Fidelity WorldWide Fund Explanatory Memorandum
PRODUCT KEY FACTS Fidelity WorldWide Fund RMB Bond Fund FIL Investment Management (Hong Kong) Limited (as Investment Manager) April 2016 This statement provides you with key information about this product. This statement is part of the Explanatory Memorandum. You should not invest in this product based on this statement alone. Quick facts Investment Manager: Trustee: Dealing frequency: Base currency: Dividend policy: FIL Investment Management (Hong Kong) Limited Cititrust Limited Daily RMB Class A-ACC-RMB and Class A-ACC-USD No dividends will be paid. All interest and other income earned on the investment will be accumulated and re-invested. Class A-MDIST-RMB Subject to the Investment Manager s discretion, it is currently intended that distributions (if any) will be made on a monthly basis in RMB and will be declared on the first business day of each month. Class A-MINCOME(G)-RMB Subject to the Investment Manager's discretion, dividends will be declared monthly normally on the first business day of each month and will be paid accordingly. The Investment Manager expects to recommend distribution of substantially the whole gross investment income amount for most of the time, and distributions may be paid out of capital. Investors should note that as fees and expenses may be charged to capital of the fund, this will result in an increase in distributable income for the payment of dividends. The fund may therefore pay dividend directly out of capital and/or effectively out of capital. Such payment of dividends out of capital represents a return or withdrawal of part of the amount originally invested or from any capital gains attributable to the original investment. Such distributions may result in an immediate decrease in the net asset value per unit of the fund. Financial year end of this fund: 31 December Ongoing charges over a year: Class A-ACC-RMB^: 1.00% Class A-MDIST-RMB^: 1.00% Class A-ACC-USD # : 1.00% Class A-MINCOME(G)-RMB^: 1.00% ^ The ongoing charge figure for each class of units is based on ongoing expenses chargeable to the relevant class for the year ended 31 December 2015 expressed as a percentage of the average net asset value of the relevant class for the same period. This figure may vary from year to year. # As the class is recently launched, this figure is an estimate only and represents the sum of the estimated ongoing expenses chargeable to the relevant class over a 12 month period and expressed as a percentage of the estimated average net asset value of the relevant class for the same period. This figure may vary from year to year. Minimum investment: Initial Investment Subsequent Investment Class A-ACC-RMB USD2,500 USD1,000 Class A-ACC-USD USD2,500 USD1,000 Class A-MDIST-RMB USD2,500 USD1,000 Class A-MINCOME(G)-RMB USD2,500 USD1,000 What is this product? Fidelity WorldWide Fund is a unit trust constituted by the trust deed and governed by Hong Kong law. Fidelity WorldWide Fund - RMB Bond Fund (the fund ) is a sub-fund of Fidelity WorldWide Fund.
Fidelity WorldWide Fund RMB Bond Fund Objectives The fund aims to achieve income and capital appreciation via exposure to RMB denominated fixed income/ debt securities, fixed income/debt instruments and deposits which include but are not limited to convertible bonds, corporate bonds, government bonds, commercial papers, medium term notes, floating rate notes, bankers acceptances and money market instruments (including but not limited to certificates of deposits, bank deposits, negotiated term deposits and commercial papers). These investments may be settled in RMB or in other currencies such as USD or HKD. Exposure to non-rmb denominated debt securities may be hedged in order to seek to maintain the currency exposure in RMB. Investment Policy The fund will - (a) invest at least 70% of its net asset value in fixed income/debt securities, fixed income/debt instruments and deposits (including but not limited to bonds, commercial papers, bankers acceptances, notes, certificates of deposits, and other RMB denominated and settled deposits and money market instruments) that are denominated and settled in RMB; (b) invest the remaining portion (i.e. up to 30%) of its net asset value in non-rmb assets that are or will be hedged back to RMB (including, but not limited to, bonds denominated in RMB but settled in other currencies such as USD or HKD); and (c) limit any non-rmb assets without any RMB currency hedge up to 10% of its net asset value. The Investment Manager will ensure that the fund will maintain an effective currency exposure to RMB (including through currency hedging) of at least 90% of its net asset value. As at the date of this document, the fund does not intend to invest directly in debt securities, money market instruments or other securities issued in mainland China through a qualified foreign institutional investor ( QFII ). If an entity of the FIL Group becomes a QFII, the fund may invest in securities issued within mainland China through such QFII. The Investment Manager will seek the Trustee s and the SFC s prior approval and not less than one month s prior notice will be given to investors if the fund intends to make such investments. The fund may invest in listed and unlisted instruments and securities of investment grade (i.e. rated as Baa3 or above by Moody s or BBB- or above by Standard & Poor s or equivalent ratings by other rating agencies) or below investment grade securities as well as unrated securities. The fund may invest in other collective investment schemes as permitted by the applicable investment restrictions. The fund may acquire forward contracts for the purpose of hedging back to the base currency of the fund. Forward contracts include, but are not limited to non-deliverable forward and/or deliverable forward contracts. The fund may also use swaps for hedging purposes. The fund may invest in futures contracts and options for hedging and investment purposes. The net total aggregate value of contract prices in respect of futures contracts entered into other than for hedging purposes may not exceed 20% of the total net asset value of the fund. The value of the fund s investment in options not held for hedging purposes in terms of the total amount of premium paid may not exceed 15% of the net asset value of the fund. The fund will not invest in any structured deposits or structured products. The Investment Manager currently does not intend to enter into any securities lending or repurchase transactions in respect of the fund. The fund will not invest more than 10% of its net asset value in securities issued by or guaranteed by any single country (including its government or a public or local authority of that country) with a credit rating below investment grade. What are the key risks? Investment involves risks. Please refer to the Explanatory Memorandum for details including the risk factors. Investment risk The fund is an investment fund. The fund s investment portfolio may fall in value and therefore your investment in the fund may suffer losses. RMB currency risk RMB is not currently a freely convertible currency and is subject to exchange control imposed by the Chinese government. Such control of currency conversion and movements in the RMB exchange rates may adversely affect the operations and financial results of companies in the PRC which in turn will have impact on the net asset value of the fund. There is no assurance that RMB will not be subject to devaluation. Any devaluation of RMB could adversely affect the value of the investors investments. If investors convert other currencies into RMB so as to invest in the RMB classes of units and subsequently convert the RMB redemption proceeds back into other currencies, they may suffer a loss if RMB depreciates against such other currencies. Subject to the applicable investment restrictions, the fund may invest in securities that are denominated in RMB but settled in other currencies (such as USD or HKD). Its performance may be adversely affected by the movements in the exchange rates between RMB and such other currencies.
Investments acquired by the fund will mainly be denominated in RMB whereas the classes of units may be denominated in other currencies. This may expose Unitholders to movements of the exchange rate between the currency of the class of units they invest in and the currency in which the assets of the fund are held. In calculating the value of non-rmb denominated assets and the prices of units of non-rmb classes, the Investment Manager will normally apply the CNH exchange rate (i.e. the exchange rate for the offshore RMB market in Hong Kong). The CNH rate may be at a premium or discount to the exchange rate for the onshore RMB market in China (i.e. the CNY exchange rate) and there may be significant bid and offer spreads. The value of the fund will thus be subject to fluctuation. Credit risk of RMB debt securities If the issuer of any of the securities in which the fund invests defaults or suffers insolvency or other financial difficulties, the value of such fund will be adversely affected. RMB debt securities and bank deposits that the fund invests in are typically unsecured debt obligations and are not supported by any collateral. The fund will be fully exposed to the credit/insolvency risk of its counterparties as an unsecured creditor. Credit rating downgrading risk Investment grade securities invested by the fund may be subject to the risk of being downgraded to below investment grade securities. In the event of downgrading in the credit ratings of a security or an issuer relating to a security, the fund s investment value in such security may be adversely affected. Below investment grade and non-rated securities risk The fund may invest in below investment grade or non-rated securities. Such securities are generally subject to a higher credit risk and a greater possibility of default than more highly rated securities. The market for these securities may be less active and their prices may be more volatile. Risk of limited pool of investment and diversification risk The quantity of RMB denominated debt and other securities that are available for investment is currently limited. The fund may have to allocate a significant portion of its assets to RMB deposit until suitable securities are available in the market, and this may adversely affect the fund s return and performance. The fund will invest primarily in securities denominated in RMB or have exposure to RMB. The fund is therefore likely to be more volatile than a broad-based fund that adopts a more diversified strategy. Liquidity risk RMB debt securities that are not listed may be subject to higher liquidity risk. The fund may have to liquidate such securities at a substantial discount to meet any sizeable redemption requests and may as a result suffer losses. The bid and offer spread of the price of RMB debt securities may be large, so the fund may incur significant trading and realisation costs and may suffer losses accordingly. Interest rates The fund invests in debt securities, which are susceptible to interest rate changes and may experience significant price volatility. Any fluctuation in interest rates may have an effect on the value of the debt securities held by the fund. Currency hedging risk The fund may enter into currency forward contracts for hedging purposes. Forward contracts are not traded on exchanges and are not standardized. Trading in currency forward contracts is substantially unregulated. The principals who deal in the forward markets are not required to continue to make markets in the currencies they trade and these markets can experience periods of illiquidity. Market illiquidity or disruption could result in losses to the fund. Currency forward contracts do not eliminate fluctuations in the prices of the fund's securities or in foreign exchange rates, or prevent loss if the prices of these securities decline. Performance may be strongly influenced by movements in foreign exchange rates because currency positions held by the fund may not correspond with securities positions held. In such circumstances, the fund s asset may be exposed to the losses on and the costs of the relevant financial instruments. Counterparty risk Fidelity WorldWide Fund RMB Bond Fund The fund may be exposed to counterparty risk through investments as the counterparty or third party may not fulfill its obligations to the fund. To the extent that a counterparty defaults on its obligations and the fund is prevented from exercising its rights with respect to the investment in its portfolio, the fund may experience a decline in the value and incur costs associated with its rights attached to the security. Risks associated with distribution out of capital For Class A-MINCOME(G)-RMB units, dividends may be paid out of gross income while fees/charges may be charged to capital of the fund. This will result in an increase in distributable income for the payment of dividends, and therefore the fund may pay dividend directly out of capital and/or effectively out of capital. Investors should note that the payment of dividends directly out of capital and/or effectively out of capital represents a return or withdrawal of part of the amount they originally invested or from any capital gains attributable to the original investment. Such distributions may result in an immediate decrease in the net asset value per unit of the fund. If there is a change to this policy, prior approval will be sought from the SFC and affected investors will receive at least one month s prior written notification.
How has the fund performed? 5 4 3.4 3.4 3 (%) 2 1 0 2011 2012 2013 2014 4.3 2015 Fidelity WorldWide Fund RMB Bond Fund Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the calendar year end, NAV-to- NAV, with dividends reinvested. These figures show by how much the Class A-ACC- RMB increased or decreased in value during the calendar year being shown. Performance data has been calculated in RMB including ongoing charges and excluding subscription fee and redemption fee you might have to pay. When no past performance is shown there was insufficient data available in that year to provide performance. Fund launch date: 2012 Class A-ACC-RMB launch date: 2012 Class A-ACC-RMB is selected as the most appropriate representative unit class as it has the longest track record and is denominated in the fund s base currency. Is there any guarantee? This fund does not have any guarantees. You may not get back the full amount of money you invested. What are the fees and charges? Current Levels of Charges which may be payable by you You have to pay the following fees when dealing in units of the fund. Initial Charge Up to 5.25% Switching Charge # Up to 5.25% Redemption Charge Up to 1% # You will be subject to a switching charge of up to 1% if you have already paid the full initial charge in respect of units to be switched. If your investment in units to be switched was not subject to an initial charge or was subject to an initial charge lower than the specified maximum, you will have to pay a switching charge of up to 5.25%. Current Levels of Ongoing fees payable by the Fund The following expenses will have to be paid out of the fund. They affect you because they reduce the return you get on your investments. Investment Management Fee* Trustee Fee* Administrator Fee* Performance Fee 0.75% p.a. of net asset value Up to 0.02% p.a. of net asset value, subject to a minimum monthly fee of USD500 0.06% p.a. of net asset value, subject to a minimum monthly fee of USD2,000 Not applicable Other Fees You may have to pay other fees when dealing in units of the fund. Any other fees and charges are described in the Explanatory Memorandum. * You should note that some fees may be increased, up to a specified permitted maximum, by giving Unitholders not less than one month s prior notice. For details, please refer to the Explanatory Memorandum.
Fidelity WorldWide Fund RMB Bond Fund Additional Information You generally buy, redeem or switch units at the fund s next-determined net asset value after we receive your request, directly or via the Authorised Distributor, in good order at or before 4:00 p.m. (Hong Kong time) (to be changed to 5:00 p.m. (Hong Kong time) with effect from 23 May 2016) on a dealing day, being the fund s dealing cut-off time. Before placing your orders, please check with the Authorised Distributor for their internal dealing cut-off time (which may be earlier than the fund s dealing cut-off time). The net asset value per unit of the fund is calculated on each business day and will be published on every dealing day in Hong Kong in the South China Morning Post and in Hong Kong Economic Times, and on the website www.fidelity.com.hk 1. The composition of dividend paid out of net distributable income and capital for the last 12 months are available from the Investment Manager on request and also on the fund s website: https://www.fidelity.com.hk/static/pdf/investor/ personal-investment/docs/fund_distribution_payment_composition_fwwf.pdf 1. For further information on the past performance of other unit classes offered to Hong Kong investors, please refer to www.fidelity.com.hk 1 Investors may obtain information from the Investment Manager at +852 2629 2629. 1 Please note that the website has not been reviewed by the SFC. Important If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness.
PRODUCT KEY FACTS Fidelity WorldWide Fund China A Select Fund FIL Investment Management (Hong Kong) Limited (as Investment Manager) April 2016 This Fund is not available for investment at the time of issue of this statement. The fund will be launched at the Investment Manager s discretion and this statement will be updated accordingly thereafter. This statement provides you with key information about this product. This statement is part of the Explanatory Memorandum. You should not invest in this product based on this statement alone. Quick facts Investment Manager and RQFII Holder: Trustee: RQFII Custodian: Dealing frequency: Base currency: Dividend policy*: FIL Investment Management (Hong Kong) Limited Cititrust Limited Industrial and Commercial Bank of China Limited Daily RMB Class A-ACC No dividends will be paid. All interest and other income earned on the investment will be accumulated and re-invested. * Unless otherwise stated, dividends will not be paid out of capital and/or effectively out of capital. Financial year end of this fund: 31 December Ongoing charges over a year^: Class A-ACC-HKD: 1.98% Class A-ACC-USD: 1.98% Class A-ACC-RMB: 1.98% ^ As the fund is newly set up, this figure is an estimate only and represents the sum of the estimated ongoing expenses chargeable to the relevant class expressed as a percentage of the estimated average net asset value of the relevant class. Minimum investment: Initial Investment Subsequent Investment Class A-ACC-HKD USD 2,500 USD 1,000 Class A-ACC-RMB USD 2,500 USD 1,000 Class A-ACC-USD USD 2,500 USD 1,000 What is this product? Fidelity WorldWide Fund is a unit trust constituted by the trust deed and governed by Hong Kong law. Fidelity WorldWide Fund - China A Select Fund (the fund ) is a sub-fund of Fidelity WorldWide Fund. The fund invests in China A-Shares in China through the RQFII quota of the Investment Manager or other permissible means pursuant to the relevant laws and regulations. The fund is denominated in RMB. Objectives The fund aims to achieve long-term capital growth by investing primarily in China A-Shares. Investment Policy The fund will invest primarily (i.e. at least 70% of the fund's net asset value) in China A-Shares which (a) are denominated and settled in RMB; and/or (b) are listed on the Shanghai Stock Exchange ( SSE ) or the Shenzhen Stock Exchange through the RQFII quota of the Investment Manager and/or other permissible means pursuant to the relevant laws and regulations. This includes investment of up to 100% of the fund s net asset value in certain eligible China A-Shares through the Shanghai-Hong Kong Stock Connect ( Stock Connect ). Where the Investment Manager deems it appropriate, the fund may invest up to 30% of its net asset value in China B-Shares, China H-Shares and/or other equity securities listed and/or issued outside of the People s Republic of China ("PRC"). The fund may obtain indirect exposure to China A-Shares through investing up to 10% of its net asset value in China A-Shares Access Products ( CAAPs ) (including equity-linked notes and participatory notes) which are linked to China A-Shares and issued outside of China.
Fidelity WorldWide Fund China A Select Fund The fund will not invest in any investment funds (including but not limited to equity funds and fixed income funds) which are registered with or authorised by the China Securities Regulatory Commission ("CSRC") for offer to the retail public in the PRC. The fund does not intend to invest in RMB denominated and settled fixed income instruments which are issued or distributed within the PRC. Where appropriate, the fund may invest in other permissible investments such as warrants traded on the Shanghai Stock Exchange or the Shenzhen Stock Exchange or other financial instruments approved by the CSRC pursuant to the PRC rules and regulations applicable to RQFIIs. It is the current intention of the Investment Manager that the fund may acquire warrants traded in the PRC for hedging purposes only. Subject to the applicable investment restrictions, the Investment Manager may acquire financial futures contracts (i.e. stock index futures) listed on the China Financial Future Exchange ( CFFEX ) in the PRC for hedging purpose only or financial futures contracts listed and issued outside of China for the account of the fund for investment and/or hedging purposes. The fund s exposure to such financial futures contracts (other than futures contracts entered into for hedging purposes) in terms of the net total aggregate value of contract prices (whether payable to or by the fund under all outstanding futures contracts) may not exceed 20% of the total net asset value of the fund. The fund will not invest in any structured deposits (including currency-linked deposits, currency and interest ratelinked deposits, index-linked deposits or the like) or structured products as defined in the Securities and Futures Ordinance. Nor will the fund invest in asset backed securities (including asset backed commercial paper). The Investment Manager currently does not intend to enter into any securities lending, repurchase or similar over-thecounter transactions in respect of the fund. Any change to this investment restriction is subject to the prior approval of the Securities and Futures Commission ("SFC") and not less than one month's prior notice will be given to the fund's unitholders. It is expected that the fund may hold up to 100 % of its net asset value in cash or near-cash instruments issued within or outside China such as bank certificates of deposit, bank deposits and negotiated term deposits with authorised financial institutions, in times of extreme market conditions such as in times of a prolonged bearish market or a severe and rapid economic downturn in the PRC in order to protect the assets of the fund, mitigate risk or maintain liquidity of the fund. Notwithstanding the above, not more than 20% of the fund s net asset value shall be held as cash within China. Investment Strategy In seeking to achieve long term capital growth of the fund, the Investment Manager may consider a broad variety of factors and circumstances in the selection of securities and construction of the fund s portfolio. Such factors may include, but are not limited to, a company s profitability, debt, valuation, growth prospects, actual or future cash flows, volatility, availability and liquidity of securities, sector outlook or prospects, the overall economic, political, tax and regulatory environment affecting the relevant securities and markets in the PRC. What are the key risks? Investment involves risks. Please refer to the Explanatory Memorandum for details including the risk factors. Investment risk The fund is an investment fund. The fund s investment portfolio may fall in value and therefore your investment in the fund may suffer losses. PRC market / single country investment risk The fund invests primarily in securities related to the PRC market and may be subject to concentration risk. Investment in the PRC market is subject to emerging market risk including political, economic, legal, regulatory and liquidity risks. Equity securities risk The risks associated with investments in equity securities may be high, because the investment performance of equity securities depends upon a number of factors including but are not limited to adverse economic and market conditions, changes in the general outlook for corporate earnings or risks associated with individual companies, which may adversely affect the net asset value of the fund. China A-Share market risks The China A-Share market may be illiquid, volatile and unstable (for example, due to the risk of suspension of a particular stock or government intervention). Market volatility and settlement difficulties in the China A-Share market may also result in significant fluctuations in the prices of the securities traded on such market and thereby may adversely affect the value of the fund. Trading in China A-Shares on the relevant stock exchange may be suspended if the trading price of the security has increased or decreased to the extent beyond the trading band limit. Where the fund invests in such China A-Shares, this may adversely impact the performance of the fund. Foreign investors including the fund are subject to certain shareholding restrictions when investing in China A-Shares of a listed company. Should the shareholdings exceed the shareholding restrictions, the foreign investor such as the fund would be required to unwind its position on the excessive shareholdings or be restricted from placing buy orders. These may have adverse effect on the liquidity and performance of the fund s investment in China A-Shares.
Risks relating to RQFII Fidelity WorldWide Fund China A Select Fund The RQFII status of the Investment Manager (as the RQFII holder) could be suspended or revoked which may have an adverse effect on the fund s performance as the fund may be required to dispose of its securities holdings. There is also no assurance that Investment Manager (as RQFII holder) will continue to maintain its RQFII status or that redemption requests can be processed in a timely manner. There is no assurance that the Investment Manager (as RQFII holder) will make available RQFII quota that is sufficient for the fund s investment at all times. The RQFII quota may also be reduced by the State Administration of Foreign Exchange of the People's Republic of China ("SAFE"). The Investment Manager may decide to close the fund to further subscriptions if there is insufficient RQFII quota or if the total subscription amount reaches the amount of RQFII quota allocated to the fund by the Investment Manager. Although repatriations by RQFIIs in respect of the fund are currently not subject to any lock-up periods, repatriation restrictions or prior approval, if the relevant PRC rules and regulations change in the future, any restrictions on repatriation of invested capital and net profits may impact on the fund s ability to meet redemption requests from the Unitholders. Investing in the PRC through a RQFII will be subject to custodial risk of the RQFII Custodian appointed for purpose of safekeeping assets in the PRC. In addition, the execution and settlement of transactions or the transfer of any funds or securities may be conducted by brokers in the PRC ( PRC Brokers ). If the RQFII Custodian or the PRC Brokers default, the fund may not be able to recover all of its assets and may incur a substantial or even a total loss. Risks associated with Stock Connect The Stock Connect is a programme novel in nature. The relevant regulations are untested and subject to change and such changes may have retrospective effect. The programme is subject to quota limitations which may restrict the fund s ability to invest in China A-Shares through the programme on a timely basis. Where a suspension in the trading through the Stock Connect is effected, the fund s ability to access the PRC market and hence its ability to pursue its investment strategy will be adversely affected. The PRC regulations impose certain restrictions on selling and buying and the fund may not be able to dispose of holdings of China-A-Shares in a timely manner. Also, a stock may be recalled from the scope of eligible stocks for trading via the Stock Connect. This may adversely affect the investment portfolio or strategies of the fund, for example, when the Investment Manager wishes to purchase a stock which is recalled from the scope of eligible stocks. Due to the differences in trading days in the PRC and Hong Kong markets, the fund may be subject to a risk of price fluctuations in China A-Shares on a day that the PRC market is open for trading but the Hong Kong market is closed. Trading in securities through the Stock Connect may be subject to clearing and settlement risk. If the PRC clearing house defaults on its obligation to deliver securities / make payment, the fund may suffer delays in recovering its losses or may not be able to fully recover its losses. The Stock Connect requires the development of new information technology systems on the part of the stock exchanges and exchange participants and may be subject to operational risk. RMB currency risk RMB is not currently a freely convertible currency and is subject to exchange control imposed by the Chinese government. Such control of currency conversion and movements in the RMB exchange rates may adversely affect the operations and financial results of companies in the PRC which in turn will have impact on the net asset value of the fund. There is no assurance that RMB will not be subject to devaluation. Any devaluation of RMB could adversely affect the value of the investors investments. If investors convert other currencies into RMB so as to invest in the RMB classes of units and subsequently convert the RMB redemption proceeds and/or dividend payment (if any) back into other currencies, they may suffer a loss if RMB depreciates against such other currencies. Investments acquired by the fund will mainly be denominated in RMB whereas the classes of units may be denominated in other currencies. This may expose Unitholders to movements of the exchange rate between the currency of the class of units they invest in and the currency in which the assets of the fund are held. Currency risk The fund may be invested in part in assets quoted in currencies other than its base currency. The performance of the fund will therefore be affected by movements in the exchange rate between the currencies in which the assets are held and its base currency. Risk of trading stock index futures The fund may trade stock index futures for hedging purposes via the hedging quota granted by the CFFEX to the Investment Manager. The CFFEX may reduce/cancel the hedging quota, impose limits on futures positions or require the Investment Manager to close out its futures positions as a result of any breach or violation of the applicable rules and regulations stipulated by the CFFEX. If any of the foregoing happens, the fund may not be able to achieve the desired result of trading stock index futures for hedging purposes. Investment in stock index futures may be subject to significant regulatory risks, and authorities in China may promulgate new rules from time to time. Any changes to the prevailing rules and regulations may have an adverse impact on stock index futures traded by the fund.
Hedging risk Fidelity WorldWide Fund China A Select Fund Derivatives may be used by the fund for hedging purposes. The use of derivatives may lead to a higher volatility in the net asset value of the fund than might otherwise be the case. It may also give rise to liquidity, counterparty and valuations risks at times. In adverse situations, the fund s use of derivative instruments for hedging purposes may become ineffective and the fund may suffer significant losses. PRC tax risk The Investment Manager currently intends to make provisions for any PRC taxes in respect of dividends derived from China A-Shares (including those acquired through the Stock Connect) and China B-Shares, at a rate of 10% (or as otherwise advised by the fund's tax adviser) if the relevant WIT is not withheld at source. Even if tax provisions are made, the amount of such provisions may not be sufficient to meet the actual tax liabilities. With the uncertainties under the applicable PRC tax laws and the possibility of such laws being changed and taxes being applied retrospectively, any provision for taxation made by the Investment Manager may be inadequate to meet actual PRC tax liabilities. In case of any shortfall between the provisions and actual tax liabilities, which will be debited from the fund s assets, the fund s asset value will be adversely affected. How has the fund performed? As the fund is newly set up, there is insufficient data to provide a useful indication of past performance to investors. Is there any guarantee? This fund does not have any guarantees. You may not get back the full amount of money you invested. What are the fees and charges? Current Levels of Charges which may be payable by you You have to pay the following fees when dealing in units of the fund. Initial Charge Up to 5.25% Switching Charge # Up to 5.25% Redemption Charge Up to 1% # You will be subject to a switching charge of up to 1% if you have already paid the full initial charge in respect of units to be switched. If your investment in units to be switched was not subject to an initial charge or was subject to an initial charge lower than the specified maximum, you will have to pay a switching charge of up to 5.25%. Current Levels of Ongoing fees payable by the Fund The following expenses will have to be paid out of the fund. They affect you because they reduce the return you get on your investments. Investment Management Fee* Up to 1.50% p.a. of net asset value Trustee Fee* Up to 0.02% p.a. of net asset value, subject to a minimum monthly fee of USD 500 Administrator Fee* 0.06% p.a. of net asset value, subject to a minimum monthly fee of USD 2,000 Performance Fee Not applicable Other Fees You may have to pay other fees when dealing in units of the fund. Any other fees and charges are described in the Explanatory Memorandum. * You should note that some fees may be increased, up to a specified permitted maximum, by giving Unitholders not less than one month s prior notice. For details, please refer to the Explanatory Memorandum.
Fidelity WorldWide Fund China A Select Fund Additional Information You generally buy, redeem or switch units at the fund s next-determined net asset value after we receive your request, directly or via the Authorised Distributor, in good order at or before 4:00 p.m. (Hong Kong time) (to be changed to 5:00 p.m. (Hong Kong time) with effect from 23 May 2016) on a dealing day, being the fund s dealing cut-off time. Before placing your orders, please check with the Authorised Distributor for their internal dealing cut-off time (which may be earlier than the fund s dealing cut-off time). The net asset value per unit of the fund is calculated on each business day and will be published on every dealing day in Hong Kong in the South China Morning Post and in Hong Kong Economic Times, and on the website www.fidelity.com.hk 1. Investors may obtain information from the Investment Manager at +852 2629 2629. 1 This website has not been reviewed by the SFC. Important If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness.
PRODUCT KEY FACTS Fidelity WorldWide Fund Global Equity Income Fund FIL Investment Management (Hong Kong) Limited (as Investment Manager) April 2016 This statement provides you with key information about this product. This statement is part of the Explanatory Memorandum. You should not invest in this product based on this statement alone. Quick facts Investment Manager: Sub-Manager: Trustee: Dealing frequency: Base currency: Dividend policy*: FIL Investment Management (Hong Kong) Limited FIL Investments International (United Kingdom, internal delegation) Cititrust Limited Daily USD Class A Dividends will be declared on the first business day of February and August of each year. The Investment Manager expects to recommend distribution of substantially the whole net investment income for the period. No distribution will be paid out of the fund's capital. Class A-ACC No dividends will be paid. All interest and other income earned on the investment will be accumulated and re-invested. Class A-HMDIST(G) (hedged) # Subject to the Investment Manager's discretion, dividends will be declared monthly normally on the first business day of each month, and will be paid accordingly. The Investment Manager expects to recommend distribution of substantially the whole gross investment income for the period. The Investment Manager may also determine if and to what extent dividends may include distributions from both realised and unrealised capital gains as well as from capital. Such distributions may include a premium when the interest rate of the hedged currency is higher than the interest rate of the base currency of the fund and may be discounted when the interest rate of the hedged currency is lower than the interest rate of the base currency of the fund. Class A-MINCOME(G) (hedged) # Subject to the Investment's Manager's discretion, dividends will be declared monthly normally on the first business day of each month and will be paid accordingly. The Investment Manager expects to recommend distribution of substantially the whole gross investment income amount for most of the time, and distributions may be paid out of the capital. # Investors should note that as fees and expenses may be charged to the capital of the fund, this will result in an increase in distributable income for the payment of dividends. The fund may therefore pay dividend directly out of capital and/ or effectively out of capital. Such payment of dividends out of capital represents a return or withdrawal of part of the amount originally invested or from any capital gains attributable to the original investment. Such distributions may result in an immediate decrease in the net asset value per unit of the fund. * Unless otherwise stated, dividends will not be paid out of capital and/or effectively out of capital. Financial year end of this fund: 31 December Ongoing charges over a year^: Class A-ACC-USD: 3.37% ^ As the fund is recently launched, this figure is an estimate only and represents the sum of the estimated ongoing expenses chargeable to the relevant class over a 12 month period and expressed as a percentage of the estimated average net asset value of the relevant class for the same period. This figure may vary from year to year. Minimum investment: Initial Investment Subsequent Investment All Classes USD 2,500 USD 1,000
What is this product? Fidelity WorldWide Fund is a unit trust constituted by the trust deed and governed by Hong Kong law. Fidelity WorldWide Fund - Global Equity Income Fund (the fund ) is a sub-fund of Fidelity WorldWide Fund. Objectives Fidelity WorldWide Fund Global Equity Income Fund The fund aims to achieve income and long-term capital growth by investing principally (i.e. at least 70% of the fund's net asset value) in income-producing equity securities globally. The Investment Manager will target investments which it believes offer attractive dividend yields in addition to price appreciation. Investment Policy The Investment Manager will actively select individual equity securities based on their potential to generate income and capital growth. The Investment Manager may at its discretion select equity securities of any company and tactically allocate any of the fund's investments to any particular geographical region, industry sector or companies with a particular market capitalization if it believes that, relative to other equities, they may offer greater potential for income and capital growth. In addition, the Investment Manager has the freedom to invest the remaining assets (i.e. up to 30% of the fund s net asset value) outside the funds principal asset classes. These include (but are not limited to) listed futures, money market instruments, commercial paper and certificates of deposit. The fund s exposure to listed futures (other than futures contracts entered into for hedging purposes) in terms of the net total aggregate value of contract prices (whether payable to or by the fund under all outstanding futures contracts) may not exceed 20% of the total net asset value of the fund. The fund will not invest in debt securities. Subject to the applicable investment restrictions, the fund may use other derivative instruments for hedging purposes. The fund may invest up to 10% of its net asset value in China A-Shares and China B-Shares. The fund will not invest in any structured deposits (including currency-linked deposits, currency and interest ratelinked deposits, index-linked deposits or the like) or structured products as defined in the Securities and Futures Ordinance. Nor will the fund invest in asset backed securities (including asset backed commercial paper). The Investment Manager currently does not intend to enter into any securities lending, repurchase, or similar over-thecounter transactions in respect of the fund. Any change to this investment restriction is subject to the prior approval of the Securities and Futures Commission ("SFC") and not less than one month's prior notice will be given to the fund's unitholders. What are the key risks? Investment involves risks. Please refer to the Explanatory Memorandum for details including the risk factors. Investment risk The fund is an investment fund. The fund s investment portfolio may fall in value and therefore your investment in the fund may suffer losses. Equity securities risk The risks associated with investments in equity securities may be high, because the investment performance of equity securities depends upon a number of factors including but are not limited to adverse economic and market conditions, changes in the general outlook for corporate earnings or risks associated with individual companies, which may adversely affect the net asset value of the fund. Dividend risk Although the fund will generally invest in globally income-producing equities, it is not guaranteed that all underlying investments will generate dividends. To the extent that underlying investments of the fund are income producing, higher dividend yields generally mean that there will be reduced capital appreciation. Currency risk The fund may be invested in assets quoted in currencies other than its base currency. The performance of the fund will therefore be affected by movements in the exchange rate between the currencies in which the assets are held and the base currency of the fund. European risk The fund's performance will be closely tied to the economic, political, regulatory, geopolitical, market, currency or other conditions in the European Economic Area and could be more volatile as a result. In light of the concerns on sovereign credit risk of certain European countries and in particular these countries' fiscal conditions, the fund may be subject to increased liquidity, price, and foreign exchange risk. If there are adverse credit events in certain European countries e.g. downgrade of the sovereign credit rating of a European country or a European financial institution, the performance of the fund could decline significantly and will possibly result in significant loss. Measures taken by the governments of the European countries, central banks and other authorities to address their economic and financial problems may not be effective and such failure may result in further deterioration of these countries fiscal conditions.
Emerging market risk Fidelity WorldWide Fund Global Equity Income Fund The fund may invest in securities in emerging markets. Prospective investors should note that investment in emerging markets involve risks such as limited liquidity, price volatility, restrictions on foreign investment and repatriation of capital, high inflation and interest rates and political and social uncertainties, which could adversely affect the value of the fund s investments. Risk associated with futures The risk to the buyer or seller of an exchange-traded future is the change in value of the underlying reference index/ security/contract/bond, which may not be fully reflected in the value of the futures contract. The underlying instrument of the futures contract may be different from the instrument to which exposure is sought, the correlation risk could be significant and could result in substantial losses to the fund. Hedging risk Derivatives may be used by the fund for hedging purposes. The use of derivatives may lead to a higher volatility in the net asset value of the fund than might otherwise be the case. It may also give rise to liquidity, counterparty and valuations risks at times. In adverse situations, the fund s use of derivative instruments for hedging purposes may become ineffective and the fund may suffer significant losses. Risks associated with RMB classes of units RMB currency risk - Investors in unit classes denominated in RMB ( RMB classes ) should note that there is also no assurance that the RMB will not be subject to devaluation. Any devaluation of the RMB could adversely affect the value of investors investments in the RMB classes of units. If investors convert other currencies into RMB so as to invest in the RMB classes of units and subsequently convert the RMB redemption proceeds and/or dividend payment (if any) back into other currencies, they may suffer a loss if RMB depreciates against such other currencies. When calculating the value of the RMB classes of units, the Investment Manager will normally apply the CNH exchange rate for the offshore RMB market in Hong Kong. The CNH rate may be at a premium or discount to the exchange rate for the onshore RMB market in China (i.e. the CNY exchange rate) and there may be significant bid and offer spreads. The value of RMB classes will thus be subject to fluctuation. In respect of the non-hedged RMB classes of units, where RMB depreciates against currencies of the non-rmb denominated underlying investments of the fund, (i) investors may suffer losses even if there are gains or no losses in the value of the non-rmb-denominated underlying investments; or (ii) investors may suffer additional losses if the non-rmb-denominated underlying investments of the fund fall in value. Risks relating to hedged RMB classes - In respect of the hedged RMB classes of units, the Investment Manager may attempt to hedge the base currency of the fund and/or other currencies of non-rmb-denominated underlying investments of the fund back to RMB. The costs of the hedging transactions will be reflected in the net asset value of the hedged RMB classes of units and therefore, an investor of such hedged RMB classes of units will have to bear the associated hedging costs. If the counterparties of the instruments used for hedging purpose default, investors of the hedged RMB classes of units may be exposed to RMB currency exchange risk on an unhedged basis and may therefore suffer further losses. There is no guarantee that the hedging strategy will be effective and you may still be subject to the RMB currency risk which may apply to the non-hedged RMB classes. Whilst the hedging strategy may protect investors against a decline in the value of the fund's base currency and/or other currencies of non-rmb-denominated underlying investments relative to RMB, investors will not benefit from any potential gain in the value of the hedged RMB classes of units if the fund's base currency and/or other currencies of non-rmb-denominated underlying investments of the fund rise against RMB. Risk of not receiving RMB upon redemption of investments and/or dividend payments - RMB is currently not a freely convertible currency as it is subject to exchange control imposed by the PRC government. The Chinese government s imposition of restrictions on the repatriation of RMB out of the PRC may limit the depth of the RMB market outside the PRC and restrict the ability of the fund to meet redemption requests and/or pay dividends in RMB for the RMB classes in a timely manner. Even if the fund aims to pay redemption proceeds and/or dividends to investors of the RMB classes of units in RMB, investors may not receive RMB upon redemption of their investments or receive dividend payments in RMB. There is also a risk that payment of investors redemption proceeds and/or dividends in RMB may be delayed when there is not sufficient RMB for currency conversion for settlement of the redemption proceeds and dividends. Risks associated with distribution out of capital For Class A-HMDIST(G) (hedged) units and Class A-MINCOME(G) (hedged) units, dividends may be paid out of gross income while fees/charges may be charged to capital of the fund. This will result in an increase in distributable income for the payment of dividends, and therefore the fund may pay dividend directly out of capital and/or effectively out of capital. Investors should note that the payment of dividends directly out of capital and/or effectively out of capital represents a return or withdrawal of part of the amount they originally invested or from any capital gains attributable to the original investment. Such distributions may result in an immediate decrease in the net asset value per unit of the fund. If there is a change to this policy, prior approval will be sought from the SFC and affected investors will receive at least one month s prior written notification.
How has the fund performed? Fidelity WorldWide Fund Global Equity Income Fund As the fund is recently launched, there is insufficient data to provide a useful indication of past performance to investors. Is there any guarantee? This fund does not have any guarantees. You may not get back the full amount of money you invested. What are the fees and charges? Current Levels of Charges which may be payable by you You have to pay the following fees when dealing in units of the fund. Initial Charge Up to 5.25% Switching Charge # Up to 5.25% Redemption Charge Up to 1% # You will be subject to a switching charge of up to 1% if you have already paid the full initial charge in respect of units to be switched. If your investment in units to be switched was not subject to an initial charge or was subject to an initial charge lower than the specified maximum, you will have to pay a switching charge of up to 5.25%. Current Levels of Ongoing fees payable by the Fund The following expenses will have to be paid out of the fund. They affect you because they reduce the return you get on your investments. Investment Management Fee* Up to 1.50% p.a. of net asset value Trustee Fee* Up to 0.02% p.a. of net asset value, subject to a minimum monthly fee of USD 500 Administrator Fee* 0.06% p.a. of net asset value, subject to a minimum monthly fee of USD 2,000 Performance Fee Not applicable Other Fees You may have to pay other fees when dealing in units of the fund. Any other fees and charges are described in the Explanatory Memorandum. * You should note that some fees may be increased, up to a specified permitted maximum, by giving Unitholders not less than one month s prior notice. For details, please refer to the Explanatory Memorandum. Additional Information You generally buy, redeem or switch units at the fund s next-determined net asset value after we receive your request, directly or via the Authorised Distributor, in good order at or before 4:00 p.m. (Hong Kong time) (to be changed to 5:00 p.m. (Hong Kong time) with effect from 23 May 2016) on a dealing day, being the fund s dealing cut-off time. Before placing your orders, please check with the Authorised Distributor for their internal dealing cut-off time (which may be earlier than the fund s dealing cut-off time). The net asset value per unit of the fund is calculated on each business day and will be published on every dealing day in Hong Kong in the South China Morning Post and in Hong Kong Economic Times, and on the website www.fidelity.com.hk 1. The composition of dividends paid out of net distributable income and capital for the last 12 months are available from the Investment Manager on request and also on the fund s website: https://www.fidelity.com.hk/static/pdf/ investor/personal-investment/docs/fund_distribution_payment_composition_fwwf.pdf 1. Investors may obtain information from the Investment Manager at +852 2629 2629. 1 This website has not been reviewed by the SFC. Important If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness.
Fidelity WorldWide Fund First Addendum to the Explanatory Memorandum dated February 2015 Important If you are in any doubt about the contents of this document, you should seek independent professional financial advice. This First Addendum supplements and forms part of, and should be read together with, the Explanatory Memorandum for the Fidelity WorldWide Fund (the Fund ) dated February 2015 (the Explanatory Memorandum ). Words and expressions defined in the Explanatory Memorandum shall have the same meanings in this First Addendum. All other provisions contained in the Explanatory Memorandum, unless inconsistent with the provisions set forth in this First Addendum, shall continue to apply. The Explanatory Memorandum is amended as follows: 1. Update List of Directors of the Manager With immediate effect, the column entitled Directors of the Manager under the ADMINISTRATION section of the Explanatory Memorandum shall be deleted in its entirety and replaced with the following:- Directors of the Manager Mark Talbot Brad Fresia John Ford Joshua Pieterse 2. Change of Dealing Deadline With effect from 23 May 2016, the sub-sections headed Dealing Deadline in Appendix I Fidelity WorldWide Fund RMB Bond Fund, Appendix II Fidelity WorldWide Fund China A Select Fund and Appendix III Fidelity WorldWide Fund Global Equity Income Fund of the Explanatory Memorandum shall be deleted in its entirety and replaced with the following: - Dealing Deadline 5:00 p.m. (Hong Kong time) on the relevant Dealing Day. The Authorised Distributor(s) may impose different dealing deadlines for receiving instructions for subscriptions, redemptions or switching. Investors should pay attention to the arrangements of the Authorised Distributor(s) concerned. April 2016 1
IMPORTANT INFORMATION FOR INVESTORS This Explanatory Memorandum together with the Product Key Facts Statement of each Sub-Fund form part of the offering document and comprises information relating to Fidelity WorldWide Fund, an open-ended unit trust established as an umbrella fund under the laws of Hong Kong by a trust deed dated 17 October 2012 (as amended from time to time) between FIL Investment Management (Hong Kong) Limited as manager and Cititrust Limited as trustee. The Manager accepts full responsibility for the accuracy of the information contained in this Explanatory Memorandum and the Product Key Facts Statement at the date of publication, and confirms, having made all reasonable enquiries, that to the best of its knowledge and belief there are no other facts the omission of which would make any statement in this Explanatory Memorandum and the Product Key Facts Statement of each Sub-Fund misleading. However, neither the delivery of this Explanatory Memorandum / the Product Key Facts Statement of a Sub-Fund nor the offer or issue of Units shall under any circumstances constitute a representation that the information contained in this Explanatory Memorandum or the Product Key Facts Statement of each Sub-Fund is correct as of any time subsequent to such date. This Explanatory Memorandum as well as the Product Key Facts Statement of the relevant Sub-Fund may from time to time be updated. Intending applicants for Units should ask the Manager if any supplements or any later Explanatory Memorandum or Product Key Facts Statement have been issued. Distribution of this Explanatory Memorandum must be accompanied by a copy of the Product Key Facts Statement of each Sub-Fund and the latest available annual report and accounts of the Fund (if any) and any subsequent interim report. Units of the relevant Sub-Fund are offered on the basis only of the information contained in this Explanatory Memorandum, the Product Key Facts Statement and (where applicable) the above mentioned annual reports and accounts and interim reports. Any information given or representations made by any dealer, salesman or other person and (in either case) not contained in this Explanatory Memorandum or the Product Key Facts Statement of the relevant Sub-Fund should be regarded as unauthorised and accordingly must not be relied upon. The Fund and its Sub-Funds, namely Fidelity WorldWide Fund - RMB Bond Fund, Fidelity WorldWide Fund - China A Select Fund and Fidelity WorldWide Fund - Global Equity Income Fund, have been authorised by the SFC pursuant to section 104 of the SFO. The SFC s authorisation is not a recommendation or endorsement of the Fund and the aforesaid Sub-Funds nor does it guarantee the commercial merits of the Fund and the Sub-Funds or their performance. It does not mean the Fund or the aforesaid Sub-Funds are suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors. No action has been taken to permit an offering of Units or the distribution of this Explanatory Memorandum (or the Product Key Facts Statement of the relevant Sub-Fund) in any jurisdiction other than Hong Kong where action would be required for such purposes. Accordingly, this Explanatory Memorandum and any Product Key Facts Statement may not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is not authorised. In particular:- (a) the Units have not been registered under the United States Securities Act of 1933 (as amended) and, except in a transaction which does not violate such Act, may not be directly or indirectly offered or sold in the United States of America, or any of its territories or possessions or areas subject to its jurisdiction, or for the benefit of a US Person (as defined in Regulation S under such Act); and (b) the Fund has not been and will not be registered under the United States Investment Company Act of 1940 as amended. Potential applicants for Units should inform themselves as to (a) the possible tax consequences, (b) the legal requirements and (c) any foreign exchange restrictions or exchange control requirements which they might encounter under the laws of the countries of their incorporation, citizenship, residence or domicile and which might be relevant to the subscription, holding or disposal of Units. Investment involves risk and investors should note that losses may be sustained on their investment. There is no assurance that the investment objective of the respective Sub-Funds will be achieved. Investors should consider the section headed Risk Factors, and the section headed Specific Risk Factors (if any) in the relevant Appendix, before making their investment decisions. Important - If you are in any doubt about the contents of this Explanatory Memorandum and the Product Key Facts Statement of the relevant Sub-Fund, you should seek independent professional financial advice. Investors may contact the Manager by the following means if they have any enquiries or complaints in relation to any Sub-Fund:- By writing to Level 21, Two Pacific Place, 88 Queensway, Admiralty, Hong Kong for the attention of FIL Investment Management (Hong Kong) Limited By calling the Manager s hotline at (852) 2629 2629 The Manager will handle or channel to the relevant party any enquiries or complaints from investors and revert to the investors accordingly. Further Information Investors may access the website of the Manager at the website www.fidelity.com.hk for further information on the Fund and any Sub-Fund, including this Explanatory Memorandum, annual reports and the latest Net Asset Value. Please note that the website does not form part of this Explanatory Memorandum. Also, it has not been reviewed by the SFC.
TABLE OF CONTENTS Heading Page Number ADMINISTRATION...1 DEFINITIONS...2 THE FUND...4 INVESTMENT OBJECTIVE...4 MANAGEMENT AND ADMINISTRATION OF THE FUND...4 CLASSES OF UNITS...5 DEALING DAY AND DEALING DEADLINE...5 PURCHASE OF UNITS...6 REDEMPTION OF UNITS...8 SWITCHING BETWEEN CLASSES / SUB-FUNDS...10 VALUATION...11 INVESTMENT AND BORROWING RESTRICTIONS...13 RISK FACTORS...15 EXPENSES AND CHARGES...21 TAXATION...23 REPORTS AND ACCOUNTS...24 DISTRIBUTION POLICY...24 INCOME EQUALISATION ARRANGEMENTS...24 VOTING RIGHTS...25 PUBLICATION OF PRICES...25 TRANSFER OF UNITS...25 COMPULSORY REDEMPTION OR TRANSFER OF UNITS...25 TRUST DEED...25 TERMINATION OF THE FUND OR ANY SUB-FUND...25 ANTI-MONEY LAUNDERING REGULATIONS...26 CONFLICTS OF INTEREST...26 DOCUMENTS AVAILABLE FOR INSPECTION...26 APPENDIX I FIDELITY WORLDWIDE FUND- RMB BOND FUND...27 APPENDIX II FIDELITY WORLDWIDE FUND - CHINA A SELECT FUND...33 APPENDIX III FIDELITY WORLDWIDE FUND - GLOBAL EQUITY INCOME FUND...44
ADMINISTRATION Manager and RQFII holder FIL Investment Management (Hong Kong) Limited Level 21 Two Pacific Place, 88 Queensway Admiralty Hong Kong Directors of the Manager Allan Liu Andrew Wells Mark Talbot Brad Fresia John Ford Sub-Manager FIL Investments International Oakhill House 130 Tonbridge Road Hildenborough Tonbridge Kent TN11 9DZ United Kingdom Trustee Cititrust Limited 50/F, Citibank Tower Citibank Plaza 3 Garden Road Central Hong Kong RQFII Custodian Industrial and Commercial Bank of China Limited 55 Fuxingmennei Street, Xicheng District Beijing China P.C: 100140 Custodian and Administrator Citibank, N.A., Hong Kong Branch 50/F, Citibank Tower Citibank Plaza 3 Garden Road Central Hong Kong Transfer Agent Citibank Europe plc 1 North Wall Quay 3rd Floor Dublin, 1 Ireland Auditors PricewaterhouseCoopers 22nd Floor, Prince s Building Central Hong Kong Solicitors to the Manager Deacons 5/F, Alexandra House 18 Chater Road Central Hong Kong Hong Kong Prospectus: Fidelity Funds February 2015 1
DEFINITIONS The defined terms used in this Explanatory Memorandum and the Product Key Facts Statement of each Sub-Fund have the following meanings:- Accounting Date Administrator Accounting Period Authorised Distributor Business Day CAAP CAAP issuer China, Mainland China or PRC China A-Shares China B-Shares China H-Shares China Securities connected person CSRC Custodian Dealing Day Means 31 December in each year or such other date or dates in each year as the Manager may from time to time specify in respect of any Sub-Fund and notify to the Trustee and the Unitholders of such Sub-Fund Means Citibank N.A. Hong Kong Branch Means a period commencing on the date of establishment of the relevant Sub- Fund or on the date next following an Accounting Date of the relevant Sub-Fund and ending on the next succeeding Accounting Date for such Sub-Fund Means any person (including the Manager) appointed by the General Distributor to distribute Units of some or all of the Sub-Funds to potential investors Means a day (other than a Saturday and a Sunday) on which banks in Hong Kong are open for normal banking business or such other day or days as the Manager and the Trustee may determine from time to time, provided that where as a result of a number 8 typhoon signal, black rainstorm warning or other similar event, the period during which banks in Hong Kong are open on any day is reduced, such day shall not be a Business Day unless the Manager and the Trustee determine otherwise Means China A-Shares Access Product (including equity-linked notes and participatory notes) which are linked to China A-Shares and issued outside of China Means the issuer of a CAAP Means the People s Republic of China excluding Hong Kong, Macau and Taiwan for the purpose of this Explanatory Memorandum and the Product Key Facts Statement Means shares issued by companies listed on the Shanghai Stock Exchange or the Shenzhen Stock Exchange, traded in Renminbi and available for investment by domestic (Chinese) investors, holders of QFII or RQFII status and foreign strategic investors approved by the China Securities Regulatory Commission Means shares issued by companies listed on the Shanghai Stock Exchange or the Shenzhen Stock Exchange, traded in foreign currencies and available for investment by domestic (Chinese) investors and foreign investors Means shares issued by companies incorporated in the PRC and listed on the Hong Kong Stock Exchange Means China shares (including but not limited to China A-Shares, China B-Shares and China H-Shares), Renminbi denominated corporate and government bonds, securities investment fund and warrants listed on any stock exchanges (including but not limited to stock exchanges in the PRC, Hong Kong, Singapore, London and the United States) Means, in relation to the Manager: (a) any person, company or fund beneficially owning, directly or indirectly, 20% or more of the ordinary share capital of the Manager or being able to exercise, directly or indirectly, 20% or more of the total votes in the Manager; or (b) any person, company or fund controlled by a person who or which meets one or both of the descriptions given in (a); or (c) any member of the group of which the Manager forms part; or (d) any director or officer of the Manager or of any of its connected persons as defined in (a), (b) or (c) above Means the China Securities Regulatory Commission Means Citibank, N.A., Hong Kong Branch Means such days as described in the Appendix for the relevant Sub-Fund(s) 2 February 2015
Dealing Deadline Explanatory Memorandum FIL Group Fund General Distributor Hong Kong HK$ or HKD Issue Price Manager Net Asset Value PBOC QFII Redemption Price RMB or Renminbi RQFII RQFII Custodian "RQFII holder" SAFE SFC Means such time on the relevant Dealing Day or on such other Business Day as the Manager may from time to time with the approval of the Trustee determine, as described in the Appendix for the relevant Sub-Fund(s) Means this Explanatory Memorandum including the Appendices, as each may be amended, updated or supplemented from time to time Means the Fidelity Investments group, including the Manager Means Fidelity WorldWide Fund Means FIL Distributors or any other person appointed by the Manager to act as general distributor in respect of Units Means Hong Kong Special Administrative Region of the PRC Means Hong Kong Dollars, the lawful currency of Hong Kong Means in respect of each Sub-Fund the issue price per Unit as more fully described in the section Purchase of Units Means FIL Investment Management (Hong Kong) Limited Means the net asset value of the Fund or a Sub-Fund or of a Unit, as the context may require, calculated in accordance with the provisions of the Trust Deed as summarised below under the section headed Valuation Means the People s Bank of China Means qualified foreign institutional investors approved pursuant to the relevant PRC regulations (as amended from time to time) Means the price at which Units will be redeemed as more fully described in the section headed Redemption of Units Means renminbi, the lawful currency of the PRC Means RMB qualified foreign institutional investors approved pursuant to the relevant PRC regulations (as amended from time to time) Means Industrial and Commercial Bank of China Limited Means FIL Investment Management (Hong Kong) Limited Means the State Administration of Foreign Exchange of the People's Republic of China Means the Securities and Futures Commission of Hong Kong SFO Means the Securities and Futures Ordinance, Laws of Hong Kong (Chapter 571) Stock Connect Sub-Fund Transfer Agent Trust Deed Trustee Unit Unitholder US$ or USD Valuation Day Valuation Point Means the Shanghai-Hong Kong Stock Connect Means a sub-fund of the Fund Means Citibank Europe plc in its capacity as transfer agent of the Fund Means the trust deed establishing the Fund as more fully described in the section headed Trust Deed Means Cititrust Limited in its capacity as trustee of the Fund Means a unit in a Sub-Fund Means a person registered as a holder of a Unit Means the lawful currency of the United States of America Means such days as described in the Appendix for the relevant Sub-Fund Means such time as described in the Appendix for the relevant Sub-Fund to calculate the Net Asset Value February 2015 3
THE FUND Fidelity WorldWide Fund is an open-ended unit trust established as an umbrella fund pursuant to the Trust Deed and governed by the laws of Hong Kong. All Unitholders are entitled to the benefit of, are bound by and deemed to have notice of the provisions of the Trust Deed. The Manager may create further Sub-Funds in the future. Investors should contact the Manager to obtain the latest offering document relating to the available Sub-Fund(s). Multiple classes of Units may be issued in respect of each Sub-Fund and the Manager may create additional classes of Units for any Sub-Fund(s) in its sole discretion in the future. The assets of a Sub-Fund will be invested and administered separately from the assets of the other Sub-Fund(s) issued. The details of the Sub-Fund(s) and/or the new class or classes of Units related thereto that are on offer are set out in the Appendices to this Explanatory Memorandum. INVESTMENT OBJECTIVE The investment objective and policy of each Sub-Fund, as well as other important details, are set forth in the relevant Appendix hereto relating to the relevant Sub-Fund. MANAGEMENT AND ADMINISTRATION OF THE FUND The Manager The Manager of the Fund is FIL Investment Management (Hong Kong) Limited. The Manager is a company incorporated with limited liability in Hong Kong and licensed by the SFC to carry on regulated activities type 1 dealing in securities, type 4 advising on securities, type 5 advising on futures contracts and type 9 asset management. The Manager undertakes the management of the assets of the Fund. The Manager may appoint sub-manager(s) and delegate any of its management functions in relation to assets of specific Sub-Fund(s) to such sub-manager(s) subject to the prior approval of the SFC. Details of such appointment are set out in the Appendix relating to the relevant Sub-Fund. The Manager may at its discretion, with or without giving any notice, appoint investment adviser(s) to provide investment advice to the Manager in relation to assets of specific Sub-Fund(s). The remuneration of such submanager(s) and investment adviser(s) will be borne by the Manager. The Trustee Cititrust Limited is the Trustee of the Fund and is registered as a trust company in Hong Kong. Cititrust Limited is a wholly-owned subsidiary of Citigroup Inc. As a global financial services group, Citigroup Inc and its subsidiaries provide a broad range of financial products and services, including consumer banking, corporate and investment banking, securities brokerage and wealth management to consumers, corporations, governments and institutions. Under the Trust Deed, the Trustee is responsible for the safe-keeping of the assets of the Fund and monitoring the compliance by the Manager with the requirements of the Trust Deed. The Administrator Citibank, N.A., Hong Kong Branch is the Administrator of the Fund. The Administrator provides certain financial, accounting, administrative and other services to the Fund. Pursuant to the Fund Administration Services Agreement, the Administrator will be responsible, inter alia, for the following matters: assisting in making available the required data for preparing and maintaining the Fund s financial and accounting records and statements; determining the Net Asset Value; assisting in preparing the audited financial statements; arranging for the provision of accounting, clerical and administrative services; and calculating the fees payable by a Sub-Fund of the Fund, including but not limited to the Trustee Fee, Administrator Fee, Transfer Agent Fee, Management Fee, and Distribution Fee, as more particularly described in the relevant Appendix. The Custodian The Trustee has appointed Citibank, N.A. ( Citibank ), acting through its Hong Kong Branch, as custodian of the assets of the Fund. Citibank is a wholly-owned subsidiary of Citigroup Inc. Citibank has been a provider of custodial and settlement services to domestic and international clients since its establishment in the United States of America in 1814. Citibank s global custodial network covers all mature and major emerging markets. 4 February 2015
Citibank began providing securities services in Hong Kong in the mid-1970 s and launched a fully operational global custody product in Hong Kong in the mid-1980 s. Today, Citibank s Securities and Funds Services business has a global client base of premier banks, fund managers, broker dealers, insurance companies and government entities. Pursuant to the custodian agreement entered into between the Trustee and the Custodian (the Custodian Agreement ), the Custodian will act as the custodian of the Fund s and the relevant Sub-Fund s assets, which will be held directly by the Custodian or through its agents, sub-custodians, or delegates pursuant to the custodian agreement. The RQFII Custodian For the Sub-Fund(s) that invest in fixed income instruments issued within China, China A-Shares or other permissible investments in the PRC through a RQFII, the relevant RQFII is required to appoint a custodian in the PRC for the custody of assets, pursuant to relevant laws and regulations. Industrial and Commercial Bank of China Limited has been appointed as the RQFII Custodian in respect of the investments held by the relevant Sub-Funds in the PRC pursuant to a RQFII sub-custodian agreement (the RQFII Sub Custodian Agreement ). Industrial and Commercial Bank of China Limited ( ICBC ), formerly known as Industrial and Commercial Bank of China, was established on 1 January 1984. On 28 October 2005, ICBC was wholly restructured to a joint-stock limited company. On 27 October 2006, ICBC was successfully listed on both Shanghai Stock Exchange and The Hong Kong Stock Exchange. Through its continuous endeavor and stable development, ICBC has developed into the top large listed bank in the world in terms of market capitalisation, customers deposits and profitability, possessing an excellent customer base, a diversified business structure, strong innovation capabilities and market competitiveness. ICBC has its presence in six continents, and its overseas network has expanded to 39 countries and regions. ICBC provides comprehensive financial products and services to 4.38 million corporate customers and 393 million personal customers by virtue of the distribution network consisting of 17,125 domestic institutions, 383 overseas institutions and over 1,771 correspondent banks worldwide, as well as through its E-banking network comprising a range of internet and telephone banking services and self-service banking centres, forming an internationalized trans-market operating structure focusing on commercial banking business and maintaining a leading position in the domestic market in commercial banking areas. The Transfer Agent Citibank Europe plc is the Transfer Agent of the Fund. Citibank Europe plc is a licensed bank, authorized and regulated by the Central Bank of Ireland. Citibank Europe plc was incorporated in Ireland on 9 June 1988 under registered number 132781 and is a member of the Citigroup group of companies, having its ultimate parent Citigroup Inc., a US publicly quoted company. Pursuant to the Transfer Agency Services Agreement, the Transfer Agent will be responsible, inter alia, for the following matters: processing subscriptions, transfer, redemption and switching of Units; and keeping and maintaining the register of Unitholders. The General Distributor and Authorised Distributor(s) The Manager will appoint FIL Distributors, a member of the FIL Group whose business address is at Pembroke Hall, 42 Crow Lane, Pembroke HM19, Bermuda, as General Distributor to promote the Units to the extent permitted by applicable laws and regulations. The General Distributor will then appoint one or more Authorised Distributor(s) who are appropriately licensed in the relevant jurisdictions to distribute Units of one or more Sub-Funds, and to receive applications for subscription, redemption and/or switching of Units. The Authorised Distributor(s) will act as the agents for the General Distributor. The General Distributor will act as principal in the purchase and sale of Units via the Authorised Distributor(s) and Units of a Sub-Fund are issued to/redeemed by the General Distributor on the terms of this Explanatory Memorandum. The General Distributor may not price orders received by it on less favourable terms than those available direct from the relevant Sub-Fund. The General Distributor will provide a nominee service to investors in the Sub-Funds and may hold application moneys or redemption proceeds on behalf of such investors. CLASSES OF UNITS Different classes of Units may be offered for each Sub-Fund. Although the assets attributable to each class of Units of a Sub-Fund will form one single pool, each class of Units may be denominated in a different currency or may have a different charging structure with the result that the Net Asset Value attributable to each class of Units of a Sub-Fund may differ. In addition, each class of Units may be subject to different minimum initial and subsequent subscription amounts and holding amounts, and minimum redemption and switching amounts. Investors should refer to the relevant Appendix for the available classes of Units and the applicable minimum amounts. The Manager may in its discretion agree to accept applications for subscription, redemption and switching of certain classes below the applicable minimum amounts. DEALING DAY AND DEALING DEADLINE The Manager may from time to time with the approval of the Trustee determine generally or in relation to any particular jurisdiction the time on such Dealing Day or on such other Business Day (on which Units may from time to time be sold) prior to which instructions for subscriptions, redemptions or switching are to be received in order to be dealt with on a particular Dealing Day. The Dealing Day and the relevant Dealing Deadline for each Sub-Fund are set out in the relevant Appendix. February 2015 5
Investors should note that the Authorised Distributor(s) may impose an earlier cut-off time before the Dealing Deadlines for receiving instructions for subscription, redemption or switching. Investors should confirm the arrangements with the Authorised Distributor(s) concerned. PURCHASE OF UNITS Initial Offer Details of the initial offer of Units are set forth in the Appendix relating to the relevant Sub-Fund. Subsequent Subscription Following the initial offer of Units, Units will be issued at the prevailing Issue Price per Unit. The Issue Price on any Dealing Day will be the Net Asset Value of the relevant class of Units of the Sub-Fund as at the Valuation Point in respect of the Dealing Day divided by the number of such class of Units then in issue, rounded up to 3 decimal places. In calculating the Issue Price, the Manager may impose surcharges so as to compensate for the difference between the price at which assets of the relevant Sub-Fund are to be valued and the total cost of acquiring such assets including other relevant expenses such as taxes, governmental charges, brokerages, etc. Unless otherwise disclosed in the Appendix of a Sub-Fund, applications for subscription of any class of Units in a Sub- Fund (together with application moneys in cleared funds), if received by the Manager prior to the Dealing Deadline and accepted by the Manager will be dealt with on that Dealing Day. Applications received after the Dealing Deadline in relation to a Dealing Day will be held over until the next Dealing Day. The Manager has the discretion to accept applications and/or application moneys received after the Dealing Deadline. Units may not be issued during the period of any suspension of the determination of the Net Asset Value relating to such class of Units of a Sub-Fund (for details see the section below headed Suspension of Calculation of Net Asset Value ). Application Procedure To purchase Units an investor should complete the application form, which may be obtained from the Manager or other Authorised Distributors (the Application Form ), and return the original Application Form together with any further supporting documents (as may be required from time to time) and the application moneys to the Manager or other Authorised Distributor (details of which as set out in the Application Form). Applications will generally be accepted on a Dealing Day only if cleared funds have been received on or prior to such Dealing Day in relation to which Units are to be issued. Notwithstanding the above, the Manager may in its discretion determine to issue Units of a Sub-Fund following receipt of a duly completed application form but prior to receipt of application moneys in cleared funds. Class I Units may only be acquired by institutional investors who meet the requirements established from time to time by the General Distributor or the Manager. The Manager may, in its absolute discretion, delay the acceptance of any subscription/purchase for Class I Units until such date as it has received sufficient evidence of the qualification of the investor as an institutional investor. The Manager accepts no responsibility for investments until cleared funds are received, nor for any loss or delay caused in the payment or transfer of funds to the Manager. The Manager shall be entitled to cancel any transaction for the purchase of investments if cleared funds are not received by the Manager within 7 Business Days (or such other period as the Manager shall determine and notify the relevant applicant at the time of receipt of the application) of accepting an applicant s instructions (regardless of the method of payment), and the applicant agrees to indemnify the Manager against any resulting liabilities incurred by the Manager in connection with the applicant s investments, other than liabilities caused as a direct result of the Manager s fraud, negligence or wilful default. The Application Form may also be sent to the Manager by facsimile or any other electronic means as agreed by the Manager and the Trustee, provided the original follows promptly. Investors should be reminded that if they choose to send the Application Forms by facsimile or such other electronic means as agreed by the Manager and the Trustee, they bear their own risk of such applications not being received. Investors should note that the Fund, the Sub-Funds, the Manager, the Trustee, the Transfer Agent and their respective agents and delegates accept no responsibility for any loss caused as a result of non-receipt or illegibility of any application sent by facsimile or other electronic means, or for any loss caused in respect of any action taken as a consequence of such instructions believed in good faith to have originated from properly authorised persons. This is notwithstanding the fact that a transmission report produced by the originator of such transmission discloses that such transmission was sent. Investors should for their own benefit confirm with the Manager or the Authorised Distributors as to the safe receipt of an application. Each applicant whose application is accepted will be sent a contract note confirming details of the purchase of Units but no certificates will be issued. The Manager, at its discretion, is entitled to impose an initial charge of up to 5.25% on the subscription amount for the issue of each Unit and the current rates are described in the relevant Appendix for each Sub-Fund. The Manager may retain the benefit of such charge or may re-allow or pay all or part of the initial charge (and any other fees received) to intermediaries or such other persons as the Manager may at its absolute discretion determine. The Manager also has discretion to waive the initial charge in whole or in part in relation to any subscription for Units whether generally or in a particular case. Market timing is to be understood as an arbitrage method through which a Unitholder systematically subscribes and redeems or switches Units within a short time period, by taking advantage of time differences and/or imperfections or deficiencies in the method of determination of the Net Asset Value of the concerned Sub-Funds. 6 February 2015
Each of the Sub-Funds is designed and managed to support longer-term investment and active trading is discouraged. Short-term or excessive trading into and out of a Sub-Fund may harm performance by disrupting portfolio management strategies and by increasing expenses. In accordance with general FIL Group policy and practice, the Manager and the Authorised Distributors are committed not to permit transactions which they know to be or have reasons to believe to be related to market timing. Accordingly, the Manager and the Authorised Distributors may refuse to accept applications for or switching of Units, especially where transactions are deemed disruptive, particularly from market timers or investors who, in the Manager s or any of the Authorised Distributors opinion, have a pattern of short-term or excessive trading or whose trading has been or may be disruptive to the Sub-Fund. For these purposes, the Manager and the Authorised Distributors may consider an investor s trading history in a fund or other FIL Group funds and accounts under common ownership or control. Investment Minima Details of the minimum initial subscription, minimum holding, minimum subsequent subscription and minimum redemption amounts applicable to each class of Units in each Sub-Fund are set out in the relevant Appendix. The Manager has the discretion to waive, change or accept an amount lower than the above amounts, whether generally or in a particular case. Restrictions on Buying, Subscribing and Switching into Certain Sub-Funds The Manager may decide, with consent from the Trustee, to partially close a Sub-Fund or class of Units to all buys, subscriptions or switches in from new investors only, or to totally close a Sub-Fund or class of Units to all buys or subscriptions or switches in (but not, in either of the case of partial or total closure as described, to redemptions or switches out). Where this occurs, the website www.fidelity.com.hk will be amended to indicate the change in the status of the applicable Sub-Fund or class of Units. Please note that the website has not been reviewed by the SFC. Investors and potential investors should confirm with the Manager or Authorised Distributors or check the website for the current status of Sub-Funds or classes of Units. Once closed, a Sub-Fund or a class of Units will not be reopened until, in the opinion of the Manager, the circumstances which required closure no longer prevail. Payment Procedure Investors may place orders for Units with the Manager and other Authorised Distributors in any of the major freely convertible currencies in addition to the base currency of the individual class of Units as disclosed in the relevant Appendix. Investors may contact the Manager for information about such currencies. The exchange rate of the currency in which investors will place orders will be determined at such time on such day at the discretion of the Manager and then specified in the contract note which will be subsequently provided to investors. Foreign exchange transactions required to handle client purchases / redemptions may be aggregated and will be carried out by FIL Group s central treasury department on an arm s length basis through the General Distributor from which a benefit may be derived by the General Distributor or other FIL Group companies. Settlement must be made in the currency in which the order was placed. Settlement should be made by telegraphic transfer net of bank charges. Payment should be made to the bank account published by the Manager as appropriate to the currency of settlement. Other methods of payment require prior approval of the Manager. Where payments are accepted by cheque (or where a telegraphic transfer does not result in the immediate receipt of cleared funds), processing of the application will usually be deferred until cleared monies are received. Cleared monies will be invested net of bank collection charges. Investors should normally allow at least 3 Business Days before further switching, selling or redeeming their Units after purchase or subscription. Details of payments by telegraphic transfer are set out in the Application Form. All application moneys must originate from an account held in the name of the applicant. No third party payments shall be accepted. No money should be paid to any intermediary in Hong Kong who is not licensed by or registered with the SFC to conduct Type 1 (Dealing in Securities) regulated activity under Part V of the SFO. The Trust Deed also permits payment for Units in specie instead of in cash, at the discretion of the Manager. Nominee Service The General Distributor or its affiliate has agreed to provide nominee services to investors in the Sub-Funds. Units acquired on behalf of investors will be registered in the name of the nominee service provider and all rights in respect of those Units will be exercisable only through the nominee service provider. The nominee service provider will be the registered holder of Units and will enter into arrangements with investors to forward all relevant information to investors and to seek their instructions in relation to any matters affecting the Units held by them. None of the Trustee, the Manager or the General Distributor will have any liability for any failure by the nominee service provider to exercise any rights attached to Units in accordance with instructions issued by the underlying investors. General All holdings will be held for the Unitholders in registered form and no certificates will be issued. Evidence of title will be the entry on the register of Unitholders. Unitholders should therefore be aware of the importance of ensuring that the Manager and the Transfer Agent are informed of any change to the registered details. February 2015 7
Fractions of Units may be issued rounded up or down to the nearest one hundredth of a Unit. Application moneys representing smaller fractions of a Unit will be retained by the relevant Sub-Fund. The Manager reserves the right to reject any application in whole or in part. In the event that an application is rejected, application moneys will be returned without interest by cheque through the post or by telegraphic transfer to the bank account from which the moneys originated at the risk and expense of the applicants, or in such other manner determined by the Manager. A maximum of 4 persons may be registered as joint Unitholders. REDEMPTION OF UNITS Redemption Procedure Unitholders who wish to redeem their Units may do so on any Dealing Day by submitting a redemption request to the Manager or through other Authorised Distributors before the Dealing Deadline for the relevant Sub-Fund, as defined in the relevant Appendix. Unless otherwise stated in the Appendix of the relevant Sub-Fund, redemption requests received after the Dealing Deadline will be carried forward and dealt with on the next Dealing Day, subject to the Manager s discretion to accept late redemption requests. Partial redemptions may be effected subject to any minimum redemption amount for each class of Units of a Sub-Fund as disclosed in the relevant Appendix or as the Manager may determine from time to time whether generally or in a particular case. If a request for redemption will result in a Unitholder holding Units in a class to the value of less than the minimum holding amount of that class as set out in the relevant Appendix of a Sub-Fund, the Manager may deem such request to have been made in respect of all the Units of that class held by that Unitholder. The Manager has the discretion to waive the requirement for a minimum holding of Units, whether generally or in a particular case. A redemption request should be given to the Manager or through other Authorised Distributors in writing and sent by facsimile or any other electronic means as agreed by the Manager or the Trustee, provided the original must follow promptly by mail. Such redemption request must specify (i) the name of the Sub-Fund and the value or number of Units to be redeemed (ii) the relevant class of Units to be redeemed (iii) the name(s) of the registered holder(s) (iv) the payment instructions for the redemption proceeds and (v) the registered account number with the Sub-Fund. Investors should be reminded that if they choose to send redemption requests by facsimile or such other electronic means as agreed by the Manager or the Trustee, they bear their own risk of the requests not being received or illegible. Investors should note that the Fund, the Sub-Funds, the Manager, the Trustee, the Transfer Agent and their respective agents and delegates accept no responsibility for any loss caused as a result of non-receipt or illegibility of any redemption request sent by facsimile or other electronic means, or for any loss caused in respect of any action taken as a consequence of such instructions believed in good faith to have originated from properly authorised persons. This is notwithstanding the fact that a transmission report produced by the originator of such transmission discloses that such transmission was sent. Investors should for their own benefit confirm with the Manager or the Authorised Distributors as to the safe receipt of a redemption request. A request for redemption once given cannot be revoked without the consent of the Manager. Any Unitholder may at any time after such a suspension has been declared and before lifting of such suspension withdraw any request for the redemption of Units of such class by notice in writing to the Manager or through other Authorised Distributors. With a view to protecting the interests of Unitholders, the Manager is entitled to limit the number of Units of any Sub- Fund redeemed on any Dealing Day (whether by sale to the Manager or by cancellation of Units) to 10% of the total number of Units of the relevant Sub-Fund in issue. In this event, the limitation will apply pro rata. Any Units not redeemed (but which would otherwise have been redeemed) will be carried forward for redemption, subject to the same limitation, and will have priority on the next succeeding Dealing Day and all following Dealing Days (in relation to which the Manager has the same power) until the original request has been satisfied in full. If requests for redemption are so carried forward, the Manager will inform the Unitholders concerned within 2 Business Days of such Dealing Day. Apart from deferring a redemption request, the Manager may with the consent of the relevant Unitholder determine that the redemption request from a Unitholder will be satisfied by transferring in specie scheme property of the relevant Sub-Fund to such Unitholder (see the section headed Redemption of Units for details) instead of paying the Redemption Price of the Units in cash. Payment of Redemption Proceeds The Redemption Price on any Dealing Day shall be the price per Unit ascertained by dividing the Net Asset Value of the relevant class of the Sub-Fund as at the Valuation Point in respect of the Dealing Day by the number of such class of Units then in issue rounded up to 3 decimal places. Any rounding adjustment shall be retained by the relevant Sub- Fund. Such price shall be calculated in the base currency of the relevant Sub-Fund and quoted by the Manager in such base currency and in such other currency or currencies at the Manager s discretion (with prior notice to the Trustee) by converting such price to its equivalent in such other currency or currencies at the same rate as the Manager shall apply in calculating the Net Asset Value as at the Valuation Point. The Manager may at its option impose a redemption charge of up to 1% on the redemption amount in respect of the redemption request of the relevant class of Units to be redeemed. The redemption charge, if any, is described in the relevant Appendix. The Manager may on any day in its sole and absolute discretion differentiate between Unitholders as to the amount of the redemption charge to be imposed (within the permitted limit). 8 February 2015
From the time of the calculation of the Redemption Price to the time at which redemption moneys are converted out of any other currency into the base currency of the relevant Sub-Fund, if there is an officially announced devaluation or depreciation of that other currency, the amount which would otherwise be payable to the redeeming Unitholder shall be reduced as the Manager considers appropriate to take account of the effect of that devaluation or depreciation. The amount due to a Unitholder on the redemption of a Unit pursuant to the paragraphs above shall be the Redemption Price per Unit, less any redemption charge and any rounding adjustment in respect thereof. The rounding adjustment aforesaid in relation to the redemption of any Units shall be retained as part of the relevant Sub-Fund. The redemption charge shall be retained by the Manager for its own use and benefit. Redemption proceeds will not be paid to any redeeming Unitholder until (a) unless otherwise agreed by the Manager and the Trustee, the written original of the redemption request (in the required form) duly signed by the Unitholder has been received and (b) where redemption proceeds are to be paid by telegraphic transfer, the signature of the Unitholder (or each joint Unitholder) has been verified to the satisfaction of the Manager and the Trustee. The Manager or the Trustee, as the case may be, may, in its absolute discretion, refuse to make a redemption payment to a Unitholder if (i) the Manager or the Trustee, as the case may be, suspects or is advised that the payment of any redemption proceeds to such Unitholder may result in a breach or violation of any anti-money laundering law by any person in any relevant jurisdiction or other laws or regulations by any person in any relevant jurisdiction, or such refusal is considered necessary or appropriate to ensure the compliance by the Fund, the Manager, the Trustee or its other service providers with any such laws or regulations in any relevant jurisdiction; or (ii) there is a delay or failure by the redeeming Unitholder in producing any information or documentation required by the Trustee and/or the Manager or their respective duly authorised agent for the purpose of verification of identity. In the event that there is a delay in receipt by the Manager or the Trustee of the proceeds of redemption of the investments of the relevant Sub-Fund to meet redemption requests, the Manager or the Trustee may delay the payment of the relevant portion of the amount due on the redemption of Units. If the Manager or the Trustee is required by the laws of any relevant jurisdiction to make a withholding from any redemption moneys payable to the holder of a Unit the amount of such withholding shall be deducted from the redemption moneys otherwise payable to such person. Subject as mentioned above and so long as relevant account details have been provided, redemption proceeds will be paid in the base currency or the class currency of the relevant class of Units by electronic bank transfer, normally within 5 Business Days after the relevant Dealing Day (or as otherwise specified in the Appendix of the relevant Sub- Fund) and in any event within one calendar month of the relevant Dealing Day or (if later) receipt of a properly documented request for redemption of Units, unless the market(s) in which a substantial portion of investments is made is subject to legal or regulatory requirements (such as foreign currency controls), rendering the payment of the redemption money within the aforesaid time period not practicable. In such case, the extended time frame for payment should reflect the additional time needed in light of the specific circumstances in the relevant market(s) and is subject to the prior approval of the SFC. Payment may be made in one of the major freely convertible currencies if requested by the Unitholder(s) at the time of instruction. Unless the Manager and the Trustee otherwise agree, redemption proceeds will only be paid to a bank account that bears the name of the redeeming Unitholder. Subject to the agreement of the Manager, redemption proceeds may be paid to the redeeming Unitholder (or, in the case of joint Unitholders, either to all Unitholders or the first-named Unitholder as indicated by the relevant Unitholders on the Application Form) at the Unitholder s risk by cheque, usually in the base currency or the class currency of the relevant class of Units and sent to the redeeming Unitholder at the last known address (in the case of joint Unitholders, at the last known address of the first-named joint Unitholder) held in the records of the register of Unitholders. Payment amounts may be subject to bank charges levied by the Unitholder s own (or a correspondent) bank. The Trust Deed also provides for payment of redemption proceeds in specie with the consent of the relevant Unitholder. Where a Unitholder requests the redemption or cancellation of Units, the Manager may, if it considers the redemption or cancellation substantial in relation to the total size of the Sub-Fund concerned and upon obtaining the consent of the relevant Unitholder, arrange for the Manager to redeem or cancel the Units by transferring in specie scheme property of a Sub-Fund to such Unitholder instead of paying the Redemption Price of the Units in cash, or, if required by the Unitholder, pay the net proceeds of sale of the relevant scheme property to the Unitholder. A redemption or cancellation of Units representing 5% or more of the Net Asset Value of a Sub-Fund will normally be considered substantial, although the Manager may in its discretion agree an in specie redemption with a Unitholder whose Units represent less than 5% of the Net Asset Value of the Sub-Fund concerned. Before the proceeds of redemption or cancellation of the Units become payable, the Manager will give written notice to the Unitholder that scheme property (or the proceeds of sale of that scheme property) will be transferred to that Unitholder. In the event that a Unitholder accepts redemption of Units in specie, the Manager may establish a separate account outside the relevant Sub-Fund opened in the Manager s name (the Account ) for the purposes of selling the scheme property deposited in the Account (the In Specie Assets ) for the benefit of the redeeming Unitholder. Transfer to the Account and sale of the whole or part of the In Specie Assets will be effected upon receipt of such Unitholder s instructions. Such transfer and sale may delay payment to the Unitholder of that portion of the Unitholder s redemption attributable to the In Specie Assets until the In Specie Assets can be sold. The amount to be received by such Unitholder may increase or decrease to reflect the performance of the In Specie Assets through the date on which the sale of the In Specie Assets is effected. Any costs and expenses incurred in connection with the opening and maintenance of the Account and the transfer or sale of the In Specie Assets will be borne by such Unitholder. February 2015 9
SWITCHING BETWEEN CLASSES / SUB-FUNDS Unitholders have the right (subject to the table below and such limitations as the Manager after consulting with the Trustee may impose) to switch all or part of their Units of one class relating to a Sub-Fund (the Existing Class ) into Units of another class in the same Sub-Fund or into Units of another Sub-Fund (the New Class ) available for subscription or switching by giving notice in writing to the Manager or through other Authorised Distributors:- Class A Units Class I Units Switching is permissible if the relevant Unitholder satisfies the applicable minimum investment requirements for the existing and new Sub-Funds or class of Units. Unitholders may switch some or all of their Class I Units of one Sub-Fund into Class I Units of another Sub-Fund provided they are in issue. Class I Units may only be acquired by institutional investors who meet the requirements established from time to time by the General Distributor or the Manager. A request for switching will not be effected if as a result the relevant holder would hold less than the minimum holding of Units of the relevant class prescribed by, or is prohibited from holding Units of the relevant class or Sub-Fund under, the relevant Appendix. Unless the Manager otherwise agrees, Units of a class can only be switched into Units of the same class of another Sub-Fund. Units shall not be switched during any period when the determination of the Net Asset Value of any relevant Sub-Fund is suspended. Requests for switching received prior to the Dealing Deadline for a Dealing Day will be dealt with on that Dealing Day. Neither the Manager nor the Trustee shall be responsible to any Unitholder for any loss resulting from the non-receipt of a request for switching or any amendment to a request for switching prior to receipt. Notices to switch may not be withdrawn without the consent of the Manager. The rate at which the whole or any part of a holding of the Existing Class will be switched to the New Class will be determined in accordance with the following formula: N = (E x R x F) SF S Where: N is the number of Units of the New Class to be issued. E is the number of Units of the Existing Class to be switched. F is the currency conversion factor determined by the Manager for the relevant Dealing Day as representing the effective rate of exchange between the class currency of Units of the Existing Class and the class currency of Units of the New Class. R is the Redemption Price per Unit of the Existing Class applicable on the relevant Dealing Day less any Redemption Charge imposed by the Manager. S is the Issue Price per Unit for the New Class applicable on the Dealing Day of the New Class or immediately following the relevant Dealing Day PROVIDED THAT where the issue of Units of the New Class is subject to the satisfaction of any conditions precedent to such issue then S shall be the Issue Price per Unit of the New Class applicable on the first Dealing Day for the New Class falling on or after the satisfaction of such conditions. SF is a switching charge (if any). The Manager has a right to impose a switching charge of up to 5.25% on the subscription amount for the issue of the Units of the New Class in relation to the switching of Units and the current rates are set out in the relevant Appendix. The table below outlines how switching charges are applied to certain Sub-Funds. INTO New Class with initial charge FORM Existing Class with initial charge less than the specified maximum Up to 5.25% * Existing Class with initial charge being the specified maximum Up to 1.00% ** * in relation to Units of the Existing Class, where a Unitholder has paid an initial charge at a rate less than the specified maximum, the switching charge will be up to 5.25%. ** in relation to Units of the Existing Class, where a Unitholder has already paid the full initial charge (i.e. at the rate of the specified maximum), the switching charge will not exceed 1.00%. Switching charges will be applied to all switches (where applicable) between Sub-Funds and between classes of Units within a Sub-Fund. 10 February 2015
Depending on the Valuation Point of the relevant Sub-Fund and the time required to remit the switching money, the day on which investments are switched into the New Class may be later than the day on which investments in the Existing Class are switched out or the day on which the instruction to switch is given. If there is, at any time during the period from the time as at which the Redemption Price per Unit of the Existing Class is calculated and the time at which any necessary transfer of funds from the Existing Class to the New Class, a devaluation or depreciation of any currency in which any investment of the Existing Class is denominated or normally traded, the Redemption Price per Unit of the Existing Class shall be reduced as the Manager considers appropriate to take account of the effect of that devaluation or depreciation and the number of Units of the New Class which will arise from that switching shall be recalculated as if that reduced Redemption Price had been the Redemption Price ruling for redemption of Units in the Existing Class on the relevant Dealing Day. In addition, specific restrictions may apply when a Unitholder intends to switch his Units into another Class or Sub-Fund. The relevant restrictions will be set out in this section or in the Appendix for the relevant Sub-Fund. The Manager does not authorise practices connected to market timing and it reserves the right to reject any applications for switching of Units from a Unitholder which it suspects to use such practices and take, the case be, the necessary measures to protect the Unitholders of the Sub-Funds. Market timing is to be understood as an arbitrage method through which a Unitholder systematically subscribes and redeems or switches Units within a short time period, by taking advantage of time differences and/or imperfections or deficiencies in the method of determination of the Net Asset Value of the concerned Sub-Funds. Restrictions on subscription, redemption and switching The Manager may suspend the subscription, redemption or switching of Units or delay the payment of redemption proceeds during any periods in which the determination of the Net Asset Value of the relevant Sub-Fund is suspended (for details see Suspension of Calculation of Net Asset Value below). VALUATION The value of the net assets of each Sub-Fund will be determined as at each Valuation Point in accordance with the Trust Deed. The Trust Deed provides (inter alia) that:- (a) (b) (c) (d) (e) (f) (g) except in the case of any interest in a collective investment scheme to which paragraph (b) applies or a commodity, and subject as provided in paragraph (f) below, all calculations based on the value of investments quoted, listed or dealt in on any stock exchange, over-the-counter ( OTC ) market or securities market ( Securities Market ) shall be made by reference to the last traded price on the principal Securities Market for such investments, at or immediately preceding the Valuation Point, provided that if the Manager in its discretion considers that the prices ruling on a Securities Market other than the principal Securities Market provide in all the circumstances a fairer criterion of value in relation to any such investment, it may, in consultation with the Trustee, adopt such prices; and in determining such prices the Manager and the Trustee shall be entitled to use and rely on without verification electronic price feeds from such source or sources as they may from time to time determine notwithstanding the prices used are not the last traded prices; subject as provided in paragraphs (c) and (f) below, the value of each interest in any collective investment scheme shall be the net asset value per unit or share as at the same day, or if such collective investment scheme is not valued as at the same day, the last published net asset value per unit or share in such collective investment scheme (where available) or (if the same is not available) the last published redemption or bid price for such Unit or share at or immediately preceding the Valuation Point; if no net asset value, bid and offer prices or price quotations are available as provided in paragraph (b) above, the value of the relevant investment shall be determined from time to time in such manner as the Manager, in consultation with the Trustee, shall determine; the value of any investment which is not quoted, listed or normally dealt in on a market shall be the initial value thereof equal to the amount expended out of the Sub-Fund in the acquisition of such investment (including in each case the amount of stamp duties, commissions and other acquisition expenses) provided that the Manager may cause a revaluation to be made by a professional person approved by the Trustee as qualified to value such investment; cash, deposits and similar investments shall be valued at their face value (together with accrued interest) unless, in the opinion of the Manager (in consultation with the Trustee), any adjustment should be made to reflect the value thereof; notwithstanding the foregoing, the Manager may, in consultation with the Trustee, adjust the value of any investment or permit some other method of valuation to be used if, having regard to relevant circumstances, the Manager considers that such adjustment or use of such other method is required to reflect the fair value of the investment; and the value (whether of a borrowing, other liability, investment or cash) otherwise than in the base currency of a Sub-Fund shall be converted into the base currency at the rate (whether official or otherwise) which the Manager or the Trustee shall deem appropriate in the circumstances having regard to any premium or discount which may be relevant and to costs of exchange. In relation to paragraph (f) above, if a market in which the Sub-Fund invests is closed at the time the Sub-Fund is valued, the latest available market prices may not accurately reflect the fair value of the Sub-Fund s holdings. This might be the case if other markets which are open at the Sub-Fund s Valuation Point, and with which the closed market is highly correlated, have experienced price movements (subsequent to the time of closure of the market in which the February 2015 11
Sub-Fund has invested). Other factors may also be taken into account when considering the fair value of holdings in a market which is closed. Failure to adjust those closing prices to fair values could be exploited by some investors at the expense of long term Unitholders in an activity known as market timing. Accordingly the Manager may, in consultation with the Trustee, adjust the last available market price to take account of market and other events which occur between the relevant market closing and the point at which the Sub-Fund is valued. Such adjustments are made on the basis of an agreed policy and set of procedures which are transparent to the Auditors. Any adjustment is applied consistently across the relevant Sub-Funds and classes of Units. Other situations, including where a holding has been suspended, has not traded for some time or for which an up to date market price is not available will be subject to a similar adjustment process. Investors should note that it may be the case that payments to be made to a Sub-Fund such as those in respect of a class action may not be included in the Net Asset Value of a Sub-Fund until actually received owing to the inherent uncertainty surrounding such payments. Price Adjustment Policy (Swing Pricing and Dilution Levy) Large transactions in or out of a Sub-Fund can create dilution of a Sub-Fund s assets because the price at which an investor buys or sells Units in a Sub-Fund may not entirely reflect the dealing and other costs that arise when the Manager has to trade in securities to accommodate large cash inflows or outflows. In order to counter this and enhance the protection of existing Unitholders, a policy has been adopted to allow price adjustments as part of the regular daily valuation process to counter the impact of dealing and other costs on occasions when these are deemed to be significant. If on any Dealing Day the aggregate net transactions in Units of a Sub-Fund exceed a threshold set by the Manager from time to time for each Sub-Fund, the Issue Price and Redemption Price may be adjusted by the Manager upwards or downwards as applicable to reflect the costs that may be deemed to be incurred in liquidating or purchasing investments to satisfy net daily transactions at the Sub-Fund s level. The threshold is set by the Manager taking into account factors such as the prevailing market conditions, the estimated dilution costs and the size of the Sub-Funds, the application of which will be triggered mechanically and on a consistent basis. The adjustment will be upwards when the net aggregate transactions result in an increase of the number of Units. The adjustment will be downwards when the net aggregate transactions result in a decrease of the number of Units. The adjusted Issue Price or Redemption Price will be applicable to all transactions on that day. Subject to the provisions of the Trust Deed, the price adjustment will not exceed 2% of the original Issue Price or Redemption Price, unless, as a result of exceptional circumstances, the Manager deems an increase to this threshold is necessary in order to protect the Unitholders interests. Any such price adjustments will be in response to significant cash flows rather than normal volumes, and therefore it is not possible to accurately predict whether a price adjustment will occur at any future point in time. Consequently it is also not possible to accurately predict how frequently such price adjustments will need to be made. Alternatively, the Manager may charge a dilution levy when Units are bought or sold. Any dilution levy must be fair to all Unitholders and potential Unitholders. The Manager will not impose a dilution levy in respect of any deal (or series of deals placed on the same day) involving Units with a value below the amount specified in this Explanatory Memorandum (or such other amount as may be specified for a Sub-Fund in the relevant Appendix). In deciding whether to impose a dilution levy, the Manager may consider a number of factors including but not limited to the size of the transaction relative to the overall value of the Sub-Fund, the level of transaction costs within that particular market, the liquidity of the underlying investments within the Sub-Fund, the amount of investments to be bought/sold and the likely time that this will take, the likelihood of an adverse impact on the value of investments as a result of the accelerated rate of disposal, and the length of time for which the Units in question were held. Based on future projections and on its experience of managing other funds, the Manager is unlikely to impose a dilution levy unless it considers that the dealing costs relating to a Unitholder s transaction are significant and will have a material impact on the value of the Sub-Fund in question. Dealing costs (stamp duty, broker commissions and buy/ sell spreads) will be considered significant if they amount to RMB 2,500,000 or more. A material impact is defined as an impact to the Net Asset Value of 10 basis points (0.1%) or more. On a large redemption, the Manager may with the consent of the redeeming Unitholder determine that the redeeming Unitholder will accept redemption proceeds in specie (see the section headed Redemption of Units ) instead of imposing a dilution levy. Based on future projections, the levy (if imposed) will be up to 2% of the purchase cost or the redemption or switch proceeds, unless, as a result of exceptional circumstances, the Manager deems an increase to this threshold is necessary in order to protect the Unitholders interests. Any dilution levy would be paid to the Manager and would become part of the property of the relevant Sub-Fund. The Manager believes that its dilution levy policy described above will not materially affect the future growth of the Sub-Funds. Suspension of Calculation of Net Asset Value The Manager may, after giving notice to the Trustee, declare a suspension of the determination of the Net Asset Value of a Sub-Fund for the whole or any part of any period during which: (a) (b) there is a closure of or the restriction or suspension of trading on any commodities market or securities market on which a substantial part of the investments of the relevant Sub-Fund is normally traded or a breakdown in any of the means normally employed by the Manager or the Trustee (as the case may be) in ascertaining the prices of investments or the Net Asset Value of the relevant Sub-Fund or the Issue Price or Redemption Price per Unit; or when a breakdown in the systems and/or means of communication usually employed in ascertaining the value of a substantial portion of the investments or other assets of that Sub-Fund or the Net Asset Value of that 12 February 2015
Sub-Fund or the Issue Price or Redemption Price per Unit takes place or when for any other reason the value of a substantial portion of the investments or other assets of that Sub-Fund or the Net Asset Value of that Sub- Fund or the Issue Price or Redemption Price per Unit cannot in the opinion of the Manager reasonably or fairly be ascertained or cannot be ascertained in a prompt or accurate manner; or (c) (d) (e) (f) (g) (h) circumstances exist as a result of which, in the opinion of the Manager, it is not reasonably practicable to realise any investments held or contracted for the account of that Sub-Fund or it is not possible to do so without materially prejudicing the interests of Unitholders of the relevant class; or the remittance or repatriation of funds which will or may be involved in the realisation of, or in the payment for, the investments of that Sub-Fund or the issue or redemption of Units of the relevant class in the Sub-Fund is delayed or cannot, in the opinion of the Manager, be carried out promptly at normal rates of exchange; or when, in the opinion of the Manager, such suspension is required by law or applicable legal process; or where that Sub-Fund is invested in one or more collective investment schemes and the realisation of interests in a relevant collective investment scheme (representing a substantial portion of the assets of the Investment Fund) is suspended or restricted; or when the business operations of the Manager, the Trustee or any of their delegates in relation to the operations of that Sub-Fund are substantially interrupted or closed as a result of or arising from pestilence, acts of war, terrorism, insurrection, revolution, civil unrest, riot, strikes or acts of God; or when the Unitholders or the Manager have resolved or given notice to terminate that Sub-Fund. Such suspension shall take effect forthwith upon the declaration thereof and thereafter there shall be no determination of the Net Asset Value of the relevant Sub-Fund until the Manager shall, after giving notice to the Trustee, declare the suspension at an end, except that the suspension shall terminate in any event on the day following the first Business Day on which (i) the condition giving rise to the suspension shall have ceased to exist and (ii) no other condition under which suspension is authorised shall exist. Whenever the Manager declares such a suspension it shall, as soon as may be practicable after any such declaration and at least once a month during the period of such suspension, publish a notice in the South China Morning Post and the Hong Kong Economic Times, and on the website www.fidelity.com.hk. Please note that the website has not been reviewed by the SFC. No Units in the relevant Sub-Fund may be issued, redeemed or switched during such a period of suspension. This applies to subscription, redemption and switching requests received both before and during the period of suspension so long as the Dealing Days to which such requests relate fall within the period of suspension. INVESTMENT AND BORROWING RESTRICTIONS The Trust Deed sets out restrictions and prohibitions on the acquisition of certain investments by the Manager. Unless otherwise disclosed in the Appendix for each Sub-Fund, each of the Sub-Fund(s) is subject to the following principal investment restrictions:- (a) (b) (c) (d) (e) not more than 10% of the Net Asset Value of a Sub-Fund may consist of securities (other than Government and other public securities) issued by a single issuer; a Sub-Fund may not hold more than 10% (when aggregated with the holdings of all the other Sub-Funds) of any ordinary shares issued by any single issuer; not more than 15% of the Net Asset Value of a Sub-Fund may consist of securities of any company not listed, quoted or dealt in on a stock exchange, over-the-counter market or other organised securities market; not more than 15% of the Net Asset Value of a Sub-Fund may consist of warrants and options (in terms of the total amount of premium paid), other than warrants and options held for hedging purposes; (i) not more than 10% of the Net Asset Value of a Sub-Fund may consist of shares or units in other unit trusts or mutual funds ( managed funds ) which are non-recognised jurisdiction schemes (as defined under the Code on Unit Trusts and Mutual Funds, or the Code ) and not authorised by the SFC; (ii) not more than 30% of the Net Asset Value of a Sub-Fund may consist of shares or units in a managed fund which is a recognised jurisdiction scheme (as permitted under the Code) or an SFC-authorised scheme; provided that:- (1) no investment may be made in a managed fund the investment objective of which is to invest primarily in any investment prohibited under this section; (2) where the investment objective of such managed fund is to invest primarily in investments restricted under this section, such holdings may not be in contravention of the relevant limitation; (f) (g) (h) all initial charges on the managed fund must be waived if the managed fund that the Sub-Fund invests in is managed by the Manager or any of its connected persons; the Manager may not obtain a rebate on any fees or charges levied by a managed fund that the Sub-Fund invests in or such managed fund s manager; not more than 20% of the Net Asset Value of a Sub-Fund may consist of physical commodities (including gold, silver, platinum or other bullion) and commodity based investments (other than shares in companies engaged in producing, processing or trading in commodities); February 2015 13
(i) (j) (k) (l) the net aggregate value of futures contract prices, whether payable to or by a Sub-Fund (other than futures contracts entered into for hedging purposes), together with the aggregate value of investments falling within paragraph (h) above held by that Sub-Fund, may not exceed 20% of the Net Asset Value of that Sub-Fund; not more than 30% of the Net Asset Value of a Sub-Fund may consist of Government and other public securities of the same issue; subject to paragraph (j) above, a Sub-Fund may be fully invested in Government and other public securities issued by a single issuer provided that it holds Government and other public securities of at least six different issues; and if the name of a Sub-Fund indicates a particular objective, geographic region or market, the Sub-Fund will invest at least 70% of its non-cash assets in securities and other investments to reflect the particular objective or geographic region or market which the Sub-Fund represents. For the purpose of this section, Government and other public securities means any investment issued by, or the payment of principal and interest on, which is guaranteed by the government of any member state of the Organisation for Economic Co-operation and Development ( OECD ) or any fixed interest investment issued in any OECD country by a public or local authority or nationalised industry of any OECD country or anywhere in the world by any other body which is, in the opinion of the Trustee, of similar standing. The Manager shall not on behalf of any Sub-Fund(s):- (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) (x) invest in a security of any class in any company or body if any director or officer of the Manager individually owns more than 0.5% of the total nominal amount of all the issued securities of that class or collectively the directors and officers of the Manager own more than 5% of those securities; invest in any type of real estate (including buildings) or interests in real estate (including options or rights, but excluding shares in real estate companies or interests in REITs); make short sales if as a consequence the liability of such Sub-Fund to deliver securities would exceed 10% of the Net Asset Value of such Sub-Fund (and for this purpose securities sold short must be actively traded on a market where short selling is permitted); write uncovered options; write call options on portfolio investments that would exceed 25% of a Sub-Fund s Net Asset Value in terms of exercise price; make a loan out of that Sub-Fund without the prior written consent of the Trustee except to the extent that the acquisition of an investment or the making of a deposit (within the applicable investment restrictions) might constitute a loan; assume, guarantee, endorse or otherwise become directly or contingently liable for or in connection with any obligation or indebtedness of any person without the prior written consent of the Trustee provided that, for the avoidance of doubt, the consent of the Trustee shall not be required for any transaction in relation to the acquisition of an investment (within the applicable investment restrictions) unless such consent is expressly required under any other provisions of the Trust Deed; enter into any obligation on behalf of a Sub-Fund or acquire any asset for the account of that Sub-Fund which involves the assumption of any liability which is unlimited; or apply any part of a Sub-Fund in the acquisition of any investments which are for the time being nil paid or partly paid in respect of which a call is due to be made unless such call could be met in full out of cash or near cash forming part of such Sub-Fund, the amount of which has not already been taken into account for the purposes of paragraph (v) above; or without the consent of the Trustee, apply any part of the relevant Sub-Fund in the acquisition of any other investment which is in the opinion of the Trustee likely to involve the Trustee in any liability (contingent or otherwise). Additional investment restrictions for certain Sub-Funds which are registered in the Republic of Korea ( Korea ) In addition to and without contradicting the investment restrictions set out in this section above, the following restrictions shall apply to certain Sub-Fund(s) which are registered for distribution in Korea. For the avoidance of doubt, the more restrictive investment restrictions shall apply. The Fidelity WorldWide Fund - RMB Bond Fund is registered for distribution in Korea. (1) Notwithstanding paragraph (iii) above, the relevant Sub-Fund shall not make short sales (uncovered sales). (2) Notwithstanding paragraph (vi) above, the relevant Sub-Fund may not grant loans to or act as guarantor on behalf of third parties. (3) Units of the relevant Sub-Fund shall be offered to the unidentified public, where 10% or more of the Units of the Fund shall be offered outside Korea. (4) The relevant Sub-Fund may invest 60% or more of its total Net Asset Value in non-korean-won denominated securities or assets in a foreign country. For the avoidance of doubt, the relevant Sub-Fund is subject to the investment restriction in paragraph (ii) above. 14 February 2015
(5) The value of the relevant Sub-Fund s total amount of transactions with any single entity may not exceed 35% of its total Net Asset Value, however, if such amount of transactions with any single issuer also include OTC derivatives, such amount of transactions may not exceed 20% of the relevant Sub-Fund s total Net Asset Value; provided however that the investment restriction in this paragraph does not affect paragraphs (j) and (k) above. For the avoidance of doubt, the relevant Sub-Fund is subject to the investment restriction in paragraph (a) above. (6) Subject to paragraph (e) above if the investment restriction therein is more restrictive, no more than 20% of the relevant Sub-Fund s Net Asset Value shall be invested in a single collective investment scheme. In such cases, the collective investment scheme in which the investment is made shall be prohibited by the relevant collective investment agreement from investing more than 10% of its net asset value in the shares or units of any other collective investment scheme. (7) Subject to paragraph (e) above if the investment restriction therein is more restrictive, no more than 30% of the relevant Sub-Fund s Net Asset Value shall be invested in the shares or units of any collective investment scheme other than the securities collective investment scheme under subparagraph 1 of Article 229 of the Korean Financial Investment Services and Capital Markets Act of Korea. (8) The relevant Sub-Fund s risk exposure in trading derivatives for hedging and/or investment purposes (if so permitted by the investment restrictions set out in this section above) shall be limited within its Net Asset Value. For the avoidance of doubt, the relevant Sub-Fund is subject to the investment restriction in paragraphs (d) and (i) above. (9) The relevant Sub-Fund s risk exposure in respect of OTC derivatives issued by any single counterparty and traded for hedging and/or investment purposes (if so permitted by the investment restrictions set out in this section above) may not exceed 10% of its Net Asset Value. (10) OTC derivatives shall be assessed daily at a reliable price and can be liquidated or closed by an offsetting transaction at any time at market value, and the counterparty shall be a financial institutions officially recognized and subject to the regulation on soundness by the relevant foreign country. Borrowing Restrictions Unless otherwise disclosed below or in the relevant Appendix, the Manager may borrow up to 25% of the latest available Net Asset Value of a Sub-Fund. For this purpose, back-to-back loans do not count as borrowing. The assets of a Sub-Fund may be charged or pledged as security for any such borrowings. Where a Sub-Fund is registered for distribution in Korea, the Manager may borrow up to 10% of the latest available Net Asset Value of the relevant Sub-Fund and any such borrowing shall be temporary and for unavoidable circumstances only including but not limited to, payment of redemption amounts. If the investment and borrowing restrictions set out above are breached, the Manager shall as a priority objective take all steps necessary within a reasonable period of time to remedy the situation, having due regard to the interests of Unitholders. Securities Lending and Repurchase Transactions The Manager currently does not intend to enter into any securities lending or repurchase or similar transactions in respect of any of the Sub-Funds. SFC approval will be sought and at least one month prior notice will be given to Unitholders should there be a change in such intention. RISK FACTORS Investors should consider the following risks and any additional risk(s) relating to any specific Sub-Fund, contained in the relevant Appendix, before investing in any of the Sub-Funds. Investors should note that the decision whether or not to invest remains with them. If investors have any doubt as to whether or not a Sub-Fund is suitable for them, they should obtain independent professional advice. Each Sub-Fund is subject to market fluctuations and to the risks inherent in all investments. The price of Units of any Sub- Fund and the income from them may go down as well as up. (i) (ii) Investment risk There can be no assurance that a Sub-Fund will achieve its investment objective. Each Sub- Fund is subject to market fluctuations and to the risks inherent in all investments. The price of the Units of any Sub-Fund and the income from them may go down as well as up. An investment in a Sub-Fund involves investment risks, including possible loss of the amount invested. Past performance of a Sub-Fund does not indicate the future performance of the relevant Sub-Fund. Market risk - The value of investments and the income derived from such investments may fall as well as rise and investors may not recoup the original amount invested in the Sub-Funds. In particular, the value of investments may be affected by uncertainties such as international, political and economic developments or changes in government policies. In falling equity markets there may be increased volatility. The risks associated with investments in equity securities may also be higher, because the investment performance of equity securities depends upon factors which are difficult to predict. Such factors include the possibility of sudden or prolonged market declines and risks associated with individual companies. Market prices in such circumstances may defy rational analysis or expectation for prolonged periods of time, and can be influenced by movements of large funds as a result of short-term factors, counter-speculative measures or other reasons. The fundamental risk associated with any equity portfolio is the risk that the value of the investments it holds might decrease in value. February 2015 15
(iii) PRC market risk - Investing in the PRC market is subject to the risks of investing in emerging markets generally and the risks specific to the PRC market. Since 1978, the PRC government has implemented economic reform measures which emphasise decentralisation and the utilisation of market forces in the development of the Chinese economy, moving from the previous planned economy system. However, many of the economic measures are experimental or unprecedented and may be subject to adjustment and modification. Any significant change in PRC s political, social or economic policies may have a negative impact on investments in the PRC market. The regulatory and legal framework for capital markets and joint stock companies in the PRC may not be as well developed as those of developed countries. Chinese accounting standards and practices may deviate significantly from international accounting standards. The settlement and clearing systems of the Chinese securities markets may not be well tested and may be subject to increased risks of error or inefficiency. Investments in equity interests of Chinese companies may be made through China A-Shares, China B-Shares, China H-Shares and China Red Chips. As the number of these securities and their combined total market value are relatively small compared to more developed markets, investments in these securities may be subject to increased price volatility and lower liquidity. Investors should also be aware that changes in the PRC taxation legislation could affect the amount of income which may be derived, and the amount of capital returned, from the investments of the relevant Sub- Fund. Laws governing taxation will continue to change and may contain conflicts and ambiguities. (iv) (v) (vi) (vii) (viii) (ix) Emerging market risk - Various countries in which a Sub-Fund may invest are considered as emerging markets. Prospective investors should note that investment in emerging markets such as the PRC and other countries involve special considerations and risks. These include a possibility of nationalisation, expropriation or confiscatory taxation, foreign exchange control, political and legal changes, government regulation, social instability or diplomatic developments which could affect adversely the economies of such countries or the value of a Sub-Fund s investments, and the risks of investing in countries with smaller capital markets, such as limited liquidity, price volatility, restrictions on foreign investment and repatriation of capital, and the risks associated with emerging economies, including high inflation and interest rates and political and social uncertainties. In addition, it may be difficult to obtain and enforce a judgement in a court in an emerging country. Underlying investments of emerging market funds may also become illiquid which may constrain the Manager s ability to redeem some or all of the portfolio. Accounting, auditing and financial reporting standards, practices and disclosure requirements applicable to some countries in which a Sub-Fund may invest may differ from those applicable in developed countries, for example, less information is available to investors and such information may be out of date. Settlement risk Settlement procedures in emerging countries are frequently less developed and less reliable and may involve the Sub-Fund s delivery of securities, or transfer of title to securities, before receipt of payment for their sale. A Sub-Fund may be subject to a risk of substantial loss if a securities firm defaults in the performance of its responsibilities. The Sub-Fund may incur substantial losses if its counterparty fails to pay for securities the Sub-Fund has delivered, or for any reason fails to complete its contractual obligations owed to the Sub-Fund. On the other hand, significant delays in settlement may occur in certain markets in registering the transfer of securities. Such delays could result in substantial losses for a Sub-Fund if investment opportunities are missed or if a Sub-Fund is unable to acquire or dispose of a security as a result. Currency risk - Certain Sub-Funds may be invested in part in assets quoted in currencies other than its base currency. The performance of such Sub-Funds will therefore be affected by movements in the exchange rate between the currencies in which the assets are held and the base currency of the Sub-Funds. Since the Manager aims to maximise returns for such Sub-Funds in terms of their base currency, investors in these Sub- Funds may be exposed to additional currency risk. Interest rate risk - Changes in interest rates may affect the value of a security as well as the financial markets in general. Certain Sub-Funds may invest in fixed income instruments. Fixed income instruments (such as bonds) are particularly susceptible to fluctuation in interest rates and may fall in value if interest rates change. Generally, the prices of fixed income instruments rise when interest rates fall, whilst their prices fall when interest rates rise. Longer term fixed income instruments are usually more sensitive to interest rate changes. Credit rating downgrading risk - Investment grade securities may be subject to the risk of being downgraded to below investment grade securities. In the event of downgrading in the credit ratings of a security or an issuer relating to a security, a Sub-Fund s investment value in such security may be adversely affected. The Manager may or may not dispose of the securities, subject to the investment objectives of the relevant Sub- Fund. In the event of investment grade securities being downgraded to below investment grade securities, the Sub-Fund will also be subject to the below investment grade securities risk outlined in the following paragraph. Below investment grade and non-rated securities risk - A Sub-Fund may invest in securities which are below investment grade or which are non-rated. Investors should note that such securities would generally be considered to have a higher credit risk and a greater possibility of default than more highly rated securities. If the issuer of securities defaults, or such securities cannot be redeemed, or perform badly, investor may suffer substantial losses. The market for these securities may be less active, making it more difficult to sell the securities. Valuation of these securities is more difficult and thus the relevant Sub-Fund s prices may be more volatile. In particular, the value of lower-rated or unrated corporate bonds is affected by investors perceptions. When economic conditions appear to be deteriorating, lower rated or unrated corporate bonds may decline in market value due to investors heightened concerns and perceptions over credit quality. 16 February 2015
(x) (xi) Credit risk - An issuer suffering an adverse change in its financial condition could lower the credit quality of a security, leading to greater price volatility of the security. A lowering of the credit rating of a security or its issuer may also affect the security s liquidity, making it more difficult to sell. A Sub-Fund s investment is also subject to the risk that issuers may not make payments on the securities they issue. If the issuer of any of the securities in which the assets of a Sub-Fund are invested defaults or suffers insolvency or other financial difficulties, the value of such Sub-Fund will be adversely affected. Over-the-counter market risk - Over-the-counter ( OTC ) markets are subject to less governmental regulation and supervision of transactions (in which many different kinds of financial derivatives instruments and structured products are generally traded) than organised exchanges. In addition, many of the protections afforded to participants on some organised exchanges, such as the performance guarantee of an exchange clearing house, may not be available in connection with transactions carried out on OTC markets. Therefore, a Sub-Fund entering into transactions on OTC markets will be subject to the risk that its direct counterparty will not perform its obligations under the transactions and that a Sub-Fund will sustain losses. In addition, certain instruments traded on the OTC markets (such as customised financial derivatives and structured products) can be illiquid. The market for relatively illiquid investments tends to be more volatile than the market for more liquid investments. (xii) (xiii) (xiv) (xv) (xvi) (xvii) Equities risk - For Sub-Funds that invest in equities, the value of equities may increase or decrease, sometimes dramatically, in response to the activities and results of individual companies or because of general market and economic conditions or other events. Currency exchange rate movements will also cause changes in value when the currency of the investment of a Sub-Fund is other than the base currency of the relevant Sub- Fund holding that investment. Concentration risk - Certain Sub-Funds may invest only in a specific country/region/sector. Although each Sub-Fund s portfolio will be well diversified in terms of the number of holdings and the number of issuers of securities that the Sub-Fund may invest in, investors should also be aware that such Sub-Funds are likely to be more volatile than a broad-based fund, such as a global or regional equity fund, as they are more susceptible to fluctuations in value resulting from limited number of holdings or adverse conditions in their respective countries. Hedging risk - Derivatives may be used by a Sub-Fund for hedging purposes and the Manager is permitted, but not obliged, to use hedging techniques to attempt to offset market and currency risks. There is no guarantee that hedging techniques will achieve their desired result. The use of derivatives may lead to a higher volatility in the Net Asset Value than might otherwise be the case. It may also give rise to liquidity, counterparty and valuation risks at times. In adverse situations, a Sub-Fund s use of derivative instruments for hedging purposes may become ineffective and the relevant Sub-Fund may suffer significant losses. Liquidity risk - Some of the markets in which a Sub-Fund invests may be less liquid and more volatile than the world s leading stock markets and this may result in the fluctuation in the price of securities traded on such markets. Certain securities may be difficult or impossible to sell, and this would affect the Sub-Fund s ability to acquire or dispose of such securities at their intrinsic value. Volatility risk - Prices of securities may be volatile. Price movements of securities are difficult to predict and are influenced by, among other things, changing supply and demand relationships, governmental trade, fiscal, monetary and exchange control policies, national and international political and economic events, and the inherent volatility of the market place. A Sub-Fund s value will be affected by such price movements and could be volatile, especially in the short-term. Risk relating to small- and mid-cap companies - A Sub-Fund may invest in the securities of small and/or midcap companies. Investing in these securities may expose the Sub-Fund to risks such as greater market price volatility, less publicly available information, and greater vulnerability to fluctuations in the economic cycle. In addition, securities of many small companies are traded less frequently and in smaller volume and may be subject to more abrupt or erratic price movements than securities of large companies. The securities of small companies may also be more sensitive to market changes than the securities of large companies. (xviii) (xix) Derivative and structured product risk - The Sub-Funds may invest in derivatives such as options, futures and convertible securities, and in depositary receipts, participation rights and potentially through other instruments which are linked to the performance of securities or indices such as participation notes, equity swaps and equity linked notes, which are sometimes referred to as structured products. Investment in these instruments can be illiquid, if there is no active market in these instruments. Such instruments are complex in nature. Therefore, there are risks of mispricing or improper valuation and the possibility that these instruments do not always perfectly track the value of the securities, rates or indices they are designed to track. Improper valuations can result in increased payments to counterparties or a loss in the value of the relevant Sub-Funds. The instruments will also be subject to insolvency or default risk of the issuers or counterparties. In addition, investment through structured products may lead to a dilution of performance of such Sub-Funds when compared to a fund investing directly in similar assets. Also, many derivative and structured products involve an embedded leverage. This is because such instruments provide significantly larger market exposure than the money paid or deposited when the transaction is entered into, so a relatively small adverse market movement could expose the relevant Sub-Funds to the possibility of a loss exceeding the original amount invested. Currency forward contracts - A Sub-Fund may enter into currency forward contracts for hedging purposes. Forward contracts are not traded on exchanges and are not standardized; rather, banks and dealers act as principals in these markets, negotiating each transaction on an individual basis. Trading in currency forward contracts is substantially unregulated; there is no limitation on daily price movements and speculative position limits are not applicable. The principals who deal in the forward markets are not required to continue to make markets in the currencies or commodities they trade and these markets can experience periods of illiquidity, sometimes of significant duration. Market illiquidity or disruption could result in major losses to a Sub-Fund. February 2015 17
Furthermore, currency forward contracts do not eliminate fluctuations in the prices of the Sub-Fund s securities or in foreign exchange rates, or prevent loss if the prices of these securities should decline. Performance may be strongly influenced by movements in foreign exchange rates because currency positions held by the Sub- Fund may not correspond with securities positions held. In such circumstances, the Sub-Fund s asset may be exposed to the losses on and the costs of the relevant financial instruments. (xx) (xxi) Restricted markets risk - The Sub-Funds may invest in securities in jurisdictions (including the PRC) which impose limitations or restrictions on foreign ownership or holdings. In such circumstances, the Sub-Funds may be required to make investments in the relevant markets directly or indirectly. In either case, legal and regulatory restrictions or limitations may have adverse effect on the liquidity and performance of such investments due to factors such as limitations on fund repatriation, dealing restrictions, adverse tax treatments, higher commission costs, regulatory reporting requirements and reliance on services of local custodians and service providers. China tax considerations By investing in China Securities and CAAPs, a Sub-Fund may be subject to taxes imposed by the PRC. (A) China Securities and CAAPs except China A-Shares via Stock Connect Corporate Income Tax: If the Fund or Sub-Fund is considered as a PRC tax resident enterprise, it will be subject to PRC Corporate Income Tax ( CIT ) at 25% on its worldwide taxable income; if the Fund or Sub-Fund is considered as a non- PRC tax resident enterprise but has an establishment or place of business ( PE ) in the PRC, the profits and gains attributable to that PE would be subject to PRC CIT at 25%. However, if the Fund or Sub-Fund is considered as a non-prc tax resident and does not establish any PE in China (or has PE in China but income derived is not effectively connected with such PE), it is subject to PRC withholding income tax ( WIT ) at the rate of 10% for dividends, interest, royalty, rental and other income (mainly referring to capital gains) from Chinese sources unless such WIT is subject to reduction or exemption in accordance with the applicable tax treaty signed with China. In the absence of specific rules governing taxes on foreign institutional investors, including QFIIs and RQFIIs, the PRC income tax treatment should be governed by the general tax provisions of the CIT law in the PRC. It is the intention of the Manager to operate the affairs of the Manager (if applicable in its capacity as RQFII) and the relevant Sub-Fund such that they should not be treated as tax resident enterprises of the PRC or non- PRC tax resident enterprises with PE in the PRC for PRC CIT purposes, although this cannot be guaranteed. If the Fund or Sub-Fund is a non-prc tax resident enterprise, without PE in the PRC, the income derived by it from the investment in China Securities and CAAPs would be subject to 10% PRC WIT in the PRC, unless exempt or reduced under the relevant tax treaty. The Fund or a Sub-Fund may invest in China Securities via the QFII or RQFII status of the Manager or other QFII or RQFII holders. Any PRC WIT imposed on a QFII or RQFII in respect of the China Securities invested by the relevant Sub-Fund will be passed on to the Sub-Fund and the asset value of the Sub-Fund will be reduced accordingly. Dividend and Interest Unless a specific exemption or reduction is available under current PRC tax laws and regulations or relevant tax treaties, non-prc tax resident enterprises without PE in the PRC are subject to WIT, generally at a rate of 10%, to the extent it directly derives PRC sourced passive income. PRC sourced passive income (such as dividend income or interest income) may arise from investments in the China Securities. Accordingly, the Sub-Fund may be subject to WIT and/or other PRC taxes on any cash dividends, distributions and interest it receives from its investment in China Securities. Under the PRC CIT Law, interest derived from government bonds issued by the in-charge Finance Bureau of the State Council, or bonds issued by local government of a province, autonomous region, municipality directly under the Central Government, or municipality separately listed on the state plan, as approved by the State Council, are exempt from PRC income tax. Under the Arrangement between the PRC and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income (the PRC-HK Arrangement ), the WIT charged on interest received by Hong Kong resident holders of debt instruments will be 7% of the gross amount of the interest, if the Hong Kong tax residents are the beneficial owners under the PRC-HK Arrangement, subject to the approval of the PRC tax authorities. However, there are still uncertainties as to how the PRC tax authorities will assess the beneficial ownership for investment fund cases; it is uncertain whether the relevant Sub-Fund can obtain approval from the PRC tax authorities for this preferential rate. The Manager will continue to review the position including the views of the PRC tax authorities, the administrative requirements for seeking such approvals and the cost and uncertainty of seeking approvals. The Manager may seek to apply for such approval from the PRC tax authorities in relation to the relevant Sub-Fund, although this cannot be guaranteed. If the relevant approval is not obtained, the general WIT rate of 10% will be applicable to the relevant Sub-Fund on interest. Pursuant to the PRC-HK Arrangement, the tax charged on dividends received by the non-resident holders of shares issued by Chinese resident companies will be 5% of the gross amount of the dividends, if Hong Kong tax residents are the beneficial owners and directly hold at least 25% of the equity of the company paying the dividends. Due to the investment restriction, the relevant Sub-Fund will not hold more than 10% of any ordinary shares issued by any single issuer. In this connection, dividends derived from China A-Shares invested through RQFIIs will not benefit from the reduced tax rate of 5% and the general tax rate of 10% is applicable to the relevant Sub-Fund. 18 February 2015
Capital Gain For a foreign enterprise that is not a PRC tax resident enterprise and has no PE in the PRC, a 10% PRC WIT would be imposed on the China-sourced capital gains derived by it, unless exempt or reduced under the relevant tax treaty entered into by China. Based on the CIT Law and its implementation rules, income from the transfer of property sourced from China by a non-prc tax resident enterprise with no PE in the PRC should be subject to 10% WIT unless reduced or exempted under the relevant tax treaty entered into by China. The PRC-HK Arrangement exempts Hong Kong residents from PRC tax on certain capital gains. But, as noted above under Dividend and Interest, the ability of the relevant Sub-funds to benefit under the PRC- HK Arrangement is currently uncertain. However, according to the Notice on the issues of temporary exemption from the imposition of corporate income tax arising from gains from the transfer of equity investment assets such as PRC domestic stocks by QFII and RQFII Caishui [2014] No.79 issued by the Ministry of Finance of the PRC (the MoF ), the State Administration of Taxation ( SAT ) and the CSRC on 14 November 2014 ( Notice No.79 ), CIT is imposed on capital gains derived by QFIIs and RQFIIs from equity investment assets (including PRC domestic stocks) prior to 17 November 2014 in accordance with laws. Notice No.79 also states that RQFIIs with no PE in the PRC will be temporarily exempt from CIT on gains derived from the trading of China A-shares effective from 17 November 2014. The Notice, however, does not cover transfers of PRC debt securities which means rules governing taxes on RQFII capital gains derived from the trading of PRC debt securities remain uncertain. In view that any tax on capital gains levied on China Securities and payable to the relevant tax authority may be passed on to the relevant Sub-Fund to the extent that the tax is attributable to the trading gains on the China Securities acquired by the relevant Sub-Fund, the Manager may make PRC WIT provisions for capital gains derived from direct or indirect investments in China Securities. Certain Sub-Funds may invest in CAAPs. Certain CAAP issuers may withhold an amount equal to 10% of any gains representing the PRC tax in respect of any capital gains which would be payable on an actual sale of the underlying China A-Shares. If the tax withheld by CAAP issuers is inadequate to meet final PRC tax liabilities on capital gains, the CAAP may pass on the additional tax liabilities to the relevant Sub- Fund and therefore result in a decrease in the value of the Sub-Fund. Where no withholding is made by the CAAP issuers, the Manager may, having regard to the terms of the relevant CAAPs, make provisions against the pass through by CAAP issuers of PRC WIT on the CAAP issuer s underlying hedge arrangements. Such provisions may be made on capital gains derived from indirect China A-Shares investments through CAAPs at a rate of 10%. In light of the notices issued by the MOF, CSRC and the SAT on the taxation of China A-shares, the Manager does not currently expect CAAP issuers to withhold amounts on account of tax or the relevant Sub-Funds to make PRC WIT provisions on any gains on CAAPs realised on or after 17 November 2014. The Manager however will keep this matter under review and may make provisions for PRC WIT against gains on direct or indirect investments in China A-shares in the future should, in the Manager s opinion, the circumstances warrant doing so. In light of the uncertainty on the PRC WIT treatment on capital gains on disposal of China Securities and CAAPs and in order to meet this potential WIT liability for capital gains, the Manager may make PRC WIT provisions in respect of a Sub-Fund for the above tax obligations. Please refer to the section headed PRC Tax Provision in the relevant Appendix for details of the PRC WIT provision in respect of a Sub-Fund. With the uncertainties under the applicable PRC tax laws of whether and how the current rules are to be applied to the taxation of capital gains on China Securities and CAAPs, the PRC taxation authorities not implementing the current rules, the possibility of such laws being changed and the possibility of WIT being applied retrospectively, any provision for taxation made by the Manager may be excessive or inadequate to meet actual PRC WIT liabilities on capital gains derived from the disposal of China Securities and CAAPs. Consequently, investors may be advantaged or disadvantaged depending upon the final outcome of how such capital gains will be taxed, the level of tax provisioning and when they subscribed and/or redeemed their Units in/from the relevant Sub-Fund. Upon the availability of a definitive tax assessment or the issue of announcements or regulations by the competent authorities promulgating definitive tax assessment rules, any sums withheld in excess of the tax liability incurred or is expected to be incurred by a Sub-Fund shall be released and transferred to the Sub-Fund s accounts, forming part of the Sub-Fund s assets. On the other hand, any shortfall between the provisions and actual tax liabilities will be debited from the Sub-Fund s assets and this will adversely affect the Sub-Fund s asset value. Business Tax ( BT ): Interest The revised PRC Provisional Regulations on Business Tax ( BT Law ) which came into effect on 1 January 2009 does not specifically exempt BT on interest earned by non-financial institution. Hence, interest on both government and corporate bonds in theory should be subject to 5% BT. Dividends Dividend income or profit distributions on equity investment derived from China are not included in the taxable scope of BT. Where BT is applicable, there are also other surtaxes (which include Urban Construction and Maintenance Tax, Education Surcharge and Local Education Surcharge) that would amount to as high as a sum of surtaxes of 12% of BT payable. February 2015 19
Capital gains The new BT Law stipulates that gains derived by taxpayers from the trading of marketable securities would be subject to BT at 5%. The Fund or a Sub-Fund may invest in China Securities via the QFII or RQFII status of the Manager or other QFII or RQFII holders. The Ministry of Finance and the SAT have clarified under Caishui [2005] No.155 that gains derived by QFIIs from the trading of Chinese securities (including China A-Shares and PRC listed bonds) are exempt from BT. This circular did not address the business tax consequences of other income, such as interest, which may be subject to a 5% business tax and further guidance may be required. The new PRC BT reform which came into effect on 1 January 2009 has not changed this exemption treatment at the time of this Memorandum. However, it is not clear whether similar exemption would be extended to RQFIIs. For marketable securities other than those trading through a QFII, the new PRC BT Law provides that BT at 5% to be levied on the difference between the selling and buying prices of those marketable securities. However, capital gains derived from trading of offshore listed China Securities (e.g. China H-Shares) in general are regarded as not subject to BT as the purchase and disposal are often concluded and completed outside China. It is possible that if and when China issues full guidance on RQFII transactions, the Chinese business tax treatment may differ from and be more adverse than that described above. It is also possible that any new tax treatment may have retroactive effect. Stamp duty: Stamp duty under the PRC laws generally applies to the execution and receipt of all taxable documents listed in the PRC s Provisional Rules on Stamp Duty. Stamp duty is levied on the execution or receipt in China of certain documents, including contracts for the sale of China A-Shares and China B-Shares traded on the PRC stock exchanges, at the rate of 0.1%. In the case of contracts for sale of China A-Shares and China B-Shares, such stamp duty is currently imposed on the seller but not on the purchaser. The Sub-Fund may be subject to stamp duty in its trading activities in domestic listed Chinese stocks as required by the relevant PRC authorities from time to time, as applicable. No PRC stamp duty is payable in respect of the subscription, sale, redemption or disposal by other means of Units in the Sub-Fund given that the Units are not PRC listed stocks. The applicable stamp duty rate and the scope of stamp duty can change from time to time, possible with retroactive effect. It is possible that the current tax laws, regulations and practice in the PRC will change, including the possibility of taxes being applied retrospectively, and that such changes may result in higher taxation on PRC investments than currently contemplated. Various tax reform policies have been implemented by the PRC government in recent years, and existing tax laws and regulations may be revised or amended in the future. There is a possibility that the current tax laws, regulations and practice in the PRC will be changed with retrospective effect in the future and any such change may have an adverse effect on the asset value of the relevant Sub-Fund. Moreover, there is no assurance that tax incentives currently offered to foreign companies, if any, will not be abolished and the existing tax laws and regulations will not be revised or amended in the future. Any changes in tax policies may reduce the after-tax profits of the companies in the PRC which a Sub-Fund invests in, thereby reducing the income from, and/or value of the Units. (B) China A-Shares via Stock Connect On 14 November 2014, the Ministry of Finance, the State of Administration of Taxation and the CSRC jointly issued a notice in relation to the taxation rule on the Stock Connect under Caishui [2014] No.81 ( Notice No.81 ). Under Notice No.81, CIT, individual income tax and business tax will be temporarily exempted on gains derived by Hong Kong and overseas investors (including the Sub-Funds) on the trading of China A-Shares through the Stock Connect with effect from 17 November 2014. However, Hong Kong and overseas investors are required to pay tax on dividends and/or bonus shares at the rate of 10% which will be withheld and paid to the relevant authority by the listed companies. For investors who are tax residents of a country which has entered into a tax treaty with China for a lower dividend tax rate, such Investors may apply to the tax authority for a refund of the differences. The Manager however will keep this matter under review and may make provisions for PRC WIT against gains on direct or indirect investments in China A-shares in the future should, in the Manager s opinion, the circumstances warrant doing so. Hong Kong and overseas investors are required to pay stamp duty arising from the trading of China A-Shares and the transfer of China A-Shares by way of succession or gift in accordance with the existing taxation rules in China. Stamp duty under the PRC laws generally applies to the execution and receipt of all taxable documents listed in the PRC s Provisional Rules on Stamp Duty. Stamp duty is levied on the execution or receipt in China of certain documents, including contracts for the sale of China A-Shares traded on the PRC stock exchanges, at the rate of 0.1%. In the case of contracts for sale of China A-Shares, such stamp duty is currently imposed on the seller but not on the purchaser. Accordingly, a Sub-Fund investing in A shares will be subject to stamp duty at 0.1%. on its disposal of China A-Shares. (xxii) Legal, tax and regulatory risk - Legal, tax and regulatory changes could occur in the future. For example, the regulatory or tax environment for derivative instruments is evolving, and changes in their regulation or 20 February 2015
taxation may adversely affect the value of derivative instruments. Changes to the current laws and regulations will lead to changes in the legal requirements to which the Fund may be subject, and may adversely affect the Fund and the investors. (xxiii) (xxiv) Custodial risk and brokerage risk - Custodians or sub-custodians may be appointed in local markets for purpose of safekeeping assets in those markets. Where a Sub-Fund invests in markets where custodial and/ or settlement systems are not fully developed, the assets of the Sub-Fund may be exposed to custodial risk. In certain circumstances a Sub-Fund may take a longer time or may even be unable to recover some of its assets. Such circumstances may include the liquidation, bankruptcy or insolvency of a custodian or sub-custodian, retroactive application of legislation and fraud or improper registration of title. The costs borne by a Sub-Fund in investing and holding investments in such markets will be generally higher than in organised securities markets. Counterparty risk - Counterparty risk involves the risk that a counterparty or third party will not fulfil its obligations to a Sub-Fund. A Sub-Fund may be exposed to the risk of a counterparty through investments such as bonds, futures and options. To the extent that a counterparty defaults on its obligations and a Sub-Fund is prevented from exercising its rights with respect to the investment in its portfolio, a Sub-Fund may experience a decline in the value and incur costs associated with its rights attached to the security. The Sub-Fund may sustain substantial losses as a result. In particular: Cash and deposits: A Sub-Fund may hold cash and deposits in banks or other financial institutions and the extent of governmental and regulatory supervision may vary. The Sub-Fund might suffer a significant or even total loss in the event of insolvency of the banks or financial institutions. Debt securities: There is no assurance that losses will not occur with respect to investment in debt securities. A default on interest or principal by the counterparty may adversely affect the performance of the relevant Sub-Fund. (xxv) (xxvi) Risk of termination - a Sub-Fund may be terminated in certain circumstances which are summarised under the section Termination of the Fund or any Sub-Fund. In the event of the termination of a Sub-Fund, such Sub-Fund would have to distribute to the Unitholders their pro rata interest in the assets of the Sub-Fund. It is possible that at the time of such sale or distribution, certain investments held by the relevant Sub-Fund will be worth less than the initial cost of acquiring such investments, resulting in a loss to the Unitholders. Moreover, any organisational expenses (such as establishment costs) with regard to the relevant Sub-Fund that had not yet been fully amortised would be debited against the Sub-Fund s assets at that time. Foreign Account Tax Compliance Act ( FATCA ) - The Fund and each Sub-Fund intend to fully comply with the legislation and the obligations imposed on it by FATCA and meet its obligation under the IGA with the US. However, no assurance can be given that the Fund and each Sub-Fund will be able to fully achieve this and avoid being subject to US withholding taxes. In the event that Hong Kong as a jurisdiction is deemed to not meet its obligations, or if the Fund and each Sub-Fund as a Hong Kong financial institution is deemed by the Hong Kong and/or US government to not be meeting its obligations in the future, the Fund and each Sub- Fund may become subject to additional US withholding taxes, which could materially impact income returns from certain US source securities. In addition Unitholders may suffer material loss in certain Sub-Funds where US withholding tax is imposed on the capital value of US source securities. Investors should consult their legal, tax and financial advisers to determine their status under the FATCA regime before making any decision to invest in any Sub-Funds. Please refer to sub-section headed Foreign Account Tax Compliance Act ( FATCA ) under the Taxation section in the main part of the Explanatory Memorandum for details relating to FATCA. In view of the above, investment in any Sub-Fund should be regarded as long term in nature. The Sub-Funds are, therefore, only suitable for investors who can afford the risks involved. Investors should refer to the relevant Appendix for details of any additional risks specific to a Sub-Fund. EXPENSES AND CHARGES Charges Payable by Investors Initial Charge, Redemption Charge and Switching Charge may be charged to an investor in his/her purchase, redemption and switching of Units pursuant to the sections headed Purchase of Units, Redemption of Units and Switching between Classes/Sub-Funds above. The applicable rates of such charges in respect of a Sub-Fund are set out in the Appendix for the relevant Sub-Fund. Expenses and Charges Payable by the Sub-Fund The following expenses, charges and fees are payable by the Sub-Fund. Management Fee The Manager is entitled to receive a management fee accrued daily and payable monthly in arrears out of each Sub- Fund as a percentage of the Net Asset Value of each class of Unit in a Sub-Fund as at each Valuation Day at the rates set out in the Appendix for the relevant Sub-Fund subject to a maximum fee of 2.5% per annum. The Manager shall pay the fees of any sub-manager and investment adviser to which it has appointed. Any such submanager and investment adviser will not receive any remuneration directly from any Sub-Fund. Unitholders shall be given not less than one month s prior notice should there be any increase of the management fee from the current level to the maximum level. February 2015 21
Trustee Fee The Trustee is entitled to a Trustee Fee, payable out of the assets of each Sub-Fund which is based on the Net Asset Value of the relevant Sub-Fund subject to a maximum rate of 0.5 % of the Net Asset Value of the relevant Sub-Fund per annum and a minimum monthly fee of US$500. The Trustee Fee is accrued daily and is payable monthly in arrears. Investors should refer to the Appendix relating to the relevant Sub-Fund for details. Unitholders shall be given not less than one month s prior notice should there be any increase of the Trustee Fee from the current level up to the maximum level. Custodian Fee The Custodian is entitled to (among others) transaction charges at customary market rates and a Custodian Fee at different rates, largely depending on the markets where the Custodian is required to hold the Sub-Fund s assets. Such fees will be calculated monthly and will be paid monthly in arrears, out of the assets of each Sub-Fund. The Custodian will be entitled to reimbursement by the Sub-Fund for any out-of-pocket expenses incurred in the course of their duties. Administrator Fee The Administrator is entitled to an administration fee. The Administrator Fee will be calculated monthly and will be paid monthly in arrears and is payable out of the assets of each Sub-Fund based on the Net Asset Value of the relevant Sub- Fund. The maximum percentage rates per annum of the Administrator s Fee shall be 0.5% per annum. The Administrator will also be entitled to reimbursement by the Sub-Fund for any out-of-pocket expenses incurred in the course of its duties wholly and exclusively in respect of the Fund and/or the Sub-Fund(s). Any increase in this fee will only be implemented after giving one month s notice (or such longer period of notice as the SFC may require) to the affected Unitholders. No increase beyond the maximum Administrator Fee stated in the Trust Deed may occur without Unitholder approval. Transfer Agent Fee The Transfer Agent is entitled to, among others, transaction charges at customary market rates, subject to a minimum monthly fee of US$500 per month per Sub-Fund. The current fees payable to the Transfer Agent in relation to a particular Class in a Sub-Fund are to be paid out of the Net Asset Value of the Fund. The fee is payable monthly in arrears. The Transfer Agent will also be entitled to reimbursement by the Sub-Fund for any out-of-pocket expenses incurred in the course of its duties wholly and exclusively in respect of the Fund and/or the Sub-Fund(s). The Transfer Agent may increase the fee payable in respect of the Sub-Fund on giving not less than one month s prior written notice (or such shorter notice period as approved by the SFC, if applicable) to Unitholders. Establishment Costs The establishment costs of the Fund and the initial Sub-Fund (i.e. Fidelity WorldWide Fund - RMB Bond Fund) are being borne by the initial Sub-Fund. Such costs amounted to approximately HK$ 1,000,000, and are being amortised over a period of five Accounting Periods (or such other period as determined by the Manager) starting from the inception date of the initial Sub-Fund. This policy of amortisation is not in accordance with International Financial Reporting Standards and Hong Kong Financial Reporting Standards under which the establishment costs should be expensed as incurred, and may result in adjustments to the financial statements in order to comply with these standards. The Manager believes that this policy is fairer and more equitable to the initial investors than expensing the establishment costs as they are incurred, will have minimal impact on the Net Asset Value of the Fund and is unlikely to be material to the Fund s financial statements. Where subsequent Sub-Funds are established in the future, the Manager and the Trustee may determine that the unamortised establishment costs of the Fund or a part thereof may be re-allocated to such subsequent Sub-Funds. The establishment costs and payments incurred in the establishment of subsequent Sub-Funds are to be borne by the Sub-Fund(s) to which such costs and payments relate and amortised over a period of five Accounting Periods (or such other period as determined by the Manager). General Each Sub-Fund will bear the costs set out in the Trust Deed which are directly attributable to it. Where such costs are not directly attributable to a Sub-Fund, such costs will be allocated amongst the Sub-Funds in proportion to the respective Net Asset Value of all the Sub-Funds. Each Sub-Fund will bear the cost of (a) all stamp and other duties, taxes, governmental charges, brokerages, commissions, exchange costs and commissions, bank charges, transfer fees and expenses, registration fees and expenses, transaction fees of the Trustee, custodian or sub-custodian and proxy fees and expenses, collection fees and expenses, insurance and security costs, and any other costs, charges or expenses payable in respect of the acquisition, holding and redemption of any investment or other property or any cash, deposit or loan (including the claiming or collection of income or other rights in respect thereof and including any fees or expenses charged or incurred by the Trustee or the Manager or any connected person in the event of the Trustee or the Manager or such connected person rendering services or effecting transactions giving rise to such fees or expenses), (b) the fees and expenses of the Auditors, the Transfer Agent and the Administrator, (c) fees charged by the Trustee in connection with calculating the Net Asset Value of the Sub-Fund or any part thereof, calculating the issue and redemption prices of Units of the Sub- Fund and preparing financial statements, (d) all legal charges incurred by the Manager or the Trustee in connection with the Fund or the relevant Sub-Fund, (e) out-of-pocket expenses incurred by the Trustee wholly and exclusively in the performance of its duties, (f) the expenses of or incidental to the preparation of deeds supplemental to the Trust Deed, (g) the expenses of holding meetings of Unitholders and of giving notices to Unitholders, (h) the costs and expenses of obtaining and maintaining a listing for the Units of the Sub-Fund on any stock exchange or exchanges selected by the Manager and approved by the Trustee and/or in obtaining and maintaining any approval or authorisation of the Fund or any Sub-Fund or in complying with any undertaking given, or agreement entered into in connection with, or any rules governing such listing, approval or authorisation, and (i) without prejudice to the generality of the foregoing, all costs 22 February 2015
incurred in publishing the issue and redemption prices of Units of the Sub-Fund, all costs of preparing, printing and distributing all statements, accounts and reports pursuant to the provisions of the Trust Deed (including the Auditors fees and Trustee s fee), the expenses of preparing and printing any offering document, and any other expenses, deemed by the Manager, after consulting the Auditors, to have been incurred in compliance with or in connection with any change in or introduction of any law or regulation or directive (whether or not having the force of law) of any governmental or other regulatory authority or with the provisions of any code relating to unit trusts. For so long as the Fund and such Sub-Funds are authorised by the SFC, no advertising or promotional expenses shall be charged to the Sub-Funds so authorised. Transactions with Connected Persons, Cash Rebates and Soft Commissions Any transaction with a connected person will be conducted in compliance with the requirements under the SFC s Code on Unit Trusts and Mutual Funds. Neither the Manager nor any of its connected persons will retain cash or other rebates from brokers or dealers in consideration of directing transactions for a Sub-Fund to such brokers or dealers, save that goods and services (soft commissions) may be retained if, such goods and services are of demonstrable benefit to the Unitholders, and the transaction execution is consistent with best execution standards and brokerage rates are not in excess of customary institutional full-service brokerage rates. Any such cash commission or rebates received from any such brokers or dealers shall be for the account of the relevant Sub-Fund. Details of any such commissions will be disclosed in the annual and semi-annual report and accounts of the relevant Sub-Fund. The Manager and/or any of its connected person reserves the right to effect transactions by or through the agency of another person with whom the Manager and/or any of its connected person has an arrangement under which that party will from time to time provide to or procure for the Manager and/or any of its connected person goods, services or other benefits (such as research and advisory services, computer hardware and software incidental to the above goods and services) the nature of which is such that their provision is of demonstrable benefit to the relevant Unitholders whether by assisting the Manager in their ability to manage the relevant Sub-Fund or otherwise and for which no direct payment is made but instead the Manager and/or any of its connected person undertakes to place business with that party. For the avoidance of doubt, such goods and services do not include travel, accommodation, entertainment, general administrative goods or services, general office equipment or premises, membership fees, employee salaries or direct money payments. TAXATION Each prospective Unitholder should consult their own professional advisors on the possible tax consequences applicable to the acquisition, holding and redemption of Units by him under the laws of the places of his citizenship, residence and domicile. Neither the Fund nor any of its respective affiliates accepts any responsibility for providing tax advice to any prospective Unitholder. Hong Kong Taxation of the Fund The Fund and the Sub-Funds will be exempted from Profits Tax, in respect of their authorised activities, in Hong Kong so long as they are authorised by the SFC as a collective investment scheme under section 104 of the SFO for offer to the retail public in Hong Kong. Taxation of Unitholders Profits arising on the disposal / redemption of any Units will only be subject to Profits Tax for Unitholders who carry on a trade or business in Hong Kong where the profits, not being regarded as capital in nature, arise from such trade or business and are sourced in Hong Kong. Unitholders who do not carry on a trade or business in Hong Kong will not be liable to Profits Tax in respect of any gains from the disposal / redemption of such Units. Distributions received by Unitholders from their investments in the Units would generally not be chargeable to tax in Hong Kong (whether by way of withholding or otherwise). Stamp Duty Allotment of new Units in the Sub-Funds is not subject to stamp duty in Hong Kong. No Hong Kong stamp duty is payable on the redemption of Units provided that the Units would be cancelled or extinguished immediately after redemption. Hong Kong stamp duty is also not payable if the sale or transfer of the Units is effected by selling the Units back to the Manager, who then re-sells the Units to another person within two months thereof. Other types of sales or purchases or transfers of the Units by the Unitholders may be liable to Hong Kong stamp duty of 0.2% (equally borne by the buyer and seller) of the higher of the consideration amount or market value. Foreign Account Tax Compliance Act ( FATCA ) The Hiring Incentives to Restore Employment Act (the Hire Act ) was signed into US law in March 2010. It includes provisions generally known as Foreign Account Tax Compliance Act ( FATCA ). The objective of FATCA provisions is to impose obligations on non-us financial institutions to identify and appropriately report on US taxpayers holding assets outside the US as a safeguard against US tax evasion. On 13 November 2014, Hong Kong entered into an intergovernmental agreement ( IGA ) with the US to implement FATCA for all Hong Kong based financial institutions, adopting Model 2 IGA arrangements. Hong Kong financial institutions are required to report to the US tax authorities (the IRS ) the details of US taxpayers holding assets with February 2015 23
those financial institutions. Pursuant to the IGA, each of the Fund and the Sub-Funds is a Hong Kong non-reporting financial institution because all of the Units of the Fund and each Sub-Fund are held through financial institutions under the IGA. This means that while the Fund and each Sub-Fund are not required to obtain evidence of the ultimate Unitholders being a US person, those financial institutions through whom the Unitholders invest will be obliged to obtain mandatory evidence as to whether any new Unitholder from 1 July 2014 is a US person within the meaning of IGA. Those financial institutions will also be required to identify any existing Unitholder as a US Person within the meaning of the IGA based on the records the Fund and each Sub-Fund hold. Investors should consult their own tax advisers regarding any potential obligations that the IGA, or the wider FATCA regulations, may impose on them. Under the terms of the IGA each of the Fund and the Sub-Funds as a Hong Kong financial institution is not subject to any additional withholding for US taxes, unless it is considered to be in material non-compliance with the relevant requirements under FATCA or the IGA. In addition as the Fund does not pay US source income to Unitholders the Fund is not required to withhold any US taxes from distribution or redemption payments unless Hong Kong agrees before 31 December 2016 with the US that such withholding should be applied. China Investors should also refer to the China tax considerations under the section headed Risk Factors to inform themselves of possible tax consequences under the PRC laws. REPORTS AND ACCOUNTS The Fund s financial year end is on 31 December in each year. The Manager will not distribute printed copies of the annual report and audited accounts but instead make available such report and accounts to Unitholders (in printed and electronic forms). The Manager will notify Unitholders where and when the annual report and audited accounts (in English) can be obtained (in printed and electronic forms) within four months after the end of the financial year, and where and when the unaudited semi-annual reports (in English) can be obtained (in printed and electronic forms) within two months after 30 June in each year. Notwithstanding the above, printed copies of the annual and semiannual reports will be available upon request of Unitholders free of charge at any time during normal business hours on any Business Day at the Manager s office and such reports will also be available in electronic copies at the website www.fidelity.com.hk. Please note that the website has not been reviewed by the SFC. In the event the Manager decides to change the means to make available financial reports stated above to Unitholders, not less than one month s prior notice will be given to Unitholders. DISTRIBUTION POLICY Unless otherwise described in the relevant Appendix, the Manager does not intend to make any distribution of income and/or capital of a Sub-Fund. Distributions (if any) declared in respect of an interim accounting period or an Accounting Period, as described in the relevant Appendix, shall be distributed among the Unitholders of the relevant classes of Units rateably in accordance with the number of Units held by them on the record date in respect of such interim accounting period or Accounting Period, as the case may be. For the avoidance of doubt, only Unitholders whose names are entered on the register of Unitholders on such record date shall be entitled to the distribution declared in respect of the corresponding interim accounting period or Accounting Period, as the case maybe. Distributions are reinvested in additional Units of the same distributing class of Units unless Unitholders specify otherwise in writing. Dividends to be reinvested are credited to the Transfer Agent who acts on behalf of the Unitholders and invests the amount of the dividends in additional Units of the same distributing class of Units. Units are issued at the Net Asset Value determined on the date on which distributions are declared. For the avoidance of doubt, no initial charge is payable on these Units. Units issued through this dividend facility are held in a registered account for the investor. Units are calculated to two decimal places and the resulting cash fraction remainder (whose value is less than 0.01 of a Unit) is retained in the relevant Sub-Fund for inclusion in subsequent calculations. Unitholders of registered distributing Units may elect to receive a distribution payment which will normally be made by electronic bank transfer, net of any bank charges, or by cheque at the risk of the Unitholders (or in such other manner as may be agreed with the Manager). In this case, unless specified otherwise, payment is normally made in the base currency or class currency of the relevant classes. If requested, payment may be made in any other major freely convertible currency at the prevailing rate of exchange. If any distribution payment due to a Unitholder is lower than US$50 (or its equivalent in any other currency) the distribution will be automatically reinvested in further Units of the same class of Units and not paid directly to the Unitholders of registered Units. Any distribution which is not claimed for five years will be forfeited and become part of the assets of the relevant Sub-Fund. INCOME EQUALISATION ARRANGEMENTS With effect from 1 April 2015, income equalisation arrangements will be applied to certain classes or Sub-Funds at the Manager s discretion. These arrangements are intended to ensure that the income per Unit that is distributed in respect of a distribution period, as described in the relevant Appendix, is not affected by changes in the number of Units in issue during that period. The amount of the first distribution received by a Unitholder following the purchase 24 February 2015
of distributing Units in that Sub-Fund represents partly participation in income received by the Sub-Fund and partly a return of capital (the equalisation amount ). In general, the equalisation amount represents the average amount of income of the Unit class included in the Net Asset Value of each Unit issued during the relevant period. VOTING RIGHTS Meetings of Unitholders may be convened by the Manager or the Trustee, and the Unitholders of 10% or more in value of the Units in issue may require a meeting to be convened. Unitholders will be given not less than 21 days notice of any meeting. The quorum for all meetings is Unitholders present in person or by proxy representing 10% of the Units for the time being in issue except for the purpose of passing an extraordinary resolution. The quorum for passing an extraordinary resolution shall be Unitholders present in person or by proxy representing 25% or more of the Units in issue. If within half an hour from the time appointed for the meeting a quorum is not present, the meeting should be adjourned for not less than 15 days. In the case of an adjourned meeting of which separate notice will be given, such Unitholders as are present in person or by proxy will form a quorum. On a show of hands, every individual Unitholder present in person or by representative has one vote; on a poll every Unitholder present in person, by proxy or by representative has one vote for every Unit of which he is the holder. In the case of joint Unitholders the senior of those who tenders a vote (in person or by proxy) will be accepted and seniority is determined by the order in which the names appear on the Register of Unitholders. A poll may be demanded by the Chairman or one or more Unitholders present in person or by proxy. PUBLICATION OF PRICES The Net Asset Value per Unit of each Sub-Fund at each Valuation Day will be published on every Dealing Day in Hong Kong in the South China Morning Post and the Hong Kong Economic Times, and on the website www.fidelity.com.hk. Please note that the website has not been reviewed by the SFC. TRANSFER OF UNITS Subject as provided below, Units may be transferred by an instrument in writing in common form signed by (or, in the case of a body corporate, signed on behalf of or sealed by) the transferor and the transferee. The duly stamped instrument of transfer, any necessary declarations, other documents that may be required by the Trustee or the Transfer Agent or in consequence of any legislation (including any anti-money laundering legislation) shall be left with the Transfer Agent for registration. The transferor will be deemed to remain the holder of the Units transferred until the name of the transferee is entered in the register of Unitholders in respect of such Units. Each instrument of transfer must relate to a single class of Units only. No Units may be transferred if, as a result, either the transferor or the transferee would hold Units having a value less than the minimum holding (if any) of the relevant class as set out in the relevant Appendix. COMPULSORY REDEMPTION OR TRANSFER OF UNITS The Manager or the Trustee may require a Unitholder to transfer the Unitholder s Units or may redeem such units in accordance with the Trust Deed if it shall come to the notice of the Manager or the Trustee that the Unitholder holds such Units (a) in breach of the law or requirements of any country, any governmental authority or any stock exchange on which such Units are listed or (b) in circumstances (whether directly or indirectly affecting such Unitholder and whether taken alone or in conjunction with any other persons, connected or not, or any other circumstances appearing to the Manager or the Trustee to be relevant) which, in the opinion of the Manager or the Trustee, might result in the Fund and/or any Sub-Fund in relation to such class of Units incurring any liability to taxation or suffering any other pecuniary disadvantage which the Fund or the Sub-Fund might not otherwise have incurred or suffered. TRUST DEED The Fund was established under the laws of Hong Kong by a Trust Deed dated 17 October 2012 (as amended from time to time) made between FIL Investment Management (Hong Kong) Limited as Manager and Cititrust Limited as Trustee. The Trust Deed contains provisions for the indemnification of the parties and their exculpation from liability in certain circumstances. However, the Trustee and the Manager shall not be exempted from liability in respect of their fraud, negligence, wilful default or breach of duty or trust, as provided in the Trust Deed. Unitholders and intending applicants are advised to consult the terms of the Trust Deed. Copies of the Trust Deed (together with any supplemental deeds) may be obtained from the Manager on payment of a reasonable fee and may be inspected during normal working hours at the offices of the Manager free of charge. TERMINATION OF THE FUND OR ANY SUB-FUND The Fund shall continue for a period of 80 years from the date of the Trust Deed or until it is terminated in one of the ways set out below. February 2015 25
The Fund may be terminated by the Trustee on notice in writing, (a) (b) (c) (d) (e) if the Manager goes into liquidation, becomes bankrupt or if a receiver is appointed over any of their assets and not discharged within 60 days; or if in the opinion of the Trustee, the Manager is incapable of performing or fails to perform its duties satisfactorily or shall do any other thing which in the opinion of the Trustee is calculated to bring the Fund into disrepute or to be harmful to the interests of the Unitholders; or if any law shall be passed which renders it illegal or in the opinion of the Trustee impracticable or inadvisable in consultation with the relevant regulatory agencies (the SFC in Hong Kong) to continue the Fund; or within 30 days of the Manager leaving office, no new manager is appointed; or no new trustee is appointed within three months of the Trustee giving notice of its desire to retire. The Fund and/or any of the Sub-Fund or the class of Units of a Sub-Fund may be terminated by the Manager on notice in writing if: (a) (b) (c) on any date, in relation to the Fund, the aggregate Net Asset Value of all Units outstanding thereunder shall be less than US$50 million or in relation to a Sub-Fund, the aggregate Net Asset Value of the Units of the relevant class outstanding thereunder shall be less than US$10 million or such other amounts as disclosed in the relevant Appendix; or in the opinion of the Manager, it is impracticable or inadvisable to continue a Sub-Fund and/or any class of Units of a Sub-Fund (as the case may be) (including without limitation, a situation where it is no longer economically viable to operate the Sub-Fund); or any law shall be passed which renders it illegal or in the opinion of the Manager impracticable or inadvisable in consultation with the relevant regulatory agencies (the SFC in Hong Kong) to continue the Fund or a Sub-Fund. In cases of termination on notice, no less than one month s notice will be given to Unitholders. Further, each of the Sub-Funds or a class or classes of the Sub-Fund may be terminated by an extraordinary resolution of the Unitholders of the Sub-Fund or the Unitholders of the relevant class or classes (as the case may be) on such date as the extraordinary resolution may provide. ANTI-MONEY LAUNDERING REGULATIONS As part of the Manager s responsibility for the prevention of money laundering, the Manager may require a detailed verification of an investor s identity and the source of payment of application moneys. Depending on the circumstances of each application, a detailed verification might not be required where:- (a) (b) the applicant makes the payment from an account held in the applicant s name at a recognised financial institution; or the application is made through a recognised intermediary. These exceptions will only apply if the financial institution or intermediary referred to above is within a country recognised as having sufficient anti-money laundering regulations. The Manager and the Trustee nevertheless reserve the right to request such information as is necessary to verify the identity of an applicant and the source of payment. In the event of delay or failure by the applicant to produce any information required for verification purposes, the Manager or the Trustee may refuse to accept the application and the subscription moneys relating thereto and refuse to pay any redemption proceeds if an applicant for Units delays in producing or fails to produce any information required for the purposes of verification of identity or source of fund. CONFLICTS OF INTEREST The Manager, the Trustee, the Administrator, the Custodian, the RQFII Custodian and the Transfer Agent may from time to time act as trustee, administrator, transfer agent, manager, custodian, investment manager or investment adviser, representative or otherwise as may be required from time to time in relation to, or be otherwise involved in or with, other funds and clients which have similar investment objectives to those of any Sub-Fund. It is, therefore, possible that any of them may, in the course of business, have potential conflicts of interest with the Fund. Each will, at all times, have regard in such event to its obligations to the Fund and will endeavour to ensure that such conflicts are resolved fairly. In any event, the Manager shall ensure that all investment opportunities will be fairly allocated. DOCUMENTS AVAILABLE FOR INSPECTION Copies of the following documents are available for inspection during normal working hours at the offices of the Manager free of charge and copies thereof may be obtained from the Manager upon payment of a reasonable fee:- (a) (b) (c) the Trust Deed, and any supplemental deeds; all material contracts (if any, as may be specified in the relevant Appendix); and the latest financial reports of the Fund. 26 February 2015
APPENDIX I Fidelity WorldWide Fund - RMB Bond Fund This Appendix comprises information in relation to Fidelity WorldWide Fund - RMB Bond Fund, a Sub-Fund of the Fund. Definition For this Sub-Fund, HK & PRC Business Day shall mean a Business Day on which banks and stock exchanges in Hong Kong and the PRC are open for normal business or such other day or days as the Manager and the Trustee may agree from time to time. Base Currency The base currency of the Sub-Fund is RMB. Whilst RMB is traded both onshore in China and offshore (primarily in Hong Kong), it is the same currency although currently traded at different rates. The exchange rate for the onshore RMB market in China is generally referred to as CNY ; the exchange rate for the offshore RMB market in Hong Kong is generally referred to as CNH. The CNH rate will be used when determining the value of the Units of the Sub-Fund. Investment Objective and Policy Investment Objective The Fidelity WorldWide Fund - RMB Bond Fund aims to achieve income and capital appreciation via exposure to RMB denominated fixed income/debt securities, fixed income/debt instruments and deposits which include but are not limited to convertible bonds, corporate bonds, government bonds, commercial papers, medium term notes, floating rate notes, bankers acceptances and money market instruments (including but not limited to certificates of deposits, bank deposits, negotiated term deposits and commercial papers). These investments may be settled in RMB or in other currencies such as USD or HKD. Exposure to non-rmb denominated debt securities may be hedged in order to seek to maintain the currency exposure in RMB. Investment Policy The Sub-Fund will - (a) (b) (c) invest at least 70% of its Net Asset Value in fixed income/debt securities, fixed income/debt instruments and deposits (including but not limited to bonds, commercial papers, bankers acceptances, notes, certificates of deposits, and other RMB denominated and settled deposits and money market instruments) that are denominated and settled in RMB; invest the remaining portion (i.e. up to 30%) of its Net Asset Value in non-rmb assets that are or will be hedged back to RMB (including, but not limited to, bonds denominated in RMB but settled in other currencies such as USD or HKD); and limit any non-rmb assets without any RMB currency hedge up to 10% of its Net Asset Value. For the avoidance of doubt, the Manager will ensure that the Sub-Fund will maintain an effective currency exposure to RMB (including through currency hedging) of at least 90% of its Net Asset Value. As at the date of this Explanatory Memorandum, the Sub-Fund does not intend to invest directly in debt securities, money market instruments or other securities issued in mainland China through a qualified foreign institutional investor ( QFII ). If an entity of the FIL Group becomes a QFII, the Sub-Fund may invest in debt securities, money market instruments or other securities issued within mainland China through such QFII. The Manager will seek the Trustee s and the SFC s prior approval and not less than one month s prior notice will be given to investors, if the Sub-Fund intends to make such investments. The Sub-Fund may invest in listed and unlisted instruments and securities of investment grade (i.e. rated as Baa3 or above by Moody s or BBB- or above by Standard & Poor s or equivalent ratings by other rating agencies) or below investment grade securities as well as unrated securities. The Sub-Fund may invest in other collective investment schemes as permitted by the applicable investment restrictions. The Sub-Fund may acquire forward contracts for the purpose of hedging back to the base currency of the Sub-Fund. Forward contracts include, but are not limited to, non-deliverable forward and/or deliverable forward contracts. The Sub-Fund may also use swaps for hedging purposes. The Sub-Fund may invest in futures contracts and options for hedging and investment purposes. The net total aggregate value of contract prices in respect of futures contracts entered into other than for hedging purposes may not exceed 20% of the total Net Asset Value of the Sub-Fund. The value of the Sub-Fund s investment in options not held for hedging purposes in terms of the total amount of premium paid may not exceed 15% of the Net Asset Value of the Sub-Fund. The Sub-Fund will not invest in any structured deposits (including currency-linked deposits, currency and interest ratelinked deposits, index-linked deposits or the like) or structured products as defined in the SFO. The Manager currently does not intend to enter into any securities lending or repurchase transactions in respect of the Sub-Fund. Any change to this investment restriction is subject to the prior approval of SFC and not less than one month s prior notice will be given to the Sub-Fund s Unitholders. The Sub-Fund may invest all or a significant portion of its portfolio in RMB denominated certificates, bank deposits and/ or negotiated term deposits. February 2015 27
The following is an indicative investment allocation of the Sub-Fund. Subject to the investment restrictions applicable to the Sub-Fund, the Manager may adjust the allocation (within the prescribed limit as shown in the table below) from time to time without notice to investors having regarding to the prevailing market conditions. Type of instrument RMB denominated and settled fixed income/debt securities, fixed income/debt instruments and deposits (including but not limited to bonds, commercial papers, bankers acceptances, notes, certificates of deposits, and other RMB denominated and settled deposits and money market instruments) Non-RMB assets hedged back to RMB (including instruments which are settled in other currencies such as USD or HKD) Indicative percentage (as a percentage of the Sub-Fund s Net Asset Value) At least 70% Up to 30% Non-RMB assets without any RMB currency hedge Up to 10% Additional Investment and Borrowing Restrictions (I) In addition to the investment restrictions set out in the section headed Investment and Borrowing Restrictions, the aggregate value of the Sub-Fund s investments in RMB denominated securities and deposits issued by a single issuer may not exceed 10% of its Net Asset Value, except: (a) (b) where the issuer is a substantial financial institution and the total amount does not exceed 10% of the issuer s issued capital and published reserves, the limit may be increased to 25%; or in respect of any deposit of less than US$1 million or its equivalent in RMB, where the Sub-Fund cannot otherwise diversify as a result of its size. (II) The Sub-Fund will not invest more than 10% of its Net Asset Value in securities issued by or guaranteed by any single country (including its government or a public or local authority of that country) with a credit rating below investment grade. For the avoidance of doubt, this restriction will also not apply where securities that the Sub-Fund invests in are issued by a country which is rated as investment grade debt securities by at least one rating agency. Specific Risk Factors Investors should refer to the relevant risks under the section headed Risk Factors in the main part of the Explanatory Memorandum, and the following specific risk factors for the Sub-Fund. 1. Renminbi currency risk Starting from 2005, the exchange rate of the RMB is no longer pegged to the US dollar. RMB has now moved to a managed floating exchange rate based on market supply and demand with reference to a basket of foreign currencies. The daily trading price of RMB against other major currencies in the inter-bank foreign exchange market would be allowed to float within a narrow band around the central parity published by the PBOC. As the exchange rates are based primarily on market forces, the exchange rates for RMB against other currencies, including US dollars and Hong Kong dollars, are susceptible to movements based on external factors. It should be noted that RMB is currently not a freely convertible currency as it is subject to foreign exchange control policies and restrictions of the Chinese government. Trading in RMB may be subject to possible delay in the settlement process. The possibility that the appreciation of RMB will be accelerated cannot be excluded. On the other hand, there can be no assurance that RMB will not be subject to devaluation. Any devaluation of RMB could adversely affect the value of investors investments in the Sub-Fund. If investors convert Hong Kong dollars or any other currency into RMB so as to invest in the RMB Classes of Units and subsequently convert the RMB redemption proceeds back into Hong Kong dollars or any other currency, they may suffer a loss if RMB depreciates against Hong Kong dollars or such other currency. Investors who invest in non-rmb denominated Classes of Units may also suffer a loss in their investments if RMB depreciates against the relevant class currency, as the majority of the Sub-Fund s investments will be held in RMB denominated instruments and deposits. Subject to the applicable investment restrictions, the Sub-Fund may invest in securities that are denominated in RMB but settled in other currencies (such as USD or HKD) to the extent permitted under its investment objective. Accordingly, the Sub-Fund s performance may be adversely affected by the movements in the exchange rates between RMB (i.e. the Sub-Fund s base currency) and other currencies (such as USD or HKD). Further, the Chinese government s imposition of restrictions on the repatriation of RMB out of China may limit the depth of the RMB market in Hong Kong and reduce the liquidity of the relevant Sub-Fund. The Chinese government s policies on exchange control and repatriation restrictions are subject to change, and such change may adversely affect the Sub-Fund or the investors position. 28 February 2015
2. Exchange and currency conversion risk RMB is not currently a freely convertible currency and is subject to exchange control imposed by the PRC government. Such control of currency conversion and movements in the RMB exchange rates may adversely affect the operations and financial results of companies in the PRC. Insofar as the Sub-Fund s assets are invested in the PRC, it will be subject to the risk of the PRC government s policy or imposition of restrictions on the repatriation of funds or other assets out of the country, affecting the ability of the Sub-Fund to satisfy payments to investors. Currently, the RMB is traded in two markets: one in Mainland China, and one outside Mainland China (primarily in Hong Kong). The RMB traded in Mainland China is not freely convertible and is subject to exchange controls and certain requirements by the government of Mainland China. The RMB traded outside Mainland China, on the other hand, is freely tradable. Whilst the RMB is traded freely outside Mainland China, the RMB spot, forward foreign exchange contracts and related instruments reflect the structural complexities of this evolving market. Accordingly, the Sub-Fund may be exposed to greater foreign exchange risks. Investments acquired by the Sub-Fund will mainly be denominated in RMB whereas the classes of Units may be denominated in other currencies. This may expose Unitholders to movements of the exchange rate between the currency of the class of Units they invest in and the currency in which the assets of the Sub-Fund are held. In calculating the value of non-rmb denominated assets and the prices of Units of non-rmb classes, the Manager will normally apply the CNH exchange rate for the offshore RMB market in Hong Kong. The CNH rate may be at a premium or discount to the exchange rate for the onshore RMB market in China (i.e. the CNY exchange rate) and there may be significant bid and offer spreads. The value of the Sub-Fund will thus be subject to fluctuation. It is the Manager s intention to maintain a substantial portion of investments of the Sub-Fund in RMB denominated and settled instruments and RMB bank deposits. Where an investor subscribes for Units denominated in a non-rmb currency, the Manager may convert part or all of such subscriptions into RMB prior to investment at the applicable exchange rate. As RMB is not freely convertible, currency conversion is subject to availability of RMB at the relevant time (i.e. it is possible there is not sufficient RMB for currency conversion in case of sizeable subscriptions). As such, the Manager has the absolute discretion to reject any application made in non-rmb currency funds (whether such application is in relation to a class of Units denominated in RMB) where it determines that there is not sufficient RMB for currency conversion. Where an investor redeems Units denominated in a non-rmb currency, the Manager may sell the Sub- Fund s investments denominated in RMB and convert such proceeds into non-rmb currency at the applicable exchange rate. Currency conversion is also subject to the Sub-Fund s ability to convert the proceeds denominated in RMB into non-rmb currency which, in turn, might delay the payment of redemption proceeds or affect the Sub-Fund s ability to meet redemption requests from the Unitholders. 3. Credit risk of RMB debt securities Investment in RMB debt securities is subject to the counterparty risk of the issuers which may be unable or unwilling to make timely payments on principal and/or interest. The financial market of mainland China is at an early stage of development. The RMB debt securities that the Sub-Fund invests in may either have a relatively low credit rating or may be unrated. In general, debt instruments that have a lower credit rating or that are unrated will be more susceptible to the credit risk of the issuers. In the event of a default or credit rating downgrading of the issuers of the RMB debt securities, the Sub-Fund s value will be adversely affected and investors may suffer a substantial loss as a result. The Sub-Fund may also encounter difficulties or delays in enforcing its rights against the issuers of RMB debt securities as such issuers may be incorporated outside Hong Kong and subject to foreign laws. RMB debt securities and RMB denominated bank deposits are generally offered on an unsecured basis without collateral, and will rank equally with other unsecured debts of the relevant counterparty. As a result, if the counterparty becomes bankrupt, proceeds from the liquidation of the counterparty s assets will be paid to holders of RMB debt securities or RMB denominated bank deposits only after all secured claims have been satisfied in full. The Sub-Fund is therefore fully exposed to the credit/insolvency risk of its counterparties as an unsecured creditor. 4. Risk of limited pool of investments The Sub-Fund s investment strategy is to invest primarily in securities denominated in or have exposure to RMB. However, the quantity of such assets that are available to the Sub-Fund is currently limited, and the remaining duration of any RMB debt securities that the Sub-Fund may invest in may be short. In the absence of investible securities, or when the relevant debt securities held are at maturity, the Sub-Fund may have to allocate a significant portion of the portfolio s RMB assets in RMB negotiated term deposits until suitable securities are available in the market. This may adversely affect the Sub-Fund s return and performance. In addition, where there is a limited supply of and excess demand for RMB denominated instruments, prices of such instruments could be driven up, and their quality could be compromised, and these may have an adverse impact on the value of the Sub-Fund. 5. Diversification risk The Sub-Fund will invest primarily in securities denominated in RMB or have exposure to RMB. Investors should be aware that the Sub-Fund is likely to be more volatile than a broad-based fund that adopts a more diversified strategy, as it is more susceptible to fluctuations in value resulting from adverse conditions in their respective countries. February 2015 29
6. Distribution out of capital risk For Class A-MINCOME(G)-RMB Units, dividends may be paid out of capital where the income/capital gain generated by the Sub-Fund is insufficient to pay a distribution as declared. Investors should note that the payment of dividends out of capital represents a return or withdrawal of part of the amount they originally invested or from any capital gains attributable to the original investment. Such distributions may result in an immediate decrease in the Net Asset Value per Unit of the Sub-Fund. Dividends may also be paid effectively out of capital of the Sub-Fund. Please refer to the section headed Distributions in this Appendix for further details. 7. Liquidity risk RMB debt securities that are currently not listed on a stock exchange or a securities market where trading is conducted on a regular basis may be subject to additional liquidity risk. There is no guarantee that market making arrangements will be in place to make a market and quote a price for all RMB debt securities. In the absence of an active secondary market, the Sub-Fund may need to hold the relevant RMB debt securities until their maturity date. If sizeable redemption requests are received, the Sub-Fund may need to liquidate its investments at a substantial discount in order to satisfy such requests and the Sub-Fund may suffer losses in trading such instruments. Even if a secondary market exists for any RMB debt securities, the price at which such instruments are traded on the secondary market may be higher or lower than the initial issue price due to many factors including the prevailing interest rates. Further, the bid and offer spread of the price of RMB debt securities may be high, and the Sub-Fund may therefore incur significant trading costs and may even suffer losses when selling such investments. The Manager seeks to control the liquidity risk of the investment portfolio by a series of internal management measures in order to meet Unitholders redemption requests. Available Classes The following classes of Units are available for sale in Hong Kong: Class Definition Class Currency Class A-ACC-RMB Class A accumulating Units RMB Class A-ACC-USD Class A accumulating Units USD Class A-MDIST-RMB Class A monthly distributing Units RMB Class A-MINCOME(G)-RMB Class A monthly gross income Units RMB The following classes of Units are not available for sale in Hong Kong at the time of the issue of the Explanatory Memorandum. These class(es) will be launched at a later date at the Manager s discretion. Class Definition Class Currency Class A-ACC-HKD Class A accumulating Units HKD Class A-MDIST-HKD Class A monthly distributing Units HKD Class A-ACC-Euro Class A accumulating Units Euro Class A-MDIST-Euro Class A monthly distributing Units Euro The Manager accepts payment of subscription moneys in the class currency of the relevant Units. Investment Minima Minimum Subscription Amount Note: The minimum subscription amount will be denominated in USD notwithstanding that the class currency of a class of Units may be denominated in a currency other than USD. Please refer to the section headed Payment Procedure for details on currency conversion in respect of subscription moneys. Minimum Subsequent Subscription Amount Note: The minimum subscription amount will be denominated in USD notwithstanding that the class currency of a class of Units may be denominated in a currency other than USD. Please refer to the section headed Payment Procedure for details on currency conversion in respect of subscription moneys. Minimum Holding Minimum Redemption Amount All Classes: USD2,500 (or its equivalent in any other freely convertible currency) All Classes: USD1,000 (or its equivalent in any other freely convertible currency) All Classes: Units with aggregate minimum value amounting to the gross minimum subscription amount applicable to these classes All Classes: Not applicable 30 February 2015
Fees Current Level of Fees Payable by Investors Initial Charge (% of Subscription Amount) Redemption Charge (% of Redemption Amount) Switching Charge (% of on the subscription amount for the issue of the Units of the New Class) All Classes: Up to 5.25% All Classes: Up to 1% All Classes: Up to 5.25% Note: A Unitholder is subject to a switching charge of up to 1% if such Unitholder has already paid the full initial charge in respect of his Units of the Existing Class. If a Unitholder s investment in the Exiting Class was not subject to an initial charge or was subject to an initial charge lower than the specified maximum, such Unitholder will have to pay a switching charge of up to 5.25%. Please refer to the section header Switching between Classes / Sub-Funds for details. Current Level of Fees Payable by the Sub-Fund Annual Management Fee (% Net Asset Value of the Sub-Fund) Trustee Fee (% Net Asset Value of the Sub-Fund) Administrator Fee (% Net Asset Value of the Sub-Fund) Transfer Agent Fee All Classes: 0.75% p.a. All Classes: Up to 0.02% p.a., subject to a minimum monthly fee of US$500 All Classes: 0.06% p.a. subject to a minimum monthly fee of US$2,000 All Classes: minimum monthly fee of USD500 per month In addition to the above, the Sub-Fund is also subject to other fees and charges (e.g. custodian fee). Please refer to the Expenses and Charges section of the main part of the Explanatory Memorandum for details. Establishment Costs The costs of establishment of the Fidelity WorldWide Fund and Fidelity WorldWide Fund - RMB Bond Fund (initial Sub- Fund) have been described in the main part of the Explanatory Memorandum. Dealing Day Dealing Day shall include each HK & PRC Business Day but exclude any HK & PRC Business Day on which (a) any exchange or market on which a substantial portion of the Sub-Fund s investments is traded is closed or (b) dealings on such exchange or market are restricted or suspended. Dealing Deadline 4:00 p.m. (Hong Kong time) on the relevant Dealing Day. The Authorised Distributor(s) may impose different dealing deadlines for receiving instructions for subscriptions, redemptions or switching. Investors should pay attention to the arrangements of the Authorised Distributor(s) concerned. Subscription, Redemption and Switching of Units For details regarding the procedures for subscription, redemption and switching, see the main part of the Explanatory Memorandum under Purchase of Units, Redemption of Units and Switching between Classes / Sub-Funds. Distributions The Manager has discretion as to whether or not to make any distribution of dividends, the frequency of distribution and amount of dividends. No dividends will be paid in respect of Class A-ACC Units. All interest and other income earned on the investment will be accumulated and re-invested. It is currently intended that distributions (if any) in respect of Class A-MDIST Units will be made on a monthly basis and will be declared on the first HK & PRC Business Day of each month. There is no guarantee of regular distribution and if distribution is made the amount being distributed. Only the net income (the income net of expenses) attributable to February 2015 31
the relevant Classes may be distributed. No distribution will be paid out of the Sub-Fund s capital in respect of Class A-MDIST Units. The Manager expects to recommend distribution of substantially the whole of Class A-MINCOME(G) Units gross investment income for most of the time, and from capital on occasion so as to seek to maintain, so far as is reasonable, a stable payment per Unit which should not have over the long term a positive or negative impact on capital. Dividends are normally declared on the first HK & PRC Business Day of each month. The Manager may recommend distribution of dividends out of capital on occasion at its discretion, or the Manager may recommend distribution of dividends out of gross income while charging all or part of the Sub-Fund s fees and expenses to/out of the capital of the Sub-Fund, resulting in an increase in distributable income for the distribution of dividends and therefore, the Sub-Fund may effectively distribute dividends out of capital. Such distribution out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any distributions involving payment of dividends out of the Sub-Fund s capital or payment of dividends effectively out of the Sub-Fund s capital (as the case may be) may result in an immediate decrease of the Net Asset Value per Unit. The composition of dividends, that is, the relative amounts paid out of (i) net distributable income, and (ii) capital, for the last 12 months are available from the Manager on request and also on the Sub-Fund s website: https://www.fidelity. com.hk/static/pdf/investor/personal-investment/docs/fund_distribution_payment_composition_fwwf.pdf. This website has not been reviewed by the SFC. Should the distribution policy in respect of Class A-MINCOME(G) Units or the policy on charging fees and expenses to capital (as the case may be) be amended, such change will be subject to the prior approval of the SFC and by giving not less than one month s notice to investors. Valuation The Valuation Day in respect of a Dealing Day will be that Dealing Day and the Valuation Point is the close of business in the last relevant market to close on each Valuation Day. 32 February 2015
APPENDIX II Fidelity WorldWide Fund - China A Select Fund This Appendix comprises information in relation to Fidelity WorldWide Fund - China A Select Fund, a Sub-Fund of the Fund. This Sub-Fund is not available for investment at the time of issue of this Explanatory Memorandum. The Sub-Fund will be launched at the Manager s discretion and the Explanatory Memorandum will be updated accordingly thereafter. Definition For this Sub-Fund, HK & PRC Business Day shall mean a Business Day on which banks and stock exchanges in Hong Kong and the PRC are open for normal business or such other day or days as the Manager and the Trustee may agree from time to time. Initial Offer The following classes of Units set out in the table below are initially being offered at the respective initial offer prices on or after the launch date of the Sub-Fund. Class Class A-ACC-HKD Class A-ACC-RMB Class A-ACC-USD Initial Offer Price per Unit HKD10 RMB100 USD10 An initial charge of up to 5.25% on the subscription amount for the issue of each Unit will be imposed in respect of subscriptions received on the launch date of the Sub-Fund. Base Currency The base currency of the Sub-Fund is RMB. Whilst RMB is traded both onshore in China and offshore (primarily in Hong Kong), it is the same currency although currently traded at different rates. The exchange rate for the onshore RMB market in China is generally referred to as CNY ; the exchange rate for the offshore RMB market in Hong Kong is generally referred to as CNH. The CNH rate will be used when determining the value of the Units of the Sub-Fund. Investment Objective and Policy Investment Objective The Fidelity WorldWide Fund - China A Select Fund seeks to achieve long-term capital growth by investing primarily in China A-Shares. Investment Policy In order to achieve the investment objective of the Sub-Fund, the Sub-Fund will invest primarily (i.e. at least 70% of the Sub-Fund s Net Asset Value) in China A-Shares which (a) are denominated and settled in RMB; and/or (b) are listed on the Shanghai Stock Exchange or the Shenzhen Stock Exchange through the RQFII quota of the Manager, and/or other permissible means pursuant to the relevant laws and regulations. This includes investment of up to 100% of the Sub- Fund s Net Asset Value in certain eligible China A-Shares through the Stock Connect (as further described in the section headed Shanghai-Hong Kong Stock Connect below). Where the Manager deems it appropriate, the Sub-Fund may invest up to 30% of its Net Asset Value in China B-Shares, China H-Shares and/or other equity securities listed and/or issued outside of the PRC. The Sub-Fund may also obtain indirect exposure to China A-Shares through investing up to 10% of its Net Asset Value in China A-Shares Access Products ( CAAPs ) (including equity-linked notes and participatory notes) which are linked to China A-Shares and issued outside of China. The Sub-Fund will not invest in any investment funds (including but not limited to equity funds and fixed income funds) which are registered with or authorised by the CSRC for offer to the retail public in the PRC. The Sub-Fund does not intend to invest in RMB denominated and settled fixed income instruments which are issued or distributed within the PRC. Where appropriate, the Sub-Fund may invest in other permissible investments such as warrants traded on the Shanghai Stock Exchange or the Shenzhen Stock Exchange or other financial instruments approved by the CSRC pursuant to the PRC rules and regulations applicable to RQFIIs. It is the current intention of the Manager that the Sub-Fund may acquire warrants traded in the PRC for hedging purposes only. Subject to the applicable investment restrictions as set out in the section headed Investment and Borrowing Restrictions in the main part of the Explanatory Memorandum, the Manager may acquire financial futures contracts (i.e. stock index futures) listed on the China Financial Future Exchange ( CFFEX ) in the PRC for hedging purpose only or financial futures contracts listed and issued outside of China for the account of the Sub-Fund for investment and/or hedging purposes. The Sub-Fund s exposure to such financial futures contracts (other than futures contracts entered into for hedging purposes) in terms of the net total aggregate value of contract prices (whether payable to or by the Sub- Fund under all outstanding futures contracts) may not exceed 20% of the total Net Asset Value of the Sub-Fund. February 2015 33
The Sub-Fund will not invest in any structured deposits (including currency-linked deposits, currency and interest ratelinked deposits, index-linked deposits or the like) or structured products as defined in the SFO. Nor will the Sub-Fund invest in asset backed securities (including asset backed commercial paper). The Manager currently does not intend to enter into any securities lending, repurchase or similar over-the-counter transactions in respect of the Sub-Fund. Any change to this investment restriction is subject to the prior approval of SFC and not less than one month s prior notice will be given to the Sub-Fund s Unitholders. It is expected that the Sub-Fund may hold up to 100% of its Net Asset Value in cash or near-cash instruments issued within or outside China such as bank certificates of deposit, bank deposits and negotiated term deposits with authorised financial institutions, in times of extreme market conditions such as in times of a prolonged bearish market or a severe and rapid economic downturn in the PRC in order to protect the assets of the Sub-Fund, mitigate risk or maintain liquidity of the Sub-Fund. Notwithstanding the above, not more than 20% of the Sub-Fund s Net Asset Value shall be held as cash within China. The following is an indicative investment allocation of the Sub-Fund. Subject to the investment restrictions applicable to the Sub-Fund, the Manager may adjust the allocation (within the prescribed limit as shown in the table below) from time to time without notice to investors having regarding to the prevailing market conditions. Type of instrument Indicative percentage (as a percentage of the Sub-Fund s Net Asset Value) China A-Shares At least 70% The Sub-Fund may invest up to 100% of its Net Asset Value in China A-Shares through the Stock Connect China B-Shares, China H-Shares and/or other equity securities listed and/or issued outside of the PRC Up to 30% CAAPs Up to 10% Investment Strategy In seeking to achieve long term capital growth of the Sub-Fund, the Manager may consider a broad variety of factors and circumstances in the selection of securities and construction of the Sub-Fund s portfolio. Such factors may include, but are not limited to, a company s profitability, debt, valuation, growth prospects, actual or future cash flows, volatility, availability and liquidity of securities, sector outlook or prospects, the overall economic, political, tax and regulatory environment affecting the relevant securities and markets in the PRC. Renminbi Qualified Foreign Institutional Investor ( RQFII ) Under prevailing RQFII regulations in the PRC, foreign institutional investors who wish to invest directly in the PRC domestic securities market may apply for a RQFII licence. The Manager has obtained a RQFII licence in the PRC. Currently it is intended that the Sub-Fund will obtain exposure to China A-Shares and other permissible investments by using the RQFII quota of the Manager. The RQFII regime is governed by rules and regulations as promulgated by the Chinese authorities, i.e., the CSRC, SAFE and the PBOC. Such rules and regulations may be amended from time to time and include (but are not limited to): (i) (ii) (iii) (iv) (v) (vi) the Pilot Scheme for Domestic Securities Investment through Renminbi Qualified Foreign Institutional Investors ( 人民幣合格境外機構投資者境內證券投資試點辦法 ) issued by the CSRC, the PBOC and SAFE and effective from 1 March 2013; the Implementation Rules for the Pilot Scheme for Domestic Securities Investment through Renminbi Qualified Foreign Institutional Investors ( 關於實施 人民幣合格境外機構投資者境內證券投資試點辦法 的規定 ) issued by the CSRC and effective from 1 March 2013; the Circular on Issues Related to the Pilot Scheme for Domestic Securities Investment through Renminbi Qualified Foreign Institutional Investors ( 國家外匯管理局關於人民幣合格境外機構投資者境內證券投資試點有關問題的通知 ) issued by SAFE and effective from 21 March 2013 ( RQFII Measures ); the Notice of the People s Bank of China on the Relevant Matters concerning the Implementation of the Pilot Scheme for Domestic Securities Investment through Renminbi Qualified Foreign Institutional Investors ( 中國人民銀行關於實施 人民幣合格境外機構投資者境內證券投資試點辦法 有關事項的通知 ) issued by the PBOC and effective from 2 May 2013; the Guidelines on Management and Operation of RQFII Quota (RQFII 額度管理操作指引 ) issued by SAFE and effective from 30 May 2014; and any other applicable regulations promulgated by the relevant authorities. The Manager (as the RQFII holder) may from time to time make available RQFII quota for the purpose of the Sub- Fund s direct investment into the PRC. Under SAFE s RQFII quota administration policy, the Manager has the flexibility to allocate its RQFII quota across different public fund products under the Manager s management, or, subject to SAFE s approval, to products and/or accounts that are not public fund products (but are under the Manager s management). The Manager may therefore allocate additional RQFII quota to the Sub-Fund, or allocate RQFII quota which may otherwise be available to the Sub-Fund to other public fund products under the Manager s management. Subject to 34 February 2015
SAFE s approval, the Manager may also allocate RQFII quotas to other non-public fund products and/or accounts. The Manager may also apply to SAFE for additional RQFII quota which may be utilised by the Sub-Fund, other clients of the Manager or other products managed by the Manager. However, there is no assurance that the Manager will make available RQFII quota that is sufficient for the Sub-Fund s investment at all times. The Trustee takes into its custody or under its control the Sub-Fund's assets, including assets deposited in the securities and RMB cash accounts with the RQFII Custodian in the PRC, and holds the same in trust for Unitholders. The Manager has selected the RQFII Custodian to act as the local custodian for investments made through its RQFII quota as required under RQFII regulations. The Trustee has appointed the Custodian as its global custodian pursuant to the Custodian Agreement. The Custodian will appoint the RQFII Custodian as its sub custodian pursuant to the RQFII Sub Custodian Agreement, pursuant to which the RQFII Custodian shall hold the assets of the Sub-Fund invested in the PRC through the Manager s RQFII quota. The RQFII Sub-Custodian Agreement will be supplemented by a RQFII Supplemental Custody Agreement between the Trustee, the Manager, the Custodian and the RQFII Custodian. Securities including China A-Shares or other permissible investments will be maintained by the RQFII Custodian pursuant to PRC regulations through securities accounts with the China Securities Depository and Clearing Corporation Limited, China Central Depository & Clearing Co. Ltd, Shanghai Clearing House Co., Ltd. or such other relevant depositories in such name as may be permitted or required in accordance with the PRC law. Investors should pay attention to the sections headed RQFII risk, Application of RQFII rules, Risks associated with securities and cash deposited with the RQFII Custodian and PRC brokerage risk under the below Specific Risk Factors section. The Manager has obtained an opinion from PRC legal counsel to the effect that, as a matter of PRC laws: (a) (b) (c) (d) (e) (f) securities accounts with the relevant depositories and RMB special deposit accounts with the RQFII Custodian (respectively, the securities accounts and the cash accounts ) shall be opened in the names of the Manager (as RQFII holder) and the Sub-Fund for the sole benefit and use of the Sub-Fund in accordance with all applicable laws and regulations of the PRC and with approval from all competent authorities in the PRC; the assets held/credited in the securities accounts (i) belong solely to the Sub-Fund, and (ii) are segregated and independent from the proprietary assets of the Manager (as RQFII holder), the Custodian, the RQFII Custodian and any PRC Broker(s) and from the assets of other clients of the Manager (as RQFII holder), the Custodian, the RQFII Custodian and any PRC Broker(s); the assets held/credited in the cash accounts (i) become an unsecured debt owing from the RQFII Custodian to the Sub-Fund, and (ii) are segregated and independent from the proprietary assets of the Manager (as RQFII holder) and any PRC Broker(s), and from the assets of other clients of the Manager (as RQFII holder) and any PRC Broker(s); the Trustee, for and on behalf of the Sub-Fund is the only entity which has a valid claim of ownership over the assets in the securities accounts and the debt in the amount deposited in the cash accounts of the Sub-Fund; if the Manager or any PRC Broker is liquidated, the assets contained in the securities accounts and cash accounts of the Sub-Fund will not form part of the liquidation assets of the Manager or such PRC Broker in liquidation in the PRC; and if the RQFII Custodian is liquidated, (i) the assets contained in the securities accounts of the Sub-Fund will not form part of the liquidation assets of the RQFII Custodian in liquidation in the PRC, and (ii) the assets contained in the cash accounts of the Sub-Fund will form part of the liquidation assets of the RQFII Custodian in liquidation in the PRC and the Sub-Fund will become an unsecured creditor for the amount deposited in the cash accounts. Further, the Trustee has put in place proper arrangements to ensure that: (i) (ii) (iii) the Trustee takes into its custody or under its control the assets of the Sub-Fund, including assets deposited in the securities accounts and cash accounts with the RQFII Custodian, and holds the same in trust for the Unitholders; the Trustee registers the assets of the Sub-Fund, including assets deposited in the securities accounts and cash accounts with the RQFII Custodian, to the order of the Trustee; and the RQFII Custodian will look to the Trustee for instructions (through the Custodian) and solely act in accordance with such instructions, save as otherwise agreed or required under applicable regulations. The Manager will assume dual roles as the Manager of the Sub-Fund and the holder of RQFII quota for the Sub-Fund. The Manager will be responsible for ensuring that all transactions and dealings will be dealt with in compliance with the Trust Deed (where applicable) as well as the relevant laws and regulations applicable to the Manager as a RQFII. If any conflicts of interest arise, the Manager will have regard in such event to its obligations to the Sub-Fund and will endeavour to ensure that such conflicts are resolved fairly. Shanghai-Hong Kong Stock Connect The Stock Connect is a securities trading and clearing linked programme developed by Hong Kong Exchanges and Clearing Limited ( HKEx ), Shanghai Stock Exchange ( SSE ) and China Securities Depository and Clearing Corporation Limited ( ChinaClear ), with an aim to achieve mutual stock market access between mainland China and Hong Kong. Under the Stock Connect, Hong Kong and overseas investors (including the Sub-Fund), through their Hong Kong brokers and a securities trading service company to be established by The Stock Exchange of Hong Kong Limited ( SEHK ), may be able to trade eligible China A-Shares listed on SSE by routing orders to SSE. February 2015 35
Eligible securities Hong Kong and overseas investors will be able to trade certain stocks listed on the SSE market (i.e. SSE Securities ). These include all the constituent stocks from time to time of the SSE 180 Index and SSE 380 Index, and all the SSE-listed China A-Shares that are not included as constituent stocks of the relevant indices but which have corresponding China H-Shares listed on SEHK, except the following: SSE-listed shares which are not traded in RMB; and SSE-listed shares which are included in the risk alert board. Trading quota Trading under the Stock Connect will be subject to a maximum cross-boundary investment quota ( Aggregate Quota ) together with a daily quota ( Daily Quota ). Northbound trading will be subject to a separate set of Aggregate and Daily Quota. The Aggregate Quota caps the absolute amount of fund inflow into the PRC under Northbound trading. The Northbound Aggregate Quota is currently set at RMB300 billion. The Daily Quota limits the maximum net buy value of cross-boundary trades under the Stock Connect each day. The Northbound Daily Quota is currently set at RMB13 billion. SEHK will monitor the quota and publish the remaining balance of the Northbound Aggregate Quota and Daily Quota at scheduled times on the HKEx s website. Settlement and custody The Hong Kong Securities Clearing Company Limited ( HKSCC ), a wholly-owned subsidiary of HKEx, will be responsible for the clearing, settlement and the provision of depository, nominee and other related services of the trades executed by Hong Kong market participants and investors. The China A-Shares traded through Stock Connect are issued in scripless form, so investors will not hold any physical China A-Shares. Corporate actions and shareholders meetings Notwithstanding the fact that HKSCC does not claim proprietary interests in the SSE Securities held in its omnibus stock account in ChinaClear, ChinaClear as the share registrar for SSE listed companies will still treat HKSCC as one of the shareholders when it handles corporate actions in respect of such SSE Securities. HKSCC will monitor the corporate actions affecting SSE Securities and keep the relevant brokers or custodians participating in CCASS (the Central Clearing and Settlement System) ( CCASS participants ) informed of all such corporate actions that require CCASS participants to take steps in order to participate in them. Trading fees In addition to certain fees charged by HKSCC, the Sub-Fund will be required to pay handling fee, securities management fee, transfer fee as a result of trading of China A-Shares via the Stock Connect. Investor compensation The Sub-Fund s investments through Northbound trading under Stock Connect will not be covered by Hong Kong s Investor Compensation Fund. On the other hand, since the Sub-Fund is carrying out Northbound trading through securities brokers in Hong Kong but not PRC brokers, therefore they are not protected by the China Securities Investor Protection Fund ( 中國投資者保護基金 ) in the PRC. PRC Tax Provisions For further details relating to PRC taxes and the associated risks, please refer to the risk factor headed China tax considerations under the Risk Factors section in the main part of the Explanatory Memorandum. The Manager currently intends to make provisions for any PRC taxes in respect of dividends derived from China A-Shares (including those acquired through the Stock Connect) and China B-Shares, at a rate of 10% (or as otherwise advised by the Sub-Fund s tax adviser) if the relevant WIT is not withheld at source. Upon the availability of a definitive tax assessment or the issue of announcements or regulations by the competent authorities promulgating definitive tax assessment rules, any sums withheld in excess of the tax liability incurred or which is expected to be incurred by the Sub-Fund shall be released and transferred to the Sub-Fund s accounts forming part of the Sub-Fund s assets. Specific Risk Factors Investors should refer to the relevant risks under the section headed Risk Factors in the main part of the Explanatory Memorandum, and the following specific risk factors for the Sub-Fund. 1. PRC market / single country investment risk Insofar as the Sub-Fund invests primarily in securities issued in China, it will be subject to risks inherent in the PRC market and additional concentration risks. Please refer to the risk factors headed PRC market risk, Emerging market risk and Restricted markets risk in the main part of the Explanatory Memorandum. 36 February 2015
2. China A-Share market risk The existence of a liquid trading market for China A-Shares may depend on whether there is supply of, and demand for, such China A-Shares. The price at which securities may be purchased or sold by the Sub-Fund and the Net Asset Value of the Sub-Fund may be adversely affected if trading markets for China A-Shares are limited or absent. The China A-Share market may be more volatile and unstable (for example, due to the risk of suspension of a particular stock or government intervention). Market volatility and settlement difficulties in the China A-Share markets may also result in significant fluctuations in the prices of the securities traded on such markets and thereby may adversely affect the value of the Sub-Fund. Securities exchanges in China typically have the right to suspend or limit trading in any security traded on the relevant exchange. In particular, trading band limits are imposed by the stock exchanges in China on China A-Shares. Trading in any China A-Share security on the relevant stock exchange may be suspended if the trading price of the security has increased or decreased to the extent beyond the trading band limit. Where the Sub-Fund invests in such China A-Share security, this may adversely impact the performance of the Sub- Fund. A suspension will render it impossible for the Manager to liquidate positions and can thereby expose the Sub-Fund to significant losses. Further, when the suspension is subsequently lifted, it may not be possible for the Manager to liquidate positions at a favourable price. When investing in China A-Shares, foreign investors including the Sub-Fund are subject to the following shareholding restrictions under the PRC laws: China A-Shares held by a single foreign investor (such as the Sub-Fund) in a listed company must not exceed 10% of the total issued shares of such listed company; and total China A-Shares held by all foreign investors in a listed company must not exceed 30% of the total issued shares of such listed company. Should the shareholding of a single foreign investor in China A-Shares of a listed company exceed the above restrictions, the foreign investor (such as the Sub-Fund) would be required to unwind its position on the excessive shareholding according to a last-in-first-out basis within a specified period or be restricted from placing buy orders. These may have adverse effect on the liquidity and performance of the Sub-Fund s investment in China A-Shares. 3. RQFII risk The Sub-Fund is not a RQFII but it may obtain access to China A-Shares or other permissible investments directly using RQFII quota of a RQFII. The Sub-Fund may invest directly in RQFII eligible securities investment via the RQFII status of the Manager (as a RQFII holder). The following risks are relevant to the RQFII regime: Risks regarding RQFII status and RQFII quota Investors should note that RQFII status could be suspended or revoked, which may have an adverse effect on the Sub-Fund s performance as the Sub-Fund may be required to dispose of its securities holdings. Investors should also note that there can be no assurance that a RQFII will continue to maintain its RQFII status or to make available its RQFII quota, or that the Sub-Fund will be allocated a sufficient portion of RQFII quota from the RQFII to meet all applications for subscription to the Sub-Fund, or that redemption requests can be processed in a timely manner due to repatriation restrictions or adverse changes in relevant laws or regulations. Such restrictions may result in a rejection of applications and a suspension of dealings of the Sub- Fund. In extreme circumstances, the Sub-Fund may incur significant losses due to insufficiency of RQFII quota or limitations on Investment, and may not be able to fully implement or pursue its investment objective or strategy, due to RQFII investment restrictions, illiquidity of the Mainland China securities market, and/or delay or disruption in execution of trades or in settlement of trades. RQFII quotas are generally granted to a RQFII. The rules and restrictions under RQFII regulations generally apply to the RQFII as a whole and not simply to the investments made by the Sub-Fund. It is provided in the RQFII Measures that the size of the quota may be reduced or cancelled by SAFE if the RQFII is unable to use its RQFII quota effectively within one year since the quota is granted. If SAFE reduces the RQFII s quota, it may affect the Manager s ability to effectively pursue the investment strategy of the Sub-Fund. On the other hand, SAFE is vested with the power to impose regulatory sanctions if the RQFII or the RQFII Custodian violates any provision of the RQFII Measures. Any violations could result in the revocation of the RQFII s quota or other regulatory sanctions and may adversely impact on the portion of the RQFII s quota made available for investment by the Sub-Fund. As a result, the Net Asset Value of the Sub-Fund may be adversely affected. Also, the Sub-Fund may not have exclusive use of the entire RQFII quota granted by SAFE to the RQFII holder (i.e. the Manager), as the RQFII holder may in its discretion allocate RQFII quota which may otherwise be available to the Sub-Fund to other public fund products under the Manager s management. Subject to SAFE s approval, the Manager may also allocate RQFII quotas to other non-public fund products and/or accounts. There is no assurance that the RQFII holder will make available investment quota that is sufficient for the Sub- Fund s investment at all times. The Manager may decide to close the Sub-Fund to further subscriptions without any prior or further notice to the Unitholders if the total subscription amount reaches the amount of RQFII quota allocated to the Sub-Fund by the Manager. Repatriation and liquidity risks Certain restrictions imposed by the Chinese government on RQFIIs may have an adverse effect on the Sub- Fund s liquidity and performance. SAFE regulates and monitors the repatriation of funds out of the PRC by the RQFII pursuant to the RQFII Measures. Repatriations in RMB conducted by RQFIIs in respect of an open-ended RQFII fund (such as the Sub-Fund) are currently not subject to any lock-up periods, prior approval or other February 2015 37
repatriation restrictions, although authenticity and compliance reviews will be conducted, and monthly reports on remittances and repatriations will be submitted to SAFE by the RQFII Custodian. There is no assurance, however, that PRC rules and regulations will not change or that repatriation restrictions will not be imposed in the future. Any restrictions on repatriation of the invested capital and net profits may impact on the Sub- Fund s ability to meet redemption requests from the Unitholders. Furthermore, as the RQFII Custodian s review on authenticity and compliance is conducted on each repatriation, the repatriation may be delayed or even rejected by the RQFII Custodian in case of non-compliance with the RQFII regulations. In such case, it is expected that redemption proceeds will be paid to the redeeming Unitholder as soon as practicable after completion of the repatriation of funds concerned. It should be noted that the actual time required for the completion of the relevant repatriation will be beyond the Manager s control. 4. Application of RQFII rules The RQFII regulations described under the section headed Renminbi Qualified Foreign Institutional Investor ( RQFII ) have only been recently announced and enable Renminbi to be remitted into and repatriated out of the PRC. The rules are novel in nature and their application may depend on the interpretation given by the relevant Chinese authorities. Investment products (such as the Sub-Fund) which make investments pursuant to such RQFII regulations are among the first of its kind. Any changes to the relevant rules and regulations may have an adverse impact on investors investment in the Sub-Fund. In the worst scenario, the Manager may determine that the Sub-Fund shall be terminated if it is not legal or viable to operate the Sub-Fund because of changes to the application of the relevant rules. The current RQFII laws, rules and regulations are subject to change, which may take retrospective effect. In addition, there can be no assurance that the RQFII laws, rules and regulations will not be abolished. The Sub- Fund investing in the PRC markets through a RQFII may be adversely affected as a result of such changes. 5. Risks associated with the Shanghai-Hong Kong Stock Connect The Sub-Fund may invest through the Stock Connect. In addition to the risk factors headed PRC market / single country investment risk, China A-Share market risk, RMB currency risk and PRC tax risk, investment through the Stock Connect is also subject to the following risks: Quota limitations - The Stock Connect is subject to quota limitations. Quota limitations may restrict the Sub- Fund s ability to invest in China A-Shares through the Stock Connect on a timely basis, and the Sub-Fund may not be able to effectively pursue its investment strategies. Suspension risk - It is contemplated that both SEHK and SSE would reserve the right to suspend Northbound and/or Southbound trading if necessary for ensuring an orderly and fair market and that risks are managed prudently. Where a suspension in the Northbound trading through the Stock Connect is effected, the Sub- Fund s ability to access the PRC market will be adversely affected. Differences in trading day - Due to the differences in trading days in the PRC and Hong Kong markets, the Sub-Fund may be subject to a risk of price fluctuations in China A-Shares on a day that the PRC market is open for trading but the Hong Kong market is closed. Operational risk - The Stock Connect provides a new channel for investors from Hong Kong and overseas to access the China stock market directly. The Stock Connect is premised on the functioning of the operational systems of the relevant market participants. Further, the connectivity in the Stock Connect requires routing of orders across the border. This requires the development of new information technology systems on the part of the SEHK and exchange participants (i.e. a new order routing system ( China Stock Connect System ) to be set up by SEHK to which exchange participants need to connect). There is no assurance that the systems of the SEHK and market participants will function properly or will continue to be adapted to changes and developments in both markets. In the event that the relevant systems failed to function properly, trading in both markets through the programme could be disrupted. The Sub-Fund s ability to access the China A-Shares market (and hence to pursue its investment strategy) will be adversely affected. Restrictions on selling imposed by front-end monitoring - PRC regulations require that before an investor sells any share, there should be sufficient shares in the account; otherwise SSE will reject the sell order concerned. SEHK will carry out pre-trade checking on China A-Share sell orders of its participants (i.e. the stock brokers) to ensure there is no over-selling. If the Sub-Fund desires to sell certain China A-Shares it holds, it must transfer those China A-Shares to the respective accounts of its brokers before the market opens on the day of selling ( trading day ). If it fails to meet this deadline, it will not be able to sell those shares on the trading day and the Sub-Fund may not be able to dispose of holdings of China-A-Shares in a timely manner. Recalling of eligible stocks - When a stock is recalled from the scope of eligible stocks for trading via the Stock Connect, the stock can only be sold but restricted from being bought. This may affect the investment portfolio or strategies of the Sub-Fund. Clearing and settlement risk - The HKSCC and ChinaClear will establish the clearing links and each will become a participant of each other to facilitate clearing and settlement of cross-boundary trades. For crossboundary trades initiated in a market, the clearing house of that market will on one hand clear and settle with its own clearing participants, and on the other hand undertake to fulfil the clearing and settlement obligations of its clearing participants with the counterparty clearing house. Should the remote event of ChinaClear default occur and ChinaClear be declared as a defaulter, HKSCC s liabilities in Northbound trades under its market contracts with clearing participants will be limited to assisting clearing participants in pursuing their claims against ChinaClear. As a result, the Sub-Fund may suffer delay in the recovery process or may not be able to fully recover its losses from ChinaClear. 38 February 2015
Brokerage risk The Sub-Fund will invest up to 100% of its Net Asset Value in China A-Shares via the Stock Connect through its Hong Kong broker(s). There is a risk that the Sub-Fund may suffer losses from the default, bankruptcy or disqualification of the Hong Kong broker(s). In such event, the performance of the Sub-Fund may be adversely affected. Participation in corporate actions and shareholders meetings - HKSCC will keep CCASS participants informed of corporate actions of SSE Securities. Hong Kong and overseas investors (including the Sub-Fund) will need to comply with the arrangement and deadline specified by their respective brokers or custodians (i.e. CCASS participants). The time for them to take actions for some types of corporate actions of SSE Securities may be as short as one business day only. Therefore, the Sub-Fund may not be able to participate in some corporate actions in a timely manner. Hong Kong and overseas investors (including the Sub-Fund) are holding SSE Securities traded via the Stock Connect through their brokers or custodians. According to existing mainland practice, multiple proxies are not available. Therefore, the Sub-Fund may not be able to appoint proxies to attend or participate in shareholders meetings in respect of the SSE Securities. No Protection by Investor Compensation Fund - The Sub-Fund s investments through Northbound trading under the Stock Connect is not covered by the Hong Kong s Investor Compensation Fund. Therefore the Sub- Fund is exposed to the risks of default of the broker(s) it engages in its trading in China A-Shares through the programme. Regulatory risk - The Stock Connect is novel in nature, and will be subject to regulations promulgated by regulatory authorities and implementation rules made by the stock exchanges in the PRC and Hong Kong. It should be noted that the regulations are untested. The current regulations are subject to change. New regulations which are promulgated from time to time may have retrospective effect. There can be no assurance that the Stock Connect will not be abolished. The Sub-Fund, which may invest in the PRC markets through the Stock Connect, may be adversely affected as a result of such changes. 6. RMB currency risk Starting from 2005, the RMB has moved into a managed floating exchange rate regime which is based on market supply and demand with reference to a basket of foreign currencies. The daily trading price of the RMB against other major currencies in the inter-bank foreign exchange market would be allowed to float within a narrow band around the central parity published by the PBOC. As the exchange rates are based primarily on market forces, the exchange rates for RMB against other currencies, including USD and HKD, are susceptible to movements based on external factors. RMB is currently not a freely convertible currency as it is subject to foreign exchange control policies of and repatriation restrictions imposed by the Chinese government. The Chinese government s imposition of restrictions on the repatriation of RMB out of China may limit the depth of the RMB market in Hong Kong and reduce the liquidity of the Sub-Fund. The Chinese government s policies on exchange control and repatriation restrictions are subject to change, and such change may adversely affect the Sub-Fund or the investors position. Investors may subscribe for Units and receive redemption proceeds in RMB. There is no assurance that RMB will not be subject to devaluation, in which case the value of their investments will be adversely affected. If investors convert Hong Kong Dollars or any other currency into RMB so as to invest in the Sub-Fund and subsequently convert the RMB redemption proceeds back into Hong Kong Dollars or any other currency, they may suffer a loss if RMB depreciates against Hong Kong Dollars or such other currency. 7. Exchange and currency conversion risk RMB is not currently a freely convertible currency and is subject to exchange control imposed by the PRC government. Such control of currency conversion and movements in the RMB exchange rates may adversely affect the operations and financial results of companies in the PRC. Insofar as the Sub-Fund s assets are invested in the PRC, it will be subject to the risk of the PRC government s policy or imposition of restrictions on the repatriation of funds or other assets out of the country, affecting the ability of the Sub-Fund to satisfy payments to investors. Currently, the RMB is traded in two markets: one in Mainland China, and one outside Mainland China (primarily in Hong Kong). The RMB traded in Mainland China is not freely convertible and is subject to exchange controls and certain requirements by the government of Mainland China. The RMB traded outside Mainland China, on the other hand, is freely tradable. Whilst the RMB is traded freely outside Mainland China, the RMB spot, forward foreign exchange contracts and related instruments reflect the structural complexities of this evolving market. Accordingly, the Sub-Fund may be exposed to greater foreign exchange risks. Investments acquired by the Sub-Fund will mainly be denominated in RMB whereas the classes of Units may be denominated in other currencies. This may expose Unitholders to movements of the exchange rate between the currency of the class of Units they invest in and the currency in which the assets of the Sub-Fund are held. In calculating the value of non-rmb denominated assets and the prices of Units of non-rmb classes, the Manager will normally apply the CNH exchange rate for the offshore RMB market in Hong Kong. The CNH rate may be at a premium or discount to the exchange rate for the onshore RMB market in China (i.e. the CNY exchange rate) and there may be significant bid and offer spreads. The value of the Sub-Fund will thus be subject to fluctuation. February 2015 39
It is the Manager s intention to maintain a substantial portion of investments of the Sub-Fund in RMB denominated and settled instruments. Where an investor subscribes for Units denominated in a non-rmb currency, the Manager may convert part or all of such subscriptions into RMB prior to investment at the applicable exchange rate. As RMB is not freely convertible, currency conversion is subject to availability of RMB at the relevant time (i.e. it is possible there is not sufficient RMB for currency conversion in case of sizeable subscriptions). As such, the Manager has the absolute discretion to reject any application made in non-rmb currency funds (whether such application is in relation to a class of Units denominated in RMB) where it determines that there is not sufficient RMB for currency conversion. Where an investor redeems Units denominated in a non-rmb currency, the Manager may sell the Sub- Fund s investments denominated in RMB and convert such proceeds into non-rmb currency at the applicable exchange rate. Currency conversion is also subject to the Sub-Fund s ability to convert the proceeds denominated in RMB into non-rmb currency which, in turn, might delay the payment of redemption proceeds or affect the Sub-Fund s ability to meet redemption requests from the Unitholders. 8. Diversification risk The Sub-Fund will invest primarily in securities issued in China. Investors should be aware that the Sub-Fund is likely to be more volatile than a broad-based fund that adopts a more diversified strategy, as it is more susceptible to fluctuations in value resulting from adverse conditions in China. 9. Risks associated with securities and cash deposited with the RQFII Custodian Investing in the PRC through a RQFII will be subject to custodial risk of the RQFII Custodian appointed for purpose of safekeeping assets in the PRC. The Sub-Fund may incur losses due to defaults, acts or omissions of the RQFII Custodian in the execution or settlement of any transaction or in the transfer of any funds or securities. Investors should note that cash deposited in the cash accounts of the Sub-Fund with the RQFII Custodian will not be segregated but will be a debt owing from the RQFII Custodian to the Sub-Fund as a depositor. Such cash will be co-mingled with cash that belongs to other clients or creditors of the RQFII Custodian. In the event of bankruptcy or liquidation of the RQFII Custodian, the Sub-Fund will not have any proprietary rights to the cash deposited in such cash accounts, and the Sub-Fund will become an unsecured creditor, ranking pari passu with all other unsecured creditors, of the RQFII Custodian. The Sub-Fund may face difficulty and/or encounter delays in recovering such debt, or may not be able to recover it in full or at all, in which case the Sub-Fund will suffer. 10. PRC brokerage risk The execution and settlement of transactions or the transfer of any funds or securities may be conducted by brokers ( PRC Brokers ) appointed by the RQFII. There is a risk that the Sub-Fund may suffer losses from the default, bankruptcy or disqualification of the PRC Brokers. In such event, the Sub-Fund may be adversely affected in the execution or settlement of any transaction or in the transfer of any funds or securities. If the RQFII considers appropriate, it is possible that a single PRC Broker will be appointed and the Sub- Fund may not necessarily pay the lowest commission available in the market. In selection of PRC Brokers, the RQFII will have regard to factors such as the competitiveness of commission rates, credit assessment of the counterparty, and execution standards. 11. Risks associated with CAAPs The policy and regulations imposed by the PRC government are subject to change and any such change may adversely impact the issuance of CAAPs invested by the Sub-Fund. Under the current system, each CAAP issuer is subject to an investment quota for China A-Shares. If the relevant status of any CAAP issuer is revoked or if any CAAP issuer has insufficient investment quota, the CAAP issuer may cease to extend the duration of any CAAPs or to issue further CAAPs and the Sub-Fund may be required to dispose of its existing CAAPs. As there may not be an active market for trading CAAPs, investment in CAAPs may be subject to the risk of illiquidity. The Sub-Fund may invest in CAAPs that reflect price appreciation/depreciation and dividend payments in respect of the underlying securities but such products may not reflect the full economic benefits of holding the underlying securities, such as voting rights at meetings of the holders of such underlying securities. Furthermore, investment through CAAPs may negatively impact the performance of the Sub-Fund when compared to a fund investing directly in similar assets because of the higher transaction costs involved. Further, the Sub-Fund will be exposed to the counterparty risk associated with the CAAPs issuer because a CAAP is a payment obligation of the CAAP issuer, rather than a direct investment in China A-Shares, and as a result the Sub-Fund may suffer losses if the CAAP issuer becomes insolvent, defaults or fails to perform its payment obligations under the CAAPs. Hence, the performance of a CAAP may differ from the price/ performance of its underlying China A-Shares. 40 February 2015
12. Risk of trading stock index futures The Sub-Fund may trade stock index futures via the hedging quota granted by the CFFEX to the RQFII holder for hedging purposes only, other than for any arbitrage or speculation purpose. The hedging quota granted to the RQFII holder may only be used for a period of 12 months and will be subject to adjustment and renewal upon expiry of the 12-month period. There is no guarantee that the hedging quota will not be reduced or cancelled. If the CFFEX reduces or cancels the hedging quota, this may affect the Manager s ability to pursue the investment policy of the Sub-Fund. Further, the CFFEX will monitor the trading activities of the RQFII holder and may reduce/cancel the hedging quota, impose limits on futures positions or require the RQFII holder to close out its futures positions as a result of adjustment to the hedging quota made by the CFFEX in light of then market conditions, excessive trading of the stock index futures or breach or violation of the applicable rules and regulations stipulated by the CFFEX. If any of the foregoing happens, the CFFEX may not approve the renewal of the application for the hedging quota or reduce the amount of the hedging quota which means the hedging quota granted to the Sub-Fund may not be renewed upon expiry of the 12-month period or the amount of the hedging quota available to the Sub-Fund will be reduced. As a result, the Sub- Fund may not be able to achieve the desired result of trading stock index futures for hedging purposes. There is no guarantee that the whole procedure of the trading, settlement and delivery will be conducted without any risk. Risks may occur due to several reasons such as breach of RQFII Custodian Agreement by the RQFII Custodian responsible for opening and maintaining the RMB special deposit account(s) for the Sub-Fund in respect of stock index futures transactions, and breach of brokerage agreements by the futures companies responsible for trading and settlement of stock index futures for the RQFII holder. The CFFEX may mandatorily close out the futures positions held by the Sub-Fund if positions are in excess of limits on the holding of positions, there are delays in making additional margin available as required or in any other situation that violates the applicable rules and regulations of the CFFEX. The regulatory framework for the futures market in China may not be as well developed as those of developed countries. Stock index futures in China were only launched in the recent years. Investment in stock index futures may be subject to significant risks, including risk of greater trading volatility, difficulty in settlement and risk of uncertainty in interpreting and applying the relevant regulations. Also, authorities in China may promulgate new rules from time to time. Any changes to the prevailing rules and regulations may have an adverse impact on stock index futures traded by the Sub-Fund. Insofar as the Sub-Fund uses stock index futures for hedging, there is no guarantee that such objective can be achieved and the Sub-Fund may suffer losses as a result. 13. PRC tax risk The Manager currently intends to only make provisions for any PRC taxes in respect of dividends derived from China A-Shares (including those acquired through the Stock Connect) and China B-Shares, at a rate of 10% (or as otherwise advised by the Sub-Fund s tax adviser) if the relevant WIT is not withheld at source. The Manager, after taking appropriate advice, may make other provisions for PRC taxes in the future in response to changes in PRC tax law or administration if it is in the opinion of the Manager considered appropriate to do so. Even if tax provisions are made, the amount of such provisions may not be sufficient to meet the actual tax liabilities. With the uncertainties under the applicable PRC tax laws and the possibility of such laws being changed and taxes being applied retrospectively, any provision for taxation made by the Manager may be inadequate to meet actual PRC tax liabilities. Consequently, investors may be advantaged or disadvantaged depending upon the PRC tax laws and their application at the relevant time, the final taxes imposed by the PRC authorities, the level of provision and when they subscribed and/or redeemed their Units in/from the Sub- Fund. In case of any shortfall between the provisions and actual tax liabilities, which will be debited from the Sub-Fund s assets, the Sub-Fund s asset value will be adversely affected. Please also refer to the section headed PRC Tax Provisions in this Appendix and the risk factor headed China tax considerations under the Risk Factors section in the main part of the Explanatory Memorandum for details. Available Classes The following classes of Units are available for sale in Hong Kong: Class Definition Class Currency Class A-ACC-HKD Class A accumulating Units HKD Class A-ACC-RMB Class A accumulating Units RMB Class A-ACC-USD Class A accumulating Units USD The Manager accepts payment of subscription moneys in the class currency of the relevant Units. February 2015 41
Investment Minima Minimum Subscription Amount Note: The minimum subscription amount will be denominated in USD notwithstanding that the class currency of a class of Units may be denominated in a currency other than USD. Please refer to the section headed Payment Procedure for details on currency conversion in respect of subscription moneys. Minimum Subsequent Subscription Amount Note: The minimum subscription amount will be denominated in USD notwithstanding that the class currency of a class of Units may be denominated in a currency other than USD. Please refer to the section headed Payment Procedure for details on currency conversion in respect of subscription moneys. Minimum Holding Minimum Redemption Amount All Classes: USD2,500 (or its equivalent in any other freely convertible currency) All Classes: USD1,000 (or its equivalent in any other freely convertible currency) All Classes: Units with aggregate minimum value amounting to the gross minimum subscription amount applicable to these classes All Classes: Not applicable Fees Current Level of Fees Payable by Investors Initial Charge (% of Subscription Amount) Redemption Charge (% of Redemption Amount) Switching Charge (% of on the subscription amount for the issue of the Units of the New Class) All Classes: Up to 5.25% All Classes: Up to 1% All Classes: Up to 5.25% Note: A Unitholder is subject to a switching charge of up to 1% if such Unitholder has already paid the full initial charge in respect of his Units of the Existing Class. If a Unitholder s investment in the Exiting Class was not subject to an initial charge or was subject to an initial charge lower than the specified maximum, such Unitholder will have to pay a switching charge of up to 5.25%. Please refer to the section header Switching between Classes / Sub-Funds for details. Current Level of Fees Payable by the Sub-Fund Annual Management Fee (% Net Asset Value of the Sub-Fund) Trustee Fee (% Net Asset Value of the Sub-Fund) Administrator Fee (% Net Asset Value of the Sub-Fund) Transfer Agent Fee All Classes: Up to 1.5% p.a. All Classes: Up to 0.02% p.a., subject to a minimum monthly fee of US$500 All Classes: 0.06% p.a. subject to a minimum monthly fee of US$2,000 All Classes: Minimum monthly fee of USD500 per month In addition to the above, the Sub-Fund is also subject to other fees and charges (e.g. custodian fee). Please refer to the Expenses and Charges section of the main part of the Explanatory Memorandum for details. 42 February 2015
Establishment Costs The establishment costs of the Fidelity WorldWide Fund - China A Select Fund amount to approximately HK$750,000, and will be amortised over a period of five Accounting Periods (or such other period as determined by the Manager) starting from the inception date of the Sub-Fund. Dealing Day Dealing Day shall include each HK & PRC Business Day but exclude any HK & PRC Business Day on which (a) any exchange or market on which a substantial portion of the Sub-Fund s investments is traded is closed or (b) dealings on such exchange or market are restricted or suspended. Dealing Deadline 4:00 p.m. (Hong Kong time) on the relevant Dealing Day. The Authorised Distributor(s) may impose different dealing deadlines for receiving instructions for subscriptions, redemptions or switching. Investors should pay attention to the arrangements of the Authorised Distributor(s) concerned. Subscription, Redemption and Switching of Units For details regarding the procedures for subscription, redemption and switching, see the main part of the Explanatory Memorandum under Purchase of Units, Redemption of Units and Switching between Classes / Sub-Funds. At its discretion, the Manager may decline to accept subscription monies for Units denominated in RMB in currencies other than RMB. Redemption proceeds for Units denominated in RMB may at the discretion of the Manager only be paid in RMB. Distributions The Manager has discretion as to whether or not to make any distribution of dividends, the frequency of distribution and amount of dividends. No dividends will be paid in respect of Class A-ACC Units. All interest and other income earned on investment will be accumulated and re-invested. Valuation The Valuation Day in respect of a Dealing Day will be that Dealing Day and the Valuation Point is the close of business in the last relevant market to close on each Valuation Day. Reports and Accounts for the Sub-Fund The first financial year of the Sub-Fund will end on 31 December 2015 (or such later date as determined by the Manager upon the launch of the Sub-Fund). The first annual report in respect of the Sub-Fund will be published for the period from the launch of the Sub-Fund to 31 December 2015 (or such later period as determined by the Manager upon the launch of the Sub-Fund). The first unaudited semi-annual report in respect of the Sub-Fund will be published for the period from 1 January 2016 to 30 June 2016 (or such later period as determined by the Manager upon the launch of the Sub-Fund). Documents Available for Inspection Please refer to the section headed Documents Available for Inspection in the main part of the Explanatory Memorandum. The following are the material contracts in respect of this Sub-Fund: the RQFII Supplemental Custody Agreement between the Manager (as RQFII holder), the Trustee, the Custodian and the RQFII Custodian February 2015 43
APPENDIX III Fidelity WorldWide Fund - Global Equity Income Fund This Appendix comprises information in relation to Fidelity WorldWide Fund - Global Equity Income Fund, a Sub-Fund of the Fund. Initial Offer The following classes of Units set out in the table below will be available to investors: Class Class A-HKD Class A-USD Class A-RMB Class A-ACC-HKD Class A-ACC-USD Class A-ACC-RMB Class A-HMDIST(G)-RMB (hedged) Class A-HMDIST(G)-AUD (hedged) Class A-MINCOME(G)-RMB(hedged) Class A-MINCOME(G)-AUD (hedged) Initial Offer Price per Unit HKD10 USD10 RMB100 HKD10 USD10 RMB100 RMB100 AUD10 RMB100 AUD10 Unless otherwise stated in this Appendix, all of the above classes of Units will be commonly referred to as Class A Units or Class A. Class A-ACC-USD is initially being offered at the initial offer price on or after 26 February 2015 (the Launch Date ). Class A-HKD, Class A-USD, Class A-RMB, Class A-ACC-HKD, Class A-ACC-RMB, Class-HMDIST(G) (hedged) and Class- A-MINCOME(G) Units are not available for investment at the time of issue of the Explanatory Memorandum. These classes will be launched at the Manager s discretion and the Explanatory Memorandum will be updated accordingly thereafter. An initial charge of up to 5.25% on the subscription amount for the issue of each Class A Unit will be imposed in respect of subscriptions received. The following class of Units set out in the table below will be available to institutional investors: Class Class I-ACC-USD Initial Offer Price per Unit USD10 Class I-ACC-USD is initially being offered at the initial offer price on or after the Launch Date. An initial charge of up to 1% on the subscription amount for the issue of each Class I Unit will be imposed in respect of subscriptions received. Class I Units may only be acquired by institutional investors who meet the requirements established from time to time by the General Distributor or the Manager. The Manager may, in its absolute discretion, delay the acceptance of any subscription/purchase for Class I Units until such date as it has received sufficient evidence of the qualification of the investor as an institutional investor. If it appears at any time that a Unitholder of Class I Units is not an institutional investor, the Manager will switch such Units into Class A Units in the Sub-Fund and notify the relevant Unitholder of such switch. Base Currency The base currency of the Sub-Fund is USD. Sub-Manager The Manager has delegated its investment management functions of Fidelity WorldWide Fund - Global Equity Income Fund to FIL Investments International. Investment Objective and Policy Investment Objective The Fidelity WorldWide Fund - Global Equity Income Fund aims to achieve income and long-term capital growth by investing principally (i.e. at least 70% of the Sub-Fund s Net Asset Value) in income-producing equity securities globally. The Manager will target investments which it believes offer attractive dividend yields in addition to price appreciation. Investment Policy The Manager will actively select individual equity securities based on their potential to generate income and capital growth. 44 February 2015
The Manager may at its discretion select equity securities of any company and tactically allocate any of the Sub-Fund s investments to any particular geographical region, industry sector or companies with a particular market capitalization if it believes that, relative to other equities, they may offer greater potential for income and capital growth. In addition, the Manager has the freedom to invest the remaining assets (i.e. up to 30% of the Sub-Fund s Net Asset Value) outside the Sub-Fund s principal asset classes. These include (but are not limited to) investment in listed futures, money market instruments, commercial paper and certificates of deposit. The Sub-Fund s exposure to listed futures (other than futures contracts entered into for hedging purposes) in terms of the net total aggregate value of contract prices (whether payable to or by the Sub-Fund under all outstanding futures contracts) may not exceed 20% of the total Net Asset Value of the Sub-Fund. The Sub-Fund will not invest in debt securities. Subject to the applicable investment restrictions as set out in the section headed Investment and Borrowing Restrictions in the main part of the Explanatory Memorandum, the Sub-Fund may use other derivative instruments for hedging purposes. The Sub-Fund may invest up to 10% of its Net Asset Value in China A-Shares and China B-Shares. The Sub-Fund will not invest in any structured deposits (including currency-linked deposits, currency and interest ratelinked deposits, index-linked deposits or the like) or structured products as defined in the SFO. Nor will the Sub-Fund invest in asset backed securities (including asset backed commercial paper). The Manager currently does not intend to enter into any securities lending, repurchase or similar over-the-counter transactions in respect of the Sub-Fund. Any change to this investment restriction is subject to the prior approval of SFC and at least one month s prior notice will be given to the Sub-Fund s Unitholders. The following is an indicative investment allocation of the Sub-Fund. Subject to the investment restrictions applicable to the Sub-Fund, the Manager may adjust the allocation (within the prescribed limit as shown in the table below) from time to time without notice to investors having regarding to the prevailing market conditions. Type of instrument Indicative percentage (as a percentage of the Sub-Fund s Net Asset Value) Equity Securities At least 70% Listed futures, money market instruments, commercial paper and certificates of deposit Up to 30% China A-Shares and China B-Shares Up to 10% Specific Risk Factors Investors should refer to the relevant risks under the section headed Risk Factors in the main part of the Explanatory Memorandum, and the following specific risk factors for the Sub-Fund. 1. Dividends Although the Sub-Fund will generally invest in globally income-producing equities, it is not guaranteed that all underlying investments will generate dividends. To the extent that underlying investments of the Sub-Fund are income producing, higher dividend yields generally mean that there will be reduced capital appreciation. 2. European Risk The Sub-Fund may invest in companies in the European Economic Area. The Sub-Fund s performance will be closely tied to the economic, political, regulatory, geopolitical, market, currency or other conditions in the European Economic Area and could be more volatile as a result. In light of the concerns on sovereign credit risk of certain European countries and in particular these countries fiscal conditions, the Sub-Fund may be subject to increased liquidity, price, and foreign exchange risk. If there are adverse credit events in certain European countries e.g. downgrade of the sovereign credit rating of a European country or a European financial institution, the performance of the Sub-Fund could decline significantly and will possibly result in significant loss. Measures taken by the governments of the European countries, central banks and other authorities to address their economic and financial problems may not be effective and such failure may result in further deterioration of these countries fiscal conditions. 3. Hedged Classes of Units The Manager seeks to hedge undesired foreign exchange risk into the class currency of hedged classes of Units through the use of forward foreign exchange contracts. Where undertaken, the effects of this hedging will be reflected in the Net Asset Value and, therefore, in the performance of the hedged classes of Units. Similarly, any expenses arising from such hedging transactions will be borne by the classes in relation to which they have been incurred. It should be noted that these hedging transactions may be entered into whether the relevant class currency is declining or increasing in value relative to other currencies. Where such hedging is undertaken it may substantially protect investors in the relevant classes against a decrease in the value of the currency exposure of the Sub-Fund s holdings relative to the relevant class currency, but it may also preclude investors from benefiting from an increase in the currency value of the Sub-Fund s underlying holdings. There can be no assurance that the currency hedging employed will fully eliminate the foreign currency exposure to the underlying investment currencies. February 2015 45
4. Risk associated with Futures The risk to the buyer or seller of an exchange-traded future is the change in value of the underlying reference index/security/contract/bond, which may not be fully reflected in the value of the futures contract. The underlying instrument of the futures contract may be different form the instrument to which exposure is sought, the correlation risk could be significant and could result in substantial losses to the Sub-Fund. Futures contracts are forward contracts, meaning they represent a pledge to make a certain economic transfer at a future date. The exchange of value occurs by the date specified in the contract; the majority of contracts have to be cash settled and where physical delivery is an option the underlying instrument is actually rarely exchanged. Futures are distinguished from generic forward contracts in that they contain standardised terms, trade on a formal exchange, are regulated by overseeing agencies, and are guaranteed by clearing firms. Also, in order to ensure that payment will occur, futures have both an initial margin and a margin requirement which moves in line with the market value of the underlying asset that must be settled daily. Please also refer to the risk factor Derivative and structured product risk under the section Risk Factors in the main part of the Explanatory Memorandum. 5. Exchange and currency conversion risk The Sub-Fund may invest in assets quoted in currencies other than its base currency. Please refer to the risk factor Currency risk under the section Risk Factors in the main part of the Explanatory Memorandum for details. A class of Units of the Sub-Fund may be designated in a currency other than the base currency of the Sub- Fund. Movements in the exchange rate between the base currency of the Sub-Fund and the designated currency in which a class of Units is denominated may lead to a depreciation of the value of such class of Units as expressed in the designated currency. Unless the class of Units is specifically described as a hedged class, no steps are taken to mitigate the effects of exchange rate fluctuations between the currency of denomination of the relevant class of Units and the base currency of the Sub-Fund. 6. Risks associated with RMB Classes of Units RMB Currency risk Investors in Unit classes denominated in RMB ( RMB classes ) should note that whilst the possibility that the appreciation of RMB will be accelerated cannot be excluded, there is no assurance that the RMB will not be subject to devaluation. Any devaluation of the RMB could adversely affect the value of investors investments in the RMB classes of Units. If investors convert Hong Kong dollars or other currencies into RMB so as to invest in the RMB classes of Units and subsequently convert the RMB redemption proceeds and/or dividend payment (if any) back into Hong Kong dollars or other currencies, they may suffer a loss if RMB depreciates against Hong Kong dollars or such other currencies. When calculating the value of the RMB classes of Units, the Manager will normally apply the CNH exchange rate for the offshore RMB market in Hong Kong. The CNH rate may be at a premium or discount to the exchange rate for the onshore RMB market in China (i.e. the CNY exchange rate) and there may be significant bid and offer spreads. The value of RMB classes will thus be subject to fluctuation. In respect of the non-hedged RMB classes of Units, where RMB depreciates against currencies of the non- RMB denominated underlying investments of the Sub-Fund, (i) investors may still suffer losses even if there are gains or no losses in the value of the non-rmb-denominated underlying investments; or (ii) investors may suffer additional losses if the non-rmb-denominated underlying investments of the Sub-Fund fall in value. Risks relating to hedged RMB Classes In respect of the hedged RMB classes of Units, the Manager may attempt to hedge the base currency of the Sub-Fund and/or other currencies of non-rmb-denominated underlying investments of the Sub-Fund back to RMB. The costs of the hedging transactions will be reflected in the Net Asset Value of the hedged RMB classes of Units and therefore, an investor of such hedged RMB classes of Units will have to bear the associated hedging costs, which may be significant depending on prevailing market conditions. If the counterparties of the instruments used for hedging purpose default, investors of the hedged RMB classes of Units may be exposed to RMB currency exchange risk on an unhedged basis and may therefore suffer further losses. There is no guarantee that the hedging strategy will be effective and you may still be subject to the RMB currency exchange risk which may apply to the non-hedged RMB class. Whilst the hedging strategy may protect investors against a decline in the value of the Sub-Fund s base currency and/or other currencies of non-rmb-denominated underlying investments relative to RMB, investors will not benefit from any potential gain in the value of the hedged RMB classes of Units if the Sub-Fund s base currency and/or other currencies of non-rmb-denominated underlying investments of the Sub-Fund rise against RMB. Please also refer to the risk factor Hedging risk under the section Risk Factors in the main part of the Explanatory Memorandum. Risk of not receiving RMB upon redemption of investments and/or dividend payments RMB is currently not a freely convertible currency as it is subject to exchange control imposed by the PRC government. The Chinese government s imposition of restrictions on the repatriation of RMB out of the PRC may limit the depth of the RMB market outside the PRC and restrict the ability of the Sub-Fund to meet redemption requests and/or pay dividends in RMB for the RMB classes in a timely manner. In particular, the 46 February 2015
Sub-Fund may not be able to get sufficient amounts of RMB in a timely manner to meet redemption requests of the RMB classes of Units and/or pay dividends (if any) if all or a substantial portion of its underlying investments are non-rmb denominated. The Chinese government s policies on exchange control and repatriation restrictions are subject to change, and such change may adversely affect the position of investors in RMB classes. Even if the Sub-Fund aims to pay redemption proceeds and/or dividends to investors of the RMB classes of Units in RMB, investors may not receive RMB upon redemption of their investments or receive dividend payments in RMB. There is also a risk that payment of investors redemption proceeds and/or dividends in RMB may be delayed when there is not sufficient RMB for currency conversion for settlement of the redemption proceeds and dividends. 7. Distribution out of capital risk For Class A-HMDIST(G) (hedged) Units and Class A-MINCOME(G) (hedged) Units, dividends may be paid out of capital where the income/capital gain generated by the Sub-Fund is insufficient to pay a distribution as declared. Investors should note that the payment of dividends out of capital represents a return or withdrawal of part of the amount they originally invested or from any capital gains attributable to the original investment. Such distributions may result in an immediate decrease in the Net Asset Value per Unit of the Sub-Fund. Dividends may also be paid effectively out of capital of the Sub-Fund. Please refer to the section headed Distributions in this Appendix for further details. Available Classes The following classes of Units are available for sale in Hong Kong: Class Definition Class Currency Class A-HKD Class A distributing Units HKD Class A-USD Class A distributing Units USD Class A-RMB Class A distributing Units RMB Class A-ACC-HKD Class A accumulating Units HKD Class A-ACC-USD Class A accumulating Units USD Class A-ACC-RMB Class A accumulating Units RMB Class A-HMDIST(G)-RMB (hedged) Class A monthly distributing gross income hedged Units RMB Class A-HMDIST(G)-AUD (hedged) Class A monthly distributing gross income hedged Units AUD Class A-MINCOME(G)-RMB (hedged) Class A monthly gross income hedged Units RMB Class A-MINCOME(G)-AUD (hedged) Class A monthly gross income hedged Units AUD Class I-ACC-USD Class I accumulating Units USD The Manager accepts payment of subscription moneys in the class currency of the relevant Units. Investment Minima Minimum Subscription Amount Note: The minimum subscription amount will be denominated in USD notwithstanding that the class currency of a class of Units may be denominated in a currency other than USD. Please refer to the section headed Payment Procedure for details on currency conversion in respect of subscription moneys. Minimum Subsequent Subscription Amount Note: The minimum subscription amount will be denominated in USD notwithstanding that the class currency of a class of Units may be denominated in a currency other than USD. Please refer to the section headed Payment Procedure for details on currency conversion in respect of subscription moneys. Minimum Holding Minimum Redemption Amount Class A: USD2,500 (or its equivalent in any other freely convertible currency) Class I: USD500,000 (or its equivalent in any other freely convertible currency) Class A: USD1,000 (or its equivalent in any other freely convertible currency) Class I: USD100,000 (or its equivalent in any other freely convertible currency) All Classes: Units with aggregate minimum value amounting to the gross minimum subscription amount applicable to these classes All Classes: Not applicable February 2015 47
Fees Current Level of Fees Payable by Investors Initial Charge (% of Subscription Amount) Redemption Charge (% of Redemption Amount) Switching Charge (% of on the subscription amount for the issue of the Units of the New Class) Class A: Up to 5.25% Class I: Up to 1% All Classes: Up to 1% All Classes: Up to 5.25% Note: A Unitholder is subject to a switching charge of up to 1% if such Unitholder has already paid the full initial charge in respect of his Units of the Existing Class. If a Unitholder s investment in the Exiting Class was not subject to an initial charge or was subject to an initial charge lower than the specified maximum, such Unitholder will have to pay a switching charge of up to 5.25%. Please refer to the section header Switching between Classes / Sub-Funds for details. Current Level of Fees Payable by the Sub-Fund Annual Management Fee (% Net Asset Value of the Sub-Fund) Trustee Fee (% Net Asset Value of the Sub-Fund) Administrator Fee (% Net Asset Value of the Sub-Fund) Transfer Agent Fee Class A: Up to 1.50% p.a. Class I: Up to 0.80% p.a. All Classes: Up to 0.02% p.a., subject to a minimum monthly fee of US$500 All Classes: 0.06% p.a. subject to a minimum monthly fee of US$2,000 All Classes: minimum monthly fee of USD500 per month In addition to the above, the Sub-Fund is also subject to other fees and charges (e.g. custodian fee). Please refer to the Expenses and Charges section of the main part of the Explanatory Memorandum for details. Establishment Costs The establishment costs of the Fidelity WorldWide Fund - Global Equity Income Fund amount to approximately HK$400,000, and will be amortised over a period of five Accounting Periods (or such other period as determined by the Manager) starting from the inception date of the Sub-Fund. Dealing Day Dealing Day shall include each Business Day but may, at the discretion of the Manager, exclude any Business Day on which (a) any exchange or market on which a substantial portion of the Sub-Fund s investments is traded is closed or (b) dealings on such exchange or market are restricted or suspended. Dealing Deadline 4:00 p.m. (Hong Kong time) on the relevant Dealing Day. The Authorised Distributor(s) may impose different dealing deadlines for receiving instructions for subscriptions, redemptions or switching. Investors should pay attention to the arrangements of the Authorised Distributor(s) concerned. Subscription, Redemption and Switching of Units For details regarding the procedures for subscription, redemption and switching, see the main part of the Explanatory Memorandum under Purchase of Units, Redemption of Units and Switching between Classes / Sub-Funds. At its discretion, the Manager may decline to accept subscription monies for Units denominated in RMB in currencies other than RMB. Redemption proceeds for Units denominated in RMB may at the discretion of the Manager only be paid in RMB. 48 February 2015
Distributions The Manager has discretion as to whether or not to make any distribution of dividends, the frequency of distribution and amount of dividends. No dividends will be paid in respect of Class A-ACC Units and Class I A-ACC Units. All interest and other income earned on investment will be accumulated and re-invested. The Manager expects to recommend distribution of substantially the whole of the respective net investment income of Class A Units, namely Class A-HKD, Class A-USD and Class A-RMB Units, semi-annually. Dividends are declared on the first Business Day of February and August. No distribution will be paid out of the Sub-Fund s capital in respect of Class A Units. The Manager expects to recommend distribution of substantially the whole of the respective gross investment income of Class A-HMDIST(G) (hedged) Units for the period. The Manager may also determine if and to what extent dividends may include distributions from both realised and unrealised capital gains as well as from capital. Such distributions may include a premium when the interest rate of the hedged currency is higher than the interest rate of the base currency of the Sub-Fund. Consequently when the interest rate of the hedged currency is lower than the interest rate of the base currency of the Sub-Fund, the dividend may be discounted. Dividends are normally declared on the first Business Day of each month. The Manager expects to recommend distribution of substantially the whole of the gross investment income of Class A-MINCOME(G) (hedged) Units for most of the time, and from capital on occasion so as to seek to maintain, so far as is reasonable, a stable payment per Unit which should not have over the long term a positive or negative impact on capital. Dividends are normally declared on the first Business Day of each month. In respect of Class A-HMDIST(G) (hedged) and Class A-MINCOME(G) (hedged) Units, the Manager may recommend distribution of dividends out of capital on occasion at its discretion, or the Manager may recommend distribution of dividends out of gross income while charging all or part of the Sub-Fund s fees and expenses to/out of the capital of the Sub-Fund, resulting in an increase in distributable income for the distribution of dividends and therefore, the Sub- Fund may effectively distribute dividend out of capital. Such distribution out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any distributions involving payment of dividends out of the Sub-Fund s capital or payment of dividends effectively out of the Sub-Fund s capital (as the case may be) may result in an immediate decrease of the Net Asset Value per Unit. The composition of dividends, that is, the relative amounts paid out of (i) net distributable income, and (ii) capital, for the last 12 months are available from the Manager on request and also on the Sub-Fund s website: https://www.fidelity. com.hk/static/pdf/investor/personal-investment/docs/fund_distribution_payment_composition_fwwf.pdf. This website has not been reviewed by the SFC. Should the distribution policy in respect of Class A-HMDIST(G) (hedged) and Class A-MINCOME(G) (hedged) Units or the policy on charging fees and expenses to capital (as the case may be) be amended, such change will be subject to the prior approval of the SFC and by giving not less than one month s notice to investors. Valuation The Valuation Day in respect of a Dealing Day will be that Dealing Day and the Valuation Point is the close of business in the last relevant market to close on each Valuation Day. Reports and Accounts for the Sub-Fund The first financial year of the Sub-Fund will end on 31 December 2015. The first unaudited semi-annual report in respect of the Sub-Fund will be published for the period from the launch of the Sub-Fund to 30 June 2015. The first annual report in respect of the Sub-Fund will be published for the period from the launch of the Sub-Fund to 31 December 2015. Documents Available for Inspection Please refer to the section headed Documents Available for Inspection in the main part of the Explanatory Memorandum. February 2015 49
富達環球基金 說明書
產品資料概要 富達環球基金 人民幣債券基金 富達基金 ( 香港 ) 有限公司 ( 投資經理 ) 2016 年 4 月 本概要提供本基金的重要資料, 是說明書的一部份 請勿單憑本概要作投資決定 資料便覽投資經理 : 受託人 : 交易頻密程度 : 基本貨幣 : 股息政策 : 財政年度終結日 : 富達基金 ( 香港 ) 有限公司 Cititrust Limited 每日人民幣 A 類別股份 - 累積 - 人民幣及 A 類別股份 - 累積 - 美元不會分派股息, 所有投資利息和收益將會累計和再作投資 A 類別股份 - 每月派息 - 人民幣在投資經理酌情決定下, 現擬每月以人民幣作出, 並於每月首個營業日宣派 ( 如有 ) A 類別股份 - 每月特色派息 (G) - 人民幣在投資經理酌情決定下, 每月股息一般將於每月首個營業日宣派, 並將據此支付 在大部份情況下, 投資經理預期將就幾乎所有的總投資收益建議派發股息, 而股息分派可能會從資本中撥付 投資者應注意, 由於費用和開支可能會計入基金的資本中, 導致可供派息之用的可分派收益增加, 因此, 基金可能是直接從資本中及 / 或實際上從資本中作出股息分派 從資本中撥付股息即代表投資者獲付還或提取原有投資本金的部份金額, 或從原有投資應佔的任何資本收益中獲付還或提取金額 該等分派可能導致基金的每單位資產淨值即時減少 12 月 31 日 全年經常性開支比率 : A 類別股份 - 累積 - 人民幣 ^: 1.00% A 類別股份 - 每月派息 - 人民幣 ^: 1.00% A 類別股份 - 累積 - 美元 # : 1.00% A 類別股份 - 每月特色派息 (G) - 人民幣 ^: 1.00% ^ 每項單位類別的經常性開支比率是根據有關類別於截至 2015 年 12 月 31 日止年度應支付 的經常性開支計算, 按有關類別於同期的平均資產淨值的某一百份率列示 該比率每 年均可能有所變動 # 由於有關類別為近期推出, 故該比率僅為預估數據, 代表有關類別在 12 個月期間應 支付的預估經常性開支總額, 按有關類別於同期的預估平均資產淨值的某一百份率列 示 該比率每年均可能有所變動 最低投資額 : 首次投資額 再次投資額 A 類別股份 - 累積 - 人民幣 2,500 美元 1,000 美元 A 類別股份 - 累積 - 美元 2,500 美元 1,000 美元 A 類別股份 - 每月派息 - 人民幣 2,500 美元 1,000 美元 A 類別股份 - 每月特色派息 (G) - 人民幣 2,500 美元 1,000 美元 本基金是甚麼產品? 富達環球基金是由信託契約構成, 並受香港法例規管的單位信託 富達環球基金 - 人民幣債券基金 ( 基金 ) 是富達環球基金的子基金 目標 基金旨在透過投資於以人民幣計值的定息 / 債務證券 定息 / 債務工具和存款, 包括但不限於可換股債券 企業債券 政府債券 商業票據 中期票據 浮息票據 銀行承兌匯票及貨幣市場工具 ( 包括但不限於存款證 銀行存款 議定定期存款和商業票據 ), 以取得收益及資本增長 有關投資可以人民幣或其他貨幣, 例如美元或港元結算 基金可以對沖以非人民幣計值的債務證券投資, 以尋求維持於人民幣的貨幣投資
富達環球基金 人民幣債券基金 投資政策 基金將 (a) 把其資產淨值的最少 70% 投資於以人民幣計值和結算的定息 / 債務證券 定息 / 債務工具和存款 ( 包括但不限於債券 商業票據 銀行承兌匯票 票據 存款證, 以及其他以人民幣計值及結算的存款及貨幣市場工具 ); (b) 把其資產淨值的餘下部份 ( 即最多 30%) 投資於現正或將會對沖回人民幣的非人民幣資產 ( 包括但不限於以人民幣計值, 但以美元或港元等其他貨幣結算的債券 ); 及 (c) 把並無進行任何人民幣貨幣對沖的任何非人民幣資產的比重限制在其資產淨值的最多 10% 以內 投資經理將確保基金將維持將其資產淨值的最少 90% 對人民幣作有效貨幣投資 ( 包括透過貨幣對沖作出的投資 ) 截至本文件刊發日期, 基金並不擬透過合格境外機構投資者 ( QFII ) 直接投資於在中國內地發行的債務證券 貨幣市場工具或其他證券 若富達集團的一個實體成為 QFII, 基金可透過該 QFII 投資於在中國內地發行的證券 若基金有意作出有關投資, 投資經理將尋求受託人和證監會的事先批准, 並向投資者發出不少於一個月的事先通知 基金可投資於屬投資級別 ( 即獲穆迪賦予 Baa3 或以上評級, 或獲標準普爾賦予 BBB- 或以上評級或獲其他評級機構賦予同等評級 ) 或未達投資級別的上巿和非上市的投資工具及證券以及未獲評級的證券 基金可投資於獲適用投資限制許可的其他集體投資計劃 基金可購入遠期合約, 以對沖回基金的基本貨幣 遠期合約包括但不限於不交收遠期合約及 / 或交收遠期合約 基金亦可為對沖目的而使用掉期 基金可為對沖和投資目的而投資於期貨合約和期權 非為對沖目的訂立的期貨合約的合約價值的淨總額不得超逾基金的總資產淨值的 20% 基金非為對沖目的而持有的期權投資價值 ( 按已支付的溢價總額計算 ) 不得超逾基金的資產淨值的 15% 基金不會投資於任何結構性存款或結構性產品 投資經理現時無意就基金進行任何證券借貸或回購交易 基金不會把超逾 10% 的基金資產淨值投資於由信貸評級低於投資級別的任何單一國家 ( 包括該國的政府或該國的公共或當地政府機構 ) 發行或擔保的證券 本基金有哪些主要風險? 投資涉及風險 有關詳情 ( 包括風險因素 ) 請參閱說明書 投資風險 基金是一項投資基金 基金的投資組合的價值可能下跌, 因此閣下於基金的投資可能蒙受損失 人民幣貨幣風險 人民幣現時不可自由兌換, 並受中國政府施加的外匯管制所規限 對貨幣兌換和人民幣的匯率變動實施管制可能對中國公司的營運和財務業績構成不利影響, 繼而影響基金的資產淨值 並不保證人民幣不會貶值 人民幣貶值可能對投資者的投資價值構成不利影響 若投資者把其他貨幣兌換為人民幣, 以投資於以人民幣計值的單位類別, 並於其後把以人民幣計值的贖回款項兌換為其他貨幣, 而倘若人民幣兌該等其他貨幣貶值, 則投資者可能蒙受損失 在適用投資限制的規限下, 基金可投資於以人民幣計值但以其他貨幣 ( 例如美元或港元 ) 結算的證券 人民幣兌該等其他貨幣的匯率變動, 可能對基金的表現構成不利影響 基金購入的投資主要將以人民幣計值, 而各單位類別可能以其他貨幣計值 單位持有人可能因而須承受各單位類別的投資貨幣與基金所持資產貨幣之間的匯率變動風險 在計算並非以人民幣計值的資產的價值以及非人民幣類別單位的價格時, 投資經理將一般採用離岸人民幣匯率 ( 即香港離岸人民幣市場的匯率 ) 離岸人民幣匯率可能較中國在岸人民幣市場的匯率 ( 即在岸人民幣匯率 ) 出現溢價或折讓, 而且買賣差價可能相當大 因此, 基金的價值將會波動 人民幣債務證券的信貸風險 若基金投資的任何證券的發行機構違約或無力償債或陷入財困, 則基金的價值將會受到不利影響 基金投資的人民幣債務證券和銀行存款一般為無抵押的償還債項, 並無任何抵押品支持 作為無抵押債權人, 基金將全面承受其交易對手的信貸 / 無力償債風險 信貸評級下調的風險 基金投資的投資級別證券可能面對評級被下調至投資級別以下的證券的風險 若證券或與證券有關的發行機構的信貸評級遭下調, 基金於該證券的投資價值或會受到不利影響 證券未達投資級別及未獲評級的風險 基金可大額投資於未達投資級別或未獲評級的證券 與評級較高的證券相比, 有關證券的信貸風險一般較高, 而違約的可能性亦較大 這些證券的市場或許較不活躍, 而證券價格可能較為波動
投資組合有限的風險和分散投資的風險 現時可供投資, 並以人民幣計值的債務和其他證券的數量有限 基金或須把其資產的重大部份分配至人民幣存款, 直至市場可提供適合的證券, 而這可能對基金的回報和表現構成不利影響 基金將主要投資於以人民幣計值或擁有人民幣投資的證券 因此, 與採取較多元化策略及投資層面廣泛的基金相比, 基金可能較為波動 流動性風險 並無上市的人民幣債務證券可能涉及較高的流動性風險 基金可能為應付龐大的贖回要求而必須以大幅折讓的價格變現有關證券, 因而蒙受損失 人民幣債務證券的買賣差價可能相當大, 因此基金或會產生龐大的交易和變現成本, 並因而可能蒙受損失 利率風險 基金投資於受利率變動影響, 及價格可能大幅波動的債務證券 利率波動或會影響基金所持債務證券的價值 貨幣對沖風險 基金可為對沖目的而訂立遠期貨幣合約 遠期合約並不在交易所買賣, 亦非標準化 遠期貨幣合約的交易大致不受監管 在遠期合約市場進行交易的主事人毋須繼續以其交易的貨幣做市, 而該等遠期合約市場可能在某些期間缺乏流動性 市場缺乏流動性或中斷或會導致基金蒙受損失 遠期貨幣合約不會消除基金的證券價格或外幣匯率的波動性, 或在該等證券價格下跌時避免損失 鑑於基金所持的貨幣倉盤不一定與其所持的證券倉盤對應, 因此基金的表現或會因外幣匯率變動而受到重大影響 在該等情況下, 基金的資產可能因相關金融工具的虧損和成本而受到影響 交易對手風險 由於交易對手或第三方或未能履行其對基金所負的責任, 故基金在作出投資時, 或須承受交易對手風險 若交易對手無法履行其責任及基金被禁止行使其於投資組合投資的權利, 則基金的價值可能下跌, 並招致與證券所附帶的權利有關的費用 從資本中作出分派的相關風險 富達環球基金 人民幣債券基金 就 A 類別股份 - 每月特色派息 (G) - 人民幣單位而言, 股息可能從總收益中撥付, 而費用 / 開支可能會計入基金的資本中, 導致可供派息之用的可分派收益增加, 因此, 基金可能是直接從資本中及 / 或實際上從資本中作出股息分派 投資者應注意, 直接從資本中及 / 或實際上從資本中撥付股息即代表投資者獲付還或提取原有投資本金的部份金額, 或從原有投資應佔的任何資本收益中獲付還或提取金額 該等分派可能導致基金的每單位資產淨值即時減少 若這項政策有所更改, 將須事先尋求證監會的批准, 而受影響的投資者將會收到最少一個月的事先書面通知 本基金過往的業績表現如何? 往績並非預測日後業績表現的指標 投資者未必能取回全部投資本金 5 4 3 (%) 2 1 0 2011 2012 2013 2014 3.4 3.4 4.3 2015 基金業績表現以歷年末的資產淨值作為比較基礎, 股息會滾存再作投資 有關數據顯示 A 類別股份 - 累積 - 人民幣在有關歷年內的價值升跌幅度 業績表現以人民幣計算, 當中反映出持續費用, 但不包括閣下可能須支付的認購費和贖回費 如年內沒有顯示有關的業績表現, 即代表當年沒有足夠數據用作提供業績表現之用 基金推出日期 :2012 年 A 類別股份 - 累積 - 人民幣推出日期 :2012 年 A 類別股份 - 累積 - 人民幣因擁有最長過往紀錄及以基金基本貨幣計值, 被選為最適合的單位類別代表 本基金有否提供保證? 本基金並不提供任何保證 閣下未必能取回投資本金
富達環球基金 人民幣債券基金 投資本基金涉及哪些費用及收費? 閣下或須繳付的收費的現有水平閣下就基金單位交易須繳付以下費用 : 認購費 最高為 5.25% 轉換費 # 最高為 5.25% 贖回費 最高為 1% # 若閣下已就欲轉換的單位支付整額認購費, 則閣下將繳付最高為 1% 的轉換費 若閣下就欲轉換的單位的投資毋須繳付認購費或繳付了低於特定最高金額的認購費, 則閣下將需支付最高為 5.25% 的轉換費 基金持續繳付的費用的現有水平以下收費將從基金總值中扣除, 閣下的投資回報將會因而減少 投資管理費 * 每年為資產淨值的 0.75% 受託人費用 * 行政管理人費用 * 表現費 每年最高為資產淨值的 0.02%, 最低月費為 500 美元 每年最高為資產淨值的 0.06%, 最低月費為 2,000 美元 不適用 其他費用基金單位交易或須繳付其他費用 所有其他費用及收費詳情載於說明書 * 請注意, 在向單位持有人發出不少於一個月事先通知後, 部份費用最高可上調至指定的許可上限 詳情請參閱說明書 其他資料 在基金交易截止時間, 即交易日下午四時正 ( 香港時間 ) ( 由 2016 年 5 月 23 日起將改為下午五時正 ( 香港時間 ) ) 或之前經我們收妥由閣下直接或透過認可分銷商提出的認購 贖回或轉換要求, 一般按隨後釐定的單位價格執行 閣下在提出有關要求之前, 應向認可分銷商查詢其內部交易截止時間 ( 可能早於基金交易的截止時間 ) 基金的每單位資產淨值在每個營業日計算, 並於每個交易日在香港刊登於南華早報及香港經濟日報, 以及刊登於網站 www.fidelity.com.hk 1 有關過去 12 個月從淨可分派收益及資本中撥付的股息成份詳情, 可向投資經理索取, 亦可於基金的網頁 :https://www. fidelity.com.hk/static/pdf/investor/personal-investment/docs/fund_distribution_payment_composition_fwwf.pdf 1 下載 有關可向香港投資者發售的其他單位類別的過往業績詳情, 請瀏覽 www.fidelity.com.hk 1 投資者可致電投資經理 ( 電話 :+852 2629 2629) 取得資料 1 請注意, 此網頁未經證監會審核 重要提示閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性或完整性亦不作出任何陳述
產品資料概要 富達環球基金 中國精選基金 富達基金 ( 香港 ) 有限公司 ( 投資經理 ) 2016 年 4 月 在本概要刊發時, 本基金尚未可供投資 本基金將於投資經理酌情決定下推出, 而本概要將隨後作出相應更新 本概要提供本基金的重要資料, 是說明書的一部份 請勿單憑本概要作投資決定 資料便覽投資經理及 RQFII 持有人 : 受託人 : RQFII 託管人 : 交易頻密程度 : 基本貨幣 : 股息政策 *: 財政年度終結日 : 富達基金 ( 香港 ) 有限公司 Cititrust Limited 中國工商銀行股份有限公司每日人民幣 A 類別股份 - 累積不會分派股息, 所有投資利息和收益將會累計和再作投資 * 除非另有註明, 否則股息將不會從資本中撥付及 / 或實際上從資本中撥付 12 月 31 日 全年經常性開支比率 ^ : A 類別股份 - 累積 - 港元 : 1.98% A 類別股份 - 累積 - 美元 : 1.98% A 類別股份 - 累積 - 人民幣 : 1.98% ^ 由於這是新成立的基金, 故該比率僅為預估數據, 代表有關類別應支付的預估經常性 開支總額, 按有關類別的預估平均資產淨值的某一百份率列示 最低投資額 : 首次投資額 再次投資額 A 類別股份 - 累積 - 港元 2,500 美元 1,000 美元 A 類別股份 - 累積 - 人民幣 2,500 美元 1,000 美元 A 類別股份 - 累積 - 美元 2,500 美元 1,000 美元 本基金是甚麼產品? 富達環球基金是由信託契約構成, 並受香港法例規管的單位信託 富達環球基金 - 中國精選基金 ( 基金 ) 是富達環球基金的子基金 基金透過投資經理的 RQFII 額度或根據有關法例及法規, 透過其他獲准許工具投資於中國 A 股 基金以人民幣計值 目標 基金旨在透過主要投資中國 A 股, 以取得長期資本增長 投資政策 基金將透過投資經理的 RQFII 額度, 及 / 或根據有關法例及法規, 透過其他獲准許工具, 主要 ( 即把基金資產淨值的最少 70%) 投資於 (a) 以人民幣計值及結算 ; 及 / 或 (b) 在上海證券交易所 ( 上交所 ) 或深圳證券交易所上市的中國 A 股, 包括可透過滬港股票市場交易互聯互通機制 ( 滬港通 ) 把基金資產淨值的最多 100% 投資於若干合資格的中國 A 股 在投資經理認為適合的情況下, 基金可把其資產淨值的最多 30% 投資於中國 B 股 中國 H 股, 及 / 或在中華人民共和國 ( 中華人民共和國 ) 境外上市及 / 或發行的其他股本證券 基金亦可透過把其資產淨值的最多 10% 投資於與中國 A 股掛鈎並在中國境外發行的中國 A 股連接產品 ( CAAP ) ( 包括股票掛鈎票據及參與票據 ), 間接投資於中國 A 股 基金將不會投資於任何已向中國證券監督管理委員會 ( 中國證監會 ) 註冊或獲其認可向中華人民共和國的零售公眾投資者發售的投資基金 ( 包括但不限於股票基金及定息基金 ) 基金不擬投資於在中華人民共和國境內發行或分銷, 並以人民幣計值及結算的定息工具 在適當情況下, 基金可投資於其他獲准許投資工具, 例如在上海證券交易所或深圳證券交易所買賣的認股權證, 或根據適用於 RQFII 的中華人民共和國規則及法規, 獲中國證監會批准的其他金融工具 投資經理目前擬僅就基金的對沖目的而購入在中華人民共和國買賣的認股權證 在符合適用的投資限制下, 投資經理可僅就對沖目的而購入在中華人民共和國的中國金融期貨交易所 ( 中金所 ) 上市的金融期貨合約 ( 即股票指數期貨 ), 或僅就投資及 / 或對沖目的而為基金購入在中國境外上市及發行的金融期貨合約 基金在該等金融期貨合約 ( 為對沖目的而訂立的期貨合約除外 ) 的投資以 ( 根據所有未平倉期貨合約, 不論應付予基金或由基金支付的 ) 合約價格總淨值計合共不可超過基金總資產淨值的 20%
富達環球基金 中國精選基金 基金將不會投資於任何結構性存款 ( 包括貨幣掛鈎存款 貨幣及利率掛鈎存款 指數掛鈎存款或類似存款 ) 或結構性產品 ( 定義見 證券及期貨條例 ) 基金亦將不會投資於資產抵押證券 ( 包括資產抵押商業票據 ) 投資經理現時無意就基金進行任何證券借貸 回購交易或類似的場外交易市場交易 若這項投資限制有任何更改, 須事先尋求證券及期貨事務監察委員會 ( 證監會 ) 的批准, 並須向基金的單位持有人發出不少於一個月的事先通知 預期基金在極端市況下 ( 例如中華人民共和國出現長時間熊市或經濟極端嚴重及急速下滑 ), 可持有最多 100% 資產淨值的現金或在中國境內或境外發行的近似現金工具, 例如認可金融機構的銀行存款證 銀行存款及議定定期存款, 藉以保障基金的資產 減低風險或維持基金的流動性 儘管有上述規定, 基金在中國所持現金不會超過其資產淨值的 20% 投資策略 為致力令基金取得長期資本增長, 投資經理在挑選證券及建構基金的投資組合時, 可能會考慮廣泛不同的因素及情況 該等因素可包括但不限於公司的盈利能力 債務 估值 增長前景 實際或未來現金流 波動性 證券的供應情況及流動性 行業展望或前景 可影響有關證券及市場的中華人民共和國整體經濟 政治 稅務及監管環境 本基金有哪些主要風險? 投資涉及風險 有關詳情 ( 包括風險因素 ) 請參閱說明書 投資風險 基金是一項投資基金 基金的投資組合的價值可能下跌, 因此閣下於基金的投資可能蒙受損失 中華人民共和國市場 / 單一國家投資風險 基金主要投資於與中華人民共和國市場有關的證券, 並可能須承受集中風險 投資於中華人民共和國市場須承受新興市場風險, 包括政治 經濟 法律 監管及流動性風險 股本證券風險 投資於股本證券的相關風險可能甚高, 因為股本證券的投資表現取決於多項因素, 包括但不限於不利的經濟及市場狀況 整體企業盈利前景變動, 或與個別公司相關的風險, 均可能對基金的資產淨值造成不利影響 中國 A 股市場風險 中國 A 股市場可能欠流通 波動及不穩定 ( 例如基於某隻股票暫停交易或政府介入的風險所致 ) 中國 A 股市場的市場波動性及結算困難亦可能導致在該等市場交易的證券價格出現重大波動, 從而可能對基金的價值造成不利影響 若任何中國 A 股於相關證券交易所的交易價格已升穿或跌破交易限幅, 則可能遭暫停交易 若基金投資於該中國 A 股, 可能會對基金的表現造成不利影響 境外投資者 ( 包括基金 ) 在投資於一家上市公司的中國 A 股時須符合若干持股限制 若持股比例超出持股限制, 境外投資者 ( 例如基金 ) 將須售出超出限額的持股, 或被限制作出買盤訂單 這對基金的中國 A 股投資的流動性及表現可能會造成不利影響 與 RQFII 有關的風險 投資經理 ( 作為 RQFII 持有人 ) 的 RQFII 資格可能會被暫停或撤銷, 這對基金的表現可能會造成不利影響, 因為基金可能需要出售其持有的證券 概不保證投資經理 ( 作為 RQFII 持有人 ) 將可繼續維持其 RQFII 資格或贖回要求可及時獲得處理 概不保證投資經理 ( 作為 RQFII 持有人 ) 所得的投資額度將時刻足夠供基金的投資使用 國家外匯管理局 ( 外管局 ) 亦可調減 RQFII 的額度 若 RQFII 的額度不足, 或若總認購金額已達投資經理分配至基金的 RQFII 額度金額, 投資經理可決定停止接受基金的進一步認購 儘管 RQFII 就基金進行資金匯出目前並不受限於任何鎖定期 不受制於資金匯出限制, 亦毋須獲得事先批准, 但若中華人民共和國的相關規則及法規在日後作出修訂, 對匯出所投資的資金及淨利潤施加任何限制, 均可能影響基金應付單位持有人的贖回要求的能力 透過 RQFII 投資於中華人民共和國將須承受為在中華人民共和國保管資產而委任的 RQFII 託管人的託管風險 此外, 交易的執行及結算或任何資金或證券的轉移可能由中華人民共和國的經紀 ( 中華人民共和國經紀 ) 進行 若 RQFII 託管人或中華人民共和國經紀違約, 基金可能無法取回所有資產, 並可能蒙受重大虧損或甚至損失全部資產 滬港通的相關風險 滬港通是一項嶄新的計劃 有關法規並未經過測試, 並可予修訂, 而有關修訂可能具有追溯效力 該計劃設有額度限制, 或會使基金透過該計劃適時投資中國 A 股的能力受到局限 若透過滬港通進行交易被暫停, 基金參與中華人民共和國市場的能力, 以至實施其投資策略的能力將遭受不利影響 中華人民共和國法規訂明若干賣盤及買盤限制, 而基金可能無法及時沽售所持的中國 A 股 此外, 股票可能會被剔出滬港通合資格股票名單, 這或會對基金的投資組合或策略造成不利影響, 例如當投資經理擬買入被剔出滬港通合資格股票名單的股票時 基於中華人民共和國與香港市場交易日的差異, 在中華人民共和國市場開放交易但香港市場收市的日子, 基金可能須面對中國 A 股價格波動的風險 透過滬港通買賣證券可能須面對結算及交收風險 若中華人民共和國的結算所違約, 未能履行其交收證券 / 作出付款的責任, 基金在追討損失的過程中可能遭受延誤或可能無法追回全部損失 實現滬港通須由證券交易所和交易所參與者開發新的資訊科技系統, 並可能須面對營運風險
人民幣貨幣風險 富達環球基金 中國精選基金 人民幣現時不可自由兌換, 並受中國政府施加的外匯管制所規限 對貨幣兌換和人民幣的匯率變動實施管制可能對中華人民共和國公司的營運和財務業績構成不利影響, 繼而影響基金的資產淨值 概不保證人民幣不會貶值 人民幣出現任何貶值, 可能會對投資者的投資價值造成不利影響 若投資者把其他貨幣兌換為人民幣, 以投資於人民幣類別單位, 並於其後把以人民幣計值的贖回所得款項及 / 或股息付款 ( 如有 ) 兌換回其他貨幣, 而倘若人民幣兌該等其他貨幣貶值, 則投資者可能蒙受損失 基金購入的投資將主要以人民幣計值, 而單位類別則可以其他貨幣計值, 因此可能導致單位持有人因其投資的單位類別的貨幣與基金資產的計值貨幣之間的匯率變動而受到影響 貨幣風險 基金可將部份資金投資於以其基本貨幣以外的貨幣報價的資產 基金的表現將因而受其所持資產的貨幣與基金的基本貨幣之間的匯率變動所影響 買賣股票指數期貨的風險 基金可就對沖目的使用中金所授予投資經理的對沖額度買賣股票指數期貨 若中金所制訂的適用規則和法規遭違反或違背, 中金所可削減 / 取消有關對沖額度 對期貨倉盤施加限制, 或要求投資經理把期貨倉盤平倉 若發生任何上述情況, 基金可能無法透過買賣股票指數期貨而達到預期的對沖效果 投資股票指數期貨可能須面對重大的規管風險, 而中國當局或會不時頒佈新的規例 現行規則和法規的任何變動或會對基金買賣的股票指數期貨造成不利影響 對沖風險 基金可為對沖目的而使用衍生工具 使用衍生工具或會導致基金的資產淨值相對在其他情況下較為波動, 並可能會偶爾引發流動性 交易對手及估值風險 在不利的市況下, 基金為對沖目的而使用衍生工具可能會造成失效, 因而令基金蒙受重大損失 中華人民共和國稅務風險 投資經理目前擬就中國 A 股 ( 包括透過滬港通買入者 ) 和中國 B 股所產生的股息應付的任何中華人民共和國稅項, 按 10% 稅率 ( 或基金的稅務顧問建議的其他稅率 ) 作出撥備 ( 若尚未從股息源頭預扣有關預扣稅 ) 即使作出稅務撥備, 有關撥備金額亦可能不足以支付實際稅務責任 鑑於中華人民共和國適用稅法引起的不確定性, 加上有關法例可能修訂, 並對過往收益作追溯徵稅, 因此投資經理作出的任何稅項撥備可能不足以應付實際的中華人民共和國稅務責任 若撥備不足以應付實際稅務責任, 則會從基金的資產扣除差額, 基金的資產價值將受到不利影響 本基金過往的業績表現如何? 由於這是新成立的基金, 故暫未有足夠數據向投資者提供有用的往績指標 本基金有否提供保證? 本基金並不提供任何保證 閣下未必能取回投資本金
富達環球基金 中國精選基金 投資本基金涉及哪些費用及收費? 閣下或須繳付的收費的現有水平閣下就基金單位交易須繳付以下費用 : 認購費 最高為 5.25% 轉換費 # 最高為 5.25% 贖回費 最高為 1% # 若閣下已就欲轉換的單位支付整額認購費, 則閣下將繳付最高為 1% 的轉換費 若閣下就欲轉換的單位的投資毋須繳付認購費或繳付了低於特定最高金額的認購費, 則閣下將需支付最高為 5.25% 的轉換費 基金持續繳付的費用的現有水平以下收費將從基金總值中扣除, 閣下的投資回報將會因而減少 投資管理費 * 每年最高為資產淨值的 1.50% 受託人費用 * 行政管理人費用 * 表現費 每年最高為資產淨值的 0.02%, 最低月費為 500 美元 每年最高為資產淨值的 0.06%, 最低月費為 2,000 美元 不適用 其他費用基金單位交易或須繳付其他費用 所有其他費用及收費詳情載於說明書 * 請注意, 在向單位持有人發出不少於一個月事先通知後, 部份費用最高可上調至指定的許可上限 詳情請參閱說明書 其他資料 在基金交易截止時間, 即交易日下午四時正 ( 香港時間 ) ( 由 2016 年 5 月 23 日起將改為下午五時正 ( 香港時間 ) ) 或之前經我們收妥由閣下直接或透過認可分銷商提出的認購 贖回或轉換要求, 一般按隨後釐定的單位價格執行 閣下在提出有關要求之前, 應向認可分銷商查詢其內部交易截止時間 ( 可能早於基金交易的截止時間 ) 基金的每單位資產淨值在每個營業日計算, 並於每個交易日在香港刊登於南華早報及香港經濟日報, 以及刊登於網站 www.fidelity.com.hk 1 投資者可致電投資經理 ( 電話 :+852 2629 2629) 取得資料 1 此網頁未經證監會審核 重要提示閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性或完整性亦不作出任何陳述
產品資料概要 富達環球基金 環球股票入息基金 富達基金 ( 香港 ) 有限公司 ( 投資經理 ) 2016 年 4 月 本概要提供本基金的重要資料, 是說明書的一部份 請勿單憑本概要作投資決定 資料便覽投資經理 : 富達基金 ( 香港 ) 有限公司副經理人 : FIL Investments International ( 英國, 內部委派 ) 受託人 : Cititrust Limited 交易頻密程度 : 每日基本貨幣 : 美元股息政策 *: A 類別股份股息將於每年 2 月及 8 月的首個營業日宣派 投資經理預期將就期內幾乎所有的淨投資收益, 建議派發股息 概不會以基金的資本支付分派 A 類別股份 - 累積不會分派股息, 所有投資利息和收益將會累計和再作投資 A 類別股份 - H 每月派息 (G) ( 對沖 ) # 在投資經理酌情決定下, 每月股息一般將於每月首個營業日宣派, 並將據此支付 投資經理預期將就期內幾乎所有的總投資收益, 建議派發股息 投資經理亦可釐定是否從已變現及未變現資本收益以至資本中撥付股息, 以及撥付股息的水平 有關分派可能計入因對沖貨幣利率高於基金的基本貨幣利率而產生的溢價, 以及因對沖貨幣利率低於基金的基本貨幣利率而出現的折讓 A 類別股份 - 每月特色派息 (G) ( 對沖 ) # 在投資經理酌情決定下, 每月股息一般將於每月首個營業日宣派, 並將據此支付 在大部份情況下, 投資經理預期將就幾乎所有的總投資收益建議派發股息, 而股息分派可能會從資本中撥付 # 投資者應注意, 由於費用和開支可能會計入基金的資本中, 導致可供派息之用的可分派收益增加, 因此, 基金可能是直接從資本中及 / 或實際上從資本中作出股息分派 從資本中撥付股息即代表投資者獲付還或提取原有投資本金的部份金額, 或從原有投資應佔的任何資本收益中獲付還或提取金額 該等分派可能導致基金的每單位資產淨值即時減少 * 除非另有註明, 否則股息將不會從資本中撥付及 / 或實際上從資本中撥付 財政年度終結日 : 12 月 31 日全年經常性開支比率 ^ : A 類別股份 - 累積 - 美元 : 3.37% ^ 由於這項基金為近期推出, 故該比率僅為預估數據, 代表有關類別在 12 個月期間應支付的預估經常性開支總額, 按有關類別於同期的預估平均資產淨值的某一百份率列示 該比率每年均可能有所變動 最低投資額 : 首次投資額再次投資額所有類別 2,500 美元 1,000 美元 本基金是甚麼產品? 富達環球基金是由信託契約構成, 並受香港法例規管的單位信託 富達環球基金 - 環球股票入息基金 ( 基金 ) 是富達環球基金的子基金 目標 基金旨在透過首要 ( 即把基金資產淨值的最少 70%) 投資於全球的收益性股本證券, 以締造收益及長線資本增長 投資經理的目標是其認為股息收益吸引, 並具升值能力的投資 投資政策 投資經理將根據締造收益及資本增長的潛力, 主動挑選個別股本證券 投資經理可酌情挑選任何公司的股本證券, 並可戰術性地把基金的任何投資分配至任何特定地區 行業界別或特定市值的公司, 若其認為這相對於其他股票可提供更大的締造收益及資本增長潛力
富達環球基金 環球股票入息基金 此外, 投資經理可把其餘資產 ( 即子基金資產淨值的最多 30%) 自由投資於基金的其他非首要資產類別, 包括 ( 但不限於 ) 投資於上市期貨 貨幣市場工具 商業票據及存款證 基金在該等上市期貨 ( 為對沖目的而訂立的期貨合約除外 ) 的投資以 ( 根據所有未平倉期貨合約, 不論應付予基金或由基金支付的 ) 合約價格總淨值計合共不可超過基金總資產淨值的 20% 子基金將不會投資於債務證券 在符合適用的投資限制下, 基金可為對沖目的而使用其他衍生工具 基金可把其資產淨值的最多 10% 投資於中國 A 股及中國 B 股 基金將不會投資於任何結構性存款 ( 包括貨幣掛鈎存款 貨幣及利率掛鈎存款 指數掛鈎存款或類似存款 ) 或結構性產品 ( 定義見 證券及期貨條例 ) 基金亦將不會投資於資產抵押證券 ( 包括資產抵押商業票據 ) 投資經理現時無意就基金進行任何證券借貸 回購交易或類似的場外交易市場交易 若這項投資限制有任何更改, 須事先尋求證監會的批准, 並須向基金的單位持有人發出不少於一個月的事先通知 本基金有哪些主要風險? 投資涉及風險 有關詳情 ( 包括風險因素 ) 請參閱說明書 投資風險 基金是一項投資基金 基金的投資組合的價值可能下跌, 因此閣下於基金的投資可能蒙受損失 股本證券風險 投資於股本證券的相關風險可能甚高, 因為股本證券的投資表現取決於多項因素, 包括但不限於不利的經濟及市場狀況 整體企業盈利前景變動, 或與個別公司相關的風險, 均可能對基金的資產淨值造成不利影響 股息風險 雖然基金一般將投資於全球的收益性股票, 但不保證所有相關投資均能締造股息 若基金的相關投資屬收益性資產, 高股息收益一般意味著資本增值將減少 貨幣風險 基金可投資於以其基本貨幣以外的貨幣報價的資產 基金的表現將因而受其所持資產的貨幣與基金的基本貨幣之間的匯率變動所影響 歐洲風險 基金的表現將與歐洲經濟區的經濟 政治 規管 地緣政治 市場 貨幣或其他狀況息息相關, 因而可能較為波動 鑑於部份歐洲國家的主權信貸風險令人憂慮, 特別是該等國家的財政狀況, 基金所承受的流動性 價格及外匯風險可能增加 若部份歐洲國家出現負面的信貸事件, 例如某一歐洲國家或歐洲金融機構的主權信貸評級下調, 基金表現可能大幅下跌, 因而造成重大的損失 歐洲各國政府 央行及其他權力機關所採取的措施, 也許未能有效解決其經濟及財政問題, 因而令有關國家的財政狀況進一步惡化 新興市場風險 基金可能投資於新興市場證券 準投資者應注意, 投資於新興市場涉及若干風險, 例如流通性有限 價格波動 對外商投資和匯出資本的限制 高通脹 利率高企及政治和社會的不明朗因素, 可能對基金投資項目的價值構成不利影響 期貨的相關風險 交易所買賣期貨的買方或賣方須承擔相關參考指數 / 證券 / 合約 / 債券價值變動的風險, 有關變動也許未能全面反映於期貨合約價值內 期貨合約的相關工具可能有別於所投資的工具 相關系數風險可能顯著, 並可能導致子基金蒙受重大的損失 對沖風險 基金可為對沖目的而使用衍生工具 使用衍生工具或會導致基金的資產淨值相對在其他情況下較為波動, 並可能會偶爾引發流動性 交易對手及估值風險 在不利的市況下, 基金為對沖目的而使用衍生工具可能會造成失效, 因而令基金蒙受重大損失 人民幣類別單位的相關風險 人民幣貨幣風險 - 以人民幣計值的單位類別 ( 人民幣類別 ) 的投資者應注意, 概不保證人民幣將不會貶值 人民幣出現任何貶值, 可能會對投資者於人民幣類別單位的投資價值造成不利影響 若投資者將其他貨幣兌換為人民幣, 以投資於人民幣類別單位, 並於其後將以人民幣計值的贖回所得款項及 / 或股息付款 ( 如有 ) 兌換回其他貨幣, 而倘若人民幣兌該等其他貨幣貶值, 則投資者可能蒙受損失 在計算人民幣類別單位的價值時, 投資經理將一般對香港離岸人民幣市場採用離岸人民幣匯率 離岸人民幣匯率可能較中國在岸人民幣市場的匯率 ( 即在岸人民幣匯率 ) 出現溢價或折讓, 而且買賣差價可能相當大 因此, 人民幣類別的價值將會波動 就非對沖人民幣類別單位而言, 若人民幣兌基金以非人民幣計值的相關投資的貨幣貶值,(i) 即使該等以非人民幣計值的相關投資錄得收益或其價值並無損失, 但投資者仍可能蒙受虧損 ; 或 (ii) 若基金所持該等以非人民幣計值的相關投資的價值下降, 投資者可能蒙受額外虧損
富達環球基金 環球股票入息基金 與對沖人民幣類別有關的風險 - 就對沖人民幣類別單位而言, 投資經理可能試圖把基金的基本貨幣及 / 或基金以非人民幣計值的相關投資的其他貨幣對沖回人民幣 有關對沖交易的成本將反映於對沖人民幣類別單位的資產淨值內, 因此, 該對沖人民幣類別單位的投資者將須承擔相關的對沖成本 若作對沖用途的投資工具的交易對手違約, 對沖人民幣類別單位的投資者可能會因無法進行對沖而須承受人民幣貨幣匯兌風險, 因而蒙受進一步的損失 概不保證對沖策略將奏效, 投資者可能仍須承受適用於非對沖人民幣類別的人民幣貨幣風險 儘管對沖策略可為投資者提供保障, 免受基金的基本貨幣及 / 或基金以非人民幣計值的相關投資的其他貨幣兌人民幣貶值所拖累, 但若基金的基本貨幣及 / 或基金以非人民幣計值的相關投資的其他貨幣兌人民幣升值, 投資者亦未能受惠於對沖人民幣類別單位的任何升值潛力 未能接獲以人民幣支付的贖回投資款項及 / 或股息付款的風險 - 由於受中華人民共和國政府施加的外匯管制所規限, 人民幣現時不可自由兌換 中國政府對人民幣匯出中華人民共和國施加的限制可能會限制中華人民共和國境外的人民幣市場的深度, 並限制基金及時以人民幣履行人民幣類別的贖回要求及 / 或支付股息的能力 即使基金旨在向人民幣類別單位的投資者以人民幣支付贖回款項及 / 或股息, 但投資者在贖回投資時可能不會接獲人民幣付款, 或不會接獲以人民幣支付的股息付款 此外, 若並無足夠的人民幣作結算贖回款項及股息的貨幣匯兌之用, 可能導致延遲向投資者以人民幣支付贖回款項及 / 或股息 從資本中作出分派的相關風險 就 A 類別股份 H 每月派息 (G) ( 對沖 ) 單位及 A 類別股份 每月特色派息 (G) ( 對沖 ) 單位而言, 股息可能從總收益中撥付, 而費用 / 開支可能會計入基金的資本中, 導致可供派息之用的可分派收益增加, 因此, 基金可能是直接從資本中及 / 或實際上從資本中作出股息分派 投資者應注意, 直接從資本中及 / 或實際上從資本中撥付股息即代表投資者獲付還或提取原有投資本金的部份金額, 或從原有投資應佔的任何資本收益中獲付還或提取金額 該等分派可能導致基金的每單位資產淨值即時減少 若這項政策有所更改, 將須事先尋求證監會的批准, 而受影響的投資者將會收到最少一個月的事先書面通知 本基金過往的業績表現如何? 由於這項基金為近期推出, 故暫未有足夠數據向投資者提供有用的往績指標 本基金有否提供保證? 本基金並不提供任何保證 閣下未必能取回投資本金 投資本基金涉及哪些費用及收費? 閣下或須繳付的收費的現有水平閣下就基金單位交易須繳付以下費用 : 認購費 最高為 5.25% 轉換費 # 最高為 5.25% 贖回費 最高為 1% # 若閣下已就欲轉換的單位支付整額認購費, 則閣下將繳付最高為 1% 的轉換費 若閣下就欲轉換的單位的投資毋須繳付認購費或繳付了低於特定最高金額的認購費, 則閣下將需支付最高為 5.25% 的轉換費 基金持續繳付的費用的現有水平以下收費將從基金總值中扣除, 閣下的投資回報將會因而減少 投資管理費 * 每年最高為資產淨值的 1.50% 受託人費用 * 行政管理人費用 * 表現費 每年最高為資產淨值的 0.02%, 最低月費為 500 美元 每年最高為資產淨值的 0.06%, 最低月費為 2,000 美元 不適用 其他費用基金單位交易或須繳付其他費用 所有其他費用及收費詳情載於說明書 * 請注意, 在向單位持有人發出不少於一個月事先通知後, 部份費用最高可上調至指定的許可上限 詳情請參閱說明書
其他資料 富達環球基金 環球股票入息基金 在基金交易截止時間, 即交易日下午四時正 ( 香港時間 ) ( 由 2016 年 5 月 23 日起將改為下午五時正 ( 香港時間 ) ) 或之前經我們收妥由閣下直接或透過認可分銷商提出的認購 贖回或轉換要求, 一般按隨後釐定的單位價格執行 閣下在提出有關要求之前, 應向認可分銷商查詢其內部交易截止時間 ( 可能早於基金交易的截止時間 ) 基金的每單位資產淨值在每個營業日計算, 並於每個交易日在香港刊登於南華早報及香港經濟日報, 以及刊登於網站 www.fidelity.com.hk 1 有關過去 12 個月從淨可分派收益及資本中撥付的股息成份詳情, 可向投資經理索取, 亦可於基金的網頁 :https://www. fidelity.com.hk/static/pdf/investor/personal-investment/docs/fund_distribution_payment_composition_fwwf.pdf 1 下載 投資者可致電投資經理 ( 電話 :+852 2629 2629) 取得資料 1 此網頁未經證監會審核 重要提示 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性或完整性亦不作出任何陳述
富達環球基金 說明書 ( 二零一五年二月編發 ) 補篇一 重要須知 如對本文件內容有任何疑問, 請諮詢獨立的專業財務意見 本補篇一用作補充並構成二零一五年二月編發的富達環球基金 ( 本基金 ) 說明書 ( 說明書 ) 的一部份, 並應連同該說明書一併閱覽 說明書所界定的詞彙和詞句在本補篇一具有相同的涵義 說明書所載的所有其他條文將繼續適用, 惟與本補篇一所載條文不符者除外 說明書將作出以下修訂 : 1. 更新經理人董事的名單由即日起, 說明書的 行政 一節內標題為 經理人的董事 一欄將被完全刪除, 並以下列文字取代 : 經理人的董事陶博宏 Brad Fresia 傅晉達 Joshua Pieterse 2. 更改交易截止時間 由二零一六年五月二十三日起, 說明書的 附錄 I - 富達環球基金 - 人民幣債券基金 附錄 II - 富達環球基金 - 中國精選基金 及 附錄 III - 富達環球基金 - 環球股票入息基金 內標題為 交易截止時間 的分節將被完全刪除, 並以下列文字取代 : 交易截止時間 有關交易日的下午五時 ( 香港時間 ) 認可分銷商可就接收認購 贖回或轉換指示設定不同的交易截止時間 投資者應注意相關認可分銷商的安排 1 二零一六年四月
投資者重要須知 本說明書連同各子基金的產品資料概要構成發售文件的一部份, 並包含與富達環球基金相關的資料 富達環球基金是根據香港法例, 透過富達基金 ( 香港 ) 有限公司 ( 作為經理人 ) 與 Cititrust Limited ( 作為受託人 ) 於二零一二年十月十七日訂立的信託契約 ( 經不時修訂 ) 成立為傘子基金的一項開放式單位信託 經理人對本說明書及產品資料概要所載資料於刊發日期的準確性承擔全部責任, 並確認已作出一切合理的查詢, 盡其所知及所信, 本說明書及各子基金的產品資料概要並無遺漏任何其他事實, 以致作出任何誤導的陳述 然而, 派發本說明書 / 子基金的產品資料概要, 或發售或發行單位在任何情況下均不構成以下聲明 : 本說明書或各子基金的產品資料概要所載資料於該刊發日期後的任何時間均屬正確 本說明書及相關子基金的產品資料概要可能不時更新 有意申請認購單位的人士應向經理人詢問是否已刊發說明書或產品資料概要的任何補篇或最新版本 本說明書必須連同各子基金的產品資料概要以及本基金的最新年報和帳目 ( 如有 ) 及任何其後的中期報告一併派發 相關子基金的單位只會依據本說明書 產品資料概要及 ( 如適用 ) 上述年報和帳目及中期報告所載資料發售 若任何交易商 推銷員或其他人士提供的資料或作出的陳述 ( 在任何情況下 ) 為刊載於本說明書或相關子基金的產品資料概要以外者, 均應被視為未經認可, 不應加以依賴 本基金及其子基金 ( 分別為富達環球基金 - 人民幣債券基金 富達環球基金 - 中國精選基金及富達環球基金 - 環球股票入息基金 ) 已根據 證券及期貨條例 第 104 條獲證監會認可 證監會給予認可, 並不表示對本基金及上述子基金作出推薦或贊許, 亦非對本基金及該等子基金的商業價值或表現提供保證 有關認可並不代表本基金或上述子基金將適合所有投資者, 或贊許本基金或上述子基金適合任何個別投資者或任何類別的投資者 本基金並無辦理任何手續, 以便獲准在香港以外須辦理手續的司法管轄區發售單位或派發本說明書 ( 或相關子基金的產品資料概要 ) 因此, 在不准發售或邀請認購本基金單位的任何司法管轄區或在任何情況下, 本說明書及任何產品資料概要不得用於發售或邀請認購本基金單位 特別而言 : (a) 單位並無根據美國 一九三三年證券法 (Securities Act of 1933) ( 經修訂 ) 登記 除不違反此法例的交易外, 單位不得在美國或其任何領土 屬土或其司法權管轄之地區或為美國人士 ( 定義見該法例下的 S 規例 ) 的利益而直接或間接發售或銷售 ; 及 (b) 本基金並無及將不會根據美國 一九四零年投資公司法 (Investment Company Act of 1940) ( 經修訂 ) 登記 有意申請認購單位的人士, 應自行查詢根據其註冊成立 公民身份 居住地或居籍所屬國家的法律可能面對及與認購 持有或出售單位可能相關的 (a) 潛在稅務後果 (b) 法律規定及 (c) 任何外匯限制或匯兌管制規定 投資涉及風險 投資者應注意其投資可能產生虧損 概不保證各子基金將可實現其投資目標 投資者在作出投資決定前, 應考慮 風險因素 一節, 及有關附錄中 特定風險因素 一節 ( 如有 ) 重要提示 - 若閣下對本說明書及相關子基金的產品資料概要的內容有任何疑問, 應徵詢獨立的專業財務意見 若投資者擬就任何子基金作出任何查詢或投訴, 則可透過以下方式聯絡經理人 : 致函富達基金 ( 香港 ) 有限公司 ( 地址 : 香港金鐘道 88 號太古廣場二座 21 樓 ) 致電經理人熱線 :(852) 2629 2629 經理人將處理或將投資者的任何查詢或投訴轉達相關部門, 並於隨後向投資者作出回應 其他資料投資者可瀏覽經理人的網頁 www.fidelity.com.hk, 以獲取有關本基金及任何子基金的其他資料, 包括本說明書 年報及最新資產淨值 謹請注意, 該網頁並不構成本說明書的一部份, 亦未經證監會審查
目錄 標題 頁次 行政...1 釋義...2 本基金...4 投資目標...4 本基金的管理及行政...4 單位類別...5 交易日及交易截止時間...5 購買單位...5 贖回單位...7 類別 / 子基金之間的轉換...8 估值...9 投資及借貸限制...11 風險因素...13 開支及費用...17 稅務...19 報告及帳目...20 分派政策...20 收益平衡安排...20 投票權...20 刊登價格...20 轉讓單位...21 強制贖回或轉移單位...21 信託契約...21 終止本基金或任何子基金...21 反洗黑錢規例...22 利益衝突...22 備查文件...22 附錄 I 富達環球基金 - 人民幣債券基金...23 附錄 II 富達環球基金 - 中國精選基金...28 附錄 III 富達環球基金 - 環球股票入息基金...37
行政 經理人及 RQFII 持有人 富達基金 ( 香港 ) 有限公司香港金鐘道 88 號太古廣場二座 21 樓 經理人的董事 廖恩樹 Andrew Wells 陶博宏 Brad Fresia 傅晉達 副經理人 FIL Investments International Oakhill House 130 Tonbridge Road Hildenborough Tonbridge Kent TN11 9DZ United Kingdom 受託人 Cititrust Limited 香港中環花園道 3 號花旗銀行廣場花旗銀行大廈 50 樓 保管人和行政管理人 花旗銀行香港分行香港中環花園道 3 號花旗銀行廣場花旗銀行大廈 50 樓 RQFII 託管人 中國工商銀行股份有限公司中國北京市西城區復興門內大街 55 號郵編 :100140 過戶代理 Citibank Europe plc 1 North Wall Quay 3rd Floor Dublin, 1 Ireland 核數師 羅兵咸永道會計師事務所香港中環太子大廈 22 樓 經理人的律師 的近律師行香港中環遮打道 18 號歷山大廈 5 樓 1 二零一五年二月
釋義 本說明書及各子基金的產品資料概要使用的界定詞彙具以下涵義 : 會計日 行政管理人 會計期 認可分銷商 營業日 指每年十二月三十一日或經理人可能就任何子基金不時訂明, 並通知該子基金的受託人和單位持有人的每年一個或多個其他日期 指花旗銀行香港分行 指有關子基金的成立日期或緊接有關子基金的會計日後的日期起計, 至該子基金的下一個會計日止的期間 指總分銷商委任的任何人士 ( 包括經理人 ), 負責向準投資者分銷部份或全部子基金的單位 指香港銀行進行正常銀行業務的日子 ( 星期六及星期日除外 ) 或經理人及受託人可能不時釐定的一個或多個其他日子 但若因八號颱風訊號 黑色暴雨警告或其他類似情況, 導致香港銀行在任何一日的營業時間縮短, 則該日將不會被視為營業日, 除非經理人及受託人另行決定 CAAP 指與中國 A 股掛鈎並在中國境外發行的中國 A 股連接產品 ( 包括股票掛鈎票據及參與票據 ) CAAP 發行機構 指 CAAP 的發行機構 中國 中國內地 或 中華人民共和國 中國 A 股 中國 B 股 中國 H 股 中國證券 關連人士 中國證監會 保管人 交易日 交易截止時間 指中華人民共和國, 就本說明書及產品資料概要而言不包括香港 澳門和台灣 指在上海證券交易所或深圳證券交易所上市的公司所發行, 並以人民幣買賣及可供內地 ( 中國 ) 投資者 QFII 或 RQFII 資格持有人和中國證券監督管理委員會認可的海外策略性投資者投資的股份 指在上海證券交易所或深圳證券交易所上市的公司所發行, 並以外幣買賣及可供內地 ( 中國 ) 投資者和海外投資者投資的股份 指在中華人民共和國註冊成立, 並在香港交易所上市的公司所發行的股份 指在任何證券交易所 ( 包括但不限於中華人民共和國 香港 新加坡 倫敦及美國的證券交易所 ) 上市的中國股份 ( 包括但不限於中國 A 股 中國 B 股及中國 H 股 ) 以人民幣計值的企業和政府債券 證券投資基金及認股權證 就經理人而言, 指 : (a) 任何直接或間接實益擁有經理人普通股本 20% 或以上, 或能夠直接或間接行使經理人總投票權的 20% 或以上的人士 公司或基金 ; 或 (b) 符合 (a) 段所述的一項或全部兩項條件的人士所控制的任何人士 公司或基金 ; 或 (c) 經理人所屬的集團旗下的任何成員公司 ; 或 (d) 上文 (a) (b) 或 (c) 段所界定的經理人或其任何關連人士之任何董事或高級人員 指中國證券監督管理委員會 指花旗銀行香港分行 指有關子基金的附錄所述的該等日期 指有關交易日或經理人在受託人批准下可能不時釐定的其他營業日的時間, 詳情載於有關子基金的附錄 說明書 指本說明書, 包括附錄 ( 各附錄可能經不時修訂 更新或補充 ) 富達集團 本基金 總分銷商 香港 港元 發行價 指 Fidelity Investments 集團, 包括經理人指富達環球基金指 FIL Distributors 或經理人委任就單位擔任總分銷商的任何其他人士指中華人民共和國香港特別行政區指香港法定貨幣港元就各子基金而言, 指每單位發行價, 詳情載於 購買單位 一節 二零一五年二月 2
經理人 資產淨值 人民銀行 指富達基金 ( 香港 ) 有限公司 指本基金或一項子基金或一個單位 ( 視文義所指 ) 的資產淨值, 乃根據概述於下文 估值 一節的信託契約條文計算 指中國人民銀行 QFII 指根據有關中華人民共和國法規 ( 經不時修訂 ) 批准的合格境外機構投資者 贖回價 人民幣 指單位贖回價格, 詳情載於 贖回單位 一節 指中華人民共和國法定貨幣人民幣 RQFII 指根據有關中華人民共和國法規 ( 經不時修訂 ) 批准的人民幣合格境外機構投資者 RQFII 託管人 指中國工商銀行股份有限公司 RQFII 持有人 指富達基金 ( 香港 ) 有限公司 外管局 證監會 指中華人民共和國國家外匯管理局 指香港證券及期貨事務監察委員會 證券及期貨條例 指 證券及期貨條例 ( 香港法例第 571 章 ) 滬港通 子基金 過戶代理 信託契約 受託人 單位 單位持有人 美元 估值日 估值點 指滬港股票市場交易互聯互通機制指本基金的子基金指本基金的過戶代理 Citibank Europe plc 指成立本基金的信託契約, 詳情載於 信託契約 一節指本基金的受託人 Cititrust Limited 指子基金的單位指登記為單位持有人的人士指美國法定貨幣指有關子基金的附錄所載的該等日期指有關子基金的附錄所載計算資產淨值的時間 3 二零一五年二月
本基金 富達環球基金是根據信託契約成立為一項傘子基金的開放式單位信託, 受香港法例規管 所有單位持有人均有權享有信託契約的條文所賦予的利益, 受有關條文所約束, 並被視為已知悉有關條文 經理人可能於日後增設其他子基金 投資者如欲獲取與適用子基金相關的最新發售文件, 應聯絡經理人 本基金可就各子基金發行多個單位類別, 經理人可於日後在其全權酌情決定下為任何子基金增設其他單位類別 子基金的資產將與其他已發行子基金的資產分開進行投資及管理 子基金及 / 或與其相關並可供發售的一個或多個新單位類別的詳情列載於本說明書的附錄 投資目標 各子基金的投資目標和政策以及其他重要詳情列載於本說明書中與有關子基金相關的附錄 經理人本基金的經理人為富達基金 ( 香港 ) 有限公司 本基金的管理及行政 經理人為一間於香港註冊成立的有限責任公司, 並已獲證監會發牌, 以進行以下受規管活動 : 第一類 - 證券交易 第四類 - 就證券提供意見 第五類 - 就期貨合約提供意見及第九類 - 資產管理 經理人負責管理本基金的資產 經理人可委任副經理人, 並將有關個別子基金的資產的管理職能轉授有關副經理人, 惟須取得證監會的事先批准 上述委任的詳情列載於與有關子基金相關的附錄 經理人可酌情委任投資顧問就個別子基金的資產向經理人提供投資意見, 不論其有否發出任何通知 有關副經理人及投資顧問的酬金將由經理人承擔 受託人 Cititrust Limited 是本基金的受託人, 並已在香港註冊為一家信託公司 Cititrust Limited 是 Citigroup Inc 的全資附屬公司 作為一家跨國金融服務集團,Citigroup Inc 及其附屬公司向消費者 公司 政府及機構提供廣泛的金融產品和服務, 包括消費金融 企業與投資銀行 證券經紀與財富管理產品和服務 根據信託契約, 受託人負責保管本基金的資產, 以及監察經理人遵守信託契約規定的情況 行政管理人花旗銀行香港分行是本基金的行政管理人 行政管理人為本基金提供若干財務 會計 行政和其他服務 根據基金行政管理服務協議, 行政管理人將負責 ( 其中包括 ) 以下事務 : 協助提供為擬備和存置本基金的財務和會計紀錄和報表所需的資料 ; 確定資產淨值 ; 協助擬備經審核財務報表 ; 安排提供會計 文書和行政服務 ; 及 計算本基金的子基金應付的費用, 包括但不限於受託人費用 行政管理人費用 過戶代理費用 管理費及分銷費, 詳情列載於有關附錄 保管人受託人已委任透過香港分行行事的花旗銀行 ( 花旗銀行 ) 為本基金資產的保管人 花旗銀行為 Citigroup Inc 的全資附屬公司 花旗銀行自一八一四年於美國成立以來, 一直為當地及國際客戶提供保管和結算服務 花旗銀行的環球保管網絡覆蓋所有成熟及主要的新興市場 花旗銀行自七十年代中開始在香港提供證券服務, 並於八十年代中在香港推出全面營運的環球保管產品 現時, 花旗銀行的證券及基金服務業務的全球客戶群包括頂尖銀行 基金經理 經紀交易商 保險公司及政府機構 根據由受託人與保管人簽訂的保管人協議 ( 保管人協議 ), 保管人將擔任本基金及有關子基金的資產的保管人, 有關資產將根據保管人協議, 由保管人直接或透過其代理 副保管人或代表持有 二零一五年二月 4
RQFII 託管人 就透過 RQFII 投資於中國境內發行的定息工具 中國 A 股或中華人民共和國的其他獲准許投資項目的子基金而言, 有關 RQFII 須根據有關法例及法規, 在中華人民共和國委任一名託管人保管資產 根據 RQFII 副託管人協議 ( RQFII 副託管人協議 ), 中國工商銀行股份有限公司已獲委任為有關子基金在中華人民共和國所持投資工具的 RQFII 託管人 中國工商銀行股份有限公司 ( 工商銀行 ) 的前身為中國工商銀行, 於一九八四年一月一日成立 在二零零五年十月二十八日, 工商銀行全面重組改制為一家股份有限公司 在二零零六年十月二十七日, 工商銀行成功在上海證券交易所及香港交易所同步上市 工商銀行持續秉承努力不懈及穩定發展的原則, 以市值 客戶存款及盈利能力計算, 發展成全球數一數二的大型上市銀行, 擁有卓越的客戶群 多元化的業務結構 強大的創新能力和市場競爭力 工商銀行的業務跨越全球六大洲, 海外業務網絡擴展至 39 個國家和地區 工商銀行通過全球 17,125 個境內機構 383 個境外機構和逾 1,771 個代理行, 以及透過由一系列網上及電話銀行服務和自助銀行中心組成的電子銀行網絡, 向 438 萬公司客戶和 3.93 億個人客戶提供全面的金融產品和服務, 形成了以商業銀行業務為主體的國際化跨市場經營格局, 並在商業銀行業務領域繼續保持國內市場領先地位 過戶代理 Citibank Europe plc 為本基金的過戶代理 Citibank Europe plc 為一間持牌銀行, 獲愛爾蘭中央銀行 (Central Bank of Ireland) 認可並受其規管 Citibank Europe plc 於一九八八年六月九日在愛爾蘭註冊成立, 註冊編號為 132781, 並為花旗集團旗下成員公司, 其最終母公司為美國上市公司 Citigroup Inc. 根據過戶代理服務協議, 過戶代理將負責 ( 其中包括 ) 以下事務 : 處理單位認購 轉讓 贖回和轉換 ; 及 保存及存置單位持有人名冊 總分銷商及認可分銷商 經理人將委任 FIL Distributors 為總分銷商, 負責在適用法例及規例許可下推銷單位 FIL Distributors 為富達集團的成員公司, 其業務地址為 Pembroke Hall, 42 Crow Lane, Pembroke HM19, Bermuda 總分銷商將委任在有關司法管轄區持有適當牌照的一名或多名認可分銷商, 負責分銷一項或多項子基金的單位, 以及接收單位認購 贖回及 / 或轉換申請 認可分銷商將擔任總分銷商的代理 總分銷商以主事人身份透過認可分銷商買賣單位, 而子基金單位將根據本說明書的條款發行予總分銷商或從總分銷商贖回 總分銷商就所接獲的指示提供的定價條件, 不得遜於直接自有關子基金取得者 總分銷商將會向子基金投資者提供代名人服務, 並可代表有關投資者持有申請款項或贖回收益 單位類別 各子基金可發售不同類別的單位 儘管可歸屬予某一子基金每個單位類別的資產將構成一項單一集合資產, 但每個單位類別可以不同的貨幣計值, 並擁有不同的收費結構, 因此可歸屬予某一子基金每個單位類別的資產淨值或許不盡相同 此外, 每個單位類別的最低首次和其後認購金額和持有金額, 以及最低贖回和轉換金額可能各有不同 有關可供認購之單位類別和適用的最低金額, 投資者應參閱有關附錄 經理人可酌情同意接受就若干類別低於適用的最低金額的認購 贖回及轉換申請 交易日及交易截止時間 經理人可不時在受託人批准下, 一般地或就任何特定的司法管轄區釐定在交易日或單位可不時出售的其他營業日的時間, 在此之前收到的認購 贖回或轉換指示, 將可在某一交易日處理 各子基金的交易日及有關交易截止時間列載於有關附錄 投資者應注意, 認可分銷商可能實施一個較接收認購 贖回或轉換指示的交易截止時間之前的較早截止時間 投資者應與相關認可分銷商確認有關安排 首次發售 首次發售單位的詳情列載於與有關子基金相關的附錄 購買單位 其後認購 在首次發售單位後, 單位將按當時的每單位發行價發行 任何交易日的發行價將會是子基金的相關類別單位於該交易日的估值點的資產淨值, 除以該類別的當時已發行單位數目, 向上調整至三個小數位 在計算發行價時, 經理人可徵收附加費, 以補償有關子基金的資產估值價格與購買有關資產的總成本 ( 包括其他相關開支, 例如稅款 政府收費和經紀費等 ) 之間的差額 除非子基金的附錄另行披露, 否則若經理人於交易截止時間前接獲認購子基金的任何類別單位的申請 ( 連同以已過戶款項繳付的申請款項 ) 並接受有關申請, 則會於該交易日處理有關申請 在交易日的交易截止時間後接獲的申請, 將於下一個交易日處理 經理人可酌情接納於交易截止時間後接獲的申請及 / 或申請款項 在暫停釐定子基金的類別單位的資產淨值期間, 不得發行有關單位 ( 詳情請參閱下文 暫停計算資產淨值 一節 ) 5 二零一五年二月
申請程序 如欲購買單位, 投資者必須填妥可向經理人或其他認可分銷商索取的申請表格 ( 申請表格 ), 並將申請表格正本連同任何其他 ( 可能不時要求的 ) 證明文件和申請款項交回經理人或其他認可分銷商 ( 詳情列載於申請表格 ) 只有在已過戶款項已於單位將予發行的相關交易日或之前接獲的情況下, 申請將一般於交易日獲接納 儘管如此, 經理人可酌情決定在接獲已填妥的申請表格後, 但於收妥以已過戶款項繳付的申請款項前發行子基金單位 I 類別股份單位只供符合總分銷商或經理人不時所設規定的機構投資者認購 經理人可絕對酌情決定推延接納任何 I 類別股份單位的認購 / 購買, 直至接獲投資者提供充份的身份證明, 證實其符合機構投資者資格當日為止 經理人在收妥已過戶款項前並無責任進行任何投資, 亦不會對因向經理人付款或轉移資金所引致的任何損失或延遲負責 若經理人在接納申請人的指示後七個營業日 ( 或經理人於接獲申請時所釐定及通知相關申請人的其他期間 ) 內並未接獲已過戶款項 ( 不論付款方法 ), 則有權取消任何購買投資的交易, 而申請人同意就經理人因申請人的投資而引致的任何法律責任 ( 因經理人的欺詐 疏忽或故意失責而直接引致的法律責任除外 ), 向經理人作出彌償 申請表格亦可以傳真或經理人及受託人同意的任何其他電子方式傳送予經理人, 但必須在其後盡快遞交申請表格正本 投資者應注意, 如彼等選擇以傳真或經理人及受託人同意的其他電子方式傳送申請表格, 則其須自行承擔未能接獲該等申請表格的風險 投資者應注意, 本基金 子基金 經理人 受託人 過戶代理及彼等各自的代理和代表概不就因未能接獲以傳真或其他電子方式發送的任何申請, 或有關申請表格模糊不清所引致的任何損失, 或就任何對真誠地相信因有適當的獲授權人士發出的指示而採取的任何行動所引致的任何損失負責, 即使發送人所產生的發送報告披露已發送有關申請亦不屬例外 為保障本身的利益, 投資者應向經理人或認可分銷商確認其已成功接獲有關申請 每位獲受理申請的申請人將獲發確認所認購單位詳情的成交單據, 但不會獲發任何證書 經理人有權酌情就發行每個單位收取最高達認購金額的 5.25% 的認購費, 而現時的費率列載於各子基金的有關附錄 經理人可保留有關費用, 亦可將全部或部份認購費 ( 及任何已收取的其他費用 ) 再發給或支付予中介人或經理人可能全權酌情決定的該等其他人士 經理人亦可酌情決定在一般或個別情況下豁免就任何單位認購收取全部或部份認購費 市場選時活動應被視為單位持有人透過利用釐定相關子基金資產淨值的方法的時差及 / 或不完善或不足之處, 有系統地在短時間內認購和贖回或轉換單位以進行套戥的方法 各子基金為配合較遠期投資而設計及管理, 及不鼓勵經常進行買賣 於短期內或過度買賣子基金, 可能會擾亂投資組合管理的策略及增加開支, 而對表現造成負面影響 根據富達集團的一般政策及慣例, 經理人及認可分銷商均承諾不會容許任何已知或有理由相信與市場選時有關的交易 因此, 經理人及認可分銷商可能拒絕單位的申購或轉換, 特別是一些被視為擾亂性的交易, 尤其是經理人或任何認可分銷商認為他們已建立於短期內或過度買賣的模式, 或其買賣已經或可能擾亂子基金的市場選時人士或投資者 就此而言, 經理人及認可分銷商可能考慮投資者於共同擁有或控制某項基金或其他富達集團基金及帳戶的買賣記錄 最低投資額適用於各子基金的每個單位類別的最低首次認購額 最低持有金額 最低其後認購額及最低贖回額的詳情列載於有關附錄 經理人可在一般或個別情況下酌情豁免 調整上述金額或接受低於上述金額的金額 限制購買 認購及轉入若干子基金經理人可在受託人同意下, 決定局部停止接受某項子基金或單位類別的認購, 即只限於拒絕接受新投資者作出的所有購買 認購或轉入單位 另外, 經理人亦可完全停止接受某項子基金或單位類別的所有購買 認購或轉入單位 ( 但無論是前述局部或完全停止接受認購, 贖回或轉出單位將不受限制 ) 如發生上述事件, 富達的網頁 www.fidelity.com.hk 將作出修訂, 以顯示有關子基金或單位類別的變動狀況 謹請注意, 上述網頁並未經證監會審查 投資者及準投資者應向經理人或認可分銷商確認各子基金或單位類別的最新狀況, 或透過網頁查詢 子基金或單位類別一旦停止接受認購, 將不會重開, 除非經理人認為引起停止接受認購的事情已不再適用 付款程序除有關附錄所披露的個別單位類別的基本貨幣外, 投資者向經理人及其他認可分銷商作出的單位指示亦可以任何可自由兌換的主要貨幣計算 投資者可聯絡經理人, 索取有關貨幣的資料 投資者的交易指示的計值貨幣的匯率將在經理人酌情決定的日期和時間釐定, 然後在其後向投資者提供的成交單據內註明 處理客戶購買或贖回單位所涉及的外匯交易可綜合處理, 並由富達集團的中央財務部按照公平的交易條件, 透過總分銷商進行, 而總分銷商或富達集團旗下的其他公司可從中得益 結算必須按交易指示的貨幣進行 結算將以電匯 ( 扣除銀行收費 ) 方式進行 有關付款須以適用的結算貨幣計算, 並存入經理人公佈的銀行帳戶 其他付款方式須經經理人事先同意 如接受以支票付款 ( 或若電匯未能即時收到過戶付款 ), 有關申請一般將延至付款過戶後才處理 已過戶的付款在扣除銀行託收手續費後才用作投資 投資者通常於購買或認購單位最少三個營業日後, 才可轉換 出售或贖回單位 有關以電匯付款的詳情列載於申請表格 所有申請款項必須來自以申請人名義持有的帳戶 概不接受第三方付款 二零一五年二月 6
申請人不應將款項支付予並非根據 證券及期貨條例 第 V 部, 獲證監會發牌或註冊進行第一類受規管活動 ( 證券交易 ) 的任何香港中介人 信託契約亦容許在經理人酌情決定下, 以實物而非現金支付單位價格 代名人服務總分銷商或其聯營公司已同意為子基金投資者提供代名人服務 代表投資者購入的單位將以代名人服務供應商的名義登記, 而有關該等單位的所有權利將只可透過代名人服務供應商行使 代名人服務供應商將會是單位的登記持有人, 並將與投資者達成安排, 以便向投資者轉交所有相關資料, 及就任何影響投資者所持單位的事宜向投資者尋求指示 受託人 經理人或總分銷商均毋須就代名人服務供應商未能根據相關投資者發出的指示行使單位所附的任何權利而承擔任何責任 一般情況所有持倉將以記名形式為單位持有人持有, 及不會發出任何證書 單位持有人名冊的登記將作為所有權證據 因此, 單位持有人應知悉確保經理人及過戶代理獲悉登記資料的任何變動的重要性 子基金可發行向上或向下調整至最接近百分之一個單位的零碎單位 有關子基金將保留代表不足一個單位的申請款項 經理人保留拒絕任何申請的全部或任何部份的權利 若申請被拒, 申請款項將不計利息, 以支票郵寄退還, 或以電匯方式退回原來的扣款銀行帳戶 ( 一切風險及開支概由申請人承擔 ) 或以經理人釐定的其他方式退回 最多四名人士可登記為聯名單位持有人 贖回單位 贖回程序有意贖回單位的單位持有人可於有關附錄所界定的有關子基金的交易截止時間前, 藉著向經理人提交贖回要求或透過其他認可分銷商, 在任何交易日贖回單位 除非有關子基金的附錄另行指明, 否則在交易截止時間後接獲的贖回要求將結轉至下一個交易日處理, 但經理人可酌情接受遲交的贖回要求 單位持有人可贖回所持的部份單位, 惟須受有關附錄所披露, 或經理人可能在一般或個別情況下不時釐定的子基金的每一單位類別的最低贖回金額所規限 若一項贖回要求將導致單位持有人於一個類別所持單位的價值, 低於子基金的有關附錄所載該類別的最低持有金額, 則經理人可視有關要求為就該名單位持有人在該類別所持的所有單位而提出 經理人可在一般或個別情況下, 酌情豁免最低單位持有數目的規定 贖回要求必須以書面方式向經理人或透過其他認可分銷商提交, 並以傳真或經理人或受託人同意的任何其他電子方式發送, 但必須在其後盡快以郵遞方式提交正本 有關贖回要求必須註明 (i) 子基金的名稱及將予贖回的單位價值或數目 (ii) 將予贖回的相關類別單位 (iii) 登記持有人的名稱 (iv) 贖回所得款項的付款指示及 (v) 於子基金登記的帳戶號碼 投資者應注意, 若彼等選擇以傳真或經理人或受託人同意的其他電子方式發出贖回要求, 則須自行承擔未能接獲有關要求或該等要求模糊不清的風險 投資者應注意, 本基金 子基金 經理人 受託人 過戶代理及彼等各自的代理和代表概不就因未能接獲以傳真或其他電子方式發送的任何贖回要求, 或有關贖回要求模糊不清所引致的任何損失, 或就任何對真誠地相信因有適當的獲授權人士發出的指示而採取的任何行動所引致的任何損失負責, 即使發送人所產生的發送報告披露已發送有關贖回要求亦不屬例外 為保障本身的利益, 投資者應向經理人或認可分銷商確認其已成功接獲有關贖回要求 一旦發出贖回要求, 在未經經理人同意下不可撤回 任何單位持有人均可在宣佈暫停贖回後及有關暫停撤銷前的任何時間, 藉著向經理人發出書面通知或透過其他認可分銷商, 撤回贖回有關類別的單位的要求 為保障單位持有人的利益, 經理人有權限制在任何交易日, 任何子基金單位的贖回數目 ( 不論以出售單位予經理人或以註銷單位的方式贖回 ) 為有關子基金的已發行單位總數的 10% 在這個情況下, 有關限制將按比例實施 任何未予贖回的單位 ( 但原應已在當日贖回的單位 ) 將在相同限制下, 結轉以進行贖回, 並在下一個交易日及所有其後交易日獲優先處理 ( 經理人就此享有相同權力 ), 直至已全面履行原本的要求為止 若因上述情況而押後處理贖回要求, 經理人須在該交易日起計兩個營業日內通知有關的單位持有人 除延遲處理贖回要求外, 經理人亦可在有關單位持有人同意下, 決定向該名單位持有人以實物形式轉移有關子基金的計劃財產 ( 詳情請參閱 贖回單位 一節 ), 而並非以現金支付單位的贖回價, 以滿足單位持有人的贖回要求 支付贖回所得款項任何交易日的贖回價應為每單位價格, 其計算方法為:將子基金的相關類別於該交易日的估值點的資產淨值, 除以該類別的當時已發行單位數目, 向上調整至三個小數位 任何數字調整額撥歸有關子基金所有 該等價格須以有關子基金的基本貨幣計算, 並由經理人以基本貨幣及以經理人酌情決定 ( 並事先通知受託人 ) 的一種或多種其他貨幣報價 為此, 經理人須按其在計算估值點的資產淨值時所採用的相同匯率, 將有關價格換算為以一種或多種其他貨幣計值的等額 經理人可選擇就將予贖回的相關類別單位的贖回要求收取最高達贖回金額的 1% 的贖回費, 贖回費 ( 如有 ) 列載於有關附錄 經理人可在任何一日單獨全權酌情在單位持有人之間徵收不同的贖回費 ( 惟須在許可上限之內 ) 7 二零一五年二月
從計算贖回價的時間至贖回金額從任何其他貨幣兌換至有關子基金的基本貨幣的時間, 若有官方公佈其他貨幣貶值或降值的消息, 則原應支付予提出贖回指示的單位持有人的金額將按經理人認為適當的幅度下調, 以計入貶值或降值的影響 根據上文各段, 贖回單位而須支付予單位持有人的款項, 應為每單位的贖回價, 扣除任何贖回費以及與此有關的數字調整額 上述有關贖回任何單位的數字調整額將撥歸有關子基金所有 贖回費將由經理人保留自用, 利益歸其所有 贖回所得款項將不會支付予任何提出贖回要求的單位持有人,(a) 直至接獲經單位持有人妥為簽立的贖回要求的書面正本 ( 按規定格式擬備 ) 為止 ( 除非經理人及受託人另有議定, 則屬例外 ), 及 (b) 若贖回所得款項須以電匯形式支付, 則直至單位持有人 ( 或每名聯名單位持有人 ) 的簽署獲核實並令經理人及受託人滿意為止 如發生以下情況, 經理人或受託人 ( 視情況而定 ) 可絕對酌情決定拒絕向單位持有人支付贖回款項, 該等情況包括.. (i) 經理人或受託人 ( 視情況而定 ) 懷疑或知悉向該單位持有人支付任何贖回所得款項可能導致任何人士在任何相關司法管轄區觸犯或違反任何反洗黑錢法例, 或導致任何人士在任何相關司法管轄區觸犯或違反其他法例或規例, 或有關拒絕乃被視為必要或適當行動, 以確保本基金 經理人 受託人或其他服務供應商遵守任何有關司法管轄區的任何該等法例或規則 ; 或 (ii) 提出贖回要求的單位持有人在準備任何受託人及 / 或經理人或彼等各自的正式授權代理就身份核證目的而要求的資料或文件時, 出現延誤或失誤 若經理人或受託人在收取有關子基金的投資贖回所得款項以應付贖回要求方面有所延誤, 則經理人或受託人可延遲支付就單位贖回而應付的相關部份款項 若任何有關司法管轄區的法例規定經理人或受託人應從應付予單位持有人的任何贖回所得款項中作出預扣, 則預扣金額須從本應向該名人士支付的贖回所得款項中扣除 除根據上文所述的規定外, 若已提供相關帳戶詳情, 則贖回所得款項一般在有關交易日後五個營業日 ( 或有關子基金的附錄另行訂明的期間 ) 內, 及在任何情況下均會在有關交易日後一個曆月內, 或接獲正式贖回單位要求後的一個曆月內 ( 取較後者 ), 以基本貨幣或有關單位類別的類別貨幣, 透過電子銀行轉帳方式支付, 除非作出重大部份投資所在的市場乃受法律或監管規定 ( 例如外匯管制 ) 所限, 以致在上述期限內支付贖回所得款項並不切實可行, 則作別論 在該情況下, 延長的付款時間須反映因有關市場的個別情況所需的額外時間, 並須獲取證監會的事先批准 單位持有人可於作出指示時, 要求以任何一種主要的可自由兌換貨幣結算 除非經理人及受託人另行同意, 否則贖回所得款項將僅支付予以提出贖回要求的單位持有人名義開立的銀行帳戶 待經理人同意後, 贖回所得款項通常以基本貨幣或有關單位類別的類別貨幣, 以支票方式寄發至單位持有人名冊紀錄所示的提出贖回要求之單位持有人的最後已知地址 ( 如屬聯名單位持有人, 則為排名首位的聯名單位持有人的最後已知地址 ), 以支付予提出贖回要求的單位持有人 ( 或如屬聯名單位持有人, 則為所有單位持有人或有關單位持有人在申請表格註明的排名首位的單位持有人 ), 一切風險由單位持有人承擔 付款金額可能須扣除單位持有人所選銀行 ( 或往來銀行 ) 徵收的銀行費用 信託契約亦規定可在有關單位持有人同意下以實物形式支付贖回所得款項 若單位持有人要求贖回或註銷單位, 而經理人認為有關贖回或註銷對比有關子基金的總規模而言屬重大, 則可在獲得有關單位持有人同意後, 透過向該名單位持有人以實物形式轉移子基金的計劃財產, 而並非以現金支付單位的贖回價, 或應單位持有人的要求, 向單位持有人支付出售有關計劃財產的所得款項淨額, 以安排經理人贖回或註銷單位 贖回或註銷佔子基金資產淨值 5% 或以上的單位將一般被視為重大, 但經理人可酌情與所持單位佔有關子基金資產淨值 5% 以下的單位持有人協議進行實物贖回 在贖回或註銷單位的所得款項可予支付前, 經理人將向單位持有人發出書面通知, 表示計劃財產 ( 或出售該計劃財產的所得款項 ) 將轉移至該名單位持有人 若單位持有人接受以實物方式贖回單位, 經理人可以經理人的名義開設獨立於有關子基金的帳戶 ( 帳戶 ), 以便為提出贖回要求的單位持有人的利益出售存放於帳戶的計劃財產 ( 實物資產 ) 向帳戶的轉移及出售全部或部份實物資產將於接獲該單位持有人的指示後進行 有關轉移及出售可能導致單位持有人延至實物資產可予出售時, 方獲支付歸屬予實物資產的該部份贖回所得款項 該名單位持有人收取的金額可能增加或減少, 以反映實物資產於截至出售日期的表現 因開設和維持帳戶及轉移或出售實物資產所引致的任何費用和開支將由該名單位持有人承擔 類別 / 子基金之間的轉換 單位持有人有權向經理人發出書面通知或透過其他認可分銷商, 將其在一項子基金所持某一類別 ( 現有類別 ) 的全部或部份單位轉換為可供認購或轉換的相同子基金的另一項類別單位, 或另一項子基金的單位 ( 新類別 ) ( 但須受下表及經理人在諮詢受託人後可能施加的該等限制所約束 ) A 類別股份單位 I 類別股份單位 若有關單位持有人符合適用於現有及新子基金或類別單位的最低投資規定, 則可獲准進行轉換 單位持有人可把其在一項子基金的部份或全部 I 類別股份單位轉換為另一項子基金的 I 類別股份單位 ( 惟須已發行該類別單位 ) I 類別股份單位只供符合總分銷商或經理人不時所設規定的機構投資者認購 若轉換將導致有關持有人的持倉低於有關附錄所規定有關類別單位的最低持有量, 或導致有關持有人根據有關附錄被禁止持有有關類別或子基金的單位, 則不會履行轉換要求 除非經理人另行同意, 否則一個類別的單位只可轉換為另一項子基金的相同類別的單位 在暫停釐定任何有關子基金的資產淨值的任何期間內, 不得轉換單位 在交易日的交易截止時間前接獲的轉換要求將於該交易日處理 經理人及受託人均毋須就未能接獲轉換要求或在接獲轉換要求前修改要求所引致的任何損失向任何單位持有人負責 未經經理人同意前, 不可撤回轉換通知 二零一五年二月 8
投資者所持的現有類別的全部或任何部份轉換為新類別的轉換率將按以下公式釐定 : N = (E x R x F) SF S 而 : N 是擬發行新類別單位數目 E 是擬轉換的現有類別單位數目 F 是經理人就有關交易日釐定的貨幣兌換因數, 代表現有類別的單位的類別貨幣兌新類別的單位的類別貨幣的有效匯率 R 是有關交易日適用的現有類別的每單位贖回價, 減去經理人徵收的任何贖回費 S 是新類別在新類別交易日或緊隨有關交易日的適用每單位發行價, 惟若發行新類別單位須在發行前達成先決條件後方可進行, 則 S 將為在新類別的首個交易日 ( 即上述條件達成當日或其後 ) 適用的新類別的每單位發行價 SF 是轉換費 ( 如有 ) 經理人有權就因轉換單位而發行的新類別單位收取最高達認購金額的 5.25% 的轉換費, 而現時的費率列載於有關附錄 下表載列轉換費將如何適用於若干子基金 轉至 須支付認購費的新類別 由 須支付認購費, 惟認購費低於特定最高金額的現有類別最高為 5.25% * 須支付認購費 ( 與特定最高金額等額 ) 的現有類別最高為 1.00% ** * 就現有類別的單位而言, 若單位持有人已按低於特定最高金額的費率支付認購費, 則轉換費將高達 5.25% ** 就現有類別的單位而言, 若單位持有人已支付整額認購費 ( 即按特定最高金額的費率支付 ), 則轉換費將不會超出 1.00% 不同子基金的轉換, 及在同一項子基金內不同單位類別的轉換 ( 如適用 ) 將須支付轉換費 視乎有關子基金的估值點及匯出轉換所得款項所需的時間, 投資轉換為新類別的日子可能遲於現有類別的投資被轉出的日子, 或發出轉換指示的日子 若在計算現有類別的每單位贖回價之時至必須將現有類別的資金轉入新類別的之時的期間內任何時間, 現有類別的任何投資的計值貨幣或通常進行買賣的貨幣貶值或降值, 則經理人可視乎該貶值或降值的影響, 按其認為適當的做法減少現有類別的每單位贖回價, 而因轉換而產生的新類別單位的數目將須重新計算, 減少後的贖回價猶如為於有關交易日就贖回現有類別的單位適用的指定贖回價 此外, 當單位持有人有意將其單位轉換為另一個單位類別或子基金時, 特定限制可能適用 有關限制將列載於本節或有關子基金的附錄 經理人並不認可與市場選時活動有關的措施, 並在其懷疑單位持有人使用有關措施時, 保留權利拒絕受理該單位持有人作出的任何轉換單位申請, 並採取 ( 視情況而定 ) 所需措施以保障子基金的單位持有人 市場選時活動應被視為單位持有人透過利用釐定相關子基金資產淨值的方法的時差及 / 或不完善或不足之處, 有系統地在短時間內認購和贖回或轉換單位以進行套戥的方法 認購 贖回及轉換限制經理人可在任何暫停釐定有關子基金的資產淨值期間, 暫停單位的認購 贖回或轉換, 或延遲支付贖回所得款項 ( 詳情請參閱下文 暫停計算資產淨值 一節 ) 估值 各子基金的資產淨值將會根據信託契約, 於各估值點釐定 信託契約規定 ( 其中包括 ) : (a) 除於 (b) 段適用的集體投資計劃的任何權益或商品, 以及下文 (f) 段所述規定外, 所有在任何證券交易所 場外交易 ( 場外交易 ) 市場或證券市場 ( 證券市場 ) 掛牌 上市或買賣的投資, 其價值應參考該等投資在估值點時或緊接估值點前於主要證券市場的最後交易價計算, 惟倘經理人酌情認為主要證券市場以外的證券市場所適用的價格, 在所有情況下均能為任何該等投資提供較公平的價值標準, 則經理人 ( 在諮詢受託人後 ) 可採用有關價格 ; 而在釐定有關價格時, 經理人及受託人有權使用及倚賴其可能不時決定的一個或多個資料來源所提供的電子價格資料 ( 可毋須作出核證 ), 即使所採用的價格並非最後交易價 ; 9 二零一五年二月
(b) (c) (d) 除下文 (c) 及 (f) 段另有規定, 於任何集體投資計劃的每項權益的價值應為每單位或每股於同日的資產淨值, 或如該集體投資計劃並未在同日估值, 則有關價值應為估值點時或緊接估值點前, 該集體投資計劃的每單位或每股的最後公佈資產淨值 ( 如可提供 ) 或 ( 如未能提供 ) 該單位或股份的最後公佈贖回或買入價 ; 如未能提供上文 (b) 段規定的資產淨值 買入價及賣出價或報價, 則有關投資的價值應按經理人 ( 在諮詢受託人後 ) 不時決定的方式釐定 ; 任何並無在市場上掛牌 上市或正常買賣的投資的價值, 應相等於子基金就購入有關投資所動用的款項的初始價值 ( 在各情況下包括印花稅 佣金及其他收購開支 ), 惟經理人可安排由受託人所批准的具備對有關投資進行估值的資格的專業人員進行重新估值 ; (e) 現金 存款及類似投資應按其面值 ( 加應計利息 ) 估值, 除非經理人 ( 在諮詢受託人後 ) 認為應予調整以反映其價值 ; (f) (g) 不論上文有何規定, 若經理人在考慮相關情況後, 認為有需要調整任何投資的價值, 或使用其他估值方法以反映有關投資的公平價值, 則經理人 ( 在諮詢受託人後 ) 可作出有關調整或容許使用有關估值方法 ; 及 以子基金的基本貨幣以外的貨幣為單位計算的價值 ( 不論是借款 其他負債 投資或現金的價值 ), 須按經理人或受託人經考慮任何可能相關的溢價或折讓及匯兌費用的情況後認為合適的匯率 ( 不論是否官方匯率 ), 兌換為基本貨幣 就上文 (f) 段而言, 在子基金進行估值時, 若子基金所投資的市場休市, 所取得的最新市場價格或未能準確反映子基金持倉的公平價值, 尤其是當其他與休市市場高度相關的市場在子基金進行估值期間仍然開市, 並 ( 在子基金所投資的市場收市後 ) 出現價格變動, 有關情況將更為顯著 在計算休市市場持倉的公平價值時, 亦須考慮其他因素 若未能調整收市價至公平價值, 將為部份投資者締造機會, 進行市場選時活動, 損害長線單位持有人的利益 因此, 經理人 ( 在諮詢受託人後 ) 可就所取得的最新市場價格進行調整, 以計入在有關市場收市後與子基金進行估值期間所發生的市場及其他事件 有關調整以協定的政策及程序為基礎, 子基金的核數師亦可清楚獲悉有關政策及程序 有關子基金及單位類別應採取持續一致的調整 在其他情況下, 包括暫停買賣持倉 持續一段時間並無進行交易, 或未能取得最新的市場價格, 亦須採取類似的調整程序 投資者應注意, 由於子基金應收的若干付款欠明朗 ( 例如有關集體訴訟的付款 ), 故子基金在實際接獲有關付款前, 可能不會計入其資產淨值內 價格調整政策 ( 波幅定價及攤薄費 ) 大量買賣交易可對子基金的資產造成 攤薄, 因為投資者買賣子基金單位的價格, 或未能全面反映經理人為應付大量現金流入或流出而進行證券交易所引致的交易及其他成本 為制止有關情況, 同時提高對現有單位持有人的保障, 一項容許價格調整的政策已被採取, 作為日常正規估值程序的一部份, 以減低偶爾出現上述大額交易時引發重大交易和其他成本所造成的影響 若在任何交易日, 子基金的單位交投總量超過經理人不時就每項子基金設定的限額, 則經理人可向上或向下調整 ( 如適用 ) 發行價及贖回價, 以反映子基金為抵銷日常淨交易而清算或購入投資所造成的成本 經理人在設定限額時將考慮多項因素, 包括現行市況 估計攤薄成本及子基金規模, 並根據觸發機制持續應用有關限額規定 若整體淨交易導致單位數目增加, 價格將予調高 相反, 若整體淨交易導致單位數目減少, 則價格將予調低 經調整的發行價或贖回價將適用於當日進行的所有交易 在信託契約的條文的規限下, 價格調整將不會超過原有發行價或贖回價的 2%, 除非因特殊情況以致經理人認為調高限額為保障單位持有人權益的必要行為, 則屬例外 任何上述價格調整政策將針對大額現金流量而非正常交投水平作出, 故無法準確預測會否在未來任何時間作出價格調整 ; 同時亦無法準確預測須作出價格調整的次數 此外, 經理人可在買賣單位時徵收 攤薄費 子基金對所有單位持有人和準單位持有人一視同仁 經理人不會就涉及價值低於本說明書如有訂明的金額 ( 或有關附錄可能就子基金訂明的其他金額 ) 的單位的任何交易 ( 或同日的多宗交易 ) 徵收攤薄費 經理人將會考慮多項因素, 包括但不限於相對子基金整體價值的交易規模 有關市場的交易成本 子基金內相關投資的流動性 買賣投資的款額和所需時間 加快出售投資對有關投資價值的負面影響, 以及持有相關單位的年期, 從而決定是否徵收攤薄費 根據對未來的預測及經理人管理其他基金的經驗, 除非經理人認為有關單位持有人交易的費用龐大及將對有關子基金價值造成重大的影響, 否則經理人徵收攤薄費的機會不大 若交易費用 ( 包括印花稅 經紀佣金及買賣差價 ) 達 250 萬元人民幣或以上, 則被視為費用龐大 ; 而重大影響則指對資產淨值產生 10 個基點 (0.1%) 或以上的影響 在大額贖回的情況下, 經理人可能在提出贖回要求的單位持有人同意下, 確定提出贖回要求的單位持有人將接納以實物方式履行贖回價格付款的安排 ( 請參閱 贖回單位 一節 ), 而非徵收攤薄費 根據對未來的預測, 攤薄費 ( 如有徵收 ) 最高為認購費用或贖回或轉換收益的 2%, 除非因特殊情況以致經理人認為調高限額為保障單位持有人權益的必要行為, 則屬例外 任何攤薄費均應付予經理人及作為有關子基金的部份財產 經理人認為上述攤薄費政策將不會對各子基金的未來增長構成重大影響 暫停計算資產淨值在下列期間內, 經理人可在向受託人發出通知後, 宣佈在整段或部份下述期間內暫停確定子基金的資產淨值: (a) 任何商品市場或證券市場關閉 限制或暫停交易, 而有關子基金所持投資的重大部份通常在該市場上交易, 或經理人或受託人 ( 視情況而定 ) 通常用以確定投資價格, 或有關子基金的資產淨值, 或每單位發行價或贖回價的途徑中斷 ; 或 二零一五年二月 10
(b) (c) (d) (e) (f) (g) (h) 通常用以確定該子基金的重大部份投資或其他資產的價值, 或該子基金的資產淨值, 或每單位的發行價或贖回價的系統及 / 或通訊方式出現故障, 或基於任何其他理由, 經理人認為未能合理或公平地確定, 或無法以迅速及準確的方式確定該子基金的重大部份投資或其他資產的價值, 或該子基金的資產淨值, 或每單位的發行價或贖回價 ; 或 存在若干情況, 導致經理人認為無法合理可行地變現為該子基金持有或訂立的任何投資, 或無法在不嚴重損害有關類別的單位持有人的利益的情況下進行上述變現 ; 或 變現該子基金的投資, 或為該等投資付款, 或發行或贖回子基金的有關類別的單位將會或可能涉及的匯款或資金調返有所延誤, 或經理人認為無法及時按一般匯率進行 ; 或 經理人認為須按法例或適用的法律程序的規定作出有關暫停 ; 或 該子基金投資於一項或多項集體投資計劃, 且任何相關集體投資計劃 ( 佔投資基金的資產的重大部份 ) 的權益變現被暫停或受到限制 ; 或 因瘟疫 戰爭 恐怖活動 暴動 革命 內亂 騷亂 罷工或天災, 以致經理人 受託人或其任何與該子基金的營運有關的代表的業務運作受到嚴重中斷或結束 ; 或 單位持有人或經理人已決定終止該子基金或發出終止該子基金的通知 上述暫停決定將於宣佈後即時生效, 而其後將不會確定有關子基金的資產淨值, 直至經理人在通知受託人後宣佈暫停結束為止, 但有關暫停將無論如何於出現下述情況的首個營業日翌日終止.. (i) 搆成暫停的情況不再存在, 及 (ii) 並無其他情況授權經理人繼續暫停釐定資產淨值 每當經理人宣佈暫停釐定子基金的資產淨值, 其須於作出該等宣佈後盡早在切實可行的情況下及於暫停期間最少每月一次在南華早報及香港經濟日報和網頁 www.fidelity.com.hk 刊登通告 謹請注意, 上述網頁並未經證監會審查 在暫停期間, 不得發行 贖回或轉換有關子基金的任何單位 若認購 贖回及轉換要求的相關交易日乃於暫停期間內, 則上述規定適用於在暫停期間及之前接獲的該等要求 投資及借貸限制 信託契約列載經理人購入若干投資的限制和禁制 除非各子基金的附錄另行披露, 否則各子基金受以下主要投資限制所規限 : (a) 由單一發行機構發行的證券 ( 政府及其他公共證券除外 ) 不得超逾子基金的資產淨值的 10%; (b) 子基金 ( 連同所有其他子基金 ) 不得持有由任何單一發行機構所發行的任何普通股的 10% 以上 ; (c) (d) (e) 並非在證券交易所 場外交易市場或其他有組織證券市場上市 掛牌或買賣的任何公司的證券不得超逾子基金的資產淨值的 15%; 認股權證及期權 ( 不包括為對沖目的而持有的認股權證及期權 ), 按已支付的溢價總額計算, 不得超逾子基金的資產淨值的 15%; (i) 其他屬於未經認可的司法管轄區計劃 ( 定義見 單位信託及互惠基金守則 或 守則 ) 及未經證監會認可的單位信託或互惠基金 ( 管理基金 ) 的股份或單位, 不得超逾子基金的資產淨值的 10%;(ii) 屬認可司法管轄區計劃 ( 根據守則許可 ) 或證監會認可計劃的管理基金的股份或單位, 不得超逾子基金的資產淨值的 30%; 惟 : (1) 若管理基金的投資目標是主要投資於本章節所禁止的任何投資, 則不可投資於該管理基金 ; (2) 若管理基金的投資目標是主要投資於本章節所限制的投資項目, 則有關持倉不可違反相關限制 ; (f) 若子基金投資的管理基金乃由經理人或其任何關連人士管理, 則就管理基金而徵收的所有認購費必須獲豁免 ; (g) 經理人不可從子基金投資的管理基金或該管理基金的經理人所徵收的任何費用或收費中取得回扣 ; (h) (i) 實物商品 ( 包括黃金 白銀 白金及其他金條或銀條 ) 及以商品為基礎的投資 ( 不包括從事商品生產 加工或貿易的公司的股份 ) 不得超逾子基金的資產淨值的 20%; 期貨合約價格 ( 不論是須付予子基金或由子基金支付 ) 的淨總值 ( 不包括為對沖目的而訂立的期貨合約 ) 連同該子基金所持屬於上文 (h) 段所述的投資總值, 不得超過該子基金的資產淨值的 20%; (j) 在同一發行的政府及其他公共證券不得超逾子基金資產淨值的 30%; (k) (l) 在上文 (j) 段的規限下, 子基金可全數投資於由單一發行機構發行的政府及其他公共證券, 惟子基金所持的政府及其他公共證券須有最少六種不同的發行類別 ; 及 若子基金的名稱反映某一特定目標 地區或市場, 則子基金將投資其非現金資產的最少 70% 於反映子基金代表的特定目標或地區或市場的證券及其他投資項目 11 二零一五年二月
就本章節而言, 政府及其他公共證券 指經濟合作及發展組織 ( 經合組織 ) 的任何成員國的政府所發行, 或就有關本金及利息付款給予保證的任何投資 ; 或由任何經合組織成員國的公共或當地政府機構或國營行業在任何組合組織成員國發行的任何定息投資, 或由受託人認為地位相若的任何其他團體在全球任何地點發行的任何定息投資 經理人不得代表任何子基金進行下列各項: (i) (ii) (iii) 如經理人的任何董事或高級人員個別擁有任何公司或團體的任何類別的證券, 而其票面值又超逾該類別全數已發行證券的總面值的 0.5%, 或經理人的董事及高級人員合共擁有的該類證券, 其面值超逾全數已發行證券的總面值的 5%, 則經理人不可代表任何子基金投資於上述公司或團體的證券 ; 投資於任何類別的房地產 ( 包括樓宇 ) 或房地產權益 ( 包括期權或權利, 但不包括房地產公司的股份及於房地產投資信託基金的權益 ) ; 如果沽空證券會令該子基金有責任交付價值超逾該子基金的資產淨值的 10% 的證券 ( 就此而言, 擬沽空的證券必須在准許沽空的市場上交投活躍 ), 則經理人不可代表任何子基金進行沽空活動 ; (iv) 沽售空頭期權 ; (v) 如投資組合投資的認購期權的行使價超逾子基金的資產淨值的 25%, 則經理人不可代表任何子基金沽售有關期權 ; (vi) (vii) (viii) (ix) 未取得受託人的事先書面同意的情況下從該子基金作出貸款, 惟在購入投資項目或存放存款 ( 在適用投資限制內 ) 而可能構成借款的情況除外 ; 在未取得受託人的事先書面同意下, 就任何人士的任何責任或負債承擔 擔保 背書或以其他方式直接或或然地承擔法律責任 ; 但為免生疑問, 毋須就購入投資項目 ( 在適用投資限制內 ) 的任何相關交易獲取受託人的同意, 除非信託契約的任何其他條文明文規定必須獲取有關同意, 則屬例外 ; 代表子基金訂立任何責任, 或為該子基金購入任何資產, 而當中涉及承擔無限責任 ; 或 使用子基金的任何部份以購入在當時未繳付款項或部份繳付款項並即將作出催繳通知的任何投資, 除非可以屬於該子基金一部份的現金或近似現金全數繳付者, 則作別論, 有關金額須並未就上文 (v) 段目的計入在內 ; 或 (x) 如未取得受託人同意, 將無權使用有關子基金的任何部份購入受託人認為可能導致受託人涉及任何責任 ( 或然或其他 ) 的任何其他投資 適用於大韓民國 ( 韓國 ) 註冊的若干子基金的額外投資限制 : 除以上分節所述及在不抵觸有關投資限制的情況下, 下列限制亦適用於在韓國註冊進行分銷的若干子基金 為免生疑問, 應採用限制較嚴謹的投資限制 富達環球基金 - 人民幣債券基金已於韓國註冊進行分銷 (1) 儘管有上述 (iii) 段的規定, 相關子基金將不得進行沽空 ( 無擔保銷售 ) (2) 儘管有上述 (vi) 段的規定, 相關子基金不得代表第三方發放貸款或擔任保證人 (3) 相關子基金的單位將向不記名公眾人士發售, 而本基金發行的 10% 或以上單位將在韓國境外發售 (4) 相關子基金可把其 60% 或以上的總資產淨值投資於在海外國家以非韓圜結算的證券或資產 為免生疑問, 相關子基金須受上述 (ii) 段的投資限制所規限 (5) 相關子基金與任何單一實體的總交易金額的價值不得超過其總資產淨值的 35%, 然而, 若與任何單一發行人的交易金額亦包括場外交易衍生工具, 則有關交易金額不得超過相關子基金的總資產淨值的 20%; 惟此段的投資限制須不影響上述 (j) 及 (k) 段的規限 為免生疑問, 相關子基金須受上述 (a) 段的投資限制所規限 (6) 在不抵觸上述 (e) 段的情況下 ( 若該段的投資限制較為嚴謹 ), 相關子基金不得把超過 20% 的資產淨值投資於單一集體投資計劃 就此而言, 相關集體投資協議對集體投資計劃的投資設有限制, 禁止集體投資計劃把超過資產淨值的 10% 投資於任何其他集體投資計劃的股份或單位 (7) 在不抵觸上述 (e) 段的情況下 ( 若該段的投資限制較為嚴謹 ), 相關子基金不得把超過 30% 的資產淨值投資於任何集體投資計劃的股份或單位, 惟 韓國金融投資服務與資本市場法 (Financial Investment Services and Capital Markets Act of Korea) 第 229 條 1 分段所述的證券集體投資計劃除外 (8) 相關子基金 ( 在本節上文所述投資限制准許的情況下 ) 為對沖及 / 或投資目的而進行衍生工具交易所承擔的風險, 須以其資產淨值為限 為免生疑問, 相關子基金須受上述 (d) 段及 (i) 段的投資限制所規限 (9) 相關子基金 ( 在本節上文所述投資限制准許的情況下 ) 就任何單一交易對手發行的場外交易衍生工具, 以及為對沖及 / 或投資目的而進行有關交易所承擔的風險, 不得超過其資產淨值的 10% (10) 場外交易衍生工具須每日按可靠價格進行評估, 並可隨時透過抵銷交易, 按市值變現或結束投資於該類工具, 而且交易對手須為獲正式認可的金融機構, 並須符合相關海外國家規例的穩健性要求 二零一五年二月 12
借貸限制 除非下文或有關附錄另行披露, 否則經理人可借入最高達子基金的最近可得資產淨值的 25% 的金額 就此而言, 對銷貸款不被視為借貸 子基金的資產可予抵押或質押, 以作為有關借款的抵押品 若子基金在韓國註冊進行分銷, 經理人可借入最高達相關子基金的最近可得資產淨值的 10% 的金額, 而任何有關借貸將屬暫時性質, 只可於不可避免的情況下進行, 包括但不限於支付贖回金額 如違反上述投資及借貸限制, 經理人的首要目標為在適當顧及單位持有人的利益的情況下, 於一段合理時間內採取所有必要步驟作出補救 證券借貸及回購交易經理人現時無意就任何子基金訂立任何證券借貸或回購或類似交易 若經理人改變其意向, 將須尋求證監會的批准及向單位持有人發出最少一個月的事先通知 風險因素 投資者在投資於任何子基金前, 應考慮以下風險以及有關附錄所載的與任何特定子基金相關的任何額外風險 投資者應注意, 其有權作出投資與否的決定 若投資者對子基金是否適合他們有任何疑問, 應諮詢獨立的專業意見 每項子基金均須面對市場波動, 以及所有投資的固有風險 任何子基金的單位價格, 及其產生的收入可跌亦可升 (i) (ii) (iii) 投資風險 概不保證子基金將可實現其投資目標 各子基金均須面對市場波動, 以及所有投資的固有風險 任何子基金的單位價格, 及其產生的收入可跌亦可升 投資於子基金涉及投資風險, 包括可能損失所投資的金額 子基金的過往表現並非有關子基金的未來表現的指引 市場風險 投資價值及來自有關投資的收入可跌亦可升, 投資者可能無法收回投資於子基金的原本金額 具體而言, 投資價值可能會受各項不明朗因素影響, 例如國際 政治及經濟發展或政府政策的變動 在股市下跌期間, 波動性可能上升 與投資於股本證券相關的風險亦可能較高, 因為股本證券的投資表現取決於難以預測的因素 有關因素包括市場可能突然或長期下跌以及與個別公司相關的風險 在該等情況下, 市場價格可能長時期與理性分析或期望不符, 並或會因短期因素 反投機措施或其他理由而受大額資金的流向影響 與任何股票組合相關的基本風險為其所持投資的價值可能有下跌的風險 中華人民共和國市場風險 投資於中華人民共和國市場須承受投資於新興市場的一般風險, 及中華人民共和國市場的特定風險 自一九七八年以來, 中華人民共和國政府已實施經濟改革措施, 有關措施強調在發展中國經濟的過程中, 權力下放及利用市場力量, 逐步從過往的計劃經濟體系轉型 然而, 許多經濟措施均處於試驗性階段, 或前所未見, 仍須接受調整及修正 中華人民共和國的政治 社會或經濟政策的任何重大變動均可能對在中華人民共和國市場的投資造成負面影響 中華人民共和國的資本市場及合股公司的監管及法律架構的發展或許不如已發展國家般完善 中國的會計準則及慣例可能與國際會計標準有重大差異 中國證券市場的結算及交收系統可能未接受完善測試, 其發生錯誤或欠效率的風險或許較高 投資者可透過中國 A 股 中國 B 股 中國 H 股及中國紅籌股投資於中國公司的股本權益 鑑於有關證券的數目及其綜合總市值對比發展較成熟的市場相對較低, 因此投資於該等證券或須承受更大的價格波動性及較低流動性 投資者亦應注意, 中華人民共和國稅務法例的變動, 或會影響有關子基金的投資可能產生的收益金額, 以及可從有關子基金的投資獲返還的資本金額 稅務法律將繼續更改, 並可能出現互相抵觸及含糊不清的情況 (iv) (v) (vi) 新興市場風險 子基金可能投資的各個國家被視為新興市場 準投資者應注意, 投資於中華人民共和國及其他國家等新興市場涉及特別考慮因素和風險, 包括有可能出現或會對該等國家的經濟或子基金投資項目的價值構成不利影響的國有化 沒收或徵用性稅項 外匯管制 政治和法律變動 政府規管 社會不穩或外交發展情況, 及投資於擁有小型資本市場國家的風險, 例如流通性有限 價格波動 對外商投資和匯出資本的限制 ; 以及與新興經濟體系有關的風險, 包括高通脹 利率高企及政治和社會的不明朗因素 此外, 在新興國家可能難以取得及執行法院的裁決 新興市場基金的相關投資亦可能變得缺乏流動性, 這或會局限經理人贖回投資組合的部份或全部投資的能力 子基金可能投資的部份國家適用的會計 審核和財務報告標準 慣例及披露規定可能有別於已發展國家所適用者, 例如投資者可獲的資料較少, 及有關資料可能過時 結算風險 新興國家的結算程序通常並未發展完善及較不可靠, 及可能要求子基金在接獲出售證券的款項前先交付證券或轉移證券的所有權 若證券公司在履行職責時違約, 則子基金或須承受重大虧損風險 若子基金的交易對手未能就子基金已交付的證券付款, 或因任何理由以致子基金無法履行其合約責任, 則子基金或會招致重大虧損 另一方面, 在若干市場進行證券轉讓登記時或會出現重大的結算延誤 有關延誤或會令子基金錯失投資機會, 或令子基金無法購入或出售某項證券, 因而為子基金帶來重大損失 貨幣風險 若干子基金可將部份資金投資於以其基本貨幣以外的貨幣報價的資產 該子基金的表現將因而受其所持資產的貨幣與子基金的基本貨幣之間的匯率變動所影響 由於經理人旨在為該子基金取得以基本貨幣計算的最高回報, 因此有關子基金的投資者可能須承受額外的貨幣風險 13 二零一五年二月
(vii) (viii) (ix) 利率風險 利率變動可能會影響某一證券的價值和整體金融市場 若干子基金或會投資於定息工具 定息工具 ( 例如債券 ) 特別容易受利率波動所影響, 若利率出現變動, 該等定息工具的價值可能會下跌 一般情況下, 當利率下調時, 定息工具的價格將上升, 而當利率上調時, 其價格則下跌 較長期的定息工具通常對利率變動較為敏感 信貸評級下調風險 投資級別證券可能面對評級被下調至投資級別以下的證券的風險 若證券或與證券有關的發行機構的信貸評級遭下調, 子基金於該證券的投資價值可能受到不利影響 經理人將按有關子基金的投資目標決定是否出售該等證券 若投資級別證券的評級被下調至投資級別以下的證券, 則子基金亦將須承受下段所概述的低於投資級別的證券的風險 低於投資級別及未獲評級的證券的風險 子基金可能投資於低於投資級別或未獲評級的證券 投資者應注意, 相對於較高評級的證券, 有關證券一般被視為具較高信貸風險及違約機會較高 若證券發行機構違約, 或有關證券無法贖回或表現欠佳, 投資者可能蒙受重大損失 這類證券的市場可能較不活躍及欠流通, 因而增加出售證券的難度 這可能會導致有關子基金的價值以至其資產淨值出現較大幅的波動 尤其是, 評級較低或未獲評級的企業債券的價值會因投資者的觀感而受到影響 在經濟狀況似乎惡化時, 評級較低或未獲評級的企業債券的市值可能會因投資者對信貸質素日益關注及對有關質素的觀感而下跌 (x) 信貸風險 若發行機構的財政狀況出現不利變動, 可能導致證券的信貸質素下降, 因而令證券價格的波動性擴大 證券或其發行機構的信貸評級下調, 亦可能影響證券的流動性, 令其較難銷售 子基金的投資亦須承受發行機構可能無法就其發行的證券付款的風險 若子基金的資產所投資的任何證券的發行機構違約或無力償債或陷入其他財務困境, 該子基金的價值將受到不利影響 (xi) 場外交易市場的風險 場外交易 ( 場外交易 ) 市場 ( 一般會有多種不同類型的金融衍生工具及結構性產品在當中買賣 ) 所受的政府規管及交易監管較有組織的交易所為少 此外, 不少提供予部份有組織交易所參與者的保障, 例如交易結算所的表現保證未必能夠就場外交易市場的交易而提供 因此, 若子基金在場外交易市場進行交易, 將須承受其直接交易對手不履行其在該等交易項下的責任, 及因而令其蒙受虧損的風險 此外, 在場外交易市場買賣的若干投資工具 ( 例如特設的金融衍生工具及結構性產品 ) 可能欠缺流動性 與流動性較高的投資市場相比, 相對欠缺流動性的投資市場傾向較為波動 (xii) (xiii) (xiv) (xv) (xvi) (xvii) 股票風險 就投資於股票的子基金而言, 股票的價值可能受個別公司的活動和業績, 或一般市場和經濟狀況或其他事件影響而增加或減少, 而且幅度有時可能相當顯著 若子基金的投資並非以有關子基金所持該項投資的基本貨幣計算, 貨幣匯率走勢亦將導致價值出現變動 集中風險 若干子基金可能只投資於一個特定的國家 / 地區 / 行業 儘管各子基金的投資組合以持倉數目及子基金可能投資的證券之發行機構數目計, 將會高度分散, 但投資者亦應注意, 該等子基金可能較投資層面廣泛的基金, 例如環球或地區股票基金波動, 因為該等子基金較易受因其持倉數目有限或其各自的國家的不利狀況所致的價值波動影響 對沖風險 子基金可為對沖目的而使用衍生工具, 而經理人獲准但並無責任使用對沖技巧, 以試圖抵銷市場和貨幣風險 概不保證對沖技巧能夠達到預期效果 使用衍生工具或會導致資產淨值相對在其他情況下較為波動, 並可能會偶爾引發流動性 交易對手及估值風險 在不利的市況下, 子基金為對沖目的而使用衍生工具可能會造成失效, 因而令子基金蒙受重大損失 流動性風險 與全球領先股市相比, 子基金投資的部份市場的流動性可能較低及較為反覆, 因而可能導致在該等市場買賣的證券價格波動 若干證券或許難以或無法出售, 這或會影響子基金按其固有價值購入或出售該等證券的能力 波動性風險 證券價格可能波動 證券價格的變動難以預測, 並受 ( 其中包括 ) 供求關係的變動 政府交易 財政 貨幣和外匯管制政策 國家及國際政治和經濟事件, 以及市場的固有波動性影響 特別是就短期而言, 子基金的價值將受有關價格變動影響, 並可能波動 小型及中型公司的相關風險 子基金可能投資於小型及 / 或中型公司的證券 投資於這些證券可能導致子基金須承受若干風險, 例如較大的市場價格波幅 較少的公開可獲得資料, 以及較易受經濟週期的波動所影響 此外, 許多小型公司的證券交易頻率較低, 交易量亦較少, 相對於大型公司證券可能更易受突然或不規則的價格變動所影響 小型公司證券對市場變動的敏感度亦可能高於大型公司證券 (xviii) 衍生工具及結構性產品的風險 子基金可投資於衍生工具 ( 例如期權 期貨和可轉換證券 ), 及投資於預託證券 參與權, 並可能透過其他與證券或指數的表現掛鈎的投資工具, 例如參股票據 股票掉期和股票掛鈎票據等, 這類投資工具被稱為 結構性產品 若上述工具並無交投活躍的市場, 於有關工具的投資可能欠缺流動性 這類工具的性質複雜, 因此存在定價錯誤或估值不當的風險, 而有關工具有可能並非經常準確追蹤其旨在追蹤的證券 利率或指數的價值 估值不當可能導致須向交易對手支付的款項增加, 或有關子基金的價值下跌 有關工具亦將須承受發行機構或交易對手無力償債或違約的風險 此外, 與子基金直接投資於類似資產相比, 透過結構性產品進行投資或會攤薄該等子基金的投資表現 此外, 許多衍生工具及結構性產品可能涉及嵌入式槓桿效應, 因為有關工具的市場風險遠高於進行交易時所支付或存放的款項, 因此, 市場相對輕微的不利變動可能導致有關子基金蒙受高於原本投資的金額的虧損 (xix) 遠期貨幣合約 子基金可為對沖目的而訂立遠期貨幣合約 遠期合約並不在交易所買賣, 亦非標準化, 銀行及交易商取而代之在有關市場擔任主事人, 並就每項交易進行個別磋商 遠期貨幣合約的交易大致不受監管, 每日價格波幅不受限制, 而投機性持倉限制亦不適用 在遠期市場進行交易的主事人毋須繼續以其交易的貨幣或商品做市, 而該等遠期合約市場可能在某些期間或偶爾在一段長時間缺乏流動性 市場缺乏流動性或中斷或會導致子基金蒙受巨額損失 此外, 遠期貨幣合約不會消除子基金的證券價格或外幣匯率的波動性, 或在上述證券價格下跌時避免損失 鑑於子基金所持的貨幣倉盤不一定與其所持的證券倉盤對應, 因此子基金的表現或會因外幣匯率變動而受到重大影響 在該等情況下, 子基金的資產可能因相關金融工具的虧損和成本而受到影響 二零一五年二月 14
(xx) (xxi) 受限制市場風險 子基金可能投資於對外資所有權或持有權設立限額或限制的司法管轄區 ( 包括中華人民共和國 ) 的證券 在該等情況下, 子基金或須直接或間接在有關市場進行投資 在任何一個情況下, 法律及監管的限制或限額可能因若干因素而對有關投資的流動性和表現構成不利影響, 這些因素包括資金調返限制 交易限制 不利的稅務待遇 較高的佣金成本 監管報告規定及對當地保管人及服務供應商的服務的依賴等 中國的稅務考慮 若子基金投資於中國證券及 CAAP, 則可能須繳納中華人民共和國徵收的稅項 (A) 中國證券及 CAAP ( 不包括透過滬港通買賣的中國 A 股 ) 企業所得稅 : 若本基金或子基金被視為中華人民共和國稅務居民企業, 則須就其環球應課稅收入按 25% 的稅率繳納中華人民共和國企業所得稅 ( 企業所得稅 ) 若本基金或子基金被視為非中華人民共和國稅務居民企業, 但在中華人民共和國設有機構或營業地點 ( 常設機構 ), 則須就歸屬於該常設機構的盈利及收益按 25% 的稅率繳納中華人民共和國企業所得稅 然而, 若本基金或子基金被視為非中華人民共和國稅務居民且在中國並無設有任何常設機構 ( 或在中國設有常設機構但其收入來源實際上與該常設機構無關 ), 則須就源自中國的股息 利息 特許權使用費 租金及其他收入 ( 主要指資本收益 ) 按 10% 的稅率繳納中華人民共和國預扣所得稅 ( 預扣所得稅 ), 除非該預扣所得稅根據與中國簽訂的適用稅務協定獲減免或豁免 由於未有規管境外機構投資者 ( 包括 QFII 及 RQFII) 稅務的具體規則, 中華人民共和國所得稅待遇應由 中華人民共和國企業所得稅法 的一般稅務規定規管 經理人有意管理經理人 ( 如其作為 RQFII 時適用 ) 及有關子基金的事務, 以致 ( 就中華人民共和國企業所得稅而言 ) 經理人及有關子基金不會被視為中華人民共和國稅務居民企業, 或在中華人民共和國設立常設機構的非中華人民共和國稅務居民企業, 但並不保證將可實現這個意向 若本基金或子基金為非中華人民共和國稅務居民企業, 在中華人民共和國亦無設立常設機構, 則其從中國證券及 CAAP 投資所得的收入須按 10% 的稅率繳納中華人民共和國預扣所得稅, 除非該稅項根據有關稅務協定獲豁免或減免 本基金或子基金可透過經理人或其他 QFII 或 RQFII 持有人的 QFII 或 RQFII 身份投資於中國證券 就有關子基金所投資的中國證券向 QFII 或 RQFII 徵收的任何中華人民共和國預扣所得稅將轉由子基金承擔, 而子基金的資產價值將相應減少 股息和利息 除非根據中華人民共和國現行稅務法例及法規或有關稅務協定獲得特定的稅務豁免或減免, 否則並無在中華人民共和國設立常設機構的非中華人民共和國稅務居民企業須按一般為 10% 的稅率繳納預扣所得稅, 但只適用於其直接源自中華人民共和國的被動收入 源自中華人民共和國的被動收入 ( 例如股息收入或利息收入 ) 可能從中國證券投資產生 因此, 子基金可能須就其從中國證券投資獲取的任何現金股息 分派及利息繳納預扣所得稅及 / 或中華人民共和國的其他稅項 根據 中華人民共和國企業所得稅法, 由國務院財政部門發行的政府債券 或由省 自治區 直轄市或計劃單列市的地方政府發行的債券所衍生的利息, 在取得國務院批准的情況下, 可獲豁免繳納中華人民共和國所得稅 根據 內地和香港特別行政區關於對所得避免雙重徵稅和防止偷漏稅的安排 ( 中港稅收安排 ), 若香港稅務居民為 中港稅收安排 下的實益擁有人, 在取得中華人民共和國稅務機關的批准後, 債務工具的香港居民持有人就所收取利息須繳納的預扣所得稅將相當於利息總額的 7% 然而, 中華人民共和國稅務機關將如何評估投資基金的實益擁有權, 則仍然存在不確定性 ; 有關子基金能否獲中華人民共和國稅務機關批准繳納此優惠稅率亦存在不確定性 經理人將持續檢討形勢, 包括中華人民共和國稅務機關的觀點 尋求有關批准所需的行政管理規定, 以及尋求批准的成本和不確定性 經理人可能會就有關子基金致力向中華人民共和國稅務機關申請批准, 但並不保證將可實現 若未能取得有關批准, 有關子基金的利息收入將須按 10% 的一般預扣所得稅率繳稅 根據 中港稅收安排, 若香港稅務居民為實益擁有人並直接持有支付股息的公司最少 25% 的股本, 則中國居民公司所發行股份的非居民持有人就所收取股息須繳納的稅項, 將相當於股息總額的 5% 基於投資限制, 有關子基金將不會持有由任何單一發行機構所發行的任何普通股超過 10% 由此可見, 透過 RQFII 投資於中國 A 股所賺取的股息將不會受惠於 5% 的寬減稅率, 並須按適用於有關子基金的 10% 一般稅率繳稅 資本收益 若海外企業為並無在中華人民共和國設立常設機構的非中華人民共和國稅務居民企業, 則會就其源自中國的資本收益按 10% 的稅率徵收中華人民共和國預扣所得稅, 除非該稅項根據中國訂立的有關稅務協定獲豁免或減免 根據 企業所得稅法 及其實施條例, 並無在中華人民共和國設立常設機構的非中華人民共和國稅務居民企業源自中國的 轉讓財產收入 須按 10% 的稅率繳納預扣所得稅, 除非該稅項根據中國訂立的有關稅務協定獲減免或豁免 根據 中港稅收安排, 香港稅務居民可就若干資本收益獲豁免繳納中華人民共和國稅務, 但正如上文 股息和利息 一節所述, 現時有關子基金能否受惠於 中港稅收安排 仍存在不確定性 然而, 根據中華人民共和國財政部 ( 財政部 ) 國家稅務總局 ( 國稅局 ) 及中國證監會在二零一四年十一月十四日頒佈的 關於 QFII 和 RQFII 取得中國境內的股票等權益性投資資產轉讓所得暫免徵收企業所得稅問題的通知 ( 財稅 [2014]79 號 ) ( 79 號通知 ),QFII 和 RQFII 在二零一四年十一月十七日前衍生自權益性投資資產 ( 包括中國境內的股票 ) 的資本收益, 須根據法例繳納中國企業所得稅 79 號通知亦註明未有在中華人民共和國設立常設機構的 RQFII 買賣中國 A 股所衍生的收益, 將可暫時獲豁免繳納企業所得稅, 並自二零一四年十一月十七日起生效 然而, 該通知並不涵蓋來自轉讓中華人民共和國債務證券所得的收益, 換言之, 有關規管 RQFII 買賣中華人民共和國債務證券所得資本收益的稅務規則仍然存在不確定性 鑑於就中國證券徵收並應支付予有關稅務機關的任何資本收益稅可能會被轉嫁至有關子基金 ( 以歸屬於有關子基金購入中國證券所得交易收益的稅項為限 ), 經理人可能會就直接或間接投資於中國證券所得資本收益作出中華人民共和國預扣所得稅撥備 15 二零一五年二月
部份子基金可能會投資於 CAAP 若干 CAAP 發行機構可能會預扣相當於任何收益 10% 的款額, 作為在實際出售相關中國 A 股時應就任何資本收益繳納的中華人民共和國稅款 若 CAAP 發行機構預扣的稅款不足以應付最終的中華人民共和國資本收益稅務責任,CAAP 可把額外的稅務責任轉嫁至有關子基金, 因而導致子基金的價值下跌 若 CAAP 發行機構並無作出預扣, 經理人在考慮有關 CAAP 的條款後, 可能會就 CAAP 發行機構根據其相關對沖安排可予轉嫁的中華人民共和國預扣所得稅作出撥備 有關撥備可按透過 CAAP 間接投資於中國 A 股所得資本收益的 10% 稅率計算 鑑於財政部 中國證監會及國稅局頒佈有關中國 A 股稅務問題的通知, 經理人目前並不預期 CAAP 發行機構將會預扣任何稅款, 或有關子基金將會就二零一四年十一月十七日或之後變現的任何 CAAP 收益作出中華人民共和國預扣所得稅撥備 然而, 經理人將會繼續檢討有關問題 若經理人認為情況合理, 日後可能會對直接或間接投資於中國 A 股所得收益作出中華人民共和國預扣所得稅撥備 鑑於中華人民共和國對出售中國證券及 CAAP 所得資本收益的預扣所得稅待遇存在不確定性, 為符合有關資本收益的潛在預扣所得稅責任, 經理人可能就上述稅務責任, 為子基金作出中華人民共和國預扣所得稅撥備 有關子基金的中華人民共和國預扣所得稅撥備的詳情, 請參閱有關附錄的 中華人民共和國稅務撥備 一節 鑑於適用的中華人民共和國稅法就會否及如何對中國證券及 CAAP 所得資本收益執行現行規則存在不確定性, 加上中國稅務當局並未執行現有規則 有關法例可能被修訂和預扣所得稅可能追溯徵收, 因此經理人作出的任何稅項撥備可能過高或不足以應付應就出售中國證券及 CAAP 所得資本收益繳納的實際中華人民共和國預扣所得稅責任 因此, 視乎該等資本收益最終的納稅方法 稅項撥備水平及投資者從有關子基金認購及 / 或贖回其單位的時間, 投資者可能處於有利或不利的位置 待頒佈明確評稅規則的主管機關提供明確的評稅規則或刊發公佈或規例後, 任何超出子基金已招致或預期將招致的稅務責任的預扣金額須退回及轉移至子基金的帳戶, 並構成子基金資產的一部份 另一方面, 若撥備不足以應付實際稅務責任, 則會從子基金的資產扣除差額, 因而將對子基金的資產價值構成不利影響 營業稅 : 利息 在二零零九年一月一日起生效的經修訂 中華人民共和國營業稅暫行條例 ( 營業稅法 ) 並無就非金融機構賺取的利息特別豁免營業稅 因此, 政府及企業債券的利息理論上須按 5% 的稅率繳納營業稅 股息 源自中國的股本投資股息收入或盈利分派並不納入營業稅的徵稅範圍 若營業稅適用, 亦須徵收金額最高達應予支付的營業稅的 12% 的其他附加稅 ( 包括城市維護和建設稅 教育附加費及地方教育附加費 ) 資本收益 新的營業稅法規定, 納稅人因買賣有價證券所得的收益須按 5% 的稅率繳納營業稅 本基金或子基金可透過經理人或其他 QFII 或 RQFII 持有人的 QFII 或 RQFII 身份投資於中國證券 財政部及國家稅務總局已在財稅 [2005]155 號澄清,QFII 因買賣中國證券 ( 包括中國 A 股及中國上市債券 ) 而獲得的收益獲豁免繳納營業稅 該通函並無載明其他收入 ( 例如利息 ) 的營業稅後果, 其他收入可能須按 5% 的稅率繳納營業稅, 並可能需要進一步的指引 在本說明書刊發時, 於二零零九年一月一日起生效的新中華人民共和國營業稅改革仍未改變此項豁免待遇 然而, 暫不清楚類似的豁免是否亦將適用於 RQFII 就並非透過 QFII 買賣的有價證券而言, 新的中華人民共和國營業稅法規定就有關有價證券的買賣差價徵收 5% 的營業稅 然而, 若因買賣境外上市的中國證券 ( 如中國 H 股 ) 獲得資本收益, 則一般不會徵收營業稅, 因為買賣通常於中國境外達成及完成 中國一旦頒佈有關 RQFII 交易的全面指引, 中國營業稅待遇可能會有別於上述者, 而且可能帶來較不利影響 任何新稅務待遇亦可能具有追溯效應 印花稅 : 根據中華人民共和國法律, 印花稅一般在簽署及接獲 中華人民共和國印花稅暫行條例 的所有應課稅文件時予以適用 於中國簽署或接獲若干文件時須按 0.1% 的稅率支付印花稅, 這些文件包括出售於中華人民共和國證券交易所買賣的中國 A 股及中國 B 股的合約 如為出售中國 A 股及中國 B 股的合約, 則該印花稅目前是向賣方而非買方徵收 子基金可能須按相關中國機關不時作出的規定 ( 如適用 ) 就其於內地上市的中國股份的交易活動繳納印花稅 鑑於子基金的單位並非在中華人民共和國上市的股份, 故認購 銷售 贖回或以其他方式出售有關單位概毋須繳納中華人民共和國的印花稅 適用的印花稅率及印花稅範圍可能不時改變, 並可能具有追溯效力 中國現行稅務法律 法規及慣例可能改變, 包括可能追溯徵收稅項, 而有關變動可能導致就中華人民共和國投資徵收的稅項較目前所估算者高 中國政府在近年已推行多項稅務改革政策, 而現有稅務法例及法規可能在日後修改或修訂 中國的現有稅務法例 法規及慣例日後可能作出具追溯效力的修改, 而任何該等修改均可能會對有關子基金的資產價值構成不利影響 此外, 概不保證現時向外國公司提供的稅務優惠 ( 如有 ) 將不會被取消, 亦不保證現有稅務法例及法規在日後不會作出修改或修訂 稅務政策的任何變動均可能減低子基金投資的中國公司的除稅後盈利, 因而減低單位的收入及 / 或價值 二零一五年二月 16
(B) 透過滬港通買賣的中國 A 股 在二零一四年十一月十四日, 中華人民共和國財政部 國家稅務總局及中國證監會聯合頒佈 關於滬港股票市場交易互聯互通機制試點有關稅收政策的通知 ( 財稅 [2014]81 號 ) ( 81 號通知 ) 根據 81 號通知, 香港及海外投資者 ( 包括子基金 ) 透過滬港通買賣中國 A 股所衍生的收益, 將可暫時獲豁免繳納企業所得稅 個人所得稅和營業稅, 並自二零一四年十一月十七日起生效 然而, 香港及海外投資者須就股息及 / 或紅股按 10% 的稅率繳稅, 有關稅款將由上市公司預扣並支付予相關稅務機構 如投資者屬於與中國簽訂稅務協定並可享用較低股息稅率的國家的稅務居民, 則該等投資者可向稅務機關申請退回有關差額 然而, 經理人將會繼續檢討有關問題 若經理人認為情況合理, 日後可能會對直接或間接投資於中國 A 股所得收益作出中華人民共和國預扣所得稅撥備 根據中國現行的稅務規則, 香港及海外投資者買賣中國 A 股, 及以繼承或饋贈方式轉讓中國 A 股均須繳納印花稅 根據中華人民共和國法律, 印花稅一般在簽署及接獲 中華人民共和國印花稅暫行條例 的所有應課稅文件時予以適用 於中國簽署或接獲若干文件時須按 0.1% 的稅率支付印花稅, 這些文件包括出售於中華人民共和國證券交易所買賣的中國 A 股的合約 如為出售中國 A 股的合約, 則該印花稅目前是向賣方而非買方徵收 因此, 投資於 A 股的子基金在出售中國 A 股時將須按 0.1% 的稅率繳付印花稅 (xxii) (xxiii) (xxiv) 法律 稅務及監管風險 法律 稅務及監管變動可能在日後發生 例如, 衍生工具的監管或稅務環境不斷演變, 而有關法規或稅項的變動可能對該等衍生工具的價值構成不利影響 現有法例及法規的變動將導致規管本基金的法律規定變動, 並可能會對本基金和投資者構成不利影響 保管風險及經紀風險 子基金可能為保管當地市場的資產而在有關市場委任保管人或副保管人 若子基金投資於保管及 / 或結算系統並未發展完善的市場, 子基金的資產可能承擔保管風險 在若干情況下, 子基金可能需要較長時間收回 ( 或甚至無法收回 ) 其部份資產 有關情況可能包括保管人或副保管人清盤 破產或無力償債 具追溯效力的法例應用 所有權的欺詐或不當登記所有權等 子基金在該等市場進行及持有投資所承擔的成本一般將較有組織證券市場所承擔者為高 交易對手風險 交易對手風險涉及交易對手或第三方未能履行其對子基金所負的責任的風險 子基金在對債券 期貨及期權等作出投資時, 或須承受交易對手風險 若交易對手無法履行其責任及子基金被禁止行使其於投資組合投資的權利, 則子基金的價值可能下跌, 並招致與證券所附帶的權利有關的費用 子基金可能因而蒙受巨額損失 特別是 : 現金及存款 : 子基金可於銀行或其他金融機構持有現金及存款, 其所受的政府及法規監管可能不盡相同 若該等銀行或金融機構無力償債, 子基金或會蒙受重大虧損或甚至損失全部資產 債務證券 : 概不保證不會就債務證券投資產生損失 交易對手拖欠利息或本金可能會對有關子基金的表現構成不利影響 (xxv) (xxvi) 終止風險 子基金可能在 終止本基金或任何子基金 一節概述的若干情況下被終止 若子基金被終止, 該子基金將須向單位持有人按比例分派其於該子基金的資產的權益 在有關銷售或分派期間, 有關子基金持有的若干投資的價值可能低於購入該等投資的初始成本, 因而導致單位持有人蒙受損失 此外, 任何與有關子基金相關的未全面攤銷組織開支 ( 例如成立費用 ) 將於當時從子基金的資產中扣除 海外帳戶稅收合規法案 ( FATCA ) 本基金及各子基金擬全面遵守 FATCA 訂明的規例及義務, 並將履行跨政府協議 ( 與美國簽訂 ) 所述的義務 然而, 恕不保證本基金及各子基金將可全面達致有關目標及免被徵收美國預扣稅 從司法管轄區層面來看, 若香港被視作未能履行其義務, 或從香港金融機構的層面來看, 若香港及 / 或美國政府認為本基金及各子基金在日後未能履行其義務, 則本基金及各子基金可能須繳納額外的美國預扣稅, 因而對若干美國來源證券的收益回報造成重大的影響 此外, 如對美國來源證券的資本價值徵收美國預扣稅, 單位持有人在若干子基金的投資可能會蒙受重大的損失 在作出投資於任何子基金的任何決定之前, 投資者應諮詢其法律 稅務及財務顧問的意見, 以釐定其在 FATCA 機制下的狀況 有關 FATCA 的詳情, 請參閱說明書主要部份的 稅務 一節下標題為 海外帳戶稅收合規法案 ( FATCA ) 的分節 鑑於上文所述, 投資於任何子基金應被視為長線投資 因此, 子基金僅適合能夠承受所涉及風險的投資者 投資者應參閱有關附錄, 以獲取有關子基金的任何額外風險的詳情 開支及費用 投資者應付的費用投資者或須根據上文 購買單位 贖回單位 及 類別 / 子基金之間的轉換 數節所述, 就購買 贖回及轉換單位而被徵收認購費 贖回費及轉換費 就子基金適用的該等費率列載於有關子基金的附錄 子基金應付的開支及費用以下開支 費用及收費須由子基金支付 17 二零一五年二月
管理費 經理人有權自每一子基金徵收管理費, 有關費用將每日累計並應按月後付 該管理費為子基金的每個單位類別於每一估值日的資產淨值百分比, 有關費率列載於有關子基金的附錄, 最高費用為每年 2.5% 經理人須向其委任的任何副經理人及投資顧問支付費用 任何該等副經理人及投資顧問將不會直接從任何子基金收取任何酬金 若管理費從現有水平上調至最高水平, 單位持有人應獲發不少於一個月的事先通知 受託人費用 受託人有權收取以各子基金資產支付的受託人費用, 有關費用乃按有關子基金的資產淨值計算, 最高費率為有關子基金的資產淨值的每年 0.5%, 最低月費則為 500 美元 受託人費用每日累計並按月後付 投資者應參閱與有關子基金相關的附錄以獲取詳情 若受託人費用從現有水平上調至最高水平, 單位持有人應獲發不少於一個月的事先通知 保管人費用 保管人有權收取 ( 其中包括 ) 按慣常市場費率計算的交易費及按不同費率計算的保管人費用, 保管人費用主要取決於保管人應要求持有子基金資產的市場 有關費用將每月計算並按月後付, 有關費用將以各子基金的資產支付 保管人將有權就履行其職責過程中招致的任何實付費用獲子基金作出償付 行政管理人費用 行政管理人有權收取行政管理費 行政管理費將每月計算並按月後付, 有關費用將從各子基金的資產支付, 並按有關子基金的資產淨值計算 行政管理人費用的每年最高百分比費率為 0.5% 行政管理人亦將有權就全面及專門履行與本基金及 / 或子基金相關職責過程中招致的任何實付費用獲子基金作出償付 本費用的調升將僅在向受影響單位持有人發出一個月 ( 或證監會可能規定的較長通知期 ) 通知後執行 若未經單位持有人批准, 概不得將行政管理人費用上調至高於信託契約中載明的上限 過戶代理費用 過戶代理有權收取 ( 其中包括 ) 按慣常市場費率計算的交易費, 最低月費為每項子基金每月 500 美元 與子基金的特定類別有關而應支付予過戶代理的現行費用將以本基金的資產淨值支付, 並將按月後付 過戶代理亦將有權就全面及專門履行與本基金及 / 或子基金相關職責過程中招致的任何實付費用獲子基金作出償付 過戶代理可在向單位持有人發出不少於一個月 ( 或證監會批准的較短通知期 ( 如適用 ) ) 的事先書面通知後, 上調應就子基金支付的費用 成立費用 本基金及首項子基金 ( 即富達環球基金 - 人民幣債券基金 ) 的成立費用由首項子基金承擔 有關費用約為 1,000,000 港元, 並將於首項子基金的成立日期起計的五個會計期 ( 或經理人釐定的該等其他期間 ) 予以攤銷 此攤銷政策並未符合國際財務報告準則及香港財務匯報準則, 根據該等準則, 成立費用應在產生時確認為支出, 故可能會為符合該等準則而對財務報表作出調整 經理人認為與在產生成立費用時確認為支出相比, 此政策對首次投資者而言為較公平及公正, 並將對本基金的資產淨值的影響減至最低, 故不會對本基金的財務報表構成重大影響 在日後成立其他子基金時, 經理人及受託人或會決定將本基金的未攤銷成立費用或其中一部份重新分配至其後成立的子基金 成立其後子基金所招致的成立費用及款項將由與有關費用及款項相關的子基金承擔, 並將於五個會計期 ( 或經理人釐定的該等其他期間 ) 內予以攤銷 一般資料 各子基金將承擔信託契約所述並直接歸屬予子基金的費用 倘有關費用並非直接歸屬予子基金, 則該等費用將按其各自於所有子基金的資產淨值比例作出分配 各子基將須承擔以下費用 :(a) 所有印花稅和其他徵費 稅項 政府收費 經紀費 佣金 匯兌費用和佣金 銀行收費 過戶費和開支 登記費用和開支 受託人 保管人或副保管人的交易費用及委任代表費用和開支 託收費用和開支 保險和證券費用, 以及任何其他應就收購 持有和贖回任何投資或其他財產或任何現金 存款或貸款支付的費用 收費或開支 ( 包括申索或收取與其有關的收益或其他權利, 並包括受託人或經理人或任何關連人士在提供服務或進行交易時所收取或產生的任何費用或開支 ) ;(b) 核數師 過戶代理及行政管理人的費用及開支 ;(c) 受託人就計算子基金或其任何部份的資產淨值 計算子基金單位的發行及贖回價格, 以及編製財務報表所收取的費用 ;(d) 經理人或受託人因本基金或有關子基金而產生的所有法律費用 ;(e) 受託人就全面及專門履行其職責所產生的實付費用 ;(f) 編製信託契約的補充契約的開支或附帶開支 ;(g) 舉行單位持有人會議並向單位持有人發出通知所需的費用 ;(h) 為子基金單位在任何由經理人挑選並獲受託人認可的證券交易所取得及維持上市及 或取得及維持本基金或任何子基金的認可或核准, 或遵守有關上市 認可或核准的任何承諾或簽訂的協議或任何規則而招致的費用及開支, 及 (i) 在不損害上述規定的一般性的原則下, 公佈子基金單位的發行及贖回價格產生的一切費用 按信託契約條文規定編製 印刷及派發所有報表 帳目及報告的一切費用 ( 包括核數師費用及受託人費用 ) 編製及印刷任何發售文件的開支, 以及任何其他經理人在諮詢核數師後認為因遵守或與任何法例或法規或任何政府或其他監管機構的指令 ( 無論是否具法律效力 ) 有關的任何變更或引入, 或因遵守有關單位信託的任何守則的條文而產生的任何其他開支 在本基金及有關子基金獲證監會認可期間, 將不得向獲認可的子基金收取任何廣告或推廣開支 二零一五年二月 18
與關連人士的交易 現金回扣及非金錢利益 與關連人士進行的任何交易將遵守證監會的 單位信託及互惠基金守則 的規定 經理人及其任何關連人士將不會保留來自經紀或交易商的現金或其他回扣, 作為將子基金的交易交由該等經紀或交易商進行的代價, 但若物品及服務 ( 非金錢利益 ) 為單位持有人帶來明顯利益, 且交易的執行與最佳執行標準一致, 以及佣金費率並不超過慣常的機構性全面服務佣金費率, 則可保留有關物品及服務 從任何該等經紀或交易商收取的任何現金佣金或回扣必須為有關子基金而收取 任何該等佣金的詳情將於有關子基金的年報和半年報告與帳目中披露 經理人及 或其任何關連人士保留經由或透過任何人士代理進行交易的權利, 而經理人及 或其任何關連人士已與該人士達致一項安排, 根據該項安排, 該人士將隨時向經理人及 或其任何關連人士提供或為其獲取物品 服務或其他權益 ( 例如研究及顧問服務 上述物品及服務附帶的電腦硬件和軟件 ), 而基於其性質, 提供該等物品 服務或其他權益可透過協助經理人管理有關子基金或其他項目, 為有關單位持有人帶來明顯利益, 經理人及 或其任何關連人士毋須為該等物品 服務或其他權益直接支付任何款項, 但承諾向該人士提供業務 為避免產生疑問, 該等物品及服務並不包括旅遊 住宿 娛樂 一般行政用品或服務 一般辦公設備或場所 會籍費用 僱員薪金或直接支付的款項 稅務 各準單位持有人應就根據其公民權 居留權或戶籍所屬地區的法律規定對其購買 持有及贖回單位的適用潛在稅務後果諮詢其本身的專業顧問 本基金及其各自的聯營者均不會就提供稅務意見予任何準單位持有人而承擔任何責任 香港本基金的稅項 在本基金及子基金根據 證券及期貨條例 第 104 條獲證監會認可為集體投資計劃, 並可向香港零售投資者發售的期間內, 本基金及子基金將可就其於香港進行的認可活動獲豁免利得稅 單位持有人的稅項 如單位持有人在香港從事貿易或業務, 且出售 / 贖回任何單位所產生的利潤並不被視為屬資本性質, 而有關利潤乃因該貿易或業務所產生及源自香港, 方須就有關利潤繳納利得稅 並無在香港從事貿易或業務的單位持有人, 將毋須就出售 / 贖回該等單位所產生的任何收益繳納利得稅 單位持有人一般毋須就其單位投資的所得分派繳納香港稅項 ( 不論是以預扣或其他方式 ) 印花稅 單位持有人毋須就子基金的新單位配發繳納香港印花稅 如單位在贖回後將即時被註銷或廢除, 則毋須就贖回單位繳納香港印花稅 如銷售或轉讓單位乃透過將單位售回經理人, 再由經理人於其後兩個月內將單位轉售他人, 亦毋須繳納香港印花稅 單位持有人進行其他類型的單位銷售或購買或轉讓可能須按代價金額或市值 ( 取較高者 ) 繳納 0.2% 的香港印花稅 ( 由買方及賣方各承擔一半 ) 海外帳戶稅收合規法案 ( FATCA ) 獎勵聘僱恢復就業法案 (Hiring Incentives to Restore Employment Act, 聘僱法案 ) 已於二零一零年三月簽訂納入美國法律, 當中包括一般稱為 海外賬戶稅收合規法案 ( FATCA ) 的條文 FATCA 條文的目的是訂明非美國金融機構有義務識別並就美國納稅人在美國境外所持資產作出適當的報告, 以防範逃避美國稅項的情況 在二零一四年十一月十三日, 香港與美國簽訂一份跨政府協議 ( 跨政府協議 ), 並採取 版本二 的跨政府協議安排, 藉此向所有香港金融機構施行 FATCA 香港金融機構須向美國的稅務機關 ( 美國國稅局 ) 匯報美國納稅人在該等金融機構所持資產的詳情 根據該跨政府協議, 由於本基金及各子基金的所有單位均透過符合跨政府協議所界定的金融機構持有, 故本基金及各子基金被歸類為香港非申報金融機構 換言之, 本基金及各子基金毋須取得最終單位持有人是否美國人士的證據, 但該等金融機構 ( 單位持有人透過其進行投資 ) 則有責任強制要求單位持有人提供證據, 以證明自二零一四年七月一日起是否有任何新單位持有人符合跨政府協議所界定的美國人士身份 該等金融機構亦須識別本基金及各子基金所持紀錄內的任何現有單位持有人, 是否符合跨政府協議所界定的美國人士身份 投資者應諮詢本身的稅務顧問, 以了解該跨政府協議或較廣泛的 FATCA 規例可能對其造成的任何潛在義務 根據跨政府協議的條款, 本基金及各子基金作為香港金融機構, 毋須預扣任何額外的美國稅務, 除非本基金及各子基金被視作嚴重違反 FATCA 或該跨政府協議的有關規定 此外, 由於本基金並無向單位持有人派發來自美國的收益, 故本基金亦毋須從分派或贖回付款中預扣任何美國稅款, 惟香港在二零一六年十二月三十一日前與美國達成協議, 同意徵收有關預扣稅則作別論 中國投資者亦應參閱 風險因素 一節內的 中國的稅務考慮, 以自行了解中國法例下的潛在稅務後果 19 二零一五年二月
報告及帳目 本基金的財政年度於每年的十二月三十一日完結 經理人將不會派發年報及經審核帳目的印刷本, 但將向單位持有人提供有關報告及帳目 ( 以印刷及電子形式 ) 經理人將於財政年度完結後四個月內, 通知單位持有人索取年報及經審核帳目 ( 英文版本 ) ( 以印刷及電子形式 ) 的地點及時間, 並於每年的六月三十日後兩個月內通知單位持有人索取未經審核半年報告 ( 英文版本 ) ( 以印刷及電子形式 ) 的地點及時間 即使有上文的規定, 但單位持有人可於任何營業日的一般營業時間內, 隨時在經理人的辦事處免費索取年報及半年報告的印刷本 有關報告的電子版本亦可於網頁 www.fidelity.com.hk 取得 謹請注意, 該網頁並未經證監會審查 如經理人決定改變向單位持有人提供上述財務報告的方式, 則須向單位持有人發出不少於一個月的事先通知 分派政策 除非有關附錄另行訂明, 否則經理人不擬從子基金的收入及 / 或資本作出任何分派 誠如有關附錄所述, 就中期會計期或會計期宣佈的分派 ( 如有 ) 應根據相關單位類別的單位持有人, 於有關該中期會計期或會計期 ( 視情況而定 ) 的紀錄日期所持的單位數目, 按比例在該等單位持有人之間作出分派 為免生疑問, 只有在該紀錄日期名列單位持有人名冊的單位持有人, 方有權收取就有關中期會計期或會計期 ( 視情況而定 ) 宣佈的分派 除非單位持有人另有書面指示, 否則股息將再投資於同一派息類別的單位, 用作購入額外單位 再投資的股息將記入過戶代理的帳戶, 以代表單位持有人將股息款額投資於同一派息類別的單位, 用作購入額外單位 單位將按分派宣派當日所釐定的資產淨值發行 為免生疑問, 投資者毋須就上述單位支付認購費 透過上述股息再投資而發行的單位將記入投資者的註冊帳戶 單位將計算至小數點後兩個位, 餘下的零碎單位 ( 價值不足 0.01 單位 ) 將保留於有關子基金內作日後計算用途 記名派息單位的單位持有人可選擇一般會使用的電子銀行轉帳 ( 扣除任何銀行收費 ) 方式, 或以支票方式 ( 有關風險由單位持有人承擔 ) 或以單位持有人可能與經理人議定的其他方式收取分派付款 在此情況下, 除非另有說明, 否則分派付款一般以基本貨幣或有關類別的類別貨幣計算 投資者可要求按現行匯率, 以任何其他可自由兌換的主要貨幣付款 若任何應付予單位持有人的分派付款不足 50 美元 ( 或任何其他貨幣等值 ), 有關分派將自動再投資於同一單位類別的單位, 用作購入額外單位, 而不會直接支付予記名單位的單位持有人 任何在五年內未領取的分派將會被沒收, 並作為有關子基金的資產一部份 收益平衡安排 由二零一五年四月一日起, 收益平衡安排將在經理人酌情決定下適用於若干類別或子基金 有關安排旨在確保在 ( 有關附錄所述的 ) 分派期間所分派的每單位收益不受該期間內已發行單位數目的變動所影響 單位持有人於購入該子基金的派息單位後收到的首次分派款額, 部份為該子基金所收取的收益, 而部份則為資本收益 ( 平衡額 ) 一般來說, 平衡額指在相關期間發行的每單位資產淨值所包含的單位類別平均收益款額 投票權 經理人或受託人可召開單位持有人會議 持有已發行單位總價值 10% 或以上的單位持有人亦可要求召開單位持有人會議 單位持有人會議可在給予單位持有人不少於二十一日通知後召開 除屬通過特別決議案的會議外, 如有代表當時已發行單位 10% 的單位持有人親身或委任代表出席, 即構成所有會議的法定人數 如屬通過特別決議案的會議, 如有代表當時已發行單位 25% 或以上的單位持有人親身或委任代表出席, 即構成法定人數 若在會議指定舉行時間起計半小時內, 出席人數未達法定人數, 則應於不少於十五日後舉行續會 倘若須舉行續會, 有關通知將另行寄發 在續會上, 該等親自或委任代表出席大會的單位持有人將構成法定人數 以舉手方式表決時, 親自或由代表出席的每名個人單位持有人均享有一票表決權 如以投票方式表決, 親自或委任代表或由代表出席的每名獨立單位持有人, 均可就其所持有的每一個單位享有一票表決權 如屬聯名單位持有人, 作出表決的優先單位持有人 ( 親自或委任代表出席 ) 將被接納, 而有關優先次序乃根據單位持有人名冊上名稱的排列次序而定 主席或一名或多名親自或委任代表出席的單位持有人可要求以投票方式表決 刊登價格 各子基金於各估值日的每單位資產淨值將於每個交易日透過南華早報及香港經濟日報和網頁 www.fidelity.com.hk 在香港刊登 謹請注意, 上述網頁並未經證監會審查 二零一五年二月 20
轉讓單位 在下文所述的規定規限下, 單位可透過經轉讓人及承讓人簽署 ( 或如屬法人團體, 則代表轉讓人及承讓人簽署或由彼等蓋章 ) 的一般格式的書面文據予以轉讓 經正式蓋章的轉讓文據 任何所需聲明 受託人或過戶代理可能要求的其他文件, 或因任何法例 ( 包括任何反洗黑錢法例 ) 而可能要求的其他文件均須提交過戶代理, 以便進行登記 轉讓人將一直被視為其轉讓的單位的持有人, 直至承讓人就該等單位獲登記在單位持有人名冊上為止 每份轉讓文據只可處理單一類別的單位 若單位的轉讓將導致轉讓人或承讓人持有的單位價值低於有關附錄所載有關單位類別的最低持有金額 ( 如有 ), 則不得進行讓項轉讓 強制贖回或轉移單位 如經理人或受託人發現持有該等單位的單位持有人.. (a) 違反任何國家 任何政府機構或該等單位上市所在的任何證券交易所的法律或規定 ; 或 (b) 在經理人或受託人認為可能導致本基金及 / 或任何子基金就該單位類別產生其原應不會產生的任何稅務責任或蒙受其原應不會蒙受的任何其他金錢損失的情況 ( 不論有關情況會否直接或間接影響該等單位持有人, 及不論是單獨或連同與任何其他人士 ( 無論該其他人士是否關連人士 ) 之情況或經理人或受託人認為相關的任何其他情況 ), 則經理人或受託人可要求單位時有人轉讓單位持有人的單位, 或根據信託契約贖回該等單位 信託契約 本基金是根據香港法例, 透過富達基金 ( 香港 ) 有限公司 ( 作為經理人 ) 與 Cititrust Limited ( 作為受託人 ) 於二零一二年十月十七日訂立的信託契約 ( 經不時修訂 ) 成立 信託契約載有於若干情況下, 訂約雙方的彌償保證條文及解除其各自責任的條文 然而, 根據信託契約的規定, 受託人及經理人不應獲豁免其因欺詐 疏忽 故意失責或違反職責或信託的行為而應承擔的責任 單位持有人及有意申請人宜參閱信託契約的條款 信託契約 ( 連同任何補充契約 ) 的副本可在支付合理費用後向經理人索取, 亦可於一般辦公時間在經理人的辦事處免費查閱 終止本基金或任何子基金 本基金自信託契約生效日期起計持續經營八十年, 或直至經由下列其中一種方式終止 倘若出現以下任何情況, 則受託人可透過發出書面通知終止本基金 : (a) (b) (c) (d) (e) 經理人進行清盤 破產或已委任財產接收人接管經理人的任何資產, 且在六十日內並未解除有關職責 ; 或 受託人認為經理人未能履行或未能按令其滿意的方式履行其職責, 或受託人認為經理人將作出破壞本基金聲譽或損害單位持有人利益的任何其他行動 ; 或 任何法例獲通過, 致使繼續經營本基金屬違法, 或致使受託人在諮詢相關監管機構 ( 香港證監會 ) 後認為繼續經營本基金屬不可行或不明智 ; 或 在經理人離職後三十日內尚未委任新的經理人 ; 或 在受託人發出有意退任的通知後三個月內並未委任新受託人 倘若出現以下任何情況, 則經理人可透過發出書面通知終止本基金及 / 或任何子基金或子基金的單位類別 : (a) (b) (c) 就本基金而言, 於任何日期, 本基金已發行的所有單位的總資產淨值少於 5000 萬美元, 或就某一子基金而言, 已發行的有關類別的單位的總資產淨值少於 1000 萬美元或有關附錄所披露的該等其他金額 ; 或 經理人認為繼續經營子基金及 / 或子基金的任何單位類別 ( 視情況而定 ) 並不可行或不明智 ( 包括但不限於經營子基金在經濟上不再可行的情況 ) ; 或 任何法例獲通過, 致使繼續經營本基金或子基金屬違法, 或致使經理人在諮詢相關監管機構 ( 香港證監會 ) 後認為繼續經營本基金或子基金屬不可行或不明智 若透過發出通知終止本基金或任何子基金, 將會向單位持有人發出不少於一個月的通知 此外, 各子基金或子基金的一個或多個類別可由子基金單位持有人或有關的一個或多個類別的單位持有人 ( 視情況而定 ) 通過特別決議案的方式, 於該特別決議案可能規定的日期終止 21 二零一五年二月
反洗黑錢規例 為履行防止洗黑錢活動的部份責任, 經理人有權要求投資者提供身份及所支付的申請款項的來源的詳細核實書 視乎各項申請的具體情況, 在下列情況下可能毋須進行詳細核實 : (a) (b) 申請人透過在認可金融機構以申請人名義持有的帳戶付款 ; 或 透過認可中介人作出申請 如上述金融機構或中介人處於獲認可為擁有充分的反洗黑錢規例的國家, 則此等例外情況方屬適用 然而, 經理人及受託人保留權利, 可要求核實申請人的身份及款項來源所需的資料 若申請人延遲或無法提供核實所需的任何資料, 則經理人或受託人可拒絕接納申請及其相關的認購款項 若單位申請人延遲或無法提供核實身份或款項來源所需的任何資料, 則經理人或受託人可拒絕支付任何贖回所得款項 利益衝突 經理人 受託人 行政管理人 保管人 RQFII 託管人及過戶代理可不時擔任基於或涉及具有與任何子基金類似的投資目標的其他基金及客戶的相關受託人 行政管理人 過戶代理 經理 保管人 投資經理或投資顧問 代表或其他職位, 或以其他方式參與或涉及該等基金及客戶 因此, 上述任何一方可能在經營業務過程中與本基金產生潛在的利益衝突 在該情況下, 上述各方均須時刻考慮其對本基金所負的責任, 並致力確保以公平方式解決有關衝突 在任何情況下, 經理人須確保公平分配所有投資機會 備查文件 下列文件的副本可於一般辦公時間內, 在經理人的辦事處免費查閱, 而有關副本可在支付合理費用後向經理人索取: (a) 信託契約及任何補充契約 ; (b) (c) 所有重大合約 ( 如有, 為有關附錄註明者 ) ; 及 本基金的最新財務報告 二零一五年二月 22
附錄 I 富達環球基金 - 人民幣債券基金 本附錄包含與本基金的子基金 富達環球基金 - 人民幣債券基金相關的資料 釋義 就本子基金而言, 香港及中華人民共和國營業日 指香港和中華人民共和國的銀行和證券交易所進行正常業務的營業日, 或經理人及受託人可能不時同意的一個或多個該等其他日子 基本貨幣 子基金的基本貨幣為人民幣 現時人民幣可在中國進行在岸交易及進行離岸交易 ( 主要在香港進行 ), 儘管兩地進行買賣的現有匯率不同, 但屬同一貨幣 中國在岸人民幣市場的匯率一般稱為 在岸人民幣匯率, 而香港離岸人民幣市場的匯率則一般稱為 離岸人民幣匯率 在釐定子基金單位價值時將採用離岸人民幣匯率 投資目標及政策 投資目標 富達環球基金 - 人民幣債券基金旨在透過投資於中華人民共和國境外以人民幣計值的定息 / 債務證券 定息 / 債務工具和存款, 包括但不限於可換股債券 企業債券 政府債券 商業票據 中期票據 浮息票據 銀行承兌匯票及貨幣市場工具 ( 包括但不限於存款證 銀行存款 議定定期存款和商業票據 ), 以取得收益及資本增長 有關投資可以人民幣或其他貨幣, 例如美元或港元結算 子基金可以對沖以非人民幣計值的債務證券投資, 以尋求維持於人民幣的貨幣投資 投資政策 子基金將會 - (a) 把其資產淨值的最少 70% 投資於以人民幣計值和結算的定息 / 債務證券 定息 / 債務工具和存款 ( 包括但不限於債券 商業票據 銀行承兌匯票 票據 存款證, 以及其他以人民幣計值及結算的存款及貨幣市場工具 ) ; (b) 把其資產淨值的餘下部份 ( 即最多 30%) 投資於現正或將會對沖回人民幣的非人民幣資產 ( 包括但不限於以人民幣計值, 但以美元或港元等其他貨幣結算的債券 ) ; 及 (c) 把並無進行任何人民幣貨幣對沖的任何非人民幣資產的比重限制在其資產淨值的最多 10% 以內 為免生疑問, 經理人將確保子基金將維持把其資產淨值的最少 90% 對人民幣作有效貨幣投資 ( 包括透過貨幣對沖作出的投資 ) 截至本說明書刊發日期, 子基金並不擬透過合格境外機構投資者 ( QFII ) 直接投資於在中國內地發行的債務證券 貨幣市場工具或其他證券 若富達集團的一個實體成為 QFII, 子基金可透過該 QFII 投資於在中國內地發行的債務證券 貨幣市場工具或其他證券 若子基金有意作出有關投資, 經理人將尋求受託人和證監會的事先批准, 並向投資者發出不少於一個月的事先通知 子基金可投資於屬投資級別 ( 即獲穆迪賦予 Baa3 或以上評級, 或獲標準普爾賦予 BBB- 或以上評級或獲其他評級機構賦予同等評級 ) 或低於投資級別的上市和非上市的投資工具及證券, 以及未獲評級的證券 子基金可投資於獲適用投資限制許可的其他集體投資計劃 子基金可購入遠期合約, 以對沖回子基金的基本貨幣 遠期合約包括但不限於不交收遠期合約及 / 或交收遠期合約 子基金亦可為對沖目的而使用掉期 子基金可為對沖和投資目的而投資於期貨合約和期權 非為對沖目而訂立的期貨合約的合約價值的淨總額不得超逾子基金的總資產淨值的 20% 子基金非為對沖目的而持有的期權投資價值 ( 按已支付的溢價總額計算 ) 不得超逾子基金的資產淨值的 15% 子基金不會投資於任何結構性存款 ( 包括貨幣掛鈎存款 貨幣及利率掛鈎存款 指數掛鈎存款或類似存款 ) 或結構性產品 ( 定義見 證券及期貨條例 ) 經理人現時無意就子基金進行任何證券借貸或回購交易 若這項投資限制有任何更改, 須事先尋求證監會的批准, 並須向子基金的單位持有人發出不少於一個月的事先通知 子基金可將其投資組合的所有或絕大部份投資於以人民幣計值的存款證 銀行存款及 / 或議定定期存款 下文列載子基金的指示性投資分配說明 在適用於子基金的投資限制的規限下, 經理人可在考慮當時市況後不時對分配進行調節 ( 在下表所示的訂明限制之內進行調節 ), 而毋須向投資者發出通知 23 二零一五年二月
投資工具的類別指示性百分比 ( 佔子基金的資產淨值的百分比 ) 以人民幣計值及結算的定息 / 債務證券 定息 / 債務工具和存款 ( 包括但不限於債券 商業票據 銀行承兌匯票 票據 存款證及其他以人民幣計值及結算的存款和貨幣市場工具 ) 非人民幣資產對沖回人民幣 ( 包括以美元或港元等其他貨幣結算的投資工具 ) 最少 70% 最多 30% 並無進行任何人民幣貨幣對沖的非人民幣資產最多 10% 額外投資及借貸限制 (I) 除 投資及借貸限制 一節所述的投資限制外, 子基金於由單一發行機構發行的人民幣計值證券及存款的投資總值不得超逾子基金的資產淨值的 10%, 但下列情況除外 : (a) (b) 若發行機構是一家具規模的財務機構, 且總金額並不超過發行機構的已發行資本及已公佈儲備的 10%, 則有關限額可以提高至 25%; 或子基金因其規模所限而無法以其他形式分散投資的任何少於 100 萬美元的存款或按人民幣計算的等值存款 (II) 子基金將不會把超逾 10% 的子基金資產淨值投資於由信貸評級低於投資級別的任何單一國家 ( 包括該國的政府或該國的公共或當地政府機構 ) 發行或擔保的證券 為免生疑問, 若子基金投資於由某一國家發行的證券, 且獲最少一家評級機構評為投資級別, 則上述限制亦不適用 特定風險因素 投資者應參閱說明書主要部份中 風險因素 一節所述的相關風險, 以及下列與子基金有關的特定風險因素 1. 人民幣貨幣風險 自二零零五年起, 人民幣的匯率不再與美元掛鈎 人民幣已轉為採取有管理的浮動匯率機制, 以市場供求並參考一籃子外幣為基礎 人民幣在銀行同業外匯市場兌其他主要貨幣的每日交易價格, 將容許於由人民銀行公佈的匯率中間價內上下窄幅浮動 由於匯率主要根據市場力量釐定, 故人民幣兌其他貨幣 ( 包括美元及港元 ) 的匯率將易受外圍因素影響而變動 謹請注意, 由於受中國政府的外匯管制政策及限制的規限, 人民幣現時不可自由兌換 以人民幣進行交易可能導致結算過程出現延誤 人民幣加快升值的可能性不可被排除 另一方面, 概不保證人民幣將不會貶值 人民幣出現任何貶值, 可能會對投資者於子基金投資的價值造成不利影響 若投資者將港元或任何其他貨幣兌換為人民幣, 以投資於人民幣單位類別, 並於其後將以人民幣計值的贖回所得款項兌換回港元或任何其他貨幣, 而倘若人民幣兌港元或該其他貨幣貶值, 則投資者可能蒙受損失 若人民幣兌相關類別貨幣貶值, 則投資於並非以人民幣計值的單位類別的投資者亦可能蒙受投資損失, 因為子基金的大部份投資將為以人民幣計值的投資工具及存款 在適用投資限制的規限下, 子基金可在其投資目標容許的情況下, 投資於以人民幣計值但以其他貨幣 ( 例如美元或港元 ) 結算的證券 因此, 子基金的表現可能會因人民幣 ( 即子基金的基本貨幣 ) 與其他貨幣 ( 例如美元或港元 ) 之間的匯率變動而受到不利影響 此外, 中國政府對人民幣匯出中國施加的限制可能會限制香港人民幣市場的深度, 並減低有關子基金的流動性 中國政府可能改變其外匯管制及資金匯出限制的政策, 而有關變更可能會對子基金或投資者的持倉造成不利影響 2. 外匯及匯兌風險 人民幣現時不可自由兌換, 並受中華人民共和國政府施加的外匯管制所規限 對貨幣兌換和人民幣匯率變動實施管制可能對中華人民共和國公司的營運及財務業績構成不利影響 只要子基金的資產投資於中華人民共和國, 則須承受中華人民共和國政府對資金或其他資產調出國外實施政策或限制的風險, 因而影響子基金向投資者付款的能力 目前, 人民幣可透過兩個市場進行交易 : 一是中國境內市場, 一是中國境外市場 ( 主要為香港 ) 人民幣在中國境內不可自由兌換, 並須受外匯管控, 以及符合中國內地政府的若干規定 另一方面, 人民幣在中國境外市場則可自由買賣 雖然人民幣可於中國境外自由買賣, 但人民幣現匯率 遠期外匯合約及相關投資工具均反映這個不斷演進的市場的結構複雜性 因此, 子基金或須承受較高的外匯風險 子基金購入的投資將主要以人民幣計值, 而單位類別則可以其他貨幣計值, 因此可能導致單位持有人因其投資的單位類別的貨幣與子基金資產的計值貨幣之間的匯率變動而受到影響 在計算並非以人民幣計值的資產的價值以及非人民幣類別單位的價格時, 經理人將一般對香港離岸人民幣市場採用離岸人民幣匯率 離岸人民幣匯率可能較中國在岸人民幣市場的匯率 ( 即在岸人民幣匯率 ) 出現溢價或折讓, 而且買賣差價可能相當大 因此, 子基金的價值將會波動 經理人擬維持子基金的重大部份投資於以人民幣計值及結算的投資工具和人民幣銀行存款 若投資者認購以人民幣以外的貨幣計值的單位, 則經理人可於投資前按適用匯率將部份或所有認購金額兌換為人民幣 由於人民幣不可自由兌換, 二零一五年二月 24
因此貨幣能否兌換須視乎人民幣在相關時間的供應量而定 ( 即若認購金額龐大, 人民幣的供應量可能不足以完成貨幣兌換 ) 因此, 若經理人認為人民幣供應量不足以完成貨幣兌換, 則可全權酌情拒絕以非人民幣資金提出的任何申請 ( 不論有關申請是否與以人民幣計值的單位類別相關 ) 若投資者贖回以人民幣以外的貨幣計值的單位, 則經理人可出售子基金以人民幣計值的投資, 並按適用匯率將所得款項兌換為人民幣以外的貨幣 貨幣兌換亦取決於子基金將以人民幣計值的所得款項兌換為人民幣以外的貨幣的能力, 這可能導致贖回所得款項延遲支付或影響子基金應付單位持有人的贖回要求的能力 3. 人民幣債務證券的信貸風險 投資於人民幣債務證券須承受發行機構的交易對手風險, 該等發行機構可能無法或不願適時支付本金及 / 或利息 中國內地的金融市場處於早期發展階段 子基金投資的人民幣債務證券的信貸評級或許相對偏低, 又或者未獲評級 一般而言, 信貸評級較低或未獲評級的債務工具將較容易受發行機構的信貸風險影響 若人民幣債務證券的發行機構違約或信貸評級被下調, 則子基金的價值將會受到不利影響, 而投資者可能因此蒙受重大虧損 鑑於人民幣債務證券的發行機構可能在香港境外註冊成立並受海外法例規管, 因此子基金在對有關發行機構行使其權利時亦可能會面對困難或出現延誤 人民幣債務證券及以人民幣計值的銀行存款一般以無抵押及沒有任何抵押品支持的方式發售, 並與有關交易對手的其他無抵押債項具相同順序的攤還次序 因此, 若交易對手破產, 交易對手因變現資產所得的款項會優先清償所有有抵押申索, 如有餘款才會支付予人民幣債務證券或以人民幣計值的銀行存款的持有人 因此, 子基金作為其交易對手的無抵押債權人, 子基金須全面承擔其交易對手的信貸 / 無力償債的風險 4. 投資組合有限的風險 子基金的投資策略是主要投資於以人民幣計值或擁有人民幣投資的證券 然而, 現時可供子基金投資的該等資產的數量有限, 而子基金可能投資的任何人民幣債務證券的剩餘期限可能較短 在缺乏可供投資的證券的情況下, 或在所持的有關債務證券到期時, 子基金可能需要將投資組合中的重大部份人民幣資產分配至議定人民幣定期存款, 直至市場可提供適合的證券 這可能對子基金的回報及表現造成不利影響 此外, 若以人民幣計值的投資工具的供應有限但需求過剩, 則有關投資工具的價格可能被推高, 而其質素或會受損, 因而可能對子基金的價值構成不利影響 5. 分散投資的風險 子基金將主要投資於以人民幣計值或投資於人民幣的證券 投資者應注意, 與採取較多元化策略及投資層面廣泛的基金, 子基金可能較為波動, 因為子基金較容易受其投資的各國的不利狀況引致的價值波動影響 6. 從資本中作出分派的風險 就 A 類別股份 每月特色派息 (G) 人民幣單位而言, 如子基金產生的收益 / 資本收益不足以支付所宣派的股息, 可從資本中撥付 投資者應注意, 從資本中撥付股息即代表投資者獲付還或提取原有投資本金的部份金額, 或從原有投資應佔的任何資本收益中獲付還或提取金額 該等分派可能導致子基金的每單位資產淨值即時減少 此外, 子基金可能實際上從資本中撥付股息 詳情請參閱本附錄標題為 分派 一節 7. 流動性風險 現時並非在證券交易所或定期進行交易的證券市場上市的人民幣債務證券可能涉及額外的流動性風險 概不保證將會作出做市安排, 以便為所有人民幣債務證券做市及報價 在缺乏活躍的二級市場時, 子基金可能需要持有有關人民幣債務證券, 直至其到期日為止 若接獲大量贖回要求, 子基金可能需要以大幅折讓的價格變現其投資, 以應付該等要求, 而子基金在買賣該等工具時可能蒙受虧損 即使二級市場因應任何人民幣債務證券而存在, 但有關投資工具在二級市場的交易價格可能會因多項因素 ( 包括當時的利率 ) 而高於或低於首次發行價 此外, 人民幣債務證券價格的買賣差價可能很大, 因此子基金在出售該等投資時可能招致龐大的交易成本, 或甚至蒙受損失 經理人透過進行一系列的內部管理措施, 以尋求控制投資組合的流動性風險, 以應付單位持有人的贖回要求 適用類別以下單位類別可在香港發售 : 類別 釋義 類別貨幣 A 類別股份 - 累積 - 人民幣 A 類別累積單位 人民幣 A 類別股份 - 累積 - 美元 A 類別累積單位 美元 A 類別股份 - 每月派息 - 人民幣 A 類別每月派息單位 人民幣 A 類別股份 - 每月特色派息 (G) - 人民幣 A 類別每月總收益特色派息單位 人民幣 在說明書刊發時, 以下單位類別不可在香港發售 該等類別將在經理人酌情決定下於較後日期推出 類別 釋義 類別貨幣 A 類別股份 - 累積 - 港元 A 類別累積單位 港元 A 類別股份 - 每月派息 - 港元 A 類別每月派息單位 港元 A 類別股份 - 累積 - 歐元 A 類別累積單位 歐元 A 類別股份 - 每月派息 - 歐元 A 類別每月派息單位 歐元 經理人接納以有關單位的類別貨幣支付的認購款項 25 二零一五年二月
最低投資金額 最低認購金額 附註 : 儘管單位類別計值的類別貨幣可能為美元以外的貨幣, 但最低認購金額將以美元計值 有關就認購款項進行貨幣兌換的詳情, 請參閱 付款程序 一節 最低其後認購金額 附註 : 儘管單位類別計值的類別貨幣可能為美元以外的貨幣, 但最低認購金額將以美元計值 有關就認購款項進行貨幣兌換的詳情, 請參閱 付款程序 一節 所有類別 : 2,500 美元 ( 或任何其他可自由兌換的貨幣等值 ) 所有類別 :1,000 美元 ( 或任何其他可自由兌換的貨幣等值 ) 最低持有金額所有類別 : 總最低價值為適用於該等類別的最低認購總額的單位 最低贖回金額所有類別 : 不適用 費用 投資者應付費用的現有水平 認購費 ( 認購金額的 %) 贖回費 ( 贖回金額的 %) 轉換費 ( 就發行新類別的單位支付的認購金額的 %) 所有類別 : 最高為 5.25% 所有類別 : 最高為 1% 所有類別 : 最高為 5.25% 附註..若單位持有人已就其於現有類別的單位支付整額認購費, 則該單位持有人將繳付最高為 1% 的轉換費 若單位持有人就現有類別的投資毋須繳付認購費, 或繳付了低於特定最高金額的認購費, 則該單位持有人將需繳付最高為 5.25% 的轉換費 請參閱 類別 / 子基金之間的轉換 一節, 以了解詳情 子基金應付費用的現有水平 管理年費 ( 子基金資產淨值的 %) 所有類別 : 每年 0.75% 受託人費用 ( 子基金資產淨值的 %) 行政管理人費用 ( 子基金資產淨值的 %) 過戶代理費用 所有類別 : 每年最高為 0.02%, 最低月費為 500 美元 所有類別 : 每年最高為 0.06%, 最低月費為 2,000 美元 所有類別 : 每月的最低月費為 500 美元 除上述費用外, 子基金亦須支付其他收費及費用 ( 例如保管人費用 ) 詳情請參閱說明書主要部份的 開支及費用 一節 成立費用 富達環球基金及富達環球基金 - 人民幣債券基金 ( 首項子基金 ) 的成立費用於說明書的主要部份說明 交易日 交易日應包括每個香港及中華人民共和國營業日, 但不包括 (a) 買賣子基金的絕大部份投資的任何交易所或市場休市或 (b) 有關交易所或市場的交易受限制或暫停的任何香港及中華人民共和國營業日 交易截止時間 有關交易日的下午四時 ( 香港時間 ) 認可分銷商可就接收認購 贖回或轉換指示設定不同的交易截止時間 投資者應注意相關認可分銷商的安排 二零一五年二月 26
認購 贖回及轉換單位 有關認購 贖回及轉換程序的詳情, 請參閱說明書主要部份中的 購買單位 贖回單位 及 類別 / 子基金之間的轉換 數節 分派 經理人可酌情決定是否分派股息 分派頻率和股息金額 概不會就 A 類別股份 - 累積單位分派股息 投資賺取的所有利息和其他收益將予累積並再作投資 根據現時的意向, 各 A 類別股份 - 每月派息單位的分派 ( 如有 ) 將每月支付, 並於每月的首個香港及中華人民共和國營業日宣派 概不保證會定期作出分派及分派 ( 如有 ) 的金額 只有應歸屬於有關類別的淨收入 ( 收入扣除開支 ) 可供分派 就各 A 類別股份 - 每月派息單位而言, 概不會以子基金的資本支付分派 在大部份情況下, 經理人預期將就 A 類別股份 每月特色派息 (G) 單位幾乎所有的總投資收益及偶爾就資本部份, 建議派發股息, 藉以在合理情況下維持穩定的每單位付款, 但同時不會對資本造成長期正面或負面的影響 股息一般於每月的首個香港及中華人民共和國營業日宣派 經理人可酌情決定偶爾就資本部份建議派發股息, 或經理人可建議從總收益中派發股息, 並把子基金的所有或部份費用及開支計入 / 從子基金的資本中扣除, 導致可供派息之用的可分派收益增加, 因此, 子基金可能實際上從資本中作出股息分派 從資本中撥付股息即代表投資者獲付還或提取原有投資本金的部份金額, 或從原有投資應佔的任何資本收益中獲付還或提取金額 任何涉及從子基金的資本中撥付股息或實際上從子基金的資本中撥付股息 ( 視乎情況而定 ) 的分派, 可能導致每單位資產淨值即時減少 有關過去十二個月的股息成份詳情 ( 即從 (i) 淨可分派收益及 (ii) 資本中撥付的相關金額 ), 可向經理人索取, 亦可於子基金的網頁 https://www.fidelity.com.hk/static/pdf/investor/personal-investment/docs/fund_distribution_payment_composition_fwwf.pdf 下載 此網頁未經證監會審核 若 A 類別股份 每月特色派息 (G) 單位的派息政策或在資本中計入費用及開支的政策 ( 視乎情況而定 ) 有所修訂, 有關更改將須事先獲得證監會的批准, 並須向投資者發出不少於一個月的事先通知 估值 就某一交易日而言, 估值日為該交易日, 而估值點則為在每個估值日最後收市的相關市場的營業結束時間 27 二零一五年二月
附錄 II 富達環球基金 - 中國精選基金 本附錄包含與本基金的子基金 - 富達環球基金 - 中國精選基金相關的資料 在本說明書的刊發日期, 這項子基金尚未可供投資 這項子基金將於經理人酌情決定下推出, 本說明書將隨後作出相應更新 釋義 就本子基金而言, 香港及中華人民共和國營業日 指香港和中華人民共和國的銀行和證券交易所進行正常業務的營業日, 或經理人及受託人可能不時同意的一個或多個該等其他日子 首次發售 下表所載的下列單位類別在子基金推出日期或之後按各自的首次發售價作首次發售 : 類別 A 類別股份 - 累積 - 港元 A 類別股份 - 累積 - 人民幣 A 類別股份 - 累積 - 美元 每單位的首次發售價 10 港元 100 元人民幣 10 美元 就在子基金推出日期接獲的認購而言, 將就發行每個單位徵收最高達認購金額的 5.25% 的認購費 基本貨幣 子基金的基本貨幣為人民幣 現時人民幣可在中國進行在岸交易及進行離岸交易 ( 主要在香港進行 ), 儘管兩地進行買賣的現有匯率不同, 但屬同一貨幣 中國在岸人民幣市場的匯率一般稱為 在岸人民幣匯率, 而香港離岸人民幣市場的匯率則一般稱為 離岸人民幣匯率 在釐定子基金單位價值時將採用離岸人民幣匯率 投資目標及政策投資目標 富達環球基金 - 中國精選基金透過主要投資中國 A 股, 致力取得長期資本增長 投資政策 為達致子基金的投資目標, 子基金將透過經理人的 RQFII 額度, 及 / 或根據有關法例及法規, 透過其他獲准許工具, 主要 ( 即把子基金資產淨值的最少 70%) 投資於 (a) 以人民幣計值及結算 ; 及 / 或 (b) 在上海證券交易所或深圳證券交易所上市的中國 A 股, 包括可透過滬港通 ( 詳細說明載於下文標題為 滬港股票市場交易互聯互通機制 一節 ) 把子基金資產淨值的最多 100% 投資於若干合資格的中國 A 股 在經理人認為適合的情況下, 子基金可把其資產淨值的最多 30% 投資於中國 B 股 中國 H 股, 及 / 或在中華人民共和國境外上市及 / 或發行的其他股本證券 子基金亦可透過把其資產淨值的最多 10% 投資於與中國 A 股掛鈎並在中國境外發行的中國 A 股連接產品 ( CAAP ) ( 包括股票掛鈎票據及參與票據 ), 間接投資於中國 A 股 子基金將不會投資於任何已向中國證監會註冊或獲其認可向中華人民共和國的零售公眾投資者發售的投資基金 ( 包括但不限於股票基金及定息基金 ) 子基金不擬投資於在中華人民共和國境內發行或分銷, 並以人民幣計值及結算的定息工具 在適當情況下, 子基金可投資於其他獲准許投資工具, 例如在上海證券交易所或深圳證券交易所買賣的認股權證, 或根據適用於 RQFII 的中華人民共和國規則及法規, 獲中國證監會批准的其他金融工具 經理人目前擬僅就子基金的對沖目的而購入在中華人民共和國買賣的認股權證 在符合適用的投資限制下 ( 詳情載於說明書主要部份標題為 投資及借貸限制 一節 ), 經理人可僅就對沖目的而購入在中華人民共和國的中國金融期貨交易所 ( 中金所 ) 上市的金融期貨合約 ( 即股票指數期貨 ), 或僅就投資及 / 或對沖目的而為子基金購入在中國境外上市及發行的金融期貨合約 子基金在該等金融期貨合約 ( 為對沖目的而訂立的期貨合約除外 ) 的投資以 ( 根據所有未平倉期貨合約, 不論應付予子基金或由子基金支付的 ) 合約價格總淨值計合共不可超過子基金總資產淨值的 20% 子基金將不會投資於任何結構性存款 ( 包括貨幣掛鈎存款 貨幣及利率掛鈎存款 指數掛鈎存款或類似存款 ) 或結構性產品 ( 定義見 證券及期貨條例 ) 子基金亦將不會投資於資產抵押證券 ( 包括資產抵押商業票據 ) 經理人現時無意就子基金進行任何證券借貸 回購交易或類似的場外交易市場交易 若這項投資限制有任何更改, 須事先尋求證監會的批准, 並須向子基金的單位持有人發出不少於一個月的事先通知 預期子基金在極端市況下 ( 例如中華人民共和國出現長時間熊市或經濟極端嚴重及急速下滑 ), 可持有其資產淨值最多 100% 的現金或在中國境內或境外發行的近似現金工具, 例如認可金融機構的銀行存款證 銀行存款及議定定期存款, 藉以保障子基金的資產 減低風險或維持子基金的流動性 儘管有上述規定, 子基金在中國所持現金不會超過其資產淨值的 20% 二零一五年二月 28
下文列載子基金的指示性投資分配說明 在適用於子基金的投資限制的規限下, 經理人可在考慮當時市況後不時對分配進行調節 ( 在下表所示的訂明限制之內進行調節 ), 而毋須向投資者發出通知 投資工具的類別指示性百分比 ( 佔子基金的資產淨值的百分比 ) 中國 A 股最少 70% 子基金可透過滬港通把其資產淨值的最多 100% 投資於中國 A 股 中國 B 股 中國 H 股, 及 / 或在中華人民共和國境外上市及 / 或發行的其他股本證券 最多 30% CAAP 最多 10% 投資策略 為致力令子基金取得長期資本增長, 經理人在挑選證券及建構子基金的投資組合時, 可能會考慮廣泛不同的因素及情況 該等因素可包括但不限於公司的盈利能力 債務 估值 增長前景 實際或未來現金流 波動性 證券的供應情況及流動性 行業展望或前景 可影響有關證券及市場的中華人民共和國整體經濟 政治 稅務及監管環境 人民幣合格境外機構投資者 ( RQFII ) 根據中華人民共和國的現行 RQFII 法規, 如境外機構投資者擬直接投資於中華人民共和國境內證券市場, 可申請 RQFII 牌照 經理人已在中華人民共和國取得 RQFII 牌照 目前, 子基金擬將利用經理人的 RQFII 額度, 藉以投資於中國 A 股及其他獲准許的投資項目 RQFII 機制受中國大陸當局 ( 即中國證監會 外管局及人民銀行 ) 頒佈的規則及法規監管 該等規則及法規可不時經修訂, 並包括 ( 但不限於 ) : (i) (ii) (iii) (iv) (v) (vi) 由中國證監會 人民銀行及外管局頒佈並於二零一三年三月一日生效的 人民幣合格境外機構投資者境內證券投資試點辦法 ; 由中國證監會頒佈並於二零一三年三月一日生效的 關於實施 人民幣合格境外機構投資者境內證券投資試點辦法 的規定 ; 由外管局頒佈並於二零一三年三月二十一日生效的 國家外匯管理局關於人民幣合格境外機構投資者境內證券投資試點有關問題的通知 ( RQFII 措施 ); 由人民銀行頒佈並於二零一三年五月二日生效的 中國人民銀行關於實施 人民幣合格境外機構投資者境內證券投資試點辦法 有關事項的通知 ; 由外管局頒佈並於二零一四年五月三十日生效的 RQFII 額度管理操作指引 ; 及 有關當局頒佈的任何其他適用法規 經理人 ( 作為 RQFII 持有人 ) 可不時運用 RQFII 額度以供子基金直接投資於中華人民共和國之用 根據外管局的 RQFII 額度行政管理政策, 經理人可把其 RQFII 額度靈活分配於經理人所管理的不同公募基金產品, 或在獲得外管局批准下, 分配於其他非公募基金產品 ( 但由經理人所管理 ) 的產品及 / 或帳戶 因此, 經理人可把額外的 RQFII 額度分配至子基金, 或把本應可供子基金使用的 RQFII 額度分配至由經理人所管理的其他公募基金產品 在外管局的批准下, 經理人亦可把 RQFII 額度分配至其他非公募基金產品及 / 或帳戶 經理人亦可向外管局申請增加 RQFII 額度, 以供子基金 經理人的其他客戶或由經理人管理的其他產品使用 然而, 概不保證經理人所得的 RQFII 額度將時刻足夠供子基金的投資使用 受託人負責保管或控制子基金的資產 ( 包括在中華人民共和國存放於在 RQFII 託管人處開立的證券帳戶及人民幣現金帳戶的資產 ), 並以信託形式代單位持有人持有該等資產 經理人已根據 RQFII 法規, 就其透過 RQFII 額度進行的投資, 選派 RQFII 託管人擔任當地託管人 根據保管人協議, 受託人已委任保管人作為其全球保管人 保管人將根據 RQFII 副託管人協議, 委任 RQFII 託管人作為其副託管人, 據此,RQFII 託管人將持有子基金透過經理人的 RQFII 額度投資於中華人民共和國的資產 RQFII 副託管人協議將以受託人 經理人 保管人及 RQFII 託管人之間所簽訂的 RQFII 補充託管協議作補充 根據中華人民共和國法規, 證券 ( 包括中國 A 股或其他獲准許投資項目 ) 將由 RQFII 託管人透過其在中國證券登記結算有限責任公司 中央國債登記結算有限責任公司 上海清算所或該等其他有關存管處按中華人民共和國法律准許或規定的名義開立的證券帳戶保存 投資者應注意下文 特別風險因素 一節中標題為 RQFII 風險 RQFII 規則的應用 證券及現金存放於 RQFII 託管人的相關風險 及 中華人民共和國經紀風險 等部份 經理人已向中華人民共和國法律顧問取得意見, 大意為在中華人民共和國法律下 : (a) 應根據所有適用中華人民共和國法律及法規, 並在取得中華人民共和國所有主管機關的批准後, 僅為子基金的唯一利益及僅供子基金使用目的, 以經理人 ( 作為 RQFII 持有人 ) 及子基金的名義在有關存管處開立證券帳戶, 以及在 RQFII 託管人處開立人民幣特別存款帳戶 ( 分別為 證券帳戶 及 現金帳戶 ) ; 29 二零一五年二月
(b) (c) (d) (e) (f) 存放 / 記入證券帳戶的資產 (i) 純粹屬於子基金所有, 以及 (ii) 與經理人 ( 作為 RQFII 持有人 ) 保管人 RQFII 託管人及任何中華人民共和國經紀的自營資產, 以及與經理人 ( 作為 RQFII 持有人 ) 保管人 RQFII 託管人及任何中華人民共和國經紀的其他客戶資產分開及獨立 ; 存放 / 記入現金帳戶的資產 (i) 成為 RQFII 託管人欠負子基金的無抵押債務, 以及 (ii) 與經理人 ( 作為 RQFII 持有人 ) 及任何中華人民共和國經紀的自營資產, 以及與經理人 ( 作為 RQFII 持有人 ) 及任何中華人民共和國經紀的其他客戶資產分開及獨立 ; 受託人 ( 代表子基金 ) 是可對子基金證券帳戶中的資產及存放於現金帳戶中的債務金額的擁有權提出有效申索的唯一實體 ; 若經理人或任何中華人民共和國經紀清盤, 在子基金的證券帳戶及現金帳戶中的資產將不會構成經理人或有關中華人民共和國經紀在中華人民共和國清盤時被清盤的資產的一部份 ; 及 若 RQFII 託管人清盤,(i) 在子基金的證券帳戶中的資產將不會構成 RQFII 託管人在中華人民共和國清盤時被清盤的資產的一部份, 以及 (ii) 在子基金的現金帳戶中的資產將構成 RQFII 託管人在中華人民共和國清盤時被清盤的資產的一部份, 而子基金將成為存放於現金帳戶中的款項的無抵押債權人 再者, 受託人已作妥善安排以確保 : (i) 受託人負責保管或控制子基金的資產 ( 包括存放於在 RQFII 託管人處開立的證券帳戶及現金帳戶的資產 ), 並以信託形式代單位持有人持有該等資產 ; (ii) 受託人以記入受託人帳下的方式註冊子基金的資產, 包括存放於在 RQFII 託管人處開立的證券帳戶及現金帳戶的資產 ; 及 (iii) 除非根據適用法規另行同意或規定, 否則 RQFII 託管人將依從受託人 ( 透過保管人作出 ) 的指示, 並只會根據該等指示行事 經理人將身兼子基金的經理人及子基金的 RQFII 額度持有人的雙重身份 經理人將負責確保所有交易及買賣均符合信託契據 ( 如適用 ) 及適用於經理人 ( 作為 RQFII) 的有關法例及法規 若出現任何利益衝突, 經理人將考慮其在該情況下對子基金承擔的責任, 並將盡力確保公平解決有關衝突 滬港股票市場交易互聯互通機制 滬港通是由香港交易及結算所有限公司 ( 香港交易所 ) 上海證券交易所 ( 上交所 ) 及中國證券登記結算有限公司 ( 中國結算 ) 共同開發的證券交易與結算互通計劃, 目的是實現中國內地和香港股市互聯互通 在滬港通機制下, 香港和海外投資者 ( 包括子基金 ) 可透過香港經紀商及將由香港聯合交易所有限公司 ( 聯交所 ) 成立的證券交易服務公司, 把交易盤訂單傳遞至上交所, 從而買賣在上交所上市的合資格中國 A 股 合資格證券 香港和海外投資者將可買賣上交所市場上市的若干股票 ( 即 滬股通股票 ), 包括不時的上證 180 指數的成份股 上證 380 指數的成份股, 以及不在上述指數成份股內但有 H 股同時在聯交所上市及買賣的上交所上市 A 股, 但不包括下列股票 : 所有以人民幣以外貨幣報價的滬股 ; 及 所有被實施風險警示的滬股 交易額度 透過滬港通達成的交易將受制於一個跨境投資總額度 ( 總額度 ) 以及一個每日額度 ( 每日額度 ) 滬股通交易受制於不同的總額度及每日額度 總額度限制在滬股通下流入中華人民共和國的絕對金額 現時, 滬股通的總額度為 3,000 億元人民幣 每日額度限制滬港通下每日跨境交易的最高買盤淨額 現時, 滬股通的每日額度為 130 億元人民幣 聯交所將監察有關額度, 並在預定時間於香港交易所網站公佈滬股通總額度和每日額度的餘額 交收及存管 香港中央結算有限公司 ( 香港結算 ; 香港交易所的全資附屬公司 ) 將負責就香港市場參與者和投資者執行的交易進行結算 交收及提供存管 名義持有人和其他相關服務 透過滬港通買賣的中國 A 股以無紙化形式發行, 因此投資者不會持有任何實物中國 A 股 企業行為及股東大會 儘管香港結算不會對其於中國結算綜合帳戶內所持的滬股通股票申索其所有權權益, 但中國結算作為上交所上市公司的股份過戶登記處, 在處理該等滬股通股票的相關企業行為時, 將仍然視香港結算為股東之一 香港結算將監察可影響滬股通股票的企業行為, 若某些行為需要參與中央結算系統 ( 中央結算及交收系統 ) 的相關經紀商或保管人 ( 中央結算系統參與者 ) 採取行動以參與有關行為, 香港結算會讓中央結算系統參與者知悉所有該等行為 二零一五年二月 30
交易費 除香港結算收取的若干費用外, 子基金亦須支付透過滬港通買賣中國 A 股所引致的手續費 證券管理費和轉讓費 投資者賠償 子基金透過滬港通進行的滬股通投資將不會獲香港投資者賠償基金的保障 另一方面, 由於子基金透過香港的證券經紀商 ( 而非中華人民共和國經紀商 ) 進行滬股通投資, 因此有關投資不獲中國投資者保護基金的保障 中華人民共和國稅務撥備有關中華人民共和國的稅務及相關風險的進一步詳情, 請參閱說明書主要部份的 風險因素 一節下標題為 中國的稅務考慮 的風險因素 經理人目前擬就中國 A 股 ( 包括透過滬港通買入者 ) 和中國 B 股所產生的股息應付的任何中華人民共和國稅項, 按 10% 稅率 ( 或子基金的稅務顧問建議的其他稅率 ) 作出撥備 ( 若尚未從股息源頭預扣有關預扣稅 ) 待頒佈明確評稅規則的主管機關提供明確的評稅規則或刊發公佈或規例後, 任何超出子基金已招致或預期將招致的稅務責任的預扣金額須退回及轉移至子基金的帳戶, 並構成子基金資產的一部份 特定風險因素投資者應參閱說明書主要部份中 風險因素 一節所述的相關風險, 以及下列與子基金有關的特定風險因素 1. 中華人民共和國市場 / 單一國家投資風險 只要子基金投資於在中國發行的證券, 將須承受中華人民共和國市場的固有的風險及額外集中風險 請參閱說明書主要部份中標題為 中華人民共和國市場風險 新興市場風險 及 受限制市場風險 的風險因素 2. 中國 A 股市場風險 中國 A 股會否存在具流通性的交易市場, 可能須視乎市場對該等中國 A 股的供求而定 若中國 A 股的交易市場有限或並無交易市場, 則子基金可購入或出售的證券的價格, 以及子基金的資產淨值可能受到不利影響 中國 A 股市場可能較為波動及不穩定 ( 例如基於某隻股票暫停交易或政府介入的風險所致 ) 中國 A 股市場的市場波動性及結算困難亦可能導致在該等市場交易的證券價格出現重大波動, 從而可能對子基金的價值造成不利影響 中國的證券交易所一般有權暫停或限制任何證券在相關交易所進行交易 尤其是, 中國的證券交易所對中國 A 股訂明交易限幅 若任何中國 A 股於相關證券交易所的交易價格已升穿或跌破該交易限幅, 則可能遭暫停交易 若子基金投資於該中國 A 股的證券, 可能會對子基金的表現造成不利影響 暫停交易將使經理人無法平倉, 並可能因而令子基金蒙受重大損失 此外, 當其後解除暫停交易時, 經理人可能無法以有利的價格進行平倉 根據中華人民共和國法例, 境外投資者 ( 包括子基金 ) 在投資於中國 A 股時須符合以下持股限制 : 單一境外投資者 ( 例如子基金 ) 在一家上市公司所持的中國 A 股不得超過該上市公司已發行股份總數的 10%; 及 所有境外投資者在一家上市公司所持的中國 A 股總和不得超過該上市公司已發行股份總數的 30% 若單一境外投資者在一家上市公司所持的中國 A 股的持股比例超出上述限制, 該名境外投資者 ( 例如子基金 ) 將須在特定期限內以 後買先賣 原則售出超出限額的持股, 或將被限制作出買盤訂單 這對子基金的中國 A 股投資的流動性及表現可能會造成不利影響 3. RQFII 風險 子基金並非 RQFII, 但可透過使用 RQFII 的 RQFII 額度而直接投資於中國 A 股或其他獲准許的投資項目 子基金可透過經理人 ( 作為 RQFII 持有人 ) 的 RQFII 資格, 直接投資於 RQFII 合資格證券投資 下列為與 RQFII 機制有關的風險 : 有關 RQFII 資格及 RQFII 額度的風險 投資者應注意,RQFII 資格可能會被暫停或撤銷, 這對子基金的表現可能會造成不利影響, 因為子基金可能需要出售其持有的證券 投資者亦應注意, 基於匯出限制或有關法例或法規的不利修訂, 概不保證 RQFII 將可繼續維持其 RQFII 資格或其 RQFII 額度可獲提供, 或子基金將可從 RQFII 處獲分配充足份額的 RQFII 額度, 以應付認購子基金的所有申請, 亦不保證贖回要求可及時獲得處理 該等限制可能會導致申請被拒或子基金的交易暫停 在極端情況下, 子基金可能會因 RQFII 額度不足或投資限制而招致重大損失, 以及因 RQFII 投資限制 中國內地證券市場的流動性不足及 或交易的執行或交易結算有所延誤或中斷而未能全面執行或貫徹其投資目標或策略 RQFII 一般會獲授 RQFII 額度 RQFII 法規的規則及限制一般適用於 RQFII 整體, 而不僅適用於由子基金作出的投資 RQFII 措施訂明, 若 RQFII 自獲批 RQFII 額度之日起一年內未能有效使用其額度, 外管局可調減 RQFII 的額度規模或撤銷額度 若外管局調減 RQFII 的額度, 則可能影響經理人有效貫徹子基金的投資策略的能力 另一方面, 若 RQFII 或 RQFII 託管人違反 RQFII 措施的任何規定, 外管局有權對 RQFII 或 RQFII 託管人施行監管性制裁 任何違規可能導致 31 二零一五年二月
RQFII 的額度被撤銷或被處以其他監管性制裁, 並可能對可供子基金作投資用途的 RQFII 額度的份額構成不利影響 因此, 子基金的資產淨值可能受到不利影響 此外, 外管局授予 RQFII 持有人 ( 即經理人 ) 的 RQFII 額度可能並非全供子基金專用, 因為 RQFII 持有人可酌情把本應可供子基金使用的 RQFII 額度分配至由經理人所管理的其他公募基金產品 在獲得外管局的批准下, 經理人亦可把 RQFII 額度分配至其他非公募基金產品及 / 或帳戶 然而, 概不保證 RQFII 持有人所得的投資額度將時刻足夠供子基金的投資使用 若總認購金額已達經理人分配至子基金的 RQFII 額度金額, 經理人可決定停止接受子基金的進一步認購而毋須向單位持有人作出任何預先或進一步的通知 匯出及流動性風險 中國政府對 RQFII 施加的若干限制可能會對子基金的流動性及表現造成不利影響 根據 RQFII 措施, 外管局規管及監控 RQFII 將資金匯入及匯出中華人民共和國 RQFII 就開放式 RQFII 基金 ( 例如子基金 ) 以人民幣進行資金匯出, 目前並不受限於任何鎖定期, 亦毋須獲得事先批准或受制於其他匯出限制, 惟 RQFII 託管人將須進行真確性及合規性審查, 並向外管局提交資金匯入及匯出的每月報告 然而, 概不保證中華人民共和國的規則及法規不會作出修訂或在日後不會實施任何資金匯出限制 對匯出所投資的資金及淨利潤施加的任何限制, 均可能影響子基金應付單位持有人的贖回要求的能力 此外, 由於 RQFII 託管人會對每一筆資金匯出進行真確性及合規性審查, 在未能符合 RQFII 法規的情況下,RQFII 託管人可延遲或甚至拒絕有關資金匯出 在該情況下, 預期贖回款項將於相關資金匯出完成後, 在實際可行範圍內盡快支付予進行贖回的單位持有人 務須注意, 有關資金匯出完成所需的實際時間將不受經理人所控制 4. RQFII 規則的應用 根據標題為 人民幣合格境外機構投資者 ( RQFII ) 一節所述的 RQFII 法規只是近期才公佈, 容許人民幣匯入及匯出中華人民共和國 該等規則屬開創性質, 其應用需視乎中國有關當局的詮釋 根據該等 RQFII 法規作出投資的投資產品 ( 例如子基金 ) 屬首批此類型的投資之一 有關規則及法規的任何修訂或會對投資者在子基金的投資造成不利影響 在最壞的情況下, 若基於有關規則的應用有所改變, 致使經營子基金變得不合法或不可行, 經理人可決定終止子基金 現行 RQFII 法例 規則及法規可予以修訂, 並可能具有追溯效力 此外, 概不保證 RQFII 法例 規則及法規將不會被廢除 透過 RQFII 投資於中華人民共和國市場的子基金可能會因該等變更而受到不利影響 5. 滬港股票市場交易互聯互通機制的相關風險 子基金可能透過滬港通進行投資 除標題為 中華人民共和國市場 / 單一國家投資風險 中國 A 股市場風險 人民幣貨幣風險 和 中華人民共和國稅務風險 部份所述的風險因素外, 透過滬港通進行投資亦面對以下風險 : 額度限制 - 滬港通設有額度限制 額度限制或會使子基金透過滬港通適時投資中國 A 股的能力受到局限, 因而可能無法有效實施其投資策略 暫停交易風險 - 為確保市場公平有序及風險得到審慎管理, 預期聯交所與上交所將保留必要時暫停滬股通及 / 或港股通交易的權利 若透過滬港通進行滬股通交易被暫停, 子基金參與中華人民共和國市場的能力將遭受不利影響 交易日的差異 - 基於中華人民共和國與香港市場交易日的差異, 在中華人民共和國市場開放交易但香港市場收市的日子, 子基金可能須面對中國 A 股價格波動的風險 營運風險 - 滬港通為香港及海外投資者提供直接參與中國股票市場的新途徑 使用滬港通的前提是相關市場參與者的營運系統正常運作 此外, 實現滬港通的 互聯互通 須進行跨境訂單傳遞, 因此聯交所和交易所參與者須開發新的資訊科技系統, 即由聯交所新建立的訂單傳遞系統 ( China Stock Connect System ), 交易所參與者均須接駁至有關系統 概不保證聯交所和市場參與者的系統將正常運作, 或能持續適應兩地市場的變動和發展 若相關系統未能正常運作, 透過有關計劃進行兩地交易可能受阻 子基金參與中國 A 股市場 ( 以及實施投資策略 ) 的能力將遭受不利影響 透過前端監察限制賣盤 - 中華人民共和國法規規定投資者在沽售任何股份前, 其帳戶須持有足夠股份, 否則上交所將拒絕相關賣盤 聯交所將對其參與者 ( 即股票經紀商 ) 的中國 A 股賣盤訂單進行交易前檢查, 確保並無超售持股的情況 若子基金擬沽售若干中國 A 股持股, 必須在沽售日 ( 交易日 ) 開市前把有關中國 A 股轉移至相關的經紀商帳戶 若子基金未能在限期前作出轉移, 將無法在交易日沽售有關股份, 而子基金可能無法及時沽售所持的中國 A 股 剔除合資格股票 - 若一隻股票被剔出滬港通合資格股票名單, 該股將僅可沽售, 但不可買入 這或會影響子基金的投資組合或策略 結算及交收風險 - 香港結算及中國結算將建立滬港結算通, 並互相成為對方的參與者, 為透過滬港通進行的跨境交易提供結算與交收 於各自市場達成的跨境交易, 當地結算所將與其結算參與者進行結算與交收, 同時承擔及履行其結算參與者與對方結算所就此跨境交易的結算與交收責任 如罕有地發生中國結算違約及中國結算被宣佈為失責者, 香港結算與其結算參與者在滬股通交易的市場合約中的責任只限於協助其結算參與者向中國結算追討相關賠償 因此, 子基金在追討過程中可能遭受延誤或可能無法向中國結算追回全部損失 經紀風險 - 子基金將經由其香港經紀, 透過滬港通把其資產淨值的最多 100% 投資於中國 A 股, 因而存在子基金可能因香港經紀違約 破產或喪失資格而蒙受損失的風險 在此情況下, 子基金的表現可能受到不利影響 二零一五年二月 32
參與企業行為和股東大會 - 香港結算將就滬股通股票的企業行為知會中央結算系統參與者 香港及海外投資者 ( 包括子基金 ) 須遵守其經紀商或保管人 ( 即中央結算系統參與者 ) 的具體安排和制定限期 某些滬股通股票的企業行為可供他們採取行動之時限可能短至只有一個營業日 因此, 子基金可能無法及時參與部份企業行為 香港及海外投資者 ( 包括子基金 ) 藉著經紀商或保管人透過滬港通持有滬股通股票 內地現行慣例並不允許股東委任多名代表參與股東大會 因此, 子基金可能無法委任代表出席或參與滬股通股票的股東大會 不獲投資者賠償基金保障 - 子基金透過滬港通進行的滬股通投資將不獲香港投資者賠償基金保障 因此, 子基金面對所委託透過滬港通計劃買賣中國 A 股的經紀商違約的風險 監管風險 - 滬港通是一項嶄新的計劃, 將受監管當局頒佈的法規及中華人民共和國與香港的證券交易所實施的規則所規管 應注意的是, 有關法規並未經過測試 目前的法規可予修訂 不時頒佈的新法規可能具有追溯效力 概不擔保滬港通計劃不會被取消 子基金可能透過滬港通投資於中華人民共和國市場, 因此可能因有關變動而遭受不利影響 6. 人民幣貨幣風險 自二零零五年起, 人民幣已轉為採取有管理的浮動匯率機制, 以市場供求並參考一籃子外幣為基礎 人民幣在銀行同業外匯市場兌其他主要貨幣的每日交易價格, 將容許於由人民銀行公佈的匯率中間價內上下窄幅浮動 由於匯率主要根據市場力量釐定, 故人民幣兌其他貨幣 ( 包括美元及港元 ) 的匯率將易受外圍因素影響而變動 由於受中國政府施加的外匯管制政策及資金匯出限制所規限, 人民幣現時不可自由兌換 中國政府對人民幣匯出中國施加的限制可能會限制香港人民幣市場的深度, 並減低子基金的流動性 中國政府可能改變其外匯管制及資金匯出限制的政策, 而有關變更可能會對子基金或投資者的持倉造成不利影響 投資者可以人民幣認購單位及以人民幣收取贖回款項 概不保證人民幣將不會貶值 當人民幣貶值時, 投資者的投資價值將會受到不利影響 若投資者將港元或任何其他貨幣兌換為人民幣, 以投資於子基金, 並於其後將以人民幣計值的贖回所得款項兌換回港元或任何其他貨幣, 而倘若人民幣兌港元或該其他貨幣貶值, 則投資者可能蒙受損失 7. 外匯及匯兌風險 人民幣現時不可自由兌換, 並受中華人民共和國政府施加的外匯管制所規限 對貨幣兌換和人民幣匯率變動實施管制可能對中華人民共和國公司的營運及財務業績構成不利影響 只要子基金的資產投資於中華人民共和國, 則須承受中華人民共和國政府對資金或其他資產調出國外實施政策或限制的風險, 因而影響子基金向投資者付款的能力 目前, 人民幣可透過兩個市場進行交易 : 一是中國境內市場, 一是中國境外市場 ( 主要為香港 ) 人民幣在中國境內不可自由兌換, 並須受外匯管控, 以及符合中國內地政府的若干規定 另一方面, 人民幣在中國境外市場則可自由買賣 雖然人民幣可於中國境外自由買賣, 但人民幣現匯率 遠期外匯合約及相關投資工具均反映這個不斷演進的市場的結構複雜性 因此, 子基金或須承受較高的外匯風險 子基金購入的投資將主要以人民幣計值, 而單位類別則可以其他貨幣計值, 因此可能導致單位持有人因其投資的單位類別的貨幣與子基金資產的計值貨幣之間的匯率變動而受到影響 在計算並非以人民幣計值的資產的價值以及非人民幣類別單位的價格時, 經理人將一般對香港離岸人民幣市場採用離岸人民幣匯率 離岸人民幣匯率可能較中國在岸人民幣市場的匯率 ( 即在岸人民幣匯率 ) 出現溢價或折讓, 而且買賣差價可能相當大 因此, 子基金的價值將會波動 經理人擬維持子基金的重大部份投資於以人民幣計值及結算的投資工具 若投資者認購以人民幣以外的貨幣計值的單位, 則經理人可於投資前按適用匯率將部份或所有認購金額兌換為人民幣 由於人民幣不可自由兌換, 因此貨幣能否兌換須視乎人民幣在相關時間的供應量而定 ( 即若認購金額龐大, 人民幣的供應量可能不足以完成貨幣兌換 ) 因此, 若經理人認為人民幣供應量不足以完成貨幣兌換, 則可全權酌情拒絕以非人民幣資金提出的任何申請 ( 不論有關申請是否與以人民幣計值的單位類別相關 ) 若投資者贖回以人民幣以外的貨幣計值的單位, 則經理人可出售子基金以人民幣計值的投資, 並按適用匯率將所得款項兌換為人民幣以外的貨幣 貨幣兌換亦取決於子基金將以人民幣計值的所得款項兌換為人民幣以外的貨幣的能力, 這可能導致贖回所得款項延遲支付或影響子基金應付單位持有人的贖回要求的能力 8. 分散投資的風險 子基金將主要投資於在中國發行的證券 投資者應注意, 與採取較多元化策略及投資層面廣泛的基金, 子基金可能較為波動, 因為子基金較容易受中國的不利狀況引致的價值波動影響 9. 證券及現金存放於 RQFII 託管人的相關風險 透過 RQFII 投資於中華人民共和國將須承受為在中華人民共和國保管資產而委任的 RQFII 託管人的託管風險 子基金可能會因 RQFII 託管人在執行或結算任何交易時或轉移任何資金或證券時發生的違約 行為或遺漏而招致損失 投資者應注意, 存放於子基金在 RQFII 託管人處開立的現金帳戶的現金不會被分隔存放, 但將為一項 RQFII 託管人欠負子基金 ( 作為存款人 ) 的債項 該項現金將會與屬於 RQFII 託管人其他客戶或債權人的現金互相混合 若 RQFII 託管人破產或清盤, 子基金對存放於該現金帳戶的現金將無任何所有權, 以及子基金將成為無抵押債權人, 與 RQFII 託管人所有其他無抵押債權人享有同等權利 子基金在收回該債項時可能面對困難及 / 或遇上延誤, 或子基金未必能悉數收回或甚至完全無法收回債項, 都會令子基金蒙受損失 33 二零一五年二月
10. 中華人民共和國經紀風險 交易的執行及結算或任何資金或證券的轉移可能由 RQFII 委任的經紀 ( 中華人民共和國經紀 ) 進行, 因而存在子基金可能因中華人民共和國經紀違約 破產或喪失資格而蒙受損失的風險 在此情況下, 對子基金執行或結算任何交易或轉移任何資金或證券可能造成不利影響 若 RQFII 認為適合, 可能會委任單一中華人民共和國經紀, 而子基金未必一定可支付市場上的最低佣金收費率 在挑選中華人民共和國經紀時,RQFII 將考慮多項因素, 例如佣金收費率的競爭力 交易對手的信貸評估及執行標準 11. 與 CAAP 相關的風險 中華人民共和國政府實施的政策和法規或會變動, 任何有關變動將對子基金所投資的 CAAP 的發行帶來不利影響 在現行制度下, 每家 CAAP 發行機構均受中國 A 股的投資額度限制 若任何 CAAP 發行機構的相關地位遭撤銷, 或任何 CAAP 發行機構的投資額度不足, 該 CAAP 發行機構或會停止延長任何 CAAP 的年期或發行其他 CAAP, 而子基金可能須沽售現有的 CAAP 由於買賣 CAAP 的市場可能並不活躍, 因此投資於 CAAP 可能面對流動性不足的風險 子基金可能投資的 CAAP 將反映相關證券的價格升幅 / 跌幅和派息, 但可能無法反映持有相關證券的全面經濟利益, 例如該等相關證券持有人在大會上表決的權利 此外, 與直接投資於同類資產的基金比較, 透過 CAAP 進行投資涉及的交易成本較高, 因此可能對子基金的表現造成不利影響 此外, 子基金將面對 CAAP 發行機構的交易對手風險, 因為 CAAP 是 CAAP 發行機構的一項付款責任, 而非對中國 A 股的直接投資 若 CAAP 資不抵債 違約或未有履行 CAAP 的付款責任, 子基金可能蒙受損失 因此,CAAP 的表現可能有別於相關中國 A 股的價格 / 表現 12. 買賣股票指數期貨的風險 子基金僅可就對沖目的使用中國金融期貨交易所 ( 中金所 ) 授予 RQFII 持有人的對沖額度買賣股票指數期貨, 而不得藉此進行任何套戥或投機活動 授予 RQFII 持有人的對沖額度僅供在十二個月期間內使用, 並可能有所調整和須在十二個月期間屆滿後續期 概不保證有關對沖額度將不會削減或取消 若中金所削減或取消有關對沖額度, 或會影響經理人執行子基金投資政策的能力 此外, 中金所將監察 RQFII 持有人的交易活動, 並可能因應當時的市場環境 股票指數期貨的過度交易, 或中金所制訂的適用規則和法規遭違反或違背而調整所授出的對沖額度, 導致其削減 / 取消有關對沖額度 對期貨倉盤施加限制, 或要求 RQFII 持有人把期貨倉盤平倉 若發生任何上述情況, 中金所可能不批准對沖額度的續期申請, 或削減對沖額度的金額, 意味著子基金獲授的對沖額度可能在十二個月期間屆滿後不獲續期, 或子基金可動用的對沖額度被削減 因此, 子基金可能無法透過買賣股票指數期貨而達到預期的對沖效果 概不保證交易 結算及交收的整個程序不涉及任何風險 風險可能基於若干原因產生, 例如負責為子基金進行股票指數期貨交易而開立及維持人民幣特別存款帳戶的 RQFII 託管人違反 RQFII 託管人協議, 及負責為 RQFII 持有人買賣及結算股票指數期貨的期貨公司違反經紀商協議 若倉盤超出持倉上限 延遲按要求加繳保證金, 或在違反中金所適用規則和法規的任何其他情況下, 中金所可強制把子基金所持的期貨倉盤平倉 中國期貨市場的監管框架可能不及已發展國家成熟, 而中國亦是在近年才推出股票指數期貨 投資股票指數期貨可能面對重大風險, 包括交易波動性較大 結算困難, 以及詮釋和應用相關法規上的不確定性 此外, 中國當局或會不時頒佈新的規例 現行規則和法規的任何變動或會對子基金買賣的股票指數期貨造成不利影響 就子基金使用股票指數期貨作對沖而言, 概不保證將可達到有關目標, 而子基金可能因而蒙受虧損 13. 中華人民共和國稅務風險 經理人目前僅擬就中國 A 股 ( 包括透過滬港通買入者 ) 和中國 B 股所產生的股息應付的任何中華人民共和國稅項, 按 10% 稅率 ( 或子基金的稅務顧問建議的其他稅率 ) 作出撥備 ( 若尚未從股息源頭預扣有關預扣稅 ) 若經理人認為有較大機會引致稅務責任, 或作出撥備適用以維持投資者之間的衡平, 則經理人在考慮適當的建議後, 可能於日後就中華人民共和國稅務法例或行政管理的變動而作出其他中華人民共和國稅務撥備 即使作出稅務撥備, 有關撥備金額亦可能不足以支付實際稅務責任 鑑於中華人民共和國適用稅法引起的不確定性, 加上有關法例可能修訂, 並對過往收益作追溯徵稅, 因此經理人作出的任何稅項撥備可能不足以應付實際的中華人民共和國稅務責任 因此, 視乎在有關時間的中華人民共和國稅務法例及其應用情況 中華人民共和國稅務機關最終施行的稅務 稅項撥備水平及投資者從有關子基金認購及 / 或贖回其單位的時間, 投資者可能處於有利或不利的位置 若撥備不足以應付實際稅務責任, 則會從子基金的資產扣除差額, 子基金的資產價值將受到不利影響 詳情請參閱本附錄標題為 中華人民共和國稅務撥備 一節, 以及說明書主要部份的 風險因素 一節下標題為 中國的稅務考慮 的風險因素 適用類別以下單位類別可在香港發售 : 類別 釋義 類別貨幣 A 類別股份 - 累積 - 港元 A 類別累積單位 港元 A 類別股份 - 累積 - 人民幣 A 類別累積單位 人民幣 A 類別股份 - 累積 - 美元 A 類別累積單位 美元 經理人接納以有關單位的類別貨幣支付的認購款項 二零一五年二月 34
最低投資金額 最低認購金額 附註 : 儘管單位類別計值的類別貨幣可能為美元以外的貨幣, 但最低認購金額將以美元計值 有關就認購款項進行貨幣兌換的詳情, 請參閱 付款程序 一節 最低其後認購金額 附註 : 儘管單位類別計值的類別貨幣可能為美元以外的貨幣, 但最低認購金額將以美元計值 有關就認購款項進行貨幣兌換的詳情, 請參閱 付款程序 一節 所有類別 : 2,500 美元 ( 或任何其他可自由兌換的貨幣等值 ) 所有類別 :1,000 美元 ( 或任何其他可自由兌換的貨幣等值 ) 最低持有金額所有類別 : 總最低價值為適用於該等類別的最低認購總額的單位 最低贖回金額所有類別 : 不適用 費用 投資者應付費用的現有水平 認購費 ( 認購金額的 %) 贖回費 ( 贖回金額的 %) 轉換費 ( 就發行新類別的單位支付的認購金額的 %) 所有類別 : 最高為 5.25% 所有類別 : 最高為 1% 所有類別 : 最高為 5.25% 附註..若單位持有人已就其於現有類別的單位支付整額認購費, 則該單位持有人將繳付最高為 1% 的轉換費 若單位持有人就現有類別的投資毋須繳付認購費, 或繳付了低於特定最高金額的認購費, 則該單位持有人將需繳付最高為 5.25% 的轉換費 請參閱 類別 / 子基金之間的轉換 一節, 以了解詳情 子基金應付費用的現有水平 管理年費 ( 子基金資產淨值的 %) 所有類別 : 每年最高為 1.5% 受託人費用 ( 子基金資產淨值的 %) 行政管理人費用 ( 子基金資產淨值的 %) 過戶代理費用 所有類別 : 每年最高為 0.02%, 最低月費為 500 美元 所有類別 : 每年最高為 0.06%, 最低月費為 2,000 美元 所有類別 : 每月的最低月費為 500 美元 除上述費用外, 子基金亦須支付其他收費及費用 ( 例如保管人費用 ) 詳情請參閱說明書主要部份的 開支及費用 一節 成立費用 富達環球基金 - 中國精選基金的成立費用約為 750,000 港元, 並將於子基金的成立日期起計的五個會計期 ( 或經理人釐定的該等其他期間 ) 予以攤銷 交易日 交易日應包括每個香港及中華人民共和國營業日, 但不包括 (a) 買賣子基金的絕大部份投資的任何交易所或市場休市或 (b) 有關交易所或市場的交易受限制或暫停的任何香港及中華人民共和國營業日 35 二零一五年二月
交易截止時間 有關交易日的下午四時 ( 香港時間 ) 認可分銷商可就接收認購 贖回或轉換指示設定不同的交易截止時間 投資者應注意相關認可分銷商的安排 認購 贖回及轉換單位 有關認購 贖回及轉換程序的詳情, 請參閱說明書主要部份中的 購買單位 贖回單位 及 類別 / 子基金之間的轉換 數節 就以人民幣計值的單位而言, 經理人可酌情決定拒絕接納以人民幣以外貨幣支付的認購款項 在經理人酌情決定下, 以人民幣計值的單位可能只會以人民幣支付贖回款項 分派 經理人可酌情決定是否分派股息 分派頻率和股息金額 概不會就 A 類別股份 - 累積單位分派股息 投資賺取的所有利息和其他收益將予累積並再作投資 估值 就某一交易日而言, 估值日為該交易日, 而估值點則為在每個估值日最後收市的相關市場的營業結束時間 子基金的報告及帳目子基金的首個財政年度將於二零一五年十二月三十一日 ( 或經理人在子基金推出時所釐定的較後日期 ) 結束 子基金的首份年報將就子基金推出日期至二零一五年十二月三十一日 ( 或經理人在子基金推出時所釐定的較後日期 ) 止期間刊發 子基金的首份未經審核半年度報告將就二零一六年一月一日至二零一六年六月三十日 ( 或經理人在子基金推出時所釐定的較後日期 ) 止期間刊發 備查文件請參閱說明書主要部份標題為 備查文件 一節 下列為本子基金的重要合約 : 經理人 ( 作為 RQFII 持有人 ) 與受託人 保管人和 RQFII 託管人簽訂的 RQFII 補充託管協議 二零一五年二月 36
附錄 III 富達環球基金 - 環球股票入息基金 本附錄包含與本基金的子基金 - 富達環球基金 - 環球股票入息基金相關的資料 首次發售 下表所載的下列單位類別可供投資者認購 : 類別 A 類別股份 - 港元 A 類別股份 - 美元 A 類別股份 - 人民幣 A 類別股份 - 累積 - 港元 A 類別股份 - 累積 - 美元 A 類別股份 - 累積 - 人民幣 A 類別股份 - H 每月派息 (G) - 人民幣 ( 對沖 ) A 類別股份 - H 每月派息 (G) - 澳元 ( 對沖 ) A 類別股份 - 每月特色派息 (G) - 人民幣 ( 對沖 ) A 類別股份 - 每月特色派息 (G) - 澳元 ( 對沖 ) 每單位的首次發售價 10 港元 10 美元 100 元人民幣 10 港元 10 美元 100 元人民幣 100 元人民幣 10 澳元 100 元人民幣 10 澳元 除非本附錄另有註明, 否則上述所有單位類別一般稱為 A 類別股份單位 或 A 類別股份 A 類別股份 - 累積 - 美元在二零一五年二月二十六日 ( 推出日期 ) 或之後按其首次發售價作首次發售 在說明書刊發時,A 類別股份 - 港元 A 類別股份 - 美元 A 類別股份 - 人民幣 A 類別股份 - 累積 - 港元 A 類別股份 - 累積 - 人民幣 A 類別股份 - H 每月派息 (G) ( 對沖 ) 及 A 類別股份 - 每月特色派息 (G) 單位尚未可供投資 該等類別將於經理人酌情決定下推出, 本說明書將隨後作出相應更新 就已接獲的認購而言, 將就發行每個 A 類別股份單位徵收最高達認購金額的 5.25% 的認購費 下表所載的下列單位類別可供機構投資者認購 : 類別 I 類別股份 - 累積 - 美元 每單位的首次發售價 10 美元 I 類別股份 - 累積 - 美元在推出日期或之後按其首次發售價作首次發售 就已接獲的認購而言, 將就發行每個 I 類別股份單位徵收最高達認購金額的 1% 的認購費 I 類別股份單位只供符合總分銷商或經理人不時所設規定的機構投資者認購 經理人可絕對酌情決定推延接納任何 I 類別股份單位的認購 / 購買, 直至接獲投資者提供充份的身份證明, 證實其符合機構投資者資格當日為止 若在任何時候發現 I 類別股份單位的單位持有人並非機構投資者, 經理人將把有關單位轉換為子基金的 A 類別股份單位, 並就有關轉換通知相關的單位持有人 基本貨幣 子基金的基本貨幣為美元 副經理人 經理人已把富達環球基金 - 環球股票入息基金的投資管理職能轉授予 FIL Investments International 投資目標及政策 投資目標 富達環球基金 - 環球股票入息基金旨在透過首要 ( 即把子基金資產淨值的最少 70%) 投資於全球的收益性股本證券, 以締造收益及長線資本增長 經理人的目標是其認為股息收益吸引, 並具升值能力的投資 投資政策 經理人將根據締造收益及資本增長的潛力, 主動挑選個別股本證券 經理人可酌情挑選任何公司的股本證券, 並可戰術性地把子基金的任何投資分配至任何特定地區 行業界別或特定市值的公司, 若其認為這相對於其他股票可提供更大的締造收益及資本增長潛力 此外, 經理人可把其餘資產 ( 即子基金資產淨值的最多 30%) 自由投資於子基金的其他非首要資產類別, 包括 ( 但不限於 ) 投資於上市期貨 貨幣市場工具 商業票據及存款證 子基金在該等上市期貨 ( 為對沖目的而訂立的期貨合約除外 ) 的投資以 ( 根據所有未平倉期貨合約, 不論應付予子基金或由子基金支付的 ) 合約價格總淨值計合共不可超過子基金總資產淨值的 20% 子基金將不會投資於債務證券 37 二零一五年二月
在符合適用的投資限制下 ( 詳情載於說明書主要部份標題為 投資及借貸限制 一節 ), 子基金可為對沖目的而使用其他衍生工具 子基金可把其資產淨值的最多 10% 投資於中國 A 股及中國 B 股 子基金將不會投資於任何結構性存款 ( 包括貨幣掛鈎存款 貨幣及利率掛鈎存款 指數掛鈎存款或類似存款 ) 或結構性產品 ( 定義見 證券及期貨條例 ) 子基金亦將不會投資於資產抵押證券 ( 包括資產抵押商業票據 ) 經理人現時無意就子基金進行任何證券借貸 回購交易或類似的場外交易市場交易 若這項投資限制有任何更改, 須事先尋求證監會的批准, 並須向子基金的單位持有人發出不少於一個月的事先通知 下文列載子基金的指示性投資分配說明 在適用於子基金的投資限制的規限下, 經理人可在考慮當時市況後不時對分配進行調節 ( 在下表所示的訂明限制之內進行調節 ), 而毋須向投資者發出通知 投資工具的類別 指示性百分比 ( 佔子基金的資產淨值的百分比 ) 股本證券 最少 70% 上市期貨 貨幣市場工具 商業票據及存款證 最多 30% 中國 A 股及中國 B 股 最多 10% 特定風險因素投資者應參閱說明書主要部份中 風險因素 一節所述的相關風險, 以及下列與子基金有關的特定風險因素 1. 股息 2. 歐洲風險 雖然子基金一般將投資於全球的收益性股票, 但不保證所有相關投資均能締造股息 若子基金的相關投資屬收益性資產, 高股息收益一般意味著資本增值將減少 子基金可投資於歐洲經濟區的公司 子基金的表現將與歐洲經濟區的經濟 政治 規管 地緣政治 市場 貨幣或其他狀況息息相關, 因而可能較為波動 鑑於部份歐洲國家的主權信貸風險令人憂慮, 特別是該等國家的財政狀況, 子基金所承受的流動性 價格及外匯風險可能增加 若部份歐洲國家出現負面的信貸事件, 例如某一歐洲國家或歐洲金融機構的主權信貸評級下調, 子基金的表現可能大幅下跌, 因而造成重大的損失 歐洲各國政府 央行及其他權力機關所採取的措施, 也許未能有效解決其經濟及財政問題, 因而令有關國家的財政狀況進一步惡化 3. 對沖類別單位 經理人透過運用遠期外匯合約, 致力就對沖類別單位的類別貨幣對沖不利的外匯風險 若進行對沖, 有關對沖的效力將反映於資產淨值內, 因而影響對沖類別單位的表現 同樣, 進行對沖交易所引致的任何開支將由相關的股份類別承擔 請注意, 該等對沖交易可以有關類別貨幣兌其他貨幣貶值或升值的形式進行 若進行貨幣對沖, 可能為有關股份類別的投資者提供顯著的保障, 免受子基金的持倉貨幣兌有關類別貨幣貶值所拖累 ; 但亦可能妨礙投資者因子基金的相關持倉貨幣升值而獲利 概不保證所使用的貨幣對沖將可全面消除相關投資貨幣的外匯風險 4. 期貨的相關風險 交易所買賣期貨的買方或賣方須承擔相關參考指數 / 證券 / 合約 / 債券價值變動的風險, 有關變動也許未能全面反映於期貨合約價值內 期貨合約的相關工具可能有別於所投資的工具 相關系數風險可能顯著, 並可能導致子基金蒙受重大的損失 期貨合約屬遠期合約, 代表承諾在未來某日子進行若干經濟轉移活動 價值轉換將於合約指定日期進行, 大部份合約將以現金結算, 亦可選擇以實物交收實際甚少進行交易的相關工具 期貨與一般遠期合約的分別在於設有標準化條款 在正式交易所買賣 受監管機構規管, 以及獲結算所提供保證 此外, 為確保作出付款, 期貨設有開倉保證金及保證金規定, 金額按相關資產的市值計算, 並須逐日結算 請同時參閱說明書主要部份的 風險因素 一節下標題為 衍生工具及結構性產品的風險 的風險因素 5. 外匯及匯兌風險 子基金可投資於以其基本貨幣以外的貨幣報價的資產 詳情請參閱說明書主要部份的 風險因素 一節下標題為 貨幣風險 的風險因素 子基金的某單位類別可能指定以子基金的基本貨幣以外的貨幣計值 子基金的基本貨幣與該單位類別的指定計值貨幣之間的匯率變動, 可能導致該單位類別以指定貨幣列示的價值下跌 除特別註明屬對沖類別外, 各單位類別均不會採取任何措施, 以減低有關單位類別的計值貨幣與子基金的基本貨幣之間的匯率波動的影響 二零一五年二月 38
6. 人民幣類別單位的相關風險 人民幣貨幣風險 以人民幣計值的單位類別 ( 人民幣類別 ) 的投資者應注意, 儘管人民幣加快升值的可能性不可被排除, 但亦不保證人民幣將不會貶值 人民幣出現任何貶值, 可能會對投資者於人民幣類別單位的投資價值造成不利影響 若投資者將港元或其他貨幣兌換為人民幣, 以投資於人民幣類別單位, 並於其後將以人民幣計值的贖回所得款項及 / 或股息付款 ( 如有 ) 兌換回港元或其他貨幣, 而倘若人民幣兌港元或該其他貨幣貶值, 則投資者可能蒙受損失 在計算人民幣類別單位的價值時, 經理人將一般對香港離岸人民幣市場採用離岸人民幣匯率 離岸人民幣匯率可能較中國在岸人民幣市場的匯率 ( 即在岸人民幣匯率 ) 出現溢價或折讓, 而且買賣差價可能相當大 因此, 人民幣類別的價值將會波動 就非對沖人民幣類別單位而言, 若人民幣兌子基金以非人民幣計值的相關投資的貨幣貶值,(i) 即使該等以非人民幣計值的相關投資錄得收益或其價值並無損失, 但投資者仍可能蒙受虧損 ; 或 (ii) 若子基金所持該等以非人民幣計值的相關投資的價值下降, 投資者可能蒙受額外虧損 與對沖人民幣類別有關的風險 就對沖人民幣類別單位而言, 經理人可能試圖把子基金的基本貨幣及 / 或子基金以非人民幣計值的相關投資的其他貨幣對沖回人民幣 有關對沖交易的成本將反映於對沖人民幣類別單位的資產淨值內, 因此, 該對沖人民幣類別單位的投資者將須承擔相關的對沖成本, 而這可能顯著取決於當時的市況而定 若作對沖用途的投資工具的交易對手違約, 對沖人民幣類別單位的投資者可能會因無法進行對沖而須承受人民幣貨幣匯兌風險, 因而蒙受進一步的損失 概不保證對沖策略將奏效, 投資者可能仍須承受適用於非對沖人民幣類別的人民幣貨幣匯兌風險 儘管對沖策略可為投資者提供保障, 免受子基金的基本貨幣及 / 或子基金以非人民幣計值的相關投資的其他貨幣兌人民幣貶值所拖累, 但若子基金的基本貨幣及 / 或子基金以非人民幣計值的相關投資的其他貨幣兌人民幣升值, 投資者亦未能受惠於對沖人民幣類別單位的任何升值潛力 另請參閱說明書主要部份 風險因素 一節下標題為 對沖風險 的風險因素 未能接獲以人民幣支付的贖回投資款項及 / 或股息付款的風險 由於受中華人民共和國政府施加的外匯管制所規限, 人民幣現時不可自由兌換 中國政府對人民幣匯出中華人民共和國施加的限制可能會限制中華人民共和國境外的人民幣市場的深度, 並限制子基金及時以人民幣履行人民幣類別的贖回要求及 / 或支付股息的能力 尤其是, 若子基金的全部或大部份相關投資均以非人民幣計值, 子基金可能無法及時取得足夠金額的人民幣, 以履行人民幣類別單位的贖回要求及 / 或支付股息 ( 如有 ) 中國政府可能改變其外匯管制及資金匯出限制的政策, 而有關變更可能會對人民幣類別投資者的持倉造成不利影響 即使子基金旨在向人民幣類別單位的投資者以人民幣支付贖回款項及 / 或股息, 但投資者在贖回投資時可能不會接獲人民幣付款, 或不會接獲以人民幣支付的股息付款 此外, 若並無足夠的人民幣作結算贖回款項及股息的貨幣匯兌之用, 可能導致延遲向投資者以人民幣支付贖回款項及 / 或股息 7. 從資本中作出分派的風險 就 A 類別股份 H 每月派息 (G) ( 對沖 ) 單位及 A 類別股份 每月特色派息 (G) ( 對沖 ) 單位而言, 如子基金產生的收益 / 資本收益不足以支付所宣派的股息, 可從資本中撥付 投資者應注意, 從資本中撥付股息即代表投資者獲付還或提取原有投資本金的部份金額, 或從原有投資應佔的任何資本收益中獲付還或提取金額 該等分派可能導致子基金的每單位資產淨值即時減少 此外, 子基金可能實際上從資本中撥付股息 詳情請參閱本附錄標題為 分派 一節 適用類別以下單位類別可在香港發售 : 類別 釋義 類別貨幣 A 類別股份 - 港元 A 類別派息單位 港元 A 類別股份 - 美元 A 類別派息單位 美元 A 類別股份 - 人民幣 A 類別派息單位 人民幣 A 類別股份 - 累積 - 港元 A 類別累積單位 港元 A 類別股份 - 累積 - 美元 A 類別累積單位 美元 A 類別股份 - 累積 - 人民幣 A 類別累積單位 人民幣 A 類別股份 - H 每月派息 (G) - 人民幣 ( 對沖 ) A 類別每月總收益派息對沖單位 人民幣 A 類別股份 - H 每月派息 (G) - 澳元 ( 對沖 ) A 類別每月總收益派息對沖單位 澳元 A 類別股份 - 每月特色派息 (G) - 人民幣 ( 對沖 ) A 類別每月總收益特色派息對沖單位 人民幣 A 類別股份 - 每月特色派息 (G) - 澳元 ( 對沖 ) A 類別每月總收益特色派息對沖單位 澳元 I 類別股份 - 累積 - 美元 I 類別累積單位 美元 經理人接納以有關單位的類別貨幣支付的認購款項 39 二零一五年二月
最低投資金額 最低認購金額 附註 : 儘管單位類別計值的類別貨幣可能為美元以外的貨幣, 但最低認購金額將以美元計值 有關就認購款項進行貨幣兌換的詳情, 請參閱 付款程序 一節 最低其後認購金額 附註 : 儘管單位類別計值的類別貨幣可能為美元以外的貨幣, 但最低認購金額將以美元計值 有關就認購款項進行貨幣兌換的詳情, 請參閱 付款程序 一節 A 類別股份 : 2,500 美元 ( 或任何其他可自由兌換的貨幣等值 ) I 類別股份 : 500,000 美元 ( 或任何其他可自由兌換的貨幣等值 ) A 類別股份 : 1,000 美元 ( 或任何其他可自由兌換的貨幣等值 ) I 類別股份 : 100,000 美元 ( 或任何其他可自由兌換的貨幣等值 ) 最低持有金額所有類別 : 總最低價值為適用於該等類別的最低認購總額的單位 最低贖回金額所有類別 : 不適用 費用 投資者應付費用的現有水平 認購費 ( 認購金額的 %) 贖回費 ( 贖回金額的 %) 轉換費 ( 就發行新類別的單位支付的認購金額的 %) A 類別股份 : 最高為 5.25% I 類別股份 : 最高為 1% 所有類別 : 最高為 1% 所有類別 : 最高為 5.25% 附註..若單位持有人已就其於現有類別的單位支付整額認購費, 則該單位持有人將繳付最高為 1% 的轉換費 若單位持有人就現有類別的投資毋須繳付認購費, 或繳付了低於特定最高金額的認購費, 則該單位持有人將需繳付最高為 5.25% 的轉換費 請參閱 類別 / 子基金之間的轉換 一節, 以了解詳情 子基金應付費用的現有水平 管理年費 ( 子基金資產淨值的 %) A 類別股份 : 每年最高為 1.50% I 類別股份 : 每年最高為 0.80% 受託人費用 ( 子基金資產淨值的 %) 行政管理人費用 ( 子基金資產淨值的 %) 過戶代理費用 所有類別 : 每年最高為 0.02%, 最低月費為 500 美元 所有類別 : 每年最高為 0.06%, 最低月費為 2,000 美元 所有類別 : 每月的最低月費為 500 美元 除上述費用外, 子基金亦須支付其他收費及費用 ( 例如保管人費用 ) 詳情請參閱說明書主要部份的 開支及費用 一節 成立費用 富達環球基金 - 環球股票入息基金的成立費用約為 400,000 港元, 並將於子基金的成立日期起計的五個會計期 ( 或經理人釐定的該等其他期間 ) 予以攤銷 交易日 交易日應包括每個營業日, 但在經理人酌情決定下, 可能不包括 (a) 買賣子基金的絕大部份投資的任何交易所或市場休市或 (b) 有關交易所或市場的交易受限制或暫停的任何營業日 二零一五年二月 40
交易截止時間 有關交易日的下午四時 ( 香港時間 ) 認可分銷商可就接收認購 贖回或轉換指示設定不同的交易截止時間 投資者應注意相關認可分銷商的安排 認購 贖回及轉換單位 有關認購 贖回及轉換程序的詳情, 請參閱說明書主要部份中的 購買單位 贖回單位 及 類別 / 子基金之間的轉換 數節 就以人民幣計值的單位而言, 經理人可酌情決定拒絕接納以人民幣以外貨幣支付的認購款項 在經理人酌情決定下, 以人民幣計值的單位可能只會以人民幣支付贖回款項 分派 經理人可酌情決定是否分派股息 分派頻率和股息金額 概不會就 A 類別股份 - 累積單位及 I 類別股份 - 累積單位分派股息 投資賺取的所有利息和其他收益將予累積並再作投資 就 A 類別股份單位 ( 即 A 類別股份 - 港元 A 類別股份 - 美元及 A 類別股份 - 人民幣 ) 而言, 經理人預期將就其各自的幾乎所有淨投資收益, 建議每半年派發股息 股息將於二月及八月的首個營業日宣派 就 A 類別股份單位而言, 概不會以子基金的資本支付分派 就 A 類別股份 H 每月派息 (G) ( 對沖 ) 單位而言, 經理人預期將就期內各自的幾乎所有總投資收益建議派發股息 經理人亦可釐定是否從已變現及未變現資本收益以至資本中撥付股息, 以及撥付股息的水平 有關分派可能計入因對沖貨幣利率高於子基金的基本貨幣利率而產生的溢價 相應地, 當對沖貨幣利率低於子基金的基本貨幣利率時, 股息可能出現折讓 股息一般於每月的首個營業日宣派 在大部份情況下, 經理人預期將就 A 類別股份 每月特色派息 (G) ( 對沖 ) 單位幾乎所有的總投資收益及偶爾就資本部份, 建議派發股息, 藉以在合理情況下維持穩定的每單位付款, 但同時不會對資本造成長期正面或負面的影響 股息一般於每月的首個香港及中華人民共和國營業日宣派 就 A 類別股份 H 每月派息 (G) ( 對沖 ) 單位及 A 類別股份 每月特色派息 (G) ( 對沖 ) 單位而言, 經理人可酌情決定偶爾就資本部份建議派發股息, 或經理人可建議從總收益中派發股息, 並把子基金的所有或部份費用及開支計入 / 從子基金的資本中扣除, 導致可供派息之用的可分派收益增加, 因此, 子基金可能實際上從資本中作出股息分派 從資本中撥付股息即代表投資者獲付還或提取原有投資本金的部份金額, 或從原有投資應佔的任何資本收益中獲付還或提取金額 任何涉及從子基金的資本中撥付股息或實際上從子基金的資本中撥付股息 ( 視乎情況而定 ) 的分派, 可能導致每單位資產淨值即時減少 有關過去十二個月的股息成份詳情 ( 即從 (i) 淨可分派收益及 (ii) 資本中撥付的相關金額 ), 可向經理人索取, 亦可於子基金的網頁 https://www.fidelity.com.hk/static/pdf/investor/personal-investment/docs/fund_distribution_payment_composition_fwwf.pdf 下載 此網頁未經證監會審核 若 A 類別股份 H 每月派息 (G) ( 對沖 ) 單位及 A 類別股份 每月特色派息 (G) ( 對沖 ) 單位的派息政策或在資本中計入費用及開支的政策 ( 視乎情況而定 ) 有所修訂, 有關更改將須事先獲得證監會的批准, 並須向投資者發出不少於一個月的事先通知 估值 就某一交易日而言, 估值日為該交易日, 而估值點則為在每個估值日最後收市的相關市場的營業結束時間 子基金的報告及帳目子基金的首個財政年度將於二零一五年十二月三十一日結束 子基金的首份未經審核半年度報告將就子基金推出日期至二零一五年六月三十日止期間刊發 子基金的首份年報將就子基金推出日期至二零一五年十二月三十一日止期間刊發 備查文件請參閱說明書主要部份標題為 備查文件 一節 41 二零一五年二月