ORSO 職業退休計劃 Fidelity Advantage Portfolio Fund Semi-Annual Report and Accounts For the period ended 30 June 2018
SEMI-ANNUAL REPORT AND ACCOUNTS - FOR THE PERIOD ENDED 30TH JUNE 2018 Contents Pages Management and Administration 2 Report of the Investment Manager 3-7 Statement of Net Assets / Schedule of Investments / Investment Portfolio Movements 8-49 Asia Pacific Equity Fund 8-10 Balanced Fund 11-13 Capital Stable Fund 14-16 Fidelity Advantage Portfolio Fund - Invesco Asian Equity Fund 17-19 Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio 20-22 Global Equity Fund 23-25 Growth Fund 26-28 HK Dollar Money Fund 29-31 Hong Kong Bond Fund 32-34 Hong Kong Equity Fund 35-37 RMB Bond Fund 38-40 Stable Growth Fund 41-43 US Dollar Money Fund 44-46 World Bond Fund 47-49 1
SEMI-ANNUAL REPORT AND ACCOUNTS - FOR THE PERIOD ENDED 30TH JUNE 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 2
SEMI-ANNUAL REPORT AND ACCOUNTS - FOR THE PERIOD ENDED 30TH JUNE 2018 REPORT OF THE INVESTMENT MANAGER As at 30th June 2018 This semi-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 Fidelity Advantage Portfolio Fund (the Fund ) are available from the registered office of the Manager or from any of the companies registered as distributors of the Fund. 3
SEMI-ANNUAL REPORT AND ACCOUNTS - FOR THE PERIOD ENDED 30TH JUNE 2018 REPORT OF THE INVESTMENT MANAGER Market Review Global Global equities as measured by the MSCI World Index generated positive returns in US dollar terms over the six-month period, supported by encouraging corporate earnings. However, fears of faster than expected interest rate hikes by the US Federal Reserve (Fed), trade frictions between the US and China and political issues in Europe led to volatility. The Fed continued to raise interest rates and signalled two more rate hikes in the second half of 2018. The European Central Bank (ECB) also announced an end to its bond-buying programme. In Japan, political controversy and weak GDP data for the first quarter of 2018 weighed on sentiment. Uncertainty about the UK s negotiations with the European Union (EU) over the terms of Brexit continued. Meanwhile, geopolitical tensions surrounding North Korea receded as US president Donald Trump and North Korean leader Kim Jong Un agreed to work towards denuclearisation of the Korean peninsula. Against this backdrop, the US market led gains, while Europe ex UK and Pacific ex Japan equities were among the key decliners in the US dollar terms. Emerging markets lagged their developed market peers. At a sector level, energy and information technology (IT) were the best performers, while telecommunications and financials were the key laggards. United States US equities advanced over the period. Stocks were supported by robust economic data and strong corporate earnings. Towards the end of the period, investor sentiment was dampened by concerns over a trade war between the US and China, as well as its other major trade partners, including Canada, the EU and Mexico. The US Fed increased its benchmark interest rate two times by a total of 0.50% over the period. Interest rates now range between 1.75% and 2.00%. Jerome Powell took over from Janet Yellen as the Fed chairperson in February 2018. Most sectors generated positive returns, with consumer discretionary, IT and energy among the leading gainers. Energy stocks rose in line with oil prices, which reached their highest level in three years on robust demand and on the back of rising geopolitical tensions, which could disrupt oil supply. Europe European equities fell in US dollar terms, despite generating flat returns in euro terms, due to currency weakness. Markets started the year on a positive note owing to the robust global outlook, but tracked US markets lower in February and March. Rising bond yields and concerns over an increase in inflation and higher interest rates weighed on equities. However, these losses were reversed in April as concerns eased over potential protectionist measures and the oil price rallied. In May, sterling weakness and growing expectations that the UK will continue to participate in a customs union with the EU after Brexit, supported investor sentiment. Gains were also driven by a weaker euro. At the start of June, equities received a boost following the successful formation of a new government in Italy and the ousting of Spanish Prime Minister Mariano Rajoy following a no-confidence motion. Overall, smaller and mid-cap companies outperformed their larger peers, and growth stocks outperformed value stocks. 4
SEMI-ANNUAL REPORT AND ACCOUNTS - FOR THE PERIOD ENDED 30TH JUNE 2018 REPORT OF THE INVESTMENT MANAGER Marker Review (Continued) Japan Japanese equities fell in US dollar terms (as measured by the TOPIX) over the year. Tightening financial conditions in the US, concerns over global growth momentum and the threat of a USled trade war triggered risk-off trading. The Japanese economy experienced negative growth for the first time in two years in the January March quarter, but was poised to return to positive territory due to a modest rebound in consumption and an acceleration in business spending and exports. Corporate earnings continued to grow despite temporary weakness and a stronger yen, though forward guidance was cautious. In terms of style, growth companies outperformed value stocks, while smaller companies performed better than their larger peers. From a sector perspective, the more defensive utilities, consumer staples and health care segments led the gainers. Conversely, materials and financials were the biggest decliners. Pacific ex Japan Asia Pacific ex Japan equities declined over the period. In China, market volatility was driven by trade tensions, concerns over corporate bond defaults and uncertainties to the growth outlook. The Indian market slid following the introduction of a long-term capital gains tax on equities and the emergence of a debt fraud at a state-owned lender. Selling activity by foreign institutional investors hurt Indonesian, South Korean and Thai equities. Sentiment towards the Malaysian market also weakened amid negative investor reaction to the unexpected victory of Mahathir Mohamad in the elections. Conversely, Taiwanese and Australian equities outperformed regional equities, led by gains in health care and consumer staples. Bonds Fixed income markets posted mixed returns over the period. US government bonds posted losses as the yield curve edged higher, due to concerns around a widening twin deficit and higher inflation. Moreover, the US Fed raised interest rates in March and June. In contrast, the Bank of England (BoE) focussed on the looming Brexit deadline and backtracked on the expected interest rate rise amid disappointing economic data. The ECB also decided to taper asset purchases and end them by the end of the year. The period witnessed political uncertainty in Italy, escalating trade war rhetoric and rising volatility in emerging markets, which stoked demand for safe haven assets. Short and long-dated German bund yields slid, supported by signs that the ECB would retain interest rates at their current low levels. Ten-year UK government bond (Gilt) yields fell to the lowest level since the start of the year, before ending the period slightly higher as volatility normalised, while short dated Gilt yields rose over the period. In credit markets, the global risk-off sentiment and the fall in stock markets led to wider credit spreads, with both high yield and investment grade bonds posting negative returns. All market returns in local currency terms. 5
SEMI-ANNUAL REPORT AND ACCOUNTS - FOR THE PERIOD ENDED 30TH JUNE 2018 REPORT OF THE INVESTMENT MANAGER Cumulative Total Returns NAV to NAV (in %, in Fund Currency) as at 30th June 2018 Fund Name Fund Class 6 Months 1 Year Since Launch Asia Pacific Equity Fund Ordinary (1.62) 12.59 190.70 Administration (1.85) 12.13 175.50 Savings (1.90) 12.03 173.80 Balanced Fund Ordinary (1.44) 9.18 373.30 Administration (1.66) 8.66 326.70 Savings (1.69) 8.62 203.08 Capital Stable Fund Ordinary (1.23) 4.93 253.20 Administration (1.42) 4.46 218.40 Savings (1.47) 4.40 130.51 Fidelity Advantage Portfolio Fund - Ordinary (6.21) 7.33 140.00 Invesco Asian Equity Fund Administration (6.43) 6.83 126.90 Savings (6.47) 6.77 125.50 Fidelity Advantage Portfolio Fund - Ordinary (1.72) 14.88 133.90 Tracker Fund Portfolio Administration (1.91) 14.37 121.20 Savings (1.96) 14.30 119.80 Global Equity Fund Ordinary (1.10) 7.99 195.90 Administration (1.32) 7.50 176.60 Savings (1.37) 7.44 174.50 Growth Fund Ordinary (1.62) 11.22 422.30 Administration (1.83) 10.72 370.80 Savings (1.87) 10.66 236.29 HK Dollar Money Fund Ordinary 0.45 0.63 35.02 Administration 0.44 0.61 29.22 Savings 0.44 0.59 12.25 Hong Kong Bond Fund Ordinary (1.61) (1.60) 39.08 Administration (1.83) (2.03) 30.00 Savings (1.84) (2.08) 29.04 Hong Kong Equity Fund Ordinary (0.38) 18.70 440.48 Administration (0.59) 18.17 405.20 Savings (0.62) 18.11 401.42 RMB Bond Fund Ordinary 0.18 4.73 5.76 Administration (0.04) 4.26 4.45 Savings (0.07) 4.21 4.30 Stable Growth Fund Ordinary (1.39) 7.06 212.47 Administration (1.61) 6.57 184.60 Savings (1.62) 6.54 168.91 US Dollar Money Fund Ordinary 0.73 1.16 66.00 Administration 0.57 1.02 59.20 Savings 0.57 1.02 20.26 World Bond Fund Ordinary (1.28) 1.82 62.30 Administration (1.49) 1.40 51.70 Savings (1.50) 1.34 50.70 6
SEMI-ANNUAL REPORT AND ACCOUNTS - FOR THE PERIOD ENDED 30TH JUNE 2018 REPORT OF THE INVESTMENT MANAGER Asset Allocation Breakdown (in %) As at 30th June 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 Balanced Fund 100.2 (0.2) 24.3 9.1 9.3 15.7 13.9 2.3 19.1 6.1 0.2 Capital Stable Fund 10.3 4.3 4.3 7.5 5.8 5.5 50.9 0.7 0.6 Fidelity Advantage Portfolio Fund - Invesco Asian Equity Fund 99.4 0.6 Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio 99.6 0.4 Global Equity Fund Growth Fund HK Dollar Money Fund Hong Kong Bond Fund Hong Kong Equity Fund RMB Bond Fund Stable Growth Fund US Dollar Money Fund World Bond Fund 2.1 8.8 7.0 61.1 19.7 1.0 0.3 30.3 12.1 12.3 19.4 18.2 0.6 2.9 4.0 0.2 99.3 0.7 100.2 (0.2) 100.2 (0.2) 100.2 (0.2) 17.4 6.6 7.0 11.4 9.9 3.9 37.4 6.1 0.3 99.2 0.8 100.2 (0.2) 7
ASIA PACIFIC EQUITY FUND STATEMENT OF NET ASSETS AS AT 30TH JUNE 2018 (UNAUDITED) 30th June 2018 US$ 31st December 2017 US$ Assets Current assets Financial assets at fair value through profit or loss 122,150,027 129,403,169 Amounts receivable on subscription of units 2,420 - Amounts receivable on sale of investments 250,138 665,177 Cash and cash equivalents 18,824 9,596 Total assets 122,421,409 130,077,942 ------------------ ------------------ Liabilities Current liabilities Amounts payable on redemption of units 250,138 665,177 Amounts payable on purchase of investments 2,420 - Other payables 264,426 264,854 Total liabilities (excluding net assets attributable to unitholders) 516,984 930,031 ------------------ ------------------ Net assets attributable to unitholders 121,904,425 129,147,911 Units outstanding at end of the period - Ordinary units 3,560,195 3,764,393 - Administration units 379,747 355,719 - Savings units 290,230 283,402 Net assets attributable to unitholders per unit - Ordinary unit US$29.07 US$29.55 - Administration unit US$27.55 US$28.07 - Savings unit US$27.38 US$27.91 8
ASIA PACIFIC EQUITY FUND SCHEDULE OF INVESTMENTS AS AT 30TH JUNE 2018 (UNAUDITED) Quoted investments Fund Established in Hong Kong Holdings Fair value % of Net Units US$ Asset Value Fidelity Global Investment Fund - Asia Pacific Equity Fund Class B 57,956,273.725 122,150,027 100.20 TOTAL INVESTMENTS 122,150,027 100.20 OTHER NET LIABILITIES (245,602) (0.20) NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 30TH JUNE 2018 121,904,425 100.00 TOTAL INVESTMENTS AT COST 89,019,164 9
SEMI-ANNUAL REPORT AND ACCOUNTS - FOR THE PERIOD ENDED 30TH JUNE 2018 ASIA PACIFIC EQUITY FUND INVESTMENT PORTFOLIO MOVEMENTS FOR THE PERIOD ENDED 30TH JUNE 2018 (UNAUDITED) Portfolio holdings (units) 1st January 2018 Additions Disposals 30th June 2018 Quoted investments Fund Established in Hong Kong Fidelity Global Investment Fund - Asia Pacific Equity Fund Class B 60,621,004 7,006,110 9,670,840 57,956,274 10
BALANCED FUND STATEMENT OF NET ASSETS AS AT 30TH JUNE 2018 (UNAUDITED) 30th June 2018 US$ 31st December 2017 US$ Assets Current assets Financial assets at fair value through profit or loss 1,478,157,789 1,531,940,841 Amounts receivable on subscription of units 646,874 207,282 Amounts receivable on sale of investments 12,514,391 803,179 Cash and cash equivalents 95,631 78,235 Total assets 1,491,414,685 1,533,029,537 -------------------- -------------------- Liabilities Current liabilities Financial liabilities at fair value through profit or loss 7 3 Amounts payable on redemption of units 2,401,348 806,829 Amounts payable on purchase of investments 4,811,584 192,022 Other payables 3,206,435 3,227,237 Total liabilities (excluding net assets attributable to unitholders) 10,419,374 4,226,091 -------------------- -------------------- Net assets attributable to unitholders 1,480,995,311 1,528,803,446 Units outstanding at end of the period - Ordinary units 26,251,177 26,537,541 - Administration units 3,341,545 3,645,048 - Savings units 2,265,774 2,235,592 Net assets attributable to unitholders per unit - Ordinary unit US$47.33 US$48.02 - Administration unit US$42.67 US$43.39 - Savings unit US$42.34 US$43.07 11
BALANCED FUND SCHEDULE OF INVESTMENTS AS AT 30TH JUNE 2018 (UNAUDITED) Quoted investments Funds Established in Hong Kong Holdings Fair value % of Net Units US$ Asset Value Fidelity Global Investment Fund - Americas Equity Fund Class B 78,209,008.249 232,303,985 15.68 - Asia Pacific Equity Fund Class B 65,564,145.452 138,184,559 9.33 - European Equity Fund Class B 100,332,625.708 206,477,300 13.94 - Global Bond Fund Class B 186,950,982.186 282,533,564 19.08 - Hong Kong Bond Fund Class B 21,641,770.608 33,423,584 2.26 - Hong Kong Equity Fund Class B 182,581,726.879 359,686,723 24.29 - Japanese Equity Fund Class B 61,627,275.114 135,384,154 9.14 - US$ Money Fund Class B 8,728,356.280 90,163,920 6.09 Forward foreign exchange contracts BUY USD SELL HKD 7.851236 03/07/2018 (3) 0.00 BUY USD SELL HKD 7.850889 05/07/2018 (4) 0.00 TOTAL INVESTMENTS 1,478,157,782 99.81 OTHER NET ASSETS 2,837,529 0.19 NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 30TH JUNE 2018 1,480,995,311 100.00 TOTAL INVESTMENTS AT COST 1,109,179,356 12
SEMI-ANNUAL REPORT AND ACCOUNTS - FOR THE PERIOD ENDED 30TH JUNE 2018 BALANCED FUND INVESTMENT PORTFOLIO MOVEMENTS FOR THE PERIOD ENDED 30TH JUNE 2018 (UNAUDITED) Portfolio holdings (units) 1st January 2018 Additions Disposals 30th June 2018 Quoted investments Funds Established in Hong Kong Fidelity Global Investment Fund - Americas Equity Fund Class B 80,118,487 6,401,635 8,311,114 78,209,008 - Asia Pacific Equity Fund Class B 70,562,405 4,481,379 9,479,639 65,564,145 - European Equity Fund Class B 100,898,568 12,131,540 12,697,482 100,332,626 - Global Bond Fund Class B 177,626,720 25,018,594 15,694,332 186,950,982 - Hong Kong Bond Fund Class B 21,992,282 1,447,607 1,798,118 21,641,771 - Hong Kong Equity Fund Class B 198,797,206 12,097,024 28,312,503 182,581,727 - Japanese Equity Fund Class B 66,382,662 3,928,331 8,683,718 61,627,275 - US$ Money Fund Class B 7,752,626 2,265,189 1,289,459 8,728,356 13
CAPITAL STABLE FUND STATEMENT OF NET ASSETS AS AT 30TH JUNE 2018 (UNAUDITED) 30th June 2018 US$ 31st December 2017 US$ Assets Current assets Financial assets at fair value through profit or loss 505,638,819 486,572,207 Amounts receivable on subscription of units 9,919,318 78,252 Amounts receivable on sale of investments 5,284,238 379,455 Interest receivable 1 - Cash and cash equivalents 136,885 98,634 Total assets 520,979,261 487,128,548 ------------------ ------------------ Liabilities Current liabilities Financial liabilities at fair value through profit or loss 1 - Amounts payable on redemption of units 1,294,046 379,454 Amounts payable on purchase of investments 9,779,783 69,918 Other payables 1,068,198 1,021,115 Total liabilities (excluding net assets attributable to unitholders) 12,142,028 1,470,487 ------------------ ------------------ Net assets attributable to unitholders 508,837,233 485,658,061 Units outstanding at end of the period - Ordinary units 12,031,374 11,179,284 - Administration units 1,696,750 1,750,694 - Savings units 945,332 916,834 Net assets attributable to unitholders per unit - Ordinary unit US$35.32 US$35.76 - Administration unit US$31.84 US$32.30 - Savings unit US$31.58 US$32.05 14
CAPITAL STABLE FUND SCHEDULE OF INVESTMENTS AS AT 30TH JUNE 2018 (UNAUDITED) Quoted investments Funds Established in Hong Kong Holdings Fair value % of Net Units US$ Asset Value Fidelity Global Investment Fund - Americas Equity Fund Class B 12,793,775.856 38,001,314 7.47 - Asia Pacific Equity Fund Class B 10,535,959.206 22,205,839 4.36 - European Equity Fund Class B 14,356,327.946 29,544,286 5.80 - Global Bond Fund Class B 171,453,422.744 259,112,555 50.92 - HK$ Money Fund Class B 2,704,782.450 3,501,738 0.69 - Hong Kong Bond Fund Class B 18,175,219.598 28,069,837 5.52 - Hong Kong Equity Fund Class B 26,523,172.561 52,250,755 10.27 - Japanese Equity Fund Class B 9,930,831.709 21,816,270 4.29 - US$ Money Fund Class B 4,950,263.770 51,136,225 10.05 Forward foreign exchange contracts BUY USD SELL HKD 7.851236 03/07/2018-0.00 BUY HKD SELL USD 7.844264 03/07/2018 (1) 0.00 TOTAL INVESTMENTS 505,638,818 99.37 OTHER NET ASSETS 3,198,415 0.63 NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 30TH JUNE 2018 508,837,233 100.00 TOTAL INVESTMENTS AT COST 452,798,712 15
SEMI-ANNUAL REPORT AND ACCOUNTS - FOR THE PERIOD ENDED 30TH JUNE 2018 CAPITAL STABLE FUND INVESTMENT PORTFOLIO MOVEMENTS FOR THE PERIOD ENDED 30TH JUNE 2018 (UNAUDITED) Portfolio holdings (units) 1st January 2018 Additions Disposals 30th June 2018 Quoted investments Funds Established in Hong Kong Fidelity Global Investment Fund - Americas Equity Fund Class B 12,486,981 2,067,981 1,761,186 12,793,776 - Asia Pacific Equity Fund Class B 10,906,520 1,679,478 2,050,039 10,535,959 - European Equity Fund Class B 14,034,062 2,947,182 2,624,916 14,356,328 - Global Bond Fund Class B 156,920,940 30,885,059 16,352,576 171,453,423 - HK$ Money Fund Class B 2,607,758 379,791 282,767 2,704,782 - Hong Kong Bond Fund Class B 17,177,370 2,789,353 1,791,503 18,175,220 - Hong Kong Equity Fund Class B 28,453,433 4,212,518 6,142,778 26,523,173 - Japanese Equity Fund Class B 10,785,397 1,543,380 2,397,945 9,930,832 - US$ Money Fund Class B 4,488,442 1,147,083 685,261 4,950,264 16
FIDELITY ADVANTAGE PORTFOLIO FUND - INVESCO ASIAN EQUITY FUND STATEMENT OF NET ASSETS AS AT 30TH JUNE 2018 (UNAUDITED) 30th June 2018 US$ 31st December 2017 US$ Assets Current assets Financial assets at fair value through profit or loss 56,060,644 69,223,421 Amounts receivable on subscription of units 303,646 - Amounts receivable on sale of investments 426,605 172,537 Interest receivable 1 2 Other receivables 108,662 129,052 Cash and cash equivalents 456,709 384,232 Total assets 57,356,267 69,909,244 ------------------ ------------------ Liabilities Current liabilities Financial liabilities at fair value through profit or loss 148 21 Amounts payable on redemption of units 401,381 165,892 Amounts payable on purchase of investments 453,989 194,752 Other payables 132,998 156,098 Total liabilities (excluding net assets attributable to unitholders) 988,516 516,763 ------------------ ------------------ Net assets attributable to unitholders 56,367,751 69,392,481 Units outstanding at end of the period - Ordinary units 2,163,594 2,547,081 - Administration units 121,276 100,950 - Savings units 75,246 73,500 Net assets attributable to unitholders per unit - Ordinary unit US$24.00 US$25.59 - Administration unit US$22.69 US$24.25 - Savings unit US$22.55 US$24.11 17
FIDELITY ADVANTAGE PORTFOLIO FUND - INVESCO ASIAN EQUITY FUND SCHEDULE OF INVESTMENTS AS AT 30TH JUNE 2018 (UNAUDITED) Quoted investments Fund Established in Hong Kong Holdings Fair value % of Net Units US$ Asset Value Invesco Funds Series - Invesco Asian Equity Fund Class A 6,356,082.060 56,060,644 99.45 Forward foreign exchange contracts BUY USD SELL HKD 7.850539 03/07/2018 (65) 0.00 BUY USD SELL HKD 7.850539 03/07/2018 (61) 0.00 BUY USD SELL HKD 7.850739 03/07/2018 (22) 0.00 TOTAL INVESTMENTS 56,060,496 99.45 OTHER NET ASSETS 307,255 0.55 NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 30TH JUNE 2018 56,367,751 100.00 TOTAL INVESTMENTS AT COST 48,261,888 18
SEMI-ANNUAL REPORT AND ACCOUNTS - FOR THE PERIOD ENDED 30TH JUNE 2018 FIDELITY ADVANTAGE PORTFOLIO FUND - INVESCO ASIAN EQUITY FUND INVESTMENT PORTFOLIO MOVEMENTS FOR THE PERIOD ENDED 30TH JUNE 2018 (UNAUDITED) Portfolio holdings (units) 1st January 2018 Additions Disposals 30th June 2018 Quoted investments Fund Established in Hong Kong Invesco Funds Series - Invesco Asian Equity Fund Class A 7,356,368 1,394,672 2,394,958 6,356,082 19
FIDELITY ADVANTAGE PORTFOLIO FUND - TRACKER FUND PORTFOLIO STATEMENT OF NET ASSETS AS AT 30TH JUNE 2018 (UNAUDITED) 30th June 2018 HK$ 31st December 2017 HK$ Assets Current assets Financial assets at fair value through profit or loss 376,547,700 394,165,850 Amounts receivable on subscription of units 2,575,370 - Amounts receivable on sale of investments 71,975 537,980 Interest receivable 1 1 Cash and cash equivalents 3,000,037 2,206,299 Total assets 382,195,083 396,910,130 ------------------ ------------------ Liabilities Current liabilities Amounts payable on redemption of units 836,230 553,940 Amounts payable on purchase of investments 2,478,938 2,126,457 Other payables 731,765 745,001 Total liabilities (excluding net assets attributable to unitholders) 4,046,933 3,425,398 ------------------ ------------------ Net assets attributable to unitholders 378,148,150 393,484,732 Units outstanding at end of the period - Ordinary units 5,869,802 6,330,303 - Administration units 10,373,920 10,305,138 - Savings units 516,940 466,653 Net assets attributable to unitholders per unit - Ordinary unit HK$23.39 HK$23.80 - Administration unit HK$22.12 HK$22.55 - Savings unit HK$21.98 HK$22.42 20
FIDELITY ADVANTAGE PORTFOLIO FUND - TRACKER FUND PORTFOLIO SCHEDULE OF INVESTMENTS AS AT 30TH JUNE 2018 (UNAUDITED) Quoted investments Fund Established in Hong Kong Holdings Fair value % of Net Units HK$ Asset Value Tracker Fund of Hong Kong (TraHK) 12,786,000.000 376,547,700 99.58 TOTAL INVESTMENTS 376,547,700 99.58 OTHER NET ASSETS 1,600,450 0.42 NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 30TH JUNE 2018 378,148,150 100.00 TOTAL INVESTMENTS AT COST 331,359,606 21
SEMI-ANNUAL REPORT AND ACCOUNTS - FOR THE PERIOD ENDED 30TH JUNE 2018 FIDELITY ADVANTAGE PORTFOLIO FUND - TRACKER FUND PORTFOLIO INVESTMENT PORTFOLIO MOVEMENTS FOR THE PERIOD ENDED 30TH JUNE 2018 (UNAUDITED) Portfolio holdings (units) 1st January 2018 Additions Disposals 30th June 2018 Quoted investments Fund Established in Hong Kong Tracker Fund of Hong Kong (TraHK) 13,117,000 2,723,500 3,054,500 12,786,000 22
GLOBAL EQUITY FUND STATEMENT OF NET ASSETS AS AT 30TH JUNE 2018 (UNAUDITED) 30th June 2018 US$ 31st December 2017 US$ Assets Current assets Financial assets at fair value through profit or loss 121,773,802 127,242,330 Amounts receivable on subscription of units 196,731 37,889 Amounts receivable on sale of investments 1,627,008 134,301 Cash and cash equivalents 7,809 3,100 Total assets 123,605,350 127,417,620 ------------------ ------------------ Liabilities Current liabilities Amounts payable on redemption of units 1,012,557 134,300 Amounts payable on purchase of investments 196,731 37,889 Other payables 276,422 289,150 Total liabilities (excluding net assets attributable to unitholders) 1,485,710 461,339 ------------------ ------------------ Net assets attributable to unitholders 122,119,640 126,956,281 Units outstanding at end of the period - Ordinary units 2,954,745 2,977,620 - Administration units 952,651 1,027,962 - Savings units 304,155 325,251 Net assets attributable to unitholders per unit - Ordinary unit US$29.59 US$29.92 - Administration unit US$27.66 US$28.03 - Savings unit US$27.45 US$27.83 23
GLOBAL EQUITY FUND SCHEDULE OF INVESTMENTS AS AT 30TH JUNE 2018 (UNAUDITED) Quoted investments Funds Established in Hong Kong Holdings Fair value % of Net Units US$ Asset Value Fidelity Global Investment Fund - Americas Equity Fund Class B 25,121,133.314 74,617,228 61.10 - Asia Pacific Equity Fund Class B 4,041,111.178 8,517,142 6.97 - European Equity Fund Class B 11,730,535.329 24,140,595 19.77 - Hong Kong Equity Fund Class B 1,293,367.216 2,547,939 2.09 - Japanese Equity Fund Class B 4,883,418.147 10,728,000 8.79 - US$ Money Fund - Class B 118,383.191 1,222,898 1.00 TOTAL INVESTMENTS 121,773,802 99.72 OTHER NET ASSETS 345,838 0.28 NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 30TH JUNE 2018 122,119,640 100.00 TOTAL INVESTMENTS AT COST 104,167,957 24
SEMI-ANNUAL REPORT AND ACCOUNTS - FOR THE PERIOD ENDED 30TH JUNE 2018 GLOBAL EQUITY FUND INVESTMENT PORTFOLIO MOVEMENTS FOR THE PERIOD ENDED 30TH JUNE 2018 (UNAUDITED) Portfolio holdings (units) 1st January 2018 Additions Disposals 30th June 2018 Quoted investments Funds Established in Hong Kong Fidelity Global Investment Fund - Americas Equity Fund Class B 25,558,582 5,724,689 6,162,138 25,121,133 - Asia Pacific Equity Fund Class B 4,355,555 888,179 1,202,623 4,041,111 - European Equity Fund Class B 13,350,984 2,915,664 4,536,113 11,730,535 - Hong Kong Equity Fund Class B 1,106,455 918,919 732,007 1,293,367 - Japanese Equity Fund Class B 5,268,879 1,085,344 1,470,805 4,883,418 - US$ Money Fund - Class B - 118,383-118,383 25
GROWTH FUND STATEMENT OF NET ASSETS AS AT 30TH JUNE 2018 (UNAUDITED) 30th June 2018 US$ 31st December 2017 US$ Assets Current assets Financial assets at fair value through profit or loss 1,319,464,937 1,418,077,191 Amounts receivable on subscription of units 304,872 69,384 Amounts receivable on sale of investments 12,140,658 1,891,396 Cash and cash equivalents 103,705 75,604 Total assets 1,332,014,172 1,420,113,575 -------------------- -------------------- Liabilities Current liabilities Amounts payable on redemption of units 4,352,859 1,900,906 Amounts payable on purchase of investments 2,790,365 57,837 Other payables 2,911,813 2,992,748 Total liabilities (excluding net assets attributable to unitholders) 10,055,037 4,951,491 -------------------- -------------------- Net assets attributable to unitholders 1,321,959,135 1,415,162,084 Units outstanding at end of the period - Ordinary units 20,357,080 21,518,341 - Administration units 3,470,030 3,717,666 - Savings units 2,039,894 1,984,033 Net assets attributable to unitholders per unit - Ordinary unit US$52.23 US$53.09 - Administration unit US$47.08 US$47.96 - Savings unit US$46.71 US$47.60 26
GROWTH FUND SCHEDULE OF INVESTMENTS AS AT 30TH JUNE 2018 (UNAUDITED) Quoted investments Funds Established in Hong Kong Holdings Fair value % of Net Units US$ Asset Value Fidelity Global Investment Fund - Americas Equity Fund Class B 86,877,534.535 258,052,083 19.52 - Asia Pacific Equity Fund Class B 76,905,209.552 162,087,257 12.26 - European Equity Fund Class B 116,612,374.555 239,979,847 18.15 - Global Bond Fund Class B 25,318,124.961 38,262,543 2.89 - HK$ Money Fund Class B 146,555.807 189,738 0.01 - Hong Kong Bond Fund Class B 5,873,432.696 9,070,939 0.69 - Hong Kong Equity Fund Class B 202,970,149.522 399,851,996 30.25 - Japanese Equity Fund Class B 72,606,620.534 159,503,821 12.07 - US$ Money Fund Class B 5,079,062.216 52,466,713 3.97 Forward foreign exchange contracts BUY USD SELL HKD 7.851236 03/07/2018-0.00 TOTAL INVESTMENTS 1,319,464,937 99.81 OTHER NET ASSETS 2,494,198 0.19 NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 30TH JUNE 2018 1,321,959,135 100.00 TOTAL INVESTMENTS AT COST 967,884,339 27
SEMI-ANNUAL REPORT AND ACCOUNTS - FOR THE PERIOD ENDED 30TH JUNE 2018 GROWTH FUND INVESTMENT PORTFOLIO MOVEMENTS FOR THE PERIOD ENDED 30TH JUNE 2018 (UNAUDITED) Portfolio holdings (units) 1st January 2018 Additions Disposals 30th June 2018 Quoted investments Funds Established in Hong Kong Fidelity Global Investment Fund - Americas Equity Fund Class B 93,279,989 6,688,334 13,090,788 86,877,535 - Asia Pacific Equity Fund Class B 86,197,406 5,172,474 14,464,670 76,905,210 - European Equity Fund Class B 119,659,752 13,850,203 16,897,580 116,612,375 - Global Bond Fund Class B 18,380,747 9,308,608 2,371,230 25,318,125 - HK$ Money Fund Class B 146,556 - - 146,556 - Hong Kong Bond Fund Class B 6,061,022 195,768 383,357 5,873,433 - Hong Kong Equity Fund Class B 228,176,143 13,399,308 38,605,301 202,970,150 - Japanese Equity Fund Class B 81,194,945 4,764,077 13,352,401 72,606,621 - US$ Money Fund Class B 2,813,200 2,801,746 535,884 5,079,062 28
HK DOLLAR MONEY FUND STATEMENT OF NET ASSETS AS AT 30TH JUNE 2018 (UNAUDITED) 30th June 2018 HK$ 31st December 2017 HK$ Assets Current assets Financial assets at fair value through profit or loss 2,608,675,774 2,304,953,407 Amounts receivable on subscription of units 17,256,571 5,829,742 Amounts receivable on sale of investments 27,717,719 2,968,000 Interest receivable 2 4 Other receivables 2,442,164 2,493,471 Cash and cash equivalents 1,265,380 6,136,365 Total assets 2,657,357,610 2,322,380,989 -------------------- -------------------- Liabilities Current liabilities Financial liabilities at fair value through profit or loss 251 170 Amounts payable on redemption of units 27,717,717 2,967,998 Other payables 3,213,774 2,737,166 Total liabilities (excluding net assets attributable to unitholders) 30,931,742 5,705,334 -------------------- -------------------- Net assets attributable to unitholders 2,626,425,868 2,316,675,655 Units outstanding at end of the period - Ordinary units 32,629,944 29,390,202 - Administration units 5,736,544 4,600,764 - Savings units 824,780 710,467 Net assets attributable to unitholders per unit - Ordinary unit HK$67.51 HK$67.21 - Administration unit HK$64.61 HK$64.33 - Savings unit HK$64.41 HK$64.13 29
HK DOLLAR MONEY FUND SCHEDULE OF INVESTMENTS AS AT 30TH JUNE 2018 (UNAUDITED) Quoted investments Fund Established in Hong Kong Holdings Fair value % of Net Units HK$ Asset Value Fidelity Global Investment Fund - HK$ Money Fund Class B 256,759,426.537 2,608,675,774 99.32 Forward foreign exchange contracts BUY HKD SELL USD 7.844264 03/07/2018 (251) 0.00 TOTAL INVESTMENTS 2,608,675,523 99.32 OTHER NET ASSETS 17,750,345 0.68 NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 30TH JUNE 2018 2,626,425,868 100.00 TOTAL INVESTMENTS AT COST 2,591,455,786 30
SEMI-ANNUAL REPORT AND ACCOUNTS - FOR THE PERIOD ENDED 30TH JUNE 2018 HK DOLLAR MONEY FUND INVESTMENT PORTFOLIO MOVEMENTS FOR THE PERIOD ENDED 30TH JUNE 2018 (UNAUDITED) Portfolio holdings (units) 1st January 2018 Additions Disposals 30th June 2018 Quoted investments Fund Established in Hong Kong Fidelity Global Investment Fund - HK$ Money Fund Class B 227,987,478 103,405,253 74,633,304 256,759,427 31
HONG KONG BOND FUND STATEMENT OF NET ASSETS AS AT 30TH JUNE 2018 (UNAUDITED) 30th June 2018 HK$ 31st December 2017 HK$ Assets Current assets Financial assets at fair value through profit or loss 247,077,344 271,488,448 Amounts receivable on subscription of units - 1,239,815 Amounts receivable on sale of investments 3,482,445 1,986,224 Cash and cash equivalents 7,330 28,973 Total assets 250,567,119 274,743,460 ------------------ ------------------ Liabilities Current liabilities Amounts payable on redemption of units 3,482,445 1,986,224 Amounts payable on purchase of investments - 1,239,815 Other payables 603,268 632,380 Total liabilities (excluding net assets attributable to unitholders) 4,085,713 3,858,419 ------------------ ------------------ Net assets attributable to unitholders 246,481,406 270,885,041 Units outstanding at end of the period - Ordinary units 2,273,759 2,426,019 - Administration units 1,074,612 1,201,535 - Savings units 286,908 302,248 Net assets attributable to unitholders per unit - Ordinary unit HK$69.54 HK$70.68 - Administration unit HK$65.00 HK$66.21 - Savings unit HK$64.52 HK$65.73 32
HONG KONG BOND FUND SCHEDULE OF INVESTMENTS AS AT 30TH JUNE 2018 (UNAUDITED) Quoted investments Fund Established in Hong Kong Holdings Fair value % of Net Units HK$ Asset Value Fidelity Global Investment Fund - Hong Kong Bond Fund Class B 20,385,919.434 247,077,344 100.24 TOTAL INVESTMENTS 247,077,344 100.24 OTHER NET LIABILITIES (595,938) (0.24) NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 30TH JUNE 2018 246,481,406 100.00 TOTAL INVESTMENTS AT COST 241,788,173 33
SEMI-ANNUAL REPORT AND ACCOUNTS - FOR THE PERIOD ENDED 30TH JUNE 2018 HONG KONG BOND FUND INVESTMENT PORTFOLIO MOVEMENTS FOR THE PERIOD ENDED 30TH JUNE 2018 (UNAUDITED) Portfolio holdings (units) 1st January 2018 Additions Disposals 30th June 2018 Quoted investments Fund Established in Hong Kong Fidelity Global Investment Fund - Hong Kong Bond Fund Class B 22,126,198 4,706,374 6,446,653 20,385,919 34
HONG KONG EQUITY FUND STATEMENT OF NET ASSETS AS AT 30TH JUNE 2018 (UNAUDITED) 30th June 2018 HK$ 31st December 2017 HK$ Assets Current assets Financial assets at fair value through profit or loss 2,239,627,914 2,447,110,331 Amounts receivable on subscription of units 24,534,148 323,925 Amounts receivable on sale of investments 15,219,645 6,582,758 Cash and cash equivalents 47,203 66,997 Total assets 2,279,428,910 2,454,084,011 -------------------- -------------------- Liabilities Current liabilities Amounts payable on redemption of units 15,219,643 6,582,757 Amounts payable on purchase of investments 24,534,148 323,925 Other payables 4,973,146 5,235,740 Total liabilities (excluding net assets attributable to unitholders) 44,726,937 12,142,422 -------------------- -------------------- Net assets attributable to unitholders 2,234,701,973 2,441,941,589 Units outstanding at end of the period - Ordinary units 6,318,695 6,842,994 - Administration units 1,504,164 1,660,444 - Savings units 587,014 649,240 Net assets attributable to unitholders per unit - Ordinary unit HK$270.24 HK$271.26 - Administration unit HK$252.60 HK$254.11 - Savings unit HK$250.71 HK$252.28 35
HONG KONG EQUITY FUND SCHEDULE OF INVESTMENTS AS AT 30TH JUNE 2018 (UNAUDITED) Quoted investments Fund Established in Hong Kong Holdings Fair value % of Net Units HK$ Asset Value Fidelity Global Investment Fund - Hong Kong Equity Fund Class B 144,865,971.156 2,239,627,914 100.22 TOTAL INVESTMENTS 2,239,627,914 100.22 OTHER NET LIABILITIES (4,925,941) (0.22) NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 30TH JUNE 2018 2,234,701,973 100.00 TOTAL INVESTMENTS AT COST 1,804,508,243 36
SEMI-ANNUAL REPORT AND ACCOUNTS - FOR THE PERIOD ENDED 30TH JUNE 2018 HONG KONG EQUITY FUND INVESTMENT PORTFOLIO MOVEMENTS FOR THE PERIOD ENDED 30TH JUNE 2018 (UNAUDITED) Portfolio holdings (units) 1st January 2018 Additions Disposals 30th June 2018 Quoted investments Fund Established in Hong Kong Fidelity Global Investment Fund - Hong Kong Equity Fund Class B 158,286,567 42,089,622 55,510,218 144,865,971 37
RMB BOND FUND STATEMENT OF NET ASSETS AS AT 30TH JUNE 2018 (UNAUDITED) 30th June 2018 HK$ 31st December 2017 HK$ Assets Current assets Financial assets at fair value through profit or loss 27,248,407 12,430,061 Amounts receivable on subscription of units 1,913,200 123,838 Amounts receivable on sale of investments 480,462 - Other receivables 9,972 7,962 Cash and cash equivalents 36,868 8,887 Total assets 29,688,909 12,570,748 -------------------- -------------------- Liabilities Current liabilities Amounts payable on redemption of units 480,462 - Amounts payable on purchase of investments 1,913,200 123,838 Other payables 87,381 46,484 Total liabilities (excluding net assets attributable to unitholders) 2,481,043 170,322 -------------------- -------------------- Net assets attributable to unitholders 27,207,866 12,400,426 Units outstanding at end of the period - Ordinary units 84,827 15,215 - Administration units 159,432 99,076 - Savings units 15,190 4,231 Net assets attributable to unitholders per unit - Ordinary unit HK$105.76 HK$105.57 - Administration unit HK$104.45 HK$104.49 - Savings unit HK$104.30 HK$104.37 38
RMB BOND FUND SCHEDULE OF INVESTMENTS AS AT 30TH JUNE 2018 (UNAUDITED) Quoted investments Fund Established in Hong Kong Holdings Fair value % of Net Units HK$ Asset Value Fidelity Global Investment Fund - RMB Bond Fund Class B 250,214.940 27,248,407 100.15 TOTAL INVESTMENTS 27,248,407 100.15 OTHER NET LIABILITIES (40,541) (0.15) NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 30TH JUNE 2018 27,207,866 100.00 TOTAL INVESTMENTS AT COST 27,412,853 39
RMB BOND FUND INVESTMENT PORTFOLIO MOVEMENTS FOR THE PERIOD ENDED 30TH JUNE 2018 (UNAUDITED) Portfolio holdings (units) 1st January 2018 Additions Disposals 30th June 2018 Quoted investments Fund Established in Hong Kong Fidelity Global Investment Fund - RMB Bond Fund Class B 114,806 213,741 78,332 250,215 40
STABLE GROWTH FUND STATEMENT OF NET ASSETS AS AT 30TH JUNE 2018 (UNAUDITED) 30th June 2018 US$ 31st December 2017 US$ Assets Current assets Financial assets at fair value through profit or loss 441,295,446 471,929,351 Amounts receivable on subscription of units 188,958 92,351 Amounts receivable on sale of investments 12,384,649 325,005 Cash and cash equivalents 53,238 47,480 Total assets 453,922,291 472,394,187 ------------------ ------------------ Liabilities Current liabilities Amounts payable on redemption of units 9,738,730 405,697 Amounts payable on purchase of investments 569,487 10,994 Other payables 1,002,043 1,021,715 Total liabilities (excluding net assets attributable to unitholders) 11,310,260 1,438,406 ------------------ ------------------ Net assets attributable to unitholders 442,612,031 470,955,781 Units outstanding at end of the period - Ordinary units 7,241,276 7,674,086 - Administration units 1,279,971 1,337,628 - Savings units 1,145,300 1,119,128 Net assets attributable to unitholders per unit - Ordinary unit US$46.87 US$47.53 - Administration unit US$42.69 US$43.39 - Savings unit US$42.38 US$43.08 41
STABLE GROWTH FUND SCHEDULE OF INVESTMENTS AS AT 30TH JUNE 2018 (UNAUDITED) Quoted investments Funds Established in Hong Kong Holdings Fair value % of Net Units US$ Asset Value Fidelity Global Investment Fund - Americas Equity Fund Class B 17,051,641.279 50,648,439 11.44 - Asia Pacific Equity Fund Class B 14,737,230.941 31,060,540 7.02 - European Equity Fund Class B 21,265,574.964 43,763,018 9.89 - Global Bond Fund Class B 109,449,506.270 165,407,845 37.37 - HK$ Money Fund Class B 986,435.251 1,277,085 0.29 - Hong Kong Bond Fund Class B 11,258,993.335 17,388,406 3.93 - Hong Kong Equity Fund Class B 39,040,225.681 76,909,399 17.37 - Japanese Equity Fund Class B 13,382,697.242 29,399,404 6.64 - US$ Money Fund Class B 2,462,856.700 25,441,310 5.75 Forward foreign exchange contracts BUY USD SELL HKD 7.851236 03/07/2018-0.00 BUY HKD SELL USD 7.844264 03/07/2018-0.00 TOTAL INVESTMENTS 441,295,446 99.70 OTHER NET ASSETS 1,316,585 0.30 NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 30TH JUNE 2018 442,612,031 100.00 TOTAL INVESTMENTS AT COST 362,665,258 42
SEMI-ANNUAL REPORT AND ACCOUNTS - FOR THE PERIOD ENDED 30TH JUNE 2018 STABLE GROWTH FUND INVESTMENT PORTFOLIO MOVEMENTS FOR THE PERIOD ENDED 30TH JUNE 2018 (UNAUDITED) Portfolio holdings (units) 1st January 2018 Additions Disposals 30th June 2018 Quoted investments Funds Established in Hong Kong Fidelity Global Investment Fund - Americas Equity Fund Class B 18,497,157 1,435,619 2,881,135 17,051,641 - Asia Pacific Equity Fund Class B 16,400,425 1,110,515 2,773,709 14,737,231 - European Equity Fund Class B 22,776,518 2,536,911 4,047,854 21,265,575 - Global Bond Fund Class B 109,645,764 13,521,376 13,717,634 109,449,506 - HK$ Money Fund Class B 1,052,841 83,456 149,862 986,435 - Hong Kong Bond Fund Class B 11,894,978 863,680 1,499,665 11,258,993 - Hong Kong Equity Fund Class B 44,419,516 2,948,081 8,327,371 39,040,226 - Japanese Equity Fund Class B 15,573,465 1,006,498 3,197,266 13,382,697 - US$ Money Fund Class B 2,254,219 635,821 427,183 2,462,857 43
US DOLLAR MONEY FUND STATEMENT OF NET ASSETS AS AT 30TH JUNE 2018 (UNAUDITED) 30th June 2018 US$ 31st December 2017 US$ Assets Current assets Financial assets at fair value through profit or loss 355,728,730 306,016,410 Amounts receivable on subscription of units 2,630,733 717,236 Amounts receivable on sale of investments 1,514,598 527,759 Interest receivables 1 - Other receivables 95,353 58,361 Cash and cash equivalents 531,367 435,529 Total assets 360,500,782 307,755,295 ------------------ ------------------ Liabilities Current liabilities Financial liabilities at fair value through profit or loss 391 - Amounts payable on redemption of units 1,568,888 536,177 Other payables 444,384 392,160 Total liabilities (excluding net assets attributable to unitholders) 2,013,663 928,337 ------------------ ------------------ Net assets attributable to unitholders 358,487,119 306,826,958 Units outstanding at end of the period - Ordinary units 17,766,683 15,340,796 - Administration units 3,475,005 3,029,064 - Savings units 520,903 382,846 Net assets attributable to unitholders per unit - Ordinary unit US$ 16.60 US$ 16.48 - Administration unit US$ 15.92 US$ 15.83 - Savings unit US$ 15.85 US$ 15.76 44
US DOLLAR MONEY FUND SCHEDULE OF INVESTMENTS AS AT 30TH JUNE 2018 (UNAUDITED) Quoted investments Fund Established in Hong Kong Holdings Fair value % of Net Units US$ Asset Value Fidelity Global Investment Fund - US$ Money Fund Class B 34,436,469.513 355,728,730 99.23 Forward foreign exchange contracts BUY USD SELL HKD 7.850889 03/07/2018 (88) 0.00 BUY USD SELL HKD 7.851236 03/07/2018 (10) 0.00 BUY USD SELL HKD 7.851236 03/07/2018 (63) 0.00 BUY USD SELL HKD 7.850889 05/07/2018 (230) 0.00 TOTAL INVESTMENTS 355,728,339 99.23 OTHER NET ASSETS 2,758,780 0.77 NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 30TH JUNE 2018 358,487,119 100.00 TOTAL INVESTMENTS AT COST 350,067,349 45
SEMI-ANNUAL REPORT AND ACCOUNTS - FOR THE PERIOD ENDED 30TH JUNE 2018 US DOLLAR MONEY FUND INVESTMENT PORTFOLIO MOVEMENTS FOR THE PERIOD ENDED 30TH JUNE 2018 (UNAUDITED) Portfolio holdings (units) 1st January 2018 Additions Disposals 30th June 2018 Quoted investments Fund Established in Hong Kong Fidelity Global Investment Fund - US$ Money Fund Class B 29,884,415 11,614,571 7,062,516 34,436,470 46
WORLD BOND FUND STATEMENT OF NET ASSETS AS AT 30TH JUNE 2018 (UNAUDITED) 30th June 2018 US$ 31st December 2017 US$ Assets Current assets Financial assets at fair value through profit or loss 57,852,322 46,473,921 Amounts receivable on subscription of units 395,644 - Amounts receivable on sale of investments 42,192 123,092 Cash and cash equivalents 11,250 7,077 Total assets 58,301,408 46,604,090 ------------------ ------------------ Liabilities Current liabilities Amounts payable on redemption of units 42,192 123,092 Amounts payable on purchase of investments 395,644 - Other payables 126,661 100,791 Total liabilities (excluding net assets attributable to unitholders) 564,497 223,883 ------------------ ------------------ Net assets attributable to unitholders 57,736,911 46,380,207 Units outstanding at end of the period - Ordinary units 2,877,484 2,192,025 - Administration units 510,708 454,250 - Savings units 217,418 218,944 Net assets attributable to unitholders per unit - Ordinary unit US$ 16.23 US$ 16.44 - Administration unit US$ 15.17 US$ 15.40 - Savings unit US$ 15.07 US$ 15.30 47
WORLD BOND FUND SCHEDULE OF INVESTMENTS AS AT 30TH JUNE 2018 (UNAUDITED) Quoted investments Fund Established in Hong Kong Holdings Fair value % of Net Units US$ Asset Value Fidelity Global Investment Fund - Global Bond Fund Class B 38,280,578.950 57,852,322 100.20 TOTAL INVESTMENTS 57,852,322 100.20 OTHER NET LIABILITIES (115,411) (0.20) NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 30TH JUNE 2018 57,736,911 100.00 TOTAL INVESTMENTS AT COST 56,696,331 48
SEMI-ANNUAL REPORT AND ACCOUNTS - FOR THE PERIOD ENDED 30TH JUNE 2018 WORLD BOND FUND INVESTMENT PORTFOLIO MOVEMENTS FOR THE PERIOD ENDED 30TH JUNE 2018 (UNAUDITED) Portfolio holdings (units) 1st January 2018 Additions Disposals 30th June 2018 Quoted investments Fund Established in Hong Kong Fidelity Global Investment Fund - Global Bond Fund Class B 30,483,695 18,323,698 10,526,814 38,280,579 49
This page is intentionally left blank.
This page is intentionally left blank.
This page is intentionally left blank.