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Semi-Annual Report and AccountsFor the period ended 30 June 2020

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Fidelity Advantage Portfolio Fund

FIDELITY ADVANTAGE PORTFOLIO FUND SEMI-ANNUAL REPORT AND ACCOUNTS - FOR THE PERIOD ENDED 30TH JUNE 2020

1

Contents Pages

Management and Administration 2 Report of the Investment Manager 3-7 Statement of Net Assets / Statement of Comprehensive Income / Statement of Changes in Net Assets Attributable to Unitholders / Statement of Cash Flows / Schedule of Investments / Investment Portfolio Movements

Asia Pacific Equity Fund 8-14

Balanced Fund 15-21

Capital Stable Fund 22-28

Fidelity Advantage Portfolio Fund - Invesco Asian Equity Fund 29-35

Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio 36-42

Fidelity Advantage Portfolio Fund - World Equity Index Fund 43-49

Fidelity Advantage Portfolio Fund - World Government Bond Index Fund 50-56

Global Equity Fund 57-63

Growth Fund 64-70

HK Dollar Money Fund 71-77

Hong Kong Bond Fund 78-84

Hong Kong Equity Fund 85-91

RMB Bond Fund 92-98

Stable Growth Fund 99-105

US Dollar Money Fund 106-112

World Bond Fund 113-119


2

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 Deloitte Touche Tohmatsu 35/F One Pacific Place, 88 Queensway, Admiralty, Hong Kong Legal Advisers Deacons 5th Floor Alexandra House, 18 Chater Road Central, Hong Kong


3

REPORT OF THE INVESTMENT MANAGER As at 30th June 2020

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.


4

REPORT OF THE INVESTMENT MANAGER Market Review Global Global equities, as measured by the MSCI World Index, generated negative returns in US dollar terms over the six-month period to the end of June. Markets fell sharply in the first half of the period as the COVID-19 outbreak in China and its spread to other countries weighed on global economic prospects. As the World Health Organization (WHO) declared the outbreak a pandemic, authorities across the world announced large-scale lockdowns and travel restrictions to curtail the contagion, and unveiled policy stimulus measures to mitigate its economic impact. During the second half of the period, markets recovered some losses as progress on potential COVID-19 vaccines, easing of lockdowns in several economies and substantial stimulus measures provided support. Against this global backdrop, all key regional equity markets ended lower, with the UK and Pacific ex Japan delivering negative performance. From a sector perspective, energy companies declined significantly, as crude oil prices fell due to weakening demand and constraints around storage capacity. Financials and industrials also ended lower. Meanwhile, information technology (IT) and health care companies outperformed the broader market. United States US equities declined over the six-month period. During the first quarter of 2020 the spread of the COVID-19 pandemic hurt investor sentiment. Furthermore, oil prices crashed as a price war led to a supply glut in an already subdued demand environment caused by travel restrictions. The US Federal Reserve (Fed) cut interest rates by 1.5% to near zero, the fastest rate cut in its history. It also committed to unlimited purchases of government bonds, mortgage-backed securities and, for the first time ever, corporate debt in an attempt to ensure market liquidity and to take risk off private sector balance sheets. Exceptional measures from the US government meant the fiscal taps were also been opened like never before. Market sentiment improved in the second quarter as record levels of stimulus were deployed and key economic indicators showed improvement. This was despite significant civil unrest leading to massive public demonstrations, the shifting narrative between re-openings, and concerns of a resurgence in COVID-19 cases. At a sector level, energy, financials and industrials stocks led the downward charge, while the IT and consumer discretionary sectors recorded positive returns. Europe European equities ended a volatile six-month period in negative territory. The year started on a positive note, driven by optimism around the US-China trade deal but these gains were more than offset due to growing concerns around the COVID-19 outbreak. However, a strong market rebound in the second quarter of 2020 reversed much of these losses. With a gradual re-opening of economies, there was some improvement in macroeconomic data. This, coupled with monetary policy support from central banks and fiscal support from governments, buoyed equities. The European Central Bank (ECB) expanded its Pandemic Emergency Purchase Programme (PEPP) by an additional EUR600 billion to EUR1.35 trillion and extended the duration of the programme until at least June 2021. Against this backdrop, most sectors ended the period in negative territory, with energy and financials declining the most. Health care, IT and utilities were the only gainers.


5

REPORT OF THE INVESTMENT MANAGER Market Review (Continued) Japan Japanese equities fell over the six-month period. Share prices suffered a steep fall in the first three months amid a rising number of COVID-19 infections globally and increasing concerns over its long-term impact on global economic growth. Japan’s government was forced to announce emergency measures first in Tokyo and later in the rest of the country. A sharp plunge in oil prices further dampened investor sentiment. The yen’s strength against the US dollar also pressured Japanese shares during the period. Nevertheless, stock prices rebounded over the April–June quarter, led by strong gains in mid/small-caps and in emerging company stocks. Central bank action reduced volatility and risk sentiment improved as the increase in COVID-19 cases appears to be brought under control and global economies have started to reopen. The Bank of Japan and the government responded by announcing massive monetary and fiscal stimulus as well as economic measures to address the impact of the pandemic. From a sector perspective, energy, real estate and financials were the leading decliners, while health care and communication services recorded positive returns. Pacific ex Japan Asia Pacific ex Japan equities declined over the first half of 2020 as the spread of COVID-19 cases raised fears of a global contagion and concerns around its potential impact on the economic activity spurred an indiscriminate sell-off across stock markets, notably in the month of March 2020. Good quality businesses got sold-off along with the rest as the region recorded significant foreign funds outflow. Equities rebounded in the second quarter, due to easing lockdown restrictions and continued stimulus support measures by respective governments and regional central banks. Optimism around the development of a COVID-19 vaccine further supported investor confidence. Meanwhile, mounting geopolitical tensions between the US and China subdued sentiment. China imposed a new national security law on Hong Kong, and the US issued fresh restrictions on Chinese technology giant Huawei. The US senate passed a bill that could eventually lead to a delisting of Chinese companies on its exchanges. Notably, a number of Chinese companies have already started to consider listing on the Hong Kong exchange. Broadly, north Asian equities such as in China, Taiwan and Korea outperformed the regional index while South Asia and ASEAN underperformed. Bonds Global bond markets generated mixed returns over the period, with government bonds outperforming corporate bonds. Within credit, global investment grade corporate bonds outperformed global high yield bonds. Sentiment remained strong at the turn of 2020, before the spread of the COVID-19 pandemic resulted in unprecedented levels of volatility, resulting in a sell-off in corporate bonds. The spread of the pandemic collided with an oil price crash as the Organization of the Petroleum Exporting Countries’ (OPEC) talks with Russia to reduce output collapsed. Government bond yields slumped to new record lows and credit spreads significantly widened in the first quarter of 2020. The entire US Treasury yield curve fell below 1% for the first time in March, amid investors’ focus on safe-haven assets. German and UK government bond (Gilt) yields fell significantly in March, in line with their US counterparts. In a coordinated effort to combat a potential global economic crisis, central banks across the world announced new policy responses such as rate cuts and bond-buying programmes. Most economies also announced a string of fiscal easing packages to address the financial concerns of people already facing lockdowns. Against this backdrop, risk sentiment improved significantly, and credit spreads tightened in the latter half of the period. However, returns were somewhat capped by uncertainty around the economic rebound and the COVID-19 pandemic’s trajectory, along with mounting tensions between the US and China. All market returns in local currency terms.


6

REPORT OF THE INVESTMENT MANAGER Cumulative Total Returns NAV to NAV (in %, in Fund Currency) as at 30th June 2020

Fund Name Fund Class 6 Months 1 Year Since Launch

Asia Pacific Equity Fund Ordinary (5.31) 0.68 194.30

Administration (5.50) 0.25 176.40

Savings (5.54) 0.22 174.50

Balanced Fund Ordinary (2.25) 3.07 399.90


Savings (2.49) 2.57 216.96

Capital Stable Fund Ordinary 1.62 4.36 282.60

Administration 1.39 3.89 241.80

Savings 1.38 3.83 147.23

Fidelity Advantage Portfolio Fund - Ordinary (8.41) (2.56) 132.00

Invesco Asian Equity Fund Administration (8.62) (3.03) 117.30

Savings (8.64) (3.05) 115.80

Fidelity Advantage Portfolio Fund - Ordinary (12.55) (12.51) 107.70

Tracker Fund Portfolio Administration (12.77) (12.89) 94.60

Savings (12.78) (12.93) 93.20

Fidelity Advantage Portfolio Fund - Ordinary (9.21) N/A (1.61)

World Equity Index Fund1 Administration (9.42) N/A (2.02)

Savings (9.44) N/A (2.06)

Fidelity Advantage Portfolio Fund - Ordinary 5.40 N/A 4.46

World Government Bond Index Fund1 Administration 5.17 N/A 4.03

Savings 5.15 N/A 3.99

Global Equity Fund Ordinary (5.09) 4.18 226.20


Savings (5.34) 3.67 199.70

Growth Fund Ordinary (4.51) 2.03 441.80


Savings (4.75) 1.52 245.36

HK Dollar Money Fund Ordinary 0.69 1.49 39.10


Savings 0.68 1.45 15.55

Hong Kong Bond Fund Ordinary 3.30 4.08 55.24


Savings 3.04 3.54 42.58

Hong Kong Equity Fund Ordinary (3.81) (0.74) 429.68

Administration (4.02) (1.18) 390.66

Savings (4.05) (1.23) 386.50

RMB Bond Fund Ordinary 0.32 0.81 8.76


Savings 0.07 0.30 6.19

Stable Growth Fund Ordinary (0.12) 3.95 235.33


Savings (0.38) 3.42 185.72

US Dollar Money Fund Ordinary 0.53 1.42 71.90


Savings 0.43 1.12 23.60

World Bond Fund Ordinary 6.13 6.57 81.70


Savings 5.90 6.03 67.00

1 The sub-fund was launched on 31st July 2019.


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REPORT OF THE INVESTMENT MANAGER (CONTINUED) Asset Allocation Breakdown (in %) As at 30th June 2020

Equity Fund Bond Fund

Fund Name HK Japanese Asia

Pacific Americas European Global HK Global

Money Market Fund(s)

Cash &

Others

Asia Pacific Equity Fund 100.2 (0.2)

Balanced Fund 24.3 9.5 9.7 14.4 15.3 3.5 22.0 1.4 (0.1)

Capital Stable Fund 10.4 4.6 4.7 6.2 7.1 6.4 54.2 6.5 (0.1)

Fidelity Advantage Portfolio Fund - Invesco Asian Equity Fund 99.8 0.2

Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio 100.2 (0.2)

Fidelity Advantage Portfolio Fund - World Equity Index Fund 100.3 (0.3)

Fidelity Advantage Portfolio Fund - World Government Bond Index Fund 99.5 0.5

Global Equity Fund 1.2 8.6 6.8 63.4 20.2 (0.2)

Growth Fund 30.3 12.6 12.7 18.4 19.1 1.6 5.4 0.1 (0.2)

HK Dollar Money Fund 99.9 0.1

Hong Kong Bond Fund 100.2 (0.2)

Hong Kong Equity Fund 100.2 (0.2)

RMB Bond Fund 99.6 0.4

Stable Growth Fund 17.3 7.1 7.2 10.3 11.2 5.0 40.5 1.6 (0.2)

US Dollar Money Fund 99.6 0.4

World Bond Fund 100.2 (0.2)


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ASIA PACIFIC EQUITY FUND STATEMENT OF NET ASSETS AS AT 30TH JUNE 2020 (UNAUDITED)

30th June

2020 31st December 2019

US$ US$ Assets Current assets

Financial assets at fair value through profit or loss 137,291,746 146,401,809 Amounts receivable on subscription of units 64,811 99,828 Amounts receivable on sale of investments 574,889 110,486 Cash and cash equivalents 21,179 16,197

────────── ──────────

Total assets 137,952,625 146,628,320 ------------------ ------------------ Liabilities Current liabilities

Amounts payable on redemption of units 574,889 110,486 Amounts payable on purchase of investments 64,811 99,828 Other payables 276,084 294,292

────────── ──────────

Total liabilities (excluding net assets attributable to unitholders) 915,784 504,606

------------------ ------------------ Net assets attributable to unitholders 137,036,841 146,123,714 ══════════ ══════════

Units outstanding at end of the period

- Ordinary units 3,660,293 3,727,061 - Administration units 711,004 688,091 - Savings units 351,655 349,943

══════════ ══════════

Net assets attributable to unitholders per unit

- Ordinary unit US$29.43 US$31.08 - Administration unit US$27.64 US$29.25 - Savings unit US$27.45 US$29.06

══════════ ══════════

Note: Semi-annual report has applied the same accounting policies and methods of computation as are applied in the annual report of the fund.


9

ASIA PACIFIC EQUITY FUND STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)

1st January 2020

to 30th June 2020 1st January 2019

to 30th June 2019 US$ US$

Income

Interest on bank deposits 12 131 Other income 2 1 Realised gains/(losses) on disposal of financial assets at fair value through profit or loss 2,951,786 2,537,166

Change in unrealised gains/losses on financial assets at fair value through profit or loss (10,502,475) 11,608,230

Net foreign currency gains/(losses) 584 (25) ───────────── ───────────── Total net income/(loss) (7,550,091) 14,145,503 ------------------------

--

-------------------------- Expenses

Administration fees Note 1 65,250 60,352 Investment management fees Note 2 498,215 475,468 Auditor’s remuneration 945 1,141 Accounting fees Note 1 574 331 Bank charges Note 1 26 25 Handling fees Note 1 3,315 2,693 Registration and filing fees 303 303 Professional fees 870 97 Other operating expenses Note 1 5,040 3,748

───────────── ───────────── Total operating expenses 574,538 544,158 -------------------------- --------------------------

Increase/(decrease) in net assets attributable to unitholders from operations (8,124,629) 13,601,345

═════════════ ═════════════ Note 1 During the period ended 30 June 2020 and 2019, Administration fees, Accounting fees, Bank

charges and Handling fees were paid to the Trustee or its Connected Persons, other respective amounts paid to the Trustee or its Connected Persons were as follows:

1st January 2020 1st January 2019 to 30th June 2020 to 30th June 2019 US$ US$ Other operating expenses 1,790 800

Note 2 During the period ended 30 June 2020 and 2019, other than Investment management fees

paid to the Manager, no other amounts were paid to the Manager or its Connected persons.


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ASIA PACIFIC EQUITY FUND STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)

1st January 2020



Net assets attributable to unitholders at

1st January 146,123,714 114,589,515 Proceeds from subscription of units Ordinary units 13,890,170 13,785,335 Administration units 4,823,298 3,389,310 Savings units 612,139 446,912 ───────────── ─────────────

19,325,607 17,621,557 ------------------------

--

-------------------------- Payments on redemption of units Ordinary units (15,514,647) (10,503,728) Administration units (4,250,019) (1,373,708) Savings units (523,185) (347,462) ───────────── ───────────── (20,287,851) (12,224,898) -------------------------- --------------------------

Net subscription/(redemption) of units (962,244) 5,396,659


───────────── ───────────── Net assets attributable to unitholders at

30th June 137,036,841 133,587,519 ═════════════ ═════════════


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ASIA PACIFIC EQUITY FUND STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (CONTINUED) FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED) Number of units in issue

1st January 2020


to 30th June 2019 Units Units

Ordinary Units outstanding at beginning of the

period 3,727,061 3,507,093 Units subscribed 492,335 484,599 Units redeemed (559,103) (373,623) ───────────── ───────────── Ordinary Units outstanding at end of the period 3,660,293 3,618,069 ═════════════ ═════════════

Administration Units outstanding at beginning of

the period 688,091 585,070 Units subscribed 180,686 125,849 Units redeemed (157,773) (51,494) ───────────── ───────────── Administration Units outstanding at end of the

period 711,004

659,425 ═════════════ ═════════════

Savings Units outstanding at beginning of the

period 349,943 349,015 Units subscribed 21,934 16,669 Units redeemed (20,222) (12,813) ───────────── ───────────── Savings Units outstanding at end of the period 351,655 352,871 ═════════════ ═════════════


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ASIA PACIFIC EQUITY FUND STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)

1st January 2020 to 30th June 2020


US$ US$

Cash flows from operating activities Increase/(decrease) in net assets attributable to

unitholders from operations (8,124,629) 13,601,345

Adjustment for: Interest on bank deposits (12) (131) ───────────── ───────────── Operating profit/(loss) before working capital changes (8,124,641) 13,601,214

Net change in amounts receivable on sale of

investments/payable on purchase of investments (499,420) 29,909 Net change in other payables (18,208) 39,795 Net change in financial assets at fair value through

profit or loss 9,110,063 (19,034,072) ───────────── ───────────── Cash from/(used in) operations 467,794 (5,363,154) Interest received 12 130 ───────────── ───────────── Net cash from/(used in) operating activities 467,806 (5,363,024) ------------------------

--

-------------------------- Cash flows from financing activities Proceeds from subscription of units 19,360,624 17,591,597 Payments on redemption of units (19,823,448) (12,224,847) ───────────── ───────────── Net cash from/(used in) financing activities (462,824) 5,366,750 ------------------------

--

-------------------------- Net increase/(decrease) in cash and cash

equivalents 4,982 3,726 Cash and cash equivalents at beginning of the period 16,197 19,678 ───────────── ───────────── Cash and cash equivalents at end of the period 21,179 23,404 ═════════════ ═════════════ Analysis of cash and cash equivalents

Cash and bank deposits (representing cash and bank deposits with original maturity of 3 months or less) 21,179 23,404

═════════════ ═════════════


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ASIA PACIFIC EQUITY FUND SCHEDULE OF INVESTMENTS AS AT 30TH JUNE 2020 (UNAUDITED) Holdings Fair value % of Net Units US$ asset value Quoted investments Fund Established in Hong Kong Fidelity Global Investment Fund - Asia Pacific Equity Fund – Class B 63,375,390.917 137,291,746 100.19 ────────── ──────

TOTAL INVESTMENTS 137,291,746 100.19 OTHER NET LIABILITIES (254,905) (0.19) ────────── ──────

NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 30TH JUNE 2020 137,036,841 100.00 ══════════ ══════

TOTAL INVESTMENTS AT COST 112,184,717

══════════


14

ASIA PACIFIC EQUITY FUND INVESTMENT PORTFOLIO MOVEMENTS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED) Portfolio holdings (units)

1st January

2020 Additions Disposals 30th June

2020 Quoted investments Fund Established in Hong Kong Fidelity Global Investment Fund - Asia Pacific Equity Fund – Class B 64,245,554 9,057,467 9,927,630 63,375,391


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BALANCED FUND STATEMENT OF NET ASSETS AS AT 30TH JUNE 2020 (UNAUDITED)

30th June


US$ US$ Assets Current assets

Financial assets at fair value through profit or loss 1,214,359,252 1,429,636,880 Amounts receivable on subscription of units 1,474,451 245,749 Amounts receivable on sale of investments 15,727,252 4,477,444 Cash and cash equivalents 37,574 32,072

─────────── ───────────

Total assets 1,231,598,529 1,434,392,145 -------------------- -------------------- Liabilities Current liabilities

Amounts payable on redemption of units 9,334,709 1,643,120 Amounts payable on purchase of investments 6,637,309 3,075,155 Other payables 2,704,679 2,974,571

─────────── ───────────

Total liabilities (excluding net assets attributable to unitholders) 18,676,697 7,692,846

-------------------- -------------------- Net assets attributable to unitholders 1,212,921,832 1,426,699,299 ═══════════ ═══════════


- Ordinary units 19,662,113 23,142,485 - Administration units 2,757,491 2,899,718 - Savings units 2,410,833 2,431,726

═══════════ ═══════════



═══════════ ═══════════

Note: Semi-annual report has applied the same accounting policies and methods of computation as are applied in the annual report of the fund.


16

BALANCED FUND STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)

1st January 2020



Income



Net foreign currency gains/(losses) (12,961) (14,273) ───────────── ─────────────

──── Total net income/(loss) (29,403,413) 158,340,541 ------------------------

--

-------------------------- Expenses

Administration fees Note 1 532,260 545,565 Investment management fees Note 2 4,920,692 5,276,594 Auditor’s remuneration 9,280 13,467 Accounting fees Note 1 4,844 3,986 Bank charges Note 1 26 25 Handling fees Note 1 41,813 37,013 Registration and filing fees 444 497 Professional fees 8,667 1,243 Other operating expenses Note 1 11,196 7,696

───────────── ─────────────

──── Total operating expenses 5,529,222 5,886,086 -------------------------- --------------------------


═════════════ ═════════════

Note 1 During the period ended 30 June 2020 and 2019, Administration fees, Accounting fees, Bank charges and Handling fees were paid to the Trustee or its Connected Persons, other respective amounts paid to the Trustee or its Connected Persons were as follows:





17

BALANCED FUND STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)

1st January 2020




1st January 1,426,699,299 1,327,456,334 Proceeds from subscription of units Ordinary units 48,185,856 44,924,616 Administration units 8,790,513 7,885,620 Savings units 4,924,443 6,734,726 ───────────── ─────────────

61,900,812 59,544,962 ------------------------

--

-------------------------- Payments on redemption of units Ordinary units (220,084,987) (62,483,418) Administration units (14,825,326) (12,499,140) Savings units (5,835,331) (6,187,897) ───────────── ───────────── (240,745,644) (81,170,455) -------------------------- --------------------------

Net subscription/(redemption) of units (178,844,832) (21,625,493)



30th June 1,212,921,832 1,458,285,296 ═════════════ ═════════════


18

BALANCED FUND STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (CONTINUED) FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED) Number of units in issue

1st January 2020




period 23,142,485 25,502,310 Units subscribed 994,890 962,196 Units redeemed (4,475,262) (1,331,752) ───────────── ─────────────

──── Ordinary Units outstanding at end of the period 19,662,113 25,132,754 ═════════════ ═════════════


the period 2,899,718 3,191,119 Units subscribed 203,306 187,069 Units redeemed (345,533) (299,141) ───────────── ─────────────

──── Administration Units outstanding at end of the period 2,757,491

3,079,047

═════════════ ═════════════

Savings Units outstanding at beginning of the period 2,431,726 2,426,346

Units subscribed 114,314 161,923 Units redeemed (135,207) (149,176) ───────────── ───────────── Savings Units outstanding at end of the period 2,410,833 2,439,093 ═════════════ ═════════════


19

BALANCED FUND STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)



US$ US$ Cash flows from operating activities Increase/(decrease) in net assets attributable to

unitholders from operations (34,932,635) 152,454,455 Adjustment for: Interest on bank deposits (8) (80) ───────────── ───────────── Operating profit/(loss) before working capital changes (34,932,643) 152,454,375 Net change in amounts receivable on sale of

investments/payable on purchase of investments (7,687,654) 756,828 Net change in other payables (269,892) 112,854 Net change in financial assets at fair value through

profit or loss 215,277,628 (130,964,036) ───────────── ─────────────

──── Cash from/(used in) operations 172,387,439 22,360,021 Interest received 8 80 ───────────── ─────────────

──── Net cash from/(used in) operating activities 172,387,447 22,360,101 ------------------------

--

-------------------------- Cash flows from financing activities Proceeds from subscription of units 60,672,110 59,358,619 Payments on redemption of units (233,054,055) (81,740,579) ───────────── ───────────── Net cash from/(used in) financing activities (172,381,945) (22,381,960) ------------------------

--


equivalents 5,502 (21,859) Cash and cash equivalents at beginning of the period 32,072 72,088 ───────────── ───────────── Cash and cash equivalents at end of the period 37,574 50,229 ═════════════ ═════════════ Analysis of cash and cash equivalents


═════════════ ═════════════


20

BALANCED FUND SCHEDULE OF INVESTMENTS AS AT 30TH JUNE 2020 (UNAUDITED) Holdings Fair value % of Net Units US$ asset value Quoted investments Funds Established in Hong Kong Fidelity Global Investment Fund - Americas Equity Fund – Class B 48,545,897.532 174,316,631 14.37 - Asia Pacific Equity Fund – Class B 54,410,682.102 117,871,266 9.72 - European Equity Fund – Class B 89,946,724.064 184,873,306 15.24 - Global Bond Fund – Class B 155,686,368.433 267,363,258 22.04 - Hong Kong Bond Fund – Class B 23,994,877.518 42,538,126 3.51 - Hong Kong Equity Fund – Class B 148,750,494.066 295,180,615 24.34 - Japanese Equity Fund – Class B 50,780,743.101 115,511,293 9.52 - US$ Money Fund – Class B 1,551,045.246 16,704,757 1.38 ─────────── ──────

TOTAL INVESTMENTS 1,214,359,252 100.12 OTHER NET LIABILITIES (1,437,420) (0.12) ─────────── ──────

NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 30TH JUNE 2020 1,212,921,832 100.00 ═══════════ ══════

TOTAL INVESTMENTS AT COST 953,621,673 ═══════════


21

BALANCED FUND INVESTMENT PORTFOLIO MOVEMENTS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)

Portfolio holdings (units)

1st January


2020 Quoted investments Funds Established in Hong Kong Fidelity Global Investment Fund - Americas Equity Fund – Class B 58,549,842 9,372,605 19,376,549 48,545,898 - Asia Pacific Equity Fund – Class B 59,083,948 13,563,665 18,236,931 54,410,682 - European Equity Fund – Class B 91,162,841 18,084,675 19,300,792 89,946,724 - Global Bond Fund – Class B 186,581,867 22,929,510 53,825,009 155,686,368 - Hong Kong Bond Fund – Class B 27,857,027 1,212,415 5,074,564 23,994,878 - Hong Kong Equity Fund – Class B 174,678,154 19,087,021 45,014,681 148,750,494 - Japanese Equity Fund – Class B 59,152,188 10,244,317 18,615,762 50,780,743 - US$ Money Fund – Class B 2,581,611 6,073,512 7,104,078 1,551,045


22

CAPITAL STABLE FUND STATEMENT OF NET ASSETS AS AT 30TH JUNE 2020 (UNAUDITED)

30th June

2020 31st December

2019 US$ US$ Assets Current assets

Financial assets at fair value through profit or loss 533,610,898 534,131,018 Amounts receivable on subscription of units 1,226,641 255,028 Amounts receivable on sale of investments 4,217,239 3,650,013 Cash and cash equivalents 75,578 42,048

────────── ──────────


Financial liabilities at fair value through profit or loss - 1 Amounts payable on redemption of units 1,134,666 2,058,773 Amounts payable on purchase of investments 3,982,742 1,828,416 Other payables 1,097,421 1,134,482

────────── ──────────





══════════ ══════════



══════════ ══════════

Note: Semi-annual report has applied the same accounting policies and methods of computation

as are applied in the annual report of the fund.


23

CAPITAL STABLE FUND STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)

1st January 2020



Income

Interest on bank deposits 6 82 Other income 3 3 Realised gains/(losses) on disposal of financial assets and financial liabilities at fair value through profit or loss

11,384,469 8,778,207 Change in unrealised gains/losses on financial assets at fair value through profit or loss (1,606,280) 29,309,389

Net foreign currency gains/(losses) (19,473) (7,889) ───────────── ───────────── Total net income/(loss) 9,758,725 38,079,792 ------------------------

--

-------------------------- Expenses

Administration fees Note 1 227,014 212,917 Investment management fees Note 2 1,944,824 1,873,548 Auditor’s remuneration 3,466 5,049 Accounting fees Note 1 1,985 1,577 Bank charges Note 1 26 25 Handling fees Note 1 38,445 38,603 Registration and filing fees 349 359 Professional fees 3,275 440 Other operating expenses Note 1 7,128 4,843

───────────── ───────────── Total operating expenses 2,226,512 2,137,361 -------------------------- --------------------------

Increase/(decrease) in net assets attributable to unitholders from operations 7,532,213 35,942,431

═════════════ ═════════════






24

CAPITAL STABLE FUND STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)

1st January 2020




1st January 533,056,435 485,049,848 Proceeds from subscription of units Ordinary units 40,720,274 38,891,085 Administration units 7,436,603 6,514,275 Savings units 3,624,580 4,007,390 ───────────── ─────────────

51,781,457 49,412,750 ------------------------

--


Net subscription/(redemption) of units (7,673,121) 5,697,231



30th June 532,915,527 526,689,510 ═════════════ ═════════════


25

CAPITAL STABLE FUND STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (CONTINUED) FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED) Number of units in issue

1st January 2020




period 11,523,545 11,652,341 Units subscribed 1,093,433 1,091,445 Units redeemed (1,283,698) (1,006,894) ───────────── ─────────────




──── Administration Units outstanding at end of the period

1,770,812

1,827,975

═════════════ ═════════════




26

CAPITAL STABLE FUND STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)



US$ US$


unitholders from operations

7,532,213 35,942,431

Adjustment for: Interest on bank deposits (6) (82) ───────────── ───────────── Operating profit/(loss) before working capital changes 7,532,207 35,942,349 Net change in amounts receivable on sale of

investments/payable on purchase of investments 1,587,100 5,278,768 Net change in other payables (37,061) 43,196 Net change in financial assets at fair value through

profit or loss 520,120 (41,268,461) Net change in financial liabilities at fair value through

profit or loss (1) 2 ───────────── ───────────── Cash from/(used in) operations 9,602,365 (4,146) Interest received 6 81 ───────────── ───────────── Net cash from/(used in) operating activities 9,602,371 (4,065) ------------------------

--

-------------------------- Cash flows from financing activities Proceeds from subscription of units 50,809,844 42,710,959 Payments on redemption of units (60,378,685) (42,704,638) ───────────── ───────────── Net cash from/(used in) financing activities (9,568,841) 6,321 ------------------------

--


equivalents

33,530 2,256 Cash and cash equivalents at beginning of the period 42,048 55,694 ───────────── ───────────── Cash and cash equivalents at end of the period 75,578 57,950 ═════════════ ═════════════

Analysis of cash and cash equivalents


═════════════ ═════════════


27

CAPITAL STABLE FUND SCHEDULE OF INVESTMENTS AS AT 30TH JUNE 2020 (UNAUDITED) Holdings Fair value % of Net Units US$ asset value Quoted investments Funds Established in Hong Kong Fidelity Global Investment Fund - Americas Equity Fund – Class B 9,286,546.778 33,345,754 6.26 - Asia Pacific Equity Fund – Class B 11,681,055.538 25,304,972 4.75 - European Equity Fund – Class B 18,302,257.694 37,617,811 7.06 - Global Bond Fund – Class B 168,297,520.237 289,020,637 54.23 - Hong Kong Bond Fund – Class B 19,156,540.371 33,960,720 6.37 - Hong Kong Equity Fund – Class B 27,823,755.024 55,213,485 10.36 - Japanese Equity Fund – Class B 10,674,391.338 24,281,109 4.56 - US$ Money Fund – Class B 3,237,364.015 34,866,410 6.54 ────────── ──────



TOTAL INVESTMENTS AT COST 469,117,454 ══════════


28

CAPITAL STABLE FUND INVESTMENT PORTFOLIO MOVEMENTS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED) Portfolio holdings (units)

1st January


2020 Quoted investments Funds Established in Hong Kong Fidelity Global Investment Fund - Americas Equity Fund – Class B 10,213,747 4,403,820 5,331,020 9,286,547 - Asia Pacific Equity Fund – Class B 10,936,240 4,902,916 4,158,100 11,681,056 - European Equity Fund – Class B 15,455,552 6,874,537 4,027,831 18,302,258 - Global Bond Fund – Class B 175,302,977 21,312,042 28,317,499 168,297,520 - Hong Kong Bond Fund – Class B 19,674,284 2,559,896 3,077,640 19,156,540 - Hong Kong Equity Fund – Class B 28,314,625 9,484,838 9,975,708 27,823,755 - Japanese Equity Fund – Class B 10,856,349 4,705,640 4,887,598 10,674,391 - US$ Money Fund – Class B 3,453,942 2,695,826 2,912,404 3,237,364


29

FIDELITY ADVANTAGE PORTFOLIO FUND - INVESCO ASIAN EQUITY FUND STATEMENT OF NET ASSETS AS AT 30TH JUNE 2020 (UNAUDITED)

30th June

2020 31st December


Financial assets at fair value through profit or loss 50,687,860 55,886,094 Amounts receivable on subscription of units - 298,949 Amounts receivable on sale of investments 27,222 238,376 Interest receivables - 1 Other receivables 82,837 95,941 Cash and cash equivalents 1,058,660 259,859

────────── ──────────


Financial liabilities at fair value through profit or loss - 188 Amounts payable on redemption of units 25,440 226,595 Amounts payable on purchase of investments 928,253 192,643 Other payables 102,578 118,872

────────── ──────────

Total liabilities (excluding net assets attributable to unitholders) 1,056,271 538,298



- Ordinary units 2,012,400 2,043,883 - Administration units 84,610 77,035 - Savings units 105,655 112,085

══════════ ══════════



══════════ ══════════




30

FIDELITY ADVANTAGE PORTFOLIO FUND - INVESCO ASIAN EQUITY FUND STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)

1st January 2020



Income

Interest on bank deposits 348 1,119 Dividends 305,220 - Fee rebate 175,553 192,413 Other income - 2 Realised gains/(losses) on disposal of financial assets and financial liabilities at fair value through profit or loss 513,670 805,536


Net foreign currency gains/(losses) (60) (525) ───────────── ───────────── Total net income/(loss) (4,149,000) 4,223,285 ------------------------

--

-------------------------- Expenses

Trustee fees Note 1 16,484 18,028 Administration fees Note 1 9,402 10,355 Auditor’s remuneration 365 374 Accounting fees Note 1 199 268 Bank charges Note 1 26 25 Handling fees Note 1 1,299 1,116 Registration and filing fees 294 293 Valuation fees Note 1 3,660 3,570 Servicing fees Note 2 178,427 193,808 Interest expense Note 1 28 122 Professional fees 332 11,670 Other operating expenses Note 1 4,617 3,529



═════════════ ═════════════

Note 1 During the period ended 30 June 2020 and 2019, Trustee fees, Administration fees, Accounting fees, Bank charges, Handling fees, Valuation fees and Interest expense were paid to the Trustee or its Connected Persons, other respective amounts paid to the Trustee or its Connected Persons were as follows:


Note 2 During the period ended 30 June 2020 and 2019, other than Servicing fees paid to the

Manager, no other amounts were paid to the Manager or its Connected persons.


31

FIDELITY ADVANTAGE PORTFOLIO FUND - INVESCO ASIAN EQUITY FUND STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)

1st January 2020




1st January 56,240,922 49,282,842 Proceeds from subscription of units Ordinary units 15,577,057 6,986,422 Administration units 367,575 170,112 Savings units 349,905 262,274 ───────────── ─────────────

16,294,537 7,418,808 ------------------------

--

-------------------------- Payments on redemption of units Ordinary units (16,707,665) (6,744,320) Administration units (219,154) (817,741) Savings units (444,199) (191,675) ───────────── ───────────── (17,371,018) (7,753,736) -------------------------- --------------------------

Net subscription/(redemption) of units (1,076,481) (334,928)



30th June 50,800,308 52,928,041 ═════════════ ═════════════


32

FIDELITY ADVANTAGE PORTFOLIO FUND - INVESCO ASIAN EQUITY FUND STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (CONTINUED) FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED) Number of units in issue

1st January 2020




period 2,043,883 2,027,713 Units subscribed 707,495 296,642 Units redeemed (738,978) (284,777) ───────────── ─────────────



the period 77,035 115,796 Units subscribed 17,287 7,781 Units redeemed (9,712) (39,676) ───────────── ─────────────

──── Administration Units outstanding at end of the period 84,610 83,901

═════════════ ═════════════

Savings Units outstanding at beginning of the period 112,085 108,463

Units subscribed 16,882 12,072 Units redeemed (23,312) (8,714) ───────────── ───────────── Savings Units outstanding at end of the period 105,655 111,821 ═════════════ ═════════════


33

FIDELITY ADVANTAGE PORTFOLIO FUND - INVESCO ASIAN EQUITY FUND STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)



US$ US$


unitholders from operations (4,364,133) 3,980,127 Adjustment for: Interest on bank deposits (348) (1,119) Dividends (305,220) - ───────────── ───────────── Operating profit/(loss) before working capital changes (4,669,701) 3,979,008 Net change in amounts receivable on sale of

investments/payable on purchase of investments 946,764 (433,409) Net change in other receivables 13,104 (5,373) Net change in other payables (16,294) 5,084 Net change in financial assets at fair value through

profit or loss 5,198,234 (3,619,065) Net change in financial liabilities at fair value through

profit or loss (188) 21 ───────────── ───────────── Cash from/(used in) operations 1,471,919 (73,734) Interest received 349 1,119 Dividends received 305,220 - ───────────── ───────────── Net cash from/(used in) operating activities 1,777,488 (72,615) ------------------------

--

-------------------------- Cash flows from financing activities Proceeds from subscription of units 16,593,486 7,414,018 Payments on redemption of units (17,572,173) (7,477,830) ───────────── ───────────── Net cash from/(used in) financing activities (978,687) (63,812) ------------------------

--


equivalents 798,801 (136,427) Cash and cash equivalents at beginning of the period 259,859 333,684 ───────────── ───────────── Cash and cash equivalents at end of the period 1,058,660 197,257 ═════════════ ═════════════ Analysis of cash and cash equivalents

Cash and bank deposits (representing cash and bank deposits with original maturity of 3 months or less) 1,058,660 197,257

═════════════ ═════════════


34

FIDELITY ADVANTAGE PORTFOLIO FUND - INVESCO ASIAN EQUITY FUND SCHEDULE OF INVESTMENTS AS AT 30TH JUNE 2020 (UNAUDITED) Holdings Fair value % of Net Units US$ asset value Quoted investments Fund Established in Hong Kong Invesco Funds Series - Invesco Asian Equity Fund – Class A 5,998,563.286 50,687,860 99.78 ────────── ──────

TOTAL INVESTMENTS 50,687,860 99.78 OTHER NET ASSETS 112,448 0.22 ────────── ──────




35

FIDELITY ADVANTAGE PORTFOLIO FUND - INVESCO ASIAN EQUITY FUND INVESTMENT PORTFOLIO MOVEMENTS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED) Portfolio holdings (units)

1st January


2020 Quoted investments Fund Established in Hong Kong Invesco Funds Series - Invesco Asian Equity Fund – Class A 6,009,257 2,205,760 2,216,454 5,998,563


36

FIDELITY ADVANTAGE PORTFOLIO FUND - TRACKER FUND PORTFOLIO STATEMENT OF NET ASSETS AS AT 30TH JUNE 2020 (UNAUDITED)

30th June

2020 31st December

2019 HK$ HK$ Assets Current assets

Financial assets at fair value through profit or loss 435,501,000 457,518,675 Amounts receivable on subscription of units 68,251 - Amounts receivable on sale of investments 74,246 - Interest receivable - 4 Cash and cash equivalents 3,208,642 4,111,350

────────── ──────────


Amounts payable on redemption of units 537,536 27,790 Amounts payable on purchase of investments 2,678,001 815,290 Other payables 821,320 849,887

────────── ──────────




- Ordinary units 7,496,419 6,425,660 - Administration units 13,611,421 13,022,529 - Savings units 734,794 757,255

══════════ ══════════


- Ordinary unit HK$20.77 HK$23.75 - Administration unit HK$19.46 HK$22.31 - Savings unit HK$19.32 HK$22.15

══════════ ══════════




37

FIDELITY ADVANTAGE PORTFOLIO FUND - TRACKER FUND PORTFOLIO STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)

1st January 2020


to 30th June 2019 HK$ HK$ Income

Interest on bank deposits 30 2,002 Dividends 1,582,740 2,360,325 Other income 3 3 Realised gains/(losses) on disposal of financial assets at fair value through profit or loss (8,618,224) 6,389,411


Net foreign currency gains/(losses) (32,504) (15,491) ───────────── ───────────── Total net income/(loss) (57,011,361) 50,339,711 ------------------------

--

-------------------------- Expenses

Trustee fees Note 1 153,014 156,389 Administration fees Note 1 656,995 699,293 Auditor’s remuneration 2,959 3,419 Accounting fees Note 1 1,668 1,002 Bank charges Note 1 200 10,072 Handling fees Note 1 58,946 56,920 Transaction fees Note 1 575,773 408,119 Registration and filing fees 2,294 2,293 Valuation fees Note 1 28,406 28,000 Servicing fees Note 2 765,071 781,945 Custodian fees Note 1 49,471 48,740 Professional fees 2,750 296 Other operating expenses Note 1 42,675 27,689



═════════════ ═════════════

Note 1 During the period ended 30 June 2020 and 2019, Trustee fees, Administration fees, Accounting fees, Bank charges, Handling fees, Transaction fees, Valuation fees and Custodian fees were paid to the Trustee or its Connected Persons, other respective amounts paid to the Trustee or its Connected Persons were as follows:

1st January 2020 1st January 2019 to 30th June 2020 to 30th June 2019 HK$ HK$ Other operating expenses 13,887 6,263

Note 2 During the period ended 30 June 2020 and 2019, other than Servicing fees paid to the Manager, no other amounts were paid to the Manager or its Connected persons.


38

FIDELITY ADVANTAGE PORTFOLIO FUND - TRACKER FUND PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)

1st January 2020


to 30th June 2019 HK$ HK$ Net assets attributable to unitholders at

1st January 459,937,062 381,943,487 Proceeds from subscription of units Ordinary units 42,895,318 26,417,214 Administration units 132,139,280 111,561,381 Savings units 846,324 924,572 ───────────── ─────────────

175,880,922 138,903,167 ------------------------

--


Net subscription/(redemption) of units 34,229,803 52,977,790



30th June 434,815,282 483,036,811 ═════════════ ═════════════


39

FIDELITY ADVANTAGE PORTFOLIO FUND - TRACKER FUND PORTFOLIO STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (CONTINUED) FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED) Number of units in issue

1st January 2020


to 30th June 2019 Units Units Ordinary Units outstanding at beginning of the

period 6,425,660 5,818,104 Units subscribed 2,050,523 1,145,851 Units redeemed (979,764) (826,187) ───────────── ─────────────



the period 13,022,529 12,325,119 Units subscribed 6,758,309 5,156,347 Units redeemed (6,169,417) (2,952,335) ───────────── ─────────────

──── Administration Units outstanding at end of the period 13,611,421

14,529,131

═════════════ ═════════════




40

FIDELITY ADVANTAGE PORTFOLIO FUND - TRACKER FUND PORTFOLIO STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)



HK$ HK$ Cash flows from operating activities Increase/(decrease) in net assets attributable to

unitholders from operations (59,351,583) 48,115,534 Adjustment for: Interest on bank deposits (30) (2,002) Dividends (1,582,740) (2,360,325) ───────────── ───────────── Operating profit/(loss) before working capital changes (60,934,353) 45,753,207 Net change in amounts receivable on sale of

investments/payable on purchase of investments 1,788,465 (357,345) Net change in other payables (28,567) 200,487 Net change in financial assets at fair value through

profit or loss 22,017,675 (102,356,900) Net change in financial liabilities at fair value through

profit or loss - 3 ───────────── ───────────── Cash from/(used in) operations (37,156,780) (56,760,548) Interest received 34 2,000 Dividends received 1,582,740 2,360,325 ───────────── ───────────── Net cash from/(used in) operating activities (35,574,006) (54,398,223) ------------------------

--

-------------------------- Cash flows from financing activities Proceeds from subscription of units 175,812,671 136,745,320 Payments on redemption of units (141,141,373) (83,863,348) ───────────── ───────────── Net cash from/(used in) financing activities 34,671,298 52,881,972 ------------------------

--


equivalents (902,708) (1,516,251) Cash and cash equivalents at beginning of the period 4,111,350 5,743,872 ───────────── ───────────── Cash and cash equivalents at end of the period 3,208,642 4,227,621 ═════════════ ═════════════ Analysis of cash and cash equivalents

Cash and bank deposits (representing cash and bank deposits with original maturity of 3 months or less) 3,208,642 4,227,621

═════════════ ═════════════


41

FIDELITY ADVANTAGE PORTFOLIO FUND - TRACKER FUND PORTFOLIO SCHEDULE OF INVESTMENTS AS AT 30TH JUNE 2020 (UNAUDITED) Holdings Fair value % of Net Units HK$ asset value Quoted investments Fund Established in Hong Kong Tracker Fund of Hong Kong (TraHK) 17,490,000.000 435,501,000 100.16 ────────── ──────





42

FIDELITY ADVANTAGE PORTFOLIO FUND - TRACKER FUND PORTFOLIO INVESTMENT PORTFOLIO MOVEMENTS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED) Portfolio holdings (units)

1st January


2020 Quoted investments Fund Established in Hong Kong Tracker Fund of Hong Kong (TraHK) 16,081,500 6,253,500 4,845,000 17,490,000


43

FIDELITY ADVANTAGE PORTFOLIO FUND - WORLD EQUITY INDEX FUND STATEMENT OF NET ASSETS AS AT 30TH JUNE 2020 (UNAUDITED)

30th June

2020 31st December


Financial assets at fair value through profit or loss 11,608,282 7,305,366 Other receivables 20,466 10,038 Cash and cash equivalents 186,398 133,028

────────── ──────────


Amounts payable on purchase of investments 182,262 105,906 Other payables 53,681 34,433

────────── ──────────




- Ordinary units 4,676 1,562 - Administration units 98,788 64,434 - Savings units 14,701 1,562

══════════ ══════════



══════════ ══════════




44

FIDELITY ADVANTAGE PORTFOLIO FUND - WORLD EQUITY INDEX FUND STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)


HK$

Income

Interest on bank deposits 37 Reimbursement income 50,863 Other income 1 Realised losses on disposal of financial assets at fair value through profit or loss (468,782)

Change in unrealised gains/losses on financial assets at fair value through profit or loss 164,725

Net foreign currency losses (6,231) ───────────── Total net income (259,387) -------------------------- Expenses

Trustee fees Note 1 3,492 Administration fees Note 1 22,212 Investment management fees Note 2 4,989 Auditor’s remuneration 170 Accounting fees Note 1 62 Registration and filing fees 2,244 Valuation fees Note 1 28,406 Servicing fees Note 2 17,462 Professional fees 3 Other operating expenses 20,248

───────────── Total operating expenses 99,288

--------------------------

Increase in net assets attributable to unitholders from operations (358,675)

═════════════ Note 1 During the period ended 30 June 2020 and 2019, Trustee fees, Administration fees,

Accounting fees and Valuation fees were paid to the Trustee or its Connected Persons. Note 2 During the period ended 30 June 2020 and 2019, other than Investment management fees

and Servicing fees paid to the Manager, no other amounts were paid to the Manager or its Connected persons.

Note: The sub-fund was launched on 31st July 2019.


45

FIDELITY ADVANTAGE PORTFOLIO FUND - WORLD EQUITY INDEX FUND STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)


HK$


1st January 7,308,093 Proceeds from subscription of units Ordinary units 300,524 Administration units 10,200,469 Savings units 1,146,129 ─────────────

11,647,122 -------------------------- Payments on redemption of units Administration units (7,017,337) ───────────── (7,017,337) --------------------------

Net subscription of units 4,629,785 Decrease in net assets attributable to

unitholders from operations (358,675) ───────────── Net assets attributable to unitholders at

30th June 11,579,203 ═════════════



46

FIDELITY ADVANTAGE PORTFOLIO FUND - WORLD EQUITY INDEX FUND STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (CONTINUED) FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED) Number of units in issue


Units


period 1,562 Units subscribed 3,114 ───────────── Ordinary Units outstanding at end of the period 4,676 ═════════════


the period 64,434 Units subscribed 113,325 Units redeemed (78,971) ───────────── Administration Units outstanding at end of the

period

98,788 ═════════════


period 1,562 Units subscribed 13,139 ───────────── Savings Units outstanding at end of the period 14,701 ═════════════



47

FIDELITY ADVANTAGE PORTFOLIO FUND - WORLD EQUITY INDEX FUND STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)


HK$

Cash flows from operating activities Decrease in net assets attributable to unitholders from

operations

(358,675) Adjustment for: Interest on bank deposits (37) ───────────── Operating profit before working capital changes (358,712) Net change in amounts receivable on sale of

investments/payable on purchase of investments 76,356 Net change in other receivables (10,428) Net change in other payables 19,248 Net change in financial assets at fair value through

profit or loss (4,302,916) ───────────── Cash used in operations (4,576,452) Interest received 37 ───────────── Net cash used in operating activities (4,576,415) -------------------------- Cash flows from financing activities Proceeds from subscription of units 11,647,122 Payments on redemption of units (7,017,337) ───────────── Net cash from financing activities 4,629,785 --------------------------

Net increase in cash and cash equivalents

53,370 Cash and cash equivalents at beginning of the period 133,028 ───────────── Cash and cash equivalents at end of the period 186,398 ═════════════ Analysis of cash and cash equivalents

Cash and bank deposits (representing cash and bank deposits with original maturity of 3 months or less) 186,398

═════════════



48

FIDELITY ADVANTAGE PORTFOLIO FUND - WORLD EQUITY INDEX FUND SCHEDULE OF INVESTMENTS AS AT 30TH JUNE 2020 (UNAUDITED) Holdings Fair value % of Net Units HK$ asset value Quoted investments Fund Established in Hong Kong BlackRock Premier Funds - iShares World Equity Index Fund – Class X 92,593.070 11,608,282 100.25 ────────── ──────





49

FIDELITY ADVANTAGE PORTFOLIO FUND - WORLD EQUITY INDEX FUND INVESTMENT PORTFOLIO MOVEMENTS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED) Portfolio holdings (units)

1st January


2020 Quoted investments Fund Established in Hong Kong BlackRock Premier Funds - iShares World Equity Index Fund

– Class X 54,369 105,253 67,029 92,593


50

FIDELITY ADVANTAGE PORTFOLIO FUND - WORLD GOVERNMENT BOND INDEX FUND STATEMENT OF NET ASSETS AS AT 30TH JUNE 2020 (UNAUDITED)

30th June

2020 31st December


Financial assets at fair value through profit or loss 10,201,247 4,934,519 Other receivables 20,467 10,038 Cash and cash equivalents 174,635 89,191

────────── ──────────


Amounts payable on purchase of investments 95,838 66,505 Other payables 46,337 31,309

────────── ──────────





══════════ ══════════



══════════ ══════════




51

FIDELITY ADVANTAGE PORTFOLIO FUND - WORLD GOVERNMENT BOND INDEX FUND STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)


HK$

Income

Interest on bank deposits 28 Reimbursement income 50,863 Other income 1 Realised gains on disposal of financial assets at fair value through profit or loss 75,405

Change in unrealised gains/losses on financial assets at fair value through profit or loss 277,044

Net foreign currency losses (4,360) ───────────── Total net income 398,981 -------------------------- Expenses

Trustee fees Note 1 2,725 Administration fees Note 1 16,808 Investment management fees Note 2 3,893 Auditor’s remuneration 114 Accounting fees Note 1 43 Registration and filing fees 2,244 Valuation fees Note 1 28,406 Servicing fees Note 2 13,624 Professional fees 6 Other operating expenses 20,251

───────────── Total operating expenses 88,114 --------------------------

Increase in net assets attributable to unitholders from operations 310,867

═════════════ Note 1 During the period ended 30 June 2020 and 2019, Trustee Fees, Administration fees,

Accounting fees and Valuation fees were paid to the Trustee or its Connected Persons. Note 2 During the period ended 30 June 2020 and 2019, other than Investment management fees

and Servicing fees paid to the Manager, no other amounts were paid to the Manager or its Connected persons.



52

FIDELITY ADVANTAGE PORTFOLIO FUND - WORLD GOVERNMENT BOND INDEX FUND STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)


HK$


1st January 4,935,934 Proceeds from subscription of units Ordinary units 1,092,967 Administration units 7,958,675 Savings units 189,279 ─────────────

9,240,921 -------------------------- Payments on redemption of units Ordinary units (557,126) Administration units (3,481,225) Savings units (195,197) ─────────────

- (4,233,548) --------------------------

Net subscription of units 5,007,373 Increase in net assets attributable to unitholders

from operations 310,867 ───────────── Net assets attributable to unitholders at

30th June 10,254,174 ═════════════



53

FIDELITY ADVANTAGE PORTFOLIO FUND - WORLD GOVERNMENT BOND INDEX FUND STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (CONTINUED) FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED) Number of units in issue


Units


period 1,562 Units subscribed 10,536 Units redeemed (5,351) ───────────── Ordinary Units outstanding at end of the period 6,747 ═════════════


the period 41,819 Units subscribed 77,169 Units redeemed (33,711) ───────────── Administration Units outstanding at end of the

period 85,277 ═════════════


period 6,516 Units subscribed 1,903 Units redeemed (1,903) ───────────── Savings Units outstanding at end of the period 6,516 ═════════════



54

FIDELITY ADVANTAGE PORTFOLIO FUND - WORLD GOVERNMENT BOND INDEX FUND STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)


HK$

Cash flows from operating activities Increase in net assets attributable to unitholders from

operations 310,867 Adjustment for: Interest on bank deposits (28) ───────────── Operating profit before working capital changes 310,839 Net change in amounts receivable on sale of

investments/payable on purchase of investments 29,333 Net change in other receivables (10,429) Net change in other payables 15,028 Net change in financial assets at fair value through

profit or loss (5,266,728) ───────────── Cash used in operations (4,921,957) Interest received 28 ───────────── Net cash used in operating activities (4,921,929) -------------------------- Cash flows from financing activities Proceeds from subscription of units 9,240,921 Payments on redemption of units (4,233,548) ───────────── Net cash from financing activities 5,007,373 -------------------------- Net increase in cash and cash equivalents 85,444 Cash and cash equivalents at beginning of the period 89,191 ───────────── Cash and cash equivalents at end of the period 174,635 ═════════════ Analysis of cash and cash equivalents

Cash and bank deposits (representing cash and bank deposits with original maturity of 3 months or less) 174,635

═════════════



55

FIDELITY ADVANTAGE PORTFOLIO FUND - WORLD GOVERNMENT BOND INDEX FUND SCHEDULE OF INVESTMENTS AS AT 30TH JUNE 2020 (UNAUDITED) Holdings Fair value % of Net Units HK$ asset value Quoted investments Fund Established in Hong Kong BlackRock Premier Funds - iShares World Government Bond Index Fund

– Class X 87,093.080 10,201,247 99.48 ────────── ──────

TOTAL INVESTMENTS 10,201,247 99.48 OTHER NET ASSETS 52,927 0.52 ────────── ──────




56

FIDELITY ADVANTAGE PORTFOLIO FUND - WORLD GOVERNMENT BOND INDEX FUND INVESTMENT PORTFOLIO MOVEMENTS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED) Portfolio holdings (units)

1st January


2020 Quoted investments Fund Established in Hong Kong BlackRock Premier Funds - iShares World Government Bond

Index Fund – Class X 44,616 79,706 37,229 87,093


57

GLOBAL EQUITY FUND STATEMENT OF NET ASSETS AS AT 30TH JUNE 2020 (UNAUDITED)

30th June

2020 31st December


Financial assets at fair value through profit or loss 172,547,523 158,847,450 Amounts receivable on subscription of units 869,017 563,919 Amounts receivable on sale of investments 1,670,731 1,185,248 Cash and cash equivalents 8,154 3,895

────────── ──────────


Amounts payable on redemption of units 725,102 400,966 Amounts payable on purchase of investments 1,814,646 1,348,201 Other payables 372,544 343,384

────────── ──────────





══════════ ══════════



══════════ ══════════




58

GLOBAL EQUITY FUND STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)

1st January 2020



Income

Interest on bank deposits 4 64 Other income 1,040 6 Realised gains/(losses) on disposal of financial assets at fair value through profit or loss 2,505,391 4,387,772


Net foreign currency gains/(losses) (1,952) (6,302) ───────────── ───────────── Total net income/(loss) (6,209,921) 20,104,527 ------------------------

--

-------------------------- Expenses

Administration fees Note 1 135,987 98,696 Investment management fees Note 2 588,181 465,423 Auditor’s remuneration 1,026 942 Accounting fees Note 1 670 268 Bank charges Note 1 26 25 Handling fees Note 1 21,998 16,943 Registration and filing fees 305 303 Professional fees 950 109 Other operating expenses Note 1 5,099 3,739



═════════════ ═════════════






59

GLOBAL EQUITY FUND STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)

1st January 2020




1st January 158,507,961 116,567,793 Proceeds from subscription of units Ordinary units 47,517,361 16,747,294 Administration units 20,854,412 7,788,385 Savings units 4,377,476 659,214 ───────────── ─────────────

72,749,249 25,194,893 ------------------------

--

-------------------------- Payments on redemption of units Ordinary units (33,433,009) (28,469,627) Administration units (14,686,211) (5,483,719) Savings units (3,990,694) (669,789) ───────────── ───────────── (52,109,914) (34,623,135) -------------------------- --------------------------

Net subscription/(redemption) of units 20,639,335 (9,428,242)



30th June 172,183,133 126,657,630 ═════════════ ═════════════


60

GLOBAL EQUITY FUND STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (CONTINUED) FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED) Number of units in issue

1st January 2020




period 2,855,896 2,902,320 Units subscribed 1,558,702 563,600 Units redeemed (1,094,477) (941,755) ───────────── ─────────────




───── Administration Units outstanding at end of the period 1,732,176 1,316,433

═════════════ ═════════════




61

GLOBAL EQUITY FUND STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)



US$ US$ Cash flows from operating activities Increase/(decrease) in net assets attributable to

unitholders from operations (6,964,163) 19,518,079 Adjustment for: Interest on bank deposits (4) (64) ───────────── ───────────── Operating profit/(loss) before working capital changes (6,964,167) 19,518,015 Net change in amounts receivable on sale of

investments/payable on purchase of investments (19,038) 465,545 Net change in other payables 29,160 7,769 Net change in financial assets at fair value through

profit or loss (13,700,073) (10,441,997) ───────────── ───────────── Cash from/(used in) operations (20,654,118) 9,549,332 Interest received 4 63 ───────────── ───────────── Net cash from/(used in) operating activities (20,654,114) 9,549,395 ------------------------

--

-------------------------- Cash flows from financing activities Proceeds from subscription of units 72,444,151 24,856,557 Payments on redemption of units (51,785,778) (34,410,896) ───────────── ───────────── Net cash from/(used in) financing activities 20,658,373 (9,554,339) ------------------------

--




═════════════ ═════════════


62

GLOBAL EQUITY FUND SCHEDULE OF INVESTMENTS AS AT 30TH JUNE 2020 (UNAUDITED) Holdings Fair value % of Net Units US$ asset value Quoted investments Funds Established in Hong Kong Fidelity Global Investment Fund - Americas Equity Fund – Class B 30,406,799.017 109,183,495 63.41 - Asia Pacific Equity Fund – Class B 5,420,820.640 11,743,264 6.82 - European Equity Fund – Class B 16,881,307.499 34,697,241 20.15 - Hong Kong Equity Fund – Class B 1,083,668.378 2,150,432 1.25 - Japanese Equity Fund – Class B 6,494,503.881 14,773,091 8.58

────────── ──────





63

GLOBAL EQUITY FUND INVESTMENT PORTFOLIO MOVEMENTS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED) Portfolio holdings (units)

1st January


2020 Quoted investments Funds Established in Hong Kong Fidelity Global Investment Fund - Americas Equity Fund – Class B 27,254,710 15,386,638 12,234,549 30,406,799 - Asia Pacific Equity Fund – Class B 4,839,715 4,259,706 3,678,600 5,420,821 - European Equity Fund – Class B 14,615,025 10,100,776 7,834,494 16,881,307 - Hong Kong Equity Fund – Class B 617,366 2,963,635 2,497,333 1,083,668 - Japanese Equity Fund – Class B 5,571,038 4,841,500 3,918,034 6,494,504 - US$ Money Fund – Class B - 735,399 735,399 -


64

GROWTH FUND STATEMENT OF NET ASSETS AS AT 30TH JUNE 2020 (UNAUDITED)

30th June

2020 31st December


Financial assets at fair value through profit or loss 1,267,286,891 1,349,907,851 Amounts receivable on subscription of units 747,158 214,340 Amounts receivable on sale of investments 11,288,539 6,915,211 Cash and cash equivalents 7,955 10,875

─────────── ───────────



─────────── ───────────





═══════════ ═══════════



═══════════ ═══════════




65

GROWTH FUND STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)

1st January 2020



Income



Net foreign currency gains/(losses) (1,649) (14,771) ───────────── -------------------------- Total net income/(loss) (55,083,502) 160,235,213 ------------------------

--

-------------------------- Expenses

Administration fees Note 1 590,910 594,692 Investment management fees Note 2 4,593,526 4,659,347 Auditor’s remuneration 8,758 10,648 Accounting fees Note 1 5,071 2,995 Bank charges Note 1 26 26 Handling fees Note 1 38,610 37,455 Registration and filing fees 427 471 Professional fees 8,123 1,087 Other operating expenses Note 1 10,796 7,229

───────────── -------------------------- Total operating expenses 5,256,247 5,313,950 -------------------------- --------------------------


═════════════ ═════════════






66

GROWTH FUND STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)

1st January 2020





113,489,427 91,510,507 ------------------------

--


Net subscription/(redemption) of units (22,054,819) (489,129)



30th June 1,264,738,689 1,297,455,444 ═════════════ ═════════════


67

GROWTH FUND STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (CONTINUED) FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED) Number of units in issue

1st January 2020








──── Administration Units outstanding at end of the period 3,176,499 3,460,183

═════════════ ═════════════




68

GROWTH FUND STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)



US$ US$



Adjustment for: Interest on bank deposits (9) (85) ───────────── ───────────── Operating profit/(loss) before working capital changes (60,339,758) 154,921,178 Net change in amounts receivable on sale of

investments/payable on purchase of investments (492,469) (3,211,858) Net change in other payables (229,312) 150,697 Net change in financial assets at fair value through

profit or loss 82,620,960 (154,635,597) ───────────── ───────────── Cash from/(used in) operations 21,559,421 (2,775,580) Interest received 9 85 ───────────── ───────────── Net cash from/(used in) operating activities 21,559,430 (2,775,495) ------------------------

--

-------------------------- Cash flows from financing activities Proceeds from subscription of units 112,956,609 91,208,987 Payments on redemption of units (134,518,959) (88,484,538) ───────────── ───────────── Net cash from/(used in) financing activities (21,562,350) 2,724,449 ------------------------

--


equivalents (2,920) (51,046) Cash and cash equivalents at beginning of the period 10,875 69,248 ───────────── ───────────── Cash and cash equivalents at end of the period 7,955 18,202 ═════════════ ═════════════ Analysis of cash and cash equivalents


═════════════ ═════════════


69

GROWTH FUND SCHEDULE OF INVESTMENTS AS AT 30TH JUNE 2020 (UNAUDITED)

Holdings Fair value % of Net Units US$ asset value Quoted investments Funds Established in Hong Kong Fidelity Global Investment Fund - Americas Equity Fund – Class B 64,918,145.780 233,105,432 18.43 - Asia Pacific Equity Fund – Class B 74,472,577.156 161,331,867 12.76 - European Equity Fund – Class B 117,610,411.233 241,732,267 19.11 - Global Bond Fund – Class B 39,513,888.482 67,857,977 5.37 - Hong Kong Bond Fund – Class B 11,311,551.356 20,053,122 1.59 - Hong Kong Equity Fund – Class B 193,200,000.718 383,386,256 30.31 - Japanese Equity Fund – Class B 69,965,444.513 159,150,861 12.58 - US$ Money Fund – Class B 62,127.156 669,109 0.05 ─────────── ──────



TOTAL INVESTMENTS AT COST 1,014,700,237 ═══════════


70

GROWTH FUND INVESTMENT PORTFOLIO MOVEMENTS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED) Portfolio holdings (units)

1st January


2020 Quoted investments Funds Established in Hong Kong Fidelity Global Investment Fund - Americas Equity Fund – Class B 69,770,051 13,947,649 18,799,554 64,918,146 - Asia Pacific Equity Fund – Class B 74,598,705 16,069,945 16,196,073 74,472,577 - European Equity Fund – Class B 109,635,533 23,983,712 16,008,834 117,610,411 - Global Bond Fund – Class B 39,355,358 25,527,085 25,368,555 39,513,888 - Hong Kong Bond Fund – Class B 11,466,608 608,424 763,481 11,311,551 - Hong Kong Equity Fund – Class B 204,549,977 29,679,308 41,029,284 193,200,001 - Japanese Equity Fund – Class B 72,868,373 13,428,171 16,331,099 69,965,445 - US$ Money Fund – Class B 108,495 5,843,685 5,890,053 62,127


71

HK DOLLAR MONEY FUND STATEMENT OF NET ASSETS AS AT 30TH JUNE 2020 (UNAUDITED)

30th June

2020 31st December


Financial assets at fair value through profit or loss 2,939,265,991 2,875,344,464 Amounts receivable on subscription of units 1,479,387 1,872,432 Amounts receivable on sale of investments 12,390,342 5,668,321 Interest receivables - 1 Other receivables 1,655,686 2,228,398 Cash and cash equivalents 2,459,522 1,591,401

─────────── ───────────


Amounts payable on redemption of units 12,390,342 5,668,318 Other payables 2,390,730 3,487,120

─────────── ───────────





═══════════ ═══════════



═══════════ ═══════════




72

HK DOLLAR MONEY FUND STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)

1st January 2020


to 30th June 2019 HK$ HK$

Income

Interest on bank deposits 116 1,703 Reimbursement income 3,094,843 4,812,163 Other income 12 16 Realised gains/(losses) on disposal of financial assets at fair value through profit or loss 21,300,476 8,474,546

Change in unrealised gains/losses on financial assets at fair value through profit or loss 691,168 16,619,216


--

-------------------------- Expenses

Administration fees Note 1 1,015,541 1,092,754 Investment management fees Note 2 3,600,127 5,714,127 Auditor’s remuneration 18,644 24,215 Accounting fees Note 1 9,914 8,131 Bank charges Note 1 200 200 Handling fees Note 1 29,395 27,588 Registration and filing fees 2,591 2,648 Professional fees 17,721 2,486 Other operating expenses Note 1 61,692 34,531



═════════════ ═════════════






73

HK DOLLAR MONEY FUND STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)

1st January 2020





1,043,434,483 652,118,681 ------------------------

--





30th June 2,942,469,856 2,914,097,707 ═════════════ ═════════════


74

HK DOLLAR MONEY FUND STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (CONTINUED) FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED) Number of units in issue

1st January 2020







the period 6,292,241 6,500,369 Units subscribed 2,713,567 1,741,857 Units redeemed (2,718,088) (1,784,987) ───────────── ─────────────


6,287,720

6,457,239

═════════════ ═════════════




75

HK DOLLAR MONEY FUND STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)



HK$ HK$


unitholders from operations 20,025,945 22,908,381

Adjustment for: Interest on bank deposits (116) (1,703) ───────────── ───────────── Operating profit/(loss) before working capital changes 20,025,829 22,906,678 Net change in amounts receivable on sale of

investments (6,722,021) (3,360,285) Net change in other receivables 572,713 (16,555) Net change in other payables (1,096,391) 93,517 Net change in financial assets at fair value through

profit or loss (63,921,527) (65,555,595) ───────────── ───────────── Cash from/(used in) operations (51,141,397) (45,932,240) Interest received 117 1,690 ───────────── ───────────── Net cash from/(used in) operating activities (51,141,280) (45,930,550) ------------------------

--

-------------------------- Cash flows from financing activities Proceeds from subscription of units 1,043,827,528 641,749,829 Payments on redemption of units (991,818,127) (595,367,484) ───────────── ───────────── Net cash from/(used in) financing activities 52,009,401 46,382,345 ------------------------

--


equivalents 868,121 451,795 Cash and cash equivalents at beginning of the period 1,591,401 2,159,910 ───────────── ───────────── Cash and cash equivalents at end of the period 2,459,522 2,611,705 ═════════════ ═════════════ Analysis of cash and cash equivalents

Cash and bank deposits (representing cash and bank deposits with original maturity of 3 months or less) 2,459,522 2,611,705

═════════════ ═════════════


76

HK DOLLAR MONEY FUND SCHEDULE OF INVESTMENTS AS AT 30TH JUNE 2020 (UNAUDITED) Holdings Fair value % of Net Units HK$ asset value Quoted investments Fund Established in Hong Kong Fidelity Global Investment Fund - HK$ Money Fund – Class B 279,930,094.403 2,939,265,991 99.89

─────────── ──────

TOTAL INVESTMENTS 2,939,265,991 99.89 OTHER NET ASSETS 3,203,865 0.11 ─────────── ──────




77

HK DOLLAR MONEY FUND INVESTMENT PORTFOLIO MOVEMENTS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED) Portfolio holdings (units)

1st January


2020 Quoted investments Fund Established in Hong Kong Fidelity Global Investment Fund - HK$ Money Fund – Class B 275,944,766 99,104,641 95,119,313 279,930,094


78

HONG KONG BOND FUND STATEMENT OF NET ASSETS AS AT 30TH JUNE 2020 (UNAUDITED)

30th June


HK$ HK$ Assets Current assets

Financial assets at fair value through profit or loss 326,577,291 331,268,866 Amounts receivable on subscription of units 233,068 7,017 Amounts receivable on sale of investments 67,755 3,474,353 Cash and cash equivalents 74,381 36,175

────────── ──────────

Total assets 326,952,495 334,786,411

------------------ ------------------ Liabilities Current liabilities

Amounts payable on redemption of units 67,755 3,474,352 Amounts payable on purchase of investments 233,068 7,017 Other payables 764,813 810,168 ────────── ──────────





══════════ ══════════



══════════ ══════════




79

HONG KONG BOND FUND STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)

1st January 2020



Income


Change in unrealised gains/losses on financial assets at fair value through profit or loss 5,473,844 11,409,874

Net foreign currency gains/(losses) (1,126) 4,114 ───────────── ───────────── Total net income/(loss) 11,467,359 13,971,365 ------------------------

--

-------------------------- Expenses

Administration fees Note 1 289,941 236,468 Investment management fees Note 2 1,223,825 1,042,007 Auditor’s remuneration 2,142 2,386 Accounting fees Note 1 1,552 749 Bank charges Note 1 200 200 Handling fees Note 1 19,269 18,589 Registration and filing fees 2,282 2,270 Professional fees 2,072 227 Other operating expenses Note 1 35,888 27,163



═════════════ ═════════════






80

HONG KONG BOND FUND STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)

1st January 2020





75,117,186 98,457,464 ------------------------

--





30th June 325,886,859 327,550,158 ═════════════ ═════════════


81

HONG KONG BOND FUND STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (CONTINUED) FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED) Number of units in issue

1st January 2020




period 2,686,230 2,279,302 Units subscribed 429,427 941,992 Units redeemed (546,457) (317,199) ───────────── ─────────────





1,446,227

1,336,743

═════════════ ═════════════


Units subscribed 81,306 22,779 Units redeemed (74,185) (57,866) ───────────── ─────────────

──── Savings Units outstanding at end of the period 315,357 264,008 ═════════════ ═════════════


82

HONG KONG BOND FUND STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)



HK$ HK$




investments/payable on purchase of investments 3,632,649 532,855 Net change in other payables (45,355) 88,136 Net change in financial assets at fair value through


--


--




═════════════ ═════════════


83

HONG KONG BOND FUND SCHEDULE OF INVESTMENTS AS AT 30TH JUNE 2020 (UNAUDITED) Holdings Fair value % of Net Units HK$ asset value Quoted investments Fund Established in Hong Kong Fidelity Global Investment Fund - Hong Kong Bond Fund – Class B 23,768,361.813 326,577,291 100.21 ────────── ──────





84

HONG KONG BOND FUND INVESTMENT PORTFOLIO MOVEMENTS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED) Portfolio holdings (units)

1st January


2020 Quoted investments Fund Established in Hong Kong

Fidelity Global Investment Fund

- Hong Kong Bond Fund – Class B 25,001,424 5,472,602 6,705,664 23,768,362


85

HONG KONG EQUITY FUND STATEMENT OF NET ASSETS AS AT 30TH JUNE 2020 (UNAUDITED)

30th June

2020 31st December


Financial assets at fair value through profit or loss 2,044,676,010 2,039,376,137 Amounts receivable on subscription of units 6,921,770 1,310,672 Amounts receivable on sale of investments 3,404,358 20,805,343 Cash and cash equivalents 63,791 27,353

─────────── ───────────

Total assets 2,055,065,929 2,061,519,505 -------------------- --------------------

Liabilities Current liabilities


─────────── ───────────





═══════════ ═══════════



═══════════ ═══════════




86

HONG KONG EQUITY FUND STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)

1st January 2020



Income



Net foreign currency gains/(losses) 14,842 1,792 ───────────── ───────────── Total net income/(loss) (59,846,745) 245,726,687 ------------------------

--

-------------------------- Expenses

Administration fees Note 1 1,270,471 1,268,872 Investment management fees Note 2 7,297,732 7,709,225 Auditor’s remuneration 13,251 17,920 Accounting fees Note 1 6,556 5,243 Bank charges Note 1 200 200 Handling fees Note 1 31,317 27,292 Registration and filing fees 2,468 2,546 Professional fees 12,232 1,663 Other operating expenses Note 1 48,261 32,902



═════════════ ═════════════






87

HONG KONG EQUITY FUND STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)

1st January 2020





814,481,425 460,435,427 ------------------------

--


Net subscription/(redemption) of units 73,906,820 (34,800,975)



30th June 2,040,378,661 2,102,125,639 ═════════════ ═════════════


88

HONG KONG EQUITY FUND STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (CONTINUED) FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED) Number of units in issue

1st January 2020








──── Administration Units outstanding at end of the period 1,633,758 1,672,181

═════════════ ═════════════




89

HONG KONG EQUITY FUND STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)



HK$ HK$



Adjustment for: Interest on bank deposits (6) (367) ───────────── ───────────── Operating profit/(loss) before working capital changes (68,529,239) 236,660,457 Net change in amounts receivable on sale of

investments/payable on purchase of investments 23,012,083 2,760,010 Net change in other payables (41,275) 417,919 Net change in financial assets at fair value through

profit or loss (5,299,873) (202,217,122) ───────────── ───────────── Cash from/(used in) operations (50,858,304) 37,621,264 Interest received 6 364 ───────────── ───────────── Net cash from/(used in) operating activities (50,858,298) 37,621,628 ------------------------

--

-------------------------- Cash flows from financing activities Proceeds from subscription of units 808,870,327 454,831,319 Payments on redemption of units (757,975,591) (492,392,304) ───────────── ───────────── Net cash from/(used in) financing activities 50,894,736 (37,560,985) ------------------------

--




═════════════ ═════════════


90

HONG KONG EQUITY FUND SCHEDULE OF INVESTMENTS AS AT 30TH JUNE 2020 (UNAUDITED) Holdings Fair value % of Net Units HK$ asset value Quoted investments Fund Established in Hong Kong Fidelity Global Investment Fund - Hong Kong Equity Fund – Class B 132,943,823.805 2,044,676,010 100.21 ─────────── ──────





91

HONG KONG EQUITY FUND INVESTMENT PORTFOLIO MOVEMENTS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED) Portfolio holdings (units)

1st January


2020 Quoted investments Fund Established in Hong Kong Fidelity Global Investment Fund - Hong Kong Equity Fund – Class B 128,021,101 54,865,565 49,942,842 132,943,824


92

RMB BOND FUND STATEMENT OF NET ASSETS AS AT 30TH JUNE 2020 (UNAUDITED)

30th June

2020 31st December


Financial assets at fair value through profit or loss 44,311,123 47,478,331 Amounts receivable on subscription of units 685,553 - Amounts receivable on sale of investments - 234,001 Other receivables 207,217 232,008 Cash and cash equivalents 84,512 15,626

─────────── ───────────

Total assets 45,288,405 47,959,966 -------------------- -------------------- Liabilities Current liabilities

Amounts payable on redemption of units - 234,001 Amounts payable on purchase of investments 685,553 - Other payables 121,331 132,269

─────────── ───────────


-------------------- -------------------- Net assets attributable to unitholders 44,481,521 47,593,696 ═══════════ ═══════════



═══════════ ═══════════



═══════════ ═══════════




93

RMB BOND FUND STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)

1st January 2020



Income

Interest on bank deposits 43 41 Reimbursement income 22,401 22,277 Other income 6 6 Realised gains/(losses) on disposal of financial assets at fair value through profit or loss 140,872 155,569

Change in unrealised gains/losses on financial assets at fair value through profit or loss 83,480 777,145

Net foreign currency gains/(losses) (1,139) 634 ───────────── ───────────── Total net income/(loss) 245,663 955,672 ------------------------

--

-------------------------- Expenses

Administration fees Note 1 54,824 47,179 Investment management fees Note 2 164,979 124,202 Auditor’s remuneration 308 361 Accounting fees Note 1 267 179 Handling fees Note 1 8,210 8,708 Registration and filing fees 2,245 2,233 Professional fees 6,304 22 Preliminary expenses 23,545 - Other operating expenses Note 1 34,255 26,358

───────────── ─────────────

──── Total operating expenses 294,937 209,242 -------------------------- --------------------------

Increase/(decrease) in net assets attributable to unitholders from operations (49,274) 746,430

═════════════ ═════════════

Note 1 During the period ended 30 June 2020 and 2019, Administration fees, Accounting fees and Handling fees were paid to the Trustee or its Connected Persons, other respective amounts paid to the Trustee or its Connected Persons were as follows:





94

RMB BOND FUND STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)

1st January 2020




1st January 47,593,696 26,734,640 Proceeds from subscription of units Ordinary units 4,845,882 11,482,010 Administration units 8,358,596 8,870,527 Savings units 114,056 1,975,045 ───────────── ─────────────

13,318,534 22,327,582 ------------------------

--

-------------------------- Payments on redemption of units Ordinary units (6,627,252) (2,607,891) Administration units (9,367,917) (6,594,487) Savings units (386,266) (142,377) ───────────── ───────────── (16,381,435) (9,344,755) -------------------------- --------------------------


Increase/(decrease) in net assets attributable to unitholders from operations (49,274) 746,430

───────────── ───────────── Net assets attributable to unitholders at 30th June 44,481,521 40,463,897 ═════════════ ═════════════


95

RMB BOND FUND STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (CONTINUED) FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED) Number of units in issue

1st January 2020




period 190,494 82,576 Units subscribed 44,759 106,273 Units redeemed (62,359) (24,336) ───────────── ───────────── Ordinary Units outstanding at end of the period 172,894 164,513 ═════════════ ═════════════


the period 209,970 155,735 Units subscribed 79,482 83,423 Units redeemed (89,000) (62,225) ───────────── ───────────── Administration Units outstanding at end of the

period 200,452 176,933 ═════════════ ═════════════




96

RMB BOND FUND STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)



HK$ HK$ Cash flows from operating activities Increase/(decrease) in net assets attributable to

unitholders from operations (49,274) 746,430 Adjustment for: Interest on bank deposits (43) (41) ───────────── ───────────── Operating profit/(loss) before working capital changes (49,317) 746,389 Net change in amounts receivable on sale of

investments/payable on purchase of investments 919,554 (27,198) Net change in other receivables 24,791 (2,009) Net change in other payables (10,938) 33,985 Net change in financial assets at fair value through


--


--


equivalents 68,886 708 Cash and cash equivalents at beginning of the period 15,626 32,711 ───────────── ───────────── Cash and cash equivalents at end of the period 84,512 33,419 ═════════════ ═════════════ Analysis of cash and cash equivalents


═════════════ ═════════════


97

RMB BOND FUND SCHEDULE OF INVESTMENTS AS AT 30TH JUNE 2020 (UNAUDITED) Holdings Fair value % of Net Units HK$ asset value Quoted investments Fund Established in Hong Kong Fidelity Global Investment Fund - RMB Bond Fund – Class B 388,796.378 44,311,123 99.62 ─────────── ──────

TOTAL INVESTMENTS 44,311,123 99.62 OTHER NET ASSETS 170,398 0.38 ─────────── ──────

NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AS AT 30TH JUNE 2020 44,481,521 100.00 ═══════════ ══════

TOTAL INVESTMENTS AT COST 43,200,132 ═══════════


98

RMB BOND FUND INVESTMENT PORTFOLIO MOVEMENTS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED) Portfolio holdings (units)

1st January


2020 Quoted investments Fund Established in Hong Kong Fidelity Global Investment Fund - RMB Bond Fund – Class B 419,976 118,297 149,477 388,796


99

STABLE GROWTH FUND STATEMENT OF NET ASSETS AS AT 30TH JUNE 2020 (UNAUDITED)

30th June

2020 31st December


Financial assets at fair value through profit or loss 398,439,499 462,153,806 Amounts receivable on subscription of units 1,189,609 331,693 Amounts receivable on sale of investments 5,129,987 1,392,719 Cash and cash equivalents 21,241 25,867

────────── ──────────


Amounts payable on redemption of units 4,101,476 477,608 Amounts payable on purchase of investments 2,217,945 1,240,169 Other payables 946,960 994,725

────────── ──────────





══════════ ══════════



══════════ ══════════




100

STABLE GROWTH FUND STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)

1st January 2020



Income



Net foreign currency gains/(losses) (4,824) (4,615) ───────────── ───────────── Total net income/(loss) 153,004 40,875,532 ------------------------

--

-------------------------- Expenses

Administration fees Note 1 258,918 255,357 Investment management fees Note 2 1,645,588 1,607,673 Auditor’s remuneration 2,996 3,960 Accounting fees Note 1 1,730 1,134 Bank charges Note 1 26 25 Handling fees Note 1 29,955 29,280 Registration and filing fees 340 349 Professional fees 2,818 372 Other operating expenses Note 1 7,352 4,672



═════════════ ═════════════






101

STABLE GROWTH FUND STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)

1st January 2020





41,523,114 31,886,793 ------------------------

--


Net subscription/(redemption) of units (61,880,909) 629,485



30th June 397,513,955 448,984,510 ═════════════ ═════════════


102

STABLE GROWTH FUND STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (CONTINUED) FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED) Number of units in issue

1st January 2020




period 6,877,258 6,987,728 Units subscribed 610,519 464,779 Units redeemed (1,858,510) (531,819) ───────────── ───────────── Ordinary Units outstanding at end of the period 5,629,267 6,920,688 ═════════════ ═════════════


the period 1,331,926 1,358,557 Units subscribed 167,633 160,523 Units redeemed (177,043) (102,357) ───────────── ───────────── Administration Units outstanding at end of the

period 1,322,516 1,416,723 ═════════════ ═════════════


period 1,197,782 1,166,916 Units subscribed 95,008 78,979 Units redeemed (87,218) (53,757) ───────────── ───────────── Savings Units outstanding at end of the period 1,205,572 1,192,138 ═════════════ ═════════════


103

STABLE GROWTH FUND STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)



US$ US$


unitholders from operations (1,796,719) 38,972,710 Adjustment for: Interest on bank deposits (12) (36) ───────────── ───────────── Operating profit/(loss) before working capital changes (1,796,731) 38,972,674 Net change in amounts receivable on sale of investments/payable on purchase of investments (2,759,492) (573,427) Net change in other payables (47,765) 53,086 Net change in financial assets at fair value through profit or loss 63,714,307 (39,666,642) ───────────── ───────────── Cash from/(used in) operations 59,110,319 (1,214,309) Interest received 12 36 ───────────── ───────────── Net cash from/(used in) operating activities 59,110,331 (1,214,273) ------------------------

--


--


equivalents (4,626) (11,401) Cash and cash equivalents at beginning of the period 25,867 40,859 ───────────── ───────────── Cash and cash equivalents at end of the period 21,241 29,458 ═════════════ ═════════════ Analysis of cash and cash equivalents


═════════════ ═════════════


104

STABLE GROWTH FUND SCHEDULE OF INVESTMENTS AS AT 30TH JUNE 2020 (UNAUDITED) Holdings Fair value % of Net Units US$ asset value Quoted investments Funds Established in Hong Kong Fidelity Global Investment Fund - Americas Equity Fund – Class B 11,430,324.227 41,043,542 10.32 - Asia Pacific Equity Fund – Class B 13,249,266.735 28,702,229 7.22 - European Equity Fund – Class B 21,664,073.163 44,527,567 11.20 - Global Bond Fund – Class B 93,814,743.073 161,109,901 40.53 - Hong Kong Bond Fund – Class B 11,215,075.522 19,882,089 5.00 - Hong Kong Equity Fund – Class B 34,571,392.039 68,603,502 17.26 - Japanese Equity Fund – Class B 12,346,528.980 28,084,731 7.07 - US$ Money Fund – Class B 602,222.655 6,485,938 1.63 ────────── ──────





105

STABLE GROWTH FUND INVESTMENT PORTFOLIO MOVEMENTS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED) Portfolio holdings (units)

1st January


2020 Quoted investments Funds Established in Hong Kong Fidelity Global Investment Fund - Americas Equity Fund – Class B 13,988,719 3,518,866 6,077,261 11,430,324 - Asia Pacific Equity Fund – Class B 14,440,065 4,705,483 5,896,281 13,249,267 - European Equity Fund – Class B 21,414,934 6,911,644 6,662,505 21,664,073 - Global Bond Fund – Class B 112,230,838 16,444,540 34,860,635 93,814,743 - Hong Kong Bond Fund – Class B 13,350,870 977,040 3,112,834 11,215,076 - Hong Kong Equity Fund – Class B 40,477,060 8,760,305 14,665,973 34,571,392 - Japanese Equity Fund – Class B 14,120,115 4,349,888 6,123,474 12,346,529 - US$ Money Fund – Class B 881,053 2,240,449 2,519,279 602,223


106

US DOLLAR MONEY FUND STATEMENT OF NET ASSETS AS AT 30TH JUNE 2020 (UNAUDITED)

30th June

2020 31st December


Financial assets at fair value through profit or loss 514,615,510 493,617,445 Amounts receivable on subscription of units 1,681,298 2,399,699 Amounts receivable on sale of investments 2,447,258 1,705,729 Interest receivables - 1 Other receivables 189,239 126,492 Cash and cash equivalents 838,646 488,839

────────── ──────────


Financial liabilities at fair value through profit or loss - 4 Amounts payable on redemption of units 2,447,258 1,705,728 Other payables 463,628 653,610

────────── ──────────





══════════ ══════════



══════════ ══════════




107

US DOLLAR MONEY FUND STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)

1st January 2020



Income

Interest on bank deposits 38 734 Reimbursement income 265,573 66,544 Other income 1 1 Realised gains/(losses) on disposal of financial assets and financial liabilities at fair value through profit or loss 4,259,749 2,264,475



--

-------------------------- Expenses

Administration fees Note 1 266,263 205,628 Investment management fees Note 2 623,121 895,904 Auditor’s remuneration 3,222 4,355 Accounting fees Note 1 1,974 1,507 Bank charges Note 1 26 25 Handling fees Note 1 5,070 4,770 Registration and filing fees 347 347 Professional fees 3,079 372 Other operating expenses Note 1 7,115 4,557

───────────── ───────────── Total operating expenses 910,217 1,117,465 -------------------------- --------------------------


═════════════ ═════════════






108

US DOLLAR MONEY FUND STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)

1st January 2020





166,932,625 113,246,558 ------------------------

--





30th June 516,861,065 460,165,596 ═════════════ ═════════════


109

US DOLLAR MONEY FUND STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (CONTINUED) FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED) Number of units in issue

1st January 2020




period 22,317,349 21,068,833 Units subscribed 7,541,639 5,223,180 Units redeemed (6,816,860) (4,687,847) ───────────── ───────────── Ordinary Units outstanding at end of the period 23,042,128 21,604,166 ═════════════ ═════════════


the period 5,516,937 4,727,119 Units subscribed 1,709,537 1,011,917 Units redeemed (1,445,231) (972,094) ───────────── ───────────── Administration Units outstanding at end of the

period 5,781,243 4,766,942 ═════════════ ═════════════


period 1,518,039 734,278 Units subscribed 593,785 558,639 Units redeemed (498,901) (248,214) ───────────── ───────────── Savings Units outstanding at end of the period 1,612,923 1,044,703 ═════════════ ═════════════


110

US DOLLAR MONEY FUND STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)



US$ US$




investments/payable on purchase of investments (741,529) (1,235,509) Net change in other receivables (62,747) (37,864) Net change in other payables (189,982) 35,572 Net change in financial assets at fair value through

profit or loss (20,998,065) (19,394,688) Net change in financial liabilities at fair value through

profit or loss (4) 172 ───────────── ───────────── Cash from/(used in) operations (19,426,093) (15,716,182) Interest received 39 730 ───────────── ───────────── Net cash from/(used in) operating activities (19,426,054) (15,715,452) ------------------------

--

-------------------------- Cash flows from financing activities Proceeds from subscription of units 167,651,026 113,278,907 Payments on redemption of units (147,875,165) (97,390,428) ───────────── ───────────── Net cash from/(used in) financing activities 19,775,861 15,888,479 ------------------------

--




═════════════ ═════════════


111

US DOLLAR MONEY FUND SCHEDULE OF INVESTMENTS AS AT 30TH JUNE 2020 (UNAUDITED) Holdings Fair value % of Net Units US$ asset value Quoted investments Fund Established in Hong Kong Fidelity Global Investment Fund - US$ Money Fund – Class B 47,782,312.904 514,615,510 99.57

────────── ──────

TOTAL INVESTMENTS 514,615,510 99.57 OTHER NET ASSETS 2,245,555 0.43 ────────── ──────




112

US DOLLAR MONEY FUND INVESTMENT PORTFOLIO MOVEMENTS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED) Portfolio holdings (units)

1st January


2020 Quoted investments Fund Established in Hong Kong Fidelity Global Investment Fund - US$ Money Fund – Class B 46,132,471 15,444,207 13,794,365 47,782,313


113

WORLD BOND FUND STATEMENT OF NET ASSETS AS AT 30TH JUNE 2020 (UNAUDITED)

30th June

2020 31st December


Financial assets at fair value through profit or loss 90,347,112 86,581,206 Amounts receivable on subscription of units 499,699 1,477,588 Amounts receivable on sale of investments 125,049 409,390 Cash and cash equivalents 22,122 15,987

────────── ──────────


Amounts payable on redemption of units 125,048 409,390 Amounts payable on purchase of investments 499,700 1,477,588 Other payables 184,724 191,883

────────── ──────────

Total liabilities (excluding net assets attributable to unitholders) 809,472 2,078,861




══════════ ══════════



══════════ ══════════




114

WORLD BOND FUND STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)

1st January 2020



Income

Interest on bank deposits 12 95 Other income 1 1 Realised gains/(losses) on disposal of financial assets at fair value through profit or loss 2,110,956 329,638

Change in unrealised gains/losses on financial assets at fair value through profit or loss 3,056,038 3,118,041

Net foreign currency gains/(losses) (881) 308 ───────────── ───────────── Total net income/(loss) 5,166,126 3,448,083 ------------------------

--

-------------------------- Expenses

Administration fees Note 1 49,605 36,146 Investment management fees Note 2 322,181 234,470 Auditor’s remuneration 554 645 Accounting fees Note 1 427 225 Bank charges Note 1 26 25 Handling fees Note 1 3,398 2,693 Registration and filing fees 299 293 Professional fees 535 50 Other operating expenses Note 1 4,883 3,546

───────────── ───────────── Total operating expenses 381,908 278,093

-------------------------- --------------------------


═════════════ ═════════════






115

WORLD BOND FUND STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)

1st January 2020




1st January 86,405,310 58,052,550 Proceeds from subscription of units Ordinary units 30,138,315 13,946,150 Administration units 8,095,566 5,334,239 Savings units 1,943,777 561,262 ───────────── ─────────────

40,177,658 19,841,651 ------------------------

--

-------------------------- Payments on redemption of units Ordinary units (32,230,208) (7,826,088) Administration units (7,372,268) (2,400,821) Savings units (1,580,200) (157,963) ───────────── ───────────── (41,182,676) (10,384,872) -------------------------- --------------------------




30th June 90,184,510 70,679,319 ═════════════ ═════════════


116

WORLD BOND FUND STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (CONTINUED) FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED) Number of units in issue

1st January 2020




period 3,788,380 2,739,478 Units subscribed 1,716,065 843,870 Units redeemed (1,850,923) (476,426) ───────────── ─────────



the period 1,015,198 665,777 Units subscribed 493,185 347,842 Units redeemed (455,575) (156,835) ───────────── ───────────── Administration Units outstanding at end of the

period

1,052,808

856,784 ═════════════ ═════════════




117

WORLD BOND FUND STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED)



US$ US$




investments/payable on purchase of investments (693,547) 50,346 Net change in other payables (7,159) 18,918 Net change in financial assets at fair value through

profit or loss

(3,765,906) (12,649,668) ───────────── ───────────── Cash from/(used in) operations 317,594 (9,410,509) Interest received 12 94 ───────────── ───────────── Net cash from/(used in) operating activities 317,606 (9,410,415) ------------------------

--

-------------------------- Cash flows from financing activities Proceeds from subscription of units 41,155,547 19,599,972 Payments on redemption of units (41,467,018) (10,193,539) ───────────── ───────────── Net cash from/(used in) financing activities (311,471) 9,406,433 ------------------------

--




═════════════ ═════════════


118

WORLD BOND FUND SCHEDULE OF INVESTMENTS AS AT 30TH JUNE 2020 (UNAUDITED) Holdings Fair value % of Net Units US$ asset value Quoted investments Fund Established in Hong Kong Fidelity Global Investment Fund - Global Bond Fund – Class B 52,609,374.196 90,347,112 100.18 ────────── ──────





119

WORLD BOND FUND INVESTMENT PORTFOLIO MOVEMENTS FOR THE PERIOD ENDED 30TH JUNE 2020 (UNAUDITED) Portfolio holdings (units)

1st January


2020 Quoted investments Fund Established in Hong Kong Fidelity Global Investment Fund - Global Bond Fund – Class B 53,706,909 23,778,671 24,876,206 52,609,374

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