Fidelity Investment Funds
Interim Report and Financial Statements
For the six months ended 31 August 2017 Fidelity Investment Funds Interim Report and Financial Statements for the six month period ended 31 August 2017
Contents
Director’s Report* 2 General Information* 3 Statement of Authorised Corporate Director’s Responsibilities 3 Director’s statement 3 Authorised Fund Manager’s Report* and Financial Statements Market Performance Review 4 Accounting Policies of Fidelity Investment Funds and its sub-funds 6 Fidelity American Fund 7 Fidelity American Special Situations Fund 9 Fidelity Asia Fund 11 Fidelity Asia Pacific Opportunities Fund 13 Fidelity Asian Dividend Fund 15 Fidelity Cash Fund 18 Fidelity China Consumer Fund 21 Fidelity Emerging Asia Fund 23 Fidelity Emerging Europe, Middle East and Africa Fund 25 Fidelity Enhanced Income Fund 27 Fidelity European Fund 31 Fidelity European Opportunities Fund 34 Fidelity Extra Income Fund 36 Fidelity Global Dividend Fund 40 Fidelity Global Enhanced Income Fund 44 Fidelity Global Focus Fund 48 Fidelity Global High Yield Fund 50 Fidelity Global Property Fund 55 Fidelity Global Special Situations Fund 58 Fidelity Index Emerging Markets Fund 60 Fidelity Index Europe ex UK Fund 63 Fidelity Index Japan Fund 66 Fidelity Index Pacific ex Japan Fund 69 Fidelity Index UK Fund 72 Fidelity Index US Fund 75 Fidelity Index World Fund 78 Fidelity Japan Fund 81 Fidelity Japan Smaller Companies Fund 83 Fidelity MoneyBuilder Balanced Fund 85 Fidelity MoneyBuilder Dividend Fund 88 Fidelity MoneyBuilder Growth Fund 92 Fidelity MoneyBuilder Income Fund 95 Fidelity Short Dated Corporate Bond Fund 100 Fidelity Special Situations Fund 103 Fidelity Sterling Core Plus Reduced Duration Bond Fund 105 Fidelity Strategic Bond Fund 107 Fidelity UK Select Fund 111 Fidelity UK Smaller Companies Fund 113 Portfolio Statements 115 Total Purchases and Sales 320 EU Securities Financing Transaction Regulation Tables 321 Further information* 325
* These collectively comprise the Authorised Corporate Director’s (ACD) report.
1 Fidelity Investment Funds Interim Report and Financial Statements for the six month period ended 31 August 2017
Each fund has the investment powers equivalent to those of an undertaking Director’s Report for collective investment in transferable securities (a UCITS) scheme as per the Prospectus. We are pleased to present the interim report and financial statements for Shareholders are not liable for the debts of the Company. A shareholder is not Fidelity Investment Funds (the Company), covering the six month period to 31 liable to make any further payment to the Company after they have paid the August 2017. purchase price of the shares. Company and Status The Company is governed by the requirements of the Open-Ended Investment The Company is an open-ended investment company with variable capital Companies Regulations 2001 (SI 2001/1228) (“OEIC Regulations”) and the FCA’s incorporated in England and Wales under number IC8 and authorised by the Handbook of rules and guidance, specifically the Collective Investment Schemes Financial Conduct Authority (FCA) on 7 April 1998. sourcebook (COLL). As permitted by the COLL, the Company no longer holds The Company is structured as an umbrella company comprising various Annual General Meetings. funds, each of which is operated as a distinct fund, with their own portfolio of The Company has segregated liability status between funds. This means that investments. the assets of a fund belong exclusively to that fund and shall not be used to The funds in which shares are currently available are: discharge directly or indirectly the liability of, or claims against, any other person or body, including the Company, or any other fund. Fidelity American Fund Reference in this document to specific securities should not be construed as a Fidelity American Special Situations Fund recommendation to buy or sell these securities; but is included for the purpose Fidelity Asia Fund of illustration only. Investors should also note that the views expressed may no Fidelity Asia Pacific Opportunities Fund longer be current and may already have been acted upon by Fidelity. Fidelity Asian Dividend Fund Holdings in other sub-funds within the same Company Fidelity Cash Fund There were no cross sub-fund holdings as at 31 August 2017. Fidelity China Consumer Fund Objectives Fidelity Emerging Asia Fund The broad aim of the Company is to provide investors with revenue and/or Fidelity Emerging Europe, Middle East and Africa Fund capital growth over the medium to long term. Fidelity Enhanced Income Fund The aim of the equity funds is to provide investors with either a combination Fidelity European Fund of revenue and long term capital growth or long term capital growth from diversified, actively and passively managed portfolios of securities in a wide Fidelity European Opportunities Fund range of stock markets. The revenue from those funds with a long term capital Fidelity Extra Income Fund growth structure is expected to be low. The equity funds will invest primarily Fidelity Global Dividend Fund in equities in the markets reflected in the title of each individual fund and in Fidelity Global Enhanced Income Fund companies established outside those markets but which derive a significant proportion of their earnings from those markets. Fidelity Global Focus Fund The aim of the bond funds is to provide investors with relatively high revenue Fidelity Global High Yield Fund with the possibility of capital gains. Fidelity Global Property Fund The investment objective and a review of the investment activities of Fidelity Global Special Situations Fund each fund during the year under review are included within the Fund Fidelity Index Emerging Markets Fund Manager Reviews. Fidelity Index Europe ex UK Fund Changes to the prospectus Fidelity Index Japan Fund For the six months ended 31 August 2017 the following significant changes were Fidelity Index Pacific ex Japan Fund made to the Prospectus and Instrument of Incorporation: Fidelity Index UK Fund • Effective from 6 April 2017, all interest distributions from UK authorised Funds Fidelity Index US Fund will be paid gross i.e. without a requirement to deduct basic rate income tax (currently 20%). Fidelity Index World Fund Fidelity Japan Fund Fidelity Japan Smaller Companies Fund Fidelity MoneyBuilder Balanced Fund Fidelity MoneyBuilder Dividend Fund Fidelity MoneyBuilder Growth Fund Fidelity MoneyBuilder Income Fund Fidelity Short Dated Corporate Bond Fund Fidelity Special Situations Fund Fidelity Sterling Core Plus Reduced Duration Bond Fund Fidelity Strategic Bond Fund Fidelity UK Select Fund Fidelity UK Smaller Companies Fund In the future additional funds or new classes of shares within the existing funds may be launched by the ACD.
2 Fidelity Investment Funds Interim Report and Financial Statements for the six month period ended 31 August 2017
General information Statement of Authorised Corporate Director’s (ACD) Responsibilities in relation to the Report and Financial Fidelity Investment Funds Registered Office Statements of the Company Oakhill House 130 Tonbridge Road The Open-Ended Investment Companies Regulations 2001 (SI 2001/1228) and Hildenborough Collective Investment Schemes sourcebook (COLL) require the ACD to prepare Tonbridge financial statements for each annual and half-yearly accounting period which Kent TN11 9DZ give a true and fair view of the financial position of the Company and of its net United Kingdom revenue and net capital gains or losses on the property of the Company for the www.fidelity.co.uk year. In preparing the financial statements the ACD is required to: Authorised and regulated in the UK by the Financial Conduct Authority. • select suitable accounting policies and then apply them consistently Authorised Corporate Director (ACD), Investment Manager, General • comply with the requirements of the UK Financial Reporting Standard Distributor, Administrator and Registrar 102 (FRS 102) and the Statement of Recommended Practice for Financial FIL Investment Services (UK) Limited Statements of Authorised Funds issued by the Investment Management Oakhill House Association (IMA) in May 2014, the COLL, the Prospectus and the Instrument 130 Tonbridge Road of Incorporation Hildenborough • follow generally accepted accounting principles and applicable accounting Tonbridge Kent TN11 9DZ standards United Kingdom • keep proper accounting records which enable it to demonstrate that the The ACD is FIL Investment Services (UK) Limited and Is the sole director. financial statements as prepared comply with the above requirements Authorised and regulated in the UK by the Financial Conduct Authority. • prepare the financial statements on the going concern basis unless it is Registered in England and Wales No 2016555 inappropriate to presume the Company will continue in operation Depositary • take reasonable steps for the prevention and detection of fraud or other J.P. Morgan Europe Limited irregularities. Registered Office: 25 Bank Street London E14 5JP Director’s statement United Kingdom Head Office: In accordance with the requirements of the COLL as issued and amended by the Chaseside Financial Conduct Authority, the report and financial statements are approved Bournemouth on behalf of the Directors of FIL Investment Services (UK) Limited, the ACD. Dorset BH7 7DA United Kingdom Authorised and regulated in the UK by the Financial Conduct Authority. Independent Auditors PricewaterhouseCoopers LLP 7 More London Riverside London SE1 2RT Michael Webb Keith Bonin United Kingdom Director Director
FIL Investment Services (UK) Limited 23 October 2017
3 Fidelity Investment Funds Interim Report and Financial Statements for the six month period ended 31 August 2017
Market Performance Review
Performance Overview - 6 months ended 31 August 2017 Global equities rose over the six-month period to August 2017. Market performance was supported by strong economic and corporate data in major global markets. The US Federal Reserve (Fed) was more cautious than anticipated on reducing the size of its balance sheet, which supported performance. However, there were brief periods of risk aversion in mid-April and June, due to geopolitical tensions in Asia and political uncertainties in the run up to elections in various European countries. Positive election results in France and Denmark subsequently led to a reduction in political uncertainty. Conversely, there were concerns about the political environment in the UK after the ruling Conservative Party lost its parliamentary majority in the snap general election. At the regional level, Europe ex UK outperformed other regions, closely followed by emerging markets. Pacific ex Japan, UK, Japan and the US rose by smaller margins. Returns in sterling terms were supported by its depreciation against the euro, but undermined by its appreciation against the US dollar and the yen.
Source: Thomson Reuters Datastream, Total Returns in GBP rebased to 100, MSCI World and BofA Source: Thomson Reuters Datastream, Total Returns, GBP, 28.02.2017 - 31.08.2017 ML Global Broad, 28.02.2017 - 31.08.2017
European equities ended a volatile period in positive territory. It was a tale of two halves, with economic data, favourable election results and strong corporate earnings supporting markets in the first half. Investors shrugged off the US Fed’s interest rate rises during this period. However, in the latter half, a stronger euro and increasing geopolitical tensions weighed on markets. At a sector level, utilities and financials were the leading performers, while energy stocks posted negative returns, hurt by a decline in oil prices. Overall, small and mid-cap companies outperformed their larger peers. Growth stocks outperformed value stocks in the first half of the period, but gave back most of their gains in the second half. The UK stock market rose as equities were resilient despite a weakening economic outlook. Investors were focused on global economic growth and the weakness in sterling, which could benefit UK corporates with global exposure. Meanwhile, a snap general election in June failed to provide the ruling Conservative Party with the parliamentary majority they were hoping for. Nonetheless, the government remained in power, albeit with outside support. However, the expected difficulties in the UK’s negotiations to exit the European Union (EU), a weakening GDP outlook and rising inflation proved headwinds to further market upsides. At a sector level, the materials, information technology (IT), financials and industrials sectors led the gainers. Conversely, defensive utilities and health care stocks were among the weakest performers. US equities advanced during a volatile period. Geopolitical tensions surrounding North Korea, the widespread damage caused by hurricane Harvey and uncertainty over the Donald Trump administration’s ability to push through tax reform proposals kept markets volatile. On the economic front, data releases were largely positive. The US Fed raised the interest rate range twice at its March and June meetings, each by a quarter point, to 1.00– 1.25%. However, growing concerns over low inflation bolster the case against continued tightening. IT was the strongest performing sector during the period. The Japanese market generated positive returns. Share prices rebounded from mid-April, supported by strong economic data and upbeat earnings results. Growing geopolitical tensions owing to North Korea’s ballistic missile launches and accompanying political rhetoric diminished risk sentiment. Nevertheless, strong earnings growth momentum, led by the manufacturing sector, combined with a positive economic outlook buoyed equities. Small-cap growth stocks generated strong returns over the period, whereas large-cap value names, particularly financials, were relative laggards. Equities in the Pacific ex Japan region gained amid optimism around global economic growth. Chinese and Hong Kong markets rose in view of positive economic data in China. Chinese policymakers also focused on policy reforms, along with measures to reduce risks from high debt in the economy. Sentiment towards South Korea received support as the new president announced stimulus measures to boost growth. Meanwhile, geopolitical tensions surrounding North Korea limited gains. Investor interest in the IT sector, particularly towards Apple supply chain companies, supported Taiwanese stocks. However, Australian equities lagged the broader market, driven by weakness in banks due to concerns about a new tax and risks associated with the housing market. From a sector perspective, IT companies led gains. Materials tracked metal prices higher. Emerging market equities rose on the back of robust economic growth in China and the US. In Asia, Chinese equities rose after the MSCI’s decision to include Chinese mainland shares in the MSCI Emerging Markets Index. Government actions to make capital markets easily accessible to foreign investors also supported sentiment. Elsewhere, South African stocks advanced as the new finance minister Malusi Gigaba presented a 14-point action plan to revive the economy.
4 Fidelity Investment Funds Interim Report and Financial Statements for the six month period ended 31 August 2017
Market Performance Review (continued)
Risk assets broadly disregarded the uncertain economic and political backdrop at the outset of the year, with corporate bonds outperforming government bonds. Emerging market debt also posted positive returns over the period, supported by a weaker US dollar and investors’ underlying search for yield. Despite the US Fed’s interest rate rise in March, increasing doubts over the US Republican Party’s ability to pass reforms on tax cuts and fiscal expansion led to a decline in market optimism. This sent US Treasury yields lower over the period. Moreover, a decline in crude oil prices and geopolitical tensions surrounding North Korea’s missile launch towards the latter part of the period led to a risk-off stance in markets. This led to positive returns from US Treasuries. UK government bonds (Gilts) followed suit, on the back of an apparent weakening in domestic economic data. However, the asset class gave up most of its gains towards the end of the period. Frayed opinions of the Bank of England’s monetary policy committee highlighted higher odds of an interest rate rise this year, despite uncertainties related to the UK’s exit from the EU. In Europe, comments from European Central Bank (ECB) President Mario Draghi, implying that the current slowdown in inflation is temporary, and that the central bank can overlook the transient factors weighing on headline data, led to an upward push in yields. Markets interpreted this as a signal that the ECB may begin tapering sooner rather than later. However, more recently, Draghi’s decision to focus on the openness in the economy supported returns from German bunds and yields fell.
5 Fidelity Investment Funds Interim Report and Financial Statements for the six month period ended 31 August 2017
Accounting Policies of Fidelity Investment Funds and its sub-funds
(Unaudited) 1. Basis of preparation a) Basis of accounting - The financial statements have been prepared on a going concern basis, under the historical cost convention as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss except as outlined below. The financial statements are also prepared in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (UK GAAP) and the Statement of Recommended Practice (SORP) for Authorised Funds issued by the Investment Management Association (IMA) in May 2014. b) All other accounting policies applied in the interim financial statements of the sub-funds have been prepared on the same basis as the audited financial statements for the year ended 28 February 2017.
6 Fidelity American Fund
Fund Manager’s Review Risk and Reward Indicator
Investment Objective and Policy SRRI The fund’s investment objective is to achieve long term capital growth from a A Accumulation Shares 5 portfolio primarily made up of the shares of US companies. The portfolio is W Accumulation Shares 5 likely to have a bias towards larger and medium-sized companies, although the ACD is not restricted in its choice of company by either size or industry. Y Accumulation Shares 5 Performance and Portfolio Activity The fund generated positive returns, buoyed by stock selection in cyclical Lower risk Higher risk sectors such as real estate and consumer discretionary. I took over the Typically lower rewards Typically higher rewards management of the portfolio on 1 June 2017, and look to invest in companies that generate sustainable cash flows. I prefer companies where management 1 2 3 4 5 6 7 incentives are aligned towards creating shareholder value. I bought shares in media company Time Warner given its strong market position in the television The risk category was calculated using historical volatility data, based upon networks and entertainment segments. This enables the company to deliver the methods set by European Union rules. Volatility is influenced by changes consistent cash flows and earnings. A holding was purchased in Oracle in the stock market prices, currencies and interest rates which can be affected owing to the high retention rate of its clients. However, positions in Check unpredictably by diverse factors including political and economic events. Point Software and SBA Communications were sold following their robust • The risk category was calculated using historical performance data. performance. • The risk category may not be a reliable indication of the future risk profile of Outlook the fund, is not guaranteed and may change over time. While the long-term outlook for the US remains positive, investors need to • The lowest category does not mean a "risk free" investment. exercise caution as the economy is in the advanced stages of the business • The risk and reward profile is classified by the level of historical fluctuation cycle. At aggregate levels, margins and valuation multiples are elevated of the Net Asset Values of the share class, and within this classification, when compared to historical averages. categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium Sujay Kodlikeri level and 6-7 a high level. Fund Manager 31 August 2017 • The value of your investment may fall as well as rise and you may get back less than you originally invested. • Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging may be used to minimise the effect of this but may not always be successful. • The use of financial derivative instruments may result in increased gains or losses within the fund.
7 Fidelity American Fund
Statement of Total Return for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Income Net capital gains/(losses) 6,900 152,221 Revenue 6,449 5,771 Expenses (5,895) (5,440) Interest payable and similar charges - (1)
Net revenue/(expense) before taxation 554 330 Taxation (732) (678)
Net revenue/(expense) after taxation xxx (178) xxx (348)
Total return before distributions 6,722 151,873 Distributions (13) (39) Change in net assets attributable to shareholders from investment activities 6,709 151,834
Statement of Change in Net Assets Attributable to Shareholders for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Opening net assets attributable to shareholders 991,682 847,801 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 2,056 852 Amounts payable on cancellation of shares (59,489) (77,201) xxx (57,433) xxx (76,349) Change in net assets attributable to shareholders from investment activities (see above) 6,709 151,834 Closing net assets attributable to shareholders 940,958 923,286
Balance Sheet as at 31 August 2017 (unaudited) 31/08/17 28/02/17 £'000 £'000 £'000 £'000
Assets Investments 949,044 988,255 Current assets: Debtors 8,206 13,124 Cash and bank balances 109 53
Total other assets xxx 8,315 xxx 13,177
Total assets 957,359 1,001,432 Liabilities: Investment liabilities (123) - Creditors Other creditors (16,278) (9,750)
Total other liabilities xxx (16,278) xxx (9,750) Total liabilities (16,401) (9,750) Net assets attributable to shareholders 940,958 991,682
8 Fidelity American Special Situations Fund
Fund Manager’s Review Risk and Reward Indicator
Investment Objective and Policy SRRI The fund’s investment objective is to achieve long term capital growth from a A Accumulation Shares 5 portfolio primarily made up of the shares of US companies. The portfolio is W Accumulation Shares 5 likely to have a bias towards medium-sized and smaller companies, although the ACD is not restricted in its choice of company by either size or industry. Y Accumulation Shares 5 Performance and Portfolio Activity The fund generated negative returns over the period. Growth stocks Lower risk Higher risk outperformed value stocks, which proved to be a headwind for the fund. Typically lower rewards Typically higher rewards Relative returns were also weighed down by the lack of exposure to large information technology stocks, including Apple and Facebook, both of which 1 2 3 4 5 6 7 performed strongly. I sold the holding in CA Inc and bought shares in Fairfax Financial Holdings as its stock valuations are attractive. I also bought a The risk category was calculated using historical volatility data, based upon new position in leading industrial and medical gases provider Linde, which the methods set by European Union rules. Volatility is influenced by changes is reaching the end of a heavy capital expenditure cycle and should start in the stock market prices, currencies and interest rates which can be affected generating cash. I also purchased a holding in Travelers, which offers unpredictably by diverse factors including political and economic events. property and casualty insurance to the government and individuals. • The risk category was calculated using historical performance data. Outlook • The risk category may not be a reliable indication of the future risk profile of While the long-term outlook for the US remains positive, investors need to the fund, is not guaranteed and may change over time. exercise caution as the economy is in the advanced stages of the business • The lowest category does not mean a "risk free" investment. cycle. At aggregate levels, margins and valuation multiples are elevated • The risk and reward profile is classified by the level of historical fluctuation when compared to historical averages. of the Net Asset Values of the share class, and within this classification, Angel Agudo categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium Fund Manager level and 6-7 a high level. 31 August 2017 • The value of your investment may fall as well as rise and you may get back less than you originally invested. • Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging may be used to minimise the effect of this but may not always be successful. • The use of financial derivative instruments may result in increased gains or losses within the fund.
9 Fidelity American Special Situations Fund
Statement of Total Return for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Income Net capital gains/(losses) (68,883) 171,290 Revenue 12,872 9,947 Expenses (7,830) (5,768) Interest payable and similar charges (199) (188)
Net revenue/(expense) before taxation 4,843 3,991 Taxation (1,593) (1,748)
Net revenue/(expense) after taxation xxx 3,250 xxx 2,243
Total return before distributions (65,633) 173,533 Distributions (63) 196 Change in net assets attributable to shareholders from investment activities (65,696) 173,729
Statement of Change in Net Assets Attributable to Shareholders for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Opening net assets attributable to shareholders 1,411,030 848,829 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 126,177 177,097 Amounts payable on cancellation of shares (142,022) (58,625) xxx (15,845) xxx 118,472 Change in net assets attributable to shareholders from investment activities (see above) (65,696) 173,729 Closing net assets attributable to shareholders 1,329,489 1,141,030
Balance Sheet as at 31 August 2017 (unaudited) 31/08/17 28/02/17 £'000 £'000 £'000 £'000
Assets Investments 1,327,424 1,401,102 Current assets: Debtors 3,285 15,747 Cash and bank balances 2,769 2,527
Total other assets xxx 6,054 xxx 18,274
Total assets 1,333,478 1,419,376 Liabilities: Creditors Other creditors (3,989) (8,346)
Total other liabilities xxx (3,989) xxx (8,346) Total liabilities (3,989) (8,346) Net assets attributable to shareholders 1,329,489 1,411,030
10 Fidelity Asia Fund
Fund Manager’s Review Risk and Reward Indicator
Investment Objective and Policy SRRI The fund’s investment objective is to achieve long term capital growth from a A Accumulation Shares 5 portfolio made up of the shares of companies throughout the Pacific Basin, W Accumulation Shares 5 but excluding Japan. The portfolio is likely to have a bias towards larger companies. However, the ACD is not restricted in the choice of company either Y Accumulation Shares 5 by size or industry, or in terms of the geographical split of the portfolio, which is largely determined by the availability of attractive investment opportunities, rather than the outlook for each market. Lower risk Higher risk Typically lower rewards Typically higher rewards Performance and Portfolio Activity The fund generated positive returns over the period. Information technology 1 2 3 4 5 6 7 and financials led gains. Strong results boosted shares in internet companies Alibaba Group Holdings and Tencent Holdings, as well as in insurer AIA The risk category was calculated using historical volatility data, based upon Group. Sunny Optical Technology Group advanced as its benefits from rising the methods set by European Union rules. Volatility is influenced by changes demand for high resolution cameras, along with increasing penetration of in the stock market prices, currencies and interest rates which can be affected dual cameras in smartphones. In China, I sold shares in online search provider unpredictably by diverse factors including political and economic events. Baidu and raised the stake in Alibaba Group Holding, which is expected to • The risk category was calculated using historical performance data. be a long-term winner in the growing internet economy. Within health care, I bought a new position in WuXi Biologics due to a strong demand outlook for • The risk category may not be a reliable indication of the future risk profile of the Chinese contract drug manufacturer. Meanwhile, holdings in Indian drug the fund, is not guaranteed and may change over time. makers Sun Pharmaceutical Industries and Cipla were sold. • The lowest category does not mean a "risk free" investment. Outlook • The risk and reward profile is classified by the level of historical fluctuation of the Net Asset Values of the share class, and within this classification, Asia’s long-term structural growth drivers remain robust. An emphasis on categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium reforms in key economies and a favourable shift in domestic consumption level and 6-7 a high level. are expected to provide attractive investment opportunities over the medium to long term. • The value of your investment may fall as well as rise and you may get back Teera Chanpongsang less than you originally invested. Fund Manager • Movements in currency exchange rates can adversely affect the return of your 31 August 2017 investment. The currency hedging may be used to minimise the effect of this but may not always be successful. • The use of financial derivative instruments may result in increased gains or losses within the fund. • Liquidity is a measure of how easily an investment can be converted into cash. Under certain market conditions assets may be more difficult to sell. • Emerging markets may be more volatile and it could be harder to sell or trade securities. There may be less supervision, regulation and less well- defined procedures than in more developed countries. Emerging markets can be sensitive to political instability, which can result in greater volatility and uncertainty, subjecting the fund to the risk of losses.
11 Fidelity Asia Fund
Statement of Total Return for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Income Net capital gains/(losses) 384,441 479,401 Revenue 38,571 32,669 Expenses (15,688) (12,130) Interest payable and similar charges (3) (1)
Net revenue/(expense) before taxation 22,880 20,538 Taxation (3,160) (666)
Net revenue/(expense) after taxation xxx 19,720 xxx 19,872
Total return before distributions 404,161 499,273 Distributions (19) (535) Change in net assets attributable to shareholders from investment activities 404,142 498,738
Statement of Change in Net Assets Attributable to Shareholders for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Opening net assets attributable to shareholders 2,243,970 1,662,728 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 101,025 15,430 Amounts payable on cancellation of shares (116,072) (116,284) xxx (15,047) xxx (100,854) Change in net assets attributable to shareholders from investment activities (see above) 404,142 498,738 Closing net assets attributable to shareholders 2,633,065 2,060,612
Balance Sheet as at 31 August 2017 (unaudited) 31/08/17 28/02/17 £'000 £'000 £'000 £'000
Assets Investments 2,619,021 2,220,632 Current assets: Debtors 9,931 26,581 Cash and bank balances 12,993 7,105
Total other assets xxx 22,924 xxx 33,686
Total assets 2,641,945 2,254,318 Liabilities: Creditors Other creditors (8,880) (10,348)
Total other liabilities xxx (8,880) xxx (10,348) Total liabilities (8,880) (10,348) Net assets attributable to shareholders 2,633,065 2,243,970
12 Fidelity Asia Pacific Opportunities Fund
Fund Manager’s Review Risk and Reward Indicator
Investment Objective and Policy SRRI The fund’s investment objective is to achieve long term capital growth from a W Accumulation Shares 5 portfolio primarily made up of the securities of companies having their head office or exercising a predominant part of their activity in the Asia Pacific region excluding Japan. The ACD is not restricted in its choice of companies Lower risk Higher risk either by size or industry, or in terms of the geographical split of the portfolio, Typically lower rewards Typically higher rewards and will concentrate its investment in a more limited number of companies and therefore the resulting portfolio will be less diversified. The fund may also 1 2 3 4 5 6 7 invest in other transferable securities, units in collective investment schemes, money market instruments, cash and deposits. The risk category was calculated using historical volatility data, based upon the methods set by European Union rules. Volatility is influenced by changes Performance and Portfolio Activity in the stock market prices, currencies and interest rates which can be affected The fund generated positive returns over the period. Among financials, unpredictably by diverse factors including political and economic events. positions in HDFC Bank and AIA Group added value on the back of robust • The risk category was calculated using historical performance data. earnings. Liquor maker Kweichow Moutai gained amid strong demand. Conversely, gold miner Newcrest Mining slid due to lingering concerns over • The risk category may not be a reliable indication of the future risk profile of a decline in production at its Cadia operations. I increased the allocation the fund, is not guaranteed and may change over time. to Taiwan Synthetic Rubber as the company is expected to benefit from a • The lowest category does not mean a "risk free" investment. price upcycle, a robust balance sheet and attractive dividend yields. I also • The risk and reward profile is classified by the level of historical fluctuation purchased a position in Canadian gold miner Franco Nevada for its long of the Net Asset Values of the share class, and within this classification, track record of creating shareholder value, solid balance sheet and robust categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium asset portfolio. Elsewhere, I sold India-based Tata Consultancy Services and level and 6-7 a high level. China Mobile in light of better opportunities elsewhere. • The value of your investment may fall as well as rise and you may get back Outlook less than you originally invested. I remain cautious on the overall outlook for the Asian market, especially • Movements in currency exchange rates can adversely affect the return of your the macroeconomic environment in China. I favour companies that have an investment. The currency hedging may be used to minimise the effect of this understandable business model and an above average earnings growth rate but may not always be successful. relative to market expectations. • The use of financial derivative instruments may result in increased gains or Anthony Srom losses within the fund. Fund Manager 31 August 2017 • Liquidity is a measure of how easily an investment can be converted into cash. Under certain market conditions assets may be more difficult to sell. • Emerging markets may be more volatile and it could be harder to sell or trade securities. There may be less supervision, regulation and less well- defined procedures than in more developed countries. Emerging markets can be sensitive to political instability, which can result in greater volatility and uncertainty, subjecting the fund to the risk of losses.
13 Fidelity Asia Pacific Opportunities Fund
Statement of Total Return for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Income Net capital gains/(losses) 5,258 8,209 Revenue 1,088 603 Expenses (294) (168) Interest payable and similar charges - (15)
Net revenue/(expense) before taxation 794 420 Taxation (124) (43)
Net revenue/(expense) after taxation xxx 670 xxx 377
Total return before distributions 5,928 8,586 Distributions 2 92 Change in net assets attributable to shareholders from investment activities 5,930 8,678
Statement of Change in Net Assets Attributable to Shareholders for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Opening net assets attributable to shareholders 51,864 20,703 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 7,052 19,021 Amounts payable on cancellation of shares (3,171) (3,924) xxx 3,881 xxx 15,097 Change in net assets attributable to shareholders from investment activities (see above) 5,930 8,678 Closing net assets attributable to shareholders 61,675 44,478
Balance Sheet as at 31 August 2017 (unaudited) 31/08/17 28/02/17 £'000 £'000 £'000 £'000
Assets Investments 59,745 50,070 Current assets: Debtors 582 860 Cash and bank balances 1,905 1,589
Total other assets xxx 2,487 xxx 2,449
Total assets 62,232 52,519 Liabilities: Creditors Bank overdrafts (4) - Other creditors (553) (655)
Total other liabilities xxx (557) xxx (655) Total liabilities (557) (655) Net assets attributable to shareholders 61,675 51,864
14 Fidelity Asian Dividend Fund
Fund Manager’s Review Risk and Reward Indicator
Investment Objective and Policy SRRI The fund’s investment objective is to achieve a combination of income and A Accumulation Shares 5 long term capital growth from a portfolio made up primarily of the securities A Income Shares 5 of companies in the Asia Pacific region, including ordinary shares, preference shares, convertibles and fixed interest securities. The fund may also invest in W Accumulation Shares 5 other transferable securities, units in collective investment schemes, money W Income Shares 5 market instruments, cash and deposits.
Performance and Portfolio Activity Lower risk Higher risk The fund generated positive returns over the period. Chinese meat and food Typically lower rewards Typically higher rewards processor WH Group and liquor and beverage maker Kweichow Moutai advanced on robust earnings. Conversely, Telstra Corp fell on concerns over 1 2 3 4 5 6 7 intensifying competition, as rival TPG Telecom announced plans to build a new mobile network in the fourth-generation domain. I bought a new The risk category was calculated using historical volatility data, based upon position in CK Infrastructure Holdings for its strong dividend growth, attractive the methods set by European Union rules. Volatility is influenced by changes valuations and acquisition opportunities. A new holding was also purchased in the stock market prices, currencies and interest rates which can be affected in KB Financial Group in light of its healthy earnings visibility and attractive unpredictably by diverse factors including political and economic events. dividend yields. Meanwhile, I sold personal care company Asaleo Care as • The risk category was calculated using historical performance data. its Chief Executive Officer sold half of his shareholding. The position in Power Assets Holdings was also sold. • The risk category may not be a reliable indication of the future risk profile of the fund, is not guaranteed and may change over time. Outlook • The lowest category does not mean a "risk free" investment. Asia’s emergence in the investment landscape over the last decade has had a major impact on the global investment landscape. Overall, I like companies • The risk and reward profile is classified by the level of historical fluctuation with strong business moats and sustainable dividend streams, supported by of the Net Asset Values of the share class, and within this classification, strong balance sheets and predictable cash flows. categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium level and 6-7 a high level. Jochen Breuer Fund Manager • The value of your investment may fall as well as rise and you may get back 31 August 2017 less than you originally invested. • Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging may be used to minimise the effect of this but may not always be successful. • The use of financial derivative instruments may result in increased gains or losses within the fund. • Liquidity is a measure of how easily an investment can be converted into cash. Under certain market conditions assets may be more difficult to sell. • Emerging markets may be more volatile and it could be harder to sell or trade securities. There may be less supervision, regulation and less well- defined procedures than in more developed countries. Emerging markets can be sensitive to political instability, which can result in greater volatility and uncertainty, subjecting the fund to the risk of losses.
15 Fidelity Asian Dividend Fund
Statement of Total Return for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Income Net capital gains/(losses) 314 859 Revenue 182 92 Expenses (31) (27) Interest payable and similar charges (2) -
Net revenue/(expense) before taxation 149 65 Taxation (15) (6)
Net revenue/(expense) after taxation xxx 134 xxx 59
Total return before distributions 448 918 Distributions (26) (18) Change in net assets attributable to shareholders from investment activities 422 900
Statement of Change in Net Assets Attributable to Shareholders for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Opening net assets attributable to shareholders 5,471 3,206 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 2,032 1,580 Amounts payable on cancellation of shares (252) (330) xxx 1,780 xxx 1,250 Change in net assets attributable to shareholders from investment activities (see above) 422 900 Closing net assets attributable to shareholders 7,673 5,356
Balance Sheet as at 31 August 2017 (unaudited) 31/08/17 28/02/17 £'000 £'000 £'000 £'000
Assets Investments 7,046 5,025 Current assets: Debtors 98 151 Cash and bank balances 566 498
Total other assets xxx 664 xxx 649
Total assets 7,710 5,674 Liabilities: Creditors Distribution payable (24) (13) Other creditors (13) (190)
Total other liabilities xxx (37) xxx (203) Total liabilities (37) (203) Net assets attributable to shareholders 7,673 5,471
16 Fidelity Asian Dividend Fund
Distribution Statement for the six month period ended 31 August 2017 (unaudited) A Income Shares - interim distribution No. 17 in pence per share Group 1 - Shares purchased on or before 31 May 2017. Group 2 - Shares purchased from 1 June 2017 to 31 August 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/10/17 18/10/16
Group 1 0.9760 - 0.9760 1.6527 Group 2 - 0.9760 0.9760 1.6527 xxx xxx xxx xxx xxx A Income Shares - interim distribution No. 16 in pence per share Group 1 - Shares purchased on or before 28 February 2017. Group 2 - Shares purchased from 1 March 2017 to 31 May 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/07/17 18/07/16
Group 1 0.9760 - 0.9760 0.7956 Group 2 - 0.9760 0.9760 0.7956 xxx xxx xxx xxx xxx W Income Shares - interim distribution No. 17 in pence per share Group 1 - Shares purchased on or before 31 May 2017. Group 2 - Shares purchased from 1 June 2017 to 31 August 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/10/17 18/10/16
Group 1 1.0000 - 1.0000 1.6834 Group 2 - 1.0000 1.0000 1.6834 xxx xxx xxx xxx xxx W Income Shares - interim distribution No. 16 in pence per share Group 1 - Shares purchased on or before 28 February 2017. Group 2 - Shares purchased from 1 March 2017 to 31 May 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/07/17 18/07/16
Group 1 1.0000 - 1.0000 0.8092 Group 2 0.3417 0.6583 1.0000 0.8092 xxx xxx xxx xxx xxx
17 Fidelity Cash Fund
Fund Manager’s Review Risk and Reward Indicator
Investment Objective and Policy SRRI The fund’s investment objective is to maintain capital value whilst producing Y Accumulation Shares 1 income. The fund will invest primarily in a diversified range of sterling Y Income Shares 1 denominated money market instruments, other short-term investments and transferable securities. The fund’s investments may include, but are not limited to, certificates of deposit, commercial paper, medium-term notes, floating rate Lower risk Higher risk notes and treasury bills. The fund will not hold derivative positions. Typically lower rewards Typically higher rewards Performance and Portfolio Activity The fund generated positive returns, primarily due to a yield pick-up as credit 1 2 3 4 5 6 7 risk is kept to a minimum. The weighted average maturity (WAM) position was reduced to 44 days, while I continue to adhere to the fund’s strict credit quality The risk category was calculated using historical volatility data, based upon and liquidity criteria. Given the uncertainties around the UK’s negotiations to the methods set by European Union rules. Volatility is influenced by changes exit the European Union (EU), I increased the allocation to Aa1 rated securities in the stock market prices, currencies and interest rates which can be affected at the expense of Aa2 and Aa3 securities. Additionally, fresh exposure was unpredictably by diverse factors including political and economic events. added to securities with maturity of less than 7 days, while reducing the • The risk category was calculated using historical performance data. position in securities with maturities between 7 and 90 days. • The risk category may not be a reliable indication of the future risk profile of Outlook the fund, is not guaranteed and may change over time. The Bank of England (BoE) must balance high inflation numbers with the still • The lowest category does not mean a "risk free" investment. uncertain outcome of the UK’s negotiations with the EU. The BoE is likely to • The risk and reward profile is classified by the level of historical fluctuation consider the political hurdles ahead, while considering raising interest rates of the Net Asset Values of the share class, and within this classification, in order to tame inflation. categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium Tim Foster level and 6-7 a high level. Fund Manager • The value of your investment may fall as well as rise and you may get back 31 August 2017 less than you originally invested. • There is a risk that the issuers of bonds may not be able to repay the money they have borrowed or make interest payments. While we seek to mitigate this, the fund may be exposed to the risk of financial loss if it invests into an instrument issued by an entity that subsequently defaults on its borrowings. Losses may also be realised if an entity that the fund is exposed to ceases to make interest payments over a period of time or indefinitely. Bond prices have an inverse relationship with interest rates such that when interest rates rise, bonds may fall in value. Rising interest rates may cause the value of your investment to fall.
18 Fidelity Cash Fund
Statement of Total Return for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Income Revenue 1,236 - Expenses (607) -
Net revenue/(expense) before taxation 629 - Taxation - -
Net revenue/(expense) after taxation xxx 629 xxx -
Total return before distributions 629 - Distributions (42) - Change in net assets attributable to shareholders from investment activities 587 -
Statement of Change in Net Assets Attributable to Shareholders for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Opening net assets attributable to shareholders* 754,705 - Movement due to sales and repurchases of shares Amounts receivable on issue of shares 174,980 - Amounts payable on cancellation of shares (80,742) - xxx 94,238 xxx - Change in net assets attributable to shareholders from investment activities (see above) 587 - Closing net assets attributable to shareholders 849,530 -
Balance Sheet as at 31 August 2017 (unaudited) 31/08/17 28/02/17 £'000 £'000 £'000 £'000
Assets Investments 652,377 763,253 Current assets: Debtors 321 1,372 Cash and bank balances 201,738 33,404
Total other assets xxx 202,059 xxx 34,776
Total assets 854,436 798,029 Liabilities: Creditors Distribution payable (23) (48) Other creditors (4,883) (43,276)
Total other liabilities xxx (4,906) xxx (43,324) Total liabilities (4,906) (43,324) Net assets attributable to shareholders 849,530 754,705 *The fund launched on 21 October 2016.
19 Fidelity Cash Fund
Distribution Statement for the six month period ended 31 August 2017 (unaudited) Y Income Shares - interim distribution No. 11 in pence per share Group 1 - Shares purchased on or before 31 July 2017. Group 2 - Shares purchased from 1 August 2017 to 31 August 2017. Amount distributed xxx Net revenue Equalisation 31/10/17^
Group 1 0.0113 - 0.0113 Group 2 0.0050 0.0063 0.0113 xxx xxx xxx xxx Y Income Shares - interim distributions in pence per share For the monthly distributing funds, shares purchased during the month prior to the ex-dividend date are classified as Group 2 shares. All other holdings are classified as Group 1 shares. Amount distributed xxx Net revenue Equalisation 2017^
Group 1 Distribution No. 6 0.0147 - 0.0147 Distribution No. 7 0.0142 - 0.0142 Distribution No. 8 0.0137 - 0.0137 Distribution No. 9 0.0124 - 0.0124 Distribution No. 10 0.0122 - 0.0122 Group 2 Distribution No. 6 0.0066 0.0081 0.0147 Distribution No. 7 0.0068 0.0074 0.0142 Distribution No. 8 0.0059 0.0078 0.0137 Distribution No. 9 0.0068 0.0056 0.0124 Distribution No. 10 0.0059 0.0063 0.0122 xxx xxx xxx xxx ^The fund launched on 21 October 2016.
20 Fidelity China Consumer Fund
Fund Manager’s Review Risk and Reward Indicator
Investment Objective and Policy SRRI The fund’s investment objective is to achieve long term capital growth from A Accumulation Shares 6 a portfolio primarily made up of Chinese companies which are involved in W Accumulation Shares 6 the development, manufacture or sale of goods or services to consumers. The fund may also invest in other transferable securities, units in collective Y Accumulation Shares 6 investment schemes, money market instruments, cash and deposits. The fund can use derivatives for the purpose of efficient portfolio management with the aim of risk or cost reduction or to generate additional capital or income in line Lower risk Higher risk with the fund’s risk profile. Typically lower rewards Typically higher rewards Performance and Portfolio Activity 1 2 3 4 5 6 7 The fund generated positive returns over the period. Internet companies Alibaba Group Holdings and Tencent Holdings delivered strong earnings. The risk category was calculated using historical volatility data, based upon Selected insurers gained in light of the solid performance of their life insurance the methods set by European Union rules. Volatility is influenced by changes businesses. Conversely, online discount retailer Vipshop Holdings fell as rising in the stock market prices, currencies and interest rates which can be affected competition led to short-term margin concerns. I took over the management unpredictably by diverse factors including political and economic events. of the portfolio on 1 August 2017. I raised the exposure to Baidu, as investors • The risk category was calculated using historical performance data. do not appreciate the growth prospects of its entertainment business. I increased the position in China Life Insurance, which has strong structural • The risk category may not be a reliable indication of the future risk profile of growth potential in the Chinese insurance industry. Meanwhile, I took profits in the fund, is not guaranteed and may change over time. Ping An Insurance Group following strong gains and sold the holding in online • The lowest category does not mean a "risk free" investment. retailer JD.com as the investment opportunity no longer appears attractive. • The risk and reward profile is classified by the level of historical fluctuation Outlook of the Net Asset Values of the share class, and within this classification, categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium Chinese GDP growth is expected to moderate slightly. Resilient exports, strong level and 6-7 a high level. income growth and the improving profitability of state-owned enterprises in light of supply side reforms are likely to ensure that any short-term pressure is • The value of your investment may fall as well as rise and you may get back managed reasonably well. less than you originally invested. Hyomi Jie • Movements in currency exchange rates can adversely affect the return of your Fund Manager investment. The currency hedging may be used to minimise the effect of this 31 August 2017 but may not always be successful. • The use of financial derivative instruments may result in increased gains or losses within the fund. • Liquidity is a measure of how easily an investment can be converted into cash. Under certain market conditions assets may be more difficult to sell. • Emerging markets may be more volatile and it could be harder to sell or trade securities. There may be less supervision, regulation and less well- defined procedures than in more developed countries. Emerging markets can be sensitive to political instability, which can result in greater volatility and uncertainty, subjecting the fund to the risk of losses.
21 Fidelity China Consumer Fund
Statement of Total Return for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Income Net capital gains/(losses) 7,209 6,559 Revenue 542 435 Expenses (214) (151)
Net revenue/(expense) before taxation 328 284 Taxation (40) (29)
Net revenue/(expense) after taxation xxx 288 xxx 255
Total return before distributions 7,497 6,814 Distributions 16 (16) Change in net assets attributable to shareholders from investment activities 7,513 6,798
Statement of Change in Net Assets Attributable to Shareholders for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Opening net assets attributable to shareholders 33,811 24,508 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 7,497 2,872 Amounts payable on cancellation of shares (1,668) (4,429) xxx 5,829 xxx (1,557) Change in net assets attributable to shareholders from investment activities (see above) 7,513 6,798 Closing net assets attributable to shareholders 47,153 29,749
Balance Sheet as at 31 August 2017 (unaudited) 31/08/17 28/02/17 £'000 £'000 £'000 £'000
Assets Investments 46,140 33,154 Current assets: Debtors 3,336 260 Cash and bank balances 1,761 657
Total other assets xxx 5,097 xxx 917
Total assets 51,237 34,071 Liabilities: Creditors Bank overdrafts (608) - Other creditors (3,476) (260)
Total other liabilities xxx (4,084) xxx (260) Total liabilities (4,084) (260) Net assets attributable to shareholders 47,153 33,811
22 Fidelity Emerging Asia Fund
Fund Manager’s Review Risk and Reward Indicator
Investment Objective and Policy SRRI The fund’s investment objective is to achieve long term capital growth through A Accumulation Shares 5 investing principally in securities of companies having their head office or W Accumulation Shares 6 exercising a predominant part of their activity in less developed countries of Asia that are considered as emerging markets according to the MSCI Y Accumulation Shares 5 Emerging Markets Asia Index. The fund may also invest in other transferable securities, units in collective investment schemes, money market instruments, cash and deposits. Derivatives and forward transactions may also be used Lower risk Higher risk for investment purposes. Typically lower rewards Typically higher rewards Performance and Portfolio Activity 1 2 3 4 5 6 7 The fund generated positive returns over the period as optimism towards global growth boosted equities. Information technology companies led gains. The risk category was calculated using historical volatility data, based upon E-commerce firm Alibaba Group, internet company Tencent Holdings and the methods set by European Union rules. Volatility is influenced by changes consumer electronics maker Samsung Electronics advanced in light of their in the stock market prices, currencies and interest rates which can be affected upbeat earnings. I bought shares in Thai energy company PTT due to its unpredictably by diverse factors including political and economic events. strong earnings profile and upside prospects from its business restructuring. • The risk category was calculated using historical performance data. A position was purchased in dairy products producer China Mengniu Dairy as it is well-placed to capture the growth opportunity arising from the low • The risk category may not be a reliable indication of the future risk profile of penetration of dairy products in China. Meanwhile, I sold shares in online the fund, is not guaranteed and may change over time. search provider Baidu and automaker Brilliance China Automotive Holding • The lowest category does not mean a "risk free" investment. for better opportunities elsewhere. • The risk and reward profile is classified by the level of historical fluctuation Outlook of the Net Asset Values of the share class, and within this classification, categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium Growth in emerging Asia is expected to remain resilient. Strong structural level and 6-7 a high level. growth drivers, along with the focus on policy reforms and infrastructure spending in major economies are expected to provide attractive long-term • The value of your investment may fall as well as rise and you may get back investment opportunities. less than you originally invested. Dhananjay Phadnis • Movements in currency exchange rates can adversely affect the return of your Fund Manager investment. The currency hedging may be used to minimise the effect of this 31 August 2017 but may not always be successful. • The use of financial derivative instruments may result in increased gains or losses within the fund. • Liquidity is a measure of how easily an investment can be converted into cash. Under certain market conditions assets may be more difficult to sell. • Emerging markets may be more volatile and it could be harder to sell or trade securities. There may be less supervision, regulation and less well- defined procedures than in more developed countries. Emerging markets can be sensitive to political instability, which can result in greater volatility and uncertainty, subjecting the fund to the risk of losses.
23 Fidelity Emerging Asia Fund
Statement of Total Return for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Income Net capital gains/(losses) 11,458 8,225 Revenue 1,085 488 Expenses (406) (201)
Net revenue/(expense) before taxation 679 287 Taxation (138) (70)
Net revenue/(expense) after taxation xxx 541 xxx 217
Total return before distributions 11,999 8,442 Distributions 26 260 Change in net assets attributable to shareholders from investment activities 12,025 8,702
Statement of Change in Net Assets Attributable to Shareholders for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Opening net assets attributable to shareholders 80,283 24,321 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 13,684 41,506 Amounts payable on cancellation of shares (16,562) (6,504) xxx (2,878) xxx 35,002 Swing price adjustment - 99 Change in net assets attributable to shareholders from investment activities (see above) 12,025 8,702 Closing net assets attributable to shareholders 89,430 68,124
Balance Sheet as at 31 August 2017 (unaudited) 31/08/17 28/02/17 £'000 £'000 £'000 £'000
Assets Investments 85,881 76,409 Current assets: Debtors 1,212 851 Cash and bank balances 3,408 3,451
Total other assets xxx 4,620 xxx 4,302
Total assets 90,501 80,711 Liabilities: Creditors Other creditors (1,071) (428)
Total other liabilities xxx (1,071) xxx (428) Total liabilities (1,071) (428) Net assets attributable to shareholders 89,430 80,283
24 Fidelity Emerging Europe, Middle East and Africa Fund
Fund Manager’s Review Risk and Reward Indicator
Investment Objective and Policy SRRI The fund’s investment objective is to achieve long term capital growth through A Accumulation Shares 6 a portfolio primarily in securities of companies having their head office or W Accumulation Shares 6 exercising a predominant part of their activity in less developed countries of Central, Eastern and Southern Europe (including Russia), Middle East and Y Accumulation Shares 6 Africa including those that are considered as emerging markets according to the MSCI EM Europe, Middle East and Africa Index. The fund may also invest in other transferable securities, units in collective investment schemes, money Lower risk Higher risk market instruments, cash and deposits. Derivatives and forward transactions Typically lower rewards Typically higher rewards may also be used for investment purposes. 1 2 3 4 5 6 7 Performance and Portfolio Activity The fund generated positive returns as financials and information technology The risk category was calculated using historical volatility data, based upon (IT) stocks rose amid an encouraging outlook for emerging market growth. the methods set by European Union rules. Volatility is influenced by changes From a country perspective, Russian holdings added value. Greg Konstantinidis in the stock market prices, currencies and interest rates which can be affected assumed the responsibility of the co-Portfolio Manager on 1 April 2017. Within unpredictably by diverse factors including political and economic events. financials, we bought a position in Turkiye Garanti Bankasi on expectations • The risk category was calculated using historical performance data. that it will benefit from economic growth in Turkey. The allocation to Zenith Bank was raised due to its strong balance sheet. Elsewhere, we reduced the • The risk category may not be a reliable indication of the future risk profile of exposure to Mail.Ru Group following its strong performance. We also sold the the fund, is not guaranteed and may change over time. position in FirstRand given its high valuations. • The lowest category does not mean a "risk free" investment. Outlook • The risk and reward profile is classified by the level of historical fluctuation of the Net Asset Values of the share class, and within this classification, The economic environment is improving in many countries in the region, categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium including Russia and Poland. In South Africa, elections within the ruling political level and 6-7 a high level. party, African National Conference, may cause some political uncertainty. Nick Price & Greg Konstantinidis • The value of your investment may fall as well as rise and you may get back Fund Managers less than you originally invested. 31 August 2017 • Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging may be used to minimise the effect of this but may not always be successful. • The use of financial derivative instruments may result in increased gains or losses within the fund. • Liquidity is a measure of how easily an investment can be converted into cash. Under certain market conditions assets may be more difficult to sell. • Emerging markets may be more volatile and it could be harder to sell or trade securities. There may be less supervision, regulation and less well- defined procedures than in more developed countries. Emerging markets can be sensitive to political instability, which can result in greater volatility and uncertainty, subjecting the fund to the risk of losses. • In some emerging markets, such as Russia, the safekeeping provisions for securities benefit from less governed standards.
25 Fidelity Emerging Europe, Middle East and Africa Fund
Statement of Total Return for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Income Net capital gains/(losses) 10,207 22,128 Revenue 2,258 2,349 Expenses (673) (640)
Net revenue/(expense) before taxation 1,585 1,709 Taxation (200) (218)
Net revenue/(expense) after taxation xxx 1,385 xxx 1,491
Total return before distributions 11,592 23,619 Distributions (72) (137) Change in net assets attributable to shareholders from investment activities 11,520 23,482
Statement of Change in Net Assets Attributable to Shareholders for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Opening net assets attributable to shareholders 109,978 95,426 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 4,552 5,928 Amounts payable on cancellation of shares (11,448) (18,714) xxx (6,896) xxx (12,786) Change in net assets attributable to shareholders from investment activities (see above) 11,520 23,482 Closing net assets attributable to shareholders 114,602 106,122
Balance Sheet as at 31 August 2017 (unaudited) 31/08/17 28/02/17 £'000 £'000 £'000 £'000
Assets Investments 114,624 109,657 Current assets: Debtors 171 1,374 Cash and bank balances 66 700
Total other assets xxx 237 xxx 2,074
Total assets 114,861 111,731 Liabilities: Creditors Bank overdrafts - (5) Other creditors (259) (1,748)
Total other liabilities xxx (259) xxx (1,753) Total liabilities (259) (1,753) Net assets attributable to shareholders 114,602 109,978
26 Fidelity Enhanced Income Fund
Fund Manager’s Review Risk and Reward Indicator
Investment Objective and Policy SRRI The fund’s investment objective is to achieve income with the potential for A Accumulation Shares 4 some capital growth from a portfolio made up mainly of the securities of UK A Income Shares 4 companies. Derivatives and forward transactions may be used for investment purposes and this may include using derivative instruments to generate W Accumulation Shares 4 additional income, for example, by the writing of call options. The fund may W Income Shares 4 also invest in other transferable securities, units in collective investment schemes, money market instruments, cash and deposits. W Income (monthly) Shares 5 Y Accumulation Shares 4 Performance and Portfolio Activity The fund recorded positive returns over the period. The allocation to food Y Income Shares 4 producer Cranswick contributed to performance as it reported solid earnings, while homebuilder Berkeley Group Holdings rallied after it raised its earnings Lower risk Higher risk guidance. We bought a new position in British Land as it is a cash generative business with inexpensive valuations and an attractive dividend yield. A new Typically lower rewards Typically higher rewards holding was purchased in mining major Rio Tinto for its best-in-class iron ore and aluminium assets. We sold Novae Group and Munich Reinsurance for 1 2 3 4 5 6 7 better opportunities elsewhere. The risk category was calculated using historical volatility data, based upon Outlook the methods set by European Union rules. Volatility is influenced by changes We remain cautiously optimistic in the market as the economic outlook for the in the stock market prices, currencies and interest rates which can be affected UK continues to improve. Yields in UK equities continue to be well-supported unpredictably by diverse factors including political and economic events. by sound balance sheets and supportive cash flows. However, there are • The risk category was calculated using historical performance data. some risks that could result from higher-than-expected interest rate increases in the US. We believe that dividend growth will be key to generating returns • The risk category may not be a reliable indication of the future risk profile of and investing in high quality companies that can provide good prospects for the fund, is not guaranteed and may change over time. increased dividend payouts should be rewarding. • The lowest category does not mean a "risk free" investment. Michael Clark & David Jehan • The risk and reward profile is classified by the level of historical fluctuation Fund Managers of the Net Asset Values of the share class, and within this classification, 31 August 2017 categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium level and 6-7 a high level. • The value of your investment may fall as well as rise and you may get back less than you originally invested. • Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging may be used to minimise the effect of this but may not always be successful. • The use of financial derivative instruments may result in increased gains or losses within the fund. • The use of derivatives to enhance income may reduce growth potential in certain market conditions.
27 Fidelity Enhanced Income Fund
Statement of Total Return for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Income Net capital gains/(losses) (11,171) 18,781 Revenue 23,014 20,248 Expenses (2,776) (2,388) Interest payable and similar charges 15 (1)
Net revenue/(expense) before taxation 20,253 17,859 Taxation (1,108) (1,048)
Net revenue/(expense) after taxation xxx 19,145 xxx 16,811
Total return before distributions 7,974 35,592 Distributions (11,429) (8,652) Change in net assets attributable to shareholders from investment activities (3,455) 26,940
Statement of Change in Net Assets Attributable to Shareholders for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Opening net assets attributable to shareholders 527,813 418,218 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 67,481 72,689 Amounts payable on cancellation of shares (45,714) (19,913) xxx 21,767 xxx 52,776 Change in net assets attributable to shareholders from investment activities (see above) (3,455) 26,940 Closing net assets attributable to shareholders 546,125 497,934
Balance Sheet as at 31 August 2017 (unaudited) 31/08/17 28/02/17 £'000 £'000 £'000 £'000
Assets Investments 537,121 523,445 Current assets: Debtors 6,656 6,760 Cash and bank balances 13,349 20,924
Total other assets xxx 20,005 xxx 27,684
Total assets 557,126 551,129 Liabilities: Investment liabilities (3,135) (4,574) Creditors Distribution payable (5,592) (14,805) Other creditors (2,274) (3,937)
Total other liabilities xxx (7,866) xxx (18,742) Total liabilities (11,001) (23,316) Net assets attributable to shareholders 546,125 527,813
28 Fidelity Enhanced Income Fund
Distribution Statement for the six month period ended 31 August 2017 (unaudited) A Income Shares - interim distribution No. 35 in pence per share Group 1 - Shares purchased on or before 31 May 2017. Group 2 - Shares purchased from 1 June 2017 to 31 August 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/10/17 18/10/16
Group 1 1.4194 - 1.4194 1.3601 Group 2 - 1.4194 1.4194 1.3601 xxx xxx xxx xxx xxx A Income Shares - interim distribution No. 34 in pence per share Group 1 - Shares purchased on or before 28 February 2017. Group 2 - Shares purchased from 1 March 2017 to 31 May 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/07/17 18/07/16
Group 1 1.4162 - 1.4162 1.3645 Group 2 - 1.4162 1.4162 1.3645 xxx xxx xxx xxx xxx W Income Shares - interim distribution No. 20 in pence per share Group 1 - Shares purchased on or before 31 May 2017. Group 2 - Shares purchased from 1 June 2017 to 31 August 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/10/17 18/10/16
Group 1 1.2600 - 1.2600 1.2000 Group 2 - 1.2600 1.2600 1.2000 xxx xxx xxx xxx xxx W Income Shares - interim distribution No. 19 in pence per share Group 1 - Shares purchased on or before 28 February 2017. Group 2 - Shares purchased from 1 March 2017 to 31 May 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/07/17 18/07/16
Group 1 1.2600 - 1.2600 1.2000 Group 2 0.6235 0.6365 1.2600 1.2000 xxx xxx xxx xxx xxx Y Income Shares - interim distribution No. 23 in pence per share Group 1 - Shares purchased on or before 31 May 2017. Group 2 - Shares purchased from 1 June 2017 to 31 August 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/10/17 18/10/16
Group 1 1.2699 - 1.2699 1.2120 Group 2 - 1.2699 1.2699 1.2120 xxx xxx xxx xxx xxx Y Income Shares - interim distribution No. 22 in pence per share Group 1 - Shares purchased on or before 28 February 2017. Group 2 - Shares purchased from 1 March 2017 to 31 May 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/07/17 18/07/16
Group 1 1.2691 - 1.2691 1.2130 Group 2 0.0384 1.2307 1.2691 1.2130 xxx xxx xxx xxx xxx 29 Fidelity Enhanced Income Fund
Distribution Statement
W Income (monthly) Shares - interim distribution No. 18 in pence per share Group 1 - Shares purchased on or before 31 July 2017. Group 2 - Shares purchased from 1 August 2017 to 31 August 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/10/17 18/10/16
Group 1 0.5000 - 0.5000 0.4800 Group 2 - 0.5000 0.5000 0.4800 xxx xxx xxx xxx xxx W Income (monthly) Shares - interim distributions in pence per share For the monthly distributing funds, shares purchased during the month prior to the ex-dividend date are classified as Group 2 shares. All other holdings are classified as Group 1 shares. Amount Amount distributed distributed xxx Net revenue Equalisation 2017 2016
Group 1 Distribution No. 13 0.5000 - 0.5000 0.1720 Distribution No. 14 0.5000 - 0.5000 0.4800 Distribution No. 15 0.5000 - 0.5000 0.4800 Distribution No. 16 0.5000 - 0.5000 0.4800 Distribution No. 17 0.5000 - 0.5000 0.4800 Group 2 Distribution No. 13 0.3180 0.1820 0.5000 0.1720 Distribution No. 14 0.2627 0.2373 0.5000 0.4800 Distribution No. 15 - 0.5000 0.5000 0.4800 Distribution No. 16 - 0.5000 0.5000 0.4800 Distribution No. 17 - 0.5000 0.5000 0.4800 xxx xxx xxx xxx xxx
30 Fidelity European Fund
Fund Manager’s Review Risk and Reward Indicator
Investment Objective and Policy SRRI The fund’s investment objective is to achieve long term capital growth from a A Accumulation Shares 5 portfolio primarily made up of the shares of continental European companies. A Income Shares 5 The portfolio is likely to have a bias towards medium-sized and smaller companies. However, the ACD is not restricted in the choice of company either I Income Shares 5 by size or industry, or in terms of the geographical split of the portfolio, which W Accumulation Shares 5 is largely determined by the availability of attractive investment opportunities rather than the outlook for each market. W Income Shares 5 Y Accumulation Shares 5 Performance and Portfolio Activity The fund generated positive returns over the period, driven by the strong performance of key holdings. Among financials, 3i Group added value due to Lower risk Higher risk the strong growth potential of its largest portfolio company Action, a Benelux- based discount retailer. Intesa Sanpaolo, a leading retail and commercial Typically lower rewards Typically higher rewards bank in Italy, also enhanced gains. Among the key transactions, I sold the holding in Volkswagen as it is likely to face growing cyclical (China) and 1 2 3 4 5 6 7 structural (diesel, electronic vehicles) pressures. The position in Hennes & The risk category was calculated using historical volatility data, based upon Mauritz was also sold due to increasing competitive pressure from traditional the methods set by European Union rules. Volatility is influenced by changes peers such as Primark as well as from online competition. Meanwhile, I raised in the stock market prices, currencies and interest rates which can be affected the exposure to Edenred and ASML on strong growth prospects. unpredictably by diverse factors including political and economic events. Outlook • The risk category was calculated using historical performance data. While the market remains highly valued, earnings growth is strong on a year- • The risk category may not be a reliable indication of the future risk profile of on-year basis. However, political uncertainty remains in continental Europe, the fund, is not guaranteed and may change over time. given elections slated in Germany in September and in Italy early next year. • The lowest category does not mean a "risk free" investment. Against this backdrop, I continue to focus on attractively valued companies that can grow dividends consistently. • The risk and reward profile is classified by the level of historical fluctuation of the Net Asset Values of the share class, and within this classification, Sam Morse Fund Manager categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium 31 August 2017 level and 6-7 a high level. • The value of your investment may fall as well as rise and you may get back less than you originally invested. • Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging may be used to minimise the effect of this but may not always be successful. • The use of financial derivative instruments may result in increased gains or losses within the fund.
31 Fidelity European Fund
Statement of Total Return for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Income Net capital gains/(losses) 338,572 273,962 Revenue 64,278 63,665 Expenses (15,357) (13,538) Interest payable and similar charges (16) (10)
Net revenue/(expense) before taxation 48,905 50,117 Taxation (3,872) (2,176)
Net revenue/(expense) after taxation xxx 45,033 xxx 47,941
Total return before distributions 383,605 321,903 Distributions (1,810) (2,314) Change in net assets attributable to shareholders from investment activities 381,795 319,589
Statement of Change in Net Assets Attributable to Shareholders for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Opening net assets attributable to shareholders 2,357,836 2,137,327 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 34,357 2,516 Amounts payable on cancellation of shares (136,064) (148,141) xxx (101,707) xxx (145,625) Change in net assets attributable to shareholders from investment activities (see above) 381,795 319,589 Closing net assets attributable to shareholders 2,637,924 2,311,291
Balance Sheet as at 31 August 2017 (unaudited) 31/08/17 28/02/17 £'000 £'000 £'000 £'000
Assets Investments 2,626,785 2,350,814 Current assets: Debtors 17,757 14,924 Cash and bank balances 352 1,639
Total other assets xxx 18,109 xxx 16,563
Total assets 2,644,894 2,367,377 Liabilities: Creditors Distribution payable (1,031) (276) Other creditors (5,939) (9,265)
Total other liabilities xxx (6,970) xxx (9,541) Total liabilities (6,970) (9,541) Net assets attributable to shareholders 2,637,924 2,357,836
32 Fidelity European Fund
Distribution Statement for the six month period ended 31 August 2017 (unaudited) A Income Shares - interim distribution No. 15 in pence per share Group 1 - Shares purchased on or before 28 February 2017. Group 2 - Shares purchased from 1 March 2017 to 31 August 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 15/10/17 15/10/16
Group 1 1.4021 - 1.4021 1.4318 Group 2 - 1.4021 1.4021 1.4318 xxx xxx xxx xxx xxx W Income Shares - interim distribution No. 10 in pence per share Group 1 - Shares purchased on or before 28 February 2017. Group 2 - Shares purchased from 1 March 2017 to 31 August 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 15/10/17 15/10/16
Group 1 15.6044 - 15.6044 15.3151 Group 2 3.1200 12.4844 15.6044 15.3151 xxx xxx xxx xxx xxx I Income Shares - interim distribution No. 2 in pence per share Group 1 - Shares purchased on or before 28 February 2017. Group 2 - Shares purchased from 1 March 2017 to 31 August 2017. Amount distributed xxx Net revenue Equalisation 15/10/17^
Group 1 1.0864 - 1.0864 Group 2 - 1.0864 1.0864 xxx xxx xxx xxx xxx ^This share class launched on 10 October 2016.
33 Fidelity European Opportunities Fund
Fund Manager’s Review Risk and Reward Indicator
Investment Objective and Policy SRRI The fund’s investment objective is to achieve long term capital growth from a A Accumulation Shares 5 portfolio primarily made up of the shares of continental European companies. W Accumulation Shares 5 The portfolio will be made up of a blend of larger, medium and smaller sized companies. The ACD is not restricted in the choice of company either by Y Accumulation Shares 5 size or industry, or in terms of the geographical split of the portfolio, which is largely determined by the availability of attractive investment opportunities rather than the outlook for each market. Lower risk Higher risk Typically lower rewards Typically higher rewards Performance and Portfolio Activity The fund generated strong positive returns, primarily driven by industrials and 1 2 3 4 5 6 7 consumer discretionary holdings. Shares in Yoox Net-A-Porter and Pandora were the key contributors to returns as they benefited from a recovery in The risk category was calculated using historical volatility data, based upon demand for luxury goods. Within industrials, Dassault Aviation rallied owing to the methods set by European Union rules. Volatility is influenced by changes a strong order book. Among the key transactions, I sold holdings in Ferrovial in the stock market prices, currencies and interest rates which can be affected and Sanofi following a rally in their share prices. The proceeds were invested unpredictably by diverse factors including political and economic events. in Pandora, given its attractive valuation and strong growth potential in • The risk category was calculated using historical performance data. emerging markets. I also bought Credit Suisse as it is undertaking cost saving initiatives to drive revenue growth. Its proposed capital raising should also • The risk category may not be a reliable indication of the future risk profile of reassure investors of its strengthened capital position. the fund, is not guaranteed and may change over time. • The lowest category does not mean a "risk free" investment. Outlook • The risk and reward profile is classified by the level of historical fluctuation The near-term outlook for Europe is positive, backed by sustained economic of the Net Asset Values of the share class, and within this classification, recovery and declining unemployment. Moreover, subsiding political risks categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium leave significant scope for valuations to catch up with other major markets. level and 6-7 a high level. Alberto Chiandetti Fund Manager • The value of your investment may fall as well as rise and you may get back 31 August 2017 less than you originally invested. • Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging may be used to minimise the effect of this but may not always be successful. • The use of financial derivative instruments may result in increased gains or losses within the fund.
34 Fidelity European Opportunities Fund
Statement of Total Return for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Income Net capital gains/(losses) 51,749 41,633 Revenue 9,263 8,265 Expenses (2,550) (2,256) Interest payable and similar charges (2) (13)
Net revenue/(expense) before taxation 6,711 5,996 Taxation (506) (100)
Net revenue/(expense) after taxation xxx 6,205 xxx 5,896
Total return before distributions 57,954 47,529 Distributions (109) (220) Change in net assets attributable to shareholders from investment activities 57,845 47,309
Statement of Change in Net Assets Attributable to Shareholders for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Opening net assets attributable to shareholders 402,039 379,164 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 3,600 871 Amounts payable on cancellation of shares (16,628) (25,915) xxx (13,028) xxx (25,044) Change in net assets attributable to shareholders from investment activities (see above) 57,845 47,309 Closing net assets attributable to shareholders 446,856 401,429
Balance Sheet as at 31 August 2017 (unaudited) 31/08/17 28/02/17 £'000 £'000 £'000 £'000
Assets Investments 446,066 401,397 Current assets: Debtors 1,709 1,585 Cash and bank balances 15 200
Total other assets xxx 1,724 xxx 1,785
Total assets 447,790 403,182 Liabilities: Creditors Other creditors (934) (1,143)
Total other liabilities xxx (934) xxx (1,143) Total liabilities (934) (1,143) Net assets attributable to shareholders 446,856 402,039
35 Fidelity Extra Income Fund
Fund Manager’s Review Risk and Reward Indicator
Investment Objective and Policy SRRI The fund’s investment objective is to achieve a relatively high level of income. A Accumulation Shares 3 The fund will obtain exposure primarily to UK corporate and government A Income Shares 3 bonds and other fixed income and money market securities, preference shares and convertibles. Y Accumulation Shares 3 The fund may invest directly in securities or may achieve exposure indirectly Gross paying A Income Shares 3 through the use of Derivatives. The fund may also invest in money market Gross paying A Accumulation Shares 3 instruments, collective investment schemes, cash and near cash and deposits. Derivatives may be used for efficient portfolio management and investment Gross paying Y Accumulation Shares 3 purposes and may include (but are not limited to) Derivatives on exchange Gross paying Y Income Shares 3 rates, interest rates, inflation and credit. The fund may also take positions Y Income Shares 3 which enable it to benefit from falling asset prices. Performance and Portfolio Activity The fund posted positive returns over the period, primarily driven by credit Lower risk Higher risk positioning as spreads tightened. However, conservative credit positioning Typically lower rewards Typically higher rewards at the security and sector level limited gains. The interest rate strategy, particularly the exposure to US dollar interest rate risk, also added value. 1 2 3 4 5 6 7 However, gains were offset by the short duration stance in euro and sterling duration. We continue to use our research driven bottom-up security selection The risk category was calculated using historical volatility data, based upon process and hence participated in the new issue of AT&T and the multi-tranche the methods set by European Union rules. Volatility is influenced by changes new issue of Annington Funding. We reduced the exposure to rolling stock in the stock market prices, currencies and interest rates which can be affected companies Great Rolling Stock and Porterbrook Rail due to caution around unpredictably by diverse factors including political and economic events. new supply in the sector and increasing competition. • The risk category was calculated using historical performance data. Outlook • The risk category may not be a reliable indication of the future risk profile of While uncertainty remains given the UK’s ongoing negotiations to exit the the fund, is not guaranteed and may change over time. European Union, the Bank of England hinted at an interest rate increase • The lowest category does not mean a "risk free" investment. to combat consistently high inflation. That said, we expect the rise to be • The risk and reward profile is classified by the level of historical fluctuation gradual and limited, thus supporting UK government bond (Gilt) yields. We of the Net Asset Values of the share class, and within this classification, remain positive on credit markets with a focus on downside protection given categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium stretched valuations. level and 6-7 a high level. Ian Spreadbury & Sajiv Vaid • The value of your investment may fall as well as rise and you may get back Fund Managers less than you originally invested. 31 August 2017 • Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging may be used to minimise the effect of this but may not always be successful. • The use of financial derivative instruments may result in increased gains or losses within the fund. • There is a risk that the issuers of bonds may not be able to repay the money they have borrowed or make interest payments. While we seek to mitigate this, the fund may be exposed to the risk of financial loss if it invests into an instrument issued by an entity that subsequently defaults on its borrowings. Losses may also be realised if an entity that the fund is exposed to ceases to make interest payments over a period of time or indefinitely. Bond prices have an inverse relationship with interest rates such that when interest rates rise, bonds may fall in value. Rising interest rates may cause the value of your investment to fall. • The fund may be exposed to the risk of financial loss if a counterparty used for derivative instruments subsequently defaults.
36 Fidelity Extra Income Fund
Statement of Total Return for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Income Net capital gains/(losses) 11,571 44,912 Revenue 12,960 12,033 Expenses (2,387) (2,068) Interest payable and similar charges (445) (184)
Net revenue/(expense) before taxation 10,128 9,781 Taxation - -
Net revenue/(expense) after taxation xxx 10,128 xxx 9,781
Total return before distributions 21,699 54,693 Distributions (8,397) (8,721) Change in net assets attributable to shareholders from investment activities 13,302 45,972
Statement of Change in Net Assets Attributable to Shareholders for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Opening net assets attributable to shareholders 537,309 426,916 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 47,584 63,885 Amounts payable on cancellation of shares (26,171) (23,148) xxx 21,413 xxx 40,737 Swing price adjustment - 67 Change in net assets attributable to shareholders from investment activities (see above) 13,302 45,972 Closing net assets attributable to shareholders 572,024 513,692
Balance Sheet as at 31 August 2017 (unaudited) 31/08/17 28/02/17 £'000 £'000 £'000 £'000
Assets Investments 561,744 527,144 Current assets: Debtors 13,050 11,603 Cash and bank balances 5,096 4,688
Total other assets xxx 18,146 xxx 16,291
Total assets 579,890 543,435 Liabilities: Investment liabilities (2,640) (2,044) Creditors Distribution payable (1,429) (1,492) Other creditors (3,797) (2,590)
Total other liabilities xxx (5,226) xxx (4,082) Total liabilities (7,866) (6,126) Net assets attributable to shareholders 572,024 537,309
37 Fidelity Extra Income Fund
Distribution Statement for the six month period ended 31 August 2017 (unaudited) A Income Shares - interim distribution No. 222 in pence per share Group 1 - Shares purchased on or before 31 July 2017. Group 2 - Shares purchased from 1 August 2017 to 31 August 2017. Amount Amount distributed distributed xxx Gross revenue Equalisation 25/09/17^ 25/09/16
Group 1 0.0699 - 0.0699 0.0645 Group 2 0.0400 0.0299 0.0699 0.0645 xxx xxx xxx xxx xxx A Income Shares - interim distributions in pence per share For the monthly distributing funds, shares purchased during the month prior to the ex-dividend date are classified as Group 2 shares. All other holdings are classified as Group 1 shares. Amount Amount distributed distributed xxx Gross revenue Equalisation 2017^ 2016
Group 1 Distribution No. 217 0.0747 - 0.0747 0.0662 Distribution No. 218 0.0700 - 0.0700 0.0623 Distribution No. 219 0.0724 - 0.0724 0.0642 Distribution No. 220 0.0699 - 0.0699 0.0634 Distribution No. 221 0.0704 - 0.0704 0.0669 Group 2 Distribution No. 217 0.0346 0.0401 0.0747 0.0662 Distribution No. 218 0.0365 0.0335 0.0700 0.0623 Distribution No. 219 0.0431 0.0293 0.0724 0.0642 Distribution No. 220 0.0324 0.0375 0.0699 0.0634 Distribution No. 221 0.0337 0.0367 0.0704 0.0669 xxx xxx xxx xxx xxx ^ From 6 April 2017 all interest distributions from UK authorised funds are paid gross, without a requirement to deduct income tax (currently 20%).
Gross paying A Income Shares - interim distribution No. 177 in pence per share Group 1 - Shares purchased on or before 31 July 2017. Group 2 - Shares purchased from 1 August 2017 to 31 August 2017. Amount Amount distributed distributed xxx Gross revenue Equalisation 25/09/17 25/09/16
Group 1 0.0698 - 0.0698 0.0814 Group 2 0.0231 0.0467 0.0698 0.0814 xxx xxx xxx xxx xxx Gross paying A Income Shares - interim distributions in pence per share For the monthly distributing funds, shares purchased during the month prior to the ex-dividend date are classified as Group 2 shares. All other holdings are classified as Group 1 shares. Amount Amount distributed distributed xxx Gross revenue Equalisation 2017 2016
Group 1 Distribution No. 172 0.0747 - 0.0747 0.0834 Distribution No. 173 0.0726 - 0.0726 0.0779 Distribution No. 174 0.0725 - 0.0725 0.0803 Distribution No. 175 0.0699 - 0.0699 0.0792 Distribution No. 176 0.0705 - 0.0705 0.0838 Group 2 Distribution No. 172 0.0747 0.0834 Distribution No. 173 0.0726 0.0779 Distribution No. 174 0.0725 0.0803 Distribution No. 175 0.0699 0.0792 Distribution No. 176 0.0705 0.0838 xxx xxx 38 xxx xxx xxx Fidelity Extra Income Fund
Distribution Statement
Y Income Shares - interim distribution No. 95 in pence per share Group 1 - Shares purchased on or before 31 July 2017. Group 2 - Shares purchased from 1 August 2017 to 31 August 2017. Amount Amount distributed distributed xxx Gross revenue Equalisation 25/09/17^ 25/09/16
Group 1 0.3951 - 0.3951 0.3550 Group 2 0.2094 0.1857 0.3951 0.3550 xxx xxx xxx xxx xxx Y Income Shares - interim distributions in pence per share For the monthly distributing funds, shares purchased during the month prior to the ex-dividend date are classified as Group 2 shares. All other holdings are classified as Group 1 shares. Amount Amount distributed distributed xxx Gross revenue Equalisation 2017^ 2016
Group 1 Distribution No. 90 0.4158 - 0.4158 0.3619 Distribution No. 91 0.3882 - 0.3882 0.3398 Distribution No. 92 0.4064 - 0.4064 0.3505 Distribution No. 93 0.3928 - 0.3928 0.3450 Distribution No. 94 0.3974 - 0.3974 0.3648 Group 2 Distribution No. 90 0.1783 0.2375 0.4158 0.3619 Distribution No. 91 0.1898 0.1984 0.3882 0.3398 Distribution No. 92 0.1774 0.2290 0.4064 0.3505 Distribution No. 93 0.1551 0.2377 0.3928 0.3450 Distribution No. 94 0.1672 0.2302 0.3974 0.3648 xxx xxx xxx xxx xxx ^ From 6 April 2017 all interest distributions from UK authorised funds are paid gross, without a requirement to deduct income tax (currently 20%). Gross paying Y Income Shares - interim distribution No. 95 in pence per share Group 1 - Shares purchased on or before 31 July 2017. Group 2 - Shares purchased from 1 August 2017 to 31 August 2017. Amount Amount distributed distributed xxx Gross revenue Equalisation 25/09/17 25/09/16
Group 1 0.3951 - 0.3951 0.4439 Group 2 0.2568 0.1383 0.3951 0.4439 xxx xxx xxx xxx xxx Gross paying Y Income Shares - interim distributions in pence per share For the monthly distributing funds, shares purchased during the month prior to the ex-dividend date are classified as Group 2 shares. All other holdings are classified as Group 1 shares. Amount Amount distributed distributed xxx Gross revenue Equalisation 2017 2016
Group 1 Distribution No. 90 0.4158 - 0.4158 0.4522 Distribution No. 91 0.3882 - 0.3882 0.4252 Distribution No. 92 0.4065 - 0.4065 0.4382 Distribution No. 93 0.3928 - 0.3928 0.4315 Distribution No. 94 0.3974 - 0.3974 0.4561 Group 2 Distribution No. 90 0.4158 0.4522 Distribution No. 91 0.3882 0.4252 Distribution No. 92 0.4065 0.4382 Distribution No. 93 0.3928 0.4315 Distribution No. 94 0.3974 0.4561 xxx xxx xxx xxx xxx 39 Fidelity Global Dividend Fund
Fund Manager’s Review Risk and Reward Indicator
Investment Objective and Policy SRRI The fund’s investment objective is to achieve income and long-term capital A Accumulation Shares 5 growth from a portfolio consisting primarily of the shares of companies from A Income Shares 5 around the world. The ACD will choose investments which it believes offer attractive dividend yields in addition to price appreciation. The fund may also W Accumulation Shares 5 invest in other transferable securities, units in collective investment schemes, W Income Shares 5 money market instruments, cash and deposits. W Income (monthly) Shares 5 Performance and Portfolio Activity Y Accumulation Shares 5 The fund recorded positive returns over the period. The position in professional services provider RELX contributed to performance, as did the Y Income Shares 5 allocation to beverages producer Diageo, which was supported by a positive outlook on margins and its attractive capital return programme. The holding in Lower risk Higher risk exchange operator Deutsche Boerse also rose on its robust earnings outlook. I bought new holdings in general insurer RSA Insurance Group, which recently Typically lower rewards Typically higher rewards completed a strategic restructuring, and Dr Pepper Snapple Group given its strong cash flows and inexpensive valuations. I sold positions in Ameren and 1 2 3 4 5 6 7 McDonalds. The risk category was calculated using historical volatility data, based upon Outlook the methods set by European Union rules. Volatility is influenced by changes I am cautiously optimistic on the equity market. Stock valuations are elevated in the stock market prices, currencies and interest rates which can be affected across most markets, which means that at this point in the cycle I will focus on unpredictably by diverse factors including political and economic events. downside risk. In this scenario, companies with better business models, good • The risk category was calculated using historical performance data. balance sheets and reasonable valuations, such as consumer businesses and health care companies, should do well. I believe this focus will serve the fund • The risk category may not be a reliable indication of the future risk profile of well across a full market cycle. the fund, is not guaranteed and may change over time. Daniel Roberts • The lowest category does not mean a "risk free" investment. Fund Manager • The risk and reward profile is classified by the level of historical fluctuation 31 August 2017 of the Net Asset Values of the share class, and within this classification, categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium level and 6-7 a high level. • The value of your investment may fall as well as rise and you may get back less than you originally invested. • Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging may be used to minimise the effect of this but may not always be successful. • The use of financial derivative instruments may result in increased gains or losses within the fund.
40 Fidelity Global Dividend Fund
StatementNotes to the of FinancialTotal Return Statements for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Income Net capital gains/(losses) 16,040 60,198 Revenue 19,330 10,862 Expenses (4,171) (2,365) Interest payable and similar charges (1) (1)
Net revenue/(expense) before taxation 15,158 8,496 Taxation (1,722) (743)
Net revenue/(expense) after taxation xxx 13,436 xxx 7,753
Total return before distributions 29,476 67,951 Distributions (5,556) (1,426) Change in net assets attributable to shareholders from investment activities 23,920 66,525
Statement of Change in Net Assets Attributable to Shareholders for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Opening net assets attributable to shareholders 802,165 337,608 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 115,799 228,447 Amounts payable on cancellation of shares (51,055) (10,058) xxx 64,744 xxx 218,389 Change in net assets attributable to shareholders from investment activities (see above) 23,920 66,525 Closing net assets attributable to shareholders 890,829 622,522
Balance Sheet as at 31 August 2017 (unaudited) 31/08/17 28/02/17 £'000 £'000 £'000 £'000
Assets Investments 883,066 803,207 Current assets: Debtors 14,052 10,617 Cash and bank balances 2,459 163
Total other assets xxx 16,511 xxx 10,780
Total assets 899,577 813,987 Liabilities: Creditors Distribution payable (3,123) (4,791) Other creditors (5,625) (7,031)
Total other liabilities xxx (8,748) xxx (11,822) Total liabilities (8,748) (11,822) Net assets attributable to shareholders 890,829 802,165
41 Fidelity Global Dividend Fund
Distribution Statement for the six month period ended 31 August 2017 (unaudited) A Income Shares - interim distribution No. 23 in pence per share Group 1 - Shares purchased on or before 31 May 2017. Group 2 - Shares purchased from 1 June 2017 to 31 August 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/10/17 18/10/16
Group 1 1.1198 - 1.1198 1.0840 Group 2 - 1.1198 1.1198 1.0840 xxx xxx xxx xxx xxx A Income Shares - interim distribution No. 22 in pence per share Group 1 - Shares purchased on or before 28 February 2017. Group 2 - Shares purchased from 1 March 2017 to 31 May 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/07/17 18/07/16
Group 1 1.0840 - 1.0840 1.0340 Group 2 - 1.0840 1.0840 1.0340 xxx xxx xxx xxx xxx W Income Shares - interim distribution No. 20 in pence per share Group 1 - Shares purchased on or before 31 May 2017. Group 2 - Shares purchased from 1 June 2017 to 31 August 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/10/17 18/10/16
Group 1 1.0954 - 1.0954 1.0489 Group 2 - 1.0954 1.0954 1.0489 xxx xxx xxx xxx xxx W Income Shares - interim distribution No. 19 in pence per share Group 1 - Shares purchased on or before 28 February 2017. Group 2 - Shares purchased from 1 March 2017 to 31 May 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/07/17 18/07/16
Group 1 1.0489 - 1.0489 0.9994 Group 2 - 1.0489 1.0489 0.9994 xxx xxx xxx xxx xxx Y Income Shares - interim distribution No. 23 in pence per share Group 1 - Shares purchased on or before 31 May 2017. Group 2 - Shares purchased from 1 June 2017 to 31 August 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/10/17 18/10/16
Group 1 1.1553 - 1.1553 1.1095 Group 2 - 1.1553 1.1553 1.1095 xxx xxx xxx xxx xxx Y Income Shares - interim distribution No. 22 in pence per share Group 1 - Shares purchased on or before 28 February 2017. Group 2 - Shares purchased from 1 March 2017 to 31 May 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/07/17 18/07/16
Group 1 1.1095 - 1.1095 1.0576 Group 2 - 1.1095 1.1095 1.0576 xxx xxx xxx xxx xxx 42 Fidelity Global Dividend Fund
Distribution Statement
W Income (monthly) Shares - interim distribution No. 18 in pence per share Group 1 - Shares purchased on or before 31 July 2017. Group 2 - Shares purchased from 1 August 2017 to 31 August 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/10/17 18/10/16
Group 1 0.3000 - 0.3000 0.2300 Group 2 - 0.3000 0.3000 0.2300 xxx xxx xxx xxx xxx W Income (monthly) Shares - interim distributions in pence per share For the monthly distributing funds, shares purchased during the month prior to the ex-dividend date are classified as Group 2 shares. All other holdings are classified as Group 1 shares. Amount Amount distributed distributed xxx Net revenue Equalisation 2017 2016
Group 1 Distribution No. 13 0.2300 - 0.2300 0.1115 Distribution No. 14 0.2300 - 0.2300 0.2300 Distribution No. 15 0.2300 - 0.2300 0.2300 Distribution No. 16 0.2800 - 0.2800 0.2300 Distribution No. 17 0.2800 - 0.2800 0.2300 Group 2 Distribution No. 13 - 0.2300 0.2300 0.1115 Distribution No. 14 - 0.2300 0.2300 0.2300 Distribution No. 15 - 0.2300 0.2300 0.2300 Distribution No. 16 - 0.2800 0.2800 0.2300 Distribution No. 17 - 0.2800 0.2800 0.2300 xxx xxx xxx xxx xxx
43 Fidelity Global Enhanced Income Fund
Fund Manager’s Review Risk and Reward Indicator
Investment Objective and Policy SRRI The fund’s investment objective is to achieve income with the potential for A Income Shares 5 some capital growth from a portfolio made up mainly of the securities of W Accumulation Shares 5 companies from around the world. Derivatives and forward transactions may be used for investment purposes and this may include using derivative W Income Shares 5 instruments to generate additional income, for example, by the writing of W Income (monthly) Shares 5 call options. The fund may also invest in other transferable securities, units in collective investment schemes, money market instruments, cash and deposits. Lower risk Higher risk Performance and Portfolio Activity The fund recorded positive returns over the period. The position in professional Typically lower rewards Typically higher rewards services provider RELX contributed to performance, as did the allocation to beverages producer Diageo, which was supported by a positive outlook on 1 2 3 4 5 6 7 margins and its attractive capital return programme. The holding in exchange The risk category was calculated using historical volatility data, based upon operator Deutsche Boerse also rose on its robust earnings outlook. We the methods set by European Union rules. Volatility is influenced by changes bought new holdings in general insurer RSA Group, which recently completed in the stock market prices, currencies and interest rates which can be affected a strategic restructuring, and Dr Pepper Snapple given its strong cash flows unpredictably by diverse factors including political and economic events. and inexpensive valuations. The positions in Ameren and McDonald’s were sold. Within the derivatives segment of the portfolio, the fund uses covered • The risk category was calculated using historical performance data. call options. On an average around 45% of the portfolio is overwritten. We • The risk category may not be a reliable indication of the future risk profile of aim to strike the right balance between longer term real capital growth and the fund, is not guaranteed and may change over time. high, sustainable income generation. • The lowest category does not mean a "risk free" investment. Outlook • The risk and reward profile is classified by the level of historical fluctuation We are cautiously optimistic on the equity market. Stock valuations are of the Net Asset Values of the share class, and within this classification, elevated across most markets, which means that at this point in the cycle we categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium will focus on downside risk. In this scenario, companies with better business level and 6-7 a high level. models, good balance sheets and reasonable valuations, such as consumer • The value of your investment may fall as well as rise and you may get back businesses and health care companies, should do well. We believe this focus less than you originally invested. will serve the fund well across a full market cycle. • Movements in currency exchange rates can adversely affect the return of your Daniel Roberts & David Jehan investment. The currency hedging may be used to minimise the effect of this Fund Managers but may not always be successful. 31 August 2017 • The use of financial derivative instruments may result in increased gains or losses within the fund. • The use of derivatives to enhance income may reduce growth potential in certain market conditions.
44 Fidelity Global Enhanced Income Fund
StatementDistribution of Statement Total Return for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Income Net capital gains/(losses) 2,571 15,386 Revenue 7,838 4,716 Expenses (1,192) (659) Interest payable and similar charges (18) -
Net revenue/(expense) before taxation 6,628 4,057 Taxation (740) (441)
Net revenue/(expense) after taxation xxx 5,888 xxx 3,616
Total return before distributions 8,459 19,002 Distributions (4,416) (2,992) Change in net assets attributable to shareholders from investment activities 4,043 16,010
Statement of Change in Net Assets Attributable to Shareholders for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Opening net assets attributable to shareholders 218,206 142,225 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 97,933 56,608 Amounts payable on cancellation of shares (40,871) (48,822) xxx 57,062 xxx 7,786 Swing price adjustment - 97 Change in net assets attributable to shareholders from investment activities (see above) 4,043 16,010 Closing net assets attributable to shareholders 279,311 166,118
Balance Sheet as at 31 August 2017 (unaudited) 31/08/17 28/02/17 £'000 £'000 £'000 £'000
Assets Investments 271,045 211,398 Current assets: Debtors 4,837 2,782 Cash and bank balances 9,478 9,795
Total other assets xxx 14,315 xxx 12,577
Total assets 285,360 223,975 Liabilities: Investment liabilities (1,201) (1,804) Creditors Bank overdrafts - (142) Distribution payable (2,514) (1,711) Other creditors (2,334) (2,112)
Total other liabilities xxx (4,848) xxx (3,965) Total liabilities (6,049) (5,769) Net assets attributable to shareholders 279,311 218,206
45 Fidelity Global Enhanced Income Fund
Distribution Statement for the six month period ended 31 August 2017 (unaudited) A Income Shares - interim distribution No. 16 in pence per share Group 1 - Shares purchased on or before 31 May 2017. Group 2 - Shares purchased from 1 June 2017 to 31 August 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/10/17 18/10/16
Group 1 1.5925 - 1.5925 1.5774 Group 2 0.2614 1.3311 1.5925 1.5774 xxx xxx xxx xxx xxx A Income Shares - interim distribution No. 15 in pence per share Group 1 - Shares purchased on or before 28 February 2017. Group 2 - Shares purchased from 1 March 2017 to 31 May 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/07/17 18/07/16
Group 1 1.5823 - 1.5823 2.4232 Group 2 - 1.5823 1.5823 2.4232 xxx xxx xxx xxx xxx W Income Shares - interim distribution No. 16 in pence per share Group 1 - Shares purchased on or before 31 May 2017. Group 2 - Shares purchased from 1 June 2017 to 31 August 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/10/17 18/10/16
Group 1 1.6000 - 1.6000 1.5626 Group 2 0.1904 1.4096 1.6000 1.5626 xxx xxx xxx xxx xxx W Income Shares - interim distribution No. 15 in pence per share Group 1 - Shares purchased on or before 28 February 2017. Group 2 - Shares purchased from 1 March 2017 to 31 May 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/07/17 18/07/16
Group 1 1.6000 - 1.6000 2.4339 Group 2 - 1.6000 1.6000 2.4339 xxx xxx xxx xxx xxx W Income (monthly) Shares - interim distribution No. 18 in pence per share Group 1 - Shares purchased on or before 31 July 2017. Group 2 - Shares purchased from 1 August 2017 to 31 August 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/10/17 18/10/16
Group 1 0.4700 - 0.4700 0.4000 Group 2 - 0.4700 0.4700 0.4000 xxx xxx xxx xxx xxx
46 Fidelity Global Enhanced Income Fund
Distribution Statement
W Income (monthly) Shares - interim distributions in pence per share For the monthly distributing funds, shares purchased during the month prior to the ex-dividend date are classified as Group 2 shares. All other holdings are classified as Group 1 shares. Amount Amount distributed distributed xxx Net revenue Equalisation 2017 2016
Group 1 Distribution No. 13 0.4000 - 0.4000 0.2464 Distribution No. 14 0.4000 - 0.4000 0.5000 Distribution No. 15 0.4700 - 0.4700 0.5000 Distribution No. 16 0.4700 - 0.4700 0.4000 Distribution No. 17 0.4700 - 0.4700 0.4000 Group 2 Distribution No. 13 0.0892 0.3108 0.4000 0.2464 Distribution No. 14 - 0.4000 0.4000 0.5000 Distribution No. 15 - 0.4700 0.4700 0.5000 Distribution No. 16 - 0.4700 0.4700 0.4000 Distribution No. 17 - 0.4700 0.4700 0.4000 xxx xxx xxx xxx xxx
47 Fidelity Global Focus Fund
Fund Manager’s Review Risk and Reward Indicator
Investment Objective and Policy SRRI The fund aims to provide long term capital growth through investment A Accumulation Shares 5 in global equities. The fund will predominantly invest in equities (and Y Accumulation Shares 5 equity related securities) of medium sized companies, and aims to hold a concentrated portfolio within a range of 40-60 securities. The Investment W Accumulation Shares 5 Manager’s research and investment strategy will focus on company selection. The Investment Manager is not restricted in terms of region or industry sector. Lower risk Higher risk The fund can also invest in other transferable securities, money market instruments, cash and deposits, and is also able to use derivatives for efficient Typically lower rewards Typically higher rewards portfolio management. 1 2 3 4 5 6 7 Performance and Portfolio Activity The fund generated positive returns over the period. With effect from 30 June The risk category was calculated using historical volatility data, based upon 2017, the fund’s investment objective and comparative index were restated. the methods set by European Union rules. Volatility is influenced by changes The fund’s structure has changed to follow a more concentrated, mid-cap in the stock market prices, currencies and interest rates which can be affected approach. Positive newsflow supported certain key holdings, including SBA unpredictably by diverse factors including political and economic events. Communications, which benefited from its inclusion in the S&P 500 Index. • The risk category was calculated using historical performance data. Jubilant FoodWorks gained on strong same-store sales growth of its Indian • The risk category may not be a reliable indication of the future risk profile of Domino’s Pizza franchise. I bought positions in semiconductor companies the fund, is not guaranteed and may change over time. Renesas Electronics and AMS on the back of improving demand outlook. Certain positions in the energy sector were weighed down by weak oil • The lowest category does not mean a "risk free" investment. prices. I reduced the exposure to the sector by selling holdings in Anadarko • The risk and reward profile is classified by the level of historical fluctuation Petroleum and Halliburton due to an uncertain environment. of the Net Asset Values of the share class, and within this classification, categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium Outlook level and 6-7 a high level. Prospects for equities look reasonably positive over the coming year, particularly relative to other asset classes. Despite a seemingly benign • The value of your investment may fall as well as rise and you may get back backdrop, geopolitical risks remain. I continue to focus on fundamental stock less than you originally invested. selection to drive growth. • Movements in currency exchange rates can adversely affect the return of your Amit Lodha investment. The currency hedging may be used to minimise the effect of this Fund Manager but may not always be successful. 31 August 2017 • The use of financial derivative instruments may result in increased gains or losses within the fund.
48 Fidelity Global Focus Fund
StatementDistribution of Statement Total Return for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Income Net capital gains/(losses) 17,547 63,266 Revenue 4,198 3,839 Expenses (2,586) (2,174) Interest payable and similar charges (1) (3)
Net revenue/(expense) before taxation 1,611 1,662 Taxation (354) (248)
Net revenue/(expense) after taxation xxx 1,257 xxx 1,414
Total return before distributions 18,804 64,680 Distributions (49) (52) Change in net assets attributable to shareholders from investment activities 18,755 64,628
Statement of Change in Net Assets Attributable to Shareholders for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Opening net assets attributable to shareholders 421,584 337,797 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 1,669 2,551 Amounts payable on cancellation of shares (23,919) (22,912) xxx (22,250) xxx (20,361) Change in net assets attributable to shareholders from investment activities (see above) 18,755 64,628 Closing net assets attributable to shareholders 418,089 382,064
Balance Sheet as at 31 August 2017 (unaudited) 31/08/17 28/02/17 £'000 £'000 £'000 £'000
Assets Investments 417,955 421,456 Current assets: Debtors 882 712 Cash and bank balances 111 98
Total other assets xxx 993 xxx 810
Total assets 418,948 422,266 Liabilities: Creditors Other creditors (859) (682)
Total other liabilities xxx (859) xxx (682) Total liabilities (859) (682) Net assets attributable to shareholders 418,089 421,584
49 Fidelity Global High Yield Fund
Fund Manager’s Review Risk and Reward Indicator
Investment Objective and Policy SRRI The fund’s investment objective is to achieve both capital growth and income. A Accumulation Shares 3 The fund will obtain exposure primarily to high-yielding, sub investment grade A Income Shares 3 securities of issuers globally. Gross paying A Accumulation Shares 3 The fund may invest directly in high-yielding, sub investment grade securities of issuers globally (those with a rating of BB+ or less from Standard & Poor’s Gross paying A Income Shares 3 or equivalent rating from an internationally recognised rating agency) or may Gross paying Y Accumulation Shares 3 achieve exposure indirectly through the use of Derivatives. The fund may also invest in other transferable securities, money market instruments, collective Gross paying Y Income Shares 3 investment schemes, cash and near cash and deposits. Derivatives may I Accumulation Shares 3 be used for efficient portfolio management and investment purposes and Y Accumulation Shares 3 may include (but are not limited to) Derivatives on exchange rates, interest rates, inflation and credit. The fund may also take positions which enable it to Y Income Shares 3 benefit from falling asset prices.
Performance and Portfolio Activity Lower risk Higher risk The fund posted positive returns over the period, largely due to strong Typically lower rewards Typically higher rewards credit selection. The exposure to the utilities sector via holdings in Areva and Dynergy contributed to performance. However, the hedging strategy via 2 3 4 5 6 7 the use of index credit default swaps weighed on returns as credit spreads 1 tightened. Given the recent rally and expensive valuations, we reduced the The risk category was calculated using historical volatility data, based upon fund’s sensitivity to credit risk by selling holdings in Sabine Pass and Isbank. the methods set by European Union rules. Volatility is influenced by changes The proceeds were used to purchase consumer credits, including non-cyclical in the stock market prices, currencies and interest rates which can be affected names such as JBS and Minerva Luxembourg. unpredictably by diverse factors including political and economic events. Outlook • The risk category was calculated using historical performance data. High yield bond valuations now look expensive and warrant careful credit • The risk category may not be a reliable indication of the future risk profile of selection given risk events such as German elections, economic slowdown in the fund, is not guaranteed and may change over time. China, and uncertainty around policy action in the US. We have reduced the • The lowest category does not mean a "risk free" investment. fund’s holdings and now have a concentrated portfolio of positions that we believe can perform well and that are fundamentally strong. • The risk and reward profile is classified by the level of historical fluctuation of the Net Asset Values of the share class, and within this classification, Peter Khan & Kristian Atkinson categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium Fund Managers 31 August 2017 level and 6-7 a high level. • The value of your investment may fall as well as rise and you may get back less than you originally invested. • Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging may be used to minimise the effect of this but may not always be successful. • The use of financial derivative instruments may result in increased gains or losses within the fund. • There is a risk that the issuers of bonds may not be able to repay the money they have borrowed or make interest payments. While we seek to mitigate this, the fund may be exposed to the risk of financial loss if it invests into an instrument issued by an entity that subsequently defaults on its borrowings. Losses may also be realised if an entity that the fund is exposed to ceases to make interest payments over a period of time or indefinitely. Bond prices have an inverse relationship with interest rates such that when interest rates rise, bonds may fall in value. Rising interest rates may cause the value of your investment to fall. • Liquidity is a measure of how easily an investment can be converted into cash. Under certain market conditions assets may be more difficult to sell. • The fund may be exposed to the risk of financial loss if a counterparty used for derivative instruments subsequently defaults.
50 Fidelity Global High Yield Fund
Statement of Total Return for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Income Net capital gains/(losses) 311 6,214 Revenue 2,647 2,158 Expenses (294) (188) Interest payable and similar charges (276) (217)
Net revenue/(expense) before taxation 2,077 1,753 Taxation (1) 4
Net revenue/(expense) after taxation xxx 2,076 xxx 1,757
Total return before distributions 2,387 7,971 Distributions (86) (201) Change in net assets attributable to shareholders from investment activities 2,301 7,770
Statement of Change in Net Assets Attributable to Shareholders for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Opening net assets attributable to shareholders 79,722 48,278 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 40,682 28,618 Amounts payable on cancellation of shares (19,587) (13,324) xxx 21,095 xxx 15,294 Swing price adjustment 94 189 Change in net assets attributable to shareholders from investment activities (see above) 2,301 7,770 Closing net assets attributable to shareholders 103,212 71,531
Balance Sheet as at 31 August 2017 (unaudited) 31/08/17 28/02/17 £'000 £'000 £'000 £'000
Assets Investments 100,886 77,835 Current assets: Debtors 1,874 2,994 Cash and bank balances 4,018 1,869
Total other assets xxx 5,892 xxx 4,863
Total assets 106,778 82,698 Liabilities: Investment liabilities (2,553) (1,493) Creditors Bank overdrafts - (21) Distribution payable (53) (64) Other creditors (960) (1,398)
Total other liabilities xxx (1,013) xxx (1,483) Total liabilities (3,566) (2,976) Net assets attributable to shareholders 103,212 79,722
51 Fidelity Global High Yield Fund
Distribution Statement for the six month period ended 31 August 2017 (unaudited) A Income Shares - interim distribution No. 66 in pence per share Group 1 - Shares purchased on or before 31 July 2017. Group 2 - Shares purchased from 1 August 2017 to 31 August 2017. Amount Amount distributed distributed xxx Gross revenue Equalisation 18/10/17^ 18/10/16
Group 1 3.0261 - 3.0261 3.5177 Group 2 0.2421 2.7840 3.0261 3.5177 xxx xxx xxx xxx xxx A Income Shares - interim distributions in pence per share For the monthly distributing funds, shares purchased during the month prior to the ex-dividend date are classified as Group 2 shares. All other holdings are classified as Group 1 shares. Amount Amount distributed distributed xxx Gross revenue Equalisation 2017^ 2016
Group 1 Distribution No. 61 3.1834 - 3.1834 3.5019 Distribution No. 62 2.8428 - 2.8428 3.3272 Distribution No. 63 2.8032 - 2.8032 3.2143 Distribution No. 64 3.1329 - 3.1329 3.1109 Distribution No. 65 2.9640 - 2.9640 3.4342 Group 2 Distribution No. 61 0.0614 3.1220 3.1834 3.5019 Distribution No. 62 0.2615 2.5813 2.8428 3.3272 Distribution No. 63 1.5296 1.2736 2.8032 3.2143 Distribution No. 64 0.0268 3.1061 3.1329 3.1109 Distribution No. 65 0.6492 2.3148 2.9640 3.4342 xxx xxx xxx xxx xxx ^ From 6 April 2017 all interest distributions from UK authorised funds are paid gross, without a requirement to deduct income tax (currently 20%).
Gross paying A Income Shares - interim distribution No. 66 in pence per share Group 1 - Shares purchased on or before 31 July 2017. Group 2 - Shares purchased from 1 August 2017 to 31 August 2017. Amount Amount distributed distributed xxx Gross revenue Equalisation 18/10/17 18/10/16
Group 1 3.0220 - 3.0220 4.4026 Group 2 - 3.0220 3.0220 4.4026 xxx xxx xxx xxx xxx
52 Fidelity Global High Yield Fund
Distribution Statement
Gross paying A Income Shares - interim distributions in pence per share For the monthly distributing funds, shares purchased during the month prior to the ex-dividend date are classified as Group 2 shares. All other holdings are classified as Group 1 shares. Amount Amount distributed distributed xxx Gross revenue Equalisation 2017 2016
Group 1 Distribution No. 61 3.1812 - 3.1812 4.3619 Distribution No. 62 3.0350 - 3.0350 4.1663 Distribution No. 63 2.7466 - 2.7466 4.0365 Distribution No. 64 3.1316 - 3.1316 3.9039 Distribution No. 65 2.9587 - 2.9587 4.3106 Group 2 Distribution No. 61 0.0891 3.0921 3.1812 4.3619 Distribution No. 62 0.2019 2.8331 3.0350 4.1663 Distribution No. 63 - 2.7466 2.7466 4.0365 Distribution No. 64 - 3.1316 3.1316 3.9039 Distribution No. 65 - 2.9587 2.9587 4.3106 xxx xxx xxx xxx xxx Y Income Shares - interim distribution No. 66 in pence per share Group 1 - Shares purchased on or before 31 July 2017. Group 2 - Shares purchased from 1 August 2017 to 31 August 2017. Amount Amount distributed distributed xxx Gross revenue Equalisation 18/10/17^ 18/10/16
Group 1 3.5154 - 3.5154 3.8791 Group 2 1.6342 1.8812 3.5154 3.8791 xxx xxx xxx xxx xxx Y Income Shares - interim distributions in pence per share For the monthly distributing funds, shares purchased during the month prior to the ex-dividend date are classified as Group 2 shares. All other holdings are classified as Group 1 shares. Amount Amount distributed distributed xxx Gross revenue Equalisation 2017^ 2016
Group 1 Distribution No. 61 3.6668 - 3.6668 3.8546 Distribution No. 62 3.3659 - 3.3659 3.6733 Distribution No. 63 3.2696 - 3.2696 3.5824 Distribution No. 64 3.6014 - 3.6014 3.4673 Distribution No. 65 3.4447 - 3.4447 3.8135 Group 2 Distribution No. 61 2.1155 1.5513 3.6668 3.8546 Distribution No. 62 1.9798 1.3861 3.3659 3.6733 Distribution No. 63 1.9321 1.3375 3.2696 3.5824 Distribution No. 64 1.4455 2.1559 3.6014 3.4673 Distribution No. 65 1.4227 2.0220 3.4447 3.8135 xxx xxx xxx xxx xxx ^ From 6 April 2017 all interest distributions from UK authorised funds are paid gross, without a requirement to deduct income tax (currently 20%).
53 Fidelity Global High Yield Fund
Distribution Statement
Gross paying Y Income Shares - interim distribution No. 66 in pence per share Group 1 - Shares purchased on or before 31 July 2017. Group 2 - Shares purchased from 1 August 2017 to 31 August 2017. Amount Amount distributed distributed xxx Gross revenue Equalisation 18/10/17 18/10/16
Group 1 3.5112 - 3.5112 4.8750 Group 2 2.3450 1.1662 3.5112 4.8750 xxx xxx xxx xxx xxx Gross paying Y Income Shares - interim distributions in pence per share For the monthly distributing funds, shares purchased during the month prior to the ex-dividend date are classified as Group 2 shares. All other holdings are classified as Group 1 shares. Amount Amount distributed distributed xxx Gross revenue Equalisation 2017 2016
Group 1 Distribution No. 61 3.6613 - 3.6613 4.8027 Distribution No. 62 3.3591 - 3.3591 4.5783 Distribution No. 63 3.2619 - 3.2619 4.4795 Distribution No. 64 3.6036 - 3.6036 4.3318 Distribution No. 65 3.4456 - 3.4456 4.7704 Group 2 Distribution No. 61 0.5672 3.0941 3.6613 4.8027 Distribution No. 62 1.7798 1.5793 3.3591 4.5783 Distribution No. 63 1.8585 1.4034 3.2619 4.4795 Distribution No. 64 2.0639 1.5397 3.6036 4.3318 Distribution No. 65 1.1529 2.2927 3.4456 4.7704 xxx xxx xxx xxx xxx
54 Fidelity Global Property Fund
Fund Manager’s Review Risk and Reward Indicator
Investment Objective and Policy SRRI The fund’s investment objective is to achieve a combination of income and A Accumulation Shares 5 long term capital growth from a portfolio primarily made up of the securities W Income Shares 5 of companies principally involved in the real estate industry and other real estate-related investments. W Accumulation Shares 5 Performance and Portfolio Activity Y Accumulation Shares 5 The fund posted negative returns over the period. US property stocks declined amid uncertainty over Donald Trump’s pro-growth agenda, while European Lower risk Higher risk property markets gained on sustained economic growth. Key US mall Typically lower rewards Typically higher rewards equities, including Simon Property Group and Macerich, fell due to weak retail sentiment. These losses were partially offset by the strong performance of 1 2 3 4 5 6 7 German and Spanish holdings, including Deutsche Wohnen and Inmobiliaria Colonial. Among the key transactions, I sold shares in Ventas and Alexandria The risk category was calculated using historical volatility data, based upon Real Estate to lock-in gains. The proceeds were reinvested in Digital Realty the methods set by European Union rules. Volatility is influenced by changes Trust, which is witnessing stable growth in leasing rentals, and Starwood in the stock market prices, currencies and interest rates which can be affected Waypoint Homes given its strong portfolio of single-family rental homes. unpredictably by diverse factors including political and economic events. Outlook • The risk category was calculated using historical performance data. The outlook for property stocks remains encouraging. Property fundamentals • The risk category may not be a reliable indication of the future risk profile of continue to improve, while demand/supply dynamics remain supportive. I the fund, is not guaranteed and may change over time. continue to find many investment opportunities across regions and property • The lowest category does not mean a "risk free" investment. types. • The risk and reward profile is classified by the level of historical fluctuation Dirk Philippa of the Net Asset Values of the share class, and within this classification, Fund Manager 31 August 2017 categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium level and 6-7 a high level. • The value of your investment may fall as well as rise and you may get back less than you originally invested. • Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging may be used to minimise the effect of this but may not always be successful. • The use of financial derivative instruments may result in increased gains or losses within the fund. • Liquidity is a measure of how easily an investment can be converted into cash. Under certain market conditions assets may be more difficult to sell.
55 Fidelity Global Property Fund
StatementNotes to the of FinancialTotal Return Statements for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Income Net capital gains/(losses) (2,384) 34,710 Revenue 4,070 4,906 Expenses (1,264) (1,365) Interest payable and similar charges (20) -
Net revenue/(expense) before taxation 2,786 3,541 Taxation (424) (561)
Net revenue/(expense) after taxation xxx 2,362 xxx 2,980
Total return before distributions (22) 37,690 Distributions (2,384) (2,941) Change in net assets attributable to shareholders from investment activities (2,406) 34,749
Statement of Change in Net Assets Attributable to Shareholders for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Opening net assets attributable to shareholders 198,956 201,319 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 30,512 6,914 Amounts payable on cancellation of shares (3,627) (27,192) xxx 26,885 xxx (20,278) Change in net assets attributable to shareholders from investment activities (see above) (2,406) 34,749 Retained distribution on accumulation shares 2,427 2,736 Closing net assets attributable to shareholders 225,862 218,526
Balance Sheet as at 31 August 2017 (unaudited) 31/08/17 28/02/17 £'000 £'000 £'000 £'000
Assets Investments 224,137 198,337 Current assets: Debtors 1,663 1,937 Cash and bank balances 1,000 1,166
Total other assets xxx 2,663 xxx 3,103
Total assets 226,800 201,440 Liabilities: Creditors Distribution payable (90) (28) Other creditors (848) (2,456)
Total other liabilities xxx (938) xxx (2,484) Total liabilities (938) (2,484) Net assets attributable to shareholders 225,862 198,956
56 Fidelity Global Property Fund
Distribution Statement for the six month period ended 31 August 2017 (unaudited) A Accumulation Shares - interim distribution No. 22 in pence per share Group 1 - Shares purchased on or before 28 February 2017. Group 2 - Shares purchased from 1 March 2017 to 31 August 2017. Amount Amount accumulated accumulated xxx Net revenue Equalisation 31/10/17 31/10/16
Group 1 1.5716 - 1.5716 1.9953 Group 2 0.8015 0.7701 1.5716 1.9953 xxx xxx xxx xxx xxx W Accumulation Shares - interim distribution No. 10 in pence per share Group 1 - Shares purchased on or before 28 February 2017. Group 2 - Shares purchased from 1 March 2017 to 31 August 2017. Amount Amount accumulated accumulated xxx Net revenue Equalisation 31/10/17 31/10/16
Group 1 2.0767 - 2.0767 2.3836 Group 2 1.1426 0.9341 2.0767 2.3836 xxx xxx xxx xxx xxx W Income Shares - interim distribution No. 8 in pence per share Group 1 - Shares purchased on or before 28 February 2017. Group 2 - Shares purchased from 1 March 2017 to 31 August 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 31/10/17 31/10/16
Group 1 2.3977 - 2.3977 2.6643 Group 2 1.2745 1.1232 2.3977 2.6643 xxx xxx xxx xxx xxx Y Accumulation Shares - interim distribution No. 10 in pence per share Group 1 - Shares purchased on or before 28 February 2017. Group 2 - Shares purchased from 1 March 2017 to 31 August 2017. Amount Amount accumulated accumulated xxx Net revenue Equalisation 31/10/17 31/10/16
Group 1 1.8932 - 1.8932 2.2220 Group 2 1.1017 0.7915 1.8932 2.2220 xxx xxx xxx xxx xxx
57 Fidelity Global Special Situations Fund
Fund Manager’s Review Risk and Reward Indicator
Investment Objective and Policy SRRI The fund’s investment objective is to achieve long term capital growth from A Accumulation Shares 5 a portfolio primarily made up of the shares of companies around the world. J Accumulation Shares 5 The fund will have a blend of investments in larger, medium and smaller sized companies. The ACD is not restricted in its choice of companies either by W Accumulation Shares 5 size or industry, or in terms of the geographical split of the portfolio, and will Y Accumulation Shares 5 choose stocks largely determined by the availability of attractive investment opportunities. The fund may also invest in other transferable securities, units in collective investment schemes, money market instruments, cash and deposits. Lower risk Higher risk Derivatives and forward transactions may also be used for investment Typically lower rewards Typically higher rewards purposes. Performance and Portfolio Activity 1 2 3 4 5 6 7 The fund delivered positive returns over the period. In industrials, Vinci and The risk category was calculated using historical volatility data, based upon Koninklijke Philips added value following a European cyclical recovery, as the methods set by European Union rules. Volatility is influenced by changes political uncertainty in the region eased. Semiconductor equipment supplier in the stock market prices, currencies and interest rates which can be affected Lam Research and gaming software developer Activision Blizzard benefited unpredictably by diverse factors including political and economic events. from an improvement in their sales outlook. Consumer staples holdings, including Koninklijke Ahold Delhaize and Carrefour were hampered by • The risk category was calculated using historical performance data. challenging business conditions. At a regional level, I reduced the allocation • The risk category may not be a reliable indication of the future risk profile of to the US and increased the exposure to the eurozone given its attractive the fund, is not guaranteed and may change over time. earnings prospects and valuations. I bought positions in Pandora and • The lowest category does not mean a "risk free" investment. Svenska Cellulosa Aktiebolaget and sold Citizens Financial Group and Jones Lang LaSalle. • The risk and reward profile is classified by the level of historical fluctuation of the Net Asset Values of the share class, and within this classification, Outlook categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium Equities remain relatively attractively versus other assets classes such level and 6-7 a high level. as bonds. A combination of corporate earnings growth and merger and • The value of your investment may fall as well as rise and you may get back acquisition activity could support markets. I continue to focus on finding the less than you originally invested. best stock opportunities for investors globally. • Movements in currency exchange rates can adversely affect the return of your Jeremy Podger investment. The currency hedging may be used to minimise the effect of this Fund Manager but may not always be successful. 31 August 2017 • The use of financial derivative instruments may result in increased gains or losses within the fund.
58 Fidelity Global Special Situations Fund
StatementDistribution of Statement Total Return for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Income Net capital gains/(losses) 108,938 288,828 Revenue 29,245 23,972 Expenses (13,659) (10,480) Interest payable and similar charges (1,489) (2,233)
Net revenue/(expense) before taxation 14,097 11,259 Taxation (2,309) (1,474)
Net revenue/(expense) after taxation xxx 11,788 xxx 9,785
Total return before distributions 120,726 298,613 Distributions 110 (170) Change in net assets attributable to shareholders from investment activities 120,836 298,443
Statement of Change in Net Assets Attributable to Shareholders for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Opening net assets attributable to shareholders 2,202,334 1,653,809 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 80,652 6,721 Amounts payable on cancellation of shares (27,731) (59,313) xxx 52,921 xxx (52,592) Change in net assets attributable to shareholders from investment activities (see above) 120,836 298,443 Closing net assets attributable to shareholders 2,376,091 1,899,660
Balance Sheet as at 31 August 2017 (unaudited) 31/08/17 28/02/17 £'000 £'000 £'000 £'000
Assets Investments 2,383,808 2,207,116 Current assets: Debtors 6,094 14,245 Cash and bank balances 513 889
Total other assets xxx 6,607 xxx 15,134
Total assets 2,390,415 2,222,250 Liabilities: Investment liabilities (9,582) (9,146) Creditors Other creditors (4,742) (10,770)
Total other liabilities xxx (4,742) xxx (10,770) Total liabilities (14,324) (19,916) Net assets attributable to shareholders 2,376,091 2,202,334
59 Fidelity Index Emerging Markets Fund
Fund Manager’s Review Risk and Reward Indicator
Investment Objective and Policy SRRI The fund’s investment objective is to achieve long term capital growth by F Accumulation Shares 6 closely matching the performance of the MSCI Emerging Markets Index. The P Accumulation Shares 6 ACD will aim to hold securities that represent the MSCI Emerging Markets Index (or in the event of this index ceasing to be compiled such index as the P Income Shares 6 ACD may deem appropriate). In order to manage the cash position of the W Accumulation Shares 6 portfolio, the ACD may utilise stock index futures as allowed by the regulations. W Income Shares 6 Performance and Portfolio Activity The fund generated positive returns as emerging market equities advanced on account of robust economic growth in China. As a “passive” or “index Lower risk Higher risk tracker” fund, the return of the fund and the index should be similar over time, Typically lower rewards Typically higher rewards before costs. However, the reported fund and index returns cannot be used to assess how well the fund tracks the index. This is because the fund is priced 1 2 3 4 5 6 7 at midday, while the market index is calculated using closing market prices. To allow a meaningful comparison of tracking difference, we have revalued The risk category was calculated using historical volatility data, based upon the primary W accumulation shares using company share prices that make the methods set by European Union rules. Volatility is influenced by changes up the index at market close. The revalued W accumulation shares returned in the stock market prices, currencies and interest rates which can be affected 13.94% against the index return of 13.98% over the period. The difference in unpredictably by diverse factors including political and economic events. performance takes into account factors such as ongoing charges, taxation • The risk category was calculated using historical performance data. and transaction costs. • The risk category may not be a reliable indication of the future risk profile of Please note, the fund’s cash position, and investment of cash into a liquidity the fund, is not guaranteed and may change over time. fund for diversification, does not mean that the fund is under exposed to • The lowest category does not mean a "risk free" investment. the index. Such positions are typically equitised with equity index futures contracts. This helps to efficiently manage cashflows in the fund at reduced • The risk and reward profile is classified by the level of historical fluctuation costs. When taking into account exposure achieved by these futures contracts, of the Net Asset Values of the share class, and within this classification, the fund’s country and holdings weights more closely match the index. categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium level and 6-7 a high level. Outlook • The value of your investment may fall as well as rise and you may get back The situation across emerging markets remains mixed. While some emerging less than you originally invested. markets are implementing significant internal reforms and economic data is improving, monetary policy decisions in the developed world and geopolitical • Movements in currency exchange rates can adversely affect the return of your tensions may cause short-term volatility. investment. The currency hedging may be used to minimise the effect of this but may not always be successful. Geode Capital Management Fund Manager • The use of financial derivative instruments may result in increased gains or 31 August 2017 losses within the fund.
60 Fidelity Index Emerging Markets Fund
Statement of Total Return for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Income Net capital gains/(losses) 13,371 11,684 Revenue 2,126 924 Expenses (120) (51) Interest payable and similar charges (1) -
Net revenue/(expense) before taxation 2,005 873 Taxation (266) (117)
Net revenue/(expense) after taxation xxx 1,739 xxx 756
Total return before distributions 15,110 12,440 Distributions (150) 35 Change in net assets attributable to shareholders from investment activities 14,960 12,475
Statement of Change in Net Assets Attributable to Shareholders for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Opening net assets attributable to shareholders 99,434 40,658 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 63,733 22,537 Amounts payable on cancellation of shares (42,116) (7,782) xxx 21,617 xxx 14,755 Swing price adjustment 184 46 Change in net assets attributable to shareholders from investment activities (see above) 14,960 12,475 Closing net assets attributable to shareholders 136,195 67,934
Balance Sheet as at 31 August 2017 (unaudited) 31/08/17 28/02/17 £'000 £'000 £'000 £'000
Assets Investments 134,624 96,221 Current assets: Debtors 1,184 3,190 Cash and bank balances 1,091 614
Total other assets xxx 2,275 xxx 3,804
Total assets 136,899 100,025 Liabilities: Creditors Distribution payable (227) (48) Other creditors (477) (543)
Total other liabilities xxx (704) xxx (591) Total liabilities (704) (591) Net assets attributable to shareholders 136,195 99,434
61 Fidelity Index Emerging Markets Fund
Distribution Statement for the six month period ended 31 August 2017 (unaudited) P Income Shares - interim distribution No. 13 in pence per share Group 1 - Shares purchased on or before 31 May 2017. Group 2 - Shares purchased from 1 June 2017 to 31 August 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/10/17 18/10/16
Group 1 1.3245 - 1.3245 1.0886 Group 2 0.6376 0.6869 1.3245 1.0886 xxx xxx xxx xxx xxx P Income Shares - interim distribution No. 12 in pence per share Group 1 - Shares purchased on or before 28 February 2017. Group 2 - Shares purchased from 1 March 2017 to 31 May 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/07/17 18/07/16
Group 1 0.5257 - 0.5257 0.4070 Group 2 0.2349 0.2908 0.5257 0.4070 xxx xxx xxx xxx xxx W Income Shares - interim distribution No. 13 in pence per share Group 1 - Shares purchased on or before 31 May 2017. Group 2 - Shares purchased from 1 June 2017 to 31 August 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/10/17 18/10/16
Group 1 1.3215 - 1.3215 1.0864 Group 2 0.3604 0.9611 1.3215 1.0864 xxx xxx xxx xxx xxx W Income Shares - interim distribution No. 12 in pence per share Group 1 - Shares purchased on or before 28 February 2017. Group 2 - Shares purchased from 1 March 2017 to 31 May 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/07/17 18/07/16
Group 1 0.5197 - 0.5197 0.4027 Group 2 0.2817 0.2380 0.5197 0.4027 xxx xxx xxx xxx xxx
62 Fidelity Index Europe ex UK Fund
Fund Manager’s Review Risk and Reward Indicator
Investment Objective and Policy SRRI The fund’s investment objective is to achieve long term capital growth by F Accumulation Shares 5 closely matching the performance of the MSCI Europe ex UK Index. The ACD P Accumulation Shares 5 will aim to hold securities that represent the MSCI Europe ex UK Index (or in the event of this index ceasing to be compiled such index as the ACD may P Income Shares 5 deem appropriate). In order to manage the cash position of the portfolio, the W Accumulation Shares 6 ACD may utilise stock index futures as allowed by the regulations. W Income Shares 5 Performance and Portfolio Activity The fund gained over the period as markets were buoyed by encouraging economic data, favourable election results and strong corporate earnings. Lower risk Higher risk As a “passive” or “index tracker” fund, the return of the fund and the index Typically lower rewards Typically higher rewards should be similar over time, before costs. However, the reported fund and index returns cannot be used to assess how well the fund tracks the index. This 1 2 3 4 5 6 7 is because the fund is priced at midday, while the market index is calculated using closing market prices. To allow a meaningful comparison of tracking The risk category was calculated using historical volatility data, based upon difference, we have revalued the primary W accumulation shares using the methods set by European Union rules. Volatility is influenced by changes company share prices that make up the index at market close. The revalued in the stock market prices, currencies and interest rates which can be affected W accumulation shares returned 14.22%, against the index return of 14.53% unpredictably by diverse factors including political and economic events. over the period. The difference in performance takes into account the effect of • The risk category was calculated using historical performance data. factors such as ongoing charges, taxation and transaction costs. A substantial • The risk category may not be a reliable indication of the future risk profile of part of the difference is due to withholding taxes incurred by the fund but not the fund, is not guaranteed and may change over time. by the gross total return index. • The lowest category does not mean a "risk free" investment. Please note, the fund’s cash position, and investment of cash into a liquidity fund for diversification, does not mean that the fund is under exposed to • The risk and reward profile is classified by the level of historical fluctuation the index, as such positions are typically equitised with equity index futures of the Net Asset Values of the share class, and within this classification, contracts. This helps to efficiently manage cashflows in the fund at reduced categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium costs. When taking into account exposure achieved by these futures contracts, level and 6-7 a high level. the fund’s country and holdings weights more closely match the index. • The value of your investment may fall as well as rise and you may get back less than you originally invested. Outlook The near-term outlook for Europe is positive. Unemployment is declining • Movements in currency exchange rates can adversely affect the return of your and growth is solid. More importantly, both core and peripheral Europe are investment. The currency hedging may be used to minimise the effect of this witnessing strong Purchasing Managers’ Index data, although the pace of but may not always be successful. growth has slowed slightly. Earnings growth and return potential in the region • The use of financial derivative instruments may result in increased gains or have also improved. losses within the fund. Geode Capital Management Fund Manager 31 August 2017
63 Fidelity Index Europe ex UK Fund
StatementDistribution of Statement Total Return for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Income Net capital gains/(losses) 29,144 17,457 Revenue 6,912 4,118 Expenses (136) (74) Interest payable and similar charges (14) (6)
Net revenue/(expense) before taxation 6,762 4,038 Taxation (497) (259)
Net revenue/(expense) after taxation xxx 6,265 xxx 3,779
Total return before distributions 35,409 21,236 Distributions (1,171) (1,183) Change in net assets attributable to shareholders from investment activities 34,238 20,053
Statement of Change in Net Assets Attributable to Shareholders for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Opening net assets attributable to shareholders 229,511 141,781 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 68,036 27,366 Amounts payable on cancellation of shares (54,486) (46,698) xxx 13,550 xxx (19,332) Swing price adjustment 41 26 Change in net assets attributable to shareholders from investment activities (see above) 34,238 20,053 Closing net assets attributable to shareholders 277,340 142,528
Balance Sheet as at 31 August 2017 (unaudited) 31/08/17 28/02/17 £'000 £'000 £'000 £'000
Assets Investments 274,324 228,041 Current assets: Debtors 2,209 1,585 Cash and bank balances 1,590 637
Total other assets xxx 3,799 xxx 2,222
Total assets 278,123 230,263 Liabilities: Investment liabilities (116) (26) Creditors Bank overdrafts - (8) Distribution payable (32) (38) Other creditors (635) (680)
Total other liabilities xxx (667) xxx (726) Total liabilities (783) (752) Net assets attributable to shareholders 277,340 229,511
64 Fidelity Index Europe ex UK Fund
Distribution Statement for the six month period ended 31 August 2017 (unaudited) W Income Shares - interim distribution No. 13 in pence per share Group 1 - Shares purchased on or before 31 May 2017. Group 2 - Shares purchased from 1 June 2017 to 31 August 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/10/17 18/10/16
Group 1 0.0839 - 0.0839 0.3177 Group 2 - 0.0839 0.0839 0.3177 xxx xxx xxx xxx xxx W Income Shares - interim distribution No. 12 in pence per share Group 1 - Shares purchased on or before 28 February 2017. Group 2 - Shares purchased from 1 March 2017 to 31 May 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/07/17 18/07/16
Group 1 2.6211 - 2.6211 2.1143 Group 2 1.4782 1.1429 2.6211 2.1143 xxx xxx xxx xxx xxx P Income Shares - interim distribution No. 13 in pence per share Group 1 - Shares purchased on or before 31 May 2017. Group 2 - Shares purchased from 1 June 2017 to 31 August 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/10/17 18/10/16
Group 1 0.0886 - 0.0886 0.3332 Group 2 - 0.0886 0.0886 0.3332 xxx xxx xxx xxx xxx P Income Shares - interim distribution No. 12 in pence per share Group 1 - Shares purchased on or before 28 February 2017. Group 2 - Shares purchased from 1 March 2017 to 31 May 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/07/17 18/07/16
Group 1 2.6263 - 2.6263 2.1190 Group 2 1.9665 0.6598 2.6263 2.1190 xxx xxx xxx xxx xxx
65 Fidelity Index Japan Fund
Fund Manager’s Review Risk and Reward Indicator
Investment Objective and Policy SRRI The fund’s investment objective is to achieve long term capital growth by F Accumulation Shares 6 closely matching the performance of the MSCI Japan Index. The ACD will aim P Accumulation Shares 6 to hold securities that represent the MSCI Japan Index (or in the event of this index ceasing to be compiled such index as the ACD may deem appropriate). P Income Shares 6 In order to manage the cash position of the portfolio, the ACD may utilise W Accumulation Shares 6 stock index futures as allowed by the regulations. W Income Shares 6 Performance and Portfolio Activity The fund generated positive returns over the review period, as a strong economic backdrop and positive corporate earnings lifted investor sentiment. Lower risk Higher risk As a “passive” or “index tracker” fund, the return of the fund and the index Typically lower rewards Typically higher rewards should be similar over time, before costs. However, the reported fund and index returns cannot be used to assess how well the fund tracks the index. This 1 2 3 4 5 6 7 is because the fund is priced at midday, while the market index is calculated using closing market prices. To allow a meaningful comparison of tracking The risk category was calculated using historical volatility data, based upon difference we have revalued the primary W accumulation shares using the methods set by European Union rules. Volatility is influenced by changes company share prices that make up the index at market close. The revalued in the stock market prices, currencies and interest rates which can be affected W accumulation shares returned 3.16% against the index return of 3.21% over unpredictably by diverse factors including political and economic events. the period. The difference in performance takes into account the effect of • The risk category was calculated using historical performance data. factors such as ongoing charges, taxation and transaction costs. • The risk category may not be a reliable indication of the future risk profile of Please note, the fund’s cash position does not mean that the fund is under the fund, is not guaranteed and may change over time. exposed to the index, as such positions are typically equitised with equity • The lowest category does not mean a "risk free" investment. index futures contracts. This helps to efficiently manage cashflows in the fund at reduced costs. When taking into account exposure achieved by these • The risk and reward profile is classified by the level of historical fluctuation futures contracts, the fund’s country and holdings weights more closely match of the Net Asset Values of the share class, and within this classification, the index. categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium level and 6-7 a high level. Outlook • The value of your investment may fall as well as rise and you may get back Solid consumption and investment have supported recent GDP growth, and less than you originally invested. continue to buoy the economic and investment outlook. Improving earnings momentum and attractive valuations are also supportive of Japanese stocks, • Movements in currency exchange rates can adversely affect the return of your although geopolitical events surrounding North Korea remain a risk factor. investment. The currency hedging may be used to minimise the effect of this but may not always be successful. Geode Capital Management Fund Manager • The use of financial derivative instruments may result in increased gains or 31 August 2017 losses within the fund.
66 Fidelity Index Japan Fund
StatementDistribution of Statement Total Return for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Income Net capital gains/(losses) 4,680 15,191 Revenue 1,396 1,167 Expenses (78) (47) Interest payable and similar charges (4) (2)
Net revenue/(expense) before taxation 1,314 1,118 Taxation (136) (114)
Net revenue/(expense) after taxation xxx 1,178 xxx 1,004
Total return before distributions 5,858 16,195 Distributions 322 (331) Change in net assets attributable to shareholders from investment activities 6,180 15,864
Statement of Change in Net Assets Attributable to Shareholders for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Opening net assets attributable to shareholders 116,741 87,557 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 100,208 22,633 Amounts payable on cancellation of shares (19,678) (29,556) xxx 80,530 xxx (6,923) Swing price adjustment 47 22 Change in net assets attributable to shareholders from investment activities (see above) 6,180 15,864 Closing net assets attributable to shareholders 203,498 96,520
Balance Sheet as at 31 August 2017 (unaudited) 31/08/17 28/02/17 £'000 £'000 £'000 £'000
Assets Investments 199,268 114,284 Current assets: Debtors 1,243 7,697 Cash and bank balances 3,745 2,811
Total other assets xxx 4,988 xxx 10,508
Total assets 204,256 124,792 Liabilities: Investment liabilities (13) (3) Creditors Distribution payable (46) (46) Other creditors (699) (8,002)
Total other liabilities xxx (745) xxx (8,048) Total liabilities (758) (8,051) Net assets attributable to shareholders 203,498 116,741
67 Fidelity Index Japan Fund
Distribution Statement for the six month period ended 31 August 2017 (unaudited) W Income Shares - interim distribution No. 13 in pence per share Group 1 - Shares purchased on or before 31 May 2017. Group 2 - Shares purchased from 1 June 2017 to 31 August 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/10/17 18/10/16
Group 1 0.1719 - 0.1719 0.3446 Group 2 0.0786 0.0933 0.1719 0.3446 xxx xxx xxx xxx xxx W Income Shares - interim distribution No. 12 in pence per share Group 1 - Shares purchased on or before 28 February 2017. Group 2 - Shares purchased from 1 March 2017 to 31 May 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/07/17 18/07/16
Group 1 1.1653 - 1.1653 0.9338 Group 2 0.2637 0.9016 1.1653 0.9338 xxx xxx xxx xxx xxx P Income Shares - interim distribution No. 13 in pence per share Group 1 - Shares purchased on or before 31 May 2017. Group 2 - Shares purchased from 1 June 2017 to 31 August 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/10/17 18/10/16
Group 1 0.1791 - 0.1791 0.3509 Group 2 0.0573 0.1218 0.1791 0.3509 xxx xxx xxx xxx xxx P Income Shares - interim distribution No. 12 in pence per share Group 1 - Shares purchased on or before 28 February 2017. Group 2 - Shares purchased from 1 March 2017 to 31 May 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/07/17 18/07/16
Group 1 1.1717 - 1.1717 0.9391 Group 2 0.2733 0.8984 1.1717 0.9391 xxx xxx xxx xxx xxx
68 Fidelity Index Pacific ex Japan Fund
Fund Manager’s Review Risk and Reward Indicator
Investment Objective and Policy SRRI * The fund’s investment objective is to achieve long term capital growth by F Accumulation Shares 5 closely matching the performance of the MSCI Pacific ex Japan Index. The P Accumulation Shares 5 ACD will aim to hold securities that represent the MSCI Pacific ex Japan Index (or in the event of this index ceasing to be compiled such index as the ACD P Income Shares 5 may deem appropriate). In order to manage the cash position of the portfolio, W Accumulation Shares 5 the ACD may utilise stock index futures as allowed by the regulations. W Income Shares 5 Performance and Portfolio Activity The fund generated positive returns over the review period. Positive economic data in major global economies boosted investor sentiment. The materials Lower risk Higher risk sector benefited from higher base metal prices. Meanwhile, concerns Typically lower rewards Typically higher rewards about a new tax and risks associated with the housing market weighed on shares in major Australian banks. As a “passive” or “index tracker” fund, the 1 2 3 4 5 6 7 return of the fund and the index should be similar over time, before costs. However, the reported fund and index returns cannot be used to assess how The risk category was calculated using historical volatility data, based upon well the fund tracks the index. This is because the fund is priced at midday, the methods set by European Union rules. Volatility is influenced by changes while the market index is calculated using closing market prices. To allow a in the stock market prices, currencies and interest rates which can be affected meaningful comparison of tracking difference we have revalued the primary unpredictably by diverse factors including political and economic events. W accumulation shares using company share prices that make up the index • The risk category was calculated using historical performance data. at market close. The revalued W accumulation shares returned 5.03% against • The risk category may not be a reliable indication of the future risk profile of the index return of 5.19% over the period. The difference in performance takes the fund, is not guaranteed and may change over time. into account the effect of factors such as ongoing charges, taxation and transaction costs. • The lowest category does not mean a "risk free" investment. Please note, the fund’s cash position does not mean that the fund is under • The risk and reward profile is classified by the level of historical fluctuation exposed to the index, as such positions are typically equitised with equity of the Net Asset Values of the share class, and within this classification, index futures contracts. This helps to efficiently manage cashflows in the fund categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium at reduced costs. When taking into account exposure achieved by these level and 6-7 a high level. futures contracts, the fund’s country and holdings weights more closely match • The value of your investment may fall as well as rise and you may get back the index. less than you originally invested. Outlook • Movements in currency exchange rates can adversely affect the return of your Fundamentals in the region are strong. In Australia, low-cost resources, investment. The currency hedging may be used to minimise the effect of this modest population growth, high dividend yield, healthy dividend growth but may not always be successful. and disciplined capital management should continue to attract investor • The use of financial derivative instruments may result in increased gains or interest. The focus on policy reforms and infrastructure spending in key Asian losses within the fund. economies is also positive. Geode Capital Management Fund Manager 31 August 2017
69 Fidelity Index Pacific ex Japan Fund
StatementDistribution of Statement Total Return for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Income Net capital gains/(losses) 3,270 13,601 Revenue 2,916 1,761 Expenses (85) (46)
Net revenue/(expense) before taxation 2,831 1,715 Taxation (61) (35)
Net revenue/(expense) after taxation xxx 2,770 xxx 1,680
Total return before distributions 6,040 15,281 Distributions (252) (153) Change in net assets attributable to shareholders from investment activities 5,788 15,128
Statement of Change in Net Assets Attributable to Shareholders for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Opening net assets attributable to shareholders 111,364 63,597 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 28,226 14,976 Amounts payable on cancellation of shares (6,543) (14,138) xxx 21,683 xxx 838 Swing price adjustment 3 11 Change in net assets attributable to shareholders from investment activities (see above) 5,788 15,128 Closing net assets attributable to shareholders 138,838 79,574
Balance Sheet as at 31 August 2017 (unaudited) 31/08/17 28/02/17 £'000 £'000 £'000 £'000
Assets Investments 134,271 107,785 Current assets: Debtors 1,763 2,038 Cash and bank balances 3,519 3,239
Total other assets xxx 5,282 xxx 5,277
Total assets 139,553 113,062 Liabilities: Investment liabilities - (19) Creditors Distribution payable (184) (51) Other creditors (531) (1,628)
Total other liabilities xxx (715) xxx (1,679) Total liabilities (715) (1,698) Net assets attributable to shareholders 138,838 111,364
70 Fidelity Index Pacific ex Japan Fund
Distribution Statement for the six month period ended 31 August 2017 (unaudited) W Income Shares - interim distribution No. 13 in pence per share Group 1 - Shares purchased on or before 31 May 2017. Group 2 - Shares purchased from 1 June 2017 to 31 August 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/10/17 18/10/16
Group 1 1.0312 - 1.0312 0.9884 Group 2 0.7102 0.3210 1.0312 0.9884 xxx xxx xxx xxx xxx W Income Shares - interim distribution No. 12 in pence per share Group 1 - Shares purchased on or before 28 February 2017. Group 2 - Shares purchased from 1 March 2017 to 31 May 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/07/17 18/07/16
Group 1 1.5112 - 1.5112 1.1388 Group 2 0.7561 0.7551 1.5112 1.1388 xxx xxx xxx xxx xxx P Income Shares - interim distribution No. 13 in pence per share Group 1 - Shares purchased on or before 31 May 2017. Group 2 - Shares purchased from 1 June 2017 to 31 August 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/10/17 18/10/16
Group 1 1.0309 - 1.0309 0.9919 Group 2 0.7500 0.2809 1.0309 0.9919 xxx xxx xxx xxx xxx P Income Shares - interim distribution No. 12 in pence per share Group 1 - Shares purchased on or before 28 February 2017. Group 2 - Shares purchased from 1 March 2017 to 31 May 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/07/17 18/07/16
Group 1 1.5171 - 1.5171 1.1434 Group 2 0.8457 0.6714 1.5171 1.1434 xxx xxx xxx xxx xxx
71 Fidelity Index UK Fund
Fund Manager’s Review Risk and Reward Indicator
Investment Objective and Policy SRRI The fund’s investment objective is to achieve long term capital growth by A Accumulation Shares 5 closely matching the performance of the FT-SE Actuaries All-Share Index. The F Accumulation Shares 5 ACD will aim to hold securities that represent the FT-SE Actuaries All-Share Index (or, in the event of this index ceasing to be compiled, such other index I Accumulation Shares 5 as the ACD may deem appropriate). In order to manage the cash position P Accumulation Shares 5 of the portfolio, the ACD may utilise stock index futures as allowed by the regulations. P Income Shares 5 Note: The Shares in the fund are not in any way sponsored, endorsed, sold W Accumulation Shares 5 or promoted by FTSE International Limited (“FTSE”) or by the London Stock W Income Shares 5 Exchange Plc (“the Exchange”) or by The Financial Times Limited (“FT”), and neither FTSE nor the Exchange nor FT makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained Lower risk Higher risk from the use of the FT-SE Actuaries All-Share Index (“the Index” and/or the Typically lower rewards Typically higher rewards figure at which the said Index stands at any particular time on any particular day or otherwise. The Index is compiled and calculated by FTSE. However, 1 2 3 4 5 6 7 neither FTSE nor the Exchange nor FT shall be liable (whether in negligence or otherwise) to any person for any error in the Index, and neither FTSE nor The risk category was calculated using historical volatility data, based upon the Exchange nor FT shall be under any obligation to advise any person of the methods set by European Union rules. Volatility is influenced by changes any error in the Index. “FTSE™ and “FT-SE®” are trade marks of the London in the stock market prices, currencies and interest rates which can be affected Stock Exchange Plc and The Financial Times Limited and are used by FTSE unpredictably by diverse factors including political and economic events. International Limited under licence. “All-Share™” is a trade mark of FTSE • The risk category was calculated using historical performance data. International Limited. • The risk category may not be a reliable indication of the future risk profile of Performance and Portfolio Activity the fund, is not guaranteed and may change over time. The fund gained over the period. UK equities were resilient despite a • The lowest category does not mean a "risk free" investment. weakening economic outlook. Investors focused on global economic growth • The risk and reward profile is classified by the level of historical fluctuation and the weak sterling, which could benefit UK corporates with global of the Net Asset Values of the share class, and within this classification, exposure. As a “passive” or “index tracker” fund, the return of the fund categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium and the index should be similar over time, before costs. The difference in level and 6-7 a high level. performance is due to the effect of factors such as ongoing charges, taxation • The value of your investment may fall as well as rise and you may get back and transaction costs. less than you originally invested. Please note, the fund’s cash position and investment of cash into a liquidity • Movements in currency exchange rates can adversely affect the return of your fund for diversification, does not mean that the fund is under exposed to the investment. The currency hedging may be used to minimise the effect of this index, as any cash is typically equitised with equity index futures contracts. but may not always be successful. This helps to efficiently manage cashflows in the fund at reduced costs. When taking into account exposure achieved by these futures contracts, the fund’s • The use of financial derivative instruments may result in increased gains or sector and holdings weights more closely match the index. losses within the fund. Outlook There is a heightened degree of uncertainty around the UK economy. Inflation is now well above the Bank of England’s 2% target and will intensify concerns about higher living costs, amid low household savings rates. This increases the possibility of a rise in interest rates. Geode Capital Management Fund Manager 31 August 2017
72 Fidelity Index UK Fund
StatementDistribution of Statement Total Return for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Income Net capital gains/(losses) 59,134 208,265 Revenue 55,033 50,451 Expenses (1,032) (887) Interest payable and similar charges (1) (1)
Net revenue/(expense) before taxation 54,000 49,563 Taxation (349) (99)
Net revenue/(expense) after taxation xxx 53,651 xxx 49,464
Total return before distributions 112,785 257,729 Distributions (4,216) (4,583) Change in net assets attributable to shareholders from investment activities 108,569 253,146
Statement of Change in Net Assets Attributable to Shareholders for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Opening net assets attributable to shareholders 2,201,031 1,844,044 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 181,374 153,036 Amounts payable on cancellation of shares (69,516) (149,720) xxx 111,858 xxx 3,316 Swing price adjustment 183 137 Change in net assets attributable to shareholders from investment activities (see above) 108,569 253,146 Closing net assets attributable to shareholders 2,421,641 2,100,643
Balance Sheet as at 31 August 2017 (unaudited) 31/08/17 28/02/17 £'000 £'000 £'000 £'000
Assets Investments 2,397,620 2,184,060 Current assets: Debtors 20,942 15,829 Cash and bank balances 6,005 2,899
Total other assets xxx 26,947 xxx 18,728
Total assets 2,424,567 2,202,788 Liabilities: Creditors Distribution payable (2,078) (350) Other creditors (848) (1,407)
Total other liabilities xxx (2,926) xxx (1,757) Total liabilities (2,926) (1,757) Net assets attributable to shareholders 2,421,641 2,201,031
73 Fidelity Index UK Fund
Distribution Statement for the six month period ended 31 August 2017 (unaudited) W Income Shares - interim distribution No. 13 in pence per share Group 1 - Shares purchased on or before 31 May 2017. Group 2 - Shares purchased from 1 June 2017 to 31 August 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/10/17 18/10/16
Group 1 0.8461 - 0.8461 0.9522 Group 2 0.2980 0.5481 0.8461 0.9522 xxx xxx xxx xxx xxx W Income Shares - interim distribution No. 12 in pence per share Group 1 - Shares purchased on or before 28 February 2017. Group 2 - Shares purchased from 1 March 2017 to 31 May 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/07/17 18/07/16
Group 1 1.1349 - 1.1349 1.1221 Group 2 0.6808 0.4541 1.1349 1.1221 xxx xxx xxx xxx xxx P Income Shares - interim distribution No. 13 in pence per share Group 1 - Shares purchased on or before 31 May 2017. Group 2 - Shares purchased from 1 June 2017 to 31 August 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/10/17 18/10/16
Group 1 0.8495 - 0.8495 0.9886 Group 2 0.3020 0.5475 0.8495 0.9886 xxx xxx xxx xxx xxx P Income Shares - interim distribution No. 12 in pence per share Group 1 - Shares purchased on or before 28 February 2017. Group 2 - Shares purchased from 1 March 2017 to 31 May 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/07/17 18/07/16
Group 1 1.1408 - 1.1408 1.1252 Group 2 0.6791 0.4617 1.1408 1.1252 xxx xxx xxx xxx xxx
74 Fidelity Index US Fund
Fund Manager’s Review Risk and Reward Indicator
Investment Objective and Policy SRRI The fund’s investment objective is to achieve long term capital growth by A Accumulation Shares 5 closely matching the performance of the S&P 500 index. The ACD will aim to F Accumulation Shares 5 hold securities that represent the S&P 500 index (or in the event of this index ceasing to be compiled such index as the ACD may deem appropriate). In I Accumulation Shares 5 order to manage the cash position of the portfolio, the ACD may utilise stock P Accumulation Shares 5 index futures as allowed by the regulations. P Income Shares 5 Performance and Portfolio Activity W Accumulation Shares 5 The fund delivered positive returns over the period. US equities were supported by positive economic data, a robust labour market and positive W Income Shares 5 consumer sentiment. On the policy front, the US Federal Reserve raised the interest rate range twice, to 0.75–1.00% at its March meeting and 1.00–1.25% Lower risk Higher risk at its June meeting. As a “passive” or “index tracker” fund, the return of the fund and the index should be similar over time, before costs. However, Typically lower rewards Typically higher rewards the reported fund and index returns cannot be used to assess how well the fund tracks the index. This is because the fund is priced at midday, 1 2 3 4 5 6 7 while the market index is calculated using closing market prices. To allow a meaningful comparison of tracking difference we have revalued the primary The risk category was calculated using historical volatility data, based upon W accumulation shares using company share prices that make up the index the methods set by European Union rules. Volatility is influenced by changes at market close. The revalued W accumulation shares returned 1.81%, against in the stock market prices, currencies and interest rates which can be affected the index return of 1.88% over the period. The difference in performance unpredictably by diverse factors including political and economic events. takes into account the effect of factors such as ongoing charges, taxation and • The risk category was calculated using historical performance data. transaction costs. • The risk category may not be a reliable indication of the future risk profile of Please note, the fund’s cash position and investment of cash into a liquidity the fund, is not guaranteed and may change over time. fund for diversification does not mean that the fund is under exposed to • The lowest category does not mean a "risk free" investment. the index, as such positions are typically equitised with equity index futures • The risk and reward profile is classified by the level of historical fluctuation contracts. This helps to efficiently manage cashflows in the fund at reduced of the Net Asset Values of the share class, and within this classification, costs. When taking into account exposure achieved by these futures contracts, categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium the fund’s holdings weights more closely match the index. level and 6-7 a high level. Outlook • The value of your investment may fall as well as rise and you may get back The US is entering its ninth year of expansion, with leading indicators less than you originally invested. continuing to point to further growth. While the long-term outlook for the US • Movements in currency exchange rates can adversely affect the return of your remains positive, investors need to exercise caution as the economy is in the investment. The currency hedging may be used to minimise the effect of this advanced stages of the business cycle. but may not always be successful. Geode Capital Management Fund Manager • The use of financial derivative instruments may result in increased gains or 31 August 2017 losses within the fund.
75 Fidelity Index US Fund
StatementDistribution of Statement Total Return for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Income Net capital gains/(losses) 1,030 104,900 Revenue 10,526 6,983 Expenses (388) (239) Interest payable and similar charges (1) (1)
Net revenue/(expense) before taxation 10,137 6,743 Taxation (1,459) (844)
Net revenue/(expense) after taxation xxx 8,678 xxx 5,899
Total return before distributions 9,708 110,799 Distributions (2,582) (1,736) Change in net assets attributable to shareholders from investment activities 7,126 109,063
Statement of Change in Net Assets Attributable to Shareholders for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Opening net assets attributable to shareholders 933,493 523,729 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 210,884 156,132 Amounts payable on cancellation of shares (78,205) (80,789) xxx 132,679 xxx 75,343 Change in net assets attributable to shareholders from investment activities (see above) 7,126 109,063 Closing net assets attributable to shareholders 1,073,298 708,135
Balance Sheet as at 31 August 2017 (unaudited) 31/08/17 28/02/17 £'000 £'000 £'000 £'000
Assets Investments 1,070,311 930,636 Current assets: Debtors 4,932 5,698 Cash and bank balances 795 761
Total other assets xxx 5,727 xxx 6,459
Total assets 1,076,038 937,095 Liabilities: Creditors Distribution payable (1,498) (1,153) Other creditors (1,242) (2,449)
Total other liabilities xxx (2,740) xxx (3,602) Total liabilities (2,740) (3,602) Net assets attributable to shareholders 1,073,298 933,493
76 Fidelity Index US Fund
Distribution Statement for the six month period ended 31 August 2017 (unaudited) W Income Shares - interim distribution No. 13 in pence per share Group 1 - Shares purchased on or before 31 May 2017. Group 2 - Shares purchased from 1 June 2017 to 31 August 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/10/17 18/10/16
Group 1 0.7031 - 0.7031 0.6544 Group 2 0.3622 0.3409 0.7031 0.6544 xxx xxx xxx xxx xxx W Income Shares - interim distribution No. 12 in pence per share Group 1 - Shares purchased on or before 28 February 2017. Group 2 - Shares purchased from 1 March 2017 to 31 May 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/07/17 18/07/16
Group 1 0.6910 - 0.6910 0.5714 Group 2 0.3135 0.3775 0.6910 0.5714 xxx xxx xxx xxx xxx P Income Shares - interim distribution No. 13 in pence per share Group 1 - Shares purchased on or before 31 May 2017. Group 2 - Shares purchased from 1 June 2017 to 31 August 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/10/17 18/10/16
Group 1 0.7115 - 0.7115 0.6587 Group 2 0.4091 0.3024 0.7115 0.6587 xxx xxx xxx xxx xxx P Income Shares - interim distribution No. 12 in pence per share Group 1 - Shares purchased on or before 28 February 2017. Group 2 - Shares purchased from 1 March 2017 to 31 May 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/07/17 18/07/16
Group 1 0.6995 - 0.6995 0.5778 Group 2 0.5461 0.1534 0.6995 0.5778 xxx xxx xxx xxx xxx
77 Fidelity Index World Fund
Fund Manager’s Review Risk and Reward Indicator
Investment Objective and Policy SRRI The fund’s investment objective is to achieve long term capital growth by A Accumulation Shares 5 closely matching the performance of the MSCI World Index. The ACD will aim F Accumulation Shares 5 to hold securities that represent the MSCI World Index (or in the event of this index ceasing to be compiled such index as the ACD may deem appropriate). I Accumulation Shares 5 In order to manage the cash position of the portfolio, the ACD may utilise P Accumulation Shares 5 stock index futures as allowed by the regulations. P Income Shares 5 Performance and Portfolio Activity W Accumulation Shares 5 The fund delivered positive returns over the period. Positive economic data from major economies globally and accommodative monetary policies from W Income Shares 5 most global central banks drove markets higher. However, geopolitical concerns weighed on sentiment. As a “passive” or “index tracker” fund, the Lower risk Higher risk return of the fund and the index should be similar over time, before costs. However, the reported fund and index returns cannot be used to assess Typically lower rewards Typically higher rewards how well the fund tracks the index. This is because the fund is priced at midday while the market index is calculated using closing market prices. To 1 2 3 4 5 6 7 allow a meaningful comparison of tracking difference we have revalued the primary W accumulation shares using company share prices that make up the The risk category was calculated using historical volatility data, based upon index at market close. The revalued W accumulation shares returned the methods set by European Union rules. Volatility is influenced by changes 4.19% against the index return of 4.11% over the period. The difference in in the stock market prices, currencies and interest rates which can be affected performance takes into account the effect of factors such as ongoing charges, unpredictably by diverse factors including political and economic events. taxation and transaction costs. Taxation was a positive source of tracking • The risk category was calculated using historical performance data. difference, where the fund’s withholding tax treatment is more favourable • The risk category may not be a reliable indication of the future risk profile of versus the net total return index. the fund, is not guaranteed and may change over time. Please note, the fund’s cash position and investment of cash into a liquidity • The lowest category does not mean a "risk free" investment. fund for diversification does not mean that the fund is under exposed to • The risk and reward profile is classified by the level of historical fluctuation the index, as such positions are typically equitised with equity index futures of the Net Asset Values of the share class, and within this classification, contracts. This helps to efficiently manage cashflows in the fund at reduced categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium costs. When taking into account exposure achieved by these futures contracts, level and 6-7 a high level. the fund’s country and holdings weights more closely match the index. • The value of your investment may fall as well as rise and you may get back Outlook less than you originally invested. Uncertainty around business deregulation under in the US, the UK’s ongoing • Movements in currency exchange rates can adversely affect the return of your negotiations to exit the European Union and geopolitical tensions will impact investment. The currency hedging may be used to minimise the effect of this investor sentiment. Going forward, earnings growth will be vital to maintain a but may not always be successful. sustained improvement in equities. • The use of financial derivative instruments may result in increased gains or Geode Capital Management Fund Manager losses within the fund. 31 August 2017
78 Fidelity Index World Fund
StatementDistribution of Statement Total Return for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Income Net capital gains/(losses) 10,801 45,697 Revenue 6,519 4,412 Expenses (289) (170) Interest payable and similar charges (2) (1)
Net revenue/(expense) before taxation 6,228 4,241 Taxation (585) (347)
Net revenue/(expense) after taxation xxx 5,643 xxx 3,894
Total return before distributions 16,444 49,591 Distributions 66 (110) Change in net assets attributable to shareholders from investment activities 16,510 49,481
Statement of Change in Net Assets Attributable to Shareholders for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Opening net assets attributable to shareholders 402,916 269,165 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 108,796 38,970 Amounts payable on cancellation of shares (9,976) (40,258) xxx 98,820 xxx (1,288) Swing price adjustment - 7 Change in net assets attributable to shareholders from investment activities (see above) 16,510 49,481 Closing net assets attributable to shareholders 518,246 317,365
Balance Sheet as at 31 August 2017 (unaudited) 31/08/17 28/02/17 £'000 £'000 £'000 £'000
Assets Investments 511,215 400,228 Current assets: Debtors 8,670 2,634 Cash and bank balances 1,906 866
Total other assets xxx 10,576 xxx 3,500
Total assets 521,791 403,728 Liabilities: Investment liabilities (33) (1) Creditors Distribution payable (218) (78) Other creditors (3,294) (733)
Total other liabilities xxx (3,512) xxx (811) Total liabilities (3,545) (812) Net assets attributable to shareholders 518,246 402,916
79 Fidelity Index World Fund
Distribution Statement for the six month period ended 31 August 2017 (unaudited) W Income Shares - interim distribution No. 13 in pence per share Group 1 - Shares purchased on or before 31 May 2017. Group 2 - Shares purchased from 1 June 2017 to 31 August 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/10/17 18/10/16
Group 1 0.5685 - 0.5685 0.5994 Group 2 0.2575 0.3110 0.5685 0.5994 xxx xxx xxx xxx xxx W Income Shares - interim distribution No. 12 in pence per share Group 1 - Shares purchased on or before 28 February 2017. Group 2 - Shares purchased from 1 March 2017 to 31 May 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/07/17 18/07/16
Group 1 1.1490 - 1.1490 0.9516 Group 2 0.5340 0.6150 1.1490 0.9516 xxx xxx xxx xxx xxx P Income Shares - interim distribution No. 13 in pence per share Group 1 - Shares purchased on or before 31 May 2017. Group 2 - Shares purchased from 1 June 2017 to 31 August 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/10/17 18/10/16
Group 1 0.5725 - 0.5725 0.6038 Group 2 0.4810 0.0915 0.5725 0.6038 xxx xxx xxx xxx xxx P Income Shares - interim distribution No. 12 in pence per share Group 1 - Shares purchased on or before 28 February 2017. Group 2 - Shares purchased from 1 March 2017 to 31 May 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/07/17 18/07/16
Group 1 1.1563 - 1.1563 0.9574 Group 2 0.5802 0.5761 1.1563 0.9574 xxx xxx xxx xxx xxx
80 Fidelity Japan Fund
Fund Manager’s Review Risk and Reward Indicator
Investment Objective and Policy SRRI The fund’s investment objective is to achieve long term capital growth from a A Accumulation Shares 6 portfolio primarily made up of shares of Japanese companies. The portfolio W Accumulation Shares 6 is likely to have a bias towards larger companies, although the ACD is not restricted in its choice of company by either size or industry. Y Accumulation Shares 6 Performance and Portfolio Activity The fund generated positive returns over the period, as an upbeat outlook for Lower risk Higher risk earnings growth supported staff provider Recruit Holdings and precision motor Typically lower rewards Typically higher rewards maker Nidec. Several of our key holdings, such as TOHO, which is engaged in movie, theatre and real estate businesses, also benefited from a supportive 1 2 3 4 5 6 7 domestic macroeconomic backdrop. I took profits in strong performers such as specialty metals company Mitsubishi Materials and chemicals group The risk category was calculated using historical volatility data, based upon Nitto Denko. I also sold sporting goods manufacturer Yonex as its earnings the methods set by European Union rules. Volatility is influenced by changes outlook had weakened. I allocated assets into companies with strong growth in the stock market prices, currencies and interest rates which can be affected prospects such as semiconductor manufacturer Renesas Electronics and unpredictably by diverse factors including political and economic events. Rinnai, a manufacturer of heating appliances and components. • The risk category was calculated using historical performance data. Outlook • The risk category may not be a reliable indication of the future risk profile of Solid consumption and investment have supported recent GDP growth, and the fund, is not guaranteed and may change over time. continue to buoy the economic and investment outlook. Improving earnings • The lowest category does not mean a "risk free" investment. momentum and attractive valuations are also supportive of Japanese stocks, • The risk and reward profile is classified by the level of historical fluctuation although geopolitical events surrounding North Korea remain a risk factor. of the Net Asset Values of the share class, and within this classification, Hiroyuki Ito categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium Fund Manager level and 6-7 a high level. 31 August 2017 • The value of your investment may fall as well as rise and you may get back less than you originally invested. • Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging may be used to minimise the effect of this but may not always be successful. • The use of financial derivative instruments may result in increased gains or losses within the fund.
81 Fidelity Japan Fund
StatementDistribution of Statement Total Return for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Income Net capital gains/(losses) 2,537 12,801 Revenue 839 928 Expenses (590) (651) Interest payable and similar charges (2) (1)
Net revenue/(expense) before taxation 247 276 Taxation (84) (93)
Net revenue/(expense) after taxation xxx 163 xxx 183
Total return before distributions 2,700 12,984 Distributions (64) (53) Change in net assets attributable to shareholders from investment activities 2,636 12,931
Statement of Change in Net Assets Attributable to Shareholders for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Opening net assets attributable to shareholders 103,838 91,340 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 953 2,998 Amounts payable on cancellation of shares (52,804) (22,094) xxx (51,851) xxx (19,096) Swing price adjustment 48 - Change in net assets attributable to shareholders from investment activities (see above) 2,636 12,931 Closing net assets attributable to shareholders 54,671 85,175
Balance Sheet as at 31 August 2017 (unaudited) 31/08/17 28/02/17 £'000 £'000 £'000 £'000
Assets Investments 53,317 101,948 Current assets: Debtors 245 1,901 Cash and bank balances 1,449 1,777
Total other assets xxx 1,694 xxx 3,678
Total assets 55,011 105,626 Liabilities: Creditors Other creditors (340) (1,788)
Total other liabilities xxx (340) xxx (1,788) Total liabilities (340) (1,788) Net assets attributable to shareholders 54,671 103,838
82 Fidelity Japan Smaller Companies Fund
Fund Manager’s Review Risk and Reward Indicator
Investment Objective and Policy SRRI The fund’s investment objective is to provide long term growth potential from A Accumulation Shares 6 a portfolio of Japanese equities. The portfolio is likely to have a bias towards W Accumulation Shares 6 medium-sized and smaller companies, although the ACD is not restricted in its choice of company by either size or industry. Performance and Portfolio Activity Lower risk Higher risk The fund generated strong positive returns, supported by holdings in Typically lower rewards Typically higher rewards machinery-related stocks, notably Daifuku and MISUMI Group, which benefited from solid demand growth. Positions in retail companies, such as 1 2 3 4 5 6 7 Ryohin Keikaku and Nitori, also performed well given the positive outlook for sales growth. Against a favourable global economic backdrop, I bought The risk category was calculated using historical volatility data, based upon positions in companies that have positive growth prospects. I purchased the methods set by European Union rules. Volatility is influenced by changes automotive and decorative paint manufacturer Kansai Paint given its strong in the stock market prices, currencies and interest rates which can be affected exposure to key emerging markets. Semiconductor manufacturer Renesas unpredictably by diverse factors including political and economic events. Electronics was another addition to the portfolio. I took profits in Hitachi High- • The risk category was calculated using historical performance data. Technologies and Sumitomo Electric Industries, as their valuations appeared • The risk category may not be a reliable indication of the future risk profile of unattractive relative to their earnings growth potential. the fund, is not guaranteed and may change over time. Outlook • The lowest category does not mean a "risk free" investment. Japan is witnessing its longest run of economic expansion in more than a • The risk and reward profile is classified by the level of historical fluctuation decade, and appears to be on course to continue this trend in the current of the Net Asset Values of the share class, and within this classification, environment. Moreover, there is a clear pickup in earnings momentum, which categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium combined with attractive valuation levels is supportive of Japanese stocks. level and 6-7 a high level. Jun Tano • The value of your investment may fall as well as rise and you may get back Fund Manager less than you originally invested. 31 August 2017 • Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging may be used to minimise the effect of this but may not always be successful. • The use of financial derivative instruments may result in increased gains or losses within the fund. • Liquidity is a measure of how easily an investment can be converted into cash. Under certain market conditions assets may be more difficult to sell.
83 Fidelity Japan Smaller Companies Fund
Statement of Total Return for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Income Net capital gains/(losses) 15,139 15,173 Revenue 1,000 925 Expenses (700) (571) Interest payable and similar charges (3) (1)
Net revenue/(expense) before taxation 297 353 Taxation (100) (93)
Net revenue/(expense) after taxation xxx 197 xxx 260
Total return before distributions 15,336 15,433 Distributions 6 (43) Change in net assets attributable to shareholders from investment activities 15,342 15,390
Statement of Change in Net Assets Attributable to Shareholders for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Opening net assets attributable to shareholders 112,417 90,111 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 7,551 6,655 Amounts payable on cancellation of shares (6,225) (14,731) xxx 1,326 xxx (8,076) Change in net assets attributable to shareholders from investment activities (see above) 15,342 15,390 Closing net assets attributable to shareholders 129,085 97,425
Balance Sheet as at 31 August 2017 (unaudited) 31/08/17 28/02/17 £'000 £'000 £'000 £'000
Assets Investments 123,162 108,070 Current assets: Debtors 1,769 1,420 Cash and bank balances 5,566 3,562
Total other assets xxx 7,335 xxx 4,982
Total assets 130,497 113,052 Liabilities: Creditors Other creditors (1,412) (635)
Total other liabilities xxx (1,412) xxx (635) Total liabilities (1,412) (635) Net assets attributable to shareholders 129,085 112,417
84 Fidelity MoneyBuilder Balanced Fund
Fund Manager’s Review Risk and Reward Indicator
Investment Objective and Policy SRRI The fund’s investment objective is to achieve an attractive level of income A Income Shares 4 together with some long term capital growth. The fund will obtain exposure Y Accumulation Shares 4 primarily to the UK. Y Income Shares 4 The fund may invest directly in UK government and corporate bonds and other fixed interest securities, preference shares, convertibles and ordinary shares or may achieve exposure indirectly through the use of Derivatives. Lower risk Higher risk The fund may also invest in other transferable securities, money market instruments, collective investment schemes, cash and near cash and deposits. Typically lower rewards Typically higher rewards Derivatives may be used for efficient portfolio management and investment purposes and may include (but are not limited to) Derivatives on exchange 1 2 3 4 5 6 7 rates, interest rates, inflation and credit. The fund may also take positions The risk category was calculated using historical volatility data, based upon which enable it to benefit from falling asset prices. the methods set by European Union rules. Volatility is influenced by changes Performance and Portfolio Activity in the stock market prices, currencies and interest rates which can be affected The fund recorded positive returns over the period. The allocation to food unpredictably by diverse factors including political and economic events. producer Cranswick contributed to performance as it reported solid earnings, • The risk category was calculated using historical performance data. while homebuilder Berkeley Group Holdings rallied after it raised its earnings • The risk category may not be a reliable indication of the future risk profile of guidance. The fixed income portion of the fund advanced as core government the fund, is not guaranteed and may change over time. bond yields fell amid rising geopolitical tensions. We bought a new position in British Land as it is a cash generative business with inexpensive valuations • The lowest category does not mean a "risk free" investment. and an attractive dividend yield. A new holding was purchased in mining • The risk and reward profile is classified by the level of historical fluctuation major Rio Tinto for its best-in-class iron ore and aluminium assets. We sold of the Net Asset Values of the share class, and within this classification, Altria Group and Munich Reinsurance for better opportunities elsewhere. categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium level and 6-7 a high level. Outlook • The value of your investment may fall as well as rise and you may get back We focus on investing in high quality companies that can provide shareholders less than you originally invested. with good prospects for increased dividend payouts. While uncertainty remains given the UK’s ongoing negotiations to exit the European Union, the • Movements in currency exchange rates can adversely affect the return of your Bank of England hinted at an interest rate increase to combat consistently investment. The currency hedging may be used to minimise the effect of this high inflation. That said, we expect the rise to be gradual and limited, thus but may not always be successful. supporting UK government bond (Gilt) yields. • The use of financial derivative instruments may result in increased gains or Michael Clark & Ian Spreadbury losses within the fund. Fund Managers • There is a risk that the issuers of bonds may not be able to repay the money 31 August 2017 they have borrowed or make interest payments. While we seek to mitigate this, the fund may be exposed to the risk of financial loss if it invests into an instrument issued by an entity that subsequently defaults on its borrowings. Losses may also be realised if an entity that the fund is exposed to ceases to make interest payments over a period of time or indefinitely. Bond prices have an inverse relationship with interest rates such that when interest rates rise, bonds may fall in value. Rising interest rates may cause the value of your investment to fall. • The fund may be exposed to the risk of financial loss if a counterparty used for derivative instruments subsequently defaults.
85 Fidelity MoneyBuilder Balanced Fund
Statement of Total Return for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Income Net capital gains/(losses) (4,486) 45,319 Revenue 14,078 12,639 Expenses (2,361) (2,161) Interest payable and similar charges (65) (1)
Net revenue/(expense) before taxation 11,652 10,477 Taxation (151) (135)
Net revenue/(expense) after taxation xxx 11,501 xxx 10,342
Total return before distributions 7,015 55,661 Distributions (8,288) (7,829) Change in net assets attributable to shareholders from investment activities (1,273) 47,832
Statement of Change in Net Assets Attributable to Shareholders for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Opening net assets attributable to shareholders 632,770 534,366 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 19,693 64,655 Amounts payable on cancellation of shares (35,037) (12,830) xxx (15,344) xxx 51,825 Change in net assets attributable to shareholders from investment activities (see above) (1,273) 47,832 Closing net assets attributable to shareholders 616,153 634,023
Balance Sheet as at 31 August 2017 (unaudited) 31/08/17 28/02/17 £'000 £'000 £'000 £'000
Assets Investments 609,602 629,546 Current assets: Debtors 7,995 10,132 Cash and bank balances 2,512 2,583
Total other assets xxx 10,507 xxx 12,715
Total assets 620,109 642,261 Liabilities: Investment liabilities (89) (224) Creditors Distribution payable (1,342) (6,594) Other creditors (2,525) (2,673)
Total other liabilities xxx (3,867) xxx (9,267) Total liabilities (3,956) (9,491) Net assets attributable to shareholders 616,153 632,770
86 Fidelity MoneyBuilder Balanced Fund
Distribution Statement for the six month period ended 31 August 2017 (unaudited) A Income Shares - interim distribution No. 294 in pence per share Group 1 - Shares purchased on or before 31 July 2017. Group 2 - Shares purchased from 1 August 2017 to 31 August 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 28/09/17 28/09/16
Group 1 0.1273 - 0.1273 0.1260 Group 2 - 0.1273 0.1273 0.1260 xxx xxx xxx xxx xxx A Income Shares - interim distributions in pence per share For the monthly distributing funds, shares purchased during the month prior to the ex-dividend date are classified as Group 2 shares. All other holdings are classified as Group 1 shares. Amount Amount distributed distributed xxx Net revenue Equalisation 2017 2016
Group 1 Distribution No. 289 0.1260 - 0.1260 0.1200 Distribution No. 290 0.1260 - 0.1260 0.1260 Distribution No. 291 0.1276 - 0.1276 0.1260 Distribution No. 292 0.1274 - 0.1274 0.1260 Distribution No. 293 0.1272 - 0.1272 0.1260 Group 2 Distribution No. 289 0.0841 0.0419 0.1260 0.1200 Distribution No. 290 - 0.1260 0.1260 0.1260 Distribution No. 291 - 0.1276 0.1276 0.1260 Distribution No. 292 - 0.1274 0.1274 0.1260 Distribution No. 293 - 0.1272 0.1272 0.1260 xxx xxx xxx xxx xxx Y Income Shares - interim distribution No. 60 in pence per share Group 1 - Shares purchased on or before 31 July 2017. Group 2 - Shares purchased from 1 August 2017 to 31 August 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 28/09/17 28/09/16
Group 1 0.1500 - 0.1500 0.1477 Group 2 - 0.1500 0.1500 0.1477 xxx xxx xxx xxx xxx Y Income Shares - interim distributions in pence per share For the monthly distributing funds, shares purchased during the month prior to the ex-dividend date are classified as Group 2 shares. All other holdings are classified as Group 1 shares. Amount Amount distributed distributed xxx Net revenue Equalisation 2017 2016
Group 1 Distribution No. 55 0.1484 - 0.1484 0.1405 Distribution No. 56 0.1481 - 0.1481 0.1478 Distribution No. 57 0.1500 - 0.1500 0.1473 Distribution No. 58 0.1500 - 0.1500 0.1476 Distribution No. 59 0.1500 - 0.1500 0.1478 Group 2 Distribution No. 55 0.0349 0.1135 0.1484 0.1405 Distribution No. 56 - 0.1481 0.1481 0.1478 Distribution No. 57 - 0.1500 0.1500 0.1473 Distribution No. 58 - 0.1500 0.1500 0.1476 Distribution No. 59 - 0.1500 0.1500 0.1478 xxx xxx xxx xxx xxx 87 Fidelity MoneyBuilder Dividend Fund
Fund Manager’s Review Risk and Reward Indicator
Investment Objective and Policy SRRI The fund’s investment objective is to achieve a combination of income and A Accumulation Shares 5 long term capital growth from a portfolio primarily made up of investments A Income Shares 5 in the UK, including ordinary shares, preference shares, convertibles and fixed interest securities. The portfolio is likely to have a bias towards larger Y Income Shares 5 companies, although the ACD is not restricted in its choice of company by Y Income (monthly) Shares 5 either size or industry.
Performance and Portfolio Activity Lower risk Higher risk The fund recorded positive returns over the period. The allocation to food producer Cranswick contributed to performance as it reported solid earnings, Typically lower rewards Typically higher rewards while homebuilder Berkeley Group Holdings rallied after it raised its earnings guidance. I bought a new position in British Land as it is a cash generative 1 2 3 4 5 6 7 business with inexpensive valuations and an attractive dividend yield. A new The risk category was calculated using historical volatility data, based upon holding was purchased in mining major Rio Tinto for its best-in-class iron ore the methods set by European Union rules. Volatility is influenced by changes and aluminium assets. I sold Altria Group and Munich Reinsurance for better in the stock market prices, currencies and interest rates which can be affected opportunities elsewhere. unpredictably by diverse factors including political and economic events. Outlook • The risk category was calculated using historical performance data. I remain cautiously optimistic on the market as the economic outlook for the • The risk category may not be a reliable indication of the future risk profile of UK continues to improve. Yields in UK equities are well-supported by sound the fund, is not guaranteed and may change over time. balance sheets and supportive cash flows. However, there are some risks that could stem from higher-than-expected interest rate increases in the US. I • The lowest category does not mean a "risk free" investment. believe that dividend growth will be key to generating returns and investing • The risk and reward profile is classified by the level of historical fluctuation in high quality companies that can provide good prospects for increased of the Net Asset Values of the share class, and within this classification, dividend payouts should be rewarding. categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium Michael Clark level and 6-7 a high level. Fund Manager • The value of your investment may fall as well as rise and you may get back 31 August 2017 less than you originally invested. • Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging may be used to minimise the effect of this but may not always be successful. • The use of financial derivative instruments may result in increased gains or losses within the fund.
88 Fidelity MoneyBuilder Dividend Fund
StatementDistribution of Statement Total Return for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Income Net capital gains/(losses) (14,971) 75,676 Revenue 31,881 30,116 Expenses (4,677) (4,379)
Net revenue/(expense) before taxation 27,204 25,737 Taxation (281) (348)
Net revenue/(expense) after taxation xxx 26,923 xxx 25,389
Total return before distributions 11,952 101,065 Distributions (16,908) (15,836) Change in net assets attributable to shareholders from investment activities (4,956) 85,229
Statement of Change in Net Assets Attributable to Shareholders for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Opening net assets attributable to shareholders 1,111,212 999,275 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 56,335 72,813 Amounts payable on cancellation of shares (64,272) (34,867) xxx (7,937) xxx 37,946 Change in net assets attributable to shareholders from investment activities (see above) (4,956) 85,229 Closing net assets attributable to shareholders 1,098,319 1,122,450
Balance Sheet as at 31 August 2017 (unaudited) 31/08/17 28/02/17 £'000 £'000 £'000 £'000
Assets Investments 1,096,306 1,121,165 Current assets: Debtors 12,759 22,213 Cash and bank balances 444 521
Total other assets xxx 13,203 xxx 22,734
Total assets 1,109,509 1,143,899 Liabilities: Creditors Distribution payable (8,431) (17,169) Other creditors (2,759) (15,518)
Total other liabilities xxx (11,190) xxx (32,687) Total liabilities (11,190) (32,687) Net assets attributable to shareholders 1,098,319 1,111,212
89 Fidelity MoneyBuilder Dividend Fund
Notes to the Financial Statements for the six month period ended 31 August 2017 (unaudited) A Income Shares - interim distribution No. 147 in pence per share Group 1 - Shares purchased on or before 31 May 2017. Group 2 - Shares purchased from 1 June 2017 to 31 August 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/10/17 18/10/16
Group 1 2.3714 - 2.3714 2.2500 Group 2 - 2.3714 2.3714 2.2500 xxx xxx xxx xxx xxx A Income Shares - interim distribution No. 146 in pence per share Group 1 - Shares purchased on or before 28 February 2017. Group 2 - Shares purchased from 1 March 2017 to 31 May 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/07/17 18/07/16
Group 1 2.3736 - 2.3736 2.2500 Group 2 1.3427 1.0309 2.3736 2.2500 xxx xxx xxx xxx xxx Y Income Shares - interim distribution No. 23 in pence per share Group 1 - Shares purchased on or before 31 May 2017. Group 2 - Shares purchased from 1 June 2017 to 31 August 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/10/17 18/10/16
Group 1 1.2000 - 1.2000 1.1325 Group 2 - 1.2000 1.2000 1.1325 xxx xxx xxx xxx xxx Y Income Shares - interim distribution No. 22 in pence per share Group 1 - Shares purchased on or before 28 February 2017. Group 2 - Shares purchased from 1 March 2017 to 31 May 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/07/17 18/07/16
Group 1 1.2000 - 1.2000 1.1315 Group 2 0.4668 0.7332 1.2000 1.1315 xxx xxx xxx xxx xxx Y Income (monthly) Shares - interim distribution No. 18 in pence per share Group 1 - Shares purchased on or before 31 July 2017. Group 2 - Shares purchased from 1 August 2017 to 31 August 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 18/10/17 18/10/16
Group 1 0.3500 - 0.3500 0.3300 Group 2 - 0.3500 0.3500 0.3300 xxx xxx xxx xxx xxx
90 Fidelity MoneyBuilder Dividend Fund
Distribution Statement
Y Income (monthly) Shares - interim distributions in pence per share For the monthly distributing funds, shares purchased during the month prior to the ex-dividend date are classified as Group 2 shares. All other holdings are classified as Group 1 shares. Amount Amount distributed distributed xxx Net revenue Equalisation 2017 2016
Group 1 Distribution No. 13 0.3500 - 0.3500 0.0598 Distribution No. 14 0.3500 - 0.3500 0.3300 Distribution No. 15 0.3500 - 0.3500 0.3300 Distribution No. 16 0.3500 - 0.3500 0.3300 Distribution No. 17 0.3500 - 0.3500 0.3300 Group 2 Distribution No. 13 0.1112 0.2388 0.3500 0.0598 Distribution No. 14 0.1294 0.2206 0.3500 0.3300 Distribution No. 15 - 0.3500 0.3500 0.3300 Distribution No. 16 - 0.3500 0.3500 0.3300 Distribution No. 17 - 0.3500 0.3500 0.3300 xxx xxx xxx xxx xxx
91 Fidelity MoneyBuilder Growth Fund
Fund Manager’s Review Risk and Reward Indicator
Investment Objective and Policy SRRI The fund’s investment objective is to achieve a combination of income and A Income Shares 5 long term capital growth from a portfolio primarily made up of the shares of ISA class Income Shares 5 UK companies. The portfolio is likely to have a bias towards larger companies, although the ACD is not restricted in its choice of company by either size or Y Income Shares 5 industry.
Performance and Portfolio Activity Lower risk Higher risk The fund recorded positive returns over the period. At a stock level, the Typically lower rewards Typically higher rewards position in Glencore benefited from strong metal prices. The allocation to housebuilder Cairn Homes also contributed to returns as a strong forward 1 2 3 4 5 6 7 sales pipeline supported its shares. I bought a new holding in aerospace components maker Meggitt, which has strong growth potential, supported The risk category was calculated using historical volatility data, based upon by rising defence budgets and the company’s rapidly growing platforms. I the methods set by European Union rules. Volatility is influenced by changes also purchased a new position in software and services group Sage, whose in the stock market prices, currencies and interest rates which can be affected existing installed base should continue to provide strong growth. Meanwhile, unpredictably by diverse factors including political and economic events. the exposure to Sports Direct and Jimmy Choo was reduced following their • The risk category was calculated using historical performance data. strong performance. • The risk category may not be a reliable indication of the future risk profile of Outlook the fund, is not guaranteed and may change over time. There is currently a heightened degree of uncertainty around the UK economy. • The lowest category does not mean a "risk free" investment. Inflation is now well above the Bank of England’s 2% target and will intensify • The risk and reward profile is classified by the level of historical fluctuation concerns about higher living costs, amid low household savings rates. This of the Net Asset Values of the share class, and within this classification, increases the possibility of a rise in interest rates. categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium James Griffin level and 6-7 a high level. Fund Manager 31 August 2017 • The value of your investment may fall as well as rise and you may get back less than you originally invested. • Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging may be used to minimise the effect of this but may not always be successful. • The use of financial derivative instruments may result in increased gains or losses within the fund.
92 Fidelity MoneyBuilder Growth Fund
StatementDistribution of Statement Total Return for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Income Net capital gains/(losses) (3,196) 27,482 Revenue 10,724 13,671 Expenses (2,599) (2,495) Interest payable and similar charges (3) (5)
Net revenue/(expense) before taxation 8,122 11,171 Taxation (103) (95)
Net revenue/(expense) after taxation xxx 8,019 xxx 11,076
Total return before distributions 4,823 38,558 Distributions (9,347) (12,817) Change in net assets attributable to shareholders from investment activities (4,524) 25,741
Statement of Change in Net Assets Attributable to Shareholders for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Opening net assets attributable to shareholders 627,334 575,090 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 5,821 31,764 Amounts payable on cancellation of shares (44,045) (29,161) xxx (38,224) xxx 2,603 Change in net assets attributable to shareholders from investment activities (see above) (4,524) 25,741 Closing net assets attributable to shareholders 584,586 603,434
Balance Sheet as at 31 August 2017 (unaudited) 31/08/17 28/02/17 £'000 £'000 £'000 £'000
Assets Investments 590,703 630,799 Current assets: Debtors 3,728 2,806 Cash and bank balances 244 367
Total other assets xxx 3,972 xxx 3,173
Total assets 594,675 633,972 Liabilities: Creditors Distribution payable (9,125) (5,546) Other creditors (964) (1,092)
Total other liabilities xxx (10,089) xxx (6,638) Total liabilities (10,089) (6,638) Net assets attributable to shareholders 584,586 627,334
93 Fidelity MoneyBuilder Growth Fund
Distribution Statement for the six month period ended 31 August 2017 (unaudited) A Income Shares - interim distribution No. 48 in pence per share Group 1 - Shares purchased on or before 28 February 2017. Group 2 - Shares purchased from 1 March 2017 to 31 August 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 12/10/17 12/10/16
Group 1 1.2117 - 1.2117 1.5693 Group 2 0.3625 0.8492 1.2117 1.5693 xxx xxx xxx xxx xxx ISA class income Shares - interim distribution No. 36 in pence per share Group 1 - Shares purchased on or before 28 February 2017. Group 2 - Shares purchased from 1 March 2017 to 31 August 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 12/10/17 12/10/16
Group 1 1.2845 - 1.2845 1.6398 Group 2 0.7477 0.5368 1.2845 1.6398 xxx xxxw xxx xxx xxx Y Income Shares - interim distribution No. 11 in pence per share Group 1 - Shares purchased on or before 28 February 2017. Group 2 - Shares purchased from 1 March 2017 to 31 August 2017. Amount Amount distributed distributed xxx Net revenue Equalisation 12/10/17 12/10/16
Group 1 1.2379 - 1.2379 1.5920 Group 2 0.6339 0.6040 1.2379 1.5920 xxx xxx xxx xxx xxx
94 Fidelity MoneyBuilder Income Fund
Fund Manager’s Review Risk and Reward Indicator
Investment Objective and Policy SRRI The fund’s investment objective is to achieve an attractive level of income. The A Accumulation Shares 3 fund will obtain exposure primarily to sterling-denominated (or hedged back A Income Shares 3 to Sterling) fixed interest securities. Gross paying A Income Shares 3 The fund may invest directly in fixed interest securities or may achieve exposure indirectly through the use of Derivatives. The fund may also invest in Gross paying Y Accumulation Shares 3 other transferable securities, money market instruments, collective investment Gross paying Y Income Shares 3 schemes, cash and near cash and deposits. Derivatives may be used for efficient portfolio management and investment purposes and may include Y Accumulation Shares 3 (but are not limited to) Derivatives on exchange rates, interest rates, inflation Y Income Shares 3 and credit. The fund may also take positions which enable it to benefit from falling asset prices. Lower risk Higher risk Performance and Portfolio Activity The fund posted positive returns over the period, primarily driven by credit Typically lower rewards Typically higher rewards positioning as spreads tightened. However, conservative credit positioning at the security and sector level limited gains. The interest rate strategy, 1 2 3 4 5 6 7 particularly the exposure to US dollar interest rate risk, also added value. The risk category was calculated using historical volatility data, based upon However, gains were offset by the short duration stance in euro and sterling. the methods set by European Union rules. Volatility is influenced by changes We continue to use our research driven bottom-up security selection process in the stock market prices, currencies and interest rates which can be affected and hence participated in the new issue of AT&T and the multi-tranche unpredictably by diverse factors including political and economic events. new issue of Annington Funding. We reduced the exposure to rolling stock companies Great Rolling Stock and Porterbrook Rail due to caution around • The risk category was calculated using historical performance data. new supply in the sector and increasing competition. • The risk category may not be a reliable indication of the future risk profile of the fund, is not guaranteed and may change over time. Outlook • The lowest category does not mean a "risk free" investment. While uncertainty remains given the UK’s ongoing negotiations to exit the European Union, the Bank of England hinted at an interest rate increase • The risk and reward profile is classified by the level of historical fluctuation to combat consistently high inflation. That said, we expect the rise to be of the Net Asset Values of the share class, and within this classification, gradual and limited, thus supporting UK government bond (Gilt) yields. We categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium remain positive on credit markets with a focus on downside protection given level and 6-7 a high level. stretched valuations. • The value of your investment may fall as well as rise and you may get back Ian Spreadbury & Sajiv Vaid less than you originally invested. Fund Managers • Movements in currency exchange rates can adversely affect the return of your 31 August 2017 investment. The currency hedging may be used to minimise the effect of this but may not always be successful. • The use of financial derivative instruments may result in increased gains or losses within the fund. • There is a risk that the issuers of bonds may not be able to repay the money they have borrowed or make interest payments. While we seek to mitigate this, the fund may be exposed to the risk of financial loss if it invests into an instrument issued by an entity that subsequently defaults on its borrowings. Losses may also be realised if an entity that the fund is exposed to ceases to make interest payments over a period of time or indefinitely. Bond prices have an inverse relationship with interest rates such that when interest rates rise, bonds may fall in value. Rising interest rates may cause the value of your investment to fall. • The fund may be exposed to the risk of financial loss if a counterparty used for derivative instruments subsequently defaults.
95 Fidelity MoneyBuilder Income Fund
Statement of Total Return for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Income Net capital gains/(losses) 75,492 400,178 Revenue 70,788 70,968 Expenses (13,128) (11,839) Interest payable and similar charges (1,435) (1,996)
Net revenue/(expense) before taxation 56,225 57,133 Taxation - -
Net revenue/(expense) after taxation xxx 56,225 xxx 57,133
Total return before distributions 131,717 457,311 Distributions (64,471) (62,702) Change in net assets attributable to shareholders from investment activities 67,246 394,609
Statement of Change in Net Assets Attributable to Shareholders for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Opening net assets attributable to shareholders 3,961,301 3,367,367 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 238,504 383,267 Amounts payable on cancellation of shares (109,644) (134,455) xxx 128,860 xxx 248,812 Change in net assets attributable to shareholders from investment activities (see above) 67,246 394,609 Retained distribution on accumulation shares 10,736 7,913 Closing net assets attributable to shareholders 4,168,143 4,018,701
Balance Sheet as at 31 August 2017 (unaudited) 31/08/17 28/02/17 £'000 £'000 £'000 £'000
Assets Investments 4,087,363 3,906,066 Current assets: Debtors 89,403 68,400 Cash and bank balances 20,966 30,332
Total other assets xxx 110,369 xxx 98,732
Total assets 4,197,732 4,004,798 Liabilities: Investment liabilities (9,385) (12,934) Creditors Bank overdrafts - (139) Distribution payable (8,959) (11,578) Other creditors (11,245) (18,846)
Total other liabilities xxx (20,204) xxx (30,563) Total liabilities (29,589) (43,497) Net assets attributable to shareholders 4,168,143 3,961,301
96 Fidelity MoneyBuilder Income Fund
Distribution Statement for the six month period ended 31 August 2017 (unaudited) A Income Shares - interim distribution No. 263 in pence per share Group 1 - Shares purchased on or before 31 July 2017. Group 2 - Shares purchased from 1 August 2017 to 31 August 2017. Amount Amount distributed distributed xxx Gross revenue Equalisation 26/09/17^ 26/09/16
Group 1 0.0893 - 0.0893 0.0775 Group 2 0.0635 0.0258 0.0893 0.0775 xxx xxx xxx xxx xxx A Income Shares - interim distributions in pence per share For the monthly distributing funds, shares purchased during the month prior to the ex-dividend date are classified as Group 2 shares. All other holdings are classified as Group 1 shares. Amount Amount distributed distributed xxx Gross revenue Equalisation 2017^ 2016
Group 1 Distribution No. 258 0.0933 - 0.0933 0.0798 Distribution No. 259 0.0906 - 0.0906 0.0761 Distribution No. 260 0.0915 - 0.0915 0.0776 Distribution No. 261 0.0884 - 0.0884 0.0766 Distribution No. 262 0.0904 - 0.0904 0.0781 Group 2 Distribution No. 258 0.0502 0.0431 0.0933 0.0798 Distribution No. 259 0.0593 0.0313 0.0906 0.0761 Distribution No. 260 0.0553 0.0362 0.0915 0.0776 Distribution No. 261 0.0548 0.0336 0.0884 0.0766 Distribution No. 262 0.0540 0.0364 0.0904 0.0781 xxx xxx xxx xxx xxx ^ From 6 April 2017 all interest distributions from UK authorised funds are paid gross, without a requirement to deduct income tax (currently 20%).
Gross paying A Income Shares - interim distribution No. 177 in pence per share Group 1 - Shares purchased on or before 31 July 2017. Group 2 - Shares purchased from 1 August 2017 to 31 August 2017. Amount Amount distributed distributed xxx Gross revenue Equalisation 26/09/17 26/09/16
Group 1 0.0893 - 0.0893 0.0968 Group 2 0.0531 0.0362 0.0893 0.0968 xxx xxx xxx xxx xxx Gross paying A Income Shares - interim distributions in pence per share For the monthly distributing funds, shares purchased during the month prior to the ex-dividend date are classified as Group 2 shares. All other holdings are classified as Group 1 shares. Amount Amount distributed distributed xxx Gross revenue Equalisation 2017 2016
Group 1 Distribution No. 172 0.0933 - 0.0933 0.0997 Distribution No. 173 0.0911 - 0.0911 0.0953 Distribution No. 174 0.0915 - 0.0915 0.0970 Distribution No. 175 0.0884 - 0.0884 0.0958 Distribution No. 176 0.0904 - 0.0904 0.0977 Group 2 Distribution No. 172 0.0414 0.0519 0.0933 0.0997 Distribution No. 173 0.0710 0.0201 0.0911 0.0953 Distribution No. 174 0.0586 0.0329 0.0915 0.0970 Distribution No. 175 0.0702 0.0182 0.0884 0.0958 Distribution No. 176 0.0542 0.0362 0.0904 0.0977 xxx xxx 97 xxx xxx xxx Fidelity MoneyBuilder Income Fund
Distribution Statement
Y Accumulation Shares - interim distribution No. 51 in pence per share Group 1 - Shares purchased on or before 31 July 2017. Group 2 - Shares purchased from 1 August 2017 to 31 August 2017. Amount Amount accumulated accumulated xxx Gross revenue Equalisation 26/09/17^ 26/09/16
Group 1 3.5322 - 3.5322 2.9519 Group 2 1.9689 1.5633 3.5322 2.9519 xxx xxx xxx xxx xxx Y Accumulation Shares - interim distributions in pence per share For the monthly distributing funds, shares purchased during the month prior to the ex-dividend date are classified as Group 2 shares. All other holdings are classified as Group 1 shares. Amount Amount accumulated accumulated xxx Gross revenue Equalisation 2017^ 2016
Group 1 Distribution No. 46 3.6136 - 3.6136 2.9615 Distribution No. 47 3.5107 - 3.5107 2.8423 Distribution No. 48 3.5773 - 3.5773 2.9081 Distribution No. 49 3.4699 - 3.4699 2.8756 Distribution No. 50 3.5560 - 3.5560 2.9577 Group 2 Distribution No. 46 1.7277 1.8859 3.6136 2.9615 Distribution No. 47 1.7838 1.7269 3.5107 2.8423 Distribution No. 48 2.0964 1.4809 3.5773 2.9081 Distribution No. 49 1.7341 1.7358 3.4699 2.8756 Distribution No. 50 1.8846 1.6714 3.5560 2.9577 xxx xxx xxx xxx xxx ^ From 6 April 2017 all interest distributions from UK authorised funds are paid gross, without a requirement to deduct income tax (currently 20%).
Gross paying Y Accumulation Shares - interim distribution No. 54 in pence per share Group 1 - Shares purchased on or before 31 July 2017. Group 2 - Shares purchased from 1 August 2017 to 31 August 2017. Amount Amount accumulated accumulated xxx Gross revenue Equalisation 26/09/17 26/09/16
Group 1 4.0714 - 4.0714 4.2367 Group 2 2.2569 1.8145 4.0714 4.2367 xxx xxx xxx xxx xxx Gross paying Y Accumulation Shares - interim distributions in pence per share For the monthly distributing funds, shares purchased during the month prior to the ex-dividend date are classified as Group 2 shares. All other holdings are classified as Group 1 shares. Amount Amount accumulated accumulated xxx Gross revenue Equalisation 2017 2016
Group 1 Distribution No. 49 4.1658 - 4.1658 4.2375 Distribution No. 50 4.0522 - 4.0522 4.0712 Distribution No. 51 4.1240 - 4.1240 4.1676 Distribution No. 52 4.0004 - 4.0004 4.1228 Distribution No. 53 4.0987 - 4.0987 4.2412 Group 2 Distribution No. 49 1.8966 2.2692 4.1658 4.2375 Distribution No. 50 2.5050 1.5472 4.0522 4.0712 Distribution No. 51 2.3591 1.7649 4.1240 4.1676 Distribution No. 52 2.3264 1.6740 4.0004 4.1228 Distribution No. 53 2.2028 1.8959 4.0987 4.2412 xxx xxx xxx xxx xxx 98 Fidelity MoneyBuilder Income Fund
Distribution Statement
Y Income Shares - interim distribution No. 95 in pence per share Group 1 - Shares purchased on or before 31 July 2017. Group 2 - Shares purchased from 1 August 2017 to 31 August 2017. Amount Amount distributed distributed xxx Gross revenue Equalisation 26/09/17^ 26/09/16
Group 1 0.3446 - 0.3446 0.2967 Group 2 0.1872 0.1574 0.3446 0.2967 xxx xxx xxx xxx xxx Y Income Shares - interim distributions in pence per share For the monthly distributing funds, shares purchased during the month prior to the ex-dividend date are classified as Group 2 shares. All other holdings are classified as Group 1 shares. Amount Amount distributed distributed xxx Gross revenue Equalisation 2017^ 2016
Group 1 Distribution No. 90 0.3575 - 0.3575 0.3012 Distribution No. 91 0.3463 - 0.3463 0.2885 Distribution No. 92 0.3519 - 0.3519 0.2944 Distribution No. 93 0.3404 - 0.3404 0.2904 Distribution No. 94 0.3479 - 0.3479 0.2979 Group 2 Distribution No. 90 0.1834 0.1741 0.3575 0.3012 Distribution No. 91 0.2095 0.1368 0.3463 0.2885 Distribution No. 92 0.2137 0.1382 0.3519 0.2944 Distribution No. 93 0.1956 0.1448 0.3404 0.2904 Distribution No. 94 0.1790 0.1689 0.3479 0.2979 xxx xxx xxx xxx xxx ^ From 6 April 2017 all interest distributions from UK authorised funds are paid gross, without a requirement to deduct income tax (currently 20%).
Gross paying Y Income Shares - interim distribution No. 95 in pence per share Group 1 - Shares purchased on or before 31 July 2017. Group 2 - Shares purchased from 1 August 2017 to 31 August 2017. Amount Amount distributed distributed xxx Gross revenue Equalisation 26/09/17 26/09/16
Group 1 0.3447 - 0.3447 0.3710 Group 2 0.1808 0.1639 0.3447 0.3710 xxx xxx xxx xxx xxx Gross paying Y Income Shares - interim distributions in pence per share For the monthly distributing funds, shares purchased during the month prior to the ex-dividend date are classified as Group 2 shares. All other holdings are classified as Group 1 shares. Amount Amount distributed distributed xxx Gross revenue Equalisation 2017 2016
Group 1 Distribution No. 90 0.3575 - 0.3575 0.3768 Distribution No. 91 0.3463 - 0.3463 0.3608 Distribution No. 92 0.3521 - 0.3521 0.3683 Distribution No. 93 0.3404 - 0.3404 0.3632 Distribution No. 94 0.3481 - 0.3481 0.3726 Group 2 Distribution No. 90 0.1731 0.1844 0.3575 0.3768 Distribution No. 91 0.2114 0.1349 0.3463 0.3608 Distribution No. 92 0.1983 0.1538 0.3521 0.3683 Distribution No. 93 0.1840 0.1564 0.3404 0.3632 Distribution No. 94 0.1837 0.1644 0.3481 0.3726 xxx xxx xxx xxx xxx 99 Fidelity Short Dated Corporate Bond Fund
Fund Manager’s Review Risk and Reward Indicator
Investment Objective and Policy SRRI The fund’s investment objective is to achieve both capital growth and income. Gross paying Y Accumulation Shares 2 The fund will obtain global exposure primarily to sterling-denominated (or Gross paying Y Income Shares 2 hedged back to Sterling) corporate fixed interest securities with a remaining maturity of less than or equal to 5 years. The fund will invest directly in fixed interest securities and may achieve Lower risk Higher risk exposure indirectly through the use of Derivatives. The fund may also invest in Typically lower rewards Typically higher rewards other transferable securities money market instruments, collective investment schemes, cash and near cash and deposits. Derivatives may be used for 1 2 3 4 5 6 7 efficient portfolio management and investment purposes and may include (but are not limited to) Derivatives on exchange rates, interest rates, inflation The risk category was calculated using historical volatility data, based upon and credit. The fund may also take positions which enable it to benefit from the methods set by European Union rules. Volatility is influenced by changes falling asset prices. in the stock market prices, currencies and interest rates which can be affected unpredictably by diverse factors including political and economic events. Performance and Portfolio Activity The fund posted positive returns over the period, primarily driven by credit • The risk category was calculated using historical performance data. positioning as spreads tightened. The bias towards asset backed securities as • The risk category may not be a reliable indication of the future risk profile of well as the insurance and utility sectors aided returns. However, conservative the fund, is not guaranteed and may change over time. credit positioning at the security and sector level limited gains. We continue • The lowest category does not mean a "risk free" investment. to use our research driven bottom-up security selection process and bought • The risk and reward profile is classified by the level of historical fluctuation new postions in roadside assistance firm AA and Channel Link Enterprises. of the Net Asset Values of the share class, and within this classification, We selectively reduced the exposure to banks by selling holdings such as categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium Nationwide and Deutsche Banks that had performed well. level and 6-7 a high level. Outlook • The value of your investment may fall as well as rise and you may get back While uncertainty remains given the UK’s ongoing negotiations to exit the less than you originally invested. European Union, the Bank of England hinted at an interest rate increase • Movements in currency exchange rates can adversely affect the return of your to combat consistently high inflation. That said, we expect the rise to be investment. The currency hedging may be used to minimise the effect of this gradual and limited, thus supporting UK government bond (Gilt) yields. We but may not always be successful. remain positive on credit markets with a focus on downside protection given stretched valuations. • The use of financial derivative instruments may result in increased gains or losses within the fund. Sajiv Vaid & Ian Spreadbury Fund Managers • The use of derivatives may result in “leverage” by which we mean a level of 31 August 2017 exposure which could expose the fund to the potential of greater gains or losses than would otherwise be the case. • There is a risk that the issuers of bonds may not be able to repay the money they have borrowed or make interest payments. While we seek to mitigate this, the fund may be exposed to the risk of financial loss if it invests into an instrument issued by an entity that subsequently defaults on its borrowings. Losses may also be realised if an entity that the fund is exposed to ceases to make interest payments over a period of time or indefinitely. Bond prices have an inverse relationship with interest rates such that when interest rates rise, bonds may fall in value. Rising interest rates may cause the value of your investment to fall.
100 Fidelity Short Dated Corporate Bond Fund
StatementDistribution of Statement Total Return for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Income Net capital gains/(losses) 178 - Revenue 424 - Expenses (70) - Interest payable and similar charges (7) -
Net revenue/(expense) before taxation 347 - Taxation (4) -
Net revenue/(expense) after taxation xxx 343 xxx -
Total return before distributions 521 - Distributions (181) - Change in net assets attributable to shareholders from investment activities 340 -
Statement of Change in Net Assets Attributable to Shareholders for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Opening net assets attributable to shareholders* 28,580 - Movement due to sales and repurchases of shares Amounts receivable on issue of shares 24,625 - Amounts payable on cancellation of shares (8,510) - xxx 16,115 xxx - Swing price adjustment 11 - Change in net assets attributable to shareholders from investment activities (see above) 340 - Closing net assets attributable to shareholders 45,046 -
Balance Sheet as at 31 August 2017 (unaudited) 31/08/17 28/02/17 £'000 £'000 £'000 £'000
Assets Investments 43,969 27,838 Current assets: Debtors 1,214 813 Cash and bank balances 96 30
Total other assets xxx 1,310 xxx 843
Total assets 45,279 28,681 Liabilities: Investment liabilities (51) (8) Creditors Distribution payable (167) (85) Other creditors (15) (8)
Total other liabilities xxx (182) xxx (93) Total liabilities (233) (101) Net assets attributable to shareholders 45,046 28,580 *The fund launched on 17 November 2016.
101 Fidelity Short Dated Corporate Bond Fund
Distribution Statement for the six month period ended 31 August 2017 (unaudited) Gross paying Y Income Shares - interim distribution No. 4 in pence per share Group 1 - Shares purchased on or before 31 May 2017. Group 2 - Shares purchased from 1 June 2017 to 31 August 2017. Amount distributed xxx Net revenue Equalisation 31/10/17^
Group 1 10.0546 - 10.0546 Group 2 6.9442 3.1104 10.0546 xxx xxx xxx xxx Gross paying Y Income Shares - interim distribution No. 3 in pence per share Group 1 - Shares purchased on or before 28 February 2017. Group 2 - Shares purchased from 1 March 2017 to 31 May 2017. Amount distributed xxx Net revenue Equalisation 31/07/17^
Group 1 10.6568 - 10.6568 Group 2 5.5939 5.0629 10.6568 xxx xxx xxx xxx ^ The fund launched on 17 November 2016.
102 Fidelity Special Situations Fund
Fund Manager’s Review Risk and Reward Indicator
Investment Objective and Policy SRRI The fund’s investment objective is to achieve long term capital growth from A Accumulation Shares 5 a portfolio primarily made up of the shares of UK companies. The fund will W Accumulation Shares 5 have a blend of investments in larger, medium and smaller sized companies. The ACD is not restricted in its choice of companies either by size or industry, Y Accumulation Shares 5 and will choose stocks largely determined by the availability of attractive investment opportunities. The fund may also invest in other transferable securities, units in collective investment schemes, money market instruments, Lower risk Higher risk cash and deposits. Derivatives and forward transactions may also be used Typically lower rewards Typically higher rewards for investment purposes. 1 2 3 4 5 6 7 Performance and Portfolio Activity The fund recorded positive returns over the period. UK equities were resilient The risk category was calculated using historical volatility data, based upon despite a weakening economic outlook. Investors focused on global economic the methods set by European Union rules. Volatility is influenced by changes growth and the weak sterling, which could benefit UK corporates with global in the stock market prices, currencies and interest rates which can be affected exposure. Key holdings in litigation financing company Burford Capital and unpredictably by diverse factors including political and economic events. industrial threads specialist Coats Group added value, supported by their • The risk category was calculated using historical performance data. positive outlook. Financials remains the largest absolute sector weighting in the fund. I bought new positions in turnaround investment specialist • The risk category may not be a reliable indication of the future risk profile of Sherborne Investors and Allied Irish Bank. Meanwhile, I sold Scandinavian the fund, is not guaranteed and may change over time. Tobacco and reduced the exposure to Burford Capital following a period of • The lowest category does not mean a "risk free" investment. strong performance. • The risk and reward profile is classified by the level of historical fluctuation Outlook of the Net Asset Values of the share class, and within this classification, categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium A strong run over the last 12 months has left valuations above historical level and 6-7 a high level. averages in some areas. I believe it constrains the market’s ability to continue to generate above average returns and makes it more vulnerable to shocks. • The value of your investment may fall as well as rise and you may get back However, a selective approach, focussed on identifying cheap companies less than you originally invested. with improving fundamentals, should help to outperform the market over the • Movements in currency exchange rates can adversely affect the return of your next few years. investment. The currency hedging may be used to minimise the effect of this Alex Wright but may not always be successful. Fund Manager • The use of financial derivative instruments may result in increased gains or 31 August 2017 losses within the fund.
103 Fidelity Special Situations Fund
StatementNotes to the of FinancialTotal Return Statements for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Income Net capital gains/(losses) 135,746 286,206 Revenue 63,114 55,961 Expenses (18,781) (16,091) Interest payable and similar charges (2,112) (4,908)
Net revenue/(expense) before taxation 42,221 34,962 Taxation (571) (254)
Net revenue/(expense) after taxation xxx 41,650 xxx 34,708
Total return before distributions 177,396 320,914 Distributions (514) (837) Change in net assets attributable to shareholders from investment activities 176,882 320,077
Statement of Change in Net Assets Attributable to Shareholders for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Opening net assets attributable to shareholders 3,049,403 2,618,878 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 48,689 36,508 Amounts payable on cancellation of shares (111,165) (153,158) xxx (62,476) xxx (116,650) Change in net assets attributable to shareholders from investment activities (see above) 176,882 320,077 Closing net assets attributable to shareholders 3,163,809 2,822,305
Balance Sheet as at 31 August 2017 (unaudited) 31/08/17 28/02/17 £'000 £'000 £'000 £'000
Assets Investments 3,173,358 3,075,112 Current assets: Debtors 25,650 22,757 Cash and bank balances 30,173 8,178
Total other assets xxx 55,823 xxx 30,935
Total assets 3,229,181 3,106,047 Liabilities: Investment liabilities (40,408) (17,932) Creditors Bank overdrafts (5,426) - Other creditors (19,538) (38,712)
Total other liabilities xxx (24,964) xxx (38,712) Total liabilities (65,372) (56,644) Net assets attributable to shareholders 3,163,809 3,049,403
104 Fidelity Sterling Core Plus Reduced Duration Bond Fund
Fund Manager’s Review Risk and Reward Indicator
Investment Objective and Policy SRRI The fund’s investment objective is to achieve both capital growth and Gross paying Accumulation Shares 4 income from a portfolio providing exposure primarily to UK and international government and corporate bonds, emerging market debt and high yield securities. While the fund will be substantially invested in the Sterling Core Lower risk Higher risk Plus Bond Fund, it is the intention through the use of Derivatives to adjust Typically lower rewards Typically higher rewards interest rate risk such that the returns achieved may be substantially different to those of the Sterling Core Plus Bond Fund. 1 2 3 4 5 6 7 Performance and Portfolio Activity The risk category was calculated using historical volatility data, based upon The fund posted positive returns over the period, primarily driven by credit the methods set by European Union rules. Volatility is influenced by changes selection as spreads tightened. Financials was among the top performing in the stock market prices, currencies and interest rates which can be affected sectors amid the global risk-on sentiment and improving macroeconomic unpredictably by diverse factors including political and economic events. data. As a result, the exposure to the financials sector added value. Holdings • The risk category was calculated using historical performance data. in Rabobank and Credit Agricole were among the top contributors to returns. We continue to use our research driven bottom-up security selection process • The risk category may not be a reliable indication of the future risk profile of and participated in the new issues of Annington Homes and AT&T. I reduced the fund, is not guaranteed and may change over time. the exposure to energy credits such as Halliburton and British Petroleum. • The lowest category does not mean a "risk free" investment. Outlook • The risk and reward profile is classified by the level of historical fluctuation While uncertainty remains given the UK’s ongoing negotiations to exit the of the Net Asset Values of the share class, and within this classification, European Union, the Bank of England hinted at an interest rate increase categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium to combat consistently high inflation. That said, I expect the rise to be level and 6-7 a high level. gradual and limited, thus supporting UK government bond (Gilt) yields. I • The value of your investment may fall as well as rise and you may get back remain positive on credit markets with a focus on downside protection given less than you originally invested. stretched valuations. • Movements in currency exchange rates can adversely affect the return of your Ian Fishwick investment. The currency hedging may be used to minimise the effect of this Fund Manager but may not always be successful. 31 August 2017 • The use of financial derivative instruments may result in increased gains or losses within the fund. • There is a risk that the issuers of bonds may not be able to repay the money they have borrowed or make interest payments. While we seek to mitigate this, the fund may be exposed to the risk of financial loss if it invests into an instrument issued by an entity that subsequently defaults on its borrowings. Losses may also be realised if an entity that the fund is exposed to ceases to make interest payments over a period of time or indefinitely. Bond prices have an inverse relationship with interest rates such that when interest rates rise, bonds may fall in value. Rising interest rates may cause the value of your investment to fall. • The fund may be exposed to the risk of financial loss if a counterparty used for derivative instruments subsequently defaults.
105 Fidelity Sterling Core Plus Reduced Duration Bond Fund
Statement of Total Return for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Income Net capital gains/(losses) 1,607 6,111 Revenue 822 905 Expenses (13) (10) Interest payable and similar charges (102) (103)
Net revenue/(expense) before taxation 707 792 Taxation - -
Net revenue/(expense) after taxation xxx 707 xxx 792
Total return before distributions 2,314 6,903 Distributions 1 10 Change in net assets attributable to shareholders from investment activities 2,315 6,913
Statement of Change in Net Assets Attributable to Shareholders for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Opening net assets attributable to shareholders 72,801 63,375 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 153 2,037 xxx 153 xxx 2,037 Change in net assets attributable to shareholders from investment activities (see above) 2,315 6,913 Closing net assets attributable to shareholders 75,269 72,325
Balance Sheet as at 31 August 2017 (unaudited) 31/08/17 28/02/17 £'000 £'000 £'000 £'000
Assets Investments 75,317 74,054 Current assets: Debtors 167 161 Cash and bank balances 3,324 2,768
Total other assets xxx 3,491 xxx 2,929
Total assets 78,808 76,983 Liabilities: Investment liabilities (3,455) (3,490) Creditors Bank overdrafts - (621) Other creditors (84) (71)
Total other liabilities xxx (84) xxx (692) Total liabilities (3,539) (4,182) Net assets attributable to shareholders 75,269 72,801
106 Fidelity Strategic Bond Fund
Fund Manager’s Review Risk and Reward Indicator
Investment Objective and Policy SRRI The fund’s investment objective is to achieve a relatively high income with A Accumulation Shares 3 the possibility of capital growth. The fund will obtain exposure primarily to A Income Shares 3 sterling-denominated (or hedged back to sterling) fixed interest securities. Gross paying A Accumulation Shares 3 The fund may invest directly in fixed interest securities or may achieve exposure indirectly through the use of Derivatives. The fund may also invest in Gross paying A Income Shares 3 other transferable securities, money market instruments, collective investment Gross paying Y Accumulation Shares 3 schemes, cash and near cash and deposits. Derivatives may be used for efficient portfolio management and investment purposes and may include Gross paying Y Income Shares 3 (but are not limited to) Derivatives on exchange rates, interest rates, inflation Y Accumulation Shares 3 and credit. The fund may also take positions which enable it to benefit from Y Income Shares 3 falling asset prices. Performance and Portfolio Activity The fund posted positive returns over the period, primarily driven by credit Lower risk Higher risk selection as spreads tightened. Financials was among the top performing Typically lower rewards Typically higher rewards sectors amid improving macroeconomic data. As a result, the exposure to the financials sector added value. Holdings in Rabobank and Credit Agricole 1 2 3 4 5 6 7 were among the top contributors to returns. We continue to use our research driven bottom-up security selection process and hence participated in the The risk category was calculated using historical volatility data, based upon new issues of Annington Homes and AT&T. The exposure to energy credits the methods set by European Union rules. Volatility is influenced by changes such as Halliburton and British Petroleum was reduced. in the stock market prices, currencies and interest rates which can be affected unpredictably by diverse factors including political and economic events. Outlook • The risk category was calculated using historical performance data. While uncertainty remains given the UK’s ongoing negotiations to exit the European Union, the Bank of England hinted at an interest rate increase • The risk category may not be a reliable indication of the future risk profile of to combat consistently high inflation. That said, we expect the rise to be the fund, is not guaranteed and may change over time. gradual and limited, thus supporting UK government bond (Gilt) yields. We • The lowest category does not mean a "risk free" investment. remain positive on credit markets with a focus on downside protection given • The risk and reward profile is classified by the level of historical fluctuation stretched valuations. of the Net Asset Values of the share class, and within this classification, Ian Spreadbury, Claudio Ferrarese & Tim Foster categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium Fund Managers level and 6-7 a high level. 31 August 2017 • The value of your investment may fall as well as rise and you may get back less than you originally invested. • Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging may be used to minimise the effect of this but may not always be successful. • The use of financial derivative instruments may result in increased gains or losses within the fund. • There is a risk that the issuers of bonds may not be able to repay the money they have borrowed or make interest payments. While we seek to mitigate this, the fund may be exposed to the risk of financial loss if it invests into an instrument issued by an entity that subsequently defaults on its borrowings. Losses may also be realised if an entity that the fund is exposed to ceases to make interest payments over a period of time or indefinitely. Bond prices have an inverse relationship with interest rates such that when interest rates rise, bonds may fall in value. Rising interest rates may cause the value of your investment to fall. • The fund may be exposed to the risk of financial loss if a counterparty used for derivative instruments subsequently defaults.
107 Fidelity Strategic Bond Fund
StatementNotes to the of FinancialTotal Return Statements for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Income Net capital gains/(losses) 31,015 124,560 Revenue 31,585 32,282 Expenses (6,497) (6,243) Interest payable and similar charges (6,617) (1,092)
Net revenue/(expense) before taxation 18,471 24,947 Taxation 11 8
Net revenue/(expense) after taxation xxx 18,482 xxx 24,955
Total return before distributions 49,497 149,515 Distributions (12,031) (18,519) Change in net assets attributable to shareholders from investment activities 37,466 130,996
Statement of Change in Net Assets Attributable to Shareholders for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Opening net assets attributable to shareholders 1,767,773 1,559,457 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 87,031 168,014 Amounts payable on cancellation of shares (122,286) (56,073) xxx (35,255) xxx 111,941 Swing price adjustment 96 - Change in net assets attributable to shareholders from investment activities (see above) 37,466 130,996 Closing net assets attributable to shareholders 1,770,080 1,802,394
Balance Sheet as at 31 August 2017 (unaudited) 31/08/17 28/02/17 £'000 £'000 £'000 £'000
Assets Investments 1,771,992 1,748,373 Current assets: Debtors 34,366 58,658 Cash and bank balances 53,496 50,899
Total other assets xxx 87,862 xxx 109,557
Total assets 1,859,854 1,857,930 Liabilities: Investment liabilities (54,189) (46,455) Creditors Bank overdrafts (57) - Distribution payable (2,505) (9,462) Other creditors (33,023) (34,240)
Total other liabilities xxx (35,585) xxx (43,702) Total liabilities (89,774) (90,157) Net assets attributable to shareholders 1,770,080 1,767,773
108 Fidelity Strategic Bond Fund
Distribution Statement for the six month period ended 31 August 2017 (unaudited) A Income Shares - interim distribution No. 148 in pence per share Group 1 - Shares purchased on or before 31 July 2017. Group 2 - Shares purchased from 1 August 2017 to 31 August 2017. Amount Amount distributed distributed xxx Gross revenue Equalisation 25/09/17^ 25/09/16
Group 1 0.0571 - 0.0571 0.0666 Group 2 0.0275 0.0296 0.0571 0.0666 xxx xxx xxx xxx xxx A Income Shares - interim distributions in pence per share For the monthly distributing funds, shares purchased during the month prior to the ex-dividend date are classified as Group 2 shares. All other holdings are classified as Group 1 shares. Amount Amount distributed distributed xxx Gross revenue Equalisation 2017^ 2016
Group 1 Distribution No. 143 0.0406 - 0.0406 0.0561 Distribution No. 144 0.0408 - 0.0408 0.0532 Distribution No. 145 0.0383 - 0.0383 0.0479 Distribution No. 146 0.0425 - 0.0425 0.0491 Distribution No. 147 0.0413 - 0.0413 0.0509 Group 2 Distribution No. 143 0.0324 0.0082 0.0406 0.0561 Distribution No. 144 0.0254 0.0154 0.0408 0.0532 Distribution No. 145 0.0229 0.0154 0.0383 0.0479 Distribution No. 146 0.0260 0.0165 0.0425 0.0491 Distribution No. 147 0.0235 0.0178 0.0413 0.0509 xxx xxx xxx xxx xxx ^ From 6 April 2017 all interest distributions from UK authorised funds are paid gross, without a requirement to deduct income tax (currently 20%).
Gross paying A Income Shares - interim distribution No. 148 in pence per share Group 1 - Shares purchased on or before 31 July 2017. Group 2 - Shares purchased from 1 August 2017 to 31 August 2017. Amount Amount distributed distributed xxx Gross revenue Equalisation 25/09/17 25/09/16
Group 1 0.0572 - 0.0572 0.0832 Group 2 0.0379 0.0193 0.0572 0.0832 xxx xxx xxx xxx xxx Gross paying A Income Shares - interim distributions in pence per share For the monthly distributing funds, shares purchased during the month prior to the ex-dividend date are classified as Group 2 shares. All other holdings are classified as Group 1 shares. Amount Amount distributed distributed xxx Gross revenue Equalisation 2017 2016
Group 1 Distribution No. 143 0.0410 - 0.0410 0.0702 Distribution No. 144 0.0409 - 0.0409 0.0665 Distribution No. 145 0.0382 - 0.0382 0.0599 Distribution No. 146 0.0425 - 0.0425 0.0613 Distribution No. 147 0.0413 - 0.0413 0.0638 Group 2 Distribution No. 143 0.0349 0.0061 0.0410 0.0702 Distribution No. 144 0.0314 0.0095 0.0409 0.0665 Distribution No. 145 0.0150 0.0232 0.0382 0.0599 Distribution No. 146 0.0277 0.0148 0.0425 0.0613 Distribution No. 147 0.0233 0.0180 0.0413 0.0638 xxx xxx 109 xxx xxx xxx Fidelity Strategic Bond Fund
Distribution Statement
Y Income Shares - interim distribution No. 95 in pence per share Group 1 - Shares purchased on or before 31 July 2017. Group 2 - Shares purchased from 1 August 2017 to 31 August 2017. Amount Amount distributed distributed xxx Gross revenue Equalisation 25/09/17^ 25/09/16
Group 1 0.2769 - 0.2769 0.3026 Group 2 0.1811 0.0958 0.2769 0.3026 xxx xxx xxx xxx xxx Y Income Shares - interim distributions in pence per share For the monthly distributing funds, shares purchased during the month prior to the ex-dividend date are classified as Group 2 shares. All other holdings are classified as Group 1 shares. Amount Amount distributed distributed xxx Gross revenue Equalisation 2017^ 2016
Group 1 Distribution No. 90 0.2132 - 0.2132 0.2602 Distribution No. 91 0.2096 - 0.2096 0.2478 Distribution No. 92 0.2035 - 0.2035 0.2288 Distribution No. 93 0.2182 - 0.2182 0.2322 Distribution No. 94 0.2154 - 0.2154 0.2418 Group 2 Distribution No. 90 0.1419 0.0713 0.2132 0.2602 Distribution No. 91 0.1218 0.0878 0.2096 0.2478 Distribution No. 92 0.1077 0.0958 0.2035 0.2288 Distribution No. 93 0.0832 0.1350 0.2182 0.2322 Distribution No. 94 0.1036 0.1118 0.2154 0.2418 xxx xxx xxx xxx xxx ^ From 6 April 2017 all interest distributions from UK authorised funds are paid gross, without a requirement to deduct income tax (currently 20%).
Gross paying Y Income Shares - interim distribution No. 95 in pence per share Group 1 - Shares purchased on or before 31 July 2017. Group 2 - Shares purchased from 1 August 2017 to 31 August 2017. Amount Amount distributed distributed xxx Gross revenue Equalisation 25/09/17 25/09/16
Group 1 0.2768 - 0.2768 0.3783 Group 2 0.1627 0.1141 0.2768 0.3783 xxx xxx xxx xxx xxx Gross paying Y Income Shares - interim distributions in pence per share For the monthly distributing funds, shares purchased during the month prior to the ex-dividend date are classified as Group 2 shares. All other holdings are classified as Group 1 shares. Amount Amount distributed distributed xxx Gross revenue Equalisation 2017 2016
Group 1 Distribution No. 90 0.2131 - 0.2131 0.3253 Distribution No. 91 0.2094 - 0.2094 0.3097 Distribution No. 92 0.2035 - 0.2035 0.2861 Distribution No. 93 0.2181 - 0.2181 0.2902 Distribution No. 94 0.2154 - 0.2154 0.3022 Group 2 Distribution No. 90 0.1354 0.0777 0.2131 0.3253 Distribution No. 91 0.1280 0.0814 0.2094 0.3097 Distribution No. 92 0.1187 0.0848 0.2035 0.2861 Distribution No. 93 0.1107 0.1074 0.2181 0.2902 Distribution No. 94 0.1237 0.0917 0.2154 0.3022 xxx xxx xxx xxx xxx 110 Fidelity UK Select Fund
Fund Manager’s Review Risk and Reward Indicator
Investment Objective and Policy SRRI * The fund’s investment objective is to achieve long term capital growth from A Accumulation Shares 5 a portfolio primarily invested in the shares of UK companies. The portfolio I Accumulation Shares 5 is likely to be concentrated although the ACD is not restricted in terms of number of holdings and is not restricted in its choice of company by either W Accumulation Shares 5 size or industry. A concentrated portfolio may comprise a smaller number of holdings having a large weighting in the overall portfolio and any price movement of any individual holdings may impact the fund to a greater extent Lower risk Higher risk than if the fund’s investments were comprised of a larger number of holdings. Typically lower rewards Typically higher rewards The fund may also invest in other transferable securities, units in collective investment schemes, money market instruments, cash and deposits. The fund 1 2 3 4 5 6 7 can use derivatives for the purpose of efficient portfolio management with the aim of risk or cost reduction or to generate additional capital or income The risk category was calculated using historical volatility data, based upon in line with the fund’s risk profile. the methods set by European Union rules. Volatility is influenced by changes in the stock market prices, currencies and interest rates which can be affected Performance and Portfolio Activity unpredictably by diverse factors including political and economic events. The fund generated positive returns over the period, primarily due to • The risk category was calculated using historical performance data. positioning in the consumer sectors and security selection in financials. Wealth management company St. James’s Place added value as it reported • The risk category may not be a reliable indication of the future risk profile of solid inflows in the first quarter. Consumer staples stocks such as Diageo and the fund, is not guaranteed and may change over time. Unilever also performed well. Among key transactions, I bought a holding • The lowest category does not mean a "risk free" investment. in kitchen and joinery products supplier Howden Joinery as it has a strong • The risk and reward profile is classified by the level of historical fluctuation kitchen franchise and its growth prospects remain solid. The exposure to of the Net Asset Values of the share class, and within this classification, British American Tobacco was increased on attractive valuations. Meanwhile, categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium positions in Rathbone Brothers and St. James’s Place were reduced following level and 6-7 a high level. their strong performance. • The value of your investment may fall as well as rise and you may get back Outlook less than you originally invested. There is a heightened degree of uncertainty around the UK economy. Inflation • Movements in currency exchange rates can adversely affect the return of your is well above the central bank’s 2% target and will intensify concerns about investment. The currency hedging may be used to minimise the effect of this higher living costs, amid low household savings rates. Against this backdrop, but may not always be successful. bottom-up stock picking will drive security selection, while I continue to • The use of financial derivative instruments may result in increased gains or monitor and manage any macroeconomic biases that build up in the fund. losses within the fund. Aruna Karunathilake Fund Manager 31 August 2017
111 Fidelity UK Select Fund
StatementDistribution of Statement Total Return for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Income Net capital gains/(losses) 23,360 50,596 Revenue 11,180 6,583 Expenses (3,197) (2,535)
Net revenue/(expense) before taxation 7,983 4,048 Taxation (102) (28)
Net revenue/(expense) after taxation xxx 7,881 xxx 4,020
Total return before distributions 31,241 54,616 Distributions (141) (242) Change in net assets attributable to shareholders from investment activities 31,100 54,374
Statement of Change in Net Assets Attributable to Shareholders for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Opening net assets attributable to shareholders 539,935 236,237 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 1,254 1,286 Amounts payable on cancellation of shares (25,485) (62,127) In specie creation of shares - 327,206 xxx (24,231) xxx 266,365 Change in net assets attributable to shareholders from investment activities (see above) 31,100 54,374 Closing net assets attributable to shareholders 546,804 556,976
Balance Sheet as at 31 August 2017 (unaudited) 31/08/17 28/02/17 £'000 £'000 £'000 £'000
Assets Investments 544,277 538,021 Current assets: Debtors 4,051 7,433 Cash and bank balances 124 188
Total other assets xxx 4,175 xxx 7,621
Total assets 548,452 545,642 Liabilities: Creditors Other creditors (1,648) (5,707)
Total other liabilities xxx (1,648) xxx (5,707) Total liabilities (1,648) (5,707) Net assets attributable to shareholders 546,804 539,935
112 Fidelity UK Smaller Companies Fund
Fund Manager’s Review Risk and Reward Indicator
Investment Objective and Policy SRRI The fund’s investment objective is to achieve long term capital growth from A Accumulation Shares 4 a portfolio primarily made up of the shares of smaller capitalisation United W Accumulation Shares 4 Kingdom Companies. There is no policy to restrict investment to particular economic sectors. The fund may also invest in other transferable securities, Y Accumulation Shares 4 units in collective investment schemes, money market instruments, cash and deposits. Derivatives and forward transactions may also be used for investment purposes. Lower risk Higher risk Typically lower rewards Typically higher rewards Performance and Portfolio Activity The fund recorded positive returns over the period. UK equities were 1 2 3 4 5 6 7 resilient despite a weakening economic outlook. Investors focused on global economic growth and the weak sterling, which could benefit UK corporates The risk category was calculated using historical volatility data, based upon with global exposure. Impax Asset Management group and industrial threads the methods set by European Union rules. Volatility is influenced by changes specialist Coats Group were among the leading contributors to returns. in the stock market prices, currencies and interest rates which can be affected We invest in companies that are undergoing a positive change in their unpredictably by diverse factors including political and economic events. operating environment that is not reflected in their share price. We bought • The risk category was calculated using historical performance data. new positions in turnaround investment specialist Sherborne Investors and Oxford Instruments group, a provider of high technology tools and systems • The risk category may not be a reliable indication of the future risk profile of for research and industry. We sold holdings in Burford Capital and interdealer the fund, is not guaranteed and may change over time. broker TP ICAP after a period of strong performance. • The lowest category does not mean a "risk free" investment. Outlook • The risk and reward profile is classified by the level of historical fluctuation of the Net Asset Values of the share class, and within this classification, There are a number of small-cap stocks trading at attractive valuations that categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium do not reflect the positive changes occurring at the industry or company level and 6-7 a high level. level. We maintain positions based on fundamental prospects and valuations, rather than trying to forecast political or macroeconomic outcomes. • The value of your investment may fall as well as rise and you may get back Jonathan Winton & Alex Wright less than you originally invested. Fund Managers • Movements in currency exchange rates can adversely affect the return of your 31 August 2017 investment. The currency hedging may be used to minimise the effect of this but may not always be successful. • The use of financial derivative instruments may result in increased gains or losses within the fund. • Liquidity is a measure of how easily an investment can be converted into cash. Under certain market conditions assets may be more difficult to sell.
113 Fidelity UK Smaller Companies Fund
StatementDistribution of Statement Total Return for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Income Net capital gains/(losses) 30,660 24,423 Revenue 6,947 6,211 Expenses (2,214) (1,988) Interest payable and similar charges (189) (6)
Net revenue/(expense) before taxation 4,544 4,217 Taxation (26) (29)
Net revenue/(expense) after taxation xxx 4,518 xxx 4,188
Total return before distributions 35,178 28,611 Distributions (100) (227) Change in net assets attributable to shareholders from investment activities 35,078 28,384
Statement of Change in Net Assets Attributable to Shareholders for the six month period ended 31 August 2017 (unaudited) 31/08/17 31/08/16 £'000 £'000 £'000 £'000
Opening net assets attributable to shareholders 387,074 364,099 Movement due to sales and repurchases of shares Amounts receivable on issue of shares 15,738 16,259 Amounts payable on cancellation of shares (19,906) (42,291) xxx (4,168) xxx (26,032) Change in net assets attributable to shareholders from investment activities (see above) 35,078 28,384 Closing net assets attributable to shareholders 417,984 366,451
Balance Sheet as at 31 August 2017 (unaudited) 31/08/17 28/02/17 £'000 £'000 £'000 £'000
Assets Investments 417,409 380,660 Current assets: Debtors 1,845 5,930 Cash and bank balances 3,548 2,216
Total other assets xxx 5,393 xxx 8,146
Total assets 422,802 388,806 Liabilities: Investment liabilities (3,269) (1,004) Creditors Other creditors (1,549) (728)
Total other liabilities xxx (1,549) xxx (728) Total liabilities (4,818) (1,732) Net assets attributable to shareholders 417,984 387,074
114 Fidelity American Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Information Technology - (25.30%) 902,928 Oracle 34,906 3.71 367,302 NXP Semiconductors 32,056 3.41 263,153 MasterCard (A) 27,359 2.91 22,833 Alphabet (A) 16,728 1.78 218,791 Fidelity National Information Services 15,689 1.67 249,414 Altaba 12,425 1.32 483,962 Cisco Systems 12,025 1.28 401,732 FLIR Systems 11,997 1.27 210,978 Amdocs 10,514 1.12 3,824 Spotify Technology (unlisted) 10,392 1.10 232,114 Leidos Holdings 10,334 1.10 80,649 Apple 10,226 1.09 177,270 Dell Technologies (V) 10,216 1.09 122,272 salesforce.com 9,005 0.96 254,982 Ebay 7,066 0.75 275,060 Sabre 3,947 0.42 94,105 Akamai Technologies 3,395 0.36 238,280 25.32 Financials - (6.09%) 4,120 Fidelity Institutional USD Fund Class A-Acc 55,158 5.86 400,663 Intercontinental Exchange 20,165 2.14 168,140 Chubb 18,429 1.96 143,484 Willis Towers Watson 16,457 1.75 167,644 PNC Financial Services Group 16,369 1.74 34,072 BlackRock 11,009 1.17 503,982 Bank of America 9,337 0.99 88,077 Travelers Cos 8,329 0.89 72,734 CME Group (A) 7,119 0.76 162,372 17.26 Health Care - (4.90%) 722,277 Abbott Laboratories 28,097 2.99 301,953 Merck 14,796 1.57 213,764 PerkinElmer 10,979 1.17 103,418 Celgene 10,789 1.15 49,314 Humana 9,735 1.03 208,458 Bristol-Myers Squibb 9,610 1.02 78,185 Aetna 9,524 1.01 138,331 Gilead Sciences 8,726 0.93 110,687 AmerisourceBergen 6,732 0.72 222,249 Emergent BioSolutions 6,226 0.66 40,096 Laboratory of Amer Holdings 4,788 0.51 120,002 12.75 Consumer Discretionary - (11.06%) 559,552 Time Warner 44,038 4.68 465,572 Comcast (A) 14,756 1.57 9,062 Priceline Group 12,754 1.36 16,341 Graham Holdings (B) 7,416 0.79 23,184 Charter Communications (A) 7,077 0.75 157,343 NIKE (B) 6,419 0.68
115 Fidelity American Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
415,917 Extended Stay America 6,123 0.65 70,599 Delphi Automotive 5,210 0.55 150,338 LKQ 4,002 0.43 107,795 11.46 Industrials - (16.45%) 471,948 Advisory Board 19,458 2.07 157,672 United Technologies 14,642 1.56 267,840 AMETEK 13,035 1.39 245,177 Ihs Markit 8,854 0.94 207,527 Textron 7,888 0.84 53,508 L3 Technologies 7,545 0.80 116,709 Allegion 7,093 0.75 327,364 General Electric 6,169 0.66 66,583 Union Pacific 5,425 0.58 52,905 United Parcel Service (B) 4,724 0.50 25,222 Roper Technologies 4,536 0.48 99,369 10.56 Consumer Staples - (14.18%) 326,320 PepsiCo 29,171 3.10 276,973 Wal-Mart Stores 16,891 1.80 345,238 Sysco 14,130 1.50 110,730 Philip Morris International 10,007 1.06 84,666 Anheuser-Busch InBev (ADR) 7,740 0.82 118,006 CVS Health 6,998 0.74 30,622 Molson Coors Brewing (B) 2,131 0.23 87,068 9.25 Materials - (12.06%) 267,956 Monsanto 24,318 2.58 385,234 Dow Chemical 19,410 2.06 156,717 LyondellBasell Industries 10,989 1.17 57,287 Linde 8,528 0.91 80,733 FMC 5,294 0.56 103,675 Agnico Eagle Mines (US) 4,064 0.43 140,152 CF Industries Holdings 3,148 0.33 75,751 8.05 Energy - (6.16%) 708,802 Cabot Oil & Gas 13,638 1.45 381,402 Royal Dutch Shell (B) 8,204 0.87 200,342 Baker Hughes A GE 5,213 0.55 77,994 Phillips 66 5,062 0.54 142,535 Halliburton 4,280 0.45 36,397 3.87 Utilities - (0.00%) 365,027 PPL 11,102 1.18 11,102 1.18 Telecommunication Services - (3.46%) 279,314 Verizon Communications 10,434 1.11 10,434 1.11
116 Fidelity American Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Contracts for Difference - (0.00%) 470,589 Diageo (CFD) 474 0.05 362,878 SKY (CFD) (123) (0.01) 351 0.04 Portfolio of investments 948,921 100.85 Cash and other net assets/(liabilities) (7,963) (0.85) Net assets 940,958 100.00
The figures in brackets represent the sector distributions at 28 February 2017. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes.
117 Fidelity American Special Situations Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Financials - (23.16%) 539,064 Berkshire Hathaway 75,445 5.67 532,513 Willis Towers Watson 61,078 4.59 3,271 Fidelity Institutional USD Fund Class A-Acc 43,798 3.29 1,008,036 Bank New of York Mellon 40,982 3.08 624,349 Citigroup 32,975 2.48 76,985 Fairfax Financial Holdings 30,702 2.31 619,134 Wells Fargo 24,681 1.86 205,744 Travelers Cos 19,456 1.46 484,690 XL Group 15,543 1.17 220,751 Northern Trust 15,135 1.14 359,795 27.06 Information Technology - (27.94%) 1,962,753 Oracle 75,880 5.71 548,778 NXP Semiconductors 47,894 3.60 625,093 Leidos Holdings 27,830 2.09 1,220,955 Juniper Networks 26,194 1.97 443,498 Dell Technologies (V) 25,558 1.92 214,572 International Business Machines 23,751 1.79 955,071 Cisco Systems 23,730 1.78 4,223,403 Ericsson (B) 19,068 1.43 1,212,761 Sabre 17,402 1.31 309,155 Xilinx 15,862 1.19 308,175 Amdocs 15,357 1.16 810,261 Nuance Communications 10,079 0.76 328,605 24.72 Health Care - (10.56%) 1,079,897 Abbott Laboratories 42,009 3.16 1,557,597 Pfizer 40,443 3.04 204,302 Cigna 28,487 2.14 382,761 AmerisourceBergen 23,280 1.75 171,652 Jazz Pharmaceuticals 19,438 1.46 290,441 Gilead Sciences 18,321 1.38 336,065 PerkinElmer 17,261 1.30 633,816 Mylan 15,049 1.13 204,288 15.37 Industrials - (14.58%) 314,188 L3 Technologies 44,302 3.33 311,839 United Parcel Service (B) 27,843 2.09 1,320,932 General Electric 24,892 1.87 384,346 Kirby 18,637 1.40 2,870,894 BAE Systems 17,369 1.31 143,382 Dun & Bradstreet 12,215 0.92 292,500 Jacobs Engineering Group 12,205 0.92 1,322,620 Rolls-Royce Holdings 12,115 0.91 1,181,578 NOW 10,551 0.79 180,129 13.55
118 Fidelity American Special Situations Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Consumer Staples - (6.84%) 545,076 Molson Coors Brewing (B) 37,934 2.85 388,932 Kellogg 19,943 1.50 532,372 Archer Daniels Midland 17,299 1.30 75,176 5.65 Materials - (2.01%) 234,902 Linde 34,968 2.63 1,121,064 Mosaic 17,244 1.30 52,212 3.93 Energy - (4.88%) 1,573,800 SBM Offshore 19,203 1.44 618,191 Apache 18,418 1.39 301,957 Baker Hughes A GE 7,857 0.59 45,478 3.42 Telecommunication Services - (3.38%) 1,189,680 Verizon Communications 44,441 3.34 44,441 3.34 Consumer Discretionary - (5.77%) 788,507 Liberty Global (C) 15,771 1.19 209,129 Dollar General 12,458 0.94 696,812 Mattel 8,716 0.66 36,945 2.78 Contracts for Difference - (0.17%) 133,577 Citigroup (CFD) 355 0.03 355 0.03 Portfolio of investments 1,327,424 99.85 Cash and other net assets/(liabilities) 2,065 0.15 Net assets 1,329,489 100.00
The figures in brackets represent the sector distributions at 28 February 2017. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes.
119 Fidelity Asia Fund
Portfolio Statement as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
China - (32.84%) 5,523,100 Tencent Holdings 180,199 6.84 1,118,688 Alibaba Group Holding (ADR) 148,768 5.65 101,231,020 Industrial & Coml Bank China (H) 58,763 2.23 5,104,000 Sunny Optical Technology Group 56,673 2.15 5,449,500 China Mobile 44,882 1.70 22,032,000 Brilliance China Auto Holding 43,943 1.67 62,425,300 China Construction Bank (H) 42,431 1.61 9,049,200 China Pacific Insurance Group (H) 33,044 1.25 12,600,000 China Life Insurance (H) 31,320 1.19 524,308 Kweichow Moutai (A) (CN) 08/02/2018 (ELN) 30,277 1.15 50,928,000 China Petroleum & Chemical (H) 30,271 1.15 7,134,335 Wuxi Biologics (Cayman) 27,397 1.04 418,030 New Oriental Ed & Tech Group (ADR) 25,746 0.98 628,711 Ctrip.com International (ADR) 25,712 0.98 25,510,000 CNOOC 23,668 0.90 3,463,000 Shenzhou International Group Holdings 21,494 0.82 4,861,610 Zhejiang Supor Cookware (A) 02/03/2020 (ELN) 21,400 0.81 738,724 Yum China Holdings 20,156 0.77 7,368,000 China Overseas Land & Investment 19,959 0.76 4,014,000 Midea Group (A) 19,359 0.74 306,100 Kweichow Moutai (A) 17,676 0.67 15,430,800 China State Construction International Holdings 17,333 0.66 3,323,571 Gree Electric Appliances of Zhuhai (A) 15,111 0.57 3,105,738 Hangzhou Hikvision Digital Technology (A) (CN) 11,742 0.45 13,898,000 Weichai Power (H) 11,115 0.42 21,041,000 Sinotrans (H) 9,228 0.35 6,876,000 Tong Ren Tang Technologies (H) 7,492 0.28 2,096,834 Weifu High-Technology (B) 3,754 0.14 13,383,700 Sinosoft Technology Group 3,134 0.12 546,054 Zhejiang Supor Cookware (A) (CN) 02/12/2019 (ELN) 2,404 0.09 591,675 Hangzhou Hikvision Digital Technology (A) 2,237 0.08 133,132 Zhejiang Supor Cookware (A) 586 0.02 1,007,274 38.25 Korea - (16.27%) 76,610 Samsung Electronics 122,429 4.65 1,055,094 SK Hynix 49,965 1.90 1,121,986 Shinhan Financial Group 40,198 1.53 39,081 LG Household & Healthcare 25,872 0.98 131,671 Samsung Fire & Marine Insurance 25,087 0.95 45,621 NAVER 23,777 0.90 181,194 SK Innovation 23,515 0.89 222,067 Hyundai Motor 21,461 0.82 95,042 Samsung Biologics 18,534 0.70 273,656 BGF Retail 17,210 0.65 84,498 AmorePacific 16,799 0.64 11,254 Samsung Electronics Preferred 14,644 0.56 33,041 Korea Zinc 11,746 0.45 101,458 CJ E&M 5,309 0.20 416,546 15.82
120 Fidelity Asia Fund
Portfolio Statement as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
India - (12.73%) 3,284,477 HDFC Bank 70,747 2.69 2,522,218 Housing Development Finance 54,409 2.07 289,998 Maruti Suzuki India 27,140 1.03 9,252,895 Power Grid of India 24,568 0.93 770,384 Tata Consultancy Services 23,375 0.89 7,893,191 Hindalco Industries 22,832 0.87 5,863,891 ITC 20,118 0.76 50,524 Eicher Motors 19,331 0.73 346,399 UltraTech Cement 16,832 0.64 2,640,367 Tata Motors 12,091 0.46 630,986 Mahindra & Mahindra 10,293 0.39 458,872 Kotak Mahindra Bank 5,449 0.21 307,185 11.67 Taiwan - (11.98%) 28,296,128 Taiwan Semiconductor Manufacturing 157,460 5.98 61,340,560 E.Sun Financial Holdings 29,314 1.11 28,253,718 Advanced Semiconductor Engineering 26,495 1.01 2,020,000 Catcher Technology 19,957 0.76 10,639,284 Uni-President Enterprises 17,597 0.67 2,634,450 Advantech 15,101 0.57 6,492,567 Cathay Financial Holding 8,229 0.31 4,249,000 Zhen Ding Technology Holding 7,641 0.29 3,421,000 WPG Holding 3,464 0.13 285,258 10.83 Hong Kong - (10.16%) 20,029,200 AIA Group 119,248 4.53 3,994,500 Cheung Kong Property Holdings 27,211 1.03 7,552,000 Sands China 26,266 1.00 2,564,000 Dah Sing Financial Holdings 14,438 0.55 2,043,000 Power Assets Holdings 13,947 0.53 10,997,000 HKT Trust & HKT 10,999 0.42 5,061,600 Dah Sing Banking Group 8,830 0.34 5,500 CK Hutchison Holdings 56 0.00 220,995 8.39 Thailand - (4.49%) 3,687,200 PTT (F) 34,331 1.30 22,727,800 Airports of Thailand (F) 28,845 1.10 3,709,100 Kasikornbank (F) 18,309 0.70 3,013,900 Bumrungrad Hospital (F) 15,300 0.58 8,908,500 CP ALL (F) 12,869 0.49 17,614,100 Thai Beverage 9,307 0.35 3,383,400 Carabao Group (F) 5,462 0.21 124,423 4.73 Indonesia - (3.62%) 34,350,800 Bank Central Asia 37,877 1.44 24,013,600 Bank Rakyat Indonesia 21,064 0.80 3,158,600 Gudang Garam PT Perusahaan 12,700 0.48 10,828,300 First Resources 11,536 0.44 10,953,500 Matahari Department Store 6,374 0.24 89,551 3.40
121 Fidelity Asia Fund
Portfolio Statement as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Singapore - (3.40%) 3,970,168 United Overseas Bank 54,496 2.07 725,500 Jardine Cycle & Carriage 16,548 0.63 14,307,946 Raffles Medical Group 8,990 0.34 80,034 3.04 Philippines - (2.03%) 969,490 Ayala 13,467 0.51 8,252,820 Robinsons Retail Holdings 11,295 0.43 531,095 GT Capital Holdings 8,999 0.34 31,316,700 Alliance Global Group 6,598 0.25 40,359 1.53 United States - (0.55%) 1,051 Fidelity Institutional USD Fund Class A-Acc 14,069 0.53 258,360 Cognizant Technology Solutions (A) 13,976 0.53 28,045 1.07 Malaysia - (0.83%) 5,170,200 Public Bank 19,351 0.73 19,351 0.73 Portfolio of investments 2,619,021 99.46 Cash and other net assets/(liabilities) 14,044 0.54 Net assets 2,633,065 100.00
The figures in brackets represent the sector distributions at 28 February 2017. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes.
122 Fidelity Asia Pacific Opportunities Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
China - (18.94%) 78,342 Kweichow Moutai (A) 4,524 7.34 5,108,000 China Petroleum & Chemical (H) 3,036 4.92 3,856,000 Guangshen Railway (H) 1,622 2.63 278,428 Foshan Haitian Flavouring (A) (CN) 1,328 2.15 189,818 Foshan Haitian Flavouring (A) 14/03/2019 (ELN) 905 1.47 113,598 Shanghai Flyco Electrical Appliance (CN) 18/06/2020 (ELN) 807 1.31 80,800 Shanghai Flyco Electrical Appliance 574 0.93 1,370 Kweichow Moutai (A) (CN) 25/10/2019 (ELN) 79 0.13 500 Kweichow Moutai (A) (CN) 29 0.05 3,500 Foshan Haitian Flavouring (A) (CN) 05/10/2017 (ELN) 17 0.03 2,700 Foshan Haitian Flavouring (A) (HK) 13 0.02 1,200 Shanghai Flyco Electrical Appliance (CN) 9 0.01 12,943 20.99 Hong Kong - (18.96%) 919,400 AIA Group 5,474 8.88 229,000 Sun Hung Kai Properties 2,965 4.81 1,760,000 Shangri La Asia 2,270 3.68 1,211,000 HKT Trust & HKT 1,211 1.96 905,500 Kerry Logistics Network 1,003 1.63 12,923 20.95 Taiwan - (7.29%) 1,002,000 Taiwan Semiconductor Manufacturing 5,576 9.04 2,120,000 TSRC 1,740 2.82 7,316 11.86 India - (14.71%) 209,791 HDFC Bank 4,519 7.33 372,617 ITC 1,278 2.07 163,407 Tata Motors 748 1.21 6,545 10.61 Korea - (14.44%) 17,788 SK Innovation 2,309 3.74 58,507 Korea Electric Power 1,733 2.81 209,121 Macquarie Korea Infrastructure Fund 1,227 1.99 20,211 Orion Corp/Republic of Korea/New 1,215 1.97 6,484 10.51 United States - (6.14%) 274 Fidelity Institutional USD Fund Class A-Acc 3,668 5.95 19,369 Shanghai Flyco Electrical Appliance (CN) 08/02/2018 (ELN) 138 0.22 3,806 6.17 Australia - (12.45%) 4,465,313 Fairfax Media 2,640 4.28 281,017 Charter Hall Group 975 1.58 291,041 Ariadne Australia 136 0.22 3,751 6.08
123 Fidelity Asia Pacific Opportunities Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Indonesia - (1.72%) 375,500 Gudang Garam PT Perusahaan 1,510 2.45 1,412,400 Bank Rakyat Indonesia 1,239 2.01 2,749 4.46 Canada - (0.00%) 31,414 Franco-Nevada (US) 1,971 3.20 1,971 3.20 Philippines - (1.91%) 2,430,307 LT Group 653 1.06 653 1.06 New Zealand - (0.00%) 167,193 Restaurant Brands NZ 592 0.96 592 0.96 United Kingdom - (0.00%) 1,188 Shanghai Flyco Electrical Appliance (CN) 24/09/2018 (ELN) 8 0.01 549 Shanghai Flyco Electrical Appliance 24/09/2018 (ELN) 4 0.01 12 0.02 Portfolio of investments 59,745 96.87 Cash and other net assets/(liabilities) 1,930 3.13 Net assets 61,675 100.00
The figures in brackets represent the sector distributions at 28 February 2017. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes.
124 Fidelity Asian Dividend Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Hong Kong - (22.39%) 307,000 WH Group 248 3.23 41,200 AIA Group 245 3.19 31,500 Cheung Kong Infrastructure Holdings 221 2.88 15,000 Sun Hung Kai Properties 194 2.53 28,400 Hongkong Land 163 2.12 51,300 Samsonite International 163 2.12 215,000 HKBN 160 2.09 7,500 Hang Seng Bank 134 1.75 84,500 Stella International Holdings 116 1.51 1,644 21.43 Taiwan - (10.95%) 62,000 Taiwan Semiconductor Manufacturing 345 4.50 147,000 Uni-President Enterprises 243 3.17 255,000 Mega Financial Holding 159 2.07 83,000 Far EasTone Telecommunications 156 2.03 178,000 TSRC 146 1.90 76,000 Quanta Computer 134 1.75 16,000 Nien Made Enterprise 134 1.75 1,317 17.16 China - (13.32%) 452,000 China Petroleum & Chemical (H) 269 3.51 23,000 China Mobile 189 2.46 272,000 Anhui Expressway (H) 159 2.07 110,000 Guangdong Investment 126 1.64 42,000 Fuyao Glass Ind Group (H) 104 1.36 847 11.04 Australia - (16.98%) 346,548 Fairfax Media 205 2.67 8,527 Caltex Australia 174 2.27 2,103 CSL 166 2.16 34,658 Westfield 158 2.06 48,410 APN Outdoor Group 133 1.73 836 10.90 Korea - (6.45%) 194 Samsung Electronics Preferred 252 3.28 1,424 SK Innovation 185 2.41 4,552 KB Financial Group 174 2.27 1,183 Samsung Fire & Marine Insurance Preferred 152 1.98 763 9.94 Thailand - (10.25%) 38,600 PTT (F) 359 4.68 354,400 Thai Beverage 187 2.44 96,300 Tisco Financial Group (F) 168 2.19 714 9.31
125 Fidelity Asian Dividend Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
India - (6.60%) 9,634 Housing Development Finance 208 2.71 16,523 Infosys 184 2.40 33,458 Coal India 97 1.26 489 6.37 Singapore - (2.58%) 84,800 Singapore Telecommunications 179 2.33 179 2.33 United Kingdom - (1.94%) 19,200 HSBC Holdings 145 1.89 145 1.89 Contracts for Difference - (0.38%) 2,700 Kweichow Moutai (A) (CFD) 61 0.79 46,400 Huayu Automotive Systems (A) (CFD) 28 0.38 43,100 Inner Mongolia Yili Industrial Group (CN) (CFD) 23 0.31 5,500 Huayu Automotive Systems (A) (CN) (CFD) 0 0.00 112 1.49 Portfolio of investments 7,046 91.86 Cash and other net assets/(liabilities) 627 8.14 Net assets 7,673 100.00
The figures in brackets represent the sector distributions at 28 February 2017. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes.
126 Fidelity Cash Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Certificate of Deposit - (61.27%) 38,000,000 Bred Banque Populaire CD 0.00% 05/09/2017 37,998 4.47 36,000,000 Svenska Handelsbanken CD 0.295% 12/02/2018 36,001 4.24 36,000,000 Lloyds Bank CD 0.25% 08/11/2017 36,000 4.24 30,000,000 Mizuho Bank London CD 0.00% 05/09/2017 29,999 3.53 20,000,000 TD Bank London CD 0.00% 04/04/2018 20,000 2.35 20,000,000 Dexia Credit VCD 16/07/2018 20,000 2.35 20,000,000 Credit Agricole Corporate & Investment Bank CD 0.00% 01/11/2017 19,991 2.35 20,000,000 BFCM Paris CD 0.00% 16/11/2017 19,990 2.35 18,000,000 ING Bank CD 0.26% 24/11/2017 18,000 2.12 18,000,000 Credit Agricole Corporate & Investment Bank London CD 0.00% 14/09/2017 17,998 2.12 18,000,000 Sumitomo Mitsui Trust Bank CD 0.00% 10/10/2017 17,995 2.12 18,000,000 Mitsubishi UFJ Trust & Banking CD 0.00% 12/10/2017 17,995 2.12 18,000,000 Sumitomo Mitsui Banking Brussels CD 0.00% 10/10/2017 17,994 2.12 15,000,000 Rabobank London 0.3651% VRN 03/08/2018 Reg S 15,000 1.77 12,000,000 Sumitomo Mitsui Trust Bank CD 0.00% 08/11/2017 11,994 1.41 12,000,000 Nordea Bank CD 0.00% 12/02/2018 11,983 1.41 10,500,000 Sumitomo Mitsui Banking Brussels CD 0.00% 05/09/2017 10,500 1.24 10,000,000 Rabobank Nederland CD 0.38% 25/09/2017 10,000 1.18 10,000,000 Mitsubishi UFJ Trust & Banking CD 0.00% 29/09/2017 9,998 1.18 10,000,000 Sumitomo Mitsui Trust Bank CD 0.00% 02/10/2017 9,998 1.18 10,000,000 Mitsubishi UFJ Trust & Banking CD 0.00% 08/11/2017 9,995 1.18 8,000,000 Nordea Bank CD 0.00% 04/09/2017 8,000 0.94 8,000,000 Mizuho Bank London CD 0.00% 18/10/2017 7,997 0.94 5,000,000 Rabobank CD 0.00% 12/12/2017 4,995 0.59 5,000,000 Rabobank CD 0.00% 05/02/2018 4,991 0.59 3,000,000 ING Bank CD 0.27% 12/09/2017 3,000 0.35 2,500,000 Credit Agricole Corporate & Investment Bank London CD 0.00% 03/11/2017 2,499 0.29 430,911 50.72 Commercial Paper - (35.89%) 30,000,000 Barclays Bank VCP 03/07/2018 30,000 3.53 23,000,000 Honda Finance Europe CP 0.30% 15/09/2017 22,997 2.71 20,000,000 BFCM Paris CP 0.28% 13/11/2017 19,989 2.35 18,000,000 Agence Centrale CP 0.275% 04/01/2018 17,983 2.12 18,000,000 Dexia Credit CP 0.34% 16/01/2018 17,977 2.12 16,000,000 Agence Centrale CP 0.31% 05/01/2018 15,983 1.88 14,000,000 Honda Finance Europe CP 0.30% 05/09/2017 14,000 1.65 12,000,000 Mitsubishi Finance CP 0.23% 18/09/2017 11,999 1.41 10,000,000 Sumitomo Mitsui Banking Brussels CP 0.30% 02/10/2017 9,997 1.18 9,000,000 Nordea Bank CP 0.305% 07/02/2018 8,988 1.06 9,000,000 Nordea Bank CP 0.30% 08/02/2018 8,988 1.06 7,000,000 MetLife Short Term Funding CP 0.26% 10/11/2017 6,997 0.82 5,000,000 Honda Finance Europe CP 0.28% 20/10/2017 4,998 0.59 1,000,000 Nordea Bank CP 0.31% 20/11/2017 999 0.12 191,895 22.59
127 Fidelity Cash Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Corporate Bonds - (0.00%) 20,000,000 Commonwealth Bank Australia FRN 12/04/2018 20,000 2.35 5,928,000 Abbey National Treasury 4.125% 14/09/2017 EMTN Reg S 5,936 0.70 1,528,000 Nestle Holdings 1.625% 11/12/2017 EMTN Reg S 1,533 0.18 1,400,000 Westpac Securities New Zealand FRN 02/10/2017 Reg S 1,401 0.16 700,000 FMS Wertmanagement 0.75% 15/12/2017 EMTN Reg S 701 0.08 29,571 3.48 Portfolio of investments 652,377 76.79 Cash and other net assets/(liabilities) 197,153 23.21 Net assets 849,530 100.00
The figures in brackets represent the sector distributions at 28 February 2017. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes.
128 Fidelity China Consumer Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Consumer Discretionary - (24.87%) 378,000 Galaxy Entertainment Group 1,840 3.90 42,869 Ctrip.com International (ADR) 1,753 3.72 63,110 Yum China Holdings 1,722 3.65 19,328 New Oriental Ed & Tech Group (ADR) 1,190 2.52 866,000 Dongfeng Motor Group (H) 870 1.85 456,000 Wynn Macau 777 1.65 104,781 Vipshop Holdings (ADR) 753 1.60 111,000 Shenzhou International Group Holdings 689 1.46 1,155,500 Li Ning 663 1.41 432,000 Guangzhou Automobil Group (H) 661 1.40 498,000 Shangri La Asia 642 1.36 76,000 Nien Made Enterprise 634 1.34 181,500 Yue Yuen Industrial Holdings 605 1.28 104,100 Midea Group (A) (CN) 502 1.06 1,156,000 TCL Multimedia Tech Holdings 429 0.91 4,559 China Lodging Group (ADR) 396 0.84 751,000 Goodbaby International Holdings 309 0.66 846,000 China Yuhua Education 254 0.54 14,689 31.15 Information Technology - (23.12%) 31,637 Alibaba Group Holding (ADR) 4,207 8.92 127,900 Tencent Holdings 4,173 8.85 16,663 Baidu (A) (ADR) 2,897 6.14 338,000 Kingsoft 623 1.32 2,245 NetEase (ADR) 480 1.02 218,000 TravelSky Technology (H) 460 0.98 19,300 Iflytek (A) 129 0.27 2,198 PChome Online 10 0.02 12,979 27.52 Financials - (22.20%) 1,250,000 China Life Insurance (H) 3,107 6.59 494,800 AIA Group 2,946 6.25 613,000 China Pacific Insurance Group (H) 2,238 4.75 14,400 Kweichow Moutai (A) (CN) 20/03/2019 (ELN) 832 1.76 400,000 Huatai Securities (H) 690 1.46 112,600 Inner Mongolia Yili Industrial Group (CN) 15/05/2020 (ELN) 309 0.66 67,798 Hangzhou Hikvision Digital Technology (A) 27/11/2017 (ELN) 256 0.54 10,164 Noah Holdings (ADR) 233 0.49 37,700 Foshan Haitian Flavouring (A) 08/02/2018 (ELN) 180 0.38 37,800 Angel Yeast (A) (CN) 07/04/2020 (ELN) 105 0.22 10,896 23.11
129 Fidelity China Consumer Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Consumer Staples - (7.79%) 202,000 President Chain Store 1,314 2.79 1,037,000 Uni-President China Holdings 683 1.45 82,700 Shanghai Flyco Electrical Appliance (CN) 588 1.25 5,862 Cosmax 475 1.01 114,600 Inner Mongoli Yili Ind (A) 314 0.67 59,100 Foshan Haitian Flavouring (A) (HK) 282 0.60 63,300 Angel Yeast (A) 175 0.37 1,900 Kweichow Moutai (A) 110 0.23 19,500 Angel Yeast (A) (CN) 54 0.11 52,000 Dynasty Fine Wines Group 3 0.01 3,998 8.48 Telecommunication Services - (10.90%) 3,782,000 China Telecom (H) 1,505 3.19 179,500 China Mobile 1,478 3.13 28,062 Aurora Mobile Series D Preferred 118 0.25 3,101 6.58 Industrials - (1.98%) 62,300 Shanghai International Airport (A) 286 0.61 41,600 Shanghai International Airport (A) (CN) 191 0.41 477 1.01 Health Care - (4.65%) 116,000 China Animal Healthcare 0 0.00 0 0.00 Portfolio of investments 46,140 97.85 Cash and other net assets/(liabilities) 1,013 2.15 Net assets 47,153 100.00
The figures in brackets represent the sector distributions at 28 February 2017. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes.
130 Fidelity Emerging Asia Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
China - (30.27%) 187,500 Tencent Holdings 6,118 6.84 39,061 Alibaba Group Holding (ADR) 5,195 5.81 4,596,000 Industrial & Coml Bank China (H) 2,668 2.98 583,200 China Pacific Insurance Group (H) 2,130 2.38 246,000 China Mobile 2,026 2.27 2,926,000 China Petroleum & Chemical (H) 1,739 1.94 715,000 China Mengniu Dairy 1,294 1.45 25,105 Ctrip.com International (ADR) 1,027 1.15 15,991 Kweichow Moutai (A) (CN) 25/10/2019 (ELN) 923 1.03 174,589 Midea Group (A) 842 0.94 193,601 Wuxi Biologics (Cayman) 743 0.83 191,600 Sinopharm Group (H) 672 0.75 1,156,000 Aluminum China (H) 664 0.74 1,408,000 Sinotrans (H) 618 0.69 12,253 58 Com (A) (ADR) 598 0.67 118,156 China International Travel Services (A) (CN) 10/02/2020 (ELN) 416 0.47 92,170 Zhejiang Supor Cookware (A) 02/03/2020 (ELN) 406 0.45 902,000 Best Pacific International Holdings 389 0.43 61,965 Shanghai International Airport (A) 284 0.32 76,298 China International Travel Services (A) 269 0.30 53,900 Shanghai International Airport (A) (CN) 08/02/2018 (ELN) 247 0.28 50,415 Zhejiang Supor Cookware (A) 29/11/2024 (ELN) 222 0.25 48,696 Zhejiang Supor Cookware (A) 214 0.24 45,690 Zhejiang Supor Cookware (A) (CN) 201 0.22 43,683 Zhejiang Supor Cookware (A) (CN) 02/12/2019 (ELN) 192 0.21 28,800 Shanghai International Airport (A) (CN) 132 0.15 1,600 Kweichow Moutai (A) (CN) 92 0.10 30,321 33.90 Korea - (15.08%) 1,860 Samsung Electronics 2,972 3.32 1,773 Samsung Electronics (GDR) 1,419 1.59 26,819 SK Hynix 1,270 1.42 6,332 Samsung Fire & Marine Insurance 1,206 1.35 32,667 Shinhan Financial Group 1,170 1.31 8,842 Hyundai Motor 855 0.96 1,572 NAVER 819 0.92 25,601 Korea Electric Power 758 0.85 5,600 SK Innovation 727 0.81 11,439 Kumho Petro Chemical 621 0.69 5,238 CJ Logistics 609 0.68 15,238 KEPCO Plant Service & Engineering 481 0.54 1,711 AmorePacific 340 0.38 13,247 14.81 India - (16.00%) 107,206 HDFC Bank 2,309 2.58 87,908 Housing Development Finance 1,896 2.12 84,251 Container of India 1,352 1.51 356,978 ITC 1,225 1.37 166,522 Cipla 1,163 1.30
131 Fidelity Emerging Asia Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
136,298 Axis Bank 828 0.93 174,889 Tata Motors 801 0.90 59,039 Cummins India 656 0.73 58,669 Infosys 652 0.73 21,462 Makemytrip (A) 549 0.61 251,891 Fortis Healthcare India 447 0.50 36,005 Kotak Mahindra Bank 428 0.48 26,918 Infosys (ADR) 314 0.35 12,620 14.11 Taiwan - (11.98%) 664,000 Taiwan Semiconductor Manufacturing 3,695 4.13 61,378 Taiwan Semiconductor Manufacturing (ADR) 1,760 1.97 2,079,653 E.Sun Financial Holdings 994 1.11 769,797 Advanced Semiconductor Engineering 722 0.81 96,796 Advantech 555 0.62 863,000 Mega Financial Holding 538 0.60 53,040 Eclat Textile 506 0.57 236,000 Far EasTone Telecommunications 445 0.50 188,000 Fubon Financial Holding 234 0.26 9,449 10.56 Indonesia - (7.61%) 1,336,400 Bank Central Asia 1,474 1.65 2,770,200 Telekomunikasi Indonesia PT 756 0.85 974,647 Siloam International Hospitals 618 0.69 582,800 Bank Rakyat Indonesia 511 0.57 456,800 First Resources 487 0.54 4,320,200 Kalbe Farma PT 429 0.48 750,600 Astra International 344 0.38 5,006,600 Summarecon Agung PT 303 0.34 4,922 5.50 Thailand - (2.31%) 180,100 PTT (F) 1,677 1.88 841,200 Airports of Thailand (F) 1,068 1.19 203,300 Kasikornbank (F) 1,004 1.12 1,106,200 Thai Beverage 585 0.65 96,600 Bumrungrad Hospital (F) 490 0.55 4,824 5.39 Philippines - (3.38%) 568,104 BDO Unibank 1,094 1.22 7,005,800 Wilcon Depot 934 1.04 2,750,200 LT Group 739 0.83 712,240 Pilipinas Shell Petroleum 712 0.80 375,750 Robinsons Retail Holdings 514 0.57 249,150 Metropolitan Bank & Trust 330 0.37 4,323 4.83 Hong Kong - (3.52%) 690,000 Shangri La Asia 890 1.00 745,000 WH Group 601 0.67 118,500 Samsonite International 376 0.42 86,500 Techtronic Industries 346 0.39 2,213 2.47 132 Fidelity Emerging Asia Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Malaysia - (0.86%) 206,800 Public Bank 774 0.87 552,800 CIMB Group Holdings 710 0.79 241,200 Lafarge Malaysia 238 0.27 1,722 1.93 Singapore - (1.58%) 637,900 Delfi 692 0.77 514,810 Raffles Medical Group 324 0.36 1,016 1.13 Cayman Islands - (0.00%) 11,296 China Biologic Products Holdings 797 0.89 797 0.89 United States - (0.52%) 7,890 Cognizant Technology Solutions (A) 427 0.48 427 0.48 Portfolio of investments 85,881 96.00 Cash and other net assets/(liabilities) 3,549 4.00 Net assets 89,430 100.00
The figures in brackets represent the sector distributions at 28 February 2017. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes.
133 Fidelity Emerging Europe, Middle East and Africa Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
South Africa - (47.55%) 63,907 Naspers (N) 11,096 9.68 1,049,399 Discovery 9,401 8.20 2,183,664 Steinhoff International Holdings (ZA) 8,067 7.04 158,014 Bid 2,801 2.44 469,232 AVI 2,769 2.42 234,601 Barclays Africa Group 2,073 1.81 183,748 City Lodge Hotels 1,500 1.31 872,776 Spur 1,482 1.29 121,792 Mr Price Group 1,316 1.15 936,269 Clover Industries 893 0.78 501,249 Dis-Chem Pharmacies Pty 877 0.77 109,291 JSE 876 0.76 71,834 Distell Group 590 0.51 641,447 Group Five 537 0.47 151,450 SUN International 535 0.47 986,768 Capevin Holdings 518 0.45 33,130 Famous Brands 232 0.20 45,563 39.76 Russia - (29.33%) 3,588,812 Sberbank Russia (USD) 8,850 7.72 695,725 Magnitogorsk Iron & Steel Works PJSC (GDR) 4,878 4.26 255,115 PhosAgro (GDR) 2,803 2.45 1,120,370 Sberbank of Russia Preferred 2,319 2.02 101,540 Mail.Ru Group (GDR) 2,308 2.01 66,101 X5 Retail Group (GDR) 2,046 1.79 97,083 Novolipetsk Steel (GDR) 1,773 1.55 1,739,227 PAO TMK (USD) 1,617 1.41 611,013 Detsky Mir (USD) 784 0.68 27,378 23.89 Turkey - (1.93%) 2,473,708 Turkiye Garanti Bankasi 5,957 5.20 85,889 Turkiye Petrol Rafinerileri 2,259 1.97 8,216 7.17 United Arab Emirates - (4.77%) 2,133,997 Abu Dhabi Commercial Bank 3,266 2.85 786,523 First Abu Dhabi Bank 1,729 1.51 4,995 4.36 Nigeria - (2.47%) 46,916,566 Zenith Bank 2,335 2.04 251,816 Guaranty Trust Bank (GDR) 1,093 0.95 21,309,387 United Bank for Africa 440 0.38 3,817,232 Guaranty Trust Bank 322 0.28 4,190 3.66 United Kingdom - (0.45%) 482,219 Glencore (ZA) 1,752 1.53 43,425 Wizz Air Holdings 1,278 1.12 66,537 Hikma Pharmaceuticals 816 0.71 3,846 3.36
134 Fidelity Emerging Europe, Middle East and Africa Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
United States - (1.69%) 261 Fidelity Institutional USD Fund Class A-Acc 3,499 3.05 3,499 3.05 Israel - (2.11%) 18,404 Check Point Software Technologies 1,574 1.37 26,154 Frutarom Industries 1,562 1.36 3,136 2.74 Poland - (2.49%) 41,003 KRUK 3,027 2.64 3,027 2.64 Kenya - (1.01%) 8,001,700 Safaricom 1,524 1.33 1,802,400 Kcb Group 612 0.53 1,331,900 Equity Group Holdings 439 0.38 2,575 2.25 Romania - (1.98%) 5,437,021 Banca Transilvania 2,442 2.13 2,442 2.13 Australia - (0.71%) 559,999 South32 999 0.87 456,231 South32 (GB) 826 0.72 1,825 1.59 Cyprus - (1.38%) 109,940 TCS Group Holding (A) (GDR) 1,272 1.11 1,272 1.11 Germany - (0.00%) 29,114 Delivery Hero 806 0.70 806 0.70 Portugal - (1.21%) 51,048 Jeronimo Martins 784 0.68 784 0.68 Greece - (0.56%) 54,799 Jumbo 706 0.62 706 0.62 Qatar - (0.00%) 13,290 Qatar National Bank 364 0.32 364 0.32 Portfolio of investments 114,624 100.03 Cash and other net assets/(liabilities) (22) (0.03) Net assets 114,602 100.00
The figures in brackets represent the sector distributions at 28 February 2017. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes.
135 Fidelity Enhanced Income Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Financials - (26.38%) 3,649,110 HSBC Holdings 27,477 5.03 7,254,326 Legal & General Group 18,911 3.46 3,015,242 Aviva 15,814 2.90 22,058,793 Lloyds Banking Group 13,985 2.56 516 Fidelity Institutional Sterling Fund Class A-Acc 10,685 1.96 1,335,621 British Land 8,121 1.49 351,043 Admiral Group 6,779 1.24 835,488 Phoenix Group Holdings 6,521 1.19 976,897 Beazley 4,997 0.91 1,203,172 Direct Line Insurance Group 4,577 0.84 295,345 Hiscox 3,789 0.69 866,594 Standard Life Aberdeen PLC 3,742 0.69 630,257 Hammerson 3,514 0.64 352,204 Provident Financial 3,055 0.56 2,416,363 Greencoat UK Wind Funds 2,941 0.54 152,647 Close Brothers Group 2,345 0.43 339,281 Lancashire Holdings 2,344 0.43 1,810,124 Primary Health Properties 2,154 0.39 238,241 Chesnara 929 0.17 484,123 Redde 779 0.14 364,416 3i Infrastructure Fund 713 0.13 52,664 Secure Income (REIT) 184 0.03 144,356 26.43 Consumer Goods - (26.31%) 467,977 British American Tobacco 22,456 4.11 287,458 Reckitt Benckiser Group 21,007 3.85 462,983 Unilever 20,830 3.81 695,654 Diageo 17,948 3.29 505,369 Imperial Brands 16,157 2.96 104,526 Philip Morris International 9,446 1.73 300,902 Cranswick 8,982 1.64 116,363 Kraft Heinz 7,402 1.36 211,413 Associated British Foods 6,955 1.27 166,313 Berkeley Group Holdings 6,208 1.14 73,567 Nestle 4,831 0.88 142,222 26.04 Health Care - (11.92%) 560,017 AstraZeneca 25,288 4.63 1,491,932 GlaxoSmithKline 22,812 4.18 79,914 Sanofi 5,990 1.10 54,090 9.90 Industrials - (11.71%) 1,803,229 BAE Systems 10,910 2.00 1,851,549 Royal Mail 7,178 1.31 1,020,760 Capita 6,553 1.20 784,161 HomeServe 5,709 1.05 145,465 Bunzl 3,336 0.61 338,186 PayPoint 3,056 0.56 1,050,090 Forterra 2,854 0.52 259,317 Babcock International Group 2,094 0.38
136 Fidelity Enhanced Income Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
849,781 Ibstock 2,003 0.37 771,569 Biffa 1,751 0.32 711,564 BCA Marketplace 1,341 0.25 114,472 Kier Group 1,326 0.24 727,087 AA 1,176 0.22 406,300 Equiniti Group 1,109 0.20 174,190 Pagegroup 861 0.16 64,830 Aggreko 576 0.11 51,833 9.49 Utilities - (10.26%) 1,318,340 National Grid 12,781 2.34 1,125,417 Pennon Group 9,127 1.67 370,467 Severn Trent 8,402 1.54 563,447 SSE 8,007 1.47 3,347,925 Centrica 6,646 1.22 501,355 United Utilities Group 4,545 0.83 49,508 9.07 Consumer Services - (5.54%) 196,175 Next 7,990 1.46 124,234 Whitbread 4,602 0.84 1,536,165 Kingfisher 4,532 0.83 1,156,168 Marks & Spencer Group 3,682 0.67 264,239 Greggs 3,155 0.58 418,823 Greene King 2,861 0.52 1,352,108 Stagecoach Group 2,227 0.41 84,657 Dignity 1,907 0.35 802,887 Sainsbury (J) 1,876 0.34 542,913 Halfords Group 1,739 0.32 90,265 Go-Ahead Group 1,608 0.29 314,885 Card Factory 1,044 0.19 539,792 Marstons 615 0.11 1,344,251 Debenhams 538 0.10 92,791 Dunelm Group 534 0.10 180,581 Pets at Home Group 325 0.06 39,235 7.18 Telecommunications - (3.81%) 6,152,205 BT Group 17,878 3.27 4,640,938 KCOM Group 4,618 0.85 400,532 TalkTalk Telecom Group 800 0.15 23,296 4.27 Oil & Gas - (2.22%) 950,527 Royal Dutch Shell (A) 20,142 3.69 20,142 3.69 Basic Materials - (1.00%) 232,674 Rio Tinto 8,729 1.60 84,103 Croda International 3,236 0.59 11,965 2.19
137 Fidelity Enhanced Income Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Contracts for Difference - (0.01%) 82,100 Novartis (CFD) 291 0.05 124,306 Victrex (CFD) 183 0.03 235,758 Tate & Lyle (CFD) (86) (0.02) 27,062 Roche Holdings (CFD) (314) (0.06) 74 0.01 Options - ((0.84)%) (10,000) Call Kraft Heinz CBOE 20/10/2017 0 0.00 (5,000) Call Kraft Heinz CBOE 20/10/2017 0 0.00 10,000 Call Bunzl ICE 15/09/2017 0 0.00 (30,000) Call Philip Morris International CBOE 15/09/2017 (1) 0.00 (5,000) Call Philip Morris International CBOE 15/09/2017 (1) 0.00 (17,500) Call Novartis ICE 15/09/2017 (1) 0.00 (23,000) Call Nestle ICE 15/09/2017 (1) 0.00 (25,000) Call Sanofi ICE 15/09/2017 (2) 0.00 (14,000) Call Bunzl ICE 20/10/2017 (2) 0.00 (25,000) Call Novartis ICE 20/10/2017 (3) 0.00 (60,000) Call British American Tobacco ICE 15/09/2017 (3) 0.00 (40,000) Call Reckitt Benckiser Group ICE 15/09/2017 (4) 0.00 (40,000) Call Reckitt Benckiser Group ICE 15/09/2017 (4) 0.00 (70,000) Call British American Tobacco ICE 15/09/2017 (4) 0.00 (70,000) Call British American Tobacco ICE 20/10/2017 (4) 0.00 (4,500) Call Roche Holdings ICE 20/10/2017 (4) 0.00 (70,000) Call British American Tobacco ICE 20/10/2017 (4) 0.00 (60,000) Call Bunzl ICE 15/09/2017 (6) 0.00 (300,000) Call Royal Mail ICE 15/09/2017 (6) 0.00 (350,000) Call Royal Mail ICE 20/10/2017 (7) 0.00 (23,000) Call Nestle ICE 20/10/2017 (7) 0.00 (20,000) Call Sanofi ICE 20/10/2017 (7) 0.00 (7,500) Call Philip Morris International CBOE 20/10/2017 (7) 0.00 (20,000) Call Novartis ICE 17/11/2017 (8) 0.00 (40,000) Call AstraZeneca ICE 15/09/2017 (8) 0.00 (120,000) Call Severn Trent ICE 15/09/2017 (8) 0.00 (90,000) Call Reckitt Benckiser Group ICE 20/10/2017 (9) 0.00 (200,000) Call National Grid ICE 15/09/2017 (10) 0.00 (2,250,000) Call Lloyds Banking Group ICE 20/10/2017 (11) 0.00 (75,000) Call SSE ICE 17/11/2017 (11) 0.00 (12,500) Call Philip Morris International CBOE 15/12/2017 (11) 0.00 (22,500) Call Sanofi ICE 17/11/2017 (11) 0.00 (35,000) Call AstraZeneca ICE 17/11/2017 (12) 0.00 (200,000) Call Royal Dutch Shell (A) ICE 20/10/2017 (12) 0.00 (100,000) Call Royal Dutch Shell (A) ICE 17/11/2017 (13) 0.00 (500,000) Call BT Group ICE 15/09/2017 (13) 0.00 (425,000) Call GlaxoSmithKline ICE 15/09/2017 (13) 0.00 (7,500) Call Roche Holdings ICE 17/11/2017 (13) 0.00 (70,000) Call AstraZeneca ICE 15/09/2017 (14) 0.00 (425,000) Call GlaxoSmithKline ICE 20/10/2017 (15) 0.00 (150,000) Call National Grid ICE 17/11/2017 (15) 0.00 (30,000) Call Reckitt Benckiser Group ICE 17/11/2017 (15) 0.00 (225,000) Call British Land ICE 20/10/2017 (16) 0.00
138 Fidelity Enhanced Income Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
(120,000) Call Severn Trent ICE 20/10/2017 (16) 0.00 (275,000) Call Standard Life Aberdeen ICE 20/10/2017 (17) 0.00 (950,000) Call HSBC Holdings ICE 15/09/2017 (17) 0.00 (35,000) Call AstraZeneca ICE 17/11/2017 (17) 0.00 (60,000) Call Severn Trent ICE 17/11/2017 (20) 0.00 (275,000) Call Standard Life Aberdeen ICE 17/11/2017 (20) 0.00 (800,000) Call BT Group ICE 20/10/2017 (20) 0.00 (50,000) Call British American Tobacco ICE 17/11/2017 (21) 0.00 (35,000) Call Rio Tinto ICE 15/09/2017 (21) 0.00 (23,000) Call Nestle ICE 17/11/2017 (22) 0.00 (35,000) Call AstraZeneca ICE 17/11/2017 (23) 0.00 (75,000) Call Royal Dutch Shell (A) ICE 20/10/2017 (24) 0.00 (500,000) Call Centrica ICE 20/10/2017 (25) 0.00 (500,000) Call Centrica ICE 15/09/2017 (25) 0.00 (1,000,000) Call Aviva ICE 15/09/2017 (30) (0.01) (35,000) Call Rio Tinto ICE 15/12/2017 (32) (0.01) (515,000) Call BAE Systems ICE 20/10/2017 (36) (0.01) (105,000) Call AstraZeneca ICE 20/10/2017 (37) (0.01) (550,000) Call BAE Systems ICE 15/09/2017 (39) (0.01) (1,000,000) Call Aviva ICE 20/10/2017 (40) (0.01) (2,250,000) Call Legal & General Group ICE 20/10/2017 (41) (0.01) (660,000) Call BAE Systems ICE 20/10/2017 (46) (0.01) (50,000) Call Unilever ICE 20/10/2017 (56) (0.01) (70,000) Call Rio Tinto ICE 20/10/2017 (61) (0.01) (70,000) Call Rio Tinto ICE 17/11/2017 (64) (0.01) (950,000) Call HSBC Holdings ICE 17/11/2017 (67) (0.01) (100,000) Call Unilever ICE 20/10/2017 (67) (0.01) (275,000) Call Standard Life Aberdeen ICE 15/09/2017 (69) (0.01) (55,000) Call Associated British Foods ICE 15/09/2017 (73) (0.01) (140,000) Call Unilever ICE 15/09/2017 (79) (0.01) (55,000) Call Associated British Foods ICE 20/10/2017 (83) (0.02) (65,000) Call Associated British Foods ICE 17/11/2017 (85) (0.02) (1,000,000) Call Aviva ICE 17/11/2017 (100) (0.02) (2,250,000) Call Legal & General Group ICE 17/11/2017 (113) (0.02) (2,250,000) Call Legal & General Group ICE 15/09/2017 (113) (0.02) (150,000) Call Unilever ICE 17/11/2017 (127) (0.02) (1,000,000) Call HSBC Holdings ICE 20/10/2017 (133) (0.02) (225,000) Call Diageo ICE 17/11/2017 (155) (0.03) (225,000) Call Diageo ICE 20/10/2017 (175) (0.03) (225,000) Call Diageo ICE 15/09/2017 (210) (0.04) (2,735) (0.50) Portfolio of investments 533,986 97.77 Cash and other net assets/(liabilities) 12,139 2.23 Net assets 546,125 100.00
The figures in brackets represent the sector distributions at 28 February 2017. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes.
139 Fidelity European Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
France - (28.35%) 1,374,512 Sanofi 103,021 3.91 2,204,665 Total 87,940 3.33 494,315 LOreal 80,822 3.06 328,662 Iliad Group 65,602 2.49 636,089 Essilor International 61,886 2.35 1,100,929 Legrand 60,070 2.28 272,293 LVMH Moet Hennessy SE 55,516 2.10 698,552 Dassault Systemes 53,039 2.01 1,876,637 Edenred 38,772 1.47 79,699 Hermes International SCA 32,767 1.24 1,569,448 Elior SCA 32,056 1.22 265,465 Sodexo 23,979 0.91 121,505 Unibail-Rodamco 23,878 0.91 233,029 Societe BIC 21,513 0.82 651,376 Societe Des Bains de Mer Monaco 20,275 0.77 927,445 SES (FR) (FDR) 16,274 0.62 777,410 29.47 Switzerland - (17.96%) 2,512,724 Nestle 165,010 6.26 618,167 Roche Holdings 120,392 4.56 322,333 Schindler Holding 52,245 1.98 6,668 Sika 36,249 1.37 450,999 DKSH Holding 28,419 1.08 130,220 Flughafen Zurich Airport 24,345 0.92 426,660 16.17 Germany - (14.34%) 1,062,653 SAP SE 86,106 3.26 857,368 Deutsche Boerse 71,201 2.70 857,529 Fresenius Medical Care 61,777 2.34 1,071,754 Symrise 60,886 2.31 341,792 Linde 50,880 1.93 403,755 Fielmann 25,889 0.98 153,570 MTU Aero Engines 16,730 0.63 373,469 14.16 Spain - (6.39%) 1,151,219 Amadeus IT Group (A) 54,809 2.08 3,043,315 Red Electrica 52,660 2.00 1,222,827 Enagas S A 27,752 1.05 165,327 Aena 24,656 0.93 159,877 6.06 United Kingdom - (6.08%) 7,253,679 3i Group 69,853 2.65 2,788,841 Royal Dutch Shell (A) (NL) 59,300 2.25 537,978 Intertek Group 27,383 1.04 156,536 5.93
140 Fidelity European Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Netherlands - (3.61%) 611,730 ASML Holding 73,769 2.80 3,106,217 ABN AMRO Group 67,164 2.55 140,933 5.34 Belgium - (5.48%) 1,001,718 KBC Groep 64,010 2.43 538,963 Anheuser-Busch InBev 49,632 1.88 311,163 Umicore 17,918 0.68 131,560 4.99 Denmark - (4.36%) 2,621,875 Novo-Nordisk (B) 96,243 3.65 274,559 Chr Hansen Holding 18,270 0.69 114,513 4.34 Finland - (4.14%) 1,794,751 Sampo 73,564 2.79 958,451 Kone 40,124 1.52 113,688 4.31 Norway - (3.52%) 4,214,921 DNB 63,374 2.40 2,035,036 Telenor 31,506 1.19 94,880 3.60 Italy - (2.48%) 25,736,507 Intesa Sanpaolo (Preference) 63,185 2.40 8,882,514 Intesa Sanpaolo 23,345 0.88 86,530 3.28 Austria - (1.14%) 778,524 ANDRITZ 32,656 1.24 32,656 1.24 Sweden - (1.51%) 598,939 Swedish Match 16,411 0.62 16,411 0.62 Ireland - (0.06%) 129 Fidelity Institutional Euro Fund Class A-Acc 1,662 0.06 1,662 0.06 Greece - (0.30%) 3,773,155 AirSea Lines International 0 0.00 0 0.00 Portfolio of investments 2,626,785 99.57 Cash and other net assets/(liabilities) 11,138 0.43 Net assets 2,637,923 100.00
The figures in brackets represent the sector distributions at 28 February 2017. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes.
141 Fidelity European Opportunities Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
France - (20.76%) 157,474 Pernod Ricard 16,475 3.69 1,272,016 Engie 16,452 3.68 270,611 BNP Paribas 15,971 3.57 725,442 Edenred 14,988 3.35 9,591 Dassault Aviation 11,269 2.52 199,234 Legrand 10,871 2.43 155,248 Publicis Groupe 8,162 1.83 94,188 21.08 Switzerland - (12.12%) 421,452 Nestle 27,677 6.19 87,095 Roche Holdings 16,962 3.80 1,164,529 Credit Suisse Group 13,233 2.96 172,216 Compagnie Finance Richemont Switz (A) 11,919 2.67 237,231 LafargeHolcim 10,777 2.41 80,568 18.03 Germany - (22.82%) 242,046 SAP SE 19,613 4.39 261,309 Fresenius Medical Care 18,825 4.21 135,326 Bayer 13,422 3.00 68,531 Munich RE Group 10,959 2.45 133,373 Hugo Boss 8,761 1.96 471,137 Grand City Properties 7,948 1.78 79,528 17.80 Netherlands - (7.79%) 521,903 Koninklijke Philips 15,305 3.43 992,368 ING Groep 13,612 3.05 1,388,515 Tomtom Group 11,100 2.48 40,017 8.96 Ireland - (8.84%) 1,273 Fidelity Institutional Euro Fund Class A-Acc 16,403 3.67 2,545,859 Bank Ireland Group 16,294 3.65 32,697 7.32 Italy - (4.18%) 662,932 YOOX Net a Porter Group 16,880 3.78 880,767 UniCredit 13,959 3.12 30,839 6.90 Spain - (9.07%) 250,329 Amadeus IT Group (A) 11,918 2.67 431,525 Grifols Preferred B (ADR) 6,745 1.51 255,513 Grifols (A) 5,598 1.25 24,261 5.43 Denmark - (1.30%) 161,553 Pandora 13,110 2.93 47,469 Genmab 8,545 1.91 21,655 4.85
142 Fidelity European Opportunities Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
United Kingdom - (6.48%) 870,393 Royal Dutch Shell (A) (NL) 18,507 4.14 18,507 4.14 Sweden - (2.06%) 890,562 Getinge 12,754 2.85 890,562 Getinge (Rights 14/09/2017) 258 0.06 13,012 2.91 Norway - (4.39%) 1,360,384 Orkla 10,672 2.39 10,672 2.39 Canada - (0.03%) 265,093 WG 122 0.03 122 0.03 Belgium - (0.00%) 3,570 Credit Commercial International 0 0.00 0 0.00 Portfolio of investments 446,066 99.84 Cash and other net assets/(liabilities) 790 0.16 Net assets 446,856 100.00
The figures in brackets represent the sector distributions at 28 February 2017. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes.
143 Fidelity Extra Income Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Corporate Bonds - (79.16%) 5,500,000 Areva 4.875% 23/09/2024 EMTN 5,625 0.98 5,900,000 EDF 6.00% 22/01/2114 144A 5,231 0.91 4,000,000 RWE Finance 4.75% 31/01/2034 EMTN Reg S 5,005 0.87 3,650,000 Imperial Tobacco Finance 9.00% 17/02/2022 EMTN Reg S 4,813 0.84 4,264,000 RAC Bond 4.87% 06/05/2046 EMTN Reg S 4,813 0.84 4,200,000 Annington Funding 3.935% 12/07/2047 EMTN Reg S 4,612 0.81 3,800,000 Great Rolling Stock 6.25% 27/07/2020 EMTN Reg S 4,329 0.76 2,200,000 Lloyds Bank 13.00% VRN (Perpetual) 4,164 0.73 3,720,000 Co-Operative Bank 4.75% 11/11/2021 Reg S 4,135 0.72 3,750,000 Virgin Media Secured Finance 5.125% 15/01/2025 Reg S 3,956 0.69 2,700,000 EDF 6.00% 23/01/2114 EMTN Reg S 3,943 0.69 3,675,000 RBS Group 9.50% VRN (Perpetual) 3,909 0.68 3,550,000 Western Power Distribution 3.625% 06/11/2023 Reg S 3,886 0.68 3,000,000 Investec Bank 9.625% 17/02/2022 EMTN Reg S 3,845 0.67 2,980,000 Northumbrian Services 6.875% 06/02/2023 3,815 0.67 3,000,000 British Land 5.264% 24/09/2035 3,810 0.67 3,800,000 RAC Bond 5.00% 06/05/2046 Reg S 3,791 0.66 3,900,000 UPCB Finance IV 4.00% 15/01/2027 Reg S 3,764 0.66 3,000,000 Clydesdale Bank 4.625% 08/06/2026 EMTN 3,723 0.65 3,000,000 Standard Life Finance 6.75% VRN (Perpetual) 3,625 0.63 3,000,000 Daily Mail & General Trust 6.375% 21/06/2027 3,607 0.63 4,400,000 CEMEX Finance 9.375% 12/10/2022 Reg S 3,601 0.63 2,350,000 Western Power Distribution (South Wales) Plc 5.75% 23/03 /2040 3,520 0.62 3,000,000 BHP Billiton Finance 6.50% VRN 22/10/2077 Reg S 3,483 0.61 2,850,000 BAT International Finance 4.00% 23/11/2055 EMTN Reg S 3,429 0.60 3,010,000 Aviva 6.125% VRN (Perpetual) 3,399 0.59 3,000,000 Southern Water Services 4.5% 31/03/2038 REGS 3,338 0.58 3,000,000 Commerzbank 6.625% 30/08/2019 EMTN 3,284 0.57 3,000,000 Cybg 5.00% VRN 09/02/2026 Reg S 3,065 0.54 2,800,000 HBOS 4.50% VRN 18/03/2030 EMTN 3,039 0.53 2,650,000 Digital Stout Holding 4.75% 13/10/2023 Reg S 3,019 0.53 2,950,000 AA Bond 2.75% 31/07/2043 EMTN Reg S 2,988 0.52 2,500,000 Telecom Italia 5.875% 19/05/2023 EMTN 2,965 0.52 3,000,000 National Grid Gas Finance 2.75% 22/09/2046 Reg S 2,962 0.52 2,700,000 Santander UK Group Holdings 6.75% VRN (Perpetual) Reg S 2,947 0.52 2,000,000 Lloyds TSB Bank 6.00% 08/02/2029 Reg S 2,876 0.50 2,100,000 Abbey National Treasury 5.25% 16/02/2029 EMTN Reg S 2,858 0.50 2,350,000 Arqiva Financing 5.34% 30/06/2030 Reg S 2,835 0.50 2,750,000 AA Bond 5.50% 31/07/2043 Reg S 2,807 0.49 3,500,000 Nielsen Finance Finance 5.00% 15/04/2022 144A 2,806 0.49 2,500,000 Barclays Bank 7.125% VRN (Perpetual) Reg S 2,786 0.49 2,500,000 BUPA Finance 6.125% VRN (Perpetual) 2,785 0.49 2,500,000 Telefonica Europe 6.75% VRN (Perpetual) Reg S 2,772 0.48 2,500,000 TSB Banking Group 5.75% VRN 06/05/2026 EMTN 2,748 0.48 1,763,000 THFC Funding No 2 6.35% 08/07/2041 EMTN 2,745 0.48 2,750,000 National Grid Gas Finance 2.125% 22/09/2028 EMTN Reg S 2,744 0.48 2,600,000 Barclays 3.25% 12/02/2027 EMTN Reg S 2,740 0.48 2,000,000 EDP Finance Amsterdam 8.625% 04/01/2024 EMTN Reg S 2,736 0.48 2,000,000 Lloyds Bank 7.625% 22/04/2025 EMTN Reg S 2,725 0.48 3,000,000 International Personal Finance 4.25% 23/05/2018 EMTN Reg S 2,723 0.48 2,600,000 Annington Funding 2.646% 12/07/2025 EMTN Reg S 2,671 0.47
144 Fidelity Extra Income Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
1,650,000 SMFG Preferred Capital GBP 2 10.231% VRN (Perpetual) Reg S 2,649 0.46 3,250,000 ZF North America Capital 4.75% 29/04/2025 144A 2,625 0.46 2,200,000 National Westminster Bank 6.50% 07/09/2021 2,605 0.46 2,500,000 Virgin Media Secured Finance 5.00% 15/04/2027 2,603 0.46 2,365,000 America Movil 6.375% VRN 06/09/2073 Reg S 2,599 0.45 3,000,000 Sabine Pass Liquefaction 5.875% 30/06/2026 2,597 0.45 2,500,000 Gaz Capital Luxembourg 4.25% 06/04/2024 Reg S 2,590 0.45 2,500,000 Credit Suisse 5.75% VRN 18/09/2025 2,590 0.45 2,360,000 Phoenix Life 7.25% VRN (Perpetual) 2,566 0.45 2,250,000 APT Pipelines 4.25% 26/11/2024 EMTN Reg S 2,549 0.45 1,750,000 HBOS Sterling Finance Jersey 7.881% VRN (Perpetual) 2,510 0.44 2,600,000 Telecom Italia Capital 7.20% 18/07/2036 2,500 0.44 2,500,000 Ard Finance 6.625% 15/09/2023 2,452 0.43 1,850,000 Eversholt Funding 6.359% 02/12/2025 EMTN 2,417 0.42 2,500,000 Buzzi Unicem 2.125% 28/04/2023 Reg S 2,412 0.42 1,800,000 Abbey National Treasury Services 5.75% 02/03/2026 EMTN Reg S 2,409 0.42 2,250,000 TP ICAP 5.25% 26/01/2024 Reg S 2,403 0.42 2,500,000 Petrobras International Finance 4.25% 02/10/2023 Reg S 2,393 0.42 2,000,000 London Power Networks 5.125% 31/03/2023 EMTN 2,385 0.42 3,050,000 Enterprise Products Operating 4.875% VRN 16/08/2077 2,370 0.41 1,500,000 E.ON International Finance 6.75% 27/01/2039 EMTN 2,367 0.41 1,800,000 SPD Finance UK 5.875% 17/07/2026 Reg S 2,360 0.41 2,000,000 Standard Chartered Bank 7.75% VRN (Perpetual) EMTN 2,345 0.41 2,150,000 Close Brothers Group 4.25% 24/01/2027 Reg S 2,322 0.41 1,788,000 London Merchant Securities 6.50% 16/03/2026 2,318 0.41 2,500,000 Intrum Justitia 3.125% 15/07/2024 Reg S 2,309 0.40 2,250,000 Domestic & General Group 6.375% 15/11/2020 Reg S 2,299 0.40 2,000,000 AT&T 4.375% 14/09/2029 2,285 0.40 3,000,000 Verizon Communications 5.012% 21/08/2054 2,284 0.40 1,750,000 CPUK Finance 7.239% 28/02/2024 EMTN Reg S 2,282 0.40 2,000,000 RL Finance Bonds 6.125% VRN 30/11/2043 Reg S 2,281 0.40 2,100,000 AT&T 4.25% 01/06/2043 2,270 0.40 2,800,000 ABN AMRO Bank 4.40% VRN 27/03/2028 Reg S 2,255 0.39 3,000,000 ESAL 6.25% 05/02/2023 Reg S 2,245 0.39 1,950,000 Enel 7.75% VRN 10/09/2075 Reg S 2,229 0.39 1,693,000 Koninklijke KPN 5.75% 17/09/2029 GMTN Reg S 2,205 0.39 1,950,000 Thames Water Utilities 3.50% 25/02/2028 Reg S 2,181 0.38 2,600,000 GEMS MEA Sukuk 12.00% VRN (Perpetual) Reg S 2,172 0.38 2,050,000 Ball 4.375% 15/12/2023 2,155 0.38 2,000,000 Elm 6.3024% VRN (Perpetual) EMTN Reg S 2,141 0.37 2,300,000 Atf Netherlands 1.875% 19/01/2026 EMTN Reg S 2,108 0.37 2,200,000 Cellnex Telecom SAU 2.375% 16/01/2024 EMTN Reg S 2,096 0.37 2,200,000 Quintiles 3.25% 15/03/2025 Reg S 2,074 0.36 2,000,000 SSE 3.875% VRN (Perpetual) Reg S 2,073 0.36 1,950,000 McKesson 3.125% 17/02/2029 2,041 0.36 2,000,000 LafargeHolcim Sterling Finance 3.00% 12/05/2032 EMTN Reg S 2,016 0.35 2,500,000 Standard Industries 5.00% 15/02/2027 144A 1,987 0.35 1,980,000 Nmg Finco 5.00% 01/08/2022 Reg S 1,977 0.35 2,000,000 Allied Irish Banks 4.125% VRN 26/11/2025 EMTN Reg S 1,973 0.34 2,000,000 Eurofins Scientific SE 4.875% VRN (Perpetual) Reg S 1,971 0.34 2,000,000 Altice S.A. 7.25% 15/05/2022 Reg S 1,956 0.34 1,950,000 AT&T 3.55% 14/09/2037 1,932 0.34
145 Fidelity Extra Income Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
1,900,000 Telenet Finance VI Luxembourg SCA 4.875% 15/07/2027 Reg S 1,923 0.34 2,000,000 Smurfit Kappa Acquisitions 2.375% 01/02/2024 Reg S 1,905 0.33 2,000,000 Silgan Holdings 3.25% 15/03/2025 Reg S 1,893 0.33 1,850,000 NN Group 4.625% VRN 13/01/2048 Reg S 1,887 0.33 2,000,000 Codere Finance 2 Luxembourg 6.75% 01/11/2021 Reg S 1,885 0.33 1,875,000 AMC Entertainment Holdings 6.375% 15/11/2024 1,880 0.33 2,250,000 Time Warner Cable 5.875% 15/11/2040 1,870 0.33 2,000,000 Wind Acquisition Finance 4.00% 15/07/2020 Reg S 1,861 0.33 2,000,000 Unilabs Subholding 5.75% 15/05/2025 Reg S 1,852 0.32 1,500,000 Co-Operative Group 7.50% STEP 08/07/2026 1,845 0.32 850,000 Thames Water Utilities 7.738% 09/04/2058 Reg S 1,836 0.32 1,450,000 Lloyds Bank 5.125% 07/03/2025 EMTN Reg S 1,835 0.32 1,825,000 BAT Capital 2.125% 15/08/2025 EMTN Reg S 1,834 0.32 2,350,000 AT&T 5.30% 14/08/2058 1,832 0.32 1,800,000 Thames Water Utilities 2.875% 03/05/2027 EMTN Reg S 1,815 0.32 1,450,000 HSBC Holdings 5.75% 20/12/2027 EMTN 1,814 0.32 2,000,000 Barclays Bank 7.625% 21/11/2022 1,784 0.31 1,650,000 Phoenix Group Holdings 4.125% 20/07/2022 EMTN Reg S 1,768 0.31 1,900,000 Deutsche Bank 2.75% 17/02/2025 EMTN Reg S 1,762 0.31 2,000,000 International Game Technology 6.50% 15/02/2025 144A 1,743 0.30 1,500,000 Old Mutual 8.00% 03/06/2021 EMTN Reg S 1,740 0.30 1,500,000 Rothesay Life 8.00% 30/10/2025 Reg S 1,730 0.30 2,100,000 Hewlett Packard Enterprise 4.90% VRN 15/10/2025 1,722 0.30 1,800,000 Vodafone Group 3.375% 08/08/2049 EMTN Reg S 1,712 0.30 1,500,000 NGG Finance 5.625% VRN 18/06/2073 Reg S 1,706 0.30 1,800,000 Boing Group Financing 6.625% 15/07/2019 Reg S 1,685 0.29 2,000,000 BAT International Finance 2.25% 09/09/2052 EMTN Reg S 1,667 0.29 1,650,000 Thames Water Utilities 2.375% 03/05/2023 EMTN Reg S 1,667 0.29 1,650,000 Jerrold Finco 6.125% 15/01/2024 Reg S 1,666 0.29 1,600,000 Kennedy Wilson Europe Real Estate 3.95% 30/06/2022 Reg S 1,665 0.29 1,550,000 AA Bond 4.2487% 31/07/2043 Reg S 1,657 0.29 2,000,000 Bombardier 7.50% 15/03/2025 144A 1,648 0.29 1,500,000 Assicurazioni Generali 6.269% VRN (Perpetual) 1,628 0.28 1,150,000 THFC Funding No 3 5.20% 11/10/2043 EMTN Reg S 1,625 0.28 2,000,000 Wind Acquisition Finance 7.375% 23/04/2021 144A 1,613 0.28 1,450,000 Society of Lloyds 4.875% VRN 07/02/2047 Reg S 1,604 0.28 2,000,000 Dynegy 8.125% 30/01/2026 144A 1,600 0.28 2,000,000 Ziggo Secured Finance 5.50% 15/01/2027 144A 1,593 0.28 1,500,000 Marlin Intermediate Holdings 10.50% 01/08/2020 Reg S 1,586 0.28 1,500,000 Barclays 3.125% 17/01/2024 Reg S 1,581 0.28 1,550,000 Go-Ahead Group 2.50% 06/07/2024 Reg S 1,565 0.27 1,250,000 AA Bond 6.269% 02/07/2043 EMTN Reg S 1,548 0.27 1,450,000 Garfunkelux Holdco 3 8.50% 01/11/2022 Reg S 1,548 0.27 1,500,000 Temple Bar Investment Trust 9.875% 31/12/2017 1,545 0.27 2,250,000 New Look Secured Issuer 6.50% 01/07/2022 Reg S 1,541 0.27 1,350,000 Enel 6.625% VRN 15/09/2076 Reg S 1,525 0.27 1,550,000 Heathrow Funding 2.75% 09/08/2049 Reg S 1,524 0.27 1,100,000 South Eastern Power Networks 5.625% 30/09/2030 EMTN 1,504 0.26 1,200,000 HSBC Bank Funding Sterling I 5.844% VRN (Perpetual) 1,503 0.26 1,000,000 Peel Holdings 8.375% STEP 30/04/2040 1,477 0.26 1,000,000 Heathrow Funding 6.45% VRN 10/12/2031 Reg S 1,470 0.26 1,500,000 Intesa Sanpaolo 8.047% VRN (Perpetual) 1,455 0.25
146 Fidelity Extra Income Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
1,250,000 BUPA Finance 5.00% 08/12/2026 Reg S 1,443 0.25 1,375,000 Ardagh Packaging Finance / Ardagh Holdings USA 6.75% 15/05/2024 Reg S 1,418 0.25 1,300,000 Assicurazioni Generali 6.416% VRN (Perpetual) 1,417 0.25 1,000,000 Dwr Cymru (Financing) 6.015% 31/03/2028 1,398 0.24 1,000,000 Porterbrook Rail Finance 7.125% 20/10/2026 EMTN 1,391 0.24 1,050,000 Scottish Widows 7.00% 16/06/2043 Reg S 1,374 0.24 1,725,000 SPCM 4.875% 15/09/2025 144A 1,370 0.24 1,400,000 Cable Communications Systems 5.00% 15/10/2023 Reg S 1,363 0.24 1,300,000 CPUK Finance 2.666% 28/02/2042 EMTN Reg S 1,344 0.23 900,000 EDF Energy Networks 6.375% VRN 12/11/2031 EMTN Reg S 1,337 0.23 1,000,000 Heathrow Funding 7.125% 14/02/2024 EMTN Reg S 1,295 0.23 1,300,000 Prologis 2.25% 30/06/2029 1,288 0.23 850,000 Northern Gas Networks 5.625% 23/03/2040 EMTN 1,278 0.22 1,000,000 Thfc Social Housing Finance 8.75% 18/12/2021 1,276 0.22 1,000,000 Woolwich Building Society 9.50% 07/08/2021 1,272 0.22 1,050,000 Southern Gas Networks 4.875% 05/10/2023 EMTN 1,254 0.22 1,500,000 CEMEX 6.125% 05/05/2025 Reg S 1,252 0.22 1,100,000 BAA SH 5.75% 03/03/2025 Reg S 1,246 0.22 1,200,000 Marks & Spencer 3.00% 08/12/2023 EMTN Reg S 1,243 0.22 1,000,000 Enel Finance International 5.625% 14/08/2024 EMTN Reg S 1,240 0.22 1,500,000 Building Materials Amer 6.00% 15/10/2025 144A 1,235 0.22 1,250,000 Nemean Bondco 7.375% 01/02/2024 Reg S 1,195 0.21 1,100,000 Anglian Water (Osprey) Financing 5.00% 30/04/2023 EMTN Reg S 1,186 0.21 1,150,000 National Express Group 2.50% 11/11/2023 EMTN Reg S 1,181 0.21 1,000,000 RL Finance Bonds No 3 6.125% 13/11/2028 Reg S 1,174 0.21 900,000 Direct Line Insurance Group 9.25% VRN 27/04/2042 1,173 0.21 1,500,000 AT&T 3.90% 14/08/2027 1,171 0.20 1,100,000 Wales & West Utilities Finance 6.75% VRN 17/12/2036 1,170 0.20 1,200,000 Mercury Bondco 8.25% VRN 30/05/2021 Reg S 1,161 0.20 1,000,000 Porterbrook Rail Finance 6.50% 20/10/2020 EMTN Reg S 1,158 0.20 1,640,000 Johnston Press Bond 8.625% 01/06/2019 Reg S 1,156 0.20 1,000,000 Eversholt Funding 5.831% 02/12/2020 EMTN 1,143 0.20 1,500,000 Tullow Oil 6.00% 01/11/2020 Reg S 1,122 0.20 1,000,000 UniCredit 6.95% 31/10/2022 EMTN Reg S 1,116 0.20 1,100,000 Ardagh Packaging Finance / Ardagh Holdings USA 4.75% 15/07/2027 Reg S 1,112 0.19 1,000,000 Intu Properties 3.875% 17/03/2023 EMTN Reg S 1,094 0.19 1,075,000 Shaftesbury Carnaby 2.487% 30/09/2031 1,072 0.19 1,050,000 Student Finance 2.6663% 30/09/2029 GMTN Reg S 1,068 0.19 1,350,000 Reynolds Group Issuer 5.75% 15/10/2020 1,066 0.19 1,250,000 Lundin Mining 7.875% 01/11/2022 144A 1,055 0.18 750,000 Enel Finance International 5.75% 14/09/2040 EMTN 1,048 0.18 1,275,000 AES Argentina Generacion 7.75% 02/02/2024 Reg S 1,044 0.18 700,000 Dwr Cymru (Financing) 4.473% 31/03/2057 EMTN 1,043 0.18 990,000 Daily Mail & General Trust 5.75% 07/12/2018 1,043 0.18 825,000 SP Manweb 4.875% 20/09/2027 EMTN Reg S 1,033 0.18 1,000,000 Rabobank 6.625% VRN (Perpetual) Reg S 1,029 0.18 1,000,000 Credit Agricole 5.00% VRN (Perpetual) 1,028 0.18 1,000,000 Deutsche Bank 5.00% 24/06/2020 EMTN Reg S 1,025 0.18 1,500,000 CenturyLink 7.65% 15/03/2042 1,021 0.18 1,275,000 Marfrig Holding Europe 8.00% 08/06/2023 Reg S 1,017 0.18 850,000 ABN AMRO Bank 7.125% 06/07/2022 EMTN Reg S 1,012 0.18 1,000,000 HSBC Holdings 6.375% VRN 18/10/2022 EMTN 1,006 0.18
147 Fidelity Extra Income Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
1,000,000 SFR Group 5.625% 15/05/2024 Reg S 995 0.17 1,000,000 Intesa Sanpaolo 7.00% VRN (Perpetual) EMTN 991 0.17 1,000,000 Dresdner Funding Trust I 8.151% 30/06/2031 144A 991 0.17 1,000,000 Areva 3.25% 04/09/2020 EMTN Reg S 965 0.17 897,000 Barclays 7.00% VRN (Perpetual) Reg S 929 0.16 2,000,000 Samarco Mineracao 5.75% 24/10/2023 Reg S 917 0.16 900,000 Cellnex Telecom SAU 2.875% 18/04/2025 Reg S 871 0.15 900,000 SFR Group 5.375% 15/05/2022 865 0.15 1,000,000 AusNet Services Holdings Pty 5.75% VRN 17/03/2076 Reg S 839 0.15 650,000 Imperial Tobacco Finance 5.50% 28/09/2026 EMTN Reg S 814 0.14 1,050,000 AT&T 5.15% 14/02/2050 814 0.14 700,000 Eastern Power Networks 4.75% 30/09/2021 EMTN Reg S 802 0.14 1,000,000 Barclays Bank 7.75% VRN 10/04/2023 800 0.14 1,000,000 UniCredit 6.375% VRN 02/05/2023 Reg S 795 0.14 1,010,000 Wind Acquisition Finance 4.75% 15/07/2020 144A 793 0.14 500,000 United Utilities 8.875% 25/03/2026 773 0.14 720,000 Cognita Financing 7.75% 15/08/2021 Reg S 746 0.13 800,000 Telefonica Emisiones SAU 5.213% 08/03/2047 683 0.12 500,000 Veolia Environnement 4.625% 30/03/2027 EMTN Reg S 609 0.11 450,000 Bank of Ireland 10.00% 19/12/2022 EMTN Reg S 586 0.10 600,000 Grand City Properties 3.75% VRN (Perpetual) 586 0.10 700,000 DNB Bank 6.50% VRN (Perpetual) Reg S 583 0.10 550,000 Morgan Stanley 2.625% 09/03/2027 GMTN 562 0.10 450,000 Wales & West Utilities Finance 4.625% 13/12/2023 EMTN 536 0.09 600,000 Credit Suisse 6.50% 08/08/2023 Reg S 527 0.09 350,000 Western Power Dis(South West)Plc 5.75% 23/03/2040 524 0.09 400,000 Wales & West Utilities Finance 5.00% 07/03/2028 EMTN 513 0.09 400,000 Scottish Power UK 6.75% 29/05/2023 EMTN 512 0.09 650,000 Canadian National Resources 4.95% 01/06/2047 GMTN 511 0.09 600,000 Cheniere Corpus Christi Holdings 5.125% 30/06/2027 144A 480 0.08 400,000 Time Warner Cable 5.75% 02/06/2031 476 0.08 350,000 Porterbrook Rail Finance 4.625% 04/04/2029 EMTN Reg S 423 0.07 250,000 Orange 5.375% 22/11/2050 EMTN 371 0.06 400,000 Telecom Italia Capital 6.00% 30/09/2034 342 0.06 300,000 Royal KPN (Koninklijke Kpn) 8.375% 01/10/2030 327 0.06 300,000 SSE 3.625% VRN 16/09/2077 Reg S 306 0.05 300,000 Commerzbank 8.125% 19/09/2023 Reg S 280 0.05 265,000 Schaeffler Finance 3.25% 15/05/2025 Reg S 261 0.05 750,000 BIBBY Offshore Services 7.50% 15/06/2021 Reg S 248 0.04 196,000 Columbus International 7.375% 30/03/2021 Reg S 163 0.03 2,081,000 Cattles 6.875% VRN 17/01/2014 EMTN (Defaulted) 4 0.00 200,000 Cattles 7.125% 05/07/2017 (Defaulted) 1 0.00 674,083 TIM Hellas Telecommunications 0.00% VRN 15/07/2015 Reg S (Defaulted) 0 0.00 700,000 Thomson 0.00% VRN (Perpetual) 0 0.00 310,000 Teksid Aluminum Luxembourg 11.375% VRN 15/07/2011 (Defaulted) 0 0.00 4,000,000 TXU Europe Funding 7.00% 31/12/2049 (Defaulted) 0 0.00 472,424 82.59 Mortgage Related Bonds - (12.91%) 4,927,557 Premiertel 6.175% 08/05/2032 5,689 0.99 4,242,587 Tesco Property Finance 5 5.6611% 13/10/2041 Reg S 4,710 0.82 3,950,000 Channel Link Enterprises Finance 3.043% VRN 30/06/2050 Reg S 4,062 0.71 3,151,078 Aspire Defence Finance 4.674% 31/03/2040 3,990 0.70
148 Fidelity Extra Income Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
3,500,000 Spirit Issuer FRN 28/12/2031 Reg S 3,394 0.59 2,692,330 Unique Pub Finance 5.659% 30/06/2027 3,019 0.53 2,366,667 RMPA Services 5.337% 30/09/2038 3,005 0.53 2,259,044 Punch Taverns Finance 7.32% 15/10/2025 2,824 0.49 2,345,796 Arsenal Securities 5.1418% 01/09/2029 2,701 0.47 2,500,000 Marstons Issuer 5.158% VRN 15/10/2027 2,502 0.44 1,758,109 British Broadcasting 5.0636% 10/08/2033 Reg S 2,190 0.38 1,743,045 Channel Link Enterprises Finance 5.892% 30/06/2041 2,185 0.38 1,635,434 Telereal Securitisation 5.4252% 10/12/2031 1,909 0.33 1,497,570 UPP Bond 1 Issuer 4.9023% 28/02/2040 EMTN Reg S 1,865 0.33 1,673,141 Bishopsgate Asset Finance 4.808% 14/08/2044 1,858 0.32 2,341,000 Sprint Spectrum 3.36% 20/03/2023 144A 1,839 0.32 1,300,000 Dali Capital 4.7992% 21/12/2037 1,688 0.30 1,325,000 Dignity Finance 4.6956% 31/12/2049 Reg S 1,671 0.29 1,409,200 Nats En Route 5.25% 31/03/2026 1,661 0.29 1,399,000 Unique Pub Finance 6.542% 30/03/2021 1,520 0.27 1,323,247 Dignity Finance 3.5456% 31/12/2034 Reg S 1,510 0.26 1,341,438 Greene King Finance 4.0643% 15/03/2035 Reg S 1,496 0.26 1,150,795 White City Property Finance 5.1202% 17/04/2035 1,461 0.26 1,222,618 Highbury Finance 7.017% 20/03/2023 1,455 0.25 991,286 Trafford Centre Finance 6.50% 28/07/2033 1,376 0.24 1,250,000 Cabot Financial Luxembourg 7.50% 01/10/2023 Reg S 1,351 0.24 1,122,801 Tesco Property Finance 3 5.744% 13/04/2040 Reg S 1,265 0.22 1,200,000 Intesa Sanpaolo 7.75% VRN (Perpetual) Reg S 1,261 0.22 850,000 Peel South East 10.00% 30/04/2026 1,251 0.22 949,120 Aspire Defence Finance 4.674% 31/03/2040 1,204 0.21 1,100,000 Penarian Housing Finance 3.212% 07/06/2052 Reg S 1,126 0.20 935,964 Delamare Finance 5.5457% 19/02/2029 1,040 0.18 349,436 Capital & Counties Debenture 5.562% 31/12/2027 412 0.07 250,000 Arqiva Financing 4.882% 31/12/2032 EMTN Reg S 288 0.05 195,149 BL Superstores Finance 5.27% 04/10/2030 220 0.04 127,730 Marstons Issuer 1.9543% VRN 15/07/2020 126 0.02 510,049 Blue Ocean Resources 4.00% STEP 31/12/2020 Reg S 103 0.02 71,227 12.45 Gilt Edged Securities - (2.89%) 1,800,000 UK Gilt 2.75% 07/09/2024 2,055 0.36 1,350,000 UK Gilt 1.25% 22/07/2027 Reg S 1,371 0.24 850,000 UK Gilt 6.00% 07/12/2028 1,292 0.23 1,000,000 UK Gilt 2.25% 07/09/2023 1,100 0.19 1,000,000 UK Gilt 1.50% 22/07/2026 Reg S 1,048 0.18 800,000 UK Gilt 2.00% 07/09/2025 Reg S 875 0.15 350,000 UK Gilt 3.50% 22/07/2068 592 0.10 50,000 UK Gilt 3.75% 22/07/2052 78 0.01 8,411 1.47 Government Bonds - (1.70%) 2,450,000 US Treasury Note 2.00% 30/04/2024 1,909 0.33 1,600,000 US Treasury Bond 2.50% 15/02/2045 1,184 0.21 1,250,000 US Treasury Bond 2.50% 15/02/2046 922 0.16 1,000,000 US Treasury Bond 3.00% 15/05/2045 816 0.14 4,831 0.84
149 Fidelity Extra Income Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Convertible Bonds - (0.82%) 4,125,000 Enterprise Inns 6.375% 26/09/2031 4,539 0.79 1,500,000 MPF 10.00% 08/05/2013 (Defaulted) 0 0.00 4,539 0.79 Consumer Discretionary - (0.04%) 2,408,053 Independent News & Media (GB) 253 0.04 253 0.04 Credit Default Swaps - (0.00%) 800,000 Sold Protection on Virgin Media Finance 9.50% 20/12/2017 11 0.00 11 0.00 Financials - (0.56%) 0 Fidelity Institutional Sterling Fund Class A-Acc 2 0.00 2 0.00 Telecommunication Services - (0.00%) 100,000 Damovo Group 0 0.00 0 0.00 Futures - ((0.17)%) 8,400,000 US 20 Year Long Bond (CBT) Commodity Future 19/12/2017 46 0.01 (200,000) Uxyz7 19/12/2017 (1) 0.00 (1,100,000) US 5 Year Treasury Note (CBT) Commodity Future 29/12/2017 (1) 0.00 (200,000) EURO BUXL 30 Year Commodity Future 07/09/2017 (3) 0.00 (2,800,000) Euro-BOBL Commodity Future 07/09/2017 (35) (0.01) (6,800,000) US Ultra Bond Commodity Future 19/12/2017 (36) (0.01) (6,900,000) EURO-BUND Commodity Future 07/09/2017 (45) (0.01) (25,400,000) US 10 Year Treasury Note (CBT) Commodity Future 19/12/2017 (65) (0.01) (39,100,000) Long Gilt Commodity Future 27/12/2017 (168) (0.03) (308) (0.05) Forward Foreign Exchange Contracts - ((0.18)%) 3,266,000 Bought EUR sold GBP @ 1.083638 for settlement 16/11/2017 (2) 0.00 (99,731,000) Bought GBP sold USD @ 1.302840 for settlement 16/11/2017 (699) (0.12) (90,172,000) Bought GBP sold EUR @ 1.105375 for settlement 16/11/2017 (1,585) (0.28) (2,286) (0.40) Portfolio of investments 559,104 97.73 Cash and other net assets/(liabilities) 12,920 2.27 Net assets 572,024 100.00
The figures in brackets represent the sector distributions at 28 February 2017. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes.
150 Fidelity Global Dividend Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
United States - (41.36%) 3,049 Fidelity Institutional USD Fund Class A-Acc 40,829 4.58 841,637 US Bancorp 33,708 3.78 326,318 Johnson & Johnson 33,199 3.73 435,271 Procter & Gamble 31,044 3.48 761,147 Pfizer 19,763 2.22 499,832 Oracle 19,323 2.17 899,111 General Electric 16,943 1.90 228,183 KLA-Tencor 16,569 1.86 655,398 Cisco Systems 16,284 1.83 513,230 PPL 15,609 1.75 162,094 Chevron 13,551 1.52 187,279 Dr Pepper Snapple Group 13,201 1.48 206,813 Edison International 12,893 1.45 215,004 Amdocs 10,714 1.20 278,762 Maxim Integrated Products 9,859 1.11 173,626 Omnicom Group 9,748 1.09 165,061 Microsoft 9,484 1.06 556,829 Interpublic Group of Cos 8,561 0.96 88,394 Kimberly-Clark 8,393 0.94 269,461 CA 6,888 0.77 346,563 38.90 United Kingdom - (13.83%) 1,548,327 Diageo 39,947 4.48 1,338,282 GlaxoSmithKline 20,462 2.30 867,906 Royal Dutch Shell (A) (NL) 18,455 2.07 335,653 British American Tobacco 16,106 1.81 2,052,027 RSA Insurance Group 13,749 1.54 1,194,773 National Grid 11,583 1.30 236,250 Unilever 10,629 1.19 130,931 14.70 Japan - (8.44%) 618,600 Bridgestone 20,497 2.30 341,500 Nippon Telegraph & Telephone 13,104 1.47 530,000 KDDI 11,037 1.24 369,200 Japan Tobacco 9,752 1.09 954,300 Astellas Pharma 9,263 1.04 271,000 Asahi Group Holdings 9,107 1.02 72,760 8.17 Netherlands - (8.19%) 2,161,315 RELX 34,960 3.92 1,026,919 Wolters Kluwer 34,347 3.86 69,307 7.78 Switzerland - (5.63%) 129,957 Roche Holdings 25,310 2.84 331,532 Novartis 21,411 2.40 88,735 Zurich Insurance Group 20,531 2.30 67,252 7.55
151 Fidelity Global Dividend Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Germany - (6.58%) 306,035 Deutsche Boerse 25,415 2.85 107,403 Munich RE Group 17,175 1.93 291,604 Deutsche Post 9,349 1.05 82,536 Siemens 8,364 0.94 60,303 6.77 Spain - (3.34%) 2,034,048 Iberdrola 12,818 1.44 602,225 Red Electrica 10,421 1.17 587,500 Ferrovial 10,323 1.16 33,562 3.77 France - (3.58%) 185,236 Vinci SA 13,237 1.49 266,844 SCOR SE 8,671 0.97 65,088 Sanofi 4,878 0.55 26,786 3.01 Taiwan - (2.54%) 4,620,000 Taiwan Semiconductor Manufacturing 25,709 2.89 25,709 2.89 Australia - (3.41%) 1,664,924 Suncorp Group 13,273 1.49 2,129,958 Telstra 4,777 0.54 18,050 2.03 China - (0.00%) 1,272,000 China Mobile 10,476 1.18 10,476 1.18 Finland - (1.09%) 239,351 Sampo 9,811 1.10 9,811 1.10 Italy - (0.86%) 238,311 Atlantia 5,934 0.67 5,934 0.67 New Zealand - (0.83%) 2,595,567 Spark New Zealand 5,622 0.63 5,622 0.63 Portfolio of investments 883,066 99.15 Cash and other net assets/(liabilities) 7,763 0.85 Net assets 890,829 100.00
The figures in brackets represent the sector distributions at 28 February 2017. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes.
152 Fidelity Global Enhanced Income Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
United States - (37.72%) 265,474 US Bancorp 10,632 3.81 103,142 Johnson & Johnson 10,494 3.76 137,875 Procter & Gamble 9,833 3.52 243,468 Pfizer 6,322 2.26 157,698 Oracle 6,097 2.18 283,615 General Electric 5,345 1.91 71,974 KLA-Tencor 5,226 1.87 208,066 Cisco Systems 5,170 1.85 162,859 PPL 4,953 1.77 318 Fidelity Institutional USD Fund Class A-Acc 4,261 1.53 50,812 Chevron 4,248 1.52 59,010 Dr Pepper Snapple Group 4,159 1.49 65,297 Edison International 4,071 1.46 68,244 Amdocs 3,401 1.22 87,967 Maxim Integrated Products 3,111 1.11 54,766 Omnicom Group 3,075 1.10 52,102 Microsoft 2,994 1.07 177,236 Interpublic Group of Cos 2,725 0.98 28,041 Kimberly-Clark 2,662 0.95 83,846 CA 2,143 0.77 100,922 36.13 United Kingdom - (13.65%) 487,719 Diageo 12,583 4.51 423,910 GlaxoSmithKline 6,482 2.32 274,403 Royal Dutch Shell (A) (NL) 5,835 2.09 105,824 British American Tobacco 5,078 1.82 649,731 RSA Insurance Group 4,353 1.56 379,010 National Grid 3,675 1.32 73,365 Unilever 3,301 1.18 41,307 14.79 Japan - (8.55%) 194,400 Bridgestone 6,441 2.31 108,700 Nippon Telegraph & Telephone 4,171 1.49 167,400 KDDI 3,486 1.25 116,500 Japan Tobacco 3,077 1.10 301,000 Astellas Pharma 2,922 1.05 84,900 Asahi Group Holdings 2,853 1.02 22,950 8.22 Netherlands - (8.30%) 690,120 RELX 11,163 4.00 327,103 Wolters Kluwer 10,940 3.92 22,103 7.91 Switzerland - (5.68%) 41,021 Roche Holdings 7,989 2.86 104,540 Novartis 6,752 2.42 27,950 Zurich Insurance Group 6,467 2.32 21,208 7.59
153 Fidelity Global Enhanced Income Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Germany - (6.69%) 96,602 Deutsche Boerse 8,022 2.87 33,886 Munich RE Group 5,419 1.94 91,980 Deutsche Post 2,949 1.06 26,641 Siemens 2,700 0.97 19,090 6.83 Spain - (3.39%) 641,293 Iberdrola 4,041 1.45 190,759 Red Electrica 3,301 1.18 185,896 Ferrovial 3,266 1.17 10,608 3.80 France - (3.60%) 58,455 Vinci SA 4,177 1.50 84,196 SCOR SE 2,736 0.98 20,521 Sanofi 1,538 0.55 8,451 3.03 Taiwan - (2.56%) 1,458,000 Taiwan Semiconductor Manufacturing 8,113 2.90 8,113 2.90 Australia - (3.43%) 529,151 Suncorp Group 4,219 1.51 676,906 Telstra 1,518 0.54 5,737 2.05 China - (0.00%) 401,500 China Mobile 3,307 1.18 3,307 1.18 Finland - (1.10%) 75,592 Sampo 3,098 1.11 3,098 1.11 Italy - (0.89%) 78,363 Atlantia 1,951 0.70 1,951 0.70 New Zealand - (0.84%) 820,370 Spark New Zealand 1,777 0.64 1,777 0.64 Contracts for Difference - (0.02%) 76,633 Oracle (CFD) 423 0.15 33,956 GlaxoSmithKline (CFD) (3) 0.00 30,000 Cisco Systems (CFD) (48) (0.02) 372 0.13 Options - ((0.83)%) (1,000) Call Kla-Tencor CBOE 15/09/2017 0 0.00 (5,000) Call Atlantia MSE 15/09/2017 0 0.00 (1,000) Call Kimberly-Clark CBOE 20/10/2017 0 0.00 (1,000) Call Omnicom Group CBOE 20/10/2017 0 0.00 (40,000) Call Bridgestone 08/09/2017 0 0.00 (20,000) Call Pfizer CBOE 15/09/2017 0 0.00 (6,000) Call Johnson & Johnson CBOE 15/09/2017 0 0.00 (10,000) Call Pfizer CBOE 20/10/2017 0 0.00 (4,000) Call Kla-Tencor CBOE 15/09/2017 0 0.00 154 Fidelity Global Enhanced Income Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
(4,000) Call Amdocs CBOE 15/09/2017 0 0.00 (1,000) Call Dr Pepper Snapple Group CBOE 17/11/2017 0 0.00 1,500 Call Iberdrola EUREX 15/09/2017 0 0.00 (2,000) Call Edison International CBOE 19/01/2018 (1) 0.00 (2,500) Call Cisco Systems CBOE 19/01/2018 (1) 0.00 (2,500) Call Oracle CBOE 19/01/2018 (1) 0.00 (2,000) Call PPL CBOE 19/01/2018 (1) 0.00 (5,000) Call Atlantia IDM 20/10/2017 (1) 0.00 (25,000) Call Royal Dutch Shell (A) (NL) EUREX 20/10/2017 (1) 0.00 (20,000) Call British American Tobacco ICE 20/10/2017 (1) 0.00 (20,000) Call British American Tobacco ICE 20/10/2017 (1) 0.00 (13,000) Call Interpublic Group of Cos CBOE 20/10/2017 (1) 0.00 (25,000) Call Interpublic Group of Cos CBOE 20/10/2017 (1) 0.00 (25,000) Call Nippon Telegraph & Telephone 08/09/2017 (1) 0.00 (20,000) Call British American Tobacco ICE 15/09/2017 (1) 0.00 (37,500) Call Wolters Kluwer ICE 15/09/2017 (1) 0.00 (7,500) Call Pfizer CBOE 20/10/2017 (1) 0.00 (20,000) Call British American Tobacco ICE 15/09/2017 (1) 0.00 (18,000) Call Vinci ICE 15/09/2017 (1) 0.00 (37,500) Call Wolters Kluwer ICE 15/09/2017 (1) 0.00 (7,000) Call Omnicom Group CBOE 20/10/2017 (1) 0.00 (8,000) Call PPL CBOE 20/10/2017 (1) 0.00 (3,000) Call Kimberly-Clark CBOE 20/10/2017 (1) 0.00 (35,000) Call US Bancorp CBOE 15/09/2017 (1) 0.00 (15,000) Call Suncorp Group 86723y 28/09/2017 (1) 0.00 (8,000) Call Kla-Tencor CBOE 15/09/2017 (1) 0.00 (17,500) Call Novartis ICE 15/09/2017 (1) 0.00 (5,000) Call Johnson & Johnson CBOE 15/09/2017 (1) 0.00 (5,000) Call Edison International CBOE 20/10/2017 (1) 0.00 (8,000) Call Amdocs CBOE 20/10/2017 (1) 0.00 (25,000) Call SCOR SE ICE 15/09/2017 (2) 0.00 (45,000) Call Suncorp Group 86723y 28/09/2017 (2) 0.00 (5,000) Call Atlantia MSE 15/09/2017 (2) 0.00 (9,000) Call Munich RE Group ICE 15/09/2017 (2) 0.00 (7,000) Call Amdocs CBOE 20/10/2017 (2) 0.00 (35,000) Call Oracle CBOE 15/09/2017 (2) 0.00 (6,000) Call Siemens ICE 15/09/2017 (2) 0.00 (25,000) Call SCOR SE ICE 20/10/2017 (2) 0.00 (7,000) Call Chevron CBOE 20/10/2017 (2) 0.00 (7,500) Call Pfizer CBOE 17/11/2017 (2) 0.00 (5,000) Call Procter & Gamble CBOE 20/10/2017 (2) 0.00 (25,000) Call National Grid ICE 17/11/2017 (2) 0.00 (2,500) Call Microsoft CBOE 15/12/2017 (2) 0.00 (4,000) Call Maxim Integrated Products CBOE 20/10/2017 (2) 0.00 (2,000) Call Amdocs CBOE 19/01/2018 (2) 0.00 (10,000) Call Cisco Systems CBOE 15/12/2017 (3) 0.00 (20,600) Call RELX ICE 17/11/2017 (3) 0.00 (7,500) Call Edison International CBOE 20/10/2017 (3) 0.00 (25,000) Call Sampo ICE 20/10/2017 (3) 0.00 (2,500) Call Microsoft CBOE 20/10/2017 (3) 0.00 (55,000) Call Cisco Systems CBOE 15/09/2017 (3) 0.00 (9,500) Call Microsoft CBOE 15/09/2017 (3) 0.00
155 Fidelity Global Enhanced Income Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
(10,000) Call Munich RE Group ICE 20/10/2017 (3) 0.00 (25,000) Call Novartis ICE 20/10/2017 (3) 0.00 (150,000) Call RELX ICE 15/09/2017 (3) 0.00 (50,000) Call National Grid ICE 15/09/2017 (3) 0.00 (25,000) Call Sampo ICE 15/09/2017 (3) 0.00 (25,000) Call Deutsche Boerse ICE 15/09/2017 (3) 0.00 (10,000) Call Oracle CBOE 20/10/2017 (4) 0.00 (25,000) Call Deutsche Boerse ICE 20/10/2017 (4) 0.00 (6,000) Call Zurich Insurance Group ICE 15/09/2017 (4) 0.00 (3,500) Call Johnson & Johnson CBOE 19/01/2018 (4) 0.00 (10,000) Call Atlantia MSE 17/11/2017 (4) 0.00 (10,000) Call British American Tobacco ICE 17/11/2017 (4) 0.00 (12,500) Call US Bancorp CBOE 15/12/2017 (5) 0.00 (75,000) Call RELX ICE 17/11/2017 (5) 0.00 (150,000) Call GlaxoSmithKline ICE 15/09/2017 (5) 0.00 (35,000) Call US Bancorp CBOE 20/10/2017 (5) 0.00 (12,000) Call CA CBOE 15/09/2017 (5) 0.00 (30,000) Call Cisco Systems CBOE 20/10/2017 (5) 0.00 (5,000) Call Procter & Gamble CBOE 20/10/2017 (5) 0.00 (150,000) Call GlaxoSmithKline ICE 20/10/2017 (5) 0.00 (5,500) Call Roche Holdings ICE 20/10/2017 (5) 0.00 (108,000) Call RELX ICE 20/10/2017 (5) 0.00 (300,000) Call Taiwan Semiconductor Manufacturing 20/09/2017 (5) 0.00 (50,000) Call Bridgestone 13/10/2017 (5) 0.00 (15,000) Call Microsoft CBOE 20/10/2017 (6) 0.00 (75,000) Call RELX ICE 20/10/2017 (6) 0.00 (14,000) Call CA CBOE 17/11/2017 (6) 0.00 (16,500) Call CA CBOE 20/10/2017 (6) 0.00 (15,000) Call Pfizer CBOE 19/01/2018 (6) 0.00 (27,500) Call SCOR SE ICE 17/11/2017 (6) 0.00 (5,000) Call Kla-Tencor CBOE 15/12/2017 (6) 0.00 (25,000) Call Pfizer CBOE 15/12/2017 (7) 0.00 (30,000) Call Cisco Systems CBOE 17/11/2017 (7) 0.00 (12,000) Call Maxim Integrated Products CBOE 17/11/2017 (7) 0.00 (5,000) Call Microsoft CBOE 15/09/2017 (7) 0.00 (17,500) Call Oracle CBOE 15/09/2017 (7) 0.00 (21,000) Call Johnson & Johnson CBOE 20/10/2017 (7) 0.00 (200,000) Call Iberdrola 15/09/2017 (7) 0.00 (80,000) Call Wolters Kluwer ICE 20/10/2017 (8) 0.00 (60,000) Call Red Electrica ICE 17/11/2017 (8) 0.00 (50,000) Call Ferrovial ICE 17/11/2017 (8) 0.00 (40,000) Call Wolters Kluwer ICE 17/11/2017 (8) 0.00 (12,500) Call Procter & Gamble CBOE 19/01/2018 (8) 0.00 (5,000) Call Procter & Gamble CBOE 15/09/2017 (9) 0.00 (18,000) Call Vinci ICE 20/10/2017 (10) 0.00 (18,000) Call Vinci ICE 17/11/2017 (10) 0.00 (25,000) Call Cisco Systems CBOE 17/11/2017 (11) 0.00 (25,000) Call Novartis ICE 17/11/2017 (11) 0.00 (7,500) Call Zurich Insurance Group ICE 20/10/2017 (11) 0.00 (27,500) Call Procter & Gamble CBOE 15/09/2017 (11) 0.00 (27,500) Call Deutsche Post ICE 20/10/2017 (12) 0.00
156 Fidelity Global Enhanced Income Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
(30,000) Call Deutsche Post ICE 17/11/2017 (12) 0.00 (10,000) Call Munich RE Group ICE 17/11/2017 (11) 0.00 (20,000) Call Atlantia IDM 20/10/2017 (12) 0.00 (225,000) Call Iberdrola 20/10/2017 (12) 0.00 (25,000) Call Unilever ICE 15/09/2017 (14) (0.01) (10,000) Call Oracle CBOE 15/09/2017 (16) (0.01) (17,500) Call Microsoft CBOE 17/11/2017 (16) (0.01) (30,000) Call Oracle CBOE 17/11/2017 (16) (0.01) (20,000) Call Unilever ICE 17/11/2017 (17) (0.01) (10,000) Call Roche Holdings ICE 17/11/2017 (17) (0.01) (25,000) Call Unilever ICE 20/10/2017 (17) (0.01) (175,000) Call RSA Insurance Group ICE 20/10/2017 (17) (0.01) (20,000) Call Oracle CBOE 15/09/2017 (18) (0.01) (8,000) Call Zurich Insurance Group ICE 17/11/2017 (18) (0.01) (225,000) Call Iberdrola 17/11/2017 (19) (0.01) (25,000) Call Nippon Telegraph & Telephone 10/11/2017 (21) (0.01) (25,000) Call Asahi Group Holdings 10/11/2017 (21) (0.01) (10,000) Call Procter & Gamble CBOE 20/10/2017 (22) (0.01) (50,000) Call Bridgestone 10/11/2017 (25) (0.01) (200,000) Call RSA Insurance Group ICE 15/12/2017 (25) (0.01) (25,000) Call Deutsche Boerse ICE 17/11/2017 (26) (0.01) (350,000) Call Taiwan Semiconductor Manufacturing 15/11/2017 (27) (0.01) (175,000) Call RSA Insurance Group ICE 17/11/2017 (28) (0.01) (100,000) Call Diageo ICE 15/09/2017 (29) (0.01) (25,600) Call Deutsche Post ICE 15/09/2017 (31) (0.01) (350,000) Call Taiwan Semiconductor Manufacturing 18/10/2017 (31) (0.01) (25,000) Call Asahi Group Holdings 13/10/2017 (38) (0.01) (25,000) Call Asahi Group Holdings 08/09/2017 (51) (0.02) (100,000) Call Diageo ICE 17/11/2017 (69) (0.02) (100,000) Call Diageo ICE 20/10/2017 (78) (0.03) (1,150) (0.41) Portfolio of investments 269,844 96.60 Cash and other net assets/(liabilities) 9,467 3.40 Net assets 279,311 100.00
The figures in brackets represent the sector distributions at 28 February 2017. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes.
157 Fidelity Global Focus Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
United States - (58.75%) 98,459 SBA Communications (A) 11,696 2.80 173,011 Dell Technologies (V) 9,970 2.38 259,338 Newell Brands 9,567 2.29 207,441 Leidos Holdings 9,236 2.21 120,027 Scotts Miracle Gro (A) 8,832 2.11 865,249 Huntington Bancshares 8,505 2.03 318,886 Booz Allen Hamilton Holding C (A) 8,391 2.01 119,519 Molson Coors Brewing (B) 8,318 1.99 131,793 Verisk Analytics 8,202 1.96 140,188 Edgewell Personal Care 8,166 1.95 605 Fidelity Institutional USD Fund Class A-Acc 8,103 1.94 136,486 Bunge 7,846 1.88 97,831 CBOE Holdings 7,616 1.82 109,197 BioMarin Pharmaceutical 7,431 1.78 194,981 Akamai Technologies 7,035 1.68 88,478 Cimarex Energy 6,761 1.62 109,853 AmerisourceBergen 6,681 1.60 250,551 Weyerhaeuser 6,173 1.48 86,544 Royal Gold 6,109 1.46 203,278 Kennametal 5,559 1.33 357,545 Mosaic 5,500 1.32 60,149 Concho Resources 5,079 1.21 212,928 Mylan 5,056 1.21 59,558 Cognex 4,996 1.19 166,774 Dril-Quip 4,837 1.16 185,665 44.41 United Kingdom - (6.77%) 5,756,783 Booker Group 11,404 2.73 3,476,850 Ocado Group 10,552 2.52 1,758,088 Beazley 8,993 2.15 367,772 Bunzl 8,433 2.02 1,199,971 Sage Group 8,352 2.00 47,734 11.42 Japan - (9.44%) 224,200 Sysmex 10,673 2.55 726,200 ORIX 8,969 2.15 562,100 Recruit Holdings 8,643 2.07 1,072,000 Renesas Electronics 8,317 1.99 174,800 Shionogi 7,107 1.70 326,100 Sumco 3,698 0.88 47,407 11.34 Thailand - (0.00%) 19,170,100 Thai Beverage 10,129 2.42 1,375,400 Kasikornbank (F) 6,789 1.62 16,918 4.05
158 Fidelity Global Focus Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Sweden - (0.84%) 627,035 Assa ABLOY 10,405 2.49 2,094 Spotify Technology (unlisted) 5,691 1.36 16,096 3.85 India - (2.60%) 728,484 Kotak Mahindra Bank 8,651 2.07 376,564 Jubilant Foodworks 6,399 1.53 15,050 3.60 Germany - (4.42%) 85,934 Deutsche Boerse 7,136 1.71 217,886 Deutsche Wohnen 7,106 1.70 14,242 3.41 Denmark - (2.10%) 96,257 Vestas Wind Systems 6,685 1.60 150,968 Novozymes 5,897 1.41 12,582 3.01 Switzerland - (2.46%) 206,589 Julius Baer Group 8,936 2.14 57,277 Landis+Gyr Group 3,374 0.81 12,310 2.94 France - (2.89%) 157,116 Sartorius Stedim Biotech 8,953 2.14 8,953 2.14 Italy - (0.92%) 354,351 Prysmian 8,625 2.06 8,625 2.06 Netherlands - (0.00%) 97,930 NXP Semiconductors 8,547 2.04 8,547 2.04 Austria - (0.00%) 138,960 AMS 7,756 1.86 7,756 1.86 Australia - (0.00%) 4,194,586 South32 7,480 1.79 7,480 1.79 Mexico - (1.02%) 82,945 Fomento Economico Mexicano (ADR) 6,464 1.55 6,464 1.55 Singapore - (0.40%) 1,311,700 Delfi 1,424 0.34 1,424 0.34 Contracts for Difference - (0.00%) 16,748 Fairfax Financial Holdings (CFD) 696 0.17 696 0.17
159 Fidelity Global Focus Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Ireland - (0.00%) 0 Fidelity Institutional Euro Fund Class A-Acc 6 0.00 6 0.00 Portfolio of investments 417,955 99.98 Cash and other net assets/(liabilities) 134 0.02 Net assets 418,089 100.00
The figures in brackets represent the sector distributions at 28 February 2017. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes.
160 Fidelity Global High Yield Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Corporate Bonds - (87.57%) 2,200,000 Areva 4.875% 23/09/2024 EMTN 2,251 2.18 2,250,000 JBS USA / JBS USA Finance 5.75% 15/06/2025 144A 1,752 1.70 1,650,000 IHS Netherlands Holdco 9.50% 27/10/2021 Reg S 1,321 1.28 1,350,000 Nemean Bondco 7.375% 01/02/2024 Reg S 1,290 1.25 1,650,000 Minerva Luxmbourg 6.50% 20/09/2026 Reg S 1,285 1.25 1,624,000 Banco Mercantil Nrt Gcb 5.75% VRN 04/10/2031 Reg S 1,283 1.24 1,200,000 Virgin Media Secured Finance 4.875% 15/01/2027 Reg S 1,249 1.21 1,676,000 Csvc Acquisition 7.75% 15/06/2025 144A 1,240 1.20 1,500,000 ZF North America Capital 4.75% 29/04/2025 144A 1,212 1.17 1,400,000 Global Partners / GLP Finance 6.25% 15/07/2022 1,095 1.06 1,300,000 Yapi Ve Kredi Bankasi 8.50% 09/03/2026 144A 1,091 1.06 1,200,000 CEMEX 7.75% 16/04/2026 Reg S 1,064 1.03 1,000,000 Lloyds Banking Group 7.00% VRN (Perpetual) 1,048 1.02 1,100,000 Quintiles 3.25% 15/03/2025 Reg S 1,037 1.00 1,250,000 Building Materials Amer 6.00% 15/10/2025 144A 1,029 1.00 1,100,000 Blue Cube Spinco 9.75% 15/10/2023 1,029 1.00 1,250,000 Studio City Finance 8.50% 01/12/2020 Reg S 1,003 0.97 1,200,000 Golden Legacy 8.25% 07/06/2021 Reg S 1,002 0.97 1,200,000 Transocean 9.00% 15/07/2023 144A 988 0.96 1,000,000 Caixa Geral de Depositos 10.75% VRN (Perpetual) Reg S 974 0.94 1,150,000 Tesoro Logistics Finance 5.25% 15/01/2025 948 0.92 1,200,000 APX Group 7.625% 01/09/2023 144A 946 0.92 1,000,000 Adient Global Holdings 3.50% 15/08/2024 Reg S 943 0.91 1,000,000 Codere Finance 2 Luxembourg 6.75% 01/11/2021 Reg S 943 0.91 1,115,000 GW Honos SEC 8.75% 15/05/2025 144A 924 0.90 1,050,000 Petrobras Global Finance 8.375% 23/05/2021 923 0.89 1,100,000 AES Andres / Dominican Power Partners 7.95% 11/05/2026 Reg S 922 0.89 1,050,000 Blueline Rent Finance / Blueline Rent 9.25% 15/03/2024 144A 885 0.86 1,150,000 KCA Deutag UK Finance 9.875% 01/04/2022 144A 880 0.85 900,000 PSPC Escrow 6.00% 01/02/2023 Reg S 870 0.84 1,050,000 ST Marys Cem CDA 5.75% 28/01/2027 Reg S 848 0.82 1,100,000 Prime Bloom Holdings 7.50% 19/12/2019 Reg S 845 0.82 900,000 Commerzbank Akt Sub 144A 8.125% 19/09/2023 144A 841 0.81 1,000,000 Altice Financing 7.50% 15/05/2026 Reg S 837 0.81 1,000,000 Bombardier 7.50% 15/03/2025 144A 824 0.80 1,000,000 Alfa Bond Issuance 8.00% VRN (Perpetual) Reg S 818 0.79 950,000 Stats Chippac 8.50% 24/11/2020 Reg S 788 0.76 1,000,000 United Photovoltaics Group 8.25% 25/01/2020 Reg S 781 0.76 950,000 AES Panama 6.00% 25/06/2022 Reg S 773 0.75 950,000 Lee Enterprises 9.50% 15/03/2022 144A 767 0.74 900,000 SoftBank Group 6.00% 30/07/2025 Reg S 761 0.74 950,000 Venator Finance SARL / Venator Materials 5.75% 15/07/2025 144A 752 0.73 1,000,000 Kindred Healthcare 8.75% 15/01/2023 751 0.73 900,000 Oceanwide Real Estate International 11.75% 08/09/2019 Reg S 743 0.72 800,000 Lhc3 4.125% VRN 15/08/2024 Reg S 743 0.72 900,000 Puma International Financing 6.75% 01/02/2021 Reg S 722 0.70 900,000 GOME Electronic Appliances Holdings 5.00% 10/03/2020 Reg S 707 0.68 1,000,000 Rowan Cos 4.875% 01/06/2022 703 0.68 751,000 Intrum Justitia 3.125% 15/07/2024 Reg S 694 0.67
161 Fidelity Global High Yield Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
800,000 Terraform Global Operating 9.75% 15/08/2022 144A 688 0.67 714,000 Banijay Group SAS 4.00% 01/07/2022 Reg S 683 0.66 800,000 Navient 6.50% 15/06/2022 655 0.63 800,000 Dynegy 8.00% 15/01/2025 144A 638 0.62 650,000 Ard Finance 6.625% 15/09/2023 638 0.62 775,000 Evolution Escrow Issuer 7.50% 15/03/2022 144A 633 0.61 850,000 Hilcorp Energy / Finance 5.00% 01/12/2024 144A 625 0.61 800,000 Clear Channel Worldwide Holdings 7.625% 15/03/2020 613 0.59 750,000 Autopistas SOL Sa/Costa Rica 7.375% 30/12/2030 Reg S 609 0.59 610,000 Ally Financial 8.00% 01/11/2031 603 0.58 800,000 Methanex 5.65% 01/12/2044 602 0.58 630,000 Neptune Finco 10.875% 15/10/2025 144A 600 0.58 700,000 Asahi Mutual Life Insurance 7.25% VRN (Perpetual) Reg S 591 0.57 800,000 Digicel 6.75% 01/03/2023 Reg S 591 0.57 750,000 JC Penney 5.875% 01/07/2023 144A 584 0.57 740,000 Intelsat Jackson Holdings 9.75% 15/07/2025 144A 582 0.56 800,000 AMC Entertainment Holdings 5.875% 15/11/2026 582 0.56 675,000 Prime Security Services Borrower / Prime Finance 9.25% 15/05/2023 144A 577 0.56 700,000 Biostime International Holdings 7.25% 21/06/2021 Reg S 574 0.56 750,000 Weatherford International 8.25% 15/06/2023 570 0.55 750,000 CF Industries 3.45% 01/06/2023 561 0.54 700,000 Energuate Trust 5.875% 03/05/2027 Reg S 560 0.54 700,000 Zenith Bank 7.375% 30/05/2022 Reg S 551 0.53 550,000 Altice S.A. 6.25% 15/02/2025 Reg S 550 0.53 670,000 Valeant Pharmaceuticals International CDA 6.50% 15/03/2022 144A 544 0.53 650,000 Millicom International Cellular 6.00% 15/03/2025 Reg S 536 0.52 500,000 Garfunkelux Holdco 3 8.50% 01/11/2022 Reg S 534 0.52 700,000 Valeant Pharmaceuticals International 5.375% 15/03/2020 144A 533 0.52 700,000 Southwestern Energy 4.95% 23/01/2025 523 0.51 600,000 Braskem Finance 6.45% 03/02/2024 518 0.50 550,000 Boing Group Financing 6.625% 15/07/2019 Reg S 515 0.50 500,000 Cybg 8.00% VRN (Perpetual) Reg S 508 0.49 650,000 Jingrui Holdings 7.75% 12/04/2020 Reg S 493 0.48 600,000 Gerdau Trade 4.75% 15/04/2023 Reg S 474 0.46 605,000 Community Health Systems 6.25% 31/03/2023 472 0.46 700,000 Ajecorp 6.50% 14/05/2022 Reg S 471 0.46 550,000 Herc Rentals 7.75% 01/06/2024 144A 463 0.45 550,000 Inception Merger Sub Inc/ Rackspace Hosting 8.625% 15/11/2024 144A 453 0.44 550,000 Lions Gate Entertainment 5.875% 01/11/2024 144A 445 0.43 550,000 C&W Senior Financing Designated Activity Company 6.875% 15/09/2027 144A 442 0.43 455,000 Aramark International Finance SARL 3.125% 01/04/2025 Reg S 438 0.42 625,000 Frontier Communications 10.50% 15/09/2022 432 0.42 500,000 Scientific Games International 10.00% 01/12/2022 427 0.41 520,000 Diamondback Energy 5.375% 31/05/2025 414 0.40 500,000 Teck Resources 6.00% 15/08/2040 409 0.40 500,000 GTL Trade Finance 5.893% 29/04/2024 144A 408 0.40 500,000 GTL Trade Finance 5.893% 29/04/2024 Reg S 407 0.39 550,000 SUPERVALU 7.75% 15/11/2022 401 0.39 500,000 Studio City Finance 8.50% 01/12/2020 144A 401 0.39 500,000 Energuate Trust 5.875% 03/05/2027 144A 398 0.39 500,000 Fage International Sa/Fage USA Dairy Ind 5.625% 15/08/2026 144A 396 0.38 500,000 Sally Holdings / Cap 5.625% 01/12/2025 395 0.38
162 Fidelity Global High Yield Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
500,000 Yingde Gases Investment 7.25% 28/02/2020 Reg S 395 0.38 500,000 Parkson Retail Group 4.50% 03/05/2018 Reg S 387 0.37 500,000 China Evergrande Group 7.50% 28/06/2023 Reg S 386 0.37 550,000 Ensco 8.00% 31/01/2024 382 0.37 500,000 Rite Israel Jordan Aid 6.125% 01/04/2023 144A 380 0.37 475,000 Nostrum Oil & Gas Finance 8.00% 25/07/2022 Reg S 375 0.36 400,000 Kerr-Mcgee 6.95% 01/07/2024 367 0.36 450,000 APX Group 8.75% 01/12/2020 357 0.35 450,000 Credivalores 9.75% 27/07/2022 Reg S 357 0.35 450,000 Greenko Dutch 5.25% 24/07/2024 Reg S 351 0.34 400,000 APX Group 7.875% 01/12/2022 336 0.33 400,000 Intelsat Jackson Holdings 8.00% 15/02/2024 144A 335 0.32 400,000 Altice Finco 8.125% 15/01/2024 144A 334 0.32 590,000 JC Penney 6.375% 15/10/2036 329 0.32 400,000 LBC Tank Terminals Holding Netherlands 6.875% 15/05/2023 144A 325 0.31 400,000 Shui On Development Holdings 8.70% 19/05/2018 Reg S 322 0.31 400,000 Fmg Resources August 2006 Pty 5.125% 15/05/2024 144A 321 0.31 400,000 Cheniere Corpus Christi Holdings 5.125% 30/06/2027 144A 320 0.31 400,000 GTL Trade Finance 7.25% 16/04/2044 Reg S 319 0.31 370,000 Sprint 7.125% 15/06/2024 313 0.30 400,000 Valvoline 4.375% 15/08/2025 144A 313 0.30 400,000 SESI 7.75% 15/09/2024 144A 311 0.30 400,000 Parsley Energy / Parsley Finance 5.375% 15/01/2025 144A 311 0.30 350,000 Meccanica Holdings USA 6.25% 15/01/2040 144A 302 0.29 400,000 Digicel 6.00% 15/04/2021 Reg S 298 0.29 325,000 ArcelorMittal Luxembourg 7.50% VRN 15/10/2039 297 0.29 400,000 Intelsat Jackson Holdings 7.25% 15/10/2020 296 0.29 400,000 Digicel Group 8.25% 30/09/2020 Reg S 295 0.29 300,000 Diamond 1 Finance / Diamond 2 Finance 8.10% 15/07/2036 144A 292 0.28 400,000 Dell 5.40% 10/09/2040 280 0.27 450,000 Fresh Market 9.75% 01/05/2023 144A 262 0.25 300,000 Braskem American Finance 7.125% 22/07/2041 Reg S 260 0.25 300,000 Kinetic Concepts 12.50% 01/11/2021 144A 259 0.25 300,000 Sprint Communications 7.00% 15/08/2020 255 0.25 300,000 Carrizo Oil & Gas 8.25% 15/07/2025 241 0.23 300,000 William Lyon Homes 5.875% 31/01/2025 239 0.23 300,000 Freeport-McMoRan 5.45% 15/03/2043 216 0.21 250,000 Arconic 5.90% 01/02/2027 211 0.20 300,000 Frontier Communications 9.25% 01/07/2021 210 0.20 300,000 New Look Secured Issuer 6.50% 01/07/2022 Reg S 205 0.20 300,000 Guitar Center 6.50% 15/04/2019 144A 204 0.20 250,000 FirstEnergy 4.85% 15/07/2047 202 0.20 300,000 CF Industries 4.95% 01/06/2043 201 0.19 250,000 Citgo Petroleum 6.25% 15/08/2022 144A 195 0.19 225,000 Indika Energy Capital II 6.875% 10/04/2022 Reg S 177 0.17 225,000 Dr Peng Holding Hongkong 5.05% 01/06/2020 Reg S 177 0.17 156,132 Spotify Technology 5.00% VRN 11/02/2021 131 0.13 200,000 Navios Maritime US 8.125% 15/11/2021 144A 128 0.12 140,000 Columbus International 7.375% 30/03/2021 Reg S 116 0.11 250,000 Mariposa Borrower / Mariposa Merger Sub 8.00% 15/10/2021 144A 99 0.10 200,000 Samarco Mineracao 5.75% 24/10/2023 Reg S 92 0.09 153,402 21st Century Oncology 11.00% 01/05/2023 144A 83 0.08
163 Fidelity Global High Yield Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
300,000 SeaDrill 6.625% VRN 15/09/2020 144A 63 0.06 150,000 Noranda Aluminium 11.00% 01/06/2019 0 0.00 89,647 86.85 Financials - (2.53%) 194 Fidelity Institutional Sterling Fund Class A-Acc 4,023 3.90 4,023 3.90 Mortgage Related Bonds - (5.48%) 1,500,000 Stoneway Capital 10% 01/03/2027 Reg S 1,218 1.18 1,000,000 Mercury Bondco 7.125% VRN 30/05/2021 Reg S 958 0.93 637,575 Tesco Property Finance 2 6.0517% 13/10/2039 737 0.71 500,000 Autopistas SOL Sa/Costa Rica 7.375% 30/12/2030 144A 406 0.39 253,100 Nsg Holdings Llc/Nsg Holdings 7.75% 15/12/2025 144A 211 0.20 3,530 3.42 Government Bonds - (0.53%) 700,000 Ecuador 10.50% 24/03/2020 Reg S 582 0.56 11,700,000 Argpom 26.25% VRN 21/06/2020 537 0.52 1,900,000 Peru 6.95% 12/08/2031 Reg S 507 0.49 300,000 Mongolia 10.875% 06/04/2021 Reg S 271 0.26 1,897 1.84 Energy - (0.26%) 8,000 Targa Resources 272 0.26 11,000 Laredo Petroleum 102 0.10 800 Concho Resources 68 0.07 442 0.43 Convertible Bonds - (0.28%) 300,000 Tesla 1.25% 01/03/2021 267 0.26 267 0.26 Telecommunication Services - (0.16%) 5,000 Zayo Group Holdings 133 0.13 1,800 SoftBank Group 113 0.11 246 0.24 Materials - (0.00%) 1,200 Albemarle US 107 0.10 1,400 Eagle Matls 106 0.10 213 0.21 Index Credit Default Swaps - (0.00%) 1,400,000 Bought Protection on Cmbx Bbb- Cdsi S6 Prc Index 11/05/2063 155 0.15 155 0.15 Information Technology - (0.25%) 900 Mandatory Exchangeable Preferred Convertible (Baba) 5.75% 01/06/2019 137 0.13 137 0.13 Industrials - (0.22%) 2,333 XPO Logistics 111 0.11 111 0.11 Health Care - (0.19%) 150 Allergan 5.5% 01/03/2018 (A) Preferred Convertible 93 0.09 93 0.09
164 Fidelity Global High Yield Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Options - ((0.03)%) 11,000,000 Call on ITRAXX XOver S27 20/06/2022 20/12/2017 71 0.07 18,000,000 Call on ITRAXX XOver S27 20/06/2022 20/09/2017 13 0.01 (18,000,000) Call on ITRAXX XOver S27 20/06/2022 20/09/2017 (4) 0.00 (11,000,000) Call on ITRAXX XOver S27 20/06/2022 20/12/2017 (28) (0.03) 52 0.05 Swaptions - ((0.03)%) 1,400,000 Call on 3 Month USD Libor Rate 04/12/2017 1 0.00 (1,400,000) Put on 3 Month USD Libor Rate 04/12/2017 (8) (0.01) (7) (0.01) Futures - ((0.09)%) (300,000) US Ultra Bond Commodity Future 19/12/2017 (2) 0.00 (2,700,000) Euro-BOBL Commodity Future 07/09/2017 (4) 0.00 (1,600,000) US 10 Year Ultra Future 19/12/2017 (7) (0.01) (6,100,000) US 5 Year Treasury Note (CBT) Commodity Future 29/12/2017 (8) (0.01) (2,100,000) Long Gilt Commodity Future 27/12/2017 (9) (0.01) 3,500,000 Australian 10 Year Bond Commodity Future 15/09/2017 (52) (0.05) (82) (0.08) Forward Foreign Exchange Contracts - ((0.88)%) 1,361,000 Bought CHF sold GBP @ 1.252708 for settlement 16/11/2017 11 0.01 1,020,000 Bought USD sold GBP @ 1.302438 for settlement 16/11/2017 7 0.01 178,555,000 Bought CLP sold USD @ 847.415557 for settlement 16/11/2017 5 0.00 819,866,000 Bought COP sold USD @ 3961.468136 for settlement 16/11/2017 4 0.00 4,855,000 Bought MXN sold GBP @ 23.731100 for settlement 16/11/2017 4 0.00 300,948,000 Bought JPY sold GBP @ 142.465100 for settlement 16/11/2017 3 0.00 270,000 Bought USD sold GBP @ 1.300615 for settlement 16/11/2017 2 0.00 502,000 Bought USD sold GBP @ 1.298405 for settlement 16/11/2017 2 0.00 (226,000) Bought GBP sold USD @ 1.287232 for settlement 16/11/2017 1 0.00 3,641,262,000 Bought IDR sold USD @ 17611.724957 for settlement 16/11/2017 1 0.00 534,000 Bought USD sold GBP @ 1.292568 for settlement 16/11/2017 0 0.00 1,365,000 Bought USD sold GBP @ 1.291434 for settlement 16/11/2017 0 0.00 299,000 Bought EUR sold GBP @ 1.083638 for settlement 16/11/2017 0 0.00 856,000 Bought BRL sold USD @ 4.179985 for settlement 16/11/2017 0 0.00 474,000 Bought EUR sold GBP @ 1.081684 for settlement 16/11/2017 (1) 0.00 269,623 Bought USD sold IDR @ 17572.394649 for settlement 16/11/2017 (1) 0.00 273,562 Bought USD sold COP @ 3899.627168 for settlement 16/11/2017 (1) 0.00 150,000 Bought USD sold GBP @ 1.285265 for settlement 16/11/2017 (1) 0.00 265,221 Bought USD sold BRL @ 4.199549 for settlement 16/11/2017 (2) 0.00 (4,855,000) Bought GBP sold MXN @ 23.481081 for settlement 16/11/2017 (2) 0.00 275,314 Bought USD sold CLP @ 843.878287 for settlement 16/11/2017 (5) 0.00 1,416,000 Bought USD sold GBP @ 1.284311 for settlement 16/11/2017 (6) (0.01) (7,663,000) Bought GBP sold CNY @ 8.733200 for settlement 16/11/2017 (18) (0.02) (13,572,000) Bought GBP sold EUR @ 1.105375 for settlement 16/11/2017 (239) (0.23) (106,911,000) Bought GBP sold USD @ 1.303170 for settlement 16/11/2017 (770) (0.75) (1,006) (0.97)
165 Fidelity Global High Yield Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Index Credit Default Swap - ((0.80)%) 13,000,000 Bought Protection on ITRAXX XOver S27 20/06/2022 (1,385) (1.34) (1,385) (1.34) Portfolio of investments 98,333 95.28 Cash and other net assets/(liabilities) 4,879 4.72 Net assets 103,212 100.00
The figures in brackets represent the sector distributions at 28 February 2017. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes.
166 Fidelity Global Property Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
United States - (55.15%) 1,006 Fidelity Institutional USD Fund Class A-Acc 13,470 5.96 211,269 Prologis 10,238 4.53 77,906 Simon Property Group 9,498 4.21 161,933 Welltower 9,114 4.04 475,567 American Homes 4 Rent (A) 8,231 3.64 109,185 Sun Communities 7,624 3.38 34,858 Essex Property Trust 7,207 3.19 136,626 Equity Residential 7,139 3.16 82,921 Equity LifeStyle Properties 5,718 2.53 34,123 Public Storage 5,455 2.42 74,116 Camden Property Trust 5,170 2.29 55,583 Digital Realty Trust 5,090 2.25 707,520 VEREIT 4,593 2.03 117,148 American Campus Communities 4,340 1.92 53,553 SL Green Realty 4,035 1.79 68,721 Vornado Realty Trust 3,962 1.75 130,558 Starwood Waypoint Homes 3,760 1.66 121,127 Pebblebrook Hotel Trust 3,134 1.39 169,313 GGP 2,745 1.22 56,785 Macerich 2,344 1.04 31,487 Jbg Smith Properties 808 0.36 123,675 54.76 Hong Kong - (7.55%) 640,018 Sun Hung Kai Properties 8,288 3.67 823,200 Hongkong Land 4,730 2.09 835,627 Hysan Development 2,997 1.33 75,510,000 CSI Properties 2,960 1.31 18,975 8.40 Australia - (9.17%) 1,189,333 Goodman Group 6,042 2.68 1,260,656 Westfield 5,740 2.54 2,411,215 Scentre Management Trustee Scentre Group Trust 5,689 2.52 17,471 7.74 Japan - (6.39%) 426,400 Mitsui Fudosan 7,115 3.15 524,100 Mitsubishi Estate 6,966 3.08 14,081 6.23 United Kingdom - (5.39%) 745,140 Great Portland Estates 4,471 1.98 375,377 Land Securities Group 3,772 1.67 519,137 British Land 3,156 1.40 11,399 5.05 Germany - (2.93%) 261,425 Deutsche Wohnen 8,526 3.77 8,526 3.77 Singapore - (3.63%) 3,322,162 Mapletree Industrial (REIT) 3,511 1.55 3,508,900 CapitaLand Commercial Trust 3,478 1.54 6,989 3.09
167 Fidelity Global Property Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Spain - (1.56%) 757,539 Inmobiliaria Colonial 5,709 2.53 5,709 2.53 Canada - (3.13%) 249,195 Canadian Apartment Properties (REIT) 5,232 2.32 5,232 2.32 Austria - (1.41%) 199,454 BUWOG 4,702 2.08 4,702 2.08 France - (1.12%) 58,237 ICADE 3,999 1.77 3,999 1.77 Switzerland - (2.12%) 43,098 PSP Swiss Property 3,059 1.35 3,059 1.35 Contracts for Difference - (0.13%) 207,927 Blackstone Group (CFD) 320 0.14 320 0.14 Portfolio of investments 224,137 99.23 Cash and other net assets/(liabilities) 1,725 0.77 Net assets 225,862 100.00
The figures in brackets represent the sector distributions at 28 February 2017. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes.
168 Fidelity Global Special Situations Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
United States - (53.42%) 5,338 Fidelity Institutional USD Fund Class A-Acc 71,473 3.01 90,000 Alphabet (A) 65,937 2.78 1,000,000 Citigroup 52,815 2.22 1,700,000 Exelon 49,961 2.10 370,000 Apple 46,914 1.97 620,000 JPMorgan Chase 43,947 1.85 1,250,000 Comcast (A) 39,619 1.67 650,000 Lowes 37,297 1.57 345,000 Johnson & Johnson 35,100 1.48 430,000 Union Pacific 35,034 1.47 475,000 LyondellBasell Industries 33,308 1.40 2,450,000 ON Semiconductor 32,454 1.37 450,000 Molson Coors Brewing (B) 31,317 1.32 640,000 Leidos Holdings 28,494 1.20 590,000 Paypal Holdings 28,288 1.19 540,000 Activision Blizzard 27,535 1.16 940,000 Teradyne 26,173 1.10 125,000 Humana 24,676 1.04 480,000 Intercontinental Exchange 24,158 1.02 390,000 HCA Healthcare 23,432 0.99 600,000 Abbott Laboratories 23,340 0.98 190,000 S&P Global 22,639 0.95 155,000 Cigna 21,613 0.91 110,000 Cooper Companies 21,014 0.88 800,000 Weyerhaeuser 19,710 0.83 470,000 Marathon Petroleum 19,093 0.80 75,000 Biogen 17,689 0.74 220,000 Time Warner 17,314 0.73 200,000 Walt Disney 15,975 0.67 320,000 T-Mobile US 15,961 0.67 290,000 Adient 15,681 0.66 1,100,000 Hewlett Packard Enterprise 15,348 0.65 140,000 Celgene 14,605 0.61 320,000 Dentsply Sirona 13,832 0.58 750,000 Ally Financial 13,015 0.55 240,000 Cognizant Technology Solutions (A) 12,983 0.55 600,000 Twenty-First Centy Fox (A) 12,788 0.54 140,000 Zimmer Biomet Holdings 12,282 0.52 95,000 Lam Research 12,167 0.51 90,000 Amgen 12,138 0.51 420,000 Ebay 11,639 0.49 577,193 Ciena 10,877 0.46 340,000 Halliburton 10,209 0.43 600,000 Mosaic 9,229 0.39 1,129,073 47.52 Japan - (10.11%) 1,850,000 KDDI 38,527 1.62 2,550,000 ORIX 31,494 1.33 2,000,000 Kubota 26,730 1.12
169 Fidelity Global Special Situations Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
400,000 SoftBank Group 25,055 1.05 1,130,000 Yamaha Motor 24,636 1.04 650,000 Sompo Holdings 18,863 0.79 4,700,000 Yahoo Japan 16,632 0.70 560,000 Japan Airlines 14,843 0.62 700,000 Alps Electric 14,819 0.62 1,850,000 Renesas Electronics 14,353 0.60 200,000 Nitto Denko 13,616 0.57 250,000 Nippon Shinyaku 13,393 0.56 1,100,000 Santen Pharmaceutical 13,169 0.55 1,150,000 Sumco 13,040 0.55 279,170 11.75 France - (5.87%) 550,000 Vinci SA 39,303 1.65 580,000 Airbus SE 37,778 1.59 1,350,000 Carrefour 20,662 0.87 145,000 Atos SE 17,219 0.72 210,000 Renault 14,392 0.61 129,354 5.44 Netherlands - (4.54%) 2,550,000 Ahold Delhai (Koninklijke) 35,247 1.48 1,150,000 Koninklijke Philips 33,724 1.42 880,000 ABN AMRO Group 19,028 0.80 145,000 NXP Semiconductors 12,655 0.53 100,654 4.24 United Kingdom - (3.23%) 3,200,000 Royal Dutch Shell (B) 68,832 2.90 650,000 CRH (GB) 17,576 0.74 3,000,000 Merlin Entertainments 13,716 0.58 0 Fidelity Institutional Sterling Fund Class A-Acc 1 0.00 100,125 4.21 Germany - (1.53%) 310,000 Deutsche Boerse 25,744 1.08 2,300,000 Commerzbank 22,197 0.93 670,000 Vonovia SE 21,922 0.92 230,000 Fresenius Medical Care 16,569 0.70 86,432 3.64 Denmark - (1.39%) 520,000 DONG Energy 20,949 0.88 700,000 GN Great Nordic 17,870 0.75 215,000 Pandora 17,448 0.73 660,000 Nets 12,493 0.53 68,760 2.89 Korea - (3.12%) 460,000 KB Financial Group 17,560 0.74 8,000 Samsung Electronics 12,785 0.54 400,000 Korea Electric Power 11,846 0.50 250,000 SK Hynix 11,839 0.50 21,000 NAVER 10,945 0.46 64,975 2.73
170 Fidelity Global Special Situations Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Hong Kong - (1.98%) 2,000,000 Sun Hung Kai Properties 25,899 1.09 1,800,000 Cheung Kong Property Holdings 12,262 0.52 2,723,410 Great Eagle Holdings 11,499 0.48 49,660 2.09 Switzerland - (0.99%) 480,000 LafargeHolcim 21,806 0.92 240,000 Landis+Gyr Group 14,138 0.60 35,944 1.51 China - (1.48%) 38,000,000 China Petroleum & Chemical (H) 22,586 0.95 400,000 Tencent Holdings 13,051 0.55 35,637 1.50 Israel - (1.74%) 400,000 Check Point Software Technologies 34,217 1.44 34,217 1.44 Taiwan - (1.03%) 1,000,000 Taiwan Semiconductor Manufacturing (ADR) 28,675 1.21 28,675 1.21 Thailand - (0.78%) 2,000,000 PTT (F) 18,622 0.78 2,200,000 Bangkok Bank (F) 9,650 0.41 28,272 1.19 Contracts for Difference - (0.84%) 680,000 Microsoft (CFD) 8,904 0.37 650,000 Morgan Stanley (CFD) 6,907 0.29 (12,000,000) Li & Fung (CFD) 6,242 0.26 185,000 Centene (CFD) 3,590 0.15 (250,000) Dr Reddys Laboratories (ADR) (CFD) 2,605 0.11 (704,511) Brait SE (CFD) 2,557 0.11 (3,584,700) Semen Indonesia Persero (CFD) 1,291 0.05 440,000 Bridgestone (CFD) 1,064 0.04 (1,000,000) (CFD) 590 0.02 (220,000) Under Armour (C) (CFD) 571 0.02 60,000 Citigroup (CFD) 378 0.02 (150,897) Brait SE (CFD) 281 0.01 (170,000) Advantest (CFD) 184 0.01 340,000 Bridgestone (CFD) 178 0.01 (70,000) K&S (CFD) 99 0.00 (80,000) Occidental Petroleum (CFD) 43 0.00 116,500 Vostok Gas (SDR) (CFD) 0 0.00 (1,415,300) Semen Indonesia Persero (CFD) (22) 0.00 (80,000) Ingenico Group (CFD) (53) 0.00 (80,000) Anheuser-Busch InBev (CFD) (72) 0.00 (280,000) K&S (CFD) (95) 0.00 (2,000,000) Semen Indonesia Persero (CFD) (175) (0.01) (671,471) Siderurgica Nacional Cia (CFD) (199) (0.01) (6,000,000) Li & Fung (CFD) (213) (0.01) (1,228,529) Siderurgica Nacional Cia (CFD) (295) (0.01) (4,000,000) United Microelectronics (CFD) (309) (0.01) 6,200,000 Mccarthy & Stone (CFD) (372) (0.02) 171 Fidelity Global Special Situations Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
(500,000) STMicroelectronics (CFD) (541) (0.02) (115,000) OSI Systems (CFD) (763) (0.03) (250,000) Advantest (CFD) (798) (0.03) (580,000) FireEye (CFD) (1,068) (0.04) (28,000) Boeing (CFD) (2,156) (0.09) (2,400,000) ANA Holdings (CFD) (2,451) (0.10) 25,902 1.09 Canada - (1.54%) 950,000 Suncor Energy 22,949 0.97 22,949 0.97 India - (1.17%) 5,000,000 Power Grid of India 13,276 0.56 400,000 Tata Motors (ADR) 9,255 0.39 22,531 0.95 Indonesia - (0.75%) 25,000,000 Bank Rakyat Indonesia 21,930 0.92 21,930 0.92 Sweden - (0.00%) 800,000 Essity (B) 17,058 0.72 640,000 Svenska Cellulosa SCA (B) 4,076 0.17 221,975 Vostok Gas (SDR) 0 0.00 21,134 0.89 South Africa - (0.71%) 120,000 Naspers (N) 20,838 0.88 20,838 0.88 Spain - (0.83%) 1,300,000 Grifols Preferred B (ADR) 20,319 0.86 20,319 0.86 Peru - (0.61%) 100,000 Credicorp 15,644 0.66 15,644 0.66 Austria - (0.00%) 230,000 AMS 12,837 0.54 12,837 0.54 Singapore - (0.52%) 11,500,000 Mapletree Industrial (REIT) 12,153 0.51 12,153 0.51 Corporate Bonds - (0.30%) 8,327,060 Spotify Technology 5.00% VRN 11/02/2021 6,983 0.29 6,983 0.29
172 Fidelity Global Special Situations Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Ireland - (0.76%) 4 Fidelity Institutional Euro Fund Class A-Acc 58 0.00 58 0.00 Portfolio of investments 2,374,226 99.92 Cash and other net assets/(liabilities) 1,865 0.08 Net assets 2,376,091 100.00
The figures in brackets represent the sector distributions at 28 February 2017. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes.
173 Fidelity Index Emerging Markets Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
China - (25.54%) 187,800 Tencent Holdings 6,126 4.50 37,362 Alibaba Group Holding (ADR) 4,968 3.65 2,777,000 China Construction Bank (H) 1,888 1.39 203,000 China Mobile 1,672 1.23 9,031 Baidu (A) (ADR) 1,570 1.15 2,434,000 Industrial & Coml Bank China (H) 1,413 1.04 2,619,000 Bank of China (H) 1,068 0.78 173,000 Ping AN Insurance Group China (H) 1,067 0.78 21,743 JD Com (ADR) 708 0.52 247,000 China Life Insurance (H) 614 0.45 2,638 NetEase (ADR) 564 0.41 595,000 CNOOC 552 0.41 12,450 Ctrip.com International (ADR) 509 0.37 846,000 China Petroleum & Chemical (H) 503 0.37 129,500 China Merchants Bank (H) 378 0.28 12,756 Yum China Holdings 348 0.26 24,500 AAC Technologies Holdings 347 0.25 700,000 PetroChina (H) 347 0.25 128,000 China Overseas Land & Investment 347 0.25 88,200 China Pacific Insurance Group (H) 322 0.24 136,000 China Evergrande Group 319 0.23 860,000 Agricultural Bank of China (H) 313 0.23 160,000 Geely Automobile Holdings 305 0.22 4,460 New Oriental Ed & Tech Group (ADR) 275 0.20 24,000 Sunny Optical Technology Group 266 0.20 154,700 PICC Property & Casualty (H) 225 0.17 112,500 China Shenhua Energy (H) 225 0.17 188,000 CITIC 224 0.16 89,909 China Resources Land 218 0.16 192,000 China Unicom Hong Kong 217 0.16 8,676 TAL Education Group (A) (ADR) 203 0.15 100,000 Brilliance China Auto Holding 199 0.15 177,541 Country Garden Holdings 183 0.13 450,000 China Telecom (H) 179 0.13 290,000 Bank of Communications (H) 172 0.13 138,000 CSPC Pharmaceutical Group 167 0.12 89,000 China Mengniu Dairy 161 0.12 69,000 Sunac China Holdings 161 0.12 298,000 China CITIC Bank (H) 153 0.11 23,500 Hengan International Group 153 0.11 3,038 58 Com (A) (ADR) 148 0.11 142,000 China Communications Construction (H) 147 0.11 112,800 Haitong Securities (H) 146 0.11 1,816 SINA 140 0.10 180,000 China Minsheng Banking (H) 139 0.10 39,200 Sinopharm Group (H) 138 0.10 26,100 New China Lif Insurance (H) 130 0.10 26,000 ENN Energy Holdings 130 0.10 74,500 CITIC Securities (H) 128 0.09 42,500 Anhui Conch Cement (H) 123 0.09 52,081 China Taiping Insurance Holdings 122 0.09
174 Fidelity Index Emerging Markets Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
47,023 China Merchants Port Holdings 119 0.09 58,000 China Gas Holdings 114 0.08 18,000 Shenzhou International Group Holdings 112 0.08 81,500 Fosun International 110 0.08 96,000 Guangdong Investment 110 0.08 161,000 Sino Biopharmaceutical 110 0.08 54,813 China Resources Beer (Holdings) 107 0.08 68,000 Guangzhou Automobil Group (H) 104 0.08 146,850 CRRC (H) 103 0.08 34,000 ANTA Sports Products 103 0.08 103,500 Great Wall Motor (H) 101 0.07 154,000 Beijing Enterprises Water Group 101 0.07 21,500 Byd (H) 99 0.07 234,000 Lenovo Group 99 0.07 13,047 Vipshop Holdings (ADR) 94 0.07 39,800 China Vanke (H) 93 0.07 1,209 Weibo (ADR) 92 0.07 53,600 Huatai Securities (H) 92 0.07 49,500 Longfor Properties 92 0.07 174,000 Want Want China Holdings 89 0.07 62,155 China Resources Power Holdings 88 0.06 142,000 China Railway Group (H) 88 0.06 1,744 Autohome (ADR) 87 0.06 86,000 Dongfeng Motor Group (H) 86 0.06 114,000 Kunlun Energy Company 86 0.06 229,000 Peoples Insurance Co Group of China (H) 84 0.06 41,000 Haier Electronics Group 84 0.06 279,000 China Cinda Asset Management (H) 80 0.06 78,000 China Everbright International 80 0.06 22,000 Minth Group 79 0.06 28,000 China Resource Gas Group 77 0.06 53,000 China Conch Venture Holdings 75 0.06 45,000 GF Securities (H) 74 0.05 104,500 China Galaxy Securities (H) 73 0.05 339,000 CGN Power (H) 72 0.05 217,000 China Huarong Asst Management (H) 72 0.05 126,000 Aluminum China (H) 72 0.05 64,000 China State Construction International Holdings 72 0.05 17,800 Zhuzhou CRRC Times Electric (H) 72 0.05 54,000 Nine Dragons Paper Holdings 70 0.05 16,000 Beijing Enterprises Holdings 69 0.05 222,500 Fullshare Holdings 69 0.05 130,000 Huaneng Power International (H) 66 0.05 31,000 TravelSky Technology (H) 65 0.05 62,000 Tingyi Cayman Islands Holding 64 0.05 86,300 Semiconductor Manufacturing International 63 0.05 62,000 China Railway Construction (H) 63 0.05 48,000 Beijing Capital International Airport (H) 60 0.04 37,000 Shimao Property Holdings 59 0.04 101,000 China Longyuan Power Group (H) 59 0.04 31,600 Guangzhou R F Properties (H) 57 0.04 71,000 Weichai Power (H) 57 0.04
175 Fidelity Index Emerging Markets Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
118,000 Sinopec Shanghai Petrochemical (H) 57 0.04 48,000 Jiangsu Expressway (H) 57 0.04 39,000 China Medical System Holdings 55 0.04 400,000 Alibaba Pictures Group 54 0.04 973 YY (A) (ADR) 54 0.04 74,000 Sun Art Retail Group 53 0.04 39,000 Jiangxi Copper (H) 53 0.04 30,000 China Everbright 53 0.04 97,977 Sino-Ocean Group Holding 52 0.04 180,000 Zijin Mining Group (H) 51 0.04 23,760 ZTE (H) 50 0.04 55,216 COSCO Shipping Ports 50 0.04 62,000 Yanzhou Coal Mining (H) 48 0.04 21,000 Haitian International Holdings 48 0.04 48,000 Zhejiang Expressway (H) 47 0.03 20,000 Shanghai Industrial Holdings 47 0.03 25,000 Kingsoft 46 0.03 65,000 Far East Horizon 46 0.03 85,000 Chongqing Rural Commercial Bank (H) 46 0.03 15,500 Shanghai Fosun Pharm(Gr)Co (H) 45 0.03 92,000 China National Building Material (H) 45 0.03 128,000 China Jinmao Holdings Group 44 0.03 72,000 China Southern Airlines (H) 43 0.03 180,000 Huaneng Renewables (H) 43 0.03 16,400 Fuyao Glass Ind Group (H) 41 0.03 21,000 Shanghai Pharmaceuticals Holding (H) 40 0.03 58,000 Air China (H) 40 0.03 64,000 Shandong Weigao Medical Polymer (H) 39 0.03 12,000 Tsingtao Brewery (H) 39 0.03 60,000 China Oilfield Services (H) 38 0.03 106,000 Alibaba Health Information Technology 38 0.03 100,000 China Everbright Bank (H) 37 0.03 36,200 Chongqing Changan Automobile (B) 37 0.03 434,000 GCL Poly Energy Holdings 37 0.03 27,637 Shanghai Lujiazui Finance Trust Deltd (B) 35 0.03 114,000 Sihuan Pharmaceuticals Holding Group 34 0.02 78,000 China Communications Services (H) 33 0.02 92,000 Shanghai Electric Group (H) 32 0.02 29,500 3SBio 31 0.02 43,000 Sinopec Engineering Group (H) 30 0.02 364,704 GOME Retail Holdings 29 0.02 64,000 AviChina Industry & Technology (H) 29 0.02 60,500 SOHO China 27 0.02 92,000 China Power International Development 24 0.02 60,000 China Coal Energy (H) 23 0.02 111,000 China Huishan Dairy Holdings 5 0.00 154,000 Hanergy Thin Film Pwer Group 3 0.00 37,394 27.46 Korea - (13.98%) 3,172 Samsung Electronics 5,068 3.72 19,317 SK Hynix 915 0.67 673 Samsung Electronics Preferred 876 0.64
176 Fidelity Index Emerging Markets Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
2,469 POSCO 585 0.43 14,221 Shinhan Financial Group 509 0.37 13,270 KB Financial Group 507 0.37 5,152 Hyundai Motor 498 0.37 934 NAVER 487 0.36 1,506 LG Chemical 393 0.29 2,264 Hyundai Mobis 369 0.27 9,856 Hana Financial Group 333 0.24 3,888 KT & G 306 0.22 2,180 SK Innovation 283 0.21 8,515 Korea Electric Power 252 0.19 1,847 Samsung SDI 250 0.18 2,552 Samsung C&T 226 0.17 1,071 AmorePacific 213 0.16 2,599 Celltrion 207 0.15 8,415 Kia Motors 206 0.15 3,424 LG Electronics 193 0.14 1,000 Samsung Fire & Marine Insurance 191 0.14 2,368 Samsung Life Insurance 188 0.14 1,019 SK Holdings 188 0.14 272 LG Household & Healthcare 180 0.13 3,069 LG 178 0.13 7,469 LG Display 161 0.12 562 NCSoft 149 0.11 495 Lotte Chemical 136 0.10 1,120 Samsung SDS 130 0.10 1,802 Samsung Electro-Mechanics 126 0.09 1,449 S-Oil 125 0.09 9,793 Woori Bank Korea 125 0.09 688 SK Telecom 120 0.09 1,729 Coway 118 0.09 2,803 Hyundai Steel 111 0.08 720 E-MART 111 0.08 562 Samsung Biologics 110 0.08 2,550 Hankook Tire (New) 104 0.08 1,002 Hyundai Heavy Industries 102 0.07 329 Hyundai Robotics 100 0.07 263 Korea Zinc 93 0.07 996 AMOREPACIFIC Group 92 0.07 13,011 Mirae Asset Daewoo 91 0.07 3,720 Kangwon Land 89 0.07 1,055 Kakao 89 0.07 1,793 GS Holdings 87 0.06 3,448 Hanwha Chemical 84 0.06 8,038 Industrial Bank of Korea 83 0.06 1,560 Dongbu Insurance 81 0.06 1,152 Hyundai Motor 2nd Preferred 81 0.06 441 Lotte Shopping 78 0.06 654 Hyosung 71 0.05 2,455 Hyundai Sino-Thai Engineering & Construction 69 0.05 2,079 Korea Aerospace Industries 66 0.05 2,024 Hyundai Marine & Fire Insurance 64 0.05
177 Fidelity Index Emerging Markets Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
578 Hyundai Glovis 62 0.05 250 CJ Cheiljedang 62 0.05 472 LG InnoTek 60 0.04 477 CJ 58 0.04 7,758 Samsung Heavy Industries 57 0.04 537 Netmarble Games 57 0.04 2,206 Samsung Securities 56 0.04 1,230 Korea Investment Holdings 56 0.04 827 Hyundai Motor Preferred 55 0.04 201 KCC 55 0.04 7,864 Bank Financial Group 54 0.04 136 Medy-Tox 53 0.04 189 Hanmi Pharmaceuticals 53 0.04 290 LG Chemical Preferred 53 0.04 891 Daelim Industrial 52 0.04 1,486 Hanwha 50 0.04 5,320 NH Investment & Securit 50 0.04 1,884 Hyundai Development 49 0.04 1,135 Hotel Shilla 48 0.04 6,049 Hanon Systems 48 0.04 114 LG Household & Health Preferred 47 0.03 391 Hanssem 46 0.03 689 BGF Retail 43 0.03 269 Yuhan 42 0.03 684 Orion Corp/Republic of Korea/New 41 0.03 5,362 Denmark Financial Group 41 0.03 314 AmorePacific Preferred 37 0.03 551 OCI Company 37 0.03 3,549 LG Uplus 34 0.02 552 S1 (Korea) 34 0.02 1,251 Hanwha Techwin 34 0.02 6,713 Hanwha Life Insurance 34 0.02 247 Shinsegae 33 0.02 1,374 Korean Air Lines 31 0.02 6,929 Pan Ocean 31 0.02 545 Kumho Petro Chemical 30 0.02 1,484 GS Engineering & Construction 29 0.02 246 CJ Logistics 29 0.02 556 CJ E&M 29 0.02 2,113 Cheil Worldwide 28 0.02 419 Hyundai Department Store 28 0.02 1,053 Samsung Card 27 0.02 838 Korea Gas 26 0.02 544 Hyundai Wia 26 0.02 985 Doosan Bobcat 26 0.02 777 KEPCO Plant Service & Engineering 25 0.02 187 Lotte Confectionary 25 0.02 4,461 SK Networks 22 0.02 798 GS Retail 22 0.02 19 Lotte Chilsung Beverage 20 0.01 331 Hanmi Science 20 0.01 4,165 Daewoo Engineering & Construction 20 0.01
178 Fidelity Index Emerging Markets Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
1,633 Doosan Heavy Industries & Construction 20 0.01 1,315 POSCO Daewoo 19 0.01 36 Ottogi 19 0.01 980 DONG Suh Companies 18 0.01 52 Hyundai Construction Equipment 12 0.01 557 KT 12 0.01 54 Hyundai Electric & Energy System 10 0.01 355 Orion 7 0.01 18,849 13.84 Taiwan - (11.66%) 814,000 Taiwan Semiconductor Manufacturing 4,529 3.33 516,297 Hon Hai Precision Industry 1,563 1.15 3,000 Largan Precision 450 0.33 50,000 MediaTek 348 0.26 273,300 Cathay Financial Holding 346 0.25 126,000 Chunghwa Telecom 339 0.25 139,000 Formosa Plastics 336 0.25 159,000 Nan Ya Plastics 312 0.23 587,548 CTBC Financial Holding 295 0.22 66,575 Delta Electronics 283 0.21 222,000 Fubon Financial Holding 277 0.20 423,940 China Steel 276 0.20 162,068 Uni-President Enterprises 268 0.20 97,000 Formosa Chemicals & Fibre 237 0.17 366,340 Mega Financial Holding 228 0.17 22,000 Catcher Technology 217 0.16 222,497 Advanced Semiconductor Engineering 209 0.15 403,000 United Microelectronics 156 0.11 87,000 Quanta Computer 154 0.11 63,000 Pegatron 154 0.11 55,000 Taiwan Mobile 152 0.11 23,000 Asustek Computer 148 0.11 294,205 First Financial Holding 148 0.11 285,605 E.Sun Financial Holdings 136 0.10 20,000 President Chain Store 130 0.10 362,100 Yuanta Financial Holding 122 0.09 43,000 Formosa Petrochemical 118 0.09 260,778 Hua Nan Financial Holdings 113 0.08 322,628 Taishin Financial Holdings 111 0.08 287,306 Innolux 109 0.08 68,000 Cheng Shin Rubber Industry 106 0.08 428,000 China Development Finance Holding 104 0.08 253,746 Taiwan Cooperative Holdings 104 0.08 119,964 China Life Insurance 103 0.08 298,000 AU Optronics 95 0.07 49,000 Far EasTone Telecommunications 92 0.07 103,000 Taiwan Cement 92 0.07 334,853 SinoPac Holdings 84 0.06 9,000 Hotai Motor 82 0.06 66,005 Siliconware Precision Industries 81 0.06 66,425 Lite-On Technology 76 0.06 133,000 Compal Electronics 74 0.05
179 Fidelity Index Emerging Markets Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
28,657 Foxconn Technology 71 0.05 69,000 Pou Chen 70 0.05 33,120 Chailease Holding 70 0.05 162,460 Chang Hwa Commercial Bank 69 0.05 11,117 Advantech 64 0.05 100,550 Far Eastern Textile 63 0.05 82,307 Wistron 60 0.04 260,296 Shin Kong Financial Holding 59 0.04 6,211 Eclat Textile 59 0.04 18,000 Novatek Microelectronics 54 0.04 76,340 Asia Cement 54 0.04 22,000 Powertech Technology 52 0.04 5,000 Phison Electronics 52 0.04 51,000 WPG Holding 52 0.04 7,358 Hiwin Technologies 51 0.04 77,000 Inventec 48 0.04 64,000 TECO Electronics & Machinery 46 0.03 15,000 Realtek Semiconductor 45 0.03 48,300 SYNNEX Technology International 42 0.03 30,000 Vanguard International Semiconductor 42 0.03 5,000 Nien Made Enterprise 42 0.03 23,000 Micro-Star International 41 0.03 104,752 Acer 41 0.03 69,190 Evergreen Marine Corp(Tai) 41 0.03 10,734 Feng TAY Enterprise 40 0.03 19,172 Standard Foods 38 0.03 23,000 Nanya Technology 38 0.03 55,000 Taiwan High Speed Rail 38 0.03 9,000 Giant Manufacturing 35 0.03 27,650 Highwealth Construction 34 0.02 19,000 High Tech Computer 34 0.02 17,185 Chicony Electronics 33 0.02 97,000 China Airlines 32 0.02 142,570 Taiwan Business Bank 31 0.02 5,000 Globalwafers 31 0.02 5,000 TaiMed Biologics 28 0.02 67,138 EVA Airways 27 0.02 14,000 Zhen Ding Technology Holding 25 0.02 7,100 Merida Industry 24 0.02 21,000 Taiwan Fertilizer 22 0.02 15,000 Ruentex Industries 19 0.01 25,609 Ruentex Development 19 0.01 61,000 Asia Pacific Telecom 16 0.01 3,000 OBI Pharma 15 0.01 19,000 Formosa Taffeta 15 0.01 23,000 Yulon Motor Company 15 0.01 5,000 Transcend Information 12 0.01 15,266 11.21 India - (7.97%) 49,812 Housing Development Finance 1,075 0.79 42,941 Reliance Industries 832 0.61 48,879 Infosys 543 0.40
180 Fidelity Index Emerging Markets Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
15,289 Tata Consultancy Services 464 0.34 112,597 ITC 386 0.28 55,860 Axis Bank 339 0.25 3,540 Maruti Suzuki India 331 0.24 21,857 Hindustan Unilever 323 0.24 78,992 ICICI Bank 286 0.21 53,442 Tata Motors 245 0.18 11,238 Yes Bank 239 0.18 16,521 Larsen & Toubro 228 0.17 40,336 Bharti Airtel 209 0.15 12,717 Mahindra & Mahindra 207 0.15 19,297 Hcl Technologies 200 0.15 58,101 State Bank India 197 0.14 32,644 Sun Pharmaceutical Industries 191 0.14 50,179 Vedanta 188 0.14 429 Eicher Motors 164 0.12 24,351 Bharat Petroleum 156 0.11 10,531 Grasim Industries 153 0.11 10,141 Indiabulls Housing Finance 149 0.11 12,300 Infosys (ADR) 144 0.11 39,076 Wipro 141 0.10 2,812 UltraTech Cement 137 0.10 9,167 Asian Paints India 130 0.10 12,463 UPL 126 0.09 5,632 Bajaj Finance 122 0.09 20,434 Hindustan Petroleum 121 0.09 25,043 Adani Ports & Special Eco Zone 120 0.09 56,896 NTPC 116 0.09 20,676 Indian Oil 114 0.08 17,050 Zee Entertainment Enterprises 108 0.08 37,435 Hindalco Industries 108 0.08 2,639 Bajaj Auto 90 0.07 7,676 Godrej Consumer Products 87 0.06 16,263 Tech Mahindra 84 0.06 26,741 JSW Steel 82 0.06 6,935 Lupin 82 0.06 2,505 Piramal Enterprises 82 0.06 1,210 Bajaj Finserv 81 0.06 17,769 Bharti Infratel 81 0.06 1,585 Hero MotoCorp 77 0.06 40,679 Oil & Natural Gas 77 0.06 11,032 Cipla 77 0.06 9,269 LIC Housing Finance 76 0.06 19,941 Motherson Sumi Systems 75 0.06 16,274 GAIL India 75 0.06 8,225 Aurobindo Pharmaceuticals 73 0.05 9,448 Tata Steel 73 0.05 9,617 Titan 72 0.05 19,439 Ambuja Cem 66 0.05 16,998 Dabur India 65 0.05 735 Nestle India 64 0.05 21,693 Coal India 63 0.05
181 Fidelity Index Emerging Markets Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
231 Bosch 61 0.04 1,923 United Spirits 59 0.04 269 Shree Cements 58 0.04 4,763 Shriram Transport Finance 57 0.04 14,506 Marico 55 0.04 2,250 Dr Reddys Laboratories 55 0.04 46,084 Idea Cellular 51 0.04 9,229 Mahindra & Mahindra Financial Services 48 0.04 36,735 Ashok Leyland 48 0.04 3,389 Bharat Forge 47 0.03 7,607 Havells India 45 0.03 1,856 Dr Reddys Laboratories (ADR) 45 0.03 21,802 Rural Electrification 45 0.03 6,767 Cadila Healthcare 41 0.03 2,413 Siemens India 38 0.03 1,626 ACC 36 0.03 2,624 Apollo Hospitals Enterprise 34 0.02 20,173 Bharat Heavy Electricals 32 0.02 31,880 Tata Power 31 0.02 11,708 Tata Motors 31 0.02 45,487 Infrastructure Development Finance Bank 30 0.02 4,011 Glenmark Pharmaceuticals 30 0.02 20,500 Power Finance 30 0.02 14,081 Aditya Birla Capital 29 0.02 1,240 Container of India 20 0.01 11,250 8.26 Brazil - (7.75%) 106,636 Itau Unibanco Holding 1,069 0.79 101,240 Vale 854 0.63 99,735 Banco Bradesco 824 0.61 155,829 Ambev 761 0.56 138,600 Petroleo Brasileiro-Petrobras (Preference) 458 0.34 69,718 B3 SA - Brasil Bolsa Balcao 383 0.28 131,284 Itausa Investimentos Itau 334 0.25 90,100 Petroleo Brasileiro-Petrobras 307 0.23 31,487 Banco Bradesco 252 0.19 40,896 Cielo 225 0.17 12,100 Ultrapar Participacoes 218 0.16 28,500 Banco do Brasil 218 0.16 46,372 Kroton Educacional 202 0.15 18,200 BRF 187 0.14 14,900 Telefonica Brasil 180 0.13 22,690 Lojas Renner 172 0.13 38,500 CCR 164 0.12 22,300 BB Seguridade Participacoes 150 0.11 7,400 Raia Drogasil 126 0.09 24,520 Lojas Americanas 108 0.08 23,000 Embraer S A 101 0.07 19,640 WEG 99 0.07 28,680 BR Malls Participacoes 96 0.07 6,100 Equatorial Energia 93 0.07 13,200 Banco Santander Brasil 92 0.07
182 Fidelity Index Emerging Markets Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
4,900 Companhia Brasileira de Distribuicao 87 0.06 10,700 Saneamento Basico de SP (Cia) 84 0.06 28,300 Gerdau 82 0.06 11,300 Hypermarcas S A 82 0.06 7,700 Fibria Celulose 79 0.06 5,335 Localiza Rent A CAR 78 0.06 18,100 Klabin 77 0.06 26,700 Tim Participacoes 75 0.06 25,300 Rumo 64 0.05 7,200 Qualicorp 61 0.04 25,200 JBS 55 0.04 12,900 Suzano Papel E Celulose 55 0.04 7,773 CPFL Energia 52 0.04 5,400 Braskem (A) 51 0.04 2,719 Multiplan Empreendimentos Imobiliarios 49 0.04 5,600 Engie Brasil 49 0.04 23,000 Energetica de Minas Gerais Cia 48 0.04 4,900 Cosan Industria E Comercio 46 0.03 8,000 Transmissora Alianca de Energia Eletrica 44 0.03 8,200 Centrais Eletricas Brasile 44 0.03 5,700 Natura Cosmeticos 42 0.03 3,300 M Dias Branco 41 0.03 18,100 Siderurgica Nacional Cia 38 0.03 9,974 Energias do Brasil 37 0.03 9,000 Odontoprev 33 0.02 3,500 Porto Seguro 30 0.02 6,824 Sul America 30 0.02 5,600 Centrais Eletricas Brasile 25 0.02 6,890 Lojas Americanas 24 0.02 3,300 Paranaense de Energ Copel Cia 24 0.02 8,818 Duratex 19 0.01 12 Itausa Investimentos Itau 0 0.00 9,278 6.81 South Africa - (6.50%) 14,490 Naspers (N) 2,517 1.85 56,584 Group 430 0.32 42,939 Standard Bank Group 429 0.31 18,392 Sasol 421 0.31 112,078 FirstRand 373 0.27 99,009 Steinhoff International Holdings (ZA) 366 0.27 17,945 Remgro 234 0.17 12,507 Aspen Pharmacare Holdings 215 0.16 48,007 Sanlam 205 0.15 22,698 Barclays Africa Group 201 0.15 11,234 Bid 199 0.15 17,602 Vodacom Group 189 0.14 13,857 Shoprite Holdings 185 0.14 5,704 Tiger Brands 137 0.10 11,591 Bidvest Group 118 0.09 10,584 Nepi Rockcastle 118 0.09 32,559 Woolworths Holdings 115 0.08 177,923 Redefine Properties 112 0.08
183 Fidelity Index Emerging Markets Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
11,608 Discovery 104 0.08 13,119 AngloGold Ashanti 103 0.08 7,581 Nedbank Group 99 0.07 65,042 Growthpoint Properties 97 0.07 17,968 Sappi 94 0.07 27,572 Gold Fields 94 0.07 22,328 RMB Holdings 88 0.06 7,636 Mr Price Group 83 0.06 3,848 Mondi 81 0.06 7,968 Foschini 72 0.05 1,285 Capitec Bank Holdings 69 0.05 14,012 Truworths International 69 0.05 54,752 Sibanye Gold 66 0.05 8,665 Resilient (REIT) 65 0.05 40,381 Life Healthcare Group Holding 63 0.05 6,197 SPAR Group 62 0.05 4,573 Imperial Holdings 56 0.04 22,461 Rand Merchant Insurance Holdings 56 0.04 9,049 Investec 53 0.04 21,785 Fortress Income Fund (B) 51 0.04 7,330 Hyprop Investments 50 0.04 6,387 Exxaro Resources 49 0.04 32,172 Netcare 47 0.03 2,967 PSG Group 45 0.03 18,406 Impala Platinum Holdings 43 0.03 40,833 Fortress Income Fund (A) 42 0.03 33,757 MMI Holdings 41 0.03 10,766 Pick n Pay Stores 41 0.03 11,706 Brait SE 40 0.03 1,745 Anglo American Platinum 36 0.03 8,788 Telkom Soc 33 0.02 4,237 Pioneer Foods 32 0.02 7,312 Coronation Fund Managers 31 0.02 3,552 Massmart Holdings 26 0.02 4,028 Liberty Holdings 24 0.02 11,996 African Phoenix Investments 0 0.00 8,669 6.36 United States - (2.08%) 428 Fidelity Institutional USD Fund Class A-Acc 5,726 4.20 5,726 4.20 Mexico - (3.31%) 1,102,700 America Movil 802 0.59 63,900 Fomento Eco Mexico 497 0.36 82,300 Grupo Finance Banorte 442 0.32 484,454 Cemex 357 0.26 126,300 Grupo Mexico 328 0.24 81,500 Grupo Televisa 328 0.24 173,900 Wal Mart de Mexico 326 0.24 82,900 Fibra Uno Administracion de 116 0.09 104,700 Alfa (A) 112 0.08 16,800 Coca Cola Femsa 108 0.08 6,740 Grupo Aeroportuario Sureste SAB CV (B) 105 0.08 184 Fidelity Index Emerging Markets Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
54,900 Grupo Bimbo 103 0.08 11,700 Grupo Aeroportuario del Pacifico SAB de CV (B) 100 0.07 74,900 Grupo Finance Inbursa 99 0.07 4,685 Industrias Penoles 97 0.07 60,100 Grupo Financiero San (B) 97 0.07 14,800 Arca Continental 84 0.06 6,930 Gruma (B) 80 0.06 49,900 Kimberly Clark de Mexico Sab D (A) 76 0.06 17,900 Sempra Mexico 74 0.05 34,160 Mexichem 71 0.05 7,350 Promotora y Operadora de Infraestructura SAB 63 0.05 17,400 Grupo Carso 55 0.04 5,555 El Puerto de Liverpool Sab (C) 38 0.03 28,200 Gentera 34 0.02 19,800 Grupo Lala 27 0.02 4,619 3.39 Russia - (3.68%) 347,604 Sberbank Russia (USD) 857 0.63 12,434 LUKOIL (ADR) 484 0.36 152,489 Gazprom (ADR) 477 0.35 10,280 Magnit (GDR) 329 0.24 21,369 MMC Norilsk Nickel (ADR) 279 0.20 8,488 Tatneft (ADR) 259 0.19 3,060 Novatek (GDR) 252 0.19 38,614 Rosneft OC (GDR) 158 0.12 78,035 VTB Bank (GDR) 134 0.10 16,050 Mobile Tele Systems (ADR) 121 0.09 26,852 Surgutneftegas (ADR) 94 0.07 78,151 ALROSA (USD) 86 0.06 6,649 Severstal PAO (GDR) 80 0.06 48,510 Gazprom O A O (USD) 77 0.06 3,899 Novolipetsk Steel (GDR) 71 0.05 1,753 LUKOIL (USD) 68 0.05 148,692 Surgutneftegas Preferred 57 0.04 1,036,556 Inter Rao (USD) 54 0.04 38,557 Moscow Exchange MICEX-RTS (USD) 54 0.04 4,200 PhosAgro (GDR) 46 0.03 37,998 RusHydro (ADR) 42 0.03 13 AK Transneft Preferred (RUB) 31 0.02 5,647 Rostelecom Long Distance & Int (ADR) 30 0.02 2,544 Sberbank Russia (ADR) 27 0.02 5,200 Tatneft (USD) 27 0.02 23,000,000 VTB Bank (USD) 20 0.01 4,424 Sistema JSFC (GDR) 14 0.01 1,079 Novatek (USD) 9 0.01 852 Rosneft OC (USD) 4 0.00 31,774 RusHydro (USD) 0 0.00 4,241 3.11 Indonesia - (2.33%) 1,665,400 Telekomunikasi Indonesia PT 453 0.33 345,100 Bank Central Asia 381 0.28 367,200 Bank Rakyat Indonesia 322 0.24 185 Fidelity Index Emerging Markets Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
672,600 Astra International 308 0.23 309,600 Bank Mandiri Persero 236 0.17 48,700 Unilever Indonesia 143 0.10 248,700 Bank Negara Indonesia Persero PT 106 0.08 56,300 United Tractors 99 0.07 690,500 Kalbe Farma PT 69 0.05 307,700 Hanjaya Mandala Sampoerna 65 0.05 16,200 Gudang Garam PT Perusahaan 65 0.05 134,400 Indofood Sukses Makmur 65 0.05 55,600 Indocement Tunggal Prakarsa PT 64 0.05 102,900 Semen Indonesia Persero 63 0.05 474,700 Adaro Energy 50 0.04 357,500 PT Perusahaan Gas Negara 44 0.03 74,000 Matahari Department Store 43 0.03 79,000 Indofood CBP Sukses Makmur 40 0.03 243,100 Charoen Pokphand Indonesia 39 0.03 112,600 Bank Danamon Indonesia 36 0.03 81,600 Tower Bersama Infrastructure 31 0.02 274,800 Bumi Serpong Damai 29 0.02 635,500 Lippo Karawaci 29 0.02 687,800 Pakuwon Jati PT 27 0.02 343,100 Summarecon Agung PT 21 0.02 165,900 Surya Citra Media 21 0.02 52,200 AKR Corporindo 20 0.01 59,320 Jasa Marga PT 20 0.01 95,400 PT XL Axiata 20 0.01 154,800 Waskita Karya Persero 20 0.01 173,800 Media Nusantara Citra 15 0.01 2,944 2.16 Malaysia - (2.28%) 96,679 Public Bank 362 0.27 111,600 Tenaga Nasional 289 0.21 119,158 Malayan Banking 205 0.15 134,428 CIMB Group Holdings 173 0.13 84,879 Sime Darby 139 0.10 78,800 Genting 139 0.10 77,700 Petronas Chemicals Group 101 0.07 93,900 Genting Malaysia 100 0.07 97,700 Digi.com 86 0.06 73,800 IHH Healthcare 80 0.06 17,700 Kuala Lumpur Kepong 79 0.06 22,900 Petronas Gas 77 0.06 84,167 Axiata Group 75 0.06 23,300 Hong Leong Bank 65 0.05 60,900 Maxis 64 0.05 75,000 IOI 62 0.05 97,200 IJM 59 0.04 43,000 MISC 58 0.04 58,300 Gamuda 57 0.04 18,000 PPB Group 55 0.04 45,362 Telekom Malaysia 53 0.04 27,414 Malaysia Airports Holdings 45 0.03
186 Fidelity Index Emerging Markets Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
55,500 AMMB Holdings 43 0.03 4,700 British American Tobacco Malaysia 38 0.03 146,100 YTL 38 0.03 99,860 Dialog Group 37 0.03 7,400 Petronas Dagangan 33 0.02 126,700 Sapura Energy 32 0.02 18,900 HAP Seng Consolidated 31 0.02 50,900 AirAsia 31 0.02 29,103 RHB Bank 27 0.02 21,400 Hartalega Holdings 26 0.02 71,391 IOI Properties Group Sdn 26 0.02 45,800 Astro Malaysia Holdings 22 0.02 7,007 Hong Leong Financial Group 22 0.02 31,100 Westports Holdings 21 0.02 10,100 Genting Plantations 20 0.01 26,200 Alliance Financial Group 18 0.01 56,890 YTL Power International 15 0.01 11,700 UMW Holdings 12 0.01 32,100 Felda Global Ven Holdings 9 0.01 12,065 UMW Oil & Gas 1 0.00 6,980 RHB Capital 0 0.00 2,925 2.15 Thailand - (2.10%) 35,200 PTT (F) 328 0.24 54,600 Kasikornbank (F) 270 0.20 166,100 CP ALL (F) 240 0.18 59,700 Siam Commercial Bank (F) 210 0.15 144,200 Airports of Thailand (F) 183 0.13 13,100 Siam Cement (F) 153 0.11 33,100 Advanced Info Service (F) 145 0.11 68,700 PTT Global Chemical (F) 123 0.09 45,300 PTT Exploration & Production (F) 92 0.07 43,500 Central Pattana (F) 73 0.05 13,000 Bumrungrad Hospital (F) 66 0.05 71,720 Minor International (F) 66 0.05 125,900 Bangkok Dusit Medical Services (F) 61 0.04 93,720 Charoen Pokphand Foods (F) 59 0.04 24,500 Thai Oil (F) 54 0.04 118,600 Krung Thai Bank (F) 52 0.04 283,800 Bangkok Expressway & Metro (F) 52 0.04 357,220 True (F) 47 0.03 39,800 Berli Jucker (F) 46 0.03 324,600 IRPC (F) 45 0.03 43,620 Indorama Ventures (F) 40 0.03 187,500 BTS Group Holdings (F) 38 0.03 8,700 Bangkok Bank (F) 38 0.03 38,200 Energy Absolute (F) 34 0.02 16,300 Delta Electronics Thai (F) 34 0.02 145,306 Home Product Center (F) 34 0.02 16,800 Glow Energy (F) 34 0.02 6,700 Kasikornbank (L) 32 0.02 67,000 Thai Union Group (F) 31 0.02
187 Fidelity Index Emerging Markets Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
68,800 Banpu (F) 28 0.02 480,800 TMB Bank (F) 27 0.02 4,400 Electricity Generating (F) 24 0.02 14,000 Robinson 19 0.01 9,200 KCE Electronics (F) 19 0.01 24,900 BEC World (F) 10 0.01 2,807 2.06 Poland - (1.16%) 9,966 Polski Koncern Naftowy Orlen 254 0.19 31,220 Powszechna Kasa Oszczednosci Bank 249 0.18 19,508 Powszechny Zaklad Ubezpieczea 205 0.15 5,331 Bank Polska Kasa Opieki(Pekao) 147 0.11 4,790 KGHM Polska Miedz 132 0.10 1,126 Bank Zachodni WBK 90 0.07 59,738 Polish Oil & Gas 88 0.06 26,910 Polska Grupa Energetyczna 84 0.06 40 LPP 75 0.06 967 CCC 55 0.04 484 mBank 46 0.03 3,104 Alior Bank 44 0.03 1,725 Jastrzebska Spolka Weglowa 40 0.03 6,855 Cyfrowy Polsat 40 0.03 2,620 Grupa Lotos 33 0.02 37,760 Tauron Polska Energia 32 0.02 17,348 Bank Millennium Spolka Akcyjna 27 0.02 18,102 Orange Polska 23 0.02 1,163 Grupa Azoty 17 0.01 1,705 Eurocash 14 0.01 13,085 Synthos 13 0.01 886 Bank Handlowy w Warszawie 13 0.01 1,721 1.26 Chile - (1.13%) 24,394 SACI Falabella 187 0.14 940,399 Enel Americas 156 0.11 15,421 Empresas Copec 152 0.11 2,096,941 Banco Santander Chile 119 0.09 3,020 Soc Quimica Y Minera de Chile 109 0.08 45,807 Cencosud 106 0.08 10,437 Latam Airls Group 100 0.07 812,497 Banco de Chile 92 0.07 40,327 Empresas CMPC 81 0.06 112,809 Enel Generacion Chile 74 0.05 679,198 Enel Chile 61 0.04 1,202 Banco de Credito e Inversiones 60 0.04 4,872 Compania Cervecerias Unidas 52 0.04 100,757 Aguas Andinas (A) 50 0.04 262,100 Colbun 49 0.04 6,062 Empresa Nacional de Telecomunicaciones 49 0.04 5,386,758 Itau Corpbanca 40 0.03 7,092 Embotelladora Andina 26 0.02 81,551 AES 22 0.02 1,585 1.16 188 Fidelity Index Emerging Markets Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Turkey - (1.00%) 78,202 Turkiye Garanti Bankasi 188 0.14 75,020 Akbank Turk Anonim Sirketi 174 0.13 6,738 BIM Birlesik Magazalar 116 0.09 4,071 Turkiye Petrol Rafinerileri 107 0.08 24,582 KOC Holding 99 0.07 52,391 Turkiye Is Bank 88 0.06 28,803 Turkcell Iletisim Hizmet A S 85 0.06 44,670 Eregli Demir Ve Celik Fabrikal 82 0.06 28,867 Haci Omer Sabanci Holding 69 0.05 19,941 Turkiye Halk Bankasi 66 0.05 22,521 Turk Hava Yollari AO 49 0.04 27,220 Turkiye Vakiflar Bankasi TAO 44 0.03 7,669 Arcelik 41 0.03 6,646 Aselsan 40 0.03 61,647 Emlak Konut Gayrimenkul Yatirim Ortakligi 40 0.03 35,581 Yapi Ve Kredi Bankasi 39 0.03 22,825 Petkim Petrokimya Holding 32 0.02 6,359 Anadolu Efes Bir Ve T San 30 0.02 5,377 TAV Havalimanlari Holding 26 0.02 16,391 Turk Telekomunikasyon 26 0.02 25,614 Turk Sise Ve Cam Fabrikalari 25 0.02 3,389 Tofas Turk Otomobil Fabrikas 24 0.02 5,230 Ulker Biskuvi Sanayi 24 0.02 2,144 Ford Otomotive Sanayi 23 0.02 2,464 Coca-Cola Icecek 22 0.02 1,559 1.14 Philippines - (1.10%) 237,700 Ayala Land 151 0.11 283,200 SM Prime Holdings 143 0.10 63,037 BDO Unibank 121 0.09 99,730 JG Summit Holdings 109 0.08 7,810 Ayala 108 0.08 8,340 SM Investments 102 0.07 65,630 Aboitiz Equity Ventures 74 0.05 2,680 PLDT 70 0.05 27,610 Universal Robina 61 0.04 15,850 Jollibee Food 57 0.04 2,705 GT Capital Holdings 46 0.03 453,500 Metro Pacific Investments 44 0.03 27,750 Bank of The Philippine Islands 44 0.03 336,300 Energy Development 35 0.03 1,115 Globe Telecom 34 0.02 136,850 DMCI Holdings 33 0.02 24,386 Metropolitan Bank & Trust 32 0.02 378,200 Megaworld 28 0.02 17,380 International Container Termin Services 27 0.02 125,500 Alliance Global Group 26 0.02 41,700 Aboitiz Power 25 0.02 40,800 Robinsons Land 14 0.01 3,090 Security Bank 12 0.01 1,396 1.03 189 Fidelity Index Emerging Markets Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
United Arab Emirates - (0.78%) 59,166 Emirates Telecommunications Group 224 0.16 119,377 Emaar Properties 214 0.16 72,626 Abu Dhabi Commercial Bank 111 0.08 49,224 First Abu Dhabi Bank 108 0.08 5,379 DP World 93 0.07 44,404 Dubai Islamic Bank 57 0.04 104,222 Aldar Properties 51 0.04 59,789 Damac Properties Dubai 50 0.04 67,236 Emaar Malls 35 0.03 94,607 Dxb Entertainments 16 0.01 959 0.70 Qatar - (0.79%) 7,675 Qatar National Bank 210 0.15 12,058 Masraf AL Rayan 98 0.07 4,847 Industries of Qatar 93 0.07 26,991 Ezdan Holding Group 65 0.05 4,671 Qatar Insurance Company 65 0.05 2,637 Ooredoo QSC 49 0.04 2,339 Qatar Islamic Bank 46 0.03 6,364 Commercialbank Qatar 40 0.03 5,919 Doha Bank 38 0.03 10,166 Qatar Gas Transport 35 0.03 831 Qatar Electricity & Water 33 0.02 3,050 Barwa Real Estate 21 0.02 793 0.58 Colombia - (0.41%) 13,673 Bancolombia Preferred 117 0.09 8,111 Grupo de Inversiones Suramericana 88 0.06 9,306 Bancolombia 75 0.06 175,612 Ecopetrol 62 0.05 9,738 Grupo Argos 55 0.04 12,555 Interconexion Electrica Saesp 44 0.03 13,359 Cementos Argos 42 0.03 3,531 Grupo de Inversiones Suramericana Preferred 37 0.03 105,064 Grupo Aval Acciones Preferred 36 0.03 556 0.41 Peru - (0.36%) 2,298 Credicorp 360 0.26 2,851 Southern Copper 89 0.07 5,996 Buenaventura Minas (ADR) 64 0.05 513 0.38 Greece - (0.32%) 44,417 Alpha Bank 86 0.06 7,723 Hellenic Telecommunications Org 76 0.06 7,465 Greek Organization of Football Prognostics 64 0.05 176,214 National Bank of Greece 55 0.04 64,933 Eurobank Ergasias 54 0.04 9,418 Piraeus Bank 40 0.03
190 Fidelity Index Emerging Markets Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
3,104 Jumbo 40 0.03 1,521 Titan Cement 33 0.02 928 FF Group 18 0.01 466 0.34 Hungary - (0.29%) 7,962 OTP Bank 250 0.18 1,473 MOL Hungarian Oil & Gas 105 0.08 4,731 Richter Gedeon 95 0.07 450 0.33 Czech Republic - (0.18%) 2,648 Komercni Banka 91 0.07 5,645 CEZ 83 0.06 20,885 Moneta Money Bank 56 0.04 3,060 Telefonica Czech Republic AS 30 0.02 260 0.19 Futures - (0.02%) 8,850 Mini MSCI Em MK Index Future 15/09/2017 131 0.10 131 0.10 Pakistan - (0.00%) 19,100 Habib Bank 25 0.02 21,800 Oil & Gas Development 23 0.02 16,400 United Bank 23 0.02 4,400 Lucky Cement 19 0.01 13,200 Mcb Bank 19 0.01 8,700 Engro 18 0.01 127 0.09 Cayman Islands - (0.00%) 2,931 Momo (ADR) 82 0.06 82 0.06 Egypt - (0.06%) 16,278 Commercial International Bank Egypt (GDR) 58 0.04 58 0.04 Warrants - (0.00%) 1,015 Indorama Ventures (L) (Warrants 24/08/2018) 0 0.00 0 0.00 Isle of Man - (0.00%) 10,584 New Europe Property Investment 0 0.00 0 0.00 Portfolio of investments 134,624 98.82 Cash and other net assets/(liabilities) 1,571 1.18 Net assets 136,195 100.00
The figures in brackets represent the sector distributions at 28 February 2017. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes.
191 Fidelity Index Europe ex UK Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
France - (21.23%) 118,098 Total 4,711 1.70 59,188 Sanofi 4,436 1.60 57,090 BNP Paribas 3,369 1.21 14,203 LVMH Moet Hennessy SE 2,896 1.04 98,257 AXA 2,218 0.80 12,832 LOreal 2,098 0.76 29,514 Airbus SE 1,922 0.69 19,780 Air Liquide 1,880 0.68 29,962 Danone 1,820 0.66 25,348 Vinci SA 1,811 0.65 28,651 Schneider Electric 1,787 0.64 38,907 Societe Generale France (A) 1,698 0.61 101,446 Orange 1,334 0.48 11,427 Pernod Ricard 1,195 0.43 4,078 Kering 1,192 0.43 15,772 Safran 1,188 0.43 86,606 Engie 1,120 0.40 25,362 Compagnie de Saint-Gobain 1,076 0.39 10,522 Essilor International 1,024 0.37 5,055 Unibail-Rodamco 993 0.36 9,207 Michelin Comp Gen Des Estbmts (B) 972 0.35 52,395 Vivendi 933 0.34 61,270 Credit Agricole 830 0.30 14,387 Legrand 785 0.28 35,747 ArcelorMittal Luxembourg 751 0.27 8,648 Capgemini 744 0.27 1,704 Hermes International SCA 701 0.25 12,872 Valeo 667 0.24 9,550 Renault 654 0.24 5,080 Atos SE 603 0.22 10,940 Publicis Groupe 575 0.21 6,923 Dassault Systemes 526 0.19 5,696 Thales 489 0.18 30,526 Carrefour 467 0.17 25,770 Veolia Environnement 466 0.17 34,306 STMicroelectronics (FR) 460 0.17 4,965 Sodexo 448 0.16 26,147 Peugeot 427 0.15 11,460 Bouygues 401 0.14 11,844 Klepierre 369 0.13 9,963 Accor 358 0.13 19,591 SES (FR) (FDR) 344 0.12 3,956 Eiffage 316 0.11 3,655 Arkema 306 0.11 2,536 Gecina 304 0.11 9,298 SCOR SE 302 0.11 50,661 Natixis 292 0.11 19,806 Suez 288 0.10 1,422 Iliad Group 284 0.10 14,276 Bureau Veritas 261 0.09 590 Eurofins Scientific SE 260 0.09
192 Fidelity Index Europe ex UK Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
11,949 Edenred 247 0.09 11,004 Zodiac Aerospace 246 0.09 29,520 EDF 242 0.09 3,144 Ingenico Group 241 0.09 25,163 Groupe Eurotunnel SE (A) 232 0.08 8,274 Alstom 228 0.08 1,598 Aeroports de Paris 217 0.08 2,024 Ipsen 213 0.08 9,396 Eutelsat Communications 209 0.08 16,298 Rexel 187 0.07 1,520 Wendel 186 0.07 1,215 SEB 170 0.06 9,241 CNP Assurances 167 0.06 46,911 Bollore 166 0.06 133 Dassault Aviation 156 0.06 6,347 Lagardere SCA 156 0.06 2,359 Eurazeo 151 0.05 1,534 Societe BIC 142 0.05 1,788 Fonciere Des Regions 137 0.05 1,928 Imerys 131 0.05 2,987 Casino Guichard Perrachon 130 0.05 1,793 ICADE 123 0.04 1,203 Remy Cointreau 106 0.04 4,003 JC Decaux 101 0.04 59,635 21.50 Germany - (19.95%) 42,058 Bayer 4,171 1.50 49,945 SAP SE 4,047 1.46 38,657 Siemens 3,918 1.41 23,243 Allianz SE 3,860 1.39 46,714 BASF SE 3,525 1.27 48,870 Daimler 2,751 0.99 166,765 Deutsche Telekom 2,329 0.84 9,591 adidas 1,666 0.60 50,583 Deutsche Post 1,622 0.58 9,996 Linde 1,488 0.54 21,128 Fresenius SE 1,384 0.50 105,840 Deutsche Bank 1,318 0.48 8,215 Munich RE Group 1,314 0.47 16,879 BMW 1,204 0.43 9,447 Volkswagen Preferred 1,088 0.39 61,035 Infineon Technologies 1,087 0.39 5,921 Continental 1,040 0.37 9,585 Henkel Preferred 995 0.36 111,951 E.ON SE 985 0.36 10,387 Deutsche Boerse 863 0.31 11,573 Fresenius Medical Care 834 0.30 25,097 Vonovia SE 821 0.30 19,084 Deutsche Wohnen 622 0.22 8,009 HeidelbergCement 595 0.21 6,956 Merck 594 0.21 57,292 Commerzbank 553 0.20
193 Fidelity Index Europe ex UK Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
27,888 RWE 538 0.19 5,596 Henkel 521 0.19 19,795 Thyssenkrupp 456 0.16 5,423 Beiersdorf 446 0.16 6,636 Symrise 377 0.14 5,994 Covestro 363 0.13 8,241 Porsche Automobil Holding Non Voting Preferred 361 0.13 8,315 Brenntag 340 0.12 9,843 GEA Group 335 0.12 12,539 Prosiebensat.1 Media SE 316 0.11 3,244 Hannover Reins 305 0.11 6,620 United Internet 305 0.11 11,799 QIAGEN (DE) 292 0.11 4,926 LANEXSS 288 0.10 4,507 OSRAM Licht 287 0.10 7,475 RWE International SE 256 0.09 12,617 Deutsche Lufthansa 241 0.09 3,408 Hugo Boss 224 0.08 8,775 Evonik Industries 221 0.08 5,990 Zalando SE 219 0.08 1,746 Volkswagen 207 0.07 10,301 K&S 191 0.07 2,935 Bayerische Motoren Werke Non Voting Preferred 185 0.07 2,238 Fraport Frankfurt Airport Services 171 0.06 40,018 Telefonica Deutschland Holding 167 0.06 1,892 MAN 164 0.06 3,735 Fuchs Petrolu SE Preferred 161 0.06 9,596 Metro 146 0.05 1,038 HOCHTIEF 142 0.05 2,611 Axel Springer SE 125 0.05 2,080 RTL Group (DE) 120 0.04 8,924 Schaeffler 97 0.03 53,241 19.20 Switzerland - (19.66%) 167,492 Nestle 10,999 3.97 120,178 Novartis 7,762 2.80 37,811 Roche Holdings 7,364 2.66 196,892 UBS Group 2,497 0.90 28,091 Compagnie Finance Richemont Switz (A) 1,944 0.70 107,274 ABB 1,915 0.69 8,108 Zurich Insurance Group 1,876 0.68 126,283 Credit Suisse Group 1,435 0.52 17,439 Swiss RE 1,217 0.44 24,498 LafargeHolcim 1,113 0.40 497 Givaudan 786 0.28 4,008 Lonza Group 784 0.28 1,993 Geberit 703 0.25 116 Sika 631 0.23 1,393 Swisscom 541 0.20 12,044 Julius Baer Group 521 0.19 1,663 Swatch Group 511 0.18 295 SGS 509 0.18
194 Fidelity Index Europe ex UK Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
8,750 Adecco Group 487 0.18 1,726 Swiss Life Holding 479 0.17 933 Partners Group Holding 468 0.17 2,904 Kuehne & Nagel International 404 0.15 2,815 Sonova Holding 365 0.13 2,202 Schindler Holding 365 0.13 2,688 Baloise Holdings 331 0.12 3,842 Swiss Prime Site 269 0.10 5 Lindt & Spruengli Chocolad 266 0.10 513 Straumann Holding 255 0.09 55 Lindt & Spruengli Chocolad (Participation Certificate) 242 0.09 440 EMS-Chemie Holding 235 0.08 1,884 Dufry Group 224 0.08 2,623 Vifor Pharma 203 0.07 2,988 Swatch Group 178 0.06 1,071 Schindler Holding 174 0.06 118 Barry Callebaut 131 0.05 2,071 Pargesa Holding 130 0.05 48,314 17.42 Netherlands - (7.29%) 83,014 Unilever 3,818 1.38 197,240 ING Groep 2,705 0.98 18,982 ASML Holding 2,289 0.83 18,621 NXP Semiconductors 1,625 0.59 47,281 Koninklijke Philips 1,387 0.50 12,398 Heineken 1,003 0.36 13,571 Akzo Nobel 961 0.35 65,166 Ahold Delhai (Koninklijke) 901 0.32 51,992 RELX 841 0.30 9,851 Koninklijke DSM 584 0.21 16,248 Wolters Kluwer 543 0.20 183,852 Koninklijke KPN 500 0.18 16,220 NN Group 499 0.18 20,235 ABN AMRO Group 437 0.16 94,914 Aegon 420 0.15 5,422 Heineken Holding 412 0.15 11,696 Coca-Cola European Partners (NL) 390 0.14 20,934 Altice (A) 368 0.13 8,064 AerCap Holdings 311 0.11 6,411 Randstad Holding 288 0.10 4,380 Gemalto 184 0.07 4,898 Boskalis Westminster Groep 124 0.04 3,782 Vopak (Koninklijke) 122 0.04 5,031 Altice (B) 89 0.03 20,801 7.50 Spain - (6.72%) 816,056 Banco Santander 4,127 1.49 340,226 Banco Bilbao Vizcaya Argentaria 2,339 0.84 230,826 Telefonica 1,923 0.69 302,310 Iberdrola 1,905 0.69 55,411 Industria de Diseno Txtl IN 1,672 0.60 23,618 Amadeus IT Group (A) 1,124 0.41 195 Fidelity Index Europe ex UK Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
66,316 Repsol 875 0.32 193,155 CaixaBank 772 0.28 37,305 Abertis Infraestructure 582 0.21 3,634 Aena 542 0.20 287,147 Banco de Sabadell 489 0.18 26,049 Ferrovial 458 0.17 23,288 Red Electrica 403 0.15 12,967 ACS Actividades de Construccion y Servicios 378 0.14 16,052 Grifols (A) 352 0.13 18,853 Gas Natural SDG 352 0.13 17,090 Endesa 319 0.12 12,204 Enagas S A 277 0.10 36,256 Bankinter 267 0.10 34,247 International Consolidated Airlines Group (ES) 208 0.07 54,249 Bankia 204 0.07 33,500 Distribuidora Internacional de Alimentacion 164 0.06 58,026 MAPFRE 158 0.06 12,833 Siemens Gamesa Renewable Energy 148 0.05 20,038 7.23 Sweden - (6.46%) 163,479 Nordea Bank 1,702 0.61 83,650 Volvo 1,104 0.40 36,152 Atlas Copco (A) 1,097 0.40 48,737 Swedbank 1,023 0.37 51,097 Hennes & Mauritz (H&M) 996 0.36 82,191 Svenska Handelsbanken 946 0.34 53,952 Assa ABLOY 895 0.32 24,515 Investor 883 0.32 81,746 SEB (A) 825 0.30 60,772 Sandvik 774 0.28 165,198 Ericsson (B) 746 0.27 32,748 Essity (B) 698 0.25 20,994 Atlas Copco 578 0.21 13,914 Hexagon 527 0.19 139,808 Telia 513 0.18 14,717 Boliden 401 0.14 12,950 Electrolux (B) 365 0.13 18,304 Skanska 319 0.12 20,303 SKF 314 0.11 12,607 Kinnevik Investment 293 0.11 10,156 Swedish Match 278 0.10 15,804 Alfa-Laval 276 0.10 16,851 Securitas 212 0.08 19,455 Tele2 176 0.06 22,425 Husqvarna 173 0.06 3,557 Millicom International Cellular 171 0.06 10,075 Lundin Petroleum 164 0.06 8,835 Industrivarden 161 0.06 10,774 Getinge 154 0.06 4,317 ICA Gruppen 131 0.05 2,044 Lundbergfoeretagen 122 0.04 10,774 Getinge (Rights 14/09/2017) 3 0.00
196 Fidelity Index Europe ex UK Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
17,020 6.14 Italy - (4.49%) 414,736 Enel 1,934 0.70 107,727 UniCredit 1,707 0.62 640,227 Intesa Sanpaolo 1,683 0.61 129,391 ENI 1,574 0.57 67,164 Assicurazioni Generali 932 0.34 57,564 Fiat Chrysler Automobiles (IT) 674 0.24 24,444 Atlantia 609 0.22 6,608 Ferrari (IT) 584 0.21 54,970 CNH Industrial (IT) 481 0.17 122,455 Snam 459 0.17 613,794 Telecom Italia 456 0.16 9,122 Luxottica Group 403 0.15 75,702 Terna 344 0.12 5,838 EXOR 289 0.10 21,782 Leonardo 286 0.10 11,081 Prysmian 270 0.10 25,417 Tenaris 262 0.09 30,541 Mediobanca 244 0.09 324,307 Telecom Italia Non Voting RISP 194 0.07 5,624 Recordati Ind Chimica 185 0.07 28,121 Poste Italiane 159 0.06 50,182 Intesa Sanpaolo (Preference) 123 0.04 53,198 UnipolSai 94 0.03 32,656 Saipem 91 0.03 2,977 Gruppo Editoriale L'Espresso 2 0.00 14,039 5.06 Denmark - (3.71%) 97,483 Novo-Nordisk (B) 3,578 1.29 39,708 Danske Bank 1,197 0.43 11,924 Vestas Wind Systems 828 0.30 352 AP Moller Maersk (B) 561 0.20 10,225 de Sammensluttede Vognmaend 559 0.20 3,085 Genmab 555 0.20 5,757 Carlsberg (B) 512 0.18 5,985 Pandora 486 0.18 12,413 Novozymes 485 0.17 6,394 Coloplast (B) 404 0.15 5,322 Chr Hansen Holding 354 0.13 7,917 DONG Energy 319 0.12 202 AP Moller Maersk (A) 307 0.11 8,993 ISS Holdings 271 0.10 43,691 TDC 199 0.07 3,723 H Lundbeck 182 0.07 6,445 William Demant Holding 132 0.05 6,082 Tryg 109 0.04 11,038 3.98 Ireland - (2.97%) 674 Fidelity Institutional Euro Fund Class A-Acc 8,682 3.13 8,523 Kerry Group (A) 607 0.22
197 Fidelity Index Europe ex UK Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
49,348 Bank Ireland Group 316 0.11 4,296 Paddy Power Betfair (IE) 290 0.10 8,528 Ryanair Holdings 139 0.05 10,034 3.62 Belgium - (2.50%) 38,813 Anheuser-Busch InBev 3,574 1.29 13,501 KBC Groep 863 0.31 3,988 Solvay (A) 449 0.16 10,489 Ageas 376 0.14 6,804 UCB 362 0.13 4,339 Global (Groupe Bruxelles Lamb) 342 0.12 5,123 Umicore 295 0.11 8,185 Proximus 223 0.08 2,838 Telenet Group Holding 148 0.05 3,225 Colruyt 138 0.05 6,770 2.44 Finland - (2.11%) 296,843 Nokia (FN) 1,430 0.52 24,062 Sampo 986 0.36 18,164 Kone 760 0.27 28,733 UPM Kymmene 578 0.21 7,962 Wartsila 426 0.15 23,896 Fortum 334 0.12 29,663 Stora Enso 304 0.11 7,650 Elisa (A) 257 0.09 6,899 Neste 234 0.08 6,219 Nokian Tyres 204 0.07 5,552 Orion 202 0.07 6,072 Metso 156 0.06 5,871 2.12 Norway - (1.48%) 61,127 Statoil 882 0.32 52,597 DNB 791 0.29 40,402 Telenor 625 0.23 72,360 Norsk Hydro 402 0.14 43,855 Orkla 344 0.12 20,689 Marine Harvest 316 0.11 9,559 Yara International 295 0.11 10,764 Gjensidige Forsikring 147 0.05 4,824 Schibsted (B) 82 0.03 4,044 Schibsted (A) 75 0.03 3,959 1.43 Austria - (0.45%) 16,189 Erste Group Bank 531 0.19 7,925 OMV 349 0.13 6,108 Voestalpine 244 0.09 7,965 Raiffeisen Bank International 200 0.07 3,914 ANDRITZ 164 0.06 1,488 0.54
198 Fidelity Index Europe ex UK Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
United Kingdom - (0.00%) 42,341 CRH 1,144 0.41 1,144 0.41 Portugal - (0.33%) 127,940 Energias de Portugal 379 0.14 26,980 Galp Energia 345 0.12 13,548 Jeronimo Martins 208 0.07 13,570 Banco Espirito Santo 0 0.00 932 0.34 Futures - ((0.01)%) 3,550 EURO STOXX 50 Commodity Future 15/09/2017 (116) (0.04) (116) (0.04) Portfolio of investments 274,208 98.89 Cash and other net assets/(liabilities) 3,132 1.11 Net assets 277,340 100.00
The figures in brackets represent the sector distributions at 28 February 2017. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes.
199 Fidelity Index Japan Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Industrials - (20.06%) 15,300 FANUC 2,293 1.13 119,600 Mitsubishi 2,135 1.05 26,300 East Japan Railway 1,860 0.91 153,000 Mitsubishi Electric 1,748 0.86 18,900 Nidec 1,653 0.81 135,600 Mitsui 1,565 0.77 19,800 Daikin Industries 1,528 0.75 73,100 Komatsu 1,527 0.75 119,000 ITOCHU 1,500 0.74 11,400 Central Japan Railway 1,490 0.73 87,400 Recruit Holdings 1,344 0.66 4,500 SMC 1,191 0.59 83,700 Kubota 1,119 0.55 94,900 Sumitomo 1,037 0.51 16,800 Secom 963 0.47 254,000 Mitsubishi Heavy Industries 750 0.37 13,200 West Japan Railway 740 0.36 318,000 Toshiba 683 0.34 128,000 Marubeni 642 0.32 80,000 Taisei 619 0.30 18,700 Hankyu Hanshin Holdings 550 0.27 17,400 Makita 539 0.26 70,000 Kajima 495 0.24 16,100 Asahi Glass 484 0.24 41,000 Tokyu 460 0.23 50,400 Obayashi 458 0.23 27,100 Yamato Holdings 446 0.22 21,300 MISUMI Group 422 0.21 20,500 LIXIL Group 415 0.20 141,000 Kintetsu Group Holdings 410 0.20 16,600 Toyota Tsusho 395 0.19 42,000 Dai Nippon Printing Japan 382 0.19 29,600 Minebea Mitsumi 375 0.18 23,000 Odakyu Electric Railway 344 0.17 43,100 Shimizu 343 0.17 64,000 Nippon Express 341 0.17 43,000 Toppan Printing 332 0.16 11,100 TOTO 326 0.16 76,000 Tobu Railway 324 0.16 120,000 IHI 306 0.15 12,400 Kyushu Railway Company 299 0.15 20,600 NGK Insulators 297 0.15 36,000 Keikyu 295 0.14 45,000 Keio 289 0.14 119,000 Kawasaki Heavy Industries 282 0.14 4,200 Hoshizaki 282 0.14 30,000 NSK 275 0.14 47,000 Sumitomo Heavy Industries 270 0.13 91,000 ANA Holdings 260 0.13 75,000 Nagoya Railroad 259 0.13 9,700 Japan Airlines 257 0.13
200 Fidelity Index Japan Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
9,800 THK 252 0.12 9,100 Nabtesco 245 0.12 11,300 Keisei Electric Railway 238 0.12 27,800 Amada Holdings 235 0.12 93,000 Mitsui OSK Lines 230 0.11 16,700 JGC 207 0.10 15,400 Seibu Holdings 204 0.10 133,000 Nippon Yusen Kk 203 0.10 46,000 Fuji Electric 195 0.10 5,700 Sohgo Security Services 192 0.09 8,800 Hitachi Const Mach 192 0.09 18,300 JTKET 189 0.09 40,000 Keihan Holdings 186 0.09 8,400 Kurita Water Industries 186 0.09 19,000 Hino Motors 168 0.08 8,100 Park24 150 0.07 17,000 Kamigumi 145 0.07 3,600 Mabuchi Motor 131 0.06 3,400 Japan Airport Terminal 95 0.05 41,242 20.27 Consumer Discretionary - (19.84%) 206,100 Toyota Motor 8,946 4.40 99,900 Sony 3,041 1.49 136,200 Honda Motor 2,945 1.45 175,100 Panasonic 1,801 0.89 51,600 Bridgestone 1,710 0.84 37,800 Denso 1,416 0.70 184,300 Nissan Motor 1,414 0.69 48,700 Subaru 1,319 0.65 27,300 Suzuki Motor 1,058 0.52 17,400 Oriental Land 1,009 0.50 4,200 Fast Retailing 927 0.46 6,300 Nitori Holdings 751 0.37 60,300 Sumitomo Electric Industries 729 0.36 74,000 Rakuten 678 0.33 47,000 Sekisui House 628 0.31 5,900 Shimano 615 0.30 16,800 Dentsu 542 0.27 13,700 Aisin Seiki 531 0.26 12,600 Toyota Industries 518 0.25 44,300 Mazda Motor 503 0.25 21,700 Yamaha Motor 473 0.23 31,800 Sekisui Chemical 457 0.22 42,700 Isuzu Motors 431 0.21 8,800 Koito Manufacturing 423 0.21 1,900 Ryohin Keikaku 406 0.20 15,600 Bandai Namco Holdings 404 0.20 15,000 Start Today 360 0.18 12,900 Yamaha 346 0.17 26,400 Nikon 336 0.17 51,900 Mitsubishi Motors 296 0.15 11,000 Stanley Electric 282 0.14
201 Fidelity Index Japan Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
9,600 Don Quijote Holdings 281 0.14 17,600 USS 267 0.13 115,000 Sharp 266 0.13 9,200 Toho 264 0.13 27,000 Isetan Mitsukoshi Holdings 214 0.11 51,100 Yamada Denki 213 0.10 19,600 J Front Retailing 211 0.10 13,700 NGK Spark Plug 202 0.10 19,100 Hakuhodo DY Holdings 200 0.10 15,100 Sumitomo Rubber Industries 193 0.09 2,800 Rinnai 188 0.09 1,800 Shimamura 169 0.08 4,900 McDonalds Holdings (Japan) 168 0.08 14,600 Marui Group 158 0.08 5,300 Benesse Holdings 157 0.08 14,300 Casio Computer 156 0.08 22,000 Takashimaya 156 0.08 1,600 Hikari Tsushin 153 0.08 13,000 Asics 151 0.07 10,800 Iida Group Holdings 142 0.07 12,700 Sega Sammy Holdings 141 0.07 8,700 Yokohama Rubber 124 0.06 7,000 NOK 122 0.06 2,400 ABC-Mart 95 0.05 4,800 Toyoda Gosei 86 0.04 3,300 Sankyo Gunma 83 0.04 39,855 19.58 Information Technology - (10.66%) 7,700 Keyence 3,095 1.52 9,000 Nintendo 2,315 1.14 84,600 Canon 2,288 1.12 383,000 Hitachi 2,035 1.00 15,200 Murata Manufacturing 1,796 0.88 12,500 Tokyo Electron 1,356 0.67 25,600 Kyocera 1,186 0.58 32,900 Fujifilm Holdings 998 0.49 157,000 Fujitsu 898 0.44 14,900 Omron 577 0.28 10,000 TDK 517 0.25 19,700 Yaskawa Electric 460 0.23 7,300 Rohm 438 0.22 21,700 Seiko Epson 430 0.21 55,000 Ricoh 424 0.21 201,000 NEC 411 0.20 49,000 NTT Data 408 0.20 109,900 Yahoo Japan 389 0.19 18,200 Brother Industries 333 0.16 9,200 Trend Micro 328 0.16 15,400 Alps Electric 326 0.16 10,262 Nomura Research Institute 308 0.15 16,000 Nexon 308 0.15 2,200 Disco 304 0.15
202 Fidelity Index Japan Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
7,200 Konami Holdings 289 0.14 12,000 Hamamatsu Photonics 286 0.14 19,600 Shimadzu 278 0.14 2,550 Hirose Electric 272 0.13 5,300 Obic 256 0.13 38,500 Konica Minolta 237 0.12 18,500 Yokogawa Electric 222 0.11 4,300 Otsuka 219 0.11 6,900 Nippon Electric Glass 203 0.10 2,800 Oracle Japan 160 0.08 5,100 Hitachi High Technologies 140 0.07 3,300 Mixi 135 0.07 7,800 DeNA 129 0.06 10,400 Kakaku.com 100 0.05 3,200 Line 87 0.04 24,941 12.26 Financials - (13.91%) 952,400 Mitsubishi UFJ Finance Group 4,507 2.21 106,500 Sumitomo Mitsui Financial Group 3,076 1.51 1,913,400 Mizuho Financial Group 2,539 1.25 54,000 Tokio Marine Holdings 1,664 0.82 105,500 ORIX 1,303 0.64 289,300 Nomura Holdings 1,244 0.61 85,500 Dai-ichi Life Holdings 1,062 0.52 37,700 MS&AD Insurance Group Holdings 960 0.47 28,100 Sompo Holdings 815 0.40 25,800 Sumitomo Mitsui Trust Holdings 689 0.34 176,300 Resona Holdings 679 0.33 130,000 Daiwa Securities Group 549 0.27 40,400 Japan Exchange Group 531 0.26 42,100 T&D Holdings 446 0.22 96,300 Concordia Financial Group 355 0.17 34,700 Japan Post Holdings 333 0.16 31,900 Japan Post Bank 313 0.15 55,000 Chiba Bank 284 0.14 96,000 Aozora Bank 280 0.14 41,000 Shizuoka Bank 276 0.14 13,900 Suruga Bank 229 0.11 81,920 Mebuki Financial Group 224 0.11 63,000 Fukuoka Financial Group 214 0.11 14,600 Credit Saison 204 0.10 25,000 Bank of Kyoto 178 0.09 14,800 SBI Holdings Japan 159 0.08 12,800 Sony Financial Holdings 157 0.08 121,000 Shinsei Bank 149 0.07 30,000 Hachijuni Bank 141 0.07 8,300 Aeon Financial Service 136 0.07 15,000 Yamaguchi Financial Group 131 0.06 32,900 Mitsubishi UFJ Lease & Finance 128 0.06 43,700 Seven Bank 128 0.06 11,800 Chugoku Bank 123 0.06 25,500 Kyushu Financial Group 120 0.06
203 Fidelity Index Japan Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
37,000 Hiroshima Bank 115 0.06 29,300 Acom 93 0.05 24,534 12.06 Consumer Staples - (7.26%) 86,900 Japan Tobacco 2,295 1.13 39,200 Kao 1,888 0.93 59,700 Seven & I Holdings 1,830 0.90 68,800 Kirin Holdings 1,205 0.59 30,700 Asahi Group Holdings 1,032 0.51 30,100 Shiseido 963 0.47 43,200 Ajinomoto 658 0.32 9,500 MEIJI Holdings 584 0.29 32,100 Unicharm 583 0.29 47,600 Aeon 542 0.27 10,800 Suntory Beverage & Food 384 0.19 6,800 Yakult Honsha 363 0.18 14,000 NH Foods 317 0.16 11,600 Kikkoman 281 0.14 3,000 Tsuruha Holdings 276 0.14 6,400 FamilyMart 268 0.13 17,300 Lion 265 0.13 10,000 Coca Cola Bottlers Japan 265 0.13 2,500 Kose 242 0.12 4,900 Nissin Food Holdings 233 0.11 16,370 Nisshin Seifun Group 219 0.11 4,100 Lawson 212 0.10 7,300 Toyo Suisan Kaisha 208 0.10 6,600 Calbee 174 0.09 5,400 Sundrug 173 0.09 6,700 Pola Orbis Holdings 166 0.08 9,700 Yamazaki Baking 142 0.07 15,768 7.75 Health Care - (7.32%) 56,300 Takeda Pharmaceutical 2,401 1.18 170,500 Astellas Pharma 1,655 0.81 30,900 Hoya 1,365 0.67 31,000 Otsuka Holdings 964 0.47 23,600 Shionogi 960 0.47 21,500 Eisai 859 0.42 45,400 Daiichi Sankyo Kabushik Kaisha 828 0.41 25,800 Terumo 769 0.38 23,200 Olympus 617 0.30 12,100 Sysmex 576 0.28 17,800 Chugai Pharmaceutical 558 0.27 32,000 Ono Pharmaceutical 504 0.25 28,600 Santen Pharmaceutical 342 0.17 17,500 Mitsubishi Tanabe Pharma 331 0.16 16,400 M3 329 0.16 20,200 Kyowa Hakko Kirin 274 0.13 15,600 Alfresa Holdings 227 0.11 14,100 Medipal Holdings 192 0.09 5,000 Hisamitsu Pharmaceuticals 185 0.09 204 Fidelity Index Japan Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
5,320 Suzuken 149 0.07 4,200 Miraca Holdings 147 0.07 2,300 Taisho Pharmaceutical Holding 138 0.07 11,700 Sumitomo Dainippon Pharmaceuticals 123 0.06 7,100 CYBERDYNE 72 0.04 14,565 7.16 Materials - (6.33%) 30,800 Shin-Etsu Chemical 2,103 1.03 60,200 Nippon Steel & Sumitomo Metal 1,109 0.54 101,000 Asahi Kasei 933 0.46 13,100 Nitto Denko 892 0.44 117,300 Toray Industries 862 0.42 113,900 Mitsubishi Chemical Holdings 817 0.40 40,600 JFE Holdings 619 0.30 122,000 Sumitomo Chemical 564 0.28 39,000 Sumitomo Metal Mining 519 0.26 45,000 Tosoh 407 0.20 27,400 Kuraray 401 0.20 12,600 Nippon Paint Holdings 332 0.16 72,000 Mitsui Chemicals 332 0.16 15,900 Kansai Paint Osaka 311 0.15 94,000 Taiheiyo Cement 280 0.14 67,000 Oji Holdings 271 0.13 14,100 Mitsubishi Gas Chemical 270 0.13 9,000 Mitsubishi Materials 249 0.12 9,600 Nissan Chemical Industries 248 0.12 15,400 Teijin 241 0.12 15,600 JSR 235 0.12 24,900 Kobe Steel 231 0.11 22,600 Daicel 222 0.11 17,300 Hitachi Metals 178 0.09 12,400 Air Water (Osaka) 176 0.09 7,700 Hitachi Chemical 161 0.08 12,000 Toyo Seikan Group Holdings 153 0.08 21,000 Kaneka 126 0.06 4,100 Maruichi Steel Tube 94 0.05 9,500 Taiyo Nippon Sanso Tokyo 86 0.04 13,422 6.60 Telecommunication Services - (5.50%) 65,200 SoftBank Group 4,084 2.01 145,000 KDDI 3,020 1.48 54,700 Nippon Telegraph & Telephone 2,099 1.03 109,600 NTT Docomo 1,963 0.96 11,166 5.49 Real Estate - (4.25%) 99,300 Mitsubishi Estate 1,320 0.65 46,600 Daiwa House Industry 1,258 0.62 70,900 Mitsui Fudosan 1,183 0.58 5,600 Daito Trust Construction 766 0.38 28,000 Sumitomo Realty & Development 654 0.32 105 Nippon Building Fund 431 0.21
205 Fidelity Index Japan Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
107 Japan Real Estate Investment 427 0.21 295 Nomura Real Estate Master Fund 301 0.15 201 Japan Retail Fund Investment 285 0.14 241 United Urban Investment 281 0.14 118 Daiwa House (REIT) Investment 222 0.11 76 Japan Prime Realty Investment 211 0.10 37,600 Tokyu Fudosan Holdings 173 0.09 21,900 Hulic 167 0.08 9,200 Nomura Real Estate Holding 147 0.07 15,100 Tokyo Tatemono 143 0.07 8,300 Aeon Mall 115 0.06 64 Nippon Prologis 107 0.05 8,191 4.03 Utilities - (1.89%) 156,000 Tokyo Gas 639 0.31 55,900 Kansai Electric Power 604 0.30 49,900 Chubu Electric Power 503 0.25 145,000 Osaka Gas 438 0.22 35,000 Tohoku Electric Power 369 0.18 112,300 Tokyo Electric Power Holdings 351 0.17 32,900 Kyushu Electric Power 298 0.15 11,900 Electric Power Develop 251 0.12 23,100 Chugoku Electric Power Inc(The) 205 0.10 28,000 Toho Gas 143 0.07 3,801 1.87 Energy - (0.89%) 245,000 Jxtg Holdings 916 0.45 73,900 Inpex 545 0.27 10,900 Idemitsu Kosan 205 0.10 13,800 Showa Shell Sekiyu KK 117 0.06 1,783 0.88 Futures - (0.00%) 30,500 Yen Denominated NIKKEI Commodity Future 07/09/2017 (13) (0.01) (13) (0.01) Portfolio of investments 199,255 97.94 Cash and other net assets/(liabilities) 4,243 2.06 Net assets 203,498 100.00
The figures in brackets represent the sector distributions at 28 February 2017. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes.
206 Fidelity Index Pacific ex Japan Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Australia - (57.38%) 174,292 Commonwealth Bank Australia 8,093 5.83 338,102 Westpac Banking 6,479 4.67 323,223 BHP Billiton 5,422 3.91 295,747 ANZ Bank 5,323 3.83 269,471 National Australia Bank 4,985 3.59 45,653 CSL 3,595 2.59 114,063 Wesfarmers 2,978 2.14 130,158 Woolworths 2,068 1.49 42,593 Rio Tinto 1,771 1.28 32,455 Macquarie Group 1,725 1.24 206,057 Transurban Group 1,535 1.11 76,198 Woodside Petroleum 1,346 0.97 535,608 Scentre Management Trustee Scentre Group Trust 1,264 0.91 116,037 Amcor 1,146 0.83 77,091 Newcrest Mining 1,079 0.78 129,922 Suncorp Group 1,036 0.75 66,248 AGL Energy 973 0.70 528,903 South32 943 0.68 237,558 Insurance Australia Group 932 0.67 179,798 Goodman Group 913 0.66 293,021 AMP 912 0.66 159,715 Brambles 911 0.66 198,289 Westfield 903 0.65 395,579 Telstra 887 0.64 137,931 QBE Insurance Group 882 0.64 176,345 Origin Energy 826 0.59 54,108 Aristocrat Leisure 702 0.51 241,559 Stockland 654 0.47 73,743 Treasury Wine Estates 652 0.47 19,152 ASX 642 0.46 205,644 Aurizon Holdings 624 0.45 111,748 APA Group 606 0.44 101,558 Dexus Property Group 594 0.43 14,163 Ramsay Healthcare 593 0.43 155,717 Fortescue Metals Group 573 0.41 137,504 Oil Search 565 0.41 55,275 Lendlease Group 561 0.40 178,822 GPT Group 547 0.39 5,696 Cochlear 545 0.39 336,570 Vicinity Centers 540 0.39 25,992 Caltex Australia 532 0.38 39,517 Sonic Healthcare 530 0.38 369,389 Mirvac Group 523 0.38 275,487 Medibank Pvt 513 0.37 106,576 Sydney Airport 483 0.35 44,004 James Hardie Industries 477 0.34 116,298 Boral 475 0.34 37,531 Orica 467 0.34 57,015 Challenger 437 0.31 187,731 Santos 431 0.31 45,955 Computershare 395 0.28
207 Fidelity Index Pacific ex Japan Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
56,547 BlueScope Steel 377 0.27 47,667 Bendigo & Adelaide Bank 349 0.25 168,151 Incitec Pivot 343 0.25 32,881 SEEK 337 0.24 131,244 Tatts Group 331 0.24 243,722 Alumina 317 0.23 38,621 Bank of Queensland 298 0.21 57,274 Coca Cola Amatil 283 0.20 39,536 Crown Resorts 281 0.20 9,632 CIMIC Group 248 0.18 5,202 REA Group 211 0.15 80,895 Tabcorp Holding 204 0.15 177,416 AusNet Services 189 0.14 170,758 Healthscope 182 0.13 6,178 Dominos Pizza Enterprises 163 0.12 5,516 Flight Centre Travel Group 163 0.12 41,105 Qantas Airways 144 0.10 54,564 Harvey Norman Holdings 136 0.10 36,703 TPG Telecom 123 0.09 77,267 55.66 Hong Kong - (26.37%) 1,253,800 AIA Group 7,466 5.38 280,088 CK Hutchison Holdings 2,840 2.05 120,599 Hong Kong Exchanges and Clearing 2,554 1.84 150,113 Sun Hung Kai Properties 1,944 1.40 272,588 Cheung Kong Property Holdings 1,857 1.34 384,000 BOC Hong Kong Holdings 1,517 1.09 229,500 Link Real Estate Investment Trust 1,471 1.06 79,400 Hang Seng Bank 1,415 1.02 171,000 CLP Holdings 1,399 1.01 875,696 Hong Kong & China Gas 1,284 0.92 244,000 Galaxy Entertainment Group 1,188 0.86 144,000 Power Assets Holdings 983 0.71 126,000 Wharf Holdings 931 0.67 251,200 Sands China 874 0.63 23,000 Jardine Strategic Holdings 783 0.56 122,165 Hongkong Land 702 0.51 153,663 Motor 695 0.50 835,000 WH Group 674 0.49 610,179 New World Development 647 0.47 125,087 Henderson Land Development 602 0.43 142,000 Techtronic Industries 569 0.41 85,000 Wheelock 492 0.35 69,000 Cheung Kong Infrastructure Holdings 485 0.35 126,155 Bank of East Asia 448 0.32 325,407 Sino Land 437 0.31 51,500 Swire Pacific (A) 407 0.29 209,000 Hang Lung Properties 395 0.28 390,600 HKT Trust & HKT 391 0.28
208 Fidelity Index Pacific ex Japan Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
121,400 Swire Properties 326 0.23 161,600 Wynn Macau 275 0.20 91,000 Hang Lung Development 266 0.19 27,400 ASM Pacific Technology 262 0.19 76,500 Yue Yuen Industrial Holdings 255 0.18 160,142 NWS Holdings 239 0.17 64,000 Hysan Development 230 0.17 610,000 Li & Fung 212 0.15 68,000 Kerry Properties 209 0.15 280,000 HK Electric Investments Trust & HK Electric Investments 200 0.14 438,068 PCCW 190 0.14 128,000 Shangri La Asia 165 0.12 98,800 MGM China Holdings 154 0.11 206,000 SJM Holdings 140 0.10 222,000 First Pacific 139 0.10 99,734 I-CABLE Communications 3 0.00 38,715 27.88 Singapore - (11.42%) 185,326 DBS Group Holdings 2,183 1.57 326,652 Oversea-Chinese Banking 2,084 1.50 136,821 United Overseas Bank 1,878 1.35 849,200 Singapore Telecommunications 1,795 1.29 22,526 Jardine Matheson Holdings 1,149 0.83 266,300 CapitaLand 575 0.41 150,800 Keppel 544 0.39 276,700 Global Logistic Properties 512 0.37 626,200 Genting Singapore 424 0.31 256,900 Ascendas (REIT) 390 0.28 82,900 Singapore Exchange 354 0.25 161,500 Singapore Technologies Engineering 336 0.24 56,200 Singapore Airlines 331 0.24 257,400 CapitaLand Mall Trust 318 0.23 166,000 Wilmar International 314 0.23 223,200 ComfortDelGro 292 0.21 42,400 City Developments 283 0.20 260,000 Suntec (REIT) 281 0.20 163,400 Singapore Press Holdings 257 0.19 49,940 UOL Group 232 0.17 10,177 Jardine Cycle & Carriage 232 0.17 214,700 CapitaLand Commercial Trust 213 0.15 237,900 Yangzijiang Shipbuilding Holdings 202 0.15 69,400 SATS 191 0.14 542,841 Hutchison Port Holdings Trust 190 0.14 101,600 Sembcorp Industries 173 0.12 734,800 Golden Agri-Resources 164 0.12 60,600 StarHub 90 0.06 15,987 11.51
209 Fidelity Index Pacific ex Japan Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
New Zealand - (1.43%) 187,865 Spark New Zealand 407 0.29 98,348 Auckland International Airport 371 0.27 71,093 Fletcher Building 322 0.23 73,313 Contact Energy 226 0.16 131,233 Meridian Energy 213 0.15 40,833 Ryman Healthcare Group 206 0.15 72,341 Mercury NZ 137 0.10 1,882 1.36 China - (0.19%) 25,463 Melco Resorts And Entertainment (ADR) 418 0.30 418 0.30 Futures - ((0.02)%) 1,325 ASX SPI 200 Index Futures 21/09/2017 2 0.00 2 0.00 Portfolio of investments 134,271 96.71 Cash and other net assets/(liabilities) 4,567 3.29 Net assets 138,838 100.00
The figures in brackets represent the sector distributions at 28 February 2017. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes.
210 Fidelity Index UK Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Financials - (25.63%) 19,822,210 HSBC Holdings 149,260 6.16 2,684 Fidelity Institutional Sterling Fund Class A-Acc 55,537 2.29 2,524,406 Prudential 45,880 1.89 69,800,539 Lloyds Banking Group 44,253 1.83 16,576,859 Barclays 31,644 1.31 3,955,650 Aviva 20,746 0.86 2,629,065 Standard Chartered 20,377 0.84 5,755,276 Legal & General Group 15,004 0.62 303,848 London Stock Exchange 11,990 0.50 2,665,710 Standard Life Aberdeen PLC 11,511 0.48 4,690,711 Old Mutual 9,691 0.40 925,714 3i Group 8,915 0.37 3,161,216 RBS Group 7,865 0.32 752,096 Land Securities Group 7,559 0.31 986,694 RSA Insurance Group 6,611 0.27 995,001 British Land 6,050 0.25 504,458 St James Place 5,857 0.24 1,230,895 Scottish Mortgage Investment Trust 5,331 0.22 994,807 Segro 5,317 0.22 1,336,132 Direct Line Insurance Group 5,083 0.21 763,014 Hammerson 4,254 0.18 527,386 Alliance Trust 3,802 0.16 195,084 Admiral Group 3,767 0.16 629,530 Investec 3,695 0.15 109,517 Schroders 3,684 0.15 284,095 Hiscox 3,645 0.15 546,995 Foreign & Colonial Investment Trust 3,364 0.14 236,871 Hargreaves Lansdown 3,278 0.14 388,292 Phoenix Group Holdings 3,031 0.13 558,513 TP ICAP 2,792 0.12 100,508 Derwent London 2,773 0.11 525,323 Beazley 2,687 0.11 1,612,292 Man Group 2,684 0.11 265,162 Shaftesbury 2,642 0.11 74,803 Metro Bank 2,595 0.11 292,185 Intermediate Capital Group 2,580 0.11 240,000 Pershing Sqre Holdings (Ln) 2,518 0.10 877,417 CYBG 2,514 0.10 368,372 IG Group Holdings 2,378 0.10 152,538 Close Brothers Group 2,343 0.10 119,430 RIT Capital Partners Fund 2,321 0.10 423,799 Jupiter Fund Management 2,255 0.09 293,084 Templeton Emerging Markets Investment Trust 2,233 0.09 854,144 Intu Properties 2,112 0.09 317,668 Nex Group 2,112 0.09 195,540 Witan Investment Trust 2,026 0.08 739,286 Capital & Counties Property 1,985 0.08 98,915 Mercantile Investment Trust 1,969 0.08 326,647 Great Portland Estates 1,960 0.08 1,320,361 Tritax Big Box (REIT) 1,880 0.08 247,363 Monks Investment Trust 1,760 0.07
211 Fidelity Index UK Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
227,451 UNITE Group 1,575 0.07 120,635 Murray International Trust 1,559 0.06 53,550 Rathbone Brothers 1,491 0.06 207,403 Edinburgh Investment Trust 1,469 0.06 137,990 Polar Capital Technology Trust 1,445 0.06 124,684 Jardine Lloyd Thompson Group 1,443 0.06 391,860 Ashmore Group 1,437 0.06 863,224 HICL Infrastructure Fund 1,404 0.06 199,180 Lancashire Holdings 1,376 0.06 315,620 City of London Investment Trust 1,346 0.06 595,028 Fidelity China Special Situations 1,338 0.06 116,463 Kennedy Wilson Europe Real Estate 1,301 0.05 143,832 Provident Financial 1,248 0.05 337,696 TR Property Investment Trust - Ordinary Shares 1,242 0.05 96,662 Aberforth Smaller Companies Trust 1,240 0.05 35,634 BGEO Group 1,233 0.05 1,299,519 NB Global Floating Rate Income Fund 1,229 0.05 46,852 Worldwide Healthcare Trust 1,200 0.05 150,305 Big Yellow Group 1,188 0.05 137,889 JPMorgan Emerging Markets Investment Trust 1,182 0.05 728,137 International Public Partnerships 1,178 0.05 710,310 Londonmetric Properity 1,173 0.05 132,642 Savills 1,168 0.05 164,724 British Empire Trust 1,161 0.05 139,874 Bankers Investment Trust 1,160 0.05 279,424 Paragon Group of Companies 1,136 0.05 441,631 Grainger 1,134 0.05 288,466 JPMorgan American Investment Trust 1,116 0.05 528,276 Highbridge Multi Strategy Fund 1,115 0.05 365,745 John Laing Group 1,079 0.04 800,970 Hansteen Holdings 1,060 0.04 278,772 Perpetual Income & Growth Investment Trust 1,058 0.04 973,674 Renewables Infrastructure Group 1,055 0.04 81,653 Temple Bar Investment Trust 1,049 0.04 119,768 Workspace Group 1,047 0.04 292,824 Brewin Dolphin Holding 1,034 0.04 445,198 Fidelity European Values 992 0.04 309,526 Hastings Group Holdings 990 0.04 141,684 Genesis Emerging Markets Fund 988 0.04 119,612 Scottish Investment Trust 987 0.04 35,002 Caledonia Investments Fund 971 0.04 76,000 HarbourVest Global Private Equity (UK) 947 0.04 476,932 3i Infrastructure Fund 933 0.04 85,141 Herald Investment Trust 903 0.04 216,933 Safestore Holdings 895 0.04 118,235 Finsbury Growth & Income Trust 889 0.04 581,813 Just Group 888 0.04 2,044 Personal Assets Trust 837 0.03 109,167 JPMorgan Indian Investment Trust 814 0.03 233,440 Newriver (REIT) 810 0.03 292,092 esure Group 794 0.03 694,153 Empiric Student Property 781 0.03
212 Fidelity Index UK Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
45,199 HgCapital Trust 768 0.03 508,030 F&C Commercial Property Trust 762 0.03 174,312 Schroder AsiaPacific Fund 760 0.03 111,075 Jupiter European Opportunities Trust 760 0.03 633,347 Primary Health Properties 754 0.03 210,075 Edinburgh Dragon Trust 752 0.03 655,917 IP Group 744 0.03 280,733 Virgin Money Holdings UK 743 0.03 306,745 Fidelity Special Values 743 0.03 64,427 TR European Growth Trust 741 0.03 122,415 Law Debenture Fund 737 0.03 157,316 Arrow Global Group 727 0.03 40,400 Pantheon International Participations 724 0.03 90,336 Henderson Smaller Companies Investment Trust 719 0.03 186,925 JPMorgan European Smaller Companies Trust 711 0.03 180,643 BlackRock World Mining Trust 700 0.03 88,904 Murray Income Trust 695 0.03 757,228 UK Commercial Property Trust 685 0.03 80,871 P2P Global Investments 684 0.03 223,604 VinaCapital Vietnam Opportunity Fund 676 0.03 54,520 BlackRock Smaller Companies Trust 671 0.03 33,832 BH Macro GBP 669 0.03 186,222 St Modwen Properties 654 0.03 466,897 John Laing Infrastructure Fund 641 0.03 160,168 OneSavings Bank 629 0.03 125,827 Merchants Trust 607 0.03 161,116 JPMorgan Japanese Investment Trust 604 0.02 47,530 Riverstone Energy 603 0.02 234,560 Impax Environmental Markets 562 0.02 142,012 Chesnara 554 0.02 74,956 ICG Graphite Enterprise Trust 554 0.02 1,385,338 Redefine International 544 0.02 31,838 Electra Private Equity 530 0.02 49,382 Aberdeen Asian Smaller Companies Investment Trust 524 0.02 233,404 Aldermore Group 520 0.02 569,497 Standard Life Property Income Trust 511 0.02 61,968 Biotech Growth Trust 506 0.02 158,285 JPMorgan Global Growth & Income 502 0.02 70,294 Baillie Gifford Japan Trust 496 0.02 213,263 Utilico Emerging Markets 482 0.02 30,478 Tbc Bank Group 477 0.02 39,463 North American Income Trust 470 0.02 31,007 Lowland Investment 467 0.02 64,865 Novae Group 460 0.02 205,340 Aberdeen Asian Income Fund 454 0.02 227,912 International Personal Finance 450 0.02 33,904 F&C Global Smaller Companies 447 0.02 48,418 European Investment Trust 447 0.02 33,454 BH Global GBP 446 0.02 121,159 Scottish American Investment Fund 442 0.02 520,473 Picton Property Income 440 0.02 41,181 JPMorgan Mid Cap Investment Trust 437 0.02
213 Fidelity Index UK Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
168,348 Dunedin Income Growth Investment Trust 434 0.02 184,007 Ruffer Investment 427 0.02 357,882 Aberdeen Diversified Income & Growth Trust 422 0.02 162,179 Schroder Oriental Income Fund S2 418 0.02 38,882 Scottish Oriental Smaller Companies Trust 413 0.02 62,935 Edinburgh Worldwide Investment Trust 406 0.02 40,000 Neuberger Berman Private Equity Partners 402 0.02 403,391 Woodford Patient Capital Trust 386 0.02 99,167 Henderson Far East Income 376 0.02 599,671 Schroder Real Estate Investment Trust 375 0.02 54,242 JPMorgan Claverhouse Investment Trust 370 0.02 288,184 JPMorgan Global Emerging Markets Income Trust 367 0.02 80,849 BlackRock Throgmorton Trust 358 0.01 81,176 Standard Life UK Smaller Co Trust 355 0.01 162,425 CLS Holdings 351 0.01 150,301 Aberdeen New Dawn Investment Trust 344 0.01 95,052 JPMorgan Asian Investment Trust 342 0.01 102,577 Helical Bar 338 0.01 230,828 GCP Student Living 338 0.01 101,219 Schroder Asian Total Return Investment 337 0.01 293,692 Civitas Social Housing 331 0.01 308,154 F&C UK Real Estate Investment 325 0.01 12,458 North Atlantic Smaller Companies Investment Trust 324 0.01 585,010 Capital & Regional 323 0.01 272,641 Target Healthcare (REIT) 323 0.01 81,701 Fidelity Asian Values 315 0.01 123,462 Pacific Assets Trust 312 0.01 22,389 Henderson European Focus Trust 310 0.01 155,287 Schroder Japan Growth Fund 310 0.01 178,368 Schroder UK Growth Fund 305 0.01 231,133 Polar Capital Global Financials Trust 303 0.01 64,475 Aberdeen New India Investment Trust 297 0.01 64,214 Standard Life Equity Income Trust 296 0.01 28,787 Allianz Technology Trust 296 0.01 4,860 Daejan Holdings 293 0.01 102,536 Invesco Asia Trust 292 0.01 88,403 BlackRock Greater Europe Investment Trust 287 0.01 59,467 JPMorgan Russian Securities 287 0.01 45,574 International Biotechnology Trust 278 0.01 16,144 Keystone Investment Trust 272 0.01 226,608 Allied Minds 270 0.01 81,458 Standard Life Prvt Eq Trust 270 0.01 93,298 Phoenix Spree Deutschland 267 0.01 127,486 Polar Capital Global Healthcare Growth & Income 266 0.01 228,499 NextEnergy Solar Fund 256 0.01 135,433 U & I Group 252 0.01 21,277 Henderson EuroTrust 251 0.01 81,923 JPMorgan European Investment Trust - Growth 249 0.01 281,573 Foxtons Group 246 0.01 241,763 JPMorgan Global Convertibles Income Fund 238 0.01 98,339 Martin Currie Portfolio Investment Trust 236 0.01 86,687 JPMorgan Chinese Investment Trust 234 0.01
214 Fidelity Index UK Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
49,124 Invesco Perpetual - UK Smaller Companies Investment Trust 233 0.01 212,114 Foresight Solar Fund 232 0.01 163,963 Countrywide 225 0.01 195,440 Custodian (REIT) 222 0.01 162,638 Ecofin Global Utilities & Infrastructure Trust 215 0.01 65,498 F&C Private Equity Trust 211 0.01 42,770 Liontrust Asset Management 209 0.01 40,488 Schroder UK Mid Cap Fund 206 0.01 25,382 Jupiter US Smaller Companies 206 0.01 119,210 Securities Trust of Scotland 200 0.01 85,017 LSL Property Services 198 0.01 193,296 Regional (REIT) 198 0.01 61,433 Witan Pacific Investment Trust 197 0.01 41,233 BlackRock Latin American Investment Trust 196 0.01 66,565 Invesco Income Growth Trust 196 0.01 66,861 Schroder Income Growth Fund 195 0.01 405,929 Raven Russia 193 0.01 64,870 Pacific Horizon Investment Trust 189 0.01 46,118 Martin Currie Asia Unconstrained Trust 180 0.01 30,287 Montanaro UK Smaller Companies Investment Trust 165 0.01 22,846 Brunner Investment Trust 164 0.01 147,808 Bluefield Solar Income Fund 163 0.01 21,147 Baring Emerging Europe 162 0.01 131,790 CVC Credit Partners European Opportunities 148 0.01 99,920 CMC Markets 145 0.01 47,895 Henderson Alternative Strategies Trust 141 0.01 90,127 Blackrock North American Income Trust 139 0.01 42,912 F&C Capital & Income Investment Trust 138 0.01 10,883 DW Catalyst Fund GBP 134 0.01 78,399 JPMorgan European Investment Trust - Income 130 0.01 66,956 Henderson High Income Trust 128 0.01 46,462 Value & Income Trust 127 0.01 31,416 Vietnam Enterprise Investment 123 0.01 33,526 JPMorgan Japan Smaller Companies Trust 121 0.00 20,000 Independent Investment Trust 120 0.00 98,454 Greencoat UK Wind Funds 120 0.00 149,860 VPC Specialty Lending Investments Fund 118 0.00 71,465 Macau Property Opportunities Fund 113 0.00 107,952 Diverse Income Trust 109 0.00 107,889 Middlefield Canadian Income PCC 109 0.00 120,254 MedicX Fund 107 0.00 64,249 SYNCONA 105 0.00 100,000 GCP Asset Backed Income Fund 105 0.00 97,449 Lxi (REIT) 101 0.00 13,577 Baillie Gifford Shin Nippon 101 0.00 59,340 Real Estate Credit Investments 100 0.00 29,551 BlackRock Emerging Europe Fund 99 0.00 84,723 Schroder European (REIT) 96 0.00 11,864 Montanaro Euro Smlr Cos Trust 95 0.00 92,382 Alcentra European Floating Rate Income Fund 94 0.00 61,599 BlackRock Frontiers Investment Trust 94 0.00 73,493 Fidelity Japanese Values 92 0.00
215 Fidelity Index UK Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
31,673 Artemis Alpha Trust 91 0.00 78,763 TwentyFour Income Fund 91 0.00 45,702 City Merchants High Yield Trust 91 0.00 56,342 Xafinity 90 0.00 8,420 JPMorgan Smaller Companies Investment Trust 81 0.00 22,556 EP Global Opportunities Trust 69 0.00 30,007 Strategic Equity Capital 66 0.00 53,018 GCP Infrastructure Investments 66 0.00 26,997 McKay Securities 62 0.00 20,018 Town Centre Securities 59 0.00 5,009 Fundsmith Emerging Equities Trust 58 0.00 60,132 Hansard Global 48 0.00 11,923 City of London Investments Group 47 0.00 55,626 Troy Income & Growth Trust 43 0.00 36,661 ICG-Longbow Senior Secured UK Property Debt Investments 37 0.00 4,570 Ranger Direct Lending Fund 35 0.00 55,178 CQS New City High Yield Fund 34 0.00 22,377 BBGI SICAV SA Fund 34 0.00 28,196 John Laing Environmental Assets Group 30 0.00 21,433 Starwood European Real Estate Finance 24 0.00 1,041 S & U 20 0.00 19,836 Henderson Diversified Incom e 19 0.00 15,286 TwentyFour Select Monthly Income Fund 15 0.00 42,652 Utilico Emerging Markets 15 0.00 19,358 BlackRock Commodities Income Investment Trust 14 0.00 4,168 Majedie Investments 11 0.00 40,659 Ef Realisation 11 0.00 1,083 Hansa Trust Ord 10 0.00 9,403 SQN Asset Finance Income Fund 9 0.00 8,374 Ediston Property Investment 9 0.00 204 Capital Gearing Trust Fund 8 0.00 7,062 Sequoia Economic Infrastructure Income Fund 8 0.00 1,940 Dunedin Smaller Companies Investment Trust 5 0.00 2,344 Henderson International Income Trust Fund 4 0.00 16,325 Fid Asian Values 4 0.00 23,068 Electric & General Investment Trust 0 0.00 12,933 Govett Strategic Investment Trust (Delstisted) 0 0.00 70,182 BlackRock New Energy Investment Trust 0 0.00 114,907 Deutsche X-trackers Harvest CSI 300 China A-Shares ETF 0 0.00 32,619 Dexion Equity Alternative 0 0.00 674,491 27.85 Consumer Goods - (15.12%) 2,209,651 British American Tobacco 106,030 4.38 2,418,691 Diageo 62,402 2.58 1,169,362 Unilever 52,610 2.17 607,835 Reckitt Benckiser Group 44,421 1.83 931,558 Imperial Brands 29,782 1.23 338,956 Associated British Foods 11,152 0.46 298,649 Persimmon 7,938 0.33 429,605 Burberry Group 7,686 0.32 3,150,831 Taylor Wimpey 6,283 0.26 969,406 Barratt Developments 6,049 0.25
216 Fidelity Index UK Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
1,659,566 GKN 5,259 0.22 188,206 Coca-Cola HBC 4,987 0.21 128,809 Berkeley Group Holdings 4,808 0.20 122,827 Bellway 3,943 0.16 467,285 Tate & Lyle 3,171 0.13 261,512 Britvic 1,972 0.08 51,979 Cranswick 1,552 0.06 711,631 Greencore Group 1,435 0.06 135,445 Bovis Homes Group 1,421 0.06 219,739 Redrow 1,350 0.06 248,582 Crest Nicholson 1,339 0.06 316,595 Countryside Properties 1,098 0.05 286,047 PZ Cussons 981 0.04 532,183 McCarthy & Stone 877 0.04 146,298 Dairy Crest Group 860 0.04 53,433 SuperGroup 849 0.04 29,548 Ted Baker 727 0.03 95,864 A.G.Barr 604 0.02 82,996 Headlam Group 523 0.02 207,170 Stock Spirits Group 483 0.02 55,600 Hilton Food Group 425 0.02 175,910 Devro 405 0.02 188,715 McBride 331 0.01 190,986 Photo-Me International 305 0.01 698,802 Premier Foods 281 0.01 115,870 Jimmy Choo 266 0.01 14,983 Games Workshop Group 243 0.01 39,292 MJ Gleeson 239 0.01 60,348 Carrs Group 86 0.00 34,544 Up Global Sourcing Holdings 72 0.00 6,828 Anglo Eastern Plantations 56 0.00 375,301 15.50 Oil & Gas - (11.73%) 4,515,126 Royal Dutch Shell (A) 95,676 3.95 19,133,362 BP 84,407 3.49 3,660,264 Royal Dutch Shell (B) 78,732 3.25 1,384,040 Tullow Oil 2,115 0.09 371,768 John Wood Group 2,069 0.09 388,330 Amec Foster Wheeler 1,610 0.07 261,398 Petrofac 1,055 0.04 575,592 Cairn Energy 970 0.04 136,420 Hunting 538 0.02 684,215 Ophir Energy 506 0.02 128,345 Cape 339 0.01 86,387 Nostrum Oil & Gas 323 0.01 504,459 Premier Oil 274 0.01 221,518 SOCO International 261 0.01 1,041,694 EnQuest 258 0.01 243,968 Lamprell 244 0.01 156,321 Gulf Marine Services 69 0.00 54,878 Exillon Energy 54 0.00 269,500 11.13 217 Fidelity Index UK Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Industrials - (10.85%) 815,603 CRH (GB) 22,054 0.91 3,094,642 BAE Systems 18,723 0.77 1,601,375 Rolls-Royce Holdings 14,669 0.61 912,675 Experian 13,964 0.58 245,595 Ferguson 11,265 0.47 483,182 Ashtead Group 8,084 0.33 155,893 Intertek Group 7,935 0.33 1,823,797 Worldpay Group 7,600 0.31 324,712 Bunzl 7,446 0.31 86,250 DCC 6,050 0.25 381,871 Smiths Group 5,881 0.24 1,784,831 Rentokil Initial 5,390 0.22 230,986 Smurfit Kappa Group (GB) 5,380 0.22 948,959 DS Smith 4,677 0.19 1,558,714 Group 4 Securicor 4,424 0.18 667,624 Capita 4,286 0.18 73,735 Spirax-Sarco Engineering 4,196 0.17 379,119 Halma 4,125 0.17 1,855,500 Melrose Industries 4,077 0.17 777,735 Meggitt 4,009 0.17 219,184 Weir Group 3,941 0.16 486,955 Babcock International Group 3,932 0.16 415,778 RPC Group 3,829 0.16 252,803 Travis Perkins 3,769 0.16 888,831 Royal Mail 3,446 0.14 2,416,288 Cobham 3,281 0.14 1,027,751 BBA Aviation 3,096 0.13 271,002 IMI 3,081 0.13 486,625 Paysafe Group 2,842 0.12 439,359 Electrocomponents 2,801 0.12 119,267 Spectris 2,779 0.11 618,292 Howden Joinery Group 2,602 0.11 1,443,165 Hays 2,541 0.10 172,430 Berendsen 2,185 0.09 241,987 Aggreko 2,151 0.09 683,544 IWG 2,025 0.08 866,759 Rotork 1,971 0.08 258,151 HomeServe 1,879 0.08 190,927 Bodycote 1,832 0.08 692,110 Balfour Beatty 1,815 0.07 217,982 Grafton Group 1,706 0.07 36,451 Renishaw 1,674 0.07 313,867 Pagegroup 1,552 0.06 252,764 Vesuvius 1,467 0.06 261,991 Essentra 1,403 0.06 609,009 QinetiQ Group 1,395 0.06 70,913 Ultra Electronics Holdings 1,300 0.05 1,105,315 Serco Group 1,289 0.05 118,807 Diploma 1,264 0.05 84,862 Galliford Try 1,179 0.05 424,132 Senior 1,161 0.05
218 Fidelity Index UK Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
97,015 Kier Group 1,123 0.05 1,400,500 Coats Group 1,108 0.05 592,827 SIG 1,050 0.04 79,948 Hill & Smith Holdings 1,025 0.04 611,705 AA 989 0.04 363,461 Mitie Group 978 0.04 119,684 Sanne Group 907 0.04 381,576 Ibstock 899 0.04 309,452 Stobart Group 896 0.04 203,006 Marshalls 885 0.04 289,166 Morgan Advanced Materials 865 0.04 296,328 Equiniti Group 809 0.03 193,331 Polypipe Group 760 0.03 25,272 Clarkson 707 0.03 491,310 Laird 698 0.03 105,759 De La Rue 660 0.03 192,974 Fenner 659 0.03 224,963 RPS Group 657 0.03 41,139 James Fisher & Sons 635 0.03 182,308 Tyman 629 0.03 67,145 PayPoint 607 0.03 73,710 Keller Group 603 0.02 624,430 Renewi 592 0.02 54,040 Oxford Instruments Group 557 0.02 75,872 John Menzies 531 0.02 132,502 Northgate 530 0.02 193,386 Forterra 526 0.02 286,627 Chemring Group 502 0.02 106,475 Costain Group 475 0.02 37,704 Morgan Sindall Group 469 0.02 105,205 Mears Group 453 0.02 54,187 Ricardo Group 385 0.02 14,772 XP Power 384 0.02 72,480 Robert Walters 368 0.02 163,083 TT Electronics 366 0.02 183,680 Volution Group 342 0.01 104,012 SThree 336 0.01 82,350 Xaar 321 0.01 32,154 Avon Rubber 302 0.01 91,697 Henry Boot 276 0.01 114,300 Wincanton 274 0.01 515,942 Speedy Hire 271 0.01 115,035 Biffa 261 0.01 255,553 Smiths News 257 0.01 328,727 Low & Bonar 254 0.01 147,719 Interserve 237 0.01 110,102 Trifast 236 0.01 29,551 Dialight 233 0.01 25,504 VP 204 0.01 64,438 Acal 192 0.01 434,187 Carillion 192 0.01 241,292 Hogg Robinson Group 181 0.01
219 Fidelity Index UK Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
245,426 Severfield 160 0.01 57,994 Charles Taylor 136 0.01 28,450 Porvair 134 0.01 28,744 Clipper Logistics 119 0.00 48,682 Luceco 110 0.00 56,686 Norcros 95 0.00 147,154 Communisis 81 0.00 128,228 Renold 66 0.00 61,705 HSS Hire Group 28 0.00 445 Goodwin 7 0.00 265,015 10.94 Consumer Services - (11.43%) 1,540,355 Compass Group 25,246 1.04 1,041,876 RELX 17,483 0.72 1,229,820 WPP 17,463 0.72 7,965,583 Tesco 14,346 0.59 1,636,877 International Consolidated Airlines Group 9,952 0.41 1,010,398 Sky 9,634 0.40 173,887 Carnival 9,338 0.39 184,214 InterContinental Hotels Group 7,076 0.29 178,248 Whitbread 6,602 0.27 2,166,180 Kingfisher 6,390 0.26 453,780 TUI 5,890 0.24 3,621,433 ITV 5,686 0.23 136,372 Next 5,554 0.23 800,702 Informa 5,469 0.23 80,486 Paddy Power Betfair (GB) 5,441 0.22 2,080,547 WM Morrison Supermarkets 5,070 0.21 1,573,816 Marks & Spencer Group 5,013 0.21 799,052 Pearson 4,818 0.20 580,924 Just Eat 3,828 0.16 92,064 Rightmove 3,756 0.16 1,606,629 Sainsbury (J) 3,755 0.16 420,578 Inchcape 3,482 0.14 958,685 Auto Trader Group 3,352 0.14 1,660,205 Booker Group 3,289 0.14 686,299 Merlin Entertainments 3,138 0.13 802,538 B&M European Value Retail S.A. 2,949 0.12 240,137 easyJet 2,860 0.12 475,301 SSP Group 2,607 0.11 395,037 UBM 2,591 0.11 255,245 Playtech 2,413 0.10 1,124,571 Saga 2,271 0.09 290,615 GVC Holdings 2,255 0.09 313,206 Greene King 2,139 0.09 862,837 William Hill 2,107 0.09 250,403 UDG Healthcare 2,088 0.09 1,753,998 Ladbrokes Coral Group 2,040 0.08 109,366 WH Smith 2,017 0.08 1,463,912 Thomas Cook Group 1,820 0.08 1,005,501 Dixons Carphone 1,759 0.07 535,082 Moneysupermarket.com Group 1,688 0.07
220 Fidelity Index UK Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
424,522 National Express Group 1,521 0.06 389,461 Ascential 1,450 0.06 1,201,192 FirstGroup 1,402 0.06 214,185 Cineworld Group 1,365 0.06 501,248 Dominos Pizza UK & Irleland 1,343 0.06 112,181 Greggs 1,339 0.06 439,214 Ocado Group 1,333 0.06 45,103 Wizz Air Holdings 1,327 0.05 378,781 JD Sports Fashion 1,206 0.05 49,943 Dignity 1,125 0.05 289,373 Zpg 1,021 0.04 304,867 Card Factory 1,010 0.04 246,595 Sports Direct International 954 0.04 377,352 Entertainment One 904 0.04 82,179 JD Weatherspoon 897 0.04 43,780 Go-Ahead Group 780 0.03 459,148 Stagecoach Group 756 0.03 637,967 Marstons 727 0.03 202,134 Restaurant Group 692 0.03 482,274 EI Group 680 0.03 377,410 Pets at Home Group 679 0.03 208,103 Halfords Group 667 0.03 246,302 Mitchells & Butlers 608 0.03 104,158 Dunelm Group 600 0.02 1,439,852 Debenhams 576 0.02 52,391 Euromoney Publications 562 0.02 121,269 Millennium & Copthrne Htls 562 0.02 150,679 Brown (N) Group 492 0.02 209,964 DFS Furniture 480 0.02 25,011 4imprint Group 478 0.02 271,543 ITE Group 465 0.02 196,565 Rank Group 452 0.02 1,453,889 Pendragon 451 0.02 343,479 Lookers 377 0.02 97,274 Hostelworld Group 340 0.01 72,446 On the Beach Group 310 0.01 298,223 Gocompare.Com Group 298 0.01 264,026 AO World 292 0.01 277,118 Trinity Mirror 270 0.01 72,687 Tarsus Group 222 0.01 128,226 Hollywood Bowl Group 208 0.01 75,234 McColls Retail Group 196 0.01 92,455 GYM Group 191 0.01 197,199 Topps Tiles 168 0.01 165,154 Mothercare 164 0.01 79,882 Findel 152 0.01 14,642 Fuller Smith & Turner (A) 149 0.01 80,474 Bloomsbury Publishing 135 0.01 32,775 STV Group 125 0.01 53,650 Carpetright 104 0.00 83,586 Sportech 82 0.00 71,127 Moss Brothers Group 65 0.00
221 Fidelity Index UK Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
67,457 Huntsworth 49 0.00 31,691 Motorpoint Group 42 0.00 257,518 10.63 Health Care - (9.24%) 4,718,133 GlaxoSmithKline 72,140 2.98 1,236,839 AstraZeneca 55,849 2.31 867,479 Shire 32,908 1.36 851,035 Smith & Nephew 11,838 0.49 1,283,220 Convatec 3,683 0.15 727,045 Indivior 3,020 0.12 380,276 Mediclinic International 2,886 0.12 398,472 BTG 2,781 0.11 81,111 NMC Health 2,188 0.09 96,899 Dechra Pharmaceuticals 1,841 0.08 135,070 Hikma Pharmaceuticals 1,657 0.07 64,983 Genus 1,204 0.05 1,718,769 Assura 1,124 0.05 296,250 Spire Healthcare Group 959 0.04 705,684 Vectura Group 764 0.03 50,776 Consort Medical 558 0.02 2,563,836 Oxford Biomedica 256 0.01 105,332 The Cambian Group 223 0.01 191,585 Circassia Pharmaceuticals 169 0.01 71,638 Medica Group 156 0.01 92,905 PureTech Health 126 0.01 13,684 Georgia Healthcare Group 47 0.00 196,377 8.11 Basic Materials - (7.17%) 1,174,900 Rio Tinto 44,076 1.82 11,371,166 Glencore 41,306 1.71 2,025,752 BHP Billiton 29,799 1.23 1,153,951 Anglo American 16,190 0.67 355,561 Mondi 7,442 0.31 90,871 Randgold Resources 7,152 0.30 185,626 Johnson Matthey 5,116 0.21 124,573 Croda International 4,794 0.20 339,062 Antofagasta 3,543 0.15 180,154 Fresnillo 2,890 0.12 260,339 Polymetal International 2,372 0.10 257,238 KAZ Minerals 2,194 0.09 81,682 Victrex 1,657 0.07 1,083,583 Centamin 1,655 0.07 484,088 Evraz 1,615 0.07 269,633 Synthomer 1,271 0.05 460,327 Elementis 1,236 0.05 291,318 Ferrexpo 867 0.04 84,670 Vedanta Resources 725 0.03 249,545 Hochschild Mining 693 0.03
222 Fidelity Index UK Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
2,044,500 Sirius Minerals 553 0.02 532,108 Petra Diamonds 497 0.02 152,880 Acacia Mining 309 0.01 279,625 Lonmin 232 0.01 48,673 Treatt 230 0.01 2,970,816 Petropavlovsk 208 0.01 73,456 Kenmare Resources (GB) 189 0.01 73,983 Carclo 118 0.00 118,226 Gem Diamonds 95 0.00 9,923 Zotefoams 32 0.00 179,056 7.39 Telecommunications - (3.73%) 26,022,335 Vodafone Group 57,106 2.36 8,178,589 BT Group 23,767 0.98 458,622 Inmarsat 3,314 0.14 536,308 TalkTalk Telecom Group 1,071 0.04 64,051 Telecom Plus 694 0.03 545,869 KCOM Group 543 0.02 86,495 3.57 Utilities - (3.53%) 3,359,739 National Grid 32,573 1.35 990,737 SSE 14,078 0.58 5,590,362 Centrica 11,097 0.46 658,730 United Utilities Group 5,971 0.25 228,468 Severn Trent 5,182 0.21 416,736 Pennon Group 3,380 0.14 409,520 Drax Group 1,263 0.05 73,544 3.04 Technology - (0.81%) 1,050,336 Sage Group 7,310 0.30 215,696 Micro Focus International 4,942 0.20 269,429 Sophos Group 1,355 0.06 67,857 Aveva Group 1,301 0.05 39,451 Fidessa Group 819 0.03 87,134 FDM Group 796 0.03 74,876 Computacenter 761 0.03 631,222 Spirent Communications 606 0.03 271,526 NCC Group 508 0.02 111,984 Softcat 447 0.02 83,686 SDL 374 0.02 251,063 Imagination Technology Group 336 0.01 77,264 Servelec Group 216 0.01 69,781 Kainos Group 199 0.01 232,773 Nanoco Group 60 0.00 20,030 0.83
223 Fidelity Index UK Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Futures - (0.00%) 10,940 FTSE 100 Index Future 15/09/2017 293 0.01 293 0.01 Portfolio of investments 2,397,620 99.00 Cash and other net assets/(liabilities) 24,021 1.00 Net assets 2,421,641 100.00
The figures in brackets represent the sector distributions at 28 February 2017. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes.
224 Fidelity Index US Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Information Technology - (21.04%) 338,911 Apple 42,971 4.00 501,850 Microsoft 28,834 2.69 153,648 Facebook (A) 20,267 1.89 19,347 Alphabet (A) 14,173 1.32 19,397 Alphabet (C) 14,000 1.30 120,011 Visa (A) 9,672 0.90 306,096 Intel 8,291 0.77 325,015 Cisco Systems 8,075 0.75 195,249 Oracle 7,547 0.70 60,971 MasterCard (A) 6,338 0.59 55,573 International Business Machines 6,150 0.57 26,090 Broadcom 4,983 0.46 38,676 NVIDIA 4,973 0.46 64,764 Texas Instruments 4,138 0.39 40,306 Accenture (A) 4,060 0.38 96,037 QUALCOMM 3,885 0.36 32,157 Adobe Systems 3,837 0.36 72,618 Paypal Holdings 3,482 0.32 43,464 salesforce.com 3,201 0.30 69,854 Applied Materials 2,466 0.23 29,083 Automatic Data Processing 2,392 0.22 45,070 Activision Blizzard 2,298 0.21 38,286 Cognizant Technology Solutions (A) 2,071 0.19 20,152 Electronic Arts 1,908 0.18 65,429 Ebay 1,813 0.17 15,822 Intuit 1,719 0.16 67,598 Micron Technology 1,659 0.15 109,420 HP 1,629 0.15 23,857 Analog Devices 1,551 0.14 21,489 Fidelity National Information Services 1,541 0.14 108,217 Hewlett Packard Enterprise 1,510 0.14 23,078 TE Connectivity 1,413 0.13 10,486 Lam Research 1,343 0.13 59,817 Corning 1,331 0.12 18,931 Western Digital 1,327 0.12 13,805 Fiserv 1,321 0.12 19,866 Amphenol (A) 1,239 0.12 18,406 DXC Technology 1,206 0.11 12,607 Autodesk 1,109 0.10 14,912 Microchip Technology 992 0.09 11,995 Skyworks Solutions 968 0.09 11,556 Red Hat 952 0.09 39,536 Symantec 917 0.09 20,783 Paychex 914 0.09 16,124 Xilinx 827 0.08 7,924 Harris 753 0.07 10,190 KLA-Tencor 740 0.07 9,912 Global Payments 727 0.07 10,626 Motorola Solutions 723 0.07
225 Fidelity Index US Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
3,619 Alliance Data Systems 632 0.06 9,771 Synopsys 604 0.06 9,825 Citrix Systems 587 0.05 10,766 Total System Services 570 0.05 5,558 ANSYS 552 0.05 5,878 Gartner 549 0.05 24,837 Juniper Networks 533 0.05 17,613 NetApp 523 0.05 20,369 CA 521 0.05 50,371 Advanced Micro Devices 495 0.05 19,306 Seagate Technology 472 0.04 8,261 Qorvo 469 0.04 5,739 VeriSign 457 0.04 30,633 Western Union 450 0.04 11,237 Akamai Technologies 405 0.04 4,207 F5 Networks 388 0.04 13,876 Xerox 348 0.03 8,870 FLIR Systems 265 0.02 9,445 CSRA 230 0.02 249,286 23.23 Financials - (16.20%) 123,471 Berkshire Hathaway 17,281 1.61 230,940 JPMorgan Chase 16,370 1.53 646,895 Bank of America 11,985 1.12 292,353 Wells Fargo 11,654 1.09 178,968 Citigroup 9,452 0.88 641 Fidelity Institutional USD Fund Class A-Acc 8,577 0.80 102,974 US Bancorp 4,124 0.38 23,796 Goldman Sachs Group 4,110 0.38 30,351 Chubb 3,327 0.31 92,585 Morgan Stanley 3,282 0.31 48,802 American Express 3,246 0.30 31,455 PNC Financial Services Group 3,071 0.29 67,595 Bank New of York Mellon 2,748 0.26 57,168 American International Group 2,671 0.25 70,232 MetLife 2,566 0.24 7,881 BlackRock 2,546 0.24 79,093 Charles Schwab 2,429 0.23 27,886 Prudential Financial 2,211 0.21 22,087 CME Group (A) 2,162 0.20 33,497 Marsh & McLennan 2,012 0.19 16,757 S&P Global 1,997 0.19 31,394 Capital One Financial 1,952 0.18 38,486 Intercontinental Exchange 1,937 0.18 52,742 BB&T 1,896 0.18 17,035 AON 1,827 0.17 18,162 Travelers Cos 1,717 0.16 23,695 Allstate 1,657 0.15 22,989 State Street 1,649 0.15 25,796 Aflac 1,643 0.15 37,761 Progressive Ohio 1,365 0.13 31,427 SunTrust Banks 1,354 0.13
226 Fidelity Index US Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
50,068 Synchrony Financial 1,192 0.11 10,001 M&T Bank 1,159 0.11 24,713 Discover Financial Svs 1,132 0.11 10,818 Moodys 1,129 0.11 9,910 Ameriprise Financial 1,056 0.10 15,683 T Rowe Price Group 1,021 0.10 23,879 Hartford Financial Services Group 1,008 0.09 48,769 Fifth Third Bank 995 0.09 14,028 Northern Trust 962 0.09 71,249 KeyCorp 955 0.09 8,260 Willis Towers Watson 947 0.09 78,137 Regions Financial 863 0.08 32,927 Citizens Financial Group 854 0.08 17,423 Principal Financial Group 846 0.08 14,579 Lincoln National Ind 767 0.07 22,257 Franklin Resources 736 0.07 70,666 Huntington Bancshares 695 0.06 26,447 Invesco 666 0.06 17,948 Loews 650 0.06 11,502 Comerica 613 0.06 9,742 Cincinnati Financial 581 0.05 17,855 E Trade Financial 567 0.05 14,834 Unum Group 554 0.05 16,993 XL Group 545 0.05 11,667 Arthur J Gallagher 524 0.05 2,670 Everest Reinsurance Group 522 0.05 8,332 Raymond James Financial 506 0.05 3,679 Affiliated Managers Group 497 0.05 5,972 CBOE Holdings 465 0.04 13,171 Zions Bancorporation 448 0.04 7,408 Nasdaq 432 0.04 7,072 Torchmark 423 0.04 21,050 Leucadia National 388 0.04 22,383 Peoples United Financial 291 0.03 6,385 Brighthouse Financial 283 0.03 3,562 Assurant 262 0.02 18,522 Navient 191 0.02 160,543 14.96 Health Care - (13.75%) 175,106 Johnson & Johnson 17,815 1.66 387,923 Pfizer 10,072 0.94 62,641 UnitedHealth Group 9,523 0.89 177,791 Merck 8,712 0.81 47,835 Amgen 6,452 0.60 103,454 AbbVie 5,937 0.55 88,980 Medtronic 5,516 0.51 84,939 Gilead Sciences 5,358 0.50 50,756 Celgene 5,295 0.49 107,087 Bristol-Myers Squibb 4,937 0.46 112,797 Abbott Laboratories 4,388 0.41 63,116 Lilly (Eli) 3,944 0.37 21,832 Allergan 3,795 0.35
227 Fidelity Index US Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
25,430 Thermo Fisher Scientific 3,613 0.34 13,886 Biogen 3,275 0.31 21,561 Aetna 2,627 0.24 17,225 Anthem 2,561 0.24 39,705 Danaher 2,532 0.24 16,641 Cigna 2,320 0.22 14,779 Becton Dickinson 2,271 0.21 20,165 Stryker 2,182 0.20 16,190 Vertex Pharmaceuticals 1,964 0.18 4,953 Regeneron Pharmaceuticals 1,873 0.17 89,014 Boston Scientific 1,871 0.17 9,381 Humana 1,852 0.17 2,395 Intuitive Surgical 1,851 0.17 38,580 Express Scripts Holding 1,843 0.17 14,596 Alexion Pharmaceuticals 1,569 0.15 13,709 McKesson 1,562 0.15 31,902 Zoetis (A) 1,534 0.14 31,705 Baxter International 1,513 0.14 9,491 Illumina 1,472 0.14 13,638 Edwards Lifesciences 1,193 0.11 11,048 Incyte 1,186 0.11 4,707 CR Bard 1,166 0.11 13,080 Zimmer Biomet Holdings 1,148 0.11 18,602 HCA Healthcare 1,118 0.10 20,533 Cardinal Health 1,060 0.10 20,950 Agilent Technologies 1,039 0.10 19,110 Cerner 981 0.09 6,649 Laboratory of Amer Holdings 794 0.07 1,679 Mettler-Toledo International 780 0.07 11,198 Centene 751 0.07 8,894 Quest Diagnostics 740 0.07 5,202 Waters 731 0.07 29,962 Mylan 711 0.07 9,249 Quintiles IMS Holdings 688 0.06 5,157 Henry Schein 679 0.06 5,729 IDEXX Laboratories 679 0.06 4,908 Align Technology 666 0.06 10,788 AmerisourceBergen 656 0.06 14,900 Dentsply Sirona 644 0.06 3,176 Cooper Companies 607 0.06 9,319 Perrigo 561 0.05 9,246 ResMed 543 0.05 18,201 Hologic 536 0.05 5,975 Varian Medical Systems 482 0.04 5,811 Universal Health Services (B) 481 0.04 10,120 DaVita 452 0.04 7,153 PerkinElmer 367 0.03 7,635 Envision Healthcare 305 0.03 5,303 Patterson Cos 158 0.01 153,931 14.34 Consumer Discretionary - (11.86%) 25,787 Amazon.com 19,367 1.80
228 Fidelity Index US Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
307,636 Comcast (A) 9,751 0.91 77,714 Home Depot 9,051 0.84 94,562 Walt Disney 7,553 0.70 52,982 McDonalds 6,560 0.61 3,196 Priceline Group 4,498 0.42 14,020 Charter Communications (A) 4,280 0.40 94,130 Starbucks 3,984 0.37 50,412 Time Warner 3,968 0.37 28,016 Netflix 3,800 0.35 86,142 NIKE (B) 3,514 0.33 55,775 Lowes 3,200 0.30 89,265 General Motors 2,482 0.23 41,814 TJX 2,339 0.22 254,233 Ford Motor 2,158 0.20 20,195 Marriott International 1,625 0.15 35,861 Target 1,513 0.14 68,404 Twenty-First Centy Fox (A) 1,458 0.14 27,207 Carnival Corporation 1,448 0.13 17,414 Delphi Automotive 1,285 0.12 21,503 Yum Brands 1,269 0.12 23,943 CBS (B) 1,199 0.11 31,402 Newell Brands 1,158 0.11 25,481 Ross Stores 1,156 0.11 10,905 Royal Caribbean Cruises 1,030 0.10 20,824 VF 1,011 0.09 16,400 Dollar General 977 0.09 15,385 Dollar Tree 952 0.09 5,915 OReilly Automotive 910 0.08 7,902 Expedia 880 0.08 15,129 Omnicom Group 849 0.08 4,107 Mohawk Industries 800 0.07 31,473 MGM Resorts International 785 0.07 1,830 AutoZone 752 0.07 17,246 Best Buy 725 0.07 13,319 Hilton 665 0.06 31,662 Twenty-First Centy Fox (B) 664 0.06 14,787 DISH Network 657 0.06 4,807 Whirlpool 630 0.06 3,790 Ulta Beauty 629 0.06 12,039 CarMax 617 0.06 9,581 Genuine Parts 616 0.06 22,216 DR Horton 611 0.06 18,273 Coach 585 0.05 5,190 Wynn Resorts 548 0.05 7,313 Hasbro 541 0.05 20,039 LKQ 533 0.05 13,207 Lennar (A) 520 0.05 8,082 Darden Restaurants 520 0.05 22,900 Viacom (B) 518 0.05 6,783 Wyndham Worldwide 518 0.05 5,070 PVH 496 0.05 6,967 Tiffany & Company 474 0.04
229 Fidelity Index US Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
1,862 Chipotle Mexican Grill 456 0.04 12,967 BorgWarner 451 0.04 23,670 Hanesbrands 443 0.04 15,662 L Brands 438 0.04 11,377 Harley-Davidson 417 0.04 6,234 Scripps Networks Interactive (A) 414 0.04 25,684 Interpublic Group of Cos 395 0.04 8,357 Tractor Supply 382 0.04 16,367 Goodyear Tire & Rubber 381 0.04 18,458 Pulte Group 365 0.03 4,800 Advance Auto Parts 361 0.03 11,081 Kohls 342 0.03 42,457 Staples 337 0.03 10,130 Michael Kors Holdings 331 0.03 19,794 Macys 320 0.03 8,601 Leggett & Platt 308 0.03 7,458 Garmin 300 0.03 13,466 Block H & R 280 0.03 22,267 Mattel 279 0.03 14,308 GAP 261 0.02 24,842 News Corp (A) 256 0.02 7,232 Nordstrom 249 0.02 3,582 Ralph Lauren (A) 242 0.02 7,179 TripAdvisor (A) 237 0.02 8,530 Foot Locker 233 0.02 13,704 Discovery Communications N (C) 222 0.02 4,447 Signet Jewelers 217 0.02 9,996 Discovery Communications N (A) 172 0.02 12,005 Under Armour (A) 151 0.01 11,982 Under Armour (C) 141 0.01 7,786 News Corp 82 0.01 128,092 11.93 Industrials - (9.99%) 566,086 General Electric 10,668 0.99 36,488 Boeing 6,809 0.63 38,845 3M 6,141 0.57 49,553 Honeywell International 5,312 0.49 48,435 United Technologies 4,498 0.42 52,485 Union Pacific 4,276 0.40 44,772 United Parcel Service (B) 3,997 0.37 16,180 Lockheed Martin 3,846 0.36 38,297 Caterpillar 3,494 0.33 18,433 General Dynamics 2,879 0.27 18,921 Raytheon 2,676 0.25 15,990 Fedex 2,654 0.25 11,348 Northrop Grumman 2,388 0.22 59,977 CSX 2,347 0.22 20,210 Illinois Tool Works 2,150 0.20 41,893 Emerson Electric 1,906 0.18 60,980 Johnson Controls International 1,853 0.17 18,836 Norfolk Southern 1,767 0.16 47,844 Delta Airlines 1,740 0.16
230 Fidelity Index US Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
19,129 Deere 1,715 0.16 29,075 Eaton 1,604 0.15 26,421 Waste Management 1,578 0.15 39,304 Southwest Airlines 1,572 0.15 10,046 Cummins 1,231 0.11 6,632 Roper Technologies 1,193 0.11 22,833 PACCAR 1,172 0.11 16,642 Ingersoll-Rand 1,105 0.10 32,019 American Airlines Group 1,102 0.10 9,944 Stanley Black & Decker 1,079 0.10 8,657 Parker-Hannifin 1,079 0.10 10,556 Rockwell Collins 1,070 0.10 8,374 Rockwell Automation 1,057 0.10 19,600 Fortive 986 0.09 18,317 United Continental Holdings 882 0.08 7,814 Equifax 858 0.08 14,944 Republic Services 755 0.07 20,629 Ihs Markit 745 0.07 14,958 AMETEK 728 0.07 5,062 L3 Technologies 714 0.07 3,178 TransDigm Group 682 0.06 10,119 Dover 666 0.06 17,401 Textron 661 0.06 21,832 Nielsen Holdings 659 0.06 9,995 Verisk Analytics 622 0.06 18,803 Fastenal 614 0.06 20,797 Masco 588 0.05 5,614 Cintas 583 0.05 28,651 Arconic 565 0.05 11,682 Xylem 558 0.05 6,895 Kansas City Southern 550 0.05 9,158 CH Robinson Worldwide 520 0.05 10,899 Pentair 516 0.05 11,711 Expeditors International of Washington 510 0.05 5,494 United Rentals 508 0.05 10,000 Fortune Brands Home & SEC 481 0.04 8,034 Alaska Air Group 462 0.04 3,493 WW Grainger 433 0.04 5,576 JB Hunt Transport Services 432 0.04 3,768 Snap on Incorporated 428 0.04 9,601 AO Smith 410 0.04 2,867 Acuity Brands 388 0.04 6,192 Allegion 376 0.04 7,828 Jacobs Engineering Group 327 0.03 5,543 Stericycle 311 0.03 8,267 Robert Half International 284 0.03 9,086 Fluor 272 0.03 9,627 Quanta Services 264 0.02 8,491 Flowserve 257 0.02 107,553 10.02
231 Fidelity Index US Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Consumer Staples - (9.19%) 166,251 Procter & Gamble 11,857 1.10 100,957 Philip Morris International 9,124 0.85 249,953 Coca Cola 8,805 0.82 92,856 PepsiCo 8,301 0.77 125,561 Altria Group 6,241 0.58 96,015 Wal-Mart Stores 5,855 0.55 66,224 CVS Health 3,927 0.37 55,510 Walgreens Boots Alliance 3,525 0.33 28,510 Costco Wholesale 3,418 0.32 98,626 Mondelez International 3,187 0.30 57,416 Colgate-Palmolive 3,162 0.29 38,783 Kraft Heinz 2,467 0.23 23,072 Kimberly-Clark 2,191 0.20 11,144 Constellation Brands (A) 1,726 0.16 37,451 General Mills 1,563 0.15 32,006 Sysco 1,310 0.12 37,095 Archer Daniels Midland 1,205 0.11 14,552 Lauder Estee Cos (A) 1,194 0.11 26,205 Monster Beverage 1,138 0.11 59,321 Kroger 1,022 0.10 18,733 Tyson Foods (A) 909 0.08 8,372 Clorox 892 0.08 11,949 Dr Pepper Snapple Group 842 0.08 16,394 Kellogg 841 0.08 12,004 Molson Coors Brewing (B) 835 0.08 9,101 Hershey 737 0.07 26,275 Conagra Brands 668 0.06 16,202 Church & Dwight 624 0.06 7,568 JM Smucker 613 0.06 7,360 McCormick 546 0.05 12,464 Campbell Soup 487 0.05 11,499 Brown Forman (B) 474 0.04 17,534 Hormel Foods 420 0.04 30,617 Coty (A) 393 0.04 90,499 8.43 Energy - (6.62%) 275,432 Exxon Mobil 16,271 1.52 123,151 Chevron 10,296 0.96 90,319 Schlumberger 4,443 0.41 80,414 ConocoPhillips 2,711 0.25 37,524 EOG Resources 2,436 0.23 49,699 Occidental Petroleum 2,284 0.21 28,515 Phillips 66 1,851 0.17 124,798 Kinder Morgan 1,848 0.17 56,413 Halliburton 1,694 0.16 29,070 Valero Energy 1,544 0.14 33,719 Marathon Petroleum 1,370 0.13 53,709 Williams Cos 1,214 0.11 36,424 Anadarko Petroleum 1,146 0.11 11,057 Pioneer Natural Resources 1,106 0.10 24,694 ONEOK 1,035 0.10
232 Fidelity Index US Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
34,171 Devon Energy 821 0.08 9,631 Concho Resources 813 0.08 9,824 Andeavor 767 0.07 24,725 Apache 737 0.07 27,657 Baker Hughes A GE 720 0.07 30,330 TechnipFMC 598 0.06 24,704 National Oilwell Varco 584 0.05 30,261 Cabot Oil & Gas 582 0.05 29,589 Noble Energy 545 0.05 11,266 EQT 540 0.05 17,565 Hess 524 0.05 6,182 Cimarex Energy 472 0.04 55,252 Marathon Oil 467 0.04 12,949 Newfield Exploration 256 0.02 7,057 Helmerich & Payne 234 0.02 12,231 Range Resources 165 0.02 49,582 Chesapeake Energy 139 0.01 60,213 5.61 Utilities - (3.08%) 30,432 NextEra Energy 3,558 0.33 45,495 Duke Energy 3,084 0.29 40,885 Dominion Resource Va 2,502 0.23 64,651 Southern Company 2,419 0.23 31,962 American Electric Power 1,831 0.17 33,190 Pacific Gas and Electric 1,807 0.17 60,198 Exelon 1,769 0.16 16,305 Sempra Energy 1,490 0.14 44,408 PPL 1,351 0.13 21,178 Edison International 1,320 0.12 19,851 Consolidated Edison 1,296 0.12 33,006 Xcel Energy 1,268 0.12 32,883 Public SVC Enterprise Group 1,196 0.11 20,514 WEC Energy Group 1,037 0.10 11,661 DTE Energy 1,014 0.09 20,598 Eversource Energy 1,011 0.09 15,771 Ameren 738 0.07 28,844 FirstEnergy 730 0.07 11,583 American Water Works 727 0.07 11,666 Entergy 719 0.07 18,230 CMS Energy 687 0.06 28,013 CenterPoint Energy 645 0.06 7,251 Pinnacle West Capital 507 0.05 14,809 Alliant Energy 492 0.05 21,025 NiSource 439 0.04 9,290 SCANA 431 0.04 20,546 NRG Energy 396 0.04 42,910 AES 368 0.03 34,832 3.25 Real Estate - (2.79%) 27,626 American Tower 3,164 0.29 20,293 Simon Property Group 2,474 0.23 26,127 Crown Castle International 2,176 0.20 233 Fidelity Index US Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
5,064 Equinix 1,830 0.17 34,471 Prologis 1,670 0.16 9,719 Public Storage 1,554 0.14 23,802 Welltower 1,340 0.12 8,956 AvalonBay Communities 1,299 0.12 23,866 Equity Residential 1,247 0.12 23,068 Ventas 1,220 0.11 48,836 Weyerhaeuser 1,203 0.11 10,386 Digital Realty Trust 951 0.09 10,001 Boston Properties 933 0.09 4,264 Essex Property Trust 882 0.08 17,750 Realty Income 784 0.07 30,458 HCP 698 0.07 48,085 Host Hotels & Resorts 672 0.06 11,197 Vornado Realty Trust 646 0.06 37,865 Ggp 614 0.06 7,383 Mid-America APT Cmntys 611 0.06 5,919 Alexandria Real Estate Equities 549 0.05 19,546 Cbre Group (A) 538 0.05 23,181 Duke Realty 530 0.05 17,381 UDR 523 0.05 6,619 SL Green Realty 499 0.05 8,184 Extra Space Storage 493 0.05 15,966 Iron 490 0.05 9,508 Regency Centers Corp(Reit) 470 0.04 4,695 Federal Realty Investment Tr 461 0.04 27,669 Kimco Realty 418 0.04 10,206 Apartment Investment & Management (A) 360 0.03 7,741 Macerich 320 0.03 31,619 2.95 Materials - (2.76%) 73,061 Dow Chemical 3,681 0.34 56,360 DuPont (Ei) de Nemours 3,640 0.34 28,524 Monsanto 2,589 0.24 18,582 Praxair 1,884 0.18 16,969 Ecolab 1,726 0.16 14,152 Air Products & Chemicals 1,599 0.15 21,470 LyondellBasell Industries 1,506 0.14 5,267 Sherwin Williams 1,382 0.13 16,653 PPG Industries 1,342 0.13 26,839 International Paper 1,122 0.10 34,662 Newmont Mining 1,024 0.10 86,522 Freeport McMoran 978 0.09 20,739 Nucor 896 0.08 8,591 Vulcan Materials 813 0.08 16,322 WestRock 711 0.07 22,758 Ball 698 0.07 4,071 Martin Marietta Materials 676 0.06 7,198 Albemarle US 644 0.06 9,479 Eastman Chemical 632 0.06 8,711 FMC 571 0.05
234 Fidelity Index US Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
5,133 International Flavors & Fragrances 543 0.05 6,141 Packaging of America 530 0.05 12,728 Sealed Air 438 0.04 5,756 Avery Dennison 420 0.04 22,817 Mosaic 351 0.03 15,154 CF Industries Holdings 340 0.03 30,736 2.86 Telecommunication Services - (2.37%) 399,634 AT&T 11,683 1.09 265,168 Verizon Communications 9,905 0.92 19,028 Level 3 Communications 806 0.08 35,674 CenturyLink 565 0.05 22,959 2.14 Futures - (0.05%) 6,450 E-Mini S&P 500 Index Future 15/09/2017 48 0.00 48 0.00 Portfolio of investments 1,070,311 99.72 Cash and other net assets/(liabilities) 2,987 0.28 Net assets 1,073,298 100.00
The figures in brackets represent the sector distributions at 28 February 2017. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes.
235 Fidelity Index World Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
United States - (61.28%) 982 Fidelity Institutional USD Fund Class A-Acc 13,144 2.54 89,955 Apple 11,406 2.20 126,169 Microsoft 7,249 1.40 40,437 Facebook (A) 5,334 1.03 6,968 Amazon.com 5,233 1.01 46,429 Johnson & Johnson 4,724 0.91 61,183 JPMorgan Chase 4,337 0.84 71,059 Exxon Mobil 4,198 0.81 5,200 Alphabet (A) 3,810 0.74 5,268 Alphabet (C) 3,802 0.73 81,679 Wells Fargo 3,256 0.63 172,208 Bank of America 3,190 0.62 43,220 Procter & Gamble 3,082 0.59 105,309 AT&T 3,079 0.59 20,794 Berkshire Hathaway 2,910 0.56 150,367 General Electric 2,834 0.55 32,489 Chevron 2,716 0.52 102,009 Pfizer 2,649 0.51 69,932 Verizon Communications 2,612 0.50 81,313 Comcast (A) 2,577 0.50 31,837 Visa (A) 2,566 0.50 47,505 Citigroup 2,509 0.48 16,429 UnitedHealth Group 2,498 0.48 20,996 Home Depot 2,445 0.47 68,885 Coca Cola 2,427 0.47 26,540 Philip Morris International 2,399 0.46 47,354 Merck 2,320 0.45 80,951 Intel 2,193 0.42 27,310 Walt Disney 2,181 0.42 24,207 PepsiCo 2,164 0.42 86,424 Cisco Systems 2,147 0.41 52,983 Oracle 2,048 0.40 10,003 Boeing 1,867 0.36 14,268 McDonalds 1,767 0.34 15,546 International Business Machines 1,721 0.33 12,729 Amgen 1,717 0.33 16,397 MasterCard (A) 1,705 0.33 33,327 Altria Group 1,657 0.32 10,267 3M 1,623 0.31 26,352 Wal-Mart Stores 1,607 0.31 27,522 AbbVie 1,579 0.30 23,422 Medtronic 1,452 0.28 22,639 Gilead Sciences 1,428 0.28 13,591 Celgene 1,418 0.27 12,485 Honeywell International 1,338 0.26 28,899 Bristol-Myers Squibb 1,332 0.26 6,932 Broadcom 1,324 0.26 13,338 United Technologies 1,239 0.24 24,518 Schlumberger 1,206 0.23 850 Priceline Group 1,196 0.23 9,278 NVIDIA 1,193 0.23
236 Fidelity Index World Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
28,925 US Bancorp 1,158 0.22 29,735 Abbott Laboratories 1,157 0.22 14,078 Union Pacific 1,147 0.22 3,710 Charter Communications (A) 1,133 0.22 17,296 Texas Instruments 1,105 0.21 10,704 Accenture (A) 1,078 0.21 6,218 Goldman Sachs Group 1,074 0.21 17,166 Lilly (Eli) 1,073 0.21 25,275 Starbucks 1,070 0.21 21,102 Dow Chemical 1,063 0.21 17,833 CVS Health 1,058 0.20 8,774 Adobe Systems 1,047 0.20 13,264 Time Warner 1,044 0.20 4,369 Lockheed Martin 1,039 0.20 25,544 QUALCOMM 1,034 0.20 11,543 United Parcel Service (B) 1,031 0.20 5,832 Allergan 1,014 0.20 7,441 Netflix 1,009 0.19 15,412 Walgreens Boots Alliance 979 0.19 15,080 DuPont (Ei) de Nemours 974 0.19 6,841 Thermo Fisher Scientific 972 0.19 19,961 Paypal Holdings 957 0.18 22,855 NIKE (B) 932 0.18 10,166 Caterpillar 928 0.18 7,863 NextEra Energy 919 0.18 7,638 Costco Wholesale 916 0.18 3,775 Biogen 890 0.17 15,207 Lowes 873 0.17 7,929 Chubb 869 0.17 12,951 American Express 862 0.17 24,127 Morgan Stanley 855 0.16 26,298 Mondelez International 850 0.16 7,163 American Tower 820 0.16 11,096 salesforce.com 817 0.16 14,359 Colgate-Palmolive 791 0.15 8,103 PNC Financial Services Group 791 0.15 16,837 American International Group 787 0.15 11,613 Duke Energy 787 0.15 17,978 Bank New of York Mellon 731 0.14 21,610 ConocoPhillips 729 0.14 4,392 Fedex 729 0.14 5,923 Aetna 722 0.14 4,981 Raytheon 705 0.14 10,811 Danaher 689 0.13 4,356 General Dynamics 680 0.13 19,159 Applied Materials 676 0.13 7,419 Monsanto 673 0.13 2,063 BlackRock 667 0.13 4,468 Anthem 664 0.13 10,429 Kraft Heinz 663 0.13 5,391 Simon Property Group 657 0.13 10,723 Dominion Resource Va 656 0.13
237 Fidelity Index World Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
20,813 Charles Schwab 639 0.12 17,044 Southern Company 638 0.12 9,789 EOG Resources 636 0.12 22,677 General Motors 631 0.12 13,641 Occidental Petroleum 627 0.12 7,573 Automatic Data Processing 623 0.12 4,453 Cigna 621 0.12 11,032 TJX 617 0.12 5,637 Stryker 610 0.12 15,549 CSX 609 0.12 11,839 Activision Blizzard 604 0.12 2,866 Northrop Grumman 603 0.12 5,664 Illinois Tool Works 602 0.12 7,566 Prudential Financial 600 0.12 16,349 MetLife 597 0.12 6,272 Kimberly-Clark 596 0.11 2,159 Tesla 592 0.11 3,803 Becton Dickinson 584 0.11 7,002 Crown Castle International 583 0.11 5,869 CME Group (A) 574 0.11 10,132 Cognizant Technology Solutions (A) 548 0.11 8,987 Marsh & McLennan 540 0.10 11,814 Emerson Electric 538 0.10 63,322 Ford Motor 537 0.10 4,499 S&P Global 536 0.10 35,720 Kinder Morgan 529 0.10 683 Intuitive Surgical 528 0.10 4,310 Vertex Pharmaceuticals 523 0.10 1,371 Regeneron Pharmaceuticals 519 0.10 2,597 Humana 513 0.10 10,571 Express Scripts Holding 505 0.10 4,972 Praxair 504 0.10 8,061 Capital One Financial 501 0.10 13,891 BB&T 499 0.10 8,704 American Electric Power 499 0.10 9,883 Intercontinental Exchange 497 0.10 5,182 Electronic Arts 491 0.09 7,536 Phillips 66 489 0.09 4,549 AON 488 0.09 5,152 Norfolk Southern 483 0.09 17,307 Ebay 480 0.09 15,627 Johnson Controls International 475 0.09 22,477 Boston Scientific 472 0.09 8,605 Pacific Gas and Electric 468 0.09 7,802 Waste Management 466 0.09 1,280 Equinix 463 0.09 4,871 Travelers Cos 461 0.09 5,721 Marriott International 460 0.09 9,475 Prologis 459 0.09 2,932 Constellation Brands (A) 454 0.09 6,329 State Street 454 0.09 15,122 Halliburton 454 0.09
238 Fidelity Index World Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
4,439 Ecolab 451 0.09 15,299 Exelon 450 0.09 4,079 Intuit 443 0.09 6,224 Allstate 435 0.08 2,720 Public Storage 435 0.08 17,737 Micron Technology 435 0.08 6,063 Fidelity National Information Services 435 0.08 8,079 Valero Energy 429 0.08 3,729 McKesson 425 0.08 28,527 HP 425 0.08 5,997 LyondellBasell Industries 421 0.08 6,596 Aflac 420 0.08 3,648 Air Products & Chemicals 412 0.08 6,306 Analog Devices 410 0.08 19,215 Twenty-First Centy Fox (A) 410 0.08 7,435 Eaton 410 0.08 1,555 Sherwin Williams 408 0.08 8,341 Zoetis (A) 401 0.08 4,451 Deere 399 0.08 9,539 General Mills 398 0.08 3,681 Alexion Pharmaceuticals 396 0.08 8,140 Baxter International 389 0.08 27,795 Hewlett Packard Enterprise 388 0.07 9,052 Target 382 0.07 2,460 Illumina 382 0.07 8,808 SunTrust Banks 380 0.07 6,058 TE Connectivity 371 0.07 5,843 Edison International 364 0.07 3,979 Sempra Energy 364 0.07 10,055 Progressive Ohio 363 0.07 16,166 Corning 360 0.07 2,477 AvalonBay Communities 359 0.07 8,744 Marathon Petroleum 355 0.07 7,386 British American Tobacco (ADR) 354 0.07 5,985 Yum Brands 353 0.07 2,708 Lam Research 347 0.07 3,619 Fiserv 346 0.07 8,442 Sysco 346 0.07 4,272 PPG Industries 344 0.07 1,892 Roper Technologies 340 0.07 14,261 Synchrony Financial 339 0.07 11,111 PPL 338 0.07 4,801 Western Digital 337 0.07 6,734 CBS (B) 337 0.07 5,954 Welltower 335 0.06 7,110 Las Vegas Sands 334 0.06 8,702 Xcel Energy 334 0.06 7,296 Ross Stores 331 0.06 6,405 PACCAR 329 0.06 6,287 Equity Residential 329 0.06 4,459 Delphi Automotive 329 0.06 5,267 Amphenol (A) 329 0.06
239 Fidelity Index World Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
13,250 Weyerhaeuser 326 0.06 3,728 Edwards Lifesciences 326 0.06 2,658 Cummins 326 0.06 7,106 Discover Financial Svs 325 0.06 8,913 Public SVC Enterprise Group 324 0.06 4,937 Consolidated Edison 322 0.06 14,144 Williams Cos 320 0.06 5,895 Carnival Corporation 314 0.06 4,791 DXC Technology 314 0.06 9,638 Archer Daniels Midland 313 0.06 3,550 Autodesk 312 0.06 6,433 VF 312 0.06 2,989 Moodys 312 0.06 5,897 Ventas 312 0.06 5,195 HCA Healthcare 312 0.06 4,691 Ingersoll-Rand 311 0.06 2,868 Incyte 308 0.06 9,690 Anadarko Petroleum 305 0.06 3,700 Lauder Estee Cos (A) 303 0.06 2,414 Parker-Hannifin 301 0.06 3,428 Zimmer Biomet Holdings 301 0.06 1,207 CR Bard 299 0.06 2,949 Pioneer Natural Resources 295 0.06 7,011 ONEOK 294 0.06 7,877 Newell Brands 291 0.06 2,302 Rockwell Automation 291 0.06 6,890 International Paper 288 0.06 2,845 Rockwell Collins 288 0.06 2,655 Stanley Black & Decker 288 0.06 2,701 Ameriprise Financial 288 0.06 5,781 Agilent Technologies 287 0.06 16,472 Kroger 284 0.05 4,736 Dollar General 282 0.05 9,505 Newmont Mining 281 0.05 4,313 T Rowe Price Group 281 0.05 6,456 Monster Beverage 280 0.05 2,411 M&T Bank 279 0.05 2,946 Royal Caribbean Cruises 278 0.05 11,947 Symantec 277 0.05 4,433 Dollar Tree 274 0.05 20,277 KeyCorp 272 0.05 4,071 Microchip Technology 271 0.05 5,382 Fortive 271 0.05 10,656 Liberty Global (C) 271 0.05 6,086 Paychex 268 0.05 5,166 Cardinal Health 267 0.05 5,444 Eversource Energy 267 0.05 5,187 WEC Energy Group 262 0.05 2,841 Digital Realty Trust 260 0.05 2,191 SBA Communications (A) 260 0.05 22,909 Freeport McMoran 259 0.05 5,050 Cerner 259 0.05
240 Fidelity Index World Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
3,204 Skyworks Solutions 259 0.05 12,586 Fifth Third Bank 257 0.05 2,224 Willis Towers Watson 255 0.05 1,658 OReilly Automotive 255 0.05 2,858 ServiceNow 254 0.05 2,377 Clorox 253 0.05 3,077 Red Hat 254 0.05 3,682 Northern Trust 252 0.05 2,887 DTE Energy 251 0.05 5,928 Hartford Financial Services Group 250 0.05 5,795 Nucor 251 0.05 1,264 Mohawk Industries 246 0.05 22,166 Regions Financial 245 0.05 5,029 Principal Financial Group 244 0.05 2,179 Expedia 243 0.05 1,176 Essex Property Trust 243 0.05 6,713 Ihs Markit 242 0.05 4,725 Kellogg 242 0.05 3,429 Molson Coors Brewing (B) 239 0.05 4,766 T-Mobile US 238 0.05 4,834 Tyson Foods (A) 234 0.05 2,109 Equifax 232 0.04 4,954 Ameren 232 0.04 2,436 Vulcan Materials 230 0.04 2,445 Boston Properties 228 0.04 5,250 Level 3 Communications 222 0.04 3,844 Dell Technologies (V) 222 0.04 8,457 Citizens Financial Group 219 0.04 3,011 KLA-Tencor 219 0.04 2,555 Concho Resources 216 0.04 2,587 Quest Diagnostics 215 0.04 1,799 Laboratory of Amer Holdings 215 0.04 3,135 BioMarin Pharmaceutical 213 0.04 3,152 Centene 212 0.04 3,223 Dover 212 0.04 5,030 Best Buy 212 0.04 2,696 Andeavor 211 0.04 8,755 Devon Energy 210 0.04 8,305 FirstEnergy 210 0.04 4,107 Waste Connection (US) 210 0.04 4,804 WestRock 209 0.04 255 Markel 206 0.04 3,660 Omnicom Group 206 0.04 1,453 Waters 204 0.04 8,879 HCP 204 0.04 3,042 Eastman Chemical 203 0.04 5,580 Loews 202 0.04 14,426 Host Hotels & Resorts 202 0.04 2,870 Dr Pepper Snapple Group 202 0.04 3,915 Xilinx 201 0.04 6,088 Franklin Resources 201 0.04 2,483 Hershey 201 0.04
241 Fidelity Index World Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
3,808 Lincoln National Ind 200 0.04 3,290 Torchmark 197 0.04 3,396 Vornado Realty Trust 196 0.04 2,877 Motorola Solutions 196 0.04 6,533 Apache 195 0.04 19,622 Huntington Bancshares 193 0.04 3,072 American Water Works 193 0.04 2,624 Global Payments 192 0.04 1,364 L3 Technologies 192 0.04 2,549 First Republic Bank San Francisco CA 192 0.04 2,021 Harris 192 0.04 7,569 Conagra Brands 192 0.04 459 AutoZone 189 0.04 1,140 Martin Marietta Materials 189 0.04 19,781 Annaly Capital Management 189 0.04 404 Mettler-Toledo International 188 0.04 2,893 Genuine Parts 186 0.04 7,722 Mylan 183 0.04 2,453 Quintiles IMS Holdings 182 0.04 4,800 Textron 182 0.04 4,804 CMS Energy 181 0.03 3,514 CarMax 180 0.03 2,005 Albemarle US 179 0.03 7,166 MGM Resorts International 179 0.03 2,147 Workday (A) 179 0.03 3,714 Fortune Brands Home & SEC 179 0.03 6,847 Baker Hughes A GE 178 0.03 3,346 Comerica 178 0.03 1,313 Align Technology 178 0.03 3,649 AMETEK 178 0.03 2,904 AmerisourceBergen 177 0.03 4,778 Fidelity National Financial 177 0.03 821 TransDigm Group 176 0.03 3,992 Realty Income 176 0.03 10,840 Ggp 176 0.03 1,699 Cintas 176 0.03 4,975 Maxim Integrated Products 176 0.03 5,367 Fastenal 175 0.03 3,472 Republic Services 175 0.03 1,317 Whirlpool 173 0.03 2,175 VeriSign 173 0.03 3,970 Expeditors International of Washington 173 0.03 4,500 Church & Dwight 173 0.03 9,412 Noble Energy 173 0.03 2,783 Entergy 172 0.03 1,545 FleetCor Technologies 172 0.03 5,664 Nielsen Holdings 171 0.03 2,066 Mid-America APT Cmntys 171 0.03 6,775 Invesco 171 0.03 5,725 NetApp 170 0.03 1,694 ANSYS 168 0.03 3,518 Xylem 168 0.03
242 Fidelity Index World Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
1,274 Henry Schein 168 0.03 1,800 Alexandria Real Estate Equities 167 0.03 1,411 IDEXX Laboratories 167 0.03 1,005 Ulta Beauty 167 0.03 2,739 Citrix Systems 164 0.03 6,955 National Oilwell Varco 164 0.03 2,221 Celanese 163 0.03 3,239 Hilton 162 0.03 5,276 Ball 162 0.03 10,168 CenturyLink 161 0.03 6,040 LKQ 161 0.03 2,587 Verisk Analytics 161 0.03 3,378 Pentair 160 0.03 2,135 Arch Capital Group 160 0.03 6,964 CenterPoint Energy 160 0.03 8,260 Cabot Oil & Gas 159 0.03 3,008 Total System Services 159 0.03 1,388 Lear 159 0.03 2,078 Wyndham Worldwide 159 0.03 2,318 Tiffany & Company 158 0.03 4,014 Lennar (A) 158 0.03 3,636 Dentsply Sirona 157 0.03 2,374 FMC 156 0.03 1,954 Kansas City Southern 156 0.03 3,226 CDW 156 0.03 3,492 DISH Network 155 0.03 4,612 TD Ameritrade 154 0.03 1,785 Packaging of America 154 0.03 8,813 Ally Financial 153 0.03 2,022 SL Green Realty 152 0.03 1,885 Varian Medical Systems 152 0.03 2,546 Cincinnati Financial 152 0.03 2,444 Synopsys 151 0.03 859 Alliance Data Systems 150 0.03 1,852 JM Smucker 150 0.03 6,978 Juniper Networks 150 0.03 4,398 Zions Bancorporation 150 0.03 2,729 Vantiv (A) 150 0.03 5,410 Cbre Group (A) 149 0.03 780 Cooper Companies 149 0.03 2,522 ResMed 148 0.03 1,398 Wynn Resorts 148 0.03 1,795 Universal Health Services (B) 148 0.03 4,649 E Trade Financial 148 0.03 5,350 DR Horton 147 0.03 5,165 Masco 146 0.03 4,953 Hologic 146 0.03 1,416 Palo Alto Networks 146 0.03 2,564 CH Robinson Worldwide 145 0.03 3,525 Brown Forman (B) 145 0.03 1,075 Affiliated Managers Group 145 0.03 3,847 Unum Group 144 0.03
243 Fidelity Index World Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
2,236 Darden Restaurants 144 0.03 1,888 Cimarex Energy 144 0.03 2,989 EQT 143 0.03 4,661 Iron 143 0.03 6,178 Viacom (B) 140 0.03 1,896 Hasbro 140 0.03 4,365 Coach 140 0.03 10,576 Twitter 139 0.03 31,181 Sirius XM Holdings 138 0.03 2,439 Qorvo 138 0.03 704 Everest Reinsurance Group 138 0.03 10,760 Flex 136 0.03 3,037 DaVita 136 0.03 1,757 JB Hunt Transport Services 136 0.03 830 Huntington Ingalls Industr 136 0.03 5,337 CA 136 0.03 1,390 PVH 136 0.03 618 Costa Rica Group 136 0.03 2,243 Extra Space Storage 135 0.03 4,512 Trimble 135 0.03 1,440 Gartner 134 0.03 1,020 SVB Financial Group 134 0.03 3,876 Sealed Air 133 0.03 2,184 Raymond James Financial 133 0.03 4,456 Hess 133 0.03 13,350 Advanced Micro Devices 131 0.03 4,366 Cadence Design Systems 130 0.03 1,757 McCormick 130 0.03 3,747 BorgWarner 130 0.03 2,259 Bunge 130 0.03 3,779 Targa Resources 128 0.02 1,630 Liberty Broadband (C) 127 0.02 7,390 Liberty Interactive (A) 127 0.02 8,612 Western Union 127 0.02 15,002 Marathon Oil 127 0.02 1,520 Autoliv 127 0.02 1,864 Atmos Energy 127 0.02 1,804 Pinnacle West Capital 126 0.02 1,434 MSCI 126 0.02 2,545 Regency Centers Corp(Reit) 126 0.02 2,105 Broadridge Financial Solutions 125 0.02 1,181 International Flavors & Fragrances 125 0.02 5,063 Seagate Technology 124 0.02 3,412 Delta Airlines 124 0.02 6,573 Hanesbrands 123 0.02 2,420 Splunk 123 0.02 18,936 VEREIT 123 0.02 5,388 Duke Realty 123 0.02 993 WW Grainger 123 0.02 3,121 Campbell Soup 122 0.02 5,830 NiSource 122 0.02 4,515 Steel Dynamics 122 0.02
244 Fidelity Index World Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
1,079 Snap on Incorporated 122 0.02 1,302 United Rentals 120 0.02 7,973 Kimco Realty 120 0.02 6,081 Arconic 120 0.02 1,234 Ingredion 119 0.02 3,457 Liberty Sirius Group (C) 118 0.02 2,940 Southwest Airlines 118 0.02 2,616 Arthur J Gallagher 117 0.02 1,950 Perrigo 117 0.02 1,036 Jazz Pharmaceuticals 117 0.02 3,133 Harley-Davidson 115 0.02 710 Teleflex 114 0.02 5,428 Twenty-First Centy Fox (B) 114 0.02 1,856 Allegion 113 0.02 3,758 UDR 113 0.02 2,484 Norwegian Cruise Line Holdings 112 0.02 1,635 Diamondback Energy 112 0.02 807 Dominos Pizza 112 0.02 255 Alleghany 111 0.02 1,421 CBOE Holdings 111 0.02 1,281 Manpowergroup Wis 110 0.02 4,333 Xerox 109 0.02 3,510 Aramark 109 0.02 442 Chipotle Mexican Grill 108 0.02 4,499 Hormel Foods 108 0.02 6,929 Interpublic Group of Cos 107 0.02 1,164 F5 Networks 107 0.02 8,314 Coty (A) 107 0.02 3,762 L Brands 105 0.02 51 NVR 105 0.02 1,511 Camden Property Trust 105 0.02 1,570 Scripps Networks Interactive (A) 104 0.02 1,708 Arrow Electronics 104 0.02 764 Acuity Brands 103 0.02 3,116 Alliant Energy 103 0.02 2,535 Garmin 102 0.02 2,198 SCANA 102 0.02 2,474 Macerich 102 0.02 1,016 Federal Realty Investment Tr 100 0.02 2,776 Akamai Technologies 100 0.02 4,401 CF Industries Holdings 99 0.02 2,599 UGI 99 0.02 3,079 Cheniere Energy 99 0.02 4,330 Axalta Coating Systems 99 0.02 5,013 TechnipFMC 99 0.02 2,790 CIT Group 98 0.02 2,459 Westar Energy 98 0.02 1,334 Avery Dennison 97 0.02 2,972 Michael Kors Holdings 97 0.02 6,834 First Data (A) 97 0.02 9,500 Colony NorthStar (A) 96 0.02 3,660 Liberty Global (A) 96 0.02
245 Fidelity Index World Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
555 Vail Resorts 96 0.02 1,222 American Financial Group Ohio 96 0.02 949 Signature Bank of New York 95 0.02 1,057 IDEX 95 0.02 1,187 Henry (Jack) & Associates 94 0.02 682 Arista Networks 94 0.02 6,100 Mosaic 94 0.02 900 Reinsurance Group of America 94 0.02 1,896 CDK Global 93 0.02 1,603 Nasdaq 93 0.02 2,389 Alkermes 92 0.02 2,061 Leidos Holdings 92 0.02 3,487 Zayo Group Holdings 92 0.02 3,927 Goodyear Tire & Rubber 91 0.02 2,083 East West Bancorp 90 0.02 14,074 Sprint 90 0.02 2,162 Athene Holding (A) 89 0.02 4,847 Leucadia National 89 0.02 1,178 Advance Auto Parts 89 0.02 1,962 Crown Holdings 89 0.02 2,088 AO Smith 89 0.02 6,759 Peoples United Financial 88 0.02 1,191 VCA 86 0.02 1,893 SEI Investments 85 0.02 4,429 Parsley Energy (A) 84 0.02 2,824 Voya Financial 84 0.02 2,417 Sensata Technologies Holding 83 0.02 2,079 Envision Healthcare 83 0.02 991 VMware (A) 82 0.02 5,831 Marvell Technology Group 80 0.02 1,742 Tractor Supply 80 0.02 4,776 AGNC Investment 79 0.02 1,743 Veeva Systems (A) 78 0.02 9,083 AES 78 0.02 2,490 Kohls 77 0.01 3,883 Pulte Group 77 0.01 2,719 OGE Energy 76 0.01 2,166 Nordstrom 75 0.01 3,563 Block H & R 74 0.01 797 Middleby 74 0.01 680 WABCO Holdings 74 0.01 2,464 SS&C Technologies Holdings 73 0.01 2,017 Leggett & Platt 72 0.01 1,728 Jacobs Engineering Group 72 0.01 9,088 Staples 72 0.01 1,398 Berkley WR 71 0.01 2,775 CommScope Holding 71 0.01 2,782 HD Supply Holdings 71 0.01 1,222 DexCom 70 0.01 2,160 National Retail Properties 69 0.01 6,725 Navient 69 0.01 628 RenaissanceRe Holdings 69 0.01
246 Fidelity Index World Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
2,026 AutoNation 68 0.01 5,452 Mattel 68 0.01 4,221 Discovery Communications N (C) 68 0.01 4,185 Macys 68 0.01 6,535 News Corp (A) 67 0.01 1,486 Lululemon Athletica 66 0.01 522 Lennox International 66 0.01 2,184 Flowserve 66 0.01 891 Assurant 66 0.01 1,180 Wabtec 65 0.01 1,161 Stericycle 65 0.01 1,886 Robert Half International 65 0.01 6,727 New York Community Bancorp 63 0.01 1,890 Liberty Property Trust 62 0.01 1,407 Brighthouse Financial 62 0.01 2,087 Fortinet 61 0.01 612 United Therapeutics 61 0.01 1,678 Eaton Vance 61 0.01 2,230 Foot Locker 61 0.01 639 Jones Lang LaSalle 60 0.01 3,040 Technipfmc (FR) 60 0.01 1,723 American Airlines Group 59 0.01 3,257 GAP 59 0.01 1,981 Toll Brothers 59 0.01 1,049 Grace W R de 57 0.01 1,889 Fluor 57 0.01 3,934 Brixmor Property Group 57 0.01 1,012 Macquarie Infrastructure 57 0.01 1,158 United Continental Holdings 56 0.01 1,187 Axis Capital Holdings 56 0.01 1,607 Rollins 55 0.01 766 Polaris Industries 55 0.01 1,372 Seattle Genetics 53 0.01 1,765 FLIR Systems 53 0.01 2,140 HollyFrontier 53 0.01 537 TESARO 53 0.01 1,581 TripAdvisor (A) 52 0.01 3,011 Plains GP Holdings (A) 51 0.01 2,598 Newfield Exploration 51 0.01 1,524 Helmerich & Payne 50 0.01 2,304 Bed Bath & Beyond 50 0.01 1,710 Avnet 50 0.01 1,594 Zillow Group (C) 49 0.01 3,293 Antero Resources 49 0.01 719 Ralph Lauren (A) 49 0.01 3,565 Range Resources 48 0.01 3,873 Nuance Communications 48 0.01 894 AGCO 47 0.01 1,513 Mallinckrodt 46 0.01 658 Core Laboratories 45 0.01 1,320 MEDNAX 44 0.01 3,559 Under Armour (C) 42 0.01
247 Fidelity Index World Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
1,168 Liberty Sirius Group (A) 40 0.01 2,803 Sabre 40 0.01 12,584 Weatherford International 37 0.01 2,903 Under Armour (A) 37 0.01 2,067 Murphy Oil 36 0.01 1,073 Patterson Cos 32 0.01 1,215 Continental Resources Okla 31 0.01 367 Spectrum Brands Holdings 31 0.01 1,436 Liberty Global (C) 29 0.01 92 AMERCO 26 0.01 1,159 Dicks Sporting Goods 24 0.00 1,165 Discovery Communications N (A) 20 0.00 307,253 59.28 Japan - (8.34%) 44,976 Toyota Motor 1,952 0.38 209,200 Mitsubishi UFJ Finance Group 990 0.19 14,400 SoftBank Group 902 0.17 23,700 Sumitomo Mitsui Financial Group 685 0.13 1,700 Keyence 683 0.13 32,000 KDDI 666 0.13 21,600 Sony 657 0.13 30,300 Honda Motor 655 0.13 405,500 Mizuho Financial Group 538 0.10 12,100 Takeda Pharmaceutical 516 0.10 3,400 FANUC 509 0.10 18,600 Canon 503 0.10 18,800 Japan Tobacco 497 0.10 1,900 Nintendo 489 0.09 25,600 Mitsubishi 457 0.09 85,000 Hitachi 452 0.09 6,600 Shin-Etsu Chemical 451 0.09 11,400 Nippon Telegraph & Telephone 437 0.08 24,000 NTT Docomo 430 0.08 6,000 East Japan Railway 424 0.08 8,800 Kao 424 0.08 13,700 Seven & I Holdings 420 0.08 3,300 Murata Manufacturing 390 0.08 11,300 Bridgestone 374 0.07 36,300 Panasonic 373 0.07 38,300 Astellas Pharma 372 0.07 32,100 Mitsubishi Electric 367 0.07 11,400 Tokio Marine Holdings 351 0.07 4,000 Nidec 350 0.07 30,000 Mitsui 346 0.07 4,300 Daikin Industries 332 0.06 2,500 Central Japan Railway 327 0.06 42,100 Nissan Motor 323 0.06 8,400 Denso 315 0.06 15,100 Komatsu 315 0.06 23,900 ITOCHU 301 0.06 22,300 Mitsubishi Estate 296 0.06 6,600 Hoya 292 0.06
248 Fidelity Index World Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
10,800 Subaru 292 0.06 18,900 Recruit Holdings 291 0.06 2,600 Tokyo Electron 282 0.05 22,500 ORIX 278 0.05 15,800 Kirin Holdings 277 0.05 62,500 Nomura Holdings 269 0.05 9,900 Daiwa House Industry 267 0.05 1,000 SMC 265 0.05 15,500 Mitsui Fudosan 259 0.05 13,800 Nippon Steel & Sumitomo Metal 254 0.05 6,100 Suzuki Motor 237 0.05 5,100 Kyocera 236 0.05 4,100 Secom 235 0.05 17,300 Kubota 231 0.04 3,900 Oriental Land 226 0.04 18,100 Dai-ichi Life Holdings 225 0.04 6,600 Asahi Group Holdings 222 0.04 3,200 Nitto Denko 218 0.04 7,000 Otsuka Holdings 218 0.04 19,900 Sumitomo 217 0.04 28,800 Toray Industries 212 0.04 8,300 MS&AD Insurance Group Holdings 211 0.04 5,200 Eisai 208 0.04 6,400 Shiseido 205 0.04 54,700 Jxtg Holdings 204 0.04 6,700 Fujifilm Holdings 203 0.04 900 Fast Retailing 199 0.04 34,000 Fujitsu 194 0.04 21,000 Asahi Kasei 194 0.04 4,700 Shionogi 191 0.04 15,300 Sumitomo Electric Industries 185 0.04 6,200 Sompo Holdings 180 0.03 6,000 Terumo 179 0.03 1,300 Daito Trust Construction 178 0.03 13,200 Sekisui House 176 0.03 9,400 Daiichi Sankyo Kabushik Kaisha 172 0.03 57,000 Mitsubishi Heavy Industries 168 0.03 1,400 Nitori Holdings 167 0.03 23,300 Mitsubishi Chemical Holdings 167 0.03 32,300 Marubeni 162 0.03 21,000 Taisei 162 0.03 9,900 Ajinomoto 151 0.03 9,900 JFE Holdings 151 0.03 2,700 West Japan Railway 151 0.03 5,100 Hankyu Hanshin Holdings 150 0.03 15,900 Rakuten 146 0.03 67,000 Toshiba 144 0.03 5,400 Sumitomo Mitsui Trust Holdings 144 0.03 35,000 Tokyo Gas 143 0.03 31,000 Sumitomo Chemical 143 0.03 2,300 MEIJI Holdings 141 0.03 6,000 Sumitomo Realty & Development 140 0.03
249 Fidelity Index World Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
33,000 Daiwa Securities Group 139 0.03 7,600 Unicharm 138 0.03 5,200 Olympus 138 0.03 3,300 Toyota Industries 136 0.03 1,300 Shimano 136 0.03 12,500 Kansai Electric Power 135 0.03 11,800 Aeon 134 0.03 9,300 Sekisui Chemical 134 0.03 2,600 TDK 134 0.03 11,700 Mazda Motor 133 0.03 13,200 Chubu Electric Power 133 0.03 2,800 Sysmex 133 0.03 34,600 Resona Holdings 133 0.03 17,400 Inpex 128 0.02 3,900 Dentsu 126 0.02 5,800 Yamaha Motor 126 0.02 9,400 Japan Exchange Group 124 0.02 7,700 Ono Pharmaceutical 121 0.02 3,100 Omron 120 0.02 15,600 Ricoh 120 0.02 37,000 Osaka Gas 112 0.02 2,900 Aisin Seiki 112 0.02 4,700 Yaskawa Electric 110 0.02 7,300 Kuraray 107 0.02 500 Ryohin Keikaku 107 0.02 3,300 Chugai Pharmaceutical 103 0.02 1,700 Rohm 102 0.02 6,800 Odakyu Electric Railway 102 0.02 6,400 Teijin 100 0.02 3,200 Makita 99 0.02 3,294 Nomura Research Institute 99 0.02 12,300 Shimizu 98 0.02 68 Japan Retail Fund Investment 96 0.02 7,000 Sumitomo Metal Mining 93 0.02 13,000 Kajima 92 0.02 4,300 Alps Electric 91 0.02 10,000 Tosoh 91 0.02 3,800 Toyota Tsusho 90 0.02 1,900 Nissin Food Holdings 90 0.02 3,000 Asahi Glass 90 0.02 5,400 Yamato Holdings 89 0.02 9,700 Obayashi 88 0.02 4,300 LIXIL Group 87 0.02 4,400 Seiko Epson 87 0.02 4,700 Brother Industries 86 0.02 4,400 Kansai Paint Osaka 86 0.02 6,000 Shimadzu 85 0.02 1,600 Yakult Honsha 85 0.02 7,900 T&D Holdings 84 0.02 7,500 Tokyu 84 0.02 13,000 Keio 84 0.02 8,200 Isuzu Motors 83 0.02
250 Fidelity Index World Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
22,600 Concordia Financial Group 83 0.02 20 Nippon Building Fund 82 0.02 2,800 Don Quijote Holdings 82 0.02 2,300 Trend Micro 82 0.02 3,000 Yamaha 81 0.02 4,000 M3 80 0.02 9,500 NTT Data 79 0.02 4,100 Nexon 79 0.02 7,800 Japan Post Bank 77 0.01 19,000 Oji Holdings 77 0.01 37,000 NEC 76 0.01 21,000 Yahoo Japan 74 0.01 2,800 Japan Airlines 74 0.01 3,700 MISUMI Group 73 0.01 25,000 Kintetsu Group Holdings 73 0.01 1,500 Koito Manufacturing 72 0.01 5,700 Minebea Mitsumi 72 0.01 2,800 Bandai Namco Holdings 72 0.01 18 Japan Real Estate Investment 72 0.01 2,000 Suntory Beverage & Food 71 0.01 9,000 Toppan Printing 70 0.01 5,500 Nikon 70 0.01 6,600 Tohoku Electric Power 70 0.01 500 Disco 69 0.01 2,600 Coca Cola Bottlers Japan 69 0.01 3,000 NH Foods 68 0.01 24 Japan Prime Realty Investment 66 0.01 6,200 SBI Holdings Japan 66 0.01 3,400 Mitsubishi Gas Chemical 65 0.01 2,700 Start Today 65 0.01 2,700 Kyushu Railway Company 65 0.01 700 Tsuruha Holdings 64 0.01 13,700 Hachijuni Bank 64 0.01 9,000 Takashimaya 64 0.01 7,000 Dai Nippon Printing Japan 64 0.01 6,100 JTKET 63 0.01 19,800 Tokyo Electric Power Holdings 62 0.01 2,300 Nippon Paint Holdings 61 0.01 4,300 Credit Saison 60 0.01 5,800 Hitachi Metals 60 0.01 6,300 Japan Post Holdings 60 0.01 11,000 Nippon Express 59 0.01 2,000 TOTO 59 0.01 4,700 Santen Pharmaceutical 56 0.01 4,100 Medipal Holdings 56 0.01 12,000 Mitsui Chemicals 55 0.01 9,700 Mitsubishi Motors 55 0.01 6,000 NSK 55 0.01 6,200 Hino Motors 55 0.01 2,900 Idemitsu Kosan 55 0.01 2,900 Mitsubishi Tanabe Pharma 55 0.01 11,700 Tokyu Fudosan Holdings 54 0.01
251 Fidelity Index World Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
21,000 IHI 54 0.01 8,000 Shizuoka Bank 54 0.01 3,300 Suruga Bank 54 0.01 3,400 USS 52 0.01 3,600 NGK Insulators 52 0.01 1,300 Konami Holdings 52 0.01 10,000 Chiba Bank 52 0.01 51 Nomura Real Estate Master Fund 52 0.01 4,800 Marui Group 52 0.01 1,500 Sohgo Security Services 51 0.01 17,000 Taiheiyo Cement 51 0.01 1,400 Mabuchi Motor 51 0.01 12,000 Tobu Railway 51 0.01 22,000 Sharp 51 0.01 1,000 Otsuka 51 0.01 17,000 Aozora Bank 50 0.01 3,700 Kyowa Hakko Kirin 50 0.01 42 United Urban Investment 49 0.01 5,400 Kyushu Electric Power 49 0.01 6,000 Keikyu 49 0.01 2,000 Kikkoman 48 0.01 17,630 Mebuki Financial Group 48 0.01 700 Hoshizaki 47 0.01 4,200 Sega Sammy Holdings 47 0.01 1,800 Nissan Chemical Industries 47 0.01 3,000 Lion 46 0.01 8,000 Sumitomo Heavy Industries 46 0.01 1,800 Stanley Electric 46 0.01 1,800 THK 46 0.01 2,200 Keisei Electric Railway 46 0.01 1,100 FamilyMart 46 0.01 1,800 Sankyo Gunma 45 0.01 1,900 Hamamatsu Photonics 45 0.01 5,700 Hulic 44 0.01 415 Hirose Electric 44 0.01 1,200 Hisamitsu Pharmaceuticals 44 0.01 5,000 Kamigumi 43 0.01 18,000 Kawasaki Heavy Industries 43 0.01 5,100 Amada Holdings 43 0.01 15,000 ANA Holdings 43 0.01 4,500 Kobe Steel 42 0.01 34,000 Shinsei Bank 42 0.01 17,000 Mitsui OSK Lines 42 0.01 3,500 Yokogawa Electric 42 0.01 2,700 JSR 41 0.01 800 Lawson 41 0.01 12,000 Nagoya Railroad 41 0.01 3,200 Sony Financial Holdings 39 0.01 400 Kose 39 0.01 6,300 Konica Minolta 39 0.01 800 Obic 39 0.01 2,400 Aeon Financial Service 39 0.01
252 Fidelity Index World Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
1,400 Mitsubishi Materials 39 0.01 1,200 Sundrug 38 0.01 9,000 Fuji Electric 38 0.01 8,800 Yamada Denki 37 0.01 1,300 Toho 37 0.01 24,000 Nippon Yusen Kk 37 0.01 3,800 Daicel 37 0.01 3,000 JGC 37 0.01 12,000 Hiroshima Bank 37 0.01 3,400 J Front Retailing 37 0.01 4,500 Isetan Mitsukoshi Holdings 36 0.01 1,700 Electric Power Develop 36 0.01 1,300 Nabtesco 35 0.01 11,100 Acom 35 0.01 2,400 Alfresa Holdings 35 0.01 10,000 Fukuoka Financial Group 34 0.01 3,800 Chugoku Electric Power Inc(The) 34 0.01 2,505 Nisshin Seifun Group 34 0.01 1,500 Hitachi Const Mach 33 0.01 2,200 NGK Spark Plug 32 0.01 900 McDonalds Holdings (Japan) 31 0.01 16 Daiwa House (REIT) Investment 30 0.01 1,200 Pola Orbis Holdings 30 0.01 2,000 Yamazaki Baking 29 0.01 500 Oracle Japan 29 0.01 1,000 Nippon Electric Glass 29 0.01 1,000 Toyo Suisan Kaisha 29 0.01 1,300 Kurita Water Industries 29 0.01 300 Hikari Tsushin 29 0.01 2,700 Casio Computer 29 0.01 4,000 Bank of Kyoto 29 0.01 6,000 Keihan Holdings 28 0.01 1,000 Japan Airport Terminal 28 0.01 300 Shimamura 28 0.01 2,000 Air Water (Osaka) 28 0.01 17 Nippon Prologis 28 0.01 2,100 Seibu Holdings 28 0.01 2,700 Hakuhodo DY Holdings 28 0.01 2,800 Tokyo Tatemono 27 0.01 2,100 Toyo Seikan Group Holdings 27 0.01 950 Suzuken 27 0.01 400 Rinnai 27 0.01 2,000 Sumitomo Rubber Industries 26 0.01 2,200 Asics 26 0.01 1,400 Park24 26 0.01 3,000 Yamaguchi Financial Group 26 0.01 1,000 Calbee 26 0.01 600 Mixi 25 0.00 1,200 Hitachi Chemical 25 0.00 700 Miraca Holdings 25 0.00 5,000 Toho Gas 25 0.00 400 Taisho Pharmaceutical Holding 24 0.00
253 Fidelity Index World Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
1,800 Iida Group Holdings 24 0.00 4,900 Kyushu Financial Group 23 0.00 1,400 DeNA 23 0.00 1,600 Yokohama Rubber 23 0.00 800 Hitachi High Technologies 22 0.00 1,400 Nomura Real Estate Holding 22 0.00 5,600 Mitsubishi UFJ Lease & Finance 22 0.00 700 Benesse Holdings 21 0.00 2,000 Chugoku Bank 21 0.00 6,900 Seven Bank 20 0.00 1,900 Sumitomo Dainippon Pharmaceuticals 20 0.00 1,100 NOK 19 0.00 2,000 Kakaku.com 19 0.00 2,000 Taiyo Nippon Sanso Tokyo 18 0.00 800 Maruichi Steel Tube 18 0.00 3,000 Kaneka 18 0.00 2,000 Showa Shell Sekiyu KK 17 0.00 1,210 Aeon Mall 17 0.00 400 ABC-Mart 16 0.00 600 Line 16 0.00 800 Toyoda Gosei 14 0.00 1,300 CYBERDYNE 13 0.00 43,269 8.35 United Kingdom - (6.24%) 341,276 HSBC Holdings 2,570 0.50 76,938 Royal Dutch Shell (A) 1,630 0.31 32,495 British American Tobacco 1,559 0.30 341,486 BP 1,506 0.29 63,196 Royal Dutch Shell (B) 1,359 0.26 86,260 GlaxoSmithKline 1,319 0.25 43,710 Diageo 1,128 0.22 466,620 Vodafone Group 1,024 0.20 22,177 Unilever 998 0.19 21,933 AstraZeneca 990 0.19 11,753 Reckitt Benckiser Group 859 0.17 45,360 Prudential 824 0.16 21,753 Rio Tinto 816 0.16 1,246,605 Lloyds Banking Group 790 0.15 212,940 Glencore 774 0.15 15,166 Shire 575 0.11 58,181 National Grid 564 0.11 17,194 Imperial Brands 550 0.11 284,965 Barclays 544 0.10 36,093 BHP Billiton 531 0.10 26,445 Compass Group 433 0.08 55,226 Standard Chartered 428 0.08 142,981 BT Group 416 0.08 14,998 CRH 405 0.08 21,955 RELX 368 0.07 66,701 Aviva 350 0.07 23,724 Anglo American 333 0.06 53,934 BAE Systems 326 0.06
254 Fidelity Index World Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
21,223 WPP 301 0.06 18,494 Experian 283 0.05 106,195 Legal & General Group 277 0.05 29,984 Rolls-Royce Holdings 275 0.05 18,513 SSE 263 0.05 141,211 Tesco 254 0.05 16,570 Smith & Nephew 231 0.04 5,511 London Stock Exchange 217 0.04 4,693 Ferguson 215 0.04 100,412 Centrica 199 0.04 45,753 Standard Life Aberdeen PLC 198 0.04 3,395 Carnival 182 0.04 5,473 Associated British Foods 180 0.03 84,974 Old Mutual 176 0.03 17,086 Sky 163 0.03 16,865 3i Group 162 0.03 3,153 Intertek Group 161 0.03 38,111 Worldpay Group 159 0.03 9,290 Ashtead Group 155 0.03 14,605 Land Securities Group 147 0.03 7,957 Burberry Group 142 0.03 56,186 RBS Group 140 0.03 5,047 Persimmon 134 0.03 18,279 Sage Group 127 0.02 3,407 Whitbread 126 0.02 13,602 United Utilities Group 123 0.02 8,958 TUI 116 0.02 3,023 InterContinental Hotels Group 116 0.02 5,509 Mondi 115 0.02 54,945 Taylor Wimpey 110 0.02 37,121 Kingfisher 110 0.02 1,388 Randgold Resources 109 0.02 16,275 RSA Insurance Group 109 0.02 2,640 Next 108 0.02 4,664 Bunzl 107 0.02 66,392 ITV 104 0.02 16,311 Barratt Developments 102 0.02 8,660 St James Place 101 0.02 3,604 Coca-Cola HBC 96 0.02 24,872 Direct Line Insurance Group 95 0.02 27,681 Marks & Spencer Group 88 0.02 5,655 Smiths Group 87 0.02 14,383 Pearson 87 0.02 13,894 British Land 84 0.02 5,604 Travis Perkins 84 0.02 2,181 Berkeley Group Holdings 81 0.02 13,454 Investec 79 0.02 3,496 Severn Trent 79 0.02 24,527 GKN 78 0.02 2,784 Johnson Matthey 77 0.01 31,698 WM Morrison Supermarkets 77 0.01 11,640 Capita 75 0.01
255 Fidelity Index World Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
13,700 Segro 73 0.01 6,912 Antofagasta 72 0.01 18,635 Royal Mail 72 0.01 24,397 Group 4 Securicor 69 0.01 1,739 Croda International 67 0.01 1,797 Schroders 60 0.01 11,536 Meggitt 59 0.01 42,568 Cobham 58 0.01 9,965 Hammerson 56 0.01 2,802 Admiral Group 54 0.01 7,167 Inmarsat 52 0.01 3,726 Hargreaves Lansdown 52 0.01 21,812 Sainsbury (J) 51 0.01 2,848 Weir Group 51 0.01 13,970 Auto Trader Group 49 0.01 987 Signet Jewelers 48 0.01 16,093 Convatec 46 0.01 2,724 Fresnillo 44 0.01 8,913 Merlin Entertainments 41 0.01 6,054 Tate & Lyle 41 0.01 3,551 IMI 40 0.01 4,457 Mediclinic International 34 0.01 11,821 Intu Properties 29 0.01 3,238 Babcock International Group 26 0.01 1,980 easyJet 24 0.00 13,832 Dixons Carphone 24 0.00 1,729 Hikma Pharmaceuticals 21 0.00 1,969 Provident Financial 17 0.00 732 Royal Dutch Shell (A) (NL) 16 0.00 3,305 Petrofac 13 0.00 32,792 6.33 France - (3.38%) 40,093 Total 1,599 0.31 20,147 Sanofi 1,510 0.29 19,281 BNP Paribas 1,138 0.22 4,676 LVMH Moet Hennessy SE 953 0.18 33,151 AXA 748 0.14 4,347 LOreal 711 0.14 6,948 Air Liquide 660 0.13 9,873 Airbus SE 643 0.12 10,069 Schneider Electric 628 0.12 8,681 Vinci SA 620 0.12 9,943 Danone 604 0.12 12,828 Societe Generale France (A) 560 0.11 35,513 Orange 467 0.09 5,718 Safran 431 0.08 9,877 Compagnie de Saint-Gobain 419 0.08 29,407 Engie 380 0.07 3,551 Pernod Ricard 372 0.07 1,237 Kering 362 0.07 1,832 Unibail-Rodamco 360 0.07 3,687 Essilor International 359 0.07
256 Fidelity Index World Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
3,163 Michelin Comp Gen Des Estbmts (B) 334 0.06 17,499 Vivendi 312 0.06 700 Hermes International SCA 288 0.06 19,541 Credit Agricole 265 0.05 11,726 ArcelorMittal Luxembourg 247 0.05 4,207 Legrand 230 0.04 2,584 Capgemini 222 0.04 4,182 Valeo 217 0.04 2,915 Renault 200 0.04 1,673 Atos SE 199 0.04 3,685 Publicis Groupe 194 0.04 2,250 Dassault Systemes 171 0.03 1,960 Thales 168 0.03 11,603 STMicroelectronics (FR) 156 0.03 8,234 Veolia Environnement 149 0.03 4,044 Accor 145 0.03 9,269 Carrefour 142 0.03 8,584 Peugeot 140 0.03 1,733 Eiffage 138 0.03 1,412 Sodexo 128 0.02 3,351 Bouygues 117 0.02 3,706 Klepierre 116 0.02 873 Gecina 105 0.02 5,801 SES (FR) (FDR) 102 0.02 2,935 SCOR SE 95 0.02 4,570 Edenred 94 0.02 16,320 Natixis 94 0.02 9,952 Groupe Eurotunnel SE (A) 92 0.02 5,622 Suez 82 0.02 966 Arkema 81 0.02 9,694 EDF 80 0.02 367 Iliad Group 73 0.01 3,917 Bureau Veritas 72 0.01 145 Eurofins Scientific SE 64 0.01 2,859 Zodiac Aerospace 64 0.01 2,232 Alstom 62 0.01 584 Ipsen 61 0.01 776 Ingenico Group 60 0.01 642 Remy Cointreau 56 0.01 412 Aeroports de Paris 56 0.01 2,311 Eutelsat Communications 51 0.01 2,031 Lagardere SCA 50 0.01 651 ICADE 45 0.01 315 SEB 44 0.01 3,775 Rexel 43 0.01 340 Wendel 42 0.01 2,296 CNP Assurances 41 0.01 1,564 JC Decaux 39 0.01 511 Fonciere Des Regions 39 0.01 10,881 Bollore 39 0.01 30 Dassault Aviation 35 0.01 794 Casino Guichard Perrachon 35 0.01
257 Fidelity Index World Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
354 Societe BIC 33 0.01 517 Eurazeo 33 0.01 411 Imerys 28 0.01 19,792 3.82 Canada - (3.50%) 25,368 Royal Bank of Canada 1,438 0.28 31,914 Toronto Dominion Bank 1,270 0.25 20,826 Bank of Nova Scotia 994 0.19 12,706 Canadian National Railway 785 0.15 28,430 Suncor Energy 687 0.13 11,473 Bank of Montreal 635 0.12 15,547 TransCanada 602 0.12 18,091 Enbridge 554 0.11 34,878 Manulife Financial 527 0.10 7,266 Canadian Imperial Bank of Commerce 469 0.09 19,570 Canadian National Resources 460 0.09 14,494 Brookfield Asset Management (A) 440 0.08 10,337 Sun Life Financial 305 0.06 2,468 Canadian Pacific Railway 295 0.06 9,403 Enbridge (US) 288 0.06 6,961 Rogers Communications (B) 279 0.05 7,302 Alimentation Couche-Tard (B) 269 0.05 19,426 Barrick Gold 267 0.05 6,642 National Bank of Canada 234 0.05 5,957 Magna International 215 0.04 7,675 Fortis 215 0.04 538 Fairfax Financial Holdings 215 0.04 3,424 Franco Nevada 214 0.04 15,729 Potash of Sask 210 0.04 2,687 Agrium 202 0.04 3,948 Restaurant Brands International 185 0.04 9,561 Teck Resources (B) 184 0.04 7,410 Pembina Pipeline 181 0.03 4,284 Loblaw 177 0.03 400 Constellation Software 168 0.03 4,562 Thomson Reuters 160 0.03 3,881 Agnico Eagle Mines 152 0.03 8,365 Shaw Communications (B) 144 0.03 13,263 Goldcorp 137 0.03 3,541 Groupe CGI (A) 137 0.03 5,938 Imperial Oil 135 0.03 6,806 Power of Canada 129 0.02 1,392 Canadian Tire (A) 127 0.02 1,582 Dollarama 121 0.02 4,872 Open Text 119 0.02 12,960 First Quantum Minerals 119 0.02 1,849 Intact Financial 116 0.02 4,494 Metro 114 0.02 4,299 Saputo 112 0.02 4,563 Gildan Activewear 109 0.02 5,084 Great West Lifeco 108 0.02 6,761 Wheaton Precious Metals 107 0.02
258 Fidelity Index World Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
15,206 Encana 106 0.02 1,701 Onex (Canada) 104 0.02 6,297 CI Financial 104 0.02 1,213 Shopify (A) 102 0.02 6,948 Hydro One 99 0.02 1,486 George Weston 98 0.02 4,534 Power Financial 94 0.02 16,329 Cenovus Energy 94 0.02 2,098 BCE 77 0.01 4,295 PrairieSky Royalty 76 0.01 5,115 Inter Pipeline (A) 72 0.01 2,152 SNV Lavalin Group 72 0.01 1,965 CCL Industries (B) 71 0.01 2,561 TELUS 71 0.01 3,978 Finning International 70 0.01 6,883 ARC Resources 67 0.01 8,865 BlackBerry 62 0.01 17,909 Kinross Gold 61 0.01 1,558 Methanex 59 0.01 22,817 Turquoise Hill Resources 58 0.01 3,439 AltaGas 58 0.01 2,535 Keyera 56 0.01 4,353 Cae 55 0.01 32,104 Bombardier (B) 48 0.01 4,620 Valeant Pharmaceuticals International CDA 47 0.01 3,063 Tourmaline Oil 45 0.01 1,374 Industrial Alliance Lif Insurance 45 0.01 5,605 Cameco 43 0.01 1,763 Vermilion Energy 43 0.01 3,922 Veresen 42 0.01 4,438 Husky Energy 40 0.01 1,633 Canadian Utilities (A) 39 0.01 3,393 Seven Generations Energy 38 0.01 7,182 Crescent Point Energy 36 0.01 2,420 Jean Coutu Group 33 0.01 1,092 Emera 32 0.01 1,196 IGM Financial 30 0.01 762 West Fraser Timber 30 0.01 665 Linamar 28 0.01 2,205 Empire (A) 28 0.01 1,886 RioCan Real Estate Investment Trust 27 0.01 924 Atco (I) 26 0.01 4,795 Element Fleet Management 26 0.01 1,961 Peyto Exploration & Development 24 0.00 11,123 Yamana Gold 24 0.00 1,445 H&R Real Estate Investement Trust 19 0.00 1,493 First Capital Realty 18 0.00 1,002 Smart (REIT) 18 0.00 17,725 3.42 Germany - (3.17%) 14,351 Bayer 1,423 0.27 13,409 Siemens 1,359 0.26
259 Fidelity Index World Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
16,655 SAP SE 1,350 0.26 7,887 Allianz SE 1,310 0.25 16,112 BASF SE 1,216 0.23 16,215 Daimler 913 0.18 57,210 Deutsche Telekom 799 0.15 3,267 adidas 567 0.11 17,425 Deutsche Post 559 0.11 7,596 Fresenius SE 497 0.10 3,131 Linde 466 0.09 34,737 Deutsche Bank 433 0.08 2,652 Munich RE Group 424 0.08 5,458 BMW 389 0.08 38,391 E.ON SE 338 0.07 1,912 Continental 336 0.06 2,895 Volkswagen Preferred 333 0.06 18,435 Infineon Technologies 328 0.06 3,392 Deutsche Boerse 282 0.05 2,694 Henkel Preferred 280 0.05 3,610 Fresenius Medical Care 260 0.05 7,355 Vonovia SE 241 0.05 2,498 Merck 213 0.04 6,292 Deutsche Wohnen 205 0.04 19,286 Commerzbank 186 0.04 9,124 RWE 176 0.03 1,863 Henkel 174 0.03 2,311 HeidelbergCement 172 0.03 6,914 Thyssenkrupp 159 0.03 3,356 Porsche Automobil Holding Non Voting Preferred 147 0.03 2,553 Symrise 145 0.03 1,612 Beiersdorf 132 0.03 5,024 Prosiebensat.1 Media SE 127 0.02 3,066 Brenntag 125 0.02 2,035 Covestro 123 0.02 4,543 QIAGEN (DE) 112 0.02 1,157 Hannover Reins 109 0.02 2,224 United Internet 103 0.02 2,923 GEA Group 100 0.02 1,546 Bayerische Motoren Werke Non Voting Preferred 97 0.02 2,616 RWE International SE 90 0.02 705 Volkswagen 84 0.02 1,264 OSRAM Licht 80 0.02 1,255 LANEXSS 73 0.01 3,344 Deutsche Lufthansa 64 0.01 964 Hugo Boss 63 0.01 1,692 Zalando SE 62 0.01 2,049 Evonik Industries 52 0.01 2,661 K&S 49 0.01 619 Fraport Frankfurt Airport Services 47 0.01 861 Axel Springer SE 41 0.01 472 MAN 41 0.01 9,449 Telefonica Deutschland Holding 40 0.01 870 Fuchs Petrolu SE Preferred 38 0.01
260 Fidelity Index World Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
269 HOCHTIEF 37 0.01 2,425 Metro 37 0.01 536 RTL Group (DE) 31 0.01 1,921 Schaeffler 21 0.00 17,658 3.41 Switzerland - (3.02%) 53,335 Nestle 3,503 0.68 38,288 Novartis 2,473 0.48 12,038 Roche Holdings 2,345 0.45 62,843 UBS Group 797 0.15 9,067 Compagnie Finance Richemont Switz (A) 628 0.12 34,409 ABB 614 0.12 2,515 Zurich Insurance Group 582 0.11 39,501 Credit Suisse Group 449 0.09 5,633 Swiss RE 393 0.08 7,606 LafargeHolcim 346 0.07 164 Givaudan 259 0.05 712 Geberit 251 0.05 1,265 Lonza Group 248 0.05 39 Sika 212 0.04 116 SGS 200 0.04 440 Swisscom 171 0.03 1,198 Kuehne & Nagel International 167 0.03 3,598 Julius Baer Group 156 0.03 468 Swatch Group 144 0.03 2,535 Adecco Group 141 0.03 488 Swiss Life Holding 135 0.03 267 Partners Group Holding 134 0.03 1,802 Swiss Prime Site 126 0.02 700 Schindler Holding 113 0.02 893 Baloise Holdings 110 0.02 2 Lindt & Spruengli Chocolad 106 0.02 210 Straumann Holding 104 0.02 768 Sonova Holding 100 0.02 531 Schindler Holding 88 0.02 654 Dufry Group 78 0.02 1,278 Swatch Group 76 0.01 736 Vifor Pharma 57 0.01 104 EMS-Chemie Holding 56 0.01 12 Lindt & Spruengli Chocolad (Participation Certificate) 53 0.01 25 Barry Callebaut 28 0.01 393 Pargesa Holding 25 0.00 15,468 2.98 Australia - (2.63%) 30,248 Commonwealth Bank Australia 1,405 0.27 58,981 Westpac Banking 1,130 0.22 57,391 BHP Billiton 963 0.19 49,382 ANZ Bank 889 0.17 47,664 National Australia Bank 882 0.17 7,692 CSL 606 0.12 18,456 Wesfarmers 482 0.09 22,133 Woolworths 352 0.07 261 Fidelity Index World Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
7,428 Rio Tinto 309 0.06 5,708 Macquarie Group 303 0.06 38,847 Transurban Group 289 0.06 13,884 Woodside Petroleum 245 0.05 92,614 Scentre Management Trustee Scentre Group Trust 219 0.04 14,103 Newcrest Mining 197 0.04 22,982 Suncorp Group 183 0.04 35,277 Goodman Group 179 0.03 18,084 Amcor 179 0.03 11,740 AGL Energy 172 0.03 5,077 ASX 170 0.03 42,058 Insurance Australia Group 165 0.03 72,881 Telstra 163 0.03 24,638 QBE Insurance Group 158 0.03 32,794 Origin Energy 154 0.03 81,332 South32 145 0.03 45,326 AMP 141 0.03 29,798 Westfield 136 0.03 23,866 Brambles 136 0.03 29,111 Sydney Airport 132 0.03 89,354 Mirvac Group 126 0.02 9,591 Aristocrat Leisure 124 0.02 76,435 Vicinity Centers 123 0.02 13,674 Treasury Wine Estates 121 0.02 40,448 Stockland 110 0.02 5,124 Caltex Australia 105 0.02 2,336 Ramsay Healthcare 98 0.02 17,968 APA Group 97 0.02 996 Cochlear 95 0.02 29,311 Aurizon Holdings 89 0.02 11,298 Challenger 87 0.02 22,096 Fortescue Metals Group 81 0.02 7,981 Lendlease Group 81 0.02 19,514 Oil Search 80 0.02 13,455 Dexus Property Group 79 0.02 25,013 GPT Group 76 0.01 39,742 Medibank Pvt 74 0.01 5,468 Sonic Healthcare 73 0.01 1,782 REA Group 72 0.01 16,482 Boral 67 0.01 5,955 James Hardie Industries 65 0.01 4,785 Orica 60 0.01 25,431 Santos 58 0.01 8,482 BlueScope Steel 56 0.01 51,470 Healthscope 55 0.01 5,399 SEEK 55 0.01 20,564 Tatts Group 52 0.01 6,029 Computershare 52 0.01 6,841 Bendigo & Adelaide Bank 50 0.01 9,015 Coca Cola Amatil 44 0.01 21,301 Incitec Pivot 43 0.01 29,413 Alumina 38 0.01
262 Fidelity Index World Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
4,639 Bank of Queensland 36 0.01 13,930 Tabcorp Holding 35 0.01 4,563 Crown Resorts 32 0.01 1,207 CIMIC Group 31 0.01 22,288 AusNet Services 24 0.00 742 Dominos Pizza Enterprises 20 0.00 673 Flight Centre Travel Group 20 0.00 5,350 Qantas Airways 19 0.00 5,996 Harvey Norman Holdings 15 0.00 4,484 TPG Telecom 15 0.00 13,217 2.55 Netherlands - (1.15%) 28,275 Unilever 1,301 0.25 69,054 ING Groep 947 0.18 6,313 ASML Holding 761 0.15 5,835 NXP Semiconductors 509 0.10 15,846 Koninklijke Philips 465 0.09 3,848 Heineken 311 0.06 4,252 Akzo Nobel 301 0.06 20,899 Ahold Delhai (Koninklijke) 289 0.06 15,007 RELX 243 0.05 3,774 Koninklijke DSM 224 0.04 5,569 Wolters Kluwer 186 0.04 60,950 Koninklijke KPN 166 0.03 4,689 NN Group 144 0.03 6,334 ABN AMRO Group 137 0.03 1,772 Heineken Holding 135 0.03 30,031 Aegon 133 0.03 3,781 Coca-Cola European Partners (NL) 126 0.02 5,178 Altice (A) 91 0.02 1,910 Randstad Holding 86 0.02 2,158 AerCap Holdings 83 0.02 1,167 Gemalto 49 0.01 2,245 Altice (B) 39 0.01 1,392 Boskalis Westminster Groep 35 0.01 887 Vopak (Koninklijke) 29 0.01 6,790 1.31 Spain - (1.07%) 276,980 Banco Santander 1,401 0.27 116,259 Banco Bilbao Vizcaya Argentaria 799 0.15 80,557 Telefonica 671 0.13 104,102 Iberdrola 656 0.13 19,471 Industria de Diseno Txtl IN 588 0.11 7,166 Amadeus IT Group (A) 341 0.07 20,902 Repsol 276 0.05 60,490 CaixaBank 242 0.05 12,104 Abertis Infraestructure 189 0.04 1,195 Aena 178 0.03 9,181 Red Electrica 159 0.03 93,440 Banco de Sabadell 159 0.03 8,987 Ferrovial 158 0.03 6,493 Gas Natural SDG 121 0.02 263 Fidelity Index World Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
5,401 Grifols (A) 118 0.02 3,997 ACS Actividades de Construccion y Servicios 116 0.02 12,151 Bankinter 89 0.02 4,495 Endesa 84 0.02 11,822 International Consolidated Airlines Group (ES) 72 0.01 3,049 Enagas S A 69 0.01 16,338 Bankia 61 0.01 3,541 Siemens Gamesa Renewable Energy 41 0.01 13,910 MAPFRE 38 0.01 7,796 Distribuidora Internacional de Alimentacion 38 0.01 6,664 1.29 Hong Kong - (1.12%) 210,400 AIA Group 1,253 0.24 44,548 CK Hutchison Holdings 452 0.09 20,854 Hong Kong Exchanges and Clearing 442 0.09 27,041 Sun Hung Kai Properties 350 0.07 44,048 Cheung Kong Property Holdings 300 0.06 42,570 Link Real Estate Investment Trust 273 0.05 67,000 BOC Hong Kong Holdings 265 0.05 13,600 Hang Seng Bank 242 0.05 27,000 CLP Holdings 221 0.04 139,153 Hong Kong & China Gas 204 0.04 41,000 Galaxy Entertainment Group 200 0.04 43,200 Sands China 150 0.03 21,500 Power Assets Holdings 147 0.03 19,000 Wharf Holdings 140 0.03 29,504 Motor 134 0.03 27,194 Henderson Land Development 131 0.03 3,817 Jardine Strategic Holdings 130 0.03 142,000 WH Group 115 0.02 103,191 New World Development 109 0.02 17,711 Hongkong Land 102 0.02 24,000 Techtronic Industries 96 0.02 16,000 Wheelock 93 0.02 11,000 Cheung Kong Infrastructure Holdings 77 0.01 107,500 HK Electric Investments Trust & HK Electric Investments 77 0.01 34,000 Hang Lung Properties 64 0.01 60,440 HKT Trust & HKT 60 0.01 15,505 Bank of East Asia 55 0.01 39,261 Sino Land 53 0.01 6,500 Swire Pacific (A) 51 0.01 13,000 Hysan Development 47 0.01 15,800 Swire Properties 42 0.01 32,000 Shangri La Asia 41 0.01 26,130 NWS Holdings 39 0.01 13,000 Hang Lung Development 38 0.01 22,400 Wynn Macau 38 0.01 3,300 ASM Pacific Technology 32 0.01 8,500 Yue Yuen Industrial Holdings 28 0.01 58,400 PCCW 25 0.00 72,000 Li & Fung 25 0.00 7,500 Kerry Properties 23 0.00
264 Fidelity Index World Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
12,000 MGM China Holdings 19 0.00 24,000 SJM Holdings 16 0.00 24,303 First Pacific 15 0.00 16,465 I-CABLE Communications 0 0.00 6,414 1.24 Sweden - (0.99%) 52,632 Nordea Bank 548 0.11 28,570 Volvo 377 0.07 10,745 Atlas Copco (A) 326 0.06 14,877 Swedbank 312 0.06 15,499 Hennes & Mauritz (H&M) 302 0.06 17,508 Assa ABLOY 291 0.06 24,990 Svenska Handelsbanken 288 0.06 7,372 Investor 265 0.05 12,370 Essity (B) 264 0.05 25,743 SEB (A) 260 0.05 9,136 Atlas Copco 251 0.05 19,590 Sandvik 249 0.05 50,217 Ericsson (B) 227 0.04 5,973 Hexagon 226 0.04 48,329 Telia 177 0.03 4,307 Boliden 117 0.02 3,472 Electrolux (B) 98 0.02 5,582 Skanska 97 0.02 3,564 Kinnevik Investment 83 0.02 5,309 SKF 82 0.02 2,994 Swedish Match 82 0.02 3,933 Alfa-Laval 69 0.01 3,418 Industrivarden 62 0.01 6,411 Husqvarna 50 0.01 3,871 Securitas 49 0.01 846 Millicom International Cellular 41 0.01 2,363 Lundin Petroleum 39 0.01 4,181 Tele2 38 0.01 581 Lundbergfoeretagen 35 0.01 2,385 Getinge 34 0.01 1,001 ICA Gruppen 30 0.01 2,385 Getinge (Rights 14/09/2017) 1 0.00 5,370 1.04 Italy - (0.69%) 143,682 Enel 670 0.13 46,697 ENI 568 0.11 33,508 UniCredit 531 0.10 183,837 Intesa Sanpaolo 483 0.09 20,468 Assicurazioni Generali 284 0.05 18,468 Fiat Chrysler Automobiles (IT) 216 0.04 8,216 Atlantia 205 0.04 2,205 Ferrari (IT) 195 0.04 3,708 EXOR 184 0.04 37,554 Snam 141 0.03 15,642 CNH Industrial (IT) 137 0.03 2,573 Luxottica Group 114 0.02 265 Fidelity Index World Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
44,752 Intesa Sanpaolo (Preference) 110 0.02 135,126 Telecom Italia 100 0.02 7,295 Leonardo 96 0.02 155,832 Telecom Italia Non Voting RISP 93 0.02 19,715 Terna 90 0.02 6,500 Tenaris 67 0.01 2,745 Prysmian 67 0.01 7,947 Mediobanca 63 0.01 1,571 Recordati Ind Chimica 52 0.01 13,496 Saipem 38 0.01 6,214 Poste Italiane 35 0.01 16,073 UnipolSai 28 0.01 4,567 0.88 Denmark - (0.56%) 32,088 Novo-Nordisk (B) 1,178 0.23 12,154 Danske Bank 366 0.07 3,733 Vestas Wind Systems 259 0.05 3,634 de Sammensluttede Vognmaend 199 0.04 1,009 Genmab 182 0.04 1,819 Carlsberg (B) 162 0.03 94 AP Moller Maersk (A) 143 0.03 2,224 Coloplast (B) 141 0.03 1,720 Pandora 140 0.03 87 AP Moller Maersk (B) 139 0.03 3,491 Novozymes 136 0.03 2,413 DONG Energy 97 0.02 1,387 Chr Hansen Holding 92 0.02 2,768 ISS Holdings 83 0.02 1,090 H Lundbeck 53 0.01 10,276 TDC 47 0.01 1,275 William Demant Holding 26 0.01 1,426 Tryg 26 0.01 3,469 0.67 Singapore - (0.49%) 59,328 Oversea-Chinese Banking 379 0.07 30,085 DBS Group Holdings 354 0.07 142,600 Singapore Telecommunications 301 0.06 21,539 United Overseas Bank 296 0.06 3,570 Jardine Matheson Holdings 182 0.04 179,700 Genting Singapore 122 0.02 44,800 CapitaLand 97 0.02 21,400 Keppel 77 0.01 17,800 Singapore Exchange 76 0.01 36,700 Global Logistic Properties 68 0.01 9,400 City Developments 63 0.01 9,600 Singapore Airlines 57 0.01 27,600 Singapore Technologies Engineering 57 0.01 30,100 Ascendas (REIT) 46 0.01 24,000 Wilmar International 45 0.01 27,500 Singapore Press Holdings 43 0.01 31,200 CapitaLand Mall Trust 38 0.01 160,800 Golden Agri-Resources 36 0.01 266 Fidelity Index World Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
7,777 UOL Group 36 0.01 27,300 ComfortDelGro 36 0.01 27,000 Suntec (REIT) 29 0.01 1,211 Jardine Cycle & Carriage 28 0.01 25,800 CapitaLand Commercial Trust 26 0.01 9,600 SATS 26 0.01 64,102 Hutchison Port Holdings Trust 22 0.00 22,300 Yangzijiang Shipbuilding Holdings 19 0.00 10,000 Sembcorp Industries 17 0.00 7,100 StarHub 11 0.00 2,587 0.50 Belgium - (0.40%) 13,321 Anheuser-Busch InBev 1,227 0.24 4,039 KBC Groep 258 0.05 2,171 Global (Groupe Bruxelles Lamb) 171 0.03 3,362 Ageas 120 0.02 1,042 Solvay (A) 117 0.02 1,972 Umicore 114 0.02 2,127 UCB 113 0.02 2,435 Proximus 66 0.01 792 Telenet Group Holding 41 0.01 862 Colruyt 37 0.01 2,264 0.44 Finland - (0.33%) 101,507 Nokia (FN) 489 0.09 7,316 Sampo 300 0.06 5,927 Kone 248 0.05 9,218 UPM Kymmene 185 0.04 2,767 Wartsila 148 0.03 9,888 Fortum 138 0.03 8,109 Stora Enso 83 0.02 2,079 Orion 76 0.01 2,015 Neste 68 0.01 1,928 Elisa (A) 65 0.01 1,662 Nokian Tyres 55 0.01 1,570 Metso 40 0.01 1,895 0.37 Norway - (0.23%) 19,401 Statoil 280 0.05 16,045 DNB 241 0.05 13,092 Telenor 203 0.04 25,294 Norsk Hydro 141 0.03 15,898 Orkla 125 0.02 6,854 Marine Harvest 105 0.02 2,458 Yara International 76 0.01 2,586 Gjensidige Forsikring 35 0.01 1,433 Schibsted (B) 24 0.00 853 Schibsted (A) 16 0.00 1,246 0.24
267 Fidelity Index World Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Israel - (0.24%) 2,297 Check Point Software Technologies 196 0.04 15,350 Teva Pharmaceutical Industries (ADR) 184 0.04 16,087 Bank Hapoalim B M 84 0.02 20,496 Bank Leumi Le-Israel 82 0.02 47,748 Bezeq The Israeli Telecommunication 54 0.01 886 Frutarom Industries 53 0.01 768 Nice 46 0.01 10,484 Israel Chemicals 36 0.01 446 Taro Pharmaceuticals Industries 35 0.01 308 Elbit Systems 33 0.01 619 Azrieli Group 28 0.01 1,786 Mizrahi Tefahot Bank 24 0.00 855 0.16 Ireland - (0.21%) 3,169 Kerry Group (A) 226 0.04 4,403 XL Group 141 0.03 17,702 Bank Ireland Group 113 0.02 1,299 DCC 91 0.02 1,249 Paddy Power Betfair (IE) 84 0.02 1,568 Ryanair Holdings 26 0.01 681 0.13 Austria - (0.07%) 4,638 Erste Group Bank 152 0.03 2,475 OMV 109 0.02 2,710 Raiffeisen Bank International 68 0.01 1,460 Voestalpine 58 0.01 962 ANDRITZ 40 0.01 427 0.08 New Zealand - (0.06%) 15,611 Auckland International Airport 59 0.01 27,136 Spark New Zealand 59 0.01 35,616 Meridian Energy 58 0.01 9,033 Fletcher Building 41 0.01 8,381 Contact Energy 26 0.01 5,060 Ryman Healthcare Group 25 0.00 10,161 Mercury NZ 19 0.00 287 0.06 Portugal - (0.05%) 41,948 Energias de Portugal 124 0.02 7,288 Galp Energia 93 0.02 3,145 Jeronimo Martins 48 0.01 7,511 Banco Espirito Santo 0 0.00 265 0.05 Argentina - (0.02%) 674 MercadoLibre 129 0.02 129 0.02
268 Fidelity Index World Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
China - (0.01%) 3,534 Melco Resorts And Entertainment (ADR) 58 0.01 58 0.01 Futures - (0.08%) 7,650 E-Mini S&P 500 Index Future 15/09/2017 73 0.01 1,000 S&P/TSX 60 Index Future 14/09/2017 (9) 0.00 3,300 Mini MSCI Eafe Index Future 15/09/2017 (24) 0.00 40 0.01 Portfolio of investments 511,182 98.64 Cash and other net assets/(liabilities) 7,064 1.36 Net assets 518,246 100.00
The figures in brackets represent the sector distributions at 28 February 2017. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes.
269 Fidelity Japan Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Information & Communication - (9.78%) 27,600 Nidec 2,415 4.42 35,200 SoftBank Group 2,206 4.03 57,700 Makita 1,787 3.27 43,500 Nippon Telegraph & Telephone 1,669 3.05 11,500 Murata Manufacturing 1,359 2.49 36,500 Toho 1,047 1.92 43,300 Sumitomo Electric Industries 523 0.96 9,000 Otsuka 459 0.84 1,100 Keyence 442 0.81 6,900 Minebea Mitsumi 87 0.16 11,994 21.93 Services - (7.75%) 209,000 Recruit Holdings 3,214 5.88 141,900 Rakuten 1,300 2.38 7,300 CyberAgent 184 0.34 4,698 8.59 Chemicals - (1.93%) 33,400 Shin-Etsu Chemical 2,280 4.17 19,200 Kobayashi Pharmac 919 1.68 37,700 Kansai Paint Osaka 738 1.35 9,000 Nippon Soda 40 0.07 3,977 7.27 Electric Appliances - (10.20%) 7,800 FANUC 1,169 2.14 125,500 Renesas Electronics 974 1.78 12,800 Rohm 768 1.40 6,200 Tokyo Electron 672 1.23 9,500 Alps Electric 201 0.37 6,000 Nissin Electric 51 0.09 3,835 7.01 Machinery - (4.49%) 18,100 Daikin Industries 1,397 2.56 4,800 SMC 1,271 2.32 58,600 Amano 1,057 1.93 3,725 6.81 Other Financing Business - (5.44%) 121,000 ORIX 1,494 2.73 42,900 NGK Spark Plug 631 1.15 22,700 Subaru 615 1.12 1,500 Honda Motor 32 0.06 2,772 5.07 Banks - (7.76%) 506,800 Mitsubishi UFJ Finance Group 2,398 4.39 7,000 Sumitomo Mitsui Financial Group 202 0.37 2,600 4.76 Retail Trade - (4.05%) 30,700 Seven & I Holdings 941 1.72 3,500 Ryohin Keikaku 748 1.37 4,800 Nitori Holdings 572 1.05
270 Fidelity Japan Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
13,900 Toridoll 336 0.61 2,597 4.75 Transportation Equipment - (2.21%) 28,000 Suzuki Motor 1,086 1.99 41,200 Yamaha Motor 898 1.64 12,200 Toyota Motor 529 0.97 2,513 4.60 Insurance - (3.82%) 44,500 Tokio Marine Holdings 1,371 2.51 55,600 Dai-ichi Life Holdings 691 1.26 32,400 T&D Holdings 343 0.63 2,405 4.40 Metal Products - (0.18%) 84,800 Sanwa Holdings 729 1.33 10,400 Rinnai 697 1.27 35,100 Noritz 474 0.87 4,800 Piolax 99 0.18 1,999 3.66 Warehousing & Harbour Transportation Services - (2.51%) 144,800 Mitsui 1,671 3.06 1,671 3.06 Wholesale Trade - (5.67%) 56,900 Yokogawa Electric 684 1.25 3,700 Disco 512 0.94 12,100 SiiX 387 0.71 1,583 2.90 Pharmaceutical - (2.48%) 33,900 Shionogi 1,378 2.52 1,378 2.52 Fishing, Agriculture, & Forestry - (2.04%) 49,100 Sakata Seed 1,174 2.15 1,174 2.15 Foods - (1.37%) 39,400 Kewpie 728 1.33 10,500 Ezaki Glico 431 0.79 1,159 2.12 Glass & Ceramics Products - (10.97%) 102,700 Mitsubishi Chemical Holdings 737 1.35 32,700 Toray Industries 240 0.44 977 1.79 Others - (1.54%) 29,200 Sony 889 1.63 889 1.63 Real Estate - (2.44%) 23,700 Tokyo Tatemono 225 0.41 11,100 Park24 206 0.38 6,900 Mitsui Fudosan 115 0.21 546 1.00
271 Fidelity Japan Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Rubber Products - (0.86%) 11,900 Bridgestone 394 0.72 394 0.72 Land Transportation - (0.00%) 25,900 Seino Holdings 272 0.50 272 0.50 Nonferrous Metals - (2.81%) 3,800 Furukawa Electric 159 0.29 159 0.29 Portfolio of investments 53,317 97.53 Cash and other net assets/(liabilities) 1,354 2.47 Net assets 54,671 100.00
The figures in brackets represent the sector distributions at 28 February 2017. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes.
272 Fidelity Japan Smaller Companies Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Machinery - (10.85%) 137,700 Daifuku 4,626 3.58 12,800 SMC 3,388 2.62 172,900 CKD 2,258 1.75 73,200 THK 1,884 1.46 67,900 Nabtesco 1,831 1.42 14,400 Daikin Industries 1,111 0.86 87,300 Aida Engineering 720 0.56 32,100 Hitachi Const Mach 699 0.54 23,900 Nittoku Engineering 695 0.54 43,700 Towa 526 0.41 18,000 Komatsu 376 0.29 31,700 Kito 285 0.22 14,000 Amano 252 0.20 21,800 Takuma 191 0.15 4,500 Harmonic Drive Systems 153 0.12 8,900 Takeuchi Manufacturing 130 0.10 19,125 14.82 Wholesale Trade - (18.22%) 303,100 MISUMI Group 6,001 4.65 36,500 Disco 5,049 3.91 58,400 SiiX 1,866 1.45 30,200 Ulvac 1,283 0.99 236,000 Hanwa 1,223 0.95 63,900 Trusco Nakayama 1,157 0.90 73,900 Yokogawa Electric 888 0.69 20,700 Shima Seiki Manufacturing 809 0.63 31,200 NSK 286 0.22 41,700 TOKAI Holdings 250 0.19 18,812 14.57 Information & Communication - (8.59%) 173,800 Makita 5,382 4.17 76,500 Otsuka 3,905 3.03 32,200 Nidec 2,816 2.18 70,000 Azbil 2,249 1.74 84,100 NS Solutions 1,394 1.08 2,000 Keyence 804 0.62 49,000 Minebea Mitsumi 621 0.48 12,800 Okinawa Cellular Telephone 350 0.27 17,521 13.57 Retail Trade - (11.31%) 18,200 Ryohin Keikaku 3,891 3.01 41,000 Izumi 1,658 1.28 13,300 Nitori Holdings 1,586 1.23 35,200 Kura 1,490 1.15 14,600 Tsuruha Holdings 1,341 1.04 35,400 Don Quijote Holdings 1,036 0.80 22,500 Kusuri No AOKI Holdings 979 0.76 71,400 Marui Group 771 0.60
273 Fidelity Japan Smaller Companies Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
15,200 Welcia Holdings 461 0.36 15,500 Kohnan Shoji 224 0.17 7,200 Sacs Bar Holdings 66 0.05 13,503 10.46 Electric Appliances - (9.12%) 55,700 IRISO Electronics 2,112 1.64 77,600 Stanley Electric 1,986 1.54 189,500 Renesas Electronics 1,470 1.14 185,000 Fujitsu 1,058 0.82 12,300 Rohm 738 0.57 30,900 Alps Electric 654 0.51 9,700 TDK 501 0.39 20,800 Yamaichi Electronics 307 0.24 5,800 Sysmex 276 0.21 13,400 Nippon Ceramic 274 0.21 19,700 Konica Minolta 121 0.09 11,000 Daihen 74 0.06 4,900 Torex Semiconductor 59 0.05 1,100 Obara Group 47 0.04 9,677 7.50 Chemicals - (6.25%) 433,000 Denka 2,122 1.64 93,200 Kansai Paint Osaka 1,824 1.41 31,200 Nifco 1,382 1.07 108,500 Nihon Parkerizing 1,222 0.95 57,200 Sakata INX 783 0.61 22,400 Fuso Chemical 538 0.42 34,800 Air Water (Osaka) 495 0.38 9,300 FP 371 0.29 17,000 Nippon Soda 75 0.06 8,812 6.83 Transportation Equipment - (3.36%) 114,400 Suzuki Motor 4,436 3.44 58,100 Yamaha Motor 1,267 0.98 5,703 4.42 Pharmaceutical - (4.22%) 88,200 Nippon Shinyaku 4,725 3.66 3,400 ASKA Pharmaceutical 41 0.03 4,766 3.69 Construction - (2.56%) 34,900 SHO-BOND Holdings 1,492 1.16 51,700 Totetsu Kogyo 1,303 1.01 60,400 Toshiba Plant Systems & Services 801 0.62 85,500 Raito Kogyo 657 0.51 35,000 Yahagi Construction 233 0.18 7,000 Maeda Road Construction 109 0.08 4,595 3.56
274 Fidelity Japan Smaller Companies Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Other Financing Business - (4.39%) 46,400 Zenkoku Hosho 1,453 1.13 41,700 Tokyo Century 1,394 1.08 108,900 Mitsubishi Motors 620 0.48 184,800 Aiful 494 0.38 196,400 Orient 245 0.19 4,206 3.26 Precision Instruments - (1.06%) 262,500 Shimadzu 3,725 2.89 6,700 Asahi Intecc 270 0.21 3,995 3.09 Insurance - (5.31%) 207,800 T&D Holdings 2,200 1.70 35,800 Sompo Holdings 1,039 0.80 35,100 Sony Financial Holdings 429 0.33 3,668 2.84 Services - (1.37%) 45,100 Nomura 753 0.58 17,700 Tosho 674 0.52 9,100 Oriental Land 527 0.41 39,800 Gakujo 346 0.27 20,700 Persol Holdings Co Ltd 324 0.25 12,000 Relo Group 210 0.16 3,500 Aeon Delight 96 0.07 2,930 2.27 Securities & Commodity Futures - (0.79%) 50,400 Jafco 1,780 1.38 1,780 1.38 Other Products - (1.01%) 109,600 Tomy 1,130 0.88 11,500 Daiken 204 0.16 1,334 1.03 Others - (0.17%) 8,800 Shimano 918 0.71 5,500 Kokuyo 67 0.05 985 0.76 Rubber Products - (0.45%) 23,800 Nitta 653 0.51 653 0.51 Glass & Ceramics Products - (3.49%) 23,500 Fujimi 392 0.30 392 0.30 Information Technology - (0.26%) 408 Raksul Preferred 235 0.18 222 Raksul 49 0.04 284 0.22
275 Fidelity Japan Smaller Companies Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Banks - (1.19%) 8,500 Sumitomo Mitsui Trust Holdings 227 0.18 227 0.18 Metal Products - (0.00%) 2,900 Rinnai 194 0.15 194 0.15 Portfolio of investments 123,162 95.41 Cash and other net assets/(liabilities) 5,923 4.59 Net assets 129,085 100.00
The figures in brackets represent the sector distributions at 28 February 2017. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes.
276 Fidelity MoneyBuilder Balanced Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Gilt Edged Securities - (27.08%) 42,750,000 UK Gilt 5.00% 07/03/2018 43,823 7.11 20,000,000 UK Gilt 4.50% 07/03/2019 21,316 3.46 13,000,000 UK Gilt 4.25% 07/03/2036 18,518 3.01 15,450,000 UK Gilt 1.25% 22/07/2018 15,602 2.53 11,850,000 UK Gilt 5.00% 07/03/2025 15,561 2.53 7,600,000 UK Gilt 4.50% 07/12/2042 11,935 1.94 9,000,000 UK Gilt 3.25% 22/01/2044 11,852 1.92 6,000,000 UK Gilt 3.50% 22/07/2068 10,145 1.65 4,400,000 UK Gilt 4.25% 07/06/2032 6,054 0.98 2,150,000 UK Gilt 4.25% 07/12/2055 3,788 0.61 2,275,000 UK Gilt 6.00% 07/12/2028 3,458 0.56 3,000,000 UK Gilt 1.75% 22/07/2019 Reg S 3,089 0.50 2,000,000 UK Gilt 2.50% 22/07/2065 Reg S 2,648 0.43 1,000,000 UK Gilt 2.25% 07/09/2023 1,100 0.18 1,000,000 UK Gilt 1.75% 07/09/2022 1,065 0.17 350,000 UK Gilt 3.75% 07/09/2019 375 0.06 100,000 UK Gilt 4.75% 07/03/2020 112 0.02 170,441 27.66 Financials - (18.18%) 2,714,217 HSBC Holdings 20,438 3.32 5,214,561 Legal & General Group 13,594 2.21 2,186,015 Aviva 11,466 1.86 17,676,167 Lloyds Banking Group 11,207 1.82 1,316,423 British Land 8,004 1.30 812,325 Phoenix Group Holdings 6,340 1.03 250,256 Admiral Group 4,832 0.78 742,481 Beazley 3,798 0.62 872,430 Standard Life Aberdeen PLC 3,767 0.61 2,557,609 Greencoat UK Wind Funds 3,113 0.51 782,830 Direct Line Insurance Group 2,978 0.48 463,398 Hammerson 2,583 0.42 284,126 Provident Financial 2,465 0.40 172,888 Hiscox 2,218 0.36 123,853 Close Brothers Group 1,902 0.31 263,147 Lancashire Holdings 1,818 0.30 1,517,182 Primary Health Properties 1,805 0.29 48 Fidelity Institutional Sterling Fund Class A-Acc 1,002 0.16 200,554 Chesnara 782 0.13 431,548 Redde 695 0.11 318,598 3i Infrastructure Fund 623 0.10 44,908 Secure Income (REIT) 157 0.03 105,587 17.14 Consumer Goods - (19.83%) 365,191 British American Tobacco 17,524 2.84 544,031 Imperial Brands 17,393 2.82 355,205 Unilever 15,981 2.59
277 Fidelity MoneyBuilder Balanced Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
521,946 Diageo 13,466 2.19 181,476 Reckitt Benckiser Group 13,262 2.15 226,552 Cranswick 6,763 1.10 102,843 Kraft Heinz 6,542 1.06 172,338 Berkeley Group Holdings 6,433 1.04 128,573 Associated British Foods 4,230 0.69 94,556 Nichols 1,706 0.28 225,267 Tate & Lyle 1,528 0.25 104,828 17.01 Health Care - (8.68%) 1,281,878 GlaxoSmithKline 19,601 3.18 379,361 AstraZeneca 17,131 2.78 63,988 Sanofi 4,796 0.78 62,425 Novartis 4,032 0.65 20,044 Roche Holdings 3,904 0.63 49,464 8.03 Industrials - (7.69%) 1,405,026 BAE Systems 8,500 1.38 779,826 Capita 5,006 0.81 677,339 HomeServe 4,931 0.80 961,562 Royal Mail 3,728 0.61 1,023,594 Equiniti Group 2,794 0.45 111,209 Bunzl 2,550 0.41 256,957 PayPoint 2,322 0.38 845,210 Forterra 2,297 0.37 233,777 Babcock International Group 1,888 0.31 772,715 Ibstock 1,821 0.30 642,946 Biffa 1,459 0.24 98,305 Kier Group 1,138 0.18 545,912 BCA Marketplace 1,029 0.17 627,486 AA 1,015 0.16 132,732 Pagegroup 656 0.11 50,900 Aggreko 453 0.07 41,587 6.75 Utilities - (6.42%) 973,226 National Grid 9,435 1.53 856,513 Pennon Group 6,946 1.13 253,229 Severn Trent 5,743 0.93 371,944 SSE 5,285 0.86 2,516,633 Centrica 4,996 0.81 341,665 United Utilities Group 3,097 0.50 35,502 5.76 Consumer Services - (3.27%) 194,713 Next 7,931 1.29 96,346 Whitbread 3,569 0.58 926,996 Kingfisher 2,735 0.44 847,880 Marks & Spencer Group 2,700 0.44 200,521 Greggs 2,394 0.39 329,196 Greene King 2,248 0.36 1,086,402 Stagecoach Group 1,789 0.29 78,411 Dignity 1,767 0.29
278 Fidelity MoneyBuilder Balanced Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
708,695 Sainsbury (J) 1,656 0.27 76,536 Go-Ahead Group 1,363 0.22 393,708 Halfords Group 1,261 0.20 265,093 Card Factory 879 0.14 426,800 Marstons 487 0.08 1,188,162 Debenhams 475 0.08 72,853 Dunelm Group 420 0.07 141,455 Pets at Home Group 254 0.04 31,928 5.18 Telecommunications - (1.98%) 4,727,620 BT Group 13,738 2.23 3,414,228 KCOM Group 3,397 0.55 857,669 TalkTalk Telecom Group 1,713 0.28 18,848 3.06 Corporate Bonds - (2.85%) 2,000,000 Transport for London 4.00% 07/04/2064 EMTN Reg S 3,072 0.50 700,000 EDF 6.00% 23/01/2114 EMTN Reg S 1,022 0.17 750,000 Lloyds Bank 5.125% 07/03/2025 EMTN Reg S 949 0.15 1,000,000 Roche Holdings 3.35% 30/09/2024 144A 811 0.13 500,000 Porterbrook Rail Finance 7.125% 20/10/2026 EMTN 696 0.11 500,000 Reseau Ferre de France 5.25% 07/12/2028 EMTN Reg S 674 0.11 750,000 Time Warner Cable 5.875% 15/11/2040 623 0.10 500,000 British Telecommunications 9.625% VRN 15/12/2030 599 0.10 500,000 Society of Lloyds 4.75% 30/10/2024 Reg S 573 0.09 497,000 Intu Properties 3.875% 17/03/2023 EMTN Reg S 544 0.09 450,000 Southern Water Services Finance 5.00% 31/03/2021 EMTN 513 0.08 400,000 Abbey National Treasury Services 5.125% 14/04/2021 EMTN Reg S 462 0.07 300,000 Northern Gas Networks 5.625% 23/03/2040 EMTN 451 0.07 500,000 EDF 6.00% 22/01/2114 144A 443 0.07 350,000 Clydesdale Bank 4.625% 08/06/2026 EMTN 434 0.07 350,000 Great Rolling Stock 6.25% 27/07/2020 EMTN Reg S 399 0.06 300,000 Southern Gas Networks 4.875% 05/10/2023 EMTN 358 0.06 300,000 BUPA Finance 5.00% 25/04/2023 Reg S 340 0.06 300,000 Co-Operative Bank 4.75% 11/11/2021 Reg S 334 0.05 250,000 Annes Gate Property 5.661% 30/06/2031 329 0.05 300,000 GESB 8.35% 15/11/2018 321 0.05 250,000 Lloyds Bank 4.875% 30/03/2027 EMTN 319 0.05 250,000 Wales & West Utilities Finance 6.25% 30/11/2021 304 0.05 200,000 EDF Energy Networks 6.375% VRN 12/11/2031 EMTN Reg S 297 0.05 250,000 Intu Properties 4.625% 17/03/2028 EMTN Reg S 295 0.05 250,000 Porterbrook Rail Finance 6.50% 20/10/2020 EMTN Reg S 290 0.05 250,000 Tesco 5.50% 13/12/2019 EMTN 272 0.04 200,000 BAT International Finance 4.00% 04/09/2026 EMTN Reg S 228 0.04 200,000 CPUK Finance 2.666% 28/02/2042 EMTN Reg S 207 0.03 150,000 Wales & West Utilities Finance 5.00% 07/03/2028 EMTN 193 0.03 150,000 HSBC Bank Funding Sterling I 5.844% VRN (Perpetual) 188 0.03 150,000 Gatwick Funding 5.25% 23/01/2026 EMTN 181 0.03 150,000 Wales & West Utilities Finance 4.625% 13/12/2023 EMTN 179 0.03 150,000 BAT International Finance 6.375% 12/12/2019 EMTN 168 0.03 200,000 Imperial Tobacco Finance 3.50% 11/02/2023 144A 159 0.03 150,000 HSBC Bank 5.00% VRN 20/03/2023 EMTN 153 0.02
279 Fidelity MoneyBuilder Balanced Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
100,000 Reseau Ferre de France 5.25% 31/01/2035 EMTN 143 0.02 100,000 Imperial Tobacco Finance 9.00% 17/02/2022 EMTN Reg S 132 0.02 165,000 Microsoft 3.50% 12/02/2035 130 0.02 100,000 SP Manweb 4.875% 20/09/2027 EMTN Reg S 125 0.02 150,000 Hewlett Packard Enterprise 4.90% VRN 15/10/2025 123 0.02 100,000 Telefonica Emisiones SAU 5.597% 12/03/2020 EMTN Reg S 111 0.02 50,000 Yorkshire Water Services 6.375% 19/08/2039 82 0.01 500,000 Confederation Life Insurance 9.875% (Defaulted) 0 0.00 18,226 2.96 Oil & Gas - (1.88%) 745,174 Royal Dutch Shell (A) 15,790 2.56 15,790 2.56 Basic Materials - (0.68%) 186,473 Rio Tinto 6,996 1.14 64,381 Croda International 2,477 0.40 95,724 Victrex 1,942 0.32 11,415 1.85 Mortgage Related Bonds - (0.72%) 711,840 Aspire Defence Finance 4.674% 31/03/2040 903 0.15 451,990 Great Rolling Stock 6.875% 27/07/2035 EMTN 601 0.10 419,670 Telereal Securitisation 5.5534% 10/12/2033 515 0.08 431,241 Dignity Finance 3.5456% 31/12/2034 Reg S 492 0.08 300,000 Dali Capital 4.7992% 21/12/2037 389 0.06 237,280 Aspire Defence Finance 4.674% 31/03/2040 300 0.05 200,000 Peel South East 10.00% 30/04/2026 294 0.05 233,991 Delamare Finance 5.5457% 19/02/2029 260 0.04 159,782 Unique Pub Finance 5.659% 30/06/2027 179 0.03 125,000 Community Finance 1 5.017% 31/07/2034 EMTN 171 0.03 146,452 Tesco Property Finance 3 5.744% 13/04/2040 Reg S 165 0.03 132,828 Tesco Property Finance 2 6.0517% 13/10/2039 154 0.02 100,000 Arqiva Financing 4.882% 31/12/2032 EMTN Reg S 115 0.02 70,645 Eddystone Finance 1.1043% VRN 19/04/2021 71 0.01 4,609 0.75 Government Bonds - (0.22%) 800,000 US Treasury Note 1.625% 15/02/2026 599 0.10 250,000 Germany 3.25% 04/07/2021 264 0.04 300,000 US Treasury Bond 2.50% 15/02/2046 221 0.04 250,000 US Treasury Note 3.50% 15/05/2020 205 0.03 50,000 Germany 4.25% 04/07/2018 48 0.01 50,000 US Treasury Note 2.375% 15/08/2024 40 0.01 1,377 0.22 Forward Foreign Exchange Contracts - ((0.01)%) (352,000) Bought GBP sold EUR @ 1.105375 for settlement 16/11/2017 (6) 0.00 (5,072,000) Bought GBP sold USD @ 1.302642 for settlement 16/11/2017 (35) (0.01) (41) (0.01)
280 Fidelity MoneyBuilder Balanced Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Futures - ((0.03)%) (2,000,000) US 10 Year Treasury Note (CBT) Commodity Future 19/12/2017 (5) 0.00 (700,000) EURO-BUND Commodity Future 07/09/2017 (5) 0.00 (8,800,000) Long Gilt Commodity Future 27/12/2017 (38) (0.01) (48) (0.01) Portfolio of investments 609,513 98.91 Cash and other net assets/(liabilities) 6,640 1.09 Net assets 616,153 100.00
The figures in brackets represent the sector distributions at 28 February 2017. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes.
281 Fidelity MoneyBuilder Dividend Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Financials - (26.79%) 7,125,273 HSBC Holdings 53,653 4.89 13,689,092 Legal & General Group 35,687 3.25 5,710,369 Aviva 29,951 2.73 46,174,173 Lloyds Banking Group 29,274 2.67 3,455,831 British Land 21,011 1.91 2,121,978 Phoenix Group Holdings 16,562 1.51 643 Fidelity Institutional Sterling Fund Class A-Acc 13,303 1.21 656,963 Admiral Group 12,686 1.16 1,919,075 Beazley 9,816 0.89 2,254,951 Standard Life Aberdeen PLC 9,737 0.89 6,681,058 Greencoat UK Wind Funds 8,131 0.74 2,044,930 Direct Line Insurance Group 7,779 0.71 1,216,498 Hammerson 6,782 0.62 731,552 Provident Financial 6,346 0.58 451,080 Hiscox 5,787 0.53 315,594 Close Brothers Group 4,847 0.44 686,572 Lancashire Holdings 4,744 0.43 3,865,987 Primary Health Properties 4,601 0.42 528,811 Chesnara 2,062 0.19 1,124,141 Redde 1,810 0.16 829,917 3i Infrastructure Fund 1,624 0.15 117,095 Secure Income (REIT) 409 0.04 1,033,032 Barclays Bank 0.00% 31/01/2019 1 0.00 286,603 26.09 Consumer Goods - (28.86%) 958,686 British American Tobacco 46,003 4.19 1,428,172 Imperial Brands 45,659 4.16 932,473 Unilever 41,952 3.82 1,370,195 Diageo 35,351 3.22 476,406 Reckitt Benckiser Group 34,816 3.17 591,805 Cranswick 17,665 1.61 268,649 Kraft Heinz 17,090 1.56 448,273 Berkeley Group Holdings 16,734 1.52 337,526 Associated British Foods 11,105 1.01 240,942 Nichols 4,347 0.40 574,010 Tate & Lyle 3,895 0.35 274,617 25.00 Health Care - (12.65%) 3,365,142 GlaxoSmithKline 51,453 4.68 995,887 AstraZeneca 44,969 4.09 167,978 Sanofi 12,590 1.15 163,877 Novartis 10,584 0.96 52,619 Roche Holdings 10,248 0.93 129,844 11.82
282 Fidelity MoneyBuilder Dividend Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Industrials - (11.19%) 3,670,247 BAE Systems 22,205 2.02 2,047,172 Capita 13,143 1.20 1,778,127 HomeServe 12,945 1.18 2,524,260 Royal Mail 9,787 0.89 2,687,104 Equiniti Group 7,336 0.67 291,943 Bunzl 6,694 0.61 670,421 PayPoint 6,057 0.55 2,205,223 Forterra 5,993 0.55 609,943 Babcock International Group 4,925 0.45 2,016,077 Ibstock 4,752 0.43 1,677,498 Biffa 3,808 0.35 250,495 Kier Group 2,901 0.26 1,407,772 BCA Marketplace 2,654 0.24 1,592,496 AA 2,575 0.23 348,859 Pagegroup 1,725 0.16 129,265 Aggreko 1,149 0.10 108,649 9.89 Utilities - (9.36%) 2,542,289 National Grid 24,647 2.24 2,237,408 Pennon Group 18,145 1.65 664,767 Severn Trent 15,077 1.37 976,415 SSE 13,875 1.26 6,606,581 Centrica 13,114 1.19 883,093 United Utilities Group 8,005 0.73 92,863 8.46 Consumer Services - (5.45%) 511,153 Next 20,819 1.90 249,024 Whitbread 9,224 0.84 2,433,518 Kingfisher 7,179 0.65 2,225,825 Marks & Spencer Group 7,089 0.65 523,175 Greggs 6,247 0.57 858,900 Greene King 5,866 0.53 204,580 Dignity 4,609 0.42 2,778,603 Stagecoach Group 4,576 0.42 1,805,851 Sainsbury (J) 4,220 0.38 196,847 Go-Ahead Group 3,506 0.32 1,006,167 Halfords Group 3,223 0.29 704,186 Card Factory 2,334 0.21 1,085,740 Marstons 1,238 0.11 3,075,829 Debenhams 1,230 0.11 185,018 Dunelm Group 1,066 0.10 362,821 Pets at Home Group 653 0.06 83,079 7.56 Telecommunications - (2.89%) 12,410,790 BT Group 36,066 3.28 8,918,742 KCOM Group 8,874 0.81 2,185,458 TalkTalk Telecom Group 4,364 0.40 49,304 4.49
283 Fidelity MoneyBuilder Dividend Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Oil & Gas - (2.73%) 1,956,207 Royal Dutch Shell (A) 41,452 3.77 41,452 3.77 Basic Materials - (0.98%) 489,523 Rio Tinto 18,364 1.67 167,976 Croda International 6,464 0.59 249,753 Victrex 5,067 0.46 29,895 2.72 Portfolio of investments 1,096,306 99.80 Cash and other net assets/(liabilities) 2,013 0.20 Net assets 1,098,319 100.00
The figures in brackets represent the sector distributions at 28 February 2017. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes.
284 Fidelity MoneyBuilder Growth Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Industrials - (15.74%) 939,320 CRH (GB) 25,399 4.34 518,993 Ferguson 23,806 4.07 4,143,990 Meggitt 21,362 3.65 5,143,279 Balfour Beatty 13,486 2.31 762,318 Experian 11,663 2.00 557,413 Travis Perkins 8,311 1.42 7,117,478 Serco Group 8,299 1.42 1,950,833 Howden Joinery Group 8,211 1.40 120,537 20.62 Financials - (17.53%) 47,178,381 Lloyds Banking Group 29,911 5.12 15,541,820 Barclays 29,669 5.08 1,461,978 Prudential 26,571 4.55 2,488,861 Standard Chartered 19,291 3.30 1,639,706 RBS Group 4,080 0.70 0 Fidelity Institutional Sterling Fund Class A-Acc 7 0.00 109,529 18.74 Consumer Services - (17.42%) 13,960,808 Tesco 25,143 4.30 2,892,317 International Consolidated Airlines Group 17,585 3.01 221,988 Carnival 11,921 2.04 3,056,026 Sports Direct International 11,818 2.02 2,309,755 Merlin Entertainments 10,560 1.81 1,435,979 Informa 9,808 1.68 476,432 RELX 7,995 1.37 3,500,613 Saga 7,068 1.21 107,719 Rightmove 4,395 0.75 106,293 18.18 Health Care - (16.54%) 1,858,308 GlaxoSmithKline 28,414 4.86 659,946 Shire 25,035 4.28 384,116 AstraZeneca 17,345 2.97 18,932 Roche Holdings 3,687 0.63 74,481 12.74 Consumer Goods - (10.67%) 789,575 British American Tobacco 37,888 6.48 5,938,672 Cairn Homes 9,434 1.61 888,674 Bovis Homes Group 9,322 1.59 213,287 Associated British Foods 7,017 1.20 1,202,426 McCarthy & Stone 1,982 0.34 59,276 Ted Baker 1,458 0.25 289,343 Jimmy Choo 664 0.11 67,765 11.59 Basic Materials - (6.01%) 8,302,056 Glencore 30,157 5.16 625,029 BHP Billiton 9,194 1.57 39,351 6.73
285 Fidelity MoneyBuilder Growth Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Oil & Gas - (7.58%) 1,050,272 Royal Dutch Shell (B) 22,591 3.86 2,641,465 BP 11,653 1.99 34,244 5.86 Telecommunications - (8.01%) 4,856,885 BT Group 14,114 2.41 1,697,879 Inmarsat 12,267 2.10 26,381 4.51 Technology - (1.06%) 1,741,595 Sage Group 12,122 2.07 12,122 2.07 Portfolio of investments 590,703 101.04 Cash and other net assets/(liabilities) (6,117) (1.04) Net assets 584,586 100.00
The figures in brackets represent the sector distributions at 28 February 2017. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes.
286 Fidelity MoneyBuilder Income Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Corporate Bonds - (73.22%) 44,000,000 Network Rail Finance 4.75% 29/11/2035 EMTN 63,827 1.53 39,950,000 Abbey National Treasury Services 5.125% 14/04/2021 EMTN Reg S 46,110 1.11 30,450,000 European Investment Bank 6.00% 07/12/2028 44,696 1.07 31,300,000 Reseau Ferre de France 5.25% 07/12/2028 EMTN Reg S 42,168 1.01 32,850,000 Clydesdale Bank 4.625% 08/06/2026 EMTN 40,763 0.98 27,400,000 EDF 6.00% 23/01/2114 EMTN Reg S 40,014 0.96 24,950,000 RWE Finance 6.125% 06/07/2039 EMTN 37,437 0.90 31,000,000 Annington Funding 3.935% 12/07/2047 EMTN Reg S 34,039 0.82 31,613,000 Alberta Province CDA 1.00% 15/11/2021 Reg S 31,876 0.76 20,000,000 E.ON International Finance 6.75% 27/01/2039 EMTN 31,564 0.76 27,800,000 RAC Bond 4.87% 06/05/2046 EMTN Reg S 31,378 0.75 21,000,000 Heathrow Funding 6.45% VRN 10/12/2031 Reg S 30,877 0.74 25,585,000 Co-Operative Bank 4.75% 11/11/2021 Reg S 28,442 0.68 12,940,000 Thames Water Utilities 7.738% 09/04/2058 Reg S 27,953 0.67 21,590,000 Dong Energy 4.875% 12/01/2032 EMTN Reg S 27,552 0.66 23,695,000 Wellcome Trust Finance 4.75% 28/05/2021 27,246 0.65 17,070,000 Transport for London 4.00% 07/04/2064 EMTN Reg S 26,216 0.63 19,700,000 Transport for London 3.875% 23/07/2042 EMTN Reg S 25,542 0.61 24,975,000 Anheuser-Busch InBev 2.85% 25/05/2037 EMTN Reg S 25,334 0.61 27,900,000 EDF 6.00% 22/01/2114 144A 24,738 0.59 18,799,000 Koninklijke KPN 5.75% 17/09/2029 GMTN Reg S 24,479 0.59 24,000,000 University of Southampton 2.25% 11/04/2057 Reg S 23,827 0.57 22,650,000 Royal Bank of Canada 1.125% 22/12/2021 Reg S 22,939 0.55 20,300,000 Aviva 6.125% VRN (Perpetual) 22,924 0.55 19,500,000 AT&T 4.375% 14/09/2029 22,280 0.53 17,091,000 Northumbrian Services 6.875% 06/02/2023 21,881 0.52 16,700,000 Scottish Widows 7.00% 16/06/2043 Reg S 21,845 0.52 17,150,000 Lloyds Bank 5.125% 07/03/2025 EMTN Reg S 21,708 0.52 18,905,000 Severn Trent Water Utilities Finance 3.625% 16/01/2026 EMTN 21,417 0.51 16,200,000 CPUK Finance 7.239% 28/02/2024 EMTN Reg S 21,123 0.51 18,365,000 Great Rolling Stock 6.25% 27/07/2020 EMTN Reg S 20,922 0.50 18,350,000 Digital Stout Holding 4.75% 13/10/2023 Reg S 20,903 0.50 19,900,000 Deutsche Bahn Finance 1.375% 07/07/2025 Reg S 20,016 0.48 19,450,000 Bank of America Corporation 2.30% 25/07/2025 EMTN Reg S 19,912 0.48 20,000,000 European Investment Bank 1.00% 21/09/2026 GMTN Reg S 19,578 0.47 15,000,000 Barclays Bank 10.00% 21/05/2021 EMTN 19,172 0.46 14,600,000 SPD Finance UK 5.875% 17/07/2026 Reg S 19,139 0.46 18,300,000 CPUK Finance 2.666% 28/02/2042 EMTN Reg S 18,917 0.45 13,370,000 THFC Funding No 3 5.20% 11/10/2043 EMTN Reg S 18,897 0.45 12,500,000 EDF Energy Networks 6.375% VRN 12/11/2031 EMTN Reg S 18,567 0.45 13,600,000 Abbey National Treasury 5.25% 16/02/2029 EMTN Reg S 18,506 0.44 16,854,000 UNITE (USAF) II 3.374% 30/06/2028 18,432 0.44 17,700,000 AA Bond 2.75% 31/07/2043 EMTN Reg S 17,925 0.43 17,400,000 Annington Funding 2.646% 12/07/2025 EMTN Reg S 17,877 0.43 18,000,000 National Grid Gas Finance 2.75% 22/09/2046 Reg S 17,773 0.43 10,700,000 Yorkshire Water Services 6.375% 19/08/2039 17,454 0.42 16,400,000 Annington Funding 3.685% 12/07/2034 Reg S 17,364 0.42 13,408,000 Lloyds Bank 4.875% 30/03/2027 EMTN 17,133 0.41 10,980,000 THFC Funding No 2 6.35% 08/07/2041 EMTN 17,099 0.41
287 Fidelity MoneyBuilder Income Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
17,100,000 AT&T 3.55% 14/09/2037 16,938 0.41 14,062,000 ENW Finance 6.125% 21/07/2021 EMTN 16,736 0.40 14,950,000 Western Power Distribution 3.625% 06/11/2023 Reg S 16,366 0.39 13,050,000 AA Bond 6.269% 02/07/2043 EMTN Reg S 16,163 0.39 13,700,000 BUPA Finance 5.00% 25/04/2023 Reg S 15,529 0.37 11,723,000 BAT International Finance 7.25% 12/03/2024 EMTN 15,504 0.37 13,100,000 Assicurazioni Generali 7.75% VRN 12/12/2042 EMTN 15,204 0.36 14,500,000 Brown Forman 2.60% 07/07/2028 15,056 0.36 10,050,000 Western Power Distribution (South Wales) Plc 5.75% 23/03 /2040 15,054 0.36 15,250,000 Heathrow Funding 2.75% 09/08/2049 Reg S 14,990 0.36 13,700,000 AA Bond 4.2487% 31/07/2043 Reg S 14,649 0.35 15,000,000 ATF Netherlands 2.125% 13/03/2023 Reg S 14,402 0.35 11,050,000 Direct Line Insurance Group 9.25% VRN 27/04/2042 14,397 0.35 11,800,000 Gatwick Funding 5.25% 23/01/2026 EMTN 14,216 0.34 14,050,000 Prologis 2.25% 30/06/2029 13,925 0.33 13,650,000 HSBC Bank 5.00% VRN 20/03/2023 EMTN 13,922 0.33 16,875,000 Credit Agricole S A London SR Non-Pfd Med Term Nts 144A 4.125% 10/01/2027 144A 13,736 0.33 11,358,000 Standard Life Finance 6.75% VRN (Perpetual) 13,723 0.33 10,950,000 Imperial Tobacco Finance 5.50% 28/09/2026 EMTN Reg S 13,719 0.33 10,900,000 HSBC Bank Funding Sterling I 5.844% VRN (Perpetual) 13,656 0.33 14,300,000 Vodafone Group 3.375% 08/08/2049 EMTN Reg S 13,601 0.33 10,500,000 Telefonica Emisiones SAU 5.445% 08/10/2029 EMTN Reg S 13,531 0.32 10,050,000 Abbey National Treasury Services 5.75% 02/03/2026 EMTN Reg S 13,450 0.32 11,150,000 Daily Mail & General Trust 6.375% 21/06/2027 13,404 0.32 11,240,000 Zurich Finance (UK) 6.625% VRN (Perpetual) EMTN 13,404 0.32 16,500,000 Philip Morris International 3.375% 11/08/2025 13,218 0.32 12,500,000 Barclays 3.25% 12/02/2027 EMTN Reg S 13,175 0.32 11,350,000 Porterbrook Rail Finance 6.50% 20/10/2020 EMTN Reg S 13,148 0.32 17,251,000 Verizon Communications 5.012% 21/08/2054 13,134 0.32 9,950,000 Imperial Tobacco Finance 9.00% 17/02/2022 EMTN Reg S 13,119 0.31 10,000,000 Eversholt Funding 6.359% 02/12/2025 EMTN 13,067 0.31 12,064,000 Southern Water Services Finance 6.125% 31/03/2019 EMTN 13,039 0.31 16,650,000 AT&T 5.30% 14/08/2058 12,980 0.31 11,295,000 Barclays Bank 4.25% 12/01/2022 Reg S 12,940 0.31 13,200,000 Kraft Foods Group 6.50% 09/02/2040 12,848 0.31 10,200,000 RWE Finance 4.75% 31/01/2034 EMTN Reg S 12,763 0.31 10,500,000 BAT International Finance 4.00% 23/11/2055 EMTN Reg S 12,635 0.30 15,000,000 Imperial Tobacco Finance 4.25% 21/07/2025 144A 12,334 0.30 10,000,000 HSBC Bank 5.375% VRN 04/11/2030 EMTN 12,298 0.30 15,000,000 SES 3.60% 04/04/2023 144A 11,940 0.29 15,200,000 Enterprise Products Operating 4.875% VRN 16/08/2077 11,809 0.28 11,550,000 NN Group 4.625% VRN 13/01/2048 Reg S 11,779 0.28 11,250,000 McKesson 3.125% 17/02/2029 11,773 0.28 10,000,000 Motability Operations Group 3.625% 10/03/2036 Reg S 11,736 0.28 8,800,000 EDF 5.125% 22/09/2050 EMTN Reg S 11,644 0.28 10,250,000 APT Pipelines 4.25% 26/11/2024 EMTN Reg S 11,613 0.28 7,700,000 Northern Gas Networks 5.625% 23/03/2040 EMTN 11,578 0.28 10,000,000 BUPA Finance 5.00% 08/12/2026 Reg S 11,548 0.28 11,450,000 Wells Fargo 2.00% 28/07/2025 EMTN Reg S 11,524 0.28 8,250,000 RWE Finance 6.25% 03/06/2030 EMTN 11,515 0.28 9,770,000 GKN Holdings 5.375% 19/09/2022 EMTN 11,448 0.27 11,400,000 Kraft Foods Group 6.875% 26/01/2039 11,400 0.27
288 Fidelity MoneyBuilder Income Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
9,610,000 National Westminster Bank 6.50% 07/09/2021 11,379 0.27 13,112,000 NiSource Finance 4.80% 15/02/2044 11,332 0.27 9,902,000 PGH Capital 5.75% 07/07/2021 Reg S 11,259 0.27 11,000,000 LafargeHolcim Sterling Finance 3.00% 12/05/2032 EMTN Reg S 11,087 0.27 7,951,000 Yorkshire Water Services Odsal Finance 6.454% 28/05/2027 11,069 0.27 9,660,000 Southern Water Services Finance 5.00% 31/03/2021 EMTN 11,005 0.26 9,374,000 AXA 5.625% VRN 16/01/2054 EMTN Reg S 10,995 0.26 9,700,000 SPI Assets 5.125% 11/02/2021 EMTN Reg S 10,942 0.26 10,000,000 Intu Properties 3.875% 17/03/2023 EMTN Reg S 10,936 0.26 7,081,000 International Bank for Reconstruction & Development 5.75% 07/06/2032 EMTN 10,914 0.26 9,575,000 Enel 6.625% VRN 15/09/2076 Reg S 10,816 0.26 10,700,000 National Grid Gas Finance 2.125% 22/09/2028 EMTN Reg S 10,675 0.26 10,000,000 APT Pipelines 3.50% 22/03/2030 EMTN Reg S 10,637 0.26 10,000,000 Severn Trent Water Utilities Finance 2.75% 05/12/2031 Reg S 10,598 0.25 10,000,000 Barclays 3.125% 17/01/2024 Reg S 10,543 0.25 8,251,000 Transport for London 4.00% 12/09/2033 Reg S 10,488 0.25 8,617,000 Wales & West Utilities Finance 6.25% 30/11/2021 10,478 0.25 11,400,000 Atf Netherlands 1.875% 19/01/2026 EMTN Reg S 10,446 0.25 7,500,000 EDP Finance Amsterdam 8.625% 04/01/2024 EMTN Reg S 10,260 0.25 7,600,000 EDF 5.50% 17/10/2041 EMTN Reg S 10,211 0.24 10,100,000 BAT Capital 2.125% 15/08/2025 EMTN Reg S 10,149 0.24 7,000,000 Lloyds TSB Bank 6.00% 08/02/2029 Reg S 10,065 0.24 9,596,000 Kennedy Wilson Europe Real Estate 3.95% 30/06/2022 Reg S 9,984 0.24 8,800,000 Commonwealth Bank Australia 3.00% 04/09/2026 9,881 0.24 9,700,000 Northumbrian Water Finance 1.625% 11/10/2026 Reg S 9,519 0.23 8,300,000 BAT International Finance 4.00% 04/09/2026 EMTN Reg S 9,469 0.23 11,700,000 Scentre Management Trustee Scentre Group Trust 3.75% 23/03/2027 144A 9,322 0.22 9,000,000 AA Bond 2.875% 31/07/2043 Reg S 9,242 0.22 8,400,000 TSB Banking Group 5.75% VRN 06/05/2026 EMTN 9,232 0.22 6,626,000 Porterbrook Rail Finance 7.125% 20/10/2026 EMTN 9,219 0.22 9,200,000 Shaftesbury Carnaby 2.487% 30/09/2031 9,178 0.22 7,618,000 London Power Networks 5.125% 31/03/2023 EMTN 9,084 0.22 7,300,000 Anglian Water Services Finance 4.50% 05/10/2027 EMTN Reg S 9,027 0.22 7,000,000 Investec Bank 9.625% 17/02/2022 EMTN Reg S 8,971 0.22 8,300,000 Phoenix Group Holdings 4.125% 20/07/2022 EMTN Reg S 8,894 0.21 7,500,000 AT&T 4.875% 01/06/2044 8,862 0.21 8,650,000 Morgan Stanley 2.625% 09/03/2027 GMTN 8,835 0.21 8,700,000 Motability Operations Group 2.375% 14/03/2032 EMTN Reg S 8,813 0.21 7,500,000 RL Finance Bonds No 3 6.125% 13/11/2028 Reg S 8,803 0.21 8,007,000 South East Water 5.6577% 30/09/2019 8,739 0.21 8,650,000 Anheuser-Busch InBev 1.75% 07/03/2025 EMTN Reg S 8,722 0.21 9,300,000 Abertis Infraestructure 1.375% 20/05/2026 Reg S 8,658 0.21 9,000,000 Glencore Finance (Europe) 1.875% 13/09/2023 Reg S 8,628 0.21 6,000,000 Wal-Mart Stores 5.25% 28/09/2035 8,627 0.21 10,000,000 General Electric 4.50% 11/03/2044 8,603 0.21 7,500,000 RL Finance Bonds 6.125% VRN 30/11/2043 Reg S 8,553 0.21 10,000,000 Swire Pacific Financing 4.50% 09/10/2023 EMTN Reg S 8,497 0.20 8,200,000 National Express Group 2.50% 11/11/2023 EMTN Reg S 8,424 0.20 6,423,000 America Movil 5.75% 28/06/2030 8,407 0.20 7,350,000 Eversholt Funding 5.831% 02/12/2020 EMTN 8,405 0.20 10,750,000 AT&T 3.90% 14/08/2027 8,393 0.20 10,000,000 BAT International Finance 2.25% 09/09/2052 EMTN Reg S 8,333 0.20
289 Fidelity MoneyBuilder Income Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
7,420,000 BAT International Finance 6.375% 12/12/2019 EMTN 8,306 0.20 8,000,000 SSE 3.875% VRN (Perpetual) Reg S 8,290 0.20 7,350,000 Society of Lloyds 4.875% VRN 07/02/2047 Reg S 8,129 0.20 7,290,000 Enterprise Inns 6.875% 09/05/2025 8,070 0.19 6,450,000 HBOS Treasury Services 4.875% 20/12/2024 EMTN 8,043 0.19 6,261,000 British Land 5.264% 24/09/2035 7,952 0.19 7,000,000 Global Switch Holdings 4.375% 13/12/2022 EMTN Reg S 7,869 0.19 7,700,000 Student Finance 2.6663% 30/09/2029 GMTN Reg S 7,833 0.19 7,650,000 Go-Ahead Group 2.50% 06/07/2024 Reg S 7,722 0.19 9,600,000 Barclays 4.836% 09/05/2028 7,712 0.19 7,600,000 Fidelity National Information Services 1.70% 30/06/2022 7,681 0.18 6,454,000 Time Warner Cable 5.75% 02/06/2031 7,681 0.18 6,750,000 Time Warner Cable 5.25% 15/07/2042 7,644 0.18 7,850,000 Aurizon Network Pty 2.00% 18/09/2024 EMTN Reg S 7,613 0.18 6,800,000 Barclays Bank 7.125% VRN (Perpetual) Reg S 7,579 0.18 6,300,000 National Grid Electric Transm 4.00% 08/06/2027 EMTN Reg S 7,474 0.18 7,200,000 Marks & Spencer 3.00% 08/12/2023 EMTN Reg S 7,457 0.18 7,825,000 AT&T 2.35% 04/09/2029 7,274 0.17 5,750,000 HSBC Holdings 5.75% 20/12/2027 EMTN 7,194 0.17 5,300,000 EDF Energy Networks 6.125% 07/06/2027 EMTN 7,190 0.17 7,000,000 Severn Trent Water Utilities Finance 6.00% 22/01/2018 EMTN 7,140 0.17 5,300,000 Heathrow Funding 4.625% 31/10/2048 Reg S 7,095 0.17 9,025,000 Canadian National Resources 4.95% 01/06/2047 GMTN 7,094 0.17 6,450,000 Close Brothers Group 4.25% 24/01/2027 Reg S 6,965 0.17 5,700,000 Veolia Environnement 4.625% 30/03/2027 EMTN Reg S 6,939 0.17 6,000,000 Rothesay Life 8.00% 30/10/2025 Reg S 6,920 0.17 6,850,000 Thames Water Utilities 2.875% 03/05/2027 EMTN Reg S 6,908 0.17 5,900,000 BHP Billiton Finance 6.50% VRN 22/10/2077 Reg S 6,850 0.16 6,400,000 GESB 8.35% 15/11/2018 6,844 0.16 5,000,000 South Eastern Power Networks 5.625% 30/09/2030 EMTN 6,834 0.16 5,625,000 Arqiva Financing 5.34% 30/06/2030 Reg S 6,787 0.16 6,331,000 Viridian Group 6.875% 18/09/2018 6,707 0.16 6,350,000 Scentre Management 2.375% 08/04/2022 EMTN Reg S 6,654 0.16 6,350,000 FCE Bank 2.727% 03/06/2022 EMTN Reg S 6,644 0.16 8,350,000 Philip Morris International 2.90% 15/11/2021 6,627 0.16 7,350,000 American Transmission Systems 5.00% 01/09/2044 144A 6,545 0.16 5,150,000 Edinburgh Investment Trust 7.75% 30/09/2022 6,530 0.16 6,450,000 HSBC Holdings 6.375% VRN 18/10/2022 EMTN 6,486 0.16 5,000,000 Heathrow Funding 7.125% 14/02/2024 EMTN Reg S 6,476 0.16 6,250,000 Thames Water Utilities 2.375% 03/05/2023 EMTN Reg S 6,314 0.15 5,000,000 Gatwick Funding 4.625% 27/03/2036 EMTN Reg S 6,271 0.15 5,744,000 Phoenix Life 7.25% VRN (Perpetual) 6,247 0.15 5,450,000 Enel 7.75% VRN 10/09/2075 Reg S 6,230 0.15 5,700,000 Assicurazioni Generali 6.416% VRN (Perpetual) 6,211 0.15 5,000,000 Enel Finance International 5.625% 14/08/2024 EMTN Reg S 6,199 0.15 5,050,000 British Telecommunications 9.625% VRN 15/12/2030 6,055 0.15 5,000,000 BPCE 5.25% 16/04/2029 Reg S 5,982 0.14 5,350,000 BUPA Finance 6.125% VRN (Perpetual) 5,961 0.14 4,500,000 London Merchant Securities 6.50% 16/03/2026 5,834 0.14 4,900,000 Heathrow Funding 5.225% VRN 15/02/2023 Reg S 5,823 0.14 7,000,000 21st Century Fox America 4.75% 15/09/2044 5,811 0.14 5,100,000 Admiral Group 5.50% 25/07/2024 Reg S 5,785 0.14
290 Fidelity MoneyBuilder Income Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
7,000,000 NiSource Finance 4.375% 15/05/2047 5,785 0.14 7,450,000 AT&T 5.15% 14/02/2050 5,777 0.14 5,000,000 Society of Lloyds 4.75% 30/10/2024 Reg S 5,725 0.14 4,950,000 Western Power Distribution West Midlands 3.875% 17/10/2024 EMTN Reg S 5,645 0.14 4,600,000 Southern Gas Networks 4.875% 05/10/2023 EMTN 5,493 0.13 4,600,000 Wales & West Utilities Finance 4.625% 13/12/2023 EMTN 5,479 0.13 4,396,000 HSBC Bank 6.50% 07/07/2023 EMTN Reg S 5,471 0.13 4,300,000 Land Securities 5.391% VRN 31/03/2027 5,455 0.13 5,200,000 EDF 5.875% VRN (Perpetual) Reg S 5,349 0.13 3,900,000 Aviva 6.875% VRN 20/05/2058 EMTN 5,283 0.13 4,850,000 Virgin Media Secured Finance 6.25% 28/03/2029 Reg S 5,279 0.13 4,100,000 Wales & West Utilities Finance 5.00% 07/03/2028 EMTN 5,263 0.13 5,675,000 AT&T 3.15% 04/09/2036 5,257 0.13 3,750,000 Enel Finance International 5.75% 14/09/2040 EMTN 5,241 0.13 5,000,000 Barclays 7.00% VRN (Perpetual) Reg S 5,178 0.12 4,800,000 Arqiva Financing 4.04% 30/06/2035 EMTN Reg S 5,111 0.12 4,900,000 Bank of Scotland 10.50% 16/02/2018 5,110 0.12 5,000,000 Credit Agricole 6.50% VRN (Perpetual) 5,099 0.12 4,000,000 Freshwater Finance 4.556% 03/04/2036 Reg S 5,088 0.12 4,550,000 HBOS 4.50% VRN 18/03/2030 EMTN 4,938 0.12 5,900,000 Time Warner Cable 5.875% 15/11/2040 4,904 0.12 4,800,000 DS Smith 2.875% 26/07/2029 EMTN Reg S 4,837 0.12 6,125,000 SGSP Australia Assets Pty 3.25% 29/07/2026 EMTN Reg S 4,732 0.11 4,423,000 Transport for London 2.25% 09/08/2022 EMTN Reg S 4,704 0.11 4,200,000 Telefonica Emisiones SAU 5.597% 12/03/2020 EMTN Reg S 4,672 0.11 4,338,000 RBS Group 9.50% VRN (Perpetual) 4,614 0.11 5,000,000 Total 2.625% VRN (Perpetual) 4,596 0.11 4,950,000 Altria Group 5.375% 31/01/2044 4,537 0.11 5,000,000 21st Century Fox America 5.40% 01/10/2043 4,527 0.11 5,775,000 Verizon Communications 4.40% 01/11/2034 4,472 0.11 3,499,082 Thfc Social Housing Finance 8.75% 18/12/2021 4,464 0.11 4,050,000 Standard Life Macs 6.546% VRN (Perpetual) 4,450 0.11 3,800,000 American International Group 5.00% 26/04/2023 EMTN 4,448 0.11 3,100,000 Reseau Ferre de France 5.25% 31/01/2035 EMTN 4,419 0.11 5,000,000 AusNet Services Holdings Pty 5.75% VRN 17/03/2076 Reg S 4,197 0.10 3,400,000 America Movil 5.00% 27/10/2026 4,166 0.10 4,000,000 Telecom Italia Capital 7.20% 18/07/2036 3,845 0.09 4,900,000 Swire Properties Finance 2.75% 07/03/2020 EMTN Reg S 3,838 0.09 3,500,000 EDF 6.00% VRN (Perpetual) EMTN Reg S 3,713 0.09 4,350,000 General Electric 4.125% 09/10/2042 3,543 0.09 4,100,000 Kraft Heinz Foods 5.20% 15/07/2045 3,435 0.08 3,000,000 Southern Gas Networks 4.875% 21/12/2020 3,376 0.08 2,582,000 Western Power Distribution West Midlands 6.00% VRN 09/05/2025 EMTN Reg S 3,368 0.08 2,750,000 Imperial Tobacco Finance 4.875% 07/06/2032 EMTN Reg S 3,357 0.08 2,150,000 United Utilities 8.875% 25/03/2026 3,322 0.08 3,100,000 Porterbrook Rail Finance 5.50% 20/04/2019 EMTN Reg S 3,317 0.08 3,300,000 Tesco 5.20% 05/03/2057 EMTN 3,312 0.08 2,500,000 SNCF 5.375% 18/03/2027 EMTN 3,286 0.08 2,000,000 Orange 5.375% 22/11/2050 EMTN 2,968 0.07 2,750,000 Temple Bar Investment Trust 9.875% 31/12/2017 2,832 0.07 2,100,000 Scottish Power UK 6.75% 29/05/2023 EMTN 2,686 0.06 2,400,000 Telefonica Europe 6.75% VRN (Perpetual) Reg S 2,661 0.06
291 Fidelity MoneyBuilder Income Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
2,142,000 British Land 5.357% 31/03/2028 2,650 0.06 2,550,000 Credit Suisse 5.75% VRN 18/09/2025 2,641 0.06 2,000,000 Bankers Investment Trust 8.00% 31/10/2023 2,638 0.06 2,000,000 Annes Gate Property 5.661% 30/06/2031 2,630 0.06 2,700,000 Reynolds American 6.15% 15/09/2043 2,604 0.06 2,000,000 Anglian Water Services Finance 5.837% 30/07/2022 2,450 0.06 2,400,000 SSE 3.625% VRN 16/09/2077 Reg S 2,445 0.06 2,550,000 Hutchison Whampoa Europe Finance 13 3.75% VRN (Perpetual) Reg S 2,393 0.06 1,850,000 Woolwich Building Society 9.50% 07/08/2021 2,353 0.06 2,158,000 FirstGroup 6.125% 18/01/2019 2,304 0.06 2,000,000 Royal KPN (Koninklijke Kpn) 8.375% 01/10/2030 2,179 0.05 1,450,000 Imperial Tobacco Finance 8.125% 15/03/2024 EMTN 1,982 0.05 2,250,000 Credit Suisse 6.50% 08/08/2023 Reg S 1,975 0.05 2,000,000 Telefonica Emisiones SAU 5.213% 08/03/2047 1,708 0.04 1,300,000 Transport for London 3.625% 15/05/2045 EMTN Reg S 1,641 0.04 1,500,000 Assicurazioni Generali 6.269% VRN (Perpetual) 1,628 0.04 900,000 Peel Holdings 8.375% STEP 30/04/2040 1,329 0.03 1,225,000 Santander UK 7.375% VRN (Perpetual) Reg S 1,328 0.03 825,000 SMFG Preferred Capital GBP 2 10.231% VRN (Perpetual) Reg S 1,324 0.03 1,000,000 British Land 5.357% 31/03/2028 1,232 0.03 1,046,000 FirstGroup 5.25% 29/11/2022 Reg S 1,223 0.03 1,000,000 Telecom Italia Capital 6.00% 30/09/2034 854 0.02 500,000 Great Portland Estates 5.625% 31/01/2029 627 0.02 600,000 Wendel 2.50% 09/02/2027 Reg S 586 0.01 650,000 Spectra Energy Partners 4.75% 15/03/2024 550 0.01 475,000 Mondelez International 2.375% 06/03/2035 431 0.01 279,000 Land Securities Cap Markets 5.125% VRN 07/02/2036 382 0.01 250,000 WEA Finance 3.75% 17/09/2024 144A 199 0.00 5,100,000 TXU Europe Funding 7.00% 31/12/2049 (Defaulted) 0 0.00 1,000,000 British & Commonwealth Holding 10.50% 31/07/2012 (Defaulted) 0 0.00 250,000 Confederation Life Insurance 9.875% (Defaulted) 0 0.00 3,110,060 74.61 Mortgage Related Bonds - (14.69%) 39,290,721 Aspire Defence Finance 4.674% 31/03/2040 49,840 1.20 24,312,306 Dignity Finance 3.5456% 31/12/2034 Reg S 27,737 0.67 25,350,000 Channel Link Enterprises Finance 3.043% VRN 30/06/2050 Reg S 26,070 0.63 17,929,662 UPP Bond 1 Issuer 4.9023% 28/02/2040 EMTN Reg S 22,326 0.54 16,564,903 British Broadcasting 5.0636% 10/08/2033 Reg S 20,638 0.50 17,130,249 Unique Pub Finance 5.659% 30/06/2027 19,212 0.46 21,334,000 Mitchells & Butler Finance 1.1912% VRN 15/12/2033 Reg S 18,454 0.44 14,944,000 Telereal Securitisation 6.1645% 10/12/2031 18,441 0.44 12,837,000 Community Finance 1 5.017% 31/07/2034 EMTN 17,542 0.42 17,220,000 Marstons Issuer 5.158% VRN 15/10/2027 17,235 0.41 14,830,792 Arsenal Securities 5.1418% 01/09/2029 17,079 0.41 13,072,836 Channel Link Enterprises Finance 5.892% 30/06/2041 16,391 0.39 12,490,173 Equity Release Funding 2 5.88% 26/05/2032 15,797 0.38 12,802,037 Bishopsgate Asset Finance 4.808% 14/08/2044 14,217 0.34 12,225,000 Arqiva Financing 4.882% 31/12/2032 EMTN Reg S 14,097 0.34 10,893,000 Dignity Finance 4.6956% 31/12/2049 Reg S 13,741 0.33 11,501,040 Premiertel 6.175% 08/05/2032 13,279 0.32 11,785,491 Greene King Finance 4.0643% 15/03/2035 Reg S 13,140 0.32 13,500,000 Spirit Issuer FRN 28/12/2031 Reg S 13,092 0.31
292 Fidelity MoneyBuilder Income Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
10,203,143 RMPA Services 5.337% 30/09/2038 12,957 0.31 10,323,643 Nats En Route 5.25% 31/03/2026 12,169 0.29 8,945,293 Great Rolling Stock 6.875% 27/07/2035 EMTN 11,887 0.29 9,984,250 Longstone Finance 4.791% 19/04/2036 11,776 0.28 9,047,077 Channel Tunnel Rail Link 5.234% 02/05/2035 11,637 0.28 9,519,349 Tesco Property Finance 2 6.0517% 13/10/2039 11,006 0.26 8,684,448 Aspire Defence Finance 4.674% 31/03/2040 10,996 0.26 9,711,373 Wods Transmission 3.446% 24/08/2034 Reg S 10,873 0.26 8,122,355 Punch Taverns Finance 7.32% 15/10/2025 10,153 0.24 8,226,120 Unique Pub Finance 6.542% 30/03/2021 8,939 0.21 8,100,000 Penarian Housing Finance 3.212% 07/06/2052 Reg S 8,295 0.20 6,668,825 Highbury Finance 7.017% 20/03/2023 7,937 0.19 5,744,000 Anglian Water Services Finance 6.875% 21/08/2023 7,569 0.18 6,610,543 Tesco Property Finance 5 5.6611% 13/10/2041 Reg S 7,339 0.18 6,004,544 Tesco Property Finance 3 5.744% 13/04/2040 Reg S 6,766 0.16 4,900,000 Eversholt Funding 6.697% 22/02/2035 EMTN 6,701 0.16 5,416,258 Capital & Counties Debenture 5.562% 31/12/2027 6,392 0.15 5,131,970 Telereal Securitisation 5.3887% 10/12/2033 6,219 0.15 4,500,000 Dali Capital 4.7992% 21/12/2037 5,842 0.14 4,027,098 Trafford Centre Finance 6.50% 28/07/2033 5,589 0.13 3,600,000 Peel South East 10.00% 30/04/2026 5,297 0.13 4,112,766 Telereal Securitisation 5.5534% 10/12/2033 5,046 0.12 4,900,000 Holmes Master Issuer 10-1 4.009% 15/10/2054 Reg S 4,917 0.12 3,834,249 Meadowhall Finance 4.986% 12/07/2037 Reg S 4,832 0.12 3,250,000 Canary Wharf Finance II 5.952% 22/10/2037 4,670 0.11 4,090,162 Delamare Finance 5.5457% 19/02/2029 4,544 0.11 2,994,829 Mitchells & Butler Finance 6.013% 15/12/2028 Reg S 3,643 0.09 2,414,768 Mitchells & Butler Finance 5.574% 15/12/2030 Reg S 2,871 0.07 1,000,000 Southern Water Services Finance 3.706% 31/03/2034 2,541 0.06 2,145,000 Telereal Securitisation 4.9741% 10/12/2033 Reg S 2,476 0.06 1,802,328 BL Superstores Finance 4.482% 04/10/2030 2,094 0.05 1,500,000 British Empire Trust 8.125% 02/07/2023 1,965 0.05 1,229,441 BL Superstores Finance 5.27% 04/10/2030 1,386 0.03 1,104,083 Eddystone Finance 1.1043% VRN 19/04/2021 1,104 0.03 906,883 Marstons Issuer 1.9543% VRN 15/07/2020 896 0.02 898,398 Greene King Finance 1.8375% VRN 15/09/2021 876 0.02 598,528 14.36 Gilt Edged Securities - (9.65%) 63,100,000 UK Gilt 6.00% 07/12/2028 95,921 2.30 74,600,000 UK Gilt 1.50% 22/07/2026 Reg S 78,176 1.88 34,850,000 UK Gilt 4.75% 07/12/2030 49,477 1.19 17,550,000 UK Gilt 3.50% 22/07/2068 29,673 0.71 21,700,000 UK Gilt 5.00% 07/03/2025 28,495 0.68 20,075,000 UK Gilt 4.25% 07/06/2032 27,623 0.66 8,000,000 UK Gilt 2.50% 22/07/2065 Reg S 10,591 0.25 7,000,000 UK Gilt 2.25% 07/09/2023 7,699 0.18 5,150,000 UK Gilt 2.75% 07/09/2024 5,880 0.14 2,700,000 UK Gilt 3.75% 22/07/2052 4,222 0.10 3,650,000 UK Gilt 1.25% 22/07/2027 Reg S 3,706 0.09 1,500,000 UK Gilt 4.25% 07/12/2049 2,462 0.06 1,400,000 UK Gilt 4.25% 07/03/2036 1,994 0.05 1,050,000 UK Gilt 4.00% 07/03/2022 1,223 0.03
293 Fidelity MoneyBuilder Income Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
347,142 8.33 Convertible Bonds - (0.51%) 18,809,000 Enterprise Inns 6.375% 26/09/2031 20,696 0.50 20,696 0.50 Government Bonds - (0.26%) 9,800,000 US Treasury Note 2.00% 30/04/2024 7,634 0.18 3,150,000 US Treasury Note 2.00% 15/08/2025 2,436 0.06 10,070 0.24 Credit Default Swaps - (0.02%) 6,000,000 Sold Protection on SABMiller 6.625% 20/06/2018 41 0.00 15,000,000 Sold Protection on Groupe Danone 5.50% 20/12/2017 40 0.00 15,000,000 Sold Protection on Anheuser-Busch InBev 8.625% 20/12/2017 38 0.00 6,000,000 Sold Protection on SABMiller 6.625% 20/03/2018 28 0.00 3,000,000 Sold Protection on SABMiller 6.625% 20/03/2018 14 0.00 17,500,000 Sold Protection on Coca Cola 3.15% 20/09/2017 7 0.00 17,500,000 Sold Protection on Procter & Gamble 4.95% 20/09/2017 7 0.00 15,000,000 Sold Protection on Anheuser Busch InBev 8.625% 20/09/2017 7 0.00 17,500,000 Sold Protection on Coca Cola 3.15% 20/09/2017 7 0.00 17,500,000 Sold Protection on Procter & Gamble 4.95% 20/09/2017 7 0.00 196 0.00 Financials - (0.25%) 0 Fidelity Institutional Sterling Fund Class A-Acc 1 0.00 1 0.00 Index Credit Default Swap - ((0.01)%) 63,000,000 Bought Protection on ITRAXX EUR Snr Finance 20/12/2018 (653) (0.02) (653) (0.02) Futures - ((0.21)%) 218,800,000 US 10 Year Treasury Note (CBT) Commodity Future 19/12/2017 529 0.01 (18,800,000) US 5 Year Treasury Note (CBT) Commodity Future 29/12/2017 (25) 0.00 (4,800,000) EURO BUXL 30 Year Commodity Future 07/09/2017 (61) 0.00 (12,500,000) Euro-BOBL Commodity Future 07/09/2017 (173) 0.00 (33,200,000) US 20 Year Long Bond (CBT) Commodity Future 19/12/2017 (192) 0.00 (43,900,000) US Ultra Bond Commodity Future 19/12/2017 (232) (0.01) (89,100,000) EURO-BUND Commodity Future 07/09/2017 (512) (0.01) (124,100,000) US 10 Year Ultra Future 19/12/2017 (574) (0.01) (254,600,000) Long Gilt Commodity Future 27/12/2017 (1,091) (0.03) (2,331) (0.06) Forward Foreign Exchange Contracts - ((0.08)%)
294 Fidelity MoneyBuilder Income Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
9,720,000 Bought EUR sold GBP @ 1.101488 for settlement 16/11/2017 140 0.00 4,930,000 Bought EUR sold GBP @ 1.084508 for settlement 16/11/2017 1 0.00 8,599,000 Bought EUR sold GBP @ 1.083638 for settlement 16/11/2017 (5) 0.00 (186,605,000) Bought GBP sold USD @ 1.303442 for settlement 16/11/2017 (1,373) (0.03) (200,000,000) Bought GBP sold USD @ 1.303105 for settlement 16/11/2017 (1,432) (0.03) (169,803,000) Bought GBP sold EUR @ 1.105913 for settlement 16/11/2017 (3,062) (0.07) (5,731) (0.14) Portfolio of investments 4,077,978 97.82 Cash and other net assets/(liabilities) 90,165 2.18 Net assets 4,168,143 100.00
The figures in brackets represent the sector distributions at 28 February 2017. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes.
295 Fidelity Short Dated Corporate Bond Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Corporate Bonds - (87.37%) 1,050,000 Tennessee Valley Authority 5.35% 07/06/2021 1,215 2.70 950,000 AA Bond 2.75% 31/07/2043 EMTN Reg S 961 2.14 850,000 Co-Operative Bank 4.75% 11/11/2021 Reg S 945 2.10 650,000 Thfc Social Housing Finance 8.75% 18/12/2021 828 1.84 756,000 Viridian Group 6.875% 18/09/2018 800 1.78 600,000 Innogy Finance 6.50% 20/04/2021 EMTN Reg S 712 1.58 700,000 HSBC Holdings 6.375% VRN 18/10/2022 EMTN 703 1.56 650,000 Munich RE Finance 7.625% VRN 21/06/2028 683 1.52 500,000 Investec Bank 9.625% 17/02/2022 EMTN Reg S 640 1.42 500,000 First Hydro Finance 9.00% 31/07/2021 640 1.42 600,000 BAT International Finance 1.75% 05/07/2021 EMTN Reg S 610 1.36 600,000 National Australia Bank 1.125% 10/11/2021 Reg S 606 1.35 500,000 RAC Bond 4.565% 06/05/2046 EMTN Reg S 552 1.23 500,000 Japan Bank International Cooperation 2.625% 15/12/2020 529 1.17 400,000 Northern Powergrid Holdings 7.25% 15/12/2022 514 1.14 450,000 Global Switch Holdings 4.375% 13/12/2022 EMTN Reg S 506 1.12 500,000 Severn Trent Water Utilities Finance 1.125% 07/09/2021 EMTN Reg S 503 1.12 392,000 Western Power Distribution 9.25% 09/11/2020 493 1.09 379,000 Edinburgh Investment Trust 7.75% 30/09/2022 481 1.07 400,000 General Electric Capital UK Funding 5.875% 04/11/2020 EMTN 462 1.03 400,000 Digital Stout Holding 4.75% 13/10/2023 Reg S 456 1.01 450,000 Met Life Global Funding I 1.125% 15/12/2021 GMTN Reg S 452 1.00 400,000 Standard Life Macs 6.546% VRN (Perpetual) 439 0.97 400,000 Northern Gas Networks 5.875% 08/07/2019 437 0.97 400,000 AA Bond 4.2487% 31/07/2043 Reg S 428 0.95 351,000 Atlantia 6.25% 09/06/2022 EMTN 427 0.95 400,000 Imperial Tobacco Finance 6.25% 04/12/2018 EMTN 426 0.95 350,000 Barclays Bank 14.00% VRN (Perpetual) 419 0.93 350,000 Yorkshire Electricity Group 9.25% 17/01/2020 418 0.93 355,000 Temasek Financial 4.625% 26/07/2022 GMTN Reg S 417 0.93 350,000 Bank of America Corporation 6.125% 15/09/2021 EMTN Reg S 416 0.92 400,000 Telecom Italia 7.375% 15/12/2017 EMTN 407 0.90 350,000 Porterbrook Rail Finance 6.50% 20/10/2020 EMTN Reg S 405 0.90 400,000 Royal Bank of Canada 1.125% 22/12/2021 Reg S 405 0.90 400,000 Alberta Province CDA 1.00% 15/11/2021 Reg S 403 0.89 350,000 Eversholt Funding 5.831% 02/12/2020 EMTN 400 0.89 350,000 Great Rolling Stock 6.25% 27/07/2020 EMTN Reg S 399 0.89 500,000 AT&T 3.20% 01/03/2022 396 0.88 300,000 Direct Line Insurance Group 9.25% VRN 27/04/2042 391 0.87 350,000 SSE 3.875% VRN (Perpetual) Reg S 363 0.81 350,000 Fidelity National Information Services 1.70% 30/06/2022 354 0.79 320,000 Alliance & Leicester 9.625% VRN 30/10/2023 EMTN 351 0.78 300,000 Southern Gas Networks 4.875% 21/12/2020 338 0.75 300,000 SPI Assets 5.125% 11/02/2021 EMTN Reg S 338 0.75 300,000 E.ON International Finance 6.00% 30/10/2019 EMTN 333 0.74 300,000 Enel 6.25% 20/06/2019 EMTN Reg S 328 0.73 300,000 Tesco 5.50% 13/12/2019 EMTN 327 0.73 250,000 Legal & General Group 10.00% VRN 23/07/2041 325 0.72 250,000 Friends Provident Holdings UK 8.25% 21/04/2022 Reg S 323 0.72 250,000 Heathrow Funding 9.20% VRN 29/03/2023 EMTN Reg S 319 0.71 400,000 Enterprise Products Operating 4.875% VRN 16/08/2077 311 0.69
296 Fidelity Short Dated Corporate Bond Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
300,000 CPUK Finance 2.666% 28/02/2042 EMTN Reg S 310 0.69 300,000 BG Energy Capital 6.50% VRN 30/11/2072 Reg S 304 0.67 250,000 Iberdrola Finanzas SAU 6.00% 01/07/2022 EMTN 303 0.67 300,000 New York Life Global Funding 1.00% 15/12/2021 GMTN Reg S 302 0.67 300,000 National Grid Gas Finance 1.125% 22/09/2021 EMTN Reg S 302 0.67 255,000 National Express Group 6.625% 17/06/2020 EMTN Reg S 292 0.65 275,000 Sky 2.875% 24/11/2020 EMTN Reg S 291 0.65 250,000 BHP Billiton Finance 6.50% VRN 22/10/2077 Reg S 290 0.64 250,000 Old Mutual 8.00% 03/06/2021 EMTN Reg S 290 0.64 350,000 Verizon Communications 3.125% 16/03/2022 278 0.62 250,000 Goodman Australia Finance Property 9.75% 16/07/2018 EMTN 269 0.60 250,000 Arqiva Financing 4.04% 30/06/2035 EMTN Reg S 266 0.59 250,000 Citigroup 5.125% 12/12/2018 EMTN 263 0.58 250,000 Volkswagen Financial Services 2.75% 02/10/2020 EMTN Reg S 261 0.58 250,000 United Utilities Water 5.375% 14/05/2018 EMTN 258 0.57 250,000 HSBC Bank 5.00% VRN 20/03/2023 EMTN 255 0.57 325,000 Canadian National Resources 2.95% 15/01/2023 252 0.56 200,000 Orange 7.25% 10/11/2020 EMTN 239 0.53 200,000 British Telecommunications 8.625% 26/03/2020 239 0.53 200,000 ENW Finance 6.125% 21/07/2021 EMTN 238 0.53 225,000 Daily Mail & General Trust 5.75% 07/12/2018 237 0.53 250,000 CNRC Capital 1.871% 07/12/2021 Reg S 236 0.52 200,000 Xstrata Canada Finance 7.375% 27/05/2020 EMTN 232 0.52 200,000 Goldman Sachs Group (The) 5.50% 12/10/2021 231 0.51 200,000 Southern Water Services Finance 5.00% 31/03/2021 EMTN 228 0.51 200,000 BUPA Finance 6.125% VRN (Perpetual) 223 0.50 200,000 Commerzbank 6.625% 30/08/2019 EMTN 219 0.49 215,000 Anglian Water Services Finance 5.50% VRN 10/10/2040 EMTN 216 0.48 250,000 Sabine Pass Liquefaction 5.625% VRN 01/02/2021 211 0.47 200,000 Scentre Management 2.375% 08/04/2022 EMTN Reg S 210 0.47 200,000 National Capital Trust 5.62% VRN (Perpetual) Reg S 210 0.47 200,000 Heathrow Funding 6.25% 10/09/2018 EMTN Reg S 210 0.47 200,000 ING Bank 6.875% VRN 29/05/2023 EMTN 208 0.46 200,000 Veolia Environnement 4.85% VRN (Perpetual) Reg S 204 0.45 200,000 Telefonica Emisiones SAU 5.375% 02/02/2018 EMTN 204 0.45 200,000 Deutsche Bank 1.875% 28/02/2020 EMTN 202 0.45 150,000 Halifax 9.375% 15/05/2021 Reg S 192 0.43 150,000 Zurich Finance (UK) 6.625% VRN (Perpetual) EMTN 179 0.40 150,000 American International Group 5.00% 26/04/2023 EMTN 176 0.39 150,000 GKN Holdings 5.375% 19/09/2022 EMTN 176 0.39 150,000 Prudential 11.375% VRN 29/05/2039 176 0.39 150,000 GKN Holdings 6.75% 28/10/2019 Reg S 168 0.37 150,000 HSBC Bank Funding Sterling I 5.862% VRN (Perpetual) 166 0.37 150,000 AXA 6.772% VRN (Perpetual) EMTN 165 0.37 150,000 Elm 6.3024% VRN (Perpetual) EMTN Reg S 161 0.36 150,000 FirstGroup 6.125% 18/01/2019 160 0.36 150,000 Yorkshire Building Society 4.125% VRN 20/11/2024 EMTN Reg S 156 0.35 150,000 Societe Generale France 5.40% 30/01/2018 EMTN 153 0.34 130,000 Motability Operations Group 6.625% 10/12/2019 EMTN Reg S 147 0.33 125,000 Vattenfall 6.125% 16/12/2019 EMTN Reg S 140 0.31 125,000 Telereal Securitisation 4.0902% VRN 10/12/2033 132 0.29 150,000 Shire Acquisitions Investments Ireland 1.90% 23/09/2019 115 0.26
297 Fidelity Short Dated Corporate Bond Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
100,000 Aviva 6.125% VRN (Perpetual) 113 0.25 100,000 TSB Banking Group 5.75% VRN 06/05/2026 EMTN 110 0.24 100,000 Phoenix Group Holdings 4.125% 20/07/2022 EMTN Reg S 107 0.24 100,000 Standard Chartered Bank 7.75% 03/04/2018 EMTN Reg S 104 0.23 100,000 Thames Water Utilities 2.375% 03/05/2023 EMTN Reg S 101 0.22 100,000 Constellation Brands 3.875% 15/11/2019 81 0.18 100,000 Diamond 1 Finance / Diamond 2 Finance 3.48% 01/06/2019 144A 79 0.18 100,000 International Lease Finance 3.875% 15/04/2018 79 0.18 50,000 RBS Group 9.50% VRN (Perpetual) 53 0.12 37,706 83.72 Mortgage Related Bonds - (10.05%) 1,050,000 Channel Link Enterprises Finance 1.761% VRN 30/06/2050 Reg S 982 2.18 850,000 Westfield Stratford City Finance 1.2664% VRN 04/11/2024 Reg S 849 1.88 650,000 Newday Funding 2017 1 0.00% VRN (Perpetual) Reg S 651 1.45 464,965 Nats En Route 5.25% 31/03/2026 548 1.22 391,720 Unique Pub Finance 6.542% 30/03/2021 426 0.95 500,000 Sprint Spectrum 3.36% 20/03/2023 144A 393 0.87 165,923 Punch Taverns Finance 7.32% 15/10/2025 207 0.46 60,000 City Greenwich Lewisham Rail 9.375% 11/10/2020 65 0.14 4,121 9.15 Gilt Edged Securities - (0.00%) 1,050,000 UK Gilt 2.00% 22/07/2020 Reg S 1,104 2.45 1,104 2.45 Government Bonds - (0.00%) 750,000 Qatar 2.099% 18/01/2018 Reg S 582 1.29 250,000 Kuwait 2.75% 20/03/2022 Reg S 197 0.44 779 1.73 Convertible Bonds - (0.00%) 241,000 Enterprise Inns 6.50% 06/12/2018 256 0.57 256 0.57 Financials - (0.00%) 0 Fidelity Institutional Sterling Fund Class A-Acc 1 0.00 1 0.00 Forward Foreign Exchange Contracts - ((0.03)%) 253,000 Bought EUR sold GBP @ 1.095303 for settlement 16/11/2017 2 0.00 (304,000) Bought GBP sold USD @ 1.291219 for settlement 16/11/2017 0 0.00 (3,487,000) Bought GBP sold USD @ 1.302840 for settlement 16/11/2017 (24) (0.05) (1,536,000) Bought GBP sold EUR @ 1.105284 for settlement 16/11/2017 (27) (0.06) (49) (0.11) Portfolio of investments 43,918 97.51 Cash and other net assets/(liabilities) 1,128 2.49 Net assets 45,046 100.00
The figures in brackets represent the sector distributions at 28 February 2017. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes.
298 Fidelity Special Situations Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Financials - (40.17%) 16,382 Fidelity Institutional USD Fund Class A-Acc 219,341 6.93 3,456,465 Citigroup 182,551 5.77 157,691,522 Lloyds Banking Group 99,976 3.16 12,630,596 Phoenix Group Holdings 98,582 3.12 28,723,690 esure Group 78,128 2.47 14,275,267 Aviva 74,874 2.37 28,610,300 CLS Holdings 61,884 1.96 20,807,563 John Laing Group 61,403 1.94 52,146,390 Sherborne Investors (Guernsey) C 53,711 1.70 10,751,311 Allied Irish Banks 49,355 1.56 2,507,226 Electra Private Equity 41,720 1.32 12,787,234 RBS Group 31,815 1.01 2,673,351 Burford Capital 30,530 0.96 15,227,497 International Personal Finance 30,074 0.95 15,330,690 Zegona Communications 27,289 0.86 27,017,010 Summit Germany 26,372 0.83 14,208,332 Man Group 23,657 0.75 10,962,503 U & I Group 20,363 0.64 46,038 Fairfax Financial Holdings 18,360 0.58 1,513,875 Alstria Office (REIT) 17,078 0.54 26,422,273 Sherborne Investors Guernsey B 12,154 0.38 2,831,507 Paragon Group of Companies 11,513 0.36 1,171,131 Nex Group 7,788 0.25 4,989,438 Marwyn Value Investors 7,484 0.24 2,987,672 McKay Securities 6,887 0.22 2,346,514 LXB Retail Properties 663 0.02 100,064 Polar Capital Holdings 433 0.01 0 Fidelity Institutional Sterling Fund Class A-Acc 6 0.00 0 Fidelity Institutional Euro Fund Class A-Acc 4 0.00 1,293,995 40.90 Industrials - (20.07%) 5,629,469 Ultra Electronics Holdings 103,188 3.26 1,894,696 Ferguson 86,910 2.75 92,089,628 Coats Group 72,843 2.30 44,847,190 Serco Group 52,292 1.65 11,202,687 Royal Mail 43,433 1.37 23,759,559 SIG 42,078 1.33 5,417,851 HomeServe 39,442 1.25 3,414,502 Vitec Group 33,394 1.06 10,742,561 Senior 29,402 0.93 30,332,541 Renewi 28,740 0.91 1,846,896 Leonardo 24,219 0.77 10,459,991 TT Electronics 23,457 0.74 8,681,375 Balfour Beatty 22,763 0.72 2,372,004 PayPoint 21,431 0.68 3,494,743 Essentra 18,714 0.59 16,810,727 Smiths News 16,895 0.53 5,538,648 Morgan Advanced Materials 16,572 0.52 8,656,366 Chemring Group 15,170 0.48
299 Fidelity Special Situations Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
21,158,676 Speedy Hire 11,108 0.35 1,595,430 Meggitt 8,224 0.26 2,060,867 Hargreaves Services 6,981 0.22 573,402 Dialight 4,521 0.14 3,133,639 Laird 4,450 0.14 347,992 Oxford Instruments Group 3,588 0.11 4,408,243 Promethean 0 0.00 729,815 23.07 Consumer Services - (8.35%) 87,833,417 Ladbrokes Coral Group 102,150 3.23 34,325,725 Booker Group 67,999 2.15 10,089,563 Sports Direct International 39,016 1.23 5,469,590 Millennium & Copthrne Htls 25,330 0.80 11,910,256 Saga 24,047 0.76 7,091,701 McColls Retail Group 18,438 0.58 2,933,209 Pearson 17,687 0.56 3,522,259 NOS 17,301 0.55 13,559,900 Gocompare.Com Group 13,560 0.43 18,828,759 Huntsworth 13,557 0.43 5,490,085 Findel 10,445 0.33 4,257,486 Carpetright 8,238 0.26 357,768 11.31 Health Care - (6.78%) 3,177,890 Shire 120,553 3.81 689,969 Livanova 32,706 1.03 14,558,178 Vectura Group 15,767 0.50 169,026 5.34 Technology - (5.77%) 83,811 Alphabet (A) 61,403 1.94 1,417,047 Hewlett Packard Enterprise 19,772 0.62 279,537 DXC Technology 18,323 0.58 1,076,651 HP 16,026 0.51 5,847 Spotify Technology (unlisted) 15,890 0.50 9,902,171 Spirent Communications 9,506 0.30 870,610 NCC Group 1,630 0.05 142,550 4.51 Oil & Gas - (5.14%) 4,300,557 Royal Dutch Shell (B) 92,505 2.92 7,761,971 SOCO International 9,140 0.29 52,611,479 Amerisur Resources 8,155 0.26 1,268,688 Nostrum Oil & Gas 4,746 0.15 4,112,929 Lamprell 4,113 0.13 2,882,075 Green Dragon Gas 1,729 0.05 4,362,141 Parkmead Group 1,592 0.05 74,604 Royal Dutch Shell (A) 1,581 0.05 123,561 3.91 Consumer Goods - (4.74%) 33,143,683 Cairn Homes 52,650 1.66 25,625,031 Photo-Me International 40,872 1.29 5,377,340 Jimmy Choo 12,336 0.39 105,858 3.35 300 Fidelity Special Situations Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Basic Materials - (2.96%) 12,201,311 Synthomer 57,529 1.82 6,066,937 Hochschild Mining 16,860 0.53 6,410,364 Semafo 13,738 0.43 3,312,588 Central Asia Metals 8,331 0.26 2,593,222 Nevsun Res 4,220 0.13 100,678 3.18 Telecommunications - (4.33%) 31,663,004 BT Group 92,013 2.91 2,052,620 Manx Telecom 4,023 0.13 96,036 3.04 Corporate Bonds - (0.68%) 26,920,000 International Personal Finance 5.75% 07/04/2021 EMTN Reg S 22,457 0.71 2,116,390 Spotify Technology 5.00% VRN 11/02/2021 1,775 0.06 825,000 International Personal Finance 4.25% 23/05/2018 EMTN Reg S 749 0.02 24,981 0.79 Utilities - (0.00%) 812,321 Engie 10,506 0.33 10,506 0.33 Contracts for Difference - (1.27%) 3,247,106 Royal Dutch Shell (B) (CFD) 17,493 0.55 (4,852,957) Centamin (CFD) 419 0.01 3,945,000 Taiheiyo Cement (CFD) 402 0.01 (1,795,741) Ford Motor (CFD) 152 0.00 847,159 CPL Resources (CFD) 118 0.00 (697,389) RPC Group (CFD) (370) (0.01) 595,716 Nevsun Res (CFD) (388) (0.01) (4,567,000) Geely Automobile Holdings (CFD) (819) (0.03) (88,348) Teleperformance (CFD) (1,326) (0.04) (1,013,538) Big Yellow Group (CFD) (1,345) (0.04) (2,315,180) DS Smith Holdings (CFD) (1,654) (0.05) (1,003,619) Marine Harvest (CFD) (2,014) (0.06) 5,621,063 CRH (CFD) (4,866) (0.15) (370,258) Ambu (B) (CFD) (7,295) (0.23) (11,598) LPP (CFD) (9,130) (0.29) 10,779,653 Bank Ireland Group (CFD) (11,201) (0.35) (21,824) (0.69) Portfolio of investments 3,132,950 99.04 Cash and other net assets/(liabilities) 30,859 0.96 Net assets 3,163,809 100.00
The figures in brackets represent the sector distributions at 28 February 2017. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes.
301 Fidelity Sterling Core Plus Reduced Duration Bond Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Financials - (92.55%) 5,458,389 Fidelity Institutional Sterling Core Plus Bond Fund GACC-GBP 68,120 90.50 68,120 90.50 Gilt Edged Securities - (7.52%) 4,350,000 UK Gilt 5.00% 07/03/2018 4,458 5.92 1,400,000 UK Gilt 1.75% 22/07/2019 Reg S 1,442 1.92 5,900 7.84 Index Credit Default Swap - (0.09%) 900,000 Sold Protection on ITRAXX XOver S25 20/06/2021 94 0.12 94 0.12 Futures - (0.02%) 7,500,000 US Ultra Bond Commodity Future 19/12/2017 38 0.05 (1,400,000) Long Gilt Commodity Future 27/12/2017 (6) (0.01) 32 0.04 Interest Rate Swaps - ((3.25)%) 33,600,000 Receive fixed 0.95% pay float 6 Month GBP LIBOR 30/01/2021 327 0.43 32,500,000 Receive fixed 0.945% pay float 6 Month GBP LIBOR 26/01/2021 310 0.41 12,000,000 Receive fixed 1.0648% pay float 6 Month GBP LIBOR 01/02/2022 170 0.23 2,000,000 Receive fixed 1.6208% pay float 6 Month GBP LIBOR 01/02/2057 159 0.21 9,500,000 Receive fixed 1.06% pay float 6 Month GBP LIBOR 27/01/2022 133 0.18 5,000,000 Receive fixed 0.9208% pay float 6 Month GBP LIBOR 18/01/2022 40 0.05 3,000,000 Receive fixed 0.9538% pay float 6 Month GBP LIBOR 04/07/2022 26 0.03 10,000,000 Pay fixed 2.4182% receive float 3 Month USD LIBOR 25/08/2047 (25) (0.03) 30,800,000 Pay fixed 0.705% receive float 6 Month GBP LIBOR 30/01/2019 (87) (0.12) 4,000,000 Pay fixed 1.6042% receive float 6 Month GBP LIBOR 04/07/2037 (133) (0.18) 7,900,000 Pay fixed 1.415% receive float 6 Month GBP LIBOR 27/01/2026 (250) (0.33) 5,400,000 Pay fixed 1.725% receive float 6 Month GBP LIBOR 26/01/2046 (386) (0.51) 5,000,000 Pay fixed 1.645% receive float 6 Month GBP LIBOR 26/01/2057 (435) (0.58) 6,750,000 Pay fixed 1.7125% receive float 6 Month GBP LIBOR 27/01/2046 (462) (0.61) 6,100,000 Pay fixed 1.6375% receive float 6 Month GBP LIBOR 27/01/2056 (494) (0.66) 10,000,000 Pay fixed 1.7332% receive float 6 Month GBP LIBOR 01/02/2037 (562) (0.75) 11,100,000 Pay fixed 1.7325% receive float 6 Month GBP LIBOR 27/01/2036 (615) (0.82) (2,284) (3.03) Portfolio of investments 71,862 95.47 Cash and other net assets/(liabilities) 3,407 4.53 Net assets 75,269 100.00
The figures in brackets represent the sector distributions at 28 February 2017. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes.
302 Fidelity Strategic Bond Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Corporate Bonds - (65.07%) 22,600,000 EDF 6.00% 22/01/2114 144A 20,038 1.13 21,500,000 CPPIB Capital 0.375% 20/06/2024 Reg S 19,730 1.11 11,300,000 EDF 6.00% 23/01/2114 EMTN Reg S 16,502 0.93 13,250,000 Aviva 6.125% VRN (Perpetual) 14,963 0.85 19,200,000 International Bank Reconstruction & Development 1.375% 30/03/2020 14,848 0.84 15,000,000 Wind Acquisition Finance 7.00% 23/04/2021 Reg S 14,372 0.81 13,350,000 Virgin Media Secured Finance 5.125% 15/01/2025 Reg S 14,083 0.80 10,700,000 Clydesdale Bank 4.625% 08/06/2026 EMTN 13,277 0.75 11,550,000 UNITE (USAF) II 3.374% 30/06/2028 12,632 0.71 8,200,000 RWE Finance 6.125% 06/07/2039 EMTN 12,304 0.70 13,500,000 Verizon Communications 5.15% 15/09/2023 11,695 0.66 10,450,000 Areva 4.875% 23/09/2024 EMTN 10,689 0.60 9,628,000 Intu Properties 3.875% 17/03/2023 EMTN Reg S 10,530 0.59 9,300,000 International Bank Reconstruction & Development 0.625% 15/12/2023 9,204 0.52 5,545,000 SMFG Preferred Capital GBP 2 10.231% VRN (Perpetual) Reg S 8,901 0.50 8,600,000 Annington Funding 3.184% 12/07/2029 EMTN Reg S 8,898 0.50 9,000,000 European Investment Bank 1.00% 21/09/2026 GMTN Reg S 8,810 0.50 10,900,000 State Grid Overseas Investment 2016 3.50% 04/05/2027 Reg S 8,688 0.49 10,950,000 Gaz Capital Luxembourg 4.95% 23/03/2027 Reg S 8,645 0.49 8,000,000 AA Bond 4.2487% 31/07/2043 Reg S 8,554 0.48 8,255,000 HJ Heinz Finance 7.125% 01/08/2039 144A 8,428 0.48 6,450,000 Koninklijke KPN 5.75% 17/09/2029 GMTN Reg S 8,399 0.47 10,000,000 Nielsen Luxembourg 5.50% 01/10/2021 144A 7,987 0.45 6,550,000 Arqiva Financing 5.34% 30/06/2030 Reg S 7,903 0.45 8,500,000 AT&T 2.35% 04/09/2029 7,902 0.45 6,900,000 Thames Water Utilities 3.50% 25/02/2028 Reg S 7,719 0.44 8,200,000 Hutchison Whampoa Europe Finance 13 3.75% VRN (Perpetual) Reg S 7,695 0.43 7,550,000 AA Bond 2.75% 31/07/2043 EMTN Reg S 7,646 0.43 8,030,000 OI Euro 3.125% 15/11/2024 Reg S 7,593 0.43 8,250,000 Terna 1.375% 26/07/2027 EMTN Reg S 7,542 0.43 6,450,000 Society of Lloyds 4.75% 30/10/2024 Reg S 7,386 0.42 6,300,000 Assicurazioni Generali 7.75% VRN 12/12/2042 EMTN 7,312 0.41 7,600,000 Telecom Italia Capital 7.20% 18/07/2036 7,306 0.41 9,300,000 China Evergrande Group 8.75% 28/06/2025 Reg S 7,277 0.41 3,340,000 Thames Water Utilities 7.738% 09/04/2058 Reg S 7,215 0.41 7,200,000 National Grid Gas Finance 2.125% 22/09/2028 EMTN Reg S 7,183 0.41 8,000,000 AT&T 5.65% 15/02/2047 6,708 0.38 8,250,000 Philip Morris International 3.375% 11/08/2025 6,609 0.37 5,750,000 Enel 7.75% VRN 10/09/2075 Reg S 6,573 0.37 8,225,000 Greenko Dutch 5.25% 24/07/2024 Reg S 6,414 0.36 6,350,000 Deutsche Bahn Finance 1.375% 07/07/2025 Reg S 6,387 0.36 4,800,000 Scottish Widows 7.00% 16/06/2043 Reg S 6,279 0.35 6,580,000 Synlab Bondco FRN 01/07/2022 Reg S 6,134 0.35 7,700,000 Ziggo Secured Finance 5.50% 15/01/2027 144A 6,133 0.35 5,500,000 Anglian Water (Osprey) Financing 5.00% 30/04/2023 EMTN Reg S 5,929 0.33 5,820,000 Nmg Finco 5.00% 01/08/2022 Reg S 5,811 0.33 5,000,000 Old Mutual 8.00% 03/06/2021 EMTN Reg S 5,799 0.33 4,850,000 FirstGroup 5.25% 29/11/2022 Reg S 5,671 0.32 4,900,000 BUPA Finance 5.00% 08/12/2026 Reg S 5,658 0.32
303 Fidelity Strategic Bond Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
7,200,000 SGSP Australia Assets Pty 3.50% 07/07/2027 EMTN Reg S 5,623 0.32 4,900,000 Great Rolling Stock 6.25% 27/07/2020 EMTN Reg S 5,582 0.32 7,150,000 AT&T 5.30% 14/08/2058 5,574 0.31 4,450,000 SP Manweb 4.875% 20/09/2027 EMTN Reg S 5,571 0.31 7,050,000 Enel Finance International 3.625% 25/05/2027 144A 5,537 0.31 3,550,000 International Bank for Reconstruction & Development 5.75% 07/06/2032 EMTN 5,472 0.31 4,800,000 Digital Stout Holding 4.75% 13/10/2023 Reg S 5,468 0.31 5,600,000 ATF Netherlands 2.125% 13/03/2023 Reg S 5,377 0.30 6,650,000 ST Marys Cem CDA 5.75% 28/01/2027 Reg S 5,373 0.30 4,000,000 SPD Finance UK 5.875% 17/07/2026 Reg S 5,244 0.30 6,625,000 Azure Power Energy 5.50% 03/11/2022 Reg S 5,180 0.29 4,290,000 Gatwick Funding 5.25% 23/01/2026 EMTN 5,168 0.29 5,000,000 CPUK Finance 2.666% 28/02/2042 EMTN Reg S 5,168 0.29 5,350,000 UPCB Finance IV 4.00% 15/01/2027 Reg S 5,163 0.29 4,100,000 HSBC Bank Funding Sterling I 5.844% VRN (Perpetual) 5,137 0.29 4,300,000 Telecom Italia 5.875% 19/05/2023 EMTN 5,100 0.29 4,300,000 AXA 5.625% VRN 16/01/2054 EMTN Reg S 5,043 0.28 7,120,000 Johnston Press Bond 8.625% 01/06/2019 Reg S 5,020 0.28 5,000,000 Kraft Foods Group 6.875% 26/01/2039 5,000 0.28 5,300,000 Quintiles 3.25% 15/03/2025 Reg S 4,998 0.28 3,700,000 EDF 5.50% 17/10/2041 EMTN Reg S 4,971 0.28 3,879,000 Northumbrian Services 6.875% 06/02/2023 4,966 0.28 4,375,000 Enel 6.625% VRN 15/09/2076 Reg S 4,942 0.28 4,850,000 Jerrold Finco 6.125% 15/01/2024 Reg S 4,897 0.28 3,700,000 BAT International Finance 7.25% 12/03/2024 EMTN 4,893 0.28 4,400,000 TSB Banking Group 5.75% VRN 06/05/2026 EMTN 4,836 0.27 4,300,000 Telefonica Europe 6.75% VRN (Perpetual) Reg S 4,767 0.27 6,700,000 Sparc Em Spc 0.00% 05/12/2022 Reg S 4,680 0.26 4,400,000 Annington Funding 3.685% 12/07/2034 Reg S 4,659 0.26 4,000,000 Rothesay Life 8.00% 30/10/2025 Reg S 4,614 0.26 4,300,000 Porterbrook Rail Finance 5.50% 20/04/2019 EMTN Reg S 4,600 0.26 5,850,000 Proven Glory Capital 3.25% 21/02/2022 Reg S 4,591 0.26 5,775,000 SPCM 4.875% 15/09/2025 144A 4,586 0.26 4,550,000 RAC Bond 5.00% 06/05/2046 Reg S 4,539 0.26 5,650,000 IHS Netherlands Holdco 9.50% 27/10/2021 Reg S 4,520 0.26 3,900,000 Porterbrook Rail Finance 6.50% 20/10/2020 EMTN Reg S 4,518 0.26 4,900,000 Total 2.625% VRN (Perpetual) 4,504 0.25 4,800,000 Lhc3 4.125% VRN 15/08/2024 Reg S 4,455 0.25 5,675,000 Canadian National Resources 3.85% 01/06/2027 4,388 0.25 4,300,000 Telenet Finance VI Luxembourg SCA 4.875% 15/07/2027 Reg S 4,353 0.25 5,500,000 Dr Peng Holding Hongkong 5.05% 01/06/2020 Reg S 4,329 0.24 4,276,875 Shaftesbury Carnaby 2.487% 30/09/2031 4,267 0.24 5,000,000 Swire Pacific Financing 4.50% 09/10/2023 EMTN Reg S 4,248 0.24 4,175,000 Anheuser-Busch InBev 2.85% 25/05/2037 EMTN Reg S 4,235 0.24 4,000,000 Marlin Intermediate Holdings 10.50% 01/08/2020 Reg S 4,230 0.24 4,000,000 Heathrow Funding 6.25% 10/09/2018 EMTN Reg S 4,210 0.24 5,400,000 Enterprise Products Operating 4.875% VRN 16/08/2077 4,195 0.24 4,050,000 Annington Funding 2.646% 12/07/2025 EMTN Reg S 4,161 0.24 4,000,000 SSE 3.875% VRN (Perpetual) Reg S 4,145 0.23 5,200,000 Imperial Tobacco Finance 3.50% 11/02/2023 144A 4,143 0.23 5,275,000 Gemdale Ever Prosperity Investment 4.95% 26/07/2022 Reg S 4,141 0.23 5,100,000 SFR Group 6.00% 15/05/2022 144A 4,115 0.23
304 Fidelity Strategic Bond Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
4,355,000 Blue Cube Spinco 9.75% 15/10/2023 4,072 0.23 5,100,000 Scentre Management Trustee Scentre Group Trust 3.75% 23/03/2027 144A 4,063 0.23 4,300,000 British American Tobacco 2.25% 16/01/2030 EMTN Reg S 4,052 0.23 2,550,000 E.ON International Finance 6.75% 27/01/2039 EMTN 4,024 0.23 3,049,000 Rabobank 6.91% VRN (Perpetual) 4,023 0.23 3,900,000 Ardagh Packaging Finance / Ardagh Holdings USA 6.75% 15/05/2024 Reg S 4,022 0.23 5,100,000 APX Group 7.625% 01/09/2023 144A 4,019 0.23 5,231,000 Verizon Communications 5.012% 21/08/2054 3,983 0.23 3,050,000 Direct Line Insurance Group 9.25% VRN 27/04/2042 3,974 0.22 4,800,000 Imperial Tobacco Finance 4.25% 21/07/2025 144A 3,947 0.22 3,900,000 Ardagh Packaging Finance / Ardagh Holdings USA 4.75% 15/07/2027 Reg S 3,944 0.22 4,800,000 AES Panama 6.00% 25/06/2022 Reg S 3,904 0.22 4,850,000 BAT International Finance 3.25% 07/06/2022 144A 3,853 0.22 2,900,000 Bank of Ireland 10.00% 19/12/2022 EMTN Reg S 3,780 0.21 4,100,000 Atf Netherlands 1.875% 19/01/2026 EMTN Reg S 3,757 0.21 4,725,000 Amazon.com 3.875% 22/08/2037 144A 3,744 0.21 4,300,000 Sabine Pass Liquefaction 5.875% 30/06/2026 3,722 0.21 3,800,000 Aurizon Network Pty 2.00% 18/09/2024 EMTN Reg S 3,685 0.21 3,600,000 Cybg 5.00% VRN 09/02/2026 Reg S 3,678 0.21 3,600,000 Cybg 8.00% VRN (Perpetual) Reg S 3,660 0.21 3,950,000 DS Smith 1.375% 26/07/2024 Reg S 3,660 0.21 4,775,000 RKI Overseas Finance 2017 (A) 7.00% (Perpetual) Reg S 3,650 0.21 3,300,000 RAC Bond 4.565% 06/05/2046 EMTN Reg S 3,642 0.21 3,950,000 Leonardo 1.50% 07/06/2024 EMTN Reg S 3,618 0.20 4,600,000 AT&T 3.90% 14/08/2027 3,591 0.20 4,844,000 Csvc Acquisition 7.75% 15/06/2025 144A 3,582 0.20 4,000,000 Kleopatra Holdings 1 S C A 8.50% 30/06/2023 Reg S 3,576 0.20 3,800,000 Boing Group Financing 6.625% 15/07/2019 Reg S 3,556 0.20 3,275,000 Santander UK 7.375% VRN (Perpetual) Reg S 3,551 0.20 4,525,000 BAT Capital 3.557% 15/08/2027 144A 3,550 0.20 4,400,000 SES 3.60% 04/04/2023 144A 3,502 0.20 3,750,000 Intrum Justitia 2.75% 15/07/2022 Reg S 3,480 0.20 3,400,000 Domestic & General Group 6.375% 15/11/2020 Reg S 3,474 0.20 3,500,000 AT&T 3.55% 14/09/2037 3,467 0.20 3,500,000 Grand City Properties 3.75% VRN (Perpetual) 3,421 0.19 3,000,000 PGH Capital 5.75% 07/07/2021 Reg S 3,411 0.19 3,650,000 Unilabs Subholding 5.75% 15/05/2025 Reg S 3,380 0.19 4,250,000 BAT Capital 4.39% 15/08/2037 144A 3,369 0.19 4,250,000 Charter Communications Operating 5.375% 01/05/2047 144A 3,367 0.19 4,000,000 AES Andres / Dominican Power Partners 7.95% 11/05/2026 Reg S 3,353 0.19 2,900,000 Aviva 6.625% VRN 03/06/2041 EMTN Reg S 3,338 0.19 3,600,000 Ado Properties 1.50% 26/07/2024 Reg S 3,333 0.19 4,150,000 Marfrig Holding Europe 8.00% 08/06/2023 Reg S 3,310 0.19 4,850,000 CenturyLink 7.60% 15/09/2039 3,308 0.19 2,750,000 Southern Gas Networks 4.875% 05/10/2023 EMTN 3,284 0.19 2,400,000 South Eastern Power Networks 5.625% 30/09/2030 EMTN 3,280 0.19 3,000,000 Royal KPN (Koninklijke Kpn) 8.375% 01/10/2030 3,269 0.18 3,050,000 Phoenix Group Holdings 4.125% 20/07/2022 EMTN Reg S 3,268 0.18 4,025,000 BAT Capital 4.54% 15/08/2047 144A 3,185 0.18 3,150,000 Fidelity National Information Services 1.70% 30/06/2022 3,183 0.18 3,350,000 Silgan Holdings 3.25% 15/03/2025 144A 3,169 0.18 2,700,000 RL Finance Bonds No 3 6.125% 13/11/2028 Reg S 3,169 0.18
305 Fidelity Strategic Bond Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
2,850,000 Western Power Distribution 3.625% 06/11/2023 Reg S 3,120 0.18 3,350,000 Intrum Justitia 3.125% 15/07/2024 Reg S 3,094 0.17 2,744,000 Co-Operative Bank 4.75% 11/11/2021 Reg S 3,050 0.17 3,700,000 Hewlett Packard Enterprise 4.90% VRN 15/10/2025 3,034 0.17 2,800,000 Garfunkelux Holdco 3 8.50% 01/11/2022 Reg S 2,990 0.17 2,400,000 Anglian Water Services Finance 4.50% 05/10/2027 EMTN Reg S 2,968 0.17 2,200,000 Reseau Ferre de France 5.25% 07/12/2028 EMTN Reg S 2,964 0.17 4,400,000 Frontier Communications 11.00% 15/09/2025 2,961 0.17 2,000,000 European Investment Bank 6.00% 07/12/2028 2,936 0.17 2,400,000 Daily Mail & General Trust 6.375% 21/06/2027 2,885 0.16 3,650,000 China Reinsurance Finance 3.375% 09/03/2022 Reg S 2,828 0.16 2,900,000 Unity Media Hessen 4.00% 15/01/2025 Reg S 2,821 0.16 2,720,000 Cognita Financing 7.75% 15/08/2021 Reg S 2,819 0.16 3,600,000 JBS Investments 7.25% 03/04/2024 Reg S 2,804 0.16 3,350,000 GEMS MEA Sukuk 12.00% VRN (Perpetual) Reg S 2,798 0.16 2,900,000 Telefonica Europe 3.75% VRN (Perpetual) Reg S 2,789 0.16 2,000,000 Porterbrook Rail Finance 7.125% 20/10/2026 EMTN 2,783 0.16 2,300,000 BAT International Finance 4.00% 23/11/2055 EMTN Reg S 2,768 0.16 3,600,000 Fortune Star (BVI) 5.25% 23/03/2022 Reg S 2,763 0.16 3,570,000 Cornerstone Chemical 6.75% 15/08/2024 144A 2,730 0.15 2,000,000 Lloyds Bank 7.625% 22/04/2025 EMTN Reg S 2,725 0.15 2,400,000 Admiral Group 5.50% 25/07/2024 Reg S 2,722 0.15 3,600,000 AT&T 4.80% 15/06/2044 2,710 0.15 2,600,000 Marks & Spencer 3.00% 08/12/2023 EMTN Reg S 2,693 0.15 2,900,000 Empark Funding FRN 15/12/2019 Reg S 2,682 0.15 3,000,000 Barclays Bank 7.625% 21/11/2022 2,676 0.15 2,800,000 Cellnex Telecom SAU 2.375% 16/01/2024 EMTN Reg S 2,668 0.15 2,550,000 Sealed Air 4.50% 15/09/2023 Reg S 2,662 0.15 2,400,000 Enterprise Inns 6.875% 09/05/2025 2,657 0.15 2,600,000 Veolia Environnement 4.85% VRN (Perpetual) Reg S 2,652 0.15 2,800,000 CNRC Capital 1.871% 07/12/2021 Reg S 2,638 0.15 2,550,000 ING Verzekeringen 4.625% VRN 08/04/2044 2,632 0.15 1,835,000 Southern Water Services Finance 6.192% 31/03/2029 Reg S 2,625 0.15 2,150,000 Wales & West Utilities Finance 6.25% 30/11/2021 2,614 0.15 2,650,000 Eurofins Scientific SE 4.875% VRN (Perpetual) Reg S 2,611 0.15 2,000,000 Associated British Ports Holding 6.25% 14/12/2026 EMTN Reg S 2,597 0.15 2,575,000 LafargeHolcim Sterling Finance 3.00% 12/05/2032 EMTN Reg S 2,595 0.15 3,275,000 Amazon.com 3.15% 22/08/2027 144A 2,570 0.15 2,250,000 Western Power Distribution West Midlands 3.875% 17/10/2024 EMTN Reg S 2,566 0.14 2,000,000 Scottish Power UK 6.75% 29/05/2023 EMTN 2,558 0.14 1,950,000 FirstGroup 6.875% 18/09/2024 Reg S 2,537 0.14 3,075,000 AES Argentina Generacion 7.75% 02/02/2024 Reg S 2,519 0.14 2,600,000 Areva 3.25% 04/09/2020 EMTN Reg S 2,509 0.14 3,000,000 Time Warner Cable 5.875% 15/11/2040 2,494 0.14 3,200,000 AT&T 5.15% 14/02/2050 2,481 0.14 2,400,000 EDF 5.875% VRN (Perpetual) Reg S 2,469 0.14 2,100,000 CRH Finance UK 4.125% 02/12/2029 EMTN Reg S 2,460 0.14 2,500,000 Heathrow Funding 2.75% 09/08/2049 Reg S 2,457 0.14 2,500,000 Coca-Cola HBC Finance 2.375% 18/06/2020 EMTN Reg S 2,440 0.14 2,000,000 Veolia Environnement 4.625% 30/03/2027 EMTN Reg S 2,435 0.14 1,925,000 Northern Gas Networks 4.875% 30/06/2027 Reg S 2,425 0.14 3,125,000 Tyson Foods 2.25% 23/08/2021 2,423 0.14
306 Fidelity Strategic Bond Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
2,450,000 Heathrow Finance 3.875% 01/03/2027 Reg S 2,421 0.14 2,600,000 Abertis Infraestructure 1.375% 20/05/2026 Reg S 2,420 0.14 1,600,000 Northern Gas Networks 5.625% 23/03/2040 EMTN 2,406 0.14 2,350,000 Credit Agricole 6.50% VRN (Perpetual) 2,397 0.14 2,500,000 Unity Media Hessen 3.50% 15/01/2027 Reg S 2,385 0.13 2,000,000 London Power Networks 5.125% 31/03/2023 EMTN 2,385 0.13 2,000,000 National Grid Electric Transm 4.00% 08/06/2027 EMTN Reg S 2,373 0.13 2,550,000 AT&T 3.15% 04/09/2036 2,362 0.13 2,500,000 Codere Finance 2 Luxembourg 6.75% 01/11/2021 Reg S 2,357 0.13 3,000,000 Verizon Communications 4.40% 01/11/2034 2,323 0.13 2,375,000 Cirsa Funding Luxembourg 5.875% 15/05/2023 Reg S 2,300 0.13 1,600,000 Northumbrian Water Finance 5.125% 23/01/2042 2,296 0.13 5,000,000 Samarco Mineracao 5.75% 24/10/2023 Reg S 2,292 0.13 2,875,000 Wisdom Glory Group 5.25% VRN (Perpetual) Reg S 2,274 0.13 2,250,000 DS Smith 2.875% 26/07/2029 EMTN Reg S 2,267 0.13 1,850,000 Porterbrook Rail Finance 4.625% 04/04/2029 EMTN Reg S 2,234 0.13 1,850,000 Motability Operations Group 3.625% 10/03/2036 Reg S 2,171 0.12 2,300,000 Annington Funding 1.65% 12/07/2024 EMTN Reg S 2,157 0.12 1,500,000 HBOS Sterling Finance Jersey 7.881% VRN (Perpetual) 2,151 0.12 2,000,000 Arqiva Financing 4.04% 30/06/2035 EMTN Reg S 2,130 0.12 2,000,000 Southern Gas Networks 2.50% 03/02/2025 EMTN Reg S 2,113 0.12 2,300,000 Altria Group 5.375% 31/01/2044 2,108 0.12 2,050,000 Student Finance 2.6663% 30/09/2029 GMTN Reg S 2,085 0.12 2,000,000 Kennedy Wilson Europe Real Estate 3.95% 30/06/2022 Reg S 2,081 0.12 2,500,000 21st Century Fox America 4.75% 15/09/2044 2,075 0.12 2,400,000 Constellation Brands 4.75% 01/12/2025 2,058 0.12 2,800,000 AMC Entertainment Holdings 6.125% 15/05/2027 2,044 0.12 2,450,000 BAT International Finance 2.25% 09/09/2052 EMTN Reg S 2,042 0.12 1,750,000 Severn Trent Water Utilities Finance 3.625% 16/01/2026 EMTN 1,982 0.11 2,450,000 AT&T 3.95% 15/01/2025 1,963 0.11 1,300,000 EDF Energy Networks 6.375% VRN 12/11/2031 EMTN Reg S 1,931 0.11 1,629,000 Intu Properties 4.625% 17/03/2028 EMTN Reg S 1,925 0.11 1,400,000 Eversholt Funding 6.359% 02/12/2025 EMTN 1,829 0.10 1,250,000 Reseau Ferre de France 5.25% 31/01/2035 EMTN 1,782 0.10 1,550,000 Eversholt Funding 5.831% 02/12/2020 EMTN 1,772 0.10 2,200,000 Ihs Netherlands Holdco 9.50% 27/10/2021 144A 1,760 0.10 1,450,000 Wales & West Utilities Finance 4.625% 13/12/2023 EMTN 1,727 0.10 1,500,000 Eastern Power Networks 4.75% 30/09/2021 EMTN Reg S 1,719 0.10 1,950,000 Credit Suisse 6.50% 08/08/2023 Reg S 1,711 0.10 2,100,000 Amgen 4.40% 01/05/2045 1,695 0.10 1,500,000 SPI Assets 5.125% 11/02/2021 EMTN Reg S 1,692 0.10 2,050,000 RBS Group 7.50% VRN (Perpetual) 1,673 0.09 1,300,000 Wales & West Utilities Finance 5.00% 07/03/2028 EMTN 1,669 0.09 1,500,000 Society of Lloyds 4.875% VRN 07/02/2047 Reg S 1,659 0.09 1,550,000 Wales & West Utilities Finance 6.75% VRN 17/12/2036 1,648 0.09 1,600,000 Telecom Italia 3.25% 16/01/2023 EMTN Reg S 1,627 0.09 1,420,000 Time Warner Cable 5.25% 15/07/2042 1,608 0.09 1,150,000 RWE Finance 6.25% 03/06/2030 EMTN 1,605 0.09 1,200,000 Imperial Tobacco Finance 9.00% 17/02/2022 EMTN Reg S 1,582 0.09 2,000,000 Swire Properties Finance 2.75% 07/03/2020 EMTN Reg S 1,567 0.09 1,507,000 Town Centre Securities 5.375% 20/11/2031 1,557 0.09 2,050,000 ESAL 6.25% 05/02/2023 Reg S 1,534 0.09
307 Fidelity Strategic Bond Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
1,100,000 Heathrow Funding 6.75% 03/12/2026 EMTN Reg S 1,528 0.09 1,250,000 Imperial Tobacco Finance 4.875% 07/06/2032 EMTN Reg S 1,526 0.09 1,000,000 Peel Holdings 8.375% STEP 30/04/2040 1,477 0.08 1,750,000 Hewlett Packard Enterprise 6.35% VRN 15/10/2045 1,432 0.08 1,450,000 Intesa Sanpaolo 8.047% VRN (Perpetual) 1,407 0.08 1,700,000 General Electric 4.125% 09/10/2042 1,385 0.08 1,000,000 Aviva 6.875% VRN 20/05/2058 EMTN 1,355 0.08 1,600,000 Entergy ARK 4.95% 15/12/2044 1,309 0.07 1,000,000 Western Power Distribution West Midlands 6.00% VRN 09/05/2025 EMTN Reg S 1,305 0.07 1,600,000 Entergy Louisiana 4.95% 15/01/2045 1,300 0.07 1,400,000 BHP Billiton Finance USA 6.75% VRN 19/10/2075 1,263 0.07 1,000,000 Imperial Tobacco Finance 5.50% 28/09/2026 EMTN Reg S 1,253 0.07 1,550,000 Philip Morris International 2.90% 15/11/2021 1,230 0.07 1,400,000 RBS Group 8.00% VRN (Perpetual) 1,203 0.07 1,200,000 Reynolds American 6.15% 15/09/2043 1,157 0.07 1,450,000 MCC Holding Hong Kong 2.95% 31/05/2020 Reg S 1,126 0.06 1,400,000 Cheniere Corpus Christi Holdings 5.125% 30/06/2027 144A 1,120 0.06 1,600,000 CenturyLink 7.65% 15/03/2042 1,089 0.06 1,400,000 New Metro Global 5.00% 08/08/2022 Reg S 1,087 0.06 1,100,000 Allied Irish Banks 4.125% VRN 26/11/2025 EMTN Reg S 1,085 0.06 1,000,000 RBS Group 9.50% VRN (Perpetual) 1,064 0.06 1,000,000 EDF 6.00% VRN (Perpetual) EMTN Reg S 1,061 0.06 1,318,000 Kraft Foods Group 3.50% 06/06/2022 1,060 0.06 700,000 Western Power Distribution (South Wales) Plc 5.75% 23/03 /2040 1,049 0.06 1,000,000 Credit Agricole 5.00% VRN (Perpetual) 1,028 0.06 1,000,000 SSE 3.625% VRN 16/09/2077 Reg S 1,019 0.06 1,050,000 Cabot Financial Luxembourg FRN 15/11/2021 Reg S 1,010 0.06 850,000 National Westminster Bank 6.50% 07/09/2021 1,006 0.06 1,000,000 HSBC Holdings 6.375% VRN 18/10/2022 EMTN 1,006 0.06 1,000,000 Tesco 5.20% 05/03/2057 EMTN 1,003 0.06 931,000 FirstGroup 6.125% 18/01/2019 994 0.06 1,000,000 Cellnex Telecom SAU 2.875% 18/04/2025 Reg S 968 0.05 1,000,000 Areva 3.125% 20/03/2023 Reg S 947 0.05 850,000 Standard Life Macs 6.546% VRN (Perpetual) 934 0.05 600,000 Western Power Dis(South West)Plc 5.75% 23/03/2040 899 0.05 977,000 Kraft Heinz Foods 4.875% 15/02/2025 144A 815 0.05 500,000 Woolwich Building Society 9.50% 07/08/2021 636 0.04 400,000 Orange 5.375% 22/11/2050 EMTN 594 0.03 400,000 HSBC Holdings 5.75% 20/12/2027 EMTN 500 0.03 400,000 Wellcome Trust Finance 4.75% 28/05/2021 460 0.03 400,000 Hannover Finance 5.00% VRN 30/06/2043 449 0.03 250,000 Yorkshire Water Services 6.375% 19/08/2039 408 0.02 400,000 Telecom Italia Capital 6.00% 30/09/2034 342 0.02 250,000 Annes Gate Property 5.661% 30/06/2031 329 0.02 200,000 Imperial Tobacco Finance 8.125% 15/03/2024 EMTN 273 0.02 750,000 BIBBY Offshore Services 7.50% 15/06/2021 Reg S 248 0.01 225,000 Prudential 5.00% VRN 20/07/2055 EMTN Reg S 243 0.01 225,000 HSBC Bank 5.00% VRN 20/03/2023 EMTN 229 0.01 180,000 British Land 5.264% 24/09/2035 229 0.01 142,000 Yorkshire Water Services Odsal Finance 6.454% 28/05/2027 198 0.01 150,000 Wind Acquisition Finance 4.00% 15/07/2020 Reg S 140 0.01 150,000 Spectra Energy Partners 4.75% 15/03/2024 127 0.01
308 Fidelity Strategic Bond Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
100,000 Southern Water Services Finance 5.00% 31/03/2021 EMTN 114 0.01 100,000 Telefonica Emisiones SAU 5.597% 12/03/2020 EMTN Reg S 111 0.01 100,000 South East Water 5.6577% 30/09/2019 109 0.01 50,000 United Utilities 8.875% 25/03/2026 77 0.00 50,000 Dwr Cymru (Financing) 6.015% 31/03/2028 70 0.00 50,000 Yorkshire Electricity Group 9.25% 17/01/2020 60 0.00 1,650,000 Cattles 7.125% 05/07/2017 (Defaulted) 7 0.00 310,000 Cattles 6.875% VRN 17/01/2014 EMTN (Defaulted) 1 0.00 1,200,387 TIM Hellas Telecommunications 0.00% VRN 15/07/2015 Reg S (Defaulted) 0 0.00 1,178,444 66.58 Government Bonds - (17.73%) 38,500,000 US Treasury Bond 2.50% 15/02/2045 28,483 1.61 45,750,000 New Zealand I/L 2.50% 20/09/2035 27,332 1.54 30,000,000 New Zealand 4.50% 15/04/2027 18,866 1.07 22,900,000 US Treasury I/L 0.75% 15/02/2042 18,711 1.06 37,700,000 New Zealand 2.75% 15/04/2037 Reg S 18,586 1.05 440,000,000 Mexican Bonos 5.75% 05/03/2026 17,872 1.01 15,650,000 US Treasury Note 1.625% 15/02/2026 11,709 0.66 17,000,000 Australia 3.75% 21/04/2037 Reg S 11,204 0.63 34,300,000 Peru 6.95% 12/08/2031 Reg S 9,161 0.52 10,750,000 US Treasury Bond 3.00% 15/11/2045 8,767 0.50 30,000,000 Mexican Udibonos I/L 4.50% 04/12/2025 8,393 0.47 30,000,000 Mexican Udibonos I/L 4.00% 15/11/2040 8,174 0.46 6,800,000 Italy BTPS I/L 2.55% 15/09/2041 8,062 0.46 10,100,000 US Treasury Note 2.125% 15/05/2025 7,889 0.45 9,200,000 US Treasury Bond 2.50% 15/02/2046 6,783 0.38 7,850,000 US Treasury Note 2.375% 15/05/2027 6,214 0.35 25,050,000 Peru 6.15% 12/08/2032 144A Regs 6,208 0.35 7,100,000 US Treasury Note 1.875% 28/02/2022 5,557 0.31 4,200,000 Germany 2.50% 04/07/2044 5,129 0.29 6,050,000 US Treasury Note 2.25% 15/02/2027 4,740 0.27 5,700,000 Ukraine 7.75% 01/09/2023 Reg S 4,583 0.26 5,400,000 Ukraine 7.75% 01/09/2020 Reg S 4,370 0.25 5,350,000 US Treasury Note 2.25% 15/11/2025 4,210 0.24 5,025,000 Italy BTPS 2.80% 01/03/2067 144A Regs 3,934 0.22 4,900,000 US Treasury Note 2.00% 30/04/2024 3,817 0.22 3,600,000 US Treasury Note 1.375% 30/09/2020 2,787 0.16 3,500,000 US Treasury Note 1.75% 30/09/2022 2,715 0.15 2,500,000 Spain 3.45% 30/07/2066 144A Regs 2,470 0.14 48,900,000 Argpom 26.25% VRN 21/06/2020 2,243 0.13 42,600,000 Argtes 22.75% 05/03/2018 1,890 0.11 2,050,000 US Treasury Bond 2.875% 15/08/2045 1,632 0.09 2,000,000 US Treasury Bond 3.00% 15/05/2045 1,632 0.09 2,050,000 US Treasury Note 2.00% 15/08/2025 1,585 0.09 1,900,000 US Treasury Note 1.875% 31/10/2022 1,482 0.08 277,190 15.66 Mortgage Related Bonds - (6.53%) 9,253,693 Tesco Property Finance 2 6.0517% 13/10/2039 10,699 0.60 7,287,725 UPP Bond 1 Issuer 4.9023% 28/02/2040 EMTN Reg S 9,075 0.51 6,362,114 Channel Link Enterprises Finance 5.892% 30/06/2041 7,977 0.45 7,000,000 SES 5.625% VRN (Perpetual) Reg S 7,203 0.41 5,388,154 Aspire Defence Finance 4.674% 31/03/2040 6,835 0.39 309 Fidelity Strategic Bond Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
6,600,000 Mercury Bondco 7.125% VRN 30/05/2021 Reg S 6,321 0.36 5,450,000 Arqiva Financing 4.882% 31/12/2032 EMTN Reg S 6,285 0.36 5,022,753 Unique Pub Finance 5.659% 30/06/2027 5,633 0.32 5,030,393 Greene King Finance 4.0643% 15/03/2035 Reg S 5,609 0.32 6,465,000 Sprint Spectrum 3.36% 20/03/2023 144A 5,077 0.29 4,444,820 Dignity Finance 3.5456% 31/12/2034 Reg S 5,071 0.29 3,410,470 Great Rolling Stock 6.875% 27/07/2035 EMTN 4,532 0.26 4,650,000 Channel Link Enterprises Finance 2.706% VRN 30/06/2050 Reg S 4,388 0.25 3,861,240 Unique Pub Finance 6.542% 30/03/2021 4,196 0.24 2,900,000 Anglian Water Services Finance 6.875% 21/08/2023 3,822 0.22 3,650,000 Stoneway Capital 10% 01/03/2027 Reg S 2,963 0.17 2,853,000 Verisure Holding 6.00% 01/11/2022 Reg S 2,842 0.16 2,700,000 Channel Link Enterprises Finance 3.043% VRN 30/06/2050 Reg S 2,777 0.16 2,002,643 Aspire Defence Finance 4.674% 31/03/2040 2,536 0.14 2,170,626 Tesco Property Finance 5 5.6611% 13/10/2041 Reg S 2,410 0.14 1,932,067 Telereal Securitisation 5.3887% 10/12/2033 2,341 0.13 1,846,556 Meadowhall Finance 4.986% 12/07/2037 Reg S 2,327 0.13 1,703,501 Capital & Counties Debenture 5.562% 31/12/2027 2,010 0.11 1,673,141 Bishopsgate Asset Finance 4.808% 14/08/2044 1,858 0.10 1,620,000 Unity Media Hessen 5.50% 15/09/2022 Reg S 1,534 0.09 1,301,128 Premiertel 6.175% 08/05/2032 1,502 0.08 1,000,000 Peel South East 10.00% 30/04/2026 1,471 0.08 1,269,253 Tesco Property Finance 3 5.744% 13/04/2040 Reg S 1,430 0.08 875,000 Community Finance 1 5.017% 31/07/2034 EMTN 1,196 0.07 761,826 Nats En Route 5.25% 31/03/2026 898 0.05 679,438 Tesco Property Finance 1 7.6227% 13/07/2039 892 0.05 454,000 Dignity Finance 4.6956% 31/12/2049 Reg S 573 0.03 437,400 Unity Media Hessen 5.125% 21/01/2023 Reg S 420 0.02 250,000 Dali Capital 4.7992% 21/12/2037 325 0.02 250,531 British Broadcasting 5.0636% 10/08/2033 Reg S 312 0.02 312,501 Broadgate Financing FRN 05/01/2022 311 0.02 233,991 Delamare Finance 5.5457% 19/02/2029 260 0.01 1,020,097 Blue Ocean Resources 4.00% STEP 31/12/2020 Reg S 206 0.01 132,761 Trafford Centre Finance 6.50% 28/07/2033 184 0.01 80,226 RMPA Services 5.337% 30/09/2038 102 0.01 58,545 BL Superstores Finance 5.27% 04/10/2030 66 0.00 47,751 Mitchells & Butler Finance 5.574% 15/12/2030 Reg S 57 0.00 41,967 Telereal Securitisation 5.5534% 10/12/2033 51 0.00 12,773 Marstons Issuer 1.9543% VRN 15/07/2020 13 0.00 126,590 7.15 Gilt Edged Securities - (5.34%) 51,095,000 UK Gilt 5.00% 07/03/2018 52,377 2.96 11,900,000 UK Gilt 1.50% 22/07/2026 Reg S 12,471 0.70 5,500,000 UK Gilt 4.25% 07/12/2049 9,028 0.51 5,300,000 UK Gilt 6.00% 07/12/2028 8,057 0.46 4,300,000 UK Gilt 2.00% 07/09/2025 Reg S 4,703 0.27 3,200,000 UK Gilt 4.75% 07/12/2030 4,543 0.26 2,300,000 UK Gilt 4.25% 07/12/2046 3,635 0.21 1,900,000 UK Gilt 3.50% 22/07/2068 3,212 0.18 1,600,000 UK Gilt 4.25% 07/09/2039 2,352 0.13 1,625,000 UK Gilt 4.00% 07/03/2022 1,893 0.11 600,000 UK Gilt 4.25% 07/03/2036 855 0.05
310 Fidelity Strategic Bond Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
100,000 UK Gilt 4.75% 07/03/2020 112 0.01 103,238 5.83 Financials - (2.52%) 1,499 Fidelity Institutional Sterling Fund Class A-Acc 31,003 1.75 1,560,338 Fidelity Funds - Global High Yield Fund A-Acc-USD 16,742 0.95 1,510,100 Fidelity Funds - Emerging Market Corporate Debt Fund A-Acc-USD 14,338 0.81 62,083 3.51 Convertible Bonds - (0.95%) 14,633,000 Enterprise Inns 6.375% 26/09/2031 16,101 0.91 1,000,000 MPF 10.00% 08/05/2013 (Defaulted) 0 0.00 16,101 0.91 Swaptions - ((0.05)%) 90,000,000 Call on 3 Month USD Libor Rate 19/09/2017 491 0.03 88,500,000 Call on 6 Month GBP Libor Rate 18/04/2018 296 0.02 75,500,000 Call on 6 Month GBP Libor Rate 13/03/2018 56 0.00 33,000,000 Call on 6 Month GBP Libor Rate 19/09/2017 1 0.00 (33,000,000) Put on 6 Month GBP Libor Rate 19/09/2017 0 0.00 (90,000,000) Put on 3 Month USD Libor Rate 19/09/2017 (1) 0.00 (88,500,000) Put on 6 Month GBP Libor Rate 18/04/2018 (286) (0.02) (75,500,000) Put on 6 Month GBP Libor Rate 13/03/2018 (454) (0.03) 103 0.01 Industrials - (0.00%) 182 Delta Airlines 7 0.00 7 0.00 Energy - (0.00%) 540 Remedial Cayman 0 0.00 0 0.00 Options - (0.00%) 74,900,000 Call on ITRAXX XOver S27 20/06/2022 20/09/2017 26 0.00 (74,900,000) Put on ITRAXX XOver S27 20/06/2022 20/09/2017 (53) 0.00 (27) 0.00 Credit Default Swaps - ((0.04)%) 10,000,000 Sold Protection on EDF 5.625% 20/06/2019 134 0.01 4,000,000 Sold Protection on SABMiller 6.625% 20/06/2018 27 0.00 10,000,000 Sold Protection on Groupe Danone 5.50% 20/12/2017 27 0.00 4,000,000 Sold Protection on SABMiller 6.625% 20/03/2018 19 0.00 5,000,000 Sold Protection on Anheuser-Busch InBev 8.625% 20/12/2017 13 0.00 800,000 Sold Protection on Virgin Media Finance 9.50% 20/12/2017 11 0.00 2,000,000 Sold Protection on SABMiller 6.625% 20/03/2018 9 0.00 7,500,000 Sold Protection on Procter & Gamble 4.95% 20/09/2017 3 0.00 7,500,000 Sold Protection on Coca Cola 3.15% 20/09/2017 3 0.00 7,500,000 Sold Protection on Procter & Gamble 4.95% 20/09/2017 3 0.00 7,500,000 Sold Protection on Coca Cola 3.15% 20/09/2017 3 0.00 5,000,000 Sold Protection on Anheuser Busch InBev 8.625% 20/09/2017 2 0.00 20,000,000 Bought Protection on Japan 2.00% 20/12/2017 (46) 0.00 700,000 Bought Protection on Numericable-SFR 5.375% 20/03/2020 (59) 0.00 10,000,000 Bought Protection on Russia 7.50% 20/06/2019 (66) 0.00 5,000,000 Bought Protection on Nokia 6.75% 20/12/2017 (70) 0.00 14,000,000 Bought Protection on Russia 7.50% 20/06/2019 (93) (0.01) 10,000,000 Bought Protection on ENI 5.00% 20/06/2019 (131) (0.01)
311 Fidelity Strategic Bond Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
1,500,000 Bought Protection on Numericable-SFR 5.375% 20/06/2021 (145) (0.01) 1,500,000 Bought Protection on Numericable-SFR 5.375% 20/06/2021 (145) (0.01) 2,200,000 Bought Protection on Numericable-SFR 5.375% 20/03/2020 (186) (0.01) 20,000,000 Bought Protection on Japan 2.00% 20/12/2019 (317) (0.02) (1,004) (0.06) Index Credit Default Swaps - ((0.29)%) 20,050,000 Sold Protection on CDX NA HY Series 28 5yr 20/06/2022 1,091 0.06 18,000,000 Bought Protection on CDX EM CDSI S27 5yr 20/06/2022 511 0.03 8,100,000 Sold Protection on CDX NA HY Series 28 5yr 20/06/2022 441 0.02 3,400,000 Sold Protection on CDX NA HY Series 28 5yr 20/06/2022 185 0.01 11,950,000 Sold Protection on CDX NA IG Series 28 5yr 20/06/2022 173 0.01 2,150,000 Sold Protection on CDX NA HY Series 28 5yr 20/06/2022 117 0.01 5,200,000 Sold Protection on CDX NA IG Series 28 5yr 20/06/2022 75 0.00 5,100,000 Sold Protection on CDX NA IG Series 28 5yr 20/06/2022 74 0.00 13,450,000 Bought Protection on CDX NA HY Series 28 5yr 20/06/2022 (732) (0.04) 60,050,000 Bought Protection on CDX NA HY Series 28 5yr 20/06/2022 (3,267) (0.18) (1,332) (0.08) Futures - ((0.21)%) 167,600,000 US 10 Year Ultra Future 19/12/2017 514 0.03 129,500,000 US 10 Year Treasury Note (CBT) Commodity Future 19/12/2017 313 0.02 1,200,000 Canadian 10 Year Commodity Bond Future 18/12/2017 7 0.00 6,000,000 US 2 Year Treasury Note (CBT) Commodity Future 29/12/2017 1 0.00 (4,700,000) US 5 Year Treasury Note (CBT) Commodity Future 29/12/2017 (6) 0.00 (11,900,000) US 20 Year Long Bond (CBT) Commodity Future 19/12/2017 (69) 0.00 (27,900,000) US Ultra Bond Commodity Future 19/12/2017 (148) (0.01) (19,700,000) Euro-BOBL Commodity Future 07/09/2017 (249) (0.01) (136,500,000) Long Gilt Commodity Future 27/12/2017 (585) (0.03) 123,800,000 Australian 10 Year Bond Commodity Future 15/09/2017 (623) (0.04) (85,700,000) EURO-BUND Commodity Future 07/09/2017 (835) (0.05) (1,680) (0.09) Interest Rate Swaps - ((0.26)%) 42,370,000 Receive fixed 0.921% pay float 6 Month EURIBOR 31/07/2027 523 0.03 34,010,000 Receive fixed 0.2985% pay float 6mo CHF Libor 31/07/2027 298 0.02 36,400,000 Receive fixed 0.8253% pay float 6 Month EURIBOR 22/08/2027 110 0.01 28,400,000 Receive fixed 2.867% pay float 6 Month AUD Bank Bill 28/07/2027 56 0.00 104,500,000 Receive fixed 1.20% pay float 3 Month STIBOR 31/07/2027 52 0.00 1,210,000 Pay fixed 2.1342% receive float 3 Month USD LIBOR 29/08/2027 (3) 0.00 4,810,000 Pay fixed 2.1395% receive float 3 Month CDOR 18/08/2027 (5) 0.00 6,410,000 Pay fixed 3.28% receive float 3mo NZD BB 31/07/2027 (43) 0.00 3,550,000 Pay fixed 1.4947% receive float 6 Month GBP LIBOR 15/05/2037 (49) 0.00 18,360,000 Receive fixed 2.786% pay float 6 Month AUD Bank Bill 21/08/2027 (50) 0.00 3,125,000,000 Pay fixed 0.2425% receive float 6 Month JPY LIBOR 22/08/2027 (75) 0.00 14,640,000 Pay fixed 2.253% receive float 3 Month CDOR 27/07/2027 (111) (0.01) 28,790,000 Pay fixed 1.1642% receive float 6 Month GBP LIBOR 18/08/2027 (113) (0.01) 3,160,500,000 Pay fixed 0.27% receive float 6 Month JPY LIBOR 31/07/2027 (139) (0.01) 45,990,000 Pay fixed 1.274% receive float 6 Month GBP LIBOR 27/07/2027 (673) (0.04) 16,500,000 Pay fixed 1.5975% receive float 6 Month GBP LIBOR 19/01/2047 (696) (0.04) 50,500,000 Pay fixed 1.75% receive float 6 Month GBP LIBOR 26/01/2037 (2,988) (0.17) (3,906) (0.22) Forward Foreign Exchange Contracts - ((0.65)%)
312 Fidelity Strategic Bond Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
(118,319,000) Bought GBP sold NZD @ 1.795635 for settlement 16/11/2017 429 0.02 49,521,000 Bought CAD sold GBP @ 1.651685 for settlement 16/11/2017 376 0.02 11,693,000 Bought EUR sold GBP @ 1.103230 for settlement 16/11/2017 185 0.01 60,400,000 Bought ZAR sold GBP @ 17.652600 for settlement 16/11/2017 127 0.01 3,003,400,000 Bought CLP sold USD @ 847.415577 for settlement 16/11/2017 84 0.00 13,928,800,000 Bought COP sold USD @ 3961.468040 for settlement 16/11/2017 61 0.00 4,600,000 Bought USD sold GBP @ 1.301676 for settlement 16/11/2017 29 0.00 (7,971,000) Bought GBP sold USD @ 1.286615 for settlement 16/11/2017 21 0.00 171,806,000 Bought BRL sold USD @ 4.169989 for settlement 03/11/2017 19 0.00 2,847,000 Bought USD sold GBP @ 1.301247 for settlement 16/11/2017 17 0.00 61,612,400,000 Bought IDR sold USD @ 17611.724711 for settlement 16/11/2017 10 0.00 14,600,000 Bought BRL sold USD @ 4.179985 for settlement 16/11/2017 3 0.00 3,186,000 Bought EUR sold GBP @ 1.084508 for settlement 16/11/2017 1 0.00 (2,708,000) Bought GBP sold USD @ 1.290438 for settlement 16/11/2017 1 0.00 2,867,000 Bought EUR sold GBP @ 1.083638 for settlement 16/11/2017 (2) 0.00 9,147,665 Bought USD sold ARS @ 22.623713 for settlement 10/11/2017 (25) 0.00 4,550,399 Bought USD sold IDR @ 17609.920265 for settlement 16/11/2017 (26) 0.00 4,534,161 Bought USD sold BRL @ 4.187884 for settlement 16/11/2017 (27) 0.00 (2,348,000) Bought GBP sold EUR @ 1.101488 for settlement 16/11/2017 (34) 0.00 (3,950,712,000) Bought GBP sold JPY @ 142.465100 for settlement 16/11/2017 (36) 0.00 11,553,000 Bought USD sold GBP @ 1.284311 for settlement 16/11/2017 (47) 0.00 4,596,964 Bought USD sold COP @ 3940.772404 for settlement 16/11/2017 (59) 0.00 4,624,172 Bought USD sold CLP @ 844.729929 for settlement 16/11/2017 (88) 0.00 11,114,202 Bought USD sold KRW @ 1488.986108 for settlement 16/11/2017 (120) (0.01) (17,484,000) Bought GBP sold AUD @ 1.656350 for settlement 16/11/2017 (122) (0.01) (60,400,000) Bought GBP sold ZAR @ 17.761771 for settlement 16/11/2017 (148) (0.01) 165,527,000 Bought ARS sold USD @ 21.352369 for settlement 10/11/2017 (405) (0.02) (49,521,000) Bought GBP sold CAD @ 1.655000 for settlement 16/11/2017 (436) (0.02) (763,773,000) Bought GBP sold MXN @ 23.731100 for settlement 16/11/2017 (689) (0.04) (132,834,000) Bought GBP sold USD @ 1.303124 for settlement 16/11/2017 (953) (0.05) (136,000,000) Bought GBP sold USD @ 1.303105 for settlement 16/11/2017 (974) (0.06) (137,000,000) Bought GBP sold USD @ 1.303104 for settlement 16/11/2017 (981) (0.06) (139,000,000) Bought GBP sold USD @ 1.302950 for settlement 16/11/2017 (983) (0.06) (138,000,000) Bought GBP sold USD @ 1.304660 for settlement 16/11/2017 (1,115) (0.06) (97,537,000) Bought GBP sold EUR @ 1.105198 for settlement 16/11/2017 (1,701) (0.10) (98,000,000) Bought GBP sold EUR @ 1.105284 for settlement 16/11/2017 (1,716) (0.10) (99,000,000) Bought GBP sold EUR @ 1.105599 for settlement 16/11/2017 (1,759) (0.10) 48,178,912 Bought USD sold BRL @ 4.465413 for settlement 03/11/2017 (4,406) (0.25) (15,489) (0.87) Index Credit Default Swap - ((0.92)%)
313 Fidelity Strategic Bond Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
12,300,000 Sold Protection on ITRAXX XOver S27 20/06/2022 1,311 0.07 30,000,000 Bought Protection on ITRAXX EUR Snr Finance 20/12/2018 (311) (0.02) 220,650,000 Bought Protection on ITRAXX XOver S27 20/06/2022 (23,515) (1.33) (22,515) (1.27) Portfolio of investments 1,717,803 97.06 Cash and other net assets/(liabilities) 52,277 2.94 Net assets 1,770,080 100.00
The figures in brackets represent the sector distributions at 28 February 2017. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes.
314 Fidelity UK Select Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Consumer Goods - (21.75%) 619,654 British American Tobacco 29,733 5.44 637,001 Unilever 28,658 5.24 1,046,683 Diageo 27,003 4.94 115,365 LOreal 18,862 3.45 619,601 Burberry Group 11,085 2.03 361,775 Headlam Group 2,279 0.42 117,620 21.51 Industrials - (22.71%) 978,359 Bunzl 22,434 4.10 433,201 Ferguson 19,871 3.63 579,481 CRH (GB) 15,669 2.87 1,028,573 Travis Perkins 15,336 2.80 2,043,695 Essentra 10,944 2.00 1,934,407 Howden Joinery Group 8,142 1.49 740,033 Diploma 7,874 1.44 1,097,851 Meggitt 5,659 1.03 80,242 DCC 5,629 1.03 97,760 Spirax-Sarco Engineering 5,563 1.02 117,121 21.42 Consumer Services - (18.82%) 1,633,662 RELX 27,413 5.01 1,306,276 Compass Group 21,410 3.92 421,747 Rightmove 17,207 3.15 1,800,689 Just Eat 11,867 2.17 2,872,895 Auto Trader Group 10,044 1.84 2,831,263 Booker Group 5,609 1.03 1,583,313 Card Factory 5,247 0.96 1,192,639 Dominos Pizza UK & Irleland 3,195 0.58 101,992 18.65 Financials - (17.72%) 3,296,351 HSBC Holdings 24,822 4.54 1,757,150 St James Place 20,401 3.73 28,919,235 Lloyds Banking Group 18,335 3.35 325,572 London Stock Exchange 12,847 2.35 392,376 Rathbone Brothers 10,924 2.00 542 Fidelity Institutional USD Fund Class A-Acc 7,254 1.33 178,545 Provident Financial 1,549 0.28 4 Fidelity Institutional Sterling Fund Class A-Acc 84 0.02 96,216 17.60 Technology - (6.43%) 895,877 Micro Focus International 20,525 3.75 2,776,658 Sage Group 19,326 3.53 271,309 Aveva Group 5,204 0.95 45,055 8.24 Oil & Gas - (7.86%) 612,798 Royal Dutch Shell (A) 12,985 2.37 598,923 Royal Dutch Shell (B) 12,883 2.36 82,488 Pioneer Natural Resources 8,249 1.51 34,117 6.24
315 Fidelity UK Select Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Basic Materials - (0.00%) 455,149 Rio Tinto 17,075 3.12 17,075 3.12 Health Care - (4.36%) 217,245 Shire 8,241 1.51 186,328 Novo-Nordisk (B) 6,840 1.25 15,081 2.76 Portfolio of investments 544,277 99.54 Cash and other net assets/(liabilities) 2,527 0.46 Net assets 546,804 100.00
The figures in brackets represent the sector distributions at 28 February 2017. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes.
316 Fidelity UK Smaller Companies Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
Industrials - (29.47%) 13,675,948 Coats Group 10,818 2.59 479,617 Ultra Electronics Holdings 8,791 2.10 3,830,918 TT Electronics 8,591 2.06 6,823,972 Serco Group 7,957 1.90 3,945,168 SIG 6,987 1.67 2,103,973 Senior 5,759 1.38 570,168 Vitec Group 5,576 1.33 1,990,065 Balfour Beatty 5,218 1.25 2,914,397 Norcros 4,903 1.17 1,228,074 Royal Mail 4,761 1.14 651,876 HomeServe 4,746 1.14 448,953 Oxford Instruments Group 4,629 1.11 1,453,418 Morgan Advanced Materials 4,349 1.04 730,079 Essentra 3,910 0.94 1,661,755 Charles Taylor 3,889 0.93 3,685,558 Renewi 3,492 0.84 3,347,926 Smiths News 3,365 0.81 5,614,722 Speedy Hire 2,948 0.71 362,178 Dialight 2,856 0.68 312,581 PayPoint 2,824 0.68 1,491,871 Chemring Group 2,615 0.63 196,195 Leonardo 2,573 0.62 1,717,676 Laird 2,439 0.58 1,148,051 Sprue Aegis 2,354 0.56 25,924,788 Management Consulting Group 1,750 0.42 496,472 Tyman 1,714 0.41 7,000,204 Augean 1,610 0.39 2,003,182 St Ives 1,417 0.34 310,184 Cohort 1,163 0.28 4,178,172 Tanfield Group 606 0.14 999,072 Silverdell 0 0.00 124,610 29.81 Financials - (28.70%) 799 Fidelity Institutional Sterling Fund Class A-Acc 16,536 3.96 4,760,958 esure Group 12,950 3.10 5,928,720 CLS Holdings 12,824 3.07 471,156 Electra Private Equity 7,840 1.88 6,909,346 Sherborne Investors (Guernsey) C 7,117 1.70 1,797,539 Brewin Dolphin Holding 6,345 1.52 6,153,107 Summit Germany 6,006 1.44 5,686,019 Impax Asset Management Group 5,970 1.43 1,975,581 John Laing Group 5,830 1.39 3,354,362 Man Group 5,585 1.34 2,051,400 McKay Securities 4,728 1.13 2,278,386 International Personal Finance 4,500 1.08 1,348,430 H&T Group 4,248 1.02 905,944 Polar Capital Holdings 3,916 0.94 1,976,300 U & I Group 3,671 0.88 2,009,181 Macau Property Opportunities Fund 3,175 0.76 2,096,874 IFG Group (GB) 3,145 0.75 1,318,540 Zegona Communications 2,347 0.56
317 Fidelity UK Smaller Companies Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
322,509 Nex Group 2,145 0.51 176,789 Provident Financial 1,534 0.37 4,369,300 LXB Retail Properties 1,234 0.30 601,760 Countrywide 826 0.20 152,544 Marwyn Value Investors 229 0.05 122,701 29.36 Consumer Services - (15.68%) 8,186,104 Ladbrokes Coral Group 9,520 2.28 1,679,886 Millennium & Copthrne Htls 7,780 1.86 1,464,268 Sports Direct International 5,662 1.35 7,233,529 Huntsworth 5,208 1.25 2,830,786 Bloomsbury Publishing 4,763 1.14 3,620,663 Gocompare.Com Group 3,621 0.87 6,751,531 Centaur Media 3,595 0.86 777,094 Next Fifteen Communications Group 3,217 0.77 1,358,059 Rank Group 3,119 0.75 5,132,319 Begbies Traynor Group 3,054 0.73 478,434 Daily Mail & General Trust 2,969 0.71 2,426,734 Ebiquity 2,791 0.67 869,576 Halfords Group 2,785 0.67 1,036,158 McColls Retail Group 2,694 0.64 1,372,349 Findel 2,611 0.62 2,061,855 Cello Group 2,557 0.61 1,309,225 Carpetright 2,533 0.61 1,952,078 Mothercare 1,942 0.46 749,074 Stride Gaming 1,663 0.40 3,384,443 French Connection Group 1,328 0.32 1,987,175 Tasty 755 0.18 16,071,539 Porta Communications 482 0.12 74,649 17.86 Technology - (6.84%) 993,484 Computacenter 10,104 2.42 8,514,836 Spirent Communications 8,174 1.96 3,362,781 RM 5,313 1.27 21,474,483 Lombard Risk Management 2,309 0.55 351,291 Imagination Technology Group 470 0.11 5,679,933 Stanley Gibbons Group 454 0.11 26,824 6.42 Basic Materials - (3.97%) 2,287,364 Synthomer 10,785 2.58 1,801,559 Carclo 2,882 0.69 1,219,048 Semafo 2,613 0.63 844,945 Hochschild Mining 2,348 0.56 751,655 Central Asia Metals 1,890 0.45 14,913,000 Goldplat 783 0.19 4,491,423 Ambrian 67 0.02 21,368 5.11 Consumer Goods - (5.26%) 4,042,748 Cairn Homes 6,422 1.54 2,315,415 Photo-Me International 3,693 0.88 1,322,156 Jimmy Choo 3,033 0.73
318 Fidelity UK Smaller Companies Fund
Portfolio Statement
as at 31 August 2017
Percentage Holdings/ Market value/ of total Holdings Unrealised gain/(loss) net assets Equivalent Portfolio of investments £’000 %
330,226 Britvic 2,490 0.60 648,044 Swallowfield 1,977 0.47 371,488 C Group (GB) 1,020 0.24 18,635 4.46 Oil & Gas - (7.24%) 3,063,801 Lamprell 3,064 0.73 2,916,450 Faroe Petroleum 2,464 0.59 1,327,748 Cairn Energy 2,237 0.54 512,532 Hunting 2,020 0.48 12,032,178 Amerisur Resources 1,865 0.45 4,255,425 Capital Drilling 1,787 0.43 1,191,765 SOCO International 1,403 0.34 3,669,893 Savannah Petroleum 1,271 0.30 4,645,211 Rockhopper Exploration 952 0.23 145,882 Cape 385 0.09 496,791 Green Dragon Gas 298 0.07 515,757 Parkmead Group 188 0.04 17,934 4.29 Health Care - (0.00%) 2,789,952 Vectura Group 3,021 0.72 4,479,119 Alliance Pharma 2,329 0.56 5,350 1.28 Telecommunications - (1.01%) 2,137,615 Manx Telecom 4,190 1.00 4,190 1.00 Contracts for Difference - ((0.07)%) 723,990 FBD Holdings (CFD) 965 0.23 (108,801) Glanbia (CFD) 145 0.03 (1,081,113) Centamin (CFD) 38 0.01 (78,586) Ashtead Group (CFD) (33) (0.01) (179,038) RPC Group (CFD) (63) (0.02) (195,070) Vesuvius (CFD) (77) (0.02) 480,310 Sports Direct International (CFD) (147) (0.04) (130,437) Marine Harvest (CFD) (235) (0.06) (21,938) Teleperformance (CFD) (239) (0.06) 800,510 CPL Resources (CFD) (374) (0.09) 280,912 Scandinavian Tobacco Group (A) (CFD) (384) (0.09) (663,244) DS Smith Holdings (CFD) (501) (0.12) 866,661 Nevsun Res (CFD) (537) (0.13) (35,588) Ambu (B) (CFD) (679) (0.16) (2,121) (0.51) Portfolio of investments 414,140 99.08 Cash and other net assets/(liabilities) 3,844 0.92 Net assets 417,984 100.00
The figures in brackets represent the sector distributions at 28 February 2017. Where securities are reclassified in the current period comparative percentages have been restated. The percentage of net assets disclosed above is subject to rounding. Unless otherwise stated, all holdings are on an official stock exchange listing or are permitted collective investment schemes.
319 Fidelity Investment Funds Interim Report and Financial Statements for the six month period ended 31 August 2017
Total Purchases and Sales for the Period
Purchases Sales Fund Name 31/08/17 31/08/16 31/08/17 31/08/16 £’000 £’000 £’000 £’000 Fidelity American Fund 753,019 523,641 824,258 622,871 Fidelity American Special Situations Fund 297,794 303,531 240,971 161,893 Fidelity Asia Fund 210,520 118,739 210,533 168,756 Fidelity Asia Pacific Opportunities Fund 24,969 21,613 21,172 9,850 Fidelity Asian Dividend Fund 2,547 1,891 851 693 Fidelity Cash Fund* 13,875,500 - 13,987,079 - Fidelity China Consumer Fund 32,158 4,356 26,324 6,451 Fidelity Emerging Asia Fund 22,632 42,583 24,559 8,361 Fidelity Emerging Europe, Middle East and Africa Fund 28,017 55,238 35,058 69,403 Fidelity Enhanced Income Fund 71,183 78,038 62,678 48,645 Fidelity European Fund 237,753 115,460 299,618 211,697 Fidelity European Opportunities Fund 96,473 159,298 106,781 180,882 Fidelity Extra Income Fund 128,255 105,109 106,454 83,232 Fidelity Global Dividend Fund 174,745 232,942 120,221 33,539 Fidelity Global Enhanced Income Fund 129,408 70,731 77,702 71,048 Fidelity Global Focus Fund 302,339 103,380 320,058 123,274 Fidelity Global High Yield Fund 85,627 52,172 64,838 36,911 Fidelity Global Property Fund 55,714 31,200 35,112 43,244 Fidelity Global Special Situations Fund 334,728 388,565 283,372 446,645 Fidelity Index Emerging Markets Fund 44,134 21,736 22,021 5,698 Fidelity Index Europe ex UK Fund 49,510 14,029 35,633 30,530 Fidelity Index Japan Fund 85,593 13,690 5,128 19,759 Fidelity Index Pacific ex Japan Fund 24,221 8,592 1,231 6,655 Fidelity Index UK Fund 118,160 129,791 14,537 42,830 Fidelity Index US Fund 163,970 118,476 17,963 10,825 Fidelity Index World Fund 106,544 23,062 5,186 22,014 Fidelity Japan Fund 28,211 61,669 79,351 80,609 Fidelity Japan Smaller Companies Fund 41,748 35,077 41,929 41,110 Fidelity MoneyBuilder Balanced Fund 49,030 72,574 60,530 19,519 Fidelity MoneyBuilder Dividend Fund 118,732 93,102 130,182 53,584 Fidelity MoneyBuilder Growth Fund 165,634 226,374 200,730 219,347 Fidelity MoneyBuilder Income Fund 802,023 682,245 689,424 543,276 Fidelity Short Dated Coporate Bond Fund** 24,606 - 8,269 - Fidelity Special Situations Fund 646,693 326,207 683,102 567,282 Fidelity Sterling Core Plus Reduced Duration Bond Fund 2,408 2,889 2,832 8,853 Fidelity Strategic Bond Fund 720,433 846,152 757,246 826,315 Fidelity UK Select Fund 107,025 390,555 121,103 135,814 Fidelity UK Smaller Companies Fund 102,720 60,182 105,837 57,057
* This fund launched on 21 October 2016. ** This fund launched on 17 November 2016.
320 Fidelity Investment Funds Interim Report and Financial Statements for the six month period ended 31 August 2017
EU Securities Financing Transaction Regulation
The Securities Financing Transaction Regulation (SFTR) requires further transparency to address perceived risks in the use of securities financing transactions.
A fund may use Total Return Swaps or other financial derivative instruments with similar characteristics to meet the investment objective of a fund and in accordance with the provisions on the use of financial derivative instruments. The following type of assets can be subject to Total Return Swaps (TRS) or other financial derivative instruments with similar characteristics: equity stocks, equity indices, commodity indices and credit indices.
Counterparties to such transactions must be subject to prudential supervision rules considered by the FCA as equivalent to those prescribed by EU law and specialised in these types of transactions. The counterparties to such transactions will generally be financial institutions based in an OECD member state and have an investment grade credit rating. At present only Contracts For Difference (CFDs) are used in relation to the funds.
Global Data
Total Return Swaps Fund Name Broker £’000 Percentage of NAV Fidelity American Fund UBS (UK) 351 Total 351 0.04%
Fidelity American Special Situations Fund UBS (UK) 355 Total 355 0.03%
Fidelity Asian Dividend Fund Goldman Sachs (UK) 113 Total 113 1.50%
Fidelity Enhanced Income Fund UBS (UK) 74 Total 74 0.01%
Fidelity Global Enhanced Income Fund Goldman Sachs (UK) 375 UBS (UK) (3) Total 372 0.13%
Fidelity Global Focus Fund Goldman Sachs (UK) 696 Total 696 0.17%
Fidelity Global Property Fund UBS (UK) 320 Total 320 0.14%
Fidelity Global Special Situations Fund Deutsche Bank (UK) 7,439 HSBC (UK) (587) UBS (UK) 19,050 Total 25,902 1.09% Fidelity Special Situations Fund HSBC (UK) (4,447) Morgan Stanley (UK) (11,083) UBS (UK) (6,294) Total (21,824) -0.70%
Fidelity UK Smaller Companies Fund Deutsche Bank (UK) (447) Goldman Sachs (UK) (584) UBS (UK) (1,090) Total (2,121) -0.51%
All CFDs have open maturity tenors based the contractual settlement date of each position and are all settled bi-laterally with the respective counterparty. Funds not listed make no use of securities financing transactions.
321 Fidelity Investment Funds Interim Report and Fidelity Investment Funds Interim Report and Financial Statements for the six month period ended 31 August 2017 Financial Statements for the six month period ended 31 August 2017
Collateral Collateral (continued)
UK Pound Denominated Swiss Franc Euro Denominated US Dollar Denominated Denominated Goldman Morgan Goldman Morgan Goldman JP Morgan Deutsche Bank Citibank Deutsche Sachs Stanley Citibank Sachs Stanley UBS Citibank Sachs HSBC Morgan Stanley UBS (UK) (UK) Bank (UK) (UK) (UK) (UK) (UK) HSBC (UK) (UK) (UK) (UK) (UK) (UK) (UK) (UK) (UK) Total Fund Name Collateral Maturity Tenor £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 Fidelity American Special Situations Fund Received Cash Less than 1 day ------2,322 ------2,322 Total ------2,322 - - - - - 2,322 Fidelity Extra Income Fund Received Government Bond Above 1 year - - - - 58 - - - - - 218 - - - - - 58 Total - - - - 58 - - - - - 218 - - - - - 58 Fidelity Global Enhanced Income Fund Granted Cash Less than 1 day ------(148) ------(148) Received Cash Less than 1 day ------318 ------318 Total ------318 - (148) ------170 Fidelity Global Special Situations Fund Granted Cash Less than 1 day ------(388) ------(388) Received Cash Less than 1 day ------17,112 ------17,112 Received Government Bond 3 months to 1 Year - - 1,483 ------1,483 Above 1 Year - - 4,361 ------4,361 Total - - 5,844 - - - - (388) - 17,112 ------22,560 Fidelity MoneyBuilder Income Fund Granted Cash Less than 1 Day ------(820) - (820) Granted Government Bond Above 1 Year ------(553) - - (553) Received Cash Less than 1 Day - - - - - 424 ------424 Received Government Bond Above 1 Year 321 - 527 ------748 - - 1,596 Total 321 - 527 - - 424 ------195 820 - 647 Fidelity Special Situations Fund Granted Cash 3 months to 1 year ------(6,480) - 11,160 - 18,000 Total ------(6,840) - (11,160) - 18,000 Sterling Core Plus Bond Fund Granted Government Bond Above 1 Year ------(4,475) - (4,475) Total ------(4,475) - (4,475) Fidelity Strategic Bond Fund Granted Cash Less than 1 day ------(1,111) - - (1,531) 732 - (3,374) Granted Government Bond 3 months to 1 year ------(7,356) (7,356) Above 1 year ------(19,135) ------(19,135) Received Cash Less than 1 day - 413 ------150 - - - - 563 Received Government Bond 3 months to 1 year - - 1,668 6,493 ------8,161 Total - 413 1,668 6,493 - - - - (19,135) - (1,111) 150 - (1,531) (8,088) - (21,141) Fidelity UK Smaller Companies Fund Granted Cash Less than 1 Day - 218 ------(535) - - - (1,120) (1,655) Total - 218 ------(535) - - - (1,120) (1,655) All collateral received by brokers is held in segregated accounts.
322 323 Fidelity Investment Funds Interim Report and Financial Statements for the six month period ended 31 August 2017
Cost and Return
Fund Name Cost Return Total £’000 £’000 £’000 Fidelity American Special Situations Fund (193) 102 (91) Fidelity Asia Fund - 152 152 Fidelity Asian Dividend Fund (2) 7 5 Fidelity Enhanced Income Fund 17 47 64 Fidelity Global Enhanced Income Fund (14) 36 22 Fidelity Global Property Fund (20) 180 161 Fidelity Global Special Situations Fund (1,488) 1,101 (387) Fidelity Special Situations Fund (2,109) 5,134 3,025 Fidelity UK Smaller Companies Fund (188) 211 24
All TRS gains and losses for the year end are attributable 100% to the respective fund and are not subject to any returns sharing arrangements with the Fund’s Manager or any other third parties.
324 Fidelity Investment Funds Interim Report and Financial Statements for the six month period ended 31 August 2017
Further Information
• All Fidelity employees are subject to a Code of Ethics which, among other things, sets out procedures for personal account dealings in securities. These procedures, which are rigorously monitored, are designed to ensure that there is no conflict between personal account dealing by Fidelity staff and the interests of Fidelity’s customers.
The two basics of the Code of Ethics require that deals have to be pre-authorised before an individual may undertake them, and they must afterwards be reported to the Compliance Department. Individuals are required to use specified brokers which enable this process to be checked on a continual basis.
In addition, there are specific provisions to ensure that any investment idea is first acted upon by the funds Fidelity manages, and that fund managers may not deal within a defined period either side of a fund (for which they are responsible) dealing in that stock.
• The Report and Financial Statements of the Company and the Instrument of Incorporation may be inspected free of charge between 9.00 a.m. and 5.00 p.m. on every business day at the offices of the Authorised Corporate Director (ACD) at Oakhill House, 130 Tonbridge Road, Hildenborough, Tonbridge, Kent TN11 9DZ, United Kingdom.
Shareholders may obtain copies of the above documents, including long form accounts, free of charge from the same address.
It is possible to receive up to date information about the full holdings of the funds in which you invest. This is available on request, and may, at our discretion, be subject to you entering into an agreement with us to keep the information confidential. If you wish to receive full holdings information in accordance with the policy, please put your request in writing to: Data Policy Fund Holdings, Oakhill House, 130 Tonbridge Road, Hildenborough, Tonbridge, Kent TN11 9DZ quoting your name, address and account number or client reference number.
1 The funds or securities referred to herein are not sponsored, endorsed, sold or promoted by MSCI Inc. (“MSCI”), any of its affiliates, any of its information providers or any other third party involved in, or related to, compiling, computing or creating any MSCI Index (collectively, the “MSCI parties”). The MSCI Indexes are the exclusive property of MSCI. MSCI and the MSCI Index name are service mark(s) of MSCI or its affiliates and have been licensed for use for certain purposes by Fidelity. None of the MSCI parties makes any representation or warranty, express or implied, to the issuer or owners of this fund or any other person or entity regarding the advisability of investing in funds generally or in this fund particularly or the ability of any MSCI Index to track corresponding stock market performance. MSCI or its affiliates are the licensors of certain trademarks, service marks, and trade names and of the MSCI Indexes which are determined, composed and calculated by MSCI without regard to this fund or the issuer and owners of this fund or any other person or entity. None of the MSCI parties has any obligation to take the needs of the issuer or owners of this fund or any other person or entity into consideration in determining, composing, or calculating the MSCI Indexes. None of the MSCI parties is responsible for or has participated in the determination of the timing of, prices at, or quantities of this fund to be issued or in the determination or calculation of the equation by or the consideration into which this fund is redeemable. Further, none of the MSCI parties has any obligation or liability to the issuer or owners of this fund or any other person or entity in connection with the administration, marketing or offering of this fund. Although MSCI shall obtain information for inclusion in or for use in the calculation of the MSCI Indexes from sources that MSCI considers reliable, none of the MSCI parties warrants or guarantees the originality, accuracy and/or completeness of any MSCI Index or any data included therein. None of the MSCI parties makes any warranty, express or implied, as to the results to be obtained by the issuer of this fund, owners of the fund, or any other person or entity, from the use of any MSCI Index or any data included therein. None of the MSCI parties shall have any liability for any errors, omissions or interruptions of or in connection with any MSCI Index or any data included therein. Further, none of the MSCI parties makes any express or implied warranties of any kind, and the MSCI parties hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with respect to each MSCI Index and any data included therein. Without limiting any of the foregoing, in no event shall any of the MSCI parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
1a The fund belongs to a group known as “passive” or “index tracker” funds, whereby the portfolio holds securities that are representative of the index. This fund is constructed to efficiently replicate the characteristics of the index, but may not hold all the company shares in the index or hold those shares in exactly the same weightings. The costs and expenses that the fund incurs means returns may not exactly match the index performance.
2 The Shares in the fund are not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (“FTSE”) or by the London Stock Exchange Plc (“the Exchange”) or by The Financial Times Limited (“FT”), and neither FTSE nor the Exchange nor FT makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the FT-SE Actuaries All-Share Index (“the Index”) and/or the figure at which the said Index stands at any particular time on any particular day or otherwise. The Index is compiled and calculated by FTSE. However, neither FTSE nor the Exchange nor FT shall be liable (whether in negligence or otherwise) to any person for any error in the Index, and neither FTSE nor the Exchange nor FT shall be under any obligation to advise any person of any error in the Index. “FTSE™” and “FT-SE®” are trademarks of the London Stock Exchange Plc and The Financial Times Limited and are used by FTSE International Limited under licence. “All-Share™” is a trade mark of FTSE International Limited.formation continued
325 Fidelity Investment Funds Interim Report and Financial Statements for the six month period ended 31 August 2017
Further Information
3 S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”) and Dow Jones® is a registered trademark of Dow Jones Trade- mark Holdings LLC (“Dow Jones”). These trademarks have been licensed for use by S&P Dow Jones Indices LLC (“SPDJI”) and, in some cases, sublicensed to Fidelity. The S&P 500® (the “Index”) is a product of SPDJI and/or affiliates and has been licensed for use by Fidelity.
The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates or their third party licensors (collectively, “SPDJI Entities”). SPDJI Entities make no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the Index to track general market performance. SPDJI Entities’ only relationship to Fidelity with respect to the Index is the licensing of the Index and certain trademarks, service marks and/or trade names of SPDJI Enti- ties. The Index is determined, composed and calculated by SPDJI Entities without regard to Fidelity or the Fund. SPDJI Entities have no obligation to take the needs of Fidelity or the owners of the Fund into consideration in determining, composing or calculating the Index. SPDJI Entities are not responsible for and have not participated in the determination of the prices, and amount of the Fund or the timing of the issuance or sale of the Fund or in the determina- tion or calculation of the equation by which the Fund is to be redeemed. SPDJI Entities have no obligation or liability in connection with the administration, marketing or trading of the Fund. There is no assurance that investment products based on the Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within the Index is not a recommendation by SPDJI Entities to buy, sell, or hold such security, nor is it considered to be investment advice.
SPDJI ENTITIES DO NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. SPDJI ENTITIES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. SPDJI ENTITIES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY FIDELITY, OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL SPDJI ENTITIES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBLITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN SPDJI AND FIDELITY, OTHER THAN THE LICENSORS OF SPDJI AND ITS AFFILIATES.
FIL Limited and its respective subsidiaries form the global investment management organisation that is commonly referred to as Fidelity International. Fidelity International only gives information on products and services and, with the exception of retirement advice, does not provide investment advice based on individual circumstances. Any service, security, investment, fund or product outlined may not be available to or suitable for you and may not be available in your jurisdiction. It is your responsibility to ensure that any service, security, investment, fund or product outlined is available in your jurisdiction before any approach is made regarding that service, security, investment, fund or product. This document may not be reproduced or circulated without prior permission and must not be passed to private investors. Past performance is not a reliable indicator of future results. The value of investments may go down as well as up and an investor may not get back the original amount invested. Unless otherwise stated all products are provided by Fidelity International, and all views expressed are those of Fidelity International. In certain countries, and for certain types of investments, transaction costs are higher and liquidity is lower than elsewhere. There may also be limited opportunities to find alternative ways of managing cash flows especially where the focus of investment is on small and medium sized firms. For funds specialising in such countries and investment types, transactions, particularly those large in size, are likely to have a greater impact on the costs of running a fund than similar transactions in larger funds. Prospective investors should bear this in mind in selecting funds. Issued by FIL Investment Services (UK) Limited (FCA registered number 121939) a firm authorised and regulated by the Financial Conduct Authority. FIL Investment Services (UK) Limited is a member of the Fidelity International group of companies and is registered in England and Wales under the company number 2016555. The registered office of the company is Oakhill House, 130 Tonbridge Road, Hildenborough, Tonbridge, Kent TN11 9DZ, United Kingdom. FIL Investment Management Limited VAT group identification number is 395 3090 35.
326 Fidelity, Fidelity International the Fidelity International logo and symbol are trademarks of FIL Limited