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TFHK DM-MJ-20-0287-93 (4th Proof)Colour :KMPF Scheme Brochure forManulife Global Select (MPF) SchemeTrustee: Manulife Provident Funds Trust Company LimitedSponsor: Manulife (International) LimitedNovember 2021Enquiry contact:( 852) 2108 1234 (Employer Hotline)( 852) 2108 1388 (Member Hotline)Facsimile:( 852) 2104 3504Website:www.manulife.com.hkManulife Provident Funds Trust Company Limited22/F, Manulife Financial Centre, 223-231 Wai Yip Street, Kwun Tong, Kowloon, Hong KongDate : November 1, 2021MPFSB (11/2021)
Important:If you are in doubt about the meaning or effect of the contents of this MPFScheme Brochure, you should seek independent professional advice.Important to note: You should consider your own risk tolerance level and financialcircumstances before making any investment choices. When, in yourselection of constituent funds or the Default Investment Strategy, you arein doubt as to whether a certain constituent fund or the Default InvestmentStrategy is suitable for you (including whether it is consistent with yourinvestment objectives), you should seek independent financial and/orprofessional advice and make investment choices most suitable for youtaking into account your circumstances. The asset allocation of the DIS CFs in the DIS and some of the constituentfunds which are referred to as the Retirement Funds will change over timeand hence the risk profile and return will also change over time. The DIS CFsor the Retirement Funds may not be suitable for all Members. You shouldunderstand the relevant risks involved before investment and considerfactors other than age and review your own investment objectives. The Manulife MPF Interest Fund and the Manulife MPF Stable Fund(collectively the “Guaranteed Funds”) under the Scheme each invests solelyin APIFs in the form of insurance policy provided by Manulife (International)Limited. The guarantee is also given by Manulife (International) Limited.Your investments in the Guaranteed Funds, if any, are therefore subject tothe credit risks of Manulife (International) Limited. Please refer to sections3.4.2 (Manulife MPF Stable Fund (the “Stable Fund”) ) and 7.2.4(b)(Manulife MPF Stable Fund) and sections 3.4.1 (Manulife MPF Interest Fund(the “Interest Fund”) ) and 7.2.4(c) (Manulife MPF Interest Fund) of this MPFScheme Brochure for details of the credit risks, guarantee features andqualifying conditions. The Manulife MPF Retirement Income Fund (the "Retirement Income Fund")does not guarantee distribution of dividend, the frequency of distribution,and the dividend amount/yield. Dividends may be paid out of the realisedcapital gains, capital and/or gross income while charging/paying all or partof the fees, charges and expenses to/out of the capital, resulting in anincrease in distributable income available for dividend distribution.Payment of dividends out of capital and/or effectively out of capitalrepresent a withdrawal of part of the original investment or from any capitalgains attributable to that original investment. Distribution of dividends willresult in an immediate decrease or adjustment in the net asset value perunit of the Retirement Income Fund on the ex-dividend date. Members who are below age 65 should note that the regular and frequentdistribution of dividends and reinvestment of such dividends into theRetirement Income Fund will inevitably involve an investment time-lagduring which dividends are not reinvested and it is subject to out-of-marketrisk on a recurring basis (currently, on a monthly basis). With the feature ofdividend distribution, the return of the Retirement Income Fund for theseMembers may be impacted negatively or positively as its net asset value perunit may have gone up or down at the time when dividends are reinvested.Therefore the return of the Retirement Income Fund for these Members maydeviate from that of a constituent fund with similar investment portfoliowithout such arrangement and may not always be advantageous to theseMembers. Investment involves risks and not each of the constituent funds would besuitable for everyone. You should consider the risks associated with each ofthe constituent funds and the Default Investment Strategy and yourinvestments/accrued benefits may suffer loss.11
1.INTRODUCTION ----------------------------------------- 42.DIRECTORY OF APPROVED TRUSTEE AND OTHER SERVICE PROVIDERS -------- onsor ----------------- 5Trustee and custodian ---------------------------------------------- 5Investment managers of the first level APIFs ------------- 5FUND OPTIONS, INVESTMENT OBJECTIVES AND POLICIES -------------------------- 6Scheme structure --- 6Table for constituent funds --------------------------------------- 7MPF Default Investment Strategy (the “DIS”) ------------ 12Statements of Investment Policies --------------------------- 15Glide Path for Retirement Funds ----------------------------- 46Termination of the Retirement Funds (other than the Smart Retirement Fund) ------------ 46Investment restrictions and guidelines -------------------- 48Borrowing policy -- 49Changes to constituent funds --------------------------------- 49Selected constituent fund is terminated ------------------ 49Change of guarantee features -------------------------------- 49RISK FACTORS ---------------------------------------50Market and investment risks ----------------------------------- 50Equity investment risk and volatility risk ----------------- 50Currency ------------ 50RMB currency risk -------------------------------------------------- 50Emerging market risk --------------------------------------------- 5 1Derivatives ----------- 5 1Growth Enterprise Market (“GEM”) -------------------------- 5 1Risks associated with Stock Connect programmes (“Stock Connect”) ------------------------- 5 1Credit risk and credit rating risk ----------------------------- 52Interest rate risk -- 52Political, economic and social risks ------------------------ 52Concentration risk -------------------------------------------------- 52Risks related to ITCIS --------------------------------------------- 52Risks relating to investing solely in a single ITCIS --- 53Risks associated with investment in underlying funds ------------------------------------------------ 53Liquidity risk -------- 54Counterparty and settlement risk --------------------------- 54Custodial risk ------- 54Valuation and accounting risk --------------------------------- 54Risks related to futures and options ----------------------- 54Early termination risk --------------------------------------------- 55Additional risk factors for investment in RMB denominated debt securities ---------------- 55Currency risk relating to RMB valuation ------------------ 56Additional risks related to the Manulife MPF Hang Seng Index Tracking Fund ------------- 56Additional risk factors for investment in the Retirement Funds----------------------------------- 57Additional key risks relating to the DIS ------------------- 57Additional risks related to the DIS CFs -------------------- 5822
.77.87.97.107.118.Additional risks related to the Manulife MPF Retirement Income Fund --------------------------- 59Risks related to securities lending and repurchase agreements ------------------------------------- 59Mainland Chinese assets risk -------------------------------------59Risk associated with the SME board, ChiNext market and/or the STAR Board ---------------- 60Additional risk factors relating to investment in debt securities in onshore andoffshore China market ----------------------------------------------- 60FEES AND CHARGES ------------------------------65Fees and charges - 65Deductions from the Manulife MPF Conservative Fund ---------------------------------------------- 72Fees and out-of-pocket expenses of the DIS CFs ------ 72Soft benefits -------- 73ADMINISTRATIVE ------------------------ 74Application for membership ------------------------------------ 74Mandatory contributions ---------------------------------------- 75Voluntary contributions ------------------------------------------ 75Contribution payment --------------------------------------------- 77Contribution investment instruction ------------------------ 77Switching ------------- 78Circumstances for accrued benefits to be invested in the DIS ------------------------------------ 80Transfer --------------- 8 1Vesting of accrued benefits ------------------------------------ 85Withdrawal ----------- 85Payment of accrued benefits ---------------------------------- 87Payment related to long service payment and severance payment ----------------------------- 87Termination of sub-scheme ------------------------------------ 88OTHER INFORMATION ----------------------------89Valuation and pricing --------------------------------------------- 89Dealing ---------------- 90Reports and notices to Member ------------------------------ 94Publication of NAV and --------------------------------------- 95Information on performance of constituent funds ---- 95Documents for inspection --------------------------------------- 95Modification of the Trust Deed and this MPF Scheme Brochure --------------------------------- 95Duration -------------- 96Hong Kong ------ 96Use of standard ------------------------------------------------- 96Automatic exchange of financial account information ------------------------------------------------ 96Glossary ------------------------------------------------ 98Appendix A --- 101Appendix B -- 103Appendix C -- 10833
1.INTRODUCTIONManulife Global Select (MPF) Scheme (the “Scheme”) is a master trust scheme registered with the MPFAunder the MPF Ordinance and authorised by the SFC. Although the Scheme has been registered with andauthorised by the MPFA and the SFC respectively, such registration and authorisation do not imply officialrecommendation of the Scheme by the MPFA and the SFC.SFC authorisation is not a recommendation or endorsement of the Scheme. It does not guarantee thecommercial merits of the Scheme, or its performance. It does not mean the MPF Scheme is suitable forall scheme participants or fund holders. It is also not an endorsement of its suitability for any particularscheme participant or fund holder.The Scheme is constituted by the Trust Deed and is governed by the laws of Hong Kong. The Scheme isdesigned to provide retirement benefits to Members under the Scheme.The Scheme commenced on December 1, 2000. The Scheme financial year end is March 31.Manulife Financial Corporation (“MFC”) is a leading international financial services group with principaloperations in Asia, Canada and the United States. The group provides financial advice, insurance, as wellas wealth and asset management solutions for individuals, groups and institutions. Manulife has been inHong Kong for over 120 years and its experience in managing pension plans can be traced back to 1936when Manulife sold its first provident fund plan. With its wealth of experience, financial strength and ISO9001 certification, Manulife provides professional provident funds services of superb quality to bothemployers and the workforce of Hong Kong.Manulife Provident Funds Trust Company Limited accepts responsibility for the accuracy of theinformation contained in this MPF Scheme Brochure as at the date of publication.44
DIRECTORY OF APPROVED TRUSTEE AND OTHER SERVICE PROVIDERS2.SponsorManulife (International) LimitedTrustee and CustodianManulife Provident Funds TrustCompany LimitedAdministratorManulife (International) LimitedAuditorsErnst & YoungGuarantor in relation to theGuaranteed FundsManulife (International) Limited2.122/F, Manulife Financial Centre, 223231 Wai Yip Street, Kwun Tong,Kowloon, Hong Kong22/F, Manulife Financial Centre, 223231 Wai Yip Street, Kwun Tong,Kowloon, Hong Kong22/F, Manulife Financial Centre, 223231 Wai Yip Street, Kwun Tong,Kowloon, Hong Kong22/F, CITIC Tower, 1 Tim Mei Avenue,Central, Hong Kong22/F, Manulife Financial Centre, 223231 Wai Yip Street, Kwun Tong,Kowloon, Hong KongSponsorThe Scheme is promoted by Manulife (International) Limited in its capacity as the Sponsor. As theSponsor, Manulife (International) Limited is responsible for promoting, distributing and procuring salesof the Scheme, providing advice in relation to the product design and features of the Scheme, andproviding ancillary and support services, including but not limited to business development, marketing,product development and any other support services to the Trustee as may be agreed between theTrustee and the Sponsor from time to time. The Sponsor is also the Guarantor of the Guaranteed Funds.2.2Trustee and custodianManulife Provident Funds Trust Company Limited is the Trustee of the Scheme. The Trustee is capitalisedin excess of statutory requirements and supported by Manulife (International) Limited under the ManulifeFinancial Group. The Trustee assumes the investment management function of the Scheme.2.3Investment managers of the first level APIFsManulife Investment Management (Hong Kong) Limited manages the first level pooled investment fundsand the second level umbrella unit trust of the Scheme. Manulife Investment Management (Hong Kong)Limited is a wholly-owned subsidiary of MFC which now conducts its global institutional assetmanagement under the brand name of Manulife Investment Management. The investment division ofMFC has been operating for over 100 years†, and has global expertise around the world in wealthmanagement. Manulife Investment Management (Hong Kong) Limited is licensed with the SFC to carryout asset management activities in Hong Kong.Subject to the prior approval of the SFC and agreement of the MPFA, Manulife Investment Management(Hong Kong) Limited may from time to time delegate any or all of its investment management functionsto one or more sub-investment managers who may or may not be within the Manulife Group.† A wholly owned subsidiary of MFC, The Manufacturers Life Insurance Company, was incorporated onJune 23, 1887, and has been operating for over 100 years, providing a wide range of financial,insurance and investment management services to individuals, families, businesses and groups.55
3.FUND OPTIONS, INVESTMENT OBJECTIVES AND POLICIES3.1Scheme structureConstituent fundsManulife MPF Interest FundManulife MPF Stable FundFirst level pooled investment fundsInterest Fund PolicyStable Fund PolicyManulife MPF Retirement IncomeFundManulife MPF Growth FundManulife MPF Aggressive FundManulife MPF Conservative FundManulife Retirement Income UnitTrust FundManulife Growth Unit Trust FundManulife Aggressive Unit Trust FundManulife Conservative Unit TrustFundManulife Hong Kong Equity UnitTrust FundManulife International Equity UnitTrust FundManulife Pacific Asia Equity UnitTrust FundManulife European Equity Unit TrustFundManulife North American Equity UnitTrust FundManulife Japan Equity Unit TrustFundManulife Hong Kong Bond Unit TrustFundManulife RMB Bond Unit Trust FundManulife Pacific Asia Bond UnitTrust FundManulife International Bond UnitTrust FundManulife China Value Unit TrustFundManulife Healthcare Unit Trust FundManulife Hang Seng Index TrackingUnit Trust FundManulife Growth Unit Trust Fund(Series 1)Manulife Stable Growth Unit TrustFundManulife Core Accumulation UnitTrust FundManulife Age 65 Plus Unit TrustFundManulife Smart Retirement UnitTrust FundManulife 2025 Retirement UnitTrust FundManulife 2030 Retirement UnitTrust FundManulife 2035 Retirement UnitTrust FundManulife 2040 Retirement UnitTrust FundManulife 2045 Retirement UnitTrust FundManulife MPF Hong Kong Equity FundManulife MPF International Equity FundManulife MPF Pacific Asia Equity FundManulife MPF European Equity FundManulife MPF North American Equity FundManulife MPF Japan Equity FundManulife MPF Hong Kong Bond FundManulife MPF RMB Bond FundManulife MPF Pacific Asia Bond FundManulife MPF International Bond FundManulife MPF China Value FundManulife MPF Healthcare FundManulife MPF Hang Seng IndexTracking FundManulife MPF Fidelity Growth FundManulife MPF Fidelity Stable Growth FundManulife MPF Core Accumulation FundManulife MPF Age 65 Plus FundManulife MPF Smart Retirement FundManulife MPF 2025 Retirement FundManulife MPF 2030 Retirement FundManulife MPF 2035 Retirement FundManulife MPF 2040 Retirement FundManulife MPF 2045 Retirement FundAll first level pooled investment funds are in the form of a unit trust, except for the Interest FundPolicy and the Stable Fund Policy which are in the form of insurance policies.66
3.2Table for constituent fundsThe Scheme currently consists of the following constituent funds. The Trustee may at any timeestablish a new constituent fund, subject to the approval by the MPFA and the SFC.No.Name ofInvestmentconstituent fund Manager**Fund structureFund descriptor1.Manulife MPFInterest FundN/AInvesting in asingle APIF2.Manulife MPFStable FundN/AInvesting in asingle APIF3.Manulife MPFRetirementIncome FundN/AInvesting in asingle APIF4.Manulife MPFGrowth FundN/AInvesting in asingle APIF5.Manulife MPFN/AAggressive FundInvesting in asingle APIF6.Manulife MPFConservativeFundManulife MPFHong KongEquity FundN/AInvesting in asingle APIFN/AInvesting in asingle APIF8.Manulife MPFInternationalEquity FundN/AInvesting in asingle APIFGuaranteed Fund At least 70% in HKD– Capitalfixed incomeGuaranteeinstruments and upto 30% in otherinvestmentsGuaranteed Fund Up to 40% in– Interestequities and equityrelated investments,Guaranteeand remainder inbonds, deposits andother investmentsMixed AssetsAround 20% to 60%Fund – Global - in equities andaround 20% to equity-related60% in equities investments, andand equityremainder in bonds,relateddeposits and otherinvestmentsinvestmentsMixed AssetsAround 50% to 90%Fund – Global – in equities andaround 50% to equity-related90% in equities investments, andand equityremainder in bonds,relateddeposits and otherinvestmentsinvestmentsMixed AssetsMainly equities andFund – Global – equity-relatedmainly ininvestments, and upto 30% in bonds,equities anddeposits and otherequity-relatedinvestmentsinvestmentsMoney MarketFixed incomeFund – HonginstrumentsKongEquity Fund –At least 70% in HongHong KongKong equities andequity-relatedinvestments (less than30% in shares ofcompanies listed inmainland China), andup to 30% in bonds,deposits and otherinvestmentsEquity Fund –Global equities andGlobalequity-relatedinvestments, and upto 30% in bonds,deposits and otherinvestments9.Manulife MPFPacific AsiaEquity FundN/AInvesting in asingle APIFEquity Fund –Pacific AsiaMainly equities, andup to 30% in bonds,deposits and otherinvestments10.Manulife MPFN/AEuropean EquityFundInvesting in asingle APIFEquity Fund –EuropeMainly equities, andup to 30% in bonds,deposits and otherinvestments7.77Investment focus
No.Name ofInvestmentconstituent fund Manager**Fund structureFund descriptorInvestment focus11.Manulife MPFN/ANorth AmericanEquity FundInvesting in asingle APIFEquity Fund –North America12.Manulife MPFJapan EquityFundN/AInvesting in asingle APIFEquity Fund –Japan13.Manulife MPFN/AHong Kong BondFundInvesting in asingle APIFBond Fund –Hong Kong14.Manulife MPFN/ARMB Bond FundInvesting in asingle APIFBond Fund –China15.Manulife MPFPacific AsiaBond FundN/AInvesting in asingle APIFBond Fund –Pacific Asia16.Manulife MPFInternationalBond FundN/AInvesting in asingle APIFBond Fund –Global17.Manulife MPFChina ValueFundN/AInvesting in asingle APIFEquity Fund –Greater China18.Manulife MPFN/AHealthcare FundInvesting in asingle APIFEquity Fund –HealthcareSectorMainly equities, andup to 30% in bonds,deposits and otherinvestmentsMainly equities, andup to 30% in bonds,deposits and otherinvestmentsAt least 70% in HKDdenominatedpermitted depositsand debt securities,and up to 30% inother investmentsAt least 70% in RMBdenominated debtsecurities, and upto 30% in otherRMB or non-RMBdenominatedinvestmentsMainly in debtsecurities issued byany government,central bank, supranationals,multilateralinternational agencyor corporate issuersin the Asia Pacificregion, and up to30% in otherinvestmentsMainly in permitteddeposits, debtsecurities issued byany government,central bank ormultilateralinternationalagency, and up to30% in otherinvestmentsMainly in shares ofcompanies coveringdifferent sectors ofthe economy in theGreater Chinaregion, and up to30% in bonds,deposits and otherinvestmentsMainly in equityrelated investmentsand equities ofcompanies in healthcare and relatedindustries andwhich are listed onany stock exchange,and up to 30% inbonds, deposits andother investments88
No.Name ofInvestmentconstituent fund Manager**Fund structureFund descriptorInvestment focus19.Manulife MPFN/AHang Seng IndexTracking FundInvesting in asingle APIFEquity Fund –Hong KongShares ofconstituentcompanies of theHang Seng Index20.Manulife MPFFidelity GrowthFundN/AInvesting in asingle APIFMixed AssetsFund – Global –approximately90% in equitiesApproximately 90%of the second levelAPIF in globalequities21.Manulife MPFFidelity StableGrowth FundN/AInvesting in asingle APIFMixed AssetsFund – Global –approximately50% in equitiesApproximately 50%of the second levelAPIF in globalequities and 45% inglobal bonds andremainder of 5% incash deposits22.Manulife MPFCoreAccumulationFundN/AInvesting in asingle APIFMixed AssetsFund – Global –around 60% inhigher riskassets and 40%in lower riskassetsApproximately 60%in higher risk assetsand remainder inlower risk assets23.Manulife MPFAge 65 PlusFundN/AInvesting in asingle APIFMixed AssetsFund – Global –around 20% inhigher riskassets and 80%in lower riskassetsApproximately 20%in higher risk assetsand remainder inlower risk assets24.Manulife MPFN/ASmartRetirement FundInvesting in asingle APIFMixed AssetsFund – Global –maximum 65%in equitiesAround 40% to 60%in equities andequity-relatedinvestments, andremainder in bonds,deposits and otherinvestments25.Manulife MPFN/A2025Retirement FundInvesting in asingle APIFMixed AssetsFund – Global –maximum 95%in equitiesInitially 75% to 95%in equities andequity-relatedinvestments andremainder in bonds,deposits and otherinvestments, andgradually containmore fixed-incomesecurities accordingto the Glide Path26.Manulife MPFN/A2030Retirement FundInvesting in asingle APIFMixed AssetsFund – Global –maximum 95%in equitiesInitially 75% to 95%in equities andequity-relatedinvestments andremainder in bonds,deposits and otherinvestments, andgradually containmore fixed-incomesecurities accordingto the Glide Path99
No.Name ofInvestmentconstituent fund Manager**Fund structureFund descriptor27.Manulife MPFN/A2035Retirement FundInvesting in asingle APIFMixed AssetsFund – Global –maximum 100%in equities28.Manulife MPFN/A2040Retirement FundInvesting in asingle APIF29.Manulife MPFN/A2045Retirement FundInvesting in asingle APIFInitially 80% to100% in equitiesand equity-relatedinvestments andremainder in bonds,deposits and otherinvestments, andgradually containmore fixed-incomesecurities accordingto the Glide PathMixed AssetsInitially 80% toFund – Global – 100% in equitiesmaximum 100% and equity-relatedin equitiesinvestments andremainder in bonds,deposits and otherinvestments, andgradually containmore fixed-incomesecurities accordingto the Glide PathMixed AssetsInitially 80% toFund – Global – 100% in equitiesmaximum 100% and equity-relatedin equitiesinvestments andremainder in bonds,deposits and otherinvestments, andgradually containmore fixed-incomesecurities accordingto the Glide Path** Currently, no investment manager is appointed at the constituent fund level.1010Investment focus
The assets of the first level pooled investment funds of the constituent funds invest in thefollowing underlying funds:Investment of the first level pooled investmentfundsPortfolio management fund structureName of constituent fundSecond levelumbrella unit trustMay also beMay also becurrently managed byinvested in other invested in oneManulife InvestmentAPIFsor more ITCISsManagement (HongKong) LimitedManulife MPF Interest FundüManulife MPF Stable FundüManulife MPF Retirement Income FundManulife MPF Growth FundManulife MPF Aggressive FundManulife MPF Hong Kong Equity FundManulife MPF International Equity FundManulife MPF Pacific Asia Equity FundManulife MPF European Equity FundüüüüüüüüüüüüüüüüüüManulife MPF North American Equity FundüManulife MPF Japan Equity FundüüManulife MPF Hong Kong Bond FundüManulife MPF RMB Bond FundüManulife MPF Pacific Asia Bond FundüüManulife MPF International Bond FundüManulife MPF China Value FundüManulife MPF Healthcare FundüüManulife MPF Smart Retirement Fundü1111üü
Investment of the first level pooled investmentfundsPortfolio management fund structureName of constituent fundSecond levelumbrella unit trustcurrently managed byManulife InvestmentManagement (HongKong) LimitedManulife MPF 2025 Retirement FundManulife MPF 2030 Retirement FundManulife MPF 2035 Retirement FundManulife MPF 2040 Retirement FundManulife MPF 2045 Retirement FundMay also beMay also beinvested in other invested in oneAPIFsor more ITCISsüüüüüüüüüüüüüüüFeeder fund structure into an underlying APIF/ITCISoperated within an umbrella unit trust structureManulife MPF Fidelity Growth Fundü(currently managed by FIL Investment Management(Hong Kong) Limited)Manulife MPF Fidelity Stable Growth Fundü(currently managed by FIL Investment Management(Hong Kong) Limited)Manulife MPF Core Accumulation Fund
2 1. introduction----- 4 2. directory of approved trustee and other service providers ----- 5
