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Annual Report and Audited Financial Statements For the period from 28 March 2018 (date of establishment) to 31 December 2018

Fidelity Common Contractual Fund II

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

Fidelity Common Contractual Fund II TABLE OF CONTENTS

Page GENERAL INFORMATION 2 INVESTMENT MANAGER’S REPORT 6 SCHEDULES OF INVESTMENTS: Fidelity Europe ex-UK Equity Fund 14 Fidelity Japan Equity Fund 18 Fidelity North America Equity Fund 27 Fidelity UK Equity Fund 33 Fidelity Global Aggregate Bond Fund 42 Fidelity Global Sub-IG Fixed Income Fund 60 Fidelity Asia Pacific ex-Japan Fund 75 Fidelity Alternative Listed Equity Fund 87 Fidelity Global Emerging Markets Equity Fund 89 STATEMENT OF FINANCIAL POSITION 101 STATEMENT OF COMPREHENSIVE INCOME 106 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING UNITS 109 STATEMENT OF CASH FLOWS 111 NOTES TO THE FINANCIAL STATEMENTS 114 STATEMENT OF MANAGER’S RESPONSIBILITIES 158 REPORT FROM THE DEPOSITARY TO THE UNITHOLDERS 160 INDEPENDENT AUDITORS’ REPORT 161 DIRECTORY 163 APPENDIX 1 - STATEMENT OF SIGNIFICANT CHANGES IN THE COMPOSITION OF PORTFOLIO (UNAUDITED) 165 APPENDIX 2 – REPORT OF REMUNERATION (UNAUDITED) 177 APPENDIX 3 – SECURITIES FINANCING TRANSACTIONS (UNAUDITED) 178

Fidelity Common Contractual Fund II 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 period 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 in existence (Fidelity Global Equity Fund), but it has not been launched as at the period end. The period ended 31 December 2018 is the first reporting cycle of the Fund therefore there are no comparatives in the financial statements. 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 period, 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. The most recent Supplements for the Sub-Funds launched as at the period end are dated 24 December 2018. The Fund has been established for the purpose of investing in transferable securities in accordance with 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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Fidelity Common Contractual Fund II 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 2018: Unit Class Unit Class Launch Date Currency I Acc EUR 20 June 2018 EUR G Acc EUR 13 August 2018 EUR 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 2018: Unit Class Unit Class Launch Date Currency I Acc JPY 27 June 2018 JPY G Acc EUR Hedged 23 August 2018 EUR 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 2018: Unit Class Unit Class Launch Date Currency I Acc USD 11 July 2018 USD G Acc EUR Hedged 28 August 2018 EUR

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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 2018: Unit Class Unit Class Launch Date Currency I Acc GBP 23 July 2018 GBP G Acc EUR Hedged 29 August 2018 EUR 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 2018: Unit Class Unit Class Launch Date Currency I Acc GBP 6 August 2018 GBP G Acc EUR Hedged 30 August 2018 EUR 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 2018: Unit Class Unit Class Launch Date Currency I Acc GBP 14 August 2018 GBP G Acc EUR Hedged 30 August 2018 EUR 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 2018: Unit Class Unit Class Launch Date Currency I Acc USD 20 August 2018 USD G Acc EUR Hedged 31 August 2018 EUR

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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 2018: Unit Class Unit Class Launch Date Currency I Acc GBP 3 September 2018 GBP G Acc EUR Hedged 12 September 2018 EUR 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 2018: Unit Class Unit Class Launch Date Currency

I Acc USD 5 September 2018 USD G Acc EUR Hedged 13 September 2018 EUR

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Fidelity Common Contractual Fund II INVESTMENT MANAGER’S REPORT

Fidelity Europe ex-UK Equity Fund 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: Invesco Asset Management 49.3% Threadneedle Asset Management 49.3% Cash 1.4% Acadian Asset Management 0.0% Total 100.0% Market Commentary: European markets declined over the review period. During the third quarter of 2018, gains from strong corporate earnings and easing trade tensions between the US and Europe were largely offset by concerns around Brexit and Italy’s higher than expected budget deficit. Equities declined the most towards the end of the year, primarily due to ongoing trade worries, continued Brexit-related uncertainty and weak corporate earnings. Concerns over whether the US and China would be able to reach a long-term agreement during the 90-day truce period, and the deferment of the parliamentary vote on Brexit weighed on equities. Portfolio Commentary: The Fidelity Europe ex-UK Equity sub-fund returned -12.68% for the period while the MSCI Europe Ex UK Net returned -10.82%. At the sub-fund level, both the sub-investment advisers hampered performance. The exposure to a sub-investment adviser following a growth style of investing detracted significantly from returns, driven by positions in the industrials, health care and consumer discretionary sectors. A sub-investment adviser following a value style of investing hampered performance. Its underlying holdings in the financials sector detracted from returns, though positions in the communication services sector supported performance. At the sub-fund level, underlying holdings in the industrials and financials sectors detracted from returns. At the country level, the exposure to Germany and France were the key detractors from performance. At the security level, holdings in Fresenius Medical Care AG & Co. and Elis SA held back gains. Meanwhile, positions in Deutsche Telekom AG and Vestas Wind Systems A/S supported returns. Outlook: Slowing global lead indicators and an uncertain geopolitical environment could prompt investors to become cautious. In an increasingly volatile environment, where valuations appear full in most markets, European equities look relatively attractive. European equities have already de-rated significantly in the second half of 2018. Therefore, any slowdown in economic growth is likely to have a limited impact on stocks. There is a need to be selective, however, as the market has areas of very attractively valued companies and others that are still very expensive. Equity markets are set to face some challenges due to ongoing trade concerns between the US and its major trading partners. The deficit situation in Italy and uncertainty around Brexit also remain a cause for concern. These factors, combined with the slowdown in global economic growth, will negatively impact investors’ preference for risk assets. Nonetheless, an uncertain market environment is likely to create buying opportunities for long-term investors Fidelity Japan Equity Fund 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: Lindsell Train 29.9% Brandes Investment Partners (Europe) 29.8% Mitsubishi UFJ Kokusai Asset Management 29.4% PineBridge Investments Europe 9.4% Cash 1.5% Total 100.0%

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Fidelity Common Contractual Fund II INVESTMENT MANAGER’S REPORT (CONTINUED)

Fidelity Japan Equity Fund (continued) Market Commentary: Japanese equities fell over the review period. The yen’s rise against the US dollar towards the end of the period and persistent worries about the ongoing trade frictions between the US and China weighed on markets. The Japanese economy contracted the most in over four years in the third quarter of 2018 as companies slashed spending. However, key indicators related to production, capital expenditure and consumption have started to rebound, and the economy was expected to return to above-trend growth in the fourth quarter. Earnings expectations have moderated in 2018, with Japanese corporate profits expected to grow at a slower pace in 2019 on account of weaker demand, especially from overseas. Portfolio Commentary: The Fidelity Japan Equity sub-fund returned -13.96% for the period while the Topix JPY (Net Return) returned -12.95%. At the sub-fund level, all the sub-investment advisers generated negative performance. This was largely attributable to the significant exposure to a sub-investment adviser following a market capitalisation agnostic strategy, where performance was driven by positions in the consumer staples and health care sectors. Meanwhile, underlying holdings in the information technology sector marginally supported returns. Elsewhere, the exposure to a sub-investment adviser following a value strategy detracted from performance, driven by positions in the consumer discretionary and financials sectors. At the sub-fund level, all sectors weighed on returns. Underlying holdings in the consumer discretionary, financials and industrials sectors were the key detractors from performance. At the security level, positions in Square Enix Holdings Company Limited and Hogy Medical Company Limited hampered returns. Meanwhile, the allocation to OBIC Business Consultants Company Limited added marginal value. Outlook: Global growth has moderated, with a deceleration in trade volumes feeding through to industrial production. In Japan, a combination of extreme weather and natural disasters contributed to the recent weakness. Escalating trade frictions continue to pose downside risks. Amid the increased market volatility, post-earnings price action has been distinctly negative and, in many cases, has discounted a worst-case scenario. Earnings expectations have moderated, but valuations are supportive and a further significant derating appears unlikely. Fidelity North America Equity Fund 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: FIL Investments International 39.3% Amundi Pioneer Asset Management 25.0% Hotchkis & Wiley Capital Management 19.3% Brown Advisory 14.9% Cash 1.5% Total 100.0%

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Fidelity North America Equity Fund (continued) Market Commentary: US equities fell during the period, mainly on account of a sharp decline in the fourth quarter, amid heightened concerns over economic growth, trade frictions and higher interest rates. Data releases pointed to a continued expansion in the economy; however, consumers are becoming less confident and manufacturing surveys are mixed. There was some optimism about a truce in the trade war between the US and China in December, but investors remain sceptical about a firm consensus on trade issues between the countries. The market was further pressured as the US yield curve flattened towards the end of the period. As widely expected, the US Federal Reserve (Fed) raised its benchmark interest rate for the fourth time in 2018. However, the Fed’s tightening stance added to the jitters as it indicated that interest rates will rise two more times next year as economic growth continues. Portfolio Commentary: The Fidelity North America Equity sub-fund returned -8.26% for the period while the S&P 500 Net returned -9.04%. At the sub-fund level, all the sub-investment advisers generated negative performance. This was largely attributable to a sub-investment adviser following a large-cap value strategy, where performance was driven by positions in the financials and energy sectors. Meanwhile, the exposure to cash supported returns. Elsewhere, the significant exposure to a sub-investment Fidelity adviser following a value strategy detracted from performance, driven by positions in the financials and information technology sectors. Meanwhile, underlying holdings in the utilities sector marginally supported returns. At the sub-fund level, the underlying holdings in the financials, information technology and energy sectors were the key detractors from performance. At the security level, the holding in Apache Corporation weighed on returns. Meanwhile, positions in Abbott Laboratories and Berkshire Hathaway added some value. Outlook: The US economy is likely to moderate in 2019 as the capital expenditure cycle slows and some of the positive impact of fiscal stimulus fades. However, rising wages, tax refunds and the decline in oil prices should continue to support consumer spending. The Fed has signalled a more cautious stance in raising interest rates and indicated that it may reduce the number of rate hikes in 2019 as growth moderates. Nonetheless, the US market outlook is supported by its above-trend economic growth. It remains a defensive market relative to its global peers. Growing trade tensions between the US and China has been the major focus for investors over the last few months. However, there are hopes of a de-escalation in the dispute amid expectations that the two countries are making progress on trade negotiations. Fidelity UK Equity Fund 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: Franklin Templeton Fund Management 34.5% Majedie Asset Management 29.6% Lindsell Train 19.6% FIL Investments International 14.8% Cash 1.5% Total 100.0%

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Fidelity UK Equity Fund (continued) Market Commentary: The UK stock market fell over the review period, as lingering concerns about a possible slowdown in the global economy, Brexit-related uncertainties and the ongoing trade friction between the US and China led to risk-off sentiment in financial markets. The normalisation of monetary policies by global central banks, particularly the US Federal Reserve, also weighed on sentiment as investors fear that a rise in borrowing costs may lead to an economic slowdown. On the policy front, the Bank of England raised interest rates by a quarter of a percentage point, from 0.5% to 0.75%, the highest level since March 2009. Overall, most sectors ended in negative territory, with industrials, consumer services and consumer goods among the largest decliners, while the health care sector outperformed the broader market. Meanwhile, mid-cap stocks underperformed their large and small-cap peers. Portfolio Commentary: The Fidelity UK Equity sub-fund returned -10.85% for the period while the FTSE All Share returned -11.16%. At the sub-fund level, all the sub-investment advisers generated negative returns. This was attributable to a sub-investment Fidelity adviser following a contrarian and value strategy, where performance was driven by positions in the financials and industrials sectors. Meanwhile, holdings in the health care sector marginally supported returns. Elsewhere, the significant exposure to a sub-investment adviser following an income strategy detracted from performance, driven by positions in the financials and industrials sectors. However, the underlying holdings in the health care sector and in cash added some value. At the sub-fund level, the underlying holdings in the financials, consumer staples and industrials sectors were the key detractors from returns. At the security level, holdings in Schroders PLC and Tesco PLC detracted from performance. Meanwhile, the position in Greggs PLC marginally supported returns. Outlook: The economic environment in the UK remains uncertain as it heads towards its exit from the European Union in March 2019. Against this volatile backdrop, investors have preferred US and European stocks in comparison to UK stocks, resulting in a ‘Brexit’ discount. This presents an interesting investment opportunity for the long-term investor. Financial conditions in the UK have tightened slightly, but remain accommodative overall. Despite various challenges, UK equity markets are supported by low interest rates and reasonable stock valuations. Fidelity Global Aggregate Bond Fund 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: PIMCO Europe 59.1% Colchester Global Investors 39.9% Cash 1.0% Total 100.0% Market Commentary: Fixed income markets posted mixed returns over the review period, with global government bonds ending the year on a positive note. US Treasuries rallied on the back of the more accommodative stance by US Federal Reserve (Fed) Chairman Jerome Powell. Yields were near eight-month lows as weak oil prices and concerns over a potentially long US government shutdown weighed on investor sentiment. Japan’s ten-year bond yield fell below zero for the first time since September 2017, in line with US Treasuries. German bunds also posted positive returns as the eurozone economy witnessed a disappointing end to 2018. Business growth slowed to its weakest pace in over two years in December, as a manufacturing-led slowdown showed signs of spreading to the service industry. UK government bonds (Gilts) followed suit; yields fell after prime minister Theresa May delayed the vote on the Brexit deal in the UK parliament. On the policy front, the US Fed raised its benchmark interest rate twice over the period, while the Bank of Japan and Bank of England kept their policy rates unchanged. Meanwhile, credit markets generated negative performance. Spreads widened across major regions amid concerns over a slowdown in global growth, stock market volatility, a broader deterioration in risk sentiment and China-US trade tensions. High yield bonds came under pressure, with notable underperformance among energy issuers, driven by lower oil prices. Portfolio Commentary: The Fidelity Global Aggregate Bond sub-fund returned 0.24% for the period while the Barclays Global Agg Hedged GBP returned 0.92%. At the sub-fund level, a sub-investment adviser that invests primarily in government bonds enhanced gains. Its performance was driven by holdings in AAA rated US government bonds with a maturity period of 7–10 years. Elsewhere, the significant exposure to a sub-investment adviser following a global aggregate strategy detracted from returns, due to holdings in short-term bonds.

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Fidelity Global Aggregate Bond Fund (continued) At the sub-fund level, the underlying holdings in AAA rated US government bonds with a maturity period of 7–10 years contributed notably to returns. However, positions in short-term bonds detracted from performance. Elsewhere, the exposure to cash marginally supported returns. Outlook: The global economy is expected to post weaker growth as some of the world’s largest countries approach the tail-end of their current economic cycles, pushing down global economic activity and, especially, global demand. Moreover, both political and trade tensions between China and the US remain elevated, fuelling economic uncertainty. With markets seeing a sharp turnaround in risk sentiment, we expect the US Federal Reserve to limit the pace of monetary policy tightening. Oil prices also remain a big driver for US Treasuries, as lower prices will ultimately result in a less inflationary environment and government bonds are likely to be well supported. However, some indicators suggest that the US economy is still healthy. The labour market continues to signal rising wage pressures and any improvement in the economy in the short term will drive global sovereign yields higher. In Europe, German bunds are likely to be well supported, as we believe that growth has passed its cyclical peak. According to consensus expectations, the eurozone is likely to grow 1.6% in 2019. Meanwhile, in credit markets, we remain cautious towards risky assets as we see further credit spread widening and outflows from the asset class. Fidelity Global Sub-IG Fixed Income Fund 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: FIL Investments International 49.7% Baring Asset Management 48.7% Cash 1.6% Total 100.0% Market Commentary: The high yield market remained volatile and credit spreads widened, as markets continued to be dominated by geopolitical events. The global trade war, Brexit concerns and tension between Italy and the European Union (EU) contributed to the risk-off environment. On the macroeconomic front, the eurozone economy witnessed a disappointing end to 2018. Business growth slowed to its weakest pace in over two years in December, as a manufacturing-led slowdown showed signs of spreading to the service industry. The IHS Markit’s Composite Purchasing Managers’ Index (PMI) for the eurozone fell to 51.1 in December, while the services PMI dropped sharply to 51.2 vs. 54.7 in September, a 49-month low. While the ‘yellow vest’ protest in France contributed to a slowdown in business and travel, slow economic growth across the eurozone remains a bigger cause for concern. In core Europe, German private sector activity grew at the slowest pace in four years in December. The composite PMI for Germany dropped to 51.6 from 55.0 in September, below economists’ forecast of 52.4. The manufacturing PMI for Germany dropped to a 33-month low of 51.5 from 53.7 at the end of the third quarter of 2018, compared to expectations of 51.7, while the services PMI decreased to a 27-month low of 51.8. On the inflation front, the eurozone’s annual inflation rate was 1.9% in November 2018, down from 2.1% in September, and below the European Central Bank’s (ECB) target rate of 2.0%. On a positive note, Italy reached an agreement with Brussels over its 2019 budget after it lowered its deficit target to 2.04% of GDP from 2.4%. On the policy front, the European Central Bank (ECB) left its interest rates unchanged and confirmed that the asset purchase programme will end in December 2018, despite signs of a slowdown in the eurozone recovery. Portfolio Commentary: The Fidelity Global Sub-IG Fixed Income sub-fund returned -2.66% for the period while the 50% ICE BofA 50% JPM Blend returned -1.17%. At the sub-fund level, both the sub-investment advisers delivered negative returns. This was largely attributable to the significant exposure to a sub-investment adviser that invests primarily in high yield bonds. Its performance was weighed down by holdings in the US. At a sector level, all sectors detracted from returns, with the exposure to the energy sector significantly hampering performance. Elsewhere, the allocation to a sub-investment adviser investing primarily in emerging market bonds weighed on returns. At the sub-fund level, the underlying holdings in the US were the key detractors from performance, while the position in Indonesia added value. In terms of ratings, B rated bonds had a negative impact on performance, while BBB rated bonds marginally supported returns. In terms of maturity, bonds having a maturity of 3–5 years detracted from performance, while long-terms bonds with a maturity of between 10 and 15 years added marginal value. Elsewhere, the allocation to cash enhanced gains.

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Fidelity Global Sub-IG Fixed Income Fund (continued) Outlook: Investor appetite for risk assets is likely to remain subdued in 2019, as macroeconomic uncertainty and low liquidity are expected to weigh on investor sentiment and underlying consumer and business confidence. At a regional level, corporate earnings in the US are expected to witness a further deceleration in growth, as the positive effects of the corporate tax reform wear off. In Europe, political events, including Brexit negotiations, the Italian budget and upcoming EU elections remain at the forefront. Consequently, corporates will look to reprioritise capital allocation towards growth assets amid tightening liquidity conditions. However, given minimal refinancing needs in developed high yield markets, default rates are likely to remain low. Fidelity Asia Pacific ex-Japan Equity Fund 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: Goldman Sachs Asset Management International 39.9% Hermes Investment Management 26.1% FIL Investments International 22.9% Acadian Asset Management 9.6% Cash 1.5% Total 100.0% Market Commentary: Equities in the Asia Pacific ex-Japan region declined against a backdrop of concerns over China-US trade issues, moderation in global growth and worries over the pace of interest rate increases in the US. Fears that the currency crisis in Turkey would impact the wider emerging markets complex also weighed on investor sentiment. Chinese equities fell on concerns that the economy may be headed for a downturn. Tightening liquidity to contain excess debt in the financial system also contributed to the weakness. However, expectations that China will intensify stimulus measures to cushion the impact of a China-US trade war helped contain losses. In key developments, US President Donald Trump and Chinese President Xi Jinping agreed to a 90-day truce at the G-20 summit in Argentina and agreed to work together to strike a trade deal. In Taiwan, policymakers acknowledged the slowdown in export activity as well as in capital goods imports in recent months, amid slowing global growth and US-China trade tensions. Additionally, weak guidance from technology heavyweights weighed on technology supply chain companies. South Korean equities weakened amid headwinds from disappointing macroeconomic data, lacklustre earnings and the depreciation of the Korean won against the US dollar. Australian equities declined due to the weak performance of consumer discretionary and information technology (IT) stocks. In Indonesia, a large current account deficit put pressure on the rupiah. On the monetary policy front, the central bank raised its benchmark interest rate for the sixth time in November since May to lower the current account deficit and stabilise the Indonesian rupiah. Concerns over rising inflation and a widening trade deficit hurt Indian equities. Investor confidence further weakened amid worries over credit and liquidity issues in the non-banking financial sector. Meanwhile, sentiment received support towards the latter half of the period, amid favourable macroeconomic data releases, and the appreciation of the Indian rupee against the US dollar. Portfolio Commentary: The Fidelity Asia Pacific ex-Japan Equity sub-fund returned -9.43% for the period while the MSCI AC Asia Pacific ex Japan Index returned -8.66%. At the sub-fund level, all the sub-investment advisers generated negative returns. This was largely attributable to the significant exposure to a sub-investment adviser following a core Asia-Pacific strategy, where performance was driven by positions in the information technology and financials sectors. Encouragingly, underlying holdings in the utilities sector supported returns. Elsewhere, the holding in a sub-investment adviser following a value style of investing detracted from returns. Its allocation to the consumer discretionary and information technology sectors weighed on performance, while its holdings in the utilities and energy sectors enhanced gains. At the sub-fund level, underlying holdings in the IT and consumer discretionary sectors weighed on returns, while holdings in the utilities sector and in cash marginally supported performance. At the country level, the exposure to Cayman Islands and China were the key detractors from performance, while the allocation to the Philippines and Indonesia marginally supported returns. At the security level, holdings in Samsung Electronics Co. Ltd. and Baidu Inc. detracted from performance. Meanwhile, positions in Kunlun Energy Company Limited and Beijing Enterprises Holdings Limited supported returns.

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Fidelity Asia Pacific ex-Japan Equity Fund (continued) Outlook: Despite challenges brought about by China-US trade conflict, growth forecasts for the region remain unchanged, according to the Asian Development Outlook December Update. Robust domestic demand continues to drive growth in the region. China has entered a relatively low-growth phase of economic activity compared to a decade ago. This has positive implications: the economy is likely to be less cyclical, and structurally driven by consumption rather than fixed asset investment. Chinese corporate balance sheets have significantly improved, companies are conscious of capital expenditure and managements are adopting a more mature approach towards efficient capital allocation and reducing leverage. There is rising awareness among corporates towards improving shareholder returns and enhancing dividend pay-out, and a growing acknowledgement of good governance as well as the societal and environmental impact of businesses. India is maintaining growth momentum given positive domestic consumption trends. Higher oil prices and the depreciation of the rupee have put pressure on demand, inflation, the current account and public finances. However, business investment and exports remain strong, as structural reforms, including smoother implementation of the Goods and Services Tax (GST) and bank recapitalisation, are paying off. ASEAN should continue to grow at a healthy pace. Private consumption remains supported by wage gains and strong labour markets. Overall, equities in the Asia Pacific ex Japan region continue to provide attractive opportunities as valuation premiums have retreated from peak levels seen at the start of 2018. Fidelity Alternative Listed Equity Fund 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: FIL Investments International 99.2% Cash 0.8% Total 100.0% Market Commentary: Two main indices representing cash-benchmarked assets – AH Global UCITS Index and UCITS Alternative Index Global – declined over the year and the fourth quarter of 2018. Returns for three Absolute Hedge sub-indices were also negative over the quarter. The index for equity long/short strategies fell by 5.4%, with a majority of the decline concentrated in October, when global equity markets experienced steep losses led by technology exposures. Commodities declined over the year, with most of the weakness concentrated in the last quarter of 2018. After rising over most of the year, the energy sector fell in the fourth quarter after the US issued unexpectedly generous sanction waivers to Iran’s biggest oil buyers. This, coupled with rising US oil production, led to concerns about global oversupply at a time when weak economic data raised concerns about demand. Trade-related issues continued to negatively impact industrial metals prices. However, agricultural commodities advanced. Gold prices also rose over the quarter, mitigating full year losses, as investors sought safe haven assets. Global property markets declined over the quarter, but outperformed equities and commodities. In the US, rising mortgage rates and continued growth in home prices caused housing demand to stall. In the eurozone, Spanish real estate stocks fell in line with the overall market, while French property stocks were lower amid political instability in the country. Growing concerns over rising house prices in Germany prompted institutional investors to shift their focus elsewhere. The UK market was weighed down by growing concerns over Brexit and political uncertainty. Within Asia, tightening measures by policymakers led to a cautious sentiment in Hong Kong and Singapore. Growing concerns over the US-China trade war, expectations of rising mortgage rates and the depreciation of the Chinese yuan further impacted the Hong Kong property market. Portfolio Commentary: The Fidelity Alternative Listed Equity sub-fund returned -3.52% for the period while the Sonia + 3 Annualized returned 0.64%. At the sub-fund level, underlying holdings in the financials sector detracted from performance. The allocation to CATCo Reinsurance Opportunities Fund Limited weighed on returns given its exposure to the Californian wildfires. Its shares fell 40% during the month of November. While the performance is clearly very disappointing, it remains an excellent diversifier in the portfolio and we believe the share price fall has been overdone. Consequently, we added to the holding. Moreover, the position in Invesco Morningstar US Energy Infrastructure MLP UCITS ETF generated negative returns. However, the allocation to 3i Infrastructure Plc enhanced gains, as did the holding in Sequoia Economic Infrastructure Income Fund. Outlook: As the world’s major central banks wind down their quantitative easing programmes, the context in which we are investing suggests that long-term correlations between traditional asset classes may not always hold. As such, traditional ‘balanced’ approaches - combining equities and bonds in varying proportions - are unlikely to achieve the diversification that is necessary to deliver a consistent set of outcomes across market cycles. In an environment of changing fundamentals, slowing growth and a maturing economic cycle, we believe the role of alternatives as diversifiers are an important part of the toolkit for multi asset investors. Of course, alternatives are not risk-free, or even necessarily low risk, but they tend to present different characteristics versus traditional assets in a portfolio, providing uncorrelated sources of risk and opportunity.

12


Fidelity Global Emerging Markets Equity Fund 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: Goldman Sachs Asset Management International 41.6% Hermes Investment Management 22.8% FIL Investments International 22.6% Acadian Asset Management 11.6% Cash 1.4% Total 100.0% Market Commentary: Emerging market equities fell over the review period. Concerns over the US-China trade war and slowing economic growth in China weighed on investors. A strengthening US dollar and the US Federal Reserve’s (Fed) decision to continue to raise interest rates also hurt sentiment. Geopolitics was in focus amid the arrest of the CFO of a large Chinese technology company for possible extradition to the US. Chinese stocks were negatively impacted by news flow around subdued manufacturing activity. However, the downside was limited by China’s support to the private sector, and an apparent thaw in the US-China trade dispute. Elsewhere, the Russian market was weak as oil prices declined. On a positive note, Brazilian equities rose as political uncertainty ended with the victory of Jair Bolsonaro in the final round of Presidential elections. From an economic perspective, concerns about inflation prompted central bank policy action across the emerging world. The Philippines and Indonesia raised policy rates to curb inflation and support falling currencies. Elsewhere, South Africa raised interest rates to control rising prices and support the rand. Russia unexpectedly increased borrowing costs in December, and indicated that it may do so again if inflationary pressures persist. However, China kept its short-term lending rates unchanged, but introduced a new lending facility to spur lending to small businesses. The Reserve Bank of India held interest rates steady in December, as retail inflation decelerated due to a fall in prices of pulses and vegetables. Portfolio Commentary: The Fidelity Global Emerging Markets Equity sub-fund returned -3.96% for the period while the MSCI EM Index returned -4.91%. At the sub-fund level, all the sub-investment advisers generated negative performance. This was largely attributable to the significant exposure to a sub-investment adviser following a core emerging market strategy, where performance was driven by positions in the information technology (IT), materials and health care sectors. Meanwhile, underlying holdings in the financials and utilities sectors supported performance. At the sub-fund level, underlying holdings in the IT and materials sectors were the key detractors from performance. Elsewhere, underlying holdings in the financials and utilities sectors marginally supported returns, as did the allocation to cash. At the country level, the exposure to Taiwan was a key detractor from performance, while holdings in Brazil supported returns. At the security level, positions in China Petroleum & Chemical Corporation and Catcher Technology Co. Ltd. detracted from performance. On a positive note, holdings in Telefonica Brasil and Petrobras supported returns. Outlook: Emerging markets may be negatively impacted by tighter US monetary policy and the associated strength of the US dollar, as well as the US-China trade war and broader geopolitical tensions. A supportive environment for commodities should benefit export-oriented developing countries. However, economic growth in China is crucial for commodity prices to be sustained. Nonetheless, from a long-term perspective, emerging markets continue to offer numerous opportunities, supported by structural growth drivers such as urbanisation and lifestyle changes. This will drive demand for different goods and services in underpenetrated markets.

13

Fidelity Europe ex-UK Equity Fund SCHEDULE OF INVESTMENTS AS AT 31 DECEMBER 2018

Number of

Shares Fair Value

EUR Fund % of

NAV*

Equities 97.19%

Austria 1.16%

BAWAG Group 39,191 1,410,621 0.63%OMV 31,684 1,207,715 0.53%

Total Austria 2,618,336 1.16%

Belgium 2.04%

Anheuser-Busch InBev 23,203 1,334,140 0.59%KBC Group 37,755 2,120,110 0.94%Telenet Group Holding 28,383 1,152,227 0.51%

Total Belgium 4,606,477 2.04%

Denmark 5.12%

AP Moller - Maersk 2,851 3,131,763 1.38%Carlsberg 22,393 2,080,190 0.92%DSV 32,463 1,872,173 0.83%Novo Nordisk 62,366 2,501,215 1.11%Vestas Wind Systems 30,205 1,996,647 0.88%

Total Denmark 11,581,988 5.12%

Finland 5.56%

Kone 31,712 1,321,383 0.58%Nokia 281,371 1,425,610 0.63%Nordea Bank 253,014 1,862,595 0.82%Sampo 129,679 5,016,218 2.22%UPM-Kymmene 133,756 2,955,161 1.31%

Total Finland 12,580,967 5.56%

France 24.24%

Air Liquide 10,658 1,155,107 0.51%BNP Paribas 70,040 2,760,689 1.22%Capgemini 19,210 1,667,662 0.74%Carrefour 213,994 3,191,359 1.41%Cie Generale des Etablissements Michelin 22,522 1,934,779 0.86%Dassault Systemes 43,600 4,520,011 1.99%Elis 206,771 3,008,712 1.33%EssilorLuxottica 30,022 3,321,429 1.47%Europcar Mobility Group 221,524 1,741,868 0.77%Legrand 50,024 2,468,235 1.09%L'Oreal 21,473 4,288,498 1.90%LVMH 5,559 1,420,503 0.63%Orange 278,107 3,933,615 1.74%Pernod Ricard 41,277 5,912,640 2.60%Publicis Groupe 38,700 1,927,203 0.85%Renault 30,048 1,633,676 0.72%Sanofi 54,731 4,143,932 1.83%Schneider Electric 30,801 1,823,496 0.81%Total 87,067 4,008,169 1.77%

Total France 54,861,583 24.24%

14

Fidelity Europe ex-UK Equity Fund SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 DECEMBER 2018

Number of

Shares Fair Value

EUR Fund % of

NAV*

Equities 97.19% (continued)

Germany 14.48%

Adidas 27,159 4,953,904 2.18%Allianz 18,197 3,191,607 1.41%BASF 43,512 2,645,228 1.17%Bayer 38,638 2,345,386 1.04%Brenntag 98,350 3,746,801 1.66%Deutsche Post 131,731 3,139,839 1.39%Deutsche Telekom 239,110 3,547,099 1.57%Fresenius Medical Care 50,891 2,879,177 1.27%Knorr-Bremse 27,997 2,201,124 0.97%Muenchener Rueckversicherungs 11,082 2,109,510 0.93%SAP 18,379 1,592,066 0.70%Tele Columbus 147,722 425,377 0.19%

Total Germany 32,777,118 14.48%

Ireland 3.64%

CRH 90,464 2,091,297 0.92%Kingspan Group 54,438 1,996,765 0.88%Paddy Power Betfair 12,199 874,396 0.39%Ryanair Holdings Dublin Listed 154,080 1,650,027 0.73%Ryanair Holdings London Listed 152,069 1,625,964 0.72%

Total Ireland 8,238,449 3.64%

Italy 5.39%

Banco BPM 816,469 1,603,180 0.71%Davide Campari-Milano 507,171 3,748,571 1.65%Eni 143,822 1,982,968 0.88%Infrastrutture Wireless Italiane 283,207 1,692,037 0.75%Intesa Sanpaolo 1,625,599 3,159,150 1.40%

Total Italy 12,185,906 5.39%

Netherlands 8.55%

ASML Holding 18,438 2,521,048 1.11%IMCD 72,763 4,065,304 1.80%ING Groep 300,434 2,820,553 1.25%InterXion Holding 30,456 1,442,940 0.64%Koninklijke Ahold Delhaize 101,554 2,239,125 0.99%Koninklijke Philips 53,099 1,624,808 0.72%Royal Dutch Shell 136,485 3,511,131 1.55%Signify 54,320 1,109,087 0.49%

Total Netherlands 19,333,996 8.55%

Norway 0.86%

Equinor 104,972 1,945,001 0.86%

15

Fidelity Europe ex-UK Equity Fund SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 DECEMBER 2018

Number of

Shares Fair Value

EUR Fund % of

NAV*


Spain 9.80%

Amadeus IT Group 52,383 3,181,045 1.40%Bankia 634,399 1,620,020 0.72%CaixaBank 777,651 2,457,965 1.09%Cellnex Telecom 125,080 2,791,825 1.23%Grifols ADR 193,729 3,111,459 1.38%Industria de Diseno Textil 104,590 2,330,026 1.03%Neinor Homes 131,865 1,712,076 0.76%Repsol 123,377 1,731,215 0.77%Repsol – Right Issue 123,377 49,351 0.02%Telefonica 433,459 3,184,463 1.40%

Total Spain 22,169,445 9.80%

Sweden 2.60%

Assa Abloy 74,412 1,165,241 0.52%Atlas Copco 139,292 2,906,134 1.28%Epiroc 218,345 1,814,815 0.80%

Total Sweden 5,886,190 2.60%

Switzerland 8.23%

Adecco Group 51,763 2,122,056 0.94%Novartis 65,791 4,914,531 2.17%Roche Holding 25,633 5,550,364 2.45%Sika 24,822 2,750,036 1.22%UBS Group 197,129 2,144,604 0.95%Zurich Insurance Group 4,390 1,141,373 0.50%

Total Switzerland 18,622,964 8.23%

United Kingdom 5.52%

RELX 306,460 5,503,375 2.43%Subsea 7 93,124 792,657 0.35%Unilever 130,903 6,189,233 2.74%

Total United Kingdom 12,485,265 5.52%

Total Equities 219,893,685 97.19%

Financial Assets at Fair Value Through Profit or Loss 219,893,685 97.19%

16

Fidelity Europe ex-UK Equity Fund SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 DECEMBER 2018 Financial Derivative Instruments (0.03%)

Futures Contracts (0.03%)

BrokerNumber of Contracts

Notional Amount

UnrealisedGain/(Loss)

EURFund % of

NAV*Future Contract on Euro Stoxx 50 15 March 2019 UBS 106 3,212,807 (59,307) (0.03%)Total Futures Contracts (59,307) (0.03%)

Total Financial Derivative Instruments (59,307) (0.03%)

Other Assets and Liabilities 6,420,383 2.84%Net Assets Attributable to Holders of Redeemable Participating Units 226,254,761 100.00%

Analysis of Assets EURFund % of

Assets(a) Transferable securities admitted to an official stock exchange listing 214,390,310 94.68%(b) Transferable securities dealt in on another regulated market 5,503,375 2.43%(c) Financial derivative instruments (59,307) (0.03%)(d) Other assets 6,616,853 2.92%Total Assets 226,451,231 100.00%

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

17

Fidelity Japan Equity Fund SCHEDULE OF INVESTMENTS AS AT 31 DECEMBER 2018

Number of

Shares Fair Value

JPYFund % of

NAV*

Equities 96.33% Agriculture 0.01%

Japan Tobacco 1,300 3,385,636 0.01%

Apparel 2.57%

Atsugi 63,500 60,849,561 0.27%Matsuoka 7,700 20,397,439 0.09%Onward Holdings 557,800 328,656,810 1.45%TSI Holdings 114,400 81,604,742 0.36%Wacoal Holdings 32,400 91,906,231 0.40%

Total Apparel 583,414,783 2.57%

Auto Manufacturers 5.15%

Honda Motor 153,400 442,950,351 1.95%Isuzu Motors 66,600 102,393,555 0.45%Kyokuto Kaihatsu Kogyo 49,600 69,562,805 0.31%Nissan Motor 483,700 424,091,518 1.87%Toyota Motor 20,400 129,431,064 0.57%

Total Auto Manufacturers 1,168,429,293 5.15%

Auto Parts & Equipment 1.70%

Aisin Seiki 5,500 20,722,779 0.09%Bridgestone 3,600 15,138,313 0.07%Denso 7,300 35,419,308 0.16%FCC 6,200 15,962,646 0.07%Keihin 27,400 50,254,444 0.22%Nippon Seiki 51,900 97,305,246 0.43%Tachi-S 89,500 127,801,807 0.56%Toyota Industries 4,500 22,712,825 0.10%

Total Auto Parts & Equipment 385,317,368 1.70%

Banks 10.98%

Bank of Nagoya 10,300 33,880,770 0.15%Concordia Financial Group 168,600 70,612,244 0.31%Hachijuni Bank 224,200 100,366,289 0.44%Hyakugo Bank 191,300 74,201,761 0.33%Japan Post Bank 62,400 75,299,754 0.33%Kyushu Financial Group 197,200 81,576,098 0.36%Mitsubishi UFJ Financial Group 908,500 488,685,376 2.15%Mizuho Financial Group 1,817,800 308,271,418 1.36%Oita Bank 21,300 70,884,528 0.31%Shizuoka Bank 317,600 271,349,648 1.20%Sumitomo Mitsui Financial Group 131,400 474,766,089 2.09%Sumitomo Mitsui Trust Holdings 110,700 441,856,998 1.95%

Total Banks 2,491,750,973 10.98%

Beverages 3.18%

Asahi Group Holdings 400 1,699,045 0.01%Ito En 157,000 377,817,258 1.66%

18

Fidelity Japan Equity Fund SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 DECEMBER 2018

Number of

Shares Fair Value

JPYFund % of

NAV*

Equities 96.33% (continued) Beverages 3.18% (continued)

Kirin Holdings 150,000 342,815,368 1.51%

Total Beverages 722,331,671 3.18%

Building Materials 1.71%

AGC 43,800 149,219,981 0.66%Chofu Seisakusho 46,000 96,069,183 0.42%Cleanup 59,000 37,858,888 0.17%Daikin Industries 900 10,481,516 0.05%LIXIL Group 64,300 87,369,280 0.38%TOTO 1,500 5,686,886 0.03%

Total Building Materials 386,685,734 1.71%

Chemicals 3.24%

Chugoku Marine Paints 71,800 64,996,451 0.28%Dainichiseika Color & Chemicals Manufacturing 19,800 53,513,109 0.24%Kaneka 30,500 119,719,062 0.53%Koatsu Gas Kogyo 95,400 81,441,152 0.36%Matsumoto Yushi-Seiyaku 3,600 36,542,694 0.16%Mitsubishi Chemical Holdings 43,200 35,772,275 0.16%Nihon Kagaku Sangyo 48,000 47,680,523 0.21%Nitto Denko 6,200 34,082,491 0.15%Nitto FC 64,400 47,222,208 0.21%Shin-Etsu Chemical 7,400 62,317,343 0.27%Sumitomo Bakelite 15,200 57,328,723 0.25%Toray Industries 2,000 1,549,841 0.01%Toyo Ink SC Holdings 38,000 92,145,630 0.41%

Total Chemicals 734,311,502 3.24%

Commercial Services 2.81%

Benesse Holdings 2,200 6,134,014 0.03%Dai Nippon Printing 63,300 144,824,476 0.64%FULLCAST Holdings 21,400 38,259,474 0.17%Like 12,000 14,680,502 0.06%M&A Capital Partners 9,700 36,612,603 0.16%Meiko Network Japan 112,000 100,397,379 0.44%Outsourcing 30,900 32,392,025 0.14%Secom 5,200 47,277,342 0.21%Toppan Printing 114,200 183,988,900 0.81%Tosho Printing 30,700 20,824,209 0.09%YAMADA Consulting Group 7,800 12,950,993 0.06%

Total Commercial Services 638,341,917 2.81%

Computers 1.34%

BayCurrent Consulting 29,600 67,669,172 0.30%Fujitsu 11,500 78,572,074 0.35%Mitsubishi Research Institute 4,400 13,863,683 0.06%NTT Data 119,500 143,155,215 0.63%

Total Computers 303,260,144 1.34%

19


Number of

Shares Fair Value

JPYFund % of

NAV*

Equities 96.33% (continued) Cosmetics & Personal Care 8.60%

KAO 83,480 677,248,468 2.98%Mandom 130,200 388,815,889 1.71%Milbon 90,500 403,783,900 1.78%Shiseido 70,200 481,876,499 2.13%Unicharm 100 354,484 0.00%

Total Cosmetics & Personal Care 1,952,079,240 8.60%

Distribution & Wholesale 0.93%

Ai Holdings 16,200 31,342,864 0.14%Canon Marketing Japan 3,900 7,618,581 0.03%Daiwabo Holdings 10,900 55,295,623 0.24%ITOCHU 2,200 4,095,076 0.02%Itochu-Shokuhin 3,600 17,074,982 0.08%Mitsubishi 2,900 8,714,476 0.04%Mitsui 1,800 3,031,013 0.01%Musashi 13,700 30,126,300 0.13%Nippon Gas 13,400 53,220,318 0.24%

Total Distribution & Wholesale 210,519,233 0.93%

Diversified Financial Services 2.62%

Casa 19,700 22,530,129 0.10%Daiwa Securities Group 135,200 75,213,828 0.33%Japan Exchange Group 169,500 299,661,873 1.32%Nomura Holdings 317,600 131,918,330 0.58%Zenkoku Hosho 19,200 65,995,255 0.29%

Total Diversified Financial Services 595,319,415 2.62%

Electrical Components & Equipment 0.92%

Casio Computer 51,700 67,184,333 0.30%Nihon Trim 5,700 32,950,021 0.14%Ushio 63,400 73,620,169 0.32%W-Scope 30,500 35,618,626 0.16%

Total Electrical Components & Equipment 209,373,149 0.92%

Electronics 1.67%

Futaba 51,300 80,976,846 0.36%Hoya 300 1,982,756 0.01%Iriso Electronics 4,500 18,216,429 0.08%Kyocera 28,000 153,401,200 0.68%Murata Manufacturing 4,300 63,507,794 0.28%Nitto Kogyo 20,000 34,743,894 0.15%Yamaichi Electronics 22,100 25,789,160 0.11%

Total Electronics 378,618,079 1.67%

Engineering & Construction 1.49%

Chudenko 45,700 106,641,559 0.47%COMSYS Holdings 300 802,450 0.00%Hibiya Engineering 11,000 20,291,585 0.09%JGC 3,600 5,553,405 0.03%

20


Number of

Shares Fair Value

JPYFund % of

NAV*

Equities 96.33% (continued) Engineering & Construction 1.49% (continued)

Kajima 300 441,700 0.00%Kumagai Gumi 16,500 54,344,732 0.24%Mirait Holdings 41,400 66,392,872 0.29%Sanki Engineering 72,700 82,683,054 0.37%

Total Engineering & Construction 337,151,357 1.49%

Entertainment 0.73%

Sankyo 16,300 67,943,715 0.30%Sega Sammy Holdings 21,000 32,087,491 0.14%Sotsu 33,500 65,576,224 0.29%

Total Entertainment 165,607,430 0.73%

Environmental Control 0.24%

Oyo 49,100 54,539,709 0.24%

Food 3.28%

Aeon 17,800 38,133,767 0.17%Ajinomoto 3,000 5,842,744 0.03%Calbee 62,000 212,253,889 0.94%Fuji Oil Holdings 6,800 23,792,787 0.10%Fujicco 12,800 30,471,545 0.13%Kato Sangyo 21,100 63,988,082 0.28%Lacto Japan 4,300 29,742,337 0.13%Nippon Beet Sugar Manufacturing 25,900 46,591,752 0.21%Nisshin Seifun Group 6,500 14,673,578 0.07%Seven & i Holdings 28,600 136,218,856 0.60%Shoei Foods 7,900 21,313,579 0.09%Toyo Suisan Kaisha 31,500 120,228,761 0.53%

Total Food 743,251,677 3.28%

Forest Products & Paper 0.34%

Nippon Kodoshi 13,700 22,321,436 0.10%Oji Holdings 98,700 55,273,955 0.24%

Total Forest Products & Paper 77,595,391 0.34%

Gas 0.19%

K&O Energy Group 29,600 44,186,361 0.19%

Hand & Machine Tools 0.39%

Asahi Diamond Industrial 146,500 89,038,335 0.39%

Healthcare Products 2.36%

Fukuda Denshi 11,700 78,137,946 0.34%Hogy Medical 100,000 314,981,318 1.39%Kawasumi Laboratories 64,300 41,010,340 0.18%Medikit 13,000 72,057,713 0.32%Shimadzu 700 1,512,976 0.01%

21


Number of

Shares Fair Value

JPYFund % of

NAV*

Equities 96.33% (continued) Healthcare Products 2.36% (continued)

Topcon 19,200 27,940,270 0.12%

Total Healthcare Products 535,640,563 2.36%

Healthcare Services 0.61%

Ain Holdings 3,500 27,503,448 0.12%N Field 17,400 16,386,092 0.07%PeptiDream 21,700 93,901,305 0.42%

Total Healthcare Services 137,790,845 0.61%

Home Builders 0.44%

Sekisui House 62,400 100,436,429 0.44%

Home Furnishings 1.03%

Corona 45,900 48,734,738 0.22%JVC Kenwood 137,200 32,447,426 0.14%Panasonic 141,600 139,423,349 0.61%Sony 2,500 13,210,038 0.06%

Total Home Furnishings 233,815,551 1.03%

Insurance 1.50%

MS&AD Insurance Group Holdings 58,500 182,259,901 0.80%Sompo Holdings 23,500 87,497,391 0.39%Tokio Marine Holdings 13,300 69,255,675 0.31%

Total Insurance 339,012,967 1.50%

Internet 0.85%

Dip 16,700 29,894,959 0.13%Golf Digest Online 30,800 21,821,248 0.10%Morningstar Japan 288,000 85,738,257 0.38%Net Marketing 21,400 9,674,666 0.04%Septeni Holdings 111,400 18,585,854 0.08%Syuppin 37,800 26,830,060 0.12%

Total Internet 192,545,044 0.85%

Iron & Steel 0.29%

JFE Holdings 2,900 5,062,893 0.02%Nippon Steel & Sumitomo Metal 5,000 9,415,560 0.04%Yodogawa Steel Works 23,400 50,937,384 0.23%

Total Iron & Steel 65,415,837 0.29%

Leisure Time 0.45%

HIS 19,700 78,507,224 0.34%Shimano 1,600 24,721,160 0.11%

Total Leisure Time 103,228,384 0.45%

Machinery Construction & Mining 1.77%

Hitachi 71,100 206,592,159 0.91%

22


Number of

Shares Fair Value

JPYFund % of

NAV*

Equities 96.33% (continued) Machinery Construction & Mining 1.77% (continued)

Komatsu 100 235,541 0.00%Maezawa Kyuso Industries 51,300 94,446,634 0.42%Mitsubishi Heavy Industries 14,500 57,026,845 0.25%Takeuchi Manufacturing 25,500 42,749,108 0.19%

Total Machinery Construction & Mining 401,050,287 1.77%

Machinery Diversified 2.64%

Ebara 6,800 16,696,821 0.07%FANUC 1,800 29,940,521 0.13%Hisaka Works 61,400 50,153,525 0.22%Keyence 200 11,079,879 0.05%Komori 168,500 185,511,142 0.82%Mimaki Engineering 55,900 45,845,037 0.20%Nissei ASB Machine 11,000 38,190,459 0.17%Obara Group 2,600 10,150,263 0.05%Shima Seiki Manufacturing 19,400 61,815,801 0.27%Sintokogio 85,000 75,980,201 0.34%SMC 1,600 52,798,506 0.23%Teikoku Electric Manufacturing 16,100 20,695,038 0.09%

Total Machinery Diversified 598,857,193 2.64%

Media 1.73%

Fuji Media Holdings 80,100 121,045,240 0.53%Nippon Television Holdings 97,000 156,517,045 0.69%TV Asahi Holdings 58,500 115,442,359 0.51%

Total Media 393,004,644 1.73%

Metal Fabricate & Hardware 0.76%

Daiichi Jitsugyo 23,900 83,696,810 0.37%Maezawa Kasei Industries 34,400 37,038,465 0.16%Nachi-Fujikoshi 12,100 45,953,630 0.20%NSK 6,600 6,206,541 0.03%

Total Metal Fabricate & Hardware 172,895,446 0.76%

Mining 0.29%

Mitsubishi Materials 5,000 14,440,853 0.06%Mitsui Mining & Smelting 23,000 52,052,485 0.23%Sumitomo Metal Mining 100 293,516 0.00%

Total Mining 66,786,854 0.29%

Miscellaneous Manufacturers 1.88%

Fujifilm Holdings 62,500 265,549,059 1.17%Fukushima Industries 4,300 15,273,860 0.07%Nikon 4,300 7,020,093 0.03%Tenma 38,600 70,236,694 0.31%Toyobo 46,500 69,387,987 0.30%

Total Miscellaneous Manufacturers 427,467,693 1.88%

23


Number of

Shares Fair Value

JPYFund % of

NAV*

Equities 96.33% (continued) Office & Business Equipment 1.48%

Canon 111,400 335,966,576 1.48%

Oil & Gas 0.16%

Inpex 28,900 28,067,394 0.12%JXTG Holdings 16,600 9,449,325 0.04%

Total Oil & Gas 37,516,719 0.16%

Packaging & Containers 0.22%

FP 7,500 50,307,083 0.22%

Pharmaceuticals 9.64%

Astellas Pharma 382,600 535,786,377 2.36%Daiichi Sankyo 22,900 80,282,688 0.35%Earth 47,000 236,709,321 1.04%Eisai 200 1,697,120 0.01%Kissei Pharmaceutical 37,700 105,210,706 0.46%Kyowa Hakko Kirin 1,800 3,727,990 0.02%Mitsubishi Tanabe Pharma 160,200 253,470,716 1.12%Taisho Pharmaceutical Holdings 25,500 280,521,813 1.24%Takeda Pharmaceutical 149,800 556,507,967 2.45%Torii Pharmaceutical 38,400 93,404,329 0.41%Vital KSK Holdings 36,100 40,657,025 0.18%

Total Pharmaceuticals 2,187,976,052 9.64%

Real Estate 0.94%

JSB 3,100 10,540,090 0.05%Mitsubishi Estate 59,200 102,088,701 0.45%Mitsui Fudosan 15,500 37,735,310 0.17%Samty 27,000 33,789,339 0.15%Tokyo Tatemono 24,900 28,292,201 0.12%

Total Real Estate 212,445,641 0.94%

Retail 1.53%

Fast Retailing 900 50,381,791 0.22%Marui Group 4,900 10,408,265 0.05%Monogatari 2,900 25,524,284 0.11%Seria 6,600 24,600,976 0.11%Torikizoku 2,400 4,337,168 0.02%Tsutsumi Jewelry 126,400 232,577,354 1.02%

Total Retail 347,829,838 1.53%

Semiconductors 1.99%

Advantest 20,800 46,645,837 0.21%Furuya Metal 6,500 32,345,870 0.14%Megachips 17,900 41,469,469 0.18%NuFlare Technology 31,000 153,757,287 0.68%Rohm 12,700 88,843,362 0.39%RS Technologies 15,700 44,493,857 0.20%

24


Number of

Shares Fair Value

JPYFund % of

NAV*

Equities 96.33% (continued) Semiconductors 1.99% (continued)

Shinkawa 32,200 12,212,169 0.05%Ulvac 10,000 31,642,886 0.14%

Total Semiconductors 451,410,737 1.99%

Software 3.94%

Broadleaf 246,000 130,480,111 0.57%Miroku Jyoho Service 6,800 16,827,459 0.07%OBIC Business Consultants 120,000 519,164,588 2.30%Square Enix Holdings 76,000 226,765,919 1.00%

Total Software 893,238,077 3.94%

Telecommunications 0.71%

Denki Kogyo 30,300 71,945,661 0.32%Nippon Telegraph & Telephone 13,700 61,263,793 0.27%NTT DOCOMO 2,500 6,156,849 0.03%Sun 34,300 20,634,986 0.09%

Total Telecommunications 160,001,289 0.71%

Textiles 0.07%

Tokai 5,600 15,536,767 0.07%

Toys, Games & Hobbies 2.63%

Nintendo 20,500 596,640,608 2.63%

Transportation 2.33%

East Japan Railway 3,900 37,749,010 0.17%Mitsubishi Logistics 38,700 96,383,396 0.42%Nippon Yusen 194,100 325,308,873 1.43%Sankyu 9,100 45,036,621 0.20%Yamato Holdings 8,100 24,340,507 0.11%

Total Transportation 528,818,407 2.33%

Total Equities 21,860,143,928 96.33%

Financial Assets at Fair Value Through Profit or Loss 21,860,143,928 96.33%

Financial Derivative Instruments (0.06%)



Notional Amount


JPYFund % of

NAV*Future Contract on mini-TOPIX 07 March 2019 UBS 223 345,792,719 (13,912,969) (0.06%)Total Futures Contracts (13,912,969) (0.06%)

25


Financial Derivative Instruments (0.06%) (continued) Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (0.00%)

Currency Buy Amount Currency (Sell) Amount Counterparty Settlement Date

Unrealised Gain/(Loss)

JPYFund % of

NAV*JPY 482,025 EUR (3,763) Brown Brothers Harriman 22/01/2019 10,042 0.00%JPY 54,750 EUR (427) Brown Brothers Harriman 22/01/2019 1,253 0.00%JPY 60,166 EUR (471) Brown Brothers Harriman 22/01/2019 1,115 0.00%JPY 42,213 EUR (330) Brown Brothers Harriman 22/01/2019 796 0.00%JPY 91,351 EUR (722) Brown Brothers Harriman 22/01/2019 768 0.00%JPY 51,465 EUR (405) Brown Brothers Harriman 22/01/2019 686 0.00%JPY 12,738 EUR (99) Brown Brothers Harriman 22/01/2019 262 0.00%JPY 10,468 EUR (82) Brown Brothers Harriman 22/01/2019 241 0.00%JPY 58,632 EUR (466) Brown Brothers Harriman 22/01/2019 196 0.00%EUR 1 JPY (184) Brown Brothers Harriman 22/01/2019 (3) (0.00%)EUR 59 JPY (7,537) Brown Brothers Harriman 22/01/2019 (159) (0.00%)EUR 453 JPY (57,328) Brown Brothers Harriman 22/01/2019 (487) (0.00%)EUR 712 JPY (89,908) Brown Brothers Harriman 22/01/2019 (658) (0.00%)EUR 375 JPY (47,976) Brown Brothers Harriman 22/01/2019 (942) (0.00%)EUR 4,006 JPY (510,691) Brown Brothers Harriman 22/01/2019 (8,220) (0.00%)EUR 27,092 JPY (3,478,126) Brown Brothers Harriman 22/01/2019 (80,130) (0.00%) Unrealised Gain on Open Forward Foreign Exchange Contracts held for Class Hedging Purposes 15,359 0.00%Unrealised Loss on Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (90,599) (0.00%) Total Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (75,240) (0.00%)

Total Financial Derivative Instruments (13,988,209) (0.06%)

Other Assets and Liabilities 847,667,410 3.73%Net Assets Attributable to Holders of Redeemable Participating Units 22,693,823,129 100.00%

Analysis of Assets JPYFund % of

Assets(a) Transferable securities admitted to an official stock exchange listing 21,860,143,928 94.31%(b) Transferable securities dealt in on another regulated market – 0.00%(c) Financial derivative instruments (13,988,209) (0.06%)(d) Other assets 1,332,722,325 5.75%Total Assets 23,178,878,044 100.00%

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

26

Fidelity North America Equity Fund SCHEDULE OF INVESTMENTS AS AT 31 DECEMBER 2018

Number of

Shares Fair Value

USD Fund % of

NAV*

Equities 95.56%

Brazil 0.12%

Embraer 39,600 876,348 0.12%

Canada 1.94%

Fairfax Financial Holdings 20,599 9,063,982 1.21%Magna International 47,000 2,136,150 0.29%Thomson Reuters 68,707 3,319,235 0.44%

Total Canada 14,519,367 1.94%

France 0.23%

Sanofi 39,800 1,727,718 0.23%

Ireland 2.44%

Accenture 34,827 4,910,955 0.66%Aptiv 29,122 1,793,042 0.24%Jazz Pharmaceuticals 38,103 4,723,248 0.63%Medtronic 74,509 6,777,338 0.91%


Israel 0.72%

Check Point Software Technologies 52,727 5,412,427 0.72%

Netherlands 1.22%

Koninklijke Philips 19,900 698,689 0.09%Royal Dutch Shell 47,500 2,767,825 0.37%SBM Offshore 386,038 5,690,943 0.76%


Sweden 0.46%

Telefonaktiebolaget LM Ericsson ADR 231,200 2,050,744 0.27%Telefonaktiebolaget LM Ericsson 157,828 1,396,631 0.19%

Total Sweden 3,447,375 0.46%


CNH Industrial 311,100 2,865,231 0.38%GlaxoSmithKline 60,800 2,323,168 0.31%Linde 23,177 3,616,539 0.48%Unilever ADR 27,900 1,457,775 0.19%Unilever 49,800 2,679,240 0.36%Vodafone Group 202,100 3,896,488 0.53%Willis Towers Watson 71,329 10,832,022 1.45%


United States 84.73%

Abbott Laboratories 114,925 8,312,525 1.11%Adient 68,900 1,037,634 0.14%Adobe 36,368 8,227,896 1.10%Advance Auto Parts 21,572 3,396,727 0.45%

27

Fidelity North America Equity Fund SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 DECEMBER 2018

Number of

Shares Fair Value

USD Fund % of

NAV*


United States 84.73% (continued)

Alphabet Class C 11,225 11,624,722 1.55%Alphabet Class A 4,467 4,667,836 0.62%Amazon.com 3,239 4,864,881 0.65%Amdocs 86,343 5,057,973 0.68%American International Group 196,400 7,740,124 1.03%AmerisourceBergen 77,377 5,756,849 0.77%Amphenol 23,305 1,888,171 0.25%Anthem 29,947 7,864,981 1.05%AO Smith 54,623 2,332,402 0.31%Apache 219,224 5,754,630 0.77%Apple 66,746 10,528,514 1.41%Archer-Daniels-Midland 120,461 4,935,287 0.66%Aspen Technology 23,737 1,950,707 0.26%Autodesk 22,114 2,844,082 0.38%AXA Equitable Holdings 120,800 2,008,904 0.27%Baker Hughes a GE 68,652 1,476,018 0.20%Ball 65,587 3,015,690 0.40%Bank of America 136,800 3,370,752 0.45%Bank of New York Mellon Corp. 203,524 9,579,875 1.28%Bed Bath & Beyond 40,300 456,196 0.06%Berkshire Hathaway 95,369 19,472,442 2.61%Booking Holdings 3,515 6,054,306 0.81%Broadcom 21,323 5,422,012 0.72%Cabot Oil & Gas 95,512 2,134,693 0.29%Capital One Financial 39,500 2,985,805 0.40%CBS 35,400 1,547,688 0.21%CDW 44,755 3,627,393 0.48%Charles Schwab 66,436 2,759,087 0.37%Chevron 33,857 3,683,303 0.49%Cigna 7,326 1,391,354 0.19%Cisco Systems 212,006 9,186,220 1.23%Citigroup 159,952 8,327,101 1.11%Citizens Financial Group 100,100 2,975,973 0.40%Cognizant Technology Solutions 36,135 2,293,850 0.31%Colgate-Palmolive 109,542 6,519,940 0.87%Comcast 85,300 2,904,465 0.39%Cooper Cos 8,820 2,244,690 0.30%Corning 91,300 2,758,173 0.37%Cummins 27,200 3,635,008 0.49%CVS Health 104,161 6,824,629 0.91%Danaher 48,974 5,050,199 0.68%Discover Financial Services 39,300 2,317,914 0.31%Discovery 164,600 3,798,968 0.51%Dollar General 28,217 3,049,693 0.41%Dollar Tree 40,662 3,672,592 0.49%eBay 119,820 3,363,347 0.45%Ecolab 55,417 8,165,695 1.09%Edwards Lifesciences 31,984 4,898,989 0.65%Elanco Animal Health 3,596 113,382 0.02%Electronic Arts 36,068 2,846,126 0.38%Eli Lilly 50,321 5,823,146 0.78%

28


Number of

Shares Fair Value

USD Fund % of

NAV*



Emerson Electric 60,137 3,593,186 0.48%Exelon 170,254 7,678,455 1.03%Fortive 41,631 2,816,753 0.38%General Electric 642,900 4,866,753 0.65%General Motors 136,800 4,575,960 0.61%Gilead Sciences 64,472 4,032,724 0.54%Goldman Sachs Group 25,600 4,276,480 0.57%Harley-Davidson 30,700 1,047,484 0.14%Hess 73,400 2,972,700 0.40%Hewlett Packard Enterprise 447,700 5,914,117 0.79%Home Depot 55,000 9,450,100 1.26%IDEXX Laboratories 8,795 1,636,046 0.22%Illumina 7,017 2,104,609 0.28%Intercontinental Exchange 95,583 7,200,267 0.96%International Business Machines 42,161 4,792,441 0.64%International Flavors & Fragrances 18,659 2,505,344 0.33%International Paper 64,800 2,615,328 0.35%Intuit 21,555 4,243,102 0.57%Jacobs Engineering Group 54,102 3,162,803 0.42%JB Hunt Transport Services 33,366 3,104,373 0.42%Johnson & Johnson 32,330 4,172,187 0.56%Johnson Controls International 93,800 2,781,170 0.37%Juniper Networks 194,735 5,240,319 0.70%Kroger 126,652 3,482,930 0.47%Laboratory of America Holdings 7,512 949,216 0.13%Leidos Holdings 72,952 3,846,029 0.51%Liberty Latin America 175,032 2,550,216 0.34%ManpowerGroup 11,100 719,280 0.10%Marathon Oil 250,500 3,592,170 0.48%Marathon Petroleum 15,292 902,381 0.12%Marriott International 27,223 2,955,329 0.40%Marsh & McLennan Cos 74,125 5,911,469 0.79%Marvell Technology Group 185,035 2,995,717 0.40%Masco 67,930 1,986,273 0.27%Mastercard 46,994 8,865,418 1.19%Mettler-Toledo International 4,802 2,715,915 0.36%Microsoft 237,181 24,090,475 3.22%Mondelez International 54,400 2,177,632 0.29%Monolithic Power Systems 23,845 2,771,981 0.37%Mosaic 202,281 5,908,628 0.79%Murphy Oil 120,000 2,806,800 0.38%Mylan 121,133 3,319,044 0.44%National Oilwell Varco 82,600 2,122,820 0.28%Nordson 22,449 2,679,288 0.36%Northern Trust 49,002 4,096,077 0.55%Nuance Communications 220,087 2,911,751 0.39%NVR 1,302 3,172,961 0.42%Oracle 464,234 20,960,165 2.81%O'Reilly Automotive 11,796 4,061,717 0.54%PACCAR 13,500 771,390 0.10%PayPal Holdings 40,687 3,421,370 0.46%

29


Number of

Shares Fair Value

USD Fund % of

NAV*



PepsiCo 83,539 9,229,389 1.23%Pfizer 117,262 5,118,486 0.68%PPL 65,000 1,841,450 0.25%Qualcomm 70,055 3,986,830 0.53%Raytheon 29,875 4,581,331 0.61%Ross Stores 67,344 5,603,021 0.75%Sabre 269,208 5,825,661 0.78%salesforce.com 20,217 2,769,122 0.37%Southern 41,500 1,822,680 0.24%Stanley Black & Decker 32,135 3,847,845 0.51%Starbucks 27,943 1,799,529 0.24%State Street 59,600 3,758,972 0.50%Tapestry 101,595 3,428,831 0.46%Texas Instruments 15,800 1,493,100 0.20%Thermo Fisher Scientific 49,558 11,090,585 1.48%TJXs 54,054 2,418,376 0.32%T-Mobile US 53,038 3,373,747 0.45%Tractor Supply 19,708 1,644,436 0.22%Travelerss 49,346 5,909,184 0.79%TripAdvisor 70,984 3,828,877 0.51%Tyler Technologies 13,263 2,464,531 0.33%United Parcel Service 46,866 4,570,841 0.61%United Therapeutics 19,185 2,089,247 0.28%UnitedHealth Group 18,568 4,625,660 0.62%Valvoline 300,034 5,805,658 0.78%Verisk Analytics 33,980 3,705,179 0.50%Verizon Communications 180,707 10,159,348 1.36%Visa 35,798 4,723,188 0.63%Walgreens Boots Alliance 72,235 4,935,818 0.66%Walmart 28,308 2,636,890 0.35%Wells Fargo 323,404 14,902,456 1.99%West Pharmaceutical Services 32,780 3,213,423 0.43%Zimmer Biomet Holdings 13,800 1,431,336 0.19%Zoetis 59,028 5,049,255 0.68%

Total United States 633,752,984 84.73%

Total Equities 714,768,722 95.56%

Transferable Securities 1.78%

Ireland 1.06%

Fidelity Institutional Liquidity Fund - USD 763 7,874,440 1.06%

United States 0.72%

American Tower 34,100 5,394,279 0.72%

Total Transferable Securities 13,268,719 1.78%


30





Notional Amount


USDFund % of

NAV*Future Contract on E-mini S&P 500 15 March 2019 UBS 83 10,591,161 (191,261) (0.03%)Total Futures Contracts (191,261) (0.03%)

Open Forward Foreign Exchange Contracts held for Class Hedging Purposes 0.00%



USDFund % of

NAV*EUR 125,847 USD (142,906) Brown Brothers Harriman 22/01/2019 1,195 0.00%EUR 6,660 USD (7,605) Brown Brothers Harriman 22/01/2019 22 0.00%EUR 2,775 USD (3,163) Brown Brothers Harriman 22/01/2019 14 0.00%EUR 40,426 USD (46,279) Brown Brothers Harriman 22/01/2019 11 0.00%USD 2,161 EUR (1,883) Brown Brothers Harriman 22/01/2019 4 0.00%USD 1,571 EUR (1,371) Brown Brothers Harriman 22/01/2019 2 0.00%EUR 98 USD (111) Brown Brothers Harriman 22/01/2019 1 0.00%EUR 3 USD (3) Brown Brothers Harriman 22/01/2019 0 0.00%USD 168 EUR (148) Brown Brothers Harriman 22/01/2019 (1) (0.00%)USD 541 EUR (477) Brown Brothers Harriman 22/01/2019 (5) (0.00%)USD 3,990 EUR (3,490) Brown Brothers Harriman 22/01/2019 (6) (0.00%)USD 3,779 EUR (3,307) Brown Brothers Harriman 22/01/2019 (8) (0.00%)USD 2,596 EUR (2,276) Brown Brothers Harriman 22/01/2019 (10) (0.00%)USD 2,124 EUR (1,869) Brown Brothers Harriman 22/01/2019 (17) (0.00%)USD 6,497 EUR (5,732) Brown Brothers Harriman 22/01/2019 (66) (0.00%) Unrealised Gain on Open Forward Foreign Exchange Contracts held for Class Hedging Purposes 1,249 0.00%Unrealised Loss on Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (113) (0.00%) Total Open Forward Foreign Exchange Contracts held for Class Hedging Purposes 1,136 0.00%

Centrally Cleared Contracts for Difference (0.00%)

BrokerNumber ofContracts


USDFund % of

NAV*CFD on Exelon Goldman Sachs 13,071 36,712 0.00%CFD on Tripadvisor Goldman Sachs 9,580 (60,799) (0.00%) Unrealised Gain on Centrally Cleared Contracts for Difference 36,712 0.00%Unrealised Loss on Centrally Cleared Contracts for Difference (60,799) (0.00%)

Total Centrally Cleared Contracts for Difference (24,087) (0.00%)



31


Analysis of Assets USDFund % of



32

Fidelity UK Equity Fund SCHEDULE OF INVESTMENTS AS AT 31 DECEMBER 2018

Number of

Shares Fair Value

GBPFund % of

NAV*

Equities 92.62% Advertising 0.13%

Cello Health 270,612 300,379 0.07%Huntsworth 207,124 224,281 0.06%

Total Advertising 524,660 0.13%

Aerospace & Defense 1.74%

BAE Systems 800,032 3,671,170 0.91%Chemring Group 290,863 468,297 0.12%Meggitt 367,970 1,734,198 0.43%Ultra Electronics Holdings 85,824 1,115,321 0.28%

Total Aerospace & Defense 6,988,986 1.74%

Agriculture 2.15%

British American Tobacco 150,000 3,744,590 0.94%Imperial Brands 203,836 4,853,897 1.21%

Total Agriculture 8,598,487 2.15%

Airlines 0.35%

Ryanair Holdings 147,772 1,418,184 0.35%

Apparel 1.42%

Burberry Group 330,000 5,685,294 1.42%

Banks 5.37%

Barclays 1,791,580 2,689,296 0.67%Citigroup 58,553 2,393,427 0.60%First Republic Bank 6,008 409,937 0.10%HSBC Holdings 1,299,032 8,407,872 2.10%Lloyds Banking Group 6,603,326 3,415,022 0.85%Royal Bank of Scotland Group 1,605,104 3,493,371 0.87%Standard Chartered 114,544 698,413 0.18%

Total Banks 21,507,338 5.37%

Beverages 5.76%

AG Barr 334,500 2,639,205 0.66%C&C Group 433,880 1,058,815 0.26%Diageo 426,200 11,948,851 2.98%Heineken Holding 67,550 4,470,882 1.12%Remy Cointreau 28,898 2,566,044 0.64%Young's Brewery Class A 14,200 193,830 0.05%Young's Brewery NV 18,600 203,345 0.05%

Total Beverages 23,080,972 5.76%

Biotechnology 0.62%

Shire 54,663 2,495,457 0.62%

Building Materials 0.63%

Ibstock 910,000 1,810,332 0.45%

33

Fidelity UK Equity Fund SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 DECEMBER 2018

Number of

Shares Fair Value

GBPFund % of

NAV*

Equities 92.62% (continued) Building Materials 0.63% (continued)

Marshalls 117,426 545,208 0.14%Norcros 77,604 147,331 0.04%

Total Building Materials 2,502,871 0.63%

Chemicals 0.82%

Essentra 111,598 382,129 0.09%Johnson Matthey 92,399 2,588,394 0.65%Synthomer 91,971 328,490 0.08%

Total Chemicals 3,299,013 0.82%

Commercial Services 4.91%

De La Rue 101,057 427,861 0.11%Hays 1,915,310 2,682,524 0.67%Mears Group 158,527 519,002 0.13%Pagegroup 400,000 1,802,743 0.45%QinetiQ Group 230,128 659,362 0.16%RELX 709,200 11,473,397 2.86%Rentokil Initial 481,741 1,625,960 0.41%Speedy Hire 797,073 476,344 0.12%

Total Commercial Services 19,667,193 4.91%

Computers 0.83%

FDM Group Holdings 69,015 514,059 0.13%Kin & Carta 496,388 480,021 0.12%Serco Group 2,445,605 2,338,451 0.58%

Total Computers 3,332,531 0.83%

Cosmetics & Personal Care 3.22%

Kao 2,792 162,100 0.04%Unilever 309,731 12,758,315 3.18%

Total Cosmetics & Personal Care 12,920,415 3.22%

Distribution & Wholesale 1.28%

Bunzl 86,000 2,037,580 0.51%Ferguson 41,000 2,055,412 0.51%SIG 637,935 699,286 0.18%Travis Perkins 31,614 338,145 0.08%

Total Distribution & Wholesale 5,130,423 1.28%

Diversified Financial Services 8.81%

Ashmore Group 550,000 2,012,169 0.50%Brooks Macdonald Group 18,307 255,445 0.06%Charles Stanley Group 19,352 54,128 0.01%Close Brothers Group 145,000 2,087,754 0.52%Discover Financial Services 11,611 537,702 0.13%Hargreaves Lansdown 365,200 6,757,601 1.69%IG Group Holdings 315,000 1,796,737 0.45%International Personal Finance 244,230 499,642 0.13%

34


Number of

Shares Fair Value

GBPFund % of

NAV*

Equities 92.62% (continued) Diversified Financial Services 8.81% (continued)

Jupiter Fund Management 550,000 1,622,939 0.41%London Stock Exchange Group 92,000 3,744,714 0.93%PayPoint 33,044 267,848 0.07%Rathbone Brothers 144,500 3,383,167 0.84%Schroders 350,000 8,551,969 2.14%St James's Place 195,000 1,842,574 0.46%Standard Life Aberdeen 655,000 1,682,644 0.42%Trian Investors 1 207,634 210,749 0.05%

Total Diversified Financial Services 35,307,782 8.81%

Electric 0.46%

ContourGlobal 20,633 37,139 0.01%SSE 168,000 1,820,187 0.45%

Total Electric 1,857,326 0.46%

Electronics 0.69%

Cohort 111,444 423,511 0.11%Electrocomponents 394,685 2,000,171 0.50%TT Electronics 165,660 323,278 0.08%

Total Electronics 2,746,960 0.69%

Engineering & Construction 0.13%

Balfour Beatty 209,925 523,184 0.13%

Entertainment 1.04%

Celtic 100,000 165,500 0.04%GVC Holdings 212,600 1,431,950 0.36%GVC Holdings – L Notes 2,189,897 93,071 0.02%Manchester United 128,600 1,916,479 0.48%William Hill 363,751 563,901 0.14%

Total Entertainment 4,170,901 1.04%

Food 5.21%

Associated British Foods 54,150 1,107,282 0.28%Finsbury Food Group 280,607 287,666 0.07%Greggs 147,000 1,861,489 0.46%J Sainsbury 767,431 2,035,385 0.51%Mondelez International 178,750 5,618,218 1.41%Tesco 3,200,892 6,090,289 1.52%Wm Morrison Supermarkets 1,806,313 3,852,616 0.96%

Total Food 20,852,945 5.21%

Food Service 0.53%

Compass Group 128,000 2,113,400 0.53%

Forest Products & Paper 0.32%

Mondi 78,502 1,282,771 0.32%

35


Number of

Shares Fair Value

GBPFund % of

NAV*

Equities 92.62% (continued) Gas 1.38%

Centrica 2,678,370 3,624,759 0.90%National Grid 250,000 1,918,901 0.48%

Total Gas 5,543,660 1.38%

Hand & Machine Tools 0.14%

Rhi Magnesita 14,136 560,079 0.14%

Healthcare Products 0.37%

Smith & Nephew 101,166 1,485,715 0.37%

Healthcare Services 0.02%

Spire Healthcare Group 84,333 91,880 0.02%

Home Builders 1.50%

Bellway 79,000 1,988,605 0.49%Bovis Homes Group 232,000 1,998,099 0.50%Taylor Wimpey 1,490,000 2,032,716 0.51%

Total Home Builders 6,019,420 1.50%

Household Products & Wares 0.57%

Reckitt Benckiser Group 38,000 2,282,991 0.57%

Insurance 5.30%

Aviva 1,343,218 5,043,656 1.26%Charles Taylor 111,340 241,448 0.06%Direct Line Insurance Group 813,910 2,595,716 0.65%Jardine Lloyd Thompson Group 30,313 573,522 0.14%Legal & General Group 2,157,812 4,988,005 1.24%Phoenix Group Holdings 765,625 4,313,531 1.08%Prudential 156,000 2,185,476 0.55%RSA Insurance Group 79,789 410,824 0.10%Saga 850,919 881,134 0.22%

Total Insurance 21,233,312 5.30%

Investment Companies 0.56%

John Laing Group 596,678 1,983,195 0.50%Sherborne Investors Guernsey B 456,048 46,739 0.01%Zegonammunications 170,339 202,894 0.05%

Total Investment Companies 2,232,828 0.56%

Lodging 0.21%

Millennium & Copthorne Hotels 178,411 834,009 0.21%

Machinery Diversified 0.03%

Renold 388,409 112,591 0.03%

36


Number of

Shares Fair Value

GBPFund % of

NAV*

Equities 92.62% (continued) Media 4.18%

Connect Group 914,918 391,127 0.10%Daily Mail & General Trust 704,941 4,054,551 1.01%Euromoney Institutional Investor 102,300 1,183,635 0.30%Informa 310,000 1,952,210 0.49%ITV 943,090 1,177,689 0.29%Pearson 850,280 7,991,736 1.99%

Total Media 16,750,948 4.18%

Metal Fabricate & Hardware 0.52%

Bodycote 285,000 2,068,216 0.52%

Mining 3.96%

Acacia Mining 306,157 561,241 0.14%Agnico Eagle Mines 3,216 102,015 0.03%Anglo American 86,173 1,511,758 0.38%Barrick Gold 212,673 2,260,986 0.56%BHP Group 217,901 3,612,483 0.90%Central Asia Metals 365,570 795,115 0.20%Gemfields Group 1,950,923 189,010 0.05%Gold Fields 192,345 531,607 0.13%Goldcorp 75,050 577,489 0.14%Hochschild Mining 195,116 305,117 0.08%KAZ Minerals 100,852 538,312 0.13%Lonmin 325,070 147,462 0.04%Rio Tinto 101,000 3,795,022 0.95%SEMAFO 246,737 418,443 0.10%SolGold 57,960 21,220 0.01%Sylvania Platinum 1,353,612 219,962 0.05%Tharisa 261,397 276,849 0.07%

Total Mining 15,864,091 3.96%

Miscellaneous Manufacturers 1.47%

IMI 213,000 2,012,459 0.50%Morgan Advanced Materials 91,229 240,785 0.06%Photo-Me International 420,790 375,057 0.09%Senior 266,080 504,629 0.13%Smiths Group 149,000 2,035,099 0.51%Vitec Group 61,664 735,343 0.18%

Total Miscellaneous Manufacturers 5,903,372 1.47%

Oil & Gas 9.85%

Amerisur Resources 537,176 82,442 0.02%BP 3,569,204 17,702,334 4.42%DCC 14,340 858,198 0.21%Diamond Offshore Drilling 17,593 130,400 0.03%Ensco 194,976 545,002 0.14%Kosmos Energy 41,362 133,247 0.04%Ophir Energy 514,038 182,963 0.05%Royal Dutch Shell Class B 521,664 12,236,348 3.05%

37


Number of

Shares Fair Value

GBPFund % of

NAV*

Equities 92.62% (continued) Oil & Gas 9.85% (continued)

Royal Dutch Shell Class A 290,000 6,696,630 1.67%Soco International 182,084 123,643 0.03%Tullow Oil 433,709 773,604 0.19%

Total Oil & Gas 39,464,811 9.85%

Oil & Gas Services 0.03%

Oceaneering International 14,085 133,816 0.03%

Packaging & Containers 0.91%

DS Smith 630,000 1,884,938 0.47%RPC Group 270,000 1,761,023 0.44%

Total Packaging & Containers 3,645,961 0.91%

Pharmaceuticals 5.21%

AstraZeneca 80,000 4,685,140 1.17%GlaxoSmithKline 705,209 10,544,399 2.63%Indivior 140,288 157,697 0.04%Novartis 26,384 1,768,994 0.44%Roche Holding 14,460 2,810,350 0.71%Sanofi 13,159 894,278 0.22%

Total Pharmaceuticals 20,860,858 5.21%

Real Estate 0.42%

CLS Holdings 566,178 1,198,077 0.30%Summit Germany 479,799 477,871 0.12%

Total Real Estate 1,675,948 0.42%

Retail 3.07%

Card Factory 287,637 498,817 0.12%DFS Furniture 875,000 1,588,829 0.40%Dixons Carphone 723,345 869,202 0.22%Dunelm Group 362,233 1,960,038 0.49%EI Group 317,842 577,201 0.14%Findel 105,747 226,299 0.05%Footasylum 435,468 112,133 0.03%Greene King 161,415 852,508 0.21%Halfords Group 79,165 202,319 0.05%Kingfisher 489,334 1,009,416 0.25%Marks & Spencer Group 712,577 1,753,433 0.44%McColl's Retail Group 234,189 129,975 0.03%Mothercare 1,898,374 304,125 0.08%N Brown Group 8,284 7,808 0.00%Next 50,969 2,036,076 0.51%Sports Direct International 78,742 187,510 0.05%

Total Retail 12,315,689 3.07%

Software 1.81%

Micro Focus International 59,621 819,455 0.20%

38


Number of

Shares Fair Value

GBPFund % of

NAV*

Equities 92.62% (continued) Software 1.81% (continued)

Sage Group 1,071,356 6,446,497 1.61%

Total Software 7,265,952 1.81%

Telecommunications 3.69%

BT Group 1,657,958 3,955,109 0.99%Koninklijke 643,818 1,473,244 0.37%Orange 295,773 3,754,989 0.94%Telecom Italia 682,086 295,817 0.07%Vodafone Group 3,464,098 5,284,177 1.32%

Total Telecommunications 14,763,336 3.69%

Transportation 0.53%

Eddie Stobart Logistics 379,459 387,048 0.10%Firstgroup 1,141,737 952,509 0.24%Royal Mail 288,831 786,521 0.19%

Total Transportation 2,126,078 0.53%

Water 0.47%

United Utilities Group 258,000 1,903,221 0.47%

Total Equities 371,145,875 92.62%


British Land 189,909 1,013,205 0.25%Electra Private Equity 45,821 183,924 0.05%Fidelity Institutional Liquidity Fund – USD Class 0 2,430 0.00%Fidelity Institutional Liquidity Sterling Fund 314 3,171,901 0.79%Land Securities Group 400,000 3,222,299 0.80%Majedie UK Smallermpanies Fund 3,014,446 8,696,374 2.17%Marwyn Value Investors 70,230 119,391 0.03%






Notional Amount


GBPFund % of

NAV*Future Contract on FTSE 100 15 March 2019 UBS 90 6,017,555 (14,105) (0.00%)Total Futures Contracts (14,105) (0.00%)

39





GBPFund % of

NAV*GBP 373 EUR (411) Brown Brothers Harriman 22/01/2019 3 0.00%GBP 493 EUR (548) Brown Brothers Harriman 22/01/2019 1 0.00%GBP 475 EUR (527) Brown Brothers Harriman 22/01/2019 1 0.00%EUR 466 GBP (419) Brown Brothers Harriman 22/01/2019 0 0.00%EUR 530 GBP (477) Brown Brothers Harriman 22/01/2019 (1) (0.00%)EUR 305 GBP (274) Brown Brothers Harriman 22/01/2019 (1) (0.00%)EUR 675 GBP (608) Brown Brothers Harriman 22/01/2019 (2) (0.00%)EUR 644 GBP (580) Brown Brothers Harriman 22/01/2019 (2) (0.00%)EUR 30,392 GBP (27,351) Brown Brothers Harriman 22/01/2019 (53) (0.00%)EUR 10,137 GBP (9,169) Brown Brothers Harriman 22/01/2019 (63) (0.00%) Unrealised Gain on Open Forward Foreign Exchange Contracts held for Class Hedging Purposes 5 0.00%Unrealised Loss on Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (122) (0.00%) Total Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (117) (0.00%)

Centrally Cleared Contracts for Difference (0.58%)



GBPFund % of

NAV*CFD on Sanofi UBS 9,686 24,453 0.01%CFD on Berkeley Group Holdings UBS (9,560) 20,916 0.01%CFD on Tate & Lyle UBS (2,521) 1,481 0.00%CFD on Sabre Insurance Group Morgan Stanley (71,173) 1,404 0.00%CFD on Taiheiyo Cement UBS 19,600 (7,715) 0.00%CFD on Bumitama Agri UBS 523,400 (24,779) (0.01%)CFD on IFG Group UBS 202,449 (24,926) (0.01%)CFD on CPL Resources Morgan Stanley 66,949 (33,987) (0.01%)CFD on Engie Goldman Sachs 51,689 (43,789) (0.01%)CFD on ArcelorMittal UBS 16,404 (56,370) (0.01%)CFD on Glanbia UBS (43,392) (61,542) (0.02%)CFD on FBD Holdings HSBC 91,465 (177,371) (0.04%)CFD on Cairn Homes HSBC 770,098 (222,621) (0.06%)CFD on Glenveagh Properties HSBC 1,692,314 (262,849) (0.07%)CFD on AIB Group Goldman Sachs 338,980 (264,600) (0.07%)CFD on Bank of Ireland Group Morgan Stanley 258,279 (438,896) (0.11%)CFD on CRH HSBC 129,434 (754,441) (0.18%) Unrealised Gain on Centrally Cleared Contracts for Difference 48,254 0.02%Unrealised Loss on Centrally Cleared Contracts for Difference (2,373,886) (0.60%)

Total Centrally Cleared Contracts for Difference (2,325,632) (0.58%)



40


Analysis of Assets GBPFund % of

Assets(a) Transferable securities admitted to an official stock exchange listing 374,962,936 92.61%(b) Transferable securities dealt in on another regulated market 12,592,463 3.11%(c) Financial derivative instruments (2,339,854) (0.58%)(d) Other assets 19,678,508 4.86%Total Assets 404,894,053 100.00%


41

Fidelity Global Aggregate Bond Fund SCHEDULE OF INVESTMENTS AS AT 31 DECEMBER 2018

Principal Currency Principal Maturity Date Coupon

Fair Value GBP

Fund % of NAV*

Asset-Backed Securities 1.44%

France 0.39%

Purple Master Credit Cards EUR 1,300,000 25/10/2030 0.08% 1,165,413 0.39%

Ireland 0.75%

Adagio III CLO EUR 400,000 15/09/2022 0.30% 358,621 0.12%Carlyle Global Market Strategies EUR 500,000 16/04/2029 0.78% 447,343 0.15%Elm Park EUR 500,000 16/04/2029 0.62% 444,078 0.15%Toro European EUR 600,000 15/10/2030 0.90% 536,162 0.18%Toro European EUR 500,000 15/10/2030 0.90% 446,802 0.15%


Netherlands 0.15%

Jubilee EUR 500,000 12/07/2028 0.52% 446,821 0.15%

United States 0.15%

RASC Series 2005-KS10 USD 600,000 25/11/2035 2.98% 446,131 0.15%

Total Asset-Backed Securities 4,291,371 1.44%

Corporate Bonds 26.38%

Belgium 0.05%

KBC Group(a) EUR 200,000 24/10/2025 4.25% 153,221 0.05%

Bermuda 0.05%

Aircastle USD 200,000 15/03/2021 5.13% 159,675 0.05%

Canada 0.55%

Canadian Pacific Railway USD 200,000 15/01/2022 4.50% 161,915 0.05%Enbridge USD 100,000 15/06/2020 3.49% 78,263 0.03%Fairfax Financial Holdings EUR 600,000 29/03/2028 2.75% 536,322 0.18%HSBC Bank Canada USD 500,000 28/11/2021 3.30% 396,967 0.13%Province of Ontario Canada CAD 800,000 02/06/2022 3.15% 472,218 0.16%

Total Canada 1,645,685 0.55%

Cayman Islands 0.64%

QNB Finance USD 2,000,000 31/05/2021 4.06% 1,583,716 0.54%Sands China USD 400,000 08/08/2028 5.40% 303,880 0.10%

Total Cayman Islands 1,887,596 0.64%

Denmark 2.43%

Nykredit Realkredit DKK 15,000,000 01/10/2019 1.00% 1,826,603 0.61%Nykredit Realkredit DKK 13,998,949 01/10/2050 2.00% 1,655,998 0.56%Realkredit Danmark DKK 17,300,000 01/04/2019 1.00% 2,088,191 0.70%Realkredit Danmark DKK 13,992,220 01/10/2050 2.00% 1,653,099 0.56%

Total Denmark 7,223,891 2.43%

42

Fidelity Global Aggregate Bond Fund SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 DECEMBER 2018


Fair Value GBP

Fund % of NAV*

Corporate Bonds 26.38% (continued)

France 1.17%

BPCE EUR 500,000 26/09/2023 0.63% 447,526 0.15%Danone USD 400,000 02/11/2021 2.08% 303,616 0.10%Dexia Credit Local GBP 1,100,000 07/09/2021 0.88% 1,084,447 0.37%Dexia Credit Local GBP 700,000 15/06/2022 1.13% 690,499 0.23%Dexia Credit Local EUR 300,000 17/01/2025 0.50% 269,727 0.09%Pernod Ricard USD 400,000 15/01/2022 4.45% 320,563 0.11%Teleperformance EUR 400,000 02/07/2025 1.88% 357,498 0.12%

Total France 3,473,876 1.17%

Germany 1.77%

Deutsche Bank USD 1,100,000 04/02/2021 4.25% 851,603 0.29%Deutsche Bank USD 300,000 14/10/2021 4.25% 230,461 0.08%Deutsche Pfandbriefbank USD 1,200,000 04/05/2020 2.25% 932,021 0.31%Kreditanstalt fuer Wiederaufbau GBP 1,800,000 01/02/2021 1.38% 1,810,796 0.60%Landeskreditbank Baden-Wuerttemberg Foerderbank GBP 1,000,000 17/05/2021 1.13% 999,110 0.34%Volkswagen Leasing EUR 300,000 16/02/2021 0.25% 267,333 0.09%Volkswagen Leasing EUR 200,000 16/02/2023 1.00% 176,098 0.06%

Total Germany 5,267,422 1.77%

Guernsey 0.18%

Credit Suisse Group Funding Guernsey USD 700,000 17/04/2026 4.55% 545,009 0.18%

Indonesia 0.05%

Indonesia Asahan Aluminium USD 200,000 15/11/2023 5.71% 160,025 0.05%

Ireland 0.59%

AerCap Ireland Capital USD 600,000 30/10/2020 4.63% 474,599 0.16%Bank of Ireland(a) EUR 200,000 18/06/2020 7.38% 187,732 0.06%GE Capital European Funding EUR 300,000 21/01/2020 0.06% 266,586 0.09%GE Capital UK Funding GBP 300,000 31/07/2019 4.38% 302,618 0.10%PartnerRe Ireland Finance EUR 600,000 15/09/2026 1.25% 516,462 0.18%


Italy 0.14%

UniCredit USD 500,000 04/12/2023 7.83% 411,108 0.14%

Japan 0.53%

Central Japan Railway USD 400,000 06/09/2023 3.40% 313,814 0.11%Mitsubishi USD 200,000 14/07/2022 2.63% 153,731 0.05%Mizuho Financial Group USD 400,000 11/09/2024 3.77% 313,853 0.11%Mizuho Financial Group USD 200,000 11/09/2024 3.92% 158,797 0.05%Sumitomo Mitsui Banking EUR 700,000 06/11/2023 0.55% 631,066 0.21%

Total Japan 1,571,261 0.53%

43



Fair Value GBP

Fund % of NAV*


Jersey, Channel Islands 0.23%

Aptiv USD 300,000 19/11/2020 3.15% 233,303 0.08%Atrium European Real Estate EUR 200,000 11/09/2025 3.00% 180,186 0.06%Lincoln Finance EUR 300,000 15/04/2021 6.88% 275,836 0.09%

Total Jersey, Channel Islands 689,325 0.23%

Luxembourg 0.92%

Aroundtown EUR 300,000 31/01/2028 1.63% 241,391 0.08%Bevco Lux EUR 500,000 09/02/2023 1.75% 444,010 0.15%Emerald Bay EUR 200,000 08/10/2020 0.00% 169,193 0.06%Eurofins Scientific EUR 400,000 25/07/2024 2.13% 342,081 0.12%European Financial Stability Facility EUR 1,400,000 17/01/2024 0.20% 1,261,687 0.42%Logicor Financing EUR 300,000 14/11/2022 1.50% 266,065 0.09%

Total Luxembourg 2,724,427 0.92%

Netherlands 2.73%

ABN AMRO Bank USD 300,000 04/06/2020 2.45% 232,783 0.08%BNG Bank GBP 900,000 07/06/2021 5.38% 989,370 0.33%Cooperatieve Rabobank(a) EUR 400,000 29/06/2021 6.63% 390,843 0.13%Cooperatieve Rabobank EUR 400,000 19/03/2020 6.88% 388,253 0.13%Deutsche Telekom International Finance USD 700,000 19/09/2021 1.95% 527,691 0.18%ING Bank USD 1,600,000 05/12/2022 2.63% 1,237,773 0.42%JT International Financial Services GBP 100,000 28/09/2033 2.75% 98,041 0.03%LeasePlan USD 600,000 22/01/2019 2.88% 470,936 0.16%Mondelez International Holdings Netherlands USD 600,000 28/10/2021 2.00% 451,688 0.15%Neder Waterschapsbank GBP 1,100,000 20/12/2021 0.88% 1,088,692 0.37%Petrobras Global Finance USD 800,000 17/01/2027 7.38% 646,671 0.22%Petrobras Global Finance USD 400,000 17/03/2024 6.25% 319,802 0.11%Petrobras Global Finance USD 200,000 17/01/2022 6.13% 161,550 0.05%Volkswagen Financial Services GBP 300,000 07/09/2021 1.88% 297,329 0.10%Volkswagen International Finance EUR 900,000 16/11/2024 1.23% 808,239 0.27%


Norway 0.27%

DNB Boligkreditt USD 1,000,000 28/06/2023 3.25% 792,797 0.27%

Singapore 0.26%

BOC Aviation USD 200,000 18/09/2027 3.50% 147,714 0.05%DBS Bank USD 200,000 27/11/2021 3.30% 158,361 0.05%Flex USD 600,000 15/02/2020 4.63% 473,613 0.16%

Total Singapore 779,688 0.26%

Spain 0.38%

Banco Bilbao Vizcaya Argentaria(a) EUR 200,000 14/04/2021 8.88% 194,998 0.07%Banco Santander(a) EUR 600,000 19/03/2025 4.75% 430,332 0.14%CaixaBank EUR 200,000 24/10/2023 1.75% 178,571 0.06%

44



Fair Value GBP

Fund % of NAV*


Spain 0.38% (continued)

Telefonica Emisiones USD 400,000 16/02/2021 5.46% 325,649 0.11%

Total Spain 1,129,550 0.38%

Supranational 0.62%

European Investment Bank GBP 1,700,000 07/12/2021 4.25% 1,849,158 0.62%

Sweden 2.51%

Danske Hypotek SEK 24,000,000 20/12/2023 1.00% 2,153,876 0.72%Lansforsakringar Hypotek SEK 25,000,000 20/09/2023 1.25% 2,268,806 0.76%Nordea Hypotek SEK 25,000,000 20/09/2023 1.25% 2,271,506 0.77%Stadshypotek USD 1,000,000 05/04/2022 2.50% 773,794 0.26%

Total Sweden 7,467,982 2.51%

Switzerland 0.35%

Credit Suisse USD 600,000 08/08/2023 6.50% 492,605 0.17%Credit Suisse Group(a) USD 200,000 17/07/2023 7.50% 153,502 0.05%Credit Suisse Group(a) USD 200,000 17/07/2023 7.50% 153,502 0.05%UBS USD 300,000 08/06/2020 3.35% 235,521 0.08%

Total Switzerland 1,035,130 0.35%

United Arab Emirates 0.05%

First Abu Dhabi Bank USD 200,000 30/03/2022 3.00% 152,842 0.05%


Barclays Bank USD 1,200,000 21/11/2022 7.63% 978,133 0.33%Barclays USD 800,000 16/05/2029 4.97% 606,755 0.20%Barclays USD 600,000 15/02/2023 4.61% 467,466 0.16%Barclays(a) EUR 400,000 15/12/2020 8.00% 381,343 0.13%Barclays(a) EUR 200,000 15/09/2019 6.50% 175,396 0.06%BAT International Finance USD 400,000 15/06/2020 2.75% 308,703 0.10%BG Energy Capital USD 800,000 15/10/2021 4.00% 637,192 0.21%Co.-operative Group Holdings 2011 GBP 100,000 08/07/2020 6.88% 104,549 0.04%FCE Bank EUR 200,000 24/06/2021 1.88% 179,144 0.06%FCE Bank EUR 200,000 13/09/2021 0.87% 174,301 0.06%HSBC Holdings USD 1,000,000 19/06/2029 4.58% 779,184 0.26%HSBC Holdings(a) EUR 200,000 04/07/2029 4.75% 162,626 0.05%Lloyds Bank GBP 600,000 08/02/2029 6.00% 801,318 0.27%Lloyds Banking Group(a) GBP 400,000 27/06/2019 7.00% 400,927 0.13%Nationwide Building Society USD 200,000 08/03/2024 3.77% 151,280 0.05%Natwest Markets EUR 600,000 02/03/2020 0.08% 536,154 0.18%Royal Bank of Scotland Group USD 1,000,000 05/04/2026 4.80% 767,619 0.26%Royal Bank of Scotland Group(a) USD 300,000 10/08/2020 7.50% 233,786 0.08%Santander UK Group Holdings USD 400,000 03/11/2028 3.82% 284,409 0.10%Santander UK Group Holdings(a) GBP 200,000 24/06/2022 7.38% 201,313 0.07%Santander UK USD 400,000 13/03/2024 4.00% 316,864 0.11%Tesco Property Finance 5 GBP 393,500 13/10/2041 5.66% 438,244 0.15%


45



Fair Value GBP

Fund % of NAV*


United States 6.85%

AbbVie USD 600,000 14/11/2023 3.75% 469,241 0.16%AbbVie USD 100,000 14/11/2021 3.38% 78,497 0.03%Ally Financial USD 100,000 18/11/2019 3.75% 78,419 0.03%Ally Financial USD 100,000 15/04/2021 4.25% 77,352 0.03%American Honda Finance USD 100,000 05/11/2021 2.93% 77,413 0.03%American International Group USD 100,000 01/03/2021 3.30% 78,292 0.03%Andeavor Logistics USD 200,000 15/10/2019 5.50% 158,374 0.05%AT&T USD 1,100,000 12/06/2024 3.96% 838,387 0.27%Bank of America USD 600,000 05/03/2024 3.55% 465,676 0.16%BAT Capital USD 600,000 15/08/2027 3.56% 418,978 0.14%Bayer US Finance II USD 700,000 25/06/2021 3.50% 546,053 0.18%Bayer US Finance II USD 200,000 15/07/2021 2.75% 153,040 0.05%Bayer US Finance USD 200,000 08/10/2021 3.00% 153,645 0.05%Celgene USD 415,000 20/02/2023 3.25% 318,479 0.11%CenterPoint Energy USD 600,000 01/11/2021 3.60% 472,405 0.16%Chartermmunications Operating USD 1,600,000 15/02/2028 3.75% 1,138,596 0.37%Citigroup USD 800,000 10/01/2028 3.89% 606,716 0.20%Comcast USD 100,000 01/10/2021 3.24% 77,803 0.03%CVS Health USD 400,000 25/03/2028 4.30% 307,616 0.10%Dell International USD 400,000 15/06/2026 6.02% 315,947 0.11%Emera US Finance USD 400,000 15/06/2021 2.70% 306,145 0.10%Energy Transfer Operating USD 400,000 15/06/2028 4.95% 307,863 0.10%Equinix EUR 200,000 15/03/2024 2.88% 179,560 0.06%ERAC USA Finance USD 300,000 01/12/2021 2.60% 229,347 0.08%Ford Motor Credit USD 400,000 24/09/2020 3.75% 308,523 0.10%Ford Motor Credit USD 300,000 15/01/2021 3.20% 228,539 0.08%Ford Motor Credit USD 200,000 04/08/2020 3.16% 153,942 0.05%GLP Capital USD 300,000 15/01/2029 5.30% 231,261 0.08%Goldman Sachs Group USD 600,000 22/05/2025 3.75% 451,119 0.15%Goldman Sachs Group USD 400,000 01/05/2029 4.22% 302,832 0.10%Harley-Davidson Financial Services USD 200,000 02/03/2021 3.65% 157,082 0.05%Harris USD 100,000 30/04/2020 3.00% 78,309 0.03%Hewlett Packard Enterprise USD 400,000 05/10/2021 3.06% 311,459 0.10%Hewlett Packard Enterprise USD 200,000 05/10/2021 3.50% 157,567 0.05%Interpublic Group USD 200,000 01/10/2021 3.75% 158,117 0.05%JPMorgan Chase USD 700,000 23/04/2029 4.01% 539,451 0.18%JPMorgan Chase USD 500,000 01/03/2025 3.22% 379,500 0.13%JPMorgan Chase USD 200,000 29/10/2020 2.55% 155,331 0.05%Keurig Dr Pepper USD 600,000 25/05/2021 3.55% 470,660 0.16%Kraft Heinz Foods USD 100,000 02/07/2020 2.80% 77,975 0.03%Kraft Heinz Foods USD 100,000 10/02/2021 3.19% 77,889 0.03%Marathon Oil USD 300,000 01/06/2020 2.70% 232,152 0.08%MGM Resorts International USD 100,000 01/02/2019 8.63% 79,008 0.03%Molson Coors Brewing USD 400,000 15/07/2021 2.10% 302,996 0.10%Morgan Stanley USD 800,000 24/04/2024 3.74% 623,406 0.21%Navient USD 70,000 17/06/2019 4.88% 54,791 0.02%NextEra Energy Capital Holdings USD 600,000 21/08/2020 3.11% 470,640 0.16%Penske Truck Leasing USD 100,000 01/04/2021 3.30% 78,026 0.03%Roche Holdings USD 500,000 15/05/2026 2.63% 371,780 0.13%

46



Fair Value GBP

Fund % of NAV*



Southern USD 600,000 14/02/2020 3.10% 470,382 0.16%Southern Power USD 600,000 20/12/2020 3.34% 465,426 0.16%Spectra Energy Partners USD 100,000 05/06/2020 3.45% 78,048 0.03%Springleaf Finance USD 300,000 01/10/2021 7.75% 237,319 0.08%Sprint USD 200,000 15/09/2021 7.25% 161,118 0.05%Thermo Fisher Scientific USD 600,000 15/02/2022 3.30% 469,443 0.16%Thermo Fisher Scientific USD 200,000 15/08/2021 3.60% 157,586 0.05%United Technologies USD 600,000 16/08/2021 3.28% 469,511 0.16%United Technologies USD 100,000 16/08/2021 3.35% 78,354 0.03%Verizon Communications USD 1,200,000 15/02/2025 3.38% 915,580 0.30%VMware USD 600,000 21/08/2020 2.30% 461,611 0.16%Volkswagen Group of America Finance USD 300,000 12/11/2021 3.56% 233,342 0.08%Wells Fargo USD 700,000 22/05/2028 3.58% 528,246 0.18%Wells Fargo USD 600,000 19/02/2025 3.00% 444,350 0.15%Wells Fargo USD 100,000 07/12/2020 2.55% 77,433 0.03%Zimmer Biomet Holdings USD 400,000 01/04/2022 3.15% 307,304 0.10%Zoetis USD 600,000 13/11/2020 3.45% 472,607 0.16%


Total Corporate Bonds 78,397,891 26.38%

Government Bonds 51.49%

Australia 1.12%

Australia Government Bond AUD 2,974,000 15/04/2020 4.50% 1,697,452 0.57%Australia Government Bond AUD 2,626,000 15/07/2022 5.75% 1,645,451 0.55%

Total Australia 3,342,903 1.12%

Belgium 0.60%

Kingdom of Belgium Government Bond EUR 1,317,000 28/03/2041 4.25% 1,772,987 0.60%

Brazil 0.85%

Brazil Notas do Tesouro Nacional BRL 1,975,000 15/05/2045 6.00% 1,456,362 0.49%Brazil Notas do Tesouro Nacional BRL 629,000 15/08/2050 6.00% 476,384 0.16%Brazil Notas do Tesouro Nacional Serie F BRL 2,851,000 01/01/2025 10.00% 603,659 0.20%

Total Brazil 2,536,405 0.85%

Canada 1.99%

Canadian Government Bond CAD 2,882,000 01/06/2024 2.50% 1,707,645 0.57%Canadian Government Bond CAD 1,028,000 01/09/2019 1.75% 590,921 0.20%Canadian Government Real Return Bond CAD 232,006 01/12/2044 1.50% 156,052 0.05%Province of Alberta Canada CAD 1,000,000 01/06/2025 2.35% 563,765 0.19%Province of Ontario Canada CAD 1,800,000 02/06/2026 2.40% 1,012,749 0.34%Province of Ontario Canada CAD 800,000 27/01/2023 1.95% 452,525 0.15%Province of Quebec Canada CAD 1,600,000 01/09/2023 3.00% 942,469 0.32%Province of Quebec Canada GBP 500,000 24/05/2022 0.88% 491,677 0.17%

Total Canada 5,917,803 1.99%

47



Fair Value GBP

Fund % of NAV*

Government Bonds 51.49% (continued)

Colombia 0.77%

Colombian TES COP 4,521,900,000 26/08/2026 7.50% 1,157,394 0.39%Colombian TES COP 2,463,900,000 04/05/2022 7.00% 622,310 0.21%Colombian TES COP 1,975,000,000 18/09/2030 7.75% 509,134 0.17%

Total Colombia 2,288,838 0.77%

France 0.49%

French Republic Government Bond EUR 1,500,000 25/05/2048 2.00% 1,463,984 0.49%

Germany 0.09%

State of North Rhine-Westphalia EUR 300,000 15/11/2028 0.90% 273,417 0.09%

Ireland 1.43%

Ireland Government Bond EUR 4,337,000 15/05/2026 1.00% 4,010,767 1.35%Ireland Government Bond EUR 265,000 15/05/2028 0.90% 238,006 0.08%


Italy 3.50%

Italy Buoni Poliennali Del Tesoro EUR 2,935,000 01/02/2028 2.00% 2,523,199 0.86%Italy Buoni Poliennali Del Tesoro EUR 2,300,000 01/10/2023 2.45% 2,126,166 0.72%Italy Buoni Poliennali Del Tesoro EUR 2,000,000 15/11/2024 1.45% 1,736,398 0.58%Italy Buoni Poliennali Del Tesoro EUR 1,774,000 01/09/2033 2.45% 1,489,319 0.50%Italy Buoni Poliennali Del Tesoro EUR 1,052,000 15/05/2025 1.45% 904,942 0.30%Italy Buoni Poliennali Del Tesoro EUR 700,000 15/11/2025 2.50% 636,671 0.21%Italy Buoni Poliennali Del Tesoro EUR 403,000 01/03/2048 3.45% 359,168 0.12%Italy Buoni Poliennali Del Tesoro EUR 369,000 01/09/2038 2.95% 315,871 0.11%Italy Buoni Poliennali Del Tesoro EUR 340,000 01/12/2028 2.80% 307,487 0.10%

Total Italy 10,399,221 3.50%

Japan 8.73%

Development Bank of Japan USD 900,000 06/09/2023 3.13% 712,683 0.24%Japan Bank for Internationaloperation USD 1,100,000 31/10/2023 3.38% 880,613 0.30%Japan Finance Organization for Municipalities USD 1,400,000 27/09/2023 3.38% 1,115,067 0.38%Japan Government Five Year Bond JPY 738,050,000 20/03/2020 0.10% 5,298,074 1.77%Japan Government Five Year Bond JPY 267,550,000 20/09/2020 0.10% 1,922,908 0.65%Japan Government Ten Year Bond JPY 518,250,000 20/09/2021 1.10% 3,834,322 1.29%Japan Government Ten Year Bond JPY 359,950,000 20/09/2027 0.10% 2,615,499 0.88%Japan Government Ten Year Bond JPY 314,450,000 20/06/2026 0.10% 2,289,852 0.77%Japan Government Ten Year Bond JPY 181,700,000 20/12/2027 0.10% 1,319,064 0.44%Japan Government Ten Year Bond JPY 104,900,000 20/03/2027 0.10% 763,318 0.26%Japan Government Thirty Year Bond JPY 118,100,000 20/03/2042 2.00% 1,101,498 0.37%Japan Government Thirty Year Bond JPY 160,000,000 20/09/2046 0.50% 1,090,818 0.37%Japan Government Twenty Year Bond JPY 249,950,000 20/12/2037 0.60% 1,829,060 0.62%Japan Government Twenty Year Bond JPY 140,000,000 20/09/2034 1.40% 1,168,359 0.39%

Total Japan 25,941,135 8.73%

48



Fair Value GBP

Fund % of NAV*


Kuwait 0.32%

Kuwait International Government Bond USD 1,200,000 20/03/2027 3.50% 939,546 0.32%

Lithuania 0.17%

Lithuania Government International Bond USD 600,000 09/03/2021 6.13% 499,011 0.17%

Malaysia 0.77%

Malaysia Government Bond MYR 12,469,000 15/06/2028 3.73% 2,302,431 0.77%

Mexico 3.10%

Mexican Bonos MXN 58,709,000 11/06/2020 8.00% 2,325,565 0.79%Mexican Bonos MXN 53,432,000 13/11/2042 7.75% 1,883,139 0.64%Mexican Bonos MXN 46,087,000 03/06/2027 7.50% 1,708,026 0.57%Mexican Bonos MXN 31,684,000 29/05/2031 7.75% 1,166,961 0.39%Mexican Bonos MXN 20,176,000 20/11/2036 10.00% 886,098 0.30%Mexican Bonos MXN 19,204,000 07/12/2023 8.00% 747,849 0.25%Mexican Bonos MXN 6,445,000 18/11/2038 8.50% 247,520 0.08%Mexico Government International Bond EUR 300,000 15/03/2115 4.00% 237,121 0.08%

Total Mexico 9,202,279 3.10%

New Zealand 2.60%

New Zealand Government NZD 1,590,000 20/09/2025 2.00% 950,951 0.32%New Zealand Government Bond NZD 4,561,000 15/04/2023 5.50% 2,759,632 0.93%New Zealand Government Bond NZD 4,280,000 15/05/2021 6.00% 2,477,034 0.83%New Zealand Government Bond NZD 2,122,000 15/04/2025 2.75% 1,164,064 0.39%New Zealand Government Bond NZD 602,000 15/04/2027 4.50% 371,999 0.13%

Total New Zealand 7,723,680 2.60%

Poland 1.90%

Republic of Poland Government Bond PLN 9,737,000 25/07/2026 2.50% 2,017,265 0.68%Republic of Poland Government Bond PLN 6,115,000 25/04/2020 1.50% 1,283,842 0.43%Republic of Poland Government Bond PLN 5,571,000 25/04/2021 2.00% 1,176,820 0.40%Republic of Poland Government Bond PLN 5,553,000 25/07/2021 1.75% 1,165,358 0.39%

Total Poland 5,643,285 1.90%

Qatar 0.41%

Qatar Government International Bond USD 1,000,000 23/04/2023 3.88% 795,327 0.27%Qatar Government International Bond USD 500,000 23/04/2028 4.50% 410,727 0.14%

Total Qatar 1,206,054 0.41%

Saudi Arabia 1.19%

Saudi Government International Bond USD 2,200,000 04/03/2023 2.88% 1,663,526 0.57%Saudi Government International Bond USD 1,000,000 17/04/2030 4.50% 782,374 0.26%Saudi Government International Bond USD 1,000,000 17/04/2025 4.00% 779,929 0.26%Saudi Government International Bond USD 400,000 04/03/2028 3.63% 297,794 0.10%

Total Saudi Arabia 3,523,623 1.19%

49



Fair Value GBP

Fund % of NAV*


Singapore 3.27%

Singapore Government Bond SGD 4,708,000 01/07/2020 2.00% 2,718,444 0.92%Singapore Government Bond SGD 3,996,000 01/07/2023 2.75% 2,386,919 0.80%Singapore Government Bond SGD 3,404,000 01/03/2027 3.50% 2,192,081 0.74%Singapore Government Bond SGD 3,044,000 01/06/2025 2.38% 1,802,197 0.61%Singapore Government Bond SGD 1,044,000 01/06/2026 2.13% 609,091 0.20%

Total Singapore 9,708,732 3.27%

Slovenia 0.34%

Slovenia Government International Bond USD 1,300,000 18/02/2019 4.13% 1,022,107 0.34%

Spain 1.26%

Autonomousmmunity of Catalonia EUR 1,100,000 11/02/2020 4.95% 1,029,132 0.35%Autonomousmmunity of Catalonia EUR 200,000 15/09/2021 4.90% 193,726 0.07%Spain Government Bond EUR 900,000 30/07/2028 1.40% 806,897 0.27%Spain Government Bond EUR 830,000 30/04/2028 1.40% 748,564 0.25%Spain Government Bond EUR 389,000 30/07/2033 2.35% 366,769 0.12%Spain Government Bond EUR 332,000 31/10/2022 0.45% 302,069 0.10%Spain Government Bond EUR 318,000 30/04/2025 1.60% 300,771 0.10%

Total Spain 3,747,928 1.26%


Abu Dhabi Government International Bond USD 600,000 11/10/2022 2.50% 458,183 0.16%Abu Dhabi Government International Bond USD 400,000 11/10/2027 3.13% 300,729 0.10%

Total United Arab Emirates 758,912 0.26%


United Kingdom Gilt GBP 1,400,000 22/01/2044 3.25% 1,790,712 0.60%United Kingdom Gilt GBP 500,000 22/07/2047 1.50% 462,825 0.16%



U.S. Treasury Bond USD 4,225,000 15/02/2031 5.38% 4,216,103 1.41%U.S. Treasury Bond USD 4,114,000 15/08/2028 5.50% 3,991,459 1.34%U.S. Treasury Bond USD 2,973,000 15/02/2036 4.50% 2,878,245 0.97%U.S. Treasury Bond USD 862,000 15/02/2039 3.50% 740,657 0.25%U.S. Treasury Inflation Indexed Bond USD 2,607,471 15/02/2041 2.13% 2,422,812 0.82%U.S. Treasury Inflation Indexed Bond USD 1,845,900 15/02/2048 1.00% 1,376,228 0.46%U.S. Treasury Inflation Indexed Note USD 6,561,344 15/01/2028 0.50% 4,919,542 1.65%U.S. Treasury Inflation Indexed Note USD 3,632,931 15/01/2024 0.63% 2,808,699 0.95%U.S. Treasury Inflation Indexed Note USD 2,917,151 15/04/2021 0.13% 2,228,361 0.75%U.S. Treasury Inflation Indexed Note USD 1,871,712 15/04/2022 0.13% 1,422,186 0.48%U.S. Treasury Inflation Indexed Note USD 1,577,263 15/01/2026 0.63% 1,206,210 0.41%U.S. Treasury Inflation Indexed Note USD 1,339,039 15/04/2020 0.13% 1,028,074 0.35%U.S. Treasury Note USD 6,808,000 29/02/2020 1.25% 5,263,729 1.76%U.S. Treasury Note USD 5,379,000 15/08/2026 1.50% 3,896,310 1.31%U.S. Treasury Note USD 4,255,000 15/02/2025 2.00% 3,232,865 1.09%

50



Fair Value GBP

Fund % of NAV*



U.S. Treasury Note USD 3,012,000 31/08/2021 2.00% 2,336,127 0.79%U.S. Treasury Note USD 1,139,000 15/08/2024 2.38% 886,385 0.30%U.S. Treasury Note USD 980,000 15/05/2025 2.13% 749,033 0.25%U.S. Treasury Note USD 884,000 15/11/2027 2.25% 670,683 0.23%


Total Government Bonds 152,990,299 51.49%

Mortgage Related 19.12%


Finsbury Square GBP 382,135 12/09/2065 1.55% 380,132 0.13%Finsbury Square 2018-1 GBP 755,372 12/09/2065 1.58% 752,875 0.25%Hawksmoor Mortgages 2016-1 GBP 1,468,886 25/05/2053 2.29% 1,472,230 0.49%Residential Mortgage Securities 29 GBP 1,183,153 20/12/2046 1.86% 1,179,459 0.40%Residential Mortgage Securities 30 GBP 79,442 20/03/2050 1.71% 78,708 0.03%Ripon Mortgages GBP 1,248,959 20/08/2056 1.69% 1,242,991 0.42%RMAC 2018-1 GBP 366,583 12/06/2046 1.60% 360,813 0.12%Twin Bridges GBP 836,261 12/09/2044 1.68% 832,881 0.28%



FNMA Pool USD 27,500,000 01/01/2049 3.50% 21,590,228 7.26%FNMA Pool USD 20,000,000 15/02/2049 4.00% 15,994,278 5.38%FNMA Pool USD 16,500,000 01/01/2049 3.50% 12,944,348 4.36%


Total Mortgage Related 56,828,943 19.12%

Repurchase Agreements 0.44%

Repurchase Agreement with BNP Paribas on TSY GILT, 0.125%, 22 November 2019 GBP 1,300,000 02/01/2019 0.55% 1,300,000 0.44%

Total Repurchase Agreements 1,300,000 0.44%

Treasury Bonds 9.43%

France 1.18%

France Treasury Bill BTF EUR 3,900,000 16/01/2019 0.00% 3,501,388 1.18%

Japan 5.87%

Japan Treasury Discount Bill JPY 2,440,000,000 12/02/2019 0.00% 17,464,926 5.87%


United Kingdom Treasury Bill GBP 3,170,000 23/04/2019 0.00% 3,163,179 1.07%United Kingdom Treasury Bill GBP 2,680,000 07/05/2019 0.00% 2,673,372 0.90%United Kingdom Treasury Bill GBP 930,000 28/05/2019 0.00% 927,314 0.31%

51



Fair Value GBP

Fund % of NAV*

Treasury Bonds 9.43% (continued)

United Kingdom 2.38% (continued)

United Kingdom Treasury Bill GBP 300,000 20/05/2019 0.00% 299,181 0.10%


Total Treasury Bonds 28,029,360 9.43%

Number of

Shares Fair Value

GBP Fund % of

NAV*


Ireland 5.77%

PIMCO Sterling Short Maturity Source UCITS ETF 168,700 17,134,859 5.77%




Futures Contracts 0.05%


Notional Amount


GBPFund % of

NAV*5 Year US Treasury Note 29 March 2019 Citibank 250 22,153,615 352,716 0.13%10 Year US Treasury Note 20 March 2019 Citibank 149 13,975,993 302,419 0.10%Ultra US Treasury Bond 20 March 2019 Citibank 38 4,543,549 263,887 0.09%90 Day Eurodollar 18 March 2019 Citibank 691 131,815,255 148,058 0.05%90 Day Sterling 18 September 2019 Citibank 394 48,685,988 44,425 0.01%3 Year Australia Bond 15 March 2019 Citibank 109 6,736,571 24,368 0.01%30 Year Euro-Buxl 07 March 2019 Citibank 6 950,746 23,481 0.01%Euro-Bobl 07 March 2019 Citibank 80 9,495,505 20,213 0.01%10 Year Japan Bond 13 March 2019 Citibank 2 2,166,632 16,675 0.01%10 Year Australia Bond 15 March 2019 Citibank 14 1,015,216 11,515 0.00%Euro-Bund 07 March 2019 Citibank 6 871,149 9,748 0.00%Long GILT 27 March 2019 Citibank (96) (11,806,480) (26,480) (0.01%)90 Day Eurodollar 16 December 2019 Citibank (114) (21,737,516) (45,874) (0.02%)90 Day Sterling 16 September 2020 Citibank (394) (48,561,013) (95,525) (0.03%)Euro-Oat 07 March 2019 Citibank (122) (16,407,631) (109,953) (0.04%)90 Day Eurodollar 16 March 2020 Citibank (309) (58,956,518) (142,522) (0.05%)Euro-Btp 07 March 2019 Citibank (54) (5,931,742) (256,778) (0.09%)90 Day Eurodollar 14 December 2020 Citibank (268) (50,896,660) (405,477) (0.13%)

Unrealised Gain on Futures Contracts 1,217,505 0.42%Unrealised Loss on Futures Contracts (1,082,609) (0.37%)

Total Futures Contracts 134,896 0.05%

52


Financial Derivative Instruments (0.89%) (continued) Open Forward Foreign Exchange Contracts held for Portfolio Hedging or Investment Purposes (0.98%)



GBPFund % of

NAV*USD 9,943,610 NZD (14,309,000) Citibank 16/01/2019 271,660 0.09%USD 4,316,130 AUD (5,850,000) Citibank 16/01/2019 154,235 0.05%GBP 4,395,832 CAD (7,418,000) JPMorgan Chase 11/01/2019 132,179 0.04%USD 2,837,858 CAD (3,757,000) Citibank 10/01/2019 67,977 0.02%USD 2,822,313 COP (8,984,128,000) Citibank 16/01/2019 44,915 0.02%GBP 942,363 AUD (1,636,000) Goldman Sachs 11/01/2019 38,247 0.01%BRL 8,656,082 USD (2,206,496) Bank of America 03/01/2019 21,121 0.01%USD 1,319,982 AUD (1,838,000) JPMorgan Chase 04/01/2019 20,416 0.01%MXN 10,494,000 USD (510,397) Goldman Sachs 11/01/2019 17,195 0.01%USD 2,610,131 BRL (10,043,000) Citibank 16/01/2019 16,938 0.01%GBP 443,915 NZD (818,000) State Street Bank and Trust 11/01/2019 13,338 0.00%SEK 8,021,904 USD (888,482) JPMorgan Chase 04/01/2019 12,880 0.00%GBP 1,838,361 DKK (15,000,000) Bank of America 01/10/2019 12,251 0.00%GBP 432,773 CAD (732,000) Bank of America 11/01/2019 12,041 0.00%

GBP 430,419 NZD (797,000)Australia and New Zealand Banking

Group 11/01/2019 10,896 0.00%GBP 708,000 USD (889,529) BNP Paribas 04/01/2019 9,598 0.00%GBP 5,441,966 DKK (45,005,000) Citibank 01/04/2019 9,058 0.00%JPY 41,903,000 USD (371,035) Citibank 16/01/2019 8,880 0.00%GBP 2,379,940 USD (3,021,000) HSBC 11/01/2019 8,869 0.00%USD 447,011 CAD (598,000) Goldman Sachs 04/01/2019 7,193 0.00%CNH 4,301,431 USD (619,000) Goldman Sachs 13/02/2019 5,484 0.00%SEK 3,493,668 USD (387,131) JPMorgan Chase 04/01/2019 5,466 0.00%GBP 927,460 USD (1,175,000) Standard Chartered Bank 11/01/2019 5,246 0.00%SEK 4,025,000 USD (447,627) Citibank 04/01/2019 5,026 0.00%JPY 25,318,000 USD (224,827) Standard Chartered Bank 04/01/2019 4,676 0.00%USD 223,507 NZD (325,000) Goldman Sachs 04/01/2019 4,376 0.00%SEK 3,495,000 GBP (305,273) Citibank 11/01/2019 4,341 0.00%USD 512,000 BRL (1,963,008) Credit Suisse 03/01/2019 4,330 0.00%MXN 2,254,000 USD (109,337) Citibank 11/01/2019 3,921 0.00%KRW 539,491,850 USD (478,651) BNP Paribas 04/01/2019 3,820 0.00%GBP 579,020 USD (733,000) State Street Bank and Trust 11/01/2019 3,715 0.00%

USD 223,594 AUD (311,000)Australia and New Zealand Banking

Group 04/01/2019 3,648 0.00%SEK 3,600,000 GBP (315,619) BNP Paribas 11/01/2019 3,296 0.00%EUR 366,000 GBP (325,950) Goldman Sachs 11/01/2019 2,649 0.00%CNH 5,982,220 USD (867,573) Standard Chartered Bank 15/04/2019 2,289 0.00%CNH 5,406,677 USD (783,826) BNP Paribas 15/04/2019 2,286 0.00%GBP 491,251 USD (623,000) Goldman Sachs 11/01/2019 2,282 0.00%

GBP 759,066 EUR (843,000)Australia and New Zealand Banking

Group 11/01/2019 2,211 0.00%EUR 376,000 USD (427,270) JPMorgan Chase 04/01/2019 2,033 0.00%KRW 469,028,600 USD (419,000) HSBC 20/03/2019 1,943 0.00%SEK 2,950,000 GBP (259,553) Bank of America 11/01/2019 1,780 0.00%USD 895,465 GBP (701,322) Bank of America 04/01/2019 1,741 0.00%GBP 168,000 USD (211,991) HSBC 04/01/2019 1,558 0.00%KRW 314,649,750 USD (281,000) JPMorgan Chase 20/03/2019 1,372 0.00%

USD 480,000 GBP (375,611)Australia and New Zealand Banking

Group 11/01/2019 1,123 0.00%USD 433,997 CAD (591,000) JPMorgan Chase 04/01/2019 999 0.00%NOK 2,315,000 GBP (209,018) Bank of America 11/01/2019 892 0.00%SEK 528,428 USD (58,642) JPMorgan Chase 04/01/2019 759 0.00%

53

Fidelity Global Aggregate Bond Fund SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 DECEMBER 2018 Financial Derivative Instruments (0.89%) (continued) Open Forward Foreign Exchange Contracts held for Portfolio Hedging or Investment Purposes (0.98%) (continued)



GBPFund % of

NAV*USD 105,000 BRL (403,725) BNP Paribas 03/01/2019 654 0.00%USD 373,499 BRL (1,446,000) Citibank 16/01/2019 626 0.00%CNH 3,694,286 USD (536,990) HSBC 15/04/2019 456 0.00%USD 2,233,943 BRL (8,656,082) Bank of America 03/01/2019 430 0.00%USD 300,000 GBP (235,279) JPMorgan Chase 11/01/2019 180 0.00%

CNH 4,933,586 USD (717,755)Australia and New Zealand Banking

Group 15/04/2019 122 0.00%USD 5,503 NOK (47,000) Citibank 04/01/2019 59 0.00%USD 103,969 CAD (142,000) BNP Paribas 03/01/2019 0 0.00%USD 1,000 KRW (1,119,400) BNP Paribas 04/01/2019 (3) (0.00%)BRL 403,725 USD (104,192) BNP Paribas 03/01/2019 (20) (0.00%)GBP 245,077 EUR (273,000) BNP Paribas 11/01/2019 (25) (0.00%)USD 428,000 GBP (335,987) Standard Chartered Bank 11/01/2019 (66) (0.00%)USD 570,000 GBP (447,450) Citibank 11/01/2019 (79) (0.00%)BRL 1,963,008 USD (506,609) Credit Suisse 03/01/2019 (97) (0.00%)CLP 4,401,179 USD (6,525) Citibank 19/02/2019 (139) (0.00%)NZD 339,000 USD (227,524) JPMorgan Chase 04/01/2019 (159) (0.00%)EUR 120,000 GBP (107,901) BNP Paribas 11/01/2019 (163) (0.00%)USD 198,689 EUR (174,000) Goldman Sachs 04/01/2019 (185) (0.00%)BRL 6,289,349 USD (1,623,142) HSBC 03/01/2019 (312) (0.00%)AUD 921,000 USD (648,832) JPMorgan Chase 04/01/2019 (341) (0.00%)USD 448,984 CHF (443,000) Goldman Sachs 04/01/2019 (345) (0.00%)USD 150,000 KRW (168,000,000) HSBC 04/01/2019 (447) (0.00%)COP 114,516,000 USD (35,819) Citibank 19/02/2019 (498) (0.00%)USD 219,980 EUR (193,000) Citibank 04/01/2019 (523) (0.00%)USD 577,701 TWD (17,667,251) State Street Bank and Trust 20/03/2019 (574) (0.00%)NOK 2,525,000 GBP (229,572) Bank of America 11/01/2019 (621) (0.00%)USD 331,000 KRW (370,372,450) JPMorgan Chase 04/01/2019 (741) (0.00%)USD 227,113 CHF (225,000) JPMorgan Chase 04/01/2019 (903) (0.00%)

EUR 252,000 GBP (227,382)Australia and New Zealand Banking

Group 11/01/2019 (1,134) (0.00%)NOK 3,810,000 USD (441,921) Goldman Sachs 04/01/2019 (1,494) (0.00%)USD 224,206 CHF (223,000) Goldman Sachs 04/01/2019 (1,592) (0.00%)

EUR 600,000 GBP (540,373)Australia and New Zealand Banking

Group 11/01/2019 (1,686) (0.00%)USD 500,000 GBP (394,213) Citibank 11/01/2019 (1,782) (0.00%)USD 700,000 GBP (551,342) Standard Chartered Bank 11/01/2019 (1,938) (0.00%)USD 890,395 EUR (781,000) JPMorgan Chase 04/01/2019 (1,946) (0.00%)

USD 311,000 GBP (246,099)Australia and New Zealand Banking

Group 11/01/2019 (2,007) (0.00%)GBP 279,196 EUR (314,000) Citibank 11/01/2019 (2,717) (0.00%)USD 1,619,130 BRL (6,289,349) HSBC 03/01/2019 (2,837) (0.00%)USD 657,831 CHF (652,000) JPMorgan Chase 04/01/2019 (2,844) (0.00%)USD 214,197 SEK (1,934,000) Goldman Sachs 04/01/2019 (3,111) (0.00%)COP 683,639,000 USD (214,107) Citibank 19/02/2019 (3,188) (0.00%)USD 1,123,703 EUR (986,594) Goldman Sachs 04/01/2019 (3,309) (0.00%)GBP 593,714 EUR (665,000) State Street Bank and Trust 11/01/2019 (3,331) (0.00%)GBP 562,915 SEK (6,395,000) Bank of America 11/01/2019 (3,603) (0.00%)CAD 303,000 USD (226,574) Goldman Sachs 04/01/2019 (3,706) (0.00%)USD 480,035 KRW (539,491,850) BNP Paribas 20/03/2019 (3,731) (0.00%)USD 626,594 CNH (4,341,981) BNP Paribas 15/04/2019 (4,086) (0.00%)USD 665,887 GBP (527,000) JPMorgan Chase 04/01/2019 (4,188) (0.00%)

54

Fidelity Global Aggregate Bond Fund SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 DECEMBER 2018 Financial Derivative Instruments (0.89%) (continued) Open Forward Foreign Exchange Contracts held for Portfolio Hedging or Investment Purposes (0.98%) (continued)



GBPFund % of

NAV*RUB 7,890,335 USD (118,986) Standard Chartered Bank 15/02/2019 (4,660) (0.00%)USD 1,101,402 RON (4,515,000) HSBC 22/02/2019 (4,795) (0.00%)NZD 649,000 USD (441,475) BNP Paribas 04/01/2019 (4,930) (0.00%)USD 624,533 CNH (4,338,941) Standard Chartered Bank 15/04/2019 (5,350) (0.00%)USD 619,000 CNH (4,303,907) Citibank 13/02/2019 (5,767) (0.00%)GBP 785,322 JPY (110,600,000) Bank of America 11/01/2019 (6,444) (0.00%)NOK 9,028,000 USD (1,052,183) Citibank 10/01/2019 (7,258) (0.00%)USD 858,513 NOK (7,519,000) JPMorgan Chase 04/01/2019 (7,739) (0.00%)

USD 2,097,000 GBP (1,654,014)Australia and New Zealand Banking

Group 11/01/2019 (8,156) (0.00%)NOK 5,753,000 USD (674,938) Bank of America 04/01/2019 (8,262) (0.00%)CAD 886,000 USD (662,312) Goldman Sachs 04/01/2019 (10,671) (0.00%)USD 818,841 MXN (16,461,000) HSBC 25/01/2019 (11,033) (0.00%)GBP 1,677,085 USD (2,151,000) Citibank 11/01/2019 (11,155) (0.00%)USD 1,287,000 GBP (1,021,429) Standard Chartered Bank 11/01/2019 (11,311) (0.00%)AUD 783,000 GBP (444,707) State Street Bank and Trust 11/01/2019 (11,992) (0.00%)CAD 745,000 GBP (440,496) Citibank 11/01/2019 (12,291) (0.00%)AUD 757,000 GBP (430,742) State Street Bank and Trust 11/01/2019 (12,395) (0.00%)DKK 15,000,000 GBP (1,817,029) Bank of America 02/01/2019 (12,842) (0.00%)USD 16,988,564 EUR (14,859,000) Citibank 16/01/2019 (12,966) (0.00%)USD 893,390 SEK (8,091,000) Standard Chartered Bank 04/01/2019 (15,147) (0.01%)GBP 1,811,022 USD (2,328,000) State Street Bank and Trust 11/01/2019 (16,139) (0.01%)USD 2,909,513 KRW (3,260,837,149) Citibank 20/03/2019 (16,254) (0.01%)AUD 1,228,000 USD (886,444) HSBC 04/01/2019 (17,205) (0.01%)CAD 1,178,000 GBP (694,555) Standard Chartered Bank 11/01/2019 (17,475) (0.01%)USD 891,290 JPY (100,318,000) Bank of America 04/01/2019 (18,172) (0.01%)COP 2,781,738,310 USD (878,726) Citibank 19/02/2019 (18,863) (0.01%)USD 2,204,080 BRL (8,656,082) Bank of America 04/02/2019 (18,983) (0.01%)EUR 6,861,000 USD (7,983,099) Citibank 19/06/2019 (20,164) (0.01%)AUD 2,459,000 GBP (1,380,362) Standard Chartered Bank 11/01/2019 (21,425) (0.01%)AUD 1,589,000 GBP (907,825) Standard Chartered Bank 11/01/2019 (29,683) (0.01%)GBP 7,200,373 DKK (60,145,000) HSBC 02/01/2019 (33,813) (0.01%)USD 21,349,240 EUR (18,704,990) Citibank 11/01/2019 (37,324) (0.01%)USD 6,911,052 PLN (26,164,000) Citibank 10/01/2019 (42,390) (0.01%)USD 34,772,463 EUR (30,459,010) Bank of America 11/01/2019 (54,825) (0.02%)MXN 60,686,000 USD (3,149,068) HSBC 25/01/2019 (61,505) (0.02%)EUR 8,003,000 USD (9,376,515) Citibank 19/06/2019 (73,870) (0.02%)USD 11,941,905 SGD (16,416,000) Citibank 10/01/2019 (81,607) (0.03%)RUB 146,790,292 USD (2,215,686) Goldman Sachs 30/01/2019 (84,938) (0.03%)GBP 6,858,373 SEK (79,285,000) JPMorgan Chase 11/01/2019 (165,295) (0.06%)GBP 56,032,630 USD (71,652,790) Goldman Sachs 11/01/2019 (204,980) (0.07%)USD 10,018,913 MXN (207,122,000) Citibank 10/01/2019 (383,943) (0.13%)USD 23,008,075 JPY (2,586,326,000) Citibank 16/01/2019 (464,035) (0.16%)GBP 30,234,221 EUR (34,203,000) HSBC 11/01/2019 (473,613) (0.16%)GBP 108,696,000 USD (139,288,489) Citibank 16/01/2019 (597,019) (0.19%)GBP 18,100,696 JPY (2,623,700,000) JPMorgan Chase 11/01/2019 (681,912) (0.22%) Unrealised Gain on Open Forward Foreign Exchange Contracts held for Portfolio Hedging or Investment Purposes 975,676 0.27%Unrealised Loss on Open Forward Foreign Exchange Contracts held for Portfolio Hedging or Investment Purposes (3,881,067) (1.25%) Total Open Forward Foreign Exchange Contracts held for Portfolio Hedging or Investment Purposes (2,905,391) (0.98%)

55





GBPFund % of

NAV*GBP 1,832 EUR (2,034) Brown Brothers Harriman 22/01/2019 5 0.00%GBP 2 EUR (2) Brown Brothers Harriman 22/01/2019 0 0.00%EUR 1,469 GBP (1,322) Brown Brothers Harriman 22/01/2019 (3) (0.00%)EUR 4,500 GBP (4,054) Brown Brothers Harriman 22/01/2019 (12) (0.00%)EUR 91,537 GBP (82,378) Brown Brothers Harriman 22/01/2019 (161) (0.00%)EUR 394,550 GBP (356,868) Brown Brothers Harriman 22/01/2019 (2,490) (0.00%) Unrealised Gain on Open Forward Foreign Exchange Contracts held for Class Hedging Purposes 5 0.00%Unrealised Loss on Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (2,666) (0.00%) Total Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (2,661) (0.00%)

Centrally Cleared Option Contracts (0.01%)

Purchased Options

Put/Call Description Broker Number of Contracts Strike Price Expiration Date

Fair Value GBP

Fund % of NAV*

Put Future Option on Euro-Bobl Societe Generale 80 128.00 22/02/2019 359 0.00%Put Future Option on 10Y US Treasury Note Morgan Stanley 113 106.50 22/02/2019 0 0.00%Put Future Option on 5Y US Treasury Note Morgan Stanley 250 104.00 22/02/2019 0 0.00%Put Future Option on US Ultra Bond Morgan Stanley 38 119.00 22/02/2019 0 0.00%Total Purchased Options 359 0.00% Written Options


Fair Value GBP

Fund % of NAV*

Put Future Option on Euro-Bobl Societe Generale (31) 131.25 22/02/2019 (1,809) 0.00%Put Future Option on Euro-Bund Societe Generale (14) 160.00 22/02/2019 (2,388) 0.00%Call Future Option on Euro-Bobl Societe Generale (31) 133.00 22/02/2019 (6,261) 0.00%Call Future Option on Euro-Bund Societe Generale (14) 164.50 22/02/2019 (8,418) (0.01%)Total Written Options (18,876) (0.01%)

OTC Option Contracts (0.00%)

Purchased Options

Put/Call Description Counterparty Number of Contracts Strike Price Expiration Date

Fair ValueGBP

Fund % of NAV*

Call Currency Option on USD vs CNH Goldman Sachs 1,300,000 7.11 11/02/2019 859 0.00%Total Purchased Options 859 0.00% Written Options

Put/Call Description Counterparty Number of Contracts Strike Price Expiration Date

Fair ValueGBP

Fund % of NAV*

Put Currency Option on USD vs CNH Goldman Sachs (1,300,000) 6.84 11/02/2019 (5,655) 0.00%Total Written Options (5,655) 0.00%

56


Financial Derivative Instruments (0.89%) (continued) OTC Swaption Contracts (0.01%)

Written Swaptions

Put/Call Description Counterparty Number of Contracts

Strike Price

Expiration Date

Fair ValueGBP

Fund % of NAV*

Put CDS Option on 5Y CDX.NA.IG.31 Index Citibank (300,000) 1.05 20/02/2019 (398) 0.00% Put CDS Option on 5Y CDX.NA.IG.31 Index Citibank (600,000) 0.95 16/01/2019 (455) 0.00% Put CDS Option on 5Y CDX.NA.IG.31 Index Citibank (400,000) 1.20 20/03/2019 (528) 0.00% Put CDS Option on 5Y CDX.NA.IG.31 Index Citibank (300,000) 1.05 20/03/2019 (642) 0.00% Put CDS Option on 5Y CDX.NA.IG.31 Index Bank of America (400,000) 1.00 20/02/2019 (672) 0.00% Put CDS Option on 5Y CDX.NA.IG.31 Index BNP Paribas (400,000) 1.00 20/02/2019 (672) 0.00% Put CDS Option on 5Y iTRAXX Europe S30 Index Goldman Sachs (600,000) 2.40 18/09/2019 (745) 0.00% Put CDS Option on 5Y CDX.NA.IG.31 Index Goldman Sachs (500,000) 2.40 18/09/2019 (751) 0.00% Put CDS Option on 5Y CDX.NA.IG.31 Index Goldman Sachs (600,000) 0.90 16/01/2019 (765) 0.00% Put CDS Option on 5Y CDX.NA.IG.31 Index Bank of America (500,000) 0.95 20/02/2019 (1,070) 0.00% Put CDS Option on 5Y CDX.NA.IG.31 Index Bank of America (900,000) 0.90 16/01/2019 (1,147) 0.00% Put CDS Option on 5Y CDX.NA.IG.31 Index Citibank (2,600,000) 1.00 16/01/2019 (1,195) 0.00% Put CDS Option on 5Y CDX.NA.IG.31 Index Citibank (500,000) 0.90 20/02/2019 (1,398) 0.00% Put CDS Option on 5Y CDX.NA.IG.31 Index Citibank (800,000) 1.10 20/03/2019 (1,448) 0.00% Put CDS Option on 5Y CDX.NA.IG.31 Index Citibank (800,000) 0.95 20/02/2019 (1,711) 0.00% Put CDS Option on 5Y CDX.NA.IG.31 Index Bank of America (800,000) 1.00 20/03/2019 (2,032) (0.01%)

Total Written Swaptions (15,629) (0.01%)

OTC Credit Default Swap Contracts (0.04%)

Protection Position Description Counterparty Rate Maturity Date Currency

NotionalAmount


GBP Fund % of

NAV*Sell Republic of South Africa Government Bond Citibank 1.00% 20/06/2023 USD 100,000 (3,540) 0.00%Sell Republic of South Africa Government Bond Goldman Sachs 1.00% 20/12/2023 USD 100,000 (4,279) 0.00%Buy China Government International Bond Goldman Sachs 1.00% 20/06/2023 USD 1,000,000 (12,734) 0.00%Buy Korea International Bond Goldman Sachs 1.00% 20/06/2023 USD 2,400,000 (52,115) (0.02%)Buy 20Y Japan Government Bond Goldman Sachs 1.00% 20/06/2022 USD 2,600,000 (57,722) (0.02%)

Total OTC Credit Default Swap Contracts (130,390) (0.04%)

Centrally Cleared Credit Default Index Swap Contracts 0.05%

Protection Position Description Broker Rate Maturity Date Currency

NotionalAmount


GBPFund % of

NAV*Sell CDX.NA.IG.31 Index Citibank 1.00% 20/12/2023 USD 32,000,000 141,253 0.05%Buy iTRAXX Europe S30 Index Citibank 1.00% 20/12/2023 EUR 5,700,000 23,451 0.01%Buy iTRAXX Europe S30 Index Citibank 1.00% 20/12/2023 EUR 5,200,000 (27,028) (0.01%) Unrealised Gain on Centrally Cleared Credit Default Index Swap Contracts 164,704 0.06%Unrealised Loss on Centrally Cleared Credit Default Index Swap Contracts (27,028) (0.01%)

Total Centrally Cleared Credit Default Index Swap Contracts 137,676 0.05%

57

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

OTC Interest Rate Swap Contracts (0.02%)

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


GBPFund % of

NAV*10/07/2027 Goldman Sachs 2.01% KORIBOR 4,600,000,000 (51,409) (0.02%)

Total OTC Interest Rate Swap Contracts (51,409) (0.02%)

Centrally Cleared Interest Rate Swap Contracts (0.11%)

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


GBPFund % of

NAV*01/04/2020 Credit Suisse 3M USD-LIBOR 3.20% 211,300,000 407,482 0.14%20/03/2029 Citigroup 6M EUR-LIBOR 1.00% 20,100,000 252,358 0.08%20/03/2024 Citigroup 6M EUR-LIBOR 0.50% 12,300,000 140,826 0.05%18/12/2020 Credit Suisse 1.50% 3M GBP-LIBOR 18,000,000 61,719 0.02%20/03/2024 Citigroup 6M JPY-LIBOR 0.10% 1,520,000,000 41,599 0.01%20/03/2049 Citigroup 1.75% 6M GBP-LIBOR 600,000 30,205 0.01%18/09/2020 Credit Suisse 3M GBP-LIBOR 1.25% 20,000,000 26,290 0.01%20/03/2021 Citibank 3M EUR-LIBOR 0.00% 8,800,000 24,019 0.01%19/06/2024 Citigroup 6M EUR-LIBOR 0.50% 2,000,000 17,335 0.01%15/09/2027 Citigroup 1.85% 3M CAD-LIBOR 500,000 12,607 0.00%16/07/2020 Citigroup 3M CAD-LIBOR 2.30% 15,000,000 6,649 0.00%19/06/2029 Citigroup 6M GBP-LIBOR 1.50% 1,800,000 6,496 0.00%

14/02/2020 Citigroup New Zealand Bank Bill 3M FRA 2.50% 1,860,000 4,968 0.00%

19/12/2023 Goldman Sachs 3M SAJIBOR 7.80% 9,200,000 2,750 0.00%19/06/2029 Citigroup 6M EUR-LIBOR 1.00% 100,000 789 0.00%19/06/2021 Citigroup 1.25% 6M GBP-LIBOR 7,900,000 (3,950) 0.00%19/12/2020 Citigroup 3M USD-LIBOR 2.75% 3,500,000 (4,601) 0.00%19/12/2023 Credit Suisse 2.75% 3M USD-LIBOR 1,500,000 (9,286) 0.00%19/12/2028 Citigroup 3.00% 3M USD-LIBOR 500,000 (9,820) 0.00%19/06/2024 Citigroup 1.50% 6M GBP-LIBOR 1,800,000 (13,987) 0.00%20/03/2024 Citigroup 1.50% 6M GBP-LIBOR 2,500,000 (22,213) (0.01%)20/03/2049 Citigroup 1.50% 6M EUR-LIBOR 1,450,000 (33,213) (0.01%)16/12/2021 Credit Suisse 3M GBP-LIBOR 1.50% 18,000,000 (36,024) (0.01%)12/01/2023 Citigroup BANXICO 5.82% 10,000,000 (38,139) (0.01%)20/12/2048 Citigroup 6M JPY-LIBOR 1.00% 80,000,000 (45,993) (0.02%)16/09/2021 Credit Suisse 1.50% 3M GBP-LIBOR 20,000,000 (46,432) (0.02%)19/06/2029 Citigroup 3.00% 3M USD-LIBOR 5,900,000 (110,926) (0.04%)19/12/2028 Citigroup 3.00% 3M USD-LIBOR 6,500,000 (127,661) (0.04%)19/12/2048 Citigroup 3.00% 3M USD-LIBOR 5,700,000 (146,656) (0.05%)20/03/2029 Citigroup 0.45% 6M JPY-LIBOR 760,000,000 (147,714) (0.05%)01/04/2021 Credit Suisse 3.20% 3M USD-LIBOR 211,300,000 (571,428) (0.19%)

Unrealised Gain on Centrally Cleared Interest Rate Swap Contracts 1,036,092 0.34%Unrealised Loss on Centrally Cleared Interest Rate Swap Contracts (1,368,043) (0.45%)

Total Centrally Cleared Interest Rate Swap Contracts (331,951) (0.11%)

58

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

OTC Currency Swap Contracts 0.18%

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

Notional Amount Received


GBP Fund % of

NAV*06/19/2019 Goldman Sachs 3M USD-LIBOR 38,891,055 3M EUR-LIBOR 34,300,000 520,244 0.18%

Total OTC Currency Swap Contracts 520,244 0.18%


Other Assets and Liabilities (39,132,288) (13.18%)Net Assets Attributable to Holders of Redeemable Participating Units 297,172,507 100.00%


Assets(a) Transferable securities dealt in on another regulated market 243,920,174 62.47%(b) Transferable securities not listed 93,216,388 23.88%(c) Financial derivative instruments (2,667,928) (0.68%)(d) Other liabilities 55,967,893 14.33%Total Assets 390,436,527 100.00%

*The percentage of net assets disclosed above is subject to rounding. (a) Indicates a perpetual bond. Maturity date represents next call date.

59

Fidelity Global Sub-IG Fixed Income Fund SCHEDULE OF INVESTMENTS AS AT 31 DECEMBER 2018


Fair ValueGBP

Fund % of NAV*

Asset-Backed Securities 0.69%


TVL Finance GBP 200,000 15/05/2023 8.50% 206,220 0.23%

Luxembourg 0.46%

LSF9 Balta IssuerRL EUR 486,000 15/09/2022 7.75% 406,205 0.46%

Total Asset-Backed Securities 612,425 0.69%

Corporate Bonds 62.01%

Argentina 0.11%

AES Argentina Generacion USD 150,000 02/02/2024 7.75% 96,282 0.11%

Austria 0.61%

JBS Investments USD 424,000 05/02/2023 6.25% 331,253 0.37%JBS Investments II USD 275,000 15/01/2026 7.00% 212,145 0.24%

Total Austria 543,398 0.61%

Azerbaijan 0.67%

Southern Gas Corridor USD 697,000 24/03/2026 6.88% 592,956 0.67%

Bahrain 0.20%

Oil and Gas Holding USD 225,000 07/11/2028 8.38% 180,625 0.20%

Bermuda 1.00%

Kosmos Energy USD 1,140,000 01/08/2021 7.88% 893,982 1.00%

Brazil 0.13%

Samarco Mineracao USD 200,000 01/11/2022 4.13% 119,347 0.13%

British Virgin Islands 0.65%

Fortune Star USD 200,000 23/03/2022 5.25% 142,767 0.16%Huarong Finance 2017 USD 400,000 27/04/2027 4.75% 294,209 0.33%Proven Honour Capital USD 200,000 06/05/2026 4.13% 141,553 0.16%

Total British Virgin Islands 578,529 0.65%

Canada 3.21%

Bausch Health USD 1,140,000 15/04/2025 6.13% 783,213 0.88%First Quantum Minerals USD 855,000 01/03/2026 6.88% 541,256 0.61%First Quantum Minerals USD 250,000 01/04/2025 7.50% 162,679 0.18%Kinross Gold USD 570,000 15/07/2027 4.50% 387,690 0.44%Kissner Holdings USD 570,000 01/12/2022 8.38% 447,550 0.50%New Gold USD 570,000 15/11/2022 6.25% 378,180 0.42%Stoneway Capital USD 223,559 01/03/2027 10.00% 158,638 0.18%

Total Canada 2,859,206 3.21%

60

Fidelity Global Sub-IG Fixed Income Fund SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 DECEMBER 2018


Fair ValueGBP

Fund % of NAV*


Cayman Islands 2.03%

JD.com USD 200,000 29/04/2026 3.88% 142,044 0.16%Kaisa Group Holdings USD 200,000 30/06/2020 7.25% 134,953 0.15%KWG Group Holdings USD 200,000 09/08/2021 7.88% 156,076 0.18%Logan Property Holdings USD 200,000 27/08/2021 7.50% 154,328 0.17%Longfor Group Holdings USD 600,000 16/01/2028 4.50% 412,699 0.46%Shimao Property Holdings USD 475,000 15/10/2021 6.38% 372,720 0.42%Sunac China Holdings USD 200,000 27/07/2020 8.63% 158,108 0.18%Transocean USD 285,000 15/03/2038 6.80% 149,929 0.17%UPCB Finance VII EUR 150,000 15/06/2029 3.63% 128,363 0.14%

Total Cayman Islands 1,809,220 2.03%

Chile 0.29%

Empresa Electrica Guacolda USD 377,000 30/04/2025 4.56% 262,475 0.29%

China 0.16%

China Minmetals(a) USD 200,000 13/11/2022 3.75% 142,163 0.16%

Czech Republic 0.25%

Residomo EUR 250,000 15/10/2024 3.38% 218,703 0.25%

Denmark 0.55%

TDC A GBP 300,000 23/02/2023 5.63% 331,547 0.38%Welltec A USD 200,000 01/12/2022 9.50% 155,857 0.17%

Total Denmark 487,404 0.55%

France 0.75%

Getlink EUR 150,000 01/10/2023 3.63% 131,826 0.15%La Financiere Atalian GBP 300,000 15/05/2025 6.63% 248,141 0.28%Loxam EUR 200,000 15/04/2025 6.00% 181,436 0.20%Novafives EUR 150,000 15/06/2025 5.00% 108,904 0.12%

Total France 670,307 0.75%

Georgia 0.30%

Georgia Capital USD 377,000 09/03/2024 6.13% 269,370 0.30%

Germany 1.50%

Blitz F18-674 EUR 300,000 30/07/2026 6.00% 255,091 0.29%CeramTec EUR 600,000 15/12/2025 5.25% 515,708 0.58%Douglas EUR 100,000 15/07/2022 6.25% 66,402 0.07%Nidda Healthcare Holding EUR 200,000 30/09/2024 3.50% 169,327 0.19%Nordex EUR 150,000 01/02/2023 6.50% 122,787 0.14%Tele Columbus EUR 250,000 02/05/2025 3.88% 204,394 0.23%

Total Germany 1,333,709 1.50%

Hong Kong 2.17%

CITIC USD 200,000 28/02/2027 3.88% 149,422 0.17%

61



Fair ValueGBP

Fund % of NAV*


Hong Kong 2.17% (continued)

CNAC HK Finbridge USD 929,000 14/03/2025 4.88% 736,593 0.83%CNAC HK Finbridge USD 412,000 14/03/2023 4.63% 326,694 0.37%CNAC HK Finbridge USD 400,000 14/03/2028 5.13% 320,428 0.36%Dr Peng Holding HongKong USD 200,000 01/06/2020 5.05% 118,944 0.13%Vanke Real Estate Hong Kong USD 400,000 09/11/2027 3.98% 280,403 0.31%

Total Hong Kong 1,932,484 2.17%

India 0.77%

Bharat Petroleum USD 200,000 08/05/2025 4.00% 149,500 0.17%NTPC USD 720,000 19/03/2028 4.50% 540,639 0.60%

Total India 690,139 0.77%

Indonesia 2.78%

Indonesia Asahan Aluminium USD 475,000 15/11/2023 5.71% 380,060 0.43%Indonesia Asahan Aluminium USD 225,000 15/11/2028 6.53% 185,741 0.21%Indonesia Asahan Aluminium USD 200,000 15/11/2048 6.76% 161,359 0.18%Perusahaan Gas Negara USD 600,000 16/05/2024 5.13% 471,892 0.53%Perusahaan Listrik Negara PT USD 400,000 25/01/2029 5.38% 314,980 0.35%Perusahaan Listrik Negara PT USD 200,000 21/05/2028 5.45% 159,333 0.18%Saka Energi USD 534,000 05/05/2024 4.45% 384,612 0.43%Wijaya Karya PT IDR 8,000,000,000 31/01/2021 7.70% 419,518 0.47%

Total Indonesia 2,477,495 2.78%

Ireland 0.59%

Ardagh Packaging Finance USD 350,000 15/05/2023 4.63% 263,132 0.29%Endo Dac USD 285,000 15/07/2023 6.00% 171,747 0.19%Virgin Media Receivables Financing Notes I GBP 100,000 15/09/2024 5.50% 96,327 0.11%

Total Ireland 531,206 0.59%

Italy 0.83%

Nexi Capital EUR 200,000 01/05/2023 3.63% 177,720 0.20%Telecom Italia EUR 400,000 12/10/2027 2.38% 321,648 0.36%Wind Tre EUR 300,000 20/01/2025 3.13% 240,555 0.27%

Total Italy 739,923 0.83%


AA Bond GBP 300,000 31/07/2022 5.50% 242,418 0.27%Galaxy Finco GBP 400,000 15/11/2021 7.88% 392,961 0.44%

Total Jersey, Channel Islands 635,379 0.71%

Luxembourg 3.37%

Altice Finco EUR 200,000 15/06/2023 9.00% 185,795 0.21%Auris Luxembourg II EUR 100,000 15/01/2023 8.00% 91,822 0.10%Cabot Financial Luxembourg GBP 250,000 01/10/2023 7.50% 228,683 0.26%Codere Finance 2 Luxembourg USD 200,000 01/11/2021 7.63% 134,329 0.15%Garfunkelux Holdco 2 GBP 300,000 01/11/2023 11.00% 227,070 0.25%Garrett LX I Sarl EUR 200,000 15/10/2026 5.13% 159,277 0.18%Intelsat Jackson Holdings USD 538,000 15/10/2024 8.50% 411,865 0.47%

62



Fair ValueGBP

Fund % of NAV*


Luxembourg 3.37% (continued)

Intelsat Jackson Holdings USD 300,000 15/07/2025 9.75% 237,391 0.27%Mallinckrodt International Finance USD 285,000 15/10/2023 5.63% 171,188 0.19%Mallinckrodt International Finance USD 285,000 15/04/2025 5.50% 155,524 0.17%Minerva Luxembourg USD 200,000 19/01/2028 5.88% 137,209 0.15%Monitchem HoldCo 2 EUR 200,000 15/06/2022 6.88% 145,175 0.16%Puma International Financing USD 200,000 06/10/2024 5.13% 126,294 0.14%Rossini Sarl EUR 100,000 30/10/2025 6.75% 89,362 0.10%Swissport Financing Sarl EUR 200,000 15/12/2022 9.75% 189,297 0.21%Swissport Financing Sarl EUR 200,000 15/12/2021 6.75% 184,586 0.21%Takko Luxembourg 2 EUR 200,000 15/11/2023 5.38% 129,258 0.15%

Total Luxembourg 3,004,125 3.37%

Malta 0.48%

VistaJet Malta Finance USD 570,000 01/06/2020 7.75% 430,767 0.48%

Mauritius 0.16%

Lodha Developers International USD 200,000 13/03/2020 12.00% 139,447 0.16%

Mexico 0.72%

Petroleos Mexicanos USD 600,000 04/08/2026 6.88% 459,092 0.51%Petroleos Mexicanos USD 250,000 13/03/2027 6.50% 185,007 0.21%

Total Mexico 644,099 0.72%

Netherlands 3.86%

Bharti Airtel International Netherlands USD 273,000 20/05/2024 5.35% 211,055 0.24%Braskem Netherlands Finance USD 200,000 10/01/2028 4.50% 145,730 0.16%CBR Fashion Finance EUR 250,000 01/10/2022 5.13% 185,288 0.21%Constellium EUR 375,000 15/02/2026 4.25% 305,119 0.34%Darling Global Finance EUR 100,000 15/05/2026 3.63% 89,127 0.10%Diamond BC EUR 300,000 15/08/2025 5.63% 230,564 0.26%Eagle Intermediate Global Holding EUR 100,000 01/05/2023 5.38% 82,882 0.09%Energizer Gamma Acquisition EUR 150,000 15/07/2026 4.63% 126,474 0.14%InterXion Holding EUR 400,000 15/06/2025 4.75% 368,977 0.41%LBC Tank Terminals Holding Netherlands USD 285,000 15/05/2023 6.88% 201,398 0.23%Maxeda DIY Holding EUR 100,000 15/07/2022 6.13% 82,783 0.09%Nostrum Oil & Gas Finance USD 200,000 25/07/2022 8.00% 107,037 0.12%Nostrum Oil & Gas Finance USD 200,000 16/02/2025 7.00% 97,529 0.11%Starfruit Finco EUR 150,000 01/10/2026 6.50% 125,005 0.14%Sunshine Mid EUR 350,000 15/05/2026 6.50% 290,919 0.33%Syngenta Finance USD 325,000 24/04/2028 5.18% 237,069 0.27%Teva Pharmaceutical Finance Netherlands III USD 500,000 15/04/2024 6.00% 379,127 0.42%Ziggo EUR 200,000 15/01/2027 4.25% 177,024 0.20%


63



Fair ValueGBP

Fund % of NAV*


Singapore 1.30%

BPRL International Singapore USD 400,000 18/01/2027 4.38% 297,550 0.34%Oil India International USD 400,000 21/04/2027 4.00% 287,874 0.32%ONGC Videsh Vankorneft USD 400,000 27/07/2026 3.75% 292,514 0.33%STATS ChipPAC USD 200,000 24/11/2020 8.50% 161,825 0.18%Theta Capital USD 200,000 11/04/2022 7.00% 116,977 0.13%


South Korea 0.47%

Heungkuk Life Insurance USD 600,000 09/11/2047 4.48% 418,182 0.47%

Spain 0.71%

AI Candelaria Spain USD 600,000 15/12/2028 7.50% 454,108 0.51%Naviera Armas EUR 200,000 31/07/2023 6.50% 175,951 0.20%

Total Spain 630,059 0.71%

Sweden 0.82%

Unilabs Subholding EUR 205,000 15/05/2025 5.75% 167,247 0.19%Verisure Midholding EUR 650,000 01/12/2023 5.75% 564,491 0.63%

Total Sweden 731,738 0.82%


Algeco Global Finance EUR 400,000 15/02/2023 6.50% 352,764 0.40%Arqiva Broadcast Finance GBP 150,000 30/09/2023 6.75% 150,735 0.17%Arrow Global Finance GBP 300,000 15/09/2024 5.13% 269,400 0.30%Boparan Finance EUR 100,000 15/07/2021 4.38% 65,451 0.07%Heathrow Finance GBP 250,000 01/03/2027 3.88% 226,747 0.25%IDH Finance GBP 400,000 15/08/2022 6.25% 332,200 0.37%International Personal Finance EUR 105,000 07/04/2021 5.75% 84,274 0.09%Iron Mountain UK GBP 100,000 15/11/2025 3.88% 88,920 0.10%Jerrold Finco GBP 200,000 15/01/2024 6.13% 192,999 0.22%Jewel UK Bondco GBP 400,000 15/04/2023 8.50% 373,690 0.42%KCA Deutag UK Finance USD 500,000 01/04/2022 9.88% 323,885 0.36%KCA Deutag UK Finance USD 200,000 01/04/2023 9.63% 127,198 0.14%MARB USD 200,000 19/01/2025 6.88% 146,025 0.16%Neptune Energy Bondco USD 400,000 15/05/2025 6.63% 292,871 0.33%Ocado Group GBP 500,000 15/06/2024 4.00% 485,550 0.55%Perform Group Financing GBP 500,000 15/11/2020 8.50% 502,760 0.57%RAC Bond Co GBP 100,000 06/11/2022 5.00% 89,747 0.10%Synlab Bondco EUR 300,000 01/07/2022 6.25% 274,676 0.31%Travelex Financing EUR 500,000 15/05/2022 8.00% 385,670 0.43%Tullow Oil USD 850,000 15/04/2022 6.25% 645,709 0.73%Vedanta Resources USD 200,000 31/05/2023 7.13% 141,606 0.16%Virgin Media Secured Finance GBP 100,000 15/01/2027 4.88% 94,250 0.11%Virgin Media Secured Finance GBP 90,000 15/01/2025 5.50% 89,708 0.10%Viridian Group FinanceCo EUR 200,000 15/09/2025 4.00% 165,665 0.19%


64



Fair ValueGBP

Fund % of NAV*



Acrisure USD 300,000 15/11/2025 7.00% 201,986 0.23%Allegiant Travel USD 1,000,000 15/07/2019 5.50% 789,102 0.88%AMC Entertainment Holdings GBP 170,000 15/11/2024 6.38% 159,001 0.18%American Airlines Group USD 500,000 01/10/2019 5.50% 395,532 0.44%Apex Tool Group USD 570,000 15/02/2023 9.00% 380,418 0.43%Avantor USD 570,000 01/10/2025 9.00% 448,669 0.50%Avantor EUR 150,000 01/10/2024 4.75% 135,986 0.15%BWAY Holding EUR 250,000 15/04/2024 4.75% 220,336 0.25%Calumet Specialty Products Partners USD 570,000 15/01/2022 7.63% 362,516 0.41%Carlson Travel USD 285,000 15/12/2023 6.75% 216,223 0.24%CCO Holdings USD 998,000 01/05/2026 5.50% 755,200 0.85%CCO Holdings USD 600,000 01/05/2027 5.88% 458,150 0.51%CenturyLink USD 500,000 01/12/2023 6.75% 379,338 0.43%CGG Holding US EUR 250,000 01/05/2023 7.88% 228,264 0.26%Cheniere Energy Partners USD 597,000 01/10/2026 5.63% 439,453 0.49%Chesapeake Energy USD 285,000 15/01/2025 8.00% 198,600 0.22%Citgo Holding USD 985,000 15/02/2020 10.75% 790,800 0.88%Compass Minerals International USD 570,000 15/07/2024 4.88% 407,271 0.46%CSC Holdings USD 285,000 01/04/2028 7.50% 224,335 0.25%DISH DBS USD 285,000 01/07/2026 7.75% 185,733 0.21%Eldorado Resorts USD 443,000 15/09/2026 6.00% 329,572 0.37%Endo Finance USD 285,000 15/01/2022 7.25% 194,684 0.22%Envision Healthcare USD 600,000 15/10/2026 8.75% 408,684 0.46%EP Energy USD 585,000 15/02/2025 8.00% 191,769 0.22%Frontier Communications USD 665,000 15/03/2019 7.13% 509,741 0.57%Golden Nugget USD 285,000 01/10/2025 8.75% 215,384 0.24%Hecla Mining USD 430,000 01/05/2021 6.88% 331,928 0.37%Hilcorp Energy I USD 500,000 01/11/2028 6.25% 346,950 0.39%Hughes Satellite Systems USD 428,000 01/08/2026 6.63% 308,751 0.35%Infor US EUR 400,000 15/05/2022 5.75% 363,338 0.41%JBS USA LUX USD 285,000 01/06/2021 7.25% 226,013 0.25%JBS USA LUX USD 285,000 15/02/2028 6.75% 219,020 0.25%Jonah Energy USD 428,000 15/10/2025 7.25% 218,436 0.25%Kenan Advantage Group USD 550,000 31/07/2023 7.88% 415,652 0.47%KGA Escrow USD 500,000 15/08/2023 7.50% 388,171 0.44%Kronos International EUR 200,000 15/09/2025 3.75% 161,572 0.18%LPL Holdings USD 230,000 15/09/2025 5.75% 169,755 0.19%Moog USD 600,000 01/12/2022 5.25% 468,750 0.53%Nielsen Finance USD 500,000 15/04/2022 5.00% 376,884 0.42%Ortho-Clinical Diagnostics USD 1,155,000 15/05/2022 6.63% 820,724 0.91%Peabody Energy USD 285,000 31/03/2022 6.00% 217,901 0.24%Platform Specialty Products USD 428,000 01/12/2025 5.88% 315,892 0.35%Prime Security Services Borrower USD 535,000 15/05/2023 9.25% 434,246 0.49%QEP Resources USD 285,000 01/03/2026 5.63% 186,573 0.21%Refinitiv US Holdings USD 150,000 15/11/2026 8.25% 107,913 0.12%RegionalCare Hospital Partners Holdings USD 111,000 01/05/2023 8.25% 88,353 0.10%Sprint Capital USD 570,000 15/11/2028 6.88% 424,054 0.48%Sprint USD 555,000 01/03/2026 7.63% 431,415 0.48%TIBCO Software USD 600,000 01/12/2021 11.38% 494,661 0.56%TMS International USD 570,000 15/08/2025 7.25% 419,578 0.47%Triumph Group USD 285,000 01/04/2021 4.88% 201,957 0.23%

65



Fair ValueGBP

Fund % of NAV*



Triumph Group USD 285,000 15/08/2025 7.75% 198,041 0.22%Triumph Group USD 285,000 01/06/2022 5.25% 195,803 0.22%United States Steel USD 500,000 15/08/2025 6.88% 361,181 0.41%USIS Merger Sub USD 281,000 01/05/2025 6.88% 203,116 0.23%Veritas US USD 570,000 01/02/2024 10.50% 296,502 0.33%VFH Parent USD 855,000 15/06/2022 6.75% 654,186 0.73%Warrior Metal Inc USD 285,000 01/11/2024 8.00% 222,656 0.25%WildHorse Resource Development USD 102,000 01/02/2025 6.88% 76,084 0.09%WMG Acquisition EUR 100,000 15/10/2026 3.63% 88,613 0.10%Wynn Las Vegas USD 428,000 01/03/2025 5.50% 314,212 0.35%Zachry Holdings USD 860,000 01/02/2020 7.50% 665,122 0.75%


Venezuela 0.06%

Petroleos de Venezuela USD 200,000 17/11/2021 9.00% 29,679 0.03%Petroleos de Venezuela USD 200,000 15/11/2026 6.00% 23,752 0.03%

Total Venezuela 53,431 0.06%

Total Corporate Bonds 55,259,247 62.01%

Government Bonds 28.99%

Angola 0.52%

Angolan Government International Bond USD 200,000 12/11/2025 9.50% 165,666 0.18%Angolan Government International Bond USD 200,000 09/05/2028 8.25% 148,305 0.17%Angolan Government International Bond USD 200,000 08/05/2048 9.38% 147,445 0.17%

Total Angola 461,416 0.52%

Argentina 0.56%

Argentine Republic Government International Bond USD 300,000 22/04/2026 7.50% 189,473 0.21%Argentine Republic Government International Bond USD 325,000 11/01/2028 5.88% 184,369 0.21%Argentine Republic Government International Bond USD 200,000 22/04/2026 7.50% 126,315 0.14%

Total Argentina 500,157 0.56%

Azerbaijan 0.44%

Republic of Azerbaijan International Bond USD 500,000 18/03/2024 4.75% 392,374 0.44%

Brazil 2.09%

Brazil Notas do Tesouro Nacional BRL 1,510,000 15/08/2024 6.00% 1,060,600 1.20%Brazil Notas do Tesouro Nacional BRL 700,000 15/08/2050 6.00% 530,157 0.59%Brazil Notas do Tesouro Nacional BRL 382,000 15/08/2026 6.00% 271,557 0.30%

Total Brazil 1,862,314 2.09%

Chile 0.92%

Bonos del Banco Central de Chile en UF CLP 634,013,170 01/05/2028 3.00% 818,771 0.92%

Colombia 2.40%

Colombia Government International Bond USD 1,125,000 15/03/2029 4.50% 874,490 0.99%

66



Fair ValueGBP

Fund % of NAV*


Colombia 2.40% (continued)

Colombia Government International Bond USD 290,000 25/04/2027 3.88% 217,739 0.24%Colombian TES COP 2,256,671,266 17/03/2027 3.30% 564,370 0.63%Colombian TES COP 2,020,000,000 30/06/2032 7.00% 484,230 0.54%

Total Colombia 2,140,829 2.40%

Dominican Republic 0.13%

Dominican Republic International Bond USD 150,000 19/07/2028 6.00% 117,924 0.13%

Egypt 0.17%

Egypt Government International Bond USD 200,000 31/01/2027 7.50% 150,248 0.17%

Indonesia 2.49%

Indonesia Treasury Bond IDR 20,512,000,000 15/05/2028 6.13% 988,395 1.11%Indonesia Treasury Bond IDR 14,515,000,000 15/05/2027 7.00% 741,824 0.83%Indonesia Treasury Bond IDR 8,709,000,000 15/09/2026 8.38% 485,866 0.55%


Israel 0.58%

Israel Government Bond - Fixed ILS 2,450,000 28/09/2028 2.25% 516,422 0.58%

Ivory Coast 1.02%

Ivoryast Government International Bond USD 640,000 15/06/2033 6.13% 418,719 0.47%Ivoryast Government International Bond USD 400,000 03/03/2028 6.38% 283,408 0.32%Ivoryast Government International Bond EUR 183,000 22/03/2030 5.25% 145,260 0.16%Ivoryast Government International Bond USD 90,500 31/12/2032 5.75% 62,909 0.07%

Total Ivory Coast 910,296 1.02%

Mexico 3.30%

Mexican Udibonos MXN 32,731,774 04/12/2025 4.50% 1,339,438 1.50%Mexico Government International Bond USD 1,850,000 28/03/2027 4.15% 1,406,689 1.59%Mexico Government International Bond USD 250,000 11/01/2028 3.75% 184,077 0.21%

Total Mexico 2,930,204 3.30%

Nigeria 0.55%

Nigeria Government International Bond USD 300,000 28/11/2047 7.63% 199,017 0.22%Nigeria Government International Bond USD 200,000 21/01/2031 8.75% 153,223 0.17%Nigeria Government International Bond USD 200,000 23/02/2030 7.14% 139,375 0.16%

Total Nigeria 491,615 0.55%

Peru 1.92%

Peru Government Bond PEN 3,625,000 12/02/2029 5.94% 854,604 0.96%Peru Government Bond PEN 2,600,000 12/08/2032 6.15% 615,831 0.69%Peruvian Government International Bond PEN 958,000 12/08/2031 6.95% 242,303 0.27%

Total Peru 1,712,738 1.92%

67



Fair ValueGBP

Fund % of NAV*


Poland 1.16%

Republic of Poland Government Bond PLN 5,035,000 25/07/2027 2.50% 1,035,081 1.16%

Russia 1.82%

Russian Federal Inflation Linked Bond RUB 146,536,802 16/08/2023 2.50% 1,621,970 1.82%

Rwanda 0.62%

Rwanda International Government Bond USD 710,000 02/05/2023 6.63% 554,386 0.62%

Senegal 0.09%

Senegal Government International Bond EUR 100,000 13/03/2028 4.75% 82,867 0.09%

Serbia 0.71%

Serbia Treasury Bonds RSD 76,870,000 08/02/2028 5.88% 631,429 0.71%

South Africa 1.80%

Republic of South Africa Government Bond ZAR 14,000,000 31/03/2032 8.25% 685,890 0.77%Republic of South Africa Government Bond ZAR 7,000,000 28/02/2031 7.00% 314,290 0.35%Republic of South Africa Government Bond ZAR 5,000,000 28/02/2048 8.75% 243,003 0.27%Republic of South Africa Government International Bond USD 475,000 22/06/2030 5.88% 364,813 0.41%

Total South Africa 1,607,996 1.80%

South Korea 2.06%

Inflation Linked Korea Treasury Bond KRW 2,610,862,568 10/06/2026 1.00% 1,832,855 2.06%

Sri Lanka 0.53%

Sri Lanka Government International Bond USD 244,000 18/04/2023 5.75% 177,251 0.19%Sri Lanka Government International Bond USD 200,000 27/07/2021 6.25% 151,679 0.17%Sri Lanka Government International Bond USD 200,000 03/11/2025 6.85% 147,199 0.17%

Total Sri Lanka 476,129 0.53%

Thailand 2.60%

Thailand Government Bond THB 53,371,000 17/12/2026 2.13% 1,259,787 1.41%Thailand Government Bond THB 46,428,192 12/03/2028 1.25% 1,058,542 1.19%

Total Thailand 2,318,329 2.60%

Ukraine 0.47%

Ukraine Government International Bond USD 570,000 01/02/2024 8.99% 418,687 0.47%

Venezuela 0.04%

Venezuela Government International Bond USD 200,000 07/05/2023 9.00% 35,627 0.04%

Total Government Bonds 25,836,749 28.99%

68



Fair ValueGBP

Fund % of NAV*

Treasury Bonds 1.86%

Argentina 0.83%

Argentina Treasury Bill ARS 32,050,000 31/05/2019 0.00% 740,952 0.83%

Nigeria 1.03%

Nigeria Treasury Bill NGN 432,000,000 14/02/2019 0.00% 917,667 1.03%

Total Treasury Bonds 1,658,619 1.86%





Notional Amount


GBPFund % of

NAV*10 Year Ultra US Treasury Note 20 March 2019 UBS 32 3,203,284 66,972 0.07%Ultra US Treasury Bond 20 March 2019 UBS 4 478,716 27,330 0.03%2 Year US Treasury Note 29 March 2019 UBS 16 2,648,987 17,667 0.02%Long Term US Treasury Bond 20 March 2019 UBS 1 109,373 5,386 0.01%Euro-Bund 07 March 2019 UBS 2 291,137 2,495 0.00%Euro-Schatz 07 March 2019 UBS 2 200,832 126 0.00%Euro-Bobl 07 March 2019 UBS (9) (1,067,489) (3,029) (0.00%)Long GILT 27 March 2019 UBS (5) (610,500) (5,800) (0.01%)5 Year US Treasury Note 29 March 2019 UBS (27) (2,394,103) (36,581) (0.04%)10 Year US Treasury Note 20 March 2019 UBS (30) (2,811,058) (63,790) (0.07%) Unrealised Gain on Futures Contracts 119,976 0.13%Unrealised Loss on Futures Contracts (109,200) (0.12%) Total Futures Contracts 10,776 0.01%

69


Financial Derivative Instruments (0.31%) (continued) Open Forward Foreign Exchange Contracts held for Portfolio Hedging or Investment Purposes (0.02%)



GBPFund % of

NAV*GBP 43,607,000 USD (55,222,161) Canadian Imperial Bank of Commerce 04/02/2019 320,116 0.35%GBP 29,269,075 USD (37,016,307) National Australia Bank 18/01/2019 227,248 0.25%USD 4,276,470 CLP (2,866,518,000) HSBC 07/01/2019 114,593 0.13%USD 2,636,785 RUB (177,044,000) HSBC 09/01/2019 68,160 0.08%MXN 32,729,000 USD (1,603,184) JPMorgan Chase 07/01/2019 45,448 0.05%MYR 18,018,000 USD (4,309,495) Morgan Stanley 07/01/2019 39,454 0.04%JPY 153,226,000 USD (1,354,925) JPMorgan Chase 07/01/2019 33,105 0.04%MXN 34,689,000 USD (1,723,420) Brown Brothers Harriman 07/01/2019 29,150 0.03%USD 3,219,494 TRY (16,978,000) National Australia Bank 07/01/2019 27,577 0.03%IDR 40,378,278,370 USD (2,774,567) HSBC 07/01/2019 25,371 0.03%INR 147,483,000 USD (2,085,892) HSBC 07/01/2019 20,128 0.02%ILS 10,474,000 USD (2,785,323) JPMorgan Chase 04/02/2019 19,736 0.02%GBP 10,694,884 EUR (11,891,859) National Australia Bank 18/01/2019 15,441 0.02%USD 878,487 CLP (597,327,000) HSBC 07/01/2019 13,951 0.02%USD 3,080,772 IDR (44,147,466,000) National Australia Bank 07/01/2019 9,320 0.01%MXN 6,065,000 USD (298,086) Brown Brothers Harriman 07/01/2019 7,636 0.01%USD 626,621 COP (2,006,439,000) National Australia Bank 08/01/2019 6,981 0.01%USD 2,086,414 PEN (7,026,000) National Australia Bank 07/01/2019 5,609 0.01%USD 3,066,788 COP (9,943,293,000) Morgan Stanley 08/01/2019 4,337 0.00%USD 794,769 CLP (548,073,000) HSBC 07/01/2019 3,946 0.00%USD 406,776 KRW (449,121,000) JPMorgan Chase 07/01/2019 3,311 0.00%PEN 10,284,000 USD (3,039,366) Morgan Stanley 07/01/2019 3,197 0.00%EUR 1,143,000 USD (1,303,066) National Australia Bank 07/01/2019 3,126 0.00%GBP 226,000 USD (284,949) Brown Brothers Harriman 07/01/2019 2,309 0.00%PLN 3,153,000 USD (836,476) JPMorgan Chase 07/01/2019 2,236 0.00%HUF 627,300,000 USD (2,233,104) Morgan Stanley 07/01/2019 2,199 0.00%USD 3,120,308 MXN (61,427,000) Morgan Stanley 07/01/2019 2,147 0.00%CZK 6,648,000 USD (292,593) National Australia Bank 07/01/2019 2,138 0.00%ZAR 9,411,000 USD (648,918) National Australia Bank 04/02/2019 2,086 0.00%IDR 2,500,645,630 USD (171,183) National Australia Bank 07/01/2019 2,079 0.00%KRW 252,355,000 USD (223,888) HSBC 07/01/2019 1,809 0.00%HUF 35,469,000 USD (124,229) Brown Brothers Harriman 07/01/2019 1,722 0.00%INR 77,104,000 USD (1,098,152) HSBC 04/02/2019 1,633 0.00%USD 2,408,204 EUR (2,099,000) Canadian Imperial Bank of Commerce 04/02/2019 1,532 0.00%KRW 308,514,000 USD (274,772) Morgan Stanley 07/01/2019 1,379 0.00%USD 1,139,121 RUB (78,977,000) JPMorgan Chase 09/01/2019 1,273 0.00%GBP 158,000 USD (199,726) Morgan Stanley 07/01/2019 1,211 0.00%USD 763,782 TWD (23,345,000) Morgan Stanley 11/02/2019 1,168 0.00%USD 1,002,892 RUB (69,532,000) JPMorgan Chase 09/01/2019 1,121 0.00%TWD 29,163,000 USD (947,712) JPMorgan Chase 07/01/2019 1,100 0.00%KRW 126,695,000 USD (112,160) JPMorgan Chase 07/01/2019 1,099 0.00%USD 448,071 PEN (1,510,000) Morgan Stanley 07/01/2019 944 0.00%GBP 178,000 USD (225,656) HSBC 07/01/2019 855 0.00%USD 90,097 ZAR (1,281,000) National Australia Bank 07/01/2019 851 0.00%RON 760,000 USD (185,528) Brown Brothers Harriman 07/01/2019 846 0.00%IDR 1,268,542,000 USD (87,125) JPMorgan Chase 07/01/2019 830 0.00%COP 1,005,368,000 USD (308,112) JPMorgan Chase 04/02/2019 829 0.00%USD 116,629 BRL (449,000) HSBC 07/01/2019 647 0.00%CNH 2,983,000 USD (433,399) Brown Brothers Harriman 07/01/2019 625 0.00%GBP 119,000 USD (150,804) National Australia Bank 07/01/2019 616 0.00%KRW 211,393,000 USD (188,710) Canadian Imperial Bank of Commerce 07/01/2019 602 0.00%USD 142,161 GBP (111,000) Brown Brothers Harriman 07/01/2019 599 0.00%

70


Financial Derivative Instruments (0.31%) (continued) Open Forward Foreign Exchange Contracts held for Portfolio Hedging or Investment Purposes (0.02%) (continued)



GBPFund % of

NAV*EUR 83,000 USD (94,172) Morgan Stanley 07/01/2019 582 0.00%EUR 666,000 USD (760,865) Brown Brothers Harriman 07/01/2019 567 0.00%KRW 162,291,000 USD (144,773) Morgan Stanley 07/01/2019 543 0.00%USD 411,573 RUB (28,535,000) JPMorgan Chase 09/01/2019 460 0.00%ZAR 1,252,000 USD (86,422) Brown Brothers Harriman 07/01/2019 451 0.00%KRW 704,815,000 USD (631,181) Morgan Stanley 07/01/2019 440 0.00%USD 163,580 GBP (128,000) Brown Brothers Harriman 07/01/2019 414 0.00%CLP 275,804,000 USD (396,949) JPMorgan Chase 07/01/2019 369 0.00%GBP 103,000 USD (130,758) Brown Brothers Harriman 07/01/2019 352 0.00%MXN 790,000 USD (39,651) HSBC 07/01/2019 348 0.00%BRL 2,769,000 USD (712,411) National Australia Bank 04/02/2019 314 0.00%USD 1,133,375 RUB (78,977,000) JPMorgan Chase 04/02/2019 294 0.00%USD 708,726 PLN (2,661,000) Morgan Stanley 07/01/2019 291 0.00%CZK 6,648,000 USD (295,230) Canadian Imperial Bank of Commerce 04/02/2019 268 0.00%JPY 5,814,000 USD (52,802) Morgan Stanley 04/02/2019 257 0.00%USD 106,482 MXN (2,092,000) Morgan Stanley 07/01/2019 242 0.00%GBP 110,000 USD (139,821) Brown Brothers Harriman 07/01/2019 238 0.00%USD 125,096 GBP (98,000) National Australia Bank 07/01/2019 203 0.00%USD 90,508 RSD (9,345,000) JPMorgan Chase 04/02/2019 168 0.00%GBP 66,807 EUR (74,225) National Australia Bank 18/01/2019 149 0.00%USD 93,403 PEN (315,000) HSBC 07/01/2019 143 0.00%GBP 40,925 USD (52,002) National Australia Bank 18/01/2019 126 0.00%RUB 78,977,000 USD (1,137,342) JPMorgan Chase 09/01/2019 124 0.00%USD 186,747 RON (760,000) Brown Brothers Harriman 07/01/2019 110 0.00%USD 921,597 PHP (48,476,000) Morgan Stanley 07/01/2019 108 0.00%USD 112,172 GBP (88,000) HSBC 07/01/2019 57 0.00%USD 4,035,890 THB (131,344,000) Brown Brothers Harriman 04/02/2019 56 0.00%GBP 102,000 USD (129,938) HSBC 07/01/2019 (4) (0.00%)USD 8,716 CNH (60,000) Brown Brothers Harriman 07/01/2019 (13) (0.00%)EUR 24,459 GBP (22,001) National Australia Bank 18/01/2019 (36) (0.00%)EUR 36,467 GBP (32,830) National Australia Bank 18/01/2019 (80) (0.00%)RON 760,000 USD (186,663) Brown Brothers Harriman 04/02/2019 (130) (0.00%)GBP 98,000 USD (125,012) National Australia Bank 07/01/2019 (137) (0.00%)RSD 9,345,000 USD (90,526) JPMorgan Chase 08/01/2019 (176) (0.00%)KRW 116,739,000 USD (104,887) JPMorgan Chase 07/01/2019 (197) (0.00%)USD 397,475 CLP (275,804,000) JPMorgan Chase 04/02/2019 (241) (0.00%)USD 295,008 CZK (6,648,000) Canadian Imperial Bank of Commerce 07/01/2019 (242) (0.00%)USD 52,684 JPY (5,814,000) Morgan Stanley 07/01/2019 (257) (0.00%)USD 134,851 ILS (505,000) Brown Brothers Harriman 07/01/2019 (263) (0.00%)USD 3,193,199 TWD (98,127,000) HSBC 07/01/2019 (281) (0.00%)PLN 2,661,000 USD (709,146) Morgan Stanley 04/02/2019 (295) (0.00%)USD 90,587 KRW (101,485,000) JPMorgan Chase 07/01/2019 (296) (0.00%)USD 89,856 RSD (9,345,000) JPMorgan Chase 08/01/2019 (350) (0.00%)USD 1,078,539 PEN (3,646,000) Canadian Imperial Bank of Commerce 07/01/2019 (358) (0.00%)GBP 152,000 USD (194,146) JPMorgan Chase 07/01/2019 (409) (0.00%)THB 131,344,000 USD (4,034,526) Brown Brothers Harriman 07/01/2019 (543) (0.00%)USD 713,476 BRL (2,769,000) National Australia Bank 07/01/2019 (548) (0.00%)USD 631,662 KRW (704,815,000) Morgan Stanley 07/02/2019 (578) (0.00%)USD 97,789 MXN (1,942,000) National Australia Bank 07/01/2019 (606) (0.00%)USD 17,109 MXN (354,000) JPMorgan Chase 07/01/2019 (673) (0.00%)USD 153,208 KRW (171,892,000) JPMorgan Chase 07/01/2019 (677) (0.00%)PEN 1,140,000 USD (338,259) Morgan Stanley 07/01/2019 (697) (0.00%)

71





GBPFund % of

NAV*USD 308,395 COP (1,005,368,000) JPMorgan Chase 08/01/2019 (887) (0.00%)USD 101,247 KRW (114,245,000) Morgan Stanley 07/01/2019 (906) (0.00%)USD 153,063 GBP (121,014) National Australia Bank 18/01/2019 (925) (0.00%)USD 99,474 MYR (416,000) National Australia Bank 07/01/2019 (930) (0.00%)USD 207,717 GBP (164,000) Brown Brothers Harriman 07/01/2019 (938) (0.00%)USD 88,804 MYR (372,000) Morgan Stanley 07/01/2019 (948) (0.00%)USD 163,094 GBP (129,000) Canadian Imperial Bank of Commerce 07/01/2019 (968) (0.00%)PEN 1,073,000 USD (318,938) Morgan Stanley 07/01/2019 (1,095) (0.00%)USD 175,643 GBP (139,000) Brown Brothers Harriman 07/01/2019 (1,117) (0.00%)USD 1,006,133 INR (70,379,000) HSBC 07/01/2019 (1,171) (0.00%)USD 129,458 PLN (492,000) Brown Brothers Harriman 07/01/2019 (1,187) (0.00%)USD 258,058 GBP (204,000) HSBC 07/01/2019 (1,419) (0.00%)PHP 48,476,000 USD (923,423) HSBC 07/01/2019 (1,542) (0.00%)USD 90,675 TRY (494,000) Brown Brothers Harriman 07/01/2019 (1,554) (0.00%)USD 248,928 GBP (197,000) HSBC 07/01/2019 (1,586) (0.00%)TWD 23,345,000 USD (761,913) Morgan Stanley 07/01/2019 (1,685) (0.00%)PHP 48,476,000 USD (921,413) Morgan Stanley 04/02/2019 (1,838) (0.00%)USD 1,101,486 INR (77,104,000) HSBC 07/01/2019 (1,901) (0.00%)EUR 2,099,000 USD (2,402,746) Canadian Imperial Bank of Commerce 07/01/2019 (1,955) (0.00%)GBP 219,000 USD (281,602) JPMorgan Chase 07/01/2019 (2,064) (0.00%)USD 1,006,554 THB (32,864,000) Brown Brothers Harriman 07/01/2019 (2,170) (0.00%)USD 651,055 ZAR (9,411,000) National Australia Bank 07/01/2019 (2,263) (0.00%)USD 410,142 THB (13,458,000) Brown Brothers Harriman 07/01/2019 (2,496) (0.00%)USD 255,114 GBP (203,000) Brown Brothers Harriman 07/01/2019 (2,730) (0.00%)BRL 3,218,000 USD (833,571) Morgan Stanley 07/01/2019 (2,820) (0.00%)RUB 177,044,000 USD (2,553,587) HSBC 09/01/2019 (2,855) (0.00%)USD 115,176 MXN (2,346,000) Brown Brothers Harriman 07/01/2019 (3,053) (0.00%)USD 2,236,481 HUF (627,300,000) Morgan Stanley 04/02/2019 (3,086) (0.00%)USD 255,516 KRW (289,676,000) JPMorgan Chase 07/01/2019 (3,240) (0.00%)MXN 61,427,000 USD (3,107,239) Morgan Stanley 05/02/2019 (3,791) (0.00%)USD 420,364 CNH (2,923,000) National Australia Bank 07/01/2019 (4,002) (0.00%)USD 663,050 THB (21,758,000) Brown Brothers Harriman 07/01/2019 (4,067) (0.00%)USD 911,939 GBP (719,849) National Australia Bank 18/01/2019 (4,371) (0.00%)EUR 769,881 GBP (696,031) National Australia Bank 18/01/2019 (4,642) (0.01%)USD 671,415 KRW (756,383,000) JPMorgan Chase 07/01/2019 (5,141) (0.01%)USD 1,080,109 GBP (852,762) National Australia Bank 18/01/2019 (5,343) (0.01%)PEN 7,026,000 USD (2,084,495) National Australia Bank 04/02/2019 (5,852) (0.01%)TWD 45,619,000 USD (1,493,991) JPMorgan Chase 07/01/2019 (7,311) (0.01%)USD 4,554,170 EUR (3,991,000) National Australia Bank 07/01/2019 (7,562) (0.01%)USD 2,246,387 MYR (9,327,000) National Australia Bank 07/01/2019 (8,192) (0.01%)USD 844,795 MYR (3,538,000) Morgan Stanley 07/01/2019 (8,857) (0.01%)COP 2,669,124,000 USD (835,407) Morgan Stanley 08/01/2019 (10,721) (0.01%)USD 1,042,051 MYR (4,365,000) Morgan Stanley 07/01/2019 (11,095) (0.01%)USD 401,788 MXN (8,204,000) Brown Brothers Harriman 07/01/2019 (11,450) (0.01%)USD 1,927,018 THB (63,264,000) Brown Brothers Harriman 07/01/2019 (12,517) (0.01%)RUB 28,535,000 USD (428,808) JPMorgan Chase 09/01/2019 (13,988) (0.02%)COP 2,471,755,000 USD (778,996) Morgan Stanley 08/01/2019 (14,139) (0.02%)USD 1,405,369 GBP (1,120,000) HSBC 07/01/2019 (16,755) (0.02%)USD 2,778,861 ILS (10,474,000) JPMorgan Chase 07/01/2019 (19,614) (0.02%)USD 2,337,166 HUF (662,769,000) JPMorgan Chase 07/01/2019 (19,753) (0.02%)ILS 10,979,000 USD (2,966,311) HSBC 07/01/2019 (21,414) (0.02%)ZAR 9,440,000 USD (684,132) JPMorgan Chase 07/01/2019 (22,121) (0.02%)

72





GBPFund % of

NAV*USD 2,765,257 IDR (40,378,278,000) HSBC 04/02/2019 (25,785) (0.03%)RUB 69,532,000 USD (1,036,090) JPMorgan Chase 09/01/2019 (27,180) (0.03%)TRY 17,472,000 USD (3,314,911) JPMorgan Chase 07/01/2019 (29,746) (0.03%)CLP 1,173,480,000 USD (1,729,011) Morgan Stanley 07/01/2019 (29,902) (0.03%)TRY 16,978,000 USD (3,170,495) National Australia Bank 04/02/2019 (30,837) (0.03%)USD 1,303,942 JPY (147,412,000) Brown Brothers Harriman 07/01/2019 (31,513) (0.04%)CLP 833,839,000 USD (1,245,931) Morgan Stanley 07/01/2019 (34,866) (0.04%)COP 7,814,221,000 USD (2,468,168) HSBC 08/01/2019 (48,973) (0.05%)CLP 1,728,795,000 USD (2,584,148) Morgan Stanley 07/01/2019 (73,045) (0.08%)GBP 44,826,000 USD (57,301,076) National Australia Bank 07/01/2019 (156,557) (0.18%)USD 55,142,796 GBP (43,607,000) Canadian Imperial Bank of Commerce 07/01/2019 (318,738) (0.37%)



GBPFund % of

NAV*GBP 1,010 EUR (1,121) Brown Brothers Harriman 22/01/2019 3 0.00%EUR 2 GBP (2) Brown Brothers Harriman 22/01/2019 0 0.00%EUR 1,049 GBP (944) Brown Brothers Harriman 22/01/2019 (2) (0.00%)EUR 3,750 GBP (3,378) Brown Brothers Harriman 22/01/2019 (10) (0.00%)EUR 67,112 GBP (60,397) Brown Brothers Harriman 22/01/2019 (118) (0.00%)EUR 121,400 GBP (109,805) Brown Brothers Harriman 22/01/2019 (767) (0.00%)

Unrealised Gain on Open Forward Foreign Exchange Contracts held for Class Hedging Purposes 3 0.00%Unrealised Loss on Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (897) (0.00%) Total Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (894) (0.00%)

OTC Credit Default Swap Contracts 0.16%

Protection Position Description Counterparty Rate Maturity Date Currency

NotionalAmount


GBP Fund % of

NAV*Buy Turkey Government International Bond Morgan Stanley 1.00% 20/06/2023 USD 800,000 60,535 0.07%Buy Colombia Government International Bond Morgan Stanley 1.00% 20/06/2023 USD 3,525,000 51,668 0.06%Buy Republic of South Africa Government Bond Morgan Stanley 1.00% 20/06/2023 USD 800,000 28,316 0.03%

Total OTC Credit Default Swap Contracts 140,519 0.16%

Unrealised Gain on Open Forward Foreign Exchange Contracts held for Portfolio Hedging or Investment Purposes 1,093,100 1.15%Unrealised Loss on Open Forward Foreign Exchange Contracts held for Portfolio Hedging or Investment Purposes (1,109,256) (1.17%) Total Open Forward Foreign Exchange Contracts held for Portfolio Hedging or Investment Purposes (16,156) (0.02%) Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (0.00%)

73


Financial Derivative Instruments (0.31%) (continued)

OTC Interest Rate Swap Contracts (0.28%)

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


GBPFund % of

NAV*07/11/2028 Merrill Lynch KORIBOR 2.11% 880,000,000 16,290 0.02%02/01/2025 JPMorgan Chase 0.00% 0.00% 1,700,000 16,249 0.02%07/11/2028 Citibank 3M KLIBOR 4.23% 3,400,000 13,965 0.02%02/01/2025 JPMorgan Chase 0.00% 0.00% 1,000,000 9,478 0.01%08/11/2028 JPMorgan Chase TELBOR 2.30% 1,000,000 2,197 0.00%02/11/2025 JPMorgan Chase 2.02% KORIBOR 200,000,000 (2,194) 0.00%11/12/2028 Morgan Stanley 4.17% CHILBOR 403,200,000 (9,636) (0.01%)17/08/2028 Merrill Lynch 2.14% KORIBOR 2,090,208,000 (41,609) (0.05%)02/01/2023 JPMorgan Chase 0.00% 0.00% 12,454,000 (257,835) (0.29%)

Unrealised Gain on OTC Interest Rate Swap Contracts 58,179 0.07%Unrealised Loss on OTC Interest Rate Swap Contracts (311,274) (0.35%)

Total OTC Interest Rate Swap Contracts (253,095) (0.28%)

Centrally Cleared Interest Rate Swap Contracts (0.18%)

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


GBPFund % of

NAV*08/11/2028 Morgan Stanley 6M WIBOR 2.92% 3,000,000 24,769 0.03%07/11/2028 Morgan Stanley 3M HIBOR 3.06% 2,000,000 11,027 0.01%25/10/2028 Morgan Stanley 8.79% BANXICO 20,100,000 2,251 0.00%26/10/2028 Morgan Stanley BANXICO 8.84% 21,600,000 492 0.00%08/11/2028 JPMorgan Chase 3.18% 6M BUBOR 73,100,000 (18,008) (0.02%)09/11/2028 Merrill Lynch 2.67% 6M SIBOR 700,000 (19,210) (0.02%)08/11/2028 JPMorgan Chase 2.45% 6M PRIBOR 21,800,000 (51,405) (0.06%)11/08/2023 Morgan Stanley BANXICO 7.97% 57,132,000 (54,172) (0.06%)21/08/2023 Morgan Stanley 2.10% 6M BUBOR 725,767,000 (56,011) (0.06%)

Unrealised Gain on Centrally Cleared Interest Rate Swap Contracts 38,539 0.04%Unrealised Loss on Centrally Cleared Interest Rate Swap Contracts (198,806) (0.22%)

Total Centrally Cleared Interest Rate Swap Contracts (160,267) (0.18%)





*The percentage of net assets disclosed above is subject to rounding. (a) Indicates a perpetual bond. Maturity date represents next call date.

74

Fidelity Asia Pacific ex-Japan Equity Fund SCHEDULE OF INVESTMENTS AS AT 31 DECEMBER 2018

Number of

Shares Fair Value

USD Fund % of

NAV*

Equities 94.92%

Australia 6.90%

AGL Energy 5,905 85,711 0.03%Altium 15,839 242,318 0.09%Ansell 14,449 224,350 0.08%ASX 23,262 982,444 0.37%Atlassian 919 81,773 0.03%Australia & New Zealand Banking Group 96,544 1,667,324 0.63%Australian Pharmaceutical Industries 90,960 88,405 0.03%BHP Billiton 36,564 883,352 0.33%BlueScope Steel 32,037 247,014 0.09%Brambles 11,476 82,066 0.03%Coca-Cola Amatil 161,774 932,581 0.35%Cochlear 1,862 228,035 0.08%Coles Group 20,528 169,663 0.06%Commonwealth Bank of Australia 9,528 485,760 0.18%Computershare 13,940 168,859 0.06%Crown Resorts 29,441 245,925 0.09%CSL 5,815 759,166 0.28%Helloworld Travel 4,229 18,169 0.01%Insurance Australia Group 360,818 1,778,747 0.67%Macquarie Group 5,697 436,151 0.16%Macquarie Telecom Group 895 13,179 0.00%Medibank 508,676 920,441 0.34%National Australia Bank 13,670 231,856 0.09%Nine Entertainment Holdings 54,536 53,035 0.02%Noni B 4,151 7,943 0.00%Orora 87,396 189,105 0.07%Premier Investments 18,942 196,304 0.07%Regional Express Holdings 384 386 0.00%Regis Resources 93,083 316,849 0.12%Santos 93,424 360,123 0.13%Sonic Healthcare 16,835 262,498 0.10%Suncorp Group 24,132 214,663 0.08%Super Retail Group 102,232 506,416 0.19%Telstra 169,609 340,213 0.13%TPG Telecom 2,913 13,207 0.00%Washington H Soul Pattinson 16,415 287,722 0.11%Wesfarmers 84,797 1,925,517 0.73%Westpac Banking 12,450 219,881 0.08%Whitehavenal 45,489 138,556 0.05%Woolworths Group 120,741 2,503,407 0.94%


China 26.18%

Agricultural Bank of China 569,000 249,257 0.09%Air China 360,000 311,642 0.12%Alibaba Group Holding ADR 56,115 7,691,683 2.86%Angang Steel 318,000 219,402 0.08%Anhuinch Cement - CNH Shares 30,800 131,738 0.05%Anhuinch Cement - HKD Shares 181,500 877,822 0.33%Asia Cement China Holdings 158,000 110,810 0.04%Baidu ADR 27,084 4,295,522 1.59%

75

Fidelity Asia Pacific ex-Japan Equity Fund SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 DECEMBER 2018

Number of

Shares Fair Value

USD Fund % of

NAV*


China 26.18% (continued)

Bank of China 610,000 263,011 0.10%Bank of Communications 2,691,000 2,101,529 0.78%Bank of Gansu 97,000 34,023 0.01%Baoshan Iron & Steel 343,693 325,666 0.12%Beijing Capital International Airport 1,407,673 1,494,219 0.56%Changshouhua Food 24,000 9,325 0.00%China BlueChemical 2,737,684 860,242 0.32%China CITIC Bank 2,952,000 1,791,202 0.67%China Communications Services 594,000 492,576 0.18%Chinanstruction Bank - CNY Shares 118,700 110,187 0.04%Chinanstruction Bank - HKD Shares 4,334,000 3,549,432 1.32%China Everbright Bank 648,000 280,845 0.10%China Greenfresh Group 132,000 17,732 0.01%China Longyuan Power Group 536,000 365,952 0.14%China Medical System Holdings 272,000 253,949 0.09%China Merchants Bank 78,500 286,708 0.11%China Merchants Shekou Industrial Zone Holdings 125,220 316,863 0.12%China Minsheng Banking 372,000 256,612 0.10%China Pacific Insurance Group 323,000 1,043,917 0.39%China Petroleum & Chemical 3,956,000 2,820,291 1.05%China Railway Construction 36,000 50,010 0.02%China Railway Group 321,000 292,531 0.11%China Resources Pharmaceutical Group 248,500 323,687 0.12%China Shenhua Energy 56,000 122,151 0.05%China South Publishing & Media Group 1,004,546 1,829,238 0.68%China Telecom 560,000 286,968 0.11%China ZhengTong Auto Services Holdings 591,500 352,451 0.13%CNOOC 1,058,000 1,629,901 0.61%Country Garden Holdings 201,000 244,111 0.09%CSMall Group 261,000 39,388 0.01%CSPC Pharmaceutical Group 112,000 160,796 0.06%Dongfeng Motor Group 832,000 756,304 0.28%ENN Energy Holdings 34,500 306,673 0.11%Fosun International 793,500 1,156,572 0.43%HLA 36,476 45,118 0.02%Industrial & Commercial Bank of China 370,000 263,205 0.10%JD.com 43,599 912,527 0.34%Jiangsu Expressway 136,000 189,859 0.07%Jiangsu Hengrui Medicine 40,463 311,782 0.12%Jilin Jiutai Rural Commercial Bank 42,000 26,178 0.01%Jinke Properties Group 310,800 280,749 0.10%Koradior Holdings 15,000 18,733 0.01%Kweichow Moutai 7,700 664,666 0.25%Lenovo Group 264,000 178,368 0.07%Logan Property Holdings 86,000 107,398 0.04%Luye Pharma Group 1,138,500 792,520 0.30%New Oriental Education & Technology Group 12,847 704,144 0.26%PetroChina 5,940,000 3,686,290 1.37%PICC Property & Casualty 1,250,000 1,275,645 0.48%Ping An Insurance Group Co. of China 169,500 1,495,551 0.56%Postal Savings Bank of China 148,000 77,959 0.03%

76


Number of

Shares Fair Value

USD Fund % of

NAV*



RiseSun Real Estate Development 251,600 291,703 0.11%Shanghai Flyco Electrical Appliance 55,345 309,735 0.12%Shenergy 993,200 706,147 0.26%Shenzhou International Group Holdings 38,000 431,966 0.16%Silergy 5,000 73,578 0.03%Sinopec Engineering Group 438,500 359,982 0.13%Sinopec Shanghai Petrochemical 892,000 390,521 0.15%Sinopharm Group 15,200 64,005 0.02%Sinotrans 1,367,000 593,154 0.22%Sinotruk Hong Kong 117,500 177,171 0.07%Sunny Optical Technology Group 113,400 1,008,732 0.38%Tencent Holdings 224,400 8,995,351 3.34%Tingyi Cayman Islands Holding 726,315 972,902 0.36%Weibo 30,334 1,772,416 0.66%Weichai Power 43,000 49,236 0.02%Wuliangye Yibin 325,473 2,418,667 0.90%Wuxi Biologics Cayman 96,000 613,392 0.23%Xtep International Holdings 447,500 243,007 0.09%YiChang HEC ChangJiang Pharmaceutical 257,800 861,749 0.32%Yum China Holdings 5,700 191,121 0.07%Zhejiang Sanhua Intelligent Controls 172,200 319,164 0.12%Zhejiang Supor 39,727 303,955 0.11%

Total China 70,291,284 26.18%

Hong Kong 15.91%

AIA Group 696,000 5,782,391 2.16%APT Satellite Holdings 24,000 9,506 0.00%Asia Satellite Telecommunications Holdings 22,000 14,808 0.01%Beijing Enterprises Holdings 482,000 2,556,153 0.95%Bosideng International Holdings 942,000 178,076 0.07%China Agri-Industries Holdings 125,000 44,528 0.02%China Aoyuan Property Group 123,000 78,079 0.03%China Foods 416,000 151,876 0.06%China Mengniu Dairy 244,000 759,323 0.28%China Merchants Port Holdings 604,755 1,087,517 0.41%China Mobile 526,500 5,095,477 1.91%China Overseas Land & Investment 148,000 510,351 0.19%China Resources Cement Holdings 668,000 602,448 0.22%China Resources Gas Group 172,000 681,662 0.25%China Resources Land 224,000 861,781 0.32%China Taiping Insurance Holdings 273,600 752,341 0.28%China Unicom Hong Kong 224,000 238,686 0.09%Chow Tai Fook Jewellery Group 1,252,200 1,042,603 0.39%Chu Kong Shipping Enterprises Group 30,000 6,857 0.00%CITIC 190,000 298,188 0.11%CITIC Telecom International Holdings 3,327,000 1,167,716 0.43%Citychamp Watch & Jewellery Group 1,080,000 225,044 0.08%CK Hutchison Holdings 189,000 1,814,328 0.68%CK Infrastructure Holdings 86,000 650,918 0.24%CLP Holdings 139,500 1,576,707 0.59%COSCO SHIPPING Ports 2,754,342 2,708,235 1.01%

77


Number of

Shares Fair Value

USD Fund % of

NAV*



Coslight Technology International Group 102,000 31,397 0.01%Cross-Harbour Holdings Ltd. 26,000 38,645 0.01%Dah Sing Banking Group 524,800 926,607 0.35%Dairy Farm International Holdings 9,300 84,297 0.03%First Pacific 60,000 23,244 0.01%Galaxy Entertainment Group 183,000 1,156,117 0.43%Golden Resources Development International 38,000 2,427 0.00%Guangdong Investment 70,000 135,273 0.05%Haier Electronics Group 67,000 164,814 0.06%Hang Seng Bank 10,100 226,286 0.08%HKT Trust & HKT 480,000 691,556 0.26%Hong Kong & China Gas 133,000 274,825 0.10%Hong Kong Exchanges & Clearing 24,300 702,581 0.26%Hutchison Telecommunications Hong Kong Holdings 214,000 79,979 0.03%Hysan Development 67,000 318,658 0.12%IT 70,000 36,817 0.01%Keck Seng Investments 16,000 10,075 0.00%Kerry Properties 34,500 117,769 0.04%Kunlun Energy 3,942,000 4,188,933 1.56%Lifestyle International Holdings 325,743 493,885 0.18%Nissin Foods 213,000 98,088 0.04%NWS Holdings 17,000 34,912 0.01%PCCW 444,000 255,702 0.10%Power Assets Holdings 37,000 257,092 0.10%Shangri-La Asia 226,000 333,685 0.12%Shimao Property Holdings 116,000 309,001 0.12%Shougang Fushan Resources Group 330,000 66,983 0.02%SITC International Holdings 85,000 80,131 0.03%SmarTone Telecommunications Holdings 140,000 155,273 0.06%Swire Pacific 57,000 601,894 0.22%Techtronic Industries 195,500 1,037,606 0.39%Tianjin Development Holdings 60,000 23,351 0.01%Time Watch Investments 68,000 9,739 0.00%Value Partners Group 85,000 59,029 0.02%Xinyi Glass Holdings 480,000 530,310 0.20%Yuexiu Transport Infrastructure 352,000 267,073 0.10%

Total Hong Kong 42,719,653 15.91%

India 8.71%

Bharat Dynamics 6,066 23,959 0.01%CESC 15,731 150,600 0.06%Cipla 23,951 177,935 0.07%Container Corp. Of India 34,150 336,074 0.13%Cummins India 26,005 315,304 0.12%Dr Reddy's Laboratories 1,323 49,571 0.02%GAIL India 381,550 1,962,170 0.72%GlaxoSmithKline Consumer Healthcare 153 16,767 0.01%GlaxoSmithKline Pharmaceuticals 3,409 73,686 0.03%Glenmark Pharmaceuticals 4,609 45,703 0.02%HCL Technologies 82,920 1,145,640 0.43%HDFC Bank 50,989 1,551,187 0.57%

78


Number of

Shares Fair Value

USD Fund % of

NAV*


India 8.71% (continued)

Hindustan Unilever 25,384 660,782 0.25%Housing Development Finance 45,531 1,280,620 0.48%Infosys ADR 239,884 2,283,695 0.84%Infosys 160,802 1,520,809 0.56%ITC 144,633 583,067 0.22%JB Chemicals & Pharmaceuticals 7,718 33,672 0.01%JSW Steel 310,287 1,365,381 0.51%Jubilant Foodworks 26,355 472,969 0.18%Lupin 23,847 287,974 0.11%Mahanagar Gas 17,086 219,910 0.08%Mphasis 2,072 30,271 0.01%Nestle India 3,438 546,099 0.20%NIIT Technologies 914 15,031 0.01%Oil & Natural Gas 109,518 234,942 0.09%Oil India 24,195 60,594 0.02%Oracle Financial Services Software 1,730 91,683 0.03%Pfizer 13,570 555,632 0.21%Power Grid Corp. of India 534,228 1,507,624 0.55%Radico Khaitan 3,920 22,481 0.01%Rajesh Exports 18,341 149,923 0.06%Relaxo Footwears 4,501 47,135 0.02%Reliance Industries 74,277 1,196,328 0.45%Sanofi India 15,996 1,465,407 0.55%SJVN 52,565 19,274 0.01%Tata Consultancy Services 81,843 2,221,154 0.82%Tech Mahindra 6,108 63,128 0.02%Torrent Power 73,564 274,398 0.10%VST Industries 1,109 51,789 0.02%Wipro 54,603 258,244 0.10%

Total India 23,368,612 8.71%

Indonesia 1.74%

Ace Hardware Indonesia 250,000 25,934 0.01%Astra International 1,033,900 592,313 0.22%Bank Central Asia 655,600 1,185,619 0.44%Bank Negara Indonesia PT 22,800 13,985 0.01%Bank Rakyat Indonesia PT 6,335,000 1,613,895 0.60%Gudang Garam 109,300 636,857 0.24%Hanjaya Mandala Sampoerna 1,398,000 361,543 0.13%Hexindo Adiperkasa 35,600 7,056 0.00%Japfa Comfeed Indonesia 1,313,800 196,608 0.07%Mitra Pinasthika Mustika 376,200 23,691 0.01%Sona Topas Tourism Industry 26,600 10,544 0.00%Wijaya Karya Bangunan Gedung 907,800 15,166 0.01%


Malaysia 1.42%

Bermaz Auto 240,500 125,051 0.05%Carlsberg Brewery Malaysia 10,800 51,402 0.02%CIMB Group Holdings 581,610 803,087 0.31%

79


Number of

Shares Fair Value

USD Fund % of

NAV*


Malaysia 1.42% (continued)

DiGi.Com 32,400 35,207 0.01%Fraser & Neave Holdings 29,600 239,602 0.09%Gas Malaysia 13,500 9,233 0.00%Genting 44,000 64,912 0.02%Hartalega Holdings 135,100 200,487 0.07%Hong Leong Financial Group 24,900 111,720 0.04%Kossan Rubber Industries 124,100 130,386 0.05%Lafarge Malaysia 671,900 294,926 0.11%Lingkaran Trans Kota Holdings 24,300 24,403 0.01%Malayan Banking 112,100 257,511 0.10%Malaysia Airports Holdings 43,500 88,117 0.03%Nestle Malaysia 1,600 56,982 0.02%Panasonic Manufacturing Malaysia 3,400 31,006 0.01%PBA Holdings 6,000 1,541 0.00%Petronas Chemicals Group 117,300 263,511 0.10%Petronas Dagangan 24,000 153,611 0.06%Petronas Gas 16,200 75,265 0.03%Public Bank 94,900 568,143 0.21%Supermax 226,100 190,305 0.07%TIME dotCom 18,800 36,811 0.01%

Total Malaysia 3,813,219 1.42%

New Zealand 0.26%

Abano Healthcare Group 8,669 37,572 0.01%Briscoe Group 6,549 14,843 0.01%Chorus 10,293 33,507 0.01%Delegat Group 1,500 9,907 0.00%EBOS Group 716 9,644 0.00%Hallenstein Glasson Holdings 4,868 13,645 0.01%Metlifecare 7,310 26,461 0.01%New Zealand King Salmon Investments 6,236 9,541 0.00%Oceania Healthcare 79,182 56,875 0.02%PGG Wrightson 35,887 12,273 0.00%Restaurant Brands New Zealand 7,732 43,302 0.02%Ryman Healthcare 5,964 42,999 0.02%Spark New Zealand 100,571 280,263 0.11%Trade Me Group 16,779 70,569 0.03%Turners Automotive Group 7,046 11,199 0.00%Z Energy 5,248 19,341 0.01%

Total New Zealand 691,941 0.26%

Philippines 1.32%

Century Pacific Food 67,300 19,455 0.01%Cosco Capital 287,500 36,696 0.01%Filinvest Land 1,118,000 29,885 0.01%Globe Telecom 23,615 851,299 0.33%International Container Terminal Services 75,590 143,748 0.05%LT Group 973,500 307,177 0.11%Manila Electric 150,140 1,085,019 0.41%Metropolitan Bank & Trust 421,780 651,184 0.24%

80


Number of

Shares Fair Value

USD Fund % of

NAV*


Philippines 1.32% (continued)

Philippine National Bank 32,500 26,425 0.01%Puregold Price Club 275,300 224,894 0.08%Robinsons Retail Holdings 104,770 159,865 0.06%San Miguel 1,920 5,373 0.00%

Total Philippines 3,541,020 1.32%

Singapore 1.90%

BOC Aviation 14,100 104,056 0.04%City Developments 108,900 649,207 0.24%DBS Group Holdings 4,600 79,990 0.03%First Resources 268,000 303,650 0.11%Haw Par 5,400 47,621 0.02%IGG 10,000 13,716 0.01%Oversea-Chinese Banking 31,700 262,200 0.10%Sheng Siong Group 224,000 174,112 0.06%Singapore Technologies Engineering 103,200 264,543 0.10%Singapore Telecommunications 30,100 64,780 0.02%Stamford Land 54,200 19,430 0.01%United Overseas Bank 172,100 3,113,173 1.16%


South Korea 14.98%

Asiana Airlines 29,797 110,541 0.04%AtlasBX 214 9,956 0.00%Binggrae 3,347 217,034 0.08%BNK Financial Group 7,237 47,527 0.02%Cheil Worldwide 9,099 183,387 0.07%CJ CheilJedang 424 125,682 0.05%CJ Logistics 2,192 327,878 0.12%CKD Bio 495 9,235 0.00%Cosmax 5,108 596,717 0.22%Daesang 2,894 65,191 0.02%F&F 1,176 42,338 0.02%Fila Korea 130 6,279 0.00%GS Holdings 1,338 61,829 0.02%Gwangju Shinsegae 279 45,054 0.02%Handsome 3,702 120,104 0.04%Hotel Shilla 20,644 1,416,016 0.53%Hyundai Department Store 1,104 89,403 0.03%Hyundai Greenfood 4,493 57,587 0.02%Hyundai Hy Communications & Network 15,569 56,592 0.02%Hyundai Motor - Preference Shares 5,729 360,621 0.13%Hyundai Motor - Preference Shares 2nd 4,636 319,908 0.12%Hyundai Motor 13,520 1,435,288 0.53%Hyundai Steel 65,762 2,674,148 1.01%Il Dong Pharmaceutical 2,017 36,975 0.01%Ilshin Spinning 125 10,767 0.00%Industrial Bank of Korea 8,857 111,546 0.04%Innocean Worldwide 512 29,014 0.01%Jeju Bank 1,562 6,520 0.00%

81


Number of

Shares Fair Value

USD Fund % of

NAV*


South Korea 14.98% (continued)

JLS 2,765 17,288 0.01%JYP Entertainment 1,063 28,910 0.01%Kangwon Land 973 27,855 0.01%KB Financial Group 32,790 1,367,895 0.51%KCC 1,906 526,707 0.20%Kia Motors 9,346 281,706 0.10%Korea Electric Power ADR 7,975 117,631 0.04%Korea Electric Power 37,880 1,122,067 0.42%Korea Investment Holdings 3,665 196,013 0.07%Korea Zinc 1,692 655,154 0.24%Korean Air Lines 53,648 1,590,145 0.59%Korean Reinsurance 15,885 123,236 0.05%KT 467 6,641 0.00%KT Skylife 4,241 43,706 0.02%KT&G 8,352 760,421 0.28%Kumho Petrochemical 11,045 864,792 0.32%LF 1,196 26,586 0.01%LG Uplus 25,989 410,735 0.15%LOTTE Fine Chemical 36,102 1,329,745 0.50%Lotte Food 59 37,458 0.01%LOTTE Himart 779 32,641 0.01%Lotte Shopping 1,369 258,476 0.10%Macquarie Korea Infrastructure Fund 7,140 59,447 0.02%Multicampus 1,039 41,199 0.02%Namyang Dairy Products 69 38,598 0.01%NICE Information Service 9,713 95,225 0.04%POSCO 699 152,893 0.06%Samsung C&T 16,867 1,596,546 0.60%Samsung Card 24,331 751,685 0.28%Samsung Electro-Mechanics 3,851 358,997 0.13%Samsung Electronics - Preference Shares 20,298 579,988 0.22%Samsung Electronics 292,542 10,183,889 3.80%Samsung Engineering 21,949 346,629 0.13%Samsung Fire & Marine Insurance 12,239 2,942,980 1.11%Samsung Life Insurance 2,443 178,764 0.07%Samsung SDS 3,521 644,376 0.24%Seoul City Gas 47 3,597 0.00%Shinhan Financial Group 14,844 526,311 0.20%SK Hynix 9,126 497,518 0.19%SK Innovation 1,028 165,009 0.06%SK Telecom 1,693 408,487 0.15%Soulbrain 15,887 678,523 0.25%State Bank of Waterloo 5,195 4,733 0.00%TS/Korea 616 10,514 0.00%Youngone 45,111 1,553,610 0.58%

Total South Korea 40,218,463 14.98%

Taiwan 12.81%

Ambassador Hotel 13,000 9,704 0.00%ASE Technology Holding 1,494,000 2,830,914 1.04%Asustek Computer 131,000 858,552 0.32%

82


Number of

Shares Fair Value

USD Fund % of

NAV*


Taiwan 12.81% (continued)

Catcher Technology 134,000 981,124 0.37%Chailease Holding 66,000 208,175 0.08%Chin-Poon Industrial 586,000 689,734 0.26%Chunghwa Telecom 47,000 171,605 0.06%Coretronic 97,000 120,985 0.05%CTBC Financial Holding 1,131,000 743,897 0.28%Delta Electronics 174,000 732,335 0.27%E.Sun Financial Holding 2,337,000 1,528,789 0.57%Eva Airways 406,350 208,787 0.08%Far Eastern International Bank 312,238 101,443 0.04%Far Eastern New Century 1,076,000 977,176 0.36%Feng TAY Enterprise 26,000 148,513 0.06%First Financial Holding 333,000 216,944 0.08%Formosa Taffeta 238,000 267,733 0.10%Foxconn Technology 215,000 424,519 0.16%Great Taipei Gas 20,000 18,789 0.01%Holy Stone Enterprise 39,000 132,045 0.05%Hua Nan Financial Holdings 416,000 236,912 0.09%Kinsus Interconnect Technology 559,000 789,495 0.29%Lian HWA Food 21,000 25,079 0.01%Lite-On Technology 1,149,000 1,517,305 0.57%MediaTek 228,000 1,696,890 0.63%Novatek Microelectronics 85,000 392,419 0.15%Powertech Technology 689,000 1,481,233 0.55%President Chain Store 154,000 1,551,552 0.58%Realtek Semiconductor 92,000 426,690 0.16%Ruentex Industries 409,600 1,047,424 0.39%Run Long Construction 52,000 92,094 0.03%Simplo Technology 190,000 1,288,270 0.48%Sino-American Silicon Products 71,000 141,228 0.05%Taichung Commercial Bank 1,477,000 489,516 0.18%Taiwan Business Bank 787,280 265,069 0.10%Taiwan FamilyMart 18,000 124,300 0.05%Taiwan Fertilizer 483,000 679,467 0.25%Taiwan High Speed Rail 987,000 979,493 0.36%Taiwan Mobile 75,000 259,732 0.10%Taiwan Semiconductor Manufacturing ADR 60,400 2,229,364 0.83%Taiwan Semiconductor Manufacturing 524,000 3,804,885 1.41%Taiwan Styrene Monomer 393,000 287,836 0.11%Ten Ren Tea 8,000 9,902 0.00%Ttet Union 17,000 54,194 0.02%TTFB 4,000 29,837 0.01%Uni-President Enterprises 930,000 2,109,852 0.79%United Integrated Services 115,200 336,315 0.13%Yageo 23,000 238,230 0.09%Zhen Ding Technology Holding 161,000 418,789 0.16%

Total Taiwan 34,375,135 12.81%

Thailand 2.57%

Advanced Info Service 44,800 240,675 0.09%Airports of Thailand 17,500 34,532 0.01%

83


Number of

Shares Fair Value

USD Fund % of

NAV*


Thailand 2.57% (continued)

AP Thailand 4,667,200 860,049 0.31%Bangkok Bank NVDR 192,600 1,202,031 0.44%Bangkok Bank 43,100 268,990 0.10%Bank of Ayudhya 8,300 9,759 0.00%CP ALL 363,800 766,694 0.29%Electricity Generating 60,600 461,572 0.17%Home Product Center 1,078,400 503,430 0.19%Kasikornbank 134,500 765,086 0.29%Kiatnakin Bank 79,400 161,556 0.06%Krung Thai Bank 457,200 269,602 0.10%LH Financial Group 356,300 14,992 0.01%PTT Exploration & Production 34,100 118,868 0.04%PTT Global Chemical 190,800 417,522 0.16%PTT 148,300 210,245 0.08%Thai Vegetable Oil 89,700 73,005 0.03%Thanachart Capital 319,700 488,485 0.18%TTW 106,500 40,559 0.02%



HSBC Holdings 31,600 260,782 0.10%Rio Tinto 255 14,106 0.01%Standard Chartered 41,300 314,490 0.11%

Total United Kingdom 589,378 0.22%

Total Equities 254,805,160 94.92%


Australia 0.40%

Charter Hall Retail REIT 106,417 335,652 0.13%Goodman Group 64,197 480,653 0.18%Stockland 101,953 252,799 0.09%


Hong Kong 0.32%

Link REIT 63,000 638,770 0.23%Regal Real Estate Investment Trust 96,000 27,356 0.01%Sunlight Real Estate Investment Trust 89,000 57,091 0.02%Yuexiu Real Estate Investment Trust 231,000 148,085 0.06%

Total Hong Kong 871,302 0.32%

Singapore 0.01%

Mapletreemmercial Trust 15,000 18,149 0.01%


84


Number of

Shares Fair Value

USD Fund % of

NAV*

Warrants 0.23%

Netherlands 0.19%

Guangzhou Baiyun International Airport (expires 04/07/2019) 347,682 507,963 0.19%


Guangzhou Baiyun International Airport (expires 23/11/2022) 70,698 100,886 0.04%

Total Warrants 608,849 0.23%


Financial Derivative Instruments 0.01%



Notional Amount


USDFund % of

NAV*MSCI Asia Ex Japan 15 March 2019 UBS 87 3,920,690 (47,450) (0.02%)Total Futures Contracts (47,450) (0.02%)

Open Forward Foreign Exchange Contracts held for Class Hedging Purposes 0.00%



USDFund % of

NAV*EUR 18,010 USD (20,451) Brown Brothers Harriman 22/01/2019 171 0.00%EUR 9,083 USD (10,331) Brown Brothers Harriman 22/01/2019 70 0.00%EUR 525 USD (598) Brown Brothers Harriman 22/01/2019 3 0.00%EUR 638 USD (728) Brown Brothers Harriman 22/01/2019 2 0.00%EUR 7,102 USD (8,130) Brown Brothers Harriman 22/01/2019 2 0.00%EUR 1 USD (1) Brown Brothers Harriman 22/01/2019 0 0.00%USD 357 EUR (311) Brown Brothers Harriman 22/01/2019 0 0.00%USD 55 EUR (49) Brown Brothers Harriman 22/01/2019 (1) (0.00%)USD 76 EUR (67) Brown Brothers Harriman 22/01/2019 (1) (0.00%)USD 580 EUR (508) Brown Brothers Harriman 22/01/2019 (1) (0.00%)USD 263 EUR (232) Brown Brothers Harriman 22/01/2019 (2) (0.00%) Unrealised Gain on Open Forward Foreign Exchange Contracts held for Class Hedging Purposes 248 0.00%Unrealised Loss on Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (5) (0.00%) Total Open Forward Foreign Exchange Contracts held for Class Hedging Purposes 243 0.00%

85


Financial Derivative Instruments 0.01% (continued) Centrally Cleared Option Contracts 0.03%

Purchased Options


Fair Value USD

Fund % of NAV*

Put Option on Hang Seng Index UBS 4 24,600.00 27/06/2019 29,989 0.02%Put Option on Hang Seng China Enterprises Index UBS 7 9,600.00 27/06/2019 21,592 0.01%Put Option on Hang Seng China Enterprises Index UBS 3 9,800.00 27/06/2019 10,710 0.00%Put Option on Hang Seng China Enterprises Index UBS 3 9,500.00 27/06/2019 8,545 0.00%Put Option on Hang Seng Index UBS 1 24,000.00 27/06/2019 6,201 0.00%Put Option on Hang Seng China Enterprises Index UBS 2 9,400.00 27/06/2019 5,288 0.00%Total Purchased Options 82,325 0.03%

Total Financial Derivative Instruments 35,118 0.01%



Assets(a) Transferable securities admitted to an official stock exchange listing 257,372,564 95.72%(b) Financial derivative instruments 35,118 0.01%(c) Other assets 11,476,523 4.27%Total Assets 268,884,205 100.00%


86

Fidelity Alternative Listed Equity Fund SCHEDULE OF INVESTMENTS AS AT 31 DECEMBER 2018

Number of

Shares Fair Value

GBP Fund % of

NAV*

Equities 18.77%

Guernsey 12.85%

Amedeo Air Four Plus 727,088 767,148 1.95%Doric Nimrod Air Three 1,159,667 1,194,457 3.04%Doric Nimrod Air Two 534,260 1,154,180 2.94%Real Estate Credit Investments 1,167,097 1,930,381 4.92%

Total Guernsey 5,046,166 12.85%

Ireland 5.92%

Greencoat Renewables 2,512,790 2,323,404 5.92%

Total Equities 7,369,570 18.77%


Bermuda 2.10%

Catco Reinsurance Opportunities Fund 2,466,060 822,860 2.10%

Guernsey 35.13%

Chenavari Toro Income Fund 2,667,624 1,807,405 4.60%HICL Infrastructure 1,352,081 2,132,219 5.43%International Public Partnerships 1,479,999 2,267,494 5.78%Sequoia Economic Infrastructureome Fund 2,412,789 2,738,515 6.98%SQN Asset Finance Income Fund 1,981,020 1,923,349 4.90%Starwood European Real Estate Finance 1,197,796 1,221,752 3.11%TwentyFour Income Fund 1,513,801 1,699,242 4.33%

Total Guernsey 13,789,976 35.13%

Ireland 6.36%

Invesco Morningstar US Energy Infrastructure 40,825 1,425,378 3.63%iShares Gold Producers UCITS ETF 32,929 228,947 0.58%iShares Physical Gold 42,617 842,580 2.15%



3i Infrastructure 642,245 1,660,203 4.23%CVC Credit Partners European Opportunities 1,987,394 2,156,323 5.49%

Total Jersey, Channel Islands 3,816,526 9.72%


GCP Student Living 514,000 763,491 1.94%Greencoat UK Wind 375,000 472,871 1.20%Henderson Alternative Strategies Trust 391,401 1,042,734 2.66%Tritax EuroBox 1,763,585 1,631,842 4.16%




87

Fidelity Alternative Listed Equity Fund SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 DECEMBER 2018




Notional Amount


GBPFund % of

NAV*Future Contract on FTSE 100 Index 15 March 2019 UBS (26) (1,763,613) 29,283 0.07%Total Futures Contracts 29,283 0.07%

Open Forward Foreign Exchange Contracts held for Portfolio Hedging or Investment Purposes (0.12%)



GBPFund % of

NAV*USD 342,300 GBP (268,136) Brown Brothers Harriman 11/03/2019 (250) (0.00%)USD 260,300 GBP (205,127) JPMorgan Chase Bank 11/03/2019 (1,414) (0.00%)GBP 3,794,289 USD (4,852,300) Canadian Imperial Bank of Commerce 11/03/2019 (3,154) (0.01%)GBP 5,962,800 EUR (6,673,300) Canadian Imperial Bank of Commerce 11/03/2019 (41,149) (0.11%)Total Open Forward Foreign Exchange Contracts held for Portfolio Hedging or Investment Purposes (45,967) (0.12%)

Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (0.00%)



GBPFund % of

NAV*EUR 31 GBP (28) Brown Brothers Harriman 22/01/2019 0 0.00%GBP 164 EUR (182) Brown Brothers Harriman 22/01/2019 0 0.00%GBP 0 EUR (0) Brown Brothers Harriman 22/01/2019 0 0.00%EUR 695 GBP (625) Brown Brothers Harriman 22/01/2019 (1) (0.00%)EUR 1,200 GBP (1,081) Brown Brothers Harriman 22/01/2019 (3) (0.00%)EUR 39,530 GBP (35,575) Brown Brothers Harriman 22/01/2019 (70) (0.00%)EUR 12,140 GBP (10,981) Brown Brothers Harriman 22/01/2019 (76) (0.00%)Total Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (150) (0.00%)






88

Fidelity Global Emerging Markets Equity Fund SCHEDULE OF INVESTMENTS AS AT 31 DECEMBER 2018

Number of

Shares Fair Value

USD Fund % of

NAV*

Equities 94.90%

Brazil 6.46%

Atacadao Distribuicao Comercio e Industria 80,600 376,006 0.16%Banco do Estado do Rio Grande do Sul 68,700 393,008 0.16%Banco Santander Brasil 72,000 801,360 0.33%BrasilAgro - Brasileira de Propriedades Agricolas 8,900 35,792 0.01%Compania de Gas de Sao Paulo -mgas 8,000 121,139 0.05%Compania de Saneamento Basico do Estado de Sao Paulo 138,237 1,115,573 0.46%Compania de Transmissao de Energia Eletrica Paulista 31,400 560,098 0.23%Compania Energetica de Minas Gerais 168,400 600,443 0.25%Compania Paranaense de Energia 73,950 581,941 0.24%CPFL Energias Renovaveis 2,400 10,001 0.00%EDP - Energias do Brasil 232,300 882,674 0.36%Eletrobras Participacoes 500 7,224 0.00%Estacio Participacoes 11,100 67,971 0.03%Fibria Celulose 22,170 386,527 0.16%Hypera 700 5,451 0.00%IRB Brasil Resseguros 9,500 204,364 0.08%Itau Unibanco Holding 168,600 1,543,049 0.65%Lojas Renner 82,100 895,687 0.37%Magnesita Refratarios 1,800 25,636 0.01%Notre Dame Intermedica Participacoes 47,800 358,446 0.15%Porto Seguro 104,300 1,404,209 0.58%QGEP Participacoes 18,400 44,300 0.02%SLC Agricola 17,500 189,009 0.08%Telefonica Brasil ADR 230,363 2,748,230 1.14%TIM Participacoes 34,940 535,980 0.22%Transmissora Alianca de Energia Eletrica 88,800 539,893 0.22%Vale 88,800 1,164,106 0.48%Wiz Solucoes e Corretagem de Seguros 31,100 56,176 0.02%

Total Brazil 15,654,293 6.46%

Chile 0.90%

Antofagasta 110,373 1,103,032 0.46%Cencosud 11,583 20,900 0.01%Compania Cervecerias Unidas 13,208 331,917 0.14%Embotelladora Andina 38,091 143,306 0.06%Empresaspec 19,039 229,085 0.09%Enel Americas 1,979,800 348,779 0.14%

Total Chile 2,177,019 0.90%

China 20.87%

Agricultural Bank of China 641,000 280,797 0.12%Air China 376,000 325,493 0.13%Alibaba Group Holding ADR 16,900 2,316,483 0.96%Angang Steel 388,000 267,698 0.11%Anhui Conch Cement – HKD Shares 147,000 710,963 0.29%Anhui Conch Cement – CNH Shares 9,300 39,778 0.02%Asia Cement China Holdings 219,000 153,592 0.06%Baidu ADR 16,730 2,653,378 1.10%Bank of China 1,516,000 653,647 0.27%

89

Fidelity Global Emerging Markets Equity Fund SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 DECEMBER 2018

Number of

Shares Fair Value

USD Fund % of

NAV*



Bank of Communications 2,572,000 2,008,596 0.83%Changshouhua Food 56,000 21,758 0.01%China BlueChemical 376,000 118,148 0.05%China CITIC Bank 2,423,000 1,470,218 0.61%China Communications Services 298,000 247,117 0.10%China Construction Bank 5,369,000 4,397,069 1.82%China Everbright Bank 675,000 292,547 0.12%China Medical System Holdings 291,000 271,688 0.11%China Merchants Bank 20,500 74,873 0.03%China Minsheng Banking 1,395,500 962,639 0.40%China National Building Material 18,000 12,319 0.01%China Petroleum & Chemical – HKD Shares 2,682,000 1,912,037 0.79%China Petroleum & Chemical – CNH Shares 39,100 28,761 0.01%China Railway Construction 193,500 268,805 0.11%China Railway Group 318,000 289,797 0.12%China Shineway Pharmaceutical Group 114,000 110,483 0.05%China Telecom 518,000 265,445 0.11%China Telecom ADR 5,805 294,488 0.12%CNOOC 628,000 967,465 0.40%Country Garden Holdings 46,000 55,866 0.02%Country Garden Services Holdings 22,000 34,836 0.01%CRRC 70,000 68,277 0.03%CSPC Pharmaceutical Group 186,000 267,037 0.11%Dongfeng Motor Group 1,596,000 1,450,795 0.60%Dongyue Group 167,000 86,142 0.04%ENN Energy Holdings 28,400 252,450 0.10%Foshan Haitian Flavouring & Food 133,300 1,341,619 0.55%Fosun International 367,000 534,924 0.22%Golden Eagle Retail Group 51,000 52,854 0.02%Guangzhou Baiyunshan Pharmaceutical Holdings 136,000 486,873 0.20%Huadian Power International 2,524,000 1,138,480 0.47%Industrial & Commercial Bank of China 1,182,000 840,833 0.35%Jiangsu Expressway 210,000 293,165 0.12%Jinke Properties Group 344,100 310,829 0.13%Lenovo Group 2,892,000 1,953,942 0.81%Li Ning 1,596,000 1,714,668 0.71%Luye Pharma Group 1,134,000 789,387 0.33%Maanshan Iron & Steel 1,016,000 448,308 0.19%Midea Group 206,110 1,112,487 0.46%PetroChina 2,904,000 1,802,186 0.74%PICC Property & Casualty 284,000 289,826 0.12%Ping An Insurance 218,000 1,923,482 0.79%Red Star Macalline Group 113,000 97,115 0.04%RiseSun Real Estate Development 227,300 263,530 0.11%Shenzhen Expressway 366,000 403,485 0.17%Sinopec Shanghai Petrochemical 1,432,000 626,935 0.26%Sinopharm Group 58,800 247,599 0.10%Sinotruk Hong Kong 64,500 97,255 0.04%TAL Education Group 3,400 90,712 0.04%Tencent Holdings 148,600 5,956,816 2.45%Times China Holdings 75,000 83,251 0.03%

90


Number of

Shares Fair Value

USD Fund % of

NAV*



West China Cement 1,334,000 180,954 0.07%Xtep International Holdings 428,500 232,689 0.10%YiChang HEC ChangJiang Pharmaceutical 133,000 444,580 0.18%Yum China Holdings 5,400 181,062 0.07%Zhejiang Supor 210,015 1,606,843 0.66%Zhongsheng Group Holdings 650,000 1,289,225 0.53%Zoomlion Heavy Industry Science & Technology 236,000 84,993 0.04%

Total China 50,552,392 20.87%

Colombia 0.30%

Banco de Bogota 911 15,653 0.01%Banco de Occidente 1,204 14,088 0.01%Ecopetrol 30,783 488,834 0.21%Grupo Energia Bogota 231,422 126,133 0.05%Grupo Nutresa 1,467 10,616 0.00%Interconexion Electrica 14,039 60,436 0.02%

Total Colombia 715,760 0.30%

Czech Republic 0.70%

CEZ 46,405 1,103,615 0.45%Kofola CeskoSlovensko 4,647 58,123 0.02%Komercni banka 341 12,845 0.01%O2 Czech Republic 24,392 261,633 0.11%Philip Morris CR 433 270,296 0.11%

Total Czech Republic 1,706,512 0.70%

Egypt 0.05%

Commercial International Bank Egypt 29,044 120,533 0.05%

Greece 0.25%

Athens Water Supply & Sewage Co. 5,219 29,764 0.01%Hellenic Telecommunications Organization 22,581 245,820 0.11%Motor Oil Hellas Corinth Refineries 5,343 128,376 0.05%OPAP 6,560 56,925 0.02%Terna Energy 24,455 156,297 0.06%

Total Greece 617,182 0.25%

Hong Kong 6.43%

AIA Group 364,400 3,027,447 1.25%Beijing Enterprises Holdings 19,000 100,761 0.04%Beijing Tong Ren Tang Chinese Medicine 13,000 20,490 0.01%China Agri-Industries Holdings 314,000 111,853 0.05%China Mengniu Dairy 360,000 1,120,313 0.46%China Mobile 319,000 3,087,287 1.27%China Resources Cement Holdings 348,000 313,850 0.13%China Resources Gas Group 76,000 301,199 0.12%China Resources Land 158,000 607,864 0.25%China Resources Power Holdings 908,000 1,746,734 0.72%

91


Number of

Shares Fair Value

USD Fund % of

NAV*



China Taiping Insurance Holdings 480,200 1,320,446 0.55%China Unicom Hong Kong 250,000 266,391 0.11%CITIC 170,000 266,800 0.11%CITIC Telecom International Holdings 915,000 321,148 0.13%Citychamp Watch & Jewellery Group 892,000 185,870 0.08%Guangdong Investment 6,000 11,595 0.00%Kunlun Energy 172,000 182,774 0.08%Shanghai Industrial Holdings 5,000 10,110 0.00%Shimao Property Holdings 144,000 383,588 0.16%Shougang Fushan Resources Group 110,000 22,328 0.01%Techtronic Industries 298,000 1,581,619 0.65%Texhong Textile Group 56,500 64,583 0.03%Tianjin Development Holdings 40,000 15,568 0.01%Xinyi Glass Holdings 194,000 214,334 0.09%Yuexiu Transport Infrastructure 370,000 280,730 0.12%

Total Hong Kong 15,565,682 6.43%

Hungary 0.95%

Magyar Telekom Telecommunications 19,162 30,092 0.01%MOL Hungarian Oil & Gas 129,746 1,421,712 0.59%OTP Bank Nyrt 13,901 560,927 0.23%Richter Gedeon Nyrt 15,051 291,090 0.12%

Total Hungary 2,303,821 0.95%

India 10.71%

Britannia Industries 1,084 48,402 0.02%Coal India 5,142 17,727 0.01%Colgate-Palmolive India 17,734 343,329 0.14%Dabur India 8,056 49,599 0.02%GAIL India 324,627 1,669,436 0.69%GlaxoSmithKline Consumer Healthcare 1,338 146,627 0.06%GlaxoSmithKline Pharmaceuticals 26,636 575,737 0.24%HCL Technologies 37,149 513,258 0.21%HDFC Bank 81,290 2,473,003 1.02%Hindustan Unilever 44,501 1,158,425 0.48%Housing Development Finance 84,620 2,380,050 0.98%ICICI Bank 170,136 879,507 0.36%Infosys 27,866 263,547 0.11%Infosys ADR 230,650 2,195,788 0.91%ITC 65,163 262,695 0.11%JSW Steel 229,370 1,009,315 0.42%Jubilant Foodworks 18,636 334,443 0.14%Lupin 86,314 1,042,318 0.43%Mphasis 16,411 239,754 0.10%Nestle India 4,413 700,971 0.29%NTPC 564,218 1,201,109 0.50%Oil & Natural Gas 26,951 57,816 0.02%Oracle Financial Services Software 4,232 224,279 0.09%Page Industries 616 220,659 0.09%Pfizer 8,340 341,487 0.14%

92


Number of

Shares Fair Value

USD Fund % of

NAV*


India 10.71% (continued)

Procter & Gamble Hygiene & Health Care 419 59,338 0.02%Punjab National Bank 560,632 626,873 0.26%Rajesh Exports 30,031 245,479 0.10%Reliance Industries 35,743 575,688 0.24%RITES 8,563 33,617 0.01%Sanofi India 4,918 450,542 0.19%SJVN 64,138 23,517 0.01%Sonata Software 21,411 92,851 0.04%State Bank of India 139,151 588,813 0.24%Tata Consultancy Services 131,858 3,578,520 1.48%Tech Mahindra 47,932 495,391 0.20%Torrent Power 23,617 88,093 0.04%Wipro 63,059 298,236 0.12%WNS Holdings 10,500 433,230 0.18%

Total India 25,939,469 10.71%

Indonesia 2.45%

Astra International 787,200 450,980 0.19%Bank Central Asia 1,461,100 2,642,326 1.09%Bank Rakyat Indonesia PT 5,845,100 1,489,088 0.61%Bukit Asam 2,111,400 632,529 0.26%Gudang Garam 59,900 349,019 0.14%Hanjaya Mandala Sampoerna 1,322,500 342,018 0.14%Link Net 106,500 36,341 0.02%


Malaysia 1.14%

Bermaz Auto 165,900 86,262 0.04%Carlsberg Brewery Malaysia 27,600 131,362 0.05%Fraser & Neave Holdings 31,000 250,935 0.10%Genting Malaysia 1,580,500 1,154,042 0.49%Hong Leong Financial Group 18,500 83,005 0.03%Malayan Banking 40,900 93,954 0.04%Nestle Malaysia 4,200 149,578 0.06%PBA Holdings 18,500 4,751 0.00%Petronas Chemicals Group 124,200 279,012 0.12%Petronas Dagangan 31,900 204,175 0.08%Petronas Gas 6,800 31,593 0.01%PPB Group 69,200 293,505 0.12%

Total Malaysia 2,762,174 1.14%

Mexico 2.27%

Alfa 825,400 980,316 0.40%Bolsa Mexicana de Valores 552,400 939,659 0.39%Corp. Inmobiliaria Vesta 327,087 438,967 0.18%Fomento Economico Mexicano 3,000 258,150 0.11%Grupo Aeroportuario del Centro Norte 111,700 531,963 0.22%Megacable Holdings 32,800 146,548 0.06%Promotora y Operadora de Infraestructura 24,055 229,438 0.09%

93


Number of

Shares Fair Value

USD Fund % of

NAV*


Mexico 2.27% (continued)

Qualitas Controladora 55,000 115,509 0.05%Wal-Mart de Mexico 735,753 1,867,238 0.77%

Total Mexico 5,507,788 2.27%

Monaco 0.05%

GasLog 6,700 110,282 0.05%

Pakistan 0.19%

Engro Fertilizers 821,500 412,202 0.17%Fauji Fertilizer 77,000 51,592 0.02%

Total Pakistan 463,794 0.19%

Panama 0.41%

Copa Holdings 12,562 988,755 0.41%

Peru 0.05%

Southern Copper 3,905 120,157 0.05%

Philippines 0.87%

Aboitiz Power 137,100 91,412 0.04%Century Pacific Food 34,200 9,886 0.00%Cosco Capital 652,300 83,258 0.03%Eagle Cement 23,700 6,968 0.00%First Gen 37,000 14,072 0.01%Globe Telecom 19,670 709,086 0.30%International Container Terminal Services 31,010 58,971 0.02%LT Group 292,700 92,358 0.04%Manila Electric 79,590 575,174 0.24%Philippine National Bank 32,700 26,587 0.01%Pilipinas Shell Petroleum 10,700 9,712 0.00%Puregold Price Club 196,400 160,440 0.07%Robinsons Retail Holdings 33,040 50,415 0.02%San Miguel 74,100 207,363 0.09%Top Frontier Investment Holdings 1,180 5,615 0.00%

Total Philippines 2,101,317 0.87%

Poland 0.71%

Asseco Poland 26,375 324,148 0.13%Grupa Lotos 7,027 165,853 0.07%Powszechny Zaklad Ubezpieczen 102,054 1,197,750 0.50%Warsaw Stock Exchange 2,862 27,941 0.01%

Total Poland 1,715,692 0.71%

Qatar 0.23%

Al Khalijmmercial Bank 9,307 29,528 0.01%Al Meeransumer Goods 1,728 70,227 0.03%Qatar Electricity & Water 3,197 162,644 0.07%

94


Number of

Shares Fair Value

USD Fund % of

NAV*


Qatar 0.23% (continued)

Qatar Fuel 701 31,973 0.01%Qatar Islamic Bank 6,157 256,413 0.11%

Total Qatar 550,785 0.23%

Russia 4.70%

Alrosa 1,283,620 1,824,795 0.76%Bashneft 9,694 249,084 0.10%Gazprom 59,895 264,736 0.11%IDGC of Centre & Volga Region 12,710,000 48,552 0.02%Inter RAO UES 1,250,000 69,904 0.03%LUKOIL ADR – OTC 21,550 1,537,377 0.63%LUKOIL ADR – London Listed 16,297 1,167,104 0.48%Magnitogorsk Iron & Steel Works 159,200 98,771 0.04%MMC Norilsk Nickel 85,825 1,610,555 0.66%Moscow Exchange 806,965 942,220 0.39%PIK Group 21,380 115,972 0.05%Rosneft Oil 263,900 1,628,421 0.68%Rostelecom 286,580 301,854 0.12%Severstal 6,550 89,027 0.04%Severstal GDR 85,370 1,160,335 0.48%Tatneft 24,730 263,048 0.11%

Total Russia 11,371,755 4.70%

Singapore 1.38%

BOC Aviation 190,000 1,402,171 0.58%Wilmar International 843,400 1,931,356 0.80%


South Africa 5.12%

Absa Group 152,405 1,710,843 0.71%African Rainbow Minerals 92,982 919,780 0.38%Anglo American Platinum 7,366 274,672 0.11%Assore 2,010 40,521 0.02%Astral Foods 11,339 126,065 0.05%AVI 220,870 1,566,688 0.65%Clicks Group 111,229 1,478,982 0.61%Distell Group Holdings 22,521 167,664 0.07%Libstar Holdings 86,621 41,360 0.02%Naspers 8,833 1,768,820 0.73%Netcare 225,540 412,810 0.17%Old Mutual 453,779 705,180 0.29%Pick n Pay Stores 27,174 128,021 0.05%Reunert 10,849 53,487 0.02%Santam 12,343 254,225 0.10%Sasol 45,779 1,360,629 0.56%Shoprite Holdings 49,630 655,708 0.27%Truworths International 120,798 738,837 0.31%

Total South Africa 12,404,292 5.12%

95


Number of

Shares Fair Value

USD Fund % of

NAV*


South Korea 12.33%

AtlasBX 535 24,890 0.01%Binggrae 5,922 384,008 0.16%BYC 35 7,722 0.00%Cheil Worldwide 9,962 200,780 0.08%CJ CheilJedang 288 85,369 0.04%DB Insurance 17,530 1,104,029 0.46%Dong-Il 2,097 111,990 0.05%e-Credible 1,021 14,380 0.01%Fursys 830 22,811 0.01%Hana Financial Group 25,230 820,551 0.34%Handsome 9,968 323,391 0.13%Hotel Shilla 17,755 1,217,854 0.50%Hyundai Greenfood 11,265 144,385 0.06%Hyundai Heavy Industries 15,560 1,794,698 0.74%Hyundai Marine & Fire Insurance 1,282 47,079 0.02%Hyundai Motor 23,121 1,455,387 0.60%IDIS Holdings 1,404 17,182 0.01%Il Dong Pharmaceutical 7,173 131,492 0.05%Ilshin Spinning 265 22,825 0.01%Industrial Bank of Korea 14,870 187,274 0.08%JLS 3,485 21,790 0.01%JYP Entertainment 4,161 113,165 0.05%Kangwon Land 4,147 118,721 0.05%KB Financial Group 31,254 1,303,818 0.54%Kia Motors 9,400 283,334 0.12%Korea Investment Holdings 8,268 442,192 0.18%Korean Air Lines 46,218 1,369,917 0.57%KT Skylife 3,758 38,729 0.02%KT&G 3,169 288,527 0.12%Kumho Petrochemical 6,522 510,654 0.21%LG Electronics 4,583 256,984 0.11%LOTTE Fine Chemical 6,385 235,179 0.10%Macquarie Korea Infrastructure Fund 35,223 293,262 0.12%Namyang Dairy Products 92 51,463 0.02%POSCO 9,116 1,993,958 0.81%Pureun Mutual Savings Bank 1,014 7,073 0.00%S-1 2,314 207,906 0.09%Samjin Pharmaceutical 4,202 151,588 0.06%Samsung C&T 3,721 352,212 0.15%Samsung Electro-Mechanics 8,889 828,647 0.34%Samsung Electronics – Preference Shares 18,658 533,127 0.22%Samsung Electronics 204,500 7,118,996 2.93%Samsung Fire & Marine Insurance 318 76,466 0.03%Samsung Life Insurance 9,381 686,447 0.28%Samsung SDS 8,561 1,566,743 0.65%Samyang Foods 1,309 61,180 0.03%Shinhan Financial Group 54,611 1,936,294 0.79%SK Hynix 6,864 374,201 0.15%

96


Number of

Shares Fair Value

USD Fund % of

NAV*


South Korea 12.33% (continued)

SK Telecom 2,171 523,818 0.22%

Total South Korea 29,864,488 12.33%

Taiwan 9.08%

Catcher Technology 239,000 1,749,915 0.72%Chailease Holding 504,000 1,589,699 0.66%Chang Hwa Commercial Bank 146,000 81,761 0.03%China Steel 42,000 33,166 0.01%Chunghwa Telecom 81,000 295,744 0.12%Compal Electronics 1,378,000 781,520 0.32%Coretronic 117,000 145,930 0.06%E.Sun Financial Holding 395,000 258,396 0.11%Far Eastern New Century 796,000 722,892 0.30%Far EasTone Telecommunications 120,000 298,076 0.12%First Financial Holding 423,000 275,578 0.11%Formosa Taffeta 265,000 298,106 0.12%Great Taipei Gas 17,000 15,971 0.01%Hey Song 7,000 6,823 0.00%Holy Stone Enterprise 62,000 209,918 0.09%Hon Hai Precision Industry 478,000 1,100,087 0.45%Hua Nan Financial Holdings 489,000 278,485 0.11%Lite-On Technology 420,000 554,628 0.23%Mega Financial Holding 113,000 95,397 0.04%Mercuries Life Insurance 23,113 8,749 0.00%Mirle Automation 117,000 160,371 0.07%President Chain Store 67,000 675,026 0.28%Realtek Semiconductor 226,000 1,048,174 0.43%Ruentex Industries 267,600 684,303 0.28%Sino-American Silicon Products 44,000 87,522 0.04%Taichung Commercial Bank 332,000 110,033 0.05%Taiwan Cooperative Financial Holding 97,000 55,725 0.02%Taiwan FamilyMart 20,000 138,111 0.06%Taiwan High Speed Rail 102,000 101,224 0.04%Taiwan Mobile 81,000 280,511 0.12%Taiwan Semiconductor Manufacturing 614,000 4,458,397 1.85%Taiwan Semiconductor Manufacturing ADR 56,400 2,081,724 0.86%Taiwan Shin Kong Security 33,000 41,228 0.02%Taiwan Styrene Monomer 205,000 150,144 0.06%Ten Ren Tea 5,000 6,189 0.00%Topkey 12,000 41,304 0.02%Ttet Union 11,000 35,067 0.01%Union Bank Of Taiwan 272,000 84,912 0.04%Uni-President Enterprises 799,000 1,812,658 0.75%Yageo 22,000 227,872 0.09%Zeng Hsing Industrial 40,000 175,395 0.07%Zhen Ding Technology Holding 285,000 741,334 0.31%

Total Taiwan 21,998,065 9.08%

Thailand 2.30%

Advanced Info Service 46,700 250,882 0.10%

97


Number of

Shares Fair Value

USD Fund % of

NAV*


Thailand 2.30% (continued)

Airports of Thailand 161,000 317,698 0.13%Bangkok Bank 45,100 281,472 0.12%Bangkok Bank – NVDR 153,600 958,629 0.40%Electricity Generating 56,400 429,582 0.18%Kiatnakin Bank 239,800 487,922 0.20%Krung Thai Bank 481,900 284,167 0.12%LH Financial Group 793,300 33,379 0.01%Nonthavej Hospital 4,300 7,264 0.00%PTT 97,100 137,659 0.06%Sabina 7,300 6,726 0.00%Siam Commercial Bank PCL 225,200 924,400 0.38%Thai Vegetable Oil 136,500 111,095 0.05%Thanachart Capital 56,500 86,329 0.04%Tisco Financial Group 520,600 1,251,135 0.51%


Turkey 0.36%

Akbank T.A.S. 685,395 879,649 0.36%


Abu Dhabi Commercial Bank 636,034 1,410,854 0.58%Abu Dhabi National Oil Co. for Distribution 161,339 101,825 0.04%Emaar Development 12,689 15,200 0.01%Emirates NBD 112,618 272,562 0.11%First Abu Dhabi Bank 92,619 355,526 0.15%National Bank of Ras Al-Khaimah PSC 22,467 25,690 0.01%Union National Bank 38,229 48,692 0.02%

Total United Arab Emirates 2,230,349 0.92%


Mondi 10,339 222,747 0.09%Standard Chartered 178,571 1,386,705 0.57%


United States 2.06%

Cognizant Technology Solutions 43,254 2,745,764 1.14%Flex 101,143 769,698 0.32%Genpact 11,142 300,723 0.12%International Flavors & Fragrances 8,690 1,166,806 0.48%


98


Number of

Shares Fair Value

USD Fund % of

NAV*


Vietnam 0.00%

Taisun Int'l Holding 2,000 8,212 0.00%

Total Equities 229,866,827 94.90%


Brazil 0.00%

FII BTG Pactualorate Office Fund 299 7,977 0.00%

Hong Kong 0.04%

Yuexiu Real Estate Investment Trust 145,000 92,954 0.04%

Ireland 0.85%

Fidelity Institutional Liquidity Fund – USD Class 199 2,050,829 0.85%

Mexico 0.22%

Macquarie Mexico Real Estate Management 274,200 245,744 0.10%Prologis Property Mexico 183,123 281,746 0.12%

Total Mexico 527,490 0.22%

South Africa 0.10%

Emira Property Fund 238,287 245,161 0.10%



Financial Derivative Instruments 0.02%



Notional Amount


USDFund % of

NAV*Future Contract on MSCI Emerging Markets Index 15 March 2019 UBS 70 3,408,457 (23,957) (0.01%)Total Futures Contracts (23,957) (0.01%)

99


Financial Derivative Instruments 0.02% (continued) Open Forward Foreign Exchange Contracts held for Class Hedging Purposes 0.00%



USDFund % of

NAV*EUR 6,952 USD (7,895) Brown Brothers Harriman 22/01/2019 65 0.00%EUR 2,945 USD (3,350) Brown Brothers Harriman 22/01/2019 22 0.00%EUR 318 USD (363) Brown Brothers Harriman 22/01/2019 2 0.00%EUR 162 USD (185) Brown Brothers Harriman 22/01/2019 1 0.00%EUR 1,032 USD (1,181) Brown Brothers Harriman 22/01/2019 0 0.00%USD 228 EUR (200) Brown Brothers Harriman 22/01/2019 0 0.00%USD 30 EUR (27) Brown Brothers Harriman 22/01/2019 0 0.00%USD 118 EUR (104) Brown Brothers Harriman 22/01/2019 (1) (0.00%) Unrealised Gain on Open Forward Foreign Exchange Contracts held for Class Hedging Purposes 90 0.00%Unrealised Loss on Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (1) (0.00%) Total Open Forward Foreign Exchange Contracts held for Class Hedging Purposes 89 0.00%

Centrally Cleared Contracts for Difference 0.03%



USDFund % of

NAV*CFD on Credicorp UBS 6,407 71,481 0.03%

Total Centrally Cleared Contracts for Difference 71,481 0.03%

Total Financial Derivative Instruments 47,613 0.02%



Assets(a) Transferable securities admitted to an official stock exchange listing 228,817,763 94.38%(b) Transferable securities dealt in on another regulated market 3,973,475 1.64%(c) Financial derivative instruments 47,613 0.02%(d) Other assets 9,597,084 3.96%Total Assets 242,435,935 100.00%


100

Fidelity Common Contractual Fund II STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2018

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

Fidelity Europe ex-

UK Equity Fund1 Fidelity Japan Equity

Fund2

Fidelity North America Equity

Fund3 Fidelity UK Equity

Fund4

31 December 2018 31 December 2018 31 December 2018 31 December 2018 Note EUR JPY USD GBP Current Assets Financial Assets at Fair Value Through Profit or Loss 2b, 2i, 11f 219,893,685 21,860,143,928 728,037,441 387,555,399 Financial Derivative Instruments 2d, 2e, 2f, 2g – 15,359 37,961 48,259 Cash and Cash Equivalents 2c, 3 6,155,212 1,222,143,182 18,836,241 12,585,868 Margin Cash Due from Broker 4 340,456 52,327,939 835,753 530,858 Investments Sold awaiting settlement 1t 6,155 5,951 – 356,623 Cash Collateral Due from Broker 4 – – – 2,650,000 Dividends Receivable 55,723 44,241,685 819,841 1,166,047 Other Assets – – 13,482 999 Total Assets 226,451,231 23,178,878,044 748,580,719 404,894,053 Current Liabilities Financial Derivative Instruments 2e, 2f, 2g, 2h 59,307 14,003,568 252,173 2,388,113 Margin Cash Due to Broker 4 – – – 94,251 Investments Purchased awaiting settlement 1t – 30,173,894 – 376,322 Capital Shares Redeemed awaiting settlement – 426,533,951 – 1,052,874 Management Fees Payable 7 137,163 14,343,502 360,431 250,220 Dividends Payable on Contracts for Difference – – – 681 Other Liabilities – – – 2,970 Liabilities 196,470 485,054,915 612,604 4,165,431 Net Assets Attributable to Holders of Redeemable Participating Shares 226,254,761 22,693,823,129 747,968,115 400,728,622

101

Fidelity Common Contractual Fund II STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 2018


Fidelity Global Aggregate Bond

Fund5

Fidelity Global Sub-IG Fixed Income

Fund6

Fidelity Asia Pacific ex-Japan Equity

Fund7 Fidelity Alternative

Listed Equity Fund8

31 December 2018 31 December 2018 31 December 2018 31 December 2018 Note GBP GBP USD GBP Current Assets Financial Assets at Fair Value Through Profit or Loss 2b, 2i, 11f 338,972,723 83,367,040 257,372,564 32,206,775 Financial Derivative Instruments 2d, 2e, 2f, 2g 3,915,444 1,450,316 82,573 29,283 Cash and Cash Equivalents 2c, 3 6,558,496 3,934,031 10,072,231 6,923,211 Margin Cash Due from Broker 4 156,700 353,631 673,295 73,791 Investments Sold awaiting settlement 1t 34,123,672 3,997,446 300,668 – Cash Collateral Due from Broker 4 4,866,978 420,069 – – Dividends Receivable 14,397 – 382,874 82,359 Interest Receivable from Financial Assets at Fair Value Through Profit or Loss 1,806,766 1,314,808 – – Interest Receivable on Financial Derivative Instruments 21,325 4,847 – – Other Assets 26 – – – Total Assets 390,436,527 94,842,188 268,884,205 39,315,419 Current Liabilities Financial Derivative Instruments 2e, 2f, 2g, 2h 6,583,372 1,729,433 47,455 46,117 Margin Cash Due to Broker 4 95,966 143 – – Investments Purchased awaiting settlement 1t 84,547,391 3,898,297 217,113 – Cash Collateral Due to Broker 4 211,212 – – – Capital Shares Redeemed awaiting settlement 1,583,210 – – – Management Fees Payable 7 126,084 49,480 177,671 11,723 Interest Payable on Cash Collateral 10,411 – – – Interest Payable on Financial Derivative Instruments 11,316 25,693 – – Capital Gain Tax Payable 95,058 22,126 – – Liabilities 93,264,020 5,725,172 442,239 57,840 Net Assets Attributable to Holders of Redeemable Participating Shares 297,172,507 89,117,016 268,441,966 39,257,579

102



Fidelity Global Emerging Markets

Equity Fund9

31 December 2018 Note USD Current Assets Financial Assets at Fair Value Through Profit or Loss 2b, 2i, 11f 232,791,238 Financial Derivative Instruments 2d, 2e, 2f, 2g 71,571 Cash and Cash Equivalents 2c, 3 8,436,601 Margin Cash Due from Broker 4 351,378 Investments Sold awaiting settlement 1t 245,325 Dividends Receivable 539,822 Interest Receivable on Financial Derivative Instruments – Total Assets 242,435,935 Current Liabilities Financial Derivative Instruments 2d, 2e, 2f, 2g 23,958 Investments Purchased awaiting settlement 1t 427 Management Fees Payable 7 158,470 Interest Payable on Financial Derivative Instruments – Capital Gain Tax Payable 42,732 Other Liabilities 799 Liabilities 226,386 Net Assets Attributable to Holders of Redeemable Participating Shares 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.

103



Fidelity Europe ex-UK Equity Fund Class I Acc EUR Class G Acc EUR Net Asset Value EUR EUR As at 31 December 2018 226,187,343 67,418 Net Asset Value per Unit EUR EUR As at 31 December 2018 8.70 8.79 Units In Issue As at 31 December 2018 26,000,697 7,669

Fidelity Japan Equity Fund Class I Acc JPY Class G Acc EUR Hedged Net Asset Value JPY EUR As at 31 December 2018 22,690,597,502 25,718 Net Asset Value per Unit JPY EUR As at 31 December 2018 857.29 8.70 Units In Issue As at 31 December 2018 26,467,827 2,957

Fidelity North America Equity Fund Class I Acc USD Class G Acc EUR Hedged Net Asset Value USD EUR As at 31 December 2018 747,787,654 157,863 Net Asset Value per Unit USD EUR As at 31 December 2018 9.15 8.67 Units In Issue As at 31 December 2018 81,719,180 18,210

Fidelity UK Equity Fund Class I Acc GBP Class G Acc EUR Hedged Net Asset Value GBP EUR As at 31 December 2018 400,691,183 41,711 Net Asset Value per Unit GBP EUR As at 31 December 2018 0.89 8.79 Units In Issue As at 31 December 2018 450,843,733 4,745

Fidelity Global Aggregate Bond Fund Class I Acc GBP Class G Acc EUR Hedged Net Asset Value GBP EUR As at 31 December 2018 296,731,065 491,817 Net Asset Value per Unit GBP EUR As at 31 December 2018 10.01 10.00 Units In Issue As at 31 December 2018 29,641,937 49,199

104


STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 2018

Fidelity Global Sub-IG Fixed Income Fund

Class I Ace GBP Class G Ace EUR Hedoed Net Asset Value GBP EUR Asat31 December 2018 88945,095 191,541 Net Asset Value per Unit GBP EUR As at 31 December 2018 9.71 9,67 Units In Issue

As at 31 December 2018 9,161,717 19,817

Fidelity Asia Pacific ex-Japan Equity Fund

Class I Ace USD Class G Ace EUR Hedged NetAsset Value USD EUR As at 31 December 2018 268,402,788 34,272 Net Asset Value per Unit USD EUR As at 31 December 2018 9.03 8.82 Units In Issue

Asat31 December 2018 29,717,453 3,887

Fidelity Alternative Listed Equity Fund

Class I Ace GBP Class G Ace EUR Hedoed Net Asset Value GBP EUR As at 31 December 2018 39,209,775 53,258 Net Asset Value per Unit GBP EUR As at 31 December 2018 0.96 9.57 Units In Issue

As at 31 December 2018 40,693,050 5,568

Fidelity Global Emerging Markets Equity Fund

Class I Ace USD Class G Ace EUR Hedged Net Asset Value USD EUR As at 31 December 2018 242,196,817 11,138 Net Asset Value per Unit USD EUR As at 31 December 2018 9.58 9.44 Units In Issue

As at 31 December 2018 25,282,394 1,180

Signed on behalf of the Board of Directors By:

29 April 2019 29 April 2019


105

Fidelity Common Contractual Fund II STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD FROM 28 MARCH 2018 (DATE OF ESTABLISHMENT) TO 31 DECEMBER 2018


Fidelity Europe ex-

UK Equity Fund1 Fidelity Japan Equity

Fund2

Fidelity North America Equity

Fund3 Fidelity UK Equity

Fund4

31 December 2018 31 December 2018 31 December 2018 31 December 2018 Note EUR JPY USD GBP Operating Income Interest on Cash – – 169,871 45,326 Dividend Income 2m 1,410,242 272,040,154 6,315,329 8,226,876 Miscellaneous Income – 49 577 190 Net Gain/(Loss) in Financial Assets at fair Value through Profit or Loss and Financial Derivative Instruments 13 (28,708,802) (3,930,697,241) (80,535,725) (64,749,835) Total Operating Income/(Loss) (27,298,560) (3,658,657,038) (74,049,948) (56,477,443) Operating Expenses Management Fees 7 915,648 93,242,669 2,154,356 1,397,385 Transaction Costs 2n, 10 436,123 9,847,458 263,532 2,402,969 Dividend Expenses on Contracts for Difference – – – 15,810 Other Expenses 1,720 – 9,388 – Total Operating Expenses 1,353,491 103,090,127 2,427,276 3,816,164 Finance Costs Interest Expenses 5,774 330,316 – – Overdraft Expense 15,109 1,333,511 160 454 Total Finance Costs 20,883 1,663,827 160 454 Net Investment Income/(Loss) for the Financial Period before Tax (28,672,934) (3,763,410,992) (76,477,384) (60,294,061) Foreign Withholding Tax 2p (237,287) (41,662,924) (824,224) (156,124) Net Investment Income/(Loss) for the Financial Period after Tax (28,910,221) (3,805,073,916) (77,301,608) (60,450,185)

Net Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Units from Operations (28,910,221) (3,805,073,916) (77,301,608) (60,450,185)

106

Fidelity Common Contractual Fund II STATEMENT OF COMPREHENSIVE INCOME (CONTINUED) FOR THE PERIOD FROM 28 MARCH 2018 (DATE OF ESTABLISHMENT) TO 31 DECEMBER 2018



Fund5


Fund6



Listed Equity Fund8

31 December 2018 31 December 2018 31 December 2018 31 December 2018 Note GBP GBP USD GBP Operating Income Interest from Financial Assets at Fair Value Through Profit or Loss 2,263,890 1,953,896 – – Interest on Cash 53,081 24,307 72,762 12,994 Dividend Income 2m 43,680 – 2,063,053 519,957 Miscellaneous Income 70 6,333 2,479 41 Net Gain/(Loss) in Financial Assets at fair Value through Profit or Loss and Financial Derivative Instruments 13 (856,174) (4,470,538) (28,616,722) (2,166,620) Total Operating Income/(Loss) 1,504,547 (2,486,002) (26,478,428) (1,633,628) Operating Expenses Management Fees 7 586,411 224,926 755,278 45,060 Transaction Costs 2n, 10 22,732 1,235 479,507 42,351 Capital Gain Tax Expenses 87,581 22,126 – – Other Expenses 938 – 3,012 – Total Operating Expenses 697,662 248,287 1,237,797 87,411 Finance Costs Interest Expenses 10,857 – – – Overdraft Expense 530 913 2,803 83 Total Finance Costs 11,387 913 2,803 83 Net Investment Income/(Loss) for the Financial Period before Tax 795,498 (2,735,202) (27,719,028) (1,721,122) Foreign Withholding Tax 2p (2,826) (30,999) (194,379) (1,162) Net Investment Income/(Loss) for the Financial Period after Tax 792,672 (2,766,201) (27,913,407) (1,722,284)

Net Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Units from Operations 792,672 (2,766,201) (27,913,407) (1,722,284)

107

Fidelity Common Contractual Fund II STATEMENT OF COMPREHENSIVE INCOME (CONTINUED) FOR THE PERIOD FROM 28 MARCH 2018 (DATE OF ESTABLISHMENT) TO 31 DECEMBER 2018


Fidelity Global

Emerging Markets Equity Fund9

31 December 2018 Note USD Operating Income Interest on Cash 44,063 Dividend Income 2m 2,398,447 Miscellaneous Income 1,163 Net Gain/(Loss) in Financial Assets at fair Value through Profit or Loss and Financial Derivative Instruments 13 (11,774,943) Total Operating Income/(Loss) (9,331,270) Operating Expenses Management Fees 7 578,179 Transaction Costs 2n, 10 419,577 Capital Gain Tax Expenses 51,182 Other Expenses 14,280 Total Operating Expenses 1,063,218 Finance Costs Overdraft Expense 5,815 Total Finance Costs 5,815 Net Investment Income/(Loss) for the Financial Period before Tax (10,400,303) Foreign Withholding Tax 2p (311,590) Net Investment Income/(Loss) for the Financial Period after Tax (10,711,893)

Net Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Units from Operations (10,711,893)


108

Fidelity Common Contractual Fund II STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING UNITS FOR THE PERIOD FROM 28 MARCH 2018 (DATE OF ESTABLISHMENT) TO 31 DECEMBER 2018


Fidelity Europe ex-UK

Equity Fund1Fidelity Japan Equity

Fund2Fidelity North America

Equity Fund3Fidelity UK Equity

Fund4

31 December 2018 31 December 2018 31 December 2018 31 December 2018 EUR JPY USD GBPIncrease/(Decrease) in Net Assets Net Increase/(Decrease) in Net Assets Attributable to

Holders of Redeemable Participating Units from Operations (28,910,221) (3,805,073,916) (77,301,608) (60,450,185)

Capital Transactions Subscriptions 258,495,513 27,987,408,844 874,376,118 497,147,238 Redemptions (3,330,531) (1,488,511,799) (49,106,395) (35,968,431) Total Capital Transactions 255,164,982 26,498,897,045 825,269,723 461,178,807 Total Increase/(Decrease) for the Period 226,254,761 22,693,823,129 747,968,115 400,728,622Net Assets Attributable to Holders of Redeemable Participating Units Beginning of Period – – – –End of Period 226,254,761 22,693,823,129 747,968,115 400,728,622

Fidelity GlobalAggregate Bond

Fund5Fidelity Global Sub-IG

Fixed Income Fund6


Fund7Fidelity Alternative

Listed Equity Fund8

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

Holders of Redeemable Participating Units from Operations 792,672 (2,766,201) (27,913,407) (1,722,284)

Capital Transactions Subscriptions 300,624,191 93,488,254 297,770,330 41,440,298 Redemptions (4,244,356) (1,605,037) (1,414,957) (460,435) Total Capital Transactions 296,379,835 91,883,217 296,355,373 40,979,863 Total Increase/(Decrease) for the Period 297,172,507 89,117,016 268,441,966 39,257,579Net Assets Attributable to Holders of Redeemable Participating Units Beginning of Period – – – –End of Period 297,172,507 89,117,016 268,441,966 39,257,579

109

Fidelity Common Contractual Fund II STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING UNITS (CONTINUED) FOR THE PERIOD FROM 28 MARCH 2018 (DATE OF ESTABLISHMENT) TO 31 DECEMBER 2018


Fidelity Global Emerging Markets

Equity Fund9

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

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

Capital Transactions Subscriptions 252,921,491 Redemptions (49) Total Capital Transactions 252,921,442 Total Increase/(Decrease) for the Period 242,209,549 Net Assets Attributable to Holders of Redeemable Participating Units Beginning of Period – End of Period 242,209,549


110

Fidelity Common Contractual Fund II STATEMENT OF CASH FLOWS FOR THE PERIOD FROM 28 MARCH 2018 (DATE OF ESTABLISHMENT) TO 31 DECEMBER 2018


Fidelity Europe ex-UK

Equity Fund1 Fidelity Japan Equity

Fund2 Fidelity North America

Equity Fund3 Fidelity UK Equity

Fund4

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

Attributable to Holders of Redeemable Participating Shares from Operations (28,910,221) (3,805,073,916) (77,301,608) (60,450,185)

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

cash equivalents (59) – – (2,864) Change in Financial Assets at Fair Value

Through Profit or Loss (219,893,685) (21,860,143,928) (728,037,441) (387,555,399) Change in Financial Derivative Instruments 59,307 13,988,209 214,212 2,339,854 Change in Margin Cash Due from/to Broker (340,456) (52,327,939) (835,753) (436,607) Change in Cash Collateral – – – (2,650,000) Change in Investments Sold awaiting settlement (6,155) (5,951) – (356,623) Change in Dividends Receivable (55,723) (44,241,685) (819,841) (1,166,047) Change in Interest Receivable on Financial

Derivative Instruments – – – – Change in Other Assets – – (13,482) (999) Change in Investments Purchased awaiting

settlement – 30,173,894 – 376,322 Change in Management Fees Payable 137,163 14,343,502 360,431 250,220 Change in Dividends Payable on Contracts for

Difference – – – 681 Change in Interest Payable on Financial

Derivative Instruments – – – – Change in Other Liabilities – – – 2,970 Net cash flows from operating activities (249,009,829) (25,703,287,814) (806,433,482) (449,648,677) Cash flows from financing activities: Proceeds from redeemable shares issued 258,495,513 27,987,408,844 874,376,118 497,147,238 Redemption of redeemable shares (3,330,531) (1,061,977,848) (49,106,395) (34,915,557) Net cash used in financing activities 255,164,982 26,925,430,996 825,269,723 462,231,681 Net increase in cash and cash equivalents 6,155,153 1,222,143,182 18,836,241 12,583,004 Cash and cash equivalents at beginning of the

period – – – – Unrealized exchange gain/(loss) on cash and

cash equivalents 59 – – 2,864 Cash and cash equivalents at end of the period 6,155,212 1,222,143,182 18,836,241 12,585,868

111

Fidelity Common Contractual Fund II STATEMENT OF CASH FLOWS (CONTINUED) FOR THE PERIOD FROM 28 MARCH 2018 (DATE OF ESTABLISHMENT) TO 31 DECEMBER 2018



Fund5 Fidelity Global Sub-IG

Fixed Income Fund6



Listed Equity Fund8

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

Attributable to Holders of Redeemable Participating Shares from Operations 792,672 (2,766,201) (27,913,407) (1,722,284)


cash equivalents 348,900 23,268 3,896 – Change in Financial Assets at Fair Value

Through Profit or Loss (338,972,723) (83,367,040) (257,372,564) (32,206,775) Change in Financial Derivative Instruments 2,667,928 279,117 (35,118) 16,834 Change in Margin Cash Due from/to Broker (60,734) (353,488) (673,295) (73,791) Change in Cash Collateral (4,655,766) (420,069) – – Change in Investments Sold awaiting settlement (34,123,672) (3,997,446) (300,668) – Change in Dividends Receivable (14,397) – (382,874) (82,359) Change in Interest Receivable from Financial

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

Derivative Instruments (21,325) (4,847) – – Change in Other Assets (26) – – – Change in Investments Purchased awaiting

settlement 84,547,391 3,898,297 217,113 – Change in Management Fees Payable 126,084 49,480 177,671 11,723 Change in Capital Gain Tax Payable 95,058 22,126 – – Change in Interest Payable on Cash Collateral 10,411 – – – Change in Interest Payable on Financial

Derivative Instruments 11,316 25,693 – – Net cash flows from operating activities (291,055,649) (87,925,918) (286,279,246) (34,056,652) Cash flows from financing activities: Proceeds from redeemable shares issued 300,624,191 93,488,254 297,770,330 41,440,298 Redemption of redeemable shares (2,661,146) (1,605,037) (1,414,957) (460,435) Net cash used in financing activities 297,963,045 91,883,217 296,355,373 40,979,863 Net increase in cash and cash equivalents 6,907,396 3,957,299 10,076,127 6,923,211 Cash and cash equivalents at beginning of the

period – – – – Unrealized exchange gain/(loss) on cash and

cash equivalents (348,900) (23,268) (3,896) – Cash and cash equivalents at end of the period 6,558,496 3,934,031 10,072,231 6,923,211

112

Fidelity Common Contractual Fund II STATEMENT OF CASH FLOWS (CONTINUED) FOR THE PERIOD FROM 28 MARCH 2018 (DATE OF ESTABLISHMENT) TO 31 DECEMBER 2018


Fidelity Global

Emerging Markets Equity Fund9

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

Attributable to Holders of Redeemable Participating Shares from Operations (10,711,893)


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

Through Profit or Loss (232,791,238) Change in Financial Derivative Instruments (47,613) Change in Margin Cash Due from/to Broker (351,378) Change in Investments Sold awaiting settlement (245,325) Change in Dividends Receivable (539,822) Change in Interest Receivable on Financial

Derivative Instruments – Change in Investments Purchased awaiting

settlement 427 Change in Management Fees Payable 158,470 Change in Capital Gain Tax Payable 42,732 Change in Interest Payable on Financial

Derivative Instruments – Change in Other Liabilities 799 Net cash flows from operating activities (244,486,963) Cash flows from financing activities: Proceeds from redeemable shares issued 252,921,491 Redemption of redeemable shares (49) Net cash used in financing activities 252,921,442 Net increase in cash and cash equivalents 8,434,479 Cash and cash equivalents at beginning of the

period – Unrealized exchange gain/(loss) on cash and

cash equivalents 2,122 Cash and cash equivalents at end of the period 8,436,601


113

Fidelity Common Contractual Fund II NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 28 MARCH 2018 (DATE OF ESTABLISHMENT) TO 31 DECEMBER 2018

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. 2. Significant Accounting Policies The significant accounting policies and estimation techniques adopted by each Sub-Fund are as follows: a) Basis of Preparation of Financial Statements The financial statements are prepared in accordance with International Financial Reporting Standards as adopted by European Union (“IFRS”) and certain requirements of the UCITS Regulations and the Central Bank’s (Supervision and Enforcement) Act 2013 (section 48(1)) UCITS Regulations 2015 (as amended) (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. It also requires the Directors to exercise its 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. New standards and interpretations On 7 June 2017, the International Accounting Standards Board issued IFRIC Interpretation 23 — Uncertainty over Income Tax Treatments (the “Interpretation”). The Interpretation clarifies application of recognition and measurement requirements in IAS 12 Income Taxes when there is uncertainty over income tax treatments. The Interpretation is effective for annual reporting periods beginning on or after 1 January 2019, but certain transition reliefs are available. Based on the Manager’s assessment, this new standard is not expected to have a significant impact on the financial statements of the Sub-Funds or performance. IFRS 16, “Leases”, effective for annual reporting periods beginning on or after 1 January 2019, is to report information that (a) faithfully represents lease transactions and (b) provides a basis for users of financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. To meet that objective, a lessee should recognise assets and liabilities arising from a lease. IFRS 16 introduces a single lessee accounting model and requires a lessee to recognise assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. A lessee is required to recognise a right-of-use asset representing its right to use the underlying leased asset and a lease liability representing its obligation to make lease payments. The adoption of this standard is not expected to have a material impact on the financial statements of the Fund. The Fund did not adopt this standard early. In addition to the above, a number of new standards, amendments to standards and interpretations are effective for annual periods beginning after 28 March 2018, and have not been applied in preparing these financial statements. The Manager expects no material impact from the adoption of the amendments on its financial position or performance. The Fund is authorised by the Central Bank as a UCITS pursuant to the UCITS Regulations. The period ended 31 December 2018 is the first reporting cycle, and therefore there are no comparatives in the financial statements.

114

Fidelity Common Contractual Fund II NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 28 MARCH 2018 (DATE OF ESTABLISHMENT) TO 31 DECEMBER 2018 (CONTINUED)

2. Significant Accounting Policies (continued) b) Financial assets and financial liabilities at fair value through profit or loss Classification The Manager classifies the financial assets and liabilities of the Sub-Funds at fair value through profit or loss. The category of financial assets and liabilities at fair value through profit or loss is sub-divided into financial assets and liabilities held for trading and those designated at fair value through profit or loss upon initial recognition. Financial assets are classified as held for trading if they are acquired for the purpose of selling in the near term. This category includes equity securities, investments in managed funds, debt instruments, warrants and derivative instruments. These assets are acquired principally for the purpose of generating a profit from short-term fluctuation in price. Derivatives of financial assets are also classified as held for trading. The Manager’s policy in respect of the Fund is not to apply hedge accounting. Recognition/Derecognition The Manager recognises a financial asset or a financial liability of a Sub-Fund when, and only when, it becomes a party to the contractual provisions of the instrument. Purchases and sales of financial assets at fair value through profit or loss are recognised on trade date – the date on which a Sub-Fund commits to purchase or sell the financial instrument. A financial asset (or, where applicable, part of a financial asset or a part of a group of similar financial assets) is derecognised where the rights to receive cash flows from the asset have expired, or the Sub-Fund has transferred its rights to receive cash flow from the asset, or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a pass-through arrangement and either a Sub-Fund has transferred substantially all of the risks and rewards of the asset or a Sub-Fund has neither transferred nor retained substantially all the risk and rewards of the asset, but has transferred control of the asset. When a Sub-Fund has transferred its right to receive cash flows from an asset (or has entered into a pass-though arrangement), and has neither transferred nor retained substantially all of the risk and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Sub-Fund’s continuing involvement in the asset. In that case, the Sub-Fund also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Sub-Fund has retained. A Sub-Fund derecognises a financial liability when the obligation under the liability is discharged, cancelled or expired. Realised fair value gains and losses on disposals of financial instruments are calculated using the average cost method. Realised gains and loses are presented under Net Gain/(Loss) in Financial Assets at fair Value through Profit or Loss and Financial Derivative Instruments at the Statement of Comprehensive Income. Measurement On initial recognition financial assets and financial liabilities at fair value through profit or loss are recorded in the Statement of Financial Position at fair value. Subsequent to initial recognition, all financial assets and financial liabilities at fair value through profit or loss are measured at fair value. Gains and losses arising from changes in the fair value of the ‘financial assets or financial liabilities at fair value through profit or loss’ category are presented in the Statement of Comprehensive Income in the period in which they arise. Determination of fair value Each asset which is quoted, listed or traded on or under the rules of any Recognised Market shall be valued at the last traded price at the close of business on such Recognised Market on each Valuation Day. Prices will be obtained for this purpose by the Administrator from independent sources, such as recognised pricing services or brokers specialising in the relevant markets. If the investment is normally quoted, listed or traded on or under the rules of more than one Recognised Market, the relevant Recognised Market shall be either (a) that which is the main market for the investment or (b) the market which the Manager determines provides the fairest criteria in a value for the security, as the Manager may determine. If prices for an investment quoted, listed or traded on the relevant Recognised Market are not available at the relevant time, or are unrepresentative in the opinion of the Manager, such investment shall be valued at such value as shall be estimated with care and in good faith as the probable realisation value of the investment by a competent professional person, firm or corporation appointed for such purpose by the Manager and approved for the purpose by the Depositary. If the investment is quoted, listed or traded on a Recognised Market but acquired or traded at a premium or discount outside of or off the Recognised Market, the investment shall be valued taking into account the level of premium or discount as of the date of valuation of the instrument. Neither the Directors or their delegates nor the Depositary shall be under any liability if a price reasonably believed by them to be the last traded price, may be found not to be such.

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2. Significant Accounting Policies (continued) b) Financial assets and financial liabilities at fair value through profit or loss (continued) Value of any investment which is not normally quoted, listed or traded on or under the rules of a Recognised Market, will be valued at its probable realisation value estimated with care and in good faith by the Manager in consultation with the Administrator or by a competent person, firm or corporation appointed by the Manager and approved for such purpose by the Depositary. Determination of fair value (continued) Cash in hand or on deposit shall be valued at face value together with accrued interest where applicable, unless in the opinion of the Manager (in consultation with the Administrator and the Depositary) any adjustment should be made to reflect the fair value thereof. Derivative instruments (including exchange traded futures, index futures and other financial futures contracts) which are traded on a Recognised Market shall be valued at the settlement price as determined by the relevant Recognised Market at the Valuation Point on such Recognised Market, provided that where it is not the practice of the relevant Recognised Market to quote a settlement price, or if a settlement price is not available for any reason, such instruments shall be valued at their probable realisation value estimated with care and in good faith by the Manager or a competent person appointed by it and approved for the purpose by the Depositary. OTC derivatives will be valued at the probable realisation value estimated with care and in good faith by the Manager in consultation with the Administrator or by a competent person, firm or corporation appointed by the Manager and approved for such purpose by the Depositary. Forward foreign exchange contracts may be valued by reference to freely available market quotations or, if such quotations are not available, in accordance with the provisions in respect of OTC Derivatives. Certificates of deposit shall be valued by reference to the latest available sale price for certificates of deposit of like maturity, amount and credit risk on each Valuation Day or, if such price is not available, at the latest bid price or, if such price is not available or is unrepresentative of the value of such certificate of deposit in the opinion of the Manager, at probable realisation value estimated with care and in good faith by a competent person appointed by the Manager and approved for the purpose by the Depositary. Treasury bills and bills of exchange shall be valued with reference to prices ruling in the relevant markets for such instruments of like maturity, amount and credit risk at close of business on such markets on the relevant Valuation Day. Units or shares in collective investment schemes shall be valued on the basis of the latest available unaudited net asset value per unit or share as published by the collective investment scheme. If units or shares in such collective investment schemes are quoted, listed or traded on or under the rules of any Recognised Market then such units or shares will be valued in accordance with the rules set out above for the valuation of assets which are quoted, listed or traded on or under the rules of any Recognised Market. If such prices are unavailable, the units or shares will be valued at their probable realisation value estimated with care and in good faith by the Manager. 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.

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2. Significant Accounting Policies (continued) e) Futures Contracts (continued) 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. 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

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2. Significant Accounting Policies (continued) h) Swap Contracts (continued) 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. 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.

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2. Significant Accounting Policies (continued) i) Repurchase and Reverse Repurchase Agreements (continued) 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 period. 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. l) Interest Revenue and Interest Expenses Interest revenue is recognised on the effective yield 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.

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2. Significant Accounting Policies (continued) 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. 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.

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2. Significant Accounting Policies (continued) t) Investments Purchased and Sold (continued) 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 period ended 31 December 2018 no such impairments have occurred. 3. Cash and Cash Equivalents Cash and cash equivalents for the Sub-Funds for the financial period ended 31 December 2018 is disclosed in the table below:

Sub-Fund Counterparty 31 December 2018 Fidelity Europe ex-UK Equity Fund EUR Banco Bilbao 318,813 Banco Santander 318,813 BNP Paribas 318,813 Brown Brothers Harriman 370,010 Citibank 318,813 HSBC Bank 3,234,698 Nordea Bank 318,813 SEB Group 318,813 Societe Generale 318,813 Sumitomo Bank 318,813 Total 6,155,212 Fidelity Japan Equity Fund JPY Brown Brothers Harriman 660,919,884 Mitsubishi UFJ Financial Group 235,112,597 Sumitomo Bank 326,110,701 Total 1,222,143,182 Fidelity North America Equity Fund USD Australia & New Zealand Banking Group 3,838,731 Banco Bilbao 1,077,421 Banco Santander 1,889,074 Bank of Montreal 1,077,421 BNP Paribas 1,077,421 Brown Brothers Harriman 2,704,963 Citibank 1,077,421 National Australia Bank 1,809,814 SEB Group 1,077,421 Sumitomo Bank 3,206,554 Total 18,836,241 Fidelity UK Equity Fund GBP Banco Santander 7,499,502 Brown Brothers Harriman 3,257,423 Citibank 603,791 HSBC Bank 17,572 SEB Group 603,790 Sumitomo Bank 603,790 Total 12,585,868

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3. Cash and Cash Equivalents (continued) Sub-Fund Counterparty 31 December 2018 Fidelity Global Aggregate Bond Fund GBP Australia & New Zealand Banking Group 45,990 Banco Santander 818,320 Bank of Nova Scotia 161,634 Brown Brothers Harriman 3,334,224 Citibank 298,514 HSBC Bank 202,665 Royal Bank of Canada 55,253 SEB Group 298,514 Sumitomo Bank 1,343,382 Total 6,558,496 Fidelity Global Sub-IG Fixed Income Fund GBP Banco Santander 882,043 Brown Brothers Harriman 893,206 Citibank 139,971 National Australia Bank 20,879 SEB Group 139,971 Sumitomo Bank 1,857,961 Total 3,934,031 Fidelity Asia Pacific ex-Japan Equity Fund USD Australia & New Zealand Banking Group 742,008 Brown Brothers Harriman 163,291 Banco Santander 963,149 Banco Bilbao 389,401 Bank of Montreal 389,401 Bank of Nova Scotia 389,401 BNP Paribas 245,780 Development Bank of Singapore 389,401 HSBC Bank 140,685 National Australia Bank 1,709,748 SEB Group 389,401 Sumitomo Bank 4,160,565 Total 10,072,231 Fidelity Alternative Listed Equity Fund GBP Brown Brothers Harriman 186,363 Banco Santander 3,912,173 Citibank 30,336 SEB Group 30,336 Sumitomo Bank 2,764,003 Total 6,923,211 Fidelity Global Emerging Markets Equity Fund USD Australia & New Zealand Banking Group 2,923,280 Banco Bilbao 348,464 Bank of Montreal 348,464 Bank of Nova Scotia 348,464 BNP Paribas 375,389 Brown Brothers Harriman 529,321 Citibank 348,464 Development Bank of Singapore 348,464 HSBC Bank 19,972 National Australia Bank 348,464 SEB Group 1,232,932 Sumitomo Bank 1,264,923 Total 8,346,601

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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 2018, the amount held in these cash accounts was JPY426,533,951. 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 period 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. 4. Margin and Collateral 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

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

Fidelity Global Aggregate Bond Fund GBP GBP

Citibank 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. Margin and Collateral (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). 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 period ended 31 December 2018 is as follows: Fidelity Europe ex-UK Equity Fund

Unit Class G Acc EUR Class I Acc EURBeginning Balance – –Units Issued During Period 7,757 26,353,591Units Redeemed During Period (88) (352,894)Balance at End of Period 7,669 26,000,697

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 -

Fidelity Global Aggregate Bond Fund GBP GBP Bank of America 130,000 - Citibank 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 (continued) Fidelity Japan Equity Fund

Unit Class G Acc EUR Hedged Class I Acc JPYBeginning Balance – –Units Issued During Period 3,406 28,071,110Units Redeemed During Period (449) (1,603,283)Balance at End of Period 2,957 26,467,827

Fidelity North America Equity Fund

Unit Class G Acc EUR Hedged Class I Acc USDBeginning Balance – –Units Issued During Period 19,093 86,623,257Units Redeemed During Period (883) (4,904,077)Balance at End of Period 18,210 81,719,180

Fidelity UK Equity Fund

Unit Class I Acc GBP Class G Acc EUR HedgedBeginning Balance – –Units Issued During Period 491,051,304 4,795Units Redeemed During Period (40,207,571) (50)Balance at End of Period 450,843,733 4,745

Fidelity Global Aggregate Bond Fund

Unit Class I Acc GBP Class G Acc EUR HedgedBeginning Balance – –Units Issued During Period 30,068,410 49,758Units Redeemed During Period (426,473) (559)Balance at End of Period 29,641,937 49,199




Unit Class G Acc EUR Hedged Class I Acc USDBeginning Balance – –Units Issued During Period 3,911 29,873,028Units Redeemed During Period (24) (155,575)Balance at End of Period 3,887 29,717,453

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5. Unit Capital (continued) Fidelity Alternative Listed Equity Fund



Unit Class G Acc EUR Hedged Class I Acc USDBeginning Balance – –Units Issued During Year 1,185 25,282,394Units Redeemed During Year (5) –Balance at End of Period 1,180 25,282,394

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. 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

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7. Fees (continued) 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 ongoing charges figures applicable to each Sub-Fund:

Sub-Fund TER

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

Class I Acc EUR 1 Class G Acc EUR 1

Fidelity Japan Equity Fund Class I Acc JPY 1 Class G Acc EUR Hedged 1

Fidelity North America Equity Fund Class I Acc USD 1 Class G Acc EUR Hedged 1

Fidelity UK Equity Fund Class I Acc GBP 1 Class G Acc EUR Hedged 1

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

Fidelity Global Sub-IG Fixed Income Fund Class I Acc GBP 0.8 Class G Acc EUR Hedged 0.8

Fidelity Asia Pacific ex-Japan Equity Fund Class I Acc USD 1 Class G Acc EUR Hedged 1

Fidelity Alternative Listed Equity Fund Class I Acc GBP 1 Class G Acc EUR Hedged 1

Fidelity Global Emerging Markets Equity Fund Class I Acc USD 1 Class G Acc EUR Hedged 1

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.

127


9. Related Parties Related Party Disclosures 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 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 the fees, as outlined in the Note 7. The amounts payable as at 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 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 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.

128


11. Financial Risk Management (continued) 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. 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 Sub-IG Fixed Income Fund Global Exposure Calculation Methodology and VAR Approach Reference Portfolio Annualised VAR Annualised Benchmark VAR Historical Simulation N/A 3.09% N/A Level of Leverage Daily Average Leverage Period Ended 31 December 2018

Daily Average Leverage Period Ended 31 December 2017

385.95% N/A Daily VAR Utilisation during the year ended 31 December 2018 Minimum Maximum Average 4.59% 15.96% 10.63% Fidelity Global Aggregate Bond Fund 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

Daily Average Leverage Period Ended 31 December 2017

1,014.20% N/A Daily VAR Utilisation during the year ended 31 December 2018 Minimum Maximum Average 37.53% 79.60% 47.19%

129


11. Financial Risk Management (continued) 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.

Sub-Fund % change

31 December 2018Effect on NAV

31 December 2018Fidelity Europe ex-UK Equity Fund (EUR) 5% 10,991,719Fidelity Japan Equity Fund (JPY) 5% 1,092,311,548Fidelity North America Equity Fund (USD) 5% 36,397,190Fidelity UK Equity Fund (GBP) 5% 19,260,777Fidelity Global Aggregate Bond Fund (GBP) 5% 16,953,763Fidelity Global Sub-IG Fixed Income Fund (GBP) 5% 4,175,917Fidelity Asia Pacific ex-Japan Equity Fund (USD) 5% 12,870,372Fidelity Alternative Listed Equity Fund (GBP) 5% 1,611,803Fidelity Global Emerging Markets Equity Fund (USD) 5% 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 period ended 31 December 2018, including sensitivity analysis. Fidelity Europe ex-UK Equity Fund

Currency

MonetaryAssets

EUR

Non-MonetaryAssets

EUR

MonetaryLiabilities

EUR

Non-Monetary Liabilities

EURTotalEUR

Currency Exposure 5% Sensitivity

EURCHF 5,995 18,622,965 - - 18,628,960 300DKK 2,619 11,581,988 - - 11,584,607 131GBP 2 - - - 2 -NOK 3 2,737,658 - - 2,737,661 -SEK 3 7,748,785 - - 7,748,788 -USD 9,018 4,554,399 - - 4,563,417 451

130


11. Financial Risk Management (continued) b) Market Risk (continued) ii) Currency Risk (continued) Fidelity Japan Equity Fund There was no exposure to foreign currency as of 31 December 2018. Fidelity North America Equity Fund

Currency

MonetaryAssets

USD

Non-MonetaryAssets

USD

MonetaryLiabilities

USD


USDTotalUSD


USDCAD - 9,063,982 - - 9,063,982 -EUR 76 5,690,943 - - 5,691,019 4SEK - 1,396,631 - - 1,396,631 - Fidelity UK Equity Fund

Currency

MonetaryAssets

GBP

Non-MonetaryAssets

GBP

MonetaryLiabilities

GBP


GBPTotalGBP


GBPCAD - 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 -USD 49,213 15,159,509 - - 15,208,722 2,461

131


11. Financial Risk Management (continued) b) Market Risk (continued) ii) Currency Risk (continued) Fidelity Global Aggregate Bond Fund

Currency

MonetaryAssets

GBP

Non-MonetaryAssets

GBP

MonetaryLiabilities

GBP


GBPTotalGBP


GBPAUD 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

132


11. Financial Risk Management (continued) b) Market Risk (continued) ii) Currency Risk (continued) Fidelity Global Sub-IG Fixed Income Fund

Currency

MonetaryAssets

GBP

Non-MonetaryAssets

GBP

MonetaryLiabilities

GBP


GBPTotalGBP


GBP 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 Fidelity Asia Pacific ex-Japan Equity Fund

Currency

MonetaryAssets

USD

Non-MonetaryAssets

USD

MonetaryLiabilities

USD


USDTotalUSD


USDAUD 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

133


11. Financial Risk Management (continued) b) Market Risk (continued) ii) Currency Risk (continued) Fidelity Alternative Listed Equity Fund

Currency

Monetary Assets

GBP

Non-MonetaryAssets

GBP

MonetaryLiabilities

GBP


GBPTotalGBP


GBPEUR - 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

Currency

Monetary Assets

USD

Non-MonetaryAssets

USD

MonetaryLiabilities

USD


USDTotalUSD


USDAED - 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 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.

134


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 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 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 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 2018

Up to 1 year

GBP 1 - 5 years

GBP Over 5 years

GBP

Non Interest Bearing

GBP Total 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 439,084 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 439,084 1,510,802 709,591 90,604,544 93,264,020

135


11. Financial Risk Management (continued) b) Market Risk (continued) iii) Interest Rate Risk (continued) Fidelity Global Sub-IG Fixed Income Fund As at 31 December 2018

Up to 1 year

GBP 1 - 5 years

GBP Over 5 years

GBP

Non Interest Bearing

GBP Total 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 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 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 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.

136


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 2018, Brown Brothers Harriman 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 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 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 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 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 Fund’s derivative transactions with one counterparty. The counterparties, with which a Fund effects transaction may, from time to time, cease making markets or quoting prices in certain of the instruments. In such instances, a 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 Fund may be required, and must be able, to perform its obligations under the contract. Most of the participations, synthetic securities, credit default swaps, hedge agreements, currency hedge agreements and interest rate hedge transactions may involve the Fund entering into contracts with counterparties on behalf of one or more Funds. Pursuant to such contracts, the counterparties agree to make payments to the Funds under certain circumstances. The Funds will be exposed to the credit risk of the counterparty with respect to any such payments.

137


11. Financial Risk Management (continued) c) Credit Risk (continued) 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 period expected credit losses, as any such impairment would be wholly insignificant to the Fund. As at 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 2018

Counterparty/Broker

Exposure on FinancialDerivative Instruments

EUR

Cash Collateral/MarginDue from Broker

EUR

Cash Collateral/MarginDue to Broker

EUR Credit ratingUBS (59,307) 340,456 – A+

Fidelity Japan Equity Fund

31 December 2018

Counterparty


JPY


JPY


JPY Credit ratingBrown Brothers Harriman (75,240) – – A+UBS (13,912,969) 52,327,939 – A+


31 December 2018

Counterparty


USD


USD


USD Credit ratingBrown Brothers Harriman 1,136 – – A+Goldman Sachs (24,087) – – A+UBS (191,261) 835,753 – A+


31 December 2018

Counterparty


GBP


GBP


GBP Credit ratingBrown Brothers Harriman (117) – – A+Goldman Sachs (308,389) 380,000 – A+HSBC (1,417,282) 1,610,000 4,053 AA-Morgan Stanley (471,479) 510,000 – AUBS (142,587) 680,858 90,198 A+

138


11. Financial Risk Management (continued) c) Credit Risk (continued)

Fidelity Global Aggregate Bond Fund 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+Citibank (1,111,961) 2,653,700 95,966 A+Credit Suisse (163,446) – – AGoldman Sachs 100,773 650,000 – A+HSBC (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-


31 December 2018

Counterparty


GBP


GBP


GBP Credit ratingBrown Brothers Harriman (31,560) – – A+Canadian Imperial Bank of Commerce 257 – – A+Citibank 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+ A+


31 December 2018

Counterparty


USD


USD


USD Credit ratingBrown Brothers Harriman 243 – – A+UBS 34,875 673,295 – A+


31 December 2018

Counterparty


GBP


GBP


GBP Credit ratingBrown Brothers Harriman (400) – – A+Canadian Imperial Bank of Commerce (44,303) – – A+JPMorgan Chase Bank (1,414) – – AA-UBS 29,283 73,791 – A+

139


11. Financial Risk Management (continued) c) Credit Risk (continued) Fidelity Global Emerging Markets Equity Fund

31 December 2018

Counterparty


USD


USD


USD Credit ratingBrown Brothers Harriman 89 – – A+UBS 47,524 351,378 – A+

As at 31 December 2018, 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 Indicator Australia & New Zealand Banking Group F1+ Brown Brothers Harriman F1 Banco Santander F1 Banco Bilbao F2 Bank of Montreal F1+ Bank of Nova Scotia F1+ BNP Paribas F1 Citibank F1+ Development Bank of Singapore F1+ HSBC Bank F1+ National Australia Bank F1+ Nordea Bank F1+ SEB Group F1+ Societe Generale F1 Sumitomo Bank F1 All cash at bank balances at the period end are held with Brown Brothers Harriman on segregated accounts or swept to overnight time deposits held on 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 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 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 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 2018.

140


11. Financial Risk Management (continued) c) Credit Risk (continued) Fidelity Global Aggregate Bond Fund As at 31 December 2018

Rating % of Investments AAA 43.69 AA 9.59 A 16.12 BBB 11.94 BB 2.61 B 0.44 CCC 0.22 Not Rated 15.39 Total 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 As at 31 December 2018

Rating % of Investments A 5.27 BBB 20.47 BB 25.40 B 31.33 CCC 10.38 D 0.11 Not Rated 7.04 Total 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 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 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 2018.

141


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 period 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. Fidelity Europe ex-UK Equity Fund

As at 31 December 2018

Less than orequal to 1 month

EUR

More than 1 month

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




JPY

More than 1 month

JPYTotalJPY

Financial Derivative Instruments – 13,912,969 13,912,969Capital Units Redeemed 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




USD

More than 1 month

USDTotalUSD


142


11. Financial Risk Management (continued) d) Liquidity Risk (continued) Fidelity UK Equity Fund



GBP

More than 1 month

GBPTotalGBP

Financial Derivative Instruments – 2,387,991 2,387,991Futures Margin Cash Due to Broker 94,251 – 94,251Capital Units Redeemed 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 2,387,991 404,893,931




GBP

More than 1 month

GBPTotalGBP

Financial Derivative Instruments 3,703,708 2,877,000 6,580,708Futures Margin Cash Due to Broker 95,966 – 95,966Cash Collateral Due to Broker 211,212 – 211,212Capital Units Redeemed 1,583,209 – 1,583,209Investments Purchased awaiting settlement 84,547,391 – 84,547,391Interest Payable 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 2,877,000 390,433,862




GBP

More than 1 month

GBPTotalGBP

Financial Derivative Instruments 1,037,401 691,135 1,729,433Futures Margin 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 94,228,674 691,135 94,919,809

143


11. Financial Risk Management (continued) d) Liquidity Risk (continued) Fidelity Asia Pacific ex-Japan Equity Fund



USD

More than 1 month

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




GBP

More than 1 month

GBPTotalGBP





USD

More than 1 month

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 242,411,978 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.

144


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 2018, cash and cash equivalents are classified as Level 1. All other assets and liabilities not measured at fair value but for which fair value is disclosed are classified as Level 2. There were no investments classified at Level 3 at the period ended 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 2018: Fidelity Europe ex-UK Equity Fund

31 December 2018 Level 1 Level 2 Level 3 Total EUR EUR EUR EURFinancial Assets at Fair Value Through Profit or Loss

Equities 219,893,685 – – 219,893,685Total Assets 219,893,685 – – 219,893,685

Financial Liabilities at Fair Value Through Profit or Loss

Futures 59,307 – – 59,307Total Liabilities 59,307 – – 59,307

145


11. Financial Risk Management (continued) f) Fair Value Estimation (continued) Fidelity Japan Equity Fund

31 December 2018 Level 1 Level 2 Level 3 Total JPY JPY JPY JPYFinancial Assets at Fair Value Through Profit or Loss

Equities 21,860,143,928 – – 21,860,143,928Open Forward Currency Exchange Contracts – 15,359 – 15,359Total Assets 21,860,143,928 15,359 – 21,860,159,287


Open Forward Currency Exchange Contracts – 90,599 – 90,599Futures 13,912,969 – – 13,912,969Total Liabilities 13,912,969 90,599 – 14,003,568


31 December 2018 Level 1 Level 2 Level 3 Total USD USD USD USDFinancial Assets at Fair Value Through Profit or Loss

Equities 714,768,722 – – 714,768,722Contracts for Difference 36,712 – – 36,712Open Forward Currency Exchange Contracts – 1,249 – 1,249Transferable Securities 13,268,719 – – 13,268,719Total Assets 728,074,153 1,249 – 728,075,402


Contracts for Difference 60,799 – – 60,799Open Forward Currency Exchange Contracts – 113 – 113Futures 191,261 – – 191,261Total Liabilities 252,060 113 – 252,173

146


11. Financial Risk Management (continued) f) Fair Value Estimation (continued) Fidelity UK Equity Fund

31 December 2018 Level 1 Level 2 Level 3 Total GBP GBP GBP GBPFinancial Assets at Fair Value Through Profit or Loss

Equities 371,145,875 – – 371,145,875Contracts for Difference 48,254 – – 48,254Open Forward Currency Exchange Contracts – 5 – 5Transferable Securities 16,409,524 – – 16,409,524Total Assets 387,603,653 5 – 387,603,658


Contracts for Difference 2,373,886 – – 2,373,886Open Forward Currency Exchange Contracts – 122 – 122Futures 14,105 – – 14,105Total Liabilities 2,387,991 122 – 2,388,113



Asset-Backed Securities – 4,291,371 – 4,291,371Corporate Bonds – 78,397,891 – 78,397,891Credit Default Index Swap Contracts – 164,704 – 164,704Currency Swap Contracts – 520,244 – 520,244Open Forward Currency Exchange Contracts – 975,681 – 975,681Government Bonds – 152,990,299 – 152,990,299Futures 1,217,505 – – 1,217,505Interest Rate Swap Contracts – 1,036,092 – 1,036,092Mortgage Related – 56,828,943 – 56,828,943Option Contracts 359 859 – 1,218Repurchase Agreements – 1,300,000 – 1,300,000Transferable Securities 17,134,859 – – 17,134,859Treasury Bonds – 28,029,360 – 28,029,360Total Assets 18,352,723 324,535,444 – 342,888,167


Credit Default Index Swap Contracts – 27,028 – 27,028Credit Default Swap Contracts – 130,390 – 130,390Open Forward Currency Exchange Contracts – 3,883,733 – 3,883,733Futures 1,082,609 – – 1,082,609Interest Rate Swap Contracts – 1,419,452 – 1,419,452Option Contracts 18,876 5,655 – 24,531Swaption Contracts – 15,629 – 15,629Total Liabilities 1,101,485 5,481,887 – 6,583,372

147


11. Financial Risk Management (continued) f) Fair Value Estimation (continued) Fidelity Global Sub-IG Fixed Income Fund


Asset-Backed Securities – 612,425 – 612,425Corporate Bonds – 55,259,247 – 55,259,247Credit Default Swap Contracts – 140,519 – 140,519Open Forward Currency Exchange Contracts – 1,093,103 – 1,093,103Government Bonds – 25,836,749 – 25,836,749Futures 119,976 – – 119,976Interest Rate Swap Contracts – 96,718 – 96,718Treasury Bonds – 1,658,619 – 1,658,619Total Assets 119,976 84,697,380 – 84,817,356


Open Forward Currency Exchange Contracts – 1,110,153 – 1,110,153Futures 109,200 – – 109,200Interest Rate Swap Contracts – 510,080 – 510,080Total Liabilities 109,200 1,620,233 – 1,729,433



Equities 254,805,160 – – 254,805,160Warrants – 608,849 – 608,849Open Forward Currency Exchange Contracts – 248 – 248Option Contracts 82,325 – – 82,325Transferable Securities 1,958,555 – – 1,958,555Total Assets 256,846,040 609,097 – 257,455,137


Open Forward Currency Exchange Contracts – 5 – 5Futures 47,450 – – 47,450Total Liabilities 47,450 5 – 47,455

148


11. Financial Risk Management (continued) f) Fair Value Estimation (continued) Fidelity Alternative Listed Equity Fund


Equities 7,369,570 – – 7,369,570Futures 29,283 – – 29,283Transferable Securities 24,837,205 – – 24,837,205Total Assets 32,236,058 – – 32,236,058


Open Forward Currency Exchange Contracts – 46,117 – 46,117Total Liabilities – 46,117 – 46,117



Equities 229,866,827 – – 229,866,827Transferable Securities 2,924,411 – – 2,924,411Forward Foreign Exchange Contracts – 90 – 90Contracts for Differences 71,481 – – 71,481Total 232,862,719 90 – 232,862,809


Forward Foreign Exchange Contracts – 1 – 1Futures 23,957 – – 23,957Total 23,957 1 – 23,958

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.

149


11. Financial Risk Management (continued) h) Offsetting The Sub-Funds are required to disclose the impact of offsetting assets and liabilities represented in the statement of financial position 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 2018:


31 December 2018

Counterparty

DerivativeAssets

JPY

DerivativeLiabilities

JPY

Net DerivativeAssets (Liabilities)

JPY

Collateral(Received) Pledged

JPYNet Amount

JPYBrown Brothers Harriman 15,359 (90,599) (75,240) – (75,240)Total 15,359 (90,599) (75,240) – (75,240)


31 December 2018

Counterparty

DerivativeAssets

USD


USD


USD


USDNet Amount

USDBrown Brothers Harriman 1,249 (113) 1,136 – 1,136Total 1,249 (113) 1,136 – 1,136


31 December 2018

Counterparty

DerivativeAssets

GBP


GBP


GBP


GBPNet Amount

GBPBrown Brothers Harriman 5 (122) (117) – (117)Total 5 (122) (117) – (117)

150


11. Financial Risk Management (continued) h) Offsetting


31 December 2018

Counterparty

DerivativeAssets

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)Citibank 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 2018

Counterparty

DerivativeAssets

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 – 257Citibank 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 2018

Counterparty

DerivativeAssets

USD


USD


USD


USDNet Amount

USDBrown Brothers Harriman 248 (5) 243 – 243Total 248 (5) 243 – 243


31 December 2018

Counterparty

DerivativeAssets

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 Bank – (1,414) (1,414) – (1,414)Total 0 (46,117) (46,117) – (46,117)


31 December 2018

Counterparty

DerivativeAssets

USD


USD


USD


USDNet Amount

USDBrown Brothers Harriman 90 (1) 89 – 89Total 90 (1) 89 – 89

151


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 2018 FX to EUR FX to JPY FX to USD FX to GBPAustralian Dollar – – 1.4205 1.8091Argentine Peso – – – 47.9638Brazilian 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 – – 69.8150Indonesian 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 – – 1115.8000 1421.0829Swedish Krona 10.1350 – 8.8659 11.2915Swiss Franc 1.1269 – – 1.2555Taiwan New 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

152


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 period ended 31 December 2018 is disclosed in the tables below:

31 December 2018 Fidelity Europe ex-UK Equity Fund

EUR


JPY


USD

Fidelity UK Equity Fund GBP

Realised and Unrealised Gains/(Losses) on Investments Net Realised (Loss)/Gain on Investments (1,658,725) 97,207,312 (2,116,108) (2,714,502) Net Realised (Loss)/Gain on Forward Foreign Currency Contracts – (28,766) 1,328 (10,971) Net Realised Loss on Futures (377,308) (23,347,140) (633,940) (857,359) Net Realised Gain/(Loss) on Contracts for Differences – – 13,804 (266,256) Net Realised Gain on Swaps – – – – Net Realised Currency Gain 877 1 12,678 34,740 (2,035,156) 73,831,407 (2,722,238) (3,814,348) Movement in Unrealised Loss on Investments (26,614,398) (3,990,540,439) (77,599,275) (58,598,498) Movement in Unrealised (Loss)/Gain on Forward Foreign Currency Contracts – (75,240) 1,136 (116) Movement in Unrealised Loss on Futures (59,307) (13,912,969) (191,261) (14,105) Movement in Unrealised Loss on Contracts for Differences – – (24,087) (2,325,632) Movement in Unrealised Currency Gain 59 – – 2,864 (26,673,646) (4,004,528,648) (77,813,487) (60,935,487) Net Loss on Financial Assets at Fair Value through Profit or Loss and Financial Derivative Instruments (28,708,802) (3,930,697,241) (80,535,725) (64,749,835)

153


13. Net Gain/(Loss) on Financial Assets at Fair Value through Profit or Loss and Financial Derivative Instruments (continued)

31 December 2018 Fidelity Global Aggregate Bond

Fund GBP


Fund GBP


Fund USD


GBP Realised and Unrealised Gains/(Losses) on Investments Net Realised Gain/(Loss) on Investments 372,630 (578,187) (6,909,390) 37,730 Net Realised Gain/(Loss) on Forward Foreign Currency Contracts 417,904 (927,414) (101,221) (13,710) Net Realised (Loss)/Gain on Futures (439,376) (107,195) (394,521) 119,821 Net Realised Gain on Options 88,652 – – – Net Realised Gain on Swaptions 7,688 – – – Net Realised Gain/(Loss) on Swaps 153,982 (132,054) – – Net Realised Currency (Loss)/Gain (554,876) 165,774 136,990 50,795 46,604 (1,579,076) (7,268,142) 194,636 Movement in Unrealised Gain/(Loss) on Investments 2,407,497 (2,427,318) (21,326,196) (2,344,421) Movement in Unrealised (Loss)/Gain on Forward Foreign Currency Contracts (2,908,052) (17,050) 243 (46,117) Movement in Unrealised Gain/(Loss) on Futures 134,896 10,776 (47,450) 29,282 Movement in Unrealised (Loss)/Gain on Options (5,778) – 28,719 – Movement in Unrealised Loss on Swaptions (2,854) – – – Movement in Unrealised Loss on Swaps (179,587) (434,602) – – Movement in Unrealised Currency Loss (348,900) (23,268) (3,896) – (902,778) (2,891,462) (21,348,580) (2,361,256) Net Loss on Financial Assets at Fair Value through Profit or Loss and Financial Derivative Instruments (856,174) (4,470,538) (28,616,722) (2,166,620)

154


13. Net Gain/(Loss) on Financial Assets at Fair Value through Profit or Loss and Financial Derivative Instruments (continued)

31 December 2018 Fidelity Global Emerging Markets

Equity Fund USD

Realised and Unrealised Gains/(Losses) on Investments Net Realised Loss on Investments (2,289,067) Net Realised Gain on Forward Foreign Currency Contracts 95,934 Net Realised Loss on Futures (180,031) Net Realised Gain on Swaps – Net Realised Currency Loss (109,647) (2,482,811) Movement in Unrealised Loss on Investments (9,341,869) Movement in Unrealised Gain on Forward Foreign Currency Contracts 89 Movement in Unrealised Loss on Futures (23,957) Movement in Unrealised Gain on Contracts for Differences 71,482 Movement in Unrealised Currency Gain 2,123 (9,292,132) Net Loss on Financial Assets at Fair Value through Profit or Loss and Financial Derivative Instruments (11,774,943)

In arriving at the results for the financial period 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. 15. Soft Commission Agreements There were no soft commission arrangements entered into during 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.

155


16. Efficient Portfolio Management (continued) 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

Citibank Forward Foreign Currency Contracts

27,093

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 –

17. Significant Events during the Period Fidelity Europe ex-UK Equity Fund

Class I Acc EUR was launched on 20 June 2018 and Class G Acc EUR was launched on 23 September 2018.


Class I Acc JPY was launched on 27 June 2018 and Class G Acc EUR Hedged was launched on 27 September 2018.


Class I Acc USD was launched on 11 July 2018 and Class G Acc EUR Hedged was launched on 27 August 2018.


Class I Acc GBP was launched on 13 July 2018 and Class G Acc EUR Hedged was launched on 28 August 2018.


Class I Acc GBP was launched on 5 August 2018 and Class G Acc EUR Hedged was launched on 29 August 2018.


Class I Acc GBP was launched on 14 August 2018 and Class G Acc EUR Hedged was launched on 29 August 2018.


Class I Acc USD was launched on 19 August 2018 and Class G Acc EUR Hedged was launched on 30 August 2018.


156


17. Significant Events during the Period (continued) Class I Acc GBP was launched on 2 September 2018 and Class G Acc EUR Hedged was launched on 11 September 2018.


Class I Acc USD was launched on 5 September 2018 and Class G Acc EUR Hedged was launched on 13 September 2018.

The supplements for the Fidelity Global Aggregate Bond Fund and Fidelity Global Sub-IG Fixed Income Fund, sub-funds of the Fund were updated on 20 July 2018 to reflect various changes, including provision for investment to a limited extent in equity, equity-related securities and credit-linked notes, and provision for investment in fixed income securities in China and India.

The prospectus for the Fund and the supplements for all the Sub-Funds were updated on 24 December 2018 to reflect certain minor amendments, including changes to the disclosure relating to German tax reporting, changes in the composition of the Board of Directors of the Manager and the amendment of the emerging market country criterion in the supplement for Fidelity Global Emerging Markets Equity Fund.

The appointments and resignations of the following Directors of the Manager:

• Ms Catherine Fitzsimons was appointed as a Director of the Manager, effective 22 February 2018.

• Ms Eímhín Ní Mhuircheartaigh was appointed as a Director of the Manager, effective 2 March 2018.

• Mr David Dillon resigned as a Director of the Manager, effective 23 May 2018.

• Mr Paul Burd resigned as a Director of the Manager, effective 3 August 2018.

• Ms Bronwyn Wright was appointed as a Director of the Manager, effective 3 August 2018.

Ms Denise Kinsella was appointed as a Chairperson, effective 20 August 2018.

There were no contingent liabilities during the period ended 31 December 2018.

There have been no other significant events affecting the Fund during the financial period.

18. Events since the Period End Following the United Kingdom vote to leave the European Union (“EU”) on 23 June 2016, commonly referred to as “BREXIT”, the Fund and the wider Fidelity International Group have been considering the implications of BREXIT. While at the time of finalisation of these financial statements, the ultimate outcome is still uncertain, the Board of Directors has considered the key risks and possible impacts, including the impact of a “hard” or negative BREXIT outcome. Specific BREXIT related management actions have included availing of the UK regulator FCA Temporary Permission Regime (“TPR”) in March 2019.

There were no other significant events since the financial year end that require disclosure in these financial statements.

19. Approval of Financial Statements The report for the period from 28 March 2018 (date of establishment) to 31 December 2018 and audited financial statements were approved by the Board of Directors of the Manager on 29 April 2019.

157

Fidelity Common Contractual Fund II STATEMENT OF MANAGER’S RESPONSIBILITIES

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 2015 (as amended) 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 2015 (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. The Board of Directors of FIL Fund Management (Ireland) Limited, the Manager the Fidelity Common Contractual Fund II, 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) Limited Investment Manager FIL Investments International

158

Common Contractual Fund II

STATEMENT OF MANAGER'S RESPONSIBILITIES (CONTINUED)

Dealing with Connected Persons

Regulation 41 of the Central Bank WITS 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 78(4) of the Central Bank WITS Regulations, the Directors are satisfied that: (i)there are in place arrangements, evidenced by written procedures, to ensure that the obligations that are prescribed by Regulation 41 (1) are applied to all transactions with a connected person; and (ii)all transactions with connected persons that were entered into during the period to which this report relates complied with the obligations that are prescribed by Regulation 41(1).

On behalf of the Board of Directors of the Manager.

29 April 2019 29 April 201

159


REPORT FROM THE DEPOSITARY TO THE UNITHOLDERS

We have enquired into the conduct of the Fidelity Common Contractual Fund II (the Fund") for the period ended 31 December 2018 in our capacity as Depositary to the Fund.

This report including the opinion has been prepared for and solely for the Unitholders in the Fund, in accordance with Part 5 of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended (The UCITS Regulations") and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown.

Responsibilities of the Depositary

Our duties and responsibilities are outlined in Part 5 of the UCITS Regulations, One of those duties is to enquire into the conduct of the Fund in each annual accounting period and report thereon to the unitholders. Our report shall state whether, in our opinion, the Fund has been managed in that period in accordance with the provisions of the Fund's deed of constitution of the Fund and the UCITS Regulations. It is the overall responsibility of the Manager to comply with these provisions in respect of the Fund. If the Manager has not so complied, we as Depositary must state why this is the case and outline the steps which we have taken to rectify the situation.

Basis of Depositary Opinion

The Depositary conducts such reviews as it, in its reasonable opinion, considers necessary in order to comply with its duties as outlined in Part 5 of the UCITS Regulations and to ensure that, in all material respects, the Fund has been managed (i) in accordance with the limitations imposed on its investment and borrowing powers by the provisions of the deed of constitution of the Fund and the appropriate regulations and (ii) otherwise in accordance with the Fund's constitutional documentation and the appropriate regulations.

Opinion In our opinion, the Fund has been managed during the period, in all material respects:

(i)in accordance with the limitations imposed on the investment and borrowing powers of the Fund by the deed of constitution of the Fund, the UCITS Regulations and the Central Bank UCITS Regulations, and

(ii)otherwise in accordance with the provisions of the deed of constitution of the Fund, the UCITS Regulations and the Central Bank UCITS Regulations.

Brown Brothers Harriman Trustee Services (Ireland) Limited, 30 Herbert Street, Dublin 2, D02 W329, Ireland

29 April 2019

160

Fidelity Common Contractual Fund II INDEPENDENT AUDITORS’ REPORT TO THE UNITHOLDERS OF THE SUB-FUNDS OF FIDELITY COMMON CONTRACTUAL FUND II

Report on the audit of the financial statements

Opinion

In our opinion, Fidelity Common Contractual Fund II’s financial statements:

give a true and fair view of the Sub-Funds’ assets, liabilities and financial position as at 31 December 2018 and of their results and cash flows for the period from 28 March 2018 to 31 December 2018 (the “period”);

have been properly prepared in accordance with International Financial Reporting Standards (“IFRSs”) as adopted by the European Union; and

have been properly prepared in accordance with the requirements of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended).

We have audited the financial statements, included within the Annual Report and Audited Financial Statements, which comprise:

the Statement of Financial Position as at 31 December 2018; the Statement of Comprehensive Income for the period then ended; the Statement of Cash Flows for the period then ended; the Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units for the period

then ended; the Schedules of Investments for each of the Sub-Funds as at 31 December 2018; and the notes to the financial statements for each of the Sub-Funds, which include a description of the significant

accounting policies.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (Ireland) (“ISAs (Ireland)”) and applicable law.

Our responsibilities under ISAs (Ireland) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the Common Contractual Fund in accordance with the ethical requirements that are relevant to our audit of the financial statements in Ireland, which includes IAASA’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

We 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 the preparation of the financial statements is not appropriate; or

the manager has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Sub-Funds’ 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.

However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Sub-Funds’ ability to continue as going concerns.

161

Reporting on other information

The other information comprises all of the information in the Annual Report and Audited Financial Statements other than the financial statements and our auditors' report thereon. The manager is responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon. 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 an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of 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 based on these responsibilities.

Responsibilities for the financial statements and the audit

Responsibilities of the manager for the financial statements

As explained more fully in the Statement of Manager's Responsibilities set out on page 158, the manager is responsible for the preparation of the financial statements in accordance with the applicable framework giving a true and fair view.

The manager is also responsible 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 Sub-Funds' ability to continue as going concerns, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the manager intends to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our 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 auditors' 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.

A further description of our responsibilities for the audit of the financial statements is located on the IAASA website at:

of auditors responsibilities for iijt.df.

This description forms part of our auditors' report.

Use of this report

This report, including the opinion, has been prepared for and only for the unitholders of each of the Sub-Funds as a body in accordance with the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

PricewaterhouseCoopers Chartered Accountants and Registered Auditors Dublin ZI April 2019

Fidelity Common Contractual Fund II DIRECTORY

Directors of the Manager: Mr. Paul Burd (UK) (resigned on 3 August 2018) Mr. David Dillon (Ireland) (resigned as Director and Chairman on 23 May 2018) Ms. Catherine Fitzsimons (Ireland) (appointed on 22 February 2018) Mr. David Greco (USA) Mr. Nick King (UK) Ms. Denise Kinsella (Ireland) (appointed as Chairperson on 20 August 2018) Ms. Eímhín Ní Mhuircheartaigh (Ireland) (appointed on 2 March 2018) Ms. Bronwyn Wright (Ireland) (appointed on 3 August 2018) All 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 D02 W329 Ireland

Legal Advisors: Matheson 70 Sir John Rogerson’s Quay Dublin 2 D02 R296 Ireland

Independent Auditors: PricewaterhouseCoopers One Spencer Dock North Wall Quay Dublin 1 D01 X9R7 Ireland

Registered Office: George’s Quay House 43 Townsend Street Dublin 2 D02 VK65 Ireland

Distributor: FIL Distributors Pembroke Hall 42 Crow Lane Pembroke HM19 Bermuda

Manager: FIL Fund Management (Ireland) Limited George’s Quay House 43 Townsend Street Dublin 2 D02 VK65 Ireland

163

Fidelity Common Contractual Fund II DIRECTORY (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.

164

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 period 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 period. These are defined as aggregate purchases of a security exceeding one per cent of the total value of purchases for the period 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

Major Purchases for the period ended 31 December 2018

Security Description Nominal Cost EURUnilever 140,756 6,641,423RELX Group 337,697 6,120,611Pernod Ricard 41,277 5,746,260Sampo 129,679 5,354,778Adidas 28,041 5,305,110Roche Holding 27,932 5,275,153Dassault Systemes 43,600 5,270,880BASF 64,413 5,242,465Fresenius Medical Care 58,796 5,098,201Total 96,497 5,014,481Brenntag 98,350 4,729,143Novartis 72,845 4,640,647Orange 316,445 4,550,022IMCD 78,580 4,475,550L'Oreal 21,473 4,461,887Royal Dutch Shell 146,379 4,284,700Intesa Sanpaolo 1,658,557 4,109,778Bayer 44,247 4,109,223Elis 206,771 4,094,370UPM-Kymmene 139,922 4,085,563Sanofi 59,195 4,076,710Anheuser-Busch InBev 47,906 4,043,605Davide Campari-Milano 567,847 3,887,424Deutsche Telekom 284,111 3,789,105Deutsche Post 134,037 3,784,146BNP Paribas 71,385 3,746,202Grifols ADR 193,729 3,743,998ING Groep 306,008 3,739,409Industria de Diseno Textil 123,749 3,637,461Amadeus IT Group 52,383 3,580,805EssilorLuxottica 30,022 3,569,892AP Moller - Maersk 3,018 3,503,669Atlas Copco 139,292 3,438,978Carrefour 237,928 3,433,088CaixaBank 940,336 3,416,234Legrand 54,450 3,401,628Allianz 19,309 3,352,176Telefonica 442,247 3,260,339ASML Holding 18,438 3,180,216Ryanair Holdings 191,479 3,132,845Koninklijke Ahold Delhaize 149,275 3,034,935Sika 24,822 2,895,390CRH 92,298 2,786,890Eni 178,673 2,774,371Cellnex Telecom 125,080 2,751,277

165

Fidelity Common Contractual Fund II APPENDIX 1 - STATEMENT OF SIGNIFICANT CHANGES IN THE COMPOSITION OF PORTFOLIO (UNAUDITED) (CONTINUED)

Fidelity Europe ex-UK Equity Fund (continued)

Major Sales for the period ended 31 December 2018

Security Description Nominal Proceeds EURFinanciere Richemnot 33,873 2,112,714Anheuser-Busch InBev 24,703 1,640,435Continental 11,576 1,492,930BASF 20,901 1,471,166Banca Mediolanum Spa 235,232 1,371,337Zurich Insurance Group 4,315 1,133,065Koninklijke Ahold Delhaize 47,721 1,034,603Air France 107,026 947,779Telenet Group Holding 19,404 812,755Assa Abloy 43,971 757,232Deutsche Telekom 45,001 667,970CaixaBank 162,685 626,871Eni 34,851 566,385RELX 31,237 564,449Orange 38,338 545,275Novartis 7,054 544,705Total 9,430 509,938Fresenius Medical Care 7,905 493,115Roche Holding 2,299 489,027Repsol 28,410 479,157Unilever 9,853 476,459Ryanair Holdings 39,410 473,618Industria de Diseno Textil 19,159 471,357Davide Campari-Milano 60,676 439,944Carlsberg 4,274 438,416Carrefour 23,934 413,511Schneider Electric 6,584 398,179Bayer 5,609 393,945IMCD 5,817 366,717Sanofi 4,464 337,521DSV 4,538 325,944Equinor 12,550 287,460Royal Dutch Shell 9,894 282,878Nokia 53,250 269,294

166




Security Description Nominal Cost JPYKAO 96,380 797,516,708Nintendo 21,700 779,246,929Astellas Pharma 415,400 716,278,907Takeda Pharmaceutical 153,400 689,958,071Mitsubishi UFJ Financial Group 956,400 605,602,861Sumitomo Mitsui Trust Holdings 136,400 602,742,311Shiseido 70,200 600,940,615Sumitomo Mitsui Financial Group 139,100 600,345,930OBIC Business Consultants 74,500 583,575,000Honda Motor 170,000 554,487,577Nissan Motor 517,200 543,489,627Mandom 137,200 474,557,100Hogy Medical 100,000 471,444,037Milbon 96,500 460,048,000Kirin Holdings 150,000 438,075,825Onward Holdings 574,800 436,686,331Nippon Yusen 200,300 434,223,950Fujifilm Holdings 96,600 418,685,038Ito En 162,000 410,324,988Shizuoka Bank 408,000 404,872,785Canon 113,400 403,804,890Mizuho Financial Group 2,141,000 403,215,994Square Enix Holdings 76,000 391,549,360Taisho Pharmaceutical Holdings 27,800 361,036,898Japan Exchange Group 169,500 342,481,900Mitsubishi Tanabe Pharma 170,900 320,647,418

167


Fidelity Japan Equity Fund (continued)


Security Description Nominal Proceeds JPYFujifilm Holdings 34,100 160,803,199Mitsubishi Logistics 50,700 135,989,668OBIC Business Consultants 14,500 135,588,356NTT Data 93,300 131,710,047Sumitomo Mitsui Trust Holdings 25,700 115,180,736KAO 12,900 109,418,949Seven & I Holdings 20,400 101,279,524Sankyo 21,400 94,414,396Shizuoka Bank 90,400 92,163,691Aeon 34,200 88,888,416Fujitsu 103,400 85,207,796Toppan Printing 47,300 85,130,853Isuzu Motors 40,000 64,933,265Astellas Pharma 32,800 62,793,076Murata Manufacturing 3,300 62,759,293Mizuho Financial Group 323,200 61,533,056NTT Urban Development 36,900 58,967,060FCC 16,500 54,597,286Ain Holdings 6,300 54,561,568Honda Motor 16,600 52,060,011Tokio Marine Holdings 9,100 50,632,491Secom 5,500 50,486,157Nintendo 1,200 47,984,499Nihon Nohyaku 59,400 46,966,906Sanki Engineering 39,800 45,880,136Nomura Holdings 88,000 44,946,464Toyo Suisan Kaisha 10,500 41,498,500Maruzen Showa 13,200 40,179,127Toyota Motor 5,600 38,466,774Sega Sammy Holdings 23,500 38,085,178Nissan Motor 33,500 33,719,704Nakano Refrigerators 5,600 33,600,986Sumitomo Mitsui Financial Group 7,700 32,930,128

168



Top Twenty Purchases for the period ended 31 December 2018

Security Description Nominal Cost USDFidelity Institutional Liquidity Fund 3,772 38,700,000Microsoft 276,019 28,982,175Oracle 505,212 24,408,499Berkshire Hathaway 97,679 18,781,956Wells Fargo 333,470 18,755,887Apple 88,033 16,862,428Willis Towers Watson 100,040 15,757,670Alphabet 12,519 14,727,255Home Depot 73,016 14,589,210Bank of New York Mellon 229,183 12,282,014Adobe 47,872 12,094,937Apache 260,549 11,869,611Thermo Fisher Scientific 55,502 11,812,928Fairfax Financial Holdings 21,098 11,487,338Citigroup 168,757 11,421,817Mastercard 54,330 11,176,874Gilead Sciences 134,845 10,420,980PepsiCo 90,538 10,338,373American International Group 196,400 10,300,714Verizon Communications 185,083 9,514,067


Security Description Nominal Proceeds USDFidelity Institutional Liquidity Fund 3,009 30,930,000Molson Coors Brewing 100,565 6,072,250Dell Technologies 54,841 5,729,228Akamai Technologies 81,397 5,638,114Gilead Sciences 70,373 4,784,588Apple 21,287 4,255,273Microsoft 38,838 4,224,932Willis Towers Watson 28,711 4,087,178Red Hat 23,522 3,966,009DUN & Bradstreet 27,414 3,933,457F5 Networks 21,040 3,644,509Pfizer 81,701 3,570,592Telefonaktiebolaget LM Ericsson 396,036 3,492,885ARRIS International 108,700 3,339,208Home Depot 18,016 3,292,484L3 Technologies 16,935 3,279,270JPMorgan Chase 32,700 3,207,535Facebook 21,992 3,034,461Adobe 11,504 2,870,868Telefonaktiebolaget LM Ericsson ADR 270,000 2,329,496General Electric 179,005 2,217,700Oracle 40,978 1,973,096Welbilt 136,846 1,935,923Leidos Holdings 29,193 1,920,200Abbott Laboratories 27,727 1,919,923Walgreens Boots Alliance 27,866 1,919,593Thomson Reuters 39,900 1,847,021Qualcomm 29,512 1,829,698Mosaic 52,599 1,765,495

169




Security Description Nominal Cost GBPBP 3,885,751 22,093,064Unilever 386,086 16,692,436Diageo 542,000 15,307,577Royal Dutch Shell 557,459 15,117,871RELX 886,000 14,737,721Majedie UK Smaller Companies Fund 3,452,681 12,400,581GlaxoSmithKline 779,790 12,223,942Schroders 372,000 11,695,408Fidelity Institutional Liquidity Sterling Fund 1,145 11,530,000HSBC Holdings 1,505,987 10,957,000Tesco 3,699,467 9,539,788Royal Dutch Shell 334,500 8,774,209Pearson 934,985 8,444,077Hargreaves Lansdown 397,200 8,259,000Sage Group 1,225,267 7,724,556Aviva 1,525,728 7,464,492Vodafone Group 4,094,189 7,426,619Burberry Group 353,000 7,419,182Mondelez International 215,750 6,946,039British American Tobacco 170,000 6,836,585Heineken Holding 83,050 6,311,888Imperial Brands 218,855 6,267,705Legal & General Group 2,342,570 6,143,846AstraZeneca 107,000 6,093,060Phoenix Group Holdings 872,796 5,921,417Daily Mail & General Trust 745,284 5,512,262BAE Systems 835,976 5,359,054

170


Fidelity UK Equity Fund (continued)


Security Description Nominal Proceeds GBPFidelity Institutional Liquidity Sterling Fund 830 8,364,000Unilever 76,355 3,289,562Diageo 115,800 3,231,299RELX 176,800 2,903,258Bunzl 110,306 2,507,727Ashmore Group 570,000 1,977,242Fidelity Institutional Liquidity Sterling Fund – USD Class 237 1,885,951BP 323,851 1,657,187AstraZeneca 27,000 1,639,378Glenveagh Properties 1,787,314 1,382,310Alphabet 1,565 1,364,831HSBC Holdings 206,955 1,360,783AIB Group 333,774 1,336,749Majedie UK Smaller Companies Fund 438,236 1,304,000Mondelez International 37,000 1,264,697BT Group 491,814 1,201,693GlaxoSmithKline 74,581 1,111,313Heineken Holding 15,500 1,073,322Royal Dutch Shell 44,500 1,047,007Tesco 498,575 1,045,885Cairn Homes 826,264 1,018,940Vodafone Group 630,091 1,011,576Greggs 78,000 950,334Sage Group 153,911 911,737Hewlett Packard Enterprise 70,705 860,360Royal Dutch Shell 35,795 832,604Pearson 84,705 788,197

171




Security Description Principal Cost GBPFNCL 3.5% 01/10/2048 49,500,000 37,884,685FNMA Pool 3.50% 01/12/2048 49,500,000 36,863,447FNMA Pool 3.50% 01/01/2049 44,000,000 33,435,441FNMA Pool 4.00% 01/12/2048 40,000,000 31,454,945FNCL 3.5% 01/09/2048 33,000,000 25,318,843FNCL 3.5% 01/11/2048 33,000,000 25,021,974FNMA 4% 01/09/2048 30,000,000 23,658,753PIMCO Sterling Short Maturity Source UCITS ETF 202,000 20,577,620FNMA 4.0% 01/11/2048 25,000,000 19,459,379United Kingdom Treasury Bill 0% 08/10/2018 18,450,000 18,435,271Japan Treasury Discount Bill 0% 12/02/2019 2,440,000,000 17,355,291FNMA Pool 4.00% 15/02/2049 20,000,000 16,078,043FNMA 4.0% 01/01/2049 20,000,000 15,884,493FNMA 4.0% 01/10/2048 20,000,000 15,778,720FNMA Pool 3.50% 01/01/2049 16,500,000 12,909,014United Kingdom Treasury Bill 0% 19/11/2018 12,260,000 12,243,289United Kingdom Treasury Bill 0% 10/09/2018 12,100,000 12,094,354United Kingdom Treasury Bill 0% 25/03/2019 10,990,000 10,954,592RC R/P BNP-PA 0.65% 8/23/2018 8,600,000 8,600,000RC R/P BNP-PA 0.60% 9/11/2018 7,600,000 7,600,000

Top Twenty Sales for the period ended 31 December 2018

Security Description Principal Proceeds GBPFNCL 3.5% 01/10/2048 49,500,000 37,495,665FNMA Pool 3.50% 01/12/2048 49,500,000 37,036,170FNMA Pool 4.00% 01/12/2048 40,000,000 31,819,724FNCL 3.5% 01/09/2048 33,000,000 25,460,208FNCL 3.5% 01/11/2048 33,000,000 24,663,004FNMA 4% 01/09/2048 30,000,000 23,726,639FNMA 4.0% 01/11/2048 25,000,000 19,467,413FNMA 4.0% 01/01/2049 20,000,000 16,091,864FNMA 4.0% 01/10/2048 20,000,000 15,563,798FNMA Pool 3.50% 01/01/2049 16,500,000 12,918,208United Kingdom Treasury Bill 0% 19/11/2018 12,260,000 12,252,977United Kingdom Treasury Bill 0% 08/10/2018 12,200,000 12,196,989United Kingdom Treasury Bill 0% 25/03/2019 10,990,000 10,967,243United Kingdom Treasury Bill 0% 10/09/2018 4,600,000 4,599,283United Kingdom Treasury Bill 0% 17/12/2018 3,500,000 3,497,747PIMCO Sterling Short Maturity Source 33,300 3,389,940Italy Buoni Poliennali Del Tesoro 01/10/2023 3,100,000 2,759,056Spain Government Bond 1.4% 30/07/2028 2,700,000 2,318,908New Zealand Government Bond 6% 15/05/2021 3,641,000 2,078,371United Kingdom Gilt 1.5% 22/07/2047 1,500,000 1,365,888

172




Security Description Principal Cost GBPBonos del Banco Central de Chile 3.00% 01/03/2023 2,684,841,413 3,517,966Russian Federal Inflation Linked Bond2.50% 16/08/2023 185,177,689 2,144,503Colombian TES 3.50% 10/03/2021 6,937,071,821 1,850,753Inflation Linked Korea Treasury Bond1.00% 10/06/2026 2,588,022,606 1,736,873Republic of Poland Government Bond 2.75% 25/08/2023 6,829,459 1,587,911Thailand Government Bond 2.13% 17/12/2026 66,771,000 1,522,721Mexican Udibonos 4.50% 04/12/2025 31,844,431 1,393,176Saudi International Bond 2.38% 26/10/2021 1,823,000 1,383,904United Mexican States 15% 28/03/2027 1,850,000 1,362,297Titulos de Tesoreria 3.30% 17/03/2027 5,236,190,901 1,352,769Croatia Regd 6.63% 14/07/2020 1,600,000 1,319,151Abu Dhabi Crude Oil Pipeline 4.60% 02/11/2047 1,441,000 1,064,394Qatar Government International Bond 5.10% 23/04/2048 1,310,000 1,032,855Thailand Government Bond 1.25% 12/03/2028 46,337,394 1,029,864Brazil Notas do Tesouro Nacional Serie 6.00% 15/08/2024 1,510,000 997,861Republic of Poland Government Bond 2.50% 25/07/2027 5,035,000 987,015Indonesia Treasury Bond 6.13% 15/05/2028 20,512,000,000 969,815Abu Dhabi Government 6.75% 08/04/2019 1,161,000 934,639Republic of Argentina 6.25% 22/04/2019 1,200,000 917,944Kosmos Energy 7.88% 01/08/2021 1,140,000 914,329


Security Description Principal Proceeds GBPBonos del Banco Central de Chile 3.00% 01/03/2023 2,712,420,145 3,396,903Colombian TES 3.50% 10/03/2021 6,954,774,952 1,789,820Republic of Poland Government Bond 2.75% 25/08/2023 6,820,243 1,553,949Saudi International Bond 2.38% 26/10/2021 1,823,000 1,339,159Croatia Regd 6.63% 14/07/2020 1,600,000 1,296,035Abu Dhabi Crude Oil Pipeline 4.60% 02/11/2047 1,441,000 1,033,961Qatar Government International Bond 5.10% 23/04/2048 1,310,000 1,018,459Republic of Argentina 6.25% 22/04/2019 1,200,000 934,480Abu Dhabi Government 6.75% 08/04/2019 1,161,000 902,566Titulos de Tesoreria 3.30% 17/03/2027 2,995,437,860 765,814Republic of Albania 3.50% 09/10/2025 675,000 598,089Banque Centrale de Tunisie International Bond 5.75% 30/01/2025 906,000 590,948KSA Sukuk 4.30% 19/01/2029 780,000 589,049African Export-Import Bank 5.25% 11/10/2023 675,000 519,091Republic of Indonesia 5.88% 15/01/2024 600,000 502,754Saudi Government International Bond 5.00% 17/04/2049 670,000 500,336Russian Federal Inflation Linked Bond 2.50% 16/08/2023 40,585,300 463,879Korea International Bond 3.88% 20/09/2048 610,000 453,362KSA Sukuk 2.89% 20/04/2022 600,000 453,116Turkey Government Bond 10.50% 11/08/2027 4,600,000 429,217HLF Financing SaRl 7.25% 15/08/2026 500,000 393,370Nielsen Finance / Nielsen Finance 5.00% 15/04/2022 500,000 385,576Turkey Government International Bond 4.88% 16/04/2043 675,000 384,100Metinvest 7.75% 23/04/2023 534,000 382,513Georgia Government International Bond 6.88% 12/04/2021 429,000 343,465Indonesia Treasury Bond 5.63% 15/05/2023 6,967,000,000 343,205Refinitiv US Holdings 6.88% 15/11/2026 365,000 319,619

173




Security Description Nominal Cost USDSamsung Electronics 323,924 12,957,662Tencent Holdings 242,800 10,743,124Alibaba Group Holding ADR 58,891 10,125,433Goldman Sachs 9,526,829 9,526,829AIA Group 837,200 7,237,122China Mobile 619,000 5,855,421Baidu ADR 27,368 5,596,592PetroChina 7,150,000 5,241,366Infosys ADR 255,503 5,068,156Taiwan Semiconductor Manufacturing 620,000 4,862,972China Petroleum & Chemical 4,606,000 4,307,570United Overseas Bank 216,300 4,235,075Kunlun Energy 4,114,000 4,045,869China Construction Bank 4,432,000 3,836,551Samsung Fire & Marine Insurance 13,807 3,339,257ASE Technology Holding 1,494,000 3,329,979Wuliangye Yibin 374,686 3,320,519Australia & New Zealand Banking Group 153,331 3,320,425Wesfarmers 89,377 3,274,519Beijing Enterprises Holdings 620,500 3,007,663

Top Twenty Sales for the period ended 31 December 2018

Security Description Nominal Proceeds USDGoldman Sachs 9,526,829 9,526,829Infosys ADR 254,136 2,658,535KT&G 18,721 1,693,448Samsung Electro-Mechanics 12,455 1,602,921NAN YA Plastic 603,000 1,599,778Cathay Financial Holding 883,000 1,480,852Formosa Plastic 374,000 1,398,418Oil & Natural Gas 560,602 1,356,878Coca-Cola Amatil 197,075 1,332,086Crown Resorts 134,655 1,253,410Samsung Electronics 31,382 1,238,868Cochlear 8,919 1,137,384AIA Group 141,200 1,135,082Australia & New Zealand Banking Group 56,787 1,072,012Korea Gas 20,592 1,050,644SK Hynix 16,742 1,030,100Inventec 1,381,000 992,950ENN Energy Holdings 109,500 932,781IRPC 5,152,400 924,164Samsung Life Insurance 12,055 915,303

174




Security Description Nominal Cost EURSequoia Economic Infrastructure Income Fund 2,412,789 2,688,085Greencoat Renewables 2,512,790 2,360,905International Public Partnerships 1,479,999 2,299,939CVC Credit Partners European Opportunities 1,987,394 2,272,769HICL Infrastructure 1,352,081 2,132,470Real Estate Credit Investments 1,215,228 2,089,581SQN Asset Finance Income Fund 2,062,056 1,984,827Catco Reinsurance Opportunities Fund 2,466,060 1,941,146Chenavari Toro Income Fund 2,667,624 1,887,548Invesco Morningstar US Energy Infrastructure 40,825 1,877,559TwentyFour Income Fund 1,513,801 1,869,544Tritax EuroBox 1,763,585 1,861,3493i Infrastructure 710,282 1,755,462Starwood European Real Estate Finance 1,197,796 1,313,821Doric Nimrod Air Three 1,159,667 1,203,856Doric Nimrod Air Two 534,260 1,175,372Henderson Alternative Strategies Trust 391,401 1,103,751Ishares Physical Gold 42,617 795,640Amedeo Air Four Plus 727,088 788,236GCP Student Living 514,000 768,430Greencoat UK Wind 375,000 466,875

Total Sales for the period ended 31 December 2018

Security Description Nominal Proceeds EUR3i Infrastructure 68,037 167,439Real Estate Credit Investments 48,131 78,935SQN Asset Finance Income Fund 81,036 78,605

175




Security Description Nominal Cost USDSamsung Electronics 230,932 9,186,282Goldman Sachs 8,562,307 8,562,307Fidelity Institutional Liquidity Fund – USD Class 784 8,040,000Tencent Holdings 151,300 6,050,259Taiwan Semiconductor Manufacturing 670,000 5,534,934Infosys ADR 247,908 4,978,012China Construction Bank 5,369,000 4,561,360Tata Consultancy Services 153,494 4,409,848China Mobile 403,500 3,884,495Baidu ADR 16,730 3,411,148Cognizant Technology Solutions 43,254 3,223,152AIA Group 364,400 2,984,469Alibaba Group Holding ADR 18,800 2,972,074Taiwan Semiconductor Manufacturing ADR 67,800 2,958,882Naspers 14,499 2,886,367HDFC Bank 101,966 2,881,359Telefonica Brasil ADR 256,215 2,787,515China Petroleum & Chemical 2,802,000 2,624,982Shinhan Financial Group 67,250 2,502,650Catcher Technology 256,000 2,474,165


Security Description Nominal Proceeds USDGoldman Sachs 8,562,307 8,562,307Fidelity Institutional 585 6,005,000Infosys ADR 133,207 2,584,124Ambev ADR 478,058 2,209,131Novatek Microelectronics 348,000 1,652,760Braskem 113,200 1,596,420Petroleo Brasileiro ADR 96,550 1,413,525Fibria Celulose 74,830 1,393,646KT&G 14,768 1,368,819Airports of Thailand 687,200 1,334,166CSPC Pharmaceutical Group 660,000 1,267,861Inventec 1,697,000 1,232,511ITC 289,869 1,149,645Samsung Fire & Marine Insurance 4,618 1,130,741Naspers 5,666 1,078,082Samsung Electronics 26,432 1,048,967SK Telecom 4,374 1,032,631China National Building Material 1,362,000 1,015,401Petroleo Brasileiro 131,700 935,333Old Mutual 549,757 934,450Samsung Electro-Mechanics 7,491 921,238Banco Bradesco ADR 107,500 836,489Banco Bradesco 109,900 834,136China Mobile 84,500 817,981Zhen Ding Technology Holding 353,000 785,613

176

Fidelity Common Contractual Fund II 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 period. 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); and c) 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 period 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 20.6 million. It should be noted that this remuneration information is that which was disclosed by the delegate, in its annual report for its financial period ended 30 June 2018 and is an aggregate figure disclosed by the Investment Manager for its relevant staff and is not specific to the Fund. For any additional on the Global Remuneration Policy, a summary is available at https://www.fil.com.

177

Fidelity Common Contractual Fund II APPENDIX 3 – SECURITIES FINANCING TRANSACTIONS REGULATION (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 periodic 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 2018, 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 A Repurchase Agreement. 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 2018 are detailed in the following table: Fidelity North America Equity Fund

Asset type Fair Value

USD % of NAV

Centrally Cleared Contracts for Difference (24,087) (0.00%)



GBP % of NAV

Centrally Cleared Contracts for Difference (2,325,632) (0.58)% Fidelity Global Emerging Markets Equity Fund


USD % of NAV

Centrally Cleared Contracts for Difference 71,481 0.03%


Asset type Nominal

GBP % of NAV

Repurchase Agreements 1,300,000 0.44%

2. Concentration Data

Fidelity North America Equity Fund The broker of centrally cleared contracts for difference as at 31 December 2018 is as follows:

Broker of Centrally Cleared Contracts for Difference Fair Value

USD Goldman Sachs (24,087)

178

Fidelity Common Contractual Fund II APPENDIX 3 – SECURITIES FINANCING TRANSACTIONS REGULATION (UNAUDITED) (CONTINUED)

2. Concentration Data (continued)

Fidelity UK Equity Fund The brokers of centrally cleared contracts for difference as at 31 December 2018 are as follows:


GBP Goldman Sachs (308,389) HSBC (1,417,282) Morgan Stanley (471,479) UBS (128,482) Fidelity Global Emerging Markets Equity Fund The broker of centrally cleared contracts for difference as at 31 December 2018 is as follows:


USD UBS 71,481 Fidelity Global Aggregate Bond Fund The issuers for collateral securities received across repurchase agreement as at 31 December 2018 are as follows:

Collateral issuer

Amount of collateral

GBP United Kingdom Government 1,300,000 The counterparty of repurchase agreement as at 31 December 2018 is as follows:

Counterparty of Repurchase Agreements Nominal

GBP BNP Paribas 1,300,000 3. Data on reuse of collateral There were no collateral securities or cash collateral reused during the financial year ended 31 December 2018. 4. Safekeeping of collateral received

Fidelity Global Aggregate Bond Fund All collateral received is held by Brown Brothers Harriman Trustee Services (Ireland) Limited. Collateral held as at 31 December 2018 is as follows:

Description


GBP Brown Brothers Harriman Security Collateral 1,300,000

179


5. Safekeeping of collateral granted

Fidelity UK Equity Fund Collateral pledged for centrally cleared contracts for difference as at 31 December 2018 is held by the following brokers:

Description


GBP Goldman Sachs Cash Collateral 380,000 HSBC Cash Collateral 1,610,000 Morgan Stanley Cash Collateral 510,000 UBS Cash Collateral 150,000 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 2018 are as follows:

Counterparty Type of collateral Amount of

collateral GBP Quality of collateral

Maturity of collateral

Country of collateral

Settlement and clearing

BNP Paribas Repurchase Agreement

1,300,000 AA Three months to one year

United Kingdom Biparty

7. Returns and Costs of Securities Financing Transactions

Fidelity North America Equity Fund Returns and costs of centrally cleared contracts for difference for the period ended 31 December 2018 are as follows:

Returns Amount

USD % of overall

return To Fund 21,583 100%

Costs Amount

USD % of overall

cost To Fund (949) 100%

180


7. Returns and Costs of Securities Financing Transactions (continued)

Fidelity UK Equity Fund Returns and costs of centrally cleared contracts for difference for the period ended 31 December 2018 are as follows:

Returns Amount

GBP % of overall

return To Fund (237,585) 100%

Costs Amount

GBP % of overall

cost To Fund 5,399 100% Fidelity Global Emerging Markets Equity Fund There were no returns or costs associated with centrally cleared contracts for difference transactions for the period ended 31 December 2018.

Fidelity Global Aggregate Bond Fund Returns and costs of repurchase agreement for the period ended 31 December 2018 are as follows:

Returns Amount

GBP % of overall

return To Fund 927 100% There are no costs associated with repurchase agreement transactions for the period ended 31 December 2018.

181

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