fidelity advantage portfolio fund...fidelity advantage portfolio fund year ended 31st december 2018...

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Fidelity AdvantagePortfolio Fund

Annual ReportDecember 2018

FIDELITY ADVANTAGE PORTFOLIO FUND YEAR ENDED 31ST DECEMBER 2018

ANNUAL REPORT Contents Pages Management and Administration 1 Report of the Investment Manager 2 – 6 Report of the Trustee to the Unitholders 7 Independent Auditor’s Report 8 – 11 Statement of Net Assets 12 – 25 Statement of Comprehensive Income 26 – 39 Statement of Changes in Net Assets Attributable to Unitholders 40 – 53 Statement of Cash Flows 54 – 67 Notes to the Financial Statements 68 – 136 Schedule of Investments (Unaudited) 137 – 191 Investment Portfolio Movements (Unaudited) 192 – 205 Performance Table (Unaudited) 206 – 211

FIDELITY ADVANTAGE PORTFOLIO FUND 1 YEAR ENDED 31ST DECEMBER 2018

MANAGEMENT AND ADMINISTRATION Investment Manager FIL Investment Management (Hong Kong) Limited Level 21, Two Pacific Place, 88 Queensway, Admiralty, Hong Kong Trustee and Registrar HSBC Institutional Trust Services (Asia) Limited 1 Queen’s Road, Central ,Hong Kong Auditor PricewaterhouseCoopers 22nd Floor, Prince’s Building, Central, Hong Kong Legal Advisers Deacons 5th Floor Alexandra House 18 Chater Road Central, Hong Kong


REPORT OF THE INVESTMENT MANAGER Annual Report As at 31st December 2018 This Annual Report does not constitute an offer of units. Units are offered on the basis of the information contained in the current Explanatory Memorandum (and the documents referred to within it). Copies of the current Explanatory Memorandum and latest annual report for the Fund are available from the registered office of the Investment Manager or from any of the companies registered as distributors of the Fidelity Advantage Portfolio Fund.


REPORT OF THE INVESTMENT MANAGER Annual Report As at 31st December 2018 This Annual Report does not constitute an offer of units. Units are offered on the basis of the information contained in the current Explanatory Memorandum (and the documents referred to within it). Copies of the current Explanatory Memorandum and latest annual report for the Fund are available from the registered office of the Investment Manager or from any of the companies registered as distributors of the Fidelity Advantage Portfolio Fund.


REPORT OF THE INVESTMENT MANAGER 2018 Global Market Review – Consolidated Manager Report United States US equities fell during the period, mainly on account of a sharp decline in the fourth quarter, amid heightened concerns over economic growth, trade frictions and higher interest rates. Data releases pointed to a continued expansion in the economy. However, consumers are becoming less confident and manufacturing surveys are mixed. There was some optimism about a truce in the trade war between the US and China in December, but investors remain sceptical about a firm consensus on trade issues between the two countries. The market was further pressured as the US yield curve flattened towards the end of the period. As widely expected, the US Federal Reserve (Fed) raised its benchmark interest rate four times in 2018. However, the Fed’s tightening stance added to the jitters as it indicated that interest rates will rise two more times next year as economic growth continues. Europe European equities ended a volatile year in negative territory. Markets started the period on a negative note, as rising bond yields, fears over a trade war between the US and China, and the uncertain political environment in Italy hurt investor sentiment. However, equities regained some strength in the second quarter, on the back of strong corporate earnings and subsiding geopolitical tensions, coupled with a weak euro. In the third quarter, markets were volatile once again, as gains from strong corporate earnings and easing trade tensions between the US and Europe were mostly offset by concerns around Brexit and Italy’s higher than expected budget deficit. Towards the end of 2018, equities declined the most, primarily due to ongoing trade worries, continued Brexit-related uncertainty and weak corporate earnings. Concerns over whether the US and China would be able to reach a long-term agreement during the 90-day truce period, and the deferment of the parliamentary vote on Brexit weighed on equities. At a broader level, large-cap companies outperformed their small and mid-cap peers, while from a style perspective, growth stocks outperformed value stocks. All sectors posted negative returns, with financials, consumer discretionary and materials among the key laggards during the year. Japan Japanese equities fell sharply in local currency terms over the year. The yen’s rise against the US dollar towards the end of the period and persistent worries about the ongoing trade frictions between the US and China weighed on markets. The Japanese economy contracted the most in over four years in the third quarter as companies slashed spending.However, key indicators related to production, capital expenditure and consumption subsequently rebounded, and the economy was expected to have returned to above-trend growth in the fourth quarter. Earnings expectations moderated in 2018, with Japanese corporate profits expected to grow at a slower pace in 2019 on account of weaker demand, especially from overseas. In terms of style, larger companies performed slightly better than their smaller peers. From a sector perspective, materials, energy, financials and technology were among the biggest decliners, while utilities was the only sector to record positive returns over the year. Pacific ex Japan Asia Pacific ex Japan equities retreated in 2018. Investor sentiment was subdued due to concerns over US-China trade issues and weakening global growth. There were also worries about the pace of interest rate increases in the US. Against this risk-off environment, there was a broad-based sell-off across all country indices in the region, with South Korea and China among the key laggards. In China, the domestic deleveraging campaign led to risk aversion and reversed the growth-oriented rally seen in the previous year.


REPORT OF THE INVESTMENT MANAGER 2018 Global Market Review – Consolidated Manager Report (Continued) Pacific ex Japan (continued) Nevertheless, China announced steps to stimulate economic growth and cushion the impact of the trade war with the US. Chinese authorities eased foreign investment restrictions on sectors such as banking, automobiles and agriculture in order to open up its markets. Authorities also announced that China is likely to step up the protection of intellectual property rights, expand imports and support the private sector. In noteworthy developments, index compiler MSCI implemented the long-awaited inclusion of 226 Chinese A-shares to its Emerging Markets Index in a step towards deeper integration of China's bourses with the rest of the world. Indian equities also declined over the year. While the macroeconomic environment remains reasonably sound, volatility in crude oil prices and the Indian rupee pressured Indian markets earlier in the year. Elsewhere, weakness in the industrials and consumer discretionary sectors weighed on Taiwanese equities. All sectors in the Asia Pacific ex Japan region ended in negative territory. Consumer discretionary, communication services and information technology (IT) stocks were among the leading decliners. Concerns around premium valuations, regulatory and competitive pressure, particularly among internet-led businesses, as well as the risk of slowing consumption growth hurt these sectors. Meanwhile, price cuts in a potential new drug procurement policy hurt health care stocks. Bonds Fixed income markets posted mixed returns over the review period. Central banks dominated headlines as the shift towards monetary policy normalisation continued in 2018. Amid tightening liquidity conditions, expectations of a slowdown in global growth and a wavering outlook for oil prices further weighed on risk sentiment over the period. The US Fed raised interest rates four times over the year, and continued with its balance sheet normalisation programme. The European Central Bank (ECB) signalled that interest rates would remain low until well into 2019. In the UK, the Bank of England (BoE) raised its base rate for the second time in a decade. Meanwhile, the Bank of Japan kept its long-term and short-term interest rates at the current ultra-low levels and continued its large-scale asset purchases. After gaining ground earlier in the year, due to the support of a substantial fiscal stimulus in the US, risky assets suffered bouts of volatility. This was driven by political uncertainty in Italy, concerns over Brexit, stock market uncertainty and rising country-specific risks in emerging markets. This stoked demand for safe haven assets and global government bonds rallied, ending the year on a positive note. Meanwhile, credit markets recorded a year of negative performance, as the threat of protectionism, a government shutdown and financial market volatility drove credit spreads wider. High yield bonds also came under pressure, with notable underperformance among energy issuers, driven by lower oil prices. Director of the Investment Manager 12th April 2019


REPORT OF THE INVESTMENT MANAGER 2018 Global Market Review – Consolidated Manager Report (Continued) Pacific ex Japan (continued) Nevertheless, China announced steps to stimulate economic growth and cushion the impact of the trade war with the US. Chinese authorities eased foreign investment restrictions on sectors such as banking, automobiles and agriculture in order to open up its markets. Authorities also announced that China is likely to step up the protection of intellectual property rights, expand imports and support the private sector. In noteworthy developments, index compiler MSCI implemented the long-awaited inclusion of 226 Chinese A-shares to its Emerging Markets Index in a step towards deeper integration of China's bourses with the rest of the world. Indian equities also declined over the year. While the macroeconomic environment remains reasonably sound, volatility in crude oil prices and the Indian rupee pressured Indian markets earlier in the year. Elsewhere, weakness in the industrials and consumer discretionary sectors weighed on Taiwanese equities. All sectors in the Asia Pacific ex Japan region ended in negative territory. Consumer discretionary, communication services and information technology (IT) stocks were among the leading decliners. Concerns around premium valuations, regulatory and competitive pressure, particularly among internet-led businesses, as well as the risk of slowing consumption growth hurt these sectors. Meanwhile, price cuts in a potential new drug procurement policy hurt health care stocks. Bonds Fixed income markets posted mixed returns over the review period. Central banks dominated headlines as the shift towards monetary policy normalisation continued in 2018. Amid tightening liquidity conditions, expectations of a slowdown in global growth and a wavering outlook for oil prices further weighed on risk sentiment over the period. The US Fed raised interest rates four times over the year, and continued with its balance sheet normalisation programme. The European Central Bank (ECB) signalled that interest rates would remain low until well into 2019. In the UK, the Bank of England (BoE) raised its base rate for the second time in a decade. Meanwhile, the Bank of Japan kept its long-term and short-term interest rates at the current ultra-low levels and continued its large-scale asset purchases. After gaining ground earlier in the year, due to the support of a substantial fiscal stimulus in the US, risky assets suffered bouts of volatility. This was driven by political uncertainty in Italy, concerns over Brexit, stock market uncertainty and rising country-specific risks in emerging markets. This stoked demand for safe haven assets and global government bonds rallied, ending the year on a positive note. Meanwhile, credit markets recorded a year of negative performance, as the threat of protectionism, a government shutdown and financial market volatility drove credit spreads wider. High yield bonds also came under pressure, with notable underperformance among energy issuers, driven by lower oil prices. Director of the Investment Manager 12th April 2019


REPORT OF THE INVESTMENT MANAGER Asset Allocation Breakdown (in %) As at 31st December 2018 Equity Fund Bond Fund

Fund Name HK Japanese Asia

Pacific Americas European HK Global

Money

Market

Fund(s)

Cash

&

Others

Asia Pacific Equity

Fund 100.2 (0.2)

Balanced Fund 24.3 9.1 8.6 14.4 13.5 3.1 22.1 5.1 (0.2)

Capital Stable

Fund 10.2 4.1 3.5 6.3 5.6 6.2 54.2 10.1 (0.2)

Fidelity Advantage

Portfolio Fund -

Invesco Asian

Equity Fund 99.5 0.5

Fidelity Advantage

Portfolio Fund -

Tracker Fund

Portfolio 99.3 0.7

Global Equity Fund 1.7 9.0 6.1 61.8 21.2 0.1 0.1

Growth Fund 30.4 12.1 11.8 18.5 17.5 1.5 5.1 3.3 (0.2)

HK Dollar Money

Fund 99.7 0.3

Hong Kong Bond

Fund 100.2 (0.2)

Hong Kong Equity

Fund 100.2 (0.2)

RMB Bond Fund 100.2 (0.2)

Stable Growth

Fund 17.1 6.6 6.1 10.4 9.5 4.9 40.4 5.2 (0.2)

US Dollar Money

Fund 99.8 0.2

World Bond Fund 100.2 (0.2)


REPORT OF THE INVESTMENT MANAGER Cumulative Total Returns NAV to NAV (in %, in Fund Currency) as at 31st December 2018

Fund Name Fund Class 6 Months 1 Year Since Launch Asia Pacific Equity Fund Ordinary -10.18 -11.64 161.10

Administration -10.38 -12.04 146.90

Savings -10.37 -12.07 145.40

Balanced Fund Ordinary -8.16 -9.48 334.70


Savings -8.38 -9.94 177.67

Capital Stable Fund Ordinary -3.43 -4.61 241.10


Savings -3.67 -5.09 122.04

Fidelity Advantage Portfolio Fund - Invesco Asian Equity Fund

Ordinary -8.29 -13.99 120.10


Savings -8.47 -14.39 106.40

Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio

Ordinary -9.23 -10.80 112.30


Savings -9.46 -11.24 99.00

Global Equity Fund Ordinary -9.53 -10.53 167.70


Savings -9.73 -10.96 147.80

Growth Fund Ordinary -10.49 -11.94 367.50


Savings -10.73 -12.39 200.22

HK Dollar Money Fund Ordinary 0.71 1.16 35.98

Administration 0.68 1.12 30.10

Savings 0.68 1.12 13.02

Hong Kong Bond Fund Ordinary 2.49 0.83 42.54


Savings 2.22 0.33 31.90

Hong Kong Equity Fund Ordinary -12.39 -12.72 373.50


Savings -12.61 -13.16 338.18

RMB Bond Fund Ordinary -1.19 -1.01 4.50


Savings -1.44 -1.50 2.80

Stable Growth Fund Ordinary -5.82 -7.13 194.27


Savings -6.06 -7.59 152.60

US Dollar Money Fund Ordinary 0.96 1.70 67.60


Savings 0.76 1.33 21.17 World Bond Fund Ordinary 0.00 -1.28 62.30

Administration -0.26 -1.75 51.30 Savings -0.27 -1.76 50.30


REPORT OF THE INVESTMENT MANAGER Asset Allocation Breakdown (in %) As at 31st December 2018 Equity Fund Bond Fund

Fund Name HK Japanese Asia

Pacific Americas European HK Global

Money

Market

Fund(s)

Cash

&

Others

Asia Pacific Equity

Fund 100.2 (0.2)

Balanced Fund 24.3 9.1 8.6 14.4 13.5 3.1 22.1 5.1 (0.2)

Capital Stable

Fund 10.2 4.1 3.5 6.3 5.6 6.2 54.2 10.1 (0.2)

Fidelity Advantage

Portfolio Fund -

Invesco Asian

Equity Fund 99.5 0.5

Fidelity Advantage

Portfolio Fund -

Tracker Fund

Portfolio 99.3 0.7

Global Equity Fund 1.7 9.0 6.1 61.8 21.2 0.1 0.1

Growth Fund 30.4 12.1 11.8 18.5 17.5 1.5 5.1 3.3 (0.2)

HK Dollar Money

Fund 99.7 0.3

Hong Kong Bond

Fund 100.2 (0.2)

Hong Kong Equity

Fund 100.2 (0.2)

RMB Bond Fund 100.2 (0.2)

Stable Growth

Fund 17.1 6.6 6.1 10.4 9.5 4.9 40.4 5.2 (0.2)

US Dollar Money

Fund 99.8 0.2

World Bond Fund 100.2 (0.2)


REPORT OF THE TRUSTEE TO THE UNITHOLDERS In our opinion, the Investment Manager has, in all material respects, managed the Fidelity Advantage Portfolio Fund for the year ended 31st December 2018 in accordance with the provisions of the Trust Deed dated 10th January 1995, as amended. On behalf of HSBC Institutional Trust Services (Asia) Limited As Trustee for Fidelity Advantage Portfolio Fund 12th April 2019


INDEPENDENT AUDITOR’S REPORT TO THE UNITHOLDERS OF FIDELITY ADVANTAGE PORTFOLIO FUND Report on the Audit of the Financial Statements Opinion What we have audited The financial statements of Fidelity Advantage Portfolio Fund (the “Fund”), which consists of Asia Pacific Equity Fund, Balanced Fund, Capital Stable Fund, Fidelity Advantage Portfolio Fund - Invesco Asian Equity Fund, Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio, Global Equity Fund, Growth Fund, HK Dollar Money Fund, Hong Kong Bond Fund, Hong Kong Equity Fund, Stable Growth Fund, US Dollar Money Fund, World Bond Fund and RMB Bond Fund (collectively the “sub-funds” of Fidelity Advantage Portfolio Fund) set out on pages 12 to 136, which comprise:

• the statement of net assets of each of the sub-funds as at 31st December 2018; • the statement of comprehensive income of each of the sub-funds for the year then

ended; • the statement of changes in net assets attributable to unitholders of each of the sub-

funds for the year then ended; • the statement of cash flows of each of the sub-funds for the year then ended; and • the notes to the financial statements, which include a summary of significant accounting

policies. Our opinion In our opinion, the financial statements give a true and fair view of the financial position of each of the sub-funds as at 31st December 2018, and of their financial transactions and cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”). Basis for Opinion We conducted our audit in accordance with Hong Kong Standards on Auditing (“HKSAs”) issued by the HKICPA. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Fund in accordance with the HKICPA’s Code of Ethics for Professional Accountants (the “Code”), and we have fulfilled our other ethical responsibilities in accordance with the Code.


INDEPENDENT AUDITOR’S REPORT TO THE UNITHOLDERS OF FIDELITY ADVANTAGE PORTFOLIO FUND Report on the Audit of the Financial Statements Opinion What we have audited The financial statements of Fidelity Advantage Portfolio Fund (the “Fund”), which consists of Asia Pacific Equity Fund, Balanced Fund, Capital Stable Fund, Fidelity Advantage Portfolio Fund - Invesco Asian Equity Fund, Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio, Global Equity Fund, Growth Fund, HK Dollar Money Fund, Hong Kong Bond Fund, Hong Kong Equity Fund, Stable Growth Fund, US Dollar Money Fund, World Bond Fund and RMB Bond Fund (collectively the “sub-funds” of Fidelity Advantage Portfolio Fund) set out on pages 12 to 136, which comprise:

• the statement of net assets of each of the sub-funds as at 31st December 2018; • the statement of comprehensive income of each of the sub-funds for the year then

ended; • the statement of changes in net assets attributable to unitholders of each of the sub-

funds for the year then ended; • the statement of cash flows of each of the sub-funds for the year then ended; and • the notes to the financial statements, which include a summary of significant accounting

policies. Our opinion In our opinion, the financial statements give a true and fair view of the financial position of each of the sub-funds as at 31st December 2018, and of their financial transactions and cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”). Basis for Opinion We conducted our audit in accordance with Hong Kong Standards on Auditing (“HKSAs”) issued by the HKICPA. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Fund in accordance with the HKICPA’s Code of Ethics for Professional Accountants (the “Code”), and we have fulfilled our other ethical responsibilities in accordance with the Code.


INDEPENDENT AUDITOR’S REPORT TO THE UNITHOLDERS OF FIDELITY ADVANTAGE PORTFOLIO FUND (Continued) Other Information The Trustee and the Manager (the “Management”) of the Fund are responsible for the other information. The other information comprises all of the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the Management for the Financial Statements The Management of the Fund is responsible for the preparation of the financial statements that give a true and fair view in accordance with HKFRSs issued by the HKICPA, and for such internal control as the Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Management of the Fund is responsible for assessing the sub-funds’ ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Management either intends to liquidate the sub-funds or to cease operations, or have no realistic alternative but to do so. In addition, the Management of the Fund is required to ensure that the financial statements have been properly prepared in accordance with the relevant disclosure provisions of the Trust Deed dated 10th January 1995, as amended (“Trust Deed”) and Appendix E of the Code on Unit Trusts and Mutual Funds issued by the Hong Kong Securities and Futures Commission (the “SFC Code”).


INDEPENDENT AUDITOR’S REPORT TO THE UNITHOLDERS OF FIDELITY ADVANTAGE PORTFOLIO FUND (Continued) Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. We report our opinion solely to you, as a body, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with HKSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. In addition, we are required to assess whether the financial statements of the sub-funds have been properly prepared, in all material respects, in accordance with the relevant disclosure provisions of the Trust Deed and the SFC Code. As part of an audit in accordance with HKSAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the sub-funds’ internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of

accounting estimates and related disclosures made by the Management.

• Conclude on the appropriateness of the Management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the sub-funds’ ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the sub-funds to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements,

including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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


INDEPENDENT AUDITOR’S REPORT TO THE UNITHOLDERS OF FIDELITY ADVANTAGE PORTFOLIO FUND (Continued) Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. We report our opinion solely to you, as a body, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with HKSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. In addition, we are required to assess whether the financial statements of the sub-funds have been properly prepared, in all material respects, in accordance with the relevant disclosure provisions of the Trust Deed and the SFC Code. As part of an audit in accordance with HKSAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the sub-funds’ internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of

accounting estimates and related disclosures made by the Management.

• Conclude on the appropriateness of the Management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the sub-funds’ ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the sub-funds to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements,

including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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


INDEPENDENT AUDITOR’S REPORT TO THE UNITHOLDERS OF FIDELITY ADVANTAGE PORTFOLIO FUND (Continued) Report on Matters under the Relevant Disclosure Provisions of the Trust Deed and the SFC Code In our opinion, the financial statements have been properly prepared, in all material respects, in accordance with the relevant disclosure provisions of the Trust Deed and the SFC Code. PricewaterhouseCoopers Certified Public Accountants Hong Kong, 12th April 2019

FIDELITY ADVANTAGE PORTFOLIO FUND 12 AS AT 31ST DECEMBER 2018

STATEMENT OF NET ASSETS ASIA PACIFIC EQUITY FUND Note 2018 2017 US$ US$ Assets Current assets Financial assets at fair value through profit or loss 3 114,813,298 129,403,169

Amounts receivable on sale of investments 189,409 665,177 Cash and cash equivalents 19,678 9,596 ───────── ───────── Total assets 115,022,385 130,077,942 ---------------- ---------------- Liabilities Current liabilities Amounts payable on redemption of units 189,409 665,177 Other payables 243,461 264,854 ───────── ───────── Total liabilities (excluding net assets attributable to unitholders) 432,870 930,031

---------------- ---------------- Net assets attributable to unitholders 114,589,515 129,147,911 ═════════ ═════════

The notes on pages 68 to 136 are an integral part of these financial statements.


STATEMENT OF NET ASSETS ASIA PACIFIC EQUITY FUND Note 2018 2017 US$ US$ Assets Current assets Financial assets at fair value through profit or loss 3 114,813,298 129,403,169

Amounts receivable on sale of investments 189,409 665,177 Cash and cash equivalents 19,678 9,596 ───────── ───────── Total assets 115,022,385 130,077,942 ---------------- ---------------- Liabilities Current liabilities Amounts payable on redemption of units 189,409 665,177 Other payables 243,461 264,854 ───────── ───────── Total liabilities (excluding net assets attributable to unitholders) 432,870 930,031

---------------- ---------------- Net assets attributable to unitholders 114,589,515 129,147,911 ═════════ ═════════



STATEMENT OF NET ASSETS BALANCED FUND Note 2018 2017 US$ US$ Assets Current assets Financial assets at fair value through profit or loss 3 1,330,295,259 1,531,940,841

Amounts receivable on subscription of units 86,575 207,282 Amounts receivable on sale of investments 9,033,540 803,179 Interest receivable 1 - Cash and cash equivalents 72,088 78,235 ─────────── ─────────── Total assets 1,339,487,463 1,533,029,537 -------------------- -------------------- Liabilities Current liabilities Financial liabilities at fair value through profit or loss 4 - 3

Amounts payable on redemption of units 1,801,276 806,829 Amounts payable on purchase of investments 7,314,075 192,022 Other payables 2,915,778 3,227,237 ─────────── ─────────── Total liabilities (excluding net assets attributable to unitholders) 12,031,129 4,226,091

-------------------- -------------------- Net assets attributable to unitholders 1,327,456,334 1,528,803,446 ═══════════ ═══════════



STATEMENT OF NET ASSETS CAPITAL STABLE FUND Note 2018 2017 US$ US$ Assets Current assets Financial assets at fair value through profit or loss 3 486,030,257 486,572,207

Amounts receivable on subscription of units 58,482 78,252 Amounts receivable on sale of investments 2,119,266 379,455 Cash and cash equivalents 55,694 98,634 ────────── ────────── Total assets 488,263,699 487,128,548 ------------------ ------------------ Liabilities Current liabilities Amounts payable on redemption of units 913,641 379,454 Amounts payable on purchase of investments 1,257,965 69,918 Other payables 1,042,245 1,021,115 ────────── ────────── Total liabilities (excluding net assets attributable to unitholders) 3,213,851 1,470,487

------------------ ------------------ Net assets attributable to unitholders 485,049,848 485,658,061 ══════════ ══════════



STATEMENT OF NET ASSETS CAPITAL STABLE FUND Note 2018 2017 US$ US$ Assets Current assets Financial assets at fair value through profit or loss 3 486,030,257 486,572,207

Amounts receivable on subscription of units 58,482 78,252 Amounts receivable on sale of investments 2,119,266 379,455 Cash and cash equivalents 55,694 98,634 ────────── ────────── Total assets 488,263,699 487,128,548 ------------------ ------------------ Liabilities Current liabilities Amounts payable on redemption of units 913,641 379,454 Amounts payable on purchase of investments 1,257,965 69,918 Other payables 1,042,245 1,021,115 ────────── ────────── Total liabilities (excluding net assets attributable to unitholders) 3,213,851 1,470,487




STATEMENT OF NET ASSETS FIDELITY ADVANTAGE PORTFOLIO FUND - INVESCO ASIAN EQUITY FUND Note 2018 2017 US$ US$ Assets Current assets Financial assets at fair value through profit or loss 3 49,022,989 69,223,421

Amounts receivable on subscription of units 264,884 - Amounts receivable on sale of investments 157,080 172,537 Interest receivables 3 2 Other receivables 90,636 129,052 Cash and cash equivalents 333,684 384,232 ────────── ────────── Total assets 49,869,276 69,909,244 ------------------ ------------------ Liabilities Current liabilities Financial liabilities at fair value through profit or loss 4 58 21

Amounts payable on redemption of units 150,605 165,892 Amounts payable on purchase of investments 323,118 194,752 Other payables 112,653 156,098 ────────── ────────── Total liabilities (excluding net assets attributable to unitholders) 586,434 516,763




STATEMENT OF NET ASSETS FIDELITY ADVANTAGE PORTFOLIO FUND - TRACKER FUND PORTFOLIO Note 2018 2017 HK$ HK$ Assets Current assets Financial assets at fair value through profit or loss 3 379,131,700 394,165,850

Amounts receivable on subscription of units 23,238 - Amounts receivable on sale of investments - 537,980 Interest receivable 27 1 Cash and cash equivalents 5,743,872 2,206,299 ────────── ────────── Total assets 384,898,837 396,910,130 ------------------ ------------------ Liabilities Current liabilities Amounts payable on redemption of units 35,713 553,940 Amounts payable on purchase of investments 2,214,991 2,126,457 Other payables 704,646 745,001 ────────── ────────── Total liabilities (excluding net assets attributable to unitholders) 2,955,350 3,425,398




STATEMENT OF NET ASSETS FIDELITY ADVANTAGE PORTFOLIO FUND - TRACKER FUND PORTFOLIO Note 2018 2017 HK$ HK$ Assets Current assets Financial assets at fair value through profit or loss 3 379,131,700 394,165,850

Amounts receivable on subscription of units 23,238 - Amounts receivable on sale of investments - 537,980 Interest receivable 27 1 Cash and cash equivalents 5,743,872 2,206,299 ────────── ────────── Total assets 384,898,837 396,910,130 ------------------ ------------------ Liabilities Current liabilities Amounts payable on redemption of units 35,713 553,940 Amounts payable on purchase of investments 2,214,991 2,126,457 Other payables 704,646 745,001 ────────── ────────── Total liabilities (excluding net assets attributable to unitholders) 2,955,350 3,425,398




STATEMENT OF NET ASSETS GLOBAL EQUITY FUND Note 2018 2017 US$ US$ Assets Current assets Financial assets at fair value through profit or loss 3 116,498,995 127,242,330

Amounts receivable on subscription of units 32,023 37,889 Amounts receivable on sale of investments 607,789 134,301 Cash and cash equivalents 12,471 3,100 ────────── ────────── Total assets 117,151,278 127,417,620 ------------------ ------------------ Liabilities Current liabilities Amounts payable on redemption of units 56,055 134,300 Amounts payable on purchase of investments 244,309 37,889 Other payables 283,121 289,150 ────────── ────────── Total liabilities (excluding net assets attributable to unitholders) 583,485 461,339




STATEMENT OF NET ASSETS GROWTH FUND Note 2018 2017 US$ US$ Assets Current assets Financial assets at fair value through profit or loss 3 1,145,535,210 1,418,077,191

Amounts receivable on subscription of units 79,762 69,384 Amounts receivable on sale of investments 12,660,702 1,891,396 Interest receivables 1 - Cash and cash equivalents 69,248 75,604 ─────────── ─────────── Total assets 1,158,344,923 1,420,113,575 -------------------- -------------------- Liabilities Current liabilities Amounts payable on redemption of units 2,508,206 1,900,906 Amounts payable on purchase of investments 10,229,952 57,837 Other payables 2,583,455 2,992,748 ─────────── ─────────── Total liabilities (excluding net assets attributable to unitholders) 15,321,613 4,951,491




STATEMENT OF NET ASSETS GROWTH FUND Note 2018 2017 US$ US$ Assets Current assets Financial assets at fair value through profit or loss 3 1,145,535,210 1,418,077,191

Amounts receivable on subscription of units 79,762 69,384 Amounts receivable on sale of investments 12,660,702 1,891,396 Interest receivables 1 - Cash and cash equivalents 69,248 75,604 ─────────── ─────────── Total assets 1,158,344,923 1,420,113,575 -------------------- -------------------- Liabilities Current liabilities Amounts payable on redemption of units 2,508,206 1,900,906 Amounts payable on purchase of investments 10,229,952 57,837 Other payables 2,583,455 2,992,748 ─────────── ─────────── Total liabilities (excluding net assets attributable to unitholders) 15,321,613 4,951,491




STATEMENT OF NET ASSETS HK DOLLAR MONEY FUND

Note 2018 2017 HK$ HK$ Assets Current assets Financial assets at fair value through profit or loss 3 2,830,727,331 2,304,953,407

Amounts receivable on subscription of units 5,947,995 5,829,742 Amounts receivable on sale of investments 4,819,173 2,968,000 Interest receivables 10 4 Other receivables 2,362,215 2,493,471 Cash and cash equivalents 2,159,910 6,136,365 ─────────── ─────────── Total assets 2,846,016,634 2,322,380,989 -------------------- -------------------- Liabilities Current liabilities Financial liabilities at fair value through profit or loss 4 - 170

Amounts payable on redemption of units 4,819,170 2,967,998 Other payables 3,399,050 2,737,166 ─────────── ─────────── Total liabilities (excluding net assets attributable to unitholders) 8,218,220 5,705,334




STATEMENT OF NET ASSETS HONG KONG BOND FUND Note 2018 2017 HK$ HK$ Assets Current assets Financial assets at fair value through profit or loss 3 260,193,366 271,488,448

Amounts receivable on subscription of units 266,167 1,239,815 Amounts receivable on sale of investments 12,820 1,986,224 Interest receivable 1 - Cash and cash equivalents 76,402 28,973 ────────── ────────── Total assets 260,548,756 274,743,460 ------------------ ------------------ Liabilities Current liabilities Amounts payable on redemption of units 278,987 1,986,224 Amounts payable on purchase of investments - 1,239,815 Other payables 607,068 632,380 ────────── ────────── Total liabilities (excluding net assets attributable to unitholders) 886,055 3,858,419




STATEMENT OF NET ASSETS HONG KONG BOND FUND Note 2018 2017 HK$ HK$ Assets Current assets Financial assets at fair value through profit or loss 3 260,193,366 271,488,448

Amounts receivable on subscription of units 266,167 1,239,815 Amounts receivable on sale of investments 12,820 1,986,224 Interest receivable 1 - Cash and cash equivalents 76,402 28,973 ────────── ────────── Total assets 260,548,756 274,743,460 ------------------ ------------------ Liabilities Current liabilities Amounts payable on redemption of units 278,987 1,986,224 Amounts payable on purchase of investments - 1,239,815 Other payables 607,068 632,380 ────────── ────────── Total liabilities (excluding net assets attributable to unitholders) 886,055 3,858,419




STATEMENT OF NET ASSETS HONG KONG EQUITY FUND Note 2018 2017 HK$ HK$ Assets Current assets Financial assets at fair value through profit or loss 3 1,904,476,355 2,447,110,331

Amounts receivable on subscription of units

2,350,043 323,925 Amounts receivable on sale of investments 7,595,533 6,582,758 Cash and cash equivalents 1,995 66,997 ──────────── ──────────── Total assets 1,914,423,926 2,454,084,011 ---------------------- ---------------------- Liabilities Current liabilities Amounts payable on redemption of units 7,870,671 6,582,757 Amounts payable on purchase of investments 2,074,903 323,925

Other payables 4,212,562 5,235,740 ──────────── ──────────── Total liabilities (excluding net assets attributable to unitholders) 14,158,136 12,142,422

---------------------- ---------------------- Net assets attributable to unitholders 1,900,265,790 2,441,941,589 ════════════ ════════════



STATEMENT OF NET ASSETS RMB BOND FUND Note 2018 2017 HK$ HK$ Assets Current assets Financial assets at fair value through profit or loss 3 26,779,473 12,430,061

Amounts receivable on subscription of units - 123,838 Other receivables 7,851 7,962 Cash and cash equivalents 32,711 8,887 ────────── ────────── Total assets 26,820,035 12,570,748 ------------------ ------------------ Liabilities Current liabilities Amounts payable on purchase of investments - 123,838 Other payables 85,395 46,484 ────────── ────────── Total liabilities (excluding net assets attributable to unitholders) 85,395 170,322




STATEMENT OF NET ASSETS RMB BOND FUND Note 2018 2017 HK$ HK$ Assets Current assets Financial assets at fair value through profit or loss 3 26,779,473 12,430,061

Amounts receivable on subscription of units - 123,838 Other receivables 7,851 7,962 Cash and cash equivalents 32,711 8,887 ────────── ────────── Total assets 26,820,035 12,570,748 ------------------ ------------------ Liabilities Current liabilities Amounts payable on purchase of investments - 123,838 Other payables 85,395 46,484 ────────── ────────── Total liabilities (excluding net assets attributable to unitholders) 85,395 170,322




STATEMENT OF NET ASSETS STABLE GROWTH FUND Note 2018 2017 US$ US$ Assets Current assets Financial assets at fair value through profit or loss 3 410,258,430 471,929,351

Amounts receivable on subscription of units - 92,351 Amounts receivable on sale of investments 2,036,223 325,005 Cash and cash equivalents 40,859 47,480 ────────── ────────── Total assets 412,335,512 472,394,187 ------------------ ------------------ Liabilities Current liabilities Amounts payable on redemption of units 211,701 405,697 Amounts payable on purchase of investments 1,824,521 10,994

Other payables 916,975 1,021,715 ────────── ────────── Total liabilities (excluding net assets attributable to unitholders) 2,953,197 1,438,406




STATEMENT OF NET ASSETS US DOLLAR MONEY FUND Note 2018 2017 US$ US$ Assets Current assets Financial assets at fair value through profit or loss 3 439,555,606 306,016,410

Amounts receivable on subscription of units 1,049,527 717,236 Amounts receivable on sale of investments 950,773 527,759 Interest receivables 4 - Other receivables 26,311 58,361 Cash and cash equivalents 533,934 435,529 ────────── ────────── Total assets 442,116,155 307,755,295 ------------------ ------------------ Liabilities Current liabilities Financial liabilities at fair value through profit or loss 4 8 -

Amounts payable on redemption of units 950,773 536,177 Other payables 537,268 392,160 ────────── ────────── Total liabilities (excluding net assets attributable to unitholders) 1,488,049 928,337




STATEMENT OF NET ASSETS US DOLLAR MONEY FUND Note 2018 2017 US$ US$ Assets Current assets Financial assets at fair value through profit or loss 3 439,555,606 306,016,410

Amounts receivable on subscription of units 1,049,527 717,236 Amounts receivable on sale of investments 950,773 527,759 Interest receivables 4 - Other receivables 26,311 58,361 Cash and cash equivalents 533,934 435,529 ────────── ────────── Total assets 442,116,155 307,755,295 ------------------ ------------------ Liabilities Current liabilities Financial liabilities at fair value through profit or loss 4 8 -

Amounts payable on redemption of units 950,773 536,177 Other payables 537,268 392,160 ────────── ────────── Total liabilities (excluding net assets attributable to unitholders) 1,488,049 928,337




STATEMENT OF NET ASSETS WORLD BOND FUND Note 2018 2017 US$ US$ Assets Current assets Financial assets at fair value through profit or loss 3 58,153,131 46,473,921

Amounts receivable on subscription of units 243,944 - Amounts receivable on sale of investments 41,453 123,092 Cash and cash equivalents 24,442 7,077 ────────── ────────── Total assets 58,462,970 46,604,090 ------------------ ------------------ Liabilities Current liabilities Amounts payable on redemption of units 81,011 123,092 Amounts payable on purchase of investments 204,386 - Other payables 125,023 100,791 ────────── ────────── Total liabilities (excluding net assets attributable to unitholders) 410,420 223,883




STATEMENT OF COMPREHENSIVE INCOME ASIA PACIFIC EQUITY FUND

Note 2018 2017 US$ US$

Income Interest on bank deposits 111 10 Other income 6 5 Realised gains/(losses) on disposal of financial assets at fair value through profit or loss 9,702,793 7,715,011

Change in unrealised gains/losses in value of financial assets at fair value through profit or loss (22,890,068) 27,759,421

Net foreign currency gains/(losses) 1,111 (260) ────────── ────────── Total net income/(loss) (13,186,047) 35,474,187 ------------------ ------------------ Expenses Administration fees 7 90,262 74,712 Investment management fees 5 913,927 878,434 Auditor's remuneration 8 2,328 2,233 Accounting fees 13 698 972 Bank charges 13 26 48 Handling fees 13 4,868 4,980 Registration and filing fees 604 605 Professional fees 330 389 Other operating expenses 5,810 5,991 ────────── ──────────

Total operating expenses 1,018,853 968,364 ------------------ ------------------ Increase/(decrease) in net assets attributable to unitholders from operations (14,204,900) 34,505,823

══════════ ══════════ The notes on pages 68 to 136 are an integral part of these financial statements.


STATEMENT OF COMPREHENSIVE INCOME ASIA PACIFIC EQUITY FUND

Note 2018 2017 US$ US$

Income Interest on bank deposits 111 10 Other income 6 5 Realised gains/(losses) on disposal of financial assets at fair value through profit or loss 9,702,793 7,715,011


Net foreign currency gains/(losses) 1,111 (260) ────────── ────────── Total net income/(loss) (13,186,047) 35,474,187 ------------------ ------------------ Expenses Administration fees 7 90,262 74,712 Investment management fees 5 913,927 878,434 Auditor's remuneration 8 2,328 2,233 Accounting fees 13 698 972 Bank charges 13 26 48 Handling fees 13 4,868 4,980 Registration and filing fees 604 605 Professional fees 330 389 Other operating expenses 5,810 5,991 ────────── ──────────

Total operating expenses 1,018,853 968,364 ------------------ ------------------ Increase/(decrease) in net assets attributable to unitholders from operations (14,204,900) 34,505,823



STATEMENT OF COMPREHENSIVE INCOME BALANCED FUND Note 2018 2017 US$ US$ Income Interest on bank deposits 87 12 Other income 30 27 Realised gains/(losses) on disposal of financial assets and financial liabilities at fair value through profit or loss 93,703,770 71,134,611

Change in unrealised gains/losses in value of financial assets and financial liabilities at fair value through profit or loss (224,175,048) 238,414,012

Net foreign currency gains/(losses) (17,829) (21,268) ────────── ────────── Total net income/(loss) (130,488,990) 309,527,394 ------------------ ------------------ Expenses Administration fees 7 1,124,509 1,128,200 Investment management fees 5 11,088,464 10,736,012 Auditor's remuneration 8 26,519 25,601 Accounting fees 13 7,800 11,358 Bank charges 13 25 379 Handling fees 13 78,337 76,155 Registration and filing fees 935 912 Professional fees 4,036 4,756 Other operating expenses 12,816 14,927 ────────── ──────────

Total operating expenses 12,343,441 11,998,300 ------------------ ------------------ Increase/(decrease) in net assets attributable to unitholders from operations (142,832,431) 297,529,094

══════════ ══════════



STATEMENT OF COMPREHENSIVE INCOME CAPITAL STABLE FUND Note 2018 2017 US$ US$ Income Interest on bank deposits 80 12 Other income 21 15 Realised gains/(losses) on disposal of financial assets at fair value through profit or loss 18,152,805 14,960,457


Net foreign currency gains/(losses) (10,143) (6,683) ────────── ────────── Total net income/(loss) (19,565,950) 61,884,458 ------------------ ------------------ Expenses Administration fees 7 400,930 390,950 Investment management fees 5 3,720,784 3,383,888 Auditor's remuneration 8 8,765 7,914 Accounting fees 13 2,630 3,528 Bank charges 13 25 114 Handling fees 13 78,240 75,870 Registration and filing fees 690 686 Professional fees 1,351 1,497 Other operating expenses 7,632 8,211 ────────── ──────────


══════════ ══════════



STATEMENT OF COMPREHENSIVE INCOME CAPITAL STABLE FUND Note 2018 2017 US$ US$ Income Interest on bank deposits 80 12 Other income 21 15 Realised gains/(losses) on disposal of financial assets at fair value through profit or loss 18,152,805 14,960,457


Net foreign currency gains/(losses) (10,143) (6,683) ────────── ────────── Total net income/(loss) (19,565,950) 61,884,458 ------------------ ------------------ Expenses Administration fees 7 400,930 390,950 Investment management fees 5 3,720,784 3,383,888 Auditor's remuneration 8 8,765 7,914 Accounting fees 13 2,630 3,528 Bank charges 13 25 114 Handling fees 13 78,240 75,870 Registration and filing fees 690 686 Professional fees 1,351 1,497 Other operating expenses 7,632 8,211 ────────── ──────────


══════════ ══════════



STATEMENT OF COMPREHENSIVE INCOME FIDELITY ADVANTAGE PORTFOLIO FUND - INVESCO ASIAN EQUITY FUND Note 2018 2017 US$ US$ Income Interest on bank deposits 1,288 430 Dividends 224,559 160,038 Fee rebate 6 426,601 479,601 Other income 4 4 Realised gains/(losses) on disposal of financial assets and financial liabilities at fair value through profit or loss 5,819,197 7,806,614

Change in unrealised gains/losses in value of financial assets and financial liabilities at fair value through profit or loss (14,084,593) 14,157,750

Net foreign currency gains/(losses) (3,956) (7,506) ───────── ───────── Total net income/(loss) (7,616,900) 22,596,931 ---------------- ---------------- Expenses Trustee fees 7 39,976 45,186 Administration fees 7 21,032 17,092 Auditor's remuneration 8 1,055 1,275 Accounting fees 13 288 550 Bank charges 13 25 114 Handling fees 13 2,358 2,565 Registration and filing fees 589 593 Valuation fees 13 7,380 7,380 Servicing fees 6 430,428 487,872 Interest expense 337 90 Professional fees 1,436 216 Other operating expenses 5,490 5,569 ───────── ─────────

Total operating expenses 510,394 568,502 ---------------- ---------------- Increase/(decrease) in net assets attributable to unitholders from operations (8,127,294) 22,028,429

═════════ ═════════



STATEMENT OF COMPREHENSIVE INCOME FIDELITY ADVANTAGE PORTFOLIO FUND - TRACKER FUND PORTFOLIO Note 2018 2017 HK$ HK$ Income Interest on bank deposits 1,176 385 Dividends 11,859,520 12,824,490 Other income 6 5 Realised gains/(losses) on disposal of financial assets at fair value through profit or loss 21,555,048 29,517,043


Net foreign currency gains/(losses) (7,421) (50,578) ───────── ───────── Total net income/(loss) (38,326,114) 126,441,327 ---------------- ---------------- Expenses Trustee fees 7 270,160 266,615 Administration fees 7 1,113,590 1,022,023 Auditor's remuneration 8 6,461 7,183 Accounting fees 13 1,841 3,182 Bank charges 13 59,498 64,393 Handling fees 13 103,996 104,803 Transaction fees 13 709,644 894,555 Registration and filing fees 4,597 4,604 Valuation fees 13 57,841 57,509 Servicing fees 6 1,350,799 1,333,074 Custodian fees 13 109,865 110,691 Professional fees 12,780 15,186 Other operating expenses 43,054 43,305 ───────── ─────────

Total operating expenses 3,844,126 3,927,123 ---------------- ---------------- Increase/(decrease) in net assets attributable to unitholders from operations (42,170,240) 122,514,204

═════════ ═════════ The notes on pages 68 to 136 are an integral part of these financial statements.


STATEMENT OF COMPREHENSIVE INCOME FIDELITY ADVANTAGE PORTFOLIO FUND - TRACKER FUND PORTFOLIO Note 2018 2017 HK$ HK$ Income Interest on bank deposits 1,176 385 Dividends 11,859,520 12,824,490 Other income 6 5 Realised gains/(losses) on disposal of financial assets at fair value through profit or loss 21,555,048 29,517,043


Net foreign currency gains/(losses) (7,421) (50,578) ───────── ───────── Total net income/(loss) (38,326,114) 126,441,327 ---------------- ---------------- Expenses Trustee fees 7 270,160 266,615 Administration fees 7 1,113,590 1,022,023 Auditor's remuneration 8 6,461 7,183 Accounting fees 13 1,841 3,182 Bank charges 13 59,498 64,393 Handling fees 13 103,996 104,803 Transaction fees 13 709,644 894,555 Registration and filing fees 4,597 4,604 Valuation fees 13 57,841 57,509 Servicing fees 6 1,350,799 1,333,074 Custodian fees 13 109,865 110,691 Professional fees 12,780 15,186 Other operating expenses 43,054 43,305 ───────── ─────────




STATEMENT OF COMPREHENSIVE INCOME GLOBAL EQUITY FUND Note 2018 2017 US$ US$ Income Interest on bank deposits 66 5 Other income 12 10 Realised gains/(losses) on disposal of financial assets at fair value through profit or loss 10,251,866 11,112,534


Net foreign currency gains/(losses) (3,233) (4,182) ───────── ───────── Total net income/(loss) (12,837,910) 23,993,149 ---------------- ---------------- Expenses Administration fees 7 169,744 163,546 Investment management fees 5 931,657 949,247 Auditor's remuneration 8 1,866 2,463 Accounting fees 13 497 1,083 Bank charges 13 25 52 Handling fees 13 37,027 33,255 Registration and filing fees 604 609 Professional fees 338 421 Other operating expenses 5,824 6,045 ───────── ─────────


═════════ ═════════



STATEMENT OF COMPREHENSIVE INCOME GROWTH FUND Note 2018 2017 US$ US$ Income Interest on bank deposits 65 9 Other income 38 31 Realised gains/(losses) on disposal of financial assets at fair value through profit or loss 115,127,596 79,843,795






STATEMENT OF COMPREHENSIVE INCOME GROWTH FUND Note 2018 2017 US$ US$ Income Interest on bank deposits 65 9 Other income 38 31 Realised gains/(losses) on disposal of financial assets at fair value through profit or loss 115,127,596 79,843,795






STATEMENT OF COMPREHENSIVE INCOME HK DOLLAR MONEY FUND Note 2018 2017 HK$ HK$ Income Interest on bank deposits 2,230 284 Reimbursement income 13 9,600,366 9,101,552 Other income 54 52 Realised gains/(losses) on disposal of financial assets and financial liabilities at fair value through profit or loss 9,382,910 3,882,492

Change in unrealised gains/losses in value of financial assets and financial liabilities at fair value through profit or loss 24,020,226 4,056,583

Net foreign currency gains/(losses) (223,350) (158,709) ───────── ───────── Total net income/(loss) 42,782,436 16,882,254 ---------------- ---------------- Expenses Administration fees 7 1,944,602 1,372,934 Investment management fees 5 10,500,473 8,178,479 Auditor's remuneration 8 47,432 46,255 Accounting fees 13 15,045 19,232 Bank charges 13 200 1,182 Handling fees 13 56,018 56,397 Registration and filing fees 5,069 4,940 Professional fees 7,013 6,839 Other operating expenses 52,632 53,033 ───────── ─────────

Total operating expenses 12,628,484 9,739,291 ---------------- ---------------- Increase/(decrease) in net assets attributable to unitholders from operations 30,153,952 7,142,963



STATEMENT OF COMPREHENSIVE INCOME HONG KONG BOND FUND Note 2018 2017 HK$ HK$ Income Interest on bank deposits 283 28 Other income 29 28 Realised gains/(losses) on disposal of financial assets at fair value through profit or loss 2,895,511 3,588,863

Change in unrealised gains/losses in value of financial assets at fair value through profit or loss 1,063,838 6,331,039

Net foreign currency gains/(losses) (2,136) (316) ──────── ───────── Total net income/(loss) 3,957,525 9,919,642 --------------- ---------------- Expenses Administration fees 7 430,134 415,889 Investment management fees 5 1,910,951 1,802,185 Auditor's remuneration 8 4,496 4,668 Accounting fees 13 1,298 2,021 Bank charges 13 200 243 Handling fees 13 31,446 31,211 Registration and filing fees 4,560 4,571 Professional fees 679 792 Other operating expenses 42,156 42,252 ──────── ─────────

Total operating expenses 2,425,920 2,303,832 --------------- ---------------- Increase/(decrease) in net assets attributable to unitholders from operations 1,531,605 7,615,810

════════ ═════════ The notes on pages 68 to 136 are an integral part of these financial statements.


STATEMENT OF COMPREHENSIVE INCOME HONG KONG BOND FUND Note 2018 2017 HK$ HK$ Income Interest on bank deposits 283 28 Other income 29 28 Realised gains/(losses) on disposal of financial assets at fair value through profit or loss 2,895,511 3,588,863

Change in unrealised gains/losses in value of financial assets at fair value through profit or loss 1,063,838 6,331,039

Net foreign currency gains/(losses) (2,136) (316) ──────── ───────── Total net income/(loss) 3,957,525 9,919,642 --------------- ---------------- Expenses Administration fees 7 430,134 415,889 Investment management fees 5 1,910,951 1,802,185 Auditor's remuneration 8 4,496 4,668 Accounting fees 13 1,298 2,021 Bank charges 13 200 243 Handling fees 13 31,446 31,211 Registration and filing fees 4,560 4,571 Professional fees 679 792 Other operating expenses 42,156 42,252 ──────── ─────────

Total operating expenses 2,425,920 2,303,832 --------------- ---------------- Increase/(decrease) in net assets attributable to unitholders from operations 1,531,605 7,615,810

════════ ═════════ The notes on pages 68 to 136 are an integral part of these financial statements.


STATEMENT OF COMPREHENSIVE INCOME HONG KONG EQUITY FUND Note 2018 2017 HK$ HK$ Income Interest on bank deposits 172 39 Other income 201 163 Realised gains/(losses) on disposal of financial assets at fair value through profit or loss 301,984,284 260,944,850


Net foreign currency gains/(losses) (15,040) 26,253 ────────── ────────── Total net income/(loss) (248,667,870) 821,098,084 ------------------ ------------------ Expenses Administration fees 7 2,430,658 2,554,505 Investment management fees 5 16,364,633 17,055,625 Auditor's remuneration 8 41,320 43,418 Accounting fees 13 11,991 18,825 Bank charges 13 200 649 Handling fees 13 57,373 58,326 Registration and filing fees 5,062 5,031 Professional fees 5,974 7,533 Other operating expenses 54,961 56,879 ────────── ──────────




STATEMENT OF COMPREHENSIVE INCOME RMB BOND FUND Note 2018 2017 HK$ HK$ Income Interest on bank deposits 32 5 Reimbursement income 13 44,924 44,924 Other income 14 6 Realised gains/(losses) on disposal of financial assets at fair value through profit or loss (15,734) (51,810)

Change in unrealised gains/losses in value of financial assets at fair value through profit or loss (401,840) 382,889

Net foreign currency gains/(losses) 277 (86) ───────── ───────── Total net income/(loss) (372,327) 375,928 ---------------- ---------------- Expenses Administration fees 7 74,262 17,085 Investment management fees 5 178,520 31,225 Auditor's remuneration 8 646 64 Accounting fees 13 272 19 Handling fees 13 12,050 7,840 Registration and filing fees 4,502 4,518 Professional fees 61 7 Other operating expenses 40,517 40,438 ───────── ─────────

Total operating expenses 310,830 101,196 ---------------- ---------------- Increase/(decrease) in net assets attributable to unitholders from operations (683,157) 274,732



STATEMENT OF COMPREHENSIVE INCOME RMB BOND FUND Note 2018 2017 HK$ HK$ Income Interest on bank deposits 32 5 Reimbursement income 13 44,924 44,924 Other income 14 6 Realised gains/(losses) on disposal of financial assets at fair value through profit or loss (15,734) (51,810)

Change in unrealised gains/losses in value of financial assets at fair value through profit or loss (401,840) 382,889

Net foreign currency gains/(losses) 277 (86) ───────── ───────── Total net income/(loss) (372,327) 375,928 ---------------- ---------------- Expenses Administration fees 7 74,262 17,085 Investment management fees 5 178,520 31,225 Auditor's remuneration 8 646 64 Accounting fees 13 272 19 Handling fees 13 12,050 7,840 Registration and filing fees 4,502 4,518 Professional fees 61 7 Other operating expenses 40,517 40,438 ───────── ─────────

Total operating expenses 310,830 101,196 ---------------- ---------------- Increase/(decrease) in net assets attributable to unitholders from operations (683,157) 274,732



STATEMENT OF COMPREHENSIVE INCOME STABLE GROWTH FUND Note 2018 2017 US$ US$ Income Interest on bank deposits 45 11 Other income 22 17 Realised gains/(losses) on disposal of financial assets at fair value through profit or loss 26,866,687 18,590,823


Net foreign currency gains/(losses) (1,212) (7,023) ───────── ───────── Total net income/(loss) (27,814,080) 78,689,670 ---------------- ---------------- Expenses Administration fees 7 486,838 472,411 Investment management fees 5 3,331,529 3,299,885 Auditor's remuneration 8 8,027 8,164 Accounting fees 13 2,342 3,579 Bank charges 13 26 188 Handling fees 13 60,360 56,798 Registration and filing fees 683 680 Professional fees 1,211 1,462 Other operating expenses 7,559 8,026 ───────── ─────────


═════════ ═════════



STATEMENT OF COMPREHENSIVE INCOME US DOLLAR MONEY FUND Note 2018 2017 US$ US$ Income Interest on bank deposits 734 72 Reimbursement income 13 298,277 372,142 Other income 17 12 Realised gains/(losses) on disposal of financial assets and financial liabilities at fair value through profit or loss 2,232,368 1,003,855


Net foreign currency gains/(losses) (54,807) (45,748) ───────── ───────── Total net income/(loss) 7,745,732 3,375,054 ---------------- ---------------- Expenses Administration fees 7 307,960 239,840 Investment management fees 5 1,462,666 1,123,511 Auditor's remuneration 8 6,175 5,192 Accounting fees 13 1,942 2,290 Bank charges 13 25 156 Handling fees 13 9,698 9,450 Registration and filing fees 651 644 Professional fees 957 931 Other operating expenses 6,824 7,002 ───────── ─────────




STATEMENT OF COMPREHENSIVE INCOME US DOLLAR MONEY FUND Note 2018 2017 US$ US$ Income Interest on bank deposits 734 72 Reimbursement income 13 298,277 372,142 Other income 17 12 Realised gains/(losses) on disposal of financial assets and financial liabilities at fair value through profit or loss 2,232,368 1,003,855


Net foreign currency gains/(losses) (54,807) (45,748) ───────── ───────── Total net income/(loss) 7,745,732 3,375,054 ---------------- ---------------- Expenses Administration fees 7 307,960 239,840 Investment management fees 5 1,462,666 1,123,511 Auditor's remuneration 8 6,175 5,192 Accounting fees 13 1,942 2,290 Bank charges 13 25 156 Handling fees 13 9,698 9,450 Registration and filing fees 651 644 Professional fees 957 931 Other operating expenses 6,824 7,002 ───────── ─────────




STATEMENT OF COMPREHENSIVE INCOME WORLD BOND FUND Note 2018 2017 US$ US$ Income Interest on bank deposits 106 7 Other income 5 3 Realised gains/(losses) on disposal of financial assets at fair value through profit or loss 705,256 425,017


Net foreign currency gains/(losses) (210) (207) ───────── ───────── Total net income/(loss) (514,142) 3,666,719 ---------------- ---------------- Expenses Administration fees 7 52,051 40,978 Investment management fees 5 420,044 324,582 Auditor's remuneration 8 1,031 768 Accounting fees 13 338 339 Bank charges 13 26 34 Handling fees 13 4,905 4,477 Registration and filing fees 586 590 Professional fees 152 144 Other operating expenses 5,501 5,490 ───────── ─────────

Total operating expenses 484,634 377,402 ---------------- ---------------- Increase/(decrease) in net assets attributable to unitholders from operations (998,776) 3,289,317



STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS ASIA PACIFIC EQUITY FUND Note 2018 2017 US$ US$ Net assets attributable to unitholders at 1st January 129,147,911 100,973,226

Proceeds from subscription of units 11 Ordinary units 22,957,149 18,343,605 Administration units 9,877,263 3,998,486 Savings units 3,161,667 2,223,047 ────────── ────────── 35,996,079 24,565,138 ------------------ ------------------ Payments on redemption of units 11 Ordinary units (30,752,209) (23,768,290) Administration units (4,182,427) (3,775,047) Savings units (1,414,939) (3,352,939) ────────── ────────── (36,349,575) (30,896,276) ------------------ ------------------ Net subscription/(redemption) of units (353,496) (6,331,138) Increase/(decrease) in net assets attributable to unitholders from operations (14,204,900) 34,505,823

────────── ────────── Net assets attributable to unitholders at 31st December 114,589,515 129,147,911

══════════ ══════════



STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS ASIA PACIFIC EQUITY FUND Note 2018 2017 US$ US$ Net assets attributable to unitholders at 1st January 129,147,911 100,973,226

Proceeds from subscription of units 11 Ordinary units 22,957,149 18,343,605 Administration units 9,877,263 3,998,486 Savings units 3,161,667 2,223,047 ────────── ────────── 35,996,079 24,565,138 ------------------ ------------------ Payments on redemption of units 11 Ordinary units (30,752,209) (23,768,290) Administration units (4,182,427) (3,775,047) Savings units (1,414,939) (3,352,939) ────────── ────────── (36,349,575) (30,896,276) ------------------ ------------------ Net subscription/(redemption) of units (353,496) (6,331,138) Increase/(decrease) in net assets attributable to unitholders from operations (14,204,900) 34,505,823

────────── ────────── Net assets attributable to unitholders at 31st December 114,589,515 129,147,911

══════════ ══════════



STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS BALANCED FUND Note 2018 2017 US$ US$ Net assets attributable to unitholders at 1st January

1,528,803,446 1,308,552,722

Proceeds from subscription of units 11 Ordinary units 136,571,565 98,601,719 Administration units 22,860,380 16,429,284 Savings units 20,082,769 5,890,101 ─────────── ─────────── 179,514,714 120,921,104 -------------------- -------------------- Payments on redemption of units 11 Ordinary units (183,260,334) (148,627,787) Administration units (42,629,630) (35,743,422) Savings units (12,139,431) (13,828,265) ─────────── ─────────── (238,029,395) (198,199,474) -------------------- -------------------- Net subscription/(redemption) of units (58,514,681) (77,278,370) Increase/(decrease) in net assets attributable to unitholders from operations

(142,832,431) 297,529,094

─────────── ────────────

Net assets attributable to unitholders at 31st December

1,327,456,334 1,528,803,446

═══════════ ════════════



STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS CAPITAL STABLE FUND Note 2018 2017 US$ US$ Net assets attributable to unitholders at 1st January

485,658,061 421,830,781

Proceeds from subscription of units 11 Ordinary units 101,080,352 80,583,021 Administration units 18,219,205 9,617,698 Savings units 10,927,246 1,948,346 ────────── ────────── 130,226,803 92,149,065 ------------------ ------------------ Payments on redemption of units 11 Ordinary units (83,906,960) (67,481,127) Administration units (16,858,148) (9,695,872) Savings units (6,282,911) (9,156,586) ────────── ────────── (107,048,019) (86,333,585) ------------------ ------------------ Net subscription/(redemption) of units 23,178,784 5,815,480 Increase/(decrease) in net assets attributable to unitholders from operations

(23,786,997) 58,011,800

────────── ────────── Net assets attributable to unitholders at 31st December

485,049,848 485,658,061

══════════ ══════════



STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS CAPITAL STABLE FUND Note 2018 2017 US$ US$ Net assets attributable to unitholders at 1st January

485,658,061 421,830,781


(23,786,997) 58,011,800


485,049,848 485,658,061

══════════ ══════════



STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS FIDELITY ADVANTAGE PORTFOLIO FUND - INVESCO ASIAN EQUITY FUND Note 2018 2017 US$ US$ Net assets attributable to unitholders at 1st January

69,392,481 51,800,778

Proceeds from subscription of units 11 Ordinary units 15,679,664 31,377,490 Administration units 1,344,350 1,518,036 Savings units 1,215,355 811,092 ────────── ────────── 18,239,369 33,706,618 ------------------ ------------------ Payments on redemption of units 11 Ordinary units (28,768,718) (35,971,360) Administration units (998,158) (1,699,190) Savings units (454,838) (472,794) ────────── ────────── (30,221,714) (38,143,344) ------------------ ------------------ Net subscription/(redemption) of units (11,982,345) (4,436,726) Increase/(decrease) in net assets attributable to unitholders from operations (8,127,294) 22,028,429


49,282,842 69,392,481

══════════ ══════════



STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS FIDELITY ADVANTAGE PORTFOLIO FUND - TRACKER FUND PORTFOLIO Note 2018 2017 HK$ HK$ Net assets attributable to unitholders at 1st January

393,484,732 315,301,057

Proceeds from subscription of units 11 Ordinary units 51,321,349 88,584,953 Administration units 146,336,855 110,140,406 Savings units 5,233,394 2,720,994 ────────── ────────── 202,891,598 201,446,353 ------------------ ------------------ Payments on redemption of units 11 Ordinary units (63,970,779) (120,933,798) Administration units (105,498,560) (122,192,462) Savings units (2,793,264) (2,650,622) ────────── ────────── (172,262,603) (245,776,882) ------------------ ------------------ Net subscription/(redemption) of units 30,628,995 (44,330,529) Increase/(decrease) in net assets attributable to unitholders from operations

(42,170,240) 122,514,204


381,943,487 393,484,732

══════════ ══════════



STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS FIDELITY ADVANTAGE PORTFOLIO FUND - TRACKER FUND PORTFOLIO Note 2018 2017 HK$ HK$ Net assets attributable to unitholders at 1st January

393,484,732 315,301,057


(42,170,240) 122,514,204


381,943,487 393,484,732

══════════ ══════════



STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS GLOBAL EQUITY FUND Note 2018 2017 US$ US$ Net assets attributable to unitholders at 1st January

126,956,281 119,035,809


(13,985,492) 22,836,428


116,567,793 126,956,281

══════════ ══════════



STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS GROWTH FUND Note 2018 2017 US$ US$ Net assets attributable to unitholders at 1st January

1,415,162,084 1,164,852,799

Proceeds from subscription of units 11 Ordinary units 149,797,985 158,829,792 Administration units 24,650,313 19,517,342 Savings units 21,842,892 13,502,100 ─────────── ─────────── 196,291,190 191,849,234 ------------------- ------------------- Payments on redemption of units 11 Ordinary units (259,055,274) (216,825,910) Administration units (38,537,737) (31,051,575) Savings units (13,922,279) (15,621,244) ─────────── ─────────── (311,515,290) (263,498,729) ------------------- ------------------- Net subscription/(redemption) of units (115,224,100) (71,649,495) Increase/(decrease) in net assets attributable to unitholders from operations

(156,914,674) 321,958,780

─────────── ─────────── Net assets attributable to unitholders at 31st December

1,143,023,310 1,415,162,084

═══════════ ═══════════ The notes on pages 68 to 136 are an integral part of these financial statements.


STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS GROWTH FUND Note 2018 2017 US$ US$ Net assets attributable to unitholders at 1st January

1,415,162,084 1,164,852,799

Proceeds from subscription of units 11 Ordinary units 149,797,985 158,829,792 Administration units 24,650,313 19,517,342 Savings units 21,842,892 13,502,100 ─────────── ─────────── 196,291,190 191,849,234 ------------------- ------------------- Payments on redemption of units 11 Ordinary units (259,055,274) (216,825,910) Administration units (38,537,737) (31,051,575) Savings units (13,922,279) (15,621,244) ─────────── ─────────── (311,515,290) (263,498,729) ------------------- ------------------- Net subscription/(redemption) of units (115,224,100) (71,649,495) Increase/(decrease) in net assets attributable to unitholders from operations

(156,914,674) 321,958,780


1,143,023,310 1,415,162,084



STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS HK DOLLAR MONEY FUND Note 2018 2017 HK$ HK$ Net assets attributable to unitholders at 1st January

2,316,675,655 1,829,106,968

Proceeds from subscription of units 11 Ordinary units 1,510,152,624 1,301,535,016 Administration units 345,363,698 245,751,572 Savings units 55,550,794 43,809,468 ─────────── ─────────── 1,911,067,116 1,591,096,056 -------------------- -------------------- Payments on redemption of units 11 Ordinary units (1,154,081,318) (893,887,381) Administration units (222,612,843) (185,960,779) Savings units (43,404,148) (30,822,172) ─────────── ─────────── (1,420,098,309) (1,110,670,332) -------------------- -------------------- Net subscription/(redemption) of units 490,968,807 480,425,724 Increase/(decrease) in net assets attributable to unitholders from operations

30,153,952 7,142,963


2,837,798,414 2,316,675,655



STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS HONG KONG BOND FUND Note 2018 2017 HK$ HK$ Net assets attributable to unitholders at 1st January

270,885,041 215,070,372

Proceeds from subscription of units 11 Ordinary units 51,337,480 81,111,253 Administration units 38,611,402 46,330,395 Savings units 7,827,492 6,656,894 ────────── ────────── 97,776,374 134,098,542 ------------------ ------------------ Payments on redemption of units 11 Ordinary units (61,550,483) (53,077,856) Administration units (40,981,748) (26,123,303) Savings units (7,998,088) (6,698,524) ────────── ────────── (110,530,319) (85,899,683) ------------------ ------------------ Net subscription/(redemption) of units (12,753,945) 48,198,859 Increase/(decrease) in net assets attributable to unitholders from operations

1,531,605 7,615,810


259,662,701 270,885,041

══════════ ══════════



STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS HONG KONG BOND FUND Note 2018 2017 HK$ HK$ Net assets attributable to unitholders at 1st January

270,885,041 215,070,372

Proceeds from subscription of units 11 Ordinary units 51,337,480 81,111,253 Administration units 38,611,402 46,330,395 Savings units 7,827,492 6,656,894 ────────── ────────── 97,776,374 134,098,542 ------------------ ------------------ Payments on redemption of units 11 Ordinary units (61,550,483) (53,077,856) Administration units (40,981,748) (26,123,303) Savings units (7,998,088) (6,698,524) ────────── ────────── (110,530,319) (85,899,683) ------------------ ------------------ Net subscription/(redemption) of units (12,753,945) 48,198,859 Increase/(decrease) in net assets attributable to unitholders from operations

1,531,605 7,615,810


259,662,701 270,885,041

══════════ ══════════



STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS HONG KONG EQUITY FUND Note 2018 2017 HK$ HK$ Net assets attributable to unitholders at 1st January

2,441,941,589 2,110,613,142

Proceeds from subscription of units 11 Ordinary units 928,581,535 686,577,592 Administration units 197,978,647 139,669,768 Savings units 34,809,236 33,051,123 ─────────── ─────────── 1,161,369,418 859,298,483 ------------------- ------------------- Payments on redemption of units 11 Ordinary units (1,174,365,031) (1,041,223,608) Administration units (222,700,589) (215,417,190) Savings units (38,339,555) (72,626,531) ─────────── ─────────── (1,435,405,175) (1,329,267,329) ------------------- ------------------- Net subscription/(redemption) of units (274,035,757) (469,968,846) Increase/(decrease) in net assets attributable to unitholders from operations

(267,640,042) 801,297,293 ─────────── ─────────── Net assets attributable to unitholders at 31st December

1,900,265,790 2,441,941,589

═══════════ ═══════════



STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS RMB BOND FUND Note 2018 2017 HK$ HK$ Net assets attributable to unitholders at 1st January

12,400,426 3,383,978

Proceeds from subscription of units 11 Ordinary units 9,886,219 1,675,809 Administration units 24,455,720 10,303,080 Savings units 3,431,115 603,022 ────────── ────────── 37,773,054 12,581,911 ------------------ ------------------ Payments on redemption of units 11 Ordinary units (2,575,405) (2,278,143) Administration units (18,416,732) (1,383,457) Savings units (1,763,546) (178,595) ────────── ────────── (22,755,683) (3,840,195) ------------------ ------------------ Net subscription/(redemption) of units 15,017,371 8,741,716 Increase/(decrease) in net assets attributable to unitholders from operations

(683,157) 274,732


26,734,640 12,400,426

══════════ ══════════



STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS RMB BOND FUND Note 2018 2017 HK$ HK$ Net assets attributable to unitholders at 1st January

12,400,426 3,383,978

Proceeds from subscription of units 11 Ordinary units 9,886,219 1,675,809 Administration units 24,455,720 10,303,080 Savings units 3,431,115 603,022 ────────── ────────── 37,773,054 12,581,911 ------------------ ------------------ Payments on redemption of units 11 Ordinary units (2,575,405) (2,278,143) Administration units (18,416,732) (1,383,457) Savings units (1,763,546) (178,595) ────────── ────────── (22,755,683) (3,840,195) ------------------ ------------------ Net subscription/(redemption) of units 15,017,371 8,741,716 Increase/(decrease) in net assets attributable to unitholders from operations

(683,157) 274,732


26,734,640 12,400,426

══════════ ══════════



STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS STABLE GROWTH FUND Note 2018 2017 US$ US$ Net assets attributable to unitholders at 1st January

470,955,781 406,374,961

Proceeds from subscription of units 11 Ordinary units 44,823,197 46,751,602 Administration units 17,801,846 10,480,140 Savings units 5,849,393 3,141,348 ────────── ────────── 68,474,436 60,373,090 ------------------ ------------------ Payments on redemption of units 11 Ordinary units (77,159,192) (53,281,054) Administration units (17,309,859) (11,709,096) Savings units (3,866,196) (5,640,597) ────────── ────────── (98,335,247) (70,630,747) ------------------ ------------------ Net subscription/(redemption) of units (29,860,811) (10,257,657) Increase/(decrease) in net assets attributable to unitholders from operations

(31,712,655) 74,838,477


409,382,315 470,955,781

══════════ ══════════



STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS US DOLLAR MONEY FUND Note 2018 2017 US$ US$ Net assets attributable to unitholders at 1st January

306,826,958 253,543,215


5,948,834 1,986,038


440,628,106 306,826,958

══════════ ══════════



STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS US DOLLAR MONEY FUND Note 2018 2017 US$ US$ Net assets attributable to unitholders at 1st January

306,826,958 253,543,215


5,948,834 1,986,038


440,628,106 306,826,958

══════════ ══════════



STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS WORLD BOND FUND Note 2018 2017 US$ US$ Net assets attributable to unitholders at 1st January

46,380,207 42,282,045

Proceeds from subscription of units 11 Ordinary units 32,284,989 15,541,558 Administration units 7,601,361 3,005,445 Savings units 642,548 668,330 ────────── ────────── 40,528,898 19,215,333 ------------------ ------------------ Payments on redemption of units 11 Ordinary units (23,021,697) (16,046,712) Administration units (4,422,368) (1,619,631) Savings units (413,714) (740,145) ────────── ────────── (27,857,779) (18,406,488) ------------------ ------------------ Net subscription/(redemption) of units 12,671,119 808,845 Increase/(decrease) in net assets attributable to unitholders from operations

(998,776) 3,289,317


58,052,550 46,380,207

══════════ ══════════



STATEMENT OF CASH FLOWS ASIA PACIFIC EQUITY FUND 2018 2017 US$ US$ Cash flows from operating activities Increase/(decrease) in net assets attributable to

unitholders from operations (14,204,900) 34,505,823 Adjustment for: Interest on bank deposits (111) (10) ────────── ────────── Operating profit/(loss) before working capital changes (14,205,011) 34,505,813

Net change in amounts receivable on sale of investments/payable on purchase of investments 475,768 (663,351)

Net change in other payables (21,393) 47,841 Net change in financial assets at fair value through

profit or loss 14,589,871 (28,214,020) ────────── ────────── Cash from/(used in) operations 839,235 5,676,283 Interest received 111 10 ────────── ────────── Net cash from/(used in) operating activities 839,346 5,676,293 ------------------ ------------------ Cash flows from financing activities Proceeds from subscription of units 35,996,079 24,579,764 Payments on redemption of units (36,825,343) (30,247,551) ────────── ────────── Net cash from/(used in) financing activities (829,264) (5,667,787) ------------------ ------------------ Net increase/(decrease) in cash and cash

equivalents 10,082 8,506 Cash and cash equivalents at beginning of the year 9,596 1,090 ────────── ────────── Cash and cash equivalents at end of the year 19,678 9,596 ══════════ ══════════ Analysis of cash and cash equivalents Cash and bank deposits (representing cash and bank

deposits with original maturity of 3 months or less) 19,678 9,596 ══════════ ══════════



STATEMENT OF CASH FLOWS ASIA PACIFIC EQUITY FUND 2018 2017 US$ US$ Cash flows from operating activities Increase/(decrease) in net assets attributable to

unitholders from operations (14,204,900) 34,505,823 Adjustment for: Interest on bank deposits (111) (10) ────────── ────────── Operating profit/(loss) before working capital changes (14,205,011) 34,505,813

Net change in amounts receivable on sale of investments/payable on purchase of investments 475,768 (663,351)

Net change in other payables (21,393) 47,841 Net change in financial assets at fair value through

profit or loss 14,589,871 (28,214,020) ────────── ────────── Cash from/(used in) operations 839,235 5,676,283 Interest received 111 10 ────────── ────────── Net cash from/(used in) operating activities 839,346 5,676,293 ------------------ ------------------ Cash flows from financing activities Proceeds from subscription of units 35,996,079 24,579,764 Payments on redemption of units (36,825,343) (30,247,551) ────────── ────────── Net cash from/(used in) financing activities (829,264) (5,667,787) ------------------ ------------------ Net increase/(decrease) in cash and cash





STATEMENT OF CASH FLOWS BALANCED FUND 2018 2017 US$ US$ Cash flows from operating activities Increase/(decrease) in net assets attributable to

unitholders from operations (142,832,431) 297,529,094 Adjustment for: Interest on bank deposits (87) (12) ────────── ────────── Operating profit/(loss) before working capital changes (142,832,518) 297,529,082 Net change in amounts receivable on sale of

investments/payable on purchase of investments (1,108,308) 1,073,076 Net change in other payables (311,459) 371,696 Net change in financial assets at fair value through

profit or loss 201,645,582 (220,547,686) Net change in financial liabilities at fair value through

profit or loss (3) 3 ────────── ────────── Cash from/(used in) operations 57,393,294 78,426,171 Interest received 86 12 ────────── ────────── Net cash from/(used in) operating activities 57,393,380 78,426,183 ------------------ ------------------ Cash flows from financing activities Proceeds from subscription of units 179,635,421 121,375,421 Payments on redemption of units (237,034,948) (199,737,728) ────────── ────────── Net cash from/(used in) financing activities (57,399,527) (78,362,307) ------------------ ------------------ Net increase/(decrease) in cash and cash

equivalents (6,147) 63,876 Cash and cash equivalents at beginning of the year 78,235 14,359 ────────── ────────── Cash and cash equivalents at end of the year 72,088 78,235 ══════════ ══════════ Analysis of cash and cash equivalents Cash and bank deposits (representing cash and bank




STATEMENT OF CASH FLOWS CAPITAL STABLE FUND 2018 2017 US$ US$ Cash flows from operating activities Increase/(decrease) in net assets attributable to


investments/payable on purchase of investments (551,764) 474,030 Net change in other payables 21,130 87,817 Net change in financial assets at fair value through

profit or loss 541,950 (63,840,399) ────────── ────────── Cash from/(used in) operations (23,775,761) (5,266,764) Interest received 80 12 ────────── ────────── Net cash from/(used in) operating activities (23,775,681) (5,266,752) ------------------ ------------------ Cash flows from financing activities Proceeds from subscription of units 130,246,573 92,145,674 Payments on redemption of units (106,513,832) (86,808,067) ────────── ────────── Net cash from/(used in) financing activities 23,732,741 5,337,607 ------------------ ------------------ Net increase/(decrease) in cash and cash





STATEMENT OF CASH FLOWS CAPITAL STABLE FUND 2018 2017 US$ US$ Cash flows from operating activities Increase/(decrease) in net assets attributable to


investments/payable on purchase of investments (551,764) 474,030 Net change in other payables 21,130 87,817 Net change in financial assets at fair value through

profit or loss 541,950 (63,840,399) ────────── ────────── Cash from/(used in) operations (23,775,761) (5,266,764) Interest received 80 12 ────────── ────────── Net cash from/(used in) operating activities (23,775,681) (5,266,752) ------------------ ------------------ Cash flows from financing activities Proceeds from subscription of units 130,246,573 92,145,674 Payments on redemption of units (106,513,832) (86,808,067) ────────── ────────── Net cash from/(used in) financing activities 23,732,741 5,337,607 ------------------ ------------------ Net increase/(decrease) in cash and cash





STATEMENT OF CASH FLOWS FIDELITY ADVANTAGE PORTFOLIO FUND - INVESCO ASIAN EQUITY FUND 2018 2017 US$ US$ Cash flows from operating activities Increase/(decrease) in net assets attributable to

unitholders from operations (8,127,294) 22,028,429 Adjustment for: Interest on bank deposits (1,288) (430) Dividends (224,559) (160,038) ────────── ────────── Operating profit/(loss) before working capital changes (8,353,141) 21,867,961 Net change in amounts receivable on sale of

investments/payable on purchase of investments 143,823 (162,338) Net change in other receivables 38,416 (25,021) Net change in other payables (43,445) 30,874 Net change in financial assets at fair value through

profit or loss 20,200,432 (17,690,759) Net change in financial liabilities at fair value through

profit or loss 37 (84) ────────── ────────── Cash from/(used in) operations 11,986,122 4,020,633 Interest received 1,287 428 Dividends received 224,559 160,038 ────────── ────────── Net cash from/(used in) operating activities 12,211,968 4,181,099 ------------------ ------------------ Cash flows from financing activities Proceeds from subscription of units 17,974,485 33,706,618 Payments on redemption of units (30,237,001) (37,981,533) ────────── ────────── Net cash from/(used in) financing activities (12,262,516) (4,274,915) ------------------ ------------------ Net increase/(decrease) in cash and cash

equivalents (50,548) (93,816) Cash and cash equivalents at beginning of the year 384,232 478,048 ────────── ────────── Cash and cash equivalents at end of the year 333,684 384,232 ══════════ ══════════ Analysis of cash and cash equivalents Cash and bank deposits (representing cash and bank




STATEMENT OF CASH FLOWS FIDELITY ADVANTAGE PORTFOLIO FUND - TRACKER FUND PORTFOLIO 2018 2017 HK$ HK$ Cash flows from operating activities Increase/(decrease) in net assets attributable to

unitholders from operations (42,170,240) 122,514,204 Adjustment for: Interest on bank deposits (1,176) (385) Dividends (11,859,520) (12,824,490) ────────── ────────── Operating profit/(loss) before working capital changes (54,030,936) 109,689,329 Net change in amounts receivable on sale of

investments/payable on purchase of investments 626,514 (553,438) Net change in other payables (40,355) 148,187 Net change in financial assets at fair value through

profit or loss 15,034,150 (78,367,900) ────────── ────────── Cash from/(used in) operations (38,410,627) 30,916,178 Interest received 1,150 385 Dividends received 11,859,520 12,824,490 ────────── ────────── Net cash from/(used in) operating activities (26,549,957) 43,741,053 ------------------ ------------------ Cash flows from financing activities Proceeds from subscription of units 202,868,360 201,446,353 Payments on redemption of units (172,780,830) (245,568,464) ────────── ────────── Net cash from/(used in) financing activities 30,087,530 (44,122,111) ------------------ ------------------ Net increase/(decrease) in cash and cash

equivalents 3,537,573 (381,058) Cash and cash equivalents at beginning of the year 2,206,299 2,587,357 ────────── ────────── Cash and cash equivalents at end of the year 5,743,872 2,206,299 ══════════ ══════════ Analysis of cash and cash equivalents Cash and bank deposits (representing cash and bank

deposits with original maturity of 3 months or less) 5,743,872 2,206,299 ══════════ ══════════



STATEMENT OF CASH FLOWS FIDELITY ADVANTAGE PORTFOLIO FUND - TRACKER FUND PORTFOLIO 2018 2017 HK$ HK$ Cash flows from operating activities Increase/(decrease) in net assets attributable to

unitholders from operations (42,170,240) 122,514,204 Adjustment for: Interest on bank deposits (1,176) (385) Dividends (11,859,520) (12,824,490) ────────── ────────── Operating profit/(loss) before working capital changes (54,030,936) 109,689,329 Net change in amounts receivable on sale of


profit or loss 15,034,150 (78,367,900) ────────── ────────── Cash from/(used in) operations (38,410,627) 30,916,178 Interest received 1,150 385 Dividends received 11,859,520 12,824,490 ────────── ────────── Net cash from/(used in) operating activities (26,549,957) 43,741,053 ------------------ ------------------ Cash flows from financing activities Proceeds from subscription of units 202,868,360 201,446,353 Payments on redemption of units (172,780,830) (245,568,464) ────────── ────────── Net cash from/(used in) financing activities 30,087,530 (44,122,111) ------------------ ------------------ Net increase/(decrease) in cash and cash

equivalents 3,537,573 (381,058) Cash and cash equivalents at beginning of the year 2,206,299 2,587,357 ────────── ────────── Cash and cash equivalents at end of the year 5,743,872 2,206,299 ══════════ ══════════ Analysis of cash and cash equivalents Cash and bank deposits (representing cash and bank




STATEMENT OF CASH FLOWS GLOBAL EQUITY FUND 2018 2017 US$ US$ Cash flows from operating activities Increase/(decrease) in net assets attributable to


investments/payable on purchase of investments (267,068) 132,221 Net change in other payables (6,029) 27,647 Net change in financial assets at fair value through

profit or loss 10,743,335 (7,946,881) ────────── ────────── Cash from/(used in) operations (3,515,320) 15,049,410 Interest received 66 5 ────────── ────────── Net cash from/(used in) operating activities (3,515,254) 15,049,415 ------------------ ------------------ Cash flows from financing activities Proceeds from subscription of units 61,551,521 41,830,557 Payments on redemption of units (58,026,896) (56,878,735) ────────── ────────── Net cash from/(used in) financing activities 3,524,625 (15,048,178) ------------------ ------------------ Net increase/(decrease) in cash and cash





STATEMENT OF CASH FLOWS GROWTH FUND 2018 2017 US$ US$ Cash flows from operating activities Increase/(decrease) in net assets attributable to


investments/payable on purchase of investments (597,191) (1,293,042) Net change in other payables (409,293) 466,994 Net change in financial assets at fair value through

profit or loss 272,541,981 (250,707,000) ────────── ────────── Cash from/(used in) operations 114,620,758 70,425,723 Interest received 64 9 ────────── ────────── Net cash from/(used in) operating activities 114,620,822 70,425,732 ------------------ ------------------ Cash flows from financing activities Proceeds from subscription of units 196,280,812 192,118,491 Payments on redemption of units (310,907,990) (262,476,638) ────────── ────────── Net cash from/(used in) financing activities (114,627,178) (70,358,147) ------------------ ------------------ Net increase/(decrease) in cash and cash





STATEMENT OF CASH FLOWS GROWTH FUND 2018 2017 US$ US$ Cash flows from operating activities Increase/(decrease) in net assets attributable to


investments/payable on purchase of investments (597,191) (1,293,042) Net change in other payables (409,293) 466,994 Net change in financial assets at fair value through






STATEMENT OF CASH FLOWS HK DOLLAR MONEY FUND 2018 2017 HK$ HK$ Cash flows from operating activities Increase/(decrease) in net assets attributable to

unitholders from operations 30,153,952 7,142,963 Adjustment for: Interest on bank deposits (2,230) (284) ────────── ────────── Operating profit/(loss) before working capital changes 30,151,722 7,142,679 Net change in amounts receivable on sale of investments (1,851,173) (1,967,575)

Net change in other receivables 131,256 (608,960) Net change in other payables 661,884 654,663 Net change in financial assets at fair value through

profit or loss (525,773,924) (480,072,599) Net change in financial liabilities at fair value through

profit or loss (170) (869) ────────── ────────── Cash from/(used in) operations (496,680,405) (474,852,661) Interest received 2,224 280 ────────── ────────── Net cash from/(used in) operating activities (496,678,181) (474,852,381) ------------------ ------------------ Cash flows from financing activities Proceeds from subscription of units 1,910,948,863 1,588,245,609 Payments on redemption of units (1,418,247,137) (1,108,702,759) ────────── ────────── Net cash from/(used in) financing activities 492,701,726 479,542,850 ------------------ ------------------ Net increase/(decrease) in cash and cash

equivalents (3,976,455) 4,690,469 Cash and cash equivalents at beginning of the year 6,136,365 1,445,896 ────────── ────────── Cash and cash equivalents at end of the year 2,159,910 6,136,365 ══════════ ══════════ Analysis of cash and cash equivalents Cash and bank deposits (representing cash and bank




STATEMENT OF CASH FLOWS HONG KONG BOND FUND 2018 2017 HK$ HK$ Cash flows from operating activities Increase/(decrease) in net assets attributable to

unitholders from operations 1,531,605 7,615,810 Adjustment for: Interest on bank deposits (283) (28) ────────── ────────── Operating profit/(loss) before working capital changes 1,531,322 7,615,782 Net change in amounts receivable on sale of


profit or loss 11,295,082 (55,909,407) ────────── ────────── Cash from/(used in) operations 13,534,681 (48,644,236) Interest received 282 28 ────────── ────────── Net cash from/(used in) operating activities 13,534,963 (48,644,208) ------------------ ------------------ Cash flows from financing activities Proceeds from subscription of units 98,750,022 133,034,333 Payments on redemption of units (112,237,556) (84,377,444) ────────── ────────── Net cash from/(used in) financing activities (13,487,534) 48,656,889 ------------------ ------------------ Net increase/(decrease) in cash and cash





STATEMENT OF CASH FLOWS HONG KONG BOND FUND 2018 2017 HK$ HK$ Cash flows from operating activities Increase/(decrease) in net assets attributable to



profit or loss 11,295,082 (55,909,407) ────────── ────────── Cash from/(used in) operations 13,534,681 (48,644,236) Interest received 282 28 ────────── ────────── Net cash from/(used in) operating activities 13,534,963 (48,644,208) ------------------ ------------------ Cash flows from financing activities Proceeds from subscription of units 98,750,022 133,034,333 Payments on redemption of units (112,237,556) (84,377,444) ────────── ────────── Net cash from/(used in) financing activities (13,487,534) 48,656,889 ------------------ ------------------ Net increase/(decrease) in cash and cash





STATEMENT OF CASH FLOWS HONG KONG EQUITY FUND 2018 2017 HK$ HK$ Cash flows from operating activities Increase/(decrease) in net assets attributable to


investments/payable on purchase of investments 738,203 (7,765,327) Net change in other payables (1,023,178) 456,851 Net change in financial assets at fair value through

profit or loss 542,633,976 (331,727,148) ────────── ────────── Cash from/(used in) operations 274,708,787 462,261,630 Interest received 172 39 ────────── ────────── Net cash from/(used in) operating activities 274,708,959 462,261,669 ------------------ ------------------ Cash flows from financing activities Proceeds from subscription of units 1,159,343,300 861,535,336 Payments on redemption of units (1,434,117,261) (1,323,738,854) ────────── ────────── Net cash from/(used in) financing activities (274,773,961) (462,203,518) ------------------ ------------------ Net increase/(decrease) in cash and cash





STATEMENT OF CASH FLOWS RMB BOND FUND 2018 2017 HK$ HK$ Cash flows from operating activities Increase/(decrease) in net assets attributable to

unitholders from operations (683,157) 274,732 Adjustment for: Interest on bank deposits (32) (5) ────────── ────────── Operating profit/(loss) before working capital changes (683,189) 274,727 Net change in amounts payable on purchase of

investments (123,838) 123,838 Net change in other receivables 111 112 Net change in other payables 38,911 24,630 Net change in financial assets at fair value through

profit or loss (14,349,412) (9,039,021) ────────── ────────── Cash from/(used in) operations (15,117,417) (8,615,714) Interest received 32 5 ────────── ────────── Net cash from/(used in) operating activities (15,117,385) (8,615,709) ------------------ ------------------ Cash flows from financing activities Proceeds from subscription of units 37,896,892 12,458,073 Payments on redemption of units (22,755,683) (3,840,195) ────────── ────────── Net cash from/(used in) financing activities 15,141,209 8,617,878 ------------------ ------------------ Net increase/(decrease) in cash and cash





STATEMENT OF CASH FLOWS RMB BOND FUND 2018 2017 HK$ HK$ Cash flows from operating activities Increase/(decrease) in net assets attributable to

unitholders from operations (683,157) 274,732 Adjustment for: Interest on bank deposits (32) (5) ────────── ────────── Operating profit/(loss) before working capital changes (683,189) 274,727 Net change in amounts payable on purchase of

investments (123,838) 123,838 Net change in other receivables 111 112 Net change in other payables 38,911 24,630 Net change in financial assets at fair value through

profit or loss (14,349,412) (9,039,021) ────────── ────────── Cash from/(used in) operations (15,117,417) (8,615,714) Interest received 32 5 ────────── ────────── Net cash from/(used in) operating activities (15,117,385) (8,615,709) ------------------ ------------------ Cash flows from financing activities Proceeds from subscription of units 37,896,892 12,458,073 Payments on redemption of units (22,755,683) (3,840,195) ────────── ────────── Net cash from/(used in) financing activities 15,141,209 8,617,878 ------------------ ------------------ Net increase/(decrease) in cash and cash





STATEMENT OF CASH FLOWS STABLE GROWTH FUND 2018 2017 US$ US$ Cash flows from operating activities Increase/(decrease) in net assets attributable to








STATEMENT OF CASH FLOWS US DOLLAR MONEY FUND 2018 2017 US$ US$ Cash flows from operating activities Increase/(decrease) in net assets attributable to


investments (423,014) (87,056) Net change in other receivables 32,050 111,526 Net change in other payables 145,108 54,643 Net change in financial assets at fair value through


profit or loss 8 (122) ────────── ────────── Cash from/(used in) operations (127,836,944) (50,863,236) Interest received 730 72 ────────── ────────── Net cash from/(used in) operating activities (127,836,214) (50,863,164) ------------------ ------------------ Cash flows from financing activities Proceeds from subscription of units 276,184,525 165,595,219 Payments on redemption of units (148,249,906) (114,666,231) ────────── ────────── Net cash from/(used in) financing activities 127,934,619 50,928,988 ------------------ ------------------ Net increase/(decrease) in cash and cash





STATEMENT OF CASH FLOWS US DOLLAR MONEY FUND 2018 2017 US$ US$ Cash flows from operating activities Increase/(decrease) in net assets attributable to


investments (423,014) (87,056) Net change in other receivables 32,050 111,526 Net change in other payables 145,108 54,643 Net change in financial assets at fair value through


profit or loss 8 (122) ────────── ────────── Cash from/(used in) operations (127,836,944) (50,863,236) Interest received 730 72 ────────── ────────── Net cash from/(used in) operating activities (127,836,214) (50,863,164) ------------------ ------------------ Cash flows from financing activities Proceeds from subscription of units 276,184,525 165,595,219 Payments on redemption of units (148,249,906) (114,666,231) ────────── ────────── Net cash from/(used in) financing activities 127,934,619 50,928,988 ------------------ ------------------ Net increase/(decrease) in cash and cash





STATEMENT OF CASH FLOWS WORLD BOND FUND 2018 2017 US$ US$ Cash flows from operating activities Increase/(decrease) in net assets attributable to

unitholders from operations (998,776) 3,289,317 Adjustment for: Interest on bank deposits (106) (7) ────────── ────────── Operating profit/(loss) before working capital changes (998,882) 3,289,310 Net change in amounts receivable on sale of

investments/payable on purchase of investments 286,025 (118,187) Net change in other payables 24,232 5,655 Net change in financial assets at fair value through

profit or loss (11,679,210) (4,097,840) ────────── ────────── Cash from/(used in) operations (12,367,835) (921,062) Interest received 106 7 ────────── ────────── Net cash from/(used in) operating activities (12,367,729) (921,055) ------------------ ------------------ Cash flows from financing activities Proceeds from subscription of units 40,284,954 19,274,312 Payments on redemption of units (27,899,860) (18,347,280) ────────── ────────── Net cash from/(used in) financing activities 12,385,094 927,032 ------------------ ------------------ Net increase/(decrease) in cash and cash





NOTES TO THE FINANCIAL STATEMENTS 1 The Fund

Fidelity Advantage Portfolio Fund (the "Fund") is a unit trust governed by its Trust Deed dated 10th January 1995, as amended (the “Trust Deed”). The Fund is authorised by the Securities and Futures Commission of Hong Kong (the “SFC”) under section 104(1) of the Hong Kong Securities and Futures Ordinance and except where waived, is required to comply with the Code on Unit Trusts and Mutual Funds established by the SFC. The primary objective of the Fund is to achieve long-term capital growth in United States dollar terms, or in the case of HK Dollar Money Fund, Hong Kong Bond Fund, Hong Kong Equity Fund, Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio and RMB Bond Fund, in Hong Kong dollar terms, for savings plans and retirement benefit schemes. The Fund is an umbrella fund and, as at 31st December 2018 offered units in fourteen separate pools of assets ("sub-funds") namely: Lifecycle Funds - Balanced Fund - Capital Stable Fund - Growth Fund - Stable Growth Fund Market Investment Funds - Asia Pacific Equity Fund - Global Equity Fund - Hong Kong Bond Fund - Hong Kong Equity Fund - RMB Bond Fund - World Bond Fund FAP Supermarket Funds - Fidelity Advantage Portfolio Fund - Invesco Asian Equity Fund - Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio Money Market Funds - HK Dollar Money Fund - US Dollar Money Fund Each sub-fund has its own separate and distinct investment policy and risk profile. The sub-funds invest in other unit trusts managed by FIL Investment Management (Hong Kong) Limited or other third party fund managers. There are three classes of units in relation to each sub-fund - Ordinary Units, Administration Units and Savings Units. Administration Units are issued to investors who choose to use the Trustee’s administration services (see note 7). Savings Units are issued to investors who are former members of retirement benefit schemes invested in the sub-funds who wish to continue to have their accrued benefits invested in the sub-funds following the cessation of their membership of the respective retirement benefit scheme or such other persons as the Investment Manager may determine. Ordinary Units are issued in every other instance.


NOTES TO THE FINANCIAL STATEMENTS 1 The Fund

Fidelity Advantage Portfolio Fund (the "Fund") is a unit trust governed by its Trust Deed dated 10th January 1995, as amended (the “Trust Deed”). The Fund is authorised by the Securities and Futures Commission of Hong Kong (the “SFC”) under section 104(1) of the Hong Kong Securities and Futures Ordinance and except where waived, is required to comply with the Code on Unit Trusts and Mutual Funds established by the SFC. The primary objective of the Fund is to achieve long-term capital growth in United States dollar terms, or in the case of HK Dollar Money Fund, Hong Kong Bond Fund, Hong Kong Equity Fund, Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio and RMB Bond Fund, in Hong Kong dollar terms, for savings plans and retirement benefit schemes. The Fund is an umbrella fund and, as at 31st December 2018 offered units in fourteen separate pools of assets ("sub-funds") namely: Lifecycle Funds - Balanced Fund - Capital Stable Fund - Growth Fund - Stable Growth Fund Market Investment Funds - Asia Pacific Equity Fund - Global Equity Fund - Hong Kong Bond Fund - Hong Kong Equity Fund - RMB Bond Fund - World Bond Fund FAP Supermarket Funds - Fidelity Advantage Portfolio Fund - Invesco Asian Equity Fund - Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio Money Market Funds - HK Dollar Money Fund - US Dollar Money Fund Each sub-fund has its own separate and distinct investment policy and risk profile. The sub-funds invest in other unit trusts managed by FIL Investment Management (Hong Kong) Limited or other third party fund managers. There are three classes of units in relation to each sub-fund - Ordinary Units, Administration Units and Savings Units. Administration Units are issued to investors who choose to use the Trustee’s administration services (see note 7). Savings Units are issued to investors who are former members of retirement benefit schemes invested in the sub-funds who wish to continue to have their accrued benefits invested in the sub-funds following the cessation of their membership of the respective retirement benefit scheme or such other persons as the Investment Manager may determine. Ordinary Units are issued in every other instance.


NOTES TO THE FINANCIAL STATEMENTS 1 The Fund (Continued)

The financial statements of the Asia Pacific Equity Fund, Balanced Fund, Capital Stable Fund, Fidelity Advantage Portfolio Fund - Invesco Asian Equity Fund, Global Equity Fund, Growth Fund, Stable Growth Fund, US Dollar Money Fund, and World Bond Fund are presented in United States dollars. The financial statements of the HK Dollar Money Fund, Hong Kong Bond Fund, Hong Kong Equity Fund, Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio and RMB Bond Fund are presented in Hong Kong dollars and have been included in the financial statements of the Fund by adopting the translation policy as stated in note 2(h) below. The following accounting policies and notes apply consistently to the Fund and the sub-funds.

2 Summary of significant accounting policies

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

(a) Basis of preparation

The financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards (“HKFRS”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”). The financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets and financial liabilities (including derivative financial instruments) at fair value through profit or loss. The preparation of financial statements in conformity with HKFRS requires the Trustee and Manager to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

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


NOTES TO THE FINANCIAL STATEMENTS 2 Summary of significant accounting policies (Continued)

(a) Basis of preparation (Continued)

Standards and amendments to existing standards effective 1st January 2018 HKFRS 9 ‘Financial Instruments’ became effective for annual periods beginning on or after 1st January 2018. It addresses the classification, measurement and derecognition of financial assets and liabilities and replaces the multiple classification and measurement models in HKAS 39. Classification and measurement of debt assets is driven by the entity’s business model for managing the financial assets and the contractual cash flow characteristics of the financial assets. A debt instrument is measured at amortised cost if the objective of the business model is to hold the financial asset for the collection of the contractual cash flows and the contractual cash flows under the instrument solely represent payments of principal and interest (SPPI). A debt instrument is measured at fair value through other comprehensive income if the objective of the business model is to hold the financial asset both to collect contractual cash flows from SPPI and to sell. All other debt instruments must be recognised at fair value through profit or loss. An entity may however, at initial recognition, irrevocably designate a financial asset as measured at fair value through profit or loss if doing so eliminates or significantly reduces a measurement or recognition inconsistency. Derivative and equity instruments are measured at fair value through profit or loss unless, for equity instruments not held for trading, an irrevocable option is taken to measure at fair value through other comprehensive income. HKFRS 9 also introduces a new expected credit loss (ECL) impairment model. IFRS 9 has been applied retrospectively by the sub-funds and did not result in a change to the classification or measurement of financial instruments as outlined in note 2(d). The sub-funds’ investment portfolio continues to be classified as fair value through profit or loss and other financial assets which are held for collection continue to be measured at amortised cost. There was no material impact on adoption from the application of the new impairment model. There are no other standards, interpretations or amendments to existing standards that are effective for the first time for the financial year beginning 1st January 2018 that would be expected to have a material impact on the sub-funds. New standards, amendments and interpretations issued but not yet effective for the financial year beginning 1st January 2018 and have not been early adopted by the sub-funds A number of new standards, amendments to standards and interpretations are effective for annual periods beginning after 1st January 2018, and have not been early adopted in preparing these financial statements. None of these are expected to have a material effect on the financial statements of the sub-funds.



(a) Basis of preparation (Continued)

Standards and amendments to existing standards effective 1st January 2018 HKFRS 9 ‘Financial Instruments’ became effective for annual periods beginning on or after 1st January 2018. It addresses the classification, measurement and derecognition of financial assets and liabilities and replaces the multiple classification and measurement models in HKAS 39. Classification and measurement of debt assets is driven by the entity’s business model for managing the financial assets and the contractual cash flow characteristics of the financial assets. A debt instrument is measured at amortised cost if the objective of the business model is to hold the financial asset for the collection of the contractual cash flows and the contractual cash flows under the instrument solely represent payments of principal and interest (SPPI). A debt instrument is measured at fair value through other comprehensive income if the objective of the business model is to hold the financial asset both to collect contractual cash flows from SPPI and to sell. All other debt instruments must be recognised at fair value through profit or loss. An entity may however, at initial recognition, irrevocably designate a financial asset as measured at fair value through profit or loss if doing so eliminates or significantly reduces a measurement or recognition inconsistency. Derivative and equity instruments are measured at fair value through profit or loss unless, for equity instruments not held for trading, an irrevocable option is taken to measure at fair value through other comprehensive income. HKFRS 9 also introduces a new expected credit loss (ECL) impairment model. IFRS 9 has been applied retrospectively by the sub-funds and did not result in a change to the classification or measurement of financial instruments as outlined in note 2(d). The sub-funds’ investment portfolio continues to be classified as fair value through profit or loss and other financial assets which are held for collection continue to be measured at amortised cost. There was no material impact on adoption from the application of the new impairment model. There are no other standards, interpretations or amendments to existing standards that are effective for the first time for the financial year beginning 1st January 2018 that would be expected to have a material impact on the sub-funds. New standards, amendments and interpretations issued but not yet effective for the financial year beginning 1st January 2018 and have not been early adopted by the sub-funds A number of new standards, amendments to standards and interpretations are effective for annual periods beginning after 1st January 2018, and have not been early adopted in preparing these financial statements. None of these are expected to have a material effect on the financial statements of the sub-funds.



(b) Income

Dividend income is recognised when the right to receive payment is established, with the corresponding foreign withholding taxes recorded as an expense.

Other income is accounted for on an accruals basis and credited to the Statement of Comprehensive Income.

(c) Expenses

All expenses are accounted for on an accruals basis and charged to the Statement of Comprehensive Income.

(d) Financial assets and financial liabilities at fair value through profit or loss

(i) Classification

Assets

The sub-funds classify its investments based on both the sub-funds’ business model for managing those financial assets and the contractual cash flow characteristics of the financial assets. The portfolio of financial assets is managed and performance is evaluated on a fair value basis. The sub-funds are primarily focused on fair value information and uses that information to assess the assets’ performance and to make decisions. The sub-funds have not taken the option to irrevocably designate any equity securities as fair value through other comprehensive income. The contractual cash flows of the sub-funds’ debt securities are solely principal and interest, however, these securities are neither held for the purpose of collecting contractual cash flows nor held both for collecting contractual cash flows and for sale. The collection of contractual cash flows is only incidental to achieving the sub-funds’ business model’s objective. Consequently, all investments are measured at fair value through profit or loss. Liabilities The sub-funds make short sales in which a borrowed security is sold in anticipation of a decline in the market value of that security, or it may use short sales for various arbitrage transactions. Short sales are held for trading and are consequently classified as financial liabilities at fair value through profit or loss. Derivative contracts that have a negative fair value are presented as liabilities at fair value through profit or loss.


NOTES TO THE FINANCIAL STATEMENTS 2 Summary of significant accounting policies (Continued) (d) Financial assets and financial liabilities at fair value through profit or loss (Continued)

(ii) Recognition, derecognition and measurement

Regular purchases and sales of investments are recognised on the trade date – the date on which the sub-funds’ commit to purchase or sell the investment. Financial assets and financial liabilities at fair value through profit or loss are initially recognised at fair value. Derivatives are recognised at fair value on the date on which a derivative contract is entered into. Transaction costs are expensed as incurred in the Statement of Comprehensive Income. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or the sub-funds’ have transferred substantially all risks and rewards of ownership.

Subsequent to initial recognition, all financial assets and financial liabilities at fair value through profit or loss are measured at fair value. Gains and losses arising from changes in the fair value of the “Financial assets or financial liabilities at fair value through profit or loss” category are presented in the Statement of Comprehensive Income within “Change in unrealised gains/losses in value of financial assets and financial liabilities at fair value through profit or loss” and “Realised gains/(losses) on disposal of financial assets and financial liabilities at fair value through profit or loss” in the period in which they arise. Dividend income from financial assets at fair value through profit or loss is recognised in the Statement of Comprehensive Income within dividend income when the sub-funds’ right to receive payments is established. Interest income from the financial assets at fair value through profit or loss is recognised in the Statement of Comprehensive Income within interest income using the effective interest method. Subsequent changes in the fair value of any derivative instrument are recognised immediately in the Statement of Comprehensive Income.

(iii) Valuation of investments in other funds

The sub-funds’ investments in other unlisted funds (underlying funds) are subject to the terms and conditions of the respective underlying funds’ Trust Deed. The investments in underlying funds are primarily valued based on the latest available net asset value per unit for each underlying fund, as determined by the administrator of such underlying fund. The sub-funds review the details of the reported information obtained from the underlying funds and consider: (i) the liquidity of the underlying fund or its underlying investments, (ii) the value date of the net asset value (NAV) provided, (iii) any restrictions on redemptions, and (iv) the basis of accounting and, in instances where the basis of accounting is other than fair value, fair valuation information provided by the underlying funds’ advisors. If necessary, the sub-funds make adjustments to the NAV of various underlying funds to obtain the best estimate of fair value. As at 31st December 2018 and 2017, the sub-funds did not make adjustment to the NAV of the underlying funds. As at 31st December 2018, 100% (2017: 100%) of financial assets at fair value through profit or loss comprise investments in underlying funds that have been fair valued in accordance with the policies set out above.



(ii) Recognition, derecognition and measurement

Regular purchases and sales of investments are recognised on the trade date – the date on which the sub-funds’ commit to purchase or sell the investment. Financial assets and financial liabilities at fair value through profit or loss are initially recognised at fair value. Derivatives are recognised at fair value on the date on which a derivative contract is entered into. Transaction costs are expensed as incurred in the Statement of Comprehensive Income. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or the sub-funds’ have transferred substantially all risks and rewards of ownership.

Subsequent to initial recognition, all financial assets and financial liabilities at fair value through profit or loss are measured at fair value. Gains and losses arising from changes in the fair value of the “Financial assets or financial liabilities at fair value through profit or loss” category are presented in the Statement of Comprehensive Income within “Change in unrealised gains/losses in value of financial assets and financial liabilities at fair value through profit or loss” and “Realised gains/(losses) on disposal of financial assets and financial liabilities at fair value through profit or loss” in the period in which they arise. Dividend income from financial assets at fair value through profit or loss is recognised in the Statement of Comprehensive Income within dividend income when the sub-funds’ right to receive payments is established. Interest income from the financial assets at fair value through profit or loss is recognised in the Statement of Comprehensive Income within interest income using the effective interest method. Subsequent changes in the fair value of any derivative instrument are recognised immediately in the Statement of Comprehensive Income.

(iii) Valuation of investments in other funds

The sub-funds’ investments in other unlisted funds (underlying funds) are subject to the terms and conditions of the respective underlying funds’ Trust Deed. The investments in underlying funds are primarily valued based on the latest available net asset value per unit for each underlying fund, as determined by the administrator of such underlying fund. The sub-funds review the details of the reported information obtained from the underlying funds and consider: (i) the liquidity of the underlying fund or its underlying investments, (ii) the value date of the net asset value (NAV) provided, (iii) any restrictions on redemptions, and (iv) the basis of accounting and, in instances where the basis of accounting is other than fair value, fair valuation information provided by the underlying funds’ advisors. If necessary, the sub-funds make adjustments to the NAV of various underlying funds to obtain the best estimate of fair value. As at 31st December 2018 and 2017, the sub-funds did not make adjustment to the NAV of the underlying funds. As at 31st December 2018, 100% (2017: 100%) of financial assets at fair value through profit or loss comprise investments in underlying funds that have been fair valued in accordance with the policies set out above.



(iii) Valuation of investments in other funds (Continued)

Some of the units of the underlying funds are not publicly traded; redemption can only be made by the sub-funds on the redemption dates and subject to the required notice periods specified in the offering documents of each of the underlying funds. As a result, the carrying values of the underlying funds may not be indicative of the values ultimately realised on redemption. In addition, the sub-funds may be materially affected by the actions of other investors who have invested in the underlying funds in which the sub-funds have invested.

All of the underlying funds in the investment portfolio are managed by investment managers who are compensated by the respective underlying funds for their services. Such compensation generally consists of an asset based fee and is reflected in the valuation of the sub-funds’ investment in each of the underlying funds. Investments in listed funds are fair valued based on last traded prices. The fair value of financial liabilities traded in active market are based on quoted market prices at the close of trading on the report date, which is the last traded price. Derivatives are recognised at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at their fair value. Fair values are obtained from quoted market prices in active markets, including recent market transactions, and valuation techniques, including discounted cash flow models and option pricing models, as appropriate. All derivatives are carried as assets when fair value is positive and as liabilities when fair value is negative. Subsequent changes in the fair value of any derivative instrument are recognised immediately in the statement of comprehensive income.

(e) Transfers between levels of the fair value hierarchy

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

(f) Offsetting financial instruments

Financial assets and liabilities are offset and the net amount reported in the Statement of Net Assets when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously.


NOTES TO THE FINANCIAL STATEMENTS 2 Summary of significant accounting policies (Continued) (g) Proceeds and payments on subscription and redemption of units

Dealings take place on each Dealing Day, being every Hong Kong business day. The dealing prices, being the net asset values of the sub-funds, are available on the Valuation Day, which is the business day following the Dealing Day. Computation of the dealing prices is based on the net asset values of the underlying investments of the sub-funds on the Valuation Day. Proceeds and payments for units issued and redeemed are shown as movements in the Statement of Changes in Net Assets Attributable to Unitholders.

(h) Foreign currency translation

(i) Functional and presentation currency

Items included in the sub-funds’ financial statements are measured using the currency of the primary economic environment in which the sub-funds operate (the “functional currency”). The financial statements of Asia Pacific Equity Fund, Balanced Fund, Capital Stable Fund, Fidelity Advantage Portfolio Fund - Invesco Asian Equity Fund, Global Equity Fund, Growth Fund, Stable Growth Fund, US Dollar Money Fund and World Bond Fund, are presented in United States Dollars (“USD”) while the financial statements of Hong Kong Equity Fund, Hong Kong Bond Fund, HK Dollar Money Fund, Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio and RMB Bond Fund are presented in Hong Kong Dollars (“HKD”). The presentation currency is also the functional currency of the respective sub-funds.

(ii) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign currency assets and liabilities are translated into the functional currency using the exchange rate prevailing at year end date. Foreign exchange gains and losses arising from translation are included in the Statement of Comprehensive Income. Foreign exchange gains and losses relating to cash and cash equivalents are presented in the Statement of Comprehensive Income within “Net foreign currency gains/(losses)”. Foreign exchange gains and losses relating to the financial assets and liabilities carried at fair value through profit or loss are presented in the Statement of Comprehensive Income within “Realised gains/(losses) on disposal of financial assets and financial liabilities at fair value through profit or loss” and “Change in unrealised gains/losses in value of financial assets and financial liabilities at fair value through profit or loss”.


NOTES TO THE FINANCIAL STATEMENTS 2 Summary of significant accounting policies (Continued) (g) Proceeds and payments on subscription and redemption of units

Dealings take place on each Dealing Day, being every Hong Kong business day. The dealing prices, being the net asset values of the sub-funds, are available on the Valuation Day, which is the business day following the Dealing Day. Computation of the dealing prices is based on the net asset values of the underlying investments of the sub-funds on the Valuation Day. Proceeds and payments for units issued and redeemed are shown as movements in the Statement of Changes in Net Assets Attributable to Unitholders.

(h) Foreign currency translation

(i) Functional and presentation currency

Items included in the sub-funds’ financial statements are measured using the currency of the primary economic environment in which the sub-funds operate (the “functional currency”). The financial statements of Asia Pacific Equity Fund, Balanced Fund, Capital Stable Fund, Fidelity Advantage Portfolio Fund - Invesco Asian Equity Fund, Global Equity Fund, Growth Fund, Stable Growth Fund, US Dollar Money Fund and World Bond Fund, are presented in United States Dollars (“USD”) while the financial statements of Hong Kong Equity Fund, Hong Kong Bond Fund, HK Dollar Money Fund, Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio and RMB Bond Fund are presented in Hong Kong Dollars (“HKD”). The presentation currency is also the functional currency of the respective sub-funds.

(ii) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign currency assets and liabilities are translated into the functional currency using the exchange rate prevailing at year end date. Foreign exchange gains and losses arising from translation are included in the Statement of Comprehensive Income. Foreign exchange gains and losses relating to cash and cash equivalents are presented in the Statement of Comprehensive Income within “Net foreign currency gains/(losses)”. Foreign exchange gains and losses relating to the financial assets and liabilities carried at fair value through profit or loss are presented in the Statement of Comprehensive Income within “Realised gains/(losses) on disposal of financial assets and financial liabilities at fair value through profit or loss” and “Change in unrealised gains/losses in value of financial assets and financial liabilities at fair value through profit or loss”.



(i) Cash and cash equivalents

Cash and cash equivalents include cash at bank, bank deposits with original maturities of 3 months or less from the date of placement net of bank overdrafts, if any.

(j) Amounts receivable on sale of investments/payable on purchase of investments Amounts receivable on sale of investments/payable on purchase of investments represent receivables for securities sold and payables for securities purchased that have been contracted for but not yet settled or delivered on the year end date respectively. These amounts are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. At each reporting date, the Fund shall measure the loss allowance on amounts due from broker at an amount equal to the lifetime expected credit losses if the credit risk has increased significantly since initial recognition. If, at the reporting date, the credit risk has not increased significantly since initial recognition, the Fund shall measure the loss allowance at an amount equal to 12-month expected credit losses. Significant financial difficulties of the broker, probability that the broker will enter bankruptcy or financial reorganisation, and default in payments are all considered indicators that a loss allowance may be required. If the credit risk increases to the point that it is considered to be credit impaired, interest income will be calculated based on the gross carrying amount adjusted for the loss allowance. A significant increase in credit risk is defined by management as any contractual payment which is more than 30 days past due. Any contractual payment which is more than 90 days past due is considered credit impaired.

(k) Structured entities A structured entity is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only and the relevant activities are directed by means of contractual arrangements. A structured entity often has some or all of the following features or attributes; (a) restricted activities, (b) a narrow and well-defined objective, such as to provide investment opportunities for investors by passing on risks and rewards associated with the assets of the structured entity to investors, (c) insufficient equity to permit the structured entity to finance its activities without subordinated financial support and (d) financing in the form of multiple contractually linked instruments to investors that create concentrations of credit or other risks (tranches). The sub-funds considers all of their investments in other funds (‘‘underlying funds’’) to be investments in unconsolidated structured entities. The sub-funds invest in underlying funds whose objectives range from achieving medium to long term capital growth and whose investment strategy does not include the use of leverage. The underlying funds are managed by the Investment Manager except for Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio and Fidelity Advantage Portfolio Fund - Invesco Asian Equity Fund where they are managed by third party managers, and apply various investment strategies to accomplish their respective investment objectives. The underlying funds finance their operations by issuing redeemable units which are puttable at the holder’s option and entitles the holder to a proportional stake in the respective fund’s net assets. The sub-funds hold redeemable units in each of its underlying funds. The change in fair value of each underlying fund is included in the Statement of Comprehensive Income in “Change in unrealised gains/losses in value of financial assets and financial liabilities at fair value through profit or loss”.


NOTES TO THE FINANCIAL STATEMENTS 3 Financial assets at fair value through profit or loss

As at 31st December 2018 and 2017, the sub-funds invested in the following investment types:

2018 2017 Asia Pacific Equity Fund US$ US$

Approved pooled investment funds 114,813,298 129,403,169 ─────────── ─────────── Total financial assets at fair value through profit or loss 114,813,298 129,403,169 ═══════════ ═══════════ Balanced Fund US$ US$

Approved pooled investment funds 1,330,295,259 1,531,940,841 ─────────── ─────────── Total financial assets at fair value through profit or loss 1,330,295,259 1,531,940,841 ═══════════ ═══════════ Capital Stable Fund US$ US$ Approved pooled investment funds 486,030,257 486,572,207 ─────────── ─────────── Total financial assets at fair value through profit or loss 486,030,257 486,572,207 ═══════════ ═══════════ Fidelity Advantage Portfolio Fund - Invesco Asian Equity Fund US$ US$ Unlisted unit trusts/mutual funds 49,022,989 69,223,421 ─────────── ─────────── Total financial assets at fair value through profit or loss 49,022,989 69,223,421 ═══════════ ═══════════ Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio HK$ HK$ Listed unit trusts/mutual funds 379,131,700 394,165,850 ─────────── ─────────── Total financial assets at fair value through profit or loss 379,131,700 394,165,850 ═══════════ ═══════════ Global Equity Fund US$ US$ Approved pooled investment funds 116,498,995 127,242,330 ─────────── ─────────── Total financial assets at fair value through profit or loss 116,498,995 127,242,330 ═══════════ ═══════════ Growth Fund US$ US$ Approved pooled investment funds 1,145,535,210 1,418,077,191 ─────────── ─────────── Total financial assets at fair value through profit or loss 1,145,535,210 1,418,077,191 ═══════════ ═══════════


NOTES TO THE FINANCIAL STATEMENTS 3 Financial assets at fair value through profit or loss

As at 31st December 2018 and 2017, the sub-funds invested in the following investment types:

2018 2017 Asia Pacific Equity Fund US$ US$

Approved pooled investment funds 114,813,298 129,403,169 ─────────── ─────────── Total financial assets at fair value through profit or loss 114,813,298 129,403,169 ═══════════ ═══════════ Balanced Fund US$ US$

Approved pooled investment funds 1,330,295,259 1,531,940,841 ─────────── ─────────── Total financial assets at fair value through profit or loss 1,330,295,259 1,531,940,841 ═══════════ ═══════════ Capital Stable Fund US$ US$ Approved pooled investment funds 486,030,257 486,572,207 ─────────── ─────────── Total financial assets at fair value through profit or loss 486,030,257 486,572,207 ═══════════ ═══════════ Fidelity Advantage Portfolio Fund - Invesco Asian Equity Fund US$ US$ Unlisted unit trusts/mutual funds 49,022,989 69,223,421 ─────────── ─────────── Total financial assets at fair value through profit or loss 49,022,989 69,223,421 ═══════════ ═══════════ Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio HK$ HK$ Listed unit trusts/mutual funds 379,131,700 394,165,850 ─────────── ─────────── Total financial assets at fair value through profit or loss 379,131,700 394,165,850 ═══════════ ═══════════ Global Equity Fund US$ US$ Approved pooled investment funds 116,498,995 127,242,330 ─────────── ─────────── Total financial assets at fair value through profit or loss 116,498,995 127,242,330 ═══════════ ═══════════ Growth Fund US$ US$ Approved pooled investment funds 1,145,535,210 1,418,077,191 ─────────── ─────────── Total financial assets at fair value through profit or loss 1,145,535,210 1,418,077,191 ═══════════ ═══════════


NOTES TO THE FINANCIAL STATEMENTS 3 Financial assets at fair value through profit or loss (Continued) 2018 2017

HK Dollar Money Fund HK$ HK$

Approved pooled investment funds 2,830,727,331 2,304,953,407

─────────── ───────────

Total financial assets at fair value through profit or loss 2,830,727,331 2,304,953,407

═══════════ ═══════════

Hong Kong Bond Fund HK$ HK$ Approved pooled investment funds 260,193,366 271,488,448 ─────────── ─────────── Total financial assets at fair value through profit or loss 260,193,366 271,488,448 ═══════════ ═══════════ Hong Kong Equity Fund HK$ HK$ Approved pooled investment funds 1,904,476,355 2,447,110,331 ─────────── ─────────── Total financial assets at fair value through profit or loss 1,904,476,355 2,447,110,331 ═══════════ ═══════════ RMB Bond Fund HK$ HK$ Approved pooled investment funds 26,779,473 12,430,061 ─────────── ───────────

Total financial assets at fair value through profit or loss 26,779,473 12,430,061 ═══════════ ═══════════

Stable Growth Fund US$ US$ Approved pooled investment funds 410,258,430 471,929,351 ─────────── ─────────── Total financial assets at fair value through profit or loss 410,258,430 471,929,351 ═══════════ ═══════════ US Dollar Money Fund US$ US$ Approved pooled investment funds 439,555,606 306,016,410 ─────────── ─────────── Total financial assets at fair value through profit or loss 439,555,606 306,016,410 ═══════════ ═══════════ World Bond Fund US$ US$

Approved pooled investment funds 58,153,131 46,473,921

─────────── ───────────

Total financial assets at fair value through profit or loss 58,153,131 46,473,921

═══════════ ═══════════


NOTES TO THE FINANCIAL STATEMENTS 4 Financial liabilities at fair value through profit or loss

Balanced Fund 2018 US$

2017 US$

Derivatives – forward/spot foreign exchange contracts - 3 ────── ──────

Total financial liabilities at fair value through profit or loss - 3 ══════ ══════

Fidelity Advantage Portfolio Fund - Invesco Asian Equity Fund US$ US$ Derivatives – forward/spot foreign exchange contracts 58 21 ────── ────── Total financial liabilities at fair value through profit or loss 58 21 ══════ ══════ HK Dollar Money Fund HK$ HK$ Derivatives – forward/spot foreign exchange contracts - 170 ────── ────── Total financial liabilities at fair value through profit or loss - 170 ══════ ══════ US Dollar Money Fund US$ US$ Derivatives – forward/spot foreign exchange contracts 8 - ────── ────── Total financial liabilities at fair value through profit or loss 8 - ══════ ══════

5 Investment management fees

The Investment Manager is entitled to receive an investment management fee of 0.75% per annum of the net asset value for Lifecycle Funds and Market Investment Funds and a fee of 0.40% per annum of net asset value for Money Market Funds for the years ended 31st December 2018 and 2017. Any change to this policy will require a prior notice of not less than three months (or such a shorter period of notice as the SFC may permit) to the unitholders. The sub-funds other than the FAP Supermarket Funds invest in Class B Units in sub-funds of Fidelity Global Investment Funds (the “FGIF”) which do not charge any investment management fee. Consequently, investment management fee is now charged at the sub-funds level instead of the FGIF level.


NOTES TO THE FINANCIAL STATEMENTS 4 Financial liabilities at fair value through profit or loss

Balanced Fund 2018 US$

2017 US$

Derivatives – forward/spot foreign exchange contracts - 3 ────── ──────

Total financial liabilities at fair value through profit or loss - 3 ══════ ══════

Fidelity Advantage Portfolio Fund - Invesco Asian Equity Fund US$ US$ Derivatives – forward/spot foreign exchange contracts 58 21 ────── ────── Total financial liabilities at fair value through profit or loss 58 21 ══════ ══════ HK Dollar Money Fund HK$ HK$ Derivatives – forward/spot foreign exchange contracts - 170 ────── ────── Total financial liabilities at fair value through profit or loss - 170 ══════ ══════ US Dollar Money Fund US$ US$ Derivatives – forward/spot foreign exchange contracts 8 - ────── ────── Total financial liabilities at fair value through profit or loss 8 - ══════ ══════

5 Investment management fees

The Investment Manager is entitled to receive an investment management fee of 0.75% per annum of the net asset value for Lifecycle Funds and Market Investment Funds and a fee of 0.40% per annum of net asset value for Money Market Funds for the years ended 31st December 2018 and 2017. Any change to this policy will require a prior notice of not less than three months (or such a shorter period of notice as the SFC may permit) to the unitholders. The sub-funds other than the FAP Supermarket Funds invest in Class B Units in sub-funds of Fidelity Global Investment Funds (the “FGIF”) which do not charge any investment management fee. Consequently, investment management fee is now charged at the sub-funds level instead of the FGIF level.


NOTES TO THE FINANCIAL STATEMENTS 5 Investment management fees (Continued)

The below table summarises the investment management fees payable by each sub-fund as at 31st December 2018 and 2017.

2018 2017 Asia Pacific Equity Fund US$212,346 US$238,045 Balanced Fund US$2,576,022 US$2,849,473 Capital Stable Fund US$914,329 US$892,932 Global Equity Fund US$230,136 US$238,138 Growth Fund US$2,250,434 US$2,621,805 HK Dollar Money Fund HK$2,783,231 HK$2,270,489 Hong Kong Bond Fund HK$476,123 HK$496,988 Hong Kong Equity Fund HK$3,579,210 HK$4,481,467 RMB Bond Fund HK$47,640 HK$19,568 Stable Growth Fund US$778,805 US$875,377 US Dollar Money Fund US$422,675 US$307,033 World Bond Fund US$106,821 US$86,133

6 Servicing fees The FAP Supermarket Funds are feeder funds, each investing into a Third Party Fund. The Investment Manager is entitled to receive a servicing fee of up to 2.0% (2017: 2.0%) per annum of the net asset value of the respective FAP Supermarket Fund. The following table summarises the servicing fee for each FAP Supermarket Fund:

2018 2017 % % Fidelity Advantage Portfolio Fund - Invesco Asian Equity Fund 1.50 1.50 Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio 0.35 0.35

For the FAP Supermarket Funds other than the Fidelity Advantage Portfolio Fund – Tracker Fund Portfolio, the Investment Manager intends to procure an investment management fee rebate from the investment manager of each Third Party Fund. The rebate will be paid to and form part of the assets of the relevant FAP Supermarket Fund, with the intention that the total of the investment management fee payable to the investment manager of the relevant Third Party Fund, as reduced by the rebates, and the servicing fee for the relevant FAP Supermarket Fund payable to the Investment Manager will not exceed the management fee payable on a direct investment in the Third Party Fund prior to any rebate. The servicing fee for the Fidelity Advantage Portfolio Fund – Tracker Fund Portfolio is in addition to the investment management fee payable to the investment manager of the Third Party Fund in which it invests. The table below summarises the servicing fees payable by each sub-fund as at 31st December 2018 and 2017.

2018 2017 Fidelity Advantage Portfolio Fund -

Invesco Asian Equity Fund US$91,987 US$132,201 Fidelity Advantage Portfolio Fund -

Tracker Fund Portfolio HK$318,559 HK$347,228


NOTES TO THE FINANCIAL STATEMENTS 7 Trustee fees and Administration fees

The Trustee is entitled to receive a variable trustee fee of up to 0.07% (2017: 0.07%) per annum of the net asset value of the respective sub-funds and a fixed trustee fee of US$5000 (2017: US$5,000) per annum pro rated between the sub-funds. The Trustee has waived the variable trustee fees since 1st October 2000 except for the FAP Supermarket Funds, and has also waived the fixed trustee fee of US$5,000 per annum since 1st October 2011. The Trustee is also entitled to receive a quarterly administration fee for administration services provided to the holders of Administration Units and Savings Units. The administration fee for Administration Units is 0.45% (2017: 0.45%) per annum of the proportion of net asset value of the respective sub-funds attributable to Administration Units. The administration fee for Savings Units is 0.5% (2017: 0.5%) per annum of the proportion of net asset value of the respective sub-funds attributable to Savings Units. No administration fee is payable in respect of Ordinary Units.

The table below summarises the trustee fees payable by each sub-fund as at 31st December 2018 and 2017.




The table below summarises the administration fees payable by each sub-fund as at 31st December 2018 and 2017.

2018 2017

Asia Pacific Equity Fund US$24,961 US$20,528 Balanced Fund US$264,419 US$295,859 Capital Stable Fund US$100,816 US$99,053 Fidelity Advantage Portfolio Fund -


Tracker Fund Portfolio HK$273,508 HK$278,334 Global Equity Fund US$45,150 US$42,376 Growth Fund US$282,888 US$314,239 HK Dollar Money Fund HK$531,445 HK$379,713 Hong Kong Bond Fund HK$107,649 HK$113,758 Hong Kong Equity Fund HK$556,920 HK$671,784 RMB Bond Fund HK$19,128 HK$10,673 Stable Growth Fund US$118,534 US$124,287 US Dollar Money Fund US$92,798 US$62,616 World Bond Fund US$14,773 US$11,742


NOTES TO THE FINANCIAL STATEMENTS 7 Trustee fees and Administration fees

The Trustee is entitled to receive a variable trustee fee of up to 0.07% (2017: 0.07%) per annum of the net asset value of the respective sub-funds and a fixed trustee fee of US$5000 (2017: US$5,000) per annum pro rated between the sub-funds. The Trustee has waived the variable trustee fees since 1st October 2000 except for the FAP Supermarket Funds, and has also waived the fixed trustee fee of US$5,000 per annum since 1st October 2011. The Trustee is also entitled to receive a quarterly administration fee for administration services provided to the holders of Administration Units and Savings Units. The administration fee for Administration Units is 0.45% (2017: 0.45%) per annum of the proportion of net asset value of the respective sub-funds attributable to Administration Units. The administration fee for Savings Units is 0.5% (2017: 0.5%) per annum of the proportion of net asset value of the respective sub-funds attributable to Savings Units. No administration fee is payable in respect of Ordinary Units.

The table below summarises the trustee fees payable by each sub-fund as at 31st December 2018 and 2017.




The table below summarises the administration fees payable by each sub-fund as at 31st December 2018 and 2017.

2018 2017

Asia Pacific Equity Fund US$24,961 US$20,528 Balanced Fund US$264,419 US$295,859 Capital Stable Fund US$100,816 US$99,053 Fidelity Advantage Portfolio Fund -


Tracker Fund Portfolio HK$273,508 HK$278,334 Global Equity Fund US$45,150 US$42,376 Growth Fund US$282,888 US$314,239 HK Dollar Money Fund HK$531,445 HK$379,713 Hong Kong Bond Fund HK$107,649 HK$113,758 Hong Kong Equity Fund HK$556,920 HK$671,784 RMB Bond Fund HK$19,128 HK$10,673 Stable Growth Fund US$118,534 US$124,287 US Dollar Money Fund US$92,798 US$62,616 World Bond Fund US$14,773 US$11,742


NOTES TO THE FINANCIAL STATEMENTS

8 Auditor's remuneration

The auditor's remuneration is charged at the umbrella fund level. This is allocated by the Investment Manager and Trustee to each sub-fund based on the net asset value of each individual sub-fund and accrued on a daily basis.

9 Taxation

No provision for Hong Kong profits tax has been made for the sub-funds as they were authorised as collective investment schemes under Section 104 of the Hong Kong Securities and Futures Ordinance and are therefore exempt from profits tax under Section 26A(1A) of the Hong Kong Inland Revenue Ordinance.

10 Distribution

No distribution statement is prepared as the Investment Manager does not intend to declare distributions. Income earned by each sub-fund will be reinvested in the respective sub-funds and reflected in the value of the units.

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FIDE

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98)

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1,58

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1,

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══

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Savi

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649,

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82

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159

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NOTES TO THE FINANCIAL STATEMENTS 12 Financial risk management

Strategy in using financial instruments

The sub-funds’ activities expose them to a variety of financial risk: market risk (including price risk, cash flow and fair value interest rate risk and foreign exchange risk), credit risk and liquidity risk. The sub-funds’ overall risk management programme seeks to minimise potential adverse effects on the sub-funds’ financial performance. The sub-funds may use financial futures contracts, financial options contracts and/or currency forward contracts subject to the General Regulations and the terms of the Trust Deed to moderate certain risk exposures. The Investment Manager believes that fundamental research can uncover investment opportunities. A bottom up investment process drives investment decision making and portfolio implementation. The sub-funds’ assets principally consist of Approved Pooled Investment Funds and unit trusts/mutual funds held in accordance with the published investment policies of each of its sub-funds. The allocation of assets between the various types of investments is determined by FIL Investment Management (Hong Kong) Limited to achieve their investment objectives. The investment objectives of the sub-funds of the Fund are detailed below: Lifecycle Funds Balanced Fund The sub-fund will normally maintain a balanced, global portfolio of bond funds and equity funds with the aim of achieving a consistent overall return higher than Hong Kong inflation but with lower risk and volatility than the Growth Fund. Capital Stable Fund The sub-fund will invest primarily in money market funds and global bond funds with the aim of achieving a stable level of return, minimising volatility whilst achieving some capital appreciation at low risk. Growth Fund The sub-fund will mainly invest in equity funds, with a geographical bias towards Hong Kong with the aim of maximising long-term returns. Stable Growth Fund The sub-fund will invest in a global portfolio of bond funds, cash funds and equity funds, with a lower weighting in equities than the Balanced Fund, with the aim of achieving a consistent overall return higher than Hong Kong inflation. Market Investment Funds Asia Pacific Equity Fund The objective of the sub-fund is to produce returns related to those achieved on the major stock market indices of Asia Pacific. It is a feeder fund that invests in the Asia Pacific Equity Fund, a sub-fund of the FGIF.


NOTES TO THE FINANCIAL STATEMENTS 12 Financial risk management (Continued)

Strategy in using financial instruments (Continued) Market Investment Funds (Continued) Global Equity Fund The sub-fund will invest primarily in the global equity markets and produce returns that are related to those achieved on the major world stock market indices. Hong Kong Bond Fund The objective of the sub-fund is to produce returns that are related to those achieved on the major bond market indices by investing in world bond markets with a focus on Hong Kong dollar denominated bonds and issuers. It is a feeder fund that invests in the Hong Kong Bond Fund, a sub-fund of the FGIF. Hong Kong Equity Fund The objective of the sub-fund is to produce returns related to those achieved on the major stock market indices of Hong Kong. It is a feeder fund invests in the Hong Kong Equity Fund, a sub-fund of the FGIF. RMB Bond Fund The objective of the sub-fund is to achieve income and capital appreciation primarily via indirect exposure to RMB denominated fixed income/debt securities issued or distributed outside Mainland China as well as deposits. The RMB Bond Fund is a feeder fund that invests in the RMB Bond Fund, a sub-fund of the FGIF (the “Underlying Fund”). The Underlying Fund will – (a) invest at least 70% of its net asset value in RMB denominated fixed

income/debt securities issued or distributed outside mainland China and RMB deposits made outside mainland China (including but not limited to bonds, commercial papers, notes,certificates of deposits, and other deposits and money market instruments); and

(b) invest the remaining portion (i.e. up to 30%) of its net asset value in fixed

income/debt securities and deposits that are denominated in currencies other than RMB, such as USD,HKD, Japanese Yen or Euro.

The investment manager of the Underlying Fund intends to invest up to 100% of the net asset value of the Underlying Fund in RMB denominated assets and typically will only consider investing in assets denominated in other currencies in market circumstances which the investment manager of the Underlying Fund considers that investment in non-RMB denominated assets will provide the Underlying Fund with returns within its risk profi le as well as providing the Underlying Fund with a sufficiently broad universe to allow appropriate diversification to mitigate concentration and liquidity risks and provide fl exibility to achieve steady growth over the long term in various market conditions.



Strategy in using financial instruments (Continued) Market Investment Funds (Continued) Global Equity Fund The sub-fund will invest primarily in the global equity markets and produce returns that are related to those achieved on the major world stock market indices. Hong Kong Bond Fund The objective of the sub-fund is to produce returns that are related to those achieved on the major bond market indices by investing in world bond markets with a focus on Hong Kong dollar denominated bonds and issuers. It is a feeder fund that invests in the Hong Kong Bond Fund, a sub-fund of the FGIF. Hong Kong Equity Fund The objective of the sub-fund is to produce returns related to those achieved on the major stock market indices of Hong Kong. It is a feeder fund invests in the Hong Kong Equity Fund, a sub-fund of the FGIF. RMB Bond Fund The objective of the sub-fund is to achieve income and capital appreciation primarily via indirect exposure to RMB denominated fixed income/debt securities issued or distributed outside Mainland China as well as deposits. The RMB Bond Fund is a feeder fund that invests in the RMB Bond Fund, a sub-fund of the FGIF (the “Underlying Fund”). The Underlying Fund will – (a) invest at least 70% of its net asset value in RMB denominated fixed

income/debt securities issued or distributed outside mainland China and RMB deposits made outside mainland China (including but not limited to bonds, commercial papers, notes,certificates of deposits, and other deposits and money market instruments); and

(b) invest the remaining portion (i.e. up to 30%) of its net asset value in fixed

income/debt securities and deposits that are denominated in currencies other than RMB, such as USD,HKD, Japanese Yen or Euro.

The investment manager of the Underlying Fund intends to invest up to 100% of the net asset value of the Underlying Fund in RMB denominated assets and typically will only consider investing in assets denominated in other currencies in market circumstances which the investment manager of the Underlying Fund considers that investment in non-RMB denominated assets will provide the Underlying Fund with returns within its risk profi le as well as providing the Underlying Fund with a sufficiently broad universe to allow appropriate diversification to mitigate concentration and liquidity risks and provide fl exibility to achieve steady growth over the long term in various market conditions.



Strategy in using financial instruments (Continued) Market Investment Funds (Continued) RMB Bond Fund (Continued) The fixed income/debt securities in which the Underlying Fund invests shall meet the relevant requirements in Schedule 1 of the Mandatory Provident Fund Schemes (General) Regulation (“General Regulation”) including but not limited to requirements on minimum credit ratings or debt securities which are issued by, or in respect of which the repayment of principal and the payment of interest are unconditionally guaranteed by an “exempt authority” as defined in Schedule 1 to the General Regulation. In view of the minimum credit ratings requirement, the Underlying Fund will not normally invest in fixed income/debt securities which are rated below investment grade or unrated. However, such investment may be made if such fixed income/debt securities satisfy the other relevant requirements in Schedule 1 of the General Regulation. The Underlying Fund may enter into financial futures contracts, financial option contracts and/or currency forward contracts for hedging purposes only. The Underlying Fund does not intend to enter into any repurchase agreements, securities lending transactions or other similar over-thecounter transactions. World Bond Fund The objective of the sub-fund is to produce returns that are related to those achieved on the major bond market indices. It is a feeder fund that invests in the Global Bond Fund, a sub-fund of the FGIF. FAP Supermarket Funds Fidelity Advantage Portfolio Fund - Invesco Asian Equity Fund The sub-fund is a feeder fund that invests in the Invesco Asian Equity Fund, a sub-fund of the Invesco Funds Series. The objective of the Invesco Asian Equity Fund is to achieve long-term capital growth. The Invesco Asian Equity Fund seeks to achieve its objective by investing primarily (at least 70% of the net asset value of the Invesco Asian Equity Fund) in equity or equity related securities of (i) companies and other entities with their registered office in an Asian country, (ii) companies and other entities with their registered office outside of Asia but carrying out their business activities predominantly in one or more Asian countries or (iii) holding companies, the interests of which are predominantly invested in companies with their registered office in an Asian country. Up to 30% of the net asset value of the Invesco Asian Equity Fund may be invested in cash and cash equivalents, money market instruments, equity and equity related instruments issued by companies and other entities not meeting the above requirements or debt securities (including convertibles) of Asian issuers. For the avoidance of doubt, less than 30% of the net asset value of the Invesco Asian Equity Fund may be invested in debt securities (including convertible debt/bonds).



Strategy in using financial instruments (Continued) FAP Supermarket Funds (Continued) Fidelity Advantage Portfolio Fund - Invesco Asian Equity Fund (Continued) Not more than 10% of the net asset value of the Invesco Asian Equity Fund may be invested in securities issued by or guaranteed by a country which is unrated (debt securities which are not rated by any international rating agency such as Moody’s, Standard & Poor’s and Fitch) and/or whose credit rating is below investment grade (below investment grade is defined as credit rating that is below BBB- from Standard &Poor’s and Fitch, or below Baa3 from Moody’s or an equivalent rating from an internationally recognized rating agency). For the purposes of this investment policy, the investment adviser of the Invesco Asian Equity Fund has defined Asian countries as all countries in Asia excluding Japan, Australia and New Zealand. The Invesco Asian Equity Fund may use derivatives (including but not limited to futures, forwards, non-deliverable forwards, swaps and complex options structures) for hedging and efficient portfolio management purposes.Such derivatives may also incorporate derivatives on derivatives (i.e. forward dated swaps, swap options). However, financial derivative instruments will not be extensively used by the Invesco Asian Equity Fund for investment purposes (i.e. entering into financial derivative instruments to achieve the investment objectives). Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio The sub-fund is a feeder fund that invests solely into the Tracker Fund of Hong Kong (“TraHK”). TraHK’s investment objective is to provide investment results that closely correspond to the performance of the Hang Seng Index. The manager of TraHK seeks to achieve the investment objective of TraHK by investing all, or substantially all, of TraHK’s assets in shares in the constituent companies of the Hang Seng Index in substantially the same weightings as they appear in the Hang Seng Index. The manager of TraHK may also invest in certain other permitted investments in seeking to meet the investment objective of TraHK. The manager of TraHK will rebalance TraHK’s portfolio of investments from time to time to reflect any changes to the composition of, or the weighting of shares in, the Hang Seng Index. Money Market Funds HK Dollar Money Fund The objective of the sub-fund is to achieve a wholesale rate of return for HKD. It is a feeder fund that invests in the HK$ Money Fund, a sub-fund of the FGIF. US Dollar Money Fund The objective of the sub-fund is to achieve a wholesale rate of return for USD. It is a feeder fund that invests in the US$ Money Fund, a sub-fund of the FGIF.



Strategy in using financial instruments (Continued) FAP Supermarket Funds (Continued) Fidelity Advantage Portfolio Fund - Invesco Asian Equity Fund (Continued) Not more than 10% of the net asset value of the Invesco Asian Equity Fund may be invested in securities issued by or guaranteed by a country which is unrated (debt securities which are not rated by any international rating agency such as Moody’s, Standard & Poor’s and Fitch) and/or whose credit rating is below investment grade (below investment grade is defined as credit rating that is below BBB- from Standard &Poor’s and Fitch, or below Baa3 from Moody’s or an equivalent rating from an internationally recognized rating agency). For the purposes of this investment policy, the investment adviser of the Invesco Asian Equity Fund has defined Asian countries as all countries in Asia excluding Japan, Australia and New Zealand. The Invesco Asian Equity Fund may use derivatives (including but not limited to futures, forwards, non-deliverable forwards, swaps and complex options structures) for hedging and efficient portfolio management purposes.Such derivatives may also incorporate derivatives on derivatives (i.e. forward dated swaps, swap options). However, financial derivative instruments will not be extensively used by the Invesco Asian Equity Fund for investment purposes (i.e. entering into financial derivative instruments to achieve the investment objectives). Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio The sub-fund is a feeder fund that invests solely into the Tracker Fund of Hong Kong (“TraHK”). TraHK’s investment objective is to provide investment results that closely correspond to the performance of the Hang Seng Index. The manager of TraHK seeks to achieve the investment objective of TraHK by investing all, or substantially all, of TraHK’s assets in shares in the constituent companies of the Hang Seng Index in substantially the same weightings as they appear in the Hang Seng Index. The manager of TraHK may also invest in certain other permitted investments in seeking to meet the investment objective of TraHK. The manager of TraHK will rebalance TraHK’s portfolio of investments from time to time to reflect any changes to the composition of, or the weighting of shares in, the Hang Seng Index. Money Market Funds HK Dollar Money Fund The objective of the sub-fund is to achieve a wholesale rate of return for HKD. It is a feeder fund that invests in the HK$ Money Fund, a sub-fund of the FGIF. US Dollar Money Fund The objective of the sub-fund is to achieve a wholesale rate of return for USD. It is a feeder fund that invests in the US$ Money Fund, a sub-fund of the FGIF.


NOTES TO THE FINANCIAL STATEMENTS 12 Financial risk management (Continued) (a) Market risk

(i) Price risk

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

The sub-funds are subject to market price risk in relation to its investment of units in underlying funds, for prices in the future are uncertain. The units in the underlying funds are classified as financial assets at fair value through profit or loss in the Statement of Net Assets. The sub-funds’ market price risk is managed through (i) deliberate investment funds selection and (ii) diversification of the investment portfolio. The market risks are managed at the underlying fund level. The sub-funds’ investments in underlying funds are subject to the terms and conditions of the respective underlying fund’s Trust Deed and are susceptible to market price risk arising from uncertainties about future values of those underlying funds. The investment manager makes investment decisions after extensive due diligence of the underlying fund and their strategy. The right of the sub-funds to request redemption of their investments in underlying funds is on a daily basis. These investments are included in financial assets at fair value through profit or loss in the Statement of Net Assets. The following table shows the net market exposure of the sub-funds:

Net asset value of

underlying fund HK$

Net asset value of

underlying fund HK$

% of investments

2018

% of investments

2017 2018 2017 Asia Pacific Equity Fund

Fidelity Global Investment Fund

- Asia Pacific Equity Fund – Class B (Note ii) 11,505,586,147 14,259,898,633 100.00 100.00

────── ──────

100.00 100.00

══════ ══════



(a) Market risk (Continued) (i) Price risk (Continued)

Net asset value of

underlying fund HK$

Net asset value of

underlying fund HK$

% of investments

2018

% of investments

2017 2018 2017

Balanced Fund


- Americas Equity Fund – Class B (Note i) 13,655,534,411 16,453,657,812 14.33 15.41


- European Equity Fund – Class B (Note iii) 10,564,900,756 12,235,935,029 13.43 13.93

- Global Bond Fund – Class B (Note iv) 17,542,266,732 13,858,349,704 22.07 17.68

- Hong Kong Bond Fund – Class B (Note vi) 2,708,594,595 2,511,470,810 3.07 2.25

- Hong Kong Equity Fund – Class B (Note vii) 25,937,934,456 35,061,822,626 24.27 25.66

- Japanese Equity Fund – Class B (Note viii) 6,996,866,286 9,074,172,537 9.13 10.06

- US$ Money Fund – Class B (Note ix) 4,848,321,245 3,827,800,904 5.13 5.18

────── ────── 100.00 100.00 ══════ ══════

Net asset value of

underlying fund HK$

Net asset value of

underlying fund HK$

% of investments

2018

% of investments

2017 2018 2017

Capital Stable Fund






- HK$ Money Fund – Class B (Note v) 8,788,054,628 6,956,987,559 0.73 0.69





────── ──────

100.00 100.00

══════ ══════



(a) Market risk (Continued) (i) Price risk (Continued)

Net asset value of

underlying fund HK$

Net asset value of

underlying fund HK$

% of investments

2018

% of investments

2017 2018 2017

Balanced Fund










────── ────── 100.00 100.00 ══════ ══════

Net asset value of

underlying fund HK$

Net asset value of

underlying fund HK$

% of investments

2018

% of investments

2017 2018 2017

Capital Stable Fund











────── ──────

100.00 100.00

══════ ══════


NOTES TO THE FINANCIAL STATEMENTS 12 Financial risk management (Continued) (a) Market risk (Continued)

(i) Price risk (Continued)

Net asset value of

underlying fund HK$

Net asset value of

underlying fund HK$

% of investments

2018

% of investments

2017 2018 2017


Invesco Funds Series - Invesco Asian Equity Fund – Class A (Note x) 9,027,078,632 13,265,831,692 100.00 100.00

────── ──────

100.00 100.00

══════ ══════

Net asset value of

underlying fund HK$

Net asset value of

underlying fund HK$

% of investments

2018

% of investments

2017 2018 2017 Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio

Tracker Fund of Hong Kong (TraHK) (Note xi) 82,171,452,000 99,465,068,098 100.00 100.00

────── ──────

100.00 100.00

══════ ══════

Net asset value of

underlying fund HK$

Net asset value of

underlying fund HK$

% of investments

2018

% of investments

2017 2018 2017

Global Equity Fund







- US$ Money Fund – Class B (Note ix) 4,848,321,245 N/A 0.11 -

────── ──────

100.00 100.00

══════ ══════




Net asset value of

underlying fund HK$

Net asset value of

underlying fund HK$

% of investments

2018

% of investments

2017 2018 2017

Growth Fund











────── ──────

100.00 100.00

══════ ══════

Net asset value of

underlying fund HK$

Net asset value of

underlying fund HK$

% of investments

2018

% of investments

2017

2018 2017

HK Dollar Money Fund



────── ──────

100.00 100.00

══════ ══════




Net asset value of

underlying fund HK$

Net asset value of

underlying fund HK$

% of investments

2018

% of investments

2017 2018 2017

Growth Fund











────── ──────

100.00 100.00

══════ ══════

Net asset value of

underlying fund HK$

Net asset value of

underlying fund HK$

% of investments

2018

% of investments

2017

2018 2017




────── ──────

100.00 100.00

══════ ══════




Net asset value of

underlying fund HK$

Net asset value of

underlying fund HK$

% of investments

2018

% of investments

2017

2018 2017 Hong Kong Bond Fund



────── ──────

100.00 100.00

══════ ══════

Net asset value of

underlying fund HK$

Net asset value of

underlying fund HK$

% of investments

2018

% of investments

2017 2018 2017 Hong Kong Equity Fund Fidelity Global Investment Fund - Hong Kong Equity Fund – Class B (Note vii) 25,937,934,456 35,061,822,626 100.00 100.00

────── ──────

100.00 100.00

══════ ══════

Net asset value of

underlying fund HK$

Net asset value of

underlying fund HK$

% of investments

2018

% of investments

2017 2018 2017 RMB Bond Fund Fidelity Global Investment Fund - RMB Bond Fund – Class B (Note xii) 191,983,917 137,396,633 100.00 100.00

────── ──────

100.00 100.00

══════ ══════




Net asset value of

underlying fund HK$

Net asset value of

underlying fund HK$

% of investments

2018

% of investments

2017 2018 2017

Stable Growth Fund











────── ──────

100.00 100.00

══════ ══════

Net asset value of

underlying fund HK$

Net asset value of

underlying fund HK$

% of investments

2018

% of investments

2017 2018 2017 US Dollar Money Fund



────── ──────

100.00 100.00

══════ ══════

Net asset value of

underlying fund HK$

Net asset value of

underlying fund HK$

% of investments

2018

% of investments

2017 2018 2017

World Bond Fund



────── ──────

100.00 100.00

══════ ══════




Net asset value of

underlying fund HK$

Net asset value of

underlying fund HK$

% of investments

2018

% of investments

2017 2018 2017

Stable Growth Fund











────── ──────

100.00 100.00

══════ ══════

Net asset value of

underlying fund HK$

Net asset value of

underlying fund HK$

% of investments

2018

% of investments

2017 2018 2017 US Dollar Money Fund



────── ──────

100.00 100.00

══════ ══════

Net asset value of

underlying fund HK$

Net asset value of

underlying fund HK$

% of investments

2018

% of investments

2017 2018 2017

World Bond Fund



────── ──────

100.00 100.00

══════ ══════




The investment portfolio of the underlying funds by country as at 31st December 2018 and 2017 are as follows: Note: (i) Fidelity Global Investment Fund - Americas Equity Fund

% of investments

2018

% of investments

2017 BERMUDA - 0.72 CANADA 2.53 3.02 GREAT BRITAIN - 0.88

ISRAEL - 0.55

NETHERLANDS 0.49 -

UNITED STATES OF AMERICA 96.98 94.83

────── ────── 100.00 100.00 ══════ ══════

(ii) Fidelity Global Investment Fund - Asia Pacific Equity Fund

% of investments

2018

% of investments

2017 AUSTRALIA 19.70 17.77 CHINA 27.03 28.20

GREAT BRITAIN - 0.60

HONG KONG 7.80 6.19

INDIA 12.02 12.23

INDONESIA 2.38 2.23

MACAU 0.39 -

MALAYSIA 1.37 0.77

NEW ZEALAND 0.76 0.58

PHILIPPINES 1.38 -

SINGAPORE 2.07 2.57

SOUTH KOREA 10.44 14.55

TAIWAN 12.81 12.11

THAILAND 1.85 2.20

────── ────── 100.00 100.00 ══════ ══════




(iii) Fidelity Global Investment Fund - European Equity Fund

% of investments

2018

% of investments

2017 AUSTRALIA - 0.57 DENMARK 0.95 3.98 FINLAND 0.74 - FRANCE 17.63 15.66 GERMANY 17.24 15.94 GREAT BRITAIN 22.79 22.37 IRELAND 2.83 1.92 ITALY - 1.95 JORDAN 0.46 0.29 LUXEMBOURG 0.72 - NETHERLANDS 10.30 12.22 NORWAY 1.44 1.31 RUSSIA 2.33 1.99 SPAIN 4.94 4.72 SWEDEN 2.25 1.77 SWITZERLAND 15.38 13.54 UNITED STATES OF AMERICA - 1.77 ────── ────── 100.00 100.00 ══════ ══════




(iii) Fidelity Global Investment Fund - European Equity Fund

% of investments

2018

% of investments

2017 AUSTRALIA - 0.57 DENMARK 0.95 3.98 FINLAND 0.74 - FRANCE 17.63 15.66 GERMANY 17.24 15.94 GREAT BRITAIN 22.79 22.37 IRELAND 2.83 1.92 ITALY - 1.95 JORDAN 0.46 0.29 LUXEMBOURG 0.72 - NETHERLANDS 10.30 12.22 NORWAY 1.44 1.31 RUSSIA 2.33 1.99 SPAIN 4.94 4.72 SWEDEN 2.25 1.77 SWITZERLAND 15.38 13.54 UNITED STATES OF AMERICA - 1.77 ────── ────── 100.00 100.00 ══════ ══════




(iv) Fidelity Global Investment Fund - Global Bond Fund

% of investments

2018

% of investments

2017 AUSTRALIA 1.84 2.54 AUSTRIA 0.57 - CANADA 3.33 5.96 FRANCE - 0.42 GERMANY 22.15 29.99 GREAT BRITAIN 6.68 6.58 INDONESIA 0.53 - IRELAND 0.40 - ITALY 6.99 6.62 JAPAN 7.77 7.74 LUXEMBOURG 3.11 0.58 MALAYSIA 0.30 0.39 MEXICO 0.82 1.36 NETHERLANDS 2.19 1.04 NORWAY 2.40 2.12 POLAND 0.37 0.49 SOUTH AFRICA 0.46 0.44 SOUTH KOREA - 0.10 SPAIN - 1.97 SUPRANATIONAL - 0.59 SWEDEN 0.47 0.42 SWITZERLAND - 0.09 UNITED ARAB EMIRATES - 0.29 UNITED STATES OF AMERICA 39.62 30.27 ────── ────── 100.00 100.00 ══════ ══════

(v) Fidelity Global Investment Fund - HK$ Money Fund

The investments of HK$ Money Fund are not subject to market price risk.




(vi) Fidelity Global Investment Fund - Hong Kong Bond Fund

% of investments

2018

% of investments

2017 AUSTRALIA 12.38 11.23 BERMUDA 0.55 0.84 BRITISH VIRGIN 9.98 11.98 CANADA 1.91 2.08 CAYMAN ISLANDS 20.45 18.62 CHINA 6.30 6.05 GREAT BRITAIN 0.53 0.54 HONG KONG 19.71 23.76 JAPAN 4.30 5.54 LUXEMBOURG 0.89 - MALAYSIA 1.92 2.05 NEW ZEALAND 1.92 2.06 SINGAPORE 3.98 2.24 SOUTH KOREA 10.05 6.33 SWITZERLAND 3.61 0.21 THAILAND 0.64 - UNITED STATES OF AMERICA 0.88 6.47 ────── ────── 100.00 100.00 ══════ ══════

(vii) Fidelity Global Investment Fund - Hong Kong Equity Fund

% of investments

2018

% of investments

2017 CHINA 55.06 52.11 GREAT BRITAIN 9.34 9.72 HONG KONG 34.15 36.32 ITALY - 0.10 MACAU 1.31 1.00 SINGAPORE 0.14 0.21 UNITED STATES OF AMERICA - 0.54 ────── ────── 100.00 100.00 ══════ ══════




(vi) Fidelity Global Investment Fund - Hong Kong Bond Fund

% of investments

2018

% of investments

2017 AUSTRALIA 12.38 11.23 BERMUDA 0.55 0.84 BRITISH VIRGIN 9.98 11.98 CANADA 1.91 2.08 CAYMAN ISLANDS 20.45 18.62 CHINA 6.30 6.05 GREAT BRITAIN 0.53 0.54 HONG KONG 19.71 23.76 JAPAN 4.30 5.54 LUXEMBOURG 0.89 - MALAYSIA 1.92 2.05 NEW ZEALAND 1.92 2.06 SINGAPORE 3.98 2.24 SOUTH KOREA 10.05 6.33 SWITZERLAND 3.61 0.21 THAILAND 0.64 - UNITED STATES OF AMERICA 0.88 6.47 ────── ────── 100.00 100.00 ══════ ══════

(vii) Fidelity Global Investment Fund - Hong Kong Equity Fund

% of investments

2018

% of investments

2017 CHINA 55.06 52.11 GREAT BRITAIN 9.34 9.72 HONG KONG 34.15 36.32 ITALY - 0.10 MACAU 1.31 1.00 SINGAPORE 0.14 0.21 UNITED STATES OF AMERICA - 0.54 ────── ────── 100.00 100.00 ══════ ══════




(viii) Fidelity Global Investment Fund - Japanese Equity Fund

% of investments

2018

% of investments

2017 JAPAN 100.00 100.00 ══════ ══════

(ix) Fidelity Global Investment Fund - US$ Money Fund

The investments of US$ Money Fund are not subject to market price risk.

(x) Invesco Fund Series - Invesco Asian Equity Fund

% of investments

2018

% of investments

2017 CHINA 30.43 31.86 HONG KONG 10.18 11.28 INDIA 14.42 11.78

INDONESIA 0.74 1.57

IRELAND 2.23 3.41

KOREA 20.34 20.56

PHILIPPINES 1.11 1.63

SINGAPORE 4.49 4.13

TAIWAN 12.95 11.69

THAILAND 2.64 1.59

UNITED STATES OF AMERICA 0.47 0.50

────── ────── 100.00 100.00 ══════ ══════




(xi) Tracker Fund of Hong Kong (TraHK)

% of investments

2018

% of investments

2017 Hong Kong 100.00 100.00 ────── ────── 100.00 100.00 ══════ ══════

(xii) Fidelity Global Investment Fund - RMB Bond Fund

% of investments

2018

% of investments

2017 AUSTRALIA 6.32 9.81 BRITISH VIRGIN ISLAND 13.61 4.51 CANADA - 1.81 CAYMAN ISLAND 4.85 9.59 CHINA 27.26 28.57 GERMANY 1.27 1.81 GREAT BRITAIN 3.82 6.03 HONG KONG 15.64 12.44 IRELAND 3.16 - JAPAN - 1.51 LUXEMBOURG 0.87 - NETHERLANDS 5.10 3.60 NEW ZEALAND 2.53 0.75 SINGAPORE - 7.26 SOUTH KOREA 9.38 6.34 SUPRANATIONAL 0.63 1.79 THAILAND 3.81 1.82 UNITED STATES OF AMERICA 1.75 2.36 ────── ────── 100.00 100.00 ══════ ══════

The overall market positions and risk exposures for each sub-fund are monitored on a daily basis by the Investment Manager and are reviewed on a quarterly basis by a risk oversight committee. The sub-funds maximum exposure to loss from their interests in underlying funds is equal to the total fair value of their investments in the underlying fund.




(xi) Tracker Fund of Hong Kong (TraHK)

% of investments

2018

% of investments

2017 Hong Kong 100.00 100.00 ────── ────── 100.00 100.00 ══════ ══════

(xii) Fidelity Global Investment Fund - RMB Bond Fund

% of investments

2018

% of investments

2017 AUSTRALIA 6.32 9.81 BRITISH VIRGIN ISLAND 13.61 4.51 CANADA - 1.81 CAYMAN ISLAND 4.85 9.59 CHINA 27.26 28.57 GERMANY 1.27 1.81 GREAT BRITAIN 3.82 6.03 HONG KONG 15.64 12.44 IRELAND 3.16 - JAPAN - 1.51 LUXEMBOURG 0.87 - NETHERLANDS 5.10 3.60 NEW ZEALAND 2.53 0.75 SINGAPORE - 7.26 SOUTH KOREA 9.38 6.34 SUPRANATIONAL 0.63 1.79 THAILAND 3.81 1.82 UNITED STATES OF AMERICA 1.75 2.36 ────── ────── 100.00 100.00 ══════ ══════

The overall market positions and risk exposures for each sub-fund are monitored on a daily basis by the Investment Manager and are reviewed on a quarterly basis by a risk oversight committee. The sub-funds maximum exposure to loss from their interests in underlying funds is equal to the total fair value of their investments in the underlying fund.




Once the sub-funds have disposed of their units in underlying funds the sub-funds cease to be exposed to any risk from those underlying funds.

The sub-funds’ investment strategy entails trading in other underlying funds on a regular basis. Total purchases in underlying funds during the years ended 31st December 2018 and 2017 are disclosed in the following table.

2018 2017 Asia Pacific Equity Fund US$33,037,019 US$22,742,105 Balanced Fund US$300,267,335 US$217,439,360 Capital Stable Fund US$162,912,629 US$122,434,905 Fidelity Advantage Portfolio Fund

- Invesco Asian Equity Fund US$18,861,013 US$35,036,802 Fidelity Advantage Portfolio

Fund - Tracker Fund Portfolio HK$188,797,640 HK$198,108,869 Global Equity Fund US$77,290,002 US$56,336,872 Growth Fund US$316,285,295 US$284,909,324 HK Dollar Money Fund HK$1,875,627,657 HK$1,578,988,626 Hong Kong Bond Fund HK$95,184,083 HK$130,290,386 Hong Kong Equity Fund HK$1,133,901,299 HK$836,851,617 RMB Bond Fund HK$37,271,871 HK$12,581,824 Stable Growth Fund US$105,236,147 US$88,356,701 US Dollar Money Fund US$272,335,027 US$163,819,616 World Bond Fund US$40,203,316 US$18,890,082

The net gains/(losses) incurred on investments in underlying funds during the years ended 31st December 2018 and 2017 are stated in the respective sub-funds’ Statement of Comprehensive Income. The table below summarises the impact of increases/decreases from the sub-funds’ underlying benchmark on the sub-funds’ net assets attributable to unitholders at 31st December 2018 and 31st December 2017 other than RMB Bond Fund. The analysis is based on the assumption that the index component within the benchmark increased/decreased by a possible reasonable shift with all other variables held constant and that the fair value of the sub-funds’ investments moved according to the historical correlation with the index.


NOTES TO THE FINANCIAL STATEMENTS 12 Financial risk management (Continued) (a) Market risk (Continued) (i) Price risk (Continued)

Sub-funds Benchmark

Components Possible

reasonable shift Impact on net assets

attributable to unitholders 2018 2017 2018 2017 Asia Pacific Equity Fund

FTSE AW Asia Pacific ex Japan ex Hong Kong Index 14% 14% US$15,309,664 US$17,064,914

Balanced Fund

FTSE AW North America Index 9% 9% US$122,085,187 US$142,819,781

FTSE AW Asia Pacific ex Japan ex Hong Kong Index

FTSE AW Europe

Index FTSE MPF HK

FTSE AW Japan

Index

Citigroup World Government Bond Index

1 month HIBOR Capital Stable Fund



FTSE AW Europe

Index FTSE MPF HK

FTSE AW Japan

Index


1 month HIBOR Fidelity Advantage Portfolio Fund - Invesco Asian Equity Fund

MSCI AC Daily TR Net Asia Ex Japan Index

15% 15% US$7,228,930 US$10,573,808


Hang Seng Index 15% 17% HK$58,613,761 HK$65,947,888

Global Equity Fund

FTSE World Index 10% 10% US$11,862,161 US$12,545,076



Sub-funds Benchmark

Components Possible

reasonable shift Impact on net assets

attributable to unitholders 2018 2017 2018 2017 Asia Pacific Equity Fund

FTSE AW Asia Pacific ex Japan ex Hong Kong Index 14% 14% US$15,309,664 US$17,064,914

Balanced Fund



FTSE AW Europe

Index FTSE MPF HK

FTSE AW Japan

Index


1 month HIBOR Capital Stable Fund



FTSE AW Europe

Index FTSE MPF HK

FTSE AW Japan

Index


1 month HIBOR Fidelity Advantage Portfolio Fund - Invesco Asian Equity Fund

MSCI AC Daily TR Net Asia Ex Japan Index

15% 15% US$7,228,930 US$10,573,808


Hang Seng Index 15% 17% HK$58,613,761 HK$65,947,888

Global Equity Fund

FTSE World Index 10% 10% US$11,862,161 US$12,545,076



Sub-funds Benchmark Components

Possible reasonable shift

Impact on net assets attributable to unitholders

2018 2017 2018 2017 Growth Fund FTSE AW North

America Index 11% 11% US$129,671,149 US$163,736,865


FTSE AW Europe

Index FTSE MPF HK FTSE AW Japan Index


1 month HIBOR HK Dollar Money Fund

1 month HIBOR 0.16% 0.07% HK$2,581,623 HK$177,481

Hong Kong Bond Fund Markit iBoxx ALBI 3% 3% HK$6,969,019 HK$7,453,987

Hong Kong Equity Fund

FTSE MPF HK

16% 18% HK$301,031,055 HK$428,312,827

Stable Growth Fund



FTSE AW Europe

Index FTSE MPF HK FTSE AW Japan Index


1 month HIBOR US Dollar Money Fund

3 month US T-bill rate 0.20% 0.12% US$729,662 US$238,693

World Bond Fund

Citigroup World Government Bond Index 5% 5% US$3,047,224 US$2,455,635



The Investment Manager has used their view of what would be a “reasonable shift” in each key market to estimate the change for use in the market sensitivity analysis above. Disclosures above are shown in absolute terms, changes and impacts could be positive or negative. Changes in market index % are revised annually depending on Investment Manager’s current view of market volatility and other relevant factors.

(ii) Cash flow and fair value interest rate risk Interest rate risk arises from the effects of fluctuations in the prevailing levels of markets interest rates on the fair value of interest-bearing assets and liabilities and future cash flow. For the Asia Pacific Equity Fund, Hong Kong Equity Fund and Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio, the majority of these sub-funds’ financial assets and liabilities are non-interest bearing, as these sub-funds invest primarily in equity funds. As a result, these sub-funds are not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. Any excess cash and cash equivalents are invested at short-term market interest rates.

The Fidelity Advantage Portfolio Fund - Invesco Asian Equity Fund may invest in unit trusts that in turn may include investment in bonds. As a result, this sub-fund may be subject to risk due to fluctuations in the prevailing levels of market interest rates. The risk cannot be assessed on a look through basis for investments held indirectly through this sub-fund. For the Balanced Fund, Capital Stable Fund, Global Equity Fund, Growth Fund, Stable Growth Fund, US Dollar Money Fund, World Bond Fund, HK Dollar Money Fund, Hong Kong Bond Fund and RMB Bond Fund, the assets include investment in bond funds and money funds which are exposed to risk due to fluctuations in the prevailing levels of market interest rates. The sub-funds are exposed to risks associated with the effects of fluctuations in the prevailing levels of market interest rates on its cash deposits and short term borrowings, if any. However, this is relatively immaterial to the size of the sub-funds’ net assets. At 31st December 2018 and 31st December 2017, for each 25 basis points (“bps”) increase or decrease in interest rates with all other variables remaining constant, the decrease or increase in net assets attributable to unitholders for the following sub-funds are as follows:



The Investment Manager has used their view of what would be a “reasonable shift” in each key market to estimate the change for use in the market sensitivity analysis above. Disclosures above are shown in absolute terms, changes and impacts could be positive or negative. Changes in market index % are revised annually depending on Investment Manager’s current view of market volatility and other relevant factors.

(ii) Cash flow and fair value interest rate risk Interest rate risk arises from the effects of fluctuations in the prevailing levels of markets interest rates on the fair value of interest-bearing assets and liabilities and future cash flow. For the Asia Pacific Equity Fund, Hong Kong Equity Fund and Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio, the majority of these sub-funds’ financial assets and liabilities are non-interest bearing, as these sub-funds invest primarily in equity funds. As a result, these sub-funds are not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. Any excess cash and cash equivalents are invested at short-term market interest rates.

The Fidelity Advantage Portfolio Fund - Invesco Asian Equity Fund may invest in unit trusts that in turn may include investment in bonds. As a result, this sub-fund may be subject to risk due to fluctuations in the prevailing levels of market interest rates. The risk cannot be assessed on a look through basis for investments held indirectly through this sub-fund. For the Balanced Fund, Capital Stable Fund, Global Equity Fund, Growth Fund, Stable Growth Fund, US Dollar Money Fund, World Bond Fund, HK Dollar Money Fund, Hong Kong Bond Fund and RMB Bond Fund, the assets include investment in bond funds and money funds which are exposed to risk due to fluctuations in the prevailing levels of market interest rates. The sub-funds are exposed to risks associated with the effects of fluctuations in the prevailing levels of market interest rates on its cash deposits and short term borrowings, if any. However, this is relatively immaterial to the size of the sub-funds’ net assets. At 31st December 2018 and 31st December 2017, for each 25 basis points (“bps”) increase or decrease in interest rates with all other variables remaining constant, the decrease or increase in net assets attributable to unitholders for the following sub-funds are as follows:


NOTES TO THE FINANCIAL STATEMENTS 12 Financial risk management (Continued) (a) Market risk (Continued) (ii) Cash flow and fair value interest rate risk (Continued)

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

Disclosures above are shown in absolute terms, changes and impacts could be positive or negative. Changes in basis points are revised annually depending on the Investment Manager’s current view of market interest rate sensitivity and other relevant factors.

(iii) Foreign exchange risk

The sub-funds hold assets and liabilities which are denominated in HKD and USD, the functional currency. The HKD is officially linked to the USD and bound between the upper and lower ranges of 7.85 and 7.80 (2017: 7.83 and 7.75) respectively. As such, the sub-funds are exposed to currency risks limited to the movement of the exchange rate between the HKD and the USD between the upper and lower ranges of the link. The sub-funds have no assets and liabilities dominated in other currencies and are therefore not exposed to significant currency risk.

Interest rates raised/lowered by

25 bps

Sub- funds

Exposure to debt securities

Exposure to debt securities

Decrease/increase in net assets attributable to

unitholders

31st December

2018 31st December

2017 31st December

2018 31st December

2017 Balanced Fund US$402,724,729 US$384,700,541 US$5,422,699 US$4,692,511 Capital Stable

Fund US$342,380,396 US$315,524,155 US$4,785,369 US$4,096,680 Global Equity Fund US$126,812 - US$32 - Growth Fund US$113,359,371 US$66,530,695 US$1,179,747 US$562,096 Stable Growth

Fund US$206,787,732 US$210,272,003 US$3,021,082 US$2,856,933 US Dollar Money

Fund US$439,555,606 US$306,016,410 US$109,461 US$111,782 World Bond Fund US$58,153,131 US$46,473,921 US$984,012 US$731,599 HK Dollar Money

Fund HK$2,830,727,331 HK$2,304,953,407 HK$788,157 HK$684,275 Hong Kong Bond

Fund HK$260,193,366 HK$271,488,448 HK$2,788,402 HK$3,150,676 RMB Bond Fund HK$26,779,473 HK$12,430,061 HK$94,391 HK$48,791


NOTES TO THE FINANCIAL STATEMENTS 12 Financial risk management (Continued) (b) Credit and counterparty risk

Credit risk, which is the risk that an issuer or counterparty will be unable or unwilling to meet a commitment that it has entered into with the sub-funds.

The sub-funds’ financial assets which are potentially subject to concentrations of credit risk consist principally of bank deposits and assets held with the custodians. As at 31st December 2018, the safe keeping of the investments of the sub-funds is the responsibility of the Trustee. The sub-funds placed bank deposits with The Hongkong and Shanghai Banking Corporation Limited (“HSBC”), the holding company of the Trustee. The credit rating for HSBC is A-1+ (2017: A-1+) assigned by Standard and Poor's. All derivative financial instruments represent outstanding spot/forward foreign exchange contracts as disclosed in note 12(c). The counterparty of these forward foreign exchange contracts are HSBC. The credit rating for HSBC is A-1+ (2017: A-1+) assigned by Standard and Poor’s. The underlying investment funds of the feeder funds and funds of funds also hold debt securities and are therefore exposed to risk that the issuers may not be able to repay the principal amount at maturity and interest. This risk is mitigated as the debt securities held are subject to the requirements of (i) minimum credit rating, (ii) maximum holding of 10% of net asset value for any single issue other than an exempt authority as defined in section 7(1) of Schedule 1 to the Mandatory Provident Fund Schemes (General) Regulation ("Exempt Authority"), and/or (iii) maximum holding of 30% of net asset value for any single issuer that is an Exempt Authority (or unconditionally guaranteed by an Exempt Authority). The table below summarises the credit rating of the underlying investment portfolio by Standard and Poor’s / Moody’s: FGIF Hong Kong Bond Fund Portfolio by rating category Rating 2018 2017 AAA1/Aaa2 1% 3% AA1/Aa2 30% 32% A1/A2 61% 53% BBB1/Baa2 8% 12% ────── ────── Total 100% 100% ══════ ══════

1Standard and Poor’s 2 Moody’s


NOTES TO THE FINANCIAL STATEMENTS 12 Financial risk management (Continued) (b) Credit and counterparty risk

Credit risk, which is the risk that an issuer or counterparty will be unable or unwilling to meet a commitment that it has entered into with the sub-funds.

The sub-funds’ financial assets which are potentially subject to concentrations of credit risk consist principally of bank deposits and assets held with the custodians. As at 31st December 2018, the safe keeping of the investments of the sub-funds is the responsibility of the Trustee. The sub-funds placed bank deposits with The Hongkong and Shanghai Banking Corporation Limited (“HSBC”), the holding company of the Trustee. The credit rating for HSBC is A-1+ (2017: A-1+) assigned by Standard and Poor's. All derivative financial instruments represent outstanding spot/forward foreign exchange contracts as disclosed in note 12(c). The counterparty of these forward foreign exchange contracts are HSBC. The credit rating for HSBC is A-1+ (2017: A-1+) assigned by Standard and Poor’s. The underlying investment funds of the feeder funds and funds of funds also hold debt securities and are therefore exposed to risk that the issuers may not be able to repay the principal amount at maturity and interest. This risk is mitigated as the debt securities held are subject to the requirements of (i) minimum credit rating, (ii) maximum holding of 10% of net asset value for any single issue other than an exempt authority as defined in section 7(1) of Schedule 1 to the Mandatory Provident Fund Schemes (General) Regulation ("Exempt Authority"), and/or (iii) maximum holding of 30% of net asset value for any single issuer that is an Exempt Authority (or unconditionally guaranteed by an Exempt Authority). The table below summarises the credit rating of the underlying investment portfolio by Standard and Poor’s / Moody’s: FGIF Hong Kong Bond Fund Portfolio by rating category Rating 2018 2017 AAA1/Aaa2 1% 3% AA1/Aa2 30% 32% A1/A2 61% 53% BBB1/Baa2 8% 12% ────── ────── Total 100% 100% ══════ ══════

1Standard and Poor’s 2 Moody’s


NOTES TO THE FINANCIAL STATEMENTS 12 Financial risk management (Continued) (b) Credit and counterparty risk (Continued)

FGIF HK$ Money Fund Portfolio by rating category Rating 2018 2017 P-12 100% 100% ────── ────── Total 100% 100% ══════ ══════

FGIF Global Bond Fund Portfolio by rating category Rating 2018 2017 AAA1/Aaa2 66% 69% AA1/Aa2 9% 8% A1/A2 12% 11% BBB1/Baa2 13% 12% ────── ────── Total 100% 100% ══════ ══════

FGIF US$ Money Fund Portfolio by rating category Rating 2018 2017 P-12 100% 100% ────── ────── Total 100% 100% ══════ ══════

FGIF RMB Bond Fund Portfolio by rating category Rating 2018 2017 AAA1/Aaa2 2% 5% AA1/Aa2 14% 17% A1/A2 53% 47% BBB1/Baa2 31% 31% ────── ────── Total 100% 100% ══════ ══════

1Standard and Poor’s 2 Moody’s The Investment Manager has a dedicated Counterparty Research Group (“CRG”) which is responsible for conducting fundamental due diligence on all banks and brokers with which the sub-funds trade. CRG performs due diligence, which frequently includes onsite meetings with senior management, financial statement modelling, publishing of formal written research notes and ratings, and monitoring of news flow. It also requires that, with exception, all securities transactions be executed with counterparties which are on the “Approved Trading Counterparty List” which has been formulated internally by the Investment Manager through analysis of independent fundamental credit reviews of all counterparties.



All transactions in quoted securities are settled / paid for upon delivery using approved and reputable brokers. The probable loss in the event of default is considered minimal since nearly all delivery of securities sold is only made when the broker has received payment. Payment is made on a purchase when the securities have been received by the broker. The trade will fail if either party fails to meet its obligation. The sub-funds limit their exposure to credit risk by transacting the majority of their investments and contractual commitment activities with broker-dealers, banks and regulated exchanges with acceptable credit ratings for such instruments and that the sub-funds consider to be well established. The Investment Manager monitors the sub-funds’ credit position on a daily basis, and reviewed on a quarterly basis by a risk oversight committee. The Fund measures credit risk and expected credit losses using probability of default, exposure at default and loss given default. Management consider both historical analysis and forward looking information in determining any expected credit loss. At 31 December 2018 and 31 December 2017, amounts receivable on sale of investments, all other receivables, cash and cash equivalents are held with counterparties with a credit rating of AA/Aa or higher and are due to be settled within 1 month. Investment Management consider the probability of default to be close to zero as the counterparties have a strong capacity to meet their contractual obligations in the near term. As a result, no loss allowance has been recognised as any such impairment would be insignificant to the sub-funds. The maximum exposure to credit risk at year end is the carrying amount of the financial assets as shown on the Statement of Net Assets.

(c) Liquidity risk Liquidity risk is the risk that the sub-funds may not be able to generate sufficient cash, resources to settle their obligations in full as they fall due or can only do so on terms that are materially disadvantageous.

The sub-funds are exposed to daily cash redemptions of units in the sub-funds. The sub-funds invest the majority of their assets in underlying investments that are traded in an active market and can be readily disposed of. Investments which are neither listed nor quoted are restricted to a maximum of 15% of the net asset value.

If the Investment Manager received aggregate requests for the redemption of units more than 10% of the net asset value, on any subscription date, the Investment Manager may elect to restrict the redemption to 10% of the net asset value. In this case all requests will be scaled down on a pro-rata basis to ensure redemptions remain below 10%. The remaining balance will be redeemed in priority to subsequent redemption requests on the next subscription day. This procedure is in place to manage liquidity risk in the sub-funds and to protect the interests of the remaining unitholders. The Investment Manager did not restrict any redemptions during 2018 and 2017.



All transactions in quoted securities are settled / paid for upon delivery using approved and reputable brokers. The probable loss in the event of default is considered minimal since nearly all delivery of securities sold is only made when the broker has received payment. Payment is made on a purchase when the securities have been received by the broker. The trade will fail if either party fails to meet its obligation. The sub-funds limit their exposure to credit risk by transacting the majority of their investments and contractual commitment activities with broker-dealers, banks and regulated exchanges with acceptable credit ratings for such instruments and that the sub-funds consider to be well established. The Investment Manager monitors the sub-funds’ credit position on a daily basis, and reviewed on a quarterly basis by a risk oversight committee. The Fund measures credit risk and expected credit losses using probability of default, exposure at default and loss given default. Management consider both historical analysis and forward looking information in determining any expected credit loss. At 31 December 2018 and 31 December 2017, amounts receivable on sale of investments, all other receivables, cash and cash equivalents are held with counterparties with a credit rating of AA/Aa or higher and are due to be settled within 1 month. Investment Management consider the probability of default to be close to zero as the counterparties have a strong capacity to meet their contractual obligations in the near term. As a result, no loss allowance has been recognised as any such impairment would be insignificant to the sub-funds. The maximum exposure to credit risk at year end is the carrying amount of the financial assets as shown on the Statement of Net Assets.

(c) Liquidity risk Liquidity risk is the risk that the sub-funds may not be able to generate sufficient cash, resources to settle their obligations in full as they fall due or can only do so on terms that are materially disadvantageous.

The sub-funds are exposed to daily cash redemptions of units in the sub-funds. The sub-funds invest the majority of their assets in underlying investments that are traded in an active market and can be readily disposed of. Investments which are neither listed nor quoted are restricted to a maximum of 15% of the net asset value.

If the Investment Manager received aggregate requests for the redemption of units more than 10% of the net asset value, on any subscription date, the Investment Manager may elect to restrict the redemption to 10% of the net asset value. In this case all requests will be scaled down on a pro-rata basis to ensure redemptions remain below 10%. The remaining balance will be redeemed in priority to subsequent redemption requests on the next subscription day. This procedure is in place to manage liquidity risk in the sub-funds and to protect the interests of the remaining unitholders. The Investment Manager did not restrict any redemptions during 2018 and 2017.


NOTES TO THE FINANCIAL STATEMENTS 12 Financial risk management (Continued) (c) Liquidity risk (Continued)

The tables below analyse the sub-funds’ non-derivative financial liabilities into relevant maturity groupings based on the remaining period at the year end date to the contractual maturity date. The amounts in the table are the contractual undiscounted cash flows.

Asia Pacific Equity Fund US$ US$

At 31st December 2018 Less than 1

month 1-3 months

Amounts payable on redemption of units 189,409 - Other payables 240,289 3,172 Net assets attributable to unitholders 114,589,515 - ─────────── ──────── Contractual cash outflows (excluding gross

settled derivatives) 115,019,213 3,172 ═══════════ ════════ At 31st December 2017 Amounts payable on redemption of units 665,177 - Other payables 261,828 3,026 Net assets attributable to unitholders 129,147,911 - ─────────── ──────── Contractual cash outflows (excluding gross

settled derivatives) 130,074,916 3,026 ═══════════ ════════

Balanced Fund US$ US$


month 1-3 months

Amounts payable on redemption of units 1,801,276 - Amounts payable on purchase of investments 7,314,075 - Other payables 2,878,407 37,371 Net assets attributable to unitholders 1,327,456,334 - ─────────── ──────── Contractual cash outflows (excluding gross

settled derivatives) 1,339,450,092 37,371 ═══════════ ════════ At 31st December 2017 Amounts payable on redemption of units 806,829 - Amounts payable on purchase of investments 192,022 - Other payables 3,190,071 37,166 Net assets attributable to unitholders 1,528,803,446 - ─────────── ──────── Contractual cash outflows (excluding gross

settled derivatives) 1,532,992,368 37,166 ═══════════ ════════



Capital Stable Fund US$ US$


month 1-3 months

Amounts payable on redemption of units 913,641 - Amounts payable on purchase of investments 1,257,965 - Other payables 1,030,001 12,244 Net assets attributable to unitholders 485,049,848 - ─────────── ──────── Contractual cash outflows (excluding gross

settled derivatives) 488,251,455 12,244 ═══════════ ════════ At 31st December 2017 Amounts payable on redemption of units 379,454 - Amounts payable on purchase of investments 69,918 - Other payables 1,009,441 11,674 Net assets attributable to unitholders 485,658,061 - ─────────── ──────── Contractual cash outflows (excluding gross


Fidelity Advantage Portfolio Fund - Invesco Asian Equity Fund US$ US$


month 1-3 months

Amounts payable on redemption of units 150,605 - Amounts payable on purchase of investments 323,118 - Other payables 111,187 1,466 Net assets attributable to unitholders 49,282,842 - ─────────── ──────── Contractual cash outflows (excluding gross

settled derivatives) 49,867,752 1,466 ═══════════ ════════ At 31st December 2017 Amounts payable on redemption of units 165,892 - Amounts payable on purchase of investments 194,752 - Other payables 154,431 1,667 Net assets attributable to unitholders 69,392,481 - ─────────── ──────── Contractual cash outflows (excluding gross




Capital Stable Fund US$ US$


month 1-3 months

Amounts payable on redemption of units 913,641 - Amounts payable on purchase of investments 1,257,965 - Other payables 1,030,001 12,244 Net assets attributable to unitholders 485,049,848 - ─────────── ──────── Contractual cash outflows (excluding gross



Fidelity Advantage Portfolio Fund - Invesco Asian Equity Fund US$ US$


month 1-3 months






Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio HK$ HK$


month 1-3 months

Amounts payable on redemption of units 35,713 - Amounts payable on purchase of investments 2,214,991 - Other payables 694,746 9,900 Net assets attributable to unitholders 381,943,487 - ─────────── ──────── Contractual cash outflows (excluding gross

settled derivatives) 384,888,937 9,900 ═══════════ ════════ At 31st December 2017 Amounts payable on redemption of units 553,940 - Amounts payable on purchase of investments 2,126,457 - Other payables 734,659 10,342 Net assets attributable to unitholders 393,484,732 - ─────────── ──────── Contractual cash outflows (excluding gross


Global Equity Fund US$ US$


month 1-3 months






Growth Fund US$ US$


month 1-3 months


settled derivatives) 1,158,311,292 33,631 ═══════════ ════════ At 31st December 2017 Amounts payable on redemption of units 1,900,906 - Amounts payable on purchase of investments 57,837 - Other payables 2,958,436 34,312 Net assets attributable to unitholders 1,415,162,084 - ─────────── ──────── Contractual cash outflows (excluding gross




month 1-3 months

Amounts payable on redemption of units 4,819,170 - Other payables 3,335,458 63,592 Net assets attributable to unitholders 2,837,798,414 - ─────────── ──────── Contractual cash outflows (excluding gross

settled derivatives) 2,845,953,042 63,592 ═══════════ ════════ At 31st December 2017 Amounts payable on redemption of units 2,967,998 - Other payables 2,684,513 52,653 Net assets attributable to unitholders 2,316,675,655 - ─────────── ──────── Contractual cash outflows (excluding gross

settled derivatives) 2,322,328,166 52,653 ═══════════ ════════ Hong Kong Bond Fund HK$ HK$


month 1-3 months





Growth Fund US$ US$


month 1-3 months






month 1-3 months

Amounts payable on redemption of units 4,819,170 - Other payables 3,335,458 63,592 Net assets attributable to unitholders 2,837,798,414 - ─────────── ──────── Contractual cash outflows (excluding gross

settled derivatives) 2,845,953,042 63,592 ═══════════ ════════ At 31st December 2017 Amounts payable on redemption of units 2,967,998 - Other payables 2,684,513 52,653 Net assets attributable to unitholders 2,316,675,655 - ─────────── ──────── Contractual cash outflows (excluding gross

settled derivatives) 2,322,328,166 52,653 ═══════════ ════════ Hong Kong Bond Fund HK$ HK$


month 1-3 months





Hong Kong Bond Fund (continued) HK$ HK$


month 1-3 months

Amounts payable on redemption of units 1,986,224 - Amounts payable on purchase of investments 1,239,815 - Other payables 626,161 6,219 Net assets attributable to unitholders 270,885,041 - ─────────── ──────── Contractual cash outflows (excluding gross


Hong Kong Equity Fund HK$ HK$


month 1-3 months




RMB Bond Fund HK$ HK$


month 1-3 months

Other payables 84,750 645 Net assets attributable to unitholders 26,734,640 - ─────────── ──────── Contractual cash outflows (excluding gross

settled derivatives) 26,819,390 645 ═══════════ ════════ At 31st December 2017 Amounts payable on purchase of investments 123,838 - Other payables 46,484 - Net assets attributable to unitholders 12,400,426 - ─────────── ──────── Contractual cash outflows (excluding gross

settled derivatives) 12,570,748 - ═══════════ ════════



Stable Growth Fund US$ US$


month 1-3 months




US Dollar Money Fund US$ US$


month 1-3 months

Amounts payable on redemption of units 950,773 - Other payables 528,666 8,602 Net assets attributable to unitholders 440,628,106 - ─────────── ──────── Contractual cash outflows (excluding

gross settled derivatives) 442,107,545 8,602 ═══════════ ════════ At 31st December 2017 Amounts payable on redemption of units 536,177 - Other payables 384,832 7,328 Net assets attributable to unitholders 306,826,958 - ─────────── ──────── Contractual cash outflows (excluding gross settled derivatives) 307,747,967 7,328 ═══════════ ════════



Stable Growth Fund US$ US$


month 1-3 months




US Dollar Money Fund US$ US$


month 1-3 months

Amounts payable on redemption of units 950,773 - Other payables 528,666 8,602 Net assets attributable to unitholders 440,628,106 - ─────────── ──────── Contractual cash outflows (excluding

gross settled derivatives) 442,107,545 8,602 ═══════════ ════════ At 31st December 2017 Amounts payable on redemption of units 536,177 - Other payables 384,832 7,328 Net assets attributable to unitholders 306,826,958 - ─────────── ──────── Contractual cash outflows (excluding gross settled derivatives) 307,747,967 7,328 ═══════════ ════════



World Bond Fund US$ US$


month 1-3 months

Amounts payable on redemption of units 81,011 - Amounts payable on purchase of investments 204,386 - Other payables 123,596 1,427 Net assets attributable to unitholders 58,052,550 - ─────────── ──────── Contractual cash outflows (excluding

gross settled derivatives) 58,461,543 1,427 ═══════════ ════════ At 31st December 2017 Amounts payable on redemption of units 123,092 - Other payables 99,701 1,090 Net assets attributable to unitholders 46,380,207 - ─────────── ──────── Contractual cash outflows (excluding

gross settled derivatives) 46,603,000 1,090 ═══════════ ════════

Units are redeemed on demand at the holder’s option. However, the Investment Manager does not envisage that the contractual maturity disclosed in the above tables will be representative of the actual cash outflows, as holders of these instruments typically retain them for medium to long term.

The sub-funds manage their liquidity risk by investing predominantly in securities that they expect to be able to liquidate within 7 days or less. The following tables illustrate the expected liquidity of assets held:

Asia Pacific Equity Fund

Less than 7 days

7 days to <1 month

1 - < 3 months

3 - 12 months

More than 12 months

At 31st December 2018 US$ US$ US$ US$ US$ Total assets 115,022,385 - - - - At 31st December 2017 Total assets 130,077,942 - - - -

Balanced Fund

Less than 7 days

7 days to < 1 month

1 - < 3 months

3 - 12 months

More than 12 months

At 31st December 2018 US$ US$ US$ US$ US$ Total assets 1,339,487,463 - - - - At 31st December 2017 Total assets 1,533,029,537 - - - -



Capital Stable Fund Less than 7

days 7 days to

< 1 month 1 - < 3

months 3 - 12

months More than 12 months



Less than 7 days

7 days to < 1 month

1 - < 3 months

3 - 12 months

More than 12 months

At 31st December 2018 US$ US$ US$ US$ US$ Total assets 49,778,640 - 90,636 - - At 31st December 2017 Total assets 69,780,192 - 129,052 - -


Less than 7 days

7 days to < 1 month

1 - < 3 months

3 - 12 months

More than 12 months

At 31st December 2018 HK$ HK$ HK$ HK$ HK$ Total assets 384,898,837 - - - - At 31st December 2017 Total assets 396,910,130 - - - -

Global Equity Fund

Less than 7 days

7 days to < 1 month

1 - < 3 months

3 - 12 months

More than 12 months


Growth Fund Less than 7

days 7 days to

< 1 month 1 - < 3

months 3 - 12




Less than 7 days

7 days to < 1 month

1 - < 3 months

3 - 12 months

More than 12 months

At 31st December 2018 HK$ HK$ HK$ HK$ HK$ Total assets 2,843,654,419 - 2,362,215 - - At 31st December 2017 Total assets 2,319,887,518 - 2,493,471 - -



Capital Stable Fund Less than 7

days 7 days to

< 1 month 1 - < 3

months 3 - 12




Less than 7 days

7 days to < 1 month

1 - < 3 months

3 - 12 months

More than 12 months



Less than 7 days

7 days to < 1 month

1 - < 3 months

3 - 12 months

More than 12 months


Global Equity Fund

Less than 7 days

7 days to < 1 month

1 - < 3 months

3 - 12 months

More than 12 months


Growth Fund Less than 7

days 7 days to

< 1 month 1 - < 3

months 3 - 12




Less than 7 days

7 days to < 1 month

1 - < 3 months

3 - 12 months

More than 12 months

At 31st December 2018 HK$ HK$ HK$ HK$ HK$ Total assets 2,843,654,419 - 2,362,215 - - At 31st December 2017 Total assets 2,319,887,518 - 2,493,471 - -



Hong Kong Bond Fund Less than 7

days 7 days to

< 1 month 1 - < 3

months 3 - 12



Hong Kong Equity Fund Less than 7

days 7 days to

< 1 month 1 - < 3

months 3 - 12


At 31st December 2018 HK$ HK$ HK$ HK$ HK$ Total assets 1,914,423,926 - - - - At 31st December 2017 Total assets 2,454,084,011 - - - -

RMB Bond Fund Less than 7

days 7 days to

< 1 month 1 - < 3

months 3 - 12


At 31st December 2018 HK$ HK$ HK$ HK$ HK$ Total assets 26,812,184 - 7,851 - - At 31st December 2017 Total assets 12,562,786 - 7,962 - -

Stable Growth Fund Less than 7

days 7 days to

< 1 month 1 - < 3

months 3 - 12



US Dollar Money Fund Less than 7

days 7 days to

< 1 month 1 - < 3

months 3 - 12



World Bond Fund Less than 7

days 7 days to

< 1 month 1 - < 3

months 3 - 12





The table below summarises the number of unitholders who held more than 10% of the respective sub-fund’s units as at 31st December 2018 and 31st December 2017:

2018 2017

Asia Pacific Equity Fund Number of unitholders

Number of unitholders

Ordinary Units 3 3 Administration Units 2 3 Savings Units - -

Balanced Fund




Capital Stable Fund







Ordinary Units 1 1 Administration Units 4 4 Savings Units 1 3





Global Equity Fund Number of

unitholders Number of unitholders


Growth Fund Number of





The table below summarises the number of unitholders who held more than 10% of the respective sub-fund’s units as at 31st December 2018 and 31st December 2017:

2018 2017

Asia Pacific Equity Fund Number of unitholders



Balanced Fund




Capital Stable Fund












Global Equity Fund Number of



Growth Fund Number of





2018 2017 HK Dollar Money Fund Number of



Hong Kong Bond Fund Number of



Hong Kong Equity Fund Number of



RMB Bond Fund Number of



Stable Growth Fund Number of



US Dollar Money Fund Number of



World Bond Fund Number of




NOTES TO THE FINANCIAL STATEMENTS 12 Financial risk management (Continued) (c) Liquidity risk (Continued) The following spot/forward foreign exchange contracts were unsettled at the reporting date: Balanced Fund

No spot/forward foreign exchange contract was unsettled as at 31 December 2018. As at 31st December 2017 Currency

Sold Amount Sold Currency

Bought Amount Bought Settlement Date Fair Value HK$ 5,039 US$ 644 2nd January 2018 - HK$ 37,184 US$ 4,753 2nd January 2018 (3)

Capital Stable Fund



Bought Amount Bought Settlement Date Fair Value HK$ 13,127 US$ 1,679 2nd January 2018 -

Fidelity Advantage Portfolio Fund - Invesco Asian Equity Fund As at 31st December 2018 Currency


Bought Amount Bought Settlement Date Fair Value HK$ 188,374 US$ 24,039 2nd January 2019 (9) HK$ 1,375,955 US$ 175,611 3rd January 2019 (45) HK$ 90,942 US$ 11,607 3rd January 2019 (3) HK$ 13,602 US$ 1,736 3rd January 2019 0 HK$ 23,088 US$ 2,947 4th January 2019 (1)

As at 31st December 2017 Currency


Bought Amount Bought Settlement Date Fair Value HK$ 23,899 US$ 3,056 3rd January 2018 - HK$ 1,471,272 US$ 188,153 4th January 2018 (21)

Growth Fund



Bought Amount Bought Settlement Date Fair Value HK$ 4,508 US$ 577 2nd January 2018 -


NOTES TO THE FINANCIAL STATEMENTS 12 Financial risk management (Continued) (c) Liquidity risk (Continued) The following spot/forward foreign exchange contracts were unsettled at the reporting date: Balanced Fund



Bought Amount Bought Settlement Date Fair Value HK$ 5,039 US$ 644 2nd January 2018 - HK$ 37,184 US$ 4,753 2nd January 2018 (3)

Capital Stable Fund



Bought Amount Bought Settlement Date Fair Value HK$ 13,127 US$ 1,679 2nd January 2018 -

Fidelity Advantage Portfolio Fund - Invesco Asian Equity Fund As at 31st December 2018 Currency


Bought Amount Bought Settlement Date Fair Value HK$ 188,374 US$ 24,039 2nd January 2019 (9) HK$ 1,375,955 US$ 175,611 3rd January 2019 (45) HK$ 90,942 US$ 11,607 3rd January 2019 (3) HK$ 13,602 US$ 1,736 3rd January 2019 0 HK$ 23,088 US$ 2,947 4th January 2019 (1)



Bought Amount Bought Settlement Date Fair Value HK$ 23,899 US$ 3,056 3rd January 2018 - HK$ 1,471,272 US$ 188,153 4th January 2018 (21)

Growth Fund



Bought Amount Bought Settlement Date Fair Value HK$ 4,508 US$ 577 2nd January 2018 -


NOTES TO THE FINANCIAL STATEMENTS 12 Financial risk management (Continued) (c) Liquidity risk (Continued) HK Dollar Money Fund



Bought Amount Bought Settlement Date Fair Value US$ 74,360 HK$ 581,227 2nd January 2018 (170)

US Dollar Money Fund



Bought Amount Bought Settlement Date Fair Value HK$ 45,161 US$ 5,763 2nd January 2019 (2) HK$ 133,712 US$ 17,064 3rd January 2019 (6)

No spot/forward foreign exchange contract was unsettled as at 31 December 2017. The Investment Manager monitors the sub-funds’ liquidity position on a daily basis, and reviewed on a quarterly basis by a risk oversight committee. The table below analyses the sub-funds’ derivative financial instruments in a net position based on an expected maturity basis rather than on a contractual basis, as the contractual maturities for such contracts are not considered to be essential to an understanding of the timing of cash flows based on the sub-funds’ investment strategies. The amounts disclosed in the table represent the undiscounted cash flows. Balances due within 12 months equal their carrying balances, as the impact of discounting is not significant.

Balanced Fund US$ US$ At 31st December 2018 Less than 1 month 1-3 months Gross settled derivatives - Outflow - - - Inflow - - . At 31st December 2017 Gross settled derivatives - Outflow 5,401 - - Inflow 5,398 -



Capital Stable Fund US$ US$ At 31st December 2018 Less than 1 month 1-3 months Gross settled derivatives - Outflow - - - Inflow - - At 31st December 2017 Gross settled derivatives - Outflow 1,679 - - Inflow 1,679 -

Fidelity Advantage Portfolio Fund - Invesco Asian Equity Fund US$ US$ At 31st December 2018 Less than 1 month 1-3 months Gross settled derivatives - Outflow 215,997 - - Inflow 215,939 - At 31st December 2017 Gross settled derivatives - Outflow 191,230 - - Inflow 191,209 -

Growth Fund US$ US$ At 31st December 2018 Less than 1 month 1-3 months Gross settled derivatives - Outflow - - - Inflow - - . At 31st December 2017 Gross settled derivatives - Outflow 577 - - Inflow 577 -

HK Dollar Money Fund HK$ HK$ At 31st December 2018 Less than 1 month 1-3 months Gross settled derivatives - Outflow - - - Inflow - - . At 31st December 2017 Gross settled derivatives - Outflow 581,397 - - Inflow 581,227 -



Capital Stable Fund US$ US$ At 31st December 2018 Less than 1 month 1-3 months Gross settled derivatives - Outflow - - - Inflow - - At 31st December 2017 Gross settled derivatives - Outflow 1,679 - - Inflow 1,679 -

Fidelity Advantage Portfolio Fund - Invesco Asian Equity Fund US$ US$ At 31st December 2018 Less than 1 month 1-3 months Gross settled derivatives - Outflow 215,997 - - Inflow 215,939 - At 31st December 2017 Gross settled derivatives - Outflow 191,230 - - Inflow 191,209 -

Growth Fund US$ US$ At 31st December 2018 Less than 1 month 1-3 months Gross settled derivatives - Outflow - - - Inflow - - . At 31st December 2017 Gross settled derivatives - Outflow 577 - - Inflow 577 -

HK Dollar Money Fund HK$ HK$ At 31st December 2018 Less than 1 month 1-3 months Gross settled derivatives - Outflow - - - Inflow - - . At 31st December 2017 Gross settled derivatives - Outflow 581,397 - - Inflow 581,227 -



(d) Fair value estimation

The fair value of financial assets and liabilities traded in active markets (such as publicly traded derivatives and trading securities) are based on quoted market prices at the close of trading on the year end date. The sub-funds utilise the last traded market price as their fair valuation inputs for both financial assets and financial liabilities. All derivatives are carried as assets when fair value is positive and as liabilities when fair value is negative. An active market is a market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The fair value of financial assets and liabilities that are not traded in an active market is determined by using valuation techniques. The sub-funds use a variety of methods and make assumptions that are based on market conditions existing at each year end date. Valuation techniques used for non-standardised financial instruments such as spot/forward foreign exchange contracts, include the use of valuation techniques commonly used by market participants making the maximum use of market inputs and relying as little as possible on entity-specific inputs.

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

US Dollar Money Fund US$ US$ At 31st December 2018 Less than 1 month 1-3 months Gross settled derivatives - Outflow 22,835 - - Inflow 22,827 - . At 31st December 2017 Gross settled derivatives - Outflow - - - Inflow - -


NOTES TO THE FINANCIAL STATEMENTS 12 Financial risk management (Continued) (d) Fair value estimation (Continued)

• Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1),

• Inputs other than quoted prices included within level 1 that are observable for

the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2),

• Inputs for the asset or liability that are not based on observable market data

(that is, unobservable inputs) (level 3).

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability. The determination of what constitutes ‘observable’ requires significant judgement by the sub-funds. The sub-funds considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

The following table analyses within the fair value hierarchy the sub-funds’ financial assets and liabilities (by class) measured at fair value at 31st December 2018 and 2017:

Level 1 Level 2 Level 3 Total

Asia Pacific Equity Fund US$ US$ US$ US$

At 31st December 2018

Assets

Financial assets at fair value

through profit or loss

- Approved pooled investment

funds 114,813,298 - - 114,813,298

────────── ────── ────── ──────────

Total assets at fair value through profit or loss 114,813,298 - - 114,813,298

══════════ ══════ ══════ ══════════


Assets




funds 129,403,169 - - 129,403,169

────────── ────── ────── ──────────


══════════ ══════ ══════ ══════════



• Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1),

• Inputs other than quoted prices included within level 1 that are observable for

the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2),

• Inputs for the asset or liability that are not based on observable market data

(that is, unobservable inputs) (level 3).

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability. The determination of what constitutes ‘observable’ requires significant judgement by the sub-funds. The sub-funds considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

The following table analyses within the fair value hierarchy the sub-funds’ financial assets and liabilities (by class) measured at fair value at 31st December 2018 and 2017:


Asia Pacific Equity Fund US$ US$ US$ US$


Assets




funds 114,813,298 - - 114,813,298

────────── ────── ────── ──────────


══════════ ══════ ══════ ══════════


Assets




funds 129,403,169 - - 129,403,169

────────── ────── ────── ──────────


══════════ ══════ ══════ ══════════



Level 1 Level 2 Level 3 Total Balanced Fund US$ US$ US$ US$ At 31st December 2018 Assets Financial assets at fair value



funds 1,330,295,259 - - 1,330,295,259 ─────────── ─────── ─────── ───────────

Total assets at fair value through profit or loss 1,330,295,259 - - 1,330,295,259

═══════════ ═══════ ═══════ ═══════════

Liabilities Financial liabilities at fair value

through profit or loss - Derivatives - - - - ─────────── ─────── ─────── ───────────

- - - - ═══════════ ═══════ ═══════ ═══════════

At 31st December 2017 Assets Financial assets at fair value

through profit or loss - Approved pooled investment

funds 1,531,940,841 - - 1,531,940,841 ─────────── ─────── ─────── ───────────


═══════════ ═══════ ═══════ ═══════════


through profit or loss - Derivatives - 3 - 3 ─────────── ─────── ─────── ───────────

- 3 - 3 ═══════════ ═══════ ═══════ ═══════════

Level 1 Level 2 Level 3 Total Capital Stable Fund US$ US$ US$ US$ At 31st December 2018 Assets Financial assets at fair value


funds 486,030,257 - - 486,030,257 ─────────── ─────── ─────── ───────────


═══════════ ═══════ ═══════ ═══════════






funds 486,572,207 - - 486,572,207 ─────────── ─────── ────── ───────────


═══════════ ═══════ ══════ ═══════════

Level 1 Level 2 Level 3 Total Fidelity Advantage Portfolio

Fund - Invesco Asian Equity Fund

US$ US$ US$ US$


through profit or loss - Unlisted unit trust/mutual

funds 49,022,989 - - 49,022,989 ─────────── ─────── ────── ──────────


═══════════ ═══════ ══════ ══════════


through profit or loss - Derivatives - 58 - 58 ─────────── ─────── ────── ──────────

- 58 - 58 ═══════════ ═══════ ══════ ══════════



funds 69,223,421 - - 69,223,421 ─────────── ─────── ────── ──────────


═══════════ ═══════ ══════ ══════════



- 21 - 21 ═══════════ ═══════ ══════ ══════════






funds 486,572,207 - - 486,572,207 ─────────── ─────── ────── ───────────


═══════════ ═══════ ══════ ═══════════


Fund - Invesco Asian Equity Fund

US$ US$ US$ US$



funds 49,022,989 - - 49,022,989 ─────────── ─────── ────── ──────────


═══════════ ═══════ ══════ ══════════



- 58 - 58 ═══════════ ═══════ ══════ ══════════



funds 69,223,421 - - 69,223,421 ─────────── ─────── ────── ──────────


═══════════ ═══════ ══════ ══════════



- 21 - 21 ═══════════ ═══════ ══════ ══════════




Fund - Tracker Fund Portfolio HK$ HK$ HK$ HK$


through profit or loss - Listed unit trust/mutual funds 379,131,700 - - 379,131,700 ─────────── ─────── ─────── ──────────


═══════════ ═══════ ═══════ ══════════


through profit or loss - Listed unit trust/mutual funds 394,165,850 - - 394,165,850 ─────────── ─────── ─────── ──────────


═══════════ ═══════ ═══════ ══════════

Level 1 Level 2 Level 3 Total Global Equity Fund US$ US$ US$ US$ At 31st December 2018 Assets Financial assets at fair value


funds 116,498,995 - - 116,498,995

─────────── ─────── ─────── ─────────


═══════════ ═══════ ═══════ ═════════



funds 127,242,330 - - 127,242,330 ─────────── ─────── ─────── ─────────


═══════════ ═══════ ═══════ ═════════



Level 1 Level 2 Level 3 Total Growth Fund US$ US$ US$ US$ At 31st December 2018 Assets Financial assets at fair value


funds 1,145,535,210 - - 1,145,535,210

─────────── ─────── ────── ──────────


═══════════ ═══════ ══════ ══════════



funds 1,418,077,191 - - 1,418,077,191 ─────────── ─────── ────── ──────────


═══════════ ═══════ ══════ ══════════

Level 1 Level 2 Level 3 Total HK Dollar Money Fund HK$ HK$ HK$ HK$ At 31st December 2018 Assets Financial assets at fair value


funds 2,830,727,331 - - 2,830,727,331

─────────── ─────── ────── ──────────


═══════════ ═══════ ═══════

═══════════ Liabilities Financial liabilities at fair value

through profit or loss - Derivatives - - - - ─────────── ─────── ────── ──────────

- - - - ═══════════ ═══════ ══════

═

═══════════



Level 1 Level 2 Level 3 Total Growth Fund US$ US$ US$ US$ At 31st December 2018 Assets Financial assets at fair value


funds 1,145,535,210 - - 1,145,535,210

─────────── ─────── ────── ──────────


═══════════ ═══════ ══════ ══════════



funds 1,418,077,191 - - 1,418,077,191 ─────────── ─────── ────── ──────────


═══════════ ═══════ ══════ ══════════



funds 2,830,727,331 - - 2,830,727,331

─────────── ─────── ────── ──────────


═══════════ ═══════ ═══════

═══════════ Liabilities Financial liabilities at fair value

through profit or loss - Derivatives - - - - ─────────── ─────── ────── ──────────

- - - - ═══════════ ═══════ ══════

═

═══════════





funds 2,304,953,407 - - 2,304,953,407

─────────── ─────── ─────── ──────────


═══════════ ═══════ ═══════ ═══════════ Liabilities Financial assets at fair value

through profit or loss - Derivatives - 170 - 170 ─────────── ─────── ─────── ────────── - 170 - 170 ═══════════ ═══════ ═══════ ═══════════

Level 1 Level 2 Level 3 Total Hong Kong Bond Fund HK$ HK$ HK$ HK$



funds 260,193,366 - - 260,193,366 ─────────── ─────── ─────── ───────────


═══════════ ═══════ ═══════ ═══════════




funds 271,488,448 - - 271,488,448 ─────────── ─────── ─────── ───────────


═══════════ ═══════ ═══════ ═══════════




Hong Kong Equity Fund HK$ HK$ HK$ HK$


Assets




funds 1,904,476,355 - -

1,904,476,355

─────────── ─────── ─────── ──────────

Total assets at fair value through profit or loss 1,904,476,355 - -

1,904,476,355

═══════════ ═══════ ═══════ ══════════


Assets




funds 2,447,110,331 - - 2,447,110,331

─────────── ─────── ─────── ──────────


═══════════ ═══════ ═══════ ══════════


RMB Bond Fund HK$ HK$ HK$ HK$


Assets




funds 26,779,473 - - 26,779,473

─────────── ─────── ─────── ──────────


═══════════ ═══════ ═══════ ══════════


Assets




funds 12,430,061 - - 12,430,061

─────────── ─────── ─────── ──────────


═══════════ ═══════ ═══════ ══════════




Hong Kong Equity Fund HK$ HK$ HK$ HK$


Assets




funds 1,904,476,355 - -

1,904,476,355

─────────── ─────── ─────── ──────────

Total assets at fair value through profit or loss 1,904,476,355 - -

1,904,476,355

═══════════ ═══════ ═══════ ══════════


Assets




funds 2,447,110,331 - - 2,447,110,331

─────────── ─────── ─────── ──────────


═══════════ ═══════ ═══════ ══════════


RMB Bond Fund HK$ HK$ HK$ HK$


Assets




funds 26,779,473 - - 26,779,473

─────────── ─────── ─────── ──────────


═══════════ ═══════ ═══════ ══════════


Assets




funds 12,430,061 - - 12,430,061

─────────── ─────── ─────── ──────────


═══════════ ═══════ ═══════ ══════════




Stable Growth Fund US$ US$ US$ US$


Assets




funds 410,258,430 - - 410,258,430

─────────── ─────── ─────── ──────────


═══════════ ═══════ ═══════ ═══════════


Assets




funds 471,929,351 - - 471,929,351

─────────── ─────── ─────── ────────── Total assets at fair value through

profit or loss 471,929,351 - - 471,929,351

═══════════ ═══════ ═══════ ═══════════


US Dollar Money Fund US$ US$ US$ US$


Assets




funds 439,555,606 - - 439,555,606

─────────── ─────── ─────── ─────────── Total assets at fair value through

profit or loss 439,555,606 - - 439,555,606

═══════════ ═══════ ═══════ ═══════════



- Derivatives - (8) - (8) ─────────── ─────── ─────── ──────────

─ - (8) - (8) ═══════════ ═══════ ═══════ ══════════

═ At 31st December 2017

Assets




funds 306,016,410 - - 306,016,410

─────────── ─────── ─────── ──────────


═══════════ ═══════ ═══════ ══════════




US Dollar Money Fund (Continued) US$ US$ US$ US$

At 31st December 2017 (Continued)

Liabilities

Financial liabilities at fair value


- Derivatives - - - -

─────────── ─────── ─────── ──────────

- - - -

═══════════ ═══════ ═══════ ══════════


World Bond Fund US$ US$ US$ US$


Assets




funds 58,153,131 - - 58,153,131

─────────── ─────── ─────── ──────────


═══════════ ═══════ ═══════ ══════════


Assets




funds 46,473,921 - - 46,473,921

─────────── ─────── ─────── ──────────


═══════════ ═══════ ═══════ ══════════

Investments whose values are based on quoted market prices in active markets, and therefore classified within level 1, include listed and quoted investment funds. The Fund does not adjust the quoted price for these instruments. Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within level 2, which include over-the-counter derivatives. As level 2 investments include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information. Investments classified within level 3 have significant unobservable inputs, as they trade infrequently. As of 31st December 2018 and 2017, the sub-funds did not hold any investments classified in level 3.




US Dollar Money Fund (Continued) US$ US$ US$ US$

At 31st December 2017 (Continued)

Liabilities

Financial liabilities at fair value


- Derivatives - - - -

─────────── ─────── ─────── ──────────

- - - -

═══════════ ═══════ ═══════ ══════════


World Bond Fund US$ US$ US$ US$


Assets




funds 58,153,131 - - 58,153,131

─────────── ─────── ─────── ──────────


═══════════ ═══════ ═══════ ══════════


Assets




funds 46,473,921 - - 46,473,921

─────────── ─────── ─────── ──────────


═══════════ ═══════ ═══════ ══════════

Investments whose values are based on quoted market prices in active markets, and therefore classified within level 1, include listed and quoted investment funds. The Fund does not adjust the quoted price for these instruments. Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within level 2, which include over-the-counter derivatives. As level 2 investments include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information. Investments classified within level 3 have significant unobservable inputs, as they trade infrequently. As of 31st December 2018 and 2017, the sub-funds did not hold any investments classified in level 3.


NOTES TO THE FINANCIAL STATEMENTS

12 Financial risk management (Continued) (d) Fair value estimation (Continued)

As at 31st December 2018 and 2017, there were no transfers between levels of investments held by the sub-funds. The assets and liabilities of the sub-funds in the Statement of Net Assets excluding financial assets and liabilities at fair value through profit or loss at 31st December 2018 and 2017, are carried at amortised cost; their carrying values are a reasonable approximation of fair value.

(e) Capital risk management

The capital of the sub-funds is represented by the net assets attributable to unitholders. The amount of net assets attributable to unitholders can change significantly on a daily basis as the sub-funds are subject to daily subscriptions and redemptions at the discretion of unitholders. The sub-funds’ objective when managing capital is to safeguard the sub-funds’ ability to continue as a going concern in order to provide returns for unitholders and benefits for other stakeholders and to maintain a strong capital base to support the development of the investment activities of the sub-funds. In order to maintain or adjust the capital structure, the sub-funds policy is to perform the following:

- monitor the level of daily subscriptions and redemptions relative to the liquid

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

The Trustee and Investment Manager monitor capital on the basis of the value of net assets attributable to unitholders.

13 Transactions with related parties In addition to investment management fees disclosed in note 5, trustee and administration fees in note 7 and servicing fees in note 6, the sub-funds had the following transactions with related parties, including the Trustee, the Investment Manager and their connected persons during the years ended 31st December 2018 and 2017. As disclosed in note 12a(i), the sub-funds invest directly in the units of other approved pooled investment funds managed by the Investment Manager except for the FAP Supermarket Funds. During the year, the Investment Manager subsidized certain administrative expenses for RMB Bond Fund. The Investment Manager waived certain fees, subsidised certain administrative expenses and the Trustee also waived certain fees for the HK Dollar Money Fund and US Dollar Money Fund. These were disclosed as reimbursement income in the Statement of Comprehensive Income. As at 31st December 2018 and 2017, the sub-funds placed all bank deposits with the holding company of the Trustee. Bank charges as stated in the Statement of Comprehensive Income are paid to the holding company of the Trustee.


NOTES TO THE FINANCIAL STATEMENTS 13 Transactions with related parties (Continued)

For the years ended 31st December 2018 and 2017, handling fees, accounting fees and custodian fees stated in the Statement of Comprehensive Income are paid to the Trustee. They relate to transaction handling fees on purchases and sales of investments, fees for additional services rendered in preparation of annual and interim reports and fees for services such as custody respectively. The Trustee has waived the fixed accounting fees and share registration fees for all sub-funds as well as the valuation fees for all sub-funds except for the FAP Supermarket Funds, which are stated as valuation fees in the Statement of Comprehensive Income. The sub-funds utilise the trading services of brokers who are related parties of the Trustee in their purchase and sale of investments. The details of such transactions and the brokerage commission, under transaction fees, are shown below:

Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio 2018

Broker name Total transaction

value (HK$)

% of total transaction value of the sub-fund

Total brokerage commission (HK$)

Average rate of commission

HSBC Securities Brokers (Asia) Limited 341,740,392 100.00 683,335 0.20 2017


value (HK$)




HSBC Securities Brokers (Asia) Limited 430,622,309 100.00 861,391 0.20

As at 31st December 2018 and 2017, a related party of the Investment Manager held sub-fund’s units. The details of such holding are shown below: RMB Bond Fund 2018 2017 % of holding % of holding Ordinary Units 0.12 0.66 Administration units 0.06 0.10 Savings Units 0.50 2.36

All transactions were entered into in the ordinary course of business and on normal commercial terms.

14 Soft commission arrangements

For the years ended 31st December 2018 and 2017, the Investment Manager did not enter into any commission sharing arrangement with brokers in respect of which certain goods and services used to support investment decision making were received. In addition, as the sub-funds only invest in other unit trusts managed by FIL Investment Management (Hong Kong) Limited or third party managers, the Investment Manager is not entitled to receive any advisory commission with its management of the sub-funds.

15 Approval of financial statements

The financial statements were approved by the Trustee and the Investment Manager on 12th April 2019.


NOTES TO THE FINANCIAL STATEMENTS 13 Transactions with related parties (Continued)

For the years ended 31st December 2018 and 2017, handling fees, accounting fees and custodian fees stated in the Statement of Comprehensive Income are paid to the Trustee. They relate to transaction handling fees on purchases and sales of investments, fees for additional services rendered in preparation of annual and interim reports and fees for services such as custody respectively. The Trustee has waived the fixed accounting fees and share registration fees for all sub-funds as well as the valuation fees for all sub-funds except for the FAP Supermarket Funds, which are stated as valuation fees in the Statement of Comprehensive Income. The sub-funds utilise the trading services of brokers who are related parties of the Trustee in their purchase and sale of investments. The details of such transactions and the brokerage commission, under transaction fees, are shown below:

Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio 2018


value (HK$)




HSBC Securities Brokers (Asia) Limited 341,740,392 100.00 683,335 0.20 2017


value (HK$)




HSBC Securities Brokers (Asia) Limited 430,622,309 100.00 861,391 0.20

As at 31st December 2018 and 2017, a related party of the Investment Manager held sub-fund’s units. The details of such holding are shown below: RMB Bond Fund 2018 2017 % of holding % of holding Ordinary Units 0.12 0.66 Administration units 0.06 0.10 Savings Units 0.50 2.36

All transactions were entered into in the ordinary course of business and on normal commercial terms.

14 Soft commission arrangements

For the years ended 31st December 2018 and 2017, the Investment Manager did not enter into any commission sharing arrangement with brokers in respect of which certain goods and services used to support investment decision making were received. In addition, as the sub-funds only invest in other unit trusts managed by FIL Investment Management (Hong Kong) Limited or third party managers, the Investment Manager is not entitled to receive any advisory commission with its management of the sub-funds.

15 Approval of financial statements

The financial statements were approved by the Trustee and the Investment Manager on 12th April 2019.


SCHEDULE OF INVESTMENTS (UNAUDITED) ASIA PACIFIC EQUITY FUND

Holdings Units

Fair value US$

% of Net Asset Value

Quoted investments Fund Established in Hong Kong

Fidelity Global Investment Fund - Asia Pacific Equity Fund – Class B 60,400,353.456 114,813,298 100.20 ────────── ────── TOTAL INVESTMENTS 114,813,298 100.20 OTHER NET LIABILITIES (223,783) (0.20) ────────── ────── NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 31ST DECEMBER 2018 114,589,515 100.00 ══════════ ══════ TOTAL INVESTMENTS AT COST 96,447,044 ══════════


SCHEDULE OF INVESTMENTS (UNAUDITED) ASIA PACIFIC EQUITY FUND (CONTINUED) Fidelity Advantage Portfolio Fund - Asia Pacific Equity Fund is a feeder fund investing only in the Fidelity Global Investment Fund - Asia Pacific Equity Fund. The investment portfolio of the Fidelity Global Investment Fund - Asia Pacific Equity Fund as at 31st December 2018 is as follows:

Holdings Fair value % of Net Shares HK$ Asset Value Listed/quoted investments AUSTRALIA

APPEN LTD ORD NPV 2,350,361 166,210,936 1.44 ARISTOCRAT LEISURE LTD ORD NPV 1,220,517 146,924,707 1.28 BHP BILLITON LTD ORD NPV 989,945 186,773,963 1.62 CLEANAWAY WASTE MANAGEMENT LTD ORD NPV 7,123,669 65,375,698 0.57 COMMONWEALTH BANK OF AUSTRALIA ORD NPV 781,141 311,678,164 2.71 CSL LTD ORD NPV 330,874 337,682,210 2.94 OIL SEARCH LTD ORD PGK0.10 2,645,857 104,418,574 0.91 ORORA LTD ORD NPV 5,079,553 85,953,237 0.75 RAMSAY HEALTH CARE LTD ORD NPV 391,595 124,605,457 1.08 SOUTH32 LTD ORD NPV 6,091,231 112,472,991 0.98 SUNCORP GROUP LTD ORD NPV 1,044,426 72,707,530 0.63 WESFARMERS LTD ORD NPV 342,114 60,756,780 0.53 WESTPAC BANKING CORP LTD ORD NPV 2,422,585 334,357,997 2.91

CHINA ALIBABA GROUP HOLDING LTD ORD (1ADR REPS 1 SHARE) 369,325 396,348,143 3.44 ANGEL YEAST CO LTD ORD CNY 1 CC 2,481,750 71,354,624 0.62 CHINA CONSTRUCTION BANK CORP H SHR ORD CNY1 42,135,710 272,196,687 2.37 CHINA LIFE INSURANCE CO LTD H ORD CNY1 8,228,000 136,913,920 1.19 CHINA MOLYBDENUM CO LTD H SHR ORD CNY0.2 20,580,000 59,270,400 0.52 CHINA PETROLEUM & CHEMICAL CORP H SHR ORD CNY1 8,296,600 46,377,994 0.40 CHINA RESOURCES PHARMACEUTICAL GROUP LTD ORD HKD1 5,796,000 59,235,120 0.51


SCHEDULE OF INVESTMENTS (UNAUDITED) ASIA PACIFIC EQUITY FUND (CONTINUED) Fidelity Advantage Portfolio Fund - Asia Pacific Equity Fund is a feeder fund investing only in the Fidelity Global Investment Fund - Asia Pacific Equity Fund. The investment portfolio of the Fidelity Global Investment Fund - Asia Pacific Equity Fund as at 31st December 2018 is as follows:

Holdings Fair value % of Net Shares HK$ Asset Value Listed/quoted investments AUSTRALIA

APPEN LTD ORD NPV 2,350,361 166,210,936 1.44 ARISTOCRAT LEISURE LTD ORD NPV 1,220,517 146,924,707 1.28 BHP BILLITON LTD ORD NPV 989,945 186,773,963 1.62 CLEANAWAY WASTE MANAGEMENT LTD ORD NPV 7,123,669 65,375,698 0.57 COMMONWEALTH BANK OF AUSTRALIA ORD NPV 781,141 311,678,164 2.71 CSL LTD ORD NPV 330,874 337,682,210 2.94 OIL SEARCH LTD ORD PGK0.10 2,645,857 104,418,574 0.91 ORORA LTD ORD NPV 5,079,553 85,953,237 0.75 RAMSAY HEALTH CARE LTD ORD NPV 391,595 124,605,457 1.08 SOUTH32 LTD ORD NPV 6,091,231 112,472,991 0.98 SUNCORP GROUP LTD ORD NPV 1,044,426 72,707,530 0.63 WESFARMERS LTD ORD NPV 342,114 60,756,780 0.53 WESTPAC BANKING CORP LTD ORD NPV 2,422,585 334,357,997 2.91

CHINA ALIBABA GROUP HOLDING LTD ORD (1ADR REPS 1 SHARE) 369,325 396,348,143 3.44 ANGEL YEAST CO LTD ORD CNY 1 CC 2,481,750 71,354,624 0.62 CHINA CONSTRUCTION BANK CORP H SHR ORD CNY1 42,135,710 272,196,687 2.37 CHINA LIFE INSURANCE CO LTD H ORD CNY1 8,228,000 136,913,920 1.19 CHINA MOLYBDENUM CO LTD H SHR ORD CNY0.2 20,580,000 59,270,400 0.52 CHINA PETROLEUM & CHEMICAL CORP H SHR ORD CNY1 8,296,600 46,377,994 0.40 CHINA RESOURCES PHARMACEUTICAL GROUP LTD ORD HKD1 5,796,000 59,235,120 0.51


SCHEDULE OF INVESTMENTS (UNAUDITED) ASIA PACIFIC EQUITY FUND (CONTINUED)

Holdings Fair value % of Net Shares HK$ Asset Value Listed/quoted investments (Continued) CHINA (Continued)

DONGFENG MOTOR GROUP CO LTD H SHR ORD CNY1 11,394,000 80,897,400 0.70 GUANGDONG HAID GROUP CO ORD CNY1 SZHK 2,956,112 78,053,747 0.68 INDUSTRIAL AND COMMERCIAL BANK OF CHINA H SHS ORD CNY1 43,733,000 244,467,470 2.12 JIANGSU HENGRUI MEDICINE C ORD CNY 1 CC 1,144,470 68,797,668 0.60 PETROCHINA CO LTD H SHRS CNY1 19,944,000 97,326,720 0.85 SHENZHOU INTERNATIONAL GROUP ORD HKD0.1 1,757,000 155,933,750 1.36 SINOPEC ENGINEERING GROUP CO LTD ORD CNY1 6,571,500 42,254,745 0.37 SUNNY OPTICAL TECHNOLOGY GROUP CO LTD ORD HKD0.1 1,929,100 134,265,360 1.17 TENCENT HOLDINGS LTD ORD HKD0.00002 2,319,300 728,260,200 6.33 ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD ORD CNY1 SZHK 7,119,840 102,962,409 0.89 ZHUZHOU CRRC TIMES ELECTRIC CO LTD H SHR CNY1 2,790,500 121,107,700 1.05

HONG KONG

ASM PACIFIC TECHNOLOGY ORD HKD0.1 1,418,200 107,003,190 0.93 CHINA MOBILE LTD ORD HKD0.1 3,380,500 254,720,675 2.21 CHINA RESOURCES LAND LTD ORD HKD0.1 4,954,000 149,115,400 1.30 GIORDANO INTERNATIONAL LTD ORD HKD0.05 8,598,000 31,812,600 0.28 HANG SENG BANK LTD ORD NPV 541,300 95,160,540 0.83 LINK REIT 745,500 59,118,150 0.51 POWER ASSETS HOLDINGS LTD ORD NPV 2,553,500 139,165,750 1.21



Holdings Fair value % of Net Shares HK$ Asset Value Listed/quoted investments (Continued) INDIA

CONTAINER CORPORATION OF INDIA LTD ORD INR5 (DEMAT) 1,449,754 111,807,338 0.97 CUMMINS INDIA LTD ORD INR2 (DEMAT) 984,068 93,770,816 0.82 FUTURE RETAIL LTD NEW DM2 1,019,896 57,405,044 0.50 HDFC BANK LTD ORD INR2 (DMT) 1,064,796 253,353,760 2.20 HOUSING DEVELOPMENT FINANCE CORP ORD INR2 768,184 169,568,254 1.47 ICICI LOMBARD GENERAL INSURANC ORD INR10 669,470 64,900,489 0.56 KOTAK MAHINDRA BANK LTD ORD INR10 501,235 70,628,641 0.61 RELIANCE INDUSTRIES LTD ORD INR10 (DMT) 1,851,812 232,850,040 2.02 TATA CONSULTANCY SERVICES LTD ORD INR1 (DMT) 1,100,339 233,596,084 2.03

INDONESIA ASTRA INTERNATIONAL TBK PT ORD IDR50 (DMT) 31,392,500 140,581,647 1.22 BANK RAKYAT INDONESIA PERSERO ORD IDR250 (DMT) 57,392,300 114,367,211 0.99

MACAU WYNN MACAU LTD ORD HKD0.001 2,431,200 41,524,896 0.36

MALAYSIA

CIMB GROUP HOLDINGS ORD MYR1 8,376,700 90,619,584 0.79 SP SETIA BHD ORD MYR0.75 12,628,100 55,745,129 0.48

NEW ZEALAND FISHER & PAYKEL HEALTHCARE CORP LTD ORD NPV (ASX) 1,189,432 81,031,981 0.70

PHILIPPINES ROBINSONS LAND CORP ORD PHP1 23,239,400 69,721,030 0.61 SM PRIME HOLDINGS INC ORD PHP1 14,609,900 77,874,291 0.68



Holdings Fair value % of Net Shares HK$ Asset Value Listed/quoted investments (Continued) INDIA

CONTAINER CORPORATION OF INDIA LTD ORD INR5 (DEMAT) 1,449,754 111,807,338 0.97 CUMMINS INDIA LTD ORD INR2 (DEMAT) 984,068 93,770,816 0.82 FUTURE RETAIL LTD NEW DM2 1,019,896 57,405,044 0.50 HDFC BANK LTD ORD INR2 (DMT) 1,064,796 253,353,760 2.20 HOUSING DEVELOPMENT FINANCE CORP ORD INR2 768,184 169,568,254 1.47 ICICI LOMBARD GENERAL INSURANC ORD INR10 669,470 64,900,489 0.56 KOTAK MAHINDRA BANK LTD ORD INR10 501,235 70,628,641 0.61 RELIANCE INDUSTRIES LTD ORD INR10 (DMT) 1,851,812 232,850,040 2.02 TATA CONSULTANCY SERVICES LTD ORD INR1 (DMT) 1,100,339 233,596,084 2.03

INDONESIA ASTRA INTERNATIONAL TBK PT ORD IDR50 (DMT) 31,392,500 140,581,647 1.22 BANK RAKYAT INDONESIA PERSERO ORD IDR250 (DMT) 57,392,300 114,367,211 0.99

MACAU WYNN MACAU LTD ORD HKD0.001 2,431,200 41,524,896 0.36

MALAYSIA

CIMB GROUP HOLDINGS ORD MYR1 8,376,700 90,619,584 0.79 SP SETIA BHD ORD MYR0.75 12,628,100 55,745,129 0.48

NEW ZEALAND FISHER & PAYKEL HEALTHCARE CORP LTD ORD NPV (ASX) 1,189,432 81,031,981 0.70

PHILIPPINES ROBINSONS LAND CORP ORD PHP1 23,239,400 69,721,030 0.61 SM PRIME HOLDINGS INC ORD PHP1 14,609,900 77,874,291 0.68



Holdings Fair value % of Net Shares HK$ Asset Value Listed/quoted investments (Continued)

SINGAPORE

UNITED OVERSEAS BANK LTD ORD NPV 1,570,300 221,624,443 1.93

SOUTH KOREA HYUNDAI MIPO DOCKYARD CO LTD ORD KRW5000 202,901 85,422,994 0.74 HYUNDAI MOTOR CO ORD KRW5000 41,806 34,761,324 0.30 KB FINANCIAL GROUP ORD KRW5000 389,407 127,056,257 1.10 LG UPLUS CORP ORD KRW5000 675,050 83,602,642 0.73 SAMSUNG ELECTRONICS CO LTD ORD KRW100 1,486,628 403,694,305 3.51 SAMSUNG ELECTRONICS CO LTD PREF KRW100 476,600 106,178,630 0.92 SAMSUNG FIRE & MARINE INS ORD KRW500 39,956 75,417,761 0.66 SHINHAN FINANCIAL GROUP CO LTD ORD KRW5000 417,834 116,101,629 1.01 SK INNOVATION CO LTD ORD KRW5000 68,881 86,756,744 0.75

TAIWAN ADVANTECH CO LTD ORD TWD10 1,852,217 99,313,481 0.86 FORMOSA CHEMICALS & FIBRE CORP ORD TWD10 2,575,000 68,870,109 0.60 GOURMET MASTER CO LTD ORD NPV 949,040 49,798,468 0.43 MEDIATEK INC ORD TWD10 1,624,000 94,936,443 0.83 MEGA FINANCIAL HOLDING CO LTD ORD TWD10 23,890,000 157,912,952 1.37 PEGATRON CORP ORD TWD10 5,072,000 66,405,890 0.58 PRIMAX ELECTRONICS LTD ORD TWD10 6,149,000 68,054,761 0.59 QUANTA COMPUTER INC ORD TWD10 9,588,000 128,707,211 1.12 ST SHINE OPTICAL CO LTD ORD TWD10 444,000 60,845,643 0.53 TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD ORD TWD10 8,823,000 506,788,867 4.40 TSRC CORP ORD TWD10 10,279,000 70,824,314 0.62



Holdings Fair value % of Net Shares HK$ Asset Value Listed/quoted investments (Continued) THAILAND

ELECTRICITY GENERATING PCL ORD THB10 (FR) 1,707,400 101,818,869 0.89 PTT GLOBAL CHEMICAL PCL ORD THB10 (FR) 1,521,200 26,062,285 0.23 PTT PCL ORD THB1 (FR) 6,329,400 70,010,259 0.61

Forward foreign exchange contracts BUY AUD SELL USD 1.4185604 02/01/2019 (4,208) (0.00) BUY HKD SELL USD 7.83155 02/01/2019 8,007 0.00 BUY HKD SELL USD 7.832243 02/01/2019 12,590 0.00 BUY KOW SELL USD 1117.09 02/01/2019 4,295 0.00 BUY USD SELL AUD 1.4154682 03/01/2019 3,008 0.00 BUY USD SELL HKD 7.83142 03/01/2019 (3,056) (0.00)

─────────── ────── TOTAL INVESTMENTS 10,712,371,758 93.11 OTHER NET ASSETS 793,214,389 6.89

─────────── ────── NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 31ST DECEMBER 2018 11,505,586,147 100.00 ════════════ ══════



Holdings Fair value % of Net Shares HK$ Asset Value Listed/quoted investments (Continued) THAILAND

ELECTRICITY GENERATING PCL ORD THB10 (FR) 1,707,400 101,818,869 0.89 PTT GLOBAL CHEMICAL PCL ORD THB10 (FR) 1,521,200 26,062,285 0.23 PTT PCL ORD THB1 (FR) 6,329,400 70,010,259 0.61

Forward foreign exchange contracts BUY AUD SELL USD 1.4185604 02/01/2019 (4,208) (0.00) BUY HKD SELL USD 7.83155 02/01/2019 8,007 0.00 BUY HKD SELL USD 7.832243 02/01/2019 12,590 0.00 BUY KOW SELL USD 1117.09 02/01/2019 4,295 0.00 BUY USD SELL AUD 1.4154682 03/01/2019 3,008 0.00 BUY USD SELL HKD 7.83142 03/01/2019 (3,056) (0.00)

─────────── ────── TOTAL INVESTMENTS 10,712,371,758 93.11 OTHER NET ASSETS 793,214,389 6.89

─────────── ────── NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 31ST DECEMBER 2018 11,505,586,147 100.00 ════════════ ══════


SCHEDULE OF INVESTMENTS (UNAUDITED) BALANCED FUND

Holdings Units

Fair value US$


Quoted investments Funds Established in Hong Kong Fidelity Global Investment Fund - Americas Equity Fund – Class B 68,668,008.847 190,665,329 14.36 - Asia Pacific Equity Fund – Class B 59,907,386.003 113,876,230 8.58 - European Equity Fund – Class B 99,788,399.431 178,729,294 13.46 - Global Bond Fund – Class B 193,563,960.323 293,561,402 22.12 - Hong Kong Bond Fund – Class B 25,693,465.613 40,902,246 3.08 - Hong Kong Equity Fund – Class B 185,941,667.736 322,829,819 24.32 - Japanese Equity Fund – Class B 65,485,462.153 121,469,858 9.15 - US$ Money Fund – Class B 6,532,160.852 68,261,081 5.14

───────────

────── TOTAL INVESTMENTS 1,330,295,259 100.21 OTHER NET LIABILITIES (2,838,925) (0.21) ─────────── ─────── NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 31ST DECEMBER 2018 1,327,456,334 100.00 ══════════ ══════ TOTAL INVESTMENTS AT COST 1,112,519,744 ═══════════


SCHEDULE OF INVESTMENTS (UNAUDITED) CAPITAL STABLE FUND

Holdings

Units Fair value

US$ % of Net

Asset Value Quoted investments Funds Established in Hong Kong Fidelity Global Investment Fund - Americas Equity Fund – Class B 10,943,918.388 30,387,161 6.26 - Asia Pacific Equity Fund – Class B 8,896,505.030 16,911,111 3.49 - European Equity Fund – Class B 15,074,275.481 26,999,277 5.57 - Global Bond Fund – Class B 173,487,399.137 263,113,050 54.24 - HK$ Money Fund – Class B 2,715,826.030 3,550,258 0.73 - Hong Kong Bond Fund – Class B 18,805,981.436 29,937,840 6.17 - Hong Kong Equity Fund – Class B 28,389,932.495 49,290,280 10.16 - Japanese Equity Fund – Class B 10,815,616.991 20,062,032 4.14 - US$ Money Fund – Class B 4,380,789.280 45,779,248 9.44 ────────── ───── TOTAL INVESTMENTS 486,030,257 100.20 OTHER NET LIABILITIES (980,409) (0.20) ────────── ───── NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 31ST DECEMBER 2018 485,049,848 100.00 ══════════ ═════ TOTAL INVESTMENTS AT COST 455,619,279 ══════════


SCHEDULE OF INVESTMENTS (UNAUDITED) CAPITAL STABLE FUND

Holdings

Units Fair value

US$ % of Net

Asset Value Quoted investments Funds Established in Hong Kong Fidelity Global Investment Fund - Americas Equity Fund – Class B 10,943,918.388 30,387,161 6.26 - Asia Pacific Equity Fund – Class B 8,896,505.030 16,911,111 3.49 - European Equity Fund – Class B 15,074,275.481 26,999,277 5.57 - Global Bond Fund – Class B 173,487,399.137 263,113,050 54.24 - HK$ Money Fund – Class B 2,715,826.030 3,550,258 0.73 - Hong Kong Bond Fund – Class B 18,805,981.436 29,937,840 6.17 - Hong Kong Equity Fund – Class B 28,389,932.495 49,290,280 10.16 - Japanese Equity Fund – Class B 10,815,616.991 20,062,032 4.14 - US$ Money Fund – Class B 4,380,789.280 45,779,248 9.44 ────────── ───── TOTAL INVESTMENTS 486,030,257 100.20 OTHER NET LIABILITIES (980,409) (0.20) ────────── ───── NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 31ST DECEMBER 2018 485,049,848 100.00 ══════════ ═════ TOTAL INVESTMENTS AT COST 455,619,279 ══════════


SCHEDULE OF INVESTMENTS (UNAUDITED) FIDELITY ADVANTAGE PORTFOLIO FUND - INVESCO ASIAN EQUITY FUND

Holdings Units

Fair value US$


Quoted investments Fund Established in Hong Kong Invesco Funds Series - Invesco Asian Equity Fund

– Class A 6,082,256.700 49,022,989 99.47 Forward foreign exchange contracts BUY USD SELL HKD 7.836307 02/01/2019 (9) (0.00) BUY USD SELL HKD 7.835236 03/01/2019 (45) (0.00) BUY USD SELL HKD 7.835236 03/01/2019 (3) (0.00) BUY USD SELL HKD 7.835236 03/01/2019 - (0.00) BUY USD SELL HKD 7.834660 04/01/2019 (1) (0.00) ────────── ───── TOTAL INVESTMENTS 49,022,931 99.47 OTHER NET ASSETS 259,911 0.53 ────────── ───── NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 31ST DECEMBER 2018 49,282,842 100.00 ══════════ ═════ TOTAL INVESTMENTS AT COST 46,686,561 ══════════


SCHEDULE OF INVESTMENTS (UNAUDITED) FIDELITY ADVANTAGE PORTFOLIO FUND - INVESCO ASIAN EQUITY FUND (CONTINUED) Fidelity Advantage Portfolio Fund - Invesco Asian Equity Fund is a feeder fund investing only in the Invesco Funds Series - Invesco Asian Equity Fund. The investment portfolio of the Invesco Funds Series - Invesco Asian Equity Fund as at 31st December 2018 is as follows:

Holdings Fair value % of Net Shares US$ Asset Value Listed/quoted investments CHINA

51JOB INC-ADR 320,884 19,829,027 1.72 ALIBABA GROUP HOLDING-SP ADR 177,233 24,657,541 2.14 BAIDU INC ADR (10 ORD CL A) 151,057 24,499,935 2.13 BANK OF CHINA-H 43,765,000 18,858,837 1.64 BITAUTO HLDGS LTD SP ADS (1 ORD) 368,035 8,350,714 0.72 CHINA COMM SERVICE 'H'CNY1 3,810,000 3,161,932 0.27 CHINA CONCH VENTURE HOLDINGS 5,506,000 16,432,439 1.43 CHINA MOBILE LTD HKD0.10 1,771,500 17,025,744 1.48 CNOOC LIMITED HKD0.02 15,286,000 23,595,780 2.05 DONGFENG MOTOR GRO H CNY1 7,516,000 6,803,732 0.59 ENN ENERGY HOLDINGS LTD ORD HKD0.1 1,715,400 15,249,121 1.32 INDUSTRIAL & COMMERCIAL BK OF CHINA 'H'CNY1 72,227,025 51,595,759 4.48 JD.COM INC ADS EA 2 COM 'A' SHS 867,281 18,833,007 1.63 MINTH GROUP LTD 2,952,000 9,507,399 0.82 NETEASE INC ADR REP 25 COM 105,793 25,051,782 2.17 QINGDAO PORT INTER H CNY1 18,772,000 12,666,882 1.10 TENCENT 1,347,400 54,001,030 4.69

HONG KONG

AIA GROUP LTD USD1.00 7,998,200 66,402,864 5.76 CHINA RES POWER 5,974,000 11,479,313 1.00 CK ASSET HOLDINGS HKD1 2,779,276 20,306,341 1.76 CK HUTCHISON HOLDING LTD 1,620,776 15,592,668 1.35 HKR INTERNATIONAL HKD0.25 7,055,710 3,324,155 0.29


SCHEDULE OF INVESTMENTS (UNAUDITED) FIDELITY ADVANTAGE PORTFOLIO FUND - INVESCO ASIAN EQUITY FUND (CONTINUED) Fidelity Advantage Portfolio Fund - Invesco Asian Equity Fund is a feeder fund investing only in the Invesco Funds Series - Invesco Asian Equity Fund. The investment portfolio of the Invesco Funds Series - Invesco Asian Equity Fund as at 31st December 2018 is as follows:

Holdings Fair value % of Net Shares US$ Asset Value Listed/quoted investments CHINA

51JOB INC-ADR 320,884 19,829,027 1.72 ALIBABA GROUP HOLDING-SP ADR 177,233 24,657,541 2.14 BAIDU INC ADR (10 ORD CL A) 151,057 24,499,935 2.13 BANK OF CHINA-H 43,765,000 18,858,837 1.64 BITAUTO HLDGS LTD SP ADS (1 ORD) 368,035 8,350,714 0.72 CHINA COMM SERVICE 'H'CNY1 3,810,000 3,161,932 0.27 CHINA CONCH VENTURE HOLDINGS 5,506,000 16,432,439 1.43 CHINA MOBILE LTD HKD0.10 1,771,500 17,025,744 1.48 CNOOC LIMITED HKD0.02 15,286,000 23,595,780 2.05 DONGFENG MOTOR GRO H CNY1 7,516,000 6,803,732 0.59 ENN ENERGY HOLDINGS LTD ORD HKD0.1 1,715,400 15,249,121 1.32 INDUSTRIAL & COMMERCIAL BK OF CHINA 'H'CNY1 72,227,025 51,595,759 4.48 JD.COM INC ADS EA 2 COM 'A' SHS 867,281 18,833,007 1.63 MINTH GROUP LTD 2,952,000 9,507,399 0.82 NETEASE INC ADR REP 25 COM 105,793 25,051,782 2.17 QINGDAO PORT INTER H CNY1 18,772,000 12,666,882 1.10 TENCENT 1,347,400 54,001,030 4.69

HONG KONG

AIA GROUP LTD USD1.00 7,998,200 66,402,864 5.76 CHINA RES POWER 5,974,000 11,479,313 1.00 CK ASSET HOLDINGS HKD1 2,779,276 20,306,341 1.76 CK HUTCHISON HOLDING LTD 1,620,776 15,592,668 1.35 HKR INTERNATIONAL HKD0.25 7,055,710 3,324,155 0.29


SCHEDULE OF INVESTMENTS (UNAUDITED) FIDELITY ADVANTAGE PORTFOLIO FUND - INVESCO ASIAN EQUITY FUND (CONTINUED)

Holdings Fair value % of Net Shares US$ Asset Value Listed/quoted investments (Continued) INDIA

ADANI PORTS AND SPECIAL ECONOM ZONE LTD ORD INR2 (DEMAT) 2,554,170 14,138,207 1.23 GODREJ CONSUMER PRODUCTS INR1 784,303 9,121,180 0.79 HOUSING DEVELOPMENT FINANCE CORP INR2 1,491,307 41,980,988 3.64 ICICI BANK LTD-SPON ADR(1 ADR REPS 2 ORD SHRS) 3,395,347 35,090,911 3.04 INFOSYS LIMITED ADR 2,337,309 22,005,764 1.91 UNITED PHOSPHORUS INR2 2,658,579 28,867,752 2.50 ZEE ENTERTAINMENT ENTERPRISE 2,164,052 14,761,521 1.28

INDONESIA BANK NEGARA INDONESIA LKD(IDR7500&IDR375) 13,979,000 8,542,452 0.74

IRELAND INVESCO GBL FD MNGRS SHORT TERM INV USD 25,681,270 25,681,270 2.23

KOREA HYUNDAI MOTOR CO 2ND PRF KRW5000 223,262 15,397,034 1.34 KB FINANCIAL GROUP INC 718,825 29,940,303 2.60 KOREA ELECTRIC POWER CORP ORD KRW5000 953,742 28,313,947 2.46 LG CHEMICAL KRW5000 63,093 19,607,006 1.70 POSCO KRW5000 108,479 23,600,355 2.05 SAMSUNG ELECTRONIC KRW100 1,703,016 59,028,626 5.12 SAMSUNG ELECTRONIC PFD KRW100 1,358,849 38,635,493 3.35 SHINHAN FINANCIAL GROUP CO LTD KRW5000 551,330 19,554,476 1.70

PHILIPPINES FILINVEST LAND PHP1 324,426,000 8,729,916 0.76 ROBINSONS RETAIL H 2,615,191 3,991,043 0.35



Holdings Fair value % of Net Shares US$ Asset Value Listed/quoted investments (Continued) SINGAPORE

DBS GROUP HOLDINGS LTD NPV 1,243,600 21,654,490 1.88 PARKWAY LIFE REAL ESTATE INVEST TST NPV 3,963,900 7,670,771 0.67 UNITED OVERSEAS BANK LTD NPV 1,238,886 22,373,069 1.94

TAIWAN CHINA LIFE INSURANCE CO TWD10 34,431,078 31,225,114 2.71 DELTA ELECTRONICS INC ORD TWD10 4,062,062 17,081,092 1.48 E SUN FINANCIAL HOLDINGS TWD10 15,668,539 10,258,950 0.89 MEDIATEK INCORP TWD10 2,902,000 21,549,973 1.87 TAIWAN SEMICONDUCTOR MANUFACTURING TWD10 9,401,499 68,897,021 5.98

THAILAND BANGKOK BANK PUBLIC CO THB10 (NVDR) 3,729,600 23,195,459 2.01 CPN RETAIL GROWTH THB13.4028(ALIEN) 9,147,235 7,128,720 0.62

UNITED STATES OF AMERICA SAMSONITE INTERNATIONAL ORD USD0.01 1,911,600 5,436,619 0.47

─────────── ───── TOTAL INVESTMENTS 1,150,685,524 99.85

OTHER NET ASSETS 1,719,357 0.15 ─────────── ───── NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 31ST DECEMBER 2018 1,152,404,881 100.00

═══════════ ═════



Holdings Fair value % of Net Shares US$ Asset Value Listed/quoted investments (Continued) SINGAPORE

DBS GROUP HOLDINGS LTD NPV 1,243,600 21,654,490 1.88 PARKWAY LIFE REAL ESTATE INVEST TST NPV 3,963,900 7,670,771 0.67 UNITED OVERSEAS BANK LTD NPV 1,238,886 22,373,069 1.94

TAIWAN CHINA LIFE INSURANCE CO TWD10 34,431,078 31,225,114 2.71 DELTA ELECTRONICS INC ORD TWD10 4,062,062 17,081,092 1.48 E SUN FINANCIAL HOLDINGS TWD10 15,668,539 10,258,950 0.89 MEDIATEK INCORP TWD10 2,902,000 21,549,973 1.87 TAIWAN SEMICONDUCTOR MANUFACTURING TWD10 9,401,499 68,897,021 5.98

THAILAND BANGKOK BANK PUBLIC CO THB10 (NVDR) 3,729,600 23,195,459 2.01 CPN RETAIL GROWTH THB13.4028(ALIEN) 9,147,235 7,128,720 0.62

UNITED STATES OF AMERICA SAMSONITE INTERNATIONAL ORD USD0.01 1,911,600 5,436,619 0.47

─────────── ───── TOTAL INVESTMENTS 1,150,685,524 99.85

OTHER NET ASSETS 1,719,357 0.15 ─────────── ───── NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 31ST DECEMBER 2018 1,152,404,881 100.00

═══════════ ═════


SCHEDULE OF INVESTMENTS (UNAUDITED) FIDELITY ADVANTAGE PORTFOLIO FUND - TRACKER FUND PORTFOLIO

Holdings Units

Fair value HK$


Quoted investments Fund Established in Hong Kong Tracker Fund of Hong Kong (TraHK) 14,554,000.000 379,131,700 99.26 ────────── ───── TOTAL INVESTMENTS 379,131,700 99.26 OTHER NET ASSETS 2,811,787 0.74 ────────── ───── NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 31ST DECEMBER 2018 381,943,487 100.00 ══════════ ═════ TOTAL INVESTMENTS AT COST 380,768,905 ══════════


SCHEDULE OF INVESTMENTS (UNAUDITED) FIDELITY ADVANTAGE PORTFOLIO FUND - TRACKER FUND PORTFOLIO (CONTINUED) Fidelity Advantage Portfolio Fund Tracker Fund Portfolio is a feeder fund investing only in the Tracker Fund of Hong Kong (“TraHK”). The investment portfolio of the Tracker Fund of Hong Kong (“TraHK”) as at 31st December 2018 is as follows:

Holdings Fair value % of Net

Asset Value Shares HK$ Listed/quoted investments AAC TECHNOLOGIES HOLDINGS 7,073,483 321,489,802 0.39 AIA GROUP LTD. 116,701,777 7,585,615,505 9.23 BANK OF CHINA LTD. 766,884,520 2,592,069,678 3.15 BANK OF COMMUNICATIONS CO. LTD. 84,445,945 515,964,724 0.63 BOC HONG KONG (HOLDINGS) LTD. 35,700,959

1,038,897,907 1.26

CHEUNG KONG INFRASTRUCTURE HOLDINGS 6,393,221

379,118,005 0.46

CHEUNG KONG PROPERTY HOLDINGS LTD. 24,970,306

1,430,798,534 1.74

CHINA CONSTRUCTION BANK CORPORATION

1,045,530,877

6,754,129,465 8.22

CHINA LIFE INSURANCE CO. LTD. 71,789,626 1,194,579,377 1.45 CHINA MENGNIU DAIRY CO. LTD. 26,522,853 647,157,613 0.79 CHINA MOBILE LTD. 59,379,252 4,474,226,638 5.45 CHINA OVERSEAS LAND & INVESTMENT LTD. 36,996,438

995,204,182 1.21

CHINA PETROLEUM & CHEMICAL CORPORATION

246,145,451

1,375,953,071 1.67

CHINA RESOURCES LAND LTD. 26,747,682 805,105,228 0.98 CHINA RESOURCES POWER HOLDINGS CO. LTD. 18,563,810

279,570,979 0.34

CHINA SHENHUA ENERGY CO. LTD. 32,788,397

562,648,893 0.69

CHINA UNICOM (HONG KONG) LTD. 59,176,631

494,716,635 0.60

CITIC LTD. 56,130,571 689,283,412 0.84 CK HUTCHISON HOLDINGS LTD. 26,052,156 1,959,122,131 2.38 CLP HOLDINGS LTD. 18,280,502 1,617,824,427 1.97 CNOOC LTD. 172,296,964 2,084,793,264 2.54 COUNTRY GARDEN HOLDINGS LTD. 73,410,545 699,602,494 0.85


SCHEDULE OF INVESTMENTS (UNAUDITED) FIDELITY ADVANTAGE PORTFOLIO FUND - TRACKER FUND PORTFOLIO (CONTINUED) Fidelity Advantage Portfolio Fund Tracker Fund Portfolio is a feeder fund investing only in the Tracker Fund of Hong Kong (“TraHK”). The investment portfolio of the Tracker Fund of Hong Kong (“TraHK”) as at 31st December 2018 is as follows:


Asset Value Shares HK$ Listed/quoted investments AAC TECHNOLOGIES HOLDINGS 7,073,483 321,489,802 0.39 AIA GROUP LTD. 116,701,777 7,585,615,505 9.23 BANK OF CHINA LTD. 766,884,520 2,592,069,678 3.15 BANK OF COMMUNICATIONS CO. LTD. 84,445,945 515,964,724 0.63 BOC HONG KONG (HOLDINGS) LTD. 35,700,959

1,038,897,907 1.26

CHEUNG KONG INFRASTRUCTURE HOLDINGS 6,393,221

379,118,005 0.46

CHEUNG KONG PROPERTY HOLDINGS LTD. 24,970,306

1,430,798,534 1.74

CHINA CONSTRUCTION BANK CORPORATION

1,045,530,877

6,754,129,465 8.22

CHINA LIFE INSURANCE CO. LTD. 71,789,626 1,194,579,377 1.45 CHINA MENGNIU DAIRY CO. LTD. 26,522,853 647,157,613 0.79 CHINA MOBILE LTD. 59,379,252 4,474,226,638 5.45 CHINA OVERSEAS LAND & INVESTMENT LTD. 36,996,438

995,204,182 1.21

CHINA PETROLEUM & CHEMICAL CORPORATION

246,145,451

1,375,953,071 1.67

CHINA RESOURCES LAND LTD. 26,747,682 805,105,228 0.98 CHINA RESOURCES POWER HOLDINGS CO. LTD. 18,563,810

279,570,979 0.34

CHINA SHENHUA ENERGY CO. LTD. 32,788,397

562,648,893 0.69

CHINA UNICOM (HONG KONG) LTD. 59,176,631

494,716,635 0.60

CITIC LTD. 56,130,571 689,283,412 0.84 CK HUTCHISON HOLDINGS LTD. 26,052,156 1,959,122,131 2.38 CLP HOLDINGS LTD. 18,280,502 1,617,824,427 1.97 CNOOC LTD. 172,296,964 2,084,793,264 2.54 COUNTRY GARDEN HOLDINGS LTD. 73,410,545 699,602,494 0.85


SCHEDULE OF INVESTMENTS (UNAUDITED) FIDELITY ADVANTAGE PORTFOLIO FUND - TRACKER FUND PORTFOLIO (CONTINUED)

Holdings Fair value % of Net Shares HK$ Asset Value Listed/quoted investments (Continued) CSPC PHARMACEUTICAL GROUP 45,435,113 513,416,777 0.63 GALAXY ENTERTAINMENT GROUP LTD. 22,914,365

1,141,135,377 1.39

GEELY AUTOMOBILE HOLDINGS LTD. 51,967,701 717,154,274 0.87 HANG LUNG PROPERTIES LTD. 19,526,812 291,340,035 0.36 HANG SENG BANK LTD. 7,377,977 1,297,048,357 1.58 HENDERSON LAND DEVELOPMENT CO. LTD. 12,738,214 496,790,346 0.61 HENGAN INTERNATIONAL GROUP CO. LTD. 6,982,499 398,002,443 0.48 HONG KONG AND CHINA GAS CO. LTD. 89,065,359

1,442,858,816 1.76

HONG KONG EXCHANGES AND CLEARING LTD. 11,490,621

2,603,774,719 3.17

HSBC HOLDINGS PLC 127,028,918 8,231,473,886 10.02 INDUSTRIAL AND COMMERCIAL BANK OF CHINA LTD.

712,110,595

3,980,698,226 4.84

MTR CORPORATION LTD. 17,772,418 732,223,622 0.89 NEW WORLD DEVELOPMENT CO. LTD. 59,128,772 612,574,078 0.75 PETROCHINA CO. LTD. 203,555,680 993,351,718 1.21 PING AN INSURANCE (GROUP) CO. OF CHINA LTD. 53,915,632

3,728,265,953 4.54

POWER ASSETS HOLDINGS LTD. 13,383,635 729,408,108 0.89 SANDS CHINA LTD. 23,386,174 802,145,768 0.98 SHENZHOU INTERNATIONAL GROUP HOLDINGS 7,262,499 644,546,786 0.78 SINO BIOPHARM 67,170,000 346,597,200 0.42 SINO LAND CO. LTD. 28,659,964 384,616,717 0.47 SUN HUNG KAI PROPERTIES LTD. 11,224,225

1,252,623,510 1.52

SUNNY OPTICAL TECHNOLOGY GROUP LTD. 6,879,365 478,803,804 0.58 SWIRE PACIFIC LTD. ‘A’ 4,803,240 397,227,948 0.48 TENCENT HOLDINGS LTD. 26,341,862 8,271,344,668 10.07 THE LINK REAL ESTATE INVESTMENT TRUST 20,445,174 1,621,302,298 1.97 WANT WANT CHINA HOLDING LTD. 54,103,925 296,489,509 0.36 WH GROUP LTD. 84,950,171 512,249,531 0.62



Holdings Fair value % of Net Shares HK$ Asset Value Listed/quoted investments (Continued) WHARF REAL ESTATE INVESTMENT LTD. 11,716,715 548,928,098 0.67 ──────────── ────── TOTAL INVESTMENTS 81,964,264,536 99.75 OTHER NET ASSETS 207,187,464 0.25 ──────────── ────── NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 31ST DECEMBER 2018 82,171,452,000 100.0 ════════════ ══════



Holdings Fair value % of Net Shares HK$ Asset Value Listed/quoted investments (Continued) WHARF REAL ESTATE INVESTMENT LTD. 11,716,715 548,928,098 0.67 ──────────── ────── TOTAL INVESTMENTS 81,964,264,536 99.75 OTHER NET ASSETS 207,187,464 0.25 ──────────── ────── NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 31ST DECEMBER 2018 82,171,452,000 100.0 ════════════ ══════


SCHEDULE OF INVESTMENTS (UNAUDITED) GLOBAL EQUITY FUND

Holdings

Units Fair value

US$ % of Net Asset Value

Quoted investments Funds Established in Hong Kong Fidelity Global Investment Fund - Americas Equity Fund – Class B 25,971,318.820 72,112,620

61.86

- Asia Pacific Equity Fund – Class B 3,733,862.444 7,097,592 6.09 - European Equity Fund – Class B 13,775,916.951 24,673,809 21.17 - Hong Kong Equity Fund – Class B 1,146,423.652 1,990,408 1.71 - Japanese Equity Fund – Class B 5,659,430.764 10,497,754 9.00 - US$ Money Fund – Class B 12,135.122 126,812 0.11 ───────── ───── TOTAL INVESTMENTS 116,498,995 99.94 OTHER NET ASSETS 68,798 0.06 ───────── ───── NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 31ST DECEMBER 2018 116,567,793 100.00 ═════════ ═════ TOTAL INVESTMENTS AT COST 114,734,663 ═════════


SCHEDULE OF INVESTMENTS (UNAUDITED) GROWTH FUND

Holdings

Units Fair value

US$ % of Net

Asset Value Quoted investments Funds Established in Hong Kong Fidelity Global Investment Fund - Americas Equity Fund – Class B 76,115,910.152

211,345,361 18.49

- Asia Pacific Equity Fund - Class B 70,908,820.781 134,788,541 11.79 - European Equity Fund – Class B 111,625,268.467 199,930,108 17.49 - Global Bond Fund – Class B 38,613,840.462 58,562,209 5.12 - HK$ Money Fund – Class B 146,555.807 191,585 0.02 - Hong Kong Bond Fund – Class B 10,511,569.853 16,733,703 1.47 - Hong Kong Equity Fund – Class B 200,079,414.747 347,375,615 30.39 - Japanese Equity Fund - Class B 74,793,905.362 138,736,214 12.14 - US$ Money Fund - Class B 3,624,102.799 37,871,874 3.31 ─────────── ───── TOTAL INVESTMENTS 1,145,535,210 100.22 OTHER NET LIABILITIES (2,511,900) (0.22) ─────────── ───── NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 31ST DECEMBER 2018 1,143,023,310 100.00 ══════════ ═════ TOTAL INVESTMENTS AT COST 969,020,048 ══════════


SCHEDULE OF INVESTMENTS (UNAUDITED) GROWTH FUND

Holdings

Units Fair value

US$ % of Net

Asset Value Quoted investments Funds Established in Hong Kong Fidelity Global Investment Fund - Americas Equity Fund – Class B 76,115,910.152

211,345,361 18.49

- Asia Pacific Equity Fund - Class B 70,908,820.781 134,788,541 11.79 - European Equity Fund – Class B 111,625,268.467 199,930,108 17.49 - Global Bond Fund – Class B 38,613,840.462 58,562,209 5.12 - HK$ Money Fund – Class B 146,555.807 191,585 0.02 - Hong Kong Bond Fund – Class B 10,511,569.853 16,733,703 1.47 - Hong Kong Equity Fund – Class B 200,079,414.747 347,375,615 30.39 - Japanese Equity Fund - Class B 74,793,905.362 138,736,214 12.14 - US$ Money Fund - Class B 3,624,102.799 37,871,874 3.31 ─────────── ───── TOTAL INVESTMENTS 1,145,535,210 100.22 OTHER NET LIABILITIES (2,511,900) (0.22) ─────────── ───── NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 31ST DECEMBER 2018 1,143,023,310 100.00 ══════════ ═════ TOTAL INVESTMENTS AT COST 969,020,048 ══════════


SCHEDULE OF INVESTMENTS (UNAUDITED) HK DOLLAR MONEY FUND

Holdings

Units Fair value

HK$ % of Net

Asset Value Quoted investments Fund Established in Hong Kong Fidelity Global Investment Fund - HK$ Money Fund – Class B 276,438,215.946 2,830,727,331 99.75 ─────────── ───── TOTAL INVESTMENTS 2,830,727,331 99.75 OTHER NET ASSETS 7,071,083 0.25 ─────────── ───── NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 31ST DECEMBER 2018 2,837,798,414 100.00 ═══════════ ═════ TOTAL INVESTMENTS AT COST 2,798,182,931 ═══════════


SCHEDULE OF INVESTMENTS (UNAUDITED) HK DOLLAR MONEY FUND (CONTINUED) Fidelity Advantage Portfolio Fund - HK Dollar Money Fund is a feeder fund investing only in the Fidelity Global Investment Fund - HK$ Money Fund. The investment portfolio of the Fidelity Global Investment Fund - HK$ Money Fund as at 31st December 2018 is as follows:

Holdings Fair value % of Net Nominal value HK$ Asset Value Money market instruments - HK$ denomination AUSTRALIA

BANK OF CHINA LIMITED SYDNEY 0% 22/02/2019 400,000,000

398,984,477 4.54

BANK OF CHINA/SYDNEY (SER CD.) (REG S) 0% 04/01/2019 100,000,000 99,983,318 1.14 IND & COMM BK CHN/SYDNEY (SER CD) ( REG S) 0% 18/01/2019 200,000,000

199,793,557 2.27

NATIONAL AUSTRALIA BANK LTD ECP 24/01/2019 350,000,000

349,613,550 3.98

CHINA

AGRICULTURAL BK CHINA/HK (SER CD) (REG S) 0% 01/03/2019 270,000,000

269,135,635 3.06

AGRICULTURAL BK CHINA/HK (SER CD) 0% 01/03/2019 320,000,000

319,027,013 3.63

CHN CONSTRUCT BK/SYDNEY (SER CD) 0% 21/03/2019 290,000,000

288,446,636 3.28

GERMANY

DZ BANK AG DEUTSCHE ZENTRAL-GE ECP 11/01/2019 300,000,000

299,841,315 3.41


379,713,984 4.32


149,841,939 1.71

HONG KONG

AGRICULTURAL BK CHINA/HK (SER CD) ( REG S) 0% 05/03/2019 250,000,000

249,145,494 2.83

BNP PARIBAS SA, HONG KONG BRAN 0% 22/01/2019 250,000,000

249,749,393 2.84

BNP PARIBAS/HONG KONG (SER CD) 0% 07/03/2019 100,000,000 99,668,515 1.13 DBS BANK HONG KONG LTD (SER CD) (REG S) 0% 04/02/2019 250,000,000

249,536,532 2.84


SCHEDULE OF INVESTMENTS (UNAUDITED) HK DOLLAR MONEY FUND (CONTINUED) Fidelity Advantage Portfolio Fund - HK Dollar Money Fund is a feeder fund investing only in the Fidelity Global Investment Fund - HK$ Money Fund. The investment portfolio of the Fidelity Global Investment Fund - HK$ Money Fund as at 31st December 2018 is as follows:

Holdings Fair value % of Net Nominal value HK$ Asset Value Money market instruments - HK$ denomination AUSTRALIA

BANK OF CHINA LIMITED SYDNEY 0% 22/02/2019 400,000,000

398,984,477 4.54

BANK OF CHINA/SYDNEY (SER CD.) (REG S) 0% 04/01/2019 100,000,000 99,983,318 1.14 IND & COMM BK CHN/SYDNEY (SER CD) ( REG S) 0% 18/01/2019 200,000,000

199,793,557 2.27

NATIONAL AUSTRALIA BANK LTD ECP 24/01/2019 350,000,000

349,613,550 3.98

CHINA

AGRICULTURAL BK CHINA/HK (SER CD) (REG S) 0% 01/03/2019 270,000,000

269,135,635 3.06

AGRICULTURAL BK CHINA/HK (SER CD) 0% 01/03/2019 320,000,000

319,027,013 3.63

CHN CONSTRUCT BK/SYDNEY (SER CD) 0% 21/03/2019 290,000,000

288,446,636 3.28

GERMANY


299,841,315 3.41


379,713,984 4.32


149,841,939 1.71

HONG KONG

AGRICULTURAL BK CHINA/HK (SER CD) ( REG S) 0% 05/03/2019 250,000,000

249,145,494 2.83

BNP PARIBAS SA, HONG KONG BRAN 0% 22/01/2019 250,000,000

249,749,393 2.84

BNP PARIBAS/HONG KONG (SER CD) 0% 07/03/2019 100,000,000 99,668,515 1.13 DBS BANK HONG KONG LTD (SER CD) (REG S) 0% 04/02/2019 250,000,000

249,536,532 2.84


SCHEDULE OF INVESTMENTS (UNAUDITED) HK DOLLAR MONEY FUND (CONTINUED)

Holdings Fair value % of Net Nominal value HK$ Asset Value Money market instruments - HK$ denomination (Continued) HONG KONG (Continued)

DBS BANK HONG KONG LTD (SER CD) (REG S) 0% 25/01/2019 600,000,000 599,195,345 6.82 HONG KONG MORTGAGE CORP (SER EMTN) (BR) ZCP 11/02/2019 180,000,000 179,643,744 2.04 HONG KONG MORTGAGE CORP (SER EMTN) ZCP 30/04/2019 350,000,000 347,717,972 3.96 HONG KONG MORTGAGE CORPORATION ZCP 07/05/2019 300,000,000 297,918,651 3.39 ICBC ASIA LTD (SER CD) (REG S) 0% 28/01/2019 100,000,000 99,838,301 1.14 IND & COMM BK CHINA/HK (SER CD) 0% 14/03/2019 200,000,000 199,128,933 2.27 OVERSEA-CHINESE BANKING (HK) ECP 18/01/2019 230,000,000 229,804,864 2.62 OVERSEA-CHINESE BANKING (HK) ECP 22/01/2019 280,000,000 279,711,337 3.18 OVERSEA-CHINESE BANKING CORP LTD 0% 16/01/2019 150,000,000 149,884,656 1.71 SMTB HONG KONG (SER CD) (REG S) 0% 09/01/2019 450,000,000 449,802,753 5.12 SMTB HONG KONG (SER CD) 0% 04/01/2019 100,000,000 99,982,913 1.14

JAPAN CHINA CONSTRUCTION BANK CORPOR ECP 12/03/2019 430,000,000 428,089,524 4.87 CHINA CONSTRUCTION BANK CORPOR ECP 13/03/2019 150,000,000 149,321,150 1.70

LUXEMBOURG INDUSTRIAL & COMMERCIAL BANK 0% 07/03/2019 330,000,000 328,778,064 3.74

MACAU

BANK OF CHINA/MACAU (SER CD) 0% 14/03/2019 330,000,000 328,562,739 3.74

NETHERLANDS ING BANK NV ECP 11/01/2019 650,000,000 649,659,729 7.39



Holdings

Units Fair value

HK$ % of Net

Asset Value ─────────── ───── TOTAL INVESTMENTS 8,419,522,033 95.81 OTHER NET ASSETS 368,532,595 4.19 ─────────── ───── NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 31ST DECEMBER 2018 8,788,054,628 100.00 ═══════════ ═════



Holdings

Units Fair value

HK$ % of Net

Asset Value ─────────── ───── TOTAL INVESTMENTS 8,419,522,033 95.81 OTHER NET ASSETS 368,532,595 4.19 ─────────── ───── NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 31ST DECEMBER 2018 8,788,054,628 100.00 ═══════════ ═════


SCHEDULE OF INVESTMENTS (UNAUDITED) HONG KONG BOND FUND

Holdings

Units Fair value

HK$ % of Net

Asset Value Quoted investments Fund Established in Hong Kong Fidelity Global Investment Fund - Hong Kong Bond Fund – Class B 20,865,546.560 260,193,366 100.20 ────────── ───── TOTAL INVESTMENTS 260,193,366 100.20 OTHER NET LIABILITIES (530,665) (0.20) ────────── ───── NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 31ST DECEMBER 2018 259,662,701 100.00 ══════════ ═════ TOTAL INVESTMENTS AT COST 248,474,653 ══════════


SCHEDULE OF INVESTMENTS (UNAUDITED) HONG KONG BOND FUND (CONTINUED) Fidelity Advantage Portfolio Fund - Hong Kong Bond Fund is a feeder fund investing only in the Fidelity Global Investment Fund - Hong Kong Bond Fund. The investment portfolio of the Fidelity Global Investment Fund - Hong Kong Bond Fund as at 31st December 2018 is as follows:

Holdings Fair value % of Net Nominal value HK$ Asset Value Bonds HONG KONG DOLLAR

ASB FINANCE LTD SER EMTN (REG S) (BR) 2.63% 14/12/2021 51,000,000

50,765,579 1.87

AUSNET SERVICES HOLDINGS PTY LTD SER EMTN (BR) 4.125% 16/03/2020 15,000,000

15,222,958 0.56

AUST & NZ BANKING GROUP EMTN 4.5% 10/02/2020 7,000,000 7,160,997 0.26 AUSTRALIA AND NEW ZEALAND BANKING SER EMTN 3.98% 06/11/2019 5,000,000 5,066,912 0.19 BANK OF CHINA/HONG KONG (SER EMTN) (REG S) 3.3% 20/11/2020 25,000,000

25,111,289 0.93

BANK OF CHINA/HONG KONG SER EMTN (REG) (REG S) 2.85% 07/06/2020 21,000,000

21,006,311 0.78

BANK OF COMMUNICATIONS HK SER EMTN 4% 24/02/2021 5,000,000 5,095,379 0.19 BANK OF NOVA SCOTIA SER EMTN (REGS) 3.12% 16/02/2027 50,000,000

50,291,799 1.86

BK OF COMMUNICATIONS/HK SER EMTN (REG S) (REG) 2.95% 18/05/2020 16,000,000

15,979,174 0.59

BOC AVIATION PTE. LTD 3.25% (REG S) (REG) SER GMTN 27/07/2027 30,000,000

28,903,527 1.07

CAGAMAS GLOBAL PLC SER EMTN (REG S) 3.1% 26/07/2020 21,000,000

21,068,822 0.78

CDBL FUNDING TWO (SER EMTN) (REG S) 3.6% 16/11/2021 50,000,000

50,520,802 1.86

CHAMPION MTN LTD SER EMTN (BR) 2.85% 29/05/2020 12,000,000

12,019,200 0.44

CIMB BANK BHD (REG S) SER EMTN 2.31% 09/05/2021 30,000,000

29,647,787 1.09

CK PROPERTY FINANCE MTN (REG S) SER EMTN (BR) 2.69% 01/09/2027 50,000,000

47,898,250 1.77


SCHEDULE OF INVESTMENTS (UNAUDITED) HONG KONG BOND FUND (CONTINUED) Fidelity Advantage Portfolio Fund - Hong Kong Bond Fund is a feeder fund investing only in the Fidelity Global Investment Fund - Hong Kong Bond Fund. The investment portfolio of the Fidelity Global Investment Fund - Hong Kong Bond Fund as at 31st December 2018 is as follows:

Holdings Fair value % of Net Nominal value HK$ Asset Value Bonds HONG KONG DOLLAR

ASB FINANCE LTD SER EMTN (REG S) (BR) 2.63% 14/12/2021 51,000,000

50,765,579 1.87

AUSNET SERVICES HOLDINGS PTY LTD SER EMTN (BR) 4.125% 16/03/2020 15,000,000

15,222,958 0.56

AUST & NZ BANKING GROUP EMTN 4.5% 10/02/2020 7,000,000 7,160,997 0.26 AUSTRALIA AND NEW ZEALAND BANKING SER EMTN 3.98% 06/11/2019 5,000,000 5,066,912 0.19 BANK OF CHINA/HONG KONG (SER EMTN) (REG S) 3.3% 20/11/2020 25,000,000

25,111,289 0.93

BANK OF CHINA/HONG KONG SER EMTN (REG) (REG S) 2.85% 07/06/2020 21,000,000

21,006,311 0.78

BANK OF COMMUNICATIONS HK SER EMTN 4% 24/02/2021 5,000,000 5,095,379 0.19 BANK OF NOVA SCOTIA SER EMTN (REGS) 3.12% 16/02/2027 50,000,000

50,291,799 1.86

BK OF COMMUNICATIONS/HK SER EMTN (REG S) (REG) 2.95% 18/05/2020 16,000,000

15,979,174 0.59

BOC AVIATION PTE. LTD 3.25% (REG S) (REG) SER GMTN 27/07/2027 30,000,000

28,903,527 1.07

CAGAMAS GLOBAL PLC SER EMTN (REG S) 3.1% 26/07/2020 21,000,000

21,068,822 0.78

CDBL FUNDING TWO (SER EMTN) (REG S) 3.6% 16/11/2021 50,000,000

50,520,802 1.86

CHAMPION MTN LTD SER EMTN (BR) 2.85% 29/05/2020 12,000,000

12,019,200 0.44

CIMB BANK BHD (REG S) SER EMTN 2.31% 09/05/2021 30,000,000

29,647,787 1.09

CK PROPERTY FINANCE MTN (REG S) SER EMTN (BR) 2.69% 01/09/2027 50,000,000

47,898,250 1.77


SCHEDULE OF INVESTMENTS (UNAUDITED) HONG KONG BOND FUND (CONTINUED)

Holdings Fair value % of Net Nominal value HK$ Asset Value Bonds (Continued) HONG KONG DOLLAR (Continued)

CK PROPERTY FINANCE MTN SER EMTN (REG) (REG S) 3.57% 05/09/2028 50,000,000

51,186,500 1.89

CLP POWER HK FINANCING LTD MTN 3.88% 05/08/2019 4,000,000 4,029,321 0.15 CLP POWER HK FINANCING LTD SER EMTN (REG S) 3.25% 04/12/2026 5,000,000 5,022,808 0.18 CLP POWER HK FINANCING LTD SER MTN (REG S) 2.83% 20/09/2022 3,000,000 2,997,206 0.11 CMT MTN PTE LTD (SER EMTN) (BR) 3.8 36% 20/11/2025 50,000,000

51,726,500 1.91

CMT MTN PTE LTD SER EMTN (REG) 3.76% 28/06/2022 10,000,000

10,252,585 0.38

COMMONWEALTH BANK AUST SER EMTN (BR) 1.98% 10/11/2021 100,000,000

98,236,150 3.63

COMMONWEALTH BANK AUST SER EMTN (REG S) 3.2% 26/06/2023 50,000,000

50,889,108 1.88

CREDIT SUISSE LONDON (BR) 3.56% 24/09/2020 5,000,000 5,039,660 0.19 EASTERN CREATION II INVE (SER EMTN) (BR) 3.85% 18/12/2021 27,000,000

27,009,762 1.00

EXPORT-IMPORT BANK KOREA SER EMTN (REG) (REG S) 2.28% 13/04/2022 24,000,000

23,565,886 0.87

EXPORT-IMPORT BANK OF KOREA EMTN 4.05% 24/06/2020 5,000,000 5,098,037 0.19 HK GOVT BOND PROGRAMME 2.22% 07/08/2024 45,000,000

45,632,350 1.68

HK GOVT BOND PROGRAMME.2.46% 04/08/2021 70,000,000

71,181,884 2.63

HK LAND TREASURY EMTN 4.1875% 23/10/2019 5,000,000 5,065,348 0.19 HK SCIENCE & TECH PARKS SER MTN (REG S) (REG) 3.2% 11/07/2024 51,000,000

52,975,907 1.96




HKCG FINANCE LTD (REG S) SER EMTN 2.65% 03/07/2027 50,000,000 47,978,358 1.77 HKCG FINANCE LTD EMTN 3.25% (REG S) 11/05/2030 20,000,000 19,825,955 0.73 HKCG FINANCE LTD SER EMTN 3.4% 07/02/2022 7,000,000 7,124,698 0.26 HKCG FINANCE LTD SER MTN 3.3% 16/05/2022 3,000,000 3,046,514 0.11 HONG KONG ELECTRIC FINANC MTN 3.84% 27/06/2029 3,000,000 3,185,880 0.12 HONG KONG LAND NOTES CO LTD 3.95% 08/06/2020 5,000,000 5,095,896 0.19 HONG KONG LAND NOTES CO LTD EMTN (BR) 4.1% 28/07/2025 3,000,000 3,171,408 0.12 HONG KONG LAND NOTES CO LTD SER EMTN 3.86% 07/03/2022 5,000,000 5,172,662 0.19 HONGKONG ELECTRIC FIN SER MTN (REG S) (BR) 2.55% 01/08/2028 40,000,000 37,624,780 1.39 HONGKONG LAND NOTES CO L 3.15% 10/05/2028 3,000,000 2,937,797 0.11 HONGKONG LAND NOTES CO L SER EMTN (REG S) (BR) 3.83% 50,000,000 51,729,850 1.91 HONGKONG LAND NOTES CO LTD EMTN (REGS) 3.95% 06/11/2023 10,000,000 10,471,218 0.39 ICBC ASIA LTD SER EMTN (REG S) (REG) 3% 21/06/2020 49,500,000 49,531,681 1.83 KEB HANA BANK SER EMTN (REG S) (BR) 3.165% 15/06/2021 25,000,000 25,166,920 0.93 KOREA DEVELOPMENT BANK SER EMTN 4.42% 12/04/2021 6,000,000 6,212,260 0.23 KOREA EXPRESSWAY CORP SER EMTN (REG S) 3.02% 05/03/2023 30,000,000 30,055,636 1.11 KOREA NATIONAL OIL CORP GMTN 4.5% 04/03/2021 4,000,000 4,142,426 0.15 KOREA NATIONAL OIL CORP SER EMTN (BR) 4.38% 08/02/2021 5,000,000 5,160,512 0.19




HKCG FINANCE LTD (REG S) SER EMTN 2.65% 03/07/2027 50,000,000 47,978,358 1.77 HKCG FINANCE LTD EMTN 3.25% (REG S) 11/05/2030 20,000,000 19,825,955 0.73 HKCG FINANCE LTD SER EMTN 3.4% 07/02/2022 7,000,000 7,124,698 0.26 HKCG FINANCE LTD SER MTN 3.3% 16/05/2022 3,000,000 3,046,514 0.11 HONG KONG ELECTRIC FINANC MTN 3.84% 27/06/2029 3,000,000 3,185,880 0.12 HONG KONG LAND NOTES CO LTD 3.95% 08/06/2020 5,000,000 5,095,896 0.19 HONG KONG LAND NOTES CO LTD EMTN (BR) 4.1% 28/07/2025 3,000,000 3,171,408 0.12 HONG KONG LAND NOTES CO LTD SER EMTN 3.86% 07/03/2022 5,000,000 5,172,662 0.19 HONGKONG ELECTRIC FIN SER MTN (REG S) (BR) 2.55% 01/08/2028 40,000,000 37,624,780 1.39 HONGKONG LAND NOTES CO L 3.15% 10/05/2028 3,000,000 2,937,797 0.11 HONGKONG LAND NOTES CO L SER EMTN (REG S) (BR) 3.83% 50,000,000 51,729,850 1.91 HONGKONG LAND NOTES CO LTD EMTN (REGS) 3.95% 06/11/2023 10,000,000 10,471,218 0.39 ICBC ASIA LTD SER EMTN (REG S) (REG) 3% 21/06/2020 49,500,000 49,531,681 1.83 KEB HANA BANK SER EMTN (REG S) (BR) 3.165% 15/06/2021 25,000,000 25,166,920 0.93 KOREA DEVELOPMENT BANK SER EMTN 4.42% 12/04/2021 6,000,000 6,212,260 0.23 KOREA EXPRESSWAY CORP SER EMTN (REG S) 3.02% 05/03/2023 30,000,000 30,055,636 1.11 KOREA NATIONAL OIL CORP GMTN 4.5% 04/03/2021 4,000,000 4,142,426 0.15 KOREA NATIONAL OIL CORP SER EMTN (BR) 4.38% 08/02/2021 5,000,000 5,160,512 0.19




KOREA RAILROAD CORP (REG) (REG S) SER GMTN 2.6% 25/05/2023 50,000,000 48,950,250 1.81 KOREA RAILROAD CORP SER (GMTN) (REG S) 3.375% 07/06/2023 50,000,000 50,415,000 1.86 LINK FINANCE CAYMAN 2009 SER EMTN (REG S) 2.4% 10/02/2022 10,000,000 9,856,138 0.36 LINK FINANCE CAYMEN 2009 4.4% 05/08/2019 5,000,000 5,048,025 0.19 LINK FINANCE CAYMEN 2009 EMTN 4.15% 11/03/2020 4,000,000 4,065,640 0.15 LINK FINANCE CAYMEN 2009 SER EMTN (REG S) 2.67% 04/07/2022 30,000,000 29,763,019 1.10 MITSUBISHI CORP FIN PLC SER EMTN (REG S) 2.48% 18/01/2019 14,000,000 13,996,597 0.52 MTR CORP (C.I.) LTD SER DIP (REG S) (BR) 3% 09/11/2045 30,000,000 27,765,150 1.02 MTR CORP CI LTD SER EMTN (REG S) (BR) 3% 24/02/2037 30,000,000 28,653,900 1.06 MTR CORPORATION LIMITED SER EMTN (REG S) 2.98% 17/07/2047 20,000,000 18,005,900 0.66 NATIONAL AUSTRALIA BANK SER GMTN (REG S) (BR) 2.45% 10/11/2031 20,000,000 18,317,905 0.68 OPTUS FINANCE EMTN (BR) 3.825% 10/06/2020 10,000,000 10,122,133 0.37 PSA INTERNATIONAL PTE LTD GMTN 3.8% 26/05/2020 9,000,000 9,130,946 0.34 SGSP AUSTRALIA ASSETS SER EMTN (REG S) (REG) 3.33% 21/05/2027 20,000,000 19,899,366 0.73 SHINHAN BANK SER EMTN (REG S) 3.2% 24/08/2021 20,000,000 20,208,967 0.75 SINOPEC CENTURY BRIGHT C (SER EMTN) (REG S) (REG) 3.15% 31/10/2020 50,000,000 50,503,000 1.86 SUMITOMO MITSUI BANKING SER EMTN (REG S) 2.92% 30/04/2025 16,000,000 15,661,102 0.58




SUN HUNG KAI PROP (CAP) (SER EMTN) (BR) 3.88% 22/11/2028 50,000,000

52,126,750 1.92

SUN HUNG KAI PROP (CAP) SER EMTN (BR) (REG S) 2.55% 16/08/2024 2,000,000 1,949,408 0.07 SUN HUNG KAI PROP (CAP) SER EMTN 2.7% 26/06/2027 25,000,000

23,895,128 0.88

SUN HUNG KAI PROP (CAP) SER EMTN 2.95% 08/05/2023 10,000,000

10,012,436 0.37

SUN HUNG KAI PROP (CAP) SER EMTN 3.23% 10/01/2023 5,000,000 5,071,041 0.19 SUN HUNG KAI PROPERTIES (CAP) EMTN 3.45% 20/10/2020 3,000,000 3,054,284 0.11 SUN HUNG KAI PROPERTIES (CAPITAL MARKET) LTD 3.45% 27/09/2021 3,000,000 3,062,602 0.11 SUN HUNG KAI PROPERTIES LTD SER MTN 3.78% 30/09/2019 5,000,000 5,053,461 0.19 SWIRE PACIFIC MTN FIN (REGS) 2.9% 24/01/2023 5,000,000 5,010,111 0.19 SWIRE PACIFIC MTN FIN SER EMTN (REG S) (BR) 2.85% 18/07/2022 10,000,000

10,030,822 0.37

SWIRE PACIFIC MTN FIN SER MTN (BR) 3.15% 15/11/2022 5,000,000 5,066,846 0.19 SWIRE PACIFIC MTN FINANCING EMTN (BR) 3.78% 28/02/2022 5,000,000 5,157,449 0.19 SWIRE PACIFIC MTN FINANCING LTD EMTN (REGS) 3.68% 27/05/2024 15,000,000

15,545,780 0.57

SWIRE PACIFIC MTN FINANCING LTD. SER MTN (REG S) (BR) 2.5% 27/04/2022 30,000,000

29,769,541 1.10

SWIRE PROPERT MIN FIN SER EMTN (REG S) 17/07/2024 15,000,000

15,435,602 0.57

SWIRE PROPERT MTN FIN (REG S) SER EMTN 2.8% 31/05/2027 50,000,000

48,672,136 1.80




SUN HUNG KAI PROP (CAP) (SER EMTN) (BR) 3.88% 22/11/2028 50,000,000

52,126,750 1.92

SUN HUNG KAI PROP (CAP) SER EMTN (BR) (REG S) 2.55% 16/08/2024 2,000,000 1,949,408 0.07 SUN HUNG KAI PROP (CAP) SER EMTN 2.7% 26/06/2027 25,000,000

23,895,128 0.88

SUN HUNG KAI PROP (CAP) SER EMTN 2.95% 08/05/2023 10,000,000

10,012,436 0.37

SUN HUNG KAI PROP (CAP) SER EMTN 3.23% 10/01/2023 5,000,000 5,071,041 0.19 SUN HUNG KAI PROPERTIES (CAP) EMTN 3.45% 20/10/2020 3,000,000 3,054,284 0.11 SUN HUNG KAI PROPERTIES (CAPITAL MARKET) LTD 3.45% 27/09/2021 3,000,000 3,062,602 0.11 SUN HUNG KAI PROPERTIES LTD SER MTN 3.78% 30/09/2019 5,000,000 5,053,461 0.19 SWIRE PACIFIC MTN FIN (REGS) 2.9% 24/01/2023 5,000,000 5,010,111 0.19 SWIRE PACIFIC MTN FIN SER EMTN (REG S) (BR) 2.85% 18/07/2022 10,000,000

10,030,822 0.37

SWIRE PACIFIC MTN FIN SER MTN (BR) 3.15% 15/11/2022 5,000,000 5,066,846 0.19 SWIRE PACIFIC MTN FINANCING EMTN (BR) 3.78% 28/02/2022 5,000,000 5,157,449 0.19 SWIRE PACIFIC MTN FINANCING LTD EMTN (REGS) 3.68% 27/05/2024 15,000,000

15,545,780 0.57

SWIRE PACIFIC MTN FINANCING LTD. SER MTN (REG S) (BR) 2.5% 27/04/2022 30,000,000

29,769,541 1.10

SWIRE PROPERT MIN FIN SER EMTN (REG S) 17/07/2024 15,000,000

15,435,602 0.57

SWIRE PROPERT MTN FIN (REG S) SER EMTN 2.8% 31/05/2027 50,000,000

48,672,136 1.80




SWIRE PROPERT MTN FIN EMTN (REG S) (BR) 3% 06/11/2025 10,000,000 9,945,779 0.37 SWIRE PROPERTIES LIMITED EMTN (REG S) 2.9% 23/01/2025 10,000,000 9,920,896 0.37 TELSTRA CORP LTD EMTN 4.02% 10/07/2020 8,000,000 8,133,809 0.30 TENCENT HOLDINGS LTD SER GMTN (BR) 2.9% 21/04/2020 10,000,000 9,983,992 0.37 TOYOTA FINANCE AUSTRALIA LTD SER EMTN (REG S) (BR) 2.13% 20/10/2022 20,000,000 19,618,930 0.72 UBS AG LONDON (SER EMTN) (REG) 3.08% 17/09/2021 20,000,000 20,023,230 0.74 UBS AG LONDON SER EMTN (REG) (REG S) 3.15% 13/08/2021 20,000,000 20,060,015 0.74 UBS AG LONDON SER EMTN 3.12% 01/06/2021 50,000,000 50,152,869 1.85 URBAN RENEWAL AUTHORITY MTN 3.85% 27/01/2026 5,000,000 5,383,054 0.20 WESTPAC BANKING CORP (SER EMTN) (RE G S) (BR) 3.52% 11/10/2023 25,000,000 25,046,546 0.92 WHARF REIC FINANCE BVI SER EMTN (REG S) 3.1% 17/04/2025 20,000,000 20,183,228 0.74

UNITED STATES DOLLAR CITIC BK INTL LTD SER EMTN (REG) 6.875% 24/06/2020 500,000 4,071,262 0.15 CSCEC FINANCE CAYMAN I L (REG S) (REG) 2.95% 19/11/2020 1,000,000 7,748,943 0.29 EXPORT-IMPORT BANK KOREA (REG) 3.625% 27/11/2023 2,000,000 15,734,801 0.58



Holdings Fair value % of Net Nominal value HK$ Asset Value Bonds (Continued) UNITED STATES DOLLAR(Continued)

ICBC ASIA LTD SER EMTN (REG S) (REG) 5.125% 30/11/2020 500,000 4,020,019 0.15 INNER MONGOLIA HIGHWAY C (REG S) (REG) 4.375% 04/12/2020 4,325,000 31,512,259 1.16 LG DISPLAY CO LTD (REG S) (REG) 3.875% 15/11/2021 2,000,000 15,835,643 0.58 LI & FUNG LTD (REG) (REG S) 5.25% 29/12/2049 2,800,000 14,459,212 0.53 MTR CORP CI LTD SER DIP (REG S) 2.5% 02/11/2026 4,000,000 29,130,193 1.08 NAN FUNG TREASURY LTD SER EMTN (REG S) (REG) 5% 05/09/2028 1,325,000 9,956,236 0.37 OVPH LTD (REG S) (REG) 5.875% PERP 5,000,000 36,820,650 1.36 SANDS CHINA LTD SER REGS (REG S) 5.125% 08/08/2025 1,875,000 14,546,737 0.54 TEWOO GROUP FIN NO 2 (REG S) 4.5% 16/12/2019 425,000 3,128,058 0.12 TEWOO GROUP NO 4 LTD (REG) (REG S) 3.15% 01/12/2020 3,000,000 23,143,245 0.85 THAIOIL TRSRY CENTER (SER REGS) (RE G S) 5.375% 20/11/2048 1,025,000 8,086,155 0.30 TSY INFL IX N/B 0.375% 15/07/2027 3,000,000 23,088,324 0.85

Floating rate notes HONG KONG DOLLAR

HONG KONG GOVERNMENT BOND PROGRAMME SER 4231 (REG S) 20/06/2019 2,000,000 2,033,436 0.07 WESTPAC BANKING CORP SER GMTN (BR) (REG S) VAR 14/07/2027 50,000,000 49,104,750 1.81



Holdings Fair value % of Net Nominal value HK$ Asset Value Bonds (Continued) UNITED STATES DOLLAR(Continued)

ICBC ASIA LTD SER EMTN (REG S) (REG) 5.125% 30/11/2020 500,000 4,020,019 0.15 INNER MONGOLIA HIGHWAY C (REG S) (REG) 4.375% 04/12/2020 4,325,000 31,512,259 1.16 LG DISPLAY CO LTD (REG S) (REG) 3.875% 15/11/2021 2,000,000 15,835,643 0.58 LI & FUNG LTD (REG) (REG S) 5.25% 29/12/2049 2,800,000 14,459,212 0.53 MTR CORP CI LTD SER DIP (REG S) 2.5% 02/11/2026 4,000,000 29,130,193 1.08 NAN FUNG TREASURY LTD SER EMTN (REG S) (REG) 5% 05/09/2028 1,325,000 9,956,236 0.37 OVPH LTD (REG S) (REG) 5.875% PERP 5,000,000 36,820,650 1.36 SANDS CHINA LTD SER REGS (REG S) 5.125% 08/08/2025 1,875,000 14,546,737 0.54 TEWOO GROUP FIN NO 2 (REG S) 4.5% 16/12/2019 425,000 3,128,058 0.12 TEWOO GROUP NO 4 LTD (REG) (REG S) 3.15% 01/12/2020 3,000,000 23,143,245 0.85 THAIOIL TRSRY CENTER (SER REGS) (RE G S) 5.375% 20/11/2048 1,025,000 8,086,155 0.30 TSY INFL IX N/B 0.375% 15/07/2027 3,000,000 23,088,324 0.85

Floating rate notes HONG KONG DOLLAR

HONG KONG GOVERNMENT BOND PROGRAMME SER 4231 (REG S) 20/06/2019 2,000,000 2,033,436 0.07 WESTPAC BANKING CORP SER GMTN (BR) (REG S) VAR 14/07/2027 50,000,000 49,104,750 1.81



Holdings Fair value % of Net Nominal value HK$ Asset Value

Floating rate notes (Continued)

UNITED STATES DOLLAR CHINA MINMETALS CORP (REG S) (REG) VAR 29/12/2049 3,000,000 21,244,002 0.78 CLP POWER HK FINANCING LTD (REG S) (REG) VAR PERPETUAL 6,000,000 47,096,359 1.74 DOOSAN POWER SYSTEM (REG S) (REG) VAR 25/10/2048 3,000,000 23,612,302 0.87 IND & COMM BK CHN/LONDON (SER EMTN) (REG) (REG S) FRN 25/10/2021 3,000,000 23,449,060 0.87 KYOBO LIFE INSURANCE CO SER REGS (BR) VAR 24/07/2047 2,000,000 14,877,018 0.55 MINOR INTERNATIONAL PCL (REG) (REG S) VAR PERP 31/12/2049 1,125,000 8,829,422 0.33

Money market instruments

HONG KONG DOLLAR BANK OF CHINA LTD/HONG KONG FXCD 3.75% 27/07/2020 3,000,000 3,034,958 0.11 BK TOKYO-MITSUBISHI UFJ/HK SER FXCD (REG S) 2.76% 28/03/2022 20,000,000 20,011,090 0.74 CHINA DEV BANK HK FXCD 4.15% 22/02/2021 10,000,000 10,268,950 0.38 CHINA DEV BANK HONG KONG SER FXCD 4.25% 15/06/2026 5,000,000 5,356,850 0.20 CHINA DEVELOPMENT BANK SER FXCD 4.47% 14/01/2026 4,000,000 4,333,152 0.16 DBS BANK (HONG KONG) LTD FXCD 3.8% 16/03/2021 5,000,000 5,125,509 0.19 FUBON BANK HONG KONG LTD SER FXCD (REG S) (BR) 2.6% 20/03/2020 50,000,000 49,849,851 1.84 SUMITOMO MITSUI BK/HK SER FXCD (REG S) 2.39% 10/02/2020 78,000,000 77,860,402 2.87




Money market instruments(Continued) UNITED STATES DOLLAR

GUOTAI JUNAN FINL BVI (REG) (REG S) 3.625% 22/05/2019 200,000 1,564,818 0.06

Forward foreign exchange contracts BUY HKD SELL USD 7.82573 31/01/2019 3,274 0.00 BUY HKD SELL USD 7.818274 31/01/2019 (9,619) (0.00) BUY HKD SELL USD 7.825 31/01/2019 20,859 0.00

─────────── ───── TOTAL INVESTMENTS 2,639,979,212 97.47 OTHER NET ASSETS 68,615,383 2.53 ─────────── ───── NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 31ST DECEMBER 2018 2,708,594,595 100.00 ═══════════ ═════




Money market instruments(Continued) UNITED STATES DOLLAR

GUOTAI JUNAN FINL BVI (REG) (REG S) 3.625% 22/05/2019 200,000 1,564,818 0.06

Forward foreign exchange contracts BUY HKD SELL USD 7.82573 31/01/2019 3,274 0.00 BUY HKD SELL USD 7.818274 31/01/2019 (9,619) (0.00) BUY HKD SELL USD 7.825 31/01/2019 20,859 0.00

─────────── ───── TOTAL INVESTMENTS 2,639,979,212 97.47 OTHER NET ASSETS 68,615,383 2.53 ─────────── ───── NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 31ST DECEMBER 2018 2,708,594,595 100.00 ═══════════ ═════


SCHEDULE OF INVESTMENTS (UNAUDITED) HONG KONG EQUITY FUND

Holdings

Units Fair value

HK$ % of Net

Asset Value Quoted investments Fund Established in Hong Kong Fidelity Global Investment Fund - Hong Kong Equity Fund

– Class B 140,035,026.095 1,904,476,355 100.22 ─────────── ───── TOTAL INVESTMENTS 1,904,476,355 100.22 OTHER NET LIABILITIES (4,210,565) (0.22) ─────────── ───── NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 31ST DECEMBER 2018 1,900,265,790 100.00 ═══════════ ═════ TOTAL INVESTMENTS AT COST 1,791,130,724 ═══════════


SCHEDULE OF INVESTMENTS (UNAUDITED) HONG KONG EQUITY FUND (CONTINUED) Fidelity Advantage Portfolio Fund - Hong Kong Equity Fund is a feeder fund investing only in the Fidelity Global Investment Fund - Hong Kong Equity Fund. The investment portfolio of the Fidelity Global Investment Fund - Hong Kong Equity Fund as at 31st December 2018 is as follows:

Holdings Fair value % of Net Shares HK$ Asset Value Listed/quoted investments CHINA

ALIBABA GROUP HOLDING LTD ORD (1ADR REPS 1 SHARE) 330,882 355,092,306 1.37 ANGEL YEAST CO LTD ORD CNY 1 CC 4,044,200 116,277,775 0.45 ANHUI CONCH CEMENT CO LTD H SHR ORD CNY1 5,619,500 213,541,000 0.82 ANTA SPORTS PRODUCTS LTD ORD HKD0.1 2,068,000 77,653,400 0.30 BAIDU INC ADR USD0.00005 (1 ADR REPS 1 CL A SHS) 20,622 25,607,057 0.10 CHAOZHOU THREECIRCLE GROU ORD CNY1 SZHK 4,766,567 91,907,912 0.35 CHINA BLUECHEMICAL LTD SHS H ORD HKD1 28,226,000 69,435,960 0.27 CHINA CONSTRUCTION BANK CORP H SHR ORD CNY1 186,895,930 1,207,347,708 4.65 CHINA INTL MARINE CONTAINERS GROUP CO LTD H SHS ORD CNY1 6,665,500 50,124,560 0.19 CHINA LIFE INSURANCE CO LTD H ORD CNY1 34,768,000 578,539,520 2.23 CHINA MENGNIU DAIRY CO LTD ORD HKD0.1 15,294,000 373,173,600 1.44 CHINA OILFIELD SERVICES LTD ORD CNY1 13,570,000 91,326,100 0.35 CHINA PACIFIC INSURANCE (GR) CO LTD H SHS ORD CNY1 13,696,600 347,208,810 1.34 CHINA PETROLEUM & CHEMICAL CORP H SHR ORD CNY1 63,200,800 353,292,472 1.36 CHINA SHENHUA ENERGY CO LTD H SHR ORD CNY1 20,507,500 351,908,700 1.36 CITIC SECURITIES CO LTD H SHR ORD CNY1 12,506,000 168,831,000 0.65


SCHEDULE OF INVESTMENTS (UNAUDITED) HONG KONG EQUITY FUND (CONTINUED) Fidelity Advantage Portfolio Fund - Hong Kong Equity Fund is a feeder fund investing only in the Fidelity Global Investment Fund - Hong Kong Equity Fund. The investment portfolio of the Fidelity Global Investment Fund - Hong Kong Equity Fund as at 31st December 2018 is as follows:

Holdings Fair value % of Net Shares HK$ Asset Value Listed/quoted investments CHINA

ALIBABA GROUP HOLDING LTD ORD (1ADR REPS 1 SHARE) 330,882 355,092,306 1.37 ANGEL YEAST CO LTD ORD CNY 1 CC 4,044,200 116,277,775 0.45 ANHUI CONCH CEMENT CO LTD H SHR ORD CNY1 5,619,500 213,541,000 0.82 ANTA SPORTS PRODUCTS LTD ORD HKD0.1 2,068,000 77,653,400 0.30 BAIDU INC ADR USD0.00005 (1 ADR REPS 1 CL A SHS) 20,622 25,607,057 0.10 CHAOZHOU THREECIRCLE GROU ORD CNY1 SZHK 4,766,567 91,907,912 0.35 CHINA BLUECHEMICAL LTD SHS H ORD HKD1 28,226,000 69,435,960 0.27 CHINA CONSTRUCTION BANK CORP H SHR ORD CNY1 186,895,930 1,207,347,708 4.65 CHINA INTL MARINE CONTAINERS GROUP CO LTD H SHS ORD CNY1 6,665,500 50,124,560 0.19 CHINA LIFE INSURANCE CO LTD H ORD CNY1 34,768,000 578,539,520 2.23 CHINA MENGNIU DAIRY CO LTD ORD HKD0.1 15,294,000 373,173,600 1.44 CHINA OILFIELD SERVICES LTD ORD CNY1 13,570,000 91,326,100 0.35 CHINA PACIFIC INSURANCE (GR) CO LTD H SHS ORD CNY1 13,696,600 347,208,810 1.34 CHINA PETROLEUM & CHEMICAL CORP H SHR ORD CNY1 63,200,800 353,292,472 1.36 CHINA SHENHUA ENERGY CO LTD H SHR ORD CNY1 20,507,500 351,908,700 1.36 CITIC SECURITIES CO LTD H SHR ORD CNY1 12,506,000 168,831,000 0.65


SCHEDULE OF INVESTMENTS (UNAUDITED) HONG KONG EQUITY FUND (CONTINUED)


CNOOC LTD ORD HKD0.02 49,034,000 593,311,400 2.29 CRRC CORPORATION LTD H SHR ORD CNY1 24,139,000 184,421,960 0.71 CSPC PHARMACEUTICAL GROUP LTD ORD NPV 2,098,000 23,707,400 0.09 ESTUN AUTOMATION CO LTD A SHS ORD CNY1 SZHK 4,546,334 44,089,760 0.17 FOCUS MEDIA INFORMATION TE ORD CNY1 SZHK 5,490,025 32,783,283 0.13 FOSHAN HAITIAN FLAV & FOOD CO LTD ORD CNY1 CC 1,026,955 80,516,834 0.31 GEELY AUTOMOBILE HOLDINGS LTD ORD HKD0.02 3,724,000 51,391,200 0.20 GUANGZHOU AUTOMOBILE GROUP CO LTD H SHR ORD CNY1 9,663,200 75,469,592 0.29 HAN S LASER TECHNOLOGY IN ORD CNY1 SZHK 3,282,799 113,577,655 0.44 HENGAN INTERNATIONAL GROUP CO LTD ORD HKD0.1 1,033,500 58,909,500 0.23 HOLLYSYS AUTOMATION TECHNOLOGIES LTD COM USD0.0001 549,678 75,356,412 0.29 HUANENG POWER INTERNATIONAL INC H SHRS ORD CNY1 19,176,000 95,496,480 0.37 HUANENG RENEWABLES CORP LTD SHS H ORD CNY1 32,336,000 67,905,600 0.26 HUATAI SECURITIES CO LTD H SHRS ORD NPV 15,687,000 194,518,800 0.75 INDUSTRIAL AND COMMERCIAL BANK OF CHINA H SHS ORD CNY1 237,997,000 1,330,403,230 5.13 INNOVENT BIOLOGICS INC ORD USD .000 01 6,099,000 146,985,900 0.57




JIANGSU HENGRUI MEDICINE C ORD CNY 1 CC 1,320,611 79,386,054 0.31 KINGSOFT CORP LTD ORD USD0.0005 4,135,000 46,642,800 0.18 KWEICHOW MOUTAI CO LTD ORD CNY1 CC 504,854 339,447,029 1.31 LENOVO GROUP LTD ORD NPV 27,358,000 144,723,820 0.56 LI NING CO LTD ORD HKD0.1 10,824,000 90,921,600 0.35 LONGFOR GROUP HOLDINGS LTD ORD HKD0.1 8,635,500 202,070,700 0.78 PETROCHINA CO LTD H SHRS CNY1 73,166,000 357,050,080 1.38 PING AN INSURANCE (GROUP) CO OF CHINA LTD H SHR COM CNY1 8,471,000 585,769,650 2.26 SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORP ORD USD0.0004 6,421,000 43,983,850 0.17 SHANDONG WEIGAO GROUP MEDICAL POLYMER CO LTD H SHS ORD CNY0.1 16,612,000 105,320,080 0.41 SHENZHOU INTERNATIONAL GROUP ORD HKD0.1 2,639,000 234,211,250 0.90 SINOPEC ENGINEERING GROUP CO LTD ORD CNY1 14,717,500 94,633,525 0.36 SUNNY OPTICAL TECHNOLOGY GROUP CO LTD ORD HKD0.1 2,052,900 142,881,840 0.55 TENCENT HOLDINGS LTD ORD HKD0.00002 7,320,200 2,298,542,800 8.86 UNI PRESIDENT CHINA HOLDINGS ORD HKD0.01 17,252,000 117,313,600 0.45 WEICHAI POWER CO LTD H SHRS ORD CNY1 12,070,000 108,026,500 0.42 WUXI APPTEC CO LTD ORD NPV 1,157,200 78,689,600 0.30 WUXI BIOLOGICS CAYMAN INC ORD USD0.000025 2,342,500 117,476,375 0.45




JIANGSU HENGRUI MEDICINE C ORD CNY 1 CC 1,320,611 79,386,054 0.31 KINGSOFT CORP LTD ORD USD0.0005 4,135,000 46,642,800 0.18 KWEICHOW MOUTAI CO LTD ORD CNY1 CC 504,854 339,447,029 1.31 LENOVO GROUP LTD ORD NPV 27,358,000 144,723,820 0.56 LI NING CO LTD ORD HKD0.1 10,824,000 90,921,600 0.35 LONGFOR GROUP HOLDINGS LTD ORD HKD0.1 8,635,500 202,070,700 0.78 PETROCHINA CO LTD H SHRS CNY1 73,166,000 357,050,080 1.38 PING AN INSURANCE (GROUP) CO OF CHINA LTD H SHR COM CNY1 8,471,000 585,769,650 2.26 SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORP ORD USD0.0004 6,421,000 43,983,850 0.17 SHANDONG WEIGAO GROUP MEDICAL POLYMER CO LTD H SHS ORD CNY0.1 16,612,000 105,320,080 0.41 SHENZHOU INTERNATIONAL GROUP ORD HKD0.1 2,639,000 234,211,250 0.90 SINOPEC ENGINEERING GROUP CO LTD ORD CNY1 14,717,500 94,633,525 0.36 SUNNY OPTICAL TECHNOLOGY GROUP CO LTD ORD HKD0.1 2,052,900 142,881,840 0.55 TENCENT HOLDINGS LTD ORD HKD0.00002 7,320,200 2,298,542,800 8.86 UNI PRESIDENT CHINA HOLDINGS ORD HKD0.01 17,252,000 117,313,600 0.45 WEICHAI POWER CO LTD H SHRS ORD CNY1 12,070,000 108,026,500 0.42 WUXI APPTEC CO LTD ORD NPV 1,157,200 78,689,600 0.30 WUXI BIOLOGICS CAYMAN INC ORD USD0.000025 2,342,500 117,476,375 0.45




ZHUZHOU CRRC TIMES ELECTRIC CO LTD H SHR CNY1 6,149,600 266,892,640 1.03 ZIJIN MINING GROUP CO LTD H SHRS ORD CNY0.1 41,752,000 124,003,440 0.48 ZOOMLION HEAVY INDUSTRY SCIENCE AND TECHNOLOGY CO LTD H SHRS ORD CNY1 50,333,400 141,940,188 0.55

GREAT BRITAIN HSBC HLDGS PLC ORD USD0.5 (HKSE) 34,964,432 2,265,695,194 8.73

HONG KONG AIA GROUP LTD ORD USD1 28,494,000 1,852,110,000 7.14 BOC HONG KONG HOLDINGS LTD ORD HKD5 11,447,500 333,122,250 1.28 CHEUNG KONG INFRASTRUCTURE HOLDINGS LTD ORD HKD1 4,829,500 286,389,350 1.10 CHINA MOBILE LTD ORD HKD0.1 13,664,500 1,029,620,075 3.97 CHINA OVERSEAS LAND & INVESTMENT LTD ORD NAP 14,222,000 382,571,800 1.47 CHINA RESOURCES LAND LTD ORD HKD0.1 15,072,667 453,687,277 1.75 CHINA TAIPING ORD NPV 4,546,800 97,756,200 0.38 CHINA TRAVEL INTERNATIONAL INESTMENT HONG KONG LTD ORD HKD0.1 38,136,000 79,704,240 0.31 CHINA UNICOM (HONG KONG) ORD HKD0.1 45,264,000 378,407,040 1.46 CHOW TAI FOOK ORD HKD1 12,053,200 78,707,396 0.30 CK ASSET HOLDINGS LTD ORD HKD1 6,546,664 375,123,847 1.45



Holdings Fair value % of Net Shares HK$ Asset Value Listed/quoted investments (Continued) HONG KONG (Continued)

CK HUTCHISON HOLDINGS LTD ORD HKD1 5,172,164 388,946,733 1.50 GALAXY ENTERTAINMENT GROUP LTD ORD NPV 4,432,000 220,713,600 0.85 HANG SENG BANK LTD ORD NPV 997,900 175,430,820 0.68 HKT TRUST AND HKT LTD SHARE STAPLED UNIT 11,303,000 127,497,840 0.49 HONG KONG EXCHANGES AND CLEARING LTD ORD HKD1 1,046,196 237,068,014 0.91 JARDINE STRATEGIC HOLDINGS LTD ORD USD0.05 (SINGAPORE) 96,700 27,793,073 0.11 KUNLUN ENERGY CO LTD ORD HKD0.01 12,670,000 105,161,000 0.41 LIFESTYLE INTERNATIONAL HOLDINGS LTD ORD HKD 0.005 719,000 8,527,340 0.03 LINK REIT 6,906,550 547,689,415 2.11 SA SA INTERNATIONAL HOLDINGS LTD ORD HKD0.1 31,848,076 94,270,305 0.36 SHANGRI-LA ASIA LIMITED ORD HKD1 12,114,000 140,522,400 0.54 SINO BIOPHARMACEUTICAL LTD ORD HKD0.025 18,563,000 95,785,080 0.37 SINOFERT HOLDINGS LTD ORD HKD0.1 53,620,000 48,258,000 0.19 SUN ART RETAIL GROUP LTD ORD NPV 15,134,000 120,769,320 0.47 SUN HUNG KAI PROPERTIES LTD ORD NPV 1,345,608 150,169,853 0.58 TECHTRONIC INDUSTRIES CO LTD ORD HKD NPV 1,435,000 59,696,000 0.23 WHARF REAL ESTATE INVESTMENT CO LTD ORD NPV 8,377,000 392,462,450 1.51

MACAU SANDS CHINA LTD ORD USD0.01 9,266,800 317,851,240 1.22



Holdings Fair value % of Net Shares HK$ Asset Value Listed/quoted investments (Continued) HONG KONG (Continued)

CK HUTCHISON HOLDINGS LTD ORD HKD1 5,172,164 388,946,733 1.50 GALAXY ENTERTAINMENT GROUP LTD ORD NPV 4,432,000 220,713,600 0.85 HANG SENG BANK LTD ORD NPV 997,900 175,430,820 0.68 HKT TRUST AND HKT LTD SHARE STAPLED UNIT 11,303,000 127,497,840 0.49 HONG KONG EXCHANGES AND CLEARING LTD ORD HKD1 1,046,196 237,068,014 0.91 JARDINE STRATEGIC HOLDINGS LTD ORD USD0.05 (SINGAPORE) 96,700 27,793,073 0.11 KUNLUN ENERGY CO LTD ORD HKD0.01 12,670,000 105,161,000 0.41 LIFESTYLE INTERNATIONAL HOLDINGS LTD ORD HKD 0.005 719,000 8,527,340 0.03 LINK REIT 6,906,550 547,689,415 2.11 SA SA INTERNATIONAL HOLDINGS LTD ORD HKD0.1 31,848,076 94,270,305 0.36 SHANGRI-LA ASIA LIMITED ORD HKD1 12,114,000 140,522,400 0.54 SINO BIOPHARMACEUTICAL LTD ORD HKD0.025 18,563,000 95,785,080 0.37 SINOFERT HOLDINGS LTD ORD HKD0.1 53,620,000 48,258,000 0.19 SUN ART RETAIL GROUP LTD ORD NPV 15,134,000 120,769,320 0.47 SUN HUNG KAI PROPERTIES LTD ORD NPV 1,345,608 150,169,853 0.58 TECHTRONIC INDUSTRIES CO LTD ORD HKD NPV 1,435,000 59,696,000 0.23 WHARF REAL ESTATE INVESTMENT CO LTD ORD NPV 8,377,000 392,462,450 1.51

MACAU SANDS CHINA LTD ORD USD0.01 9,266,800 317,851,240 1.22



Holdings Fair value % of Net Shares HK$ Asset Value Listed/quoted investments (Continued) SINGAPORE

SIIC ENVIRONMENT HOLDINGS LTD ORD NPV 21,559,280 33,416,884 0.13

Forward foreign exchange contracts BUY USD SELL HKD 7.83192 03/01/2019 (331) 0.00 ──────────── ───── TOTAL INVESTMENTS 24,264,964,012 93.55 OTHER NET ASSETS 1,672,970,444 6.45

──────────── ───── NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 31ST DECEMBER 2018 25,937,934,456 100.00

════════════ ═════


SCHEDULE OF INVESTMENTS (UNAUDITED) RMB BOND FUND

Holdings Units

Fair value HK$


Quoted investments Fund Established in Hong Kong Fidelity Global Investment Fund - RMB Bond Fund – Class B 247,866.284 26,779,473 100.17 ────────── ───── TOTAL INVESTMENTS 26,779,473 100.17 OTHER NET LIABILITIES (44,833) (0.17) ────────── ───── NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 31ST DECEMBER 2018 26,734,640 100.00 ══════════ ═════ TOTAL INVESTMENTS AT COST 26,910,269 ══════════


SCHEDULE OF INVESTMENTS (UNAUDITED) RMB BOND FUND

Holdings Units

Fair value HK$


Quoted investments Fund Established in Hong Kong Fidelity Global Investment Fund - RMB Bond Fund – Class B 247,866.284 26,779,473 100.17 ────────── ───── TOTAL INVESTMENTS 26,779,473 100.17 OTHER NET LIABILITIES (44,833) (0.17) ────────── ───── NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 31ST DECEMBER 2018 26,734,640 100.00 ══════════ ═════ TOTAL INVESTMENTS AT COST 26,910,269 ══════════


SCHEDULE OF INVESTMENTS (UNAUDITED) RMB BOND FUND (CONTINUED) Fidelity Advantage Portfolio Fund - RMB Bond Fund is a feeder fund investing only in the Fidelity Global Investment Fund - RMB Bond Fund. The investment portfolio of the Fidelity Global Investment Fund - RMB Bond Fund as at 31st December 2018 is as follows:

Holdings Fair value % of Net Nominal value HK$ Asset Value Bonds CHINA RENMINBI

BANK OF CHINA/HONG KONG (SER EMTN) (REG S) 4.45% 20/11/2021 3,000,000 3,451,251 1.80 BANK OF CHINA/TOKYO (SER EMTN) (REG S) (REG) 4.35% 29/11/2020 1,000,000 1,147,095 0.60 BEIJING CAPITAL POLARIS (REG S) 5.2% 26/03/2020 5,000,000 5,735,989 2.99 BANK OF CHINA/JOHANNESBURG (REG S) (REG) SER EMTN 4.88% 20/04/2020 3,000,000 3,458,379 1.80 CHINA CONSTRUCT BK ASIA SER EMTN (REG)(REGS) 3.75% 18/11/2019 8,000,000 9,111,851 4.75 CHINA GOVERNMENT BOND (REG S) (BR) 4% 22/05/2024 7,000,000 8,101,779 4.22 CHINA GOVERNMENT BOND (REGS) (BR) 3.16% 27/06/2023 1,000,000 1,120,190 0.58 CHONGQING GRAIN GROUP (REG) REG S) 4.02% 14/07/2019 8,500,000 9,681,729 5.04 COOPERATIEVE RABOBANK UA SER EMTN (REG S) 3.8% 05/08/2019 4,000,000 4,552,552 2.37 DAIMLER INTL FINANCE BV (REG S) (REG) 4.8% 09/04/2021 4,000,000 4,627,856 2.41 EXPORT-IMPORT BANK KOREA SER GMTN (REG) (REG S) 4.65% 21/06/2021 1,000,000 1,155,767 0.60 EXPORT-IMPORT BANK KOREA SER GMTN 4.45% 09/12/2019 5,000,000 5,711,488 2.97 FAR EAST HORIZON LTD SER (EMTN) (REG) (REG S) 4.9% 27/02/2021 1,730,000 1,970,024 1.03 FONTERRA COOPERATIVE GROUP SER EMTN (BR) (REG S) 3.6% 29/01/2019 4,000,000 4,558,364 2.37


SCHEDULE OF INVESTMENTS (UNAUDITED) RMB BOND FUND (CONTINUED)


Bonds (Continued) CHINA RENMINBI (Continued)

FRANSHION BRILLIANT LTD (REG S) (REG) 5.2% 08/03/2021 5,000,000 5,705,847 2.97 HITACHI CAPITAL UK PLC SER EMTN (REG S) (BR) 4.5% 09/10/2020 5,000,000 5,731,316 2.99 HITACHI CAPITAL UK PLC SER EMTN (REG) (REG S) 4.6% 27/09/2021 1,000,000 1,142,617 0.59 HONG KONG MORTGAGE CORP SER EMTN (REG S) (BR) 4.05% 06/11/2020 5,000,000 5,673,625 2.96 IND & COMM BK CHINA/SG (SER EMTN) ( REG S) (REG) 4.5% 22/10/2021 5,000,000 5,774,905 3.01 KEB HANA BANK SER EMTN (REG S) (BR) 4.75% 22/06/2021 2,000,000 2,297,450 1.20 KOREA DEVELOPMENT BANK SER EMTN (REG) (REG S) 4.5% 10/11/2020 2,000,000 2,298,635 1.20 KOREA DEVELOPMENT BANK SER GMTN (REG S) (BR) 4.6% 03/07/2021 2,000,000 2,306,931 1.20 L-BANK BW FOERDERBANK SER DIP (REG S) (BR) 3.8% 03/06/2019 2,000,000 2,278,897 1.19 LONCIN HLD CO LTD (REG) (REG S) 4.5% 05/12/2019 7,000,000 7,982,521 4.16 QNB FINANCE LTD SER EMTN (REG S) (BR) 5.25% 21/06/2021 1,000,000 1,139,357 0.59 SHIMAO PROPERTY HLDGS (REG) (REG S) 5.75% 15/03/2021 2,000,000 2,270,099 1.18 SINOCHEM OFFSHORE CAPITA SER (EMTN) (REG S) (BR) 4.4% 14/02/2021 7,000,000 8,036,207 4.19 SINOPEC CENTURY BRIGHT C (REG S) 4. 5% 31/10/2021 8,330,000 9,511,589 4.95




Bonds (Continued) CHINA RENMINBI (Continued)

FRANSHION BRILLIANT LTD (REG S) (REG) 5.2% 08/03/2021 5,000,000 5,705,847 2.97 HITACHI CAPITAL UK PLC SER EMTN (REG S) (BR) 4.5% 09/10/2020 5,000,000 5,731,316 2.99 HITACHI CAPITAL UK PLC SER EMTN (REG) (REG S) 4.6% 27/09/2021 1,000,000 1,142,617 0.59 HONG KONG MORTGAGE CORP SER EMTN (REG S) (BR) 4.05% 06/11/2020 5,000,000 5,673,625 2.96 IND & COMM BK CHINA/SG (SER EMTN) ( REG S) (REG) 4.5% 22/10/2021 5,000,000 5,774,905 3.01 KEB HANA BANK SER EMTN (REG S) (BR) 4.75% 22/06/2021 2,000,000 2,297,450 1.20 KOREA DEVELOPMENT BANK SER EMTN (REG) (REG S) 4.5% 10/11/2020 2,000,000 2,298,635 1.20 KOREA DEVELOPMENT BANK SER GMTN (REG S) (BR) 4.6% 03/07/2021 2,000,000 2,306,931 1.20 L-BANK BW FOERDERBANK SER DIP (REG S) (BR) 3.8% 03/06/2019 2,000,000 2,278,897 1.19 LONCIN HLD CO LTD (REG) (REG S) 4.5% 05/12/2019 7,000,000 7,982,521 4.16 QNB FINANCE LTD SER EMTN (REG S) (BR) 5.25% 21/06/2021 1,000,000 1,139,357 0.59 SHIMAO PROPERTY HLDGS (REG) (REG S) 5.75% 15/03/2021 2,000,000 2,270,099 1.18 SINOCHEM OFFSHORE CAPITA SER (EMTN) (REG S) (BR) 4.4% 14/02/2021 7,000,000 8,036,207 4.19 SINOPEC CENTURY BRIGHT C (REG S) 4. 5% 31/10/2021 8,330,000 9,511,589 4.95




Bonds (Continued) UNITED STATES DOLLAR

BAOSTEEL FIN 2015 PTY LT (REG S) (REG) 3.875% 28/01/2020 300,000

2,350,073 1.22

CHOUZHOU INTL INV LTD (REG S) (REG) 4% 05/12/2020 250,000

1,881,589 0.98

CSCEC FINANCE CAYMAN I L (REG S) (REG) 2.95% 19/11/2020 200,000

1,549,788 0.81

INNER MONGOLIA HIGHWAY C (REG S) (REG) 4.375% 04/12/2020 350,000

2,550,125 1.33

JD.COM INC (REG) 3.125% 29/04/2021 300,000

2,278,200 1.19

SUNNY OPTICAL TECH (REG) (REG S) 3.75% 23/01/2023 200,000

1,501,231 0.78

Floating rate notes CHINA RENMINBI

AUSTRALIA AND NEW ZEALAND BANKING G SER EMTN (REG S) (REG) VAR 4.75% 30/01/2025 5,000,000

5,712,741 2.98

CHINA CONSTRUCTION BANK (REG S) (REG) VAR 12/11/2024 2,500,000

2,866,114 1.49

COMMONWEALTH BANK OF AUSTRALIA SER EMTN (REG S) (REG) VAR 11/03/2025 2,900,000

3,328,228 1.73

UNITED STATES DOLLAR

BLUESTAR FIN HOLDINGS (REG) (REG S) VAR PERP 31/12/2049 200,000

1,591,848 0.83

CHINA MINMETALS CORP (REG S) (REG) VAR 29/12/2049 200,000

1,416,267 0.74

DOOSAN POWER SYSTEM (REG S) (REG) VAR 25/10/2048 200,000

1,574,153 0.82

EXPORT IMPORT BK THAILND (SER EMTN) (REG) (REG S) 20/11/2023 500,000

3,924,423 2.04



Fair value HK$


Floating rate notes (Continued) UNITED STATES DOLLAR (Continued)

HANJIN INTERNATIONAL COR (REG S) FRN 28/09/2020 400,000 3,145,989 1.64 INDUSTRIAL & COMMERCIAL BANK OF CHINA/LONDON SER (EMTN) (REG S) (REG) FRN 14/12/2022 200,000 1,565,118 0.81 KOREA DEVELOPMENT BANK (REG) FRN 12/03/2021 400,000 3,131,333 1.63 MINOR INTERNATIONAL PCL (REG) (REG S) VAR PERP 31/12/2049 375,000 2,943,141 1.53 VANKE REAL ESTATE HK (REG S)(REG) SER EMTN FRN 25/05/2023 250,000 1,900,829 0.99

Money market instruments CHINA RENMINBI

INTESA SANPAOLO IRELAND SER EMTN (REG) (REG S) 4.5% 27/02/2019

5,000,000 5,694,887 2.97

INTL FINANCE CORP SER GMTN (REG) 3.1% 24/09/2019

1,000,000 1,134,276 0.59


SINOCHEM OFFSHORE CAPITA SER REGS (REG) 3.25% 29/04/2019 200,000 1,565,939 0.82

────────── ─────

TOTAL INVESTMENTS 180,140,602 93.83 OTHER NET ASSETS 11,843,315 6.17 ────────── ───── NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 31ST DECEMBER 2018 191,983,917 100.00 ══════════ ═════



Fair value HK$


Floating rate notes (Continued) UNITED STATES DOLLAR (Continued)

HANJIN INTERNATIONAL COR (REG S) FRN 28/09/2020 400,000 3,145,989 1.64 INDUSTRIAL & COMMERCIAL BANK OF CHINA/LONDON SER (EMTN) (REG S) (REG) FRN 14/12/2022 200,000 1,565,118 0.81 KOREA DEVELOPMENT BANK (REG) FRN 12/03/2021 400,000 3,131,333 1.63 MINOR INTERNATIONAL PCL (REG) (REG S) VAR PERP 31/12/2049 375,000 2,943,141 1.53 VANKE REAL ESTATE HK (REG S)(REG) SER EMTN FRN 25/05/2023 250,000 1,900,829 0.99

Money market instruments CHINA RENMINBI

INTESA SANPAOLO IRELAND SER EMTN (REG) (REG S) 4.5% 27/02/2019

5,000,000 5,694,887 2.97

INTL FINANCE CORP SER GMTN (REG) 3.1% 24/09/2019

1,000,000 1,134,276 0.59


SINOCHEM OFFSHORE CAPITA SER REGS (REG) 3.25% 29/04/2019 200,000 1,565,939 0.82

────────── ─────

TOTAL INVESTMENTS 180,140,602 93.83 OTHER NET ASSETS 11,843,315 6.17 ────────── ───── NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 31ST DECEMBER 2018 191,983,917 100.00 ══════════ ═════


SCHEDULE OF INVESTMENTS (UNAUDITED) STABLE GROWTH FUND

Holdings

Units Fair value

US$ % of Net

Asset Value Quoted investments Funds Established in Hong Kong Fidelity Global Investment Fund - Americas Equity Fund – Class B 15,227,845.230 42,282,020 10.33 - Asia Pacific Equity Fund – Class B 13,175,697.283 25,045,305 6.12 - European Equity Fund – Class B 21,748,548.713 38,953,453 9.51 - Global Bond Fund – Class B 109,101,554.979 165,464,714 40.42 - HK$ Money Fund – Class B 957,225.755 1,251,331 0.30 - Hong Kong Bond Fund – Class B 12,657,353.575 20,149,644 4.92 - Hong Kong Equity Fund – Class B 40,379,066.167 70,105,678 17.12 - Japanese Equity Fund – Class B 14,601,351.645 27,084,242 6.62 - US$ Money Fund – Class B 1,906,415.584 19,922,043 4.87 ────────── ───── TOTAL INVESTMENTS 410,258,430 100.21 OTHER NET LIABILITIES (876,115) (0.21) ────────── ───── NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 31ST DECEMBER 2018 409,382,315 100.00 ══════════ ═════ TOTAL INVESTMENTS AT COST 365,029,502 ══════════


SCHEDULE OF INVESTMENTS (UNAUDITED) US DOLLAR MONEY FUND

Holdings

Units Fair value

US$ % of Net

Asset Value Quoted investments Fund Established in Hong Kong Fidelity Global Investment Fund - US$ Money Fund – Class B 42,062,737.414 439,555,606 99.76 Forward foreign exchange contracts BUY USD SELL HKD 7.835933 02/01/2019 (2) (0.00) BUY USD SELL HKD 7.836033 03/01/2019 (6) (0.00) ────────── ───── TOTAL INVESTMENTS 439,555,598 99.76 OTHER NET ASSETS 1,072,508 0.24 ────────── ───── NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 31ST DECEMBER 2018 440,628,106 100.00 ══════════ ═════ TOTAL INVESTMENTS AT COST 430,684,460 ══════════


SCHEDULE OF INVESTMENTS (UNAUDITED) US DOLLAR MONEY FUND

Holdings

Units Fair value

US$ % of Net

Asset Value Quoted investments Fund Established in Hong Kong Fidelity Global Investment Fund - US$ Money Fund – Class B 42,062,737.414 439,555,606 99.76 Forward foreign exchange contracts BUY USD SELL HKD 7.835933 02/01/2019 (2) (0.00) BUY USD SELL HKD 7.836033 03/01/2019 (6) (0.00) ────────── ───── TOTAL INVESTMENTS 439,555,598 99.76 OTHER NET ASSETS 1,072,508 0.24 ────────── ───── NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 31ST DECEMBER 2018 440,628,106 100.00 ══════════ ═════ TOTAL INVESTMENTS AT COST 430,684,460 ══════════


SCHEDULE OF INVESTMENTS (UNAUDITED) US DOLLAR MONEY FUND (CONTINUED) Fidelity Advantage Portfolio Fund - US Dollar Money Fund is a feeder fund investing only in the Fidelity Global Investment Fund - US$ Money Fund. The investment portfolio of the Fidelity Global Investment Fund - US$ Money Fund as at 31st December 2018 is as follows:

Holdings Fair value % of Net Nominal value US$ Asset Value Money market instruments - US$ denomination AUSTRALIA

BANK OF CHINA LIMIT ZCP 0% 21/02/19 20,000,000 19,920,101 3.22

CHINA AGRICULTURAL BK CHINA/HK (SER CD) (REG S) 0% 03/01/2019 10,000,000 9,998,554 1.61 AGRICULTURAL BK CHINA/HK (SER CD) (REG S) 0% 14/03/2019 18,000,000 17,886,423 2.89

GERMANY DZ BANK AG DEUTSCHE ZENTRAL-GE ECP 18/01/2019 13,000,000 12,985,296 2.10

GREAT BRITAIN THE TORONTO-DOMINION BANK ECP 16/01/2019 20,000,000 19,980,204 3.23

HONG KONG AGRICULTURAL BK CHINA/HK (SER CD) (REG S) 0% 01/03/2019 10,000,000 9,951,369 1.61 BNP PARIBAS SA, HONG KONG BRAN 0% 06/03/2019 25,000,000 24,879,051 4.02 BNP PARIBAS/HONG KONG (SER CD) 0% 07/03/2019 15,000,000 14,926,564 2.41 HONG KONG MORTGAGE CORP (SER EMTN) (BR) ZCP 11/02/2019 55,000,000 54,840,091 8.86 HONG KONG MORTGAGE CORP (SER EMTN) (BR) ZCP 13/02/2019 38,000,000 37,884,112 6.12 HONG KONG MORTGAGE CORPORATION ZCP 08/02/2019 40,000,000 39,893,455 6.44


SCHEDULE OF INVESTMENTS (UNAUDITED) US DOLLAR MONEY FUND (CONTINUED)

Holdings Fair value % of Net Nominal value US$ Asset Value

Money market instruments - US$ denomination (Continued) JAPAN

IND & COMM BK CHN/TOKYO (SER CD) 0% 18/01/2019 51,000,000 50,931,210 8.23 MIZUHO BANK LTD/SYDNEY (SER CD) 0% 11/01/2019 59,000,000 58,960,094 9.53 SUMITOMO MITSUI BANKING CORP 0% 01/02/2019 23,000,000 22,950,210 3.71

SINGAPORE

AGRICULTURAL BK CHINA/SG (SER CD) 0% 06/03/2019 23,000,000 22,876,233 3.70 BANK OF CHINA/SINGAPORE (SER CD) 0% 21/02/2019 25,000,000 24,901,887 4.02 CHINA CONSTRUCT BANK/SG (SER CD) 0% 16/01/2019 19,000,000 18,978,693 3.07 CHINA CONSTRUCT BANK/SG (SER CD) 0% 14/03/2019 42,000,000 41,750,703 6.74 STANDARD CHARTERED BANK ECP 25/01/2019 48,000,000 47,919,554 7.74 SUMITOMO MITSUI BANKING CORPOR 0% 14/02/2019 38,000,000 37,880,500 6.12 ────────── ─────

TOTAL INVESTMENTS 590,294,304 95.37 OTHER NET ASSETS 28,646,695 4.63

────────── ───── NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 31ST DECEMBER 2018 618,940,999 100.00

══════════ ═════


SCHEDULE OF INVESTMENTS (UNAUDITED) US DOLLAR MONEY FUND (CONTINUED)

Holdings Fair value % of Net Nominal value US$ Asset Value

Money market instruments - US$ denomination (Continued) JAPAN

IND & COMM BK CHN/TOKYO (SER CD) 0% 18/01/2019 51,000,000 50,931,210 8.23 MIZUHO BANK LTD/SYDNEY (SER CD) 0% 11/01/2019 59,000,000 58,960,094 9.53 SUMITOMO MITSUI BANKING CORP 0% 01/02/2019 23,000,000 22,950,210 3.71

SINGAPORE

AGRICULTURAL BK CHINA/SG (SER CD) 0% 06/03/2019 23,000,000 22,876,233 3.70 BANK OF CHINA/SINGAPORE (SER CD) 0% 21/02/2019 25,000,000 24,901,887 4.02 CHINA CONSTRUCT BANK/SG (SER CD) 0% 16/01/2019 19,000,000 18,978,693 3.07 CHINA CONSTRUCT BANK/SG (SER CD) 0% 14/03/2019 42,000,000 41,750,703 6.74 STANDARD CHARTERED BANK ECP 25/01/2019 48,000,000 47,919,554 7.74 SUMITOMO MITSUI BANKING CORPOR 0% 14/02/2019 38,000,000 37,880,500 6.12 ────────── ─────

TOTAL INVESTMENTS 590,294,304 95.37 OTHER NET ASSETS 28,646,695 4.63

────────── ───── NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 31ST DECEMBER 2018 618,940,999 100.00

══════════ ═════


SCHEDULE OF INVESTMENTS (UNAUDITED) WORLD BOND FUND

Holdings Units

Fair value US$


Quoted investments Fund Established in Hong Kong Fidelity Global Investment Fund - Global Bond Fund – Class B 38,344,108.759 58,153,131 100.17 ────────── ───── TOTAL INVESTMENTS 58,153,131 100.17 OTHER NET LIABILITIES (100,581) (0.17) ────────── ───── NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 31ST DECEMBER 2018 58,052,550 100.00 ══════════ ═════ TOTAL INVESTMENTS AT COST 56,869,537 ══════════


SCHEDULE OF INVESTMENTS (UNAUDITED) WORLD BOND FUND (CONTINUED) Fidelity Advantage Portfolio Fund - World Bond Fund is a feeder fund investing only in the Fidelity Global Investment Fund - Global Bond Fund. The investment portfolio of the Fidelity Global Investment Fund - Global Bond Fund as at 31st December 2018 is as follows:

Holdings Fair value % of Net Nominal value HK$ Asset Value Bonds AUSTRALIAN DOLLAR

AUSTRALIAN (GOVT OF) SER 139 (REG S) 3.25% 21/04/2025 52,000,000 305,602,345 1.74 BRITISH POUND UK TREASURY (REG S) (REG) 1.5% 22/07/2047 33,750,000 312,868,147 1.78 UK TREASURY (REG S) (REG) 2% 07/09/2025 28,550,000 303,087,236 1.73 UK TREASURY (REG) (REG S) 1.25% 22/07/2027 27,475,000 275,672,674 1.57 CANADIAN DOLLAR CANADA (GOVT OF) 2% 01/11/2020 48,350,000 277,853,025 1.58 CANADIAN (GOVT OF) (REG) 1.5% 01/06/2023 48,950,000 276,095,872 1.57

EURO ABBOTT IRELAND FINANCING (REG) (REG S) 0.875% 27/09/2023 7,350,000 65,795,233 0.38 ALLERGAN FUNDING SCS (REG) 2.625% 1 5/11/2028 7,400,000 66,828,301 0.38 AVIVA PLC (SER EMTN) (REG S) (BR) 1 .875% 13/11/2027 6,900,000 61,475,466 0.35 BUNDESOBLIGATION SER 178 0% 13/10/2023 164,375,000 1,493,847,030 8.52 BUNDESREPUB. DEUTSCHLAND (REG S) (BR) 0.25% 15/08/2028 124,150,000 1,112,368,734 6.34 BUONI POLIENNALI DE TES 2.15% 01/12/2025 15,775,000 139,053,400 0.79 BUONI POLIENNALI DE TES 3.75% 01/08/2027 7,750,000 66,820,577 0.38 BUONI POLIENNALI DEL TES (BR) 0.95% 01/03/2023 29,400,000 256,702,585 1.46


SCHEDULE OF INVESTMENTS (UNAUDITED) WORLD BOND FUND (CONTINUED) Fidelity Advantage Portfolio Fund - World Bond Fund is a feeder fund investing only in the Fidelity Global Investment Fund - Global Bond Fund. The investment portfolio of the Fidelity Global Investment Fund - Global Bond Fund as at 31st December 2018 is as follows:

Holdings Fair value % of Net Nominal value HK$ Asset Value Bonds AUSTRALIAN DOLLAR

AUSTRALIAN (GOVT OF) SER 139 (REG S) 3.25% 21/04/2025 52,000,000 305,602,345 1.74 BRITISH POUND UK TREASURY (REG S) (REG) 1.5% 22/07/2047 33,750,000 312,868,147 1.78 UK TREASURY (REG S) (REG) 2% 07/09/2025 28,550,000 303,087,236 1.73 UK TREASURY (REG) (REG S) 1.25% 22/07/2027 27,475,000 275,672,674 1.57 CANADIAN DOLLAR CANADA (GOVT OF) 2% 01/11/2020 48,350,000 277,853,025 1.58 CANADIAN (GOVT OF) (REG) 1.5% 01/06/2023 48,950,000 276,095,872 1.57

EURO ABBOTT IRELAND FINANCING (REG) (REG S) 0.875% 27/09/2023 7,350,000 65,795,233 0.38 ALLERGAN FUNDING SCS (REG) 2.625% 1 5/11/2028 7,400,000 66,828,301 0.38 AVIVA PLC (SER EMTN) (REG S) (BR) 1 .875% 13/11/2027 6,900,000 61,475,466 0.35 BUNDESOBLIGATION SER 178 0% 13/10/2023 164,375,000 1,493,847,030 8.52 BUNDESREPUB. DEUTSCHLAND (REG S) (BR) 0.25% 15/08/2028 124,150,000 1,112,368,734 6.34 BUONI POLIENNALI DE TES 2.15% 01/12/2025 15,775,000 139,053,400 0.79 BUONI POLIENNALI DE TES 3.75% 01/08/2027 7,750,000 66,820,577 0.38 BUONI POLIENNALI DEL TES (BR) 0.95% 01/03/2023 29,400,000 256,702,585 1.46


SCHEDULE OF INVESTMENTS (UNAUDITED) WORLD BOND FUND (CONTINUED)

Holdings Fair value % of Net Nominal value HK$ Asset Value Bonds (Continued) EURO (Continued)

BUONI POLIENNALI DEL TES (BR) 2% 15/12/2021 29,900,000 276,506,617 1.58 BUONI POLIENNALI DEL TES (BR) 2.05% 01/09/2024 14,750,000 143,994,588 0.82 BUONI POLIENNALI DEL TES (BR) 2.8% 01/12/2028 11,400,000 102,726,218 0.59 BUONI POLIENNALI DEL TES SER CPI (REG S) (BR) 1.3% 15/05/2028 3,575,000 31,826,638 0.18 BUONI POLIENNALI DEL TES SER CPI (REG S) 1.25% 15/09/2032 15,575,000 132,111,560 0.75 EFSF (SER EMTN) (REG S) (BR) .2% 17 /01/2024 50,000,000 449,260,294 2.56 GENERAL ELECTRIC CO 1.25% 26/05/2023 1,000,000 8,592,296 0.05 PETROLEOS MEXICANOS (REG) (REG S) 3.625% 24/11/2025 3,950,000 32,390,753 0.18 PHOENIX GRP HLD PLC (REG S) (REG) SER (EMTN) 4.375% 24/01/2029 4,850,000 37,457,708 0.21 REPUBLIC OF AUSTRIA (REG S) 2.1% 20/09/2049 9,000,000 93,855,717 0.53 STRYKER CORP (SER 5YR) 1.125% 30/11 /2023 7,000,000 63,474,708 0.36 STRYKER CORP 2.125% 30/11/2027 5,575,000 51,413,294 0.29 VOLKSWAGEN INTL FIN NV (REG S) (BR) 3.25% 18/11/2030 19,700,000 177,648,588 1.01 VOLKSWAGEN INTL FIN NV (REG S) (BR) 4.125% 16/11/2038 17,600,000 163,697,004 0.93

JAPANESE YEN JAPAN (10 YR ISSUE) SER 350 0.1% 20/03/2028 933,000,000 67,445,826 0.38 JAPAN (10 YR ISSUE) SER 351 0.10% 20/06/2028

4,900,000,000 353,738,047 2.02

JAPAN (30 YEAR ISSUE) SER 57 0.8% 20/12/2047

5,600,000,000 409,239,337 2.33



Holdings Fair value % of Net Nominal value HK$ Asset Value Bonds (Continued) JAPANESE YEN (Continued)

JAPAN (GOVT OF) (5 YEAR ISSUE) SER 128 0.1% 20/06/2021 4,100,000,000 294,425,449 1.68

MALAYSIAN RINGGIT MALAYSIAN (GOVT OF) SER 0902 4.378% 29/11/2019 26,000,000 49,660,054 0.28

MEXICAN PESO MEX BONOS DESARR FIX RT SER M 5.75% 05/03/2026 310,000,000 104,310,857 0.59

NORWEGIAN KRONE NORWEGIAN GOVERNMENT (REG S) SER 479 1.75% 17/02/2027 293,600,000 266,677,720 1.52 NORWEGIAN GOVERNMENT SER 477 (REG S) 1.75% 13/03/2025 145,000,000 132,710,799 0.76

POLISH ZLOTY

POLAND GOVERNMENT BOND SER 721 1.75% 25/07/2021 29,200,000 61,046,089 0.35

SOUTH AFRICAN RAND SOUTH AFRICA (REP OF) (SER R213) 7% 28/02/2031 172,300,000 77,150,253 0.44

SWEDISH KRONER SWEDISH GOVERNMENT SER 1054 3.5% 01/06/2022 50,000,000 49,764,815 0.28

UNITED STATES DOLLAR AETNA INC (REG) 2.75% 15/11/2022 10,450,000 78,543,221 0.45 BP CAPITAL MARKETS PLC (REG) (REG S) SER EMTN 2.518% 16/01/2020 2,000,000 15,564,278 0.09 CHARTER COMM OPT LLC/CAP (REG) 6.384% 23/10/2035 1,950,000 15,767,387 0.09



Holdings Fair value % of Net Nominal value HK$ Asset Value Bonds (Continued) JAPANESE YEN (Continued)

JAPAN (GOVT OF) (5 YEAR ISSUE) SER 128 0.1% 20/06/2021 4,100,000,000 294,425,449 1.68

MALAYSIAN RINGGIT MALAYSIAN (GOVT OF) SER 0902 4.378% 29/11/2019 26,000,000 49,660,054 0.28

MEXICAN PESO MEX BONOS DESARR FIX RT SER M 5.75% 05/03/2026 310,000,000 104,310,857 0.59

NORWEGIAN KRONE NORWEGIAN GOVERNMENT (REG S) SER 479 1.75% 17/02/2027 293,600,000 266,677,720 1.52 NORWEGIAN GOVERNMENT SER 477 (REG S) 1.75% 13/03/2025 145,000,000 132,710,799 0.76

POLISH ZLOTY

POLAND GOVERNMENT BOND SER 721 1.75% 25/07/2021 29,200,000 61,046,089 0.35

SOUTH AFRICAN RAND SOUTH AFRICA (REP OF) (SER R213) 7% 28/02/2031 172,300,000 77,150,253 0.44

SWEDISH KRONER SWEDISH GOVERNMENT SER 1054 3.5% 01/06/2022 50,000,000 49,764,815 0.28

UNITED STATES DOLLAR AETNA INC (REG) 2.75% 15/11/2022 10,450,000 78,543,221 0.45 BP CAPITAL MARKETS PLC (REG) (REG S) SER EMTN 2.518% 16/01/2020 2,000,000 15,564,278 0.09 CHARTER COMM OPT LLC/CAP (REG) 6.384% 23/10/2035 1,950,000 15,767,387 0.09




Nominal value HK$ Asset Value

Bonds (Continued) UNITED STATES DOLLAR (Continued)

CHARTER COMM OPT LLC/CAP (REG) 6.834% 23/10/2055 2,350,000 18,620,312 0.11 DOWDUPONT INC (REG) 4.205% 15/11/2023 10,575,000 84,722,853 0.48 DOWDUPONT INC (REG) 4.493% 15/11/2025 5,500,000 44,347,670 0.25 DOWDUPONT INC (REG) 5.419% 15/11/2048 8,800,000 71,974,588 0.41 ENI SPA (SER X-R) (REG) 4.75% 12/09/2028 1,600,000 12,251,116 0.07 GENERAL ELECTRIC CO (REG) 2.7% 09/10/2022 3,550,000 25,807,742 0.15 INDONESIA ASAHAN ALUMINI (SER REGS) (REG S) 5.23% 15/11/2021 6,650,000 52,858,130 0.30 INDONESIA ASAHAN ALUMINI (SER REGS) (REG S) 5.71% 15/11/2023 1,525,000 12,166,734 0.07 INDONESIA ASAHAN ALUMINI (SER REGS) (REG S) 6.53% 15/11/2028 2,875,000 23,664,338 0.13 LENNAR CORP (REG) 5.25% 01/06/2026 1,550,000 11,589,395 0.07 STANDARD INDUSTRIES INC SER (144A) (REG) 5% 15/02/2027 4,755,000 33,431,246 0.19 SVENSKA HANDELSBANKEN AB (SER BKNT) (REG) 3.9% 20/11/2023 3,450,000 27,288,663 0.16 SYNGENTA FINANCE NV SER 144A (REG) 5.676% 24/04/2048 925,000 6,033,832 0.03 TOLL BROS FINANCE CORP (REG) 4.875% 15/03/2027 2,150,000 15,317,450 0.09 TSY INFL IX N/B 0.625% 15/04/2023 18,250,000 143,183,343 0.82 US GOVERNMENT 0.125% 15/04/2022 18,250,000 143,787,543 0.82 US TREASURY 2.875% 15/11/2021 32,400,000 256,534,646 1.46





US TREASURY 2.875% 31/10/2023 221,209,500

1,760,679,282 10.04

US TREASURY 3.125% 15/11/2028 328,100,000

2,666,143,554 15.20

US TREASURY N/B 3% 15/08/2048 89,450,000 697,709,100 3.98 US TREASURY N/B 3% 31/10/2025 33,750,000 271,094,302 1.55 WELLS FARGO BANK NA (REG) SER BKNT 3.55% 14/08/2023 10,450,000 81,538,531 0.46

Floating rate notes EURO

ASR NEDERLAND (REG S) (BR) VAR PERP 1,850,000 17,111,580 0.10 CITIGROUP INC SER EMTN REGS (REG) VAR 24/07/2026 4,300,000 38,107,979 0.22

UNITED STATES DOLLAR PRUDENTIAL PLC SER (EMTN) (REG S) (BR) VAR 20/10/2048 6,300,000 48,484,409 0.28 SANTANDER UK GROUP HLDGS (REG) VAR 15/11/2024 5,350,000 41,777,697 0.24 VODAFONE GROUP PLC (REG S) (BR) VAR 03/10/2078 1,825,000 13,307,797 0.08

Money market instruments EURO

BUNDESOBLIGATION (SER 169) (REG S) (BR) 0.5% 12/04/2019 119,650,000

1,074,663,845 6.13

JAPANESE YEN

JAPAN (5 YEAR ISSUE) (SER 120) 0.2% 20/09/2019

2,325,000,000 166,326,277 0.95

Forward foreign exchange contracts BUY USD SELL CAD 1.336845 17/01/2019 10,596,334 0.06 BUY USD SELL EUR 1.14246 17/01/2019 (280,562) 0.00





US TREASURY 2.875% 31/10/2023 221,209,500

1,760,679,282 10.04

US TREASURY 3.125% 15/11/2028 328,100,000

2,666,143,554 15.20

US TREASURY N/B 3% 15/08/2048 89,450,000 697,709,100 3.98 US TREASURY N/B 3% 31/10/2025 33,750,000 271,094,302 1.55 WELLS FARGO BANK NA (REG) SER BKNT 3.55% 14/08/2023 10,450,000 81,538,531 0.46

Floating rate notes EURO

ASR NEDERLAND (REG S) (BR) VAR PERP 1,850,000 17,111,580 0.10 CITIGROUP INC SER EMTN REGS (REG) VAR 24/07/2026 4,300,000 38,107,979 0.22

UNITED STATES DOLLAR PRUDENTIAL PLC SER (EMTN) (REG S) (BR) VAR 20/10/2048 6,300,000 48,484,409 0.28 SANTANDER UK GROUP HLDGS (REG) VAR 15/11/2024 5,350,000 41,777,697 0.24 VODAFONE GROUP PLC (REG S) (BR) VAR 03/10/2078 1,825,000 13,307,797 0.08

Money market instruments EURO

BUNDESOBLIGATION (SER 169) (REG S) (BR) 0.5% 12/04/2019 119,650,000

1,074,663,845 6.13

JAPANESE YEN

JAPAN (5 YEAR ISSUE) (SER 120) 0.2% 20/09/2019

2,325,000,000 166,326,277 0.95

Forward foreign exchange contracts BUY USD SELL CAD 1.336845 17/01/2019 10,596,334 0.06 BUY USD SELL EUR 1.14246 17/01/2019 (280,562) 0.00



Holdings Fair value % of Net Nominal value HK$ Asset Value Forward foreign exchange contracts(Continued)

BUY USD SELL JPY 112.7113 17/01/2019 (84,232) 0.00 BUY USD SELL NOK 8.5018 17/01/2019 6,544,264 0.04

──────────── ───── TOTAL INVESTMENTS 16,632,370,498 94.81 OTHER NET ASSETS 909,896,234 5.19 ──────────── ───── NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 31ST DECEMBER 2018 17,542,266,732 100.00 ════════════ ═════


INVESTMENT PORTFOLIO MOVEMENTS (UNAUDITED) ASIA PACIFIC EQUITY FUND

Portfolio holdings (units)

1st January

2018 Additions Disposals 31st December

2018 Quoted investments Fund Established in Hong Kong Fidelity Global Investment Fund - Asia Pacific Equity Fund – Class B 60,621,004 16,048,188 16,268,839 60,400,353


INVESTMENT PORTFOLIO MOVEMENTS (UNAUDITED) ASIA PACIFIC EQUITY FUND


1st January


2018 Quoted investments Fund Established in Hong Kong Fidelity Global Investment Fund - Asia Pacific Equity Fund – Class B 60,621,004 16,048,188 16,268,839 60,400,353


INVESTMENT PORTFOLIO MOVEMENTS (UNAUDITED) BALANCED FUND


1st January


2018 Quoted investments Funds Established in Hong Kong Fidelity Global Investment Fund - Americas Equity Fund

– Class B 80,118,487

10,735,734 22,186,212 68,668,009 - Asia Pacific Equity Fund

– Class B 70,562,405 7,048,357 17,703,376 59,907,386 - European Equity Fund

– Class B 100,898,568

19,918,694 21,028,863 99,788,399 - Global Bond Fund – Class B 177,626,720 46,181,023 30,243,783 193,563,960 - Hong Kong Bond Fund

– Class B 21,992,282 6,959,353 3,258,169 25,693,466 - Hong Kong Equity Fund

– Class B 198,797,206

32,648,979 45,504,517 185,941,668 - Japanese Equity Fund

– Class B 66,382,662

12,263,699 13,160,899 65,485,462 - US$ Money Fund – Class B 7,752,626 3,956,483 5,176,948 6,532,161


INVESTMENT PORTFOLIO MOVEMENTS (UNAUDITED) CAPITAL STABLE FUND


1st January


2018 Quoted investments Funds Established in Hong Kong Fidelity Global Investment Fund

- Americas Equity Fund – Class B 12,486,981 3,060,725 4,603,788 10,943,918 - Asia Pacific Equity Fund – Class B 10,906,520 2,470,082 4,480,097 8,896,505 - European Equity Fund – Class B 14,034,062 5,793,103 4,752,890 15,074,275 - Global Bond Fund – Class B

156,920,940

50,992,713 34,426,254 173,487,399

- HK$ Money Fund – Class B 2,607,758 699,159 591,091 2,715,826

- Hong Kong Bond Fund – Class B 17,177,370 5,318,092 3,689,481 18,805,981 - Hong Kong Equity Fund – Class B 28,453,433

10,676,027 10,739,528 28,389,932

- Japanese Equity Fund – Class B 10,785,397 3,509,103 3,478,883 10,815,617 - US$ Money Fund – Class B 4,488,442 2,157,036 2,264,689 4,380,789


INVESTMENT PORTFOLIO MOVEMENTS (UNAUDITED) CAPITAL STABLE FUND


1st January


2018 Quoted investments Funds Established in Hong Kong Fidelity Global Investment Fund

- Americas Equity Fund – Class B 12,486,981 3,060,725 4,603,788 10,943,918 - Asia Pacific Equity Fund – Class B 10,906,520 2,470,082 4,480,097 8,896,505 - European Equity Fund – Class B 14,034,062 5,793,103 4,752,890 15,074,275 - Global Bond Fund – Class B

156,920,940

50,992,713 34,426,254 173,487,399

- HK$ Money Fund – Class B 2,607,758 699,159 591,091 2,715,826

- Hong Kong Bond Fund – Class B 17,177,370 5,318,092 3,689,481 18,805,981 - Hong Kong Equity Fund – Class B 28,453,433

10,676,027 10,739,528 28,389,932



INVESTMENT PORTFOLIO MOVEMENTS (UNAUDITED) FIDELITY ADVANTAGE PORTFOLIO FUND - INVESCO ASIAN EQUITY FUND Portfolio holdings (units)

1st January


2018 Quoted investments Fund Established in Hong Kong Invesco Funds Series - Invesco Asian Equity Fund

– Class A 7,356,368 2,080,995 3,355,106 6,082,257


INVESTMENT PORTFOLIO MOVEMENTS (UNAUDITED) FIDELITY ADVANTAGE PORTFOLIO FUND - TRACKER FUND PORTFOLIO Portfolio holdings (units)

1st January


2018 Quoted investments Fund Established in Hong Kong Tracker Fund of Hong Kong (TraHK)

13,117,000

6,583,000 5,146,000 14,554,000


INVESTMENT PORTFOLIO MOVEMENTS (UNAUDITED) FIDELITY ADVANTAGE PORTFOLIO FUND - TRACKER FUND PORTFOLIO Portfolio holdings (units)

1st January


2018 Quoted investments Fund Established in Hong Kong Tracker Fund of Hong Kong (TraHK)

13,117,000

6,583,000 5,146,000 14,554,000


INVESTMENT PORTFOLIO MOVEMENTS (UNAUDITED) GLOBAL EQUITY FUND


1st January



– Class B 25,558,582 13,260,620

12,847,883 25,971,319 - Asia Pacific Equity Fund


– Class B 13,350,984 8,764,508 8,339,575 13,775,917 - Hong Kong Equity Fund

– Class B 1,106,455 2,108,804 2,068,835 1,146,424 - Japanese Equity Fund

– Class B 5,268,879 3,295,530 2,904,978 5,659,431 - US$ Money Fund – Class B - 336,177 324,042 12,135


INVESTMENT PORTFOLIO MOVEMENTS (UNAUDITED) GROWTH FUND


1st January


2018 Quoted investments Funds Established in Hong Kong Fidelity Global Investment Fund - Americas Equity Fund – Class B 93,279,989 13,296,838

30,460,917 76,115,910

- Asia Pacific Equity Fund – Class B 86,197,406 10,239,842

25,528,427 70,908,821

- European Equity Fund – Class B

119,659,752 22,216,367

30,250,851 111,625,268

- Global Bond Fund – Class B 18,380,747 26,599,137 6,366,044 38,613,840 - HK$ Money Fund – Class B 146,556 - - 146,556 - Hong Kong Bond Fund – Class B 6,061,022 5,260,130 809,582 10,511,570 - Hong Kong Equity Fund – Class B

228,176,143 38,746,154

66,842,882 200,079,415

- Japanese Equity Fund – Class B 81,194,945 16,117,062

22,518,102 74,793,905

- US$ Money Fund – Class B 2,813,200 4,968,103 4,157,200 3,624,103


INVESTMENT PORTFOLIO MOVEMENTS (UNAUDITED) GROWTH FUND


1st January


2018 Quoted investments Funds Established in Hong Kong Fidelity Global Investment Fund - Americas Equity Fund – Class B 93,279,989 13,296,838

30,460,917 76,115,910

- Asia Pacific Equity Fund – Class B 86,197,406 10,239,842

25,528,427 70,908,821

- European Equity Fund – Class B

119,659,752 22,216,367

30,250,851 111,625,268

- Global Bond Fund – Class B 18,380,747 26,599,137 6,366,044 38,613,840 - HK$ Money Fund – Class B 146,556 - - 146,556 - Hong Kong Bond Fund – Class B 6,061,022 5,260,130 809,582 10,511,570 - Hong Kong Equity Fund – Class B

228,176,143 38,746,154

66,842,882 200,079,415

- Japanese Equity Fund – Class B 81,194,945 16,117,062

22,518,102 74,793,905

- US$ Money Fund – Class B 2,813,200 4,968,103 4,157,200 3,624,103


INVESTMENT PORTFOLIO MOVEMENTS (UNAUDITED) HK DOLLAR MONEY FUND


1st January


2018 Quoted investments Fund Established in Hong Kong Fidelity Global Investment Fund - HK$ Money Fund – Class B 227,987,478 184,573,018 136,122,280 276,438,216


INVESTMENT PORTFOLIO MOVEMENTS (UNAUDITED) HONG KONG BOND FUND


1st January


2018 Quoted investments Fund Established in Hong Kong Fidelity Global Investment Fund - Hong Kong Bond Fund – Class B 22,126,198

7,815,766 9,076,417 20,865,547


INVESTMENT PORTFOLIO MOVEMENTS (UNAUDITED) HONG KONG BOND FUND


1st January


2018 Quoted investments Fund Established in Hong Kong Fidelity Global Investment Fund - Hong Kong Bond Fund – Class B 22,126,198

7,815,766 9,076,417 20,865,547


INVESTMENT PORTFOLIO MOVEMENTS (UNAUDITED) HONG KONG EQUITY FUND


1st January


2018 Quoted investments Fund Established in Hong Kong Fidelity Global Investment Fund - Hong Kong Equity Fund – Class B 158,286,567 74,437,680

92,689,221 140,035,026


INVESTMENT PORTFOLIO MOVEMENTS (UNAUDITED) RMB BOND FUND


1st January


2018 Quoted investments Fund Established in Hong Kong Fidelity Global Investment Fund - RMB Bond Fund – Class B 114,806 339,656 206,596 247,866


INVESTMENT PORTFOLIO MOVEMENTS (UNAUDITED) RMB BOND FUND


1st January


2018 Quoted investments Fund Established in Hong Kong Fidelity Global Investment Fund - RMB Bond Fund – Class B 114,806 339,656 206,596 247,866


INVESTMENT PORTFOLIO MOVEMENTS (UNAUDITED) STABLE GROWTH FUND


1st January



– Class B 18,497,157 2,817,264 6,086,576 15,227,845 - Asia Pacific Equity Fund


– Class B 22,776,518 5,503,951 6,531,920 21,748,549 - Global Bond Fund – Class B 109,645,764 24,418,985 24,963,194 109,101,555 - HK$ Money Fund – Class B 1,052,841 166,787 262,402 957,226

- Hong Kong Bond Fund – Class B 11,894,978 3,348,597 2,586,221 12,657,354

- Hong Kong Equity Fund – Class B 44,419,516 9,507,895 13,548,345 40,379,066



INVESTMENT PORTFOLIO MOVEMENTS (UNAUDITED) US DOLLAR MONEY FUND


1st January


2018 Quoted investments Fund Established in Hong Kong Fidelity Global Investment Fund - US$ Money Fund – Class B 29,884,415 26,343,492 14,165,170 42,062,737


INVESTMENT PORTFOLIO MOVEMENTS (UNAUDITED) US DOLLAR MONEY FUND


1st January


2018 Quoted investments Fund Established in Hong Kong Fidelity Global Investment Fund - US$ Money Fund – Class B 29,884,415 26,343,492 14,165,170 42,062,737


INVESTMENT PORTFOLIO MOVEMENTS (UNAUDITED) WORLD BOND FUND


1st January


2018 Quoted investments Fund Established in Hong Kong Fidelity Global Investment Fund - Global Bond Fund – Class B 30,483,695 26,383,187 18,522,773 38,344,109


PERFORMANCE TABLE (UNAUDITED) 1 Net asset values as at year end

2018 2017 2016 Net assets

Asia Pacific Equity Fund US$ 114,589,515 129,147,911 100,973,226

Balanced Fund US$ 1,327,456,334 1,528,803,446 1,308,552,722

Capital Stable Fund US$ 485,049,848 485,658,061 421,830,781

Fidelity Advantage Portfolio Fund - Invesco

Asian Equity Fund US$ 49,282,842 69,392,481 51,800,778

Fidelity Advantage Portfolio Fund - Tracker

Fund Portfolio HK$ 381,943,487 393,484,732 315,301,057

Global Equity Fund US$ 116,567,793 126,956,281 119,035,809

Growth Fund US$ 1,143,023,310 1,415,162,084 1,164,852,799

HK Dollar Money Fund HK$ 2,837,798,414 2,316,675,655 1,829,106,968

Hong Kong Bond Fund HK$ 259,662,701 270,885,041 215,070,372

Hong Kong Equity Fund HK$ 1,900,265,790 2,441,941,589 2,110,613,142

RMB Bond Fund HK$ 26,734,640 12,400,426 3,383,978

Stable Growth Fund US$ 409,382,315 470,955,781 406,374,961

US Dollar Money Fund US$ 440,628,106 306,826,958 253,543,215

World Bond Fund US$ 58,052,550 46,380,207 42,282,045

Net asset value per ordinary unit

Asia Pacific Equity Fund US$ 26.11 29.55 21.88

Balanced Fund US$ 43.47 48.02 38.92

Capital Stable Fund US$ 34.11 35.76 31.39


Asian Equity Fund US$ 22.01 25.59 17.98


Fund Portfolio HK$ 21.23 23.80 17.16

Global Equity Fund US$ 26.77 29.92 24.92

Growth Fund US$ 46.75 53.09 41.41

HK Dollar Money Fund HK$ 67.99 67.21 66.97

Hong Kong Bond Fund HK$ 71.27 70.68 68.09

Hong Kong Equity Fund HK$ 236.75 271.26 190.12

RMB Bond Fund HK$ 104.50 105.57 96.58

Stable Growth Fund US$ 44.14 47.53 40.00

US Dollar Money Fund US$ 16.76 16.48 16.37

World Bond Fund US$ 16.23 16.44 15.20


PERFORMANCE TABLE (UNAUDITED) 1 Net asset values as at year end

2018 2017 2016 Net assets

Asia Pacific Equity Fund US$ 114,589,515 129,147,911 100,973,226

Balanced Fund US$ 1,327,456,334 1,528,803,446 1,308,552,722

Capital Stable Fund US$ 485,049,848 485,658,061 421,830,781


Asian Equity Fund US$ 49,282,842 69,392,481 51,800,778


Fund Portfolio HK$ 381,943,487 393,484,732 315,301,057

Global Equity Fund US$ 116,567,793 126,956,281 119,035,809

Growth Fund US$ 1,143,023,310 1,415,162,084 1,164,852,799

HK Dollar Money Fund HK$ 2,837,798,414 2,316,675,655 1,829,106,968

Hong Kong Bond Fund HK$ 259,662,701 270,885,041 215,070,372

Hong Kong Equity Fund HK$ 1,900,265,790 2,441,941,589 2,110,613,142

RMB Bond Fund HK$ 26,734,640 12,400,426 3,383,978

Stable Growth Fund US$ 409,382,315 470,955,781 406,374,961

US Dollar Money Fund US$ 440,628,106 306,826,958 253,543,215

World Bond Fund US$ 58,052,550 46,380,207 42,282,045

Net asset value per ordinary unit









Growth Fund US$ 46.75 53.09 41.41




RMB Bond Fund HK$ 104.50 105.57 96.58





PERFORMANCE TABLE (UNAUDITED) 1 Net asset values as at year end (Continued)

2018 2017 2016

Net asset value per administration unit









Growth Fund US$ 42.04 47.96 37.58




RMB Bond Fund HK$ 102.97 104.49 96.02




Net asset value per savings unit









Growth Fund US$ 41.70 47.60 37.31




RMB Bond Fund HK$ 102.80 104.37 95.95





PERFORMANCE TABLE (UNAUDITED) 2 Highest issue price per unit during the year

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009

Ordinary units

Asia Pacific Equity Fund US$ 31.85 29.56 23.67 24.91 23.87 21.67 20.42 20.83 19.87 17.24

Balanced Fund US$ 51.20 48.02 40.92 43.12 40.60 38.51 34.09 34.31 33.16 30.20

Capital Stable Fund US$ 37.09 35.76 33.28 33.26 33.02 31.66 30.19 29.15 28.73 26.87

Fidelity Advantage Portfolio

Fund - Invesco Asian

Equity Fund US$ 27.45 25.65 19.72 20.03 20.06 17.63 15.94 16.58 16.18 12.92


Fund - Tracker Fund

Portfolio HK$ 26.39 23.96 18.81 21.20 18.74 17.33 16.03 16.42 16.79 15.25

Global Equity Fund US$ 32.01 29.97 25.20 26.09 24.66 23.01 18.50 18.61 17.34 15.43

Growth Fund US$ 57.39 53.09 43.36 46.99 43.07 40.65 34.65 35.69 34.27 30.81

HK Dollar Money Fund HK$ 67.99 67.21 66.97 66.79 66.73 66.67 66.67 66.61 66.61 66.62

Hong Kong Bond Fund HK$ 71.27 71.89 71.35 68.85 67.45 66.39 65.94 63.94 61.23 58.15

Hong Kong Equity Fund HK$ 300.80 271.29 209.02 240.58 204.30 192.79 174.46 192.20 195.07 170.55

RMB Bond Fund1 HK$ 110.16 105.56 101.48 1102.18 N/A N/A N/A N/A N/A N/A

Stable Growth Fund US$ 50.01 47.53 42.30 43.32 41.89 39.93 36.69 36.04 35.14 32.40

US Dollar Money Fund US$ 16.76 16.48 16.37 16.31 16.30 16.29 16.28 16.26 16.26 16.26

World Bond Fund US$ 16.77 16.62 16.54 15.82 16.51 15.98 16.00 15.47 14.79 14.06

Administration units


Balanced Fund US$ 46.25 43.40 37.20 39.44 37.24 35.44 31.51 31.95 30.95 28.30




Equity Fund US$ 26.00 24.32 18.80 19.21 19.29 17.01 15.44 16.18 15.84 12.69


Fund - Tracker Fund

Portfolio HK$ 25.00 22.72 17.93 20.33 18.03 16.73 15.54 16.04 16.43 14.99


Growth Fund US$ 51.83 47.97 39.40 42.97 39.49 37.39 32.02 33.23 31.97 28.87








1 The sub-fund was launched on 16th September 2015.


PERFORMANCE TABLE (UNAUDITED) 2 Highest issue price per unit during the year

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009

Ordinary units


Balanced Fund US$ 51.20 48.02 40.92 43.12 40.60 38.51 34.09 34.31 33.16 30.20




Equity Fund US$ 27.45 25.65 19.72 20.03 20.06 17.63 15.94 16.58 16.18 12.92


Fund - Tracker Fund

Portfolio HK$ 26.39 23.96 18.81 21.20 18.74 17.33 16.03 16.42 16.79 15.25


Growth Fund US$ 57.39 53.09 43.36 46.99 43.07 40.65 34.65 35.69 34.27 30.81










Balanced Fund US$ 46.25 43.40 37.20 39.44 37.24 35.44 31.51 31.95 30.95 28.30




Equity Fund US$ 26.00 24.32 18.80 19.21 19.29 17.01 15.44 16.18 15.84 12.69


Fund - Tracker Fund

Portfolio HK$ 25.00 22.72 17.93 20.33 18.03 16.73 15.54 16.04 16.43 14.99


Growth Fund US$ 51.83 47.97 39.40 42.97 39.49 37.39 32.02 33.23 31.97 28.87










PERFORMANCE TABLE (UNAUDITED) 2 Highest issue price per unit during the year (Continued)

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009

Savings units


Balanced Fund US$ 45.90 43.07 36.94 39.19 37.02 35.24 31.35 31.81 30.83 28.20


Fidelity Advantage

Portfolio Fund - Invesco

Asian Equity Fund US$ 25.85 24.18 18.70 19.12 19.21 16.95 15.39 16.14 15.80 12.67

Fidelity Advantage

Portfolio Fund - Tracker

Fund Portfolio HK$ 24.85 22.59 17.84 20.24 17.95 16.66 15.48 16.00 16.39 14.96


Growth Fund US$ 51.43 47.6 39.13 42.70 39.26 37.18 31.85 33.09 31.84 28.76










PERFORMANCE TABLE (UNAUDITED) 3 Lowest redemption price per unit during the year

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009

Ordinary units


Balanced Fund US$ 42.81 38.91 34.60 36.63 36.70 33.62 29.39 27.60 26.98 18.60


Fidelity Advantage



Fidelity Advantage




Growth Fund US$ 45.88 41.48 35.41 38.31 38.13 34.47 28.95 26.85 27.05 17.43










Balanced Fund US$ 38.52 35.32 31.53 33.44 33.75 31.00 27.23 25.65 25.23 17.49


Fidelity Advantage



Fidelity Advantage




Growth Fund US$ 41.26 37.64 32.26 34.97 35.06 31.78 26.82 24.94 25.29 16.39










PERFORMANCE TABLE (UNAUDITED) 3 Lowest redemption price per unit during the year

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009

Ordinary units


Balanced Fund US$ 42.81 38.91 34.60 36.63 36.70 33.62 29.39 27.60 26.98 18.60


Fidelity Advantage



Fidelity Advantage




Growth Fund US$ 45.88 41.48 35.41 38.31 38.13 34.47 28.95 26.85 27.05 17.43










Balanced Fund US$ 38.52 35.32 31.53 33.44 33.75 31.00 27.23 25.65 25.23 17.49


Fidelity Advantage



Fidelity Advantage




Growth Fund US$ 41.26 37.64 32.26 34.97 35.06 31.78 26.82 24.94 25.29 16.39










PERFORMANCE TABLE (UNAUDITED) 3 Lowest redemption price per unit during the year (Continued)

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009

Savings units


Balanced Fund US$ 38.21 35.07 31.32 33.22 33.56 30.84 27.10 25.54 25.13 17.43


Fidelity Advantage



Fidelity Advantage




Growth Fund US$ 40.93 37.37 32.05 34.74 34.86 31.61 26.69 24.83 25.19 16.33









fidelity advantage portfolio fund...fidelity advantage portfolio fund year ended 31st december 2018...

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