Fidelity UCITS II ICAV · 2019-09-20 · Fidelity UCITS II ICAV GENERAL INFORMATION Fidelity UCITS II ICAV (the “Fund”) was registered in Ireland pursuant to the Irish Collective

Semi-Annual Report and Unaudited Financial Statements For the period from 1 February 2019 to 31 July 2019

Fidelity UCITS II ICAV

(An Irish collective asset-management vehicle constituted as an umbrella fund with segregated liability between sub-funds)

Fidelity UCITS II ICAV TABLE OF CONTENTS

Page GENERAL INFORMATION 2 INVESTMENT MANAGER’S REPORT 7 SCHEDULES OF INVESTMENTS: Fidelity MSCI Emerging Markets Index Fund 10 Fidelity MSCI Europe Index Fund 33 Fidelity MSCI Japan Index Fund 46 Fidelity MSCI Pacific ex-Japan Index Fund 53 Fidelity MSCI World Index Fund 58 Fidelity S&P 500 Index Fund 93 Fidelity Enhanced Reserve Fund 103 STATEMENT OF FINANCIAL POSITION 112 STATEMENT OF COMPREHENSIVE INCOME 119 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES 123 STATEMENT OF CASH FLOWS 125 NOTES TO THE FINANCIAL STATEMENTS 129 DIRECTORY 177 APPENDIX 1 - STATEMENT OF SIGNIFICANT CHANGES IN THE COMPOSITION OF PORTFOLIO 178 APPENDIX 2 – REPORT OF REMUNERATION 186 APPENDIX 3 – TRACKING ERROR 187 APPENDIX 4 – SECURITIES FINANCING TRANSACTIONS 188

Fidelity UCITS II ICAV GENERAL INFORMATION

Fidelity UCITS II ICAV (the “Fund”) was registered in Ireland pursuant to the Irish Collective Asset-management Vehicles Act 2015 (as amended) on 14 November 2017 under registration number C174793 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 20 sub-funds under the umbrella. The financial statements are prepared for the below 7* Sub-Funds for which the fiscal year end is 31 January (each, a “Sub-Fund” and, collectively, the “Sub-Funds”): Sub-Fund Launch Date Fidelity MSCI Emerging Markets Index Fund 20 March 2018 Fidelity MSCI Europe Index Fund 20 March 2018 Fidelity MSCI Japan Index Fund 20 March 2018 Fidelity MSCI Pacific ex-Japan Index Fund 20 March 2018 Fidelity MSCI World Index Fund 20 March 2018 Fidelity S&P 500 Index Fund 20 March 2018 Fidelity Enhanced Reserve Fund 26 March 2018 *There are two other Index Tracking Sub-Funds of the Fund in existence, but they have not been launched as at the period end. 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 Share and such other relevant information in relation to the additional Sub-Fund or Sub-Funds as the Directors 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 Shares 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 Shares. The most recent Prospectus of the Fund is dated 15 March 2019. The most recent Supplement for Fidelity MSCI Japan Index Fund is dated 16 July 2019. The most recent Supplements for all the other Sub-Funds launched as at the period end are dated 15 March 2019. The following Sub-Funds are the launched Index Tracking Sub-Funds: Fidelity MSCI Emerging Markets Index Fund, Fidelity MSCI Europe Index Fund, Fidelity Japan Index Fund, Fidelity MSCI Pacific ex-Japan Index Fund, Fidelity MSCI World Index Fund and Fidelity S&P 500 Index Fund. Fidelity Enhanced Reserve is an Actively Managed Sub-Fund. The benchmark indices for the Index Tracking Sub-Funds launched as at the period end are listed below: Sub-Fund Index Fidelity MSCI Emerging Markets Index Fund MSCI Emerging Markets Index Fidelity MSCI Europe Index Fund MSCI Europe Index Fidelity MSCI Japan Index Fund MSCI Japan Index Fidelity MSCI Pacific ex-Japan Index Fund MSCI Pacific ex-Japan Index Fidelity MSCI World Index Fund MSCI World Index Fidelity S&P 500 Index Fund S&P 500 Index The investment objective of the Index Tracking Sub-Funds is to provide investors with a total return, taking into account both capital and income returns, which reflects, before fees and expenses, the return of the relevant index (each, an “Index”). The investment objective of the Fidelity Enhanced Reserve Fund is to provide an attractive level of risk adjusted total return (income plus capital appreciation) from a portfolio of debt securities issued worldwide.

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Fidelity UCITS II ICAV GENERAL INFORMATION (CONTINUED)

Fidelity MSCI Emerging Markets Index Fund The MSCI Emerging Markets Index is designed to reflect the performance of large and mid-capitalisation companies across emerging market countries which comply with MSCI's size, liquidity and free float criteria. These criteria are designed to identify those companies whose securities make up 85% of the publically traded market (i.e., the large and mid-capitalisation companies). Full details of the criteria are available on the Index provider’s website at https://www.msci.com/index-methodology. The investment objective of the Sub-Fund is to track the performance of the Index as closely as possible, regardless of whether the Index level rises or falls, while seeking to minimise as far as possible the tracking error between the Sub-Fund’s performance and that of the Index. In order to seek to achieve this investment objective, Geode Capital Management LLC (the “Investment Manager”) will aim to replicate the Index by holding all of the Index securities in a similar proportion to their weighting in the Index. However, where full replication of the Index is not reasonably practical (for example as a result of the number of securities or the illiquidity of certain securities within the Index), the Sub-Fund will use optimisation to select the Index securities in order to build a representative portfolio that provides a return that is comparable to that of the Index. The following are the active Share Classes in the Sub-Fund as at 31 July 2019: Share Class Share Class Launch Date Currency P EUR Acc 20 March 2018 EUR P USD Acc 20 March 2018 USD P PLN Acc 27 February 2019 PLN Fidelity MSCI Europe Index Fund The MSCI Europe Index is designed to reflect the performance of large and mid-capitalisation companies across developed market countries in Europe which comply with MSCI's size, liquidity and free float criteria. These criteria are designed to identify those companies whose securities make up 85% of the publically traded market (i.e., the large and mid-capitalisation companies). Full details of the criteria are available on the Index provider’s website at https://www.msci.com/index-methodology. The investment objective of the Sub-Fund is to track the performance of the Index as closely as possible, regardless of whether the Index level rises or falls, while seeking to minimise as far as possible the tracking error between the Sub-Fund’s performance and that of the Index. In order to seek to achieve this investment objective, the Investment Manager will aim to replicate the Index by holding all of the the index securities in a similar proportion to their weighting in the Index. However, where full replication of the Index is not reasonably practical (for example as a result of the number of securities or the illiquidity of certain securities within the Index), the Sub-Fund will use optimisation to select the Index securities in order to build a representative portfolio that provides a return that is comparable to that of the Index. The following are the active Share Classes in the Sub-Fund as at 31 July 2019: Share Class Share Class Launch Date Currency P EUR Acc 20 March 2018 EUR P USD Acc 20 March 2018 USD P EUR Hedged Acc 20 March 2018 EUR P GBP Hedged Acc 21 June 2018 GBP P PLN Acc 27 February 2019 PLN Fidelity MSCI Japan Index Fund The MSCI Japan Index is designed to reflect the performance of large and mid-capitalisation companies in Japan which comply with MSCI's size, liquidity and free float criteria. These criteria are designed to identify those companies whose securities make up 85% of the publically traded market (i.e., the large and mid-capitalisation companies). Full details of the criteria are available on the Index provider’s website at https://www.msci.com/index-methodology. The investment objective of the Sub-Fund is to track the performance of the Index as closely as possible, regardless of whether the Index level rises or falls, while seeking to minimise as far as possible the tracking error between the Sub-Fund’s performance and that of the Index.

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Fidelity MSCI Japan Index Fund (continued) In order to seek to achieve this investment objective, the Investment Manager will aim to replicate the Index by holding all of the Index securities in a similar proportion to their weighting in the Index. However, where full replication of the Index is not reasonably practical (for example as a result of the number of securities or the illiquidity of certain securities within the Index), the Sub-Fund will use optimisation to select the Index securities in order to build a representative portfolio that provides a return that is comparable to that of the Index. The following are the active Share Classes in the Sub-Fund as at 31 July 2019: Share Class Share Class Launch Date Currency P EUR Acc 20 March 2018 EUR P USD Acc 20 March 2018 USD P EUR Hedged Acc 20 March 2018 EUR P GBP Hedged Acc 21 June 2018 GBP P PLN Acc 27 February 2019 PLN Fidelity MSCI Pacific ex-Japan Index Fund The MSCI Pacific ex-Japan Index is designed to reflect the performance of large and mid-capitalisation companies across developed market countries in the Pacific region excluding Japan which comply with MSCI's size, liquidity and free float criteria. These criteria are designed to identify those companies whose securities make up 85% of the publically traded market (i.e., the large and mid-capitalisation companies). Full details of the criteria are available on the Index provider’s website at https://www.msci.com/index-methodology. The investment objective of the Sub-Fund is to track the performance of the Index as closely as possible, regardless of whether the Index level rises or falls, while seeking to minimise as far as possible the tracking error between the Sub-Fund’s performance and that of the Index. In order to seek to achieve this investment objective, the Investment Manager will aim to replicate the Index by holding all of the Index securities in a similar proportion to their weighting in the Index. However, where full replication of the Index is not reasonably practical (for example as a result of the number of securities or the illiquidity of certain securities within the Index), the Sub-Fund will use optimisation to select the Index securities in order to build a representative portfolio that provides a return that is comparable to that of the Index. The following are the active Share Classes in the Sub-Fund as at 31 July 2019: Share Class Share Class Launch Date Currency P USD Acc 20 March 2018 USD P GBP Hedged Acc 21 June 2018 GBP P PLN Acc 27 February 2019 PLN Fidelity MSCI World Index Fund The MSCI World Index is designed to reflect the performance of large and mid-capitalisation companies across developed market countries which comply with MSCI's size, liquidity and free float criteria. These criteria are designed to identify those companies whose securities make up 85% of the publically traded market (i.e., the large and mid-capitalisation companies). Full details of the criteria are available on the Index provider’s website at https://www.msci.com/index-methodology. The investment objective of the Sub-Fund is to track the performance of the Index as closely as possible, regardless of whether the Index level rises or falls, while seeking to minimise as far as possible the tracking error between the Sub-Fund’s performance and that of the Index. In order to seek to achieve this investment objective, the Investment Manager will aim to replicate the Index by holding all of the Index securities in a similar proportion to their weighting in the Index. However, where full replication of the Index is not reasonably practical (for example as a result of the number of securities or the illiquidity of certain securities within the Index), the Sub-Fund will use optimisation to select the Index securities in order to build a representative portfolio that provides a return that is comparable to that of the Index.

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Fidelity MSCI World Index Fund (continued) The following are the active Share Classes in the Sub-Fund as at 31 July 2019: Share Class Share Class Launch Date Currency P EUR Acc 20 March 2018 EUR P USD Acc 20 March 2018 USD P EUR Hedged Acc 20 March 2018 EUR P GBP Hedged Acc 21 June 2018 GBP P CZK Hedged Acc 14 January 2019 CZK P PLN Acc 27 February 2019 PLN

Fidelity S&P 500 Index Fund The S&P 500 Index measures the performance of 500 stocks from top US companies in leading industries of the US economy which comply with S&P’s size, liquidity and free-float criteria. These criteria are designed to identify those companies whose securities make up 85% of the publically traded market (i.e., the large and mid-capitalisation companies). Full details of the criteria are available on the Index provider’s website at http://us.spindices.com/indices/equity/sp-500. The investment objective of the Sub-Fund is to track the performance of the Index as closely as possible, regardless of whether the Index level rises or falls, while seeking to minimise as far as possible the tracking error between the Sub-Fund’s performance and that of the Index. In order to seek to achieve this investment objective, the Investment Manager will aim to replicate the Index by holding all of the Index securities in a similar proportion to their weighting in the Index. However, where full replication of the Index is not reasonably practical (for example as a result of the number of securities or the illiquidity of certain securities within the Index), the Sub-Fund will use optimisation to select the Index securities in order to build a representative portfolio that provides a return that is comparable to that of the Index. The following are the active Share Classes in the Sub-Fund as at 31 July 2019: Share Class Share Class Launch Date Currency P EUR Acc 20 March 2018 EUR P USD Acc 20 March 2018 USD P EUR Hedged Acc 20 March 2018 EUR P GBP Hedged Acc 20 March 2018 GBP P PLN Acc 27 February 2019 PLN Fidelity Enhanced Reserve Fund The investment policy of the Sub-Fund is to invest primarily in a broad range of fixed income securities and money market instruments which are issued by governments, government agencies or corporate issuers worldwide. The Sub-Fund may invest in such securities issued in both developed and emerging market countries. FIL Investment Management (Hong Kong) Limited (The “Investment Manager”) will not focus on any particular market sector or industry and investments may be in a number of sectors, including the financial services, industrials, and technology sectors. The Investment Manager will approach investment opportunities from a total return perspective, benefiting not only from the debt securities’ regular coupon payments but also from capital appreciation. The Investment Manager will seek to deliver attractive risk adjusted returns by extracting the highest level of return per unit of risk or minimising the risk for each unit of return.

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Fidelity Enhanced Reserve Fund (continued) The following are the active Share Classes in the Sub-Fund as at 31 July 2019: Share Class Share Class Launch Date Currency A-ACC USD 26 March 2018 USD A-MDIST(G) USD 26 March 2018 USD A-MDIST(G) SGD Hedged 26 March 2018 SGD I-QDIST(G) USD 26 March 2018 USD A-ACC SDG Hedged 26 March 2018 SGD A-MDIST(G) AUD Hedged 26 March 2018 AUD A-MDIST(G) EUR Hedged 26 March 2018 EUR Y-ACC USD 26 March 2018 USD Y-ACC SGD Hedged 26 March 2018 SGD A-MINCOME(G) GBP Hedged 10 August 2018 GBP Y-MINCOME(G) USD 16 November 2018 USD

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Fidelity UCITS II ICAV INVESTMENT MANAGER’S REPORT

Fidelity MSCI Emerging Markets Index Fund The MSCI Emerging Markets Index (“Index”) rose 0.44% during the six month period ending 31 July 2019. The Fidelity Emerging Markets Index Fund (“Sub-Fund”) return was lower by twenty six basis points, gaining 0.18% (gross of fees). The Sub-Fund is managed on a risk-controlled basis and is constructed to closely replicate its mandated benchmark. Expected sources of performance variance include the impact of security selection from the portfolio optimization employed and withholding tax differences between the Sub-Fund and the Index. Country returns were mixed over the period half positively contributed with the over half underperforming Taiwan (+11.6%) and Russia (+15.8%) were both positive contributors. Korea and South Africa lagged the most falling 11.7% and 3.3% respectively. On a stock level, Taiwan Semi-conductor was a significant contributor up 19.1% and Chinese constituent Tencent Holdings was up 6.9% for the period. On the other side, two of the laggards included Baidu.com of China which fell 35.3% and Samsung Electronics which was off 6.5%. The Sub-Fund seeks to track benchmark returns by replicating the constituents and characteristics of the MSCI Emerging Market Index, investing dividend income, and implementing trading strategies for index events with the most cost effective means available. As a result, the Sub-Fund is expected to perform closely to its benchmark. Please see table in Appendix 3 - Tracking Error section on page 187. Fidelity MSCI Europe Index Fund The MSCI Europe Index (“Index”) was up 9.80% since for the six month period ending 31 July 2019. The Fidelity Europe Index Fund (“Sub-Fund”) performed better, gaining 10.12% (gross of fees). The Sub-Fund is managed on a risk-controlled basis and is constructed to closely replicate its mandated benchmark. Expected sources of performance variance include the impact of security selection from the portfolio optimization employed and withholding tax differences between the Sub-Fund and the Index. All fifteen countries within the Index had positive returns. Switzerland (+18.0%) and France (+12.2%) were the top two positive contributors. Austria and Portugal contributed the least despite their positive returns of 2.2% and 9.6% respectively. Nestle in Switzerland was a leading contributor up 28.4%. Swiss drug maker Novartis all help by retuning 26.5%. Some of the underperformers included Glencore PLC in the UK dropped 15.4% and Swedbank AB which fell 33.5%. The Sub-Fund seeks to track benchmark returns by replicating the constituents and characteristics of the MSCI Europe Index, investing dividend income, and implementing trading strategies for index events with the most cost effective means available. As a result, the Sub-Fund is expected to perform closely to its benchmark. Please see table in Appendix 3 - Tracking Error section on page 187. Fidelity MSCI Japan Index Fund The MSCI Japan Index (“Index”) was up 1.70% for the six month period ending 31 July 2019. The Fidelity Japan Index Fund (“Sub-Fund”) return outperformed by six basis points, up 1.76 % (gross of fees). The Sub-Fund is managed on a risk-controlled basis and is constructed to closely replicate its mandated benchmark. Expected sources of performance variance include the impact of security selection from the portfolio optimization employed and withholding tax differences between the Sub-Fund and the Index. Sector returns were mixed for the period, with six adding to the index return and five detracting. Communication Services helped the most returning 13.7% followed by Information Technology which was up 9.8%. The primary underperformers were Utilities and Energy, they fell 12.8% and 11.8% respectively. On a stock level Softbank contributed the most it was up 32.6%. Daiichi Sankyo Co. also contributed to the index return, it rose 78.1%. Takeda Pharmaceuticals and Honda Motor were a drag on index performance they fell 15.5% and 14.9% respectively. The Sub-Fund seeks to track benchmark returns by replicating the constituents and characteristics of the MSCI Japan Index, investing dividend income, and implementing trading strategies for index events with the most cost effective means available. As a result, the Sub-Fund is expected to perform closely to its benchmark. Please see table in Appendix 3—Tracking Error section on page 187.

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Fidelity UCITS II ICAV INVESTMENT MANAGER’S REPORT (CONTINUED)

Fidelity MSCI Pacific ex-Japan Index Fund The MSCI Pacific ex Japan Index (“Index”) rose 9.31% during the six months ending 31 July 2019. The Fidelity Pacific ex Japan Index Fund (“Sub-Fund”) return more, up 9.48% (gross of fees). The Sub-Fund is managed on a risk-controlled basis and is constructed to closely replicate its mandated benchmark. Expected sources of performance variance include the impact of security selection from the portfolio optimization employed and withholding tax differences between the Sub-Fund and the Index. All of the four countries within the Index had positive returns. Australia lead the way, the country gained 12.2%. Singapore although gaining 6.4% contributed to the index return the least. The two Australian holdings that led the way were Aia Group LTD (+16.5%) and Commonwealth Bank of Australia (+14.4%). On the other side South32 Ltd fell 13.8% and CK Asset Holding in Hong Kong dropped 7.4%. The Sub-Fund seeks to track benchmark returns by replicating the constituents and characteristics of the Fidelity MSCI Pacific ex Japan Index, investing dividend income, and implementing trading strategies for index events with the most cost effective means available. As a result, the Sub-Fund is expected to perform closely to its benchmark. Please see table in Appendix 3 - Tracking Error section on page 187. Fidelity MSCI World Index Fund The MSCI World Index (“Index”) return was up 9.07% for the six month period ending 31 July 2019. The Fidelity MSCI World Index Fund (“Sub-Fund”) return matched the index at 9.07% (gross of fees). The Sub-Fund is managed on a risk-controlled basis and is constructed to closely replicate its mandated benchmark. Expected sources of performance variance include the impact of security selection from the portfolio optimization employed and withholding tax differences between the Sub-Fund and the Index.

Nineteen of the twenty three countries within the Index had positive returns. Positive contributors included U.S. and Switzerland, those countries rose 11.1% and 14.5% respectively. Countries that underperformed included Spain (-1.4%) and Israel (-3.6%) On a stock level, helping the U.S. outperform, Microsoft, (+31.2%), Apple Inc. (+28.7%), and Visa (+32.1%) all gained for the period. The prices of Boeing Co., Biogen Idec Inc. and United Healthcare, all US companies, fell over the period.

The Sub-Fund seeks to track benchmark returns by replicating the constituents and characteristics of the MSCI World Index, investing dividend income, and implementing trading strategies for index events with the most cost effective means available. As a result, the Sub-Fund is expected to perform closely to its benchmark.

Please see table in Appendix 3 - Tracking Error section on page 187.

Fidelity S&P 500 Index Fund The S&P 500 index (“Index”) gained 10.99% for the six month period ending 31 July 2019. The S&P500 Index Fund (“Sub-Fund”) return was slightly higher, up 11.05% (gross of fees). The Sub-Fund is managed on a risk-controlled basis and is constructed to closely replicate its mandated benchmark. Expected sources of performance variance include the impact of trading costs and withholding tax differences between the Sub-Fund and the Index.

Ten of the eleven sectors within the Index had positive returns. Information Technology led the way up 22.5% followed by Financials which rose 10.0%. Energy was a drag falling 0.5%. Constituents that drove the index return included Microsoft and Apple contributed to the positive side up 31.2% and 28.7% respectively. Stock that partially offset on the down side included Boeing Corp. and Pfizer Inc., they were down 10.8% and 7.9% respectively.

The Sub-Fund seeks to track benchmark returns by replicating the constituents and characteristics of the S&P500 Index, investing dividend income, and implementing trading strategies for index events with the most cost effective means available. As a result, the Sub-Fund is expected to perform closely to its benchmark. Please see table in Appendix 3—Tracking Error section on page 187.

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Fidelity Enhanced Reserve Fund Market review: During the review period (01 February 2019 – 31 July 2019) the Fidelity Enhanced Reserve Fund returned 3.0% on a gross basis. One-week US LIBID (unofficial internal benchmark for the fund) returned 1.1% during the same period. During the six-month review period, rates on the US dollar London Interbank Offered Rate (LIBOR) moved lower. This was driven by the US federal reserve’s easing bias amid slower economic data releases and low inflation. The US central bank cut interest rates by 0.25 percentage points in July which was widely expected by the market. Meanwhile, credit spreads tightened significantly across major regions during February - April amid a broader improvement in risk sentiment. This was driven by investors’ optimism on US-China trade talk and improved credit conditions in China. An unexpected breakdown in trade negotiations between China and the US led to a widening of credit spreads during May, however investor confidence recovered later in June on the optimism ahead of G20 Summit. In July, credit spreads tightened during the month as investor sentiment remained anchored with China and the US engaging in trade talks. However, later during the month trade talks ended without a deal. In economic developments, China’s second quarter gross domestic product (GDP) met expectations but was the weakest in the last 27 years. Following this, China government reiterated to pursue a proactive fiscal and a prudent monetary policy while maintaining reasonable market liquidity. Meanwhile, US second-quarter GDP came in higher-than-expectations at 2.1% but was down from 3.1% in the first quarter. Performance: The Sub-Fund generated positive returns during the period. Stable coupon income was the primary driver of performance. US rates rallied on Federal Reserve’s easing bias which also boosted the fund’s returns.

Banks and brokers sector supported performance: At a sector level, high bond carry from the allocation to quasi-sovereigns and banks and brokers contributed the most to returns. Additionally, high coupon income from property sector also proved rewarding. No sector detracted from performance. At a rating level, allocation to BBB rated bonds contributed the most to returns. None of the rating bucket detracted from performance.

Added exposure to Fidelity’s Institutional Liquidity Fund: The Sub-Fund added exposure to Fidelity’s Institutional Liquidity Fund to ensure efficient liquidity management and enhance cash yield.

Offered stable return profile: The Sub-Fund continued to offer stable return profile with one-year standard deviation of less than one percentage as of July 2019.

Positioning and outlook: Looking ahead, we remain cautiously constructive on global and Asian bond markets. The US federal reserve has off late shown an easing bias, cutting interest rates by 0.25 percentage points in July. However, Chairman Jerome Powell indicated that the current rate cut was an “insurance rate cut” in order to counteract the negative effects of the trade war rather than the beginning of an easing monetary cycle, which pressured the market. The news related to trade protectionism will create pockets of volatility and is would likely push China to look inwards, in order to maintain social and economic stability, which is likely to lead to more target easing. With global macro indicators including our internal ones signalling weakness ahead, volatile markets might persist.

Focus on liquidity and stability: Portfolio is defensively positioned with > 70% bonds allocated in Investment Grade. Geographical diversification has increased as the Sub-Fund has grown in size with the non-APAC share now ranging around 25-35% of the total portfolio. The exposure of the credit portion of the portfolio is currently biased towards Asia as valuations in the region are currently more attractive than Europe or the US. Core liquidity of the fund is typically 15-20%. This includes cash and cash equivalents, short-term holdings (bonds with a maturity of less 1 year which can be easily sold), and other highly liquid securities (investment grade, cross-over, and sovereign bonds). With overall cautious outlook to the market, the fund will focus on its priority of liquidity and stability and maintain high cash level. The Sub-Fund will not chase yield by extending duration or going down credit curve. Please see table in Appendix 3—Tracking Error section on page 187.

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Fidelity MSCI Emerging Markets Index Fund SCHEDULE OF INVESTMENTS AS AT 31 JULY 2019

Number of

Shares Fair Value

USD% of Sub-

Fund NAV*

Equities 96.93% (31 January 2019: 97.24%)

Argentina 0.34% (31 January 2019: - )

Banco BBVA Argentina 327 3,790 0.01%Banco Macro 213 14,757 0.06%Globant 160 16,960 0.07%Grupo Financiero Galicia 477 17,524 0.06%Pampa Energia 293 9,640 0.04%Telecom Argentina 405 6,845 0.03%Transportadora de Gas del Sur 359 5,604 0.02%YPF 816 13,423 0.05%

Total Argentina 88,543 0.34%

Australia 0.01% (31 January 2019: 0.01%)

MMG 12,000 3,786 0.01%

Brazil 7.82% (31 January 2019: 7.87%)

Ambev 21,800 116,631 0.45%Atacadao 1,800 11,199 0.04%B2W Cia Digital 900 9,075 0.04%B3 - Brasil Bolsa Balcao 9,500 106,523 0.41%Banco Bradesco 5,468 45,211 0.17%Banco Bradesco Preference Shares 18,728 171,720 0.66%Banco BTG Pactual 1,000 15,883 0.06%Banco do Brasil 4,000 52,326 0.20%Banco Santander Brasil 1,900 21,638 0.08%BB Seguridade Participacoes 3,200 27,598 0.11%BR Malls Participacoes 3,600 14,361 0.06%Braskem 900 8,142 0.03%BRF 2,600 23,087 0.09%CCR 5,600 22,251 0.09%Centrais Eletricas Brasileiras 1,200 12,563 0.05%Centrais Eletricas Brasileiras Preference Shares 900 9,472 0.04%Cia Brasileira de Distribuicao 700 17,404 0.07%Cia de Saneamento Basico do Estado de Sao Paulo 1,600 22,708 0.09%Cia Energetica de Minas Gerais 4,300 16,160 0.06%Cia Siderurgica Nacional 2,900 12,740 0.05%Cielo 5,900 11,353 0.04%Cosan 800 10,818 0.04%Embraer 3,300 16,936 0.07%Energisa 800 10,503 0.04%Engie Brasil Energia 950 12,187 0.05%Equatorial Energia 800 20,092 0.08%Gerdau 4,900 17,907 0.07%Hypera 1,700 13,636 0.05%IRB Brasil Resseguros 1,050 26,511 0.10%Itau Unibanco Holding 22,350 206,831 0.80%Itausa - Investimentos Itau 20,330 67,378 0.26%JBS 5,000 33,089 0.13%Klabin 3,200 13,642 0.05%Kroton Educacional 6,700 22,365 0.09%Localiza Rent a Car 2,700 31,574 0.12%Lojas Americanas 3,500 16,883 0.07%Lojas Renner 3,650 46,040 0.18%M. Dias Branco 500 5,200 0.02%Magazine Luiza 400 28,036 0.11%Multiplan Empreendimentos Imobiliarios 1,300 9,809 0.04%Natura Cosmeticos 900 14,632 0.06%Notre Dame Intermedica Participacoes 1,500 17,421 0.07%Petrobras Distribuidora 3,200 22,623 0.09%Petroleo Brasileiro 13,900 106,358 0.41%

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Fidelity MSCI Emerging Markets Index Fund SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 JULY 2019

Number of

Shares Fair Value

USD% of Sub-

Fund NAV*

Equities 96.93% (31 January 2019: 97.24%) (continued)

Brazil 7.82% (31 January 2019: 7.87%) (continued)

Petroleo Brasileiro Preference Shares 19,200 133,082 0.51%Porto Seguro 400 5,539 0.02%Raia Drogasil 1,100 24,268 0.09%Rumo 5,000 29,129 0.11%Sul America 1,100 12,285 0.05%Suzano 2,561 20,875 0.08%Telefonica Brasil 2,100 29,190 0.11%TIM Participacoes 4,100 13,316 0.05%Ultrapar Participacoes 3,400 17,973 0.07%Vale 14,700 194,600 0.75%WEG 3,850 24,373 0.09%

Total Brazil 2,023,146 7.82%

Chile 0.87% (31 January 2019: 1.12%)

Aguas Andinas 11,742 6,600 0.03%Banco de Chile 139,667 20,123 0.08%Banco de Credito e Inversiones 228 14,425 0.06%Banco Santander Chile 303,965 22,106 0.09%Cencosud 6,824 13,531 0.05%Cia Cervecerias Unidas 701 9,870 0.04%Colbun 36,128 6,813 0.03%Embotelladora Andina 1,693 5,977 0.02%Empresa Nacional de Telecomunicaciones 704 6,478 0.03%Empresas CMPC 5,156 12,143 0.05%Empresas Copec 1,796 16,551 0.06%Enel Americas 132,611 21,974 0.08%Enel Chile 127,584 11,614 0.04%ItauBanca 701,987 5,468 0.02%Latam Airlines Group 1,396 13,362 0.05%SACI Falabella 3,436 21,322 0.08%Sociedad Quimica y Minera de Chile 528 15,554 0.06%

Total Chile 223,911 0.87%

China 27.01% (31 January 2019: 26.10%)

360 Security Technology 200 583 0.00%3SBio 6,000 10,271 0.04%51job 118 9,151 0.04%58.com 434 24,469 0.09%AAC Technologies Holdings 3,500 19,114 0.07%AECC Aviation Power 300 1,023 0.00%Agile Group Holdings 6,000 7,803 0.03%Agricultural Bank of China (Class A) 13,200 6,896 0.03%Agricultural Bank of China (Class H) 132,000 53,792 0.22%Aier Eye Hospital Group 390 1,726 0.01%Air China (Class A) 400 519 0.00%Air China (Class H) 8,000 7,869 0.03%Aisino 300 996 0.00%Alibaba Group Holding 6,587 1,140,277 4.42%Aluminum Corporation of China (Class A) 1,200 653 0.00%Aluminum Corporation of China (Class H) 20,000 6,617 0.03%Angang Steel 7,800 2,989 0.01%Anhui Conch Cement (Class A) 5,500 32,145 0.12%Anhui Conch Cement (Class H) 700 4,015 0.02%ANTA Sports Products 5,000 37,558 0.16%Anxin Trust 800 557 0.00%Autohome 271 23,035 0.09%AVIC Aircraft 400 955 0.00%AVIC Capital 1,300 972 0.00%AVIC Shenyang Aircraft 100 437 0.00%

11


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


China 27.01% (31 January 2019: 26.10%) (continued)

AviChina Industry & Technology 12,000 6,485 0.03%BAIC Motor 7,500 4,791 0.02%Baidu 1,282 143,200 0.56%Bank of Beijing 3,000 2,451 0.01%Bank of Chengdu 600 740 0.00%Bank of China (Class A) 7,300 3,930 0.02%Bank of China (Class H) 365,000 149,211 0.59%Bank of Communications (Class A) 7,300 6,154 0.02%Bank of Communications (Class H) 39,000 28,548 0.11%Bank of Guiyang 700 902 0.00%Bank of Hangzhou 840 1,032 0.00%Bank of Jiangsu 1,700 1,717 0.01%Bank of Nanjing 800 962 0.00%Bank of Ningbo 800 2,738 0.01%Bank of Shanghai 1,742 2,353 0.01%Baoshan Iron & Steel 2,700 2,500 0.01%Baozun 174 8,632 0.03%BBMG (Class A) 800 405 0.00%BBMG (Class H) 11,000 3,232 0.01%Beijing Capital International Airport 8,000 6,336 0.02%Beijing Dabeinong Technology Group 600 470 0.00%Beijing Shiji Information Technology 100 519 0.00%Beijing Tongrentang 200 823 0.00%BOE Technology Group 4,800 2,821 0.01%BYD (Class A) 200 1,624 0.01%BYD (Class H) 3,000 18,894 0.07%BYD Electronic International 3,000 4,760 0.02%Caitong Securities 500 795 0.00%CGN Power 49,000 14,209 0.05%Changjiang Securities 800 864 0.00%Chaozhou Three-Circle Group 300 907 0.00%China Aoyuan Group 6,000 8,125 0.03%China Cinda Asset Management 42,000 9,229 0.04%China CITIC Bank (Class A) 700 603 0.00%China CITIC Bank (Class H) 42,000 23,393 0.09%China Coal Energy 10,000 3,896 0.02%China Communications Construction (Class A) 500 795 0.00%China Communications Construction (Class H) 20,000 16,991 0.07%China Communications Services 12,000 8,431 0.03%China Conch Venture Holdings 7,500 25,917 0.10%China Construction Bank (Class A) 3,400 3,636 0.01%China Construction Bank (Class H) 442,000 342,742 1.34%China Eastern Airlines (Class A) 1,400 1,197 0.00%China Eastern Airlines (Class H) 6,000 3,334 0.01%China Everbright Bank (Class A) 5,400 3,079 0.01%China Everbright Bank (Class H) 15,000 6,783 0.03%China Evergrande Group 9,000 24,029 0.09%China Film 100 212 0.00%China Fortune Land Development 400 1,695 0.01%China Galaxy Securities 16,500 8,895 0.03%China Gezhouba Group 100 88 0.00%China Grand Automotive Services Group 1,100 642 0.00%China Hongqiao Group 8,000 5,887 0.02%China Huarong Asset Management 48,000 8,155 0.03%China International Capital 5,600 10,702 0.04%China International Travel Service 300 3,940 0.02%China Life Insurance (Class A) 500 2,154 0.01%China Life Insurance (Class H) 34,000 87,520 0.35%China Literature 1,200 4,837 0.02%China Longyuan Power Group 15,000 9,217 0.04%

12


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



China Medical System Holdings 6,000 5,779 0.02%China Merchants Bank (Class A) 3,100 16,446 0.06%China Merchants Bank (Class H) 18,000 90,254 0.36%China Merchants Securities 800 1,963 0.01%China Merchants Shekou Industrial Zone Holdings 900 2,694 0.01%China Minsheng Banking (Class A) 5,100 4,492 0.02%China Minsheng Banking (Class H) 32,800 22,711 0.09%China Molybdenum (Class A) 2,200 1,156 0.00%China Molybdenum (Class H) 18,000 5,197 0.02%China National Building Material 18,000 16,004 0.06%China National Chemical Engineering 800 674 0.00%China National Nuclear Power 1,400 1,144 0.00%China Northern Rare Earth Group High-Tech 500 816 0.00%China Oilfield Services 8,000 9,096 0.04%China Oriental Group 6,000 2,683 0.01%China Pacific Insurance Group (Class A) 900 5,041 0.02%China Pacific Insurance Group (Class H) 12,200 52,522 0.21%China Petroleum & Chemical (Class A) 3,900 2,982 0.01%China Petroleum & Chemical (Class H) 118,000 76,276 0.30%China Railway Construction (Class A) 1,700 2,395 0.01%China Railway Construction (Class H) 9,000 10,474 0.04%China Railway Group 18,000 12,693 0.05%China Railway Signal & Communication 7,000 4,695 0.02%China Reinsurance Group 28,000 4,936 0.02%China Resources Pharmaceutical Group 7,500 8,211 0.03%China Resources Sanjiu Medical & Pharmaceutical 100 425 0.00%China Shenhua Energy (Class A) 700 1,951 0.01%China Shenhua Energy (Class H) 15,500 30,890 0.12%China Shipbuilding Industry 3,200 2,786 0.01%China Shipbuilding Industry Group Power 200 735 0.00%China South Publishing & Media Group 100 180 0.00%China Southern Airlines (Class A) 1,500 1,585 0.01%China Southern Airlines (Class H) 8,000 5,181 0.02%China Spacesat 200 677 0.00%China State Construction Engineering 5,940 5,077 0.02%China Telecom 64,000 28,779 0.11%China Tower 194,000 50,558 0.21%China United Network Communications 4,300 3,700 0.01%China Vanke (Class A) 1,600 6,677 0.03%China Vanke (Class H) 6,700 25,378 0.10%China Yangtze Power 2,000 5,433 0.02%China Zhongwang Holdings 8,000 4,088 0.02%Chongqing Changan Automobile 600 690 0.00%Chongqing Rural Commercial Bank 12,000 6,316 0.02%Chongqing Zhifei Biological Products 200 1,363 0.01%CIFI Holdings Group 12,797 8,256 0.03%CITIC Guoan Information Industry 100 56 0.00%CITIC Securities (Class A) 800 2,697 0.01%CITIC Securities (Class H) 10,500 20,335 0.08%CNOOC 83,000 137,205 0.54%Contemporary Amperex Technology 100 1,103 0.00%COSCO Shipping Energy Transportation 6,000 3,449 0.01%COSCO Shipping Holdings (Class A) 900 613 0.00%COSCO Shipping Holdings (Class H) 12,000 4,507 0.02%Country Garden Holdings 35,000 47,752 0.19%Country Garden Services Holdings 6,000 14,609 0.06%CRRC (Class A) 3,800 4,345 0.02%CRRC (Class H) 20,000 15,815 0.06%CSPC Pharmaceutical Group 22,000 38,672 0.16%Ctrip.com International 1,890 73,672 0.29%

13


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Dali Foods Group 9,500 5,935 0.02%Daqin Railway 2,100 2,407 0.01%Datang International Power Generation 14,000 3,166 0.01%DHC Software 100 98 0.00%Dong-E-E-Jiao 100 484 0.00%Dongfang Electric 400 590 0.00%Dongfeng Motor Group 12,000 10,746 0.04%Dongxing Securities 400 654 0.00%East Money Information 800 1,689 0.01%ENN Energy Holdings 3,600 37,366 0.14%Everbright Securities 600 985 0.00%Fangda Carbon New Material 447 745 0.00%First Capital Securities 100 88 0.00%Focus Media Information Technology 2,140 1,571 0.01%Foshan Haitian Flavouring & Food 300 4,349 0.02%Fosun International 12,000 15,851 0.06%Founder Securities 1,200 1,208 0.00%Foxconn Industrial Internet 500 992 0.00%Future Land Development Holdings 8,000 6,796 0.03%Fuyao Glass Industry Group (Class A) 200 654 0.00%Fuyao Glass Industry Group (Class H) 2,400 7,297 0.03%Ganfeng Lithium 200 642 0.00%GD Power Development 1,500 555 0.00%GDS Holdings 280 11,530 0.04%Gemdale 700 1,239 0.00%Genscript Biotech 4,000 9,913 0.04%GF Securities (Class A) 400 778 0.00%GF Securities (Class H) 7,000 7,932 0.03%GoerTek 100 169 0.00%GOME Retail Holdings 45,000 4,829 0.02%Great Wall Motor 15,000 10,290 0.04%Gree Electric Appliances of Zhuhai 400 3,198 0.01%Greenland Holdings 1,200 1,210 0.00%Greentown Service Group 6,000 5,097 0.02%Guanghui Energy 1,200 606 0.00%Guangshen Railway 900 418 0.00%Guangzhou Automobile Group (Class A) 400 643 0.00%Guangzhou Automobile Group (Class H) 14,400 14,809 0.06%Guangzhou Baiyunshan Pharmaceutical Holdings 200 1,092 0.00%Guangzhou Haigemmunications Group 100 139 0.00%Guangzhou R&F Properties 4,800 8,769 0.03%Guosen Securities 600 1,187 0.00%Guotai Junan Securities (Class A) 800 2,102 0.01%Guotai Junan Securities (Class H) 3,800 6,185 0.02%Guoyuan Securities 100 132 0.00%Haier Smart Home 900 2,198 0.01%Haitian International Holdings 3,000 6,117 0.02%Haitong Securities (Class A) 900 1,810 0.01%Haitong Securities (Class H) 13,600 13,691 0.05%Hangzhou Hikvision Digital Technology 1,300 5,823 0.02%Hangzhou Robam Appliances 100 362 0.00%Hangzhou Tigermed Consulting 150 1,089 0.00%Henan Shuanghui Investment & Development 400 1,394 0.01%Hengan International Group 3,500 26,492 0.10%Hengli Petrochemical 420 737 0.00%HengTen Networks Group 96,000 1,827 0.01%Hengtong Optic-electric 300 700 0.00%Hengyi Petrochemical 400 706 0.00%Hesteel 1,700 676 0.00%Hithink RoyalFlush Information Network 100 1,328 0.01%

14


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



HLA 400 522 0.00%Hua Hong Semiconductor 2,000 4,180 0.02%Huaan Securities 100 95 0.00%Huadian Power International (Class A) 700 399 0.00%Huadian Power International (Class H) 8,000 3,362 0.01%Huadong Medicine 240 959 0.00%Huaneng Power International (Class A) 1,000 946 0.00%Huaneng Power International (Class H) 18,000 10,520 0.04%Huaneng Renewables 22,000 6,014 0.02%Huatai Securities (Class A) 800 2,359 0.01%Huatai Securities (Class H) 7,800 12,754 0.05%Huaxi Securities 400 584 0.00%Huaxia Bank 2,000 2,194 0.01%Huayu Automotive Systems 400 1,341 0.01%Huazhu Group 606 19,853 0.08%Hubei Biocause Pharmaceutical 600 621 0.00%Hubei Energy Group 700 427 0.00%Hundsun Technologies 100 1,032 0.00%Iflytek 300 1,430 0.01%Industrial & Commercial Bank of China (Class A) 8,800 7,202 0.03%Industrial & Commercial Bank of China (Class H) 300,000 203,121 0.80%Industrial Bank 2,900 8,050 0.03%Industrial Securities 1,000 942 0.00%Inner Mongolia BaoTou Steel Union 6,500 1,490 0.01%Inner Mongolia Junzheng Energy & Chemical Industry Group 1,200 562 0.00%Inner Mongolia Yili Industrial Group 900 4,075 0.02%Inner Mongolia Yitai Coal 5,000 5,070 0.02%iQIYI 597 11,098 0.04%JD.com 3,397 101,604 0.40%Jiangsu Expressway 6,000 8,109 0.03%Jiangsu Hengrui Medicine 620 6,022 0.02%Jiangsu Yanghe Brewery Joint-Stock 200 3,381 0.01%Jiangxi Copper (Class A) 1,100 2,354 0.01%Jiangxi Copper (Class H) 4,000 4,982 0.02%Jinduicheng Molybdenum 100 102 0.00%Jinke Properties Group 800 727 0.00%Jointown Pharmaceutical Group 300 523 0.00%Kaisa Group Holdings 10,000 4,190 0.02%Kangmei Pharmaceutical 100 47 0.00%Kingdee International Software Group 11,000 10,638 0.04%Kingsoft 4,000 8,728 0.03%Kweichow Moutai 200 28,226 0.11%KWG Group Holdings 6,000 5,641 0.02%Legend Holdings 1,700 4,018 0.02%Lenovo Group 34,000 27,624 0.11%Lepu Medical Technology Beijing 300 1,079 0.00%Li Ning 9,000 22,374 0.09%Logan Property Holdings 6,000 9,167 0.04%Longfor Group Holdings 8,500 31,626 0.12%LONGi Green Energy Technology 500 1,867 0.01%Luxshare Precision Industry 819 2,567 0.01%Luye Pharma Group 5,500 4,300 0.02%Luzhou Laojiao 200 2,340 0.01%Maanshan Iron & Steel (Class A) 800 341 0.00%Maanshan Iron & Steel (Class H) 8,000 3,066 0.01%Mango Excellent Media 100 566 0.00%Meinian Onehealth Healthcare Holdings 504 867 0.00%Meitu 10,000 2,951 0.01%Meituan Dianping 4,600 37,580 0.16%

15


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Metallurgical Corporation of China (Class A) 1,500 642 0.00%Metallurgical Corporation of China (Class H) 15,000 3,679 0.01%Midea Group 500 3,969 0.02%Momo 667 22,658 0.09%Muyuan Foodstuff 200 2,223 0.01%NARI Technology 600 1,642 0.01%NetEase 325 75,017 0.30%New China Life Insurance (Class A) 300 2,418 0.01%New China Life Insurance (Class H) 3,900 19,580 0.08%New Hope Liuhe 600 1,685 0.01%New Oriental Education & Technology Group 660 68,845 0.28%Ninestar 200 701 0.00%NIO 3,034 10,528 0.04%Noah Holdings 148 4,786 0.02%Offshore Oil Engineering 1,000 784 0.00%OFILM Group 100 123 0.00%Orient Securities 800 1,210 0.00%Oriental Pearl Group 530 763 0.00%People's Insurance Group of China 38,000 16,068 0.06%PetroChina (Class A) 1,900 1,795 0.01%PetroChina (Class H) 98,000 52,080 0.21%PICC Property & Casualty 32,000 38,304 0.16%Pinduoduo 881 19,620 0.08%Ping An Bank 2,400 4,921 0.02%Ping An Insurance Group of China (Class A) 1,600 20,452 0.08%Ping An Insurance Group of China (Class H) 25,500 304,259 1.19%Poly Developments & Holdings Group 1,700 3,505 0.01%Postal Savings Bank of China 37,000 21,601 0.08%Power Construction Corporation of China 1,300 936 0.00%RiseSun Real Estate Development 700 889 0.00%Rongsheng Petro Chemical 400 691 0.00%SAIC Motor 1,100 3,965 0.02%Sanan Optoelectronics 600 997 0.00%Sany Heavy Industry 1,100 2,254 0.01%SDIC Capital 500 980 0.00%SDIC Power Holdings 1,000 1,236 0.00%Seazen Holdings 300 1,146 0.00%Semiconductor Manufacturing International 14,000 16,615 0.06%SF Holding 200 1,080 0.00%Shaanxi Coal Industry 1,200 1,647 0.01%Shandong Gold Mining 300 1,834 0.01%Shandong Weigao Group Medical Polymer 8,000 7,685 0.03%Shanghai Electric Group (Class A) 1,400 1,083 0.00%Shanghai Electric Group (Class H) 12,000 4,185 0.02%Shanghai Fosun Pharmaceutical Group (Class A) 200 763 0.00%Shanghai Fosun Pharmaceutical Group (Class H) 2,500 7,489 0.03%Shanghai International Airport 100 1,201 0.00%Shanghai International Port Group 1,000 1,056 0.00%Shanghai Lujiazui Finance & Trade Zone Development 5,160 6,078 0.02%Shanghai Pharmaceuticals Holding (Class A) 200 527 0.00%Shanghai Pharmaceuticals Holding (Class H) 3,900 7,533 0.03%Shanghai Pudong Development Bank 4,100 7,062 0.03%Shanghai Tunnel Engineering 200 179 0.00%Shanxi Lu'an Environmental Energy Development 100 120 0.00%Shanxi Securities 100 121 0.00%Shanxi Xinghuacun Fen Wine Factory 100 984 0.00%Shanxi Xishan Coal & Electricity Power 100 89 0.00%Shenergy 700 595 0.00%Shenwan Hongyuan Group 2,700 1,916 0.01%Shenzhen Energy Group 500 429 0.00%

16


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Shenzhen Inovance Technology 300 1,085 0.00%Shenzhen Kangtai Biological Products 100 932 0.00%Shenzhen Mindray Bio-Medical Electronics 100 2,306 0.01%Shenzhen Overseas Chinese Town 1,200 1,255 0.00%Shenzhou International Group Holdings 3,500 48,512 0.20%Shui On Land 16,000 3,434 0.01%Sichuan Chuantou Energy 700 952 0.00%Sichuan Kelun Pharmaceutical 200 911 0.00%Sihuan Pharmaceutical Holdings Group 18,000 3,725 0.01%Sina 298 11,658 0.05%Sinolink Securities 100 135 0.00%Sino-Ocean Group Holding 14,000 5,687 0.02%Sinopec Engineering Group 6,000 4,729 0.02%Sinopec Shanghai Petrochemical (Class A) 500 347 0.00%Sinopec Shanghai Petrochemical (Class H) 16,000 5,600 0.02%Sinopharm Group 5,600 20,889 0.08%Sinotrans 9,000 3,127 0.01%Sinotruk Hong Kong 3,000 4,453 0.02%SOHO China 9,000 2,897 0.01%Songcheng Performance Development 200 759 0.00%SooChow Securities 100 143 0.00%Spring Airlines 100 626 0.00%Sunac China Holdings 11,000 50,307 0.20%Suning.com 1,300 2,024 0.01%Sunny Optical Technology Group 3,300 38,953 0.16%Suzhou Gold Mantis Construction Decoration 100 160 0.00%TAL Education Group 1,644 52,937 0.21%Tasly Pharmaceutical Group 200 471 0.00%TBEA 100 103 0.00%TCL 1,900 937 0.00%Tencent Holdings 26,500 1,246,478 4.83%Tencent Music Entertainment Group 420 5,993 0.02%Tianma Microelectronics 300 639 0.00%Tianqi Lithium 200 676 0.00%Tingyi Cayman Islands Holding 10,000 14,998 0.06%Tong Ren Tang Technologies 3,000 3,603 0.01%Tonghua Dongbao Pharmaceutical 300 684 0.00%Tongling Nonferrous Metals Group 1,600 539 0.00%Tongwei 500 1,056 0.00%TravelSky Technology 4,000 7,890 0.03%Tsingtao Brewery (Class A) 100 657 0.00%Tsingtao Brewery (Class H) 2,000 11,778 0.05%Tunghsu Optoelectronic Technology 100 70 0.00%Uni-President China Holdings 6,000 7,136 0.03%Unisplendour 100 469 0.00%Vipshop Holdings 2,019 15,344 0.06%Walvax Biotechnology 200 796 0.00%Wangsu Science & Technology 300 463 0.00%Want Want China Holdings 23,000 18,011 0.07%Weibo 262 10,263 0.04%Weichai Power (Class A) 900 1,589 0.01%Weichai Power (Class H) 9,000 13,981 0.05%Wens Foodstuffs Group 700 4,111 0.02%Western Securities 500 701 0.00%Wuhu Sanqi Interactive Entertainment Network Technology Group 300 623 0.00%Wuliangye Yibin 500 8,758 0.03%WuXi AppTec 700 6,492 0.03%Wuxi Biologics Cayman 2,500 26,939 0.10%Wuxi Lead Intelligent Equipment 100 525 0.00%

17


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



XCMG Construction Machinery 1,300 919 0.00%Xiamen C&D 100 131 0.00%Xiaomi 16,000 18,498 0.07%Xinhu Zhongbao 1,300 549 0.00%Xinjiang Goldwind Science & Technology (Class A) 400 694 0.00%Xinjiang Goldwind Science & Technology (Class H) 3,684 4,146 0.02%Xinyi Energy Holdings 1,400 374 0.00%Xinyi Solar Holdings 14,000 7,726 0.03%Yanzhou Coal Mining (Class A) 500 747 0.00%Yanzhou Coal Mining (Class H) 8,000 7,113 0.03%Yihai International Holding 2,000 10,693 0.04%Yonghui Superstores 1,300 1,824 0.01%Yonyou Network Technology 400 1,669 0.01%Yum China Holdings 1,665 75,758 0.30%Yuzhou Properties 7,163 3,395 0.01%YY 234 15,020 0.06%Zhangzhou Pientzehuang Pharmaceutical 100 1,509 0.01%Zhaojin Mining Industry 4,500 5,260 0.02%Zhejiang China Commodities City Group 800 462 0.00%Zhejiang Chint Electrics 300 1,045 0.00%Zhejiang Dahua Technology 500 1,172 0.00%Zhejiang Expressway 6,000 5,841 0.02%Zhejiang Longsheng Group 500 1,095 0.00%Zhejiang Semir Garment 200 316 0.00%Zhengzhou Yutong Bus 300 565 0.00%ZhongAn Online P&C Insurance 1,400 3,166 0.01%Zhongjin Gold 100 136 0.00%Zhongsheng Group Holdings 2,500 7,026 0.03%Zhuzhou CRRC Times Electric 2,500 12,024 0.05%Zijin Mining Group (Class A) 3,100 1,646 0.01%Zijin Mining Group (Class H) 26,000 10,496 0.04%Zoomlion Heavy Industry Science & Technology 1,000 895 0.00%ZTE (Class A) 900 4,299 0.02%ZTE (Class H) 2,800 8,477 0.03%ZTO Express Cayman 1,474 28,964 0.11%

Total China 6,983,523 27.01%

Colombia 0.41% (31 January 2019: 0.40%)

Bancolombia 1,083 12,927 0.05%Bancolombia Preference Shares 2,033 25,478 0.10%Cementos Argos 2,358 5,507 0.02%Ecopetrol 23,301 20,806 0.08%Grupo Argos 1,399 7,147 0.03%Grupo Aval Acciones y Valores 19,108 7,341 0.03%Grupo de Inversiones Suramericana 1,410 14,774 0.06%Grupo de Inversiones Suramericana Preference Shares 74 715 0.00%Interconexion Electrica ESP 2,107 11,391 0.04%

Total Colombia 106,086 0.41%

Czech Republic 0.15% (31 January 2019: 0.16%)

CEZ 741 16,741 0.07%Komercni banka 349 13,546 0.05%Moneta Money Bank 2,281 7,884 0.03%

Total Czech Republic 38,171 0.15%

Egypt 0.13% (31 January 2019: 0.11%)

Commercial International Bank Egypt 516 2,253 0.01%Commercial International Bank Egypt (Registered) 5,827 25,056 0.09%

18


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Egypt 0.13% (31 January 2019: 0.11%) (continued)

Eastern 4,313 4,089 0.02%ElSewedy Electric 3,000 2,191 0.01%

Total Egypt 33,589 0.13%

Greece 0.31% (31 January 2019: 0.21%)

Alpha Bank 6,594 12,944 0.05%Eurobank Ergasias 12,503 12,264 0.05%Hellenic Telecommunications Organization 1,098 15,208 0.05%Jumbo 531 10,435 0.04%Motor Oil Hellas Corinth Refineries 284 7,083 0.03%National Bank of Greece 2,525 7,450 0.03%OPAP 1,073 12,162 0.05%Titan Cement 170 3,717 0.01%

Total Greece 81,263 0.31%

Hong Kong 3.83% (31 January 2019: 4.26%)

Alibaba Health Information Technology 16,000 14,533 0.06%Alibaba Pictures Group 70,000 14,218 0.05%Beijing Enterprises Holdings 2,500 12,280 0.05%Beijing Enterprises Water Group 26,000 13,784 0.05%Brilliance China Automotive Holdings 14,000 15,417 0.06%China Agri-Industries Holdings 11,000 3,359 0.01%China Ding Yi Feng Holdings 8,000 153 0.00%China Education Group Holdings 3,000 4,714 0.02%China Everbright 4,000 5,325 0.02%China Everbright International 17,222 15,291 0.06%China First Capital Group 14,000 4,292 0.02%China Gas Holdings 8,200 34,202 0.13%China Jinmao Holdings Group 24,000 15,636 0.06%China Mengniu Dairy 13,000 52,810 0.20%China Merchants Port Holdings 6,000 9,980 0.04%China Mobile 28,500 243,024 0.93%China Overseas Land & Investment 18,000 61,855 0.24%China Power International Development 19,000 4,830 0.02%China Resources Beer Holdings 6,000 28,360 0.11%China Resources Cement Holdings 12,000 11,114 0.04%China Resources Gas Group 4,000 20,389 0.08%China Resources Land 12,000 51,738 0.20%China Resources Power Holdings 8,000 11,548 0.04%China State Construction International Holdings 10,000 10,348 0.04%China Taiping Insurance Holdings 7,600 21,311 0.08%China Traditional Chinese Medicine Holdings 10,000 4,599 0.02%China Unicom Hong Kong 28,000 27,399 0.11%CITIC 27,000 35,872 0.14%COSCO SHIPPING Ports 8,262 7,240 0.03%Far East Horizon 10,000 9,338 0.04%Fullshare Holdings 40,000 1,431 0.01%Geely Automobile Holdings 23,000 35,670 0.14%Guangdong Investment 14,000 29,510 0.11%Haier Electronics Group 6,000 14,211 0.05%Hutchison China MediTech 296 6,189 0.02%Jiayuan International Group 3 1 0.00%Kingboard Holdings 3,000 7,458 0.03%Kingboard Laminates Holdings 5,500 4,581 0.02%Kunlun Energy 16,000 14,042 0.05%Lee & Man Paper Manufacturing 6,000 3,687 0.01%Legend Holdings - Rights Issue 130 – 0.00%Nine Dragons Paper Holdings 8,000 6,530 0.03%Shanghai Industrial Holdings 2,000 4,119 0.02%

19


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Hong Kong 3.83% (31 January 2019: 4.26%) (continued)

Shenzhen International Holdings 4,857 9,022 0.03%Shenzhen Investment 14,000 5,044 0.02%Shimao Property Holdings 5,500 15,352 0.06%Sino Biopharmaceutical 32,500 40,190 0.16%SSY Group 8,000 7,185 0.03%Sun Art Retail Group 11,500 11,709 0.05%Towngas China 4,000 3,056 0.01%Yuexiu Property 32,000 7,277 0.03%

Total Hong Kong 991,223 3.83%

Hungary 0.29% (31 January 2019: 0.31%)

MOL Hungarian Oil & Gas 1,883 19,310 0.07%OTP Bank 1,034 43,474 0.18%Richter Gedeon 642 11,378 0.04%

Total Hungary 74,162 0.29%

India 8.39% (31 January 2019: 8.26%)

Adani Ports & Special Economic Zone 2,855 15,673 0.06%Ambuja Cements 2,806 8,206 0.03%Ashok Leyland 5,304 5,378 0.02%Asian Paints 1,322 29,252 0.11%Aurobindo Pharma 1,265 10,450 0.04%Avenue Supermarts 597 12,879 0.05%Axis Bank 8,783 86,164 0.33%Bajaj Auto 385 14,024 0.05%Bajaj Finance 799 37,776 0.15%Bajaj Finserv 176 18,141 0.07%Bharat Forge 973 6,005 0.02%Bharat Petroleum 2,997 15,032 0.06%Bharti Airtel 9,888 48,301 0.19%Bharti Infratel 1,595 5,664 0.02%Bosch 34 7,055 0.03%Britannia Industries 270 10,284 0.04%Cipla 1,582 11,903 0.05%Coal India 5,661 16,773 0.06%Container Corporation of India 1,017 7,585 0.03%Dabur India 2,422 15,018 0.06%Divi's Laboratories 371 8,808 0.03%Dr Reddy's Laboratories 528 19,715 0.08%Eicher Motors 62 14,638 0.06%GAIL India 7,242 13,566 0.05%Glenmark Pharmaceuticals 663 4,103 0.02%Godrej Consumer Products 1,642 14,324 0.06%Grasim Industries 1,358 15,478 0.06%Havells India 1,118 10,482 0.04%HCL Technologies 2,502 37,611 0.15%Hero MotoCorp 240 8,188 0.03%Hindalco Industries 5,370 14,880 0.06%Hindustan Petroleum 2,824 10,876 0.04%Hindustan Unilever 2,993 74,924 0.29%Housing Development Finance 7,551 233,072 0.90%ICICI Bank 10,994 68,064 0.26%ICICI Lombard General Insurance 626 11,003 0.04%Indiabulls Housing Finance 1,316 10,281 0.04%Indian Oil 8,866 17,884 0.07%Infosys 16,146 186,610 0.72%InterGlobe Aviation 437 9,922 0.04%ITC 15,805 62,223 0.24%

20


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


India 8.39% (31 January 2019: 8.26%) (continued)

JSW Steel 3,896 13,418 0.05%Larsen & Toubro 2,196 44,345 0.17%LIC Housing Finance 1,399 10,521 0.04%Lupin 1,018 11,337 0.04%Mahindra & Mahindra 3,433 27,415 0.11%Mahindra & Mahindra Financial Services 1,423 6,289 0.02%Marico 2,059 10,981 0.04%Maruti Suzuki India 487 38,728 0.15%Motherson Sumi Systems 4,495 6,973 0.03%Nestle India 106 17,953 0.07%NTPC 11,214 20,599 0.08%Oil & Natural Gas 11,474 23,086 0.09%Page Industries 25 6,597 0.03%Petronet LNG 2,761 9,465 0.04%Pidilite Industries 572 10,309 0.04%Piramal Enterprises 381 10,053 0.04%Power Grid Corporation of India 8,431 25,985 0.10%REC 3,169 6,461 0.02%Reliance Industries 13,177 223,214 0.86%Shree Cement 40 11,718 0.05%Shriram Transport Finance 699 9,822 0.04%State Bank of India 8,220 39,735 0.15%Sun Pharmaceutical Industries 3,871 23,977 0.09%Tata Consultancy Services 4,159 133,080 0.51%Tata Motors 7,328 14,462 0.06%Tata Power 4,886 4,297 0.02%Tata Steel 1,632 10,273 0.04%Tech Mahindra 2,176 20,094 0.08%Titan 1,464 22,442 0.09%UltraTech Cement 442 27,824 0.11%United Spirits 1,378 11,880 0.05%UPL 2,463 21,277 0.08%Vedanta 8,571 19,146 0.07%Vodafone Idea 30,725 3,082 0.01%Wipro 5,561 21,525 0.08%Yes Bank 7,912 10,318 0.04%Zee Entertainment Enterprises 2,440 12,809 0.05%

Total India 2,169,705 8.39%

Indonesia 2.12% (31 January 2019: 2.25%)

Adaro Energy 66,100 5,989 0.02%Astra International 93,000 46,444 0.18%Bank Central Asia 45,400 100,244 0.39%Bank Mandiri Persero 86,000 48,930 0.19%Bank Negara Indonesia Persero 34,200 20,678 0.08%Bank Rakyat Indonesia Persero 255,800 81,756 0.32%Bank Tabungan Negara Persero 19,000 3,335 0.01%Barito Pacific 24,500 6,782 0.03%Bukit Asam 13,000 2,541 0.01%Bumi Serpong Damai 34,800 3,525 0.01%Charoen Pokphand Indonesia 34,900 13,383 0.05%Gudang Garam 2,300 12,389 0.05%Hanjaya Mandala Sampoerna 42,300 9,144 0.04%Indah Kiat Pulp & Paper 12,900 6,879 0.03%Indocement Tunggal Prakarsa 8,800 14,110 0.05%Indofood CBP Sukses Makmur 11,000 8,397 0.03%Indofood Sukses Makmur 20,300 10,246 0.04%Jasa Marga Persero 10,200 4,366 0.02%Kalbe Farma 95,900 10,057 0.04%

21


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Indonesia 2.12% (31 January 2019: 2.25%) (continued)

Pabrik Kertas Tjiwi Kimia 6,500 5,565 0.02%Pakuwon Jati 76,600 4,017 0.02%Perusahaan Gas Negara Persero 51,700 7,561 0.03%Semen Indonesia Persero 14,100 12,951 0.05%Surya Citra Media 28,100 3,107 0.01%Telekomunikasi Indonesia Persero 228,300 70,036 0.27%Unilever Indonesia 7,000 21,774 0.08%United Tractors 7,900 14,048 0.05%

Total Indonesia 548,254 2.12%

Luxembourg 0.05% (31 January 2019: 0.04%)

Reinet Investments 704 12,550 0.05%

Malaysia 2.06% (31 January 2019: 2.22%)

AirAsia Group 6,800 3,230 0.01%Alliance Bank Malaysia 4,300 3,835 0.01%AMMB Holdings 7,600 7,791 0.03%Axiata Group 12,919 15,748 0.06%British American Tobacco Malaysia 700 3,830 0.01%CIMB Group Holdings 22,152 27,271 0.11%Dialog Group 17,100 14,297 0.06%DiGi.Com 14,300 17,327 0.07%Fraser & Neave Holdings 700 5,852 0.02%Gamuda 8,000 7,193 0.03%Genting 10,100 16,815 0.07%Genting Malaysia 14,100 13,224 0.05%Genting Plantations 1,100 2,586 0.01%HAP Seng Consolidated 2,900 6,957 0.03%Hartalega Holdings 6,900 8,277 0.03%Hong Leong Bank 3,000 13,057 0.05%Hong Leong Financial Group 1,000 4,357 0.02%IHH Healthcare 10,100 14,049 0.05%IJM 13,500 7,623 0.03%IOI 8,300 8,428 0.03%Kuala Lumpur Kepong 2,000 11,448 0.04%Malayan Banking 18,251 38,258 0.15%Malaysia Airports Holdings 4,600 9,353 0.04%Maxis 10,600 14,591 0.06%MISC 5,100 8,960 0.03%Nestle Malaysia 300 10,803 0.04%Petronas Chemicals Group 11,100 20,148 0.08%Petronas Dagangan 1,100 6,264 0.02%Petronas Gas 2,700 10,521 0.04%PPB Group 2,640 11,964 0.05%Press Metal Aluminium Holdings 6,100 6,726 0.03%Public Bank 14,400 76,422 0.29%QL Resources 2,800 4,662 0.02%RHB Bank 7,400 9,863 0.04%Sime Darby 12,600 6,687 0.03%Sime Darby Plantation 9,500 10,613 0.04%Sime Darby Property 11,000 2,599 0.01%SP Setia Group 7,199 3,419 0.01%Telekom Malaysia 4,900 4,857 0.02%Tenaga Nasional 14,500 48,561 0.18%Top Glove 7,100 7,811 0.03%Westports Holdings 4,400 4,265 0.02%YTL 12,600 3,145 0.01%

Total Malaysia 533,687 2.06%

22


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Mexico 2.33% (31 January 2019: 2.67%)

Alfa 13,900 12,156 0.05%Alsea 2,400 4,940 0.02%America Movil 155,300 110,283 0.42%Arca Continental 2,000 10,740 0.04%Banco Santander Mexico Institucion de Banca Multiple Grupo Financiero Santand 8,440 12,174 0.05%Cemex 69,800 25,041 0.10%Coca-Cola Femsa 2,400 14,889 0.06%El Puerto de Liverpool 900 4,413 0.02%Fomento Economico Mexicano 9,000 82,356 0.31%Gruma 1,015 9,391 0.04%Grupo Aeroportuario del Pacifico 1,700 17,223 0.07%Grupo Aeroportuario del Sureste 950 14,561 0.06%Grupo Bimbo 7,500 14,421 0.06%Grupo Carso 2,200 7,164 0.03%Grupo Financiero Banorte 12,000 60,992 0.23%Grupo Financiero Inbursa 10,600 13,134 0.05%Grupo Mexico 16,200 40,017 0.15%Grupo TelevisaB 11,100 21,244 0.08%Industrias Penoles 655 6,121 0.02%Infraestructura Energetica Nova 2,500 9,747 0.04%Kimberly-Clark de Mexico 7,200 15,108 0.06%Megacable Holdings 1,400 6,020 0.02%Mexichem 4,900 9,063 0.04%Promotora y Operadora de Infraestructura 1,100 10,003 0.04%Wal-Mart de Mexico 24,100 71,784 0.27%

Total Mexico 602,985 2.33%

Pakistan 0.02% (31 January 2019: 0.04%)

Habib Bank 2,400 1,809 0.01%MCB Bank 2,000 2,191 0.01%Oil & Gas Development 2,800 2,221 0.00%

Total Pakistan 6,221 0.02%

Peru 0.38% (31 January 2019: 0.41%)

Cia de Minas Buenaventura 995 15,164 0.06%Credicorp 313 68,230 0.27%Southern Copper 392 14,030 0.05%

Total Peru 97,424 0.38%

Philippines 1.11% (31 January 2019: 1.07%)

Aboitiz Equity Ventures 9,440 9,832 0.04%Aboitiz Power 6,600 4,591 0.02%Alliance Global Group 19,000 5,817 0.02%Ayala 1,300 24,461 0.09%Ayala Land 33,900 33,175 0.14%Bank of the Philippine Islands 4,328 7,655 0.03%BDO Unibank 9,020 26,056 0.10%DMCI Holdings 19,100 3,806 0.01%Globe Telecom 160 6,754 0.03%GT Capital Holdings 456 8,307 0.03%International Container Terminal Services 4,590 12,177 0.05%JG Summit Holdings 13,160 16,874 0.07%Jollibee Foods 1,990 10,128 0.04%Manila Electric 1,080 7,747 0.03%Megaworld 51,900 6,242 0.02%

23


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Philippines 1.11% (31 January 2019: 1.07%) (continued)

Metro Pacific Investments 65,400 6,169 0.02%Metropolitan Bank & Trust 7,580 11,283 0.04%PLDT 395 8,927 0.03%Robinsons Land 9,400 5,052 0.02%Security Bank 1,080 3,873 0.01%SM Investments 1,100 21,606 0.08%SM Prime Holdings 46,500 33,352 0.14%Universal Robina 4,180 13,110 0.05%

Total Philippines 286,994 1.11%

Poland 1.04% (31 January 2019: 1.17%)

Alior Bank 436 5,315 0.02%Bank Millennium 2,911 5,721 0.02%Bank Polska Kasa Opieki 781 20,929 0.08%CCC 135 5,261 0.02%CD Projekt 310 18,523 0.07%Cyfrowy Polsat 1,247 9,732 0.04%Dino Polska 232 8,806 0.03%Grupa Lotos 419 9,514 0.04%Jastrzebska Spolka Weglowa 241 2,449 0.01%KGHM Polska Miedz 642 15,745 0.06%LPP 6 12,228 0.05%mBank 72 6,536 0.03%Orange Polska 3,124 5,486 0.02%PGE Polska Grupa Energetyczna 4,007 9,250 0.04%Polski Koncern Naftowy ORLEN 1,379 34,879 0.13%Polskie Gornictwo Naftowe i Gazownictwo 8,060 11,789 0.05%Powszechna Kasa Oszczednosci Bank Polski 4,017 42,650 0.16%Powszechny Zaklad Ubezpieczen 2,771 30,098 0.12%Santander Bank Polska 163 13,864 0.05%

Total Poland 268,775 1.04%

Qatar 0.98% (31 January 2019: 1.02%)

Barwa Real Estate 8,640 8,472 0.03%Commercial Bank PQSC 9,420 12,419 0.05%Industries Qatar 8,370 25,818 0.10%Masraf Al Rayan 16,910 17,789 0.07%Mesaieed Petrochemical Holding 20,300 14,497 0.06%Ooredoo 3,800 7,463 0.03%Qatar Electricity & Water 2,480 10,633 0.04%Qatar Fuel 2,240 13,013 0.05%Qatar Insurance 7,470 7,161 0.03%Qatar Islamic Bank 5,340 24,128 0.09%Qatar National Bank 20,900 111,998 0.43%

Total Qatar 253,391 0.98%

Romania 0.06% (31 January 2019: 0.06%)

NEPI Rockcastle 1,738 15,900 0.06%

Russia 3.90% (31 January 2019: 3.79%)

Alrosa 11,940 15,342 0.06%Gazprom 49,220 183,835 0.70%Inter RAO 169,000 11,914 0.05%LUKOIL 1,906 157,057 0.61%Magnit 1,643 23,824 0.09%Magnitogorsk Iron & Steel Works 10,300 6,963 0.03%

24


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Russia 3.90% (31 January 2019: 3.79%) (continued)

MMC Norilsk Nickel 293 67,656 0.26%Mobile TeleSystems 2,306 18,840 0.07%Moscow Exchange MICEX-RTS 6,330 9,297 0.04%Novatek 421 88,326 0.34%Novolipetsk Steel 5,540 13,180 0.05%PhosAgro 555 6,921 0.03%Polymetal International 979 11,890 0.05%Polyus 126 12,833 0.05%Rosneft Oil 5,380 35,790 0.14%Sberbank of Russia 49,880 183,619 0.70%Severstal 970 15,733 0.06%Surgutneftegas 34,500 14,719 0.06%Surgutneftegas Preference Shares 30,800 15,121 0.06%Tatneft 7,050 82,607 0.32%Transneft 2 4,973 0.02%VTB Bank 14,980,000 10,037 0.04%X5 Retail Group 563 18,645 0.07%

Total Russia 1,009,122 3.90%

Saudi Arabia 1.37% (31 January 2019: - )

Advanced Petrochemical 223 3,484 0.01%Al Rajhi Bank 2,832 51,949 0.21%Alinma Bank 1,712 11,480 0.04%Almarai 575 7,758 0.03%Bank AlBilad 849 6,565 0.03%Bank Al-Jazira 941 3,799 0.01%Banque Saudi Fransi 1,254 13,525 0.05%Bupa Arabia for Cooperative Insurance 63 1,683 0.01%Co. for Cooperative Insurance 141 2,793 0.01%Dar Al Arkan Real Estate Development 1,246 3,807 0.01%Emaar Economic City 887 2,455 0.01%Etihad Etisalat 869 5,663 0.02%Jarir Marketing 134 5,959 0.02%National Industrialization 761 3,137 0.01%Nationalmmercial Bank 2,772 40,576 0.17%Rabigh Refining & Petrochemical 503 2,602 0.01%Riyad Bank 2,772 19,216 0.07%Sahara International Petrochemical 829 4,425 0.02%Samba Financial Group 2,265 19,748 0.08%Saudi Airlines Catering 91 2,196 0.01%Saudi Arabian Fertilizer 384 9,000 0.03%Saudi Arabian Mining 946 11,855 0.05%Saudi Basic Industries 1,732 49,597 0.20%Saudi British Bank 856 9,038 0.03%Saudi Cement 171 3,237 0.01%Saudi Electricity 1,926 10,045 0.04%Saudi Industrial Investment Group 507 3,196 0.01%Saudi Kayan Petrochemical 1,707 5,143 0.02%Saudi Telecom 924 26,607 0.10%Savola Group 601 5,128 0.02%Yanbu National Petrochemical 519 8,164 0.03%

Total Saudi Arabia 353,830 1.37%

Singapore 0.03% (31 January 2019: 0.03%)

BOC Aviation 1,000 8,661 0.03%

25


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


South Africa 5.36% (31 January 2019: 5.82%)

Absa Group 3,323 37,437 0.14%Anglo American Platinum 254 15,307 0.06%AngloGold Ashanti 1,908 34,168 0.13%Aspen Pharmacare Holdings 1,788 11,394 0.04%Bid 1,540 32,600 0.13%Bidvest Group 1,319 17,236 0.07%Capitec Bank Holdings 213 17,733 0.07%Clicks Group 1,215 17,509 0.07%Discovery 1,812 16,913 0.07%Exxaro Resources 1,169 13,802 0.05%FirstRand 15,515 67,593 0.26%Foschini Group 1,084 12,703 0.05%Gold Fields 3,895 20,896 0.08%Investec 1,375 7,950 0.03%Kumba Iron Ore 306 10,286 0.04%Liberty Holdings 646 4,952 0.02%Life Healthcare Group Holdings 6,367 10,202 0.04%Momentum Metropolitan Holdings 4,335 5,181 0.02%Mr Price Group 1,183 14,745 0.06%MTN Group 7,828 62,259 0.24%MultiChoice Group 2,024 19,194 0.07%Naspers 2,027 501,601 1.94%Nedbank Group 1,703 28,973 0.11%Netcare 5,322 6,286 0.02%Old Mutual 22,766 30,871 0.12%Pick n Pay Stores 1,781 8,364 0.03%PSG Group 705 11,380 0.04%Rand Merchant Investment Holdings 3,480 7,587 0.03%Remgro 2,433 30,743 0.12%RMB Holdings 3,552 18,988 0.07%Sanlam 8,228 43,335 0.17%Sappi 2,526 9,299 0.04%Sasol 2,595 56,894 0.22%Shoprite Holdings 2,180 23,763 0.09%SPAR Group 914 11,878 0.05%Standard Bank Group 5,974 75,677 0.29%Telkom SOC 1,290 7,842 0.03%Tiger Brands 758 11,919 0.05%Truworths International 2,086 9,201 0.04%Vodacom Group 2,952 24,505 0.09%Woolworths Holdings 4,555 17,675 0.07%

Total South Africa 1,386,841 5.36%

South Korea 11.45% (31 January 2019: 13.62%)

Amorepacific 150 17,750 0.07%Amorepacific Group 139 6,756 0.03%Amorepacific Preference Shares 39 2,568 0.01%BGF Retail 37 6,395 0.02%BNK Financial Group 1,269 7,508 0.03%Celltrion 403 58,078 0.22%Celltrion Healthcare 240 9,372 0.04%Celltrion Pharm 74 2,245 0.01%Cheil Worldwide 328 7,485 0.03%CJ 70 5,514 0.02%CJ CheilJedang 38 9,154 0.04%CJ ENM 49 6,863 0.03%CJ Logistics 42 4,863 0.02%CJ Preference Shares 8 248 0.00%Daelim Industrial 133 11,860 0.05%

26


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


South Korea 11.45% (31 January 2019: 13.62%) (continued)

Daewoo Engineering & Construction 814 2,821 0.01%Daewoo Shipbuilding & Marine Engineering 163 4,044 0.02%DB Insurance 237 11,238 0.04%Doosan Bobcat 229 6,949 0.03%E-mart 96 9,899 0.04%Fila Korea 230 13,122 0.05%GS Engineering & Construction 279 7,994 0.03%GS Holdings 232 9,864 0.04%GS Retail 128 4,036 0.02%Hana Financial Group 1,384 40,651 0.16%Hankook Tire & Technology 355 9,272 0.04%Hanmi Pharm 29 7,108 0.03%Hanmi Science 64 2,540 0.01%Hanon Systems 884 8,742 0.03%Hanwha 191 3,850 0.01%Hanwha Chemical 491 7,761 0.03%Hanwha Life Insurance 1,336 2,964 0.01%HDC Hyundai Development-Engineering & Construction 120 3,778 0.01%Helixmith 66 11,018 0.04%Helixmith - Rights Issue 4 239 0.00%HLB 158 3,626 0.01%Hotel Shilla 149 9,912 0.04%Hyundai Department Store 67 4,196 0.02%Hyundai Engineering & Construction 359 13,063 0.05%Hyundai Glovis 89 11,585 0.04%Hyundai Heavy Industries Holdings 46 12,675 0.05%Hyundai Marine & Fire Insurance 300 7,087 0.03%Hyundai Mobis 315 64,166 0.25%Hyundai Motor 687 73,455 0.28%Hyundai Motor New Preference Shares 228 15,880 0.06%Hyundai Motor Preference Shares 49 3,048 0.01%Hyundai Steel 367 12,036 0.05%Industrial Bank of Korea 1,145 12,727 0.05%Kakao 231 24,797 0.10%Kangwon Land 538 13,983 0.05%KB Financial Group 1,832 67,204 0.26%KCC 28 5,763 0.02%Kia Motors 1,215 44,930 0.17%Korea Aerospace Industries 348 10,869 0.04%Korea Electric Power 1,183 27,898 0.11%Korea Gas 131 4,734 0.02%Korea Investment Holdings 200 12,594 0.05%Korea Shipbuilding & Offshore Engineering 181 16,599 0.06%Korea Zinc 39 14,587 0.06%Korean Air Lines 221 4,773 0.02%KT&G 537 43,710 0.17%Kumho Petrochemical 82 5,663 0.02%LG 436 26,055 0.10%LG Chem 215 61,333 0.24%LG Chem Preference Shares 29 4,400 0.02%LG Display 1,071 13,126 0.05%LG Electronics 490 27,045 0.10%LG Household & Health Care 43 45,686 0.18%LG Household & Health Care Preference Shares 10 6,796 0.03%LG Innotek 61 5,826 0.02%LG Uplus 509 5,593 0.02%Lotte 117 3,362 0.01%Lotte Chemical 81 15,952 0.06%Lotte Shopping 50 5,748 0.02%

27


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


South Korea 11.45% (31 January 2019: 13.62%) (continued)

Medy-Tox 21 7,418 0.03%Meritz Securities 1,379 5,910 0.02%Mirae Asset Daewoo 1,798 11,459 0.04%NAVER 646 75,350 0.29%NCSoft 76 30,931 0.12%Netmarble 118 9,056 0.04%NH Investment & Securities 676 7,485 0.03%OCI 83 5,283 0.02%Orange Life Insurance 155 3,721 0.01%Orion 103 7,034 0.03%Ottogi 6 3,271 0.01%Pan Ocean 1,204 4,900 0.02%Pearl Abyss 27 3,916 0.02%POSCO 362 68,997 0.27%POSCO Chemical 108 4,446 0.02%Posco International 228 3,613 0.01%S-1 81 7,155 0.03%Samsung Biologics 76 17,987 0.07%Samsung C&T 393 30,461 0.12%Samsung Card 144 4,418 0.02%Samsung Electro-Mechanics 260 20,218 0.08%Samsung Electronics 22,098 847,049 3.27%Samsung Electronics Preference Shares 3,764 117,713 0.45%Samsung Engineering 746 10,373 0.04%Samsung Fire & Marine Insurance 142 31,566 0.12%Samsung Heavy Industries 2,060 12,310 0.05%Samsung Life Insurance 321 20,648 0.08%Samsung SDI 254 53,458 0.21%Samsung SDS 160 28,197 0.11%Samsung Securities 284 8,786 0.03%Shinhan Financial Group 2,078 76,403 0.30%Shinsegae 35 7,499 0.03%SillaJen 276 10,323 0.04%SK Holdings 162 30,261 0.12%SK Hynix 2,523 163,991 0.62%SK Innovation 256 37,001 0.14%SK Telecom 93 19,534 0.08%S-Oil 211 16,782 0.06%Woongjin Coway 238 16,878 0.07%Woori Financial Group 2,190 24,249 0.09%Yuhan 43 7,869 0.03%

Total South Korea 2,960,950 11.45%

Taiwan 10.87% (31 January 2019: 10.36%)

Acer 14,000 8,532 0.03%Advantech 2,000 16,916 0.07%Airtac International Group 1,000 10,403 0.04%ASE Technology Holding 16,000 35,967 0.14%Asia Cement 10,000 13,442 0.05%Asustek Computer 4,000 28,557 0.11%AU Optronics 55,000 14,628 0.06%Catcher Technology 3,000 22,286 0.09%Cathay Financial Holding 35,000 45,923 0.18%Chailease Holding 5,211 22,037 0.09%Chang Hwa Commercial Bank 24,520 17,190 0.07%Cheng Shin Rubber Industry 9,000 11,693 0.05%Chicony Electronics 4,010 10,239 0.04%China Airlines 12,000 3,689 0.01%

28


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Taiwan 10.87% (31 January 2019: 10.36%) (continued)

China Development Financial Holding 59,000 17,608 0.07%China Life Insurance 12,378 10,250 0.04%China Steel 55,000 42,450 0.16%Chunghwa Telecom 18,000 62,516 0.24%Compal Electronics 20,000 12,285 0.05%CTBC Financial Holding 86,000 56,143 0.22%Delta Electronics 9,000 43,849 0.17%E.Sun Financial Holding 47,631 39,826 0.15%Eclat Textile 1,000 13,217 0.05%Eva Airways 10,300 4,836 0.02%Evergreen Marine Corporation Taiwan 10,549 4,885 0.02%Far Eastern New Century 15,000 14,279 0.06%Far EasTone Telecommunications 7,000 16,096 0.06%Feng TAY Enterprise 1,100 7,376 0.03%First Financial Holding 45,250 34,052 0.13%Formosa Chemicals & Fibre 16,000 48,882 0.19%Formosa Petrochemical 6,000 20,453 0.08%Formosa Plastics 21,000 67,871 0.25%Formosa Taffeta 4,000 4,541 0.02%Foxconn Technology 6,000 12,407 0.05%Fubon Financial Holding 31,000 43,067 0.17%Giant Manufacturing 1,000 7,670 0.03%Globalwafers 1,000 10,822 0.04%Highwealth Construction 4,000 6,277 0.02%Hiwin Technologies 1,030 9,275 0.04%Hon Hai Precision Industry 58,200 147,111 0.56%Hotai Motor 1,000 14,488 0.06%Hua Nan Financial Holdings 34,855 24,604 0.10%Innolux 39,000 9,068 0.04%Inventec 11,000 8,242 0.03%Lite-On Technology 10,000 14,246 0.06%MediaTek 7,000 70,797 0.26%Mega Financial Holding 50,000 51,615 0.20%Micro-Star International 3,000 8,471 0.03%Nan Ya Plastics 24,000 55,030 0.21%Nanya Technology 6,000 14,279 0.06%Nien Made Enterprise 1,000 7,734 0.03%Novatek Microelectronics 3,000 16,015 0.06%Pegatron 9,000 14,732 0.06%Phison Electronics 1,000 9,873 0.04%Pou Chen 10,000 12,365 0.05%Powertech Technology 4,000 11,011 0.04%President Chain Store 3,000 28,943 0.11%Quanta Computer 13,000 24,039 0.09%Realtek Semiconductor 2,000 13,475 0.05%Ruentex Development 2,200 2,933 0.01%Ruentex Industries 1,200 2,566 0.01%Shanghai Commercial & Savings Bank 14,000 23,142 0.09%Shin Kong Financial Holding 46,446 13,503 0.05%SinoPac Financial Holdings 49,540 19,755 0.08%Standard Foods 2,000 3,866 0.01%Synnex Technology International 6,000 7,400 0.03%TaiMed Biologics 1,000 5,371 0.02%Taishin Financial Holding 44,064 20,689 0.08%Taiwan Business Bank 17,400 7,498 0.03%Taiwan Cement 21,000 30,188 0.12%Taiwan Cooperative Financial Holding 40,660 27,459 0.11%Taiwan High Speed Rail 9,000 12,040 0.05%Taiwan Mobile 8,000 28,171 0.11%Taiwan Semiconductor Manufacturing 115,000 959,704 3.70%

29


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Taiwan 10.87% (31 January 2019: 10.36%) (continued)

Tatung 9,000 5,847 0.02%Uni-President Enterprises 22,000 57,166 0.22%United Microelectronics 55,000 24,409 0.09%Vanguard International Semiconductor 4,000 8,143 0.03%Walsin Technology 4,000 22,769 0.09%Win Semiconductors 2,000 17,237 0.07%Winbond Electronics 18,000 11,143 0.04%Wistron 13,205 9,895 0.04%WPG Holdings 7,520 9,964 0.04%Yageo 2,198 18,802 0.07%Yuanta Financial Holding 46,000 25,888 0.10%Zhen Ding Technology Holding 2,000 7,332 0.03%

Total Taiwan 2,811,453 10.87%

Thailand 2.91% (31 January 2019: 2.38%)

Advanced Info Service 5,500 38,091 0.15%Airports of Thailand 19,800 46,353 0.18%Bangkok Bank 2,200 12,983 0.05%Bangkok Dusit Medical Services 43,400 35,279 0.14%Bangkok Expressway & Metro 36,300 12,393 0.05%Banpu 20,300 9,439 0.04%Berli Jucker 5,500 9,255 0.04%BTS Group Holdings 31,744 12,799 0.05%Bumrungrad Hospital 2,000 11,088 0.04%Central Pattana 10,400 24,770 0.10%Charoen Pokphand Foods 17,900 16,151 0.06%CP ALL 26,900 75,876 0.29%Electricity Generating 1,300 13,907 0.05%Energy Absolute 7,800 13,252 0.05%Glow Energy 2,500 7,255 0.03%Gulf Energy Development 2,500 10,283 0.04%Home Product Center 27,100 15,156 0.06%Indorama Ventures 7,800 10,398 0.04%Intouch Holdings 9,600 19,899 0.08%IRPC 52,000 8,116 0.03%Kasikornbank 200 1,122 0.00%Kasikornbank Foreign 9,100 51,040 0.20%Krung Thai Bank 16,200 10,324 0.04%Land & Houses 33,200 12,198 0.05%Minor International 12,800 16,752 0.06%Muangthai Capital 2,700 5,311 0.02%PTT 52,800 81,120 0.31%PTT Exploration & Production 6,400 28,197 0.11%PTT Global Chemical 10,400 20,458 0.08%Ratch Group 3,400 7,462 0.03%Robinson 2,400 4,955 0.02%Siam Cement 3,600 50,802 0.20%Siammmercial Bank 3,900 17,436 0.07%Thai Oil 5,100 11,442 0.04%Thai Union Group 15,400 9,464 0.04%TMB Bank 51,900 3,189 0.01%Total Access Communication 3,300 6,277 0.02%True 54,000 11,325 0.04%

Total Thailand 751,617 2.91%

Turkey 0.56% (31 January 2019: 0.67%)

Akbank 13,526 18,361 0.08%Anadolu Efes Biracilik Ve Malt Sanayii 964 3,716 0.01%Arcelik 925 2,902 0.01%

30


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Turkey 0.56% (31 January 2019: 0.67%) (continued)

Aselsan Elektronik Sanayi Ve Ticaret 1,551 5,285 0.02%BIM Birlesik Magazalar 1,920 16,177 0.07%Eregli Demir ve Celik Fabrikalari 6,664 8,903 0.03%Ford Otomotiv Sanayi 330 3,625 0.01%Haci Omer Sabanci Holding 4,345 7,711 0.03%KOC Holding 3,338 11,235 0.04%TAV Havalimanlari Holding 797 3,597 0.01%Tupras Turkiye Petrol Rafinerileri 575 14,474 0.06%Turk Hava Yollari 2,564 5,744 0.02%Turkcell Iletisim Hizmetleri 5,279 12,396 0.05%Turkiye Garanti Bankasi 10,893 19,292 0.08%Turkiye Is Bankasi 7,072 7,934 0.03%Turkiye Sise ve Cam Fabrikalari 3,265 2,894 0.01%

Total Turkey 144,246 0.56%

United Arab Emirates 0.75% (31 January 2019: 0.70%)

Abu Dhabi Commercial Bank 12,833 31,444 0.12%Aldar Properties 18,224 11,461 0.04%DP World 797 12,274 0.05%Dubai Islamic Bank 7,467 10,815 0.04%Emaar Development 3,675 4,802 0.02%Emaar Malls 11,950 6,897 0.03%Emaar Properties 16,166 24,338 0.09%Emirates Telecommunications Group 7,992 37,511 0.15%First Abu Dhabi Bank 12,575 54,364 0.21%

Total United Arab Emirates 193,906 0.75%

United States 0.02% (31 January 2019: 0.04%)

Nexteer Automotive Group 4,000 4,195 0.02%

Total Equities 25,068,110 96.93%

Transferable Securities 0.25% (31 January 2019: 0.40%)

Mexico 0.07% (31 January 2019: 0.09%)

Fibra Uno Administracion REIT 14,600 18,944 0.07%


Fortress REIT 5,394 8,125 0.03%Growthpoint Properties REIT 13,636 22,955 0.09%Redefine Properties REIT 25,081 15,572 0.06%

Total South Africa 46,652 0.18%

Total Transferable Securities 65,596 0.25%

Warrants 0.00% (31 January 2019: 0.00%)


Minor International (expires 31/12/2021) 435 78 0.00%

Total Warrants 78 0.00%

Financial Assets at Fair Value Through Profit or Loss 25,133,784 97.18%

31


Financial Derivative Instruments (0.02%) (31 January 2019: 0.18%)

Futures Contracts (0.02%) (31 January 2019: 0.18%)

BrokerNumber of Contracts

Notional Amount

UnrealisedGain/(Loss)

USD% of Sub-

Fund NAV*MSCI Emerging Markets 20 September 2019 Morgan Stanley 14 723,196 (5,276) (0.02%)Total Futures Contracts (5,276) (0.02%)

Total Financial Derivative Instruments (5,276) (0.02%) Other Assets and Liabilities 734,654 2.84%Net Assets Attributable to Holders of Redeemable Participating Shares 25,863,162 100.00%

Analysis of Assets USD% of Sub-

Fund Assets(a) Transferable securities admitted to an official stock exchange listing 25,133,784 96.99%(b) Financial derivative instruments (5,276) (0.02%)(c) Other assets 785,993 3.03%

Total Assets 25,914,501 100.00%

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

32

Fidelity MSCI Europe Index Fund SCHEDULE OF INVESTMENTS AS AT 31 JULY 2019

Number of

Shares Fair Value

EUR% of Sub-

Fund NAV*



BHP Group 3,469 75,697 0.59%

Austria 0.36% (31 January 2019: 0.38%)

ANDRITZ 119 3,851 0.03%Erste Group Bank 498 16,156 0.12%OMV 242 10,965 0.09%Raiffeisen Bank International 243 5,156 0.04%Verbund 114 5,768 0.04%Voestalpine 192 4,616 0.04%

Total Austria 46,512 0.36%

Belgium 1.67% (31 January 2019: 1.56%)

Ageas 303 14,747 0.11%Anheuser-Busch 1,251 113,928 0.90%Colruyt 93 4,387 0.03%Groupe Bruxelles Lambert 134 11,454 0.09%KBC Group 420 24,478 0.19%Proximus 257 6,633 0.05%Solvay 117 10,865 0.08%Telenet Group Holding 79 3,516 0.03%UCB 212 14,971 0.12%Umicore 324 9,215 0.07%

Total Belgium 214,194 1.67%

Chile 0.05% (31 January 2019: 0.05%)

Antofagasta 650 6,714 0.05%

Denmark 2.69% (31 January 2019: 2.70%)

AP Moller – Maersk (Class A) 7 6,773 0.05%AP Moller – Maersk (Class B) 10 10,162 0.08%Carlsberg 177 21,845 0.17%Chr. Hansen Holding 176 13,916 0.11%Coloplast 196 20,689 0.16%Danske Bank 1,110 14,902 0.12%Demant 179 4,779 0.04%DSV 292 25,222 0.20%Genmab 107 17,940 0.14%H. Lundbeck 114 3,991 0.03%ISS 253 6,415 0.05%Novo Nordisk 2,829 122,750 0.95%Novozymes 363 15,230 0.12%Orsted 309 25,499 0.19%Pandora 166 5,776 0.05%Tryg 197 5,440 0.04%Vestas Wind Systems 321 23,850 0.19%

Total Denmark 345,179 2.69%

Finland 1.81% (31 January 2019: 1.99%)

Elisa 226 9,600 0.07%Fortum 740 15,392 0.12%Kone 550 28,380 0.22%Metso 176 6,144 0.05%Neste 698 20,933 0.16%Nokia 9,260 45,185 0.36%Nokian Renkaat 196 5,090 0.04%

33

Fidelity MSCI Europe Index Fund SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 JULY 2019

Number of

Shares Fair Value

EUR% of Sub-

Fund NAV*


Finland 1.81% (31 January 2019: 1.99%) (continued)

Nordea Bank 4,949 28,728 0.23%Orion 171 5,303 0.04%Sampo 729 27,461 0.21%Stora Enso 957 9,986 0.08%UPM-Kymmene 893 21,834 0.17%Wartsila 705 8,026 0.06%

Total Finland 232,062 1.81%

France 17.04% (31 January 2019: 16.30%)

Accor 307 12,372 0.10%Aeroports de Paris 49 7,629 0.06%Air Liquide 705 88,125 0.69%Airbus 957 122,552 0.96%Alstom 257 10,033 0.08%Amundi 99 6,178 0.05%Arkema 117 9,559 0.07%Atos 162 11,836 0.09%AXA 3,188 73,005 0.57%BioMerieux 68 5,205 0.04%BNP Paribas 1,855 78,244 0.61%Bollore 1,448 5,636 0.04%Bouygues 375 12,143 0.09%Bureau Veritas 485 10,956 0.09%Capgemini 260 29,965 0.23%Carrefour 985 17,144 0.13%Casino Guichard Perrachon 89 2,973 0.02%Cie de Saint-Gobain 812 28,221 0.22%Cie Generale des Etablissements Michelin 282 28,327 0.22%CNP Assurances 287 5,367 0.04%Credit Agricole 1,898 20,460 0.16%Danone 1,012 79,341 0.62%Dassault Aviation 4 4,960 0.04%Dassault Systemes 214 29,532 0.23%Edenred 396 17,994 0.14%Eiffage 129 11,527 0.09%Electricite de France 993 11,137 0.09%Engie 3,004 41,816 0.33%EssilorLuxottica 464 56,910 0.44%Eurazeo 62 3,760 0.03%Eutelsat Communications 287 4,971 0.04%Faurecia 125 5,375 0.04%Getlink 722 9,422 0.07%Hermes International 52 33,103 0.26%Iliad 44 4,127 0.03%Imerys 58 2,195 0.02%Ingenico Group 98 8,428 0.07%Ipsen 63 6,533 0.05%JCDecaux 113 2,952 0.02%Kering 125 58,688 0.46%Legrand 437 27,907 0.22%L'Oreal 414 100,187 0.78%LVMH 457 171,511 1.33%Natixis 1,538 5,601 0.04%Orange 3,271 43,913 0.34%Pernod Ricard 350 55,668 0.43%Peugeot 960 20,506 0.16%Publicis Groupe 349 15,604 0.12%Remy Cointreau 35 4,687 0.04%Renault 316 15,971 0.12%Safran 539 69,989 0.55%

34


Number of

Shares Fair Value

EUR% of Sub-

Fund NAV*


France 17.04% (31 January 2019: 16.30%) (continued)

Sanofi 1,846 139,298 1.09%Sartorius Stedim Biotech 46 6,656 0.05%Schneider Electric 903 70,506 0.55%SCOR 269 10,007 0.08%SEB 35 5,075 0.04%Societe BIC 41 2,579 0.02%Societe Generale 1,261 28,001 0.22%Sodexo 147 15,237 0.12%Suez 572 7,596 0.06%Teleperformance 95 18,012 0.14%Thales 175 17,859 0.14%Total 3,911 183,953 1.42%Ubisoft Entertainment 137 10,242 0.08%Valeo 395 11,218 0.09%Veolia Environnement 875 19,994 0.16%Vinci 838 78,135 0.61%Vivendi 1,506 37,921 0.30%Wendel 42 5,250 0.04%Worldline 132 8,554 0.07%

Total France 2,186,338 17.04%

Germany 13.57% (31 January 2019: 13.74%)

1&1 Drillisch 80 2,184 0.02%Adidas 297 85,996 0.67%Allianz 698 146,858 1.14%Axel Springer 82 5,084 0.04%BASF 1,517 91,824 0.72%Bayer 1,534 90,123 0.70%Bayerische Motoren Werke 539 36,021 0.28%Bayerische Motoren Werke Preference Shares 92 4,954 0.04%Beiersdorf 166 17,430 0.14%Brenntag 256 11,364 0.09%Carl Zeiss Meditec 64 6,365 0.05%Commerzbank 1,652 10,181 0.08%Continental 182 22,794 0.18%Covestro 287 11,799 0.09%Daimler 1,503 70,483 0.55%Delivery Hero 185 8,062 0.06%Deutsche Bank 3,224 22,697 0.18%Deutsche Boerse 313 39,532 0.31%Deutsche Lufthansa 384 5,520 0.04%Deutsche Post 1,634 48,219 0.38%Deutsche Telekom 5,491 81,706 0.64%Deutsche Wohnen 583 19,367 0.15%E.ON 3,616 32,739 0.26%Evonik Industries 295 7,658 0.06%Fraport Frankfurt Airport Services Worldwide 73 5,528 0.04%Fresenius Medical Care 354 22,267 0.17%Fresenius 687 31,286 0.24%FUCHS PETROLUB 114 3,983 0.03%GEA Group 242 5,481 0.04%Hannover Rueck 101 14,312 0.11%HeidelbergCement 247 16,208 0.13%Henkel 172 14,629 0.11%Henkel Preference Shares 294 27,413 0.21%HOCHTIEF 41 4,215 0.03%HUGO BOSS 107 6,116 0.05%Infineon Technologies 2,048 34,857 0.27%Innogy 231 10,051 0.08%KION Group 104 5,055 0.04%

35


Number of

Shares Fair Value

EUR% of Sub-

Fund NAV*


Germany 13.57% (31 January 2019: 13.74%) (continued)

Knorr-Bremse 80 7,336 0.06%LANXESS 141 7,634 0.06%Merck 213 19,690 0.15%METRO 297 4,158 0.03%MTU Aero Engines 88 19,932 0.16%Muenchener Rueckversicherungs-Gesellschaft 245 53,361 0.42%Porsche Automobil Holding 253 15,099 0.12%Puma 136 8,602 0.07%RWE 894 21,867 0.17%SAP 1,618 180,762 1.40%Sartorius 59 10,939 0.09%Siemens 1,262 124,925 0.97%Siemens Healthineers 238 9,000 0.07%Symrise 213 17,815 0.14%Telefonica Deutschland Holding 1,395 3,182 0.02%thyssenkrupp 666 7,786 0.06%TUI 734 6,600 0.05%Uniper 321 8,972 0.07%United Internet 200 5,414 0.04%Volkswagen 51 7,890 0.06%Volkswagen Preference Shares 309 46,640 0.36%Vonovia 811 35,895 0.28%Wirecard 193 29,259 0.23%Zalando 206 8,586 0.07%

Total Germany 1,741,705 13.57%

Ireland 1.03% (31 January 2019: 1.00%)

AerCap Holdings 218 10,677 0.08%AIB Group 1,323 4,101 0.03%Bank of Ireland Group 1,555 6,220 0.05%CRH 1,341 40,230 0.32%DCC 162 12,403 0.10%Kerry Group 260 27,404 0.21%Kingspan Group 255 11,297 0.09%Paddy Power Betfair 133 9,520 0.07%Smurfit Kappa Group 369 10,524 0.08%

Total Ireland 132,376 1.03%

Isle Of Man 0.05% (31 January 2019: 0.06%)

GVC Holdings 956 6,220 0.05%

Italy 3.23% (31 January 2019: 3.12%)

Assicurazioni Generali 1,793 30,194 0.24%Atlantia 818 19,027 0.15%Davide Campari-Milano 924 7,780 0.06%Enel 13,339 82,689 0.63%ENI 4,214 59,856 0.46%Ferrari 202 29,421 0.23%FinecoBank Banca Fineco 980 8,812 0.07%Intesa Sanpaolo 24,408 47,849 0.37%Leonardo 653 7,209 0.06%Mediobanca Banca di Credito Finanziario 988 8,945 0.07%Moncler 298 11,077 0.09%Pirelli & C 668 3,570 0.03%Poste Italiane 838 8,095 0.06%Prysmian 399 7,449 0.06%

36


Number of

Shares Fair Value

EUR% of Sub-

Fund NAV*


Italy 3.23% (31 January 2019: 3.12%) (continued)

Recordati 170 6,890 0.05%Snam 3,446 15,297 0.12%Telecom Italia 14,741 7,527 0.06%Telecom Italia (Non CVA) 10,402 4,993 0.04%Terna Rete Elettrica Nazionale 2,354 12,956 0.10%UniCredit 3,312 35,293 0.28%

Total Italy 414,929 3.23%


ArcelorMittal 1,094 15,883 0.12%Aroundtown 1,465 10,595 0.08%Eurofins Scientific 19 7,334 0.06%Millicom International Cellular 109 5,070 0.04%RTL Group 56 2,495 0.02%SES 599 8,961 0.07%Tenaris 745 8,482 0.07%

Total Luxembourg 58,820 0.46%

Mexico 0.02% (31 January 2019: 0.04%)

Fresnillo 339 2,241 0.02%

Netherlands 7.81% (31 January 2019: 7.57%)

ABN AMRO Bank 708 12,716 0.10%Adyen 17 11,679 0.09%Aegon 3,021 13,525 0.11%Akzo Nobel 374 31,958 0.25%ASML Holding 701 142,163 1.11%EXOR 173 10,892 0.08%Heineken 425 41,276 0.32%Heineken Holding 190 17,423 0.14%ING Groep 6,412 64,582 0.50%Koninklijke Ahold Delhaize 1,952 39,928 0.31%Koninklijke DSM 296 33,389 0.26%Koninklijke KPN 5,967 15,401 0.12%Koninklijke Philips 1,523 64,705 0.50%Koninklijke Vopak 119 5,307 0.04%NN Group 507 17,253 0.13%NXP Semiconductors 488 45,316 0.35%QIAGEN 367 12,654 0.10%Randstad 189 8,607 0.07%Royal Dutch Shell (A Shares) 7,293 208,048 1.63%Royal Dutch Shell (B Shares) 6,147 175,932 1.37%Wolters Kluwer 457 29,961 0.23%

Total Netherlands 1,002,715 7.81%

Norway 1.04% (31 January 2019: 1.19%)

Aker BP 177 4,562 0.04%DNB 1,593 25,862 0.20%Equinor 1,641 26,666 0.21%Gjensidige Forsikring 334 5,890 0.05%Mowi 726 15,822 0.12%Norsk Hydro 2,208 6,867 0.05%Orkla 1,219 9,410 0.07%Schibsted 160 3,744 0.03%Telenor 1,215 22,378 0.17%Yara International 292 12,441 0.10%

Total Norway 133,642 1.04%

37


Number of

Shares Fair Value

EUR% of Sub-

Fund NAV*


Portugal 0.25% (31 January 2019: 0.25%)

Energias de Portugal 4,328 14,373 0.11%Galp Energia 819 11,536 0.09%Jeronimo Martins 426 6,222 0.05%

Total Portugal 32,131 0.25%

Russia 0.05% (31 January 2019: - )

Evraz 826 5,914 0.05%


Investec 1,130 5,843 0.05%

Spain 4.59% (31 January 2019: 4.81%)

ACS Actividades de Construccion y Servicios 433 15,848 0.12%Aena SME 113 18,543 0.14%Amadeus IT Group 722 51,522 0.40%Banco Bilbao Vizcaya Argentaria 10,961 50,415 0.39%Banco de Sabadell 9,265 7,334 0.06%Banco Santander 26,705 103,162 0.81%Bankia 1,834 3,287 0.03%Bankinter 1,085 6,367 0.05%CaixaBank 5,907 13,202 0.10%Cellnex Telecom 319 10,811 0.08%Enagas 374 7,358 0.06%Endesa 525 11,734 0.09%Ferrovial 801 18,864 0.15%Grifols 489 14,328 0.11%Iberdrola 218 1,868 0.01%Iberdrola Interim 9,860 84,500 0.66%Industria de Diseno Textil 1,794 48,492 0.38%Mapfre 1,778 4,433 0.03%Naturgy Energy Group 493 11,290 0.09%Red Electrica 730 12,483 0.10%Repsol 2,379 34,222 0.27%Siemens Gamesa Renewable Energy 399 5,057 0.04%Telefonica 7,703 53,312 0.42%

Total Spain 588,432 4.59%

Sweden 3.80% (31 January 2019: 3.94%)

Alfa Laval 520 8,817 0.07%Assa Abloy 1,633 34,079 0.28%Atlas Copco (A Shares) 628 15,569 0.12%Atlas Copco (B Shares) 1,121 31,171 0.24%Boliden 453 9,333 0.07%Electrolux 361 7,578 0.06%Epiroc (A Shares) 1,138 11,304 0.09%Epiroc (B Shares) 600 5,651 0.04%Essity 1,002 27,018 0.21%Hennes & Mauritz 1,320 20,844 0.16%Hexagon 426 18,745 0.15%Husqvarna 705 5,666 0.04%ICA Gruppen 143 5,746 0.04%Industrivarden 252 4,964 0.04%Investor 769 33,162 0.26%Kinnevik 414 9,566 0.07%L. E. Lundbergforetagen 114 3,827 0.03%

38


Number of

Shares Fair Value

EUR% of Sub-

Fund NAV*


Sweden 3.80% (31 January 2019: 3.94%) (continued)

Lundin Petroleum 301 8,612 0.07%Sandvik 1,864 26,029 0.20%Securitas 500 7,022 0.05%Skandinaviska Enskilda Banken 2,686 22,899 0.18%Skanska 574 9,714 0.08%SKF 638 9,491 0.07%Svenska Handelsbanken 2,493 20,353 0.16%Swedbank 1,477 18,281 0.14%Swedish Match 291 10,078 0.08%Tele2 798 10,344 0.08%Telefonaktiebolaget LM Ericsson 5,061 40,322 0.32%Telia 4,611 18,628 0.15%Volvo 2,410 32,548 0.25%

Total Sweden 487,361 3.80%

Switzerland 15.46% (31 January 2019: 14.80%)

ABB 3,015 51,437 0.40%Adecco Group 265 13,093 0.10%Alcon 714 37,570 0.29%Baloise Holding 78 12,730 0.10%Barry Callebaut 4 7,073 0.06%Chocoladefabriken Lindt & Spruengli 3 19,950 0.16%Cie Financiere Richemont 859 66,552 0.52%Clariant 309 5,110 0.04%Coca-Cola HBC 332 10,355 0.08%Credit Suisse Group 4,168 45,489 0.35%Dufry 68 5,407 0.04%EMS-Chemie Holding 13 7,348 0.06%Geberit 61 25,429 0.20%Givaudan 15 36,008 0.28%Glencore 18,291 53,597 0.42%Julius Baer Group 371 14,352 0.11%Kuehne + Nagel International 86 11,450 0.09%LafargeHolcim 790 35,083 0.27%Lonza Group 123 38,085 0.30%Nestle 5,044 483,685 3.76%Novartis 3,570 296,218 2.31%Pargesa Holding 58 3,931 0.03%Partners Group Holding 32 23,057 0.18%Roche Holding 1,157 279,890 2.18%Schindler Holding 66 13,784 0.11%Schindler Holding Registered 33 6,712 0.05%SGS 9 20,086 0.16%Sika 209 27,304 0.21%Sonova Holding 92 19,155 0.15%STMicroelectronics 1,114 18,621 0.15%Straumann Holding 17 12,539 0.10%Swatch Group 50 13,146 0.10%Swatch Group Registered 82 4,047 0.03%Swiss Life Holding 56 24,462 0.19%Swiss Prime Site 118 9,372 0.07%Swiss Re 502 43,976 0.34%Swisscom 44 19,260 0.15%Temenos 106 16,935 0.13%UBS Group 6,359 64,007 0.50%Vifor Pharma 75 10,050 0.08%Zurich Insurance Group 248 77,958 0.61%

Total Switzerland 1,984,313 15.46%

39


Number of

Shares Fair Value

EUR% of Sub-

Fund NAV*



NMC Health 152 4,136 0.03%

United Kingdom 23.07% (31 January 2019: 23.44%)

3i Group 1,604 19,624 0.15%Admiral Group 304 7,245 0.06%Anglo American 1,732 38,838 0.30%Ashtead Group 779 19,473 0.15%Associated British Foods 593 15,782 0.12%AstraZeneca 2,086 161,983 1.26%Auto Trader Group 1,533 9,134 0.07%Aviva 6,427 28,703 0.22%BAE Systems 5,273 31,813 0.25%Barclays 28,193 47,772 0.37%Barratt Developments 1,684 11,949 0.09%Berkeley Group Holdings 204 8,700 0.07%BP 33,315 199,932 1.57%British American Tobacco 3,777 122,618 0.96%BT Group 13,848 29,420 0.23%Bunzl 565 13,359 0.10%Burberry Group 677 16,819 0.13%Centrica 9,379 7,847 0.06%CNH Industrial 1,692 15,522 0.12%Coca-Cola European Partners 397 19,711 0.15%Compass Group 2,603 59,628 0.46%Croda International 218 11,239 0.09%Diageo 3,980 150,721 1.17%Direct Line Insurance Group 2,192 7,772 0.06%easyJet 251 2,661 0.02%Experian 1,492 41,020 0.32%Ferguson 382 25,895 0.20%Fiat Chrysler Automobiles 1,772 21,328 0.17%G4S 2,525 5,319 0.04%GlaxoSmithKline 8,156 152,714 1.19%Halma 630 13,787 0.11%Hargreaves Lansdown 471 10,878 0.08%HSBC Holdings 32,977 238,159 1.87%Imperial Brands 1,575 36,287 0.28%Informa 2,072 19,915 0.16%InterContinental Hotels Group 284 17,862 0.14%Intertek Group 267 16,760 0.13%ITV 5,824 7,106 0.06%J. Sainsbury 2,849 6,161 0.05%John Wood Group 1,132 6,610 0.05%Johnson Matthey 328 11,597 0.09%Kingfisher 3,377 8,260 0.06%Legal & General Group 9,762 28,106 0.22%Lloyds Banking Group 117,394 68,851 0.54%London Stock Exchange Group 516 37,600 0.29%Marks & Spencer Group 3,208 7,335 0.06%Meggitt 1,249 8,195 0.06%Melrose Industries 7,976 16,398 0.13%Merlin Entertainments 1,192 5,919 0.05%Micro Focus International 564 10,785 0.08%Mondi 795 15,768 0.12%National Grid 5,606 52,052 0.41%Next 230 15,338 0.12%Ocado Group 746 10,218 0.08%Pearson 1,304 12,494 0.10%

40


Number of

Shares Fair Value

EUR% of Sub-

Fund NAV*


United Kingdom 23.07% (31 January 2019: 23.44%) (continued)

Persimmon 539 11,909 0.09%Prudential 4,265 79,643 0.62%Reckitt Benckiser Group 1,165 81,638 0.64%RELX (GBP) 3,224 69,263 0.54%Rentokil Initial 3,031 14,500 0.11%Rio Tinto 1,874 96,822 0.75%Rolls-Royce Holdings 2,807 26,610 0.21%Royal Bank of Scotland Group 7,919 18,898 0.15%RSA Insurance Group 1,709 10,536 0.08%Sage Group 1,775 14,055 0.11%Schroders 210 6,866 0.05%Severn Trent 377 8,354 0.07%Smith & Nephew 1,432 29,276 0.23%Smiths Group 643 11,611 0.09%Spirax-Sarco Engineering 120 11,871 0.09%SSE 1,686 20,405 0.16%St. James's Place 862 9,328 0.07%Standard Chartered 4,642 34,551 0.27%Standard Life Aberdeen 4,142 13,611 0.11%Taylor Wimpey 5,200 9,253 0.07%Tesco 16,017 39,333 0.31%Unilever 1,827 99,567 0.78%Unilever (CVA) 2,396 125,383 0.98%United Utilities Group 1,121 9,722 0.08%Vodafone Group 43,898 72,453 0.56%Weir Group 409 6,733 0.05%Whitbread 219 10,893 0.08%Wm Morrison Supermarkets 3,778 8,087 0.06%WPP 2,086 22,262 0.17%

Total United Kingdom 2,960,415 23.07%


Carnival 270 10,995 0.09%



France 0.46% (31 January 2019: 0.55%)

Covivio REIT 76 7,019 0.05%Gecina REIT 76 10,534 0.09%ICADE REIT 50 3,925 0.03%Klepierre REIT 338 9,410 0.07%Unibail-Rodamco-Westfield REIT 226 27,345 0.22%

Total France 58,233 0.46%


British Land REIT 1,447 8,084 0.06%Land Securities Group REIT 1,189 10,411 0.08%Segro REIT 1,800 15,128 0.12%

Total United Kingdom 33,623 0.26%



41


Financial Derivative Instruments 0.07% (31 January 2019: (0.03%))

Futures Contracts (0.01%) (31 January 2019: 0.00%)


Notional Amount


EUR% of Sub-

Fund NAV*Euro Stoxx 50 20 September 2019 Morgan Stanley 2 69,920 (680) (0.01%)

Total Futures Contracts (680) (0.01%) Open Forward Foreign Exchange Contracts held for Portfolio Hedging Purposes 0.08% (31 January 2019: (0.04%))

Currency Buy Amount Currency (Sell) Amount Counterparty Settlement Date

Unrealised Gain/(Loss)

EUR% of Sub-

Fund NAV*EUR 416,588 GBP (371,638) Brown Brothers Harriman 19/08/2019 8,109 0.06%EUR 417,519 GBP (372,516) Brown Brothers Harriman 02/08/2019 7,849 0.07%EUR 408,555 GBP (368,074) Brown Brothers Harriman 19/08/2019 3,993 0.03%GBP 382,803 EUR (417,519) Brown Brothers Harriman 02/08/2019 3,464 0.03%CHF 257,422 EUR (232,180) Brown Brothers Harriman 19/08/2019 1,402 0.01%EUR 232,180 CHF (254,643) Brown Brothers Harriman 02/08/2019 1,163 0.01%EUR 232,180 CHF (254,644) Brown Brothers Harriman 19/08/2019 1,119 0.01%EUR 64,975 SEK (682,331) Brown Brothers Harriman 19/08/2019 1,097 0.01%EUR 64,975 SEK (682,330) Brown Brothers Harriman 02/08/2019 1,092 0.01%EUR 65,100 SEK (685,698) Brown Brothers Harriman 19/08/2019 907 0.01%CHF 256,420 EUR (232,180) Brown Brothers Harriman 02/08/2019 450 0.00%EUR 43,520 GBP (39,208) Brown Brothers Harriman 19/08/2019 425 0.00%EUR 64,975 SEK (689,836) Brown Brothers Harriman 19/08/2019 394 0.00%EUR 16,624 NOK (160,023) Brown Brothers Harriman 19/08/2019 273 0.00%EUR 16,547 NOK (159,331) Brown Brothers Harriman 19/08/2019 267 0.00%EUR 16,381 NOK (157,673) Brown Brothers Harriman 02/08/2019 256 0.00%CHF 6,098 EUR (5,339) Brown Brothers Harriman 19/08/2019 194 0.00%EUR 9,817 GBP (8,758) Brown Brothers Harriman 19/08/2019 191 0.00%EUR 12,578 GBP (11,276) Brown Brothers Harriman 19/08/2019 184 0.00%EUR 16,381 NOK (159,078) Brown Brothers Harriman 19/08/2019 127 0.00%EUR 8,033 GBP (7,195) Brown Brothers Harriman 19/08/2019 125 0.00%EUR 3,060 GBP (2,691) Brown Brothers Harriman 02/08/2019 101 0.00%EUR 6,949 SEK (73,193) Brown Brothers Harriman 19/08/2019 97 0.00%EUR 1,725 CHF (1,860) Brown Brothers Harriman 02/08/2019 37 0.00%GBP 8,966 EUR (9,817) Brown Brothers Harriman 19/08/2019 37 0.00%EUR 1,775 NOK (17,092) Brown Brothers Harriman 19/08/2019 29 0.00%EUR 1,568 SEK (16,467) Brown Brothers Harriman 19/08/2019 26 0.00%EUR 5,339 CHF (5,856) Brown Brothers Harriman 19/08/2019 26 0.00%GBP 2,806 EUR (3,060) Brown Brothers Harriman 02/08/2019 25 0.00%EUR 468 SEK (4,844) Brown Brothers Harriman 02/08/2019 15 0.00%EUR 42,511 DKK (317,352) Brown Brothers Harriman 02/08/2019 12 0.00%EUR 815 SEK (8,587) Brown Brothers Harriman 19/08/2019 11 0.00%CHF 3,109 EUR (2,812) Brown Brothers Harriman 19/08/2019 9 0.00%EUR 41,988 DKK (313,450) Brown Brothers Harriman 19/08/2019 7 0.00%EUR 402 NOK (3,866) Brown Brothers Harriman 19/08/2019 7 0.00%EUR 41,198 DKK (307,557) Brown Brothers Harriman 19/08/2019 5 0.00%EUR 120 NOK (1,135) Brown Brothers Harriman 02/08/2019 4 0.00%EUR 707 SEK (7,506) Brown Brothers Harriman 02/08/2019 4 0.00%CHF 1,905 EUR (1,725) Brown Brothers Harriman 02/08/2019 3 0.00%EUR 292 NOK (2,826) Brown Brothers Harriman 19/08/2019 3 0.00%EUR 468 SEK (4,968) Brown Brothers Harriman 19/08/2019 3 0.00%GBP 669 EUR (734) Brown Brothers Harriman 19/08/2019 2 0.00%CHF 1,116 EUR (1,011) Brown Brothers Harriman 19/08/2019 2 0.00%GBP 184 EUR (200) Brown Brothers Harriman 19/08/2019 1 0.00%EUR 109 SEK (1,151) Brown Brothers Harriman 19/08/2019 1 0.00%EUR 120 NOK (1,168) Brown Brothers Harriman 19/08/2019 1 0.00%EUR 145 NOK (1,405) Brown Brothers Harriman 02/08/2019 1 0.00%EUR 169 CHF (185) Brown Brothers Harriman 19/08/2019 1 0.00%EUR 4,397 DKK (32,828) Brown Brothers Harriman 19/08/2019 1 0.00%EUR 59 GBP (53) Brown Brothers Harriman 19/08/2019 1 0.00%DKK 7,471 EUR (1,000) Brown Brothers Harriman 19/08/2019 0 0.00%SEK 1,207 EUR (113) Brown Brothers Harriman 19/08/2019 0 0.00%CHF 145 EUR (131) Brown Brothers Harriman 19/08/2019 0 0.00%

42


Financial Derivative Instruments 0.07% (31 January 2019: (0.03%)) (continued) Open Forward Foreign Exchange Contracts held for Portfolio Hedging Purposes 0.08% (31 January 2019: (0.04%)) (continued)



EUR% of Sub-

Fund NAV*EUR 305 DKK (2,273) Brown Brothers Harriman 02/08/2019 0 0.00%EUR 1,000 DKK (7,467) Brown Brothers Harriman 19/08/2019 0 0.00%EUR 523 DKK (3,902) Brown Brothers Harriman 19/08/2019 0 0.00%EUR 791 DKK (5,902) Brown Brothers Harriman 19/08/2019 0 0.00%NOK 281 EUR (29) Brown Brothers Harriman 19/08/2019 0 0.00%EUR 12 SEK (125) Brown Brothers Harriman 02/08/2019 0 0.00%DKK 3,880 EUR (520) Brown Brothers Harriman 19/08/2019 0 0.00%EUR 3 NOK (33) Brown Brothers Harriman 02/08/2019 0 0.00%EUR 2 NOK (16) Brown Brothers Harriman 19/08/2019 0 0.00%DKK 81 EUR (11) Brown Brothers Harriman 19/08/2019 0 0.00%EUR 21 DKK (155) Brown Brothers Harriman 19/08/2019 0 0.00%EUR 305 DKK (2,274) Brown Brothers Harriman 19/08/2019 0 0.00%EUR 7 DKK (54) Brown Brothers Harriman 02/08/2019 0 0.00%DKK 555 EUR (74) Brown Brothers Harriman 19/08/2019 0 0.00%DKK 38 EUR (5) Brown Brothers Harriman 19/08/2019 0 0.00%SEK 50 EUR (5) Brown Brothers Harriman 19/08/2019 0 0.00%EUR 0 DKK (1) Brown Brothers Harriman 02/08/2019 (0) (0.00%)DKK 4,312 EUR (578) Brown Brothers Harriman 19/08/2019 (0) (0.00%)DKK 2,274 EUR (305) Brown Brothers Harriman 02/08/2019 (0) (0.00%)DKK 1,469 EUR (197) Brown Brothers Harriman 19/08/2019 (0) (0.00%)NOK 76 EUR (8) Brown Brothers Harriman 19/08/2019 (0) (0.00%)EUR 40 CHF (44) Brown Brothers Harriman 19/08/2019 (0) (0.00%)EUR 41 CHF (45) Brown Brothers Harriman 02/08/2019 (0) (0.00%)NOK 60 EUR (6) Brown Brothers Harriman 19/08/2019 (0) (0.00%)SEK 256 EUR (24) Brown Brothers Harriman 19/08/2019 (0) (0.00%)DKK 2,273 EUR (305) Brown Brothers Harriman 19/08/2019 (0) (0.00%)EUR 42,511 DKK (317,405) Brown Brothers Harriman 19/08/2019 (0) (0.00%)DKK 3,982 EUR (533) Brown Brothers Harriman 19/08/2019 (0) (0.00%)DKK 5,458 EUR (731) Brown Brothers Harriman 19/08/2019 (0) (0.00%)SEK 194 EUR (18) Brown Brothers Harriman 19/08/2019 (0) (0.00%)CHF 449 EUR (408) Brown Brothers Harriman 19/08/2019 (0) (0.00%)NOK 325 EUR (34) Brown Brothers Harriman 19/08/2019 (1) (0.00%)DKK 15,917 EUR (2,132) Brown Brothers Harriman 19/08/2019 (1) (0.00%)NOK 348 EUR (36) Brown Brothers Harriman 19/08/2019 (1) (0.00%)NOK 750 EUR (77) Brown Brothers Harriman 19/08/2019 (1) (0.00%)NOK 1,168 EUR (120) Brown Brothers Harriman 02/08/2019 (1) (0.00%)EUR 125 GBP (115) Brown Brothers Harriman 02/08/2019 (1) (0.00%)NOK 1,936 EUR (199) Brown Brothers Harriman 19/08/2019 (2) (0.00%)SEK 12,562 EUR (1,178) Brown Brothers Harriman 19/08/2019 (2) (0.00%)SEK 1,139 EUR (108) Brown Brothers Harriman 19/08/2019 (2) (0.00%)NOK 1,748 EUR (180) Brown Brothers Harriman 19/08/2019 (2) (0.00%)NOK 2,351 EUR (242) Brown Brothers Harriman 19/08/2019 (2) (0.00%)SEK 1,657 EUR (158) Brown Brothers Harriman 19/08/2019 (3) (0.00%)SEK 4,968 EUR (468) Brown Brothers Harriman 02/08/2019 (3) (0.00%)EUR 1,609 CHF (1,777) Brown Brothers Harriman 02/08/2019 (3) (0.00%)NOK 2,073 EUR (215) Brown Brothers Harriman 19/08/2019 (3) (0.00%)EUR 1,725 CHF (1,905) Brown Brothers Harriman 19/08/2019 (4) (0.00%)SEK 3,064 EUR (291) Brown Brothers Harriman 19/08/2019 (4) (0.00%)NOK 1,135 EUR (120) Brown Brothers Harriman 19/08/2019 (4) (0.00%)NOK 2,771 EUR (287) Brown Brothers Harriman 19/08/2019 (4) (0.00%)DKK 317,405 EUR (42,511) Brown Brothers Harriman 02/08/2019 (4) (0.00%)DKK 313,460 EUR (41,988) Brown Brothers Harriman 19/08/2019 (6) (0.00%)DKK 317,352 EUR (42,511) Brown Brothers Harriman 19/08/2019 (7) (0.00%)GBP 586 EUR (651) Brown Brothers Harriman 19/08/2019 (7) (0.00%)GBP 362 EUR (405) Brown Brothers Harriman 19/08/2019 (7) (0.00%)SEK 8,365 EUR (791) Brown Brothers Harriman 19/08/2019 (8) (0.00%)CHF 3,211 EUR (2,923) Brown Brothers Harriman 19/08/2019 (9) (0.00%)SEK 8,077 EUR (765) Brown Brothers Harriman 19/08/2019 (9) (0.00%)NOK 3,828 EUR (402) Brown Brothers Harriman 19/08/2019 (10) (0.00%)NOK 8,072 EUR (836) Brown Brothers Harriman 19/08/2019 (11) (0.00%)SEK 9,894 EUR (941) Brown Brothers Harriman 19/08/2019 (14) (0.00%)

43


Financial Derivative Instruments 0.07% (31 January 2019: (0.03%)) (continued) Open Forward Foreign Exchange Contracts held for Portfolio Hedging Purposes 0.08% (31 January 2019: (0.04%)) (continued)



EUR% of Sub-

Fund NAV*SEK 4,844 EUR (468) Brown Brothers Harriman 19/08/2019 (15) (0.00%)CHF 4,451 EUR (4,055) Brown Brothers Harriman 19/08/2019 (17) (0.00%)SEK 11,933 EUR (1,136) Brown Brothers Harriman 19/08/2019 (19) (0.00%)GBP 1,177 EUR (1,313) Brown Brothers Harriman 19/08/2019 (19) (0.00%)CHF 13,012 EUR (11,828) Brown Brothers Harriman 19/08/2019 (21) (0.00%)EUR 3,060 GBP (2,806) Brown Brothers Harriman 19/08/2019 (24) (0.00%)EUR 5,869 CHF (6,494) Brown Brothers Harriman 19/08/2019 (24) (0.00%)SEK 16,488 EUR (1,568) Brown Brothers Harriman 19/08/2019 (25) (0.00%)CHF 1,860 EUR (1,725) Brown Brothers Harriman 19/08/2019 (37) (0.00%)SEK 35,051 EUR (3,323) Brown Brothers Harriman 19/08/2019 (42) (0.00%)GBP 4,581 EUR (5,098) Brown Brothers Harriman 19/08/2019 (62) (0.00%)GBP 4,222 EUR (4,713) Brown Brothers Harriman 19/08/2019 (73) (0.00%)EUR 11,229 GBP (10,287) Brown Brothers Harriman 02/08/2019 (84) (0.00%)GBP 2,691 EUR (3,060) Brown Brothers Harriman 19/08/2019 (103) (0.00%)NOK 159,078 EUR (16,381) Brown Brothers Harriman 02/08/2019 (113) (0.00%)GBP 6,504 EUR (7,286) Brown Brothers Harriman 19/08/2019 (137) (0.00%)EUR 24,145 CHF (26,772) Brown Brothers Harriman 19/08/2019 (147) (0.00%)GBP 10,401 EUR (11,646) Brown Brothers Harriman 19/08/2019 (215) (0.00%)GBP 18,932 EUR (21,053) Brown Brothers Harriman 19/08/2019 (245) (0.00%)NOK 160,085 EUR (16,624) Brown Brothers Harriman 19/08/2019 (266) (0.00%)NOK 157,672 EUR (16,381) Brown Brothers Harriman 19/08/2019 (271) (0.00%)SEK 689,836 EUR (64,975) Brown Brothers Harriman 02/08/2019 (389) (0.00%)EUR 232,180 CHF (256,420) Brown Brothers Harriman 19/08/2019 (492) (0.00%)SEK 684,392 EUR (64,975) Brown Brothers Harriman 19/08/2019 (904) (0.02%)SEK 682,331 EUR (64,975) Brown Brothers Harriman 19/08/2019 (1,097) (0.01%)CHF 254,644 EUR (232,180) Brown Brothers Harriman 19/08/2019 (1,119) (0.01%)EUR 226,312 CHF (250,928) Brown Brothers Harriman 19/08/2019 (1,377) (0.01%)EUR 417,519 GBP (382,803) Brown Brothers Harriman 19/08/2019 (3,231) (0.03%)GBP 375,269 EUR (416,588) Brown Brothers Harriman 19/08/2019 (4,118) (0.03%)GBP 372,514 EUR (417,519) Brown Brothers Harriman 19/08/2019 (8,078) (0.06%) Unrealised Gain on Open Forward Foreign Exchange Contracts held for Portfolio Hedging Purposes 33,553 0.25%Unrealised Loss on Open Forward Foreign Exchange Contracts held for Portfolio Hedging Purposes (22,900) (0.17%) Total Open Forward Foreign Exchange Contracts held for Portfolio Hedging Purposes 10,653 0.08%

Open Forward Foreign Exchange Contracts held for Class Hedging Purposes 0.01% (31 January 2019: 0.01%)



EUR% of Sub-

Fund NAV*EUR 99,314 GBP (89,276) Brown Brothers Harriman 19/08/2019 1,188 0.01%EUR 34,745 GBP (30,999) Brown Brothers Harriman 19/08/2019 673 0.01%EUR 19,288 GBP (17,337) Brown Brothers Harriman 19/08/2019 233 0.00%EUR 1,731 GBP (1,561) Brown Brothers Harriman 19/08/2019 15 0.00%EUR 1,162 GBP (1,047) Brown Brothers Harriman 19/08/2019 12 0.00%EUR 141 GBP (126) Brown Brothers Harriman 19/08/2019 2 0.00%EUR 129 GBP (116) Brown Brothers Harriman 19/08/2019 2 0.00%GBP 134 EUR (146) Brown Brothers Harriman 19/08/2019 1 0.00%GBP 1 EUR (1) Brown Brothers Harriman 19/08/2019 0 0.00%EUR 2,762 GBP (2,513) Brown Brothers Harriman 19/08/2019 0 0.00%EUR 3 GBP (3) Brown Brothers Harriman 19/08/2019 0 0.00%EUR 25 GBP (22) Brown Brothers Harriman 19/08/2019 0 0.00%EUR 129 GBP (118) Brown Brothers Harriman 19/08/2019 (1) (0.00%)GBP 81 EUR (90) Brown Brothers Harriman 19/08/2019 (1) (0.00%)GBP 62 EUR (70) Brown Brothers Harriman 19/08/2019 (1) (0.00%)

44


Financial Derivative Instruments 0.07% (31 January 2019: (0.03%)) (continued) Open Forward Foreign Exchange Contracts held for Class Hedging Purposes 0.01% (31 January 2019: 0.01%)



EUR% of Sub-

Fund NAV*GBP 369 EUR (413) Brown Brothers Harriman 19/08/2019 (8) (0.00%)GBP 10,443 EUR (11,603) Brown Brothers Harriman 19/08/2019 (125) (0.00%)EUR 11,025 GBP (10,443) Brown Brothers Harriman 19/08/2019 (453) (0.00%)GBP 150,291 EUR (166,849) Brown Brothers Harriman 19/08/2019 (1,659) (0.01%) Unrealised Gain on Open Forward Foreign Exchange Contracts held for Class Hedging Purposes 2,126 0.02%Unrealised Loss on Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (2,248) (0.01%) Total Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (122) (0.01%)

Total Financial Derivative Instruments 9,851 0.08% Other Assets and Liabilities 50,928 0.39% Net Assets Attributable to Holders of Redeemable Participating Units 12,831,519 100.00%

Analysis of Assets EUR% of Sub-

Fund Assets(a) Transferable securities admitted to an official stock exchange listing 12,757,650 98.74%(b) Transferable securities dealt in on another regulated market 13,090 0.10%(c) Financial derivative instruments 9,851 0.08%(d) Other assets 139,266 1.08%Total Assets 12,919,857 100.00%


45

Fidelity MSCI Japan Index Fund SCHEDULE OF INVESTMENTS AS AT 31 JULY 2019

Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Japan 98.22% (31 January 2019: 97.78%)

ABC-Mart 200 12,710 0.05%Acom 3,500 12,443 0.05%Advantest 1,500 58,991 0.24%Aeon 5,000 87,129 0.35%AEON Financial Service 900 14,622 0.06%Aeon Mall 500 7,723 0.03%AGC 1,400 43,196 0.17%Air Water 1,100 18,105 0.07%Aisin Seiki 1,200 39,180 0.16%Ajinomoto 3,300 59,481 0.24%Alfresa Holdings 1,500 36,486 0.15%Alps Alpine 1,600 29,473 0.12%Amada Holdings 2,800 31,153 0.13%ANA Holdings 900 30,355 0.12%Aozora Bank 800 18,406 0.07%Asahi Group Holdings 2,700 117,748 0.47%Asahi Intecc 1,400 37,007 0.15%Asahi Kasei 9,500 97,384 0.39%Astellas Pharma 14,200 203,175 0.82%Bandai Namco Holdings 1,500 81,510 0.33%Bank of Kyoto 400 15,602 0.06%Benesse Holdings 500 11,784 0.05%Bridgestone 4,300 162,376 0.65%Brother Industries 1,700 30,454 0.12%Calbee 600 17,076 0.07%Canon 7,400 202,456 0.81%Casio Computer 1,400 16,066 0.06%Central Japan Railway 1,100 222,077 0.89%Chiba Bank 4,200 20,889 0.08%Chubu Electric Power 4,800 68,038 0.27%Chugai Pharmaceutical 1,600 114,944 0.46%Chugoku Electric Power 2,200 27,537 0.11%Coca-Cola Bottlers Japan Holdings 900 22,323 0.09%Concordia Financial Group 8,300 29,431 0.12%Credit Saison 1,300 15,936 0.06%CyberAgent 800 32,567 0.13%Dai Nippon Printing 1,900 40,144 0.16%Daicel 2,100 17,910 0.07%Daifuku 800 44,283 0.18%Dai-ichi Life Holdings 8,100 119,887 0.48%Daiichi Sankyo 4,200 257,125 1.03%Daikin Industries 1,800 225,218 0.91%Daito Trust Construction 500 64,817 0.26%Daiwa House Industry 4,300 123,208 0.50%Daiwa Securities Group 11,500 49,940 0.20%Denso 3,300 140,966 0.57%Dentsu 1,600 53,346 0.21%Disco 200 37,265 0.15%East Japan Railway 2,300 211,941 0.85%Eisai 1,900 103,352 0.42%Electric Power Development 1,200 27,045 0.11%FamilyMart UNY Holdings 1,900 40,774 0.16%FANUC 1,400 251,826 1.01%Fast Retailing 400 241,492 0.97%Fuji Electric 1,000 30,992 0.12%FUJIFILM Holdings 2,700 128,839 0.52%Fujitsu 1,500 118,024 0.47%Fukuoka Financial Group 1,300 23,971 0.10%GMO Payment Gateway 300 22,022 0.09%Hakuhodo DY Holdings 1,800 28,482 0.11%

46

Fidelity MSCI Japan Index Fund SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 JULY 2019

Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Japan 98.22% (31 January 2019: 97.78%) (continued)

Hamamatsu Photonics 1,100 41,184 0.17%Hankyu Hanshin Holdings 1,700 60,046 0.24%Hikari Tsushin 200 44,412 0.18%Hino Motors 2,400 19,386 0.08%Hirose Electric 210 22,185 0.09%Hisamitsu Pharmaceutical 400 16,228 0.07%Hitachi 7,300 261,677 1.05%Hitachi Chemical 800 22,090 0.09%Hitachi Construction Machinery 800 19,025 0.08%Hitachi High-Technologies 500 25,558 0.10%Hitachi Metals 1,700 18,069 0.07%Honda Motor 12,100 302,068 1.21%Hoshizaki 400 28,441 0.11%Hoya 2,900 224,495 0.90%Hulic 1,900 16,414 0.07%Idemitsu Kosan 1,433 39,859 0.16%IHI 1,200 28,802 0.12%Iida Group Holdings 1,200 19,828 0.08%Inpex 7,800 69,060 0.28%Isetan Mitsukoshi Holdings 2,500 19,986 0.08%Isuzu Motors 4,300 47,980 0.19%ITOCHU 9,800 187,922 0.76%Itochu Techno-Solutions 700 18,123 0.07%J Front Retailing 1,600 18,936 0.08%Japan Airlines 900 28,407 0.11%Japan Airport Terminal 400 16,689 0.07%Japan Exchange Group 3,900 57,580 0.23%Japan Post Bank 3,000 29,233 0.12%Japan Post Holdings 12,100 119,022 0.48%Japan Tobacco 9,100 202,786 0.82%JFE Holdings 3,600 47,994 0.19%JGC 1,600 20,999 0.08%JSR 1,600 26,658 0.11%JTEKT 1,700 20,323 0.08%JXTG Holdings 24,700 117,090 0.47%Kajima 3,600 46,685 0.19%Kakaku.com 1,100 23,059 0.09%Kamigumi 800 18,494 0.07%Kaneka 400 14,976 0.06%Kansai Electric Power 5,300 65,704 0.26%Kansai Paint 1,400 27,800 0.11%Kao 3,600 264,558 1.06%Kawasaki Heavy Industries 1,200 26,304 0.11%KDDI 13,100 344,285 1.39%Keihan Holdings 700 28,561 0.11%Keikyu 1,700 28,747 0.12%Keio 800 49,809 0.20%Keisei Electric Railway 1,000 36,979 0.15%Keyence 700 407,008 1.65%Kikkoman 1,100 50,403 0.20%Kintetsu Group Holdings 1,300 62,022 0.25%Kirin Holdings 6,200 135,335 0.54%Kobayashi Pharmaceutical 400 28,736 0.12%Kobe Steel 2,300 14,913 0.06%Koito Manufacturing 800 40,451 0.16%Komatsu 7,000 157,665 0.63%Konami Holdings 700 29,915 0.12%Konica Minolta 3,600 30,173 0.12%Kose 200 34,280 0.14%Kubota 8,000 124,706 0.50%

47


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Kuraray 2,500 29,841 0.12%Kurita Water Industries 700 17,846 0.07%Kyocera 2,300 141,718 0.57%Kyowa Kirin 1,900 31,551 0.13%Kyushu Electric Power 2,800 27,929 0.11%Kyushu Railway 1,200 34,373 0.14%Lawson 400 20,078 0.08%LINE 400 12,802 0.05%Lion 1,700 33,616 0.14%LIXIL Group 2,000 34,815 0.14%M3 3,300 67,353 0.27%Makita 1,700 56,288 0.23%Marubeni 12,200 79,779 0.32%Marui Group 1,500 32,632 0.13%Maruichi Steel Tube 300 7,941 0.03%Mazda Motor 4,300 42,733 0.17%McDonald's Holdings Japan 500 22,542 0.09%Mebuki Financial Group 6,200 15,361 0.06%Medipal Holdings 1,500 32,107 0.13%MEIJI Holdings 900 62,749 0.25%Mercari 500 13,498 0.05%MINEBEA MITSUMI 2,800 48,508 0.19%MISUMI Group 2,200 50,129 0.20%Mitsubishi 10,200 275,867 1.11%Mitsubishi Chemical Holdings 9,800 70,096 0.28%Mitsubishi Electric 13,800 182,072 0.73%Mitsubishi Estate 8,900 164,926 0.66%Mitsubishi Gas Chemical 1,400 18,800 0.08%Mitsubishi Heavy Industries 2,400 99,647 0.40%Mitsubishi Materials 800 22,141 0.09%Mitsubishi Motors 5,000 22,197 0.09%Mitsubishi Tanabe Pharma 1,800 20,507 0.08%Mitsubishi UFJ Financial Group 90,500 436,933 1.77%Mitsubishi UFJ Lease & Finance 3,400 18,194 0.07%Mitsui 12,600 206,451 0.83%Mitsui Chemicals 1,400 32,339 0.13%Mitsui Fudosan 6,800 154,789 0.62%Mitsui OSK Lines 900 22,273 0.09%Mizuho Financial Group 177,300 252,131 1.01%MonotaRO 900 19,861 0.08%MS&AD Insurance Group Holdings 3,600 118,735 0.48%Murata Manufacturing 4,300 191,802 0.77%Nabtesco 800 21,817 0.09%Nagoya Railroad 1,300 35,980 0.14%NEC 1,900 78,397 0.32%Nexon 3,800 60,618 0.24%NGK Insulators 2,000 30,062 0.12%NGK Spark Plug 1,200 23,055 0.09%NH Foods 600 22,408 0.09%Nidec 1,700 230,398 0.93%Nikon 2,500 34,032 0.14%Nintendo 800 295,464 1.19%Nippon Electric Glass 600 13,567 0.05%Nippon Express 600 34,041 0.14%Nippon Paint Holdings 1,100 48,174 0.19%Nippon Steel 6,100 96,437 0.39%Nippon Telegraph & Telephone 4,900 222,130 0.89%Nippon Yusen 1,100 18,469 0.07%Nissan Chemical 800 35,257 0.14%Nissan Motor 17,700 115,875 0.47%

48


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Nisshin Seifun Group 1,500 28,529 0.11%Nissin Foods Holdings 500 31,269 0.13%Nitori Holdings 600 81,400 0.33%Nitto Denko 1,200 59,572 0.24%Nomura Holdings 25,100 79,432 0.32%Nomura Real Estate Holdings 1,000 20,419 0.08%Nomura Research Institute 2,700 48,218 0.19%NSK 2,500 21,345 0.09%NTT Data 4,700 62,118 0.25%NTT DOCOMO 9,900 238,439 0.96%Obayashi 5,000 47,709 0.19%Obic 500 53,742 0.22%Odakyu Electric Railway 2,200 49,400 0.20%Oji Holdings 6,200 32,321 0.13%Olympus 8,700 95,594 0.38%Omron 1,400 67,566 0.27%Ono Pharmaceutical 3,000 54,792 0.22%Oracle Japan 300 25,089 0.10%Oriental Land 1,500 199,493 0.80%ORIX 10,000 143,818 0.58%Osaka Gas 2,800 51,680 0.21%Otsuka 800 31,867 0.13%Otsuka Holdings 2,700 99,893 0.40%Pan Pacific International Holdings 800 51,283 0.21%Panasonic 16,700 142,229 0.57%Park24 800 17,529 0.07%PeptiDream 700 39,392 0.16%Persol Holdings 1,300 31,813 0.13%Pigeon 900 33,323 0.13%Pola Orbis Holdings 600 15,158 0.06%Rakuten 6,400 65,783 0.26%Recruit Holdings 8,800 301,344 1.21%Renesas Electronics 5,600 33,474 0.13%Resona Holdings 15,600 63,851 0.26%Ricoh 4,600 42,452 0.17%Rinnai 200 13,576 0.05%Rohm 700 49,450 0.20%Ryohin Keikaku 200 35,791 0.14%Sankyo 300 10,389 0.04%Santen Pharmaceutical 2,900 47,036 0.19%SBI Holdings 1,800 41,347 0.17%Secom 1,500 118,135 0.47%Sega Sammy Holdings 1,400 18,104 0.07%Seibu Holdings 1,500 23,749 0.10%Seiko Epson 1,900 28,174 0.11%Sekisui Chemical 2,900 43,296 0.17%Sekisui House 4,600 77,765 0.31%Seven & i Holdings 5,700 195,714 0.79%Seven Bank 5,000 13,585 0.05%SG Holdings 1,100 29,249 0.12%Sharp 1,600 20,321 0.08%Shimadzu 1,700 41,304 0.17%Shimamura 100 7,110 0.03%Shimano 500 71,057 0.29%Shimizu 4,600 37,325 0.15%Shin-Etsu Chemical 2,700 277,398 1.12%Shinsei Bank 1,000 15,197 0.06%Shionogi 2,000 111,573 0.45%Shiseido 3,000 222,316 0.89%Shizuoka Bank 3,700 25,627 0.10%

49


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Showa Denko 1,000 27,152 0.11%SMC 400 146,848 0.59%Softbank 12,800 173,182 0.70%SoftBank Group 12,300 637,571 2.57%Sohgo Security Services 500 24,407 0.10%Sompo Holdings 2,500 104,352 0.42%Sony 9,500 539,856 2.18%Sony Financial Holdings 1,100 26,858 0.11%Stanley Electric 900 22,447 0.09%Subaru 4,600 107,803 0.43%SUMCO 1,900 25,374 0.10%Sumitomo 9,000 134,575 0.54%Sumitomo Chemical 11,800 54,340 0.22%Sumitomo Dainippon Pharma 1,100 20,333 0.08%Sumitomo Electric Industries 5,500 68,589 0.28%Sumitomo Heavy Industries 900 29,302 0.12%Sumitomo Metal Mining 1,700 48,773 0.20%Sumitomo Mitsui Financial Group 9,700 340,114 1.38%Sumitomo Mitsui Trust Holdings 2,500 85,977 0.35%Sumitomo Realty & Development 2,400 87,910 0.35%Sumitomo Rubber Industries 1,400 15,383 0.06%Sundrug 500 13,930 0.06%Suntory Beverage & Food 1,000 39,926 0.16%Suzuken 600 33,323 0.13%Suzuki Motor 2,800 110,092 0.44%Sysmex 1,300 95,116 0.38%T&D Holdings 4,300 48,554 0.20%Taiheiyo Cement 1,000 28,321 0.11%Taisei 1,500 52,084 0.21%Taisho Pharmaceutical Holdings 300 23,016 0.09%Taiyo Nippon Sanso 1,000 20,640 0.08%Takeda Pharmaceutical 11,100 371,618 1.50%TDK 900 70,210 0.28%Teijin 1,200 20,900 0.08%Terumo 4,700 137,743 0.55%THK 900 22,994 0.09%Tobu Railway 1,400 40,101 0.16%Toho 800 31,315 0.13%Toho Gas 600 22,961 0.09%Tohoku Electric Power 3,200 32,155 0.13%Tokio Marine Holdings 4,900 261,619 1.05%Tokyo Century 300 12,503 0.05%Tokyo Electric Power 11,700 56,574 0.23%Tokyo Electron 1,200 206,622 0.83%Tokyo Gas 2,900 72,690 0.29%Tokyu 3,700 65,157 0.26%Tokyu Fudosan Holdings 5,100 29,733 0.12%Toppan Printing 2,000 32,752 0.13%Toray Industries 10,500 72,811 0.29%Toshiba 4,200 134,810 0.54%Tosoh 1,900 26,827 0.11%TOTO 1,100 44,426 0.18%Toyo Seikan Group Holdings 1,100 19,341 0.08%Toyo Suisan Kaisha 700 28,335 0.11%Toyoda Gosei 300 5,554 0.02%Toyota Industries 1,100 57,444 0.23%Toyota Motor 17,100 1,106,243 4.46%Toyota Tsusho 1,600 46,714 0.19%Trend Micro 900 39,498 0.16%Tsuruha Holdings 300 30,753 0.12%

50


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Unicharm 3,000 85,600 0.33%USS 1,700 33,930 0.13%Welcia Holdings 400 18,715 0.08%West Japan Railway 1,200 98,785 0.40%Yahoo Japan 19,900 58,834 0.24%Yakult Honsha 900 51,144 0.21%Yamada Denki 4,900 21,708 0.09%Yamaha 1,100 52,277 0.21%Yamaha Motor 2,000 35,330 0.14%Yamato Holdings 2,400 47,381 0.19%Yamazaki Baking 1,000 15,307 0.06%Yaskawa Electric 1,800 60,511 0.24%Yokogawa Electric 1,500 27,120 0.11%Yokohama Rubber 900 16,670 0.07%ZOZO 1,500 28,501 0.11%

Total Japan 24,435,244 98.20%



Japan 1.40% (31 January 2019: 1.22%)

Daiwa House REIT Investment 14 34,363 0.14%Japan Prime Realty Investment 6 26,608 0.11%Japan Real Estate Investment 10 62,722 0.25%Japan Retail Fund Investment 20 40,304 0.16%Nippon Building Fund 10 70,367 0.27%Nippon Prologis REIT 13 31,334 0.13%Nomura Real Estate Master Fund 29 46,181 0.19%United Urban Investment 22 37,303 0.15%

Total Japan 349,182 1.40%


Financial Assets at Fair Value Through Profit or Loss 24,784,426 99.60% Financial Derivative Instruments (0.03%) (31 January 2019: 0.01%)

Futures Contracts 0.00% (31 January 2019: (0.01%))


Notional Amount


USD% of Sub-

Fund NAV*Nikkei 225 12 September 2019 Morgan Stanley 1 97,168 1,243 0.00%

Total Futures Contracts 1,243 0.00%

Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (0.03%) (31 January 2019: 0.02%)



USD% of Sub-

Fund NAV*JPY 15,931,883 EUR (131,278) Brown Brothers Harriman 19/08/2019 554 0.00%JPY 2,758,499 EUR (22,745) Brown Brothers Harriman 19/08/2019 79 0.00%JPY 1,546,178 EUR (12,742) Brown Brothers Harriman 19/08/2019 52 0.00%JPY 689,099 EUR (5,664) Brown Brothers Harriman 19/08/2019 40 0.00%JPY 30,007 GBP (223) Brown Brothers Harriman 19/08/2019 4 0.00%JPY 22,862 GBP (169) Brown Brothers Harriman 19/08/2019 3 0.00%JPY 17,169 GBP (128) Brown Brothers Harriman 19/08/2019 2 0.00%JPY 21,579 EUR (179) Brown Brothers Harriman 19/08/2019 (1) (0.00%)EUR 759 JPY (92,151) Brown Brothers Harriman 19/08/2019 (3) (0.00%)GBP 204 JPY (27,436) Brown Brothers Harriman 19/08/2019 (3) (0.00%)EUR 7,500 JPY (907,491) Brown Brothers Harriman 19/08/2019 (7) (0.00%)EUR 19,719 JPY (2,386,948) Brown Brothers Harriman 19/08/2019 (26) (0.00%)

51


Financial Derivative Instruments (0.03%) (31 January 2019: 0.01%) (continued)

Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (0.03%) (31 January 2019: 0.02%) (continued)



USD% of Sub-

Fund NAV*JPY 1,768,206 EUR (14,681) Brown Brothers Harriman 19/08/2019 (63) (0.00%)GBP 11,462 JPY (1,547,818) Brown Brothers Harriman 19/08/2019 (228) (0.00%)EUR 1,220,986 JPY (148,523,826) Brown Brothers Harriman 19/08/2019 (8,334) (0.03%) Unrealised Gain on Open Forward Foreign Exchange Contracts held for Class Hedging Purposes 734 0.00%Unrealised Loss on Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (8,665) (0.03%) Total Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (7,931) (0.03%)

Total Financial Derivative Instruments (6,688) (0.03%) Other Assets and Liabilities 106,146 0.43% Net Assets Attributable to Holders of Redeemable Participating Units 24,883,884 100.00%


Fund Assets(a) Transferable securities admitted to an official stock exchange listing 24,784,426 97.54%(b) Financial derivative instruments (6,688) (0.03%)(c) Other assets 633,439 2.49%Total Assets 25,411,177 100.00%

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

52

Fidelity MSCI Pacific ex-Japan Index Fund SCHEDULE OF INVESTMENTS AS AT 31 JULY 2019

Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



AGL Energy 2,272 32,839 0.53%Alumina 8,291 13,372 0.22%AMP 9,936 12,259 0.20%APA Group 3,984 30,316 0.49%Aristocrat Leisure 1,989 42,019 0.68%ASX 661 40,480 0.66%Aurizon Holdings 6,714 26,655 0.43%AusNet Services 6,397 7,826 0.13%Australia & New Zealand Banking Group 9,789 188,311 3.07%Bank of Queensland 1,335 8,585 0.14%Bendigo & Adelaide Bank 1,660 13,146 0.21%BHP Group 10,068 282,848 4.60%BlueScope Steel 1,817 16,393 0.27%Boral 3,969 14,116 0.23%Brambles 5,499 49,727 0.81%Caltex Australia 843 15,665 0.26%Challenger 1,876 9,168 0.15%CIMIC Group 331 8,371 0.14%Coca-Cola Amatil 1,726 12,634 0.21%Cochlear 201 30,527 0.50%Coles Group 3,919 38,357 0.62%Commonwealth Bank of Australia 6,060 343,754 5.61%Computershare 1,650 18,014 0.29%Crown Resorts 1,273 10,406 0.17%CSL 1,551 245,469 4.00%Domino's Pizza Enterprises 199 5,290 0.09%Flight Centre Travel Group 184 5,845 0.10%Fortescue Metals Group 4,803 27,576 0.45%Harvey Norman Holdings 1,791 5,419 0.09%Incitec Pivot 5,404 12,962 0.21%Insurance Australia Group 7,958 47,336 0.77%LendLease Group 1,907 19,125 0.31%Macquarie Group 1,100 97,645 1.59%Medibank 9,300 23,140 0.38%National Australia Bank 9,514 186,955 3.04%Newcrest Mining 2,634 64,595 1.05%Oil Search 4,628 22,680 0.37%Orica 1,282 19,281 0.31%Origin Energy 6,102 33,394 0.54%QBE Insurance Group 4,588 39,497 0.64%Ramsay Health Care 478 23,978 0.39%REA Group 180 12,182 0.20%Santos 5,977 29,785 0.48%SEEK 1,127 16,243 0.26%Sonic Healthcare 1,565 30,246 0.49%South32 17,408 37,675 0.61%Suncorp Group 4,475 41,670 0.68%Sydney Airport 3,734 21,516 0.35%Tabcorp Holdings 6,806 21,063 0.34%Telstra 14,371 39,324 0.64%TPG Telecom 1,230 5,917 0.10%Transurban Group 9,177 98,358 1.60%Treasury Wine Estates 2,458 29,987 0.49%Washington H Soul Pattinson 404 6,324 0.10%Wesfarmers 3,875 104,670 1.70%Westpac Banking 11,807 233,152 3.80%Woodside Petroleum 3,217 76,941 1.25%Woolworths Group 4,291 105,349 1.72%

53

Fidelity MSCI Pacific ex-Japan Index Fund SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 JULY 2019

Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Australia 49.96% (31 January 2019: 48.59%) (continued)

WorleyParsons 1,101 12,256 0.20%

Total Australia 3,068,633 49.96%

China 0.40% (31 January 2019: 0.60%)

BeiGene 121 16,618 0.27%Yangzijiang Shipbuilding Holdings 7,900 8,255 0.13%

Total China 24,873 0.40%


AIA Group 41,400 428,656 6.97%ASM Pacific Technology 1,100 12,949 0.21%Bank of East Asia 4,385 12,744 0.21%BOC Hong Kong Holdings 12,500 48,065 0.78%CK Asset Holdings 9,000 68,237 1.11%CK Hutchison Holdings 9,500 89,382 1.46%CK Infrastructure Holdings 2,500 19,434 0.32%CLP Holdings 5,500 59,898 0.98%Dairy Farm International Holdings 1,131 8,483 0.14%Galaxy Entertainment Group 8,000 55,187 0.90%Hang Lung Properties 7,000 16,543 0.27%Hang Seng Bank 2,600 62,078 1.01%Henderson Land Development 4,730 24,623 0.40%HK Electric Investments & HK Electric Investments 9,000 9,129 0.15%HKT Trust & HKT 13,000 20,792 0.34%Hong Kong & China Gas 34,650 76,755 1.25%Hong Kong Exchanges & Clearing 4,084 138,883 2.26%Hongkong Land Holdings 3,945 24,143 0.39%Hysan Development 2,000 9,568 0.16%Jardine Matheson Holdings 738 44,937 0.73%Jardine Strategic Holdings 800 27,600 0.45%Kerry Properties 2,500 9,453 0.15%Melco Resorts & Entertainment 699 15,707 0.26%MTR 5,628 37,063 0.60%New World Development 21,000 29,778 0.48%NWS Holdings 5,000 9,326 0.15%PCCW 15,000 8,566 0.14%Power Assets Holdings 5,000 35,865 0.58%Shangri-La Asia 4,000 4,890 0.08%Sino Land 10,423 16,990 0.28%SJM Holdings 7,000 7,690 0.13%Sun Hung Kai Properties 5,500 89,162 1.45%Swire Pacific 1,500 17,189 0.28%Swire Properties 4,000 14,538 0.24%Techtronic Industries 4,500 33,831 0.55%Vitasoy International Holdings 2,186 10,346 0.17%WH Group 32,500 32,011 0.52%Wharf Holdings 4,000 9,780 0.16%Wharf Real Estate Investment 4,000 25,396 0.41%Wheelock 3,000 19,009 0.31%Yue Yuen Industrial Holdings 2,500 7,010 0.11%

Total Hong Kong 1,691,686 27.54%

Ireland 0.33% (31 January 2019: 0.29%)

James Hardie Industries 1,493 20,468 0.33%

54


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Macau 0.95% (31 January 2019: 1.00%)

MGM China Holdings 3,200 5,298 0.09%Sands China 8,400 40,885 0.67%Wynn Macau 5,200 11,864 0.19%

Total Macau 58,047 0.95%

New Zealand 2.01% (31 January 2019: 1.81%)

a2 Milk 2,560 30,447 0.49%Auckland International Airport 3,391 20,825 0.34%Fisher & Paykel Healthcare 1,934 21,061 0.34%Fletcher Building 2,913 9,536 0.16%Meridian Energy 4,354 13,520 0.22%Ryman Healthcare 1,365 11,622 0.19%Spark New Zealand 6,208 16,307 0.27%

Total New Zealand 123,318 2.01%


CapitaLand 8,700 23,013 0.37%City Developments 1,500 10,643 0.17%ComfortDelGro 7,400 14,653 0.24%DBS Group Holdings 6,100 117,716 1.93%Genting Singapore 20,500 13,781 0.22%Golden Agri-Resources 21,300 4,591 0.07%Jardine Cycle & Carriage 300 7,411 0.12%Keppel 5,100 23,850 0.39%Oversea-Chinese Banking 11,036 93,058 1.52%SATS 2,300 8,101 0.13%Sembcorp Industries 3,300 5,642 0.09%Singapore Airlines 1,800 12,719 0.21%Singapore Exchange 2,900 16,783 0.27%Singapore Press Holdings 5,500 8,882 0.14%Singapore Technologies Engineering 5,300 16,420 0.27%Singapore Telecommunications 28,100 68,374 1.11%United Overseas Bank 4,300 82,949 1.35%UOL Group 1,600 8,593 0.14%Venture 900 10,220 0.17%Wilmar International 6,500 18,951 0.31%

Total Singapore 566,350 9.22%


Rio Tinto 1,272 86,708 1.41%




Dexus REIT 3,774 34,128 0.56%Goodman Group REIT 5,610 57,266 0.92%GPT Group REIT 6,605 28,271 0.46%Mirvac Group REIT 13,446 29,842 0.49%Scentre Group REIT 18,303 50,335 0.82%Stockland REIT 8,122 25,583 0.42%Vicinity Centres REIT 10,994 19,778 0.32%

Total Australia 245,203 3.99%


Link REIT 7,000 81,756 1.33%

55


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*

Transferable Securities 6.26% (31 January 2019: 6.18%) (continued)


Ascendas REIT 8,400 18,781 0.31%CapitaLand Mall Trust REIT 8,800 16,847 0.27%CapitaLand Commercial Trust REIT 8,900 13,397 0.22%Suntec REIT 6,300 8,793 0.14%



Financial Assets at Fair Value Through Profit or Loss 6,024,860 98.08% Financial Derivative Instruments 0.07% (31 January 2019: 0.08%)

Futures Contracts 0.07% (31 January 2019: 0.08%)

BrokerNumber ofContracts

Notional Amount


USD% of Sub-

Fund NAV* SPI 200 19 September 2019 Morgan Stanley 1 112,020 4,325 0.07% Total Futures Contracts 4,325 0.07%

Open Forward Foreign Exchange Contracts held for Portfolio Hedging Purposes 0.00% (31 January 2019: (0.00%))



USD% of Sub-

Fund NAV*USD 5,925 AUD (8,413) Brown Bothers Harriman 19/08/2019 123 0.00%USD 1,099 SGD (1,490) Brown Bothers Harriman 19/08/2019 10 0.00%USD 3,015 HKD (23,551) Brown Bothers Harriman 19/08/2019 5 0.00%USD 208 NZD (309) Brown Bothers Harriman 19/08/2019 4 0.00%USD 89 AUD (127) Brown Bothers Harriman 19/08/2019 1 0.00%USD 12 SGD (16) Brown Bothers Harriman 19/08/2019 0 0.00%USD 3 NZD (5) Brown Bothers Harriman 19/08/2019 0 0.00%USD 2 NZD (3) Brown Bothers Harriman 19/08/2019 0 0.00%USD 3 NZD (4) Brown Bothers Harriman 19/08/2019 0 0.00%NZD 3 USD (2) Brown Bothers Harriman 19/08/2019 (0) 0.00%NZD 3 USD (2) Brown Bothers Harriman 19/08/2019 (0) 0.00%HKD 361 USD (46) Brown Bothers Harriman 19/08/2019 (0) 0.00%USD 63 AUD (91) Brown Bothers Harriman 19/08/2019 (0) 0.00%NZD 5 USD (3) Brown Bothers Harriman 19/08/2019 (0) 0.00%HKD 405 USD (52) Brown Bothers Harriman 19/08/2019 (0) 0.00%HKD 465 USD (60) Brown Bothers Harriman 19/08/2019 (0) 0.00%SGD 44 USD (33) Brown Bothers Harriman 19/08/2019 (0) 0.00%AUD 276 USD (195) Brown Bothers Harriman 19/08/2019 (5) (0.00%) Unrealised Gain on Open Forward Foreign Exchange Contracts held for Portfolio Hedging Purposes 143 0.00%Unrealised Loss on Open Forward Foreign Exchange Contracts held for Portfolio Hedging Purposes (5) (0.00%) Total Open Forward Foreign Exchange Contracts held for Portfolio Hedging Purposes 138 0.00%




USD% of Sub-

Fund NAV*USD 150 GBP (120) Brown Bothers Harriman 19/08/2019 3 0.00%GBP 87 USD (108) Brown Bothers Harriman 19/08/2019 (2) (0.00%)GBP 8,307 USD (10,410) Brown Bothers Harriman 19/08/2019 (230) (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 (232) (0.00%) Total Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (229) (0.00%)

56


Financial Derivative Instruments 0.07% (31 January 2019: 0.08%) (continued) Total Financial Derivative Instruments 4,234 0.07% Other Assets and Liabilities 113,331 1.85% Net Assets Attributable to Holders of Redeemable Participating Units 6,142,425 100.00%


Fund Assets(a) Transferable securities admitted to an official stock exchange listing 6,024,860 97.79%(b) Financial derivative instruments 4,234 0.07%(c) Other assets 132,094 2.14%Total Assets 6,161,188 100.00%


57

Fidelity MSCI World Index Fund SCHEDULE OF INVESTMENTS AS AT 31 JULY 2019

Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Argentina 0.06% (31 January 2019: 0.04%)

MercadoLibre 100 62,142 0.06%


AGL Energy 1,498 21,651 0.02%Alumina 5,143 8,295 0.01%AMP 6,241 7,700 0.01%APA Group 3,073 23,383 0.02%Aristocrat Leisure 1,284 27,125 0.03%ASX 444 27,191 0.03%Aurizon Holdings 4,464 17,722 0.02%AusNet Services 4,044 4,948 0.01%Australia & New Zealand Banking Group 6,599 126,945 0.13%Bank of Queensland 853 5,485 0.01%Bendigo & Adelaide Bank 1,148 9,092 0.01%BHP Group 6,791 190,784 0.18%BHP Group (London Listed) 4,860 118,076 0.12%BlueScope Steel 1,143 10,312 0.01%Boral 3,375 12,003 0.01%Brambles 3,685 33,323 0.03%Caltex Australia 510 9,477 0.01%Challenger 1,126 5,503 0.01%CIMIC Group 199 5,032 0.01%Coca-Cola Amatil 1,034 7,569 0.01%Cochlear 126 19,136 0.02%Coles Group 2,466 24,136 0.02%Commonwealth Bank of Australia 4,246 240,855 0.23%Computershare 997 10,885 0.01%Crown Resorts 760 6,213 0.01%CSL 1,046 165,545 0.16%Domino's Pizza Enterprises 122 3,243 0.00%Flight Centre Travel Group 114 3,622 0.00%Fortescue Metals Group 3,064 17,592 0.02%Harvey Norman Holdings 1,207 3,652 0.00%Incitec Pivot 5,142 12,334 0.01%Insurance Australia Group 5,261 31,294 0.03%Lendlease Group 1,618 16,226 0.02%Macquarie Group 781 69,328 0.07%Medibank 6,322 15,730 0.02%National Australia Bank 6,396 125,685 0.13%Newcrest Mining 1,834 44,976 0.05%Oil Search 3,259 15,971 0.02%Orica 931 14,002 0.01%Origin Energy 4,144 22,679 0.02%QBE Insurance Group 3,082 26,532 0.03%Ramsay Health Care 323 16,203 0.02%REA Group 108 7,309 0.01%Santos 4,079 20,327 0.02%SEEK 681 9,815 0.01%Sonic Healthcare 1,034 19,984 0.02%South32 11,586 25,075 0.03%Suncorp Group 2,947 27,442 0.03%Sydney Airport 2,583 14,884 0.02%Tabcorp Holdings 4,824 14,929 0.02%Telstra 9,034 24,720 0.03%TPG Telecom 758 3,647 0.00%Transurban Group 6,003 64,339 0.07%Treasury Wine Estates 1,658 20,227 0.02%Washington H Soul Pattinson 244 3,819 0.00%

58

Fidelity MSCI World Index Fund SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 JULY 2019

Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Wesfarmers 2,795 75,498 0.08%Westpac Banking 7,963 157,245 0.15%Woodside Petroleum 2,100 50,226 0.05%Woolworths Group 2,907 71,370 0.07%WorleyParsons 660 7,347 0.01%


Austria 0.08% (31 January 2019: 0.09%)

ANDRITZ 148 5,332 0.01%Erste Group Bank 676 24,416 0.02%OMV 337 17,001 0.02%Raiffeisen Bank International 301 7,112 0.01%Verbund 198 11,155 0.01%Voestalpine 386 10,332 0.01%

Total Austria 75,348 0.08%

Belgium 0.35% (31 January 2019: 0.33%)

Ageas 460 24,927 0.03%Anheuser-Busch InBev 1,838 186,368 0.18%Colruyt 113 5,935 0.01%Groupe Bruxelles Lambert 184 17,512 0.02%KBC Group 566 36,727 0.04%Proximus 311 8,937 0.01%Solvay 201 20,781 0.02%Telenet Group Holding 96 4,756 0.00%UCB 275 21,623 0.02%Umicore 527 16,688 0.02%

Total Belgium 344,254 0.35%

Bermuda 0.09% (31 January 2019: 0.06%)

Arch Capital Group 883 34,163 0.03%Athene Holding 405 16,548 0.02%Everest Re Group 89 21,951 0.02%RenaissanceRe Holdings 92 16,666 0.02%

Total Bermuda 89,328 0.09%

Canada 3.40% (31 January 2019: 3.46%)

Agnico Eagle Mines 589 30,927 0.03%Alimentation Couche-Tard 1,113 68,569 0.07%AltaGas 725 11,158 0.01%Atco 161 5,393 0.01%Aurora Cannabis 1,432 8,986 0.01%Australis Capital 10 7 0.00%Bank of Montreal 1,510 113,611 0.12%Bank of Nova Scotia 2,810 150,777 0.15%Barrick Gold 1,041 17,004 0.02%Barrick Gold (Toronto Listed) 3,093 50,523 0.05%BCE 463 21,028 0.02%BlackBerry 1,116 8,184 0.01%Bombardier 4,359 7,535 0.01%Brookfield Asset Management 1,991 98,053 0.10%CAE 591 16,018 0.02%Cameco 998 9,211 0.01%Canadian Imperial Bank of Commerce 1,063 84,051 0.09%Canadian National Railway 1,738 165,336 0.17%Canadian Natural Resources 2,815 71,664 0.07%Canadian Pacific Railway 320 76,789 0.08%Canadian Tire 123 13,498 0.01%

59


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Canada 3.40% (31 January 2019: 3.47%) (continued)

Canadian Utilities 272 7,444 0.01%Canopy Growth 422 13,905 0.01%CCL Industries 355 17,843 0.02%Cenovus Energy 2,345 21,912 0.02%CGI 560 43,319 0.04%CI Financial 480 7,479 0.01%Constellation Software 44 42,075 0.04%Cronos Group 376 5,203 0.01%Dollarama 659 24,540 0.02%Emera 126 5,258 0.01%Empire 358 9,523 0.01%Enbridge 4,644 155,890 0.16%Encana 3,981 18,281 0.02%Fairfax Financial Holdings 63 29,335 0.03%First Capital Realty 369 6,140 0.01%First Quantum Minerals 1,544 14,298 0.01%Fortis 1,006 39,852 0.04%Franco-Nevada 420 36,686 0.04%George Weston 313 24,880 0.03%Gildan Activewear 495 19,594 0.02%Great-West Lifeco 633 13,970 0.01%Husky Energy 724 5,646 0.01%Hydro One 756 13,420 0.01%iA Financial 223 8,994 0.01%IGM Financial 178 4,942 0.01%Imperial Oil 626 17,229 0.02%Intact Financial 317 29,698 0.03%Inter Pipeline 861 14,563 0.01%Keyera 476 12,172 0.01%Kinross Gold 3,365 13,684 0.01%Kirkland Lake Gold 444 18,454 0.02%Loblaw 413 21,538 0.02%Lululemon Athletica 258 49,301 0.05%Lundin Mining 1,919 9,338 0.01%Magna International 711 36,039 0.04%Manulife Financial 4,551 82,831 0.08%Methanex 223 8,822 0.01%Metro 576 22,643 0.02%National Bank of Canada 780 37,944 0.04%Nutrien 1,424 78,468 0.08%Onex 176 10,686 0.01%Open Text 630 27,006 0.03%Pembina Pipeline 1,178 42,961 0.04%Power Financial 612 13,464 0.01%Power of Canada 679 14,468 0.01%PrairieSky Royalty 558 7,513 0.01%Quebecor 370 8,425 0.01%Restaurant Brands International 636 47,077 0.05%Rogers Communications 958 49,981 0.05%Royal Bank of Canada 3,465 275,005 0.27%Saputo 520 15,784 0.02%Shaw Communications 1,159 22,833 0.02%Shopify 226 72,183 0.07%SNC-Lavalin Group 361 5,740 0.01%Stars Group 447 6,992 0.01%Sun Life Financial 1,338 55,878 0.06%Suncor Energy 3,606 103,994 0.11%TC Energy 2,057 101,225 0.10%Teck Resources 1,135 23,337 0.02%TELUS 587 21,206 0.02%

60


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Canada 3.40% (31 January 2019: 3.46%) (continued)

Thomson Reuters 436 29,431 0.03%Toronto-Dominion Bank 4,365 256,452 0.26%Tourmaline Oil 740 9,805 0.01%Vermilion Energy 560 10,086 0.01%West Fraser Timber 111 4,361 0.00%Wheaton Precious Metals 1,116 29,320 0.03%WSP Global 217 12,301 0.01%

Total Canada 3,348,989 3.40%

Chile 0.01% (31 January 2019: 0.01%)

Antofagasta 829 9,534 0.01%

China 0.02% (31 January 2019: 0.01%)

BeiGene 79 10,850 0.01%Yangzijiang Shipbuilding Holdings 4,900 5,120 0.01%

Total China 15,970 0.02%

Denmark 0.55% (31 January 2019: 0.59%)

AP Moller – Maersk (Class A) 7 7,541 0.01%AP Moller – Maersk (Class B) 16 18,103 0.02%Carlsberg 241 33,117 0.03%Chr Hansen Holding 236 20,776 0.02%Coloplast 267 31,379 0.03%Danske Bank 1,498 22,392 0.02%Demant 232 6,896 0.01%DSV 393 37,796 0.04%Genmab 151 28,189 0.03%H Lundbeck 142 5,535 0.01%ISS 323 9,119 0.01%Novo Nordisk 4,169 201,404 0.19%Novozymes 554 25,880 0.03%Orsted 462 42,448 0.04%Pandora 214 8,290 0.01%Tryg 285 8,763 0.01%Vestas Wind Systems 468 38,715 0.04%

Total Denmark 546,343 0.55%

Finland 0.37% (31 January 2019: 0.43%)

Elisa 315 14,899 0.02%Fortum 1,150 26,633 0.03%Kone 753 43,261 0.04%Metso 224 8,707 0.01%Neste 989 33,024 0.03%Nokia 13,106 71,202 0.08%Nokian Renkaat 251 7,258 0.01%Nordea Bank 6,741 43,566 0.04%Orion 213 7,354 0.01%Sampo 987 41,397 0.04%Stora Enso 1,527 17,741 0.02%UPM-Kymmene 1,227 33,402 0.03%Wartsila 996 12,625 0.01%

Total Finland 361,069 0.37%

France 3.51% (31 January 2019: 3.55%)

Accor 412 18,486 0.02%Aeroports de Paris 67 11,615 0.01%

61


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Air Liquide 977 135,974 0.14%Airbus 1,383 197,191 0.20%Alstom 347 15,083 0.02%Amundi 124 8,615 0.01%Arkema 196 17,829 0.02%Atos 203 16,513 0.02%AXA 4,954 126,311 0.13%BioMerieux 85 7,245 0.01%BNP Paribas 2,597 121,963 0.12%Bollore 1,811 7,848 0.01%Bouygues 497 17,918 0.02%Bureau Veritas 989 24,875 0.03%Capgemini 354 45,425 0.05%Carrefour 1,505 29,165 0.03%Casino Guichard Perrachon 121 4,500 0.00%Cie de Saint-Gobain 1,119 43,301 0.04%Cie Generale des Etablissements Michelin 379 42,388 0.04%CNP Assurances 350 7,287 0.01%Credit Agricole 2,617 31,410 0.03%Danone 1,506 131,460 0.13%Dassault Aviation 5 6,903 0.01%Dassault Systemes 304 46,709 0.05%Edenred 531 26,865 0.03%Eiffage 176 17,511 0.02%Electricite de France 1,357 16,945 0.02%Engie 4,049 62,754 0.06%EssilorLuxottica 647 88,353 0.09%Eurazeo 82 5,537 0.01%Eutelsat Communications 356 6,865 0.01%Faurecia 161 7,708 0.01%Getlink 989 14,370 0.01%Hermes International 70 49,615 0.05%Iliad 54 5,640 0.01%Imerys 73 3,076 0.00%Ingenico Group 135 12,927 0.01%Ipsen 84 9,699 0.01%JCDecaux 142 4,130 0.00%Kering 175 91,480 0.09%Legrand 706 50,198 0.05%L'Oreal 572 154,121 0.16%LVMH Moet Hennessy Louis Vuitton 658 274,951 0.27%Natixis 1,936 7,850 0.01%Orange 4,874 72,854 0.07%Pernod Ricard 544 96,335 0.10%Peugeot 1,313 31,226 0.03%Publicis Groupe 502 24,990 0.03%Remy Cointreau 46 6,858 0.01%Renault 432 24,309 0.02%Safran 754 109,010 0.11%Sanofi 2,702 227,014 0.22%Sartorius Stedim Biotech 57 9,183 0.01%Schneider Electric 1,271 110,493 0.11%SCOR 362 14,993 0.02%SEB 48 7,749 0.01%Societe BIC 52 3,642 0.00%Societe Generale 1,874 46,331 0.05%Sodexo 207 23,889 0.02%Suez 700 10,350 0.01%Teleperformance 130 27,443 0.03%Thales 243 27,610 0.03%

62


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Total 5,428 284,257 0.28%Ubisoft Entertainment 183 15,233 0.02%Valeo 533 16,854 0.02%Veolia Environnement 1,251 31,827 0.03%Vinci 1,232 127,898 0.13%Vivendi 2,182 61,173 0.06%Wendel 57 7,933 0.01%Worldline 182 13,131 0.01%

Total France 3,459,194 3.51%

Germany 2.81% (31 January 2019: 2.97%)

1&1 Drillisch 108 3,283 0.00%Adidas 434 139,915 0.14%Allianz 1,061 248,549 0.24%Axel Springer 98 6,765 0.01%BASF 2,146 144,628 0.14%Bayer 2,134 139,590 0.14%Bayerische Motoren Werke 789 58,708 0.06%Bayerische Motoren Werke Preference Shares 132 7,914 0.01%Beiersdorf 217 25,369 0.03%Brenntag 459 22,686 0.02%Carl Zeiss Meditec 82 9,080 0.01%Commerzbank 2,229 15,295 0.02%Continental 323 45,040 0.05%Covestro 481 22,016 0.02%Daimler 2,113 110,326 0.11%Delivery Hero 249 12,082 0.01%Deutsche Bank 4,450 34,881 0.04%Deutsche Boerse 446 62,718 0.06%Deutsche Lufthansa 487 7,795 0.01%Deutsche Post 2,285 75,077 0.08%Deutsche Telekom 7,488 124,057 0.13%Deutsche Wohnen 872 32,253 0.03%E.ON 4,980 50,202 0.05%Evonik Industries 532 15,377 0.02%Fraport Frankfurt Airport Services Worldwide 85 7,166 0.01%Fresenius Medical Care 510 35,717 0.04%Fresenius 927 47,003 0.05%FUCHS PETROLUB Preference Shares 139 5,407 0.01%GEA Group 341 8,600 0.01%Hannover Rueck 134 21,141 0.02%HeidelbergCement 345 25,206 0.03%Henkel 209 19,791 0.02%Henkel Preference Shares 414 42,979 0.04%HOCHTIEF 51 5,837 0.01%HUGO BOSS 129 8,210 0.01%Infineon Technologies 2,957 56,035 0.06%Innogy 311 15,066 0.02%KION Group 133 7,198 0.01%Knorr-Bremse 109 11,129 0.01%LANXESS 260 15,673 0.02%Merck 292 30,053 0.03%METRO 367 5,721 0.01%MTU Aero Engines 118 29,758 0.03%Muenchener Rueckversicherungs-Gesellschaft 349 84,632 0.09%Porsche Automobil Holding Preference Shares 409 27,177 0.03%Puma 170 11,972 0.01%RWE 1,237 33,688 0.03%

63


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Germany 2.81% (31 January 2019: 2.97%) (continued)

SAP 2,323 288,955 0.28%Sartorius Preference Shares 79 16,308 0.02%Siemens 1,863 205,331 0.20%Siemens Healthineers 332 13,978 0.01%Symrise 291 27,099 0.03%Telefonica Deutschland Holding 1,820 4,622 0.00%Thyssenkrupp 900 11,714 0.01%TUI 933 9,340 0.01%Uniper 454 14,128 0.01%United Internet 252 7,595 0.01%Volkswagen 137 23,597 0.02%Volkswagen Preference Shares 377 63,357 0.06%Vonovia 1,180 58,149 0.06%Wirecard 273 46,080 0.05%Zalando 277 12,855 0.01%

Total Germany 2,771,873 2.81%


AIA Group 28,800 298,196 0.30%ASM Pacific Technology 600 7,063 0.01%Bank of East Asia 2,673 7,768 0.01%BOC Hong Kong Holdings 8,500 32,684 0.03%CK Asset Holdings 6,000 45,491 0.05%CK Hutchison Holdings 6,500 61,156 0.06%CK Infrastructure Holdings 1,500 11,660 0.01%CLP Holdings 4,000 43,562 0.04%Dairy Farm International Holdings 1,191 8,933 0.01%Galaxy Entertainment Group 5,000 34,492 0.04%Hang Lung Properties 6,000 14,180 0.01%Hang Seng Bank 1,700 40,589 0.04%Henderson Land Development 3,410 17,752 0.02%HK Electric Investments & HK Electric Investments 5,500 5,579 0.01%HKT Trust & HKT 8,000 12,795 0.01%Hong Kong & China Gas 22,340 49,487 0.05%Hong Kong Exchanges & Clearing 2,820 95,899 0.10%Hongkong Land Holdings 2,689 16,457 0.02%Hysan Development 2,000 9,568 0.01%Jardine Matheson Holdings 484 29,471 0.03%Jardine Strategic Holdings 483 16,664 0.02%Kerry Properties 1,500 5,672 0.01%Melco Resorts & Entertainment 424 9,527 0.01%MTR 3,575 23,543 0.02%New World Development 15,000 21,270 0.02%NWS Holdings 3,000 5,595 0.01%PCCW 9,000 5,139 0.01%Power Assets Holdings 3,000 21,519 0.02%Shangri-La Asia 8,000 9,780 0.01%Sino Land 8,103 13,208 0.01%SJM Holdings 4,000 4,395 0.00%Sun Hung Kai Properties 3,500 56,739 0.06%Swire Pacific 1,000 11,459 0.01%Swire Properties 2,400 8,723 0.01%Techtronic Industries 3,000 22,554 0.02%Vitasoy International Holdings 2,000 9,466 0.01%WH Group 21,000 20,684 0.02%Wharf Holdings 3,000 7,335 0.01%Wharf Real Estate Investment 3,000 19,047 0.02%Wheelock 2,000 12,673 0.01%

64


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Yue Yuen Industrial Holdings 1,500 4,206 0.00%Total Hong Kong 1,151,980 1.17%

Ireland 0.95% (31 January 2019: 0.92%)

Accenture 1,496 288,100 0.29%AerCap Holdings 293 15,977 0.02%AIB Group 1,660 5,730 0.01%Alkermes 320 7,411 0.01%Allegion 203 21,019 0.02%Aptiv 604 52,941 0.05%Bank of Ireland Group 2,172 9,673 0.01%CRH 1,866 62,328 0.06%DCC 215 18,328 0.02%James Hardie Industries 1,279 17,534 0.02%Jazz Pharmaceuticals 125 17,423 0.02%Kerry Group 356 41,777 0.04%Kingspan Group 339 16,721 0.02%Medtronic 3,135 319,581 0.31%Paddy Power Betfair 175 13,947 0.01%Perrigo 284 15,339 0.02%Smurfit Kappa Group 527 16,734 0.02%

Total Ireland 940,563 0.95%

Isle of Man 0.01% (31 January 2019: 0.01%)

GVC Holdings 1,290 9,345 0.01%

Israel 0.19% (31 January 2019: 0.19%)

Azrieli Group 132 9,331 0.01%Bank Hapoalim 2,548 19,448 0.02%Bank Leumi Le-Israel 3,348 24,576 0.02%Check Point Software Technologies 278 31,121 0.03%CyberArk Software 76 10,555 0.01%Elbit Systems 54 8,722 0.01%Israel Chemicals 1,605 8,739 0.01%Israel Discount Bank 2,379 10,382 0.01%Mizrahi Tefahot Bank 286 6,911 0.01%Nice 135 20,805 0.02%Teva Pharmaceutical Industries 2,411 19,119 0.02%Wix.com 101 15,001 0.02%

Total Israel 184,710 0.19%

Italy 0.66% (31 January 2019: 0.67%)

Assicurazioni Generali 3,314 62,136 0.06%Atlantia 1,114 28,850 0.03%Davide Campari-Milano 1,190 11,156 0.01%Enel 18,681 128,936 0.13%Eni 5,740 90,777 0.09%Ferrari 270 43,785 0.04%FinecoBank Banca Fineco 1,424 14,257 0.01%Intesa Sanpaolo 34,640 75,609 0.08%Leonardo 850 10,448 0.01%Mediobanca Banca di Credito Finanziario 1,569 15,817 0.02%Moncler 414 17,133 0.02%Pirelli & C 793 4,718 0.00%Poste Italiane 1,068 11,487 0.01%Prysmian 495 10,290 0.01%Recordati 214 9,657 0.01%

65


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Italy 0.66% (31 January 2019: 0.67%) (continued)

Snam 5,294 26,165 0.03%Telecom Italia 19,175 10,901 0.01%Telecom Italia (Non CVA) 14,363 7,676 0.01%Terna Rete Elettrica Nazionale 3,261 19,984 0.02%UniCredit 4,635 54,991 0.06%

Total Italy 654,773 0.66%

Japan 7.74% (31 January 2019: 8.28%)

ABC-Mart 100 6,355 0.01%Acom 800 2,844 0.00%Advantest 400 15,731 0.02%Aeon 1,500 26,139 0.03%AEON Financial Service 200 3,249 0.00%Aeon Mall 200 3,089 0.00%AGC 400 12,342 0.01%Air Water 300 4,938 0.01%Aisin Seiki 400 13,060 0.01%Ajinomoto 900 16,222 0.02%Alfresa Holdings 400 9,730 0.01%Alps Alpine 400 7,368 0.01%Amada Holdings 700 7,788 0.01%ANA Holdings 500 16,864 0.02%Aozora Bank 200 4,601 0.00%Asahi Group Holdings 800 34,888 0.04%Asahi Intecc 400 10,573 0.01%Asahi Kasei 2,900 29,728 0.03%Astellas Pharma 4,200 60,094 0.06%Bandai Namco Holdings 500 27,170 0.03%Bank of Kyoto 100 3,901 0.00%Benesse Holdings 200 4,714 0.00%Bridgestone 1,300 49,090 0.05%Brother Industries 500 8,957 0.01%Calbee 200 5,692 0.01%Canon 2,600 71,133 0.07%Casio Computer 400 4,590 0.00%Central Japan Railway 400 80,755 0.08%Chiba Bank 1,100 5,471 0.01%Chubu Electric Power 1,700 24,097 0.02%Chugai Pharmaceutical 600 43,104 0.04%Chugoku Electric Power 600 7,510 0.01%Coca-Cola Bottlers Japan Holdings 300 7,441 0.01%Concordia Financial Group 2,200 7,801 0.01%Credit Saison 300 3,678 0.00%CyberAgent 200 8,142 0.01%Dai Nippon Printing 500 10,564 0.01%Daicel 500 4,264 0.00%Daifuku 200 11,071 0.01%Dai-ichi Life Holdings 2,500 37,002 0.04%Daiichi Sankyo 1,300 79,586 0.08%Daikin Industries 600 75,073 0.08%Daito Trust Construction 200 25,927 0.03%Daiwa House Industry 1,300 37,249 0.04%Daiwa Securities Group 3,100 13,462 0.01%Denso 1,000 42,717 0.04%Dentsu 500 16,671 0.02%Disco 100 18,632 0.02%East Japan Railway 700 64,504 0.07%Eisai 600 32,637 0.03%Electric Power Development 400 9,015 0.01%

66


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



FamilyMart UNY Holdings 600 12,876 0.01%FANUC 500 89,938 0.09%Fast Retailing 100 60,373 0.06%Fuji Electric 300 9,298 0.01%FUJIFILM Holdings 800 38,175 0.04%Fujitsu 500 39,341 0.04%Fukuoka Financial Group 400 7,376 0.01%GMO Payment Gateway 100 7,341 0.01%Hakuhodo DY Holdings 500 7,912 0.01%Hamamatsu Photonics 300 11,232 0.01%Hankyu Hanshin Holdings 500 17,661 0.02%Hikari Tsushin 100 22,206 0.02%Hino Motors 600 4,846 0.00%Hirose Electric 100 10,564 0.01%Hisamitsu Pharmaceutical 100 4,057 0.00%Hitachi 2,200 78,862 0.08%Hitachi Chemical 200 5,522 0.01%Hitachi Construction Machinery 200 4,756 0.00%Hitachi High-Technologies 200 10,223 0.01%Hitachi Metals 500 5,314 0.01%Honda Motor 4,000 99,857 0.10%Hoshizaki 100 7,110 0.01%Hoya 900 69,671 0.07%Hulic 500 4,320 0.00%Idemitsu Kosan 482 13,407 0.01%IHI 300 7,201 0.01%Iida Group Holdings 300 4,957 0.01%Inpex 2,400 21,249 0.02%Isetan Mitsukoshi Holdings 700 5,596 0.01%Isuzu Motors 1,200 13,390 0.01%ITOCHU 3,000 57,527 0.06%Itochu Techno-Solutions 200 5,178 0.01%J Front Retailing 500 5,918 0.01%Japan Airlines 200 6,313 0.01%Japan Airport Terminal 100 4,172 0.00%Japan Exchange Group 1,200 17,717 0.02%Japan Post Bank 800 7,796 0.01%Japan Post Holdings 3,400 33,444 0.03%Japan Tobacco 2,700 60,167 0.06%JFE Holdings 1,000 13,332 0.01%JGC 500 6,562 0.01%JSR 400 6,665 0.01%JTEKT 400 4,782 0.00%JXTG Holdings 7,900 37,450 0.04%Kajima 900 11,671 0.01%Kakaku.com 300 6,289 0.01%Kamigumi 200 4,624 0.00%Kaneka 100 3,744 0.00%Kansai Electric Power 1,800 22,315 0.02%Kansai Paint 400 7,943 0.01%Kao 1,200 88,186 0.09%Kawasaki Heavy Industries 300 6,576 0.01%KDDI 4,100 107,754 0.11%Keihan Holdings 200 8,160 0.01%Keikyu 500 8,455 0.01%Keio 300 18,678 0.02%Keisei Electric Railway 300 11,094 0.01%Keyence 200 116,287 0.12%Kikkoman 300 13,746 0.01%Kintetsu Group Holdings 400 19,084 0.02%

67


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Kirin Holdings 1,900 41,474 0.04%Kobayashi Pharmaceutical 100 7,184 0.01%Kobe Steel 700 4,539 0.00%Koito Manufacturing 200 10,113 0.01%Komatsu 2,100 47,300 0.05%Konami Holdings 200 8,547 0.01%Konica Minolta 900 7,543 0.01%Kose 100 17,140 0.02%Kubota 2,300 35,853 0.04%Kuraray 700 8,356 0.01%Kurita Water Industries 200 5,099 0.01%Kyocera 800 49,293 0.05%Kyowa Kirin 500 8,303 0.01%Kyushu Electric Power 800 7,980 0.01%Kyushu Railway 300 8,593 0.01%Lawson 100 5,020 0.01%LINE 100 3,201 0.00%Lion 500 9,887 0.01%LIXIL Group 500 8,704 0.01%M3 900 18,369 0.02%Makita 500 16,555 0.02%Marubeni 3,800 24,849 0.03%Marui Group 400 8,702 0.01%Maruichi Steel Tube 100 2,647 0.00%Mazda Motor 1,200 11,925 0.01%McDonald's Holdings Japan 100 4,508 0.00%Mebuki Financial Group 1,800 4,460 0.00%Medipal Holdings 400 8,562 0.01%MEIJI Holdings 300 20,916 0.02%Mercari 200 5,399 0.01%Minebea Mitsumi 900 15,592 0.02%MISUMI Group 600 13,672 0.01%Mitsubishi 3,300 89,251 0.09%Mitsubishi Chemical Holdings 3,000 21,458 0.02%Mitsubishi Electric 4,000 52,775 0.05%Mitsubishi Estate 2,800 51,887 0.05%Mitsubishi Gas Chemical 300 4,029 0.00%Mitsubishi Heavy Industries 800 33,216 0.03%Mitsubishi Materials 200 5,535 0.01%Mitsubishi Motors 1,400 6,215 0.01%Mitsubishi Tanabe Pharma 500 5,697 0.01%Mitsubishi UFJ Financial Group 28,000 135,183 0.13%Mitsubishi UFJ Lease & Finance 800 4,281 0.00%Mitsui 3,700 60,624 0.06%Mitsui Chemicals 400 9,240 0.01%Mitsui Fudosan 2,000 45,526 0.05%Mitsui OSK Lines 200 4,950 0.01%Mizuho Financial Group 59,100 84,044 0.09%MonotaRO 300 6,620 0.01%MS&AD Insurance Group Holdings 1,400 46,175 0.05%Murata Manufacturing 1,300 57,987 0.06%Nabtesco 200 5,454 0.01%Nagoya Railroad 400 11,071 0.01%NEC 600 24,757 0.03%Nexon 1,100 17,547 0.02%NGK Insulators 500 7,516 0.01%NGK Spark Plug 300 5,764 0.01%NH Foods 200 7,469 0.01%Nidec 500 67,764 0.07%Nikon 700 9,529 0.01%

68


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Nintendo 300 110,799 0.11%Nippon Electric Glass 600 13,567 0.01%Nippon Express 200 11,347 0.01%Nippon Paint Holdings 300 13,138 0.01%Nippon Steel 1,900 30,038 0.03%Nippon Telegraph & Telephone 1,500 67,999 0.07%Nippon Yusen 300 5,037 0.01%Nissan Chemical 300 13,221 0.01%Nissan Motor 5,200 34,042 0.03%Nisshin Seifun Group 400 7,608 0.01%Nissin Foods Holdings 200 12,507 0.01%Nitori Holdings 200 27,133 0.03%Nitto Denko 400 19,857 0.02%Nomura Holdings 7,800 24,684 0.03%Nomura Real Estate Holdings 300 6,126 0.01%Nomura Research Institute 900 16,073 0.02%NSK 700 5,977 0.01%NTT Data 1,300 17,182 0.02%NTT DOCOMO 3,100 74,663 0.08%Obayashi 1,300 12,404 0.01%Obic 200 21,497 0.02%Odakyu Electric Railway 600 13,473 0.01%Oji Holdings 1,800 9,383 0.01%Olympus 2,600 28,568 0.03%Omron 500 24,131 0.02%Ono Pharmaceutical 800 14,611 0.01%Oracle Japan 100 8,363 0.01%Oriental Land 500 66,498 0.07%ORIX 3,000 43,145 0.04%Osaka Gas 900 16,612 0.02%Otsuka 200 7,967 0.01%Otsuka Holdings 900 33,298 0.03%Pan Pacific International Holdings 300 19,231 0.02%Panasonic 5,100 43,435 0.04%Park24 200 4,382 0.00%PeptiDream 200 11,255 0.01%Persol Holdings 400 9,789 0.01%Pigeon 300 11,108 0.01%Pola Orbis Holdings 200 5,053 0.01%Rakuten 1,900 19,529 0.02%Recruit Holdings 2,700 92,458 0.09%Renesas Electronics 1,500 8,966 0.01%Resona Holdings 4,300 17,600 0.02%Ricoh 1,400 12,920 0.01%Rinnai 100 6,788 0.01%Rohm 200 14,128 0.01%Ryohin Keikaku 100 17,895 0.02%Sankyo 100 3,463 0.00%Santen Pharmaceutical 800 12,975 0.01%SBI Holdings 500 11,485 0.01%Secom 500 39,378 0.04%Sega Sammy Holdings 400 5,172 0.01%Seibu Holdings 400 6,333 0.01%Seiko Epson 600 8,897 0.01%Sekisui Chemical 800 11,944 0.01%Sekisui House 1,700 28,739 0.03%Seven & i Holdings 1,700 58,371 0.06%Seven Bank 1,200 3,260 0.00%SG Holdings 300 7,977 0.01%Sharp 400 5,080 0.01%

69


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Shimadzu 500 12,148 0.01%Shimamura 100 7,110 0.01%Shimano 200 28,423 0.03%Shimizu 1,200 9,737 0.01%Shin-Etsu Chemical 800 82,192 0.08%Shinsei Bank 300 4,559 0.00%Shionogi 700 39,050 0.04%Shiseido 1,000 74,105 0.08%Shizuoka Bank 900 6,233 0.01%Showa Denko 300 8,146 0.01%SMC 100 36,712 0.04%Softbank 3,700 50,060 0.05%SoftBank Group 3,900 202,156 0.20%Sohgo Security Services 200 9,763 0.01%Sompo Holdings 800 33,393 0.03%Sony 3,100 176,163 0.17%Sony Financial Holdings 300 7,325 0.01%Stanley Electric 300 7,482 0.01%Subaru 1,400 32,810 0.03%SUMCO 500 6,677 0.01%Sumitomo 2,600 38,877 0.04%Sumitomo Chemical 3,900 17,960 0.02%Sumitomo Dainippon Pharma 400 7,394 0.01%Sumitomo Electric Industries 1,900 23,694 0.02%Sumitomo Heavy Industries 200 6,512 0.01%Sumitomo Metal Mining 500 14,345 0.01%Sumitomo Mitsui Financial Group 3,200 112,203 0.11%Sumitomo Mitsui Trust Holdings 800 27,513 0.03%Sumitomo Realty & Development 800 29,303 0.03%Sumitomo Rubber Industries 300 3,296 0.00%Sundrug 100 2,786 0.00%Suntory Beverage & Food 300 11,978 0.01%Suzuken 200 11,108 0.01%Suzuki Motor 900 35,387 0.04%Sysmex 400 29,266 0.03%T&D Holdings 1,100 12,421 0.01%Taiheiyo Cement 400 11,329 0.01%Taisei 500 17,361 0.02%Taisho Pharmaceutical Holdings 100 7,672 0.01%Taiyo Nippon Sanso 300 6,192 0.01%Takeda Pharmaceutical 3,555 119,017 0.11%TDK 300 23,403 0.02%Teijin 400 6,967 0.01%Terumo 1,700 49,822 0.05%THK 300 7,665 0.01%Tobu Railway 400 11,458 0.01%Toho 300 11,743 0.01%Toho Gas 200 7,654 0.01%Tohoku Electric Power 1,200 12,058 0.01%Tokio Marine Holdings 1,500 80,088 0.08%Tokyo Century 100 4,168 0.00%Tokyo Electric Power 3,900 18,858 0.02%Tokyo Electron 400 68,874 0.07%Tokyo Gas 900 22,559 0.02%Tokyu 1,200 21,132 0.02%Tokyu Fudosan Holdings 1,300 7,579 0.01%Toppan Printing 500 8,188 0.01%Toray Industries 3,300 22,883 0.02%Toshiba 1,200 38,517 0.04%Tosoh 700 9,883 0.01%

70


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



TOTO 300 12,116 0.01%Toyo Seikan Group Holdings 300 5,275 0.01%Toyo Suisan Kaisha 200 8,096 0.01%Toyoda Gosei 100 1,851 0.00%Toyota Industries 300 15,667 0.02%Toyota Motor 5,300 342,870 0.34%Toyota Tsusho 500 14,598 0.01%Trend Micro 300 13,166 0.01%Tsuruha Holdings 100 10,251 0.01%Unicharm 900 25,680 0.03%USS 400 7,983 0.01%Welcia Holdings 100 4,679 0.00%West Japan Railway 400 32,928 0.03%Yahoo Japan 6,100 18,035 0.02%Yakult Honsha 300 17,048 0.02%Yamada Denki 1,300 5,759 0.01%Yamaha 300 14,257 0.01%Yamaha Motor 600 10,599 0.01%Yamato Holdings 1,100 21,716 0.02%Yamazaki Baking 200 3,061 0.00%Yaskawa Electric 500 16,809 0.02%Yokogawa Electric 500 9,040 0.01%Yokohama Rubber 200 3,704 0.00%ZOZO 400 7,600 0.01%

Total Japan 7,620,036 7.74%


ArcelorMittal 1,636 26,445 0.03%Aroundtown 2,129 17,143 0.02%Eurofins Scientific 26 11,174 0.01%Millicom International Cellular 136 7,043 0.01%RTL Group 80 3,969 0.00%SES 813 13,542 0.01%Tenaris 1,052 13,335 0.01%

Total Luxembourg 92,651 0.09%

Macau 0.04% (31 January 2019: 0.05%)

MGM China Holdings 2,000 3,311 0.00%Sands China 5,600 27,257 0.03%Wynn Macau 3,200 7,301 0.01%

Total Macau 37,869 0.04%

Mexico 0.00% (31 January 2019: 0.00%)

Fresnillo 482 3,547 0.00%


ABN AMRO Bank 944 18,877 0.02%Adyen 23 17,593 0.02%Aegon 4,744 23,647 0.02%Akzo Nobel 513 48,807 0.05%ASML Holding 1,037 234,152 0.24%EXOR 241 16,894 0.02%Heineken 586 63,366 0.06%Heineken Holding 255 26,035 0.03%ING Groep 8,985 100,759 0.10%Koninklijke Ahold Delhaize 3,088 70,328 0.07%Koninklijke DSM 423 53,125 0.05%

71


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Netherlands 1.67% (31 January 2019: 1.63%) (continued)

Koninklijke KPN 8,761 25,176 0.03%Koninklijke Philips 2,111 99,856 0.10%Koninklijke Vopak 143 7,101 0.01%NN Group 706 26,750 0.03%NXP Semiconductors 670 69,271 0.07%QIAGEN 502 19,272 0.02%Randstad 265 13,437 0.01%Royal Dutch Shell (Class A) 12,188 387,119 0.39%Royal Dutch Shell (Class B) 8,353 266,179 0.27%Wolters Kluwer 768 56,060 0.06%



a2 Milk 1,625 19,326 0.02%Auckland International Airport 2,213 13,591 0.01%Fisher & Paykel Healthcare 1,176 12,807 0.01%Fletcher Building 1,753 5,739 0.01%Meridian Energy 2,640 8,198 0.01%Ryman Healthcare 1,604 13,656 0.01%Spark New Zealand 3,764 9,887 0.01%

Total New Zealand 83,204 0.08%

Norway 0.21% (31 January 2019: 0.24%)

Aker BP 298 8,551 0.01%DNB 2,153 38,918 0.04%Equinor 2,252 40,745 0.05%Gjensidige Forsikring 515 10,113 0.01%Mowi 973 23,609 0.02%Norsk Hydro 3,694 12,791 0.01%Orkla 1,692 14,542 0.01%Schibsted 200 5,210 0.01%Telenor 1,650 33,837 0.03%Yara International 397 18,832 0.02%

Total Norway 207,148 0.21%

Portugal 0.05% (31 January 2019: 0.06%)

Energias de Portugal 6,348 23,472 0.02%Galp Energia 1,106 17,345 0.02%Jeronimo Martins 512 8,326 0.01%

Total Portugal 49,143 0.05%

Russia 0.01% (31 January 2019: - )

Evraz 1,061 8,457 0.01%


CapitaLand 6,300 16,664 0.02%City Developments 900 6,386 0.01%ComfortDelGro 4,400 8,713 0.01%DBS Group Holdings 4,500 86,840 0.08%Genting Singapore 12,400 8,336 0.01%Golden Agri-Resources 11,900 2,565 0.00%Jardine Cycle & Carriage 200 4,941 0.01%Keppel 3,700 17,303 0.02%Oversea-Chinese Banking 7,640 64,423 0.06%SATS 1,400 4,931 0.01%Sembcorp Industries 1,900 3,249 0.00%

72


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Singapore 0.40% (31 January 2019: 0.42%) (continued)

Singapore Airlines 1,400 9,892 0.01%Singapore Exchange 1,600 9,259 0.01%Singapore Press Holdings 3,800 6,136 0.01%Singapore Technologies Engineering 3,200 9,914 0.01%Singapore Telecommunications 18,300 44,528 0.04%United Overseas Bank 3,400 65,588 0.06%UOL Group 1,000 5,371 0.01%Venture 600 6,813 0.01%Wilmar International 4,400 12,828 0.01%



Investec 1,390 8,002 0.01%Old Mutual 2 3 0.00%

Total South Africa 8,005 0.01%

Spain 0.96% (31 January 2019: 1.04%)

ACS Actividades de Construccion y Servicios 756 30,807 0.03%Aena SME 158 28,868 0.03%Amadeus IT Group 1,018 80,882 0.08%Banco Bilbao Vizcaya Argentaria 15,414 78,936 0.08%Banco de Sabadell 12,477 10,997 0.01%Banco Santander 39,584 170,254 0.16%Bankia 2,508 5,005 0.01%Bankinter 1,373 8,970 0.01%CaixaBank 8,550 21,276 0.02%Cellnex Telecom 429 16,188 0.02%Enagas 603 13,209 0.01%Endesa 696 17,320 0.02%Ferrovial 1,086 28,476 0.03%Grifols 774 25,250 0.03%Iberdrola 13,648 130,228 0.13%Iberdrola (Interim) 305 2,910 0.00%Industria de Diseno Textil 2,497 75,148 0.08%Mapfre 3,180 8,827 0.01%Naturgy Energy Group 661 16,853 0.02%Red Electrica 1,182 22,504 0.02%Repsol 3,522 56,409 0.06%Siemens Gamesa Renewable Energy 489 6,901 0.01%Telefonica 11,498 88,602 0.09%

Total Spain 944,820 0.96%

Sweden 0.81% (31 January 2019: 0.85%)

Alfa Laval 697 13,158 0.01%Assa Abloy 2,321 53,928 0.05%Atlas Copco (A Shares) 1,693 52,415 0.05%Atlas Copco (B Shares) 991 27,355 0.03%Autoliv 217 15,657 0.02%Boliden 774 17,754 0.02%Electrolux 461 10,774 0.01%Epiroc (Class A) 1,383 15,296 0.02%Epiroc (Class B) 954 10,004 0.01%Essity 1,399 42,000 0.04%Hennes & Mauritz 1,777 31,242 0.03%Hexagon 578 28,318 0.03%Husqvarna 855 7,651 0.01%ICA Gruppen 185 8,277 0.01%

73


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Sweden 0.81% (31 January 2019: 0.85%) (continued)

Industrivarden 340 7,457 0.01%Investor 1,091 52,383 0.05%Kinnevik 496 12,760 0.01%L E Lundbergforetagen 154 5,757 0.01%Lundin Petroleum 454 14,463 0.01%Sandvik 3,051 47,436 0.05%Securitas 638 9,976 0.01%Skandinaviska Enskilda Banken 3,520 33,413 0.03%Skanska 750 14,131 0.01%SKF 1,163 19,264 0.02%Svenska Handelsbanken 3,302 30,015 0.03%Swedbank 2,009 27,685 0.03%Swedish Match 389 14,999 0.02%Tele2 1,133 16,352 0.02%Telefonaktiebolaget LM Ericsson 7,757 68,811 0.07%Telia 6,980 31,396 0.03%Volvo 3,700 55,635 0.06%

Total Sweden 795,762 0.81%


ABB 4,307 81,811 0.08%Adecco Group 421 23,159 0.02%Alcon 1,005 58,879 0.06%Baloise Holding 120 21,806 0.02%Barry Callebaut 5 9,843 0.01%Chocoladefabriken Lindt & Spruengli 4 29,616 0.03%Chubb 1,095 167,360 0.17%Cie Financiere Richemont 1,280 110,416 0.11%Clariant 636 11,711 0.01%Coca-Cola HBC 436 15,140 0.02%Credit Suisse Group 6,546 79,544 0.08%Dufry 88 7,790 0.01%EMS-Chemie Holding 17 10,698 0.01%Garmin 292 22,948 0.02%Geberit 83 38,524 0.04%Givaudan 21 56,127 0.06%Glencore 25,805 84,190 0.09%Julius Baer Group 495 21,320 0.02%Kuehne + Nagel International 121 17,936 0.02%LafargeHolcim 1,116 55,180 0.06%Lonza Group 165 56,883 0.06%Nestle 7,149 763,283 0.76%Novartis 5,112 472,267 0.47%Pargesa Holding 79 5,961 0.01%Partners Group Holding 43 34,496 0.04%Roche Holding 1,650 444,418 0.45%Schindler Holding 82 19,067 0.02%Schindler Holding Registered 52 11,776 0.01%SGS 12 29,818 0.03%Sika 283 41,164 0.04%Sonova Holding 125 28,977 0.03%STMicroelectronics 1,627 30,279 0.03%Straumann Holding 23 18,888 0.02%Swatch Group 61 17,856 0.02%Swatch Group Registered 223 12,254 0.01%Swiss Life Holding 76 36,964 0.04%Swiss Prime Site 191 16,891 0.02%Swiss Re 690 67,299 0.07%Swisscom 63 30,705 0.03%

74


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Switzerland 3.46% (31 January 2019: 3.41%) (continued)

TE Connectivity 783 72,349 0.07%Temenos 153 27,215 0.03%UBS Group 8,852 99,205 0.10%Vifor Pharma 100 14,919 0.02%Zurich Insurance Group 385 134,750 0.14%

Total Switzerland 3,411,682 3.46% United Arab Emirates 0.01% (31 January 2019: 0.01%)

NMC Health 192 5,816 0.01%


3i Group 2,220 30,241 0.03%Admiral Group 386 10,242 0.01%Amcor 277 2,936 0.00%Amcor 3,661 39,188 0.04%Anglo American 2,449 61,143 0.06%Aon 545 103,141 0.10%Ashtead Group 1,097 30,531 0.03%Associated British Foods 782 23,172 0.02%AstraZeneca 2,883 249,260 0.25%Auto Trader Group 2,039 13,527 0.01%Aviva 9,009 44,797 0.05%BAE Systems 7,094 47,653 0.05%Barclays 39,656 74,816 0.08%Barratt Developments 2,580 20,382 0.02%Berkeley Group Holdings 250 11,871 0.01%BP 48,451 323,741 0.33%British American Tobacco 5,250 189,765 0.19%BT Group 18,806 44,484 0.05%Bunzl 739 19,455 0.02%Burberry Group 895 24,756 0.03%Capri Holdings 309 10,997 0.01%Centrica 12,535 11,677 0.01%CNH Industrial 2,643 26,996 0.03%Coca-Cola European Partners 521 28,801 0.03%Compass Group 3,686 94,013 0.10%Croda International 281 16,130 0.02%Diageo 5,527 233,040 0.24%Direct Line Insurance Group 2,796 11,038 0.01%easyJet 326 3,848 0.00%Experian 2,012 61,590 0.06%Ferguson 524 39,549 0.04%Fiat Chrysler Automobiles 2,388 32,001 0.03%G4S 3,262 7,651 0.01%GlaxoSmithKline 11,348 236,577 0.24%Halma 813 19,810 0.02%Hargreaves Lansdown 628 16,148 0.02%HSBC Holdings 45,895 369,040 0.36%IHS Markit 955 61,521 0.06%Imperial Brands 2,141 54,921 0.06%Informa 2,933 31,388 0.03%InterContinental Hotels Group 411 28,781 0.03%Intertek Group 409 28,586 0.03%ITV 7,397 10,049 0.01%J Sainsbury 3,600 8,668 0.01%John Wood Group 1,442 9,376 0.01%

75


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Johnson Matthey 426 16,770 0.02%Kingfisher 4,310 11,737 0.01%Legal & General Group 13,572 43,507 0.04%Liberty Global (Class A) 638 17,015 0.02%Liberty Global (Class C) 1,098 28,592 0.03%Linde 1,271 243,117 0.25%Lloyds Banking Group 163,645 106,860 0.11%London Stock Exchange Group 701 56,874 0.06%Marks & Spencer Group 4,887 12,441 0.01%Meggitt 1,587 11,593 0.01%Melrose Industries 10,793 24,706 0.03%Merlin Entertainments 1,422 7,861 0.01%Micro Focus International 754 16,053 0.02%Mondi 1,136 25,086 0.03%National Grid 11,245 116,251 0.12%Next 331 24,577 0.02%Ocado Group 1,001 15,266 0.02%Pearson 1,733 18,487 0.02%Pentair 358 13,894 0.01%Persimmon 695 17,096 0.02%Prudential 5,942 123,541 0.13%Reckitt Benckiser Group 1,617 126,161 0.13%RELX 4,507 107,806 0.11%Rentokil Initial 4,010 21,359 0.02%Rio Tinto 882 60,123 0.06%Rio Tinto (London Listed) 2,606 149,909 0.15%Rolls-Royce Holdings 3,773 39,823 0.04%Royal Bank of Scotland Group 10,829 28,773 0.03%RSA Insurance Group 2,240 15,376 0.02%Sage Group 2,740 24,156 0.02%Schroders 254 9,246 0.01%Severn Trent 535 13,200 0.01%Smith & Nephew 1,951 44,410 0.05%Smiths Group 1,173 23,584 0.02%Spirax-Sarco Engineering 160 17,622 0.02%SSE 2,348 31,639 0.03%St James's Place 1,398 16,844 0.02%Standard Chartered 6,509 53,941 0.05%Standard Life Aberdeen 5,502 20,130 0.02%Taylor Wimpey 6,703 13,280 0.01%TechnipFMC 998 27,485 0.03%Tesco 22,936 62,712 0.06%Unilever 3,324 193,670 0.20%Unilever (London Listed) 2,520 152,908 0.16%United Utilities Group 1,536 14,832 0.02%Vodafone Group 61,410 112,850 0.11%Weir Group 575 10,540 0.01%Whitbread 441 24,423 0.02%Willis Towers Watson 286 55,833 0.06%Wm Morrison Supermarkets 4,813 11,471 0.01%WPP 2,860 33,983 0.03%



3M 1,359 237,444 0.24%Abbott Laboratories 4,142 360,768 0.37%AbbVie 3,493 232,704 0.24%Abiomed 101 28,135 0.03%

76


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


United States 58.65% (31 January 2019: 57.61%) (continued)

Activision Blizzard 1,748 85,198 0.09%Acuity Brands 82 11,006 0.01%Adobe 1,167 348,770 0.35%Advance Auto Parts 193 29,074 0.03%Advanced Micro Devices 2,239 68,178 0.07%AES 1,663 27,922 0.03%Affiliated Managers Group 107 9,180 0.01%Aflac 1,668 87,804 0.09%Agilent Technologies 812 56,361 0.06%Air Products & Chemicals 497 113,450 0.12%Akamai Technologies 380 33,489 0.03%Albemarle 289 21,085 0.02%Alexion Pharmaceuticals 517 58,571 0.06%Align Technology 176 36,798 0.04%Alleghany 32 21,943 0.02%Allergan 756 121,338 0.12%Alliance Data Systems 106 16,634 0.02%Alliant Energy 564 27,941 0.03%Allstate 748 80,335 0.08%Ally Financial 943 31,034 0.03%Alnylam Pharmaceuticals 212 16,449 0.02%Alphabet (Class A) 722 879,539 0.89%Alphabet (Class C) 717 872,359 0.89%Altice USA 303 7,820 0.01%Altria Group 4,490 211,344 0.21%Amazon.com 979 1,827,577 1.87%AMERCO 20 7,740 0.01%Ameren 541 40,948 0.04%American Airlines Group 230 7,017 0.01%American Electric Power 1,137 99,840 0.10%American Express 1,699 211,305 0.21%American Financial Group 167 17,097 0.02%American International Group 1,982 110,972 0.11%American Water Works 403 46,256 0.05%Ameriprise Financial 366 53,257 0.05%AmerisourceBergen 349 30,415 0.03%AMETEK 636 56,992 0.06%Amgen 1,494 278,751 0.28%Amphenol 702 65,511 0.07%Anadarko Petroleum 1,168 86,035 0.09%Analog Devices 844 99,136 0.10%ANSYS 198 40,218 0.04%Anthem 609 179,417 0.18%AO Smith 358 16,271 0.02%Apache 915 22,344 0.02%Apple 11,061 2,356,434 2.40%Applied Materials 2,172 107,232 0.11%Aramark 541 19,579 0.02%Archer-Daniels-Midland 1,302 53,486 0.05%Arconic 966 24,189 0.02%Arista Networks 117 31,994 0.03%Arrow Electronics 188 13,651 0.01%Arthur J Gallagher 402 36,353 0.04%Assurant 148 16,777 0.02%AT&T 17,015 579,361 0.59%Atmos Energy 270 29,441 0.03%Autodesk 557 86,987 0.09%Automatic Data Processing 1,067 177,677 0.18%AutoZone 57 64,013 0.06%

77


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Avery Dennison 194 22,285 0.02%AXA Equitable Holdings 653 14,679 0.01%Axalta Coating Systems 560 16,593 0.02%Baker Hughes 1,145 29,072 0.03%Ball 718 51,323 0.05%Bank of America 21,569 661,737 0.67%Bank of New York Mellon 1,964 92,151 0.09%Bausch Health 698 16,855 0.02%Baxter International 1,227 103,031 0.10%BB&T 1,748 90,074 0.09%Becton Dickinson 647 163,562 0.17%Berkshire Hathaway 3,066 629,848 0.64%Best Buy 539 41,250 0.04%Biogen 448 106,543 0.11%BioMarin Pharmaceutical 399 31,649 0.03%BlackRock 293 137,030 0.14%Boeing 1,261 430,228 0.44%Booking Holdings 107 201,867 0.20%BorgWarner 559 21,130 0.02%Boston Scientific 3,348 142,156 0.14%Brighthouse Financial 215 8,422 0.01%Bristol-Myers Squibb 3,935 174,753 0.18%Broadcom 938 272,011 0.28%Broadridge Financial Solutions 259 32,924 0.03%Brown-Forman 817 44,780 0.05%Bunge 310 18,113 0.02%Burlington Stores 147 26,570 0.03%Cabot Oil & Gas 1,017 19,486 0.02%Cadence Design Systems 624 46,120 0.05%Campbell Soup 365 15,089 0.02%Capital One Financial 1,077 99,536 0.10%Cardinal Health 666 30,456 0.03%CarMax 384 33,700 0.03%Carnival 956 45,152 0.05%Carnival (London Listed) 367 16,640 0.02%Caterpillar 1,370 180,388 0.18%Cboe Global Markets 246 26,890 0.03%CBRE Group 734 38,909 0.04%CBS 892 45,947 0.05%CDK Global 255 13,227 0.01%CDW 332 39,229 0.04%Celanese 293 32,866 0.03%Celgene 1,672 153,590 0.16%Centene 952 49,590 0.05%CenterPoint Energy 1,146 33,245 0.03%CenturyLink 2,151 26,006 0.03%Cerner 759 54,382 0.06%CF Industries Holdings 556 27,555 0.03%CH Robinson Worldwide 303 25,370 0.03%Charles Schwab 2,744 118,596 0.12%Charter Communications 370 142,591 0.14%Chemours 484 9,230 0.01%Cheniere Energy 520 33,878 0.03%Chevron 4,425 544,762 0.55%Chipotle Mexican Grill 67 53,301 0.05%Church & Dwight 570 43,001 0.04%Cigna 907 154,117 0.16%Cimarex Energy 265 13,428 0.01%Cincinnati Financial 336 36,063 0.04%

78


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Cintas 235 61,203 0.06%Cisco Systems 10,381 575,107 0.58%CIT Group 280 14,154 0.01%Citigroup 5,584 397,357 0.40%Citizens Financial Group 1,044 38,899 0.04%Citrix Systems 312 29,403 0.03%Clorox 356 57,886 0.06%CME Group 846 164,479 0.17%CMS Energy 640 37,261 0.04%Coca-Cola 9,531 501,617 0.51%Cognex 376 16,548 0.02%Cognizant Technology Solutions 1,314 85,594 0.09%Colgate-Palmolive 1,872 134,297 0.14%Comcast 10,599 457,559 0.46%Comerica 367 26,864 0.03%CommScope Holding 405 5,783 0.01%Conagra Brands 1,157 33,403 0.03%Concho Resources 463 45,226 0.05%ConocoPhillips 2,596 153,372 0.16%Consolidated Edison 757 64,315 0.07%Constellation Brands 384 75,579 0.08%Continental Resources 193 7,174 0.01%Cooper 110 37,114 0.04%Copart 452 35,044 0.04%Corning 1,838 56,519 0.06%Corteva 1,736 51,212 0.05%CoStar Group 80 49,232 0.05%Costco Wholesale 1,042 287,206 0.29%Coty 616 6,721 0.01%Crown Holdings 316 20,227 0.02%CSX 1,845 129,888 0.13%Cummins 372 61,008 0.06%CVS Health 3,093 172,806 0.18%Danaher 1,483 208,362 0.21%Darden Restaurants 280 34,037 0.03%DaVita 277 16,578 0.02%Deere 731 121,090 0.12%Dell Technologies 343 19,805 0.02%Delta Air Lines 409 24,965 0.03%Dentsply Sirona 491 26,735 0.03%Devon Energy 1,004 27,108 0.03%DexCom 207 32,472 0.03%Diamondback Energy 371 38,373 0.04%Discover Financial Services 884 79,330 0.08%Discovery (Class A) 438 13,276 0.01%Discovery (Class C) 722 20,389 0.02%DISH Network 511 17,302 0.02%DocuSign 209 10,809 0.01%Dollar General 623 83,494 0.08%Dollar Tree 580 59,015 0.06%Dominion Energy 1,833 136,174 0.14%Domino's Pizza 92 22,497 0.02%Dover 325 31,476 0.03%Dow 1,803 87,337 0.09%DR Horton 803 36,882 0.04%Dropbox 391 9,212 0.01%DTE Energy 401 50,971 0.05%Duke Energy 1,662 144,129 0.15%DuPont de Nemours 1,767 127,507 0.13%

79


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



DXC Technology 603 33,629 0.03%E*TRADE Financial 570 27,810 0.03%East West Bancorp 400 19,204 0.02%Eastman Chemical 377 28,407 0.03%Eaton 1,025 84,245 0.09%Eaton Vance 236 10,502 0.01%eBay 2,026 83,451 0.08%Ecolab 593 119,626 0.12%Edison International 788 58,738 0.06%Edwards Lifesciences 477 101,529 0.10%Elanco Animal Health 601 19,809 0.02%Electronic Arts 685 63,363 0.06%Eli Lilly 2,123 231,301 0.23%Emerson Electric 1,560 101,213 0.10%Entergy 456 48,163 0.05%EOG Resources 1,355 116,327 0.12%EPAM Systems 136 26,355 0.03%Equifax 277 38,528 0.04%Equitrans Midstream 5 83 0.00%Erie Indemnity 56 12,475 0.01%Estee Lauder 497 91,542 0.09%Evergy 566 34,237 0.03%Eversource Energy 753 57,123 0.06%Exact Sciences 278 32,001 0.03%Exelon 2,200 99,132 0.10%Expedia Group 341 45,264 0.05%Expeditors International of Washington 406 30,998 0.03%Exxon Mobil 9,821 730,289 0.74%F5 Networks 129 18,927 0.02%Facebook 5,596 1,086,910 1.10%FactSet Research Systems 98 27,175 0.03%Fastenal 1,277 39,332 0.04%FedEx 580 98,907 0.10%Fidelity National Financial 611 26,200 0.03%Fidelity National Information Services 1,435 191,214 0.19%Fifth Third Bancorp 2,157 64,041 0.07%First Republic Bank 367 36,465 0.04%FirstEnergy 1,207 53,072 0.05%Fiserv 1,346 141,909 0.14%FleetCor Technologies 198 56,266 0.06%Flex 1,094 12,198 0.01%FLIR Systems 299 14,848 0.02%Flowserve 289 14,459 0.01%Fluor 287 9,330 0.01%FMC 328 28,346 0.03%Ford Motor 8,921 85,017 0.09%Fortinet 316 25,378 0.03%Fortive 699 53,159 0.05%Fortune Brands Home & Security 349 19,174 0.02%Fox (Class A) 869 32,431 0.03%Fox (Class B) 486 18,079 0.02%Franklin Resources 674 21,993 0.02%Freeport-McMoRan 3,523 38,964 0.04%Gap 472 9,204 0.01%Gartner 202 28,145 0.03%General Dynamics 576 107,101 0.11%General Electric 20,549 214,737 0.22%General Mills 1,370 72,761 0.07%General Motors 3,116 125,699 0.13%

80


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Genuine Parts 334 32,438 0.03%Gilead Sciences 3,097 202,915 0.21%Global Payments 366 61,459 0.06%GoDaddy 391 28,692 0.03%Goldman Sachs Group 791 174,123 0.18%GrubHub 199 13,458 0.01%H&R Block 449 12,433 0.01%Halliburton 2,029 46,667 0.05%Hanesbrands 791 12,727 0.01%Harley-Davidson 596 21,325 0.02%Hartford Financial Services Group 822 47,372 0.05%Hasbro 262 31,744 0.03%HCA Healthcare 626 83,577 0.08%HD Supply Holdings 439 17,784 0.02%HEICO 114 15,590 0.02%HEICO (Class A) 152 16,019 0.02%Helmerich & Payne 279 13,861 0.01%Henry Schein 334 22,224 0.02%Hershey 341 51,743 0.05%Hess 652 42,276 0.04%Hewlett Packard Enterprise 3,248 46,674 0.05%Hilton Worldwide Holdings 648 62,564 0.06%HollyFrontier 417 20,754 0.02%Hologic 641 32,851 0.03%Home Depot 2,634 562,859 0.57%Honeywell International 1,702 293,527 0.30%Hormel Foods 646 26,480 0.03%HP 3,512 73,892 0.08%Humana 311 92,289 0.09%Huntington Bancshares 2,395 34,129 0.03%Huntington Ingalls Industries 92 21,004 0.02%InterActiveCorp 207 49,483 0.05%IDEX 174 29,270 0.03%IDEXX Laboratories 227 64,025 0.07%Illinois Tool Works 805 124,155 0.13%Illumina 337 100,891 0.10%Incyte 406 34,478 0.04%Ingersoll-Rand 592 73,207 0.07%Ingredion 167 12,907 0.01%Intel 10,558 533,707 0.54%Intercontinental Exchange 1,357 119,226 0.12%International Business Machines 2,102 311,600 0.32%International Flavors & Fragrances 239 34,414 0.03%International Paper 916 40,222 0.04%Interpublic Group 854 19,574 0.02%Intuit 626 173,596 0.18%Intuitive Surgical 280 145,463 0.15%Invesco 1,090 20,917 0.02%Ionis Pharmaceuticals 290 19,099 0.02%IPG Photonics 76 9,957 0.01%IQVIA Holdings 385 61,280 0.06%Jack Henry & Associates 265 37,021 0.04%Jacobs Engineering Group 343 28,301 0.03%JB Hunt Transport Services 190 19,450 0.02%Jefferies Financial Group 544 11,604 0.01%JM Smucker 299 33,246 0.03%Johnson & Johnson 6,244 813,093 0.83%Johnson Controls International 1,994 84,625 0.09%Jones Lang LaSalle 117 17,046 0.02%

81


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



JPMorgan Chase 7,677 890,531 0.90%Juniper Networks 763 20,616 0.02%Kansas City Southern 244 30,193 0.03%Kellogg 578 33,651 0.03%KeyCorp 2,250 41,333 0.04%Keysight Technologies 417 37,330 0.04%Kimberly-Clark 788 106,892 0.11%Kinder Morgan 4,649 95,862 0.10%KKR 1,081 28,917 0.03%KLA 360 49,075 0.05%Knight-Swift Transportation Holdings 265 9,498 0.01%Kohl's 360 19,390 0.02%Kraft Heinz 1,484 47,503 0.05%Kroger 2,017 42,680 0.04%L Brands 479 12,430 0.01%L3Harris Technologies 548 113,765 0.12%Laboratory of America Holdings 231 38,697 0.04%Lam Research 379 79,063 0.08%Lamb Weston Holdings 320 21,478 0.02%Las Vegas Sands 898 54,275 0.06%Lear 131 16,608 0.02%Leggett & Platt 338 13,510 0.01%Leidos Holdings 321 26,354 0.03%Lennar 644 30,635 0.03%Lennox International 78 20,005 0.02%Liberty Broadband 237 23,584 0.02%Liberty Media-Liberty Formula One 456 17,957 0.02%Liberty Media-Liberty SiriusXM (Class A) 466 19,400 0.02%Liberty Media-Liberty SiriusXM (Class C) 153 6,405 0.01%Lincoln National 475 31,037 0.03%Live Nation Entertainment 328 23,636 0.02%LKQ 687 18,501 0.02%Lockheed Martin 602 218,026 0.22%Loews 621 33,248 0.03%Lowe's 1,892 191,849 0.19%LyondellBasell Industries 688 57,579 0.06%M&T Bank 347 56,995 0.06%Macy's 630 14,320 0.01%ManpowerGroup 124 11,327 0.01%Marathon Oil 1,886 26,536 0.03%Marathon Petroleum 1,588 89,547 0.09%Markel 31 34,532 0.04%MarketAxess Holdings 83 27,974 0.03%Marriott International 668 92,892 0.09%Marsh & McLennan 1,232 121,722 0.12%Martin Marietta Materials 141 34,933 0.04%Marvell Technology Group 1,398 36,711 0.04%Masco 707 28,824 0.03%Mastercard 2,142 583,202 0.59%Maxim Integrated Products 603 35,692 0.04%McCormick 275 43,599 0.04%McDonald's 1,795 378,242 0.38%McKesson 441 61,277 0.06%Merck 6,096 505,907 0.51%MetLife 1,848 91,328 0.09%Mettler-Toledo International 56 42,378 0.04%MGM Resorts International 1,153 34,613 0.04%Microchip Technology 527 49,759 0.05%Micron Technology 2,560 114,918 0.12%

82


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Microsoft 17,074 2,326,673 2.37%Middleby 123 16,529 0.02%Mohawk Industries 135 16,833 0.02%Molson Coors Brewing 448 24,188 0.02%Mondelez International 3,456 184,861 0.19%MongoDB 70 10,025 0.01%Monster Beverage 995 64,148 0.07%Moody's 397 85,093 0.09%Morgan Stanley 2,925 130,338 0.13%Mosaic 1,004 25,291 0.03%Motorola Solutions 378 62,733 0.06%MSCI 220 49,993 0.05%Mylan 1,134 23,701 0.02%Nasdaq 255 24,574 0.02%National Oilwell Varco 1,297 30,895 0.03%Nektar Therapeutics 382 10,872 0.01%NetApp 557 32,579 0.03%Netflix 1,031 333,003 0.34%Newell Brands 978 13,878 0.01%Newmont Goldcorp 1,935 70,666 0.07%News 953 12,541 0.01%NextEra Energy 1,077 223,122 0.23%Nielsen Holdings 785 18,181 0.02%Nike 3,013 259,208 0.26%NiSource 955 28,354 0.03%Noble Energy 1,167 25,767 0.03%Nordstrom 240 7,946 0.01%Norfolk Southern 652 124,610 0.13%Northern Trust 461 45,178 0.05%Northrop Grumman 392 135,463 0.14%Norwegian Cruise Line Holdings 501 24,769 0.03%NRG Energy 754 25,742 0.03%Nucor 698 37,957 0.04%NVIDIA 1,365 230,303 0.23%NVR 8 26,753 0.03%Occidental Petroleum 1,747 89,726 0.09%OGE Energy 534 22,935 0.02%Okta 235 30,745 0.03%Old Dominion Freight Line 143 23,878 0.02%Omnicom Group 588 47,169 0.05%ON Semiconductor 888 19,101 0.02%ONEOK 929 65,104 0.07%Oracle 5,937 334,253 0.34%O'Reilly Automotive 179 68,156 0.07%Owensrning 233 13,514 0.01%PACCAR 846 59,338 0.06%Packaging of America 227 22,920 0.02%Palo Alto Networks 207 46,894 0.05%Parker-Hannifin 293 51,298 0.05%Parsley Energy 740 12,277 0.01%Paychex 744 61,789 0.06%Paycom Software 106 25,520 0.03%PayPal Holdings 2,640 291,456 0.30%People's United Financial 1,214 19,934 0.02%PepsiCo 3,288 420,239 0.43%PerkinElmer 367 31,606 0.03%Pfizer 13,045 506,668 0.51%Philip Morris International 3,725 311,447 0.32%Phillips 66 1,049 107,585 0.11%

83


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Pinnacle West Capital 292 26,636 0.03%Pioneer Natural Resources 388 53,560 0.05%Plains GP Holdings 310 7,490 0.01%PNC Financial Services Group 1,120 160,048 0.16%Polaris Industries 150 14,201 0.01%PPG Industries 548 64,330 0.07%PPL 1,705 50,519 0.05%Principal Financial Group 623 36,159 0.04%Procter & Gamble 5,885 694,665 0.71%Progressive 1,329 107,622 0.11%Prudential Financial 938 95,029 0.10%PTC 245 16,606 0.02%Public Service Enterprise Group 1,118 63,894 0.06%PulteGroup 574 18,087 0.02%PVH 166 14,761 0.01%Qorvo 267 19,568 0.02%Qualcomm 2,849 208,433 0.21%Quest Diagnostics 296 30,216 0.03%Qurate Retail 891 12,599 0.01%Ralph Lauren 108 11,257 0.01%Raymond James Financial 342 27,589 0.03%Raytheon 650 118,489 0.12%Regeneron Pharmaceuticals 186 56,685 0.06%Regions Financial 2,320 36,958 0.04%Reinsurance Group of America 139 21,673 0.02%Republic Services 497 44,059 0.04%Resideo Technologies 10 189 0.00%ResMed 331 42,600 0.04%Robert Half International 299 18,063 0.02%Rockwell Automation 268 43,089 0.04%Rollins 325 10,897 0.01%Roper Technologies 236 85,821 0.09%Ross Stores 846 89,701 0.09%Royal Caribbean Cruises 417 48,514 0.05%S&P Global 599 146,725 0.15%Sabre 608 14,294 0.01%salesforce.com 1,828 282,426 0.29%Schlumberger 3,191 127,544 0.13%Seagate Technology 605 28,018 0.03%Sealed Air 361 15,086 0.02%Seattle Genetics 250 18,928 0.02%SEI Investments 289 17,222 0.02%Sempra Energy 623 84,373 0.09%Sensata Technologies Holding 368 17,454 0.02%ServiceNow 412 114,285 0.12%Sherwin-Williams 192 98,504 0.10%Signature Bank 121 15,423 0.02%Sirius XM Holdings 3,697 23,143 0.02%Skyworks Solutions 397 33,856 0.03%Snap 1,497 25,150 0.03%Snap-on 123 18,771 0.02%Southern 2,368 133,082 0.14%Southwest Airlines 307 15,820 0.02%Spirit AeroSystems Holdings 234 17,981 0.02%Splunk 324 43,840 0.04%Sprint 1,824 13,370 0.01%Square 753 60,549 0.06%SS&C Technologies Holdings 535 25,653 0.03%Stanley Black & Decker 346 51,066 0.05%

84


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Starbucks 2,950 279,336 0.28%State Street 888 51,584 0.05%Steel Dynamics 553 17,425 0.02%STERIS 208 30,963 0.03%Stryker 765 160,482 0.16%SunTrust Banks 983 65,468 0.07%SVB Financial Group 120 27,836 0.03%Symantec 1,417 30,551 0.03%Synchrony Financial 1,409 50,555 0.05%Synopsys 337 44,740 0.05%Sysco 1,125 77,141 0.08%T Rowe Price Group 548 62,138 0.06%Tableau Software 166 28,142 0.03%Take-Two Interactive Software 247 30,262 0.03%Tapestry 633 19,579 0.02%Targa Resources 565 21,984 0.02%Target 1,189 102,730 0.10%TD Ameritrade Holding 618 31,580 0.03%Teleflex 104 35,333 0.04%Tesla 296 71,517 0.07%Texas Instruments 2,248 281,022 0.29%Textron 542 26,721 0.03%Thermo Fisher Scientific 945 262,408 0.27%Tiffany 273 25,640 0.03%TJX 2,926 159,643 0.16%T-Mobile US 844 67,292 0.07%Torchmark 279 25,478 0.03%Total System Services 370 50,216 0.05%Tractor Supply 282 30,684 0.03%TransDigm Group 108 52,428 0.05%TransUnion 426 35,269 0.04%Travelers 589 86,359 0.09%Trimble 555 23,454 0.02%TripAdvisor 335 14,790 0.02%Twilio 246 34,221 0.03%Twitter 1,680 71,081 0.07%Tyson Foods 681 54,140 0.05%Uber Technologies 403 16,982 0.02%UGI 423 21,611 0.02%Ulta Beauty 144 50,292 0.05%Under Armour (Class A) 464 9,438 0.01%Under Armour (Class C) 376 8,674 0.01%Union Pacific 1,694 304,835 0.31%United Airlines Holdings 148 13,603 0.01%United Parcel Service 1,673 199,873 0.20%United Rentals 174 22,020 0.02%United Technologies 1,952 260,787 0.26%UnitedHealth Group 2,253 561,020 0.57%Universal Health Services 185 27,909 0.03%Unum Group 549 17,541 0.02%US Bancorp 3,640 208,026 0.21%Vail Resorts 89 21,940 0.02%Valero Energy 982 83,716 0.08%Varian Medical Systems 198 23,239 0.02%Veeva Systems 304 50,434 0.05%VeriSign 296 62,483 0.06%Verisk Analytics 369 55,985 0.06%Verizon Communications 9,683 535,179 0.54%Vertex Pharmaceuticals 639 106,470 0.11%

85


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



VF 768 67,116 0.07%Viacom 784 23,794 0.02%Visa 4,076 725,527 0.74%Vistra Energy 954 20,473 0.02%VMware 180 31,408 0.03%Voya Financial 384 21,569 0.02%Vulcan Materials 308 42,612 0.04%WABCO Holdings 113 14,962 0.02%Wabtec 348 27,033 0.03%Walgreens Boots Alliance 1,832 99,826 0.10%Walmart 3,391 374,299 0.38%Walt Disney 4,219 603,359 0.61%Waste Connections 681 61,780 0.06%Waste Management 968 113,256 0.11%Waters 156 32,847 0.03%Wayfair 132 17,313 0.02%WEC Energy Group 760 64,950 0.07%WellCare Health Plans 110 31,598 0.03%Wells Fargo 10,184 493,007 0.50%Western Digital 648 34,921 0.04%Western Union 1,134 23,814 0.02%Westlake Chemical 120 8,108 0.01%Westrock 643 23,180 0.02%Whirlpool 139 20,222 0.02%Williams 2,788 68,696 0.07%Workday 347 69,393 0.07%WR Berkley 322 22,344 0.02%WW Grainger 108 31,431 0.03%Wynn Resorts 214 27,835 0.03%Xcel Energy 1,204 71,770 0.07%Xerox 458 14,702 0.01%Xilinx 578 66,013 0.07%XPO Logistics 229 15,453 0.02%Xylem 409 32,839 0.03%Yum! Brands 714 80,339 0.08%Zayo Group Holdings 514 17,337 0.02%Zebra Technologies 118 24,885 0.03%Zillow Group 278 13,889 0.01%Zimmer Biomet Holdings 462 62,430 0.06%Zions Bancorp 505 22,760 0.02%Zoetis 1,094 125,690 0.13%

Total United States 57,758,055 58.65%




Dexus REIT 2,413 21,821 0.02%Goodman Group REIT 4,004 40,873 0.05%GPT Group REIT 5,253 22,484 0.02%Mirvac Group REIT 10,207 22,653 0.02%

86


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Scentre Group REIT 13,512 37,159 0.04%Stockland REIT 5,471 17,233 0.02%Vicinity Centres REIT 7,484 13,463 0.01%

Total Australia 175,686 0.18%

Canada 0.02% (31 January 2019: 0.02%)

H&R REIT 303 5,233 0.01%RioCan REIT 323 6,400 0.01%SmartCentres REIT 159 3,922 0.00%

Total Canada 15,555 0.02%

France 0.10% (31 January 2019: 0.11%)

Covivio REIT 96 9,871 0.01%Gecina REIT 102 15,740 0.02%ICADE REIT 100 8,740 0.01%Klepierre REIT 557 17,265 0.02%Unibail-Rodamco-Westfield REIT 339 45,671 0.04%

Total France 97,287 0.10%


Link REIT 5,000 58,397 0.06%

Japan 0.10% (31 January 2019: 0.12%)

Daiwa House REIT Investment 4 9,818 0.01%Japan Prime Realty Investment REIT 2 8,869 0.01%Japan REIT 3 18,816 0.02%Japan Retail Fund Investment REIT 5 10,076 0.01%Nippon Building Fund REIT 3 21,110 0.02%Nippon Prologis REIT 4 9,641 0.01%Nomura Real Estate Master Fund REIT 8 12,740 0.01%United Urban Investment REIT 6 10,174 0.01%

Total Japan 101,244 0.10%


Ascendas REIT 5,100 11,403 0.01%CapitaLand Mall Trust REIT 6,300 12,061 0.01%CapitaLandmmercial Trust REIT 6,700 10,085 0.01%Suntec REIT 3,900 5,443 0.01%



British Land REIT 1,850 11,507 0.01%Land Securities Group REIT 1,538 14,994 0.02%Segro REIT 2,347 21,962 0.02%



AGNC Investment REIT 1,245 21,339 0.02%Alexandria Real Estate Equities REIT 264 38,639 0.04%American Tower REIT 1,005 212,679 0.21%Annaly Capital Management REIT 3,346 31,954 0.03%AvalonBay Communities REIT 324 67,648 0.07%Boston Properties REIT 356 47,330 0.05%Camden Property Trust REIT 228 23,646 0.02%Crown Castle International REIT 949 126,464 0.12%

87


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Digital Realty Trust REIT 482 55,122 0.06%Duke Realty REIT 866 28,864 0.03%Equinix REIT 185 92,889 0.09%Equity LifeStyle Properties REIT 198 24,602 0.02%Equity Residential REIT 824 65,005 0.07%Essex Property Trust REIT 148 44,729 0.05%Extra Space Storage REIT 292 32,818 0.03%Federal Realty Investment Trust REIT 202 26,666 0.03%HCP REIT 1,182 37,741 0.04%Host Hotels & Resorts REIT 1,701 29,580 0.03%Invitation Homes REIT 1,014 27,855 0.03%Iron Mountain REIT 758 22,293 0.02%Kimco Realty REIT 1,094 21,016 0.02%Liberty Property Trust REIT 464 24,267 0.02%Macerich REIT 395 13,055 0.01%Mid-America Apartment Communities REIT 263 30,992 0.03%National Retail Properties REIT 407 21,262 0.02%Prologis REIT 1,462 117,852 0.12%Public Storage REIT 359 87,151 0.09%Realty Income REIT 714 49,416 0.05%Regency Centers REIT 396 26,413 0.03%SBA Communications REIT 261 64,052 0.07%Simon Property Group REIT 708 114,838 0.12%SL Green Realty REIT 206 16,702 0.02%Sun Communities REIT 199 26,429 0.03%UDR REIT 652 30,031 0.03%Ventas REIT 855 57,533 0.06%VEREIT REIT 2,611 23,812 0.02%Vornado Realty Trust REIT 414 26,628 0.03%Welltower REIT 895 74,392 0.08%Weyerhaeuser REIT 1,837 46,678 0.05%WP Carey REIT 380 32,885 0.03%


Total Transferable Securities 2,498,891 2.54%

Warrants 0.00% (31 January 2019: 0.00%)

Canada 0.00% (31 January 2019: 0.00%)

Australis Capital (expires 31/12/2019) 10 5 0.00%

Total Warrants 5 0.00%Financial Assets at Fair Value Through Profit or Loss 97,071,358 98.56%

Financial Derivative Instruments (0.18%) (31 January 2019: 0.04%)

Futures Contracts 0.02% (31 January 2019: 0.04%)


Notional Amount


USD % of Sub-

Fund NAV* S&P 500 E-mini 20 September 2019 Morgan Stanley 7 1,023,398 20,390 0.03% MSCI EAFE 20 September 2019 Morgan Stanley 6 571,087 (5,497) (0.01%) Total Futures Contracts 14,893 0.02%

88


Financial Derivative Instruments (0.18%) (31 January 2019: 0.04%) (continued) Open Forward Foreign Exchange Contracts held for Portfolio Hedging Purposes 0.09% (31 January 2019: (0.00%))



USD% of Sub-

Fund NAV*USD 2,227,249 EUR (1,973,060) Brown Brothers Harriman 19/08/2019 27,371 0.04%USD 1,164,764 GBP (929,632) Brown Brothers Harriman 19/08/2019 25,513 0.03%USD 517,875 AUD (735,334) Brown Brothers Harriman 19/08/2019 10,720 0.01%USD 1,683,496 JPY (181,422,151) Brown Brothers Harriman 19/08/2019 10,429 0.01%USD 186,815 SEK (1,743,229) Brown Brothers Harriman 19/08/2019 4,858 0.00%USD 731,038 CAD (953,460) Brown Brothers Harriman 19/08/2019 4,700 0.00%USD 643,806 CHF (632,387) Brown Brothers Harriman 19/08/2019 4,019 0.00%USD 261,607 EUR (231,750) Brown Brothers Harriman 19/08/2019 3,215 0.00%USD 136,810 GBP (109,192) Brown Brothers Harriman 19/08/2019 2,997 0.00%USD 118,093 DKK (781,033) Brown Brothers Harriman 19/08/2019 1,461 0.00%USD 47,334 NOK (403,782) Brown Brothers Harriman 19/08/2019 1,333 0.00%USD 60,829 AUD (86,371) Brown Brothers Harriman 19/08/2019 1,259 0.00%USD 197,739 JPY (21,309,368) Brown Brothers Harriman 19/08/2019 1,225 0.00%USD 97,326 SGD (131,974) Brown Brothers Harriman 19/08/2019 869 0.00%USD 21,943 SEK (204,755) Brown Brothers Harriman 19/08/2019 571 0.00%USD 85,866 CAD (111,991) Brown Brothers Harriman 19/08/2019 552 0.00%USD 75,620 CHF (74,279) Brown Brothers Harriman 19/08/2019 472 0.00%USD 263,225 HKD (2,056,301) Brown Brothers Harriman 19/08/2019 471 0.00%USD 18,109 NZD (26,879) Brown Brothers Harriman 19/08/2019 362 0.00%USD 32,020 EUR (28,503) Brown Brothers Harriman 19/08/2019 240 0.00%USD 30,763 JPY (3,312,152) Brown Brothers Harriman 19/08/2019 218 0.00%USD 13,373 GBP (10,762) Brown Brothers Harriman 19/08/2019 185 0.00%USD 13,871 DKK (91,738) Brown Brothers Harriman 19/08/2019 172 0.00%USD 5,560 NOK (47,427) Brown Brothers Harriman 19/08/2019 157 0.00%USD 11,432 SGD (15,501) Brown Brothers Harriman 19/08/2019 102 0.00%USD 7,072 AUD (10,148) Brown Brothers Harriman 19/08/2019 73 0.00%USD 3,135 SEK (29,385) Brown Brothers Harriman 19/08/2019 68 0.00%USD 30,918 HKD (241,528) Brown Brothers Harriman 19/08/2019 55 0.00%USD 8,222 CHF (8,080) Brown Brothers Harriman 19/08/2019 47 0.00%USD 2,127 NZD (3,157) Brown Brothers Harriman 19/08/2019 43 0.00%USD 2,104 SEK (19,902) Brown Brothers Harriman 19/08/2019 26 0.00%USD 32,488 EUR (29,115) Brown Brothers Harriman 19/08/2019 26 0.00%USD 3,600 JPY (387,624) Brown Brothers Harriman 19/08/2019 26 0.00%USD 2,798 EUR (2,491) Brown Brothers Harriman 19/08/2019 21 0.00%USD 1,072 EUR (949) Brown Brothers Harriman 19/08/2019 13 0.00%USD 559 GBP (446) Brown Brothers Harriman 19/08/2019 12 0.00%USD 1,229 DKK (8,167) Brown Brothers Harriman 19/08/2019 9 0.00%USD 819 NOK (7,111) Brown Brothers Harriman 19/08/2019 9 0.00%USD 829 AUD (1,189) Brown Brothers Harriman 19/08/2019 9 0.00%USD 367 SEK (3,439) Brown Brothers Harriman 19/08/2019 8 0.00%USD 3,117 HKD (24,328) Brown Brothers Harriman 19/08/2019 8 0.00%USD 902 CHF (885) Brown Brothers Harriman 19/08/2019 7 0.00%CAD 9,534 USD (7,256) Brown Brothers Harriman 19/08/2019 7 0.00%USD 288 NZD (428) Brown Brothers Harriman 19/08/2019 6 0.00%USD 248 AUD (353) Brown Brothers Harriman 19/08/2019 5 0.00%USD 808 JPY (87,027) Brown Brothers Harriman 19/08/2019 5 0.00%ILS 951 USD (269) Brown Brothers Harriman 19/08/2019 3 0.00%USD 246 SEK (2,329) Brown Brothers Harriman 19/08/2019 3 0.00%USD 3,802 EUR (3,407) Brown Brothers Harriman 19/08/2019 3 0.00%USD 90 SEK (836) Brown Brothers Harriman 19/08/2019 2 0.00%USD 351 CAD (457) Brown Brothers Harriman 19/08/2019 2 0.00%USD 309 CHF (303) Brown Brothers Harriman 19/08/2019 2 0.00%CHF 868 USD (877) Brown Brothers Harriman 19/08/2019 1 0.00%USD 96 NOK (832) Brown Brothers Harriman 19/08/2019 1 0.00%USD 30 NZD (44) Brown Brothers Harriman 19/08/2019 1 0.00%USD 57 DKK (375) Brown Brothers Harriman 19/08/2019 1 0.00%USD 23 NOK (194) Brown Brothers Harriman 19/08/2019 1 0.00%ILS 146 USD (41) Brown Brothers Harriman 19/08/2019 1 0.00%USD 24 NZD (35) Brown Brothers Harriman 19/08/2019 0 0.00%USD 47 SGD (63) Brown Brothers Harriman 19/08/2019 0 0.00%

89


Financial Derivative Instruments (0.18%) (31 January 2019: 0.04%) (continued) Open Forward Foreign Exchange Contracts held for Portfolio Hedging Purposes 0.09% (31 January 2019: (0.00%)) (continued)



USD% of Sub-

Fund NAV*USD 1,052 SGD (1,440) Brown Brothers Harriman 19/08/2019 0 0.00%USD 126 HKD (986) Brown Brothers Harriman 19/08/2019 0 0.00%USD 1,335 DKK (8,939) Brown Brothers Harriman 19/08/2019 0 0.00%USD 9 NZD (13) Brown Brothers Harriman 19/08/2019 0 0.00%USD 14 JPY (1,558) Brown Brothers Harriman 19/08/2019 0 0.00%USD 4 AUD (6) Brown Brothers Harriman 19/08/2019 0 0.00%USD 249 DKK (1,669) Brown Brothers Harriman 19/08/2019 0 0.00%USD 1 SEK (14) Brown Brothers Harriman 19/08/2019 0 0.00%USD 15 EUR (14) Brown Brothers Harriman 19/08/2019 0 0.00%CHF 3 USD (3) Brown Brothers Harriman 19/08/2019 0 0.00%USD 1 HKD (11) Brown Brothers Harriman 19/08/2019 0 0.00%USD 1 SEK (9) Brown Brothers Harriman 19/08/2019 0 0.00%USD 3 AUD (4) Brown Brothers Harriman 19/08/2019 0 0.00%USD 3 CHF (3) Brown Brothers Harriman 19/08/2019 0 0.00%DKK 4 USD (1) Brown Brothers Harriman 19/08/2019 0 0.00%HKD 12 USD (2) Brown Brothers Harriman 19/08/2019 0 0.00%HKD 16 USD (2) Brown Brothers Harriman 19/08/2019 0 0.00%HKD 15 USD (2) Brown Brothers Harriman 19/08/2019 0 0.00%USD 0 ILS 0 Brown Brothers Harriman 19/08/2019 0 0.00%USD 0 ILS 0 Brown Brothers Harriman 19/08/2019 0 0.00%ILS 1 USD 0 Brown Brothers Harriman 19/08/2019 0 0.00%USD 0 NOK (3) Brown Brothers Harriman 19/08/2019 0 0.00%NOK 2 USD 0 Brown Brothers Harriman 19/08/2019 0 0.00%NOK 3 USD 0 Brown Brothers Harriman 19/08/2019 0 0.00%USD 0 NZD 0 Brown Brothers Harriman 19/08/2019 0 0.00%NZD 0 USD 0 Brown Brothers Harriman 19/08/2019 0 0.00%SGD 1 USD (1) Brown Brothers Harriman 19/08/2019 0 0.00%USD 0 SGD (1) Brown Brothers Harriman 19/08/2019 0 0.00%NOK 5 USD (1) Brown Brothers Harriman 19/08/2019 (0) (0.00%)HKD 14 USD (2) Brown Brothers Harriman 19/08/2019 (0) (0.00%)SEK 10 USD (1) Brown Brothers Harriman 19/08/2019 (0) (0.00%)NOK 3 USD 0 Brown Brothers Harriman 19/08/2019 (0) (0.00%)EUR 18 USD (20) Brown Brothers Harriman 19/08/2019 (0) (0.00%)SEK 15 USD (2) Brown Brothers Harriman 19/08/2019 (0) (0.00%)CAD 10 USD (8) Brown Brothers Harriman 19/08/2019 (0) (0.00%)SEK 22 USD (2) Brown Brothers Harriman 19/08/2019 (0) (0.00%)AUD 5 USD (4) Brown Brothers Harriman 19/08/2019 (0) (0.00%)AUD 5 USD (3) Brown Brothers Harriman 19/08/2019 (0) (0.00%)USD 14 GBP (11) Brown Brothers Harriman 19/08/2019 (0) (0.00%)NOK 518 USD (59) Brown Brothers Harriman 19/08/2019 (0) (0.00%)USD 11 ILS (39) Brown Brothers Harriman 19/08/2019 (0) (0.00%)EUR 17 USD (19) Brown Brothers Harriman 19/08/2019 (0) (0.00%)GBP 8 USD (10) Brown Brothers Harriman 19/08/2019 (0) (0.00%)USD 30 ILS (106) Brown Brothers Harriman 19/08/2019 (0) (0.00%)JPY 3,358 USD (31) Brown Brothers Harriman 19/08/2019 (0) (0.00%)DKK 1,725 USD (258) Brown Brothers Harriman 19/08/2019 (0) (0.00%)NZD 40 USD (27) Brown Brothers Harriman 19/08/2019 (0) (0.00%)USD 622 AUD (903) Brown Brothers Harriman 19/08/2019 (1) (0.00%)HKD 2,707 USD (347) Brown Brothers Harriman 19/08/2019 (1) (0.00%)HKD 5,742 USD (734) Brown Brothers Harriman 19/08/2019 (1) (0.00%)NOK 720 USD (83) Brown Brothers Harriman 19/08/2019 (1) (0.00%)USD 841 CHF (832) Brown Brothers Harriman 19/08/2019 (1) (0.00%)NOK 4,415 USD (504) Brown Brothers Harriman 19/08/2019 (1) (0.00%)NOK 671 USD (78) Brown Brothers Harriman 19/08/2019 (2) (0.00%)USD 256 ILS (901) Brown Brothers Harriman 19/08/2019 (2) (0.00%)NOK 660 USD (77) Brown Brothers Harriman 19/08/2019 (2) (0.00%)SEK 2,471 USD (261) Brown Brothers Harriman 19/08/2019 (3) (0.00%)HKD 33,194 USD (4,245) Brown Brothers Harriman 19/08/2019 (4) (0.00%)DKK 14,724 USD (2,202) Brown Brothers Harriman 19/08/2019 (4) (0.00%)

90


Financial Derivative Instruments (0.18%) (31 January 2019: 0.04%) (continued) Open Forward Foreign Exchange Contracts held for Portfolio Hedging Purposes 0.09% (31 January 2019: (0.00%)) (continued)



USD% of Sub-

Fund NAV*USD 5,328 AUD (7,731) Brown Brothers Harriman 19/08/2019 (4) (0.00%)HKD 24,800 USD (3,174) Brown Brothers Harriman 19/08/2019 (5) (0.00%)NOK 6,151 USD (707) Brown Brothers Harriman 19/08/2019 (6) (0.00%)CAD 1,278 USD (981) Brown Brothers Harriman 19/08/2019 (7) (0.00%)EUR 4,450 USD (4,970) Brown Brothers Harriman 19/08/2019 (8) (0.00%)SEK 3,192 USD (343) Brown Brothers Harriman 19/08/2019 (10) (0.00%)SEK 3,619 USD (388) Brown Brothers Harriman 19/08/2019 (10) (0.00%)HKD 31,042 USD (3,976) Brown Brothers Harriman 19/08/2019 (10) (0.00%)NOK 4,253 USD (496) Brown Brothers Harriman 19/08/2019 (11) (0.00%)USD 2,493 GBP (2,048) Brown Brothers Harriman 19/08/2019 (16) (0.00%)NOK 5,648 USD (662) Brown Brothers Harriman 19/08/2019 (18) (0.00%)AUD 1,333 USD (938) Brown Brothers Harriman 19/08/2019 (19) (0.00%)SEK 21,117 USD (2,233) Brown Brothers Harriman 19/08/2019 (29) (0.00%)USD 2,698 ILS (9,560) Brown Brothers Harriman 19/08/2019 (39) (0.00%)EUR 3,385 USD (3,822) Brown Brothers Harriman 19/08/2019 (47) (0.00%)JPY 600,462 USD (5,589) Brown Brothers Harriman 19/08/2019 (51) (0.00%)SEK 24,529 USD (2,627) Brown Brothers Harriman 19/08/2019 (66) (0.00%)EUR 37,975 USD (42,409) Brown Brothers Harriman 19/08/2019 (69) (0.00%)SEK 27,317 USD (2,934) Brown Brothers Harriman 19/08/2019 (83) (0.00%)AUD 8,693 USD (6,117) Brown Brothers Harriman 19/08/2019 (121) (0.00%)USD 29,034 GBP (23,847) Brown Brothers Harriman 19/08/2019 (190) (0.00%)USD 22,970 ILS (81,392) Brown Brothers Harriman 19/08/2019 (331) (0.00%)JPY 4,470,323 USD (41,607) Brown Brothers Harriman 19/08/2019 (382) (0.00%)GBP 13,726 USD (17,220) Brown Brothers Harriman 19/08/2019 (399) (0.00%)EUR 28,965 USD (32,697) Brown Brothers Harriman 19/08/2019 (403) (0.00%) Unrealised Gain on Open Forward Foreign Exchange Contracts held for Portfolio Hedging Purposes 103,975 0.09%Unrealised Loss on Open Forward Foreign Exchange Contracts held for Portfolio Hedging Purposes (2,357) (0.00%) Total Open Forward Foreign Exchange Contracts held for Portfolio Hedging Purposes 101,618 0.09%




USD % of Sub-

Fund NAV*USD 76,026 EUR (67,366) Brown Brothers Harriman 19/08/2019 916 0.00%USD 8,772 CZK (199,368) Brown Brothers Harriman 19/08/2019 124 0.00%USD 145 GBP (116) Brown Brothers Harriman 19/08/2019 3 0.00%EUR 500 USD (557) Brown Brothers Harriman 19/08/2019 0 0.00%EUR 150 USD (169) Brown Brothers Harriman 19/08/2019 (2) (0.00%)GBP 8,176 USD (10,246) Brown Brothers Harriman 19/08/2019 (226) (0.00%)CZK 57,007,799 USD (2,508,825) Brown Brothers Harriman 19/08/2019 (35,927) (0.03%)EUR 18,991,287 USD (21,437,935) Brown Brothers Harriman 19/08/2019 (263,454) (0.26%) Unrealised Gain on Open Forward Foreign Exchange Contracts held for Class Hedging Purposes 1,043 0.00%Unrealised Loss on Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (299,609) (0.29%) Total Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (298,566) (0.29%)

Total Financial Derivative Instruments (182,055) (0.18%) Other Assets and Liabilities 1,603,578 1.62% Net Assets Attributable to Holders of Redeemable Participating Units 98,492,881 100.00%

91

Fidelity MSCI World Index Fund SCHEDULE OF INVESTMENTS AS AT 31 JULY 2019


Fund Assets(a) Transferable securities admitted to an official stock exchange listing 96,618,182 97.59%(b) Transferable securities dealt in on another regulated market 453,176 0.46%(c) Financial derivative instruments (182,055) (0.18%)(d) Other assets 2,114,248 2.13%Total Assets 99,003,551 100.00%

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

92

Fidelity S&P 500 Index Fund SCHEDULE OF INVESTMENTS AS AT 31 JULY 2019

Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Bermuda 0.04% (31 January 2019: 0.04%)

Everest Re Group 167 41,189 0.04%

Ireland 1.20% (31 January 2019: 1.10%)

Accenture 2,648 509,952 0.50%Allegion 386 39,966 0.04%Aptiv 1,072 93,961 0.09%Medtronic 5,550 565,767 0.54%Perrigo 524 28,301 0.03%

Total Ireland 1,237,947 1.20%


Chubb 1,891 289,020 0.27%Garmin 497 39,059 0.04%TE Connectivity 1,404 129,730 0.13%

Total Switzerland 457,809 0.44%


Amcor 6,733 71,370 0.07%Aon 994 188,115 0.18%Capri Holdings 635 22,600 0.02%IHS Markit 1,513 97,467 0.09%Linde 2,248 429,997 0.42%Pentair 668 25,925 0.03%TechnipFMC 1,727 47,562 0.05%Willis Towers Watson 537 104,833 0.10%



3M 2,388 417,231 0.41%Abbott Laboratories 7,304 636,178 0.62%AbbVie 6,137 408,847 0.40%Abiomed 185 51,534 0.05%Activision Blizzard 3,172 154,603 0.15%Adobe 2,022 604,295 0.59%Advance Auto Parts 295 44,439 0.04%Advanced Micro Devices 3,668 111,691 0.11%AES 2,717 45,618 0.04%Affiliated Managers Group 203 17,415 0.02%Aflac 3,081 162,184 0.16%Agilent Technologies 1,318 91,482 0.09%Air Products & Chemicals 914 208,639 0.20%Akamai Technologies 673 59,311 0.06%Alaska Air Group 520 32,947 0.03%Albemarle 448 32,686 0.03%Alexion Pharmaceuticals 935 105,926 0.10%Align Technology 303 63,351 0.06%Allergan 1,278 205,119 0.20%Alliance Data Systems 189 29,658 0.03%Alliant Energy 967 47,905 0.05%Allstate 1,389 149,179 0.14%Alphabet (Class A) 1,246 1,517,876 1.47%Alphabet (Class C) 1,266 1,540,316 1.50%Altria Group 7,754 364,981 0.35%Amazon.com 1,714 3,199,660 3.10%Ameren 1,018 77,052 0.07%American Airlines Group 1,624 49,548 0.05%American Electric Power 2,053 180,274 0.18%

93

Fidelity S&P 500 Index Fund SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 JULY 2019

Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



American Express 2,835 352,589 0.34%American International Group 3,609 202,068 0.20%American Water Works 750 86,085 0.08%Ameriprise Financial 564 82,068 0.08%AmerisourceBergen 637 55,515 0.05%AMETEK 932 83,517 0.08%Amgen 2,525 471,115 0.46%Amphenol 1,249 116,557 0.11%Anadarko Petroleum 2,075 152,845 0.15%Analog Devices 1,534 180,184 0.18%ANSYS 344 69,873 0.07%Anthem 1,068 314,643 0.31%AO Smith 599 27,225 0.03%Apache 1,543 37,680 0.04%Apple 18,114 3,859,006 3.74%Applied Materials 3,894 192,247 0.19%Archer-Daniels-Midland 2,341 96,168 0.09%Arconic 1,634 40,915 0.04%Arista Networks 220 60,159 0.06%Arthur J Gallagher 758 68,546 0.07%Assurant 263 29,814 0.03%AT&T 30,274 1,030,830 1.00%Atmos Energy 478 52,121 0.05%Autodesk 907 141,646 0.14%Automatic Data Processing 1,804 300,402 0.29%AutoZone 102 114,550 0.11%Avery Dennison 346 39,745 0.04%Baker Hughes 2,108 53,522 0.05%Ball 1,390 99,357 0.10%Bank of America 36,677 1,125,249 1.09%Bank of New York Mellon 3,647 171,117 0.17%Baxter International 1,960 164,581 0.16%BB&T 3,189 164,329 0.16%Becton Dickinson 1,118 282,630 0.27%Berkshire Hathaway 8,024 1,648,369 1.59%Best Buy 952 72,857 0.07%Biogen 802 190,732 0.19%BlackRock 495 231,502 0.22%Boeing 2,168 739,678 0.72%Booking Holdings 179 337,703 0.33%BorgWarner 854 32,281 0.03%Boston Scientific 5,765 244,782 0.24%Bristol-Myers Squibb 6,796 301,810 0.29%Broadcom 1,639 475,294 0.46%Broadridge Financial Solutions 488 62,035 0.06%Brown-Forman 682 37,380 0.04%Cabot Oil & Gas 1,775 34,009 0.03%Cadence Design Systems 1,171 86,549 0.08%Campbell Soup 789 32,617 0.03%Capital One Financial 1,955 180,681 0.18%Cardinal Health 1,221 55,836 0.05%CarMax 682 59,852 0.06%Carnival 1,668 78,780 0.08%Caterpillar 2,366 311,531 0.30%Cboe Global Markets 457 49,955 0.05%CBRE Group 1,308 69,337 0.07%CBS 1,475 75,977 0.07%Celanese 519 58,216 0.06%Celgene 2,927 268,874 0.26%

94


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Centene 1,722 89,699 0.09%CenterPoint Energy 2,058 59,703 0.06%CenturyLink 3,929 47,502 0.05%Cerner 1,357 97,229 0.09%CF Industries Holdings 907 44,951 0.04%CH Robinson Worldwide 560 46,889 0.05%Charles Schwab 4,939 213,464 0.21%Charter Communications 711 274,005 0.27%Chevron 7,893 971,707 0.94%Chipotle Mexican Grill 102 81,144 0.08%Church & Dwight 1,027 77,477 0.08%Cigna 1,573 267,284 0.26%Cimarex Energy 404 20,471 0.02%Cincinnati Financial 633 67,940 0.07%Cintas 353 91,935 0.09%Cisco Systems 17,739 982,741 0.95%Citigroup 9,597 682,923 0.66%Citizens Financial Group 1,882 70,123 0.07%Citrix Systems 513 48,345 0.05%Clorox 534 86,828 0.08%CME Group 1,485 288,714 0.28%CMS Energy 1,199 69,806 0.07%Coca-Cola 15,925 838,133 0.81%Cognizant Technology Solutions 2,355 153,405 0.15%Colgate-Palmolive 3,563 255,610 0.25%Comcast 18,776 810,560 0.79%Comerica 634 46,409 0.05%Conagra Brands 1,989 57,422 0.06%Concho Resources 835 81,563 0.08%ConocoPhillips 4,691 277,144 0.27%Consolidated Edison 1,365 115,970 0.11%Constellation Brands 694 136,593 0.13%Cooper 208 70,179 0.07%Copart 825 63,962 0.06%Corning 3,264 100,368 0.10%Corteva 3,119 92,011 0.09%Costco Wholesale 1,823 502,473 0.49%Coty 1,196 13,048 0.01%CSX 3,195 224,928 0.22%Cummins 606 99,384 0.10%CVS Health 5,391 301,195 0.29%Danaher 2,616 367,548 0.36%Darden Restaurants 504 61,266 0.06%DaVita 530 31,721 0.03%Deere 1,314 217,664 0.21%Delta Air Lines 2,477 151,196 0.15%Dentsply Sirona 957 52,109 0.05%Devon Energy 1,704 46,008 0.04%Diamondback Energy 634 65,575 0.06%Discover Financial Services 1,339 120,162 0.12%Discovery (Class A) 639 19,368 0.02%Discovery (Class C) 1,486 41,965 0.04%DISH Network 945 31,998 0.03%Dollar General 1,070 143,401 0.14%Dollar Tree 990 100,733 0.10%Dominion Energy 3,325 247,014 0.24%Dover 595 57,626 0.06%Dow 3,101 150,212 0.15%DR Horton 1,392 63,935 0.06%

95


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



DTE Energy 759 96,476 0.09%Duke Energy 3,015 261,461 0.25%DuPont de Nemours 3,107 224,201 0.22%DXC Technology 1,100 61,347 0.06%E*TRADE Financial 1,006 49,083 0.05%Eastman Chemical 570 42,950 0.04%Eaton 1,748 143,668 0.14%eBay 3,417 140,746 0.14%Ecolab 1,052 212,220 0.21%Edison International 1,467 109,350 0.11%Edwards Lifesciences 862 183,477 0.18%Electronic Arts 1,229 113,683 0.11%Eli Lilly 3,587 390,804 0.38%Emerson Electric 2,567 166,547 0.16%Entergy 797 84,179 0.08%EOG Resources 2,409 206,813 0.20%Equifax 496 68,989 0.07%Estee Lauder 907 167,060 0.16%Evergy 1,024 61,942 0.06%Eversource Energy 1,331 100,970 0.10%Exelon 4,012 180,781 0.18%Expedia Group 572 75,927 0.07%Expeditors International of Washington 707 53,979 0.05%Exxon Mobil 17,528 1,303,381 1.27%F5 Networks 246 36,093 0.04%Facebook 9,959 1,934,336 1.87%Fastenal 2,397 73,828 0.07%FedEx 1,000 170,530 0.17%Fidelity National Information Services 2,541 338,588 0.33%Fifth Third Bancorp 3,032 90,020 0.09%First Republic Bank 675 67,068 0.07%FirstEnergy 2,102 92,425 0.09%Fiserv 2,358 248,604 0.24%FleetCor Technologies 358 101,733 0.10%FLIR Systems 583 28,952 0.03%Flowserve 533 26,666 0.03%FMC 540 46,667 0.05%Foot Locker 447 18,354 0.02%Ford Motor 16,228 154,653 0.15%Fortinet 594 47,704 0.05%Fortive 1,231 93,618 0.09%Fortune Brands Home & Security 597 32,799 0.03%Fox (Class A) 1,471 54,898 0.05%Fox (Class B) 688 25,594 0.02%Franklin Resources 1,206 39,352 0.04%Freeport-McMoRan 6,046 66,869 0.06%Gap 842 16,419 0.02%Gartner 369 51,413 0.05%General Dynamics 1,125 209,183 0.20%General Electric 36,125 377,506 0.37%General Mills 2,490 132,244 0.13%General Motors 5,477 220,942 0.21%Genuine Parts 598 58,078 0.06%Gilead Sciences 5,269 345,225 0.34%Global Payments 654 109,820 0.11%Goldman Sachs Group 1,409 310,163 0.30%H&R Block 856 23,703 0.02%Halliburton 3,652 83,996 0.08%Hanesbrands 1,528 24,586 0.02%

96


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Harley-Davidson 673 24,080 0.02%Hartford Financial Services Group 1,514 87,252 0.08%Hasbro 475 57,551 0.06%HCA Healthcare 1,107 147,796 0.14%Helmerich & Payne 473 23,499 0.02%Henry Schein 610 40,589 0.04%Hershey 580 88,009 0.09%Hess 1,044 67,693 0.07%Hewlett Packard Enterprise 5,611 80,630 0.08%Hilton Worldwide Holdings 1,219 117,694 0.11%HollyFrontier 664 33,047 0.03%Hologic 1,098 56,273 0.05%Home Depot 4,559 974,213 0.95%Honeywell International 3,013 519,622 0.50%Hormel Foods 1,115 45,704 0.04%HP 6,234 131,163 0.13%Humana 561 166,477 0.16%Huntington Bancshares 4,296 61,218 0.06%Huntington Ingalls Industries 171 39,039 0.04%IDEXX Laboratories 358 100,974 0.10%Illinois Tool Works 1,243 191,708 0.19%Illumina 610 182,622 0.18%Incyte 728 61,822 0.06%Ingersoll-Rand 1,002 123,907 0.12%Intel 18,569 938,663 0.91%Intercontinental Exchange 2,334 205,065 0.20%International Business Machines 3,673 544,486 0.53%International Flavors & Fragrances 415 59,756 0.06%International Paper 1,660 72,891 0.07%Interpublic Group 1,592 36,489 0.04%Intuit 1,077 298,663 0.29%Intuitive Surgical 479 248,845 0.24%Invesco 1,653 31,721 0.03%IPG Photonics 142 18,603 0.02%IQVIA Holdings 655 104,256 0.10%Jack Henry & Associates 317 44,285 0.04%Jacobs Engineering Group 471 38,862 0.04%JB Hunt Transport Services 366 37,467 0.04%Jefferies Financial Group 1,078 22,994 0.02%JM Smucker 466 51,815 0.05%Johnson & Johnson 11,000 1,432,419 1.39%Johnson Controls International 3,314 140,646 0.14%JPMorgan Chase 13,437 1,558,691 1.51%Juniper Networks 1,414 38,206 0.04%Kansas City Southern 413 51,105 0.05%Kellogg 1,018 59,268 0.06%KeyCorp 4,211 77,356 0.08%Keysight Technologies 770 68,930 0.07%Kimberly-Clark 1,430 193,980 0.19%Kinder Morgan 8,041 165,805 0.16%KLA 672 91,607 0.09%Kohl's 673 36,248 0.04%Kraft Heinz 2,590 82,906 0.08%Kroger 3,362 71,140 0.07%L Brands 967 25,094 0.02%L3Harris Technologies 920 190,992 0.19%Laboratory of America Holdings 413 69,186 0.07%Lam Research 623 129,964 0.13%Lamb Weston Holdings 600 40,272 0.04%

97


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Leggett & Platt 564 22,543 0.02%Lennar 1,171 55,704 0.05%Lincoln National 832 54,363 0.05%LKQ 1,292 34,794 0.03%Lockheed Martin 1,018 368,689 0.36%Loews 1,099 58,840 0.06%Lowe's 3,250 329,550 0.32%LyondellBasell Industries 1,145 95,825 0.09%M&T Bank 574 94,280 0.09%Macy's 1,310 29,776 0.03%Marathon Oil 3,359 47,261 0.05%Marathon Petroleum 2,750 155,073 0.15%MarketAxess Holdings 154 51,904 0.05%Marriott International 1,141 158,667 0.15%Marsh & McLennan 2,123 209,752 0.20%Martin Marietta Materials 256 63,424 0.06%Masco 1,206 49,169 0.05%Mastercard 3,724 1,013,933 0.98%Maxim Integrated Products 1,139 67,417 0.07%McCormick 512 81,172 0.08%McDonald's 3,168 667,561 0.65%McKesson 792 110,048 0.11%Merck 10,682 886,499 0.86%MetLife 3,932 194,319 0.19%Mettler-Toledo International 102 77,189 0.07%MGM Resorts International 2,091 62,772 0.06%Microchip Technology 993 93,759 0.09%Micron Technology 4,590 206,045 0.20%Microsoft 31,761 4,328,070 4.19%Mohawk Industries 253 31,547 0.03%Molson Coors Brewing 771 41,626 0.04%Mondelez International 5,960 318,800 0.31%Monster Beverage 1,625 104,764 0.10%Moody's 687 147,252 0.14%Morgan Stanley 5,321 237,104 0.23%Mosaic 1,460 36,777 0.04%Motorola Solutions 683 113,351 0.11%MSCI 353 80,216 0.08%Mylan 2,113 44,162 0.04%Nasdaq 475 45,776 0.04%National Oilwell Varco 1,588 37,826 0.04%Nektar Therapeutics 722 20,548 0.02%NetApp 1,013 59,250 0.06%Netflix 1,813 585,581 0.57%Newell Brands 1,650 23,414 0.02%Newmont Mining 3,395 123,985 0.12%News (Class A) 1,645 21,648 0.02%News (Class B) 483 6,501 0.01%NextEra Energy 1,981 410,404 0.40%Nielsen Holdings 1,474 34,138 0.03%Nike 5,215 448,646 0.44%NiSource 1,530 45,426 0.04%Noble Energy 1,962 43,321 0.04%Nordstrom 418 13,840 0.01%Norfolk Southern 1,102 210,614 0.20%Northern Trust 907 88,886 0.09%Northrop Grumman 704 243,281 0.24%Norwegian Cruise Line Holdings 884 43,705 0.04%NRG Energy 1,097 37,452 0.04%

98


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Nucor 1,270 69,063 0.07%NVIDIA 2,524 425,849 0.41%Occidental Petroleum 3,102 159,319 0.15%Omnicom Group 924 74,123 0.07%ONEOK 1,722 120,678 0.12%Oracle 10,051 565,871 0.55%O'Reilly Automotive 325 123,747 0.12%PACCAR 1,444 101,282 0.10%Packaging of America 390 39,378 0.04%Parker-Hannifin 534 93,493 0.09%Paychex 1,324 109,958 0.11%PayPal Holdings 4,866 537,206 0.52%People's United Financial 1,626 26,699 0.03%PepsiCo 5,816 743,343 0.72%PerkinElmer 455 39,185 0.04%Pfizer 23,033 894,602 0.87%Philip Morris International 6,443 538,699 0.52%Phillips 66 1,733 177,736 0.17%Pinnacle West Capital 461 42,052 0.04%Pioneer Natural Resources 702 96,904 0.09%PNC Financial Services Group 1,873 267,652 0.26%PPG Industries 989 116,099 0.11%PPL 3,017 89,394 0.09%Principal Financial Group 1,062 61,638 0.06%Procter & Gamble 10,388 1,226,199 1.19%Progressive 2,425 196,377 0.19%Prudential Financial 1,689 171,113 0.17%Public Service Enterprise Group 2,090 119,444 0.12%PulteGroup 1,049 33,054 0.03%PVH 312 27,743 0.03%Qorvo 488 35,766 0.03%Qualcomm 5,035 368,361 0.36%Quanta Services 567 21,217 0.02%Quest Diagnostics 550 56,144 0.05%Ralph Lauren 221 23,035 0.02%Raymond James Financial 519 41,868 0.04%Raytheon 1,157 210,910 0.20%Regeneron Pharmaceuticals 328 99,961 0.10%Regions Financial 4,159 66,253 0.06%Republic Services 900 79,785 0.08%ResMed 601 77,349 0.08%Robert Half International 501 30,265 0.03%Rockwell Automation 495 79,586 0.08%Rollins 586 19,649 0.02%Roper Technologies 430 156,370 0.15%Ross Stores 1,528 162,014 0.16%Royal Caribbean Cruises 718 83,532 0.08%S&P Global 1,020 249,849 0.24%salesforce.com 3,220 497,490 0.48%Schlumberger 5,768 230,547 0.22%Seagate Technology 1,033 47,838 0.05%Sealed Air 659 27,540 0.03%Sempra Energy 1,132 153,307 0.15%Sherwin-Williams 338 173,408 0.17%Skyworks Solutions 707 60,293 0.06%Snap-on 227 34,642 0.03%Southern 4,309 242,166 0.24%Southwest Airlines 2,044 105,327 0.10%Stanley Black & Decker 633 93,424 0.09%

99


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Starbucks 5,020 475,344 0.46%State Street 1,554 90,272 0.09%Stryker 1,281 268,728 0.26%SunTrust Banks 1,845 122,877 0.12%SVB Financial Group 215 49,874 0.05%Symantec 2,530 54,547 0.05%Synchrony Financial 2,662 95,513 0.09%Synopsys 628 83,373 0.08%Sysco 1,962 134,534 0.13%T Rowe Price Group 975 110,555 0.11%Take-Two Interactive Software 470 57,584 0.06%Tapestry 1,195 36,961 0.04%Target 2,119 183,082 0.18%Teleflex 189 64,211 0.06%Texas Instruments 3,896 487,039 0.47%Textron 955 47,082 0.05%Thermo Fisher Scientific 1,661 461,226 0.45%Tiffany 446 41,888 0.04%TJX 5,050 275,528 0.27%T-Mobile US 1,320 105,244 0.10%Torchmark 410 37,441 0.04%Total System Services 676 91,747 0.09%Tractor Supply 495 53,861 0.05%TransDigm Group 203 98,544 0.10%Travelers 1,080 158,350 0.15%TripAdvisor 412 18,190 0.02%Twitter 3,035 128,411 0.12%Tyson Foods 1,226 97,467 0.09%Ulta Beauty 228 79,629 0.08%Under Armour (Class A) 821 18,940 0.02%Under Armour (Class C) 764 15,540 0.02%Union Pacific 2,934 527,973 0.51%United Continental Holdings 906 83,270 0.08%United Parcel Service 2,885 344,671 0.33%United Rentals 323 40,876 0.04%United Technologies 3,362 449,163 0.44%UnitedHealth Group 3,942 981,597 0.95%Universal Health Services 339 51,142 0.05%Unum Group 910 29,075 0.03%US Bancorp 6,210 354,902 0.34%Valero Energy 1,734 147,824 0.14%Varian Medical Systems 372 43,662 0.04%VeriSign 437 92,246 0.09%Verisk Analytics 682 103,473 0.10%Verizon Communications 17,157 948,267 0.92%Vertex Pharmaceuticals 1,066 177,617 0.17%VF 1,345 117,540 0.11%Viacom 1,449 43,977 0.04%Visa 7,203 1,282,133 1.25%Vulcan Materials 551 76,231 0.07%Wabtec 663 51,502 0.05%Walgreens Boots Alliance 3,215 175,185 0.17%Walmart 5,792 639,321 0.62%Walt Disney 7,234 1,034,533 1.01%Waste Management 1,623 189,891 0.18%Waters 290 61,062 0.06%WEC Energy Group 1,321 112,893 0.11%WellCare Health Plans 206 59,174 0.06%Wells Fargo 16,778 812,223 0.79%

100


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Western Digital 1,200 64,668 0.06%Western Union 1,771 37,191 0.04%Westrock 1,054 37,997 0.04%Whirlpool 260 37,825 0.04%Williams 5,060 124,678 0.12%WW Grainger 184 53,550 0.05%Wynn Resorts 397 51,638 0.05%Xcel Energy 2,131 127,029 0.12%Xerox 815 26,162 0.03%Xilinx 1,051 120,035 0.12%Xylem 737 59,174 0.06%Yum! Brands 1,267 142,563 0.14%Zimmer Biomet Holdings 853 115,266 0.11%Zions Bancorp. 754 33,983 0.03%Zoetis 1,984 227,942 0.22%





Alexandria Real Estate Equities 463 67,765 0.07%American Tower 1,835 388,323 0.39%Apartment Investment & Management 608 30,120 0.03%AvalonBay Communities 585 122,142 0.12%Boston Properties 633 84,157 0.08%Crown Castle International 1,728 230,273 0.22%Digital Realty Trust 870 99,493 0.10%Duke Realty 1,475 49,162 0.05%Equinix 348 174,731 0.17%Equity Residential 1,550 122,280 0.12%Essex Property Trust 276 83,413 0.08%Extra Space Storage 522 58,668 0.06%Federal Realty Investment Trust 308 40,659 0.04%HCP 1,952 62,327 0.06%Host Hotels & Resorts 3,039 52,848 0.05%Iron Mountain 1,178 34,645 0.03%Kimco Realty 1,736 33,349 0.03%Macerich 421 13,914 0.01%Mid-America Apartment Communities 467 55,031 0.05%Prologis 2,612 210,553 0.20%Public Storage 623 151,239 0.15%Realty Income 1,318 91,219 0.09%Regency Centers 686 45,756 0.04%SBA Communications 471 115,588 0.11%Simon Property Group 1,283 208,103 0.20%SL Green Realty 345 27,973 0.03%UDR 1,155 53,199 0.05%Ventas 1,540 103,627 0.10%Vornado Realty Trust 713 45,860 0.04%Welltower 1,686 140,140 0.14%Weyerhaeuser 3,106 78,923 0.08%




101


Financial Derivative Instruments (0.18%) (31 January 2019: 0.19%) Futures Contracts (0.00%) (31 January 2019: 0.01%)


Notional Amount


USD% of Sub-

Fund NAV*E-mini S&P 500 20 September 2019 Morgan Stanley 2 298,300 (75) (0.00%)Total Futures Contracts (75) (0.00%)




USD % of Sub-

Fund NAV*USD 56,401 GBP (45,073) Brown Brothers Harriman 19/08/2019 1,165 0.00%USD 28,975 EUR (25,674) Brown Brothers Harriman 19/08/2019 349 0.00%USD 18,905 GBP (15,201) Brown Brothers Harriman 19/08/2019 276 0.00%USD 8,939 GBP (7,144) Brown Brothers Harriman 19/08/2019 185 0.00%EUR 79,483 USD (88,525) Brown Brothers Harriman 19/08/2019 96 0.00%USD 194 GBP (155) Brown Brothers Harriman 19/08/2019 4 0.00%USD 116 GBP (94) Brown Brothers Harriman 19/08/2019 1 0.00%USD 41 GBP (33) Brown Brothers Harriman 19/08/2019 1 0.00%USD 34 GBP (28) Brown Brothers Harriman 19/08/2019 1 0.00%USD 69 GBP (56) Brown Brothers Harriman 19/08/2019 1 0.00%GBP 11 USD (13) Brown Brothers Harriman 19/08/2019 0 0.00%EUR 14,824 USD (16,568) Brown Brothers Harriman 19/08/2019 (41) (0.00%)EUR 4,143 USD (4,679) Brown Brothers Harriman 19/08/2019 (59) (0.00%)EUR 12,500 USD (14,067) Brown Brothers Harriman 19/08/2019 (130) (0.00%)GBP 31,748 USD (39,205) Brown Brothers Harriman 19/08/2019 (299) (0.00%)GBP 3,006,858 USD (3,767,984) Brown Brothers Harriman 19/08/2019 (83,123) (0.08%)EUR 7,271,078 USD (8,207,811) Brown Brothers Harriman 19/08/2019 (100,866) (0.10%) Unrealised Gain on Open Forward Foreign Exchange Contracts held for Class Hedging Purposes 2,079 0.00%Unrealised Loss on Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (184,518) (0.18%) Total Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (182,439) (0.18%)

Total Financial Derivative Instruments (182,514) (0.18%) Other Assets and Liabilities 291,253 0.28% Net Assets Attributable to Holders of Redeemable Participating Units 102,937,913 100.00%


Fund Assets(a) Transferable securities admitted to an official stock exchange listing 102,829,174 99.53%(b) Financial derivative instruments (182,514) (0.18%)(c) Other assets 667,373 0.65%Total Assets 103,314,033 100.00%

102

Fidelity Enhanced Reserve Fund SCHEDULE OF INVESTMENTS AS AT 31 JULY 2019

Principal Currency Principal Maturity Date Coupon

Fair ValueUSD

% of Sub-Fund NAV*

Asset-Backed Securities 0.05% (31 January 2019: 0.28%)

Jersey, Channel Islands 0.05% (31 January 2019: 0.28%)

West China Cement USD 200,000 11/09/2019 6.50% 200,007 0.05%

Total Asset-Backed Securities 200,007 0.05%

Corporate Bonds 73.55% (31 January 2019: 68.59%)


Australia & New Zealand Banking Group USD 750,000 23/11/2021 2.55% 755,098 0.19%Commonwealth Bank of Australia USD 200,000 15/10/2019 5.00% 201,051 0.05%Commonwealth Bank of Australia CNH 3,000,000 01/03/2020 5.01% 440,797 0.11%Commonwealth Bank of Australia USD 400,000 20/10/2026 3.38% 401,798 0.10%Macquarie Group USD 200,000 14/01/2020 6.00% 203,190 0.05%Shandong Energy Australia USD 1,500,000 26/07/2020 4.55% 1,500,024 0.40%Westpac Banking CNH 7,000,000 09/02/2025 4.85% 1,025,009 0.26%Woolworths Group USD 1,000,000 12/04/2021 4.55% 1,029,239 0.27%


Bermuda 1.03% (31 January 2019: 1.22%)

China Oil & Gas Group USD 1,400,000 07/05/2020 5.00% 1,417,500 0.36%China Oil & Gas Group USD 625,000 25/01/2023 5.50% 636,165 0.16%GOME Retail Holdings USD 2,000,000 10/03/2020 5.00% 1,963,027 0.51%

Total Bermuda 4,016,692 1.03% British Virgin Islands 15.51% (31 January 2019: 10.31%)

Beijing Capital Polaris Investment USD 1,000,000 26/03/2021 4.25% 1,015,321 0.26%Bluestar Finance Holdings USD 700,000 30/09/2019 3.13% 700,675 0.18%Bluestar Finance Holdings USD 500,000 11/06/2020 4.38% 505,664 0.13%Chalco Hong Kong Investment USD 1,000,000 07/11/2021 4.25% 1,004,868 0.26%Charming Light Investments USD 3,000,000 21/12/2020 3.54% 3,007,359 0.77%China Cinda Finance 2015 I USD 3,000,000 23/04/2020 3.13% 3,006,978 0.77%China Great Wall International Holdings III USD 2,000,000 31/08/2020 2.75% 2,000,311 0.51%China Merchants Finance USD 1,000,000 03/08/2020 3.50% 1,005,353 0.26%CICC Hong Kong Finance 2016 USD 1,000,000 03/05/2022 3.75% 1,002,972 0.26%CITIC Securities Finance USD 350,000 30/10/2019 3.50% 350,402 0.09%CLP Power Hong Kong Financing USD 1,000,000 19/03/2020 4.75% 1,013,991 0.26%COSCO Finance 2011 USD 3,000,000 03/12/2022 4.00% 3,097,935 0.79%COSL Finance USD 4,000,000 06/09/2022 3.25% 4,019,258 1.02%Cssc Capital One USD 1,000,000 27/09/2021 4.13% 1,021,143 0.26%Dianjian Haiyu USD 2,000,000 20/06/2022 3.00% 1,995,871 0.51%Double Rosy USD 1,000,000 18/11/2019 3.63% 1,002,130 0.26%Eastern Creation II Investment Holdings HKD 7,000,000 18/12/2021 3.85% 916,025 0.24%Eastern Creation II Investment Holdings USD 1,275,000 15/07/2022 2.80% 1,273,105 0.33%Easy Tactic USD 1,000,000 10/01/2021 8.75% 1,041,350 0.27%Fita International USD 3,000,000 10/02/2020 7.00% 3,061,863 0.78%Fortune Star USD 1,900,000 31/01/2021 6.88% 1,952,299 0.50%Fuqing Investment Management USD 2,900,000 12/06/2022 4.00% 2,905,177 0.75%GRAM International USD 3,000,000 02/11/2020 2.75% 2,987,666 0.77%Henson Finance USD 1,000,000 17/09/2019 5.50% 1,003,460 0.26%Huaneng Hong Kong Capital USD 2,000,000 30/10/2022 3.60% 1,970,937 0.51%Huarong Finance 2017 USD 700,000 27/04/2020 3.91% 701,828 0.18%Huarong Finance 2017 USD 400,000 27/04/2022 4.11% 405,553 0.10%Huarong Finance II USD 2,000,000 03/06/2021 3.25% 2,002,452 0.51%LS Finance 2017 USD 2,000,000 15/07/2024 4.88% 2,012,498 0.52%LTC GB USD 1,000,000 26/05/2021 2.75% 994,629 0.26%New Metro Global USD 500,000 23/05/2021 7.13% 475,005 0.12%NWD USD 200,000 30/11/2022 4.38% 208,132 0.05%

103

Fidelity Enhanced Reserve Fund SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 JULY 2019


Fair ValueUSD

% of Sub-Fund NAV*

Corporate Bonds 73.55% (31 January 2019: 68.59%) (continued)

British Virgin Islands 15.51% (31 January 2019: 10.31%) (continued)

PCCW Capital No 4 USD 1,300,000 17/04/2022 5.75% 1,388,878 0.36%RKI Overseas Finance 2016 A USD 700,000 09/08/2019 5.00% 700,007 0.18%RKPF Overseas 2019 B USD 800,000 18/04/2021 7.75% 837,600 0.22%Studio City USD 1,500,000 30/11/2021 7.25% 1,547,025 0.40%Tewoo Group No 4 USD 1,000,000 01/12/2020 3.15% 988,534 0.25%Trade Horizon Global USD 500,000 02/08/2021 4.84% 503,578 0.13%Tuspark Forward USD 1,500,000 07/03/2021 7.90% 1,520,021 0.39%Tuspark Forward USD 800,000 18/06/2022 6.95% 787,643 0.20%Wanda Properties Global USD 500,000 27/02/2020 6.25% 503,746 0.13%Xingsheng BVI USD 2,000,000 25/07/2022 3.38% 1,997,285 0.51%

Total British Virgin Islands 60,436,527 15.51%

Canada 0.26% (31 January 2019: 0.34%)

Harvest Operations USD 1,000,000 21/09/2022 3.00% 1,013,620 0.26%

Cayman Islands 11.41% (31 January 2019: 8.49%)

ADCB Finance Cayman USD 500,000 10/03/2020 2.63% 500,053 0.13%Agile Group Holdings USD 2,000,000 23/11/2020 9.50% 2,121,046 0.55%Alibaba Group Holding USD 200,000 28/11/2019 2.50% 200,060 0.05%Azure Orbit IV International Finance USD 2,000,000 25/01/2021 3.50% 2,008,700 0.52%CCBL Cayman 1 USD 300,000 12/07/2023 3.59% 300,605 0.08%CDBL Funding 1 USD 1,000,000 15/11/2021 3.77% 1,002,923 0.26%CDBL Funding 2 HKD 8,000,000 23/01/2021 3.20% 1,029,784 0.26%CDBL Funding 2 USD 200,000 18/07/2021 3.45% 200,402 0.05%CDBL Funding 2 USD 2,000,000 11/03/2022 3.75% 2,037,860 0.52%Central China Real Estate USD 400,000 27/01/2020 7.33% 401,200 0.10%Central China Real Estate USD 500,000 23/10/2020 6.88% 507,010 0.13%China Aoyuan Group USD 700,000 11/01/2020 6.35% 701,711 0.18%China Aoyuan Group USD 200,000 07/09/2021 7.95% 208,392 0.05%China Aoyuan Group USD 225,000 23/01/2022 8.50% 236,597 0.06%China Evergrande Group USD 1,000,000 23/03/2020 7.00% 1,007,514 0.26%China Overseas Finance Cayman II USD 2,000,000 10/11/2020 5.50% 2,067,080 0.54%China SCE Group Holdings USD 1,700,000 02/07/2020 10.00% 1,744,637 0.45%CIFI Holdings Group USD 700,000 02/05/2020 6.38% 707,011 0.18%CIFI Holdings Group USD 1,093,750 05/06/2020 7.75% 1,114,398 0.29%CIFI Holdings Group USD 200,000 28/02/2023 7.63% 208,418 0.05%Country Garden Holdings USD 1,000,000 25/04/2022 7.13% 1,063,619 0.27%CSCEC Finance Cayman I USD 500,000 19/11/2020 2.95% 501,215 0.13%ENN Energy Holdings USD 400,000 23/10/2019 3.25% 400,320 0.10%Fantasia Holdings Group USD 500,000 22/01/2020 10.75% 503,750 0.13%Fantasia Holdings Group USD 500,000 08/03/2021 8.38% 482,763 0.12%Fantasia Holdings Group USD 500,000 04/10/2021 7.38% 464,773 0.12%Future Land Development Holdings USD 500,000 16/02/2020 5.00% 490,684 0.13%Golden Eagle Retail Group USD 1,000,000 21/05/2023 4.63% 966,350 0.25%Greentown China Holdings USD 1,200,000 11/08/2020 5.88% 1,214,261 0.31%Health & Happiness H&H International Holdings USD 858,000 21/06/2021 7.25% 874,233 0.22%Honghua Group USD 200,000 01/08/2022 6.38% 202,330 0.05%JD.com USD 1,000,000 29/04/2021 3.13% 1,000,709 0.26%Kaisa Group Holdings USD 900,000 30/06/2020 7.25% 902,115 0.23%KWG Group Holdings USD 500,000 09/08/2021 7.88% 521,020 0.13%KWG Group Holdings USD 500,000 01/09/2023 7.88% 509,045 0.13%Lenovo Perpetual Securities USD 200,000 16/03/2022 5.38% 197,243 0.05%Logan Property Holdings USD 1,500,000 12/12/2020 8.75% 1,570,986 0.40%Longfor Group Holdings USD 800,000 13/07/2022 3.88% 811,922 0.21%Overseas Chinese Town Asia Holdings USD 1,000,000 10/10/2020 4.30% 1,001,531 0.26%QNB Finance USD 500,000 31/05/2021 3.87% 506,890 0.13%Redco Properties Group USD 400,000 29/08/2020 11.00% 412,030 0.11%

104



Fair ValueUSD

% of Sub-Fund NAV*


Cayman Islands 11.41% (31 January 2019: 8.49%) (continued)

Redco Properties Group USD 450,000 02/05/2021 9.88% 454,592 0.12%Ronshine China Holdings USD 1,500,000 08/12/2019 6.95% 1,512,006 0.39%Shimao Property Holdings USD 800,000 15/10/2021 6.38% 834,210 0.21%Shimao Property Holdings USD 975,000 21/02/2024 6.13% 1,026,223 0.26%Soar Wise USD 500,000 06/11/2021 4.63% 516,001 0.13%Sunac China Holdings USD 500,000 08/08/2020 6.88% 505,651 0.13%Sunac China Holdings USD 1,000,000 15/01/2021 8.38% 1,035,027 0.27%Sunac China Holdings USD 350,000 14/06/2022 7.25% 350,546 0.09%Times China Holdings USD 200,000 27/11/2020 10.95% 214,500 0.06%Times China Holdings USD 400,000 17/01/2021 6.25% 402,810 0.10%Times China Holdings USD 525,000 21/02/2022 7.63% 540,769 0.14%WTT Investment USD 2,000,000 21/11/2022 5.50% 2,057,668 0.53%Yuzhou Properties USD 1,500,000 11/05/2021 7.90% 1,551,049 0.40%Yuzhou Properties USD 500,000 23/01/2022 8.63% 523,792 0.13%

Total Cayman Islands 44,428,034 11.41%

China 2.59% (31 January 2019: 4.99%)

Agricultural Bank of China USD 500,000 07/11/2021 3.31% 500,895 0.13%Bank of China CNH 5,000,000 20/04/2020 4.88% 734,904 0.19%Bank of China USD 1,000,000 20/11/2021 3.27% 1,000,132 0.26%Bank of China USD 1,000,000 11/07/2022 3.22% 1,006,570 0.26%Bank of Communications USD 1,000,000 04/12/2020 3.30% 1,001,642 0.26%China Minmetals USD 2,000,000 13/05/2021 4.45% 2,030,976 0.51%Industrial & Commercial Bank of China USD 1,000,000 25/10/2021 3.03% 1,001,841 0.26%Industrial & Commercial Bank of China USD 200,000 14/12/2022 3.30% 200,911 0.05%Jinke Properties Group USD 850,000 20/06/2021 8.38% 854,250 0.22%Loncin Holding CNH 7,000,000 05/12/2019 4.50% 1,019,760 0.26%Shanghai Pudong Development Bank USD 750,000 13/02/2020 2.38% 748,714 0.19%

Total China 10,100,595 2.59%

Colombia 0.14% (31 January 2019: 0.45%)

Bancolombia USD 500,000 03/06/2021 5.95% 527,505 0.14%

France 0.52% (31 January 2019: 0.86%)

Credit Agricole USD 2,000,000 24/04/2023 3.30% 2,013,979 0.52%

Germany 0.44% (31 January 2019: 0.50%)

Volkswagen Bank EUR 1,500,000 01/08/2022 1.10% 1,710,014 0.44%

Guernsey 0.39% (31 January 2019: 1.30%)

Credit Suisse Group Funding Guernsey USD 1,500,000 10/12/2020 3.13% 1,514,078 0.39%


Bank of East Asia USD 700,000 20/11/2024 4.25% 702,114 0.18%Bocom Leasing Management Hong Kong USD 2,000,000 22/01/2022 4.00% 2,042,540 0.52%China Construction Bank Asia USD 2,000,000 20/08/2024 4.25% 2,001,131 0.51%Chong Hing Bank USD 4,000,000 04/11/2020 6.00% 4,138,277 1.05%CITIC USD 3,000,000 10/04/2020 6.38% 3,067,710 0.79%CNAC HK Finbridge USD 2,000,000 14/03/2021 4.13% 2,030,957 0.52%CNAC HK Finbridge USD 1,000,000 19/06/2022 3.13% 996,867 0.26%CNAC HK Synbridge USD 2,500,000 05/05/2020 5.00% 2,527,900 0.65%Dah Sing Bank USD 1,000,000 11/02/2020 6.63% 1,019,126 0.26%

105



Fair ValueUSD

% of Sub-Fund NAV*



Gemdale Ever Prosperity Investment USD 1,000,000 06/09/2021 6.00% 1,015,046 0.26%Gemdale Ever Prosperity Investment USD 1,000,000 14/06/2022 5.60% 1,001,540 0.26%GET International Investment Holdings USD 2,000,000 18/07/2022 3.75% 2,006,832 0.52%Hainan Airlines Hong Kong USD 2,000,000 07/02/2020 3.63% 2,008,160 0.52%MCC Holding Hong Kong USD 1,500,000 31/05/2020 2.95% 1,499,821 0.39%Wanda Group Overseas USD 1,000,000 24/07/2022 7.50% 1,006,636 0.26%Weichai International Hong Kong Energy Group USD 700,000 30/09/2020 4.13% 709,095 0.18%Yango Justice International USD 1,200,000 23/09/2019 9.50% 1,201,925 0.31%Yanlord Land HK USD 1,500,000 23/04/2023 6.75% 1,555,757 0.40%

Total Hong Kong 30,531,434 7.84%

India 2.22% (31 January 2019: 1.56%)

Bank of Baroda USD 3,000,000 04/04/2022 3.50% 3,033,571 0.78%ICICI Bank USD 200,000 16/11/2020 5.75% 207,065 0.05%JSW Steel USD 900,000 12/11/2019 4.75% 901,287 0.23%JSW Steel USD 1,000,000 18/04/2024 5.95% 1,034,712 0.27%REC USD 1,500,000 18/12/2020 3.07% 1,507,053 0.39%Shriram Transport Finance USD 500,000 27/02/2022 5.70% 510,856 0.13%Shriram Transport Finance USD 1,400,000 24/10/2022 5.95% 1,435,691 0.37%

Total India 8,630,235 2.22%

Japan 3.06% (31 January 2019: 2.84%)

Mitsubishi UFJ Financial Group USD 1,000,000 01/03/2021 2.95% 1,006,917 0.26%Mitsubishi UFJ Lease & Finance USD 500,000 21/10/2020 2.75% 501,505 0.13%Mitsubishi UFJ Lease & Finance USD 200,000 07/09/2021 2.25% 198,655 0.05%Mitsubishi UFJ Trust & Banking USD 200,000 16/10/2019 2.45% 200,044 0.05%Mizuho Financial Group USD 6,000,000 16/07/2023 3.16% 6,018,847 1.54%Panasonic USD 3,000,000 19/07/2022 2.54% 3,004,631 0.77%Sumitomo Mitsui Financial Group USD 1,000,000 16/10/2023 3.12% 1,002,800 0.26%

Total Japan 11,933,399 3.06%


Becton Dickinson Euro Finance EUR 667,000 04/06/2023 0.63% 756,016 0.19%Holcim US Finance USD 500,000 12/09/2023 5.15% 535,125 0.14%SPIC Luxembourg Latin America Renewable Energy Investment USD 1,000,000 30/10/2021 4.25% 1,026,829 0.27%

Total Luxembourg 2,317,970 0.60%

Macau 1.28% (31 January 2019: - )

Industrial & Commercial Bank of China Macau USD 5,000,000 10/09/2024 3.88% 5,001,473 1.28%

Malaysia 2.53% (31 January 2019: 0.69%)

Axiata SPV1 Labuan USD 1,500,000 28/04/2020 5.38% 1,534,204 0.39%Axiata SPV2 USD 200,000 19/11/2020 3.47% 202,081 0.05%Cagamas Global USD 3,000,000 26/04/2020 2.53% 2,997,881 0.77%CIMB Bank USD 400,000 15/03/2020 3.21% 400,392 0.10%Malayan Banking USD 4,000,000 16/08/2024 0.00% 4,002,280 1.04%RHB Bank USD 700,000 03/10/2019 3.09% 701,250 0.18%

Total Malaysia 9,838,088 2.53%

Mauritius 0.71% (31 January 2019: - )

Azure Power Energy USD 2,000,000 03/11/2022 5.50% 2,022,640 0.52%Greenko Investment USD 750,000 16/08/2023 4.88% 741,557 0.19%

Total Mauritius 2,764,197 0.71%

106



Fair ValueUSD

% of Sub-Fund NAV*



Cooperatieve Rabobank USD 2,000,000 26/09/2023 3.19% 2,004,755 0.51%Greenko Dutch USD 750,000 24/07/2022 4.88% 753,683 0.19%ING Groep USD 2,100,000 02/10/2023 3.32% 2,106,126 0.55%Mylan USD 1,000,000 15/12/2020 3.75% 1,016,194 0.26%Mylan USD 1,000,000 15/06/2021 3.15% 1,010,367 0.26%NXP Funding USD 1,000,000 01/06/2021 4.13% 1,024,078 0.26%Shell International Finance USD 1,500,000 13/11/2023 2.94% 1,500,964 0.39%Syngenta Finance USD 800,000 24/04/2020 3.70% 805,624 0.21%



ASB Finance USD 1,500,000 01/09/2021 2.13% 1,490,585 0.38%


ABJA Investment USD 1,900,000 31/01/2020 4.85% 1,909,842 0.49%BOC Aviation USD 3,500,000 02/05/2021 3.32% 3,517,673 0.90%Oversea-Chinese Banking USD 7,700,000 15/10/2024 4.00% 7,720,893 1.99%Sinochem International Development USD 1,500,000 25/07/2022 3.13% 1,500,446 0.39%United Overseas Bank USD 500,000 18/03/2020 2.50% 500,583 0.13%United Overseas Bank USD 700,000 23/04/2021 2.74% 701,783 0.18%United Overseas Bank USD 1,000,000 23/04/2021 3.20% 1,015,015 0.26%United Overseas Bank USD 2,000,000 19/09/2024 3.75% 1,999,120 0.51%

Total Singapore 18,865,355 4.85%


Hyundai Capital Services USD 400,000 16/03/2021 2.88% 399,627 0.10%Kookmin Bank USD 1,000,000 23/10/2021 3.63% 1,024,100 0.26%Korea Midland Power USD 1,425,000 22/01/2022 3.38% 1,455,549 0.37%Korea Western Power USD 5,000,000 22/07/2022 2.38% 4,995,510 1.29%NongHyup Bank USD 2,000,000 17/07/2022 2.88% 2,016,954 0.52%Shinhan Bank USD 500,000 15/04/2020 2.25% 499,387 0.13%Shinhan Bank USD 700,000 07/12/2026 3.88% 713,671 0.18%



Krung Thai Bank USD 200,000 26/12/2024 5.20% 201,278 0.05%


DP World USD 500,000 18/05/2020 3.25% 502,099 0.13%Emirates NBD USD 1,000,000 19/11/2019 3.25% 1,001,486 0.26%First Abu Dhabi Bank USD 1,500,000 11/02/2020 2.25% 1,498,178 0.38%

Total United Arab Emirates 3,001,763 0.77%


HSBC Holdings USD 2,000,000 18/05/2024 3.52% 2,008,102 0.52%Lloyds Banking Group USD 2,000,000 12/03/2024 3.90% 2,071,493 0.52%NatWest Markets EUR 400,000 18/06/2021 0.40% 447,824 0.12%NatWest Markets USD 1,500,000 29/09/2022 3.63% 1,524,294 0.39%NatWest Markets USD 1,500,000 29/09/2022 3.72% 1,512,299 0.39%NatWest Markets EUR 542,000 28/05/2024 1.00% 611,238 0.16%Royal Bank of Scotland Group USD 1,000,000 15/05/2023 3.99% 1,002,519 0.26%Standard Chartered USD 1,000,000 25/01/2022 5.70% 1,058,695 0.27%

107



Fair ValueUSD

% of Sub-Fund NAV*



Vodafone Group USD 2,000,000 16/01/2024 3.31% 2,020,892 0.52%



Aetna USD 500,000 15/06/2023 2.80% 501,900 0.13%Bank of America USD 500,000 19/04/2021 2.63% 502,964 0.13%Bayer US Finance USD 2,000,000 08/10/2019 2.38% 1,998,306 0.51%Becton Dickinson USD 500,000 06/06/2022 2.89% 505,239 0.13%Broadcom USD 3,000,000 15/04/2021 3.13% 3,020,254 0.78%Broadcom USD 500,000 15/01/2023 2.65% 492,228 0.13%Campbell Soup USD 500,000 15/03/2023 3.65% 516,952 0.13%Cigna USD 500,000 17/09/2021 3.40% 509,450 0.13%Citibank USD 625,000 23/01/2024 3.65% 655,462 0.17%CVS Health USD 1,500,000 09/03/2021 3.35% 1,521,063 0.39%Dell International USD 1,000,000 15/06/2021 4.42% 1,029,385 0.26%DISH DBS USD 400,000 01/06/2021 6.75% 418,500 0.11%DPL USD 488,000 15/10/2021 7.25% 525,210 0.13%Energy Transfer Partners/Regency Energy Finance USD 1,000,000 01/03/2022 5.88% 1,071,358 0.28%Fidelity National Information Services EUR 646,000 21/05/2023 0.75% 741,841 0.19%General Electric USD 1,000,000 16/09/2020 4.38% 1,017,785 0.26%General Motors Financial USD 500,000 06/11/2021 3.67% 499,330 0.13%General Motors Financial USD 500,000 06/11/2021 4.20% 515,263 0.13%General Motors Financial USD 1,000,000 08/07/2022 3.55% 1,017,437 0.26%Hyundai Capital America USD 206,000 03/04/2020 2.55% 205,920 0.05%Hyundai Capital America USD 214,000 30/10/2020 3.00% 214,587 0.06%Hyundai Capital America USD 400,000 12/03/2021 3.45% 404,614 0.10%Hyundai Capital America USD 1,000,000 01/02/2022 3.95% 1,026,062 0.26%Hyundai Capital America USD 3,000,000 20/06/2022 3.00% 3,009,058 0.77%International Business Machines USD 2,000,000 13/05/2021 2.94% 2,007,721 0.52%McKesson USD 1,000,000 30/11/2020 3.65% 1,016,133 0.26%Morgan Stanley USD 1,000,000 08/05/2024 3.78% 1,014,632 0.26%Nestle Holdings USD 500,000 24/09/2021 3.10% 509,496 0.13%Volkswagen Group of America Finance USD 450,000 12/11/2021 3.48% 453,768 0.12%


Total Corporate Bonds 286,398,890 73.55%

Government Bonds 3.34% (31 January 2019: 15.84%)

China 0.26% (31 January 2019: 0.87%)

China Development Bank USD 1,000,000 12/12/2021 3.07% 1,002,894 0.26%


Export-Import Bank of Korea USD 1,000,000 27/11/2021 3.50% 1,027,066 0.26%Export-Import Bank of Korea USD 400,000 01/06/2023 3.30% 403,833 0.10%Korea Development Bank USD 200,000 12/03/2021 2.99% 200,580 0.05%Korea Development Bank USD 1,000,000 19/03/2022 3.00% 1,014,114 0.26%Korea Housing Finance USD 500,000 31/10/2022 3.00% 508,077 0.13%Korea Resources USD 2,000,000 19/04/2021 2.25% 1,989,858 0.52%


Sri Lanka 0.73% (31 January 2019: 0.17%)

Sri Lanka Government International Bond USD 2,800,000 04/10/2020 6.25% 2,846,289 0.73%


Export Import Bank of Thailand USD 1,000,000 20/11/2023 3.42% 1,004,694 0.26%

108



Fair ValueUSD

% of Sub-Fund NAV*

Government Bonds 3.34% (31 January 2019: 15.84%) (continued)


U.S. Treasury Note USD 3,000,000 30/06/2021 1.63% 2,987,520 0.77%

Total Government Bonds 12,984,925 3.34%

Treasury Bonds 6.64% (31 January 2019: - )

United States 6.64% (31 January 2019: - )

U.S. Treasury Bill USD 6,000,000 26/09/2019 0.00% 5,980,740 1.54%U.S. Treasury Bill USD 4,000,000 17/10/2019 0.00% 3,982,492 1.02%U.S. Treasury Bill USD 10,000,000 21/11/2019 0.00% 9,936,787 2.55%U.S. Treasury Bill USD 4,000,000 09/01/2020 0.00% 3,963,832 1.02%U.S. Treasury Bill USD 2,000,000 26/03/2020 0.00% 1,974,349 0.51%


Total Treasury Bonds 25,838,200 6.64%

Number of

Shares Fair Value

GBP% of Sub-

Fund NAV*


Ireland 9.19% (31 January 2019: 2.69%)

Fidelity Institutional Liquidity Fund - The United States Dollar Fund 3,417 35,785,593 9.19%


Financial Assets at Fair Value Through Profit or Loss 361,207,615 92.77% Financial Derivative Instruments (0.37%) (31 January 2019: 0.28%)

Open Forward Foreign Exchange Contracts held for Portfolio Hedging Purposes 0.03% (31 January 2019: (0.06%))



USD% of Sub-

Fund NAV*USD 1,046,119 CNY 7,000,000 HSBC 10/02/2020 32,219 0.02%USD 1,038,314 CNY 7,000,000 HSBC 31/01/2020 24,153 0.01%USD 1,154,789 EUR 1,021,000 Royal Bank of Canada 02/08/2019 16,680 0.00%USD 730,136 EUR 647,000 Royal Bank of Canada 02/08/2019 8,924 0.00%EUR 3,775,000 USD 4,199,386 HSBC 02/08/2019 8,609 0.00%USD 453,270 EUR 400,000 Brown Brothers Harriman 02/08/2019 7,390 0.00%USD 900,371 HKD 7,000,000 HSBC 11/12/2019 5,439 0.00%USD 562,433 EUR 500,000 Royal Bank of Canada 02/08/2019 5,083 0.00%USD 148,761 CNH 1,000,000 HSBC 31/01/2020 3,893 0.00%USD 746,465 EUR 667,000 HSBC 02/08/2019 2,960 0.00%USD 1,026,943 HKD 8,000,000 HSBC 16/01/2020 4,027 0.00%USD 604,564 EUR 540,000 Morgan Stanley 02/08/2019 2,625 0.00%USD 1,021,715 CNY 7,100,000 HSBC 05/12/2019 (7,967) (0.00%)USD 4,229,812 EUR 3,775,000 HSBC 01/11/2019 (10,032) (0.00%) Unrealised Gain on Open Forward Foreign Exchange Contracts held for Portfolio Hedging Purposes 122,002 0.03%Unrealised Loss on Open Forward Foreign Exchange Contracts held for Portfolio Hedging Purposes (17,999) (0.00%) Total Open Forward Foreign Exchange Contracts held for Portfolio Hedging Purposes 104,003 0.03%

109


Financial Derivative Instruments (0.37%) (31 January 2019: 0.28%) (continued)




USD% of Sub-

Fund NAV*SGD 2,149,827 USD (1,569,148) Brown Brothers Harriman 19/08/2019 1,909 0.00%USD 273,841 SGD (372,303) Brown Brothers Harriman 19/08/2019 1,769 0.00%SGD 992,864 USD (724,333) Brown Brothers Harriman 19/08/2019 1,235 0.00%USD 23,320 GBP (18,746) Brown Brothers Harriman 19/08/2019 496 0.00%USD 20,627 EUR (18,342) Brown Brothers Harriman 19/08/2019 152 0.00%USD 275,100 SGD (376,321) Brown Brothers Harriman 19/08/2019 91 0.00%SGD 14,963 USD (10,916) Brown Brothers Harriman 19/08/2019 19 0.00%SGD 19,775 USD (14,434) Brown Brothers Harriman 19/08/2019 18 0.00%USD 90 SGD (123) Brown Brothers Harriman 19/08/2019 1 0.00%USD 129 SGD (175) Brown Brothers Harriman 19/08/2019 1 0.00%USD 3 SGD (5) Brown Brothers Harriman 19/08/2019 0 0.00%USD 47 SGD (64) Brown Brothers Harriman 19/08/2019 0 0.00%USD 8 SGD (11) Brown Brothers Harriman 19/08/2019 0 0.00%USD 26 SGD (35) Brown Brothers Harriman 19/08/2019 0 0.00%USD 68 SGD (92) Brown Brothers Harriman 19/08/2019 0 0.00%USD 1 SGD (1) Brown Brothers Harriman 19/08/2019 0 0.00%SGD 67 USD (49) Brown Brothers Harriman 19/08/2019 (0) (0.00%)USD 20 SGD (28) Brown Brothers Harriman 19/08/2019 (0) (0.00%)SGD 516 USD (377) Brown Brothers Harriman 19/08/2019 (0) (0.00%)SGD 1,187 USD (873) Brown Brothers Harriman 19/08/2019 (6) (0.00%)SGD 3,946 USD (2,895) Brown Brothers Harriman 19/08/2019 (11) (0.00%)GBP 1,470 USD (1,812) Brown Brothers Harriman 19/08/2019 (23) (0.00%)SGD 108,200 USD (79,097) Brown Brothers Harriman 19/08/2019 (26) (0.00%)GBP 1,470 USD (1,842) Brown Brothers Harriman 19/08/2019 (53) (0.00%)SGD 9,800 USD (7,215) Brown Brothers Harriman 19/08/2019 (54) (0.00%)SGD 34,758 USD (25,464) Brown Brothers Harriman 19/08/2019 (64) (0.00%)SGD 24,500 USD (17,980) Brown Brothers Harriman 19/08/2019 (76) (0.00%)SGD 15,051 USD (11,090) Brown Brothers Harriman 19/08/2019 (91) (0.00%)AUD 10,362 USD (7,292) Brown Brothers Harriman 19/08/2019 (142) (0.00%)SGD 1,058,335 USD (773,669) Brown Brothers Harriman 19/08/2019 (256) (0.00%)SGD 49,250 USD (36,292) Brown Brothers Harriman 19/08/2019 (301) (0.00%)SGD 181,800 USD (133,657) Brown Brothers Harriman 19/08/2019 (800) (0.00%)SGD 150,990 USD (111,252) Brown Brothers Harriman 19/08/2019 (911) (0.00%)GBP 53,900 USD (67,042) Brown Brothers Harriman 19/08/2019 (1,417) (0.00%)SGD 428,553 USD (315,074) Brown Brothers Harriman 19/08/2019 (1,895) (0.00%)SGD 1,045,201 USD (766,001) Brown Brothers Harriman 19/08/2019 (2,185) (0.00%)SGD 775,011 USD (568,580) Brown Brothers Harriman 19/08/2019 (2,215) (0.00%)SGD 1,269,909 USD (931,949) Brown Brothers Harriman 19/08/2019 (3,920) (0.00%)SGD 963,552 USD (709,426) Brown Brothers Harriman 19/08/2019 (5,278) (0.00%)SGD 1,037,488 USD (764,528) Brown Brothers Harriman 19/08/2019 (6,350) (0.00%)SGD 1,486,975 USD (1,093,202) Brown Brothers Harriman 19/08/2019 (6,545) (0.00%)AUD 509,839 USD (358,720) Brown Brothers Harriman 19/08/2019 (6,945) (0.00%)SGD 1,325,059 USD (976,426) Brown Brothers Harriman 19/08/2019 (8,095) (0.00%)SGD 1,477,427 USD (1,088,592) Brown Brothers Harriman 19/08/2019 (8,913) (0.00%)SGD 1,366,664 USD (1,008,496) Brown Brothers Harriman 19/08/2019 (9,761) (0.00%)GBP 1,089,106 USD (1,355,392) Brown Brothers Harriman 19/08/2019 (29,372) (0.01%)EUR 3,927,535 USD (4,417,809) Brown Brothers Harriman 19/08/2019 (33,622) (0.01%)SGD 18,601,033 USD (13,706,963) Brown Brothers Harriman 19/08/2019 (113,641) (0.04%)SGD 212,070,188 USD (156,272,936) Brown Brothers Harriman 19/08/2019 (1,295,618) (0.34%) Unrealised Gain on Open Forward Foreign Exchange Contracts held for Class Hedging Purposes 5,691 0.00%Unrealised Loss on Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (1,538,586) (0.40%) Total Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (1,532,895) (0.40%)

Total Financial Derivative Instruments (1,428,892) (0.37%) Other Assets and Liabilities 29,573,503 7.60%Net Assets Attributable to Holders of Redeemable Participating Units 389,352,226 100.00%

110



Fund Assets(a) Transferable securities admitted to an official stock exchange listing 1,002,519 0.25%(b) Transferable securities dealt in on another regulated market 360,205,096 90.32%(c) Financial derivative instruments (1,428,892) (0.36%)(d) Other assets 39,053,587 9.79%Total Assets 398,832,310 100.00%


111

Fidelity UCITS II ICAV STATEMENT OF FINANCIAL POSITION

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

Fidelity MSCI Emerging Markets Index Fund* Fidelity MSCI Europe Index Fund*

31 July 2019 31 January 2019 31 July 2019 31 January 2019 Note USD USD EUR EUR Current Assets Financial Assets at Fair Value Through Profit or Loss 2b, 11f 25,133,784 20,565,917 12,770,740 5,834,496 Financial Derivative Instruments 2d, 2e – 37,313 35,679 2,738 Cash and Cash Equivalents 2c, 3 642,718 453,504 49,680 101,090 Margin Cash Due from Broker 4 33,986 – 4,998 2,910 Investments Sold awaiting settlement 2h – – 20,035 100 Capital Shares Sold awaiting settlement 3,964 36,677 24,351 91,271 Dividends Receivable 100,049 43,420 14,374 8,048 Total Assets 25,914,501 21,136,831 12,919,857 6,040,653 Current Liabilities Financial Derivative Instruments 2d, 2e 5,276 – 25,828 4,300 Margin Cash Due to Broker 4 – 9,273 39 – Investments Purchased awaiting settlement 2h – 23,330 53,443 87,456 Capital Shares Redeemed awaiting settlement – 64 7,728 64,757 Management Fees Payable 7 4,747 3,394 1,300 613 Capital Gain Tax Payable 41,316 33,331 – – Other Liabilities – 3,715 – – Liabilities (Excluding Net Assets Attributable to Holders of Redeemable Participating Shares) 51,339 73,107 88,338 157,126 Net Assets Attributable to Holders of Redeemable Participating Shares (for financial reporting purposes) 25,863,162 21,063,724 12,831,519 5,883,527 Represented by: Net Assets Attributable to Holders of Redeemable Participating Shares (for Shareholder dealing purposes) 25,863,162 21,063,724 12,831,519 5,883,527 Dilution adjustment – – – – Net Assets Attributable to Holders of Redeemable Participating Shares (for financial reporting purposes) 25,863,162 21,063,724 12,831,519 5,883,527

* The Sub-Fund launched on 20 March 2018.

112

Fidelity UCITS II ICAV STATEMENT OF FINANCIAL POSITION (CONTINUED)


Fidelity MSCI Japan Index Fund* Fidelity MSCI Pacific ex-Japan Index Fund*

31 July 2019 31 January 2019 31 July 2019 31 January 2019 Note USD USD USD USD Current Assets Financial Assets at Fair Value Through Profit or Loss 2b, 11f 24,784,426 15,365,715 6,024,860 6,575,362 Financial Derivative Instruments 2d, 2e 1,977 2,536 4,471 5,372 Cash and Cash Equivalents 2c, 3 64,048 86,626 116,767 104,851 Margin Cash Due from Broker 4 11,463 7,863 6,734 – Investments Sold awaiting settlement 2h 425,252 1,952,296 – – Capital Shares Sold awaiting settlement 93,526 – – – Dividends Receivable 30,485 23,249 8,356 6,645 Total Assets 25,411,177 17,438,285 6,161,188 6,692,230 Current Liabilities Financial Derivative Instruments 2d, 2e 8,665 2,046 237 88 Margin Cash Due to Broker 4 8,237 – 5,866 494 Investments Purchased awaiting settlement 2h 88,245 – 11,928 – Capital Shares Redeemed awaiting settlement 419,828 1,913,598 – – Management Fees Payable 7 2,318 1,440 732 675 Liabilities (Excluding Net Assets Attributable to Holders of Redeemable Participating Shares) 527,293 1,917,084 18,763 1,257 Net Assets Attributable to Holders of Redeemable Participating Shares (for financial reporting purposes) 24,883,884 15,521,201 6,142,425 6,690,973 Represented by: Net Assets Attributable to Holders of Redeemable Participating Shares (for Shareholder dealing purposes) 24,878,064 15,521,201 6,142,425 6,690,973 Dilution adjustment (5,820) – – – Net Assets Attributable to Holders of Redeemable Participating Shares (for financial reporting purposes) 24,883,884 15,521,201 6,142,425 6,690,973


113



Fidelity MSCI World Index Fund* Fidelity S&P 500 Index Fund*

31 July 2019 31 January 2019 31 July 2019 31 January 2019 Note USD USD USD USD Current Assets Financial Assets at Fair Value Through Profit or Loss 2b, 11f 97,071,358 47,231,615 102,829,174 42,215,595 Financial Derivative Instruments 2d, 2e 125,408 20,870 2,079 219,094 Cash and Cash Equivalents 2c, 3 1,491,342 746,266 249,932 102,008 Margin Cash Due from Broker 4 55,795 22,872 10,170 3,362 Investments Sold awaiting settlement 2h 92,235 934,448 45,087 – Capital Shares Sold awaiting settlement 85,305 72,129 114,594 1,891,857 Dividends Receivable 82,108 49,744 62,997 42,609 Total Assets 99,003,551 49,077,944 103,314,033 44,474,525 Current Liabilities Financial Derivative Instruments 2d, 2e 307,463 192 184,593 136,618 Margin Cash Due to Broker 4 12,037 – – – Investments Purchased awaiting settlement 2h 178,408 332 174,987 1,821,459 Capital Shares Redeemed awaiting settlement – 1,212,194 10,077 77,050 Management Fees Payable 7 12,762 5,246 6,463 4,439 Liabilities (Excluding Net Assets Attributable to Holders of Redeemable Participating Shares) 510,670 1,217,964 376,120 2,039,566 Net Assets Attributable to Holders of Redeemable Participating Shares (for financial reporting purposes) 98,492,881 47,859,980 102,937,913 42,434,959 Represented by: Net Assets Attributable to Holders of Redeemable Participating Shares (for Shareholder dealing purposes) 98,492,881 47,850,166 102,937,913 42,434,959 Dilution adjustment – (9,814) – – Net Assets Attributable to Holders of Redeemable Participating Shares (for financial reporting purposes) 98,492,881 47,859,980 102,937,913 42,434,959


114



Fidelity Enhanced Reserve Fund†

31 July 2019 31 January 2019 Note USD USD Current Assets Financial Assets at Fair Value Through Profit or Loss 2b, 11f 361,207,615 108,704,015 Financial Derivative Instruments 2d, 2e 127,693 398,015 Cash and Cash Equivalents 2c, 3 30,655,693 12,948,708 Investments Sold awaiting settlement 2h 297,953 4,387 Capital Shares Sold awaiting settlement 3,578,323 1,037,438 Interest Receivable from Financial Assets at Fair Value Through Profit or Loss 2,965,033 775,505 Total Assets 398,832,310 123,868,068 Current Liabilities Financial Derivative Instruments 2d, 2e 1,556,585 69,829 Investments Purchased awaiting settlement 2h 7,245,379 8,479,581 Capital Shares Redeemed awaiting settlement 499,341 2,330 Management Fees Payable 7 178,779 49,361 Liabilities (Excluding Net Assets Attributable to Holders of Redeemable Participating Shares) 9,480,084 8,601,101 Net Assets Attributable to Holders of Redeemable Participating Shares (for financial reporting purposes) 389,352,226 115,266,967 Represented by: Net Assets Attributable to Holders of Redeemable Participating Shares (for Shareholder dealing purposes) 389,774,497 115,391,338 Dilution adjustment 422,271 124,371 Net Assets Attributable to Holders of Redeemable Participating Shares (for financial reporting purposes) 389,352,226 115,266,967

† The Sub-Fund launched on 26 March 2018.

115



Fidelity MSCI Emerging Markets Index Fund Class P EUR Acc Class P USD Acc Class P PLN Acc Net Asset Value EUR USD PLN As at 31 July 2019 6,533,573 18,578,071 40,844As at 31 January 2019 5,221,513 15,072,230 –Net Asset Value per Share EUR USD PLN As at 31 July 2019 4.87 4.42 25.15As at 31 January 2019 4.72 4.42 –Shares In Issue As at 31 July 2019 1,340,591 4,201,481 1,624As at 31 January 2019 1,105,458 3,412,706 –

Fidelity MSCI Europe Index Fund Class P EUR Acc Class P USD Acc Class P EUR Hedged Acc Class P GBP Hedged Acc Net Asset Value EUR USD EUR GBP As at 31 July 2019 11,207,973 9,785 1,594,284 7,809As at 31 January 2019 4,184,189 9,161 1,580,629 96,585Net Asset Value per Share EUR USD EUR GBP As at 31 July 2019 5.40 4.90 5.40 5.48As at 31 January 2019 4.91 4.59 4.87 4.92Shares In Issue As at 31 July 2019 2,074,730 1,996 295,507 1,424As at 31 January 2019 852,541 1,996 324,381 19,647 Class P PLN Acc Net Asset Value PLN As at 31 July 2019 50,940 As at 31 January 2019 – Net Asset Value per Share PLN As at 31 July 2019 26.27 As at 31 January 2019 – Shares In Issue As at 31 July 2019 1,939 As at 31 January 2019 –

Fidelity MSCI Japan Index Fund Class P EUR Acc Class P USD Acc Class P EUR Hedged Acc Class P GBP Hedged Acc Net Asset Value EUR USD EUR GBP As at 31 July 2019 5,093,526 17,999,707 1,062,736 11,222As at 31 January 2019 540,180 13,814,044 939,702 6,893Net Asset Value per Share EUR USD EUR GBP As at 31 July 2019 5.17 4.69 4.73 4.69As at 31 January 2019 4.94 4.62 4.68 4.59Shares In Issue As at 31 July 2019 984,575 3,834,844 224,836 2,394As at 31 January 2019 109,427 2,992,763 200,882 1,503

Class P PLN Acc Net Asset Value PLN As at 31 July 2019 39,740 As at 31 January 2019 – Net Asset Value per Share PLN As at 31 July 2019 25.49 As at 31 January 2019 – Shares In Issue As at 31 July 2019 1,559 As at 31 January 2019 –

116



Fidelity MSCI Pacific ex-Japan Index Fund Class P USD Acc Class P GBP Hedged Acc Class P PLN Acc Net Asset Value USD GBP PLN As at 31 July 2019 6,121,308 8,170 42,777As at 31 January 2019 6,681,414 7,267 –Net Asset Value per Share USD GBP PLN As at 31 July 2019 5.29 5.47 26.74As at 31 January 2019 4.84 4.87 –Shares In Issue As at 31 July 2019 1,156,623 1,493 1,600As at 31 January 2019 1,381,309 1,493 –

Fidelity MSCI World Index Fund Class P EUR Acc Class P USD Acc Class P EUR Hedged Acc Class P GBP Hedged Acc Net Asset Value EUR USD EUR GBP As at 31 July 2019 22,963,919 49,503,385 18,819,301 8,010As at 31 January 2019 5,330,457 41,668,505 39,163 7,315Net Asset Value per Share EUR USD EUR GBP As at 31 July 2019 5.87 5.33 5.3 5.28As at 31 January 2019 5.22 4.88 4.87 4.83Shares In Issue As at 31 July 2019 3,911,896 9,294,582 3,549,809 1,516As at 31 January 2019 1,020,904 8,534,932 8,035 1,516

Class P CZK Hedged Acc Class P PLN Acc Net Asset Value CZK PLN As at 31 July 2019 56,429,186 43,048As at 31 January 2019 239,481 –Net Asset Value per Share CZK PLN As at 31 July 2019 113 26.82As at 31 January 2019 103.06 –Shares In Issue As at 31 July 2019 498,519 1,605As at 31 January 2019 2,324 –

Fidelity S&P 500 Index Fund Class P EUR Acc Class P USD Acc Class P EUR Hedged Acc Net Asset Value EUR USD EUR As at 31 July 2019 26,052,026 62,257,294 7,255,293As at 31 January 2019 2,498,781 31,494,006 2,832,070Net Asset Value per Share EUR USD EUR As at 31 July 2019 6.15 5.58 5.34As at 31 January 2019 5.38 5.03 4.89Shares In Issue As at 31 July 2019 4,236,355 11,157,860 1,358,179As at 31 January 2019 464,878 6,266,107 579,431

Class P GBP Hedged Acc Class P PLN Acc Net Asset Value GBP PLN As at 31 July 2019 2,927,917 42,969 As at 31 January 2019 3,667,237 – Net Asset Value per Share GBP PLN As at 31 July 2019 5.43 27.25 As at 31 January 2019 4.93 – Shares In Issue As at 31 July 2019 539,690 1,577 As at 31 January 2019 743,870 –

117



Fidelity Enhanced Reserve Fund

Class A-Acc USD Class A-MDIST(G) USD Class A-MDIST (G) SGD

Hedged Net Asset Value USD USD SGD As at 31 July 2019 91,300,529 39,063,702 232,257,636 As at 31 January 2019 32,634,692 22,985,854 60,344,427 Net Asset Value per Share USD USD SGD As at 31 July 2019 10.53 10.18 10.06 As at 31 January 2019 10.25 10.07 9.99 Shares In Issue As at 31 July 2019 8,674,106 3,837,097 23,095,265 As at 31 January 2019 3,182,798 2,282,525 6,042,421

Class I-QDIST(G) USD Class A-ACC SGD

Hedged Class A-MDIST (G) AUD

Hedged Net Asset Value USD SGD AUD As at 31 July 2019 24,005,540 19,137,523 527,685 As at 31 January 2019 6,339 5,533,999 172,869 Net Asset Value per Share USD SGD AUD As at 31 July 2019 10.25 10.40 10.13 As at 31 January 2019 10.13 10.17 10.03 Shares In Issue As at 31 July 2019 2,342,362 1,839,718 52,116 As at 31 January 2019 626 544,143 17,236

Class A-MDIST(G) EUR

Hedged Class Y-ACC USD Class Y-Acc SGD

Hedged Net Asset Value EUR USD SGD As at 31 July 2019 3,959,098 43,856,232 1,001,145 As at 31 January 2019 2,529,026 6,316,270 173,980 Net Asset Value per Share EUR USD SGD As at 31 July 2019 9.78 10.55 10.43 As at 31 January 2019 9.83 10.27 10.19 Shares In Issue As at 31 July 2019 404,904 4,155,703 95,980 As at 31 January 2019 257,214 614,960 17,080

Class A-MINCOME(G)

GBP Hedged Class Y-MINCOME(G)

USD Net Asset Value GBP USD As at 31 July 2019 1,145,455 963,490 As at 31 January 2019 1,008,485 5,048 Net Asset Value per Share GBP USD As at 31 July 2019 10.01 10.22 As at 31 January 2019 9.97 10.10 Shares In Issue As at 31 July 2019 114,415 94,301 As at 31 January 2019 101,161 500

118

Fidelity UCITS II ICAV STATEMENT OF COMPREHENSIVE INCOME



31 July 2019 31 July 2018 31 July 2019 31 July 2018 Note USD USD EUR EUR Operating Income Interest on Cash 4,164 1,285 101 2 Dividend Income 2j 482,407 219,694 240,481 96,657 Miscellaneous Income 233 471 889 – Net Gain/(Loss) in Financial Assets at Fair Value Through Profit or Loss and Financial Derivative Instruments 13 (452,333) (1,552,247) 569,245 185,585 Total Operating Income/(Loss) 34,471 (1,330,797) 810,716 282,244 Operating Expenses Management Fees 7 23,721 10,319 5,351 1,857 Transaction Costs 2k, 10 8,147 19,854 14,893 11,100 Capital Gain Tax Expenses 13,329 – – – Other Expenses 2,707 96 – 65 Total Operating Expenses 47,904 30,269 20,244 13,022 Finance Costs Overdraft Expense 226 98 94 63 Total Finance Costs 226 98 94 63 Net Investment Income/(Loss) for the Financial Period before Tax (13,659) (1,361,164) 790,378 269,159 Foreign Withholding Tax 2m (57,034) (28,412) (21,986) (10,417) Net Investment Income/(Loss) for the Financial Period after Tax (70,693) (1,389,576) 768,392 258,742

Net Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares from Operations (70,693) (1,389,576) 768,392 258,742

* The Sub-Fund launched on 20 March 2018. There are no gains or losses other than those included in the Statement of Comprehensive Income. In arriving at the results for the financial period all amounts relate to continuing operations.

119

Fidelity UCITS II ICAV STATEMENT OF COMPREHENSIVE INCOME (CONTINUED)



31 July 2019 31 July 2018 31 July 2019 31 July 2018 Note USD USD USD USD Operating Income Interest on Cash 388 148 788 83 Dividend Income 2j 270,273 170,559 134,256 70,590 Miscellaneous Income 2 2 110 87 Net Gain/(Loss) in Financial Assets at Fair Value Through Profit or Loss and Financial Derivative Instruments 13 110,176 (430,709) 462,076 (36,336) Total Operating Income/(Loss) 380,839 (260,000) 597,230 34,424 Operating Expenses Management Fees 7 10,585 5,807 3,949 2,453 Transaction Costs 2k, 10 2,274 4,148 1,509 3,452 Other Expenses – – 2 – Total Operating Expenses 12,859 9,955 5,460 5,905 Finance Costs Overdraft Expense 11 372 88 36 Total Finance Costs 11 372 88 36 Net Investment Income/(Loss) for the Financial Period before Tax 367,969 (270,327) 591,682 28,483 Foreign Withholding Tax 2m (40,537) (25,584) (1,613) (2,091) Net Investment Income/(Loss) for the Financial Period after Tax 327,432 (295,911) 590,069 26,392

Net Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares from Operations 327,432 (295,911) 590,069 26,392


120




31 July 2019 31 July 2018 31 July 2019 31 July 2018 Note USD USD USD USD Operating Income Interest on Cash 12,391 745 2,045 113 Dividend Income 2j 1,110,852 152,416 617,583 46,758 Miscellaneous Income 496 – – – Net Gain/(Loss) in Financial Assets at Fair Value Through Profit or Loss and Financial Derivative Instruments 13 4,903,260 375,063 5,161,717 260,135 Total Operating Income/(Loss) 6,026,999 528,224 5,781,345 307,006 Operating Expenses Management Fees 7 53,195 7,215 23,879 2,093 Transaction Costs 2k, 10 23,999 12,648 2,648 174 Other Expenses 590 30 1,169 61 Total Operating Expenses 77,784 19,893 27,696 2,328 Finance Costs Overdraft Expense 281 125 32 5 Total Finance Costs 281 125 32 5 Net Investment Income/(Loss) for the Financial Period before Tax 5,948,934 508,206 5,753,617 304,673 Foreign Withholding Tax 2m (191,524) (27,424) (172,892) (13,203) Net Investment Income/(Loss) for the Financial Period after Tax 5,757,410 480,782 5,580,725 291,470

Net Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares from Operations 5,757,410 480,782 5,580,725 291,470


121




31 July 2019 31 July 2018 Note USD USD Operating Income Interest from Financial Assets at Fair Value Through Profit or Loss 3,736,827 – Interest on Cash 237,573 108,447 Miscellaneous Income 25 – Net Gain/(Loss) in Financial Assets at Fair Value Through Profit or Loss and Financial Derivative Instruments 13 (197,030) (185,829) Total Operating Income/(Loss) 3,777,395 (77,382) Operating Expenses Management Fees 7 673,934 16,512 Total Operating Expenses 673,934 16,512 Finance Costs Distribution Paid 2o 2,139,954 12,333 Income Equalisation 2p (1,687,764) 104 Total Finance Costs 452,190 12,437 Net Investment Income/(Loss) for the Financial Period before Tax 2,651,271 (106,331) Foreign Withholding Tax 2m – – Net Investment Income/(Loss) for the Financial Period after Tax 2,651,271 (106,331)

Net Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares from Operations 2,651,271 (106,331)

† The Sub-Fund launched on 26 March 2018.

There are no gains or losses other than those included in the Statement of Comprehensive Income. In arriving at the results for the financial period all amounts relate to continuing operations.

122

Fidelity UCITS II ICAV STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES



31 July 2019 31 July 2018 31 July 2019 31 July 2018 USD USD EUR EURIncrease/(Decrease) in Net Assets Net Increase/(Decrease) in Net Assets Attributable to

Holders of Redeemable Participating Shares from Operations (70,693) (1,389,576) 768,392 258,742

Capital Transactions Subscriptions 5,846,4401 15,314,761 7,304,5452 5,118,066 Redemptions (976,309)1 – (1,124,945)2 (452) Total Capital Transactions 4,870,131 15,314,761 6,179,600 5,117,614 Total Increase/(Decrease) for the Period 4,799,438 13,925,185 6,947,992 5,376,356Net Assets Attributable to Holders of Redeemable Participating Shares Beginning of Period 21,063,724 – 5,883,527 –End of Period 25,863,162 13,925,185 12,831,519 5,376,356


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

Holders of Redeemable Participating Shares from Operations 327,432 (295,911) 590,069 26,392

Capital Transactions Subscriptions 9,795,6263 16,520,925 622,4534 5,465,123 Redemptions (760,375)3 (10,181) (1,761,070)4 (9,898) Total Capital Transactions 9,035,251 16,510,744 (1,138,617) 5,455,225 Total Increase/(Decrease) for the Period 9,362,683 16,214,833 (548,548) 5,481,617Net Assets Attributable to Holders of Redeemable Participating Shares Beginning of Period 15,521,201 – 6,690,973 –End of Period 24,883,884 16,214,833 6,142,425 5,481,617

* The Sub-Fund launched on 20 March 2018. 1) Includes the exchange of 2,400 Shares of Class P USD Acc for 1,624 Shares of Class P PLN Acc valued USD10,711. 2) Includes the exchange of 2,200 Shares of Class P EUR Acc for 1,939 Shares of Class P PLN Acc valued EUR11,237. 3) Includes the exchange of 2,200 Shares of Class P USD Acc for 1,559 Shares of Class P PLN Acc valued USD10,283. 4) Includes the exchange of 2,100 Shares of Class P USD Acc for 1,600 Shares of Class P PLN Acc valued USD10,554.

123

Fidelity UCITS II ICAV STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES (CONTINUED)



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

Holders of Redeemable Participating Shares from Operations 5,757,410 480,782 5,580,725 291,470

Capital Transactions Subscriptions 47,714,9015 21,867,015 98,185,6176 8,485,295 Redemptions (2,839,410)5 (158,894) (43,263,388)6 (111,316) Total Capital Transactions 44,875,491 21,708,121 54,922,229 8,373,979 Total Increase/(Decrease) for the Period 50,632,901 22,188,903 60,502,954 8,665,449Net Assets Attributable to Holders of Redeemable Participating Shares Beginning of Period 47,859,980 – 42,434,959 –End of Period 98,492,881 22,188,903 102,937,913 8,665,449


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

Holders of Redeemable Participating Shares from Operations 2,651,271 (106,331)

Capital Transactions Subscriptions 352,948,2597 10,015,981 Reinvestments 501,711 – Redemptions (82,015,982)7 – Total Capital Transactions 271,433,988 10,015,981 Total Increase/(Decrease) for the Period 274,085,259 9,909,650Net Assets Attributable to Holders of Redeemable Participating Shares Beginning of Period 115,266,967 –End of Period 389,352,226 9,909,650

* The Sub-Fund launched on 20 March 2018. † The Sub-Fund launched on 26 March 2018. 5) Includes the exchange of 2,100 Shares of Class P USD Acc for 1,605 Shares of Class P PLN Acc valued USD10,589. 6) Includes the exchange of 1,630 Shares of Class P EUR Acc for 1,577 Shares of P PLN Acc valued USD10,400. 7) Includes the exchange of 67,884 Shares of Class A-ACC SGD Hedged valued USD513,225 for 69,891 Shares of Class A-MDIST(G)

SGD Hedged.

124

Fidelity UCITS II ICAV STATEMENT OF CASH FLOWS



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

Attributable to Holders of Redeemable Participating Shares from Operations (70,693) (1,389,576) 768,392 258,742

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

cash equivalents 1,561 787 262 45 Change in Financial Assets at Fair Value

Through Profit or Loss (4,567,867) (13,787,635) (6,936,244) (5,342,180) Change in Financial Derivative Instruments 42,589 3,618 (11,413) (1,549) Change in Margin Cash Due from/to Broker (43,259) (9,348) (2,049) (3,398) Change in Investments Sold awaiting settlement – – (19,935) – Change in Dividends Receivable (56,629) (72,058) (6,326) (10,369) Change in Investments Purchased awaiting

settlement (23,330) – (34,013) 153,947 Change in Management Fees Payable 1,353 9,595 687 1,759 Change in Capital Gain Tax Payable 7,985 – – – Change in Other Liabilities (3,715) 17,185 – – Net cash flows from operating activities (4,712,005) (15,227,432) (6,240,639) (4,943,003) Cash flows from financing activities: Proceeds from redeemable shares issued 5,879,1531 15,314,761 7,371,4652 4,973,336 Redemption of redeemable shares (976,373)1 – (1,181,974)2 (452) Net cash provided by/(used in) financing

activities 4,902,780 15,314,761 6,189,491 4,972,884 Net increase/(decrease) in cash and cash

equivalents 190,775 87,329 (51,148) 29,881 Cash and cash equivalents at beginning of the

period 453,504 – 101,090 – Unrealized exchange gain/(loss) on cash and

cash equivalents (1,561) (787) (262) (45) Cash and cash equivalents at end of the period 642,718 86,542 49,680 29,836

* The Sub-Fund launched on 20 March 2018. 1) Includes the exchange of 2,400 Shares of Class P USD Acc for 1,624 Shares of Class P PLN Acc valued USD10,711. 2) Includes the exchange of 2,200 Shares of Class P EUR Acc for 1,939 Shares of Class P PLN Acc valued EUR11,237.

125

Fidelity UCITS II ICAV STATEMENT OF CASH FLOWS (CONTINUED)



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

Attributable to Holders of Redeemable Participating Shares from Operations 327,432 (295,911) 590,069 26,392


cash equivalents 893 731 2,066 (47) Change in Financial Assets at Fair Value

Through Profit or Loss (9,418,711) (15,936,982) 550,502 (5,472,343) Change in Financial Derivative Instruments 7,178 1,861 1,050 58 Change in Margin Cash Due from/to Broker 4,637 (19,706) (1,362) – Change in Investments Sold awaiting settlement 1,527,044 – – (47) Change in Dividends Receivable (7,236) (18,907) (1,711) (7,888) Change in Investments Purchased awaiting

settlement 88,245 103,727 11,928 20,810 Change in Management Fees Payable 878 5,439 57 2,296 Net cash flows from operating activities (7,469,640) (16,159,748) 1,152,599 (5,430,769) Cash flows from financing activities: Proceeds from redeemable shares issued 9,702,1003 16,379,960 622,4534 5,446,313 Redemption of redeemable shares (2,254,145)3 (10,181) (1,761,070)4 (9,898) Net cash provided by/(used in) financing

activities 7,447,955 16,369,779 (1,138,617) 5,436,415 Net increase/(decrease) in cash and cash

equivalents (21,685) 210,031 13,982 5,646 Cash and cash equivalents at beginning of the


cash equivalents (893) (731) (2,066) 47 Cash and cash equivalents at end of the period 64,048 209,300 116,767 5,693

* The Sub-Fund launched on 20 March 2018. 3) Includes the exchange of 2,200 Shares of Class P USD Acc for 1,559 Shares of Class P PLN Acc valued USD10,283. 4) Includes the exchange of 2,100 Shares of Class P USD Acc for 1,600 Shares of Class P PLN Acc valued USD10,554.

126




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

Attributable to Holders of Redeemable Participating Shares from Operations 5,757,410 480,782 5,580,725 291,470


cash equivalents 3,318 221 (1,250) – Change in Financial Assets at Fair Value

Through Profit or Loss (49,839,743) (22,040,192) (60,613,579) (8,650,606) Change in Financial Derivative Instruments 202,733 (1,914) 264,990 (3,520) Change in Margin Cash Due from/to Broker (20,886) (4,590) (6,808) – Change in Investments Sold awaiting settlement 842,213 (21,661) (45,087) (14,727) Change in Dividends Receivable (32,364) (4,742) (20,388) (4,931) Change in Investments Purchased awaiting

settlement 178,076 66 (1,646,472) 16,244 Change in Management Fees Payable 7,516 6,925 2,024 2,019 Net cash flows from operating activities (42,901,727) (21,585,105) (56,485,845) (8,364,051) Cash flows from financing activities: Proceeds from redeemable shares issued 47,701,7255 21,867,015 99,962,8806 8,464,651 Redemption of redeemable shares (4,051,604)5 (158,894) (43,330,361)6 (111,316) Net cash provided by/(used in) financing

activities 43,650,121 21,708,121 56,632,519 8,353,335 Net increase/(decrease) in cash and cash

equivalents 748,394 123,016 146,674 (10,716) Cash and cash equivalents at beginning of the


cash equivalents (3,318) (221) 1,250 – Cash and cash equivalents at end of the period 1,491,342 122,795 249,932 (10,716)

* The Sub-Fund launched on 20 March 2018. 5) Includes the exchange of 2,100 Shares of Class P USD Acc for 1,605 Shares of Class P PLN Acc valued USD10,589. 6) Includes the exchange of 1,630 Shares of Class P EUR Acc for 1,577 Shares of P PLN Acc valued USD10,400.

127




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

Attributable to Holders of Redeemable Participating Shares from Operations 2,651,271 (106,331)


cash equivalents 7,678 – Distributions Paid 2,139,954 12,333 Change in Financial Assets at Fair Value

Through Profit or Loss (252,503,600) (9,889,634) Change in Financial Derivative Instruments 1,757,078 6,311 Change in Investments Sold awaiting settlement (293,566) – Change in Interest Receivable from Financial

Assets at Fair Value Through Profit or Loss (2,189,528) (70,871) Change in Investments Purchased awaiting

settlement (1,234,202) 197,773 Change in Management Fees Payable 129,418 16,233 Net cash flows from operating activities (249,535,497) (9,834,186) Cash flows from financing activities: Proceeds from redeemable shares issued 350,407,3747 10,015,981 Reinvestments 501,711 – Redemption of redeemable shares (81,518,971)7 – Distributions Paid (2,139,954) (12,333) Net cash provided by/(used in) financing

activities 267,250,160 10,003,648 Net increase/(decrease) in cash and cash

equivalents 17,714,663 169,462 Cash and cash equivalents at beginning of the

period 12,948,708 – Unrealized exchange gain/(loss) on cash and

cash equivalents (7,678) – Cash and cash equivalents at end of the period 30,655,693 169,462

† The Sub-Fund launched on 26 March 2018. 7) Includes the exchange of 67,884 Shares of Class A-ACC SGD Hedged valued USD513,225 for 69,891 Shares of Class A-MDIST(G)

SGD Hedged.

128

Fidelity UCITS II ICAV NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 FEBRUARY 2019 TO 31 JULY 2019

1. Organisation Fidelity UCITS II ICAV (the “Fund”) was registered in Ireland pursuant to the Irish Collective Asset-management Vehicles Act 2015 (as amended) on 14 November 2017 under registration number C174793 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 2019 (the “Central Bank UCITS Regulations”) that apply to financial reports. The financial statements have been prepared on the going concern basis and under the historical cost convention, as modified by the revaluation of financial assets and financial liabilities held at fair value through profit or loss. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. 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 (“IASB” or the “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. Currently this is still under review with Fidelity’s Operational Tax Team and the Fund’s auditors. 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 Sub-Funds. 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 31 January 2019, and have not been applied in preparing these financial statements. The Fund 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.

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Fidelity UCITS II ICAV NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 FEBRUARY 2019 TO 31 JULY 2019 (CONTINUED)

2. Significant Accounting Policies (continued) b) Financial Instruments at Fair Value through Profit or Loss Classification The Sub-Funds classify their financial assets and liabilities 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. Recognition/Derecognition The Sub-Funds recognise a financial asset or a financial liability 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 the Sub-Funds commit 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 the Sub-Funds have transferred substantially all of the risks and rewards of the asset or Sub-Funds have neither transferred nor retained substantially all the risk and rewards of the asset, but has transferred control of the asset. When the Sub-Funds have transferred their right to receive cash flows from an asset (or has entered into a pass-though arrangement), and have 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-Funds’ continuing involvement in the asset. In that case, the Sub-Funds also recognise an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Sub-Funds have retained. The Sub-Funds derecognise 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 losses 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 For both Index Tracking and Actively Managed Sub-Funds each asset which is quoted, listed or traded on or under the rules of any Recognised Market shall be valued at either the (a) closing bid price, (b) last bid price, (c) last traded price, (d) closing mid-market price, (e) latest mid-market price or (f) the official closing price on the relevant Recognised Market at the close of business on such Recognised Market on each Valuation Day, and the relevant valuation method shall be disclosed in the Relevant Supplement. Prices will be obtained for this purpose by the Administrator from independent sources, such as recognized 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.

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2. Significant Accounting Policies (continued) b) Financial Instruments at Fair Value through Profit or Loss (continued) Determination of fair value (continued) Neither the Directors or their delegates nor the Depositary shall be under any liability if a price reasonably believed by them to be the (a) closing bid price, (b) last bid price, (c) last traded price, (d) closing mid-market price, (e) latest mid-market price or (f) the official closing price for the time being, may be found not to be such. The 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. 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 in consultation with the Administrator or by a competent person, firm or corporation appointed for such purpose by the Manager and approved for the purpose by the Depositary. 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.

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2. Significant Accounting Policies (continued) d) Futures Contracts A futures contract is a legal agreement, to buy or sell a particular commodity or financial instrument at a predetermined price at a specified time in the future. Initial margin deposits are made upon entering into open futures contracts and are generally made in cash or cash equivalents. Subsequent payments (variation margin) to and from the clearing broker are made on a daily basis based on changes in the market value of futures contracts. Initial margin and variation margin is presented under Margin Cash Due from Broker or Margin Cash Due to Broker on the Statement of Financial Position. The fair value of open futures contracts is based upon their quoted daily settlement prices. Changes in the value of open futures contracts are recognised as unrealised gains or losses on futures contracts until the contracts are terminated, at which time realised gains and losses are recognised. e) 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 realized 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. f) 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. g) Foreign Exchange Translation Functional and Presentation Currency Items included in the Sub-Funds’ financial statements are measured using the currency in which Shareholder 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 MSCI Emerging Markets Index Fund USD USD Fidelity MSCI Europe Index Fund EUR EUR Fidelity MSCI Japan Index Fund USD USD Fidelity MSCI Pacific ex-Japan Index Fund USD USD Fidelity MSCI World Index Fund USD USD Fidelity S&P 500 Index Fund USD USD Fidelity Enhanced Reserve Fund USD USD

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2. Significant Accounting Policies (continued) g) Foreign Exchange Translation (continued) 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. h) Investments Purchased and Sold Investments purchased and sold represent receivables for securities sold and payables for securities purchased that have been contracted for but not yet settled or delivered on the statement of financial position date respectively. The due from brokers balance is held for collection. These amounts are recognised initially at fair value and subsequently measured at amortised cost. At each reporting date, the Sub-Funds shall measure the loss allowance on amounts due from broker at an amount equal to the lifetime expected credit losses if the credit risk has increased significantly since initial recognition. If, at the reporting date, the credit risk has not increased significantly since initial recognition, the Sub-Funds shall measure the loss allowance at an amount equal to 12-month expected credit losses. Significant financial difficulties of the broker, probability that the broker will enter bankruptcy or financial reorganisation, and default in payments are all considered indicators that a loss allowance may be required if the credit risk increases to the point that it is considered to be credit impaired. During the period ended 31 July 2019 no such impairments have occurred. i) Interest from Financial Assets Through Fair Value and Profit and Loss Interest from financial assets through fair value and profit and loss is recognised on the effective yield interest method and credited to the Statement of Comprehensive Income. j) 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. k) 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. l) Expenses Expenses are recognised in the Statement of Comprehensive Income on an accrual basis. m) 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 Shareholders. 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.

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2. Significant Accounting Policies (continued) n) Redeemable Participating Shares Redeemable participating Shares provide the Shareholders with the right to redeem their shares for cash equal to their proportionate share of the Net Asset Value of the Sub-Funds and, accordingly, are classified as financial liabilities. The liability to Shareholders is presented in the Statement of Financial Position as “Net Assets Attributable to Holders of Redeemable Participating Shares” and is based on the residual assets of each Sub-Fund after deducting all other liabilities. o) Distribution Policy

The Prospectus empowers the Directors to declare dividends in respect of Shares in any Distributing Class out of net income (including dividend income, securities lending income and interest revenue, less expenses) in respect of investments of each Sub-Fund (collectively, “Net Income”) for the Index-Tracking Sub-Funds and out of either, Net Income and capital or Net Income for the Fidelity Enhanced Reserve Fund. The Directors may in their sole discretion, determine that the Fund shall, on behalf of one or more Sub-Funds, apply an equalisation methodology in respect to any Distributing Class Shares. An equalisation account will be maintained for each Sub-Fund so that the amount distributed will be the same for all Shares of each Distributing Class notwithstanding different dates of issue. A sum equal to that part of the subscription issued price of an Distributing Class Share which reflects income (if any) accrued but undistributed up to the date of issue will be deemed to be an equalisation payment and treated as repaid to Shareholders in the relevant Sub-Fund with the first dividend to which the Shareholder was entitled in the same relevant period as that in which the Shares are issued. The redemption price of each Distributing Class Share will also include an equalisation payment in respect of the accrued income of the relevant Sub-Fund up to the Dealing Day on which the relevant Distributing Class Shares are redeemed. Index-Tracking Sub-Funds

In respect of Distributing Classes, and subject to Net Income being available for distribution, it is the current intention of the Directors, subject to any de minimis threshold, to declare dividends out of Net Income attributable to each of the Distributing Classes. Under normal circumstances, the Directors intend that dividends shall be declared on a quarterly basis in or around February, May, August and November of each year and paid on the last Thursday of that relevant month, or any such other Business Day that the Directors deem appropriate. However, Shareholders should note that the Directors may, in their discretion, decide not to make such payment in respect of a Distributing Class.


In respect of Distributing Classes, it is the current intention of the Directors, subject to any de minimis threshold, to declare dividends out of gross income attributable to each of the Distributing Classes. Distributions out of gross income are made up of Net Income and capital. Under normal circumstances, the Directors intend that: (a) in respect of monthly Distributing Classes, dividends shall be declared on the first Business Day of each month and paid on the fifth Business Day of each month, or any such other Business Day that the Directors deem appropriate; and (b) in respect of quarterly Distributing Classes, dividends shall be declared on the first Business Day of and paid on the fifth Business Day of February, May, August and November, or any such other Business Day that the Directors deem appropriate. However, Shareholders should note that the Directors may, in their discretion, decide not to make such payment in respect of a Distributing Class.

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2. Significant Accounting Policies (continued) o) Distribution Policy (continued) Dividends for the financial period ended 31 July 2019 are disclosed in the table below:

Sub-Fund

Ex-Dividend Date

Amount Paid (USD)

Dividend per Share (USD)


Class A-MDIST(G) USD 1 February 2019 58,889 0.0258 1 March 2019 63,118 0.0258 1 April 2019 77,449 0.0258 1 May 2019 80,662 0.0258 3 June 2019 91,706 0.0258 1 July 2019 100,785 0.0258 Class A-MDIST(G) SGD Hedged 1 February 2019 115,597 0.0191 1 March 2019 133,280 0.0191 1 April 2019 254,199 0.0190 1 May 2019 291,901 0.0190 3 June 2019 332,711 0.0188 1 July 2019 389,851 0.0191 Class I-QDIST(G) USD 1 February 2019 48 0.0774 1 May 2019 55,763 0.0774 Class A-MDIST(G) AUD Hedged 1 February 2019 323 0.0187 1 March 2019 316 0.0184 1 April 2019 957 0.0184 1 May 2019 948 0.0182 3 June 2019 935 0.0179 1 July 2019 941 0.0180 Class A-MDIST(G) EUR Hedged 1 February 2019 7,582 0.0295 1 March 2019 7,877 0.0293 1 April 2019 11,154 0.0289 1 May 2019 11,217 0.0289 3 June 2019 11,546 0.0287 1 July 2019 11,796 0.0291 Class A-MINCOME(G) GBP Hedged 1 February 2019 3,409 0.0337 1 March 2019 3,452 0.0341 1 April 2019 3,421 0.0338 1 May 2019 3,411 0.0337 3 June 2019 3,432 0.0326 1 July 2019 3,544 0.0326 Class Y-MINCOME(G) USD 1 February 2019 13 0.0258 1 March 2019 13 0.0258 1 April 2019 1,927 0.0258 1 May 2019 1,927 0.0258 3 June 2019 1,927 0.0258 1 July 2019 1,927 0.0258

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2. Significant Accounting Policies (continued) o) Distribution Policy (continued) Dividends for the financial period ended 31 July 2018 are disclosed in the table below:

Distributions are recognised in the Statement of Comprehensive Income as Finance Costs. p) Income Equalisation In respect of the distributing classes, each Sub-Fund operates equalisation arrangements and makes equalisation payments in respect of each share of such Distributing Classes to reflect the pro rata payment of distributions based on the period of time the share has been owned by a shareholder. Income Equalisation is recognised in the Statement of Comprehensive Income as Finance Costs. q) 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 Shares 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 Shareholders, 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 Shareholders in the Sub-Fund. The adjustment will be upwards when the net aggregate transactions result in an increase of the number of Shares and will be downwards when the net aggregate transactions result in a decrease of the number of Shares. 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, Shareholders transacting in the opposite direction of the Sub-Fund’s net transaction activity may benefit at the expense of the other Shareholders 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. Dilution adjustment is recognised in the Statement of Financial Position.

Sub-Fund

Ex-Dividend Date

Amount Paid

Dividend per Share

Fidelity Enhanced Reserve Fund Class A-MDIST(G) USD 2 July 2018 5,156 0.0258 Class A-MDIST(G)-H AUD 2 July 2018 491 0.0190 Class A-MDIST(G)-H EUR 2 July 2018 485 0.0300 Class A-MDIST(G)-H SGD 2 July 2018 6,201 0.0189

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3. Cash and Cash Equivalents Cash and Cash Equivalents amount for the Sub-Funds for the financial periods ended 31 July 2019 and 31 January 2019 are disclosed in the table below:

In line with the Central Bank Guidance paper entitled Umbrella Funds – Cash Accounts Holding Subscription, Redemption and Dividend Monies published in March 2016, one or more Umbrella Cash Accounts at umbrella level in the name of the Fund (each, an "Umbrella Cash Account") are being operated by the Administrator in accordance with the requirements of the Central Bank. Such Umbrella Cash Accounts are designed to hold unprocessed subscription monies received from investors, redemption monies payable to investors and/or other amounts due to investors. On Fidelity Enhanced Reserve Fund the amount held in these cash accounts as at 31 July 2019 and 31 January 2019 was USD2,301,372 and USD1,152,561, respectively. Any balances held on these cash accounts at the financial period end are reflected on the Statement of Financial Position.

Sub-Fund Counterparty 31 July 2019 31 January 2019 Fidelity MSCI Emerging Markets Index Fund USD USD Brown Brothers Harriman 178,897 107,400 BNP Paribas 110,381 - SEB Group 353,440 - Sumitomo Bank - 346,104 Total 642,718 453,504 Fidelity MSCI Europe Index Fund EUR EUR Brown Brothers Harriman 10,851 3,492 Banco Santander 38,829 - HSBC - 97,598 Total 49,680 101,090 Fidelity MSCI Japan Index Fund USD USD Australia & New Zealand Banking Group - 27,370 Brown Brothers Harriman 18 (14) DBS Bank 33,470 - Mitsubishi UFJ Financial Group 30,560 59,270 Total 64,048 86,626 Fidelity MSCI Pacific ex-Japan Index Fund USD USD Australia & New Zealand Banking Group 53,758 85,462 Brown Brothers Harriman 18,807 19,389 SEB Group 44,202 - Total 116,767 104,851 Fidelity MSCI World Index Fund USD USD Australia & New Zealand Banking Group 1,335,412 635,291 Banco Santander - 32,786 Brown Brothers Harriman 60,962 42,205 HSBC 52,819 35,984 Sumitomo Bank 42,149 - Total 1,491,342 746,266 Fidelity S&P 500 Index Fund USD USD Brown Brothers Harriman 1,052 1,381 Bank of Nova Scotia 248,880 - Sumitomo Bank - 100,627 Total 249,932 102,008 Fidelity Enhanced Reserve Fund USD USD Australia & New Zealand Banking Group - 11,318,869 BNP Paribas 38,980 - Brown Brothers Harriman 2,384,625 1,186,081 Citi 28,232,088 443,758 Total 30,655,693 12,948,708

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3. Cash and Cash Equivalents (continued) 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 periods ended 31 July 2019 and 31 January 2019 are disclosed in the table below:

There were no cash collateral due from and due to broker for the Sub-Funds for the financial periods ended 31 July 2019 and 31 January 2019.

31 July 2019 Sub-Fund / Counterparty Margin Cash Due from Broker Margin Cash Due to Broker Fidelity MSCI Emerging Markets Index Fund USD USD Morgan Stanley 33,986 - Fidelity MSCI Europe Index Fund EUR EUR Morgan Stanley 4,998 39 Fidelity MSCI Japan Index Fund USD USD Morgan Stanley 11,463 8,237 Fidelity MSCI Pacific ex-Japan Index Fund USD USD Morgan Stanley 6,734 5,866 Fidelity MSCI World Index Fund USD USD Morgan Stanley 55,795 12,037 Fidelity S&P 500 Index Fund USD USD Morgan Stanley 10,170 -

31 January 2019 Sub-Fund / Counterparty Margin Cash Due from Broker Margin Cash Due to Broker Fidelity MSCI Emerging Markets Index Fund USD USD Morgan Stanley - 9,273 Fidelity MSCI Europe Index Fund EUR EUR Morgan Stanley 2,910 - Fidelity MSCI Japan Index Fund USD USD Morgan Stanley 7,863 - Fidelity MSCI Pacific ex-Japan Index Fund USD USD Morgan Stanley - 494 Fidelity MSCI World Index Fund USD USD Morgan Stanley 22,872 - - Fidelity S&P 500 Index Fund USD USD Morgan Stanley 3,362 -

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5. Share Capital The Fund may issue up to 500,000,000,002 Shares of no par value. The maximum issued Share capital of the Fund shall be 500,000,000,002 Shares of no par value and the minimum issued Share capital of the Fund shall be €2 represented by two Subscriber Shares of no par value issued for €1 each. The issued share capital of the Fund shall not be less than the currency equivalent of €2 represented by two shares of no par value. The Subscriber Shares entitle the holders to attend and vote at any general meetings of the Fund but do not entitle the holders to participate in the profits or assets of the Fund except for a return of capital on a winding-up. The Shares entitle the holders to attend and vote at general meetings of the Fund and (other than the Subscriber Shares) to participate equally in the profits and assets of the Sub-Fund to which the Shares relate, subject to any differences between fees, charges and expenses applicable to different Classes. The movement in the number of redeemable participating Shares for each Sub-Fund for the financial periods ended 31 July 2019 and 31 January 2019 is as follows: Fidelity MSCI Emerging Markets Index Fund

Share Class P EUR Acc P USD Acc P PLN AccBeginning Balance – – –Shares Issued During Period 1,129,411 3,412,708 –Shares Redeemed During Period (23,953) (2) –Balance at 31 January 2019 1,105,458 3,412,706 –Shares Issued During Period 399,218 802,981 1,624Shares Redeemed During Period (164,085) (14,206) –Balance at 31 July 2019 1,340,591 4,201,481 1,624

Fidelity MSCI Europe Index Fund

Share Class P EUR Acc P USD Acc P EUR Hedged Acc P GBP Hedged AccBeginning Balance – – – –Shares Issued During Period 860,432 1,996 357,762 19,659Shares Redeemed During Period (7,891) – (33,381) (12)Balance at 31 January 2019 852,541 1,996 324,381 19,647Shares Issued During Period 1,331,669 – 36,808 14,637Shares Redeemed During Period (109,480) – (65,682) (32,860)Balance at 31 July 2019 2,074,730 1,996 295,507 1,424

Share Class P PLN AccBeginning Balance –Shares Issued During Period –Shares Redeemed During Period –Balance at 31 January 2019 –Shares Issued During Period 1,939Balance at 31 July 2019 1,939

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5. Share Capital (continued) Fidelity MSCI Japan Index Fund

Share Class P EUR Acc P USD Acc P EUR Hedged Acc P GBP Hedged AccBeginning Balance – – – –Shares Issued During Period 470,302 2,994,783 207,067 1,503Shares Redeemed During Period (360,875) (2,020) (6,185) –Balance at 31 January 2019 109,427 2,992,763 200,882 1,503Shares Issued During Period 883,180 933,726 77,474 892Shares Redeemed During Period (8,032) (91,645) (53,520) (1)Balance at 31 July 2019 984,575 3,834,844 224,836 2,394

Share Class P PLN AccBeginning Balance –Shares Issued During Period –Shares Redeemed During Period –Balance at 31 January 2019 –Shares Issued During Period 1,559Shares Redeemed During Period –Balance at 31 July 2019 1,559

Fidelity MSCI Pacific ex-Japan Index Fund

Share Class P USD Acc P GBP Hedged Acc P PLN AccBeginning Balance – – –Shares Issued During Period 1,387,747 1,493 –Shares Redeemed During Period (6,438) – –Balance at 31 January 2019 1,381,309 1,493 –Shares Issued During Period 123,485 – 1,600Shares Redeemed During Period (348,171) – –Balance at 31 July 2019 1,156,623 1,493 1,600

Fidelity MSCI World Index Fund

Share Class P EUR Acc P USD Acc P EUR Hedged Acc P GBP Hedged AccBeginning Balance – – – –Shares Issued During Period 3,663,190 8,540,439 8,035 1,516Shares Redeemed During Period (2,642,286) (5,507) – –Balance at 31 January 2019 1,020,904 8,534,932 8,035 1,516Shares Issued During Period 3,304,625 804,037 3,543,420 –Shares Redeemed During Period (413,633) (44,387) (1,646) –Balance at 31 July 2019 3,911,896 9,294,582 3,549,809 1,516

Share Class P CZK Hedged Acc P PLN AccBeginning Balance – –Shares Issued During Period 2,324 –Shares Redeemed During Period – –Balance at 31 January 2019 2,324 –Shares Issued During Period 496,195 1,605Balance at 31 July 2019 498,519 1,605

140


5. Share Capital (continued) Fidelity S&P 500 Index Fund

Share Class P EUR Acc P USD Acc P EUR Hedged Acc P GBP Hedged AccBeginning Balance – – – –Shares Issued During Period 1,100,011 7,634,728 821,125 7,607,602Shares Redeemed During Period (635,133) (1,368,621) (241,694) (6,863,732)Balance at 31 January 2019 464,878 6,266,107 579,431 743,870Shares Issued During Period 5,067,567 10,041,510 1,375,210 473,533Shares Redeemed During Period (1,296,090) (5,149,757) (596,462) (677,713)Balance at 31 July 2019 4,236,355 11,157,860 1,358,179 539,690

Share Class P PLN AccBeginning Balance –Shares Issued During Period –Shares Redeemed During Period –Balance at 31 January 2019 –Shares Issued During Period 1,577Shares Redeemed During Period –Balance at 31 July 2019 1,577


Share Class A-ACC USD A-MDIST(G) USDA-MDIST (G) SGD

Hedged I-QDIST(G) USDBeginning Balance – – – –Shares Issued During Period 5,615,417 2,531,709 6,453,508 399,639Shares Redeemed During Period (2,432,619) (249,184) (411,087) (399,013)Balance at 31 January 2019 3,182,798 2,282,525 6,042,421 626Shares Issued During Period 10,588,054 2,506,302 18,252,674 2,342,362Shares Redeemed During Period (5,096,746) (951,730) (1,199,830) (626)Balance at 31 July 2019 8,674,106 3,837,097 23,095,265 2,342,362

Share Class A-ACC SGD HedgedA-MDIST(G) AUD

HedgedA-MDIST(G) EUR

Hedged Y-ACC USDBeginning Balance – – – –Shares Issued During Period 630,427 25,851 264,380 634,442Shares Redeemed During Period (86,284) (8,615) (7,166) (19,482)Balance at 31 January 2019 544,143 17,236 257,214 614,960Shares Issued During Period 1,458,858 34,880 147,690 4,365,611Shares Redeemed During Period (163,283) – – (824,868)Balance at 31 July 2019 1,839,718 52,116 404,904 4,155,703

Share Class Y-ACC SGD HedgedA-MINCOME(G) GBP

Hedged Y-MINCOME(G) USDBeginning Balance – – –Shares Issued During Period 26,288 101,161 500Shares Redeemed During Period (9,208) – –Balance at 31 January 2019 17,080 101,161 500Shares Issued During Period 186,060 13,254 93,801Shares Redeemed During Period (107,160) – –Balance at 31 July 2019 95,980 114,415 94,301

141


6. Taxation Each Sub-Fund is an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997. The Sub-Funds will not be liable to Irish tax in respect of their income and gains, other than on the occurrence of a chargeable event with respect to Irish resident shareholders. The Fund will be obliged to account for Irish income tax to the Irish Revenue Commissioners if Shares are held by non-exempt Irish resident Shareholders. In accordance with the reporting fund regime introduced by the United Kingdom HM Revenue and Customs, each Share Class will be viewed as a separate “offshore fund” for UK tax purposes. The reporting regime permits an offshore fund to seek advance approval from HM Revenue and Customs to be treated as a reporting fund. Once an offshore fund has been granted “reporting fund” status it will maintain that status for so long as it continues to satisfy the conditions to be a “reporting fund”, which include making reports to HM Revenue and Customs and investors for each period of account, without a requirement to apply for further certification by HM Revenue and Customs. Each Share Class in the Sub-Funds is treated as a “reporting fund”. This has been approved by HM Revenue and Customs. Generally a chargeable event arises on any distribution, redemption, repurchase, cancellation, transfer of Shares by an Irish resident Shareholder or on the ending of a “Relevant Period”. A “Relevant Period” for these purposes is an eight year period beginning with the acquisition of the Shares by the Irish resident Shareholder and each subsequent period of eight years beginning immediately after the preceding Relevant Period. A gain on a chargeable event does not arise in respect of:

(i) a Shareholder who is not Irish resident and not ordinarily resident in Ireland at the time of the chargeable event provided the necessary signed statutory declarations are held by the Sub-Fund; or

(ii) certain exempted Irish resident investors who have provided the Sub-Fund with the necessary signed statutory declaration. Capital gains, dividends, and interest received by the Sub-Funds may be subject to withholding taxes imposed by the country of origin and such taxes may not be recoverable by the Sub-Funds or their Shareholders. 7. Fees All of the fees and expenses payable in respect of each Sub-Fund are paid as one single fee. This is referred to as the total expense ratio or “TER”. The Manager is responsible for arranging the payment from the TER of all operational expenses of the Sub-Funds, including Directors’, Auditors’, Legal Advisors’, Administrator’s, Depositary’s and other service providers’ fees and expenses and Class hedging costs. The Manager is entitled to an annual fee in respect of the services that it provides to the Sub-Funds. However, this fee will only be paid in circumstances where there is a residual amount left from the TER after the other operational expenses have been paid. Save where another party has agreed to reimburse the Sub-Funds, the TER includes but is not limited to fees and expenses of the Investment Manager, Depositary, Administrator, Secretary and any sub-investment advisor. Subject to applicable law and regulation, the Manager, the Investment Manager, any Sub-Investment Manager, the Administrator, the Depositary, the General Distributor or any Sub-Distributor 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 Sub-Funds and payable at least quarterly in arrears. The TER of each Sub-Fund is as listed in the Relevant Supplement. If the Sub-Funds’ expenses exceed the TER outlined above in relation to operating the Sub-Funds, the Manager will cover any shortfall from its own assets.

142


7. Fees (continued) The table below outlines the maximum TER figures applicable to each Sub-Fund:

Fidelity S&P 500 Index Fund Class P EUR Acc 0.06 Class P USD Acc 0.06 Class P EUR Hedged Acc 0.15 Class P GBP Hedged Acc 0.15 Class P PLN Acc 0.06

Fidelity Enhanced Reserve Fund Class A-ACC USD 0.60 Class A-MDIST(G) USD 0.60 Class A-MDIST(G) SGD Hedged 0.63 Class I-QDIST(G) USD 0.30 Class A-ACC SGD Hedged 0.63 Class A-MDIST(G) AUD Hedged 0.63 Class A-MDIST(G) EUR Hedged 0.63 Class Y-ACC USD 0.40 Class Y-ACC SGD Hedged 0.43 Class A-MINCOME(G) GBP Hedged 0.63 Class Y-MINCOME(G) USD 0.40

Sub-Fund

TER (% of Net Asset

Value) Fidelity MSCI Emerging Markets Index Fund

Class P EUR Acc 0.20 Class P USD Acc 0.20 Class P PLN Acc 0.20

Fidelity MSCI Europe Index Fund Class P EUR Acc 0.10 Class P USD Acc 0.10 Class P EUR Hedged Acc 0.20 Class P GBP Hedged Acc 0.20 Class P PLN Acc 0.10

Fidelity MSCI Japan Index Fund Class P EUR Acc 0.10 Class P USD Acc 0.10 Class P EUR Hedged Acc 0.20 Class P GBP Hedged Acc 0.20 Class P PLN Acc 0.10

Fidelity MSCI Pacific ex-Japan Index Fund Class P USD Acc 0.13 Class P GBP Hedged Acc 0.23 Class P PLN Acc 0.13

Fidelity MSCI World Index Fund Class P EUR Acc 0.12 Class P USD Acc 0.12 Class P EUR Hedged Acc 0.22 Class P GBP Hedged Acc 0.22 Class P CZK Hedged Acc 0.22 Class P PLN Acc 0.12

143


7. Fees (continued) Directors’ Fees The aggregate emoluments of the Directors paid by the Manager out of the TER on behalf of the Fund (including expenses) for the financial period ended 31 July 2019 was EUR 15,000 which were paid to Denise Kinsella as Independent Director. 8. Net Asset Value per Redeemable Participating Share The Net Asset Value per redeemable participating share is calculated by dividing the total net assets (as calculated for shareholder dealing purposes) of each Sub-Fund by the number of redeemable participating Shares of that Class in issue. 9. Related Parties and Connected Persons Related Party Disclosures In the opinion of the Directors, 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 Investment Management (Hong Kong) (iv) FIL Fondsbank GmbH The Directors of the Fund and their dependents. The Managers and the Investment Manager of Fidelity Enhanced Reserve Fund are related parties to the Fund and receive the fees, as outlined on the Note 7. The amounts payable as at 31 July 2019 are disclosed in the Statement of Financial Position. The following related parties held Shares in the Sub-Funds as at 31 July 2019: Sub-Fund Related Party Shares Held Fidelity MSCI Emerging Markets Index Fund

Class P EUR Acc FIL Fondsbank GmbH FIL Limited

85,996 1,628

Class P USD Acc FIL Fondsbank GmbH FIL Limited

226 2,991,444

Class P PLN Acc FIL Limited 1,624 Fidelity MSCI Europe Index Fund


56,718 806,146

Class P USD Acc FIL Limited 1,996 Class P EUR Hedged Acc FIL Fondsbank GmbH

FIL Limited 7,617 1,626

Class P GBP Hedged Acc FIL Limited 1,424 Class P PLN Acc FIL Limited 1,939

Fidelity MSCI Japan Index Fund Class P EUR Acc FIL Fondsbank GmbH


Class P USD Acc FIL Limited 2,990,563 Class P EUR Hedged Acc FIL Fondsbank GmbH

FIL Limited 292

1,629 Class P GBP Hedged Acc FIL Limited 1,503 Class P PLN Acc FIL Limited 1,559

Fidelity MSCI Pacific ex-Japan Index Fund Class P USD Acc FIL Fondsbank GmbH

FIL Limited 4,321

995,285 Class P GBP Hedged Acc FIL Limited 1,493 Class P PLN Acc FIL Limited 1,600

144


9. Related Parties and Connected Persons (continued) Related Party Disclosures (continued)

The following related parties held Shares in the Sub-Funds as at 31 January 2019:

Sub-Fund Related Party Shares Held Fidelity MSCI World Index Fund


268,932 1,629


3,599 3,042,784

Class P EUR Hedged Acc FIL Fondsbank GmbH FIL Limited

8,079 1,629

Class P GBP Hedged Acc FIL Limited 1,516 Class CZK Hedged Acc FIL Limited 2,324 Class P PLN Acc FIL Limited 1,605

Fidelity S&P 500 Index Fund Class P EUR Acc FIL Fondsbank GmbH 41,810 Class P USD Acc FIL Fondsbank GmbH 30,300 Class P EUR Hedged Acc FIL Fondsbank GmbH


Class P GBP Hedged Acc FIL Limited 1,427 Class P PLN Acc FIL Limited 1,577

Fidelity Enhanced Reserve Fund Class A-MDIST(G) SGD Hedged FIL Limited 12,635 Class A-ACC SGD Hedged FIL Limited 13,555 Class A-MDIST(G) AUD Hedged FIL Limited 17,236 Class A-MDIST(G) EUR Hedged FIL Limited 9,055 Class Y-ACC USD FIL Limited 500 Class Y-ACC SGD Hedged FIL Limited 17,080 Class A-MINCOME(G) GBP Hedged FIL Limited 7,768 Class Y-MINCOME(G) USD FIL Limited 500

Sub-Fund Related Party Shares Held Fidelity MSCI Emerging Markets Index Fund


53,356 1,628


61 2,993,830

Fidelity MSCI Europe Index Fund Class P EUR Acc FIL Fondsbank GmbH

FIL Limited 34,340

808,346 Class P USD Acc FIL Limited 1,996 Class P EUR Hedged Acc FIL Fondsbank GmbH


Class P GBP Hedged Acc FIL Limited 1,424 Fidelity MSCI Japan Index Fund


2,998 1,629

Class P USD Acc FIL Limited 2,992,763 Class P EUR Hedged Acc FIL Fondsbank GmbH

FIL Limited 292

1,629 Class P GBP Hedged Acc FIL Limited 1,503

Fidelity MSCI Pacific ex-Japan Index Fund Class P USD Acc FIL Fondsbank GmbH

FIL Limited 2,815

997,385 Class P GBP Hedged Acc FIL Limited 1,493

145


9. Related Parties and Connected Persons (continued) Related Party Disclosures (continued) Sub-Fund Related Party Shares Held Fidelity MSCI World Index Fund


206,535 1,629


447 3,044,884

Class P EUR Hedged Acc FIL Fondsbank GmbH FIL Limited

5,106 1,629

Class P GBP Hedged Acc FIL Limited 1,516 Class CZK Hedged Acc FIL Limited 2,324

Fidelity S&P 500 Index Fund Class P EUR Acc FIL Fondsbank GmbH


Class P USD Acc FIL Fondsbank GmbH 18,342 Class P EUR Hedged Acc FIL Fondsbank GmbH


Class P GBP Hedged Acc FIL Limited 1,427 Fidelity Enhanced Reserve Fund

Class A-ACC USD FIL Limited 614 Class A-MDIST(G) USD FIL Limited 430 Class A-MDIST(G) SGD Hedged FIL Limited 12,635 Class I-QDIST(G) USD FIL Limited 626 Class A-ACC SGD Hedged FIL Limited 13,555 Class A-MDIST(G) AUD Hedged FIL Limited 17,236 Class A-MDIST(G) EUR Hedged FIL Limited 9,055 Class Y-ACC USD FIL Limited 500 Class Y-ACC SGD Hedged FIL Limited 17,080 Class A-MINCOME(G) GBP Hedged FIL Limited 7,768 Class Y-MINCOME(G) USD FIL Limited 500

Connected Persons The Manager, the Depositary, the Investment Manager and each of their respective affiliates are considered to be connected persons of the Fund for the purposes of the Central Bank UCITS Regulations. The following table details 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 Management (Hong Kong) Limited Dealing with Connected Persons Regulation 41 of the Central Bank UCITS Regulations “Restriction on transactions with connected persons” states that “a responsible person shall ensure that any transaction between a UCITS and connected person is: (i) conducted at arm’s length; and (ii) in the best interest of the unit-holders of the UCITS”.

146


9. Related Parties and Connected Persons (continued) Dealing with Connected Persons (continued) In accordance with Regulation 78(4) of the Central Bank UCITS 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 the report relates complied with the obligations that are prescribed by Regulation 41(1). 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 periods ended 31 July 2019 and 31 July 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 Sub-Funds’ overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on financial performance. The policies documented below are standard operational practices and are reviewed regularly by the Investment Manager. In certain market conditions, the Investment Manager may apply additional risk procedures to minimise potential adverse effects on the Sub-Funds’ financial performance. The Directors and the Investment Manager 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 Sub-Funds’ global exposure and leverage is calculated using the commitment approach and the Sub-Funds’ global exposure will not exceed 100% of Net Asset Value. The commitment approach converts the Sub-Funds’ FDI positions into the equivalent positions in the underlying assets and seeks to ensure that the FDI risk is monitored in terms of any future “commitments” to which it is (or may be) obligated. 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 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. The Investment Manager deems the percentage used applicable for the Sub-Funds’ analysis.

147


11. Financial Risk Management (continued) b) Market Risk (continued) i) Market Price Risk (continued)

Sub-Fund % change 31 July 2019

Effect on NAV 31 July 2019

% change 31 January 2019

Effect on NAV 31 January 2019

Fidelity MSCI Emerging Markets Index Fund (USD) 5% 1,256,425 5% 1,030,162Fidelity MSCI Europe Index Fund (EUR) 5% 638,503 5% 291,728Fidelity MSCI Japan Index Fund (USD) 5% 1,239,283 5% 768,184Fidelity MSCI Pacific ex-Japan Index Fund (USD) 5% 301,459 5% 329,030Fidelity MSCI World Index Fund (USD) 5% 4,854,313 5% 2,362,603Fidelity S&P 500 Index Fund (USD) 5% 5,141,455 5% 2,110,992Fidelity Enhanced Reserve Fund (USD) 5% 18,060,381 5% 5,435,201

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 Share. 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. The tables below set out the Sub-Funds’ total exposure to foreign currency at the periods ended 31 July 2019 and 31 January 2019, including sensitivity analysis. Forward Foreign Exchange Contracts held for Class Hedging Purposes are excluded from the analysis, as they are not considered to be exposed to the risk. Fidelity MSCI Emerging Markets Index Fund 31 July 2019

Monetary

AssetsNon-Monetary

AssetsMonetaryLiabilities

Non-Monetary Liabilities Total

Currency Exposure5% Sensitivity

Currency USD USD USD USD USD USDAED 10,512 181,633 - - 192,145 526 BRL 6,100 2,023,146 (41,316) - 1,987,930 (1,761)CLP 1,901 223,911 - - 225,812 95 CNH - 421,455 - - 421,455 -CNY 7,447 - - - 7,447 372 COP 6,117 106,086 - - 112,203 306 CZK 3,152 38,171 - - 41,323 158 EGP - 8,533 - - 8,533 -EUR 1,691 81,263 - - 82,954 85 HKD 127,076 5,568,686 - - 5,695,762 6,354 HUF 2,411 74,162 - - 76,573 121 IDR 35,931 548,254 - - 584,185 1,797 INR 16,668 2,169,705 - - 2,186,373 833 KRW 23,087 2,960,948 - - 2,984,035 1,154 MXN 11,720 621,929 - - 633,649 586 MYR 2,517 533,687 - - 536,204 126 PHP 957 286,994 - - 287,951 48 PKR 2,428 6,221 - - 8,649 121 PLN 6,664 268,775 - - 275,439 333 QAR 626 253,391 - - 254,017 31 RUB 15,346 871,212 - - 886,558 767 SAR 3,275 353,830 - - 357,105 164 THB 9,310 751,694 - - 761,004 466 TRY 5,102 144,246 - - 149,348 255 TWD 76,908 2,811,453 - - 2,888,361 3,845 ZAR 10,212 1,461,943 - - 1,472,155 511

148


11. Financial Risk Management (continued) b) Market Risk (continued) ii) Currency Risk (continued) 31 January 2019

Monetary

AssetsNon-Monetary




Currency USD USD USD USD USD USDAED 14,136 136,149 - - 150,285 707BRL 27,208 1,657,418 (5,848) - 1,678,778 1360CLP 539 235,241 - - 235,780 27CNH - 107,907 - - 107,907 -CNY 600 - - - 600 30COP 613 84,806 - - 85,419 31CZK 2,898 34,348 - - 37,246 145EUR 13,494 44,016 (152) - 57,358 675HKD 249 4,727,736 - - 4,727,985 12HUF 466 65,592 - - 66,058 23IDR 2,792 473,412 - - 476,204 140INR 9,557 1,738,843 (2,607) - 1,745,793 478KRW 38,182 2,866,090 (2,772) - 2,901,500 1909MXN 2,487 581,427 (4,064) - 579,850 124MYR 3,283 467,064 - - 470,347 164PHP 364 224,831 - - 225,195 18PKR 2,303 8,953 - - 11,256 115PLN 9,507 24,6798 - - 256,305 475QAR 3,726 215,783 - - 219,509 186RUB - 686,615 - - 686,615 -THB 2,973 500,985 - - 503,958 149TRY 11,494 141,633 (3,941) - 149,186 575TWD 620 2,182,573 - - 2,183,193 31ZAR 2,769 1,326,988 (3,946) - 1,325,811 138 Fidelity MSCI Europe Index Fund 31 July 2019

Monetary

AssetsNon-Monetary




Currency EUR EUR EUR EUR EUR EURCHF 5,549 1,906,146 (7,473) (3,251) 1,900,971 (96)DKK 2,089 345,204 (1,663) (18) 345,612 21 GBP 14,127 3,421,296 (14,514) (16,404) 3,404,505 (19)NOK 972 134,609 (995) (691) 133,895 (1)SEK 2,083 524,806 (2,192) (2,534) 522,163 (5)USD 5,760 75,703 (480) - 80,983 264 31 January 2019

Monetary

AssetsNon-Monetary




Currency EUR EUR EUR EUR EUR EURCHF 784 815,349 (10,602) (22) 805,509 39DKK 42 158,908 (1,069) - 157,881 2GBP 5,686 1,610,105 (24,281) (3,887) 1,587,623 284NOK 103 70,202 (2,054) (149) 68,102 5SEK 53 254,691 (3,160) (10) 251,574 3USD 346 32,239 (1,147) (3) 31,435 17

149


11. Financial Risk Management (continued) b) Market Risk (continued) ii) Currency Risk (continued) Fidelity MSCI Japan Index Fund 31 July 2019

Monetary

AssetsNon-Monetary




Currency USD USD USD USD USD USDEUR 93,415 - - - 93,415 4,671 JPY 486,363 24,785,669 (96,482) - 25,175,550 19,494 31 January 2019

Monetary

AssetsNon-Monetary




Currency USD USD USD USD USD USDJPY 2,019,288 15,365,715 - (2,046) 17,382,957 100,964 Fidelity MSCI Pacific ex-Japan Index Fund 31 July 2019

Monetary

AssetsNon-Monetary




Currency USD USD USD USD USD USDAUD 302 - - - 302 15 GBP 38,401 137,487 - - 175,888 1,920 HKD 65,712 3,425,461 (2,741) (5) 3,488,427 3,149 NZD 11,895 632,433 - - 644,328 595 SDG 9,349 1,710,624 (9,187) - 1,710,786 8 31 January 2019

Monetary

AssetsNon-Monetary




Currency USD USD USD USD USD USDAUD 78,039 3,622,421 - (75) 3,700,385 3,902GBP 324 - - - 324 16HKD 1,999 1,935,171 - - 1,937,170 100NZD 7,203 120,836 - (4) 128,035 360SDG 8,954 724,074 - (9) 733,019 448

150


11. Financial Risk Management (continued) b) Market Risk (continued) ii) Currency Risk (continued) Fidelity MSCI World Index Fund 31 July 2019

Monetary

AssetsNon-Monetary




Currency USD USD USD USD USD USDAUD 13,708 2,382,178 - (145) 2,395,741 685 CAD 17,598 3,337,365 (4,067) (8) 3,350,888 677 CHF 3,287 3,023,963 (7,491) (1) 3,019,758 (210)DKK 948 547,985 - (4) 548,929 47 EUR 148,343 10,192,443 (2,135) (527) 10,338,124 7,310 GBP 28,740 5,378,285 (13,620) (606) 5,392,799 756 HKD 4,158 1,167,730 - (20) 1,171,868 208 ILS 446 108,918 - (372) 108,992 22 JPY 52,738 7,733,183 (15,380) (433) 7,770,108 1,868 NOK 2,309 208,648 - (42) 210,915 115 NZD 1,041 83,616 - - 84,657 52 SEK 2,240 836,252 - (201) 838,291 112 SGD 8,761 439,764 - - 448,525 438 31 January 2019

Monetary

AssetsNon-Monetary




Currency USD USD USD USD USD USDAUD 36,538 1,133,495 - (22) 1,170,011 1,827CAD 54,987 1,659,877 - (22) 1,714,842 2,749CHF 37,965 1,410,028 - (2) 1,447,991 1,898CZK - 1 - - 1 -DKK 6,413 280,136 - (2) 286,547 321EUR 144,513 5,104,906 - (43) 5,249,376 7,226GBP 97,497 2,773,532 - (57) 2,870,972 4,875HKD 26,203 584,805 - (1) 611,007 1,310ILS 2,250 44,170 - (1) 46,419 113JPY 128,095 4,020,404 - (22) 4,148,477 6,405NOK 3,576 116,442 - (2) 120,016 179NZD 3,527 36,176 - (1) 39,702 176SEK 16,255 438,662 - - 454,917 813SGD 9,308 218,913 - (3) 228,218 465

151


11. Financial Risk Management (continued) b) Market Risk (continued) ii) Currency Risk (continued) Fidelity S&P 500 Index Fund 31 July 2019

Monetary

AssetsNon-Monetary




Currency USD USD USD USD USD USDEUR 101,766 - (8,078) - 93,688 4,684 GBP 711 - - - 711 36 31 January 2019

Monetary

AssetsNon-Monetary




Currency USD USD USD USD USD USDEUR - - (15) - (15) -GBP 766 - - - 766 38 Fidelity Enhanced Reserve Fund 31 July 2019

Monetary

AssetsNon-Monetary




Currency USD USD USD USD USD USD CNY 1,494 56,372 - (7,967) 49,899 75 CNH 3,270,101 3,893 - - 3,273,994 163,505 EUR 4,276,736 52,271 - (10,031) 4,318,976 213,837 HKD 1,989,770 9,466 - - 1,999,236 99,489 SGD 3,065,723 - (365,257) - 2,700,466 135,023 31 January 2019

Monetary

AssetsNon-Monetary




Currency USD USD USD USD USD USDCNH 2,297,484 - (1,243,583) (62,085) 991,816 114,874CNY 1,073,641 395 - (248) 1,073,788 53,682EUR 576,948 - - (3,219) 573,729 28,847GBP - 17,776 - (186) 17,590 -HKD 1,927,278 1,056 - (1,373) 1,926,961 96,364

152


11. Financial Risk Management (continued) b) Market Risk (continued) 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 majority of the Index Tracking Sub-Funds’ financial assets and liabilities are non-interest bearing as at 31 July 2019 and 31 January 2019. As a result, the Index Tracking Sub Funds are not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. The interest rate risk profile of financial assets and financial liabilities of the Fidelity Enhanced Reserve Fund by the maturity date was as follows:

Fidelity Enhanced Reserve Fund As at 31 July 2019

Up to 1 yearUSD

1 - 5 yearsUSD

Over 5 yearsUSD

Non InterestBearing

USDTotalUSD

Assets Cash and Cash Equivalents 28,272,875 – – 2,382,818 30,655,693Financial Assets at Fair Value Through Profit or Loss 83,984,502 217,668,753 23,768,767 35,785,593 361,207,615Financial Derivative Instruments – – – 127,693 127,693Receivables for investments sold – – – 297,953 297,953Other assets – – – 6,543,356 6,543,356Total Assets 112,257,377 217,668,753 23,768,767 45,137,413 398,832,310 Liabilities Financial Derivative Instruments – – – 1,556,585 1,556,585Payable for investments purchased – – – 7,245,379 7,245,379Other liabilities – – – 678,120 678,120Total Liabilities excluding net assets attributable to Unitholders – – – 9,480,084 9,480,084

As at 31 January 2019

Up to 1 year

USD 1 - 5 years

USD Over 5 years

USD

Non Interest Bearing

USD Total USD

Assets Cash and Cash Equivalents 11,762,903 – – 1,185,805 12,948,708 Financial assets at Fair Value Through Profit or Loss 31,087,990 68,551,951 5,959,060 3,105,014 108,704,015 Financial Derivative Instruments – – – 398,015 398,015 Receivable for investments sold – – – 4,387 4,387 Other assets – – – 1,812,943 1,812,943 Total Assets 42,850,893 68,551,951 5,959,060 6,506,164 123,868,068

Liabilities Financial Derivative Instruments – – – 69,829 69,829 Payable for investments purchased – – – 8,479,581 8,479,581 Other liabilities – – – 51,691 51,691 Total Liabilities excluding net assets attributable to Unitholders – – – 8,601,101 8,601,101

153


11. Financial Risk Management (continued) c) Credit Risk Each Sub-Fund may be exposed to credit risk, which is the risk that a counterparty will be unable to pay amounts in full when they fall due. Impairment provisions are provided for losses that have been incurred by the Statement of Financial Position date, if any. The main concentration to which each Sub-Fund is exposed arises from each Sub-Fund’s investments in derivative instruments. Each Sub-Fund is also exposed to counterparty credit risk on the cash and cash equivalents, amounts due from brokers and other receivable balances. The Index Tracking Sub-Funds invest in equity securities and have limited or no credit risk on their investments. The Fidelity Enhanced Reserve Fund invests in debt securities and this Sub-Fund may be exposed to losses resulting from default of issuers or borrowers of debt which this Sub-Fund holds. As at 31 July 2019 and 31 January 2019, the institutions where the Sub-Funds’ cash was held and their respective short term credit ratings, as rated by Fitch, are listed below: Institution Short Term Credit Indicator

31 July 2019 Short Term Credit Indicator 31 January 2019

Australia & New Zealand Banking Group F1+ F1+ Banco Santander F1 F1 Bank of Nova Scotia F1+ - BNP Paribas F1+ - Brown Brothers Harriman F1 F1 Citi F1+ F1+ DBS Bank F1+ - HSBC F1+ F1+ Mitsubishi UFJ Financial Group F1 F1 SEB Group F1+ - Sumitomo Bank F1 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 Fidelity Enhanced Reserve Fund has the following exposure to issuer credit risk: Security ratings, if any, are obtained from S&P/Moody’s/Fitch Investor Service. % of Investments % of Investments

Rating 31 July 2019 31 January 2019AAA 8.01 10.04AA 5.35 11.00A 26.42 29.77BBB 28.70 25.21BB 9.84 5.24B 5.89 13.11Not Rated 15.79 5.63Total 100.00 100.00

154


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 Shares 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 Sub-Funds. The Investment 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, the Sub-Funds may not be able to realise sufficient assets to meet all redemption requests that they receive or the Sub-Funds may determine that the circumstances are such that meeting some or all of such requests is not in the best interests of the Shareholders. 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. Forward Foreign Exchange Contracts held for Class Hedging Purposes are excluded from the analysis, as they are not considered to be exposed to the risk. Fidelity MSCI Emerging Markets Index Fund

As at 31 July 2019

Less than orequal to 1 month

USD

More than 1 month

USDTotalUSD

Financial Derivative Instruments – 5,276 5,276Capital Gain Tax Payable 41,316 – 41,316Management Fees Payable 4,747 – 4,747Redeemable Participating Shares 25,863,162 – 25,863,162Total Financial Liabilities 25,909,225 5,276 25,914,501



USD

More than 1 month

USDTotalUSD

Futures Margin Cash Due to Broker 9,273 – 9,273Capital Shares Redeemed awaiting settlement 64 – 64Capital Gain Tax Payable 33,331 – 33,331Investments Purchased awaiting settlement 23,330 – 23,330Other payables 3,715 – 3,715Management Fees Payable 3,394 – 3,394Redeemable Participating Shares 21,063,724 – 21,063,724Total Financial Liabilities 21,136,831 – 21,136,831

155


11. Financial Risk Management (continued) d) Liquidity Risk (continued) Fidelity MSCI Europe Index Fund

As at 31 July 2019


EUR

More than 1 month

EURTotalEUR

Financial Derivative Instruments 22,900 680 23,580Margin Cash Due to Broker 39 – 39Capital Shares Redeemed awaiting settlement 7,728 – 7,728Investments Purchased awaiting settlement 53,443 – 53,443Management Fees Payable 1,300 – 1,300Redeemable Participating Shares 12,831,519 – 12,831,519Total Financial Liabilities 12,916,929 680 12,917,609



EUR

More than 1 month

EURTotalEUR

Financial Derivative Instruments 4,300 – 4,300Capital Shares Redeemed awaiting settlement 64,757 – 64,757Investments Purchased awaiting settlement 87,456 – 87,456Management Fees Payable 613 – 613Redeemable Participating Shares 5,883,527 – 5,883,527Total Financial Liabilities 6,040,653 – 6,040,653

Fidelity MSCI Japan Index Fund

As at 31 July 2019


USD

More than 1 month

USDTotalUSD

Margin Cash Due to Broker 8,237 – 8,237Capital Shares Redeemed awaiting settlement 419,828 – 419,828Investments Purchased awaiting settlement 88,245 – 88,245Management Fees Payable 2,318 – 2,318Redeemable Participating Shares 24,883,884 – 24,883,884Total Financial Liabilities 25,402,512 – 25,402,512



USD

More than 1 month

USDTotalUSD

Financial Derivative Instruments – 2,046 2,046Capital Shares Redeemed awaiting settlement 1,913,598 – 1,913,598Management Fees Payable 1,440 – 1,440Redeemable Participating Shares 15,521,201 – 15,521,201Total Financial Liabilities 17,436,239 2,046 17,438,285

156


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

As at 31 July 2019

Less than or equal to 1 month USD

More than 1 month USD

Total USD

Financial Derivative Instruments 5 – 5Margin Cash Due to Broker 5,866 – 5,866Investments Purchased awaiting settlement 11,928 – 11,928Management Fees Payable 732 – 732Redeemable Participating Shares 6,142,425 – 6,142,425Total Financial Liabilities 6,160,956 – 6,160,956



USD

More than 1 month

USDTotalUSD

Financial Derivative Instruments 88 – 88Futures Margin Cash Due to Broker 494 – 494Management Fees Payable 675 – 675Redeemable Participating Shares 6,690,973 – 6,690,973Total Financial Liabilities 6,692,230 – 6,692,230


As at 31 July 2019


USD

More than 1 month

USDTotalUSD

Financial Derivative Instruments 2,357 5,497 7,854Margin Cash Due to Broker 12,037 – 12,037Investments Purchased awaiting settlement 178,408 – 178,408Management Fees Payable 12,762 – 12,762Redeemable Participating Shares 98,492,881 – 98,492,881Total Financial Liabilities 98,698,445 5,497 98,703,942



USD

More than 1 month

USDTotalUSD

Financial Derivative Instruments 192 – 192Capital Shares Redeemed awaiting settlement 1,212,194 – 1,212,194Investments Purchased 332 – 332Management Fees Payable 5,246 – 5,246Redeemable Participating Shares 47,859,980 – 47,859,980Total Financial Liabilities 49,077,944 – 49,077,944

157


11. Financial Risk Management (continued) d) Liquidity Risk (continued) Fidelity S&P 500 Index Fund

As at 31 July 2019


USD

More than 1 month

USDTotalUSD

Financial Derivative Instruments – 75 75Capital Shares Redeemed awaiting settlement 10,077 – 10,077Investments Purchased awaiting settlement 174,987 – 174,987Management Fees Payable 6,463 – 6,463Redeemable Participating Shares 102,937,913 – 102,937,913Total Financial Liabilities 103,129,440 75 103,129,515



USD

More than 1 month

USDTotalUSD

Financial Derivative Instruments 136,618 – 136,618Capital Shares Redeemed awaiting settlement 77,050 – 77,050Investments Purchased awaiting settlement 1,821,459 – 1,821,459Management Fees Payable 4,439 – 4,439Redeemable Participating Shares 42,434,959 – 42,434,959Total Financial Liabilities 44,474,525 – 44,474,525


As at 31 July 2019


USD

More than 1 month

USDTotalUSD

Financial Derivative Instruments – 17,999 17,999Capital Shares Redeemed awaiting settlement 499,341 – 499,341Investments Purchased awaiting settlement 7,245,379 – 7,245,379Management Fees Payable 178,779 – 178,779Redeemable Participating Shares 389,352,226 – 389,352,226Total Financial Liabilities 397,275,725 17,999 397,293,724



USD

More than 1 month

USDTotalUSD

Financial Derivative Instruments – 69,829 69,829Capital Shares Redeemed awaiting settlement 2,330 – 2,330Investments Purchased awaiting settlement 8,479,581 – 8,479,581Management Fees Payable 49,361 – 49,361Redeemable Participating Shares 115,266,967 – 115,266,967Total Financial Liabilities 123,798,239 69,829 123,868,068

158


11. Financial Risk Management (continued) e) Capital Risk Management The capital of each Sub-Fund is represented by the Net Assets Attributable to Holders of Redeemable Shares. The amount of Net Assets Attributable to Holders of redeemable Shares is subject to subscriptions and redemptions at the discretion of the Shareholders as well as changes resulting from the Sub-Fund’s performance. The Investment Manager’s objective when managing capital is to safeguard each Sub-Fund’s ability to continue as a going concern in order to provide returns for Shareholders, provide benefits to other stakeholders and maintain a strong capital base to support the development of the investment activities of the Sub-Fund. In order to maintain the capital structure, the Investment 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 Shareholders; and • redeem and issue new Shares in accordance with the Prospectus which permits the restriction of redemptions in certain circumstances and require certain minimum holdings and subscriptions. f) Fair Value Estimation Each Sub-Fund has classified fair value measurements 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 equities listed on an active stock exchange, 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 Sub-Funds have 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 July 2019 and 31 January 2019, 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 periods ended 31 July 2019 and 31 January 2019. The following tables analyse within the fair value hierarchy of the Sub-Funds’ financial assets and liabilities measured at fair value at 31 July 2019 and 31 January 2019:

159


11. Financial Risk Management (continued) f) Fair Value Estimation (continued) Fidelity MSCI Emerging Markets Index Fund

31 July 2019 Level 1 Level 2 Level 3 Total USD USD USD USDFinancial Assets at Fair Value Through Profit or Loss

Equities 25,068,110 – – 25,068,110Warrants 78 – – 78Transferable Securities 65,596 – – 65,596Total Assets 25,133,784 – – 25,133,784

Financial Liabilities at Fair Value Through Profit or Loss

Equities – – – –Futures Contracts 5,276 – – 5,276Total Liabilities 5,276 – – 5,276

31 January 2019 Level 1 Level 2 Level 3 Total USD USD USD USDFinancial Assets at Fair Value Through Profit or Loss

Equities 20,480,805 – – 20,480,805Warrants – 35 – 35Futures Contracts 37,313 – – 37,313Transferable Securities 85,077 – – 85,077Total Assets 20,603,195 35 – 20,603,230

There were no transfers between levels as at 31 July 2019. Fidelity MSCI Europe Index Fund

31 July 2019 Level 1 Level 2 Level 3 Total EUR EUR EUR EURFinancial Assets at Fair Value Through Profit or Loss

Equities 12,678,884 – – 12,678,884Open Forward Currency Exchange Contracts – 35,679 – 35,679Transferable Securities 91,856 – – 91,856Total Assets 12,770,740 35,679 – 12,806,419


Open Forward Currency Exchange Contracts – 25,148 – 25,148Futures Contracts 680 – – 680Total Liabilities 680 25,148 – 25,828

160


11. Financial Risk Management (continued) f) Fair Value Estimation (continued) Fidelity MSCI Europe Index Fund (continued)

31 January 2019 Level 1 Level 2 Level 3 Total EUR EUR EUR EURFinancial Assets at Fair Value Through Profit or Loss

Equities 5,781,642 – – 5,781,642Open Forward Currency Exchange Contracts – 2,668 – 2,668Futures Contracts 70 – – 70Transferable Securities 52,854 – – 52,854Total Assets 5,834,566 2,668 – 5,837,234


Open Forward Currency Exchange Contracts – 4,300 – 4,300Total Liabilities – 4,300 – 4,300

There were no transfers between levels as at 31 July 2019. Fidelity MSCI Japan Index Fund


Equities 24,435,244 – – 24,435,244Open Forward Currency Exchange Contracts – 734 – 734Futures Contracts 1,243 – – 1,243Transferable Securities 349,182 – – 349,182Total Assets 24,785,669 734 – 24,786,403




Equities 15,176,444 – – 15,176,444Open Forward Currency Exchange Contracts – 2,536 – 2,536Transferable Securities 189,271 – – 189,271Total Assets 15,365,715 2,536 – 15,368,251


Open Forward Currency Exchange Contracts – 2 – 2Futures Contracts 2,044 – – 2,044Total Liabilities 2,044 2 – 2,046

161


11. Financial Risk Management (continued) f) Fair Value Estimation (continued) Fidelity MSCI Pacific ex-Japan Index Fund




Open Forward Currency Exchange Contracts – 237 – 237Total Liabilities – 237 – 237





There were no transfers between levels as at 31 July 2019. Fidelity MSCI World Index Fund


Equities 94,572,462 – – 94,572,462Warrants 5 – – 5Open Forward Currency Exchange Contracts – 105,018 – 105,018Futures Contracts 20,390 – – 20,390Transferable Securities 2,498,891 – – 2,498,891Total Assets 97,091,748 105,018 – 97,196,766


Open Forward Currency Exchange Contracts – 301,966 – 301,966Futures Contracts 5,497 – – 5,497Total Liabilities 5,497 301,966 – 307,463

162


11. Financial Risk Management (continued) f) Fair Value Estimation (continued) Fidelity MSCI World Index Fund (continued)


Equities 46,041,016 – – 46,041,016Warrants – 7 – 7Open Forward Currency Exchange Contracts – 420 – 420Futures Contracts 20,450 – – 20,450Transferable Securities 1,190,592 – – 1,190,592Total Assets 47,252,058 427 – 47,252,485



The following table presents the transfers between hierarchy levels for the financial period ended 31 July 2019: Level 1 Level 2 Level 3 USD USD USD Warrants 7 (7) – Total 7 (7) – Fidelity S&P 500 Index Fund


Equities 99,753,694 – – 99,753,694Open Forward Currency Exchange Contracts – 2,079 – 2,079Transferable Securities 3,075,480 – – 3,075,480Total Assets 102,829,174 2,079 – 102,831,253


Open Forward Currency Exchange Contracts – 184,518 – 184,518Futures Contracts 75 – – 75Total Liabilities 75 184,518 – 184,593

163


11. Financial Risk Management (continued) f) Fair Value Estimation (continued) Fidelity S&P 500 Index Fund (continued)


Equities 40,960,131 – – 40,960,131Open Forward Currency Exchange Contracts – 214,856 – 214,856Futures Contracts 4,238 – – 4,238Transferable Securities 1,255,464 – – 1,255,464Total Assets 42,219,833 214,856 – 42,434,689





Asset-Backed Securities – 200,007 – 200,007Corporate Bonds – 286,398,890 – 286,398,890Open Forward Currency Exchange Contracts – 127,693 – 127,693Government Bonds 2,987,520 9,997,405 – 12,984,925Transferable Securities – 35,785,593 – 35,785,593Treasury Bonds 25,838,200 – – 25,838,200Total Assets 28,825,720 332,509,588 – 361,335,308


Open Forward Currency Exchange Contracts – 1,556,585 – 1,556,585Total Liabilities – 1,556,585 – 1,556,585

164


11. Financial Risk Management (continued) f) Fair Value Estimation (continued) Fidelity Enhanced Reserve Fund (continued)


Asset-Backed Securities – 321,463 – 321,463Certificates of Deposits – 4,986,862 – 4,986,862Commercial Papers – 2,981,864 – 2,981,864Corporate Bonds – 79,058,868 – 79,058,868Open Forward Currency Exchange Contracts – 398,015 – 398,015Government Bonds 13,944,922 4,305,022 – 18,249,944Transferable Securities – 3,105,014 – 3,105,014Total Assets 13,944,922 95,157,108 – 109,102,030



There were no transfers between levels as at 31 July 2019. 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 Shareholders. For instance, cyber-attacks may interfere with the processing of Shareholder transactions, affect the Fund’s ability to calculate its Net Asset Value, cause the release or misappropriation of private Shareholder information or confidential Sub-Fund information, impede trading, cause reputational damage, and subject the Fund to regulatory fines, penalties or financial losses, reimbursement or other compensation costs, and additional compliance costs. The Manager and the Investment Manager have established business continuity plans and systems designed to prevent cyber-attacks. Such plans and systems are subject to inherent limitations. Similar types of cyber security risks also are present for issuers of securities in which the Sub-Funds invest, which could result in material adverse consequences for such issuers, and may cause the Sub-Funds’ investments in such securities to lose value. h) Offsetting The Sub-Funds are required to disclose the impact of offsetting assets and liabilities 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.

165


11. Financial Risk Management (continued) h) Offsetting (continued) For financial reporting purposes, the Sub-Funds do not offset derivative assets and derivative liabilities in the statement of financial position.


31 July 2019

Counterparty

DerivativeAssets

EUR

DerivativeLiabilities

EUR

Net DerivativeAssets (Liabilities)

EUR

Collateral(Received) Pledged

EURNet Amount

EURBrown Brothers Harriman 35,679 (25,148) 10,531 – 10,531Total 35,679 (25,148) 10,531 – 10,531

31 January 2019

Counterparty

DerivativeAssets

EUR


EUR


EUR


EURNet Amount

EURBrown Brothers Harriman 2,668 (4,300) (1,632) – (1,632)Total 2,668 (4,300) (1,632) – (1,632)


31 July 2019

Counterparty

DerivativeAssets

USD


USD


USD


USDNet Amount

USDBrown Brothers Harriman 734 (8,665) (7,931) – (7,931)Total 734 (8,665) (7,931) – (7,931)

31 January 2019

Counterparty

DerivativeAssets

USD


USD


USD


USDNet Amount

USDBrown Brothers Harriman 2,536 (2) 2,534 – 2,534Total 2,536 (2) 2,534 – 2,534


31 July 2019

Counterparty

DerivativeAssets

USD


USD


USD


USDNet Amount

USDBrown Bothers Harriman 146 (237) (91) – (91)Total 146 (237) (91) – (91)

31 January 2019

Counterparty

DerivativeAssets

USD


USD


USD


USDNet Amount

USDBrown Brothers Harriman 140 (88) 52 – 52Total 140 (88) 52 – 52


31 July 2019

Counterparty

DerivativeAssets

USD


USD


USD


USDNet Amount

USDBrown Brothers Harriman 105,018 (301,966) (196,948) – (196,948)Total 105,018 (301,966) (196,948) – (196,948)

166


11. Financial Risk Management (continued) h) Offsetting (continued) 31 January 2019

Counterparty

DerivativeAssets

USD


USD


USD


USDNet Amount

USDBrown Brothers Harriman 420 (192) 228 – 228Total 420 (192) 228 – 228

Fidelity S&P 500 Index Fund

31 July 2019

Counterparty

DerivativeAssets

USD


USD


USD


USDNet Amount

USDBrown Brothers Harriman 2,079 (184,518) (182,439) – (182,439)Total 2,079 (184,518) (182,439) – (182,439)

31 January 2019

Counterparty

DerivativeAssets

USD


USD


USD


USDNet Amount

USDBrown Brothers Harriman 214,856 (136,618) 78,238 – 78,238Total 214,856 (136,618) 78,238 – 78,238


31 July 2019

Counterparty

DerivativeAssets

USD


USD


USD


USDNet Amount

USDBrown Brothers Harriman 13,081 (1,538,586) (1,525,505) – (1,525,505)HSBC 81,300 (17,999) 63,301 – 63,301Morgan Stanley 2,625 – 2,625 – 2,625Royal Bank of Canada 30,687 – 30,687 – 30,687Total 127,693 (1,556,585) (1,428,892) – (1,428,892)

31 January 2019

Counterparty

DerivativeAssets

USD


USD


USD


USDNet Amount

USDBrown Brothers Harriman 396,564 (29,931) 366,633 – 366,633HSBC 1,451 (39,898) (38,447) – (38,447)Total 398,015 (69,829) 328,186 – 328,186

167


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 July 2019 FX to USD FX to EURAustralian Dollar 1.4509 -Brazilian Real 3.7626 -British Pound 0.8194 0.9093Canadian Dollar 1.3132 -Chilean Peso 701.0050 -Chinese Yuan (CNH) 6.8905 -Chinese Renminbi (CNY) 6.8855 -Colombian Peso 3,292.5000 -Czech Koruna 23.0596 -Danish Krone 6.7067 7.4672Egyptian Pound 16.5700 -Euro 0.8976 1Hong Kong Dollar 7.8277 -Hungarian Forint 292.5499 -Indian Rupee 68.7850 -Indonesian Rupiah 14,017.0000 -Israeli New Shekel 3.4969 -Japanese Yen 108.5750 -Malaysian Ringgit 4.1265 -Mexican Peso 18.9823 -New Zealand Dollar 1.5152 -Norwegian Krone 8.7824 9.7783Pakistani Rupee 159.6000 -Philippine Peso 50.8875 -Polish Zloty 3.8493 -Qatari Riyal 3.6408 -Russian Ruble 63.4275 -Saudi Arabian Riyal 3.7506 -Singapore Dollar 1.3687 -South African Rand 14.1738 -South Korean Won 1,183.1000 -Swedish Krona 9.5932 10.6810 Swiss Franc 0.9900 1.1023 New Taiwan Dollar 31.0955 -Thai Baht 30.7550 -Turkish Lira 5.5618 -United Arab Emirates Dirham 3.6732 -United States Dollar 1 1.1134

168


12. Exchange Rates (continued) 31 January 2019 FX to USD FX to EURAustralian Dollar 1.3715 -Brazilian Real 3.6428 -British Pound 0.7616 0.8722Canadian Dollar 1.3133 -Chilean Peso 653.1800 -Chinese Yuan (CNH) 6.7128 -Chinese Renminbi (CNY) 6.7055 -Colombian Peso 3,106.2900 -Czech Koruna 22.4446 -Danish Krone 6.5069 7.4663Emirati Dirham 3.6730 -Euro 0.8714 1Hong Kong Dollar 7.8461 -Hungarian Forint 275.5415 -Indian Rupee 71.1200 -Indonesian Rupiah 13,972.5000 -Israeli New Shekel 3.6333 -Japanese Yen 108.8300 -Malaysian Ringgit 4.0960 -Mexican Peso 19.0283 -New Zealand Dollar 1.4418 -Norwegian Krone 8.4235 9.6655Pakistani Rupee 138.2000 -Philippine Peso 52.1100 -Polish Zloty 3.7137 -Qatari Riyal 3.6413 -Russian Ruble 65.4788 -Soudanese Pound 1.3456 -South African Rand 13.2700 -South Korean Won 1,112.6500 -Swedish Krona 9.0473 10.3812Swiss Franc 0.9921 1.1384New Taiwan Dollar 30.7215 -Thai Baht 31.2425 -Turkish Lira 5.1759 -United States Dollar 1 1.1474

169


13. Net Gain/(Loss) on Financial Assets and Liabilities at Fair Value through Profit or Loss and Financial Derivative Instruments Net Gain/(Loss) on Financial Assets and Liabilities at Fair Value through Profit or Loss and Financial Derivative Instruments for the financial periods ended 31 July 2019 and 31 July 2018 is disclosed in the tables below:

Fidelity MSCI Emerging Markets Index Fund Fidelity MSCI Europe Index Fund

31 July 2019

USD31 July 2018

USD31 July 2019

EUR31 July 2018

EURRealised and Unrealised Gains/(Losses) on Investments Net Realised (Loss)/Gain on Investments (174,846) (12,999) 12,384 11,265 Net Realised (Loss)/Gain on Forward Foreign Currency Contracts – – (6,968) 1,229 Net Realised Gain/(Loss) on Futures 38,358 (9,942) 13,720 (3,860) Net Realised Currency Loss (4,395) (27,277) (467) (384) (140,883) (50,218) 18,669 8,250 Movement in Unrealised (Loss)/Gain on Investments (267,299) (911,908) 539,424 194,561 Movement in Unrealised Gain/(Loss) on Forward Foreign Currency Contracts – – 12,164 (51) Movement in Unrealised (Loss)/Gain on Futures (42,589) (3,618) (750) 1,600 Movement in Unrealised Currency Loss (1,562) (586,503) (262) (18,775) (311,450) (1,502,029) 550,576 177,335 Net (Loss)/Gain on Financial Assets at Fair Value through Profit or Loss and Financial Derivative Instruments (452,333) (1,552,247) 569,245 185,585

Fidelity MSCI Japan Index Fund Fidelity MSCI Pacific ex-Japan Index Fund

31 July 2019

USD31 July 2018

USD31 July 2019

USD31 July 2018

USDRealised and Unrealised Gains/(Losses) on Investments Net Realised (Loss)/Gain on Investments (30,454) 429 (9,297) 2,252 Net Realised (Loss)/Gain on Forward Foreign Currency Contracts (31,040) 8,763 (313) (103) Net Realised Gain on Futures 6,134 6,027 18,617 – Net Realised Currency Gain/(Loss) 5,187 (10,343) (2,677) (1,622) (50,173) 4,876 6,330 527 Movement in Unrealised Gain on Investments 168,420 327,360 458,861 80,909 Movement in Unrealised Loss on Forward Foreign Currency Contracts (10,465) (3,134) (142) (58) Movement in Unrealised Gain/(Loss) on Futures 3,287 1,273 (907) – Movement in Unrealised Currency Loss (893) (761,084) (2,066) (117,714) 160,349 (435,585) 455,746 (36,863) Net Gain/(Loss) on Financial Assets at Fair Value through Profit or Loss and Financial Derivative Instruments 110,176 (430,709) 462,076 (36,336)

170


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

Fidelity MSCI World Index Fund Fidelity S&P 500 Index Fund

31 July 2019

USD31 July 2018

USD31 July 2019

USD31 July 2018

USDRealised and Unrealised Gains/(Losses) on Investments Net Realised (Loss)/Gain on Investments (14,192) 11,008 868,976 4,568 Net Realised Loss on Forward Foreign Currency Contracts (121,178) (507) (345,608) (98,977) Net Realised Gain on Futures 25,853 2,703 26,918 – Net Realised Currency Gain/(Loss) 2,424 (2,536) 4,679 (7) (107,093) 10,668 554,965 (94,416) Movement in Unrealised Gain/(Loss) on Investments 5,216,405 578,149 4,870,493 (351,031) Movement in Unrealised (Loss)/Gain on Forward Foreign Currency Contracts (197,176) 15 (260,678) 3,520 Movement in Unrealised (Loss)/Gain on Futures (5,558) 1,900 (4,313) – Movement in Unrealised Currency (Loss)/Gain (3,318) (215,669) 1,250 – 5,010,353 364,395 4,606,752 354,551 Net Gain on Financial Assets at Fair Value through Profit or Loss and Financial Derivative Instruments 4,903,260 375,063 5,161,717 260,135


31 July 2019

USD31 July 2018

USDRealised and Unrealised Gains/(Losses) on Investments Net Realised Gain/(Loss) on Investments 112,498 (50) Net Realised Loss on Forward Foreign Currency Contracts (597,178) (136,708) Net Realised Currency Loss (1,349) (23) (486,029) (136,781) Movement in Unrealised Gain/(Loss) on Investments 2,053,755 (42,737) Movement in Unrealised Loss on Forward Foreign Currency Contracts (1,757,078) (6,311) Movement in Unrealised Currency Loss (7,678) – 288,999 (49,048) Net Loss on Financial Assets at Fair Value through Profit or Loss and Financial Derivative Instruments (197,030) (185,829)

In arriving at the results for the financial period all amounts relate to continuing operations.

171


14. Soft Commission Agreements There were no soft commission arrangements entered into during the period ended 31 July 2019. 15. Cross-trades The Manager and/or the Investment Manager may enter into trades for the account of a Sub-Fund with: (i) the accounts of other clients managed by the Manager, the Investment Manager or its affiliates; or (ii) their house accounts (i.e., accounts owned by the Manager, the Investment Manager or any of its 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. For the financial period ended 31 July 2019, the Fidelity Enhanced Reserve Fund entered into the following cross trades: Trade Date Security Name Currency Execution Amount 23/04/2019 Shandong Energy Australia USD 1,495,613 08/03/2019 Sri Lanka Government International Bond USD 3,019,800 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 Investment Manager 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, (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. During the financial period ended 31 July 2019, the Sub-Funds used futures contracts for efficient portfolio management purposes. The exposure, counterparties, net revenues and costs from using these techniques are all detailed below. Exposure obtained through the efficient portfolio management: Fidelity MSCI Emerging Market Index Fund 31 July 2019

Counterparty Type Net Exposure

USD Morgan Stanley Futures Contract (5,276)

Revenues and costs arising from the efficient portfolio management techniques employed were as follows:

Futures Contracts Revenues

USD Costs

USD Futures Commission Expense 190 Net Realised Gain on Futures Contracts 38,358 Net Movement in Unrealised position on Futures Contracts (43,589) Net Revenue on Futures Contracts (4,231) 190 31 January 2019

Collateral Issuer Type Net Exposure

USD Morgan Stanley Futures Contract 37,313

172


16. Efficient Portfolio Management (continued) Fidelity MSCI Emerging Market Index Fund (continued) Revenues and costs arising from the efficient portfolio management techniques employed were as follows:


USD Costs

USD Futures Commission Expense 186 Net Realised Loss on Futures Contracts (23,016) Net Movement in Unrealised position on Futures Contracts 37,313 Net Revenue on Futures Contracts 14,298 186 Fidelity MSCI Europe Index Fund 31 July 2019


EUR Morgan Stanley Futures Contract (680)



EUR Costs

EUR Net Realised Gain on Futures Contracts 13,720 Net Movement in Unrealised position on Futures Contracts (750) Net Revenue on Futures Contracts 12,970 31 January 2019


EUR Morgan Stanley Futures Contract 70



EUR Costs

EUR Futures Commission Expense 86 Net Realised Loss on Futures Contracts (9,190) Net Movement in Unrealised position on Futures Contracts 70 Net Revenue on Futures Contracts (9,120) 86 Fidelity MSCI Japan Index Fund 31 July 2019





USD Costs

USD Futures Commission Expense 150 Net Realised Gain on Futures Contracts 6,134 Net Movement in Unrealised position on Futures Contracts 3,287 Net Revenue on Futures Contracts 9,421 150

173


16. Efficient Portfolio Management (continued) Fidelity MSCI Japan Index Fund (continued) 31 January 2019


USD Morgan Stanley Futures Contract (2,044)



USD Costs

USD Futures Commission Expense 142 Net Realised Loss on Futures Contracts (13,919) Net Movement in Unrealised position on Futures Contracts (2,044) Net Revenue on Futures Contracts (15,963) 142 Fidelity MSCI Pacific ex-Japan Index Fund 31 July 2019





USD Costs

USD Futures Commission Expense 22 Net Realised Gain on Futures Contracts 18,617 Net Movement in Unrealised position on Futures Contracts (907) Net Revenue on Futures Contracts 17,710 22 31 January 2019





USD Costs

USD Futures Commission Expense 28 Net Realised Loss on Futures Contracts (11,964) Net Movement in Unrealised position on Futures Contracts 5,232 Net Revenue on Futures Contracts (6,732) 28 Fidelity MSCI World Index Fund 31 July 2019



174


16. Efficient Portfolio Management (continued) Fidelity MSCI World Index Fund (continued) Revenues and costs arising from the efficient portfolio management techniques employed were as follows:


USD Costs

USD Futures Commission Expense 392 Net Realised Gain on Futures Contracts 25,853 Net Movement in Unrealised position on Futures Contracts (5,557) Net Revenue on Futures Contracts 20,295 392 31 January 2019





USD Costs

USD Futures Commission Expense 171 Net Realised Loss on Futures Contracts (41,527) Net Movement in Unrealised position on Futures Contracts 20,450 Net Revenue on Futures Contracts (21,077) 171 Fidelity S&P 500 Index Fund 31 July 2019


USD Morgan Stanley Futures Contract (75)



USD Costs

USD Futures Commission Expense 91 Net Realised Gain on Futures Contracts 26,918 Net Movement in Unrealised position on Futures Contracts (4,313) Net Revenue on Futures Contracts 22,605 91 31 January 2019





USD Costs

USD Futures Commission Expense 131 Net Realised Loss on Futures Contracts (64,783) Net Movement in Unrealised position on Futures Contracts 4,238 Net Revenue on Futures Contracts (60,545) 131

175


17. Significant Events during the Period a) Class Launches

Fidelity MSCI Emerging Markets Index Fund

Class P PLN Acc was launched on 27 February 2019.





Fidelity MSCI Pacific ex-Japan Index Fund Class P PLN Acc was launched on 27 February 2019.





b) Prospectus Updates The Relevant Supplements for the Index Tracking Sub-Funds were updated on 6 February 2019 reflecting the creation of a new “P PLN Acc” Share Class of each of eight of the Index Tracking Sub-Funds. The Prospectus for the Fund was updated on 15 March 2019 to reflect, among other things, amendments to German tax reporting disclosure, minor updates to fees and expenses disclosure and the update of the list of Sub-Funds of the Fund. The revised Supplement for each Sub-Fund has been amended only to reflect the date of the revised Prospectus and updated offer status of share classes of the Sub-Funds. The Supplement for Fidelity MSCI Japan Index Fund was updated on 16 July 2019 to reflect a change to the settlement time for subscriptions for the shares of this Sub-Fund from T+3 to T+2 and updated offer status of the share classes of this Sub-Fund. There were no other significant events during the 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. From the period ended 31 July 2020 a condensed Semi-Annual Report and Unaudited Financial Statements will be prepared in accordance with International Accounting Standard 34, ‘Interim Financial Reporting’ (“IAS 34”). There were no other significant events since the financial period end that require disclosure in these financial statements. 19. Approval of Financial Statements The semi-annual report and unaudited financial statements were approved by the Board of Directors of the Fund on 13 September 2019.

176

Fidelity UCITS II ICAV DIRECTORY

Directors: Ms. Denise Kinsella* (Ireland) (Chairperson) Mr. David Greco (USA) Mr. Nick King (UK) Ms. Catherine Fitzsimons (Ireland) Ms. Eímhín Ní Mhuircheartaigh (Ireland) All current Directors are Non-Executive. *Independent Director

Investment Manager (Index Tracking Sub-Funds): Geode Capital Management LLC 100 Summer St., 12th Floor Boston MA02110 United States of America

Administrator: Brown Brothers Harriman Fund Administration Services (Ireland) Limited 30 Herbert Street Dublin 2 D02 W329 Ireland

Investment Manager (Fidelity Enhanced Reserve Fund): FIL Investment Management (Hong Kong) Limited Level 21 Two Pacific Place 88 Queensway Admiralty Hong Kong

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

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

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

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

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

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

177

Fidelity UCITS II ICAV APPENDIX 1 – STATEMENT OF SIGNIFICANT CHANGES IN THE COMPOSITION OF PORTFOLIO

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 Shareholders can identify changes in the investments held by the Sub-Funds. The following statements present the aggregate purchases and sales of transferable securities exceeding one percent of the total value of purchases or sales, respectively, for the period. At a minimum, the largest twenty purchases and twenty sales are presented, if available.


Top Twenty Purchases for the period ended 31 July 2019

Security Description Nominal Cost USD Alibaba Group Holding 1,452 258,880 Tencent Holdings 5,100 244,584 Taiwan Semiconductor Manufacturing 22,000 181,261 Samsung Electronics 4,112 161,266 Naspers 391 95,721 China Construction Bank 87,000 76,842 Ping An Insurancempany of China 5,000 57,158 China Mobile 5,500 55,029 Al Rajhi Bank 2,832 52,031 Saudi Basic Industries 1,732 50,988 Reliance Industries 2,519 49,853 Industrial & Commercial Bank of China 63,000 47,271 Housing Development Finance 1,554 43,989 National Commercial Bank 2,772 40,433 LUKOIL 433 37,770 Baidu 223 37,429 Vale 2,800 36,364 Meituan Dianping (Class B) 4,600 35,558 Itau Unibanco Holding 4,000 35,274 SK Hynix 523 35,110

Top Twenty Sales for the period ended 31 July 2019

Security Description Nominal Proceeds USD Tencent Holdings 1,100 45,627 LUKOIL 438 34,833 Samsung Electronics 861 30,887 Taiwan Semiconductor Manufacturing 4,000 29,331 Industrial & Commercial Bank of China 39,000 27,525 Siammmercial Bank 5,000 20,152 Naspers 87 18,273 China Construction Bank 23,000 18,137 Hon Hai Precision Industry 8,000 18,121 SK Hynix 277 15,390 Eclat Textile 1,000 13,664 Mondi 574 12,929 NetEase 49 12,291 Inner Mongolia Yitai Coal 10,500 11,508 China Evergrande Group 4,000 10,497 Reliance Industries 539 10,242 Housing Development Finance 324 9,994 China Merchants Bank 2,000 9,580 Bank of China 23,000 9,523 China Mobile 1,000 8,981

178

Fidelity UCITS II ICAV APPENDIX 1 – STATEMENT OF SIGNIFICANT CHANGES IN THE COMPOSITION OF PORTFOLIO (CONTINUED)



Security Description Nominal Cost EUR Nestle 2,810 243,271 Roche Holding 643 148,455 Novartis 1,962 145,236 HSBC Holdings 17,820 133,984 Royal Dutch Shell (A Shares) 4,503 127,067 BP 17,912 108,873 Total 2,218 104,727 SAP 880 96,948 Royal Dutch Shell (B Shares) 3,296 93,092 LVMH Moet Hennessy Louis Vuitton 250 84,275 Allianz 416 83,494 Diageo 2,128 79,829 GlaxoSmithKline 4,431 77,718 AstraZeneca 1,116 75,025 Sanofi 1,018 74,689 Siemens 695 73,813 ASML Holding 417 73,759 Novo Nordisk 1,670 71,978 Unilever 1,289 68,240 British American Tobacco 2,040 66,964


Security Description Nominal Proceeds EUR Royal Dutch Shell (A Shares) 1,038 29,379 Nestle 255 22,725 Roche Holding 59 14,350 Novo Nordisk 320 13,940 Novartis 162 13,401 Allianz 57 12,143 Iberdrola Interim 1,324 11,315 Unilever 181 9,845 Total 195 9,285 NXP Semiconductors 100 8,178 HSBC Holdings 1,111 8,083 Vinci 88 7,910 Vivendi 302 7,287 ASML Holding 40 7,248 SGS 3 6,697 Bayerische Motoren Werke 85 6,133 Volkswagen Preference Shares 40 6,116 Investor 148 6,082 GlaxoSmithKline 331 6,019 Equinor 333 5,722

179




Security Description Nominal Cost USD Toyota Motor 6,900 422,309 SoftBank Group 3,500 242,996 Mitsubishi UFJ Financial Group 40,300 198,950 Sony 3,900 193,644 Takeda Pharmaceutical 4,400 171,458 Nintendo 500 167,124 Sumitomo Mitsui Financial Group 4,200 148,852 Honda Motor 4,800 128,906 KDDI 5,100 124,065 Keyence 200 119,701 Recruit Holdings 3,800 115,719 Kao 1,400 108,127 Mitsubishi 3,900 107,879 Mizuho Financial Group 71,400 107,442 FANUC 600 105,631 Shin-Etsu Chemical 1,100 95,642 Shiseido 1,300 94,353 Tokio Marine Holdings 1,900 94,068 Murata Manufacturing 1,400 93,529 Hitachi 2,800 93,117

Major Sales for the period ended 31 July 2019

Security Description Nominal Proceeds USD Nintendo 200 75,188 SMC 100 38,353 Kose 200 33,858 Toyota Motor 500 32,410 SoftBank Group 400 25,157 Sumitomo Mitsui Financial Group 700 24,631 Mitsubishi UFJ Financial Group 4,800 23,192 Pan Pacific International Holdings 300 19,066 FANUC 100 17,988 Sony 300 16,871 Toshiba 500 15,932 Shimamura 200 14,707 Shimano 100 14,211 DeNA 700 13,909 Daito Trust Construction 100 13,858 Daikin Industries 100 12,512 Asics 1,000 11,572 Otsuka Holdings 300 11,099 Shin-Etsu Chemical 100 10,274 Mizuho Financial Group 7,200 10,239 Takashimaya 900 9,739 ITOCHU 500 9,588 Nissan Chemical 200 8,814 West Japan Railway 100 8,232 KDDI 300 7,884 Secom 100 7,876 TDK 100 7,801

180



Major Purchases for the period ended 31 July 2019

Security Description Nominal Cost USD AIA Group 5,000 47,840 Commonwealth Bank of Australia 852 44,200 BHP Group 1,315 34,510 Westpac Banking 1,570 29,352 CSL 212 29,224 National Australia Bank 1,534 27,171 Galaxy Entertainment Group 4,000 26,923 Australia & New Zealand Banking Group 1,340 25,507 Hong Kong Exchanges & Clearing 500 16,384 CK Infrastructure Holdings 2,000 16,291 Jardine Strategic Holdings 400 15,251 DBS Group Holdings 800 14,509 Macquarie Group 163 14,057 Rio Tinto 201 13,504 Wesfarmers 540 12,970 Transurban Group 1,410 12,667 Woolworths Group 573 12,287 Woodside Petroleum 481 12,187 CK Asset Holdings 1,500 12,078 Vitasoy International Holdings 2,186 11,421 Jardine Cycle & Carriage 400 10,042 Oversea-Chinese Banking 1,201 10,027 CK Hutchison Holdings 1,000 9,996 Hang Seng Bank 400 9,914 Brambles 1,141 9,434 Jardine Matheson Holdings 138 9,013 Scentre Group REIT 3,248 8,938 Kerry Properties 2,000 8,336 Goodman Group REIT 903 8,219

181


Fidelity MSCI Pacific ex-Japan Index Fund (continued)

Major Sales for the period ended 31 July 2019

Security Description Nominal Proceeds USD AIA Group 12,200 119,577 Commonwealth Bank of Australia 1,713 90,810 BHP Group 2,819 76,914 Westpac Banking 3,663 70,634 CSL 440 59,888 Australia & New Zealand Banking Group 2,842 57,005 National Australia Bank 3,063 54,725 Amcor 3,910 42,752 Hong Kong Exchanges & Clearing 1,200 41,944 Galaxy Entertainment Group 6,000 40,333 DBS Group Holdings 1,900 35,555 Macquarie Group 331 30,331 Woolworths Group 1,446 30,116 Wesfarmers 1,114 28,189 Rio Tinto 384 26,310 CK Hutchison Holdings 2,500 26,199 United Overseas Bank 1,400 26,110 Oversea-Chinese Banking 3,100 26,045 CK Asset Holdings 3,000 25,549 Woodside Petroleum 946 24,219 Link REIT 2,000 22,616 Transurban Group 2,510 22,504 Hang Seng Bank 900 22,228 Hong Kong & China Gas 9,000 20,584 Jardine Matheson Holdings 300 20,295 Jardine Strategic Holdings 500 19,250

182




Security Description Nominal Cost USD Microsoft 8,157 995,763 Apple 5,142 982,019 Amazon.com 471 852,682 Facebook 2,626 459,518 Alphabet 367 436,463 Johnson & Johnson 2,956 406,008 JPMorgan Chase 3,595 378,552 Alphabet 321 377,432 Exxon Mobil 4,639 363,999 Nestle 3,412 327,113 Visa 1,911 303,264 Berkshire Hathaway 1,476 301,891 Procter & Gamble 2,837 295,188 Walt Disney 2,402 285,080 Bank of America 10,053 282,744 Verizon Communications 4,624 269,961 UnitedHealth Group 1,077 265,445 Pfizer 6,223 260,634 AT&T 8,127 254,875 Chevron 2,081 253,042


Security Description Nominal Proceeds USD Worldpay 683 92,213 SMC 100 38,139 Nintendo 100 35,709 Oracle 527 27,387 Hikari Tsushin 100 20,461 Canon 700 19,813 Ryohin Keikaku 100 18,525 Pfizer 351 14,707 International Consolidated Airlines Group 1,784 13,102 Daito Trust Construction 100 13,006 Bank of New York Mellon 257 11,393 RioCan Real Estate Investment Trust 584 11,392 Ascendas REIT 4,900 10,527 Air Water 700 10,379 Altice USA 425 10,273 ISS 347 10,038 Wells Fargo 219 9,985 Eli Lilly 80 9,880 Mitsui 600 9,102 Yamaguchi Financial Group 1,200 9,005

183




Security Description Nominal Cost USD Microsoft 29,540 3,669,516 Apple 17,198 3,274,010 Amazon.com 1,602 2,941,717 Facebook 9,279 1,685,812 Berkshire Hathaway 7,499 1,544,825 Johnson & Johnson 10,278 1,424,590 JPMorgan Chase 12,690 1,393,751 Alphabet (Class C) 1,189 1,384,273 Alphabet (Class A) 1,157 1,350,742 Exxon Mobil 16,387 1,273,220 Visa 6,710 1,076,306 Procter & Gamble 9,703 1,018,362 Bank of America 34,717 1,007,808 Cisco Systems 17,120 928,904 Verizon Communications 15,983 920,910 UnitedHealth Group 3,711 915,536 Pfizer 21,715 904,448 Chevron 7,387 893,944 AT&T 28,281 887,558 Walt Disney 6,840 878,131


Security Description Nominal Proceeds USD Microsoft 12,149 1,399,226 Apple 7,466 1,371,415 Amazon.com 652 1,128,895 Facebook 3,787 647,867 Berkshire Hathaway 3,092 633,960 Johnson & Johnson 4,265 579,668 JPMorgan Chase 5,439 569,558 Alphabet (Class C) 495 567,210 Alphabet (Class A) 467 537,225 Exxon Mobil 6,732 520,835 Bank of America 15,015 429,557 Visa 2,775 421,406 Procter & Gamble 3,948 403,408 Cisco Systems 7,745 401,845 Pfizer 9,434 396,490 UnitedHealth Group 1,558 390,957 Home Depot 1,936 373,044 Intel 7,237 368,508 Verizon Communications 6,509 366,710 Chevron 3,048 366,587

184




Security Description Nominal Cost USD Fidelity Institutional Liquidity Fund - The United States Dollar Fund 3,446 35,924,557 United States Treasury Bill 2.36% 21/11/2019 10,000,000 9,884,048 United States Treasury Bill 0.00% 30/05/2019 9,000,000 8,947,236 United States Treasury Bill 2.08% 26/09/2019 9,000,000 8,933,330 Oversea-Chinese Banking 4.00% 15/10/2024 6,700,000 6,725,795 Mizuho Financial Group 3.16% 16/07/2023 6,000,000 6,000,000 United States Treasury Bill 0.00% 14/05/2019 6,000,000 5,978,000 Industrial & Commercial Bank Of China Macau 3.88% 10/09/2024 5,000,000 5,008,500 Korea Western Power 2.38% 22/07/2022 5,000,000 4,976,050 Fuqing Investment Management 4.00% 12/06/2022 5,000,000 4,958,200 Chong Hing Bank 6.00% 04/11/2020 4,000,000 4,140,000 Malayan Banking 16/08/2024 4,000,000 4,000,000 United States Treasury Bill 2.01% 09/01/2020 4,000,000 3,960,765 United States Treasury Bill 2.42% 17/10/2019 4,000,000 3,951,669 COSL Finance 3.25% 06/09/2022 4,000,000 3,936,640 United States Treasury Bill 2.41% 26/03/2020 4,000,000 3,908,674 BOC Aviation 3.32% 02/05/2021 3,500,000 3,521,280 Oversea Chinese Banking 30/07/2019 25,000,000 3,204,552 COSCO Finance 2011 4.00% 03/12/2022 3,000,000 3,089,700 CITIC 6.38% 10/04/2020 3,000,000 3,088,500

Total Sales for the period ended 31 July 2019

Security Description Nominal Proceeds USD U.S. Treasury Note 0.75% 15/07/2019 5,000,000 4,979,475 Fidelity Institutional Liquidity Fund - The United States Dollar Fund 175 3,124,557 United States Treasury Note 2.50% 15/02/2022 3,000,000 3,057,305 United States Treasury Bill 2.08% 26/09/2019 3,000,000 2,966,694 Fuqing Investment Management 4.00% 12/06/2022 2,100,000 2,094,750 United States Treasury Note 2.50% 28/02/2021 2,000,000 2,022,578 United States Treasury Note 2.50% 31/01/2021 2,000,000 2,020,859 United States Treasury Bill 2.41% 26/03/2020 2,000,000 1,954,451 Future Land Development Holdings 5.00% 16/02/2020 1,000,000 970,500 New Metro Global 6.75% 26/01/2020 1,000,000 970,000 Bank Of China 23/10/2167 3,500,000 574,827 Studio City 5.88% 30/11/2019 500,000 507,500 Vedanta Resources 6.38% 30/07/2022 500,000 497,900 Indiabulls Housing Finance 6.38% 28/05/2022 500,000 486,250 Fukoku Mutual Life Insurance 5.00% 28/07/2025 400,000 409,000 Sri Lanka Government International Bond 6.25% 04/10/2020 400,000 405,000 Sino-Ocean Land Treasure IV 5.04% 31/07/2021 400,000 404,424 Fidelity Institutional Liquidity Fund - The United States Dollar 29 300,000 Tewoo Group Finance No 2 4.50% 16/12/2019 200,000 148,000

185

Fidelity UCITS II ICAV APPENDIX 2 – REPORT OF REMUNERATION

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 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 as follows: EUR (‘000’) Fixed 7,035 Variable 1,763 Total 8,798 It is to be noted that the remuneration information disclosed from the delegate for its relevant staff pertains to the financial period ended 31 July 2019. For any additional information on the Global Remuneration Policy, a summary is available at https://www.fil.com.

186

Fidelity UCITS II ICAV APPENDIX 3 – TRACKING ERROR

Each of the Index Tracking Sub-Funds employ a “passive” investment strategy designed to replicate the performance of the Index by holding all of the Index securities in a similar proportion to their weighting in the Index. However, where full replication of the Index is not reasonably possible (for example as a result of the number of securities or the illiquidity of certain securities within the Index), the Sub-Funds will use optimisation to select the Index securities in order to build a representative portfolio that provides a return that is comparable to that of the Index. Tracking error measures the volatility of the return difference between each Sub-Fund and the Index. It is calculated as the standard deviation of the delivered excess returns over an annual period. Anticipated tracking error is disclosed for the Sub-Funds in the table below. Realised (ex-post) tracking error may vary from the anticipated tracking error, depending on a range of circumstances. These include transaction costs, securities lending income and withholding tax differences. The anticipated tracking error and ex-post tracking error are not expected to vary significantly under normal circumstances. For the financial period ended 31 July 2019, the anticipated tracking errors and the ex-post tracking errors were as follows: Sub-Fund Anticipated tracking error (bps) Ex-post tracking error (bps) Fidelity MSCI Emerging Markets Index Fund 50 21 Fidelity MSCI Europe Index Fund 20 23 Fidelity MSCI Japan Index Fund 40 15 Fidelity MSCI Pacific ex-Japan Index Fund 40 12 Fidelity MSCI World Index Fund 20 15 Fidelity S&P 500 Index Fund 15 2 The table below compares the realised Sub-Fund’s performance against the performance of the relevant benchmark Index during the period ended 31 July 2019. An explanation for the difference gross of TER is provided: Sub-Fund

Sub-Fund return for the

financial period ended

31/7/2019 %

Benchmark

return for the financial

period ended

31/7/2019 %

Tracking difference

net of TER

%

TER %

Tracking difference

gross of TER

%

Explanation of the tracking difference


0.18 0.44 (0.26) 0.20 (0.06) The underperformance of the Sub Fund was due to the portfolio optimisation employed and withholding tax differences between the Sub-Fund and Index.


10.12 9.80 0.32 0.10 0.42 The outperformance of the Sub Fund was due to the sampling techniques employed.


1.76 1.70 0.06 0.10 0.16 The outperformance of the Sub- Fund was due to the sampling techniques employed.




9.07 9.07 - 0.12 0.12 The outperformance of the Sub- Fund was due to the sampling techniques employed.



187

Fidelity UCITS II ICAV APPENDIX 4 – SECURITIES FINANCING TRANSACTIONS

The Securities Financing Transactions (“SFTs”) Regulation (the “Regulation”) 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 the Sub-Funds did not hold any SFTs as at 31 July 2019, the report for the period from 1 February 2019 to 31 July 2019 and financial statements do not include any additional disclosures.

188

Semi-Annual Report and Unaudited Financial Statements For the period from 1 January 2019 to 30 June 2019


(An Irish collective asset-management vehicle constituted as an umbrella fund with segregated liability between sub-funds)

Fidelity UCITS II ICAV TABLE OF CONTENTS

Page GENERAL INFORMATION 2 INVESTMENT MANAGER’S REPORT 11 SCHEDULES OF INVESTMENTS: Fidelity Europe ex-UK Equity Fund 18 Fidelity Japan Equity Fund 19 Fidelity North America Equity Fund 20 Fidelity UK Equity Fund 21 Fidelity Global Aggregate Bond Fund 22 Fidelity Global Sub-IG Fixed Income Fund 23 Fidelity Asia Pacific ex-Japan Equity Fund 24 Fidelity Alternative Listed Equity Fund 25 Fidelity Global Emerging Markets Equity Fund 26 STATEMENT OF FINANCIAL POSITION 27 STATEMENT OF COMPREHENSIVE INCOME 32 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES 34 STATEMENT OF CASH FLOWS 36 NOTES TO THE FINANCIAL STATEMENTS 38 DIRECTORY 59 APPENDIX 1 - STATEMENT OF SIGNIFICANT CHANGES IN THE COMPOSITION OF PORTFOLIO 60 APPENDIX 2 – REPORT OF REMUNERATION 63 APPENDIX 3 – SECURITIES FINANCING TRANSACTIONS 64

Fidelity UCITS II ICAV GENERAL INFORMATION

2

Fidelity UCITS II ICAV (the “Fund”) was registered in Ireland pursuant to the Irish Collective Asset-management Vehicles Act 2015 on 14 November 2017 as amended under registration number C174793 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 20 sub-funds under the umbrella. The financial statements are prepared for the below 9 Sub-Funds which were launched as of the period end (each, a “Sub-Fund” and, collectively, the “Sub-Funds”): Sub-Fund Launch Date Fidelity Europe ex-UK Equity Fund 13 August 2018 Fidelity Japan Equity Fund 23 August 2018 Fidelity North America Equity Fund 28 August 2018 Fidelity UK Equity Fund 29 August 2018 Fidelity Global Aggregate Bond Fund 30 August 2018 Fidelity Global Sub-IG Fixed Income Fund 30 August 2018 Fidelity Asia Pacific ex-Japan Equity Fund 31 August 2018 Fidelity Alternative Listed Equity Fund 12 September 2018 Fidelity Global Emerging Markets Equity Fund 14 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. 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 Share and such other relevant information in relation to the additional Sub-Fund or Sub-Funds as the Directors 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 Shares 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 Shares. The most recent Prospectus of the Fund is dated 15 March 2019. The most recent supplement for Fidelity Global Aggregate Bond Fund is dated 18 June 2019. The most recent supplements for all other Sub-Funds are dated 15 March 2019. 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 is a feeder UCITS and will seek to achieve its objective by investing at least 85% of its net assets in share classes of the Fidelity Europe ex-UK Equity Fund (the “Master Fund”), being a sub-fund of Fidelity Common Contractual Fund II, a common contractual fund constituted as an umbrella fund and authorised in Ireland by the Central Bank pursuant to the UCITS Regulations. FIL Investments International (the “Investment Manager”) is the Investment Manager of the Sub-Fund and the Master Fund. The investment objective of the Sub-Fund is that all or substantially all of the proceeds of issue of each Class of Shares in the Sub-Fund (and in any circumstances at least 85% of the Sub-Fund’s Net Asset Value) will be invested in the Master Fund. A small portion of the Sub-Fund may be retained in cash or invested in liquid instruments primarily listed or traded on the Recognised Markets for liquidity purposes and for the purposes of paying any expenses of the Sub-Fund, but such investments will not exceed 15% of the Net Asset Value of the Sub-Fund. Such instruments will include money market instruments including bank deposits, fixed or floating rate instruments (including commercial paper, notes, bankers acceptances, certificates of deposit, debentures and short-dated government or corporate bonds), cash and cash equivalents (including treasury bills) that are rated as investment grade or below or are unrated. While these liquid instruments will be primarily listed or traded on Recognised Markets, some of these instruments may be traded over-the-counter on electronic trade platforms. For the avoidance of doubt, the liquid instruments in which the Sub-Fund will invest do not include total return swaps, securities lending, repurchase agreements or reverse repurchase agreements.


3

Fidelity Europe ex-UK Equity Fund (continued) The Sub-Fund is expected to have similar performance to the Master Fund but the Sub-Fund’s performance may differ given that it may invest up to 15% of its Net Asset Value in liquid instruments described above. The Sub-Fund is also expected to have a similar risk profile to the Master Fund, which is not expected to have an above average risk profile or high volatility as a result of its use of financial derivative instruments. The investment objective of the Master Fund is identical to that of the Sub-Fund, namely to seek to achieve long-term capital growth. The Master 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 Investment Manager (in the context of its role as investment manager of the Master Fund) has appointed a number of discretionary investment advisers as its delegates and will allocate some or all of the Master Fund’s assets to such advisers. The Investment Manager is responsible for actively selecting each adviser to which assets will be allocated, for determining the amount of the Master Fund’s assets to allocate to each adviser and for managing such portion of the Master Fund’s assets as are not allocated to an adviser. The Master Fund’s investment strategy will pursue a policy of obtaining exposure to equities and equity-related securities of companies domiciled or exercising the majority of their economic activity in Europe ex-UK. Each adviser will select the exposures that it obtains on behalf of the Master Fund based on its experience of investing in Europe ex-UK equities, current market conditions and the investment objective of the Master Fund. The Master Fund’s investment strategy will seek to obtain exposure to equities and equity-related securities that will provide long-term capital growth for the Master Fund and will not actively focus on any specific geographic region within Europe ex-UK, industry sector or market capitalisation. The following is the active Share Class in the Sub-Fund as at 30 June 2019: Share Class Share Class Launch Date Currency 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 is a feeder UCITS and will seek to achieve its objective by investing at least 85% of its net assets in share classes of the Fidelity Japan Equity Fund (the “Master Fund”), being a sub-fund of Fidelity Common Contractual Fund II, a common contractual fund constituted as an umbrella fund and authorised in Ireland by the Central Bank pursuant to the UCITS Regulations. FIL Investments International (the “Investment Manager”) is the Investment Manager of the Sub-Fund and the Master Fund. The investment objective of the Sub-Fund is that all or substantially all of the proceeds of issue of each Class of Shares in the Sub-Fund (and in any circumstances at least 85% of the Sub-Fund’s Net Asset Value) will be invested in the Master Fund. A small portion of the Sub-Fund may be retained in cash or invested in liquid instruments primarily listed or traded on the Recognised Markets for liquidity purposes and for the purposes of paying any expenses of the Sub-Fund, but such investments will not exceed 15% of the Net Asset Value of the Sub-Fund. Such instruments will include money market instruments including bank deposits, fixed or floating rate instruments (including commercial paper, notes, bankers acceptances, certificates of deposit, debentures and short-dated government or corporate bonds), cash and cash equivalents (including treasury bills) that are rated as investment grade or below or are unrated. While these liquid instruments will be primarily listed or traded on Recognised Markets, some of these instruments may be traded over-the-counter on electronic trade platforms. For the avoidance of doubt, the liquid instruments in which the Sub-Fund will invest do not include total return swaps, securities lending, repurchase agreements or reverse repurchase agreements. The Sub-Fund is expected to have similar performance to the Master Fund but the Sub-Fund’s performance may differ given that it may invest up to 15% of its Net Asset Value in liquid instruments described above. The Sub-Fund is also expected to have a similar risk profile to the Master Fund, which is not expected to have an above average risk profile or high volatility as a result of its use of financial derivative instruments. The investment objective of the Master Fund is identical to that of the Sub-Fund, namely to seek to achieve long-term capital growth. The Master 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.


4

Fidelity Japan Equity Fund (continued) The Investment Manager (in the context of its role as investment manager of the Master Fund) has appointed a number of discretionary investment advisers as its delegates and will allocate some or all of the Master Fund’s assets to such advisers. The Investment Manager is responsible for actively selecting each adviser to which assets will be allocated, for determining the amount of the Master Fund’s assets to allocate to each adviser and for managing such portion of the Master Fund’s assets as are not allocated to an adviser. FIL Investments International (the “Investment Manager”) is the Investment Manager of the Sub-Fund and the Master Fund. The Master Fund’s investment strategy will pursue a policy of obtaining exposure to equities and equity-related securities of companies domiciled or exercising the majority of their economic activity in Japan. Each adviser will select the exposures that it obtains on behalf of the Master Fund based on its experience of investing in Japanese equities, current market conditions and the investment objective of the Master Fund. The Master Fund’s investment strategy will seek to obtain exposure to equities and equity-related securities that will provide long-term capital growth for the Master Fund and will not actively focus on any specific geographic region within Japan, industry sector or market capitalisation. The following is the active Share Class in the Sub-Fund as at 30 June 2019: Share Class Share Class Launch Date Currency G Acc EUR 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 is a feeder UCITS and will seek to achieve its objective by investing at least 85% of its net assets in share classes of the Fidelity North America Equity Fund (the “Master Fund”), being a sub-fund of Fidelity Common Contractual Fund II, a common contractual fund constituted as an umbrella fund and authorised in Ireland by the Central Bank pursuant to the UCITS Regulations. FIL Investments International (the “Investment Manager”) is the Investment Manager of the Sub-Fund and the Master Fund. The investment objective of the Sub-Fund is that all or substantially all of the proceeds of issue of each Class of Shares in the Sub-Fund (and in any circumstances at least 85% of the Sub-Fund’s Net Asset Value) will be invested in the Master Fund. A small portion of the Sub-Fund may be retained in cash or invested in liquid instruments primarily listed or traded on the Recognised Markets for liquidity purposes and for the purposes of paying any expenses of the Sub-Fund, but such investments will not exceed 15% of the Net Asset Value of the Sub-Fund. Such instruments will include money market instruments including bank deposits, fixed or floating rate instruments (including commercial paper, notes, bankers acceptances, certificates of deposit, debentures and short-dated government or corporate bonds), cash and cash equivalents (including treasury bills) that are rated as investment grade or below or are unrated. While these liquid instruments will be primarily listed or traded on Recognised Markets, some of these instruments may be traded over-the-counter on electronic trade platforms. For the avoidance of doubt, the liquid instruments in which the Sub-Fund will invest do not include total return swaps, securities lending, repurchase agreements or reverse repurchase agreements. The Sub-Fund is expected to have similar performance to the Master Fund but the Sub-Fund’s performance may differ given that it may invest up to 15% of its Net Asset Value in liquid instruments described above. The Sub-Fund is also expected to have a similar risk profile to the Master Fund, which is not expected to have an above average risk profile or high volatility as a result of its use of financial derivative instruments. The investment objective of the Master Fund is identical to that of the Sub-Fund, namely to seek to achieve long-term capital growth. The Master 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 Investment Manager (in the context of its role as investment manager of the Master Fund) has appointed a number of discretionary investment advisers as its delegates and will allocate some or all of the Master Fund’s assets to such advisers. The Investment Manager is responsible for actively selecting each adviser to which assets will be allocated, for determining the amount of the Master Fund’s assets to allocate to each adviser and for managing such portion of the Master Fund’s assets as are not allocated to an adviser.


5

Fidelity North America Equity Fund (continued) The Master Fund’s investment strategy will pursue a policy of obtaining exposure to equities and equity-related securities of companies domiciled or exercising the majority of their economic activity in North America. Each adviser will select the exposures that it obtains on behalf of the Master Fund based on its experience of investing in North American equities, current market conditions and the investment objective of the Master Fund. The Master Fund’s investment strategy will seek to obtain exposure to equities and equity-related securities that will provide long-term capital growth for the Master Fund and will not actively focus on any specific geographic region within North America, industry sector or market capitalisation. The following is the active Share Class in the Sub-Fund as at 30 June 2019: Share Class Share Class Launch Date Currency G Acc EUR 28 August 2018 EUR 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 is a feeder UCITS and will seek to achieve its objective by investing at least 85% of its net assets in share classes of the Fidelity UK Equity Fund (the “Master Fund”), being a sub-fund of Fidelity Common Contractual Fund II, a common contractual fund constituted as an umbrella fund and authorised in Ireland by the Central Bank pursuant to the UCITS Regulations. The investment manager of the Master Fund is the same as the Investment Manager of the Sub-Fund. FIL Investments International (the “Investment Manager”) is the Investment Manager of the Sub-Fund and the Master Fund. The investment objective of the Sub-Fund is that all or substantially all of the proceeds of issue of each Class of Shares in the Sub-Fund (and in any circumstances at least 85% of the Sub-Fund’s Net Asset Value) will be invested in the Master Fund. A small portion of the Sub-Fund may be retained in cash or invested in liquid instruments primarily listed or traded on the Recognised Markets for liquidity purposes and for the purposes of paying any expenses of the Sub-Fund, but such investments will not exceed 15% of the Net Asset Value of the Sub-Fund. Such instruments will include money market instruments including bank deposits, fixed or floating rate instruments (including commercial paper, notes, bankers acceptances, certificates of deposit, debentures and short-dated government or corporate bonds), cash and cash equivalents (including treasury bills) that are rated as investment grade or below or are unrated. While these liquid instruments will be primarily listed or traded on Recognised Markets, some of these instruments may be traded over-the-counter on electronic trade platforms. For the avoidance of doubt, the liquid instruments in which the Sub-Fund will invest do not include total return swaps, securities lending, repurchase agreements or reverse repurchase agreements. The Sub-Fund is expected to have similar performance to the Master Fund but the Sub-Fund’s performance may differ given that it may invest up to 15% of its Net Asset Value in liquid instruments described above. The Sub-Fund is also expected to have a similar risk profile to the Master Fund, which is not expected to have an above average risk profile or high volatility as a result of its use of financial derivative instruments. The investment objective of the Master Fund is identical to that of the Sub-Fund, namely to seek to achieve long-term capital growth. The Master 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 Investment Manager (in the context of its role as investment manager of the Master Fund) has appointed a number of discretionary investment advisers as its delegates and will allocate some or all of the Master Fund’s assets to such advisers. The Investment Manager is responsible for actively selecting each adviser to which assets will be allocated, for determining the amount of the Master Fund’s assets to allocate to each adviser and for managing such portion of the Master Fund’s assets as are not allocated to an adviser. The Master Fund’s investment strategy will pursue a policy of obtaining exposure to equities and equity-related securities of companies domiciled or exercising the majority of their economic activity in the UK. Each adviser will select the exposures that it obtains on behalf of the Master Fund based on its experience of investing in UK equities, current market conditions and the investment objective of the Master Fund. The Master Fund’s investment strategy will seek to obtain exposure to equities and equity-related securities that will provide long-term capital growth for the Master Fund and will not actively focus on any specific geographic region within the UK, industry sector or market capitalisation.


6

Fidelity UK Equity Fund (continued) The following is the active Share Class in the Sub-Fund as at 30 June 2019: Share Class Share Class Launch Date Currency G Acc EUR 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 is a feeder UCITS and will seek to achieve its objective by investing at least 85% of its net assets in share classes of the Fidelity Global Aggregate Bond Fund (the “Master Fund”), being a sub-fund of Fidelity Common Contractual Fund II, a common contractual fund constituted as an umbrella fund and authorised in Ireland by the Central Bank pursuant to the UCITS Regulations. FIL Investments International (the “Investment Manager”) is the Investment Manager of the Sub-Fund and the Master Fund. The investment objective of the Sub-Fund is that all or substantially all of the proceeds of issue of each Class of Shares in the Sub-Fund (and in any circumstances at least 85% of the Sub-Fund’s Net Asset Value) will be invested in the Master Fund. A small portion of the Sub-Fund may be retained in cash or invested in liquid instruments primarily listed or traded on the Recognised Markets for liquidity purposes and for the purposes of paying any expenses of the Sub-Fund, but such investments will not exceed 15% of the Net Asset Value of the Sub-Fund. Such instruments will include money market instruments including bank deposits, fixed or floating rate instruments (including commercial paper, notes, bankers acceptances, certificates of deposit, debentures and short-dated government or corporate bonds), cash and cash equivalents (including treasury bills) that are rated as investment grade or below or are unrated. While these liquid instruments will be primarily listed or traded on Recognised Markets, some of these instruments may be traded over-the-counter on electronic trade platforms. For the avoidance of doubt, the liquid instruments in which the Sub-Fund will invest do not include total return swaps, securities lending, repurchase agreements or reverse repurchase agreements. The Sub-Fund is expected to have similar performance to the Master Fund but the Sub-Fund’s performance may differ given that it may invest up to 15% of its Net Asset Value in liquid instruments described above. The Sub-Fund is also expected to have a similar risk profile to the Master Fund, which is not expected to have an above average risk profile or high volatility as a result of its use of financial derivative instruments. The investment objective of the Master Fund is identical to that of the Sub-Fund, namely to seek to achieve long-term capital growth and income. The Master Fund seeks to achieve its objective by obtaining exposure to a diversified portfolio of fixed income securities, as described further below. The Investment Manager (in the context of its role as investment manager of the Master Fund) has appointed a number of discretionary investment advisers as its delegates and will allocate some or all of the Master Fund’s assets to such advisers. The Investment Manager is responsible for actively selecting each adviser to which assets will be allocated, for determining the amount of the Master Fund’s assets to allocate to each adviser and for managing such portion of the Master Fund’s assets as are not allocated to an adviser. The Master Fund’s investment strategy will pursue a policy of obtaining exposure to investment grade fixed, floating and adjustable rate, government and corporate debt securities issued by issuers located anywhere in the world (including emerging market countries) and each adviser will select the exposures that it obtains on behalf of the Master Fund based on its experience of investing in debt securities, current market conditions and the investment objective of the Master Fund. The Master Fund’s investment strategy will seek to select debt securities that will provide long-term capital growth for the Master Fund and will not actively focus on any specific geographic region, industry sector or issuer capitalisation. The following is the active Share Class in the Sub-Fund as at 30 June 2019: Share Class Share Class Launch Date Currency G Acc EUR 30 August 2018 EUR


7

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 is a feeder UCITS and will seek to achieve its objective by investing at least 85% of its net assets in share classes of the Fidelity Global Sub-IG Fixed Income Fund (the “Master Fund”), being a sub-fund of Fidelity Common Contractual Fund II, a common contractual fund constituted as an umbrella fund and authorised in Ireland by the Central Bank pursuant to the UCITS Regulations. FIL Investments International (the “Investment Manager”) is the Investment Manager of the Sub-Fund and the Master Fund. The investment objective of the Sub-Fund is that all or substantially all of the proceeds of issue of each Class of Shares in the Sub-Fund (and in any circumstances at least 85% of the Sub-Fund’s Net Asset Value) will be invested in the Master Fund. A small portion of the Sub-Fund may be retained in cash or invested in liquid instruments primarily listed or traded on the Recognised Markets for liquidity purposes and for the purposes of paying any expenses of the Sub-Fund, but such investments will not exceed 15% of the Net Asset Value of the Sub-Fund. Such instruments will include money market instruments including bank deposits, fixed or floating rate instruments (including commercial paper, notes, bankers acceptances, certificates of deposit, debentures and short-dated government or corporate bonds), cash and cash equivalents (including treasury bills) that are rated as investment grade or below or are unrated. While these liquid instruments will be primarily listed or traded on Recognised Markets, some of these instruments may be traded over-the-counter on electronic trade platforms. For the avoidance of doubt, the liquid instruments in which the Sub-Fund will invest do not include total return swaps, securities lending, repurchase agreements or reverse repurchase agreements. The Sub-Fund is expected to have similar performance to the Master Fund but the Sub-Fund’s performance may differ given that it may invest up to 15% of its Net Asset Value in liquid instruments described above. The Sub-Fund is also expected to have a similar risk profile to the Master Fund, which is not expected to have an above average risk profile or high volatility as a result of its use of financial derivative instruments. The investment objective of the Master Fund is identical to that of the Sub-Fund, namely to seek to achieve long-term capital growth and income. The Master Fund seeks to achieve its objective by obtaining exposure to a diversified portfolio of sub-investment grade fixed income securities, as described further below. The Investment Manager (in the context of its role as investment manager of the Master Fund) has appointed a number of discretionary investment advisers as its delegates and will allocate some or all of the Master Fund’s assets to such advisers. The Investment Manager is responsible for actively selecting each adviser to which assets will be allocated, for determining the amount of the Master Fund’s assets to allocate to each adviser and for managing such portion of the Master Fund’s assets as are not allocated to an adviser. The Master Fund’s investment strategy will pursue a policy of obtaining exposure to fixed, floating and adjustable rate, government and corporate debt securities issued by issuers located anywhere in the world (including emerging market countries) and each adviser will select the exposures that it obtains on behalf of the Master Fund based on its experience of investing in sub-investment grade debt securities, current market conditions and the investment objective of the Master Fund. The Master Fund’s investment strategy will seek to select sub-investment grade debt securities that will provide long-term capital growth for the Master Fund and will not actively focus on any specific geographic region, industry sector or issuer capitalisation. The following is the active Share Class in the Sub-Fund as at 30 June 2019: Share Class Share Class Launch Date Currency G Acc EUR 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 Sub-Fund is a feeder UCITS and will seek to achieve its objective by investing at least 85% of its net assets in share classes of the Fidelity Asia Pacific ex-Japan Equity Fund (the “Master Fund”), being a sub-fund of Fidelity Common Contractual Fund II, a common contractual fund constituted as an umbrella fund and authorised in Ireland by the Central Bank pursuant to the UCITS Regulations. FIL Investments International (the “Investment Manager”) is the Investment Manager of the Sub-Fund and the Master Fund.


8

Fidelity Asia Pacific ex-Japan Equity Fund (continued) The investment policy of the Sub-Fund is that all or substantially all of the proceeds of issue of each Class of Shares in the Sub-Fund (and in any circumstances at least 85% of the Sub-Fund’s Net Asset Value) will be invested in the Master Fund. A small portion of the Sub-Fund may be retained in cash or invested in liquid instruments primarily listed or traded on the Recognised Markets for liquidity purposes and for the purposes of paying any expenses of the Sub-Fund, but such investments will not exceed 15% of the Net Asset Value of the Sub-Fund. Such instruments will include money market instruments including bank deposits, fixed or floating rate instruments (including commercial paper, notes, bankers acceptances, certificates of deposit, debentures and short-dated government or corporate bonds), cash and cash equivalents (including treasury bills) that are rated as investment grade or below or are unrated. While these liquid instruments will be primarily listed or traded on Recognised Markets, some of these instruments may be traded over-the-counter on electronic trade platforms. For the avoidance of doubt, the liquid instruments in which the Sub-Fund will invest do not include total return swaps, securities lending, repurchase agreements or reverse repurchase agreements. The Sub-Fund is expected to have similar performance to the Master Fund but the Sub-Fund’s performance may differ given that it may invest up to 15% of its Net Asset Value in liquid instruments described above. The Sub-Fund is also expected to have a similar risk profile to the Master Fund, which is not expected to have an above average risk profile or high volatility as a result of its use of financial derivative instruments. The investment objective of the Master Fund is identical to that of the Sub-Fund, namely to seek to achieve long-term capital growth. The Master 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 Asia Pacific region, excluding Japan (“Asia Pacific ex-Japan”). The Investment Manager (in the context of its role as investment manager of the Master Fund) has appointed a number of discretionary investment advisers as its delegates and will allocate some or all of the Master Fund’s assets to such advisers. The Investment Manager is responsible for actively selecting each adviser to which assets will be allocated, for determining the amount of the Master Fund’s assets to allocate to each adviser and for managing such portion of the Master Fund’s assets as are not allocated to an adviser. The Master Fund’s investment strategy will pursue a policy of obtaining exposure to equities and equity-related securities of companies domiciled or exercising the majority of their economic activity in Asia Pacific ex-Japan. Each adviser will select the exposures that it obtains on behalf of the Master Fund based on its experience of investing in Asia Pacific ex-Japan equities, current market conditions and the investment objective of the Master Fund. The Master Fund’s investment strategy will seek to obtain exposure to equities and equity-related securities that will provide long-term capital growth for the Master Fund and will not actively focus on any specific geographic region within the Asia Pacific ex-Japan, industry sector or market capitalisation. The following is the active Share Class in the Sub-Fund as at 30 June 2019: Share Class Share Class Launch Date Currency G Acc EUR 31 August 2018 EUR 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 is a feeder UCITS and will seek to achieve its objective by investing at least 85% of its net assets in share classes of the Fidelity Alternative Listed Equity Fund (the “Master Fund”), being a sub-fund of Fidelity Common Contractual Fund II, a common contractual fund constituted as an umbrella fund and authorised in Ireland by the Central Bank pursuant to the UCITS Regulations. FIL Investments International (the “Investment Manager”) is the Investment Manager of the Sub-Fund and the Master Fund. The investment objective of the Sub-Fund is that all or substantially all of the proceeds of issue of each Class of Shares in the Sub-Fund (and in any circumstances at least 85% of the Sub-Fund’s Net Asset Value) will be invested in the Master Fund. A small portion of the Sub-Fund may be retained in cash or invested in liquid instruments primarily listed or traded on the Recognised Markets for liquidity purposes and for the purposes of paying any expenses of the Sub-Fund, but such investments will not exceed 15% of the Net Asset Value of the Sub-Fund. Such instruments will include money market instruments including bank deposits, fixed or floating rate instruments (including commercial paper, notes, bankers acceptances, certificates of deposit, debentures and short-dated government or corporate bonds), cash and cash equivalents (including treasury bills) that are rated as investment grade or below or are unrated.


9

Fidelity Alternative Listed Equity Fund (continued) While these liquid instruments will be primarily listed or traded on Recognised Markets, some of these instruments may be traded over-the-counter on electronic trade platforms. For the avoidance of doubt, the liquid instruments in which the Sub-Fund will invest do not include total return swaps, securities lending, repurchase agreements or reverse repurchase agreements. The Sub-Fund is expected to have similar performance to the Master Fund but the Sub-Fund’s performance may differ given that it may invest up to 15% of its Net Asset Value in liquid instruments described above. The Sub-Fund is also expected to have a similar risk profile to the Master Fund, which is not expected to have an above average risk profile or high volatility as a result of its use of financial derivative instruments. The investment objective of the Master Fund is identical to that of the Sub-Fund, namely to seek to achieve long-term capital growth. The Master Fund seeks to achieve its objective by obtaining exposure to a portfolio primarily made up of listed equities or equity-related securities. The Investment Manager (in the context of its role as investment manager of the Master Fund) has appointed a number of discretionary investment advisers as its delegates and will allocate some or all of the Master Fund’s assets to such advisers. The Investment Manager is responsible for actively selecting each adviser to which assets will be allocated, for determining the amount of the Master Fund’s assets to allocate to each adviser and for managing such portion of the Master Fund’s assets as are not allocated to an adviser. The Master Fund’s investment strategy will pursue a policy of obtaining exposure to listed equities and equity-related securities. Each adviser will select the exposures that it obtains on behalf of the Master Fund based on its experience of investing in equities, current market conditions and the investment objective of the Master Fund. The Master Fund’s investment strategy will seek to obtain exposure to equities and equity-related securities that will provide long-term capital growth for the Master Fund. The selection will not actively focus on any specific geographic region, industry sector or market capitalisation. The following is the active Share Class in the Sub-Fund as at 30 June 2019: Share Class Share Class Launch Date Currency G Acc EUR 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 is a feeder UCITS and will seek to achieve its objective by investing at least 85% of its net assets in share classes of the Fidelity Global Emerging Markets Equity Fund (the “Master Fund”), being a sub-fund of Fidelity Common Contractual Fund II, a common contractual fund constituted as an umbrella fund and authorised in Ireland by the Central Bank pursuant to the UCITS Regulations. FIL Investments International (the “Investment Manager”) is the Investment Manager of the Sub-Fund and the Master Fund. The investment objective of the Sub-Fund is that all or substantially all of the proceeds of issue of each Class of Shares in the Sub-Fund (and in any circumstances at least 85% of the Sub-Fund’s Net Asset Value) will be invested in the Master Fund. A small portion of the Sub-Fund may be retained in cash or invested in liquid instruments primarily listed or traded on the Recognised Markets for liquidity purposes and for the purposes of paying any expenses of the Sub-Fund, but such investments will not exceed 15% of the Net Asset Value of the Sub-Fund. Such instruments will include money market instruments including bank deposits, fixed or floating rate instruments (including commercial paper, notes, bankers acceptances, certificates of deposit, debentures and short-dated government or corporate bonds), cash and cash equivalents (including treasury bills) that are rated as investment grade or below or are unrated.

While these liquid instruments will be primarily listed or traded on Recognised Markets, some of these instruments may be traded over-the-counter on electronic trade platforms. For the avoidance of doubt, the liquid instruments in which the Sub-Fund will invest do not include total return swaps, securities lending, repurchase agreements or reverse repurchase agreements.

The Sub-Fund is expected to have similar performance to the Master Fund but the Sub-Fund’s performance may differ given that it may invest up to 15% of its Net Asset Value in liquid instruments described above. The Sub-Fund is also expected to have a similar risk profile to the Master Fund, which is not expected to have an above average risk profile or high volatility as a result of its use of financial derivative instruments.


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Fidelity Global Emerging Markets Equity Fund (continued)

The investment objective of the Master Fund is identical to that of the Sub-Fund, namely to seek to achieve long-term capital growth. The Master 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 the World Bank defines as a High Income OECD member country). The Investment Manager (in the context of its role as investment manager of the Master Fund) has appointed a number of discretionary investment advisers as its delegates and will allocate some or all of the Master Fund’s assets to such advisers. The Investment Manager is responsible for actively selecting each adviser to which assets will be allocated, for determining the amount of the Master Fund’s assets to allocate to each adviser and for managing such portion of the Master Fund’s assets as are not allocated to an adviser. The Master Fund’s investment strategy will pursue a policy of obtaining exposure to equities and equity-related securities of companies domiciled or exercising the majority of their economic activity in emerging market countries. Each adviser will select the exposures that it obtains on behalf of the Master Fund based on its experience of investing in emerging market equities, current market conditions and the investment objective of the Master Fund. The Master Fund’s investment strategy will seek to obtain exposure to equities and equity-related securities that will provide long-term capital growth for the Master Fund and will not actively focus on any emerging market country, industry sector or market capitalisation. The following is the active Share Class in the Sub-Fund as at 30 June 2019: Share Class Share Class Launch Date Currency G Acc EUR 14 September 2018 EUR

Fidelity UCITS II ICAV INVESTMENT MANAGER’S REPORT

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Fidelity Europe ex-UK Equity Fund Fidelity Europe ex-UK Equity Fund is a feeder UCITS and will seek to achieve its objective by investing at least 85% of its net assets in unit classes of the Fidelity Europe ex-UK Equity Fund (the “Master Fund”), being a sub-fund of Fidelity Common Contractual Fund II, a common contractual fund constituted as an umbrella fund and authorised in Ireland by the Central Bank pursuant to the UCITS Regulations. The investment manager of the Master Fund is the same as the Investment Manager of the Sub-Fund. Market Commentary: European equities posted strong returns over the period as investor sentiment was supported by indications of monetary policy easing from the European Central Bank (ECB) and the US Federal Reserve. ECB President Mario Draghi indicated that interest rates are expected to remain at current levels at least through to the first half of 2020. He also said that additional monetary stimulus, including rate cuts and asset purchase programmes, would be delivered if the economic outlook does not improve. An expected rate cut by the US Fed also supported equities. However, market returns were moderated due an escalation in trade tensions between the US and China. Portfolio Commentary: The Master Fund returned 14.78% for the period, while the MSCI Europe ex-UK returned 17.32%. At the sub-fund level, all the sub-investment advisers contributed to performance. The exposure to a sub-investment adviser following a quality growth style of investing added significant value, driven by positions in the industrials and consumer staples sectors. Moreover, a sub-investment adviser following a value style of investing supported performance. Its underlying holdings in the health care and industrials sectors buoyed returns, though positions in the utilities and real estate sectors had a negligible impact on performance. At the sub-fund level, underlying holdings in the industrials and health care sectors boosted returns. At the country level, the exposure to France and Germany contributed strongly to performance, while holdings in Malta weighed on returns. At the security level, positions in IMCD and Novartis AG supported performance. Outlook: Lead indicators for the global economy suggest that global activity is heading for a modest acceleration. In Europe, supportive labour market dynamics, increased wage growth and an accommodative monetary policy stance are expected to support domestic demand. However, ongoing trade concerns, uncertainty surrounding Brexit and fragilities in emerging market economies are the key downside risks to the eurozone growth story. Given the importance of exports to the eurozone, the economy is highly dependent on Chinese growth. Therefore, Europe is particularly vulnerable to trade tensions. However, the impact varies from sector to sector. For industries with greater local Chinese competition, tariffs have a more significant impact as compared to businesses with more unique brands and less price sensitivity. In such a challenging scenario, careful stock picking proves most rewarding. Italy has moved out of a recession, but budget tensions with the European Union (EU) remain. With global trade and growth expected to remain weak this year and next, the ECB has reduced its growth forecast for 2020, while the growth forecast for 2019 was marginally increased by 0.1% to 1.2%. Underlying inflationary pressures have reduced and inflation remains below the ECB’s 2.0% target. Against this backdrop, the ECB adjusted its forward guidance for interest rates to remain at current levels, at least through to the first half of 2020, which should support equity valuations. The ECB will also consider policy measures such as interest rate cuts and additional asset purchases if the growth outlook does not improve. Fidelity Japan Equity Fund Fidelity Japan Equity Fund is a feeder UCITS and will seek to achieve its objective by investing at least 85% of its net assets in unit classes of the Fidelity Japan Equity Fund (the “Master Fund”), being a sub-fund of Fidelity Common Contractual Fund II, a common contractual fund constituted as an umbrella fund and authorised in Ireland by the Central Bank pursuant to the UCITS Regulations. The investment manager of the Master Fund is the same as the Investment Manager of the Sub-Fund. Market Commentary: Japanese equities (as measured by the TOPIX) rose over the review period. The equity market got off to a positive start in the first quarter of 2019, as the risk-off mood seen in global markets in the last quarter of 2018 receded. However, global trade frictions and concerns over its implications for the Japanese economy weighed on investor sentiment during the second quarter. Heightened risk aversion and the limited policy avenues open to the Bank of Japan compared with other central banks contributed to the strength of the yen, which generated additional headwinds for Japanese stocks. Corporate earnings held up relatively well, supported by the non-manufacturing sector, which helped to partially offset the negative impact of weak external demand.


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Fidelity Japan Equity Fund (continued) Portfolio Commentary: The Master Fund returned 5.01% for the period, while the TOPIX returned 4.99%. At the sub-fund level, all the sub-investment advisers generated positive performance. The significant exposure to a sub-investment adviser following a market capitalisation agnostic strategy contributed significantly to returns, supported by positions in the communication services and consumer staples sectors. Moreover, the exposure to a sub-investment adviser following a large-cap value strategy enhanced gains, driven by positions in the information technology (IT) and industrials sectors. Meanwhile, underlying holdings in the financials and consumer staples sectors detracted from performance. At the sub-fund level, underlying holdings in the IT, communication services and industrials sectors were the key contributors to returns, while positions in the consumer discretionary sector held back gains. At the security level, the exposure to OBIC Business Consultants and Nintendo contributed to returns. Meanwhile, the position in Nissan Motor in the consumer discretionary sector hampered performance. Outlook: Japanese stocks have lagged behind their global peers so far this year, as uncertainty over US-China trade frictions and its impact on the global economy clouded the outlook for corporate earnings. While the analyst revision index has already reached its typical bottom and earnings trends should stabilise in the coming quarters, share prices may remain volatile amid a steady stream of political news flow. With valuations testing historical lows in some parts of the market, there are opportunities to capitalise on negative sentiment. Fidelity North America Equity Fund Fidelity North America Equity Fund is a feeder UCITS and will seek to achieve its objective by investing at least 85% of its net assets in unit classes of the Fidelity North America Equity Fund (the “Master Fund”), being a sub-fund of Fidelity Common Contractual Fund II, a common contractual fund constituted as an umbrella fund and authorised in Ireland by the Central Bank pursuant to the UCITS Regulations. The investment manager of the Master Fund is the same as the Investment Manager of the Sub-Fund. Market Commentary: US markets rose sharply as investor sentiment recovered from the risk aversion seen in the last quarter of 2018. The US Federal Reserve (Fed) held interest rates steady and hinted at the possibility of interest rate cuts given an uncertain economic environment. Share prices were also supported by expectations of progress in US-China trade talks. In late June, US President Donald Trump met with his Chinese counterpart Xi Jinping on the side-lines of the Group of 20 summit in Osaka and agreed to restart trade negotiations. The US also decided to refrain from imposing punitive tariffs on all imports from Mexico, which further buoyed sentiment. Portfolio Commentary: The Master Fund returned 17.25% for the period, while the S&P 500 returned 18.18%. At the sub-fund level, all the sub-investment advisers generated positive performance. The exposure to a sub-investment adviser following a large-cap investment strategy contributed significantly to returns, driven by positions in the information technology (IT) and consumer discretionary sectors. Moreover, the significant exposure to a sub-investment Fidelity adviser following a value strategy supported performance, driven by positions in the IT and financials sectors. At the sub-fund level, the underlying holdings in the IT, financials and health care sectors were the key contributors to performance. At the security level, positions in Microsoft and Willis Tower Watson buoyed returns. Meanwhile, the allocation to The Mosaic Company in the materials sector held back gains. Outlook: Geopolitical headlines and trade policies involving the US are likely to drive investor sentiment in the near term, and will have an impact on equity market performance. However, any progress on trade talks between the US and China will be rewarded by the market. This, combined with a benign policy backdrop, indicates that the risk/reward balance for US stocks is favourable. US workers continue to enter the labour force amid cyclically low unemployment rates. Tight labour markets are supportive of wage growth and are likely to bolster US consumer spending. Peaking employment growth and weakness in housing activity are indicative of a late cycle trend in the economy. Despite being in the later stages of the business cycle, US markets could continue to rise if economic and earnings data remains supportive. Among global markets, the US stands out in terms of the strength of its economic data. It is also favoured by investors as it is the least exposed to cyclical sectors, which makes it much more defensive.


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Fidelity UK Equity Fund Fidelity UK Equity Fund is a feeder UCITS and will seek to achieve its objective by investing at least 85% of its net assets in unit classes of the Fidelity UK Equity Fund (the “Master Fund”), being a sub-fund of Fidelity Common Contractual Fund II, a common contractual fund constituted as an umbrella fund and authorised in Ireland by the Central Bank pursuant to the UCITS Regulations. The investment manager of the Master Fund is the same as the Investment Manager of the Sub-Fund. Market Commentary: UK equities rebounded sharply in the first half of 2019. Against a weakening macroeconomic backdrop, global central banks indicated further monetary policy easing, which supported investors’ appetite for higher risk assets. In particular, investors reacted favourably as the US Federal Reserve hinted that it may cut interest rates in the coming months given weakening macroeconomic conditions. Comments from European Central Bank (ECB) President Mario Draghi also suggested fresh stimulus measures. Meanwhile, Brexit has been delayed until 31 October, as European leaders agreed to extend the deadline. On the policy front, the Bank of England maintained interest rates at 0.75%, even as it cautioned about increased downside risks to growth. Portfolio Commentary: The Master Fund returned 13.89% for the period, while the FTSE All-share returned 12.94%. At the sub-fund level, all the sub-investment advisers generated positive returns. The exposure to a sub-investment adviser following a market-cap agnostic strategy contributed significantly to returns, driven by positions in the consumer staples, financials and information technology sectors. Moreover, the significant exposure to a sub-investment adviser following an income strategy supported performance, driven by holdings in the financials and consumer discretionary sectors. However, the underlying allocation to the communication services sector had a negative impact on returns. At the sub-fund level, the underlying holdings in the financials, consumer staples and industrials sectors were the key contributors to returns. At the security level, position in Schroders PLC and Unilever PLC added value. Meanwhile, the allocation to Centrica PLC within the utilities sector held back gains. Outlook: The economic environment in the UK remains uncertain given ongoing Brexit negotiations and a challenging external backdrop. Overall, uncertainty around the terms of the UK’s exit from the European Union (EU) have negatively impacted UK asset prices in recent years, resulting in attractive stock valuations compared to other developed markets. This presents an opportunity for long-term investors. Household spending, despite a recent slowdown, and real income growth have been relatively resilient, while the weakness in business investment has intensified since the middle of last year. Latest business surveys pointed towards a slowdown in manufacturing and a stagnation in the services sector. In the near future, economic data is likely to remain volatile due to shifting expectations about Brexit in financial markets, as well as among households and businesses. Fidelity Global Aggregate Bond Fund Fidelity Global Aggregate Bond Fund is a feeder UCITS and will seek to achieve its objective by investing at least 85% of its net assets in unit classes of the Fidelity Global Aggregate Bond Fund (the “Master Fund”), being a sub-fund of Fidelity Common Contractual Fund II, a common contractual fund constituted as an umbrella fund and authorised in Ireland by the Central Bank pursuant to the UCITS Regulations. The investment manager of the Master Fund is the same as the Investment Manager of the Sub-Fund. Market Commentary: Fixed income markets posted positive returns over the period. Global government bond yields edged lower amid continued concerns about global growth and a worsening trade conflict between the US and China. This was further supported by US President Donald Trump’s intention to impose a tariff on Mexican goods. In this respect, ten-year bond yields fell to record lows in Germany and France, and to below 2% in the US for the first time since 2016. UK government bond (Gilt) yields also fell, mirroring broader government bond markets and US Treasuries in particular. On the policy front, major central banks indicated that they would adopt an accommodative policy stance. The US Federal Reserve (Fed) kept interest rates unchanged over the period and signalled possible interest rate cuts amid weak economic data. European Central Bank (ECB) President Mario Draghi hinted that the central bank may adopt new stimulus measures, including a reduction to the already negative interest rates. Meanwhile, the Bank of England kept interest rates unchanged at its June meeting, given the lack of clarity over the outcome of Brexit. In credit markets, corporate bond spreads tightened amid global central banks’ rhetoric. Emerging market bonds were also positive, as a fall in US Treasury yields supported hard currency bond returns.


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Fidelity Global Aggregate Bond Fund (continued) Portfolio Commentary: The Master Fund returned 5.03% for the period, while the Bloomberg Barclays Global Aggregate Bond index returned 5.05%. At the sub-fund level, both the sub-investment advisers generated positive returns. The significant exposure to a sub-investment adviser following a global aggregate strategy enhanced gains, driven by holdings in German government bonds. Elsewhere, the exposure to a sub-investment adviser that invests primarily in government bonds contributed to returns. Its performance was driven by holdings in AAA rated US government bonds with a maturity period of 7–10 years. At the sub-fund level, the underlying holdings in AAA rated US government bonds with a maturity period of 7–10 years added notable value. However, positions in short-term bonds detracted from performance. Elsewhere, the exposure to cash marginally supported returns. Outlook: Global growth remains weak and US growth continues to slow. The global macroeconomic outlook remains on a weakening trend, with both data and surveys coming in below expectations, particularly in the manufacturing sector. However, we believe the recent accommodative monetary policy stance by global central banks is likely to lead to a rebound in economic data in the longer term. The US Fed signalled possible interest rate cuts this year and ECB President Mario Draghi hinted at the possibility of new stimulus measures. Meanwhile, investors’ search for yields is likely to continue, which should support both government bonds and income generating asset classes. We remain positive on credits, especially in the European space, driven by attractive valuations, corporate fundamentals, strong technicals and an accommodative ECB. Asian credit markets are also well positioned on expectations of further stimulus measures by Chinese authorities in the months ahead. Fidelity Global Sub-IG Fixed Income Fund Fidelity Global Sub-IG Fixed Income Fund is a feeder UCITS and will seek to achieve its objective by investing at least 85% of its net assets in unit classes of the Fidelity Global Sub-IG Fixed Income Fund (the “Master Fund”), being a sub-fund of Fidelity Common Contractual Fund II, a common contractual fund constituted as an umbrella fund and authorised in Ireland by the Central Bank pursuant to the UCITS Regulations. The investment manager of the Master Fund is the same as the Investment Manager of the Sub-Fund. Market Commentary: Global high yield markets posted positive returns driven by tighter credit spreads. Global government bond yields edged lower as investors’ risk appetite faded amid continued concerns about global growth and a worsening trade conflict between the US and China. Furthermore, US President Donald Trump’s intention to impose a tariff on Mexican goods sparked risk aversion among investors. In this respect, ten-year bond yields fell to record lows in Germany and France, and to below 2% in the US for the first time since 2016. UK government bond (Gilt) yields also fell, mirroring broader government bond markets and US Treasuries in particular. The UK economy likely lost momentum in the second quarter, after Brexit stockpiling buoyed the first-quarter GDP reading. On the policy front, major central banks indicated that they would adopt an accommodative policy stance. The US Federal Reserve (Fed) signalled possible interest rate cuts amid weak economic data. European Central Bank (ECB) President Mario Draghi hinted that the central bank may adopt new stimulus measures, including a reduction to the already negative interest rates. Meanwhile, the Bank of England kept interest rates unchanged at its June meeting, given the lack of clarity over the outcome of Brexit. In the corporate space, the turn of the year witnessed investors switching to a risk-on mode, leading to significant tightening of spreads across major geographies. Portfolio Commentary: The Master Fund returned 9.01% for the period while the 50% ICE BofA 50% JPM Blend returned 8.46%. At the sub-fund level, both the sub-investment advisers delivered positive returns. The exposure to a sub-investment adviser that invests primarily in high yield bonds enhanced gains, driven by holdings in the US. At a sector level, the allocation to consumer staples (non-cyclical) contributed significantly to performance. Elsewhere, the exposure to a sub-investment Fidelity adviser investing primarily in emerging market bonds supported returns, driven by the holdings in South Africa. In terms of rating, BBB rated bonds added value. Meanwhile, holdings in short-term bonds detracted from performance. At the sub-fund level, the underlying holdings in the US were the key contributors to returns, while positions in Czech Republic held back gains. In terms of ratings, B rated bonds supported performance. In terms of maturity, bonds having a maturity of 7–10 years added value. Elsewhere, the allocation to cash buoyed returns.


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Fidelity Global Sub-IG Fixed Income Fund (continued) Outlook: Escalating trade tensions have led to increased concerns about global growth prospects, with renewed fears of a potential end to the credit cycle. Weak economic data and the current interest rate rally has worsened this outlook, leading to caution in the high yield bond market. However, the easing of monetary policies by the US Fed and the ECB should support risky asset classes and investors’ search for yields. At a regional level, European high yield fundamentals remain strong, supported by interest coverage ratio and leverage metrics, while default rates are well below their historical average. In the US, we expect returns to primarily originate from coupon accumulation rather than capital appreciation for the remainder of 2019. Asia is expected to benefit from more targeted easing by Chinese authorities in the months ahead. However, we will continue to keep a close watch on the ongoing tariff rhetoric, which could weigh on risk sentiment. Credit spreads are expected to be impacted by political headlines, which could keep volatility elevated. Fidelity Asia Pacific ex-Japan Equity Fund Fidelity Asia Pacific ex-Japan Equity Fund is a feeder UCITS and will seek to achieve its objective by investing at least 85% of its net assets in unit classes of the Fidelity Asia Pacific ex-Japan Equity Fund (the “Master Fund”), being a sub-fund of Fidelity Common Contractual Fund II, a common contractual fund constituted as an umbrella fund and authorised in Ireland by the Central Bank pursuant to the UCITS Regulations. The investment manager of the Master Fund is the same as the Investment Manager of the Sub-Fund. Market Commentary: Equities in the Asia Pacific ex Japan region advanced. Investor sentiment received a boost on optimism over the possibility of trade talks at the Group of 20 (G20) summit. Signs of monetary policy easing by the US Federal Reserve (Fed) further supported markets. However, gains were limited amid concerns over a slowdown in global economic growth; and faltering trade negotiations between the US and China in May. Against this backdrop, Chinese equities rose during the period. In key developments, US President Donald Trump and his Chinese counterpart Xi Jinping held an extended meeting at the G20 Summit at the tail end of June to discuss ongoing trade issues and reach a trade deal. Additionally, the US agreed not to impose new tariffs and to ease restrictions on Chinese telecommunications equipment maker Huawei, while China agreed to buy US agricultural products. On the monetary policy front, the People’s Bank of China cut reserve requirement ratios (RRR) for small and medium-sized banks to cushion escalated worries over a trade war with the US. Buying activity by foreign institutional investors buoyed Taiwanese, South Korean and Indian equities. Additionally, the incumbent government’s victory in the national general elections lifted sentiment towards Indian equities in May. Investors welcomed the stable, single-party led majority government at the Centre on expectations of political stability and business friendly economic policies. In Australia, a fall in bond yields led investors to favour high quality businesses with sustainable earnings and attractive dividend yields, particularly in the communications services sectors. Investor confidence further received a boost from the surprise re-election of the incumbent Liberal-National coalition in the federal elections. Portfolio Commentary: The Master Fund returned 10.16 % for the period, while the MSCI AC Asia Pacific ex-Japan returned 12.25%. At the sub-fund level, all the sub-investment advisers generated positive returns. The significant exposure to a sub-investment adviser following a core Asia-Pacific strategy contributed significantly to performance, driven by positions in the financials and information technology (IT) sectors. Elsewhere, the holding in a sub-investment Fidelity adviser following a quality growth style of investing supported returns. Its allocation to the financials and consumer discretionary sectors enhanced gains. At the sub-fund level, underlying holdings in the financials and IT sectors supported performance, while positions in the energy sector weighed on returns. At the country level, the exposure to Cayman Islands and China added notable value, while the allocation to Bermuda held back gains. At the security level, holdings in AIA Group and Samsung Electronics supported returns. Conversely, the position in PetroChina detracted from performance. Outlook: The long-term outlook for the region is positive given favourable demographics and ongoing urbanisation. However, in the near term, concerns over a slowdown in economic growth and China-US trade frictions are likely to cloud the growth outlook for regional equities. Nonetheless, domestic demand growth is expected to remain resilient, supported by accommodative monetary policies in most economies. In China, ongoing trade tensions and a slowing economy are likely to weigh on investor sentiment. On the domestic front, Chinese policymakers are expected to actively manage internal stimulus measures to support economic activity. India’s economic growth remains strong, but the pace is likely to slow down in the near term amid rising risks to the global economy. Against this backdrop, the Reserve Bank of India (RBI) tracked the global shift towards an accommodative policy stance and cut interest rates at two consecutive policy meetings in April and June. The RBI also signalled the possibility of further policy easing in the coming months. In the recent national election, prime minister Narendra Modi-led Bhartiya Janata Party (BJP) won a second five-year term. With a clear majority in the upper house of the parliament, the BJP has a chance to take forward the reform agenda it had embarked on in the last five years.


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Fidelity Alternative Listed Equity Fund Fidelity Alternative Listed Equity Fund is a feeder UCITS and will seek to achieve its objective by investing at least 85% of its net assets in unit classes of the Fidelity Alternative Listed Equity Fund (the “Master Fund”), being a sub-fund of Fidelity Common Contractual Fund II, a common contractual fund constituted as an umbrella fund and authorised in Ireland by the Central Bank pursuant to the UCITS Regulations. The investment manager of the Master Fund is the same as the Investment Manager of the Sub-Fund. Market Commentary: The main index representing cash-benchmarked assets – AH Global UCITS Index – advanced over the period. Returns for three Absolute Hedge sub-indices were also positive. The index for equity long/short strategies advanced. January was particularly rewarding, as equity markets benefited from investor optimism about trade agreements and economic growth. Thereafter, in the second quarter, positive performance was concentrated in April and June, while most sub-indices fell in May against a backdrop of a decline in global equities and the inversion of the US yield curve. Commodities advanced over the period. After the lacklustre performance in 2018, the asset class made a strong start to 2019. Energy and industrial metals performed strongly over the period. Oil prices gained amid tightening supply and fewer concerns about the global economy. Production cuts by the Organization of the Petroleum Exporting Countries (OPEC), US sanctions against Iran and Venezuela, and slower output growth in the US negatively impacted supply. Gold prices gained strongly amid disappointing economic data and escalating US-Iran and US-China tensions, which boosted the appeal of safe-haven assets. Falling government bond yields and a weaker US dollar reduced the opportunity cost of holding gold and also provided support. Global property markets advanced over the period. In the US, the improving labour market and the US Federal Reserve’s (Fed) decision to pause interest rate increases supported property markets. Within Asia, the Japanese real estate market was buoyed by domestic factors as well as increased foreign investments ahead of the 2020 Tokyo Olympics. Strong residential demand supported the Singapore property market. The UK property market was subdued amid Brexit-related uncertainties and weak economic activity. Portfolio Commentary: The Master Fund returned 1.95% over the review period while the Sonia + 3 Annualised returned 1.79%. At the sub-fund level, underlying holdings in the financials sector contributed to performance. The allocation to Invesco Morningstar US Energy Infrastructure MLP UCITS ETF, which gives us exposure to US energy infrastructure, supported returns. Moreover, the position in Starwood European Real Estate enhanced gains. The strategy focuses on delivering regular dividends with an attractive total return, through a diversified portfolio of real estate debt investments within the UK and Europe. Meanwhile, the allocation to CATCo Reinsurance Opportunities Fund weighed on returns. The holding, however, is attractive from a risk/reward perspective, with near-term catalysts to crystallise gains. Outlook: As we start the second half of the year, we have seen equity and bond markets continue to disagree on what the rest of 2019 will hold. US equities continue to touch all-time highs and appear willing to look past trade tensions, focusing instead on the cautious stance by major central banks. We see a great deal of good news priced into equity markets. Conversely, defensive assets have performed well, and are indicating much more pessimism on the growth trajectory. One potential direction for markets is another central bank policy driven rally, with a concurrent bottoming of growth. Another possible scenario could see weaker growth from the world’s two largest economies and a reduction in the ability of monetary policy measures to sustain the risk rally. At this time in the cycle, and as uncertainty is likely to remain high over the coming months, alternative assets have the potential to be particularly valuable given their low correlation to the wider market and more traditional asset classes. Fidelity Global Emerging Markets Equity Fund Fidelity Global Emerging Markets Equity Fund is a feeder UCITS and will seek to achieve its objective by investing at least 85% of its net assets in unit classes of the Fidelity Global Emerging Markets Equity Fund (the “Master Fund”), being a sub-fund of Fidelity Common Contractual Fund II, a common contractual fund constituted as an umbrella fund and authorised in Ireland by the Central Bank pursuant to the UCITS Regulations. The investment manager of the Master Fund is the same as the Investment Manager of the Sub-Fund.


17

Fidelity Global Emerging Markets Equity Fund (continued) Market Commentary: Emerging market equities rose over the period, supported by a sharp rally in June. During a tumultuous period for the asset class, renewed optimism about progress in trade negotiations between the US and China and indications that the US Federal Reserve (Fed) may lower interest rates boosted sentiment towards riskier assets as the period drew to a close. However, returns were partially offset due to concerns over the US-China trade war and slowing economic growth in emerging markets, which resulted in periods of volatility. Towards the tail end of the period, US President Donald Trump met with his Chinese counterpart Xi Jinping on the side-lines of the Group of 20 summit in Osaka and agreed to restart trade negotiations. Chinese stocks were further supported after MSCI announced its decision to substantially raise exposure to mainland shares in its indices. Latin American equities rose in line with the global market rally, with Brazil and Mexico recording positive returns. However, gains were partially offset due to US President Donald Trump’s threat to impose punitive tariffs on all imports from Mexico; he subsequently pulled back on those threats. Indian markets ended in positive territory, buoyed by positive momentum following the re-election of the incumbent National Democratic Alliance government led by Prime Minister Narendra Modi. Russian markets recorded gains as investors looked for attractively valued segments of the market, particularly those that are relatively insulated from the trade war. Portfolio Commentary: The Master Fund returned 11.28% for the period, while the MSCI Emerging Markets returned 10.58%. At the sub-fund level, all the sub-investment advisers generated positive performance. The significant exposure to a sub-investment adviser following a core emerging market strategy contributed strongly to returns, driven by positions in the financials and information technology (IT) sectors. Moreover, the allocation to a sub-investment Fidelity adviser following a growth style of investing boosted performance, supported by holdings in the consumer discretionary and financials sectors. Meanwhile, underlying positions in the health care sector held back gains. At the sub-fund level, underlying holdings in the financials and consumer discretionary sectors were the key contributors to performance. At the country level, the exposure to Cayman Islands and China added notable value, while holdings in Pakistan marginally detracted from returns. At the security level, positions in AIA Group and Li-Ning Company supported performance, while the holding in Lupin weighed on returns. Outlook: Emerging markets are likely to be impacted by the monetary policy in the US and continued easing by policymakers globally. Bouts of volatility may arise due to uncertainty in trade negotiations and geopolitical tensions. Investors will continue to monitor further developments on trade tariffs and its impact on developing nations. A supportive environment for certain commodities should benefit export-oriented developing countries. Nonetheless, from a long-term perspective, emerging markets continue to offer many opportunities, supported by structural growth drivers such as urbanisation and lifestyle changes. This will drive demand for different goods and services in underpenetrated markets.

Fidelity Europe ex-UK Equity Fund SCHEDULE OF INVESTMENTS AS AT 30 JUNE 2019

18

Number of

Shares Fair Value

EUR% of Sub-Fund

NAV*

Transferable Securities 100.00% (31 December 2018: 99.99%)

Fidelity CCF II Europe ex-UK Equity Fund - Class G Acc EUR 25,777 260,107 100.00%


Financial Assets at Fair Value Through Profit or Loss 260,107 100.00% Other Assets and Liabilities (10) 0.00%Net Assets Attributable to Holders of Redeemable Participating Units 260,097 100.00%

Analysis of Assets EUR% of Sub-Fund

Assets(a) Transferable securities other than those admitted to an official stock exchange listing 260,107 99.74%(b) Other assets 689 0.26%Total Assets 260,796 100.00%


Fidelity Japan Equity Fund SCHEDULE OF INVESTMENTS AS AT 30 JUNE 2019

19

Number of

Shares Fair Value

EUR% of Sub-Fund

NAV*


Fidelity CCF II Japan Equity Fund - Class G Acc EUR 11,050 100,575 100.00%


Financial Assets at Fair Value Through Profit or Loss 100,575 100.00% Other Assets and Liabilities 4 0.00%Net Assets Attributable to Holders of Redeemable Participating Units 100,579 100.00%




Fidelity North America Equity Fund SCHEDULE OF INVESTMENTS AS AT 30 JUNE 2019

20

Number of

Shares Fair Value

EUR% of Sub-Fund

NAV*


Fidelity CCF II North America Equity Fund - Class G Acc EUR 85,979 859,011 100.00%




Assets(a) Transferable securities other than those admitted to an official stock exchange listing 859,011 99.66%(b) Other assets 2,924 0.34%Total Assets 861,935 100.00%


Fidelity UK Equity Fund SCHEDULE OF INVESTMENTS AS AT 30 JUNE 2019

21

Number of

Shares Fair Value

EUR% of Sub-Fund

NAV*


Fidelity CCF II UK Equity Fund - Class G Acc EUR 9,331 92,776 100.00%






Fidelity Global Aggregate Bond Fund SCHEDULE OF INVESTMENTS AS AT 30 JUNE 2019

22

Number of

Shares Fair Value

EUR% of Sub-Fund

NAV*


Fidelity CCF II Global Aggregate Bond Fund - Class G Acc EUR 86,352 900,442 100.00%




Assets(a) Transferable securities other than those admitted to an official stock exchange listing 900,442 99.94%(b) Other liabilities 507 0.06%Total Assets 900,949 100.00%


Fidelity Global Sub-IG Fixed Income Fund SCHEDULE OF INVESTMENTS AS AT 30 JUNE 2019

23

Number of

Shares Fair Value

EUR% of Sub-Fund

NAV*


Fidelity CCF II Global Sub-IG Fixed Income Fund - Class G Acc EUR 48,871 511,860 100.00%




Assets(a) Transferable securities other than those admitted to an official stock exchange listing 511,860 99.70%(b) Other liabilities 1,556 0.30%Total Assets 513,416 100.00%


Fidelity Asia Pacific ex-Japan Equity Fund SCHEDULE OF INVESTMENTS AS AT 30 JUNE 2019

24

Number of

Shares Fair Value

EUR% of Sub-Fund

NAV*


Fidelity CCF II Asia Pacific ex-Japan Equity Fund - Class G Acc EUR 12,957 123,731 100.00%






Fidelity Alternative Listed Equity Fund SCHEDULE OF INVESTMENTS AS AT 30 JUNE 2019

25

Number of

Shares Fair Value

EUR% of Sub-Fund

NAV*


Fidelity CCF II Alternative Listed Equity Fund - Class G Acc EUR 24,315 235,490 100.00%






Fidelity Global Emerging Markets Equity Fund SCHEDULE OF INVESTMENTS AS AT 30 JUNE 2019

26

Number of

Shares Fair Value

EUR% of Sub-Fund

NAV*


Fidelity CCF II Global Emerging Markets Equity Fund - Class G Acc EUR 12,567 129,787 100.00%






Fidelity UCITS II ICAV STATEMENT OF FINANCIAL POSITION


27

Fidelity Europe ex-UK Equity Fund1 Fidelity Japan Equity Fund2

30 June 2019 31 December 2018 30 June 2019 31 December 2018 Note EUR EUR EUR EUR Current Assets Financial Assets at Fair Value Through Profit or Loss 2b, 10f 260,107 67,419 100,575 25,719 Cash and Cash Equivalents 2c, 3 29 9 10 10 Investments Sold awaiting settlement 103 – – – Capital Shares Sold awaiting settlement 557 – 232 – Total Assets 260,796 67,428 100,817 25,729 Current Liabilities Investments Purchased awaiting settlement 557 – 232 – Capital Shares Redeemed awaiting settlement 103 – – – Management Fees Payable 6 39 4 6 1 Total Liabilities 699 4 238 1 Net Assets Attributable to Holders of Redeemable Participating Units 260,097 67,424 100,579 25,728

Fidelity North America Equity Fund3 Fidelity UK Equity Fund4

30 June 2019 31 December 2018 30 June 2019 31 December 2018 Note EUR EUR EUR EUR Current Assets Financial Assets at Fair Value Through Profit or Loss 2b, 10f 859,011 157,856 92,776 41,711 Cash and Cash Equivalents 2c, 3 21 9 12 9 Investments Sold awaiting settlement 1,033 – – – Capital Shares Sold awaiting settlement 1,870 – 192 – Total Assets 861,935 157,865 92,980 41,720 Current Liabilities Investments Purchased awaiting settlement 1,870 – 192 – Capital Shares Redeemed awaiting settlement 1,033 – – – Management Fees Payable 6 42 4 8 1 Total Liabilities 2,945 4 200 1 Net Assets Attributable to Holders of Redeemable Participating Units 858,990 157,861 92,780 41,719



28

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

30 June 2019 31 December 2018 30 June 2019 31 December 2018 Note EUR EUR EUR EUR Current Assets Financial Assets at Fair Value Through Profit or Loss 2b, 10f 900,442 491,809 511,860 191,572 Cash and Cash Equivalents 2c, 3 35 10 21 10 Investments Sold awaiting settlement 401 – 11 – Capital Shares Sold awaiting settlement 71 – 1,524 – Total Assets 900,949 491,819 513,416 191,582 Current Liabilities Investments Purchased awaiting settlement 71 – 1,524 – Capital Shares Redeemed awaiting settlement 401 – 11 – Management Fees Payable 6 67 5 32 3 Total Liabilities 539 5 1,567 3 Net Assets Attributable to Holders of Redeemable Participating Units 900,410 491,814 511,849 191,579

Fidelity Asia Pacific ex-Japan Equity Fund6 Fidelity Alternative Listed Equity Fund7

30 June 2019 31 December 2018 30 June 2019 31 December 2018 Note EUR EUR EUR EUR Current Assets Financial Assets at Fair Value Through Profit or Loss 2b, 10f 123,731 34,270 235,490 53,254 Cash and Cash Equivalents 2c, 3 31 9 24 10 Investments Sold awaiting settlement 134 – – – Capital Shares Sold awaiting settlement 162 – 624 – Total Assets 124,058 34,279 236,138 53,264 Current Liabilities Investments Purchased awaiting settlement 183 – 624 – Capital Shares Redeemed awaiting settlement 134 – – – Management Fees Payable 6 7 1 13 2 Total Liabilities 324 1 637 2 Net Assets Attributable to Holders of Redeemable Participating Units 123,734 34,278 235,501 53,262



29

Fidelity Global Emerging Markets Equity Fund8

30 June 2019 31 December 2018 Note EUR EUR Current Assets Financial Assets at Fair Value Through Profit or Loss 2b, 10f 129,787 11,137 Cash and Cash Equivalents 2c, 3 10 10 Investments Sold awaiting settlement 163 – Capital Shares Sold awaiting settlement 171 – Total Assets 130,131 11,147 Current Liabilities Investments Purchased awaiting settlement 171 – Capital Shares Redeemed awaiting settlement 163 – Management Fees Payable 6 5 – Total Liabilities 339 – Net Assets Attributable to Holders of Redeemable Participating Units 129,792 11,147

1 The Sub-Fund launched on 13 August 2018. 2 The Sub-Fund launched on 23 August 2018. 3 The Sub-Fund launched on 28 August 2018. 4 The Sub-Fund launched on 29 August 2018. 5 The Sub-Fund launched on 30 August 2018. 6 The Sub-Fund launched on 31 August 2018. 7 The Sub-Fund launched on 12 September 2018. 8 The Sub-Fund launched on 14 September 2018.


The accompanying notes form an integral part of the financial statements. 30

Fidelity Europe ex-UK Equity Fund Class G Acc EUR Net Asset Value EUR As at 30 June 2019 260,097 As at 31 December 2018 67,424 Net Asset Value per Share EUR As at 30 June 2019 10.09 As at 31 December 2018 8.79 Shares In Issue As at 30 June 2019 25,788 As at 31 December 2018 7,671

Fidelity Japan Equity Fund Class G Acc EUR Net Asset Value EUR As at 30 June 2019 100,579 As at 31 December 2018 25,728 Net Asset Value per Share EUR As at 30 June 2019 9.10 As at 31 December 2018 8.70 Shares In Issue As at 30 June 2019 11,051 As at 31 December 2018 2,958

Fidelity North America Equity Fund Class G Acc EUR Net Asset Value EUR As at 30 June 2019 858,990 As at 31 December 2018 157,861 Net Asset Value per Share EUR As at 30 June 2019 9.99 As at 31 December 2018 8.67 Shares In Issue As at 30 June 2019 85,985 As at 31 December 2018 18,210

Fidelity UK Equity Fund Class G Acc EUR Net Asset Value EUR As at 30 June 2019 92,780 As at 31 December 2018 41,719 Net Asset Value per Share EUR As at 30 June 2019 9.94 As at 31 December 2018 8.79 Shares In Issue As at 30 June 2019 9,333 As at 31 December 2018 4,746

Fidelity Global Aggregate Bond Fund Class G Acc EUR Net Asset Value EUR As at 30 June 2019 900,410 As at 31 December 2018 491,814 Net Asset Value per Share EUR As at 30 June 2019 10.43 As at 31 December 2018 10.00 Shares In Issue As at 30 June 2019 86,358 As at 31 December 2018 49,200


The accompanying notes form an integral part of the financial statements. 31

Fidelity Global Sub-IG Fixed Income Fund Class G Acc EUR Net Asset Value EUR As at 30 June 2019 511,849 As at 31 December 2018 191,579 Net Asset Value per Share EUR As at 30 June 2019 10.47 As at 31 December 2018 9.67 Shares In Issue As at 30 June 2019 48,876 As at 31 December 2018 19,818

Fidelity Asia Pacific ex-Japan Equity Fund Class G Acc EUR Net Asset Value EUR As at 30 June 2019 123,734 As at 31 December 2018 34,278 Net Asset Value per Share EUR As at 30 June 2019 9.55 As at 31 December 2018 8.82 Shares In Issue As at 30 June 2019 12,959 As at 31 December 2018 3,888

Fidelity Alternative Listed Equity Fund Class G Acc EUR Net Asset Value EUR As at 30 June 2019 235,501 As at 31 December 2018 53,262 Net Asset Value per Share EUR As at 30 June 2019 9.69 As at 31 December 2018 9.56 Shares In Issue As at 30 June 2019 24,311 As at 31 December 2018 5,569

Fidelity Global Emerging Markets Equity Fund Class G Acc EUR Net Asset Value EUR As at 30 June 2019 129,792 As at 31 December 2018 11,147 Net Asset Value per Share EUR As at 30 June 2019 10.33 As at 31 December 2018 9.44 Shares In Issue As at 30 June 2019 12,569 As at 31 December 2018 1,181

Fidelity UCITS II ICAV STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD FROM 1 JANUARY 2019 TO 30 JUNE 2019


32

Fidelity Europe ex-

UK Equity Fund1 Fidelity Japan Equity

Fund2

Fidelity North America Equity

Fund3 Fidelity UK Equity

Fund4

30 June 2019 30 June 2019 30 June 2019 30 June 2019 Note EUR EUR EUR EUR Operating Income Net Gain/(Loss) in Financial Assets at fair Value through Profit or Loss 11 17,156 710 45,806 8,324 Total Operating Income/(Loss) 17,156 710 45,806 8,324 Operating Expenses Management Fees 6 34 6 39 7 Total Operating Expenses 34 6 39 7

Total Comprehensive Income/(Loss) 17,122 704 45,767 8,317

Fidelity Global Aggregate Bond

Fund5

Fidelity Global Sub-IG Fixed Income

Fund5

Fidelity Asia Pacific ex-Japan Equity

Fund6 Fidelity Alternative

Listed Equity Fund7

30 June 2019 30 June 2019 30 June 2019 30 June 2019 Note EUR EUR EUR EUR Operating Income Net Gain/(Loss) in Financial Assets at fair Value through Profit or Loss 11 29,548 23,808 5,231 (886) Miscellaneous Income – – – 18 Total Operating Income/(Loss) 29,548 23,808 5,231 (868) Operating Expenses Management Fees 6 63 29 7 12 Total Operating Expenses 63 29 7 12

Total Comprehensive Income/(Loss) 29,485 23,779 5,224 (880)

There are no gains or losses other than those included in the Statement of Comprehensive Income. In arriving at the results for the financial period all amounts relate to continuing operations. 30 June 2019 is the first interim cycle of the Sub-Funds therefore there are no comparatives in the Statement of Comprehensive Income.

Fidelity UCITS II ICAV STATEMENT OF COMPREHENSIVE INCOME (CONTINUED) FOR THE PERIOD FROM 1 JANUARY 2019 TO 30 JUNE 2019


33

Fidelity Global Emerging Markets

Equity Fund8

30 June 2019 Note EUR Operating Income Net Gain/(Loss) in Financial Assets at fair Value through Profit or Loss 11 4,717 Total Operating Income/(Loss) 4,717 Operating Expenses Management Fees 6 5 Total Operating Expenses 5

Total Comprehensive Income/(Loss) 4,712

1 The Sub-Fund launched on 13 August 2018. 2 The Sub-Fund launched on 23 August 2018. 3 The Sub-Fund launched on 28 August 2018. 4 The Sub-Fund launched on 29 August 2018. 5 The Sub-Fund launched on 30 August 2018. 6 The Sub-Fund launched on 31 August 2018. 7 The Sub-Fund launched on 12 September 2018. 8 The Sub-Fund launched on 14 September 2018. There are no gains or losses other than those included in the Statement of Comprehensive Income. In arriving at the results for the financial period all amounts relate to continuing operations.

30 June 2019 is the first interim cycle of the Sub-Funds therefore there are no comparatives in the Statement of Comprehensive Income.

Fidelity UCITS II ICAV STATEMENT OF CHANGES IN NET ASSTES ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES FOR THE PERIOD FROM 1 JANUARY 2019 TO 30 JUNE 2019


34

Fidelity Europe ex-

UK Equity Fund1Fidelity Japan Equity

Fund2Fidelity North America

Equity Fund3Fidelity UK Equity

Fund4

30 June 2019 30 June 2019 30 June 2019 30 June 2019 EUR EUR EUR EURIncrease/(Decrease) in Net Assets Total Comprehensive Income/(Loss) 17,122 704 45,767 8,317Capital Transactions Subscriptions 202,658 87,529 693,482 89,601 Redemptions (27,107) (13,382) (38,120) (46,857) Total Capital Transactions 175,551 74,147 655,362 42,744 Total Increase/(Decrease) for the Period 192,673 74,851 701,129 51,061Net Assets Attributable to Holders of Redeemable Participating Shares Beginning of Period 67,424 25,728 157,861 41,719End of Period 260,097 100,579 858,990 92,780

Fidelity Global Aggregate

Bond Fund5Fidelity Global Sub-IG

Fixed Income Fund5Fidelity Asia Pacific ex-

Japan Equity Fund6Fidelity Alternative

Listed Equity Fund7

30 June 2019 30 June 2019 30 June 2019 30 June 2019 EUR EUR EUR EURIncrease/(Decrease) in Net Assets Total Comprehensive Income/(Loss) 29,485 23,779 5,224 (880)Capital Transactions Subscriptions 455,468 306,938 109,021 202,141 Redemptions (76,357) (10,447) (24,789) (19,022) Total Capital Transactions 379,111 296,491 84,232 183,119 Total Increase/(Decrease) for the Period 408,596 320,270 89,456 182,239Net Assets Attributable to Holders of Redeemable Participating Shares Beginning of Period 491,814 191,579 34,278 53,262End of Period 900,410 511,849 123,734 235,501 30 June 2019 is the first interim cycle of the Sub-Funds therefore there are no comparatives in the Statement of Changes in Net Assets.

Fidelity UCITS II ICAV STATEMENT OF CHANGES IN NET ASSTES ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES (CONTINUED) FOR THE PERIOD FROM 1 JANUARY 2019 TO 30 JUNE 2019


35

Fidelity Global

Emerging Markets Equity Fund8

30 June 2019 EUR Increase/(Decrease) in Net Assets Total Comprehensive Income/(Loss) 4,712 Capital Transactions Subscriptions 121,517 Redemptions (7,584) Total Capital Transactions 113,933 Total Increase/(Decrease) for the Period 118,645 Net Assets Attributable to Holders of Redeemable Participating Shares Beginning of Period 11,147 End of Period 129,792

1 The Sub-Fund launched on 13 August 2018. 2 The Sub-Fund launched on 23 August 2018. 3 The Sub-Fund launched on 28 August 2018. 4 The Sub-Fund launched on 29 August 2018. 5 The Sub-Fund launched on 30 August 2018. 6 The Sub-Fund launched on 31 August 2018. 7 The Sub-Fund launched on 12 September 2018. 8 The Sub-Fund launched on 14 September 2018.

30 June 2019 is the first interim cycle of the Sub-Funds therefore there are no comparatives in the Statement of Changes in Net Assets.

Fidelity UCITS II ICAV STATEMENT OF CASH FLOWS FOR THE PERIOD FROM 1 JANUARY 2019 TO 30 JUNE 2019


36

Fidelity Europe ex-UK

Equity Fund1 Fidelity Japan Equity

Fund2 Fidelity North America

Equity Fund3 Fidelity UK Equity

Fund4

30 June 2019 30 June 2019 30 June 2019 30 June 2019 EUR EUR EUR EUR Cash flows from operating activities: Total Comprehensive Income/(Loss) 17,122 704 45,767 8,317 Adjustment for: Change in Financial Assets at Fair Value

Through Profit or Loss (192,688) (74,856) (701,155) (51,065) Change in Investments Sold awaiting settlement (103) – (1,033) – Change in Investments Purchased awaiting

settlement 557 232 1,870 192 Change in Management Fees Payable 35 5 38 7 Net cash flows from operating activities (175,077) (73,915) (654,513) (42,549) Cash flows from financing activities: Proceeds from redeemable shares issued 202,101 87,297 691,612 89,409 Redemption of redeemable shares (27,004) (13,382) (37,087) (46,857) Net cash used in financing activities 175,097 73,915 654,525 42,552 Net increase in cash and cash equivalents 20 0 12 3 Cash and cash equivalents at beginning of the

period 9 10 9 9 Cash and cash equivalents at end of the period 29 10 21 12

Fidelity Global Aggregate Bond

Fund5 Fidelity Global Sub-IG

Fixed Income Fund5


Fund6 Fidelity Alternative

Listed Equity Fund7

30 June 2019 30 June 2019 30 June 2019 30 June 2019 EUR EUR EUR EUR Cash flows from operating activities: Total Comprehensive Income/(Loss) 29,485 23,779 5,224 (880) Adjustment for: Change in Financial Assets at Fair Value

Through Profit or Loss (408,633) (320,288) (89,461) (182,236) Change in Investments Sold awaiting settlement (401) (11) (134) – Change in Investments Purchased awaiting

settlement 71 1,524 183 624 Change in Management Fees Payable 62 29 6 11 Net cash flows from operating activities (379,416) (294,967) (84,182) (182,481) Cash flows from financing activities: Proceeds from redeemable shares issued 455,397 305,414 108,859 201,517 Redemption of redeemable shares (75,956) (10,436) (24,655) (19,022) Net cash used in financing activities 379,441 294,978 84,204 182,495 Net increase in cash and cash equivalents 25 11 22 14 Cash and cash equivalents at beginning of the

period 10 10 9 10 Cash and cash equivalents at end of the period 35 21 31 24

30 June 2019 is the first interim cycle of the Sub-Funds therefore there are no comparatives in the Statement of Cash Flows.

Fidelity UCITS II ICAV STATEMENT OF CASH FLOWS (CONTINUED) FOR THE PERIOD FROM 1 JANUARY 2019 TO 30 JUNE 2019


37

Fidelity Global Emerging Markets

Equity Fund8

30 June 2019 EUR Cash flows from operating activities: Total Comprehensive Income/(Loss) 4,712 Adjustment for: Change in Financial Assets at Fair Value

Through Profit or Loss (118,650) Change in Investments Sold awaiting settlement (163) Change in Investments Purchased awaiting

settlement 171 Change in Management Fees Payable 5 Net cash flows from operating activities (113,925) Cash flows from financing activities: Proceeds from redeemable shares issued 121,346 Redemption of redeemable shares (7,421) Net cash used in financing activities 113,925 Net increase in cash and cash equivalents 0 Cash and cash equivalents at beginning of the

period 10 Cash and cash equivalents at end of the period 10

1 The Sub-Fund launched on 13 August 2018. 2 The Sub-Fund launched on 23 August 2018. 3 The Sub-Fund launched on 28 August 2018. 4 The Sub-Fund launched on 29 August 2018. 5 The Sub-Fund launched on 30 August 2018. 6 The Sub-Fund launched on 31 August 2018. 7 The Sub-Fund launched on 12 September 2018. 8 The Sub-Fund launched on 14 September 2018. 30 June 2019 is the first interim cycle of the Sub-Funds therefore there are no comparatives in the Statement of Cash Flows.

Fidelity UCITS II ICAV NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 JANUARY 2019 TO 30 JUNE 2019

38

1. Organisation Fidelity UCITS II ICAV (the “Fund”) was registered in Ireland pursuant to the Irish Collective Asset-management Vehicles Act 2015 on 14 November 2017 as amended under registration number C174793 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 2019 (the “Central Bank UCITS Regulations”) that apply to financial reports. The financial statements have been prepared on the going concern basis and under the historical cost convention, as modified by the revaluation of financial assets and financial liabilities held at fair value through profit or loss. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates as adopted by the European Union. It also requires the Directors to exercise their judgement in the process of applying each Sub-Fund’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to each Sub-Fund’s financial statements are disclosed in the following notes. 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. Currently this is still under review with Fidelity's Operational Tax Team and the Fund's auditors. In addition to the above, a number of new standards, amendments to standards and interpretations are effective for annual periods beginning after 31 December 2018, and have not been applied in preparing these financial statements. The Fund 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. b) Financial assets and financial liabilities at fair value through profit or loss Classification The Sub-Funds classify their financial assets and liabilities 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 Fund’s policy is not to apply hedge accounting.

Fidelity UCITS II ICAV NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 JANUARY 2019 TO 30 JUNE 2019 (CONTINUED)

39

2. Significant Accounting Policies (continued) b) Financial assets and financial liabilities at fair value through profit or loss (continued) Recognition/Derecognition The Sub-Funds recognise a financial asset or a financial liability 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 the Sub-Funds commit 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 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 the Sub-Funds have transferred substantially all of the risks and rewards of the asset or Sub-Funds have neither transferred nor retained substantially all the risk and rewards of the asset, but has transferred control of the asset. When the Sub-Funds have transferred their right to receive cash flows from an asset (or has entered into a pass-though arrangement), and have 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-Funds’ continuing involvement in the asset. In that case, the Sub-Funds also recognise an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Sub-Funds have retained. The Sub-Funds derecognise 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. The Sub-Funds derecognise a financial liability when the obligation under the liability is charged, cancelled or expired. Measurement 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 either the (a) closing bid price, (b) last bid price, (c) last traded price, (d) closing mid-market price, (e) latest mid-market price or (f) the official closing price on the relevant Recognised Market at the close of business on such Recognised Market on each Valuation Day, and the relevant valuation method shall be disclosed in the Relevant Supplement. Prices will be obtained for this purpose by the Administrator from independent sources, such as recognized pricing services or brokers specialising in the relevant market. The 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. 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. Units or shares in collective investment schemes shall be valued on the basis of the latest unaudited available net asset value per unit or share as published by the collective investment scheme. c) Foreign Exchange Translation Functional and Presentation Currency Items included in the Sub-Funds’ financial statements are measured using the currency in which Shareholder transactions take place (the “functional currency”). The functional currency and presentation currency of each Sub-Fund is Euro.


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2. Significant Accounting Policies (continued) c) Foreign Exchange Translation (continued) 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. d) Transaction Costs Transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of the financial asset or liability. Transaction costs include fees and commissions paid to agents (including employees acting as selling agents), advisers, brokers and dealers, levies by regulatory agencies and securities exchanges, and transfer taxes and duties. Transaction costs do not include debt premiums or discounts, financing costs or internal administrative or holding costs. Transaction costs on purchases and sales of equities are included in net gain/(loss) on investments in the Statement of Comprehensive Income for each Sub-Fund as incurred. There were no transactions costs incurred during the period ended 30 June 2019. e) Expenses Expenses are recognised in the Statement of Comprehensive Income on an accrual basis. f) Redeemable Participating Shares All redeemable participating Shares issued by the Sub-Funds provide the Shareholders with the right to redeem for cash at the value proportionate to the Shareholder’s share in the Sub-Funds’ net assets on the redemption date. In accordance with IAS 32, redeemable participating Shares have been classified as equity. g) Distribution Policy The Sub-Funds have only accumulating classes, for which the Directors have determined to accumulate all net income and therefore do not intend to declare dividends.


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3. Cash at Bank Cash at Bank amount for the Sub-Funds for the financial period end 30 June 2019 and 31 December 2018 are disclosed in the tables below:

All cash at bank 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 day.

Sub-Fund Counterparty 30 June 2019 Fidelity Europe ex-UK Equity Fund EUR Brown Brothers Harriman 29 Fidelity Japan Equity Fund EUR Brown Brothers Harriman 10 Fidelity North America Equity Fund EUR Brown Brothers Harriman 21 Fidelity UK Equity Fund EUR Brown Brothers Harriman 12 Fidelity Global Aggregate Bond Fund EUR Brown Brothers Harriman 35 Fidelity Global Sub-IG Fixed Income Fund EUR Brown Brothers Harriman 21 Fidelity Asia Pacific ex-Japan Equity Fund EUR Brown Brothers Harriman 31 Fidelity Alternative Listed Equity Fund EUR Brown Brothers Harriman 24 Fidelity Global Emerging Markets Equity Fund EUR Brown Brothers Harriman 10

Sub-Fund Counterparty 31 December 2018 Fidelity Europe ex-UK Equity Fund EUR Brown Brothers Harriman 9 Fidelity Japan Equity Fund EUR Brown Brothers Harriman 10 Fidelity North America Equity Fund EUR Brown Brothers Harriman 9 Fidelity UK Equity Fund EUR Brown Brothers Harriman 9 Fidelity Global Aggregate Bond Fund EUR Brown Brothers Harriman 10 Fidelity Global Sub-IG Fixed Income Fund EUR Brown Brothers Harriman 10 Fidelity Asia Pacific ex-Japan Equity Fund EUR Brown Brothers Harriman 9 Fidelity Alternative Listed Equity Fund EUR Brown Brothers Harriman 10 Fidelity Global Emerging Markets Equity Fund EUR Brown Brothers Harriman 10


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4. Share Capital The Fund may issue up to 500,000,000,002 Shares of no par value. The maximum issued Share capital of the Fund shall be 500,000,000,002 Shares of no par value and the minimum issued Share capital of the Fund shall be €2 represented by two Subscriber Shares of no par value issued for €1 each. The issued share capital of the Fund shall not be less than the currency equivalent of €2 represented by two shares of no par value. As at 30 June 2019, there were no variations of rights between share classes of the Sub-Funds. The movement in the number of redeemable participating Shares for each Sub-Fund for the financial period ended 30 June 2019 is as follows: Fidelity Europe ex-UK Equity Fund

Share Unit Class G Acc EURBeginning Balance 7,671Units Issued During Period 20,855Units Redeemed During Period (2,738)Balance at End of Period 25,788

Fidelity Japan Equity Fund


Fidelity North America Equity Fund


Fidelity UK Equity Fund


Fidelity Global Aggregate Bond Fund



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4. Share Capital (continued) Fidelity Global Sub-IG Fixed Income Fund


Fidelity Asia Pacific ex-Japan Equity Fund


Fidelity Alternative Listed Equity Fund


Fidelity Global Emerging Markets Equity Fund

Share Unit Class G Acc EURBeginning Balance 1,181Units Issued During Period 12,138Units Redeemed During Period (750)Balance at End of Period 12,569

The movement in the number of redeemable participating Shares for each Sub-Fund for the financial period ended 31 December 2018 is as follows: Fidelity Europe ex-UK Equity Fund

Share Unit Class G Acc EURBeginning Balance –Shares Issued During Period 7,758Shares Redeemed During Period (87)Balance at 31 December 2018 7,671




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4. Share Capital (continued) Fidelity North America Equity Fund






Fidelity Global Sub-IG Fixed Income Fund







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4. Share Capital (continued) Fidelity Global Emerging Markets Equity Fund

Share Unit Class G Acc EURBeginning Balance –Shares Issued During Period 1,185Shares Redeemed During Period (4)Balance at 31 December 2018 1,181 5. Taxation Each Sub-Fund is an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997. The Sub-Funds will not be liable to Irish tax in respect of their income and gains, other than on the occurrence of a chargeable event with respect to Irish resident shareholders. In accordance with the reporting fund regime introduced by the United Kingdom HM Revenue and Customs, each Share Class will be viewed as a separate “offshore fund” for UK tax purposes. The reporting regime permits an offshore fund to seek advance approval from HM Revenue and Customs to be treated as a reporting fund. Once an offshore fund has been granted “reporting fund” status it will maintain that status for so long as it continues to satisfy the conditions to be a “reporting fund”, which include making reports to HM Revenue and Customs and investors for each period of account, without a requirement to apply for further certification by HM Revenue and Customs. Each Share Class in the Sub-Funds is treated as a “reporting fund”. This has been approved by HM Revenue and Customs. Generally a chargeable event arises on any distribution, redemption, repurchase, cancellation, transfer of Shares by an Irish resident Shareholder or on the ending of a “Relevant Period”. A “Relevant Period” for these purposes is an eight year period beginning with the acquisition of the Shares by the Irish resident Shareholder and each subsequent period of eight years beginning immediately after the preceding Relevant Period. A gain on a chargeable event does not arise in respect of:

(i) a Shareholder who is not Irish resident and not ordinarily resident in Ireland at the time of the chargeable event provided the necessary signed statutory declarations are held by the Sub-Fund; or

(ii) certain exempted Irish resident investors who have provided the Sub-Fund with the necessary signed statutory declaration. Capital gains, dividends, and interest received by the Sub-Funds may be subject to withholding taxes imposed by the country of origin and such taxes may not be recoverable by the Sub-Funds or their Shareholders. 6. Fees All of the fees and expenses payable in respect of each Sub-Fund are paid as one single fee. This is referred to as the total expense ratio or “TER”. The Manager is responsible for arranging the payment from the TER of all operational expenses of the Sub-Funds, including Directors’, Auditors’, Legal Advisors’, Administrator’s, Depositary’s and other service providers’ fees and expenses and Class hedging costs. The Manager is entitled to an annual fee in respect of the services that it provides to the Sub-Funds. However, this fee will only be paid in circumstances where there is a residual amount left from the TER after the other operational expenses have been paid. Save where another party has agreed to reimburse the Sub-Funds, the TER includes but is not limited to fees and expenses of the Investment Manager, Depositary, Administrator, Secretary and any sub-investment advisor. 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.


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6. Fees (continued) The TER is calculated and accrued daily from the Net Asset Value of the Sub-Funds and payable at least quarterly in arrears. The TER of each Sub-Fund is as listed in the Relevant Supplement. If the Sub-Funds’ expenses exceed the TER outlined above in relation to operating the funds, the Manager will cover any shortfall from its own assets. The table below outlines the maximum TER applicable to each Sub-Fund:

Sub-Fund TER

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

Class G Acc EUR 1 Fidelity Japan Equity Fund

Class G Acc EUR 1 Fidelity North America Equity Fund

Class G Acc EUR 1 Fidelity UK Equity Fund

Class G Acc EUR 1 Fidelity Global Aggregate Bond Fund

Class G Acc EUR 0.65 Fidelity Global Sub-IG Fixed Income Fund

Class G Acc EUR 0.80 Fidelity Asia Pacific ex-Japan Equity Fund

Class G Acc EUR 1 Fidelity Alternative Listed Equity Fund

Class G Acc EUR 1 Fidelity Global Emerging Markets Equity Fund

Class G Acc EUR 1

Directors’ Fees The aggregate emoluments of the Directors paid by the Manager out of the TER on behalf of the Fund (including expenses) for the financial period ended 30 June 2019 was EUR15,000, which were paid to Denise Kinsella as Independent Director. 7. Net Asset Value per Redeemable Participating Share The Net Asset Value per redeemable participating share is calculated by dividing the total net assets (as calculated for shareholder dealing purposes) of each Sub-Fund by the number of redeemable participating shares of that class in issue. 8. Related Parties and Connected Persons Related Party Disclosures In the opinion of the Directors, 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 Fondsbank GmbH The Directors of the Fund and their dependents. The Directors’ fees for the financial period ended 30 June 2019 are disclosed in Note 6. The Manager is a related party to the Fund and receives the fees, as outlined on the Note 6. The amounts payable as at 30 June 2019 are disclosed in the Statement of Financial Position.


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8. Related Parties and Connected Persons (continued) The Sub-Funds invest in the respective sub-funds of Fidelity Common Contractual Fund II, a related party to the Fund. The following related parties held Shares in the Sub-Funds as at 30 June 2019:

Sub-Fund Related Party Shares Held Fidelity Europe ex-UK Equity Fund

Class G Acc EUR FIL Fondsbank GmbH 25,352 FIL Limited 436

Fidelity Japan Equity Fund Class G Acc EUR FIL Fondsbank GmbH 10,619 FIL Limited 432

Fidelity North America Equity Fund Class G Acc EUR FIL Fondsbank GmbH 85,555 FIL Limited 430

Fidelity UK Equity Fund Class G Acc EUR FIL Fondsbank GmbH 8,902 FIL Limited 430

Fidelity Global Aggregate Bond Fund Class G Acc EUR FIL Fondsbank GmbH 85,928 FIL Limited 430

Fidelity Global Sub-IG Fixed Income Fund Class G Acc EUR FIL Fondsbank GmbH 48,446 FIL Limited 430

Fidelity Asia Pacific ex-Japan Equity Fund Class G Acc EUR FIL Fondsbank GmbH 12,528 FIL Limited 430

Fidelity Alternative Listed Equity Fund Class G Acc EUR FIL Fondsbank GmbH 23,882 FIL Limited 430

Fidelity Global Emerging Markets Equity Fund Class G Acc EUR FIL Fondsbank GmbH 12,138 FIL Limited 431


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8. Related Parties and Connected Persons (continued) The following related parties held Shares in the Sub-Funds as at 31 December 2018: Sub-Fund Related Party Shares Held Fidelity Europe ex-UK Equity Fund

Class G Acc EUR FIL Fondsbank GmbH 7,235 FIL Limited 436

Fidelity Japan Equity Fund Class G Acc EUR FIL Fondsbank GmbH 2,526 FIL Limited 432

Fidelity North America Equity Fund Class G Acc EUR FIL Fondsbank GmbH 17,780 FIL Limited 430

Fidelity UK Equity Fund Class G Acc EUR FIL Fondsbank GmbH 4,316 FIL Limited 430

Fidelity Global Aggregate Bond Fund Class G Acc EUR FIL Fondsbank GmbH 48,770 FIL Limited 430

Fidelity Global Sub-IG Fixed Income Fund Class G Acc EUR FIL Fondsbank GmbH 19,388 FIL Limited 430

Fidelity Asia Pacific ex-Japan Equity Fund Class G Acc EUR FIL Fondsbank GmbH 3,458 FIL Limited 430

Fidelity Alternative Listed Equity Fund Class G Acc EUR FIL Fondsbank GmbH 5,139 FIL Limited 430

Fidelity Global Emerging Markets Equity Fund Class G Acc EUR FIL Fondsbank GmbH 750 FIL Limited 431

Connected Persons The Manager, the Depositary, the Distributor, the Administrator, the Investment Manager and each of their respective affiliates are considered to be connected persons of the Fund for the purposes of the Central Bank UCITS Regulations. The following table details 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


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8. Related Parties and Connected Persons (continued) Dealing with Connected Persons Regulation 41 of the Central Bank UCITS Regulations “Restriction on transactions with connected persons” states that “a responsible person shall ensure that any transaction between a UCITS and connected person is: (i) conducted at arm’s length; and (ii) in the best interest of the unit-holders of the UCITS”. In accordance with Regulation 78(4) of the Central Bank UCITS Regulations, the Directors are satisfied: (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 the report relates complied with the obligations that are prescribed by Regulation 41(1). 9. 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. There were no transaction costs incurred during the period ended 30 June 2019. 10. Financial Risk Management The Sub-Funds intend to achieve their investment objective by investing all, or substantially all, of their investable assets in the Master Funds which has the same investment objective and policies as the relevant Sub-Fund and also is managed by the Investment Manager. Accordingly, the description herein of the Sub-Funds’ risks refers to those that will be pursued directly by the Master Funds. 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 Sub-Funds’ overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on financial performance. The policies documented below are standard operational practices and are reviewed regularly by the Investment Manager. In certain market conditions, the Investment Manager may apply additional risk procedures to minimise potential adverse effects on the Sub-Funds’ financial performance. The Directors and the Investment Manager 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 Sub-Funds do not use financial derivative instruments and as such do not expect to be leveraged. The Sub-Funds’ global exposure is calculated using the commitment approach and the Sub-Funds’ global exposure will not exceed 100% of Net Asset Value. The commitment approach converts the Sub-Funds’ FDI positions into the equivalent positions in the underlying assets and seeks to ensure that the FDI risk is monitored in terms of any future “commitments” to which it is (or may be) obligated.


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10. 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. Market Price Risk The Sub-Funds are indirectly exposed to price risk in relation to their investment in units of the Master Funds as prices in the future are uncertain. Units in the Master Funds are classified on the Statement of Financial Position as financial assets at fair value through profit or loss. For Master Funds which invest in stocks, the value of those stocks 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-Funds holding that investment. The following sensitivity analysis assumes a change in the market price of investments 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. The Investment Manager deems the percentage used applicable for the Sub-Funds’ analysis.

Sub-Fund % change

30 June 2019Effect on NAV30 June 2019

% change31 December

2018Effect on NAV

31 December 2018Fidelity Europe ex-UK Equity Fund (EUR) 5% 13,005 5% 3,371Fidelity Japan Equity Fund (EUR) 5% 5,029 5% 1,286Fidelity North America Equity Fund (EUR) 5% 42,951 5% 7,893Fidelity UK Equity Fund (EUR) 5% 4,639 5% 2,086Fidelity Global Aggregate Bond Fund (EUR) 5% 45,022 5% 24,591Fidelity Global Sub-IG Fixed Income Fund (EUR) 5% 25,593 5% 9,579Fidelity Asia Pacific ex-Japan Equity Fund (EUR) 5% 6,187 5% 1,714Fidelity Alternative Listed Equity Fund (EUR) 5% 11,775 5% 2,663Fidelity Global Emerging Markets Equity Fund (EUR) 5% 6,489 5% 557

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 Share. 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. The Sub-Funds are not subject to currency risk as their investments are denominated in the Sub-Funds’ Base Currency. However, the respective Master Funds may hold investments subject to currency risk and Sub-Funds will also indirectly be subject to this risk. 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 Sub-Funds’ financial assets and liabilities are non-interest bearing as at 30 June 2019 and 31 December 2018. As a result, the Sub-Funds are not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. However, the Master Funds may hold investments subject to interest rate risk and the Sub-Funds will also indirectly be subject to this risk.


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10. Financial Risk Management (continued) 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. Shareholders 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 shareholders for such a loss. A 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. A 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 Sub-Fund. A 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. As at 30 June 2019 and 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 Brown Brothers Harriman 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 are not subject to credit risk. However, the Master Funds may hold investments subject to credit risk and the Sub-Funds will also indirectly be subject to this risk. 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 Shares 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 Investment 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 Fund may determine that the circumstances are such that meeting some or all of such requests is not in the best interests of the Shareholders. As at 30 June 2019 and 31 December 2018, all liability amounts are due within three months. There is no liquidity mis-match between the Sub-Funds and the respective Master Funds. e) Capital Risk Management The capital of each Sub-Fund is represented by the net assets attributable to holders of redeemable Shares. The amount of net assets attributable to holders of redeemable Shares is subject to subscriptions and redemptions at the discretion of the Shareholders as well as changes resulting from the Sub-Funds’ performance. The Investment 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 Shareholders, 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 Investment Manager’s policy is to monitor the level of subscriptions and redemptions relative to the assets it expects to be able to liquidate. The Prospectus and Instrument of Incorporation include the ability to restrict redemptions and require certain minimum holdings and subscriptions.


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10. Financial Risk Management (continued) f) Fair Value Estimation Each Sub-Fund has classified fair value measurements 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, shares of open-end mutual funds 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 Sub-Funds have 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 puttable value of redeemable participating Shares is calculated based on the net difference between total assets and all other liabilities of the Sub-Funds in accordance with the Prospectus. These Shares are not traded on an active market. A demand feature is attached of those Shares, as they are redeemable at the holder’s option and can be put back to the relevant Sub-Fund at any dealing for cash equal to a proportionate share of the Sub-Fund’s Net Asset Value attributable to the share class. The fair value is based on the amount payable on demand, discounted from the first date that the amount could be required to be paid. The impact of discounting in this instance is not material. As such, level 2 is deemed to be the most appropriate categorisation for net assets attributable to holders of redeemable participating shares. 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.


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10. Financial Risk Management (continued) f) Fair Value Estimation (continued) As at 30 June 2019 and 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 periods ended 30 June 2019 and 31 December 2018. The following tables analyse within the fair value hierarchy of the Sub-Funds’ financial assets and liabilities measured at fair value at 30 June 2019 and 31 December 2018: Fidelity Europe ex-UK Equity Fund

30 June 2019 Level 1 Level 2 Level 3 Total EUR EUR EUR EURFinancial Assets at Fair Value Through Profit or Loss

Transferable Securities – 260,107 – 260,107Total Assets – 260,107 – 260,107

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











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10. Financial Risk Management (continued) f) Fair Value Estimation (continued) Fidelity North America Equity Fund (continued) 31 December 2018 Level 1 Level 2 Level 3 Total EUR EUR EUR EURFinancial Assets at Fair Value Through Profit or Loss
















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10. Financial Risk Management (continued) f) Fair Value Estimation (continued) Fidelity Global Sub-IG Fixed Income Fund (continued) 31 December 2018 Level 1 Level 2 Level 3 Total EUR EUR EUR EURFinancial Assets at Fair Value Through Profit or Loss
















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10. Financial Risk Management (continued) f) Fair Value Estimation (continued) Fidelity Global Emerging Markets Equity Fund (continued) 31 December 2018 Level 1 Level 2 Level 3 Total EUR EUR EUR EURFinancial Assets at Fair Value Through Profit or Loss

Transferable Securities – 11,137 - 11,137Total Assets – 11,137 - 11,137

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 Shareholders. For instance, cyber-attacks may interfere with the processing of Shareholder transactions, affect the ability to calculate the Net Asset Value, cause the release or misappropriation of private Shareholder 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. 11. Net Gain/(Loss) on Financial Assets and Liabilities at Fair Value through Profit or Loss Net Gain/(Loss) on Financial Assets and Liabilities at Fair Value through Profit or Loss for the financial period ended 30 June 2019 is disclosed in the table below:

30 June 2019 Fidelity Europe ex-UK Equity Fund

EUR

Fidelity Japan Equity Fund EUR


EUR

Fidelity UK Equity Fund EUR

Realised and Unrealised Gains/(Losses) on Investments Net Realised Gain/(Loss) on Investments 1,291 (131) 859 2,439 1,291 (131) 859 2,439 Movement in Unrealised Gain on Investments 15,865 841 44,947 5,885 15,865 841 44,947 5,885 Net Gain on Financial Assets at Fair Value through Profit or Loss 17,156 710 45,806 8,324


57

11. Net Gain/(Loss) on Financial Assets and Liabilities at Fair Value through Profit or Loss (continued)

30 June 2019 Fidelity Global Aggregate Bond

Fund EUR

Fidelity Global Sub-IG Fixed Income

Fund EUR


Fund EUR


EUR Realised and Unrealised Gains/(Losses) on Investments Net Realised Gain on Investments 1,285 262 836 55 1,285 262 836 55 Movement in Unrealised Gain/(Loss) on Investments 28,263 23,546 4,395 (941) 28,263 23,546 4,395 (941) Net Gain/(Loss) on Financial Assets at Fair Value through Profit or Loss 29,548 23,808 5,231 (886)

30 June 2019 Fidelity Global Emerging Markets

Equity Fund EUR

Realised and Unrealised Gains/(Losses) on Investments Net Realised Gain on Investments 77 77 Movement in Unrealised Gain on Investments 4,640 4,640 Net Gain on Financial Assets at Fair Value through Profit or Loss 4,717

12. Soft Commission Agreements There were no soft commission arrangements entered into during the periods ended 30 June 2019 and 31 December 2018. 13. 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. During the periods ended 30 June 2019 and 31 December 2018, the Sub-Funds did not employ any investment techniques and instruments for efficient portfolio management. 14. Cross-trades The Manager and/or the Investment Manager may enter into trades for the account of a Sub-Fund with: (i) the accounts of other clients managed by the Manager, the Investment Manager or its affiliates; or (ii) their house accounts (i.e., accounts owned by the Manager, the Investment Manager or any of its 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.


58

15. Significant Events during the Period The Prospectus for the Fund was updated on 15 March 2019 to reflect, among other things, amendments to German tax reporting disclosure, minor updates to fees and expenses disclosure and the update of the list of sub-funds of the Fund. The revised Supplement for each Sub-Fund has been amended reflecting a minor amendment to the wording of the investment objective to provide that a Sub-Fund will ‘invest at least 85% of its assets in unit classes of’ the corresponding Master Fund of Fidelity Common Contractual Fund II. The Supplements have also been updated to reflect the date of the revised Prospectus. Supplements for Fidelity Global Aggregate Bond Fund, and for the corresponding sub-fund of Fidelity Common Contractual Fund II were updated on 18 June 2019 to reflect that one of the sub-investment managers appointed in respect of the Master Fund may trade on behalf of the Master Fund via China Interbank Bond Market using its own operating model. There have been no other significant events affecting the Fund during the financial period. 16. 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 have been no other significant events affecting the Fund after the financial period. 17. Approval of Financial Statements The semi-annual report and unaudited financial statements were approved by the Board of Directors of the Fund on 23 August 2019.


DIRECTORY

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Directors: Ms. Denise Kinsella (Ireland) (Chairperson) Mr. David Greco (USA) Mr. Nick King (UK) Ms. Catherine Fitzsimons (Ireland) Ms. Eímhín Ní Mhuircheartaigh (Ireland) All current Directors are Non-Executive.

Investment Manager: FIL Investments International Oakhill House 130 Tonbridge Road Hildenborough Tonbridge Kent TN 11 9DZ United Kingdom

Administrator: Brown Brothers Harriman Fund Administration Services (Ireland) Limited 30 Herbert Street Dublin 2 DO2 W329 Ireland

Depositary: Brown Brothers Harriman Trustee Services (Ireland) Limited 30 Herbert Street Dublin 2 DO2 W329 Ireland

Legal Advisors: Matheson 70 Sir John Rogerson’s Quay Dublin 2 DO2 R296 Ireland

Independent Auditors: PricewaterhouseCoopers One Spencer Dock North Wall Quay Dublin 1 DO1 X9R7 Ireland

Registered Office: George’s Quay House 43 Townsend Street Dublin 2 DO2 VK65 Ireland

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

Manager and Secretary: FIL Fund Management (Ireland) Limited George’s Quay House 43 Townsend Street Dublin 2 DO2 VK65 Ireland


APPENDIX 1 – STATEMENT OF SIGNIFICANT CHANGES IN THE COMPOSITION OF PORTFOLIO

60

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 Shareholders can identify changes in the investments held by the Sub-Funds. The following statements present the aggregate purchases and sales of transferable securities exceeding one percent of the total value of purchases or sales, respectively, for the period. At a minimum, the largest twenty purchases and twenty sales are presented, if available.

Fidelity Europe ex-UK Equity Fund

Total Purchases for the period ended 30 June 2019

Security Description Nominal Cost EUR Fidelity CCF II Europe ex-UK Equity Fund - Class G Acc EUR 20,848 202,658

Total Sales for the period ended 30 June 2019

Security Description Nominal Proceeds EUR Fidelity CCF II Europe ex-UK Equity Fund - Class G Acc EUR 2,739 27,126



Security Description Nominal Cost EUR Fidelity CCF II Japan Equity Fund - Class G Acc EUR 9,517 87,529


Security Description Nominal Proceeds EUR Fidelity CCF II Japan Equity Fund - Class G Acc EUR 1,424 13,383



Security Description Nominal Cost EUR Fidelity CCF II North America Equity Fund - Class G Acc EUR 71,708 693,481 Total Sales for the period ended 30 June 2019

Security Description Nominal Proceeds EUR Fidelity CCF II North America Equity Fund - Class G Acc EUR 3,939 38,132



Security Description Nominal Cost EUR Fidelity CCF II UK Equity Fund - Class G Acc EUR 9,332 89,601


Security Description Nominal Proceeds EUR Fidelity CCF II UK Equity Fund - Class G Acc EUR 4,746 46,860


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

61



Security Description Nominal Cost EUR Fidelity CCF II Global Aggregate Bond Fund - Class G Acc EUR 44,650 455,467


Security Description Nominal Proceeds EUR Fidelity CCF II Global Aggregate Bond Fund - Class G Acc EUR 7,497 76,382



Security Description Nominal Cost EUR Fidelity CCF II Global Sub-IG Fixed Income Fund - Class G Acc EUR 30,088 306,939


Security Description Nominal Proceeds EUR Fidelity CCF II Global Sub-IG Fixed Income Fund - Class G Acc EUR 1,034 10,458



Security Description Nominal Cost EUR Fidelity CCF II Asia Pacific ex-Japan Equity Fund - Class G Acc EUR 11,634 109,021


Security Description Nominal Proceeds EUR Fidelity CCF II Asia Pacific ex-Japan Equity Fund - Class G Acc EUR 2,564 24,790



Security Description Nominal Cost EUR Fidelity CCF II Alternative Listed Equity Fund - Class G Acc EUR 20,692 202,142


Security Description Nominal Proceeds EUR Fidelity CCF II Alternative Listed Equity Fund - Class G Acc EUR 1,945 19,018


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

62



Security Description Nominal Cost EUR Fidelity CCF II Global Emerging Markets Equity Fund - Class G Acc EUR 12,137 121,517


Security Description Nominal Proceeds EUR Fidelity CCF II Global Emerging Markets Equity Fund - Class G Acc EUR 750 7,585


APPENDIX 2 – REPORT OF REMUNERATION

63

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 semi-annual report for its financial period ended 30 June 2019 and is an aggregate figure disclosed by the Investment Manager for its relevant staff and is not specific to the Fund. For any additional on the Global Remuneration Policy, a summary is available at https://www.fil.com.


APPENDIX 3 – SECURITIES FINANCING TRANSACTIONS

64

The Securities Financing Transactions (“SFTs”) Regulation (the “Regulation”) 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 the Sub-Funds did not hold any SFTs as at 30 June 2019, the report for the period from 1 January 2019 to 30 June 2019 and financial statements do not include any additional disclosures.

Documents

Fidelity UCITS II ICAV · 2019-09-20 · Fidelity UCITS II ICAV GENERAL INFORMATION Fidelity UCITS II ICAV (the “Fund”) was registered in Ireland pursuant to the Irish Collective