exchange listing (1) 94,444,999 96,988, Portfolio of Investments 94,444,999 96,988, Other Net Assets 750, Net Assets 97,738, a Defaulted/Fair Valued by the Board of Directors. (1) All securities classified under this section are listed on a stock-exchange. The notes to the Financial Statements form an integral part of these financial statements. 137 MANULIFE GLOBAL FUND

140 European Growth Fund Investment Objective: The objective of this sub-fund is to achieve capital growth from a diversified portfolio of equities in mainly larger companies quoted on stock markets in Europe (including in the United Kingdom), or companies that have substantial business interests in Europe. The main emphasis of the investment strategy of the sub-fund is on the assessment and selection of individual stocks within the European markets. PERFORMANCE FROM 1 JULY 2014 TO 30 June 2015* European Growth Fund Class A -6.24% European Growth Fund Class AA -6.49% European Growth Fund Class I -5.85% MSCI Europe Index -7.17% PORTFOLIO REVIEW The Share Class A returned -6.24% for the period, compared to the MSCI Europe Index s return of -7.17%. Over the period, the Sub-fund s holdings in the health care, consumer staples and telecommunications sectors contributed to Sub-fund performance. Individual contributors to performance included Indivior PLC, a leader in treating opioid addiction. The company has a strong suite of patents and a strong pipeline of products. Agrochemicals specialist Syngenta AG also contributed to performance as it became a takeover target. The energy sector detracted from Sub-fund performance over the period, as the oil price plummeted. Individual detractors from Sub-fund performance included Galp Energia, SGPS, SA and Tullow Oil PLC, as both companies struggled with declining oil prices. Over the period, our sub-fund s portfolio manager initiated positions in WS Atkins plc and Berendsen PLC. They believe both companies are cash-generative and stable businesses and also initiated a position in Sunrise Communications AG, Switzerland s second-largest mobile company. They sold the Sub-fund s position in CNH Industrial N.V. over the period amid concerns of profit sustainability. MARKET REVIEW Over the period, strong local market gains were offset by a sharply devalued euro. The recovery s continued fragility, coupled with uncertainty about Greek debt negotiations, restrained equity performance. In January 2015, the European Central Bank announced it would buy eurozone government bonds. Markets cheered Europe s belated adoption of quantitative easing, as it was viewed as a decisive step towards combatting deflation in the eurozone, stimulating the export sector and helping job creation. Markets failed to consolidate gains at the start of 2015 on concerns over Greece s debt negotiations. In late June, Greek Prime Minister Alexis Tsipras called a referendum on the latest proposal from organizations representing the country s creditors. There was a subsequent deposit run on Greek banks, leading to capital controls. Government bond yields did not rise significantly, suggesting markets were confident that a compromise would be reached or, if not, that the European authorities stand ready to do whatever is necessary to ensure financial stability of the euro area. Defensive sectors like health care and consumer staples, which have global income streams, held up better than cyclical sectors. The telecommunications sector performed best over the period. After years of intense competition, this sector entered a phase of consolidation that should lead to expanding profit margins and revenue growth. The energy sector was the worst performing as an increase in U.S. shale production contributed to an over-supplied market and a steep fall in the oil price. Energy equipment suppliers cut earnings forecasts as a result of deep cutbacks in new exploration projects and the oil majors revenue came under pressure with the decline in the spot price. * The performance return of the fund is calculated in U.S. dollar terms and includes dividends re-invested; whereas the index (or indices) is calculated in U.S. dollar terms and on total return basis. MANULIFE GLOBAL FUND 138

141 European Growth Fund OUTLOOK Our sub-fund s portfolio manager believe the outlook for a European economic recovery is improving and that our holdings are relatively well insulated from developments in Greece, regardless of the outcome, although short-term price volatility in Europe-listed securities cannot be ruled out. The Sub-fund invests in many strong, larger companies with defensive, globally diversified income streams. The European banks held in the Sub-fund have minimized their exposure to Greek assets. They also believe European stocks are trading at attractive valuations and could perform well over the next two years. In our view, Europe remains home to a large number of innovative and technologically advanced organizations across multiple sectors. 139 MANULIFE GLOBAL FUND

142 Global Contrarian Fund Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Transferable securities and money market instruments admitted to an official exchange listing (1) Equities Australia 52,715 Amcor Limited 507, , , , Cayman Islands 11,807 Ck Hutchison Holdings Limited 157, , , , France 3,072 Safran SA 204, , ,310 Sanofi-Aventis SA 345, , ,680 Total SA 401, , , , Germany 4,294 Deutsche Boerse AG 330, , , , Ireland 3,319 Accenture plc 270, , ,666 Eaton Corp. 547, , , , Japan 14,500 Bridgestone Corp. 545, , ,600 Honda Motor Company Limited 253, , ,800 Japan Tobacco Inc. 355, , ,800 Nippon Telegraph & Telephone Corp. 292, , ,447,419 1,490, Jersey Channel Islands 12,373 Experian plc 205, , , , Luxembourg 61,854 Samsonite International SA 178, , ,390 SES SA 454, , , , Netherlands 3,180 Akzo Nobel NV 246, , ,671 Heineken NV 392, , ,063 Koninklijke Ahold NV 175, , ,644 Koninklijke Philips Electronics NV 552, , ,367,218 1,338, Norway 11,556 Statoilhydro ASA 333, , , , Singapore 160,252 Comfortdelgro Corp. Limited 255, , , , MANULIFE GLOBAL FUND 140

143 Global Contrarian Fund Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Switzerland 7,402 Nestle SA Reg 572, , ,814 Novartis AG Reg 565, , ,300 Roche Holding AG 629, , ,768,243 1,868, United Kingdom 3,418 Aon Corp. 282, , ,051 British American Tobacco plc 702, , ,255 HSBC Holdings plc 471, , ,373 Pearson plc 390, , ,846,613 1,812, United States 3,591 Apple Computer Company 319, , ,739 Arthur J Gallagher & Company 674, , ,955 Baxter International Inc. 554, , ,358 Chevron Corp. 416, , ,553 Honeywell International Inc. 321, , ,395 Huntington Bancshares Inc. 279, , ,206 Johnson & Johnson 885, , ,133 JPMorgan Chase & Company 291, , ,649 Kraft Foods Inc. A 363, , ,257 Macy s Inc. 343, , ,422 McDonald s Corp. 338, , ,480 Microsoft Corp. 363, , ,245 Philip Morris International Inc. 705, , ,819 Pnc Financial Services Group Inc. 640, , ,069 Procter & Gamble Company 748, , ,517 Qualcomm Inc. 546, , ,278 Raytheon Company 215, , ,593 United Technologies Corp. 615, , ,045 Verizon Communications Inc. 594, , ,838 Viacom Inc. B 806, , ,675 Wells Fargo & Company 481, , ,856 Whirlpool Corp. 495, , ,000,383 11,171, Equities Total 21,623,129 21,957, Total Transferable securities and money market instruments admitted to an official exchange listing (1) 21,623,129 21,957, MANULIFE GLOBAL FUND

144 Global Contrarian Fund Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Other transferable securities and money market instruments (2) Equities United States 85,237 Brazil Ethanol Inc. a 852, , Equities Total 852, Total Other transferable securities and money market instruments (2) 852, Portfolio of Investments 22,475,499 21,958, Other Net Assets 203, Net Assets 22,162, a Defaulted/Fair Valued by the Board of Directors. (1) All securities classified under this section are listed on a stock-exchange. (2) All securities classified under this section are unlisted. The notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 142

145 Global Contrarian Fund Investment Objective: The sub-fund aims to generate long-term returns which exceed those of broad market indexes, such as the MSCI World Index and the S&P 500 Index, by investing in overlooked and misunderstood companies through investing primarily in securities of U.S. issuers, and those of issuers in countries around the world including, but not limited to, common stocks, REITs and similar liquid equity equivalents. The expression overlooked and misunderstood companies as used herein may refer generally to specific companies which may be temporarily out-of-favour with or unattractive to investors (for whatever reason) and could, therefore, present value opportunities to be exploited. These companies may also include companies going through corporate restructuring, bankruptcy, spin-outs or industry consolidation. It may also include taking advantage of opportunities which present themselves in the markets arising from short-term irrationality in prices or psychological biases of market participants as demonstrated by some of the principles of behavioural finance. PERFORMANCE FROM 1 JULY 2014 TO 30 June 2015* Global Contrarian Fund Class AA -2.49% Global Contrarian Fund Class HA -3.08% Global Contrarian Fund Class HC -3.38% Global Contrarian Fund Class HI -2.66% Global Contrarian Fund Class I2-2.58% Global Contrarian Fund Class S -3.23% MSCI All Country World Index +1.23% Portfolio Review The Share Class AA returned -2.49% for the period, compared to the MSCI All Country World Index return of 1.23%. Stock selection within the materials and financials sectors contributed to performance. Individual contributors included Amcor Limited, Macy s, Inc. and Huntington Bancshares Incorporated. Macy s share price rose on speculation about a strategy change for its real estate assets. Stock selection within the health care and consumer discretionary sectors detracted from performance. Individual detractors included Viacom Inc., Mattel, Inc. and Statoil ASA. During the period, our sub-fund s portfolio manager added Raytheon Company, Bridgestone Corporation, Whirlpool Corporation, Koninklijke Philips N.V. ( Royal Philips ), McDonald s Corporation, The PNC Financial Services Group, Inc., Nestlé S.A. and Verizon Communications Inc. to the Sub-fund. They eliminated the Sub-fund s positions in Mattel, Inc., Eni S.p.A., Pfizer Inc., GlaxoSmithKline plc, Anheuser- Busch InBev SA/NV, Vodaphone Group Plc, Automatic Data Processing, Inc., Ryoyo Electro Corporation, Tyco International PLC, Time Warner Inc., Northern Trust Corporation and Catlin Group Limited. Catlin Group s share price had reached our estimate of fair value. Market Review Global market performance was modestly positive over the period. However, the U.S. Federal Reserve Board took a more cautious view of the U.S. economy and labor market and said it would have to see more encouraging data before raising interest rates. First-quarter 2015 gross domestic product growth was just 0.2%, largely as a result of bad weather in the U.S. Northeast and economic challenges stemming from a stronger U.S. dollar. As a result of this news, the dollar retreated somewhat. Oil prices rose in April as a report from the U.S. Energy Information Administration showed that oil supplies in the U.S. did not grow much during the month, signaling that production could be leveling off while global demand may be picking up. For most of the period, European markets benefited from a healthier economic outlook. The Japanese market continued to rise as consumer sentiment showed optimism and pay raises were approved by Japan s largest companies, suggesting the nation may be on its way toward stimulating consumer spending and ending deflation. Global equity markets declined in the final two trading days of the quarter over concerns about Greece exiting the eurozone. * The performance return of the fund is calculated in U.S. dollar terms and includes dividends re-invested; whereas the index (or indices) is calculated in U.S. dollar terms and on total return basis. 143 MANULIFE GLOBAL FUND

146 Global Contrarian Fund Outlook Given that interest rates are at historic lows and bonds are overpriced (absent a deflationary environment), our sub-fund s portfolio manager continue to favor equities. That said, longer-term growth rate expectations have been falling, and markets could be entering a structurally low-growth environment. Although the U.S. continues to outperform, they believe U.S. equities appear expensive, especially against a backdrop of high margins and the equity market gains will now be driven by growth, rather than relying on multiple expansion or share buybacks to drive increases in earnings per share. In our view, European equities appear inexpensive, and they believe opportunities exist to invest in European companies with international operations and favorable equity valuations, especially if the euro weakens. The Bank of Japan is in the midst of implementing aggressive reflationary measures. As the country benefits from a weakening yen, we believe it should also see a trend of cash being returned to shareholders. They remain selective in the Sub-fund s Japanese exposure, focusing on leading companies with strong management teams and cash flows. The Sub-fund does not have any direct exposure to emerging markets, as we have concerns about their commodity exposure, overly tight monetary policies and potentially weakening currencies. In all regions, they continue to identify individual, high-quality businesses that t believe have strong management teams and franchises and the ability to protect cash flow in more challenging environments. MANULIFE GLOBAL FUND 144

147 Global Property Fund Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Transferable securities and money market instruments admitted to an official exchange listing (1) Equities Australia 27,285 Dexus Property Group 180, , ,000 Federation Centres Limited 113, , ,578 Scentre Group 308, , ,486 Westfield Group 212, , , , Canada 6,975 H&r Real Estate Investment Trust 67, , , , Cayman Islands 9,000 Cheung Kong Property Holding 74,123 74, ,500 Cheung Kong Property Holdings Limited 194, , , , China 34,000 Dalian Wanda Commercial Properties 210, , Company Limited H 210, , France 5,241 Klepierre 206, , ,350 Unibail-Rodamco SE 228, , , , Germany 6,896 Deutsche Wohnen AG 87, , ,000 Tlg Immobilien AG 122, , , , Hong Kong 60,000 Hang Lung Properties Limited 215, , ,689 Henderson Land Development Company 145, , Limited ADR 29,000 Hongkong Land Holdings Limited 125, , ,000 Sino Land Company Limited 143, , ,000 Sun Hung Kai Properties Limited 372, , ,800 Wharf Holdings Limited 97, , ,100,168 1,425, Ireland 250,000 Irish Residential Properties Reit plc 279, , , , Japan 2,300 Daito Trust Construction Company Limited 92, , ,000 Mitsubishi Estate Company Limited 466, , ,500 Mitsui Fudosan Company Limited 318, , Nippon Building Fund Inc. 194, , ,000 Sumitomo Realty & Development Company 218, , Limited 1,289,621 1,802, MANULIFE GLOBAL FUND

148 Global Property Fund Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Norway 24,000 Entra ASA 237, , ,000 Norwegian Property ASA 136, , , , Singapore 145,000 Capitacommercial Trust 159, , ,000 Capitaland Limited 222, , , , United Kingdom 28,521 British Land Company plc 324, , ,000 Capital & Counties Propertie 53, , ,500 Hammerson plc 262, , , , United States 2,050 Alexandria Real Estate Equities Inc. 124, , ,700 American Tower Corp. 70, , ,821 Boston Properties Inc. 171, , ,000 Brixmor Property Group Inc. 140, , ,618 Coresite Realty Corp. 61, , ,700 Corporate Office Properties Trust 116, , ,583 Cyrusone Inc. 126, , ,722 Diamondrock Hospitality Company 115, , ,389 Digital Realty Trust Inc. 331, , ,550 Douglas Emmett Inc. 75, , ,635 Essex Property Trust Inc. 212, , ,650 Federal Realty Investment Trust 137, , ,730 Felcor Lodging Trust Inc. 88, , ,921 General Growth Properties Inc. 157, , ,500 HCP Inc. 201, , ,000 Hersha Hospitality Trust 98, , ,000 Hilton Worldwide Holdings Inc. 200, , ,900 Home Properties Inc. 170, , ,700 Kilroy Realty Corp. 135, , ,252 Kimco Realty Corp. 114, , ,200 La Quinta Holdings Inc. 122, , ,900 Lasalle Hotel Properties 98, , ,701 Macerich Company 107, , ,100 Macquarie Infrastructure Company LLC 7, , ,687 Monogram Residential Trust Inc. 108, , ,500 Paramount Group Inc. 393, , ,500 Post Properties Inc. 112, , ,008 Prologis Inc. 293, , ,700 QTS Realty Trust Inc. A 119, , ,800 Rexford Industrial Realty 249, , ,855 Simon Property Group Inc. 306, , ,222 Sl Green Realty Corp. 68, , ,316 Spirit Realty Capital Inc. 89, , ,100 Starwood Hotels & Resorts Worldwide Inc. 158, , ,000 Udr Inc. 200, , ,118 Urban Edge Properties 73,593 85, ,000 Ventas Inc. 151, , ,237 Vornado Realty Trust 190, , ,013 Wp Carey Inc. 99, , ,798,751 8,860, MANULIFE GLOBAL FUND 146

149 Global Property Fund Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Equities Total 11,869,450 16,477, Warrants Equity Hong Kong 2,917 Sun Hung Kai Properties Limited Wts 22/Apr/ , , Warrants Equity Total 0 10, Total Transferable securities and money market instruments admitted to an official exchange listing (1) 11,869,450 16,487, Other transferable securities and money market instruments (2) Equities Malta 570,000 BGP Holdings plc a Equities Total Total Other transferable securities and money market instruments (2) Portfolio of Investments 11,869,450 16,487, Other Net Assets 294, Net Assets 16,782, a Defaulted/Fair Valued by the Board of Directors. (1) All securities classified under this section are listed on a stock-exchange. (2) All securities classified under this section are unlisted. The notes to the Financial Statements form an integral part of these financial statements. 147 MANULIFE GLOBAL FUND

150 Global Property Fund Investment Objective: The sub-fund is an equity fund which is primarily designed to provide medium to long term capital growth with the secondary goal of generating income. The sub-fund is suitable for those who hold a long term investment view and who are prepared to accept significant fluctuations in the value of their investments in order to achieve long term returns. It is intended that the investments will be made on a diversified basis. The underlying investment portfolio will mainly consist of real estate securities, primarily REITs of U.S. and non-u.s. companies. The sub-fund may invest in companies which derive a significant portion of their earnings from the development or management of real estate situated in the U.S. and non-u.s. countries. The investment instruments of the portfolio include, but not limited to, North American REITs (in the U.S. and Canada), non-u.s. REITs, real estate company equities, bonds (graded as low as BB), short-term securities, equity securities of non-real estate securities and deposits. The underlying REITs may not necessarily be authorized by the SFC in Hong Kong and the dividend policy/payout policy of the sub-fund is not representative of the dividend policy/payout policy of the underlying REITs. The Sub-Fund may also invest in bonds of any maturity rated at BB grades and unrated bond equivalents. If the Investment Manager so determines, it may also temporarily invest in investment grade shortterm securities and/or cash, and non-u.s. securities including sponsored and unsponsored American Depository Receipts. PERFORMANCE FROM 1 JULY 2014 TO 30 June 2015* Global Property Fund Class AA +2.41% S&P Developed Property Total Return Index +0.87% Portfolio Review The Sub-fund returned 2.41% for the period, compared to the S&P Developed Property Total Return Index return of 0.87%. The Sub-fund s overweight exposure to and stock selection in the U.S. and Hong Kong contributed to performance during the period. Underweight exposure to Europe, Japan and Canada also contributed. An overweight position in data center and lodging real estate investment trusts ( REITs ), and underweight position in health care REITs, drove strong stock selection in the U.S. Within the Sub-fund s Hong Kong holdings, property developers Sun Hung Kai Properties Ltd. and Cheung Kong (Holdings) Limited contributed to performance. Cheung Kong Holdings performance was driven by the company s restructuring efforts and its merger with Hutchinson Whampoa Ltd., which took both companies property businesses and merged them into a single company while separating the non-property business into another. Hong Kong developers also benefited from continued strength in the residential property market as housing transactions remained relatively strong. Commercial real estate, especially the office market, continues to exhibit strength, and leasing demand in the Central submarket continues to benefit the sector. U.S. data center REITs CoreSite Realty Corporation and QTS Realty Trusts, Inc. contributed to performance as the sector benefited from continued demand for data center space and both companies reported strong financial results throughout the year. Excess supply has been declining because of strong demand, and pricing has stabilized. Stock selection in Japan detracted from the Sub-fund s performance as the Sub-fund had an underweight position in Japanese REITs. The Sub-fund s allocation to Brazil and overweight exposure to Norway also detracted from performance. Japanese property companies Mitsui Fudosan Co., Ltd. and Sumitomo Realty & Development Co., Ltd. detracted from performance. The sector was affected by the lack of economic growth and concern over whether or not the government s measures to improve economic growth would succeed. Although growth improved somewhat in the latter half of the fiscal year, concerns still exist, and at this point the potential for further easing by the Bank of Japan appears to be less likely. * The performance return of the fund is calculated in U.S. dollar terms and includes dividends re-invested; whereas the index (or indices) is calculated in U.S. dollar terms and on total return basis. MANULIFE GLOBAL FUND 148

151 Global Property Fund European property companies Unibail-Rodamco SE and Klépierre SA also detracted from performance, as a result of continued sluggish economic growth, geopolitical concerns earlier in the year and the uncertainty of Greece s fiscal position. During the year, our sub-fund s portfolio manager eliminated the Sub-fund s exposure to Brazil, increased its exposure in Germany, Ireland and Norway, and reduced its exposure to the U.S. given the strong performance earlier in the year. We added positions in TLG Immobilien AG, Dalian Wanda Commercial Properties Co., Ltd., Irish Residential Properties REIT plc, Entra ASA, Norwegian Property ASA and Paramount Group Inc. The Sub-fund maintains underweight exposure to Europe and Japan and overweight exposure to the U.S. and Hong Kong. The underweight exposure to European property companies is driven by an overall weaker economic growth outlook versus other regions. Within Europe, we favor the Nordic and German real estate markets. The Sub-fund s overweight exposure to the U.S. is the result of stronger property fundamentals and our positive outlook on relative economic growth. The overweight exposure to Hong Kong is based on relative valuations and our belief that the risk of further austerity measures to the property sector is low. Market Review Over the past year, especially in the U.S., the main factor weighing on market performance and on the real estate sector has been interest rates. Economic data has been volatile at times, with weakerthan-expected retail sales since year-end, which also resulted in weaker-than-expected first-quarter gross domestic product growth. However, economic data has been sufficiently strong that the U.S. is expected to begin raising interest rates sometime over the next few months. Geopolitical uncertainty in Eastern Europe and the Middle East, as well as recent events in Greece has also added to volatility over the period. While the U.S. is expected to begin tightening its monetary policy, other regions, such as China, Japan and Europe, have been easing their monetary policy by reducing interest rates or adding quantitative easing programs to stimulate growth. This has caused sovereign yields in those regions to fall, benefiting the overall markets as well as the real estate sector. However, investor sentiment has shifted over the past couple of months as quantitative easing is coming to an end in most regions and rates have begun to move higher, which has weighed on the sector. Outlook Our sub-fund s portfolio manager believe the outlook for the real estate sector remains positive despite recent relative performance. Interest rates remain low versus historical levels. While expectations are that the U.S. will begin to raise rates at some point this year, they believe that it will be toward the later part of the year and that the pace of further interest rate hikes will be gradual. Given this low interest rate environment, they expect capital from institutional investors to be allocated to the real estate sector, which should support real estate values. Real estate fundamentals continue to improve in most markets as supply remains relatively low. Expectations for improving economic conditions will continue to support the sector given the supply picture, which should lead to higher occupancy and rents. Increased demand for properties and higher rents should alleviate the impact of higher interest rates. Property values will also be driven by the lack of supply over the past few years, as the low growth and uncertain environment has restrained new supply being developed. At the same time, investor demand for quality assets remains strong, which should continue to support property values. Our sub-fund s portfolio manager believe the sector continues to offer a very attractive dividend yield versus other yield securities. They believe interest rates will continue to be relatively low and supply will be low. Coupled with our positive outlook on economic growth, this leads us to believe that the real estate sector is an attractive alternative investment. They continue to find opportunities within the market that trade at significant discounts to their net asset values. They believe the current share prices and yields that these securities offer are still at attractive levels, and maintain a positive bias on the sector. 149 MANULIFE GLOBAL FUND

152 Global Resources Fund Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Transferable securities and money market instruments admitted to an official exchange listing (1) Equities Australia 20,016 BHP Billiton Limited ADR 1,113, , ,243 Western Areas NL 818, , ,932,682 1,354, Canada 34,736 Agnico-Eagle Mines Limited 1,197, , ,476 Agrium Inc. 725, , ,004 Barrick Gold Corp. 1,321, , ,720 Cameco Corp. 414, , ,460 Canadian Natural Resources Limited 820, , ,779 Eldorado Gold Corp. 557, , ,000 First Quantum Minerals Limited 187, , ,995 Franco-Nevada Corp. 1,632,697 1,616, ,375 Goldcorp Inc. 2,757,474 1,376, ,947 Lundin Mining Corp. 416, , ,179 Methanex Corp. 411, , ,078 Paramount Resources Limited 404, , ,500 Romarco Minerals Inc. 428, , ,486 Silver Wheaton Corp. 808, , ,752 Suncor Energy Inc. 977, , ,322 Teck Cominco Limited 315, , ,458 Vermilion Energy Trust 409, , ,611 West Fraser Timber Company Limited 772, , ,273 Yamana Gold Inc. 2,191, , ,752,198 11,779, Curacao 8,568 Schlumberger Limited 757, , , , France 6,261 Lafarge SA 413, , , , Germany 8,861 BASF SE 782, , , , Jersey Channel Islands 13,094 Randgold Resources Limited ADR 792, , , , Mexico 37,746 Fresnillo plc 424, , , , Netherlands 12,136 Lyondellbasell Industries NV A 1,068,733 1,253, ,068,733 1,253, MANULIFE GLOBAL FUND 150

153 Global Resources Fund Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Switzerland 25,530 Weatherford International Limited 407, , , , United Kingdom 17,043 Royal Dutch Shell plc ADR 1,171, , ,171, , United States 19,321 Alcoa Inc. 191, , ,503 Anadarko Petroleum Corp. 1,133, , ,918 Chevron Corp. 1,156, , ,840 Concho Resources Inc. 408, , ,947 Devon Energy Corp. 1,145,160 1,122, ,763 Dow Chemical Company 869,292 1,266, ,682 Eog Resources Inc. 988, , ,986 Exxon Mobil Corp. 1,178, , ,190 Freeport-McMoRan Copper & Gold 787, , ,244 Halliburton Company 810, , ,419 Hess Corp. 575, , ,889 International Paper Company 698, , ,887 Marathon Oil Corp. 411, , ,801 Monsanto Company 773, , ,828 Nucor Corp. 333, , ,488 Occidental Petroleum Corp. 878, , ,390 Phillips , , ,222 Range Resources Corp. 751, , ,830 Southern Copper Corp. 1,168,137 1,193, ,149 Spectra Energy Corp. 780, , ,665 Valero Energy Corp. 374, , ,755,897 14,872, Equities Total 40,258,360 33,787, Total Transferable securities and money market instruments admitted to an official exchange listing (1) 40,258,360 33,787, Other transferable securities and money market instruments (2) Australia Equities 8,006 South32 Limited 62,776 54, ,776 54, MANULIFE GLOBAL FUND Equities Total 62,776 54, Total Other transferable securities and money market instruments (2) 62,776 54, Portfolio of Investments 40,321,136 33,842, Other Net Liabilities (126,232) (0.37) Net Assets 33,715, (1) All securities classified under this section are listed on a stock-exchange. (2) All securities classified under this section are unlisted. The notes to the Financial Statements form an integral part of these financial statements.

154 Global Resources Fund Investment Objective: The sub-fund has, as its primary objective, the provision of long term capital growth for those who hold a long term investment view and who are prepared to accept significant fluctuations in the value of their investments in order to achieve long term returns. It is intended that the investments will be made on a diversified basis. The underlying investment portfolio will mainly consist of equity-related investments and equities of companies involved in global resources such as gas, oil, coffee, sugar and related industries throughout the world and which are listed on any stock exchange. The sub-fund may invest in companies which derive a significant portion of their earnings from business activities in global resources sectors. The remaining assets of the sub-fund may include bonds, deposits and other investments. PERFORMANCE FROM 1 JULY 2014 TO 30 June 2015* Global Resources Fund Class AA % Global Resources Customized Index** % PORTFOLIO REVIEW The Sub-fund returned % for the period, compared to the Blended Index return of %. The Sub-fund s investments in the energy sector generally moved lower during the period, but outperformed the Blended Index by a large margin. Strong stock selection in the commodity chemicals and diversified chemicals segments, coupled with lower exposure to gold and precious metals and minerals, contributed to performance. Commodity chemicals company LyondellBasell Industries N.V., diversified chemicals company Dow Chemical Company and fertilizers and agricultural chemicals company Agrium Inc. contributed to performance. Having no exposure to the oil and gas drilling segment also contributed to performance, as did strong stock selection in the coal and consumable fuels and the oil and gas refining and marketing segments. The Sub-fund s materials holdings experienced declines in the diversified metals and mining and gold sub-sectors. However, the declines were less than the benchmark and were mitigated by gains in other areas. Integrated oil and gas companies, such as Chevron Corporation, Exxon Mobil Corporation, Royal Dutch Shell plc and Suncor Energy Inc., had the most significant impact on performance. Similarly, the exploration and production sub-sector pushed the Sub-fund s energy holdings lower as stocks such as Canadian Natural Resources Limited, Anadarko Petroleum Corporation, Hess Corporation and Paramount Resources Ltd. faced a challenging environment. Halliburton Company, Schlumberger N.V. and Weatherford International plc, from the oil and gas equipment and services segment, also declined during the period. Freeport-McMoRan Inc., BHP Billiton Limited and Teck Resources Limited, from the diversified metals and mining sub-sector, along with gold investments such as Yamana Gold Inc., Romarco Minerals Inc. and Goldcorp Inc., were the most significant individual detractors from performance. MARKET REVIEW The Blended Index, consisting of one-third each of the FTSE Gold Mines Total Return Index (US$), MSCI World Energy Index (US$) and MSCI World Materials Index (US$), declined over the period. The decline in the energy sector was led by larger-capitalization stocks from the integrated oil and gas, exploration and production, and oil and gas equipment and services sub-sectors. The materials sector experienced a decline led primarily by the gold, precious metals and minerals, and diversified mining sub-sectors during the period. * The performance return of the fund is calculated in US dollar terms and includes dividends re-invested; whereas the index (or indices) is calculated in US dollar terms and on total return basis. ** Customized by Amundi S.A., the new provider of the benchmark following a company restructuring detailed in Shareholder Notice dated 17 December The benchmark comprises of 1/3 MSCI World Energy, 1/3 MSCI World Materials and 1/3 FTSE Gold Mines. MANULIFE GLOBAL FUND 152

155 Global Resources Fund OUTLOOK Our sub-fund s portfolio manager believe the commodities sector has taken the brunt of investors perception and expectation of slow global growth, and current share prices in the sector reflect this pessimistic outlook. As a result, they believe the global natural resources environment is likely to remain lackluster over the near term. However, they believe significant quantitative easing around the world provides a positive backdrop for the intermediate term. In our view, with uncertainty often comes opportunity. In the energy sector, our sub-fund s portfolio manager do not believe the current price of oil is sustainable and expect higher prices as global supply adjusts and investments in future production initiatives are curtailed. In the short term, they expect to find opportunities to invest in quality companies at attractive valuations. Over the longer term, they believe that demand for commodities will increase as emerging market economies, particularly China, continue to develop. Furthermore, they believe longer-term supply constraints should support improved commodity pricing over time, which would ultimately benefit investors. 153 MANULIFE GLOBAL FUND

156 Greater China Opportunities Fund Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Transferable securities and money market instruments admitted to an official exchange listing (1) Equities Bermuda 28,000 Cheung Kong Infrastructure Holdings Limited 184, , ,000 China Animal Healthcare Limited a 136, , ,067,000 Gome Electrical Appliances Holdings Limited 281, , , , Cayman Islands 598 Baidu.com ADR 131, , ,000 Car Inc. 133, , ,468 Cheung Kong Property Holding 162, , ,555 China Resources Land Limited 310, , ,468 Ck Hutchison Holdings Limited 365, , ,000 Cowell E Holdings Inc. 75, , ,000 Intelliepi Inc. 203, , ,860 Jd.Com Inc. ADR 155, , ,000 Kingsoft Corp. Limited 262, , ,000 Sino Biopharmaceutical 164, , ,000 Sinosoft Technology Group 168, , ,000 Spg Land Holdings Limited 162, , ,100 Tencent Holdings Limited 744,486 1,119, ,000 Vinda International Holdings 187, , ,000 Wisdom Holdings Group 80, , ,309,302 4,345, China 877,000 Bank of China Limited H 491, , ,000 Beijing Capital International Airport Company 158, , Limited H 28,500 Byd Company Limited 137, , ,000 CGN Power Company Limited H 250, , ,000 China Communications Construction 132, , Company Limited H 754,000 China Construction Bank Corp. 592, , ,000 China Eastern Airlines Corp. Limited 90, , ,000 China Life Insurance Company Limited H 313, , ,000 China Merchants Bank Company Limited H 230, , ,000 China Oilfield Services Limited 198, , ,000 China Petroleum & Chemical Corp. 220, , ,000 Dalian Wanda Commercial Properties 193, , Company Limited H 124,000 Huadian Power International Company 107, , ,200 Huatai Securities Company Limited 77,419 68, ,000 Industrial & Commercial Bank of China H 484, , ,300 Legend Holdings Corp. 73,744 74, ,000 Petrochina Company Limited 272, , ,820 Picc Property & Casualty Company Limited 61,414 92, ,000 Ping An Insurance Group Company of China Limited 341, , MANULIFE GLOBAL FUND 154

157 Greater China Opportunities Fund Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets China (continued) 60,900 Shanghai Pharmaceuticals Holding Company 215, , Limited 19,500 Zhuzhou Csr Times Electric Company Limited 153, , H 4,795,242 5,316, Hong Kong 108,000 Aia Group Limited 566, , ,500 Boc Hong Kong Holdings Limited 239, , ,000 China Everbright International Limited 57, , ,000 China Merchants Holdings International 221, , Company Limited 64,500 China Mobile Limited 788, , ,800 China Taiping Insurance Holdings Company 201, , Limited 182,000 China Unicom Hong Kong Limited 307, , ,000 Cnooc Limited 163, , ,000 Galaxy Entertainment Group Limited 249, , ,000 Guangdong Investment Limited 178, , ,000 Hong Kong Exchanges & Clearing Limited 270, , ,000 New World Development Limited 164, , ,000 Sun Hung Kai Properties Limited 253, , ,661,519 4,064, Singapore 126,000 Sound Global Limited a 137, , , , Taiwan 108,000 Advanced Semiconductor Engineering Inc. 150, , ,000 Advantech Company Limited 159, , ,000 Catcher Technology Company Limited 114, , ,000 China Life Insurance Company Limited 171, , ,026 Chinatrust Financial Holding Company Limited 154, , ,000 Delta Electronics Inc. 192, , ,000 Far Eastern New Century Corp. 194, , ,000 FLEXium Interconnect Inc. 181, , ,000 Formosa Chemicals & Fibre Corp. 189, , ,000 Hermes Microvision Inc. 148, , ,520 Hon Hai Precision Industry Company Limited 133, , ,000 Johnson Health Tech Company Limited 144, , ,000 Largan Precision Company Limited 149, , ,000 Lotes Company Limited 152, , ,000 Novatek Microelectronics Corp. Limited 122, , MANULIFE GLOBAL FUND

158 Greater China Opportunities Fund Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Taiwan (continued) 85,000 Sunspring Metal Corp. 164, , ,838 Taiwan Semiconductor Manufacturing 764,163 1,087, Company Limited 72,000 TTY Biopharm Company Limited 172, , ,000 Tung Thih Electronic Company Limited 136, , ,596,851 4,088, Equities Total 16,102,956 18,489, Total Transferable securities and money market instruments admitted to an official exchange listing (1) 16,102,956 18,489, Portfolio of Investments 16,102,956 18,489, Other Net Assets 219, Net Assets 18,708, a Defaulted/Fair Valued by the Board of Directors. (1) All securities classified under this section are listed on a stock-exchange. The notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 156

159 Greater China Opportunities Fund Investment Objective: The sub-fund aims to achieve long-term capital growth. The sub-fund will invest in companies in the Greater China Region including, but not exclusively in, listed equities of companies in Hong Kong, Taiwan, Shanghai and Shenzhen markets or which derive, or which are expected to derive, a significant proportion of their revenue from goods produced or sold, or investments made or services performed, in Mainland China. PERFORMANCE FROM 1 JULY 2014 TO 30 June 2015* Greater China Opportunities Fund Class I % Greater China Opportunities Fund Class AA % MSCI AC Golden Dragon Index % PORTFOLIO REVIEW The sub-fund marginally underperformed during the 12 month period. The underperformance was primarily attributable to stock selection decisions at the country level and asset allocation decisions at the sector level. Stock selection in China and the financials and consumer discretionary sectors were the main contributors to performance. A Chinese life insurance company performed strongly amid improvement in its agency sales force, coupled with strong productivity enhancements. A Chinese company involved worldwide infrastructure construction also performed well after signing a contract to build an underwater tunnel in Bangladesh while its dredging business remains a bright spot with strong new orders and revenue growth. Additionally, a Hong Kong-based provider of application software products and solutions rallied after announcing the establishment of a wholly-owned subsidiary to promote its export tax software and services to the Shandong province. Shandong province is among the top provinces in terms of export value and penetration into this province is expected to boost revenue. Key notable detractors include a Chinese telecommunications provider that experienced a slowdown in revenue growth. Additionally, gaming stocks declined as weaker demand following the Golden Week holiday as well as tight visitation policies and a crackdown on corruption pushed gaming revenues down. Strong stock selection in China was offset by stock selection in Hong Kong and Taiwan. Fears of Chinese equities entering a bear market and the potential fallout in Greece kept buyers on the sidelines. However, stock selection in a number of sectors, particularly financials, consumer discretionary and industrials, was a positive contributing factor. China remain the sub-fund s largest overweight while the sub-fund continues to have an underweight in Hong Kong and Taiwan. MARKET REVIEW Chinese equities continued to make strong gains over the period, advancing to seven year highs despite mixed economic data. However, the equity market saw more volatility towards the end of the period as authorities moved to curb margin financing and liquidity tightened. China s first quarter GDP grew at 7%, its slowest pace in six years, down from 7.3% in the fourth quarter of The official manufacturing purchasing managers index (PMI) fell from 51.0 in July 2014 to 49.8 in January 2015, the lowest reading in two and a half years before recovering to 50.2 in May Industrial production and retail sales figures towards the end of the period saw moderate growth. However, new house prices continued to decline after first showing a year-on-year fall in September Meanwhile, China s fixed-asset investment rose 11.4% in the first five months of 2015, the slowest rate in nearly 15 years. Policy wise, the People s Bank of China (PBoC) cut interest rates four times during the period, reducing the one-year lending rate to 4.85% and the one-year deposit rate to 2%, while reserve requirement ratios (RRR) for banks were also cut. During the period, the Chinese government also revealed further details for a modern Silk Road under the One Belt, One Road plan to increase infrastructure investment across Asia, Africa and Europe. * The performance return of the fund is calculated in U.S. dollar terms and includes dividends re-invested; whereas the index (or indices) is calculated in U.S. dollar terms and on total return basis. 157 MANULIFE GLOBAL FUND

160 Greater China Opportunities Fund Authorities also announced further market reforms, including allowing mainland mutual funds to invest in Hong Kong shares via the Shanghai-Hong Kong Stock Connect and a mutual recognition scheme that will allow funds domiciled in either Hong Kong or the mainland to be marketed and distributed across both territories. In Taiwan, the equity market declined slightly on global growth concerns and its impact on the technology manufacturing sector. OUTLOOK In China, the equity market corrected sharply in June but was still up on a year-to-date basis as investors took profit after a prolonged market rally. The government continues to undertake a program of monetary and fiscal support measures designed to maintain an appropriate balance between ongoing structural reform and the need to maintain sufficient economic growth. The government has also shifted from targeted to more broad based measures to focus on the wider economy. The Sub-fund s portfolio manager believes that further stimulus measures such as interest rate cuts, reserve requirement ratio (RRR) cuts and moderate liquidity injections are likely to follow in the months ahead. In addition, the Sub-fund s portfolio manager anticipates more relaxation in property related polices and the government is also expected to boost infrastructure investment through the One Belt, One Road development program. Furthermore, the Sub-fund s portfolio manager believes state owned enterprise (SOE) reforms will raise the efficiency and competitiveness of SOEs, benefiting sectors such as telecommunications and energy. In addition, the market continues to be buoyed by Qualified Domestic Institutional Investor (QDII) funds and domestic retail investors buying Hong Kong-listed Chinese stocks that are trading at a discount to their A-share peers via the Stock Connect. The industrial sector has also performed strongly recently. Railway companies in particular, have been buoyed by the merger between CSR and CNR, as well as potential overseas orders driven by the One Belt, One Road scheme and the establishment of the Asia Infrastructure Investment Bank. Furthermore, the Sub-fund s portfolio manager believes the upcoming launch of the Shenzhen-Hong Kong Connect is likely to be a positive for the overall market as it will open up more investment opportunities for investors. In Taiwan, the Sub-fund s portfolio manager believes there are investment opportunities in stocks with exposure to Apple supply chain especially those that are gaining market share or benefiting from new features or applications of Apple new products. The Sub-fund s portfolio manager continues to have a less positive outlook on other technology companies, particularly in personal computer and television sub-sectors. Overall, the Sub-fund s portfolio manager remains relatively conservative on portfolio construction and will focus more on company quality and earnings growth potential rather than strong economic recovery expectation and thematic plays. MANULIFE GLOBAL FUND 158

161 HEALTHCARE FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Transferable securities and money market instruments admitted to an official exchange listing (1) Equities Canada 60,195 Valeant Pharmaceuticals 6,510,504 13,265, ,510,504 13,265, Cayman Islands 875,280 3sbio Inc. 1,027,316 1,100, ,027,316 1,100, France 94,489 Sanofi-Aventis SA 9,447,574 9,464, ,447,574 9,464, Germany 91,133 Fresenius SE 5,080,516 5,900, ,080,516 5,900, Ireland 132,802 Medtronic Inc. 9,079,006 9,812, ,079,006 9,812, Switzerland 90,692 Novartis AG ADR 7,099,161 8,961, ,561 Roche Holding AG 11,198,110 12,083, ,297,271 21,044, United Kingdom 64,542 Astrazeneca plc 4,503,593 4,121, ,102 Glaxosmithkline plc 6,159,480 5,717, ,051,013 Indivior plc 2,374,955 3,796, ,310 Smith & Nephew plc 8,170,409 8,264, ,208,437 21,899, United States 166,887 Abbott Laboratories 6,209,873 8,219, ,403 Abbvie Inc. 11,122,232 13,870, ,635 Amerisourcebergen Corp. 6,444,363 10,830, ,220 Amgen Inc. 6,270,251 8,605, ,763 Baxter International Inc. 10,927,326 11,190, ,450 Becton Dickinson & Company 6,210,106 8,293, ,977 Biogen Idec Inc. 13,126,582 17,232, ,858 Bio-Rad Laboratories Inc. A 2,459,522 3,144, ,105 Bristol-Myers Squibb Company 4,366,365 5,025, ,143 Bruker Corp. 2,917,424 3,131, ,226 Cardinal Health Inc. 4,878,381 6,939, ,514 Celgene Corp. 2,876,712 2,829, ,733 Cooper Companies Inc. 2,786,361 2,802, ,190 CVS Caremark Corp. 5,901,526 9,487, ,770 Eli Lilly & Company 10,193,202 14,303, ,228 Emergent Biosolutions Inc. 286, , ,088 Express Scripts Inc. 9,342,196 11,876, ,582 Gilead Sciences Inc. 7,105,692 7,601, ,893 Hillenbrand Inc. 1,742,355 1,835, ,957 Johnson & Johnson 19,062,723 19,331, ,131 Juno Therapeutics Inc. 2,231,299 2,464, ,363 Mckesson Corp. 4,104,917 6,166, MANULIFE GLOBAL FUND

162 HEALTHCARE FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets United States (continued) 167,695 Merck & Company Inc. 8,502,403 9,592, ,599 Pfizer Inc. 8,357,431 9,416, ,856 Stryker Corp. 8,699,031 10,415, ,515 Zimmer Holdings Inc. 6,126,510 7,595, ,250, ,535, Equities Total 242,901, ,022, Total Transferable securities and money market instruments admitted to an official exchange listing (1) 242,901, ,022, Portfolio of Investments 242,901, ,022, Other Net Assets 687, Net Assets 295,710, (1) All securities classified under this section are listed on a stock-exchange. The notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 160

163 HEALTHCARE FUND Investment Objective: The sub-fund aims to provide medium to long term capital growth for those who hold a long term investment view and who are prepared to accept significant fluctuations in the value of their investments in order to achieve long term returns. It is intended that the investments will be made on a diversified basis. The underlying investment portfolio will mainly consist of equity-related investments and equities of companies in healthcare and related industries globally and which are listed on any stock exchange. The sub-fund may invest in companies which derive a significant portion of their earnings from medical and pharmaceutical products and services. The remaining assets of the sub-fund may include bonds, deposits and other investments. PERFORMANCE FROM 1 JULY 2014 TO 30 June 2015* Healthcare Fund Class AA % MSCI World/Health Care Index % Portfolio Review The Sub-fund returned 18.04% for the period, compared to the MSCI World/Health Care Index return of 17.19%. The health care services sub-sector contributed to the Sub-fund s performance as a result of the U.S. Supreme Court s upholding of the Affordable Care Act, as well as increased mergers and acquisitions activity among managed care companies. On an individual securities basis, Valeant Pharmaceuticals International, Inc. contributed to the Sub-fund s performance as a result of the company s operational improvements. AmerisourceBergen contributed significantly to the performance as well due to the continued strength in its business fundamentals. Conversely, the health care technology sub-sector detracted from the Sub-fund s performance, largely as a result of a rotation out of that sub-sector. On an individual securities basis, the Sub-fund s lack of position in health insurer Cigna Corporation detracted from performance, as the company received a US$47 billion takeover bid by Anthem, Inc. Market Review The health care index rose 17.75% over the year, significantly outperform the broader market. Continued strength in drug developments and industry consolidations fostered the tremendous uptick in healthcare stocks. Outlook Health care stocks have appreciated significantly over the past three years. Our sub-fund s portfolio manager believe this has been largely driven by innovations & consolidations in the industry. However, they also note that all health care stocks rose, despite the difference in innovation quality between companies. In our view, the underlying quality of individual stocks is set to become a more significant driver of returns over the long term. They have to be very conservative at this point and carefully select the truly innovative companies. * The performance return of the fund is calculated in U.S. dollar terms and includes dividends re-invested; whereas the index (or indices) is calculated in U.S. dollar terms and on total return basis. 161 MANULIFE GLOBAL FUND

164 INDIA EQUITY FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Transferable securities and money market instruments admitted to an official exchange listing (1) Equities India 1,057,651 Axis Bank Limited 6,776,642 9,283, ,170 Bayer Cropscience Limited 2,498,723 2,811, ,197 Bharat Forge Limited 2,367,182 2,507, ,323 Bharat Petroleum Corp. Limited 2,945,685 2,987, ,736 Cipla Limited 5,836,540 5,670, ,566 Coal India Limited 3,972,936 4,515, ,293 Colgate-Palmolive Company 2,048,703 2,059, ,075 Cummins India Limited 2,642,027 2,605, ,868 Fag Bearings India Limited 1,389,105 2,513, ,739 Gateway Distriparks Limited 3,177,944 2,620, ,673 Godrej Consumer Products Limited 2,717,093 2,985, ,501 Gujarat Pipavav Port Limited 2,250,078 2,523, ,977 Hcl Technologies Limited 7,387,731 8,059, ,455 Hdfc Bank Limited 8,422,040 9,526, ,311 Hero Honda Motors Limited 2,623,681 2,707, ,325 Hindustan Lever Limited 6,677,173 7,245, ,208 Housing Development Finance Corp. 6,497,324 9,064, ,147 IndusInd Bank Limited 4,879,786 5,525, ,785 Infosys Technologies Limited 13,880,284 15,114, ,077,949 Infrastructure Development Finance Company 2,731,207 2,500, Limited 240,494 Ipca Laboratories Limited 2,486,052 2,680, ,282 ITC Limited 2,957,493 2,881, ,656 Kajaria Ceramics Limited 1,773,329 1,954, ,813 Kalpataru Power Transmission Limited 1,406,379 1,514, ,434 Kotak Mahindra Bank Limited 2,395,990 2,664, ,319 Larsen & Toubro Limited 6,418,147 8,520, ,445 Maruti Suzuki India Limited 6,640,950 9,505, ,062 Motherson Sumi Systems Limited 2,651,877 2,647, ,419 PI Industries Limited 1,036,812 1,431, ,172 Prestige Estates Projects Limited 1,397,504 1,386, ,539 Reliance Industries Limited 10,285,710 10,515, ,605 Sadbhav Engineering Limited 1,808,717 2,224, ,469 SKS Microfinance Limited 1,996,982 2,055, ,011,619 State Bank of India Limited 3,979,280 4,174, ,066 Sun Pharmaceutical Industries Limited 6,067,762 7,788, MANULIFE GLOBAL FUND 162

165 INDIA EQUITY FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets India (continued) 345,602 Tata Consultancy Services Limited 10,725,060 13,844, ,010,436 Tata Motors Limited 7,237,551 6,889, ,572 Ultra Tech Cement Limited 6,332,726 6,608, ,245 Voltas Limited 1,918,228 2,036, ,000 Wabco India Limited 1,071,613 1,510, ,310, ,661, Equities Total 172,310, ,661, Total Transferable securities and money market instruments admitted to an official exchange listing (1) 172,310, ,661, Portfolio of Investments 172,310, ,661, Other Net Assets 2,171, Net Assets 197,832, (1) All securities classified under this section are listed on a stock-exchange. The notes to the Financial Statements form an integral part of these financial statements. 163 MANULIFE GLOBAL FUND

166 INDIA EQUITY FUND Investment Objective: The sub-fund aims to provide long-term capital growth for those investors who hold a long-term investment view and are prepared to accept significant fluctuations in the value of their investments. The sub-fund s investment portfolio will consist mainly of equity-related investments and equities of companies covering the different sectors of the Indian economy and which are listed on a stock exchange either in India or overseas. The remaining assets of the sub-fund may include convertible bonds, bonds, deposits and other investments. Investments in the Indian market shall be made through a Foreign Institutional Investor ( FII ) registered with the India regulator. Such an FII can be either the Company or the Investment Manager. PERFORMANCE FROM 1 JULY 2014 TO 30 June 2015* India Equity Fund Class AA % MSCI India 10/40 Index +3.23% PERFORMANCE FROM 15 JANUARY 2015 TO 30 June 2015 India Equity Fund Class I2-1.56% PORTFOLIO REVIEW The year under review was the first year under the new government. Despite high expectations, the pace of economic reform has been slower than expected. As a result, relatively defensive sectors such as healthcare, consumer staples and information technology outperformed. On the other hand, global cyclical sectors such as energy and materials underperformed due to sluggish global growth. The subfund was overweight on domestic cyclical sectors such as consumer discretionary, financials and industrials. The sub-fund was underweight in defensive sectors such as consumer staples. The subfund was also underweight in telecommunications and utilities, due to regulatory uncertainty and rising capital expenditure. The sub-fund was also underweight in the materials and energy sectors due to the moderation of growth in China and sluggish global growth elsewhere. Stock selection in the building materials and industrials sector were the biggest contributors to performance. The sub-fund s underweight stance in consumer staples and an overweight stance in industrials also added value. On the other hand, an underweight stance in healthcare and stock selection in information technology detracted from performance. MARKET REVIEW During the first three months of the year under review Indian equity markets gradually moved up, as investors assessed growth opportunities and economic reforms that could be implemented by a stable, reform-friendly government. The new government also presented its first budget, which laid down the roadmap for fiscal consolidation, reducing inflation and encouraging overall macro stability. During the following quarter, Indian markets turned volatile in December after a sustained period of gains due to an abrupt drop in global commodity prices and in other emerging markets. Following a global decline in agricultural commodity prices, cash crop prices in India also declined leading to lesser than expected demand from rural India. In the first quarter of 2015, the market eventually headed higher with the start of an interest rate cut cycle from the Reserve Bank of India (RBI) the key catalyst. Markets turned volatile in early February as corporate results came in below expectations, but rallied again on the hopes of economic recovery. During February, the government presented its first full-term budget in which public capital expenditure received a boost. By early March, the positive impact from fiscal consolidation and lower energy prices resulted in lower inflation numbers. That provided headroom for the RBI to further ease interest rates in March However, there were unseasonal rains which had a negative impact on winter crops. In the last quarter of the year under review, markets gradually trended lower. Although the new government has done well on fiscal consolidation and reducing inflation, its success on accelerating spending on-the-ground has been mixed. As a result of falling inflation and a lag in banks passing on interest rate cuts, real interest rates increased. These factors along with lower than expected demand from rural India due to unseasonal weather and lower crop prices, led to lower than expected earnings results from corporates. * The performance return of the fund is calculated in U.S. dollar terms and includes dividends re-invested; whereas the index (or indices) is calculated in U.S. dollar terms and on total return basis. MANULIFE GLOBAL FUND 164

167 INDIA EQUITY FUND In the Sub-fund s portfolio manager s view, the government has succeeded in containing the fiscal deficit and been successful in stabilising the energy sector by increasing coal output. However, the government s performance on reviving infrastructure investment has been mixed while the capitalisation of state-owned banks remains a concern. The Sub-fund s portfolio manager expects infrastructure investments to become broader based. The fiscal position may be strengthened further if parliament passes the constitutional amendment to implement the goods and services tax (GST), which will bring in better efficiency and compliance for indirect taxes. The Sub-fund s portfolio manager also expects the consumption cycle to recover on the back of the Pay Commission s recommendations in early OUTLOOK The Sub-fund s portfolio manager expects a pickup in the Indian economy, although this may be gradual and uneven. Therefore, the Sub-fund s portfolio manager retains an overweight stance in domestic cyclical sectors such as consumer discretionary, financials and industrials. The Sub-fund s portfolio manager remains positive over the medium- to long-term on export-oriented sectors such as information technology and healthcare. Accordingly, the sub-fund has a close to neutral stance on both sectors. Consumer staples remain underweight primarily due to taxation related concerns, which, in turn is slowing growth for the tobacco industry. Sectors such as telecoms and utilities also remain underweight due to regulatory uncertainty, increased competition and the capital-intensive nature of their businesses. The materials sector remains underweight. However, within the sector, the Sub-fund s portfolio manager has a positive outlook on the building materials sub-sector and on holdings related to cement and paint. The underweight stance on the materials sector is a result of the negative stance on global metal stocks both in ferrous and non-ferrous metals. Although metal prices have stabilised and metals holdings have rallied, it is still not clear how long the moderation in growth in China will last. 165 MANULIFE GLOBAL FUND

168 INTERNATIONAL GROWTH FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Transferable securities and money market instruments admitted to an official exchange listing (1) Equities Australia 32,525 Dexus Property Group 191, , , , Austria 1,777 Voestalpine AG 56,882 74, ,882 74, Bermuda 550 Everest Re Group Limited 45,991 99, ,991 99, Canada 4,717 H&r Real Estate Investment Trust 99,269 83, ,501 Magna International Inc. 185, , ,842 Power Corp. of Canada 187, , ,902 Suncor Energy Inc. 96,355 79, , , Cayman Islands 12,156 Cheung Kong Property Holding 53, , ,156 Ck Hutchison Holdings Limited 127, , , , Denmark 4,783 Iss A/S 152, , , , Finland 4,933 Upm-Kymmene Oyj 93,369 88, ,369 88, France 3,896 AXA SA 65,493 99, ,955 Cap Gemini SA 137, , ,648 Carrefour SA 140, , ,106 Casino Guichard Perrachon SA 115,195 84, ,198 Credit Agricole 96,702 93, ,806 Imerys SA 89, , ,988 Orange SA 157, , ,950 Renault SA 114, , ,146 Sanofi-Aventis SA 203, , ,112 Thales SA 136, , ,045 Total SA 169, , ,581 Vinci SA 78,292 92, ,504,339 1,705, Germany 2,464 Bayerische Motoren Werke AG Pfd 184, , ,649 Deutsche Lufthansa AG Reg 150,265 73, ,021 Fresenius SE 126, , ,053 United Internet AG Reg 89,701 92, , , MANULIFE GLOBAL FUND 166

169 INTERNATIONAL GROWTH FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Hong Kong 13,500 Swire Pacific Limited 187, , ,000 Wharf Holdings Limited 132, , Ireland 319, , ,822 Medtronic Inc. 82, , , , Japan 1,600 Canon Inc. 63,751 52, ,100 Hoya Corp. 116, , ,700 Itochu Corp. 56,343 75, ,600 Marubeni Corp. 269, , ,200 Mitsubishi Ufj Financial Group Inc. 162, , ,200 Mitsubishi Ufj Lease & Finance Company 90,646 94, Limited 12,300 Mitsui & Company Limited 200, , ,300 Sojitz Corp. 98, , ,000 Sumitomo Metal Mining Company Limited 72,024 76, ,000 Sumitomo Mitsui Trust Holdings Inc. 188, , ,800 Sumitomo Rubber Industries Limited 98, , ,400 Toyota Motor Corp. 216, , ,633,371 1,718, Jersey Channel Islands 2,715 Shire plc 182, , ,090 Wpp plc 259, , , , Netherlands 14,217 Aegon NV 127, , ,755 Koninklijke Ahold NV 238, , ,302 NN Group NV 93,427 93, , , Norway 2,777 Yara International ASA 135, , , , Singapore 10,000 United Overseas Bank Limited 161, , , , Sweden 6,935 Volvo AB B 91,146 86, ,146 86, Switzerland 1,223 Lonza Group AG Reg 138, , Swiss Life Holding AG Reg 94, , , , United Kingdom 14,186 Barclays Bank plc 58,995 58, ,105 Imperial Tobacco Group plc 102, , ,488 Travis Perkins plc 125, , , , MANULIFE GLOBAL FUND

170 INTERNATIONAL GROWTH FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets United States 2,940 Abbvie Inc. 126, , ,030 Aetna Inc. 124, , ,719 Allstate Corp. 115, , ,233 Ameren Corp. 244, , ,632 Amgen Inc. 196, , ,173 Apple Computer Company 324, , ,066 Archer-Daniels-Midland Company 204, , ,431 AT&T Inc. 261, , ,630 Bank of America Corp. 128, , ,156 Boeing Company 87, , ,661 Ca Inc. 130, , ,498 Chevron Corp. 220, , ,322 Cisco Systems Inc. 101, , ,593 Citigroup Inc. 129, , ,198 Comcast Corp. 131, , ,557 Conagra Foods Inc. 224, , Cr Bard Inc. 69,187 80, ,460 Delta Air Lines Inc. 97, , ,290 Dow Chemical Company 128, , ,505 Eastman Chemical Company 115, , ,582 Entergy Corp. 103, , ,635 Exxon Mobil Corp. 293, , ,353 Ford Motor Company 127, , ,087 Gamestop Corp. 90,486 89, ,409 Gilead Sciences Inc. 302, , ,597 Harris Corp. 147, , ,199 International Business Machines Corp. 142, , ,960 Johnson Controls Inc. 107, , ,618 JPMorgan Chase & Company 183, , ,641 Kohl s Corp. 194, , ,947 Kroger Company 90, , ,171 Lennar Corp. 138, , ,143 Macy s Inc. 95, , ,611 Manpower Inc. 133, , ,319 Mckesson Corp. 177, , ,220 Microsoft Corp. 175, , ,403 Mosaic Company 233, , ,591 Navient Corp. 145, , ,623 Oracle Corp. 189, , ,920 Phillips 66 85, , ,672 Prudential Financial Inc. 117, , ,685 Public Service Enterprise Group Inc. 149, , ,616 Qualcomm Inc. 114, , MANULIFE GLOBAL FUND 168

171 INTERNATIONAL GROWTH FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets United States (continued) 1,741 Travelers Companies Inc. 116, , ,571 Tyson Foods Inc. A 79, , ,570 Unitedhealth Group Inc. 113, , ,198 Verizon Communications Inc. 132, , ,295 Wellpoint Inc. 123, , ,210 Western Union Company 79,010 85, ,346,123 9,621, Equities Total 14,537,544 17,482, Total Transferable securities and money market instruments admitted to an official exchange listing (1) 14,537,544 17,482, Portfolio of Investments 14,537,544 17,482, Other Net Assets 547, Net Assets 18,030, (1) All securities classified under this section are listed on a stock-exchange. The notes to the Financial Statements form an integral part of these financial statements. 169 MANULIFE GLOBAL FUND

172 INTERNATIONAL GROWTH FUND Investment Objective: The sub-fund aims to achieve capital growth from a balanced portfolio of international securities. The sub-fund is designed as a relatively lower risk way of participating in world stockmarkets and offers an alternative to the other, more aggressive, regional sub-funds. PERFORMANCE FROM 1 JULY 2014 TO 30 June 2015* International Growth Fund Class A +3.32% International Growth Fund Class AA +3.06% MSCI World Index +1.97% PORTFOLIO REVIEW Equities, as measured by the MSCI World Index in US dollars, rose by 2% over the past 12 months. Stocks generally outperformed bonds over the year, with US stocks as measured by the S&P 500 Index up to 7.41% whilst bonds as measured by the Barclays Capital US Aggregate Index were up by 1.86%. US bonds rallied as the 10-year Treasury yield moved from 2.53% to 2.35%. Emerging market equities generally underperformed developed market equities, as the MSCI Emerging Markets Index fell by 4.89% measured in US dollars. Healthcare was the best performing global sector over the year, up by 17.7%. The energy sector lagged, down by 25.8%. The euro decreased against the US dollar by 18.59% over the year, whilst British sterling decreased against the US dollar by 8.15%. The Japanese yen fell by 17.2% against the US dollar. MARKET REVIEW The Fund outperformed the benchmark MSCI World by 3.38% over the last 12 months. The top five contributors to relative performance were ConAgra Foods, Kroger, Aetna, Northrop Grumman and Mylan. The top five detractors from relative performance were Casino, Guichard-Perrachon, Suncor Energy, Chevron, Deutsche Lufthansa and Marubeni. The Fund has no significant sector bets, the largest overweight sector is healthcare (3.1%) and the largest underweight is energy (-2.1%). In terms of stocks, the Fund is overweight ConAgra Foods, Gilead Sciences and McKesson and underweight Wells Fargo, Johnson & Johnson and General Electric. The best performing stocks over the year were Valeant Pharmaceuticals (75.2%), UnitedHealth Group (51.6%) and Gilead Sciences (41.7%). The worst performing stocks were Royal Dutch Shell Class B (-31%), Total (-29.1%) and Banco Santander (-28.3%). OUTLOOK The Greek debt crisis brought uncertainty and anxiety to the market. Other concerns surrounding slowing Chinese growth, a sluggish European recovery and ongoing geopolitical risks have also weighed on global equity markets. The US Federal Reserve may increase interest rates by the end of the year. Corporate earnings have to achieve further growth to support strong market performance. On balance, we believe global stocks have further upside, but we will not be surprised if volatility increases again. * The performance return of the fund is calculated in U.S. dollar terms and includes dividends re-invested; whereas the index (or indices) is calculated in U.S. dollar terms and on total return basis. MANULIFE GLOBAL FUND 170

173 JAPANESE GROWTH FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Transferable securities and money market instruments admitted to an official exchange listing (1) Equities Japan 7,300 Aeon Company Limited 98, , ,000 Aeon Financial Service Company Limited 92, , ,300 Amada Company Limited 889, , ,000 Asahi Glass Company Limited 580, , ,000 Asahi Kasei Corp. 685, , ,100 Astellas Pharma Inc. 882, , ,000 Dai Nippon Printing Company Limited 372, , ,500 Daiichi Sankyo Company Limited 876, , ,000 Daiwa Securities Group Inc. ADR 1,040, , ,000 Denki Kagaku Kogyo K K 303, , ,100 East Japan Railway Company 94,501 98, ,000 Ebara Corp. 895, , Falco Holdings Company Limited 8,529 8, ,900 FJ Next Company Limited 37,745 40, ,000 Fuji Electric Holdings Company Limited 408, , Fuji Kiko Company Limited 4,266 4, ,200 Heiwa Real Estate Company Limited 519, , ,000 Hitachi Capital Corp. 320, , ,000 Hitachi Limited 1,151,340 1,081, ,900 Honda Motor Company Limited 94,566 93, Ichinen Holdings Company Limited ,200 Itochu Corp. 770, , ,200 KDDI Corp. 1,151,554 1,236, ,600 Keihin Corp. 1,075, , ,900 Konica Minolta Holdings Inc. 107, , ,000 Kuraray Company Limited 1,004, , ,400 Kyocera Corp. 1,004, , ,100 Kyokuto Kaihatsu Kogyo Company 206, , Meiwa Estate Company Limited 4,233 4, ,000 Mitsubishi Chemical Holdings Corp. 90, , ,000 Mitsubishi Heavy Industries Limited 152, , ,000 Mitsubishi Motors Corp. 127, , ,200 Mitsubishi Ufj Financial Group Inc. 282, , ,500 Mitsui & Company Limited 1,027, , ,000 Mitsui Mining & Smelting Company Limited 361, , ,000 Mitsui Sugar Company Limited 98,677 95, ,300 Mitsumi Electric Company Limited 550, , ,100 Mizuho Financial Group Inc. 1,248,444 1,386, ,000 Nichirei Corp. 747, , ,000 Nippon Express Company Limited 1,000, , ,600 Nippon Light Metal Holdings Company 304, , Limited 76,800 Nippon Suisan Kaisha Limited 247, , ,200 Nippon Telegraph & Telephone Corp. 1,023,710 1,347, ,000 Nippon Yusen Kabushiki Kaisha 335, , ,800 Nisshin Seifun Group Inc. 419, , ,300 Nomura Holdings Inc. 1,063,124 1,067, MANULIFE GLOBAL FUND

174 JAPANESE GROWTH FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Japan (continued) 56,300 Ntt Docomo Inc. 999,599 1,078, ,000 Obayashi Corp. 92, , ,300 Orix Corp. 417, , ,000 Osaka Gas Company Limited 918, , ,500 Resona Holdings Inc. 908, , ,900 Secom Company Limited 941, , ,200 Sekisui House Limited 100,109 98, ,400 Seven & I Holdings Company Limited 210, , ,800 Showa Shell Sekiyu KK 378, , ,300 Sky Perfect Jsat Holdings Inc. 955, , ,600 Softbank Corp. 153, , ,500 Sony Financial Holdings Inc. 885,540 1,008, ,600 Step Company Limited 21,176 22, ,000 Sumitomo Heavy Industries Limited 902, , ,100 Sumitomo Mitsui Financial Group Inc. 1,178,356 1,387, ,700 Tachi-S Company Limited 100,232 95, ,700 Taiyo Yuden Company Limited 158, , ,800 Tokai Tokyo Financial Holdings Inc. 474, , ,800 Tokio Marine Holdings Inc. 1,052,318 1,115, ,200 Tokyu Fudosan Holdings Corp. 360, , ,000 Toppan Printing Company Limited 8,757 8, ,900 Toyota Motor Corp. 950,897 1,065, ,000 Ube Industries Limited 484, , ,200 West Japan Railway Company 867, , ,500 Yokohama Rubber Company Limited 108, , ,393,333 38,764, Equities Total 37,393,333 38,764, Total Transferable securities and money market instruments admitted to an official exchange listing (1) 37,393,333 38,764, Portfolio of Investments 37,393,333 38,764, Other Net Assets 19, Net Assets 38,784, (1) All securities classified under this section are listed on a stock-exchange. The notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 172

175 JAPANESE GROWTH FUND Investment Objective: The sub-fund aims to achieve capital growth principally from a portfolio of Japanese stocks, with the emphasis on larger companies. Scope exists for a proportion of the sub-fund to be invested in warrants. It should be noted that the value of assets invested in warrants is subject to greater fluctuations, warrants being more volatile than ordinary shares. PERFORMANCE FROM 1 JULY 2014 TO 30 June 2015* Japanese Growth Fund Class A +5.99% Japanese Growth Fund Class AA +5.72% TOPIX Index -3.10% PORTFOLIO REVIEW The sub-fund outperformed the benchmark for the year to 30 June Stock selection contributed to relative performance while sector allocation partially offset gains. The sub-fund underperformed in the first half of the year, but performed strongly during the latter half of the year. In terms of sector allocation, the underweight position in real estate contributed positively to performance, while the underweight position in land transportation detracted from performance. One of the largest contributors to stock selection was Aoyama Trading, which operates menswear chain stores. Aoyama announced in January 2015 that they intend to dramatically increase shareholder returns in the coming three fiscal years, with up to a 130% payout ratio. On the other hand, office equipment and electronic device manufacturer Ricoh underperformed due to disappointing earnings. MARKET REVIEW The TOPIX Total Return Index rose by 31.55% in Japanese yen (JPY) terms over the period. The upward trend during the first six months was mainly driven by JPY depreciation against the US dollar, expectations for Government Pension Investment Fund (GPIF) reform (eg, more allocation to Japanese stocks) and the Bank of Japan s (BoJ) quantitative easing announcement on 31 October This was followed by a stable JPY/USD rate, positive earnings estimates and results and a correction in the low valuation of Japanese stocks. If we look at the entire period, the Japanese market performed well throughout most of the year. However, we saw a sell-off towards the end of June. The yen weakened in mid-may, but stayed between 120 and 125 versus the dollar. After annualising last year s consumption tax hike, core CPI (ex food and energy) was reported at 0.4% in April and May. This is still a concern for the BoJ, which is targeting 2% core CPI by the end of 2015, but much of this weakness can be explained by the decline in oil prices (-40% in JPY terms year-on-year). There are no signs yet that the BoJ will further increase its quantitative easing programme. The 10-year Japanese government bond (JGB) bond yield recovered from a low of 0.2% in January to 0.5% in June. The unemployment rate also fell to 3.3%, its lowest level since early Continuing labour shortages are beginning to flow through into high wages which will in turn put upward pressure on Japan s CPI. Meanwhile, the recent Tankan survey showed that Japanese companies are planning to invest more over the course of the year. The strongest performing sectors over the period were insurance, banks and retail while the weakest performers were tyres, shipping and real estate. Real estate appeared to be the anomaly here as rents continue to rise on the back of declining vacancy rates. Insurance companies and banks performed well after weakness earlier in the year. Rising bond yields and rising demand for loans benefited sentiment in these sectors. The first quarter of the 2015 calendar year saw positive surprises to shareholder returns from many companies, including Fanuc. The second quarter saw opportunistic equity issuances from a number of large companies, including Rakuten and Sony. This was a bit of a disappointing reversal of earlier moves towards improving returns on equity. However, for most Japanese companies, the path towards improving capital efficiency remains clear. * The performance return of the fund is calculated in U.S. dollar terms and includes dividends re-invested; whereas the index (or indices) is calculated in U.S. dollar terms and on total return basis. 173 MANULIFE GLOBAL FUND

176 JAPANESE GROWTH FUND OUTLOOK The Japanese market is focusing more and more on improving return-on-equity (ROE), with many companies announcing higher dividend payments and share buybacks. Some of the strongest performing companies year-to-date have been companies which have announced major share buyback programmes. Although increasing returns to shareholders has no effect on the underlying fundamentals of a company s free cashflow generation, it is a clear sign that many Japanese companies are intent on improving their capital efficiency by returning surplus funds to shareholders rather than keeping them on their balance sheet. This is a clear cultural change for many companies and is likely to become the new normal as cultural changes tend to have a snowball effect in Japan. One reason for the focus on improving ROE is the Institutional Shareholder Services determination to recommend voting against any Japanese management that has achieved less than 5% ROE over the last five years. Kirin, which has achieved just a 3.9% ROE, saw the chairman s approval rate fall from 94% to 78%. Although this was not enough to oust the chairman, it has the potential to accelerate management change. Consensus earnings forecasts are seeing positive momentum with many companies beating their forecasts for the fiscal year to end March 2015 and forecasting double digit earnings growth for After 10% growth in FY2013, consensus forecasts are for a further 5% aggregate earnings growth in FY2014 and a further 13% earnings growth in FY2015. This coupled with improving shareholder returns from higher dividend payouts and share buybacks provides a positive outlook for the Japanese market. Equity purchases undertaken by the GPIF and BoJ will also help to support the equity market in the medium term. MANULIFE GLOBAL FUND 174

177 LATIN AMERICA EQUITY FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets 175 MANULIFE GLOBAL FUND Transferable securities and money market instruments admitted to an official exchange listing (1) Equities Bermuda 13,617 Credicorp Limited 1,113,835 1,916, ,113,835 1,916, Brazil 424,970 Ambev SA ADR 2,517,022 2,617, ,376 Banco Bradesco SA ADR 3,163,929 2,223, ,935 Banco Itau Holding Financeira SA 2,281,131 1,784, ,300 BB Seguridade Participacoes SA 1,707,089 2,055, ,400 BR Malls Participacoes SA 1,355,967 1,099, ,316 BRF Brasil Foods SA ADR 1,788,125 1,617, ,332 Companhia Brasileira de Distribuicao Grupo 2,016,595 1,058, Pao de Acucar ADR 124,019 Cosan SA Industria e Comercio 1,690,304 1,017, ,200 Gaec Educacao SA 881, , ,500 International Meal Company Alimentacao SA 1,283, , ,270 Itau Unibanco Holding SA ADR 4,401,042 3,291, ,100 Klabin SA 935,909 1,190, ,900 Kroton Educacional SA 1,876,625 1,771, ,270 Localiza Rent a Car 1,526, , ,200 Lojas Renner SA 638, , ,100 Smiles SA 644,048 1,199, ,900 Totvs SA 1,786,052 1,252, ,000 Ultrapar Participacoes SA 1,949,983 1,808, ,200 Valid Solucoes e Servicos de Seguranca em 1,308,041 1,088, Meios de Pagamento e Identificacao SA 33,752,617 28,054, Chile 188,573 Forus SA 804, , ,453 Saci Falabella 2,467,233 1,910, ,271,890 2,572, Luxembourg 61,109 Atento SA 689, , , , Mexico 369,300 Alfa SA de CV 828, , ,500 Alsea SAB de CV 1,248,332 1,085, ,875 Bolsa Mexicana de Valores SAB de CV 1,249,470 1,134, ,483 Cemex SAB de CV ADR 942, , ,300 Compartamos SAB de CV 616, , ,882 Corporacion Inmobiliaria Vesta SAB de CV 1,206,498 1,045, ,841 Cydsa SAB de CV 548, , ,200 Fibra Uno Administracion SA de CV 1,536,549 1,745, ,443 Fomento Economico Mexicano SA de CV 1,853,073 2,902, ADR 281,500 Grupo Aeroportuario del Centro Norte SAB de CV 721,629 1,377,

178 LATIN AMERICA EQUITY FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Mexico (continued) 505,483 Grupo Financiero Banorte SAB de CV 2,236,115 2,733, ,000 Grupo Gicsa SA de CV 655, , ,558 Grupo Mexico SAB de CV 1,314,376 1,659, ,087 Grupo Rotoplas SAB de CV 832, , ,113 Grupo Televisa SA ADR 1,277,940 1,932, ,600 Infraestructura Energetica Nova SAB de CV 1,170,057 1,222, ,500 Promotora y Operadora de Infraestructura 1,235,901 1,256, SAB de CV 23,800 Promotora y Operadora de Infraestructura 312, , SAB de CV 683,500 Wal-Mart de Mexico SAB de CV 1,623,505 1,661, ,410,760 24,392, Panama 6,595 Copa Holdings SA A 507, , , , Peru 3 Grana y Montero SA Spain 233,294 Cemex Latam Holdings SA 1,563,333 1,167, ,563,333 1,167, Equities Total 62,309,128 59,516, Total Transferable securities and money market instruments admitted to an official exchange listing (1) 62,309,128 59,516, Portfolio of Investments 62,309,128 59,516, Other Net Assets 482, Net Assets 59,999, (1) All securities classified under this section are listed on a stock-exchange. The notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 176

179 LATIN AMERICA EQUITY FUND Investment Objective: The sub-fund aims to make investments on a diversified basis to achieve long term capital growth for those investors who are prepared to accept significant fluctuations in the value of their investments. The sub-fund s underlying investment portfolio will consist mainly of equity-related investments and equities of companies covering different sectors of the Latin American economy, including, but not limited to Brazil, Chile, Colombia, Mexico and Argentina and which are listed on any stock exchange. The remaining assets of the sub-fund may include convertible bonds, bonds, deposits and other investments. PERFORMANCE FROM 1 JULY 2014 TO 30 June 2015* Latin America Equity Fund Class AA % MSCI Latin America 10/40 Index % PORTFOLIO REVIEW The sub-fund returned a negative performance over the 12-month period ending June 2015, as share prices fell broadly across all markets in Latin America with Brazil taking the lead, reflecting weaker commodity prices and the re-election of the interventionist Dilma Rousseff as president, to the dismay of financial markets, amidst deteriorating economic newsflow. The performance of the sub-fund with respect to underlying markets was largely the result of stock selection, particularly in Mexico and Peru. An overweight exposure to the outperforming Mexican market added value however. In Brazil, an underweight exposure to Vale, one of the largest iron ore producers in the world, added significant value. Vale was divested prior to very poor results, which prompted another wave of earnings downgrades, amidst falling iron ore prices. An underweight exposure to the national oil and gas champion Petrobras also added value over most of the period under review with its share price hit by not only the sharp fall in the oil price but also by a corruption scandal with links to the party of government. This underweight exposure was justified by the government s predilection to meddle in its affairs, using the company as an instrument of economic policy, ignoring the rights of minority shareholders in the process. A very strong performance by Petrobras in June 2015 saw all these gains reversed however following the release of a more realistic five-year business plan containing ambitious asset sale proposals. There remain a host of reasons to avoid the name, including high valuation, high leverage, mismatched currency exposure on their debt, negative free cashflow and likely further production downgrades. Elsewhere, the Mexican airports operator OMA made a positive contribution to performance with its share price trading higher on the back of better than expected passenger numbers travelling through its airport system, buoyed by new routes and an effective price war between airlines. RaiaDrogasil, a Brazilian retailer operating in the resilient area of personal care and health products, also produced market-beating results, growing its market share and showing the benefits of strong management and execution. On the downside, Colombian cement company CEMEX LatAm saw its share price weaken on concerns that ambitious government infrastructure investment plans would be hampered by lower oil revenues despite the fact that the infrastructure projects that will drive growth for the cement company through to 2017 have already been awarded and funding set aside. A small position in Mills cost performance as the Brazilian construction firm suffered from an even sharper slowdown in activity than expected. One new addition to the portfolio was Klabin, a Brazilian paper and packaging company with proven resilience to economic slowdowns and with a flexible export business that will benefit as the real depreciates. With the ramp up of a new low-cost pulp mill, there is high visibility that their 2017 EBITDA will be nearly twice that of 2013, a rare feat in Brazil. * The performance return of the fund is calculated in U.S. dollar terms and includes dividends re-invested; whereas the index (or indices) is calculated in U.S. dollar terms and on total return basis. 177 MANULIFE GLOBAL FUND

180 LATIN AMERICA EQUITY FUND MARKET REVIEW Latin American stockmarkets were generally weaker over the 12 months ending June 2015, underperforming emerging markets as a whole, led by Brazil but with Colombia also suffering marked losses as the price of oil fell sharply over the second half of 2014, with other commodity prices also falling. Mexican shares outperformed, though still losing value, supported by the ongoing reform programme of the Pena Nieto administration as well as by the strength of US economic activity. Local currencies were also generally weaker, not helped by the strength of the US dollar. Most markets ended the period under review on a stronger note however. In Brazil, the early part of the period was dominated by the October presidential election, which the incumbent Dilma Rousseff eventually won by a narrow margin, having initially trailed in the opinion polls. The first Rousseff administration was not seen as market-friendly with its readiness to use statecontrolled companies as an instrument of government and a tendency to intervene across a swath of industries perceived as detrimental to both economic activity as well as stockmarket performance. Although the new administration was initially given the benefit of the doubt, the early part of 2015 still saw two million people take to the streets to vent their frustration at corruption and economic mismanagement. Nevertheless, the new finance minister Joaquim Levy is widely respected and measures already implemented suggest that he appreciates the tough decision making that will be necessary to restore business and investor confidence in the country. Companies active in the education sector had seen their share prices marked down on the back of concerns over the new administration s commitment to the student loan system. Towards the end of the period under review however, new rules were announced which by charging a slightly higher rate and only funding part of the course, have put the whole program on a more sustainable footing. The ongoing car wash corruption scandal at the state-controlled energy giant Petrobras that threatened to embroil the ruling political elite also had a negative impact across the market. The Petrobras share price itself fell sharply over much of the period under review before staging a recovery after the company released a more realistic five-year business plan containing ambitious asset sale proposals. Given high interest rates, high inflation, tax increases and unpopular budget cuts, the Brazilian economy is widely expected to fall into recession in OUTLOOK Although economic performance over the calendar year 2015 seems likely to disappoint across the region, there are reasons to suppose that the outlook for later years is improving, and this may well help support share prices over the medium term. In Brazil, GDP growth is likely to contract in 2015, but a slow recovery is expected to unfold gradually from the end of the year, driven initially by exports, boosted by the depreciation of the real. Rebuilding confidence in macroeconomic policies remains the priority and some of the actions taken by the new administration are encouraging in this respect, though much more remains to be done with major reforms of the pension, tax and labour systems a priority. The Petrobras corruption scandal has had the positive impact of not just putting the company itself on a more secure footing, but also reducing the temptation of the administration to use state-controlled companies as instruments of government policy. In Mexico, the fruits of the reform process, to which the Pena Nieto administration is committed, are slowly beginning to appear and this trend can be expected to gather pace over the medium term. The initial focus remains firmly on the energy sector as it opens itself up to international participation and the positive consequences that are expected to follow. Investment in infrastructure projects can also be expected to be received positively by the market and the portfolio has been positioned to benefit from such developments. At the same time, the outlook for oil and other commodity prices will continue to be perceived as a major influence on the performance of Latin American markets. Given the weakness seen here over the past 12 months, it may well be that the worst is now over and that the stability of more recent months has laid the foundations for a more benign period in the future. On that score, the outlook for the subfund is positive. MANULIFE GLOBAL FUND 178

181 RUSSIA EQUITY FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Transferable securities and money market instruments admitted to an official exchange listing (1) Equities Ireland 409,795 Dragon Oil plc 3,712,044 4,688, ,712,044 4,688, Kazakhstan 399,189 KazMunaiGas Exploration Production GDR 5,153,683 3,943, ,104 Kcell JSC 1,687,176 1,391, ,840,859 5,335, Russian Federation 3,372,700 Alrosa Company Limited 4,070,159 3,802, ,926 Bashneft Oao 2,358,918 1,818, ,452,217 Eon Russia OJSC 5,333,457 4,492, ,063 Gazprom OAO ADR 1,521,754 1,317, ,839 Gazprom OAO ADR Reg 9,849,240 3,115, ,231 Lenta Limited Reg 5,336,741 3,366, ,343 Lukoil OAO ADR 7,650,349 3,839, ,310 Lukoil OAO ADR 5,565,336 5,374, ,501 Magnit Pjsc Mgnt Ru 7,900,190 9,438, ,624 MMC Norilsk Nickel ADR 4,474,406 4,570, ,337 Mobile Telesystems Ojsc Mtss Rx 3,749,600 4,209, ,860,734 Moscow Exchange Micex 7,951,654 6,016, ,963 NovaTek OAO GDR 3,949,699 5,063, ,973 Phosagro OAO GDR 2,578,277 2,536, ,866,159 Sberbank RF 6,014,788 7,553, ,079,752 Surgutneftegaz JSC Pfd 4,032,311 4,643, ,623 Tatneft ADR 2,754,830 2,850, ,019 Tatneft ADR 3,607,347 3,563, ,543 TMK OAO GDR 6,135,514 2,827, ,807 X 5 Retail Group NV GDR Reg 2,449,235 3,250, ,283,805 83,650, United Kingdom 228,320 Nostrum Oil & Gas plc 2,355,270 2,103, ,355,270 2,103, MANULIFE GLOBAL FUND

182 RUSSIA EQUITY FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Virgin Islands (British) 188,281 Mail.Ru Group Limited GDR 5,240,320 3,926, ,240,320 3,926, Equities Total 115,432,298 99,704, Total Transferable securities and money market instruments admitted to an official exchange listing (1) 115,432,298 99,704, Portfolio of Investments 115,432,298 99,704, Other Net Assets 2,049, Net Assets 101,753, (1) All securities classified under this section are listed on a stock-exchange. The notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 180

183 RUSSIA EQUITY FUND Investment Objective: The sub-fund aims to provide long-term capital growth for those who hold a long term investment view and who are prepared to accept significant fluctuations in the value of their investments in order to achieve long term returns. It is intended that the investments will be made on a diversified basis. The underlying investment portfolio will mainly consist of equity-related investments and securities of companies located in Russia and other companies located outside Russia whose income is predominantly derived from Russia, all of which in accordance with the regulations, are listed or traded on Regulated Markets as referred to in the Prospectus. The sub-fund may also invest in other countries in the Commonwealth of Independent States. The remaining assets of the sub-fund may include bonds, deposits and other investments. PERFORMANCE FROM 1 JULY 2014 TO 30 June 2015* Russia Equity Fund Class AA % MSCI Russia 10/40 Index +5.95% PORTFOLIO REVIEW The sub-fund suffered a marked fall in value over the 12-month period ending June 2015 with share prices in Russia falling on the back of the lower oil price and continued EU and US sanctions arising from Russia s perceived involvement in the ongoing conflict in Ukraine, with these factors combining to send the rouble lower, interest rates higher, and the economy into recession. A number of portfolio holdings added value however. Shares in Dragon Oil, an oil and gas exploration and production company operating in the Caspian Sea off-shore Turkmenistan, rallied strongly after receiving a takeover approach from Emirates National Oil Company, which already owns 54% of the stock. The bid values the company at GBP 750 per share and although some shareholders have suggested that this undervalues the company, the sub-fund s portfolio manager believes that it represents a fair value for the asset. Dragon was one of the few stocks in the portfolio to see its share price rise over the period under review as it moved closer to the bid price. Oil and gas group Surgutneftegas was another strong performer thanks to a yield of some 20% and a cash position that exceeds its market capitalisation; with the cash held in US dollars, the stock presents a perfect hedge against rouble weakness. The significant underweight exposure to energy giant Gazprom, a company that is likely to destroy shareholder value over the longer term, also continued to provide positive active performance. Gains here were however countered by losses elsewhere in the portfolio with, for example, Russia s largest retailer Magnit running into significant profit taking after a very strong relative performance. Operationally, the company continues to go from strength to strength, benefiting from higher food price inflation and accelerating traffic as customers shift from corner shops and open air markets to discounters. Amongst changes to the portfolio over the period under review, within the telecommunication services sector MegaFon was replaced with MTS, maintaining the portfolio s overall exposure to the mobile sector but taking advantage of the more attractive valuation of MTS and the implied upside. The subfund s portfolio manager attaches zero value to the Ukrainian operations of MTS. MARKET REVIEW Russian equities fell heavily over the final months of 2014, losing more than half their value at one stage, before recovering modestly and finding some stability over more recent months. Nevertheless, share prices in aggregate were still down around 25% over the 12-month period. * The performance return of the fund is calculated in U.S. dollar terms and includes dividends re-invested; whereas the index (or indices) is calculated in U.S. dollar terms and on total return basis. 181 MANULIFE GLOBAL FUND

184 RUSSIA EQUITY FUND The most important factor responsible for this performance was a weaker oil price, with Brent crude falling to below USD 50 a barrel in early 2015, having been close to USD 110 a barrel in mid This occurred against a backdrop of unfettered supply from oil producers, especially Saudi Arabia, amidst some concern for slowing global economic activity, and hence demand for oil, particularly in China. The Russian economy is heavily dependent upon oil production and this development resulted in a sharp fall in the value of the rouble, to which the central bank responded with significant intervention in the foreign currency market and, given the limited success of this move, a sharp rise in its main policy rate from the prevailing 7.5% to 17.0%. With the fall in the price of oil broadly matched by the depreciation of the rouble, the government s rouble-denominated budget remained broadly in balance however. As the price of oil bounced from its near-term low, to close the period under review above USD 60 a barrel, the central bank was able to reverse some part of its interest rate hike as the rouble recovered somewhat. The Russian economy was also negatively impacted by the imposition of sanctions in the wake of the perceived involvement of Russia in the ongoing conflict in Ukraine, with the shooting down of a Malaysia Airlines civilian passenger jet in July serving to further sour relations with the West. Sanctions remain in force as the conflict has continued, albeit on a reduced scale, despite an agreement between the interested parties to bring about a ceasefire. As a result of these developments it now seems likely that the Russian economy may contract by as much 2% this year, though forecasts made at the turn of the year were considerably more gloomy than this. Most sectors of the market fell heavily in response, with the energy and materials sectors unsurprisingly particularly weaker. There was some strength however in some of the more defensive areas of the market, such as consumer staples, or where certain stocks were, for example, supported by high dividend payments or other factors. OUTLOOK The outlook for the Russian stockmarket depends crucially upon the same factors that were responsible for its disappointing performance over the last 12 months, namely the oil price and the conflict in Ukraine. For oil, a return to the levels prevailing in early 2014, with the price of a barrel of oil above USD 100, seems unlikely over the short term. In any event, Russia will need to adapt to current oil price levels and the depreciation seen in the rouble since the oil price began its slide has been the most important part of this process. Government policy is also unlikely to remain unmoved in this respect. The sanctions imposed by the EU and US on Russia resulting from the perceived involvement of Russia in the conflict in Ukraine is another factor that may help determine economic activity in Russia over the immediate period ahead. Even though the conflict has to a large degree slipped out of the international limelight, the EU and US decided not to lift sanctions this year; they may therefore remain in place for some time. Equally however, they seem unlikely to be extended in the absence of an escalation of the conflict. The worst may therefore be over for Russia, and once the market adjusts fully to the new reality, international investors may return to the market, given the value on offer, though governance concerns, amongst other worries, are likely to remain for the time being. MANULIFE GLOBAL FUND 182

185 STRATEGIC INCOME FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Transferable securities and money market instruments admitted to an official exchange listing (1) Supranationals, Governments and Local Public Authorities, Debt Instruments Australia 685,000 New South Wales Treasury Corp % 737, , /May/ ,000 Queensland Treasury Corp % 596, , /Jun/ ,000 Queensland Treasury Corp % 61,438 61, /Jun/ ,000 Queensland Treasury Corp % 400, , /Oct/ ,000 Queensland Treasury Corp % 815, , /Apr/2016 2,611,570 2,111, Bermuda 275,000 Bermuda (Govt of) 4.854% 6/Feb/ , , , , Canada 140,000 Export Developement Canada 3.250% 131, , /Aug/ , , Mexico 210,000 Mexico (Govt of) 4.600% 23/Jan/ , , ,660 Mexico (Govt of) Bonos 4.750% 14/Jun/ , , ,078 Mexico (Govt of) Bonos 5.000% 15/Jun/ , , ,700 Mexico (Govt of) Bonos 8.000% 7/Dec/ , , ,700 Mexico (Govt of) Bonos % 5/Dec/ , , ,418,332 1,165, New Zealand 815,000 New Zealand (Govt of) 5.000% 15/Mar/ , , ,000 New Zealand (Govt of) 5.000% 15/Mar/ , , ,000,000 New Zealand (Govt of) 6.000% 15/Dec/ , , ,000 New Zealand (Govt of) 6.000% 15/May/ ,016 42, ,000 New Zealand (Govt of) 6.000% 15/May/ , , ,603,475 2,241, Norway 4,665,000 Norway (Govt of) 4.250% 19/May/ , , ,323,000 Norway (Govt of) 4.500% 22/May/ , , ,354,192 1,113, Peru 160,000 Peru (Govt of) 7.350% 21/Jul/ , , , , MANULIFE GLOBAL FUND

186 STRATEGIC INCOME FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Philippines 10,000,000 Philippine (Govt of) 4.950% 15/Jan/ , , ,000,000 Philippine (Govt of) 6.250% 14/Jan/ , , ,109, , Republic of Korea (South) 24,610,000 Korea (Govt of) 0.000% 10/Sep/ ,723 21, ,610,000 Korea (Govt of) 0.000% 10/Mar/ ,370 21, ,610,000 Korea (Govt of) 0.000% 10/Sep/ ,016 21, ,610,000 Korea (Govt of) 0.000% 10/Mar/ ,681 21, ,610,000 Korea (Govt of) 0.000% 10/Sep/ ,333 21, ,610,000 Korea (Govt of) 0.000% 10/Mar/ ,998 21, ,000,000 Korea (Govt of) 0.000% 10/Sep/ , , ,610,000 Korea (Govt of) 0.000% 10/Sep/ ,650 20, ,000,000 Korea (Govt of) Treasury Bond 4.000% 76,507 72, /Mar/2016 4,000,000 Korea (Govt of) Treasury Bond 5.750% 3,634 4, /Sep/ , , Singapore 670,000 Singapore (Govt of) 2.375% 1/Apr/ , , ,000 Singapore (Govt of) 3.250% 1/Sep/ , , , , Supranational 110,000 Asian Development Bank 4.625% 6/Mar/ ,686 77, ,000 Asian Development Bank 5.000% 9/Mar/ , , ,000 Inter-American Development Bank 6.500% 276, , /Aug/ ,000 International Bank for Reconstruction & 312, , Development 4.625% 6/Oct/2021 1,110,000 International Bank For Reconstruction & 166, , Development 3.625% 22/Jun/ ,000 International Bank For Reconstruction & 211, , Development 4.625% 26/Feb/ ,000 International Finance Corp % 236, , /Jul/ ,000 International Finance Corp % 117,892 83, /Jun/2017 1,640,066 1,448, Sweden 4,435,000 Sweden (Govt of) 1.500% 13/Nov/ , , ,750,000 Sweden (Govt of) 3.500% 1/Jun/ , , ,555,000 Sweden (Govt of) 5.000% 1/Dec/ , , ,544,797 1,501, Thailand 30,700,000 Thailand (Govt of) 3.250% 16/Jun/2017 1,037, , ,037, , Supranationals, Governments and Local Public Authorities, Debt Instruments Total 15,681,222 13,927, MANULIFE GLOBAL FUND 184

187 STRATEGIC INCOME FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Bonds Australia 135,000 National Australia Bank Limited 6.000% 151, , /Feb/ ,000 Rio Tinto Finance Limited 7.125% 121, , /Jul/ ,000 Rio Tinto Finance Limited 9.000% 163, , /May/ ,000 Westpac Banking Corp % 21/Oct/ ,499 97, ,000 Westpac Banking Corp % 11/Feb/ ,053 89, , , Austria 75,000 JBS Investments GmbH 7.750% 28/Oct/ ,000 81, ,000 81, Canada 130,000 Bank of Montreal 0.800% 6/Nov/ , , ,000 Bank of Nova Scotia 2.900% 29/Mar/ , , ,000 Canada Housing Trust No % 233, , /Jun/ ,000 Canadian Imperial Bank 0.900% 1/Oct/ , , ,000 Canadian Imperial Bank 2.350% 11/Dec/ , , ,000 Royal Bank of Canada 2.625% 15/Dec/ , , , , Colombia 110,000 Bancolombia SA 5.950% 3/Jun/ , , ,000 Ecopetrol SA 5.875% 18/Sep/ , , , , Germany 300,000 Kreditanstalt fuer Wiederaufbau 6.000% 344, , /Aug/ ,000 Kreditanstalt Fuer Wiederaufbau 6.000% 247, , /Jan/ ,000 Landwirtsch. Rentenbank 6.500% 207, , /Apr/ , , Mexico 3,690,000 America Movil SAB de CV 7.125% 243, , /Dec/ ,000 Cemex SAB de CV 6.125% 5/May/ , , ,885 Petroleos Mexicanos 7.650% 24/Nov/ , , , , Netherlands 50,000 E.ON International Finance Bv 6.000% 97,342 90, /Oct/ ,342 90, MANULIFE GLOBAL FUND

188 STRATEGIC INCOME FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Singapore 250,000 CapitaMalls Asia Treasury Limited 3.950% 183, , /Aug/ ,000 Oversea-Chinese Banking Corp. Limited FRN 208, , /Oct/ ,000 Temasek Financial 3.265% 19/Feb/ , , ,000 United Overseas Bank Limited FRN 395, , /Apr/ , , United Kingdom 120,000 Vodafone Group plc FRN 19/Feb/ , , , , United States 150,000 21st Century Fox America Inc % 193, , /Dec/ ,000 Abbott Laboratories 2.950% 15/Mar/ , , ,000 Abbvie Inc % 14/May/ , , ,000 American Tower Corp % 15/Mar/ , , ,000 Anheuser-Busch Inbev Worldwide Inc % 157,638 85, /Nov/ ,000 Apple Inc % 3/May/ , , ,000 Apple Inc % 13/May/ , , ,000 AT&T Inc % 1/Dec/ ,009 63, ,000 BAC Capital Trust FRN 29/Sep/ , , ,000 Ball Corp % 15/Nov/ , , ,000 Cablevision Systems Corp % 148, , /Apr/ ,000 Cablevision Systems Corp % 174, , /Sep/ ,000 CBS Corp % 15/Jan/ , , ,000 Cemex Finance LLC P.P. 144A 9.375% 236, , /Oct/ ,000 Cemex Finance LLC P.P. 144A 9.375% 65,000 72, /Oct/ ,000 CHS Community Health Systems Inc. 283, , % 1/Feb/ ,000 Citigroup Inc % 29/Jun/ , , ,000 Coca-Cola Company 1.500% 15/Nov/ , , ,000 Community Health Systems Inc % 145, , /Jul/ ,000 Constellation Brands 3.750% 1/May/ , , ,000 Constellation Brands 4.250% 1/May/ , , ,000 Corrections Corp. of America 4.125% 176, , /Apr/ ,000 Crown Cork & Seal Company 7.375% 130, , /Dec/ ,000 Davita Healthcare Partners Inc % 325, , /Jul/ ,000 DaVita Healthcare Partners Inc % 107, , /Jul/ ,000 Dynegy Inc % 1/Jun/ , , MANULIFE GLOBAL FUND 186

189 STRATEGIC INCOME FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets United States (continued) 225,000 Express Scripts Holding Company 3.500% 230, , /Jun/ ,000 Exxon Mobil Corporation 2.709% 6/Mar/ , , ,000 Ford Motor Company 4.750% 15/Jan/ , , ,000 Ford Motor Company 6.625% 1/Oct/ , , ,000 Ford Motor Company 6.625% 1/Oct/ , , ,000 Frontier Communications Corp % 220, , /Jan/ ,000 General Electric Capital Corp % 109,230 89, /Jan/ ,000 General Electric Capital Corp % 90,505 84, /Sep/ ,000 General Motors Financial 4.375% 220, , /Sep/ ,000 Goodyear Tire & Rubber Company 8.750% 48,825 54, /Aug/ ,000 HCA Inc % 15/Mar/ , , ,000 HCA Inc % 15/Feb/ , , ,000 HCA Inc % 1/Oct/ ,296 40, ,000 Hewlett-Packard Company 2.650% 265, , /Jun/ ,000 Home Depot Inc % 1/Mar/ , , ,000 International Business Machines Corp. 162, , % 21/Dec/ ,000 Iron Mountain Inc % 15/Aug/ ,293 18, ,000 Johnson Companyntrols Inc % 73,171 71, /Jan/ ,000 L Brands Inc % 15/Oct/ , , ,000 Limited Brands Inc % 1/Mar/ , , ,000 Macy s Retail Holdings Inc % 86,589 89, /Aug/ ,000 Merck & Company Inc % 15/Jan/ , , ,000 Merck & Company Inc % 10/Feb/ , , ,000 MetLife Inc. FRN 15/Dec/ , , ,000 Metropcs Wireless Inc % 1/Apr/ , , ,000 Metropcs Wireless Inc % 1/Apr/ ,000 83, ,000 Nisource Finance Corp % 1/Feb/ , , ,000 Norfolk Southern Corp % 15/Jan/ , , ,000 Oracle Corp % 15/Jan/ , , ,000 Pvh Corp % 15/Dec/ , , ,000 Regions Financial Corp % 10/Dec/ , , ,000 Scripps Networks Interactive Inc % 109, , /Jun/ ,000 Synovus Financial Corp % 15/Jun/ , , ,000 Tenet Healthcare Corp % 1/Oct/ , , ,000 The Men s Wearhouse Inc % 154, , /Jul/ ,000 T-Mobile USA Inc % 15/Jan/ ,225 72, ,000 T-Mobile USA Inc % 15/Jan/ , , ,000 T-Mobile USA Inc % 28/Apr/ ,755 89, ,000 Treehouse Foods Inc % 15/Mar/ , , ,000 Tyson Foods Inc % 1/Apr/ ,851 93, ,000 Unitedhealth Group Inc % 15/Oct/ ,163 60, MANULIFE GLOBAL FUND

190 STRATEGIC INCOME FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets United States (continued) 391,000 USB Capital IX FRN 29/Oct/ , , ,000 Wachovia Capital Trust III FRN 29/Aug/ , , ,000 Walgreens Boots Alliance Inc % 232, , /Nov/ ,000 Walt Disney Company 1.350% 16/Aug/ , , ,000 Wellcare Health Plans Inc % 203, , /Nov/ ,000 Williams Companys Inc % 24/Jun/ , , ,681,005 13,631, Virgin Islands (British) 309,000 Arcos Dorados Holdings Inc % 130,504 93, /Jul/ ,504 93, Bonds Total 18,442,579 18,046, Equities United States 1,664 Charter Communications Inc. 58, , ,825 Crown Castle 187, , ,507 Dominion Resources Inc. 337, , ,240 Dominion Resources Inc. 259, , ,540 Exelon Corp. 180, , ,800 First Niagara Financial Group Inc. 282, , ,235 GMAC Capital Trust I 224, , ,625 Hartford Financial Services Group Inc. 288, , M&T Bank Corp. 320, , ,805 Nextera Energy Inc. 154, , ,450 Nextera Energy Inc. 139, , ,985 Regions Financial Corp. 220, , Stanley Black & Decker Inc. 88,116 93, ,665 Synovus Financial Corp. 260, , ,025 Tyson Foods Inc. 252, , ,290 United Technologies Corp. 1/Aug/ , , ,405 US Bancorp 131, , US Bancorp 286, , ,095 Wells Fargo & Company 176, , ,161 Wells Fargo & Company Preferred 192, , ,913 Weyerhaeuser Company 145, , ,175 Zions Bancorporation 104, , ,480,203 4,754, Equities Total 4,480,203 4,754, Total Transferable securities and money market instruments admitted to an official exchange listing (1) 38,604,004 36,728, MANULIFE GLOBAL FUND 188

191 STRATEGIC INCOME FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Transferable securities and money market instruments dealt in on another regulated market and recently issued transferable securities (2) Supranationals, Governments and Local Public Authorities, Debt Instruments Canada 785,000 Canada (Govt of) 1.250% 1/Feb/ , , ,000 Canada (Govt of) 1.250% 1/Mar/ , , ,000 Canada (Govt of) 1.500% 1/Feb/ , , ,180,000 Canada (Govt of) 1.500% 1/Mar/ , , ,000 Export Developement Canada 3.500% 244, , /Feb/ ,000 Export Developement Canada 4.875% 182, , /Jan/ ,000 Ontario Canada (Province of) 6.250% 143, , /Sep/2020 2,897,619 2,708, New Zealand 110,000 Netherlands (Govt of) 6.000% 15/Dec/ ,021 79, ,021 79, Philippines 9,186,416 Philippine (Govt of) 5.875% 16/Dec/ , , ,200,000 Philippine (Govt of) 6.500% 28/Apr/ ,778 80, , , Supranationals, Governments and Local Public Authorities, Debt Instruments Total 3,266,146 3,096, MANULIFE GLOBAL FUND Mortgage and Asset Backed Securities United States 110,000 Banc of America Commercial Mortgage Inc. 111, , % 10/Jul/ ,000 Banc of America Commercial Mortgage Inc. 145, , FRN 10/May/ ,106 Bear Stearns Alt-A Trust FRN 25/Sep/ ,824 13, ,319 Bear Stearns Alt-A Trust FRN 25/Jan/ ,158 39, ,243 Fannie Mae FRN 25/May/ , , ,630 Fannie Mae 4.500% 25/Nov/ ,220 22, ,308 Fannie Mae Interest Strip 4.000% 84,703 15, /Oct/ ,883 Fannie Mae Interest Strip 4.000% 48,232 11, /Nov/ ,171 Fannie Mae Interest Strip 4.000% 107,608 24, /Jan/ ,749 Fannie Mae Interest Strip 4.500% 151,920 42, /Mar/ ,573 Fannie Mae Interest Strip 5.000% 25/Mar/ ,391 20,

192 STRATEGIC INCOME FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets United States (continued) 155,102 Fannie Mae Interest Strip 5.000% 87,223 33, /Mar/2041 1,262,529 Fannie Mae Remics 3.500% 25/May/ , , ,450 JPMorgan Chase Commercial Mortgage 169, , Securities Corp. FRN 12/Jan/ ,000 JPMorgan Chase Commercial Mortgage 64,992 60, Securities Corp. FRN 15/Dec/ ,000 JPMorgan Chase Commercial Mortgage 207, , Securities Corp. FRN 15/Apr/ ,000 LB-UBS Commercial Mortgage Trust 5.413% 189, , /Sep/ ,950 Merrill Lynch Countrywide Commercial 97,289 93, Mortgage Trust 5.414% 12/Jul/ ,000 Merrill Lynch Mortgage Trust FRN 139, , /Jan/ ,000 Morgan Stanley Capital 5.364% 15/Feb/ , , ,000 Stacr FRN 25/Oct/ , , ,282 Washington Mutual FRN 25/Apr/ , , ,821,847 2,320, Mortgage and Asset Backed Securities Total 2,821,847 2,320, Bonds Australia 185,000 Westpac Banking Corp % 9/Dec/ , , , , Canada 170,000 Bank of Nova Scotia FRN 31/Dec/ , , ,000 Bank of Nova Scotia FRN 15/Jul/ , , ,000 Royal Bank of Canada FRN 21/Jun/ , , ,000 Royal Bank of Canada FRN 8/Mar/ , , ,000 Toronto-Dominion Bank FRN 13/Jul/ , , , , Ireland 285,000 Grifols Worldwide Operations Limited 5.250% 292, , /Apr/ , , Luxembourg 205,000 Actavis Funding SCS 3.450% 15/Mar/ , , ,000 Actavis Funding SCS 3.800% 15/Mar/ , , , , Mexico 60,000 Petroleos Mexicanos 6.000% 5/Mar/ ,273 67, ,273 67, Singapore 250,000 Hongkong Land Treasury Services Singapore 181, , Pte Limited 3.860% 29/Dec/ , , MANULIFE GLOBAL FUND 190

193 STRATEGIC INCOME FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets United States 110,000 Abbvie Inc. FRN 6/Nov/ , , ,000 Abbvie Inc % 6/Nov/ , , ,000 Aecom Technology 5.750% 15/Oct/ , , ,000 American International Group Inc. FRN 397, , /May/ ,000 American Water Capital Corp % 185, , /Mar/ ,000 Calpine Corp % 15/Jan/ , , ,000 CCO Holdings LLC 5.750% 15/Jan/ , , ,000 CCO Holdings LLC 7.000% 15/Jan/ ,351 53, ,000 Citigroup Inc. FRN 29/Dec/ ,493 98, Clear Channel Communications Inc % /Feb/ ,000 Coca-Cola Company 1.800% 1/Sep/ , , ,000 Columbia Pipeline Group Inc. P.P. 144A 159, , % 1/Jun/ ,000 Community Health Systems Inc % 66,625 68, /Nov/ ,000 Cox Companymunications Inc % 98,118 96, /Oct/ ,000 Crown Americas LLC 4.500% 15/Jan/ , , ,335 Delta Air Lines Inc % 2/Jan/ ,002 38, ,025 Delta Air Lines Inc % 10/Feb/ , , ,000 Discover Financial Services 5.200% 86,713 86, /Apr/ ,000 Dish Dbs Corp % 15/Mar/ , , ,000 Dish Dbs Corp % 1/Sep/ , , ,000 Eli Lilly & Company 2.750% 1/Jun/ , , ,000 Fifth Third Bancorp FRN 29/Dec/ , , ,000 First Niagara Financial Group Inc % 133, , /Dec/ ,000 Frontier Communications Corp % 30,000 31, /Jul/ ,000 GE Capital Corp % 29/Dec/ , , ,000 Goodyear Tire & Rubber Company 7.000% 420, , /May/ ,000 HJ Heinz Company 3.950% 15/Jul/ , , ,000 HJ Heinz Company 4.250% 15/Oct/ , , ,000 Host Hotels & Resorts LP 4.750% 160, , /Mar/ ,000 Huntington Ingalls Industries Inc % 221, , /Mar/ ,000 Lamar Media Corp % 1/May/ ,220 94, ,000 Media General Financing Sub Inc. P.P. 144A 141, , % 15/Nov/ ,000 Merck & Company Inc. FRN 18/May/ ,171 90, ,000 Merrill Lynch & Company FRN 1/Dec/ ,850 91, ,000 Micron Technology Inc % 15/Feb/ , , ,000 NRG Yield Operating LLC P.P. 144A 5.375% 120, , /Aug/ ,000 Outfront Media Cap LLC 5.625% 15/Feb/ , , ,000 Prudential Financial Inc % 15/Sep/ , , MANULIFE GLOBAL FUND

194 STRATEGIC INCOME FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets United States (continued) 230,000 Qvc Inc % 15/Feb/ , , ,000 Qvc Inc % 15/Mar/ , , ,000 Tenet Healthcare Corp % 1/Oct/ , , ,000 Verizon Companymunications Inc. P.P. 144A 94,500 88, % 15/Jan/ ,000 Zebra Technologies Corp. P.P. 144A 7.250% 380, , /Oct/ ,000 Zions Bancorporation FRN 29/Dec/ , , ,290,826 8,316, Bonds Total 10,066,300 10,102, Bonds convertibles United States 60,000 Mgic Investment 2.000% 1/Apr/ , , ,000 WellPoint Inc % 15/Oct/ , , , , Bonds convertibles Total 217, , Equities United States 2,570 Post Holdings Inc. 263, , , , Equities Total 263, , Total Transferable securities and money market instruments dealt in on another regulated market and recently issued transferable securities (2) 16,636,091 16,080, Other transferable securities and money market instruments (2) Supranationals, Governments and Local Public Authorities, Debt Instruments Supranational 215,000 Asian Development Bank 3.250% 20/Jul/ , , ,000 International Finance Corp % 169, , /May/ , , Supranationals, Governments and Local Public Authorities, Debt Instruments Total 318, , MANULIFE GLOBAL FUND 192

195 STRATEGIC INCOME FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Mortgage and Asset Backed Securities United States 63,235 Adjustable Rate Mortgage Trust FRN 58,001 63, /Apr/ ,000 Americold LLC Trust FRN 14/Jan/ , , ,000 AOA FRN 13/Dec/ ,733 53, ,000 Applebees Funding LLC 4.277% 5/Sep/ , , ,409 Bear Stearns Adjustable Rate Mortgage Trust 112, , FRN 25/Aug/ ,700 Bear Stearns Alt-A Trust FRN 25/Aug/ ,746 54, ,000 Bway FRN 10/Mar/ ,603 37, ,271 Chase 2007-A1 FRN 25/Feb/ ,250 33, ,188 CKE Restaurants Holdings Inc % 338, , /Mar/ ,000 Gahr 3.495% 15/Dec/ , , ,000 Greenwich Capital Commercial Funding Corp. 205, , FRN 10/Jun/ ,509 GSR Mortgage Loan Trust FRN 25/May/ , , ,239 Harborview Mortgage Loan Trust FRN 77,643 79, /Jun/ ,158 Harborview Mortgage Loan Trust FRN 50,918 50, /Jun/2035 1,385,382 Harborview Mortgage Loan Trust FRN 144, , /May/ ,433 Harborview Mortgage Loan Trust FRN 79,931 89, /Jun/ ,475 Harborview Mortgage Loan Trust FRN 100, , /Nov/ ,183 Hilt 2013-Hlf Efl H FRN 5/Nov/ , , ,231 Home Equity Asset Trust 1.687% 44,397 45, /Jun/2033 1,035,045 Indymac Index Mortgage Loan Trust FRN 45,993 34, /Oct/2036 1,032,046 Indymac Index Mortgage Loan Trust FRN 48,606 78, /Oct/ ,000 JPMorgan Chase Commercial Mortgage 174, , Securities Corp. FRN 15/Jun/ ,334 Merrill Lynch Mortgage Investors Inc. FRN 76,964 76, /Feb/ ,886 MLCC Mortgage Investors FRN 25/Oct/ ,452 72, ,940 MLCC Mortgage Investors FRN 25/Dec/ ,366 40, ,380 MLCC Mortgage Investors FRN 25/Oct/ ,220 48, ,245 Morgan Stanley Mortgage Loan Trust FRN 37,871 38, /Oct/ ,366 Opteum Mortgage Acceptance Corp. FRN 69,588 72, /Nov/ ,904 Sonic Capital LLC 5.438% 20/May/ , , ,209 Structured Asset Securities Corp. FRN 67,873 68, /Dec/2033 2,916,256 2,934, Mortgage and Asset Backed Securities Total 2,916,256 2,934, MANULIFE GLOBAL FUND

196 STRATEGIC INCOME FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Bonds United States 126,000 Calpine Corp. P.P. 144A 6.000% 15/Jan/ , , ,000 Endo Finance Company P.P. 144A 5.750% 150, , /Jan/ ,000 Firstenergy Corp. P.P. 144A 4.350% 387, , /Jan/ ,000 Forest Laboratories Inc. P.P. 144A 4.875% 235, , /Feb/ ,000 Forest Laboratories Inc. P.P. 144A 5.000% 216, , /Dec/ ,000 Sealed Air Corp. P.P. 144A 4.875% 170, , /Dec/ ,000 Sealed Air Corp. P.P. 144A 5.125% 95,267 93, /Dec/ ,000 Sealed Air Corp. P.P. 144A 6.500% 157, , /Dec/ ,000 Sirius Xm Radio Inc. P.P. 144A 5.250% 65,696 67, /Aug/ ,000 Sirius Xm Radio Inc. P.P. 144A 5.875% 80,680 82, /Oct/ ,000 Stone + Webster 0.000% 1/Jul/2017 a ,000 Stone Company 0.000% 15/Mar/2017 a ,000 Valeant Pharmaceuticals International Inc. P.P. 9,938 10, A 7.000% 1/Oct/2020 1,704,221 1,744, Bonds Total 1,704,221 1,744, Equities United States 2,048 Vertis Holdings Inc. a 59, , Equities Total 59, Total Other transferable securities and money market instruments (2) 4,998,408 4,991, Portfolio of Investments 60,238,503 57,799, Other Net Liabilities (301,520) (0.52) Net Assets 57,497, a Defaulted/Fair Valued by the Board of Directors. (1) All securities classified under this section are listed on a stock-exchange. (2) All securities classified under this section are unlisted. The notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 194

197 STRATEGIC INCOME FUND Investment Objective: The sub-fund seeks a high level of current income. In pursuing this goal, the subfund invests primarily in the following types of securities: (i) foreign government and corporate debt securities from developed and emerging markets (ii) U.S. government and agency securities (iii) U.S. high yield bonds The sub-fund may also invest in preferred stock and other types of debt securities. Although the sub-fund may invest up to 10% of its total assets in securities rated in default by Standard & Poor s or Moody s rating agencies (the expression in default in this context refers to securities that have missed one or more scheduled payments of interest or principal or have a rating of D by the rating agencies), it generally intends to keep its average credit quality in the investment grade range (AAA to BBB). There is no limit on the sub-fund s average maturity. PERFORMANCE FROM 1 JULY 2014 TO 30 june 2015* Strategic Income Fund Class AA -1.09% Strategic Income Fund Class HA -1.77% Strategic Income Fund Class HC -2.27% Strategic Income Fund Class HI -1.35% Strategic Income Fund Class I2-0.47% Strategic Income Fund Class S Hedged -8.83% Barclays Capital U.S. Aggregate Bond Index +1.86% Portfolio Review The Sub-fund s short duration position relative to the Index was the largest detractor from performance, as global government rates were generally lower, with the 10-year U.S. Treasury yield falling 18 basis points, from 2.53% to 2.35%. The Sub-fund s sector allocation was also slightly negative, as overweight exposure to high-yield corporate bonds and underweight exposure to U.S. Treasuries detracted. Currency management was a slight detractor from the Sub-fund s return. Adding to performance was the Sub-fund s security selection within its investment-grade corporate bond holdings, where the Sub-fund has been focusing on shorter-maturity issues that are less sensitive to changes in interest rates. Market Review Financial market volatility increased over the past year as a result of heightened geopolitical uncertainty, growth concerns within developed and emerging markets and the risk of a Greek exit from the eurozone. Diverging central bank policy also contributed to an increase in volatility. The U.S. Federal Reserve Board ended its quantitative easing program in late 2014 and signaled its intention to raise its short-term interest rate target for the first time in nearly a decade. This was in stark contrast to the eurozone, which in January announced an aggressive quantitative easing program to stimulate its economy. Global bond markets were mixed during the period. Lower rates across developed markets generally boosted returns from high-quality government bonds, while riskier assets underperformed, including global high-yield and emerging markets debt. The U.S. dollar began a strengthening trend, appreciating approximately 20% versus a basket of developed market currencies. * The performance return of the fund is calculated in U.S. dollar terms and includes dividends re-invested; whereas the index (or indices) is calculated in U.S. dollar terms and on total return basis. 195 MANULIFE GLOBAL FUND

198 STRATEGIC INCOME FUND Outlook Our Sub-fund s portfolio s manager expect that the U.S. economy will continue to grow at a moderate pace in the year ahead, outperforming most of its developed market peers. We believe that Treasury yields will rise over time. However, external factors, such as foreign economic growth and relative yield levels across developed markets, may keep long-term rates in the U.S. lower for an extended time. Given the absolute level of yields, they will continue to maintain the Sub-fund s slightly lower duration bias. They believe that emerging market government bonds, particularly those in Asia, will offer attractive returns as those economies outperform global averages. They expect that the improving credit metrics within many of the nations in this region will continue their positive trend. In regards to currencies, they believe that continued economic growth in the U.S. and the potential for wider interest rate differentials will continue to be positive for the U.S. dollar, and we will continue to hedge the Sub-fund s foreign currency exposures. Non-Japan Asia offers an attractive relative opportunity set, in our view, and they will generally continue to hold bonds denominated in those currencies hedged with currencies from developed countries with weaker growth outlooks, including the Canadian dollar, euro and Singapore dollar. MANULIFE GLOBAL FUND 196

199 TAIWAN EQUITY FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Transferable securities and money market instruments admitted to an official exchange listing (1) Equities Cayman Islands 39,000 Gourmet Master Company Limited 191, , ,000 Parade Technologies Limited 170, , ,892 Silergy Corp. 530, , ,600 Zhen Ding Technology Holding Limited 635, , ,527,997 2,010, Taiwan 830,000 Advanced Semiconductor Engineering Inc. 910,585 1,124, ,000 Aerospace Industrial Development Corp. 811, , ,000 Asustek Computer Inc. 628, , ,452 Cathay Financial Holding Company Limited 1,325,646 1,691, ,000 Cathay Real Estate Development Company 508, , Limited 300,846 Chinatrust Financial Holding Company Limited 168, , ,000 Chipbond Technology Corp. 177, , ,433 Chunghwa Telecom Company Limited 1,853,835 2,000, ,000 Cleanaway Company Limited 357, , ,000 Ctci Corp. 321, , ,000 Delta Electronics Inc. 1,130, , ,000 Ennoconn Corp. 861,942 1,409, ,000 Far Eastone Telecommunications Company 274, , Limited 385,348 Formosa Plastics Corp. 932, , ,000 Fubon Financial Holding Company Limited 721,851 1,102, ,010,557 Hon Hai Precision Industry Company Limited 2,418,293 3,176, ,569 Hota Industrial Manufacturing Company 287, , Limited 92,000 Huaku Development Company Limited 171, , ,000 Intai Technology Corp. 261, , ,823 Kenda Rubber Industrial Company 532, , ,000 Largan Precision Company Limited 358, , ,658 MediaTek Inc. 287, , ,000 Mega Financial Holding Company Limited 181, , ,000 Momo.com Inc. 400, , ,000 Nan Liu Enterprise Company Limited 183, , ,000 Novatek Microelectronics Corp. Limited 265, , ,000 Orise Technology Company Limited 501, , ,000 Quanta Computer Inc. 177, , ,000 Ruentex Development Company Limited 163, , ,000 Ruentex Industries Limited 165, , ,081,563 Shin Kong Financial Holding Company Limited 345, , ,000 Siliconware Precision Industries Company 896,815 1,165, ,000 Taiwan Mobile Company Limited 728, , ,334 Taiwan Semiconductor Manufacturing 2,005,853 3,216, Company Limited 523,000 Teco Electric & Machinery Company Limited 586, , MANULIFE GLOBAL FUND

200 TAIWAN EQUITY FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Taiwan (continued) 81,000 Toung Loong Textile Manuf Company 204, , ,156 Turvo International Company Limited 611, , ,000 Uni-President Enterprises Corp. 702, , ,269 Voltronic Power Technology Corp. 388, , ,260,133 Yuanta Financial Holding Company Limited 760, , ,568,954 29,218, Equities Total 26,096,951 31,229, Total Transferable securities and money market instruments admitted to an official exchange listing (1) 26,096,951 31,229, Portfolio of Investments 26,096,951 31,229, Other Net Assets 1,086, Net Assets 32,315, (1) All securities classified under this section are listed on a stock-exchange. The notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 198

201 TAIWAN EQUITY FUND Investment Objective: The sub-fund aims to provide long-term capital growth for those who hold a long-term investment view and who are prepared to accept significant fluctuations in the value of their investments in order to achieve long-term returns. It is intended that the investments will be made on a diversified basis. The underlying investment portfolio will mainly consist of equity-related investments and equities of companies that are listed on any stock exchange in Taiwan; or companies covering the different sectors of the economy in Taiwan and which are listed on any stock exchange; or companies that derive a significant portion of their earnings from Taiwan. The sub-fund may also invest in convertible bonds and depositary receipts issued by such companies, debt obligations of the Government of Taiwan, collective investment schemes and closed-end funds. The remaining assets of the sub-fund may include bonds, deposits and other investments. PERFORMANCE FROM 1 JULY 2014 TO 30 June 2015* Taiwan Equity Fund Class AA +6.64% Taiwan TAIEX Index -3.94% PORTFOLIO REVIEW The sub fund posted a positive return of 6.64% over the review period while the benchmark TAIEX delivered marginally flat performance of -0.5%. The strong relative performance was mainly attributable to positive stock selection in the information technology, consumer discretionary and industrials sectors. However, the sub fund s underweight positon in the energy sector and negative stock selection in the healthcare sector were the key detractors to performance. Amongst the key contributors over the period was Hota Industrial Manufacturing, a leading designer and manufacturer of automotive transmission systems. Its shares surged on further margin upside, mainly driven by the company s increasing adoption of automation and a higher-than-expected utilisation rate. Further contribution came from power integrated circuits (ICs) manufacturer Silergy, which gained on upbeat results for the fourth quarter of 2014 and the management s positive guidance for 2015 mainly driven by its favourable product mix, solid R&D capabilities and robust earnings growth. Another key contributor was the industrial PC (IPC) arm of Hon Hai Precision, Ennoconn Corp. Its shares surged on solid growth momentum driven by the company s diversified product portfolio and post-merger synergies. Conversely, the leading detractor over the period was Turvo International, a precision metal components manufacturer. The stock was sold down on concerns over downbeat auto sales in the European market as well as rumours that inventory levels of the company s major customer were high. Integrated circuits (IC) producer On-Bright Electronics was another key detractor after its share price declined on weaker-thanexpected second quarter sales. Its smartphone inventory correction in China and the company s strategy of selecting high-margin LED lighting were amongst the main drivers of its revenue miss. Another key detractor was auto parts and accessories manufacturer Tong Yang Industry, which saw its share price fall on the back of foreign exchange losses and a delay in mass production at a new plant in China. In terms of portfolio activities, the sub-fund s portfolio manager selectively took profits in companies in Apple s supply chain, and consequently deployed proceeds in select mid-cap names including industrial PCs and auto components. Whilst dividend yields remain relatively attractive, the sub-fund s portfolio manager selectively added big-cap electronic names with attractive valuations. Elsewhere, the sub-fund s portfolio manager has maintained the overweight position in the telecoms sector in light of a more benign and stable industry environment although valuations have become rich despite decent dividend yield support. The sub fund continues to stay away from deep cyclicals, such as steel and chemicals, as overcapacity in the industry is coupled with a deteriorating operating environment. Furthermore, valuations are unattractive. The sub fund is also underweight banks as anaemic loan growth and intensifying competition bode poorly for their ROEs. * The performance return of the fund is calculated in U.S. dollar terms and includes dividends re-invested; whereas the index (or indices) is calculated in U.S. dollar terms and on total return basis. 199 MANULIFE GLOBAL FUND

202 TAIWAN EQUITY FUND MARKET REVIEW Taiwanese equities delivered marginally flat return over the review period, although this masked a high level of volatility. The market ended the second half of 2014 lower, dragged down by marked losses in the third quarter with the information technology sector rally losing steam following outperformance and subsequent profit-taking. The Taiwan market finished the first quarter of 2015 up as strong momentum for Apple suppliers continued to support sentiment for the island s technology sector. The market moved higher, helped by loose monetary policies pursued by central banks globally as net foreign buyers bolstered the heavily-weighted technology sector as well as financials stocks. After hitting a 15-year high in April, Taiwanese equities retreated for two consecutive months in May and June as the prospect of a Grexit and a sharp correction in China s A-shares markets weighed on investor sentiment in the broader Greater China region. OUTLOOK With a recovering US economy and new product launches by Apple, Taiwan s technology component makers are benefiting from their pivotal roles in the global electronics supply chain as evidenced by upbeat first half sales on the back of resilient demand for Apple handsets. This has provided support for companies in Apple s supply chain. On the other hand, PC sales have, in line with expectations, been disappointing this year following strong demand last year. After a major earnings upgrade in 2014 led by technology stocks, earnings momentum will likely moderate to a mid-single digit growth rate in A disappointing local election result for the ruling KMT party last November could further escalate political uncertainties going forward, with implications for Sino-Taiwan relations. We continue to find interesting stock ideas within the mid-cap segment and will look for opportunities to add selectively at attractive valuations. Areas of interest include industrial PCs, auto parts, aviation components, IC design houses and Apple component suppliers. In the long term, we continue to maintain our bottom-up stock selection approach and valuation discipline, with a focus on seeking out investment opportunities in companies with professional management, strong cash flows and dividend support. MANULIFE GLOBAL FUND 200

203 Turkey Equity Fund Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Turkey Transferable securities and money market instruments admitted to an official exchange listing (1) Equities 7,839 Adel Kalemcilik Ticaret Ve Sanayi AS 191, , ,361 Akbank TAS 3,137,432 2,839, ,906 Aksa Enerji Uretim AS 1,340, , ,044 Arcelik AS 1,661,389 1,572, ,628 Aselsan Elektronik Sanayi Ve Ticaret AS 248, , ,394 Bim Birlesik Magazalar AS 2,148,656 1,846, ,875 Brisa Bridgestone Sabanci Sanayi Ve Ticaret 816, , AS 100,583 Coca-Cola Icecek AS 2,225,355 1,663, ,573,661 Emlak Konut Gayrimenkul Yatirim Ortakligi AS 1,980,462 1,613, ,262 Enka Insaat ve Sanayi AS 1,159,902 1,067, ,447 Haci Omer Sabanci Holding AS 1,622,136 1,349, ,422,233 Is Gayrimenkul Yatirim Ortakligi AS 831, , ,021,277 Kardemir Karabuk Demir 2,116,512 1,776, ,766 Pegasus Hava Tasimaciligi AS 997, , ,973 Tav Havalimanlari Holding AS 1,861,618 2,470, ,834 Tofas Turk Otomobil Fabrik 1,607,161 1,860, ,062 Trakya Cam Sanayi AS 1,029, , ,893 Tupras-Turkiye Petrol Rafinerileri 1,177,177 1,259, ,020 Turk Hava Yollari 1,061,188 1,330, ,758 Turk Traktor ve Ziraat Makineleri AS 853, , ,352 Turkcell Iletisim Hizmet AS 1,743,760 1,444, ,238,675 Turkiye Garanti Bankasi AS 4,893,410 3,864, ,452,954 Turkiye Is Bankasi 3,729,619 3,062, ,953,698 Turkiye Sinai Kalkinma Bankasi AS 1,329,891 1,243, ,808,748 Turkiye Vakiflar Bankasi Tao 3,437,399 2,894, ,258,296 Yapi Ve Kredi Bankasi AS 2,794,474 1,844, ,996,833 40,558, Equities Total 45,996,833 40,558, Total Transferable securities and money market instruments admitted to an official exchange listing (1) 45,996,833 40,558, Portfolio of Investments 45,996,833 40,558, Other Net Assets 242, Net Assets 40,801, (1) All securities classified under this section are listed on a stock-exchange. The notes to the Financial Statements form an integral part of these financial statements. 201 MANULIFE GLOBAL FUND

204 Turkey Equity Fund Investment Objective: The sub-fund aims to provide long term capital growth for those who hold a long term investment view and who are prepared to accept significant fluctuations in the value of their investments in order to achieve long term returns. It is intended that the investments will be made on a diversified basis. The underlying investment portfolio will mainly consist of equity-related investments and securities of companies located in Turkey and other companies located outside Turkey whose income is predominantly derived from Turkey, all of which in accordance with the regulations, will be listed or traded on Regulated Markets as referred to in the Prospectus. The remaining assets of the subfund may include bonds, deposits and other investments. PERFORMANCE FROM 1 JULY 2014 TO 30 June 2015* Turkey Equity Fund Class AA % MSCI Turkey 10/40 Index % PORTFOLIO REVIEW Against a backdrop of political uncertainty, the sub-fund weakened in value over the period under review. The ruling AK Party, which had presided over a benign period of economic prosperity since coming to power in 2002, failed to win an outright victory in parliamentary elections in June The make-up of any new government is now subject to coalition negotiations, whilst there remains the possibility of fresh elections. The performance of the sub-fund was supported by several of its holdings of consumer-related stocks, including overweight positions in the car group Tofas and the airports operator TAV. Both saw their share prices rise over the period under review, bucking the wider market trend, with the latter supported by better than expected operating figures as well as a positive dividend surprise. Economic newsflow remained generally supportive with activity in Turkey continuing to show robust growth, in contrast to many other economies in Europe. Much of the relative downside of the sub-fund s performance over the period came from not owning companies whose share prices performed relatively well. The most significant portfolio holding to drag on performance was the steelmaker Kardemir. The sub-fund s portfolio manager prefers the domestically-orientated Kardemir to its more export-focused peer Erdemir as the former has a superior structural longer term growth story, offering an attractive growth profile with an increasing share of value-added products at almost half the trading multiples of other steelmakers. The fall in the value of the lira was an obvious benefit to Erdemir however, with Kardemir losing out as a result. Amongst notable changes to the portfolio during the period under review, within the financials sector, the position in Halkbank was divested and replaced with VakifBank. This move was triggered by an increasingly negative view on Halkbank s earnings outlook due to an expected higher loan loss provisioning. On the other hand, VakifBank s earnings outlook seems to be improving, with better margin and fee income outlook. The decision to divest Halkbank subsequently supported relative performance with the stock falling sharply in the wake of a surprise rights issue to support the establishment of a participation bank subsidiary. MARKET REVIEW The Borsa Istanbul held up relatively well in comparison to other emerging markets, but still closed the period under review with substantial losses despite a broadly favourable economic backdrop. Much of this weakness, in US dollar terms, could be ascribed to the fall in the value of the lira against the dollar, with share prices essentially flat in local currency terms. The fall in the price of oil, the main macroeconomic development of the 12-month period, benefits Turkey which has little domestic production of its own and imports the overwhelming majority of its energy requirement. The downward pressure on inflation that resulted enabled the central bank to implement a number of reductions in interest rates. * The performance return of the fund is calculated in U.S. dollar terms and includes dividends re-invested; whereas the index (or indices) is calculated in U.S. dollar terms and on total return basis. MANULIFE GLOBAL FUND 202

205 Turkey Equity Fund Financial markets, including the currency market with the lira also seeing a marked depreciation over the period under review, were however more focused on political, rather than economic, developments. There were two key elections for the markets to consider. In August 2014, Recep Tayyip Erdogan, previously the prime minister and the leader of the ruling AK Party, became Turkey s first directly elected president. This outcome was widely expected and discounted in the markets. At the time, it seemed to herald a move towards a more executive presidency, with Erdogan thereby maintaining his grip on power. In order to effect such a change however, the AK Party would need to win a convincing victory in the June 2015 parliamentary elections, sufficient to enable it to change the current essentially apolitical role of the president within Turkey s constitution. In the event, concerns surrounding Erdogan s increasingly autocratic style saw minor parties gain sufficient support to secure parliamentary representation thereby depriving the AK Party not only of a majority large enough to change the constitution but also of an outright victory itself. The fact that the AK Party still received more than 40% of the vote and won over 100 seats more than the next largest party in the 550 seat assembly does however show how strong popular support for the party remains, thanks to the prosperity and economic gains that Turkey has enjoyed since the AK Party first came to power in At the end of the period under review, the make-up of any new government remained uncertain with coalition negotiations underway. If these negotiations fail, there would need to be a re-run of the general election. The general weakness of share prices over the past 12 months reflects to a large extent this political uncertainty. An ongoing solid economic performance was likewise reflected in the strong relative performance of several consumer-related stocks, where operational results continued to impress. OUTLOOK Turkey is currently in a period of political uncertainty with the make-up of the next government unclear, and a re-run of the recent general election still a possibility. A grand coalition between the Justice and Development Party (AKP) and its main rival, the Republican People s Party (CHP), has become the base case scenario in Ankara. While it is being suggested that President Erdogan and his supporters within the AKP are strongly in favour of repeat elections, Prime Minister Davutoglu seems keen on doing his best to clinch a coalition deal. This will be a test of leadership for Davutoglu as he will both have to sell the coalition idea to some factions within his party and also keep President Erdogan content with the outcome. If he comes through successfully, the outcome could be a reformist minded and potentially long lasting coalition government. Previous coalition governments in Turkey have had their problems but in this instance a coalition could be welcomed by the financial markets as it would help to curb President Erdogan s ambitions to turn the presidency into an executive office. Although this political uncertainty will most likely dominate the financial markets in Turkey over the summer months, over the longer term it is the economic backdrop and the operational progress of Turkish companies that should set share prices. In this respect, the outlook is encouraging. Although the outlook for the oil price is a further uncertainty, a return to levels prevailing in early 2104 seems unlikely and the current lower levels are of obvious benefit to Turkey. Not only will they help narrow the current account deficit, one are of concern for the global investment community, but they will also make the central bank more inclined to cut interest rates. The Turkish economy is a vibrant one, full of investment opportunities, and the outlook is positive. 203 MANULIFE GLOBAL FUND

206 U.S. BOND FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Transferable securities and money market instruments admitted to an official exchange listing (1) Mortgage and Asset Backed Securities United States 240,000 Citibank Credit Card Issuance Trust 5.650% 20/Sep/ , , , , Mortgage and Asset Backed Securities Total 270, , Bonds Bermuda 105,000 Aircastle Limited 5.500% 15/Feb/ , , ,000 Aircastle Limited 6.250% 1/Dec/ , , , , Brazil 250,000 Banco do Brasil SA FRN 29/Oct/ , , , , Canada 175,000 Pacific Rubiales Energy Corp % 174, , /Jan/ , , Cayman Islands 225,000 Mizuho Financial Group Cayman 3 Limited 224, , % 27/Mar/ , , Colombia 100,000 Ecopetrol SA 5.875% 18/Sep/ , , , , France 150,000 AXA SA 8.600% 15/Dec/ , , ,000 Credit Agricole SA FRN 29/Sep/ , , ,000 Credit Agricole SA FRN 29/Jan/ , , ,000 Electricite de France SA FRN 29/Jan/ , , ,000 Societe Generale FRN 29/Sep/ , , , , Guernsey Channel Islands 168,123 Doric Nimrod Air Finance Alpha Limited 176, , % 30/Nov/ , , Israel 250,000 Israel Electric Corp % 21/Jun/ , , , , Japan 200,000 Softbank Corp % 15/Apr/ , , , , MANULIFE GLOBAL FUND 204

207 U.S. BOND FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Luxembourg 200,000 Millicom International Cell 6.625% 219, , /Oct/ ,000 Telecom Italia Capital SA 6.999% 4/Jun/ , , ,000 Telecom Italia Capital SA 7.200% 18/Jul/ , , , , Mexico 200,000 Cemex SAB de CV 6.500% 10/Dec/ , , ,000 Credito Real SAB de CV 7.500% 13/Mar/ , , ,000 Petroleos Mexicanos 4.875% 24/Jan/ , , ,000 Sixsigma Networks Mexico SA de CV 8.250% 200, , /Nov/ ,000 Tenedora Nemak SA 5.500% 28/Feb/ , , , , Netherlands 250,000 Lukoil International Finance BV 3.416% 250, , /Apr/ ,000 Shell International Finance BV 4.375% 384, , /May/ , , United Kingdom 100,000 HBOS plc 6.750% 21/May/ , , ,000 International Game Tech 6.500% 15/Feb/ , , ,000 Lloyds Banking Group plc FRN 30/Apr/ , , , , United States 100,000 21st Century Fox America Inc % 96, , /Mar/ ,000 21st Century Fox America Inc % 74,654 89, /Dec/ ,000 Abbvie Inc % 14/May/ , , ,000 Access Midstream Partners LP 4.875% 112, , /May/ ,000 Access Midstream Partners LP 4.875% 15/ 368, , Mar/ ,000 Air Lease Corp % 15/Jan/ ,375 15, ,000 Air Lease Corp % 1/Apr/ , , ,000 Air Lease Corp % 1/Mar/ , , ,000 Allegheny Technologies Inc % 413, , /Jun/ ,000 Ally Financial Inc % 30/Sep/ , , ,000 American Tower Corp % 15/Feb/ , , ,000 American Tower Corp % 15/Mar/ , , ,000 AT&T Inc % 15/May/ , , ,000 Avalonbay Communities 3.450% 1/Jun/ , , ,000 BAC Capital Trust FRN 29/Sep/ , , ,000 Bank of America Corp % 21/Apr/ ,794 67, ,000 Bank of America Corp % 13/May/ , , ,000 Bear Stearns Companies Inc % 168, , /Feb/ ,000 Boyd Gaming Corp % 15/May/ , , MANULIFE GLOBAL FUND

208 U.S. BOND FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets United States (continued) 250,000 Capital One Financial Corp % 250, , /Apr/ ,000 Cimarex Energy Company 4.375% 1/Jun/ , , ,000 Citigroup Inc % 14/Jan/ , , ,000 CNA Finance Corp % 15/Nov/ , , ,000 Cno Financial Group Inc % 55,000 56, /May/ ,000 Commercial Metals Company 7.350% 144, , /Aug/ ,000 Constellation Brands 4.250% 1/May/ , , ,000 Constellation Brands 4.750% 15/Nov/ , , ,000 Continental Resources Inc % 428, , /Sep/ ,000 Delphi Corp % 15/Feb/ , , ,000 Discover Financial Svs 3.950% 6/Nov/ , , ,000 Energy Transfer Partners LP 5.150% 181, , /Mar/ ,000 Energy Transfer Partners LP 9.700% 219, , /Mar/ ,000 Ford Motor Company 4.750% 15/Jan/ ,950 72, ,000 Ford Motor Credit Company LLC 5.875% 50,925 51, /Aug/2021 1,018,000 Ford Motor Credit Company LLC 5.875% 1,152,989 1,159, /Aug/ ,000 General Electric Capital Corp % 183, , /May/ ,000 General Motors Financial 4.375% 160, , /Sep/ ,000 General Motors Finl Company 3.450% 234, , /Apr/ ,000 Goldman Sachs Capital II FRN 29/Dec/ , , ,000 Goldman Sachs Group Inc % 924, , /Jul/ ,000 Goldman Sachs Group Inc % 62,904 62, /Jan/ ,000 Harman Intl Ind 4.150% 15/May/ ,402 89, ,000 HCA Inc % 15/Feb/ , , ,000 Highwoods Realty Limited 5.850% 191, , /Mar/ ,000 Iron Mountain Inc % 15/Aug/ , , ,000 Iron Mountain Inc % 15/Aug/ , , ,000 Istar Financial Inc % 1/Jul/ ,000 68, ,000 Jefferies Group Inc % 15/Jul/ , , ,000 JPMorgan Chase & Company 4.625% 562, , /May/ ,000 JPMorgan Chase & Company FRN 210, , /Dec/ ,000 JPMorgan Chase & Company FRN 338, , /Dec/ ,000 Kerr-Mcgee Corp % 1/Jul/ , , ,000 Kinder Morgan Energy Partners LP 7.750% 81,782 97, /Mar/ ,000 Kinder Morgan Inc % 1/Jun/ , , MANULIFE GLOBAL FUND 206

209 U.S. BOND FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets United States (continued) 355,000 Leucadia National Corp % 18/Oct/ , , ,000 LTD Brands Inc % 1/Apr/ , , ,000 Macy's Retail Holdings Inc % 237, , /Aug/ ,000 MarkWest Energy Partners LP 4.875% 86,381 83, /Dec/ ,000 Medco Health Solutions Inc % 179, , /Mar/ ,000 Merrill Lynch & Company Inc % 352, , /Apr/ ,000 Merrill Lynch & Company Inc % 60,763 56, /Apr/ ,000 MetLife Inc. FRN 15/Dec/ , , ,000 Metropcs Wireless Inc % 1/Apr/ ,000 97, ,000 MGM Resorts International 6.000% 250, , /Mar/ ,000 Morgan Stanley 4.300% 27/Jan/ , , ,000 Morgan Stanley 5.500% 26/Jan/ , , ,000 Mplx LP 4.000% 15/Feb/ ,845 78, ,000 MPT Operating Partnership LP 6.375% 145, , /Feb/ ,000 Newfield Exploration Company 5.750% 146, , /Jan/ ,000 Plains Exploration & Production Company 89,955 87, % 15/Feb/ ,000 Regency Energy Partners LP 5.000% 49,579 51, /Oct/ ,000 Regency Energy Partners LP 5.875% 44,290 48, /Mar/ ,000 Reynolds American 4.450% 12/Jun/ , , ,000 Rockwood Specialties Group Inc % 314, , /Oct/ ,000 Rowan Companies Inc % 1/Jun/ , , ,000 Scripps Networks 3.950% 15/Jun/ , , ,000 Sesi LLC 7.125% 15/Dec/ , , ,000 Synovus Financial Corp % 15/Feb/ , , ,000 Time Warner Cable Inc % 1/Apr/ , , ,000 T-Mobile USA Inc % 15/Jan/ ,925 82, ,000 Ventas Realty LP 3.750% 1/May/ , , ,000 Ventas Realty LP 4.750% 1/Jun/ , , ,000 Verizon Communications Inc % 131, , /Sep/ ,000 Verizon Communications Inc % 38,812 35, /Sep/ ,000 Vulcan Materials Company 4.500% 140, , /Apr/ ,000 Wellcare Health Plans Inc % 162, , /Nov/ ,000 Zimmer Biomet Holdings 3.550% 1/Apr/ , , ,545,333 18,560, MANULIFE GLOBAL FUND

210 U.S. BOND FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Virgin Islands (British) 215,000 Cnooc Finance 2013 Limited 3.000% 9/May/ , , , , Bonds Total 23,853,967 23,881, Bonds convertibles United States 108 Wells Fargo & Company 7.500% 31/Dec/ , , , , Bonds convertibles Total 139, , Equities United States 4,862 Dominion Resources Inc. 250, , ,224 Exelon Corp. 111, , ,500 FNB Corp. 112, , ,207 GMAC Capital Trust I 357, , ,251 Regions Financial Corp. 181, , ,022 United Technologies Corp. 1/Aug/ , , ,165,894 1,164, Equities Total 1,165,894 1,164, Total Transferable securities and money market instruments admitted to an official exchange listing (1) 25,430,754 25,436, Transferable securities and money market instruments dealt in on another regulated market and recently issued transferable securities (2) Supranationals, Governments and Local Public Authorities, Debt Instruments Argentina 200,000 Buenos Aires (City of) 9.950% 1/Mar/ , , , , United States 100,000 Federal Home Loan Banks 2.900% 95,760 98, /Sep/ ,000 Federal Home Loan Banks 3.170% 99, , /Oct/ ,394 Federal Home Loan Banks 3.250% 21/Jun/ , , MANULIFE GLOBAL FUND 208

211 U.S. BOND FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets United States (continued) 505,000 State of Hawaii Department of Business Economic Development & Tourism 1.467% 1/Jul/ ,000 United States Treasury Inflation Indexed Bonds 0.250% 15/Jan/2025 3,190,000 United States Treasury N/B 0.875% 15/Oct/2017 3,000,000 United States Treasury N/B 1.000% 15/May/2018 1,695,000 United States Treasury N/B 2.125% 15/May/2025 6,500,000 United States Treasury N/B 2.500% 15/Feb/2045 2,590,000 United States Treasury N/B 3.125% 15/Feb/ , , , , ,193,900 3,196, ,999,297 3,002, ,682,782 1,662, ,890,849 5,718, ,610,945 2,604, ,954,674 17,766, Supranationals, Governments and Local Public Authorities, Debt Instruments Total 18,154,674 17,974, Mortgage and Asset Backed Securities United States 385,000 Ally Auto Receivables Trust 1.840% 384, , /Jan/ ,000 Ally Master Owner Trust 1.720% 15/Jul/ , , ,000 American Express Credit Account Master 405, , Trust 1.430% 15/Jun/ ,000 American Express Credit Account Master 399, , Trust 1.490% 15/Apr/ ,000 Amot 1.630% 15/May/ , , ,000 BACCT FRN 15/Sep/ , , ,000 Bbcms FRN 15/Feb/ , , ,000 Capital One Multi-asset Execution Trust 691, , % 15/Jul/ ,000 CarMax Auto Owner Trust 1.330% 349, , /Jun/ ,000 Carmx 1.800% 15/Mar/ , , ,000 Chait 1.350% 15/Apr/ , , ,000 Chait 1.590% 18/Feb/ , , ,000 Chase Issuance Trust 1.260% 15/Jul/ , , ,000 Chase Issuance Trust 1.380% 15/Nov/ , , ,000 Citibank Credit Card Issuance Trust 1.730% 499, , /Apr/2020 3,000,575 Commercial Mortgage Pass Through 237, , Certificates FRN 10/Feb/ ,000 Commercial Mortgage Pass Through 155, , Certificates 4.934% 10/Feb/ ,000 Commercial Mortgage Pass Through 296, , Certificates FRN 10/Apr/ ,000 Commercial Mortgage Pass Through 496, , Certificates FRN 10/Sep/ ,000 Crart 1.750% 15/Jan/ , , MANULIFE GLOBAL FUND

212 U.S. BOND FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets United States (continued) 215,000 CRART 1.840% 15/Jun/ , , ,000 Discover Card Execution Note Trust 1.390% 604, , /Apr/2020 1,793,939 Fannie Mae 3.500% 1/May/2042 1,882,515 1,853, ,025,899 Fannie Mae 3.500% 1/Jul/2043 2,122,129 2,092, ,919,802 Fannie Mae 3.500% 1/Apr/2045 3,079,935 3,016, ,989,123 Fannie Mae 4.000% 1/Apr/2041 3,209,804 3,178, ,969 Fannie Mae 4.000% 1/Oct/ , , ,860 Fannie Mae 4.500% 25/Nov/ ,493 29, ,743,126 Fannie Mae 4.500% 1/May/2041 1,899,190 1,890, ,864,623 Fannie Mae 4.500% 1/Jul/2044 2,031,274 2,020, ,352 Fannie Mae Interest Strip 4.000% 155,408 28, /Oct/ ,908 Fannie Mae Interest Strip 4.000% 105,186 40, /Nov/ ,593 Fannie Mae Interest Strip 5.000% 139,614 20, /Jan/ ,018 Fannie Mae Interest Strip 5.000% 178,517 50, /Jan/ ,352 Fannie Mae Interest Strip 5.000% 50,810 21, /Mar/ ,793 Fannie Mae Interest Strip 5.000% 111,789 43, /Mar/ ,821 Fannie Mae Interest Strip FRN 25/Jan/ ,722 88, ,037 Fannie Mae Pool FRN 1/Jun/ , , ,823 Fannie Mae Pool FRN 1/Apr/ , , ,474 Fannie Mae Pool FRN 1/Mar/ , , ,670 Fannie Mae Pool FRN 1/Jan/ , , ,658 Fannie Mae Pool 3.000% 1/Jul/ , , ,161 Fannie Mae Pool 3.000% 1/Dec/ , , ,956 Fannie Mae Pool 3.000% 1/Mar/ , , ,987 Fannie Mae Pool 3.000% 1/May/ , , ,161 Fannie Mae Pool 3.500% 1/Feb/ ,635 92, ,053 Fannie Mae Pool 3.500% 1/Mar/ , , ,306 Fannie Mae Pool 3.500% 1/Apr/ , , ,513 Fannie Mae Pool 4.000% 1/Dec/ , , ,517 Fannie Mae Pool 4.000% 1/Oct/ , , ,582 Fannie Mae Pool 4.000% 1/Jan/ , , ,480 Fannie Mae Pool 4.000% 1/Mar/ , , ,612,281 Fannie Mae Pool 4.000% 1/Nov/2043 2,775,345 2,784, ,108,566 Fannie Mae Pool 4.500% 1/Sep/2040 1,188,071 1,202, ,473,494 Fannie Mae Pool 4.500% 1/Jun/2041 1,572,810 1,606, ,861 Fannie Mae Pool 4.500% 1/Nov/ , , ,509,691 Fannie Mae Pool 4.500% 1/May/2042 1,648,984 1,643, ,420,965 Fannie Mae Pool 5.000% 1/Apr/2035 1,554,041 1,574, ,386 Fannie Mae Pool 5.000% 1/Dec/ , , ,289,555 Fannie Mae Pool 5.500% 1/Feb/2035 1,410,160 1,453, ,091 Fannie Mae Pool 5.500% 1/Aug/ ,880 96, ,917 Fannie Mae Pool 6.000% 1/Aug/ , , ,113 Fannie Mae Pool 6.000% 1/Feb/ , , ,198 Fannie Mae Pool 6.500% 1/Jan/ , , ,591 Fannie Mae Pool 6.500% 1/Jun/ ,420 59, MANULIFE GLOBAL FUND 210

213 U.S. BOND FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets United States (continued) 205,000 Ford Credit Auto Owner Trust 1.580% 204, , /Aug/ ,000 Ford Credit Auto Owner Trust 1.640% 194, , /Jun/ ,000 Ford Credit Floorplan Master Owner Trust A 499, , % 15/Aug/ ,000 Ford Credit Floorplan Master Owner Trust A 370, , % 15/Sep/ ,000 Fordf A % 15/Jan/ , , ,997,164 Freddie Mac FRN 25/Jul/ , , ,496,572 Freddie Mac FRN 25/Dec/ , , ,747,033 Freddie Mac FRN 25/Jan/ , , ,523 Freddie Mac FRN 25/Jun/ ,499 35, ,618,817 Freddie Mac FRN 25/Mar/ ,385 79, ,488,224 Freddie Mac FRN 25/Jul/ , , ,962,305 Freddie Mac FRN 25/May/ , , ,998 Freddie Mac Gold Pool 3.000% 1/Mar/ , , ,593 Freddie Mac Gold Pool 3.500% 1/Feb/ , , ,860,229 Freddie Mac Gold Pool 3.500% 1/May/2042 1,944,521 1,919, ,008,749 Freddie Mac Gold Pool 3.500% 1/Apr/2044 1,048,784 1,041, ,195 Freddie Mac Gold Pool 4.000% 1/Jul/ , , ,254 Freddie Mac Gold Pool 4.000% 1/Nov/ , , ,063 Freddie Mac Gold Pool 5.000% 1/Mar/ , , ,840 Freddie Mac Gold Pool 5.500% 1/Jul/ ,416 47, ,586 Freddie Mac Non Gold Pool FRN 1/Jun/ , , ,226 Freddie Mac Non Gold Pool FRN 1/May/ , , ,679 Freddie Mac Non Gold Pool FRN 1/Mar/ , , ,000 GE Equipment Midticket LLC 1.590% 109, , /Aug/ ,895 Ginnie Mae FRN 16/Jan/ ,759 69, ,418,040 Ginnie Mae 3.500% 20/Mar/ , , ,672 Ginnie Mae 3.500% 20/Mar/ , , ,000 Gmalt 1.730% 20/Jun/ , , ,000 Gmalt 1.850% 22/Jul/ , , ,000 Harot 1.470% 23/Aug/ , , ,000 Honda Auto Receivables Owner Trust 1.310% 579, , /Oct/ ,000 Hyundai Auto Receivables Trust 1.370% 249, , /Jul/ ,000 JDOT 1.650% 15/Dec/ , , ,000 John Deere Owner Trust 1.500% 289, , /Jun/ ,000 JPMBB Commercial Mortgage Securities 339, , Trust FRN 15/Apr/ ,587 Merrill Lynch Countrywide Commercial 145, , Mortgage Trust FRN 12/Jun/ ,448 Merrill Lynch Mortgage Investors Inc. FRN 153, , /Sep/ ,000 MSBAM FRN 15/Jan/ , , ,000 Narot 1.500% 15/Sep/ , , ,000 Nmotr 1.440% 15/Jan/ , , ,000 Toyota Auto Receivables 2015-B Owner Trust 1.740% 15/Sep/ , , MANULIFE GLOBAL FUND

214 U.S. BOND FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets United States (continued) 190,000 Toyota Auto Receivables Owner Trust 1.440% 189, , /Apr/ ,000 Wells Fargo Commercial Mortgage Trust FRN 66,949 67, /Dec/ ,000 Wfrbs 2013-C15 B FRN 15/Aug/ ,995 90, ,000 Wf-Rbs Commercial Mortgage Trust FRN 148, , /Sep/ ,000 World Omni Automobile Lease Securitization 225, , Trust 2014-A 1.370% 15/Jan/ ,247,563 55,901, Mortgage and Asset Backed Securities Total 57,247,563 55,901, Bonds Australia 285,000 Goodman Funding Pty Limited 6.375% 286, , /Apr/ , , Bermuda 75,000 Aircastle Limited 7.625% 15/Apr/ ,000 85, ,000 White Mountains Re Group Limited P.P. 227, , A FRN 29/May/ , , Cayman Islands 162,000 Embraer Overseas Limited 5.696% 144, , /Sep/ , , Luxembourg 165,000 Actavis Funding SCS 3.800% 15/Mar/ , , ,000 ArcelorMittal % 1/Jun/ , , , , Mexico 65,000 Petroleos Mexicanos 4.250% 15/Jan/ ,625 63, ,625 63, Netherlands 152,000 Rabobank Nederland NV P.P. 144A FRN 184, , /Jun/ , , United States 235,000 Air Lease Corp % 15/Jan/ , , ,000 Alere Inc % 1/Jul/ , , ,000 Aliance One International Inc % 387, , /Jul/ ,000 Amazon.com Inc % 5/Dec/ , , ,000 AMC Entertainment Inc % 15/Feb/ , , ,767 America West Airlines 8.057% 2/Jan/ ,821 53, ,000 American Airlines 3.700% 1/Nov/ , , ,168 American Airlines 4.950% 15/Jul/ , , MANULIFE GLOBAL FUND 212

215 U.S. BOND FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets United States (continued) 165,000 American Gilsonite Company P.P. 144A 169, , % 1/Sep/ ,000 Ancestry.com Inc % 15/Dec/ , , ,000 ARC Properties Operating Partnership 4.600% 279, , /Feb/ ,000 Ares Capital Corporation 3.875% 15/Jan/ , , ,000 Assured Guaranty US Holdings Inc % 237, , /Jul/ ,000 AutoNation Inc % 1/Feb/ , , ,000 Bank of America Corp % 11/Jan/ , , ,000 Bank of America Corp % 26/Aug/ , , ,000 Bank of America Corp % 22/Oct/ , , ,000 Bank of America Corp. FRN 29/Sep/ , , ,000 Bank of America Corp. FRN 29/Jul/ , , ,000 Beaver Valley II Funding 9.000% 1/Jun/ ,237 39, ,000 Bunge Limited Finance Corp % 224, , /Jun/ ,000 California Resources 5.500% 15/Sep/ , , ,000 California Resources 6.000% 15/Nov/ , , ,000 Capital One Financial FRN 29/Dec/ , , ,000 Casella Waste Systems 7.750% 15/Feb/ , , ,000 Chesapeake Energy Corp % 271, , /Mar/ ,000 Clear Channel Worldwide Holdings Inc. 146, , % 15/Nov/ ,000 Compass Investors Inc. P.P. 144A 7.750% 200, , /Jan/ ,042 Continental Airlines Inc % 19/Oct/ , , ,702 Continental Airlines Inc % 11/Oct/ ,702 93, ,332 Continental Airlines Inc % 2/Feb/ ,227 71, ,608 Continental Airlines Inc % 15/Mar/ ,784 27, ,925 Continental Airlines Inc % 2/Jan/ ,000 92, ,215 Continental Airlines Inc % 2/Oct/2019 4,426 4, ,000 Corrections Corp. of America 4.625% 180, , /May/ ,000 Credit Acceptance Corp % 15/Feb/ , , ,000 Dana Holding Corp % 15/Sep/ , , ,000 DCP Midstream LLC 3.875% 15/Mar/ , , ,168 Delta Air Lines Inc % 15/Oct/ , , ,202 Delta Air Lines Inc % 2/Jan/ ,202 43, ,791 Delta Air Lines Inc % 2/Jan/ , , ,844 Delta Air Lines Inc % 10/Aug/ , , ,000 Developers Diversified Realty Corp % 460, , /Apr/ ,000 Discover Financial Services 5.200% 286, , /Apr/ ,000 Dynegy Inc % 1/Nov/ ,000 62, ,000 Dynegy Inc. P.P. 144A 7.625% 1/Nov/ , , ,000 Education Realty Trust Inc % 144, , /Dec/ ,000 Endo Finance LLC & Endo Finco Inc. P.P. 144A 7.250% 15/Jan/ , , MANULIFE GLOBAL FUND

216 U.S. BOND FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets United States (continued) 195,000 Enova International Inc % 1/Jun/ , , ,000 Enterprise Products Operating LLC FRN 330, , /Jun/ ,000 Enterprise Products Operating LLC FRN 241, , /Aug/ ,000 Ep Energy LLC 7.750% 1/Sep/ , , ,000 Family Tree Escrow LLC P.P. 144A 5.750% 115, , /Mar/ ,000 Fifth Third Bancorp FRN 29/Dec/ , , ,000 FPL Group Capital Inc. FRN 15/Jun/ ,331 50, ,000 FS Investment Corp % 15/Jul/ , , ,000 Fts International Inc % 1/May/ ,000 67, ,000 Gci Inc % 15/Apr/ , , ,000 GE Capital Corp % 29/Dec/ , , ,000 General Electric Capital Corp. FRN 190, , /Aug/ ,000 General Electric Capital Corp. FRN 194, , /Jun/ ,000 General Motors Company 4.875% 2/Oct/ , , ,000 General Motors Company 6.250% 2/Oct/ , , ,000 General Motors Financial Company Inc. 283, , % 15/Jan/ ,000 Harbinger Group Inc % 15/Jul/ , , ,000 Hartford FRN 15/Jun/ , , ,000 HCA Inc % 15/Apr/ , , ,000 Health Care Reit Inc % 15/Jan/ , , ,000 HJ Heinz Company 2.000% 2/Jul/ , , ,000 HJ Heinz Company 5.200% 15/Jul/ , , ,000 Huntington Ingalls Industries Inc % 127, , /Mar/ ,000 Infor US Inc. P.P. 144A 6.500% 15/May/ ,900 40, ,000 ING Inc. FRN 15/May/ , , ,000 International Lease Finance Corp. P.P. 144A 109, , % 1/Sep/ ,000 Jefferies Group Inc % 15/Apr/ , , ,000 Jo-Ann Stores Holdings Inc. P.P. 144A 9.750% 172, , /Oct/ ,000 Jones Energy Holdings 6.750% 1/Apr/ ,000 71, ,000 JPMorgan Chase & Company FRN 265, , /Dec/ ,000 JPMorgan Chase & Company FRN 443, , /Jan/ ,000 Liberty Mutual Group P.P. 144A 7.800% 234, , /Mar/ ,000 Manufacturers & Traders Trust Company FRN 262, , /Dec/ ,000 Masco Corp % 1/Apr/ ,000 70, ,000 Masco Corp % 15/Mar/ , , ,000 Mcgraw Hill Financial Inc. P.P. 144A 4.000% 114, , /Jun/ ,000 Medtronic Inc. P.P. 144A 4.625% 214, , /Mar/ ,000 Micron Technology Inc % 15/Feb/ , , MANULIFE GLOBAL FUND 214

217 U.S. BOND FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets United States (continued) 130,000 Morgan Stanley 5.550% 27/Apr/ , , ,000 Morgan Stanley FRN 29/Dec/ , , ,000 Morgan Stanley 7.300% 13/May/ , , ,000 MPT Operating Partnership LP 6.875% 110, , /May/ ,000 Nana Development Corp. P.P. 144A 9.500% 154, , /Mar/ ,000 Nationstar Mortgage LLC 6.500% 1/Jul/ , , ,000 Nationstar Mortgage LLC 7.875% 1/Oct/ , , ,000 Nationstar Mortgage LLC 9.625% 1/May/ , , ,000 Newstar Financial Inc. P.P. 144A 7.250% 190, , /May/ ,323 Northwest Airlines % 120, , /May/ ,000 NRG Yield Operating LLC P.P. 144A 5.375% 125, , /Aug/ ,000 Omega Healthcare Investors Inc. P.P. 144A 143, , % 15/Jan/ ,000 Omega Healthcare Investors Inc % 177, , /Apr/ ,000 Owens Corning 4.200% 15/Dec/ , , ,000 Pacific Lifecorp 6.000% 10/Feb/ , , ,000 Plains Exploration & Production Company 254, , % 1/Feb/ ,000 PNC Financial Services FRN 29/May/ , , ,000 PNC Financial Services Group Inc. FRN 259, , /Dec/2049 7,000 Pnpp II Funding Corp % 30/May/2016 7,172 7, ,000 Ppl Energy Supply LLC 6.500% 1/Jun/ , , ,000 Prudential Financial Inc. FRN 15/Mar/ ,000 59, ,000 Prudential Financial Inc % 15/Sep/ ,194 76, ,000 Qvc Inc % 15/Mar/ , , ,000 Qvc Inc % 2/Jul/ , , ,000 Qvc Inc % 15/Aug/ , , ,000 Regency Energy Partners LP 5.500% 267, , /Apr/ ,000 Revlon Consumer Products Corp % 140, , /Feb/ ,000 Rite Aid Corp % 1/Apr/ ,000 35, ,000 Select Medical Corp % 1/Jun/ , , ,000 Southern California Edison Company FRN 147, , /Aug/ ,000 Sovereign Capital Trust VI 7.908% 56,989 55, /Jun/ ,000 State Street Capital Trust IV FRN 15/Jun/ , , ,000 Stifel Financial Corp % 18/Jul/ , , ,000 Summit Midstream Holdings LLC 7.500% 80,000 84, /Jul/ ,000 Teachers Insurance & Annuity Association of 329, , America P.P. 144A 6.850% 16/Dec/ ,000 Tops Holding II Corp % 15/Jun/ ,250 75, ,000 Trinity Industries Inc % 1/Oct/ , , MANULIFE GLOBAL FUND

218 U.S. BOND FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets United States (continued) 270,000 Tutor Perini Corp % 1/Nov/ , , ,294 Ual Pass Through Trust % 16,294 17, /May/ ,852 UAL a Pass Through Trust 9.750% 91,177 95, /Jul/ ,000 United Airlines 3.750% 3/Mar/ , , ,000 United Airlines 4.625% 3/Mar/ , , ,000 United Rentals North America Inc % 140, , /Jul/ ,000 United Rentals North America Inc % 155, , /Nov/ ,869 US Airways Group Inc % 1/Apr/ , , ,694 US Airways Group Inc % 22/Apr/ , , ,000 Vector Group Limited 7.750% 15/Feb/ , , ,000 Verisign Inc % 1/Apr/ , , ,000 Verizon Communications Inc % 165, , /Nov/ ,000 Verizon Communications Inc % 112, , /Aug/ ,000 Wachovia Bank 5.850% 1/Feb/ , , ,281 Waterford 3 Fund 8.090% 2/Jan/ ,468 37, ,919 Waterford Gaming P.P. 144A 8.625% 15, /Sep/2049 a 265,000 Wells Fargo & Company FRN 29/Dec/ , , ,000 Wells Fargo & Company FRN 29/Dec/ , , ,000 Wells Fargo & Company FRN 29/Mar/ , , ,000 Whiting Petroleum Corp. P.P. 144A 6.250% 77,625 75, /Apr/ ,000 Wisconsin Energy Corp. FRN 15/May/ , , ,000 WPX Energy Inc % 15/Sep/ ,000 59, ,000 WPX Energy Inc % 15/Jan/ , , ,000 WR Berkley Corp. FRN 1/Dec/ , , ,000 Zebra Technologies Corp. P.P. 144A 7.250% 130, , /Oct/ ,000 ZFS Finance Trust I P.P. 144A FRN 459, , /Dec/ ,732,380 28,093, Bonds Total 29,025,491 29,499, Bonds convertibles United States 135,000 NRG Yield Inc % 1/Jun/ , , , , Bonds convertibles Total 135, , MANULIFE GLOBAL FUND 216

219 U.S. BOND FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Equities United States 235 Ally Financial Inc Preferred 234, , ,500 Discover Financial Services 137, , ,375 Goldman Sachs Group Inc. 159, , , , Equities Total 531, , Total Transferable securities and money market instruments dealt in on another regulated market and recently issued transferable securities (2) 105,094, ,045, Other transferable securities and money market instruments (2) Supranationals, Governments and Local Public Authorities, Debt Instruments Argentina 140,204 Argentine (Govt of) 8.280% 31/Dec/ , , , , Supranationals, Governments and Local Public Authorities, Debt Instruments Total 114, , MANULIFE GLOBAL FUND Mortgage and Asset Backed Securities United States 335,000 Americold LLC Trust FRN 14/Jan/ , , ,000 Bamll FRN 14/Apr/ , , ,089 Bear Stearns Alt-A Trust FRN 25/Aug/ , , ,000 BHMS FRN 5/Jul/ , , ,000 Bway FRN 13/Jan/ , , ,000 Bway FRN 10/Mar/ , , ,000 Bxhtl FRN 15/May/ , , ,423 Citicorp Residential Mortgage Securities Inc. 78,981 84, % 25/Jun/ ,651 Extended Stay America Trust FRN 23,217 22, /Dec/ ,000 Gahr 3.495% 15/Dec/ , , ,000 Gahr 3.495% 15/Dec/ , , ,358 Harborview Mortgage Loan Trust FRN 32,937 25, /Sep/ ,911 Harborview Mortgage Loan Trust FRN 52,806 40, /Apr/ ,177 Hilt 2013-Hlf Efl H FRN 5/Nov/ , , ,000 Hilton USA Trust 4.407% 5/Nov/ , , ,641,077 Indymac Index Mortgage Loan Trust FRN 25/Oct/ ,615 54,

220 U.S. BOND FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets United States (continued) 1,798,361 Indymac Index Mortgage Loan Trust FRN 85, , /Oct/ ,000 New Century Home Equity Loan Trust FRN 373, , /Mar/2035 1,044,287 Residential Accredit Loans Inc. FRN 76, , /Dec/ ,000 Soundview Home Loan Trust FRN 191, , /Nov/ ,000 TMSQ 3.963% 10/Oct/ , , ,000 Wachovia Bank Commercial Mortgage Trust 169, , FRN 15/Apr/2047 3,954,119 Washington Mutual 0.000% 25/Oct/ , , ,000 Wells Fargo Commercial Mortgage Trust FRN 391, , /Mar/ ,193 Westr 4.500% 20/Mar/ , , ,788,484 5,079, Mortgage and Asset Backed Securities Total 4,788,484 5,079, Bonds Bermuda 290,000 Digicel Group Limited 8.250% 30/Sep/ , , , , Canada 115,000 Norbord Inc % 15/Apr/ , , ,000 Nova Chemicals Corp % 1/May/ , , ,000 Pacific Rubiales Energy Corp % 100,000 73, /Mar/ ,000 Teine Energy Limited 6.875% 30/Sep/ , , ,000 Vpii Escrow Corp. P.P. 144A 7.500% 135, , /Jul/ ,000 VRX Escrow Corp. P.P. 144A 6.125% 142, , /Apr/ ,000 Xstrata Finance Canada Limited 4.250% 111, , /Oct/2022 1,008, , France 125,000 AXA SA FRN 14/Dec/ , , , , Germany 305,000 Commerzbank AG 8.125% 19/Sep/ , , , , Guernsey Channel Islands 155,800 Doric Nimrod Air Two Limited 6.125% 156, , /Nov/ , , MANULIFE GLOBAL FUND 218

221 U.S. BOND FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Luxembourg 150,000 Mallinckrodt 5.750% 1/Aug/ , , , , Marshall Islands 195,000 Navios South American Logistics Inc % 195, , /May/ , , Netherlands 265,000 ING Bank NV 5.800% 25/Sep/ , , , , United Kingdom 330,288 British Airways 4.625% 20/Jun/ , , ,467 British Airways 5.625% 20/Jun/ ,467 78, , , United States 125,000 Ahern Rentals Inc. P.P. 144A 7.375% 125, , /May/ ,660 American Airlines 7.000% 31/Jul/ , , ,000 Ancestry.com Inc. P.P. 144A 9.625% 95,050 97, /Oct/ ,000 Carmike Cinemas Inc. P.P. 144A 6.000% 80,000 81, /Jun/ ,000 CCM Merger Inc. P.P. 144A 9.125% 178, , /May/ ,000 Crown Castle Towers LLC P.P. 144A 4.883% 285, , /Aug/ ,000 Crown Castle Towers LLC 6.113% 174, , /Jan/ ,000 DCP Midstream LLC P.P. 144A FRN 220, , /May/ ,000 DCP Midstream LLC P.P. 144A 9.750% 266, , /Mar/ ,000 Enersys P.P. 144A 5.000% 30/Apr/ ,000 49, ,000 Florida East Coast Holdings Corp. P.P. 144A 100, , % 1/May/ ,000 Glencore Funding LLC P.P. 144A 4.125% 209, , /May/ ,000 HJ Heinz Company P.P. 144A 4.875% 130, , /Feb/ ,000 Hot Topic Inc. P.P. 144A 9.250% 15/Jun/ , , ,000 Huntington Ingalls Industries Inc. P.P. 144A 196, , % 15/Dec/ ,000 Metlife Capital Trust IV P.P. 144A 7.875% 82,063 82, /Dec/ ,000 MetLife Capital Trust X P.P. 144A 9.250% 194, , /Apr/ ,000 Optimas Oe Solution Holding 8.625% 75,000 76, /Jun/ ,000 Platform Specialty Products Corp. P.P. 144A 295, , % 1/Feb/ ,000 Rain CII Carbon LLC P.P. 144A 8.000% 1/Dec/ , , MANULIFE GLOBAL FUND

222 U.S. BOND FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets United States (continued) 100,000 Rain CII Carbon LLC P.P. 144A 8.250% 100,000 96, /Jan/ ,000 Rki Exploration & Production P.P. 144A 110, , % 1/Aug/ ,000 Safway Group Holding P.P. 144A 7.000% 99, , /May/ ,000 Seminole Tribe P.P. 144A 6.535% 1/Oct/ ,698 53, ,000 Spl Logistics Escrow LLC P.P. 144A 8.875% 109, , /Aug/ ,000 Stearns Holdings Inc % 15/Aug/ ,788 85, ,000 Terraform Power Operating LLC P.P. 144A 222, , % 1/Feb/ ,000 Tops Holding/markets II P.P. 144A 8.000% 200, , /Jun/ ,000 Valeant Pharmaceuticals International Inc. P.P. 55,000 55, A 5.500% 1/Mar/ ,000 XPO Logistics Inc. P.P. 144A 6.500% 235, , /Jun/ ,000 ZFS Finance USA P.P. 144A FRN 9/May/ , , ,869,735 4,876, Bonds Total 7,829,322 7,866, Total Other transferable securities and money market instruments (2) 12,732,247 13,080, Portfolio of Investments 143,257, ,562, Other Net Assets 5,413, Net Assets 147,976, a Defaulted/Fair Valued by the Board of Directors. (1) All securities classified under this section are listed on a stock-exchange. (2) All securities classified under this section are unlisted. The notes to the Financial Statements form an integral part of these financial statements. MANULIFE GLOBAL FUND 220

223 U.S. BOND FUND Investment Objective: The primary objective of this sub-fund is to maximize total returns from a combination of current income and capital appreciation. To pursue this objective, the sub-fund will normally invest its assets in U.S. dollars-denominated fixed-income securities with an intended average credit rating of A and above. PERFORMANCE FROM 1 JULY 2014 TO 30 June 2015* U.S. Bond Fund Class AA +0.50% U.S. Bond Fund Class HA -0.13% U.S. Bond Fund Class HC -0.64% U.S. Bond Fund Class HI +0.31% Barclays Capital U.S. Aggregate Bond Index +1.86% PERFORMANCE FROM 15 JULY 2014 TO 30 June 2015 U.S. Bond Fund Class AA HKD Inc +0.31% PERFORMANCE FROM 31 JULY 2014 TO 30 June 2015 U.S. Bond Fund Class AA Inc +0.89% Portfolio Review The Share Class AA returned 0.50% for the period, compared to the Barclays U.S. Aggregate Bond Index return of 1.86%. An overweight position in commercial mortgage-backed securities aided the Sub-fund s performance relative to the Index. Within the Sub-fund s investment-grade corporate bond holdings, the Subfund benefited from favorable security selection and an emphasis on the financials sector, which outperformed the industrials and utilities sectors of the investment-grade corporate bond market. Given our expectations for a gradual rise in bond yields, the Sub-fund had a shorter duration than that of the Index throughout much of the period. This positioning aided results as bond yields rose late in the period. The Sub-fund was also positioned for a flatter yield curve, which proved beneficial as long-term yields fell while short-term yields rose modestly. Sector allocation detracted from performance versus the Index. An overweight position in corporate bonds, including both investment grade and high yield, weighed on performance as corporate bonds underperformed. Underweight positions in U.S. Treasury bonds and residential mortgage-backed securities also detracted from relative results. The Sub-fund s shorter duration hurt performance during the first half of the period, when bond yields declined. Over the period, our sub-fund s portfolio manager reduced the Sub-fund s corporate bond holdings, taking some profits in both investment-grade and high-yield corporate securities. We invested the proceeds in asset-backed securities, backed primarily by auto loans and credit card debt. These securities have AAA credit ratings, short durations and ample liquidity. * The performance return of the fund is calculated in U.S. dollar terms and includes dividends re-invested; whereas the index (or indices) is calculated in U.S. dollar terms and on total return basis. 221 MANULIFE GLOBAL FUND

224 U.S. BOND FUND Market Review The U.S. bond market advanced for the 12 months ended June 30, Bond yields, which were mixed but mostly lower during the period, generally tracked fluctuations in energy prices. Growing energy production in the U.S. and weaker demand from slowing economies elsewhere in the world led to a sharp drop in energy prices in the last six months of Significantly lower energy prices fueled expectations of lower inflation, and bond yields declined. Energy prices were volatile in early 2015, but they began to rebound over the last few months of the period, and bond yields rose in response. From an economic perspective, the U.S. economy began the 12-month period on a positive note, growing at an annual rate of 5% in the third quarter of 2014, the fastest quarterly growth rate in 11 years. At the same time, the U.S. Federal Reserve Board ( Fed ) ended its quantitative easing program and signaled its intent to raise short-term interest rates sometime in Economic activity eased somewhat in the fourth quarter of It then slowed dramatically in the first quarter of 2015 as a combination of severe winter weather, a West Coast port shutdown and a stronger U.S. dollar led to a modest economic contraction. Although economic data improved toward the end of the period, the Fed pushed back its plan to raise interest rates until later in In this environment, most sectors of the U.S. bond market generated positive returns over the period. The leading performers were residential and commercial mortgage-backed securities, which benefited from their relatively high yields. U.S. Treasury securities, the most interest rate sensitive sector of the fixed income market, also fared well. Corporate bonds were the weakest performers over the period. High-yield corporate bonds, which posted modestly negative returns, were adversely affected by the decline in the energy sector, while investment-grade corporate securities underperformed as supply picked up in the second half of the period. Outlook Our sub-fund s portfolio manager expect the recent improvement in the U.S. economy to continue during the second half of the year, leading the Fed to raise its short-term interest rate target before year-end. Our sub-fund s portfolio manager expects the Fed s first rate hike since 2006 to occur in either September or December. At the same time, a lack of wage growth is likely to keep a lid on the inflation rate. They intend to maintain the Sub-fund s emphasis on the credit-related sectors of the bond market. Going into a period of probable Fed rate hikes, they believe valuations in the corporate bond market are more attractive than they have been during past Fed tightening cycles. The Sub-fund also continues to have a shorter-than-index duration and is positioned for a flatter yield curve, as we expect the yield curve to flatten as the Fed raises short-term rates. MANULIFE GLOBAL FUND 222

225 U.S. SMALL CAP EQUITY FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Transferable securities and money market instruments admitted to an official exchange listing (1) Equities Ireland 8,073 Fleetmatics Group plc 311, , ,125 King Digital Entertainment plc 310, , , , Israel 20,403 G Willi-Food International Limited 148, , ,171 Lumenis Limited 358, , ,260 Nice Systems Limited ADR 229, , ,744 1,051, United Kingdom 25,438 Luxfer Holdings plc ADR 443, , , , United States 12,463 ABM Industries Inc. 387, , ,461 Acadia Pharmaceuticals Inc. 115, , ,766 Access National Corp. 110, , ,891 Adamas Pharmaceuticals Inc. 70, , ,649 Air Methods Corp. 202, , ,344 AMC Entertainment Inc. A 316, , ,284 AO Smith Corp. 202, , ,249 Azz Inc. 310, , ,674 Banner Corp. 439, , ,995 BBCN Bancorp Inc. 387, , ,010 Beacon Roofing Supply Inc. 402, , ,004 Bio-Rad Laboratories Inc. A 364, , ,739 Bristow Group Inc. 376, , ,137 Brookline Bancorp Inc. 285, , ,978 Bruker Corp. 359, , ,513 Build-A-Bear Workshop Inc. 294, , ,137 Cadence Design Systems Inc. 222, , ,908 Central Garden & Pet Company 154, , ,607 Central Garden & Pet Company 116, , ,080 Cinemark Holdings Inc. 297, , ,747 Clarcor Inc. 492, , ,967 Columbia Banking System Inc. 291, , ,052 Compass Minerals International Inc. 248, , ,762 Connectone Bancorp Inc. 402, , ,432 Cooper Companies Inc. 280, , ,908 Copart Inc. 318, , ,804 Craft Brew Alliance Inc. 280, , ,885 Cytec Industries Inc. 231, , ,919 Del Frisco s Restaurant Group Inc. 299, , ,519 Derma Sciences Inc. 293, , ,850 Emergent Biosolutions Inc. 325, , ,457 Enzo Biochem Inc. 350, , ,626 Epr Properties 364, , MANULIFE GLOBAL FUND

226 U.S. SMALL CAP EQUITY FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets United States (continued) 3,978 Esterline Technologies Corp. 338, , ,290 Everbank Financial Corp. 237, , ,321 Evercore Partners Inc. 313, , ,735 Exactech Inc. 302, , ,755 Finish Line A 290, , ,010 Five9 Inc. 210, , ,899 Forum Energy Technologies Inc. 244, , ,645 Gentherm Inc. 218, , ,151 Gnc Holdings Inc. A 273, , ,299 Golub Capital Bdc Inc. 281, , ,629 Greatbatch Inc. 229, , ,207 Halozyme Therapeutics Inc. 97, , ,812 Hb Fuller Company 348, , ,910 Hillenbrand Inc. 249, , ,038 Homeaway Inc. 371, , ,273 HSN Inc. 351, , ,088 Hub Group Inc. A 280, , ,607 Hudson Pacific Properties Inc. 506, , ,583 Infoblox Inc. 151, , ,506 Integra Lifesciences Holdings Corp. 226, , ,318 Inter Parfums Inc. 200, , ,496 Invensense Inc. 232, , ,626 Inventure Foods Inc. 369, , ,488 Lasalle Hotel Properties 327, , ,038 Logmein Inc. 215, , ,151 Martha Stewart Living Omnimedia 200, , ,996 Monotype Imaging Holdings Inc. 261, , ,411 Netgear Inc. 301, , ,403 Nrdc Acquisition Corp. 386, , ,160 On Semiconductor Corp. 203, , ,779 Orchids Paper Products 258, , ,280 Owens & Minor Inc. 218, , ,480 Pennantpark Investment Corp. 298, , ,617 Portland General Electric Company 353, , ,155 Prosperity Bancshares Inc. 249, , ,299 Rcs Capital Corp. A 420, , Receptos Inc. 129, , ,309 Retailmenot Inc. 235, , ,829 Simpson Manufacturing Company Inc. 367, , ,233 Solera Holdings Inc. 337, , ,665 Ss&c Technologies Holdings Inc. 241, , ,764 Synchronoss Technologies Inc. 258, , ,958 Tenneco Inc. 268, , ,907 Unitil Corp. 173, , ,357 Vail Resorts Inc. 291, , ,232 Watsco Inc. 365, , ,178 Winnebago Industries 326, , ,787 ZS Pharma Inc. 94,863 91, ,709,375 25,587, MANULIFE GLOBAL FUND 224

227 U.S. SMALL CAP EQUITY FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Virgin Islands (British) 36,099 Amira Nature Foods Limited 419, , , , Equities Total 24,931,200 28,032, Total Transferable securities and money market instruments admitted to an official exchange listing (1) 24,931,200 28,032, Portfolio of Investments 24,931,200 28,032, Other Net Assets 397, Net Assets 28,430, (1) All securities classified under this section are listed on a stock-exchange. The notes to the Financial Statements form an integral part of these financial statements. 225 MANULIFE GLOBAL FUND

228 U.S. SMALL CAP EQUITY FUND Investment Objective: The sub-fund aims to make diversified investments mainly in equity-related investments and equities of smaller capitalization companies covering different sectors of the economy in the U.S. and which are listed on any stock exchange. The remaining assets of the sub-fund may include convertible bonds, bonds, deposits and other investments. PERFORMANCE FROM 1 JULY 2014 TO 30 June 2015* U.S. Small Cap Equity Fund Class AA +3.69% U.S. Small Cap Equity Fund Class HA +3.07% U.S. Small Cap Equity Fund Class HC +2.77% U.S. Small Cap Equity Fund Class HI +3.54% Russell 2000 Index +6.49% Portfolio Review The Share Class AA returned 3.69% for the period, compared to the Russell 2000 Total Return Index return of 6.49%. The Sub-fund s sector allocation contributed to performance. Underweight positions in the utilities sector and REITs contributed to performance during the second half of the period. Individual contributors to performance included Einstein Noah Restaurant Group, Inc., A. O. Smith Corporation and Vail Resorts, Inc. Einstein Noah, a bagel and sandwich chain, was acquired by private investors at a significant premium. A.O. Smith is a blue-chip, global manufacturer of hot water heaters. The company has benefited from the U.S. housing recovery and from demand in emerging markets. Vail Resorts is a Colorado-based ski resort operator. The company has consistently posted strong results and recently made a significant land acquisition in Utah. The Sub-fund s holdings in industrials stocks detracted from performance, as these companies serve customers in the struggling energy sector. Underweight positions in the utilities sector and REITs also detracted from performance in the first half of the period. Significant individual detractors from performance included Movado Group, Inc., Derma Sciences, Inc. and Forum Energy Technologies, Inc. Movado, a Swiss watch manufacturer, struggled with slowing sales for traditional watches and the release of the Apple Watch. Derma Sciences, a medical technology company focused on wound care, experienced weaker-than-expected sales growth for some of its existing products. Energy services company Forum Energy s share price fell on reduced drilling by exploration and production companies. Market Review During the second half of 2014, energy and energy-related stocks declined as the price of oil fell sharply. Also in the second half of 2014, stocks with higher dividend yields, such as utilities and real estate investment trusts ( REITs ), outperformed the broader market. In the first half of 2015, however, this trend reversed. Outlook In an environment of tepid economic growth, our sub-fund s portfolio manager will seek to invest in companies with unique opportunities to increase sales and earnings. * The performance return of the fund is calculated in U.S. dollar terms and includes dividends re-invested; whereas the index (or indices) is calculated in U.S. dollar terms and on total return basis. MANULIFE GLOBAL FUND 226

229 U.S. SPECIAL OPPORTUNITIES FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Transferable securities and money market instruments admitted to an official exchange listing (1) Bonds Cayman Islands 375,000 Agromercantil Senior Trust 6.250% 375, , /Apr/ , , France 750,000 Credit Agricole SA FRN 29/Jan/ , , , , Israel 500,000 Israel Electric Corp % 12/Nov/ , , , , Luxembourg 245,000 Altice Financing SA 6.625% 15/Feb/ , , ,000 Altice SA 7.750% 15/May/ , , ,000 Wind Acquisition 7.375% 23/Apr/ , , ,275,000 1,278, Marshall Islands 540,000 Teekay Offshore Partners LP 6.000% 540, , /Jul/ , , Mexico 255,000 Office Depot de Mexico SAB de CV 6.875% 251, , /Sep/ , , Netherlands 600,000 ING Groep NV FRN 29/Dec/ , , , , Paraguay 175,000 Banco Regional Saeca 8.125% 24/Jan/ , , , , United Kingdom 415,000 HSBC Holdings plc FRN 29/Dec/ , , ,000 Inmarsat Finance plc 4.875% 15/May/ , , ,000 International Game Tech 6.500% 15/Feb/ , , ,000 Lloyds Banking Group plc FRN 30/Apr/ , , ,000 Virgin Media Secured Finance plc 5.375% 15/Apr/ , , ,936,987 2,865, United States 535,000 Access Midstream Partners LP 4.875% 551, , /Mar/ ,000 Aes Corp % 15/Mar/ , , ,000 Alliance One International Inc % 494, , /Jul/ ,000 American Axle & Manufacturing Holdings Inc. 343, , % 15/Nov/ MANULIFE GLOBAL FUND

230 U.S. SPECIAL OPPORTUNITIES FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets United States (continued) 600,000 Ashland Inc % 15/May/ , , ,000 Avon Products Inc % 15/Mar/ , , ,000 Ball Corp % 15/Mar/ , , ,000 Ball Corp % 1/Jul/ , , ,000 Boyd Gaming Corp % 15/May/ , , ,000 Cablevision Systems 5.875% 15/Sep/ , , ,000 CHS Community Health Systems Inc. 680, , % 1/Feb/ ,000 Cincinnati Bell Inc % 15/Oct/ , , ,000,000 Cooper Tire & Rubber Company 7.625% 1,035,000 1,060, /Mar/ ,000 Davita Healthcare Partners Inc % 370, , /May/ ,000 Davita Healthcare Partners Inc % 694, , /Jul/ ,000 Dish Dbs Corp % 1/Jun/ , , ,000 General Motors Company 4.000% 1/Apr/ , , ,000 General Motors Finl Company 3.450% 501, , /Apr/ ,000 Goldman Sachs Group Inc. FRN 29/Dec/ , , ,000 Graphic Packaging Holding Company 4.875% 245, , /Nov/ ,000 Graphic Packaging International Inc % 442, , /Apr/ ,000 HCA Inc % 15/Apr/ ,813 78, ,000 HCA Inc % 1/Feb/ , , ,000 HCA Inc % 1/Feb/ , , ,000 Healthsouth Corp % 15/Mar/ , , ,050,000 Iron Mountain Inc % 15/Aug/2023 1,077,563 1,100, ,000 L Brands Inc % 15/Oct/ , , ,000 Lear Corp % 15/Jan/ , , ,000 Limited Brands Inc % 1/Mar/ , , ,000 McGraw-Hill Companies Inc % 183, , /Nov/ ,000 Mellon Capital IV FRN 29/Jun/ , , ,000 Metropcs Wireless Inc % 1/Apr/ , , ,000 MGM Mirage Inc % 15/Jan/ , , ,000 MGM Resorts International 6.000% 433, , /Mar/ ,000 Nationstar Mortgage LLC 6.500% 1/Jun/ , , ,000 Navistar International Corp % 426, , /Nov/ ,000 Post Holdings Inc % 15/Feb/ , , ,000 Pvh Corp % 15/Dec/ , , ,000 Radian Group Inc % 15/Jun/ , , ,000 Reynolds Group Issuer Inc % 417, , /Oct/ ,000 Rockwood Specialties Group Inc % 447, , /Oct/ ,000 Seventy Seven Energy Inc % 450, , /Jul/ ,000 SM Energy Company 5.625% 1/Jun/ , , MANULIFE GLOBAL FUND 228

231 U.S. SPECIAL OPPORTUNITIES FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets United States (continued) 500,000 Sprint Communications Inc % 505, , /Nov/ ,000 Sprint Communications Inc % 588, , /Aug/ ,000 Sprint Corp % 15/Sep/ , , ,000 Sprint Nextel Corp % 15/Aug/ , , ,000 Terraform Power Operating LLC 5.875% 312, , /Feb/ ,000 T-Mobile USA Inc % 15/Jan/ , , ,000 T-Mobile USA Inc % 15/Jan/ , , ,000 T-Mobile USA Inc % 28/Apr/ , , ,000 T-Mobile USA Inc % 28/Apr/ , , ,000 Transdigm Inc % 15/Jul/ , , ,000 United Rentals North America Inc % 230, , /Jun/ ,000 Walter Investment Management Corp. 430, , % 15/Dec/ ,000 Wellcare Health Plans Inc % 182, , /Nov/ ,000 Whiting Petroleum Corp % 434, , /Mar/ ,470,883 25,828, Bonds Total 33,869,178 33,168, Bonds convertibles United States 523 Bank of America Corp % 31/Dec/ , , Wells Fargo & Company 7.500% 31/Dec/2049 1,125,155 1,057, ,665,743 1,642, Bonds convertibles Total 1,665,743 1,642, Equities Canada 35,854 Thompson Creek Metals Company Inc. 143,944 30, ,944 30, United States 970 Abitibowater Inc. 0 11, ,100 American Tower Corp. 310, , Caterpillar Inc. 78,699 77, ,100 Exelon Corp. 454, , ,146 General Motors Company 458, , ,150 GMAC Capital Trust I 214, , ,565 Hartford Financial Services Group Inc. 573, , ,000 JPMorgan Chase & Company 750, , MANULIFE GLOBAL FUND

232 U.S. SPECIAL OPPORTUNITIES FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets United States (continued) 6,132 Tyson Foods Inc. 306, , ,220 Weyerhaeuser Company 220, , ,365,603 3,314, Equities Total 3,509,547 3,345, Total Transferable securities and money market instruments admitted to an official exchange listing (1) 39,044,468 38,156, Transferable securities and money market instruments dealt in on another regulated market and recently issued transferable securities (2) Bonds Bermuda 345,000 Aircastle Limited 5.125% 15/Mar/ , , , , Canada 305,000 Thompson Creek Metals Company Inc. 281, , % 1/Jun/ , , Luxembourg 342,000 CHC Helicopter SA 9.250% 15/Oct/ , , ,000 Intelsat Luxembourg SA 8.125% 1/Jun/ , , , , Marshall Islands 500,000 Navios Maritime Acquisitions Corp % 518, , /Nov/ ,000 Navios Maritime Holdings Inc % 516, , /Jan/2022 1,035, , Netherlands 250,000 Fiat Chrysler Automobiles NV 4.500% 250, , /Apr/ ,000 Fiat Chrysler Automobiles NV 5.250% 210, , /Apr/ , , United Kingdom 500,000 Tullow Oil plc 6.250% 15/Apr/ , , , , United States 200,000 Amc Entertainment Inc. P.P. 144A 5.750% 200, , /Jun/ ,000 AMC Entertainment Inc % 15/Feb/ , , ,000 American Express Company FRN 29/Dec/ , , MANULIFE GLOBAL FUND 230

233 U.S. SPECIAL OPPORTUNITIES FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets United States (continued) 255,000 American Gilsonite Company P.P. 144A 274, , % 1/Sep/ ,000 California Resources 6.000% 15/Nov/ , , ,000 Cash America International 5.750% 387, , /May/ ,000 CCO Holdings LLC 5.125% 15/Feb/ , , ,000 CCO Holdings LLC 7.375% 1/Jun/ , , ,000 Chaparral Energy Inc % 15/Nov/ , , ,000 Chemours Company P.P. 144A 6.625% 277, , /May/ ,000 Chemours Company 7.000% 15/May/ , , ,000 Chemtura Corp % 15/Jul/ , , ,000 Chesapeake Energy Corp % 580, , /Mar/ ,000 Cit Group Inc % 15/Feb/ , , ,000 Citigroup Inc. FRN 29/Dec/ , , ,075,000 Citigroup Inc. FRN 29/Jul/2049 1,091,562 1,057, ,000 Clayton Williams Energy Inc % 283, , /Apr/ ,398 Clear Channel Communications Inc % 164, , /Feb/ ,000 Clear Channel Worldwide Holdings Inc. 531, , % 15/Nov/ ,000 Communications Sales & Leasing Inc. P.P. 281, , A 8.250% 15/Oct/ ,000 Compressco Partners LP P.P. 144A 7.250% 413, , /Aug/ ,000 Continental Resources Inc % 239, , /Apr/ ,000 Credit Acceptance Corp % 15/Feb/ , , ,000 Dana Holding Corp % 15/Sep/ , , ,000 Dish Dbs Corp % 1/Sep/ , , ,000 Dupont Fabros Technology LP 5.875% 611, , /Sep/ ,000 Dynegy Inc. P.P. 144A 7.375% 1/Nov/ , , ,000 Dynegy Inc. P.P. 144A 7.625% 1/Nov/ , , ,000 Endo Finance LLC P.P. 144A 6.000% 150, , /Feb/ ,000 Endo Finance LLC & Endo Finco Inc. P.P. 641, , A 7.250% 15/Jan/ ,000 Enova International Inc % 1/Jun/ , , ,000 Ep Energy LLC 7.750% 1/Sep/ , , ,000 First Data Corp % 15/Jun/ , , ,000 First Data Corp % 15/Aug/ , , ,000 Frontier Communications Corp % 250, , /Sep/ ,000 Gci Inc % 15/Apr/ , , ,000 Global Partners-GLP Finance 6.250% 419, , /Jul/ ,000 Goodyear Tire & Rubber Company 7.000% 327, , /May/ ,000 Halcon Resources Corp % 15/Jul/ , , ,000 HCA Inc % 15/Apr/ , , MANULIFE GLOBAL FUND

234 U.S. SPECIAL OPPORTUNITIES FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets United States (continued) 500,000 HDTFS Inc % 15/Oct/ , , ,000 IAC/Interactivecorp 4.875% 30/Nov/ , , ,000 Jo-Ann Stores Holdings Inc. P.P. 144A 9.750% 636, , /Oct/ ,000 JPMorgan Chase & Company FRN 29/ 872, , Jan/ ,000 Level 3 Financing Inc. P.P. 144A 5.625% 315, , /Feb/ ,000 Linn Energy LLC 6.500% 15/Sep/ , , ,185,000 LMA Amerospace Inc % 15/Jul/2019 1,191,625 1,185, ,000 Meritage Homes Corp. P.P. 144A 6.000% 145, , /Jun/ ,000 Mohegan Tribal Gaming Authority 9.750% 234, , /Sep/ ,000 Morgan Stanley FRN 29/Jul/ , , ,000 Morgan Stanley FRN 29/Dec/ , , ,000 Nationstar Mortgage LLC 7.875% 1/Oct/ , , ,000 Newstar Financial Inc. P.P. 144A 7.250% 150, , /May/ ,000 NRG Yield Operating LLC P.P. 144A 5.375% 335, , /Aug/ ,000 Outfront Media Cap LLC 5.625% 15/Feb/ , , ,000 Penn Virginia Corp % 1/May/ , , ,000 Rex Energy Corp % 1/Aug/ , , ,000 SBA Companymunications 4.875% 509, , /Jul/ ,000 Select Medical Corp % 1/Jun/ , , ,000 Sinclair Television Group Inc % 345, , /Nov/ ,000 Summit Midstream Holdings LLC 7.500% 659, , /Jul/2021 1,125,000 Tenet Healthcare Corp % 1/Oct/2021 1,063,906 1,099, ,000 Trinity Industries Inc % 1/Oct/ , , ,000 United Rentals North America Inc % 200, , /Jul/ ,000 United Rentals North America Inc % 375, , /Jul/ ,000 Vector Group Limited 7.750% 15/Feb/ , , ,000 Wells Fargo & Company FRN 29/Dec/ , , ,000 Windstream Corp % 1/Aug/ , , ,000 Zions Bancorporation FRN 29/Dec/ , , ,132,593 29,546, Bonds Total 33,368,612 32,443, Bonds convertibles United States 400,000 Trinity Industries Inc % 1/Jun/ , , , , Bonds convertibles Total 558, , MANULIFE GLOBAL FUND 232

235 U.S. SPECIAL OPPORTUNITIES FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Equities United States 600 Ally Financial Inc Preferred 603, , , , Equities Total 603, , Total Transferable securities and money market instruments dealt in on another regulated market and recently issued transferable securities (2) 34,530,553 33,566, Other transferable securities and money market instruments (2) Mortgage and Asset Backed Securities Cayman Islands 30,818 Lehman XS Net Interest Margin Notes 9.000% 28/Jan/ , , Mortgage and Asset Backed Securities Total 29, Bonds Australia 465,000 FMG Resources 6.875% 1/Apr/ , , , , Austria 241,000 Sappi Papier Holding GmbH 7.750% 242, , /Jul/ , , Canada 420,000 Air Canada 8.750% 1/Apr/ , , ,000 Vpii Escrow Corp. P.P. 144A 7.500% 321, , /Jul/ , , Luxembourg 435,000 Mallinckrodt 5.750% 1/Aug/ , , , , United Kingdom 420,000 Paragon Offshore plc 7.250% 15/Aug/ , , ,000 Tullow Oil plc 6.000% 1/Nov/ , , , , United States 260,000 American Energy-Permian Basin 7.125% 260, , /Nov/ ,000 CEB Inc. P.P. 144A 5.625% 15/Jun/ , , MANULIFE GLOBAL FUND

236 U.S. SPECIAL OPPORTUNITIES FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets United States (continued) 110,000 Consolidated Container Company LLC P.P. 115, , A % 15/Jul/ ,000 Djo Finco Inc. P.P. 144A 8.125% 15/Jun/ , , ,000 Energy Xxi Gulf Companyast Inc. P.P. 144A 284, , % 15/Mar/ ,000 Nwh Escrow Corp. P.P. 144A 7.500% 164, , /Aug/ ,000 Optimas Oe Solution Holding 8.625% 250, , /Jun/ ,000 Rain CII Carbon LLC P.P. 144A 8.000% 161, , /Dec/ ,000 Rki Exploration & Production P.P. 144A 525, , % 1/Aug/ ,000 Sidewinder Drilling P.P. 144A 9.750% 672, , /Nov/ ,000 Sirius XM Radio Inc % 15/Jul/ , , ,000 Southern States Cooperative P.P. 144A 862, , % 15/Aug/2021 1,440,000 Stone Company 0.000% 15/Mar/2017 a ,000 Terraform Power Operating LLC P.P. 144A 259, , % 1/Feb/ ,000 XPO Logistics Inc. P.P. 144A 6.500% 450, , /Jun/ ,000 Zf North America Capital Inc. P.P. 144A 475, , % 29/Apr/2025 5,482,001 5,058, Bonds Total 8,169,631 7,585, Equities United States 7,769 Muzak Holdings Escrow ,353 Trump Entertainment Resorts Inc. a 2,371, ,462 Vertis Holdings Inc. a 461, ,832, Equities Total 2,832, MANULIFE GLOBAL FUND 234

237 U.S. SPECIAL OPPORTUNITIES FUND Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Warrants Equity Canada 8,881 Warrant On Mood Media Corp. Wts 1/Jan/2049 a 169, , Warrants Equity Total 169, Total Other transferable securities and money market instruments (2) 11,200,696 7,585, Portfolio of Investments 84,775,717 79,308, Other Net Assets 6,766, Net Assets 86,074, a Defaulted/Fair Valued by the Board of Directors. (1) All securities classified under this section are listed on a stock-exchange. (2) All securities classified under this section are unlisted. The notes to the Financial Statements form an integral part of these financial statements. 235 MANULIFE GLOBAL FUND

238 U.S. SPECIAL OPPORTUNITIES FUND Investment Objective: The sub fund aims to maximize total returns from a combination of current income and capital appreciation. To pursue this objective, the sub-fund will primarily invest in U.S. and foreign fixed-income securities rated BB/Ba or lower and their unrated equivalents. PERFORMANCE FROM 1 JULY 2014 TO 30 June 2015* U.S. Special Opportunities Fund Class AA -6.01% U.S. Special Opportunities Fund Class T -6.08% U.S. Special Opportunities Fund Class I -6.68% BofA Merrill US High Yield Master II Index -0.55% PERFORMANCE FROM 20 AugUST 2014 TO 30 June 2015* U.S. Special Opportunities Fund Class AA (HKD) -6.01% PERFORMANCE FROM 21 AugUST 2014 TO 30 June 2015* U.S. Special Opportunities Fund Class AA Inc -5.58% Portfolio Review The Share Class AA returned -6.01% for the period, compared to the BofA Merrill Lynch U.S. High Yield Master II Index return of -0.55%. Security selection contributed to the Sub-fund s performance over the period. Top individual contributors to performance included the Sub-fund s holdings in Air Canada, Dynegy Inc. and DS Services of America, Inc. The Sub-fund s allocation to the energy sector detracted from performance. The Sub-fund s exposure to CCC-rated bonds also detracted from its performance. Significant individual detractors included the Subfund s holdings in Samson Investment Company, Midstates Petroleum Company, Inc. and Arch Coal, Inc. Market Review The market environment was generally favorable for credit over the period. During the second half of 2014, markets grew increasingly volatile in response to a sharp decline in crude oil prices and geopolitical concerns in Eastern Europe and the Middle East. The first half of 2015 was calmer as oil prices rebounded somewhat, although uncertainty increased near the end of the period as a result of the breakdown in Greece s sovereign debt negotiations with its creditors. Outlook Our sub-fund s portfolio manager have a positive outlook for credit fundamentals in the coming period, anticipating low default rates and favorable maturity profiles. They continue to be mindful of interest rate risks as they believe the Fed is likely to raise interest rates sometime later in 2015, which would be its first rate hike since the 2008 recession. * The performance return of the fund is calculated in U.S. dollar terms and includes dividends re-invested; whereas the index (or indices) is calculated in U.S. dollar terms and on total return basis. MANULIFE GLOBAL FUND 236

239 U.S. Treasury Inflation-Protected Securities Fund Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Transferable securities and money market instruments admitted to an official exchange listing (1) Supranationals, Governments and Local Public Authorities, Debt Instruments United States 55,000 United States Treasury Inflation Indexed Bonds 4.497% 15/Apr/ ,000 United States Treasury Inflation Indexed Bonds 5.300% 15/Apr/ ,000 United States Treasury Inflation Indexed N/B 5.574% 15/Apr/ , , , , ,961 91, , , Supranationals, Governments and Local Public Authorities, Debt Instruments Total 404, , Total Transferable securities and money market instruments admitted to an official exchange listing (1) 404, , Transferable securities and money market instruments dealt in on another regulated market and recently issued transferable securities (2) Supranationals, Governments and Local Public Authorities, Debt Instruments United States 85,000 Federal National Mortgage Association 3.000% 29/Oct/ ,000 United States Treasury Inflation Indexed Bonds 1.125% 15/Jan/ ,000 United States Treasury Inflation Indexed N/B 0.124% 15/Jul/ ,000 United States Treasury Inflation Indexed N/B 0.126% 15/Apr/ ,000 United States Treasury Inflation Indexed N/B 0.128% 15/Apr/ ,000 United States Treasury Inflation Indexed N/B 0.128% 15/Jan/ ,000 United States Treasury Inflation Indexed N/B 0.129% 15/Jul/ ,000 United States Treasury Inflation Indexed N/B 0.130% 15/Apr/ ,000 United States Treasury Inflation Indexed N/B 0.131% 15/Jan/ ,894 81, , , , , , , , , , , , , , , , , MANULIFE GLOBAL FUND

240 U.S. Treasury Inflation-Protected Securities Fund Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets United States (continued) 460,000 United States Treasury Inflation Indexed N/B 0.376% 15/Jul/ ,000 United States Treasury Inflation Indexed N/B 0.629% 15/Jan/ ,000 United States Treasury Inflation Indexed N/B 0.643% 15/Feb/ ,000 United States Treasury Inflation Indexed N/B 0.656% 15/Jul/ ,000 United States Treasury Inflation Indexed N/B 0.785% 15/Feb/ ,000 United States Treasury Inflation Indexed N/B 1.355% 15/Jul/ ,000 United States Treasury Inflation Indexed N/B 1.395% 15/Feb/ ,000 United States Treasury Inflation Indexed N/B 1.504% 15/Jan/ ,000 United States Treasury Inflation Indexed N/B 1.508% 15/Jul/ ,000 United States Treasury Inflation Indexed N/B 1.834% 15/Jan/ ,000 United States Treasury Inflation Indexed N/B 1.975% 15/Jan/ ,000 United States Treasury Inflation Indexed N/B FRN 15/Feb/ ,000 United States Treasury Inflation Indexed N/B 2.325% 15/Feb/ ,000 United States Treasury Inflation Indexed N/B 2.341% 15/Jan/ ,000 United States Treasury Inflation Indexed N/B 2.383% 15/Jan/ ,000 United States Treasury Inflation Indexed N/B 2.754% 15/Jan/ ,000 United States Treasury Inflation Indexed N/B 2.785% 15/Jan/ ,000 United States Treasury Inflation Indexed N/B 2.785% 15/Jan/ ,000 United States Treasury Inflation Indexed N/B 2.980% 15/Jan/ , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,956,870 7,870, Supranationals, Governments and Local Public Authorities, Debt Instruments Total 7,956,870 7,870, MANULIFE GLOBAL FUND 238

241 U.S. Treasury Inflation-Protected Securities Fund Portfolio of Investments as at 30 June 2015 Market % Quantity/ Cost Value of Net Par Value Description USD USD Assets Mortgage and Asset Backed Securities United States 207,724 Fannie Mae Remics 3.500% 25/Dec/ ,313 39, ,313 39, Mortgage and Asset Backed Securities Total 50,313 39, Total Transferable securities and money market instruments dealt in on another regulated market and recently issued transferable securities (2) 8,007,183 7,910, Other transferable securities and money market instruments (2) Mortgage and Asset Backed Securities United States 25,694 Bear Stearns Asset Backed Securities 5.750% 25/Oct/ ,016 Indymac Index Mortgage Loan Trust FRN 25/Oct/ ,544 26, ,690 10, ,234 36, Mortgage and Asset Backed Securities Total 43,234 36, Total Other transferable securities and money 43,234 36, market instruments (2) Portfolio of Investments 8,455,370 8,362, Other Net Assets 17, Net Assets 8,379, (1) All securities classified under this section are listed on a stock-exchange. (2) All securities classified under this section are unlisted. The notes to the Financial Statements form an integral part of these financial statements. 239 MANULIFE GLOBAL FUND

242 U.S. Treasury Inflation-Protected Securities Fund Investment Objective: The primary objective of this sub-fund is to maximize total returns, consistent with capital preservation, by investing in U.S. Treasury Inflation Protected Securities. In addition, the subfund may also invest in other types of inflation-indexed and non-inflation-indexed debt securities issued or guaranteed by the U.S. government, its agencies, instrumentalities and political sub-divisions. PERFORMANCE FROM 1 JULY 2014 TO 30 June 2015* U.S. Treasury Inflation-Protected Securities Fund Class AA -2.87% Barclays Capital U.S. Treasury inflation-protected securities Index -1.73% Portfolio Review The Sub-fund returned -2.87% for the period, compared to the Barclays U.S. TIPS Index return of 1.73%. The Sub-fund s maturity structure added value during the period. For much of the period, the Sub-fund emphasized long-term TIPS, which outperformed in the last half of 2014 and into early The Subfund shifted to an underweight position in long-term TIPS near the end of the period, and this positioning contributed to performance as longer-maturity TIPS underperformed over the last three months of the period. Approximately 3% of the portfolio was invested in non-tips, primarily residential and commercial mortgage-backed securities. This position contributed to performance as mortgage-backed securities were among the best performers in the bond market. A longer duration relative to the Index aided the Sub-fund s performance in early 2015 when TIPS yields declined. Toward the end of the reporting period, the Sub-fund shifted to a shorter duration than the Index, and this paid off as TIPS yields rose during the last two months of the period. However, the Sub-fund s duration positioning detracted slightly from overall performance compared with the Index. The Sub-fund s duration was longer than that of the Index during the first half of the period, and this positioning weighed on performance as TIPS yields generally rose. Market Review U.S. Treasury inflation-protected securities ( TIPS ) posted negative returns for the 12 months ended June 30, 2015, as a lack of demand for inflation protection weighed on the TIPS market. Inflation slowed significantly during the period. For the 12 months ended May 31, 2015 (the most recent data available), the consumer price index was unchanged, compared with a 2.1% increase for the prior 12 months. The primary factor behind the declining inflation rate was a 16% drop in energy prices, driven by growing energy production in the U.S. and weaker demand from slowing economies elsewhere in the world. From an economic perspective, the U.S. economy began the period on a positive note, growing at an annual rate of 5% in the third quarter of 2014, the fastest quarterly growth rate in 11 years. At the same time, the U.S. Federal Reserve Board ( Fed ) ended its quantitative easing program and signaled its intent to raise short-term interest rates sometime in Economic activity eased somewhat in the fourth quarter of It then slowed dramatically in the first quarter of 2015 as a combination of severe winter weather, a West Coast port shutdown and a stronger U.S. dollar led to a modest economic contraction. Although economic data improved toward the end of the period, the Fed pushed back its plan to raise interest rates until later in The lack of inflationary pressure led to a broad rise in TIPS yields for the period. Short-term TIPS yields increased the most, as the two-year TIPS yield moved up from -1.32% to -0.59%, while the five-year TIPS yield rose from -0.48% to -0.04%. Longer-term TIPS yields experienced a modest rise, as the 10- year TIPS yield increased from 0.26% to 0.47%, while the 30-year TIPS yield edged up from 1.01% to 1.12%. The 10-year breakeven inflation rate, which reflects the market s inflation expectations for the next 10 years, narrowed over the period, declining from 2.29% to 1.90%. * The performance return of the fund is calculated in U.S. dollar terms and includes dividends re-invested; whereas the index (or indices) is calculated in U.S. dollar terms and on total return basis. MANULIFE GLOBAL FUND 240

243 U.S. Treasury Inflation-Protected Securities Fund Outlook Our sub-fund s portfolio manager expect the recent improvement in the U.S. economy to continue during the second half of the year, leading the Fed to raise its short-term interest rate target before year-end. They expect that the Fed s first rate hike since 2006 will occur in either September or December. At the same time, a lack of wage growth is likely to keep a lid on the inflation rate. Given these expectations, they intend to maintain the Sub-fund s current positioning, with a slightly shorter duration compared with the Index and a small position in non-tips. 241 MANULIFE GLOBAL FUND

244 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June General Manulife Global Fund (the Company ) was incorporated on 7 July 1987 as an open-ended investment company and is organised as a Société d Investissement à Capital Variable ( SICAV ) under Part I of the Law of 17 December 2010 as amended, of the Grand Duchy of Luxembourg. The Company maintains separate accounts for each sub-fund to which the proceeds of issue of shares and the income arising from the investment of those proceeds are credited and against which expenses are allocated and charged, as appropriate, on an equitable basis. Upon redemption, shareholders are entitled only to their proportion of the net assets, as reflected in the relevant Net Asset Value, held in the account relating to the sub-fund in which their class of shares is designated. Separate Statements of Operations, Net Assets and Changes in Net Assets have accordingly been prepared for each sub-fund. As of 30 June 2015, the Company is comprised of 26 sub-funds: American Growth Fund Asia Total Return Fund Asia Value Dividend Equity Fund Asian Equity Fund Asian Small Cap Equity Fund China Value Fund Dragon Growth Fund Emerging Eastern Europe Fund European Growth Fund Global Contrarian Fund Global Property Fund Global Resources Fund Greater China Opportunities Fund Healthcare Fund India Equity Fund International Growth Fund Japanese Growth Fund Latin America Equity Fund Russia Equity Fund Strategic Income Fund Taiwan Equity Fund Turkey Equity Fund U.S. Bond Fund U.S. Small Cap Equity Fund U.S. Special Opportunities Fund U.S. Treasury Inflation-Protected Securities Fund Please refer to the prospectus of the Company for details on the availability of respective share classes in the relevant jurisdictions. MANULIFE GLOBAL FUND 242

245 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June Accounting policies 2.1 Presentation of Financial Statements The financial statements are prepared in accordance with Luxembourg regulations relating to undertakings for collective investments. 2.2 Investments Listed securities and securities dealt in on another regulated market are valued on the basis of their last available market price at the Valuation Point on the year end date. The prospectus defines the Valuation Point as 4:00 p.m. (Luxembourg time) on each Business Day (or such other time as may be otherwise determined by the Directors). Non-listed securities and money market instruments listed or dealt on a regulated market but in respect of which the last sales price is not representative of the fair value, are valued on the basis of their probable sales prices as determined with prudence and in good faith by the Board of Directors upon the advice of the Investment Managers. Liquid assets are valued at their face value with interest accrued; in the case of short-term instruments (especially discount instruments) that have a maturity of less than 90 days, the value of the instrument based on the net acquisition cost, is gradually adjusted to the repurchase price thereof while the investment return calculated on the net acquisition cost is kept constant. In the event of material changes in market conditions, the valuation basis of the investment is adjusted to the new market yields. In the event of it being impossible or incorrect to carry out a valuation in accordance with the above rules owing to particular circumstances, the Board of Directors is entitled to use other generally recognized valuation principles upon the advice of the Investment Managers, in order to reach a proper valuation of the Company s total assets. Units of underlying UCI and UCITS (target funds) are valued on the basis of their last available Net Asset Value per unit or share reduced by any applicable charges. Realised gains and losses on sales of investments in securities are determined on the basis of average cost. Any resulting gains or losses are recognized in the Statement of Changes in Net Assets under the heading Net profits/(losses) realised on sale of investments and options. The net change in unrealised appreciation/(depreciation) on investments and options is included in the Statement of Changes in Net Assets under the heading Net change in unrealised appreciation/(depreciation) on investments and options. Brokerage charges are taken into account in calculating the cost of investments. As approved by the pricing committee, the valuation of Renminbi ( RMB ) Bonds, denominated in Chinese Renminbi ( CNY ) and traded through Hong Kong or Singapore, is done at the Hong Kong delivered Chinese Renminbi ( CNH ) foreign exchange rate. All securities subject to this specific pricing process are indicated in the portfolios with a **. 2.3 Investment Income Dividends are credited to income on the date upon which the relevant securities are first listed as ex-dividend, net of any irrecoverable withholding tax. Bond and deposit interest income is accrued on a daily basis. 2.4 Foreign currency transaction Amounts included in the Statement of Operations in foreign currency are translated into the accounting currency of the respective sub-funds at rates of exchange prevailing on the date of the transaction. Resulting translation gains and losses are recognized in the Statement of Operations in the year in which they occur. 243 MANULIFE GLOBAL FUND

246 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June Accounting policies (continued) 2.4 Foreign currency transaction (continued) The financial statements and accounting records of each sub-fund are expressed in the reference currency of the relevant sub-fund. Transactions in currencies other than the subfunds currency are translated into the sub-funds currency based on the exchange rates in effect at the date of the transaction. Assets and liabilities denominated in other currencies are translated at the rate of exchange prevailing at the balance sheet date. Any resulting gains or losses are recognized in the Statement of Changes in Net Assets under the heading Net profits/(losses) realised on foreign currency. The main exchange rates used as of 30 June 2015 are: 1 USD = ARS 1 USD = NZD AUD PEN BRL PHP CAD PLN CHF RON CLP RUB CNY SEK COP SGD CZK THB DKK TRY EUR TWD GBP ZAR HKD HUF IDR INR JPY KRW MXN MYR NOK MANULIFE GLOBAL FUND 244

247 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June Accounting policies (continued) 2.5 Futures contracts Outstanding futures contracts are valued at the reporting date at the last available market price of the instruments. The net change in unrealised appreciation/(depreciation) on futures is included in the Statement of Changes in Net Assets under the heading Net change in unrealised appreciation/(depreciation) on futures contracts. All margin amounts are included in Cash at bank. The realised gain/(loss) on futures contracts is disclosed in the Statement of Changes in Net Assets under the heading Net profits/(losses) realised on futures contracts. 2.6 Forward Foreign exchange contracts Outstanding forward foreign exchange contracts are valued at the reporting date at the last available market price of the contract. The unrealised appreciation/(depreciation) on forward foreign exchange contracts is included in the Statement of Changes in Net Assets under the heading Net change in unrealised appreciation/(depreciation) on forward foreign exchange contracts. Any resulting gains or losses are recognized in the Statement of Changes in Net Assets under the heading Net profits/(losses) realised on forward foreign exchange contracts. The net change in unrealised appreciation/(depreciation) on forward foreign exchange contracts is included in the Statement of Changes in Net Assets under the heading Net change in unrealised appreciation/(depreciation) on forward foreign exchange contracts. 2.7 Consolidation The Company incorporated a Cypriot subsidiary, GFM Holdings (Cyprus) Limited, on 30 August 1996 (on behalf of the Emerging Eastern Europe Fund and the Russia Equity Fund). The Cypriot subsidiary is wholly owned and makes investments according to the Company s investment policy. The Company invests through the Cypriot subsidiary in order to minimize the tax costs of investing in Russia. The consolidated statements of the Emerging Eastern Europe Fund and the Russia Equity Fund include the assets and liabilities of the respective sub-fund held by the subsidiary and the gains and losses of the respective sub-fund incurred by the subsidiary. 2.8 Formation expenses Formation expenses are amortized over five years commencing from the inception date of the relevant share classes of the relevant sub-funds. 2.9 Combined figures The combined Statement of Net Assets, the combined Statement of Operations and the Combined Statement of Changes in Net Assets are expressed in United States Dollars. For this purpose, the corresponding statements of each sub-fund have been translated into United States Dollars at the exchange rate prevailing at the balance sheet date. 245 MANULIFE GLOBAL FUND

248 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June Expenses 3.1 Management Fees The General Adviser is entitled to receive management fees at the percentage specified below per annum on the net asset value of the relevant class of shares in the relevant sub-fund, accrued and calculated on each Business Day and payable monthly in arrears: Sub-Fund Class AA Class AA Class AA Class S Class A Class AA (HKD) (HKD) Inc Inc Class HA Class HC Class HI Class I Class I2 Class l3 Class J Class S Hedge Class T Annual Annual Annual Annual Annual Annual Annual Annual Annual Annual Annual Annual Annual Annual Annual Fee Fee Fee Fee Fee Fee Fee Fee Fee Fee Fee Fee Fee Fee Fee (as a % p.a. of the net asset value of the relevant Class) (as a % p.a. of the net asset value of the relevant Class) (as a % p.a. of the net asset value of the relevant Class) (as a % p.a. of the net asset value of the relevant Class) (as a % p.a. of the net asset value of the relevant Class) (as a % p.a. of the net asset value of the relevant Class) (as a % p.a. of the net asset value of the relevant Class) (as a % p.a. of the net asset value of the relevant Class) (as a maximum % p.a. of the net asset value of the relevant Class) (as a maximum % p.a. of the net asset value of the relevant Class) (as a maximum % p.a. of the net asset value of the relevant Class) (as a maximum % p.a. of the net asset value of the relevant Class) (as a % p.a. of the net asset value of the relevant Class) (as a % p.a. of the net asset value of the relevant Class) (as a % p.a. of the net asset value of the relevant Class) Equity Funds: American Growth Fund 1.50% 1.75% 1.75% N/A N/A 2.00% 2.30% 1.60% 1.10% 0.90% N/A N/A N/A N/A N/A Asia Value Dividend Equity Fund N/A 1.75% N/A N/A 1.75% N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Asian Equity Fund 1.50% 1.75% N/A N/A N/A N/A N/A N/A 1.10% N/A N/A N/A N/A N/A N/A Asian Small Cap Equity Fund N/A 1.75% 1.75% N/A N/A 2.20% 2.50% 1.70% 1.10% 0.90% N/A N/A N/A N/A N/A China Value Fund 1.50% 1.75% N/A N/A N/A 2.00% 2.30% 1.60% N/A N/A N/A N/A N/A N/A N/A Dragon Growth Fund 1.50% N/A 1.75% N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Emerging Eastern Europe Fund 1.50% 1.75% N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A European Growth Fund 1.50% 1.75% N/A N/A N/A N/A N/A N/A 1.10% N/A N/A N/A N/A N/A N/A Global Contrarian Fund N/A 1.75% 1.75% N/A N/A 2.00% 2.30% 1.60% 1.10% 0.90% N/A N/A 1.50% N/A N/A Global Property Fund N/A 1.75% 1.75% N/A N/A N/A N/A N/A 1.10% N/A N/A N/A N/A N/A N/A Global Resources Fund N/A 1.75% N/A N/A N/A N/A N/A N/A 1.10% N/A N/A N/A N/A N/A N/A Greater China Opportunities Fund N/A 1.75% N/A N/A N/A N/A N/A N/A 1.10% N/A N/A N/A N/A N/A N/A Healthcare Fund N/A 1.75% N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A India Equity Fund N/A 1.75% N/A N/A N/A N/A N/A N/A N/A 0.90% N/A N/A N/A N/A N/A International Growth Fund 1.50% 1.75% N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Japanese Growth Fund 1.50% 1.75% N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Latin America Equity Fund N/A 1.75% N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Russia Equity Fund N/A 1.75% N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Taiwan Equity Fund N/A 1.75% N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Turkey Equity Fund N/A 1.75% N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A U.S. Small Cap Equity Fund N/A 1.75% 1.75% N/A 1.75% 2.00% 2.30% 1.60% 1.10% N/A N/A N/A N/A N/A N/A Bond Funds: Asia Total Return Fund N/A 1.25% 1.25% 1.25% 1.25% 1.50% 2.00% 1.10% 1.00%* 0.60% N/A 0.50% N/A 1.25% N/A Strategic Income Fund N/A 1.25% 1.25% 1.25% 1.25% 1.60% 2.10% 1.20% 1.10% 0.60% N/A 1.75% N/A 1.25% N/A U.S. Bond Fund N/A 1.25% 1.25% 1.25% 1.25% 1.50% 2.00% 1.10% 1.10% N/A N/A N/A N/A N/A N/A U.S. Special Opportunities Fund N/A 1.25% 1.25% 1.25% 1.25% N/A N/A N/A 1.10% 0.60% N/A N/A N/A N/A 1.25% U.S. Treasury Inflation- Protected Securities Fund N/A 1.25% N/A N/A 1.25% N/A N/A N/A 1.10% 0.60% N/A N/A N/A N/A N/A The annual management fees payable by the sub-funds may be increased to a maximum of 6% of the Net Asset Value of the relevant sub-fund by giving not less than three months prior notice of the proposed increase to the Custodian and to the Shareholders of the relevant sub-fund. Any increases beyond the permitted maximum rate of 6% as prescribed in the Articles of Incorporation will require the approval of the Shareholders of the relevant sub-fund(s) passed by extraordinary resolution. * Reduced to 0.50% with effect from 21 August 2013 till 31 October 2014 MANULIFE GLOBAL FUND 246

249 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June Expenses (continued) 3.2 Performance Fee In addition to the management fee, an annual performance fee may be paid in respect of each of the Classes A, AA and AA Inc Shares if the Net Asset Value per Share of the relevant Class at the end of any particular performance period (after taking into account the performance fee accrued but unpaid for the performance period) is in excess of the target Net Asset Value per Share for that Class (the Excess Return ). Performance fees can be levied in respect of each of the Classes AA (AUD Hedged), AA (CAD Hedged), AA (HKD), AA (AUD Hedged) Inc, AA (CAD Hedged) Inc, AA (HKD) Inc, HA, HC, HI, I, I2, I2 SGD Hedged, I3, S, S Hedged and T Shares. Currently, no performance fees are levied in respect of each of the Classes AA (AUD Hedged), AA (CAD Hedged), AA (HKD), AA (AUD Hedged) Inc, AA (CAD Hedged) Inc, AA (HKD) Inc, HA, HC, HI, I, I2, I2 SGD Hedged, I3, S, S Hedged and T Shares. However, the right to do so in respect of each of the Classes AA (AUD Hedged), AA (CAD Hedged), AA (HKD), AA (AUD Hedged) Inc, AA (CAD Hedged) Inc, AA (HKD) Inc, HA, HC, HI, I, I2, I2 SGD Hedged, I3, S, S Hedged and T Shares on such fee rate and calculation methodology to be determined is reserved, if the Directors so determine in the future. In the event of the imposition of such performance fees on any of the Classes AA (AUD Hedged), AA (CAD Hedged), AA (HKD), AA (AUD Hedged) Inc, AA (CAD Hedged) Inc, AA (HKD) Inc, HA, HC, HI, I, I2, I2 SGD Hedged, I3, S, S Hedged and T Shares, at least one month s notice (or such shorter notice as agreed with the relevant Shareholders of the relevant Class(es)) would be given. No performance fees are payable in respect of Class J Shares. Performance fees in respect of the Class A, Class AA and Class AA Inc Shares may be payable, equivalent to a maximum of 20% of such Excess Return multiplied by the average number of Shares in the relevant Class in issue during the performance period by reference to which the fee is payable. The target Net Asset Value per Share in each Class for the end of any particular performance period will be either: (a) (applicable to Asia Total Return Fund (up to 16 June 2014) and Asia Value Dividend Equity Fund only) the higher of (i) the target Net Asset Value per Share for the immediately preceding performance period; and (ii) the Net Asset Value per Share as at the close of business on the last Business Day in the immediately preceding performance period (after taking into account the performance fee paid for that performance period) (the Low Tide Mark ); or (b) (applicable to all other sub-funds) 110% (adjusted proportionally for any period of more or less than 12 months) of such Low Tide Mark (the 10% Hurdle Return ) (the Target Net Asset Value per Share ). The initial Target Net Asset Value per Share for a Class will be either: (a) (applicable to Asia Total Return Fund (up to 16 June 2014) only) its initial offering price per Share; or (b) (applicable to all other sub-funds) 110% (adjusted proportionally for any period of less than 12 months) of its initial offering price per Share. A performance fee rate of up to the maximum rate of 20% may be imposed. In the event of any increase of performance fee from the current rate up to the maximum rate of 20%, at least one month s prior notice would be given to affected Shareholders. The actual performance fee payable by, and the Target Net Asset Value Per Share applicable to, each sub-fund is set out in the table below: Performance Fee (as a % of the Excess Return) Target Net Asset Class A Class AA Class AA Inc Class T Value per Share Asia Total Return Fund*, ** N/A 10% N/A N/A Low Tide Mark Asia Value Dividend Equity Fund N/A 15% 15% N/A Low Tide Mark All other Sub-Funds*** 8% 8% N/A 8% 10% Hurdle Return * This fee is waived since inception ** Up to 16 June 2014 only *** Starting 17 June 2014 only applicable to China Value Fund, Emerging Eastern Europe Fund, Latin America Equity Fund and Turkey Equity Fund. 247 MANULIFE GLOBAL FUND

250 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June Expenses (continued) 3.2 Performance Fee (continued) All performance fees applicable to Class A, Class AA and Class T Shares (as applicable) of the following sub-funds of the Company (in respect of which any of Manulife Asset Management (Hong Kong) Limited, Manulife Asset Management (US) LLC and Manulife Asset Management (Europe) Limited (as the case may be) currently acts as Investment Manager) are no longer payable with effect from 16 June Manulife Asset Management (Hong Kong) Limited Manulife Asset Management (US) LLC Manulife Asset Management (Europe) Limited Asia Total Return Fund American Growth Fund European Growth Fund Asian Equity Fund Global Contrarian Fund International Growth Fund Asian Small Cap Equity Fund Global Property Fund Dragon Growth Fund Global Resources Fund India Equity Fund Healthcare Fund Japanese Growth Fund Strategic Income Fund Taiwan Equity Fund U.S. Bond Fund U.S. Small Cap Equity Fund U.S. Special Opportunities Fund U.S. Treasury Inflation-Protected Securities Fund No performance fees have accrued, or are payable, in respect of Class A, Class AA or Class T Shares of any of the above sub-funds for the current performance period. The performance fee payable by each sub-fund is accrued on each Business Day throughout the relevant performance period and is payable as soon as reasonably practicable after the end of such performance period. The accrual is made based on the Net Asset Value per Share on each Business Day. If it exceeds the Target Net Asset Value per Share for that Class, a performance fee accrual will be made. If not, no performance fee accrual will be made. On each Business Day, the accrual made on the previous Business Day will continue to be reversed and a new performance fee accrual will be calculated and made in accordance with the above. The standing policy of the Company is that a relevant sub-fund which is entitled to levy a performance fee does not perform equalisation or issue different series of shares for the purposes of determining the performance fee payable. The Company s methodology for calculating the performance fee involves adjusting the issue and redemption price per share to make provision for accrual for the performance fee upon the issue and redemption of shares during the relevant performance period. MANULIFE GLOBAL FUND 248

251 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June Expenses (continued) 3.3 Administration and Custodian fees From 1 July 2014 to 30 June 2015, Citibank International Limited, Luxembourg Branch received fees as Administrator and Custodian at annual rates as follows: Administration fee: The Company pays the fees of the Administrator, Registrar, Listing Agent, Paying Agent and Transfer Agent at commercial rates agreed between these parties and the Company, in addition to reasonable out-of-pocket expenses properly incurred in the course of carrying out their duties. The maximum fee paid for these services by the Company will be 0.5% p.a. of its Net Asset Value (excluding reasonable out-of-pocket expenses). The actual fees charged are 4 basis points p.a. on Net Asset Value per sub-fund below first USD 250 million and 3 basis points p.a. on Net Asset Value per sub-fund above USD 250 million, with a minimum of USD 10,000 per sub-fund p.a. Custodian fee: The fee paid by the Company for this service varies depending upon the markets in which the assets of the Company are invested and custodied. It typically ranges from 0.003% p.a. of the value of the assets of a sub-fund of the Company which are held in developed markets to 0.40% p.a. of the value of the assets of such sub-funds which are held in emerging markets (excluding transaction charges and reasonable disbursements and out-of-pocket expenses). Settlement charges are on a per transaction basis, which vary depending on the countries of which the securities are settled. It ranges from USD 6 per transaction for developed markets to USD 130 per transaction in emerging markets. Reasonable expenses properly incurred by the Custodian or by other banks and financial institutions to which safekeeping of assets of the Company is entrusted are additional to the Custodian s fee and will be borne by the Company. The Custodian s fee normally includes the custody fees and certain transaction charges of the other banks and financial institutions. 3.4 Initial, Redemption and Switching Charges Although an initial charge of up to 6% may be deducted from any subscription monies received from investors, no such initial charge is presently levied on Shareholders in respect of Class A, Class HC, Class HI, Class I, I3 and Class J Shares. An initial charge of up to 3.5% of the subscription amount is levied in respect of all applications for class S Hedged Shares. An initial charge of up to 5% of the subscription amount is levied in respect of all applications for Class AA, Class AA (AUD Hedged), Class AA (CAD Hedged), Class AA (HKD), Class AA Inc, Class AA (AUD Hedged) Inc, Class AA (CAD Hedged) Inc, Class AA (HKD) Inc, Class HA, Class I2, Class I2 SGD Hedged, Class S and Class T Shares. 249 MANULIFE GLOBAL FUND

252 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June Expenses (continued) 3.4 Initial, Redemption and Switching Charges (continued) Applicants are charged a redemption charge of a maximum of 1% of the Redemption Price if they redeem their Class A Shares within the first two years of subscribing for the relevant Shares. However, the Company may (by giving not less than three months notice to the Shareholders and the Custodian) increase or (without having to give any prior notice) decrease or waive the redemption charge. In any case, the redemption charge does not exceed a maximum of 1% of the Redemption Price. No redemption charge is presently levied in respect of Class AA, Class AA (AUD Hedged), Class AA (CAD Hedged), Class A (HKD), Class AA Inc, Class AA (AUD Hedged) Inc, Class AA (CAD Hedged) Inc, Class AA (HKD) Inc, Class I, Class I2, Class I2 SGD Hedged, I3, Class J or Class T Shares. A switching charge of up to 1% of the total Redemption Price payable on the Shares being redeemed shall apply in respect of all conversion requests received by the Company or the Distributor unless otherwise agreed with the relevant Shareholders. The Distributor is entitled to retain initial, switching and redemption charges (if any) payable by Shareholders as described in the latest prospectus. 3.5 Brokerage No transactions were entered into by the Company that were effected through Manulife and no commissions were paid to Manulife for any transactions. 3.6 Cash commissions All cash commissions received by the Investment Managers, Sub-Investment Managers or investment advisers or any of their associated persons arising out of the sale and purchase of investments for the Company are credited to the account of the relevant sub-fund managed or advised by such Investment Manager, Sub-Investment Manager or investment advisers. The prospectus allows the Investment Managers, Sub-Investment Managers or investment advisers or any of their associated persons to receive and retain goods and services and other soft dollar benefits which are of demonstrable benefit to the Shareholders as may be permitted under relevant regulations from brokers and other persons through whom such investment transactions are carried out. These goods and services include, but are not limited to, qualifying research services, computer hardware and software obtained to enhance investment decision making and appropriate order execution services. In all cases where such goods and services and other soft dollar benefits are retained by any of the Investment Managers, Sub-Investment Managers or investment advisers or any of their associated persons, such person shall ensure that transaction execution is consistent with best execution standards and that any brokerage fee borne by the relevant sub-fund does not exceed customary institutional full service brokerage rates for such transactions. No soft commission arrangements were entered into in respect of the Company s transactions with brokers, except that of Manulife Asset Management (US) LLC. Details of soft commission are: Investment Manager(s)/ Sub-Investment Manager(s)/ Investment Adviser(s) Name of the sub-funds For the year ended 30-Jun-15 USD For the year ended 30-Jun-14 USD Manulife Asset Management (US) LLC American Growth Fund 17,095 10,561 Healthcare Fund 6,989 1,918 Global Contrarian Fund 1,270 6,882 Global Property Fund Strategic Income Fund 37 U.S. Small Cap Equity Fund 3,384 1,376 U.S. Special Opportunities Fund 332 MANULIFE GLOBAL FUND 250

253 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June Expenses (continued) 3.7 Transaction costs For the period from 1 July 2014 to 30 June 2015, the Company incurred transaction costs related to purchase or sale of financial instruments (securities and derivatives) as follows. These charges consist of broker fees and stamp duty tax and are included in the cost of investments. Sub-Fund Transaction costs in USD For the For the year ended year ended 30 June June 2014 Equity Funds: American Growth Fund 120,917 84,680 Asia Value Dividend Equity Fund 74,096 81,388 Asian Equity Fund 2,859,059 2,532,772* Asian Small Cap Equity Fund 8,229,666 4,947,835* China Value Fund 3,671,037 5,572,818 Dragon Growth Fund 595, ,844 Emerging Eastern Europe Fund 156, ,553 European Growth Fund 280, ,143 Global Contrarian Fund 23, ,635 Global Property Fund 10,065 12,571 Global Resources Fund 62, ,293 Greater China Opportunities Fund 99,091 78,067 Healthcare Fund 201,784 60,048 India Equity Fund 1,267, ,497* International Growth Fund 6,626 17,915 Japanese Growth Fund 33,350 43,060 Latin America Equity Fund 119, ,131 Russia Equity Fund 252, ,472 Taiwan Equity Fund 149, ,781 Turkey Equity Fund 81,260 68,340 U.S. Small Cap Equity Fund 62,036 40,522 Bond Funds: Asia Total Return Fund 7,309 9,586* Strategic Income Fund 12, U.S. Bond Fund 16 U.S. Special Opportunities Fund 3,630 3,034 U.S. Treasury Inflation-Protected Securities Fund * The figures for the year ended 30 June 2014 have been restated following change of transaction cost recognition methodology to ensure comparability with the figures for the year ended 30 June MANULIFE GLOBAL FUND

254 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June Expenses (continued) 3.8 Directors fees and expenses For the period from 1 July 2014 to 30 June 2015, the Company incurred Directors fees and expenses as follows: Sub-Fund Amounts in USD For the year ended 30 June 2015 Directors Fees Directors Expenses For the year ended 30 June 2014 Directors Fees Directors Expenses Equity Funds: American Growth Fund 2, ,696 1,405 Asia Value Dividend Equity Fund Asian Equity Fund 1, , Asian Small Cap Equity Fund 4, ,345 1,149 China Value Fund 11, ,936 6,853 Dragon Growth Fund 1, , Emerging Eastern Europe Fund 1, ,153 1,272 European Growth Fund 1, Global Contrarian Fund Global Property Fund Global Resources Fund Greater China Opportunities Fund Healthcare Fund 2, India Equity Fund 2, ,731 1,096 International Growth Fund Japanese Growth Fund Latin America Equity Fund , Russia Equity Fund 1, ,607 1,031 Taiwan Equity Fund Turkey Equity Fund U.S. Small Cap Equity Fund Bond Funds: Asia Total Return Fund 1, Strategic Income Fund , U.S. Bond Fund 1, , U.S. Special Opportunities Fund 1, , U.S. Treasury Inflation-Protected Securities Fund ,652 2,387 37,375 20,190 MANULIFE GLOBAL FUND 252

255 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June Taxation 4.1 Luxembourg The Company is not liable for any Luxembourg tax on profits or income, and dividends paid by the Company are not liable to any withholding tax, subject to certain conditions. The Company is liable in Luxembourg to a tax of 0.05% per annum in respect of the aggregate Net Asset Value of the Class A, Class AA, Class AA (AUD Hedged), Class AA (CAD Hedged), Class AA (HKD), Class AA Inc, Class AA (AUD Hedged) Inc, Class AA (CAD Hedged) Inc, Class AA (HKD) Inc, Class HA, Class HC, Class I2, Class I2 SGD Hedged, Class T, Class S and Class S Hedged Shares of all the sub-funds, such tax being payable quarterly on the basis of the value of the net assets of the Company at the end of the relevant calendar quarter. The Company is liable in Luxembourg to a tax of 0.01% per annum in respect of the aggregate Net Asset Value of the Class HI, Class I, I3 and Class J Shares of all the sub-funds, such tax being payable quarterly on the basis of the value of the net assets of the Company at the end of the relevant calendar quarter. No stamp duty or other tax is payable in Luxembourg on the issue of Shares. No Luxembourg capital gains tax is payable on the realised or unrealised capital appreciation of the assets of the Company. Foreign income, capital gains, dividends and interest may be subject to withholding taxes or other taxes imposed by the country of origin concerned and such taxes may not be recoverable by the Company or its Shareholders. Where there is a reasonable likelihood that a tax liability will be incurred, such tax payable is provided for in the Net Asset Value. 253 MANULIFE GLOBAL FUND

256 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June Taxation (continued) 4.2 United Kingdom The Directors have sought and gained approval for various Classes of the Company as reporting funds for UK taxation purposes for periods from 1 July 2011 onwards and to manage the affairs of the Company such that the relevant ongoing obligations which registration carries continue to be met. The full list of Classes which have sought and gained reporting funds status is detailed below: Reporting Fund, Sub-Fund Class with effect from American Growth Fund A 1-Jul-11 American Growth Fund AA 1-Jul-11 American Growth Fund HA 24-Sep-12 American Growth Fund HC 24-Sep-12 American Growth Fund HI 24-Sep-12 American Growth Fund I 16-Oct-12 Asia Total Return Fund AA Inc* 1-Jul-11 Asia Total Return Fund HA 24-Sep-12 Asia Total Return Fund HC 24-Sep-12 Asia Total Return Fund HI 24-Sep-12 Asia Total Return Fund I 1-Jul-11 Asia Value Dividend Equity Fund AA 1-Jul-11 Asian Equity Fund A 1-Jul-11 Asian Equity Fund AA 1-Jul-11 Asian Equity Fund I 1-Jul-11 Asian Small Cap Equity Fund AA 1-Jul-11 Asian Small Cap Equity Fund HA 24-Sep-12 Asian Small Cap Equity Fund HC 24-Sep-12 Asian Small Cap Equity Fund HI 24-Sep-12 Asian Small Cap Equity Fund I 1-Jul-11 China Value Fund A 1-Jul-11 China Value Fund AA 1-Jul-11 China Value Fund HA 24-Sep-12 China Value Fund HC 24-Sep-12 China Value Fund HI 24-Sep-12 Dragon Growth Fund A 1-Jul-11 Dragon Growth Fund AA (HKD)* 1-Jul-11 Emerging Eastern Europe Fund A 1-Jul-11 Emerging Eastern Europe Fund AA 1-Jul-11 European Growth Fund A 1-Jul-11 European Growth Fund AA 1-Jul-11 European Growth Fund I 6-Feb-14 Global Contrarian Fund AA 1-Jul-11 Global Contrarian Fund HA 24-Sep-12 Global Contrarian Fund HC 24-Sep-12 Global Contrarian Fund HI 24-Sep-12 Global Contrarian Fund I2 1-Jul-12 Global Property Fund AA 1-Jul-11 Global Resources Fund AA 1-Jul-11 Greater China Opportunities Fund I 1-Jul-11 * Previously Class AA MANULIFE GLOBAL FUND 254

257 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June Taxation (continued) 4.2 United Kingdom (continued) Reporting Fund, Sub-Fund Class with effect from Healthcare Fund AA 1-Jul-11 India Equity Fund AA 1-Jul-11 International Growth Fund A 1-Jul-11 International Growth Fund AA 1-Jul-11 Japanese Growth Fund A 1-Jul-11 Japanese Growth Fund AA 1-Jul-11 Latin America Equity Fund AA 1-Jul-11 Russia Equity Fund AA 1-Jul-11 Strategic Income Fund AA 1-Jul-11 Strategic Income Fund HA 24-Sep-12 Strategic Income Fund HC 24-Sep-12 Strategic Income Fund HI 24-Sep-12 Strategic Income Fund I2 1-Jul-12 Taiwan Equity Fund AA 1-Jul-11 Turkey Equity Fund AA 1-Jul-11 US Bond Fund AA 1-Jul-11 US Bond Fund HA 24-Sep-12 US Bond Fund HC 24-Sep-12 US Bond Fund HI 24-Sep-12 US Bond Fund I 2-Jun-14 US Small Cap Equity Fund AA 1-Jul-11 US Small Cap Equity Fund HA 24-Sep-12 US Small Cap Equity Fund HC 24-Sep-12 US Small Cap Equity Fund HI 24-Sep-12 US Special Opportunities Fund AA 1-Jul-11 US Special Opportunities Fund I 2-Jun-14 US Treasury Inflation Protected Securities Fund AA 1-Jul India Section 2(14)(b) of the Income-tax Act, 1961 ( the Act ) of India Income Tax provides any security held by foreign institutional investor which has invested in such security in accordance with the regulations made under the Securities and Exchange Board of India Act, 1992 would be treated as capital asset. Hence, any income arising from transfer of such security by a Foreign Portfolio Investor (FPI) would be in the nature of capital gain and subject to capital gain tax. For the year ended 30 June 2015 and 30 June 2014, the total capital gain tax paid by the following sub funds are as follows: Sub-Fund Capital Gain Tax in USD For the For the year ended year ended 30 June June 2014 Asian Equity Fund 777,390 63,168* Asian Small Cap Equity Fund 4,067, ,447* India Equity Fund 3,433, ,575* * The figures for the year ended 30 June 2014 related to taxation and net profits (losses) realised on foreign currency have been reclassified to ensure comparability with the figures for the year ended 30 June MANULIFE GLOBAL FUND

258 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June Dividend policy After deduction of the fees and charges and other expenses attributable to each of the subfunds, at least 85% of the available net investment income of each sub-fund will be distributed to Shareholders. The following dividends were distributed to Shareholders during the periods from 1 July 2014 to 30 June 2015 and from 1 July 2013 to 30 June 2014: For the year ended 30 June 2015 For the year ended 30 June 2014 Name of Sub-Funds Class Currency Dividend Per Share Distribution Date Dividend Per Share Distribution Date Annual Dividend American Growth Fund I USD Nov-13 Asia Total Return Fund AA Inc** USD Nov-14 Asia Total Return Fund HA USD Nov-14 Asia Total Return Fund HC USD Nov-14 Asia Total Return Fund HI USD Nov-14 Asia Total Return Fund I USD Nov Nov-13 Asia Value Dividend Equity Fund AA USD Nov-13 Asian Equity Fund A USD Nov Nov-13 Asian Equity Fund AA USD Nov-13 Asian Equity Fund I USD Nov Nov-13 Asian Small Cap Equity Fund AA USD Nov-13 Asian Small Cap Equity Fund HA USD Nov-13 Asian Small Cap Equity Fund HI USD Nov Nov-13 Asian Small Cap Equity Fund I USD Nov Nov-13 China Value Fund A USD Nov Nov-13 China Value Fund AA USD Nov Nov-13 China Value Fund HA USD Nov-14 China Value Fund HI USD Nov Nov-13 Dragon Growth Fund A USD Nov Nov-13 Dragon Growth Fund AA (HKD) HKD Nov Nov-13 Emerging Eastern Europe Fund A USD Nov Nov-13 Emerging Eastern Europe Fund AA USD Nov Nov-13 European Growth Fund A USD Nov Nov-13 European Growth Fund AA USD Nov Nov-13 European Growth Fund I USD Nov-14 Global Contrarian Fund HI USD Nov-14 Global Property Fund AA USD Nov Nov-13 Greater China Opportunities Fund AA USD Nov-14 Greater China Opportunities Fund I USD Nov Nov-13 International Growth Fund A USD Nov-14 International Growth Fund AA USD Nov-13 Japanese Growth Fund A USD Nov Nov-13 Japanese Growth Fund AA USD Nov-13 Latin America Equity Fund AA USD Nov Nov-13 Russia Equity Fund AA USD Nov-13 Strategic Income Fund AA USD Nov Nov-13 Strategic Income Fund HA USD Nov Nov-13 Strategic Income Fund HC USD Nov Nov-13 Strategic Income Fund HI USD Nov Nov-13 Strategic Income Fund I2 USD Nov Nov-13 Strategic Income Fund J USD Nov Nov-13 Taiwan Equity Fund AA USD Nov Nov-13 Turkey Equity Fund AA USD Nov-13 U.S. Bond Fund AA USD Nov Nov-13 U.S. Bond Fund HA USD Nov Nov-13 U.S. Bond Fund HC USD Nov Nov-13 U.S. Bond Fund HI USD Nov Nov-13 U.S. Bond Fund I USD Nov-14 U.S. Special Opportunities Fund AA USD Nov Nov-13 U.S. Special Opportunities Fund I USD Nov-14 U.S. Special Opportunities Fund T USD Nov Nov-13 U.S. Treasury Inflation-Protected Securities Fund AA USD Nov-14 * Previously Class AA until 15 June 2014 MANULIFE GLOBAL FUND 256

259 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June Dividend policy (continued) Name of Sub-Funds Class Currency 257 MANULIFE GLOBAL FUND For the year ended 30 June 2015 Dividend Per Share Distribution Date For the year ended 30 June 2014 Dividend Per Share Distribution Date Monthly Dividend Asia Total Return Fund AA Inc** USD Jul Jul-13 Asia Total Return Fund HA USD Jul Jul-13 Asia Total Return Fund HC USD Jul Jul-13 Asia Total Return Fund HI USD Jul Jul-13 Asia Total Return Fund AA Inc** USD Aug Aug-13 Asia Total Return Fund HA USD Aug Aug-13 Asia Total Return Fund HC USD Aug Aug-13 Asia Total Return Fund HI USD Aug Aug-13 Asia Total Return Fund AA Inc** USD Sep Sep-13 Asia Total Return Fund HA USD Sep Sep-13 Asia Total Return Fund HC USD Sep Sep-13 Asia Total Return Fund HI USD Sep Sep-13 Asia Total Return Fund AA Inc** USD Oct Oct-13 Asia Total Return Fund HA USD Oct Oct-13 Asia Total Return Fund HC USD Oct Oct-13 Asia Total Return Fund HI USD Oct Oct-13 Asia Total Return Fund AA Inc** USD Nov Nov-13 Asia Total Return Fund HA USD Nov Nov-13 Asia Total Return Fund HC USD Nov Nov-13 Asia Total Return Fund HI USD Nov Nov-13 Asia Total Return Fund AA Inc** USD Dec Dec-13 Asia Total Return Fund HA USD Dec Dec-13 Asia Total Return Fund HC USD Dec Dec-13 Asia Total Return Fund HI USD Dec Dec-13 Asia Total Return Fund AA Inc USD Jan Jan-14 Asia Total Return Fund HA USD Jan Jan-14 Asia Total Return Fund HC USD Jan Jan-14 Asia Total Return Fund HI USD Jan Jan-14 Asia Total Return Fund AA Inc USD Feb Feb-14 Asia Total Return Fund HA USD Feb Feb-14 Asia Total Return Fund HC USD Feb Feb-14 Asia Total Return Fund HI USD Feb Feb-14 Asia Total Return Fund AA Inc USD Mar Mar-14 Asia Total Return Fund HA USD Mar Mar-14 Asia Total Return Fund HC USD Mar Mar-14 Asia Total Return Fund HI USD Mar Mar-14 Asia Total Return Fund AA Inc USD Apr Apr-14 Asia Total Return Fund AA (HKD) Inc HKD Apr-15 Asia Total Return Fund HA USD Apr Apr-14 Asia Total Return Fund HC USD Apr Apr-14 Asia Total Return Fund HI USD Apr Apr-14 Asia Total Return Fund AA Inc USD May May-14 Asia Total Return Fund AA (HKD) Inc HKD May-15 Asia Total Return Fund HA USD May May-14 Asia Total Return Fund HC USD May May-14 Asia Total Return Fund HI USD May May-14 Asia Total Return Fund AA Inc USD Jun Jun-14 Asia Total Return Fund AA (HKD) Inc HKD Jun-15 Asia Total Return Fund HA USD Jun Jun-14 Asia Total Return Fund HC USD Jun Jun-14 Asia Total Return Fund HI USD Jun Jun-14 Asia Value Dividend Equity Fund AA Inc USD Jan-15 Asia Value Dividend Equity Fund AA Inc USD Apr-15 Asia Value Dividend Equity Fund AA Inc USD May-15 Asia Value Dividend Equity Fund AA Inc USD Jun-15 Strategic Income Fund HA USD Jul Jul-13 Strategic Income Fund HC USD Jul Jul-13 * Previously Class AA until 15 June 2014

260 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June Dividend policy (continued) Name of Sub-Funds Class Currency For the year ended 30 June 2015 Dividend Per Share Distribution Date For the year ended 30 June 2014 Dividend Per Share Distribution Date Strategic Income Fund HI USD Jul Jul-13 Strategic Income Fund S Hedged SGD Jul Jul-13 Strategic Income Fund HA USD Aug Aug-13 Strategic Income Fund HC USD Aug Aug-13 Strategic Income Fund HI USD Aug Aug-13 Strategic Income Fund S Hedged SGD Aug Aug-13 Strategic Income Fund HA USD Sep Sep-13 Strategic Income Fund HC USD Sep Sep-13 Strategic Income Fund HI USD Sep Sep-13 Strategic Income Fund S Hedged SGD Sep Sep-13 Strategic Income Fund HA USD Oct Oct-13 Strategic Income Fund HC USD Oct Oct-13 Strategic Income Fund HI USD Oct Oct-13 Strategic Income Fund S Hedged SGD Oct Oct-13 Strategic Income Fund HA USD Nov Nov-13 Strategic Income Fund HC USD Nov Nov-13 Strategic Income Fund HI USD Nov Nov-13 Strategic Income Fund S Hedged SGD Nov Nov-13 Strategic Income Fund HA USD Dec Dec-13 Strategic Income Fund HC USD Dec Dec-13 Strategic Income Fund HI USD Dec Dec-13 Strategic Income Fund S Hedged SGD Dec Dec-13 Strategic Income Fund HA USD Jan Jan-14 Strategic Income Fund HC USD Jan Jan-14 Strategic Income Fund HI USD Jan Jan-14 Strategic Income Fund S Hedged SGD Jan Jan-14 Strategic Income Fund HA USD Feb Feb-14 Strategic Income Fund HC USD Feb Feb-14 Strategic Income Fund HI USD Feb Feb-14 Strategic Income Fund S Hedged SGD Feb Feb-14 Strategic Income Fund HA USD Mar Mar-14 Strategic Income Fund HC USD Mar Mar-14 Strategic Income Fund HI USD Mar Mar-14 Strategic Income Fund S Hedged SGD Mar Mar-14 Strategic Income Fund HA USD Apr Apr-14 Strategic Income Fund HC USD Apr Apr-14 Strategic Income Fund HI USD Apr Apr-14 Strategic Income Fund S Hedged SGD Apr Apr-14 Strategic Income Fund HA USD May May-14 Strategic Income Fund HC USD May May-14 Strategic Income Fund HI USD May May-14 Strategic Income Fund S Hedged SGD May May-14 Strategic Income Fund HA USD Jun Jun-14 Strategic Income Fund HC USD Jun Jun-14 Strategic Income Fund HI USD Jun Jun-14 Strategic Income Fund S Hedged SGD Jun Jun-14 U.S. Bond Fund HA USD Jul Jul-13 U.S. Bond Fund HC USD Jul Jul-13 U.S. Bond Fund HI USD Jul Jul-13 U.S. Bond Fund HA USD Aug Aug-13 U.S. Bond Fund HC USD Aug Aug-13 U.S. Bond Fund HI USD Aug Aug-13 U.S. Bond Fund AA Inc USD Sep-14 U.S. Bond Fund AA (HKD) Inc HKD Sep-14 U.S. Bond Fund HA USD Sep Sep-13 U.S. Bond Fund HC USD Sep Sep-13 MANULIFE GLOBAL FUND 258

261 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June Dividend policy (continued) Name of Sub-Funds Class Currency For the year ended 30 June 2015 Dividend Per Share Distribution Date For the year ended 30 June 2014 Dividend Per Share Distribution Date U.S. Bond Fund HI USD Sep Sep-13 U.S. Bond Fund AA Inc USD Oct-14 U.S. Bond Fund AA (HKD) Inc HKD Oct-14 U.S. Bond Fund HA USD Oct Oct-13 U.S. Bond Fund HC USD Oct Oct-13 U.S. Bond Fund HI USD Oct Oct-13 U.S. Bond Fund AA Inc USD Nov-14 U.S. Bond Fund AA (HKD) Inc HKD Nov-14 U.S. Bond Fund HA USD Nov Nov-13 U.S. Bond Fund HC USD Nov Nov-13 U.S. Bond Fund HI USD Nov Nov-13 U.S. Bond Fund AA Inc USD Dec-14 U.S. Bond Fund AA (HKD) Inc HKD Dec-14 U.S. Bond Fund HA USD Dec Dec-13 U.S. Bond Fund HC USD Dec Dec-13 U.S. Bond Fund HI USD Dec Dec-13 U.S. Bond Fund AA Inc USD Jan-15 U.S. Bond Fund AA (HKD) Inc HKD Jan-15 U.S. Bond Fund HA USD Jan Jan-14 U.S. Bond Fund HC USD Jan Jan-14 U.S. Bond Fund HI USD Jan Jan-14 U.S. Bond Fund AA Inc USD Feb-15 U.S. Bond Fund AA (HKD) Inc HKD Feb-15 U.S. Bond Fund HA USD Feb Feb-14 U.S. Bond Fund HC USD Feb Feb-14 U.S. Bond Fund HI USD Feb Feb-14 U.S. Bond Fund AA Inc USD Mar-15 U.S. Bond Fund AA (HKD) Inc HKD Mar-15 U.S. Bond Fund HA USD Mar Mar-14 U.S. Bond Fund HC USD Mar Mar-14 U.S. Bond Fund HI USD Mar Mar-14 U.S. Bond Fund AA Inc USD Apr-15 U.S. Bond Fund AA (HKD) Inc HKD Apr-15 U.S. Bond Fund HA USD Apr Apr-14 U.S. Bond Fund HC USD Apr Apr-14 U.S. Bond Fund HI USD Apr Apr-14 U.S. Bond Fund AA Inc USD May-15 U.S. Bond Fund AA (HKD) Inc HKD May-15 U.S. Bond Fund HA USD May May-14 U.S. Bond Fund HC USD May May-14 U.S. Bond Fund HI USD May May-14 U.S. Bond Fund AA Inc USD Jun-15 U.S. Bond Fund AA (HKD) Inc HKD Jun-15 U.S. Bond Fund HA USD Jun Jun-14 U.S. Bond Fund HC USD Jun Jun-14 U.S. Bond Fund HI USD Jun Jun-14 U.S. Special Opportunities Fund T USD Jul Jul-13 U.S. Special Opportunities Fund T USD Aug Aug-13 U.S. Special Opportunities Fund T USD Sep Sep-13 U.S. Special Opportunities Fund AA Inc USD Oct-14 U.S. Special Opportunities Fund T USD Oct Oct-13 U.S. Special Opportunities Fund AA Inc USD Nov-14 U.S. Special Opportunities Fund T USD Nov Nov-13 U.S. Special Opportunities Fund AA Inc USD Dec-14 U.S. Special Opportunities Fund T USD Dec Dec-13 U.S. Special Opportunities Fund AA Inc USD Jan MANULIFE GLOBAL FUND

262 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June Dividend policy (continued) Name of Sub-Funds Class Currency For the year ended 30 June 2015 Dividend Per Share Distribution Date For the year ended 30 June 2014 Dividend Per Share Distribution Date U.S. Special Opportunities Fund T USD Jan Jan-14 U.S. Special Opportunities Fund AA Inc USD Feb-15 U.S. Special Opportunities Fund T USD Feb Feb-14 U.S. Special Opportunities Fund AA Inc USD Mar-15 U.S. Special Opportunities Fund T USD Mar Mar-14 U.S. Special Opportunities Fund AA Inc USD Apr-15 U.S. Special Opportunities Fund T USD Apr Apr-14 U.S. Special Opportunities Fund AA Inc USD May-15 U.S. Special Opportunities Fund T USD May May-14 U.S. Special Opportunities Fund AA Inc USD Jun-15 U.S. Special Opportunities Fund T USD Jun Jun-14 Quarterly Dividend Asia Total Return Fund J USD Apr-15 Strategic Income Fund J USD Jul Jul-13 Strategic Income Fund J USD Oct Oct-13 Strategic Income Fund J USD Jan Jan-14 Strategic Income Fund J USD Apr Apr-14 6 Changes in the Portfolio of Investments The detail of all transactions on portfolio of investments over the year is available from Citibank International Limited, Luxembourg Branch, the Company s administrative agent, upon request. 7 Financial instruments Forward foreign exchange contracts The Company has entered into forward foreign exchange contracts as hedges against fluctuations in foreign exchange rates. As at 30 June 2015, the Company has outstanding forward foreign exchange contracts as follows: Asia Total Return Fund Purchased Amount Currency Sold Amount Currency Counterparty Maturity Date Appreciation (USD) 3,195,915 USD 4,150,000 AUD HSBC New York 31-Jul ,198,720 USD 3,200,000 NZD HSBC New York 31-Jul-15 36,284 3,977,991 USD 5,350,000 SGD HSBC New York 31-Jul-15 5,330 Total net unrealised appreciation on forward foreign exchange contract 42,570 * Represents foreign exchange spot contract MANULIFE GLOBAL FUND 260

263 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June Financial instruments (continued) Forward foreign exchange contracts (continued) Asian Small Cap Equity Fund Purchased Amount Currency Sold Amount Currency Counterparty Maturity Date Depreciation (USD) 2,029,031 USD 15,732,499 HKD Citibank London 2-Jul-15 (398) 3,727,765 USD 28,903,970 HKD Citibank London 2-Jul-15 (732) 1,377,141 USD 10,677,941 HKD Citibank London 2-Jul-15 (270) 2,058,471 USD 15,960,763 HKD Citibank London 2-Jul-15 (404) 1,413,676 USD 10,961,364 HKD Citibank London 2-Jul-15 (296) 1,874,556 USD 14,534,933 HKD Citibank London 2-Jul-15 (392) 3,291,864 USD 25,524,453 HKD Citibank London 2-Jul-15 (689) 1,680,407 USD 13,029,536 HKD Citibank London 2-Jul-15 (352) 1,434,299 USD 11,121,266 HKD Citibank London 2-Jul-15 (300) 2,546,620 USD 19,745,983 HKD Citibank London 2-Jul-15 (533) 3,665,952 USD 28,425,059 HKD Citibank London 2-Jul-15 (767) 2,942,690 USD 22,817,033 HKD Citibank London 2-Jul-15 (616) 1,119,582 USD 1,453,521 AUD Citibank London 1-Jul-15 (1,518) 1,110,184 USD 1,441,320 AUD Citibank London 1-Jul-15 (1,506) Total net unrealised depreciation on forward foreign exchange contract* (8,773) Strategic Income Fund Purchased Amount Currency Sold Amount Currency Counterparty Maturity Date Appreciation/ (Depreciation) (USD) 11,762,763 USD 14,198,772 CAD Toronto-Dominion Bank 30-Jul ,028 2,119,020 USD 1,395,313 GBP HSBC New York 30-Jul-15 (78,489) 1,156,278 USD 1,539,652 NZD Toronto-Dominion Bank 30-Jul ,030 1,691,328 USD 14,086,223 SEK Citibank New York 30-Jul-15 (17,954) 1,703,915 USD 12,914,820 NOK Jaron London Goldman Sachs 30-Jul-15 59,282 1,003,831 USD 1,339,513 SGD Bank of Montreal 30-Jul-15 9, ,679 CAD 185,000 NZD JP Morgan Chase New York 30-Jul-15 9, ,000 EUR 313,994 GBP JP Morgan Chase New York 30-Jul-15 (18,423) 5,487,211 USD 6,932,674 AUD Australia New Zealand Bank 30-Jul , ,983 GBP 370,000 EUR HSBC New York 30-Jul-15 21, ,000 GBP 1,318,467 SGD HSBC New York 30-Jul-15 44, ,000 GBP 648,179 USD Deutsche Bank AG London 30-Jul-15 21, ,000 USD 321,275 CAD Royal Bank of Canada 30-Jul-15 6,764 Toronto 536,312 CAD 443,486 USD Bank of Nova Scotia 30-Jul-15 (12,402) 578,871 CAD 650,000 NZD Royal Bank of Canada 30-Jul-15 26,063 Toronto 234,504 CAD 265,000 NZD US Bancorp Investments 30-Jul-15 9,419 1,795,376 CAD 2,020,000 NZD Royal Bank of Canada 30-Jul-15 78,114 Toronto 860,749 CAD 970,000 NZD Australia New Zealand Bank 30-Jul-15 36, ,000 EUR 201,663 USD State Street Corp 30-Jul-15 (23) 2,649,897 USD 2,370,000 EUR Citibank New York 30-Jul-15 (5,022) 1,391,163 SEK 167,610 USD State Street Corp 30-Jul-15 1, ,125 NZD 192,019 USD State Street Corp 30-Jul-15 (13,510) 497,334 AUD 391,031 USD State Street Corp 30-Jul-15 (8,129) 895,107 CAD 718,875 USD State Street Corp 30-Jul ,000 CAD 484,790 USD Bank of Montreal 30-Jul-15 (2,513) 300,000 EUR 328,245 USD Bank of Montreal 30-Jul-15 7, ,572 NOK 113,052 USD State Street Corp 30-Jul-15 (4,224) 261 MANULIFE GLOBAL FUND

264 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June Financial instruments (continued) Forward foreign exchange contracts (continued) Strategic Income Fund (continued) Purchased Amount Currency Sold Amount Currency Counterparty Maturity Date Appreciation/ (Depreciation) (USD) 1,481,523 NOK 188,706 USD Standard Chartered Bank 30-Jul-15 (37) New York 721,444 CAD 579,194 USD Standard Chartered Bank 30-Jul New York 973,246 AUD 741,467 USD Standard Chartered Bank 30-Jul-15 7,844 New York 779,877 NZD 555,569 USD Standard Chartered Bank 30-Jul-15 (28,489) New York 58,319 GBP 89,192 USD Standard Chartered Bank 30-Jul-15 2,655 New York 281,755 USD 255,000 EUR Deutsche Bank AG London 30-Jul-15 (3,900) 343,234 CAD 275,000 USD Bank of Montreal 30-Jul ,137,107 CAD 1,295,000 NZD Canadian Imperial Bank of 30-Jul-15 38,883 Commerce 150,000 EUR 168,720 USD Standard Chartered Bank 30-Jul-15 (687) New York 400,000 SGD 296,630 USD Standard Chartered Bank 30-Jul New York 250,000 CAD 202,749 USD Standard Chartered Bank 30-Jul-15 (1,801) New York 695,000 NZD 484,554 USD Toronto-Dominion Bank 30-Jul-15 (14,838) 350,000 SEK 42,584 USD Deutsche Bank AG London 30-Jul-15 (113) 625,000 NOK 79,565 USD Deutsche Bank AG London 30-Jul ,796 AUD 331,630 USD Toronto-Dominion Bank 30-Jul-15 (726) 140,000 USD 172,781 CAD Bank of Montreal 30-Jul-15 1, ,000 NZD 243,667 USD Australia New Zealand Bank 30-Jul-15 (7,119) 171,333 USD 245,463 NZD Bank of Montreal 30-Jul-15 5, ,219 USD 236,627 NZD Australia New Zealand Bank 30-Jul-15 4, ,054 USD 218,419 NZD Toronto-Dominion Bank 30-Jul-15 2,442 1,456 SGD 1,092 USD Citibank London 31-Jul-15 (10) 5,084 USD 6,838 SGD Citibank London 1-Jul ,838 SGD 5,082 USD Citibank London 31-Jul-15 (4) 120,068 USD 161,638 SGD Citibank London 31-Jul ,731,195 SGD 25,081,193 USD Citibank London 31-Jul-15 (33,959) 16,154 USD 21,750 SGD Citibank London 31-Jul ,174 USD 2,920 SGD Citibank London 2-Jul ,920 SGD 2,173 USD Citibank London 31-Jul-15 (5) 8,828 SGD 6,572 USD Citibank London 1-Jul-15 (13) 6,571 USD 8,828 SGD Citibank London 31-Jul ,000 CAD 835,601 SGD Standard Chartered Bank 30-Jul-15 (1,569) New York 45,572 USD 61,613 SGD Citibank London 31-Jul-15 (180) 2,309 USD 3,113 SGD Citibank London 3-Jul-15 (3) 3,113 SGD 2,308 USD Citibank London 31-Jul ,513 SGD 168,791 USD Citibank London 2-Jul ,645 USD 227,513 SGD Citibank London 31-Jul-15 (296) 13,349 USD 18,000 SGD Citibank London 31-Jul-15 (17) 5,291 USD 7,144 SGD Citibank London 6-Jul-15 (17) 7,144 SGD 5,289 USD Citibank London 31-Jul ,792 SGD 10,955 USD Citibank London 3-Jul ,945 USD 14,792 SGD Citibank London 31-Jul-15 (38) Total net unrealised appreciation on forward foreign exchange contract 758,735 MANULIFE GLOBAL FUND 262

265 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June Financial instruments (continued) Forward foreign exchange contracts (continued) As at 30 June 2014, the Company has outstanding forward foreign exchange contracts as follows: Asia Total Return Fund Purchased Amount Currency Sold Amount Currency Counterparty Maturity Date Depreciation (USD) 2,000,000 USD 2,051,600,000 KRW HSBC Bank USA 9-Jul-14 (27,111) 4,408,008 USD 4,720,000 AUD HSBC Bank USA 31-Jul-14 (18,213) 1,519,392 USD 1,900,000 SGD HSBC Bank USA 31-Jul-14 (3,239) 1,989,500 USD 2,300,000 NZD HSBC Bank USA 31-Jul-14 (15,112) Total net unrealised depreciation on forward foreign exchange contract (63,675) Asia Value Dividend Equity Fund Purchased Amount Currency Sold Amount Currency Counterparty Maturity Date Depreciation (USD) 1,279 USD 1,360 AUD Citibank London 1-Jul-14 Total net unrealised appreciation on forward foreign exchange contract Asian Equity Fund Purchased Amount Currency Sold Amount Currency Counterparty Maturity Date Depreciation (USD) 681,548 USD 853,229 SGD Citibank London 1-Jul-14 (2,212) 558,589 USD 699,299 SGD Citibank London 1-Jul-14 (1,813) Total net unrealised depreciation on forward foreign exchange contract (4,025) Asian Small Cap Equity Fund Purchased Amount Currency Sold Amount Currency Counterparty Maturity Date Depreciation (USD) 65,255 USD 505,891 HKD Citibank London 2-Jul-14 (14) Total net unrealised depreciation on forward foreign exchange contract (14) Dragon Growth Fund Purchased Amount Currency Sold Amount Currency Counterparty Maturity Date Depreciation (USD) 55,000 USD 426,393 HKD Citibank London 2-Jul-14 (12) Total net unrealised depreciation on forward foreign exchange contract (12) 263 MANULIFE GLOBAL FUND

266 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June Financial instruments (continued) Forward foreign exchange contracts (continued) Strategic Income Fund Purchased Amount Currency Sold Amount Currency Counterparty Maturity Date Appreciation/ (Depreciation) (USD) 134,543 SGD 107,731 USD Citibank London 31-Jul ,703 USD 134,543 SGD Citibank London 7-Jul-14 (116) 4,397 SGD 3,517 USD Citibank London 31-Jul ,516 USD 4,397 SGD Citibank London 3-Jul-14 (8) 47,220 USD 59,021 SGD Citibank London 31-Jul-14 (79) 145,521 SGD 116,484 USD Citibank London 31-Jul ,454 USD 145,521 SGD Citibank London 2-Jul-14 (163) 19,599 SGD 15,699 USD Citibank London 31-Jul ,662,110 SGD 30,170,841 USD Citibank London 31-Jul-14 11, ,570 SGD 168,689 USD Citibank London 31-Jul ,645 USD 210,570 SGD Citibank London 1-Jul-14 (101) 594,395 CAD 553,595 USD Citibank New York 16-Jul-14 2,744 97,947 SGD 78,321 USD Citibank London 31-Jul ,980 USD 101,790 CAD Bank of Montreal 16-Jul-14 (1,293) 484,798 CAD 446,530 USD State Street Corp 16-Jul-14 7, ,448 AUD 135,434 USD Australia New Zealand Bank 16-Jul ,000 GBP 506,462 CAD State Street Corp 16-Jul-14 (5,171) 580,000 NZD 530,131 AUD Australia New Zealand Bank 16-Jul-14 8, ,044 CAD 115,489 USD JPMorgan Chase New York 16-Jul-14 2, ,000 CAD 210,816 USD State Street Corp 16-Jul-14 4,459 14,648 USD 15,878 AUD Bank of Montreal 16-Jul-14 (260) 1,618,815 SGD 1,415,000 CAD Citibank New York 16-Jul-14 (27,137) 543,531 SGD 475,000 CAD Deutsche Bank AG London 16-Jul-14 (9,020) 1,087,376 SGD 950,000 CAD Bank of Montreal 16-Jul-14 (17,787) 16,126,237 USD 17,824,089 CAD Toronto-dominion Bank 16-Jul-14 (556,918) 461,029 USD 275,000 GBP UBS AG 16-Jul-14 (7,839) 9,445,146 USD 10,222,296 AUD Barclay Bank plc 16-Jul-14 (152,823) 1,874,319 USD 12,343,046 SEK Citibank New York 16-Jul-14 34,324 2,604,693 USD 3,273,045 SGD Standard Chartered Bank 16-Jul-14 (18,249) New York 1,929,432 USD 11,607,074 NOK Standard Chartered Bank 16-Jul-14 42,426 New York 531,478 USD 622,938 NZD Bank of Nova Scotia 16-Jul-14 (12,301) Total net unrealised depreciation on forward foreign exchange contract (695,383) MANULIFE GLOBAL FUND 264

267 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June Financial instruments (continued) As at 30 June 2015, the Company has outstanding financial futures contracts as follows: Financial future contracts Asia Total Return Fund Maturity Date Short quantity Contract Trade Counterparty Currency Type of collateral Commitment (in Trade currency) Local Market Price (in Trade currency) Unrealised Appreciation (USD) 21-Sep-15 (20) 10 Year US Treasury Note Future (CBT) Chicago Board of Trade (CBOT) USD Cash 2,524, ,188 Total net unrealised appreciation on financial future contract 22,188 The amount of collateral against futures contract for the Asia Total Return Fund amounted to USD 29,700 (counterparty: UBS) As at 30 June 2014, the Company has outstanding financial futures contracts as follows: Asia Total Return Fund Maturity Date Short quantity Contract Trade Counterparty Currency Type of collateral Commitment (in Trade currency) Local Market Price (in Trade currency) Unrealised Depreciation (USD) 19-Sep-14 (43) 10 Year US Treasury Note Future (CBT) Chicago Board of Trade (CBOT) USD Cash 5,376, (18,813) Total net unrealised depreciation on financial future contract (18,813) The amount of collateral against futures contract for the Asia Total Return Fund amounted to USD 145, (counterparty: UBS). Strategic Income Fund Maturity Date Short quantity Contract Trade Counterparty Currency Type of collateral Commitment (in Trade currency) Local Market Price (in Trade currency) Unrealised Appreciation/ (Depreciation) (USD) 19-Sep-14 (14) 20 Year US Long Bond (CBT) Chicago Board of Trade (CBOT) 19-Sep-14 (82) 10 Year US Treasury Chicago Board of Note Future (CBT) Trade (CBOT) 30-Sep-14 (12) 5 Year US Treasury Chicago Board of Note Future (CBT) Trade (CBOT) USD Cash 1,919, (6,672) USD Cash 10,252, ,405 USD Cash 1,432, ,625 Total net unrealised appreciation on financial future contract 2,358 The amount of collateral against futures contract for the Strategic Income Fund amounted to USD 189, (counterparty: Morgan Stanley). 265 MANULIFE GLOBAL FUND

268 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June Financial instruments (continued) Options As at 30 June 2015, the Company has outstanding options contract as follows: Strategic Income Fund Description Maturity Date Currency Contracts Counterparty Strike Price Market value (USD) Unrealised Depreciation (USD) FX option AUD/JPY 9-Jun-16 AUD 805,000 Citibank ,625 (148) Total net unrealised Depreciation on option contract (148) The Company may purchase and write (sell) options. The risk associated with purchasing an option is that the Company pays a premium whether or not the option is exercised. Additionally, the Company bears the risk of loss of the premium and any change in market value should the counterparty not perform under the contract. Put and call options purchased are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options are decreased by the premiums paid. When the sub-fund writes an option, the premium received by the sub-fund is recorded as a liability and is subsequently adjusted to the current market value of the option written. In writing covered options, the sub-fund bears market risk of an unfavourable change in the price of the security underlying the written option. Exercise of an option written by the sub-fund could result in the sub-fund selling or buying a security at a price different from the current market value. Losses from written market index options may be unlimited. Premiums received from writing options which expire unexercised are recorded by the sub-fund on the expiration date as realised gains from options transactions. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realised gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realised loss. If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the sub-fund has realised a gain or a loss. If a written put option is exercised, the premium reduces the cost basis of the security purchased by the sub-fund. MANULIFE GLOBAL FUND 266

269 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June Global Exposure The following sections indicate whether the UCITS global exposure is managed under a commitment approach or an absolute Value at Risk (absolute VaR) approach. For sub-funds managed under a VaR approach, additional information is provided on the VaR model, the regulatory VaR limit usage and the level of leverage reached 1. The following table sets out the relative approaches for the global exposure calculations of each Sub-Fund: Name of Sub-Funds Global Exposure Calculation Equity Funds: American Growth Fund Commitment Approach 2 Asia Value Dividend Equity Fund Commitment Approach Asian Equity Fund Commitment Approach Asian Small Cap Equity Fund Commitment Approach China Value Fund Commitment Approach Dragon Growth Fund Commitment Approach Emerging Eastern Europe Fund Commitment Approach European Growth Fund Commitment Approach Global Contrarian Fund Commitment Approach Global Property Fund Commitment Approach Global Resources Fund Commitment Approach Greater China Opportunities Fund Commitment Approach Healthcare Fund Commitment Approach India Equity Fund Commitment Approach International Growth Fund Commitment Approach Japanese Growth Fund Commitment Approach Latin America Equity Fund Commitment Approach Russia Equity Fund Commitment Approach Taiwan Equity Fund Commitment Approach Turkey Equity Fund Commitment Approach U.S. Small Cap Equity Fund Commitment Approach Bond Funds: Asia Total Return Fund Commitment Approach Strategic Income Fund Absolute VaR Approach 3 U.S. Bond Fund Commitment Approach U.S. Special Opportunities Fund Commitment Approach U.S. Treasury Inflation-Protected Securities Fund Commitment Approach 1 In line with CSSF circular 11/512, the numerical information observation year cover the period from 1 July 2014 to 30 June The Commitment Approach is used for the sub-funds with low derivative usage or funds which limit their derivatives commitment to 100% or less of their Net Asset Value. 3 The Absolute VaR Approach is used for the sub-funds managed with an absolute return target and/or absolute volatility limit. 267 MANULIFE GLOBAL FUND

270 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June Global Exposure (continued) Information on the VaR Limit Usage & Level of Leverage The level of leverage is an indication of the derivative usage and of any leverage generated by the reinvestment of cash received as collateral when using efficient portfolio management techniques. Strategic Income Fund is the only sub-fund using Absolute VaR Approach. VaR limit utilization: Lowest 1 Day VaR: 0.16% Highest 1 Day VaR: 0.66% Average1 Day VaR utilization limit: 0.40% Leverage level utilization (Sum of notionals): Highest Leverage level: % Average Leverage level: 96.33% Type of model: Barclays Point, a Fixed Income Risk Management Analytics tool. Unilateral confidence interval of 99% Holding period equivalent to 1 day Effective observation year from 1 July 2014 to 30 June Related Party Disclosures All transactions with related parties were entered into in the ordinary course of business and under normal commercial terms. For the year ending 30 June 2015, the main related parties of the Company are the following: Manulife Asset Management International Holdings Limited in its capacities as the General Adviser and Distributor; The Investment Managers and Sub-Investment Managers; GFM Holdings (Cyprus) Limited a wholly-owned subsidiary incorporated in Cyprus for which Emerging Eastern Europe Fund and Russia Equity Fund may invest in the Russian market through. MANULIFE GLOBAL FUND 268

271 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June Related Party Disclosures (continued) The General Adviser and Distributor, the Investment Managers and the Sub-Investment Managers may be members of the Manulife Group. The transactions with Manulife Group are the following: Management fees and performance fees charged by the General Adviser (please refer to Note 3.1 and 3.2); On-going fees paid by Manulife Asset Management (Hong Kong) Limited and later reimbursed by the Company for USD180,890; Subscriptions and redemption of units in the sub-funds from seed capital, insurance schemes and feeder funds owned by Manulife Group. In order to enable GFM Holdings (Cyprus) Limited to seek to achieve the investment objective of the Emerging Eastern Europe Fund and Russia Equity Fund, Manulife Global Fund engages in lending to GFM Holdings (Cyprus) Limited through an unsecured interest bearing, non recourse, multi currency loan facility. Mr. Robert A. Cook, Director, with effect until 05 May 2015, held shares in the Asian Equity Fund and in the China Value Fund as at 30 June Apart from two dividend reinvestments made in November 2014, he has not purchased or redeemed any shares during the reporting year. There are no existing or proposed service contracts between any of the Directors and the Company. The Directors are entitled to such remuneration as may be voted to them by the Company in general meetings. Robert A. Cook is director of Manulife Asset Management (Hong Kong) Limited with effect until 05 May 2015, which is the Company s Hong Kong Distributor and an Investment Manager. No remuneration is payable to Directors who are also Directors of Manulife Group. Each Director may be paid reasonable travel, hotel and other out-of-pocket expenses incurred in the performance of his duties. 10 Important events With effect from 22 July 2014, Mr. Isaac Wong has resigned as non-resident Conducting Person of the Company. With effect from 22 July 2014, Mrs Donna Cotter has been appointed as non-resident Conducting Person of the Company in place of Mr. Isaac Wong. With effect from 17 October 2014, Mr Clive Anderson has been appointed as Director of the Company and has resigned on 13 February With effect from 18 February 2015, Mr Philip Witherington has been appointed as Director of the Company. With effect from 05 May 2015, Mr. Robert A. Cook has resigned as Director of the Company. With effect from 24 June 2015, Mr. Steven Yeo has been appointed as Director of the Company. 269 MANULIFE GLOBAL FUND

272 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June Subsequent events With effect from 10 July 2015, Mr Gianni Fiacco has been appointed as non-resident Conducting Person of the Company and as Director of the Company in place of Mrs Donna Cotter. The following dividends were distributed to Shareholders during the periods from 1 July 2015 to 15 September 2015: Name of Sub-Funds Class Currency Dividend Per Share Distribution Date Monthly Dividend Asia Total Return Fund AA Inc USD Jul-15 Asia Total Return Fund AA (HKD) Inc HKD Jul-15 Asia Total Return Fund HA USD Jul-15 Asia Total Return Fund HC USD Jul-15 Asia Total Return Fund HI USD Jul-15 Asia Value Dividend Equity Fund AA Inc USD Jul-15 Strategic Income Fund HA USD Jul-15 Strategic Income Fund HC USD Jul-15 Strategic Income Fund HI USD Jul-15 Strategic Income Fund S Hedged SGD Jul-15 U.S. Bond Fund AA Inc USD Jul-15 U.S. Bond Fund AA (HKD) Inc HKD Jul-15 U.S. Bond Fund HA USD Jul-15 U.S. Bond Fund HC USD Jul-15 U.S. Bond Fund HI USD Jul-15 U.S. Special Opportunities Fund AA Inc USD Jul-15 U.S. Special Opportunities Fund T USD Jul-15 Quarterly Dividend Asia Total Return Fund J USD Jul-15 MANULIFE GLOBAL FUND 270

273 NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June Subsequent events (continued) Name of Sub-Funds Class Currency Dividend Per Share Distribution Date Monthly Dividend Asia Total Return Fund AA Inc USD Aug-15 Asia Total Return Fund AA (HKD) Inc HKD Aug-15 Asia Total Return Fund HA USD Aug-15 Asia Total Return Fund HC USD Aug-15 Asia Total Return Fund HI USD Aug-15 Asia Value Dividend Equity Fund AA Inc USD Aug-15 Strategic Income Fund HA USD Aug-15 Strategic Income Fund HC USD Aug-15 Strategic Income Fund HI USD Aug-15 Strategic Income Fund S Hedged SGD Aug-15 U.S. Bond Fund AA Inc USD Aug-15 U.S. Bond Fund AA (HKD) Inc HKD Aug-15 U.S. Bond Fund HA USD Aug-15 U.S. Bond Fund HC USD Aug-15 U.S. Bond Fund HI USD Aug-15 U.S. Special Opportunities Fund AA Inc USD Aug-15 U.S. Special Opportunities Fund T USD Aug-15 Asia Total Return Fund AA Inc USD Sep-15 Asia Total Return Fund AA (HKD) Inc HKD Sep-15 Asia Total Return Fund HA USD Sep-15 Asia Total Return Fund HC USD Sep-15 Asia Total Return Fund HI USD Sep-15 Asia Value Dividend Equity Fund AA Inc USD Sep-15 Strategic Income Fund HA USD Sep-15 Strategic Income Fund HC USD Sep-15 Strategic Income Fund HI USD Sep-15 Strategic Income Fund S Hedged SGD Sep-15 U.S. Bond Fund AA Inc USD Sep-15 U.S. Bond Fund AA (HKD) Inc HKD Sep-15 U.S. Bond Fund HA USD Sep-15 U.S. Bond Fund HC USD Sep-15 U.S. Bond Fund HI USD Sep-15 U.S. Special Opportunities Fund AA Inc USD Sep-15 U.S. Special Opportunities Fund T USD Sep MANULIFE GLOBAL FUND

MANULIFE GLOBAL FUND

MANULIFE GLOBAL FUND MANULIFE GLOBAL FUND Société d'investissement à Capital Variable Audited Annual Report for the year ended 30 June 2017 No subscription can be received on the basis of financial reports. Subscriptions are

More information

EDM INTERNATIONAL. Annual Report, including Audited Financial Statements as at December 31, Boulevard de la Foire L-1528 Luxembourg

EDM INTERNATIONAL. Annual Report, including Audited Financial Statements as at December 31, Boulevard de la Foire L-1528 Luxembourg Société d Investissement à Capital Variable Luxembourg Annual Report, including Audited Financial Statements 11-13 Boulevard de la Foire L-1528 Luxembourg R.C.S. Luxembourg B-50523 No subscription may

More information

MARGIN OF SAFETY FUND

MARGIN OF SAFETY FUND Société d'investissement à Capital Variable R.C.S. B 88649 Audited annual report as at 31/12/13 Database Publishing System: CO-Reporter by CO-Link, Belgium. Table of Contents Page Management and Administration

More information

PARVEST SICAV. SEMI-ANNUAL REPORT at 30/06/2017 R.C.S. Luxembourg B The asset manager for a changing world

PARVEST SICAV. SEMI-ANNUAL REPORT at 30/06/2017 R.C.S. Luxembourg B The asset manager for a changing world PARVEST SICAV SEMI-ANNUAL REPORT at 30/06/2017 R.C.S. Luxembourg B 33 363 The asset manager for a changing world The asset manager for a changing world Table of contents Organisation 3 Information 6 Financial

More information

Piraeus Asset Management Europe S.A. Société Anonyme

Piraeus Asset Management Europe S.A. Société Anonyme Audited annual accounts as at 31st December 2013 Piraeus Asset Management Europe S.A. Société Anonyme Registered Office: 11, rue Aldringen L-1118 LUXEMBOURG R.C.S. Luxembourg B 38 082 Organisation... 2

More information

Annual Report 2016/2017

Annual Report 2016/2017 ab Asset management UBS Funds Annual Report 2016/2017 Investment Company under Luxembourg Law (SICAV) R.C.S. Luxembourg N B 56 385 Audited annual report as of 31 May 2017 Asian High Yield () Asian Investment

More information

Rathbone Luxembourg Funds SICAV Société d'investissement à Capital Variable (SICAV) R.C.S. B Annual report including audited financial

Rathbone Luxembourg Funds SICAV Société d'investissement à Capital Variable (SICAV) R.C.S. B Annual report including audited financial Rathbone Luxembourg s SICAV Société d'investissement à Capital Variable (SICAV) R.C.S. B 206.009 Annual report including audited financial statements For the period from 4 May 2016 (date of incorporation)

More information

MANULIFE GLOBAL FUND PRODUCT KEY FACTS

MANULIFE GLOBAL FUND PRODUCT KEY FACTS MANULIFE GLOBAL FUND PRODUCT KEY FACTS April 2016 CONTENTS EQUITY FUNDS: Manulife Global Fund - American Growth Fund... 2 Manulife Global Fund - Asia Value Dividend Equity Fund... 7 Manulife Global Fund

More information

Swiss Life Funds (LUX)

Swiss Life Funds (LUX) Bond Global Corporates Bond Inflation Protection Equity Euro Zone Equity Europe Equity Global Diversified Equity Global exeurope Equity Global High Dividend Equity Global Sustainability (liquidated as

More information

EUROPA INVEST S.A. Audited annual accounts as at 31st December Société Anonyme. Registered Office: 14, Boulevard Royal L-2449 Luxembourg

EUROPA INVEST S.A. Audited annual accounts as at 31st December Société Anonyme. Registered Office: 14, Boulevard Royal L-2449 Luxembourg Audited annual accounts as at 31st December 2015 OPA INVEST S.A. Société Anonyme Registered Office: 14, Boulevard Royal L-2449 Luxembourg R.C.S. Luxembourg: B 38 157 Table of contents Organisation... 2

More information

"To provide a total return primarily through investment in equity securities of Asia Pacific property companies including Japan and Australasia.

To provide a total return primarily through investment in equity securities of Asia Pacific property companies including Japan and Australasia. Schroder International Selection Fund Société d'investissement à Capital Variable 5, rue Höhenhof, L-1736 Senningerberg Grand Duchy of Luxembourg Tel : (+352) 341 342 202 Fax : (+352) 341 342 342 IMPORTANT:

More information

w_> BANQUE CARNEGIE FUND SICAV Societe d'investissement a Capital Variable AUDITED ANNUAL REPORT 31 DECEMBER 2015 R.C.S. Luxembourg B

w_> BANQUE CARNEGIE FUND SICAV Societe d'investissement a Capital Variable AUDITED ANNUAL REPORT 31 DECEMBER 2015 R.C.S. Luxembourg B w_> Societe d'investissement a Capital Variable AUDITED ANNUAL REPORT 31 DECEMBER 2015 R.C.S. Luxembourg B 109 660 Subscriptions are only valid if made on the basis of the current prospectus accompanied

More information

Piraeus Asset Management Europe S.A. Société Anonyme

Piraeus Asset Management Europe S.A. Société Anonyme Audited annual accounts as at 31st December 2016 Piraeus Asset Management Europe S.A. Société Anonyme Registered Office: 11, rue Aldringen L-1118 LUXEMBOURG R.C.S. Luxembourg B 38 082 Table of contents

More information

HSBC Global Investment Funds Unaudited Semi-Annual Report for the period from 1 April 2017 to 30 September 2017

HSBC Global Investment Funds Unaudited Semi-Annual Report for the period from 1 April 2017 to 30 September 2017 HSBC Global Investment Funds Unaudited Semi-Annual Report for the period from 1 April 2017 to 30 September 2017 R.C.S. Luxembourg B 25 087 16, boulevard d Avranches L-1160 Luxembourg Grand Duchy of Luxembourg

More information

PARVEST. SEMI-ANNUAL REPORT at 31/08/2013. R.C.S. Luxembourg B

PARVEST. SEMI-ANNUAL REPORT at 31/08/2013. R.C.S. Luxembourg B PARVEST SICAV SEMI-ANNUAL REPORT at 31/08/2013 R.C.S. Luxembourg B 33 363 PARVEST Table of contents Page Organisation 3 Information 5 Financial statements at 31/08/2013 6 Key figures relating to the last

More information

FORTIS L FUND (the Company )

FORTIS L FUND (the Company ) Third Supplementary Prospectus dated 5 April 2010 to the Singapore Prospectus registered on 20 November 2009 FORTIS L FUND (the Company ) THIRD SUPPLEMENTARY PROSPECTUS LODGED PURSUANT TO SECTION 298 OF

More information

Goldman Sachs Structured Investments SICAV. Audited Annual Financial Statements. For the Year Ended 30 November 2013

Goldman Sachs Structured Investments SICAV. Audited Annual Financial Statements. For the Year Ended 30 November 2013 Audited Annual Financial Statements For the Year Ended 30 November 2013 R.C.S Luxembourg: B124.187 No subscription can be received on the basis of financial reports. Subscriptions are only valid if made

More information

T. Rowe Price Funds SICAV (The Company )

T. Rowe Price Funds SICAV (The Company ) T. Rowe Price Funds SICAV (The Company ) A SICAV established under the laws of Luxembourg on 5 June 21 April 28 SIMPLIFIED PROSPECTUS This simplified prospectus contains only key information about the

More information

The purpose of this amendment is to authorise the investment manager of the Fund to implement long and short active currency positions.

The purpose of this amendment is to authorise the investment manager of the Fund to implement long and short active currency positions. Schroder International Selection Fund Société d'investissement à Capital Variable 5, rue Höhenhof, L-1736 Senningerberg Grand Duchy of Luxembourg Tel : (+352) 341 342 202 Fax : (+352) 341 342 342 IMPORTANT:

More information

FIDELITY ADVANTAGE PORTFOLIO FUND. Annual Report and Accounts

FIDELITY ADVANTAGE PORTFOLIO FUND. Annual Report and Accounts FIDELITY ADVANTAGE PORTFOLIO FUND Annual Report and Accounts December 2006 Fidelity Advantage Portfolio Fund Reports and Financial Statements Year ended 31st December 2006 Contents Pages Management and

More information

Credit Suisse Index Fund (Lux) Audited Annual Report at

Credit Suisse Index Fund (Lux) Audited Annual Report at Credit Suisse Index Fund (Lux) Investment Company with Variable Capital under Luxembourg law - R.C.S. Luxembourg B 167 524 Audited Annual Report at 31.12.2017 Table of Contents Page 2 Audit report 3 Management

More information

R.C.S. Luxembourg B

R.C.S. Luxembourg B R.C.S. Luxembourg B14.413 Audited Annual Report as at 31 January 216 No subscription can be accepted on the basis of the financial reports. Subscriptions are only valid if they are made on the basis of

More information

ChinaAMC Fund. «Société d'investissement à Capital Variable»

ChinaAMC Fund. «Société d'investissement à Capital Variable» «Société d'investissement à Capital Variable» Annual report and audited financial statements for the period from August 10, 2010 (date of incorporation) to December 31, 2010. R.C.S. Luxembourg B154.870

More information

Fundsmith Equity Fund Feeder

Fundsmith Equity Fund Feeder «Société d'investissement à Capital Variable» Unaudited semi-annual report for the period from 1 January 2015 to 30 June 2015 R.C.S. Luxembourg B 164404 Subscriptions may not be received on the basis of

More information

Audited Annual Report 2015 Nordea 1, SICAV

Audited Annual Report 2015 Nordea 1, SICAV Audited Annual Report 2015 Nordea 1, SICAV Société d Investissement à Capital Variable à compartiments multiples Investment Fund under Luxembourg Law 562, rue de Neudorf L-2220 Luxembourg Grand Duchy of

More information

ECHIQUIER FUND. Echiquier Agressor Fund. Echiquier Agenor Mid Cap Europe. Echiquier Arty Fund. Echiquier Global Leaders

ECHIQUIER FUND. Echiquier Agressor Fund. Echiquier Agenor Mid Cap Europe. Echiquier Arty Fund. Echiquier Global Leaders Société d'investissement à Capital Variable R.C.S. Luxembourg N B 180 751 (Unaudited) Semi-Annual Report as at June 30, 2016 Echiquier Agressor Fund Echiquier Agenor Mid Cap Europe Echiquier Arty Fund

More information

dna S.A. Société Anonyme ANNUAL ACCOUNTS AND AUDIT REPORT FOR THE YEAR ENDED DECEMBER 31, 2014

dna S.A. Société Anonyme ANNUAL ACCOUNTS AND AUDIT REPORT FOR THE YEAR ENDED DECEMBER 31, 2014 Société Anonyme ANNUAL ACCOUNTS AND AUDIT REPORT FOR THE YEAR ENDED DECEMBER 31, 2014 Registered Office: 5, allée Scheffer L-2520 Luxembourg R.C.S. Luxembourg B 161 178 TABLE OF CONTENTS Page(s) MANAGEMENT

More information

BANQUE CARNEGIE FUND SICAV

BANQUE CARNEGIE FUND SICAV eaprwiẹ Société d'investissement à Capital Variable AUDITED ANNUAL REPORT 31 DECEMBER 2013 R.C.S. Luxembourg B 109 660 Subscriptions are only valid if made on the basis of the current prospectus accompanied

More information

PARVEST. SEMI-ANNUAL REPORT at 31/08/2013. R.C.S. Luxembourg B

PARVEST. SEMI-ANNUAL REPORT at 31/08/2013. R.C.S. Luxembourg B PARVEST SICAV SEMI-ANNUAL REPORT at 31/08/2013 R.C.S. Luxembourg B 33 363 PARVEST Table of contents Page Organisation 4 Information 7 Financial statements at 31/08/2013 8 Key figures relating to the last

More information

AXA World Funds II (the "Company")

AXA World Funds II (the Company) AXA World Funds II (the "Company") SIMPLIFIED PROSPECTUS dated December 2009 This simplified prospectus contains only key information about the sub-funds mentioned here below (the Sub-Funds ). For more

More information

PARVEST SICAV SEMI-ANNUAL REPORT. at 31/08/2014. R.C.S. Luxembourg B

PARVEST SICAV SEMI-ANNUAL REPORT. at 31/08/2014. R.C.S. Luxembourg B PARVEST SICAV SEMI-ANNUAL REPORT at 31/08/2014 R.C.S. Luxembourg B 33 363 Table of contents Organisation 3 Information 5 Financial statements at 31/08/2014 6 Key figures relating to the last 3 years 16

More information

E u r o b a n k F u n d M a n a g em e n t C o m p a n y ( L u x e m b o u r g ) S. A.

E u r o b a n k F u n d M a n a g em e n t C o m p a n y ( L u x e m b o u r g ) S. A. E u r o b a n k F u n d M a n a g em e n t C o m p a n y ( L u x e m b o u r g ) S. A. Audited annual accounts for t h e ye a r e n d e d Decem ber 31, 201 4 Registered office: 5, rue Jean Monnet L-2180

More information

R.C.S. Luxembourg B

R.C.S. Luxembourg B R.C.S. Luxembourg B85.828 Audited Annual Report as at 31 January 217 No subscription can be accepted on the basis of the financial reports. Subscriptions are only valid if they are made on the basis of

More information

edreams ODIGEO and Subsidiaries

edreams ODIGEO and Subsidiaries edreams ODIGEO and Subsidiaries Auditors Report Consolidated Financial Statements and Notes Management Report Financial Year ended at March 31, 2015 Deloitte. To the Shareholders of edreams ODIGEO, S.A.

More information

Allianz Global Investors Fund Société d Investissement à Capital Variable. (the Company ) TENTH ADDENDUM

Allianz Global Investors Fund Société d Investissement à Capital Variable. (the Company ) TENTH ADDENDUM Global Investors Fund Société d Investissement à Capital Variable (the Company ) TENTH ADDENDUM Important If you are in doubt about the contents of this document, you should consult your stockbroker, bank

More information

Contents. HSBC Global Investment Funds Page

Contents. HSBC Global Investment Funds Page HSBC Global Investment Funds Interim Report 2017 Contents HSBC Global Investment Funds 1-485 Page [This page is intentionally left blank] Unaudited semi-annual report for the period from 1 April 2017 to

More information

2017 Abridged. Financial ORBIS. Statements. ORBIS SICAV GLOBAL EQUITY Fund

2017 Abridged. Financial ORBIS. Statements. ORBIS SICAV GLOBAL EQUITY Fund Financial 2017 Abridged Statements ORBIS ORBIS SICAV GLOBAL EQUITY Fund This page is intentionally left blank. TABLE OF CONTENTS Directory 1 Appointments 2 Report of the Independent Auditor 3 Statement

More information

BELLEVUE FUNDS (LUX)

BELLEVUE FUNDS (LUX) (LUX) A SICAV under Luxembourg law Audited annual report as at 30 June 2018 Subscriptions are accepted only on the basis of the current prospectus or the current key investor information document ( KIID

More information

Schroder International Selection Fund

Schroder International Selection Fund Schroder International Selection Fund Singapore Prospectus (a Luxembourg domiciled open-ended investment company) Dated: 18 December 2017 Valid till: 15 August 2018 SCHRODER INTERNATIONAL SELECTION FUND

More information

Dexia Equities L Luxembourg Société d'investissement à Capital Variable ("SICAV") 69, route d Esch L 1470 Luxembourg R.C.S. Luxembourg B

Dexia Equities L Luxembourg Société d'investissement à Capital Variable (SICAV) 69, route d Esch L 1470 Luxembourg R.C.S. Luxembourg B Dexia Equities L Luxembourg Société d'investissement à Capital Variable ("SICAV") 69, route d Esch L 1470 Luxembourg R.C.S. Luxembourg B - 47449 PRESENTATION OF THE SICAV The SICAV was established in Luxembourg

More information

Annual Report 2013/2014

Annual Report 2013/2014 ab Asset management UBS Funds Annual Report 2013/2014 Investment Company under Luxembourg Law (SICAV) R.C.S. Luxembourg N B 88 580 Audited annual report as of 30 September 2014 Active Defense 5 (CHF) Active

More information

EASTSPRING INVESTMENTS

EASTSPRING INVESTMENTS SOCIÉTÉ D INVESTISSEMENT À CAPITAL VARIABLE LUXEMBOURG AUDITED ANNUAL REPORT AS AT DECEMBER 31, 2017 26, Boulevard Royal L-2449 Luxembourg Grand Duchy of Luxembourg R.C.S Luxembourg B 81.110 No subscription

More information

PARVEST. An open-ended investment company Incorporated under Luxembourg Law. Prospectus D E C E M B E R 2012

PARVEST. An open-ended investment company Incorporated under Luxembourg Law. Prospectus D E C E M B E R 2012 PARVEST An open-ended investment company Incorporated under Luxembourg Law Prospectus D E C E M B E R 2012 PARVEST - Prospectus - Book I - Version of DECEMBER 2012 1 / 186 PARVEST Luxembourg SICAV - UCITS

More information

Bache Global Series (in liquidation) (RCS No. B )

Bache Global Series (in liquidation) (RCS No. B ) Bache Global Series (in liquidation) (RCS No. B 129.297) INVESTMENT COMPANY WITH VARIABLE CAPITAL (SOCIÉTÉ D INVESTISSEMENT À CAPITAL VARIABLE) ORGANIZED UNDER THE LAWS OF THE GRAND DUCHY OF LUXEMBOURG

More information

GIM UK Loans S.A. Société Anonyme de Titrisation. R.C.S. Luxembourg N B , avenue John F. Kennedy, L-1855 Luxembourg

GIM UK Loans S.A. Société Anonyme de Titrisation. R.C.S. Luxembourg N B , avenue John F. Kennedy, L-1855 Luxembourg GIM UK Loans S.A. Société Anonyme de Titrisation R.C.S. Luxembourg N B202528 60, avenue John F. Kennedy, L-1855 Luxembourg Annual accounts for the period from December 9, 2015 (date of incorporation) to

More information

ORSO 職業退休計劃. Fidelity Advantage Portfolio Fund

ORSO 職業退休計劃. Fidelity Advantage Portfolio Fund ORSO 職業退休計劃 Fidelity Advantage Portfolio Fund Semi-Annual Report and Accounts For the period ended 30 June 2018 SEMI-ANNUAL REPORT AND ACCOUNTS - FOR THE PERIOD ENDED 30TH JUNE 2018 Contents Pages Management

More information

Level Two Investments

Level Two Investments Level Two Investments Société d'investissement à Capital Variable SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS 30 June 2016 R.C.S. Luxembourg B 187 480 Subscriptions are only valid if made on

More information

Eastspring Investments Asian Low Volatility Equity Fund

Eastspring Investments Asian Low Volatility Equity Fund Factsheet Singapore August 2018 All data as at 31 July 2018 unless otherwise stated Eastspring Investments Asian Low Volatility Equity Fund FUND DETAILS Fund size (mil) 305.7 Fund base currency Fund dealing

More information

Interim Report. Standard Life Investments Global SICAV Societe d Investissement a Capital Variable. Unaudited Semi-Annual Report as at 30 June 2014

Interim Report. Standard Life Investments Global SICAV Societe d Investissement a Capital Variable. Unaudited Semi-Annual Report as at 30 June 2014 Interim Report Standard Life Investments Global SICAV Societe d Investissement a Capital Variable Unaudited Semi-Annual Report No subscription can be received on the basis of financial reports. Subscriptions

More information

Principal Protected Nikkei 225 Linked Fund Without Target Auto Redemption (AUD) ( )

Principal Protected Nikkei 225 Linked Fund Without Target Auto Redemption (AUD) ( ) (an open-ended umbrella unit trust constituted by a trust deed dated October 21, 2008 under the laws of the Cayman Islands) Principal Protected Nikkei 225 Linked Fund Without Target Auto Redemption (AUD)

More information

AGATE ASSETS S.A. Société Anonyme. Annual accounts for the year ended December 31, 2014 (with the report of Réviseur d Entreprises agréé thereon)

AGATE ASSETS S.A. Société Anonyme. Annual accounts for the year ended December 31, 2014 (with the report of Réviseur d Entreprises agréé thereon) Annual accounts for the year ended December 31, 2014 (with the report of Réviseur d Entreprises agréé thereon) R.C.S. Luxembourg: B 166 171 Share Capital: 31 000 Registered office 28-32, Place de la Gare

More information

JANUS HENDERSON HORIZON FUND (the Company ) SOCIÉTÉ D'INVESTISSEMENT À CAPITAL VARIABLE (SICAV) LUXEMBOURG RCS B 22847

JANUS HENDERSON HORIZON FUND (the Company ) SOCIÉTÉ D'INVESTISSEMENT À CAPITAL VARIABLE (SICAV) LUXEMBOURG RCS B 22847 THE TERMS USED BUT NOT OTHERWISE DEFINED IN THIS NOTICE SHALL HAVE THE SAME MEANINGS AS THOSE DEFINED IN THE PROSPECTUS DATED FEBRUARY 2018 AND/OR ITS ACCOMPANYING HONG KONG COVERING DOCUMENT. THIS DOCUMENT

More information

PROSPECTUS February 2013 MFS MERIDIAN SM FUNDS

PROSPECTUS February 2013 MFS MERIDIAN SM FUNDS PROSPECTUS February 2013 MFS MERIDIAN SM FUNDS TABLE OF CONTENTS Directory 2 Summary of Main Features 4 Fund Profiles 7 Absolute Return Fund 7 Asia Pacific Ex-Japan Fund 12 Bond Fund 15 China Equity Fund

More information

JPMorgan Funds. Audited Annual Report 30 June 2011

JPMorgan Funds. Audited Annual Report 30 June 2011 JPMorgan Funds Audited Annual Report 30 June 2011 This report is an abridged version the audited annual report established in conformity with the Luxembourg Law 20 December 2002 on Undertakings for Collective

More information

ADCB SICAV. Société d'investissement à Capital Variable ANNUAL REPORT INCLUDING AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016

ADCB SICAV. Société d'investissement à Capital Variable ANNUAL REPORT INCLUDING AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 ANNUAL REPORT INCLUDING AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 Grand Duchy of Luxembourg R.C.S. Luxembourg B186336 1, rue de Potager L 2347 Luxembourg Contents Page (s) Management

More information

GAM MULTIBOND PROSPECTUS 1 ST DECEMBER 2017 A SICAV UNDER LUXEMBOURG LAW

GAM MULTIBOND PROSPECTUS 1 ST DECEMBER 2017 A SICAV UNDER LUXEMBOURG LAW A SICAV UNDER LUXEMBOURG LAW PROSPECTUS 1 ST DECEMBER 2017 Subscriptions are validly made only on the basis of this prospectus or the Key Investor Information Document in conjunction with the most recent

More information

HENDERSON HORIZON FUND (the Company ) SOCIÉTÉ D'INVESTISSEMENT À CAPITAL VARIABLE (SICAV) LUXEMBOURG RCS B 22847

HENDERSON HORIZON FUND (the Company ) SOCIÉTÉ D'INVESTISSEMENT À CAPITAL VARIABLE (SICAV) LUXEMBOURG RCS B 22847 THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. IF YOU ARE IN ANY DOUBT ABOUT THE ACTION TO BE TAKEN YOU SHOULD CONSULT YOUR STOCKBROKER, BANK MANAGER, SOLICITOR, ACCOUNTANT, RELATIONSHIP

More information

MILLENIUM GARANT 80 FCP

MILLENIUM GARANT 80 FCP MILLENIUM GARANT 80 FCP ANNUAL Report at 31/12/2017 R.C.S. Luxembourg K 1430 The asset manager for a changing world The asset manager for a changing world MILLENIUM GARANT 80 Table of contents Page Organisation

More information

JPMorgan Funds. Audited Annual Report 30 June 2013

JPMorgan Funds. Audited Annual Report 30 June 2013 JPMorgan Funds Audited Annual Report 30 June 2013 This report is an abridged version the audited annual report established in conformity with the Luxembourg Law 17 December 2010 on Undertakings for Collective

More information

JPMorgan Funds Singapore Offering Document March 2013

JPMorgan Funds Singapore Offering Document March 2013 JPMorgan Funds Singapore Offering Document March 2013 Contents Section i) Singapore Prospectus Section ii) Luxembourg Prospectus Singapore Prospectus 18 March 2013 JPMORGAN FUNDS EQUITY SUB-FUNDS JPMORGAN

More information

Audited Annual Report 2016 Nordea 1, SICAV

Audited Annual Report 2016 Nordea 1, SICAV Audited Annual Report 2016 Nordea 1, SICAV Société d Investissement à Capital Variable à compartiments multiples Investment Fund under Luxembourg Law 562, rue de Neudorf L-2220 Luxembourg Grand Duchy of

More information

Schroder International Selection Fund Environmental, Social and Governance (ESG) factors

Schroder International Selection Fund Environmental, Social and Governance (ESG) factors Schroder International Selection Fund Société d Investissement à Capital Variable 5, rue Höhenhof, L-1736 Senningerberg Grand Duchy of Luxembourg Tel: +352 341 342 202 Fax:+352 341 342 342 IMPORTANT: This

More information

PRODUCT HIGHLIGHTS SHEET

PRODUCT HIGHLIGHTS SHEET Prepared on: 05/02/2016 This Products Highlights Sheet is an important document. It highlights the key terms and risks of the RMB Income Plus Portfolio (the "Portfolio"), a portfolio of AB 1 (the "Fund"),

More information

Morgan Stanley Investment Funds Asia Opportunity Fund

Morgan Stanley Investment Funds Asia Opportunity Fund Investment management For Marketing Purposes Only FACTSHEET DATA AS OF October 31, 2017 Morgan Stanley Investment Funds Asia Opportunity Fund Investment objective Seeks long-term capital appreciation by

More information

Allianz Global Investors Fund II

Allianz Global Investors Fund II Unaudited Semi-Annual Report as at 30 June 2018 Allianz Global Investors Fund II Allianz Global Investors GmbH RCSK: B117659 Allianz Global Investors Fund II General Information Allianz Global Investors

More information

HSBC Portfolios. Unaudited Semi-Annual Report for the period ended 31 January 2015

HSBC Portfolios. Unaudited Semi-Annual Report for the period ended 31 January 2015 HSBC Portfolios Unaudited Semi-Annual Report for the period ended 31 January 2015 R.C.S. Luxembourg B 147 223 16, boulevard d Avranches L-1160 Luxembourg Grand Duchy of Luxembourg No subscription can be

More information

PROSPECTUS DECEMBER 2017 THREADNEEDLE (LUX) PROSPECTUS COLUMBIATHREADNEEDLE.COM

PROSPECTUS DECEMBER 2017 THREADNEEDLE (LUX) PROSPECTUS COLUMBIATHREADNEEDLE.COM PROSPECTUS DECEMBER 2017 THREADNEEDLE (LUX) PROSPECTUS COLUMBIATHREADNEEDLE.COM Threadneedle (Lux) SICAV A Luxembourg Undertaking For Collective Investment In Transferable Securities Under Part I of the

More information

FRANKLIN TEMPLETON INVESTMENT FUNDS

FRANKLIN TEMPLETON INVESTMENT FUNDS FRANKLIN TEMPLETON INVESTMENT FUNDS Société d'investissement à capital variable Registered office: 8A, rue Albert Borschette, L-1246 Luxembourg, R.C.S. Luxembourg B 35 177 ("FTIF" or the "Company") Luxembourg,

More information

KEYLUX UMBRELLA. Société d'investissement à capital variable. Unaudited semi-annual report as at 30/06/17. RCS Luxembourg N B176003

KEYLUX UMBRELLA. Société d'investissement à capital variable. Unaudited semi-annual report as at 30/06/17. RCS Luxembourg N B176003 Société d'investissement à capital variable Unaudited semi-annual report as at 30/06/17 RCS Luxembourg N B176003 Database Publishing System: CO-Reporter by CO-Link, Belgium. Table of Contents Management

More information

We are writing to you in your capacity as shareholder of the Receiving Sub-Fund.

We are writing to you in your capacity as shareholder of the Receiving Sub-Fund. FRANKLIN TEMPLETON INVESTMENT FUNDS Société d investissement à capital variable, L-1246 Luxembourg B.P. 169, L-2011 Luxembourg Tel. (352) 46 66 67-1 Fax (352) 46 66 76 E-mail: lucs@franklintempleton.com

More information

Michelin Luxembourg SCS. Société en Commandite Simple. Audited accounts as of and for the year ended December 31, 2016

Michelin Luxembourg SCS. Société en Commandite Simple. Audited accounts as of and for the year ended December 31, 2016 Michelin Luxembourg SCS Société en Commandite Simple Audited accounts as of and for the year ended December 31, 2016 69, Boulevard de la Pétrusse L-2320, Luxembourg R.C.S. - B96.546 Table of Contents Management

More information

Eastspring Investments Asian Equity Fund

Eastspring Investments Asian Equity Fund Factsheet Singapore October 2017 All data as at 30 September 2017 unless otherwise stated Eastspring Investments Asian Equity Fund FUND DETAILS Fund size (mil) 409.7 Fund base currency Fund dealing frequency

More information

PARVEST SICAV. SEMI-ANNUAL REPORT at 30/06/2017 R.C.S. Luxembourg B The asset manager for a changing world

PARVEST SICAV. SEMI-ANNUAL REPORT at 30/06/2017 R.C.S. Luxembourg B The asset manager for a changing world PARVEST SICAV SEMI-ANNUAL REPORT at 30/06/2017 R.C.S. Luxembourg B 33 363 The asset manager for a changing world The asset manager for a changing world Table of contents Organisation 4 Information 7 Financial

More information

Annual Report Investment Company under Luxembourg Law (SICAV) Audited annual report as of 31 December 2007

Annual Report Investment Company under Luxembourg Law (SICAV) Audited annual report as of 31 December 2007 Annual Report 2007. Investment Company under Luxembourg Law (SICAV) Audited annual report as of 31 December 2007 American Selection Audited annual report as of 31 December 2007 Table of contents Page ISIN

More information

REYL (Lux) GLOBAL FUNDS Luxembourg SICAV with multiple sub-funds

REYL (Lux) GLOBAL FUNDS Luxembourg SICAV with multiple sub-funds S I M P L I F I E D P R O S P E C T U S JUNE 2010 Subscriptions may only be carried out on the basis of this simplified prospectus or the full prospectus, dated February 2010. This prospectus must be distributed

More information

FULCRUM UCITS SICAV. Société d Investissement à Capital Variable. Annual Report and Audited Financial Statements as at 31 December 2017

FULCRUM UCITS SICAV. Société d Investissement à Capital Variable. Annual Report and Audited Financial Statements as at 31 December 2017 Société d Investissement à Capital Variable Annual Report and Audited Financial Statements as at 31 December 2017 Luxembourg R.C.S. B132741 Subscriptions cannot be received on the basis of this report.

More information

Following the change, there will be several new characters at the end of the share class name, to indicate:

Following the change, there will be several new characters at the end of the share class name, to indicate: Schroder International Selection Fund Société d Investissement à Capital Variable 5, rue Höhenhof, L-1736 Senningerberg Grand Duchy of Luxembourg Tel: +352 341 342 202 Fax:+352 341 342 342 IMPORTANT: This

More information

UBS (LUX) EQUITY FUND

UBS (LUX) EQUITY FUND UBS (LUX) EQUITY FUND (incorporated under the laws of Luxembourg and constituted outside Singapore) UBS (Lux) Equity Fund Asian Consumption (USD) UBS (Lux) Equity Fund China Opportunity (USD) UBS (Lux)

More information

SIP Aggressive Portfolio

SIP Aggressive Portfolio SIP LIFESTYLE PORTFOLIOS FACT SHEET (NOV 2015) SIP Aggressive Portfolio SIP Aggressive Portfolio is a unitized fund, which is designed to provide long term capital growth. It is designed for those who

More information

BLACKROCK GLOBAL FUNDS

BLACKROCK GLOBAL FUNDS THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about the action to be taken you should consult your stockbroker, bank manager, solicitor, accountant, relationship

More information

HSBC Global Investment Funds

HSBC Global Investment Funds HSBC Global Investment Funds BRIC Freestyle Simplified Prospectus November 2007 GEDI:511871v4 BRIC Freestyle Important information What does the Sub-Fund invest in? This simplified prospectus contains

More information

NOTICE TO SHAREHOLDERS. This document is important and requires your immediate attention. If in doubt, contact your professional adviser.

NOTICE TO SHAREHOLDERS. This document is important and requires your immediate attention. If in doubt, contact your professional adviser. STANDARD LIFE INVESTMENTS GLOBAL SICAV Société d'investissement à Capital Variable Registered Office: 2-4 rue Eugène Ruppert L-2453 Luxembourg Grand-Duchy of Luxembourg R.C.S. Luxembourg B 78 797 NOTICE

More information

Alternatively, you may consider the following options and provide us with your instructions by 31 October 2018, before 3pm:

Alternatively, you may consider the following options and provide us with your instructions by 31 October 2018, before 3pm: Manulife (Singapore) Pte. Ltd. (Reg. No. 198002116D) 17 September 2018 51 Bras Basah Road #09-00 Manulife Centre Singapore 189554 Dear Customer,

More information

Schroder International Selection Fund Semi-Annual Report. 30 June Luxembourg

Schroder International Selection Fund Semi-Annual Report. 30 June Luxembourg International Selection Fund Semi-Annual Report 30 June 2009 Luxembourg International Selection Fund Société d Investissement à Capital Variable (SICAV) Semi-Annual Report 30 June 2009 No subscriptions

More information

SHB SICAV SOCIETE D INVESTISSEMENT A CAPITAL VARIABLE (SICAV)

SHB SICAV SOCIETE D INVESTISSEMENT A CAPITAL VARIABLE (SICAV) SOCIETE D INVESTISSEMENT A CAPITAL VARIABLE (SICAV) AUDITED ANNUAL REPORT For the year ended 31 December 2013 RCS Luxembourg B 153460 Table of Contents SHAREHOLDERS INFORMATION 2 ADMINISTRATION AND SERVICE

More information

JPMorgan Funds. Audited Annual Report 30 June 2014

JPMorgan Funds. Audited Annual Report 30 June 2014 JPMorgan Funds Audited Annual Report 30 June 2014 This report is an abridged version the audited annual report established in conformity with the Luxembourg Law 17 December 2010 on Undertakings for Collective

More information

PROSPECTUS July 2017 MFS MERIDIAN FUNDS

PROSPECTUS July 2017 MFS MERIDIAN FUNDS PROSPECTUS July 2017 MFS MERIDIAN FUNDS TABLE OF CONTENTS Directory 2 Summary of Main Features 4 Fund Profiles 7 Absolute Return Fund 7 Asia Pacific Ex-Japan Fund 13 Blended Research European Equity Fund

More information

Samsonite International S.A. (Société Anonyme)

Samsonite International S.A. (Société Anonyme) Samsonite International S.A. (Société Anonyme) Annual accounts As at December 31, 2013 (with the report of the Réviseur d Entreprises Agréé thereon) Address of the registered office: 13 15 Avenue de la

More information

db x-trackers II * Société d investissement à capital variable R.C.S. Luxembourg N B

db x-trackers II * Société d investissement à capital variable R.C.S. Luxembourg N B * Société d investissement à capital variable R.C.S. Luxembourg N B-124.284 Annual Report and Audited Financial Statements For the year ended 31 December 2017 No subscription can be accepted on the basis

More information

Torrus Funds Audited annual report and accounts

Torrus Funds Audited annual report and accounts Torrus Funds Audited annual report and accounts 31 March 2013 RCS Number: B99.048 Additional Information for Investors in the Federal Republic of Germany Deutsche Bank AG, Tanusanlage 12, D-60325 Frankfurt

More information

Eastspring Investments Asian Low Volatility Equity Fund

Eastspring Investments Asian Low Volatility Equity Fund Factsheet Singapore December 2018 All data as at 30 November 2018 unless otherwise stated Eastspring Investments Asian Low Volatility Equity Fund FUND DETAILS Fund size (mil) 293.4 Fund base currency Fund

More information

Managing Director UBS AG Basel and Zurich. Executive Director UBS AG. Managing Director UBS Asset Management (UK) Ltd London

Managing Director UBS AG Basel and Zurich. Executive Director UBS AG. Managing Director UBS Asset Management (UK) Ltd London UBS ETF, Sicav Investment Company under Luxembourg law Sales prospectus 2 February 2016 Shares may be acquired on the basis of this sales prospectus, the latest annual report and, if it has already been

More information

HSBC AMANAH FUNDS HSBC AMANAH FUNDS. HSBC Amanah Global Equity. HSBC Amanah Global Equity. Simplified Prospectus December 2010 June 2011

HSBC AMANAH FUNDS HSBC AMANAH FUNDS. HSBC Amanah Global Equity. HSBC Amanah Global Equity. Simplified Prospectus December 2010 June 2011 Simplified Prospectus December 2010 June 2011 HSBC AMANAH FUNDS HSBC AMANAH FUNDS HSBC Amanah Global Equity HSBC Amanah Global Equity VISA 2011/75445-2740-9-PS L'apposition du visa ne peut en aucun cas

More information

ABN AMRO FUNDS - ASIAN TIGERS EQUITY FUND

ABN AMRO FUNDS - ASIAN TIGERS EQUITY FUND ABN AMRO FUNDS - ASIAN TIGERS EQUITY FUND Sub-fund of ABN AMRO Funds, an Undertaking for Collective Investment in Transferable Securities under Luxemburg Law Simplified Prospectus October 2007 English

More information

Simplified Prospectus

Simplified Prospectus CBK SICAV Investment company with variable capital Registered under Part I of the Luxembourg Law of 20 December 2002 Simplified Prospectus Skandia Shield Subfund Simplified prospectus dated September 2010

More information

I DECISIONS TO BE EFFECTIVE ONE MONTH AFTER THE PUBLICATION OF THIS NOTICE

I DECISIONS TO BE EFFECTIVE ONE MONTH AFTER THE PUBLICATION OF THIS NOTICE SGAM Fund Société d'investissement à Capital Variable Registered office: 16, boulevard Royal, L 2449 Luxembourg RCS Luxembourg B 25 970 NOTICE TO THE SHAREHOLDERS AND TO THE PUBLIC The Board of Directors

More information

Natixis International Funds (Lux) I

Natixis International Funds (Lux) I Simplified Prospectus Natixis International Funds (Lux) I Société d'investissement à Capital Variable organized under the laws of the Grand Duchy of Luxembourg This Simplified Prospectus contains only

More information

Multilabel SICAV Société d'investissement à Capital Variable

Multilabel SICAV Société d'investissement à Capital Variable Multilabel SICAV Société d'investissement à Capital Variable Annual Report as at 30 June 2016 (audited) Subscriptions are carried out solely on the basis of the current prospectus or the key investor information,

More information

NIKKO REAL ASSET FUND. Audited Financial Statements and Annual Report for the year ended September 30, 2009

NIKKO REAL ASSET FUND. Audited Financial Statements and Annual Report for the year ended September 30, 2009 Audited Financial Statements and Annual Report for the year ended September 30, 2009 Table of contents Nikko Real Asset Fund Page(s) Administration of the Trust 3 General information 6 Report of the Board

More information

Annual Report As at 30 June 2017 (audited)

Annual Report As at 30 June 2017 (audited) [Type text] GAM Multistock [formerly: Julius Baer Multistock (until 30 June 2017)] Société d'investissement à Capital Variable Annual Report As at 30 June 2017 (audited) Subscriptions are carried out solely

More information