Fidelity Retirement Services g u ¹ î Z = P...stocks performed well. Overall, mid-sized firms...

Fidelity Retirement Services

30-06-2008

Å Watson Wyatt Manager Watch, 31 December, 2007. 2007 12 31

* Asia Asset Management, Best of the Best Country Awards 2007 for the Best Client Servicing Award for MPF in Hong Kong. 2007# SCMP Fund Awards 2007: Best Fund Management Group Award (5-Year Award). 2007 (5 )^ The Best Overall Fund Management Firm (Asia Pacific ex-Japan) 2006 and 2007, Asia Pacific Survey 2006, 2007 conducted by Thomson Extel Surveys. 2006 2007 Thomson Extel

2006 2007Fidelity, Fidelity International, and Fidelity International and Pyramid Logo are trademarks of FIL Limited. FIL Limited

Investment PerformanceThrough a rigorous process of research and monitoring,we are committed to delivering consistent and outstandinginvestment performance. This is the kind of dedication thathas helped Fidelity become the "Best Fund Manager" inHong Kong# and Asia Pacific^.

Investment ChoiceAmong the world's largest fund management organisations,Fidelity offers a comprehensive range of over 100 pensionretail funds across all major asset classes and regionsmanaged by both Fidelity and third party managers.

Investment Guidance & EducationFidelity's dedicated investment specialists, targetededucation materials and online planning tools of ferprofessional guidance and education to actively help youdefine, evaluate and reach your retirement investment goalsevery step of the way.

ConvenienceTailormade investment guidance and premium serviceare accessible from our investor centre convenientlylocated at 1/F, 100 Queen's Road Central. Also, with ourone-stop online portal, accessing and managing youraccount is possible 24 hours a day from anywhere.

^

Fidelity - your trusted Total Retirement Solution partnerFidelity has served Hong Kong's ORSO schemes since 1988. In 2000, we extended our retirement product offerings tocover MPF members with a range of MPF funds. Today, we are the largest provider of ORSO member choice definedcontribution schemes in Hong KongÅ. With our dedicated team of professionals and award-winning* services, weaim to offer personalised and comprehensive retirement investment solutions to our investors for all their different lifestages.

The best of Fidelity's expertise has culminated in a comprehensive retirement plan - Total Retirement Solution, takingyou through every step of retirement planning and management, starting from enrolment, planning for savings andgrowth, managing pre-retirement investments, and assisting with each step to retirement and beyond.

1988 2000Å

*

-

2

Contents

Fidelity Retirement Master Trust – Fund Fact Sheets–

Equity Funds

Asia Pacific Equity Fund ................................................................................................. 4

Global Equity Fund .......................................................................................................... 5

Hong Kong Equity Fund .................................................................................................. 6

Lifecycle Funds

Balanced Fund ....................................................................................................................... 7

Capital Stable Fund ......................................................................................................... 8

Growth Fund .......................................................................................................................... 9

MultiManager Balanced Fund ................................................................................ 10

MultiManager Capital Stable Fund ................................................................. 11

MultiManager Growth Fund ................................................................................... 12

MultiManager Stable Growth Fund ................................................................. 13

Stable Growth Fund ...................................................................................................... 14

Bond Funds

Hong Kong Bond Fund ................................................................................................. 15

World Bond Fund .......................................................................................................... 16

Money Market Funds

Capital Preservation Fund .................................................................................................... 17

Fidelity Advantage Portfolio Fund – Fund Fact Sheets–

Equity Funds

Asia Pacific Equity Fund ............................................................................................... 18

Fidelity Advantage Portfolio Fund - First State Hong Kong Growth Fund- ......................................................................................... 19

Fidelity Advantage Portfolio Fund - INVESCO Asian Equity Fund- ......................................................................................... 20

Fidelity Advantage Portfolio Fund - Templeton Global Fund- ..................................................................................... 21

Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio- ................................................................................................ 22

Global Equity Fund ........................................................................................................ 23

Hong Kong Equity Fund ................................................................................................ 24

Lifecycle Funds

Balanced Fund ..................................................................................................................... 25

Capital Stable Fund ....................................................................................................... 26

Growth Fund ........................................................................................................................ 27

MultiManager Balanced Fund ................................................................................ 28

MultiManager Capital Stable Fund ................................................................. 29

MultiManager Growth Fund ................................................................................... 30

MultiManager Stable Growth Fund ................................................................. 31

Stable Growth Fund ...................................................................................................... 32

Bond Funds

Fidelity Advantage Portfolio Fund - Crédit Agricole Global Bond Fund- .................................................................................. 33

Fidelity Advantage Portfolio Fund - Schroder Asian Bond Fund- ..................................................................................... 34

Hong Kong Bond Fund ................................................................................................. 35

World Bond Fund .......................................................................................................... 36

Money Market Funds

HK Dollar Money Fund .................................................................................................. 37

US Dollar Money Fund .................................................................................................. 38

1-2

Market Review

3

Performance Summary

4-17Fidelity Retirement Master Trust -Fund Fact Sheets

-

18-38Fidelity Advantage Portfolio Fund -Fund Fact Sheets

-

39

Glossary

Source: Fidelity Global Watch (July), as at 30/06/2008All views expressed cannot be construed as an offer or recommendation by Fidelity. Fidelity shall not be held liable for damages arising out of any person's reliance upon this information. Anyperson considering an investment should seek independent advice on the suitability or otherwise of the particular investment. Investment involves risks. Please refer to the Fidelity Prospectus forHong Kong Investors for further details. Fidelity, Fidelity International, and Fidelity International and Pyramid Logo are trademarks of FIL Limited.

Asia Pacific (ex. Japan)Persistent concerns about mounting inflationary pressures continued to weigh upon Asian markets in June. A marked rise in global crude oil prices and expectations of further write-downs by overseas financial institutions eroded investor confidence. Given the high energy intensity in the region, Asian stocks underperformed both their other emerging market peers and global developed counterparts. While all sectors retreated, consumer discretionary and industrials were especially hard hit. Energy and materials sectors proved most resilient amid rising commodity prices. Many economies in the region raised the domestic prices of oil in order to cut losses at refineries and regulate demand. Merger and acquisition activity in various sectors also supported share prices. On the economic front, industrial production showed signs of weakening in Hong Kong and Singapore, although retail sales continued to be buoyant in the region’s two main shopping hubs. In China, too, consumer spending was boosted by positive sentiment related to the August Beijing Olympics. In May, the unemployment rate in Australia, Hong Kong, Korea and Taiwan remained low. Inflation edged higher, prompting monetary authorities, in China and India among others, to raise the reserve requirement for banks. On a positive note, Taiwan announced plans to lift a ban on Chinese banks investing in financial institutions here and allowed regular charter flights to the mainland as cross-strait relations improved.

JapanIn June, the broad-based Topix returned -6.2%, relinquishing a measure of the gains achieved over the past two months. In addition to renewed concerns about the health of financial institutions in the US, oil prices continued to surge and there were signs of a slowdown in major economies. Despite the downturn, however, Japan continued to outperform most other developed markets, a trend attributed to its high level of energy efficiency and resilience to inflation. At a sector level, financials suffered the steepest declines. Amid mounting concerns that US banks and brokerages would declare further losses, reports that Suruga, a small-cap real estate developer, had filed for bankruptcy aggravated investors’ unease. In contrast, defensive sectors, such as power utilities and land transport, registered the strongest returns. Overseas investors remained net buyers of Japanese equities, albeit by increasingly smaller amounts. Individuals bought on weakness, but financial institutions were major net sellers. Macroeconomic indicators continued to point towards a gradual downturn in the Japanese economy. The pace of export growth continued to slow, with those bound for the eurozone declining for a second consecutive month. Household spending fell sharply, as rising prices and a weaker employment environment depressed consumer confidence. Meanwhile, the government downgraded its assessment of the economy for the first time in three months, citing weakness in exports, production and corporate profits.

United StatesIn June, US equities relinquished their gains over the previous two months. Investors were concerned about the dual impact record-high oil prices would have on consumers and businesses, eroding disposable incomes while simultaneously increasing production costs. As a result, they sold off consumer discretionary and industrials stocks and bought into energy firms. Meanwhile, renewed signs of stress in financial markets hurt the sector, as did a series of ratings downgrades and expectations of further write-downs. On the economic front, data releases were a mixed bag. Consumer spending in May doubled from its April level and personal income also rose, due partly to government tax rebates. However, investors believed that this was already priced in. They reacted more positively to the Federal Reserve’s (Fed) decision to keep its key interest rate unchanged. While the Fed said that downside risks to growth had diminished somewhat, the sudden increase in the unemployment rate seemed to indicate otherwise. Furthermore, housing remained weak with home prices continuing on their downtrend.

Continental EuropeEuropean equities moved lower in June, as investors grappled with the prospect of a deeper and more prolonged US recession curtailing global growth. Worries about further write-downs related to the credit crisis dragged banks lower. Inflationary pressures intensified and there were growing concerns that central banks would have to raise borrowing costs to combat these headwinds. Airline stocks and automobile manufacturers, sensitive to oil prices, were among the worst hit. Conversely, health care stocks performed well. Overall, mid-sized firms outperformed their smaller and larger counterparts. On a positive note, speculation surrounding mergers and acquisitions supported European markets. Economic indicators weakened over the month, as evidenced by the fall in the region’s Economic Sentiment Indicator. Although the current level still suggests industrial production growth above the historical average, the decline implies that growth has slowed in the second quarter of 2008. At a country level, consumer sentiment in Germany and France was also hurt by rising food and oil prices.

United KingdomIn June, UK equities declined in an environment of surging oil prices and signs of a deepening economic slump. Concerns about further write-downs at leading banks continued to dampen investor sentiment. Furthermore,

there are increasing worries that the rise in inflationary pressures, driven mainly by higher energy prices, would adversely impact corporate earnings prospects. The Office for National Statistics (ONS) revealed that the annual rate of inflation had risen from 3.0% in April to 3.3% in May. The Bank of England (BoE) acknowledged these threats from inflation by keeping interest rates unchanged at 5%. Housing market indicators remained weak. The number of mortgages approved for house purchases hit a record low in May, as tighter lending criteria and other financial pressures continued to deter homebuyers, the British Bankers’ Association revealed. Meanwhile, the ONS revised downwards the quarterly GDP growth rate in the three-month period to March from the previous estimate of 0.4% to 0.3%.The FTSE All-Share Index returned -7.1% in June. Large-sized companies, with a monthly return of -6.8%, fared better than their small- and mid-sized peers, which recorded returns of -8.5% and -8.7%, respectively.

BondJapanese government bonds strengthened in June amid weak economic data and renewed concerns that credit market losses might deepen as banking sector write-downs are expected to increase. Japan's household spending fell in May and the inflation rate climbed 1.5% from a year earlier, signalling that the economy's longest post-war expansion might be over. The government downgraded its assessment of industrial production even after a report showed that output had risen in May. Production is showing signs of weakness because of higher energy costs and diminishing global demand. The labour market continued to be weak with wages growing at a slow pace in May, indicating that households could keep reducing spending as inflation rises faster than workers' pay checks. Meanwhile, the unemployment rate was unchanged at 4%, as corporate profits remained strained and hiring was discouraged. The Tankan index of manufacturer sentiment slid in June, with companies expecting a decline in profits as a result of higher energy and food prices. Meanwhile, Japan had its debt rating raised from A1 to Aa3 by Moody's, which said that Japanese banks had averted the worst effects of the credit crisis.

Government bond markets in the US strengthened in June, as economic data weakened, dampening expectations of an interest rate increase. Investors became more risk averse and the resulting flight to quality boosted the demand for government debt. The US Federal Reserve (Fed) kept its benchmark interest rates unchanged at 2% in it 25 June meeting. Elsewhere, the International Monetary Fund stated that the slowdown in the US had been less than feared and raised their 2009 growth forecast from an earlier estimate of 1.6% to 2%. Nevertheless, consumer confidence declined in June, as people were hurt by falling house prices, rising unemployment and higher fuel and food bills. Mortgage defaults and foreclosures are adding to the glut of properties on the market, while stricter loan rules are making it more difficult for prospective buyers to get financing. Industrial production unexpectedly fell in May amid shrinking output from utilities and consumer-goods makers. Producer prices also rose as companies were forced to pay more for energy and raw materials. This eroded profits and increased expectations that corporates might raise the prices of their goods, exacerbating inflationary pressures.

European government bonds ended the month weak, as higher-than-anticipated inflationary pressures triggered expectations of an interest rate rise. Towards the end of the month, however, government debt reversed some of the earlier losses because a sharp sell-off in equity markets and renewed concerns over write-downs pushed investors to the safety of fixed income assets, such as government paper. The ECB left its interest rate unchanged in June but raised the rate by a quarter of a percentage point to 4.25% in the first week of July in order to curb inflation. Meanwhile, data releases over the month reinforced fears of increasing price pressures, business and consumer confidence declined, and inflation in Germany and Spain was higher than forecast. Consequently, eurozone headline inflation, boosted by record energy prices, rose to 4% in June (estimates by Eurostat), reaching its highest level since the creation of the European Monetary Union. Fears of a further rise in inflation could lead employees to demand higher wages to compensate for the decline in their purchasing power.

UK government bonds (gilts) ended the month lower after the Bank of England left its benchmark interest rate unchanged at 5% and after Governor Mervyn King signalled that there was little scope for lowering borrowing costs in light of mounting inflation. Towards the end of the month, however, gilts reversed some of the losses, as a sharp sell-off in equity markets pushed investors to the safety of fixed income assets. In May, annual headline inflation increased to 3.3%, up from 3% in April, as crude oil prices continued to rise. Producer prices also climbed at an annual rate of 8.9% over the same period. In a letter to the Chancellor of the Exchequer, explaining the overshoot of headline inflation above the 2%target, King said that price pressures would intensify and inflation could rise to above 4%. Energy companies warned that a substantial increase in household gas tariffs and electricity charges was on the cards in autumn if energy prices were to remain at current levels. Elsewhere, the pound declined against the euro amid speculation that slowing growth in the country would prevent the central bank from raising interest rates during the year. On a positive note, retail sales advanced by 3.5% in May after a 0.3% decline in April due to increased sales of food and clothing.

1

Market Review

: Fidelity Global Watch (7 ) 2008 6 30

FIL Limited

To p i x 6 . 2%

Suruga

3.0% 3.3%5%

0.4%0.3% 7.1%

6.8% 8.5% 8.7%

1.5%

4%

A1Aa3

2%

1.6%2%

4.25%

4% )

5%

3%3.3% 8.9%

2%4%

0.3%3.5%

2

Fund Cumulative Performance Summary (In Denominated Currency) ( )

Fidelity Retirement Master TrustName of Fund 3 Months YTD 1 Year 3 Years 5 Years 10 Years

3 1 3 5 10

Equity FundsAsia Pacific Equity Fund

Global Equity Fund

Hong Kong Equity Fund

Lifecycle FundsBalanced Fund

Capital Stable Fund

Growth Fund

MultiManager Balanced Fund

MultiManager Capital Stable Fund

MultiManager Growth Fund

MultiManager Stable Growth Fund

Stable Growth Fund

Bond FundsHong Kong Bond Fund

World Bond Fund

Money Market FundsCapital Preservation Fund

Fidelity Advantage Portfolio Fund (FAP Fund)Name of Fund 3 Months YTD 1 Year 3 Years 5 Years 10 Years

3 1 3 5 10

Equity FundsAsia Pacific Equity Fund Ö

Ö

FAP Fund - First State Hong Kong Growth Fund Ö

- Ö

FAP Fund - INVESCO Asian Equity Fund Ö

- Ö

FAP Fund - Templeton Global Fund Ö

- Ö

FAP Fund - Tracker Fund Portfolio Ö

- Ö

Global Equity Fund Ö

Ö

Hong Kong Equity Fund Ö

Ö

Lifecycle FundsBalanced Fund Ö

Ö

Capital Stable Fund Ö

Ö

Growth Fund Ö

Ö

MultiManager Balanced Fund Ö

Ö

MultiManager Capital Stable Fund Ö

Ö

MultiManager Growth Fund Ö

Ö

MultiManager Stable Growth Fund Ö

Ö

Stable Growth Fund Ö

Ö

Bond FundsFAP Fund - Crédit Agricole Global Bond Fund Ö

- Ö

FAP Fund - Schroder Asian Bond Fund Ö

- Ö

Hong Kong Bond Fund Ö

Ö

World Bond Fund Ö

Ö

Money Market FundsHK Dollar Money Fund Ö

Ö

US Dollar Money Fund Ö

Ö

As at 30/06/2008

Ö Ordinary ClassSource: Fidelity, NAV to NAV, based on denominated currency :Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Fidelity Retirement Master Trust and Explanatory Memorandum of FidelityAdvantage Portfolio Fund for further details.

Performance Summary

Currency

Currency

3

-4.08% -16.88% -7.17% - - -

-0.08% -12.10% -6.37% 33.05% - -

-1.48% -20.18% 9.25% 76.37% 180.22% -

-1.11% -9.80% 2.15% 42.70% 91.88% -

-2.11% -3.09% 6.06% 24.33% 46.64% -

-0.57% -13.05% -0.36% 51.73% 116.77% -

-3.03% -10.90% -3.49% - - -

-2.87% -3.95% 1.59% - - -

-2.75% -14.53% -6.88% - - -

-2.93% -7.48% -0.28% - - -

-1.64% -6.46% 4.26% 33.40% 68.10% -

-2.99% -0.38% 4.74% 4.77% - -

-3.28% 1.76% 8.36% 7.63% - -

0.14% 0.60% 2.02% 6.63% 6.81% -

-2.87% -14.82% -3.45% - - -

-3.78% -18.56% -0.77% - - -

-4.32% -15.79% -6.07% - - -

-5.70% -16.68% -16.62% - - -

-2.61% -19.13% 3.05% - - -

0% -11.64% -5.11% 38.48% 82.10% -

-1.29% -19.85% 10.25% 82.46% 193.62% -

-1.15% -9.29% 3.46% 47.71% 105.26% 136.97%

-2.25% -2.36% 8.12% 29.60% 58.54% 98.24%

-0.61% -12.66% 0.91% 56.93% 131.11% 147.99%

-3.38% -11.25% -2.99% - - -

-3.93% -5.31% 1.26% - - -

-2.95% -14.24% -6.24% - - -

-3.33% -7.17% 1.28% - - -

-1.80% -5.80% 5.93% 38.46% 80.54% 121.39%

-5.36% -0.83% 3.75% - - -

-2.04% -1.28% 2.86% - - -

-2.88% -0.17% 5.29% 7.13% 6.38% -

-3.69% 4.07% 13.70% 15.48% 25.30% -

0.37% 1.06% 3.11% 10.47% 11.35% 31.62%

0.63% 1.59% 4.10% 13.31% 15.76% 38.61%

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

USD

USD

USD

USD

HKD

USD

HKD

USD

USD

USD

USD

USD

USD

USD

USD

USD

USD

HKD

USD

HKD

USD

Fidelity Retirement Master Trust - Asia Pacific Equity Fund 富達退休集成信託 - 亞太股票基金

as of截至 30/06/2008

Fund Descriptor 基金描述基準指標

Equity Fund - Asia Pacific with maximum equities 100%股票基金－亞太區股票最多佔 100%

Investment Objective 投資目標

The Fund aims to focus investment into the equity markets of AsiaPacific, to produce returns that are related to those achieved onthe major stock market indices of Asia Pacific, to have the flexibilityto invest in bonds in a limited manner, and to manage the volatilityof returns in the short term.基金集中投資於亞太股票市場；提供與亞太股市主要指數所達至的表現相關的回報；可靈活地作出有限度的債券投資；以及控制在短期內回報的波幅。

Fund Details 基金資料Fund Manager基金經理 Kevin Chang張國煒

Launch Date推出日期 07/08/2006

Unit NAV單位資產淨值 HK$13.302 (港元)

Fund Size基金資產 HK$367.35M (百萬港元)

Risk Indicator (3-Year Standard Deviation)

風險指數(三年標準差)

--

Year 2007 Fund Expense Ratio

2007 年度基金開支比率

1.98%

Fund Commentary 基金評論^

Equities in the energy-intensive South East Asian region underperformedother emerging markets over the quarter, amid concerns of a slowdownin global economic growth and a continued rise in oil prices. This coupledwith spiralling commodity and food prices, fuelled inflation and impactedmarket performance. Investor sentiment was also hurt by a sharpdepreciation in Asian currencies against the US dollar. Consequently,investors adopted a cautious stance and favoured ‘low-risk’ developedmarkets. Australia, Singapore and Hong Kong performed strongly, whilethe more volatile exchanges of India, Taiwan, Thailand and Malaysialagged. A severe earthquake and rainstorms this quarter proveddetrimental to Chinese stocks. The consumer staples, health care andutilities sectors, which are seen to provide more stable returns, werefavoured over those considered cyclical. The portfolio benefited fromexposure to quality companies in resource-rich Australia and Hong Kong,Individual holdings in Taiwan performed weakly, although they stand tobenefit from improving cross-strait relations in the long term. Energy andmaterial names contributed, while financials eroded performance.

投資者關注環球經濟增長放緩，加上油價持續上升，令對能源敏感的東南亞股市季內表現遜於其他新興市場。此外，商品和糧食價格螺旋式上升，刺激通脹高企，打擊大市表現。亞洲貨幣兌美元大幅眨值，亦削弱投資氣氛。因此，投資者採取審慎態度，看好「低風險」的已發展市場。澳洲、新加坡、香港表現優秀，市況較波動的印度、台灣、泰國及馬來西亞股市則落後。季內，中國發生嚴重地震和暴雨成災，拖累內地股市的表現。與週期性股份比較，能締造穩定回報的主要消費品、健康護理及公用事業股獲投資者追捧。投資組合在資源豐富的澳洲和香港持有優秀企業的股份。個別台灣持股表現遜色，但兩岸關係好轉，有關股份長遠可望受惠。能源和物料股為回報帶來貢獻，但金融股則削弱表現。

Fund Performance 基金表現

YTD 3 Months 1 Year 3 Years 5 Years 10 Years Since Launch年初至今 3個月 1 年 3 年 5 年 10 年自推出以來

......................................................................................................................................................................................................................................................................................................................................................................................................................................

Cumulative Performance 累積表現 -16.88% -4.08% -7.17% 33.02%.....................................................................................................................................................................................................................................................................................................................................................................................................................................

Annualised Performance 年率化表現 -7.17% 16.23%.....................................................................................................................................................................................................................................................................................................................................................................................................................................

Dollar Cost Averaging Return 1

平均成本法回報 1

N/A N/A -11.90% 0.00%

.....................................................................................................................................................................................................................................................................................................................................................................................................................................

Cumulative Performance 累積表現Price Index 價格指數 (%)

08/06 11/06 02/07 05/07 08/07 11/07 02/08 05/08

100110120130140150160170

Annual Performance 年度表現................................................................................................................................................................................................

2007 34.54%................................................................................................................................................................................................................................................................................................................................................................................................

2006 ( Since Inception自推出以來 ) --................................................................................................................................................................................................

Geographical Breakdown 國家投資分佈ÂUSTRALIA 澳洲 33.1%................................................................................................................................................................................................................

KOREA (SOUTH) 南韓 14.1%................................................................................................................................................................................................................

TAIWAN 台灣 12.6%................................................................................................................................................................................................................

CHINA 中國 8.0%................................................................................................................................................................................................................

HONG KONG 香港 5.9%................................................................................................................................................................................................................

THAILAND 泰國 5.3%................................................................................................................................................................................................................

CASH 現金 5.9%................................................................................................................................................................................................................

OTHERS 其他 15.1%................................................................................................................................................................................................................

Top 10 Holdings 十大主要投資項目^BHP BILLITON LTD 必和必拓 5.46%........................................................................................................................................................................................................

WOOLWORTHS LTD (AUSTRALIA) 3.23%........................................................................................................................................................................................................

RIO TINTO LTD 2.82%........................................................................................................................................................................................................

POSCO 2.81%........................................................................................................................................................................................................

SAMSUNG ELECTRONICS CO LTD 三星電子 2.60%........................................................................................................................................................................................................

OIL SEARCH LTD 2.50%........................................................................................................................................................................................................

WESFARMERS LTD 2.40%........................................................................................................................................................................................................

TELSTRA CORP LTD 2.36%........................................................................................................................................................................................................

WOODSIDE PETROLEUM LTD 2.33%........................................................................................................................................................................................................

INCITEC PIVOT LTD 2.14%........................................................................................................................................................................................................

TOTAL 28.65%........................................................................................................................................................................................................

Industry Breakdown 行業投資分佈^

^ as of截至 30/06/2008

Fidelity Retirement Hotline

(852) 2500 1666www.fidelity.com.hk

1 This is the return achieved through saving the same amount at the end of each month, comparing the total contributions with their current value and expressing thegain or loss as a percentage. Source: Gadbury Group Limited 此為不同年期內透過每月底投資相同金額所獲得的投資回報，比較供款總額及其現值，所顯示為其盈利\虧損之百分比。資料來源﹕Gadbury Group LimitedSource: Fidelity/HSBC Institutional Trust Services (Asia) Ltd., NAV to NAV, in HKD. 富達/匯豐機構信託服務(亞洲)有限公司，以資產淨值及港元計算。All views expressed cannot be construed as an offer or recommendation by Fidelity. Fidelity shall not be held liable for damages arising out of any person's relianceupon this information. Any person considering an investment should seek independent advice on the suitability or otherwise of the particular investment. Investmentinvolves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Fidelity Retirement Master Trust for further information.Fidelity, Fidelity International, and Fidelity International and Pyramid Logo are trademarks of FIL Limited. Reference in this document to specific securities should notbe construed as a recommendation to buy or sell these securities, but is included for the purposes of illustration only. 本文件內所載的觀點，在任何情況下均不應被視為富達的促銷或建議。富達對任何依賴本文而引致的損失概不負責。有意投資者應就個別投資項目的適合程度或其他因素尋求獨立的意見。投資涉及風險。基金過往的表現並不表示將來亦會有類似的業績。詳情請細閱富達退休集成信託之主要推銷刊物。「富達」及其標誌均為FIL Limited的商標。本文件內所載的證券僅供資料用途，在任何情況下均不應被視為建議買入或賣出有關證券。

4

Enfocus Software - Customer Support

Fidelity Retirement Master Trust - Global Equity Fund 富達退休集成信託 - 環球股票基金

as of截至 30/06/2008


Equity Fund - Global with maximum equities 100%股票基金－環球股票最多佔 100%


The Fund aims to focus investment into the global equity markets,to produce returns that are related to those achieved on the majorworld stock market indices, to have the flexibility to have limitedinvestment into bonds, and to manage the volatility of returns inthe short term.基金集中投資於環球股票市場；提供與環球股市主要指數所達至的表現相關的回報；可靈活地作出有限度的債券投資；以及控制在短期內回報的波幅。

Fund Details 基金資料Fund Manager基金經理 Pek Ng黃碧瑤






11.73%



2.06%


Global equities relinquished their earlier gains to end the second quarterof 2008 lower. Markets were initially buoyed by the rescue of Bear Stearnslast quarter and the US Federal Reserve’s liquidity injections. Moreover,write-downs by leading financial institutions raised hopes that banks wereaggressively cleaning up their books and that the credit market crisis haddone its worst. The enthusiasm was, however, short-lived and marketstook a turn amid concerns about mounting inflation, underpinned byrecord-high crude oil prices and rising food costs. Investors were worriedabout the impact of higher prices on consumer spending and on corporateearnings. Most central banks leant towards a tighter monetary policy inresponse to rising inflationary risks, although this will hammer the already-slowing economic growth. Sentiment was further dampened after thecredit ratings of leading bond insurers were downgraded, which fuelledspeculation about banks and brokerages would suffer additional write-downs. As at the end of the review period, the manager maintained aneutral stance towards Hong Kong equities, and increased holdings inJapan although remained underweight the market. On the other hand,she has added positions in the North American markets, which was largelyfunded by trimming the portfolio’s overweight in Asia ex Japan and Europe.

環球股市回吐早前的升幅，在今年第二季低收。於上季推出的挽救貝爾斯登方案和美國聯儲局注資行動，在初期曾為大市提供動力。此外，主要金融機構減值，令市場憧憬銀行業積極整理賬目，信貸市場危機的低潮可望結束。然而，利好的市場氣氛只屬曇花一現，原油價格創新高，加上糧食開支上升，刺激通脹高企，拖累大市因而轉勢。投資者憂慮物價上升對消費開支和企業盈利的影響。為應付通脹風險上升的局面，大部份央行傾向收緊貨幣政策，儘管此舉會拖慢本已放緩的經濟增長步伐。主要債券發行商的信貸評級遭下調，投資者揣測銀行及經紀商須再度減值，因而進一步利淡市場氣氛。在回顧期終，基金經理對香港股票維持中性立場，另增持日股，但對當地市場仍持偏低比重。此外，基金經理增持北美市場，資金主要來自調低對亞洲（日本除外）及歐洲市場的偏高比重。



......................................................................................................................................................................................................................................................................................................................................................................................................................................

Cumulative Performance 累積表現 -12.10% -0.08% -6.37% 33.05% 70.43%.....................................................................................................................................................................................................................................................................................................................................................................................................................................

Annualised Performance 年率化表現 -6.37% 9.99% 11.26%.....................................................................................................................................................................................................................................................................................................................................................................................................................................



N/A N/A -7.20% 7.20% 22.80%

.....................................................................................................................................................................................................................................................................................................................................................................................................................................


07/03 07/04 07/05 07/06 07/07 07/08

100

120

140

160

180

200


2007 18.40%................................................................................................................................................................................................................................................................................................................................................................................................

2006 16.82%................................................................................................................................................................................................................................................................................................................................................................................................

2005 9.68%................................................................................................................................................................................................................................................................................................................................................................................................

2004 12.02%................................................................................................................................................................................................................................................................................................................................................................................................

2003 ( Since Inception自推出以來 ) 14.10%................................................................................................................................................................................................

Fund Allocation by Asset Class 資產類別投資分配^HONG KONG EQUITY FUNDS 香港股票基金 1.87%................................................................................................................................................................................................................

JAPAN EQUITY FUNDS 日本股票基金 8.95%................................................................................................................................................................................................................

ASIA PACIFIC EQUITY FUNDS* 亞太股票基金 7.75%................................................................................................................................................................................................................

US EQUITY FUNDS 美國股票基金 49.65%................................................................................................................................................................................................................

EUROPE EQUITY FUNDS 歐洲股票基金 31.78%................................................................................................................................................................................................................

TOTAL EQUITY FUNDS 股票基金總數 100.00%* May include investments in Japan and Hong Kong.投資地區或包括日本及香港

Top 10 Holdings 十大主要投資項目ÂPPLE INC 蘋果公司 1.82%........................................................................................................................................................................................................

GOOGLE INC A 1.70%........................................................................................................................................................................................................

PPL CORPORATION 1.52%........................................................................................................................................................................................................

SOUTHWESTERN ENERGY CO 1.49%........................................................................................................................................................................................................

CHESAPEAKE ENERGY CORP 1.47%........................................................................................................................................................................................................

NUANCE COMMUNICATIONS INC 1.35%........................................................................................................................................................................................................

GOODRICH PETRO CORP 1.14%........................................................................................................................................................................................................

E.ON AG 1.13%........................................................................................................................................................................................................

CONSOL ENERGY INC 1.09%........................................................................................................................................................................................................

HEWLETT-PACKARD CO 惠普 1.06%........................................................................................................................................................................................................

TOTAL 13.77%........................................................................................................................................................................................................


^ as of截至 30/06/2008




5


Fidelity Retirement Master Trust - Hong Kong Equity Fund 富達退休集成信託 - 香港股票基金

as of截至 30/06/2008


Equity Fund - Hong Kong with maximum equities 100%股票基金－香港股票最多佔 100%


The Fund aims to focus investment into the equity markets andcompanies of Hong Kong and Greater China, to produce returnsthat are related to those achieved on the major stock market indicesof Hong Kong, to have the flexibility to invest in bonds in a limitedmanner, and to accept a high level of return volatility in the shortterm.基金集中投資於大中華及香港的股票市場及公司；提供與香港股市主要指數所達至表現相關的回報；可靈活地作出有限度的債券投資；以及容許回報在短期內大幅波動。

Fund Details 基金資料Fund Manager基金經理 Wilson Wong



Fund Size基金資產 HK$2,335.37M (百萬港元)



20.31%



2.00%


Hong Kong stock market underperformed its global counterparts over thequarter, amid concerns of a slowdown in global economic growth andcontinued rise in oil prices. This coupled with spiralling commodity andfood prices, fuelled inflation and impacted investor sentiment. In China, asevere earthquake and rainstorms proved harmful to returns. Despite somemoderation, Hong Kong’s economic growth held up well and China’seconomy is still expected to grow by high single digits, therefore driveeconomic activity across the region. Furthermore, healthy demand fromEmerging Markets may partially offset the weakness in exports to the USand EU. Overweight exposure to banks and the energy sector provedrewarding. Banking stocks benefited from robust credit demand. Theenergy sector benefited from higher oil prices. The holding in an electricalutility company also proved rewarding as it offered stable earnings visibilityand healthy growth outlook in this volatile market environment.Conversely, an underweight position in the materials sector detracted. Interms of positioning, the manager maintained a significant exposure tobanks. He increased positions in the energy sector to benefit from strongoil prices. Meanwhile, low visibility of meaningful earnings improvementinduced him to reduce exposure to telecommunications services stocks.

投資者關注環球經濟增長放緩，加上油價持續上升，令香港股市季內的表現遜於環球股市。此外，商品和糧食價格螺旋式上升，刺激通脹高企，削弱投資氣氛。中國發生嚴重地震和暴雨成災，拖累股市的表現。雖然香港經濟增長略為放緩，但保持穩健。中國經濟仍可望錄得偏高的單位數字增幅，推動區內經濟發展。此外，新興市場的需求殷切，可望略為紓緩美國及歐盟市場出口放緩的影響。基金對銀行和能源股持偏高比重，有助提升回報。信貸需求暢旺，惠及銀行股，而石油價格上升則利好能源股。基金持有一家電力公司的股份，惠及回報表現，因為在波動的市況下，該股擁有穩定的盈利前景和良好的增長潛力。然而，基金對物料股持偏低比重，則利淡表現。就部署而言，基金經理積極投資於銀行股。另外，他亦增持能源股，以受惠於強勁的油價走勢。然而，由於預期電訊服務業的盈利前景缺乏顯著的改善空間，基金經理減持有關股票。



......................................................................................................................................................................................................................................................................................................................................................................................................................................

Cumulative Performance 累積表現 -20.18% -1.48% 9.25% 76.37% 180.22% 112.38%.....................................................................................................................................................................................................................................................................................................................................................................................................................................

Annualised Performance 年率化表現 9.25% 20.81% 22.88% 10.45%.....................................................................................................................................................................................................................................................................................................................................................................................................................................



N/A N/A -9.30% 29.20% 61.50% 93.60%

.....................................................................................................................................................................................................................................................................................................................................................................................................................................


12/00 12/01 12/02 12/03 12/04 12/05 12/06 12/07

100

150

200

250

300


2007 54.54%................................................................................................................................................................................................................................................................................................................................................................................................

2006 36.36%................................................................................................................................................................................................................................................................................................................................................................................................

2005 8.46%................................................................................................................................................................................................................................................................................................................................................................................................

2004 17.79%................................................................................................................................................................................................................................................................................................................................................................................................

2003 36.28%................................................................................................................................................................................................................................................................................................................................................................................................

2002 -16.27%................................................................................................................................................................................................................................................................................................................................................................................................

2001 -18.11%................................................................................................................................................................................................................................................................................................................................................................................................


Geographical Breakdown 國家投資分佈^HONG KONG 香港 64.5%................................................................................................................................................................................................................

CHINA 中國 26.4%................................................................................................................................................................................................................

SINGAPORE 新加坡 2.0%................................................................................................................................................................................................................

CASH 現金 4.8%................................................................................................................................................................................................................

OTHERS 其他 2.3%................................................................................................................................................................................................................

Top 10 Holdings 十大主要投資項目^HSBC HOLDINGS PLC 滙豐控股 9.56%........................................................................................................................................................................................................

CHINA MOBILE LIMITED 中國移動 8.82%........................................................................................................................................................................................................

HUTCHISON WHAMPOA LTD 和記黃埔 7.31%........................................................................................................................................................................................................

CNOOC LTD 中國海洋石油 7.06%........................................................................................................................................................................................................

HANG SENG BANK LTD 恒生銀行 6.03%........................................................................................................................................................................................................

SUN HUNG KAI PROPERTIES LTD 新鴻基地產 5.33%........................................................................................................................................................................................................

CLP HLDGS LTD 中電控股 5.18%........................................................................................................................................................................................................

CHEUNG KONG HLDGS LTD 長江實業 5.07%........................................................................................................................................................................................................

BANK OF EAST ASIA LTD 東亞銀行 3.59%........................................................................................................................................................................................................

DAIRY FARM INTL HLDGS 牛奶國際控股 2.81%........................................................................................................................................................................................................

TOTAL 60.76%........................................................................................................................................................................................................


^ as of截至 30/06/2008




6


Fidelity Retirement Master Trust - Balanced Fund 富達退休集成信託 - 均衡基金

as of截至 30/06/2008


Mixed Assets Fund - Global with around 70% in equities (biastowards Hong Kong) and 30% in bonds and cash混合資產基金－環球股票約佔 70% (偏重於香港),債券及現金佔 30%。


The Fund aims to build capital value over the long term, to providea degree of asset diversification within a predominately equityportfolio, to maintain a broad geographic diversification with a biastowards Hong Kong, and to manage the volatility of returns in theshort term.基金旨在建立長期的資本價值；在以股票為主的投資組合內，保留一定程度的多元化資產；維持廣泛的地域多元化投資，惟可稍為偏重香港，以及控制在短期內回報的波幅。







10.43%



2.04%


Global equities relinquished their earlier gains to end the second quarterof 2008 lower. Markets were initially buoyed by the rescue of Bear Stearnslast quarter and the US Federal Reserve’s liquidity injections. Moreover,write-downs by leading financial institutions raised hopes that banks wereaggressively cleaning up their books and that the credit market crisis haddone its worst. The enthusiasm was, however, short-lived and marketstook a turn amid concerns about mounting inflation, underpinned byrecord-high crude oil prices and rising food costs. Investors were worriedabout the impact of higher prices on consumer spending and on corporateearnings. All major government bond markets posted negative returns inlocal currency terms, as investors became less risk averse and moved awayfrom the safe haven of government bonds towards riskier assets such asinvestment-grade corporate bonds and high-yield securities. While later inthe quarter, government bond performance was negatively affected bythe market ’s fear of inflationary pressures building up in the globaleconomy. Over the quarter, the manager maintained a neutral positiontowards equities, while the exposure to bonds was moved from neutralto overweight. This was compensated by decreased cash holdings. Themanager believes that a moderation in global economic growth maytemper corporate profitability in 2008.

環球股市回吐早前的升幅，在今年第二季低收。於上季推出的挽救貝爾斯登方案和美國聯儲局注資行動，在初期曾為大市提供動力。此外，主要金融機構減值，令市場憧憬銀行業積極整理賬目，信貸市場危機的低潮可望結束。然而，利好的市場氣氛只屬曇花一現，原油價格創新高，加上糧食開支上升，刺激通脹高企，拖累大市因而轉勢。投資者憂慮物價上升對消費開支和企業盈利的影響。以當地貨幣計算，各主要政府債券市場全面報跌，反映投資者的避險意欲下降，從作為「資金避難所」的政府債券，轉至投資級別企業債券和高收益證券等較高風險的資產。在季內後期，市場憂慮環球經濟的通脹壓力趨升，拖累政府債券的表現。季內，基金經理對股票繼續持中性立場，對債券則由中性轉至持偏高比重。相反，基金減持現金。基金經理認為環球經濟增長放緩，可能削弱企業今年的盈利能力。



......................................................................................................................................................................................................................................................................................................................................................................................................................................





N/A N/A -4.90% 14.10% 32.30% 52.00%

.....................................................................................................................................................................................................................................................................................................................................................................................................................................


12/00 12/01 12/02 12/03 12/04 12/05 12/06 12/07

80

100

120

140

160

180


2007 23.49%................................................................................................................................................................................................................................................................................................................................................................................................

2006 18.77%................................................................................................................................................................................................................................................................................................................................................................................................

2005 8.31%................................................................................................................................................................................................................................................................................................................................................................................................

2004 12.81%................................................................................................................................................................................................................................................................................................................................................................................................

2003 26.67%................................................................................................................................................................................................................................................................................................................................................................................................

2002 -8.08%................................................................................................................................................................................................................................................................................................................................................................................................

2001 -12.84%................................................................................................................................................................................................................................................................................................................................................................................................







TOTAL EQUITY FUNDS 股票基金總數 69.79%

GLOBAL BOND FUNDS 環球債券基金 24.32%................................................................................................................................................................................................................

HONG KONG BOND FUNDS 香港債券基金 1.65%................................................................................................................................................................................................................

TOTAL BOND FUNDS 債券基金總數 25.97%

CASH & OTHER ASSETS#現金及其他 4.24%................................................................................................................................................................................................................

TOTAL CASH & OTHER ASSETS 現金及其他總數 4.24%* May include investments in Japan and Hong Kong.投資地區或包括日本及香港# May include pending transactions.投資或包括待入帳的交易



GERMANY REPUB 3.5% 04/12/2013 德國債券 3.5% 04/12/2013

1.85%

........................................................................................................................................................................................................


CNOOC LTD 中國海洋石油 1.68%........................................................................................................................................................................................................






1.20%

........................................................................................................................................................................................................

TOTAL 16.49%........................................................................................................................................................................................................

^ as of截至 30/06/2008




7


Fidelity Retirement Master Trust - Capital Stable Fund 富達退休集成信託 - 資本穩定基金

as of截至 30/06/2008


Mixed Assets Fund - Global with around 30% in equities and 70%in bonds and cash混合資產基金－環球股票約佔 30%, 債券及現金佔 70%。


The Fund aims to produce a positive return over the long term, tofocus investment towards less volatile assets of bonds and cashwhilst retaining some equity exposure, to maintain a broadgeographic diversification with a bias towards Hong Kong, and toensure that the risk to the capital base is limited in the short term.基金旨在取得長期的正回報；集中投資於較少波動的資產，例如債券及現金，同時保留若干股票投資；維持廣泛的地域多元化投資，惟可稍為偏重香港；以及確保資本基礎在短期內附帶的風險有限。







4.98%



2.05%


Over the quarter, all major government bond markets posted negativereturns in local currency terms. Following the bailout of Bear Stearns bythe US Federal Reserve in March, investors moved away from the safehaven of government bonds towards riskier assets such as investment-grade corporate bonds and high-yield securities. Subsequently,government bonds underperformed corporate and high-yield bonds overthe period. Credit spreads narrowed sharply in April and May and inter-bank lending rates declined, increasing speculation that the worst of thecredit crisis was over. The financials and asset-backed securities sectorssaw a firmer tone with brokers performing well, as fears of insolvency inthe sector subsided. Spreads have, however, widened again since earlyJune. Towards the end of the quarter, rising inflationary pressures, duemainly to much higher oil and food prices, led the market to focus on thepossibility of central bank rate hikes which had a negative effect on bonds.Global equities relinquished their earlier gains to end the second quarterof 2008 lower. Investors were worried about the impact of higher priceson consumer spending and on corporate earnings. Most central banksleant towards a tighter monetary policy in response to rising inflationaryrisks, although this will hammer the already-slowing economic growth.Over the quarter, the manager maintained a neutral position towardsequities, while the exposure to bonds was moved from neutral tooverweight. This was compensated by decreased cash holdings. Themanager believes that a moderation in global economic growth maytemper corporate profitability in 2008.

以當地貨幣計算，各主要政府債券市場於季內全面報跌。繼美國聯儲局於三月份挽救貝爾斯登後，投資者從作為「資金避難所」的政府債券，轉至投資級別企業債券和高收益證券等較高風險的資產，使政府債券期內的表現遜於企業和高收益債券。信貸息差在四月和五月顯著收窄，銀行同業貸款利率下跌，令市場進一步憧憬信貸危機的低潮已成過去。隨著經紀業陷入破產困局的憂慮減退，經紀商的表現優秀，有助金融及資產抵押證券市場靠穩。然而，息差自六月初起再度擴闊。季終，受石油和糧食價格上漲的影響，通脹壓力趨升，市場關注央行加息的機會，因而拖累債市的表現。環球股市回吐早前的升幅，在今年第二季低收。投資者憂慮物價上漲對消費開支和企業盈利的影響。為應付通脹風險上升的局面，大部份央行傾向收緊貨幣政策，儘管此舉會拖慢本已放緩的經濟增長步伐。季內，基金經理對股票繼續持中性立場，對債券則由中性轉至持偏高比重。相反，基金減持現金。基金經理認為環球經濟增長放緩，可能削弱企業今年的盈利能力。



......................................................................................................................................................................................................................................................................................................................................................................................................................................





N/A N/A -0.80% 10.60% 19.30% 31.70%

.....................................................................................................................................................................................................................................................................................................................................................................................................................................


12/00 12/01 12/02 12/03 12/04 12/05 12/06 12/0790100110120130140150160


2007 13.58%................................................................................................................................................................................................................................................................................................................................................................................................

2006 10.22%................................................................................................................................................................................................................................................................................................................................................................................................

2005 0.92%................................................................................................................................................................................................................................................................................................................................................................................................

2004 8.76%................................................................................................................................................................................................................................................................................................................................................................................................

2003 16.58%................................................................................................................................................................................................................................................................................................................................................................................................

2002 2.58%................................................................................................................................................................................................................................................................................................................................................................................................

2001 -6.23%................................................................................................................................................................................................................................................................................................................................................................................................













Top 10 Holdings 十大主要投資項目^GERMANY REPUB 3.5% 04/12/2013 德國債券 3.5% 04/12/2013

4.29%

........................................................................................................................................................................................................


2.78%

........................................................................................................................................................................................................


2.43%

........................................................................................................................................................................................................


2.21%

........................................................................................................................................................................................................

JAPAN GOVT #229 1.4% 03/21/2011 日本政府債券 #229 1.4% 03/21/2011

1.95%

........................................................................................................................................................................................................

GERMANY REPUB 5% 01/04/2012 德國債券 5% 01/04/2012 1.68%........................................................................................................................................................................................................

JAPAN GOVT CPI#12 1.2% 06/10/2017 日本政府消費物價指數掛鈎票據#12 1.2% 06/10/2017

1.27%

........................................................................................................................................................................................................

USTN 3.625% 12/31/2012 美國國庫券 3.625% 12/31/2012 1.07%........................................................................................................................................................................................................


1.06%

........................................................................................................................................................................................................


1.05%

........................................................................................................................................................................................................

TOTAL 19.79%........................................................................................................................................................................................................

^ as of截至 30/06/2008




8


Fidelity Retirement Master Trust - Growth Fund 富達退休集成信託 - 增長基金

as of截至 30/06/2008




The Fund aims to build real wealth over the long term, to focusinvestment into the global equity markets, to have the flexibilityto invest in global bonds, to maintain a broad geographicdiversification with a bias towards Hong Kong, and to manage thevolatility of returns in the short term.基金旨在建立長期實質的財富；把投資集中在全球股票市場；可靈活地投資於全球債券；維持廣泛的地域多元化投資，惟可稍為偏重香港；以及控制在短期內回報的波幅。







13.35%



2.04%






......................................................................................................................................................................................................................................................................................................................................................................................................................................

Cumulative Performance 累積表現 -13.05% -0.57% -0.36% 51.73% 116.77% 71.03%.....................................................................................................................................................................................................................................................................................................................................................................................................................................

Annualised Performance 年率化表現 -0.36% 14.91% 16.73% 7.34%.....................................................................................................................................................................................................................................................................................................................................................................................................................................



N/A N/A -7.10% 15.40% 38.70% 61.90%

.....................................................................................................................................................................................................................................................................................................................................................................................................................................


12/00 12/01 12/02 12/03 12/04 12/05 12/06 12/07

80100120140160180200


2007 28.02%................................................................................................................................................................................................................................................................................................................................................................................................

2006 22.98%................................................................................................................................................................................................................................................................................................................................................................................................

2005 12.31%................................................................................................................................................................................................................................................................................................................................................................................................

2004 14.69%................................................................................................................................................................................................................................................................................................................................................................................................

2003 31.58%................................................................................................................................................................................................................................................................................................................................................................................................

2002 -13.12%................................................................................................................................................................................................................................................................................................................................................................................................

2001 -16.44%................................................................................................................................................................................................................................................................................................................................................................................................
















CNOOC LTD 中國海洋石油 2.11%........................................................................................................................................................................................................






TENCENT HOLDINGS LIMITED 騰訊控股有限公司 0.92%........................................................................................................................................................................................................

TOTAL 18.92%........................................................................................................................................................................................................

^ as of截至 30/06/2008




9


Fidelity Retirement Master Trust - MultiManager Balanced Fund 富達退休集成信託 - 精英薈萃均衡基金

as of截至 30/06/2008


Mixed Assets Fund - Global with around 70% in equities (biastowards Hong Kong) and 30% in bonds and cash investing in afund of funds approach混合資產基金－環球股票約佔 70% (偏重於香港),債券及現金佔 30%,以基金中之基金形式投資。


The Fund aims to build capital value over the long term, to providea degree of asset diversification within a predominately equityportfolio, to have the flexibility to invest in fixed income securitiesand cash, to maintain a broad geographic diversification with a biastowards Hong Kong, and to manage the volatility of returns in theshort term.基金旨在建立長期的資本價值；在以股票為主的投資組合內，保留一定程度的多元化資產；可靈活地投資於固定收益證券及現金；維持廣泛的地域多元化投資，惟可稍為偏重香港，以及控制在短期內回報的波幅。

Fund Details 基金資料Fund Manager基金經理 Richard Skelt






--



2.75%






......................................................................................................................................................................................................................................................................................................................................................................................................................................





N/A N/A -7.20% 2.20%

.....................................................................................................................................................................................................................................................................................................................................................................................................................................


01/06 07/06 01/07 07/07 01/08

100

110

120

130

140


2007 16.34%................................................................................................................................................................................................................................................................................................................................................................................................


Top 10 Holdings 十大主要投資項目^CHINA MOBILE LTD 中國移動 2.04%........................................................................................................................................................................................................

HSBC HOLDINGS PLC 滙豐控股 1.53%........................................................................................................................................................................................................

FRANCE (GOVT OF) OAT (BR) 4.25% 10/25/2017 法國政府債券 (BR) 4.25% 10/25/2017

1.16%

........................................................................................................................................................................................................

CNOOC LTD 中國海洋石油 0.90%........................................................................................................................................................................................................

KFW EMTN FRN 08/08/2011 KFW 歐元中期浮息票據 08/08/2011

0.90%

........................................................................................................................................................................................................

SWEDEN (GOVT OF) SER 1043 (REG) 5% 01/28/2009 瑞典（政府）債券 SER1043 (REG) 5% 01/28/2009

0.89%

........................................................................................................................................................................................................




BUNDESOBLIGATION SER 152 (BR) 3.5% 04/12/2013 德國中期國債 SER 152 (BR) 3.5% 04/12/2013

0.73%

........................................................................................................................................................................................................

TOTAL 10.43%........................................................................................................................................................................................................









HKD MONEY MARKET INSTRUMENTS 港元貨幣市場票據 5.76%................................................................................................................................................................................................................



Top 10 Fund Holdings 十大持有量最多基金^TEMPLETON MPF GLOBAL BOND FUND 鄧普頓強積金環球債券基金

10.91%

........................................................................................................................................................................................................

FIDELITY FGIF - GLOBAL BOND FUND 富達環球投資基金 - 環球債券基金

9.68%

........................................................................................................................................................................................................

JF SAR EUROPEAN FUND JF 宜安歐洲基金 9.09%........................................................................................................................................................................................................

TEMPLETON MPF HONG KONG VALUE FUND 鄧普頓強積金香港價值基金

8.40%

........................................................................................................................................................................................................

INVESCO POOLED INVESTMENT FUND - INTERNATIONAL BOND FUND 景順集成投資基金 - 國際債券基金

7.10%

........................................................................................................................................................................................................

ALLIANZ GLOBAL INVESTORS CHOICE FUND - RCM HK FUND - C 德盛精選基金 - 德盛香港基金 - C

6.57%

........................................................................................................................................................................................................

INVESCO POOLED INVESTMENT FUND - EUROPE FUND 景順集成投資基金 - 歐洲基金

6.26%

........................................................................................................................................................................................................

FIDELITY FGIF - HK$ MONEY FUND 富達環球投資基金 - 港元貨幣基金

5.76%

........................................................................................................................................................................................................

PRINCIPAL LIFE STYLE FUND - PRINCIPAL US EQUITY FUND 信安豐裕人生基金 - 信安美國股票基金

5.70%

........................................................................................................................................................................................................

INVESCO POOLED INVESTMENT FUND - HONG KONG FUND 景順集成投資基金 - 香港基金

5.69%

........................................................................................................................................................................................................

Asset Allocation by Fund Manager 基金經理資產分配^

^ as of截至 30/06/2008




10


Fidelity Retirement Master Trust - MultiManager Capital Stable Fund 富達退休集成信託 - 精英薈萃資本穩定基金

as of截至 30/06/2008


Mixed Assets Fund - Global with around 30% in equities and 70%in bonds and cash investing in a fund of funds approach混合資產基金－環球股票約佔 30% (偏重於香港),債券及現金佔 70%,以基金中之基金形式投資。


The Fund aims to produce a positive return over the long term, tofocus investment towards less volatile assets of fixed incomesecurities and cash whilst retaining some equity exposure, tomaintain a broad geographic diversification with a bias towardsHong Kong, and to ensure that the risk to the capital base is limitedin the short term.基金旨在取得長期的正回報；集中投資於較少波動的資產，例如固定收益證券及現金，同時保留若干股票投資；維持廣泛的地域多元化投資，惟可稍為偏重香港；以及確保資本基礎在短期內附帶的風險有限。







--



2.82%






......................................................................................................................................................................................................................................................................................................................................................................................................................................

Cumulative Performance 累積表現 -3.95% -2.87% 1.59% 10.51%.....................................................................................................................................................................................................................................................................................................................................................................................................................................

Annualised Performance 年率化表現 1.59% 4.16%.....................................................................................................................................................................................................................................................................................................................................................................................................................................



N/A N/A -2.50% 3.20%

.....................................................................................................................................................................................................................................................................................................................................................................................................................................


01/06 07/06 01/07 07/07 01/08

100

105

110

115


2007 9.25%................................................................................................................................................................................................................................................................................................................................................................................................


Top 10 Holdings 十大主要投資項目^BUNDESREPUB DEUTSCHLAND SER99 (BR) 5.375% 01/04/2010 2.16%........................................................................................................................................................................................................

BUNDESREPUB DEUTSCHLAND (BR) SER05 4% 01/04/2037 1.67%........................................................................................................................................................................................................

UK TREASURY (REG) 5% 03/07/2012 英國國庫券 (REG) 5% 03/07/2012

1.67%

........................................................................................................................................................................................................


1.66%

........................................................................................................................................................................................................


1.28%

........................................................................................................................................................................................................


1.27%

........................................................................................................................................................................................................

US TREASURY NOTE 3.5% 02/15/2018 美國國庫券 3.5% 02/15/2018

1.12%

........................................................................................................................................................................................................

EUROPEAN INV BANK SER MTN (REG) FRN 09/21/2011 歐洲投資銀行 SER 中期 (REG) 浮息票據 09/21/2011

1.02%

........................................................................................................................................................................................................

DEVELOPMENT BANK OF JAPAN SER INTL (REG) 1.75%03/17/2017

1.01%

........................................................................................................................................................................................................

US TREASURY BOND 6% 02/15/2026 美國國庫債券 6% 02/15/2026

1.00%

........................................................................................................................................................................................................

TOTAL 13.86%........................................................................................................................................................................................................












Top 10 Fund Holdings 十大持有量最多基金ÎNVESCO POOLED INVESTMENT FUND - INTERNATIONAL BOND FUND 景順集成投資基金 - 國際債券基金

21.90%

........................................................................................................................................................................................................

PRINCIPAL LIFE STYLE FUND - PRINCIPAL INTERNATIONAL BONDFUND 信安豐裕人生基金 - 信安國際債券基金

15.79%

........................................................................................................................................................................................................

TEMPLETON MPF GLOBAL BOND FUND 鄧普頓強積金環球債券基金

15.56%

........................................................................................................................................................................................................


10.55%

........................................................................................................................................................................................................


9.31%

........................................................................................................................................................................................................



4.75%

........................................................................................................................................................................................................

FIDELITY FGIF - AMERICAS EQUITY FUND 富達環球投資基金 - 美國股票基金

3.11%

........................................................................................................................................................................................................


2.85%

........................................................................................................................................................................................................

TEMPLETON MPF ASIAN PACIFIC EQUITY FUND 鄧普頓強積金亞太股票基金

2.25%

........................................................................................................................................................................................................


^ as of截至 30/06/2008




11


Fidelity Retirement Master Trust - MultiManager Growth Fund 富達退休集成信託 - 精英薈萃增長基金

as of截至 30/06/2008


Mixed Assets Fund - Global with around 90% in equities (biastowards Hong Kong) and 10% in bonds and cash investing in afund of funds approach混合資產基金－環球股票約佔 90% (偏重於香港),債券及現金佔 10%, 以基金中之基金形式投資。


The Fund aims to build real wealth over the long term, to focusinvestment into the global equity markets, to have the flexibilityto invest in fixed income securities and cash, to maintain a broadgeographic diversification with a bias towards Hong Kong, and tomanage the volatility of returns in the short term.基金旨在建立長期實質的財富；把投資集中在全球股票市場；可靈活地投資於固定收益證券及現金；維持廣泛的地域多元化投資，惟可稍為偏重香港；以及控制在短期內回報的波幅。







--



2.56%






......................................................................................................................................................................................................................................................................................................................................................................................................................................





N/A N/A -9.90% 0.90%

.....................................................................................................................................................................................................................................................................................................................................................................................................................................


01/06 07/06 01/07 07/07 01/08

100

110

120

130

140

150


2007 19.47%................................................................................................................................................................................................................................................................................................................................................................................................




CNOOC LTD 中國海洋石油 1.18%........................................................................................................................................................................................................





0.75%

........................................................................................................................................................................................................

PETROCHINA CO LTD 中國石油 0.70%........................................................................................................................................................................................................

ISHARE MSCI JAP 0.58%........................................................................................................................................................................................................


0.58%

........................................................................................................................................................................................................

TOTAL 11.45%........................................................................................................................................................................................................












Top 10 Fund Holdings 十大持有量最多基金^JF SAR EUROPEAN FUND JF 宜安歐洲基金 11.95%........................................................................................................................................................................................................


10.97%

........................................................................................................................................................................................................


9.65%

........................................................................................................................................................................................................


8.58%

........................................................................................................................................................................................................


8.22%

........................................................................................................................................................................................................


7.42%

........................................................................................................................................................................................................


7.03%

........................................................................................................................................................................................................

JF SAR JAPAN FUND JF 宜安日本基金 6.58%........................................................................................................................................................................................................

INVESCO POOLED INVESTMENT FUND - JAPAN FUND 景順集成投資基金 - 日本基金

6.48%

........................................................................................................................................................................................................


6.43%

........................................................................................................................................................................................................


^ as of截至 30/06/2008




12


Fidelity Retirement Master Trust - MultiManager Stable Growth Fund 富達退休集成信託 - 精英薈萃平穩增長基金

as of截至 30/06/2008


Mixed Assets Fund - Global with around 50% in equities (a slightlybias towards Hong Kong) and 50% in bonds and cash investing ina fund of funds approach混合資產基金－環球股票約佔 50% (稍微偏重於香港),債券和現金佔 50%,以基金中之基金形式投資。


The Fund aims to generate a positive return over the long term, tobroadly diversify the portfolio as to asset type as between equitiesand fixed income securities, to have the flexibility to invest in fixedincome securities and cash, to maintain a broad geographicdiversification with a bias towards Hong Kong, and limit thevolatility of returns in the short term.基金旨在取得長期的正回報；在有關資產類別，如股票及固定收益證券之間，維持廣泛多元化的投資組合；可靈活地投資於固定收益證券及現金；維持廣泛的地域多元化投資，惟可稍為偏重香港；以及限制在短期內回報的波幅。







--



2.90%


Global equities relinquished their earlier gains to end the second quarterof 2008 lower. Markets were initially buoyed by the rescue of Bear Stearnslast quarter and the US Federal Reserve’s liquidity injections. Moreover,write-downs by leading financial institutions raised hopes that banks wereaggressively cleaning up their books and that the credit market crisis haddone its worst. The enthusiasm was, however, short-lived and marketstook a turn amid concerns about mounting inflation, underpinned byrecord-high crude oil prices and rising food costs. Investors were worriedabout the impact of higher prices on consumer spending and on corporateearnings. All major government bond markets posted negative returns inlocal currency terms, as investors became less risk averse and moved awayfrom the safe haven of government bonds towards riskier assets such asinvestment-grade corporate bonds and high-yield securities. Credit spreadsnarrowed sharply in April and May and inter-bank lending rates declined,increasing speculation that the worst of the credit crisis was over. Thefinancials and asset-backed securities sectors saw a firmer tone withbrokers performing well, as fears of insolvency in the sector subsided.Spreads have, however, widened again since early June. While later inthe quarter, government bond performance was negatively affected bythe market ’s fear of inflationary pressures building up in the globaleconomy. Over the quarter, the manager maintained a neutral positiontowards equities, while the exposure to bonds was moved from neutralto overweight. This was compensated by decreased cash holdings. Themanager believes that a moderation in global economic growth maytemper corporate profitability in 2008.

環球股市回吐早前的升幅，在今年第二季低收。於上季推出的挽救貝爾斯登方案和美國聯儲局注資行動，在初期曾為大市提供動力。此外，主要金融機構減值，令市場憧憬銀行業積極整理賬目，信貸市場危機的低潮可望結束。然而，利好的市場氣氛只屬曇花一現，原油價格創新高，加上糧食開支上升，刺激通脹高企，拖累大市因而轉勢。投資者憂慮物價上升對消費開支和企業盈利的影響。以當地貨幣計算，各主要政府債券市場全面報跌，反映投資者的避險意欲下降，從作為「資金避難所」的政府債券，轉至投資級別企業債券和高收益證券等較高風險的資產。信貸息差在四月和五月顯著收窄，銀行同業貸款利率下跌，令市場進一步憧憬信貸危機的低潮已成過去。隨著經紀業陷入破產困局的憂慮減退，經紀商的表現優秀，有助金融及資產抵押證券市場靠穩。然而，息差自六月初起再度擴闊。在季內後期，市場憂慮環球經濟的通脹壓力趨升，拖累政府債券的表現。季內，基金經理對股票繼續持中性立場，對債券則由中性轉至持偏高比重。相反，基金減持現金。基金經理認為環球經濟增長放緩，可能削弱企業今年的盈利能力。



......................................................................................................................................................................................................................................................................................................................................................................................................................................





N/A N/A -4.70% 3.10%

.....................................................................................................................................................................................................................................................................................................................................................................................................................................


01/06 07/06 01/07 07/07 01/08

100

105

110

115

120

125


2007 13.17%................................................................................................................................................................................................................................................................................................................................................................................................


Top 10 Holdings 十大主要投資項目^BUNDESREPUB DEUTSCHLAND SER99 (BR) 5.375% 01/04/2010 1.68%........................................................................................................................................................................................................

CHINA MOBILE LTD 中國移動 1.40%........................................................................................................................................................................................................

UK TREASURY (REG) 5% 03/07/2012 英國國庫券 (REG) 5% 03/07/2012

1.30%

........................................................................................................................................................................................................

BUNDESREPUB DEUTSCHLAND (BR) SER05 4% 01/04/2037 1.29%........................................................................................................................................................................................................


1.04%

........................................................................................................................................................................................................


US TREASURY BOND 6% 02/15/2026 美國國庫債券 6% 02/15/2026

0.94%

........................................................................................................................................................................................................

US TREASURY NOTE 3.5% 02/15/2018 美國國庫券 3.5% 02/15/2018

0.87%

........................................................................................................................................................................................................


0.81%

........................................................................................................................................................................................................


0.80%

........................................................................................................................................................................................................

TOTAL 11.17%........................................................................................................................................................................................................













16.99%

........................................................................................................................................................................................................


14.77%

........................................................................................................................................................................................................


9.79%

........................................................................................................................................................................................................


7.12%

........................................................................................................................................................................................................


6.83%

........................................................................................................................................................................................................



5.72%

........................................................................................................................................................................................................


5.52%

........................................................................................................................................................................................................


4.47%

........................................................................................................................................................................................................


4.46%

........................................................................................................................................................................................................


^ as of截至 30/06/2008




13


Fidelity Retirement Master Trust - Stable Growth Fund 富達退休集成信託 - 平穩增長基金

as of截至 30/06/2008


Mixed Assets Fund - Global with around 50% in equities (slightlybias towards Hong Kong) and 50% in bonds and cash混合資產基金－環球股票約佔 50% (稍微偏重於香港),債券和現金佔 50%。


The Fund aims to generate a positive return over the long term, tobroadly diversify the portfolio as to asset type as between equitiesand bonds, to maintain a broad geographic diversification with abias towards Hong Kong, and to limit the volatility of returns inthe short term.基金旨在取得長期的正回報；在有關資產類別，例如股票及債券之間，維持廣泛多元化的投資組合；維持廣泛的地域多元化投資，惟可稍為偏重香港；以及限制在短期內回報的波幅。







7.55%



2.05%






......................................................................................................................................................................................................................................................................................................................................................................................................................................





N/A N/A -2.90% 12.40% 25.70% 41.80%

.....................................................................................................................................................................................................................................................................................................................................................................................................................................


12/00 12/01 12/02 12/03 12/04 12/05 12/06 12/07

100

120

140

160

180


2007 18.54%................................................................................................................................................................................................................................................................................................................................................................................................

2006 14.42%................................................................................................................................................................................................................................................................................................................................................................................................

2005 4.59%................................................................................................................................................................................................................................................................................................................................................................................................

2004 10.84%................................................................................................................................................................................................................................................................................................................................................................................................

2003 21.67%................................................................................................................................................................................................................................................................................................................................................................................................

2002 -2.54%................................................................................................................................................................................................................................................................................................................................................................................................

2001 -9.59%................................................................................................................................................................................................................................................................................................................................................................................................














3.25%

........................................................................................................................................................................................................


2.10%

........................................................................................................................................................................................................


1.84%

........................................................................................................................................................................................................



1.67%

........................................................................................................................................................................................................



1.48%

........................................................................................................................................................................................................



CNOOC LTD 中國海洋石油 1.18%........................................................................................................................................................................................................

TOTAL 17.36%........................................................................................................................................................................................................

^ as of截至 30/06/2008




14


Fidelity Retirement Master Trust - Hong Kong Bond Fund 富達退休集成信託 - 香港債券基金

as of截至 30/06/2008


Bond Fund - Hong Kong債券基金－香港


The Fund aims to invest in world bond markets with a focus on HKdollar denominated bonds and issuers, to produce returns that arerelated to those achieved on the major bond market indices, tolimit the volatility of returns in the short term in HK dollar marketterms, and to minimise currency volatility by implementing a HKDhedged strategy (where investments are made other than in HKD).基金旨在投資於全球債券市場，並集中投資於港元結算的債券及發行人；提供與債券市場主要指數所達至表現相關的回報；限制在短期內港元市場回報的波幅；以及透過實行港元對沖策略以減低貨幣匯價波幅（投資以非港元計算）。

Fund Details 基金資料Fund Manager基金經理 Andrew Wells韋士昂






3.20%

Modified Duration 修正存續期

Fund 基金 3.62 Year(年)

Benchmark 指標 :

HSBC HKD Bond Index

HSBC 港元債券指數

3.57 Year(年)

Yield to Maturity 到期收益 4.33%



2.15%


Hong Kong bonds generated negative returns over the quarter due to a“reverse” flight to quality, with investors moving away from safe assetsover April and May, and heightened inflationary concerns later on in thequarter. Investors bought riskier assets, anticipating an end to the creditcrisis, as repeated interventions by the Federal Reserve (Fed) to improvemarket functioning began to take effect. The Fed further lowered itsbenchmark interest rate by a quarter of a percentage point to 2% in April,which led to a similar rate cut in Hong Kong to 3.5%. On the economicfront, the downside risks to growth intensified after exports and touristspending diminished, while the upside risks to inflation had increased.Nonetheless, robust growth in China continued to drive economic activityin the region. Over the review period, the manager raised positions incorporate bonds and lower-rated bonds. Conversely, exposure to AAA-rated debt instruments was reduced. In particular, the fund’s exposure tothe banking & financials and industrials sectors was increased whilepositions in bonds issued by supranational bodies were trimmed. Thefund’s yield to maturity increased over the period.

投資者在四月及五月撤離低風險資產，加上市場對通脹的憂慮在季內後期升溫，令香港債券市場於季內報跌。隨著聯儲局多次干預行動開始奏效，使市場的運作有所改善，投資者憧憬信貸危機即將結束，因而購入風險較高的資產。聯儲局在四月進一步調低基準利率四分之一個百分點至 2%，香港跟隨減息至3.5%。經濟方面，出口及旅客消費減少，令增加的下跌風險加劇，而通脹的上升風險則增加。然而，中國增長強勁，繼續推動區內經濟。在回顧期內，基金經理增加對企業債券及較低評級債券的投資，但減少對 AAA 評級債務工具的投資。具體來說，基金增持銀行與金融及工業，但減持跨國機構發行的債券。期內，基金的到期收益率有所增加。



......................................................................................................................................................................................................................................................................................................................................................................................................................................

Cumulative Performance 累積表現 -0.38% -2.99% 4.74% 4.77% -1.58%.....................................................................................................................................................................................................................................................................................................................................................................................................................................

Annualised Performance 年率化表現 4.74% 1.56% -0.32%.....................................................................................................................................................................................................................................................................................................................................................................................................................................



N/A N/A 0.30% 3.50% 3.70%

.....................................................................................................................................................................................................................................................................................................................................................................................................................................


07/03 07/04 07/05 07/06 07/07 07/08

92

94

96

98

100

102


2007 3.10%................................................................................................................................................................................................................................................................................................................................................................................................

2006 3.22%................................................................................................................................................................................................................................................................................................................................................................................................

2005 -2.53%................................................................................................................................................................................................................................................................................................................................................................................................

2004 -0.07%................................................................................................................................................................................................................................................................................................................................................................................................

2003 ( Since Inception自推出以來 ) -4.68%................................................................................................................................................................................................

Top 10 Holdings 十大主要投資項目^HONG KONG GOVT 4.32% 12/02/2013 #1312 香港政府債券 4.32% 12/02/2013 #1312

5.93%

........................................................................................................................................................................................................

HONG KONG GOVT 4.82% 06/02/2014 #1406 香港政府債券 4.82% 06/02/2014 #1406

5.61%

........................................................................................................................................................................................................


4.63%

........................................................................................................................................................................................................


2.93%

........................................................................................................................................................................................................

NATIONAL AUSTRALIA BANK 3.89% 06/10/2010 澳洲國民銀行債券 3.89% 06/10/2010

2.49%

........................................................................................................................................................................................................

HONG KONG MORTG 4.26% 07/19/2011 香港按揭債券 4.26% 07/19/2011

2.01%

........................................................................................................................................................................................................

ANZ BK 3.3% 01/21/2010 澳紐銀行 3.3% 01/21/2010 1.92%........................................................................................................................................................................................................

HONG KONG AIR AUT 5.1% 04/13/2016 香港機場管理局 5.1% 04/13/2016

1.85%

........................................................................................................................................................................................................

DANSKE BANK 5.02% 11/14/2012 丹麥銀行 5.02% 11/14/2012 1.54%........................................................................................................................................................................................................

CLP POWER HK FIN 4.35% 01/30/2015 中電控股 - 香港金融 4.35% 01/30/2015

1.49%

........................................................................................................................................................................................................

TOTAL 30.40%........................................................................................................................................................................................................


Asset Allocation 資產分配^CORPORATE - BANKS AND FINANCE 企業-銀行及財務 47.46%..............................................................................................................................................................................................................

GOVERNMENTS 政府 25.42%..............................................................................................................................................................................................................

CORPORATE - INDUSTRIAL 企業-工業 14.53%..............................................................................................................................................................................................................

SUPRANATIONALS, SOVEREIGNS AND AGENCIES 跨國、國家及機構

3.02%

..............................................................................................................................................................................................................

OTHERS 其他 9.57%..............................................................................................................................................................................................................

Currency Breakdown 貨幣分佈^HONG KONG DOLLAR 港元 86.30%................................................................................................................................................................................................................

US DOLLAR 美元 8.70%................................................................................................................................................................................................................

EUROPEAN MONETARY UNIT (EURO) 歐元 3.60%................................................................................................................................................................................................................

UK POUND 英鎊 1.10%................................................................................................................................................................................................................

OTHERS 其他 0.30%................................................................................................................................................................................................................

S&P/Moody's Credit Rating 標準普爾／穆廸信用評級ÂAA/Aaa 7.76%................................................................................................................................................................................................................

AA/Aa 50.99%................................................................................................................................................................................................................

A 15.85%................................................................................................................................................................................................................

BBB/Baa 4.86%................................................................................................................................................................................................................

Cash現金 0.01%................................................................................................................................................................................................................

Not Rated沒有給予評級 20.53%................................................................................................................................................................................................................

^ as of截至 30/06/2008




15


Fidelity Retirement Master Trust - World Bond Fund 富達退休集成信託 - 國際債券基金

as of截至 30/06/2008


Bond Fund - Global債券基金－環球


The objective of the Fund is to focus investment into the bondmarkets of the world, to produce returns that are related to thoseachieved on the major bond market indices, and to limit thevolatility of returns in the short term.基金旨在集中投資於全球債券市場；提供與債券市場主要指數所達至的表現相關的回報；以及限制在短期內回報的波幅。

Fund Details 基金資料Fund Manager基金經理 Rick Patel






4.22%



Benchmark 指標 :

Citigroup WGBI (35% hedged to HK$)

花旗世界政府債券指數(35%對冲港元)

5.97 Year(年)




2.09%


Over the quarter, all major government bond markets posted negativereturns in local currency terms. Following the bailout of Bear Stearns bythe US Federal Reserve in March, investors moved away from the safehaven of government bonds towards riskier assets such as investment-grade corporate bonds and high-yield securities. Subsequently,government bonds underperformed corporate and high-yield bonds overthe period. Credit spreads narrowed sharply in April and May and inter-bank lending rates declined, increasing speculation that the worst of thecredit crisis was over. The financials and asset-backed securities sectorssaw a firmer tone with brokers performing well, as fears of insolvency inthe sector subsided. Spreads have, however, widened again since earlyJune. Towards the end of the quarter, rising inflationary pressures, duemainly to much higher oil and food prices, led the market to focus on thepossibility of central bank rate hikes which had a negative effect on bonds.Over the review period, the manager reduced positions in governmentbonds and invested more in higher-rated corporate bonds. In particular,the fund’s exposure to the banking & financials sector was raised. Exposureto AA-rated debt instruments was increased significantly, while bondswith ‘A’ or lower rating were trimmed. The fund’s yield to maturityincreased over the period.

以當地貨幣計算，各主要政府債券市場於季內全面報跌。繼美國聯儲局於三月份挽救貝爾斯登後，投資者從作為「資金避難所」的政府債券，轉至投資級別企業債券和高收益證券等較高風險的資產，使政府債券期內的表現遜於企業和高收益債券。信貸息差在四月和五月顯著收窄，銀行同業貸款利率下跌，令市場進一步憧憬信貸危機的低潮已成過去。隨著經紀業陷入破產困局的憂慮減退，經紀商的表現優秀，有助金融及資產抵押證券市場靠穩。然而，息差自六月初起再度擴闊。季終，受石油和糧食價格上漲的影響，通脹壓力趨升，市場關注央行加息的機會，因而拖累債市的表現。在回顧期內，基金經理減持政府債券，並增持較高評級的企業債券。具體來說，基金增加對銀行及金融業的投資。另外，基金顯著增持 AA 評級債務工具，但減持 A或以下評級的債券。期內，基金的到期收益率錄得升幅。



......................................................................................................................................................................................................................................................................................................................................................................................................................................

Cumulative Performance 累積表現 1.76% -3.28% 8.36% 7.63% 14.03%.....................................................................................................................................................................................................................................................................................................................................................................................................................................

Annualised Performance 年率化表現 8.36% 2.48% 2.67%.....................................................................................................................................................................................................................................................................................................................................................................................................................................



N/A N/A 2.00% 6.40% 8.10%

.....................................................................................................................................................................................................................................................................................................................................................................................................................................


07/03 07/04 07/05 07/06 07/07 07/0895

100

105

110

115

120


2007 5.52%................................................................................................................................................................................................................................................................................................................................................................................................

2006 2.96%................................................................................................................................................................................................................................................................................................................................................................................................

2005 -5.14%................................................................................................................................................................................................................................................................................................................................................................................................

2004 6.00%................................................................................................................................................................................................................................................................................................................................................................................................



7.61%

........................................................................................................................................................................................................


4.91%

........................................................................................................................................................................................................


4.30%

........................................................................................................................................................................................................


3.86%

........................................................................................................................................................................................................


3.46%

........................................................................................................................................................................................................



2.24%

........................................................................................................................................................................................................

USTN 3.625% 12/31/2012 美國國庫券 3.625% 12/31/2012 1.90%........................................................................................................................................................................................................


1.88%

........................................................................................................................................................................................................


1.87%

........................................................................................................................................................................................................

TOTAL 35.01%........................................................................................................................................................................................................


Asset Allocation 資產分配^GOVERNMENTS 政府 66.47%..............................................................................................................................................................................................................

CORPORATE - BANKS AND FINANCE 企業-銀行及財務 19.31%..............................................................................................................................................................................................................



2.20%

..............................................................................................................................................................................................................

OTHERS 其他 8.43%..............................................................................................................................................................................................................

Currency Breakdown 貨幣分佈ÊUROPEAN MONETARY UNIT (EURO) 歐元 42.81%................................................................................................................................................................................................................

JAPANESE YEN 日元 28.14%................................................................................................................................................................................................................

US DOLLAR 美元 17.69%................................................................................................................................................................................................................

UK POUND 英鎊 6.06%................................................................................................................................................................................................................

CANADIAN DOLLAR 加拿大元 1.67%................................................................................................................................................................................................................

OTHERS 其他 3.63%................................................................................................................................................................................................................


AA/Aa 27.85%................................................................................................................................................................................................................

A 14.34%................................................................................................................................................................................................................

BBB/Baa 8.82%................................................................................................................................................................................................................

Not Rated沒有給予評級 1.10%................................................................................................................................................................................................................

^ as of截至 30/06/2008




16


Fidelity Retirement Master Trust - Capital Preservation Fund 富達退休集成信託 - 保本基金

as of截至 30/06/2008


Money Market Fund - Hong Kong貨幣市場基金－香港


The Fund aims to provide a positive return each month equal to orbetter than the HKD savings account rate, to focus investmentsinto short term instruments, to invest only into HKD securities, andto ensure that there is minimal risk to the capital.基金旨在提供與港元儲蓄戶口利率相等或較佳的每月正值回報；集中投資於短期金融工具；只投資於港元證券；以及確保資本附帶最低的風險。

Fund Details 基金資料Fund Manager基金經理 Andrew Wells韋士昂






0.19%



1.82%


Hong Kong bonds generated negative returns over the quarter due to a“reverse flight to quality” and heightened inflationary concerns. Investorsbought riskier assets, anticipating an end to the credit crisis, as repeatedinterventions by the US Federal Reserve (Fed) to improve marketfunctioning began to take effect. The Fed further lowered its benchmarkinterest rate by a quarter of a percentage point to 2% in April, which ledto a similar rate cut in Hong Kong to 3.5%. On the economic front, thedownside risks to growth intensified after exports and tourist spendingdiminished, while the upside risks to inflation had increased. Nonetheless,robust growth in China continued to drive economic activity in theregion.The fund generated positive returns over the quarter. Positionswere initiated in medium term corporate notes and treasury bonds, whileexposure to floating rate notes was increased. Conversely, the managertrimmed the fund’s exposure to commercial papers, corporate bonds andtime deposits. The average life of the portfolio was increased over theperiod.

受資金撤離低風險資產的影響，加上市場對通脹的憂慮升溫，香港債券市場在季內報跌。隨著美國聯儲局多次干預行動開始奏效，使市場的運作有所改善，投資者憧憬信貸危機即將結束，因而購入風險較高的資產。聯儲局在四月進一步調低基準利率四分之一個百分點至 2%，香港跟隨減息至 3.5%。經濟方面，出口及旅客消費減少，令增加的下跌風險加劇，通脹的上升風險則增加。然而，中國增長強勁，繼續推動區內經濟。基金在季內錄得回報。基金經理購入中期企業票據和美國國庫券，另增持浮息票據的投資。此外，基金減持商業票據、企業債券及定期存款。期內，組合調高平均投資年期。



......................................................................................................................................................................................................................................................................................................................................................................................................................................

Cumulative Performance 累積表現 0.60% 0.14% 2.02% 6.63% 6.81% 9.78%.....................................................................................................................................................................................................................................................................................................................................................................................................................................




N/A N/A 0.90% 3.30% 4.70% 5.60%

.....................................................................................................................................................................................................................................................................................................................................................................................................................................


12/00 12/01 12/02 12/03 12/04 12/05 12/06 12/07

100

102

104

106

108

110


2007 2.52%................................................................................................................................................................................................................................................................................................................................................................................................

2006 2.50%................................................................................................................................................................................................................................................................................................................................................................................................

2005 1.01%................................................................................................................................................................................................................................................................................................................................................................................................

2004 0.02%................................................................................................................................................................................................................................................................................................................................................................................................

2003 0.01%................................................................................................................................................................................................................................................................................................................................................................................................

2002 0.18%................................................................................................................................................................................................................................................................................................................................................................................................

2001 2.22%................................................................................................................................................................................................................................................................................................................................................................................................


Top 10 Holdings 十大主要投資項目^TERM DEPOSIT IN DEXIA 在 DEXIA 的定期存款 4.59%........................................................................................................................................................................................................


4.23%

........................................................................................................................................................................................................

BANK OF IRELAND FRN 06/23/2009 愛爾蘭銀行浮息票據 06/23/2009

4.20%

........................................................................................................................................................................................................

HONG KOGN MORT FRN 01/14/2009 香港按揭證券有限公司浮息票據 01/14/2009

4.20%

........................................................................................................................................................................................................

HSH NORDBANK AG, RUE JEAN MONN 07/07/2008 德國北方銀行有限公司 RUE JEAN MONN 07/07/2008

4.20%

........................................................................................................................................................................................................

INTESA SANPAOLO FRCD FRN 05/19/2009 INTESA SANPAOLO FRCD 浮息票據 05/19/2009

4.20%

........................................................................................................................................................................................................

KOREA DEVELOPMENT BANK VAR 11/21/2008 韓國開發銀行 VAR 11/21/2008

4.20%

........................................................................................................................................................................................................

NATIXIS FRN 06/04/2009 法國外貿銀行浮息票據 06/04/2009 4.20%........................................................................................................................................................................................................

DZ BANK AG DEUTSCHE ZENTRAL 07/14/2008 4.19%........................................................................................................................................................................................................


4.19%

........................................................................................................................................................................................................

TOTAL 42.40%........................................................................................................................................................................................................

^ as of截至 30/06/2008




17


Fidelity Advantage Portfolio Fund - Asia Pacific Equity Fund 富達優越投資組合基金 - 亞太股票基金

as of截至 30/06/2008


Equity Fund - Asia Pacific with maximum equities 100%股票基金－亞太區股票最多佔 100%


The objective of the Asia Pacific Equity Fund is to produce returnsrelated to those achieved on the major stock market indices of AsiaPacific. The Asia Pacific Equity Fund is a feeder fund that investsin the Asia Pacific Equity Fund, a sub-fund of the Fidelity GlobalInvestment Fund (FGIF).亞太股票基金的目標是提供與亞太股票市場主要指數所達致表現相關的回報。亞太股票基金是一項聯接基金，投資於富達環球投資基金的子基金 ─ 亞太股票基金。

Fund Details 基金資料Fund Manager基金經理 Kevin Chang 張國煒

Launch Date推出日期

Ordinary一般單位 24/07/2006Administration行政管理單位 24/07/2006Savings退休儲蓄單位 24/07/2006

Unit NAV單位資產淨值

Ordinary一般單位 US$14.54 (美元)Administration行政管理單位 US$14.41 (美元)Savings退休儲蓄單位 US$14.40 (美元)

Fund Size基金資產 US$36.87M (百萬美元)



--


Equities in the energy-intensive South East Asian region underperformedother emerging markets over the quarter, amid concerns of a slowdownin global economic growth and a continued rise in oil prices. This coupledwith spiralling commodity and food prices, fuelled inflation and impactedmarket performance. Investor sentiment was also hurt by a sharpdepreciation in Asian currencies against the US dollar. Consequently,investors adopted a cautious stance and favoured ‘low-risk’ developedmarkets. Australia, Singapore and Hong Kong performed strongly, whilethe more volatile exchanges of India, Taiwan, Thailand and Malaysialagged. A severe earthquake and rainstorms this quarter proveddetrimental to Chinese stocks. The consumer staples, health care andutilities sectors, which are seen to provide more stable returns, werefavoured over those considered cyclical. The portfolio benefited fromexposure to quality companies in resource-rich Australia and Hong Kong,Individual holdings in Taiwan performed weakly, although they stand tobenefit from improving cross-strait relations in the long term. Energy andmaterial names contributed, while financials eroded performance.

投資者關注環球經濟增長放緩，加上油價持續上升，令對能源敏感的東南亞股市季內表現遜於其他新興市場。此外，商品和糧食價格螺旋式上升，刺激通脹高企，打擊大市表現。亞洲貨幣兌美元大幅眨值，亦削弱投資氣氛。因此，投資者採取審慎態度，看好「低風險」的已發展市場。澳洲、新加坡、香港表現優秀，市況較波動的印度、台灣、泰國及馬來西亞股市則落後。季內，中國發生嚴重地震和暴雨成災，拖累內地股市的表現。與週期性股份比較，能締造穩定回報的主要消費品、健康護理及公用事業股獲投資者追捧。投資組合在資源豐富的澳洲和香港持有優秀企業的股份。個別台灣持股表現遜色，但兩岸關係好轉，有關股份長遠可望受惠。能源和物料股為回報帶來貢獻，但金融股則削弱表現。


Cumulative Performance YTD 3 Months 12 Months 3 Years 5 Years 10 Years Since Launch累積表現年初至今 3個月 12 個月 3 年 5 年 10 年自推出以來......................................................................................................................................................................................................................................................................................................................................................................................................................................

Ordinary 一般單位 -14.82% -2.87% -3.45% 45.40%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Administration 行政管理單位 -15.04% -3.03% -3.87% 44.10%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Savings 退休儲蓄單位 -15.04% -2.96% -3.87% 44.00%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................



............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Ordinary 一般單位 N/A N/A -10.00% 5.70%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Administration 行政管理單位 N/A N/A -10.30% 5.10%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Savings 退休儲蓄單位 N/A N/A -10.30% 5.10%......................................................................................................................................................................................................................................................................................................................................................................................................................................

Cumulative Performance (Ordinary Class) 累積表現 (一般單位)Price Index 價格指數 (%)

07/06 10/06 01/07 04/07 07/07 10/07 01/08 04/08

100

120

140

160

180

Annual Performance 年度表現Ordinary Administration Savings一般單位行政管理單位退休儲蓄單位

................................................................................................................................................................................................

2007 38.44% 37.89% 37.80%................................................................................................................................................................................................

Geographical Breakdown 國家投資分佈ÂUSTRALIA 澳洲 33.1%................................................................................................................................................................................................................

KOREA (SOUTH) 南韓 14.1%................................................................................................................................................................................................................

TAIWAN 台灣 12.6%................................................................................................................................................................................................................

CHINA 中國 8.0%................................................................................................................................................................................................................

HONG KONG 香港 5.9%................................................................................................................................................................................................................

THAILAND 泰國 5.3%................................................................................................................................................................................................................

CASH 現金 5.9%................................................................................................................................................................................................................

OTHERS 其他 15.1%................................................................................................................................................................................................................

Top 10 Holdings 十大主要投資項目^BHP BILLITON LTD 必和必拓 5.43%........................................................................................................................................................................................................

WOOLWORTHS LTD (AUSTRALIA) 3.22%........................................................................................................................................................................................................

POSCO 2.80%........................................................................................................................................................................................................

RIO TINTO LTD 2.80%........................................................................................................................................................................................................

SAMSUNG ELECTRONICS CO LTD 三星電子 2.59%........................................................................................................................................................................................................

OIL SEARCH LTD 2.49%........................................................................................................................................................................................................

WESFARMERS LTD 2.39%........................................................................................................................................................................................................

TELSTRA CORP LTD 2.35%........................................................................................................................................................................................................

WOODSIDE PETROLEUM LTD 2.32%........................................................................................................................................................................................................

INCITEC PIVOT LTD 2.13%........................................................................................................................................................................................................

TOTAL 28.52%........................................................................................................................................................................................................


^ as of截至 30/06/2008

Fidelity Retirement Hotlines

Administrator for ORSO members• HSBC Institutional Trust Services (Asia) Limited (with Interactive Voice Response Service)匯豐機構信託服務(亞洲)有限公司 (有自動電話服務)

(852) 2500 1666

•Other than HSBC Institutional Trust Services (Asia) Limited非匯豐機構信託服務(亞洲)有限公司

(852) 2629 2666

www.fidelity.com.hk1This is the return achieved through saving the same amount at the end of each month, comparing the total contributions with their current value and expressing thegain or loss as a percentage. Source: Gadbury Group Limited 此為不同年期內透過每月底投資相同金額所獲得的投資回報，比較供款總額及其現值，所顯示為其盈利\虧損之百分比。資料來源﹕Gadbury Group LimitedSource: Fidelity/HSBC Institutional Trust Services (Asia) Ltd., NAV to NAV, in USD. 富達/匯豐機構信託服務(亞洲)有限公司，以資產淨值及美元計算。All views expressed cannot be construed as an offer or recommendation by Fidelity. Fidelity shall not be held liable for damages arising out of any person's relianceupon this information. Any person considering an investment should seek independent advice on the suitability or otherwise of the particular investment. Investmentinvolves risks. Past performance is not indicative of future performance. Please refer to the Explanatory Memorandum of Fidelity Advantage Portfolio Fund for furtherinformation. Fidelity, Fidelity International, and Fidelity International and Pyramid Logo are trademarks of FIL Limited. Investment in the Fidelity Advantage PortfolioFund and Fidelity Global Investment Fund is not available to the general investing public. Investments in the Fidelity Advantage Portfolio Fund and Fidelity Global InvestmentFund are available only to Professional Investors, ORSO and MPF retirement schemes, their related Approved Pooled Investment Funds, or those individuals who haverecently been or still are members of an ORSO or MPF retirement scheme. If you are an individual retail investor who is not a Professional Investor or current orformer member of an ORSO or MPF retirement scheme wishing to invest your accrued benefits and want to invest in Fidelity managed funds, please contact Fidelityfor further details about our other ranges of investment funds, which are available to the general investing public. Reference in this document to specific securitiesshould not be construed as a recommendation to buy or sell these securities, but is included for the purposes of illustration only. 本文件內所載的觀點，在任何情況下均不應被視為富達的促銷或建議。富達對任何依賴本文而引致的損失概不負責。有意投資者應就個別投資項目的適合程度或其他因素尋求獨立的意見。投資涉及風險。基金過往的表現並不表示將來亦會有類似的業績。詳情請細閱富達優越投資組合基金說明書。「富達」及其標誌均為FIL Limited的商標。富達優越投資組合基金及富達環球投資基金不可供一般投資大眾投資。富達優越投資組合基金及富達環球投資基金僅可供專業投資者、職業退休計劃及強積金退休計劃、其相關核准匯集投資基金，或最近成為或仍屬職業退休計劃或強積金退休計劃成員的該等個別人士投資。若閣下是個人零售投資者，而並非專業投資者，或並非欲將閣下的累算權益作出投資的職業退休計劃或強積金退休計劃現有或前度成員，而又有意投資於富達所管理的基金，請聯絡富達，以獲取向一般投資大眾發售的其他富達投資基金系列的詳細資料。本文件內所載的證券僅供資料用途，在任何情況下均不應被視為建議買入或賣出有關證券。

18


Fidelity Advantage Portfolio Fund - First State Hong Kong Growth Fund 富達優越投資組合基金 - 首域香港增長基金

as of截至 30/06/2008




The Fund is a feeder fund that invests in the First State Hong KongGrowth Fund, a sub-fund of First State Global Umbrella Fund plc.The objective of the First State Hong Kong Growth Fund is to investprimarily in securities listed on the Stock Exchange of Hong KongLimited or securities issued by such companies which in theinvestment manager's opinion have significant assets, business,production activities, trading or other business interests in HongKong and traded on Regulated Markets.本基金是一項聯接基金,投資於首域環球傘子基金有限公司的子基金-首域香港增長基金。首域香港增長基金的目標是主要投資於在香港聯合交易所有限公司上市或投資經理認為在香港擁有重大資產、業務、生產活動、貿易或其他業務權益並在受監管市場買賣的證券。

Fund Details 基金資料Launch Date推出日期







--

Fund Commentary 基金評論^#

Global markets fell heavily in June as rising inflation and high oil pricescontinued to dominate international headlines. The Hong Kong marketwas led down by Hong Kong Exchanges, Sun Hung Kai Properties andCheung Kong. H-shares and Red Chips were particularly weak, althoughthe sell-down was broad-based, affecting most sectors.We still like theasset reflation story in Hong Kong given the perception of property as aninflation hedge; although rising mortgage rates and a global slowdownare obvious headwinds. We favour developers with stronger balancesheets and robust pipelines, such as Cheung Kong.While the weakeningUS economy is a concern, valuations for manufacturers like KingboardChemicals and Yue Yuen are not high.Rising Chinese demand andurbanisation will help companies like Hong Kong & China Gas and HangLung Group.

通脹加劇及油價高企續受各國關注，6月份全球市場重挫。港股受港交所、新鴻基地產及長江實業拖累下跌。跌勢廣泛，波及大部份行業，H股及紅籌尤其疲弱。一般認為物業可抗衡通脹，我們仍看好香港資產升值概念，但按揭利率上升及全球經濟放緩顯然不利於樓市。我們看好資產基礎較雄厚兼不斷有新樓盤推售的發展商（例如長江實業）。美國經濟疲軟雖存在隱憂，但建滔化工和裕元工業等製造商的股值並不高。中華煤氣及恆隆集團等公司應可受惠於中國需求增加及城市化加快。



Ordinary 一般單位 -18.56% -3.78% -0.77% 55.30%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................


Savings 退休儲蓄單位 -18.75% -3.94% -1.29% 53.40%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................



............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................





01/06 07/06 01/07 07/07 01/08

100

120

140

160

180

200


................................................................................................................................................................................................

2007 49.80% 49.05% 49.01%................................................................................................................................................................................................

Geographical Breakdown 國家投資分佈^ #

HONG KONG 香港 73.09%................................................................................................................................................................................................................

RED CHIPS 18.49%................................................................................................................................................................................................................

H SHARES 5.50%................................................................................................................................................................................................................

LIQUIDITY 流動資金 1.43%................................................................................................................................................................................................................

OTHERS 其他 1.50%................................................................................................................................................................................................................

Top 10 Holdings 十大主要投資項目^ #

CHEUNG KONG HOLDINGS 長江實業 7.01%........................................................................................................................................................................................................

JARDINE MATHESON 怡和集團 5.64%........................................................................................................................................................................................................

SWIRE PACIFIC 太古集團 4.15%........................................................................................................................................................................................................

CLP HOLDINGS 中電控股 4.10%........................................................................................................................................................................................................

WING HANG BANK 永享銀行 3.50%........................................................................................................................................................................................................

HONG KONG & CHINA GAS 中華煤氣 3.03%........................................................................................................................................................................................................

KINGBOARD CHEMICALS 建滔化工 2.94%........................................................................................................................................................................................................

CHINA RESOURCES ENTERPRISE 華潤創業 2.76%........................................................................................................................................................................................................

ESPRIT HOLDINGS 思捷環球 2.65%........................................................................................................................................................................................................

HANG LUNG GROUP 恒隆集團 2.63%........................................................................................................................................................................................................

TOTAL 38.41%........................................................................................................................................................................................................

Industry Breakdown 行業投資分佈^ #

^ as of截至 30/06/2008



(852) 2500 1666


(852) 2629 2666

www.fidelity.com.hk# The information indicates the actual portfolios of the underlying funds. 資料顯示相關基金的實質投資組合。1This is the return achieved through saving the same amount at the end of each month, comparing the total contributions with their current value and expressing thegain or loss as a percentage. Source: Gadbury Group Limited 此為不同年期內透過每月底投資相同金額所獲得的投資回報，比較供款總額及其現值，所顯示為其盈利\虧損之百分比。資料來源﹕Gadbury Group LimitedSource: Fidelity/HSBC Institutional Trust Services (Asia) Ltd./First State Investment, NAV to NAV, in USD. 富達/匯豐機構信託服務(亞洲)有限公司/首域投資，以資產淨值及美元計算。All views expressed cannot be construed as an offer or recommendation by Fidelity. Fidelity shall not be held liable for damages arising out of any person's relianceupon this information. Any person considering an investment should seek independent advice on the suitability or otherwise of the particular investment. While carehas been taken to ensure the information herein is accurate. Fidelity is not responsible for any errors or omissions relating to specific information provided by thirdparties. Investment involves risks. Past performance is not indicative of future performance. Please refer to the Explanatory Memorandum of Fidelity AdvantagePortfolio Fund for further information. Fidelity, Fidelity International, and Fidelity International and Pyramid Logo are trademarks of FIL Limited. Investment in theFidelity Advantage Portfolio Fund and Fidelity Global Investment Fund is not available to the general investing public. Investments in the Fidelity Advantage PortfolioFund and Fidelity Global Investment Fund are available only to Professional Investors, ORSO and MPF retirement schemes, their related Approved Pooled InvestmentFunds, or those individuals who have recently been or still are members of an ORSO or MPF retirement scheme. If you are an individual retail investor who is not aProfessional Investor or current or former member of an ORSO or MPF retirement scheme wishing to invest your accrued benefits and want to invest in Fidelitymanaged funds, please contact Fidelity for further details about our other ranges of investment funds, which are available to the general investing public. Reference inthis document to specific securities should not be construed as a recommendation to buy or sell these securities, but is included for the purposes of illustration only. 本文件內所載的觀點，在任何情況下均不應被視為富達的促銷或建議。富達對任何依賴本文而引致的損失概不負責。雖然富達已採取措施，確保文內資料準確無誤，但不擬就有關由第三方所提供的資料所出現的錯誤或遺漏承擔任何責任。有意投資者應就個別投資項目的適合程度或其他因素尋求獨立的意見。投資涉及風險。基金過往的表現並不表示將來亦會有類似的業績。詳情請細閱富達優越投資組合基金說明書。「富達」及其標誌均為FIL Limited的商標。富達優越投資組合基金及富達環球投資基金不可供一般投資大眾投資。富達優越投資組合基金及富達環球投資基金僅可供專業投資者、職業退休計劃及強積金退休計劃、其相關核准匯集投資基金，或最近成為或仍屬職業退休計劃或強積金退休計劃成員的該等個別人士投資。若閣下是個人零售投資者，而並非專業投資者，或並非欲將閣下的累算權益作出投資的職業退休計劃或強積金退休計劃現有或前度成員，而又有意投資於富達所管理的基金，請聯絡富達，以獲取向一般投資大眾發售的其他富達投資基金系列的詳細資料。本文件內所載的證券僅供資料用途，在任何情況下均不應被視為建議買入或賣出有關證券。

19


Fidelity Advantage Portfolio Fund - INVESCO Asian Equity Fund 富達優越投資組合基金 - 景順亞洲動力基金

as of截至 30/06/2008


Equity Fund - Asia with maximum equities 100%股票基金－亞洲股票最多佔 100%


The Fund is a feeder fund that invests in the INVESCO Asian EquityFund, a sub-fund of INVESCO Funds Series. The objective of theINVESCO Asian Equity Fund is to achieve capital growth in the AsiaPacific region, excluding Japan, Australia and New Zealand. It willinvest mainly in shares of companies quoted on Asia's smaller stockmarkets, although it may include shares of companies quotedelsewhere which derive revenues from or have substantial interestsin Asia as the manager considers appropriate. The INVESCO AsianEquity Fund will invest in securities listed or traded on recognizedmarkets.本基金是一項聯接基金，投資於景順環球投資系列的子基金 – 景順亞洲動力基金。景順亞洲動力基金的目標是從亞太區（不包括日本、澳洲及新西蘭）取得資本增值。基金將主要投資於在亞洲小型股票市場掛牌的公司股份，惟倘經理人認為適當，亦可包括在其他地區掛牌但其收入源自亞洲或在當地擁有重大權益的公司股份。景順亞洲動力基金將投資於在認可市場上市或買賣的證券。








--


Asian markets fell sharply in June on the back of rising energy prices andfears of earnings disappointments. With Asia being a net consumer ratherthan a producer of energy, the continued rise in oil prices has provedparticularly negative. The higher beta markets of China and India led thedeclines this month, although a number of markets also recorded double-digit falls. We seek to find growth, but in areas where we feel thatvaluations justify investment. We continue to favour domestic-growthplays, but remain vigilant on the valuation levels of some Chinese stocks.Instead, we continue to favour Hong Kong, where a combination of lowUS interest rates and continuing strong growth in China makes it anattractive proposition. India is also likely to provide an increasing sourceof good quality investment ideas as inflation fears bring valuation levelsdown.

由於能源漲價及投資者憂慮企業盈利令人失望，亞洲市場在 6月份急跌。亞洲是能源的淨消耗國，而非能源供應國，故油價持續上升影響尤其負面。月內，雖然多個市場錄得雙位數字的跌幅，但跌勢仍然主要由高風險市場中國和印度帶動。我們致力尋找增長機會，但只物色估值合理的股份。我們仍然看好區內由本地經濟帶動的增長型公司，但對部分中國股票的估值水平保持警覺。我們繼續看好香港，除因美國下調息率外，中國增長持續強勁亦相當吸引。另外，隨著投資者憂慮通脹令價下跌，同持推低估值水平，印度亦可提供更多理想的投資概念。



Ordinary 一般單位 -15.79% -4.32% -6.07% 28.50%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................


Savings 退休儲蓄單位 -15.95% -4.37% -6.55% 27.00%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................



............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................





01/06 07/06 01/07 07/07 01/0890100110120130140150160


................................................................................................................................................................................................

2007 27.17% 26.53% 26.44%................................................................................................................................................................................................


HONG KONG 香港 29.0%................................................................................................................................................................................................................

TAIWAN 台灣 16.6%................................................................................................................................................................................................................

KOREA 韓國 14.4%................................................................................................................................................................................................................

SINGAPORE 新加坡 8.7%................................................................................................................................................................................................................

INDIA 印度 7.8%................................................................................................................................................................................................................

CHINA 中國 3.8%................................................................................................................................................................................................................

CAYMAN ISLANDS 開曼群島　 3.4%................................................................................................................................................................................................................

INDONESIA 印尼 3.4%................................................................................................................................................................................................................

OTHERS 其他 12.9%................................................................................................................................................................................................................


JARDINE MATHESON 怡和洋行 4.9%........................................................................................................................................................................................................

TAIWAN SEMICONDUCTOR 台積 4.0%........................................................................................................................................................................................................

SAMSUNG ELECTRONICS CO LTD 3.9%........................................................................................................................................................................................................

CHINA MOBILE 中國移動 2.9%........................................................................................................................................................................................................

DBS 2.3%........................................................................................................................................................................................................

CHINA LIFE INS 中國人壽 2.2%........................................................................................................................................................................................................

CATHAY FINANCIAL 國泰金融 2.1%........................................................................................................................................................................................................

CHINA INSURANCE 2.1%........................................................................................................................................................................................................

WHARF 九龍倉 2.1%........................................................................................................................................................................................................

CHINA GREEN 2.0%........................................................................................................................................................................................................

TOTAL 28.50%........................................................................................................................................................................................................


^ as of截至 30/06/2008



(852) 2500 1666


(852) 2629 2666

www.fidelity.com.hk# The information indicates the actual portfolios of the underlying funds. 資料顯示相關基金的實質投資組合。1This is the return achieved through saving the same amount at the end of each month, comparing the total contributions with their current value and expressing thegain or loss as a percentage. Source: Gadbury Group Limited 此為不同年期內透過每月底投資相同金額所獲得的投資回報，比較供款總額及其現值，所顯示為其盈利\虧損之百分比。資料來源﹕Gadbury Group LimitedSource: Fidelity/HSBC Institutional Trust Services (Asia) Ltd./INVESCO Asia Ltd., NAV to NAV, in USD. 富達/匯豐機構信託服務(亞洲)有限公司/景順投資，以資產淨值及美元計算。All views expressed cannot be construed as an offer or recommendation by Fidelity. Fidelity shall not be held liable for damages arising out of any person's relianceupon this information. Any person considering an investment should seek independent advice on the suitability or otherwise of the particular investment. While carehas been taken to ensure the information herein is accurate. Fidelity is not responsible for any errors or omissions relating to specific information provided by thirdparties. Investment involves risks. Past performance is not indicative of future performance. Please refer to the Explanatory Memorandum of Fidelity AdvantagePortfolio Fund for further information. Fidelity, Fidelity International, and Fidelity International and Pyramid Logo are trademarks of FIL Limited. Investment in theFidelity Advantage Portfolio Fund and Fidelity Global Investment Fund is not available to the general investing public. Investments in the Fidelity Advantage PortfolioFund and Fidelity Global Investment Fund are available only to Professional Investors, ORSO and MPF retirement schemes, their related Approved Pooled InvestmentFunds, or those individuals who have recently been or still are members of an ORSO or MPF retirement scheme. If you are an individual retail investor who is not aProfessional Investor or current or former member of an ORSO or MPF retirement scheme wishing to invest your accrued benefits and want to invest in Fidelitymanaged funds, please contact Fidelity for further details about our other ranges of investment funds, which are available to the general investing public. Reference inthis document to specific securities should not be construed as a recommendation to buy or sell these securities, but is included for the purposes of illustration only. 本文件內所載的觀點，在任何情況下均不應被視為富達的促銷或建議。富達對任何依賴本文而引致的損失概不負責。雖然富達已採取措施，確保文內資料準確無誤，但不擬就有關由第三方所提供的資料所出現的錯誤或遺漏承擔任何責任。有意投資者應就個別投資項目的適合程度或其他因素尋求獨立的意見。投資涉及風險。基金過往的表現並不表示將來亦會有類似的業績。詳情請細閱富達優越投資組合基金說明書。「富達」及其標誌均為FIL Limited的商標。富達優越投資組合基金及富達環球投資基金不可供一般投資大眾投資。富達優越投資組合基金及富達環球投資基金僅可供專業投資者、職業退休計劃及強積金退休計劃、其相關核准匯集投資基金，或最近成為或仍屬職業退休計劃或強積金退休計劃成員的該等個別人士投資。若閣下是個人零售投資者，而並非專業投資者，或並非欲將閣下的累算權益作出投資的職業退休計劃或強積金退休計劃現有或前度成員，而又有意投資於富達所管理的基金，請聯絡富達，以獲取向一般投資大眾發售的其他富達投資基金系列的詳細資料。本文件內所載的證券僅供資料用途，在任何情況下均不應被視為建議買入或賣出有關證券。

20


Fidelity Advantage Portfolio Fund - Templeton Global Fund 富達優越投資組合基金 - 鄧普頓環球美元基金

as of截至 30/06/2008




The Fund is a feeder fund that invests in the Templeton GlobalFund, a sub-fund of Franklin Templeton Investment Funds. Theobjective of the Templeton Global Fund is to seek long-term capitalgrowth, which it seeks to achieve through a policy of investing inequity and debt obligations of companies and governments of anynation. The Templeton Global Fund will invest primarily in commonstocks. Notwithstanding the foregoing, at no time will theinvestment manager invest more than 10% of the TempletonGlobal Fund's total net assets into non-investment grade debtsecurities as defined by an accredited rating agency. The basecurrency of the Templeton Global Fund is USD.本基金是一項聯接基金，投資於富蘭克林鄧普頓投資基金– 鄧普頓環球美元基金。鄧普頓環球美元基金的目標是透過投資於任何國家的企業和政府所發行的股票及債務證券，以達到長線資本增值。鄧普頓環球美元基金主要投資於普通股。儘管上文所述，在任何時間�投資經理不會把超過鄧普頓環球美元基金總淨資產值的 10%投資於由合資格的信貸評級機構評級為非投資級別的債務證券。鄧普頓環球美元基金以美元為結算單位。








--


After rebounding strongly off of March lows, equity markets fell sharplyin June when they gave way to the pressure of record breaking oil prices.Until then, markets had appeared to be relatively resilient in the face ofa stream of negative economic headlines which shifted focus from thecontinued U.S. subprime mortgage crisis fallout to concerns of rising oilprices and inflation. Investors have continued to flock to cyclicalcommodity and materials stocks which have had strong momentum. Ourapproach, which relies on a valuation discipline that steers us away fromsuch momentum trades, has led us to believe a variety of sectors areexpensive on a long-term basis, and our recent returns have suffered asthe market continues to inflate these late stage commodity stocks. Thistype of turbulent market environment has put downward pressure on bothhigh and low quality stocks. As true value investors, we view this marketperiod in a very constructive manner, as we believe it has provided uswith the opportunity to purchase quality companies at bargain prices.

環球各地股市自三月份的低位強勢反彈後，近期終於不敵油價屢創新高的壓力，在六月份大幅回落。在此之前，即使面對連串經濟負面消息打擊，焦點由美國次按危機持續擴散，逐漸轉移至油價和通脹不斷上漲等壓力，市場表現仍相對堅挺。投資者持續投向升勢凌厲的週期性商品和物料股。我們一向嚴守價值型投資的紀律，儘管市場繼續在商品股膨脹週期的最後階段入市追捧，以致我們的近期回報略為受創，但基於我們相信多個行業按長期估值計已屬昂貴，促使我們不作有關交易。目前的市況非常動盪，不論質素優劣的股份均遭沽壓。作為真正的價值型投資者，我們認為目前市況正好提供有利的入市時機，趁低吸納優質股份。



Ordinary 一般單位 -16.68% -5.70% -16.62% 12.40%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................


Savings 退休儲蓄單位 -16.85% -5.77% -17.04% 11.00%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................



............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Ordinary 一般單位 N/A N/A -12.90% -6.10%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Administration 行政管理單位 N/A N/A -13.00% -6.60%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Savings 退休儲蓄單位 N/A N/A -13.10% -6.70%......................................................................................................................................................................................................................................................................................................................................................................................................................................


01/06 07/06 01/07 07/07 01/08

100

110

120

130

140


................................................................................................................................................................................................

2007 9.59% 9.05% 8.98%................................................................................................................................................................................................


EUROPE 歐洲 56.77%................................................................................................................................................................................................................

NORTH AMERICA 北美洲 28.02%................................................................................................................................................................................................................

ASIA 亞洲 9.33%................................................................................................................................................................................................................

AUSTRALIA/NZL 0.95%................................................................................................................................................................................................................

MID-EAST/AFRICA 中東\非洲 0.30%................................................................................................................................................................................................................

OTHERS 其他 4.63%................................................................................................................................................................................................................


ORACLE CORP 甲骨文 2.58%........................................................................................................................................................................................................

MICROSOFT CORP 微軟 2.53%........................................................................................................................................................................................................

TOTAL SA 2.24%........................................................................................................................................................................................................


SIEMENS AG 西門子 1.87%........................................................................................................................................................................................................

BP PLC 英國石油 1.86%........................................................................................................................................................................................................

NOVARTIS AG 1.83%........................................................................................................................................................................................................

TELEFONICA SA 1.78%........................................................................................................................................................................................................

GAZPROM 1.71%........................................................................................................................................................................................................

VODAFONE GROUP PLC 1.69%........................................................................................................................................................................................................

TOTAL 19.98%........................................................................................................................................................................................................


^ as of截至 30/06/2008



(852) 2500 1666


(852) 2629 2666

www.fidelity.com.hk# The information indicates the actual portfolios of the underlying funds. 資料顯示相關基金的實質投資組合。1This is the return achieved through saving the same amount at the end of each month, comparing the total contributions with their current value and expressing thegain or loss as a percentage. Source: Gadbury Group Limited 此為不同年期內透過每月底投資相同金額所獲得的投資回報，比較供款總額及其現值，所顯示為其盈利\虧損之百分比。資料來源﹕Gadbury Group LimitedSource: Fidelity/HSBC Institutional Trust Services (Asia) Ltd./Franklin Templeton Investments, NAV to NAV, in USD. 富達/匯豐機構信託服務(亞洲)有限公司/富蘭克林鄧普頓投資，以資產淨值及美元計算。All views expressed cannot be construed as an offer or recommendation by Fidelity. Fidelity shall not be held liable for damages arising out of any person's relianceupon this information. Any person considering an investment should seek independent advice on the suitability or otherwise of the particular investment. While carehas been taken to ensure the information herein is accurate. Fidelity is not responsible for any errors or omissions relating to specific information provided by thirdparties. Investment involves risks. Past performance is not indicative of future performance. Please refer to the Explanatory Memorandum of Fidelity AdvantagePortfolio Fund for further information. Fidelity, Fidelity International, and Fidelity International and Pyramid Logo are trademarks of FIL Limited. Investment in theFidelity Advantage Portfolio Fund and Fidelity Global Investment Fund is not available to the general investing public. Investments in the Fidelity Advantage PortfolioFund and Fidelity Global Investment Fund are available only to Professional Investors, ORSO and MPF retirement schemes, their related Approved Pooled InvestmentFunds, or those individuals who have recently been or still are members of an ORSO or MPF retirement scheme. If you are an individual retail investor who is not aProfessional Investor or current or former member of an ORSO or MPF retirement scheme wishing to invest your accrued benefits and want to invest in Fidelitymanaged funds, please contact Fidelity for further details about our other ranges of investment funds, which are available to the general investing public. Reference inthis document to specific securities should not be construed as a recommendation to buy or sell these securities, but is included for the purposes of illustration only. 本文件內所載的觀點，在任何情況下均不應被視為富達的促銷或建議。富達對任何依賴本文而引致的損失概不負責。雖然富達已採取措施，確保文內資料準確無誤，但不擬就有關由第三方所提供的資料所出現的錯誤或遺漏承擔任何責任。有意投資者應就個別投資項目的適合程度或其他因素尋求獨立的意見。投資涉及風險。基金過往的表現並不表示將來亦會有類似的業績。詳情請細閱富達優越投資組合基金說明書。「富達」及其標誌均為FIL Limited的商標。富達優越投資組合基金及富達環球投資基金不可供一般投資大眾投資。富達優越投資組合基金及富達環球投資基金僅可供專業投資者、職業退休計劃及強積金退休計劃、其相關核准匯集投資基金，或最近成為或仍屬職業退休計劃或強積金退休計劃成員的該等個別人士投資。若閣下是個人零售投資者，而並非專業投資者，或並非欲將閣下的累算權益作出投資的職業退休計劃或強積金退休計劃現有或前度成員，而又有意投資於富達所管理的基金，請聯絡富達，以獲取向一般投資大眾發售的其他富達投資基金系列的詳細資料。本文件內所載的證券僅供資料用途，在任何情況下均不應被視為建議買入或賣出有關證券。

21


Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio 富達優越投資組合基金 - 盈富基金組合

as of截至 30/06/2008




The Fund is a feeder fund that invests in the Tracker Fund of HongKong ( “TraHK” ). TraHK's investment objective is to provideinvestment results that closely correspond to the performance ofthe Hang Seng Index of Hong Kong. The manager of TraHK seeksto achieve the investment objective of TraHK by investing all, orsubstantially all, of TraHK's assets in shares listed on The StockExchange of Hong Kong Limited in substantially the sameweightings as they appear in the Hang Seng Index. The managerof TraHK may also invest in certain other permitted investmentsin seeking to meet the investment objective of TraHK. The managerof TraHK will rebalance TraHK's portfolio of investments from timeto time to reflect any changes to the composition of, or theweighting of shares in, the Hang Seng Index.本基金是一項聯接基金，投資於香港的盈富基金（「盈富基金」）。盈富基金的投資目標為提供與香港恒生指數表現緊貼的投資成績。為達到盈富基金的投資目標，盈富基金經理人會把盈富基金的全部或絕大部份資產投資於在香港聯合交易所有限公司上市的股份，而比重大致與該等股份佔恒生指數的比重相同。盈富基金經理人亦可投資於若干其他許可的投資，以達致盈富基金的投資目標。盈富基金經理人將因應恒生指數成份股或其比重之變動，隨時調整盈富基金之投資組合。




Ordinary一般單位 HK$14.20 (港元)Administration行政管理單位 HK$14.05 (港元)Savings退休儲蓄單位 HK$14.03 (港元)




--


Not Available未能提供



Ordinary 一般單位 -19.13% -2.61% 3.05% 42.00%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Administration 行政管理單位 -19.25% -2.63% 2.63% 40.50%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Savings 退休儲蓄單位 -19.32% -2.70% 2.56% 40.30%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................



............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................





01/06 07/06 01/07 07/07 01/08

100

120

140

160

180

200


................................................................................................................................................................................................

2007 40.59% 39.87% 39.79%................................................................................................................................................................................................



CHINA MOBILE (HK) LTD 中國移動 12.10%........................................................................................................................................................................................................

CHINA CONSTRUCTION BANK 建設銀行 5.42%........................................................................................................................................................................................................

INDUSTRIAL & COMMERCIAL BANK OF CHINA LTD 中國工商銀行 4.67%........................................................................................................................................................................................................

CNOOC LTD 中國海洋石油 4.60%........................................................................................................................................................................................................

PETROCHINA CO LTD 中國石油 4.09%........................................................................................................................................................................................................

CHINA LIFE INSURANCE CO LTD 中國人壽保險 3.90%........................................................................................................................................................................................................




TOTAL 59.10%........................................................................................................................................................................................................


^ as of截至 30/06/2008



(852) 2500 1666


(852) 2629 2666

www.fidelity.com.hk# The information indicates the actual portfolios of the underlying funds. 資料顯示相關基金的實質投資組合。1This is the return achieved through saving the same amount at the end of each month, comparing the total contributions with their current value and expressing thegain or loss as a percentage. Source: Gadbury Group Limited 此為不同年期內透過每月底投資相同金額所獲得的投資回報，比較供款總額及其現值，所顯示為其盈利\虧損之百分比。資料來源﹕Gadbury Group LimitedSource: Fidelity/HSBC Institutional Trust Services (Asia) Ltd./Bloomberg, NAV to NAV, in HKD. 富達/匯豐機構信託服務(亞洲)有限公司/彭博，以資產淨值及港元計算。All views expressed cannot be construed as an offer or recommendation by Fidelity. Fidelity shall not be held liable for damages arising out of any person's relianceupon this information. Any person considering an investment should seek independent advice on the suitability or otherwise of the particular investment. While carehas been taken to ensure the information herein is accurate. Fidelity is not responsible for any errors or omissions relating to specific information provided by thirdparties. Investment involves risks. Past performance is not indicative of future performance. Please refer to the Explanatory Memorandum of Fidelity AdvantagePortfolio Fund for further information. Fidelity, Fidelity International, and Fidelity International and Pyramid Logo are trademarks of FIL Limited. Investment in theFidelity Advantage Portfolio Fund and Fidelity Global Investment Fund is not available to the general investing public. Investments in the Fidelity Advantage PortfolioFund and Fidelity Global Investment Fund are available only to Professional Investors, ORSO and MPF retirement schemes, their related Approved Pooled InvestmentFunds, or those individuals who have recently been or still are members of an ORSO or MPF retirement scheme. If you are an individual retail investor who is not aProfessional Investor or current or former member of an ORSO or MPF retirement scheme wishing to invest your accrued benefits and want to invest in Fidelitymanaged funds, please contact Fidelity for further details about our other ranges of investment funds, which are available to the general investing public. Reference inthis document to specific securities should not be construed as a recommendation to buy or sell these securities, but is included for the purposes of illustration only. 本文件內所載的觀點，在任何情況下均不應被視為富達的促銷或建議。富達對任何依賴本文而引致的損失概不負責。雖然富達已採取措施，確保文內資料準確無誤，但不擬就有關由第三方所提供的資料所出現的錯誤或遺漏承擔任何責任。有意投資者應就個別投資項目的適合程度或其他因素尋求獨立的意見。投資涉及風險。基金過往的表現並不表示將來亦會有類似的業績。詳情請細閱富達優越投資組合基金說明書。「富達」及其標誌均為FIL Limited的商標。富達優越投資組合基金及富達環球投資基金不可供一般投資大眾投資。富達優越投資組合基金及富達環球投資基金僅可供專業投資者、職業退休計劃及強積金退休計劃、其相關核准匯集投資基金，或最近成為或仍屬職業退休計劃或強積金退休計劃成員的該等個別人士投資。若閣下是個人零售投資者，而並非專業投資者，或並非欲將閣下的累算權益作出投資的職業退休計劃或強積金退休計劃現有或前度成員，而又有意投資於富達所管理的基金，請聯絡富達，以獲取向一般投資大眾發售的其他富達投資基金系列的詳細資料。本文件內所載的證券僅供資料用途，在任何情況下均不應被視為建議買入或賣出有關證券。

22


Fidelity Advantage Portfolio Fund - Global Equity Fund 富達優越投資組合基金 - 環球股票基金

as of截至 30/06/2008




The Fund will invest primarily in the global equity markets andproduce returns that are related to those achieved on the majorworld stock market indices.基金主要投資於環球股票市場，並提供與環球股票市場主要指數所達至表現相關的回報。

Fund Details 基金資料Fund Manager基金經理 Pek Ng 黃碧瑤








11.87%


Global equities relinquished their earlier gains to end the second quarterof 2008 lower. Markets were initially buoyed by the rescue of Bear Stearnslast quarter and the US Federal Reserve’s liquidity injections. Moreover,write-downs by leading financial institutions raised hopes that banks wereaggressively cleaning up their books and that the credit market crisis haddone its worst. The enthusiasm was, however, short-lived and marketstook a turn amid concerns about mounting inflation, underpinned byrecord-high crude oil prices and rising food costs. Investors were worriedabout the impact of higher prices on consumer spending and on corporateearnings. Most central banks leant towards a tighter monetary policy inresponse to rising inflationary risks, although this will hammer the already-slowing economic growth. Sentiment was further dampened after thecredit ratings of leading bond insurers were downgraded, which fuelledspeculation about banks and brokerages would suffer additional write-downs. As at the end of the review period, the manager maintained aneutral stance towards Hong Kong equities, and increased holdings inJapan although remained underweight the market. On the other hand,she has added positions in the North American markets, which was largelyfunded by trimming the portfolio’s overweight in Asia ex Japan and Europe.

環球股市回吐早前的升幅，在今年第二季低收。於上季推出的挽救貝爾斯登方案和美國聯儲局注資行動，在初期曾為大市提供動力。此外，主要金融機構減值，令市場憧憬銀行業積極整理賬目，信貸市場危機的低潮可望結束。然而，利好的市場氣氛只屬曇花一現，原油價格創新高，加上糧食開支上升，刺激通脹高企，拖累大市因而轉勢。投資者憂慮物價上升對消費開支和企業盈利的影響。為應付通脹風險上升的局面，大部份央行傾向收緊貨幣政策，儘管此舉會拖慢本已放緩的經濟增長步伐。主要債券發行商的信貸評級遭下調，投資者揣測銀行及經紀商須再度減值，因而進一步利淡市場氣氛。在回顧期終，基金經理對香港股票維持中性立場，另增持日股，但對當地市場仍持偏低比重。此外，基金經理增持北美市場，資金主要來自調低對亞洲（日本除外）及歐洲市場的偏高比重。



Ordinary 一般單位 -11.64% 0.00% -5.11% 38.48% 82.10%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Administration 行政管理單位 -11.79% -0.11% -5.52% 36.58% 78.10%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Savings 退休儲蓄單位 -11.81% -0.11% -5.53% 36.38% 77.70%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................



............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Ordinary 一般單位 N/A N/A -6.70% 9.40% 28.70% 28.70%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Administration 行政管理單位 N/A N/A -6.90% 8.60% 27.00% 27.00%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Savings 退休儲蓄單位 N/A N/A -6.90% 8.50% 26.90% 26.90%......................................................................................................................................................................................................................................................................................................................................................................................................................................


06/03 06/04 06/05 06/06 06/07 06/08

100

120

140

160

180

200

220


................................................................................................................................................................................................

2007 19.90% 19.26% 19.23%................................................................................................................................................................................................................................................................................................................................................................................................

2006 18.47% 17.98% 17.85%................................................................................................................................................................................................................................................................................................................................................................................................

2005 11.62% 11.15% 11.08%................................................................................................................................................................................................................................................................................................................................................................................................

2004 13.84% 13.35% 13.35%................................................................................................................................................................................................






TOTAL EQUITY FUNDS 股票基金總數 100.00%* May include investments in Japan and Hong Kong.投資地區或包括日本及香港

Top 10 Holdings 十大主要投資項目ÂPPLE INC 蘋果公司 1.82%........................................................................................................................................................................................................

GOOGLE INC A 1.70%........................................................................................................................................................................................................

PPL CORPORATION 1.52%........................................................................................................................................................................................................

SOUTHWESTERN ENERGY CO 1.49%........................................................................................................................................................................................................

CHESAPEAKE ENERGY CORP 1.47%........................................................................................................................................................................................................

NUANCE COMMUNICATIONS INC 1.35%........................................................................................................................................................................................................

GOODRICH PETRO CORP 1.14%........................................................................................................................................................................................................

E.ON AG 1.13%........................................................................................................................................................................................................

CONSOL ENERGY INC 1.09%........................................................................................................................................................................................................

HEWLETT-PACKARD CO 惠普 1.06%........................................................................................................................................................................................................

TOTAL 13.77%........................................................................................................................................................................................................


^ as of截至 30/06/2008



(852) 2500 1666


(852) 2629 2666


23


Fidelity Advantage Portfolio Fund - Hong Kong Equity Fund 富達優越投資組合基金 - 香港股票基金

as of截至 30/06/2008




The objective of the Fund is to produce returns related to thoseachieved on the major stock market indices of Hong Kong. TheHong Kong Equity Fund is a feeder fund invests in the Hong KongEquity Fund, a sub-fund of the Fidelity Global Investment Fund(FGIF).基金旨在提供與香港股票市場主要指數所達至表現相關的回報。香港股票基金是一項聯接基金，投資於富達環球投資基金的子基金 - 香港股票基金。

Fund Details 基金資料Fund Manager基金經理 Wilson Wong








20.32%


Hong Kong stock market underperformed its global counterparts over thequarter, amid concerns of a slowdown in global economic growth andcontinued rise in oil prices. This coupled with spiralling commodity andfood prices, fuelled inflation and impacted investor sentiment. In China, asevere earthquake and rainstorms proved harmful to returns. Despite somemoderation, Hong Kong’s economic growth held up well and China’seconomy is still expected to grow by high single digits, therefore driveeconomic activity across the region. Furthermore, healthy demand fromEmerging Markets may partially offset the weakness in exports to the USand EU. Overweight exposure to banks and the energy sector provedrewarding. Banking stocks benefited from robust credit demand. Theenergy sector benefited from higher oil prices. The holding in an electricalutility company also proved rewarding as it offered stable earnings visibilityand healthy growth outlook in this volatile market environment.Conversely, an underweight position in the materials sector detracted. Interms of positioning, the manager maintained a significant exposure tobanks. He increased positions in the energy sector to benefit from strongoil prices. Meanwhile, low visibility of meaningful earnings improvementinduced him to reduce exposure to telecommunications services stocks.

投資者關注環球經濟增長放緩，加上油價持續上升，令香港股市季內的表現遜於環球股市。此外，商品和糧食價格螺旋式上升，刺激通脹高企，削弱投資氣氛。中國發生嚴重地震和暴雨成災，拖累股市的表現。雖然香港經濟增長略為放緩，但保持穩健。中國經濟仍可望錄得偏高的單位數字增幅，推動區內經濟發展。此外，新興市場的需求殷切，可望略為紓緩美國及歐盟市場出口放緩的影響。基金對銀行和能源股持偏高比重，有助提升回報。信貸需求暢旺，惠及銀行股，而石油價格上升則利好能源股。基金持有一家電力公司的股份，惠及回報表現，因為在波動的市況下，該股擁有穩定的盈利前景和良好的增長潛力。然而，基金對物料股持偏低比重，則利淡表現。就部署而言，基金經理積極投資於銀行股。另外，他亦增持能源股，以受惠於強勁的油價走勢。然而，由於預期電訊服務業的盈利前景缺乏顯著的改善空間，基金經理減持有關股票。



Ordinary 一般單位 -19.85% -1.29% 10.25% 82.46% 193.62%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Administration 行政管理單位 -20.03% -1.40% 9.75% 80.01% 187.08%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Savings 退休儲蓄單位 -20.05% -1.42% 9.69% 79.74% 186.36%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................



............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Ordinary 一般單位 N/A N/A -8.80% 31.60% 67.00% 67.00%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Administration 行政管理單位 N/A N/A -9.10% 30.60% 64.80% 64.80%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................



06/03 06/04 06/05 06/06 06/07 06/08

100

150

200

250

300

350

400


................................................................................................................................................................................................

2007 56.28% 55.59% 55.50%................................................................................................................................................................................................................................................................................................................................................................................................

2006 38.09% 37.46% 37.39%................................................................................................................................................................................................................................................................................................................................................................................................

2005 9.79% 9.30% 9.25%................................................................................................................................................................................................................................................................................................................................................................................................

2004 18.76% 18.23% 18.17%................................................................................................................................................................................................


CHINA 中國 26.4%................................................................................................................................................................................................................

SINGAPORE 新加坡 2.0%................................................................................................................................................................................................................

CASH 現金 4.8%................................................................................................................................................................................................................

OTHERS 其他 2.3%................................................................................................................................................................................................................




CNOOC LTD 中國海洋石油 7.06%........................................................................................................................................................................................................






DAIRY FARM INTL HLDGS 牛奶國際控股 2.80%........................................................................................................................................................................................................

TOTAL 60.71%........................................................................................................................................................................................................


^ as of截至 30/06/2008



(852) 2500 1666


(852) 2629 2666

www.fidelity.com.hk1This is the return achieved through saving the same amount at the end of each month, comparing the total contributions with their current value and expressing thegain or loss as a percentage. Source: Gadbury Group Limited 此為不同年期內透過每月底投資相同金額所獲得的投資回報，比較供款總額及其現值，所顯示為其盈利\虧損之百分比。資料來源﹕Gadbury Group LimitedSource: Fidelity/HSBC Institutional Trust Services (Asia) Ltd., NAV to NAV, in HKD. 富達/匯豐機構信託服務(亞洲)有限公司，以資產淨值及港元計算。All views expressed cannot be construed as an offer or recommendation by Fidelity. Fidelity shall not be held liable for damages arising out of any person's relianceupon this information. Any person considering an investment should seek independent advice on the suitability or otherwise of the particular investment. Investmentinvolves risks. Past performance is not indicative of future performance. Please refer to the Explanatory Memorandum of Fidelity Advantage Portfolio Fund for furtherinformation. Fidelity, Fidelity International, and Fidelity International and Pyramid Logo are trademarks of FIL Limited. Investment in the Fidelity Advantage PortfolioFund and Fidelity Global Investment Fund is not available to the general investing public. Investments in the Fidelity Advantage Portfolio Fund and Fidelity Global InvestmentFund are available only to Professional Investors, ORSO and MPF retirement schemes, their related Approved Pooled Investment Funds, or those individuals who haverecently been or still are members of an ORSO or MPF retirement scheme. If you are an individual retail investor who is not a Professional Investor or current orformer member of an ORSO or MPF retirement scheme wishing to invest your accrued benefits and want to invest in Fidelity managed funds, please contact Fidelityfor further details about our other ranges of investment funds, which are available to the general investing public. Reference in this document to specific securitiesshould not be construed as a recommendation to buy or sell these securities, but is included for the purposes of illustration only. 本文件內所載的觀點，在任何情況下均不應被視為富達的促銷或建議。富達對任何依賴本文而引致的損失概不負責。有意投資者應就個別投資項目的適合程度或其他因素尋求獨立的意見。投資涉及風險。基金過往的表現並不表示將來亦會有類似的業績。詳情請細閱富達優越投資組合基金說明書。「富達」及其標誌均為FIL Limited的商標。富達優越投資組合基金及富達環球投資基金不可供一般投資大眾投資。富達優越投資組合基金及富達環球投資基金僅可供專業投資者、職業退休計劃及強積金退休計劃、其相關核准匯集投資基金，或最近成為或仍屬職業退休計劃或強積金退休計劃成員的該等個別人士投資。若閣下是個人零售投資者，而並非專業投資者，或並非欲將閣下的累算權益作出投資的職業退休計劃或強積金退休計劃現有或前度成員，而又有意投資於富達所管理的基金，請聯絡富達，以獲取向一般投資大眾發售的其他富達投資基金系列的詳細資料。本文件內所載的證券僅供資料用途，在任何情況下均不應被視為建議買入或賣出有關證券。

24


Fidelity Advantage Portfolio Fund - Balanced Fund 富達優越投資組合基金 - 均衡基金

as of截至 30/06/2008




The Fund will normally maintain a balanced, global portfolio ofbond funds and equity funds with the aim of achieving a consistentoverall return higher than Hong Kong inflation but with lower riskand volatility than the Growth Fund.基金旨在通常保持一個均衡並由債券基金及股票基金組成的環球投資組合，目標在於達致較香港通脹率為高的穩定整體回報，但風險及波幅則較增長基金為低。






Fund Size基金資產 US$1,089.88M (百萬美元)



10.63%






Ordinary 一般單位 -9.29% -1.15% 3.46% 47.71% 105.26% 136.97% 192.90%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Administration 行政管理單位 -9.50% -1.29% 2.98% 45.68% 100.73% 126.58% 176.20%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Savings 退休儲蓄單位 -9.53% -1.29% 2.91% 45.48% 100.15% 97.14%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................



............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Ordinary 一般單位 N/A N/A -4.50% 16.10% 36.90% 70.40% 87.40%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Administration 行政管理單位 N/A N/A -4.80% 15.20% 35.20% 66.00% 81.10%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................



12/00 12/01 12/02 12/03 12/04 12/05 12/06 12/07

80100120140160180200220


................................................................................................................................................................................................

2007 24.58% 23.96% 23.94%................................................................................................................................................................................................................................................................................................................................................................................................

2006 20.17% 19.69% 19.57%................................................................................................................................................................................................................................................................................................................................................................................................

2005 9.77% 9.24% 9.20%................................................................................................................................................................................................................................................................................................................................................................................................

2004 14.51% 13.98% 13.93%................................................................................................................................................................................................................................................................................................................................................................................................

2003 29.22% 28.66% 28.58%................................................................................................................................................................................................................................................................................................................................................................................................

2002 -6.87% -7.29% --................................................................................................................................................................................................














GERMANY OBL 3.5% 04/12/2013 德國債務證券 3.5% 04/12/2013

1.86%

........................................................................................................................................................................................................


CNOOC LTD 中國海洋石油 1.68%........................................................................................................................................................................................................





GERMANY BUNDES 3.75% 01/04/2017 德國政府債券 3.75% 01/04/2017

1.20%

........................................................................................................................................................................................................

TOTAL 16.50%........................................................................................................................................................................................................

^ as of截至 30/06/2008



(852) 2500 1666


(852) 2629 2666


25


Fidelity Advantage Portfolio Fund - Capital Stable Fund 富達優越投資組合基金 - 資本穩定基金

as of截至 30/06/2008


Mixed Assets Fund - Global with around 30% in equities and 70%in bonds and cash混合資產基金－環球股票約佔 30%,債券及現金佔 70%。


The Fund will invest primarily in money market funds and globalbond funds with the aim of achieving a stable level of return,minimising volatility whilst achieving some capital appreciation atlow risk.基金主要投資於貨幣市場基金及環球債券基金，目標在於在低風險下謀取某程度資本增值的同時，達致穩定的回報水平，並將波幅減至最低。









5.34%






Ordinary 一般單位 -2.36% -2.25% 8.12% 29.60% 58.54% 98.24% 147.80%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................


Savings 退休儲蓄單位 -2.59% -2.39% 7.53% 27.62% 54.55% 70.00%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................



............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................





12/00 12/01 12/02 12/03 12/04 12/05 12/06 12/07

100

120

140

160

180


................................................................................................................................................................................................

2007 15.15% 14.63% 14.57%................................................................................................................................................................................................................................................................................................................................................................................................

2006 11.82% 11.28% 11.25%................................................................................................................................................................................................................................................................................................................................................................................................

2005 1.60% 1.18% 1.08%................................................................................................................................................................................................................................................................................................................................................................................................

2004 10.67% 10.14% 10.15%................................................................................................................................................................................................................................................................................................................................................................................................

2003 19.58% 19.05% 19.00%................................................................................................................................................................................................................................................................................................................................................................................................

2002 4.05% 3.58% --................................................................................................................................................................................................













4.26%

........................................................................................................................................................................................................


2.76%

........................................................................................................................................................................................................


2.41%

........................................................................................................................................................................................................


2.20%

........................................................................................................................................................................................................


1.94%

........................................................................................................................................................................................................



1.26%

........................................................................................................................................................................................................

USTN 3.625% 12/31/2012 美國國庫券 3.625% 12/31/2012 1.07%........................................................................................................................................................................................................


1.05%

........................................................................................................................................................................................................


1.05%

........................................................................................................................................................................................................

TOTAL 19.67%........................................................................................................................................................................................................

^ as of截至 30/06/2008



(852) 2500 1666


(852) 2629 2666


26


Fidelity Advantage Portfolio Fund - Growth Fund 富達優越投資組合基金 - 增長基金

as of截至 30/06/2008




The Fund will be mainly invested in equity funds, with ageographical bias towards Hong Kong with the aim of maximisinglong-term returns.基金主要投資於股票基金，並在地域上偏重於香港的股票基金，目標在於謀取最高的長期回報。









13.57%






Ordinary 一般單位 -12.66% -0.61% 0.91% 56.93% 131.11% 147.99% 209.00%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................


Savings 退休儲蓄單位 -12.87% -0.72% 0.41% 54.60% 125.37% 109.14%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................



............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................





12/00 12/01 12/02 12/03 12/04 12/05 12/06 12/07

80100120140160180200220


................................................................................................................................................................................................

2007 29.22% 28.63% 28.58%................................................................................................................................................................................................................................................................................................................................................................................................

2006 24.34% 23.76% 23.71%................................................................................................................................................................................................................................................................................................................................................................................................

2005 13.98% 13.45% 13.42%................................................................................................................................................................................................................................................................................................................................................................................................

2004 16.18% 15.69% 15.64%................................................................................................................................................................................................................................................................................................................................................................................................

2003 34.00% 33.33% 33.28%................................................................................................................................................................................................................................................................................................................................................................................................

2002 -11.92% -12.28% --................................................................................................................................................................................................















CNOOC LTD 中國海洋石油 2.11%........................................................................................................................................................................................................






TENCENT HOLDINGS LIMITED 騰訊控股有限公司 0.93%........................................................................................................................................................................................................

TOTAL 18.93%........................................................................................................................................................................................................

^ as of截至 30/06/2008



(852) 2500 1666


(852) 2629 2666


27


Fidelity Advantage Portfolio Fund - MultiManager Balanced Fund 富達優越投資組合基金 - 精英薈萃均衡基金

as of截至 30/06/2008




The objective of the Fund will normally maintain a balanced, globalportfolio of fixed income funds and equity funds with the aim ofachieving a consistent overall return higher than Hong Konginflation but with lower risk and volatility than the MultiManagerGrowth Fund, and will retain the flexibility to invest in cash funds.基金旨在通常保持一個均衡並由固定收益基金及股票基金組成的環球投資組合，目標在於達致較香港通脹率為高的穩定整體回報，但風險及波幅則較精英薈萃增長基金為低，及維持投資於現金基金的靈活性。









--






Ordinary 一般單位 -11.25% -3.38% -2.99% 19.90%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................


Savings 退休儲蓄單位 -11.43% -3.50% -3.42% 18.50%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................



............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................





01/06 07/06 01/07 07/07 01/08

100

110

120

130

140


................................................................................................................................................................................................

2007 17.48% 17.03% 16.86%................................................................................................................................................................................................

Top 10 Fund Holdings 十大持有量最多基金^TEMPLETON MPF GLOBAL BOND FUND 鄧普頓強積金環球債券基金

11.21%

........................................................................................................................................................................................................


10.06%

........................................................................................................................................................................................................



8.26%

........................................................................................................................................................................................................

INVESCO POOLED INVESTMENT FUND - INTERNATIONAL BOND FUND 景順集成投資基金 - 國際債券基金

7.15%

........................................................................................................................................................................................................


6.50%

........................................................................................................................................................................................................


6.24%

........................................................................................................................................................................................................


5.78%

........................................................................................................................................................................................................


5.72%

........................................................................................................................................................................................................


5.69%

........................................................................................................................................................................................................












^ as of截至 30/06/2008



(852) 2500 1666


(852) 2629 2666


28


Fidelity Advantage Portfolio Fund - MultiManager Capital Stable Fund 富達優越投資組合基金 - 精英薈萃資本穩定基金

as of截至 30/06/2008


Mixed Assets Fund - Global with around 30% in equities and 70%in bonds and cash investing in a fund of funds approach混合資產基金－環球股票約佔 30% (偏重於香港),債券及現金佔 70%,以基金中之基金形式投資。


The Fund will invest primarily in money market funds and globalfixed income funds with the aim of achieving a stable level of return,minimising volatility whilst achieving some capital appreciation atlow risk, and will retain the flexibility to invest in cash funds.基金主要投資於貨幣市場基金及環球固定收益基金，目標在於在低風險下謀取某程度資本增值的同時，達致穩定的回報水平，並將波幅減至最低，及將維持投資於現金基金的靈活性。









--






Ordinary 一般單位 -5.31% -3.93% 1.26% 12.40%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................


Savings 退休儲蓄單位 -5.53% -4.06% 0.82% 11.10%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................



............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................





01/06 07/06 01/07 07/07 01/08

100

105

110

115

120


................................................................................................................................................................................................

2007 10.62% 10.21% 10.11%................................................................................................................................................................................................


22.05%

........................................................................................................................................................................................................


15.62%

........................................................................................................................................................................................................


15.45%

........................................................................................................................................................................................................


10.38%

........................................................................................................................................................................................................


9.51%

........................................................................................................................................................................................................



4.71%

........................................................................................................................................................................................................


3.14%

........................................................................................................................................................................................................


2.84%

........................................................................................................................................................................................................


2.20%

........................................................................................................................................................................................................












^ as of截至 30/06/2008



(852) 2500 1666


(852) 2629 2666


29


Fidelity Advantage Portfolio Fund - MultiManager Growth Fund 富達優越投資組合基金 - 精英薈萃增長基金

as of截至 30/06/2008




The objective of the Fund will be mainly invested in equity funds,with a geographical bias towards Hong Kong with the aim ofmaximising long-term returns and will retain the flexibility to investin fixed income funds and cash funds.基金旨在主要投資於股票基金，並在地域上偏重於香港的股票基金，目標在於謀取最高的長期回報，及維持投資於固定收益證券及現金的靈活性。









--






Ordinary 一般單位 -14.24% -2.95% -6.24% 21.70%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................


Savings 退休儲蓄單位 -14.45% -3.06% -6.75% 20.20%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................



............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................





01/06 07/06 01/07 07/07 01/08

100

110

120

130

140

150


................................................................................................................................................................................................

2007 19.55% 19.04% 18.97%................................................................................................................................................................................................

Top 10 Fund Holdings 十大持有量最多基金^JF SAR EUROPEAN FUND JF 宜安歐洲基金 11.61%........................................................................................................................................................................................................


10.49%

........................................................................................................................................................................................................


9.40%

........................................................................................................................................................................................................


8.30%

........................................................................................................................................................................................................


7.97%

........................................................................................................................................................................................................


7.12%

........................................................................................................................................................................................................


7.04%

........................................................................................................................................................................................................



6.25%

........................................................................................................................................................................................................


6.24%

........................................................................................................................................................................................................












^ as of截至 30/06/2008



(852) 2500 1666


(852) 2629 2666


30


Fidelity Advantage Portfolio Fund - MultiManager Stable Growth Fund 富達優越投資組合基金 - 精英薈萃平穩增長基金

as of截至 30/06/2008


Mixed Assets Fund - Global with around 50% in equities (a slightlybias towards Hong Kong) and 50% in bonds and cash investing ina fund of funds approach混合資產基金－環球股票約佔 50% (稍微偏重於香港),債券和現金佔 50%,以基金中之基金形式投資。


The Fund will invest in a global portfolio of fixed income funds,cash funds and equity funds, with a lower weighting in equitiesthan the MultiManager Balanced Fund, with the aim of achievinga consistent overall return higher than Hong Kong inflation.基金投資於一個由固定收益基金、現金基金和股票基金組成的環球投資組合，所持有股票的比重較精英薈萃均衡基金為低，目標在達致較香港通脹率為高的穩定整體回報。









--






Ordinary 一般單位 -7.17% -3.33% 1.28% 19.10%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................


Savings 退休儲蓄單位 -7.40% -3.45% 0.68% 17.60%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................



............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................





01/06 07/06 01/07 07/07 01/08

100105110115120125130


................................................................................................................................................................................................

2007 15.48% 14.92% 14.83%................................................................................................................................................................................................


16.10%

........................................................................................................................................................................................................


13.69%

........................................................................................................................................................................................................


8.96%

........................................................................................................................................................................................................


6.91%

........................................................................................................................................................................................................


6.45%

........................................................................................................................................................................................................



5.04%

........................................................................................................................................................................................................


4.77%

........................................................................................................................................................................................................


4.03%

........................................................................................................................................................................................................


3.89%

........................................................................................................................................................................................................












^ as of截至 30/06/2008



(852) 2500 1666


(852) 2629 2666


31


Fidelity Advantage Portfolio Fund - Stable Growth Fund 富達優越投資組合基金 - 平穩增長基金

as of截至 30/06/2008


Mixed Assets Fund - Global with around 50% in equities (slightlybias towards Hong Kong) and 50% in bonds and cash混合資產基金－環球股票約佔 50% (稍微偏重於香港),債券和現金佔 50%。


The Fund will invest in a global portfolio of bond funds, cash fundsand equity funds, with a lower weighting in equities than theBalanced Fund, with the aim of achieving a consistent overall returnhigher than Hong Kong inflation.基金主要投資於一個由債券基金、現金基金和股票基金組成的環球投資組合，所持有股票的比重較均衡基金為低，目標在於達致較香港通脹率為高的穩定整體回報。









7.78%






Ordinary 一般單位 -5.80% -1.80% 5.93% 38.46% 80.54% 121.39% 103.53%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................


Savings 退休儲蓄單位 -6.05% -1.93% 5.41% 36.37% 75.99% 84.14%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................



............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................





12/00 12/01 12/02 12/03 12/04 12/05 12/06 12/07

100

120

140

160

180

200


................................................................................................................................................................................................

2007 19.77% 19.27% 19.22%................................................................................................................................................................................................................................................................................................................................................................................................

2006 15.99% 15.44% 15.41%................................................................................................................................................................................................................................................................................................................................................................................................

2005 5.33% 4.85% 4.76%................................................................................................................................................................................................................................................................................................................................................................................................

2004 12.67% 12.19% 12.14%................................................................................................................................................................................................................................................................................................................................................................................................

2003 24.59% 24.01% 23.93%................................................................................................................................................................................................................................................................................................................................................................................................

2002 -1.31% -1.72% --................................................................................................................................................................................................













3.23%

........................................................................................................................................................................................................


2.09%

........................................................................................................................................................................................................


1.82%

........................................................................................................................................................................................................


GERMANY BUNDES 4.25% 07/04/2018 德國政府債券 4.25% 07/04/2018

1.66%

........................................................................................................................................................................................................



1.47%

........................................................................................................................................................................................................



CNOOC LTD 中國海洋石油 1.18%........................................................................................................................................................................................................

TOTAL 17.28%........................................................................................................................................................................................................

^ as of截至 30/06/2008



(852) 2500 1666


(852) 2629 2666


32


Fidelity Advantage Portfolio Fund - Crédit Agricole Global Bond Fund 富達優越投資組合基金 - 東方匯理環球債券基金

as of截至 30/06/2008




The Fund is a feeder fund that invests in the CAAM Funds - GlobalBond. The objective of the CAAM Funds - Global Bond is tomaximise total investment returns consisting of a combination ofinterest income, capital appreciation and currency gains. The CAAMFunds - Global Bond will seek to achieve this objective by investingprincipally in fixed or floating rate securities and debt obligationsissued or guaranteed by the major OECD governments orsupranational entities such as the World Bank (at least 60% of theportfolio), and in other high quality bonds denominated in freelyconvertible currencies. Permitted currency hedging techniques willbe used where appropriate. The base currency of the CAAM Funds- Global Bond is USD.本基金是一項聯接基金,投資於東方匯理 CAAM系列基金-環球債券基金。東方匯理 CAAM 系列基金-環球債券基金的目標是尋求最佳的總投資回報,包捨利息收入、資本增值及貨幣收益。東方匯理 CAAM系列基金 – 環球債券基金主要透過投資於由經合組織主要成員國的政府或超跨國性機構，如世界銀行發行或保證的固定或浮動息率之證券及債務工具（不少於投資組合的 60%），亦可投資於以其他通用貨幣為單位之高質素債券，以達到此目標。該基金亦可適當地運用認可之貨幣套戥技巧。東方匯理 CAAM系列基金 –環球債券基金的基本貨幣為美元。








--

Modified Duration 修正存續期 #


Benchmark 指標 :

100% JPM Global Gov't Bond Index

100% JP 摩根環球政府債券指數

6.23 Year(年)

Yield to Maturity 到期收益 # 4.33%


In June, global government bond markets posted an overall neutralperformance (+0.07% for the JPM GBI Global in local currency). Thisreturn however split into a sharp retreat until June 13 followed by a strongrebound during the second half of the month. This reversal was set off byanother round of risk aversion fed by additional massive write-offs by US& European banks, surging oil prices and a deteriorating global economicenvironment.Over the period, JGBs (+1.1%) and US Treasuries (+0.8%)outperformed UK gilts (-0.7%) and EMU bonds (-1.1%).The US, UK & EMUyield curves flattened overall despite the sharp month-end flight-to-quality-driven steepening.Global bond positions generated a negative contributionto performance over the month. Credit positions and currency bets provednegative this month.

六月份環球政府債券市場整體表現持平(JP 摩根環球債券指數以當地貨幣計算錄得 0.07%升幅)。截至在六月十三日之前，環球債市表現仍顯著下滑，至六月下旬才錄得強勁反彈，表現反跌回升，歐美銀行再次進行大幅撇帳、油價趨升及環球經濟環境轉差，令投資者再次變得趨向逃避風險。期內日本政府債券(升 1.1%)及美國國庫券(升 0.8%)表現較英國債券(跌 0.7%)及歐盟區債券(跌 1.1%)為佳。美國、英國及歐盟區孳息曲線整體表現走平，儘管月底時於投資者傾向持有高質素債券下令孳息曲線急速走峭。基金所持有的環球債券本月不利基金表現，所持的信貸及貨幣持倉亦同樣不利基金表現。



Ordinary 一般單位 -0.83% -5.36% 3.75% 7.80%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................


Savings 退休儲蓄單位 -1.02% -5.42% 3.30% 6.40%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................



............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................





01/06 07/06 01/07 07/07 01/08

95

100

105

110

115


................................................................................................................................................................................................

2007 4.02% 3.55% 3.37%................................................................................................................................................................................................


BARCLAYS BK 6.213% AUG10 EMTN 巴克萊銀行歐元中期票據 6.213% Aug10

9.67%

........................................................................................................................................................................................................

USA TSY 3.875% 15FEB13 7.62%........................................................................................................................................................................................................

GERMANY BRD 5.5% 04JAN31 6.79%........................................................................................................................................................................................................

USA TSY 6% 15FEB26 4.75%........................................................................................................................................................................................................

PORTUGAL 3.35% 15OCT15 4.61%........................................................................................................................................................................................................

GERMANY BRD 4.75% 04JUL34 4.32%........................................................................................................................................................................................................

IRELAND 4.5% 18OCT18 3.93%........................................................................................................................................................................................................

FRANCE OAT 4% 25APR55 3.50%........................................................................................................................................................................................................

RBS 6.19% AUG10 EMTN 3.14%........................................................................................................................................................................................................

LA CAIXA 4.5% JAN22 2.26%........................................................................................................................................................................................................

TOTAL 50.59%........................................................................................................................................................................................................

Asset Allocation 資產分配^ #

GOVERNMENT 政府 44.30%..............................................................................................................................................................................................................

CREDIT FINANCIAL 信貸金融 39.19%..............................................................................................................................................................................................................

CREDIT AGENCY 評級公司 3.20%..............................................................................................................................................................................................................

CREDIT CORPORATE 1.62%..............................................................................................................................................................................................................

SOVEREIGN 國家債券 0.65%..............................................................................................................................................................................................................

CASH 現金 11.04%..............................................................................................................................................................................................................

S&P/Moody's Credit Rating 標準普爾／穆廸信用評級^ #

AAA/ Aaa 48.22%........................................................................................................................................................................................................

AA+/ Aa1 1.11%........................................................................................................................................................................................................

AA/ Aa2 9.68%........................................................................................................................................................................................................

AA-/ Aa3 17.86%........................................................................................................................................................................................................

A+/ A1 3.25%........................................................................................................................................................................................................

OTHERS其他 19.88%........................................................................................................................................................................................................

Currency Breakdown 貨幣分佈^ #

USD 美元 41.61%................................................................................................................................................................................................................

JPY 日元 22.83%................................................................................................................................................................................................................

GBP 英鎊 22.11%................................................................................................................................................................................................................

EUR 歐羅 10.96%................................................................................................................................................................................................................

NZD 紐西蘭元 7.33%................................................................................................................................................................................................................

SEK 瑞典克朗 6.09%................................................................................................................................................................................................................

AUD 澳元 1.49%................................................................................................................................................................................................................

NOK 挪威克朗 1.27%................................................................................................................................................................................................................

DKK 丹麥克朗 0.33%................................................................................................................................................................................................................

CHF 瑞士法郎 0.06%................................................................................................................................................................................................................

^ as of截至 30/06/2008



(852) 2500 1666


(852) 2629 2666

www.fidelity.com.hk# The information indicates the actual portfolios of the underlying funds. 資料顯示相關基金的實質投資組合。1This is the return achieved through saving the same amount at the end of each month, comparing the total contributions with their current value and expressing thegain or loss as a percentage. Source: Gadbury Group Limited 此為不同年期內透過每月底投資相同金額所獲得的投資回報，比較供款總額及其現值，所顯示為其盈利\虧損之百分比。資料來源﹕Gadbury Group LimitedSource: Fidelity/HSBC Institutional Trust Services (Asia) Ltd./Crédit Agricole Asset Management, NAV to NAV, in USD. 富達/匯豐機構信託服務(亞洲)有限公司/東方匯理投資，以資產淨值及美元計算。All views expressed cannot be construed as an offer or recommendation by Fidelity. Fidelity shall not be held liable for damages arising out of any person's relianceupon this information. Any person considering an investment should seek independent advice on the suitability or otherwise of the particular investment. While carehas been taken to ensure the information herein is accurate. Fidelity is not responsible for any errors or omissions relating to specific information provided by thirdparties. Investment involves risks. Past performance is not indicative of future performance. Please refer to the Explanatory Memorandum of Fidelity AdvantagePortfolio Fund for further information. Fidelity, Fidelity International, and Fidelity International and Pyramid Logo are trademarks of FIL Limited. Investment in theFidelity Advantage Portfolio Fund and Fidelity Global Investment Fund is not available to the general investing public. Investments in the Fidelity Advantage PortfolioFund and Fidelity Global Investment Fund are available only to Professional Investors, ORSO and MPF retirement schemes, their related Approved Pooled InvestmentFunds, or those individuals who have recently been or still are members of an ORSO or MPF retirement scheme. If you are an individual retail investor who is not aProfessional Investor or current or former member of an ORSO or MPF retirement scheme wishing to invest your accrued benefits and want to invest in Fidelitymanaged funds, please contact Fidelity for further details about our other ranges of investment funds, which are available to the general investing public. Reference inthis document to specific securities should not be construed as a recommendation to buy or sell these securities, but is included for the purposes of illustration only. 本文件內所載的觀點，在任何情況下均不應被視為富達的促銷或建議。富達對任何依賴本文而引致的損失概不負責。雖然富達已採取措施，確保文內資料準確無誤，但不擬就有關由第三方所提供的資料所出現的錯誤或遺漏承擔任何責任。有意投資者應就個別投資項目的適合程度或其他因素尋求獨立的意見。投資涉及風險。基金過往的表現並不表示將來亦會有類似的業績。詳情請細閱富達優越投資組合基金說明書。「富達」及其標誌均為FIL Limited的商標。富達優越投資組合基金及富達環球投資基金不可供一般投資大眾投資。富達優越投資組合基金及富達環球投資基金僅可供專業投資者、職業退休計劃及強積金退休計劃、其相關核准匯集投資基金，或最近成為或仍屬職業退休計劃或強積金退休計劃成員的該等個別人士投資。若閣下是個人零售投資者，而並非專業投資者，或並非欲將閣下的累算權益作出投資的職業退休計劃或強積金退休計劃現有或前度成員，而又有意投資於富達所管理的基金，請聯絡富達，以獲取向一般投資大眾發售的其他富達投資基金系列的詳細資料。本文件內所載的證券僅供資料用途，在任何情況下均不應被視為建議買入或賣出有關證券。

33


Fidelity Advantage Portfolio Fund - Schroder Asian Bond Fund 富達優越投資組合基金 - 施羅德亞洲債券基金

as of截至 30/06/2008


Bond Fund - Asia債券基金－亞洲


The Fund is a feeder fund that invests in the Schroder InternationalSelection Fund - Asian Bond. The objective of the SchroderInternational Selection Fund - Asian Bond is to provide a return ofcapital growth and income primarily through investment in aportfolio of bonds and other fixed and floating rate securities issuedby governments, government agencies, supra-national andcorporate issuers in Asia excluding Japan.本基金是一項聯接基金，投資於施羅德環球基金系列 – 亞洲債券。施羅德環球基金系列 – 亞洲債券的目標是透過主要投資於由亞洲（除日本外）政府、政府機構、超國家組織和公司發行的債券及其他定息及浮息證券組成的投資組合，以獲取資本增長和收益。








--

Modified Duration 修正存續期 #


Benchmark 指標 :

Citi Treasury/Agency Index(TR)

--


Inflation concerns were ever-present in June, but the impact was moremixed than in previous months. In the US, yields recovered a little as theFederal Reserve sought to reassure the market that it wasn’t planning aseries of interest rate hikes. Officials made it clear that they are watchingeconomic data, and as things stand at the moment, they are expecting aweaker economic outlook to moderate inflation. While inflationexpectations have indeed risen, there is no pricing power in wages,suggesting that inflation fears will remain secondary to economicconcerns. As a result we do not expect any changes in monetary policyuntil well into 2009 at the earliest. US Treasury yields are increasinglylikely to be locked in a low trading range, contained by low economicgrowth and Fed rates. Risk premiums are historically attractive yet areappear insufficient to offset continued deleveraging and economic risks.

通脹憂慮繼續是 6月份市場的焦點，但相對於 5月份，通脹對於市場的影響好壞參半。美國方面，聯儲局表示沒有計劃進行連串加息以穩定市場，美國債券孳息輕微反彈。官員又清楚表明會繼續密切留意經濟數據，觀乎現時的市況，預料未來經濟前景在溫和的通脹下略為轉弱。儘管通脹預期已上升，但工資方面卻沒有相同的上升幅度，意味通脹憂慮未及經濟增長重要。有見及此，我們預期貨幣政策在短期內不會有任何重大的變動，最快也會在 2009 年。受到經濟增長緩慢和聯邦基金利率低的限制，美國國庫債券孳息似乎徘徊在低位交投。風險溢價因為處於歷史低位而相當吸引，但不足以抵消持續減債的影響和經濟風險。



Ordinary 一般單位 -1.28% -2.04% 2.86% 0.60%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Administration 行政管理單位 -1.49% -2.16% 2.47% -0.50%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Savings 退休儲蓄單位 -1.49% -2.17% 2.37% -0.70%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................



............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................





01/06 07/06 01/07 07/07 01/08

85

90

95

100


................................................................................................................................................................................................

2007 6.70% 6.32% 6.22%................................................................................................................................................................................................

Top Holdings 主要投資項目^ #

GERMAN TREASURY BILL 0% 17/09/2008德國 Treasury Bill 0% 17/09/2008........................................................................................................................................................................................................

TAIWAN GOVERNMENT BOND 2.375% 16/01/2013台灣政府債券 2.375% 16/01/2013........................................................................................................................................................................................................

PHILIPPINE GOVERNMENT BOND 5.5% 21/02/2010菲律賓政府債券 5.5% 21/02/2010........................................................................................................................................................................................................

SINGAPORE TREASURY BILL 0% 18/09/2008新加坡 Treasury Bill 0% 18/09/2008........................................................................................................................................................................................................

KOREAN TREASURY BOND 5.75% 12/10/2010韓國 Treasury Bond 5.75% 12/10/2010........................................................................................................................................................................................................

Asset Allocation 資產分配^ #

GOVERNMENT BONDS 政府債券 55.42%..............................................................................................................................................................................................................

CORPORATE BONDS 企業債券 16.62%..............................................................................................................................................................................................................

OTHER NET ASSETS 27.96%..............................................................................................................................................................................................................

S&P/Moody's Credit Rating 標準普爾／穆廸信用評級^ #

AAA 22.65%........................................................................................................................................................................................................

AA- to AA+ 8.19%........................................................................................................................................................................................................

A- to A+ 15.11%........................................................................................................................................................................................................

BBB- to BBB 1.01%........................................................................................................................................................................................................

BB- to BB+ 15.60%........................................................................................................................................................................................................

OTHERS其他 37.44%........................................................................................................................................................................................................

Currency Breakdown 貨幣分佈^ #

US DOLLAR 美元 94.35%................................................................................................................................................................................................................

INDONESIA RUPIAH 印尼盾 3.75%................................................................................................................................................................................................................

EURO 歐元 0.48%................................................................................................................................................................................................................

MALAYSIAN RINGGIT 馬幣 0.29%................................................................................................................................................................................................................

PHILIPPINE PESO 菲律賓披索 0.26%................................................................................................................................................................................................................

SINGAPORE DOLLAR 新加坡元 0.24%................................................................................................................................................................................................................

KOREA WON 韓圜 0.14%................................................................................................................................................................................................................

OTHERS 其他 0.49%................................................................................................................................................................................................................

^ as of截至 30/06/2008



(852) 2500 1666


(852) 2629 2666

www.fidelity.com.hk# The information indicates the actual portfolios of the underlying funds. 資料顯示相關基金的實質投資組合。1This is the return achieved through saving the same amount at the end of each month, comparing the total contributions with their current value and expressing thegain or loss as a percentage. Source: Gadbury Group Limited 此為不同年期內透過每月底投資相同金額所獲得的投資回報，比較供款總額及其現值，所顯示為其盈利\虧損之百分比。資料來源﹕Gadbury Group LimitedSource: Fidelity/HSBC Institutional Trust Services (Asia) Ltd./Schroder Investment, NAV to NAV, in USD. 富達/匯豐機構信託服務(亞洲)有限公司/施羅德投資，以資產淨值及美元計算。All views expressed cannot be construed as an offer or recommendation by Fidelity. Fidelity shall not be held liable for damages arising out of any person's relianceupon this information. Any person considering an investment should seek independent advice on the suitability or otherwise of the particular investment. While carehas been taken to ensure the information herein is accurate. Fidelity is not responsible for any errors or omissions relating to specific information provided by thirdparties. Investment involves risks. Past performance is not indicative of future performance. Please refer to the Explanatory Memorandum of Fidelity AdvantagePortfolio Fund for further information. Fidelity, Fidelity International, and Fidelity International and Pyramid Logo are trademarks of FIL Limited. Investment in theFidelity Advantage Portfolio Fund and Fidelity Global Investment Fund is not available to the general investing public. Investments in the Fidelity Advantage PortfolioFund and Fidelity Global Investment Fund are available only to Professional Investors, ORSO and MPF retirement schemes, their related Approved Pooled InvestmentFunds, or those individuals who have recently been or still are members of an ORSO or MPF retirement scheme. If you are an individual retail investor who is not aProfessional Investor or current or former member of an ORSO or MPF retirement scheme wishing to invest your accrued benefits and want to invest in Fidelitymanaged funds, please contact Fidelity for further details about our other ranges of investment funds, which are available to the general investing public. Reference inthis document to specific securities should not be construed as a recommendation to buy or sell these securities, but is included for the purposes of illustration only. 本文件內所載的觀點，在任何情況下均不應被視為富達的促銷或建議。富達對任何依賴本文而引致的損失概不負責。雖然富達已採取措施，確保文內資料準確無誤，但不擬就有關由第三方所提供的資料所出現的錯誤或遺漏承擔任何責任。有意投資者應就個別投資項目的適合程度或其他因素尋求獨立的意見。投資涉及風險。基金過往的表現並不表示將來亦會有類似的業績。詳情請細閱富達優越投資組合基金說明書。「富達」及其標誌均為FIL Limited的商標。富達優越投資組合基金及富達環球投資基金不可供一般投資大眾投資。富達優越投資組合基金及富達環球投資基金僅可供專業投資者、職業退休計劃及強積金退休計劃、其相關核准匯集投資基金，或最近成為或仍屬職業退休計劃或強積金退休計劃成員的該等個別人士投資。若閣下是個人零售投資者，而並非專業投資者，或並非欲將閣下的累算權益作出投資的職業退休計劃或強積金退休計劃現有或前度成員，而又有意投資於富達所管理的基金，請聯絡富達，以獲取向一般投資大眾發售的其他富達投資基金系列的詳細資料。本文件內所載的證券僅供資料用途，在任何情況下均不應被視為建議買入或賣出有關證券。

34


Fidelity Advantage Portfolio Fund - Hong Kong Bond Fund 富達優越投資組合基金 - 香港債券基金

as of截至 30/06/2008




The objective of the Fund is to produce returns that are related tothose achieved on the major bond market indices by investing inworld bond markets with a focus on Hong Kong dollar denominatedbonds and issuers. The Hong Kong Bond Fund is a feeder fund thatinvests in the Hong Kong Bond Fund, a sub-fund of the FidelityGlobal Investment Fund (FGIF).基金主要投資於環球債券市場，並專注於以港元結算的債券及發債機構，目標是提供與債券市場主要指數所達至表現相關的回報。香港債券基金是一項聯接基金，投資於富達環球投資基金的子基金 – 香港債券基金。

Fund Details 基金資料Fund Manager基金經理 Andrew Wells 韋士昂








3.19%



Benchmark 指標 :

HSBC HKD Bond Index


3.57 Year(年)



Hong Kong bonds generated negative returns over the quarter due to a“reverse” flight to quality, with investors moving away from safe assetsover April and May, and heightened inflationary concerns later on in thequarter. Investors bought riskier assets, anticipating an end to the creditcrisis, as repeated interventions by the Federal Reserve (Fed) to improvemarket functioning began to take effect. The Fed further lowered itsbenchmark interest rate by a quarter of a percentage point to 2% in April,which led to a similar rate cut in Hong Kong to 3.5%. On the economicfront, the downside risks to growth intensified after exports and touristspending diminished, while the upside risks to inflation had increased.Nonetheless, robust growth in China continued to drive economic activityin the region. Over the review period, the manager raised positions incorporate bonds and lower-rated bonds. Conversely, exposure to AAA-rated debt instruments was reduced. In particular, the fund’s exposure tothe banking & financials and industrials sectors was increased whilepositions in bonds issued by supranational bodies were trimmed. Thefund’s yield to maturity increased over the period.

投資者在四月及五月撤離低風險資產，加上市場對通脹的憂慮在季內後期升溫，令香港債券市場於季內報跌。隨著聯儲局多次干預行動開始奏效，使市場的運作有所改善，投資者憧憬信貸危機即將結束，因而購入風險較高的資產。聯儲局在四月進一步調低基準利率四分之一個百分點至 2%，香港跟隨減息至3.5%。經濟方面，出口及旅客消費減少，令增加的下跌風險加劇，而通脹的上升風險則增加。然而，中國增長強勁，繼續推動區內經濟。在回顧期內，基金經理增加對企業債券及較低評級債券的投資，但減少對 AAA 評級債務工具的投資。具體來說，基金增持銀行與金融及工業，但減持跨國機構發行的債券。期內，基金的到期收益率有所增加。



Ordinary 一般單位 -0.17% -2.88% 5.29% 7.13% 6.38%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Administration 行政管理單位 -0.38% -2.98% 4.82% 5.69% 4.02%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Savings 退休儲蓄單位 -0.40% -2.99% 4.77% 5.53% 3.76%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................



............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Ordinary 一般單位 N/A N/A 0.60% 4.70% 6.00% 6.00%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Administration 行政管理單位 N/A N/A 0.40% 3.90% 4.80% 4.80%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Savings 退休儲蓄單位 N/A N/A 0.30% 3.90% 4.60% 4.60%......................................................................................................................................................................................................................................................................................................................................................................................................................................


06/03 06/04 06/05 06/06 06/07 06/08

90

95

100

105

110


................................................................................................................................................................................................

2007 3.92% 3.45% 3.39%................................................................................................................................................................................................................................................................................................................................................................................................

2006 4.10% 3.63% 3.58%................................................................................................................................................................................................................................................................................................................................................................................................

2005 -1.72% -2.15% -2.19%................................................................................................................................................................................................................................................................................................................................................................................................

2004 1.62% 1.16% 1.10%................................................................................................................................................................................................

Top 10 Holdings 十大主要投資項目^HONG KONG GOVT 4.32% 12/02/2013 #1312 香港政府債券 4.32% 12/02/2013 #1312

5.94%

........................................................................................................................................................................................................


5.61%

........................................................................................................................................................................................................


4.63%

........................................................................................................................................................................................................


2.93%

........................................................................................................................................................................................................


2.49%

........................................................................................................................................................................................................


2.01%

........................................................................................................................................................................................................

ANZ BK 3.3% 01/21/2010 澳紐銀行 3.3% 01/21/2010 1.92%........................................................................................................................................................................................................

HONG KONG AIR AUT 5.1% 04/13/2016 香港機場管理局 5.1% 04/13/2016

1.85%

........................................................................................................................................................................................................

DANSKE BANK 5.02% 11/14/2012 丹麥銀行 5.02% 11/14/2012 1.54%........................................................................................................................................................................................................

CLP POWER HK FIN 4.35% 01/30/2015 中電控股 - 香港金融 4.35% 01/30/2015

1.49%

........................................................................................................................................................................................................

TOTAL 30.41%........................................................................................................................................................................................................



GOVERNMENTS 政府 25.42%..............................................................................................................................................................................................................



3.02%

..............................................................................................................................................................................................................

OTHERS 其他 9.57%..............................................................................................................................................................................................................


US DOLLAR 美元 8.70%................................................................................................................................................................................................................


UK POUND 英鎊 1.10%................................................................................................................................................................................................................

OTHERS 其他 0.30%................................................................................................................................................................................................................


AA/Aa 50.99%................................................................................................................................................................................................................

A 15.85%................................................................................................................................................................................................................

BBB/Baa 4.86%................................................................................................................................................................................................................

Cash現金 0.01%................................................................................................................................................................................................................

Not Rated沒有給予評級 20.53%................................................................................................................................................................................................................

^ as of截至 30/06/2008



(852) 2500 1666


(852) 2629 2666


35


Fidelity Advantage Portfolio Fund - World Bond Fund 富達優越投資組合基金 - 國際債券基金

as of截至 30/06/2008




The objective of the Fund is to produce returns that are related tothose achieved on the major bond market indices. The World BondFund is a feeder fund that invests in the Global Bond Fund, a subfund of the Fidelity Global Investment Fund (FGIF).基金的目標是提供與債券市場主要指數所達至表現相關的回報。國際債券基金是一項聯接基金，投資於富達環球投資基金的子基金 – 環球債券基金。

Fund Details 基金資料Fund Manager基金經理 Rick Patel








5.69%



Benchmark 指標 :

Citigroup WGBI

花旗世界政府債券指數

5.97 Year(年)



Over the quarter, all major government bond markets posted negativereturns in local currency terms. Following the bailout of Bear Stearns bythe US Federal Reserve in March, investors moved away from the safehaven of government bonds towards riskier assets such as investment-grade corporate bonds and high-yield securities. Subsequently,government bonds underperformed corporate and high-yield bonds overthe period. Credit spreads narrowed sharply in April and May and inter-bank lending rates declined, increasing speculation that the worst of thecredit crisis was over. The financials and asset-backed securities sectorssaw a firmer tone with brokers performing well, as fears of insolvency inthe sector subsided. Spreads have, however, widened again since earlyJune. Towards the end of the quarter, rising inflationary pressures, duemainly to much higher oil and food prices, led the market to focus on thepossibility of central bank rate hikes which had a negative effect on bonds.Over the review period, the manager reduced positions in governmentbonds and invested more in higher-rated corporate bonds. In particular,the fund’s exposure to the banking & financials sector was raised. Exposureto AA-rated debt instruments was increased significantly, while bondswith ‘A’ or lower rating were trimmed. The fund’s yield to maturityincreased over the period.

以當地貨幣計算，各主要政府債券市場於季內全面報跌。繼美國聯儲局於三月份挽救貝爾斯登後，投資者從作為「資金避難所」的政府債券，轉至投資級別企業債券和高收益證券等較高風險的資產，使政府債券期內的表現遜於企業和高收益債券。信貸息差在四月和五月顯著收窄，銀行同業貸款利率下跌，令市場進一步憧憬信貸危機的低潮已成過去。隨著經紀業陷入破產困局的憂慮減退，經紀商的表現優秀，有助金融及資產抵押證券市場靠穩。然而，息差自六月初起再度擴闊。季終，受石油和糧食價格上漲的影響，通脹壓力趨升，市場關注央行加息的機會，因而拖累債市的表現。在回顧期內，基金經理減持政府債券，並增持較高評級的企業債券。具體來說，基金增加對銀行及金融業的投資。另外，基金顯著增持 AA 評級債務工具，但減持 A或以下評級的債券。期內，基金的到期收益率錄得升幅。



Ordinary 一般單位 4.07% -3.69% 13.70% 15.48% 25.30%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Administration 行政管理單位 3.73% -3.85% 13.12% 13.75% 22.40%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Savings 退休儲蓄單位 3.74% -3.86% 13.04% 13.67% 22.20%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................



............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Ordinary 一般單位 N/A N/A 4.10% 11.60% 15.30% 15.30%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Administration 行政管理單位 N/A N/A 3.80% 10.80% 13.80% 13.80%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................



06/03 06/04 06/05 06/06 06/07 06/08

90

100

110

120

130


................................................................................................................................................................................................

2007 8.57% 8.16% 8.07%................................................................................................................................................................................................................................................................................................................................................................................................

2006 5.52% 5.01% 4.91%................................................................................................................................................................................................................................................................................................................................................................................................

2005 -7.16% -7.64% -7.64%................................................................................................................................................................................................................................................................................................................................................................................................

2004 9.58% 9.12% 9.12%................................................................................................................................................................................................


7.59%

........................................................................................................................................................................................................


4.90%

........................................................................................................................................................................................................


4.29%

........................................................................................................................................................................................................


3.85%

........................................................................................................................................................................................................


3.45%

........................................................................................................................................................................................................



2.24%

........................................................................................................................................................................................................

USTN 3.625% 12/31/2012 美國國庫券 3.625% 12/31/2012 1.90%........................................................................................................................................................................................................


1.88%

........................................................................................................................................................................................................


1.87%

........................................................................................................................................................................................................

TOTAL 34.95%........................................................................................................................................................................................................


Asset Allocation 資產分配^GOVERNMENTS 政府 66.47%..............................................................................................................................................................................................................

CORPORATE - BANKS AND FINANCE 企業-銀行及財務 19.31%..............................................................................................................................................................................................................



2.20%

..............................................................................................................................................................................................................

OTHERS 其他 8.43%..............................................................................................................................................................................................................

Currency Breakdown 貨幣分佈ÊUROPEAN MONETARY UNIT (EURO) 歐元 42.81%................................................................................................................................................................................................................

JAPANESE YEN 日元 28.14%................................................................................................................................................................................................................

US DOLLAR 美元 17.69%................................................................................................................................................................................................................

UK POUND 英鎊 6.06%................................................................................................................................................................................................................

CANADIAN DOLLAR 加拿大元 1.67%................................................................................................................................................................................................................

OTHERS 其他 3.63%................................................................................................................................................................................................................


AA/Aa 27.85%................................................................................................................................................................................................................

A 14.34%................................................................................................................................................................................................................

BBB/Baa 8.82%................................................................................................................................................................................................................

Not Rated沒有給予評級 1.10%................................................................................................................................................................................................................

^ as of截至 30/06/2008



(852) 2500 1666


(852) 2629 2666


36


Fidelity Advantage Portfolio Fund - HK Dollar Money Fund 富達優越投資組合基金 - 港元貨幣基金

as of截至 30/06/2008


Money Market Fund - Hong Kong貨幣市場基金－香港


The objective of the Fund is to achieve a wholesale rate of returnfor HK Dollars. The HK Dollar Money Fund is a feeder fund thatinvests in the HK$ Money Fund, a sub-fund of the Fidelity GlobalInvestment Fund (FGIF).基金的投資目標及政策是賺取大額港元回報率。港元貨幣基金是一項聯接基金，投資於富達環球投資基金的子基金– 港元貨幣基金。









0.21%


Hong Kong bonds generated negative returns over the quarter due to a“reverse flight to quality” and heightened inflationary concerns. Investorsbought riskier assets, anticipating an end to the credit crisis, as repeatedinterventions by the US Federal Reserve (Fed) to improve marketfunctioning began to take effect. The Fed further lowered its benchmarkinterest rate by a quarter of a percentage point to 2% in April, which ledto a similar rate cut in Hong Kong to 3.5%. On the economic front, thedownside risks to growth intensified after exports and tourist spendingdiminished, while the upside risks to inflation had increased. Nonetheless,robust growth in China continued to drive economic activity in theregion.The fund generated positive returns over the quarter. Positionswere initiated in medium term corporate notes and treasury bonds, whileexposure to floating rate notes was increased. Conversely, the managertrimmed the fund’s exposure to commercial papers, corporate bonds andtime deposits. The average life of the portfolio was increased over theperiod.

受資金撤離低風險資產的影響，加上市場對通脹的憂慮升溫，香港債券市場在季內報跌。隨著美國聯儲局多次干預行動開始奏效，使市場的運作有所改善，投資者憧憬信貸危機即將結束，因而購入風險較高的資產。聯儲局在四月進一步調低基準利率四分之一個百分點至 2%，香港跟隨減息至 3.5%。經濟方面，出口及旅客消費減少，令增加的下跌風險加劇，通脹的上升風險則增加。然而，中國增長強勁，繼續推動區內經濟。基金在季內錄得回報。基金經理購入中期企業票據和美國國庫券，另增持浮息票據的投資。此外，基金減持商業票據、企業債券及定期存款。期內，組合調高平均投資年期。



Ordinary 一般單位 1.06% 0.37% 3.11% 10.47% 11.35% 31.62% 31.86%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Administration 行政管理單位 0.84% 0.25% 2.66% 8.99% 9.52% 26.60% 26.80%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Savings 退休儲蓄單位 0.81% 0.24% 2.60% 8.83% 9.28% 10.20%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................



............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Ordinary 一般單位 N/A N/A 1.40% 5.20% 7.50% 13.30% 13.30%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Administration 行政管理單位 N/A N/A 1.10% 4.40% 6.40% 11.10% 11.10%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................



12/00 12/01 12/02 12/03 12/04 12/05 12/06 12/07

100

105

110

115


................................................................................................................................................................................................

2007 3.87% 3.41% 3.35%................................................................................................................................................................................................................................................................................................................................................................................................

2006 3.68% 3.21% 3.16%................................................................................................................................................................................................................................................................................................................................................................................................

2005 2.04% 1.69% 1.66%................................................................................................................................................................................................................................................................................................................................................................................................

2004 0.03% 0.02% 0.00%................................................................................................................................................................................................................................................................................................................................................................................................

2003 0.68% 0.28% 0.23%................................................................................................................................................................................................................................................................................................................................................................................................

2002 1.34% 0.89% --................................................................................................................................................................................................

Top 10 Holdings 十大主要投資項目^TERM DEPOSIT IN DEXIA 在 DEXIA 的定期存款 4.61%........................................................................................................................................................................................................

HONG KONG MORT 3.415% 01/08/2009 香港按揭證券有限公司 3.415% 01/08/2009

4.25%

........................................................................................................................................................................................................

BANK OF IRELAND FRN 06/23/2009 愛爾蘭銀行浮息票據 06/23/2009

4.22%

........................................................................................................................................................................................................

HONG KOGN MORT FRN 01/14/2009 香港按揭證券有限公司浮息票據 01/14/2009

4.22%

........................................................................................................................................................................................................

INTESA SANPAOLO FRCD FRN 05/19/2009 INTESA SANPAOLO FRCD 浮息票據 05/19/2009

4.22%

........................................................................................................................................................................................................

KOREA DEVELOPMENT BANK VAR 11/21/2008 韓國開發銀行 VAR 11/21/2008

4.22%

........................................................................................................................................................................................................

NATIXIS FRN 06/04/2009 法國外貿銀行浮息票據 06/04/2009 4.22%........................................................................................................................................................................................................

DZ BANK AG DEUTSCHE ZENTRAL 07/14/2008 4.21%........................................................................................................................................................................................................


4.21%

........................................................................................................................................................................................................


4.21%

........................................................................................................................................................................................................

TOTAL 42.59%........................................................................................................................................................................................................

^ as of截至 30/06/2008



(852) 2500 1666


(852) 2629 2666


37


Fidelity Advantage Portfolio Fund - US Dollar Money Fund 富達優越投資組合基金 - 美元貨幣基金

as of截至 30/06/2008


Money Market Fund - US貨幣市場基金－美國


The objective of the Fund is to achieve a wholesale rate of returnfor US dollars. The US Dollar Money Fund is a feeder fund thatinvests in the US$ Money Fund, a sub-fund of the Fidelity GlobalInvestment Fund (FGIF).基金的目標是賺取大額美元回報率。美元貨幣基金是一項聯接基金，投資於富達環球投資基金的子基金 – 美元貨幣基金。









0.30%


US government bond markets weakened over the quarter due to a “reverseflight to quality” and heightened inflationary concerns. Investors boughtriskier assets, anticipating an end to the credit crisis, as repeatedinterventions by the Federal Reserve (Fed) to improve market functioningbegan to take effect. The Fed further lowered its benchmark interest rateby a quarter of a percentage point to 2% in April while keeping itunchanged in June. It stated that although downside risks to growthremained, they appeared to have diminished somewhat, while the upsiderisks to inflation and inflation expectations had increased.The US economyexpanded at an annual pace of 0.9% in the first quarter as against anestimated 0.6%. Meanwhile, the International Monetary Fund stated thatthe slowdown in the US had been less acute than feared and raised its2009 growth forecast from an earlier estimate of 1.6% to 2%. Elsewhere,consumer confidence declined in June, as people were hurt by falling houseprices, rising unemployment and higher fuel and food bills.The US yieldcurve flattened, as yields on short-dated bonds rose more than those onlong-dated paper. Moreover, the possibility of further rate cuts has recededconsiderably amid slowing economic activity and rising inflation.Over thequarter, the manager significantly reduced the fund ’ s exposure tocommercial papers and trimmed exposure to medium term corporatenotes. Conversely, positions were initiated in domestic certificate ofdeposit, while holdings in floating rate notes, corporate bonds and timedeposits were increased. The average life of the portfolio rose over theperiod.

受資金撤離低風險資產的影響，加上市場對通脹的憂慮升溫，美國政府債券市場在季內轉弱。隨著聯儲局多次干預行動開始奏效，使市場的運作有所改善，投資者憧憬信貸危機即將結束，因而購入風險較高的資產。聯儲局在四月進一步調低基準利率四分之一個百分點至 2%，於六月則維持利率不變。當局指出，雖然增長仍存在下跌風險，但似乎已略為消退，而通脹和通脹預期的上升風險則增加。美國首季經濟增長年率為0.9%，略高於預期的 0.6%。國際貨幣基金會表示，美國經濟放緩的速度較原先憂慮的溫和，並把明年的經濟增長預測由早前的 1.6% 調高至 2%。此外，六月份的消費信心下跌，反映消費者受房價不振、失業率上升、燃料及糧食開支增加的影響。短債孳息的升幅高於長債，使美國孳息曲線轉趨平坦。另外，經濟放緩，通脹上升，導致進一步減息的機會大幅下降。季內，基金經理顯著調低基金在商業票據的部署，另減持中期企業票據。此外，基金亦購入當地存款證，以及增持浮息票據、企業債券和定期存款。期內，組合獲高平均投資年期。



Ordinary 一般單位 1.59% 0.63% 4.10% 13.31% 15.76% 38.61% 60.10%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Administration 行政管理單位 1.59% 0.65% 4.13% 13.35% 15.56% 35.30% 53.70%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Savings 退休儲蓄單位 1.53% 0.59% 4.08% 13.16% 15.29% 16.16%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................



............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Ordinary 一般單位 N/A N/A 1.90% 6.80% 10.10% 17.30% 25.20%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Administration 行政管理單位 N/A N/A 2.00% 6.80% 10.10% 16.50% 23.40%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................



12/00 12/01 12/02 12/03 12/04 12/05 12/06 12/07

100

105

110

115

120


................................................................................................................................................................................................

2007 5.00% 5.00% 5.01%................................................................................................................................................................................................................................................................................................................................................................................................

2006 4.53% 4.57% 4.44%................................................................................................................................................................................................................................................................................................................................................................................................

2005 2.79% 2.68% 2.69%................................................................................................................................................................................................................................................................................................................................................................................................

2004 0.72% 0.83% 0.75%................................................................................................................................................................................................................................................................................................................................................................................................

2003 0.73% 0.30% 0.23%................................................................................................................................................................................................................................................................................................................................................................................................

2002 1.33% 0.84% --................................................................................................................................................................................................

Top 10 Holdings 十大主要投資項目^SE BANKEN 6.875% 02/15/2009 5.13%........................................................................................................................................................................................................

BANK OF SCOT FRN 10/06/2008 144A 蘇格蘭銀行浮息票據 10/06/2008 144A

3.98%

........................................................................................................................................................................................................

RBS FRN 06/25/2009 蘇格蘭皇家銀行浮息票據 06/25/2009 3.98%........................................................................................................................................................................................................

CAIXA GERAL DE DEPOSITORS ECP 07/23/2008 澳門儲金行歐洲商業票據 07/23/2008

3.97%

........................................................................................................................................................................................................

CLYDESDALE BANK ECP 07/16/2008 CLYDESDALE BANK 歐洲商業票據 07/16/2008

3.97%

........................................................................................................................................................................................................

HSH NORDBANK AG RUE JEAN MONN ECP 07/22/2008 德國北方銀行有限公司 RUE JEAN MONN 歐洲商業票據 07/22/2008

3.97%

........................................................................................................................................................................................................

SWEDBANK MORTGAGE ECP 07/18/2008 瑞典銀行按揭證券歐洲商業票據 07/18/2008

3.97%

........................................................................................................................................................................................................

SWEDBANK MORTGAGE ECP 07/22/2008 瑞典銀行按揭證券歐洲商業票據 07/22/2008

3.97%

........................................................................................................................................................................................................

INTESA SANPAOLO BANK IRELAND 0% 08/12/2008 3.96%........................................................................................................................................................................................................

UNICREDITO ITALIANO BANK (IRELAND) UCP 08/11/2008 3.96%........................................................................................................................................................................................................

TOTAL 40.86%........................................................................................................................................................................................................

^ as of截至 30/06/2008



(852) 2500 1666


(852) 2629 2666


38


39

Glossary

Fidelity Retirement Master Trust - Hong Kong Equity Fund 富達退休集成信託 - 香港股票基金

as of截至 30/06/2007


Equity Fund - Hong Kong with maximum equities 100%股票基金－香港股票最多佔１００％


The Fund aims to focus investment into the equity markets andcompanies of Hong Kong and Greater China, to produce returnsthat are related to those achieved on the major stock market indicesof Hong Kong, to have the flexibility to invest in bonds in a limitedmanner, and to accept a high level of return volatility in the shortterm.基金集中投資於大中華及香港的股票市場及公司；提供與香港股市主要指數所達至表現相關的回報；可靈活地作出有限度的債券投資；以及容許回報在短期內大幅波動。

Fund Details 基金資料Fund Manager基金經理 Peter Phillips






11.50%



2.24%


Hong Kong equities rose during the first quarter and the benchmark HangSeng Index repeatedly climbed to record levels. In April, stock indices weresupported by robust corporate earning results, although heavy fund raisingactivity reduced market liquidity. In May and June, equity markets weredominated by news that the Chinese authorities were implementingseveral measures to control speculative activity in its A-share market.Share prices surged as investors were convinced that the country wouldreceive increasing inflows from China, following the relaxation of

first quarter GDP expanded by 5.6% year on year, owing to a moderationin export growth. However, domestic demand continued to grow at a

number of new jobs continued to be created. The fund gained due to itspositioning in the finance and power utilities sectors. Exposure to HongKong Exchange & Clearing, the operator of the stock and futures

by growing market turnover, largely due to increased interest in Chinesecompanies listed on the bourse, and heightened fund raising activity.Meanwhile, the manager raised overweight exposure to the consumerdiscretionary stocks, while he reduced underweight in the industrialssector. In turn, positions in the technology sector were trimmed fromoverweight to underweight, in the wake of weak global demand andpricing pressures.

港股在首季報升，基準恒生指數屢創新高。在四月份，儘管龐大的集資活動削弱大市的游資供應，然而，企業盈利業績向好，對股票指數提供支持。在五月和六月，有消息指中國當局頒佈若干措施，以遏抑 A股市場的投機活動，備受投資者注目。隨著中國放寬內地基金的海外投資限制，投資者憧憬有更多國內資金流入本港，刺激港股飆升。此外，鑑於本港的出口增長轉趨溫和，首季本地生產總值按年增長 5.6%。然而，本港的內需繼續以穩健的步伐增長。本地市場創造大量新職位，亦令失業率保持低企。基金表現向好，主要受惠於對金融及電力股的投資。我們在香港交易及結算所（本地股票與期貨交易所的營運商）的投資為回報帶來貢獻。市場投資於本港上市中資股的意慾增加，加上集資活動轉旺，刺激港股的成交額趨升，推高港交所的收益。此外，基金經理調高對多元化消費品股的偏高比重，同時調低對工業股的偏低比重。另一方面，由於環球需求疲弱和面對定價壓力，基金持有科技股的比重由偏高調整為偏低。



......................................................................................................................................................................................................................................................................................................................................................................................................................................

Cumulative Performance 累積表現 12.91% 13.63% 39.88% 99.37% 135.60% 94.39%.....................................................................................................................................................................................................................................................................................................................................................................................................................................




N/A N/A 21.60% 49.60% 83.80% 91.70%

.....................................................................................................................................................................................................................................................................................................................................................................................................................................


12/00 12/01 12/02 12/03 12/04 12/05 12/066080100120140160180200


2006 36.36%................................................................................................................................................................................................................................................................................................................................................................................................

2005 8.46%................................................................................................................................................................................................................................................................................................................................................................................................

2004 17.79%................................................................................................................................................................................................................................................................................................................................................................................................

2003 36.28%................................................................................................................................................................................................................................................................................................................................................................................................

2002 -16.27%................................................................................................................................................................................................................................................................................................................................................................................................

2001 -18.11%................................................................................................................................................................................................................................................................................................................................................................................................



CHINA 中國 35.6%................................................................................................................................................................................................................

CASH 現金 1.1%................................................................................................................................................................................................................

OTHERS 其他 0.5%................................................................................................................................................................................................................



HONG KONG EXCHS & CLEARING LTD 香港交易所 6.00%........................................................................................................................................................................................................



CNOOC LTD 中國海洋石油 4.92%........................................................................................................................................................................................................



HANG LUNG PROPERTIES LTD 恒隆地產 4.25%........................................................................................................................................................................................................

ESPRIT HOLDINGS LTD 思捷環球控股有限公司 3.04%........................................................................................................................................................................................................

TOTAL 56.19%........................................................................................................................................................................................................


^ as of截至 30/06/2007



1 This is the return achieved through saving the same amount at the end of each month, comparing the total contributions with their current value and expressing thegain or loss as a percentage. Source: Gadbury Group Limited 此為不同年期內透過每月底投資相同金額所獲得的投資回報，比較供款總額及其現值，所顯示為其盈利\虧損之百分比。資料來源﹕Gadbury Group LimitedSource: Fidelity/HSBC Institutional Trust Services (Asia) Ltd., NAV to NAV, in HKD. 富達/匯豐機構信託服務(亞洲)有限公司，以資產淨值及港元計算。All views expressed cannot be construed as an offer or recommendation by Fidelity. Fidelity shall not be held liable for damages arising out of any person's relianceupon this information. Any person considering an investment should seek independent advice on the suitability or otherwise of the particular investment. Investmentinvolves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Fidelity Retirement Master Trust for further information.Fidelity, Fidelity International, and Pyramid Logo are trademarks of Fidelity International Limited. Reference in this document to specific securities should not beconstrued as a recommendation to buy or sell these securities, but is included for the purposes of illustration only. 本文件內所載的觀點，在任何情況下均不應被視為富達的促銷或建議。富達對任何依賴本文而引致的損失概不負責。有意投資者應就個別投資項目的適合程度或其他因素尋求獨立的意見。投資涉及風險。基金過往的表現並不表示將來亦會有類似的業績。詳情請細閱富達退休集成信託之主要推銷刊物。「富達」及其標誌均為Fidelity International Limited的商標。本文件內所載的證券僅供資料用途，在任何情況下均不應被視為建議買入或賣出有關證券。

6

Fidelity Retirement Master Trust - MultiManager Growth Fund 富達退休集成信託 - 精英薈萃增長基金

as of截至 30/06/2007


Mixed Assets Fund - Global with around 90% in equities (biastowards Hong Kong) and 10% in bonds and cash investing in afund of funds approach混合資產基金－環球股票約佔９０％(偏重於香港),債券及現金佔１０％,以基金中之基金形式投資。


The Fund aims to build real wealth over the long term, to focusinvestment into the global equity markets, to have the flexibilityto invest in fixed income securities and cash, to maintain a broadgeographic diversification with a bias towards Hong Kong, and tomanage the volatility of returns in the short term.基金旨在建立長期實質的財富；把投資集中在全球股票市場；可靈活地投資於固定收益證券及現金；維持廣泛的地域多元化投資，惟可稍為偏重香港；以及控制在短期內回報的波幅。









2.60%


Stock markets across the world advanced during the second quarter of2007, supported by sustained merger activity, encouraging corporateearnings and healthy economic data. After rising steadily through Apriland May, major indices touched multi-year highs. However, in June, theywere weighed down by intermittent declines on account of investorconcerns about further increases in interest rates, high oil prices andrecurring fears about potential credit problems caused by rising defaultrates in US sub-prime mortgages. Emerging markets provided the mostrobust returns in sterling and dollar terms during the quarter, followed bythe Asia Pacific region, Continental Europe and the UK. Meanwhile, USequities reached new highs at the beginning of June. Japan lagged othermajor markets amid disappointing economic news and sluggish consumerspending. All major bond markets generated negative returns during thequarter. At the start of the period, markets were hit by inflationaryconcerns and expectations of further interest rate increases. In June, bondsweakened further amid a global sell-off on account of robust economicgrowth and stronger-than-expected economic data in the US. The managercontinues to be overweight in the equity markets, while maintaining anunderweight exposure to global bonds. Overall, while growth in liquidity,attractive equity valuations and merger and acquisition activity remainsupportive of markets globally, further increases in bond yields andinflationary pressure could weigh on markets.

環球股市於二零零七年第二季上升，主要受惠於併購活動持續、企業盈利向好和經濟數據穩健。各主要指數於四月和五月穩步上揚，一度升至多年高位。然而，投資者關注利率進一步向上、油價高企，以及美國次級按揭貸款市場的違約率趨升，令當地的信貸狀況反覆出現隱憂，拖累有關指數於六月間歇性報跌。以英鎊和美元計，新興市場於季內的回報最為可觀，其次為亞太區、歐洲大陸和英國。另外，美股於六月初創新高。日本的經濟消息令人失望，加上消費開支呆滯，拖累當地股市較其他主要市場落後。所有主要債市在季內報跌。期初，市場備受通脹憂慮和進一步加息的預期所影響。債券在六月份進一步轉弱，主要由於經濟強勁增長，以及美國經濟數據較預期強勁，引發環球債市遭拋售。經理仍然對股市持偏高比重，並對環球債券保持偏低比重。整體來說，雖然游資供應增加、股票估值吸引和併購活動暢旺，繼續對環球市場提供支持，但債券孳息及通脹壓力進一步上升，或會令大市受壓。



......................................................................................................................................................................................................................................................................................................................................................................................................................................

Cumulative Performance 累積表現 9.65% 7.23% 24.99% 27.51%.....................................................................................................................................................................................................................................................................................................................................................................................................................................

Annualised Performance 年率化表現 24.99% 18.23%.....................................................................................................................................................................................................................................................................................................................................................................................................................................



N/A N/A 13.30% 16.60%

.....................................................................................................................................................................................................................................................................................................................................................................................................................................


01/06 04/06 07/06 10/06 01/07 04/0795100105110115120125

Annual Performance 年度表現

Annual Performance will beavailable in 2007





CNOOC LTD 中國海洋石油 0.99%........................................................................................................................................................................................................

TERM DEPOSIT IN UNITED COMMERCIAL BANK 0.68%........................................................................................................................................................................................................


HANG LUNG PROPERTIES LTD 恒隆地產 0.57%........................................................................................................................................................................................................

ESPRIT HLDGS LTD 0.56%........................................................................................................................................................................................................

LINK REIT 領匯房產基金 0.52%........................................................................................................................................................................................................

TOTAL 11.65%........................................................................................................................................................................................................












Top 10 Fund Holdings 十大持有量最多基金ÎNVESCO POOLED INVESTMENT FUND - HONG KONG FUND 景順集成投資基金 - 香港基金

15.42%

........................................................................................................................................................................................................


15.03%

........................................................................................................................................................................................................



10.61%

........................................................................................................................................................................................................


7.39%

........................................................................................................................................................................................................


6.91%

........................................................................................................................................................................................................

FIDELITY FGIF - ASIA PACIFIC EQUITY FUND 富達環球投資基金 - 亞太股票基金

6.83%

........................................................................................................................................................................................................


6.61%

........................................................................................................................................................................................................


5.86%

........................................................................................................................................................................................................



^ as of截至 30/06/2007



1 This is the return achieved through saving the same amount at the end of each month, comparing the total contributions with their current value and expressing thegain or loss as a percentage. Source: Gadbury Group Limited 此為不同年期內透過每月底投資相同金額所獲得的投資回報，比較供款總額及其現值，所顯示為其盈利\虧損之百分比。資料來源﹕Gadbury Group LimitedSource: Fidelity/HSBC Institutional Trust Services (Asia) Ltd., NAV to NAV, in HKD. 富達/匯豐機構信託服務(亞洲)有限公司，以資產淨值及港元計算。All views expressed cannot be construed as an offer or recommendation by Fidelity. Fidelity shall not be held liable for damages arising out of any person's relianceupon this information. Any person considering an investment should seek independent advice on the suitability or otherwise of the particular investment. Investmentinvolves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Fidelity Retirement Master Trust for further information.Fidelity, Fidelity International, and Pyramid Logo are trademarks of Fidelity International Limited. Reference in this document to specific securities should not beconstrued as a recommendation to buy or sell these securities, but is included for the purposes of illustration only. 本文件內所載的觀點，在任何情況下均不應被視為富達的促銷或建議。富達對任何依賴本文而引致的損失概不負責。有意投資者應就個別投資項目的適合程度或其他因素尋求獨立的意見。投資涉及風險。基金過往的表現並不表示將來亦會有類似的業績。詳情請細閱富達退休集成信託之主要推銷刊物。「富達」及其標誌均為Fidelity International Limited的商標。本文件內所載的證券僅供資料用途，在任何情況下均不應被視為建議買入或賣出有關證券。

12

Fidelity Advantage Portfolio Fund - Hong Kong Bond Fund 富達優越投資組合基金 - 香港債券基金

as of截至 31/10/2007




The objective of the Fund is to produce returns that are related tothose achieved on the major bond market indices by investing inworld bond markets with a focus on Hong Kong dollar denominatedbonds and issuers. The Hong Kong Bond Fund is a feeder fund thatinvests in the Hong Kong Bond Fund, a sub-fund of the FidelityGlobal Investment Fund (FGIF).基金主要投資於環球債券市場，並專注於以港元結算的債券及發債機構，目標是提供與債券市場主要指數所達至表現相關的回報。香港債券基金是一項聯接基金，投資於富達環球投資基金的子基金 – 香港債券基金。









2.66%



Benchmark 指標 :

HSBC HKD Bond Index


3.53 Year(年)



Hong Kong bonds generated positive returns over the quarter. The USsub-prime mortgage crisis resulted in a broad flight of capital to saferhavens such as government bonds. In response, the US Federal Reservelowered its benchmark interest rate by half-a-percentage point to 4.75%,which raised hopes that the US economy would weather the weaknessin the housing and financial markets. In Hong Kong, the economicenvironment remained healthy. The second quarter GDP, released duringthe quarter, expanded by 6.9% year on year, compared with 5.6% risein the previous three-month period. Domestic demand remained upbeat,owing to a rise in tourist arrivals, buoyancy in the stock market, higherwages and tight labour market conditions. Exports also remained resilient,as robust demand from China and the eurozone more than offset softeneddemand from the US.Over the review period, the manager reduced the

benchmark. This was countered by trimming overweight positions in Aand lower-rated instruments, expecting the market to reduce its appetitefor credit risk in light of the US sub-prime mortgage crisis. Further, the

sector was lowered, in favour of government bonds and debt instrumentsof companies operating in the industrials sector. In terms of tenure, themanager increased holdings in shorter maturity instruments. The

本港債市在季內報升。美國次按危機導致投資者廣泛轉投政府債券等資金避難所。有鑑於此，美國聯儲局調低其基準利率半個百分點至 4.75%，令市場憧憬美國經濟足以應付房市及金融市場的問題。香港方面，經濟仍然穩健，在季內公佈的次季本地生產總值按年計增長 6.9%，而早前三個月則為 5.6%。訪港旅客人次上升、股市暢旺、薪酬上揚及勞工市場緊絀，帶動內需持續蓬勃。出口亦保持穩健，因為中國和歐元區的需求強勁，足以抵銷美國需求偏軟的影響。回顧期內，與基準比較，經理調低基金對 AA/Aa-級別債券的偏低比重。然而，鑑於預期美國次按危機將削減市場承受信貸風險的意慾，基金減持在A 級及較低級別工具的偏高比重，抵銷上述的變動。另一方面，基金亦調低對銀行及金融機構債券的相對比重，以轉投政府債券及工業公司的債務工具。年期方面，經理增持年期較短的工具。與基準比較，組合仍持較短的存續期部署。



Ordinary 一般單位 1.74% 2.56% 2.54% 4.03% 4.32%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Administration 行政管理單位 1.35% 2.44% 2.08% 2.63% 2.30%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Savings 退休儲蓄單位 1.31% 2.43% 2.02% 2.47% 2.08%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................



............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Ordinary 一般單位 N/A N/A 2.30% 4.40% 5.00%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Administration 行政管理單位 N/A N/A 2.00% 3.70% 4.00%............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Savings 退休儲蓄單位 N/A N/A 2.00% 3.60% 3.80%......................................................................................................................................................................................................................................................................................................................................................................................................................................


06/03 06/04 06/05 06/06 06/07

9092949698100102104


................................................................................................................................................................................................

2006 4.10% 3.63% 3.58%................................................................................................................................................................................................................................................................................................................................................................................................

2005 -1.72% -2.15% -2.19%................................................................................................................................................................................................................................................................................................................................................................................................

2004 1.62% 1.16% 1.10%................................................................................................................................................................................................

Top 10 Holdings 十大主要投資項目^HONG KONG 4.82% 06/02/2014 1406 香港債券 4.82% 06/02/2014 1406

5.19%

........................................................................................................................................................................................................

HONG KONG 4.32% 12/02/2013 (EC) 1312 香港債券 4.32% 12/02/2013 (EC) 1312

4.82%

........................................................................................................................................................................................................

HONG KONG 7.01% 12/06/2010 1012 香港債券 7.01% 12/06/2010 1012

4.72%

........................................................................................................................................................................................................

HONG KONG GOVT 5.8% 06/19/2012 香港政府債券 5.8% 06/19/2012

3.29%

........................................................................................................................................................................................................


2.34%

........................................................................................................................................................................................................

HKSAR GOVT 3.79% 09/20/2010 香港特別行政區政府 3.79% 09/20/2010

2.10%

........................................................................................................................................................................................................

HONG KONG 4.33% 12/07/2015 1512 香港 4.33% 12/07/2015 1512

2.00%

........................................................................................................................................................................................................


1.90%

........................................................................................................................................................................................................

HONG KONG GOVT 3.33% 06/14/2010 香港政府債券 3.33% 06/14/2010

1.84%

........................................................................................................................................................................................................

ANZ BK 3.3% 01/21/2010 澳紐銀行 3.3% 01/21/2010 1.80%........................................................................................................................................................................................................

TOTAL 30.00%........................................................................................................................................................................................................



GOVERNMENTS 政府 27.70%..............................................................................................................................................................................................................



5.41%

..............................................................................................................................................................................................................

OTHERS 其他 10.42%..............................................................................................................................................................................................................


US DOLLAR 美元 6.40%................................................................................................................................................................................................................


OTHERS 其他 1.10%................................................................................................................................................................................................................


AA/Aa 56.16%................................................................................................................................................................................................................

A 14.17%................................................................................................................................................................................................................

BBB/Baa 5.02%................................................................................................................................................................................................................

Not Rated沒有給予評級 17.57%................................................................................................................................................................................................................

^ as of截至 30/09/2007


Administrator for ORSO members

匯豐機構信託服務(亞洲)有限公司(852) 2500 1666

Other than非匯豐機構信託服務(亞洲)有限公司

(852) 2629 2666

www.fidelity.com.hk1This is the return achieved through saving the same amount at the end of each month, comparing the total contributions with their current value and expressing the

此為不同年期內透過每月底投資相同金額所獲得的投資回報，比較供款總額及其現值，所顯示為其盈利\虧損之百分比。資料來源﹕Gadbury Group Limited

富達/匯豐機構信託服務(亞洲)有限公司，以資產淨值及港元計算。All views expressed cannot be construed as an offer or recommendation by Fidelity. Fidelity shall not be held liable for damages arising out of any person's relianceupon this information. Any person considering an investment should seek independent advice on the suitability or otherwise of the particular investment. Investmentinvolves risks. Past performance is not indicative of future performance. Please refer to the Explanatory Memorandum of Fidelity Advantage Portfolio Fund for further

the Fidelity Advantage Portfolio Fund andFidelity Global Investment Fund is not available to the general investing public. Investments in the Fidelity Advantage Portfolio Fund and Fidelity Global InvestmentFund are available only to Professional Investors, ORSO and MPF retirement schemes, their related Approved Pooled Investment Funds, or those individuals who haverecently been or still are members of an ORSO or MPF retirement scheme. If you are an individual retail investor who is not a Professional Investor or current orformer member of an ORSO or MPF retirement scheme wishing to invest your accrued benefits and want to invest in Fidelity managed funds, please contact Fidelityfor further details about our other ranges of investment funds, which are available to the general investing public. Reference in this document to specific securitiesshould not be construed as a recommendation to buy or sell these securities, but is included for the purposes of illustration only. 本文件內所載的觀點，在任何情況下均不應被視為富達的促銷或建議。富達對任何依賴本文而引致的損失概不負責。有意投資者應就個別投資項目的適合程度或其他因素尋求獨立的意見。投資涉及風險。基金過往的表現並不表示將來亦會有類似的業績。詳情請細閱富達優越投資組合基金說明書。「富達」及其標誌均為Fidelity International Limited的商標。富達優越投資組合基金及富達環球投資基金不可供一般投資大眾投資。富達優越投資組合基金及富達環球投資基金僅可供專業投資者、職業退休計劃及強積金退休計劃、其相關核准匯集投資基金，或最近成為或仍屬職業退休計劃或強積金退休計劃成員的該等個別人士投資。若閣下是個人零售投資者，而並非專業投資者，或並非欲將閣下的累算權益作出投資的職業退休計劃或強積金退休計劃現有或前度成員，而又有意投資於富達所管理的基金，請聯絡富達，以獲取向一般投資大眾發售的其他富達投資基金系列的詳細資料。本文件內所載的證券僅供資料用途，在任何情況下均不應被視為建議買入或賣出有關證券。

35

15

2

43

65

17

7

9

813

121110

14

16

18

1

1. Lipper Leader Rating SystemsThe Lipper Leader Rating Systems is a suite of measures that can guide investors and advisers to select funds best suited to their investment style and goals.

2. Fund PerformanceInvestment performance of a fund is calculated on NAV to NAV basis.

3. Performance Since LaunchThe return since the initial launch of a fund.

4. Annualized PerformanceTo express a rate of return for a period greater than one year in terms of 12 months.

5. Cumulative PerformanceThe cumulative performance is the gain or loss generated from an investment fund to date over a specified period of time.

6. Annual PerformanceThe annual return of an investment fund for a calendar year.

7. Top 10 HoldingsA list of largest underlying securities holdings. Information will only be updated on a calendar quarterly basis. For MultiManager Lifecycle Funds under Fidelity Retirement Master Trust, top 10 holdings will be updated on a semi-annual basis based on the top holdings provided by the underlying fund managers.

8. Geographical/Currency BreakdownBreakdown of portfolio investments by country or currency. Information will only be updated on a calendar quarterly basis.

9. Industry BreakdownBreakdown of portfolio investments by industry group. Information will only be updated on a calendar quarterly basis.

10. Unit NAVThe price or value of one unit of the fund calculated by dividing the Net Asset Value by the total number of units outstanding.

11. Net asset value (NAV)It is the total value of the fund’s portfolio less liabilities.

12. Risk IndicatorVolatility is measured by the annualised standard deviation of the fund’s monthly rates of return over the past 3 years. For funds with less than 3 years of performance history, the volatility figure will not be available. Standard Deviationis a measure of the historical performance fluctuation of a mutual fund or portfolio, usually computed using 36 monthly returns. This is to measure how the monthly fund performance movements are away from the average performance. The greater the degree of dispersion, the greater the risk.

13. Modified DurationModified Duration serves as a guide to the sensitivity of a bond or fixed-income portfolio’s price to interest rate changes. It follows the concept that interest rates and bond prices move in opposite directions. For example: if interest rates rise 1%, the price of a bond with a duration of 5 years will generally fall by 5%.

14. Yield to MaturityThe expected rate of return on a bond investment if it is held to maturity and expressed as an annual rate.

15. S&P / Moody’s Credit RatingStandard & Poor’s / Moody’s are the independent financial credit rating agencies. A bond rating system provided by Standard & Poor’s (S&P) is to rate the quality of bonds based on the rating agency’s assessment of the quality of the bonds (e.g., AAA is best quality, A- is a lower quality than AAA, etc.). A rating of BBB- is the lowest S&P credit rating that is still classified as investment grade.

16. Latest Fund Expenses RatioThe total cost of the funds expenses expressed as a percentage of its net asset value.

17. Fund Allocation by Asset ClassThe structure of a portfolio - namely the allocation of specific portions of it across different asset classes; that is, equities, bonds and cash.

18. Asset Allocation by Fund ManagerThe structure of a portfolio - namely the allocation of its assets across different underlying fund managers.

12

3

3

3 6

1%5 5%

/( AAA A- AAA ) BBB-

( )

This Monthly Investment Report is for participating employers of Fidelity Retirement Master Trust and/or Fidelity Advantage Portfolio Fund only. Investment in the Fidelity Advantage Portfolio Fund is not available to the general investing public. Investments in the Fidelity Advantage Portfolio Fund are available only to Professional Investors, ORSO and MPF retirement schemes, their related Approved Pooled Investment Funds, or those individuals who have recently been or still are members of an ORSO or MPF retirement scheme. If you are an individual retail investor who is not a Professional Investor or current or former member of an ORSO or MPF retirement scheme wishing to invest your accrued benefits and want to invest in Fidelity managed funds, please contact Fidelity for further details about our other ranges of investment funds, which are available to the general investing public. Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Fidelity Retirement Master Trust and Explanatory Memorandum of Fidelity Advantage Portfolio Fund for further details.

Fidelity, Fidelity International, and Fidelity International and Pyramid Logo are trademarks of FIL Limited.

FIL Limited

www.fidelity.com.hk

Fidelity Retirement Hotlines Administrators for MPF and ORSO members

(852) 2629 2666HSBC Institutional Trust Services (Asia) LimitedOther than

HSBC Institutional Trust Services (Asia) Limited (with Interactive Voice Response Service) (852) 2500 1666

Date post:	23-Sep-2020
Category:	Documents
Upload:	others
View:	1 times
Download:	0 times

Fidelity Retirement Services g u ¹ î Z = P...stocks performed well. Overall, mid-sized firms...

Documents