Fidelity Active STrategy
Société d’investissement à capital variable Established in Luxembourg RCS Luxembourg B 102 944
Semi-Annual Report
and Accounts
For the period ended 31 March 2019 Unaudited
This Semi-Annual Report of the Company does not constitute an offer of Shares. Shares are offered on the basis of the information conta ined in the current Prospectus (and the documents referred to within it) supplemented by the last available Annual Report of the Comp any and any subsequently published Semi-Annual Report. Copies of the current Prospectus, latest Annual and Semi-Annual Reports and Portfolio Changes for the Company are available free of charge from the registered office of the Company or from any of the companies registered as distributors of Fidelity Active Strategy or, for Investors in Switzerland, from the representative of the Company in this country.
Fidelity Active STrategy Contents
Introduction 2 Directors and Conducting Officers 3 Investment Manager’s Report 4 . . Schedule of Investments Equity Funds Asia Fund 5 Emerging Markets Fund 7 Europe Fund 9 Global Fund 10 UK Fund 12 US Fund 13 . . Statement of Net Assets 16 Statement of Net Asset Value per Share 18 Notes to the Financial Statements 19 Supplementary Information 23 Directory 24
1
Fidelity Active STrategy Introduction
Fidelity Active STrategy (the "Company") is an open-ended investment company established in Luxembourg as a société d'investissement à capital variable (SICAV). Its assets are held in different sub-funds. Each sub-fund holds a separate portfolio of securities and other assets managed in accordance with specific investment objectives. Separate classes of Shares are or may be issued in relation to the sub-funds.
Swiss investors are advised that all the present sub-funds of the Company have been authorised by the Swiss Financial Market Supervisory Authority for distribution in Switzerland.
Board of Directors The Directors of the Company are listed on page 3. There are no service contracts proposed or in existence between any of the Directors and the Company.
Mr Stephen Fulford resigned from his position as a Director of the Company with effect from 1 February 2019.
Ms Corinna Valentine was appointed as the permanent representative of FIL (Luxemoburg) S.A. (in replacement of Mr Claude Hellers) as Corporate Director of the Company with effect from 4 December 2018. .
2
Fidelity Active STrategy Directors and Conducting Officers
Board of Directors of Fidelity Active STrategy as at 31 March 2019
Florence Alexandre Christopher Brealey Steven Edgley Director Director Director Grand Duchy of Luxembourg Grand Duchy of Luxembourg United Kingdom
FIL (Luxembourg) S.A. Corporate Director Grand Duchy of Luxembourg Represented by Corinna Valentine
Board of Directors of FIL Investment Management (Luxembourg) S.A. (the "Management Company")
Christopher Brealey Chairman of the Board Grand Duchy of Luxembourg
Eliza Dungworth Rachel Holmes Allan Pelvang Director Director Director United Kingdom Grand Duchy of Luxembourg Bermuda
Dominic Rossi Jon Skillman Director Director United Kingdom Grand Duchy of Luxembourg
Conducting Officers of the Management Company
Florence Alexandre Stephan von Bismarck Corinne Lamesch Conducting Officer Conducting Officer Conducting Officer Grand Duchy of Luxembourg United Kingdom Grand Duchy of Luxembourg
Karin Winklbauer Conducting Officer Grand Duchy of Luxembourg
3
Fidelity Active STrategy Investment Manager’s Report*
Market Environment Global equity markets, as measured by the MSCI All Country World (Net Total Return) Index, returned -2.1% in US dollar terms over the review period. During the first half of the period, global equities declined sharply as concerns about a possible global economic slowdown a nd the US Federal Reserve's (Fed) interest rate hikes weighed on sentiment. Continued Brexit-related uncertainties and ongoing US-China trade frictions further worried investors. The markets rebounded sharply in the first quarter of 2019, as investors were buoyed by signs of progress in trade talks between the US and China. An upbeat risk sentiment was bolstered further by the more accommodative stance from major central banks.
Regional Developments European equities, as measured by the MSCI Europe (Net Total Return) Index, returned 0.1% in euro terms (-3.0% in US dollar terms) over the review period. The end of 2018 was impacted negatively by ongoing trade worries, Brexit-related uncertainty and weak corporate earnings. However, equities rebounded strongly in the first quarter of 2019. The European Central Bank (ECB) indicated that i t will hold interest rates steady at least to the end of 2019. It also said that it could provide additional long-term loans to eurozone banks in a bid to revive the region's weakening economy. The strength in the market moderated as the ECB lowered its GDP growth and inflation forecasts for the 2019---- 2021 period, due to the weakening growth momentum in the eurozone. At a sector level, utilities, consumer staples and health care stocks were the biggest gaine rs. Among the key decliners were the financials, energy, consumer discretionary and industrials sectors.
UK equities, as measured by the FTSE All Share (Total Return) Index, returned -1.8% in sterling terms (-1.9% in US dollar terms) over the review period. Markets fell sharply towards the end of 2018 but recovered in the first quarter of 2019. Hopes of progress in US-China trade talks offset worries around weakening global growth and the negative impact of Brexit related uncertainty. On the policy front, the Bank of Englan d kept interest rates steady, as all nine members of the bank's Monetary Policy Committee voted to keep rates at 0.75%. Overall, the technology and materials sectors outperformed, while industrials and telecommunications stocks lagged the broader market.
US equities, as measured by the S&P 500 (Net Total Return) Index, fell -2.02% in US dollar terms over the review period. Concerns over US economic growth, trade tensions with China and higher interest rates weighed on stocks. Consumer confidence declined in March driven by more pessimis tic views about current business and labour market conditions. However, investor sentiment was lifted as US lawmakers reached a t entative agreement to avert another federal government shutdown. Easing worries about US-China trade frictions and the US Fed's signalling of a "patient approach" towards interest rate hikes this year, supported equities towards the end of the period. Meanwhile, the US mid-term election results in November were broadly in line with expectations. The Democratic Party won back a maj ority in the House of Representatives and the Republicans maintained control of the Senate. From a sector perspective, stocks in energy and financials fell. On a positive note, real estate and utilities sectors advanced.
Asia ex Japan equities, as measur ed by the MSCI AC Asia ex Japan (Net Total Return) Index, advanced 1.8% in US dollar terms over the review period. Stock markets came under pressure during the first half of the period. Investor sentiment improved towards the latter half of the period. Chinese and Hong Kong equities strengthened amid optimism about economic stimulus measures in China and signs of progress on tra de negotiations with the US. In a noteworthy development, index provider MSCI announced that it will quadruple the weight of Chines e mainland listed A-shares in its global benchmarks. Indonesian equities also rose, supported by gains in consumer staples and financials stocks. The Philippines market received support from buying activity by foreign institutional investors. Conversely, S outh Korean equities lagged. Taiwanese stocks also declined due to concerns about near-term profitability at some semiconductor firms and at Apple supply chain companies. At a sector level, real estate stocks outperformed broader markets. The consumer and financial sectors also reported strong returns.
Emerging markets, as measured by the MSCI Emerging Markets (Net Total Return) Index rose 1.71% in US dollar terms over the pe riod. Concerns over Chinese growth and US-China trade war weighed on equities initially. However, progress in US-China trade talks and expectations of encouraging manufacturing data in China lifted sentiment towards riskier assets. Chinese stocks rose after MSCI announced tha t it would substantially increase exposure to mainland share s in its indices. In the country's annual legislative session, Chinese policymakers promised to implement tax cuts and infrastructure funding over the year to boost economic growth. In Latin America, Brazilian stocks adva nced as political uncertainty ended with the victory of Jair Bolsonaro in the final round of Presidential elections. The new government also announced reform measures. Russian stocks rose notwithstanding the falling oil price and risks of additional sanctions by the US.
* The information stated in this report is historical and not necessarily indicative of future performance. 4
Fidelity Active
STrategy Asia Fund
Schedule of Investments as at 31 March 2019 1
Country Shares or Market Value % Net Country Shares or Market Value % Net Code Ccy Nominal USD Assets Code Ccy Nominal USD Assets
Securities Admitted to or Dealt on an Official Stock Exchange First Resources SG SGD 2,864,500 3,469,676 0.48 Securities Admitted to or Dealt on an Official Stock Exchange Kweichow Moutai (B) CN CNY 3,488 443,757 0.06 Energy 43,085,243 5.95 Reliance Industries IN INR 802,655 15,775,332 2.18 CNOOC CN HKD 4,847,000 9,010,257 1.24 Healthcare China Petroleum & Chemical CN HKD 7,470,000 5,921,235 0.82 Wuxi Biologics Cayman CN HKD 756,000 7,354,375 1.01 United Tractors ID IDR 678,300 1,287,385 0.18 China Resources Pharmaceutical Group CN HKD 2,812,500 3,975,196 0.55 31,994,209 4.42 Jiangsu Hengrui Medicine CN CNY 392,344 3,823,783 0.53 Bangkok Dusit Medical Services TH THB 4,795,500 3,745,958 0.52 Utilities Lupin IN INR 350,385 3,734,865 0.52 Power Grid Corp of India IN INR 4,048,376 11,552,281 1.59 22,634,177 3.12 Manila Water PH PHP 8,056,400 3,527,736 0.49 Beijing Enterprises Holdings HK HKD 620,500 3,520,113 0.49 Financials CK Infrastructure Holdings HK HKD 55,000 451,414 0.06 E.Sun Financial Holding TW TWD 20,267,019 15,604,109 2.15 19,051,544 2.63 HDFC Bank IN INR 437,714 14,664,650 2.02 AIA Group HK HKD 1,402,400 13,999,680 1.93 Materials Bank Central Asia ID IDR 7,164,500 13,942,898 1.92 Housing Development Finance IN INR 376,646 10,686,384 1.47 Korea Zinc KR KRW 19,121 7,824,194 1.08 Dah Sing Banking Group HK HKD 5,682,800 10,676,349 1.47 National Aluminium IN INR 9,050,179 7,234,029 1.00 Shinhan Financial Group KR KRW 260,827 9,670,524 1.33 Essel Propack IN INR 4,252,760 7,164,068 0.99 United Overseas Bank SG SGD 475,900 8,875,464 1.22 Lock&Lock KR KRW 272,648 4,880,558 0.67 Kasikornbank TH THB 1,487,100 8,815,743 1.22 Lafarge Malaysia MY MYR 7,382,700 4,521,812 0.62 Samsung Fire & Marine Insurance KR KRW 31,508 8,341,148 1.15 Semen Indonesia Persero ID IDR 3,672,900 3,594,414 0.50 Metropolitan Bank & Trust PH PHP 4,931,546 7,485,382 1.03 Baoshan Iron & Steel CN CNY 2,445,168 2,633,678 0.36 Bangkok Bank (Reg'd) TH THB 1,060,400 7,216,308 1.00 Baoshan Iron & Steel CN CNY 962,924 1,037,161 0.14 Bank Rakyat Indonesia Persero ID IDR 21,437,200 6,207,265 0.86 38,889,914 5.37 Public Bank MY MYR 1,074,500 6,099,073 0.84 CIMB Group Holdings MY MYR 4,270,105 5,391,853 0.74 Industrials Mahindra & Mahindra Financial Services IN INR 595,187 3,614,457 0.50 Cebu Air PH PHP 4,547,660 7,166,193 0.99 BOC Hong Kong Holdings HK HKD 350,500 1,453,011 0.20 LT Group PH PHP 22,400,886 6,851,335 0.95 152,744,298 21.08 CK Hutchison Holdings HK HKD 411,500 4,323,209 0.60 Container Corp Of India IN INR 535,192 4,052,536 0.56 Real Estate Guangzhou Baiyun International Airport (B) CN CNY 1,796,224 3,955,038 0.55 City Developments SG SGD 1,142,500 7,641,316 1.05 Samsung Engineering KR KRW 276,282 3,917,654 0.54 China Overseas Land & Investment HK HKD 1,548,000 5,882,213 0.81 Sinotrans CN HKD 8,660,000 3,718,553 0.51 Embassy Office Parks REIT* IN INR 1,050,400 4,544,891 0.63 International Container Terminal Services PH PHP 1,482,590 3,681,127 0.51 Mapletree Commercial Trust REIT SG SGD 2,587,573 3,609,887 0.50 Cummins India IN INR 336,712 3,620,256 0.50 China Merchants Shekou Industrial Zone Hdgs (A) CN CNY 819,022 2,811,213 0.39 Greentown Service Group CN HKD 4,066,000 3,607,468 0.50 China Merchants Shekou Industrial Zone Hdgs (B) CN CNY 290,700 997,799 0.14 Guangzhou Baiyun International Airport (A) CN CNY 1,511,504 3,328,124 0.46 BOC Aviation SG HKD 350,800 2,860,643 0.39 25,487,319 3.52 Zhejiang Sanhua Intelligent Controls CN CNY 1,202,950 2,808,227 0.39 CJ Logistics KR KRW 15,478 2,253,906 0.31 Communication Services Sinopec Engineering Group CN HKD 981,000 958,468 0.13 HKT Trust HK HKD 2,806,440 4,512,635 0.62 Zhejiang Sanhua Intelligent Controls CN CNY 317,700 741,655 0.10 HKBN HK HKD 2,226,500 3,546,250 0.49 57,844,392 7.98 Telekomunikasi Indonesia Persero ID IDR 8,368,700 2,308,393 0.32 CITIC Telecom International Holdings HK HKD 1,721,000 774,069 0.11 Information Technology 11,141,347 1.54 Taiwan Semiconductor Manufacturing TW TWD 5,630,000 44,962,101 6.20 Tencent Holdings CN HKD 497,900 22,838,778 3.15 Securities Admitted to or Dealt on Other Regulated Markets Samsung Electronics KR KRW 553,873 21,758,335 3.00 Securities Admitted to or Dealt on Other Regulated Markets Infosys IN INR 1,540,662 16,523,829 2.28 Consumer Discretionary Sunny Optical Technology Group CN HKD 1,022,800 12,227,599 1.69 Poya International TW TWD 206,000 2,433,316 0.34 SK Hynix KR KRW 136,860 8,932,608 1.23 2,433,316 0.34 Catcher Technology TW TWD 1,053,000 8,100,844 1.12 Delta Electronics TW TWD 1,028,000 5,295,157 0.73 Lenovo Group CN HKD 4,082,000 3,678,076 0.51 Unlisted Quanta Computer TW TWD 1,952,000 3,656,551 0.50 Unlisted Tripod Technology TW TWD 1,117,000 3,600,982 0.50 Healthcare Powertech Technology TW TWD 1,523,000 3,595,429 0.50 Grail* US USD 384,000 1,824,384 0.25 AAC Technologies Holdings CN HKD 426,000 2,521,818 0.35 1,824,384 0.25 OFILM Group (A) CN CNY 1,179,162 2,494,466 0.34 Shenzhen Goodix Technology (A) CN CNY 154,982 2,396,593 0.33 Hytera Communications CN CNY 1,375,427 2,245,762 0.31 Fractions 2 0.00 OFILM Group (B) CN CNY 577,900 1,222,522 0.17 Shenzhen Goodix Technology (B) CN CNY 74,287 1,148,751 0.16 167,200,201 23.07 Total Investments (Cost USD 624,529,772) 683,118,931 94.27 683,118,931.00 1 Consumer Discretionary
Alibaba Group Holdings ADR CN USD 220,959 40,097,430 5.53 Gourmet Master TW TWD 1,631,594 10,842,963 1.50 Underlying Unrealised % Net New Oriental Education & Technology Group ADR CN USD 115,617 10,417,092 1.44 exposure gain/(loss) Assets Hyundai Motor KR KRW 60,398 6,351,273 0.88 Ccy USD Dongfeng Motor Group CN HKD 3,978,000 3,985,963 0.55 Samsonite International US HKD 1,158,900 3,716,935 0.51 China ZhengTong Auto Services Holdings CN HKD 6,622,000 3,681,769 0.51 Contracts For Difference PRADA IT HKD 1,227,000 3,651,628 0.50 Contracts For Difference Ace Hardware Indonesia ID IDR 28,577,900 3,566,990 0.49 Tencent Holdings (GS) HKD 252,306,937 4,405,751 0.61 Chow Tai Fook Jewellery Group HK HKD 3,453,000 3,493,054 0.48 LI Ning (GS) HKD 85,654,154 3,070,521 0.42 Giant Manufacturing TW TWD 436,000 3,109,477 0.43 AIA Group (HSBC) HKD 125,851,414 2,159,944 0.30 PVR IN INR 128,932 3,061,052 0.42 Techtronic Industries (HSBC) HKD 69,562,426 1,617,144 0.22 Zhejiang Supor CN CNY 245,956 2,749,211 0.38 CITIC 1616 Holdings (HSBC) HKD 23,151,017 1,012,776 0.14 Guangzhou Automobile Group CN HKD 2,218,000 2,621,813 0.36 Celltrion (UBS) USD (4,851,650) 845,007 0.12 Midea Group (B) CN CNY 302,100 2,193,122 0.30 Shin Kong Financial Holdings (GS) USD (3,044,154) 753,983 0.10 China International Travel Service (A) CN CNY 208,621 2,178,050 0.30 United Microelectronics (GS) USD (1,840,123) 679,659 0.09 Midea Group (A) CN CNY 218,892 1,589,066 0.22 China Pacific Insurance Group (HSBC) HKD 97,353,705 589,957 0.08 China International Travel Service (B) CN CNY 141,922 1,481,697 0.20 True (UBS) USD (4,015,107) 457,203 0.06 108,788,585 15.01 ZTO Express Cayman (GS) USD (5,436,341) 419,663 0.06 True (MS) USD (1,290,903) 401,800 0.06
Consumer Staples AU Optronics (UBS) USD (3,279,862) 395,806 0.05 AIA Group (GS) HKD 24,574,722 371,694 0.05 CP ALL TH THB 3,751,800 8,831,068 1.22 Foxconn Technology (MS) USD (1,819,687) 332,986 0.05 China Mengniu Dairy HK HKD 2,285,000 8,501,759 1.17 Woori Financial Group (UBS) USD (3,653,978) 330,620 0.05 Kweichow Moutai (A) CN CNY 56,351 7,169,190 0.99 Samsung Electro -Mechanics (GS) USD (1,431,998) 311,770 0.04 Cosmax KR KRW 53,340 7,112,991 0.98 Berli Jucker (MS) USD (1,595,455) 294,647 0.04 Gudang Garam ID IDR 670,500 3,912,992 0.54 Hyundai Engineering & Construction (MS) USD (3,813,074) 222,081 0.03 ITC IN INR 850,411 3,643,810 0.50 * Security with price determined by the Directors. The accompanying notes to the financial statements form an integral part of these financial statements. The percentage of net assets in the schedule of investments and in the geographical split is subject to rounding. Please note that the geographical split in the schedule of investments is based on market values as per local GAAP and does not include derivatives exposures. 5
Fidelity Active
STrategy Asia Fund - continued
Schedule of Investments as at 31 March 2019
Underlying Unrealised % Net Contracts Market Value % Net exposure gain/(loss) Assets Ccy USD Assets Ccy USD
Options China Everbright International (UBS) HKD (13,823,272) 215,639 0.03 Options LG Uplus (GS) USD 7,355,658 208,370 0.03 Purchased Call HKE 295 27/06/2019 HKD 78,722 56,212 0.01 Tenaga Nasional (UBS) USD (1,725,715) 158,517 0.02 Purchased Call HKE 290 27/06/2019 HKD 44,984 40,088 0.01 Qisda (UBS) USD (1,306,709) 141,812 0.02 Purchased Put HSI 24600 27/06/2019 HKD 22 9,104 0.00 Huaneng Power International (UBS) HKD (13,460,610) 120,588 0.02 Purchased Put NIFTY 9500 27/06/2019 INR 185 7,062 0.00 BYD Electronic International (MS) HKD (12,573,529) 119,363 0.02 Purchased Put HSCEI 9800 27/06/2019 HKD 1,302 5,052 0.00 China Mobile (GS) HKD 30,421,286 119,244 0.02 Purchased Put HSCEI 9500 27/06/2019 HKD 27 4,322 0.00 Maxis (UBS) USD (1,753,850) 112,945 0.02 Purchased Put NIFTY 10600 27/06/2019 INR 296 4,278 0.00 Berli Jucker (UBS) USD (1,917,823) 103,073 0.01 Purchased Put HSCEI 9400 27/06/2019 HKD 27 3,503 0.00 NH Investmnt & Securities (MS) USD (3,538,181) 86,434 0.01 Purchased Put HSCEI 9600 27/06/2019 HKD 1,333 3,015 0.00 Samsung (GS) USD (1,928,950) 75,300 0.01 Purchased Put HSI 24000 27/06/2019 HKD 10 2,529 0.00 China Mengniu Dairy (HSBC) HKD 2,687,056 51,469 0.01 Purchased Put HIS 24800 27/06/2019 HKD 516 2,290 0.00 Hartalega Holdings (UBS) USD (1,717,989) 44,450 0.01 Purchased Put HSI 24800 27/06/2019 HKD 1 463 0.00 Qisda (GS) USD (506,030) 28,388 0.00 Written Call China Petrol&Chemical 7.75 29/04/2019 HKD (4,657,544) (166) (0.00) Chunghwa Telecom (UBS) USD (3,673,437) 17,602 0.00 Written Call China Mobile 90 29/04/2019 HKD (700) (1,023) (0.00) China Tower (UBS) HKD (13,818,617) 15,573 0.00 Written Call Galaxy Entertainment 65 29/04/2019 HKD (534) (1,485) (0.00) GlobalWafers (UBS) USD (216,149) 4,105 0.00 Written Call China Petrol&Chemical 5.75 29/04/2019 HKD (4,657,544) (19,370) (0.00) HDC Hyundai Dev Engineering (GS) USD (1,760,117) 2,354 0.00 Written Call Techtronic Industries 60 29/04/2019 HKD (556,934) (24,444) (0.00) BYD Electronic (GS) HKD (1,681,874) 2,226 0.00 Written Call New Oriental Ed&Tech 95 18/04/2019 USD (475) (61,750) (0.01) Guangzhou Automobile (HSBC) HKD 12,007,171 (1,396) (0.00) 29,680 0.00 NH Investmnt & Securities (HSBC) USD (147,526) (2,392) (0.00)
Feng Tay Enterprise (UBS) USD (21,204) (2,821) (0.00) Weibo (MS) USD (149,870) (6,702) (0.00) Other Assets and Liabilities 35,481,188 4.90 AU Optronics (HSBC) USD (300,308) (8,771) (0.00) Samsung Electro -Mechanics (UBS) USD (443,899) (10,737) (0.00) Net Assets 724,623,616 100.00 United Overseas Bank (UBS) SGD 12,422,988 (12,800) (0.00) 724,623,616.00 Unilever (Indonesia) (UBS) USD (1,823,325) (12,872) (0.00) Eclat Textile (HSBC) USD (161,323) (14,381) (0.00) Suntec REIT (GS) SGD (560,720) (37,688) (0.01) Netmarble Games (UBS) USD (1,601,341) (45,089) (0.01) GEOGRAPHICAL SPLIT BOC Hong Kong Holdings (GS) HKD 17,198,562 (48,307) (0.01) Krungthai Card (UBS) USD (1,838,998) (52,587) (0.01) Hong Kong & China Gas (UBS) HKD (2,183,145) (57,348) (0.01) Country Country Code % Net Assets Globalwafers (GS) USD (1,562,170) (58,311) (0.01) Shin Kong Financial Holdings (MS) USD (713,185) (60,567) (0.01) China CN 25.68 Weibo (GS) USD (1,719,104) (108,762) (0.02) India IN 15.16 HK Electric Investments (HSBC) HKD (14,265,015) (111,200) (0.02) Taiwan TW 13.97 Hengan International Group (UBS) HKD (14,727,751) (112,665) (0.02) Korea KR 11.18 Suntec REIT (HSBC) SGD (4,317,913) (114,614) (0.02) Hong Kong HK 8.44 Eclat Textile (GS) USD (2,366,064) (148,847) (0.02) Indonesia ID 4.81 Cheung Kong Infrastructure Holdings (HSBC) HKD 31,795,493 (150,271) (0.02) Philippines PH 3.96 CAR (UBS) HKD (13,953,824) (153,921) (0.02) Thailand TH 3.95 Dali Foods Group (UBS) HKD (14,261,427) (172,886) (0.02) Singapore SG 3.65 Netmarble Games (HSBC) USD (2,021,075) (177,310) (0.02) Malaysia MY 2.21 Eclat Textile (UBS) USD (1,021,710) (187,293) (0.03) USA US 0.76 Beijing Capital International Airport (UBS) HKD (13,469,445) (201,260) (0.03) Italy IT 0.50 LG Electronics (MS) USD (3,519,072) (202,201) (0.03) Cash and other net assets 5.73 China Resour Beer (UBS) HKD (29,297,009) (233,654) (0.03) GS Retail (MS) USD (3,575,346) (235,967) (0.03) Anhui Conch Cement (UBS) HKD (30,603,508) (246,182) (0.03) Rio Tinto (UBS) AUD (5,428,615) (249,614) (0.03) China Petroleum & Chemical (HSBC) HKD 63,070,262 (267,457) (0.04) Phison Electronics (UBS) USD (1,780,860) (300,086) (0.04) Vanguard International Semiconductor (UBS) USD (1,739,259) (367,424) (0.05) Pilipinas Shell Petroleum (UBS) USD 3,631,683 (412,403) (0.06) Capitaland Mall Trust (HSBC) SGD (4,922,843) (452,845) (0.06) LG Household & Healthcare (UBS) USD (1,832,942) (461,545) (0.06) Galaxy Entertainment Group (HSBC) HKD 133,478,218 (521,395) (0.07) Samsung Electronics (GS) USD 22,416,581 (530,243) (0.07) ASE Technology Holding (UBS) USD (5,291,024) (592,886) (0.08) Hang Lung Properties (UBS) HKD (28,929,612) (600,961) (0.08) Lock&Lock (GS) USD 5,908,104 (614,414) (0.08) CSPC Pharmaceutical (UBS) HKD (28,185,242) (736,604) (0.10) Guangzhou R&F Property (UBS) HKD (28,735,706) (834,990) (0.12) Sino Biopharmaceutical (UBS) HKD (28,120,533) (847,445) (0.12) Hong Kong & China Gas (HSBC) HKD (27,074,570) (922,564) (0.13) Standard Chartered (HSBC) HKD 27,615,203 (956,328) (0.13) CK Hutchison Holdings (HSBC) HKD 56,369,120 (1,243,584) (0.17) 6,397,874 0.88
Underlying Unrealised % Net exposure USD gain/(loss) Assets USD
Forward Foreign Exchange Contracts Forward Foreign Exchange Contracts A-DIST Shares (EUR) (Euro/USD hedged) Bought EUR Sold USD at 0.88313 12/04/2019 6,163,790 (48,300) (0.01) (48,300) (0.01)
Underlying Unrealised % Net exposure gain/(loss) Assets Ccy USD
Futures Futures Bajaj Auto Future 25/04/2019 INR (120,385,540) 38,766 0.01 Hero MotoCorp Future 25/04/2019 INR (244,830,530) 27,328 0.00 JSW Steel Future 25/04/2019 INR (123,988,546) (51,286) (0.01) Colgate -Palmolve Future 25/04/2019 INR (246,884,783) (59,861) (0.01) Jet Airways Future 25/04/2019 INR (125,639,535) (310,704) (0.04) (355,757) (0.05)
6
Fidelity Active
STrategy Emerging Markets Fund
Schedule of Investments as at 31 March 2019 2
Country Shares or Market Value % Net Country Shares or Market Value % Net Code Ccy Nominal USD Assets Code Ccy Nominal USD Assets
Securities Admitted to or Dealt on an Official Stock Exchange Vale BR BRL 39,500 522,893 0.05 Securities Admitted to or Dealt on an Official Stock Exchange 92,108,986 8.86 Energy TMK RU USD 22,730,264 20,005,606 1.92 Industrials Lukoil RU USD 210,290 18,892,925 1.82 Rumo BR BRL 3,332,000 16,286,012 1.57 Surgutneftegas (Pref'd) RU USD 29,169,897 18,221,214 1.75 16,286,012 1.57 57,119,745 5.49 Information Technology Materials Mail.Ru Group RU USD 425,269 10,529,660 1.01 Castrol India IN INR 1,748,457 4,194,914 0.40 10,529,660 1.01 Evraz RU GBP 495,299 3,996,529 0.38
Severstal RU USD 168,710 2,657,861 0.26 Financials Vale ADR BR USD 156,027 2,065,797 0.20 Sberbank of Russia ADR RU USD 1,988,299 26,364,845 2.54 12,915,101 1.24 Emirates NBD Wts 03/01/2022 AE USD 9,524,781 26,320,861 2.53 Grupo Financiero Banorte MX MXN 2,040,448 11,187,447 1.08 Industrials Nova Ljubljanska Banka SI EUR 739,424 10,126,222 0.97 Copa Holdings PA USD 143,233 11,402,779 1.10 TCS Group Holding Reg S CY USD 431,486 7,654,562 0.74 BOC Aviation SG HKD 776,300 6,330,436 0.61 Itau Unibanco Holding (Pref'd) BR BRL 448,876 3,971,793 0.38 LT Group PH PHP 10,259,100 3,137,757 0.30 Itausa - Investimentos (Pref'd) BR BRL 1,240,383 3,848,520 0.37 Wizz Air Holdings CH GBP 51,455 2,014,363 0.19 89,474,250 8.60 22,885,335 2.20
Information Technology Fractions (1) (0.00) SK Hynix KR KRW 458,311 29,913,143 2.88 Samsung Electronics KR KRW 662,587 26,029,054 2.50 Catcher Technology TW TWD 2,153,000 16,563,264 1.59 Total Investments (Cost USD 871,615,354) 928,243,240 89.26 928,243,240.00 Infosys IN INR 1,377,479 14,773,667 1.42 1 Infosys ADR IN USD 1,096,133 12,008,137 1.15 Cognizant Technology Solutions US USD 28,469 2,068,985 0.20
Taiwan Semiconductor Manufacturing TW TWD 213,000 1,701,053 0.16 Underlying Unrealised % Net 103,057,303 9.91 exposure gain/(loss) Assets Ccy USD Consumer Discretionary
Naspers ZA ZAR 346,458 80,213,906 7.71 Contracts For Difference Midea Group (B) CN CNY 2,206,121 16,015,535 1.54 Contracts For Difference Midea Group (A) CN CNY 1,495,293 10,855,215 1.04 AIA Group (GS) HKD 576,276,288 21,218,788 2.04 Spur ZA ZAR 4,916,886 7,283,719 0.70 Anta Sports Products (HSBC) HKD 233,731,720 7,303,590 0.70 Eicher Motors IN INR 19,814 5,867,769 0.56 EOH Holdings (MS) ZAR (49,131,628) 5,701,039 0.55 MakeMyTrip IN USD 157,606 4,301,068 0.41 Credicorp (GS) USD 15,363,035 4,886,822 0.47 Pepkor Holdings ZA ZAR 3,103,355 3,795,071 0.36 Vitasoy International (HSBC) HKD 156,734,159 4,029,315 0.39 City Lodge Hotels ZA ZAR 243,400 2,021,160 0.19 Zhongsheng Group Holdings (HSBC) HKD 190,542,561 3,925,085 0.38 Alibaba Group Holdings ADR CN USD 5,678 1,030,387 0.10 Li & Fung (HSBC) HKD (14,524,236) 3,313,629 0.32 131,383,830 12.63 China Mengniu Dairy (HSBC) HKD 303,316,082 3,214,842 0.31 Taiwan Semiconductor Manufacturing (GS) USD 36,304,080 2,671,610 0.26 Consumer Staples Alibaba Group Holdings (GS) USD 34,150,658 2,537,580 0.24 Kweichow Moutai (B) CN CNY 193,087 24,565,269 2.36 Sharp (MS) JPY (149,459,590) 2,297,711 0.22 Inner Mongolia Yili Industrial Group (A) CN CNY 4,808,327 20,852,201 2.01 Sharp (DB) JPY (96,098,609) 1,851,242 0.18 Kweichow Moutai (A) CN CNY 106,561 13,557,099 1.30 Techtronic Industries (HSBC) HKD 83,337,686 1,369,583 0.13 Inner Mongolia Yili Industrial Group (B) CN CNY 2,004,245 8,691,780 0.84 E-Mart (GS) USD (3,451,933) 1,275,028 0.12 67,666,349 6.51 Tatung (HSBC) USD (5,089,363) 1,251,568 0.12 Cencosud (MS) USD (3,513,841) 1,175,511 0.11 Lukoil Spons (HSBC) USD 15,548,378 1,154,997 0.11 Healthcare Aspen Pharmacare Holdings (HSBC) ZAR (63,350,342) 1,126,867 0.11 Sinopharm Group CN HKD 2,188,000 9,116,250 0.88 Doosan Heavy Industries & Construction (GS) USD (2,649,409) 1,046,600 0.10 China Resources Sanjiu Medical & Pharmaceutical CN CNY 1,992,829 8,562,114 0.82 Tatung (UBS) USD (1,818,587) 916,978 0.09 17,678,364 1.70 Doosan Heavy Industry & Construction (UBS) USD (1,856,060) 893,277 0.09 Evraz (HSBC) GBP 2,942,346 723,980 0.07 Financials Cognizant Technology Solutions (HSBC) USD 11,868,336 723,528 0.07 HDFC Bank IN INR 1,837,798 61,571,402 5.92 Massmart Holdings (GS) ZAR (70,557,522) 671,171 0.06 Housing Development Finance IN INR 1,275,820 36,198,187 3.48 Tenaga Nasional (UBS) USD (2,251,688) 661,056 0.06 Bank Central Asia ID IDR 17,711,600 34,468,704 3.31 United Microelectronics (UBS) USD (9,019,960) 574,180 0.06 Sberbank of Russia (Pref'd) RU USD 9,457,878 27,132,123 2.61 Arca Continental (UBS) MXN (59,664,066) 448,260 0.04 Chailease Holding TW TWD 5,940,340 24,267,850 2.33 Celltrion (UBS) USD (2,773,987) 427,847 0.04 KB Financial Group KR KRW 657,871 24,258,221 2.33 PGE (HSBC) PLN (10,756,988) 338,076 0.03 Abu Dhabi Commercial Bank AE AED 7,640,341 19,719,693 1.90 Qisda (UBS) USD (4,501,742) 313,994 0.03 Zenith Bank NG NGN 213,969,254 12,921,672 1.24 Li & Fung (UBS) HKD (8,096,309) 311,679 0.03 Absa Group ZA ZAR 855,038 9,036,296 0.87 Vale (MS) USD 5,914,622 254,725 0.02 Samsung Fire & Marine Insurance KR KRW 32,035 8,480,662 0.82 Vodacom Group (HSBC) ZAR (73,670,050) 239,270 0.02 Banca Transilvania RO RON 15,066,800 7,350,263 0.71 Woolworths Holdings (MS) ZAR (70,535,166) 178,688 0.02 ICICI Lombard General Insurance IN INR 460,223 6,851,288 0.66 Ambev (UBS) USD (3,109,084) 160,414 0.02 Banco Macro ADR AR USD 138,289 6,264,492 0.60 LPP (GS) PLN (12,712,275) 150,909 0.01 HDFC Life Insurance IN INR 1,000,619 5,459,664 0.52 Alrosa (GS) USD (2,073,396) 99,869 0.01 Sberbank of Russia RU USD 787,619 2,574,257 0.25 Steinhoff International (MS) EUR (784,110) 98,261 0.01 Itau Unibanco Holding ADR BR USD 91,801 811,980 0.08 Marcopolo (GS) USD (2,423,810) 84,928 0.01 Grupo Financiero Galicia ADR AR USD 7,891 197,827 0.02 Woolworths Holdings (HSBC) ZAR (15,447,535) 81,515 0.01 Kion Group (UBS) EUR (3,211,169) 76,725 0.01 287,564,581 27.65 Asustek Computer (GS) USD (2,225,435) 64,402 0.01 Samsung Heavy Industries (MS) USD (2,399,825) 59,507 0.01 Real Estate Vale (HSBC) USD 5,121,682 58,610 0.01 China Overseas Land & Investment HK HKD 2,566,000 9,750,490 0.94 Pldt (UBS) USD (1,732,340) 41,208 0.00 9,750,490 0.94 True (GS) USD (1,396,748) 35,456 0.00 Pldt (GS) USD (496,655) 31,462 0.00 Open Ended Fund GS Engineering & Construction (UBS) USD (1,110,066) 24,174 0.00 Eurocash (MS) PLN (14,570,702) 23,952 0.00 Fidelity ILF - The US Dollar Fund - A-ACC -USD IE USD 553 9,823,235 0.94 Afren (UBS)* GBP (5) 11,699 0.00 9,823,235 0.94 LPP (MS) PLN (5,211,450) (19,088) (0.00) IGG (HSBC) HKD 115,669,217 (30,057) (0.00) Securities Admitted to or Dealt on Other Regulated Markets IQIYI (HSBC) USD (2,053,184) (31,256) (0.00) Securities Admitted to or Dealt on Other Regulated Markets Steinhoff International (UBS) EUR (780,091) (65,343) (0.01) Materials Cognizant Technology Solutions (UBS) USD 5,453,023 (80,442) (0.01) Magnitogorsk Iron & Steel RU USD 3,493,147 31,298,597 3.01 True (UBS) USD (4,740,625) (85,527) (0.01) PhosAgro RU USD 2,442,209 30,600,879 2.94 Want Want China Holdings (UBS) HKD (65,074,739) (93,166) (0.01) Suzano Papel e Celulose BR BRL 2,262,756 26,891,077 2.59 HK Electric Investments (HSBC) HKD (14,762,305) (115,076) (0.01) Novolipetsk Steel Reg S RU USD 108,903 2,795,540 0.27 Shin Kong Financial Holdings (MS) USD (2,113,075) (117,001) (0.01) Siam Global House (GS) USD (866,838) (121,556) (0.01) * Security with price determined by the Directors. The accompanying notes to the financial statements form an integral part of these financial statements. The percentage of net assets in the schedule of investments and in the geographical split is subject to rounding. Please note that the geographical split in the schedule of investments is based on market values as per local GAAP and does not include derivatives exposures. 7
Fidelity Active
STrategy Emerging Markets Fund - continued
Schedule of Investments as at 31 March 2019
Underlying Unrealised % Net Market Value % Net exposure gain/(loss) Assets USD Assets Ccy USD
Net Assets 1,039,939,040 100.00 Unilever (Indonesia) (UBS) USD (4,010,625) (141,900) (0.01) 1,039,939,040.0 Great Wall Auto Holdings (UBS) HKD (17,240,449) (168,769) (0.02) GS Retail (MS) USD (2,383,311) (173,574) (0.02) Shin Kong Financial Holdings (GS) USD (2,312,850) (174,108) (0.02) GEOGRAPHICAL SPLIT Magnit (UBS) USD (2,105,327) (213,563) (0.02) WH Group (HSBC) HKD 82,533,744 (240,734) (0.02) LG Household & Healthcare (GS) USD (1,540,120) (283,503) (0.03) El Puerto De Liverpool -C1 (MS) MXN (159,648,048) (297,506) (0.03) Country Country Code % Net Assets Macronix Intl (UBS) USD (1,863,152) (303,839) (0.03) Hengan International Group (UBS) HKD (14,349,234) (319,528) (0.03) Russia RU 18.76 Pegasus Hava Tasimaciligi (MS) TRY (25,992,619) (325,855) (0.03) India IN 14.54 Mercadolibre (UBS) USD (1,001,534) (351,560) (0.03) China CN 10.89 Hong Kong & China Gas (GS) HKD (40,843,738) (367,085) (0.04) South Africa ZA 9.84 Commercial International Bank Egypt (GS) USD (4,598,422) (367,150) (0.04) Korea KR 8.53 HK Electric Investments (UBS) HKD (39,490,470) (394,388) (0.04) Brazil BR 5.23 LG Household & Healthcare (UBS) USD (1,466,603) (404,909) (0.04) United Arab Emirates AE 4.43 China Water Affairs Group (MS) HKD (34,429,662) (451,814) (0.04) Taiwan TW 4.09 Biostime International Holdings (HSBC) HKD (20,807,671) (477,867) (0.05) Indonesia ID 3.31 Berli Jucker (UBS) USD (5,538,608) (492,704) (0.05) Nigeria NG 1.24 Comp Cervecerias Unidas (GS) USD (7,041,493) (499,217) (0.05) Panama PA 1.10 GS Engineering & Construction (GS) USD (1,591,985) (517,739) (0.05) Mexico MX 1.08 Tata Motors (HSBC) USD (5,600,337) (546,989) (0.05) Slovenia SI 0.97 WEG Industries (HSBC) USD (3,851,509) (604,519) (0.06) Ireland IE 0.94 Siam Global House (UBS) USD (3,123,910) (694,580) (0.07) Hong Kong HK 0.94 ASE Technology Holding (UBS) USD (3,975,371) (706,727) (0.07) Cyprus CY 0.74 Arcelik (MS) TRY (22,105,758) (793,136) (0.08) Romania RO 0.71 First Majestic Silver (MS) CAD (5,825,182) (913,548) (0.09) Argentina AR 0.62 Natura Cosmeticos (GS) USD (2,583,748) (1,056,506) (0.10) Singapore SG 0.61 Discovery (UBS) ZAR 86,790,571 (1,312,044) (0.13) Philippines PH 0.30 Grupo Mexico (GS) MXN 298,870,483 (1,616,889) (0.16) USA US 0.20 Switzerland CH 0.19 64,160,445 6.17 Cash and other net assets 10.74
Underlying Unrealised % Net exposure USD gain/(loss) Assets USD
Forward Foreign Exchange Contracts Forward Foreign Exchange Contracts Bought USD Sold INR at 0.01441 23/04/2019 35,727,334 98,308 0.01 Bought USD Sold RUB at 0.01522 23/04/2019 20,384,155 45,249 0.00 Bought PHP Sold USD at 52.85700 23/04/2019 20,457,599 41,356 0.00 Bought USD Sold MXN at 0.05163 23/04/2019 10,189,379 37,574 0.00 Bought USD Sold THB at 0.03153 23/04/2019 20,503,751 26,330 0.00 Bought ARS Sold USD at 42.80000 23/04/2019 1,322,026 (52,251) (0.01) Bought ARS Sold USD at 41.51000 23/04/2019 25,165,724 (1,723,149) (0.17) (1,526,583) (0.15)
A-ACC Shares (EUR) (hedged) Bought USD Sold BRL at 0.26093 12/04/2019 835,771 13,831 0.00 Bought USD Sold KRW at 0.00088 12/04/2019 1,524,856 7,228 0.00 Bought USD Sold CLP at 0.00150 12/04/2019 120,601 2,247 0.00 Bought USD Sold TRY at 0.18015 12/04/2019 70,876 2,087 0.00 Bought USD Sold THB at 0.03163 12/04/2019 271,877 1,215 0.00 Bought USD Sold PLN at 0.26313 12/04/2019 130,590 1,186 0.00 Bought USD Sold HUF at 0.00360 12/04/2019 34,536 1,006 0.00 Bought USD Sold ZAR at 0.06949 12/04/2019 679,473 906 0.00 Bought USD Sold HKD at 0.12748 12/04/2019 1,686,247 676 0.00 Bought USD Sold COP at 0.00032 12/04/2019 49,728 531 0.00 Bought USD Sold MXN at 0.05158 12/04/2019 299,451 299 0.00 Bought USD Sold RUB at 0.01521 12/04/2019 417,408 (86) (0.00) Bought USD Sold CNY at 0.14897 12/04/2019 1,868,279 (162) (0.00) Bought USD Sold IDR at 0.00007 12/04/2019 246,148 (449) (0.00) Bought USD Sold MYR at 0.24447 12/04/2019 259,504 (514) (0.00) Bought USD Sold PHP at 0.01890 12/04/2019 121,983 (531) (0.00) Bought USD Sold TWD at 0.03236 12/04/2019 1,254,624 (1,885) (0.00) Bought USD Sold INR at 0.01431 12/04/2019 950,711 (5,837) (0.00) Bought EUR Sold USD at 0.88282 12/04/2019 10,994,138 (89,974) (0.01) (68,226) (0.01)
Underlying Unrealised % Net exposure gain/(loss) Assets Ccy USD
Futures Futures Vodafone Idea Future 25/04/2019 INR (506,123,823) 103,122 0.01 Adani Power Future 25/04/2019 INR (315,554,244) 12,132 0.00 Bharti Airtel Future 25/04/2019 INR (341,693,926) (15,729) (0.00) 99,525 0.01
Contracts Market Value % Net Ccy USD Assets
Options Options Purchased Call Baidu 165 17/05/2019 USD 520 374,400 0.04 Written Call Techtronic Industries 60 29/04/2019 HKD (942,779) (41,379) (0.00) Written Put Baidu 150 17/05/2019 USD (975) (226,200) (0.02) 106,821 0.01
Other Assets and Liabilities 48,923,818 4.76
8
Fidelity Active
STrategy Europe Fund
Schedule of Investments as at 31 March 2019 3
Country Shares or Market Value % Net Underlying Unrealised % Net Code Ccy Nominal EUR Assets exposure gain/(loss) Assets Ccy EUR
Securities Admitted to or Dealt on an Official Stock Exchange Securities Admitted to or Dealt on an Official Stock Exchange Electrolux (UBS) SEK (34,726,743) 520,933 0.16 Industrials Deutsche Bank (UBS) EUR (1,241,351) 444,591 0.13 Experian GB GBP 1,024,853 24,686,853 7.36 Burberry Group (UBS) GBP (2,093,524) 385,348 0.11 Assa Abloy SE SEK 770,181 14,849,306 4.42 SAS (MS) SEK (11,318,119) 278,491 0.08 Edenred FR EUR 317,521 12,881,827 3.84 Swisscom (UBS) CHF (5,736,373) 276,766 0.08 HomeServe GB GBP 861,674 10,233,319 3.05 Juventus Football Club (MS) EUR (1,388,862) 38,657 0.01 Bunzl GB GBP 259,494 7,612,735 2.27 Callebaut Barry (UBS) CHF (2,743,748) (6,291) (0.00) Ferguson CH GBP 122,995 6,960,057 2.07 Sainsbury (MS) GBP (1,350,075) (9,902) (0.00) Brenntag DE EUR 127,266 5,841,509 1.74 Husqvarna (GS) SEK (24,223,113) (52,679) (0.02) Knorr -Bremse DE EUR 36,097 3,195,667 0.95 Liberty Global (GS) USD (2,553,127) (63,001) (0.02) Tate & Lyle (GS) GBP (2,681,700) (103,593) (0.03) 86,261,273 25.70 Marshalls (MS) GBP (2,434,144) (519,490) (0.15) Whitbread (UBS) GBP (2,423,831) (597,840) (0.18) Information Technology Colruyt (UBS) EUR (3,332,629) (917,029) (0.27) SAP DE EUR 209,514 21,579,942 6.43 British American Tobacco (UBS) GBP 5,697,138 (1,477,670) (0.44) Auto Trader Group GB GBP 1,829,997 11,059,554 3.30 8,243,194 2.46 Ingenico Group FR EUR 156,764 9,973,326 2.97 Scout24 DE EUR 213,606 9,860,053 2.94 Sage Group GB GBP 1,172,296 9,524,208 2.84 Other Assets and Liabilities 3,590,583 1.07 Alten FR EUR 77,739 7,416,301 2.21 Worldpay US GBP 44,010 4,380,712 1.31 Net Assets 335,642,443 100.00 Micro Focus International GB GBP 145,605 3,368,180 1.00 335,642,443.00 77,162,276 22.99
Consumer Discretionary GEOGRAPHICAL SPLIT LVMH Moet Hennessy Louis Vuitton FR EUR 48,824 16,009,390 4.77 Just Eat GB GBP 1,101,910 9,588,170 2.86 Informa GB GBP 910,435 7,850,337 2.34 Country Country Code % Net Assets Pirelli & C IT EUR 863,332 4,953,799 1.48 38,401,696 11.44 UK GB 30.36 Germany DE 16.04 Consumer Staples France FR 13.79 Swedish Match SE SEK 170,522 7,763,063 2.31 Spain ES 9.06 Imperial Brands GB GBP 229,440 6,976,946 2.08 Sweden SE 6.74 Beiersdorf DE EUR 72,989 6,769,000 2.02 Denmark DK 6.52 British American Tobacco GB GBP 176,107 6,517,202 1.94 Switzerland CH 4.27 Netherlands NL 2.95 28,026,211 8.35 Norway NO 2.37 Ireland IE 1.61 Healthcare Italy IT 1.48 Novo Nordisk DK DKK 323,253 15,086,029 4.49 USA US 1.31 QIAGEN NL EUR 273,539 9,885,699 2.95 Cash and other net assets 3.53 Sonova Holding CH CHF 41,853 7,377,356 2.20 Coloplast DK DKK 69,470 6,795,061 2.02 ConvaTec Group GB GBP 2,727,831 4,473,804 1.33 43,617,949 13.00
Financials DNB NO NOK 483,775 7,945,757 2.37 Deutsche Boerse DE EUR 57,665 6,591,110 1.96 14,536,867 4.33
Open Ended Fund Fidelity ILF - The Euro Fund - A-ACC -EUR IE EUR 388 5,391,006 1.61 Fidelity ILF - The US Dollar Fund - A-ACC -USD IE USD 1 8,546 0.00 Fidelity ILF - The Sterling Fund - A-ACC -GBP IE GBP 1 3,139 0.00 5,402,691 1.61
Securities Admitted to or Dealt on Other Regulated Markets Securities Admitted to or Dealt on Other Regulated Markets Information Technology Amadeus IT Group ES EUR 113,746 8,121,464 2.42 8,121,464 2.42
Consumer Discretionary Industria de Diseno Textil ES EUR 246,657 6,462,413 1.93 6,462,413 1.93
Healthcare Grifols ES EUR 446,401 11,142,169 3.32 11,142,169 3.32
Financials Banco Santander ES EUR 1,127,677 4,673,657 1.39 4,673,657 1.39
Total Investments (Cost EUR 278,568,550) 323,808,666 96.47 323,808,666.00 1
Underlying Unrealised % Net exposure gain/(loss) Assets Ccy EUR
Contracts For Difference Contracts For Difference Worldpay (GS) USD 24,391,594 6,536,875 1.95 Heineken (UBS) EUR 11,986,451 973,065 0.29 Telecom Italia (MS) EUR (1,690,896) 724,123 0.22 Lufthansa (UBS) EUR (1,365,852) 638,325 0.19 London Stock Exchange GP (UBS) GBP 10,078,249 611,997 0.18 Philips Lighting (GS) EUR (1,643,122) 561,518 0.17 The accompanying notes to the financial statements form an integral part of these financial statements. The percentage of net assets in the schedule of investments and in the geographical split is subject to rounding. Please note that the geographical split in the schedule of investments is based on market values as per local GAAP and does not include derivatives exposures. 9
Fidelity Active
STrategy Global Fund
Schedule of Investments as at 31 March 2019 5
Country Shares or Market Value % Net Underlying Unrealised % Net Code Ccy Nominal USD Assets exposure gain/(loss) Assets Ccy USD
Securities Admitted to or Dealt on an Official Stock Exchange Securities Admitted to or Dealt on an Official Stock Exchange Contracts For Difference Energy Contracts For Difference CGG FR EUR 1,008,229 2,064,325 2.99 Telefonaktiebolaget LM Ericsson (GS) SEK 13,692,911 233,313 0.34 Golar LNG BM USD 84,091 1,778,525 2.58 Rolls -Royce Holdings (GS) GBP 2,982,728 196,231 0.28 Ensco GB USD 351,838 1,396,797 2.02 Serco Group (GS) GBP 651,585 181,216 0.26 National Oilwell Varco US USD 41,481 1,104,224 1.60 Barrick Gold (GS) CAD 2,088,745 122,511 0.18 Transocean US USD 109,260 957,118 1.39 Tatung (GS) USD (178,864) 118,144 0.17 Roche Holding (Genussc) (GS) CHF 1,380,804 115,802 0.17 7,300,989 10.58 SAS (MS) SEK (3,610,727) 91,964 0.13 General Electric (GS) USD 753,902 84,338 0.12 Materials Celltrion (UBS) USD (349,436) 80,189 0.12 Shin -Etsu Chemical JP JPY 21,800 1,825,002 2.64 Constellation Brands (GS) USD (398,193) 80,180 0.12 Mosaic US USD 63,177 1,722,205 2.50 Danone (GS) EUR 956,920 52,789 0.08 Lynas MY AUD 684,182 1,015,224 1.47 Lufthansa (MS) EUR (423,719) 36,375 0.05 4,562,431 6.61 ZTO Express Cayman (GS) USD (390,167) 31,810 0.05 Berli Jucker (UBS) USD (244,350) 25,735 0.04 Industrials Tatung (MS) USD (52,793) 23,088 0.03 Tatung (HSBC) USD (63,036) 22,972 0.03 General Electric US USD 295,054 2,940,213 4.26 Berli Jucker (HSBC) USD (105,167) 21,315 0.03 AP Moller - Maersk DK DKK 1,493 1,895,193 2.75 Natura Cosmeticos (GS) USD (436,738) 12,678 0.02 Flowserve US USD 37,671 1,701,222 2.47 Gea Group (GS) EUR 1,017,313 10,304 0.01 Serco Group GB GBP 965,213 1,606,856 2.33 Herbalife (GS) USD (349,747) 8,171 0.01 Zhuzhou CRRC Times Electric CN HKD 245,100 1,449,448 2.10 Macys (GS) USD (347,329) 7,181 0.01 Acuity Brands US USD 11,111 1,329,098 1.93 Yamato Holdings (GS) JPY (45,548,603) 5,593 0.01 XPO Logistics US USD 23,654 1,272,585 1.84 Six Flags Entertainment (GS) USD (511,181) 4,215 0.01 Sinotrans CN HKD 2,767,000 1,188,133 1.72 Globalwafers (HSBC) USD (334,049) 1,831 0.00 ANDRITZ AT EUR 27,515 1,181,086 1.71 Kohls (GS) USD (430,287) 709 0.00 14,563,834 21.10 China Water Affairs Group (UBS) HKD (426,475) 534 0.00 GlobalWafers (UBS) USD (49,125) (1,440) (0.00) Information Technology A P Moller - Maersk S/A (GS) DKK 4,474,260 (2,072) (0.00) Nuance Communications US USD 128,194 2,170,324 3.14 Pinduoduo (GS) USD (433,875) (2,233) (0.00) Telefonaktiebolaget LM Ericsson SE SEK 224,457 2,067,535 3.00 Texas Instruments (GS) USD (375,451) (10,934) (0.02) TripAdvisor US USD 33,449 1,731,320 2.51 Berkeley Group Holdings (GS) GBP (297,260) (11,369) (0.02) Hollysys Automation Technologies CN USD 65,867 1,381,231 2.00 Husqvarna (GS) SEK (4,542,427) (12,299) (0.02) Ingenico Group FR EUR 15,039 1,074,006 1.56 Omron (MS) JPY (53,504,944) (13,035) (0.02) Sophos Group GB GBP 228,898 895,496 1.30 Colruyt (MS) EUR (373,521) (13,952) (0.02) Yahoo Japan JP JPY 284,700 697,177 1.01 Premium Brands Holdings (GS) CAD (686,451) (14,719) (0.02) 10,017,089 14.52 China Water Affairs Group (MS) HKD (2,230,793) (14,769) (0.02) LPP (GS) PLN (1,881,450) (19,185) (0.03)
Consumer Discretionary WEG Industries (GS) USD (373,582) (23,980) (0.03) Shin Kong Financial Holdings (GS) USD (374,540) (25,134) (0.04) Ocado Group GB GBP 119,697 2,133,566 3.09 Target (GS) USD (452,330) (29,225) (0.04) eBay US USD 50,860 1,884,872 2.73 Murata Manufacturing (GS) JPY (46,455,829) (30,104) (0.04) Newell Brands US USD 68,302 1,040,239 1.51 Hong Kong & China Gas (UBS) HKD (1,373,876) (32,973) (0.05) Tesla US USD 2,810 778,679 1.13 EMS -Chemie Holding (HSBC) CHF (464,940) (33,616) (0.05) 5,837,356 8.46 Pepsico (GS) USD (358,529) (34,914) (0.05) ASML Holding (GS) EUR (350,117) (35,081) (0.05) Consumer Staples Comp Cervecerias Unidas (GS) USD (366,375) (42,342) (0.06) Bunge US USD 30,695 1,614,557 2.34 Hexagon (GS) SEK (3,917,830) (43,194) (0.06) Aryzta CH CHF 853,731 1,168,743 1.69 Cabot Microelectronics (GS) USD (396,007) (43,963) (0.06) Coty US USD 92,351 1,057,419 1.53 Darden Restaurants (GS) USD (373,443) (44,349) (0.06) Danone FR EUR 12,904 994,975 1.44 Credit Acceptance (GS) USD (529,744) (49,969) (0.07) Kroger US USD 38,782 952,680 1.38 Illinois Tool Works (GS) USD (415,398) (52,348) (0.08) Nidec (GS) JPY (56,311,867) (55,267) (0.08) 5,788,374 8.39 China Evergrande Group (GS) HKD (2,689,145) (57,848) (0.08) CAR (UBS) HKD (2,858,502) (58,042) (0.08) Healthcare Advanced Micro Devices (GS) USD (359,001) (58,543) (0.08) Bayer DE EUR 42,657 2,758,080 4.00 Teradyne (GS) USD (489,326) (63,498) (0.09) Getinge SE SEK 178,708 2,086,085 3.02 Baker Hughes (GS) USD 2,169,927 (63,588) (0.09) Cigna US USD 10,138 1,615,288 2.34 Netmarble Games (UBS) USD (418,305) (68,254) (0.10) Mylan US USD 51,245 1,448,696 2.10 Nvidia (GS) USD (383,147) (69,865) (0.10) Takeda Pharmaceutical JP JPY 34,500 1,404,552 2.04 General Mills (GS) USD (397,053) (71,931) (0.10) Bristol -Myers Squibb US USD 29,518 1,395,759 2.02 Broadcom (GS) USD (395,899) (72,183) (0.10) Ascendis Pharma ADR DK USD 10,232 1,199,804 1.74 LG Household & Healthcare (GS) USD (443,594) (83,129) (0.12) ConvaTec Group GB GBP 595,855 1,096,969 1.59 Hong Kong & China Gas (GS) HKD (2,006,423) (104,757) (0.15) Teva Pharmaceutical Industries ADR IL USD 62,153 980,774 1.42 MercadoLibre (GS) USD (365,486) (128,434) (0.19) Sinopharm Group CN HKD 229,200 954,956 1.38 Sunac China Holdings (UBS) HKD (2,856,274) (137,022) (0.20) Myriad Genetics US USD 27,773 942,338 1.37 Smartsheet (GS) USD (342,836) (140,282) (0.20) 15,883,301 23.02 Elior Group (GS) EUR 1,407,859 (162,367) (0.24) Rexel (GS) EUR 1,137,492 (241,136) (0.35) Financials (704,157) (1.02) UniCredit IT EUR 92,829 1,190,825 1.73 Commerzbank DE EUR 133,355 1,032,886 1.50 Other Assets and Liabilities 849,965 1.20 2,223,711 3.22
Net Assets 69,011,150 100.00 Open Ended Fund 69,011,150.00 Fidelity ILF - The US Dollar Fund - A-ACC -USD IE USD 72 1,275,692 1.85 1,275,692 1.85
Communication Services Inmarsat GB GBP 1 7 0.00 7 0.00
Securities Admitted to or Dealt on Other Regulated Markets Securities Admitted to or Dealt on Other Regulated Markets Information Technology Mail.Ru Group RU USD 57,050 1,412,558 2.05 1,412,558 2.05
Total Investments (Cost USD 73,066,301) 68,865,342 99.79 68,865,342.00 1
The accompanying notes to the financial statements form an integral part of these financial statements. The percentage of net assets in the schedule of investments and in the geographical split is subject to rounding. Please note that the geographical split in the schedule of investments is based on market values as per local GAAP and does not include derivatives exposures. 10
Fidelity Active
STrategy Global Fund - continued
Schedule of Investments as at 31 March 2019
GEOGRAPHICAL SPLIT
Country Country Code % Net Assets
USA US 40.08 UK GB 10.33 China CN 7.21 Sweden SE 6.02 France FR 5.99 Japan JP 5.69 Germany DE 5.49 Denmark DK 4.48 Bermuda BM 2.58 Russia RU 2.05 Ireland IE 1.85 Italy IT 1.73 Austria AT 1.71 Switzerland CH 1.69 Malaysia MY 1.47 Israel IL 1.42 Cash and other net assets 0.21
11
Fidelity Active
STrategy UK Fund
Schedule of Investments as at 31 March 2019 7
Country Shares or Market Value % Net Underlying Unrealised % Net Code Ccy Nominal GBP Assets exposure gain/(loss) Assets Ccy GBP
Securities Admitted to or Dealt on an Official Stock Exchange Securities Admitted to or Dealt on an Official Stock Exchange NMC Health (MS) GBP (176,964) 27,919 0.13 Energy Freenet (HSBC) EUR (232,465) 25,933 0.12 BP GB GBP 178,275 995,666 4.74 Telefonica (HSBC) EUR (232,368) 5,903 0.03 Royal Dutch Shell NL GBP 21,565 520,471 2.48 Card Factory (MS) GBP (102,425) 3,970 0.02 Pioneer Natural Resources US USD 2,643 311,507 1.48 Intu Properties (HSBC) GBP (96,021) 2,921 0.01 Cineworld Group (UBS) GBP (246,360) 2,488 0.01 1,827,644 8.70 Electrolux Service (MS) SEK (2,482,649) 584 0.00 Sainsbury (HSBC) GBP (104,366) (1,262) (0.01) Utilities Berkeley Group Holdings (UBS) GBP (215,843) (3,160) (0.02) National Grid GB GBP 24,073 204,813 0.97 Liberty Global (UBS) USD (261,069) (4,690) (0.02) 204,813 0.97 Unilever (UBS) GBP 1,241,895 (6,490) (0.03) Burford Capital (UBS) GBP (255,496) (6,817) (0.03)
Materials JD Sports Fashion (HSBC) GBP (112,120) (14,903) (0.07) Kellogg (UBS) USD (434,492) (17,459) (0.08) Johnson Matthey GB GBP 13,298 417,823 1.99 Tate & Lyle (HSBC) GBP (321,246) (22,222) (0.11) Antofagasta CL GBP 25,522 246,543 1.17 Colruyt (UBS) EUR (248,641) (28,752) (0.14) 664,366 3.16 Meggitt (UBS) GBP 688,213 (31,922) (0.15) Marshalls (MS) GBP (252,639) (45,659) (0.22) Industrials Peugeot (UBS) EUR (441,844) (45,895) (0.22) RELX GB GBP 48,975 803,925 3.83 Royal Dutch Shell (UBS) GBP 771,813 (47,969) (0.23) Howden Joinery Group GB GBP 94,588 459,036 2.18 Essentra (UBS) GBP 552,251 (50,926) (0.24) BBA Aviation GB GBP 172,530 429,600 2.04 Glanbia (UBS) EUR (357,206) (61,017) (0.29) Ryanair Holdings IE EUR 42,376 428,279 2.04 12,157 0.06 Weir Group GB GBP 27,240 424,399 2.02 Ultra Electronics Holdings GB GBP 25,053 399,846 1.90 Polypipe Group GB GBP 96,850 390,306 1.86 Other Assets and Liabilities 842,117 4.04 Bunzl GB GBP 12,304 311,537 1.48 Diploma GB GBP 19,902 290,171 1.38 Net Assets 21,010,188 100.00 Rotork GB GBP 76,417 216,107 1.03 21,010,188.00 Ferguson CH GBP 3,887 189,841 0.90 Spirax -Sarco Engineering GB GBP 2,621 188,450 0.90 4,531,497 21.57 GEOGRAPHICAL SPLIT
Information Technology Rightmove GB GBP 121,293 618,594 2.94 Country Country Code % Net Assets Micro Focus International GB GBP 16,896 337,329 1.61 Auto Trader Group GB GBP 20,390 106,354 0.51 UK GB 72.76 1,062,277 5.06 Ireland IE 8.26 Switzerland CH 4.48 Consumer Discretionary Denmark DK 3.13 USA US 2.50 InterContinental Hotels Group GB GBP 15,749 726,816 3.46 Netherlands NL 2.48 Pearson GB GBP 62,294 520,902 2.48 Chile CL 1.17 Domino's Pizza Group GB GBP 213,210 515,968 2.46 Bermuda BM 1.15 Next GB GBP 7,849 437,974 2.08 Cash and other net assets 4.07 Headlam Group GB GBP 94,784 422,737 2.01 Just Eat GB GBP 54,692 410,737 1.95 Persimmon GB GBP 10,278 223,033 1.06 Bovis Homes Group GB GBP 20,384 216,784 1.03 Electronic Arts US USD 2,741 213,636 1.02 3,688,587 17.56
Consumer Staples Diageo GB GBP 42,249 1,325,774 6.31 Fevertree Drinks GB GBP 6,599 199,224 0.95 1,524,998 7.26
Healthcare Roche Holding CH CHF 3,544 750,857 3.57 Novo Nordisk DK DKK 16,348 658,487 3.13 Dechra Pharmaceuticals GB GBP 9,604 259,116 1.23 1,668,460 7.94
Financials Lloyds Banking Group GB GBP 1,214,205 754,507 3.59 London Stock Exchange Group GB GBP 15,695 745,669 3.55 St James's Place GB GBP 61,426 631,459 3.01 Rathbone Brothers GB GBP 26,086 580,674 2.76 Royal Bank of Scotland Group GB GBP 207,032 511,369 2.43 Hiscox BM GBP 15,499 241,784 1.15 Hargreaves Lansdown GB GBP 11,289 210,371 1.00 3,675,833 17.50
Open Ended Fund Fidelity ILF - The US Dollar Fund - A-ACC -USD IE USD 95 1,303,063 6.20 Fidelity ILF - The Sterling Fund - A-ACC -GBP IE GBP 1 4,376 0.02 1,307,439 6.22
Total Investments (Cost GBP 18,082,142) 20,155,914 95.93 20,155,914.00 1
Underlying Unrealised % Net exposure gain/(loss) Assets Ccy GBP
Contracts For Difference Contracts For Difference Rio Tinto (UBS) GBP 628,243 103,853 0.49 Unibail -Rodamco -Westfiel (UBS) EUR (355,997) 71,464 0.34 Sage Group (UBS) GBP 526,510 59,995 0.29 Talktalk Telecom Group (UBS) GBP (300,236) 51,446 0.24 Compass Group (UBS) GBP 634,119 44,824 0.21 The accompanying notes to the financial statements form an integral part of these financial statements. The percentage of net assets in the schedule of investments and in the geographical split is subject to rounding. Please note that the geographical split in the schedule of investments is based on market values as per local GAAP and does not include derivatives exposures. 12
Fidelity Active
STrategy US Fund
Schedule of Investments as at 31 March 2019 9
Country Shares or Market Value % Net Country Shares or Market Value % Net Code Ccy Nominal USD Assets Code Ccy Nominal USD Assets
Securities Admitted to or Dealt on an Official Stock Exchange Bank OZK US USD 8,983 259,249 0.49 Securities Admitted to or Dealt on an Official Stock Exchange 3,237,582 6.15 Energy Pioneer Natural Resources US USD 7,655 1,173,435 2.23 Real Estate Diamondback Energy US USD 10,812 1,105,743 2.10 AGNC Investment REIT US USD 71,663 1,290,292 2.45 Cabot Oil & Gas US USD 25,347 666,880 1.27 Equinix REIT US USD 2,652 1,194,912 2.27 2,946,058 5.60 Corporate Office Properties Trust REIT US USD 12,175 333,473 0.63 2,818,677 5.36 Utilities NiSource US USD 18,399 526,763 1.00 Open Ended Fund 526,763 1.00 Fidelity ILF - The US Dollar Fund - A-ACC -USD IE USD 246 4,367,303 8.30 4,367,303 8.30 Materials FMC US USD 13,326 1,019,306 1.94 Communication Services Vulcan Materials US USD 3,622 428,048 0.81 Zayo Group Holdings US USD 30,198 855,509 1.63 CF Industries Holdings US USD 6,676 270,311 0.51 855,509 1.63 Livent US USD 18,428 226,112 0.43
1,943,777 3.69 Securities Admitted to or Dealt on Other Regulated Markets Securities Admitted to or Dealt on Other Regulated Markets Industrials Healthcare IHS Markit GB USD 24,111 1,308,263 2.49 MedMen Enterprises CA CAD 68,376 211,250 0.40 FTI Consulting US USD 10,904 843,424 1.60 211,250 0.40 MRC Global US USD 42,672 744,626 1.42 KAR Auction Services US USD 13,830 705,814 1.34 Huntington Ingalls Industries US USD 3,180 658,165 1.25 Financials Welbilt US USD 35,260 576,854 1.10 Cboe Global Markets US USD 9,470 897,188 1.70 Oshkosh US USD 6,756 504,808 0.96 897,188 1.70 Casella Waste Systems US USD 14,237 503,420 0.96 United Rentals US USD 2,214 252,352 0.48 Unlisted MSC Industrial Direct US USD 2,879 237,805 0.45 Unlisted TransDigm Group US USD 480 216,211 0.41 Materials 6,551,742 12.45 Farmers Bus Perpetual (Pref'd)* US USD 10,300 240,075 0.46 240,075 0.46 Information Technology
Alphabet US USD 1,302 1,531,048 2.91 Financials Global Payments US USD 11,138 1,514,991 2.88 Tradeshift Holdings* US USD 23,219 407,261 0.77 Fiserv US USD 14,093 1,246,103 2.37 Fidelity National Information Services US USD 10,398 1,172,167 2.23 407,261 0.77 Mellanox Technologies IL USD 6,029 709,854 1.35 Inphi US USD 15,600 681,252 1.29 Talend ADR US USD 11,281 573,300 1.09 Fractions 3 0.00 CDW US USD 5,853 561,595 1.07 Ciena US USD 14,476 539,376 1.03 Zillow Group US USD 14,683 512,877 0.97 Total Investments (Cost USD 46,959,860) 50,541,131 96.05 50,541,131.00 LogMeIn US USD 5,982 480,833 0.91 1 Evo Payments US USD 16,792 478,908 0.91 Leidos Holdings US USD 6,768 432,814 0.82
Fabrinet TH USD 6,980 363,518 0.69 Underlying Unrealised % Net Descartes Systems Group CA USD 9,444 341,589 0.65 exposure gain/(loss) Assets Nutanix US USD 8,996 337,980 0.64 SolarWinds US USD 15,988 309,847 0.59 Ccy USD SS&C Technologies Holdings US USD 4,307 274,227 0.52 CoreLogic US USD 7,189 267,862 0.51 Contracts For Difference MasterCard US USD 1,065 250,083 0.48 Contracts For Difference salesforce.com US USD 1,483 233,736 0.44 Worldpay (HSBC) USD 2,471,161 426,412 0.81 12,813,960 24.35 Eagle Materials (MS) USD 1,233,921 221,754 0.42 Alphabet (GS) USD 1,351,731 189,471 0.36 Consumer Discretionary Intel (GS) USD 864,408 123,209 0.23 Republic Services (MS) USD 707,893 62,293 0.12 eBay US USD 35,155 1,302,844 2.48 Visa (GS) USD 566,790 56,306 0.11 Altice US USD 53,283 1,131,997 2.15 Telefonaktiebolaget LM Ericsson (GS) SEK 8,272,414 52,161 0.10 Lowe's US USD 8,233 899,538 1.71 Cheesecake Factory (MS) USD (466,257) 47,172 0.09 LKQ US USD 24,014 681,757 1.30 Boston Scientific (GS) USD 182,267 44,110 0.08 Booking Holdings US USD 347 607,059 1.15 T-Mobile (GS) USD 1,019,081 43,127 0.08 Walt Disney US USD 4,673 518,890 0.99 Charter Communications (UBS) USD 2,017,825 37,131 0.07 ServiceMaster Global Holdings US USD 4,597 214,496 0.41 Viper Energy Partners (MS) USD 757,967 36,436 0.07 5,356,581 10.18 Primoris (MS) USD (340,662) 34,324 0.07 Aerovironment (MS) USD (260,409) 27,612 0.05 Consumer Staples Stmicroelectronics (MS) EUR (342,509) 25,168 0.05 Sprouts Farmers Market US USD 20,510 443,016 0.84 Northrop Grumman (GS) USD (397,794) 24,823 0.05 443,016 0.84 Dxp Enterprises (MS) USD 611,575 24,823 0.05 Humana (GS) USD 223,499 16,793 0.03
Healthcare Dexcom (GS) USD (403,917) 16,502 0.03 Microchip Technology (MS) USD (404,103) 16,435 0.03 UnitedHealth Group US USD 5,293 1,297,791 2.47 Haemonetics (GS) USD (251,356) 15,417 0.03 Alexion Pharmaceuticals US USD 7,634 1,033,491 1.96 Proto Labs (MS) USD (401,696) 9,988 0.02 Horizon Pharma US USD 33,644 877,099 1.67 Snap -On (UBS) USD (234,450) 9,108 0.02 PRA Health Sciences US USD 7,039 776,402 1.48 Harley -Davidson (MS) USD (499,829) 8,269 0.02 Wright Medical Group NL USD 20,122 630,422 1.20 Regeneron Pharmaceuticals (MS) USD (188,769) 6,523 0.01 Spark Therapeutics US USD 4,905 558,581 1.06 On Semiconductor (GS) USD (397,595) 5,970 0.01 Lonza Group CH CHF 1,356 420,571 0.80 Robert Half International (GS) USD (516,280) 5,969 0.01 BioMarin Pharmaceutical US USD 4,216 374,887 0.71 Celgene (MS) USD 106,337 5,442 0.01 Heron Therapeutics US USD 12,707 310,432 0.59 WD 40 (MS) USD (176,189) 5,423 0.01 Avanos Medical US USD 6,632 282,324 0.54 Chemours (GS) USD (95,336) 4,368 0.01 Incyte US USD 2,335 201,907 0.38 American Eagle Outfitters (GS) USD (382,243) 3,763 0.01 iRhythm Technologies US USD 2,142 160,479 0.30 Deere (MS) USD (427,925) 2,278 0.00 6,924,386 13.16 Urban Outfitters (MS) USD (54,340) 2,115 0.00 Chefs Warehouse (GS) USD (197,603) (1,337) (0.00) Financials Canada Goose Holdings (GS) CAD (127,556) (1,985) (0.00) First Republic Bank US USD 11,575 1,166,529 2.22 Manpower Group (UBS) USD 262,343 (2,778) (0.01) Texas Capital Bancshares US USD 12,503 681,914 1.30 Nvidia (MS) USD (545,618) (3,520) (0.01) SEI Investments US USD 11,926 625,757 1.19 Alaska Air Group (MS) USD (108,453) (3,693) (0.01) S&P Global US USD 2,393 504,133 0.96 Take -Two Interactive Software (UBS) USD (719,627) (3,763) (0.01) Constellation Brands (MS) USD (201,985) (4,417) (0.01) Texas Instruments (MS) USD (414,119) (6,286) (0.01) Ford Motor (UBS) USD (519,819) (6,870) (0.01) * Security with price determined by the Directors. The accompanying notes to the financial statements form an integral part of these financial statements. The percentage of net assets in the schedule of investments and in the geographical split is subject to rounding. Please note that the geographical split in the schedule of investments is based on market values as per local GAAP and does not include derivatives exposures. 13
Fidelity Active
STrategy US Fund - continued
Schedule of Investments as at 31 March 2019
Underlying Unrealised % Net exposure gain/(loss) Assets Ccy USD
Elanco Animal Health (MS) USD (46,075) (8,984) (0.02) Monster Beverage (MS) USD 691,509 (11,345) (0.02) Caterpillar (UBS) USD (541,323) (13,184) (0.03) Kohls (MS) USD (516,951) (14,413) (0.03) Ehealth (GS) USD (212,093) (15,881) (0.03) Martin Marietta Materials (MS) USD 328,856 (16,214) (0.03) Cognex (GS) USD (458,370) (18,552) (0.04) Lilly Eli (MS) USD (357,875) (31,742) (0.06) Ubisoft Entertainment (MS) EUR (360,294) (45,117) (0.09) Fortinet (MS) USD (549,610) (48,491) (0.09) Liberty Sirius Group (GS) USD 719,870 (63,600) (0.12) New Relic (MS) USD (393,818) (64,607) (0.12) Netflix.Com (MS) USD (391,119) (65,473) (0.12) Adobe (UBS) USD (381,078) (70,354) (0.13) Insperity (GS) USD (496,558) (86,639) (0.16) Square (GS) USD (469,855) (109,760) (0.21) Broadcom (GS) USD (542,041) (125,654) (0.24) Okta (MS) USD (489,901) (164,388) (0.31) Parsley Energy (GS) USD 1,018,188 (217,231) (0.41) 384,417 0.73
Underlying Unrealised % Net exposure USD gain/(loss) Assets USD
Forward Foreign Exchange Contracts Forward Foreign Exchange Contracts A-ACC Shares (EUR) (hedged) Bought EUR Sold USD at 0.88313 12/04/2019 6,444,158 (50,497) (0.10) (50,497) (0.10)
Other Assets and Liabilities 1,746,288 3.32
Net Assets 52,621,339 100.00 52,621,339.00
GEOGRAPHICAL SPLIT
Country Country Code % Net Assets
USA US 80.17 Ireland IE 8.30 UK GB 2.49 Israel IL 1.35 Netherlands NL 1.20 Canada CA 1.05 Switzerland CH 0.80 Thailand TH 0.69 Cash and other net assets 3.95
14
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15
Fidelity Active STrategy Statement of Net Assets as at 31 March 2019
Equity Funds: NAME Combined Asia Fund Emerging Markets Europe Fund Global Fund Fund
CURRENCY USD USD USD EUR USD
ASSETS
Investments in securities at market value 2,120,465,131 683,118,931 928,243,240 323,808,666 68,865,342
Cash at banks and Brokers 100,607,058 34,569,605 55,362,104 3,182,110 974,471
Receivables on investments sold 25,187,765 10,510,718 7,680,307 162,790 285,024
Receivables on fund Shares issued 3,942,389 141,573 2,532,861 856,033 224,375
Dividends and interest receivable 8,690,301 3,053,654 3,627,798 1,417,937 204,487
Unrealised gain on contracts for difference 117,593,273 20,300,464 80,131,207 11,990,689 1,569,188
Unrealised gain on forward foreign exchange contracts 280,029 - 280,029 - -
Unrealised gain on futures 181,348 66,094 115,254 - -
Purchased options at market value 512,318 137,918 374,400 - -
Total Assets 2,377,459,612 751,898,957 1,078,347,200 341,418,225 72,122,887
LIABILITIES
Payables on investments purchased 25,380,423 11,354,599 6,554,329 162,801 661,249
Payables on fund Shares redeemed 17,857,556 576,290 12,220,675 1,456,560 64,461
Expenses payable 3,050,016 863,473 1,504,248 408,926 112,682
Unrealised loss on contracts for difference 38,085,732 13,902,590 15,970,762 3,747,495 2,273,345
Unrealised loss on forward foreign exchange contracts 1,973,635 48,300 1,874,838 - -
Unrealised loss on futures 437,580 421,851 15,729 - -
Written options at market value 375,817 108,238 267,579 - -
Other payables 12,500 - - - -
Total Liabilities 87,173,259 27,275,341 38,408,160 5,775,782 3,111,737
NET ASSETS as at 31.03.19 2,290,286,353* 724,623,616 1,039,939,040 335,642,443 69,011,150
NET ASSETS as at 30.09.18 2,697,482,221** 756,947,617 1,391,358,040 339,046,343 46,707,051
NET ASSETS as at 30.09.17 3,385,845,445** 738,817,622 1,745,323,683 463,559,963 39,348,436
NET ASSETS as at 30.09.16 4,833,809,426** 579,720,492 1,833,362,606 1,615,698,714 62,498,587
COST OF INVESTMENTS 1,952,387,691 624,529,772 871,615,354 278,568,550 73,066,301
* For comparison purposes, the combined net assets total as at 31 March 2019, translated in EUR at the foreign exchange rate as of 31 March 2019, is EUR 2,040,307,827. ** The combined net assets total may include the net assets of sub-funds that were closed subsequently. The accompanying notes to the financial statements form an integral part of these financial statements. 16
UK Fund US Fund
GBP USD
20,155,914 50,541,131
792,586 5,098,059
77,577 6,428,084
3,389 78,258
154,104 12,272
401,300 1,610,695
- -
- -
- -
21,584,870 63,768,499
149,839 6,432,618
2,625 3,357,698
33,075 67,569
389,143 1,226,278
- 50,497
- -
- -
- 12,500
574,682 11,147,160
21,010,188 52,621,339
21,171,110 80,797,319
52,572,250 244,314,152
73,222,683 403,114,956
18,082,142 46,959,860
17
Fidelity Active STrategy Statement of Net Asset Value per Share as at 31 March 2019
Name - Currency Shares outstanding Net Asset Value Net Asset Value Net Asset Value per share per share per share as at 31.03.19: as at 31.03.19: as at 30.09.18: as at 30.09.17:
Equity Funds
Asia Fund - USD - A-ACC Shares (USD) 713,804 160.88 154.13 155.60 - A-ACC Shares (EUR) 266,957 184.68 170.96 169.75 - A-ACC Shares (SGD) 24,898 141.06 136.33 136.63 - A-DIST Shares (EUR) (Euro/USD hedged) 44,150 122.28 119.21 124.21 - I-ACC Shares (USD) 1,139,830 169.37 161.48 161.46 - Y-ACC Shares (USD) 1,781,014 166.85 159.33 159.80 - Y-ACC Shares (EUR) 385,237 115.55 106.67 105.13 - Y-ACC Shares (GBP) 21,212 203.57 193.61 189.21
Emerging Markets Fund - USD - A-ACC Shares (USD) 595,212 146.53 146.98 155.91 - A-ACC Shares (EUR) 84,854 96.89 93.88 97.92 - A-ACC Shares (EUR) (hedged) 68,909 145.28 149.05 157.59 - E-ACC Shares (EUR) 1,920,830 129.39 125.74 132.14 - I-ACC Shares (USD) 963,626 157.21 156.93 164.88 - I-DIST Shares (USD) 440,239 111.54 -- - Y-ACC Shares (USD) 2,486,133 154.18 154.15 162.47 - Y-ACC Shares (EUR) 76,857 127.93 123.49 128.24 - Y-ACC Shares (GBP) 144,699 190.04 189.33 194.43 - Y-DIST Shares (USD) 187,161 120.58 120.84 127.34
Europe Fund - EUR - A-ACC Shares (EUR) 317,216 397.06 380.65 331.98 - A-DIST Shares (EUR) 5,818 132.86 127.60 111.69 - A-DIST Shares (GBP) 911 238.25 236.12 204.54 - E-ACC Shares (EUR) 31,436 196.52 189.10 166.17 - I-ACC Shares (EUR) 340,166 235.28 224.46 193.86 - W-ACC Shares (GBP) 19,506 144.04 141.96 121.84 - Y-ACC Shares (EUR) 521,149 228.72 218.55 189.37
Global Fund - USD - A-ACC Shares (USD) 233,514 142.45 151.39 128.68 - A-ACC Shares (EUR) 63,407 162.97 167.37 140.18 - E-ACC Shares (EUR) 41,741 164.53 169.60 143.20 - I-ACC Shares (USD) 1,000 150.40 159.05 133.87 - Y-ACC Shares (USD) 26,856 147.61 156.36 132.05 - Y-ACC Shares (EUR) 45,772 177.87 182.11 151.17 - Y-ACC Shares (GBP) 13,379 183.05 193.28 159.49
UK Fund - GBP - A-ACC Shares (GBP) 90,885 198.65 196.10 184.47 - Y-ACC Shares (GBP) 14,237 207.65 204.32 190.97
US Fund - USD - A-ACC Shares (USD) 37,624 190.63 193.33 164.14 - A-ACC Shares (EUR) 20,913 221.14 216.60 181.10 - A-ACC Shares (EUR) (hedged) 32,622 176.48 182.01 158.79 - E-ACC Shares (EUR) 3,324 212.93 209.27 175.97 - I-ACC Shares (USD) 45,889 200.64 202.47 170.22 - Y-ACC Shares (USD) 118,365 197.78 199.92 168.65 - Y-ACC Shares (GBP) 1,463 231.65 233.28 191.93
The accompanying notes to the financial statements form an integral part of these financial statements. 18
Fidelity Active STrategy Notes to the Financial Statements
1. General The Company is an open-ended investment company incorporated in Luxembourg as a SICAV on 14 September 2004.
The Company is governed under part I of the Luxembourg Law of 17 December 2010, as amended, relating to undertakings for collective investment, which implements Directive 2014/91/EU ("UCITS V Directive").
The Company applied for entry into the new UK "reporting fund" regime in respect of all sub-fund and Share classes which are registered in the United Kingdom. All those sub-funds and Share classes have been certified as "UK reporting fund" by HM Revenue & Customs for the accounting period commencing 1 October 2010 or, if later, the date on which the sub-fund or Share class was first registered for distribution to UK Shareholders. Reporting fund status will apply to all future accounting periods subject to compliance with the annual reporting requirements set out in UK tax legislation. Reportable income figures are available six months after the year end date.
As at 31 March 2019, the Company consisted of 6 active sub-funds. The Directors may from time to time close sub-funds and classes of Shares as well as add further sub-funds and classes of Shares with different investment objectives, subject to the approval of the CSSF. The following class of Shares was launched during the Period: Sub-fund name Class of Shares Date of launch Emerging Markets Fund I-DIST Shares (USD) 14/11/2018
. . 2. Significant Accounting Policies The Financial Statements are prepared in accordance with the Luxembourg legal and regulatory requirements relating to undertakings for collective investments.
Calculation of the Net Asset Value. The Net Asset Value per Share of each class of Shares, is calculated by determining first the proportion of the net assets of the relevant sub-fund attributable to each class of Shares. Each such amount will be divided by the number of Shares of the relevant class outstanding as at close of business to the extent feasible. The Net Asset Value of each class is determined in the principal dealing currency of the respective class.
Security ValuationValuation. Investments in securities traded on any stock exchange are valued at the last available price at the time when the valuation is carried out on the principal stock exchange on which such security is traded. Securities dealt on any over the counter market are valued in the same manner. The valuation of short-dated debt transferable securities and money market instruments not traded on a regulated exchange is determined by means of the amortised cost method. Under this method, amortised cost is determined by valuing the security at original cost and thereafter accreting (amortising) the discount (premium) to its nominal value at a constant rate until maturity. All other assets are valued in such manner as the Directors of the Company consider appropriate. All holdings owned by the Company are quoted on a regulated market, except where otherwise distinguished in a sub-fund's Schedule of Investments.
Fair Value Adjustments Policy. Fair value adjustments may be implemented to protect the interests of Shareholders against market timing practices. Accordingly if a sub-fund invests in markets that are closed for business at the time the sub-fund is valued, the Directors may, by derogation from the provisions above under security valuation, allow for the securities included in a particular portfolio to be adjusted to reflect more accurately the fair value of the sub-fund's investments at the point of valuation.
Cash at Banks and BrokersBrokers. Cash at banks and brokers is carried at face value.
Investment Security TransactionsTransactions. Investment security transactions are accounted for on the date securities are purchased or sold. The computation of the cost of sales of securities is made on the basis of average cost.
FuturesFuturesFutures.Futures Futures are accounted for on the date of opening or closing of the contract. Subsequent payments are made or received by the portfolio each day, dependent on the daily fluctuations in the value of the underlying index or security which are recorded for financial reporting purposes as unrealised gains or losses by the portfolio. The unrealised gains or losses resulting from futures are included in the Statement of Net Assets and in the Schedule of Investments. The realised gain and loss is based on the First In --- First Out method.
Forward Foreign Exchange Contracts. Forward foreign exchange contracts are valued on the basis of forward exchange rates prevailing at the closing date and applicable to the remaining period until the expiration date. The unrealised gains or losses resulting from forward foreign exchange contracts are included in the Statement of Net Assets and in the Schedule of Investments. All forwards, including those used for the hedging of share classes, are included in the Schedule of Investments.
Option ContractsContracts. Options purchased are recorded as investments at their realisable market value; options written or sold are recorded as liabilities based on the cost to close the position. When the exercise of an option results in a cash settlement, the difference between the premium and the settlement proceeds is accounted for as a realised gain or loss. When an option is closed, the difference between the premium and the cost to close the position is accounted for as a realised gain or loss. When an option expires, the premium is accounted for as a realised gain for options written or as realised loss for options purchased.
Contracts for Difference. Contracts for difference are contracts entered into between a broker and the Company under which the parties agree to make payments to each other so as to replicate the economic consequences of holding a long or short position in the underlying security. Contracts for difference also mirror any corporate actions that take place. When a contract is closed, the Company records a realised gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The valuation of contracts for difference is based on the underlying security and they are disclosed in the Statement of Net Assets and the Schedule of Investments.
Foreign ExchaExchangengengenge. The Directors determine the designated currency of each sub-fund. All transactions denominated in foreign currencies during the period are translated into the sub-fund's designated currency at the exchange rate prevailing on the day of transaction. Assets and liabilities as at 31 March 2019 have been translated at the prevailing exchange rates on that date.
Securities in EscrowEscrow. Securities included in the Schedule of Investments can be used as collateral against open derivative exposures. Where this is the case, securities will be escrowed to prevent them from being traded.
19 Fidelity Active STrategy Notes to the Financial Statements - continued
Fund Share TransactionsTransactions. The issue and redemption price per Share of each sub-fund is the Net Asset Value per Share on the date of trade, subject to the price adjustment policy.
Price Adjustment PolicyPolicy. The Board of Directors of the Company implemented a price adjustment policy in order to protect the interests of th e Company's Shareholders. The purpose of the price adjustment policy is to allocate the costs associated with large inflows and outflows to investors transacting that day, thereby protecting the long-term Shareholder from the worst effects of dilution. It achieves this purpose by adjusting the share class price at which deals in a sub-fund are transacted. As such, share class prices may be adjusted up or down depending on the level and type of investor transactions on a particular day within a sub-fund. In this way the existing and remaining Shareholders do not suffer an inappropriate level of dilution. The Company will only trigger an adjustment in the price when there are significant net flows likely to have a m aterial impact on the remaining Shareholders. The adjustment will be based on the normal dealing costs for the particular assets in which a sub-fund is invested but will not exceed 2% of the price. Once an adjustment is made to a share class price, that price is the official price for that share clas s for all deals that day. As at 31 March 2019, no material price adjustment was made on the sub-funds.
Formation CostsCosts. Costs incurred in launching new sub-funds will be charged to current operating expenses.
IncomeIncome. Dividends on equities are recognised when the security is quoted ex-dividend. Interest is accounted for on an accrual basis.
Combined Accounts . The combined Financial Statements have been presented in USD and represent the total Financial Statements of the different sub-funds. Sub-funds stated in currencies other than USD have been converted at exchange rates ruling at the period end.
3. Investment Management Fees and Other Transactions with the Investment Manager or its Affiliates FILHEADER Fund Management WITH BACKGROU Limited ("FFML")ND earns a monthly investment management fee, calculated separately in respect of each sub-fund and accrued daily in the reference currency of the sub-fund, at annual rates disclosed in the table below:
Maximum annual investment Sub fund name / Class of Shares management fee HEADEREquity Funds WITH BACKGROU ND HEADER WITH HEADER WITH A, E Shares 1.50% I Shares 0.80% W, Y Shares 1.00%
During the period ended 31 March 2019, the sub-funds invested in the following fund shares: Fidelity ILF - The Sterling Fund - A-ACC-GBP, Fidelity ILF - The US Dollar Fund - A-ACC-USD and Fidelity ILF - The Euro Fund - A-ACC-EUR which have their management fees capped at 0.25% per annum.
In addition, FFML is entitled to receive an annual performance fee equivalent to the given performance fee rate multiplied by the increase in t he Net Asset Value per Share of each class of Shares outstanding in respect of the Company's financial year subject to a hurdle rat e over the relevant equity comparative index. The basis for calculation of performance fees is fully explained in the Prospectus that all investors shou ld read before investing. The relevant performance fee rates, hurdle rates and comparative indices for each sub-fund are as follows:
Performance Sub-fund name Hurdle rate Comparative Index fee Asia Fund 20% 2% MSCI All Country Asia ex Japan (Net Total Return) Emerging Markets Fund 20% 2% MSCI Emerging Markets (Net Total Return) Europe Fund 20% 2% MSCI Europe (Net Total Return) Global Fund 20% 2% MSCI All Country World (Net Total Return) UK Fund 20% 2% FTSE All-Share (Total Return) US Fund 20% 2% S&P 500 (Net Total Return)
TheHEADER above WITH mentioned BACKGROU comparativeND indices are solely used for performance fee calculation purposes and they should therefore un der no circumstances be considered as indicative of a specific investment style.
FFML may waive any or all of its fees in respect of any sub-fund at its discretion from time to time. FFML bears all expenses incurred by it and its affiliates and advisers related to services performed by it for the Company. Brokerage commissions, transaction charges and o ther operating costs of the Company are payable by the Company. There were no transactions of the Company traded through connected brokers during the peri od. There were no brokerage commissions paid to connected brokers during the period ended 31 March 2019. FFML from time to time exe cutes certain portfolio transactions to selected brokers who agree to repay a portion of commissions from such transactions to offset Compa ny expenses, but no such transactions were executed during the period.
During the period ended 31 March 2019, no performance fees were paid by the Company.
4. Directors’ Fees AllHEADER Directors WITH are affiliatedBACKGROU with FILND and have waived their fees for the period ended 31 March 2019, so no Directors' fees were charged for the period.
5. Securities Lending As at 31 March 2019, there were no loaned securities outstanding.
20
Fidelity Active STrategy Notes to the Financial Statements - continued
6. Taxation The Company is not liable to any Luxembourg taxes on income or on realised or unrealised capital gains, nor to any Luxembourg withholding tax. The sub-funds are subject to an annual subscription tax of 0.05%, calculated and payable quarterly on the net assets of the sub-funds on the last day of each calendar quarter. The reduced tax rate of 0.01% per annum of the net assets will be applicable to classes of Shares which are only sold or held by institutional investors within the meaning of Article 174 of the amended Law of 17 December 2010. Capital gains, divi dends and interest on securities may be subject to capital gains and withholding taxes or other taxes imposed by the country of origin concerned and such taxes may not be recoverable by the Company or its Shareholders.
7. Equalisation Income equalisation arrangements are applied to all Share classes across all sub-funds. These arrangements are intended to ensure that the income per Share which is distributed in respect of a distribution year is not affected by changes in the number of Shares in issue during that period. The calculation of equalisation is based on net investment income.
8. Dividend Payments The following dividend payments were made during the period ended 31 March 2019:
Sub-fund name Div per Share Ex-div date
Emerging Markets Fund Y -DIST Shares (USD) 0.2505 03 -Dec -2018
Europe Fund A-DIST Shares (EUR) 0.2144 03 -Dec -2018
Europe Fund A -DIST Shares (GBP) 0.3664 03 -Dec -2018
9. Cash Balances held at Brokers As at 31 March 2019, there were outstanding margin deposits and cash collateral amounts in the form of cash balances held at brokers which have been included in the Cash at banks and brokers shown in the Statement of Net Assets. The following table discloses the breakd own of such cash amounts held at brokers, by sub-fund, as at 31 March 2019:
Cash at Sub-fund name Currency brokers Asia Fund USD 15,632,654 Emerging Markets Fund USD 24,271,282 Global Fund USD 410,000 UK Fund GBP 380,000 US Fund USD 60,000 10. Commitments on Derivatives
The total commitments by category of financial derivative instruments as at 31 March 2019 amounts to:
Contracts for Forward Foreign Sub-fund name Currency Difference Exchange Contracts Futures Asia Fund USD 325,401,410 6,163,790 12,428,484 1 Emerging Markets Fund USD 596,394,289 155,566,769 16,779,000 1 Europe Fund EUR 91,994,679 - -1 Global Fund USD 38,215,022 - -1 UK Fund GBP 9,580,082 - -1 US Fund USD 31,364,646 6,444,158 -1
Sub -fund name Currency Options Asia Fund USD 108,239 1 Emerging Markets Fund USD 267,579 1 Europe Fund EUR - 1 Global Fund USD - 1 UK Fund GBP - 1 US Fund USD - 1
Commitments are calculated in accordance with the European Securities and Markets Authority ("ESMA") guidelines 10/788 with t he exception of options. The commitment of options is calculated by aggregating the absolute market value of all written options.
11. Exposure of Contracts For Difference by Clearing Brokers As at 31 March 2019, the total exposure by counterparty to contracts for difference, calculated as the aggregation of the unrealised, was as follows:
Sub -fund name Currency Deutsche Bank Goldman Sachs HSBC Morgan Stanley UBS Asia Fund USD - 8,902,353 486,782 951,876 (3,943,133) Emerging Markets Fund USD 1,851,242 29,770,874 26,807,958 6,697,872 (967,497) Europe Fund EUR - 6,879,119 - 511,878 852,194 Global Fund USD - (635,057) 12,502 109,672 (191,272) UK Fund GBP - - (3,630) (13,187) 28,976 US Fund USD - (38,650) 426,412 47,364 (50,710)
21
Fidelity Active STrategy Notes to the Financial Statements - continued
12. Statement of Changes in Investments A list for each sub-fund, specifying for each investment the total purchases and sales which occurred during the period under review, may be obtained free of charge upon request from the Registered Office of the Company or from any of the companies registered as Dis tributors of the Company.
It is possible to receive information about the full holdings of the sub-funds in which you invest, at any point in time during the period. This is available upon request by contacting your usual Fidelity Representative.
13. Rates of Exchange The USD exchange rates at 31 March 2019 are noted below. Currency Exchange rate Currency Exchange rate Argentine peso (ARS) 43.315 Nigerian naira (NGN) 360.985 Australian dollar (AUD) 1.40835152 Norwegian krone (NOK) 8.6132 Brazilian real (BRL) 3.8934 Philippine peso (PHP) 52.64 Canadian dollar (CAD) 1.33677 Polish zloty (PLN) 3.8361 Chinese renminbi (CNY) 6.7218 Pound sterling (GBP) 0.7688759 Danish krone (DKK) 6.65046 Romania new leu (RON) 4.2534 Euro (EUR) 0.89085272 Singapore dollar (SGD) 1.35496 Hong Kong dollar (HKD) 7.84994 South African rand (ZAR) 14.3921 Indian rupee (INR) 69.335 Swedish krona (SEK) 9.27342 Indonesian rupiah (IDR) 14,264 Swiss franc (CHF) 0.99563 Japanese yen (JPY) 110.825 Taiwan new dollar (TWD) 30.87 Korean won (KRW) 1,137.26 Thailand baht (THB) 31.75 Malaysian ringgit (MYR) 4.0815 Turkish lira (TRY) 5.6488 Mexican peso (MXN) 19.375 UAE dirham (AED) 3.673
22
Fidelity Active STrategy Supplementary Information
EU Securities Financing Transactions Regulations The Securities Financing Transaction Regulation (SFTR), which came into effect on the 13 January 2017, requires further transparency regarding the use of securities financing transactions.
The Company may use Total Return Swaps or other financial derivative instruments with similar characteristics to meet the investment objective of the Company.
The Company used only Contracts for Difference (CFD) for the period ended 31 March 2019. The top ten counterparties for CFD are disclosed in note 11. Asset engaged in securities financing transactions as at 31 March 2019 The assets engaged, expressed in absolute value and as a proportion of the net assets, by category of securities financing transactions as at 31 March 2019 amounted to: Contracts for % Net Total Return % Net Repo/Reverse % Net Sub-fund name Currency Difference Assets Swaps Assets Repos Assets Asia Fund USD 34,203,054 4.72 - - - - Emerging Markets Fund USD 96,101,969 9.24 - - - - Europe Fund EUR 15,738,184 4.69 - - - - Global Fund USD 3,842,533 5.57 - - - - UK Fund GBP 790,442 3.76 - - - - US Fund USD 2,836,973 5.39 - - - - Analysis of collateral received as at 31 March 2019 The collateral which consists of cash is held by the Custodian and is not reflected in the financial statements. The collateral has not been reused. There are no restrictions on the reuse of collateral. As at 31 March 2019, the analysis of collateral received was as follows:
Market Value in Collateral Maturity Tenor of Collateral Sub-fund name Currency Collateral Type sub-fund currency Quality Collateral currency Asia Fund USD Cash 10,830,000 N/A Less than 1 Day USD Emerging Markets Fund USD Cash 57,515,000 N/A Less than 1 Day USD Europe Fund EUR Cash 15,459,743 N/A Less than 1 Day EUR Global Fund USD Cash 110,000 N/A Less than 1 Day USD US Fund USD Cash 340,000 N/A Less than 1 Day USD Analysis of securities financing transactions as at 31 March 2019 As at 31 March 2019, the analysis of the securities financing transaction is as follows: Country of Clearing Sub-fund name Currency Asset Type Market Value Maturity Tenor Counterparty Type Asia Fund USD Contracts for Difference 6,397,874 Open Transactions UK Bilateral Emerging Markets Fund USD Contracts for Difference 63,712,185 Open Transactions UK Bilateral Emerging Markets Fund USD Contracts for Difference 448,260 Open Transactions USA Bilateral Europe Fund EUR Contracts for Difference 8,243,194 Open Transactions UK Bilateral Global Fund USD Contracts for Difference (704,157) Open Transactions UK Bilateral UK Fund GBP Contracts for Difference 29,615 Open Transactions UK Bilateral UK Fund GBP Contracts for Difference (17,459) Open Transactions USA Bilateral US Fund USD Contracts for Difference 404,471 Open Transactions UK Bilateral US Fund USD Contracts for Difference (20,054) Open Transactions USA Bilateral Collateral Granted All collateral granted by the Company is held in segregated collateral accounts. Return and cost of securities financing transactions The return (dividend income and realised and change in unrealised gains and losses) for the period ended 31 March 2019 are as follows:
Return of the % of Total Cost of the Sub-fund name Currency Asset Type sub-fund Return sub-fund % of Cost Asia Fund USD Contracts for Difference 6,261,730 100.00 (1,710,188) 100.00 Emerging Markets Fund USD Contracts for Difference (17,621,818) 100.00 (1,414,174) 100.00 Europe Fund EUR Contracts for Difference 1,356,934 100.00 (393,206) 100.00 Global Fund USD Contracts for Difference 441,556 100.00 7,564 100.00 UK Fund GBP Contracts for Difference 292,880 100.00 (82,359) 100.00 US Fund USD Contracts for Difference 664,838 100.00 (120,867) 100.00
23 Fidelity Active Directory STrategy as at 31 March 2019
Registered Office FIL Investment Services GmbH Representative for Sweden Fidelity Active STrategy Kastanienhöhe 1 Skandinaviska Enskilda Banken AB 2a, rue Albert Borschette D-61476 Kronberg im Taunus (publ), SE-106 40 Stockholm, B.P. 2174 Germany Sweden L-1021 Luxembourg Telephone: (49) 6173 509 0 Grand Duchy of Luxembourg Fax: (49) 6173 509 4199 Representative & Paying Agent for Management Company FIL Gestion Switzerland FIL Investment Management 21, avenue Kleber F-75116 Paris BNP Paribas Securities Services (Luxembourg) S.A. Paris, Succursale de Zürich 2a, rue Albert Borschette France Telephone: (33) 1 7304 3000 Selnaustrasse 16 B.P. 2174 CH-8002 Zürich L-1021 Luxembourg FIL Investment Management Switzerland Grand Duchy of Luxembourg (Singapore) Limited Representative for the United Investment Manager 8 Marina View No. 35-06 Asia Square Tower 1 Kingdom FIL Fund Management Limited Singapore 018960 FIL Pensions Management Pembroke Hall Telephone: (65) 6511 2200 Oakhill House 42 Crow Lane Fax: (65) 6536 1960 130 Tonbridge Road Pembroke HM19 Hildenborough Bermuda Registrar, Transfer Agent, Tonbridge, Kent TN11 9DZ Custodian & Depositary Administrative Service Agent and United Kingdom Brown Brothers Harriman Domiciliary Agent Telephone: (44) 1732 777 377 (Luxembourg) S.C.A. FIL Investment Management Fax: (44) 1732 777 262 80, route D'Esch (Luxembourg) S.A. L-1470 Luxembourg 2a, rue Albert Borschette Auditor Grand Duchy of Luxembourg B.P. 2174 L-1021 Luxembourg PricewaterhouseCoopers, Société General Distributor Grand Duchy of Luxembourg coopérative FIL Distributors 2, rue Gerhard Mercator Pembroke Hall Representative & Paying Agent for B.P. 1443 42 Crow Lane Austria L-1014 Luxembourg Pembroke HM19 UniCredit Bank Austria AG Grand Duchy of Luxembourg Bermuda Lassallestrasse 1 Telephone: (1) 441 297 7267 A-1020 Vienna Fax: (1) 441 295 4493 Austria Share Distributors Representative for Denmark FIL Distributors International Limited P/F BankNordik PO Box HM670 Amagerbrogade 175 Hamilton HMCX DK-2300 Copenhagen S Bermuda Denmark Telephone: (1) 441 297 7267 Fax: (1) 441 295 9373 Representative for France BNP Paribas Securities Services S.A. FIL Investments International 3 rue d'Antin Oakhill House F-75002 Paris 130 Tonbridge Road France Hildenborough Tonbridge, Kent TN11 9DZ Representative for Ireland United Kingdom FIL Fund Management (Ireland) Limited (Authorised and regulated in the UK by the George's Quay House Financial Conduct Authority) 43 Townsend Street Telephone: (44) 1732 777 377 Dublin 2 Fax: (44) 1732 777 262 D02 VK65 Ireland FIL Pensions Management Oakhill House Representative for Norway 130 Tonbridge Road FIL (Luxembourg) S.A. Hildenborough 2a, rue Albert Borschette Tonbridge, Kent TN11 9DZ B.P. 2174 United Kingdom L-1021 Luxembourg Telephone: (44) 1732 777 377 Grand Duchy of Luxembourg Fax: (44) 1732 777 262 Telephone: (352) 250 404 1 FIL (Luxembourg) S.A. Fax: (352) 26 38 39 38 2a, rue Albert Borschette Representative for Singapore B.P. 2174 FIL Investment Management L-1021 Luxembourg (Singapore) Limited Grand Duchy of Luxembourg 8 Marina View Telephone: (352) 250 404 1 No. 35-06 Asia Square Tower 1 Fax: (352) 26 38 39 38 Singapore 018960
24
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