Fidelity Common Contractual Fund II…activity in Europe, excluding the United Kingdom (“Europe...

Annual Report and Audited Financial Statements For the financial year ended 31 December 2019

Fidelity Common Contractual Fund II

(A common contractual fund constituted as an umbrella fund with segregated liability between sub-funds)


TABLE OF CONTENTS

Page

GENERAL INFORMATION 2

INVESTMENT MANAGER’S REPORT 6

SCHEDULES OF INVESTMENTS:

Fidelity Europe ex-UK Equity Fund 15

Fidelity Japan Equity Fund 23

Fidelity North America Equity Fund 32

Fidelity UK Equity Fund 37

Fidelity Global Aggregate Bond Fund 47

Fidelity Global Sub-IG Fixed Income Fund 71

Fidelity Asia Pacific ex-Japan Equity Fund 91

Fidelity Alternative Listed Equity Fund 103

Fidelity Global Emerging Markets Equity Fund 106

119

125

130

132

137

210

212

213

216

218

231

STATEMENT OF FINANCIAL POSITION

STATEMENT OF COMPREHENSIVE INCOME

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING UNITS

STATEMENT OF CASH FLOWS

NOTES TO THE FINANCIAL STATEMENTS

STATEMENT OF MANAGER’S RESPONSIBILITIES (UNAUDITED)

REPORT FROM THE DEPOSITARY TO THE UNITHOLDERS (UNAUDITED)

INDEPENDENT AUDITOR S REPORT

DIRECTORY (UNAUDITED)

APPENDIX 1 – STATEMENT OF SIGNIFICANT CHANGES IN THE COMPOSITION OF PORTFOLIO (UNAUDITED)

APPENDIX 2 – REPORT OF REMUNERATION (UNAUDITED)

APPENDIX 3 – SECURITIES FINANCING TRANSACTIONS (UNAUDITED) 232


GENERAL INFORMATION

Fidelity Common Contractual Fund II (the “Fund”) is a common contractual fund constituted by the Deed under the laws of Ireland on 28 March 2018 and is authorised by the Central Bank of Ireland (the “Central Bank”) under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) (the “UCITS Regulations”). Except where the context otherwise requires, defined terms shall bear the meaning given to them in the Prospectus of the Fund. The Fund is organised in the form of an umbrella fund with segregated liability between sub-funds. The Prospectus provides that the Fund may offer separate sub-funds. Each sub-fund will have a distinct schedule of investments. Currently there are 10 sub-funds under the umbrella (each, a “Sub-Fund” and, collectively, the “Sub-Funds”) nine of which were launched* as of the financial year end, as follows: Sub-Fund Launch Date Fidelity Europe ex-UK Equity Fund 20 June 2018 Fidelity Japan Equity Fund 27 June 2018 Fidelity North America Equity Fund 11 July 2018 Fidelity UK Equity Fund 23 July 2018 Fidelity Global Aggregate Bond Fund 6 August 2018 Fidelity Global Sub-IG Fixed Income Fund 14 August 2018 Fidelity Asia Pacific ex-Japan Equity Fund 20 August 2018 Fidelity Alternative Listed Equity Fund 3 September 2018 Fidelity Global Emerging Markets Equity Fund 5 September 2018 *There is one other sub-fund of the umbrella that has been approved be the Central Bank of Ireland (Fidelity Global Equity Fund), but it has not launched as at the financial year end. The Fund is an unincorporated body under which the Unitholders participate in and share in the property of the relevant Sub-Fund, including, without limitation, income arising thereon and profits deriving therefrom as such income and profits arise, as co-owners in accordance with the terms of the Deed. As a common contractual fund, the Fund is an unincorporated body and neither the Fund nor any Sub-Fund has a separate legal personality. The Fund will not hold Unitholder meetings and although Units may be redeemed, they are not freely transferable as this may result in the Sub-Fund incurring a tax liability or suffering pecuniary disadvantage. With the prior approval of the Central Bank, the Fund from time to time may create an additional Sub-Fund or Sub-Funds, the investment policies and objectives for which will be outlined in a Relevant Supplement, together with details of the initial offer year, the initial subscription price for each Unit and such other relevant information in relation to the additional Sub-Fund or Sub-Funds as the Directors of the Manager may deem appropriate, or the Central Bank requires, to be included. Each Relevant Supplement will form part of, and should be read in conjunction with, the Prospectus. In addition, the Fund may create additional Classes of Units within a Sub-Fund to accommodate different terms, including different charges and/or fees and/or brokerage arrangements provided that the Central Bank is notified in advance, and gives prior clearance, of the creation of any such additional Class of Units. The most recent Prospectus of the Fund is dated 24 December 2018 with the first addendum dated 9 October 2019. The most recent Supplements for Fidelity Global Aggregate Bond Fund and Fidelity Global Sub-IG Fixed Income Fund are dated 11 November 2019 and the most recent Supplements for other Sub-Funds are dated 8 October 2019. The Fund has been established for the purpose of investing in transferable securities in accordance with the UCITS Regulations. For each of the Sub-Funds, the FIL Investments International (the “Investment Manager”) has appointed a number of discretionary investment advisers as its delegates and will allocate some or all of the Sub-Fund’s assets to such advisers or the Investment Manager acting itself as an adviser. The Investment Manager is responsible for actively selecting each adviser to which assets will be allocated, for determining the amount of the Sub-Fund’s assets to allocate to each adviser and for managing such portion of the Sub-Fund’s assets as are not allocated to an adviser.

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GENERAL INFORMATION (CONTINUED)

The Investment Manager will review a range of qualitative and quantitative factors when determining or reviewing the allocations to advisers, including the attributes (i.e. the strengths and weaknesses) of each adviser’s portfolio management team, the adviser’s investment style, its process for selecting investments in accordance with the Sub-Fund’s investment strategy described below, philosophy and historical performance and the holdings in the adviser’s allocated assets. The Investment Manager utilises these factors to determine and review the allocation of the assets of the Sub-Fund based on its view of whether a particular adviser has a superior ability to add value to the allocated assets (on a net of fees basis) over time and, where relevant, whether the adviser may be appointed alongside other advisers in such a way that the advisers complement each other’s investment style and positioning. The Investment Manager will monitor the performance of each adviser and may in its absolute discretion discontinue the allocation of assets to all or any of the advisers at any time subsequent to their appointment. The advisers will each be regulated in their country of domicile for the purposes of investment management and will have been cleared to act as discretionary investment managers in respect of Irish collective investment schemes by the Central Bank. The advisers will each be selected by the Investment Manager following an extensive investment and operational due diligence process designed to identify the most appropriate investment advisers to implement the Sub-Fund’s investment strategy. Fidelity Europe ex-UK Equity Fund The investment objective of the Sub-Fund is to seek to achieve long-term capital growth. The Fidelity Europe ex-UK Equity Fund seeks to achieve its objective by obtaining exposure to a diversified portfolio at least two thirds of which will be exposed to equities or equity-related securities of companies domiciled or exercising the predominant part of their economic activity in Europe, excluding the United Kingdom (“Europe ex-UK”). The following are the active Unit Classes in the Sub-Fund as at 31 December 2019: Unit Class Unit Class Launch Date Currency I Acc EUR 20 June 2018 EUR G Acc EUR 13 August 2018 EUR G Acc GBP 24 October 2019 GBP Fidelity Japan Equity Fund The investment objective of the Sub-Fund is to seek to achieve long-term capital growth. The Fidelity Japan Equity Fund seeks to achieve its objective by obtaining exposure to a diversified portfolio at least two thirds of which will be exposed to equities or equity-related securities of companies domiciled or exercising the predominant part of their economic activity in Japan. The following are the active Unit Classes in the Sub-Fund as at 31 December 2019: Unit Class Unit Class Launch Date Currency I Acc JPY 27 June 2018 JPY G Acc EUR Hedged 23 August 2018 EUR G Acc GBP 24 October 2019 GBP Fidelity North America Equity Fund The investment objective of the Sub-Fund is to seek to achieve long-term capital growth. The Fidelity North America Equity Fund seeks to achieve its objective by obtaining exposure to a diversified portfolio at least two thirds of which will be exposed to equities or equity-related securities of companies domiciled or exercising the predominant part of their economic activity in the United States, Canada or Mexico (“North America”). The following are the active Unit Class in the Sub-Fund as at 31 December 2019: Unit Class Unit Class Launch Date Currency I Acc USD 11 July 2018 USD G Acc EUR Hedged 28 August 2018 EUR G Acc GBP 24 October 2019 GBP

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Fidelity UK Equity Fund The investment objective of the Sub-Fund is to seek to achieve long-term capital growth. The Fidelity UK Equity Fund seeks to achieve its objective by obtaining exposure to a diversified portfolio at least two thirds of which will be exposed to equities or equity-related securities of companies domiciled or exercising the predominant part of their economic activity in the United Kingdom (the “UK”). The following are the active Unit Classes in the Sub-Fund as at 31 December 2019: Unit Class Unit Class Launch Date Currency I Acc GBP 23 July 2018 GBP G Acc EUR Hedged 29 August 2018 EUR G Acc GBP 24 October 2019 GBP Fidelity Global Aggregate Bond Fund The investment objective of the Sub-Fund is to seek to achieve long-term capital growth and income. The Fidelity Global Aggregate Bond Fund seeks to achieve its objective by obtaining exposure to a diversified portfolio of fixed income securities. The following are the active Unit Classes in the Sub-Fund as at 31 December 2019: Unit Class Unit Class Launch Date Currency I Acc GBP 6 August 2018 GBP G Acc EUR Hedged 30 August 2018 EUR G Acc GBP 24 October 2019 GBP Fidelity Global Sub-IG Fixed Income Fund The investment objective of the Sub-Fund is to seek to achieve long-term capital growth and income. The Fidelity Global Sub-IG Fixed Income Fund seeks to achieve its objective by obtaining exposure to a diversified portfolio of sub-investment grade fixed income securities. The following are the active Unit Classes in the Sub-Fund as at 31 December 2019: Unit Class Unit Class Launch Date Currency I Acc GBP 14 August 2018 GBP G Acc EUR Hedged 30 August 2018 EUR G Acc GBP 24 October 2019 GBP Fidelity Asia Pacific ex-Japan Equity Fund The investment objective of the Sub-Fund is to seek to achieve long-term capital growth. The Fidelity Asia Pacific ex-Japan Equity seeks to achieve its objective by obtaining exposure to a diversified portfolio at least two thirds of which will be exposed to equities or equity-related securities of companies domiciled or exercising the predominant part of their economic activity in the Asia Pacific region, excluding Japan (“Asia Pacific ex-Japan”). The following are the active Unit Classes in the Sub-Fund as at 31 December 2019: Unit Class Unit Class Launch Date Currency I Acc USD 20 August 2018 USD G Acc EUR Hedged 31 August 2018 EUR G Acc GBP 24 October 2019 GBP

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Fidelity Alternative Listed Equity Fund The investment objective of the Sub-Fund is to seek to achieve long-term capital growth. The Fidelity Alternative Listed Equity Fund seeks to achieve its objective by obtaining exposure to a portfolio primarily made up of listed equities or equity-related securities. The following are the active Unit Classes in the Sub-Fund as at 31 December 2019: Unit Class Unit Class Launch Date Currency I Acc GBP 3 September 2018 GBP G Acc EUR Hedged 12 September 2018 EUR I Acc EUR Hedged 12 August 2019 EUR G Acc GBP 24 October 2019 GBP Fidelity Global Emerging Markets Equity Fund The investment objective of the Sub-Fund is to seek to achieve long-term capital growth. The Fidelity Global Emerging Markets Equity Fund seeks to achieve its objective by obtaining exposure to a diversified portfolio at least two thirds of which will be exposed to equities or equity-related securities of companies domiciled or exercising the predominant part of their economic activity in emerging market countries (i.e. any country other than one which (i) the World Bank defines as a High Income country, (ii) is a OECD member country, (iii) the OECD classifies as being High Income). The following are the active Unit Classes in the Sub-Fund as at 31 December 2019: Unit Class Unit Class Launch Date Currency I Acc USD 5 September 2018 USD G Acc EUR Hedged 13 September 2018 EUR G Acc GBP 24 October 2019 GBP

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INVESTMENT MANAGER’S REPORT

Fidelity Europe ex-UK Equity Fund Overview: The Investment Manager has appointed a number of discretionary investment advisers as its delegates and has allocated some or all of the Sub-Fund’s assets to such advisers or the Investment Manager acting itself as an adviser. The assets of the Sub-Fund have been allocated as follows:

Investment adviser Allocation (%) as on 31st December’19 Cash 1.4 Columbia Threadneedle 31.2 Invesco 30.1 Acadian 37.4 Other Net Assets -0.1 Total 100

Market Commentary: European equites rose strongly in 2019, producing the best annual return of the last decade. Performance was broadly driven by the accommodative monetary policy stance adopted by most major global central banks and improving geopolitical conditions towards the end of the year. After the sharp fall in equities in the fourth quarter of 2018, the first four months of 2019 witnessed a strong rebound. Investor sentiment was supported by indications of monetary policy easing from the European Central Bank (ECB) and the US Federal Reserve. There was some volatility in the middle of the year, driven by weakening global economic data, Brexit related uncertainty, FY19 corporate earnings downgrades and ongoing trade tensions between the US and China. However, some of these fears reduced towards the end of the year. A convincing majority secured by the Conservative party in the UK general elections at the end of the year was positively received by equity markets. Portfolio Commentary: The Fidelity Europe ex-UK Equity sub-fund returned 24.28% for the financial year, while the MSCI Europe ex-UK returned 27.10%. At the sub-fund level, all the sub-investment advisers contributed to performance. The exposure to a sub-investment adviser following a quality growth style of investing added significant value, driven by positions in the industrials and information technology (IT) sectors. Moreover, a sub-investment adviser following a low volatility strategy supported performance. Its underlying holdings in the financials and health care sectors buoyed returns, though positions in the communication services and materials sectors had a negative impact on performance. At the sub-fund level, underlying holdings in the industrials and health care sectors boosted returns. At the country level, the exposure to France and Germany contributed strongly to performance, while holdings in Malta weighed on returns. At the security level, positions in Atlas Copco and Roche Holding AG supported performance. Outlook: The outlook for European equities remains cautiously optimistic in light of lower-for-longer interest rates, central bank support and low bond yields. Going into 2020, we expect interest rates to remain low, which should be favourable for corporate earnings. After a flat year in 2019, earnings growth is projected to be around 9%, according to I/B/E/S estimates. In addition to favourable financing conditions, continued growth in real wages and declining unemployment rates are expected to drive domestic demand in the eurozone. However, ongoing weakness in global trade, Brexit and weakness in German manufacturing activity remain the key risks to the region’s growth story. Given the European economy’s dependence on exports, an escalation of trade tensions could prove detrimental to growth prospects. Conversely, an easing of trade tensions between the US and China (as witnessed in December), and the US and the European Union should benefit the European economy. In the UK, the economic environment remains uncertain despite Boris Johnson’s majority in the House of Commons. The Brexit transition year will last until the end of the year, giving the UK government a very short year of time to agree to a free trade deal. The ECB’s broad-based monetary policy package in September 2019 will have to be supplemented by fiscal policy measures to stimulate growth, but the timing and extent of any fiscal stimulus remains uncertain. The ECB expects eurozone’s real GDP to grow by 1.1% in 2019 and 2020, and by 1.4% in both 2021 and 2022. Underlying inflationary pressures have lessened due to the slowdown in economic momentum, and inflation remains below the bank’s 2% target. During 2019, European equity markets were driven by a relatively small number of expensive growth stocks. As large parts of the bond market can no longer be relied on to provide income, some perceived ‘bond proxy’ stocks have also reached record valuations. This has led to extreme valuations between, as well as within, sectors. We believe this creates opportunities to find quality businesses that are trading at unusually cheap valuations. January 2020

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INVESTMENT MANAGER’S REPORT (CONTINUED)

Fidelity Japan Equity Fund Overview: The Investment Manager has appointed a number of discretionary investment advisers as its delegates and has allocated some or all of the Sub-Fund’s assets to such advisers or the Investment Manager acting itself as an adviser. The assets of the Sub-Fund have been allocated as follows:

Investment adviser Allocation (%) as on 31st December’19 Cash 1.4 Pinebridge 10.4 Lindsell Train 29.7 Brandes 29.5 Mukam System 29.1 Other Net Assets -0.1 Total 100

Market Commentary: Japanese equities rose strongly over the financial year, supported by a significant rally in the second half of the year. Signs of easing tensions between the US and China and an accommodative monetary policy stance from global central banks supported investor sentiment. Strength in US economic indicators and record highs for US equity indices in the later part of the year provided additional tailwinds. Market gains were also supported by Japanese Prime Minister Shinzo Abe’s announcement of a large fiscal stimulus package in early December to help the world's third-largest economy overcome the aftermath of the recent natural disasters. Corporate earnings held up relatively well, supported by the non-manufacturing sector, which helped to partially offset the negative impact of weak external demand. Portfolio Commentary: The Fidelity Japan Equity sub-fund returned 17.47% over the financial year, while the TOPIX returned 17.67%. At the sub-fund level, all the sub-investment advisers generated positive performance. The significant exposure to a sub-investment adviser following a market-cap agnostic quality growth strategy contributed significantly to returns, supported by positions in the communication services and consumer staples sectors. The allocation to a sub-investment adviser following a large-cap value strategy enhanced gains, driven by positions in the information technology (IT) and industrials sectors. Meanwhile, underlying holdings in consumer staples weighed on returns. At the sub-fund level, underlying positions in the IT, communication services and industrials sectors were the key contributors to returns, while the allocation to the utilities sector detracted marginally from performance. At the security level, the exposure to NuFlare Technology and Nintendo contributed to returns. Meanwhile, the position in Nippon Gas in the utilities sector was unrewarding. Outlook: Japanese stocks lagged their global peers this year, as uncertainty over US-China trade frictions and the impact on the global economy clouded the outlook for corporate earnings, particularly in the first half of 2019. The analyst revision index has started to recover, and earnings trends should stabilise in the coming quarters, though share prices could see volatile trends amid concerning geopolitical developments. Japan is also seeing a period of corporate restructuring and capital reallocation. While headline growth may seem uninspiring, Japanese companies are restructuring their portfolios, divesting uneconomic businesses and actively managing their balance sheets. However, concerns about the overall demand environment and lack of inflation continue to weigh on valuations, which remain attractive overall. Combined with a benign policy backdrop and progress on structural reforms, the risk/reward balance for Japanese stocks remains favourable over the mid-to-long term. January 2020

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Fidelity North America Equity Fund Overview: The Investment Manager has appointed a number of discretionary investment advisers as its delegates and has allocated some or all of the Sub-Fund’s assets to such advisers or the Investment Manager acting itself as an adviser. The assets of the Sub-Fund have been allocated as follows:

Investment adviser Allocation (%) as on 31st December’19 Cash 1.5 Fidelity 37.2 Amundi Pioneer 26.0 Brown Advisory 15.3 Hotchkis & Wiley LC Value 20.0 Total 100

Market Commentary: 2019 proved to be a strong year for US equities, which meaningfully outperformed global equities as a whole. Bouts of volatility related to the US-China trade dispute and a slowdown in manufacturing activity held back sentiment intermittently. Towards the end of the year, the economic outlook improved as a trade truce between the US and China seemed increasingly likely, which led to record-breaking advances across major market indices. More recently, President Donald Trump announced he would sign a phase-one trade deal with China on January 15, effectively compelling both sides to stop adding to the economic damage they have sustained from the imposition of tariffs. An accommodative monetary policy stance by the US Federal Reserve (Fed) also supported market performance. It implemented rate cuts at its July, September and October meetings. Overall, the US consumer remains a resilient anchor for growth in the region and is becoming increasingly correlated to the state of the economy. US politics (impeachment) was in the limelight in December, but there has been limited impact to markets at this point, as the vast consensus is that Trump will not be impeached by the Senate. Portfolio Commentary: The Fidelity North America Equity sub-fund returned 24.78% over the financial year, while the S&P 500 returned 30.70%. At the sub-fund level, all the sub-investment advisers generated positive performance. The exposure to a sub-investment adviser following a large-cap investment strategy contributed significantly to returns, driven by positions in the information technology (IT) and health care sectors. Moreover, the exposure to a sub-investment adviser following a large-cap value strategy supported performance, driven by positions in the financials and industrials sectors. At the sub-fund level, underlying holdings in the IT, financials and health care sectors were the key contributors to performance. At the security level, positions in Microsoft, Willis Tower Watson and Thermo Fisher Scientific buoyed returns. Outlook: US equities have by and large weathered the slowdown in economic growth and trade tensions with China. While bouts of volatility held back sentiment intermittently, US markets outperformed the rest of the world and went on to set new record highs. Going into 2020, the mood is cautiously positive. Risk appetite has increased, as some of the uncertainties that prevailed in 2019, particularly relating to trade, have faded away amid rekindled hopes for further progress in US-China trade relations. However, if constructive dialogues are unsuccessful or stall, it could result in continued weakness in capital spending and keep productivity growth low. This in turn could slow real output growth and potentially push up unit labour costs, which would squeeze profit margins and if passed on to consumers, push up inflation. In this case, the US Fed would have to stop easing and could even tighten its monetary policy. But for now, inflation expectations are not rising. Interestingly, for the first time in over a decade, all the world’s major economies are easing their monetary policy, with neutral to positive fiscal policy settings across the board. Improving liquidity conditions points to a positive outlook for risk assets. Earnings are expected to accelerate in the 2020 election year. However, there are caveats: moderation in non-consumer business cycle indicators could start to have an impact on consumer indicators. This will have to be closely monitored. Meanwhile, liquidity is under threat from the decline of globalisation. The frictionless flow of capital around the world is subject to increasing barriers, such as those resulting from the recent US/China dispute. Threats from possible geopolitical risks will also need to be watched closely. In a global context, the US is favoured by investors for being less exposed to cyclical sectors relative to many other (particularly emerging) markets. January 2020

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Fidelity UK Equity Fund Overview: The Investment Manager has appointed a number of discretionary investment advisers as its delegates and has allocated some or all of the Sub-Fund’s assets to such advisers or the Investment Manager acting itself as an adviser. The assets of the Sub-Fund have been allocated as follows:

Investment adviser Allocation (%) as on 31st December’19 Cash 0.9 Lindsell Train 19.0 Franklin Templeton 35.3 Majedie 29.7 Fidelity 15.2 Other Net Assets -0.1 Total 100

Market Commentary: The UK stock market performed strongly during the year but underperformed other developed markets. Returns were supported by the accommodative monetary policies implemented by major central banks and a step towards the resolution of the UK’s exit from the European Union (EU). A large majority for Prime Minister Boris Johnson’s Conservative Party in the UK elections at the end of the year was received positively by equity markets. The elections also meant that the UK can now focus on executing Brexit, with a transition period that ends in 2020. Elsewhere, interest rate cuts by global central banks, including the European Central Bank (ECB), enhanced gains. Investor sentiment was also buoyed by the preliminary “phase one” trade agreement between the US and China, after the US agreed to halt tariffs on a number of Chinese goods, alleviating pressure on global growth. Portfolio Commentary: The Fidelity UK Equity sub-fund returned 20.00% for the financial year, while the FTSE All-share returned 19.11%. At the sub-fund level, all the sub-investment advisers generated positive returns. The significant exposure to a sub-investment adviser following an income strategy contributed significantly to returns, driven by positions in the financials and consumer discretionary sectors. Moreover, the exposure to a sub-investment Fidelity adviser following a value approach supported performance, driven by holdings in the financials and industrials sectors. However, the underlying allocation to the communication services and health care sectors had a negative impact on returns. At the sub-fund level, the underlying holdings in the financials, industrials and consumer discretionary sectors were the key contributors to returns. At the security level, positions in Schroders PLC and RELX PLC added value. Meanwhile, the allocation to Pearson PLC within the communication services sector held back gains. Outlook: The economic environment in the UK remains uncertain, despite Prime Minister Boris Johnson’s conclusive victory in the UK general elections, which provides temporary relief to businesses. UK business investments and exports may continue to face upheavals though, due to the unknown and uncertain future of its trading relationship with the European Union. Once clarity emerges on this front, a rebound in economic activity is possible. The UK has offered an attractive ‘Brexit discount’, especially for long-term investors, due to cheaper stock valuations compared to other advanced economies. However, with greater Brexit clarity and an easing of trade tensions between the world’s two biggest economies, the US and China, UK assets should receive a boost. Stagnant global growth has resulted in central banks around the world adopting an accommodative stance. An expansive fiscal stimulus promised by the UK government is expected to boost GDP growth and household spending. Despite the Bank of England reducing its GDP growth forecasts for 2020, the pound may strengthen as the possibility of a ‘hard-Brexit’ becomes unsubstantial. January 2020

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Fidelity Global Aggregate Bond Fund Overview: The Investment Manager has appointed a number of discretionary investment advisers as its delegates and has allocated some or all of the Sub-Fund’s assets to such advisers or the Investment Manager acting itself as an adviser. The assets of the Sub-Fund have been allocated as follows:

Investment adviser Allocation (%) as on 31st December’19 Cash 1.0PIMCO 58.4Colchester 40.7Other Net Assets -0.1 Total 100

Market Commentary: Fixed income markets posted positive returns over a year that was characterised by a changing monetary policy regime, as investors grew increasingly concerned over the health of the global economy. Government bond yields slumped to record lows, many of them below zero, as central banks across the world adopted a cautious monetary policy stance. This reflected a combination of weak economic data, tepid inflation forecasts, continued uncertainty over US-China trade negotiations and concerns over a no deal Brexit. The US Federal Reserve (Fed) cut its interest rate three times by 0.25% each in 2019. Consequently, the 10-year US Treasury yield posted its biggest decline in eight years. This resulted in a US Treasury yield curve inversion in the third quarter of 2019, as yields on 10-year notes slumped below those on two-year notes. In Europe, the European Central Bank (ECB) cut its deposit rate by 0.1 percentage points to a new all-time low of -0.5% and revamped its quantitative easing programme. As a result, 10-year German bunds also touched record lows, as global recession worries intensified. In the UK, 10-year government bond (Gilt) yields fell below 0.5%, dipping below its previous August 2016 trough, which came after the Bank of England (BoE) slashed interest rates to an all-time low in the wake of the Brexit vote. However, core government bond yields backed up from record lows in the fourth quarter, as some of the headwinds from the start of the year faded. This was driven by better than expected macroeconomic data, optimism over the US-China trade war and easing concerns over a no-deal Brexit. Prime Minister Boris Johnson’s Conservative Party won the national election, signalling hopes that the UK will be able to win approval for a draft deal to leave the European Union by the end of January 2020. In credit markets, corporate bond spreads tightened amid investors’ search for yields. Emerging market bonds had a good year, with the major sub-asset classes posting positive double-digit returns. Portfolio Commentary: The Fidelity Global Aggregate Bond sub-fund returned 6.16% over the financial year, while the Bloomberg Barclays Global Aggregate Bond index returned 6.46%. At the sub-fund level, both the sub-investment advisers generated positive returns. The significant exposure to a sub-investment adviser following a global aggregate strategy enhanced gains, driven by holdings in German government bonds. Elsewhere, the allocation to a sub-investment adviser that invests primarily in government bonds contributed to returns. Its performance was driven by holdings in AAA rated US government bonds with a maturity period of 7–10 years. At the sub-fund level, underlying holdings in AAA rated government bonds added notable value. Moreover, bonds with a maturity period of less than one year supported performance, while bonds with a maturity period of 25–30 years detracted from returns. Elsewhere, the exposure to cash added value. Outlook: Global bonds have witnessed an unprecedented rally this year, with markets supported by renewed monetary policy easing by major global central banks. Markets are currently pricing in tepid inflation and satisfactory growth in the US and Europe, providing sufficient optimism to support markets in the near term. This could last for the first half of 2020, as markets continue to benefit from recent central bank easing, allowing for a marginal rebound in activity. However, we are concerned about nearing the limits of what monetary policy can achieve. Likewise, we believe that economies are unlikely to make real headway without the introduction of widespread fiscal stimulus measures. However, limited economic growth prospects keeps the overall macroeconomic picture uncertain. We believe that the outlook for fixed income in 2020 is positive, driven by the cautious policy environment and the potential de-escalation in the US-China trade conflict. However, caution is warranted as spreads have already narrowed significantly. January 2020

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Fidelity Global Sub-IG Fixed Income Fund Overview: The Investment Manager has appointed a number of discretionary investment advisers as its delegates and has allocated some or all of the Sub-Fund’s assets to such advisers or the Investment Manager acting itself as an adviser. The assets of the Sub-Fund have been allocated as follows:

Investment adviser Allocation (%) as on 31st December’19 Cash 2.3 Barings 48.7 Fidelity 49.1 Other Net Assets -0.1 Total 100

Market Commentary: High yield bonds posted positive returns over the financial year as credit spreads ended 2019 at their narrowest level in both the US and Europe. Investor sentiment was supported by fading geopolitical risks and signs that the slowdown in Europe may be bottoming out. The eurozone economy kept pace in the third quarter, although growth was modest compared to 2018. The expansion was supported by healthy consumer spending, but restrained by cooling investment activity and an unsupportive external backdrop. On the political front, the Conservative Party’s resounding victory in the UK elections on 12 December signals a clearer Brexit roadmap ahead, reducing related uncertainties. Meanwhile, in the US, the Federal Reserve held interest rates steady after reducing them thrice over 2019. It signalled that borrowing costs are likely to remain unchanged indefinitely, with moderate economic growth and low unemployment expected to continue through next year's presidential election. The central bank left its benchmark overnight lending rate unchanged, to range between 1.50% and 1.75%. Portfolio Commentary: The Fidelity Global Sub-IG Fixed Income sub-fund returned 12.67% for the financial year, while the 50% ICE BofA 50% JPM Blend returned 11.73%. At the sub-fund level, both the sub-investment advisers delivered positive returns. The exposure to a sub-investment adviser that invests primarily in high yield bonds enhanced gains, driven by holdings in the US. At a sector level, the allocation to consumer staples (non-cyclical) contributed significantly to performance. Elsewhere, the exposure to a sub-investment Fidelity adviser that invests primarily in emerging market bonds supported returns, driven by holdings in South Africa. In terms of ratings, BBB rated bonds added value. Meanwhile, holdings in C rated bonds detracted from performance. At the sub-fund level, underlying positions in the US were the key contributors to returns, while the allocation to Israel held back gains. In terms of ratings, B rated bonds supported performance, while CC rated bonds detracted from returns. In terms of maturity, bonds with a maturity period of 7–10 years enhanced gains. Elsewhere, the allocation to cash added marginal value. Outlook: The easy monetary policy stance adopted by major global central banks, coupled with investors’ search for yields supported risk returns in 2019. However, the global manufacturing recession, particularly in the US, remains a cause for concern. If a recovery in the export sector fails to materialise, corporate margins are expected to be squeezed, threatening the labour market. Investors expect tepid growth in the US and Europe and decelerating growth in China. However, positive developments on trade negotiations, substantial Chinese fiscal and monetary policy measures and an orderly Brexit are potential positives for 2020. In the high yield market, fundamentals for European high yield bonds remain strong, supported by their solid interest coverage ratio and contained leverage metrics. Meanwhile, if default rates start to pick up from their very low base, it will provide an incentive to minimise the exposure to companies with weaker quality balance sheets. We maintain a more neutral stance in the US, with a focus on high-quality credits, partly due to a combination of tight valuations, potential uptick in corporate supply in 2020 and a very volatile energy sector. Asia is expected to benefit from targeted easing by Chinese authorities and generally stable corporate fundamentals. January 2020

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Fidelity Asia Pacific ex-Japan Equity Fund Overview: The Investment Manager has appointed a number of discretionary investment advisers as its delegates and has allocated some or all of the Sub-Fund’s assets to such advisers or the Investment Manager acting itself as an adviser. The assets of the Sub-Fund have been allocated as follows:

Investment adviser Allocation (%) as on 31st December’19 Cash 1.5 Hermes 26.7 GSAM 40.1 Fidelity 22.7 Acadian 9.1 Other Net Assets -0.1 Total 100

Market Commentary: Asia Pacific ex Japan posted strong returns over the year. Uncertainty around the progress on US-China trade talks dominated sentiment. Nevertheless, investor confidence improved towards the end of the year amid monetary policy easing by major central banks and optimism around the resumption of US-China trade talks. In key developments, both countries agreed on a ‘phase one’ trade deal that is likely to be signed in January 2020, easing tensions over their 18-month trade war that unnerved financial markets and hurt global economic sentiment. Against this backdrop, Chinese and Hong Kong equities advanced. In addition, the Chinese government’s pro-growth measures supported investor confidence. Taiwanese equities attracted investor interest amid advances in the information technology (IT) sector. An incrementally positive outlook for major technology companies exposed to fifth generation (5G) applications buoyed Taiwanese stocks. Korean equities gained towards the end of the year largely due to improved sentiment towards the memory chip market. Australian stock markets also posted robust returns. Meanwhile, Indian equities underperformed the broader market due to concerns over weak macroeconomic data. Portfolio Commentary: The Fidelity Asia Pacific ex-Japan Equity sub-fund returned 16.16 % for the financial year, while the MSCI AC Asia Pacific ex-Japan returned 19.16%. At the sub-fund level, all the sub-investment advisers generated positive returns. The significant exposure to a sub-investment adviser that follows a core Asia-Pacific strategy investing in stocks that are mispriced on multiple dimensions, contributed to performance, driven by positions in the IT and financials sectors. Elsewhere, the holding in a sub-investment Fidelity adviser following a quality growth style of investing supported returns. Its allocation to the IT and consumer discretionary sectors enhanced gains. At the sub-fund level, underlying holdings in the IT and consumer discretionary sectors supported performance, while positions in the energy sector weighed on returns. At the country level, the exposure to Taiwan and Cayman Islands added notable value, while the allocation to Bermuda held back gains. At the security level, holdings in Samsung Electronics and Alibaba Group proved rewarding. Conversely, the position in PetroChina detracted from performance. Outlook: Despite the current challenging macroeconomic environment, the long-term outlook for Asia Pacific ex Japan remains strong. While escalating tensions over the US-China trade war appear to have moderated, the probability of a more comprehensive deal in the near term is low. Meanwhile, domestic demand is expected to remain resilient, supported by accommodative monetary policies and stimulus measures in most economies. China’s economic growth is expected to moderate owing to deleveraging, lingering trade tensions and weakening global demand. Nonetheless, policymakers are likely to continue ramping up stimulus measures to support economic activity. In India, a stimulus-led recovery, driven by a revival in consumption, is expected in 2020. Prospects of further policy easing and measures to boost consumption and domestic demand in the forthcoming budget may add to the India growth story. South East Asian economies should benefit from underlying economic developments, as well as international investments such as the China ‘belt and road’ initiative. Overall, equity valuations in Asia Pacific ex Japan are above their long-term averages, but are attractive relative to their developed market peers. January 2020

12



Fidelity Alternative Listed Equity Fund Overview: The assets of the Sub-Fund have been allocated as follows:

Investment adviser Allocation (%) as on 31st December’19 Cash 1.1 Listed Alternatives 99.1 Other Net Assets -0.2 Total 100

Market Commentary: The main index representing cash-benchmarked assets – AH Global UCITS Index – advanced over the financial year. Commodities generated positive returns over the year despite intermittent concerns related to the US-China trade war and slowing global growth. Over the last quarter, most commodities benefited from optimism surrounding the US-China “phase one” trade deal. Improving trade relations between the US and China, coupled with production cuts from major oil producers, supported the energy complex. Meanwhile, accommodative central banks, geopolitical tensions and central bank buying buoyed gold prices. Global property markets also advanced. Towards the end of the year, the US housing market came under pressure as consumer confidence fell on concerns over business conditions and employment prospects, and as house price growth surpassed wage growth. Portfolio Commentary: The Fidelity Alternative Listed Equity sub-fund returned 5.84% over the review financial year, while the Sonia + Annualised returned 3.70%. At the sub-fund level, underlying holdings in the financials sector contributed to performance. The allocation to Invesco Morningstar US Energy Infrastructure MLP UCITS ETF, which gives us exposure to US energy infrastructure, supported returns. Moreover, the position in Starwood European Real Estate enhanced gains. The strategy focuses on delivering regular dividends with an attractive total return through a diversified portfolio of real estate debt investments within the UK and Europe. Holdings in physical gold also added value as real rates declined. Uncertainty over the direction of risk assets further supported gold prices. Meanwhile, underlying holdings in aircraft leasing funds, namely Amedeo Air Four Plus, Doric Nimrod Air Three and Doric Nimrod Air Two were the biggest detractors from performance. Outlook: The recovery in global growth that many investors were hoping for in 2019 has not materialised. Moreover, investors have had to content with significant uncertainty caused by geopolitics. However, in a story familiar to many by now, the promise of easier monetary support from the world’s central banks has helped push down bond yields and forced investors up the risk spectrum in search of higher returns. Traditional balanced portfolios have performed strongly in recent years, but as we get further into the late-cycle and volatility picks up, we believe it will be important to have the ability to broaden-out portfolio holdings beyond equities and bonds. Alternatives – including loans, infrastructure, aircraft leasing, real estate and specialist investment approaches – have an important role to play here. This universe is highly heterogenous and it is critical to understand the characteristics of these distinct strategies and the role they can play in an overall portfolio. As we move into next year, we continue to favour our infrastructure holdings, where long-dated contracted cashflows are relatively resilient to the business cycle. In addition, we remain highly selective in our real estate exposure and pick out sectors and managers with the strongest fundamentals. January 2020

13



Fidelity Global Emerging Markets Equity Fund Overview: The Investment Manager has appointed a number of discretionary investment advisers as its delegates and has allocated some or all of the Sub-Fund’s assets to such advisers or the Investment Manager acting itself as an adviser. The assets of the Sub-Fund have been allocated as follows:

Investment adviser Allocation (%) as on 31st December’19 Cash 0.8 Pzena 22.0 GSAM 42.0 Fidelity 24.3 Acadian 11.2 Other Net Assets -0.3 Total 100

Market Commentary: Emerging market equities posted strong absolute returns over the financial year. Through much of the year, the asset class was impacted by a variety of factors that drove investor sentiment, including concerns over weaker growth, a deteriorating economic outlook, protracted trade negotiations and matters of local concern such as social unrest. Trade tensions between the US and China continued through the course of the year, impacting investors’ risk appetite. However, as the year drew to a close, risk assets gained significantly as the US and China announced that they had reached an agreement on a “phase one” trade deal. Investor sentiment was further supported by China’s central bank’s decision to ease its monetary policy. Against this backdrop, the US dollar weakened and the risk on rally pushed emerging market currencies higher. Across the Latin America region, performance was mixed. Brazil outperformed in light of progress on government reforms, a dramatic fall in local interest rates and better-than-expected growth in the third quarter. Conversely, Argentina suffered after the results of the presidential election primaries in August, before rebounding in December when the new President was sworn-in. Investors were optimistic that the new government would introduce growth-focused policies to support the beleaguered economy. Meanwhile, Russian markets did well as investors sought out attractively valued segments of the market that were perceived to be insulated from the trade war. Portfolio Commentary: The Fidelity Global Emerging Markets Equity sub-fund returned 17.60% for the financial year, while the MSCI Emerging Markets index returned 18.42%. At the sub-fund level, all sub-investment advisers generated positive performance. The allocation to a sub-investment Fidelity adviser that follows a growth-oriented investment style boosted returns, supported by holdings in the consumer discretionary and financials sectors. Meanwhile, underlying positions in the health care sector held back gains. The exposure to a sub-investment adviser that follows a core emerging markets strategy and invests in mispriced stocks contributed to performance, driven by positions in the information technology (IT) and consumer discretionary sectors. At the sub-fund level, underlying holdings in the consumer discretionary and IT sectors were the key contributors to performance. At the country level, the exposure to Cayman Islands and Taiwan added notable value, while holdings in Chile marginally detracted from returns. At the security level, positions in Li-Ning, Samsung Electronics and Taiwan Semiconductor Manufacturing Company supported performance. Outlook: The long-term outlook for emerging markets remains robust despite short-term concerns over a slowdown in global growth. Expansionary monetary and fiscal policies will enable economies across the region to respond to unfavourable external macroeconomic headwinds, ensuring that growth remains strong in the longer run. The easing of US-China trade tensions in light of the recent agreement of a “phase one” trade deal is key to restoring investor confidence. In general, as 50% of global manufacturing and 25% of global trade is driven by the US and China, the potential impact of the trade war cannot be dismissed, and investors will closely watch developments between the two countries. A supportive environment for certain commodities should benefit export-oriented developing countries. Nonetheless, from a long-term perspective, emerging markets continue to offer many opportunities, supported by structural growth drivers such as urbanisation and lifestyle changes. This will drive demand for different goods and services in underpenetrated markets. January 2020

14

Fidelity Europe ex-UK Equity Fund SCHEDULE OF INVESTMENTS AS AT 31 DECEMBER 2019

Number of

Shares Fair Value

EUR% of Sub-

Fund NAV*

Equities 96.12% (31 December 2018: 97.19%)

Austria 0.63% (31 December 2018: 1.16%)BAWAG Group 24,754 997,424 0.20%Mayr Melnhof Karton 1,420 169,531 0.03%OMV 34,126 1,704,469 0.34%Wienerberger 10,664 281,863 0.06%

Total Austria 3,153,287 0.63% Belgium 2.56% (31 December 2018: 2.04%) Ackermans & van Haaren 14,107 1,971,951 0.39%Ageas 64,066 3,377,364 0.68%Barco 2,623 575,137 0.11%Bekaert 8,610 228,178 0.04%Colruyt 27,557 1,281,223 0.26%D'ieteren 22,125 1,385,025 0.28%EVS Broadcast Equipment 6,643 144,923 0.03%Groupe Bruxelles Lambert 4,750 446,843 0.09%KBC Ancora 1,972 88,443 0.02%Sofina 5,626 1,084,951 0.22%UCB 31,053 2,202,933 0.44%

Total Belgium 12,786,971 2.56% Denmark 4.29% (31 December 2018: 5.12%) AP Moller - Maersk 2,070 2,662,652 0.53%Carlsberg 22,675 3,016,829 0.61%Chr Hansen Holding 9,819 695,884 0.14%DSV PANALPINA 34,568 3,552,579 0.71%H+H International 2,465 41,169 0.01%Matas 12,686 93,633 0.02%Novo Nordisk 119,471 6,172,159 1.24%SimCorp 23,411 2,374,709 0.48%Solar 533 21,333 0.00%Spar Nord Bank 12,845 111,218 0.02%Vestas Wind Systems 29,409 2,648,253 0.53%

Total Denmark 21,390,418 4.29% Finland 3.47% (31 December 2018: 5.56%) HKScan 10,718 29,599 0.01%Kemira 72,347 959,800 0.19%Kone 49,117 2,863,203 0.57%Marimekko 685 24,536 0.01%Orion 5,784 238,804 0.05%Raisio 17,369 59,054 0.01%Remedy Entertainment 4,442 50,861 0.01%Sampo 195,931 7,626,782 1.53%Tikkurila 3,961 56,880 0.01%UPM-Kymmene 172,650 5,340,113 1.07%Uponor 5,068 59,075 0.01%

Total Finland 17,308,707 3.47% France 23.59% (31 December 2018: 24.24%) ABC arbitrage 5,787 38,771 0.01%

15

Fidelity Europe ex-UK Equity Fund SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 DECEMBER 2019

Number of

Shares Fair Value

EUR% of Sub-

Fund NAV*

Equities 96.12% (31 December 2018: 97.19%) (continued)

France 23.59% (31 December 2018: 24.24%) (continued) Air Liquide 31,082 3,928,432 0.79%AKWEL 1,826 36,885 0.01%Arkema 3,175 302,661 0.06%AXA 121,338 3,056,572 0.61%BNP Paribas 163,713 8,675,037 1.74%Caisse Regionale de Credit Agricole Mutuel de Paris et d'Ile-de-France 145 14,410 0.00%Caisse Regionale de Credit Agricole Mutuel Nord de France 433 12,319 0.00%Capgemini 29,496 3,216,105 0.64%Carrefour 226,357 3,393,975 0.68%Christian Dior 1,324 606,691 0.12%Cie de Saint-Gobain 27,797 1,015,181 0.20%Cie Generale des Etablissements Michelin 26,038 2,856,569 0.57%Cie Plastic Omnium 56,457 1,413,352 0.28%Credit Agricole 96,225 1,248,287 0.25%Dassault Systemes 64,677 9,509,567 1.91%Eiffage 32,179 3,291,251 0.66%Elis 282,350 5,235,447 1.05%Esker 46 4,247 0.00%EssilorLuxottica 24,864 3,388,827 0.68%Eurazeo 22,455 1,374,107 0.28%Europcar Mobility Group 255,322 1,110,422 0.22%Guerbet 860 35,518 0.01%Lagardere 70,970 1,381,170 0.28%Lectra 8,288 185,062 0.04%Legrand 52,244 3,803,553 0.76%L'Oreal 25,168 6,634,898 1.33%LVMH 13,152 5,463,338 1.09%Mersen 2,722 93,119 0.02%Metropole Television 12,741 214,188 0.04%Nexans 7,764 338,702 0.07%Nexity 2,005 89,841 0.02%Orange 316,880 4,151,677 0.83%Pernod Ricard 45,114 7,196,751 1.44%Peugeot 129,421 2,778,007 0.56%Publicis Groupe 56,703 2,292,052 0.46%Quadient 30,533 659,563 0.13%Renault 30,238 1,280,133 0.26%Rexel 204,112 2,420,283 0.49%Rothschild 3,018 77,618 0.02%Safran 10,327 1,422,040 0.28%Sanofi 79,292 7,099,130 1.42%Schneider Electric 3,670 336,146 0.07%SEB 7,532 998,678 0.20%Seche Environnement 711 26,734 0.01%Societe Generale 25,833 803,708 0.16%Somfy 2,259 197,294 0.04%Sopra Steria Group 10,889 1,567,896 0.31%Total 110,272 5,455,157 1.09%Ubisoft Entertainment 43,271 2,672,687 0.54%Virbac 3,559 843,470 0.17%

16


Number of

Shares Fair Value

EUR% of Sub-

Fund NAV*


France 23.59% (31 December 2018: 24.24%) (continued) Vivendi 133,791 3,453,917 0.69%

Total France 117,701,445 23.59% Germany 11.36% (31 December 2018: 14.48%)Adidas 19,245 5,584,911 1.12%Allianz 40,200 8,781,418 1.76%Atoss Software 38 5,450 0.00%BASF 26,213 1,760,541 0.35%Bechtle 3,128 389,376 0.08%Brenntag 116,145 5,617,941 1.13%Carl Zeiss Meditec 12,835 1,454,674 0.29%CENTROTEC Sustainable 3,624 59,444 0.01%Covestro 34,748 1,441,409 0.29%Deutsche EuroShop 6,813 179,869 0.04%Deutsche Lufthansa 103,186 1,689,937 0.34%Deutsche Post 138,672 4,700,802 0.94%Deutsche Telekom 268,431 3,910,804 0.78%Draegerwerk 1,510 59,685 0.01%Eckert & Ziegler Strahlen- und Medizintechnik 3,780 715,769 0.14%Hamburger Hafen und Logistik 8,436 206,227 0.04%Hornbach Holding 939 60,535 0.01%IVU Traffic Technologies 1,745 21,482 0.01%Knorr-Bremse 31,660 2,873,145 0.58%KSB 151 46,665 0.01%LPKF Laser & Electronics 2,128 33,594 0.01%Merck 13,112 1,378,107 0.28%Muenchener Rueckversicherungs 6,448 1,696,318 0.34%Rational 207 147,839 0.03%SAP 20,435 2,452,095 0.49%Siemens 49,792 5,796,929 1.16%Siltronic 16,100 1,442,108 0.29%Software 75,837 2,353,980 0.47%STO 946 107,844 0.02%TAG Immobilien 76,211 1,687,396 0.34%

Total Germany 56,656,294 11.36% Ireland 2.24% (31 December 2018: 3.64%)CRH 85,511 3,057,640 0.61%Kerry Group 21,006 2,308,679 0.46%Paddy Power Betfair 24,383 2,649,240 0.53%Ryanair Holdings 216,714 3,173,600 0.64%

Total Ireland 11,189,159 2.24% Italy 5.23% (31 December 2018: 5.39%) Assicurazioni Generali 188,482 3,468,996 0.70%Avio 14,451 200,427 0.04%Azimut Holding 102,885 2,191,598 0.44%Banca Generali 60,991 1,767,624 0.35%Banca Mediolanum 109,807 972,779 0.19%Banco BPM 732,049 1,485,360 0.30%Cementir Holding 17,559 118,067 0.02%

17


Number of

Shares Fair Value

EUR% of Sub-

Fund NAV*


Italy 5.23% (31 December 2018: 5.39%) (continued) Danieli & C Officine Meccaniche 3,355 55,010 0.01%Davide Campari-Milano 374,751 3,052,697 0.61%El.En. 1,202 39,721 0.01%Eni 154,962 2,145,628 0.43%FinecoBank Banca Fineco 84,070 899,071 0.18%Hera 145,888 569,667 0.11%Infrastrutture Wireless Italiane 205,546 1,793,433 0.36%Intesa Sanpaolo 1,343,060 3,154,030 0.63%Italmobiliare 10,493 253,406 0.05%Leonardo 51,292 536,256 0.11%Piaggio 199,860 549,405 0.11%Sesa 1,601 76,288 0.02%Unipol Gruppo 494,005 2,528,409 0.51%UnipolSai Assicurazioni 100,338 260,154 0.05%

Total Italy 26,118,026 5.23% Luxembourg 0.42% (31 December 2018: - ) ArcelorMittal 123,296 1,936,736 0.39%Brederode 606 45,247 0.01%Sword Group 2,623 89,444 0.02%

Total Luxembourg 2,071,427 0.42% Netherlands 11.21% (31 December 2018: 8.55%)ASM International 30,099 3,028,749 0.61%ASML Holding 41,708 11,008,227 2.21%BE Semiconductor Industries 6,144 212,649 0.04%EXOR 13,319 920,604 0.18%Flow Traders 27,334 588,774 0.12%Heineken Holding 15,619 1,353,347 0.27%Hunter Douglas 555 32,221 0.01%IMCD 55,275 4,314,625 0.86%ING Groep 427,259 4,579,374 0.92%Koninklijke Ahold Delhaize 316,034 7,064,037 1.41%Koninklijke DSM 26,896 3,135,005 0.63%Koninklijke Philips 191,908 8,363,355 1.68%Nederland Apparatenfabriek 903 43,909 0.01%NN Group 55,217 1,871,717 0.37%NXP Semiconductors 18,316 2,076,520 0.42%Randstad 20,745 1,133,238 0.23%Royal Dutch Shell 108,721 2,857,832 0.57%Wolters Kluwer 51,122 3,327,716 0.67%

Total Netherlands 55,911,899 11.21% Norway 1.40% (31 December 2018: 0.86%) Atea 8,129 106,208 0.02%DNB 150,857 2,512,608 0.50%Equinor 144,454 2,564,027 0.52%Medistim 362 7,007 0.00%Orkla 196,696 1,775,360 0.36%

18


Number of

Shares Fair Value

EUR% of Sub-

Fund NAV*


Norway 1.40% (31 December 2018: 0.86%) (continued) Sparebank 1 Oestlandet 1,187 11,131 0.00%

Total Norway 6,976,341 1.40% Portugal 0.69% (31 December 2018: - )EDP - Energias de Portugal 744,275 2,879,293 0.58%NOS SGPS 95,214 458,370 0.09%Semapa-Sociedade de Investimento e Gestao 6,360 87,496 0.02%

Total Portugal 3,425,159 0.69% Spain 4.89% (31 December 2018: 9.80%)Amadeus IT Group 87,048 6,355,487 1.28%Applus Services 20,370 232,556 0.05%CaixaBank 1,410,551 3,959,981 0.79%Corp. Financiera Alba 1,025 49,838 0.01%EDP Renovaveis 18,004 189,521 0.04%Grifols 186,417 3,867,842 0.78%Industria de Diseno Textil 133,370 4,201,982 0.84%Repsol 156,989 2,198,736 0.44%Repsol 156,989 66,406 0.01%Telefonica 523,190 3,261,766 0.65%

Total Spain 24,384,115 4.89% Sweden 6.89% (31 December 2018: 2.60%) AddNode Group 4,127 70,060 0.01%AddTech 4,380 126,445 0.03%AQ Group 721 15,713 0.00%Assa Abloy 174,139 3,628,404 0.73%Atlas Copco 100,693 3,582,632 0.72%Betsson 62,090 257,920 0.05%Bilia 30,002 303,404 0.06%Bure Equity 14,729 297,417 0.06%Cloetta 390,823 1,181,378 0.24%Corem Property Group 365 13,621 0.00%Dios Fastigheter 4,195 34,264 0.01%Duni 7,757 95,322 0.02%Eastnine 2,300 29,986 0.01%Enea 3,928 67,661 0.01%Enlabs 11,515 26,281 0.00%Eolus Vind 5,210 54,342 0.01%Epiroc 181,618 1,979,787 0.40%Fastighets Balder 19,354 798,422 0.16%Ferronordic 281 4,380 0.00%Fortnox 16,610 265,563 0.05%Getinge 133,384 2,211,109 0.44%Granges 35,430 333,499 0.07%Gunnebo 16,063 40,761 0.01%HIQ International 17,503 86,183 0.02%Humana 21,218 123,003 0.02%ICA Gruppen 13,490 561,694 0.11%Instalco 31,050 398,446 0.08%Inwido 100,675 691,188 0.14%

19


Number of

Shares Fair Value

EUR% of Sub-

Fund NAV*


Sweden 6.89% (31 December 2018: 2.60%) (continued) KNOW IT 8,155 162,294 0.03%Lindab International 87,467 996,112 0.20%Loomis 6,582 243,192 0.05%Mycronic 31,586 556,813 0.11%NP3 Fastigheter 2,128 22,884 0.00%Nyfosa 56,471 435,311 0.09%Pricer 46,132 82,048 0.02%Proact IT Group 1,646 28,848 0.01%Recipharm 3,641 51,716 0.01%Rejlers 404 4,608 0.00%Rottneros 42,274 45,801 0.01%Sandvik 172,244 2,990,431 0.60%Scandi Standard 25,902 183,939 0.04%Securitas 72,552 1,114,229 0.22%Sintercast 1,930 35,843 0.01%Skanska 113,935 2,297,419 0.46%SKF 11,649 210,230 0.04%SSAB 482,461 1,405,306 0.28%Sweco 17,424 598,774 0.12%Swedish Match 109,768 5,040,614 1.01%Tethys Oil 44,572 358,369 0.07%Vitec Software Group 3,551 62,366 0.01%Volvo 12,590 187,876 0.04%

Total Sweden 34,393,908 6.89% Switzerland 14.30% (31 December 2018: 8.23%) Adecco Group 107,628 6,058,458 1.21%ALSO Holding 1,179 176,725 0.04%Bucher Industries 3,870 1,209,299 0.24%Cembra Money Bank 24,902 2,425,796 0.49%Geberit 5,999 2,997,964 0.60%Huber + Suhner 14,704 1,039,284 0.21%Implenia 230 8,307 0.00%Intershop Holding 297 154,596 0.03%Landis+Gyr Group 9,625 890,795 0.18%Lonza Group 5,014 1,628,602 0.33%Metall Zug 12 24,046 0.00%Nestle 65,789 6,341,753 1.27%Novartis 148,713 12,537,708 2.51%Peach Property Group 322 11,690 0.00%Plazza 33 8,567 0.00%Roche Holding 61,169 17,700,495 3.55%Schindler Holding 8,751 1,981,404 0.40%Siegfried Holding 2,975 1,281,937 0.26%Sika 26,043 4,354,549 0.87%Sonova Holding 13,371 2,721,594 0.55%STMicroelectronics 45,351 1,090,843 0.22%Swiss Life Holding 4,525 2,021,175 0.40%Swiss Prime Site 11,934 1,229,319 0.25%Tamedia 149 12,844 0.00%UBS Group 146,721 1,648,532 0.33%

20


Number of

Shares Fair Value

EUR% of Sub-

Fund NAV*


Switzerland 14.30% (31 December 2018: 8.23%) (continued)Valora Holding 527 130,911 0.03%Vetropack Holding 50 139,838 0.03%Vontobel Holding 22,103 1,404,320 0.28%VZ Holding 252 69,203 0.01%Zehnder Group 781 32,699 0.01%

Total Switzerland 71,333,253 14.30% United Kingdom 2.95% (31 December 2018: 5.52%) Concentric 14,506 219,690 0.04%Dialog Semiconductor 57,990 2,625,614 0.53%Fiat Chrysler Automobiles 83,933 1,109,419 0.22%RELX 325,214 7,312,839 1.47%Unilever 67,545 3,455,876 0.69%

Total United Kingdom 14,723,438 2.95% Total Equities 479,523,847 96.12%

Transferable Securities 0.89% (31 December 2018: - )

Belgium 0.04% (31 December 2018: - ) Befimmo 3,009 162,843 0.03%Home Invest Belgium 196 22,344 0.01%

Total Belgium 185,187 0.04% France 0.11% (31 December 2018: - )Gecina 3,532 564,505 0.11% Germany 0.56% (31 December 2018: - ) alstria office REIT 166,749 2,792,281 0.56% Spain 0.18% (31 December 2018: - ) Merlin Properties Socimi 69,167 886,299 0.18% Total Transferable Securities 4,428,272 0.89%

Financial Assets at Fair Value Through Profit or Loss 483,952,119 97.01%

Financial Derivative Instruments (0.01%) (31 December 2018: (0.03%))

Futures Contracts (0.01%) (31 December 2018 (0.03%))

Broker Number of Contracts

NotionalAmount

UnrealisedGain/(Loss)

EUR% of Sub-

Fund NAV*Euro Stoxx 50 20 March 2020 UBS 184 6,894,204 (43,884) (0.01%)Total Futures Contracts (43,884) (0.01%)

Total Financial Derivative Instruments (43,884) (0.01%) Other Assets and Liabilities 14,984,687 3.00%Net Assets Attributable to Holders of Redeemable Participating Units 498,892,922 100.00%

21


Portfolio Analysis EUR % of Sub-Fund

Assets(a) Transferable securities admitted to an official stock exchange listing 483,952,119 96.94%(b) Financial derivative instruments (43,884) (0.01%)(c) Other assets 15,334,516 3.07%Total Assets 499,242,751 100.00%

* The percentage of net assets disclosed above is subject to rounding.

22

Fidelity Japan Equity Fund SCHEDULE OF INVESTMENTS AS AT 31 DECEMBER 2019

Number of

Shares Fair Value

JPY% of Sub-

Fund NAV*


Agriculture 0.02% (31 December 2018: 0.01%) Japan Tobacco 1,800 4,360,738 0.02%

Apparel 2.28% (31 December 2018: 2.57%)Atsugi 71,100 60,228,740 0.23%Matsuoka 8,600 21,556,906 0.08%Onward Holdings 534,400 346,345,126 1.30%TSI Holdings 145,800 80,281,447 0.30%Wacoal Holdings 33,800 98,481,627 0.37%

Total Apparel 606,893,846 2.28%

Auto Manufacturers 5.69% (31 December 2018: 5.15%) Honda Motor 176,200 541,833,256 2.04%Isuzu Motors 126,600 162,603,250 0.61%Kyokuto Kaihatsu Kogyo 54,200 86,207,064 0.33%Nissan Motor 953,900 600,601,421 2.26%Toyota Motor 15,700 120,199,127 0.45%

Total Auto Manufacturers 1,511,444,118 5.69%

Auto Parts & Equipment 1.54% (31 December 2018: 1.70%)Aisin Seiki 6,900 27,769,386 0.10%Bridgestone 4,300 17,357,145 0.07%Denso 9,300 45,636,162 0.17%Keihin 27,400 69,531,903 0.26%Nippon Seiki 57,100 101,514,023 0.38%Tachi-S 89,500 126,698,272 0.48%Toyota Industries 3,400 21,256,855 0.08%

Total Auto Parts & Equipment 409,763,746 1.54%

Banks 11.45% (31 December 2018: 10.98%) Bank of Nagoya 12,500 42,262,496 0.16%Concordia Financial Group 223,500 99,728,615 0.37%Hachijuni Bank 224,200 105,959,532 0.40%Hyakugo Bank 218,200 75,246,773 0.28%Japan Post Bank 72,100 75,165,852 0.28%Kyushu Financial Group 207,300 96,863,778 0.36%Mitsubishi UFJ Financial Group 1,025,900 602,639,815 2.27%Mizuho Financial Group 2,267,200 379,471,013 1.43%Oita Bank 17,400 48,019,630 0.18%Shizuoka Bank 498,900 403,212,547 1.52%Sumitomo Mitsui Financial Group 144,100 578,303,955 2.18%Sumitomo Mitsui Trust Holdings 125,200 537,763,600 2.02%

Total Banks 3,044,637,606 11.45%

Beverages 2.66% (31 December 2018: 3.18%) Asahi Group Holdings 400 1,982,759 0.01%Ito En 142,900 332,435,499 1.25%Kirin Holdings 157,517 373,562,252 1.40%

Total Beverages 707,980,510 2.66%

23

Fidelity Japan Equity Fund SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 DECEMBER 2019

Number of

Shares Fair Value

JPY% of Sub-

Fund NAV*


Building Materials 1.39% (31 December 2018: 1.71%)AGC 40,600 157,742,421 0.59%Chofu Seisakusho 46,000 112,128,873 0.42%Cleanup 67,500 47,919,905 0.18%Daikin Industries 400 6,132,046 0.02%LIXIL Group 21,900 41,063,461 0.16%TOTO 1,200 5,505,824 0.02%

Total Building Materials 370,492,530 1.39%

Chemicals 3.84% (31 December 2018: 3.24%)Chugoku Marine Paints 35,500 36,720,204 0.14%Dainichiseika Color & Chemicals Manufacturing 30,300 95,109,854 0.36%Kaneka 58,000 201,829,861 0.76%KH Neochem 7,100 16,449,751 0.06%Koatsu Gas Kogyo 96,200 84,792,889 0.32%Matsumoto Yushi-Seiyaku 3,600 40,673,715 0.15%Mitsubishi Chemical Holdings 64,700 52,381,665 0.20%Nihon Kagaku Sangyo 69,600 71,889,205 0.27%Nihon Parkerizing 44,700 51,807,467 0.20%Nitto Denko 18,900 115,468,249 0.43%Shin-Etsu Chemical 4,000 47,796,510 0.18%Sumitomo Bakelite 12,900 52,369,527 0.20%Toray Industries 3,700 2,723,920 0.01%Toyo Ink SC Holdings 46,600 122,790,006 0.46%Tri Chemical Laboratories 3,200 27,116,872 0.10%

Total Chemicals 1,019,919,695 3.84%

Commercial Services 2.58% (31 December 2018: 2.81%) Benesse Holdings 3,400 9,710,293 0.04%Dai Nippon Printing 46,100 135,481,063 0.51%FULLCAST Holdings 29,400 72,509,073 0.27%Like 21,200 32,949,013 0.12%M&A Capital Partners 19,100 84,026,387 0.32%Management Solutions 7,300 23,095,753 0.09%Meiko Network Japan 72,000 74,072,122 0.28%Outsourcing 37,000 42,297,100 0.16%Secom 5,400 52,362,019 0.20%Toppan Printing 70,500 158,245,851 0.59%

Total Commercial Services 684,748,674 2.58%

Computers 1.65% (31 December 2018: 1.34%) Autonomous Control Systems Laboratory 5,500 17,476,134 0.07%BayCurrent Consulting 13,300 73,778,824 0.28%Broadleaf 246,000 163,018,847 0.61%Fujitsu 4,300 43,944,434 0.16%Mitsubishi Research Institute 5,600 24,031,951 0.09%NTT Data 79,800 115,961,409 0.44%

Total Computers 438,211,599 1.65%

24


Number of

Shares Fair Value

JPY% of Sub-

Fund NAV*


Cosmetics & Personal Care 9.42% (31 December 2018: 8.60%) Earth 45,000 255,234,480 0.96%Kao 84,380 756,157,214 2.85%Mandom 144,800 430,113,167 1.62%Milbon 79,500 489,805,229 1.84%Shiseido 74,100 571,725,274 2.15%Unicharm 100 366,898 0.00%

Total Cosmetics & Personal Care 2,503,402,262 9.42%

Distribution & Wholesale 0.95% (31 December 2018: 0.93%)Ai Holdings 19,700 37,882,231 0.14%Daiwabo Holdings 14,400 95,978,233 0.36%ITOCHU 1,300 3,273,742 0.01%Itochu-Shokuhin 3,600 18,770,802 0.07%Mitsubishi 3,600 10,362,311 0.04%Mitsui 1,500 2,897,100 0.01%Musashi 13,700 27,876,609 0.11%Nippon Gas 15,900 55,419,716 0.21%

Total Distribution & Wholesale 252,460,744 0.95%

Diversified Financial Services 2.64% (31 December 2018: 2.62%)Casa 32,100 44,864,642 0.17%Daiwa Securities Group 215,100 117,989,919 0.44%Japan Exchange Group 183,100 350,248,281 1.32%Nomura Holdings 183,100 102,374,102 0.39%Zenkoku Hosho 18,700 86,277,316 0.32%

Total Diversified Financial Services 701,754,260 2.64%

Electrical Components & Equipment 0.73% (31 December 2018: 0.92%) Casio Computer 25,300 54,934,074 0.21%Nihon Trim 6,500 30,495,541 0.11%Ushio 34,400 55,423,312 0.21%W-Scope 52,900 53,686,705 0.20%

Total Electrical Components & Equipment 194,539,632 0.73%

Electronics 1.37% (31 December 2018: 1.67%) Furuya Metal 7,800 45,606,865 0.17%Futaba 51,300 69,027,368 0.26%Hoya 100 1,037,243 0.01%Kyocera 15,900 117,746,783 0.44%Meiko Electronics 22,900 55,555,877 0.21%Murata Manufacturing 5,900 39,456,624 0.15%Yamaichi Electronics 20,800 35,165,620 0.13%

Total Electronics 363,596,380 1.37%

25


Number of

Shares Fair Value

JPY% of Sub-

Fund NAV*


Engineering & Construction 1.01% (31 December 2018: 1.49%) Chudenko 48,900 122,830,807 0.46%COMSYS Holdings 200 622,467 0.00%JGC Holdings 4,400 7,609,168 0.03%Kajima 400 577,836 0.00%Kumagai Gumi 19,800 65,435,315 0.25%Mirait Holdings 43,700 71,758,513 0.27%

Total Engineering & Construction 268,834,106 1.01%

Entertainment 0.59% (31 December 2018: 0.73%)Sankyo 33,900 122,336,055 0.46%Vector 34,100 36,045,299 0.13%

Total Entertainment 158,381,354 0.59%

Environmental Control 0.37% (31 December 2018: 0.24%)Oyo 64,500 97,771,121 0.37%

Food 3.44% (31 December 2018: 3.28%)Ajinomoto 2,800 5,064,677 0.02%Bourbon/Japan 7,900 13,935,404 0.05%Calbee 113,500 401,803,964 1.51%Fuji Oil Holdings 8,100 23,674,257 0.09%Fujicco 9,700 18,840,097 0.07%Kato Sangyo 11,200 39,877,354 0.15%Lacto Japan 12,600 45,118,537 0.17%Meito Sangyo 2,600 3,524,074 0.01%Mitsubishi Shokuhin 1,600 4,912,636 0.02%Nippon Beet Sugar Manufacturing 25,900 52,443,759 0.20%Nisshin Seifun Group 8,000 15,166,031 0.06%Seven & i Holdings 49,300 196,351,865 0.74%Shoei Foods 9,400 37,982,824 0.14%Toyo Suisan Kaisha 11,900 54,908,056 0.21%

Total Food 913,603,535 3.44%

Forest Products & Paper 0.40% (31 December 2018: 0.34%) Nippon Kodoshi 13,700 20,796,844 0.08%Oji Holdings 143,900 84,556,314 0.32%

Total Forest Products & Paper 105,353,158 0.40%

Gas 0.18% (31 December 2018: 0.19%)K&O Energy Group 29,600 48,037,028 0.18%

Hand & Machine Tools 0.51% (31 December 2018: 0.39%) Asahi Diamond Industrial 213,500 136,146,090 0.51%

26


Number of

Shares Fair Value

JPY% of Sub-

Fund NAV*


Healthcare Products 2.75% (31 December 2018: 2.36%) Fukuda Denshi 11,700 91,873,812 0.35%Hogy Medical 119,700 424,339,644 1.60%Kawasumi Laboratories 64,300 61,505,237 0.23%Medikit 13,000 91,753,613 0.34%Mizuho Medy 11,500 32,119,682 0.12%Shimadzu 300 1,019,397 0.00%Topcon 20,300 28,508,690 0.11%

Total Healthcare Products 731,120,075 2.75%

Healthcare Services 1.11% (31 December 2018: 0.61%) Ain Holdings 8,100 55,972,274 0.21%Miraca Holdings 69,000 183,628,397 0.69%PeptiDream 10,000 55,526,346 0.21%

Total Healthcare Services 295,127,017 1.11%

Home Builders 0.18% (31 December 2018: 0.44%)Sekisui House 20,600 47,798,427 0.18%

Home Furnishings 1.32% (31 December 2018: 1.03%) Canon Marketing Japan 2,400 6,033,935 0.02%Corona 45,900 47,470,840 0.18%JVCKenwood 141,200 38,410,225 0.15%Panasonic 241,900 246,519,267 0.93%Sony 1,600 11,803,882 0.04%

Total Home Furnishings 350,238,149 1.32%

Insurance 1.56% (31 December 2018: 1.50%)MS&AD Insurance Group Holdings 63,000 225,953,282 0.85%Sompo Holdings 27,400 116,911,384 0.44%Tokio Marine Holdings 11,900 72,393,250 0.27%

Total Insurance 415,257,916 1.56%

Internet 0.61% (31 December 2018: 0.85%) Dip 19,900 63,871,293 0.24%Septeni Holdings 147,800 41,431,156 0.16%Syuppin 45,200 56,027,172 0.21%

Total Internet 161,329,621 0.61%

Iron & Steel 0.56% (31 December 2018: 0.29%) JFE Holdings 9,100 12,687,218 0.05%Nippon Steel 11,300 18,506,561 0.07%Yodogawa Steel Works 58,200 117,518,013 0.44%

Total Iron & Steel 148,711,792 0.56%

Leisure Time 0.40% (31 December 2018: 0.45%)Golf Digest Online 33,800 23,042,192 0.09%HIS 19,700 61,417,031 0.23%Shimano 1,300 22,915,370 0.08%

Total Leisure Time 107,374,593 0.40%

27


Number of

Shares Fair Value

JPY% of Sub-

Fund NAV*


Machinery Construction & Mining 1.47% (31 December 2018: 1.77%)Hitachi 36,300 166,427,481 0.62%Komatsu 100 260,788 0.00%Maezawa Kyuso Industries 51,300 113,545,184 0.43%Mitsubishi Heavy Industries 14,300 60,250,187 0.23%Takeuchi Manufacturing 30,500 49,553,925 0.19%

Total Machinery Construction & Mining 390,037,565 1.47%

Machinery Diversified 2.31% (31 December 2018: 2.64%)Ebara 4,000 13,123,403 0.05%FANUC 1,600 32,103,627 0.12%Hisaka Works 86,700 86,890,473 0.33%Keyence 200 7,630,592 0.03%Komori 173,600 194,168,538 0.73%Mimaki Engineering 63,100 32,371,525 0.12%Nissei ASB Machine 8,600 40,571,697 0.15%Obara Group 2,300 8,420,089 0.03%Shima Seiki Manufacturing 22,500 56,750,479 0.21%Sintokogio 85,000 89,234,594 0.34%SMC 800 39,751,686 0.15%Teikoku Electric Manufacturing 9,700 13,971,645 0.05%

Total Machinery Diversified 614,988,348 2.31%

Media 2.64% (31 December 2018: 1.73%)Fuji Media Holdings 156,000 240,664,758 0.91%Nippon Television Holdings 196,200 284,411,156 1.07%TV Asahi Holdings 87,800 176,151,527 0.66%

Total Media 701,227,441 2.64%

Metal Fabricate & Hardware 0.75% (31 December 2018: 0.76%)Daiichi Jitsugyo 23,800 90,832,791 0.34%Maezawa Kasei Industries 34,400 41,389,544 0.15%Nachi-Fujikoshi 13,000 61,628,158 0.23%NSK 6,700 6,881,822 0.03%

Total Metal Fabricate & Hardware 200,732,315 0.75%

Mining 0.25% (31 December 2018: 0.29%) Mitsubishi Materials 6,300 18,577,840 0.07%Mitsui Mining & Smelting 16,400 47,256,278 0.18%

Total Mining 65,834,118 0.25%

Miscellaneous Manufacturers 0.70% (31 December 2018: 1.88%) Fukushima Galilei 3,400 13,833,575 0.05%Nikon 7,800 10,364,747 0.04%Tenma 38,600 77,537,986 0.29%Toyobo 51,400 84,811,374 0.32%

Total Miscellaneous Manufacturers 186,547,682 0.70%

28


Number of

Shares Fair Value

JPY% of Sub-

Fund NAV*


Office & Business Equipment 1.68% (31 December 2018: 1.48%) Canon 102,800 305,698,648 1.15%Fujifilm Holdings 27,200 141,138,551 0.53%

Total Office & Business Equipment 446,837,199 1.68%

Oil & Gas 0.27% (31 December 2018: 0.16%) Inpex 44,100 49,640,566 0.19%JXTG Holdings 41,300 20,366,654 0.08%

Total Oil & Gas 70,007,220 0.27%

Pharmaceuticals 9.65% (31 December 2018: 9.64%) Astellas Pharma 361,600 670,673,800 2.52%Carna Biosciences 13,500 28,498,012 0.11%Eisai 300 2,439,066 0.01%Kissei Pharmaceutical 40,700 125,635,633 0.47%Kyowa Kirin 2,000 5,119,903 0.02%Mitsubishi Tanabe Pharma 214,800 428,157,742 1.61%Taisho Pharmaceutical Holdings 51,900 416,145,320 1.57%Takeda Pharmaceutical 179,800 772,698,903 2.91%Torii Pharmaceutical 13,000 39,549,061 0.15%Vital KSK Holdings 72,400 75,543,528 0.28%

Total Pharmaceuticals 2,564,460,968 9.65%

Real Estate 1.42% (31 December 2018: 0.94%) JSB 5,400 31,113,260 0.12%Mitsubishi Estate 40,300 83,787,736 0.32%Mitsui Fudosan 17,400 46,206,056 0.17%Morningstar Japan 288,000 117,895,441 0.44%Samty 21,900 48,941,950 0.18%Tokyo Tatemono 29,700 50,370,448 0.19%

Total Real Estate 378,314,891 1.42%

Retail 1.59% (31 December 2018: 1.53%)Aeon 34,000 76,236,403 0.29%Fast Retailing 300 19,364,742 0.07%Marui Group 3,300 8,742,645 0.03%Monogatari 3,300 27,837,431 0.10%Seria 7,900 23,385,150 0.09%Tsutsumi Jewelry 126,400 267,833,807 1.01%

Total Retail 423,400,178 1.59%

Semiconductors 0.94% (31 December 2018: 1.99%) Megachips 20,700 38,528,651 0.14%Rohm 7,100 61,553,339 0.23%RS Technologies 12,400 46,800,545 0.18%Tokyo Electron 1,100 26,094,917 0.10%Ulvac 12,100 51,884,470 0.20%Yamaha Motor Robotics Holdings 38,300 24,189,722 0.09%

Total Semiconductors 249,051,644 0.94%

29


Number of

Shares Fair Value

JPY% of Sub-

Fund NAV*


Software 4.15% (31 December 2018: 3.94%) Miroku Jyoho Service 13,500 44,100,298 0.17%OBIC Business Consultants 102,000 521,053,221 1.96%sinops 5,700 19,861,884 0.07%Square Enix Holdings 95,900 518,853,130 1.95%

Total Software 1,103,868,533 4.15%

Telecommunications 1.15% (31 December 2018: 0.71%) Denki Kogyo 15,800 51,244,060 0.19%Nippon Telegraph & Telephone 16,800 46,134,696 0.17%NTT DOCOMO 1,700 5,145,405 0.02%SoftBank Group 31,400 148,128,849 0.56%Sun 32,000 54,349,901 0.21%

Total Telecommunications 305,002,911 1.15%

Textiles 0.04% (31 December 2018: 0.07%)Tokai 3,800 10,638,801 0.04%

Toys, Games & Hobbies 2.75% (31 December 2018: 2.63%) Nintendo 16,800 730,088,862 2.75%

Transportation 2.36% (31 December 2018: 2.33%)East Japan Railway 4,300 42,171,896 0.16%Mitsubishi Logistics 38,600 109,095,401 0.41%Nippon Yusen 185,600 363,472,010 1.37%Sankyu 10,400 56,785,678 0.21%Yamato Holdings 30,500 56,501,971 0.21%

Total Transportation 628,026,956 2.36%

Total Equities 25,868,355,954 97.32%

Financial Assets at Fair Value Through Profit or Loss 25,868,355,954 97.32%

Financial Derivative Instruments (0.01%) (31 December 2018: (0.06%))

Futures Contracts (0.01%) (31 December 2018 (0.06%))


NotionalAmount


JPY% of Sub-

Fund NAV*mini-TOPIX 12 March 2020 UBS 209 359,039,241 (2,694,241) (0.01%)Total Futures Contracts (2,694,241) (0.01%)

Open Forward Foreign Exchange Contracts held for Portfolio Hedging or Investment Purposes 0.00% (31 December 2018: - )

Currency Buy Amount Currency Sell Amount Counterparty Settlement Date

Unrealised Gain/(Loss)

JPY% of Sub-

Fund NAV*JPY 29,754 EUR (243) Brown Brothers Harriman 06/01/2020 81 0.00%Total Open Forward Foreign Exchange Contracts held for Portfolio Hedging or Investment Purposes 81 0.00%

30

Fidelity Japan Equity Fund SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 DECEMBER 2019 Financial Derivative Instruments (0.01%) (31 December 2018: (0.06%)) (continued)

Open Forward Foreign Exchange Contracts held for Class Hedging Purposes 0.00% (31 December 2018: (0.00%))



JPY% of Sub-

Fund NAV*EUR 540,115 JPY (65,823,430) Brown Brothers Harriman 17/01/2020 68,377 0.00%EUR 4,785 JPY (580,718) Brown Brothers Harriman 17/01/2020 3,077 0.00%EUR 9,249 JPY (1,126,853) Brown Brothers Harriman 17/01/2020 1,544 0.00%EUR 682 JPY (82,912) Brown Brothers Harriman 17/01/2020 327 0.00%EUR 1,217 JPY (148,415) Brown Brothers Harriman 17/01/2020 91 0.00%JPY 15,290 EUR (125) Brown Brothers Harriman 17/01/2020 16 0.00%JPY 296 EUR (2) Brown Brothers Harriman 17/01/2020 1 0.00%JPY 147 EUR (1) Brown Brothers Harriman 17/01/2020 1 0.00%EUR 1 JPY (109) Brown Brothers Harriman 17/01/2020 1 0.00%EUR 0 JPY (58) Brown Brothers Harriman 17/01/2020 1 0.00%EUR 1 JPY (121) Brown Brothers Harriman 17/01/2020 0 0.00%EUR 0 JPY (54) Brown Brothers Harriman 17/01/2020 0 0.00%EUR 0 JPY (43) Brown Brothers Harriman 17/01/2020 0 0.00%EUR 0 JPY (12) Brown Brothers Harriman 17/01/2020 0 0.00%JPY 5,901 EUR (49) Brown Brothers Harriman 17/01/2020 (35) (0.00%)EUR 524 JPY (63,918) Brown Brothers Harriman 17/01/2020 (48) (0.00%)EUR 243 JPY (29,755) Brown Brothers Harriman 17/01/2020 (82) (0.00%)JPY 781,540 EUR (6,416) Brown Brothers Harriman 17/01/2020 (1,173) (0.00%)EUR 7,886 JPY (963,675) Brown Brothers Harriman 17/01/2020 (1,629) (0.00%)EUR 16,568 JPY (2,023,057) Brown Brothers Harriman 17/01/2020 (1,849) (0.00%)JPY 720,415 EUR (5,924) Brown Brothers Harriman 17/01/2020 (2,325) (0.00%)

Unrealised Gain on Open Forward Foreign Exchange Contracts held for Class Hedging Purposes 73,436 0.00%Unrealised Loss on Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (7,141) (0.00%)

Total Open Forward Foreign Exchange Contracts held for Class Hedging Purposes 66,295 0.00%

Total Financial Derivative Instruments (2,627,865) (0.01%) Other Assets and Liabilities 714,204,478 2.69%Net Assets Attributable to Holders of Redeemable Participating Units 26,579,932,567 100.00%

Portfolio Analysis JPY % of Sub-

Fund Assets(a) Transferable securities admitted to an official stock exchange listing 25,868,355,954 96.29%(b) Financial derivative instruments (2,627,865) (0.01%)(c) Other assets 1,000,297,409 3.72%Total Assets 26,866,025,498 100.00%

*The percentage of net assets disclosed above is subject to rounding.

31

Fidelity North America Equity Fund SCHEDULE OF INVESTMENTS AS AT 31 DECEMBER 2019

Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Brazil 0.09% (31 December 2018: 0.12%)Embraer 39,300 765,957 0.09% Canada 1.62% (31 December 2018: 1.94%) Fairfax Financial Holdings 24,114 11,338,554 1.28%Magna International 54,700 2,999,748 0.34%

Total Canada 14,338,302 1.62% France 0.15% (31 December 2018: 0.23%)Sanofi 27,000 1,355,400 0.15% Ireland 2.18% (31 December 2018: 2.44%)Accenture 33,507 7,055,569 0.80%Aptiv 13,709 1,301,944 0.14%Jazz Pharmaceuticals 17,206 2,568,512 0.29%Medtronic 73,947 8,389,287 0.95%

Total Ireland 19,315,312 2.18% Israel 0.75% (31 December 2018: 0.72%) Check Point Software Technologies 59,479 6,599,790 0.75% Netherlands 1.16% (31 December 2018: 1.22%) Koninklijke Philips 16,878 823,646 0.09%Royal Dutch Shell 55,500 3,273,390 0.37%SBM Offshore 330,272 6,174,879 0.70%

Total Netherlands 10,271,915 1.16% Sweden 0.59% (31 December 2018: 0.46%) Telefonaktiebolaget LM Ericsson 331,008 2,893,924 0.33%Telefonaktiebolaget LM Ericsson ADR 263,800 2,316,164 0.26%

Total Sweden 5,210,088 0.59% United Kingdom 3.98% (31 December 2018: 3.70%) CNH Industrial 329,300 3,622,300 0.41%GlaxoSmithKline 56,500 2,654,935 0.30%Liberty Global 295,643 6,443,540 0.73%Unilever ADR 41,600 2,378,272 0.27%Unilever 45,059 2,589,090 0.29%Vodafone Group 186,000 3,595,380 0.40%Willis Towers Watson 69,115 13,957,083 1.58%

Total United Kingdom 35,240,600 3.98% United States 84.86% (31 December 2018: 84.73%) Activision Blizzard 55,486 3,296,978 0.37%Adient 68,600 1,457,750 0.16%Adobe 30,585 10,087,239 1.14%Advance Auto Parts 26,130 4,184,981 0.47%Alexion Pharmaceuticals 32,642 3,530,232 0.40%Allergan 31,302 5,984,003 0.68%Alphabet 4,006 5,365,596 0.61%Alphabet Class C 10,701 14,307,451 1.62%

32

Fidelity North America Equity Fund SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 DECEMBER 2019

Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


United States 84.86% (31 December 2018: 84.73%) (continued) Amazon.com 7,325 13,535,428 1.53%Amdocs 91,185 6,582,645 0.74%American International Group 157,500 8,084,475 0.91%AmerisourceBergen 56,651 4,816,468 0.54%Amphenol 24,393 2,640,054 0.30%Analog Devices 25,877 3,075,223 0.35%Anthem 31,604 9,545,356 1.08%Apache 105,400 2,697,186 0.30%Apple 39,735 11,668,183 1.32%Archer-Daniels-Midland 152,958 7,089,603 0.80%Aspen Technology 25,063 3,030,869 0.34%Autodesk 23,386 4,290,396 0.48%AXA Equitable Holdings 106,600 2,641,548 0.30%Ball 42,320 2,736,834 0.31%Bank of America 114,500 4,032,690 0.46%Bank of New York Mellon 173,830 8,748,864 0.99%Berkshire Hathaway 99,868 22,620,102 2.56%Bio-Rad Laboratories 8,529 3,155,986 0.36%Booking Holdings 3,435 7,054,563 0.80%Bristol-Myers Squibb 79,578 5,108,112 0.58%Broadcom 16,981 5,366,336 0.61%Capital One Financial 39,200 4,034,072 0.46%CDW 43,262 6,179,544 0.70%Charles Schwab 64,219 3,054,256 0.34%Chevron 93,017 11,209,479 1.27%Cisco Systems 118,706 5,693,140 0.64%Citigroup 81,200 6,487,068 0.73%Citizens Financial Group 98,900 4,016,329 0.45%Colgate-Palmolive 54,026 3,719,150 0.42%Comcast 101,300 4,555,461 0.51%Coopers 11,291 3,627,685 0.41%Corning 148,200 4,314,102 0.49%Cummins 22,000 3,937,120 0.44%CVS Health 95,895 7,124,040 0.80%Danaher 40,677 6,243,106 0.71%Discover Financial Services 27,600 2,341,032 0.26%Discovery 115,100 3,509,399 0.40%Dollar Tree 59,562 5,601,806 0.63%DXC Technology 45,305 1,703,015 0.19%E*TRADE Financial 82,306 3,734,223 0.42%eBay 83,005 2,997,311 0.34%Ecolab 39,154 7,556,330 0.85%Edwards Lifesciences 29,515 6,885,554 0.78%Elanco Animal Health 67,865 1,998,624 0.23%Electronic Arts 46,820 5,033,618 0.57%Eli Lilly 35,426 4,656,039 0.53%Emerson Electric 54,788 4,178,133 0.47%Etsy 41,806 1,852,006 0.21%Exelon 234,151 10,674,944 1.21%Fortive 45,915 3,507,447 0.40%General Dynamics 52,474 9,253,790 1.05%General Electric 814,900 9,094,284 1.03%

33


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


United States 84.86% (31 December 2018: 84.73%) (continued) General Motors 146,300 5,354,580 0.60%Goldman Sachs Group 26,700 6,139,131 0.69%Grubhub 71,693 3,487,147 0.39%Halliburton 42,000 1,027,740 0.12%Harley-Davidson 33,700 1,253,303 0.14%Hess 51,700 3,454,077 0.39%Hewlett Packard Enterprise 249,300 3,953,898 0.45%Home Depot 47,795 10,437,472 1.18%IDEXX Laboratories 11,744 3,066,711 0.35%Illumina 11,368 3,771,220 0.43%Intercontinental Exchange 75,148 6,954,947 0.79%International Paper 62,900 2,896,545 0.33%Intuit 20,099 5,264,531 0.59%Johnson & Johnson 24,585 3,586,214 0.40%Johnson Controls International 37,000 1,506,270 0.17%Juniper Networks 175,136 4,313,600 0.49%Kroger 132,165 3,831,463 0.43%Marathon Oil 234,800 3,188,584 0.36%Marathon Petroleum 134,380 8,096,395 0.91%Marriott International 21,708 3,287,242 0.37%Marsh & McLennan 69,055 7,693,418 0.87%Marvell Technology Group 115,627 3,071,053 0.35%Mastercard 38,782 11,579,917 1.31%Microsoft 211,157 33,299,459 3.76%Mondelez International 22,900 1,261,332 0.14%Monolithic Power Systems 19,825 3,529,246 0.40%Morgan Stanley 93,081 4,758,301 0.54%Mosaic 137,318 2,971,561 0.34%Murphy Oil 128,800 3,451,840 0.39%Mylan 270,290 5,432,829 0.61%National Oilwell Varco 170,600 4,273,530 0.48%NIKE 14,830 1,502,427 0.17%Nordson 21,982 3,579,549 0.40%Northern Trust 59,309 6,300,988 0.71%Nuance Communications 162,910 2,904,685 0.33%Oracle 405,473 21,481,960 2.43%O'Reilly Automotive 10,838 4,749,862 0.54%PACCAR 11,800 933,380 0.11%PayPal Holdings 43,649 4,721,512 0.53%PepsiCo 73,498 10,044,972 1.13%PPL 110,700 3,971,916 0.45%Progressive 86,635 6,271,508 0.71%Qualcomm 38,248 3,374,621 0.38%Quest Diagnostics 53,518 5,715,187 0.65%Raytheon 32,422 7,124,410 0.80%Ross Stores 65,861 7,667,538 0.87%Sabre 304,516 6,833,339 0.77%Salesforce.com 22,358 3,636,305 0.41%Southern 27,200 1,732,640 0.20%Stanley Black & Decker 34,223 5,672,120 0.64%State Street 43,900 3,472,490 0.39%Tapestry 179,988 4,854,276 0.55%

34


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


United States 84.86% (31 December 2018: 84.73%) (continued) Texas Instruments 13,100 1,680,599 0.19%Thermo Fisher Scientific 40,857 13,273,214 1.50%TJXs 59,406 3,627,330 0.41%T-Mobile US 125,257 9,822,654 1.11%Tractor Supply 19,050 1,780,032 0.20%Travelerss 69,142 9,468,997 1.07%TripAdvisor 74,357 2,258,966 0.25%Tyler Technologies 13,148 3,944,663 0.45%UnitedHealth Group 26,351 7,746,667 0.88%Valvoline 305,839 6,548,013 0.74%Verisk Analytics 32,530 4,858,030 0.55%Verizon Communications 122,000 7,490,800 0.85%ViacomCBS 35,400 1,485,738 0.17%Visa 32,356 6,079,692 0.69%Walmart 40,245 4,782,716 0.54%Wells Fargo 422,367 22,723,345 2.57%West Pharmaceutical Services 22,393 3,366,340 0.38%Zimmer Biomet Holdings 41,923 6,275,035 0.71%Zoetis 41,059 5,434,159 0.61%

Total United States 750,893,489 84.86% Total Equities 843,990,853 95.38%

Transferable Securities 2.57% (31 December 2018: 1.78%)

Ireland 1.35% (31 December 2018: 1.06%)Fidelity Institutional Liquidity Fund - USD 1,131 11,950,489 1.35% United States 1.22% (31 December 2018: 0.72%) American Campus Communities 96,444 4,535,761 0.51%American Tower 27,220 6,255,701 0.71%

Total United States 10,791,462 1.22% Total Transferable Securities 22,741,951 2.57%


Financial Derivative Instruments (0.00) (31 December 2018: (0.03%))

Futures Contracts 0.02% (31 December 2018 (0.03%))


NotionalAmount


USD% of Sub-

Fund NAV*E-mini S&P 500 20 March 2020 UBS 55 8,721,789 171,024 0.02%Total Futures Contracts 171,024 0.02%

35


Financial Derivative Instruments (0.00%) (31 December 2018: (0.03%)) (continued)

Open Forward Foreign Exchange Contracts held for Class Hedging Purposes 0.00% (31 December 2018: 0.00%)



USD% of Sub-

Fund NAV*EUR 4,624,334 USD (5,165,178) Brown Brothers Harriman 17/01/2020 30,271 0.00%EUR 61,935 USD (68,778) Brown Brothers Harriman 17/01/2020 806 0.00%EUR 40,909 USD (45,439) Brown Brothers Harriman 17/01/2020 522 0.00%EUR 44,330 USD (49,482) Brown Brothers Harriman 17/01/2020 323 0.00%EUR 132,797 USD (148,918) Brown Brothers Harriman 17/01/2020 279 0.00%EUR 11,972 USD (13,350) Brown Brothers Harriman 17/01/2020 100 0.00%EUR 6,129 USD (6,827) Brown Brothers Harriman 17/01/2020 59 0.00%EUR 5,907 USD (6,594) Brown Brothers Harriman 17/01/2020 42 0.00%EUR 1,666 USD (1,850) Brown Brothers Harriman 17/01/2020 21 0.00%EUR 3,685 USD (4,120) Brown Brothers Harriman 17/01/2020 20 0.00%EUR 1,201 USD (1,343) Brown Brothers Harriman 17/01/2020 7 0.00%EUR 19 USD (21) Brown Brothers Harriman 17/01/2020 0 0.00%USD 2 EUR (2) Brown Brothers Harriman 17/01/2020 0 0.00%EUR 1 USD (1) Brown Brothers Harriman 17/01/2020 0 0.00%EUR 0 USD (1) Brown Brothers Harriman 17/01/2020 (0) (0.00%)EUR 0 USD (0) Brown Brothers Harriman 17/01/2020 (0) (0.00%)USD 0 EUR (0) Brown Brothers Harriman 17/01/2020 (0) (0.00%)USD 1 EUR (1) Brown Brothers Harriman 17/01/2020 (0) (0.00%)USD 2 EUR (2) Brown Brothers Harriman 17/01/2020 (0) (0.00%)

Unrealised Gain on Open Forward Foreign Exchange Contracts held for Class Hedging Purposes 32,450 0.00%Unrealised Loss on Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (0) (0.00%)


Centrally Cleared Contracts for Difference (0.02%) (31 December 2018: (0.00%))

BrokerNumber ofContracts


USD% of Sub-

Fund NAV*CFD on Exelon Goldman Sachs (349,132) 28,233 0.00%CFD on Tripadvisor Goldman Sachs (463,053) (234,182) (0.02%)Total Centrally Cleared Contracts for Difference (205,949) (0.02%)

Total Financial Derivative Instruments (2,475) (0.00%) Other Assets and Liabilities 18,138,608 2.05%Net Assets Attributable to Holders of Redeemable Participating Units 884,868,937 100.00%

Portfolio Analysis USD

% of Sub-Fund Assets

(a) Transferable securities admitted to an official stock exchange listing 866,732,804 97.31%(b) Financial derivative instruments (2,475) 0.00%(c) Other assets 23,962,499 2.69%Total Assets 890,692,828 100.00%


36

Fidelity UK Equity Fund SCHEDULE OF INVESTMENTS AS AT 31 DECEMBER 2019

Number of

Shares Fair Value

GBP% of Sub-

Fund NAV*


Advertising 0.11% (31 December 2018: 0.13%) Huntsworth 425,705 346,034 0.07%Kin & Carta 176,764 176,057 0.04%

Total Advertising 522,091 0.11%

Aerospace & Defense 2.27% (31 December 2018: 1.74%) BAE Systems 968,859 5,476,489 1.19%Chemring Group 472,862 1,137,233 0.25%Meggitt 353,173 2,322,306 0.50%Ultra Electronics Holdings 73,264 1,550,210 0.33%

Total Aerospace & Defense 10,486,238 2.27%

Agriculture 2.44% (31 December 2018: 2.15%) British American Tobacco 141,000 4,524,230 0.98%Imperial Brands 360,159 6,726,894 1.46%

Total Agriculture 11,251,124 2.44%

Airlines 0.62% (31 December 2018: 0.35%) Dart Group 15,712 266,161 0.06%Ryanair Holdings 209,495 2,589,730 0.56%

Total Airlines 2,855,891 0.62%

Apparel 1.55% (31 December 2018: 1.42%)Burberry Group 324,000 7,141,311 1.55%

Banks 3.46% (31 December 2018: 5.37%)Barclays 1,623,400 2,922,360 0.63%Citigroup 28,733 1,732,764 0.38%First Republic Bank 6,143 544,628 0.12%HSBC Holdings 829,461 4,902,151 1.06%Lloyds Banking Group 3,214,019 2,010,089 0.44%Royal Bank of Scotland Group 1,496,008 3,623,064 0.78%Standard Chartered 34,528 245,629 0.05%

Total Banks 15,980,685 3.46%

Beverages 5.32% (31 December 2018: 5.76%) AG Barr 317,000 1,838,558 0.40%C&C Group 432,430 1,761,897 0.38%Diageo 373,000 11,865,460 2.57%Fevertree Drinks 26,863 561,611 0.12%Heineken Holding 70,050 5,142,999 1.12%Marston's 77,344 98,382 0.02%Remy Cointreau 30,398 2,822,144 0.61%Young's Brewery Class A 14,200 232,987 0.05%Young's Brewery NV 18,600 236,542 0.05%

Total Beverages 24,560,580 5.32%

37

Fidelity UK Equity Fund SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 DECEMBER 2019

Number of

Shares Fair Value

GBP% of Sub-

Fund NAV*


Building Materials 1.00% (31 December 2018: 0.63%)Breedon Group 336,932 279,654 0.06%Ibstock 800,000 2,519,256 0.55%Marshalls 129,524 1,113,906 0.24%Norcros 154,238 431,866 0.09%Polypipe Group 46,357 249,946 0.06%

Total Building Materials 4,594,628 1.00%

Chemicals 0.95% (31 December 2018: 0.82%)Johnson Matthey 77,000 2,311,360 0.50%Victrex 84,000 2,096,433 0.45%

Total Chemicals 4,407,793 0.95%

Commercial Services 5.09% (31 December 2018: 4.91%) Ashtead Group 40,323 973,363 0.21%Babcock International Group 83,228 524,335 0.11%Hays 1,205,444 2,188,681 0.47%Mears Group 201,615 592,748 0.13%Northgate 138,833 431,771 0.09%Pagegroup 483,000 2,527,325 0.55%QinetiQ Group 530,363 1,895,087 0.41%RELX 658,200 12,543,541 2.72%Rentokil Initial 386,997 1,751,090 0.38%RPS Group 48,215 81,891 0.02%

Total Commercial Services 23,509,832 5.09%

Computers 1.38% (31 December 2018: 0.83%) Cohort 108,699 784,807 0.17%FDM Group Holdings 84,271 869,153 0.19%Serco Group 2,904,482 4,707,558 1.02%

Total Computers 6,361,518 1.38%

Cosmetics & Personal Care 2.81% (31 December 2018: 3.22%) PZ Cussons 292,045 610,094 0.13%Unilever 285,975 12,358,426 2.68%

Total Cosmetics & Personal Care 12,968,520 2.81%

Distribution & Wholesale 1.30% (31 December 2018: 1.28%)Bunzl 115,000 2,374,553 0.52%Ferguson 34,500 2,370,329 0.51%SIG 424,886 523,030 0.11%Travis Perkins 46,465 745,105 0.16%

Total Distribution & Wholesale 6,013,017 1.30%

38


Number of

Shares Fair Value

GBP% of Sub-

Fund NAV*


Diversified Financial Services 8.94% (31 December 2018: 8.81%)Begbies Traynor Group 22,309 20,367 0.00%Brewin Dolphin Holdings 610,000 2,268,980 0.49%Brooks Macdonald Group 37,759 809,931 0.17%Close Brothers Group 146,000 2,334,504 0.50%Hargreaves Lansdown 331,700 6,423,456 1.39%IG Group Holdings 350,000 2,432,500 0.53%International Personal Finance 218,197 351,297 0.08%Jupiter Fund Management 525,000 2,152,466 0.47%London Stock Exchange Group 93,900 7,285,443 1.58%Provident Financial 90,617 414,754 0.09%Quilter 377,719 608,797 0.13%Rathbone Brothers 112,500 2,395,860 0.52%Schroders 337,500 11,250,715 2.44%St James's Place 202,000 2,350,731 0.51%Trian Investors 1 193,104 193,104 0.04%

Total Diversified Financial Services 41,292,905 8.94%

Electric 1.03% (31 December 2018: 0.46%) ContourGlobal 744,461 1,570,210 0.34%Engie 50,416 616,899 0.14%SSE 177,000 2,548,533 0.55%

Total Electric 4,735,642 1.03%

Electronics 0.88% (31 December 2018: 0.69%) Electrocomponents 539,567 3,663,684 0.79%Smart Metering Systems 70,730 398,062 0.09%

Total Electronics 4,061,746 0.88%

Energy-Alternate Sources 0.49% (31 December 2018: - )John Laing Group 568,438 2,166,510 0.47%Stobart Group 76,465 82,394 0.02%

Total Energy-Alternate Sources 2,248,904 0.49%

Engineering & Construction 0.12% (31 December 2018: 0.13%) Keller Group 74,997 561,585 0.12%

Entertainment 0.84% (31 December 2018: 1.04%)Celtic 100,000 162,500 0.04%GVC Holdings 54,013 478,124 0.10%Manchester United 128,600 1,934,703 0.42%William Hill 696,587 1,315,543 0.28%

Total Entertainment 3,890,870 0.84%

39


Number of

Shares Fair Value

GBP% of Sub-

Fund NAV*


Food 6.64% (31 December 2018: 5.21%)Associated British Foods 233,746 6,070,568 1.31%Finsbury Food Group 403,172 399,382 0.09%J Sainsbury 344,630 793,344 0.17%Mondelez International 189,750 7,889,360 1.71%SSP Group 199,809 1,298,682 0.28%Tesco 4,481,508 11,434,290 2.48%Wm Morrison Supermarkets 1,390,844 2,780,598 0.60%

Total Food 30,666,224 6.64%

Food Service 0.50% (31 December 2018: 0.53%) Compass Group 122,000 2,308,272 0.50%

Forest Products & Paper 0.63% (31 December 2018: 0.32%) Mondi 164,260 2,907,871 0.63%

Gas 1.08% (31 December 2018: 1.38%)Centrica 2,707,275 2,417,597 0.53%National Grid 270,000 2,547,362 0.55%

Total Gas 4,964,959 1.08%

Hand & Machine Tools 0.14% (31 December 2018: 0.14%) Rhi Magnesita 17,283 666,449 0.14%

Healthcare Products 0.40% (31 December 2018: 0.37%) Smith & Nephew 102,102 1,857,718 0.40%

Healthcare Services 0.12% (31 December 2018: 0.02%) Spire Healthcare Group 381,794 542,148 0.12%

Home Builders 1.90% (31 December 2018: 1.50%)Bellway 60,000 2,286,242 0.49%Bovis Homes Group 162,000 2,199,342 0.48%Cairn Homes 1,056,609 1,134,258 0.25%Glenveagh Properties 1,271,856 945,629 0.20%Taylor Wimpey 1,140,000 2,206,737 0.48%

Total Home Builders 8,772,208 1.90%

Household Products & Wares 0.73% (31 December 2018: 0.57%) Reckitt Benckiser Group 55,000 3,372,767 0.73%

40


Number of

Shares Fair Value

GBP% of Sub-

Fund NAV*


Insurance 6.01% (31 December 2018: 5.30%)Aviva 1,288,537 5,399,433 1.17%Charles Taylor 106,275 365,586 0.08%Chesnara 6,929 21,896 0.01%Direct Line Insurance Group 1,189,848 3,716,637 0.81%Just Group 247,758 196,317 0.04%Legal & General Group 2,363,180 7,166,714 1.55%M&G 890,000 2,111,080 0.46%Phoenix Group Holdings 778,428 5,838,317 1.26%Prudential 182,000 2,632,671 0.57%RSA Insurance Group 50,235 284,234 0.06%

Total Insurance 27,732,885 6.01%

Internet 0.58% (31 December 2018: - ) Booking Holdings 983 1,523,923 0.33%eBay 19,445 530,031 0.12%Etsy 18,060 603,931 0.13%

Total Internet 2,657,885 0.58%

Investment Companies 0.08% (31 December 2018: 0.56%)Sherborne Investors Guernsey B 402,255 36,773 0.01%Zegonammunications 303,521 331,050 0.07%

Total Investment Companies 367,823 0.08%

Iron & Steel 0.19% (31 December 2018: - )ArcelorMittal 64,941 864,356 0.19%

Leisure Time 0.26% (31 December 2018: - ) Carnival 23,023 833,138 0.18%Saga 685,610 364,198 0.08%

Total Leisure Time 1,197,336 0.26%

Machinery Construction & Mining 0.04% (31 December 2018: - ) Komatsu 10,700 193,824 0.04%

Media 3.79% (31 December 2018: 4.18%)Connect Group 957,541 346,630 0.07%Daily Mail & General Trust 498,355 4,141,216 0.90%Euromoney Institutional Investor 293,430 3,820,459 0.83%Informa 340,000 2,919,398 0.63%ITV 362,745 547,918 0.12%Pearson 896,369 5,716,909 1.24%

Total Media 17,492,530 3.79%

Metal Fabricate & Hardware 0.51% (31 December 2018: 0.52%)Bodycote 250,000 2,374,258 0.51%

41


Number of

Shares Fair Value

GBP% of Sub-

Fund NAV*


Mining 3.76% (31 December 2018: 3.96%) Anglo American 89,739 1,946,261 0.42%Barrick Gold 231,048 3,242,259 0.70%Base Resources 3,924,709 461,100 0.10%BHP Group 216,577 3,831,532 0.83%Central Asia Metals 247,079 543,574 0.12%Gemfields Group 2,036,002 197,834 0.05%Gold Fields 85,938 428,149 0.09%Hochschild Mining 54,476 99,702 0.02%KAZ Minerals 114,286 606,836 0.13%Newmont Mining 18,423 604,249 0.13%Rio Tinto 95,000 4,245,450 0.92%SEMAFO 253,996 399,209 0.09%Sylvania Platinum 1,244,336 459,160 0.10%Tharisa 341,812 284,900 0.06%

Total Mining 17,350,215 3.76%

Miscellaneous Manufacturers 1.21% (31 December 2018: 1.47% ) IMI 202,000 2,383,094 0.51%Morgan Advanced Materials 58,089 183,891 0.04%Photo-Me International 600,761 582,738 0.13%Smiths Group 145,000 2,444,963 0.53%

Total Miscellaneous Manufacturers 5,594,686 1.21%

Oil & Gas 8.78% (31 December 2018: 9.85%) Amerisur Resources 1,049,656 200,694 0.04%BP 3,881,729 18,435,158 3.99%Cairn Energy 106,502 219,961 0.05%DCC 25,991 1,701,977 0.37%Exxon Mobil 4,527 238,456 0.05%Kosmos Energy 86,241 367,033 0.08%Royal Dutch Shell Class A 355,000 7,936,774 1.72%Royal Dutch Shell Class B 475,449 10,654,595 2.31%Tullow Oil 76,930 49,400 0.01%Valaris 50,213 248,649 0.05%Vivo Energy 281,933 348,469 0.08%Wentworth Resources 821,742 156,131 0.03%

Total Oil & Gas 40,557,297 8.78%

Packaging & Containers 0.58% (31 December 2018: 0.91%)DS Smith 560,000 2,150,258 0.47%Essentra 118,773 517,138 0.11%

Total Packaging & Containers 2,667,396 0.58%

42


Number of

Shares Fair Value

GBP% of Sub-

Fund NAV*


Pharmaceuticals 5.55% (31 December 2018: 5.21%) AstraZeneca 89,176 6,738,487 1.46%GlaxoSmithKline 748,373 13,275,370 2.87%Indivior 555,185 216,522 0.05%Mylan 23,934 363,143 0.08%Novartis 6,279 448,551 0.10%Roche Holding 14,711 3,607,021 0.78%Sanofi 13,073 991,753 0.21%

Total Pharmaceuticals 25,640,847 5.55%

Private Equity 0.38% (31 December 2018: - )3i Group 159,917 1,756,808 0.38%

Real Estate 0.64% (31 December 2018: 0.42%) ADLER Real Estate 33,312 382,884 0.08%ADO Properties 2,279 62,002 0.01%CLS Holdings 581,520 1,755,544 0.38%LSL Property Services 10,458 28,782 0.01%McCarthy & Stone 115,257 171,822 0.04%Summit Germany 453,101 531,737 0.12%

Total Real Estate 2,932,771 0.64%

Retail 2.66% (31 December 2018: 3.07%)Card Factory 338,024 500,262 0.11%DFS Furniture 775,000 2,249,097 0.49%Dixons Carphone 1,174,812 1,693,441 0.37%Dunelm Group 57,449 664,120 0.14%EI Group 259,575 735,866 0.16%Findel 96,782 229,373 0.05%Frasers Group 118,879 547,123 0.12%Grafton Group 23,263 201,943 0.04%H&T Group 119,931 405,127 0.09%Halfords Group 327,077 555,521 0.12%Marks & Spencer Group 846,710 1,812,481 0.39%McColl's Retail Group 310,572 119,382 0.03%Next 36,430 2,562,771 0.55%

Total Retail 12,276,507 2.66%

Software 1.56% (31 December 2018: 1.81%) Sage Group 960,585 7,194,374 1.56%

Telecommunications 2.50% (31 December 2018: 3.69%) BT Group 1,754,513 3,375,234 0.73%Koninklijke 213,632 477,576 0.10%Orange 169,834 1,885,410 0.41%Telecom Italia 682,086 321,776 0.07%Vodafone Group 3,749,897 5,495,965 1.19%

Total Telecommunications 11,555,961 2.50%

43


Number of

Shares Fair Value

GBP% of Sub-

Fund NAV*


Transportation 0.38% (31 December 2018: 0.53%)AP Moller - Maersk 242 263,762 0.06%Firstgroup 1,183,753 1,485,102 0.32%

Total Transportation 1,748,864 0.38%

Total Equities 425,660,119 92.20%


British Land 145,469 929,931 0.20%Electra Private Equity 40,304 157,790 0.03%Fidelity Institutional Liquidity Fund - USD 504 4,018,842 0.87%Fidelity Institutional Liquidity Sterling Fund 112 1,139,335 0.25%Hammerson 180,992 558,659 0.12%Keystone Investment Trust 1,591 28,004 0.01%Land Securities Group 350,000 3,468,429 0.75%Majedie UK Smaller Companies Fund 2,451,516 8,485,433 1.84%Marwyn Value Investors 38,570 54,962 0.01%RDI REIT 22,110 28,918 0.01%Shaftesbury 93,756 888,492 0.19%Total Transferable Securities 19,758,795 4.28%


Financial Derivative Instruments 0.25% (31 December 2018: (0.58%))



NotionalAmount


GBP% of Sub-

Fund NAV*FTSE 100 Index 20 March 2020 UBS 55 4,017,515 98,135 0.02%Total Futures Contracts 98,135 0.02%

Open Forward Foreign Exchange Contracts held for Portfolio Hedging or Investment Purposes (0.00%) (31 December 2018: - )



GBP% of Sub-

Fund NAV*AUD 7,345 USD (5,136) National Australia Bank 02/01/2020 20 0.00%USD 4,588 GBP (3,500) BNP Paribas 02/01/2020 (36) (0.00%)

Unrealised Gain on Open Forward Foreign Exchange Contracts held for Portfolio Hedging or Investment Purposes 20 0.00%Unrealised Loss on Open Forward Foreign Exchange Contracts held for Portfolio Hedging or Investment Purposes (36) (0.00%)

Total Open Forward Foreign Exchange Contracts held for Portfolio Hedging or Investment Purposes (16) (0.00%)

44

Fidelity UK Equity Fund SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 DECEMBER 2019 Financial Derivative Instruments 0.25% (31 December 2018: (0.58%)) (continued)

Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (0.00%) (31 December 2018: (0.00%))



GBP% of Sub-

Fund NAV*EUR 493,366 GBP (410,213) Brown Brothers Harriman 17/01/2020 8,030 0.00%EUR 11,608 GBP (9,686) Brown Brothers Harriman 17/01/2020 154 0.00%EUR 9,096 GBP (7,696) Brown Brothers Harriman 17/01/2020 15 0.00%EUR 438 GBP (366) Brown Brothers Harriman 17/01/2020 5 0.00%GBP 101 EUR (117) Brown Brothers Harriman 17/01/2020 1 0.00%GBP 205 EUR (241) Brown Brothers Harriman 17/01/2020 1 0.00%GBP 2 EUR (2) Brown Brothers Harriman 17/01/2020 0 0.00%GBP 1 EUR (1) Brown Brothers Harriman 17/01/2020 0 0.00%GBP 0 EUR (0) Brown Brothers Harriman 17/01/2020 0 0.00%EUR 0 GBP (0) Brown Brothers Harriman 17/01/2020 0 0.00%EUR 2 GBP (2) Brown Brothers Harriman 17/01/2020 (0) (0.00%)GBP 2 EUR (2) Brown Brothers Harriman 17/01/2020 (0) (0.00%)EUR 20 GBP (17) Brown Brothers Harriman 17/01/2020 (0) (0.00%)EUR 141 GBP (121) Brown Brothers Harriman 17/01/2020 (1) (0.00%)EUR 417 GBP (356) Brown Brothers Harriman 17/01/2020 (3) (0.00%)EUR 1,095 GBP (933) Brown Brothers Harriman 17/01/2020 (5) (0.00%)EUR 3,269 GBP (2,779) Brown Brothers Harriman 17/01/2020 (9) (0.00%)EUR 5,553 GBP (4,748) Brown Brothers Harriman 17/01/2020 (40) (0.00%)EUR 11,020 GBP (9,421) Brown Brothers Harriman 17/01/2020 (78) (0.00%)GBP 13,025 EUR (15,581) Brown Brothers Harriman 17/01/2020 (183) (0.00%)EUR 503,346 GBP (431,670) Brown Brothers Harriman 17/01/2020 (4,967) (0.00%)GBP 418,696 EUR (503,346) Brown Brothers Harriman 17/01/2020 (8,007) (0.00%)


Total Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (5,087) (0.00%)

Centrally Cleared Contracts for Difference 0.23% (31 December 2018: (0.58%))



GBP% of Sub-

Fund NAV*CFD on CRH HSBC (3,628,275) 654,438 0.14%CFD on Legal & General Group Goldman Sachs (884,844) 605,670 0.13%CFD on CPL Resources Morgan Stanley (522,686) 115,971 0.03%CFD on Johnson Matthey Goldman Sachs (318,699) 18,743 0.00%CFD on Ferguson HSBC 192,049 (14,568) (0.00%)CFD on AIB Group Goldman Sachs (909,019) (310,379) (0.07%)

Unrealised Gain on Centrally Cleared Contracts for Difference 1,394,822 0.30%Unrealised Loss on Centrally Cleared Contracts for Difference (324,947) (0.07%)

Total Centrally Cleared Contracts for Difference 1,069,875 0.23%

Total Financial Derivative Instruments 1,162,907 0.25% Other Assets and Liabilities 15,107,315 3.27%Net Assets Attributable to Holders of Redeemable Participating Units 461,689,136 100.00%

45

Fidelity UK Equity Fund SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 DECEMBER 2019 Portfolio Analysis GBP

% of Sub-FundAssets

(a) Transferable securities admitted to an official stock exchange listing 445,418,914 95.99%(b) Financial derivative instruments 1,162,907 0.25%(c) Other assets 17,467,588 3.76%Total Assets 464,049,409 100.00%


46

Fidelity Global Aggregate Bond Fund SCHEDULE OF INVESTMENTS AS AT 31 DECEMBER 2019 D

Principal Currency Principal Maturity Date Coupon

Fair ValueGBP

% of Sub-Fund NAV*

Asset-Backed Securities 1.56% (31 December 2018: 1.44%)

Ireland 0.57% (31 December 2018: 0.75%)Carlyle Global Market Strategies EUR 454,279 16/04/2029 0.78% 385,356 0.12%Elm Park EUR 500,000 16/04/2029 0.62% 422,987 0.14%Toro European EUR 600,000 15/10/2030 0.90% 509,040 0.17%Toro European EUR 500,000 15/10/2030 0.90% 424,200 0.14%

Total Ireland 1,741,583 0.57% Netherlands 0.35% (31 December 2018: 0.15%) Accunia European EUR 250,000 15/05/2020 0.95% 211,409 0.07%Dryden 46 Euro EUR 500,000 15/07/2020 0.88% 423,906 0.14%Jubilee EUR 500,000 12/07/2028 0.42% 423,242 0.14%

Total Netherlands 1,058,557 0.35% Spain 0.08% (31 December 2018: - ) Pepper Iberia Unsecured 2019-1 EUR 300,000 04/07/2028 0.05% 254,611 0.08% United States 0.56% (31 December 2018: 0.15%) JP Morgan Mortgage Acquisition Trust 2006-CH2 USD 1,151,404 25/10/2036 2.00% 851,193 0.28%NovaStar Mortgage Funding Trust Series 2006-1 USD 600,000 25/05/2036 2.33% 428,068 0.14%RASC Series 2005-KS10 USD 600,000 25/11/2035 2.26% 439,852 0.14%

Total United States 1,719,113 0.56% Total Asset-Backed Securities 4,773,864 1.56%

Commercial Papers 0.17% (31 December 2018: - )

Ireland 0.17% (31 December 2018: - )Nomura Bank EUR 600,000 16/04/2020 0.06% 508,776 0.17% Total Commercial Papers 508,776 0.17%

Corporate Bonds 28.01% (31 December 2018: 26.38%)

British Virgin Islands 0.07% (31 December 2018: - ) NWD MTN USD 300,000 18/07/2029 4.13% 227,971 0.07% Canada 0.74% (31 December 2018: 0.55%) Canadian Pacific Railway USD 200,000 15/01/2022 4.50% 158,294 0.05%Enbridge USD 100,000 15/06/2020 2.59% 75,617 0.02%Fairfax Financial Holdings EUR 600,000 29/03/2028 2.75% 550,199 0.18%HSBC Bank Canada USD 500,000 28/11/2021 3.30% 387,188 0.13%Province of Ontario Canada CAD 800,000 02/06/2022 3.15% 479,734 0.16%Royal Bank of Canada GBP 600,000 03/10/2024 1.29% 600,858 0.20%

Total Canada 2,251,890 0.74% Cayman Islands 0.75% (31 December 2018: 0.64%) QNB Finance USD 2,600,000 02/05/2022 2.90% 1,967,543 0.64%Sands China USD 400,000 08/08/2028 5.40% 341,491 0.11%

Total Cayman Islands 2,309,034 0.75% Denmark 3.18% (31 December 2018: 2.43%) Jyske Realkredit DKK 3,800,000 01/10/2050 1.00% 420,445 0.14%

47

Fidelity Global Aggregate Bond Fund SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 DECEMBER 2019


Fair ValueGBP

% of Sub-Fund NAV*

Corporate Bonds 28.01% (31 December 2018: 26.38%) (continued)

Denmark 3.18% (31 December 2018: 2.43%) (continued) Jyske Realkredit DKK 4,188,036 01/10/2050 1.50% 482,019 0.16%Jyske Realkredit DKK 8,078,503 01/10/2050 1.50% 936,888 0.31%Nordea Kredit Realkreditaktieselskab DKK 15,900,000 01/10/2050 1.00% 1,760,585 0.57%Nykredit Realkredit DKK 30,100,000 01/10/2050 1.00% 3,325,934 1.09%Nykredit Realkredit DKK 582,712 01/10/2050 1.50% 67,579 0.02%Nykredit Realkredit DKK 2,484,205 01/10/2050 1.50% 285,706 0.09%Nykredit Realkredit DKK 10,428,777 01/10/2050 2.00% 1,213,891 0.40%Realkredit Danmark DKK 10,551,365 01/10/2050 2.00% 1,238,330 0.40%

Total Denmark 9,731,377 3.18% Finland 0.18% (31 December 2018: - )CRH Finland Services EUR 650,000 15/10/2020 2.75% 559,565 0.18% France 1.13% (31 December 2018: 1.17%)Danone USD 400,000 02/11/2021 2.08% 302,336 0.10%Dexia Credit Local GBP 1,100,000 07/09/2021 0.88% 1,098,505 0.36%Dexia Credit Local GBP 700,000 15/06/2022 1.13% 702,489 0.23%Dexia Credit Local EUR 300,000 17/01/2025 0.50% 261,246 0.08%Pernod Ricard USD 400,000 15/01/2022 4.45% 315,980 0.10%RCI Banque EUR 500,000 17/11/2020 1.38% 429,368 0.14%Teleperformance EUR 400,000 02/07/2025 1.88% 362,072 0.12%

Total France 3,471,996 1.13% Germany 2.17% (31 December 2018: 1.77%) Deutsche Bank USD 1,100,000 04/02/2021 4.25% 843,814 0.27%Deutsche Bank USD 300,000 14/10/2021 4.25% 232,979 0.08%Deutsche Bank EUR 700,000 12/02/2021 1.63% 600,504 0.20%Deutsche Bank USD 400,000 26/11/2025 3.96% 308,730 0.10%Deutsche Pfandbriefbank USD 1,000,000 31/05/2022 2.50% 764,126 0.25%IHO Verwaltungs(I) EUR 400,000 15/05/2025 3.63% 355,938 0.12%Kreditanstalt fuer Wiederaufbau EUR 700,000 02/04/2024 0.00% 600,305 0.20%Kreditanstalt fuer Wiederaufbau EUR 1,000,000 04/07/2024 0.00% 857,498 0.28%Kreditanstalt fuer Wiederaufbau EUR 700,000 15/01/2029 0.75% 630,513 0.20%Landeskreditbank Baden-Wuerttemberg Foerderbank GBP 1,000,000 17/05/2021 1.13% 1,003,309 0.33%Volkswagen Leasing EUR 300,000 16/02/2021 0.25% 255,185 0.08%Volkswagen Leasing EUR 200,000 16/02/2023 1.00% 172,844 0.06%

Total Germany 6,625,745 2.17% Guernsey 0.19% (31 December 2018: 0.18%)Credit Suisse Group Funding Guernsey USD 700,000 17/04/2026 4.55% 587,086 0.19% Indonesia 0.05% (31 December 2018: 0.05%) Indonesia Asahan Aluminium USD 200,000 15/11/2023 5.71% 166,740 0.05% Ireland 0.53% (31 December 2018: 0.59%)AerCap Ireland Capital USD 600,000 30/10/2020 4.63% 462,036 0.15%Bank of Ireland(II) EUR 200,000 18/06/2020 7.38% 175,077 0.06%GE Capital European Funding EUR 300,000 21/01/2020 0.00% 254,211 0.08%GE Capital UK Funding Unlimited GBP 200,000 04/11/2020 5.88% 207,604 0.07%

48



Fair ValueGBP

% of Sub-Fund NAV*


Ireland 0.53% (31 December 2018: 0.59%) (continued) PartnerRe Ireland Finance EUR 600,000 15/09/2026 1.25% 525,936 0.17%

Total Ireland 1,624,864 0.53% Italy 0.67% (31 December 2018: 0.14%) Banca Carige EUR 700,000 25/02/2021 0.99% 596,483 0.19%Banca Carige EUR 300,000 25/10/2021 1.30% 257,689 0.08%Banca Carige EUR 200,000 25/05/2022 1.09% 170,001 0.06%Banca Monte dei Paschi di Siena EUR 200,000 10/07/2022 4.00% 175,926 0.06%Banca Monte dei Paschi di Siena EUR 500,000 08/10/2026 0.88% 423,829 0.14%UniCredit USD 500,000 04/12/2023 7.83% 440,401 0.14%

Total Italy 2,064,329 0.67% Japan 1.14% (31 December 2018: 0.53%)Central Nippon Expressway USD 300,000 28/05/2021 2.36% 226,936 0.07%Mitsubishi USD 200,000 14/07/2022 2.63% 152,255 0.05%Mizuho Financial Group USD 500,000 16/07/2023 2.72% 382,104 0.12%Mizuho Financial Group USD 400,000 11/09/2024 2.89% 305,220 0.10%Mizuho Financial Group USD 200,000 11/09/2024 3.92% 158,704 0.05%Sumitomo Mitsui Banking EUR 700,000 06/11/2023 0.55% 605,907 0.20%Sumitomo Mitsui Banking USD 1,500,000 18/06/2024 2.44% 1,149,747 0.38%Sumitomo Mitsui Banking EUR 400,000 07/11/2029 0.41% 335,399 0.11%Takeda Pharmaceutical EUR 200,000 21/11/2020 0.14% 170,040 0.06%

Total Japan 3,486,312 1.14% Jersey, Channel Islands 0.06% (31 December 2018: 0.23%)Atrium European Real Estate EUR 200,000 11/09/2025 3.00% 181,135 0.06% Luxembourg 0.54% (31 December 2018: 0.92%) Aroundtown EUR 300,000 31/01/2028 1.63% 263,129 0.09%Bevco Lux EUR 500,000 09/02/2023 1.75% 441,237 0.14%CPI Property Group EUR 200,000 23/04/2027 1.63% 167,062 0.06%Emerald Bay(III) EUR 200,000 08/10/2020 0.00% 165,865 0.05%Eurofins Scientific EUR 400,000 25/07/2024 2.13% 344,871 0.11%Logicor Financing EUR 300,000 14/11/2022 1.50% 262,375 0.09%

Total Luxembourg 1,644,539 0.54% Netherlands 3.37% (31 December 2018: 2.73%) Bank Nederlandse Gemeenten EUR 900,000 12/11/2020 5.38% 763,004 0.25%BNG Bank GBP 900,000 07/06/2021 5.38% 957,438 0.31%Cooperatieve Rabobank EUR 400,000 19/03/2020 6.88% 343,972 0.11%Cooperatieve Rabobank(II) EUR 400,000 29/06/2021 6.63% 368,673 0.12%Cooperatieve Rabobank(II) EUR 300,000 29/06/2020 5.50% 260,554 0.09%Deutsche Telekom International Finance USD 700,000 19/09/2021 1.95% 528,562 0.17%Enel Finance International USD 400,000 10/09/2024 2.65% 303,295 0.10%Evonik Finance EUR 700,000 08/03/2021 0.00% 593,921 0.19%ING Bank USD 1,600,000 05/12/2022 2.63% 1,232,817 0.40%ING Groep(II) USD 500,000 16/11/2026 5.75% 397,669 0.13%JT International Financial Services GBP 100,000 28/09/2033 2.75% 103,748 0.03%LeasePlan EUR 500,000 04/11/2020 0.13% 424,713 0.14%LeasePlan EUR 400,000 24/05/2021 1.00% 343,951 0.11%

49



Fair ValueGBP

% of Sub-Fund NAV*


Netherlands 3.37% (31 December 2018: 2.73%) (continued)LeasePlan USD 200,000 24/10/2024 2.88% 151,089 0.05%Mondelez International Holdings Netherlands USD 600,000 28/10/2021 2.00% 453,089 0.15%Nederlandse Waterschapsbank GBP 1,100,000 20/12/2021 0.88% 1,099,123 0.36%Petrobras Global Finance USD 200,000 17/01/2022 6.13% 161,571 0.05%Petrobras Global Finance USD 697,000 15/01/2030 5.09% 564,419 0.19%Vesteda Finance EUR 500,000 24/05/2027 1.50% 442,973 0.15%Volkswagen Financial Services GBP 300,000 07/09/2021 1.88% 302,582 0.10%Volkswagen International Finance EUR 600,000 16/11/2024 1.15% 522,500 0.17%

Total Netherlands 10,319,663 3.37% Norway 0.26% (31 December 2018: 0.27%) DNB Boligkreditt USD 1,000,000 28/06/2023 3.25% 785,002 0.26% Poland 0.20% (31 December 2018: - )PKO Bank Hipoteczny EUR 700,000 23/11/2021 0.25% 597,222 0.20% Singapore 0.25% (31 December 2018: 0.26%)BOC Aviation USD 200,000 18/09/2027 3.50% 155,079 0.05%DBS Bank USD 200,000 27/11/2021 3.30% 155,033 0.05%United Overseas Bank USD 600,000 05/09/2022 1.63% 449,750 0.15%

Total Singapore 759,862 0.25% Spain 0.52% (31 December 2018: 0.38%)Banco Bilbao Vizcaya Argentaria(II) EUR 200,000 18/02/2020 6.75% 170,888 0.06%Banco Bilbao Vizcaya Argentaria(II) EUR 200,000 14/04/2021 8.88% 186,129 0.06%Banco Bilbao Vizcaya Argentaria(II) EUR 400,000 24/09/2023 5.88% 370,808 0.12%Banco Santander(II) EUR 400,000 29/09/2023 5.25% 362,073 0.12%CaixaBank EUR 200,000 24/10/2023 1.75% 177,487 0.06%Telefonica Emisiones USD 400,000 16/02/2021 5.46% 313,457 0.10%

Total Spain 1,580,842 0.52% Supranational 0.59% (31 December 2018: 0.62%) European Investment Bank GBP 1,700,000 07/12/2021 4.25% 1,811,996 0.59% Sweden 0.39% (31 December 2018: 2.51%) Essity EUR 500,000 26/05/2021 0.50% 427,052 0.14%Stadshypotek USD 1,000,000 05/04/2022 2.50% 765,030 0.25%

Total Sweden 1,192,082 0.39% Switzerland 0.31% (31 December 2018: 0.35%) Credit Suisse USD 600,000 08/08/2023 6.50% 506,099 0.17%UBS/London EUR 500,000 30/06/2020 1.13% 426,696 0.14%

Total Switzerland 932,795 0.31% United Arab Emirates 0.12% (31 December 2018: 0.05%) First Abu Dhabi Bank USD 200,000 30/03/2022 3.00% 153,492 0.05%

50



Fair ValueGBP

% of Sub-Fund NAV*


United Arab Emirates 0.12% (31 December 2018: 0.05%) (continued) First Abu Dhabi Bank USD 300,000 16/04/2022 2.95% 227,873 0.07%

Total United Arab Emirates 381,365 0.12% United Kingdom 4.55% (31 December 2018: 3.06%) Barclays Bank USD 1,200,000 21/11/2022 7.63% 1,018,576 0.33%Barclays(II) EUR 400,000 15/12/2020 8.00% 362,234 0.12%Barclays USD 600,000 15/02/2023 4.61% 473,267 0.16%Barclays(II) USD 200,000 15/06/2024 8.00% 169,008 0.06%Barclays USD 800,000 16/05/2029 4.97% 681,470 0.22%BG Energy Capital USD 800,000 15/10/2021 4.00% 624,017 0.20%Clydesdale Bank GBP 200,000 22/03/2024 1.41% 201,358 0.07%FCE Bank EUR 200,000 24/06/2021 1.88% 173,205 0.06%FCE Bank EUR 200,000 13/09/2021 0.87% 170,324 0.06%FCE Bank EUR 200,000 10/02/2022 1.13% 170,703 0.06%HSBC Holdings USD 400,000 11/03/2025 3.80% 317,148 0.10%HSBC Holdings(II) USD 200,000 23/03/2028 6.50% 166,205 0.05%HSBC Holdings USD 1,200,000 19/06/2029 4.58% 1,013,693 0.33%HSBC Holdings(II) EUR 200,000 04/07/2029 4.75% 191,335 0.06%Lloyds Bank USD 700,000 24/07/2022 2.13% 530,700 0.17%Lloyds Bank GBP 600,000 08/02/2029 6.00% 826,407 0.27%Lloyds Banking Group USD 500,000 16/08/2023 4.05% 400,459 0.13%Lloyds Banking Group USD 300,000 12/03/2024 3.90% 239,293 0.08%Lloyds Banking Group(II) GBP 200,000 27/12/2024 5.13% 207,881 0.07%Lloyds Banking Group USD 400,000 10/12/2025 4.58% 327,292 0.11%Nationwide Building Society USD 200,000 08/03/2024 3.77% 156,384 0.05%Nationwide Building Society(II) GBP 200,000 20/12/2024 5.88% 217,047 0.07%Nationwide Building Society USD 200,000 08/03/2029 4.30% 164,804 0.05%Nationwide Building Society USD 200,000 18/07/2030 3.96% 162,391 0.05%Natwest Markets EUR 600,000 02/03/2020 0.00% 508,570 0.17%Royal Bank of Scotland Group(II) USD 300,000 10/08/2020 7.50% 231,815 0.08%Royal Bank of Scotland Group(II) USD 200,000 15/08/2021 8.63% 162,185 0.05%Royal Bank of Scotland Group EUR 500,000 22/03/2023 2.50% 452,973 0.15%Royal Bank of Scotland Group USD 1,000,000 05/04/2026 4.80% 839,412 0.27%Royal Bank of Scotland Group USD 200,000 08/05/2030 4.45% 166,960 0.05%Santander UK Group Holdings(II) GBP 200,000 24/06/2022 7.38% 218,475 0.07%Santander UK Group Holdings USD 400,000 03/11/2028 3.82% 318,786 0.10%Santander UK USD 400,000 13/03/2024 4.00% 322,991 0.11%Santander UK GBP 1,000,000 12/11/2024 1.31% 1,002,550 0.33%Tesco Property Finance 5 GBP 392,511 13/10/2041 5.66% 511,542 0.17%Virgin Media Secured Finance GBP 200,000 15/01/2027 4.88% 209,041 0.07%

Total United Kingdom 13,910,501 4.55% United States 6.05% (31 December 2018: 6.85%) AbbVie USD 100,000 14/11/2021 3.38% 77,458 0.03%AbbVie USD 300,000 06/11/2022 2.90% 231,265 0.08%AbbVie USD 600,000 14/11/2023 3.75% 477,035 0.16%AIG Global Funding USD 600,000 01/07/2022 2.30% 455,601 0.15%Ally Financial USD 100,000 15/04/2021 4.25% 77,322 0.03%American Express USD 200,000 20/05/2022 2.52% 151,989 0.05%American Express USD 200,000 20/05/2022 2.75% 153,787 0.05%American International Group USD 100,000 01/03/2021 3.30% 76,601 0.03%

51



Fair ValueGBP

% of Sub-Fund NAV*


United States 6.05% (31 December 2018: 6.85%) (continued) American Tower USD 400,000 15/09/2021 3.45% 308,901 0.10%AT&T USD 1,100,000 12/06/2024 3.07% 845,296 0.28%Bank of America EUR 500,000 14/09/2020 0.46% 425,909 0.14%Bank of America USD 600,000 05/03/2024 3.55% 470,286 0.15%Bayer US Finance II USD 700,000 25/06/2021 3.50% 538,169 0.18%Bayer US Finance II USD 200,000 15/07/2021 2.75% 151,928 0.05%Bayer US Finance USD 200,000 08/10/2021 3.00% 152,966 0.05%BMW US Capital USD 100,000 11/04/2021 2.00% 75,608 0.02%Bristol-Myers Squibb USD 415,000 20/02/2023 3.25% 324,598 0.11%CenterPoint Energy USD 600,000 01/11/2021 3.60% 464,905 0.15%Charter Communications Operating USD 1,400,000 15/02/2028 3.75% 1,097,167 0.36%Citibank USD 700,000 20/05/2022 2.50% 530,548 0.17%Citibank USD 400,000 20/05/2022 2.84% 305,669 0.10%Comcast USD 100,000 01/10/2021 2.35% 75,877 0.02%Dell International USD 400,000 15/06/2026 6.02% 347,853 0.11%Discovery Communications USD 300,000 15/06/2020 2.80% 227,061 0.07%eBay USD 400,000 15/07/2022 2.60% 303,795 0.10%Emera US Finance USD 400,000 15/06/2021 2.70% 304,827 0.10%Energy Transfer Operating USD 300,000 01/10/2020 4.15% 228,894 0.07%Energy Transfer Operating USD 400,000 15/06/2028 4.95% 331,144 0.11%ERAC USA Finance USD 300,000 01/12/2021 2.60% 228,274 0.07%Fidelity National Information Services EUR 900,000 21/05/2021 0.13% 765,163 0.25%Fidelity National Information Services EUR 100,000 21/05/2023 0.75% 86,512 0.03%Ford Motor Credit USD 200,000 12/06/2020 2.43% 150,892 0.05%Ford Motor Credit USD 200,000 04/08/2020 3.16% 151,588 0.05%Ford Motor Credit USD 400,000 24/09/2020 2.86% 302,407 0.10%Ford Motor Credit USD 600,000 15/01/2021 3.20% 455,551 0.15%GLP Capital USD 300,000 15/01/2029 5.30% 252,053 0.08%Goldman Sachs Group USD 600,000 22/05/2025 3.75% 481,143 0.16%Goldman Sachs Group USD 400,000 01/05/2029 4.22% 333,176 0.11%Harley-Davidson Financial Services USD 200,000 02/03/2021 2.85% 151,887 0.05%Hewlett Packard Enterprise USD 400,000 05/10/2021 2.76% 301,985 0.10%Hewlett Packard Enterprise USD 200,000 05/10/2021 3.50% 154,811 0.05%Interpublic Group USD 200,000 01/10/2021 3.75% 155,217 0.05%JPMorgan Chase USD 200,000 29/10/2020 2.55% 151,677 0.05%Kraft Heinz Foods USD 14,000 02/07/2020 2.80% 10,586 0.00%Kraft Heinz Foods USD 100,000 10/02/2021 2.47% 75,610 0.02%L3Harris Technologies USD 100,000 30/04/2020 2.42% 75,532 0.02%MassMutual Global Funding II USD 600,000 01/07/2022 2.25% 456,571 0.15%Metropolitan Life Global Funding I USD 500,000 17/06/2022 2.40% 381,522 0.12%Molson Coors Brewing USD 400,000 15/07/2021 2.10% 302,281 0.10%MUFG Union Bank USD 600,000 09/12/2022 2.10% 454,375 0.15%NextEra Energy Capital Holdings USD 100,000 01/09/2022 1.95% 75,774 0.02%Penske Truck Leasing USD 100,000 01/04/2021 3.30% 76,638 0.03%Southern Power USD 600,000 20/12/2020 2.46% 453,034 0.15%Spectra Energy Partners USD 100,000 05/06/2020 2.59% 75,625 0.02%Springleaf Finance USD 300,000 01/10/2021 7.75% 246,402 0.08%Sprint USD 200,000 15/09/2021 7.25% 159,928 0.05%United Technologies USD 400,000 16/08/2021 2.55% 301,984 0.10%United Technologies USD 100,000 16/08/2021 3.35% 77,317 0.03%VMware USD 600,000 21/08/2020 2.30% 453,610 0.15%Volkswagen Group of America Finance USD 300,000 12/11/2021 2.84% 228,498 0.07%

52



Fair ValueGBP

% of Sub-Fund NAV*


United States 6.05% (31 December 2018: 6.85%) (continued) Wells Fargo EUR 500,000 02/06/2020 0.02% 424,250 0.14%Wells Fargo USD 100,000 07/12/2020 2.55% 75,962 0.03%Zimmer Biomet Holdings USD 400,000 01/04/2022 3.15% 308,378 0.10%Zoetis USD 600,000 13/11/2020 3.45% 457,859 0.15%

Total United States 18,506,531 6.05% Total Corporate Bonds 85,710,444 28.01%

Government Bonds 54.69% (31 December 2018: 51.49%)

Argentina 0.02% (31 December 2018: - )Argentine Republic Government International Bond EUR 200,000 15/01/2023 3.38% 77,778 0.02% Belgium 0.37% (31 December 2018: 0.60%) Kingdom of Belgium Government Bond EUR 729,000 22/10/2023 0.20% 632,996 0.21%Kingdom of Belgium Government Bond EUR 349,000 28/03/2041 4.25% 503,138 0.16%

Total Belgium 1,136,134 0.37% Brazil 0.81% (31 December 2018: 0.85%)Brazil Notas do Tesouro Nacional BRL 1,975,000 15/05/2045 6.00% 1,719,037 0.56%Brazil Notas do Tesouro Nacional BRL 629,000 15/08/2050 6.00% 574,137 0.19%Brazil Notas do Tesouro Nacional Serie F BRL 823,000 01/01/2025 10.00% 177,585 0.06%

Total Brazil 2,470,759 0.81% Canada 1.40% (31 December 2018: 1.99%) Canadian Government Bond CAD 798,000 01/09/2021 0.75% 457,357 0.15%Canadian Government Bond CAD 2,882,000 01/06/2024 2.50% 1,735,404 0.57%Canadian Government Real Return Bond CAD 236,332 01/12/2044 1.50% 173,263 0.06%Province of Ontario Canada CAD 800,000 27/01/2023 1.95% 466,527 0.15%Province of Quebec Canada GBP 500,000 24/05/2022 0.88% 498,659 0.16%Province of Quebec Canada CAD 1,600,000 01/09/2023 3.00% 966,080 0.31%

Total Canada 4,297,290 1.40% Colombia 1.13% (31 December 2018: 0.77%) Colombian TES COP 1,922,400,000 04/05/2022 7.00% 462,667 0.15%Colombian TES COP 1,091,400,000 26/11/2025 6.25% 258,529 0.09%Colombian TES COP 4,521,900,000 26/08/2026 7.50% 1,136,878 0.37%Colombian TES COP 3,341,400,000 28/04/2028 6.00% 765,964 0.25%Colombian TES COP 2,531,700,000 18/09/2030 7.75% 645,001 0.21%Colombian TES COP 793,600,000 30/06/2032 7.00% 190,933 0.06%

Total Colombia 3,459,972 1.13% France 0.85% (31 December 2018: 0.49%)French Republic Government Bond EUR 1,500,000 25/05/2048 2.00% 1,635,338 0.53%

53



Fair ValueGBP

% of Sub-Fund NAV*

Government Bonds 54.69% (31 December 2018: 51.49%) (continued)

France 0.85% (31 December 2018: 0.49%) (continued) French Republic Government Bond OAT EUR 1,000,000 25/05/2050 1.50% 978,170 0.32%

Total France 2,613,508 0.85% Germany 0.09% (31 December 2018: 0.09%) State of North Rhine-Westphalia EUR 300,000 15/11/2028 0.90% 272,772 0.09% Italy 3.25% (31 December 2018: 3.50%) Italy Buoni Poliennali Del Tesoro EUR 1,300,000 01/10/2023 2.45% 1,186,525 0.39%Italy Buoni Poliennali Del Tesoro EUR 2,000,000 15/11/2024 1.45% 1,765,183 0.58%Italy Buoni Poliennali Del Tesoro EUR 848,000 15/05/2025 1.45% 745,881 0.24%Italy Buoni Poliennali Del Tesoro EUR 700,000 15/11/2025 2.50% 650,319 0.21%Italy Buoni Poliennali Del Tesoro EUR 1,000,000 15/07/2026 2.10% 909,859 0.30%Italy Buoni Poliennali Del Tesoro EUR 649,000 01/02/2028 2.00% 588,071 0.19%Italy Buoni Poliennali Del Tesoro EUR 1,400,000 01/08/2029 3.00% 1,367,424 0.45%Italy Buoni Poliennali Del Tesoro EUR 300,000 01/04/2030 1.35% 252,915 0.08%Italy Buoni Poliennali Del Tesoro EUR 1,848,000 01/09/2033 2.45% 1,705,941 0.56%Italy Buoni Poliennali Del Tesoro EUR 369,000 01/09/2038 2.95% 354,529 0.11%Italy Buoni Poliennali Del Tesoro EUR 403,000 01/03/2048 3.45% 416,043 0.14%

Total Italy 9,942,690 3.25% Japan 14.46% (31 December 2018: 8.73%)Development Bank of Japan USD 900,000 06/09/2023 3.13% 707,500 0.23%Development Bank of Japan USD 1,000,000 02/10/2024 1.88% 747,726 0.24%Japan Bank for Internationaloperation USD 200,000 31/10/2023 3.38% 158,925 0.05%Japan Finance Organization for Municipalities USD 400,000 20/04/2022 2.63% 306,257 0.10%Japan Finance Organization for Municipalities USD 1,400,000 27/09/2023 3.38% 1,108,536 0.36%Japan Government Five Year Bond JPY 555,900,000 20/03/2020 0.10% 3,863,188 1.26%Japan Government Five Year Bond JPY 267,550,000 20/09/2020 0.10% 1,861,522 0.61%Japan Government Five Year Bond JPY 183,000,000 20/12/2023 0.10% 1,282,969 0.42%Japan Government Ten Year Bond JPY 518,250,000 20/09/2021 1.10% 3,676,368 1.20%Japan Government Ten Year Bond JPY 371,600,000 20/06/2026 0.10% 2,618,535 0.86%Japan Government Ten Year Bond JPY 18,050,000 20/03/2027 0.10% 127,227 0.04%Japan Government Ten Year Bond JPY 359,950,000 20/09/2027 0.10% 2,539,125 0.83%Japan Government Ten Year Bond JPY 181,700,000 20/12/2027 0.10% 1,281,658 0.42%Japan Government Ten Year Bond JPY 10,000,000 20/03/2029 0.10% 70,348 0.02%Japan Government Ten Year Bond JPY 537,400,000 20/06/2029 0.10% 3,778,544 1.23%Japan Government Thirty Year Bond JPY 118,100,000 20/03/2042 2.00% 1,116,737 0.37%Japan Government Thirty Year Bond JPY 136,000,000 20/09/2046 0.50% 974,879 0.32%Japan Government Thirty Year Bond JPY 289,000,000 20/12/2048 0.70% 2,170,187 0.71%Japan Government Thirty Year Bond JPY 220,000,000 20/03/2049 0.50% 1,566,699 0.51%Japan Government Thirty Year Bond JPY 65,950,000 20/06/2049 0.40% 457,089 0.15%Japan Government Twenty Year Bond JPY 56,200,000 20/09/2031 1.80% 470,371 0.15%Japan Government Twenty Year Bond JPY 48,900,000 20/06/2033 1.70% 412,566 0.13%Japan Government Twenty Year Bond JPY 47,200,000 20/03/2034 1.50% 391,730 0.13%Japan Government Twenty Year Bond JPY 140,000,000 20/09/2034 1.40% 1,151,769 0.38%Japan Government Twenty Year Bond JPY 180,000,000 20/06/2035 1.30% 1,467,824 0.48%Japan Government Twenty Year Bond JPY 61,000,000 20/09/2035 1.20% 491,721 0.16%Japan Government Twenty Year Bond JPY 300,600,000 20/12/2037 0.60% 2,222,144 0.73%Japan Government Twenty Year Bond JPY 515,300,000 20/06/2039 0.30% 3,596,892 1.18%Japan Government Two Year Bond JPY 306,750,000 01/04/2021 0.10% 2,136,855 0.70%Japanese Government CPI Linked Bond JPY 131,678,300 10/03/2028 0.10% 941,165 0.31%

54



Fair ValueGBP

% of Sub-Fund NAV*


Japan 14.46% (31 December 2018: 8.73%) (continued) Tokyo Metropolitan Government USD 700,000 29/05/2024 2.63% 540,730 0.18%

Total Japan 44,237,786 14.46% Kuwait 0.32% (31 December 2018: 0.32%)Kuwait International Government Bond USD 1,200,000 20/03/2027 3.50% 975,100 0.32% Lithuania 0.31% (31 December 2018: 0.17%)Lithuania Government International Bond USD 1,000,000 09/03/2021 6.13% 792,133 0.26%Lithuania Government International Bond USD 200,000 01/02/2022 6.63% 165,554 0.05%

Total Lithuania 957,687 0.31% Malaysia 1.13% (31 December 2018: 0.77%) Malaysia Government Bond MYR 5,764,000 10/03/2022 3.88% 1,083,590 0.36%Malaysia Government Bond MYR 12,469,000 15/06/2028 3.73% 2,361,621 0.77%

Total Malaysia 3,445,211 1.13% Mexico 4.24% (31 December 2018: 3.10%) Mexican Bonos MXN 58,709,000 11/06/2020 8.00% 2,361,541 0.77%Mexican Bonos MXN 19,204,000 07/12/2023 8.00% 800,345 0.26%Mexican Bonos MXN 43,862,000 03/06/2027 7.50% 1,822,626 0.60%Mexican Bonos MXN 21,363,000 31/05/2029 8.50% 951,151 0.31%Mexican Bonos MXN 49,887,000 29/05/2031 7.75% 2,129,262 0.70%Mexican Bonos MXN 9,727,000 23/11/2034 7.75% 416,704 0.14%Mexican Bonos MXN 20,176,000 20/11/2036 10.00% 1,042,247 0.34%Mexican Bonos MXN 15,527,000 18/11/2038 8.50% 708,195 0.23%Mexican Bonos MXN 47,751,000 13/11/2042 7.75% 2,026,145 0.66%Mexican Bonos MXN 9,557,000 07/11/2047 8.00% 418,847 0.14%Mexico Government International Bond EUR 300,000 15/03/2115 4.00% 286,195 0.09%

Total Mexico 12,963,258 4.24% Norway 0.96% (31 December 2018: - )Norway Government Bond NOK 3,945,000 24/05/2023 2.00% 345,684 0.11%Norway Government Bond NOK 3,722,000 14/03/2024 3.00% 340,659 0.11%Norway Government Bond NOK 4,082,000 19/02/2026 1.50% 353,113 0.12%Norway Government Bond NOK 8,899,000 17/02/2027 1.75% 779,782 0.25%Norway Government Bond NOK 8,751,000 26/04/2028 2.00% 781,212 0.26%Norway Government Bond NOK 3,715,000 06/09/2029 1.75% 324,936 0.11%

Total Norway 2,925,386 0.96% Peru 0.40% (31 December 2018: - ) Peru Government Bond PEN 700,000 12/02/2029 5.94% 180,285 0.06%Peru Government Bond PEN 400,000 12/08/2032 6.15% 103,425 0.03%Peruvian Government International Bond PEN 2,300,000 12/08/2028 6.35% 608,552 0.20%Peruvian Government International Bond PEN 700,000 12/02/2029 5.94% 180,285 0.06%Peruvian Government International Bond PEN 700,000 12/08/2040 5.35% 161,644 0.05%

Total Peru 1,234,191 0.40% Poland 1.12% (31 December 2018: 1.90%) Republic of Poland Government Bond PLN 6,115,000 25/04/2020 1.50% 1,221,085 0.40%

55



Fair ValueGBP

% of Sub-Fund NAV*


Poland 1.12% (31 December 2018: 1.90%) (continued) Republic of Poland Government Bond PLN 5,553,000 25/07/2021 1.75% 1,112,311 0.36%Republic of Poland Government Bond PLN 5,275,000 25/07/2026 2.50% 1,084,548 0.36%

Total Poland 3,417,944 1.12% Qatar 0.59% (31 December 2018: 0.41%) Qatar Government International Bond USD 1,000,000 23/04/2023 3.88% 798,049 0.26%Qatar Government International Bond USD 500,000 23/04/2028 4.50% 433,137 0.14%Qatar Government International Bond USD 700,000 14/03/2029 4.00% 590,754 0.19%

Total Qatar 1,821,940 0.59% Russia 0.12% (31 December 2018: - )Russian Federal Bond - OFZ RUB 27,500,000 10/04/2030 7.65% 369,146 0.12% Saudi Arabia 1.01% (31 December 2018: 1.19%) Saudi Government International Bond USD 2,200,000 04/03/2023 2.88% 1,692,880 0.55%Saudi Government International Bond USD 1,000,000 17/04/2025 4.00% 815,168 0.27%Saudi Government International Bond USD 400,000 04/03/2028 3.63% 319,373 0.11%Saudi Government International Bond USD 300,000 16/04/2029 4.38% 254,465 0.08%

Total Saudi Arabia 3,081,886 1.01% Singapore 3.51% (31 December 2018: 3.27%)Singapore Government Bond SGD 4,054,000 01/07/2020 2.00% 2,279,703 0.75%Singapore Government Bond SGD 5,019,000 01/07/2023 2.75% 2,932,972 0.96%Singapore Government Bond SGD 2,581,000 01/06/2025 2.38% 1,511,610 0.49%Singapore Government Bond SGD 1,044,000 01/06/2026 2.13% 604,564 0.20%Singapore Government Bond SGD 3,202,000 01/03/2027 3.50% 2,022,432 0.66%Singapore Government Bond SGD 1,267,000 01/07/2029 2.88% 782,313 0.26%Singapore Government Bond SGD 336,000 01/09/2030 2.88% 209,006 0.07%Singapore Government Bond SGD 148,000 01/09/2033 3.38% 98,289 0.03%Singapore Government Bond SGD 167,000 01/08/2036 2.25% 98,759 0.03%Singapore Government Bond SGD 155,000 01/04/2042 2.75% 98,168 0.03%Singapore Government Bond SGD 155,000 01/03/2046 2.75% 98,589 0.03%

Total Singapore 10,736,405 3.51% Slovenia 0.09% (31 December 2018: 0.34%) Slovenia Government Bond EUR 300,000 14/03/2029 1.19% 275,201 0.09% South Africa 0.05% (31 December 2018: - )Republic of South Africa Government International Bond USD 200,000 30/09/2029 4.85% 151,349 0.05% Spain 3.41% (31 December 2018: 1.26%)Autonomousmmunity of Catalonia EUR 1,100,000 11/02/2020 4.95% 936,728 0.31%Spain Government Bond EUR 165,000 31/01/2021 0.05% 140,565 0.05%Spain Government Bond EUR 483,000 31/10/2022 0.45% 418,330 0.14%Spain Government Bond EUR 327,000 30/07/2023 0.35% 282,731 0.09%Spain Government Bond EUR 800,000 30/07/2024 0.25% 688,301 0.23%Spain Government Bond EUR 198,000 30/04/2028 1.40% 182,528 0.06%Spain Government Bond EUR 1,400,000 30/07/2028 1.40% 1,291,610 0.42%Spain Government Bond EUR 212,000 31/01/2029 6.00% 269,733 0.09%Spain Government Bond EUR 1,400,000 30/04/2029 1.45% 1,297,023 0.42%

56



Fair ValueGBP

% of Sub-Fund NAV*


Spain 3.41% (31 December 2018: 1.26%) (continued) Spain Government Bond EUR 2,900,000 31/10/2029 0.60% 2,490,863 0.81%Spain Government Bond EUR 303,000 30/07/2030 1.95% 294,411 0.10%Spain Government Bond EUR 210,000 30/07/2032 5.75% 288,696 0.09%Spain Government Bond EUR 686,000 30/07/2033 2.35% 703,680 0.23%Spain Government Bond EUR 232,000 31/01/2037 4.20% 300,214 0.10%Spain Government Bond EUR 215,000 30/07/2040 4.90% 312,850 0.10%Spain Government Bond EUR 219,000 30/07/2041 4.70% 314,818 0.10%Spain Government Bond EUR 200,000 31/10/2048 2.70% 225,407 0.07%

Total Spain 10,438,488 3.41% United Arab Emirates 0.25% (31 December 2018: 0.26%) Abu Dhabi Government International Bond USD 600,000 11/10/2022 2.50% 459,091 0.15%Abu Dhabi Government International Bond USD 400,000 11/10/2027 3.13% 316,868 0.10%

Total United Arab Emirates 775,959 0.25% United States 14.80% (31 December 2018: 15.57%) U.S. Treasury Bond USD 5,378,000 15/08/2028 5.50% 5,229,871 1.71%U.S. Treasury Bond USD 3,171,000 15/02/2031 5.38% 3,216,339 1.05%U.S. Treasury Bond USD 904,000 15/02/2036 4.50% 906,236 0.30%U.S. Treasury Bond USD 853,000 15/08/2048 3.00% 727,274 0.24%U.S. Treasury Inflation Indexed Bond USD 3,185,805 15/02/2041 2.13% 3,169,487 1.04%U.S. Treasury Inflation Indexed Bond USD 1,878,462 15/02/2048 1.00% 1,570,404 0.51%U.S. Treasury Inflation Indexed Note USD 500,009 15/04/2020 0.13% 376,984 0.12%U.S. Treasury Inflation Indexed Note USD 2,968,632 15/04/2021 0.13% 2,236,379 0.73%U.S. Treasury Inflation Indexed Note USD 1,904,742 15/04/2022 0.13% 1,435,813 0.47%U.S. Treasury Inflation Indexed Note USD 3,618,681 15/01/2024 0.63% 2,789,837 0.91%U.S. Treasury Inflation Indexed Note USD 1,605,080 15/01/2026 0.63% 1,249,015 0.41%U.S. Treasury Inflation Indexed Note USD 6,677,120 15/01/2028 0.50% 5,172,061 1.69%U.S. Treasury Note USD 2,114,000 29/02/2020 1.25% 1,594,741 0.52%U.S. Treasury Note USD 671,000 30/06/2021 1.13% 503,078 0.16%U.S. Treasury Note USD 3,012,000 31/08/2021 2.00% 2,289,046 0.75%U.S. Treasury Note USD 663,000 31/03/2022 1.88% 503,766 0.16%U.S. Treasury Note USD 976,000 31/07/2022 1.88% 742,110 0.24%U.S. Treasury Note USD 3,057,000 31/05/2024 2.00% 2,339,966 0.77%U.S. Treasury Note USD 1,139,000 15/08/2024 2.38% 886,334 0.29%U.S. Treasury Note USD 4,388,000 15/02/2025 2.00% 3,361,232 1.10%U.S. Treasury Note USD 980,000 15/05/2025 2.13% 755,222 0.25%U.S. Treasury Note USD 4,579,000 15/08/2026 1.50% 3,389,803 1.11%U.S. Treasury Note USD 1,071,000 15/11/2027 2.25% 831,634 0.27%

Total United States 45,276,632 14.80% Total Government Bonds 167,354,472 54.69%

Mortgage Related 21.40% (31 December 2018: 19.12%)

Ireland 0.25% (31 December 2018: - )European Residential Loan Securitisation 2019-PL1 EUR 289,509 24/03/2063 0.39% 245,696 0.08%

57



Fair ValueGBP

% of Sub-Fund NAV*

Mortgage Related 21.40% (31 December 2018: 19.12%) (continued)

Ireland 0.25% (31 December 2018: - ) (continued)Mulcair Securities EUR 620,790 24/04/2022 0.70% 528,466 0.17%

Total Ireland 774,162 0.25% United Kingdom 2.35% (31 December 2018: 2.12%) Finsbury Square GBP 265,471 12/09/2065 1.43% 265,968 0.09%Finsbury Square 2018-1 GBP 293,986 12/09/2065 1.58% 294,521 0.10%Finsbury Square 2019-3 GBP 700,000 16/12/2069 0.00% 703,383 0.23%Hawksmoor Mortgage Funding 2019-1 GBP 958,338 25/05/2053 1.76% 961,881 0.31%Lanark Master Issue GBP 346,667 22/08/2021 1.62% 348,123 0.11%Paragon Mortgages No. 26 GBP 335,540 15/05/2045 1.76% 336,517 0.11%Residential Mortgage Securities 29 GBP 968,980 20/12/2046 1.75% 972,021 0.32%Residential Mortgage Securities 30 GBP 67,150 20/03/2050 1.60% 67,215 0.02%Ripon Mortgages GBP 1,094,510 20/08/2056 1.60% 1,097,115 0.36%RMAC 2018-1 GBP 323,355 12/06/2046 1.48% 320,929 0.10%Towd Point Mortgage Funding 2019 - Auburn GBP 900,000 20/07/2045 0.00% 897,883 0.29%Towd Point Mortgage Funding 2019 - Granite4 GBP 266,678 20/10/2051 1.82% 267,773 0.09%Twin Bridges GBP 673,115 12/09/2044 1.68% 665,267 0.22%

Total United Kingdom 7,198,596 2.35% United States 18.80% (31 December 2018: 17.00%) Fannie Mae Pool UMBS USD 191,918 01/05/2049 3.50% 152,853 0.05%Fannie Mae Pool UMBS USD 496,954 01/10/2049 3.00% 384,787 0.13%Freddie Mac Pool UMBS USD 4,800,000 01/01/2050 2.50% 3,584,539 1.17%Fannie Mae TBA USD 3,000,000 02/01/2049 2.50% 2,238,056 0.73%Fannie Mae TBA USD 7,700,000 02/01/2049 3.00% 5,890,001 1.93%Fannie Mae TBA USD 23,400,000 15/02/2049 4.00% 18,380,609 6.01%Fannie Mae TBA USD 1,669,000 01/03/2049 3.50% 1,294,844 0.42%Fannie Mae TBA USD 12,000,000 01/03/2049 4.00% 9,423,338 3.08%Fannie Mae TBA USD 20,831,000 01/01/2049 3.50% 16,169,498 5.28%

Total United States 57,518,525 18.80% Total Mortgage Related 65,491,283 21.40%

Municipal Bonds 0.08% (31 December 2018: - )

United States 0.08% (31 December 2018: - ) American Municipal Power USD 100,000 15/02/2050 8.08% 129,425 0.04%Chicago Transit Authority USD 100,000 01/12/2040 6.90% 102,074 0.04%

Total United States 231,499 0.08% Total Municipal Bonds 231,499 0.08%

Treasury Bonds 5.61% (31 December 2018: 9.43%)

Japan 5.33% (31 December 2018: 5.87%)Japan Treasury Discount Bill(III) JPY 370,000,000 10/01/2020 0.00% 2,570,106 0.84%Japan Treasury Discount Bill(III) JPY 280,000,000 03/02/2020 0.00% 1,945,175 0.63%Japan Treasury Discount Bill(III) JPY 1,340,000,000 17/02/2020 0.00% 9,309,572 3.04%

58



Fair ValueGBP

% of Sub-Fund NAV*

Treasury Bonds 5.61% (31 December 2018: 9.43%) (continued)

Japan 5.33% (31 December 2018: 5.87%) (continued)Japan Treasury Discount Bill(III) JPY 360,000,000 09/03/2020 0.00% 2,501,279 0.82%

Total Japan 16,326,132 5.33% South Africa 0.28% (31 December 2018: - )South African Treasury Bills ZAR 15,800,000 15/01/2020 7.28% 850,667 0.28% Total Treasury Bonds 17,176,799 5.61%

Number of

Shares Fair Value

GBP% of Sub-

Fund NAV*


Ireland 1.10% (31 December 2018: 5.77%)PIMCO Sterling Short Maturity Source UCITS ETF 33,000 3,380,494 1.10% Total Transferable Securities 3,380,494 1.10%



Fair ValueGBP

% of Sub-Fund NAV*

Reverse Repurchase Agreements (0.98%) (31 December 2018: - )

Reverse Repurchase Agreement with Barclays on DNB Boligkreditt, 3.25%, 28 June 2023 USD (1,055,500) 08/11/2021 1.15% (796,754) (0.26%)Reverse Repurchase Agreement with Toronto-Dominion Bank on Dexia, 0.875%, 07 September 2021 and Nederlandse Waterschapsbank, 0.875%, 20 December 2021 GBP (2,207,275) 12/02/2020 1.08% (2,207,275) (0.72%)

Total Reverse Repurchase Agreements (3,004,029) (0.98%)


Futures Contracts (0.05%) (31 December 2018 0.05%)

BrokerNumber of Contracts

NotionalAmount


GBP% of Sub-

Fund NAV*Euro-Bund 06 March 2020 Societe Generale (99) (14,521,510) 190,488 0.06%10 Year Canada Bond 20 March 2020 Royal Bank of Canada (38) (3,093,167) 53,600 0.02%Euro-Schatz 06 March 2020 BNP Paribas (377) (35,779,876) 30,978 0.01%Euro-Oat 06 March 2020 Societe Generale (14) (1,957,662) 24,767 0.01%Long GILT 27 March 2020 Morgan Stanley (29) (3,830,030) 22,910 0.01%Short-Term Euro-BTP 06 March 2020 Societe Generale 84 7,998,368 6,762 0.00%10 Year Japan Bond 13 March 2020 Goldman Sachs 1 1,058,574 (1,598) (0.00%)Euro-Bobl 06 March 2020 Citi 50 5,677,744 (13,345) (0.00%)30 Year Euro-Buxl 06 March 2020 Bank of America 6 1,035,132 (21,895) (0.01%)3 Year Australia Bond 16 March 2020 Citi 88 5,406,754 (36,156) (0.01%)10 Year Australia Bond 16 March 2020 Citi 40 3,090,719 (56,413) (0.02%)10 Year US Treasury Note 20 March 2020 UBS 113 11,015,366 (73,089) (0.02%)5 Year US Treasury Note 31 March 2020 Citi 194 17,434,693 (78,941) (0.03%)Ultra US Treasury Bond 20 March 2020 Morgan Stanley 21 2,966,315 (94,617) (0.03%)

59

Fidelity Global Aggregate Bond Fund SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 DECEMBER 2019 Financial Derivative Instruments 1.29% (31 December 2018: (0.89%)) (continued)

Futures Contracts (0.05%) (31 December 2018 0.05%) (continued)


NotionalAmount


GBP% of Sub-

Fund NAV*Euro-BTP 06 March 2020 BNP Paribas 84 10,280,498 (120,168) (0.04%)

Unrealized Gain on Futures Contracts 329,505 0.11%Unrealized Loss on Futures Contracts (496,222) (0.16%)

Total Futures Contracts (166,717) (0.05%)

Open Forward Foreign Exchange Contracts held for Portfolio Hedging or Investment Purposes 1.14% (31 December 2018: (0.98%))



GBP% of Sub-

Fund NAV*GBP 58,769,107 USD (76,103,061) BNP Paribas 10/01/2020 1,333,918 0.44%GBP 107,601,900 USD (141,768,807) Citi 16/01/2020 627,888 0.21%GBP 15,799,615 USD (20,396,111) HSBC 10/01/2020 406,615 0.13%GBP 9,636,992 JPY (1,340,000,000) State Street Bank and Trust 17/02/2020 317,310 0.10%GBP 47,027,763 EUR (55,121,075) Morgan Stanley 10/01/2020 311,346 0.10%GBP 4,457,802 DKK (37,310,000) Goldman Sachs 02/01/2020 227,097 0.07%GBP 7,216,743 JPY (1,020,000,000) Standard Chartered Bank 10/01/2020 130,339 0.04%GBP 9,873,855 DKK (85,900,000) Royal Bank of Scotland 01/04/2020 96,411 0.03%BRL 8,867,521 USD (2,099,443) Morgan Stanley 03/01/2020 79,206 0.03%GBP 2,011,178 JPY (280,000,000) Royal Bank of Canada 03/02/2020 64,631 0.02%USD 36,594,624 JPY (3,966,507,000) Citi 16/01/2020 51,524 0.02%COP 3,611,587,685 USD (1,038,947) Royal Bank of Scotland 15/01/2020 46,104 0.02%GBP 4,697,885 USD (6,170,000) Citi 10/01/2020 41,369 0.01%MXN 16,698,000 USD (830,891) JPMorgan Chase 22/01/2020 38,296 0.01%BRL 3,751,760 USD (889,390) Goldman Sachs 03/01/2020 32,653 0.01%GBP 1,635,594 USD (2,129,000) Royal Bank of Scotland 10/01/2020 28,832 0.01%PLN 3,995,153 USD (1,019,186) Standard Chartered Bank 10/02/2020 27,009 0.01%IDR 24,653,071,684 USD (1,729,069) BNP Paribas 18/03/2020 25,900 0.01%MXN 10,332,000 USD (512,996) Goldman Sachs 28/01/2020 24,130 0.01%INR 140,695,050 USD (1,915,000) BNP Paribas 04/05/2020 22,045 0.01%GBP 1,119,236 USD (1,454,000) HSBC 10/01/2020 21,898 0.01%INR 141,183,120 USD (1,924,000) HSBC 27/04/2020 21,659 0.01%RUB 30,752,830 USD (465,243) HSBC 24/01/2020 21,545 0.01%RUB 48,406,487 USD (744,939) Morgan Stanley 16/03/2020 20,742 0.01%NOK 6,285,000 USD (688,062) Morgan Stanley 13/01/2020 20,536 0.01%CNH 7,614,000 USD (1,064,867) BNP Paribas 18/03/2020 19,926 0.01%USD 686,874 CLP (497,159,740) HSBC 27/01/2020 19,246 0.01%EUR 1,437,000 GBP (1,200,082) Morgan Stanley 10/01/2020 17,809 0.01%CAD 1,217,000 USD (915,692) Morgan Stanley 13/01/2020 17,262 0.01%AUD 1,014,000 USD (692,252) Standard Chartered Bank 13/01/2020 15,640 0.01%BRL 12,029,114 USD (2,966,892) State Street Bank and Trust 04/02/2020 15,229 0.00%GBP 639,333 DKK (5,505,000) HSBC 02/01/2020 15,102 0.00%GBP 660,971 DKK (5,700,000) JPMorgan Chase 02/01/2020 14,629 0.00%MXN 18,498,909 USD (943,028) Royal Bank of Scotland 05/05/2020 14,139 0.00%CNH 4,723,530 USD (658,304) State Street Bank and Trust 18/03/2020 14,103 0.00%AUD 2,642,000 GBP (1,388,143) State Street Bank and Trust 10/01/2020 13,745 0.00%NZD 711,000 USD (462,824) Standard Chartered Bank 13/01/2020 12,769 0.00%CNH 9,230,000 USD (1,307,455) Citi 18/03/2020 11,666 0.00%GBP 479,598 DKK (4,135,000) JPMorgan Chase 02/01/2020 10,717 0.00%

60


Open Forward Foreign Exchange Contracts held for Portfolio Hedging or Investment Purposes 1.14% (31 December 2018: (0.98%)) (continued)



GBP% of Sub-

Fund NAV*GBP 500,988 DKK (4,325,000) Morgan Stanley 02/01/2020 10,562 0.00%SEK 21,509,000 USD (2,285,337) Citi 16/01/2020 10,503 0.00%BRL 1,289,056 USD (307,383) Citi 03/01/2020 9,860 0.00%GBP 517,535 USD (673,000) BNP Paribas 10/01/2020 9,620 0.00%CLP 159,935,700 USD (201,000) Citi 06/01/2020 8,837 0.00%USD 1,417,000 GBP (1,061,055) Morgan Stanley 10/01/2020 8,359 0.00%GBP 1,566,136 USD (2,065,000) HSBC 10/01/2020 7,674 0.00%GBP 374,351 DKK (3,235,000) HSBC 02/01/2020 7,523 0.00%AUD 711,000 USD (490,247) HSBC 13/01/2020 7,305 0.00%MXN 10,332,000 USD (524,249) BNP Paribas 17/06/2020 7,199 0.00%NOK 2,099,500 USD (229,522) Citi 16/01/2020 7,106 0.00%CNH 9,021,033 USD (1,283,713) HSBC 18/03/2020 6,989 0.00%KRW 356,365,000 USD (299,140) Citi 10/01/2020 6,846 0.00%GBP 352,044 DKK (3,045,000) Citi 02/01/2020 6,761 0.00%CLP 126,689,600 USD (160,000) Citi 15/01/2020 6,424 0.00%KRW 387,822,000 USD (327,000) Credit Suisse 10/01/2020 6,352 0.00%GBP 283,968 DKK (2,450,000) Bank of America 02/01/2020 6,154 0.00%HKD 11,379,874 USD (1,451,000) Australia & New Zealand Banking Group 03/09/2020 5,712 0.00%NZD 350,000 USD (228,785) BNP Paribas 13/01/2020 5,566 0.00%USD 980,040 INR (70,408,050) Bank of America 04/05/2020 5,307 0.00%USD 196,381 CLP (142,444,700) Bank of America 27/01/2020 5,197 0.00%GBP 260,472 DKK (2,255,000) Morgan Stanley 02/01/2020 4,770 0.00%GBP 260,234 DKK (2,255,000) State Street Bank and Trust 02/01/2020 4,532 0.00%GBP 695,035 USD (915,000) HSBC 10/01/2020 4,482 0.00%BRL 12,029,114 USD (2,984,373) State Street Bank and Trust 03/01/2020 4,480 0.00%CNH 3,843,407 USD (545,458) HSBC 18/03/2020 4,083 0.00%KRW 223,494,400 USD (188,000) Bank of America 09/01/2020 3,992 0.00%RON 2,289,000 EUR (470,394) Citi 16/03/2020 3,536 0.00%CNH 2,691,644 USD (381,217) HSBC 18/03/2020 3,448 0.00%CHF 227,000 USD (230,235) Standard Chartered Bank 13/01/2020 3,284 0.00%MXN 3,345,000 USD (169,935) Citi 22/04/2020 3,248 0.00%USD 2,121,573 JPY (230,000,000) Standard Chartered Bank 10/01/2020 3,242 0.00%KRW 166,740,000 USD (140,000) HSBC 06/01/2020 3,166 0.00%GBP 258,866 DKK (2,255,000) Morgan Stanley 02/01/2020 3,164 0.00%GBP 442,134 EUR (518,000) Bank of America 10/01/2020 3,117 0.00%USD 975,396 INR (70,287,000) JPMorgan Chase 04/05/2020 3,071 0.00%GBP 136,714 DKK (1,180,000) BNP Paribas 02/01/2020 2,910 0.00%SEK 2,213,174 USD (232,712) Standard Chartered Bank 13/01/2020 2,894 0.00%GBP 214,804 DKK (1,870,000) BNP Paribas 02/01/2020 2,759 0.00%KRW 146,370,000 USD (123,000) BNP Paribas 06/01/2020 2,701 0.00%CLP 82,359,616 USD (106,000) BNP Paribas 27/01/2020 2,686 0.00%GBP 3,159,523 CAD (5,424,000) HSBC 10/01/2020 2,597 0.00%MXN 1,800,909 USD (91,761) BNP Paribas 22/01/2020 2,510 0.00%CLP 159,935,700 USD (209,623) Royal Bank of Canada 27/01/2020 2,365 0.00%GBP 168,890 DKK (1,470,000) Citi 02/01/2020 2,202 0.00%GBP 112,673 DKK (975,000) Morgan Stanley 02/01/2020 2,115 0.00%GBP 156,882 DKK (1,365,000) Citi 02/01/2020 2,100 0.00%GBP 130,384 USD (170,000) BNP Paribas 10/01/2020 2,085 0.00%GBP 146,523 DKK (1,275,000) State Street Bank and Trust 02/01/2020 1,946 0.00%KRW 106,938,000 USD (90,000) Bank of America 10/01/2020 1,877 0.00%EUR 207,000 USD (230,131) Bank of America 13/01/2020 1,791 0.00%

61





GBP% of Sub-

Fund NAV*GBP 134,701 EUR (157,000) Bank of America 10/01/2020 1,640 0.00%GBP 124,022 DKK (1,080,000) Citi 02/01/2020 1,557 0.00%GBP 156,861 DKK (1,370,000) Morgan Stanley 02/01/2020 1,513 0.00%KRW 67,778,700 USD (57,000) Citi 09/01/2020 1,221 0.00%PLN 531,000 USD (138,648) Merril Lynch 10/02/2020 1,187 0.00%GBP 112,263 DKK (980,000) JPMorgan Chase 02/01/2020 1,137 0.00%USD 165,000 CLP (123,172,500) Citi 27/01/2020 865 0.00%KRW 313,110,000 USD (270,251) HSBC 18/03/2020 757 0.00%RON 471,299 EUR (96,946) Morgan Stanley 16/03/2020 649 0.00%JPY 100,267,000 USD (922,511) Morgan Stanley 14/01/2020 537 0.00%GBP 63,082 AUD (118,000) Bank of America 10/01/2020 470 0.00%USD 59,000 CLP (44,078,900) Bank of America 27/01/2020 274 0.00%CAD 17,000 USD (12,935) Bank of America 13/01/2020 133 0.00%BRL 179,733 USD (44,591) Citi 03/01/2020 67 0.00%KRW 2,371,000 USD (2,000) Citi 10/01/2020 38 0.00%KRW 1,185,400 USD (1,000) BNP Paribas 18/03/2020 20 0.00%USD 3,000 CLP (2,243,790) Citi 27/01/2020 11 0.00%CLP 747,200 USD (1,000) BNP Paribas 27/01/2020 (5) (0.00%)SEK 50,000 USD (5,351) Bank of America 13/01/2020 (6) (0.00%)USD 2,217 SEK (21,000) Morgan Stanley 13/01/2020 (21) (0.00%)GBP 40,136 CAD (69,000) Bank of America 10/01/2020 (24) (0.00%)USD 2,000 COP (6,780,000) Citi 14/02/2020 (47) (0.00%)USD 229,630 JPY (24,965,000) BNP Paribas 14/01/2020 (180) (0.00%)CLP 42,624,600 USD (57,000) Citi 27/01/2020 (224) (0.00%)USD 241,000 GBP (182,201) Morgan Stanley 10/01/2020 (318) (0.00%)USD 40,765 CHF (40,000) BNP Paribas 13/01/2020 (431) (0.00%)TWD 4,412,531 USD (148,000) BNP Paribas 03/02/2020 (434) (0.00%)GBP 44,368 CAD (77,000) Citi 10/01/2020 (448) (0.00%)USD 109,398 ILS (380,000) Goldman Sachs 16/01/2020 (518) (0.00%)GBP 243,819 DKK (2,155,000) Morgan Stanley 02/01/2020 (544) (0.00%)USD 20,821 NZD (32,000) Citi 10/01/2020 (581) (0.00%)USD 269,913 KRW (313,110,000) HSBC 06/01/2020 (648) (0.00%)USD 132,000 HKD (1,037,190) BNP Paribas 03/09/2020 (706) (0.00%)GBP 172,091 EUR (204,000) HSBC 10/01/2020 (804) (0.00%)TWD 13,047,508 USD (437,000) BNP Paribas 03/02/2020 (811) (0.00%)USD 246,812 EUR (221,000) HSBC 13/01/2020 (1,070) (0.00%)GBP 472,671 EUR (559,000) Citi 10/01/2020 (1,095) (0.00%)USD 73,000 COP (244,477,000) Citi 15/01/2020 (1,105) (0.00%)CLP 140,107,000 USD (188,000) Goldman Sachs 27/01/2020 (1,221) (0.00%)USD 828,969 BRL (3,341,326) Goldman Sachs 03/01/2020 (1,244) (0.00%)EUR 166,000 GBP (141,947) Citi 10/01/2020 (1,259) (0.00%)CLP 178,968,000 USD (240,000) Citi 27/01/2020 (1,451) (0.00%)USD 128,901 KRW (151,236,469) Citi 18/03/2020 (1,597) (0.00%)CLP 277,211,200 USD (371,000) HSBC 27/01/2020 (1,684) (0.00%)USD 1,418,000 GBP (1,072,013) Morgan Stanley 10/01/2020 (1,844) (0.00%)USD 322,526 SGD (437,000) Citi 16/01/2020 (1,880) (0.00%)NOK 3,510,000 GBP (303,491) BNP Paribas 10/01/2020 (2,020) (0.00%)USD 99,000 BRL (410,434) Goldman Sachs 03/01/2020 (2,287) (0.00%)USD 56,052 ZAR (830,000) Citi 05/02/2020 (2,291) (0.00%)USD 209,500 CLP (159,935,700) Royal Bank of Canada 06/01/2020 (2,421) (0.00%)GBP 358,000 USD (477,709) HSBC 13/01/2020 (2,496) (0.00%)

62





GBP% of Sub-

Fund NAV*USD 143,000 BRL (588,860) Citi 03/01/2020 (2,555) (0.00%)USD 429,885 CNH (3,026,000) HSBC 18/03/2020 (2,888) (0.00%)USD 640,543 JPY (70,000,004) State Street Bank and Trust 10/01/2020 (2,902) (0.00%)USD 640,496 JPY (69,999,996) Citi 10/01/2020 (2,938) (0.00%)USD 223,000 COP (745,489,000) BNP Paribas 15/01/2020 (3,069) (0.00%)USD 500,000 CNH (3,517,500) HSBC 18/03/2020 (3,138) (0.00%)USD 2,199,995 BRL (8,867,521) Morgan Stanley 03/01/2020 (3,303) (0.00%)EUR 133,522 RON (663,037) BNP Paribas 16/03/2020 (3,346) (0.00%)EUR 134,502 RON (667,802) Citi 16/03/2020 (3,353) (0.00%)EUR 134,627 RON (668,881) Morgan Stanley 16/03/2020 (3,437) (0.00%)USD 210,686 NZD (319,000) HSBC 13/01/2020 (3,439) (0.00%)USD 460,837 EUR (414,594) Standard Chartered Bank 13/01/2020 (3,652) (0.00%)EUR 153,349 RON (760,579) Bank of America 16/03/2020 (3,682) (0.00%)USD 436,384 PLN (1,673,000) JPMorgan Chase 10/02/2020 (4,077) (0.00%)USD 230,756 AUD (336,000) Morgan Stanley 13/01/2020 (4,148) (0.00%)USD 180,000 COP (610,596,000) Citi 14/02/2020 (4,326) (0.00%)USD 695,000 GBP (529,000) State Street Bank and Trust 10/01/2020 (4,482) (0.00%)USD 1,946,011 INR (141,183,120) Goldman Sachs 27/04/2020 (5,096) (0.00%)USD 999,054 SGD (1,353,000) Citi 16/01/2020 (5,460) (0.00%)USD 1,168,556 JPY (127,758,000) HSBC 14/01/2020 (5,882) (0.00%)USD 575,336 TWD (17,443,031) Standard Chartered Bank 18/03/2020 (6,522) (0.00%)USD 263,434 CNH (1,898,934) HSBC 18/03/2020 (6,585) (0.00%)USD 933,590 PEN (3,124,913) Citi 12/02/2020 (6,680) (0.00%)USD 482,907 ZAR (6,893,140) HSBC 15/01/2020 (6,983) (0.00%)USD 1,333,000 HKD (10,476,047) Standard Chartered Bank 03/09/2020 (7,326) (0.00%)USD 535,198 MXN (10,332,000) BNP Paribas 28/01/2020 (7,383) (0.00%)USD 972,328 CNH (6,856,709) State Street Bank and Trust 18/03/2020 (7,871) (0.00%)USD 745,273 PLN (2,863,000) JPMorgan Chase 10/02/2020 (8,116) (0.00%)USD 199,072 COP (690,033,000) Citi 14/02/2020 (8,166) (0.00%)USD 454,095 CAD (603,000) HSBC 13/01/2020 (8,261) (0.00%)USD 1,191,000 GBP (907,245) Royal Bank of Scotland 10/01/2020 (8,394) (0.00%)USD 700,000 GBP (536,760) HSBC 10/01/2020 (8,468) (0.00%)USD 585,140 ZAR (8,353,130) Bank of America 15/01/2020 (8,499) (0.00%)USD 440,000 KRW (522,368,000) HSBC 24/02/2020 (9,238) (0.00%)USD 206,000 BRL (879,929) Citi 03/01/2020 (9,618) (0.00%)USD 460,000 KRW (546,066,000) HSBC 26/02/2020 (9,645) (0.00%)USD 390,000 COP (1,324,245,000) Goldman Sachs 14/02/2020 (9,669) (0.00%)GBP 855,392 USD (1,149,000) Citi 10/01/2020 (11,761) (0.00%)USD 3,296,803 JPY (360,000,000) Citi 15/01/2020 (13,686) (0.00%)GBP 422,590 NZD (857,000) Citi 10/01/2020 (13,802) (0.00%)USD 458,254 NOK (4,191,000) BNP Paribas 13/01/2020 (14,119) (0.00%)USD 957,451 MXN (18,498,909) Royal Bank of Scotland 22/01/2020 (14,552) (0.00%)USD 2,970,518 BRL (12,029,114) State Street Bank and Trust 03/01/2020 (14,939) (0.00%)USD 945,000 GBP (729,988) Royal Bank of Scotland 10/01/2020 (16,794) (0.01%)USD 946,155 NOK (8,522,000) Citi 13/01/2020 (17,888) (0.01%)USD 758,867 CNH (5,473,709) HSBC 18/03/2020 (19,347) (0.01%)USD 1,611,000 GBP (1,235,250) HSBC 10/01/2020 (19,424) (0.01%)USD 1,613,104 CHF (1,595,000) HSBC 13/01/2020 (26,564) (0.01%)USD 2,594,827 CAD (3,431,000) Citi 16/01/2020 (38,669) (0.01%)GBP 3,485,546 JPY (508,500,000) HSBC 10/01/2020 (47,235) (0.02%)USD 3,367,468 PLN (13,019,000) Citi 16/01/2020 (52,963) (0.02%)

63





GBP% of Sub-

Fund NAV*USD 2,493,313 BRL (10,347,000) Citi 10/01/2020 (59,018) (0.02%)USD 12,867,024 MXN (245,467,000) Citi 16/01/2020 (80,384) (0.03%)USD 11,503,774 EUR (10,354,000) Citi 16/01/2020 (96,748) (0.03%)USD 12,350,146 SGD (16,792,000) Citi 16/01/2020 (104,778) (0.03%)USD 3,470,778 COP(11,865,096,000) Citi 10/01/2020 (108,524) (0.04%)

Unrealised Gain on Open Forward Foreign Exchange Contracts held for Portfolio Hedging or Investment Purposes 4,510,070 1.39%Unrealised Loss on Open Forward Foreign Exchange Contracts held for Portfolio Hedging or Investment Purposes (1,017,507) (0.25%)

Total Open Forward Foreign Exchange Contracts held for Portfolio Hedging or Investment Purposes 3,492,563 1.14% Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (0.01%) (31 December 2018: (0.00%))



GBP% of Sub-

Fund NAV*EUR 3,674,264 GBP (3,054,993) Brown Brothers Harriman 17/01/2020 59,799 0.02%EUR 4,099 GBP (3,428) Brown Brothers Harriman 17/01/2020 47 0.00%GBP 361 EUR (420) Brown Brothers Harriman 17/01/2020 5 0.00%EUR 0 GBP (0) Brown Brothers Harriman 17/01/2020 (0) (0.00%)GBP 0 EUR (0) Brown Brothers Harriman 17/01/2020 (0) (0.00%)EUR 1,510 GBP (1,283) Brown Brothers Harriman 17/01/2020 (4) (0.00%)EUR 1,098 GBP (937) Brown Brothers Harriman 17/01/2020 (6) (0.00%)EUR 1,558 GBP (1,331) Brown Brothers Harriman 17/01/2020 (10) (0.00%)EUR 10,910 GBP (9,277) Brown Brothers Harriman 17/01/2020 (28) (0.00%)EUR 9,536 GBP (8,126) Brown Brothers Harriman 17/01/2020 (42) (0.00%)EUR 91,282 GBP (78,033) Brown Brothers Harriman 17/01/2020 (650) (0.00%)GBP 97,829 EUR (117,025) Brown Brothers Harriman 17/01/2020 (1,377) (0.00%)EUR 3,584,433 GBP (3,074,010) Brown Brothers Harriman 17/01/2020 (35,371) (0.01%)GBP 2,980,249 EUR (3,584,433) Brown Brothers Harriman 17/01/2020 (58,390) (0.02%)



Centrally Cleared Option Contracts 0.00% (31 December 2018: (0.01%))

Purchased Options

Put/Call Description Broker Number of Contracts

Strike Price

Expiration Date

Fair ValueGBP

% of Sub-Fund NAV*

Call Future Option on Euro-Schatz Deutsche Bank 377 114.00 21/02/2020 1,597 0.00%Call Future Option on Eurodollar UBS 15 99.75 13/06/2022 1,274 0.00%Call Future Option on Eurodollar Morgan Stanley 8 99.75 14/03/2022 566 0.00%Call Future Option on Euro Bund Deutsche Bank 60 187.00 21/02/2020 508 0.00%Put Future Option on Euro-Btp Societe Generale 38 101.00 21/02/2020 322 0.00%Put Future Option on Euro-Bobl Deutsche Bank 50 129.50 21/02/2020 212 0.00%Call Future Option on Euro-Oat Deutsche Bank 19 190.00 21/02/2020 161 0.00%Put Future Option on 10Y US Treasury Note Morgan Stanley 157 118.00 21/02/2020 118 0.00%Put Future Option on 5Y US Treasury Note Morgan Stanley 147 111.00 21/02/2020 111 0.00%

64


Centrally Cleared Option Contracts 0.00% (31 December 2018: (0.01%)) (continued)

Purchased Options (continued)


Strike Price

Expiration Date

Fair ValueGBP

% of Sub-Fund NAV*

Put Future Option on US Ultra Bond Morgan Stanley 14 125.00 21/02/2020 11 0.00%Call Future Option on Long GILT Societe Generale 12 167.00 21/02/2020 0 0.00%Call Future Option on Long GILT Deutsche Bank 24 165.00 21/02/2020 0 0.00%Total Purchased Options 4,880 0.00%

Written Options


Strike Price

Expiration Date

Fair ValueGBP

% of Sub-Fund NAV*

Call Future Option on 10Y US Treasury Note Morgan Stanley (7) 130.50 24/01/2020 (248) (0.00%)Call Future Option on 10Y US Treasury Note Bank of America (13) 130.00 24/01/2020 (766) (0.00%)Put Future Option on 10Y US Treasury Note Bank of America (13) 127.00 24/01/2020 (920) (0.00%)Put Future Option on 10Y US Treasury Note Morgan Stanley (7) 127.50 24/01/2020 (991) (0.00%)Total Written Options (2,925) (0.00%) OTC Option Contracts 0.00% (31 December 2018: (0.00%))

Purchased Options

Put/Call Description Counterparty Number of Contracts

Strike Price

Expiration Date

Fair ValueGBP

% of Sub-Fund NAV*

Put Currency Option EUR vs NOK HSBC 1,030,000 9.90 20/01/2020 6,124 0.00%

Put PUT OPTION ON 100SHS OTC EPUT FN 3.5 1-50 73 JPM JPMorgan Chase 3,200,000 73.00 07/01/2020 0 0.00%

Total Purchased Options 6,124 0.00%

Written Options


Strike Price

Expiration Date

Fair ValueGBP

% of Sub-Fund NAV*

Call Currency Option on USD vs CNH Standard Chartered Bank (1,106,000) 7.08 15/01/2020 (350) (0.00%)

Put Currency Option on GBP vs USD Goldman Sachs (880,000) 1.29 17/01/2020 (500) (0.00%)Call Future Option on 1Y US Treasury Note BNY Mellon (2,000,000) 0.00 08/10/2022 (731) (0.00%)Put Currency Option on GBP vs USD Goldman Sachs (894,000) 1.28 24/01/2020 (769) (0.00%)Call INT FLR US 0 10/07/21-1Y MYC BNY Mellon (3,750,000) 0.00 07/10/2022 (1,355) (0.00%)

Put Currency Option on USD vs CNH Standard Chartered Bank (1,106,000) 6.95 15/01/2020 (2,150) (0.00%)

Total Written Options (5,855) (0.00%) OTC Swaption Contracts (0.01%) (31 December 2018: (0.01%))

Purchased Swaptions


Strike Price

Expiration Date

Fair ValueGBP

% of Sub-Fund NAV*

Put OTC 30-Year Interest Rate Swap BNY Mellon 1,500,000 1.75 23/08/2021 130,993 0.04%Put OTC 30-Year Interest Rate Swap Credit Suisse 700,000 1.73 26/08/2021 62,666 0.02%Put OTC 30-Year Interest Rate Swap Bank of America 800,000 2.18 15/09/2021 37,889 0.01%Put OTC 30-Year Interest Rate Swap BNY Mellon 700,000 2.01 08/06/2020 24,650 0.01%Put OTC 30-Year Interest Rate Swap BNY Mellon 400,000 1.98 09/06/2020 15,012 0.01%Total Purchased Swaptions 271,210 0.09%

65


OTC Swaption Contracts (0.01%) (31 December 2018: (0.01%)) (continued)

Written Swaptions


Strike Price

Expiration Date

Fair ValueGBP

% of Sub-Fund NAV*

Put CDS Option on 5Y CDX.N.A.IG.33 Index Citi (700,000) 1.00 15/01/2020 (3) (0.00%)Put CDS Option on 5Y CDX.N.A.IG.33 Index Credit Suisse (400,000) 0.90 15/01/2020 (4) (0.00%)Put CDS Option on 5Y CDX.N.A.IG.33 Index BNP Paribas (400,000) 0.90 15/01/2020 (4) (0.00%)Put CDS Option on 5Y CDX.N.A.IG.33 Index Goldman Sachs (500,000) 0.90 15/01/2020 (5) (0.00%)Put CDS Option on 5Y iTRAXX Europe S32 Index BNP Paribas (500,000) 0.80 15/01/2020 (10) (0.00%)Put CDS Option on 5Y iTRAXX Europe S32 Index Bank of America (400,000) 0.90 19/02/2020 (23) (0.00%)Put CDS Option on 5Y iTRAXX Europe S32 Index BNP Paribas (400,000) 0.90 19/02/2020 (23) (0.00%)Put CDS Option on 5Y iTRAXX Europe S32 Index Citi (400,000) 0.85 19/02/2020 (26) (0.00%)Put CDS Option on 5Y iTRAXX Europe S32 Index Bank of America (200,000) 0.80 18/03/2020 (29) (0.00%)Put CDS Option on 5Y CDX.N.A.IG.33 Index BNP Paribas (400,000) 0.80 19/02/2020 (38) (0.00%)Put CDS Option on 5Y iTRAXX Europe S32 Index JPMorgan Chase (300,000) 0.80 18/03/2020 (43) (0.00%)Put CDS Option on 5Y iTRAXX Europe S32 Index Bank of America (300,000) 0.80 18/03/2020 (43) (0.00%)Put CDS Option on 5Y iTRAXX Europe S32 Index JPMorgan Chase (200,000) 0.70 18/03/2020 (45) (0.00%)Put CDS Option on 5Y CDX.N.A.IG.33 Index Bank of America (500,000) 0.73 19/02/2020 (61) (0.00%)Put CDS Option on 5Y iTRAXX Europe S32 Index BNP Paribas (800,000) 0.80 19/02/2020 (62) (0.00%)Put CDS Option on 5Y iTRAXX Europe S32 Index Goldman Sachs (600,000) 0.80 18/03/2020 (87) (0.00%)Call CDS Option on 5Y iTRAXX Europe S32 Index JPMorgan Chase (200,000) 0.43 18/03/2020 (129) (0.00%)Put CDS Option on 5Y iTRAXX Europe S32 Index BNP Paribas (900,000) 0.80 18/03/2020 (131) (0.00%)Put CDS Option on 5Y iTRAXX Europe S32 Index Bank of America (1,000,000) 0.70 18/03/2020 (223) (0.00%)Call CDS Option on 5Y iTRAXX Europe S32 Index Bank of America (200,000) 0.45 18/03/2020 (231) (0.00%)Call CDS Option on 5Y iTRAXX Europe S32 Index Bank of America (300,000) 0.45 18/03/2020 (347) (0.00%)Call CDS Option on 5Y iTRAXX Europe S32 Index JPMorgan Chase (300,000) 0.45 18/03/2020 (347) (0.00%)Call CDS Option on 5Y CDX.N.A.IG.33 Index BNP Paribas (400,000) 0.48 19/02/2020 (492) (0.00%)Call CDS Option on 5Y iTRAXX Europe S32 Index BNP Paribas (500,000) 0.45 19/02/2020 (507) (0.00%)Call CDS Option on 5Y CDX.NA.IG.33 Index Bank of America (500,000) 0.48 19/02/2020 (615) (0.00%)Call CDS Option on 5Y iTRAXX Europe S32 Index Bank of America (1,000,000) 0.43 18/03/2020 (645) (0.00%)Call CDS Option on 5Y iTRAXX Europe S32 Index Bank of America (400,000) 0.48 19/02/2020 (675) (0.00%)Call CDS Option on 5Y iTRAXX Europe S32 Index BNP Paribas (400,000) 0.48 19/02/2020 (675) (0.00%)Call CDS Option on 5Y iTRAXX Europe S32 Index Citi (400,000) 0.48 19/02/2020 (675) (0.00%)Call CDS Option on 5Y iTRAXX Europe S32 Index Goldman Sachs (600,000) 0.45 18/03/2020 (694) (0.00%)Call CDS Option on 5Y iTRAXX Europe S32 Index BNP Paribas (500,000) 0.48 15/01/2020 (733) (0.00%)Call CDS Option on 5Y iTRAXX Europe S32 Index BNP Paribas (900,000) 0.45 18/03/2020 (1,040) (0.00%)Call Option on OTC 2-Year Interest Rate Swap Goldman Sachs (5,200,000) 1.54 24/02/2020 (2,129) (0.00%)Call Option on OTC 2-Year Interest Rate Swap Bank of America (6,300,000) 1.57 25/02/2020 (3,378) (0.00%)Put Option on OTC 2-Year Interest Rate Swap BNY Mellon (364,000,000) 0.05 29/06/2020 (3,615) (0.00%)Put Option on OTC 2-Year Interest Rate Swap Goldman Sachs (5,200,000) 1.54 24/02/2020 (10,805) (0.00%)Put Option on OTC 2-Year Interest Rate Swap Bank of America (6,300,000) 1.57 25/02/2020 (11,056) (0.01%)Put Option on OTC 1-Year Interest Rate Swap BNY Mellon (9,600,000) 1.60 09/06/2020 (12,151) (0.01%)Put Option on OTC 1-Year Interest Rate Swap BNY Mellon (16,800,000) 1.60 08/06/2020 (21,522) (0.01%)Put Option on OTC 3-Year Interest Rate Swap Bank of America (6,700,000) 1.88 15/09/2021 (36,525) (0.01%)Put Option on OTC 3-Year Interest Rate Swap Credit Suisse (5,800,000) 1.40 26/08/2021 (63,536) (0.02%)Put Option on OTC 3-Year Interest Rate Swap BNY Mellon (12,500,000) 1.45 23/08/2021 (128,484) (0.04%)Total Written Swaptions (301,866) (0.10%)

66


Financial Derivative Instruments 1.29% (31 December 2018: (0.89%)) (continued)

Centrally Cleared Credit Default Swap Contracts 0.00% (31 December 2018: - )

Protection Position Description Counterparty Rate Maturity Date Currency

NotionalAmount


GBP% of Sub-

Fund NAV*Sell Rolls-Royce PLC Citi 1.00% 20/06/2024 EUR 200,000 819 0.00%

Total Centrally Cleared Credit Default Swap Contracts 819 0.00% OTC Credit Default Swap Contracts (0.04%) (31 December 2018: (0.04%))


NotionalAmount


GBP% of Sub-

Fund NAV*

Sell Republic of South Africa Government Bond Citi 1.00% 20/06/2023 USD 100,000 (577) (0.00%)

Sell Republic Of South Africa Government Bond Goldman Sachs 1.00% 20/06/2024 USD 100,000 (1,595) (0.00%)

Buy China Government International Bond Goldman Sachs 1.00% 20/06/2023 USD 1,000,000 (20,812) (0.01%)Buy 20Y Japan Government Bond Goldman Sachs 1.00% 20/06/2022 USD 2,600,000 (43,890) (0.01%)Buy Korea International Bond Goldman Sachs 1.00% 20/06/2023 USD 2,400,000 (52,893) (0.02%)

Total OTC Credit Default Swap Contracts (119,767) (0.04%) Centrally Cleared Credit Default Index Swap Contracts 0.28% (31 December 2018: 0.05%)

Protection Position Description Broker Rate Maturity Date Currency

NotionalAmount


GBP% of Sub-

Fund NAV*Sell CDX.NA.IG.33 Index Citi 1.00% 20/12/2024 USD 26,800,000 524,618 0.17%Sell CDX.NA.IG.32 Index Citi 1.00% 20/06/2024 USD 20,300,000 399,420 0.13%Sell iTraxx Europe Crossover S32 Index Citi 5.00% 20/12/2024 EUR 400,000 46,178 0.02%Buy CDX.NA.IG.32 Index Citi 1.00% 20/06/2029 USD 700,000 (5,995) (0.00%)Buy iTraxx Europe S32 Index Citi 1.00% 20/12/2024 EUR 700,000 (16,473) (0.01%)Sell CDX.EM.31 Index Citi 1.00% 20/06/2024 USD 900,000 (17,989) (0.01%)Buy CDX.NA.IG.33 Index Citi 1.00% 20/12/2029 USD 3,900,000 (25,584) (0.01%)Sell CDX.EM.32 Index Citi 1.00% 20/12/2024 USD 1,200,000 (30,443) (0.01%)

Unrealised Gain on Centrally Cleared Credit Default Index Swap Contracts 970,216 0.32%Unrealised Loss on Centrally Cleared Credit Default Index Swap Contracts (96,484) (0.03%)

Total Centrally Cleared Credit Default Index Swap Contracts 873,732 0.29% OTC Interest Rate Swap Contracts 0.06% (31 December 2018: (0.02%))

Maturity Date Counterparty Rate Paid by Fund Rate Received by Fund NotionalAmount


GBP% of Sub-

Fund NAV*20/03/2029 JPMorgan Chase KORIBOR 1.79% 1,565,000,000 37,208 0.01%25/04/2029 JPMorgan Chase TELBOR 1.77% 1,700,000 32,183 0.01%19/06/2024 Morgan Stanley CNRR007 3.20% 19,400,000 25,351 0.01%30/04/2029 Goldman Sachs TELBOR 1.77% 800,000 15,211 0.01%29/04/2029 Citi TELBOR 1.75% 800,000 14,831 0.01%20/03/2024 Bank of Australia KORIBOR 1.72% 1,408,000,000 14,724 0.01%22/04/2029 Goldman Sachs TELBOR 1.78% 700,000 13,318 0.00%30/01/2024 BNP Paribas TELBOR 1.18% 1,300,000 10,091 0.00%01/05/2029 BNP Paribas TELBOR 1.78% 500,000 9,577 0.00%19/06/2024 Bank of Australia 7D Chines Repurchase Rate 3.02% 12,700,000 6,466 0.00%20/03/2029 Standard Chartered Bank KORIBOR 1.79% 243,000,000 5,777 0.00%19/06/2024 BNP Paribas 7D Chines Repurchase Rate 3.00% 6,600,000 2,759 0.00%

67


OTC Interest Rate Swap Contracts 0.06% (31 December 2018: (0.02%)) (continued)



GBP% of Sub-

Fund NAV*19/06/2024 Goldman Sachs 7D Chines Repurchase Rate 3.01% 5,200,000 2,292 0.00%01/04/2024 Citi 7D Chines Repurchase Rate 2.93% 3,700,000 594 0.00%01/04/2024 Goldman Sachs 7D Chines Repurchase Rate 2.93% 3,300,000 459 0.00%01/07/2024 Citi 7D Chines Repurchase Rate 2.89% 4,600,000 (329) (0.00%)21/11/2024 Citi 7D Chines Repurchase Rate 2.87% 3,500,000 (1,098) (0.00%)25/07/2024 Citi 7D Chines Repurchase Rate 2.84% 23,600,000 (7,809) (0.00%)05/07/2024 JPMorgan Chase 7D Chines Repurchase Rate 2.78% 16,100,000 (9,462) (0.00%)

Unrealised Gain on OTC Interest Rate Swap Contracts 190,841 0.06%Unrealised Loss on OTC Interest Rate Swap Contracts (18,698) (0.00%)

Total OTC Interest Rate Swap Contracts 172,143 0.06% Centrally Cleared Interest Rate Swap Contracts (0.10%) (31 December 2018: (0.11%))

Maturity Date Broker Rate Paid by Fund Rate Received by Fund NotionalAmount


GBP% of Sub-

Fund NAV*18/03/2050 Citi 6M EURIBOR 0.25% 2,800,000 261,843 0.09%06/01/2030 Citi 1.62% 3M USD-LIBOR 5,700,000 105,736 0.04%19/06/2029 Citi 3M CAD-LIBOR 2.50% 5,200,000 94,917 0.03%19/06/2029 Citi 6M EUR-LIBOR 1.31% 1,500,000 56,692 0.02%25/08/2024 Citi 1.29% 3M USD-LIBOR 5,300,000 49,225 0.02%17/06/2025 Citi 6M GBP-LIBOR 1.00% 8,100,000 40,079 0.01%18/03/2030 Citi 0.75% 6M GBP-LIBOR 1,450,000 38,584 0.01%31/08/2024 Citi 1.24% 3M USD-LIBOR 2,450,000 25,151 0.01%29/11/2049 Citi 0.33% 6M JPY-LIBOR 94,000,000 22,572 0.01%19/12/2023 Citi 3M SAJIBOR 0.78% 9,200,000 17,313 0.01%17/09/2024 Citi 1.36% 3M USD-LIBOR 1,900,000 15,325 0.01%18/12/2021 Citi 1.50% 3M USD-LIBOR 4,400,000 11,900 0.00%19/06/2029 Citi 3M SEK-STIBOR 1.00% 3,500,000 9,061 0.00%18/03/2022 Citi 3M USD-LIBOR 1M USD-LIBOR 119,300,000 8,959 0.00%30/01/2029 Citi 6M WIBOR 2.40% 900,000 8,314 0.00%17/06/2022 Citi 0.75% 6M GBP-LIBOR 7,900,000 6,341 0.00%17/06/2022 Citi 0.30% 6M EURIBOR 4,600,000 3,553 0.00%18/12/2024 Citi 1.50% 3M USD-LIBOR 400,000 3,308 0.00%14/02/2020 Citi New Zealand Bank Bill 2.50% 1,860,000 1,427 0.00%30/01/2029 Citi 6M PRIBOR 1.91% 3,200,000 1,392 0.00%12/04/2023 Citi 1M USD-LIBOR 3M USD-LIBOR 5,000,000 875 0.00%

03/12/2039 Citi 0.90% Sterling Overnight Index Average 600,000 746 0.00%

23/05/2029 Citi 1M USD-LIBOR 3M USD-LIBOR 1,200,000 196 0.00%17/06/2025 Citi 6M EURIBOR 0.15% 200,000 (620) (0.00%)03/12/2039 Citi 3M GBP-LIBOR 1.08% 600,000 (2,669) (0.00%)12/01/2023 Citi BANXICO 5.82% 10,000,000 (8,532) (0.00%)10/12/2029 Citi 2.00% 3M USD-LIBOR 1,400,000 (10,318) (0.00%)18/12/2029 Citi 3M USD-LIBOR 2.75% 200,000 (11,754) (0.00%)17/09/2051 Citi 3M USD-LIBOR 1.71% 200,000 (13,222) (0.00%)25/08/2051 Citi 3M USD-LIBOR 1.29% 250,000 (18,828) (0.01%)15/01/2030 Citi 2.00% 3M USD-LIBOR 2,700,000 (19,455) (0.01%)18/03/2025 Citi 6M EURIBOR 0.00% 1,300,000 (22,140) (0.01%)31/08/2051 Citi 3M USD-LIBOR 1.63% 300,000 (23,319) (0.01%)

68


Centrally Cleared Interest Rate Swap Contracts (0.10%) (31 December 2018: (0.11%)) (continued)



GBP% of Sub-

Fund NAV*15/05/2045 Citi 3M USD-LIBOR 1.85% 700,000 (23,774) (0.01%)19/12/2020 Citi 3M USD-LIBOR 2.75% 3,500,000 (24,858) (0.01%)29/11/2029 Citi 6M JPY-LIBOR 0.03% 409,000,000 (25,133) (0.01%)02/10/2029 Citi 3M Canadian Bank Bill 1.71% 1,200,000 (27,859) (0.01%)18/12/2029 Citi 3M Canadian Bank Bill 1.90% 4,500,000 (60,484) (0.02%)15/05/2045 Citi 3M USD-LIBOR 1.85% 2,100,000 (72,434) (0.02%)18/03/2050 Citi 6M GBP-LIBOR 0.75% 800,000 (76,149) (0.02%)18/12/2021 Citi 2.50% 3M USD-LIBOR 9,600,000 (113,748) (0.04%)18/12/2024 Citi 2.50% 3M USD-LIBOR 5,300,000 (145,791) (0.05%)18/03/2030 Citi 0.00% 6M EURIBOR 12,000,000 (383,776) (0.13%)

Unrealised Gain on Centrally Cleared Interest Rate Swap Contracts 783,509 0.26%Unrealised Loss on Centrally Cleared Interest Rate Swap Contracts (1,084,863) (0.36%)

Total Centrally Cleared Interest Rate Swap Contracts (301,354) (0.10%) OTC Currency Swap Contracts 0.02% (31 December 2018: 0.18%)

Maturity Date Counterparty Rate Paid by Fund Notional Amount Paid

Rate Received by Fund

NotionalAmount

Received


GBP% of Sub-

Fund NAV*08/01/2029 Goldman Sachs 3M USD-LIBOR (1,035,000) 3M AUD-LIBOR 1,500,000 16,549 0.01%

31/07/2029 Citi 3M USD-LIBOR (1,104,000) 3M AUD Bank Bill Swap Rate 1,600,000 17,548 0.01%

18/02/2030 Goldman Sachs 3M USD-LIBOR (660,000) 3M EUR-LIBOR 600,000 9,288 0.00%23/01/2030 Citi 3M USD-LIBOR (1,456,000) 3M EUR-LIBOR 1,300,000 1,419 0.00%18/03/2030 Morgan Stanley 3M USD-LIBOR (782,600) 3M EUR-LIBOR 700,000 2,542 0.00%

Total OTC Currency Swap Contracts 47,346 0.02% OTC Total Return Swap Contracts (0.00%) (31 December 2018: - )

Maturity Date Counterparty Rate Paid by Fund Rate Received by Fund Notional Amount


GBP% of Sub-

Fund NAV*10/01/2020 Morgan Stanley SONIA United Kingdom Gilt 300,000 4,186 0.00%18/02/2020 Morgan Stanley SONIA United Kingdom Gilt 200,000 1,259 0.00%20/03/2020 Goldman Sachs 3M USD-LIBOR iBoxx 500,868 (5,169) (0.00%)20/03/2020 Goldman Sachs 3M USD-LIBOR IBoxx 500,838 (5,716) (0.00%)

Unrealised Gain on OTC Total Return Swap Contracts 5,445 0.00%Unrealised Loss on OTC Total Return Swap Contracts (10,885) (0.00%)

Total OTC Total Return Swap Contracts (5,440) (0.00%)

Total Financial Derivative Instruments 3,928,866 1.29% Other Assets and Liabilities (39,545,799) (12.93%)Net Assets Attributable to Holders of Redeemable Participating Units 306,006,669 100.00%

69


Portfolio Analysis GBP

% of Sub-Fund Assets*

(a) Transferable securities dealt in on another regulated market 344,627,631 79.17%(b) Financial derivative instruments 3,928,866 0.90%(c) Other liabilities 86,724,754 19.93%Total Assets 435,281,251 100.00%

*The percentage of net assets disclosed above is subject to rounding. (I) Payment in kind bond. (II) Indicates a perpetual bond. Maturity date represents next call date. (III) Zero coupon bond.

70

Fidelity Global Sub-IG Fixed Income Fund SCHEDULE OF INVESTMENTS AS AT 31 DECEMBER 2019 =


Fair ValueGBP

% of Sub-Fund NAV*

Asset-Backed Securities 0.38% (31 December 2018: 0.69%)

Luxembourg 0.38% (31 December 2018: 0.46%) LSF9 Balta Issuer EUR 486,000 15/09/2022 7.75% 394,918 0.38% Total Asset-Backed Securities 394,918 0.38%

Corporate Bonds 65.34% (31 December 2018: 62.01%)

Argentina 0.16% (31 December 2018: 0.11%) AES Argentina Generacion USD 150,000 02/02/2024 7.75% 95,480 0.09%YPF USD 100,000 23/03/2021 8.50% 74,951 0.07%

Total Argentina 170,431 0.16% Austria 0.74% (31 December 2018: 0.61%)JBS Investments II USD 300,000 15/01/2026 7.00% 246,760 0.24%JBS Investments II USD 295,000 15/01/2028 5.75% 235,231 0.22%Klabin Austria USD 350,000 03/04/2049 7.00% 289,432 0.28%

Total Austria 771,423 0.74% Azerbaijan 0.30% (31 December 2018: 0.67%) Southern Gas Corridor USD 348,000 24/03/2026 6.88% 311,934 0.30% Bahrain 0.20% (31 December 2018: 0.20%)Oil and Gas Holding USD 225,000 07/11/2028 8.38% 206,356 0.20% Bermuda 0.15% (31 December 2018: 1.00%) China Oil & Gas Group USD 200,000 25/01/2023 5.50% 155,538 0.15% Brazil 0.09% (31 December 2018: 0.13%)Samarco Mineracao(I) USD 200,000 01/11/2022 4.13% 98,934 0.09% British Virgin Islands 0.86% (31 December 2018: 0.65%) Easy Tactic USD 200,000 28/07/2022 9.13% 159,267 0.15%Easy Tactic USD 200,000 11/07/2024 8.13% 153,855 0.15%Fortune Star USD 200,000 23/03/2022 5.25% 151,724 0.14%LS Finance USD 300,000 15/07/2024 4.88% 226,397 0.22%NWD MTN USD 275,000 18/07/2029 4.13% 208,973 0.20%

Total British Virgin Islands 900,216 0.86% Canada 3.69% (31 December 2018: 3.21%) Advanz Pharma USD 200,000 06/09/2024 8.00% 145,688 0.14%Bausch Health USD 257,000 30/01/2028 5.00% 199,604 0.19%Bausch Health USD 268,000 30/01/2030 5.25% 210,293 0.20%First Quantum Minerals USD 192,000 01/04/2025 7.50% 148,496 0.14%First Quantum Minerals USD 855,000 01/03/2026 6.88% 654,666 0.63%GFL Environmental USD 169,000 01/06/2026 7.00% 135,130 0.13%GFL Environmental USD 123,000 15/12/2026 5.13% 97,850 0.10%Kinross Gold USD 570,000 15/07/2027 4.50% 451,933 0.43%Kissner Holdings USD 570,000 01/12/2022 8.38% 452,321 0.43%Mattamy Group USD 300,000 15/12/2027 5.25% 236,082 0.23%New Gold USD 375,000 15/11/2022 6.25% 282,451 0.27%Northwest Acquisitions USD 459,000 01/11/2022 7.13% 260,477 0.25%Parkland Fuel USD 358,000 15/07/2027 5.88% 291,105 0.28%

71

Fidelity Global Sub-IG Fixed Income Fund SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 DECEMBER 2019


Fair ValueGBP

% of Sub-Fund NAV*


Canada 3.69% (31 December 2018: 3.21%) (continued) Stoneway Capital USD 595,112 01/03/2027 10.00% 285,583 0.27%

Total Canada 3,851,679 3.69% Cayman Islands 3.54% (31 December 2018: 2.03%) CFLD Cayman Investment USD 200,000 28/02/2021 8.63% 154,558 0.15%China Evergrande Group USD 200,000 23/03/2022 8.25% 141,820 0.14%China SCE Group Holdings USD 200,000 15/01/2021 8.75% 156,105 0.15%China SCE Group Holdings USD 200,000 09/04/2024 7.38% 154,398 0.15%CIFI Holdings Group USD 275,000 28/02/2023 7.63% 219,808 0.21%Global Aircraft Leasing(II) USD 600,000 15/09/2024 6.50% 473,727 0.45%Kaisa Group Holdings USD 275,000 26/02/2021 11.75% 218,225 0.21%Melco Resorts Finance USD 200,000 04/12/2029 5.38% 155,385 0.15%Ronshine China Holdings USD 200,000 01/03/2022 10.50% 162,093 0.15%Seazen Group USD 200,000 22/01/2021 7.50% 151,727 0.14%Shimao Property Holdings USD 350,000 21/02/2024 6.13% 282,355 0.27%Sunac China Holdings USD 200,000 27/07/2020 8.63% 154,256 0.15%Times China Holdings USD 200,000 21/02/2022 7.63% 156,592 0.15%UPCB Finance VII EUR 250,000 15/06/2029 3.63% 225,695 0.22%Wynn Macau USD 350,000 15/12/2029 5.13% 270,280 0.26%Wynn Macau USD 600,000 15/12/2029 5.13% 463,337 0.44%Zhenro Properties Group USD 200,000 02/01/2021 12.50% 160,096 0.15%

Total Cayman Islands 3,700,457 3.54% China 0.13% (31 December 2018: 0.16%) Xin Jiang Guang Hui Industry Investment Group USD 200,000 30/03/2020 7.88% 139,938 0.13% Czech Republic 0.13% (31 December 2018: 0.25%) Residomo EUR 150,000 15/10/2024 3.38% 132,209 0.13% Denmark 0.14% (31 December 2018: 0.55%) Welltec A USD 200,000 01/12/2022 9.50% 149,887 0.14% France 0.40% (31 December 2018: 0.75%)Constantin Investissement 3 EUR 150,000 15/04/2025 5.38% 129,006 0.12%Constellium EUR 325,000 15/02/2026 4.25% 287,774 0.28%

Total France 416,780 0.40% Georgia 0.45% (31 December 2018: 0.30%) Georgia Capital USD 377,000 09/03/2024 6.13% 280,669 0.27%TBC Bank(III) USD 250,000 03/10/2024 10.78% 193,260 0.18%

Total Georgia 473,929 0.45% Germany 1.66% (31 December 2018: 1.50%) Blitz F18-674 EUR 550,000 30/07/2026 6.00% 504,770 0.48%CeramTec EUR 600,000 15/12/2025 5.25% 533,106 0.51%Nidda EUR 150,000 30/09/2025 7.25% 136,943 0.13%Nidda Healthcare Holding EUR 200,000 30/09/2024 3.50% 175,724 0.17%Tele Columbus EUR 250,000 02/05/2025 3.88% 207,617 0.20%

72



Fair ValueGBP

% of Sub-Fund NAV*


Germany 1.66% (31 December 2018: 1.50%) (continued)WEPA Hygieneprodukte EUR 200,000 15/12/2027 2.88% 175,944 0.17%

Total Germany 1,734,104 1.66% Hong Kong 0.81% (31 December 2018: 2.17%) Bank of East Asia(III) USD 375,000 19/09/2024 5.88% 294,824 0.28%Dr Peng Holding Hong Kong USD 200,000 01/06/2020 5.05% 96,349 0.09%Vanke Real Estate Hong Kong USD 200,000 09/11/2027 3.98% 155,859 0.15%Wanda Group Overseas USD 200,000 24/07/2022 7.50% 145,055 0.14%Yango Justice International USD 200,000 18/03/2022 10.25% 154,223 0.15%

Total Hong Kong 846,310 0.81% India 0.34% (31 December 2018: 0.77%) ReNew Power Synthetic USD 200,000 12/03/2024 6.67% 157,043 0.15%Shriram Transport Finance USD 250,000 24/10/2022 5.95% 193,958 0.19%

Total India 351,001 0.34% Indonesia 0.41% (31 December 2018: 2.78%) Wijaya Karya IDR 8,000,000,000 31/01/2021 7.70% 428,518 0.41% Ireland 1.47% (31 December 2018: 0.59%)Alfa Bank AO Via Alfa Bond Issuance USD 250,000 15/04/2030 5.95% 192,678 0.18%eircom Finance EUR 250,000 01/11/2024 1.75% 212,494 0.20%GEMS MENASA Cayman USD 225,000 31/07/2026 7.13% 179,072 0.17%LCPR Senior Secured Financing USD 430,000 15/10/2027 6.75% 344,666 0.33%Motion Bondco EUR 100,000 15/11/2027 4.50% 89,266 0.09%Motion Bondco USD 200,000 15/11/2027 6.63% 160,219 0.15%Promigas USD 200,000 16/10/2029 3.75% 152,724 0.15%Virgin Media Receivables Financing Notes I GBP 200,000 15/09/2024 5.50% 206,250 0.20%

Total Ireland 1,537,369 1.47% Isle of Man 0.13% (31 December 2018: - ) Playtech EUR 150,000 07/03/2026 4.25% 135,379 0.13% Italy 0.33% (31 December 2018: 0.83%) Telecom Italia EUR 400,000 12/10/2027 2.38% 346,409 0.33% Jersey, Channel Islands 0.35% (31 December 2018: 0.71%)AA Bond GBP 300,000 31/07/2022 5.50% 258,720 0.25%AA Bond GBP 100,000 31/07/2024 4.88% 102,259 0.10%

Total Jersey, Channel Islands 360,979 0.35% Luxembourg 2.13% (31 December 2018: 3.37%) Altice Finco EUR 300,000 15/06/2023 9.00% 264,360 0.25%Cabot Financial Luxembourg GBP 250,000 01/10/2023 7.50% 260,494 0.25%Consolidated Energy Finance USD 63,000 15/06/2025 6.88% 45,534 0.04%Consolidated Energy Finance USD 120,000 15/05/2026 6.50% 85,179 0.08%Garfunkelux Holdco 3 GBP 300,000 01/11/2022 8.50% 297,532 0.28%Garrett LX I Sarl EUR 200,000 15/10/2026 5.13% 172,230 0.17%INEOS Group Holdings EUR 200,000 01/08/2024 5.38% 176,592 0.17%Intelsat Jackson Holdings USD 300,000 15/07/2025 9.75% 209,946 0.20%

73



Fair ValueGBP

% of Sub-Fund NAV*


Luxembourg 2.13% (31 December 2018: 3.37%) (continued) Kenbourne Invest USD 225,000 26/11/2024 6.88% 177,597 0.17%Mangrove Luxco III Sarl(II) EUR 100,000 09/10/2025 7.78% 80,920 0.08%Puma International Financing USD 200,000 06/10/2024 5.13% 147,601 0.14%Rossini Sarl EUR 150,000 30/10/2025 6.75% 142,034 0.14%Takko Luxembourg 2 EUR 200,000 15/11/2023 5.38% 167,912 0.16%

Total Luxembourg 2,227,931 2.13% Mauritius 0.12% (31 December 2018: 0.16%)Lodha Developers International USD 200,000 13/03/2020 12.00% 127,194 0.12% Mexico 3.66% (31 December 2018: 0.72%) Comision Federal de Electricidad USD 1,500,000 30/07/2049 5.00% 1,167,724 1.12%Docuformas USD 300,000 24/07/2024 10.25% 230,234 0.22%Minera Mexico USD 225,000 26/01/2050 4.50% 173,399 0.16%Petroleos Mexicanos MXN 29,550,000 12/09/2024 7.19% 1,080,870 1.03%Petroleos Mexicanos USD 300,000 04/08/2026 6.88% 249,447 0.24%Petroleos Mexicanos MXN 1,875,000 12/11/2026 7.47% 65,927 0.06%Petroleos Mexicanos USD 50,000 23/01/2027 6.49% 40,206 0.04%Petroleos Mexicanos USD 217,000 13/03/2027 6.50% 174,381 0.17%Petroleos Mexicanos USD 125,000 23/01/2030 6.84% 100,782 0.10%Petroleos Mexicanos USD 100,000 21/09/2047 6.75% 75,887 0.07%Petroleos Mexicanos USD 300,000 23/01/2050 7.69% 247,921 0.24%Trust F/1401 USD 275,000 15/01/2030 4.87% 218,902 0.21%

Total Mexico 3,825,680 3.66% Mongolia 0.14% (31 December 2018: - ) Mongolian Mortgage USD 200,000 29/01/2022 9.75% 147,548 0.14% Netherlands 2.97% (31 December 2018: 3.86%) Bharti Airtel International Netherlands USD 273,000 20/05/2024 5.35% 219,258 0.21%Diamond BC EUR 300,000 15/08/2025 5.63% 251,844 0.24%Energizer Gamma Acquisition EUR 150,000 15/07/2026 4.63% 134,940 0.13%IHS Netherlands Holdco USD 200,000 18/03/2025 7.13% 159,577 0.15%LBC Tank Terminals Holding Netherlands USD 285,000 15/05/2023 6.88% 218,182 0.21%Maxeda DIY Holding EUR 100,000 15/07/2022 6.13% 82,611 0.08%Nostrum Oil & Gas Finance USD 200,000 25/07/2022 8.00% 73,976 0.07%Nostrum Oil & Gas Finance USD 200,000 16/02/2025 7.00% 72,963 0.07%Sunshine Mid EUR 200,000 15/05/2026 6.50% 181,894 0.17%Syngenta Finance USD 1,325,000 24/04/2028 5.18% 1,078,934 1.03%Teva Pharmaceutical Finance Netherlands III USD 425,000 31/01/2025 7.13% 330,211 0.32%Trivium Packaging Finance EUR 100,000 15/08/2026 3.75% 90,016 0.09%Ziggo EUR 100,000 15/01/2030 2.88% 88,461 0.09%Ziggo USD 150,000 15/01/2030 4.88% 117,150 0.11%

Total Netherlands 3,100,017 2.97% Panama 0.40% (31 December 2018: - ) Cable Onda USD 225,000 30/01/2030 4.50% 179,159 0.17%

74



Fair ValueGBP

% of Sub-Fund NAV*


Panama 0.40% (31 December 2018: - ) (continued) Global Bank USD 300,000 16/04/2029 5.25% 243,725 0.23%

Total Panama 422,884 0.40% Singapore 0.67% (31 December 2018: 1.30%)ABJA Investment USD 200,000 24/01/2028 5.45% 147,666 0.14%Alam Synergy USD 200,000 22/04/2021 11.50% 152,472 0.15%Geoal International USD 200,000 04/10/2022 8.00% 91,260 0.09%Medco Oak Tree USD 400,000 14/05/2026 7.38% 308,207 0.29%

Total Singapore 699,605 0.67% South Africa 0.61% (31 December 2018: - )Eskom Holdings USD 325,000 11/02/2025 7.13% 251,694 0.24%Eskom Holdings USD 475,000 10/08/2028 8.45% 387,891 0.37%

Total South Africa 639,585 0.61% South Korea 0.43% (31 December 2018: 0.47%) Heungkuk Life Insurance(III) USD 600,000 09/11/2022 4.48% 446,779 0.43% Spain 0.61% (31 December 2018: 0.71%)AI Candelaria Spain USD 600,000 15/12/2028 7.50% 509,121 0.49%Naviera Armas EUR 200,000 31/07/2023 6.50% 132,186 0.12%

Total Spain 641,307 0.61% Supranational 0.38% (31 December 2018: - )Eastern & Southern African Trade & Development Bank USD 500,000 23/05/2024 4.88% 394,211 0.38% Sweden 0.92% (31 December 2018: 0.82%) Intrum EUR 250,000 15/09/2027 3.00% 209,126 0.20%Unilabs Subholding EUR 205,000 15/05/2025 5.75% 180,739 0.17%Verisure Midholding EUR 650,000 01/12/2023 5.75% 569,187 0.55%

Total Sweden 959,052 0.92% Thailand 0.87% (31 December 2018: - ) Bangkok Bank / Hong Kong USD 500,000 25/09/2034 3.73% 383,145 0.37%PTTEP Treasury Center USD 700,000 06/12/2059 3.90% 527,541 0.50%

Total Thailand 910,686 0.87% Turkey 0.82% (31 December 2018: - )Petkim Petrokimya Holding USD 300,000 26/01/2023 5.88% 228,100 0.22%Tupras Turkiye Petrol Rafinerileri USD 200,000 18/10/2024 4.50% 147,809 0.14%Turkcell Iletisim Hizmetleri USD 200,000 15/10/2025 5.75% 154,971 0.15%Turkcell Iletisim Hizmetleri USD 200,000 11/04/2028 5.80% 151,009 0.15%Yapi ve Kredi Bankasi(III) USD 200,000 15/01/2024 13.88% 170,567 0.16%

Total Turkey 852,456 0.82% United Kingdom 4.23% (31 December 2018: 6.63%) Algeco Global Finance EUR 250,000 15/02/2023 6.50% 212,362 0.20%Arqiva Broadcast Finance GBP 150,000 30/09/2023 6.75% 160,324 0.15%Arrow Global Finance GBP 300,000 15/09/2024 5.13% 306,225 0.29%

75



Fair ValueGBP

% of Sub-Fund NAV*


United Kingdom 4.23% (31 December 2018: 6.63%) (continued) Boparan Finance EUR 350,000 15/07/2021 4.38% 218,260 0.21%Heathrow Finance GBP 250,000 01/03/2027 3.88% 254,156 0.24%Iron Mountain UK GBP 100,000 15/11/2025 3.88% 102,504 0.10%Jerrold Finco GBP 200,000 15/01/2024 6.13% 207,375 0.20%KCA Deutag UK Finance USD 500,000 01/04/2022 9.88% 257,714 0.25%KCA Deutag UK Finance USD 200,000 01/04/2023 9.63% 103,085 0.10%MARB USD 200,000 19/01/2025 6.88% 160,591 0.15%Neptune Energy Bondco USD 400,000 15/05/2025 6.63% 302,508 0.29%Pinewood Finance GBP 100,000 30/09/2025 3.25% 102,735 0.10%Premier Foods Finance GBP 200,000 15/07/2022 5.79% 201,050 0.19%RAC Bond GBP 300,000 06/11/2022 5.00% 269,992 0.26%Synlab Unsecured Bondco EUR 300,000 01/07/2023 8.25% 267,532 0.26%Travelex Financing EUR 500,000 15/05/2022 8.00% 436,290 0.42%Tullow Oil USD 850,000 15/04/2022 6.25% 580,515 0.55%Virgin Media Secured Finance GBP 100,000 15/01/2027 4.88% 104,521 0.10%Viridian Group FinanceCo EUR 200,000 15/09/2025 4.00% 175,679 0.17%

Total United Kingdom 4,423,418 4.23% United States 29.88% (31 December 2018: 23.17%) Acrisure USD 300,000 15/11/2025 7.00% 219,096 0.21%Albertsonss USD 354,000 15/02/2028 5.88% 284,416 0.27%Alliance Data Systems USD 400,000 15/12/2024 4.75% 301,944 0.29%Allison Transmission USD 237,000 01/06/2029 5.88% 196,313 0.19%AMC Entertainment Holdings GBP 270,000 15/11/2024 6.38% 266,586 0.25%American Airlines Group USD 810,000 01/06/2022 5.00% 640,479 0.61%Amsted Industries USD 300,000 15/05/2030 4.63% 228,661 0.22%AmWINS Group USD 300,000 01/07/2026 7.75% 250,910 0.24%Apex Tool Group USD 570,000 15/02/2023 9.00% 387,421 0.37%Avantor EUR 150,000 01/10/2024 4.75% 135,593 0.13%Avantor USD 34,000 01/10/2024 6.00% 27,419 0.03%Bausch Health Americas USD 336,000 31/01/2027 8.50% 289,306 0.28%Calpine USD 350,000 15/02/2028 4.50% 266,874 0.25%Calumet Specialty Products Partners USD 370,000 15/01/2022 7.63% 280,083 0.27%Carlson Travel USD 285,000 15/12/2023 6.75% 220,065 0.21%Carlson Travel USD 150,000 15/12/2024 9.50% 112,993 0.11%Catalent Pharma Solutions USD 174,000 15/07/2027 5.00% 137,827 0.13%CCO Holdings USD 378,000 01/05/2026 5.50% 301,336 0.29%CCO Holdings USD 300,000 01/05/2027 5.88% 240,005 0.23%CCO Holdings USD 500,000 01/03/2030 4.75% 384,933 0.37%Centene USD 23,000 01/06/2026 5.38% 18,457 0.02%Centene USD 347,000 15/12/2027 4.25% 269,951 0.26%Centene USD 412,000 15/12/2029 4.63% 327,547 0.31%CenturyLink USD 500,000 01/12/2023 6.75% 422,093 0.40%CenturyLink USD 350,000 15/12/2026 5.13% 269,519 0.26%CGG Holding US USD 250,000 01/05/2023 9.00% 200,824 0.19%Cheniere Energy Partners USD 597,000 01/10/2026 5.63% 477,408 0.46%Cheniere Energy Partners USD 254,000 01/10/2029 4.50% 197,381 0.19%Clear Channel Worldwide Holdings USD 542,000 15/08/2027 5.13% 426,788 0.41%Colfax USD 266,000 15/02/2026 6.38% 219,115 0.21%CommScope Technologies USD 324,000 15/06/2025 6.00% 245,462 0.23%Compass Minerals International USD 570,000 15/07/2024 4.88% 429,911 0.41%

76



Fair ValueGBP

% of Sub-Fund NAV*


United States 29.88% (31 December 2018: 23.17%) (continued) CSC Holdings USD 285,000 01/04/2028 7.50% 243,602 0.23%CSC Holdings USD 550,000 15/01/2030 5.75% 443,716 0.42%CVR Partners USD 300,000 15/06/2023 9.25% 237,025 0.23%Dell International USD 474,000 15/06/2024 7.13% 377,930 0.36%Diamond Sports Group USD 500,000 15/08/2026 5.38% 382,497 0.37%DISH DBS USD 385,000 01/07/2026 7.75% 308,418 0.29%DISH Network USD 101,000 15/08/2026 3.38% 73,527 0.07%EIG Investors USD 203,000 01/02/2024 10.88% 153,300 0.15%EnerSys USD 300,000 15/12/2027 4.38% 224,216 0.21%Envision Healthcare USD 400,000 15/10/2026 8.75% 188,065 0.18%ESH Hospitality USD 417,000 01/10/2027 4.63% 319,293 0.31%Gates Global USD 300,000 15/01/2026 6.25% 230,771 0.22%Genesis Energy USD 147,000 15/06/2024 5.63% 107,404 0.10%Hecla Mining USD 493,000 01/05/2021 6.88% 371,774 0.36%Hertz USD 300,000 15/01/2028 6.00% 226,877 0.22%Hilcorp Energy I USD 578,000 01/11/2028 6.25% 415,736 0.40%Hilcorp Energy I USD 177,000 01/10/2025 5.75% 130,665 0.12%Hughes Satellite Systems USD 300,000 01/08/2026 5.25% 249,182 0.24%Icahn Enterprises USD 600,000 15/05/2026 6.25% 483,204 0.46%iHeartCommunications USD 300,000 15/08/2027 5.25% 237,362 0.23%Infor US EUR 400,000 15/05/2022 5.75% 344,592 0.33%JBS USA LUX USD 285,000 15/02/2028 6.75% 238,124 0.23%JBS USA LUX USD 1,166,000 15/04/2029 6.50% 979,739 0.94%JBS USA LUX USD 600,000 15/01/2030 5.50% 487,315 0.47%Jonah Energy USD 367,000 15/10/2025 7.25% 82,417 0.08%Kenan Advantage Group USD 750,000 31/07/2023 7.88% 555,294 0.53%Korn Ferry USD 216,000 15/12/2027 4.63% 164,272 0.16%Kosmos Energy USD 200,000 04/04/2026 7.13% 154,652 0.15%Laredo Petroleum USD 160,000 15/01/2022 5.63% 117,494 0.11%Laredo Petroleum USD 259,000 15/03/2023 6.25% 183,859 0.18%Live Nation Entertainment USD 300,000 15/10/2027 4.75% 234,803 0.22%LPL Holdings USD 230,000 15/09/2025 5.75% 182,080 0.17%LPL Holdings USD 350,000 15/11/2027 4.63% 270,145 0.26%Mauser Packaging Solutions Holding USD 397,000 15/04/2025 7.25% 296,679 0.28%Midcontinent Communications USD 294,000 15/08/2027 5.38% 235,321 0.22%Moog USD 126,000 15/12/2027 4.25% 97,024 0.09%MPT Operating Partnership GBP 400,000 05/06/2028 3.69% 411,492 0.39%NBM US Holdings USD 250,000 14/05/2026 7.00% 204,828 0.20%Netflix EUR 100,000 15/11/2029 3.88% 89,923 0.09%Netflix USD 250,000 15/11/2029 5.38% 201,327 0.19%Netflix EUR 100,000 15/06/2030 3.63% 87,381 0.08%Netflix USD 200,000 15/06/2030 4.88% 153,610 0.15%Newell Brands USD 150,000 01/04/2026 4.20% 118,164 0.11%Nielsen Finance USD 459,000 15/04/2022 5.00% 348,396 0.33%NRG Energy USD 528,000 15/06/2029 5.25% 431,687 0.41%Oasis Petroleum USD 169,000 15/01/2023 6.88% 125,020 0.12%Oasis Petroleum USD 46,000 15/09/2023 2.63% 27,301 0.03%Ortho-Clinical Diagnostics USD 871,000 15/05/2022 6.63% 655,013 0.63%Panther BF Aggregator 2 EUR 100,000 15/05/2026 4.38% 89,161 0.08%Par Pharmaceutical USD 350,000 01/04/2027 7.50% 263,547 0.25%Peabody Energy USD 593,000 31/03/2022 6.00% 437,560 0.42%Prestige Brands USD 300,000 15/01/2028 5.13% 237,781 0.23%

77



Fair ValueGBP

% of Sub-Fund NAV*


United States 29.88% (31 December 2018: 23.17%) (continued) Prime Security Services Borrower USD 190,000 15/05/2023 9.25% 150,684 0.14%RegionalCare Hospital Partners Holdings USD 511,000 01/05/2023 8.25% 408,154 0.39%Resideo Funding USD 325,000 01/11/2026 6.13% 247,789 0.24%Service International/US USD 534,000 01/06/2029 5.13% 429,034 0.41%Signature Aviation US Holdings USD 323,000 01/03/2028 4.00% 240,930 0.23%Sirius XM Radio USD 600,000 15/07/2024 4.63% 476,506 0.46%Sirius XM Radio USD 600,000 01/07/2029 5.50% 490,548 0.47%Sprint Capital USD 307,000 15/11/2028 6.88% 250,131 0.24%Sprint Capital USD 154,000 15/03/2032 8.75% 141,311 0.13%Sprint USD 485,000 01/03/2026 7.63% 404,420 0.39%Standard Industries/NJ EUR 250,000 21/11/2026 2.25% 218,790 0.21%Terrier Media Buyer USD 350,000 15/12/2027 8.88% 280,053 0.27%TIBCO Software USD 1,200,000 01/12/2021 11.38% 939,279 0.90%TMS International Holding USD 570,000 15/08/2025 7.25% 390,291 0.37%TransDigm USD 486,000 15/03/2026 6.25% 397,856 0.38%TransDigm USD 600,000 15/11/2027 5.50% 458,840 0.44%Triumph Group USD 285,000 01/06/2022 5.25% 214,664 0.21%Triumph Group USD 325,000 15/08/2025 7.75% 256,520 0.25%Triumph Group USD 400,000 15/09/2024 6.25% 318,048 0.30%Veritas US USD 720,000 01/02/2024 10.50% 504,321 0.48%ViaSat USD 292,000 15/04/2027 5.63% 236,256 0.23%Vistra Operations USD 600,000 31/07/2027 5.00% 474,126 0.45%Warrior Met Coal USD 285,000 01/11/2024 8.00% 218,496 0.21%WellCare Health Plans USD 111,000 01/04/2025 5.25% 87,350 0.08%WMG Acquisition EUR 200,000 15/10/2026 3.63% 179,846 0.17%Xerox USD 301,000 15/03/2023 4.13% 236,015 0.23%

Total United States 31,237,539 29.88% Venezuela 0.02% (31 December 2018: 0.06%)Petroleos de Venezuela(I) USD 200,000 17/11/2021 9.00% 12,455 0.01%Petroleos de Venezuela(I) USD 200,000 15/11/2026 6.00% 12,455 0.01%

Total Venezuela 24,910 0.02% Total Corporate Bonds 68,300,582 65.34%

Government Bonds 24.12% (31 December 2018: 28.99%)

Angola 0.48% (31 December 2018: 0.52%) Angolan Government International Bond USD 200,000 12/11/2025 9.50% 177,145 0.17%Angolan Government International Bond USD 200,000 09/05/2028 8.25% 163,459 0.15%Angolan Government International Bond USD 200,000 08/05/2048 9.38% 166,070 0.16%

Total Angola 506,674 0.48% Argentina 0.87% (31 December 2018: 0.56%) Argentina POM Politica Monetaria ARS 22,500,000 21/06/2020 56.59% 192,189 0.19%Argentine Republic Government International Bond USD 400,000 26/01/2022 5.63% 157,105 0.15%Argentine Republic Government International Bond USD 500,000 22/04/2026 7.50% 197,338 0.19%Argentine Republic Government International Bond USD 475,000 11/01/2028 5.88% 169,543 0.16%Argentine Republic Government International Bond USD 200,000 31/12/2038 3.75% 74,119 0.07%

78



Fair ValueGBP

% of Sub-Fund NAV*


Argentina 0.87% (31 December 2018: 0.56%) (continued) Argentine Republic Government International Bond USD 300,000 22/04/2046 7.63% 114,573 0.11%

Total Argentina 904,867 0.87% Azerbaijan 0.19% (31 December 2018: 0.44%) Republic of Azerbaijan International Bond USD 250,000 18/03/2024 4.75% 202,512 0.19% Boliva 0.44% (31 December 2018: - ) Bolivian Government International Bond USD 600,000 20/03/2028 4.50% 458,734 0.44% Brazil 0.75% (31 December 2018: 2.09%)Brazil Notas do Tesouro Nacional BRL 1,500,000 01/01/2027 10.00% 331,278 0.32%Brazil Notas do Tesouro Nacional BRL 2,000,000 01/01/2029 10.00% 453,560 0.43%

Total Brazil 784,838 0.75% Chile 0.47% (31 December 2018: 0.92%)Bonos de la Tesoreria de la Republica en pesos CLP 420,000,000 01/09/2030 4.70% 487,209 0.47% Colombia 0.49% (31 December 2018: 2.40%) Colombian TES COP 2,120,000,000 30/06/2032 7.00% 510,053 0.49% Czech Republic 0.28% (31 December 2018: - ) Czech Republic Government Bond CZK 8,000,000 23/07/2029 2.75% 293,811 0.28% Dominican Republic 0.21% (31 December 2018: 0.13%)Dominican Republic International Bond DOP 14,850,000 05/06/2026 9.75% 217,406 0.21% Ecuador 0.48% (31 December 2018: - ) Ecuador Government International Bond USD 200,000 31/01/2029 10.75% 147,627 0.14%Ecuador Government International Bond USD 500,000 27/03/2030 9.50% 353,028 0.34%

Total Ecuador 500,655 0.48% Egypt 1.16% (31 December 2018: 0.17%) Egypt Government Bond EGP 3,225,000 11/06/2022 16.00% 157,745 0.15%Egypt Government Bond EGP 1,975,000 02/07/2024 15.90% 100,581 0.10%Egypt Government Bond EGP 661,000 10/09/2024 14.35% 31,932 0.03%Egypt Government Bond EGP 3,881,000 19/11/2024 13.84% 184,353 0.18%Egypt Government Bond EGP 2,485,000 07/08/2025 17.70% 135,949 0.13%Egypt Government Bond EGP 1,322,000 15/10/2026 14.22% 64,495 0.06%Egypt Government Bond EGP 7,801,000 07/05/2029 16.10% 419,759 0.40%Egypt Government International Bond EUR 125,000 11/04/2031 6.38% 113,663 0.11%

Total Egypt 1,208,477 1.16% El Salvador 0.35% (31 December 2018: - ) El Salvador Government International Bond USD 200,000 28/02/2029 8.63% 181,596 0.18%

79



Fair ValueGBP

% of Sub-Fund NAV*


El Salvador 0.35% (31 December 2018: - ) (continued)El Salvador Government International Bond USD 200,000 28/02/2029 8.63% 181,596 0.17%

Total El Salvador 363,192 0.35% Ethiopia 0.23% (31 December 2018: - ) Ethiopia International Bond USD 290,000 11/12/2024 6.63% 236,922 0.23% Ghana 0.67% (31 December 2018: - )Ghana Government International Bond USD 500,000 26/03/2032 8.13% 385,494 0.37%Ghana Treasury Note GHS 1,075,000 17/02/2020 16.50% 143,373 0.14%Ghana Treasury Note GHS 350,000 05/10/2020 19.50% 45,841 0.04%Republic of Ghana Government Bond GHS 100,000 23/03/2020 21.00% 13,467 0.01%Republic of Ghana Government Bond GHS 750,000 21/09/2020 18.25% 100,998 0.10%Republic of Ghana Government Bond GHS 70,000 19/07/2021 24.75% 9,940 0.01%

Total Ghana 699,113 0.67% Hungary 0.24% (31 December 2018: - )Hungary Government Bond HUF 90,000,000 21/08/2030 3.00% 252,428 0.24% Indonesia 1.47% (31 December 2018: 2.49%) Indonesia Treasury Bond IDR 14,515,000,000 15/05/2027 7.00% 788,129 0.76%Indonesia Treasury Bond IDR 14,512,000,000 15/05/2028 6.13% 745,296 0.71%

Total Indonesia 1,533,425 1.47% Ivory Coast 0.39% (31 December 2018: 1.02%)Ivoryast Government International Bond EUR 183,000 22/03/2030 5.25% 158,507 0.15%Ivoryast Government International Bond USD 320,000 15/06/2033 6.13% 244,261 0.24%

Total Ivory Coast 402,768 0.39% Kenya 0.35% (31 December 2018: - ) Kenya Government International Bond USD 250,000 22/05/2032 8.00% 206,107 0.20%Kenya Government International Bond USD 200,000 28/02/2048 8.25% 162,227 0.15%

Total Kenya 368,334 0.35% Lebanon 0.16% (31 December 2018: - ) Lebanon Government International Bond USD 150,000 09/03/2020 6.38% 98,725 0.09%Lebanon Government International Bond USD 75,000 19/06/2020 6.15% 44,746 0.04%Lebanon Government International Bond USD 25,000 03/11/2028 6.65% 8,445 0.01%Lebanon Government International Bond USD 50,000 26/02/2030 6.65% 17,077 0.02%

Total Lebanon 168,993 0.16% Malaysia 0.05% (31 December 2018: - ) Malaysia Government Bond MYR 300,000 15/06/2028 3.73% 56,820 0.05% Mexico 0.46% (31 December 2018: 3.30%) Mexican Udibonos MXN 11,232,097 04/12/2025 4.50% 477,726 0.46% Nigeria 0.41% (31 December 2018: 0.55%) Nigeria Government International Bond USD 300,000 28/11/2027 6.50% 231,863 0.22%

80



Fair ValueGBP

% of Sub-Fund NAV*


Nigeria 0.41% (31 December 2018: 0.55%) (continued) Nigeria Government International Bond USD 250,000 16/02/2032 7.88% 196,368 0.19%

Total Nigeria 428,231 0.41% Oman 0.52% (31 December 2018: - ) Oman Government International Bond USD 300,000 17/01/2028 5.63% 234,808 0.23%Oman Government International Bond USD 400,000 17/01/2048 6.75% 304,309 0.29%

Total Oman 539,117 0.52% Pakistan 0.31% (31 December 2018: - ) Pakistan Government International Bond USD 200,000 30/09/2025 8.25% 169,317 0.16%Pakistan Government International Bond USD 200,000 05/12/2027 6.88% 157,677 0.15%

Total Pakistan 326,994 0.31% Peru 0.50% (31 December 2018: 1.92%) Peru Government Bond PEN 525,000 12/02/2029 5.94% 135,214 0.13%Peru Government Bond PEN 100,000 12/08/2032 6.15% 25,856 0.02%Peruvian Government International Bond PEN 958,000 12/08/2031 6.95% 263,387 0.25%Peruvian Government International Bond PEN 430,000 12/08/2034 5.40% 103,040 0.10%

Total Peru 527,497 0.50% Romania 1.16% (31 December 2018: - ) Romania Government Bond RON 6,530,000 12/02/2029 5.00% 1,208,051 1.16% Russia 1.62% (31 December 2018: 1.82%)Russian Federal Bond - OFZ RUB 46,500,000 10/05/2034 7.25% 609,493 0.58%Russian Federal Inflation Linked Bond RUB 90,005,230 16/08/2023 2.50% 1,081,821 1.04%

Total Russia 1,691,314 1.62% Serbia 1.45% (31 December 2018: 0.71%) Serbia Treasury Bond RSD 45,000,000 11/01/2026 4.50% 356,571 0.34%Serbia Treasury Bond RSD 132,870,000 08/02/2028 5.88% 1,161,057 1.11%

Total Serbia 1,517,628 1.45% South Africa 4.29% (31 December 2018: 1.80%) Republic of South Africa Government Bond ZAR 20,000,000 28/02/2031 7.00% 914,696 0.88%Republic of South Africa Government Bond ZAR 39,650,000 28/02/2048 8.75% 1,890,612 1.81%Republic of South Africa Government Bond - CPI Linked ZAR 9,930,550 31/03/2029 1.88% 470,425 0.45%Republic of South Africa Government International Bond USD 1,475,000 22/06/2030 5.88% 1,206,355 1.15%

Total South Africa 4,482,088 4.29% Sri Lanka 0.83% (31 December 2018: 0.53%) Sri Lanka Government Bond LKR 32,000,000 15/03/2024 10.90% 139,142 0.13%Sri Lanka Government Bond LKR 21,000,000 01/08/2024 11.00% 91,610 0.09%Sri Lanka Government International Bond USD 244,000 18/04/2023 5.75% 182,157 0.17%Sri Lanka Government International Bond USD 200,000 03/11/2025 6.85% 151,714 0.15%Sri Lanka Government International Bond USD 200,000 14/03/2029 7.85% 153,583 0.15%

81



Fair ValueGBP

% of Sub-Fund NAV*


Sri Lanka 0.83% (31 December 2018: 0.53%) (continued)Sri Lanka Government International Bond USD 200,000 28/03/2030 7.55% 150,180 0.14%

Total Sri Lanka 868,386 0.83% Suriname 0.11% (31 December 2018: - ) Suriname Government International Bond USD 200,000 26/10/2026 9.25% 118,943 0.11% Thailand 0.77% (31 December 2018: 2.60%) Thailand Government Bond THB 32,660,160 12/03/2028 1.25% 807,267 0.77% Tunisia 0.13% (31 December 2018: - )Banque Centrale de Tunisie International Bond USD 200,000 30/01/2025 5.75% 141,345 0.13% Turkey 0.41% (31 December 2018: - )Turkey Government Bond TRY 3,600,000 11/02/2026 10.60% 432,443 0.41% Ukraine 0.74% (31 December 2018: 0.47%) Ukraine Government Bond UAH 2,400,000 20/01/2021 15.70% 78,151 0.08%Ukraine Government Bond UAH 2,200,000 24/03/2021 18.00% 73,589 0.07%Ukraine Government Bond UAH 1,600,000 02/06/2021 16.75% 53,377 0.05%Ukraine Government Bond UAH 5,925,000 16/06/2021 16.75% 197,931 0.19%Ukraine Government Bond UAH 5,275,000 26/02/2025 15.84% 196,958 0.19%Ukraine Government International Bond USD 200,000 01/02/2024 8.99% 170,408 0.16%

Total Ukraine 770,414 0.74% Uruguay 0.17% (31 December 2018: - )Uruguay Government International Bond USD 200,000 20/04/2055 4.98% 178,409 0.17% Uzbekistan 0.16% (31 December 2018: - ) Republic of Uzbekistan Bond USD 200,000 20/02/2029 5.38% 168,151 0.16% Zambia 0.35% (31 December 2018: - )Zambia Government International Bond USD 700,000 30/07/2027 8.97% 366,021 0.35% Total Government Bonds 25,207,256 24.12%

Treasury Bonds 1.02% (31 December 2018: 1.86%)

Egypt 0.36% (31 December 2018: - ) Egypt Treasury Bill(IV) EGP 8,000,000 07/01/2020 0.00% 376,301 0.36% Nigeria 0.66% (31 December 2018: 1.03%) Nigeria OMO Bill NGN 237,000,000 16/01/2020 14.83% 490,848 0.47%Nigeria OMO Bill NGN 98,000,000 20/02/2020 14.98% 200,354 0.19%

Total Nigeria 691,202 0.66% Total Treasury Bonds 1,067,503 1.02%


82





NotionalAmount


GBP% of Sub-

Fund NAV*Long Term US Treasury Bond 20 March 2020 UBS (9) (1,080,522) 23,884 0.02%10 Year US Treasury Note 20 March 2020 UBS (29) (2,829,845) 21,650 0.02%Long GILT 27 March 2020 UBS (4) (530,680) 5,560 0.01%10 Year Ultra US Treasury Note 20 March 2020 UBS (9) (958,383) 4,181 0.00%Euro-Bubl 06 March 2020 UBS (5) (567,909) 1,469 0.00%Euro-Bund 06 March 2020 UBS (1) (145,670) 912 0.00%2 Year US Treasury Note 31 March 2020 UBS (3) (488,105) 283 0.00%Euro-Schatz 06 March 2020 UBS 2 189,709 (59) (0.00%)5 Year US Treasury Note 31 March 2020 UBS 9 807,499 (2,335) (0.00%)30 Year Euro-Buxl 06 March 2020 UBS 1 172,008 (3,135) (0.00%)Ultra US Treasury Bond 20 March 2020 UBS 15 2,118,712 (67,500) (0.06%)

Unrealized Gain on Futures Contracts 57,939 0.05%Unrealized Loss on Futures Contracts (73,029) (0.06%)

Total Futures Contracts (15,090) (0.01%)




GBP% of Sub-

Fund NAV*GBP 48,692,000 USD (62,867,945) National Australia Bank 09/01/2020 1,243,993 1.19%GBP 10,943,874 USD (13,857,641) National Australia Bank 22/01/2020 489,238 0.47%GBP 50,576,000 USD (66,487,817) Royal Bank of Canada 05/02/2020 435,909 0.42%GBP 12,843,860 USD (16,547,718) National Australia Bank 20/02/2020 369,571 0.35%BRL 21,079,000 USD (4,982,367) BNP Paribas 09/01/2020 193,610 0.19%GBP 4,520,089 EUR (5,153,944) National Australia Bank 22/01/2020 150,155 0.14%COP 9,630,283,000 USD (2,736,809) Citi 09/01/2020 148,749 0.14%HUF 1,296,500,000 USD (4,273,265) National Australia Bank 09/01/2020 97,046 0.09%MYR 22,079,000 USD (5,283,954) Morgan Stanley 09/01/2020 84,770 0.08%COP 4,640,701,000 USD (1,320,726) Bank of America 09/01/2020 70,250 0.07%MXN 41,938,000 USD (2,147,166) JPMorgan Chase 09/01/2020 54,244 0.05%ZAR 15,198,000 USD (1,029,215) Citi 09/01/2020 42,870 0.04%CLP 619,696,000 USD (774,746) BNP Paribas 09/01/2020 37,337 0.04%PLN 4,525,000 USD (1,151,718) Canadian Imperial Bank of Commerce 09/01/2020 32,511 0.03%CLP 376,165,000 USD (460,704) JPMorgan Chase 09/01/2020 29,893 0.03%IDR 26,949,627,000 USD (1,901,088) BNP Paribas 09/01/2020 29,555 0.03%TWD 81,427,000 USD (2,679,577) Morgan Stanley 09/01/2020 28,390 0.03%GBP 2,098,375 EUR (2,442,073) National Australia Bank 20/02/2020 25,690 0.02%RUB 72,689,000 USD (1,138,484) Bank of America 09/01/2020 23,370 0.02%HUF 775,734,000 USD (2,602,872) Canadian Imperial Bank of Commerce 09/01/2020 23,309 0.02%CZK 30,012,000 USD (1,294,836) Citi 09/01/2020 23,227 0.02%PEN 3,641,000 USD (1,068,713) Canadian Imperial Bank of Commerce 09/01/2020 23,165 0.02%RUB 62,233,000 USD (974,484) Morgan Stanley 09/01/2020 20,184 0.02%TWD 49,714,000 USD (1,633,717) Royal Bank of Canada 09/01/2020 19,037 0.02%PLN 7,922,000 USD (2,069,880) Citi 09/01/2020 16,504 0.02%PLN 7,677,000 USD (2,006,036) Canadian Imperial Bank of Commerce 09/01/2020 15,865 0.02%GBP 467,311 USD (600,000) HSBC 22/01/2020 14,652 0.01%EUR 5,476,000 USD (6,129,747) Royal Bank of Canada 09/01/2020 14,614 0.01%BRL 2,305,000 USD (556,159) Bank of America 09/01/2020 12,617 0.01%

83

Fidelity Global Sub-IG Fixed Income Fund SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 DECEMBER 2019 Financial Derivative Instruments 2.21% (31 December 2018: (0.31%)) (continued)




GBP% of Sub-

Fund NAV*GBP 499,947 USD (646,174) HSBC 22/01/2020 12,453 0.01%JPY 310,613,000 USD (2,843,530) National Australia Bank 09/01/2020 11,823 0.01%KRW 2,919,906,000 USD (2,510,236) Bank of America 09/01/2020 11,355 0.01%JPY 322,068,000 USD (2,955,457) Canadian Imperial Bank of Commerce 05/02/2020 10,359 0.01%USD 1,733,828 GBP (1,296,082) National Australia Bank 19/03/2020 9,966 0.01%BRL 17,304,000 USD (4,284,123) HSBC 05/02/2020 9,538 0.01%ZAR 28,851,000 USD (2,049,067) Brown Brothers Harriman 09/01/2020 9,483 0.01%GBP 474,117 USD (617,727) HSBC 20/02/2020 8,451 0.01%PLN 8,481,000 USD (2,228,447) Brown Brothers Harriman 05/02/2020 8,383 0.01%GBP 402,958 USD (525,000) HSBC 19/03/2020 7,488 0.01%USD 982,291 CLP (731,414,000) HSBC 09/01/2020 7,158 0.01%USD 1,178,444 RUB (72,689,000) Bank of America 09/01/2020 6,789 0.01%HUF 589,123,000 USD (1,994,053) BNP Paribas 05/02/2020 6,717 0.01%USD 4,287,408 THB (128,052,000) Brown Brothers Harriman 05/02/2020 6,714 0.01%GBP 217,825 USD (280,000) National Australia Bank 22/01/2020 6,584 0.01%PEN 1,067,000 USD (313,639) Bank of America 09/01/2020 6,448 0.01%SGD 3,977,000 USD (2,949,356) Canadian Imperial Bank of Commerce 09/01/2020 6,308 0.01%RSD 44,008,000 USD (412,048) Bank of America 09/01/2020 6,179 0.01%USD 1,008,930 RUB (62,233,000) Morgan Stanley 09/01/2020 5,813 0.01%GBP 210,925 USD (272,322) HSBC 20/02/2020 5,639 0.01%KRW 286,170,000 USD (240,297) Bank of America 09/01/2020 5,432 0.01%USD 368,493 TRY (2,155,000) Citi 09/01/2020 5,256 0.01%RUB 44,560,000 USD (710,006) Bank of America 09/01/2020 5,201 0.01%GBP 231,344 USD (300,000) National Australia Bank 20/02/2020 5,192 0.01%PHP 62,624,000 USD (1,229,899) Canadian Imperial Bank of Commerce 09/01/2020 4,925 0.00%USD 1,010,567 INR (71,728,000) BNP Paribas 09/01/2020 4,685 0.00%USD 722,413 RUB (44,560,000) Bank of America 09/01/2020 4,162 0.00%USD 667,778 RUB (41,190,000) Morgan Stanley 09/01/2020 3,847 0.00%CZK 21,323,000 USD (936,824) BNP Paribas 05/02/2020 3,805 0.00%ILS 6,499,000 USD (1,877,239) Bank of America 09/01/2020 3,634 0.00%BRL 421,000 USD (99,818) BNP Paribas 09/01/2020 3,634 0.00%GBP 116,694 USD (150,000) National Australia Bank 22/01/2020 3,529 0.00%GBP 150,000 USD (194,285) Canadian Imperial Bank of Commerce 09/01/2020 3,368 0.00%GBP 154,205 USD (200,000) HSBC 22/01/2020 3,319 0.00%USD 1,122,092 INR (79,828,000) BNP Paribas 09/01/2020 3,256 0.00%GBP 150,244 USD (194,873) HSBC 22/01/2020 3,226 0.00%MYR 20,310,000 USD (4,956,076) Morgan Stanley 05/02/2020 3,140 0.00%GBP 216,000 USD (282,461) National Australia Bank 09/01/2020 2,820 0.00%GBP 593,127 USD (783,330) National Australia Bank 20/02/2020 2,624 0.00%RUB 41,190,000 USD (659,586) Morgan Stanley 09/01/2020 2,336 0.00%PEN 4,294,000 USD (1,292,284) Bank of America 05/02/2020 2,310 0.00%USD 2,265,038 COP (7,424,793,000) Royal Bank of Canada 09/01/2020 2,300 0.00%EUR 266,000 USD (295,771) National Australia Bank 09/01/2020 2,208 0.00%GBP 266,029 USD (350,000) HSBC 20/02/2020 2,186 0.00%INR 28,503,000 USD (396,398) BNP Paribas 09/01/2020 2,045 0.00%THB 7,357,000 USD (242,966) Brown Brothers Harriman 09/01/2020 2,026 0.00%GBP 100,000 USD (129,878) Brown Brothers Harriman 09/01/2020 1,978 0.00%USD 961,182 INR (68,464,000) BNP Paribas 09/01/2020 1,907 0.00%USD 1,237,030 RUB (76,733,000) Citi 09/01/2020 1,903 0.00%IDR 19,258,969,000 USD (1,384,044) Bank of America 09/01/2020 1,896 0.00%GBP 76,140 USD (98,516) HSBC 20/02/2020 1,875 0.00%

84





GBP% of Sub-

Fund NAV*GBP 159,263 EUR (185,653) National Australia Bank 20/02/2020 1,692 0.00%MYR 518,000 USD (124,430) Morgan Stanley 09/01/2020 1,640 0.00%USD 695,388 MXN (13,103,000) Canadian Imperial Bank of Commerce 09/01/2020 1,568 0.00%RON 430,000 USD (98,787) Brown Brothers Harriman 09/01/2020 1,540 0.00%GBP 141,000 USD (185,017) BNP Paribas 05/02/2020 1,474 0.00%EUR 375,000 USD (419,179) Royal Bank of Canada 09/01/2020 1,446 0.00%GBP 85,746 USD (112,108) HSBC 19/03/2020 1,298 0.00%GBP 41,103 USD (52,959) HSBC 20/02/2020 1,181 0.00%PLN 822,000 USD (215,479) Bank of America 09/01/2020 1,180 0.00%PHP 62,624,000 USD (1,233,679) Canadian Imperial Bank of Commerce 05/02/2020 1,179 0.00%RON 3,122,000 USD (730,523) Brown Brothers Harriman 09/01/2020 1,157 0.00%USD 191,384 RUB (11,805,000) Bank of America 09/01/2020 1,103 0.00%BRL 433,000 USD (106,180) Bank of America 09/01/2020 1,084 0.00%USD 2,902,609 INR (207,792,000) BNP Paribas 05/02/2020 1,082 0.00%GBP 187,000 USD (246,341) National Australia Bank 09/01/2020 1,080 0.00%RUB 11,805,000 USD (188,503) Bank of America 09/01/2020 1,072 0.00%GBP 137,000 USD (180,168) National Australia Bank 09/01/2020 1,023 0.00%GBP 92,000 USD (120,553) BNP Paribas 09/01/2020 1,016 0.00%GBP 63,857 USD (83,470) HSBC 19/03/2020 981 0.00%GBP 189,000 USD (249,142) Brown Brothers Harriman 09/01/2020 967 0.00%GBP 194,000 USD (255,828) Brown Brothers Harriman 09/01/2020 920 0.00%MYR 443,000 USD (107,057) Morgan Stanley 09/01/2020 918 0.00%KRW 2,744,590,000 USD (2,373,905) Bank of America 05/02/2020 906 0.00%GBP 114,000 USD (149,882) Brown Brothers Harriman 09/01/2020 880 0.00%CNH 707,000 USD (100,569) Brown Brothers Harriman 09/01/2020 704 0.00%USD 228,794 INR (16,275,000) BNP Paribas 09/01/2020 684 0.00%GBP 49,258 EUR (57,325) National Australia Bank 20/02/2020 604 0.00%GBP 112,000 USD (147,739) Brown Brothers Harriman 09/01/2020 498 0.00%GBP 96,000 USD (126,723) Canadian Imperial Bank of Commerce 09/01/2020 359 0.00%GBP 8,976 USD (11,524) HSBC 22/01/2020 282 0.00%GBP 12,115 USD (15,714) HSBC 19/03/2020 278 0.00%TRY 15,966,000 USD (2,659,404) Bank of America 05/02/2020 238 0.00%CNH 707,000 USD (101,152) BNP Paribas 05/02/2020 215 0.00%GBP 17,135 USD (22,480) HSBC 19/03/2020 202 0.00%USD 1,092,757 TWD (32,739,000) Citi 09/01/2020 201 0.00%CLP 108,996,000 USD (144,787) BNP Paribas 09/01/2020 137 0.00%HUF 30,736,000 USD (104,257) Citi 09/01/2020 74 0.00%GBP 8,818 USD (11,600) HSBC 20/02/2020 73 0.00%EUR 4,250 GBP (3,607) HSBC 20/02/2020 (0) (0.00%)USD 182,218 CLP (137,021,000) Citi 09/01/2020 (18) (0.00%)HKD 350,000 USD (44,941) National Australia Bank 09/01/2020 (20) (0.00%)USD 159,622 CLP (120,036,000) Morgan Stanley 09/01/2020 (22) (0.00%)USD 580,559 TRY (3,461,000) Bank of America 09/01/2020 (52) (0.00%)USD 154,717 CLP (116,386,000) BNP Paribas 09/01/2020 (61) (0.00%)RUB 20,659,000 USD (331,339) Bank of America 05/02/2020 (88) (0.00%)EUR 18,628 GBP (15,927) HSBC 20/02/2020 (116) (0.00%)JPY 11,455,000 USD (105,638) Brown Brothers Harriman 09/01/2020 (147) (0.00%)USD 44,699 HKD (350,000) National Australia Bank 09/01/2020 (163) (0.00%)USD 101,233 CNH (707,000) BNP Paribas 09/01/2020 (203) (0.00%)USD 30,930 GBP (23,741) HSBC 22/01/2020 (407) (0.00%)INR 207,792,000 USD (2,910,334) BNP Paribas 09/01/2020 (575) (0.00%)

85





GBP% of Sub-

Fund NAV*USD 2,372,776 KRW (2,744,590,000) Bank of America 09/01/2020 (666) (0.00%)USD 642,670 HUF (189,578,000) Canadian Imperial Bank of Commerce 09/01/2020 (741) (0.00%)USD 132,141 SGD (179,000) JPMorgan Chase 09/01/2020 (741) (0.00%)USD 190,875 EUR (171,000) Bank of America 09/01/2020 (864) (0.00%)USD 198,033 GBP (150,055) HSBC 19/03/2020 (882) (0.00%)USD 98,631 THB (2,989,000) Brown Brothers Harriman 09/01/2020 (885) (0.00%)USD 1,381,760 IDR(19,258,969,000) Bank of America 05/02/2020 (939) (0.00%)USD 123,715 PEN (414,000) Citi 09/01/2020 (976) (0.00%)USD 134,442 EUR (121,000) Brown Brothers Harriman 09/01/2020 (1,080) (0.00%)USD 117,610 BRL (479,000) Morgan Stanley 09/01/2020 (1,086) (0.00%)USD 2,677,062 TRY (15,966,000) Bank of America 09/01/2020 (1,088) (0.00%)GBP 109,000 USD (145,882) BNP Paribas 09/01/2020 (1,101) (0.00%)USD 418,725 RSD (44,008,000) Bank of America 09/01/2020 (1,140) (0.00%)EUR 144,805 GBP (124,051) HSBC 20/02/2020 (1,150) (0.00%)USD 112,763 COP (375,162,000) Bank of America 09/01/2020 (1,156) (0.00%)USD 729,516 RON (3,122,000) Brown Brothers Harriman 05/02/2020 (1,207) (0.00%)TWD 32,739,000 USD (1,095,573) Citi 05/02/2020 (1,242) (0.00%)USD 1,234,457 PHP (62,624,000) Canadian Imperial Bank of Commerce 09/01/2020 (1,485) (0.00%)USD 182,126 MYR (754,000) Canadian Imperial Bank of Commerce 09/01/2020 (1,628) (0.00%)MXN 13,103,000 USD (692,631) Canadian Imperial Bank of Commerce 05/02/2020 (1,768) (0.00%)EUR 124,078 GBP (107,043) HSBC 22/01/2020 (1,839) (0.00%)GBP 188,000 USD (251,834) Brown Brothers Harriman 09/01/2020 (2,065) (0.00%)RUB 76,733,000 USD (1,233,015) Citi 05/02/2020 (2,087) (0.00%)USD 1,293,763 PEN (4,294,000) Bank of America 09/01/2020 (2,127) (0.00%)COP 7,424,793,000 USD (2,262,622) Royal Bank of Canada 05/02/2020 (2,180) (0.00%)TRY 6,123,000 USD (1,030,184) BNP Paribas 09/01/2020 (2,242) (0.00%)USD 431,932 ILS (1,502,000) Citi 09/01/2020 (2,290) (0.00%)EUR 260,925 GBP (223,997) HSBC 20/02/2020 (2,539) (0.00%)USD 336,488 HUF (100,200,000) BNP Paribas 09/01/2020 (2,799) (0.00%)USD 2,048,746 HUF (604,671,000) Canadian Imperial Bank of Commerce 09/01/2020 (3,185) (0.00%)GBP 444,499 USD (594,373) National Australia Bank 19/03/2020 (3,227) (0.00%)USD 923,902 MXN (17,545,000) Canadian Imperial Bank of Commerce 09/01/2020 (3,355) (0.00%)USD 379,135 CZK (8,689,000) National Australia Bank 09/01/2020 (3,511) (0.00%)GBP 504,190 USD (674,220) National Australia Bank 19/03/2020 (3,683) (0.00%)USD 1,879,600 ILS (6,499,000) Bank of America 05/02/2020 (3,861) (0.00%)USD 936,575 CZK (21,323,000) BNP Paribas 09/01/2020 (3,961) (0.00%)USD 477,179 MYR (1,976,000) National Australia Bank 09/01/2020 (4,355) (0.00%)USD 566,066 BRL (2,307,000) Royal Bank of Canada 09/01/2020 (5,515) (0.01%)RUB 59,782,000 USD (969,194) Citi 09/01/2020 (5,584) (0.01%)USD 391,581 KRW (461,486,000) BNP Paribas 09/01/2020 (5,687) (0.01%)USD 2,949,859 SGD (3,977,000) Canadian Imperial Bank of Commerce 05/02/2020 (6,452) (0.01%)USD 1,991,158 HUF (589,123,000) BNP Paribas 09/01/2020 (6,808) (0.01%)CLP 731,414,000 USD (982,555) HSBC 05/02/2020 (7,164) (0.01%)RUB 76,733,000 USD (1,244,006) Citi 09/01/2020 (7,167) (0.01%)USD 4,953,659 MYR (20,310,000) Morgan Stanley 09/01/2020 (7,742) (0.01%)USD 2,228,183 PLN (8,481,000) Brown Brothers Harriman 09/01/2020 (8,426) (0.01%)EUR 475,824 GBP (411,916) HSBC 22/01/2020 (8,473) (0.01%)THB 128,052,000 USD (4,286,977) Brown Brothers Harriman 09/01/2020 (8,538) (0.01%)RUB 95,962,000 USD (1,555,749) JPMorgan Chase 09/01/2020 (8,963) (0.01%)USD 4,288,476 BRL (17,304,000) HSBC 09/01/2020 (9,205) (0.01%)USD 2,041,527 ZAR (28,851,000) Brown Brothers Harriman 05/02/2020 (9,381) (0.01%)

86





GBP% of Sub-

Fund NAV*USD 1,018,464 BRL (4,148,000) Morgan Stanley 09/01/2020 (9,408) (0.01%)USD 2,950,989 JPY (322,068,000) Canadian Imperial Bank of Commerce 09/01/2020 (10,302) (0.01%)USD 1,430,575 ILS (4,997,000) Citi 09/01/2020 (12,462) (0.01%)USD 816,236 RON (3,552,000) Brown Brothers Harriman 09/01/2020 (12,565) (0.01%)TRY 3,799,000 USD (656,519) BNP Paribas 09/01/2020 (14,481) (0.01%)USD 2,083,698 HUF (619,398,000) Canadian Imperial Bank of Commerce 09/01/2020 (14,543) (0.01%)USD 690,682 GBP (535,897) National Australia Bank 20/02/2020 (15,235) (0.01%)USD 6,139,587 EUR (5,476,000) Royal Bank of Canada 05/02/2020 (15,267) (0.01%)USD 573,087 MXN (11,290,000) Brown Brothers Harriman 09/01/2020 (18,335) (0.02%)USD 1,000,000 GBP (776,874) National Australia Bank 22/01/2020 (22,443) (0.02%)USD 984,751 COP (3,336,335,000) Citi 09/01/2020 (23,906) (0.02%)USD 926,975 RUB (59,782,000) Citi 09/01/2020 (26,280) (0.03%)USD 4,380,736 THB (132,420,000) Brown Brothers Harriman 09/01/2020 (30,775) (0.03%)USD 913,639 COP (3,134,694,000) Bank of America 09/01/2020 (31,213) (0.03%)USD 2,780,712 SGD (3,798,000) Royal Bank of Canada 09/01/2020 (33,116) (0.03%)GBP 3,402,339 EUR (4,049,904) National Australia Bank 19/03/2020 (38,484) (0.04%)TRY 11,660,000 USD (2,010,203) Canadian Imperial Bank of Commerce 09/01/2020 (40,820) (0.04%)USD 1,487,241 RUB (95,962,000) JPMorgan Chase 09/01/2020 (42,741) (0.04%)USD 3,226,612 TWD (98,402,000) Morgan Stanley 09/01/2020 (43,044) (0.04%)USD 3,265,856 IDR(46,208,596,000) Bank of America 09/01/2020 (46,000) (0.04%)USD 3,220,539 PLN (12,465,000) Citi 09/01/2020 (53,400) (0.05%)USD 1,354,201 ZAR (19,970,000) Canadian Imperial Bank of Commerce 09/01/2020 (54,954) (0.05%)USD 1,637,605 ZAR (24,079,000) Brown Brothers Harriman 09/01/2020 (62,664) (0.06%)GBP 11,260,785 USD (15,057,858) National Australia Bank 19/03/2020 (81,919) (0.08%)USD 6,428,522 EUR (5,825,000) JPMorgan Chase 09/01/2020 (84,896) (0.08%)USD 66,434,408 GBP (50,576,000) Royal Bank of Canada 09/01/2020 (436,294) (0.42%)

Unrealised Gain on Open Forward Foreign Exchange Contracts held for Portfolio Hedging or Investment Purposes 4,066,934 3.84%Unrealised Loss on Open Forward Foreign Exchange Contracts held for Portfolio Hedging or Investment Purposes (1,453,655) (1.34%)

Total Open Forward Foreign Exchange Contracts held for Portfolio Hedging or Investment Purposes 2,613,279 2.50%

87





GBP% of Sub-

Fund NAV*EUR 2,457,600 GBP (2,043,389) Brown Brothers Harriman 17/01/2020 39,998 0.04%EUR 3,177 GBP (2,657) Brown Brothers Harriman 17/01/2020 37 0.00%GBP 1,751 EUR (2,040) Brown Brothers Harriman 17/01/2020 22 0.00%GBP 383 EUR (451) Brown Brothers Harriman 17/01/2020 1 0.00%GBP 2 EUR (3) Brown Brothers Harriman 17/01/2020 0 0.00%GBP 1 EUR (1) Brown Brothers Harriman 17/01/2020 0 0.00%GBP 1 EUR (1) Brown Brothers Harriman 17/01/2020 0 0.00%GBP 1 EUR (1) Brown Brothers Harriman 17/01/2020 0 0.00%GBP 0 EUR (0) Brown Brothers Harriman 17/01/2020 0 0.00%GBP 1 EUR (1) Brown Brothers Harriman 17/01/2020 0 0.00%GBP 0 EUR (0) Brown Brothers Harriman 17/01/2020 0 0.00%GBP 0 EUR (0) Brown Brothers Harriman 17/01/2020 0 0.00%EUR 743 GBP (634) Brown Brothers Harriman 17/01/2020 (5) (0.00%)EUR 844 GBP (720) Brown Brothers Harriman 17/01/2020 (5) (0.00%)EUR 7,030 GBP (5,978) Brown Brothers Harriman 17/01/2020 (18) (0.00%)EUR 5,468 GBP (4,659) Brown Brothers Harriman 17/01/2020 (24) (0.00%)EUR 25,229 GBP (21,465) Brown Brothers Harriman 17/01/2020 (78) (0.00%)EUR 80,128 GBP (68,498) Brown Brothers Harriman 17/01/2020 (571) (0.00%)GBP 64,768 EUR (77,477) Brown Brothers Harriman 17/01/2020 (912) (0.00%)EUR 2,419,276 GBP (2,074,771) Brown Brothers Harriman 17/01/2020 (23,873) (0.02%)GBP 2,011,877 EUR (2,419,276) Brown Brothers Harriman 17/01/2020 (39,021) (0.04%)



OTC Credit Default Swap Contracts (0.08%) (31 December 2018: 0.16%)


NotionalAmount


GBP% of Sub-

Fund NAV*

Sell Lebanon Government International Bond JPMorgan Chase 1.00% 20/06/2020 USD 150,000 (37,529) (0.04%)

Buy Russian Foreign Bond - Eurobond Goldman Sachs 1.00% 20/06/2024 USD 2,800,000 (47,384) (0.04%)

Total OTC Credit Default Swap Contracts (84,913) (0.08%) OTC Credit Default Index Swap Contracts 0.11% (31 December 2018: - )

Protection Position Description Broker Rate Maturity Date Currency

NotionalAmount


GBP% of Sub-

Fund NAV*Buy CDX.EM.32 Index Morgan Stanley 1.00% 20/12/2024 USD 2,500,000 63,423 0.06%Buy CDX.EM.32 Index HSBC 1.00% 20/12/2024 USD 2,000,000 50,738 0.05%Buy CDX.EM.32 Index Morgan Stanley 1.00% 20/12/2024 USD 210,000 5,328 0.00%Total OTC Credit Default Index Swap Contracts 119,489 0.11%

88


OTC Interest Rate Swap Contracts (0.18%) (31 December 2018: (0.28%))



GBP% of Sub-

Fund NAV*07/11/2028 Merrill Lynch KORIBOR 2.11% 520,120,000 21,168 0.02%03/12/2029 Morgan Stanley 3.28% 3M MYR-KLIBOR 7,700,000 6,428 0.01%02/01/2025 HSBC 0.00% 0.00% 4,600,000 3,089 0.00%18/12/2029 Morgan Stanley Chile Interbank Rate 2.92% 949,860,000 (760) (0.00%)02/01/2025 JPMorgan Chase 0.00% 0.00% 400,000 (10,137) (0.01%)21/11/2029 Morgan Stanley KRW-CD-KSDA-Bloomberg 1.30% 2,945,300,000 (14,310) (0.01%)02/01/2025 HSBC 0.00% 0.00% 900,000 (16,438) (0.02%)07/06/2029 HSBC 1.56% TELBOR 11,800,000 (173,378) (0.17%)

Unrealised Gain on OTC Interest Rate Swap Contracts 30,685 0.03%Unrealised Loss on OTC Interest Rate Swap Contracts (215,023) (0.21%)

Total OTC Interest Rate Swap Contracts (184,338) (0.18%) Centrally Cleared Interest Rate Swap Contracts (0.11%) (31 December 2018: (0.18%))

Maturity Date Broker Rate Paid by Fund Rate Received by Fund NotionalAmount


GBP% of Sub-

Fund NAV*11/08/2023 Morgan Stanley BANXICO 7.97% 15,132,000 27,657 0.03%05/06/2029 Morgan Stanley 3M SAJIBOR 7.73% 29,200,000 13,620 0.01%03/04/2029 Morgan Stanley 3M SAJIBOR 7.90% 12,000,000 13,547 0.01%08/03/2029 Morgan Stanley KORIBOR 1.79% 465,830,000 11,115 0.01%07/06/2029 Morgan Stanley KORIBOR 1.46% 1,052,000,000 5,526 0.01%07/06/2029 Morgan Stanley 1.74% 6M PRIBOR 21,940,000 27 0.00%21/11/2029 Morgan Stanley 6M WIBOR 1.82% 3,070,000 (2,452) (0.00%)07/11/2029 Morgan Stanley 6.87% 28-Day MXN TIIE Banxico 17,800,000 (3,784) (0.00%)06/06/2029 Morgan Stanley 3M HIBOR 1.99% 22,600,000 (7,746) (0.01%)11/03/2029 Morgan Stanley 2.32% 6M SIBOR 500,000 (15,500) (0.01%)10/06/2029 Morgan Stanley 2.02% 6M SIBOR 1,000,000 (16,710) (0.02%)14/08/2024 Morgan Stanley 7D Chines Repurchase Rate 2.69% 20,820,000 (22,365) (0.02%)09/08/2024 Morgan Stanley 7D Chines Repurchase Rate 2.70% 24,280,000 (24,229) (0.02%)08/11/2028 JPMorgan Chase 3.18% 6M BUBOR 73,100,000 (28,213) (0.03%)09/11/2028 Merrill Lynch 2.67% 6M SIBOR 700,000 (33,205) (0.03%)04/03/2029 Morgan Stanley 2.35% 6M BUBOR 210,000,000 (42,522) (0.04%)

Unrealised Gain on Centrally Cleared Interest Rate Swap Contracts 71,492 0.07%Unrealised Loss on Centrally Cleared Interest Rate Swap Contracts (196,726) (0.18%)

Total Centrally Cleared Interest Rate Swap Contracts (125,234) (0.11%)

Total Financial Derivative Instruments 2,298,744 2.21% Other Assets and Liabilities 7,258,593 6.93%Net Assets Attributable to Holders of Redeemable Participating Units 104,527,596 100.00%

89


Portfolio Analysis GBP % of Sub-

Fund Assets*(a) Transferable securities dealt in on another regulated market 94,970,259 88.38%(b) Financial derivative instruments 2,298,744 2.14%(c) Other assets 10,187,084 9.48%Total Assets 107,456,087 100.00%

*The percentage of net assets disclosed above is subject to rounding. (I) Is defaulted. (II) Payment in kind bond. (III) Indicates a perpetual bond. Maturity date represents next call date. (IV) Zero coupon bond.

90

Fidelity Asia Pacific ex-Japan Equity Fund SCHEDULE OF INVESTMENTS AS AT 31 DECEMBER 2019

Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Australia 5.95% (31 December 2018: 6.90%) Ansell 14,449 294,727 0.10%ASX 3,594 198,225 0.06%Aurizon Holdings 32,796 120,565 0.04%Australia & New Zealand Banking Group 8,560 147,878 0.05%Bendigo & Adelaide Bank 204,887 1,408,307 0.46%BHP Group 91,585 2,512,097 0.81%BlueScope Steel 24,714 262,209 0.09%Brambles 78,113 644,025 0.21%Cochlear 4,188 661,183 0.21%Coles Group 25,759 268,604 0.09%Commonwealth Bank of Australia 35,267 1,981,785 0.64%CSL 142 27,578 0.01%Evolution Mining 24,990 66,548 0.02%IVE Group 4,053 6,885 0.00%Macquarie Telecom Group 895 14,593 0.01%Magellan Financial Group 46,545 1,868,010 0.61%National Australia Bank 10,431 180,808 0.06%Newcrest Mining 38,230 808,759 0.26%Premier Investments 5,518 72,763 0.02%Qantas Airways 169,210 844,870 0.27%QBE Insurance Group 30,322 274,472 0.09%Regional Express Holdings 384 319 0.00%Santos 48,000 276,614 0.09%Sonic Healthcare 57,942 1,170,278 0.38%Suncorp Group 23,432 213,216 0.07%Telstra 123,263 306,708 0.10%Tribune Resources 2,403 9,544 0.00%Wesfarmers 41,508 1,208,357 0.39%Woodside Petroleum 12,639 306,116 0.10%Woolworths Group 86,801 2,205,339 0.71%

Total Australia 18,361,382 5.95% Canada 0.12% (31 December 2018: - )Ivanhoe Mines 113,044 370,493 0.12% China 30.27% (31 December 2018: 26.18%) Agricultural Bank of China 1,198,000 527,347 0.17%Alibaba Group Holding ADR 75,761 16,068,908 5.20%Alibaba Group Holding 13,400 356,334 0.12%Anhuinch Cement 183,500 1,337,091 0.43%ANTA Sports Products 118,000 1,056,544 0.34%Asia Cement China Holdings 415,000 619,998 0.20%Baidu ADR 8,477 1,071,493 0.35%Bank of China 5,166,000 2,208,495 0.71%Bank of Communications 2,645,000 1,879,615 0.61%Bank of Gansu 63,000 12,047 0.00%Bank of Jiangsu 110,000 114,484 0.04%Bank of Nanjing 216,466 272,853 0.09%Baoshan Iron & Steel 444,493 366,765 0.12%Beijing Capital International Airport 2,029,673 1,966,169 0.64%Changchun High & New Technology Industry Group 10,100 648,822 0.21%

91

Fidelity Asia Pacific ex-Japan Equity Fund SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 DECEMBER 2019

Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


China 30.27% (31 December 2018: 26.18%) (continued)Changshouhua Food 24,000 9,456 0.00%China Aoyuan Group 401,000 654,367 0.21%China BlueChemical 3,956,545 974,859 0.32%China CITIC Bank 630,000 377,776 0.12%Chinanstruction Bank - CNY Shares 131,200 136,319 0.04%Chinanstruction Bank - HKD Shares 2,946,000 2,554,470 0.83%China Distance Education Holdings 6,733 54,470 0.02%China Everbright Bank 648,000 300,986 0.10%China Greenfresh Group 132,000 4,489 0.00%China Kepei Education Group 300,000 144,762 0.05%China Life Insurance 197,000 548,022 0.18%China Merchants Energy Shipping 315,860 375,510 0.12%China Minsheng Banking 407,000 307,619 0.10%China National Building Material 846,000 943,879 0.31%China Oilfield Services 802,000 1,259,235 0.41%China Pacific Insurance Group 626,600 2,468,973 0.80%China Petroleum & Chemical 2,462,000 1,482,542 0.48%China Resources Pharmaceutical Group 764,000 708,313 0.23%China Shenhua Energy 56,000 117,098 0.04%China South Publishing & Media Group 1,004,546 1,723,761 0.56%China Telecom 2,124,000 875,121 0.28%CNOOC 894,000 1,486,666 0.48%Dongfeng Motor Group 764,000 718,806 0.23%EEKA Fashion Holdings 15,000 17,480 0.01%Focus Media Information Technology 397,900 358,279 0.12%Fujian Sunner Development 127,300 440,408 0.14%Great Wall Motor 406,500 300,791 0.10%Gree Electric Appliances of Zhuhai 152,100 1,434,530 0.46%Greentown Service Group 346,000 377,715 0.12%Guangzhou Automobile Group 594,000 739,573 0.24%Haier Smart Home 315,355 884,406 0.29%Hengan International Group 57,000 406,041 0.13%Hualan Biological Engineering 57,400 290,136 0.09%Huayu Automotive Systems 71,100 265,542 0.09%Industrial & Commercial Bank of China 417,000 321,748 0.10%Innovent Biologics 111,000 378,886 0.12%JD.com 28,400 1,000,532 0.32%Jiangsu Expressway 684,000 937,359 0.30%Jiangsu Hengrui Medicine 18,200 228,987 0.07%Jiangxi Copper 50,000 121,720 0.04%Kingdom Holdings 68,000 15,359 0.00%KWG Group Holdings 537,500 753,131 0.24%Li Ning 140,500 421,426 0.14%Logan Property Holdings 652,000 1,094,068 0.35%Longfor Group Holdings 88,500 414,470 0.13%Luzhou Laojiao 1,400 17,454 0.01%Midea Group 45,321 380,012 0.12%Momo 5,100 170,850 0.06%NetEase 2,300 705,272 0.23%New Hope Liuhe 188,500 540,788 0.17%New Oriental Education & Technology Group 9,965 1,208,256 0.39%Pacific Online 121,000 27,040 0.01%

92


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


China 30.27% (31 December 2018: 26.18%) (continued)PetroChina 3,666,000 1,845,566 0.60%PICC Property & Casualty 2,478,000 2,986,973 0.97%Ping An Insurance Group of China - CNY Shares 7,200 88,488 0.03%Ping An Insurance Group of China - HKD Shares 249,500 2,952,640 0.96%Qingling Motors 118,000 28,766 0.01%Shenergy 1,239,000 1,034,083 0.33%Shenzhen Expressway 86,000 123,414 0.04%Sinopec Engineering Group 598,000 357,945 0.12%Sinopharm Group 540,400 1,971,986 0.64%Sinotrans 1,115,000 379,269 0.12%Sunny Optical Technology Group 28,900 500,757 0.16%Tencent Holdings 143,100 6,894,451 2.23%Tingyi Cayman Islands Holding 1,151,208 1,964,938 0.64%Trip.com Group 68,217 2,287,998 0.74%Vipshop Holdings 1,300 18,421 0.01%Want Want China Holdings 88,000 82,203 0.03%Weibo 23,850 1,105,448 0.36%Weichai Power 705,000 1,488,157 0.48%Wuliangye Yibin 127,142 2,433,370 0.79%Wuxi Biologics Cayman 35,000 443,319 0.14%YiChang HEC ChangJiang Pharmaceutical 133,000 755,706 0.24%Yum China Holdings 10,541 506,073 0.16%Zhejiang Expressway 294,000 268,051 0.09%Zhejiang Sanhua Intelligent Controls 144,460 359,922 0.12%Zhejiang Supor 31,590 348,817 0.11%Zhongliang Holdings Group 190,500 151,543 0.05%Zhongsheng Group Holdings 53,000 217,075 0.07%Zoomlion Heavy Industry Science & Technology - CNH Shares 341,200 327,950 0.11%Zoomlion Heavy Industry Science & Technology - HKD Shares 719,400 603,071 0.19%

Total China 93,513,123 30.27% Hong Kong 12.48% (31 December 2018: 15.91%) AIA Group 700,600 7,369,360 2.39%APT Satellite Holdings 24,000 8,992 0.00%Beijing Enterprises Holdings 578,500 2,654,657 0.86%Cafe de Coral Holdings 20,000 47,378 0.02%China Agri-Industries Holdings 125,000 66,216 0.02%China Mengniu Dairy 296,000 1,197,425 0.39%China Merchants Port Holdings 467,325 790,775 0.26%China Mobile 126,500 1,068,976 0.35%China Overseas Land & Investment 142,000 553,068 0.18%China Resources Cement Holdings 230,000 292,803 0.09%China Resources Land 246,000 1,224,011 0.40%China Unicom Hong Kong 1,096,000 1,032,082 0.33%Chow Tai Fook Jewellery Group 871,200 833,497 0.27%Chu Kong Shipping Enterprises Group 30,000 5,123 0.00%CITIC 213,000 284,313 0.09%CITIC Telecom International Holdings 2,978,000 1,085,450 0.35%Citychamp Watch & Jewellery Group 108,718 23,300 0.01%

93


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Hong Kong 12.48% (31 December 2018: 15.91%) (continued) CK Asset Holdings 78,000 562,902 0.18%CK Hutchison Holdings 578,500 5,516,634 1.79%CK Infrastructure Holdings 24,500 174,370 0.06%Clear Media 19,000 15,733 0.00%CLP Holdings 24,500 257,203 0.08%COSCO SHIPPING Ports 2,433,986 1,993,617 0.65%Cross-Harbour Holdings 26,000 40,438 0.01%Dah Sing Banking Group 774,400 1,035,855 0.34%Dairy Farm International Holdings 67,400 384,861 0.12%Galaxy Entertainment Group 104,000 765,657 0.25%Golden Resources Development International 38,000 2,927 0.00%HKBN 206,500 346,270 0.11%Hong Kong & China Gas 146,300 285,869 0.09%Hutchison Telecommunications Hong Kong Holdings 110,000 22,182 0.01%Keck Seng Investments 16,000 9,343 0.00%Kunlun Energy 2,948,000 2,604,547 0.84%Lifestyle International Holdings 325,743 373,781 0.12%Miramar Hotel & Investment 30,000 60,454 0.02%PCCW 256,000 151,484 0.05%Power Assets Holdings 41,500 303,618 0.10%Shimao Property Holdings 159,000 616,226 0.20%Shougang Fushan Resources Group 108,000 23,326 0.01%Sino Biopharmaceutical 72,000 100,736 0.03%SITC International Holdings 717,000 875,060 0.28%SmarTone Telecommunications Holdings 140,000 107,834 0.03%Sun Hung Kai 132,000 62,861 0.02%Sun Hung Kai Properties 44,500 681,556 0.22%Swire Pacific 45,000 418,063 0.14%TAI Cheung Holdings 12,000 9,812 0.00%Techtronic Industries 60,500 493,814 0.16%Tianjin Development Holdings 60,000 17,569 0.01%Time Watch Investments 68,000 8,116 0.00%Xinyi Glass Holdings 852,000 1,128,955 0.37%Yue Yuen Industrial Holdings 77,000 227,264 0.07%Yuexiu Transport Infrastructure 386,000 343,436 0.11%

Total Hong Kong 38,559,799 12.48% India 7.11% (31 December 2018: 8.71%) Adani Ports & Special Economic Zone 158,946 815,781 0.26%Alkem Laboratories 2,093 58,703 0.02%Axis Bank 60,983 643,277 0.21%Bajaj Auto 333 14,841 0.00%Bata India 70,322 1,724,648 0.56%Bharti Airtel 136,836 874,178 0.28%CESC 15,731 162,826 0.05%Container of India 25,683 206,148 0.07%Dr Reddy's Laboratories 10,718 434,936 0.14%Gujarat Industries Power 8,247 8,307 0.00%Gujarat State Petronet 57,091 175,285 0.06%HCL Technologies 4,650 37,076 0.01%HDFC Bank 76,556 1,369,682 0.44%

94


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


India 7.11% (31 December 2018: 8.71%) (continued) Hindalco Industries 130,415 394,730 0.13%Hindustan Petroleum 8,627 31,868 0.01%Hindustan Unilever 8,927 240,236 0.08%Housing Development Finance 31,838 1,076,744 0.35%Indian Oil 255,064 448,748 0.14%Infosys ADR 165,214 1,705,008 0.55%Infosys 95,595 985,585 0.32%InterGlobe Aviation 28,184 526,578 0.17%ITC 38,783 129,234 0.04%JB Chemicals & Pharmaceuticals 5,736 34,194 0.01%Mahanagar Gas 69,268 1,032,160 0.33%Nestle India 2,020 418,058 0.14%Oil & Natural Gas 424,047 764,237 0.25%Oracle Financial Services Software 1,730 66,392 0.02%Petronet LNG 94,845 356,297 0.12%Pidilite Industries 17,061 331,569 0.11%Power Grid Corp. of India 1,187,498 3,170,958 1.03%Rajesh Exports 18,341 171,656 0.06%REC 85,247 170,835 0.06%Reliance Industries 59,499 1,263,725 0.41%SJVN 346,437 123,765 0.04%Tata Consultancy Services 8,287 251,356 0.08%VST Industries 1,109 65,335 0.02%Wipro 483,295 1,666,187 0.54%

Total India 21,951,143 7.11% Indonesia 2.58% (31 December 2018: 1.74%) Adira Dinamika Multi Finance 202,366 151,519 0.05%Bank Central Asia 640,900 1,541,369 0.50%Bank Negara Indonesia 87,700 49,508 0.02%Bank Rakyat Indonesia 8,935,700 2,828,381 0.92%Bank Tabungan Pensiunan Nasional Syariah 38,800 11,870 0.00%Hexindo Adiperkasa 35,600 8,898 0.00%Indofood CBP Sukses Makmur 86,600 69,542 0.02%Mitra Pinasthika Mustika 376,200 18,008 0.01%Sona Topas Tourism Industry 26,600 11,449 0.00%Telekomunikasi Indonesia 11,385,422 3,261,666 1.06%

Total Indonesia 7,952,210 2.58% Japan 0.70% (31 December 2018: - ) Honda Motor 46,200 1,307,291 0.43%Rohm 10,500 837,631 0.27%

Total Japan 2,144,922 0.70% Malaysia 0.63% (31 December 2018: 1.42%) Bermaz Auto 39,000 20,029 0.01%CIMB Group Holdings 614,445 773,906 0.25%Fraser & Neave Holdings 3,400 28,975 0.01%Gas Malaysia 42,700 28,707 0.01%Hong Leong Financial Group 6,700 27,697 0.01%Hup Seng Industries 53,400 11,746 0.00%

95


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Malaysia 0.63% (31 December 2018: 1.42%) (continued) Kuala Lumpur Kepong 11,200 67,957 0.02%Lingkaran Trans Kota Holdings 24,300 27,288 0.01%Malayan Banking 134,800 284,856 0.09%Nestle Malaysia 1,600 57,533 0.02%Oriental Holdings 10,573 16,937 0.01%Panasonic Manufacturing Malaysia 3,400 30,754 0.01%PBA Holdings 6,000 1,635 0.00%Petronas Gas 36,600 148,783 0.05%PPB Group 27,400 126,267 0.04%Public Bank 53,000 252,075 0.08%TIME dotCom 18,800 42,375 0.01%

Total Malaysia 1,947,520 0.63% New Zealand 0.38% (31 December 2018: 0.26%) Abano Healthcare Group 12,453 43,688 0.01%Briscoe Group 6,549 17,144 0.01%Chorus 36,983 154,196 0.05%Delegat Group 1,500 12,187 0.00%EBOS Group 716 11,720 0.00%Fisher & Paykel Healthcare 21,646 324,651 0.10%Hallenstein Glasson Holdings 4,868 19,847 0.01%Kiwi Property Group 19,640 20,679 0.01%Mercury 2,155 7,347 0.00%Meridian Energy 23,215 78,368 0.03%Metlifecare 3,797 17,498 0.01%Oceania Healthcare 79,182 70,525 0.02%PGG Wrightson 3,588 5,761 0.00%Precinct Properties New Zealand 7,141 8,842 0.00%Restaurant Brands New Zealand 7,732 72,795 0.02%Spark New Zealand 100,571 293,898 0.10%Turners Automotive Group 2,012 3,814 0.00%Z Energy 6,500 19,280 0.01%

Total New Zealand 1,182,240 0.38% Philippines 1.04% (31 December 2018: 1.32%) Ayala 49,240 762,691 0.25%BDO Unibank 18,380 57,296 0.02%Century Pacific Food 67,300 20,172 0.01%Cosco Capital 287,500 38,892 0.01%Eagle Cement 45,700 13,409 0.00%Emperador 138,800 19,760 0.01%Filinvest Land 1,118,000 33,065 0.01%First Gen 560,300 267,178 0.09%Globe Telecom 14,055 560,590 0.18%International Container Terminal Services 51,620 130,823 0.04%LT Group 310,200 73,377 0.02%Manila Electric 137,380 859,477 0.28%Philippine National Bank 39,696 27,037 0.01%PLDT 3,750 73,554 0.02%Puregold Price Club 275,300 215,839 0.07%San Miguel 1,920 6,217 0.00%

96


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Philippines 1.04% (31 December 2018: 1.32%) (continued) SSI Group 276,000 15,138 0.01%Universal Robina 13,800 39,468 0.01%

Total Philippines 3,213,983 1.04% Singapore 1.89% (31 December 2018: 1.90%)BOC Aviation 37,700 383,443 0.12%City Developments 93,200 758,709 0.25%DBS Group Holdings 48,900 943,063 0.31%First Resources 198,800 280,913 0.09%Great Eastern Holdings 3,300 53,378 0.02%Haw Par 5,400 51,325 0.02%IGG 10,000 7,385 0.00%Oversea-Chinese Banking 31,700 259,381 0.08%Sheng Siong Group 206,846 190,681 0.06%Silverlake Axis 118,100 36,030 0.01%Singapore Technologies Engineering 103,200 302,303 0.10%Singapore Telecommunications 122,400 306,940 0.10%Stamford Land 54,200 20,154 0.01%United Overseas Bank 102,400 2,014,312 0.65%Venture 11,300 136,351 0.04%Wilmar International 34,200 104,802 0.03%

Total Singapore 5,849,170 1.89% South Korea 13.15% (31 December 2018: 14.98%) AfreecaTV 2,185 130,043 0.04%AtlasBX 2,606 115,151 0.04%Binggrae 3,347 161,983 0.05%BNK Financial Group 7,237 47,835 0.02%Cheil Worldwide 9,252 192,387 0.06%Cosmax 5,059 348,258 0.11%Daelim Industrial 5,397 422,205 0.14%Daesang 2,894 58,059 0.02%DB HiTek 3,051 72,815 0.02%DIO 3,466 125,751 0.04%Dongwon Development 489 1,727 0.00%Gwangju Shinsegae 279 39,530 0.01%Hanwha Aerospace 13,756 416,102 0.14%HS Industries 10,987 112,687 0.04%Hyundai Glovis 1,164 143,621 0.05%Hyundai Greenfood 559 5,718 0.00%Hyundai Hy Communications & Network 4,288 12,644 0.00%Hyundai Mobis 10,344 2,288,513 0.74%Hyundai Motor 5,793 603,381 0.20%Hyundai Steel 34,611 938,378 0.30%Ilshin Spinning 125 7,726 0.00%InBody 5,942 121,228 0.04%Incheon City Gas 471 11,699 0.00%Industrial Bank of Korea 7,383 75,257 0.02%Innocean Worldwide 512 31,413 0.01%Jeju Bank 1,562 5,469 0.00%JLS 8,065 52,891 0.02%

97


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


South Korea 13.15% (31 December 2018: 14.98%) (continued)KB Financial Group 63,349 2,609,849 0.85%KCC 649 130,825 0.04%Kia Motors 61,375 2,343,943 0.76%Korea Aerospace Industries 20,083 591,076 0.19%Korea Electric Power 829 19,890 0.01%Korea Zinc 3,773 1,386,486 0.45%KT 19,203 222,755 0.07%KT Skylife 4,241 31,961 0.01%KT&G 2,871 232,286 0.08%LG 6,533 416,266 0.14%LG Electronics 17,059 1,059,657 0.34%LG Uplus 63,082 773,717 0.25%LOTTE Fine Chemical 30,375 1,184,893 0.38%Macquarie Korea Infrastructure Fund 7,140 71,619 0.02%Multicampus 1,039 31,125 0.01%Namyang Dairy Products 69 26,223 0.01%NAVER 1,333 214,473 0.07%NICE Information Service 1,134 13,665 0.00%RedcapTour 2,777 37,556 0.01%S&T Dynamics 1,075 6,140 0.00%S&T Motiv 1,100 40,663 0.01%Samsung Card 17,217 574,558 0.19%Samsung Electronics 272,668 13,139,021 4.25%Samsung Electronics - Preference Shares 18,142 710,293 0.23%Samsung Electronics GDR 154 184,291 0.06%Samsung Engineering 27,065 447,282 0.15%Samsung Fire & Marine Insurance 3,642 765,678 0.25%Samsung Life Insurance 146 9,386 0.00%Samsung SDI 1,991 405,593 0.13%Seoul City Gas 47 2,872 0.00%Shinhan Financial Group 24,209 907,663 0.29%SK Hynix 34,963 2,843,812 0.92%SK Networks 35,605 182,586 0.06%SK Telecom 1,308 269,511 0.09%Soulbrain 10,131 740,322 0.24%Youngone 48,625 1,437,872 0.47%Youngone Holdings 340 14,171 0.01%

Total South Korea 40,622,450 13.15% Taiwan 16.42% (31 December 2018: 12.81%) Ambassador Hotel 13,000 12,867 0.00%ASE Technology Holding 1,686,000 4,699,060 1.52%Asia Cement 680,000 1,088,475 0.35%Asustek Computer 108,000 833,529 0.27%Cathay Financial Holding 41,000 58,215 0.02%China Life Insurance/Taiwan 952,393 813,107 0.26%Chin-Poon Industrial 586,000 624,376 0.20%Chipbond Technology 437,000 982,056 0.32%ChipMOS Technologies 527,000 603,067 0.20%Chunghwa Telecom 78,000 286,136 0.09%CTBC Financial Holding 153,000 114,466 0.04%

98


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Taiwan 16.42% (31 December 2018: 12.81%) (continued)Dafeng TV 4,000 5,365 0.00%Delta Electronics 96,000 485,796 0.16%Dimerco Express 5,000 4,690 0.00%E.Sun Financial Holding 1,445,984 1,347,536 0.44%Elan Microelectronics 316,000 962,693 0.31%E-Life Mall 9,000 20,479 0.01%Eva Airways 441,392 202,448 0.07%Evergreen Marine Corp. Taiwan 874,734 362,470 0.12%Excelsior Medical 29,000 52,173 0.02%Far Eastern Department Stores 335,000 291,414 0.09%Far EasTone Telecommunications 5,000 12,026 0.00%Feng TAY Enterprise 70,500 458,850 0.15%First Financial Holding 390,330 308,860 0.10%Fubon Financial Holding 165,000 255,525 0.08%Great Taipei Gas 56,000 58,442 0.02%Hon Hai Precision Industry 723,000 2,193,231 0.71%Hua Nan Financial Holdings 438,672 322,204 0.10%Huaku Development 32,000 98,898 0.03%International Games System 15,000 195,131 0.06%King Yuan Electronics 324,000 406,432 0.13%Kinsus Interconnect Technology 252,000 435,679 0.14%Kung Long Batteries Industrial 15,000 74,581 0.02%Lian HWA Food 22,050 30,768 0.01%Lite-On Technology 1,167,000 1,921,409 0.62%Lung Yen Life Service 38,000 80,696 0.03%MediaTek 245,000 3,630,186 1.18%Nang Kuang Pharmaceutical 55,000 76,960 0.03%Pou Chen 829,000 1,084,401 0.35%Powertech Technology 561,000 1,867,127 0.61%Radiant Opto-Electronics 328,000 1,313,272 0.43%Realtek Semiconductor 114,000 895,839 0.29%Simplo Technology 192,313 1,947,068 0.63%Sitronix Technology 16,000 89,474 0.03%Sunonwealth Electric Machine Industry 74,000 117,047 0.04%Systex 22,000 55,410 0.02%Taishin Financial Holding 87,000 42,107 0.01%Taiwan Business Bank 826,644 347,734 0.11%Taiwan FamilyMart 18,000 131,201 0.04%Taiwan Fertilizer 587,000 970,704 0.31%Taiwan Fire & Marine Insurance 8,000 5,579 0.00%Taiwan Mobile 75,000 280,235 0.09%Taiwan Semiconductor Manufacturing ADR 79,400 4,613,140 1.49%Taiwan Semiconductor Manufacturing 722,000 7,990,973 2.59%Tehmag Foods 2,000 14,812 0.01%Ten Ren Tea 8,000 10,686 0.00%Topco Scientific 41,000 144,431 0.05%Tripod Technology 422,000 1,771,220 0.57%Ttet Union 25,000 100,971 0.03%Unimicron Technology 198,000 278,994 0.09%Uni-President Enterprises 31,000 76,875 0.03%United Integrated Services 216,200 1,413,849 0.46%Wistron 646,000 611,586 0.20%

99


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Taiwan 16.42% (31 December 2018: 12.81%) (continued)Xxentria Technology Materials 61,000 133,988 0.04%Ya Horng Electronic 1,000 1,180 0.00%

Total Taiwan 50,720,199 16.42% Thailand 2.76% (31 December 2018: 2.57%) Advanced Info Service 19,600 139,412 0.04%AP Thailand 5,644,100 1,403,782 0.45%Asia Sermkij Leasing 21,100 17,958 0.01%Bangkok Bank NVDR 192,600 1,027,691 0.33%Bangkok Bank 43,100 229,975 0.07%Bank of Ayudhya 8,300 8,305 0.00%Charoen Pokphand Foods 299,000 274,507 0.09%CP ALL 219,900 532,453 0.17%Kasikornbank 169,900 856,201 0.28%Krung Thai Bank 537,700 294,397 0.10%LH Financial Group 356,300 16,177 0.01%PTG Energy 67,500 36,281 0.01%PTT Exploration & Production 34,100 143,810 0.05%PTT 148,300 220,079 0.07%Ratch Group 599,500 1,375,975 0.45%Siam Commercial Bank 85,300 348,634 0.11%SPCG 107,100 70,080 0.02%Star Petroleum Refining 998,100 356,539 0.12%Thai Beverage 826,500 547,381 0.18%Thanachart Capital 319,700 571,012 0.18%TTW 106,500 49,066 0.02%

Total Thailand 8,519,715 2.76% United Kingdom 0.73% (31 December 2018: 0.22%) HSBC Holdings 36,400 284,815 0.09%Rio Tinto 23,067 1,634,782 0.53%Standard Chartered 36,550 340,322 0.11%

Total United Kingdom 2,259,919 0.73% United States 0.70% (31 December 2018: -) Applied Materials 15,515 947,035 0.31%KLA 6,863 1,222,781 0.39%



Australia 0.50% (31 December 2018: 0.40%) Charter Hall Group 14,002 109,238 0.04%Goodman Group REIT 150,754 1,419,087 0.46%

Total Australia 1,528,325 0.50% Hong Kong 0.06% (31 December 2018: 0.32%) Fortune Real Estate Investment Trust 12,400 13,686 0.00%

100


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*

Transferable Securities 0.66% (31 December 2018: 0.73%) (continued)

Hong Kong 0.06% (31 December 2018: 0.32%) (continued) Link REIT 500 5,297 0.00%Regal Real Estate Investment Trust 96,000 24,894 0.01%Yuexiu Real Estate Investment Trust 213,000 144,376 0.05%

Total Hong Kong 188,253 0.06% India 0.07% (31 December 2018: - )Embassy Office Parks REIT 36,000 215,835 0.07% Malaysia 0.00% (31 December 2018: - ) IGB Real Estate Investment Trust 15,800 7,301 0.00% New Zealand 0.01% (31 December 2018: - ) Goodman Property Trust 12,142 18,196 0.01% Singapore 0.00% (31 December 2018: 0.01%)Mapletreemmercial Trust 3,800 6,759 0.00% Taiwan 0.02% (31 December 2018: - ) Fubon No 1 REIT 7,000 3,734 0.00%Fubon No 2 REIT 125,000 57,593 0.02%

Total Taiwan 61,327 0.02% Thailand 0.00% (31 December 2018: - ) S Prime Growth Leasehold Real Estate Investment Trust 14,800 6,526 0.00%

Total Transferable Securities 2,032,522 0.66%


Financial Derivative Instruments 0.02% (31 December 2018: 0.01%)



NotionalAmount


USD% of Sub-

Fund NAV*MSCI Asia Ex Japan 20 March 2020 UBS 87 4,583,250 54,720 0.02%Total Futures Contracts 54,720 0.02%

Open Forward Foreign Exchange Contracts held for Portfolio Hedging or Investment Purposes 0.00% (31 December 2018: - )



USD% of Sub-

Fund NAV*USD 106,506 HKD (829,451) BNP Paribas 02/01/2020 54 0.00%USD 51,313 HKD (399,616) BNP Paribas 03/01/2020 26 0.00%USD 7,625 HKD (59,375) HSBC 03/01/2020 5 0.00%

101


Financial Derivative Instruments 0.02% (31 December 2018: 0.01%) (continued)

Open Forward Foreign Exchange Contracts held for Portfolio Hedging or Investment Purposes 0.00% (31 December 2018: - ) (continued)



USD% of Sub-

Fund NAV*USD 7,456 HKD (58,065) Royal Bank of Canada 03/01/2020 4 0.00%Total Open Forward Foreign Exchange Contracts held for Portfolio Hedging or Investment Purposes 89 0.00% Open Forward Foreign Exchange Contracts held for Class Hedging Purposes 0.00% (31 December 2018: 0.00%)



USD% of Sub-

Fund NAV*EUR 685,116 USD (765,245) Brown Brothers Harriman 17/01/2020 4,485 0.00%EUR 8,900 USD (9,938) Brown Brothers Harriman 17/01/2020 61 0.00%EUR 4,672 USD (5,189) Brown Brothers Harriman 17/01/2020 59 0.00%EUR 8,637 USD (9,652) Brown Brothers Harriman 17/01/2020 51 0.00%EUR 6,428 USD (7,175) Brown Brothers Harriman 17/01/2020 47 0.00%EUR 12,775 USD (14,326) Brown Brothers Harriman 17/01/2020 27 0.00%EUR 953 USD (1,061) Brown Brothers Harriman 17/01/2020 9 0.00%EUR 1,083 USD (1,208) Brown Brothers Harriman 17/01/2020 9 0.00%EUR 385 USD (430) Brown Brothers Harriman 17/01/2020 3 0.00%EUR 195 USD (217) Brown Brothers Harriman 17/01/2020 1 0.00%EUR 176 USD (197) Brown Brothers Harriman 17/01/2020 1 0.00%EUR 10 USD (11) Brown Brothers Harriman 17/01/2020 0 0.00%EUR 0 USD (0) Brown Brothers Harriman 17/01/2020 (0) (0.00%)USD 1 EUR (1) Brown Brothers Harriman 17/01/2020 (0) (0.00%)USD 0 EUR (0) Brown Brothers Harriman 17/01/2020 (0) (0.00%)USD 1 EUR (1) Brown Brothers Harriman 17/01/2020 (0) (0.00%)USD 1 EUR (1) Brown Brothers Harriman 17/01/2020 (0) (0.00%)USD 1 EUR (1) Brown Brothers Harriman 17/01/2020 (0) (0.00%)USD 7 EUR (7) Brown Brothers Harriman 17/01/2020 (0) (0.00%)USD 100 EUR (90) Brown Brothers Harriman 17/01/2020 (1) (0.00%)



Total Financial Derivative Instruments 59,561 0.02% Other Assets and Liabilities 7,460,998 2.41%Net Assets Attributable to Holders of Redeemable Participating Units 308,891,165 100.00%

Portfolio Analysis USD

% of Sub-Fund Assets

(a) Transferable securities admitted to an official stock exchange listing 301,370,606 97.45%(b) Financial derivative instruments 59,561 0.02%(c) Other assets 7,827,414 2.53%Total Assets 309,257,581 100.00%


102

Fidelity Alternative Listed Equity Fund SCHEDULE OF INVESTMENTS AS AT 31 DECEMBER 2019

Number of

Shares Fair Value

GBP% of Sub-

Fund NAV*


Germany 2.92% (31 December 2018: - ) Vonovia 36,943 1,498,849 2.92% Guernsey 7.69% (31 December 2018: 12.85%)Amedeo Air Four Plus 1,438,591 1,100,522 2.15%Doric Nimrod Air Three 1,093,799 776,597 1.51%Doric Nimrod Air Two 576,722 824,713 1.61%Real Estate Credit Investments 737,806 1,240,874 2.42%

Total Guernsey 3,942,706 7.69% Ireland 6.23% (31 December 2018: 5.92%)Greencoat Renewables 3,190,033 3,198,501 6.23% United Kingdom 2.58% (31 December 2018: - )

US Solar Fund 1,666,721 1,321,434 2.58%

Total Equities 9,961,490 19.42%


Bermuda 1.38% (31 December 2018: 2.10%) Catco Reinsurance Opportunities Fund 2,415,638 706,883 1.38% Guernsey 24.53% (31 December 2018: 35.13%) Axiom European Financial Debt Fund 641,840 603,646 1.18%Chenavari Toro Income Fund 2,534,243 1,682,559 3.28%International Public Partnerships 1,618,151 2,699,076 5.26%Sequoia Economic Infrastructure Fund 2,023,821 2,362,746 4.60%SQN Asset Finance Income Fund – C Shares 950,205 817,176 1.59%SQN Asset Finance Income Fund 2,355,872 1,950,662 3.80%Starwood European Real Estate Finance 1,197,796 1,251,190 2.44%TwentyFour Income Fund 1,095,433 1,220,424 2.38%

Total Guernsey 12,587,479 24.53% Ireland 7.92% (31 December 2018: 6.36%)Invesco Morningstar US Energy Infrastructure 52,956 1,767,893 3.45%iShares Gold Producers UCITS ETF 96,769 939,481 1.83%iShares Physical Gold 60,328 1,355,928 2.64%

Total Ireland 4,063,302 7.92% Jersey, Channel Islands 5.28% (31 December 2018: 9.72%)3i Infrastructure 250,441 737,549 1.44%CVC Credit Partners European Opportunities 1,987,394 1,971,495 3.84%

Total Jersey, Channel Islands 2,709,044 5.28% United Kingdom 21.16% (31 December 2018: 9.96%) GCP Student Living 1,238,650 2,455,146 4.78%Greencoat UK Wind 1,431,786 2,153,406 4.20%Henderson Alternative Strategies Trust 391,401 1,031,129 2.01%

103

Fidelity Alternative Listed Equity Fund SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 DECEMBER 2019

Number of

Shares Fair Value

GBP% of Sub-

Fund NAV*

Transferable Securities 60.27% (31 December 2018: 63.27%) (continued)

United Kingdom 21.16% (31 December 2018: 9.96%) (continued) Hicl Infrastructure 1,771,196 3,020,226 5.89%Tritax EuroBox 2,333,742 2,194,968 4.28%

Total United Kingdom 10,854,875 21.16% Total Transferable Securities 30,921,583 60.27%





NotionalAmount


GBP% of Sub-

Fund NAV*FTSE 100 Index 20 March 2020 UBS (34) (2,528,538) (15,682) (0.03%)Total Futures Contracts (15,682) (0.03%)




GBP% of Sub-

Fund NAV*GBP 5,810,987 USD (7,618,100) JPMorgan Chase 12/03/2020 71,354 0.14%GBP 8,231,235 EUR (9,681,300) Royal Bank of Canada 12/03/2020 8,116 0.01%GBP 272,855 USD (354,200) BNP Paribas 12/03/2020 5,994 0.01%GBP 430,887 EUR (502,600) Royal Bank of Canada 12/03/2020 3,988 0.01%

Unrealised Gain on Open Forward Foreign Exchange Contracts held for Portfolio Hedging or Investment Purposes 89,452 0.17%Unrealised Loss on Open Forward Foreign Exchange Contracts held for Portfolio Hedging or Investment Purposes 0 0.00%

Total Open Forward Foreign Exchange Contracts held for Portfolio Hedging or Investment Purposes 89,452 0.17%

104

Fidelity Alternative Listed Equity Fund SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 DECEMBER 2019

Financial Derivative Instruments 0.01% (31 December 2018: (0.05%)) (continued)




GBP% of Sub-

Fund NAV*EUR 5,316,878 GBP (4,420,755) Brown Brothers Harriman 17/01/2020 86,532 0.17%EUR 1,365,895 GBP (1,135,683) Brown Brothers Harriman 17/01/2020 22,230 0.04%EUR 1,703 GBP (1,424) Brown Brothers Harriman 17/01/2020 20 0.00%GBP 2 EUR (2) Brown Brothers Harriman 17/01/2020 0 0.00%EUR 0 GBP (0) Brown Brothers Harriman 17/01/2020 0 0.00%EUR 0 GBP (0) Brown Brothers Harriman 17/01/2020 0 0.00%EUR 584 GBP (499) Brown Brothers Harriman 17/01/2020 (3) (0.00%)EUR 1,935 GBP (1,645) Brown Brothers Harriman 17/01/2020 (5) (0.00%)EUR 2,110 GBP (1,802) Brown Brothers Harriman 17/01/2020 (13) (0.00%)EUR 3,637 GBP (3,099) Brown Brothers Harriman 17/01/2020 (16) (0.00%)EUR 1,974 GBP (1,694) Brown Brothers Harriman 17/01/2020 (21) (0.00%)EUR 13,727 GBP (11,673) Brown Brothers Harriman 17/01/2020 (36) (0.00%)EUR 16,123 GBP (13,798) Brown Brothers Harriman 17/01/2020 (130) (0.00%)EUR 38,328 GBP (32,765) Brown Brothers Harriman 17/01/2020 (273) (0.00%)EUR 60,700 GBP (51,944) Brown Brothers Harriman 17/01/2020 (487) (0.00%)GBP 36,160 EUR (43,255) Brown Brothers Harriman 17/01/2020 (509) (0.00%)GBP 143,951 EUR (172,197) Brown Brothers Harriman 17/01/2020 (2,026) (0.00%)EUR 1,347,727 GBP (1,155,811) Brown Brothers Harriman 17/01/2020 (13,299) (0.03%)GBP 1,120,861 EUR (1,347,727) Brown Brothers Harriman 17/01/2020 (21,650) (0.04%)EUR 5,144,681 GBP (4,412,078) Brown Brothers Harriman 17/01/2020 (50,767) (0.10%)GBP 4,276,804 EUR (5,144,681) Brown Brothers Harriman 17/01/2020 (84,507) (0.17%)




Portfolio Analysis GBP % of Sub-

Fund Assets(a) Transferable securities admitted to an official stock exchange listing 40,883,073 79.37%(b) Financial derivative instruments 8,810 0.02%(c) Other assets 10,615,750 20.61%Total Assets 51,507,633 100.00%


105

Fidelity Global Emerging Markets Equity Fund SCHEDULE OF INVESTMENTS AS AT 31 DECEMBER 2019

Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Brazil 6.51% (31 December 2018: 6.46%)Alpargatas 14,050 116,286 0.04%Atacadao 76,636 446,356 0.15%Banco do Brasil 15,000 197,978 0.07%Banco do Estado do Rio Grande do Sul 66,600 360,003 0.13%BrasilAgro - Brasileira de Propriedades Agricolas 3,642 17,235 0.01%Compania de Saneamento de Minas Gerais 32,900 558,044 0.19%Compania de Saneamento do Parana 1,200 30,363 0.01%Compania de Transmissao de Energia Eletrica Paulista 151,600 852,494 0.30%Compania Energetica de Minas Gerais 521,300 1,795,630 0.62%Compania Hering 31,692 268,904 0.09%Compania Paranaense de Energia 5,200 89,680 0.03%Construtora Tenda 99,800 751,736 0.26%Cosan 35,000 799,400 0.28%Cyrela Brazil Realty Empreendimentos e Participacoes 97,700 726,467 0.25%Eneva 14,500 157,886 0.05%Ez Tec Empreendimentos e Participacoes 3,400 44,152 0.02%IRB Brasil Resseguros 20,700 201,099 0.07%Itau Unibanco Holding 102,000 944,719 0.33%Itausa - Investimentos Itau 536,900 1,887,423 0.66%JBS 55,800 359,285 0.12%Lojas Renner 167,870 2,355,930 0.82%Petrobras Distribuidora 460,800 3,453,057 1.20%Qualicorp Consultoria e Corretora de Seguros 70,400 651,663 0.23%Telefonica Brasil 117,374 1,680,796 0.58%TOTVS 500 8,039 0.00%

Total Brazil 18,754,625 6.51% Chile 0.71% (31 December 2018: 0.44%)AES Gener 187,384 40,619 0.01%Antofagasta 94,200 1,140,678 0.40%Compania Cervecerias Unidas 6,938 131,614 0.05%Embotelladora Andina 38,091 110,413 0.04%Empresaspec 19,039 171,004 0.06%Enel Americas 1,979,800 439,732 0.15%

Total Chile 2,034,060 0.71% China 25.25% (31 December 2018: 20.76%) Agricultural Bank of China 757,000 333,223 0.12%Alibaba Group Holding 35,834 7,600,391 2.64%Anhuinch Cement 199,500 1,453,676 0.50%ANTA Sports Products 127,000 1,137,128 0.39%Asia Cement China Holdings 219,000 327,180 0.11%Baidu 10,831 1,369,038 0.48%Bank of China 4,496,000 1,922,066 0.67%Bank of Communications 2,424,000 1,722,566 0.60%Bank of Nanjing 628,390 792,078 0.27%Changchun High & New Technology Industry Group 7,100 456,103 0.16%Changshouhua Food 56,000 22,064 0.01%

106

Fidelity Global Emerging Markets Equity Fund SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 DECEMBER 2019

Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


China 25.25% (31 December 2018: 20.76%) (continued)China Aoyuan Group 529,000 863,242 0.30%China Biologic Products Holdings 600 69,828 0.02%China CITIC Bank 462,000 277,036 0.10%China Conch Venture Holdings 42,500 185,393 0.06%Chinanstruction Bank - CNY Shares 376,800 391,501 0.14%Chinanstruction Bank - HKD Shares 2,585,000 2,241,448 0.78%China Everbright Bank 675,000 313,527 0.11%China Lesso Group Holdings 197,000 252,771 0.09%China Life Insurance 255,000 709,368 0.25%China Merchants Bank 20,500 105,400 0.04%China Minsheng Banking 447,000 337,852 0.12%China National Building Material 858,000 957,268 0.33%China Oilfield Services 144,000 226,097 0.08%China Pacific Insurance Group 464,400 1,829,861 0.64%China Petroleum & Chemical - HKD Shares 386,000 232,438 0.08%China Railway Construction 122,000 133,625 0.05%China Railway Group 387,000 238,830 0.08%China Shenhua Energy 556,500 1,163,663 0.40%China Telecom ADR 5,805 239,108 0.08%China Telecom 1,152,000 474,642 0.16%China Yongda Automobiles Services Holdings 215,500 196,247 0.07%Chongqing Rural Commercial Bank 84,000 42,913 0.02%CNOOC 147,000 244,452 0.08%Dongfeng Motor Group 1,596,000 1,501,588 0.52%Foshan Haitian Flavouring & Food 109,600 1,694,664 0.59%Fujian Sunner Development 129,100 446,636 0.16%Great Wall Motor 252,000 186,468 0.06%Gree Electric Appliances of Zhuhai 126,678 1,194,763 0.41%Huadian Power International 2,016,000 766,064 0.27%Huayu Automotive Systems 65,700 245,374 0.09%Industrial & Commercial Bank of China 2,011,000 1,551,645 0.54%JD.com 47,258 1,664,899 0.58%Jiangsu Expressway 738,000 1,011,361 0.35%Jiangsu Hengrui Medicine 36,900 464,265 0.16%Jiangxi Bank 16,000 8,624 0.00%KWG Group Holdings 479,000 671,162 0.23%Lenovo Group 3,244,000 2,178,659 0.76%Li Ning 480,000 1,439,749 0.50%Logan Property Holdings 594,000 996,743 0.35%Longfor Group Holdings 30,500 142,840 0.05%Lonking Holdings 2,727,000 819,408 0.28%Luye Pharma Group 318,000 238,429 0.08%Luzhou Laojiao 9,600 119,686 0.04%Midea Group 231,709 1,942,855 0.67%Momo 3,300 110,550 0.04%NetEase 2,500 766,600 0.27%New China Life Insurance 14,600 62,771 0.02%New Hope Liuhe 295,500 847,761 0.29%New Oriental Education & Technology Group 3,200 388,000 0.13%PetroChina 576,000 289,974 0.10%PICC Property & Casualty 1,318,000 1,588,713 0.55%Ping An Insurance 276,000 3,266,247 1.13%

107


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


China 25.25% (31 December 2018: 20.76%) (continued)Powerlong Real Estate Holdings 164,000 109,516 0.04%Qudian 4,902 23,088 0.01%Shanghai Electric Group 414,000 136,047 0.05%Shenzhen Expressway 366,000 525,228 0.18%Shenzhou International Group Holdings 135,300 1,977,547 0.69%Sinopec Shanghai Petrochemical 494,000 149,138 0.05%Sinopharm Group 58,800 214,568 0.07%Tencent Holdings 87,600 4,220,502 1.46%Vipshop Holdings 14,581 206,613 0.07%Weichai Power 1,544,000 3,259,169 1.13%Wens Foodstuffs Group 36,400 175,706 0.06%Wuliangye Yibin 15,799 302,377 0.11%Xinhua Winshare Publishing & Media 14,000 10,535 0.00%YiChang HEC ChangJiang Pharmaceutical 75,400 428,423 0.15%Yum China Holdings 3,884 186,471 0.06%Zhejiang Expressway 82,000 74,762 0.03%Zhejiang Supor 165,358 1,825,885 0.63%Zhongsheng Group Holdings 567,000 2,322,296 0.81%Zoomlion Heavy Industry Science & Technology - CNH Shares 174,300 167,531 0.06%Zoomlion Heavy Industry Science & Technology - HKD Shares 1,156,200 969,240 0.34%

Total China 72,753,163 25.25% Colombia 0.18% (31 December 2018: 0.30%) Banco de Bogota 911 23,670 0.01%Banco de Occidente 1,204 13,942 0.00%Bancolombia 1,138 62,351 0.02%Grupo Energia Bogota 329,036 222,780 0.08%Grupo Nutresa 25,717 199,235 0.07%

Total Colombia 521,978 0.18% Czech Republic 0.57% (31 December 2018: 0.70%) CEZ 50,217 1,130,077 0.39%Kofola CeskoSlovensko 5,857 72,456 0.03%O2 Czech Republic 11,784 121,793 0.04%PFNonwovens 113 3,494 0.00%Philip Morris 449 302,875 0.11%

Total Czech Republic 1,630,695 0.57% Egypt 0.12% (31 December 2018: 0.05%) Commercial International Bank Egypt 71,086 359,695 0.12% Greece 0.36% (31 December 2018: 0.25%) Athens Water Supply & Sewage 5,219 44,267 0.02%Hellenic Telecommunications Organization 25,745 412,385 0.14%Motor Oil Hellas Corinth Refineries 1,803 41,760 0.01%OPAP 18,381 239,317 0.08%

108


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Greece 0.36% (31 December 2018: 0.25%) (continued) Terna Energy 35,888 308,694 0.11%

Total Greece 1,046,423 0.36% Hong Kong 5.00% (31 December 2018: 6.30%) AIA Group 327,200 3,441,699 1.19%Beijing Enterprises Holdings 19,000 87,188 0.03%China Agri-Industries Holdings 314,000 166,333 0.06%China Mengniu Dairy 455,000 1,840,636 0.64%China Mobile 149,000 1,259,110 0.44%China Resources Land 236,000 1,174,255 0.41%China Resources Power Holdings 1,330,000 1,867,566 0.65%China Unicom Hong Kong 300,000 282,504 0.10%CITIC 225,642 301,188 0.11%CITIC Telecom International Holdings 61,000 22,234 0.01%Citychamp Watch & Jewellery Group 608,000 130,302 0.05%Far East Horizon 287,000 268,946 0.09%Guangdong Investment 6,000 12,550 0.00%Guangnan Holdings 38,000 3,805 0.00%Kingboard Holdings 12,000 38,062 0.01%Kingboard Laminates Holdings 23,500 29,132 0.01%Kunlun Energy 172,000 151,961 0.05%Shimao Property Holdings 179,000 693,739 0.24%Techtronic Industries 277,500 2,265,016 0.79%Tianjin Development Holdings 102,000 29,868 0.01%Yuexiu Transport Infrastructure 370,000 329,201 0.11%

Total Hong Kong 14,395,295 5.00% Hungary 1.05% (31 December 2018: 0.95%)Magyar Telekom Telecommunications 19,162 29,028 0.01%MOL Hungarian Oil & Gas 195,006 1,946,729 0.68%OTP Bank 13,901 728,937 0.25%Richter Gedeon 15,051 327,781 0.11%

Total Hungary 3,032,475 1.05% India 8.39% (31 December 2018: 10.71%)Adani Ports & Special Economic Zone 95,966 492,540 0.17%Aurobindo Pharma 98,847 633,455 0.22%Bajaj Holdings & Investment 7,826 374,777 0.13%Bata India 21,559 528,735 0.18%Colgate-Palmolive India 17,734 362,130 0.13%Dabur India 8,056 51,713 0.02%Dr Reddy's Laboratories 4,057 164,633 0.06%Garden Reach Shipbuilders & Engineers 29,252 81,509 0.03%Gujarat Ambuja Exports 7,732 14,416 0.00%HCL Technologies 11,738 93,590 0.03%HDFC Bank 160,898 2,878,664 1.00%Hindustan Petroleum 65,007 240,132 0.08%Hindustan Unilever 12,596 338,973 0.12%Housing Development Finance 62,959 2,129,240 0.74%ICICI Bank 170,136 1,289,673 0.45%Indian Oil 312,019 548,952 0.19%

109


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


India 8.39% (31 December 2018: 10.71%) (continued)Infosys ADR 160,642 1,657,825 0.57%Infosys 27,866 287,299 0.10%InterGlobe Aviation 27,063 505,634 0.18%Just Dial 25,063 200,712 0.07%Lupin 61,786 662,623 0.23%Mahanagar Gas 26,385 393,162 0.14%Multi Commodity Exchange of India 2,910 47,565 0.02%Muthoot Finance 18,591 198,312 0.07%Nestle India 2,019 417,851 0.14%NTPC 887,006 1,479,162 0.51%Oil & Natural Gas 316,474 570,364 0.20%Oracle Financial Services Software 4,232 162,410 0.06%Pfizer 145 8,550 0.00%Pidilite Industries 17,830 346,514 0.12%Power Grid Corp. of India 112,241 299,715 0.10%Procter & Gamble Hygiene & Health Care 419 66,698 0.02%Punjab National Bank 782,489 706,869 0.25%Rajesh Exports 30,031 281,065 0.10%REC 334,096 669,528 0.23%Reliance Industries 5,465 116,074 0.04%State Bank of India 151,007 706,781 0.24%Tata Consultancy Services 77,446 2,349,047 0.81%Wipro 497,676 1,715,766 0.60%WNS Holdings 1,600 105,840 0.04%

Total India 24,178,498 8.39% Indonesia 3.06% (31 December 2018: 2.45%) Bank Central Asia 1,788,900 4,302,316 1.49%Bank Mandiri 937,700 518,139 0.18%Bank Rakyat Indonesia 6,684,600 2,115,850 0.73%Indofood CBP Sukses Makmur 24,800 19,915 0.01%Telekomunikasi Indonesia 6,505,600 1,863,707 0.65%

Total Indonesia 8,819,927 3.06% Malaysia 0.64% (31 December 2018: 1.14%) Carlsberg Brewery Malaysia 14,800 106,436 0.04%Fraser & Neave Holdings 16,600 141,467 0.05%Genting 3,600 5,327 0.00%Genting Malaysia 1,618,000 1,302,356 0.45%Lii Hen Industries BHD 17,400 13,055 0.01%Malayan Banking 43,000 90,867 0.03%Nestle Malaysia 400 14,383 0.01%PBA Holdings 18,500 5,041 0.00%Petronas Gas 3,100 12,602 0.00%Public Bank 24,500 116,525 0.04%Syarikat Takaful Malaysia Keluarga 22,700 31,646 0.01%

Total Malaysia 1,839,705 0.64% Mexico 1.64% (31 December 2018: 2.27%) America Movil 85,586 68,436 0.02%Bolsa Mexicana de Valores 672,600 1,480,974 0.51%

110


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Mexico 1.64% (31 December 2018: 2.27%) (continued) Fomento Economico Mexicano 2,838 268,219 0.09%Gentera 156,900 161,104 0.06%Grupo Aeroportuario del Centro Norte 111,700 837,336 0.29%Grupo Aeroportuario del Pacifico 11,100 132,108 0.05%Grupo Aeroportuario del Sureste 1,322 247,730 0.09%Kimberly-Clark de Mexico ADR 1,433 14,139 0.00%Kimberly-Clark de Mexico 520,024 1,036,248 0.36%Wal-Mart de Mexico 171,619 493,300 0.17%

Total Mexico 4,739,594 1.64% Pakistan 0.02% (31 December 2018: 0.19%) Engro Fertilizers 121,500 57,272 0.02% Panama 0.35% (31 December 2018: 0.41%) Copa Holdings 9,467 1,023,193 0.35% Peru 0.62% (31 December 2018: 0.05%) Southern Copper 42,297 1,796,777 0.62% Philippines 0.69% (31 December 2018: 0.87%) Aboitiz Power 137,100 92,582 0.03%Century Pacific Food 22,200 6,654 0.00%Cosco Capital 652,300 88,240 0.03%Eagle Cement 23,700 6,954 0.00%Filinvest Development 151,300 38,837 0.02%First Gen 37,000 17,643 0.01%Ginebra San Miguel 3,344 2,505 0.00%Globe Telecom 18,355 732,098 0.26%International Container Terminal Services 31,010 78,590 0.03%Manila Electric 72,980 456,578 0.16%Philippine National Bank 39,940 27,203 0.01%Puregold Price Club 196,400 153,980 0.05%San Miguel 74,100 239,939 0.08%Top Frontier Investment Holdings 1,180 4,995 0.00%Vista Land & Lifescapes 179,500 27,397 0.01%

Total Philippines 1,974,195 0.69% Poland 0.56% (31 December 2018: 0.71%) Asseco Poland 23,198 390,544 0.14%PLAY Communications 4,385 40,504 0.01%Polski Koncern Naftowy ORLEN 14,955 338,865 0.12%Powszechny Zaklad Ubezpieczen 77,129 816,013 0.28%Stalexport Autostrady 18,183 14,636 0.01%

Total Poland 1,600,562 0.56% Qatar 0.47% (31 December 2018: 0.23%) Al Khalijmmercial Bank 93,070 33,517 0.01%Al Meeransumer Goods 17,280 72,613 0.03%Qatar Fuel 133,276 838,455 0.29%Qatar Islamic Bank 35,289 148,580 0.05%

111


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Qatar 0.47% (31 December 2018: 0.23%) (continued) United Development 98,696 41,202 0.01%Vodafone Qatar 703,070 223,961 0.08%

Total Qatar 1,358,328 0.47% Russia 5.25% (31 December 2018: 4.70%)Acron 377 29,074 0.01%Bashneft 9,694 268,839 0.09%Federal Grid of Unified Energy System 18,250,000 58,947 0.02%IDGC of Centre & Volga Region 69,520,000 267,513 0.09%IDGC of Volga 36,500,000 52,158 0.02%LENZOLOTO 155 16,970 0.01%LSR Group 7,919 97,408 0.03%LUKOIL ADR - London Listed 23,733 2,363,964 0.82%LUKOIL ADR - OTC 32,227 3,181,127 1.10%Magnitogorsk Iron & Steel Works 31,200 21,073 0.01%MMC Norilsk Nickel 32,067 980,649 0.34%PIK Group 37,490 241,679 0.08%Polyus 11,697 1,337,755 0.46%Rosneft Oil 296,550 2,152,926 0.75%ROSSETI 16,825,000 374,878 0.13%Rostelecom 286,580 361,551 0.13%Severstal 116,390 1,756,965 0.61%Tatneft 1,550 18,958 0.01%X5 Retail Group 45,235 1,560,607 0.54%

Total Russia 15,143,041 5.25% Saudi Arabia 0.91% (31 December 2018: - ) Al Moammar Information Systems 2,601 30,734 0.01%Al Rajhi Bank 89,828 1,566,439 0.54%Mobile Telecommunications Saudi Arabia 9,240 28,917 0.01%Riyad Bank 146,121 935,214 0.33%Saudi Airlines Catering 1,509 41,345 0.01%Saudi Telecom 886 24,041 0.01%

Total Saudi Arabia 2,626,690 0.91% Singapore 1.27% (31 December 2018: 1.38%)BOC Aviation 180,000 1,830,761 0.64%Wilmar International 593,800 1,819,631 0.63%

Total Singapore 3,650,392 1.27% South Africa 4.01% (31 December 2018: 5.12%) Absa Group 90,450 966,478 0.34%African Rainbow Minerals 165,327 1,938,731 0.67%Anglo American Platinum 19,742 1,845,697 0.64%AngloGold Ashanti 18,303 408,889 0.14%Assore 2,010 39,070 0.01%Barloworld 26,301 212,029 0.07%Clicks Group 129,145 2,371,746 0.82%Distell Group Holdings 23,767 225,426 0.08%Gold Fields 35,589 234,887 0.08%

112


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


South Africa 4.01% (31 December 2018: 5.12%) (continued) Harmony Gold Mining 23,653 85,860 0.03%Investec 1,226 7,281 0.00%Motus Holdings 40,236 234,720 0.08%MultiChoice Group 22,681 189,265 0.07%Netcare 387,214 538,863 0.19%Old Mutual 87,612 122,291 0.04%Sasol 97,569 2,120,227 0.74%Super Group/South Africa 7,888 16,043 0.01%

Total South Africa 11,557,503 4.01% South Korea 11.96% (31 December 2018: 12.33%) AtlasBX 535 23,640 0.01%Binggrae 3,217 155,691 0.05%BYC 61 12,467 0.00%Cheil Worldwide 15,376 319,730 0.11%CJ Hello 11,730 61,272 0.02%Daekyo 5,277 27,826 0.01%Daelim Industrial 3,649 285,460 0.10%DB HiTek 7,322 174,745 0.06%DB Insurance 40,020 1,807,766 0.63%Dong-Il 2,149 137,698 0.05%e-Credible 1,021 16,377 0.01%Fursys 1,077 27,473 0.01%Hana Financial Group 25,230 802,516 0.28%Hanwha Aerospace 8,718 263,709 0.09%Hanwha Chemical 7,120 115,748 0.04%Hyundai Glovis 716 88,344 0.03%Hyundai Mobis 6,706 1,483,639 0.51%Hyundai Motor 23,121 1,432,044 0.50%InBody 2,285 46,619 0.02%Industrial Bank of Korea 14,870 151,575 0.05%Innox Advanced Materials 1,552 71,798 0.02%JLS 3,485 22,855 0.01%KB Financial Group 21,330 878,752 0.30%Kia Motors 59,722 2,280,814 0.79%Korea Aerospace Industries 21,805 641,757 0.22%Korea Electric Power 484 11,612 0.00%Korea Investment Holdings 5,248 327,745 0.11%Korea Shipbuilding & Offshore Engineering 16,499 1,795,335 0.62%Korea Zinc 1,855 681,667 0.24%KT 785 9,106 0.00%KT&G 3,549 287,141 0.10%LG 6,741 429,520 0.15%LG Electronics 16,326 1,014,126 0.35%Macquarie Korea Infrastructure Fund 35,223 353,311 0.12%MegaStudyEdu 5,391 193,684 0.07%Namyang Dairy Products 92 34,964 0.01%NICE Information Service 14,282 172,104 0.06%Partron 34,763 396,144 0.14%POSCO 9,874 2,007,027 0.70%Pureun Mutual Savings Bank 1,014 6,858 0.00%

113


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


South Korea 11.96% (31 December 2018: 12.33%) (continued)RedcapTour 1,396 18,879 0.01%S&T Motiv 1,990 73,564 0.03%S-1 2,314 187,489 0.07%Samsung Electronics - Preference Shares 17,522 686,019 0.24%Samsung Electronics 198,013 9,541,629 3.31%Samsung Engineering 14,799 244,572 0.08%Samsung Life Insurance 1,294 83,191 0.03%Samsung Securities 1,755 58,451 0.02%Sangsangin 13,746 102,936 0.04%Shinhan Financial Group 31,160 1,168,275 0.41%SK Hynix 33,388 2,715,705 0.94%SK Networks 32,806 168,232 0.06%SK Telecom 1,341 276,311 0.10%UniTest 7,912 97,943 0.03%

Total South Korea 34,473,855 11.96% Taiwan 10.28% (31 December 2018: 9.08%) Asia Cement 204,000 326,542 0.11%Catcher Technology 231,000 1,749,689 0.61%Chailease Holding 370,910 1,709,835 0.59%Chipbond Technology 301,000 676,428 0.23%ChipMOS Technologies 514,000 588,190 0.20%Chunghwa Telecom 81,000 297,141 0.10%Compal Electronics 978,000 616,002 0.21%Compeq Manufacturing 138,000 208,097 0.07%E.Sun Financial Holding 423,085 394,280 0.14%Elan Microelectronics 238,000 725,067 0.25%Far EasTone Telecommunications 120,000 288,618 0.10%Feng TAY Enterprise 56,600 368,382 0.13%First Financial Holding 427,230 338,058 0.12%Formosa Taffeta 5,000 5,704 0.00%Fubon Financial Holding 7,000 10,840 0.00%Great Taipei Gas 17,000 17,742 0.01%Hey Song 13,000 14,115 0.01%Hon Hai Precision Industry 577,000 1,750,338 0.61%Hua Nan Financial Holdings 469,252 344,665 0.12%International Games System 4,000 52,035 0.02%King Yuan Electronics 75,000 94,081 0.03%Lite-On Technology 1,258,000 2,071,237 0.72%Macronix International 141,000 175,279 0.06%MediaTek 22,000 325,976 0.11%Pegatron 100,000 228,691 0.08%Pou Chen 526,000 688,052 0.24%Radiant Opto-Electronics 145,000 580,562 0.20%Realtek Semiconductor 149,000 1,170,877 0.41%Sitronix Technology 21,000 117,434 0.04%Synnex Technology International 87,000 108,875 0.04%Taiflex Scientific 52,000 83,367 0.03%Taiwan Cooperative Financial Holding 99,910 69,152 0.02%Taiwan FamilyMart/Taiwan 19,000 138,490 0.05%Taiwan Fire & Marine Insurance 18,000 12,552 0.00%

114


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Taiwan 10.28% (31 December 2018: 9.08%) (continued)Taiwan Mobile 81,000 302,654 0.11%Taiwan Semiconductor Manufacturing ADR 62,400 3,625,440 1.26%Taiwan Semiconductor Manufacturing 588,000 6,507,884 2.26%Taiwan Shin Kong Security 5,000 6,220 0.00%Ten Ren Tea 5,000 6,679 0.00%Topco Scientific 26,000 91,591 0.03%Tripod Technology 182,000 763,891 0.27%Ttet Union 11,666 47,117 0.02%Unimicron Technology 89,000 125,406 0.04%Union Bank Of Taiwan 291,040 107,219 0.04%United Integrated Services 59,000 385,833 0.13%Wistron 1,007,000 953,355 0.33%Wiwynn 13,000 274,837 0.10%Zeng Hsing Industrial 17,000 75,195 0.03%

Total Taiwan 29,619,714 10.28% Thailand 2.75% (31 December 2018: 2.30%) Advanced Info Service 131,000 931,783 0.32%Bangkok Bank NVDR 153,600 819,592 0.28%Bangkok Bank 45,100 240,647 0.08%CP ALL 82,700 200,245 0.07%Electricity Generating 48,200 527,800 0.18%Krung Thai Bank 481,900 263,845 0.09%LH Financial Group 793,300 36,019 0.01%PTG Energy 96,800 52,030 0.02%PTT 97,100 144,097 0.05%Ratch Group 570,900 1,310,333 0.46%Siammmercial Bank 174,100 711,572 0.25%Siam Commercial Bank NVDR 320,500 1,303,300 0.45%Thanachart Capital 56,500 100,914 0.04%Tisco Financial Group 374,300 1,240,221 0.43%TTW 98,700 45,472 0.02%

Total Thailand 7,927,870 2.75% Turkey 1.19% (31 December 2018: 0.36%)Akbank 811,914 1,105,552 0.38%Anadolu Anonim Turk Sigorta Sirketi 12,456 9,198 0.00%BIM Birlesik Magazalar 1,622 12,718 0.01%Ford Otomotiv Sanayi 90,943 1,082,428 0.38%TAV Havalimanlari Holding 18,171 89,036 0.03%Tupras Turkiye Petrol Rafinerileri 52,643 1,121,298 0.39%

Total Turkey 3,420,230 1.19% United Arab Emirates 1.17% (31 December 2018: 0.92%) Abu Dhabi Commercial Bank 898,457 1,939,806 0.67%Abu Dhabi National Oil for Distribution 161,339 129,994 0.05%Aramex 7,947 7,724 0.00%Emaar Development 12,689 13,531 0.00%Emaar Properties 258,708 283,443 0.10%Emirates NBD Bank 274,648 972,033 0.34%

115


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


United Arab Emirates 1.17% (31 December 2018: 0.92%) (continued) National Bank of Ras Al-Khaimah 22,467 29,027 0.01%

Total United Arab Emirates 3,375,558 1.17% United Kingdom 0.63% (31 December 2018: 1.12%) Standard Chartered 191,699 1,806,602 0.63% United States 1.46% (31 December 2018: 2.13%) Cognizant Technology Solutions 43,496 2,697,622 0.93%Flex 120,137 1,516,129 0.53%



Brazil 0.01% (31 December 2018: 0.00)FII BTG Pactualorate Office Fund 299 8,754 0.01% Hong Kong 0.01% (31 December 2018: 0.04%) Yuexiu Real Estate Investment Trust 24,743 16,771 0.01% Ireland 0.75% (31 December 2018: 0.85%)Fidelity Institutional Liquidity Fund - USD 204 2,157,774 0.75% Mexico 0.24% (31 December 2018: 0.22%) Macquarie Mexico Real Estate Management 223,582 292,679 0.10%Prologis Property Mexico 183,123 407,285 0.14%

Total Mexico 699,964 0.24% South Africa 0.00% (31 December 2018: 0.10%) Redefine Properties 12,664 6,849 0.00%

Total Transferable Securities 2,890,112 1.01%


Fair ValueUSD

% of Sub-Fund NAV*

Corporate Bonds 0.00% (31 December 2018: - )

India 0.00% (31 December 2018: - )Britannia Industries INR 138 28/08/2022 8.00% 2 0.00%

Total Corporate Bonds 2 0.00%


116


Financial Derivative Instruments 0.02% (31 December 2018: 0.02%)



NotionalAmount


USD% of Sub-

Fund NAV*MSCI Emerging Markets Index 20 March 2020 UBS 41 2,225,685 68,265 0.02%MSCI Emerging Markets Index 20 March 2020 Credit Suisse 2 108,740 3,160 0.00%Total Futures Contracts 71,425 0.02%

Open Forward Foreign Exchange Contracts held for Class Hedging Purposes 0.00% (31 December 2018: 0.00%)



USD% of Sub-

Fund NAV*EUR 715,901 USD (799,630) Brown Brothers Harriman 17/01/2020 4,686 0.00%EUR 7,978 USD (8,900) Brown Brothers Harriman 17/01/2020 64 0.00%EUR 6,692 USD (7,470) Brown Brothers Harriman 17/01/2020 49 0.00%EUR 3,780 USD (4,198) Brown Brothers Harriman 17/01/2020 48 0.00%EUR 7,755 USD (8,667) Brown Brothers Harriman 17/01/2020 46 0.00%EUR 12,278 USD (13,769) Brown Brothers Harriman 17/01/2020 26 0.00%EUR 1,105 USD (1,233) Brown Brothers Harriman 17/01/2020 9 0.00%EUR 948 USD (1,055) Brown Brothers Harriman 17/01/2020 9 0.00%EUR 290 USD (324) Brown Brothers Harriman 17/01/2020 2 0.00%EUR 182 USD (204) Brown Brothers Harriman 17/01/2020 1 0.00%EUR 4 USD (4) Brown Brothers Harriman 17/01/2020 0 0.00%EUR 13 USD (14) Brown Brothers Harriman 17/01/2020 0 0.00%EUR 0 USD (0) Brown Brothers Harriman 17/01/2020 0 0.00%USD 1 EUR (1) Brown Brothers Harriman 17/01/2020 (0) (0.00%)USD 1 EUR (1) Brown Brothers Harriman 17/01/2020 (0) (0.00%)USD 2 EUR (1) Brown Brothers Harriman 17/01/2020 (0) (0.00%)USD 0 EUR (0) Brown Brothers Harriman 17/01/2020 (0) (0.00%)USD 10 EUR (9) Brown Brothers Harriman 17/01/2020 (0) (0.00%)USD 15 EUR (13) Brown Brothers Harriman 17/01/2020 (0) (0.00%)USD 95 EUR (86) Brown Brothers Harriman 17/01/2020 (1) (0.00%)



Centrally Cleared Contracts for Difference (0.00%) (31 December 2018: 0.03%)



USD% of Sub-

Fund NAV*CFD on Credicorp UBS (1,358,681) (1,049) (0.00%)Total Centrally Cleared Contracts for Difference (1,049) (0.00%)


117

Fidelity Global Emerging Markets Equity Fund

SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 DECEMBER 2019

Portfolio Analysis USD % of Sub-

Fund Assets(a) Transferable securities admitted to an official stock exchange listing 280,464,004 97.05%(b) Transferable securities dealt in on another regulated market 2,157,776 0.75%(c) Financial derivative instruments 75,315 0.03%(d) Other assets 6,258,171 2.17%Total Assets 288,955,266 100.00%*The percentage of net assets disclosed above is subject to rounding.

118


STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2019

The accompanying notes form an integral part of the financial statements.

Fidelity Europe ex-UK Equity Fund1 Fidelity Japan Equity Fund2

31 December 2019 31 December 2018 31 December 2019 31 December 2018Note EUR EUR JPY JPY

Current Assets Cash and Cash Equivalents 2c, 3 14,315,833 6,155,212 873,099,147 1,222,143,182 Margin Cash Due from Broker 4 619,373 340,456 20,888,083 52,327,939 Financial Assets at Fair Value Through Profit or Loss 2b, 11f 483,952,119 219,893,685 25,868,355,954 21,860,143,928 Financial Derivative Instruments 2d, 2e, 2f, 2g – – 73,517 15,359 Investments Sold awaiting settlement 2t 308,921 6,155 53,980,713 5,951 Capital Units Sold awaiting settlement 41,182 – 2,054,563 – Dividends Receivable 5,323 55,723 47,573,521 44,241,685

Total Assets 499,242,751 226,451,231 26,866,025,498 23,178,878,044

Current Liabilities Financial Derivative Instruments 2e, 2f, 2g, 2h 43,884 59,307 2,701,382 14,003,568 Investments Purchased awaiting settlement 2t – – 70,496,505 30,173,894 Capital Units Redeemed awaiting settlement 1,724 – 196,311,232 426,533,951 Management Fees Payable 7 304,221 137,163 16,583,812 14,343,502

Total Liabilities 349,829 196,470 286,092,931 485,054,915Net Assets Attributable to Holders of Redeemable Participating Units 498,892,922 226,254,761 26,579,932,567 22,693,823,129

Fidelity North America Equity Fund3 Fidelity UK Equity Fund4

31 December 2019 31 December 2018 31 December 2019 31 December 2018Note USD USD GBP GBP

Current Assets Cash and Cash Equivalents 2c, 3 21,772,226 18,836,241 15,657,591 12,585,868 Cash Collateral Due from Broker 4 210,000 – – 2,650,000 Margin Cash Due from Broker 4 468,653 835,753 194,607 530,858 Financial Assets at Fair Value Through Profit or Loss 2b, 11f 866,732,804 728,037,441 445,418,914 387,555,399 Financial Derivative Instruments 2d, 2e, 2f, 2g 231,707 37,961 1,501,183 48,259 Investments Sold awaiting settlement 2t 392,163 – 84,820 356,623 Capital Units Sold awaiting settlement 154,425 – 12,036 – Dividends Receivable 730,850 819,841 1,180,258 1,166,047 Other Assets – 13,482 – 999

Total Assets 890,692,828 748,580,719 464,049,409 404,894,053

Current Liabilities Margin Cash Due to Broker 4 – – 161 94,251 Financial Derivative Instruments 2e, 2f, 2g, 2h 234,182 252,173 338,276 2,388,113 Investments Purchased awaiting settlement 2t 608,115 – 366,213 376,322 Capital Units Redeemed awaiting settlement 4,558,610 – 1,375,939 1,052,874 Dividends Payable on Contracts for Difference – – – 681 Management Fees Payable 7 422,984 360,431 279,684 250,220 Other Liabilities – – – 2,970

Total Liabilities 5,823,891 612,604 2,360,273 4,165,431Net Assets Attributable to Holders of Redeemable Participating Units 884,868,937 747,968,115 461,689,136 400,728,622

119


STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 2019


Fidelity Global Aggregate Bond Fund5 Fidelity Global Sub-IG Fixed Income Fund6

31 December 2019 31 December 2018 31 December 2019 31 December 2018Note GBP GBP GBP GBP

Current Assets Cash and Cash Equivalents 2c, 3 10,464,895 6,558,496 5,306,423 3,934,031 Cash Collateral Due from Broker 4 3,773,281 4,866,978 294,395 420,069 Margin Cash Due from Broker 4 542,610 156,700 640,054 353,631 Financial Assets at Fair Value Through Profit or Loss 2b, 11f 344,627,631 338,972,723 94,970,259 83,367,040 Financial Derivative Instruments 2d, 2e, 2f, 2g 7,179,816 3,915,444 4,386,597 1,450,316 Investments Sold awaiting settlement 2t 66,865,639 34,123,672 8,273 3,997,446 Capital Units Sold awaiting settlement 78,276 – 71,350 – Interest Receivable on Cash Collateral 3,843 – – – Dividends Receivable – 14,397 – – Interest Receivable from Financial Assets at Fair Value Through Profit or Loss 1,635,065 1,806,766 1,710,147 1,314,808 Interest Receivable on Financial Derivative Instruments 110,176 21,325 68,589 4,847 Other Assets 19 26 – –

Total Assets 435,281,251 390,436,527 107,456,087 94,842,188

Current Liabilities Cash Collateral Due to Broker 4 2,410,039 211,212 – – Margin Cash Due to Broker 4 689,092 95,966 7,536 143 Financial Derivative Instruments 2e, 2f, 2g, 2h 3,250,950 6,583,372 2,087,853 1,729,433 Reverse Repurchase Agreements 2b, 2 , 1 f 3,004,029 – – – Investments Purchased awaiting settlement 2t 119,531,011 84,547,391 599,645 3,898,297 Capital Units Redeemed awaiting settlement – 1,583,210 2,739 – Interest Payable on Cash Collateral 322 10,411 – – Interest Payable on Financial Derivative Instruments 71,507 11,316 107,483 25,693 Interest Payable on Reverse Repurchase Agreements 2,699 – – – Capital Gain Tax Payable 2p 180,365 95,058 64,424 22,126 Management Fees Payable 7 134,568 126,084 58,811 49,480

Total Liabilities 129,274,582 93,264,020 2,928,491 5,725,172Net Assets Attributable to Holders of Redeemable Participating Units 306,006,669 297,172,507 104,527,596 89,117,016

120




Fidelity Asia Pacific ex-Japan Equity Fund7 Fidelity Alternative Listed Equity Fund8

31 December 2019 31 December 2018 31 December 2019 31 December 2018Note USD USD GBP GBP

Current Assets Cash and Cash Equivalents 2c, 3 6,393,328 10,072,231 10,148,732 6,923,211 Margin Cash Due from Broker 4 416,392 673,295 187,488 73,791 Financial Assets at Fair Value Through Profit or Loss 2b, 11f 301,370,606 257,372,564 40,883,073 32,206,775 Financial Derivative Instruments 2d, 2e, 2f, 2g 59,562 82,573 198,234 29,283 Investments Sold awaiting settlement 2t 323,518 300,668 272 – Capital Units Sold awaiting settlement 19,398 – 33,034 – Dividends Receivable 674,765 382,874 56,800 82,359 Other Assets 12 – – –

Total Assets 309,257,581 268,884,205 51,507,633 39,315,419

Current Liabilities Margin Cash Due to Broker 4 1,726 – – – Financial Derivative Instruments 2e, 2f, 2g, 2h 1 47,455 189,424 46,117 Investments Purchased awaiting settlement 2t 148,262 217,113 – – Capital Units Redeemed awaiting settlement 4,829 – 63 – Management Fees Payable 7 211,598 177,671 15,714 11,723

Total Liabilities 366,416 442,239 205,201 57,840Net Assets Attributable to Holders of Redeemable Participating Units 308,891,165 268,441,966 51,302,432 39,257,579

Fidelity Global Emerging Markets Equity Fund9

31 December 2019 31 December 2018Note USD USD

Current Assets Cash and Cash Equivalents 2c, 3 5,259,981 8,436,601 Margin Cash Due from Broker 4 144,846 351,378 Financial Assets at Fair Value Through Profit or Loss 2b, 11f 282,621,780 232,791,238 Financial Derivative Instruments 2d, 2e, 2f, 2g 76,365 71,571 Investments Sold awaiting settlement 2t – 245,325 Capital Units Sold awaiting settlement 20,268 – Dividends Receivable 832,026 539,822

Total Assets 288,955,266 242,435,935

Current Liabilities Financial Derivative Instruments 2e, 2f, 2g, 2h 1,050 23,958 Investments Purchased awaiting settlement 2t 3,107 427 Capital Shares Redeemed awaiting settlement 6,267 – Capital Gain Tax Payable 2p 576,576 42,732 Management Fees Payable 7 196,680 158,470 Other Liabilities – 799

Total Liabilities 783,680 226,386 Net Assets Attributable to Holders of Redeemable Participating Units 288,171,586 242,209,549

1 The Sub-Fund launched on 20 June 2018. 2 The Sub-Fund launched on 27 June 2018. 3 The Sub-Fund launched on 11 July 2018. 4 The Sub-Fund launched on 23 July 2018. 5 The Sub-Fund launched on 6 August 2018. 6 The Sub-Fund launched on 14 August 2018. 7 The Sub-Fund launched on 20 August 2018. 8 The Sub-Fund launched on 3 September 2018. 9 The Sub-Fund launched on 5 September 2018.

121




Fidelity Europe ex-UK Equity Fund Class I Acc EUR Class G Acc EUR Class G Acc GBPNet Asset Value EUR EUR GBPAs at 31 December 2019 497,418,054 1,470,229 3,931 As at 31 December 2018 226,187,343 67,418 – Net Asset Value per Unit EUR EUR GBPAs at 31 December 2019 10.81 10.93 1.02 As at 31 December 2018 8.70 8.79 – Units In Issue As at 31 December 2019 46,009,972 134,568 3,871 As at 31 December 2018 26,000,697 7,669 –

Fidelity Japan Equity Fund Class I Acc JPY Class G Acc EUR Hedged Class G Acc GBPNet Asset Value JPY EUR GBP As at 31 December 2019 26,509,871,040 569,834 3,820As at 31 December 2018 22,690,597,502 25,718 –Net Asset Value per Unit JPY EUR GBPAs at 31 December 2019 1,007.09 10.15 0.99As at 31 December 2018 857.29 8.70 –Units In Issue As at 31 December 2019 26,323,303 56,160 3,871 As at 31 December 2018 26,467,827 2,957 –t

Fidelity North America Equity Fund Class I Acc USD Class G Acc EUR Hedged Class G Acc GBPNet Asset Value USD EUR GBPAs at 31 December 2019 879,310,356 4,947,361 3,901 As at 31 December 2018 747,787,654 157,863 – Net Asset Value per Unit USD EUR GBPAs at 31 December 2019 11.42 10.47 1.01 As at 31 December 2018 9.15 8.67 – Units In Issue As at 31 December 2019 77,012,851 472,732 3,871 As at 31 December 2018 81,719,180 18,210 –

Fidelity UK Equity Fund Class I Acc GBP Class G Acc EUR Hedged Class G Acc GBPNet Asset Value GBP EUR GBPAs at 31 December 2019 461,248,473 515,247 4,078 As at 31 December 2018 400,691,183 41,711 – Net Asset Value per Unit GBP EUR GBPAs at 31 December 2019 1.07 10.42 1.05 As at 31 December 2018 0.89 8.79 – Units In Issue As at 31 December 2019 432,486,446 49,432 3,895 As at 31 December 2018 450,843,733 4,745 –

122




Fidelity Global Aggregate Bond Fund

Class I Acc GBP Class G Acc EUR Hedged Class G Acc GBPNet Asset Value GBP EUR GBPAs at 31 December 2019 302,874,092 3,692,417 3,883 As at 31 December 2018 296,731,065 491,817 – Net Asset Value per Unit GBP EUR GBPAs at 31 December 2019 10.63 10.46 10.01 As at 31 December 2018 10.01 10.00 – Units In Issue As at 31 December 2019 28,500,509 353,010 388 As at 31 December 2018 29,641,937 49,199 –

Fidelity Global Sub-IG Fixed Income Fund

Class I Acc GBP Class G Acc EUR Hedged Class G Acc GBPNet Asset Value GBP EUR GBPAs at 31 December 2019 102,388,332 2,520,008 3,986 As at 31 December 2018 88,945,095 191,541 – Net Asset Value per Unit GBP EUR GBPAs at 31 December 2019 10.94 10.76 10.27 As at 31 December 2018 9.71 9.67 – Units In Issue As at 31 December 2019 9,358,818 234,178 388 As at 31 December 2018 9,161,717 19,817 –

Fidelity Asia Pacific ex-Japan Equity Fund

Class I Acc USD Class G Acc EUR Hedged Class G Acc GBPNet Asset Value USD EUR GBPAs at 31 December 2019 308,063,545 732,584 3,996 As at 31 December 2018 268,402,788 34,272 – Net Asset Value per Unit USD EUR GBPAs at 31 December 2019 10.49 9.91 1.03 As at 31 December 2018 9.03 8.82 – Units In Issue As at 31 December 2019 29,366,483 73,919 3,871 As at 31 December 2018 29,717,453 3,887 –

Fidelity Alternative Listed Equity Fund

Class I Acc GBP Class G Acc EUR Hedged Class I Acc EUR HedgedNet Asset Value GBP EUR EUR As at 31 December 2019 45,697,855 1,403,096 5,206,659 As at 31 December 2018 39,209,775 53,258 –Net Asset Value per Unit GBP EUR EUR As at 31 December 2019 1.02 9.99 10.30 As at 31 December 2018 0.96 9.57 – Units In Issue As at 31 December 2019 44,807,333 140,519 505,453 As at 31 December 2018 40,693,050 5,568 –

Class G Acc GBP Net Asset Value GBP As at 31 December 2019 3,935 As at 31 December 2018 – Net Asset Value per Unit GBP As at 31 December 2019 1.01 As at 31 December 2018 – Units In Issue As at 31 December 2019 3,880 As at 31 December 2018 –

123





Class I Acc USD Class G Acc EUR Hedged Class G Acc GBP HedgedNet Asset Value USD EUR GBPAs at 31 December 2019 287,308,017 764,610 3,996 As at 31 December 2018 242,196,817 11,138 – Net Asset Value per Unit USD EUR GBPAs at 31 December 2019 11.27 10.74 1.03 As at 31 December 2018 9.58 9.44 – Units In Issue As at 31 December 2019 25,503,692 71,170 3,880 As at 31 December 2018 25,282,394 1,180 –

Signed on behalf of the Board of Directors by:

24 April 2020 24 April 2020

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g

24 April 2020 2222224 April 202222 20

Fidelity Common Contractual Fund II STATEMENT OF COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019



31 December 2019 31 December 2018 31 December 2019 31 December 2018 Note EUR EUR JPY JPY Operating Income Dividend Income 2m 14,263,448 1,410,242 639,867,317 272,040,154 Miscellaneous Income 65 – 256 49 Net Gain/(Loss) on Financial Assets at Fair Value Through Profit or Loss and Financial Derivative Instruments 13 75,826,197 (28,708,802) 3,594,555,338 (3,930,697,241) Total Operating Income/(Loss) 90,089,710 (27,298,560) 4,234,422,911 (3,658,657,038) Operating Expenses Management Fees 7 3,041,396 915,648 173,223,630 93,242,669 Transaction Costs 2n, 10 613,803 436,123 5,783,044 9,847,458 Other Expenses 4,391 1,720 – – Total Operating Expenses 3,659,590 1,353,491 179,006,674 103,090,127 Finance Costs Interest Expenses 47,643 5,774 2,314,574 330,316 Overdraft Expense 1,262 15,109 11,381 1,333,511 Total Finance Costs 48,905 20,883 2,325,955 1,663,827 Net Investment Income/(Loss) for the Financial Year before Tax 86,381,215 (28,672,934) 4,053,090,282 (3,763,410,992) Foreign Withholding Tax 2p (1,995,193) (237,287) (97,995,700) (41,662,924) Net Investment Income/(Loss) for the Financial Year after Tax 84,386,022 (28,910,221) 3,955,094,582 (3,805,073,916) Net Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Units from Operations 84,386,022 (28,910,221) 3,955,094,582 (3,805,073,916)

125


STATEMENT OF COMPREHENSIVE INCOME (CONTINUED) FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019



31 December 2019 31 December 2018 31 December 2019 31 December 2018 Note USD USD GBP GBP Operating Income Interest on Cash 478,273 169,871 90,412 45,326 Dividend Income 2m 14,049,251 6,315,329 18,217,626 8,226,876 Miscellaneous Income 138 577 55 190 Net Gain/(Loss) on Financial Assets at Fair Value Through Profit or Loss and Financial Derivative Instruments 13 173,445,706 (80,535,725) 64,834,994 (64,749,835) Total Operating Income/(Loss) 187,973,368 (74,049,948) 83,143,087 (56,477,443) Operating Expenses Management Fees 7 4,599,503 2,154,356 3,110,780 1,397,385 Transaction Costs 2n, 10 159,234 263,532 593,725 2,402,969 Dividend Expenses on Contracts for Difference 32,778 – 21,566 15,810 Other Expenses 18,819 9,388 – – Total Operating Expenses 4,810,334 2,427,276 3,726,071 3,816,164 Finance Costs Overdraft Expense 25 160 355 454 Total Finance Costs 25 160 355 454 Net Investment Income/(Loss) for the Financial Year before Tax 183,163,009 (76,477,384) 79,416,661 (60,294,061) Foreign Withholding Tax 2p (1,954,689) (824,224) (317,654) (156,124) Net Investment Income/(Loss) for the Financial Year after Tax 181,208,320 (77,301,608) 79,099,007 (60,450,185) Net Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Units from Operations 181,208,320 (77,301,608) 79,099,007 (60,450,185)

126





31 December 2019 31 December 2018 31 December 2019 31 December 2018 Note GBP GBP GBP GBP Operating Income Interest from Financial Assets at Fair Value Through Profit or Loss 6,232,763 2,263,890 6,745,894 1,953,896 Interest on Financial Derivative Instruments 1,505,800 260,370 564,930 136,867 Interest on Cash 176,042 53,081 68,419 24,307 Dividend Income 2m 73,621 43,680 – – Miscellaneous Income 1,014 70 – 6,333 Net Gain/(Loss) on Financial Assets at Fair Value Through Profit or Loss and Financial Derivative Instruments 13 12,778,328 (949,842) 5,567,470 (4,410,279) Total Operating Income/(Loss) 20,767,568 1,671,249 12,946,713 (2,288,876) Operating Expenses Interest Expense on Financial Assets at Fair Value Through Profit or Loss 5,719 – – – Interest Expense on Financial Derivative Instruments 1,260,424 166,702 668,278 197,126 Interest Expense on Reverse Repurchase Agreements 3,750 – – – Management Fees 7 1,510,874 586,411 643,663 224,926 Transaction Costs 2n, 10 24,292 22,732 72,765 1,235 Capital Gain Tax Expenses 85,308 87,581 42,300 22,126 Other Expenses 6,976 938 2,148 – Total Operating Expenses 2,897,343 864,364 1,429,154 445,413 Finance Costs Interest Expenses 29,466 10,857 – – Overdraft Expense 3,964 530 – 913 Total Finance Costs 33,430 11,387 – 913 Net Investment Income/(Loss) for the Financial Year before Tax 17,836,795 795,498 11,517,559 (2,735,202) Foreign Withholding Tax 2p (156,396) (2,826) (72,596) (30,999) Net Investment Income/(Loss) for the Financial Year after Tax 17,680,399 792,672 11,444,963 (2,766,201) Net Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Units from Operations 17,680,399 792,672 11,444,963 (2,766,201)

127





31 December 2019 31 December 2018 31 December 2019 31 December 2018 Note USD USD GBP GBP Operating Income Interest on Cash 178,380 72,762 44,348 12,994 Dividend Income 2m 9,261,498 2,063,053 2,021,343 519,957 Miscellaneous Income – 2,479 27 41 Net Gain/(Loss) on Financial Assets at Fair Value Through Profit or Loss and Financial Derivative Instruments 13 38,144,857 (28,616,722) 295,817 (2,166,620) Total Operating Income/(Loss) 47,584,735 (26,478,428) 2,361,535 (1,633,628) Operating Expenses Management Fees 7 2,355,599 755,278 154,230 45,060 Transaction Costs 2n, 10 749,787 479,507 22,198 42,351 Other Expenses 8,018 3,012 – – Total Operating Expenses 3,113,404 1,237,797 176,428 87,411 Finance Costs Overdraft Expense 6,387 2,803 5 83 Total Finance Costs 6,387 2,803 5 83 Net Investment Income/(Loss) for the Financial Year before Tax 44,464,944 (27,719,028) 2,185,102 (1,721,122) Foreign Withholding Tax 2p (991,969) (194,379) (8,003) (1,162) Net Investment Income/(Loss) for the Financial Year after Tax 43,472,975 (27,913,407) 2,177,099 (1,722,284) Net Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Units from Operations 43,472,975 (27,913,407) 2,177,099 (1,722,284)

128





31 December 2019 31 December 2018 Note USD USD Operating Income Interest on Cash 148,734 44,063 Dividend Income 2m 9,304,992 2,398,447 Miscellaneous Income 29 1,163 Net Gain/(Loss) on Financial Assets at Fair Value Through Profit or Loss and Financial Derivative Instruments 13 38,034,303 (11,774,943) Total Operating Income/(Loss) 47,488,058 (9,331,270) Operating Expenses Management Fees 7 2,143,117 578,179 Transaction Costs 2n, 10 550,432 419,577 Capital Gain Tax Expenses 534,967 51,182 Dividend Expenses on Contracts for Difference 19,541 – Other Expenses 29,271 14,280 Total Operating Expenses 3,277,328 1,063,218 Finance Costs Overdraft Expense 6,087 5,815 Total Finance Costs 6,087 5,815 Net Investment Income/(Loss) for the Financial Year before Tax 44,204,643 (10,400,303) Foreign Withholding Tax 2p (1,190,133) (311,590) Net Investment Income/(Loss) for the Financial Year after Tax 43,014,510 (10,711,893) Net Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Units from Operations 43,014,510 (10,711,893) 1 The Sub-Fund launched on 20 June 2018. 2 The Sub-Fund launched on 27 June 2018. 3 The Sub-Fund launched on 11 July 2018. 4 The Sub-Fund launched on 23 July 2018. 5 The Sub-Fund launched on 6 August 2018. 6 The Sub-Fund launched on 14 August 2018. 7 The Sub-Fund launched on 20 August 2018. 8 The Sub-Fund launched on 3 September 2018. 9 The Sub-Fund launched on 5 September 2018. There are no gains or losses other than those included in the Statement of Comprehensive Income. In arriving at the results for the financial year all amounts relate to continuing operations.

129


STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING UNITS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019



31 December 2019 31 December 2018 31 December 2019 31 December 2018 EUR EUR JPY JPYIncrease/(Decrease) in Net Assets Net Increase/(Decrease) in Net Assets Attributable to

Holders of Redeemable Participating Units from Operations 84,386,022 (28,910,221) 3,955,094,582 (3,805,073,916)

Capital Transactions Subscriptions 213,407,137 258,495,513 1,512,922,621 27,987,408,844 Redemptions (25,154,998) (3,330,531) (1,581,907,765) (1,488,511,799) Total Capital Transactions 188,252,139 255,164,982 (68,985,144) 26,498,897,045 Total Increase/(Decrease) for the Year/Period 272,638,161 226,254,761 3,886,109,438 22,693,823,129Net Assets Attributable to Holders of Redeemable Participating Units Beginning of the Year/Period 226,254,761 – 22,693,823,129 –End of the Year/Period 498,892,922 226,254,761 26,579,932,567 22,693,823,129


31 December 2019 31 December 2018 31 December 2019 31 December 2018 USD USD GBP GBPIncrease/(Decrease) in Net Assets Net Increase/(Decrease) in Net Assets Attributable to

Holders of Redeemable Participating Units from Operations 181,208,320 (77,301,608) 79,099,007 (60,450,185)

Capital Transactions Subscriptions 29,683,564 874,376,118 13,095,777 497,147,238 Redemptions (73,991,062) (49,106,395) (31,234,270) (35,968,431) Total Capital Transactions (44,307,498) 825,269,723 (18,138,493) 461,178,807 Total Increase/(Decrease) for the Year/Period 136,900,822 747,968,115 60,960,514 400,728,622Net Assets Attributable to Holders of Redeemable Participating Units Beginning of the Year/Period 747,968,115 – 400,728,622 –End of the Year/Period 884,868,937 747,968,115 461,689,136 400,728,622


31 December 2019 31 December 2018 31 December 2019 31 December 2018 GBP GBP GBP GBPIncrease/(Decrease) in Net Assets Net Increase/(Decrease) in Net Assets Attributable to

Holders of Redeemable Participating Units from Operations 17,680,399 792,672 11,444,963 (2,766,201)

Capital Transactions Subscriptions 9,631,040 300,624,191 6,258,478 93,488,254 Redemptions (18,477,277) (4,244,356) (2,292,861) (1,605,037) Total Capital Transactions (8,846,237) 296,379,835 3,965,617 91,883,217 Total Increase/(Decrease) for the Year/Period 8,834,162 297,172,507 15,410,580 89,117,016Net Assets Attributable to Holders of Redeemable Participating Units Beginning of the Year/Period 297,172,507 – 89,117,016 –End of the Year/Period 306,006,669 297,172,507 104,527,596 89,117,016

130


STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING UNITS (CONTINUED) FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019



31 December 2019 31 December 2018 31 December 2019 31 December 2018 USD USD GBP GBPIncrease/(Decrease) in Net Assets Net Increase/(Decrease) in Net Assets Attributable to

Holders of Redeemable Participating Units from Operations 43,472,975 (27,913,407) 2,177,099 (1,722,284)

Capital Transactions Subscriptions 8,601,366 297,770,330 9,929,461 41,440,298 Redemptions (11,625,142) (1,414,957) (61,707) (460,435) Total Capital Transactions (3,023,776) 296,355,373 9,867,754 40,979,863 Total Increase/(Decrease) for the Year/Period 40,449,199 268,441,966 12,044,853 39,257,579Net Assets Attributable to Holders of Redeemable Participating Units Beginning of the Year/Period 268,441,966 – 39,257,579 –End of the Year/Period 308,891,165 268,441,966 51,302,432 39,257,579


31 December 2019 31 December 2018 USD USDIncrease/(Decrease) in Net Assets Net Increase/(Decrease) in Net Assets Attributable to

Holders of Redeemable Participating Units from Operations 43,014,510 (10,711,893)

Capital Transactions Subscriptions 20,267,846 252,921,491 Redemptions (17,320,319) (49) Total Capital Transactions 2,947,527 252,921,442 Total Increase/(Decrease) for the Year/Period 45,962,037 242,209,549Net Assets Attributable to Holders of Redeemable Participating Units Beginning of the Year/Period 242,209,549 –End of the Year/Period 288,171,586 242,209,549 1 The Sub-Fund launched on 20 June 2018. 2 The Sub-Fund launched on 27 June 2018. 3 The Sub-Fund launched on 11 July 2018. 4 The Sub-Fund launched on 23 July 2018. 5 The Sub-Fund launched on 6 August 2018. 6 The Sub-Fund launched on 14 August 2018. 7 The Sub-Fund launched on 20 August 2018. 8 The Sub-Fund launched on 3 September 2018. 9 The Sub-Fund launched on 5 September 2018.

131


STATEMENT OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019



31 December 2019 31 December 2018 31 December 2019 31 December 2018 EUR EUR JPY JPYCash flows from operating activities: Net Increase/(Decrease) in Net Assets

Attributable to Holders of Redeemable Participating Units from Operations 84,386,022 (28,910,221) 3,955,094,582 (3,805,073,916)

Adjustment for: Unrealized exchange (gain)/loss on cash and

cash equivalents 6,265 (59) 82 – Change in Financial Assets at Fair Value

Through Profit or Loss (264,058,434) (219,893,685) (4,008,212,026) (21,860,143,928) Change in Financial Derivative Instruments (15,423) 59,307 (11,360,344) 13,988,209 Change in Margin Cash Due from/to Broker (278,917) (340,456) 31,439,856 (52,327,939) Change in Investments Sold awaiting settlement (302,766) (6,155) (53,974,762) (5,951) Change in Dividends Receivable 50,400 (55,723) (3,331,836) (44,241,685) Change in Investments Purchased awaiting

settlement – – 40,322,611 30,173,894 Change in Management Fees Payable 167,058 137,163 2,240,310 14,343,502Net cash flows from operating activities (180,045,795) (249,009,829) (47,781,527) (25,703,287,814) Cash flows from financing activities: Proceeds from redeemable units issued 213,365,955 258,495,513 1,510,868,058 27,987,408,844 Redemption of redeemable units (25,153,274) (3,330,531) (1,812,130,484) (1,061,977,848)Net cash provided by/(used in) financing

activities 188,212,681 255,164,982 (301,262,426) 26,925,430,996 Net increase/(decrease) in cash and cash

equivalents 8,166,886 6,155,153 (349,043,953) 1,222,143,182 Cash and cash equivalents at beginning of the

Year/Period 6,155,212 – 1,222,143,182 – Unrealized exchange gain/(loss) on cash and

cash equivalents (6,265) 59 (82) – Cash and cash equivalents at end of the

Year/Period 14,315,833 6,155,212 873,099,147 1,222,143,182

132


STATEMENT OF CASH FLOWS (CONTINUED) FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019



31 December 2019 31 December 2018 31 December 2019 31 December 2018 USD USD GBP GBPCash flows from operating activities: Net Increase/(Decrease) in Net Assets

Attributable to Holders of Redeemable Participating Units from Operations 181,208,320 (77,301,608) 79,099,007 (60,450,185)


cash equivalents (1) – 4,855 (2,864) Change in Financial Assets at Fair Value

Through Profit or Loss (138,695,363) (728,037,441) (57,863,515) (387,555,399) Change in Financial Derivative Instruments (211,737) 214,212 (3,502,761) 2,339,854 Change in Margin Cash Due from/to Broker 367,100 (835,753) 242,161 (436,607) Change in Cash Collateral (210,000) – 2,650,000 (2,650,000) Change in Investments Sold awaiting settlement (392,163) – 271,803 (356,623) Change in Dividends Receivable 88,991 (819,841) (14,211) (1,166,047) Change in Other Assets 13,482 (13,482) 999 (999) Change in Investments Purchased awaiting

settlement 608,115 – (10,109) 376,322 Change in Management Fees Payable 62,553 360,431 29,464 250,220 Change in Dividends Payable on Contracts for

Difference – – (681) 681 Change in Other Liabilities – – (2,970) 2,970Net cash flows from operating activities 42,839,297 (806,433,482) 20,904,042 (449,648,677) Cash flows from financing activities: Proceeds from redeemable units issued 29,529,139 874,376,118 13,083,741 497,147,238 Redemption of redeemable units (69,432,452) (49,106,395) (30,911,205) (34,915,557)Net cash provided by/(used in) financing

activities (39,903,313) 825,269,723 (17,827,464) 462,231,681 Net increase/(decrease) in cash and cash

equivalents 2,935,984 18,836,241 3,076,578 12,583,004 Cash and cash equivalents at beginning of the

Year/Period 18,836,241 – 12,585,868 – Unrealized exchange gain/(loss) on cash and

cash equivalents 1 – (4,855) 2,864 Cash and cash equivalents at end of the

Year/Period 21,772,226 18,836,241 15,657,591 12,585,868

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31 December 2019 31 December 2018 31 December 2019 31 December 2018 GBP GBP GBP GBPCash flows from operating activities: Net Increase/(Decrease) in Net Assets

Attributable to Holders of Redeemable Participating Units from Operations 17,680,399 792,672 11,444,963 (2,766,201)


cash equivalents (1,500,078) 348,900 52,677 23,268 Change in Financial Assets at Fair Value

Through Profit or Loss (5,654,908) (338,972,723) (11,603,219) (83,367,040) Change in Reverse Repurchase Agreements 3,004,029 – – – Change in Financial Derivative Instruments (6,596,794) 2,667,928 (2,577,861) 279,117 Change in Margin Cash Due from/to Broker 207,216 (60,734) (279,030) (353,488) Change in Cash Collateral 3,292,524 (4,655,766) 125,674 (420,069) Change in Investments Sold awaiting settlement (32,741,967) (34,123,672) 3,989,173 (3,997,446) Change in Dividends Receivable 14,397 (14,397) – – Change in Interest Receivable on Cash

Collateral (3,843) – – – Change in Interest Receivable from Financial

Assets at Fair Value Through Profit or Loss 171,701 (1,806,766) (395,339) (1,314,808) Change in Interest Receivable on Financial

Derivative Instruments (88,851) (21,325) (63,742) (4,847) Change in Other Assets 7 (26) – – Change in Investments Purchased awaiting

settlement 34,983,620 84,547,391 (3,298,652) 3,898,297 Change in Management Fees Payable 8,484 126,084 9,331 49,480 Change in Capital Gain Tax Payable 85,307 95,058 42,298 22,126 Change in Interest Payable on Cash Collateral (10,089) 10,411 – – Change in Interest Payable on Financial

Derivative Instruments 60,191 11,316 81,790 25,693 Change in Interest Payable on Reverse

Repurchase Agreements 2,699 – – – Net cash flows from operating activities 12,914,044 (291,055,649) (2,471,937) (87,925,918) Cash flows from financing activities: Proceeds from redeemable units issued 9,552,764 300,624,191 6,187,128 93,488,254 Redemption of redeemable units (20,060,487) (2,661,146) (2,290,122) (1,605,037)Net cash provided by/(used in) financing

activities (10,507,723) 297,963,045 3,897,006 91,883,217 Net increase/(decrease) in cash and cash

equivalents 2,406,321 6,907,396 1,425,069 3,957,299 Cash and cash equivalents at beginning of the


cash equivalents 1,500,078 (348,900) (52,677) (23,268) Cash and cash equivalents at end of the

Year/Period 10,464,895 6,558,496 5,306,423 3,934,031

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31 December 2019 31 December 2018 31 December 2019 31 December 2018 USD USD GBP GBPCash flows from operating activities: Net Increase/(Decrease) in Net Assets

Attributable to Holders of Redeemable Participating Units from Operations 43,472,975 (27,913,407) 2,177,099 (1,722,284)


cash equivalents (9,444) 3,896 262 – Change in Financial Assets at Fair Value

Through Profit or Loss (43,998,042) (257,372,564) (8,676,298) (32,206,775) Change in Financial Derivative Instruments (24,443) (35,118) (25,644) 16,834 Change in Margin Cash Due from/to Broker 258,629 (673,295) (113,697) (73,791) Change in Investments Sold awaiting settlement (22,850) (300,668) (272) – Change in Dividends Receivable (291,891) (382,874) 25,559 (82,359) Change in Other Assets (12) – – – Change in Investments Purchased awaiting

settlement (68,851) 217,113 – – Change in Management Fees Payable 33,927 177,671 3,991 11,723Net cash flows from operating activities (650,002) (286,279,246) (6,609,000) (34,056,652) Cash flows from financing activities: Proceeds from redeemable units issued 8,581,968 297,770,330 9,896,427 41,440,298 Redemption of redeemable units (11,620,313) (1,414,957) (61,644) (460,435)Net cash provided by/(used in) financing

activities (3,038,345) 296,355,373 9,834,783 40,979,863 Net increase/(decrease) in cash and cash

equivalents (3,688,347) 10,076,127 3,225,783 6,923,211 Cash and cash equivalents at beginning of the


cash equivalents 9,444 (3,896) (262) – Cash and cash equivalents at end of the

Year/Period 6,393,328 10,072,231 10,148,732 6,923,211

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31 December 2019 31 December 2018 USD USD Cash flows from operating activities: Net Increase/(Decrease) in Net Assets

Attributable to Holders of Redeemable Participating Units from Operations 43,014,510 (10,711,893)


cash equivalents (4,932) (2,122) Change in Financial Assets at Fair Value

Through Profit or Loss (49,830,542) (232,791,238) Change in Financial Derivative Instruments (27,702) (47,613) Change in Margin Cash Due from/to Broker 206,532 (351,378) Change in Investments Sold awaiting settlement 245,325 (245,325) Change in Dividends Receivable (292,204) (539,822) Change in Investments Purchased awaiting

settlement 2,680 427 Change in Management Fees Payable 38,210 158,470 Change in Capital Gain Tax Payable 533,844 42,732 Change in Other Liabilities (799) 799Net cash flows from operating activities (6,115,078) (244,486,963) Cash flows from financing activities: Proceeds from redeemable units issued 20,247,578 252,921,491 Redemption of redeemable units (17,314,052) (49)Net cash provided by/(used in) financing

activities 2,933,526 252,921,442 Net increase/(decrease) in cash and cash

equivalents (3,181,552) 8,434,479 Cash and cash equivalents at beginning of the

Year/Period 8,436,601 – Unrealized exchange gain/(loss) on cash and

cash equivalents 4,932 2,122 Cash and cash equivalents at end of the

Year/Period 5,259,981 8,436,601 1 The Sub-Fund launched on 20 June 2018. 2 The Sub-Fund launched on 27 June 2018. 3 The Sub-Fund launched on 11 July 2018. 4 The Sub-Fund launched on 23 July 2018. 5 The Sub-Fund launched on 6 August 2018. 6 The Sub-Fund launched on 14 August 2018. 7 The Sub-Fund launched on 20 August 2018. 8 The Sub-Fund launched on 3 September 2018. 9 The Sub-Fund launched on 5 September 2018.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019

1. Organisation Fidelity Common Contractual Fund II (the “Fund”) is a common contractual fund constituted by the Deed under the laws of Ireland on 28 March 2018 and is authorised by the Central Bank of Ireland (the “Central Bank”) under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) (the “UCITS Regulations”). The Fund is organised in the form of an umbrella fund with segregated liability between Sub-Funds. The Prospectus provides that the Fund may offer separate Sub-Funds. Each Sub-Fund will have a distinct schedule of investments. The portfolio of assets maintained for each Sub-Fund will be invested in accordance with the investment objectives and policies applicable to such Sub-Fund. For more information please refer to the General Information section on page 2. 2. Significant Accounting Policies The principal accounting policies applied in the preparation of these financial statements are set out below. a) Basis of Preparation of Financial Statements The financial statements are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS’), interpretations adopted by the International Accounting Standards Board (‘IASB’) and certain requirements of the UCITS Regulations and the Central Bank’s (Supervision and Enforcement) Act 2013 (section 48(1)) UCITS Regulations 2019 (the “Central Bank UCITS Regulations”) that apply to financial reports. The financial statements have been prepared on the going concern basis and under the historical cost convention, as modified by the revaluation of financial assets and financial liabilities held at fair value through profit or loss. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates as adopted by the European Union. It also requires the Directors to exercise their judgement in the process of applying each Sub-Fund’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to each Sub-Fund’s financial statements are disclosed in the following notes. The Fund is authorised by the Central Bank as a UCITS pursuant to the UCITS Regulations. The comparative period is not one year, but the period from the respective Sub-Fund’s inception to 31 December 2018, which may be different for each Sub-Fund. New standards and amendments to existing standards IFRIC 23 “Uncertainty over Income Tax Treatments” was issued in June 2017 and became effective for periods beginning on or after 1 January 2019. It clarifies the accounting for uncertainties in income taxes which is applied to the determination of taxable profits (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, when there is uncertainty over income tax treatments in accordance with IAS 12. It clarifies that the Fund should consider whether tax treatments should be considered independently or collectively, whether the relevant tax authority will or will not accept each tax treatment and, the requirement to reassess its judgements and estimates if facts and circumstances change. The application of IFRIC 23 has not had a significant effect on the Fund’s financial position, performance or disclosures in its financial statements. There are no other standards, amendments to standards or interpretations that are effective for annual periods beginning on 1 January 2019 that have a material effect on the financial statements of the Sub-Funds. New standards, amendments and interpretations effective after 1 January 2020 and have not been early adopted. A number of new standards, amendments to standards and interpretations are effective for annual periods beginning after 1 January 2020 and have not been early adopted in preparing these financial statements. None of these are expected to have a material effect on the financial statements of the Sub-Funds.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 (CONTINUED)

2. Significant Accounting Policies (continued) b) Financial assets and financial liabilities at fair value through profit or loss Classification (i) Assets The Sub-Funds classify their investments based on both the Sub-Fund’s business model for managing those financial assets and the contractual cash flow characteristics of the financial assets. Each Sub-Fund’s portfolio of financial assets is managed and performance is evaluated on a fair value basis. The Sub-Funds are primarily focused on fair value information and use that information to assess the assets’ performance and to make decisions. The Sub-Funds have not taken the option to irrevocably designate any equity securities as fair value through other comprehensive income. Consequently, the business model of each Sub-Fund has been classified as fair value through profit or loss. The contractual cash flows of the Sub-Fund’s debt securities are solely principal and interest, however, these securities are neither held for the purpose of collecting contractual cash flows nor held both for collecting contractual cash flows and for sale. The collection of contractual cash flows is only incidental to achieving each Sub-Fund’s business model’s objective. Consequently, all investments are measured at fair value through profit or loss. (ii) Liabilities Financial liabilities, other than those at fair value through profit or loss, are measured at amortised cost using the effective Interest rate. Financial liabilities are classified according to the substance of the contractual arrangements entered into. Recognition, derecognition and measurement Purchases and sales of investments are recognised on trade date, the date on which the Sub-Funds commit to purchase or sell the asset. Investments are initially recognised at fair value. Transaction costs for all financial assets and liabilities carried at fair value through profit and loss are expensed as incurred in the Statement of Comprehensive Income. Subsequent to initial recognition, all investments continue to be classified at fair value through profit or loss, and the changes in fair value are recognised as net unrealised gain/loss on investments in the Statement of Comprehensive Income in the period in which they arise. Investments are derecognised when the contractual rights to the cash-flows from the financial asset expire or a Sub-Fund has transferred the financial asset and the transfer qualifies for de-recognition. A financial liability is de-recognised when the obligation specified in the contract is discharged, cancelled or has expired. Realised gains and losses on sales of investments are calculated based on the average cost of the investment in local currency and are recognised in net realised gain/loss on investments in the Statement of Comprehensive Income in the period in which they arise. Realised gains and losses on investment transactions in debt instruments are calculated as the difference between sales proceeds and the historic cost of the instrument. Fair value estimation At the financial year end, the Investments were valued at last traded price as is consistent with the Prospectus. In circumstances where the last traded price is not within the bid-ask spread, the Investment Manager will determine the point within the bid-ask spread that is most representative of fair value. Where market quotations are not available or are unrepresentative, fair value may be determined by the Sub-Fund’s using reputable pricing sources (such as pricing agencies) or indicative prices from bond/debt market makers. Broker quotes as obtained from the pricing sources may be indicative and not executable or binding. The Sub-Fund’s would exercise judgement and estimates on the quantity and quality of pricing sources used. Where no market data is available, each Sub-Fund may value positions using their own models, which are usually based on valuation methods and techniques generally recognised as standard within the industry. Shares or units in collective investment schemes shall be valued on the basis of the latest unaudited available net asset value per shares or units as published by the collective investment scheme. Transfers between levels of the fair value hierarchy Transfers between levels of the fair value hierarchy are deemed to have occurred at the beginning of the reporting period.

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2. Significant Accounting Policies (continued) c) Cash and Cash Equivalents Cash and cash equivalents include cash in hand, deposits held on call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. All cash at bank balances are held with Brown Brothers Harriman, or with third party institutions approved by the Manager on overnight deposit or directly with a sub-custodian. All deposits held on call with banks are returned to the Depositary the following day. d) Cash Collateral Collateral cash provided by the Sub-Fund is identified on the Statement of Financial Position under Cash Collateral due from/to broker and is not included as a component of cash and cash equivalents. For collateral other than cash, if the party to whom the collateral is provided has the right by contract or custom to sell or re-pledge the collateral, the Sub-Fund classify that asset in its Statement of Financial Position separately from other assets and identifies the asset as pledged collateral. Where the party to whom the collateral is provided does not have the right to sell or re-pledge, a disclosure of the collateral provided is made in the notes to the financial statements. e) Futures Contracts A futures contract is a legal agreement, to buy or sell a particular commodity or financial instrument at a predetermined price at a specified time in the future.Initial margin deposits are made upon entering into open futures contracts and are generally made in cash or cash equivalents. Subsequent payments (variation margin) to and from the clearing broker are made on a daily basis based on changes in the market value of futures contracts. Initial margin and variation margin is presented under Margin Cash Due from Broker or Margin Cash Due to Broker on the Statement of Financial Position. The fair value of open futures contracts is based upon their quoted daily settlement prices. Changes in the value of open futures contracts are recognised as unrealised gains or losses on futures contracts until the contracts are terminated, at which time realised gains and losses are recognised. f) Forward Foreign Exchange Contracts Forward foreign exchange contracts are agreements between two parties to exchange two designated currencies at a specific time in the future. The fair value of open forward foreign exchange contracts is calculated as the difference between the contracted rate and the current forward rate that would close out the contract on the valuation date. Changes in the value of forward foreign exchange contracts are recognised as unrealised gains or losses on forward foreign exchange contracts until the contracts are terminated, at which time realised gains and losses are recognised. A Sub-Fund may use forward foreign exchange contracts for the purposes of hedging the currency exposure of the underlying securities into the relevant base currency or on behalf of a specific class in order to hedge some or all of the foreign exchange risk for such class. For each relevant Sub-Fund, gains or losses on open foreign currency exchange spot contracts are included in Cash and Cash Equivalents in the Statement of Financial Position. Unrealised gains and losses on open forward foreign currency exchange contracts are included in Financial Derivative instruments under assets or liabilities, as appropriate, on the Statement of Financial Position and are shown on the Schedule of Investments of each relevant Sub-Fund. Realised gains and losses and change in unrealised gains and losses on forward foreign currency contracts are included in Net Gain/(Loss) in Financial Assets at Fair Value through Profit or Loss and Financial Derivative Instruments on the Statement of Comprehensive Income. g) Option Contracts Options are contracts in which the writer (seller) promises that the contract buyer has the right, but not the obligation, to buy or sell a certain index, equity, bond or currency at a certain price (the strike price) on or before a certain expiration date, or exercise date. An option giving the buyer the right to buy at a certain price is called a call, while one that gives him/her the right to sell is called a put. A Sub-Fund may purchase and write call and put options on securities (including straddles), securities indices and currencies and use options on futures contracts (including straddles) and swap agreements and / or hedge against changes in interest rates, currency exchange rates or securities prices. A Sub-Fund may also use options as a substitute for taking a position in other securities and funds and/or to gain an exposure within the limits laid down by the Central Bank. The fair value of open option positions is calculated and recorded by adding premium paid on the options to unrealized gain or loss on open contracts. The fair value of the options which are dealt in on a securities market are the settlement price as determined by the market.

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2. Significant Accounting Policies (continued) g) Option Contracts (continued) The premium on purchased put options exercised is subtracted from the proceeds of the sale of the underlying security or foreign currency in determining the realised gain or loss. The premium on purchased call options exercised is added to the cost of the securities or foreign currency purchased. Premiums paid from the purchase of options, which expire unexercised, are treated as realised losses. The value of options is included in Financial Derivative Instruments under assets or liabilities on the Statement of Financial Position, as appropriate. Realised gains and losses and change in unrealised gains and losses on options are included in Net Gain/(Loss) and Financial Derivative Instruments in Financial Assets at Fair Value through Profit or Loss on the Statement of Comprehensive Income. h) Swap Contracts A swap is a contract under which one party agrees to provide the other party with something, for example a payment at an agreed rate, in exchange for receiving something from the other party, for example the performance of a specified asset or basket of assets. Where specified in the Relevant Supplement, a Sub-Fund may enter into swap agreements (including total return swaps and contracts for differences) with respect to various underlyings, including currencies, interest rates, securities, collective investment schemes and indices. A Sub-Fund may use these techniques to protect against changes in interest rates and currency exchange rates. A Sub-Fund may also use these techniques to take positions in or protect against changes in securities indices and specific securities prices. A contract for difference is an agreement between a buyer and a seller stipulating that the seller will pay the buyer the difference between the current value of the security and its value when the contract is made. If the difference turns out to be negative, the buyer pays the seller. A total return swap is a bilateral financial contract, which allows one party to enjoy all of the cash flow benefits of an asset without actually owning this asset. It involves the exchange of the right to receive the total return, income plus capital gains or losses, of a specified reference asset, index or basket of assets against the right to make fixed or floating payments. In respect of currencies, a Sub-Fund may utilise currency swap contracts where the Sub-Fund may exchange currencies at a fixed rate of exchange for currencies at a floating rate of exchange or vice versa. These contracts allow a Sub-Fund to manage its exposures to currencies in which it holds investment. For these instruments, the Sub-Fund’s return is based on the movement of currency exchange rates relative to a fixed currency amount agreed by the parties. In respect of interest rates, a Sub-Fund may utilise interest rate swap contracts where the Sub-Fund may exchange interest rate cash flows for cash flows based on the return of an equity or fixed income instrument, a basket of such instruments or a securities index. These contracts allow a Sub-Fund to manage its interest rate exposures. For these instruments, the Sub-Fund’s return is based on the movement of interest rates relative to a fixed rate agreed by the parties. The notional amount of swap contracts is subsequently marked-to market to reflect the fair value of the swap which is reported as a financial asset or liability at fair value through profit or loss as appropriate on the Statement of Financial Position for each relevant Sub-Fund. The amounts of interest receivable and payable are included in the Interest Receivable on Financial Derivative Instruments and Interest Payable on Financial Derivative Instruments on the Statement of Financial Position, as appropriate. Realised gains and losses, change in unrealised gains and losses on swap contracts and the net amounts of interest payments and receipts on swap contracts are included in Net Gain/(Loss) in Financial Assets at Fair Value through Profit or Loss and Financial Derivative Instruments on the Statement of Comprehensive Income. A Sub-Fund may use credit default swaps which are a mechanism for transferring credit risk between purchaser and seller. The protection buyer purchases protection from the protection seller for losses that might be incurred as a result of a default or other credit event (explained below) in relation to an underlying security. The protection buyer pays a premium for the protection and the protection seller agrees to make a payment to compensate the protection buyer for losses incurred upon the occurrence of any one of a number of possible specified credit events, as set out in the credit default swap agreement. In relation to the use of credit default swaps, the Sub-Fund may be a protection buyer and / or a protection seller. A Sub-Fund may also utilise swaptions, which is an option granting its owner the right but not the obligation to enter into an underlying swap.

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2. Significant Accounting Policies (continued) i) Repurchase and Reverse Repurchase Agreements A repurchase agreement is an agreement pursuant to which a Sub-Fund acquires securities from a counterparty who agrees, at the time of sale, to repurchase the security at a mutually agreed-upon date and price, thereby determining the yield to the relevant Sub-Fund during the term of the agreement. The resale price reflects the purchase price plus an agreed upon market rate of interest which is unrelated to the coupon rate or maturity of the purchased security. A Sub-Fund may enter into reverse repurchase agreements under which it sells a security and agrees to repurchase it at a mutually agreed upon date and price. Where a Sub-Fund enters into a reverse repurchase agreement it must be able to recall the full amount of the cash at any time or terminate the reverse repurchase agreement on either an accrued basis or a mark to market basis. Where cash is recallable at any time on a mark to market basis, the mark to market basis value of the reverse repurchase agreement must be used to calculate the Net Asset Value of the relevant Sub-Fund. The fair value of Repurchase Agreements is based on their contractual value and is included in Financial Assets at Fair Value Through Profit or Loss line on the Statement of Financial Position. The interest earned on Repurchase Agreements is included in Interest from Financial Assets at Fair Value through Profit or Loss on the Statement of Comprehensive Income. j) Warrants Warrants grant the right to acquire an underlying security from the issuer (as opposed to an option where a third party grants a right to acquire an underlying security as described above) at a fixed price. The fair value of warrants is based upon their quoted daily prices. Changes in the value of warrants and realised gains and losses on warrants are recognised as Net Gain/(Loss) in Financial Assets at fair Value through Profit or Loss and Financial Derivative Instruments on the Statement of Comprehensive Income. A Sub-Fund may hold warrants on securities as a substitute for taking a position in the underlying security and/or to gain an exposure within the limits laid down by the Central Bank. k) Foreign Exchange Translation Functional and Presentation Currency Items included in the Sub-Funds’ financial statements are measured using the currency in which Unitholder transactions take place (the “functional currency”). The functional currency and presentation currency of each Sub-Fund is as follows: Sub-Fund Functional currency Presentation currency Fidelity Europe ex-UK Equity Fund EUR EUR Fidelity Japan Equity Fund JPY JPY Fidelity North America Equity Fund USD USD Fidelity UK Equity Fund GBP GBP Fidelity Global Aggregate Bond Fund GBP GBP Fidelity Global Sub-IG Fixed Income Fund GBP GBP Fidelity Asia Pacific ex-Japan Equity Fund USD USD Fidelity Alternative Listed Equity Fund GBP GBP Fidelity Global Emerging Markets Equity Fund USD USD Transactions and Balances Assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates ruling at the Statement of Financial Position date. Transactions in currencies other than the functional currency are translated into the functional currency at the exchange rates ruling at the dates of the transactions. Gains and losses on foreign exchange transactions are recognised in the Statement of Comprehensive Income in determining the result for the financial year. Proceeds from subscriptions and amounts paid for redemptions in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transactions.

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2. Significant Accounting Policies (continued) l) Interest Revenue and Interest Expenses Interest revenue is recognised on the effective interest method and credited to the Statement of Comprehensive Income. m) Dividend Income Dividends are credited to the Statement of Comprehensive Income on the dates on which the relevant securities are listed as “ex-dividend”. Income is shown gross of any non-recoverable withholding taxes and net of any tax credits. Withholding tax is disclosed in the Statement of Comprehensive Income. n) Transaction Costs Transaction costs are costs incurred to acquire financial assets or liabilities at fair value through profit or loss. They include fees and commissions paid to agents, advisers, brokers and dealers. Transaction costs are expensed as incurred in the Statement of Comprehensive Income. o) Expenses Expenses are recognised in the Statement of Comprehensive Income on an accrual basis. p) Foreign Withholding Taxes Dividends, interest and capital gains (if any) received on investments made by each Sub-Fund may be subject to withholding taxes imposed by the country from which the investment income/gains are received and such taxes may not be recoverable by the Sub-Funds or their Unitholders. Dividend and interest revenue is shown gross of any non-recoverable withholding taxes, which are disclosed separately in the Statement of Comprehensive Income, and net of any tax credits. q) Redeemable Participating Units Redeemable Participating Units provide the Unitholders with the right to redeem their units for cash equal to their proportionate unit of the Net Asset Value of the relevant Sub-Fund and, accordingly, are classified as financial liabilities. The liability to Unitholders is presented in the Statement of Financial Position as “Net Assets Attributable to Holders of Redeemable Participating Units” and is based on the residual assets of each Sub-Fund after deducting all other liabilities. r) Gross Income Payments Policy The Sub-Funds have only accumulating classes, for which the Manager have determined to accumulate all net income, and therefore the Manager does not intend to declare dividends in respect of the Sub-Funds. s) Dilution Adjustment Large transactions in or out of a Sub-Fund can create “dilution” of the Sub-Fund’s assets because the price at which an investor buys or sells Units in the Sub-Fund may not entirely reflect the dealing and other costs that arise when the Investment Manager has to trade in underlying investments to accommodate large cash inflows or outflows. In order to counter this and enhance the protection of existing Unitholders, there may be an adjustment to a Sub-Fund’s Net Asset Value as part of the regular valuation process to counter the impact of dealing and other costs on occasions when these are deemed to be significant. On any Dealing Day, the Net Asset Value of a Sub-Fund may be adjusted upwards or downwards as applicable to reflect the costs that may be deemed to be incurred in liquidating or purchasing investments to satisfy net daily transactions of that Sub-Fund. The Directors reserve the right to make such an adjustment taking into account factors such as the estimated dilution costs (such as underlying dealing spreads, commissions and other trading expenses) and the size of the relevant Sub-Fund. In deciding whether to make such an adjustment, the Directors will have regard to the interests of existing, continuing and potential Unitholders in the Sub-Fund. The adjustment will be upwards when the net aggregate transactions result in an increase of the number of Units and will be downwards when the net aggregate transactions result in a decrease of the number of Units. The adjusted Net Asset Value will be applicable to all transactions on that day. Because the determination of whether to adjust the Net Asset Value is based on the net transaction activity of the Dealing Day, Unitholders transacting in the opposite direction of the Sub-Fund’s net transaction activity may benefit at the expense of the other Unitholders in the Sub-Fund. In addition, the Sub-Fund’s Net Asset Value and short-term performance may experience greater volatility as a result of this adjustment methodology.

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2. Significant Accounting Policies (continued) t) Investments Purchased and Sold Investments purchased and sold represent receivables for securities sold and payables for securities purchased that have been contracted for but not yet settled or delivered on the statement of financial position date respectively. The due from brokers balance is held for collection. These amounts are recognised initially at fair value and subsequently measured at amortised cost. At each reporting date, the Sub-Funds shall measure the loss allowance on amounts due from broker at an amount equal to the lifetime expected credit losses if the credit risk has increased significantly since initial recognition. If, at the reporting date, the credit risk has not increased significantly since initial recognition, the Sub-Funds shall measure the loss allowance at an amount equal to 12-month expected credit losses. Significant financial difficulties of the broker, probability that the broker will enter bankruptcy or financial reorganisation, and default in payments are all considered indicators that a loss allowance may be required if the credit risk increases to the point that it is considered to be credit impaired. During the financial year ended 31 December 2019 no such impairments have occurred. 3. Cash and Cash Equivalents Cash and cash equivalents for the Sub-Funds for the financial year ended 31 December 2019 and financial period ended 31 December 2018 is disclosed in the table below:

Sub-Fund Counterparty 31 December 2019 31 December 2018Fidelity Europe ex-UK Equity Fund EUR EUR Australia & New Zealand Banking Group 42,372 - Banco Bilbao 691,290 318,813 Banco Santander 691,290 318,813 BNP Paribas - 318,813 Brown Brothers Harriman 825,564 370,010 Citi 691,290 318,813 HSBC 1,382,581 3,234,698 National Australia Bank 531,846 - Nordea Bank 89,042 318,813 SEB Group 691,290 318,813 Societe Generale 4,962,489 318,813 Sumitomo Bank 3,716,779 318,813 Total 14,315,833 6,155,212Fidelity Japan Equity Fund JPY JPY Brown Brothers Harriman 268,655,679 660,919,884 Mitsubishi UFJ Financial Group 567,988,141 235,112,597 Sumitomo Bank 36,455,327 326,110,701 Total 873,099,147 1,222,143,182Fidelity North America Equity Fund USD USD Australia & New Zealand Banking Group 1,336,737 3,838,731 Banco Bilbao 3,395,580 1,077,421 Banco Santander 1,336,737 1,889,074 Bank of Montreal - 1,077,421 Bank of Nova Scotia 1,336,737 - BNP Paribas 1,336,737 1,077,421 Brown Brothers Harriman 27,199 2,704,963 Citi 733,126 1,077,421 DBS Bank 1,336,737 - JPMorgan Chase 4,606,736 - National Australia Bank 770,189 1,809,814 SEB Group 1,336,737 1,077,421 Sumitomo Bank 4,218,974 3,206,554 Total 21,772,226 18,836,241

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3. Cash and Cash Equivalents (continued)

Sub-Fund Counterparty 31 December 2019 31 December 2018Fidelity UK Equity Fund GBP GBP Banco Bilbao 12,186,520 - Banco Santander 414,189 7,499,502 Brown Brothers Harriman 1,400,126 3,257,423 Citi 414,189 603,791 HSBC 414,189 17,572 SEB Group 414,189 603,790 Sumitomo Bank 414,189 603,790 Total 15,657,591 12,585,868Fidelity Global Aggregate Bond Fund GBP GBP Australia & New Zealand Banking Group - 45,990 Banco Bilbao 286,723 - Banco Santander 1,978,795 818,320 Bank of Nova Scotia 127,588 161,634 Brown Brothers Harriman 498,252 3,334,224 Citi 816,061 298,514 DBS Bank 5,427,265 - HSBC 286,723 202,665 Mitsubishi UFJ Financial Group 19,094 - National Australia Bank 280,759 - Royal Bank of Canada - 55,253 SEB Group 286,723 298,514 Sumitomo Bank 456,912 1,343,382 Total 10,464,895 6,558,496Fidelity Global Sub-IG Fixed Income Fund GBP GBP Banco Bilbao 1,554,110 - Banco Santander 233,933 882,043 Brown Brothers Harriman 2,582,648 893,206 Citi 233,933 139,971 HSBC 233,933 - National Australia Bank - 20,879 SEB Group 233,933 139,971 Sumitomo Bank 233,933 1,857,961 Total 5,306,423 3,934,031Fidelity Asia Pacific ex-Japan Equity Fund USD USD Australia & New Zealand Banking Group 527,672 742,008 Banco Bilbao 467,822 389,401 Banco Santander - 963,149 Bank of Montreal - 389,401 Bank of Nova Scotia 467,822 389,401 Brown Brothers Harriman 230,682 163,291 BNP Paribas 467,822 245,780 Citi 750,669 - DBS Bank - 389,401 HSBC - 140,685 JPMorgan Chase 1,368,264 - National Australia Bank 1,178,568 1,709,748 SEB Group 466,185 389,401 Sumitomo Bank 467,822 4,160,565 Total 6,393,328 10,072,231

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3. Cash and Cash Equivalents (continued)

In line with the Central Bank of Ireland (the “CBI”) Guidance paper entitled Umbrella Funds – Cash Accounts Holding Subscription, Redemption and Dividend Monies published in March 2016, one or more Company cash accounts are being operated by the Administrator, on behalf of the Fund, in accordance with the requirements of the CBI. Such Company cash accounts are designed to hold unprocessed subscription monies received from investors, redemption monies payable to investors and/or other amounts due to investors. As at 31 December 2019 there was no cash held in these accounts and at 31 December 2018 the amount was JPY426,533,951 for Fidelity Japan Equity Fund. Any balances held on these cash accounts at the financial year end are reflected on the Statement of Financial Position. All cash and cash equivalents balances at the financial year end are held with Brown Brothers Harriman or with approved counterparties on overnight deposit or directly with a sub-custodian. All deposits held on call with banks are returned to the Depositary the following business day.

Sub-Fund Counterparty 31 December 2019 31 December 2018Fidelity Alternative Listed Equity Fund GBP GBP Banco Bilbao 4,581,475 - Banco Santander 5,086,962 3,912,173 Brown Brothers Harriman 226,030 186,363 Citi 54,868 30,336 HSBC 54,868 - SEB Group 54,868 30,336 Societe Generale 34,793 - Sumitomo Bank 54,868 2,764,003 Total 10,148,732 6,923,211Fidelity Global Emerging Markets Equity Fund USD USD Australia & New Zealand Banking Group 232,043 2,923,280 Banco Bilbao 232,043 348,464 Bank of Montreal - 348,464 Bank of Nova Scotia 23,157 348,464 BNP Paribas 232,043 375,389 Brown Brothers Harriman 311,180 529,321 Citi 269,388 348,464 DBS Bank 1,367,934 348,464 HSBC - 19,972 JPMorgan Chase 1,896,064 - National Australia Bank 232,043 348,464 SEB Group 232,043 1,232,932 Sumitomo Bank 232,043 1,264,923 Total 5,259,981 8,436,601

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4. Cash Collateral and Margin Cash Margin cash due from and due to broker for the Sub-Funds for the financial year ended 31 December 2019 are disclosed in the table below:

Sub-Fund / Counterparty Margin Cash Due from Broker Margin Cash Due to Broker Fidelity Europe ex-UK Equity Fund EUR EUR

UBS 619,373 - Total 619,373 -

Fidelity Japan Equity Fund JPY JPY

UBS 20,888,083 - Total 20,888,083 -

Fidelity North America Equity Fund USD USD UBS 468,653 - Total 468,653 -

Fidelity UK Equity Fund GBP GBP

UBS 194,607 161 Total 194,607 161

Fidelity Global Aggregate Bond Fund GBP GBP

Citi 354,193 688,445 UBS 188,417 647 Total 542,610 689,092

Fidelity Global Sub-IG Fixed Income Fund GBP GBP

Morgan Stanley 458,850 7,536 UBS 181,204 - Total 640,054 7,536

Fidelity Asia Pacific ex-Japan Equity Fund USD USD

Credit Suisse 1,613 1,617 UBS 414,779 109 Total 416,392 1,726

Fidelity Alternative Listed Equity Fund GBP GBP

UBS 187,488 - Total 187,488 -

Fidelity Global Emerging Markets Equity Fund USD USD Credit Suisse 2,750 - UBS 142,096 - Total 144,846 -

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4. Cash Collateral and Margin Cash (continued) Cash collateral due from and due to broker for the Sub-Funds for the financial year ended 31 December 2019 are disclosed in the table below:

Non-cash collateral received by the Sub-Funds for the financial year ended 31 December 2019 is disclosed in the table below:

Sub-Fund / Counterparty Cash Collateral Due from Broker Cash Collateral Due to Broker Fidelity North America Equity Fund USD USD

Goldman Sachs 210,000 - Total 210,000 -


Bank of America - 30,000 BNP Paribas - 750,000 Citi 3,243,283 6,039 Goldman Sachs 529,998 610,000 HSBC - 140,000 JPMorgan Chase - 134,000 Morgan Stanley - 200,000 Royal Bank of Canada - 48,000 Royal Bank of Scotland - 30,000 Standard Chartered Bank - 162,000 State Street Bank and Trust - 300,000 Total 3,773,281 2,410,039

Fidelity Global Sub-IG Fixed Income Fund GBP GBP Citi 22,646 - Goldman Sachs 22,646 - HSBC 173,617 - JPMorgan Chase 75,486 - Total 294,395 -

Sub-Fund / Counterparty Collateral Description Collateral Value Fidelity Global Aggregate Bond Fund GBP

Barclays DNB Boligkreditt 3.25% 28/06/2023 796,754 Toronto-Dominion Bank Dexia 0.875% 07/09/2021 1,100,017 Toronto-Dominion Bank Nederlandse Waterschapsbank 0.875% 20/12/2021 1,107,258

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4. Cash Collateral and Margin Cash (continued) Margin cash due from and due to broker for the Sub-Funds for the financial period ended 31 December 2018 are disclosed in the table below:

Sub-Fund / Counterparty Margin Cash Due from Broker Margin Cash Due to Broker Fidelity Europe ex-UK Equity Fund EUR EUR

UBS 340,456 - Total 340,456 -

Fidelity Japan Equity Fund JPY JPY

UBS 52,327,939 - Total 52,327,939 -

Fidelity North America Equity Fund USD USD UBS 835,753 - Total 835,753 -

Fidelity UK Equity Fund GBP GBP

HSBC - 4,053 UBS 530,858 90,198 Total 530,858 94,251


Citi 156,700 95,966 Total 156,700 95,966

Fidelity Global Sub-IG Fixed Income Fund GBP GBP

Morgan Stanley 285,214 36 UBS 68,417 107 Total 353,631 143

Fidelity Asia Pacific ex-Japan Equity Fund USD USD

UBS 673,295 - Total 673,295 -

Fidelity Alternative Listed Equity Fund GBP GBP

UBS 73,791 - Total 73,791 -

Fidelity Global Emerging Markets Equity Fund USD USD UBS 351,378 - Total 351,378 -

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4. Cash Collateral and Margin Cash (continued) Cash collateral due from and due to broker for the Sub-Funds for the financial period ended 31 December 2018 are disclosed in the table below:

Non-cash collateral received by the Sub-Funds for the financial period ended 31 December 2018 is disclosed in the table below:

Non-cash collateral received cannot be sold, pledged or reinvested by the Manager. Cash received as collateral may not be invested or used other than as set out below: • placed on deposit, or invested in certificates of deposit issued by Relevant Institutions; • invested in high-quality government bonds; or • invested in a Short Term Money Market Fund, as defined in the ESMA Guidelines on a Common Definition of European Money

Market Funds (ref: CESR/10-049).

Sub-Fund / Counterparty Cash Collateral Due from Broker Cash Collateral Due to Broker Fidelity UK Equity Fund GBP GBP

Goldman Sachs 380,000 - HSBC 1,610,000 - Morgan Stanley 510,000 -

UBS 150,000 - Total 2,650,000 -


Bank of America 130,000 - Citi 2,497,000 - HSBC 929,984 - JPMorgan Chase 609,994 211,212 Goldman Sachs 650,000 - State Street Bank and Trust 50,000 - Total 4,866,978 211,212

Fidelity Global Sub-IG Fixed Income Fund GBP GBP JPMorgan Chase 227,701 -

Merril Lynch 19,629 - Morgan Stanley 172,739 - Total 420,069 -

Sub-Fund / Counterparty Collateral Description Collateral Value Fidelity Global Aggregate Bond Fund GBP

BNP Paribas United Kingdom Gilt 0.125% 22/11/2019 1,300,000

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5. Unit Capital The Fund has an authorised unit capital of 10,000,000 ordinary units of 1 Euro each and an issued paid up unit capital of 701,000 ordinary units of 1 Euro each. The movement in the number of redeemable participating Units for each Sub-Fund for the financial year ended 31 December 2019 and the financial period ended 31 December 2018 is as follows: Fidelity Europe ex-UK Equity Fund Unit Class I Acc EUR Class G Acc EUR Class G Acc GBPBalance at inception – – –Units Issued During the Period 26,353,591 7,757 –Units Redeemed During the Period (352,894) (88) –Balance at 31 December 2018 26,000,697 7,669 –Units Issued During the Year 22,633,768 138,061 3,871Units Redeemed During the Year (2,624,493) (11,162) – Balance at 31 December 2019 46,009,972 134,568 3,871 Fidelity Japan Equity Fund

Unit Class I Acc JPY Class G Acc EUR Hedged Class G Acc GBPBalance at inception – – –Units Issued During the Period 28,071,110 3,406 –Units Redeemed During the Period (1,603,283) (449) –Balance at 31 December 2018 26,467,827 2,957 –Units Issued During the Year 1,578,913 60,007 3,871Units Redeemed During the Year (1,723,437) (6,804) –Balance at 31 December 2019 26,323,303 56,160 3,871 Fidelity North America Equity Fund

Unit Class I Acc USD Class G Acc EUR Hedged Class G Acc GBPBalance at inception – – –Units Issued During the Period 86,623,257 19,093 – Units Redeemed During the Period (4,904,077) (883) –Balance at 31 December 2018 81,719,180 18,210 –Units Issued During the Year 2,385,351 478,840 3,871Units Redeemed During the Year (7,091,680) (24,318) –Balance at 31 December 2019 77,012,851 472,732 3,871 Fidelity UK Equity Fund

Unit Class I Acc GBP Class G Acc EUR Hedged Class G Acc GBPBalance at inception – – –Units Issued During the Period 491,051,304 4,795 – Units Redeemed During the Period (40,207,571) (50) –Balance at 31 December 2018 450,843,733 4,745 –Units Issued During the Year 13,246,480 51,517 3,895Units Redeemed During the Year (31,603,767) (6,830) –Balance at 31 December 2019 432,486,446 49,432 3,895

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5. Unit Capital (continued) Fidelity Global Aggregate Bond Fund

Unit Class I Acc GBP Class G Acc EUR Hedged Class G Acc GBPBalance at inception – – –Units Issued During the Period 30,068,410 49,758 – Units Redeemed During the Period (426,473) (559) –Balance at 31 December 2018 29,641,937 49,199 –Units Issued During the Year 653,602 327,965 388Units Redeemed During the Year (1,795,030) (24,154) – Balance at 31 December 2019 28,500,509 353,010 388


Unit Class I Acc GBP Class G Acc EUR Hedged Class G Acc GBPBalance at inception – – –Units Issued During the Period 9,326,100 20,210 – Units Redeemed During the Period (164,383) (393) –Balance at 31 December 2018 9,161,717 19,817 –Units Issued During the Year 404,997 228,415 388Units Redeemed During the Year (207,896) (14,054) –Balance at 31 December 2019 9,358,818 234,178 388 Fidelity Asia Pacific ex-Japan Equity Fund

Unit Class I Acc USD Class G Acc EUR Hedged Class G Acc GBPBalance at inception – – –Units Issued During the Period 29,873,028 3,911 – Units Redeemed During the Period (155,575) (24) –Balance at 31 December 2018 29,717,453 3,887 –Units Issued During the Year 799,266 76,195 3,871Units Redeemed During the Year (1,150,236) (6,163) –Balance at 31 December 2019 29,366,483 73,919 3,871 Fidelity Alternative Listed Equity Fund

Unit Class I Acc GBP Class G Acc EUR Hedged Class I Acc EUR HedgedBalance at inception – – –Units Issued During the Period 41,164,748 5,699 – Units Redeemed During the Period (471,698) (131) –Balance at 31 December 2018 40,693,050 5,568 –Units Issued During the Year 4,114,283 142,170 505,453Units Redeemed During the Year – (7,219) –Balance at 31 December 2019 44,807,333 140,519 505,453

Unit Class G Acc GBPBalance at inception – Units Issued During the Period – Units Redeemed During the Period – Balance at 31 December 2018 – Units Issued During the Year 3,880Units Redeemed During the Year – Balance at 31 December 2019 3,880

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5. Unit Capital (continued) Fidelity Global Emerging Markets Equity Fund

Unit Class I Acc USD Class G Acc EUR Hedged Class G Acc GBPBalance at inception – – – Units Issued During the Period 25,282,394 1,185 – Units Redeemed During the Period – (5) –Balance at 31 December 2018 25,282,394 1,180 –Units Issued During the Year 1,886,287 74,606 3,880Units Redeemed During the Year (1,664,989) (4,616) –Balance at 31 December 2019 25,503,692 71,170 3,880 6. Taxation The Fund is a common contractual fund within the meaning of Section 739I of the Taxes Consolidation Act of Ireland, in which the Unitholders by contractual arrangement participate and unit in the property of the Fund as co-owners. The Fund does not have a separate legal personality and is transparent for Irish tax purposes. Therefore, The Fund is not chargeable to Irish tax on its relevant income or relevant gains (“relevant profits”). Instead, the relevant profits of the fund shall be treated as arising, or as the case may be, accruing to each Unitholder of the Fund in proportion to the value of the units beneficially owned by the Unitholder, as if the relevant profits had arisen or as the case may be, accrued, to the Unitholders in the Fund without passing through the hands of the Fund. This tax treatment is subject to the Units of the Fund being held by Permitted Investors. It is the intention of the Manager that Units are not held by investors which do not satisfy the Permitted Investor criteria, including natural persons, and that the Fund will be tax transparent for Irish tax purposes. On the basis that the Units of the Fund are held by Permitted Investors and the Fund is constituted other than under trust law and statute law, the Fund shall not be chargeable to Irish tax in respect of its relevant profits. As such, distributions, interest or gains derived from securities may be subject to taxes, including withholding taxes and capital gain taxes imposed by the country of source. In addition, where double taxation treaties apply, those treaties between the countries where the investors and the investments are located will be relevant. The objective of the Manager is that the Fund may effectively be ignored for double taxation treaty purposes, although the Manager makes no representations or warranties as to the tax transparency of the Fund or its Sub-Funds in any jurisdiction. The investors in the Fund may not be able to benefit from a reduction in the rate of withholding tax and may not therefore be able to prevent withholding taxes being deducted or be able to reclaim withholding taxes suffered in particular countries. If this position changes in the future and the application for a lower or higher rate results in a repayment to the relevant Sub-Fund of the Fund or a payment by the relevant Sub-Fund, the Net Asset Value of the relevant Sub-Fund will not be restated and the benefit or cost will be allocated to the existing Unitholders of the relevant Sub-Fund rateably at the time of repayment or payment.

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7. Fees Most of the fees and expenses payable in respect of each Sub-Fund are paid as one single fee. This is referred to as the total expense ratio or “TER”. The Manager is responsible for arranging the payment from the TER of all operational expenses of the Sub-Funds, including Directors’, Auditors’, Legal Advisors’, Administrator’s, Depositary’s and other service providers’ fees and expenses and Class hedging costs. The Manager is entitled to an annual fee in respect of the services that it provides to the Sub-Funds. However, this fee will only be paid in circumstances where there is a residual amount left from the TER after the other operational expenses have been paid. Save where another party has agreed to reimburse the Sub-Funds, the TER includes but is not limited to fees and expenses of the Investment Manager, Depositary, Administrator, Secretary and any adviser. Subject to applicable law and regulation, the Manager or the Investment Manager may pay part or all of its fees to any person that invests in or provides services to the Fund or in respect of the Sub-Funds. The TER does not include extraordinary costs, transaction costs and related expenses, including but not limited to, transaction charges, stamp duty or other taxes on the investments of the Sub-Funds, including duties and charges for portfolio re-balancing, withholding taxes, commissions and brokerage fees incurred with respect to the Sub-Funds’ investments, interest on borrowings and bank charges incurred in negotiating, effecting or varying the terms of such borrowings, any commissions charged by intermediaries in relation to an investment in the Sub-Funds and such extraordinary or exceptional costs and expenses (if any) as may arise from time to time, such as material litigation in relation to the Sub-Funds or the Fund, which will be paid separately out of the assets of the relevant Sub-Fund. The TER is calculated and accrued daily from the Net Asset Value of the each Sub-Fund and payable at least quarterly in arrears. The TER of each Sub-Fund is as listed in the Relevant Supplement. If a Sub-Fund’s expenses exceed the TER outlined above in relation to operating the Sub-Funds, the Manager will cover any shortfall from its own assets. The table below outlines the maximum TER figures applicable to each Sub-Fund:

Sub-Fund TER

(% of Net Asset Value) Fidelity Europe ex-UK Equity Fund

Class I Acc EUR 1.00 Class G Acc EUR 1.00 Class G Acc GBP 1.00

Fidelity Japan Equity Fund Class I Acc JPY 1.00 Class G Acc EUR Hedged 1.00 Class G Acc GBP 1.00

Fidelity North America Equity Fund Class I Acc USD 1.00 Class G Acc EUR Hedged 1.00 Class G Acc GBP 1.00

Fidelity UK Equity FundClass I Acc GBP 1.00 Class G Acc EUR Hedged 1.00 Class G Acc GBP 1.00

Fidelity Global Aggregate Bond Fund Class I Acc GBP 0.65 Class G Acc EUR Hedged 0.65 Class G Acc GBP 0.65

Fidelity Global Sub-IG Fixed Income Fund Class I Acc GBP 0.80 Class G Acc EUR Hedged 0.80 Class G Acc GBP 0.80

Fidelity Asia Pacific ex-Japan Equity Fund Class I Acc USD 1.00 Class G Acc EUR Hedged 1.00 Class G Acc GBP 1.00

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7. Fees (continued)

Sub-Fund TER

(% of Net Asset Value) Fidelity Alternative Listed Equity Fund

Class I Acc GBP 1.00 Class G Acc EUR Hedged 1.00 Class I Acc EUR Hedged 1.00 Class G Acc GBP 1.00

Fidelity Global Emerging Markets Equity Fund Class I Acc USD 1.00 Class G Acc EUR Hedged 1.00 Class G Acc GBP Hedged 1.00

8. Net Asset Value per Redeemable Participating Unit The Net Asset Value per redeemable participating Unit is calculated by dividing the total net assets (as calculated for Unitholder dealing purposes) of each Sub-Fund by the number of redeemable participating Units of that Class in issue. 9. Related Parties In the opinion of the Directors of the Manager, the list of related parties under IAS 24 “Related Party Transactions”’ is as follows:

FIL Limited – the ultimate holding company of the Manager and fellow subsidiary undertakings namely: (i) FIL Fund Management (Ireland) Limited

(ii) FIL Distributors (iii) FIL Investments International

The Directors of the Manager and their dependents.

The Manager is a related party to the Fund and receives fees, as outlined in the Note 7. The amounts payable as at 31 December

2019 and 31 December 2018 are disclosed in the Statement of Financial Position. The following related parties held Units in the Sub-Funds as at 31 December 2019: Sub-Fund Related Party Units Held Fidelity Europe ex-UK Equity Fund

Class G Acc EUR Fidelity UCITS II ICAV 134,568 Fidelity Japan Equity Fund

Class G Acc EUR Hedged Fidelity UCITS II ICAV 56,160 Fidelity North America Equity Fund

Class G Acc EUR Hedged Fidelity UCITS II ICAV 472,732 Fidelity UK Equity Fund

Class G Acc EUR Hedged Fidelity UCITS II ICAV 49,432 Fidelity Global Aggregate Bond Fund

Class G Acc EUR Hedged Fidelity UCITS II ICAV 353,010 Fidelity Global Sub-IG Fixed Income Fund

Class G Acc EUR Hedged Fidelity UCITS II ICAV 234,178 Fidelity Asia Pacific ex-Japan Equity Fund

Class G Acc EUR Hedged Fidelity UCITS II ICAV 73,919 Fidelity Alternative Listed Equity Fund

Class G Acc EUR Hedged Fidelity UCITS II ICAV 140,519 Class I Acc EUR Hedged FIL Limited 447

Fidelity Global Emerging Markets Equity Fund Class G Acc EUR Hedged Fidelity UCITS II ICAV 71,170

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9. Related Parties (continued) As at 31 December 2019, Fidelity North America Equity Fund held 0.16% of Fidelity Institutional Liquidity Fund’s net assets, Fidelity UK Equity Fund held 0.07% of Fidelity Institutional Liquidity Fund and 0.08% of Fidelity Institutional Liquidity Sterling Fund and Fidelity Global Emerging Markets Equity Fund held 0.03% of Fidelity Institutional Liquidity Fund’s net assets, as presented on the relevant Schedule of Investments. The following related parties held Units in the Sub-Funds as at 31 December 2018: Sub-Fund Related Party Units Held Fidelity Europe ex-UK Equity Fund

Class G Acc EUR Fidelity UCITS II ICAV 7,671 Fidelity Japan Equity Fund

Class G Acc EUR Hedged Fidelity UCITS II ICAV 2,958 Fidelity North America Equity Fund

Class G Acc EUR Hedged Fidelity UCITS II ICAV 18,210 Fidelity UK Equity Fund

Class G Acc EUR Hedged Fidelity UCITS II ICAV 4,746 Fidelity Global Aggregate Bond Fund

Class G Acc EUR Hedged Fidelity UCITS II ICAV 49,200 Fidelity Global Sub-IG Fixed Income Fund

Class G Acc EUR Hedged Fidelity UCITS II ICAV 19,818 Fidelity Asia Pacific ex-Japan Equity Fund

Class G Acc EUR Hedged Fidelity UCITS II ICAV 3,888 Fidelity Alternative Listed Equity Fund

Class G Acc EUR Hedged Fidelity UCITS II ICAV 5,569 Fidelity Global Emerging Markets Equity Fund

Class G Acc EUR Hedged Fidelity UCITS II ICAV 1,181 As at 31 December 2018, Fidelity North America Equity Fund held 0.12% of Fidelity Institutional Liquidity Fund’s net assets and Fidelity UK Equity Fund held 0.00% of Fidelity Institutional Liquidity Fund and 0.24% of Fidelity Institutional Liquidity Sterling Fund. All related parties transactions are at arm’s length. 10. Transaction Costs Transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of the of the financial asset or liability. In order to achieve its investment objective, each Sub-Fund incurs transaction costs in relation to trading activity on its portfolio. These costs may include broker commissions, settlement fees, stamp duties and financial transaction taxes. For some financial instruments, such as debt securities, repurchase agreements and forward foreign exchange contracts, transaction costs are embedded in the price of the instruments and are not separately identifiable. Identifiable transaction costs incurred during the financial year ended 31 December 2019 and the period ended 31 December 2018 are recognised as an expense for financial reporting purposes in the Statement of Comprehensive Income. 11. Financial Risk Management Each Sub-Fund may be exposed to market price risk, interest rate risk, credit risk, liquidity risk or currency risk arising from the financial instruments it holds. The Manager’s overall risk management programme for the Sub-Funds focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on financial performance. The policies documented below are standard operational practices and are reviewed regularly by the Investment Manager. In certain market conditions, the Investment Manager may apply additional risk procedures to minimise potential adverse effects on the Sub-Funds’ financial performance. The Manager and the advisers perform the financial risk management procedures on behalf of the Fund.

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11. Financial Risk Management (continued) a) Global Exposure Under the UCITS Regulations, the Manager employs a risk management process which enables it to accurately monitor and manage the global exposure of the Sub-Funds to financial derivative instruments (“FDI”) (which are a subset of the financial instruments in which the Sub-Funds invest). The global exposure and leverage of each of the Sub-Funds other than Fidelity Global Aggregate Bond Fund and Fidelity Global Sub-IG Fixed Income Fund is calculated using the commitment approach and these Sub-Funds’ global exposure will not exceed 100% of Net Asset Value. The global exposure and leverage of Fidelity Global Aggregate Bond Fund and Fidelity Global Sub-IG Fixed Income Fund is calculated using relative VaR and absolute VaR respectively. Fidelity Global Aggregate Bond Fund 31 December 2019 Global Exposure Calculation Methodology and VAR Approach Reference Portfolio Annualised VAR Annualised Benchmark VAR Historical Simulation Barclays Global Aggregate Bond

GBP Hedged Index 1.96% 1.57%

Level of Leverage Daily Average Leverage Financial Year Ended 31 December 2019 675.68% Daily VAR Utilisation during the financial year ended 31 December 2019 Minimum Maximum Average 48.18% 96.48% 64.82% 31 December 2018 Global Exposure Calculation Methodology and VAR Approach Reference Portfolio Annualised VAR Annualised Benchmark VAR Historical Simulation Barclays Global Aggregate Bond

GBP Hedged Index 1.34% 1.36%

Level of Leverage Daily Average Leverage Period Ended 31 December 2018 1,014.20% Daily VAR Utilisation during the period ended 31 December 2018 Minimum Maximum Average 37.53% 79.60% 47.19%

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11. Financial Risk Management (continued) a) Global Exposure (continued) Fidelity Global Sub-IG Fixed Income Fund 31 December 2019 Global Exposure Calculation Methodology and VAR Approach Reference Portfolio Annualised VAR Annualised Benchmark VARHistorical Simulation N/A 2.30% N/A Level of Leverage Daily Average Leverage Financial Year Ended 31 December 2019 412.33% Daily VAR Utilisation during the financial year ended 31 December 2019 Minimum Maximum Average 9.80% 24.05% 12.81% 31 December 2018 Global Exposure Calculation Methodology and VAR Approach Reference Portfolio Annualised VAR Annualised Benchmark VARHistorical Simulation N/A 3.09% N/A Level of Leverage Daily Average Leverage Period Ended 31 December 2018 385.95% Daily VAR Utilisation during the period ended 31 December 2018 Minimum Maximum Average 4.59% 15.96% 10.63% b) Market Risk This risk comprises of three main types of risk: market price risk, currency risk and interest rate risk. i) Market Price Risk For Sub-Funds which invest in equities, the value of those equities may fluctuate, sometimes dramatically, in response to the activities and results of individual companies or because of general market and economic conditions or other events. Currency exchange rate movements will also cause changes in value when the currency of the investment is other than the base currency of the Sub-Fund holding that investment. The Sub-Funds policy is to manage market price risk through diversification and selection of securities and other financial instruments within specified limits set by the Board of Directors. The following sensitivity analysis assumes a change in the market price of investments of 5% while holding all other variables constant. In practice this is unlikely to occur, and changes in some of the variables may be correlated. In addition, as the sensitivity analysis uses historical data as a basis for determining future events, it does not encompass all possible scenarios, particularly those that are of an extreme nature.

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11. Financial Risk Management (continued) b) Market Risk (continued) i) Market Price Risk (continued) The Investment Manager deems the percentage used applicable for the Sub-Funds’ analysis. At 31 December 2019 and 31 December 2018, had the fair value of investments increased by 5%, with all other variable held constant, the net asset attributable to shareholders for each Sub-Fund would have increased as set out in the table below:

Sub-Fund CurrencyEffect on NAV

31 December 2019Effect on NAV

31 December 2018Fidelity Europe ex-UK Equity Fund EUR 24,195,412 10,991,719Fidelity Japan Equity Fund JPY 1,293,283,086 1,092,311,548Fidelity North America Equity Fund USD 43,334,894 36,397,190Fidelity UK Equity Fund GBP 22,329,346 19,260,777Fidelity Global Aggregate Bond Fund GBP 17,260,449 16,953,763Fidelity Global Sub-IG Fixed Income Fund GBP 4,749,487 4,175,917Fidelity Asia Pacific ex-Japan Equity Fund USD 15,071,266 12,870,372Fidelity Alternative Listed Equity Fund GBP 2,043,370 1,611,803Fidelity Global Emerging Markets Equity Fund USD 14,134,608 4,168,872

ii) Currency Risk The Sub-Funds’ total return and Statement of Financial Position can be significantly affected by foreign exchange rate movements if the Sub-Funds’ assets and income are denominated in currencies other than the base currency of the Sub-Funds and this means that currency movements may significantly affect the Sub-Funds’ Net Asset Value per Unit. The three principal areas of foreign currency risk are where movements in exchange rates affect the value of investments, short term timing differences or income received. A Sub-Funds may, or may not, hedge these risks using either spot or forward foreign exchange contracts. The tables below set out the Sub-Funds’ total exposure to foreign currency at the financial year ended 31 December 2019 and the financial year ended 31 December 2018, including sensitivity analysis. Forward Foreign Exchange Contracts held for Class Hedging Purposes are excluded from the analysis, as they are not considered to be exposed to the risk. Fidelity Europe ex-UK Equity Fund 31 December 2019

Currency

MonetaryAssets

EUR

Non-Monetary Assets

EUR

MonetaryLiabilities

EUR

Non-Monetary Liabilities

EURTotalEUR

Effect on NAV of 5% change in foreign

exchange rateEUR

CHF 1,134 70,242,410 - - 70,243,544 57DKK 7,883 21,390,418 - - 21,398,301 394 GBP 1 - - - 1 0NOK 89,153 6,976,341 - - 7,065,494 4,458 SEK 1,330 34,613,598 - - 34,614,928 67USD 580,287 5,944,362 - - 6,524,649 29,014

158



11. Financial Risk Management (continued) b) Market Risk (continued) ii) Currency Risk (continued) Fidelity Europe ex-UK Equity Fund (continued) 31 December 2018

Currency

MonetaryAssets

EUR

Non-Monetary Assets

EUR

MonetaryLiabilities

EUR


EURTotalEUR

Effect on NAV of 5%change in foreign

exchange rateEUR

CHF 5,995 18,622,965 - - 18,628,960 300DKK 2,619 11,581,988 - - 11,584,607 131GBP 2 - - - 2 0NOK 3 2,737,658 - - 2,737,661 0SEK 3 7,748,785 - - 7,748,788 0USD 9,018 4,554,399 - - 4,563,417 451 Fidelity Japan Equity Fund 31 December 2019

Currency

MonetaryAssets

JPY

Non-Monetary Assets

JPY

MonetaryLiabilities

JPY


JPYTotalJPY


exchange rateJPY

EUR 2,056,505 81 - - 2,056,586 102,825 There was no exposure to foreign currency as of 31 December 2018. Fidelity North America Equity Fund 31 December 2019

Currency

MonetaryAssets

USD

Non-Monetary Assets

USD

MonetaryLiabilities

USD


USDTotalUSD


exchange rateUSD

CAD 187 11,338,554 - - 11,338,741 9 EUR 154,419 6,174,879 (4,279) - 6,325,019 7,507 SEK 89 2,893,924 - - 2,894,013 4 31 December 2018

Currency

MonetaryAssets

USD

Non-Monetary Assets

USD

MonetaryLiabilities

USD


USDTotalUSD


exchange rateUSD

CAD - 9,063,982 - - 9,063,982 -EUR 76 5,690,943 - - 5,691,019 4SEK - 1,396,631 - - 1,396,631 -

159



11. Financial Risk Management (continued) b) Market Risk (continued) ii) Currency Risk (continued)

Fidelity UK Equity Fund 31 December 2019

Currency

MonetaryAssets

GBP

Non-Monetary Assets

GBP

MonetaryLiabilities

GBP


GBPTotalGBP


exchange rateGBP

AUD - 461,100 (3,897) (21) 457,182 (195)CAD 141 399,209 - - 399,350 7 CHF - 4,055,572 - - 4,055,572 -DKK - 263,762 - - 263,762 -EUR 16,474 19,539,562 - (310,379) 19,245,657 824 JPY 228 193,824 - - 194,052 11SGD 127 - - - 127 6 USD 39,911 23,903,127 - (37) 23,943,001 1,996 ZAR 1 197,834 - - 197,835 0 31 December 2018

Currency

MonetaryAssets

GBP

Non-Monetary Assets

GBP

MonetaryLiabilities

GBP


GBPTotalGBP


exchange rateGBP

CAD - 418,443 - - 418,443 -CHF - 4,579,345 - - 4,579,345 -EUR 385,626 16,434,575 (364,510) (2,316,467) 14,139,224 1,056JPY 6,996 162,100 - (7,715) 161,381 350SGD 10,218 - (12,328) (24,779) (26,889) (106)ZAR 3 189,010 - - 189,013 0USD 49,213 15,159,509 - - 15,208,722 2,461

160




Fidelity Global Aggregate Bond Fund 31 December 2019

Currency

MonetaryAssets

GBP

Non-Monetary Assets

GBP

MonetaryLiabilities

GBP


GBPTotalGBP


exchange rateGBP

AUD 120,827 70,787 - (92,570) 99,044 6,041 BRL 2,579,783 141,494 (180,365) - 2,540,912 119,971 CAD 4,433,006 165,912 (70,431) (88,342) 4,440,145 218,129 CHF - 3,284 - - 3,284 - CLP - 20,312 - (4,585) 15,727 - CNH - 60,215 - - 60,215 - CNY 37,248 37,921 (36,802) (18,698) 19,669 22 COP 3,607,880 46,104 - - 3,653,984 180,394 CZK 14,373 1,392 (1,268) - 14,497 655 DKK 9,667,526 - - - 9,667,526 483,376 EUR 51,687,186 663,851 (23,181) (541,174) 51,786,682 2,583,200 HKD - 5,712 - - 5,712 - IDR - 25,900 - - 25,900 - ILS 14,999 95,211 (419) - 109,791 729 INR - 43,704 - - 43,704 - JPY 57,082,792 23,109 (203) (30,345) 57,075,353 2,854,129 KRW 1,218 84,679 (1,056) - 84,841 8 MXN 12,816,668 89,521 (1,114) (8,532) 12,896,543 640,778 MYR 3,552,869 - - - 3,552,869 177,643 NOK 2,964,789 27,642 - (2,020) 2,990,411 148,239 NZD 11,903 19,762 (6,562) - 25,103 267 PEN 1,266,314 - - - 1,266,314 63,316 PLN 3,509,760 36,510 (3,871) - 3,542,399 175,294 RON 25 4,185 - - 4,210 1 RUB 386,807 42,288 - - 429,095 19,340 SEK 13,044 22,458 (10,406) (6) 25,090 132 SGD 10,838,418 - - - 10,838,418 541,921 TWD - - - (1,245) (1,245) - USD 232,771,022 1,515,099 (120,889,446) (2,149,491) 111,247,184 5,594,079 ZAR 856,354 17,313 (9,054) - 864,613 42,365

161



11. Financial Risk Management (continued) b) Market Risk (continued) ii) Currency Risk (continued) Fidelity Global Aggregate Bond Fund (continued) 31 December 2018

Currency

MonetaryAssets

GBP

Non-Monetary Assets

GBP

MonetaryLiabilities

GBP


GBPTotalGBP


exchange rateGBP

AUD 3,443,578 267,907 (22,566) (104,507) 3,584,412 171,051BRL 2,536,414 29,567 - (108,915) 2,457,066 126,821CAD 5,990,420 233,495 (25,421) (51,957) 6,146,537 298,250CHF - 8,308 - (1,583) 6,725 -CLP - - - (144) (144) -CNH - 17,607 - (64,558) (46,951) -COP 2,356,046 46,393 - (26,863) 2,375,576 117,802DKK 7,261,318 21,309 (8,933) (46,656) 7,227,038 362,619EUR 41,502,158 804,452 (363,021) (1,121,387) 40,822,202 2,056,957JPY 40,894,017 65,462 (16,223) (1,345,252) 39,598,004 2,043,890KRW - 6,249 (5,587) (79,275) (78,613) (279)MXN 9,431,712 20,265 (338) (508,763) 8,942,876 471,569MYR 2,350,780 - - - 2,350,780 117,539NOK 202 1,022 - (16,527) (15,303) 10NZD 7,787,458 313,339 (5,178) (9,787) 8,085,832 389,114PLN 5,703,789 - - (78,172) 5,625,617 285,189RON 167 - - (14,441) (14,274) 8RUB - - - (99,910) (99,910) -SEK 6,710,806 27,241 - (173,913) 6,564,134 335,540SGD 9,822,680 - - (143,438) 9,679,242 491,134TWD - - - (1,333) (1,333) -USD 181,772,657 2,613,231 (79,870,671) (3,166,066) 101,349,151 5,095,099ZAR 15,095 2,750 (3,708) - 14,137 569

162



11. Financial Risk Management (continued) b) Market Risk (continued) ii) Currency Risk (continued) Fidelity Global Sub-IG Fixed Income Fund 31 December 2019

Currency

MonetaryAssets

GBP

Non-Monetary Assets

GBP

MonetaryLiabilities

GBP


GBPTotalGBP


exchange rateGBP

ARS 241,850 - - - 241,850 12,093 BRL 818,176 223,572 - (26,575) 1,015,173 40,909 CLP 488,216 67,367 (602) (7,924) 547,057 24,381 CNH - 919 - - 919 -CNY 49,786 - (17,287) (46,595) (14,096) 1,625 COP 527,402 218,999 - (2,180) 744,221 26,370 CZK 298,786 27,059 (7,386) - 318,459 14,570 DOP 218,917 - - - 218,917 10,946 EGP 1,855,435 - (186,870) - 1,668,565 83,428 EUR 9,569,705 20,625 (2,739) 22,620 9,610,211 478,348GHS 335,471 - - - 335,471 16,774 HKD 16,630 - (3,353) (7,766) 5,511 664 HUF 255,601 127,146 (11,401) (70,735) 300,611 12,210 IDR 2,498,499 31,452 - - 2,529,951 124,925ILS 4,371 3,634 (22,965) (173,378) (188,338) (930)INR - 2,045 - (575) 1,470 -JPY - 22,182 - (147) 22,035 -KRW 105,938 55,503 (6,299) (14,310) 140,832 4,982 LKR 239,060 - - - 239,060 11,953 MXN 1,676,436 81,902 (14,809) (5,553) 1,737,976 83,081 MYR 62,969 96,896 (3,709) - 156,156 2,963 NGN 1,252,873 - - - 1,252,873 62,644 PEN 549,381 31,924 - - 581,305 27,469 PHP - 6,104 - - 6,104 -PLN 1,492 74,442 (1,451) (2,451) 72,032 2 RON 1,259,202 2,697 - - 1,261,899 62,960 RSD 1,582,240 6,179 - - 1,588,419 79,112 RUB 1,748,739 52,163 - (23,888) 1,777,014 87,437 SGD 3,597 6,308 (4,149) (65,415) (59,659) (28)THB 810,421 2,026 - (8,538) 803,909 40,521 TRY 450,225 238 - (57,543) 392,920 22,511 TWD - 47,428 - (1,242) 46,186 -UAH 634,946 - - - 634,946 31,747 USD 65,266,675 237,881 (414,809) (1,360,743) 63,729,004 3,242,593 ZAR 3,392,975 79,520 (19,572) - 3,452,923 168,670

163



11. Financial Risk Management (continued) b) Market Risk (continued) ii) Currency Risk (continued) Fidelity Global Sub-IG Fixed Income Fund (continued) 31 December 2018

Currency

MonetaryAssets

GBP

Non-Monetary Assets

GBP

MonetaryLiabilities

GBP


GBPTotalGBP


exchange rateGBP

ARS 740,952 - - - 740,952 37,048 BRL 1,872,377 32,001 - (285,126) 1,619,252 93,619 CLP 2,731,206 142,816 (1,919,928) (172,354) 781,740 40,564 CZK 19 5,400 (470) (52205) (47,256) (23) CNH - 4,782 - (4,532) 250 - COP 1,641,886 12,822 (562,179) (91,567) 1,000,962 53,985 EUR 10,320,456 54,303 - (37,767) 10,336,992 516,023 HKD 390 11,027 - - 11,417 20 HUF 1 14,032 (14,043) (108,887) (108,897) (702) IDR 2,677,356 12,118 - (4,726) 2,684,748 133,868 INR - 29,008 - (8,658) 20,350 - ILS 520,195 8,215 - (10,133) 518,277 26,010 JPY - 38,512 - (33,156) 5,356 - KRW 1,846,228 29,474 (2,651) (48,588) 1,824,463 92,179 MXN 1,344,435 111,785 (6,261) (105,542) 1,344,417 66,909 MYR 524 76,486 - (2,824) 74,186 26 NGN 917,667 - - - 917,667 45,883 PEN 1,737,115 35,707 - (31,387) 1,741,435 86,856 PHP - 6,064 - (8,270) (2,206) - PLN 1,049,268 33,668 - (3,921) 1,079,015 52,463 RON - 2,384 - (1,147) 1,237 - RSD 662,162 857 - (1,053) 661,966 33,108 RUB 1,663,084 87,804 - (81,967) 1,668,921 83,154 SGD 24 - (458) (19,210) (19,644) (22) THB 2,323,731 33,797 - (49,368) 2,308,160 116,187 TRY 87 48,383 - (162,792) (114,322) 4 TWD - 7,341 - (20,434) (13,093) - USD 52,441,506 1,265,156 (1,417,920) (1,026,853) 51,261,889 2,551,179 ZAR 1,276,342 3,229 - (30,144) 1,249,427 63,817

164




Fidelity Asia Pacific ex-Japan Equity Fund 31 December 2019

Currency

MonetaryAssets

USD

Non-Monetary Assets

USD

MonetaryLiabilities

USD


USDTotalUSD


exchange rateUSD

AUD 92,978 21,524,489 - - 21,617,467 4,649 CAD - 370,493 - - 370,493 -CNH - 13,193,405 - - 13,193,405 -EUR 19,398 - (4,858) - 14,540 727 GBP 5 - - - 5 0HKD 237,153 95,501,241 (20,258) - 95,718,136 10,845 IDR 10,153 7,952,210 (41) - 7,962,322 506 INR 14,789 20,027,034 - - 20,041,823 739 JPY 10,080 2,144,922 - - 2,155,002 504 KRW 604,746 40,215,404 (127,733) - 40,692,417 23,851 MYR 4,245 1,954,821 - - 1,959,066 212 NZD 17,753 1,200,436 - - 1,218,189 888 PHP 46,268 3,213,983 (50) - 3,260,201 2,311 SGD 46,076 6,012,482 (10) - 6,058,548 2,303 THB 38,510 7,978,860 - - 8,017,370 1,926 TWD 130,996 46,168,386 - - 46,299,382 6,550 31 December 2018

Currency

MonetaryAssets

USD

Non-Monetary Assets

USD

MonetaryLiabilities

USD


USDTotalUSD

Effect on NAV of 5%change in foreign

exchange rateUSD

AUD 380,131 19,581,119 - - 19,961,250 19,007CNH - 8,055,643 - - 8,055,643 -CNY - 309,735 - - 309,735 -HKD 114,813 90,566,942 (136,372) - 90,545,383 (1,078)IDR 18,481 4,683,211 (137) - 4,701,555 917INR 68,990 21,084,916 - - 21,153,906 3,450KRW 414,977 40,094,191 (50,164) - 40,459,004 18,241MYR 23,619 3,813,219 (96) - 3,836,742 1,176NZD 1,781 621,371 - - 623,152 89PHP 1,506 3,541,020 - - 3,542,526 75SGD 142,411 4,996,856 - - 5,139,267 7,121THB 15,359 6,907,652 - - 6,923,011 768TWD 163,556 32,219,350 - - 32,382,906 8,178

165



11. Financial Risk Management (continued)

b) Market Risk (continued) ii) Currency Risk (continued)

Fidelity Alternative Listed Equity Fund 31 December 2019

Currency

Monetary Assets

GBP

Non-Monetary Assets

GBP

Monetary Liabilities

GBP


GBPTotalGBP


exchange rateGBP

EUR 88,526 8,586,980 (63.00) - 8,675,443 4,423 USD 18 6,168,968 - - 6,168,986 1

31 December 2018

Currency

Monetary Assets

GBP

Non-Monetary Assets

GBP


GBP


GBPTotalGBP


exchange rateGBP

EUR - 5,762,652 - (41,149) 5,721,503 -USD 17 3,319,764 - (4,818) 3,314,963 1 Fidelity Global Emerging Markets Equity Fund 31 December 2019

Currency

Monetary Assets

USD

Non-Monetary Assets

USD


USD


USDTotalUSD


exchange rateUSD

AED - 3,375,559 - - 3,375,559 -BRL 184,669 16,283,183 (396) - 16,467,456 9,214 CLP 2,091 761,768 - - 763,859 105 CNH - 11,067,184 - - 11,067,184 -COP 505 459,627 - - 460,132 25CZK - 1,630,695 - - 1,630,695 -EUR 13,909 1,046,423 (28) - 1,060,304 694 GBP 6 3,069,571 - - 3,069,577 0HKD 16,149 65,304,220 (2,684) - 65,317,685 673 HUF - 3,032,475 - - 3,032,475 -IDR 196 8,819,927 - - 8,820,123 10INR 1,997 22,250,202 - - 22,252,199 100 KRW 470,909 34,464,749 - - 34,935,658 23,545 MXN 22,121 4,909,469 - - 4,931,590 1,106 MYR 1,564 1,839,705 - - 1,841,269 78PHP 6,282 1,974,195 - - 1,980,477 314 PKR - 57,272 - - 57,272 -PLN 13,278 1,600,562 - - 1,613,840 664 QAR 989 1,358,328 - - 1,359,317 49SAR 6,661 2,626,690 - - 2,633,351 333 SGD 16 1,819,631 - - 1,819,647 1 THB 10,955 7,927,870 - - 7,938,825 548 TRY 11,981 3,420,230 - - 3,432,211 599 TWD 154,735 25,994,274 - - 26,149,009 7,737 ZAR 12,374 10,712,424 - - 10,724,798 619

166



11. Financial Risk Management (continued) b) Market Risk (continued) ii) Currency Risk (continued) Fidelity Global Emerging Markets Equity Fund (continued) 31 December 2018

Currency

Monetary Assets

USD

Non-Monetary Assets

USD


USD


USDTotalUSD


exchange rateUSD

AED - 2,230,349 - - 2,230,349 -BRL 301,022 10,461,126 (47,023) - 10,715,125 12,700CNH - 4,703,848 - - 4,703,848 -CNY 110,916 - - - 110,916 5,546COP 3,655 226,926 - - 230,581 183CLP 1,800 742,070 - - 743,870 90CZK - 1,706,512 - - 1,706,512 -EUR 15,751 617,182 - (2) 632,931 788HUF - 2,303,821 - - 2,303,821 -HKD 30,021 57,373,230 - - 57,403,251 1,501IDR - 5,942,301 - - 5,942,301 -INR 2,803 23,310,451 - - 23,313,254 140KRW 309,142 29,864,488 - - 30,173,630 15,457MYR 7,907 2,762,174 - - 2,770,081 395MXN 21,869 5,777,128 - - 5,798,997 1,093PKR 799 463,794 - - 464,593 40PHP 2,177 2,101,317 - - 2,103,494 109PLN 203,607 1,715,692 - - 1,919,299 10,180SGD - 1,931,356 - - 1,931,356 -TRY - 879,649 - - 879,649 -THB 18,059 5,568,339 - - 5,586,398 903TWD 107,215 19,924,553 (409) - 20,031,359 5,340GBP - 2,489,737 - - 2,489,737 -QAR - 550,785 - - 550,785 -ZAR 20,476 12,872,200 - - 12,892,676 1,024 iii) Interest Rate Risk Interest rate risk arises from the effects of fluctuations in the prevailing levels of market interest rates on the fair value of financial assets and future cash flows. The interest rate risk profile of financial assets and financial liabilities of the Sub-Funds was as follows: Fidelity Europe ex-UK Equity Fund The majority of the Sub-Fund’s financial assets and liabilities are non-interest bearing as at 31 December 2019 and 31 December 2018. As a result, the Sub-Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates.

167



11. Financial Risk Management (continued) b) Market Risk (continued) iii) Interest Rate Risk (continued) Fidelity Japan Equity Fund The majority of the Sub-Fund’s financial assets and liabilities are non-interest bearing as at 31 December 2019 and at 31 December 2018. As a result, the Sub-Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. Fidelity North America Equity Fund The majority of the Sub-Fund’s financial assets and liabilities are non-interest bearing as at 31 December 2019 and at 31 December 2018. As a result, the Sub-Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. Fidelity UK Equity Fund The majority of the Sub-Fund’s financial assets and liabilities are non-interest bearing as at 31 December 2019 and at 31 December 2018. As a result, the Sub-Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. Fidelity Global Aggregate Bond Fund

As at 31 December 2019 Up to 1 yearGBP

1 - 5 yearsGBP

Over 5 years GBP

Non InterestBearing

GBPTotalGBP

Assets Cash and Cash Equivalents 10,770,406 – – (305,511) 10,464,895Financial Assets at Fair Value Through Profit or Loss 42,473,097 95,968,861 202,805,179 3,380,494 344,627,631Financial Derivative Instruments 336,377 1,175,721 815,583 4,852,135 7,179,816Receivables for investments sold – – – 66,865,639 66,865,639Other assets – – – 6,143,270 6,143,270Total Assets 53,579,880 97,144,582 203,620,762 80,936,027 435,281,251 Liabilities Reverse Repurchase Agreements 2,207,275 796,754 – – 3,004,029Financial Derivative Instruments 531,965 471,441 823,513 1,424,031 3,250,950Payable for investments purchased – – – 119,531,011 119,531,011Other liabilities – – – 3,488,592 3,488,592Total Liabilities excluding net assets attributable to Unitholders 2,739,240 1,268,195 823,513 124,443,634 129,274,582

168



11. Financial Risk Management (continued) b) Market Risk (continued) iii) Interest Rate Risk (continued) Fidelity Global Aggregate Bond Fund (continued) As at 31 December 2018

Up to 1 year

GBP1 - 5 years

GBPOver 5 years

GBP

Non Interest Bearing

GBPTotal GBP

Assets Cash and Cash Equivalents 4,997,325 - - 1,561,171 6,558,496 Financial Assets at Fair Value Through

Profit or Loss 36,577,651 104,508,708 180,751,505 17,134,859 338,972,723 Financial Derivative Instruments 1,737,747 698,582 502,214 976,901 3,915,444 Receivable for investments sold - - - 34,123,672 34,123,672 Other assets - - - 6,866,192 6,866,192 Total Assets 43,312,723 105,207,290 181,253,719 60,662,795 390,436,527 Liabilities Financial Derivative Instruments 439,083 1,510,802 709,591 3,923,896 6,583,372 Payable for investments purchased - - - 84,547,391 84,547,391 Other liabilities - - - 2,133,257 2,133,257 Total Liabilities excluding net assets attributable to Unitholders 439,083 1,510,802 709,591 90,604,544 93,264,020 Fidelity Global Sub-IG Fixed Income Fund

As at 31 December 2019 Up to 1 yearGBP

1 - 5 yearsGBP

Over 5 years GBP

Non InterestBearing

GBPTotalGBP

Assets Cash and Cash Equivalents 3,708,535 – – 1,597,888 5,306,423Financial Assets at Fair Value Through Profit or Loss 2,224,579 31,250,542 61,371,294 123,844 94,970,259Financial Derivative Instruments 57,939 147,146 74,520 4,106,992 4,386,597Receivables for investments sold – – – 8,273 8,273Other assets – – – 2,784,535 2,784,535Total Assets 5,991,053 31,397,688 61,445,814 8,621,532 107,456,087 Liabilities Financial Derivative Instruments 110,558 93,978 365,155 1,518,162 2,087,853Payable for investments purchased – – – 599,645 599,645Other liabilities – – – 240,993 240,993Total Liabilities excluding net assets attributable to Unitholders 110,558 93,978 365,155 2,358,800 2,928,491

169



11. Financial Risk Management (continued) b) Market Risk (continued) iii) Interest Rate Risk (continued) Fidelity Global Sub-IG Fixed Income Fund (continued) As at 31 December 2018

Up to 1 year

GBP1 - 5 years

GBPOver 5 years

GBP

Non Interest Bearing

GBPTotal GBP

Assets Cash and Cash Equivalents 3,891,804 - - 42,227 3,934,031 Financial Assets at Fair Value Through Profit or Loss 3,352,994 26,598,408 53,415,638 - 83,367,040 Financial Derivative Instruments 119,976 140,519 96,717 1,093,104 1,450,316 Receivable for Investments Sold - - - 3,997,446 3,997,446 Other assets - - - 2,093,355 2,093,355 Total Assets 7,364,774 26,738,927 53,512,355 7,226,132 94,842,188 Liabilities Financial Derivative Instruments 109,200 368,017 142,062 1,110,154 1,729,433 Other liabilities - - - 3,995,739 3,995,739 Total Liabilities excluding net assets attributable to Unitholders 109,200 368,017 142,062 5,105,893 5,725,172 Fidelity Asia Pacific ex-Japan Equity Fund The majority of the Sub-Fund’s financial assets and liabilities are non-interest bearing as at 31 December 2019 and 31 December 2018. As a result, the Sub-Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. Fidelity Alternative Listed Equity Fund The majority of the Sub-Fund’s financial assets and liabilities are non-interest bearing as at 31 December 2019 and 31 December 2018. As a result, the Sub-Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. Fidelity Global Emerging Markets Equity Fund The majority of the Sub-Fund’s financial assets and liabilities are non-interest bearing as at 31 December 2019 and 31 December 2018. As a result, the Sub-Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. c) Credit Risk Credit risk is the risk that a counterparty or an issuer will be unable to pay amounts in full when due. The Sub-Fund will be exposed to credit risk on parties with whom it trades and will also bear the risk of settlement default. The Manager may instruct the Depositary to settle transactions on a delivery free of payment basis where the Manager believes that this form of settlement is appropriate. Unitholders should be aware, however, that this may result in a loss to the Sub-Fund if a transaction fails to settle and the Depositary will not be liable to the Sub-Fund or the unitholders for such a loss. The Sub-Fund is exposed to the credit risk of the counterparties (such as the Depositary) or the brokers and dealers and exchanges through which, it deals, whether it engages in exchange-traded or off-exchange transactions. Counterparty risk is a risk to both parties and should be considered when evaluating a contract. The Sub-Fund may be subject to the possibility of insolvency, bankruptcy or default of a counterparty with which the Sub-Fund trades such instruments, which could result in substantial losses to the Fund and the Sub-Funds. The Sub-Fund may be subject to risk of loss of its assets held by a broker in the event of the broker's bankruptcy, the bankruptcy of any clearing broker through which the broker executes and clears transactions on behalf of the Sub-Fund, or the bankruptcy of an exchange clearing house.

170



11. Financial Risk Management (continued) c) Credit Risk (continued) It is expected that all securities and other assets deposited with the Depositary will generally be clearly identified as being assets of the Sub-Fund and hence the Sub-Fund should not be exposed to a credit risk with respect to such parties, except where the Depositary determines that it is usual market practice in the market in question to record or register the Sub-Fund's assets in the name of the Depositary or its sub-custodian or their respective nominees and that assets so registered may not be assigned, transferred, exchanged or delivered without the prior authorisation of the Depositary or its sub-custodian or their respective nominees. However, it may not always be possible to achieve this identification and there may be practical or timing problems associated with enforcing the Sub- Fund's rights to its assets in the case of an insolvency of any such sub-custodian or broker. In addition, the Depositary may hold securities through a securities depositary or similar securities system and the Sub-Fund and not the Depositary shall bear any loss arising directly or indirectly from holding securities and settling securities transactions through such a securities depositary or system. Surplus cash balances belonging to the Sub-Fund (and which are therefore assets of the Sub-Fund) are either placed on deposit by the Depositary, upon being instructed to do so, into cash deposit accounts or invested by the Investment Manager in investment-grade money market instruments. Whilst the investment of cash in a deposit account or money instrument is lower risk relative to other investment categories, such cash is not totally guaranteed. There is no special protection for this cash: it is not ring-fenced and in the event of a failure of the bank the Sub-Fund may only rank as a general creditor in respect of the recovery of its cash. The Sub-Fund’s assets are held on a fiduciary basis by the Depositary. These assets are held in segregated accounts on the books and records of the Depositary. Depending on the requirement of the jurisdictions in which the investments of the Sub-Fund are listed, the Depositary may use the service of one or more sub-custodians. For cash accounts, funds deposited are liabilities of the banks, creating a debtor-creditor relationship between the bank and the Sub-Fund. Cash accounts opened on the books of Brown Brothers Harriman are obligations of Brown Brothers Harriman while cash accounts opened on the books of a sub-custodian (agency accounts) are obligations of the sub-custodian. As Depositary, Brown Brothers Harriman Trustee Services (Ireland) Limited must ensure the ownership of each asset and the location of documents of title for each asset. As at 31 December 2019 and 31 December 2018, Brown Brothers Harriman Trustee Services (Ireland) Limited has a long term credit rating of A+ as issued by Fitch. Accordingly, while Brown Brothers Harriman is responsible for exercising reasonable care in the administration of agency cash accounts, it is not liable for their repayment in the event the sub-custodian, by reason of its bankruptcy, insolvency or otherwise, fails to make repayment. All securities that Brown Brothers Harriman holds in custody are segregated from Brown Brothers Harriman's own assets, whether they are held in Brown Brothers Harriman's vault, in segregated accounts on the books of their sub-custodians, or in an account maintained at a central securities depository. Brown Brothers Harriman maintains segregated accounts per client on its own books as well as on the books of the sub-custodian in the local market, where this is possible. As Depositary, Brown Brothers Harriman Trustee Services (Ireland) Limited must also ensure non-cash assets are held on a fiduciary basis through Brown Brothers Harriman's network of global sub-custodians. Most of the markets in which a Sub-Fund may effect derivative transactions are “over-the-counter” markets. The participants in such markets typically are not subject to the same credit evaluation and regulatory oversight as are members of “exchange-based” markets. In addition, many of the protections afforded to participants on some organized exchanges, such as the performance guarantee of an exchange clearinghouse, might not be available in connection with such “over-the-counter” transactions. This exposes a Sub-Fund to the risk that counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing a Sub-Fund to suffer a loss. Such counterparty risk is accentuated for contracts with longer maturities where events may intervene to prevent settlement, or where a Sub-Fund has concentrated its transactions with a single or small group of counterparties. The Investment Manager trades derivatives only with approved counterparties and is not restricted from dealing with any particular counterparty or from concentrating any or all of a Sub-Fund’s derivative transactions with one counterparty. The counterparties, with which a Sub-Fund effects transaction may, from time to time, cease making markets or quoting prices in certain of the instruments. In such instances, a Sub-Fund may be unable to enter into a desired credit default swap or currency transaction, or to enter into an offsetting transaction with respect to an open position, which might adversely affect its performance. Further, in contrast to exchange-traded instruments, credit derivative transactions and forward, spot and option contracts and swaps on currencies do not provide a trader with the right to offset its obligations through an equal and opposite transaction. For this reason, in entering into credit derivative transactions and forward, spot or options contracts or swaps, a Sub-Fund may be required, and must be able, to perform its obligations under the contract.

171



11. Financial Risk Management (continued) c) Credit Risk (continued) Most of the participations, synthetic securities, credit default swaps, hedge agreements, currency hedge agreements and interest rate hedge transactions may involve the Sub-Fund entering into contracts with counterparties on behalf of one or more Sub-Funds. Pursuant to such contracts, the counterparties agree to make payments to the Sub-Funds under certain circumstances. The Funds will be exposed to the credit risk of the counterparty with respect to any such payments. The Fund measures credit risk and expected credit losses using probability of default, exposure at default and loss given default. Management considers both historical analysis and forward looking information in determining any expected credit loss. Management considers the probability of default to be close to zero as the counterparties have a strong capacity to meet their contractual obligations in the near term. As a result, no loss allowance has been recognised based on the financial year expected credit losses, as any such impairment would be wholly insignificant to the Fund. As at 31 December 2019 and 31 December 2018, the Sub-Funds’ financial assets exposed to counterparty credit risk amounted to the following:

Fidelity Europe ex-UK Equity Fund

31 December 2019

Counterparty/Broker

Exposure on FinancialDerivative Instruments

EUR

Cash Collateral/MarginDue from Broker

EUR

Cash Collateral/MarginDue to Broker

EUR Credit ratingUBS (43,884) 619,373 – A+

31 December 2018

Counterparty/Broker

Exposure on Financial Derivative Instruments

EUR


EUR


EUR Credit ratingUBS (59,307) 340,456 – A+

Fidelity Japan Equity Fund

31 December 2019

Counterparty/Broker


JPY


JPY


JPY Credit ratingBrown Brothers Harriman 66,376 – – A+UBS (2,694,241) 20,888,083 – A+

31 December 2018

Counterparty/Broker


JPY


JPY


JPY Credit ratingBrown Brothers Harriman (75,240) – – A+UBS (13,912,969) 52,327,939 – A+

Fidelity North America Equity Fund

31 December 2019

Counterparty/Broker


USD


USD


USD Credit ratingBrown Brothers Harriman 32,450 – – A+Goldman Sachs (205,949) 210,000 – AUBS 171,024 468,653 – A+

172



11. Financial Risk Management (continued) c) Credit Risk (continued) Fidelity North America Equity Fund (continued)

31 December 2018

Counterparty/Broker


USD


USD


USD Credit ratingBrown Brothers Harriman 1,136 – – A+Goldman Sachs (24,087) – – AUBS (191,261) 835,753 – A+

Fidelity UK Equity Fund

31 December 2019

Counterparty/Broker


GBP


GBP


GBP Credit ratingBNP Paribas (36) – – A+Brown Brothers Harriman (5,087) – – A+Goldman Sachs 314,034 – – AHSBC 639,870 – – AA-Morgan Stanley 115,971 – – ANational Australia Bank 20 – – AA-UBS 98,135 194,607 161 A+

31 December 2018

Counterparty/Broker


GBP


GBP


GBP Credit ratingBrown Brothers Harriman (117) – – A+Goldman Sachs (308,389) 380,000 – AHSBC (1,417,282) 1,610,000 4,053 AA-Morgan Stanley (471,479) 510,000 – AUBS (142,587) 680,858 90,198 A+

173



11. Financial Risk Management (continued) c) Credit Risk (continued)


31 December 2019

Counterparty/Broker


GBP


GBP


GBP Credit ratingAustralia and New Zealand Banking Group 5,712 – – AA-Bank of America (21,802) – 30,000 A+Bank of Australia 21,190 – – AA-BNP Paribas 1,336,863 – 750,000 A+BNY Mellon 2,797 – – AA-Brown Brothers Harriman (36,027) – – A+Citi 562,551 3,597,476 694,484 ACredit Suisse 5,478 – – A-Deutsche Bank 2,478 – – A-Goldman Sachs 174,300 529,998 610,000 A-HSBC 376,414 – 140,000 AA-JPMorgan Chase 115,022 – 134,000 AA-Merril Lynch 1,187 – – A+Morgan Stanley 446,153 – 200,000 ARoyal Bank of Canada 118,175 – 48,000 AARoyal Bank of Scotland 145,746 – 30,000 ASociete Generale 222,339 – – AStandard Chartered Bank 180,954 – 162,000 A-State Street Bank and Trust 341,151 – 300,000 AA-UBS (71,815) 188,417 647 A+

31 December 2018

Counterparty


GBP


GBP


GBP Credit ratingAustralia and New Zealand Banking Group 5,017 – – AA-Bank of America (78,417) 130,000 – A+BNP Paribas 6,024 – – A+Brown Brothers Harriman (2,661) – – A+Citi (1,111,961) 2,653,700 95,966 A+Credit Suisse (163,446) – – AGoldman Sachs 100,773 650,000 – AHSBC (592,734) 929,984 – AA-JPMorgan Chase (689,784) 609,994 211,212 AA-Societe Generale (18,517) – – AStandard Chartered Bank (94,844) – – A-State Street Bank and Trust (27,378) 50,000 – AA-

174





31 December 2019

Counterparty/Broker


GBP


GBP


GBP Credit ratingBank of America 76,032 – – A+BNP Paribas 253,241 – – A+Brown Brothers Harriman (145,267) – – A+Canadian Imperial Bank of Commerce (16,317) – – AA-Citi 103,372 22,646 – AGoldman Sachs (47,384) 22,646 – AHSBC (87,484) 173,617 – AA-JPMorgan Chase (129,083) 75,486 – AA-Merrill Lynch (12,037) – – A+Morgan Stanley 86,029 458,850 7,536 ANational Australia Bank 2,251,798 – – AA-Royal Bank of Canada (19,066) – – AAUBS (15,090) 181,204 – A+

31 December 2018

Counterparty/Broker


GBP


GBP


GBP Credit ratingBrown Brothers Harriman (31,560) – – A+Canadian Imperial Bank of Commerce 257 – – A+Citi 13,965 – – A+HSBC 127,955 – – AA-JPMorgan Chase (344,079) 227,701 – AA-Merrill Lynch (44,529) 19,629 – A+Morgan Stanley (82,883) 457,953 36 ANational Australia Bank 70,981 – – AA-UBS 10,776 68,417 107 A+


31 December 2019

Counterparty/Broker


USD


USD


USD Credit ratingBNP Paribas 80 – – A+Brown Brothers Harriman 4,752 – – A+Credit Suisse – 1,613 1,617 A-HSBC 5 – – AA-Royal Bank of Canada 4 – – AAUBS 54,720 414,779 109 A+

31 December 2018

Counterparty/Broker


USD


USD


USD Credit ratingBrown Brothers Harriman 243 – – A+UBS 34,875 673,295 – A+

175





31 December 2019

Counterparty/Broker


GBP


GBP


GBP Credit ratingBNP Paribas 5,994 – – A+Brown Brothers Harriman (64,960) – – A+JPMorgan Chase 71,354 – – AA-Royal Bank of Canada 12,104 – – AAUBS (15,682) 187,488 – A+

31 December 2018

Counterparty/Broker


GBP


GBP


GBP Credit ratingBrown Brothers Harriman (400) – – A+Canadian Imperial Bank of Commerce (44,303) – – A+JPMorgan Chase (1,414) – – AA-UBS 29,283 73,791 – A+


31 December 2019

Counterparty/Broker


USD


USD


USD Credit ratingBrown Brothers Harriman 4,939 – – A+Credit Suisse 3,160 2,750 – A-UBS 67,216 142,096 – A+ 31 December 2018

Counterparty/Broker


USD


USD


USD Credit ratingBrown Brothers Harriman 89 – – A+UBS 47,524 351,378 – A+

176



11. Financial Risk Management (continued) c) Credit Risk (continued) As at 31 December 2019, the institutions where the Sub-Funds’ cash was held and their respective short term credit ratings, as rated by Fitch, are listed below:

Institution Short Term Credit Indicator31 December 2019

Short Term Credit Indicator31 December 2018

Australia & New Zealand Banking Group F1+ F1+Banco Bilbao F2 F2Banco Santander F1 F1Bank of Montreal F1+ F1+Bank of Nova Scotia F1+ F1+BNP Paribas F1 F1Brown Brothers Harriman F1 F1Citi F1+ F1+DBS Bank F1+ F1+HSBC F1+ F1+JPMorgan Chase F1+ - Mitsubishi UFJ Financial Group F1 - National Australia Bank F1+ F1+Nordea Bank F1+ F1+SEB Group F1+ F1+Societe Generale F1 F1Sumitomo Bank F1 F1

All cash at bank balances at the financial year end are held with Brown Brothers Harriman in segregated accounts or swept to overnight time deposits held in pooled accounts in eligible institutions. The Sub-Funds have the following exposure to issuer credit risk: Security ratings, if any, are obtained from S&P/Moody’s/Fitch Investor Service. Fidelity Europe ex-UK Equity Fund The majority of the Sub-Fund’s financial assets and liabilities are not subject to credit risk as at 31 December 2019 and 31 December 2018. Fidelity Japan Equity Fund The majority of the Sub-Fund’s financial assets and liabilities are not subject to credit risk as at 31 December 2019 and 31 December 2018. Fidelity North America Equity Fund The majority of the Sub-Fund’s financial assets and liabilities are not subject to credit risk as at 31 December 2019 and 31 December 2018. Fidelity UK Equity Fund The majority of the Sub-Fund’s financial assets and liabilities are not subject to credit risk as at 31 December 2019 and 31 December 2018.

177



11. Financial Risk Management (continued) c) Credit Risk (continued) Fidelity Global Aggregate Bond Fund

% of Investments % of InvestmentsRating 31 December 2019 31 December 2018AAA 43.98 43.69AA 4.23 9.59A 29.05 16.12BBB 16.64 11.94BB 2.50 2.61B 0.43 0.44CCC 0.50 0.22CC 0.02 -Not Rated 2.65 15.39Total 100.00 100.00

The Sub-Fund may invest in credit-linked notes, which are investments whose yield or repayment is linked to credit risks or that are used to transfer the credit risk of a third party. Fidelity Global Sub-IG Fixed Income Fund % of Investments % of Investments

Rating 31 December 2019 31 December 2018AA 0.30 -A 2.77 5.27BBB 15.16 20.47BB 35.30 25.40B 32.21 31.33CCC 10.42 10.38C 0.93 -D 0.10 0.11Not Rated 2.81 7.04Total 100.00 100.00

The Sub-Fund may invest in credit-linked notes, which are investments whose yield or repayment is linked to credit risks or that are used to transfer the credit risk of a third party. Fidelity Asia Pacific ex-Japan Equity Fund The majority of the Sub-Fund’s financial assets and liabilities are not subject to credit risk as at 31 December 2019 and 31 December 2018. Fidelity Alternative Listed Equity Fund The majority of the Sub-Fund’s financial assets and liabilities are not subject to credit risk as at 31 December 2019 and 31 December 2018. Fidelity Global Emerging Markets Equity Fund The majority of the Sub-Fund’s financial assets and liabilities are not subject to credit risk as at 31 December 2019 and 31 December 2018. Expected Credit Losses Application of the expected credit loss impairment model per IFRS 9 has resulted in no expected credit loss allowances recorded against each Sub-Fund’s debtors at 31 December 2019 (31 December 2018: None) because the majority of each Sub-Fund’s investments are measured at fair value through profit and loss and comprise of high credit quality investment grade holdings.

178



11. Financial Risk Management (continued) d) Liquidity Risk In normal market conditions the assets of each Sub-Fund comprise mainly realisable investments which can be readily sold. Each Sub-Fund’s main liability is the redemption of any Units that investors wish to sell. In general, the investments, including cash, of each Sub-Fund are managed so that it can meet its liabilities. Investments held may need to be sold if insufficient cash is available to finance such redemptions. If the size of the disposals are sufficiently large, or the market is illiquid, then there is a risk that either the investments might not be sold or the price at which they are sold may adversely affect the Net Asset Value of the relevant Sub-Fund. The Manager employs an appropriate liquidity risk management process, which takes into account efficient portfolio management transactions employed by the Sub-Funds, in order to ensure that the Sub-Funds are able to comply with their stated redemption obligations. However, it is possible that in the type of circumstances described above, a Sub-Fund may not be able to realise sufficient assets to meet all redemption requests that it receives or the Manager may determine that the circumstances are such that meeting some or all of such requests is not in the best interests of the Unitholders. The tables below analyse the Sub-Funds’ financial liabilities into relevant maturity groupings based on the remaining year at the Statement of Financial Position date to the contractual maturity date. The amounts in the table below are the contractual undiscounted cash flows. Detailed analyses of the Sub-Funds’ assets are not shown as they are considered liquid based on the fact that they could be converted to cash in less than one month at close to their carrying value. Forward Foreign Exchange Contracts held for Class Hedging Purposes are excluded from the analysis, as they are not considered to be exposed to the risk. Fidelity Europe ex-UK Equity Fund

As at 31 December 2019

Less than orequal to 1

monthEUR

1 month - 3 months

EUR

More than 3 months

EURTotalEUR

Financial Derivative Instruments – 43,884 – 43,884Capital Units Redeemed awaiting settlement 1,724 – – 1,724Management Fees Payable 304,221 – – 304,221Redeemable Participating Units 498,892,922 – – 498,892,922Total Financial Liabilities 499,198,867 43,884 – 499,242,751



monthEUR

1 month - 3 months

EUR

More than 3 months

EURTotalEUR

Financial Derivative Instruments – 59,307 – 59,307Management Fees Payable 137,163 – – 137,163Redeemable Participating Units 226,254,761 – – 226,254,761Total Financial Liabilities 226,391,924 59,307 – 226,451,231

179



11. Financial Risk Management (continued) d) Liquidity Risk (continued) Fidelity Japan Equity Fund



monthJPY

1 month - 3 months

JPY

More than 3 months

JPYTotalJPY

Financial Derivative Instruments – 2,694,241 – 2,694,241Capital Units Redeemed awaiting settlement 196,311,232 – – 196,311,232Investments Purchased awaiting settlement 70,496,505 – – 70,496,505Management Fees Payable 16,583,812 – – 16,583,812Redeemable Participating Units 26,579,932,567 – – 26,579,932,567Total Financial Liabilities 26,863,324,116 2,694,241 – 26,866,018,357



monthJPY

1 month - 3 months

JPY

More than 3 months

JPYTotalJPY

Financial Derivative Instruments – 13,912,969 – 13,912,969Capital Units Redeemed awaiting settlement 426,533,951 – – 426,533,951Investments Purchased awaiting settlement 30,173,894 – – 30,173,894Management Fees Payable 14,343,502 – – 14,343,502Redeemable Participating Units 22,693,823,129 – – 22,693,823,129Total Financial Liabilities 23,164,874,476 13,912,969 – 23,178,787,445




monthUSD

1 month - 3 months

USD

More than 3 months

USDTotalUSD

Financial Derivative Instruments – – 234,182 234,182Capital Units Redeemed awaiting settlement 4,558,610 – – 4,558,610Investments Purchased awaiting settlement 608,115 – – 608,115Management Fees Payable 422,984 – – 422,984Redeemable Participating Units 884,868,937 – – 884,868,937Total Financial Liabilities 890,458,646 – 234,182 890,692,828



monthUSD

1 month - 3 months

USD

More than 3 months

USDTotalUSD

Financial Derivative Instruments – 191,261 60,799 252,060Management Fees Payable 360,431 – – 360,431Redeemable Participating Units 747,968,115 – – 747,968,115Total Financial Liabilities 748,328,546 191,261 60,799 748,580,606

180



11. Financial Risk Management (continued) d) Liquidity Risk (continued) Fidelity UK Equity Fund



monthGBP

1 month - 3 months

GBP

More than 3 months

GBPTotalGBP

Financial Derivative Instruments 36 – 324,947 324,983Margin Cash Due to Broker 161 – – 161Capital Units Redeemed awaiting settlement 1,375,939 – – 1,375,939Investments Purchased awaiting settlement 366,213 – – 366,213Management Fees Payable 279,684 – – 279,684Redeemable Participating Units 461,689,136 – – 461,689,136Total Financial Liabilities 463,711,169 – 324,947 464,036,116



monthGBP

1 month - 3 months

GBP

More than 3 months

GBPTotalGBP

Financial Derivative Instruments – 14,105 2,373,886 2,387,991Margin Cash Due to Broker 94,251 – – 94,251Capital Units Redeemed awaiting settlement 1,052,874 – – 1,052,874Dividends Payable 681 – – 681Investments Purchased awaiting settlement 376,322 – – 376,322Other payables 2,970 – – 2,970Management Fees Payable 250,220 – – 250,220Redeemable Participating Units 400,728,622 – – 400,728,622Total Financial Liabilities 402,505,940 14,105 2,373,886 404,893,931




monthGBP

1 month - 3 months

GBP

More than 3 months

GBPTotalGBP

Reverse Repurchase Agreements – 2,207,275 796,754 3,004,029Financial Derivative Instruments 883,641 672,658 1,598,773 3,155,072Margin Cash Due to Broker 689,092 – – 689,092Cash Collateral Due to Broker 2,410,039 – – 2,410,039Investments Purchased awaiting settlement 119,531,011 – – 119,531,011Interest Payable on Cash Collateral 322 – – 322Interest Payable on Financial Derivative Instruments 71,507 – – 71,507Interest Payable on Reverse Repurchase Agreements – – 2,699 2,699Capital Gain Tax Payable 180,365 – – 180,365Management Fees Payable 134,568 – – 134,568Redeemable Participating Units 306,006,669 – – 306,006,669Total Financial Liabilities 429,907,214 2,879,933 2,398,226 435,185,373

181



11. Financial Risk Management (continued) d) Liquidity Risk (continued) Fidelity Global Aggregate Bond Fund (continued)



monthGBP

1 month - 3 months

GBP

More than 3 months

GBPTotalGBP

Financial Derivative Instruments 3,703,708 505,767 2,371,233 6,580,708Margin Cash Due to Broker 95,966 – – 95,966Cash Collateral Due to Broker 211,212 – – 211,212Capital Units Redeemed awaiting settlement 1,583,209 – – 1,583,209Investments Purchased awaiting settlement 84,547,391 – – 84,547,391Interest Payable on Cash Collateral 10,411 – – 10,411Interest Payable on Financial Derivative Instruments 11,316 – – 11,316Capital Gain Tax Payable 95,058 – – 95,058Management Fees Payable 126,084 – – 126,084Redeemable Participating Units 297,172,507 – – 297,172,507Total Financial Liabilities 387,556,862 505,767 2,371,233 390,433,862




monthGBP

1 month - 3 months

GBP

More than 3 months

GBPTotalGBP

Financial Derivative Instruments 1,254,784 271,900 496,662 2,023,346Margin Cash Due to Broker 7,536 – – 7,536Capital Units Redeemed awaiting settlement 2,739 – – 2,739Investments Purchased awaiting settlement 599,645 – – 599,645Interest Payable on Financial Derivative Instruments 107,483 – – 107,483Capital Gain Tax Payable 64,424 – – 64,424Management Fees Payable 58,811 – – 58,811Redeemable Participating Units 104,527,596 – – 104,527,596Total Financial Liabilities 106,623,018 271,900 496,662 107,391,580



monthGBP

1 month - 3 months

GBP

More than 3 months

GBPTotalGBP

Financial Derivative Instruments 1,038,298 181,055 510,080 1,729,433Margin Cash Due to Broker 143 – – 143Cash Collateral Due to Broker 78,518 – – 78,518Investments Purchased awaiting settlement 3,898,297 – – 3,898,297Interest Payable on Financial Derivative Instruments 25,693 – – 25,693Capital Gain Tax Payable 22,126 – – 22,126Management Fees Payable 49,480 – – 49,480Redeemable Participating Units 89,117,016 – – 89,117,016Total Financial Liabilities 94,229,571 181,055 510,080 94,920,706

182



11. Financial Risk Management (continued) d) Liquidity Risk (continued) Fidelity Asia Pacific ex-Japan Equity Fund



monthUSD

1 month - 3 months

USD

More than 3 months

USDTotalUSD

Margin Cash Due to Broker 1,726 – – 1,726Capital Units Redeemed awaiting settlement 4,829 – – 4,829Investments Purchased awaiting settlement 148,262 – – 148,262Management Fees Payable 211,598 – – 211,598Redeemable Participating Units 308,891,165 – – 308,891,165Total Financial Liabilities 309,257,580 – – 309,257,580



monthUSD

1 month - 3 months

USD

More than 3 months

USDTotalUSD

Financial Derivative Instruments – 47,450 – 47,450Investments Purchased awaiting settlement 217,113 – – 217,113Management Fees Payable 177,671 – – 177,671Redeemable Participating Units 268,441,966 – – 268,441,966Total Financial Liabilities 268,836,750 47,450 – 268,884,200




monthGBP

1 month - 3 months

GBP

More than 3 months

GBPTotalGBP

Financial Derivative Instruments – 15,682 – 15,682Capital Units Redeemed awaiting settlement 63 – – 63Management Fees Payable 15,714 – – 15,714Redeemable Participating Units 51,302,432 – – 51,302,432Total Financial Liabilities 51,318,209 15,682 – 51,333,891



monthGBP

1 month - 3 months

GBP

More than 3 months

GBPTotalGBP

Financial Derivative Instruments – 45,967 – 45,967Management Fees Payable 11,723 – – 11,723Redeemable Participating Units 39,257,579 – – 39,257,579Total Financial Liabilities 39,269,302 45,967 – 39,315,269

183



11. Financial Risk Management (continued) d) Liquidity Risk (continued) Fidelity Global Emerging Markets Equity Fund



monthUSD

1 month - 3 months

USD

More than 3 months

USDTotalUSD

Financial Derivative Instruments – – 1,049 1,049Capital Units Redeemed awaiting settlement 6,267 – – 6,267Investments Purchased awaiting settlement 3,107 – – 3,107Capital Gain Tax Payable 576,576 – – 576,576Management Fees Payable 196,680 – – 196,680Redeemable Participating Units 288,171,586 – – 288,171,586Total Financial Liabilities 288,954,216 – 1,049 288,955,265



monthUSD

1 month - 3 months

USD

More than 3 months

USDTotalUSD

Financial Derivative Instruments – 23,957 – 23,957Investments Purchased awaiting settlement 427 – – 427Other payables 800 – – 800Capital Gain Tax Payable 42,732 – – 42,732Management Fees Payable 158,470 – – 158,470Redeemable Participating Units 242,209,549 – – 242,209,549Total Financial Liabilities 242,411,977 23,957 – 242,435,935

e) Capital Risk Management The capital of each Sub-Fund is represented by the net assets attributable to holders of redeemable Units. The amount of net assets attributable to holders of redeemable Units is subject to subscriptions and redemptions at the discretion of the Unitholders as well as changes resulting from the Sub-Fund’s performance. The Manager’s objective when managing capital is to safeguard the Sub-Funds’ ability to continue as a going concern in order to provide returns for Unitholders, provide benefits to other stakeholders and maintain a strong capital base to support the development of the investment activities of the Sub-Funds. In order to maintain the capital structure, the Manager’s policy is to perform the following: • monitor liquidity relative to the assets under management and the dealing cycle; • make appropriate adjustments to distributions the Sub-Funds pay to redeeming Unitholders; and • redeem and issue new Units in accordance with the Deed and The Prospectus which permit the restriction of redemptions in certain circumstances and require certain minimum holdings and subscriptions.

184



11. Financial Risk Management (continued) f) Fair Value Estimation The Manager has classified fair value measurements in respect of the Sub-Funds using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels: (i) Level 1: Investments whose values are based on quoted market prices in active markets and are therefore classified within level 1 include active listed equities, U.S. government treasury bills and certain non-U.S. sovereign obligations. Quoted prices for these instruments are not adjusted. (ii) Level 2: Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within level 2. These include investment-grade corporate bonds and certain non-U.S. sovereign obligations and over the counter derivatives. As level 2 investments include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information. (iii) Level 3: Investments classified within level 3 have significant unobservable inputs, as they trade infrequently. Level 3 instruments include certain corporate debt securities. As observable prices are not available for these securities, the Manager has used valuation techniques to derive the fair value. The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the financial asset or liability. The determination of what constitutes ‘observable’ requires significant judgment by the Directors. The Directors have delegated this task to the Administrator. The Administrator considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. As at 31 December 2019 and 31 December 2018, cash and cash equivalents are classified as Level 1. All other assets and liabilities not disclosed in the tables below are classified as Level 2. There were no investments classified at Level 3 at the years ended 31 December 2019 and 31 December 2018. The following tables analyse within the fair value hierarchy of the Sub-Funds’ financial assets and liabilities measured at fair value at 31 December 2019 and 31 December 2018: Fidelity Europe ex-UK Equity Fund

31 December 2019 Level 1 Level 2 Level 3 Total EUR EUR EUR EUR Assets

Equities 479,457,441 66,406 – 479,523,847 Transferable Securities 4,428,272 – – 4,428,272 Total Assets 483,885,713 66,406 – 483,952,119

Liabilities

Futures Contracts 43,884 – – 43,884 Total Liabilities 43,884 – – 43,884

185



11. Financial Risk Management (continued) f) Fair Value Estimation (continued) Fidelity Europe ex-UK Equity Fund (continued)

31 December 2018 Level 1 Level 2 Level 3 Total EUR EUR EUR EUR Assets

Equities 219,893,685 – – 219,893,685 Total Assets 219,893,685 – – 219,893,685

Liabilities

Futures Contracts 59,307 – – 59,307 Total Liabilities 59,307 – – 59,307

There were no transfers between levels as at 31 December 2019. Fidelity Japan Equity Fund

31 December 2019 Level 1 Level 2 Level 3 Total JPY JPY JPY JPY Assets

Equities 25,868,355,954 – – 25,868,355,954 Open Forward Foreign Exchange Contracts – 73,517 – 73,517 Total Assets 25,868,355,954 73,517 – 25,868,429,471

Liabilities

Futures Contracts 2,694,241 – – 2,694,241 Open Forward Foreign Exchange Contracts – 7,141 – 7,141 Total Liabilities 2,694,241 7,141 – 2,701,382

31 December 2018 Level 1 Level 2 Level 3 Total JPY JPY JPY JPY Assets

Equities 21,860,143,928 – – 21,860,143,928 Open Forward Foreign Exchange Contracts – 15,359 – 15,359 Total Assets 21,860,143,928 15,359 – 21,860,159,287

Liabilities

Futures Contracts 13,912,969 – – 13,912,969 Open Forward Foreign Exchange Contracts – 90,599 – 90,599 Total Liabilities 13,912,969 90,599 – 14,003,568

There were no transfers between levels as at 31 December 2019.

186



11. Financial Risk Management (continued) f) Fair Value Estimation (continued) Fidelity North America Equity Fund

31 December 2019 Level 1 Level 2 Level 3 Total USD USD USD USD Assets

Contracts for Difference – 28,233 – 28,233 Equities 843,990,853 – – 843,990,853 Futures Contracts 171,024 – – 171,024 Open Forward Foreign Exchange Contracts – 32,450 – 32,450 Transferable Securities 10,791,462 11,950,489 – 22,741,951 Total Assets 854,953,339 12,011,172 – 866,964,511

Liabilities

Contracts for Difference – 234,182 – 234,182 Total Liabilities – 234,182 – 234,182


Contracts for Difference 36,712 – – 36,712 Equities 714,768,722 – – 714,768,722 Open Forward Foreign Exchange Contracts – 1,249 – 1,249 Transferable Securities 13,268,719 – – 13,268,719 Total Assets 728,074,153 1,249 – 728,075,402

Liabilities

Contracts for Difference 60,799 – – 60,799 Futures Contracts 191,261 – – 191,261 Open Forward Foreign Exchange Contracts – 113 – 113 Total Liabilities 252,060 113 – 252,173

The following table presents the transfers between hierarchy levels for the financial year ended 31 December 2019: Level 1 Level 2 Level 3 USD USD USD Contracts for Difference (24,087) 24,087 – Transferable Securities (7,874,440) 7,874,440 – Total (7,898,527) 7,898,527 – Transfers between levels of the fair value hierarchy, for the purpose of preparing above table, are deemed to have occurred at the beginning of the financial year.

187



11. Financial Risk Management (continued) f) Fair Value Estimation (continued) Fidelity UK Equity Fund

31 December 2019 Level 1 Level 2 Level 3 Total GBP GBP GBP GBP Assets

Contracts for Difference – 1,394,822 – 1,394,822 Equities 425,660,119 – – 425,660,119 Futures Contracts 98,135 – – 98,135 Open Forward Foreign Exchange Contracts – 8,226 – 8,226 Transferable Securities 6,115,185 13,643,610 – 19,758,795 Total Assets 431,873,439 15,046,658 – 446,920,097

Liabilities

Contracts for Difference – 324,947 – 324,947 Open Forward Foreign Exchange Contracts – 13,329 – 13,329 Total Liabilities – 338,276 – 338,276


Contracts for Difference 48,254 – – 48,254 Equities 371,145,875 – – 371,145,875 Open Forward Foreign Exchange Contracts – 5 – 5 Transferable Securities 16,409,524 – – 16,409,524 Total Assets 387,603,653 5 – 387,603,658

Liabilities

Contracts for Difference 2,373,886 – – 2,373,886 Futures Contracts 14,105 – – 14,105 Open Forward Foreign Exchange Contracts – 122 – 122 Total Liabilities 2,387,991 122 – 2,388,113

The following table presents the transfers between hierarchy levels for the financial year ended 31 December 2019: Level 1 Level 2 Level 3 GBP GBP GBP Contracts for Difference (1,053,029) 1,053,029 – Transferable Securities (11,870,705) 11,870,705 – Total (12,923,734) 12,923,734 – Transfers between levels of the fair value hierarchy, for the purpose of preparing above table, are deemed to have occurred at the beginning of the financial year.

188



11. Financial Risk Management (continued) f) Fair Value Estimation (continued) Fidelity Global Aggregate Bond Fund


Asset-Backed Securities – 4,773,864 – 4,773,864 Commercial Papers – 508,776 – 508,776 Corporate Bonds – 85,710,444 – 85,710,444 Credit Default Index Swap Contracts – 970,216 – 970,216 Credit Default Swap Contracts – 819 – 819 Currency Swap Contracts – 47,346 – 47,346 Futures Contracts 329,505 – – 329,505 Government Bonds 87,526,270 79,828,202 – 167,354,472 Interest Rate Swap Contracts – 974,350 – 974,350 Mortgage Related – 65,491,283 – 65,491,283 Municipal Bonds – 231,499 – 231,499 Open Forward Foreign Exchange Contracts – 4,569,921 – 4,569,921 Option Contracts 4,880 6,124 – 11,004 Swaption Contracts – 271,210 – 271,210 Total Return Swap Contracts – 5,445 – 5,445 Transferable Securities 3,380,494 – – 3,380,494 Treasury Bonds – 17,176,799 – 17,176,799 Total Assets 91,241,149 260,566,298 – 351,807,447

Liabilities

Credit Default Index Swap Contracts – 96,484 – 96,484 Credit Default Swap Contracts – 119,767 – 119,767 Futures Contracts 496,222 – – 496,222 Interest Rate Swap Contracts – 1,103,561 – 1,103,561 Open Forward Foreign Exchange Contracts – 1,113,385 – 1,113,385 Option Contracts 2,925 5,855 – 8,780 Reverse Repurchase Agreements – 3,004,029 – 3,004,029 Swaption Contracts – 301,866 – 301,866 Total Return Swap Contracts – 10,885 – 10,885 Total Liabilities 499,147 5,755,832 – 6,254,979

189



11. Financial Risk Management (continued) f) Fair Value Estimation (continued) Fidelity Global Aggregate Bond Fund (continued)


Asset-Backed Securities – 4,291,371 – 4,291,371 Corporate Bonds – 78,397,891 – 78,397,891 Credit Default Index Swap Contracts – 164,704 – 164,704 Currency Swap Contracts – 520,244 – 520,244 Futures Contracts 1,217,505 – – 1,217,505 Government Bonds – 152,990,299 – 152,990,299 Interest Rate Swap Contracts – 1,036,092 – 1,036,092 Mortgage Related – 56,828,943 – 56,828,943 Open Forward Foreign Exchange Contracts – 975,681 – 975,681 Option Contracts 359 859 – 1,218 Repurchase Agreements – 1,300,000 – 1,300,000 Transferable Securities 17,134,859 – – 17,134,859 Treasury Bonds – 28,029,360 – 28,029,360 Total Assets 18,352,723 324,535,444 – 342,888,167

Liabilities

Credit Default Index Swap Contracts – 27,028 – 27,028 Credit Default Swap Contracts – 130,390 – 130,390 Futures Contracts 1,082,609 – – 1,082,609 Interest Rate Swap Contracts – 1,419,452 – 1,419,452 Open Forward Foreign Exchange Contracts – 3,883,733 – 3,883,733 Option Contracts 18,876 5,655 – 24,531 Swaption Contracts – 15,629 – 15,629 Total Liabilities 1,101,485 5,481,887 – 6,583,372

The following table presents the transfers between hierarchy levels for the financial year ended 31 December 2019: Level 1 Level 2 Level 3 GBP GBP GBP Government Bonds 69,485,525 (69,485,525) – Total 69,485,525 (69,485,525) – Transfers between levels of the fair value hierarchy, for the purpose of preparing above table, are deemed to have occurred at the beginning of the financial year.

190



11. Financial Risk Management (continued) f) Fair Value Estimation (continued)



Asset-Backed Securities – 394,918 – 394,918 Corporate Bonds – 68,300,582 – 68,300,582 Credit Default Index Swap Contracts – 119,489 – 119,489 Futures Contracts 57,939 – – 57,939 Government Bonds – 25,207,256 – 25,207,256 Interest Rate Swap Contracts – 102,177 – 102,177 Open Forward Foreign Exchange Contracts – 4,106,992 – 4,106,992 Treasury Bonds – 1,067,503 – 1,067,503 Total Assets 57,939 99,298,917 – 99,356,856

Liabilities

Credit Default Swap Contracts – 84,913 – 84,913 Futures Contracts 73,029 – – 73,029 Interest Rate Swap Contracts – 411,749 – 411,749 Open Forward Foreign Exchange Contracts – 1,518,162 – 1,518,162 Total Liabilities 73,029 2,014,824 – 2,087,853


Asset-Backed Securities – 612,425 – 612,425 Corporate Bonds – 55,259,247 – 55,259,247 Credit Default Swap Contracts – 140,519 – 140,519 Futures Contracts 119,976 – – 119,976 Government Bonds – 25,836,749 – 25,836,749 Interest Rate Swap Contracts – 96,718 – 96,718 Open Forward Currency Exchange Contracts – 1,093,103 – 1,093,103 Treasury Bonds – 1,658,619 – 1,658,619 Total Assets 119,976 84,697,380 – 84,817,356

Liabilities

Futures Contracts 109,200 – – 109,200 Interest Rate Swap Contracts – 510,080 – 510,080 Open Forward Foreign Exchange Contracts – 1,110,153 – 1,110,153 Total Liabilities 109,200 1,620,233 – 1,729,433


191



11. Financial Risk Management (continued) f) Fair Value Estimation (continued) Fidelity Asia Pacific ex-Japan Equity Fund


Equities 299,338,084 – – 299,338,084 Futures Contracts 54,720 – – 54,720 Open Forward Foreign Exchange Contracts – 4,842 – 4,842 Transferable Securities 2,032,522 – – 2,032,522 Total Assets 301,425,326 4,842 – 301,430,168

Liabilities

Open Forward Foreign Exchange Contracts – 1 – 1 Total Liabilities – 1 – 1


Equities 254,805,160 – – 254,805,160 Open Forward Foreign Exchange Contracts – 248 – 248 Option Contracts 82,325 – – 82,325 Transferable Securities 1,958,555 – – 1,958,555 Warrants – 608,849 – 608,849 Total Assets 256,846,040 609,097 – 257,455,137

Liabilities

Futures Contracts 47,450 – – 47,450 Open Forward Foreign Exchange Contracts – 5 – 5 Total Liabilities 47,450 5 – 47,455


192



11. Financial Risk Management (continued) f) Fair Value Estimation (continued) Fidelity Alternative Listed Equity Fund


Equities 9,961,490 – – 9,961,490 Open Forward Foreign Exchange Contracts – 198,234 – 198,234 Transferable Securities 30,921,583 – – 30,921,583 Total Assets 40,883,073 198,234 – 41,081,307

Liabilities

Futures Contracts 15,682 – – 15,682 Open Forward Foreign Exchange Contracts – 173,742 – 173,742 Total Liabilities 15,682 173,742 – 189,424


Equities 7,369,570 – – 7,369,570 Futures Contracts 29,283 – – 29,283 Transferable Securities 24,837,205 – – 24,837,205 Total Assets 32,236,058 – – 32,236,058

Liabilities

Open Forward Foreign Exchange Contracts – 46,117 – 46,117 Total Liabilities – 46,117 – 46,117


193



11. Financial Risk Management (continued) f) Fair Value Estimation (continued) Fidelity Global Emerging Markets Equity Fund


Corporate Bonds – 2 – 2 Equities 279,731,666 – – 279,731,666 Futures Contracts 71,425 – – 71,425 Open Forward Foreign Exchange Contracts – 4,940 – 4,940 Transferable Securities 732,338 2,157,774 – 2,890,112 Total Assets 280,535,429 2,162,716 – 282,698,145

Liabilities

Contracts for Difference – 1,049 – 1,049 Open Forward Foreign Exchange Contracts – 1 – 1 Total Liabilities – 1,050 – 1,050


Contracts for Differences 71,481 – – 71,481 Equities 229,866,827 – – 229,866,827 Open Forward Foreign Exchange Contracts – 90 – 90 Transferable Securities 2,924,411 – – 2,924,411 Total 232,862,719 90 – 232,862,809

Liabilities

Futures Contracts 23,957 – – 23,957 Open Forward Foreign Exchange Contracts – 1 – 1 Total 23,957 1 – 23,958

The following table presents the transfers between hierarchy levels for the financial year ended 31 December 2019: Level 1 Level 2 Level 3 USD USD USD Contracts for Difference (71,481) 71,481 – Transferable Securities (2,050,829) 2,050,829 – Total (2,122,310) 2,122,310 – Transfers between levels of the fair value hierarchy, for the purpose of preparing above table, are deemed to have occurred at the beginning of the financial year.

194



11. Financial Risk Management (continued) g) Cybersecurity Risk The Fund and its service providers (including the Investment Manager) are susceptible to cyber-attacks and technological malfunctions that may have effects that are similar to those of a cyber-attack. Cyber-attacks include, among others, stealing or corrupting data maintained online or digitally, preventing legitimate users from accessing information or services on a website, releasing confidential information without authorisation and causing operational disruption. Successful cyber-attacks against, or security breakdowns of, the Fund, the Investment Manager, or the Depositary or other service provider may adversely affect the Sub-Funds or their Unitholders. For instance, cyber-attacks may interfere with the processing of Unitholder transactions, affect the ability of the Administrator to calculate the Net Asset Value, cause the release or misappropriation of private Unitholder information or confidential Sub-Fund information, impede trading, cause reputational damage, and subject the Fund to regulatory fines, penalties or financial losses, reimbursement or other compensation costs, and additional compliance costs. The Manager and the Investment Manager have established business continuity plans and systems designed to prevent cyber-attacks, such plans and systems are subject to inherent limitations. Similar types of cyber security risks also are present for issuers of securities in which the Sub-Funds invest, which could result in material adverse consequences for such issuers, and may cause the Sub-Funds’ investments in such securities to lose value. h) Offsetting The Sub-Funds are required to disclose the impact of offsetting assets and liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities. These recognized assets and liabilities are derivative instruments that are either subject to an enforceable master netting arrangement or similar agreement or meet the following right of set-off criteria: the amounts owed by a Sub-Fund to another party are determinable, the Sub-Fund has the right to set-off the amounts owed with the amounts owed by the other party, the Sub-Fund intends to set-off on a net basis, and the Sub-Funds right of set-off is enforceable at law. For financial reporting purpose, the Sub-Funds do not offset derivative assets and derivative liabilities in the statement of financial position. The following tables present the Sub-Funds derivative assets and liabilities by counterparty, net of amounts available for offset under ISDA Master Agreement and net of the related collateral received by the Sub-Funds for assets and pledged by the Sub-Funds for liabilities as at 31 December 2019 and 31 December 2018:


31 December 2019

Counterparty

Derivative Assets

JPY

Derivative Liabilities

JPY

Net DerivativeAssets (Liabilities)

JPY

Collateral(Received) Pledged

JPYNet Amount

JPYBrown Brothers Harriman 73,517 (7,141) 66,376 – 66,376Total 73,517 (7,141) 66,376 – 66,376

31 December 2018

Counterparty

Derivative Assets

JPY


JPY


JPY


JPYNet Amount

JPYBrown Brothers Harriman 15,359 (90,599) (75,240) – (75,240)Total 15,359 (90,599) (75,240) – (75,240)


31 December 2019

Counterparty

Derivative Assets

USD


USD


USD


USDNet Amount

USDBrown Brothers Harriman 32,450 (0) 32,450 – 32,450Total 32,450 (0) 32,450 – 32,450

195



11. Financial Risk Management (continued) h) Offsetting (continued)

Fidelity North America Equity Fund (continued)

31 December 2018

Counterparty

Derivative Assets

USD


USD


USD


USDNet Amount

USDBrown Brothers Harriman 1,249 (113) 1,136 – 1,136Total 1,249 (113) 1,136 – 1,136


31 December 2019

Counterparty

Derivative Assets

GBP


GBP


GBP


GBPNet Amount

GBPBNP Paribas – (36) (36) – (36)Brown Brothers Harriman 8,206 (13,293) (5,087) – (5,087)National Australia Bank 20 – 20 – 20Total 8,226 (13,329) (5,103) – (5,103)

31 December 2018

Counterparty

Derivative Assets

GBP


GBP


GBP


GBPNet Amount

GBPBrown Brothers Harriman 5 (122) (117) – (117)Total 5 (122) (117) – (117)


31 December 2019

Counterparty

Derivative Assets

GBP


GBP


GBP


GBPNet Amount

GBPAustralia and New Zealand Banking Group 5,712 – 5,712 – 5,712Bank of America 67,841 (66,062) 1,779 (1,779) –Bank of Australia 21,190 – 21,190 – 21,190BNP Paribas 1,462,272 (36,219) 1,426,053 (750,000) 676,053BNY Mellon 170,655 (167,858) 2,797 – 2,797Brown Brothers Harriman 59,851 (95,878) (36,027) – (36,027)Citi 838,021 (663,812) 174,209 – 174,209Credit Suisse 69,018 (63,540) 5,478 – 5,478Goldman Sachs 340,997 (165,099) 175,898 (80,002) 95,896HSBC 560,213 (183,799) 376,414 (140,000) 236,414JPMorgan Chase 137,241 (22,219) 115,022 (115,022) –Merril Lynch 1,187 – 1,187 – 1,187Morgan Stanley 531,908 (13,615) 518,293 (200,000) 318,293Royal Bank of Canada 66,996 (2,421) 64,575 (48,000) 16,575Royal Bank of Scotland 185,486 (39,740) 145,746 (30,000) 115,746Standard Chartered Bank 200,954 (20,000) 180,954 (162,000) 18,954State Street Bank and Trust 371,345 (30,194) 341,151 (300,000) 41,151Total 5,090,887 (1,570,456) 3,520,431 (1,826,803) 1,693,628

196




Fidelity Global Aggregate Bond Fund (continued)

31 December 2018

Counterparty

Derivative Assets

GBP


GBP


GBP


GBPNet Amount

GBPBank of America 50,256 (128,673) (78,417) – (78,417)Brown Brothers Harriman 5 (2,666) (2,661) – (2,661)Citi 587,636 (1,805,147) (1,217,511) – (1,217,511)Goldman Sachs 598,529 (500,506) 98,023 (98,023) –HSBC 12,826 (605,560) (592,734) – (592,734)JPMorgan Chase 176,284 (866,068) (689,784) – (689,784)Total 1,425,536 (3,908,620) (2,483,084) (98,023) (2,581,107)


31 December 2019

Counterparty

Derivative Assets

GBP


GBP


GBP


GBPNet Amount

GBPBank of America 165,226 (89,194) 76,032 – 76,032BNP Paribas 291,159 (37,918) 253,241 – 253,241Brown Brothers Harriman 75,308 (220,575) (145,267) – (145,267)Canadian Imperial Bank of Commerce 122,916 (139,233) (16,317) – (16,317)Citi 238,784 (135,412) 103,372 – 103,372Goldman Sachs – (47,384) (47,384) 45,292 (2,092)HSBC 134,107 (221,591) (87,484) 87,484 –JPMorgan Chase 84,137 (185,007) (100,870) 75,486 (25,384)Merrill Lynch 21,168 – 21,168 – 21,168Morgan Stanley 226,217 (76,372) 149,845 – 149,845National Australia Bank 2,424,838 (173,040) 2,251,798 – 2,251,798Royal Bank of Canada 473,306 (492,372) (19,066) – (19,066)Total 4,257,166 (1,818,098) 2,439,068 208,262 2,647,330

31 December 2018

Counterparty

Derivative Assets

GBP


GBP


GBP


GBPNet Amount

GBPBrown Brothers Harriman 45,078 (76,638) (31,560) – (31,560)Canadian Imperial Bank of Commerce 322,518 (322,261) 257 – 257Citi 13,965 – 13,965 – 13,965HSBC 251,641 (123,686) 127,955 – 127,955JPMorgan Chase 111,503 (386,169) (274,666) – (274,666)Merrill Lynch – (25,319) (25,319) – (25,319)Morgan Stanley 189,382 (200,621) (11,239) – (11,239)National Australia Bank 303,864 (232,883) 70,981 – 70,981Total 1,093,103 (1,222,729) (129,626) – (129,626)


31 December 2019

Counterparty

Derivative Assets

USD


USD


USD


USDNet Amount

USDBNP Paribas 80 – 80 – 80Brown Brothers Harriman 4,753 (1) 4,752 – 4,752HSBC 5 – 5 – 5Royal Bank of Canada 4 – 4 – 4Total 4,842 (1) 4,841 – 4,841

197




Fidelity Asia Pacific ex-Japan Equity Fund (continued)

31 December 2018

Counterparty

Derivative Assets

USD


USD


USD


USDNet Amount

USDBrown Brothers Harriman 248 (5) 243 – 243Total 248 (5) 243 – 243


31 December 2019

Counterparty

Derivative Assets

GBP


GBP


GBP


GBPNet Amount

GBPBNP Paribas 5,994 – 5,994 – 5,994Brown Brothers Harriman 108,782 (173,742) (64,960) – (64,960)JPMorgan Chase 71,354 – 71,354 – 71,354Royal Bank of Canada 12,104 – 12,104 – 12,104Total 198,234 (173,742) 24,492 – 24,492

31 December 2018

Counterparty

Derivative Assets

GBP


GBP


GBP


GBPNet Amount

GBPBrown Brothers Harriman 0 (400) (400) – (400)Canadian Imperial Bank of Commerce – (44,303) (44,303) – (44,303)JPMorgan Chase – (1,414) (1,414) – (1,414)Total 0 (46,117) (46,117) – (46,117)


31 December 2019

Counterparty

Derivative Assets

USD


USD


USD


USDNet Amount

USDBrown Brothers Harriman 4,940 (1) 4,939 – 4,939Total 4,940 (1) 4,939 – 4,939 31 December 2018

Counterparty

Derivative Assets

USD


USD


USD


USDNet Amount

USDBrown Brothers Harriman 90 (1) 89 – 89Total 90 (1) 89 – 89

198



11. Financial Risk Management (continued) i) Custody and Title Risk The Depositary is under a duty to hold in custody all financial instruments that may be registered in a financial instruments account opened in the depositary’s books and all financial instruments that can be physically delivered to the depositary. The Depositary is required to ensure that all financial instruments that can be registered in a financial instruments account opened in the depositary’s books are registered in the depositary’s books within segregated accounts. For other assets, the Depositary shall verify the Company’s ownership of such assets. The Depositary will maintain a record of the financial instruments entrusted to it and those assets for which it is satisfied that the Company holds the ownership. When the Depositary employs a sub-custodian the Depositary retains responsibility for the assets of the Sub-Fund. However, it should be noted that not all jurisdictions have the same rules and regulations as Ireland regarding the custody of assets and the recognition of the interests of a beneficial owner such as a Sub-Fund. Therefore, in such jurisdictions, there is a risk that if a sub-custodian becomes bankrupt or insolvent, the Sub-Fund’s beneficial ownership of the assets held by such sub-custodian may not be recognised and consequently the creditors of the sub-custodian may seek to have recourse to the assets of the Sub-Fund. In those jurisdictions where the Sub-Fund’s beneficial ownership of its assets is ultimately recognised, the Sub-Fund may suffer delay and cost in recovering those assets. The Sub-Funds may invest in markets where custodial and/or settlement systems are not fully developed, such as Russia and Argentina, therefore the assets of a Sub-Fund which are traded in such markets and which have been entrusted to sub-custodians, in circumstances where the use of such sub-custodians is necessary, may be exposed to risk. The Depositary shall maintain an appropriate level of supervision over the sub-custodian and make appropriate enquiries from time to time to confirm that the obligations of the agent continue to be competently discharged.

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12. Exchange Rates The following exchange rates have been used to translate assets and liabilities in currencies other than functional currency of the Sub-Funds:

31 December 2019 FX to EUR FX to JPY FX to USD FX to GBPArgentine Peso – – – 79.3166Australian Dollar – – 1.4226 1.8846Brazilian Real – – 4.0227 5.3291British Pound 0.8473 0.0069 0.7549 1.0000Canadian Dollar – – 1.2968 1.7179Ghana Cedi – – – 7.5511Chilean Peso – – 751.9500 996.1459Chinese Yuan Renminbi (CNH) – – 6.9652 –Chinese Yuan Renminbi (CNY) – – – 9.2278Colombian Peso – – 3,281.5000 4,347.1680Czech Koruna – – 22.6406 29.9931Danish Krone 7.4725 – – 8.8189Dominican Peso – – – 70.6887Egyptian Pound – – – 21.2623Euro 1.0000 0.0082 0.8909 1.1802Hong Kong Dollar – – 7.7918 10.3222Hungarian Forint – – 294.6192 390.2967Indian Rupee – – 71.3782 –Indonesian Rupiah – – 13,882.5000 18,390.8425Israeli New Shekel – – – 4.5757Japanese Yen 121.9877 1.0000 108.6750 143.9672Malaysian Ringgit – – 4.0905 5.4189Mexican Peso – – 18.8840 25.0166New Taiwan Dollar – – 29.9770 –New Zealand Dollar – – 1.4823 1.9636Nigerian Naira – – – 480.7783Norwegian Krone 9.8637 – – 11.6410Pakistan Rupee – – 154.8650 –Peruvian Sol – – – 4.3864Philippine Peso – – 50.6450 –Polish Zloty – – 3.7873 5.0172Qatari Rial – – 3.6410 –Romanian Leu – – – 5.6485Russian Ruble – – – 82.2819Saudi Arabian Riyal – – 3.7513 –Serbian Dinar – – – 138.7610Singapore Dollar – – 1.3447 1.7813South African Rand – – 13.9835 18.5246South Korean Won – – 1,156.4500 1,532.0072Sri Lanka Rupee – – – 240.2766Swedish Krona 10.5078 – 9.3611 12.4011Swiss Franc 1.0870 – – 1.2828Thai Baht – – 29.9538 39.6812Turkish Lira – – 5.9510 7.8836Ukraine Hryvnia – – – 31.5397United Arab Emirates Dirham – – 3.6732 –United States Dollar 1.1225 0.0092 1.0000 1.3247

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12. Exchange Rates (continued) 31 December 2018 FX to EUR FX to JPY FX to USD FX to GBPArgentine Peso – – – 47.9638Australian Dollar – – 1.4205 1.8091Brazilian Real – – 3.8758 4.9362British Pound 0.8976 – 0.7852 –Canadian Dollar – – 1.3658 1.7395Chilean Peso – – 694.0000 883.8785Chinese Yuan Renminbi (CNH) – – 6.8704 –Chinese Yuan Renminbi (CNY) – – 6.8657 –Colombian Peso – – 3,247.5000 4,136.0165Czech Koruna – – 22.5141 28.6740Danish Krone 7.4624 – – 8.3140Euro – 0.0080 0.8748 1.1141Hong Kong Dollar – – 7.8294 9.9715Hungarian Forint – – 280.6281 357.4080Indian Rupee – – 69.8150 –Indonesian Rupiah – – 14,380.0000 18,314.3690Israeli New Shekel – – – 4.7591Japanese Yen – – – 139.7330Malaysian Ringgit – – 4.1325 5.2632Mexican Peso – – 19.6938 25.0820New Zealand Dollar – – 1.4913 1.8993Norwegian Krone 9.8987 – – 11.0283Nigerian Naira – – – 462.9537Pakistan Rupee – – 138.8000 –Peruvian Sol – – – 4.3029Philippine Peso – – 52.5850 –Polish Zloty – – 3.7568 4.7846Qatari Rial – – 3.6413 –Russian Ruble – – – 88.3528Romanian Leu – – – 5.1862Serbian Dinar – – – 131.7985Singapore Dollar – – 1.3630 1.7359South African Rand – – 14.3850 18.3207South Korean Won – – 1,115.8000 1,421.0829Swedish Krona 10.1350 – 8.8659 11.2915Swiss Franc 1.1269 – – 1.2555New Taiwan Dollar – – 30.7370 –Thai Baht – – 32.5600 41.4684Turkish Lira – – 5.3199 6.7754United Arab Emirates Dirham – – 3.6732 –United States Dollar 1.1432 – – 1.2736

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13. Net Gain/(Loss) on Financial Assets at Fair Value through Profit or Loss and Financial Derivative Instruments Net Gain/(Loss) on Financial Assets at Fair Value through Profit or Loss and Financial Derivative Instruments for the financial year ended 31 December 2019 and the financial period ended 31 December 2018 are disclosed in the tables below:

Fidelity Europe ex-UK Equity Fund Fidelity Japan Equity Fund 31 December 2019

EUR31 December 2018

EUR31 December 2019

JPY31 December 2018

JPYRealised and Unrealised Gains/(Losses) on Investments Net Realised (Loss)/Gain on Investments (415,016) (1,658,725) 235,832,602 97,207,312Net Realised Gain/(Loss) on Forward Foreign Currency Contracts – – 775,211 (28,766)Net Realised Gain/(Loss) on Futures 1,405,046 (377,308) 39,866,031 (23,347,140)Net Realised Currency (Loss)/Gain (8,807) 877 11,288 1 981,223 (2,035,156) 276,485,132 73,831,407 Movement in Unrealised Gain/(Loss) on Investments 74,835,816 (26,614,398) 3,306,709,944 (3,990,540,439)Movement in Unrealised Gain/(Loss) on Forward Foreign Currency Contracts – – 141,616 (75,240)Movement in Unrealised Gain/(Loss) on Futures 15,423 (59,307) 11,218,728 (13,912,969)Movement in Unrealised Currency (Loss)/Gain (6,265) 59 (82) – 74,844,974 (26,673,646) 3,318,070,206 (4,004,528,648)Net Gain/(Loss) on Financial Assets at Fair Value through Profit or Loss and Financial Derivative Instruments 75,826,197 (28,708,802) 3,594,555,338 (3,930,697,241)

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13. Net Gain/(Loss) on Financial Assets at Fair Value through Profit or Loss and Financial Derivative Instruments (continued)

Fidelity North America Equity Fund Fidelity UK Equity Fund 31 December 2019

USD31 December 2018

USD31 December 2019

GBP31 December 2018

GBPRealised and Unrealised Gains/(Losses) on Investments Net Realised Gain/(Loss) on Investments 9,402,158 (2,116,108) (3,122,684) (2,714,502)Net Realised (Loss)/Gain on Forward Foreign Currency Contracts (28,855) 1,328 (9,111) (10,971)Net Realised Gain/(Loss) on Futures 2,264,733 (633,940) 605,186 (857,359)Net Realised Gain/(Loss) on Contracts for Differences 14,316 13,804 (900,196) (266,256)Net Realised Currency (Loss)/Gain (13,549) 12,678 (70,365) 34,740 11,638,803 (2,722,238) (3,497,170) (3,814,348) Movement in Unrealised Gain/(Loss) on Investments 161,596,115 (77,599,275) 64,828,862 (58,598,498)Movement in Unrealised Gain/(Loss) on Forward Foreign Currency Contracts 31,314 1,136 (4,987) (116)Movement in Unrealised Gain/(Loss) on Futures 362,285 (191,261) 112,240 (14,105)Movement in Unrealised (Loss)/Gain on Contracts for Differences (182,812) (24,087) 3,400,905 (2,325,632)Movement in Unrealised Currency Gain/(Loss) 1 – (4,855) 2,864 161,806,903 (77,813,487) 68,332,165 (60,935,487)Net Gain/(Loss) on Financial Assets at Fair Value through Profit or Loss and Financial Derivative Instruments 173,445,706 (80,535,725) 64,834,995 (64,749,835)

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Fidelity Global Aggregate Bond Fund Fidelity Global Sub-IG Fixed Income Fund 31 December 2019

GBP31 December 2018

GBP31 December 2019

GBP31 December 2018

GBPRealised and Unrealised Gains/(Losses) on Investments Net Realised Gain/(Loss) on Investments 4,124,003 372,630 2,121,961 (578,187)Net Realised Gain/(Loss) on Forward Foreign Currency Contracts 3,609,980 417,904 (120,955) (927,414)Net Realised Gain/(Loss) on Futures 1,061,050 (439,376) 316,509 (107,195)Net Realised Gain on Options 326,714 88,652 – –Net Realised Gain on Swaptions 138,827 7,688 – –Net Realised (Loss)/Gain on Swaps (1,949,291) 60,314 (425,718) (71,795)Net Realised Currency Gain/(Loss) 551,566 (554,876) (506,298) 165,774 7,862,849 (47,064) 1,385,499 (1,518,817) Movement in Unrealised (Loss)/Gain on Investments (3,344,824) 2,407,497 1,685,361 (2,427,318)Movement in Unrealised Gain/(Loss) on Forward Foreign Currency Contracts 6,364,588 (2,908,052) 2,605,881 (17,050)Movement in Unrealised (Loss)/Gain on Futures (301,613) 134,896 (25,866) 10,776Movement in Unrealised Gain/(Loss) on Options 25,790 (5,778) – –Movement in Unrealised Gain/(Loss) on Swaptions 25,593 (2,854) – –Movement in Unrealised Gain/(Loss) on Swaps 645,866 (179,587) (30,728) (434,602)Movement in Unrealised Currency Gain/(Loss) 1,500,079 (348,900) (52,677) (23,268) 4,915,479 (902,778) 4,181,971 (2,891,462)Net Gain/(Loss) on Financial Assets at Fair Value through Profit or Loss and Financial Derivative Instruments 12,778,328 (949,842) 5,567,470 (4,410,279)

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Fidelity Asia Pacific ex-Japan Equity Fund Fidelity Alternative Listed Equity Fund 31 December 2019

USD31 December 2018

USD31 December 2019

GBP31 December 2018

GBPRealised and Unrealised Gains/(Losses) on Investments Net Realised (Loss)/Gain on Investments (4,872,430) (6,909,390) 1,743 37,730Net Realised (Loss)/Gain on Forward Foreign Currency Contracts (6,463) (101,221) 321,322 (13,710)Net Realised Gain/(Loss) on Futures 397,460 (394,521) (272,514) 119,821Net Realised Loss on Options (53,606) – – –Net Realised Currency (Loss)/Gain (59,122) 136,990 (4,267) 50,795 (4,594,161) (7,268,142) 46,284 194,636 Movement in Unrealised Gain/(Loss) on Investments 42,651,525 (21,326,196) 224,150 (2,344,421)Movement in Unrealised Gain/(Loss) on Forward Foreign Currency Contracts 4,598 243 70,610 (46,117)Movement in Unrealised Gain/(Loss) on Futures 102,170 (47,450) (44,965) 29,282Movement in Unrealised (Loss)/Gain on Options (28,719) 28,719 – –Movement in Unrealised Currency Gain/(Loss) 9,444 (3,896) (262) – 42,739,018 (21,348,580) 249,533 (2,361,256)Net Gain/(Loss) on Financial Assets at Fair Value through Profit or Loss and Financial Derivative Instruments 38,144,857 (28,616,722) 295,817 (2,166,620)

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Fidelity Global Emerging Markets Equity Fund31 December 2019

USD31 December 2018

USDRealised and Unrealised Gains/(Losses) on Investments Net Realised Gain/(Loss) on Investments 457,958 (2,289,067)Net Realised Gain on Forward Foreign Currency Contracts 23,350 95,934Net Realised Gain/(Loss) on Futures 438,939 (180,031)Net Realised Loss on Contracts for Differences (15,176) –Net Realised Currency Loss (164,483) (109,647) 740,588 (2,482,811) Movement in Unrealised Gain/(Loss) on Investments 37,261,083 (9,341,869)Movement in Unrealised Gain on Forward Foreign Currency Contracts 4,849 89Movement in Unrealised Gain/(Loss) on Futures 95,382 (23,957)Movement in Unrealised (Loss)/Gain on Contracts for Differences (72,531) 71,482Movement in Unrealised Currency Gain 4,932 2,123 37,293,715 (9,292,132)Net Gain/(Loss) on Financial Assets at Fair Value through Profit or Loss and Financial Derivative Instruments 38,034,303 (11,774,943)

In arriving at the results for the financial year all amounts relate to continuing operations. 14. Cross-trades The Manager and/or an adviser may enter into trades for the account of a Sub-Fund with: (i) the accounts of other clients managed by the Manager, an adviser or their respective affiliates; or (ii) their house accounts (i.e., accounts owned by the Manager, an adviser or any of their respective connected persons over which it can exercise control and influence) (“cross-trades”). Such cross-trades will only be undertaken in accordance with the relevant requirements promulgated by the relevant authorities. There were no cross-trades during the financial year ended 31 December 2019 and the period ended 31 December 2018. 15. Soft Commission Agreements There were no soft commission arrangements entered into during the financial year ended 31 December 2019 and the period ended 31 December 2018. 16. Efficient Portfolio Management The Sub-Funds may employ investment techniques and instruments for efficient portfolio management purposes only, subject to the conditions and within the limits from time to time laid down by the Central Bank. Any such technique or instrument must be one which (alone or in combination with one or more other techniques or instruments) is believed by the advisers to be economically appropriate to the efficient portfolio management of the Sub-Fund, i.e. the use of a technique or instrument may only be undertaken for the purposes of one or more of the following: (a) a reduction in risk; (b) a reduction in costs; or (c) the generation of additional capital or income for the Sub-Fund with an appropriate level of risk, taking into account the risk profile of the Sub-Fund and the general provisions of the UCITS Regulations.

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16. Efficient Portfolio Management (continued) During the financial year ended 31 December 2019, Fidelity Global Aggregate Bond Fund used a reverse repurchase agreement and forward foreign currency contracts for efficient portfolio management purposes. The exposure, counterparties, the type and amount of collateral (where applicable) and any revenues and costs from using these techniques are all detailed below.

Collateral Issuer Type of collateral

Net Exposure

GBP

Collateral pledged

GBP Quality Maturity

Country Settlement

and clearing DNB Boligkreditt Reverse Repurchase

Agreement 796,754 796,754 AAA Over one year Norway Biparty

Dexia Reverse Repurchase Agreement

1,100,017 1,100,017 AA Over one year France Biparty

Nederlandse Waterschapsbank

Reverse Repurchase Agreement

1,107,258 1,107,258 AAA Over one year Netherlands Biparty

Citi Forward Foreign Currency Contracts

150,336

Revenues and costs arising from the efficient portfolio management techniques employed were as follows:

Repurchase Agreements Revenues

GBP Costs

GBP Investment Interest Income 8,310 –

Reverse Repurchase Agreements Revenues

GBP Costs

GBP Investment Interest Expense 3,611

Forward Foreign Currency Contracts Revenues

GBP Costs

GBP Net Realised Gain 1,048,530 –

During the period ended 31 December 2018, Fidelity Global Aggregate Bond Fund used a repurchase agreement and forward foreign currency contracts for efficient portfolio management purposes. The exposure, counterparties, the type and amount of collateral (where applicable) and any revenues and costs from using these techniques are all detailed below.

Collateral Issuer Type of collateral

Net Exposure

GBP

Collateral received

GBP Quality Maturity

Country Settlement

and clearing BNP Paribas Repurchase Agreement 1,300,000 1,300,000 AA Three months

to one year United

Kingdom Biparty

Citi Forward Foreign Currency Contracts

27,093

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16. Efficient Portfolio Management (continued) Revenues and costs arising from the efficient portfolio management techniques employed were as follows:

Repurchase Agreements Revenues

GBP Costs

GBP Investment Interest Income 927 –

Forward Foreign Currency Contracts Revenues

GBP Costs

GBP Net Realised Gain 417,904 –

Sell-Buy Back Transactions Revenues

GBP Costs

GBP To Fund 3,451 –

17. Significant Events during the Financial Year The following share classes launched during the financial year. Sub-Fund Launch date Fidelity Europe ex-UK Equity Fund

Class G Acc GBP 24 October 2019 Fidelity Japan Equity Fund

Class G Acc GBP 24 October 2019 Fidelity North America Equity Fund

Class G Acc GBP 24 October 2019 Fidelity UK Equity Fund

Class G Acc GBP 24 October 2019 Fidelity Global Aggregate Bond Fund

Class G Acc GBP 24 October 2019 Fidelity Global Sub-IG Fixed Income Fund

Class G Acc GBP 24 October 2019 Fidelity Asia Pacific ex-Japan Equity Fund

Class G Acc GBP 24 October 2019 Fidelity Alternative Listed Equity Fund

Class G Acc GBP 24 October 2019 Class I Acc EUR Hedged 12 August 2019

Fidelity Global Emerging Markets Equity Fund Class G Acc GBP 24 October 2019

The Prospectus for the Fund was updated with the addendum dated 9 October 2019, to reflect the changes in directory and the Brexit related amendments. The Supplement for Fidelity Global Aggregate Bond Fund, a sub-fund of the Fund, was updated on 18 June 2019 to reflect that one of the sub-Investment Managers appointed in respect of this sub-fund may trade on behalf of this sub-fund via China Interbank Bond Market using its own operating model. The Supplement for Fidelity Alternative Listed Equity Fund was updated on 31 July 2019 to reflect establishment of the new "I Acc EUR Hedged" unit class and on 8 October 2019 to reflect the new “G Acc GBP” unit class; the Supplement for Fidelity Global Aggregate Bond Fund and Fidelity Global Sub-IG Fixed Income were updated on 11 November 2019 and for other Sub-Funds on 8 October 2019 to reflect the new “G Acc GBP” unit classes.

Ms. Éimhín Ní Mhuircheartaigh resigned as a director of the Manager on 13 September 2019. Effective from 26 July 2019, the Independent Auditors of the Fund changed from PricewaterhouseCoopers to Deloitte Ireland LLP. There have been no other significant events affecting the Fund during the financial year.

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18. Events since the Financial Year End Following the United Kingdom formally leaving the European Union (EU) since January 2020, commonly referred to as "BREXIT", the Company and the wider Fidelity International Group have considered the implications of BREXIT. Currently, until 1 January 2021, there is a transition period until end of 2020, while the UK and EU negotiate additional arrangements. While at the time of finalisation of these financial statements, the ultimate outcome of these negotiations is still uncertain, the Board has considered the key risks and possible impacts, including the impact of a 'hard' or negative BREXIT outcomes. The Fidelity Group and the Company have have planned for and taken certain mitigating steps to reduce the impact of a ‘hard’ BREXIT where deemed required. Specific BREXIT related management actions have included availing of the UK regulator FCA Temporary Permission Regime ("TPR") since March 2019. According to the Brexit withdrawal agreement, both the UK and the EU will start assessing the equivalence of each other’s financial regulatory systems by June 2020. However, uncertainty remains for financial services in terms of the ultimate outcome of the equivalence basis and these UK / EU negotiations. Since late January 2020, the number of COVID-19 cases and countries affected outside of China has grown rapidly, and on 11 March 2020, the WHO declared COVID-19 to be a global pandemic. During this period, national governments and various private sector organisations have taken significant measures to contain the virus, including quarantines and school, store, plant and border closures. Consequences of the outbreak have also contributed to significant volatility in global stock markets since late February 2020. The Central Bank of Ireland have been provided with regular liquidity reports on the Sub-Funds since early March and there have been no issues to report. The Board have carefully considered the impacts of COVID-19 at and after the entity’s reporting date up to the date of approval of these financial statements. They are comfortable that the impact of COVID 19 has not created any going concern and/or liquidity issues to highlight for the Unitholders attention at this time. There have been no other significant events affecting the Fund after the financial year.

19. Approval of Financial Statements The annual report and audited financial statements were approved by the Board of Directors of the Manager on 24 April 2020.

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STATEMENT OF MANAGER’S RESPONSIBILITIES (UNAUDITED)

The Manager is responsible for preparing the annual report and financial statements of Fidelity Common Contractual Fund II (the “Fund”) in accordance with applicable law and regulations. Irish law requires the Manager of the Fund to prepare financial statements for each financial year. The Manager has elected to prepare the financial statements in accordance with International Financial Reporting Standards as adopted by European Union and certain requirements of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) and the Central Bank’s (Supervision and Enforcement) Act 2013 (section 48(1)) UCITS Regulations 2019 that apply to financial reports. The financial statements are required to give a true and fair view of the state of affairs of the Fund and of the profit or loss for that period. In preparing those financial statements, the Manager: • selects suitable accounting policies and then applies them consistently; • makes judgements and estimates that are reasonable and prudent; • states whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and • prepares the financial statements on the going concern basis unless it is inappropriate to presume that the Fund will continue in business. The Manager is responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the Fund and enable it to ensure that the financial statements are prepared in accordance with the Deed of Constitution, the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (the "UCITS Regulations") and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (the 'Central Bank UCITS Regulations"). The Manager also has general responsibility for taking such steps as are reasonably open to it to prevent and detect fraud and other irregularities. The Directors of the Manager are responsible for the maintenance and integrity of the corporate and financial information relating to the Fund included on the website of the Manager. Irish Funds Corporate Governance Code for Management Companies The Board of Directors has assessed the measures included in the voluntary Corporate Governance Code for Collective Investment Schemes and Management Companies as published by Irish Funds in December 2011 (the “IF Code”). The Board has adopted all corporate governance practices and procedures in the IF Code. Connected Persons The Manager, the Depositary, their respective delegates and sub-delegates (excluding any non-group company sub-custodians appointed by the Depositary) and the associated or group companies of the Manager, the Depositary and their respective delegates and sub-delegates are considered to be connected persons of the Fund for the purposes of the Central Bank UCITS Regulations. The following table details examples of the types of transaction entered into with counterparties that are connected persons: Type of Transaction Counterparty Administration Brown Brothers Harriman Fund Administration Services (Ireland) Limited Depositary, FX and Hedging Services Brown Brothers Harriman Trustee Services (Ireland) Limited Distributor FIL Distributors Manager FIL Fund Management (Ireland) LimitedInvestment Manager FIL Investments International

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STATEMENT OF MANAGER’S RESPONSIBILITIES (UNAUDITED) (CONTINUED)

Dealing with Connected Persons

Regulation 43 of the Central Bank UCITS Regulations “Restriction on transactions with connected persons” states that “a responsible person shall ensure that any transaction between a UCITS and connected person is: (i) conducted at arm’s length; and (ii) in the best interest of the unit-holders of the UCITS”. In accordance with Regulation 81(4) of the Central Bank UCITS Regulations, the Directors are satisfied that: (i) there are arrangements in place, evidenced by written procedures, to ensure that the obligations that are prescribed by Regulation 43(1) are applied to all transactions with a connected person; and (ii) all transactions with connected persons that were entered into during the financial year to which this report relates complied with the obligations that are prescribed by Regulation 43(1). On behalf of the Board of Directors of the Manager. 24 April 2020 24 April 2020

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24 April 2020 24242424242424 April 2000022222202

Deloitte Ireland LLPChartered Accountants &Statutory Audit Firm

INDEPENDENT AUDITOR’S REPORT TO THE UNITHOLDERS OFFIDELITY COMMON CONTRACTUAL FUND II

Report on the audit of the financial statements

Opinion on the financial statements of Fidelity Common Contractual Fund II (the ‘Fund’)In our opinion the Fund’s financial statements:

give a true and fair view of the assets, liabilities and financial position of the Fund as at 31 December 2019 and of the profit for the financial year then ended; andhave been properly prepared in accordance with the relevant financial reporting framework, the applicable Regulations and the provisions of the Deed of Constitution.

The financial statements we have audited comprise:the Statement of Financial Position;the Statement of Comprehensive Income;the Statement of Changes in Net Assets attributable to Unitholders;the Statement of Cash Flows; andthe related notes 1 to 19, including a summary of significant accounting policies as set out in note 2.

The relevant financial reporting framework that has been applied in their preparation is International Financial Reporting Standards (IFRS) as adopted by the European Union (“the relevant financial reporting framework”).

The applicable regulations that have been applied in their preparation is the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 and Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations, 2019 (“the applicable Regulations”).

Basis for opinionWe conducted our audit in accordance with International Standards on Auditing (Ireland) (ISAs (Ireland)) and applicable law. Our responsibilities under those standards are described below in the “Auditor's responsibilities for the audit of the financial statements” section of our report.

We are independent of the Fund in accordance with the ethical requirements that are relevant to our audit of the financial statements in Ireland, including the Ethical Standard issued by the Irish Auditing and Accounting Supervisory Authority, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concernWe have nothing to report in respect of the following matters in relation to which ISAs (Ireland) require us to report to you where:

the Manager’s use of the going concern basis of accounting in preparation of the financial statements is not appropriate; orthe Manager has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Fund’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other informationThe Manager is responsible for the other information. The other information comprises the information included in the Annual Report and Audited Financial Statements, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Continued on next page/

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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Responsibilities of the Manager for the financial statementsThe Manager is responsible for the preparation and fair presentation of the financial statements in accordance with the relevant financial reporting framework, and for such internal control as the Manager determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Manager is responsible for assessing the Fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Manager either intend to liquidate the Fund or to cease operations, or have no realistic alternative but to do so

Auditor’s responsibilities for the audit of the financial statementsOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (Ireland), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Manager.

Conclude on the appropriateness of the Manager’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of the auditor’s report. However, future events or conditions may cause the entity (or where relevant, the group) to cease to continue as a going concern.

Continued on next page/

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Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that the auditor identifies during the audit.

This report is made solely to the Fund’s unitholders, as a body, in accordance with the applicable Regulations and the provisions of the Deed of Constitution. Our audit work has been undertaken so that we might state to the Fund’s unitholders those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Fund and the Fund’s unitholders as a body, for our audit work, for this report, or for the opinions we have formed.

Report on other legal and regulatory requirements

Opinion on other matters prescribed by the applicable RegulationsBased solely on the work undertaken in the course of the audit, we report that:

We have obtained all the information and explanations which we consider necessary for the purposes of our audit.In our opinion the accounting records of the Fund were sufficient to permit the financial statements to be readily and properly audited.The financial statements are in agreement with the accounting records.

Christian MacManusPartnerFor and on behalf of Deloitte Ireland LLPChartered Accountants and Statutory Audit FirmDeloitte & Touche House, Earlsfort Terrace, Dublin 2

Date: 28 April 2020


DIRECTORY (UNAUDITED)

Directors of the Manager: Ms. Denise Kinsella (Ireland) (Chairperson) Ms. Catherine Fitzsimons (Ireland) Mr. David Greco (USA) Mr. Nick King (UK) Ms. Bronwyn Wright (Ireland) Ms. Eímhín Ní Mhuircheartaigh (Ireland) (resigned on 13 September 2019) Ms. Catherine Fitzsimons and Mr. David Greco are Executive Directors, all other current Directors are Non-Executive. Ms. Denise Kinsella and Ms. Bronwyn Wright are Independent Directors.

Investment Manager FIL Investments International Oakhill House 130 Tonbridge Road Hildenborough Tonbridge Kent TN 11 9DZ United Kingdom

Administrator: Brown Brothers Harriman Fund Administration Services (Ireland) Limited 30 Herbert Street Dublin 2 DO2 W329 Ireland

Depositary:Brown Brothers Harriman Trustee Services (Ireland) Limited 30 Herbert Street Dublin 2 DO2 W329 Ireland

Legal Advisors: Matheson 70 Sir John Rogerson’s Quay Dublin 2 DO2 R296 Ireland Registered Office: George’s Quay House 43 Townsend Street Dublin 2 DO2 VK65 Ireland

Independent Auditors:From 26 July 2019: Deloitte Ireland LLP Deloitte & Touche House 29 Earlsfort Terrace Dublin 2 D02 AY28 Ireland Until 25 July 2019: PricewaterhouseCoopers One Spencer Dock North Wall Quay Dublin 1 D01 X9R7 Ireland

Manager: FIL Fund Management (Ireland) Limited George’s Quay House 43 Townsend Street Dublin 2 DO2 VK65 Ireland

Distributor: FIL Distributors Pembroke Hall 42 Crow Lane Pembroke HM19 Bermuda

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DIRECTORY (UNAUDITED) (CONTINUED)

Advisers to the Managers:

Fidelity Europe ex-UK Equity Fund: Invesco Asset Management Limited, Threadneedle Asset Management Limited, Acadian Asset Management.

Fidelity Global Aggregate Bond Fund:Colchester Global Investors Limited, PIMCO Europe.

Fidelity Japan Equity Fund: Lindsell Train Limited, Brandes Investment Partners (Europe) Limited, Mitsubishi UFJ Kokusai Asset Management, PineBridge Investments Europe Limited.

Fidelity Global Sub-IG Fixed Income Fund:Barings Asset Management Limited.

Fidelity North America Equity Fund:Hotchkis & Wiley Capital Management, Amundi Pioneer Asset Management, Brown Advisory.

Fidelity Asia Pacific ex-Japan Equity Fund:Goldman Sachs Asset Management International, Acadian Asset Management, Hermes Investment Management Limited, FIL Investment Management (Singapore) Limited.

Fidelity UK Equity Fund: Franklin Templeton Fund Management Limited, Lindsell Train Limited, Majedie Asset Management Limited.

Fidelity Global Emerging Markets Equity Fund: Acadian Asset Management, Goldman Sachs Asset Management International, Pzena Investment Management, FIL Investment Management (Singapore) Limited.

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Fidelity Common Contractual Fund II APPENDIX 1 – STATEMENT OF SIGNIFICANT CHANGES IN THE COMPOSITION OF PORTFOLIO (UNAUDITED)

In accordance with the UCITS Regulations, as amended, a statement of changes in the composition of the Schedule of Investments during the reporting year is provided to ensure that Unitholders can identify changes in the investments held by the Sub-Funds. The CBI requires a schedule of material changes in the composition of the portfolio during the year. These are defined as aggregate purchases of a security exceeding one per cent of the total value of purchases for the year and aggregate disposals greater than one per cent of the total value of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.

Fidelity Europe ex-UK Equity Fund

Top Twenty Purchases for the financial year ended 31 December 2019

Security Description Nominal Cost EUR Novartis 192,484 15,080,934 Nestle 107,407 10,196,271 Roche Holding 40,959 9,746,374 Koninklijke Ahold Delhaize 406,291 9,195,832 Allianz 28,640 5,941,150 SAP 53,433 5,926,174 AXA 288,816 5,884,932 Koninklijke Philips 153,510 5,304,276 Siemens 51,271 5,288,095 Amadeus IT Group 75,184 4,989,366 Industrivarden 263,886 4,937,720 Adidas 21,259 4,845,098 ASML Holding 23,487 4,827,951 Adecco Group 86,685 4,551,851 Koninklijke DSM 42,483 4,422,972 Telefonica 585,974 4,393,046 Swedish Match 109,768 4,338,946 ING Groep 399,982 4,301,038 Unilever 74,052 4,220,607 BNP Paribas 102,146 4,201,895

Major Sales for the financial year ended 31 December 2019

Security Description Nominal Proceeds EUR Novartis 109,562 8,060,013 Adidas 29,173 6,950,747 Unilever 129,018 6,929,941 Cellnex Telecom 179,403 5,782,378 SAP 51,377 5,548,172 Industrivarden 263,886 5,100,779 Enel 629,935 4,169,639 Koninklijke Ahold Delhaize 191,811 4,169,081 KBC Group 72,370 4,167,084 Nestle 41,618 3,949,654 AXA 167,478 3,790,271 Deutsche Telekom 253,786 3,773,599 Deutsche Boerse 28,492 3,635,595 Thales 33,814 3,576,685 Fresenius Medical Care 57,442 3,462,479 SKF 222,185 3,313,538 Telefonica 496,243 3,223,431 ING Groep 273,157 2,983,321 Carlsberg 23,540 2,947,550 Danone 42,676 2,881,824 Boliden 130,203 2,857,141

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Fidelity Common Contractual Fund II APPENDIX 1 – STATEMENT OF SIGNIFICANT CHANGES IN THE COMPOSITION OF PORTFOLIO (UNAUDITED) (CONTINUED)


Major Purchases for the financial year ended 31 December 2019

Security Description Nominal Cost JPY Nissan Motor 470,200 339,302,006 Taisho Pharmaceutical Holdings 27,000 224,431,532 Shizuoka Bank 243,100 189,014,853 Takeda Pharmaceutical 43,900 166,840,491 Miraca Holdings 69,000 165,633,814 Calbee 51,500 157,470,114 Nomura Holdings 395,000 151,991,690 Nippon Television Holdings 99,200 144,593,355 SoftBank Group 31,400 140,487,256 Fuji Media Holdings 75,900 117,503,455 Mizuho Financial Group 686,200 116,436,301 Sumitomo Mitsui Trust Holdings 31,100 116,034,305 Honda Motor 41,300 113,971,036 Seven & i Holdings 28,400 110,412,610 Square Enix Holdings 31,900 108,074,555 Mitsubishi UFJ Financial Group 190,300 105,747,097 Panasonic 112,600 103,979,930 Kaneka 29,500 100,069,670 Shiseido 13,000 98,617,339 Nintendo 2,800 83,686,067 Nitto Denko 15,700 79,697,004 Sumitomo Mitsui Financial Group 21,000 77,727,969 Yodogawa Steel Works 34,800 75,185,072 Isuzu Motors 61,000 73,787,443 Mitsubishi Tanabe Pharma 54,600 72,739,609 Onward Holdings 134,800 71,539,743 Canon 23,300 68,584,214 TV Asahi Holdings 35,700 64,845,351 Sankyo 17,600 63,892,881 Kirin Holdings 28,717 63,536,043 Hogy Medical 19,700 62,939,639

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Fidelity Japan Equity Fund (continued)


Security Description Nominal Proceeds JPY NuFlare Technology 31,000 326,097,968 Nintendo 6,500 257,843,832 Nomura Holdings 529,500 233,293,404 Fujifilm Holdings 44,600 226,197,608 OBIC Business Consultants 28,000 135,683,693 Hitachi 36,600 133,660,935 Daiichi Sankyo 22,900 115,007,584 NTT Data 80,500 106,236,769 Toppan Printing 52,400 105,869,277 Canon 31,900 100,689,531 Onward Holdings 158,200 99,466,939 Sanki Engineering 72,700 91,067,046 Kyocera 13,700 89,938,775 BayCurrent Consulting 19,300 89,247,007 LIXIL Group 51,400 86,497,906 Rohm 11,500 85,973,987 Torii Pharmaceutical 30,400 83,691,118 Sekisui House 44,200 83,185,387 Toyo Suisan Kaisha 19,600 83,021,982 AGC 20,000 80,238,404 Murata Manufacturing 9,600 78,044,838 PeptiDream 13,400 77,954,123 Shiseido 9,100 76,081,256 Advantest 20,800 70,342,162 Mitsubishi Estate 34,400 69,026,891 Sumitomo Mitsui Trust Holdings 16,600 68,820,860 Fast Retailing 1,000 65,595,557 Takeda Pharmaceutical 13,900 63,212,555 Denki Kogyo 18,600 60,854,891 Milbon 11,000 58,633,300 Nitto FC 64,400 58,146,821 Astellas Pharma 37,500 58,024,499 Toyota Motor 8,500 57,718,129 Honda Motor 18,500 57,610,685 Tosho Printing 43,000 57,031,748 Fujitsu 7,200 56,199,586 Casio Computer 28,300 55,450,527

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Security Description Nominal Cost USD Fidelity Institutional Liquidity Fund - USD 6,569 68,604,002 General Dynamics 52,474 9,807,624 Amazon.com 4,562 7,777,458 Chevron 64,342 7,718,584 Liberty Global 295,643 7,369,453 Marathon Petroleum 119,588 6,706,784 Progressive 88,969 6,685,451 Wells Fargo 126,367 6,317,727 General Electric 621,244 5,631,633 Allergan 31,302 5,280,547 Quest Diagnostics 53,518 5,279,074 T-Mobile US 73,630 5,106,523 Grubhub 71,693 5,030,464 Alexion Pharmaceuticals 41,905 5,009,626 American Campus Communities 96,444 4,713,856 Exelon 98,746 4,650,257 Zimmer Biomet Holdings 31,057 4,349,759 Anthem 15,625 4,279,122 Morgan Stanley 93,081 4,018,563 E*TRADE Financial 82,306 3,949,129 Bristol-Myers Squibb 79,578 3,849,793 Activision Blizzard 68,445 3,292,899 Travelerss 24,683 3,274,507 Bunge 61,219 3,266,540 Bio-Rad Laboratories 8,529 3,137,076

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Fidelity North America Equity Fund (continued)


Security Description Nominal Proceeds USD Fidelity Institutional Liquidity Fund - USD 6,201 64,845,000 Abbott Laboratories 127,434 10,308,397 Linde 34,788 6,806,874 Qualcomm 81,909 6,318,178 Cisco Systems 110,647 5,938,650 Oracle 111,730 5,882,183 International Business Machines 43,579 5,704,526 Colgate-Palmolive 84,913 5,457,914 Microsoft 41,155 5,392,382 Citigroup 78,752 5,264,356 Apple 27,624 5,137,379 United Parcel Service 46,866 4,802,756 Verizon Communications 85,910 4,772,200 Leidos Holdings 72,952 4,766,648 Pfizer 117,262 4,745,389 NVR 1,350 4,622,714 Jacobs Engineering Group 56,638 4,612,217 Gilead Sciences 67,187 4,276,805 Walgreens Boots Alliance 72,235 4,058,302 Anthem 13,968 4,005,134 General Electric 449,244 3,722,665 American International Group 69,500 3,623,259 Liberty Latin America 175,032 3,598,122 Mettler-Toledo International 4,802 3,503,000 Bunge 61,219 3,397,846 Hewlett Packard Enterprise 210,000 3,395,233 Dollar General 28,217 3,353,884

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Security Description Nominal Cost GBP Fidelity Institutional Liquidity Sterling Fund 1,073 10,856,000 Fidelity Institutional Liquidity Fund - USD 597 4,840,103 Associated British Foods 195,930 4,523,724 Tesco 1,912,252 4,459,437 BP 690,534 3,543,826 Legal & General Group 1,282,554 3,338,753 Imperial Brands 159,219 3,023,040 Brewin Dolphin Holdings 767,000 2,328,973 Pearson 282,334 2,306,167 Victrex 115,000 2,304,018 Royal Dutch Shell 92,000 2,108,776 Unilever 46,209 2,018,891 Lloyds Banking Group 3,358,787 1,967,050 GlaxoSmithKline 117,061 1,844,784 AstraZeneca 26,176 1,745,934 3i Group 159,917 1,684,656 M&G 700,000 1,592,141 Royal Dutch Shell 61,808 1,488,186 Barclays 938,113 1,423,332 Mondi 85,758 1,394,023 Booking Holdings 983 1,373,517 SSP Group 199,809 1,324,232 Hays 886,270 1,319,957 BAE Systems 264,977 1,303,692 Royal Bank of Scotland Group 535,085 1,299,974 ContourGlobal 742,627 1,297,228 Reckitt Benckiser Group 21,500 1,288,108

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Fidelity UK Equity Fund (continued)


Security Description Nominal Proceeds GBP Fidelity Institutional Liquidity Sterling Fund 1,275 12,911,000 Lloyds Banking Group 6,748,094 3,995,147 HSBC Holdings 563,680 3,507,269 Unilever 69,965 3,387,536 Diageo 87,200 2,921,874 Ashmore Group 575,000 2,737,472 Royal Dutch Shell 108,023 2,614,027 Legal & General Group 1,077,186 2,517,412 Dunelm Group 340,000 2,471,661 RELX 120,000 2,295,210 United Utilities Group 268,000 2,277,481 Hays 1,596,136 2,215,687 Greggs 147,000 2,210,644 RPC Group 270,000 2,069,919 BP 378,009 1,988,931 Barclays 1,106,293 1,867,003 Orange 145,439 1,775,185 Majedie UK Smaller Companies Fund 562,929 1,732,100 Schroders 58,000 1,626,753 Citigroup 30,662 1,618,278 Pearson 236,245 1,602,059 Sage Group 225,572 1,574,994 Standard Life Aberdeen 655,000 1,565,073 Tesco 631,636 1,496,867 Royal Bank of Scotland Group 644,181 1,454,378 Takeda Pharmaceutical 45,862 1,442,471 Novartis 21,162 1,428,043 GlaxoSmithKline 73,897 1,247,913

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Security Description Nominal Cost GBP FNCL 3.5% 01/03/2049 80,000,000 61,444,903 FNMA Pool 3.5% 01/01/2049 77,500,000 60,721,049 FNMA Pool 4.0% 01/12/2048 65,800,000 52,726,151 FNMA 4.0% 01/11/2048 63,400,000 52,697,388 FNCL 3.5% 28/06/2019 63,038,000 51,805,702 FNCL 3.5% 28/06/2019 61,600,000 51,403,366 FNCL 3.5% 01/04/2049 66,300,000 50,750,924 FNMA 3.5% 01/07/2049 63,038,000 50,210,872 FNMA 3.5% 01/06/2049 63,000,000 49,286,834 FNCL 3.5% 01/11/2048 59,600,000 48,822,286 FNMA 3.5% 01/05/2049 63,000,000 48,638,058 FNMA 4.0% 01/10/2048 53,600,000 45,450,713 FNMA 4.0% 15/02/2049 50,400,000 39,831,352 FNCL 3.5% 01/10/2048 45,362,000 38,169,117 FNCL 4.0% 28/06/2019 44,889,160 37,466,564 FNMA Pool 3.5% 01/01/2049 46,200,000 36,438,371 FNMA 4.0% 01/07/2049 37,600,000 30,286,463 FNMA Pool 3.5% 01/12/2048 35,162,000 29,090,344 FNMA 4.0% 01/01/2049 35,400,000 28,584,019 FNMA 4.0% 01/09/2049 28,000,000 23,711,217 United Kingdom Treasury Bill 0.73% 13/05/2019 18,680,000 18,645,988 FNMA 4.0% 01/04/2049 21,800,000 17,052,395 FNCL 4.0% 01/03/2049 21,600,000 16,827,905

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Security Description Nominal Proceeds GBP FNCL 3.5% 01/03/2049 80,000,000 60,727,288 FNMA Pool 3.5% 01/01/2049 73,700,000 58,138,684 FNMA Pool 3.5% 01/01/2049 73,169,000 56,653,185 FNMA Pool 4.0% 01/12/2048 65,800,000 52,907,110 FNCL 3.5% 28/06/2019 63,038,000 52,756,367 FNCL 3.5% 28/06/2019 61,600,000 51,861,434 FNCL 3.5% 01/04/2049 66,300,000 51,250,197 FNMA 3.5% 01/07/2049 63,038,000 50,933,936 FNMA 4.0% 01/11/2048 63,400,000 50,911,429 FNMA 3.5% 01/06/2049 63,000,000 49,787,197 FNCL 3.5% 01/11/2048 59,400,000 49,116,486 FNMA 3.5% 01/05/2049 63,000,000 48,861,983 FNMA 4.0% 01/10/2048 53,600,000 45,430,636 FNCL 4.0% 28/06/2019 44,889,160 38,119,760 FNCL 3.5% 01/10/2048 45,362,000 37,564,411 FNCL 4.0% 15/02/2049 47,000,000 36,794,872 FNMA 4.0% 01/07/2049 37,600,000 30,791,669 FNMA 4.0% 01/01/2049 35,400,000 28,126,435 FNMA Pool 3.5% 01/12/2048 35,162,000 27,993,537 FNMA 4.0% 01/09/2049 28,000,000 23,899,227 PIMCO Sterling Short Maturity Source 221,700 22,663,797 FNMA 4.0% 01/04/2049 21,800,000 16,968,102 FNCL 4.0% 01/03/2049 21,600,000 16,893,415 United Kingdom Treasury Bill 0.73% 13/05/2019 14,900,000 14,887,534 FNMA 4.0% 01/06/2049 18,400,000 14,626,931 FNMA 4.0% 01/05/2049 18,400,000 14,500,496

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Security Description Nominal Cost GBP Republic of South Africa Government Bond 8.75% 28/02/2048 37,000,000 1,915,359 Romania Government Bond 5.0% 12/02/2029 6,530,000 1,293,222 Comision Federal de Electricidad 5.0% 30/ 7/2049 1,500,000 1,194,172 Petroleos Mexicanos 7.19% 12/09/2024 29,550,000 982,403 Republic of South Africa Government Bond – CPI Linked 1.88% 31/03/2029 19,176,850 974,089 JBS USA LUX 6.50% 15/04/2029 1,166,000 913,736 Republic of South Africa Government Bond 7.0% 28/02/2031 20,000,000 882,206 Syngenta Finance 5.18% 24/04/2028 1,000,000 873,114 Republic of South Africa Government International Bond 5.88% 22/06/2030 1,000,000 798,269 Serbia Treasury Bonds 4.5% 11/01/2026 90,000,000 750,817 Saudi Arabian Oil 3.5% 16/04/2029 900,000 686,501 Nexstar Escrow 5.63% 15/07/2027 785,000 636,014 American Airlines Group 5.0% 01/06/2022 810,000 633,233 China Construction Bank 4.25% 27/02/2029 750,000 571,645 Argentina Treasury Bill 44.07% 31/05/2019 24,250,000 571,426 CCO Holdings 4.75% 01/03/2030 700,000 560,740 PTTEP Treasury Center 3.9% 06/12/2059 700,000 545,171 Indonesia Treasury Bond 8.38% 15/04/2039 9,955,000,000 539,859 Russian Federal Bond – OFZ 7.25% 10/05/2034 46,500,000 539,467 Nigeria OMO Bill 14.83% 16/01/2020 282,000,000 525,333

Top Twenty Sales for the financial year ended 31 December 2019

Security Description Nominal Proceeds GBP Inflation Linked Korea Treasury Bond 1.0% 10/06/2026 2,587,355,207 1,769,502 Mexico Government International Bond 4.15% 28/03/2027 1,850,000 1,395,983 Thailand Government Bond 2.13% 17/12/2026 53,371,000 1,269,661 Argentina Treasury Bill 44.07% 31/05/2019 56,300,000 1,199,005 Brazil Notas do Tesouro Nacional 6.0% 15/08/2024 1,510,000 1,082,513 Republic of Poland Government Bond 2.5% 25/07/2027 5,035,000 1,037,802 Mexican Udibonos 4.5% 04/12/2025 21,933,545 923,265 Bausch Health 6.13% 15/04/2025 1,140,000 892,274 Colombia Government International Bond 4.50% 15/03/2029 1,125,000 882,652 Bonos del Banco Central de Chile 3.0% 01/05/2028 636,204,866 833,656 CNAC HK Finbridge 4.88% 14/03/2025 929,000 808,038 Peru Government Bond 5.94% 12/02/2029 3,100,000 782,052 Saudi Arabian 3.50% 16/04/2029 900,000 761,006 Republic of South Africa Government Bond 8.25% 31/03/2032 14,000,000 757,517 Russian Federal Inflation Linked Bond 2.50% 16/08/2023 62,384,002 732,357 Ukraine Government International Bond 8.99% 01/02/2024 770,000 684,543 Brazil Notas do Tesouro Nacional 6.0% 15/08/2050 700,000 650,655 China Construction Bank 4.25% 27/02/2029 750,000 646,374 Nexstar Escrow 5.63% 15/07/2027 785,000 620,441 Rwanda International Government Bond 6.63% 02/05/2023 710,000 606,338

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Security Description Nominal Cost USD Alibaba Group Holding 44,433 7,908,077 CK Hutchison Holdings 601,000 5,949,988 Taiwan Semiconductor Manufacturing 677,000 5,517,737 Samsung Electronics 137,541 5,509,688 AIA Group 547,400 5,375,511 Yum China Holdings 99,601 4,296,571 SK Hynix 59,999 3,935,782 QBE Insurance Group 459,724 3,906,322 Telekomunikasi Indonesia 12,800,522 3,753,102 CNOOC 2,069,000 3,652,886 NetEase 13,700 3,568,411 Ctrip.com International 92,303 3,262,161 BHP Group 106,210 2,868,487 Ping An Insurance Group of China - HKD Shares 239,000 2,720,431 Macquarie Telcom Group 30,093 2,709,458 Woolworths Group 109,229 2,683,972 Woodside Petroleum 107,271 2,644,919 China Pacific Insurance Group 668,600 2,584,946 KB Financial Group 64,432 2,526,676 Wesfarmers 88,290 2,378,206


Security Description Nominal Proceeds USD Samsung Electronics 157,415 6,136,691 Tencent Holdings 129,900 5,695,620 AIA Group 542,800 5,360,498 China Mobile 538,500 5,073,196 Taiwan Semiconductor Manufacturing 479,000 4,413,678 Wuliangye Yibin 260,501 4,288,680 Yum China Holdings 94,760 4,200,633 Alibaba Group Holding 24,787 4,200,101 QBE Insurance Group 429,402 3,730,238 Baidu ADR 32,156 3,685,984 CNOOC 2,233,000 3,590,725 Wesfarmers 131,579 3,354,067 Macquarie Group 35,790 3,160,880 NetEase 11,400 3,141,946 Woolworths Group 143,169 3,112,672 Australia & New Zealand Banking Group 165,033 2,932,458 PetroChina 4,902,000 2,879,741 JD.com 92,899 2,806,635 Samsung Fire & Marine Insurance 13,180 2,715,626 China Petroleum & Chemical 3,686,000 2,641,578

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Total Purchases for the financial year ended 31 December 2019

Security Description Nominal Cost GBP Vonovia 36,943 1,510,573 Greencoat UK Wind 1,056,786 1,406,211 US Solar Fund 1,590,987 1,215,845 GCP Student Living 724,650 1,198,815 Amedeo Air Four Plus 1,019,344 976,289 Hicl Infrastructure 545,973 900,836 SQN Asset Finance Income Fund – C Shares 950,205 868,915 Greencoat Renewables 677,243 679,653 SQN Asset Finance Income Fund 840,711 672,501 Axiom European Financial Debt Fund 641,840 595,692 International Public Partnerships 365,667 566,965 Tritax EuroBox 570,157 535,824 iShares Gold Producers UCITS ETF 63,840 516,239 Invesco Morningstar US Energy Infrastructure 12,131 443,328 iShares Physical Gold 17,711 383,066 Sequoia Economic Infrastructureome Fund 293,146 333,766 Doric Nimrod Air Three 88,740 83,416 Doric Nimrod Air Two 42,462 83,226

Total Sales for the financial year ended 31 December 2019

Security Description Nominal Proceeds GBP 3i Infrastructure 416,071 1,113,713 Sequoia Economic Infrastructureome Fund 682,114 763,968 Real Estate Credit Investments 429,291 730,783 TwentyFour Income Fund 570,268 652,827 SQN Asset Finance Income Fund 465,859 438,014 International Public Partnerships 227,515 366,754 Amedeo Air Four Plus 307,841 307,841 Hicl Infrastructure 126,858 209,062 Doric Nimrod Air Three 154,608 134,895 Catco Reinsurance Opportunities Fund 50,422 12,458

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Security Description Nominal Cost USD Fidelity Institutional Liquidity Fund - USD 1,585 16,546,980 Alibaba Group Holding 41,834 7,459,088 SK Hynix 59,962 3,988,273 Petrobras Distribuidora 480,600 3,173,540 NetEase 11,400 2,995,391 Yum China Holdings 66,920 2,861,641 Weichai Power 1,699,000 2,845,813 Kia Motors 77,943 2,842,422 New Oriental Education & Technology Group 30,000 2,760,433 Ping An Insurance 238,500 2,693,382 Samsung Electronics 61,934 2,568,296 China Mobile 219,000 2,304,788 LUKOIL ADR - London Listed 26,707 2,244,916 Itausa - Investimentos Itau 684,000 2,218,775 Banco do Brasil 166,200 2,162,171 Taiwan Semiconductor Manufacturing 53,600 2,150,449 Telekomunikasi Indonesia 7,058,100 2,102,678 Wal-Mart de Mexico 723,400 2,093,199 MMC Norilsk Nickel 95,540 2,083,541 CP ALL 731,200 2,011,710


Security Description Nominal Proceeds USD Fidelity Institutional Liquidity Fund - USD 1,579 16,488,000 Alibaba Group Holding 22,900 3,938,531 Tencent Holdings 89,100 3,878,885 China Mobile 389,000 3,563,697 Wal-Mart de Mexico 1,287,534 3,555,711 Yum China Holdings 68,436 3,008,986 Chinanstruction Bank - HKD Shares 3,481,000 2,929,104 Li Ning 1,238,500 2,889,888 Samsung Electronics 68,421 2,729,326 New Oriental Education & Technology Group 26,800 2,521,751 NetEase 8,900 2,499,954 Telefonica Brasil 206,089 2,489,998 MMC Norilsk Nickel 95,540 2,276,845 CNOOC 1,432,000 2,263,965 Naspers 10,790 2,164,406 Uni-President Enterprises 861,000 2,162,642 Alrosa 1,442,690 2,078,203 GAIL India 611,649 2,022,582 SK Hynix 33,438 1,989,574 Tata Consultancy Services 65,897 1,966,914

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APPENDIX 2 – REPORT OF REMUNERATION (UNAUDITED)

The Fund is managed by FIL Fund Management (Ireland) Limited (‘FFM(I)L’), a wholly owned subsidiary of FIL Limited (‘FIL’). FFM(I)L will take reasonable steps to ensure that any decisions are consistent with the overall business strategy, objectives and the Global Remuneration Policy of the FIL Group (consisting of FIL and its subsidiaries) and try to manage any conflicts of interest which may arise.

The FIL Group Remuneration Committee has established a Global Remuneration Policy to ensure the requirements of the UCITS Directive are met at a global level for all its UCITS management companies, including FFM(I)L. The Remuneration Committee reviews the remuneration policy at least annually to reflect the relevant local market practices and regulatory requirements applicable from time to time. The Directors of FFM(I)L review its general principles at least annually and oversee its implementation.

The Global Remuneration Policy is consistent with and promotes sound and effective risk management and is designed not to encourage risk-taking which is inconsistent with the risk profile of FFM(I)L and the Fund. The Global Remuneration Policy is in line with the business strategy, objectives, values and interests of FFM(I)L and the Fund and includes measures to avoid conflicts of interest. There were no material changes to the Global Remuneration Policy to report during the financial year.

The Global Remuneration Policy applies to all employees, with a focus on the staff whose professional activities have a material impact on the risk profile of the relevant management company or fund (the ‘Identified Staff’).

The Identified Staff are individuals whose roles can materially affect the risk of the management company or any UCITS fund that it manages. These roles are identified in line with the requirements of the UCITS Directive and guidance issued by the European Securities and Markets Authority. Identified Staff supporting FFM(I)L, include the following individuals:

a) Senior Management (Registered Directors);b) Risk Takers (Senior Management Team); andc) Staff Engaged in Control Functions (Risk, Compliance, Audit, HR and Finance).

FFM(I)L does not employ staff directly so the total remuneration to be disclosed under this remuneration disclosure for the financial year is NIL. The fees received by independent Directors of FFM(I)L do not have any variable component.

The aggregate total remuneration paid to the Identified Staff, considering all existing delegation arrangements and where information has been made available, is EUR 8.88 million. It should be noted that this remuneration information is that which was disclosed by the delegate, in its annual report for its financial year ended 30 June 2019 and is an aggregate figure disclosed by the Investment Manager for its relevant staff and is not specific to the Fund.

For any additional information on the Global Remuneration Policy, a summary is available at https://www.fil.com.

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Fidelity Common Contractual Fund II APPENDIX 3 – SECURITIES FINANCING TRANSACTIONS (UNAUDITED)

The Securities Financing Transactions (“SFTs”) Regulation (the “SFTR”) came into force on 12 January 2016 and introduced additional disclosure requirements around securities lending, repurchase agreement/reverse repurchase agreements, total return swaps (TRSs) and other lending/borrowing transactions in annual and semi-annual financial statements, published after 13 January 2017. The Regulation came about due to what was perceived as ‘shadow banking’ risk in the securities financing markets and aims to reduce this risk by improving transparency in the securities financing markets in a number of ways: - By imposing conditions on the 'reuse' of collateral, so that clients and counterparties understand the risks involved and give their consent to the reuse, - By requiring managers to make detailed disclosures to their investors of the use they make of SFTs both in their yearly financial statements and pre-contractual documentation; and - By requiring counterparties to report SFTs to a trade repository so as to provide transparency to regulators on the use of SFTs by market participants. As at 31 December 2019, the Fidelity North America Equity Fund, Fidelity UK Equity Fund, Fidelity Global Emerging Markets Equity Fund held Centrally Cleared Contracts for Difference and Fidelity Global Aggregate Bond Fund held OTC Total Return Swap Contracts. These instruments fall under the scope of the SFTR. 1. Assets engaged in securities financing transactions The assets engaged, expressed in absolute value and as a proportion of the net assets, by sub-fund and category of securities financing transactions as at 31 December 2019 are detailed in the following table: Fidelity North America Equity Fund

Asset type Fair Value

USD % of Sub- Fund NAV

Centrally Cleared Contracts for Difference (205,949) (0.02%)



GBP % of Sub- Fund NAV

Centrally Cleared Contracts for Difference 1,069,875 0.23% Fidelity Global Aggregate Bond Fund


GBP % of Sub- Fund NAV

OTC Total Return Swap ContractsReverse Repurchase Agreement

(5,440) (3,004,029)

(0.00%) (0.98%)



USD % of Sub- Fund NAV

Centrally Cleared Contracts for Difference (1,049) (0.00%)

2. Concentration Data

Fidelity North America Equity Fund The broker of Centrally Cleared Contracts for Difference as at 31 December 2019 is as follows:

Broker of Centrally Cleared Contracts for Difference Fair Value

USD Goldman Sachs (205,949)

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Fidelity Common Contractual Fund II APPENDIX 3 – SECURITIES FINANCING TRANSACTIONS REGULATION (UNAUDITED) (CONTINUED)

2. Concentration Data (continued)

Fidelity UK Equity Fund The broker of centrally cleared contracts for difference as at 31 December 2019 is as follows:


GBP Goldman Sachs 314,034 HSBC 639,870 Morgan Stanley 115,971 Fidelity Global Aggregate Bond Fund The counterparties of OTC Total Return Swap Contracts as at 31 December 2019 are as follows:

Counterparty of OTC Total Return Swap Contracts Fair Value

GBP Goldman Sachs (10,885) Morgan Stanley 5,445 The issuers for collateral securities pledged across Reverse Repurchase Agreements as at 31 December 2019 are as follows:

Collateral issuer

Amount of collateral

GBP DNB Boligkreditt Dexia Nederlandse Waterschapsbank

796,754 1,100,017 1,107,258

Fidelity Global Emerging Markets Equity Fund The broker of Centrally Cleared Contracts for Difference as at 31 December 2019 is as follows:


USD UBS (1,049) 3. Data on reuse of collateral There were no collateral securities or cash collateral reused during the financial year ended 31 December 2019. 4. Safekeeping of collateral received

There is no collateral received in respect of Centrally Cleared Contracts for Difference or OTC Total Return Swap as at 31 December 2019.

5. Safekeeping of collateral granted

Fidelity Global Aggregate Bond Fund Collateral pledged for Reverse Repurchase Agreements as at 31 December 2019 is held by the following brokers:

Description

Amount of collateral

GBP Barclays Security Collateral 796,754 Toronto-Dominion Bank Security Collateral 2,207,275

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6. Aggregate transaction data

Fidelity Global Aggregate Bond Fund The aggregate transaction data for collateral positions received across the Repurchase Agreement as at 31 December 2019 are as follows:

Counterparty Type of collateral Amount of

collateral GBP Quality of collateral

Maturity of collateral

Country of collateral

Settlement and clearing

Barclays


796,754

AAA Over one year

Norway Biparty

Toronto-Dominion Bank


1,100,017

1,107,258

AA

AAA

Over one year Over one year

France

Netherlands

Biparty

Biparty

7. Returns and Costs of Securities Financing Transactions

Returns and costs for each type of Centrally Cleared Contracts for Difference, Reverse Repurchase Agreements, Repurchase Agreements, Total Return Swap Agreements and Sell-Buy Back Transactions for the financial year ended 31 December 2019 are as follows: Fidelity North America Equity Fund

Returns Amount

USD % of overall

return Centrally Cleared Contracts for Difference To Fund 17,155 100%

Costs Amount

USD % of overall

cost Centrally Cleared Contracts for Difference To Fund (1,708) 100% Fidelity UK Equity Fund

Returns Amount

GBP % of overall


Costs Amount

GBP % of overall

cost Centrally Cleared Contracts for Difference To Fund 3,521 100% Fidelity Global Aggregate Bond Fund

Returns Amount

GBP % of overall

return Total Return Swap Agreements To Fund (225,260) 100% Repurchase Agreements To Fund 8,310 100% Sell–Buy Back Transactions To Fund 3,451 100%

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7. Returns and Costs of Securities Financing Transactions (continued)


Costs Amount

GBP % of overall

cost Total Return Swap Agreements To Fund 1,326 100% Reverse Repurchase Agreements To Fund 3,611 100% Fidelity Global Emerging Markets Equity Fund

Returns Amount

GBP % of overall


Costs Amount

USD % of overall

cost Centrally Cleared Contracts for Difference To Fund 1,766 100%

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Fidelity Common Contractual Fund II…activity in Europe, excluding the United Kingdom (“Europe...

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