FIDELITY ADVANTAGE PORTFOLIO FUND. Annual Report and Accounts

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1 FIDELITY ADVANTAGE PORTFOLIO FUND Annual Report and Accounts December 2006

2 Fidelity Advantage Portfolio Fund Reports and Financial Statements Year ended 31st December 2006 Contents Pages Management and Administration 6 Report of the Manager 7-12 Report of the Trustee to the Unitholders 13 Report of the Auditors to the Trustee Statement of Net Assets Consolidated 16 Asia Pacific Equity Fund 17 Balanced Fund 18 Capital Stable Fund 19 Fidelity Advantage Portfolio Fund - Crédit Agricole Global Bond Fund 20 Fidelity Advantage Portfolio Fund - First State Hong Kong Growth Fund 21 Fidelity Advantage Portfolio Fund - INVESCO Asian Equity Fund 22 Fidelity Advantage Portfolio Fund - Schroder Asian Bond Fund 23 Fidelity Advantage Portfolio Fund - Templeton Global Fund 24 Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio 25 Global Equity Fund 26 Growth Fund 27 HK Dollar Money Fund 28 Hong Kong Bond Fund 29 Hong Kong Equity Fund 30 MultiManager Balanced Fund 31 MultiManager Capital Stable Fund 32 MultiManager Growth Fund 33 MultiManager Stable Growth Fund 34 Stable Growth Fund 35 US Dollar Money Fund 36 World Bond Fund 37

3 Fidelity Advantage Portfolio Fund Reports and Financial Statements Year ended 31st December 2006 Contents Pages Statement of Operations Consolidated 38 Asia Pacific Equity Fund 39 Balanced Fund 40 Capital Stable Fund 41 Fidelity Advantage Portfolio Fund - Crédit Agricole Global Bond Fund 42 Fidelity Advantage Portfolio Fund - First State Hong Kong Growth Fund 43 Fidelity Advantage Portfolio Fund - INVESCO Asian Equity Fund 44 Fidelity Advantage Portfolio Fund - Schroder Asian Bond Fund 45 Fidelity Advantage Portfolio Fund - Templeton Global Fund 46 Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio 47 Global Equity Fund 48 Growth Fund 49 HK Dollar Money Fund 50 Hong Kong Bond Fund 51 Hong Kong Equity Fund 52 MultiManager Balanced Fund 53 MultiManager Capital Stable Fund 54 MultiManager Growth Fund 55 MultiManager Stable Growth Fund 56 Stable Growth Fund 57 US Dollar Money Fund 58 World Bond Fund 59 Statement of Movements in Net Assets attributable to Unitholders Consolidated 60 Asia Pacific Equity Fund 61 Balanced Fund 62 Capital Stable Fund 63 Fidelity Advantage Portfolio Fund - Crédit Agricole Global Bond Fund 64 Fidelity Advantage Portfolio Fund - First State Hong Kong Growth Fund 65 Fidelity Advantage Portfolio Fund - INVESCO Asian Equity Fund 66 Fidelity Advantage Portfolio Fund - Schroder Asian Bond Fund 67 Fidelity Advantage Portfolio Fund - Templeton Global Fund 68 Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio 69 Global Equity Fund 70 Growth Fund 71 HK Dollar Money Fund 72 Hong Kong Bond Fund 73 Hong Kong Equity Fund 74 MultiManager Balanced Fund 75 MultiManager Capital Stable Fund 76 MultiManager Growth Fund 77 MultiManager Stable Growth Fund 78 Stable Growth Fund 79 US Dollar Money Fund 80 World Bond Fund 81

4 Fidelity Advantage Portfolio Fund Reports and Financial Statements Year ended 31st December 2006 Contents Pages Statement of Cash Flows Consolidated 82 Asia Pacific Equity Fund 83 Balanced Fund 84 Capital Stable Fund 85 Fidelity Advantage Portfolio Fund - Crédit Agricole Global Bond Fund 86 Fidelity Advantage Portfolio Fund - First State Hong Kong Growth Fund 87 Fidelity Advantage Portfolio Fund - INVESCO Asian Equity Fund 88 Fidelity Advantage Portfolio Fund - Schroder Asian Bond Fund 89 Fidelity Advantage Portfolio Fund - Templeton Global Fund 90 Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio 91 Global Equity Fund 92 Growth Fund 93 HK Dollar Money Fund 94 Hong Kong Bond Fund 95 Hong Kong Equity Fund 96 MultiManager Balanced Fund 97 MultiManager Capital Stable Fund 98 MultiManager Growth Fund 99 MultiManager Stable Growth Fund 100 Stable Growth Fund 101 US Dollar Money Fund 102 World Bond Fund 103 Notes to the Financial Statements Schedule of Investments Consolidated Asia Pacific Equity Fund 150 Balanced Fund 151 Capital Stable Fund 152 Fidelity Advantage Portfolio Fund - Crédit Agricole Global Bond Fund 153 Fidelity Advantage Portfolio Fund - First State Hong Kong Growth Fund 154 Fidelity Advantage Portfolio Fund - INVESCO Asian Equity Fund 155 Fidelity Advantage Portfolio Fund - Schroder Asian Bond Fund 156 Fidelity Advantage Portfolio Fund - Templeton Global Fund 157 Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio 158 Global Equity Fund 159 Growth Fund 160 HK Dollar Money Fund Hong Kong Bond Fund Hong Kong Equity Fund MultiManager Balanced Fund 172 MultiManager Capital Stable Fund 173 MultiManager Growth Fund 174 MultiManager Stable Growth Fund 175 Stable Growth Fund 176 US Dollar Money Fund World Bond Fund

5 Fidelity Advantage Portfolio Fund Reports and Financial Statements Year ended 31st December 2006 Contents Pages Investment Portfolio Movements Consolidated Asia Pacific Equity Fund 189 Balanced Fund 190 Capital Stable Fund 191 Fidelity Advantage Portfolio Fund - Crédit Agricole Global Bond Fund 192 Fidelity Advantage Portfolio Fund - First State Hong Kong Growth Fund 193 Fidelity Advantage Portfolio Fund - INVESCO Asian Equity Fund 194 Fidelity Advantage Portfolio Fund - Schroder Asian Bond Fund 195 Fidelity Advantage Portfolio Fund - Templeton Global Fund 196 Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio 197 Global Equity Fund 198 Growth Fund 199 HK Dollar Money Fund 200 Hong Kong Bond Fund 201 Hong Kong Equity Fund 202 MultiManager Balanced Fund 203 MultiManager Capital Stable Fund 204 MultiManager Growth Fund 205 MultiManager Stable Growth Fund 206 Stable Growth Fund 207 US Dollar Money Fund 208 World Bond Fund 209 Performance Table

6 Fidelity Advantage Portfolio Fund 6 Management and Administration Manager Fidelity International Limited Pembroke Hall 42 Crow Lane Hamilton HM 19 Bermuda Trustee and Registrar The Bank of Bermuda Limited 6 Front Street Hamilton HM 11 Bermuda Trustee s and Registrar s Agent HSBC Institutional Trust Services (Asia) Limited 1 Queen s Road Central Hong Kong Auditors PricewaterhouseCoopers 33rd Floor Cheung Kong Center 2 Queen s Road Central Hong Kong Legal Advisers (Bermuda Law) Conyers Dill & Pearman Clarendon House Church Street Hamilton HM 11 Bermuda (Hong Kong Law) Deacons 5th Floor Alexandra House Chater Road Central Hong Kong

7 Fidelity Advantage Portfolio Fund 7 Report of the Manager Annual Report As at 31st December 2006 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 Manager or from any of the companies registered as distributors of the Fidelity Advantage Portfolio Fund.

8 Fidelity Advantage Portfolio Fund 8 Report of the Manager 2006 Global Market Review United States Despite a volatile year, US equities reached a six-year high in December. Concerns about higher oil prices, a slowing economy and rising interest rates undermined investor confidence during the first half of the year, although strong corporate earnings provided encouragement. Towards the end of the year, investors took heart from falling oil prices and a series of M&A announcements. After growing at an annual rate of 5.6% in the first three months of 2006, the economy slowed to 2.6% in the second quarter and to 2.0% in the third. The slowdown was largely attributable to an increasingly weak housing market. However, robust consumer spending bolstered the GDP growth rate to 3.5% in the fourth quarter. Lower oil prices helped keep inflation in check later in the year. Against this backdrop, the Federal Reserve increased interest rates to 5.25% in four steps, but left them on hold in August, mainly in response to slower economic growth, reflecting, in part, the gradual cooling of the housing market. Europe European equities touched six-year highs towards the end of the year, despite having experienced a volatile May and June. The region s share prices drew support from a high level of takeover activity, coupled with generally upbeat corporate results and positive economic signs. Nevertheless, investors were concerned about the direction of oil prices and interest rates, as well as the slowing US growth rate. At sector level, utilities were among the best performers in 2006 in aggregate, as they benefited from M&A speculation in the segment. However, healthcare companies lagged amid fears that the victory of the Democrats in the US mid-term elections could result in increased government intervention in drug pricing. Economic growth in the eurozone was 0.5% in the third quarter of 2006, compared with 1.0% in the second. However, business confidence reached multi-year highs and unemployment fell across the region. Meanwhile, the European Central Bank implemented a series of rate hikes with the aim of maintaining price stability; its key rate reached 3.5% in December. Japan The Japanese equity markets ended the year in the positive territory despite charting an uneven course during the year. Large caps outperformed smaller companies during this period, reflecting investor preference for blue-chips amid increased uncertainty and market volatility. Japanese equities declined in the second quarter against the backdrop of falling global equities, relinquishing some of the gains accumulated in late 2005 and early There was a recovery in late July, as geopolitical tensions eased and the prospect of further monetary tightening in the US receded. Weak economic data in Japan and the US precipitated a surge in net selling by overseas investors in September. However, Japanese equities rose to a seven-month high in December. Investors drew confidence from the Bank of Japan s (BoJ) Tankan survey, a weaker yen, and buoyant global equity markets. However, at its final policy meeting for 2006, the BoJ decided to maintain its current interest rate target of 0.25%. Overall, the Japanese growth momentum has slowed, with the consumer and retail sectors not growing as strongly as expected. While rising wages and asset prices are likely to support consumer spending, slower global growth, a sharp appreciation in the value of the yen, and the timing and extent of any interest rate hikes could derail Japan s recovery.

9 Fidelity Advantage Portfolio Fund 9 Report of the Manager Pacific ex Japan Asian stock markets ended the year on a high note, marking the fourth year of an extended bull run. Asian equities significantly outperformed a majority of their global peers, primarily driven by high levels of liquidity, strong earnings, robust economic growth and acceleration in M&A activity. However, investment sentiment swung between extremes and markets charted an uneven course during the year. Although all the markets in the region, with the exception of Thailand, ended the review period in positive territory, there was considerable variation in performance. In December, Hong Kong s Hang Seng Index touched its all-time high amid increasing fund raising activity. Singapore s benchmark Straits Times Index also climbed to a record high driven by continued inflows of foreign funds. Elsewhere in the region, Taiwan s bourse surged to a six-year high due to spurt in net exports and M&A activity. Meanwhile, Korea s KOSPI ended the year very close to its historical high. Benchmark indices in India, Indonesia, Malaysia and China also hit new zeniths in December. Conversely, Thailand suffered from negative sentiment following the capital control measures announced by the government. In spite of these steps being partially recalled soon after, investor confidence was shaken. Bonds Global bond markets posted positive returns in 2006, although they began on a weak note due to rising oil prices and expectations of monetary policy tightening by the major central banks. However, oil prices eased after an unusually warm autumn lowered the consumption of heating fuel. Bonds rallied in the second half of the year amid concerns about a slowdown in the US and a decline in oil prices, although they subsequently fell in light of stronger-thanexpected US growth towards the end of the year. Investment-grade corporate bonds outperformed government-issued debt across major bond markets, except in Japan, where the reverse was true. Within corporate bonds, lower rated BBB bonds outperformed higher rated AAA issues. Sub-investment grade securities were the best performing asset class, reflecting investor sentiment in favour of high-yielding assets. US government bonds outperformed other major government bond markets, while European government bonds were the only ones to end 2006 with negative returns. All market returns are in local currency terms.

10 Fidelity Advantage Portfolio Fund 10 Report of the Manager Cumulative Total Returns NAV to NAV (in %, in Fund Currency) as at 31st December 2006 Fund Name Fund Class 6 Months 1 Year Since Launch Asia Pacific Equity Fund ^ Ordinary Administration To be available 6 months after fund launch Savings Balanced Fund Ordinary Administration Savings Capital Stable Fund Ordinary Administration Savings Fidelity Advantage Portfolio Fund - Crédit Agricole Global Bond Fund * Ordinary Administration Savings Fidelity Advantage Portfolio Fund - First State Hong Kong Growth Fund* Ordinary Administration Savings Fidelity Advantage Portfolio Fund - - INVESCO Asian Equity Fund * Ordinary Administration Savings Fidelity Advantage Portfolio Fund - - Schroder Asian Bond Fund * Ordinary Administration Savings Fidelity Advantage Portfolio Fund - - Templeton Global Fund * Ordinary Administration Savings Fidelity Advantage Portfolio Fund - - Tracker Fund Portfolio * Ordinary Administration Savings Global Equity Fund Ordinary Administration Savings Growth Fund Ordinary Administration Savings HK Dollar Money Fund Ordinary Administration Savings Hong Kong Bond Fund Ordinary Administration Savings Hong Kong Equity Fund Ordinary Administration Savings

11 Fidelity Advantage Portfolio Fund 11 Report of the Manager Fund Name Fund Class 6 Months 1 Year Since Launch MultiManager Balanced Fund * Ordinary Administration Savings MultiManager Capital Stable Fund * Ordinary Administration Savings MultiManager Growth Fund * Ordinary Administration Savings MultiManager Stable Growth Fund * Ordinary Administration Savings Stable Growth Fund Ordinary Administration Savings US Dollar Money Fund Ordinary Administration Savings World Bond Fund Ordinary Administration Savings ^ The fund was launched on 24th July * The fund was launched on 16th January 2006.

12 Fidelity Advantage Portfolio Fund 12 Report of the Manager Asset Allocation Breakdown (in %) As at 31st December 2006 Equity Fund Bond Fund Fund Name HK Japanese Asia Pacific Americas European Global HK Asian Global Money Market Fund(s) Cash & Others Asia Pacific Equity Fund Balanced Fund Capital Stable Fund Fidelity Advantage Portfolio Fund - Crédit Agricole Global Bond Fund Fidelity Advantage Portfolio Fund - First State Hong Kong Growth Fund Fidelity Advantage Portfolio Fund - INVESCO Asian Equity Fund Fidelity Advantage Portfolio Fund - Schroder Asian Bond Fund Fidelity Advantage Portfolio Fund - Templeton Global Fund Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio Global Equity Fund Growth Fund HKD Money Fund Hong Kong Bond Fund Hong Kong Equity Fund MultiManager Balanced Fund MultiManager Capital Stable Fund MultiManager Growth Fund MultiManager Stable Growth Fund Stable Growth Fund USD Money Fund World Bond Fund

13 Fidelity Advantage Portfolio Fund 13 Report of the Trustee to the Unitholders In our opinion, the Manager, Fidelity International Limited, has in all material respects managed the Fidelity Advantage Portfolio Fund for the year ended 31st December 2006 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 the agent of the Trustee

14 Fidelity Advantage Portfolio Fund 14 Report of the Auditors to the Trustee INDEPENDENT AUDITORS REPORT TO THE UNITHOLDERS OF FIDELITY ADVANTAGE PORTFOLIO FUND ( the Fund ) Report on the financial statements We have audited the financial statements of the Fund set out on pages 16 to 147, which comprise the Statement of Net Assets as at 31st December 2006, and the Statement of Operations, Statement of Movements in Net Assets Attributable to Unitholders and Statement of Cash Flows for the year then ended, and a summary of significant accounting policies and other explanatory notes. Management s responsibility for the accounts The Trustee and the Manager (the Management ) of the Fund, including its Sub Funds - Asia Pacific Equity Fund, Balanced Fund, Capital Stable Fund, Fidelity Advantage Portfolio Fund - Crédit Agricole Global Bond Fund, Fidelity Advantage Portfolio Fund - First State Hong Kong Growth Fund, Fidelity Advantage Portfolio Fund - INVESCO Asian Equity Fund, Fidelity Advantage Portfolio Fund - Schroder Asian Bond Fund, Fidelity Advantage Portfolio Fund - Templeton Global 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, MultiManager Balanced Fund, MultiManager Capital Stable Fund, MultiManager Growth Fund, MultiManager Stable Growth Fund, Stable Growth Fund, US Dollar Money Fund and World Bond Fund, are responsible for the preparation and the true and fair presentation of these accounts in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants and are responsible for ensuring that the accounts have been properly prepared in accordance with the relevant disclosure provisions of the Trust Deed dated 10th January 1995, and the relevant accounts disclosure specified in Appendix E of the Code on Unit Trusts and Mutual Funds established by the Securities and Futures Commission of Hong Kong (the SFC Code ). This responsibility includes designing, implementing and maintaining internal control relevant to the preparation and the true and fair presentation of accounts that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditors responsibility Our responsibility is to express an opinion on these accounts based on our audit and to report our opinion solely to the unitholders as a body and for no other purpose. We do not assume responsibility towards or accept liabilities to any other person for the contents of this report. We conducted our audit in accordance with Hong Kong Standards on Auditing issued by the Hong Kong Institute of Certified Public Accountants. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the accounts are free from material misstatement.

15 Fidelity Advantage Portfolio Fund 15 Report of the Auditors to the Trustee INDEPENDENT AUDITORS REPORT TO THE UNITHOLDERS OF FIDELITY ADVANTAGE PORTFOLIO FUND ( the Fund ) (Continued) Auditors responsibility (Continued) An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the accounts. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the accounts, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the Fund s preparation and true and fair presentation of the accounts in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by Management, as well as evaluating the overall presentation of the accounts. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the accounts give a true and fair view of the financial position of the Fund as of 31st December 2006, and of its financial transactions and its cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards. Report on other legal and regulatory disclosure requirements We report that the accounts have been properly prepared in accordance with the relevant disclosures provisions of the Trust Deed and the relevant accounts disclosures provisions specified in the SFC Code. Hong Kong, 20th April 2007

16 Fidelity Advantage Portfolio Fund - Consolidation 16 Statement of Net Assets As at 31st December 2006 Note Assets Investments 3 2,611,226,361 2,023,888,743 Amounts receivable on subscription of units 1,804,336 6,208,017 Amounts receivable on sale of investments 10,633,652 15,870,377 Other receivables 145, ,636 Interest receivables 1,015 - Cash and bank deposits 851, ,163 Total assets 2,624,662,782 2,046,200, Liabilities Amounts payable on redemption of units 3,802,796 9,021,640 Amounts payable on purchase of investments 8,444,009 6,699,643 Other payables 779, ,561 Total liabilities (excluding net assets attributable to unitholders) 13,026,539 16,432, Net assets attributable to unitholders 2,611,636,243 2,029,768,092 The accompanying notes form an integral part of these financial statements.

17 Fidelity Advantage Portfolio Fund - Asia Pacific Equity Fund 17 Statement of Net Assets As at 31st December 2006 Note 2006 Assets Investments 3 2,737,804 Amounts receivable on subscription of units 64,944 Amounts receivable on sale of investments 921 Other receivables 1,981 Cash and bank deposits 391 Total assets 2,806, Liabilities Amounts payable on redemption of units 921 Amounts payable on purchase of investments 64,944 Other payables 2,135 Total liabilities (excluding net assets attributable to unitholders) 68, Net assets attributable to unitholders 2,738,041 The accompanying notes form an integral part of these financial statements.

18 Fidelity Advantage Portfolio Fund - Balanced Fund 18 Statement of Net Assets As at 31st December 2006 Note Assets Investments 3 977,272, ,336,340 Amounts receivable on subscription of units 1,078,555 22,142 Amounts receivable on sale of investments 3,574,440 4,208,605 Interest receivables 68 - Cash and bank deposits 57,647 1,121 Total assets 981,983, ,568, Liabilities Amounts payable on redemption of units 770,059 2,364,252 Amounts payable on purchase of investments 3,829,009 1,865,276 Other payables 239, ,386 Total liabilities (excluding net assets attributable to unitholders) 4,838,322 4,460, Net assets attributable to unitholders 977,144, ,107,294 The accompanying notes form an integral part of these financial statements.

19 Fidelity Advantage Portfolio Fund - Capital Stable Fund 19 Statement of Net Assets As at 31st December 2006 Note Assets Investments 3 324,698, ,518,811 Amounts receivable on subscription of units 113,545 - Amounts receivable on sale of investments 1,532,283 3,638,341 Interest receivables 53 - Cash and bank deposits 61,690 2,328 Total assets 326,406, ,159, Liabilities Amounts payable on redemption of units 567,472 2,843,207 Amounts payable on purchase of investments 1,067, ,135 Other payables 91,672 92,094 Total liabilities (excluding net assets attributable to unitholders) 1,726,144 3,730, Net assets attributable to unitholders 324,679, ,429,044 The accompanying notes form an integral part of these financial statements.

20 Fidelity Advantage Portfolio Fund - Crédit Agricole Global Bond Fund 20 Statement of Net Assets As at 31st December 2006 Note 2006 Assets Investments 3 70,095 Other receivables 4,157 Cash and bank deposits 149 Total assets 74, Liabilities Amounts payable on purchase of investments 121 Other payables 4,154 Total liabilities (excluding net assets attributable to unitholders) 4, Net assets attributable to unitholders 70,126 The accompanying notes form an integral part of these financial statements.

21 Fidelity Advantage Portfolio Fund - First State Hong Kong Growth Fund 21 Statement of Net Assets As at 31st December 2006 Note 2006 Assets Investments 3 473,201 Other receivables 4,812 Cash and bank deposits 2,990 Total assets 481, Liabilities Amounts payable on purchase of investments 1,256 Other payables 4,944 Total liabilities (excluding net assets attributable to unitholders) 6, Net assets attributable to unitholders 474,803 The accompanying notes form an integral part of these financial statements.

22 Fidelity Advantage Portfolio Fund - INVESCO Asian Equity Fund 22 Statement of Net Assets As at 31st December 2006 Note 2006 Assets Investments 3 10,679,036 Other receivables 20,907 Interest receivables 26 Cash and bank deposits 9,200 Total assets 10,709, Liabilities Amounts payable on purchase of investments 2,083 Other payables 26,091 Total liabilities (excluding net assets attributable to unitholders) 28, Net assets attributable to unitholders 10,680,995 The accompanying notes form an integral part of these financial statements.

23 Fidelity Advantage Portfolio Fund - Schroder Asian Bond Fund 23 Statement of Net Assets As at 31st December 2006 Note 2006 Assets Investments 3 81,658 Other receivables 4,102 Cash and bank deposits 1,931 Total assets 87, Liabilities Amounts payable on purchase of investments 301 Other payables 4,156 Total liabilities (excluding net assets attributable to unitholders) 4, Net assets attributable to unitholders 83,234 The accompanying notes form an integral part of these financial statements.

24 Fidelity Advantage Portfolio Fund - Templeton Global Fund 24 Statement of Net Assets As at 31st December 2006 Note 2006 Assets Investments 3 783,923 Other receivables 5,271 Interest receivables 16 Cash and bank deposits 5,277 Total assets 794, Liabilities Amounts payable on purchase of investments 1,821 Other payables 5,885 Total liabilities (excluding net assets attributable to unitholders) 7, Net assets attributable to unitholders 786,781 The accompanying notes form an integral part of these financial statements.

25 Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio 25 Statement of Net Assets As at 31st December 2006 Note 2006 HK$ Assets Investments 3 1,648,200 Other receivables 31,215 Interest receivables 69 Cash and bank deposits 839 Total assets 1,680, Liabilities Other payables 33,330 Total liabilities (excluding net assets attributable to unitholders) 33, Net assets attributable to unitholders 1,646,993 The accompanying notes form an integral part of these financial statements.

26 Fidelity Advantage Portfolio Fund - Global Equity Fund 26 Statement of Net Assets As at 31st December 2006 Note Assets Investments 3 73,556,880 49,355,144 Amounts receivable on subscription of units 58,535 15,261 Amounts receivable on sale of investments 45,249 81,981 Other receivables 5,736 6,747 Interest receivables 9 - Cash and bank deposits 7, Total assets 73,674,284 49,459, Liabilities Amounts payable on redemption of units 45,249 81,981 Amounts payable on purchase of investments 58,535 15,261 Other payables 13,356 15,897 Total liabilities (excluding net assets attributable to unitholders) 117, , Net assets attributable to unitholders 73,557,144 49,346,039 The accompanying notes form an integral part of these financial statements.

27 Fidelity Advantage Portfolio Fund - Growth Fund 27 Statement of Net Assets As at 31st December 2006 Note Assets Investments 3 579,580, ,534,494 Amounts receivable on subscription of units 60,478 6,079 Amounts receivable on sale of investments 2,437,417 6,027,357 Interest receivables 39 1 Cash and bank deposits 37,150 1,543 Total assets 582,115, ,569, Liabilities Amounts payable on redemption of units 765,080 2,805,674 Amounts payable on purchase of investments 1,731,002 2,977,336 Other payables 136, ,808 Total liabilities (excluding net assets attributable to unitholders) 2,632,230 5,900, Net assets attributable to unitholders 579,483, ,668,656 The accompanying notes form an integral part of these financial statements.

28 Fidelity Advantage Portfolio Fund - HK Dollar Money Fund 28 Statement of Net Assets As at 31st December 2006 Note HK$ HK$ Assets Investments 3 572,036, ,109,091 Amounts receivable on subscription of units 82,652 - Amounts receivable on sale of investments 985, ,427 Other receivables 2,158 92,565 Interest receivables Cash and bank deposits 540,804 1,149 Total assets 573,648, ,626, Liabilities Amounts payable on redemption of units 985, ,427 Other payables 307, ,450 Total liabilities (excluding net assets attributable to unitholders) 1,293, , Net assets attributable to unitholders 572,355, ,983,355 The accompanying notes form an integral part of these financial statements.

29 Fidelity Advantage Portfolio Fund - Hong Kong Bond Fund 29 Statement of Net Assets As at 31st December 2006 Note HK$ HK$ Assets Investments 3 32,399,347 18,994,761 Amounts receivable on sale of investments - 1,654 Other receivables 11,604 19,328 Cash and bank deposits 28, Total assets 32,439,852 19,015, Liabilities Amounts payable on redemption of units - 1,654 Other payables 69,943 87,353 Total liabilities (excluding net assets attributable to unitholders) 69,943 89, Net assets attributable to unitholders 32,369,909 18,926,977 The accompanying notes form an integral part of these financial statements.

30 Fidelity Advantage Portfolio Fund - Hong Kong Equity Fund 30 Statement of Net Assets As at 31st December 2006 Note HK$ HK$ Assets Investments 3 340,813, ,132,337 Amounts receivable on subscription of units 321,599 - Amounts receivable on sale of investments 233,743 3,175,058 Other receivables 11,604 19,328 Cash and bank deposits 22, Total assets 341,402, ,327, Liabilities Amounts payable on redemption of units 233,743 3,175,058 Amounts payable on purchase of investments 321,599 - Other payables 110, ,290 Total liabilities (excluding net assets attributable to unitholders) 666,108 3,285, Net assets attributable to unitholders 340,736, ,042,026 The accompanying notes form an integral part of these financial statements.

31 Fidelity Advantage Portfolio Fund - MultiManager Balanced Fund 31 Statement of Net Assets As at 31st December 2006 Note 2006 Assets Investments 3 473,277 Other receivables 8,816 Cash and bank deposits 2,106 Total assets 484, Liabilities Other payables 9,225 Total liabilities (excluding net assets attributable to unitholders) 9, Net assets attributable to unitholders 474,974 The accompanying notes form an integral part of these financial statements.

32 Fidelity Advantage Portfolio Fund - MultiManager Capital Stable Fund 32 Statement of Net Assets As at 31st December 2006 Note 2006 Assets Investments 3 219,641 Other receivables 8,455 Cash and bank deposits 1,764 Total assets 229, Liabilities Other payables 8,712 Total liabilities (excluding net assets attributable to unitholders) 8, Net assets attributable to unitholders 221,148 The accompanying notes form an integral part of these financial statements.

33 Fidelity Advantage Portfolio Fund - MultiManager Growth Fund 33 Statement of Net Assets As at 31st December 2006 Note 2006 Assets Investments 3 1,420,147 Other receivables 10,081 Interest receivables 25 Cash and bank deposits 15,522 Total assets 1,445, Liabilities Other payables 11,196 Total liabilities (excluding net assets attributable to unitholders) 11, Net assets attributable to unitholders 1,434,579 The accompanying notes form an integral part of these financial statements.

34 Fidelity Advantage Portfolio Fund - MultiManager Stable Growth Fund 34 Statement of Net Assets As at 31st December 2006 Note 2006 Assets Investments 3 1,132,838 Other receivables 8,846 Interest receivables 58 Cash and bank deposits 4,113 Total assets 1,145, Liabilities Other payables 9,450 Total liabilities (excluding net assets attributable to unitholders) 9, Net assets attributable to unitholders 1,136,405 The accompanying notes form an integral part of these financial statements.

35 Fidelity Advantage Portfolio Fund - Stable Growth Fund 35 Statement of Net Assets As at 31st December 2006 Note Assets Investments 3 294,539, ,014,579 Amounts receivable on subscription of units 270, ,679 Amounts receivable on sale of investments 1,540,114 1,192,157 Interest receivables 9 - Cash and bank deposits 26, Total assets 296,377, ,363, Liabilities Amounts payable on redemption of units 150, ,590 Amounts payable on purchase of investments 1,646,566 1,046,635 Other payables 62,362 63,259 Total liabilities (excluding net assets attributable to unitholders) 1,859,715 1,314, Net assets attributable to unitholders 294,517, ,049,081 The accompanying notes form an integral part of these financial statements.

36 Fidelity Advantage Portfolio Fund - US Dollar Money Fund 36 Statement of Net Assets As at 31st December 2006 Note Assets Investments 3 202,268, ,330,449 Amounts receivable on subscription of units 105,498 6,007,856 Amounts receivable on sale of investments 1,108, ,315 Other receivables 53, ,286 Interest receivables Cash and bank deposits 537,456 99,508 Total assets 204,074, ,762, Liabilities Amounts payable on redemption of units 1,108, ,315 Other payables 75, ,288 Total liabilities (excluding net assets attributable to unitholders) 1,184, , Net assets attributable to unitholders 202,889, ,413,995 The accompanying notes form an integral part of these financial statements.

37 Fidelity Advantage Portfolio Fund - World Bond Fund 37 Statement of Net Assets As at 31st December 2006 Note Assets Investments 3 19,427,864 13,227,540 Amounts receivable on sale of investments 237,508 35,291 Other receivables 1,493 2,493 Cash and bank deposits 3, Total assets 19,670,838 13,265, Liabilities Amounts payable on redemption of units 237,508 35,291 Other payables 8,408 11,034 Total liabilities (excluding net assets attributable to unitholders) 245,916 46, Net assets attributable to unitholders 19,424,922 13,219,204 The accompanying notes form an integral part of these financial statements.

38 Fidelity Advantage Portfolio Fund - Consolidated 38 Statement of Operations Year ended 31st December 2006 Income Note Bank interests 13,873 1,902 Reimbursement income , ,475 Fee rebate 5, 6,7 29,831 - Other income 116 3,058 Dividends 2,521 - Net gains on investments ,301, ,131,351 Exchange losses (5,492) (11,799) Total investment income 386,644, ,353, Expenses Trustee fees 7 8,360 5,000 Administration fees 7 1,747,449 1,479,767 Auditors' remuneration 45,097 29,829 Accounting fees 5,398 5,177 Bank charges 12 - Share registration fees 4,210 4,170 Handling fees 269, ,653 Registration and filing fees 15,146 9,213 Valuation fees 90,287 74,106 Professional fees - 4,957 Asset allocation fees 5 9,305 - Servicing fees 6 25,664 - Other operating expenses 212, ,182 Total operating expenses 2,432,944 2,148, Increase in net assets attributable to unitholders 384,211, ,205,933 The accompanying notes form an integral part of these financial statements.

39 Fidelity Advantage Portfolio Fund - Asia Pacific Equity Fund 39 Statement of Operations Period from 24th July 2006 (date of commencement of operations) to 31st December 2006 Income Note Period from 24th July 2006 (date of commencement of operations) to 31st December 2006 Reimbursement income 13 2,369 Net gains on investments ,147 Exchange gains 159 Total investment income 329, Expenses Administration fees 7 72 Handling fees 83 Registration and filing fees 254 Other operating expenses 1,725 Total operating expenses 2, Increase in net assets attributable to unitholders 327,541 The accompanying notes form an integral part of these financial statements.

40 Fidelity Advantage Portfolio Fund - Balanced Fund 40 Statement of Operations Year ended 31st December 2006 Income Note Bank interests Other income 16 1,640 Net gains on investments ,090,962 70,307,532 Exchange gains/(losses) 1,034 (3,818) Total investment income 164,092,727 70,305, Expenses Trustee fees 7 2,084 2,179 Administration fees 7 673, ,089 Auditors' remuneration 17,646 12,620 Accounting fees 2,084 2,179 Share registration fees 1,668 1,744 Handling fees 64,155 95,288 Registration and filing fees 1,705 1,750 Valuation fees 7,410 7,410 Professional fees Other operating expenses 41,301 38,436 Total operating expenses 811, , Increase in net assets attributable to unitholders 163,280,910 69,553,321 The accompanying notes form an integral part of these financial statements.

41 Fidelity Advantage Portfolio Fund - Capital Stable Fund 41 Statement of Operations Year ended 31st December 2006 Income Note Bank interests Other income Net gains on investments 12 34,424,892 4,531,882 Exchange gains/(losses) 236 (4,240) Total investment income 34,425,983 4,528, Expenses Trustee fees Administration fees 7 250, ,229 Auditors' remuneration 5,900 4,265 Accounting fees Share registration fees Handling fees 55,853 82,338 Registration and filing fees 1,015 1,039 Valuation fees 7,410 7,410 Professional fees Other operating expenses 21,077 20,511 Total operating expenses 343, , Increase in net assets attributable to unitholders 34,082,684 4,182,563 The accompanying notes form an integral part of these financial statements.

42 Fidelity Advantage Portfolio Fund - Crédit Agricole Global Bond Fund 42 Statement of Operations Period from 16th January 2006 (date of commencement of operations) to 31st December 2006 Note Period from 16th January 2006 (date of commencement of operations) to 31st December 2006 Income Bank interests 20 Reimbursement income 13 6,250 Fee rebate Net gains on investments 12 2,396 Exchange gains 2 Total investment income 8, Expenses Trustee fees 7 26 Administration fees 7 31 Handling fees 35 Registration and filing fees 554 Valuation fees 1,560 Servicing fees Other operating expenses 4,103 Total operating expenses 6, Increase in net assets attributable to unitholders 2,353 The accompanying notes form an integral part of these financial statements.

43 Fidelity Advantage Portfolio Fund - First State Hong Kong Growth Fund 43 Statement of Operations Period from 16th January 2006 (date of commencement of operations) to 31st December 2006 Note Period from 16th January 2006 (date of commencement of operations) to 31st December 2006 Income Bank interests 201 Reimbursement income 13 6,342 Fee rebate 6 1,990 Net gains on investments 12 75,947 Exchange losses (10) Total investment income 84, Expenses Trustee fees Administration fees 7 94 Handling fees 127 Registration and filing fees 554 Valuation fees 1,560 Servicing fees 6 2,119 Other operating expenses 4,103 Total operating expenses 8, Increase in net assets attributable to unitholders 75,721 The accompanying notes form an integral part of these financial statements.

44 Fidelity Advantage Portfolio Fund - INVESCO Asian Equity Fund 44 Statement of Operations Period from 16th January 2006 (date of commencement of operations) to 31st December 2006 Note Period from 16th January 2006 (date of commencement of operations) to 31st December 2006 Income Bank interests 2,836 Reimbursement income 13 6,342 Fee rebate 6 17,685 Dividends 56 Net gains on investments 12 1,394,595 Exchange losses (12) Total investment income 1,421, Expenses Trustee fees 7 1,779 Administration fees Handling fees 207 Registration and filing fees 554 Valuation fees 2,130 Servicing fees 6 20,395 Other operating expenses 4,103 Total operating expenses 29, Increase in net assets attributable to unitholders 1,391,826 The accompanying notes form an integral part of these financial statements.

45 Fidelity Advantage Portfolio Fund - Schroder Asian Bond Fund 45 Statement of Operations Period from 16th January 2006 (date of commencement of operations) to 31st December 2006 Note Period from 16th January 2006 (date of commencement of operations) to 31st December 2006 Income Bank interests 24 Reimbursement income 13 6,273 Fee rebate Net gains on investments 12 1,305 Exchange losses (6) Total investment income 7, Expenses Trustee fees 7 22 Administration fees 7 45 Handling fees 58 Registration and filing fees 554 Valuation fees 1,560 Servicing fees Other operating expenses 4,103 Total operating expenses 6, Increase in net assets attributable to unitholders 1,230 The accompanying notes form an integral part of these financial statements.

46 Fidelity Advantage Portfolio Fund - Templeton Global Fund 46 Statement of Operations Period from 16th January 2006 (date of commencement of operations) to 31st December 2006 Note Period from 16th January 2006 (date of commencement of operations) to 31st December 2006 Income Bank interests 297 Reimbursement income 13 6,319 Fee rebate 6 2,409 Net gains on investments 12 92,904 Exchange losses (8) Total investment income 101, Expenses Trustee fees Administration fees Handling fees 104 Registration and filing fees 554 Valuation fees 1,560 Servicing fees 6 2,629 Other operating expenses 4,103 Total operating expenses 9, Increase in net assets attributable to unitholders 92,217 The accompanying notes form an integral part of these financial statements.

47 Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio 47 Statement of Operations Period from 16th January 2006 (date of commencement of operations) to 31st December 2006 Note Period from 16th January 2006 (date of commencement of operations) to 31st December 2006 HK$ Income Bank interests 159 Reimbursement income 13 48,841 Dividends 19,135 Net gains on investments ,150 Exchange losses (472) Total investment income 233, Expenses Trustee fees Administration fees 7 1,314 Bank charges 96 Handling fees 522 Registration and filing fees 4,303 Valuation fees 12,126 Servicing fees 6 1,558 Other operating expenses 32,010 Total operating expenses 52, Increase in net assets attributable to unitholders 181,571 The accompanying notes form an integral part of these financial statements.

48 Fidelity Advantage Portfolio Fund - Global Equity Fund 48 Statement of Operations Year ended 31st December 2006 Income Note Bank interests 83 - Other income 4 - Net gains on investments 12 10,747,630 4,728,381 Exchange gains/(losses) 61 (54) Total investment income 10,747,778 4,728, Expenses Administration fees 7 13,892 7,213 Auditors' remuneration 1, Accounting fees Share registration fees Handling fees 21,708 28,063 Registration and filing fees Valuation fees 7,410 7,410 Professional fees - 3,766 Other operating expenses 10,552 9,748 Total operating expenses 55,673 57, Increase in net assets attributable to unitholders 10,692,105 4,670,776 The accompanying notes form an integral part of these financial statements.

49 Fidelity Advantage Portfolio Fund - Growth Fund 49 Statement of Operations Year ended 31st December 2006 Income Note Bank interests Other income Net gains on investments ,310,069 49,457,080 Exchange losses (436) (2,354) Total investment income 110,310,137 49,455, Expenses Trustee fees 7 1, Administration fees 7 367, ,115 Auditors' remuneration 9,344 5,717 Accounting fees 1,136 1,006 Share registration fees Handling fees 56,083 83,750 Registration and filing fees 1,212 1,163 Valuation fees 7,410 7,410 Professional fees Other operating expenses 26,048 22,428 Total operating expenses 470, , Increase in net assets attributable to unitholders 109,839,167 49,045,828 The accompanying notes form an integral part of these financial statements.

50 Fidelity Advantage Portfolio Fund - HK Dollar Money Fund 50 Statement of Operations Year ended 31st December 2006 Income Note HK$ HK$ Bank interests 9, Reimbursement income 13 61, ,430 Other income Net gains on investments 12 18,962,696 8,024,021 Exchange (losses)/gains (7,568) 89 Total investment income 19,026,325 8,272, Expenses Trustee fees 7 1,106 1,278 Administration fees 7 552, ,508 Auditors' remuneration 9,411 7,362 Accounting fees 1,106 1,278 Share registration fees 879 1,022 Handling fees 34,413 49,192 Registration and filing fees 5,787 5,874 Valuation fees 57,568 57,630 Professional fees Other operating expenses 49,767 49,842 Total operating expenses 712, , Increase in net assets attributable to unitholders 18,314,243 7,769,323 The accompanying notes form an integral part of these financial statements.

51 Fidelity Advantage Portfolio Fund - Hong Kong Bond Fund 51 Statement of Operations Year ended 31st December 2006 Income Note HK$ HK$ Other income Net gains/(losses) on investments ,102 (51,746) Exchange (losses)/gains (257) 55 Total investment income/(deficit) 990,871 (51,679) Expenses Administration fees 7 28,216 30,227 Auditors' remuneration Accounting fees Share registration fees Handling fees 18,256 26,930 Registration and filing fees 5,269 5,249 Valuation fees 57,568 57,630 Professional fees - 11 Other operating expenses 41,798 41,728 Total operating expenses 151, , Increase/(decrease) in net assets attributable to unitholders 839,283 (213,814) The accompanying notes form an integral part of these financial statements.

52 Fidelity Advantage Portfolio Fund - Hong Kong Equity Fund 52 Statement of Operations Year ended 31st December 2006 Income Note HK$ HK$ Other income Net gains on investments 12 94,344,266 15,610,835 Exchange losses (2,632) (1,227) Total investment income 94,341,694 15,609, Expenses Administration fees 7 144,736 77,866 Auditors' remuneration 5,520 1,153 Accounting fees Share registration fees Handling fees 32,880 42,381 Registration and filing fees 5,552 5,249 Valuation fees 57,568 57,630 Professional fees - 25 Other operating expenses 50,549 43,604 Total operating expenses 297, , Increase in net assets attributable to unitholders 94,043,771 15,381,294 The accompanying notes form an integral part of these financial statements.

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