1408_RO_LF_cover_v01_Covers 22/10/2014 15:35 Page 1
Fidelity Investment Funds
Interim Report
and Financial
Statements
For the six month period ended
31 August 2014
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FIDELITY INVESTMENT FUNDS INTERIM REPORT & FINANCIAL
STATEMENTS FOR THE SIX MONTH PERIOD ENDED 31 AUGUST 2014
CONTENTS
Director’s report*
2
Statement of Authorised Corporate Director’s responsibilities
3
Certification of the Interim Report and Financial Statements by Directors 3
General information*
4
Aggregated Financial Statements for Fidelity Investment Funds
5
FUND MANAGER REVIEWS* AND FINANCIAL STATEMENTS
Fidelity American Fund
7
Fidelity American Special Situations Fund
10
Fidelity Asian Dividend Fund
13
Fidelity China Consumer Fund
17
Fidelity Emerging Asia Fund
20
Fidelity Emerging Europe, Middle East and Africa Fund
23
Fidelity Enhanced Income Fund
26
Fidelity European Fund
32
Fidelity European Opportunities Fund
36
Fidelity Extra Income Fund
39
Fidelity Genesis Fund
45
Fidelity Global Dividend Fund
48
Fidelity Global Enhanced Income Fund
53
Fidelity Global Focus Fund
58
Fidelity Global High Yield Fund
61
Fidelity Global Property Fund
67
Fidelity Global Special Situations Fund
71
Fidelity Index Emerging Markets Fund
74
Fidelity Index Europe ex UK Fund
78
Fidelity Index Japan Fund
82
Fidelity Index Pacific ex Japan Fund
86
Fidelity Index UK Fund
90
Fidelity Index US Fund
94
Fidelity Index World Fund
98
Fidelity International Fund
102
Fidelity Japan Fund
105
Fidelity Japan Smaller Companies Fund
108
Fidelity MoneyBuilder Balanced Fund
111
Fidelity MoneyBuilder Dividend Fund
116
Fidelity MoneyBuilder Growth Fund
120
Fidelity MoneyBuilder Income Fund
124
Fidelity South-East Asia Fund
131
Fidelity Special Situations Fund
134
Fidelity Strategic Bond Fund
137
Fidelity UK Growth Fund
143
Fidelity UK Select Fund
146
Fidelity UK Smaller Companies Fund
149
Fidelity Global Real Asset Securities Fund**
152
Portfolio Statements
154
Total Purchases and Sales
369
Risk and Reward profiles
370
Further information*
374
* These collectively comprise the Authorised Corporate Director’s (ACD) report.
** Fund manager reviews are not prepared for funds that are closed.
1
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FIDELITY INVESTMENT FUNDS INTERIM REPORT & FINANCIAL
STATEMENTS FOR THE SIX MONTH PERIOD ENDED 31 AUGUST 2014
In the future additional funds or classes of shares within the existing funds
may be launched or closed by the ACD.
DIREC TOR ’S REPORT
Each fund has the investment powers equivalent to those of an undertaking
for collective investment in transferable securities (UCITS) scheme as per the
Prospectus.
We are pleased to present the interim report and financial statements for
Fidelity Investment Funds, covering the six month period to 31 August 2014.
As required by the Collective Investment Schemes sourcebook (COLL), the
Authorised Corporate Director (ACD) has issued a Short Report for the
Company to investors.
Shareholders are not liable for the debts of the Company. A shareholder is
not liable to make any further payment to the Company after they have
paid the purchase price of the shares.
Reference in this document to specific securities should not be construed as
a recommendation to buy or sell these securities; but is included for the
purpose of illustration only. Investors should also note that the views
expressed may no longer be current and may already have been acted
upon by Fidelity.
The Company is governed by the requirements of the Open-Ended Investment
Companies Regulations 2001 (SI 2001/1228) (OEIC Regulations) and the
FCA’s Handbook of rules and guidance, specifically the COLL. As permitted
by the COLL, the Company no longer holds Annual General Meetings.
In accordance with the OEIC Regulations and the approval of the FCA, the
Company has converted to a segregated liability status between funds with
effect from 13 December 2013. Having segregated liability between funds
means that the assets of a fund belong exclusively to that fund and shall not
be used to discharge directly or indirectly the liability of, or claims against,
any other person or body, including the Company, or any other fund.
COMPANY AND STATUS
Fidelity Investment Funds (the Company) is an open-ended investment
company with variable capital incorporated in England and Wales under
number IC8 and authorised by the Financial Conduct Authority (FCA) on 7
April 1998.
The Company is structured as an umbrella company comprising various
funds, each of which is operated as a distinct fund, with their own portfolio
of investments.
OBJECTIVES
The broad aim of the Company is to provide investors with revenue and/or
capital growth over the medium to long term.
The funds in which shares are currently available are:
Fidelity American Fund
Fidelity American Special Situations Fund
Fidelity Asian Dividend Fund
Fidelity China Consumer Fund
Fidelity Emerging Asia Fund
Fidelity Emerging Europe, Middle East and Africa Fund
Fidelity Enhanced Income Fund
Fidelity European Fund
Fidelity European Opportunities Fund
Fidelity Extra Income Fund
Fidelity Global Dividend Fund
Fidelity Global Enhanced Income Fund
Fidelity Global Focus Fund
Fidelity Global High Yield Fund
Fidelity Global Property Fund
Fidelity Global Special Situations Fund
Fidelity Index Emerging Markets Fund
Fidelity Index Europe ex UK Fund
Fidelity Index Japan Fund
Fidelity Index Pacific ex Japan Fund
Fidelity Index UK Fund
Fidelity Index US Fund
Fidelity Index World Fund
Fidelity International 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 South-East Asia Fund
Fidelity Special Situations Fund
Fidelity Strategic Bond Fund
Fidelity UK Growth Fund
Fidelity UK Select Fund
Fidelity UK Smaller Companies Fund
The aim of the equity funds is to provide investors with either a combination
of revenue and long term capital growth or long term capital growth from
diversified, actively managed and passively managed portfolios of securities
in a wide range of stock markets. The revenue from these funds with a long
term capital growth structure is expected to be low. The equity funds will
invest primarily in equities in the markets reflected in the title of each
individual fund and in companies established outside those markets but
which derive a significant proportion of their earnings from those markets.
The aim of the bond funds is to provide investors with relatively high revenue
with the possibility of capital gains.
The investment objective and a review of the investment activities of each fund
during the year under review are included within the Fund Manager Reviews.
CHANGES TO THE PROSPECTUS
For the six month period ended 31 August 2014 the following significant
changes were made to the Prospectus and Instrument of Incorporation:
• Fidelity MoneyBuilder UK Index Fund changed its name to Fidelity
Index UK Fund on 1 March 2014.
• Fidelity MoneyBuilder US Index Fund changed its name to Fidelity
Index US Fund on 1 March 2014.
• Fidelity MoneyBuilder World Index Fund changed its name to Fidelity
Index World Fund on 1 March 2014.
• Fidelity Index UK Fund launched F and P Accumulation Shares on 3
March 2014.
• Fidelity Index US Fund and Fidelity Index World Fund launched P
Accumulation Shares on 3 March 2014.
• Fidelity Index Emerging Markets Fund launched on 6 March 2014.
• Fidelity Emerging Europe, Middle East and Africa Fund and Fidelity
China Consumer Fund launched W Accumulation Shares on 7 March
2014.
• Fidelity Index Emerging Markets Fund, Fidelity Index Europe ex UK
Fund, Fidelity Index Japan Fund, Fidelity Index Pacific ex Japan Fund,
Fidelity Index UK Fund, Fidelity Index US Fund and Fidelity Index World
Fund launched W Accumulation Shares on 27 May 2014.
• Fidelity Index Emerging Markets Fund, Fidelity Index Europe ex UK
Fund, Fidelity Index Japan Fund, Fidelity Index Pacific ex Japan Fund,
Fidelity Index UK Fund, Fidelity Index US Fund and Fidelity Index World
Fund launched P and W Income Shares on 4 August 2014.
• Fidelity Global Real Asset Securities Fund closed on 26 August 2014.
2
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FIDELITY INVESTMENT FUNDS INTERIM REPORT & FINANCIAL
STATEMENTS FOR THE SIX MONTH PERIOD ENDED 31 AUGUST 2014
S TAT E M E N T O F AU T H O R I S E D CO R P O R AT E
D I R E C TO R ’ S ( AC D ) R E S P O N S I B I L I T I E S I N R E L AT I O N
TO T H E F I N A N C I A L S TAT E M E N T S O F T H E CO M PA N Y
The OEIC Regulations and the COLL require the ACD to prepare financial
statements for each annual and half-yearly accounting period which give a
true and fair view of the financial position of the Company and of its net
revenue and the net gains or losses on the property of the Company for the
period. In preparing the financial statements the ACD is required to:
• Select suitable accounting policies and then apply them consistently
• Comply with the Statement of Recommended Practice for Authorised
Funds issued by the Investment Management Association (IMA) in
October 2010, the COLL, the Prospectus and the Instrument of
Incorporation
• Follow generally accepted accounting principles and applicable
accounting standards
• Keep proper accounting records which enable it to demonstrate that the
financial statements as prepared comply with the above requirements
• Prepare the financial statements on the going concern basis unless it is
inappropriate to presume the Company will continue in operation
• Take reasonable steps for the prevention and detection of fraud or
other irregularities
C E R T I F I C AT I O N O F T H E I N T E R I M R E P O R T A N D
F I N A N C I A L S TAT E M E N T S B Y D I R E C T O R S O F T H E A C D
In accordance with the requirements of the COLL, the report and financial
statements are approved on behalf of the Directors of FIL Investment
Services (UK) Limited, the ACD.
Nishith Gandhi
Director
Andrew Morris
Director
FIL Investment Services (UK) Limited
21 October 2014
3
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FIDELITY INVESTMENT FUNDS INTERIM REPORT & FINANCIAL
STATEMENTS FOR THE SIX MONTH PERIOD ENDED 31 AUGUST 2014
G E N E R A L I N F O R M AT I O N
DEPOSITARY
J.P. Morgan Europe Limited
Registered Office:
25 Bank Street
London EC14 5JP
United Kingdom
FIDELITY INVESTMENT FUNDS
REGISTERED OFFICE
Oakhill House
130 Tonbridge Road
Hildenborough
Tonbridge
Kent TN11 9DZ
United Kingdom
www.fidelity.co.uk
Authorised and regulated in the UK by the Financial Conduct Authority.
Head Office:
Chaseside
Bournemouth
Dorset BH7 7DA
United Kingdom
Authorised and regulated in the UK by the Financial Conduct Authority.
INVESTMENT ADVISERS
For funds managed wholly or principally in the United Kingdom:
FIL Investment Services (UK) Limited
Oakhill House
130 Tonbridge Road
Hildenborough
Tonbridge
Kent TN11 9DZ
United Kingdom
Authorised and regulated in the UK by the Financial Conduct Authority.
Registered in England and Wales No 2016555.
INDEPENDENT AUDITORS
PricewaterhouseCoopers LLP
7 More London Riverside
London SE1 2RT
United Kingdom
For other funds:
FIL Fund Management Limited
Pembroke Hall
42 Crow Lane
Pembroke HM19
Bermuda
Licensed by the Bermuda Monetary Authority under the Investment
Business Act to conduct investment business.
AUTHORISED CORPORATE DIRECTOR (ACD),
GENERAL DISTRIBUTOR, ADMINISTRATOR AND REGISTRAR
FIL Investment Services (UK) Limited
Oakhill House
130 Tonbridge Road
Hildenborough
Tonbridge
Kent TN11 9DZ
United Kingdom
The ACD is FIL Investment Services (UK) Limited and is the sole director.
Registered in England and Wales No 2016555.
SUB-DISTRIBUTOR
Financial Administration Services Limited
Oakhill House
130 Tonbridge Road
Hildenborough
Tonbridge
Kent TN11 9DZ
United Kingdom
Authorised and regulated in the UK by the Financial Conduct Authority.
4
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AGGREGATED FINANCIAL STATEMENTS FOR FIDELITY INVESTMENT FUNDS
S TAT E M E N T O F T O TA L R E T U R N
for the six month period ended 31 August 2014 (unaudited)
31/08/14
ВЈ'000
Income
Net capital gains/(losses)
Revenue
Expenses
Finance costs: Interest/other
31/08/13
ВЈ'000
ВЈ'000
325,912
404,520
(140,227)
(6,581)
364,420
436,434
(152,553)
(5,491)
gggggggggggggggggggg
Net revenue/(expense) before taxation
Taxation
ВЈ'000
gggggggggggggggggggg
257,712
(12,632)
278,390
(15,417)
gggggggggggggggggggg
gggggggggggggggggggg
Net revenue/(expense) after taxation
245,080
262,973
gggggggggggggggggggg
gggggggggggggggggggg
570,992
627,393
Total return before distributions
Finance costs: Distributions
(118,880)
Change in net assets attributable to shareholders from investment activities
(143,799)
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
452,112
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
483,594
S TAT E M E N T O F C H A N G E I N N E T A S S E T S AT T R I B U TA B L E T O S H A R E H O L D E R S
for the six month period ended 31 August 2014 (unaudited)
31/08/14
ВЈ'000
Opening net assets attributable to shareholders
Movement due to sales and repurchases of shares
Amounts receivable on issue of shares
Amounts payable on cancellation of shares
31/08/13
ВЈ'000
ВЈ'000
21,131,198
2,206,892
(2,109,336)
ВЈ'000
21,066,938
971,568
(1,423,175)
gggggggggggggggggggg
gggggggggggggggggggg
97,556
12
(739)
(451,607)
(1,975)
452,112
483,594
Dilution levy
Stamp duty reserve tax
Change in net assets attributable to shareholders from
investment activities (see above)
Retained distribution on accumulation shares
Closing net assets attributable to shareholders
5,928
24,987
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
21,686,067
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
21,121,937
BALANCE SHEET
as at 31 August 2014 (unaudited)
31/08/14
ВЈ'000
Assets
Investment assets
Derivative assets
Debtors
Cash and bank balances
28/02/14
ВЈ'000
ВЈ'000
21,465,060
72,131
Total assets
Liabilities
Derivative liabilities
Creditors
Bank overdrafts
Net distributions payable on income shares
20,682,930
69,014
344,550
96,160
372,451
482,778
gggggggggggggggggggg
gggggggggggggggggggg
Total other assets
440,710
855,229
gggggggggggggggggggg
gggggggggggggggggggg
21,977,901
21,607,173
gggggggggggggggggggg
gggggggggggggggggggg
(62,202)
(189,711)
(7,804)
(32,117)
(57,896)
(290,139)
(88,621)
(39,319)
gggggggggggggggggggg
Total other liabilities
gggggggggggggggggggg
(229,632)
gggggggggggggggggggg
Total liabilities
(291,834)
gggggggggggggggggggg
Net assets attributable to shareholders
(418,079)
gggggggggggggggggggg
(475,975)
gggggggggggggggggggg
gggggggggggggggggggg
21,686,067
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
The aggregated financial statements represent the sum of the individual funds within the umbrella Company.
Further analysis of the distribution and the net asset position can be found within the financial statements of the individual funds.
5
ВЈ'000
21,131,198
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AGGREGATED FINANCIAL STATEMENTS FOR FIDELITY INVESTMENT FUNDS
N O T E S T O T H E F I N A N C I A L S TAT E M E N T S
(unaudited)
1. Accounting policies
a) Basis of accounting - These financial statements have been prepared under the historical cost basis, as modified by the revaluation of investments,
and 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 October 2010.
b) The interim financial statements have been prepared on the same basis as the audited financial statements for the year ended 28 February 2014
with the exception of Fidelity Global Real Asset Securities Fund which closed for trading on 26 August 2014 and Fidelity International Fund which is
scheduled to close for trading on 28 November 2014. The Authorised Corporate Director no longer regards the going concern basis of accounting
to be appropriate so the financial statements for these funds have been prepared on a basis other than going concern. No adjustments were
required in these financial statements to reduce assets to their realised values, to provide for liabilities arising from the decision to cease trading or
to reclassify non-current assets and liabilities as current.
6
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FIDELITY AMERICAN FUND
INVESTMENT OBJECTIVE AND POLICY
PERFORMANCE RECORD
The fund’s investment objective is to achieve long term capital growth from a
portfolio primarily made up of the shares of US companies. The portfolio is
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.
DISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:
F U N D M A N AG E R ’ S CO M M E N TA RY
31/08/10
31/08/11
31/08/12
31/08/13
A Accumulation Shares
6.0
11.3
12.0
19.4
12.6
Y Accumulation Shares
-
11.7
12.6
20.1
13.2
W Accumulation Shares
*Comparative Index
MARKET REVIEW
US equities rose during the review period. Investors largely ignored the first
quarter economic contraction, which was largely attributed to an unseasonably
harsh winter. Sentiment was buoyed by improving economic data, mergers and
acquisitions (M&A) activity, and positive earnings announcements. However,
geopolitical tensions and interest rate speculation led to periods of volatility.
Investors moved away from growth stocks and smaller-sized companies
between the end of March and May, preferring to invest in value and
large-sized companies instead. The Federal Reserve (Fed) remained in focus
during the period as it continued to gradually lower its monthly bond
purchases. The Fed also reinforced that interest rates are likely to remain at
record lows for a “considerable time” after the asset purchase programme
ends.
31/08/14
-
-
-
-
13.5
10.8
11.4
20.4
21.5
16.3
* Comparative Index: S&P 500 Index (Net)
Source: Fidelity and RIMES, bid to bid, UKВЈ, net income reinvested.
Performance excludes initial charge. Past performance is not a reliable
indicator of future results.
RISK PROFILE
If you make regular withdrawals from your investment, this may reduce your
capital over time if the fund’s growth does not compensate for the withdrawals.
The value of your investment can go down as well as up. You may not get back
the amount you invested. What you get back is not guaranteed. It will depend
on investment performance. This fund invests in overseas markets. You may get
back more or less as a result of currency fluctuations. The fund may invest in
derivatives for the purposes of the efficient management of the fund. For funds
that use derivative transactions, there is a risk that the counterparty to the
transaction will wholly or partially fail to honour its contractual obligations. This
may result in financial loss to the fund. Where appropriate, collateral will be
required to reduce exposure to a counterparty. The use of financial derivative
instruments may give rise to leverage and result in increased gains or losses
within the fund. Some funds invest more heavily than others in smaller
companies, which can carry a higher risk because their prices may be more
volatile than those of larger companies.
PORTFOLIO ACTIVITY
Stock selection in the energy and health care sectors detracted from
performance. Within health care, holdings in Covance, a contract research
organisation and Allscripts Healthcare Solutions, an integrated clinical software
applications provider, detracted from returns. The former indicated a slowdown
in its clinical operations, while the latter reported a slowdown in software
bookings. The allocation to Southwestern Energy, an independent energy
company, hampered returns due to concerns that low natural gas prices will
negatively impact its earnings. In the technology sector, shares in optical
networking vendor Ciena slid as profitability and growth continued to
disappoint. During the period, I bought a new position in Apple. However, the
underweight stance in the stock held back relative returns as it benefited from
the focus on new product launches. I continue to find attractive opportunities in
the sector, where the fund has an overweight stance. I prefer companies that
are likely to benefit from the recovery in corporate capital expenditure and the
subsequent release of pent-up demand for projects. Against this background,
I bought positions in semiconductor manufacturers Intel and Altera. Intel was
one of the top contributors to returns during the period as it posted robust
quarterly earnings, driven by strong performance in its personal computer and
data centre segments. Social media company Twitter also posted
better-than-expected results as sales and user growth were above market
expectations. Elsewhere, semiconductor companies Micron Technology and
Broadcom supported performance. During the period, I sold the positions in
Broadcom, Forest Laboratories and Express Scripts.
OUTLOOK
Despite US equities reaching record highs, valuations do not appear to be
overextended compared to history. As always, it is important to consider the
context – we are still in an environment of record low interest rates and the US
earnings outlook is both robust and improving. Moreover, the broader US
economy is supported by a number of structural factors, such as the shale oil
boom, and corporate confidence is at its highest in a long time as is evident
from the marked pick-up in M&A activity.
Peter Kaye
Fund Manager
31 August 14
* Holdings can vary from those in the index quoted. For this reason the
comparative index is used for reference only.
7
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FIDELITY AMERICAN FUND
P O R T F O L I O I N F O R M AT I O N
31/08/14
%
Information Technology
22.27
Financials
14.44
Health Care
12.65
Energy
12.64
Industrials
10.26
Consumer Discretionary
10.12
Consumer Staples
9.48
Materials
6.94
Cash and other net assets/(liabilities)
1.20
FUND FAC TS
28/02/14
%
19.18
9.17
19.22
6.56
11.45
18.95
9.42
4.58
1.47
The top ten holdings in the fund as at 31 August 2014 and
at the previous year end are shown below.
Apple
Fidelity Institutional Liquidity Fund (USD)
Intel
Brown Forman (Non-voting) (B)
Caterpillar
Weyerhaeuser
Anadarko Petroleum
Mead Johnson Nutrition
Martin Marietta Materials
Google (A)
Top holdings as at 28/02/14
Google (A)
Forest Laboratories
Amazon.com
Home Depot
Gilead Sciences
Brown Forman (Non-voting) (B)
Johnson & Johnson
Covance
Illumina
Express Scripts
ONGOING CHARGES (%)
A Accumulation
Shares
1.70
1.69
31/08/14
31/08/13
W Accumulation
Shares
0.94
0.94
Y Accumulation
Shares
1.16
1.16
31/08/14
31/08/13
The Ongoing Charges Figure is calculated as the ratio of the annual cost of managing and
operating the fund to the average net asset value; it excludes portfolio transaction costs.
TOP HOLDINGS
Top holdings as at 31/08/14
INCOME (pence per share)
No distributions were due in the six month period.
FUND SIZE
Total net Net asset
assets value per
Shares
(ВЈm) share (p)1
in issue
A Accumulation Shares
% of total
net assets
3.69
2.85
2.70
2.29
2.14
1.93
1.83
1.82
1.79
1.78
31/08/14
811.6
31/08/14
2,500.94
32,456,188
Total net Net asset
assets value per
Shares
(ВЈm) share (p)1
in issue
W Accumulation Shares
140.3
2,460.06
5,701,803
Y Accumulation Shares
23.9
% of total
net assets
3.88
2.54
2.52
2.48
2.25
2.16
2.14
2.09
2.00
1.93
Footnotes:
1. The net asset value is the accounting value at the period end on a fair
value basis.
8
178.57
13,360,280
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FIDELITY AMERICAN FUND
S TAT E M E N T O F T O TA L R E T U R N
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Income
Net capital gains/(losses)
Revenue
Expenses
Finance costs: Interest/other
31/08/13
£’000
£’000
£’000
24,220
5,027
(7,779)
gggggggggggggggggggg
Net revenue/(expense) before taxation
Taxation
61,188
9,235
(9,316)
(1)
gggggggggggggggggggg
(2,752)
(622)
(82)
(1,305)
gggggggggggggggggggg
gggggggggggggggggggg
Net revenue/(expense) after taxation
(3,374)
(1,387)
gggggggggggggggggggg
gggggggggggggggggggg
20,846
59,801
Total return before distributions
Finance costs: Equalisation
1
(3)
gggggggggggggggggggg
Change in net assets attributable to shareholders from
investment activities
gggggggggggggggggggg
gggggggggggggggggggg
20,847
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
59,798
S TAT E M E N T O F C H A N G E I N N E T A S S E T S AT T R I B U TA B L E T O S H A R E H O L D E R S
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Opening net assets attributable to shareholders
Movement due to sales and repurchases of shares
Amounts receivable on issue of shares
Amounts payable on cancellation of shares
31/08/13
£’000
£’000
1,006,505
16,956
(68,472)
£’000
1,090,782
13,398
(81,618)
gggggggggggggggggggg
gggggggggggggggggggg
(51,516)
(1)
Stamp duty reserve tax
Change in net assets attributable to shareholders from
investment activities (see above)
Closing net assets attributable to shareholders
(68,220)
(5)
20,847
59,798
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
975,835
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
1,082,355
BALANCE SHEET
as at 31 August 2014
(unaudited)
31/08/14
£’000
Assets
Investment assets
Debtors
Cash and bank balances
28/02/14
£’000
£’000
964,127
25,393
15,766
gggggggggggggggggggg
gggggggggggggggggggg
Total assets
Liabilities
Creditors
Bank overdrafts
21,847
41,159
gggggggggggggggggggg
gggggggggggggggggggg
985,974
1,032,856
gggggggggggggggggggg
gggggggggggggggggggg
(10,139)
-
(26,197)
(154)
gggggggggggggggggggg
Total liabilities
gggggggggggggggggggg
(10,139)
Net assets attributable to shareholders
(26,351)
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
975,835
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.
9
991,697
20,765
1,082
Total other assets
£’000
1,006,505
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 10
FIDELITY AMERICAN SPECIAL SITUATIONS FUND
INVESTMENT OBJECTIVE AND POLICY
PERFORMANCE RECORD
The fund’s investment objective is to achieve long term capital growth from a
portfolio primarily made up of the shares of US companies. The portfolio is
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.
DISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:
F U N D M A N AG E R ’ S CO M M E N TA RY
31/08/10
31/08/11
31/08/12
31/08/13
31/08/14
A Accumulation Shares
4.7
11.6
19.7
26.8
16.1
Y Accumulation Shares
-
-
-
27.4
16.7
W Accumulation Shares
*Comparative Index
MARKET REVIEW
US equities rose during the review period. Investors largely ignored the first
quarter economic contraction, which was largely attributed to an unseasonably
harsh winter. Sentiment was buoyed by improving economic data, mergers and
acquisitions (M&A) activity, and positive earnings announcements. However,
geopolitical tensions and interest rate speculation led to periods of volatility.
Investors moved away from growth stocks and smaller-sized companies
between the end of March and May, preferring to invest in value and largesized companies instead. The Federal Reserve (Fed) remained in focus during
the period as it continued to gradually lower its monthly bond purchases. The
Fed also reinforced that interest rates are likely to remain at record lows for a
“considerable time” after the asset purchase programme ends.
-
-
-
-
17.0
10.8
11.4
20.4
21.5
16.3
* Comparative Index: S&P 500 Index (Net)
Source: Fidelity and RIMES, bid to bid, UKВЈ, net income reinvested.
Performance excludes initial charge. Past performance is not a reliable
indicator of future results.
RISK PROFILE
If you make regular withdrawals from your investment, this may reduce your
capital over time if the fund’s growth does not compensate for the withdrawals.
The value of your investment can go down as well as up. You may not get back
the amount you invested. What you get back is not guaranteed. It will depend
on investment performance. This fund invests in overseas markets. You may get
back more or less as a result of currency fluctuations. This fund invests in a
relatively small number of companies, which can make it more volatile than
funds that are more diversified. This fund invests more heavily than others in
smaller companies, which can carry a higher risk because their share prices
may be more volatile than those of larger companies. The fund may invest in
derivatives for the purposes of the efficient management of the fund. For funds
that use derivative transactions, there is a risk that the counterparty to the
transaction will wholly or partially fail to honour its contractual obligations. This
may result in financial loss to the fund. Where appropriate, collateral will be
required to reduce exposure to a counterparty. The use of financial derivative
instruments may give rise to leverage and result in increased gains or losses
within the fund.
PORTFOLIO ACTIVITY
Selected industrials and consumer staples stocks were among the key
contributors to returns. The holding in URS, a provider of engineering,
construction and technical services, contributed to returns following news of its
takeover by engineering design company AECOM Technology. The position in
gaming company Electronic Arts supported returns as it reported better-thanexpected quarterly results, driven by the launch of new games. Brewing
company Molson Coors Brewing also buoyed performance on the back of
better-than-expected second quarter results and positive fundamentals driven
by a pick-up. Moreover, given the consolidation in the industry, Molson Coors
Brewing is likely to gain full control of the SABMiller joint venture, which further
supported its shares. Elsewhere, the lack of exposure to Apple was the primary
detractor from performance. Despite the short-term momentum related to its
new product launches, I think there are better opportunities elsewhere. During
the period, I bought a new position in Verizon Communications given the
company’s strong wireless operations and stabilising wireline business
margins, which is expected to result in higher cash flow generation. I also
bought holdings in two new large-sized health care stocks – WellPoint, a health
benefit company and Quest Diagnostic, a provider of diagnostic testing and
related services. These purchases were partially financed by selling positions
in Hasbro, Forest Laboratories and ChevronTexaco.
OUTLOOK
Despite US equities reaching record highs, valuations do not appear to be
overextended compared to history. As always, it is important to consider the
context – we are still in an environment of record low interest rates and the US
earnings outlook is both robust and improving. Moreover, the broader US
economy is supported by a number of structural factors, such as the shale oil
boom, and corporate confidence is at its highest in a long time as is evident
from the marked pick-up in M&A activity.
Angel Agudo
Fund Manager
31 August 14
* Holdings can vary from those in the index quoted. For this reason the
comparative index is used for reference only.
10
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 11
FIDELITY AMERICAN SPECIAL SITUATIONS FUND
P O R T F O L I O I N F O R M AT I O N
31/08/14
%
Information Technology
23.93
Health Care
18.67
Financials
17.62
Consumer Staples
10.11
Industrials
10.03
Consumer Discretionary
8.23
Energy
6.31
Telecommunications
3.79
Materials
1.01
Cash and other net assets/(liabilities)
0.30
FUND FAC TS
28/02/14
%
23.20
19.55
14.16
9.41
8.43
11.83
9.13
0.00
1.38
2.91
The top ten holdings in the fund as at 31 August 2014 and
at the previous year end are shown below.
Fidelity Institutional Liquidity Fund (USD)
URS
Verizon Communications
Oracle
Microsoft
General Dynamics
Cisco Systems
Bard (CR)
NVR
Amgen
Top holdings as at 28/02/14
Forest Laboratories
URS
NVR
Oracle
Microsoft
Huntington Bancshares
Amgen
Express Scripts
Cisco Systems
AstraZeneca ADR
ONGOING CHARGES (%)
A Accumulation
Shares
1.70
1.70
31/08/14
31/08/13
W Accumulation
Shares
0.95
0.93
Y Accumulation
Shares
1.18
1.17
31/08/14
31/08/13
The Ongoing Charges Figure is calculated as the ratio of the annual cost of managing and
operating the fund to the average net asset value; it excludes portfolio transaction costs.
TOP HOLDINGS
Top holdings as at 31/08/14
INCOME (pence per share)
No distributions were due in the six month period.
FUND SIZE
Total net Net asset
assets value per
Shares
(ВЈm) share (p)1
in issue
A Accumulation Shares
% of total
net assets
5.60
3.98
3.79
3.21
3.14
3.14
3.13
2.93
2.75
2.73
31/08/14
365.4
31/08/14
967.60
37,767,238
Total net Net asset
assets value per
Shares
(ВЈm) share (p)1
in issue
W Accumulation Shares
36.6
892.12
4,097,432
Y Accumulation Shares
0.6
% of total
net assets
5.24
4.54
4.25
4.12
3.60
3.50
3.44
3.40
3.16
3.04
Footnotes:
1. The net asset value is the accounting value at the period end on a fair
value basis.
11
921.49
69,606
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 12
FIDELITY AMERICAN SPECIAL SITUATIONS FUND
S TAT E M E N T O F T O TA L R E T U R N
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Income
Net capital gains/(losses)
Revenue
Expenses
31/08/13
£’000
£’000
£’000
31,543
2,360
(2,418)
gggggggggggggggggggg
Net revenue/(expense) before taxation
Taxation
25,463
2,469
(2,287)
gggggggggggggggggggg
(58)
(323)
182
(315)
gggggggggggggggggggg
gggggggggggggggggggg
Net revenue/(expense) after taxation
(381)
gggggggggggggggggggg
31,162
25,330
Total return before distributions
Finance costs: Equalisation
Change in net assets attributable to shareholders from
investment activities
(133)
gggggggggggggggggggg
17
11
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
31,179
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
25,341
S TAT E M E N T O F C H A N G E I N N E T A S S E T S AT T R I B U TA B L E T O S H A R E H O L D E R S
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Opening net assets attributable to shareholders
Movement due to sales and repurchases of shares
Amounts receivable on issue of shares
Amounts payable on cancellation of shares
31/08/13
£’000
£’000
263,224
122,252
(14,022)
£’000
250,360
23,918
(20,500)
gggggggggggggggggggg
gggggggggggggggggggg
108,230
(2)
Stamp duty reserve tax
Change in net assets attributable to shareholders from
investment activities (see above)
Closing net assets attributable to shareholders
3,418
(5)
31,179
25,341
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
402,631
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
279,114
BALANCE SHEET
as at 31 August 2014
(unaudited)
31/08/14
£’000
Assets
Investment assets
Debtors
Cash and bank balances
28/02/14
£’000
£’000
401,426
1,627
787
Total assets
Liabilities
Creditors
Bank overdrafts
gggggggggggggggggggg
2,414
9,255
gggggggggggggggggggg
gggggggggggggggggggg
403,840
264,821
gggggggggggggggggggg
gggggggggggggggggggg
(1,209)
-
(1,554)
(43)
gggggggggggggggggggg
Total liabilities
gggggggggggggggggggg
(1,209)
gggggggggggggggggggg
Net assets attributable to shareholders
(1,597)
gggggggggggggggggggg
gggggggggggggggggggg
402,631
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.
12
255,566
1,304
7,951
gggggggggggggggggggg
Total other assets
£’000
263,224
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 13
FIDELITY ASIAN DIVIDEND FUND
INVESTMENT OBJECTIVE AND POLICY
PERFORMANCE RECORD
The fund’s investment objective is to achieve a combination of income and long
term capital growth from a portfolio made up primarily of the securities of
companies in the Asia Pacific region, including ordinary shares, preference
shares, convertibles and fixed interest securities.
DISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:
31/08/10
31/08/11
31/08/12
31/08/13
A Accumulation Shares
-
-
-
-
9.5
The Fund may also invest in other transferable securities, units in collective
investment schemes, money market instruments, cash and deposits.
W Accumulation Shares
-
-
-
-
10.3
A Income Shares
-
-
-
-
9.5
W Income Shares
-
-
-
-
10.2
*Comparative Index
-
-
-
-
12.3
F U N D M A N AG E R ’ S CO M M E N TA RY
MARKET REVIEW
Asia Pacific ex Japan stocks gained over the review period. Chinese equities
were supported by targeted policy measures introduced to stabilise growth.
Indian equities rallied as decisive national election results raised hopes for
policy reforms and economic revival. Likewise, Indonesian stocks rose on
expectations that the newly elected government would take decisive action to
implement structural reforms. The Taiwanese market was driven higher by
information technology (IT) stocks that benefited from new technology products
launches. Thai equities also gained as the army took steps to revive its sluggish
economy after taking control of the government in May. Meanwhile, the South
Korean government introduced pro-growth measures and revised tax laws to
encourage companies to pay out higher dividends. All sectors ended in
positive territory. Telecommunications and real estate investment trusts (REITs)
gained sharply, while materials lagged the broader market.
31/08/14
* Comparative Index: MSCI AC Asia Pacific Ex Japan (Net)
Source: Fidelity and RIMES, bid to bid, UKВЈ, net income reinvested.
Performance excludes initial charge. Past performance is not a reliable
indicator of future results.
RISK PROFILE
If you make regular withdrawals from your investment, this may reduce your
capital over time if the fund’s growth does not compensate for the withdrawals.
The value of your investment can go down as well as up. You may not get back
the amount you invested. What you get back is not guaranteed. It will depend
on investment performance. Investments in small and emerging markets can
be more volatile than other more developed markets. This fund invests in
overseas markets. You may get back more or less as a result of currency
fluctuations. The fund may invest in derivatives for the purposes of the efficient
management of the fund. For funds that use derivative transactions, there is a
risk that the counterparty to the transaction will wholly or partially fail to honour
its contractual obligations. This may result in financial loss to the fund. Where
appropriate, collateral will be required to reduce exposure to a counterparty.
The use of financial derivative instruments may give rise to leverage and result
in increased gains or losses within the fund. In respect of the Income Shares
the annual management charge will be taken from your capital and not from
the income generated by the fund. This means that any capital growth in the
fund will be reduced by the charge. Your capital may reduce over time if the
fund’s growth does not compensate for it.
PORTFOLIO ACTIVITY
Stock selection in the consumer discretionary sector held back relative returns.
Xinyi Glass retreated as weak real estate construction activity in China hurt
both demand and prices for its glass products. Korean automaker Hyundai
Motor also detracted from returns on concerns that an appreciation of the
Korean won and labour issues over wages might negatively impact its
earnings. The allocation to the sector was lowered as I reduced holdings in
both these companies for better opportunities elsewhere. Meanwhile, selected
IT and industrials stocks hampered performance. Shares in Chinese
internet-based software developer Kingsoft fell after registering strong gains
earlier in the year. I sold the position due to its high valuations. Among
industrials, Taiwan’s Sunspring Metal detracted from returns as labour issues in
China negatively impacted its production and profits. On a positive note, Sino
Thai Engineering & Construction contributed to performance as the Thailandbased construction company is expected to benefit from a revival in
infrastructure spending in the country. Favourable positioning in
telecommunications further supported returns. Shares in Korea’s SK Telecom
rose on the back of its high dividend yield. Within financials, an overweight
exposure to REITs buoyed performance. I raised the allocation to Hong Kongbased Link Real Estate Investment Trust due to conviction in its ability to deliver
healthy dividend growth. Elsewhere in the banking sector, I increased the
holding in Korea’s Shinhan Financial and bought a new position in its peer
Woori Finance owing to prospects for higher dividends and improved earnings,
supported by stronger loan growth and lower credit cost.
OUTLOOK
Although concerns about China’s growth prospects may lead to short-term
market volatility, I am positive about the outlook for the region. Asian
economies stand to benefit from a return to growth in developed countries and
a consequent pick up in exports. Corporate fundamentals in the region also
remain favourable. Equity valuations are reasonable compared to their
historical averages and are better than those in developed markets.
Polly Kwan
Fund Manager
31 August 14
* Holdings can vary from those in the index quoted. For this reason the
comparative index is used for reference only.
13
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 14
FIDELITY ASIAN DIVIDEND FUND
P O R T F O L I O I N F O R M AT I O N
31/08/14
%
Financials
32.84
Industrials
12.76
Information Technology
11.63
Telecommunications
10.98
Materials
8.77
Consumer Discretionary
7.90
Utilities
4.35
Energy
4.02
Health Care
3.41
Cash and other net assets/(liabilities)
3.34
FUND FAC TS
28/02/14
%
21.73
14.44
17.23
11.03
8.76
14.92
3.19
3.10
2.59
3.01
The top ten holdings in the fund as at 31 August 2014 and
at the previous year end are shown below.
Lyxor India ETF MSCI
Samsung Electronics
BHP Billiton (AU)
Australia & New Zealand Banking
Telstra
Tencent
Hutchison Whampoa
GWA International
Shinhan Financial
Taiwan Semiconductor Manufacturing
Top holdings as at 28/02/14
Lyxor UCITS ETF MCSI
BHP Billiton (AU)
ANZ Banking (AU)
Telstra
Hyundai Motor
Xinyi Glass
Taiwan Semiconductor Manufacturing
Tencent
Samsung Electronics
GWA International
XD date
01/09/14
01/06/14
A Income Shares
0.7451
1.0306
W Income Shares
0.7497
1.0350
31/08/14
31/08/13
A Income Shares
1.83
1.83
W Income Shares
1.08
1.08
31/08/14
31/08/13
A Accumulation
Shares
1.83
1.83
W Accumulation
Shares
1.08
1.08
Interim distribution
Interim distribution
ONGOING CHARGES (%)
The Ongoing Charges Figure is calculated as the ratio of the annual cost of managing and
operating the fund to the average net asset value; it excludes portfolio transaction costs.
TOP HOLDINGS
Top holdings as at 31/08/14
INCOME (pence per share)
FUND SIZE
Total net Net asset
assets value per
(ВЈm) share (p)1
A Income Shares
% of total
net assets
7.90
3.48
3.44
3.26
2.90
2.68
2.57
2.14
2.03
1.99
Shares
in issue
Total net
assets
(ВЈm)
Net asset
value per
Shares
share (p)1
in issue
W Income Shares
31/08/14
0.1
107.66
53,009
A Accumulation Shares
1.1
108.40
1,034,311
W Accumulation Shares
31/08/14
0.2
1.4
% of total
net assets
4.03
3.78
3.48
2.97
2.93
2.85
2.72
2.63
2.55
2.42
Footnotes:
1. The net asset value is the accounting value at the period end on a fair
value basis.
14
110.53
197,438
111.34
1,224,040
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 15
FIDELITY ASIAN DIVIDEND FUND
S TAT E M E N T O F T O TA L R E T U R N
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Income
Net capital gains/(losses)
Revenue
Expenses
31/08/13
£’000
£’000
£’000
233
55
(16)
gggggggggggggggggggg
Net revenue/(expense) before taxation
Taxation
14
3
(1)
gggggggggggggggggggg
39
(4)
2
-
gggggggggggggggggggg
gggggggggggggggggggg
Net revenue/(expense) after taxation
35
2
gggggggggggggggggggg
gggggggggggggggggggg
268
16
Total return before distributions
Finance costs: Distributions
(18)
(1)
gggggggggggggggggggg
Change in net assets attributable to shareholders from
investment activities
gggggggggggggggggggg
gggggggggggggggggggg
250
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
15
S TAT E M E N T O F C H A N G E I N N E T A S S E T S AT T R I B U TA B L E T O S H A R E H O L D E R S
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Opening net assets attributable to shareholders
Movement due to sales and repurchases of shares
Amounts receivable on issue of shares
Amounts payable on cancellation of shares
31/08/13
£’000
£’000
£’000
2,355
224
(70)
1,977
-
gggggggggggggggggggg
gggggggggggggggggggg
154
Change in net assets attributable to shareholders from
investment activities (see above)
Closing net assets attributable to shareholders
1,977
250
15
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
2,759
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
1,992
BALANCE SHEET
as at 31 August 2014
(unaudited)
31/08/14
£’000
Assets
Investment assets
Debtors
Cash and bank balances
28/02/14
£’000
£’000
2,667
21
84
Total assets
Liabilities
Creditors
Bank overdrafts
Net distributions payable on income shares
gggggggggggggggggggg
105
94
gggggggggggggggggggg
gggggggggggggggggggg
2,772
2,378
gggggggggggggggggggg
gggggggggggggggggggg
(5)
(8)
(19)
(1)
(3)
gggggggggggggggggggg
Total liabilities
gggggggggggggggggggg
(13)
gggggggggggggggggggg
Net assets attributable to shareholders
(23)
gggggggggggggggggggg
gggggggggggggggggggg
2,759
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.
15
2,284
34
60
gggggggggggggggggggg
Total other assets
£’000
2,355
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 16
FIDELITY ASIAN DIVIDEND FUND
D I S T R I B U T I O N S TAT E M E N T
for the six month period ended 31 August 2014
(unaudited)
A Income Shares - interim distribution No. 5 in pence per share
Group 1 - Shares purchased on or before 31 May 2014.
Group 2 - Shares purchased from 1 June 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
0.7451
0.0295
Equalisation
0.7156
Amount
distributed
18/10/14
Amount
distributed
18/10/13
0.7451
0.7451
0.1129
0.1129
A Income Shares - interim distribution No. 4 in pence per share
Group 1 - Shares purchased on or before 28 February 2014.
Group 2 - Shares purchased from 1 March 2014 to 31 May 2014.
Net revenue
Group 1
Group 2
1.0306
0.0623
Equalisation
0.9683
Amount
distributed
18/07/14
1.0306
1.0306
W Income Shares - interim distribution No. 5 in pence per share
Group 1 - Shares purchased on or 31 May 2014.
Group 2 - Shares purchased from 1 June 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
0.7497
0.2185
Equalisation
0.5312
Amount
distributed
18/10/14
Amount
distributed
18/10/13
0.7497
0.7497
0.1121
0.1121
W Income Shares - interim distribution No. 4 in pence per share
Group 1 - Shares purchased on or before 28 February 2014.
Group 2 - Shares purchased from 1 March 2014 to 31 May 2014.
Net revenue
Group 1
Group 2
1.0350
0.6498
16
Equalisation
0.3852
Amount
distributed
18/07/14
1.0350
1.0350
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 17
FIDELITY CHINA CONSUMER FUND
INVESTMENT OBJECTIVE AND POLICY
PERFORMANCE RECORD
The fund’s investment objective is to achieve long term capital growth from a
portfolio primarily made up of the shares of companies listed in China and
which are involved in the development, manufacture or sale of goods or
services to consumers. The Fund may also invest in other transferable
securities, units in collective investment schemes, money market instruments,
cash and deposits.
DISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:
F U N D M A N AG E R ’ S CO M M E N TA RY
31/08/10
31/08/11
31/08/12
31/08/13
31/08/14
A Accumulation Shares
-
-
-
26.8
13.4
Y Accumulation Shares
-
-
-
27.5
14.0
W Accumulation Shares
-
-
-
-
-
*Comparative Index
-
-
-
17.1
9.5
* Comparative Index: MSCI China Index (Net Luxembourg tax)
MARKET REVIEW
Chinese equities rose over the review period as the announcement of a series
of reforms to support GDP growth renewed optimism. Investors expected
policymakers to introduce targeted reforms given signs of an economic
slowdown, particularly in the property market. Notably, the People’s Bank of
China began to introduce new monetary policy tools. One of these, known as
pledged supplementary lending, aims to offer targeted support for the
property sector. However, persistent worries about weakness in demand and
a slowdown in manufacturing negatively impacted confidence towards shares
in consumer-driven sectors, materials and industrials. In particular, consumer
staples suffered due to weak volume growth in the first half of 2014.
Source: Fidelity and RIMES, bid to bid, UKВЈ, net income reinvested.
Performance excludes initial charge. Past performance is not a reliable
indicator of future results.
RISK PROFILE
If you make regular withdrawals from your investment, this may reduce your
capital over time if the fund’s growth does not compensate for the withdrawals.
The value of your investment can go down as well as up. You may not get back
the amount you invested. What you get back is not guaranteed. It will depend
on investment performance. Investments in small and emerging markets can
be more volatile than other more developed markets. This fund invests in
overseas markets. You may get back more or less as a result of currency
fluctuations. This fund invests in a relatively small number of companies, which
can make it more volatile than funds that are more diversified. The fund may
invest in derivatives for the purposes of the efficient management of the fund.
For funds that use derivative transactions, there is a risk that the counterparty
to the transaction will wholly or partially fail to honour its contractual
obligations. This may result in financial loss to the fund. Where appropriate,
collateral will be required to reduce exposure to a counterparty. The use of
financial derivative instruments may give rise to leverage and result in
increased gains or losses within the fund.
PORTFOLIO ACTIVITY
The fund’s bias towards consumer sectors detracted from performance as
investors continued to avoid these stocks. Selected Macau gaming positions
came under pressure. The exposure to Sands China and Galaxy Entertainment
hurt performance as an unexpected decline in gaming revenues in Macau hurt
sentiment towards the industry. Nevertheless, these holdings are likely to
benefit from rising middle class consumption in China over the long term. I took
advantage of the recent fall in their share prices to increase the exposure to
these stocks. In contrast, I reduced positions in Wynn Macau and SJM that cater
to high net worth individuals. I also reduced positions in educational services
providers TAL Education and New Oriental Education & Technology.
Meanwhile, the fund had an underweight stance in the energy sector due to a
lack of conviction in traditional sectors of the Chinese economy. As a result, not
holding PetroChina and CNOOC hampered relative returns, as their half yearly
earnings exceeded estimates. Elsewhere, an underweight stance in China
Mobile detracted from relative returns. The leading telecommunication services
provider reported better-than-expected profit growth and a larger-thanestimated decline in marketing costs in the first half of 2014. I increased the
allocation to China Mobile as it continues to focus on the rollout and adoption
of its next-generation broadband network. On a positive note, a position in
Cathay Financial supported returns following a significant increase in its semiannual net profit. Cathay Life Insurance, its flagship life insurance business,
reported a sharp rise in net profits.
OUTLOOK
There are several structural growth opportunities in Chinese consumer-driven
segments. These include e-commerce providers, insurers and brokers that
benefit from financial reforms; businesses catering to environment protection,
which is a major focus area for the current government; and consumer-related
services that benefit from consumers’ changing lifestyles and the continuous
increase in discretionary expenditure. The Chinese government is likely to focus
on further monetary policy measures to sustain growth in the foreseeable
future. As a result of these measures, economic growth is likely to rebound in
the second half of the year.
Raymond Ma
Fund Manager
31 August 14
* Holdings can vary from those in the index quoted. For this reason the
comparative index is used for reference only.
17
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 18
FIDELITY CHINA CONSUMER FUND
P O R T F O L I O I N F O R M AT I O N
31/08/14
%
Financials
30.78
Consumer Discretionary
22.61
Information Technology
12.03
Consumer Staples
11.32
Telecommunications
10.92
Health Care
4.70
Industrials
2.01
Utilities
1.50
Other
0.66
Cash and other net assets/(liabilities)
3.47
FUND FAC TS
28/02/14
%
26.18
27.43
17.15
10.97
4.69
3.68
1.98
0.98
0.90
6.04
INCOME (pence per share)
No distributions were due in the six month period.
ONGOING CHARGES (%)
A Accumulation
Shares
1.81
1.83
31/08/14
31/08/13
W Accumulation
Shares
1.06
Y Accumulation
Shares
1.28
1.30
31/08/14
31/08/13
The Ongoing Charges Figure is calculated as the ratio of the annual cost of managing and
operating the fund to the average net asset value; it excludes portfolio transaction costs.
TOP HOLDINGS
The top ten holdings in the fund as at 31 August 2014 and
at the previous year end are shown below.
Top holdings as at 31/08/14
% of total
net assets
AIA
Tencent
China Mobile
Ping An Insurance
Sands China
Cathay Financial
China Pacific Insurance
K Wah Construction Materials
China Life Insurance
China Unicom
8.42
8.30
6.16
4.85
4.74
4.16
3.80
3.45
3.37
1.86
Top holdings as at 28/02/14
% of total
net assets
Tencent
AIA
Sands China
K Wah Construction Materials
Ping An Insurance
China Life Insurance
Cathay Financial
Kingsoft
China Pacific Insurance
Hengan
10.12
7.55
5.25
4.89
4.78
3.95
2.86
2.75
2.60
2.08
FUND SIZE
Total net Net asset
assets value per
Shares
(ВЈm) share (p)1
in issue
A Accumulation Shares
31/08/14
6.7
31/08/14
138.87
4,813,932
Total net Net asset
assets value per
Shares
(ВЈm) share (p)1
in issue
W Accumulation Shares
4.5
154.98
2,873,278
Y Accumulation Shares
5.2
Footnotes:
1. The net asset value is the accounting value at the period end on a fair
value basis.
18
141.14
3,711,037
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 19
FIDELITY CHINA CONSUMER FUND
S TAT E M E N T O F T O TA L R E T U R N
for the six month period ended 31 August 2014
(unaudited)
31/08/14
ВЈ'000
Income
Net capital gains/(losses)
Revenue
Expenses
31/08/13
ВЈ'000
ВЈ'000
ВЈ'000
438
268
(117)
gggggggggggggggggggg
Net revenue/(expense) before taxation
Taxation
298
131
(76)
gggggggggggggggggggg
151
(22)
55
(7)
gggggggggggggggggggg
gggggggggggggggggggg
Net revenue/(expense) after taxation
129
48
gggggggggggggggggggg
gggggggggggggggggggg
567
346
Total return before distributions
Finance costs: Equalisation
4
(5)
gggggggggggggggggggg
Change in net assets attributable to shareholders from
investment activities
gggggggggggggggggggg
gggggggggggggggggggg
571
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
341
S TAT E M E N T O F C H A N G E I N N E T A S S E T S AT T R I B U TA B L E T O S H A R E H O L D E R S
for the six month period ended 31 August 2014
(unaudited)
31/08/14
ВЈ'000
Opening net assets attributable to shareholders
Movement due to sales and repurchases of shares
Amounts receivable on issue of shares
Amounts payable on cancellation of shares
31/08/13
ВЈ'000
ВЈ'000
ВЈ'000
12,998
6,737
(3,930)
8,200
1,257
(2,404)
gggggggggggggggggggg
gggggggggggggggggggg
2,807
Change in net assets attributable to shareholders from
investment activities (see above)
Closing net assets attributable to shareholders
(1,147)
571
341
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
16,376
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
7,394
BALANCE SHEET
as at 31 August 2014
(unaudited)
31/08/14
ВЈ'000
Assets
Investment assets
Debtors
Cash and bank balances
28/02/14
ВЈ'000
ВЈ'000
15,808
843
416
Total assets
Liabilities
Creditors
Bank overdrafts
gggggggggggggggggggg
1,259
1,092
gggggggggggggggggggg
gggggggggggggggggggg
17,067
13,305
gggggggggggggggggggg
gggggggggggggggggggg
(689)
(2)
(279)
(28)
gggggggggggggggggggg
Total liabilities
gggggggggggggggggggg
(691)
Net assets attributable to shareholders
(307)
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
16,376
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
The fund's financial statements have been prepared on the same basis as the Company's financial statements.
19
12,213
267
825
gggggggggggggggggggg
Total other assets
ВЈ'000
12,998
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 20
FIDELITY EMERGING ASIA FUND
INVESTMENT OBJECTIVE AND POLICY
PERFORMANCE RECORD
The fund’s investment objective is to achieve long term capital growth through
investing principally in securities of companies having their head office or
exercising a predominant part of their activity in less developed countries of
Asia that are considered as emerging markets according to the MSCI
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 for
investment purposes.
DISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:
31/08/10
31/08/11
31/08/12
31/08/13
31/08/14
A Accumulation Shares
-
-
-2.5
4.2
20.4
Y Accumulation Shares
-
-
-2.2
4.9
21.0
*Comparative Index
-
-
-2.6
4.5
19.2
* Comparative Index: MSCI Emerging Asia Composite Index (Net)
Source: Fidelity and RIMES, bid to bid, UKВЈ, net income reinvested.
Performance excludes initial charge. Past performance is not a reliable
indicator of future results.
F U N D M A N AG E R ’ S CO M M E N TA RY
MARKET REVIEW
Emerging Asian markets rose over the review period. Chinese equities were
supported by targeted policy measures introduced to stabilise growth. Indian
equities rallied as decisive national election results raised hopes for policy
reforms and economic revival. Likewise, Indonesian stocks rose on expectations
that the newly elected government would take decisive action to implement
structural reforms. The Philippine market rose as global rating agency Standard
& Poor’s upgraded the country’s long-term sovereign credit rating given its
strong external liquidity position and expectations for continuous reforms. Thai
equities gained as the army took steps to revive its sluggish economy after
taking control of the government in May. All sectors ended in positive territory.
Telecommunications, health care and energy stocks were among the best
performers.
RISK PROFILE
If you make regular withdrawals from your investment, this may reduce your
capital over time if the fund’s growth does not compensate for the withdrawals.
The value of your investment can go down as well as up. You may not get back
the amount you invested. What you get back is not guaranteed. It will depend
on investment performance. Investments in small and emerging markets can
be more volatile than other more developed markets. This fund invests in
overseas markets. You may get back more or less as a result of currency
fluctuations. For this fund, derivatives and forward transactions may be used
for investment purposes, as well as for hedging and other efficient
management purposes as permitted for all funds. Where this is the case, their
use may lead to higher volatility in the fund’s share price. For funds that use
derivative transactions, there is a risk that the counterparty to the transaction
will wholly or partially fail to honour its contractual obligations. This may result
in financial loss to the fund. Where appropriate, collateral will be required to
reduce exposure to a counterparty. The use of financial derivative instruments
may give rise to leverage and result in increased gains or losses within the
fund. The use of financial derivative instruments may give rise to leverage and
result in increased gains or losses within the fund.
PORTFOLIO ACTIVITY
Stock selection in utilities detracted from returns. Chinese wind power
producers Huaneng Renewables and China Longyuan Power retreated after
both companies reported below consensus earnings for fiscal year 2013 due
to a rise in operating costs. I reduced the exposure to the utilities sector, by
lowering the allocation to China Longyuan Power and Malaysia’s Tenaga
Nasional. Positioning in the information technology (IT) and
telecommunications sectors also dampened relative returns. Shares in selected
Chinese internet and software related companies fell as strong gains earlier in
the year led to concerns about their valuations. For instance, shares in Kingdee
International Software declined. I reduced the exposure to the IT sector by
selling the holding in India-based technology services provider HCL
Technologies. The position in China-based internet company Tencent was also
reduced following strong gains. Within telecommunications, an underweight
stance in China Mobile detracted from relative returns as its share price rose
after it entered into a joint venture to enhance network infrastructure sharing
and optimise costs related to building and operating networks with two of its
Chinese counterparts. Conversely, holdings in the financial sector boosted
returns. Shares in India’s Axis Bank and HDFC Bank gained on expectations of
an improvement in economic activity and credit demand following the national
elections. The allocation to both these banks was raised in view of their high
quality management and solid balance sheets. In the health care sector, the
new position in Sun Pharmaceuticals Industries supported returns. The Indian
drug maker is likely to benefit from market share gains and cost synergies
arising from the acquisition of competitor Ranbaxy Laboratories.
OUTLOOK
I believe that solid underlying structural factors such as favourable
demographics, rising levels of domestic consumption, increasing urbanisation
and greater infrastructure spending make emerging Asia a compelling
investment opportunity. In China, the leadership is focused on structural reforms
to expand domestic demand, revitalise private sectors and expedite the
transformation of the country’s economic growth model. A stabilisation in
Thailand’s political environment is likely to support the economy and equities.
Meanwhile, reform expectations in India and Indonesia will need to be
realistically managed as these are expected to be gradual.
Dhanjay Phadnis
Fund Manager
31 August 14
* Holdings can vary from those in the index quoted. For this reason the
comparative index is used for reference only.
20
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 21
FIDELITY EMERGING ASIA FUND
P O R T F O L I O I N F O R M AT I O N
31/08/14
%
India
34.09
China
27.89
Indonesia
10.13
Malaysia
9.52
Philippines
3.58
Hong Kong
3.45
Thailand
3.40
Singapore
1.77
Other
1.94
Cash and other net assets/(liabilities)
4.23
FUND FAC TS
28/02/14
%
31.44
31.55
8.70
9.15
4.56
4.81
6.17
0.00
2.54
1.08
INCOME (pence per share)
No distributions were due in the six month period.
ONGOING CHARGES (%)
31/08/14
31/08/13
Top holdings as at 31/08/14
Industrial & Commercial Bank of China
Tencent
Infosys Technology
Sun Pharmaceutical Industries (Dematerialised)
HDFC Bank (Dematerialised)
Malayan Banking
Housing Development Finance
Kasikornbank
Axis Bank
Larsen & Tourbo
Top holdings as at 28/02/14
Industrial & Commercial Bank of China
Tencent
Infosys Technology
Housing Development Finance
HDFC Bank (Dematerialised)
ITC
HCL Technologies (Dematerialised)
Tenaga Nasional
Bank Rakyat Indonesia
Bank Central Asia
Y Accumulation
Shares
1.27
1.20
The Ongoing Charges Figure is calculated as the ratio of the annual cost of managing and
operating the fund to the average net asset value; it excludes portfolio transaction costs.
FUND SIZE
Total net Net asset
assets value per
Shares
(ВЈm) share (p)1
in issue
A Accumulation Shares
TOP HOLDINGS
The top ten holdings in the fund as at 31 August 2014 and
at the previous year end are shown below.
A Accumulation
Shares
1.80
1.82
31/08/14
8.7
% of total
net assets
5.12
3.72
3.45
3.27
3.13
2.69
2.47
2.40
2.38
2.17
% of total
net assets
5.53
5.28
4.61
4.47
3.04
2.76
2.45
2.41
2.16
2.06
Footnotes:
1. The net asset value is the accounting value at the period end on a fair
value basis.
21
110.36
7,888,474
Total net Net asset
assets value per
Shares
(ВЈm) share (p)1
in issue
Y Accumulation Shares
2.7
112.22
2,363,390
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 22
FIDELITY EMERGING ASIA FUND
S TAT E M E N T O F T O TA L R E T U R N
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Income
Net capital gains/(losses)
Revenue
Expenses
31/08/13
£’000
£’000
£’000
1,280
159
(84)
gggggggggggggggggggg
Net revenue/(expense) before taxation
Taxation
(1,163)
153
(84)
gggggggggggggggggggg
75
(10)
69
(12)
gggggggggggggggggggg
gggggggggggggggggggg
Net revenue/(expense) after taxation
65
57
gggggggggggggggggggg
gggggggggggggggggggg
Total return before distributions
1,345
Finance costs: Equalisation
Change in net assets attributable to shareholders from
investment activities
(1,106)
13
3
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
1,358
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
(1,103)
S TAT E M E N T O F C H A N G E I N N E T A S S E T S AT T R I B U TA B L E T O S H A R E H O L D E R S
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Opening net assets attributable to shareholders
Movement due to sales and repurchases of shares
Amounts receivable on issue of shares
Amounts payable on cancellation of shares
31/08/13
£’000
£’000
£’000
8,269
2,541
(810)
8,352
1,721
(178)
gggggggggggggggggggg
gggggggggggggggggggg
1,731
Change in net assets attributable to shareholders from
investment activities (see above)
1,543
1,358
Closing net assets attributable to shareholders
(1,103)
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
11,358
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
8,792
BALANCE SHEET
as at 31 August 2014
(unaudited)
31/08/14
£’000
Assets
Investment assets
Debtors
Cash and bank balances
28/02/14
£’000
£’000
10,879
224
392
Total assets
Liabilities
Creditors
Bank overdrafts
gggggggggggggggggggg
616
296
gggggggggggggggggggg
gggggggggggggggggggg
11,495
8,475
gggggggggggggggggggg
gggggggggggggggggggg
(137)
-
(171)
(35)
gggggggggggggggggggg
Total liabilities
gggggggggggggggggggg
(137)
Net assets attributable to shareholders
(206)
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
11,358
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.
22
8,179
162
134
gggggggggggggggggggg
Total other assets
£’000
8,269
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 23
FIDELITY EMERGING EUROPE MIDDLE EAST AND AFRICA FUND
INVESTMENT OBJECTIVE AND POLICY
PERFORMANCE RECORD
The fund’s investment objective is to achieve long term capital growth through
a portfolio primarily in securities of companies having their head office or
exercising a predominant part of their activity in less developed countries of
Central, Eastern and Southern Europe (including Russia), Middle East and
Africa 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 market
instruments, cash and deposits. Derivatives and forward transactions may also
be used for investment purposes.
DISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:
31/08/10
31/08/11
31/08/12
31/08/13
A Accumulation Shares
21.9
6.8
4.4
7.7
4.2
Y Accumulation Shares
-
-
-
8.1
4.8
W Accumulation Shares
*Comparative Index
31/08/14
-
-
-
-
-
24.0
7.8
-2.9
-0.5
2.9
* Comparative Index: MSCI Emerging EMEA Index Capped 5% (Net)
F U N D M A N AG E R ’ S CO M M E N TA RY
Source: Fidelity and RIMES, bid to bid, UKВЈ, net income reinvested.
Performance excludes initial charge. Past performance is not a reliable
indicator of future results.
MARKET REVIEW
Equities in the emerging Europe, Middle East and Africa (EMEA) region rose.
Improving economic data from the US, coupled with expectations of policy
stimulus measures in Europe, boosted investor appetite for riskier assets. A
rebound in Chinese economic growth also supported equities, although there
were some concerns over its manufacturing sector. Gains were partially held
back by escalating geo-political tensions related to Russia’s forceful annexation
of Crimea. This resulted in the US and European Union imposing multiple
sanctions against Russian individuals and companies. Nonetheless, Russian
markets advanced over the period after the country’s parliament cancelled a
resolution sanctioning the use of military force in Ukraine. However, Russian
stocks may witness volatility in the near future given the country’s continued
involvement in the Ukrainian conflict.
RISK PROFILE
If you make regular withdrawals from your investment, this may reduce your
capital over time if the fund’s growth does not compensate for the withdrawals.
The value of your investment can go down as well as up. You may not get back
the amount you invested. What you get back is not guaranteed. It will depend
on investment performance. Investments in small and emerging markets can
be more volatile than other more developed markets. In some emerging
markets such as Russia the safe keeping provisons for securities benefit from
less governed standards. This fund invests in overseas markets. You may get
back more or less as a result of currency fluctuations. For this fund, derivatives
and forward transactions may be used for investment purposes, as well as for
hedging and other efficient management purposes as permitted for all funds.
Where this is the case, their use may lead to higher volatility in the fund’s share
price. For funds that use derivative transactions, there is a risk that the
counterparty to the transaction will wholly or partially fail to honour its
contractual obligations. This may result in financial loss to the fund. Where
appropriate, collateral will be required to reduce exposure to a counterparty.
The use of financial derivative instruments may give rise to leverage and result
in increased gains or losses within the fund.
PORTFOLIO ACTIVITY
The fund generated positive returns over the period, driven by strong stock
selection in the financials sector. For instance, the exposure to investment
holding company Brait contributed to returns. The stock rose on the back of the
company’s robust unlisted businesses, including Pepkor, which has a strong
clothing retail network in South Africa, Australia and parts of Eastern Europe.
However, selected holdings in the information technology (IT) sector
disappointed, led by Russia-based internet company Mail.Ru Group. The fund
has significant exposure to the consumer discretionary and consumer staples
sectors. Within consumer discretionary, a new position in South Africa-based
Woolworths was purchased given its robust clothing and food retail businesses
in South Africa, other African countries and Australia. Meanwhile, I bought
shares in MTN given its strong market position in key African markets. The
company’s focus on cost control should continue to boost its profit margins. In
materials, I bought a holding in miner First Quantum Minerals on expectations
of an increase in its copper production. However, the position in Impala
Platinum Holdings was sold as the pricing outlook for platinum remains weak.
Within financials, I sold shares in Turkiye Garanti Bankasi following its recent
strong performance in order to lock-in gains. Elsewhere, the holding in
Russia-based energy company Novatek was sold due to heightened geopolitical risks resulting from US sanctions against Russian companies.
OUTLOOK
The EMEA region benefits from favourable demographics and vast natural
resources, which will continue to boost investment and economic growth. In
particular, many African countries enjoy favourable demographics such as
large, young populations with low dependency ratios, which provide an
excellent foundation for growth in consumer demand. Countries such as South
Africa provide an ideal gateway to access this vast Sub-Saharan Africa growth
potential. As a result, the continent is likely to experience a high growth rate in
the coming years. However, the performance of equities in the EMEA region
may be influenced by continuing geopolitical tensions in Russia. Political unrest
in some regions in the Middle East may also cause short-term volatility in stock
prices. This, in turn, may create interesting investment opportunities.
Nick Price
Fund Manager
31 August 14
* Holdings can vary from those in the index quoted. For this reason the
comparative index is used for reference only.
23
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 24
FIDELITY EMERGING EUROPE MIDDLE EAST AND AFRICA FUND
P O R T F O L I O I N F O R M AT I O N
31/08/14
%
South Africa
50.69
Russia
16.17
Nigeria
8.71
Turkey
5.20
United Arab Emirates
2.83
Israel
2.51
Canada
2.16
Kenya
2.15
Other
8.31
Cash and other net assets/(liabilities)
1.27
FUND FAC TS
28/02/14
%
41.42
24.93
8.36
4.64
2.18
3.75
0.00
2.60
7.41
4.71
The top ten holdings in the fund as at 31 August 2014 and
at the previous year end are shown below.
Naspers
MTN
Steinhoff International
Remgro
Surgutneftegaz (Pref'd)
Turkiye Halk Bankasi
Bidvest
Brait
Woolworths
Discovery
Top holdings as at 28/02/14
Naspers
Steinhoff International
Novatek Reg S
Magnit GDR
Sberbank of Russia
Remgro
Surgutneftegaz (Pref'd)
Mobile Telesystems ADR
Nigerian Breweries
Sberbank of Russia (Pref'd)
ONGOING CHARGES (%)
A Accumulation
Shares
1.86
1.89
31/08/14
31/08/13
W Accumulation
Shares
1.11
Y Accumulation
Shares
1.33
1.29
31/08/14
31/08/13
The Ongoing Charges Figure is calculated as the ratio of the annual cost of managing and
operating the fund to the average net asset value; it excludes portfolio transaction costs.
TOP HOLDINGS
Top holdings as at 31/08/14
INCOME (pence per share)
No distributions were due in the six month period.
FUND SIZE
Total net Net asset
assets value per
Shares
(ВЈm) share (p)1
in issue
A Accumulation Shares
% of total
net assets
9.77
5.20
4.90
4.65
3.17
2.98
2.80
2.80
2.61
2.53
31/08/14
94.2
31/08/14
145.1
64,910,572
Total net Net asset
assets value per
Shares
(ВЈm) share (p)1
in issue
W Accumulation Shares
11.7
163.07
7,170,091
Y Accumulation Shares
36.1
% of total
net assets
9.73
4.60
3.89
3.87
3.66
3.63
3.48
2.87
2.86
2.81
Footnotes:
1. The net asset value is the accounting value at the period end on a fair
value basis.
24
137.63
26,243,085
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 25
FIDELITY EMERGING EUROPE, MIDDLE EAST AND AFRICA FUND
S TAT E M E N T O F T O TA L R E T U R N
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Income
Net capital gains/(losses)
Revenue
Expenses
Finance costs: Interest/other
31/08/13
£’000
£’000
£’000
8,398
2,850
(1,138)
(2)
gggggggggggggggggggg
Net revenue/(expense) before taxation
Taxation
(7,288)
2,309
(1,010)
gggggggggggggggggggg
1,710
(281)
1,299
(236)
gggggggggggggggggggg
gggggggggggggggggggg
Net revenue/(expense) after taxation
1,429
1,063
gggggggggggggggggggg
gggggggggggggggggggg
Total return before distributions
9,827
Finance costs: Equalisation
(6,225)
(6)
66
gggggggggggggggggggg
Change in net assets attributable to shareholders from
investment activities
gggggggggggggggggggg
gggggggggggggggggggg
9,821
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
(6,159)
S TAT E M E N T O F C H A N G E I N N E T A S S E T S AT T R I B U TA B L E T O S H A R E H O L D E R S
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Opening net assets attributable to shareholders
Movement due to sales and repurchases of shares
Amounts receivable on issue of shares
Amounts payable on cancellation of shares
31/08/13
£’000
£’000
129,402
20,232
(17,456)
£’000
108,918
9,433
(1,676)
gggggggggggggggggggg
gggggggggggggggggggg
2,776
-
Stamp duty reserve tax
Change in net assets attributable to shareholders from
investment activities (see above)
7,757
(2)
9,821
Closing net assets attributable to shareholders
(6,159)
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
141,999
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
110,514
BALANCE SHEET
as at 31 August 2014
(unaudited)
31/08/14
£’000
Assets
Investment assets
Debtors
Cash and bank balances
28/02/14
£’000
£’000
140,195
4,694
10,909
gggggggggggggggggggg
gggggggggggggggggggg
Total assets
Liabilities
Creditors
Bank overdrafts
4,165
15,603
gggggggggggggggggggg
gggggggggggggggggggg
144,360
138,921
gggggggggggggggggggg
gggggggggggggggggggg
(2,361)
-
(8,265)
(1,254)
gggggggggggggggggggg
Total liabilities
gggggggggggggggggggg
(2,361)
Net assets attributable to shareholders
(9,519)
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
141,999
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.
25
123,318
3,129
1,036
Total other assets
£’000
129,402
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 26
FIDELITY ENHANCED INCOME FUND
INVESTMENT OBJECTIVE AND POLICY
PERFORMANCE RECORD
The fund’s investment objective is to achieve income with the potential for some
capital growth from a portfolio made up mainly of the securities of UK
companies. Derivatives and forward transactions may be used for investment
purposes and this may include using derivative instruments to generate
additional income, for example, by the writing of call options. The fund may
also invest in other transferable securities, units in collective investment
schemes, money market instruments, cash and deposits.
DISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:
F U N D M A N AG E R ’ S CO M M E N TA RY
31/08/10
31/08/11
31/08/12
31/08/13
31/08/14
A Income Shares
10.4
9.1
15.0
13.0
8.4
A Accumulation Shares
10.0
9.1
14.8
13.1
8.4
Y Accumulation Shares
-
-
-
17.0
8.8
Y Income Shares
-
-
-
13.6
8.8
W Accumulation Shares
-
-
-
13.8
9.0
W Income Shares
MARKET REVIEW
The UK stock market advanced over the period, as increasing corporate activity
and positive economic data in the UK supported investor sentiment. However,
there were periods of volatility, largely owing to geopolitical tensions in the
Middle East and Ukraine, while speculation of an increase in interest rates in
the UK also held back overall market performance. There was a marked
change in market conditions in the first half of the period, as growth-oriented
stocks, particularly in small-sized companies, started to underperform, with
value and especially large-cap value shares performing the best. At a sector
level, utilities, oil & gas and health care were the best performers, while
telecommunications, consumer services, industrials and technology stocks
recorded negative returns.
*Comparative Index
-
-
-
-
9.0
10.6
7.3
10.2
18.9
10.3
* Comparative Index: FTSE All Share Index (Net)
Source: Fidelity and RIMES, bid to bid, UKВЈ, net income reinvested.
Performance excludes initial charge. Past performance is not a reliable
indicator of future results.
RISK PROFILE
If you make regular withdrawals from your investment, this may reduce your
capital over time if the fund’s growth does not compensate for the withdrawals.
The value of your investment and the income from it can go down as well as
up. You may not get back the amount you invested. What you get back is not
guaranteed. It will depend on investment performance. The main aim of the
fund is to produce income. When this income is paid out instead of being
reinvested, there is little prospect of any real capital growth. The fund takes
its annual management charge from your capital and not from the income
generated by the fund. This means that any capital growth in the fund will be
reduced by the charge and your capital may be reduced over time if the fund's
growth does not compensate for it. For this fund, derivatives and forward
transactions may be used for investment purposes, as well as for hedging and
other efficient management purposes as permitted for all funds. Where this is
the case, their use may lead to higher volatility in the fund’s share price. The
use of financial derivative instruments may give rise to leverage and result in
increased gains or losses within the fund. For funds that use derivative
transactions, there is a risk that the counterparty to the transaction will wholly
or partially fail to honour its contractual obligations. This may result in financial
loss to the fund. Where appropriate, collateral will be required to reduce
exposure to a counterparty.
PORTFOLIO ACTIVITY
We focus on companies that deliver consistent dividend growth, which
supported returns over the period. Within the financials sector, the holding in
sub-prime lender Provident Financial was a major contributor to performance,
largely due to its growth prospects. The position in Imperial Tobacco also
contributed to returns, driven by its dividend prospects, while bid activity in the
US tobacco sector supported sentiment. The company also announced a
number of European restructuring projects to strengthen its competitive
position. We have been raising the exposure to Royal Dutch Shell in view of its
attractive dividend yields. Moreover, there has been a noticeable change in
the way big oil businesses are run, with an increased focus on cash generation
and better cost controls. However, the overall underweight stance in the
company held back relative performance as escalating violence in the Middle
East, one of the largest oil-producing regions, drove oil prices higher. We focus
on companies with visible earnings, high return on capital, positive cashflows
and the ability to deliver consistent dividend growth over the long term, even
in tough economic times. We bought a new position in specialist insurance
group Novae, which has the potential to release capital that can be paid out
as dividends. We also bought a position in Barclays, as its recent share price
weakness presented a good opportunity to own the stock with a low level of
risk. Conversely, we sold holdings in beverages companies SABMiller and C&C,
as well as the small position in British Sky Broadcasting. Within the derivatives
segment of the portfolio, the fund uses covered call options, which are
instruments that allow the fund to generate additional income from existing
investments. We ended the period with around 55% of the portfolio overwritten,
broadly unchanged from where we have maintained it for several months.
OUTLOOK
UK economic growth continues to strengthen, inflation has fallen back below
the Bank of England’s 2% target and the unemployment rate has declined
further. Businesses are also doing well, but real disposable incomes are under
pressure and there are concerns about the strong rise in housing market
indicators. There is also a likelihood of an increase in interest rates, although
any rise is likely to be gradual. We continue to find good opportunities for
income generation in the UK.
Michael Clark and David Jehan
Fund Managers
31 August 14
* Holdings can vary from those in the index quoted. For this reason the
comparative index is used for reference only.
26
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 27
FIDELITY ENHANCED INCOME FUND
P O R T F O L I O I N F O R M AT I O N
31/08/14
%
Financials
18.79
Consumer Goods
18.59
Health Care
14.97
Utilities
12.45
Industrials
10.69
Oil & Gas
9.76
Consumer Services
6.54
Telecommunications
5.74
Other
-0.58
Cash and other net assets/(liabilities)
3.05
FUND FAC TS
28/02/14
%
14.12
18.37
20.43
13.68
10.16
6.67
6.77
7.00
-0.74
3.54
The top ten holdings in the fund as at 31 August 2014 and
at the previous year end are shown below.
AstraZeneca
GlaxoSmithKline
Imperial Tobacco
BT
HSBC (UK) (Reg'd)
BAE Systems
BP
Reckitt Benckiser
British American Tobacco
Royal Dutch Shell A (UK)
Top holdings as at 28/02/14
AstraZeneca
GlaxoSmithKline
BT
Imperial Tobacco
Reckitt Benckiser
BP
BG Group
British American Tobacco
HSBC (UK) (Reg'd)
National Grid Transco
Interim distribution
Interim distribution
XD date
01/09/14
01/06/14
A Income Shares
1.3538
1.4000
W Income Shares
1.2000
1.2386
Interim distribution
Interim distribution
XD date
01/09/14
01/06/14
Y Income
Shares
1.2090
1.2517
A Accumulation
Shares
1.9395
1.9740
Interim distribution
Interim distribution
XD date
01/09/14
01/06/14
W Accumulation
Shares
1.3464
1.3811
Y Accumulation
Shares
1.4330
1.4729
ONGOING CHARGES (%)
TOP HOLDINGS
Top holdings as at 31/08/14
INCOME (pence per share)
A Income Shares
W Income Shares
31/08/14
31/08/13
1.71
1.71
0.95
0.96
31/08/14
31/08/13
Y Income
Shares
1.17
1.18
A Accumulation
Shares
1.71
1.71
31/08/14
31/08/13
W Accumulation
Shares
0.95
0.96
Y Accumulation
Shares
1.17
1.17
% of total
net assets
7.25
6.05
4.29
4.21
3.87
3.77
3.77
3.64
3.26
3.16
The Ongoing Charges Figure is calculated as the ratio of the annual cost of managing and
operating the fund to the average net asset value; it excludes portfolio transaction costs.
FUND SIZE
Total net Net asset
assets value per
(ВЈm) share (p)1
A Income Shares
% of total
net assets
7.99
7.94
5.19
4.63
3.96
3.17
2.88
2.79
2.74
2.52
Shares
in issue
Total net
assets
(ВЈm)
Net asset
value per
Shares
share (p)1
in issue
W Income Shares
31/08/14
84.1
125.76
66,896,610
Y Income Shares
113.2
111.04 101,896,528
A Accumulation Shares
31/08/14
16.1
112.09
14,332,108
W Accumulation Shares
30.4
183.27
16,560,539
Y Accumulation Shares
31/08/14
24.3
Footnotes:
1. The net asset value is the accounting value at the period end on a fair
value basis.
27
126.53
19,232,934
2.6
134.47
1,956,064
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 28
FIDELITY ENHANCED INCOME FUND
S TAT E M E N T O F T O TA L R E T U R N
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Income
Net capital gains/(losses)
Revenue
Expenses
Finance costs: Interest/other
31/08/13
£’000
£’000
£’000
42
9,449
(1,684)
(20)
gggggggggggggggggggg
Net revenue/(expense) before taxation
Taxation
3,228
6,814
(1,390)
(17)
gggggggggggggggggggg
7,745
(450)
5,407
(211)
gggggggggggggggggggg
gggggggggggggggggggg
Net revenue/(expense) after taxation
7,295
5,196
gggggggggggggggggggg
gggggggggggggggggggg
7,337
8,424
Total return before distributions
Finance costs: Distributions
(5,175)
(3,878)
gggggggggggggggggggg
Change in net assets attributable to shareholders from investment activities
gggggggggggggggggggg
gggggggggggggggggggg
2,162
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
4,546
S TAT E M E N T O F C H A N G E I N N E T A S S E T S AT T R I B U TA B L E T O S H A R E H O L D E R S
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Opening net assets attributable to shareholders
Movement due to sales and repurchases of shares
Amounts receivable on issue of shares
Amounts payable on cancellation of shares
31/08/13
£’000
£’000
234,795
64,241
(31,710)
£’000
143,790
62,669
(13,623)
gggggggggggggggggggg
gggggggggggggggggggg
Stamp duty reserve tax
32,531
(35)
49,046
(97)
2,162
4,546
Change in net assets attributable to shareholders from
investment activities (see above)
Retained distribution on accumulation shares
Closing net assets attributable to shareholders
1,208
1,011
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
270,661
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
198,296
BALANCE SHEET
as at 31 August 2014
(unaudited)
31/08/14
£’000
Assets
Investment assets
Derivative assets
Debtors
Cash and bank balances
28/02/14
£’000
£’000
263,150
835
4,849
9,021
24,892
21,333
gggggggggggggggggggg
Total assets
Liabilities
Derivative liabilities
Creditors
Bank overdrafts
Net distributions payable on income shares
228,623
263
gggggggggggggggggggg
Total other assets
13,870
46,225
gggggggggggggggggggg
gggggggggggggggggggg
277,855
275,111
gggggggggggggggggggg
gggggggggggggggggggg
(1,572)
(3,320)
(2,302)
gggggggggggggggggggg
(5,622)
gggggggggggggggggggg
Total liabilities
(7,194)
gggggggggggggggggggg
Net assets attributable to shareholders
(37,948)
gggggggggggggggggggg
(40,316)
gggggggggggggggggggg
gggggggggggggggggggg
270,661
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.
28
(2,368)
(23,872)
(8,722)
(5,354)
gggggggggggggggggggg
Total other liabilities
£’000
234,795
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 29
FIDELITY ENHANCED INCOME FUND
D I S T R I B U T I O N S TAT E M E N T
for the six month period ended 31 August 2014
(unaudited)
A Income Shares - interim distribution No. 23 in pence per share
Group 1 - Shares purchased on or before 31 May 2014.
Group 2 - Shares purchased from 1 June 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
1.3538
-
Equalisation
1.3538
Amount
distributed
18/10/14
Amount
distributed
18/10/13
1.3538
1.3538
1.4000
1.4000
Amount
distributed
18/07/14
Amount
distributed
18/07/13
1.4000
1.4000
1.4000
1.4000
Amount
distributed
18/10/14
Amount
distributed
18/10/13
1.2000
1.2000
1.2000
1.2000
Amount
distributed
18/07/14
Amount
distributed
18/07/13
1.2386
1.2386
1.2000
1.2000
A Income Shares - interim distribution No. 22 in pence per share
Group 1 - Shares purchased on or before 28 February 2014.
Group 2 - Shares purchased from 1 March 2014 to 31 May 2014.
Net revenue
Group 1
Group 2
1.4000
0.6447
Equalisation
0.7553
W Income Shares - interim distribution No. 8 in pence per share
Group 1 - Shares purchased on or before 31 May 2014.
Group 2 - Shares purchased from 1 June 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
1.2000
-
Equalisation
1.2000
W Income Shares - interim distribution No. 7 in pence per share
Group 1 - Shares purchased on or before 28 February 2014.
Group 2 - Shares purchased from 1 March 2014 to 31 May 2014.
Net revenue
Group 1
Group 2
1.2386
0.4405
29
Equalisation
0.7981
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 30
FIDELITY ENHANCED INCOME FUND
D I S T R U I B U T I O N S TAT E M E N T - C O N T I N U E D
for the six month period ended 31 August 2014
(unaudited)
Y Income Shares - interim distribution No. 11 in pence per share
Group 1 - Shares purchased on or before 31 May 2014.
Group 2 - Shares purchased from 1 June 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
1.2090
-
Equalisation
1.2090
Amount
distributed
18/10/14
Amount
distributed
18/10/13
1.2090
1.2090
1.2000
1.2000
Amount
distributed
18/07/14
Amount
distributed
18/07/13
1.2517
1.2517
1.2000
1.2000
Amount
accumulated
18/10/14
Amount
accumulated
18/10/13
1.9395
1.9395
1.8000
1.8000
Amount
accumulated
18/07/14
Amount
accumulated
18/07/13
1.9740
1.9740
1.8000
1.8000
Y Income Shares - interim distribution No. 10 in pence per share
Group 1 - Shares purchased on or before 28 February 2014.
Group 2 - Shares purchased from 1 March 2014 to 31 May 2014.
Net revenue
Group 1
Group 2
1.2517
0.4975
Equalisation
0.7542
A Accumulation Shares - interim distribution No. 23 in pence per share
Group 1 - Shares purchased on or before 31 May 2014.
Group 2 - Shares purchased from 1 June 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
1.9395
-
Equalisation
1.9395
A Accumulation Shares - interim distribution No. 22 in pence per share
Group 1 - Shares purchased on or before 28 February 2014.
Group 2 - Shares purchased from 1 March 2014 to 31 May 2014.
Net revenue
Group 1
Group 2
1.9740
1.1832
30
Equalisation
0.7908
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 31
FIDELITY ENHANCED INCOME FUND
D I S T R U I B U T I O N S TAT E M E N T - C O N T I N U E D
for the six month period ended 31 August 2014
(unaudited)
W Accumulation Shares - interim distribution No. 9 in pence per share
Group 1 - Shares purchased on or before 31 May 2014.
Group 2 - Shares purchased from 1 June 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
1.3464
-
Equalisation
1.3464
Amount
accumulated
18/10/14
Amount
accumulated
18/10/13
1.3464
1.3464
1.2000
1.2000
Amount
accumulated
18/07/14
Amount
accumulated
18/07/13
1.3811
1.3811
1.2000
1.2000
Amount
accumulated
18/10/14
Amount
accumulated
18/10/13
1.4330
1.4330
1.2000
1.2000
Amount
accumulated
18/07/14
Amount
accumulated
18/07/13
1.4729
1.4729
1.2000
1.2000
W Accumulation Shares - interim distribution No. 8 in pence per share
Group 1 - Shares purchased on or before 28 February 2014.
Group 2 - Shares purchased from 1 March 2014 to 31 May 2014.
Net revenue
Group 1
Group 2
1.3811
0.3835
Equalisation
0.9976
Y Accumulation Shares - interim distribution No. 11 in pence per share
Group 1 - Shares purchased on or before 31 May 2014.
Group 2 - Shares purchased from 1 June 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
1.4330
-
Equalisation
1.4330
Y Accumulation Shares - interim distribution No. 10 in pence per share
Group 1 - Shares purchased on or before 28 February 2014.
Group 2 - Shares purchased from 1 March 2014 to 31 May 2014.
Net revenue
Group 1
Group 2
1.4729
0.2547
31
Equalisation
1.2182
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 32
FIDELITY EUROPEAN FUND
INVESTMENT OBJECTIVE AND POLICY
PERFORMANCE RECORD
The fund’s investment objective is to achieve long term capital growth from a
portfolio primarily made up of the shares of continental European companies.
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
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.
DISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:
A Accumulation Shares
A Income Shares
F U N D M A N AG E R ’ S CO M M E N TA RY
31/08/11
31/08/12
31/08/13
31/08/14
0.6
6.2
8.3
22.3
6.0
-
6.1
8.2
22.3
6.0
Y Accumulation Shares
-
-
-
22.9
6.6
W Income Shares
-
-
-
-
6.8
W Accumulation Shares
-
-
-
-
-
-0.5
2.4
1.0
26.1
9.9
*Comparative Index
MARKET REVIEW
European equities declined over the six-month period on concerns about the
pace of the economic recovery in the region. The weak financial health of
Portuguese bank Banco Espirito Santo and rising geopolitical tensions, with the
US and the European Union imposing sanctions against Russia, also weighed
on markets. However, investor sentiment improved as European Central Bank
President Mario Draghi’s speech triggered optimism that the central bank was
preparing an asset purchase programme to counter low inflation. Increased
corporate merger activity also supported markets.
31/08/10
* Comparative Index: MSCI Europe (ex-UK) Index (Net)
Source: Fidelity and RIMES, bid to bid, UKВЈ, net income reinvested.
Performance excludes initial charge. Past performance is not a reliable
indicator of future results.
RISK PROFILE
If you make regular withdrawals from your investment, this may reduce your
capital over time if the fund’s growth does not compensate for the withdrawals.
The value of your investment can go down as well as up. You may not get back
the amount you invested. What you get back is not guaranteed. It will depend
on investment performance. This fund invests in overseas markets. You may get
back more or less as a result of currency fluctuations. This fund invests more
heavily than others in smaller companies, which can carry a higher risk
because their share prices may be more volatile than those of larger
companies. The fund may invest in derivatives for the purposes of the efficient
management of the fund. For funds that use derivative transactions, there is a
risk that the counterparty to the transaction will wholly or partially fail to honour
its contractual obligations. This may result in financial loss to the fund. Where
appropriate, collateral will be required to reduce exposure to a counterparty.
The use of financial derivative instruments may give rise to leverage and result
in increased gains or losses within the fund.
PORTFOLIO ACTIVITY
The exposure to the industrials and financial sectors buoyed returns. Among
financials, GAM was the top contributor to performance; it benefited from
accelerated share buybacks as well as positive momentum in the business. The
holding in Turkiye Garanti Bankasi also performed well and I sold a portion of
the holding to lock-in gains. Conversely, shares in UBS and BNP Paribas
declined in an environment of regulatory uncertainty and continuing litigation.
However, I remain positive on these banks as they are well-capitalised and
have strong dividend growth prospects over the long term. Elsewhere,
Sanofi-Aventis contributed to returns as its growth platforms continue to perform
well, particularly its diabetes and genzyme treatments. During the period, I
increased the exposure to Roche, an oncology company that has a strong
franchise in breast cancer and a robust drugs pipeline. The new position in
Total declined on a fall in production and weak margins in the second quarter.
I also bought a new holding in Finnish utility company Fortum. It has a mix of
generation and regulated activities and has started to grow its dividends
again. Meanwhile, the position in Portuguese food retailer Jeronimo Martins
was sold as its main business, discount chain Biedronka, is showing signs of a
slowdown and is witnessing rising competition. I also reduced the exposure to
Schneider Electric and Iliad.
OUTLOOK
Equity valuations have risen as market sentiment has improved, making
equities relatively less attractive. Going forward, any significant progress can
only be made if corporate earnings beat expectations. While the current round
of earnings were more or less in line with expectations, the market has been
volatile. Low earnings growth and deterioration in the macroeconomic
environment could leave companies with weak balance sheets and negatively
impact cash flow generation. Against this backdrop, I remain focussed on
attractively valued companies with sound balance sheets that can deliver
consistent dividend growth.
Samuel Morse
Fund Manager
31 August 14
* Holdings can vary from those in the index quoted. For this reason the
comparative index is used for reference only.
32
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 33
FIDELITY EUROPEAN FUND
P O R T F O L I O I N F O R M AT I O N
31/08/14
%
France
24.02
Switzerland
19.30
Germany
14.16
Belgium
7.62
Norway
5.90
Denmark
5.14
Finland
5.10
Netherlands
3.61
Other
14.96
Cash and other net assets/(liabilities)
0.19
FUND FAC TS
28/02/14
%
22.65
20.03
15.89
7.75
5.36
5.88
4.55
2.51
14.84
0.54
TOP HOLDINGS
The top ten holdings in the fund as at 31 August 2014 and
at the previous year end are shown below.
Top holdings as at 31/08/14
Nestle (Reg'd)
Roche
Sanofi-Aventis
Novo Nordisk (B)
Total (B)
SAP
Anheuser-Busch InBev
BNP Paribas
UBS (Reg'd)
Sampo Insurance (A)
Top holdings as at 28/02/14
Nestle (Reg'd)
Sanofi-Aventis
Novo Nordisk (B)
UBS (Reg'd)
Roche
SAP
BNP Paribas
Anheuser-Busch InBev
Schneider Electric
Sampo Insurance (A)
% of total
net assets
5.75
4.73
4.53
3.86
3.54
3.45
3.18
3.10
3.09
2.54
INCOME (pence per share)
XD date
01/09/14
A Income Shares
1.9817
W Income Shares
22.2790
31/08/14
31/08/13
A Income Shares
1.71
1.71
W Income Shares
0.96
0.96
31/08/14
31/08/13
A Accumulation
Shares
1.71
1.71
W Accumulation
Shares
0.96
-
Interim distribution
ONGOING CHARGES (%)
Y Accumulation
Shares
1.18
1.18
31/08/14
31/08/13
The Ongoing Charges Figure is calculated as the ratio of the annual cost of managing and
operating the fund to the average net asset value; it excludes portfolio transaction costs.
FUND SIZE
Total net Net asset
assets value per
(ВЈm) share (p)1
A Income Shares
31/08/14
Shares
in issue
2.5
136.80
1,804,898
A Accumulation Shares
31/08/14
2,218.1
31/08/14
1,546.70
143,408,774
Total net
assets
(ВЈm)
9.5
1,215.32
783,850
W Accumulation Shares
127.2
1,038.14
12,251,310
Y Accumulation Shares
60.3
% of total
net assets
6.63
4.74
4.56
3.98
3.91
3.62
3.56
3.37
2.99
2.83
Footnotes:
1. The net asset value is the accounting value at the period end on a fair
value basis.
33
Net asset
value per
Shares
share (p)1
in issue
W Income Shares
1,382.13
4,365,860
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 34
FIDELITY EUROPEAN FUND
S TAT E M E N T O F T O TA L R E T U R N
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Income
Net capital gains/(losses)
Revenue
Expenses
Finance costs: Interest/other
31/08/13
£’000
£’000
£’000
(16,676)
62,311
(20,899)
(12)
gggggggggggggggggggg
Net revenue/(expense) before taxation
Taxation
9,566
71,292
(22,838)
(2)
gggggggggggggggggggg
41,400
(5,048)
48,452
(5,549)
gggggggggggggggggggg
gggggggggggggggggggg
Net revenue/(expense) after taxation
36,352
42,903
gggggggggggggggggggg
gggggggggggggggggggg
19,676
52,469
Total return before distributions
Finance costs: Distributions
(1,566)
(1,603)
gggggggggggggggggggg
Change in net assets attributable to shareholders from
investment activities
gggggggggggggggggggg
gggggggggggggggggggg
18,110
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
50,866
S TAT E M E N T O F C H A N G E I N N E T A S S E T S AT T R I B U TA B L E T O S H A R E H O L D E R S
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Opening net assets attributable to shareholders
Movement due to sales and repurchases of shares
Amounts receivable on issue of shares
Amounts payable on cancellation of shares
31/08/13
£’000
£’000
2,540,170
49,514
(190,165)
£’000
2,679,151
5,011
(150,152)
gggggggggggggggggggg
gggggggggggggggggggg
(140,651)
(7)
Stamp duty reserve tax
Change in net assets attributable to shareholders from
investment activities (see above)
Closing net assets attributable to shareholders
(145,141)
(39)
18,110
50,866
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
2,417,622
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
2,584,837
BALANCE SHEET
as at 31 August 2014
(unaudited)
31/08/14
£’000
Assets
Investment assets
Debtors
Cash and bank balances
28/02/14
£’000
£’000
2,412,865
33,059
6,241
gggggggggggggggggggg
gggggggggggggggggggg
Total assets
Liabilities
Creditors
Bank overdrafts
Net distributions payable on income shares
16,258
39,300
gggggggggggggggggggg
gggggggggggggggggggg
2,429,123
2,565,691
gggggggggggggggggggg
gggggggggggggggggggg
(11,291)
(210)
(19,018)
(6,373)
(130)
gggggggggggggggggggg
Total liabilities
gggggggggggggggggggg
(11,501)
gggggggggggggggggggg
Net assets attributable to shareholders
34
2,526,391
15,698
560
Total other assets
£’000
(25,521)
gggggggggggggggggggg
gggggggggggggggggggg
2,417,622
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
2,540,170
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 35
FIDELITY EUROPEAN FUND
D I S T R I B U T I O N S TAT E M E N T
for the six month period ended 31 August 2014
(unaudited)
A Income Shares - interim distribution No. 9 in pence per share
Group 1 - Shares purchased on or before 28 February 2014.
Group 2 - Shares purchased from 1 March 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
1.9817
1.5602
Equalisation
0.4215
Amount
distributed
15/10/14
Amount
distributed
15/10/13
1.9817
1.9817
1.0713
1.0713
Amount
distributed
15/10/14
Amount
distributed
15/10/13
22.2790
22.2790
11.7083
11.7083
W Income Shares - interim distribution No. 4 in pence per share
Group 1 - Shares purchased on or before 28 February 2014.
Group 2 - Shares purchased from 1 March 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
22.2790
10.2829
35
Equalisation
11.9961
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 36
FIDELITY EUROPEAN OPPORTUNITIES FUND
INVESTMENT OBJECTIVE AND POLICY
PERFORMANCE RECORD
The fund’s investment objective is to achieve long term capital growth from a
portfolio primarily made up of the shares of continental European companies.
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 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.
DISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:
31/08/10
31/08/11
31/08/12
31/08/13
31/08/14
A Accumulation Shares
0.6
1.1
4.8
21.5
5.0
Y Accumulation Shares
-
1.6
5.4
22.1
5.6
W Accumulation Shares
*Comparative Index
F U N D M A N AG E R ’ S CO M M E N TA RY
-
-
-
-
5.8
-0.9
2.7
0.5
25.5
9.8
* Comparative Index: FTSE World Europe ex-UK Index (Net)
Source: Fidelity and RIMES, bid to bid, UKВЈ, net income reinvested.
Performance excludes initial charge. Past performance is not a reliable
indicator of future results.
MARKET REVIEW
European equities declined over the six-month period on concerns about the
pace of the economic recovery in the region. The weak financial health of
Portuguese bank Banco Espirito Santo and rising geopolitical tensions, with the
US and the European Union (EU) imposing sanctions against Russia, also
weighed on markets. However, investor sentiment improved as European
Central Bank President Mario Draghi’s speech triggered optimism that the
central bank was preparing an asset purchase programme to counter low
inflation. Increased corporate merger activity also supported markets.
RISK PROFILE
If you make regular withdrawals from your investment, this may reduce your
capital over time if the fund’s growth does not compensate for the withdrawals.
The value of your investment can go down as well as up. You may not get back
the amount you invested. What you get back is not guaranteed. It will depend
on investment performance. Investments in small and emerging markets can
be more volatile than other more developed markets. This fund invests in
overseas markets. You may get back more or less as a result of currency
fluctuations. The fund may invest in derivatives for the purposes of the efficient
management of the fund. For funds that use derivative transactions, there is a
risk that the counterparty to the transaction will wholly or partially fail to honour
its contractual obligations. This may result in financial loss to the fund. Where
appropriate, collateral will be required to reduce exposure to a counterparty.
The use of financial derivative instruments may give rise to leverage and result
in increased gains or losses within the fund.
PORTFOLIO ACTIVITY
The exposure to the information technology and consumer discretionary sectors
held back performance. At a stock level, shares in Volkswagen slid on concerns
about the growth environment in Europe amid continuing geopolitical unrest in
Ukraine and Russia. Gaming group Paddy Power also fell due to regulatory
uncertainties in the gaming sector in the UK. On a positive note, shares in
Caracal Energy, Sanofi-Aventis and Grand City Properties were boosted by
strong results or positive news flow. I have strong ideas in the consumer
discretionary and health care sectors. Nevertheless, I slightly reduced the
overweight stance in the consumer discretionary sector by selling luxury brand
Prada. Its weak first-quarter sales triggered concerns that the brand may have
lost its appeal, especially as other luxury brands are doing well despite a
relatively subdued luxury market. The holding in clothing company Moncler was
also sold due to valuation concerns. I also changed the exposure to the
financials sector. The holding in German bank Aareal was significantly reduced
given increased evidence of heightened competition in the commercial
property lending market, with margins on new lending coming under pressure.
The position in UBS was sold due to increased regulatory scrutiny around the
company’s operations in the currency market. The proceeds were used to
purchase positions in other companies operating in the European banking
sector, including BNP Paribas, ING and Intesa Sanpaolo.
OUTLOOK
European companies generate a significant portion of their revenues from
countries outside Europe. As a result, global growth is expected to support
demand for their products. In Europe, improved labour competitiveness is
helping some peripheral economies to stabilise. However, I remain concerned
about the stagnating economies of Italy and France.
Colin Stone
Fund Manager
31 August 14
* Holdings can vary from those in the index quoted. For this reason the
comparative index is used for reference only.
36
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 37
FIDELITY EUROPEAN OPPORTUNITIES FUND
P O R T F O L I O I N F O R M AT I O N
31/08/14
%
France
20.45
Germany
19.82
Switzerland
14.84
Denmark
9.47
Ireland
5.80
Spain
4.44
Italy
4.33
Netherlands
3.62
Other
16.07
Cash and other net assets/(liabilities)
1.16
FUND FAC TS
28/02/14
%
17.19
21.37
19.88
8.59
3.71
3.95
2.02
1.65
17.18
4.46
The top ten holdings in the fund as at 31 August 2014 and
at the previous year end are shown below.
Novo Nordisk (B)
Volkswagen (Pref'd)
Sanofi-Aventis
Roche
Credit Suisse
LVMH
ENI
Schneider Electric
KBC
Linde
Top holdings as at 28/02/14
Volkswagen (Pref'd)
Novo Nordisk (B)
Sanofi-Aventis
Roche
Credit Suisse
Aareal Bank
UBS (Reg'd)
LVMH
Schneider Electric
Continental
ONGOING CHARGES (%)
A Accumulation
Shares
1.72
1.72
31/08/14
31/08/13
Y Accumulation
Shares
1.18
1.18
W Accumulation
Shares
0.96
0.97
31/08/14
31/08/13
The Ongoing Charges Figure is calculated as the ratio of the annual cost of managing and
operating the fund to the average net asset value; it excludes portfolio transaction costs.
TOP HOLDINGS
Top holdings as at 31/08/14
INCOME (pence per share)
No distributions were due in the six month period.
FUND SIZE
Total net Net asset
assets value per
Shares
(ВЈm) share (p)1
in issue
A Accumulation Shares
% of total
net assets
6.69
6.19
5.59
4.95
4.38
3.19
2.92
2.86
2.83
2.53
31/08/14
376.3
31/08/14
344.57
109,211,586
Total net Net asset
assets value per
Shares
(ВЈm) share (p)1
in issue
W Accumulation Shares
22.7
312.05
7,268,339
Y Accumulation Shares
3.3
% of total
net assets
6.46
6.09
4.66
4.62
4.30
3.54
3.30
2.98
2.82
2.37
Footnotes:
1. The net asset value is the accounting value at the period end on a fair
value basis.
37
132.72
2,464,886
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 38
FIDELITY EUROPEAN OPPORTUNITIES FUND
S TAT E M E N T O F T O TA L R E T U R N
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Income
Net capital gains/(losses)
Revenue
Expenses
Finance costs: Interest/other
31/08/13
£’000
£’000
£’000
(29,937)
6,911
(3,602)
(1)
gggggggggggggggggggg
Net revenue/(expense) before taxation
Taxation
6,251
8,824
(3,962)
(1)
gggggggggggggggggggg
3,308
(623)
4,861
(722)
gggggggggggggggggggg
gggggggggggggggggggg
Net revenue/(expense) after taxation
2,685
4,139
gggggggggggggggggggg
gggggggggggggggggggg
Total return before distributions
(27,252)
Finance costs: Equalisation
10,390
(117)
(411)
gggggggggggggggggggg
Change in net assets attributable to shareholders from
investment activities
gggggggggggggggggggg
(27,369)
9,979
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
S TAT E M E N T O F C H A N G E I N N E T A S S E T S AT T R I B U TA B L E T O S H A R E H O L D E R S
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Opening net assets attributable to shareholders
Movement due to sales and repurchases of shares
Amounts receivable on issue of shares
Amounts payable on cancellation of shares
31/08/13
£’000
£’000
452,707
10,485
(33,564)
£’000
489,032
5,222
(61,318)
gggggggggggggggggggg
gggggggggggggggggggg
(23,079)
Change in net assets attributable to shareholders from
investment activities (see above)
(56,096)
(27,369)
9,979
gggggggggggggggggggg
Closing net assets attributable to shareholders
gggggggggggggggggggg
gggggggggggggggggggg
402,259
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
442,915
BALANCE SHEET
as at 31 August 2014
(unaudited)
31/08/14
£’000
Assets
Investment assets
Derivative assets
Debtors
Cash and bank balances
28/02/14
£’000
£’000
397,394
243
5,122
2,169
3,996
18,260
gggggggggggggggggggg
Total assets
Liabilities
Creditors
7,291
22,256
gggggggggggggggggggg
gggggggggggggggggggg
404,928
454,747
gggggggggggggggggggg
gggggggggggggggggggg
(2,669)
(2,040)
gggggggggggggggggggg
Total liabilities
gggggggggggggggggggg
(2,669)
gggggggggggggggggggg
Net assets attributable to shareholders
(2,040)
gggggggggggggggggggg
gggggggggggggggggggg
402,259
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.
38
432,491
-
gggggggggggggggggggg
Total other assets
£’000
452,707
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 39
FIDELITY EXTRA INCOME FUND
INVESTMENT OBJECTIVE AND POLICY
PERFORMANCE RECORD
The fund’s investment objective is to achieve a relatively high level of income
from a portfolio primarily invested in a combination of UK corporate and
government bonds and other fixed income and money market securities,
preference shares and convertibles.
DISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:
F U N D M A N AG E R ’ S CO M M E N TA RY
MARKET REVIEW
UK bonds advanced, with government bonds (Gilts) marginally outperforming
corporate bonds over the review period. Gilts rose in line with US Treasuries
and German bunds as investors preferred safe assets given worries over
geopolitical events in Ukraine and the Middle East. Major global central banks
also maintained an easy monetary stance, further supporting Gilts. Better
economic prospects led to expectations that the Bank of England (BoE) would
increase interest rates by 0.25% in the first quarter of 2015, the first rise since
June 2009. However, the central bank reiterated that interest rate rises would
be implemented at a measured pace. Meanwhile, inflation continued to
decline, with the July Consumer Price Index (CPI) falling to 1.6%, which was
below market expectations. Through the review period, the BoE maintained its
interest rate at 0.5% and its asset purchase facility at ВЈ375 billion.
31/08/10
31/08/11
31/08/12
31/08/13
31/08/14
Gross paying
A Income Shares**
20.5
1.6
11.1
6.9
9.7
A Accumulation Shares
19.1
0.6
10.1
6.0
8.8
Gross paying A
Accumulation Shares**
20.4
1.6
11.1
6.9
9.7
Y Income Shares
-
1.2
10.6
6.6
9.3
Gross paying Y
Income Shares**
-
2.2
12.0
7.6
10.4
Y Accumulation Shares
-
-
-
-
-
Gross paying Y
Accumulation Shares**
-
-
-
-
-
A Income Shares
19.2
0.7
10.1
5.9
8.8
*Comparative Index
22.4
-0.4
13.8
7.4
9.1
* Comparative Index: Comprises 60 % BofA ML Euro-Sterling Index (Net), 15 % BofA ML Euro High Yield
Cons GBP Hedged Index (Net), 25 % BofA ML Sterling High Yield Index (Net)
PORTFOLIO ACTIVITY
Favourable asset allocation and corporate bond selection was the most
significant contributor to returns. Specifically, the fund maintained an
overweight exposure to high yield bonds, such as Polish Television and Cemex,
which buoyed returns; the fund has the flexibility to invest in fixed interest
securities outside the UK. I reduced the fund’s credit risk by lowering the
exposure to high yield bonds, which now account for almost 45% of the
portfolio. The remainder of the fund is invested in investment grade bonds, with
a bias towards lower rated bonds. Elsewhere, favourable selection in banks,
particularly subordinated debt, supported returns. The fund’s interest rate
strategy also contributed to performance. While the fund’s short duration
(ensuring that the portfolio is less sensitive to interest rate changes than the
index) position hurt returns as Gilt yields fell, losses were more-than-offset by
the cross-market exposure to US dollar duration. The fund continues to have a
bias towards sectors that are less sensitive to the economic cycle such as
consumer staples, telecommunications, transportation and utilities. I
participated in the new issues of Virgin Media, Numericable and roadside
assistance firm the AA. Elsewhere, I took profits in Mondelez, Thames Water
and Deutsche Telekom.
Source: Fidelity and RIMES, bid to bid, UKВЈ, net income reinvested. **gross
income reinvested. Performance excludes initial charge. Past performance is
not a reliable indicator of future results.
RISK PROFILE
If you make regular withdrawals from your investment, this may reduce your
capital over time if the fund’s growth does not compensate for the withdrawals.
The value of your investment and the income from it can go down as well as
up. You may not get back the amount you invested. What you get back is not
guaranteed. It will depend on investment performance. The main aim of the
fund is to produce income. When this income is paid out instead of being
reinvested, there is little prospect of any real capital growth. A portion of this
fund will invest in �sub-investment grade’ bonds. These bonds may produce a
higher level of income than �investment grade’ bonds but at a higher risk to
your capital. With funds that invest in bonds, there is a risk that the issuer of
the bond may default on its repayments. The likelihood of this happening will
depend on the credit-worthiness of the issuer. The risk of default is usually
greatest with bonds that are classed as sub-investment grade. When interest
rates rise bonds may fall in value. Rising interest rates may cause the value of
your investment to fall. The fund may invest in derivatives for the purposes of
the efficient management of the fund. For funds that use derivative
transactions, there is a risk that the counterparty to the transaction will wholly
or partially fail to honour its contractual obligations. This may result in financial
loss to the fund. Where appropriate, collateral will be required to reduce
exposure to a counterparty. The use of financial derivative instruments may
give rise to leverage and result in increased gains or losses within the fund.
OUTLOOK
The UK economy continues to recover, but the growth rate remains below the
historical average. There are increased expectations that the BoE will raise
interest rates. Though the central bank said that interest rates would be
increased at a measured pace, the markets have priced in the possibility of
aggressive interest rate hikes. Meanwhile, inflation remains firmly below the
BoE’s 2.0% target, allowing the central bank to maintain its easy monetary
policy. This should support Gilt valuations in the near term. Investment grade
corporate bonds still offer the best risk-adjusted return potential, supported by
healthy corporate balance sheets and investors’ strong demand for income.
However, given the recent rise in shareholder-friendly initiatives, careful bond
selection is required to generate healthy risk-adjusted returns.
Ian Spreadbury
Fund Manager
31 August 14
* Holdings can vary from those in the index quoted. For this reason the
comparative index is used for reference only.
39
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 40
FIDELITY EXTRA INCOME FUND
P O R T F O L I O I N F O R M AT I O N
31/08/14
%
BBB Rated
31.70
BB Rated
23.10
B Rated
13.62
AA Rated
11.97
A Rated
8.35
Not Rated
5.31
AAA Rated
3.34
CCC Rated
0.62
Other
-0.39
Cash and other net assets/(liabilities)
2.38
FUND FAC TS
28/02/14
%
38.06
22.26
13.83
4.87
7.45
6.00
4.07
1.46
-0.25
2.25
INCOME (pence per share)
distribution
distribution
distribution
distribution
distribution
distribution
XD date
01/09/14
01/08/14
01/07/14
01/06/14
01/05/14
01/04/14
A Income
Shares
0.0653
0.0701
0.0708
0.0710
0.0707
0.0705
Gross paying A
Income Shares
0.0815
0.0878
0.0884
0.0889
0.0884
0.0882
distribution
distribution
distribution
distribution
distribution
distribution
XD date
01/09/14
01/08/14
01/07/14
01/06/14
01/05/14
01/04/14
Y Income
Shares
0.3553
0.3780
0.3789
0.3817
0.3784
0.3792
Gross paying Y
Income Shares
0.4445
0.4726
0.4738
0.4775
0.4731
0.4742
31/08/14
A Income
Shares
1.46
Gross paying A
Income Shares
1.46
31/08/13
1.46
1.46
31/08/14
31/08/13
Y Income
Shares
0.78
0.78
Gross paying Y
Income Shares
0.78
0.78
Interim
Interim
Interim
Interim
Interim
Interim
The top ten holdings in the fund as at 31 August 2014 and
at the previous year end are shown below.
Interim
Interim
Interim
Interim
Interim
Interim
Top holdings as at 31/08/14
ONGOING CHARGES (%)
TOP HOLDINGS
% of total
net assets
UK Gilt Treasury 4.25% 07/03/2036
2.78
UK Gilt Treasury 5.00% 07/09/2014
2.74
UK Gilt Treasury 2.75% 22/01/2015
2.23
Enterprise Inns 6.375% 26/09/2031
1.75
UK Gilt Treasury 4.50% 07/12/2042
1.38
Great Rolling Stock 6.25% 27/07/2020
1.16
Virgin Media Securities 6.25% 28/03/2029 Reg S
1.13
Fidelity Institutional Liquidity Fund (GBP)
1.12
Imperial Tobacco Finance 9.00% 17/02/2022
1.10
Royal London Finance Bonds 6.125% VRN (Perpetual)0.97
Top holdings as at 28/02/14
31/08/14
31/08/13
A Accumulation
Gross paying A
Shares Accumulation Shares
1.46
1.46
1.46
1.46
31/08/14
31/08/13
Y Accumulation
Gross paying Y
Shares Accumulation Shares
0.77
0.77
-
% of total
net assets
UK Gilt Treasury 5.00% 07/09/2014
2.60
Enterprise Inns 6.375% 26/09/2031
1.40
Fidelity Institutional Liquidity Fund (GBP)
1.36
Great Rolling Stock 6.25% 27/07/2020
1.18
Imperial Tobacco Finance 9.00% 17/02/2022
1.11
Telecom Italia 6.375% 24/06/2019
1.10
Lynx 6.00% 15/04/2021 Reg S
1.07
Russian Railways 7.487% 25/03/2031
1.03
Royal London Finance Bonds 6.125% VRN (Perpetual)0.97
Aviva 6.125% VRN (Perpetual)
0.94
Footnotes:
1. The net asset value is the accounting value at the period end on a fair
value basis.
The Ongoing Charges Figure is calculated as the ratio of the annual cost of managing and
operating the fund to the average net asset value; it excludes portfolio transaction costs.
FUND SIZE
Total net Net asset
assets value per
(ВЈm) share (p)1
A Income Shares
31/08/14
151.3
Shares
in issue
Total net Net asset
assets value per
Shares
(ВЈm) share (p)1
in issue
Gross paying A Income Shares
26.48
571,144,061
Y Income Shares
191.4
26.48 722,895,605
Gross paying Y Income Shares
31/08/14
46.1
121.47
37,940,932
A Accumulation Shares
27.5
121.48
22,625,554
Gross paying A Accumulation Shares
31/08/14
15.3
160.07
9,577,203
Y Accumulation Shares
7.8
169.57
4,587,360
Gross paying Y Accumulation Shares
31/08/14
3.6
40
106.77
3,344,071
3.0
107.68
2,789,751
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 41
FIDELITY EXTRA INCOME FUND
S TAT E M E N T O F T O TA L R E T U R N
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Income
Net capital gains/(losses)
Revenue
Expenses
Finance costs: Interest/other
31/08/13
£’000
£’000
£’000
9,985
12,311
(3,035)
(239)
gggggggggggggggggggg
Net revenue/(expense) before taxation
Taxation
(6,387)
13,281
(3,359)
(110)
gggggggggggggggggggg
9,037
(2)
9,812
(3)
gggggggggggggggggggg
gggggggggggggggggggg
Net revenue/(expense) after taxation
9,035
9,809
gggggggggggggggggggg
gggggggggggggggggggg
19,020
3,422
Total return before distributions
Finance costs: Distributions
(8,511)
(9,362)
gggggggggggggggggggg
Change in net assets attributable to shareholders from
investment activities
gggggggggggggggggggg
gggggggggggggggggggg
10,509
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
(5,940)
S TAT E M E N T O F C H A N G E I N N E T A S S E T S AT T R I B U TA B L E T O S H A R E H O L D E R S
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Opening net assets attributable to shareholders
Movement due to sales and repurchases of shares
Amounts receivable on issue of shares
Amounts payable on cancellation of shares
31/08/13
£’000
£’000
441,243
34,550
(40,335)
£’000
465,340
18,458
(29,006)
gggggggggggggggggggg
gggggggggggggggggggg
(5,785)
-
Stamp duty reserve tax
Change in net assets attributable to shareholders from
investment activities (see above)
(10,548)
(1)
10,509
(5,940)
gggggggggggggggggggg
Closing net assets attributable to shareholders
gggggggggggggggggggg
gggggggggggggggggggg
445,967
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
448,851
BALANCE SHEET
as at 31 August 2014
(unaudited)
31/08/14
£’000
Assets
Investment assets
Derivative assets
Debtors
Cash and bank balances
28/02/14
£’000
£’000
437,410
1,181
12,719
2,471
Total assets
Liabilities
Derivative liabilities
Creditors
Bank overdrafts
Net distributions payable on income shares
434,113
610
11,555
2,967
gggggggggggggggggggg
Total other assets
gggggggggggggggggggg
15,190
14,522
gggggggggggggggggggg
gggggggggggggggggggg
453,781
449,245
gggggggggggggggggggg
gggggggggggggggggggg
(3,251)
(2,942)
(424)
(1,197)
gggggggggggggggggggg
(4,563)
gggggggggggggggggggg
Total liabilities
(7,814)
gggggggggggggggggggg
Net assets attributable to shareholders
(4,616)
gggggggggggggggggggg
(8,002)
gggggggggggggggggggg
gggggggggggggggggggg
445,967
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.
41
(3,386)
(3,314)
(1,302)
gggggggggggggggggggg
Total other liabilities
£’000
441,243
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 42
FIDELITY EXTRA INCOME FUND
D I S T R I B U T I O N S TAT E M E N T
for the six month period ended 31 August 2014
(unaudited)
A Income Shares - interim distribution No. 186 in pence per share
Group 1 - Shares purchased on or before 31 July 2014.
Group 2 - Shares purchased from 1 August 2014 to 31 August 2014.
Group 1
Group 2
Gross
revenue
Income tax
20%
Net revenue
0.0816
0.0346
0.0163
0.0069
0.0653
0.0277
Equalisation
0.0376
Amount
distributed
25/09/14
Amount
distributed
25/09/13
0.0653
0.0653
0.0691
0.0691
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
Gross
Income tax
Net revenue
Equalisation
distributed
revenue
20%
2014
Group 1
Distribution
Distribution
Distribution
Distribution
Distribution
Group 2
Distribution
Distribution
Distribution
Distribution
Distribution
Amount
distributed
2013
No.
No.
No.
No.
No.
181
182
183
184
185
0.0881
0.0884
0.0888
0.0885
0.0876
0.0176
0.0177
0.0178
0.0177
0.0175
0.0705
0.0707
0.0710
0.0708
0.0701
-
0.0705
0.0707
0.0710
0.0708
0.0701
0.0745
0.0739
0.0743
0.0703
0.0700
No.
No.
No.
No.
No.
181
182
183
184
185
0.0425
0.0381
0.0500
0.0460
0.0429
0.0085
0.0076
0.0100
0.0092
0.0086
0.0340
0.0305
0.0400
0.0368
0.0343
0.0365
0.0402
0.0310
0.0340
0.0358
0.0705
0.0707
0.0710
0.0708
0.0701
0.0745
0.0739
0.0743
0.0703
0.0700
Amount
distributed
25/09/14
Amount
distributed
25/09/13
0.0815
0.0815
0.0861
0.0861
Gross paying A Income Shares - interim distribution No. 141 in pence per share
Group 1 - Shares purchased on or before 31 July 2014.
Group 2 - Shares purchased from 1 August 2014 to 31 August 2014.
Gross revenue
Group 1
Group 2
0.0815
0.0228
42
Equalisation
0.0587
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 43
FIDELITY EXTRA INCOME FUND
D I S T R I B U T I O N S TAT E M E N T - C O N T I N U E D
for the six month period ended 31 August 2014
(unaudited)
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
Gross revenue
Equalisation
distributed
2014
Group 1
Distribution
Distribution
Distribution
Distribution
Distribution
Group 2
Distribution
Distribution
Distribution
Distribution
Distribution
Amount
distributed
2013
No.
No.
No.
No.
No.
136
137
138
139
140
0.0882
0.0884
0.0889
0.0884
0.0878
-
0.0882
0.0884
0.0889
0.0884
0.0878
0.0934
0.0924
0.0929
0.0879
0.0876
No.
No.
No.
No.
No.
136
137
138
139
140
0.0248
0.0332
0.0330
0.0272
0.0299
0.0634
0.0552
0.0559
0.0612
0.0579
0.0882
0.0884
0.0889
0.0884
0.0878
0.0934
0.0924
0.0929
0.0879
0.0876
Amount
distributed
25/09/14
Amount
distributed
25/09/13
0.3553
0.3553
0.3694
0.3694
Y Income Shares - interim distribution No. 59 in pence per share
Group 1 - Shares purchased on or before 31 July 2014.
Group 2 - Shares purchased from 1 August 2014 to 31 August 2014.
Group 1
Group 2
Gross
revenue
Income tax
20%
Net revenue
0.4441
0.2005
0.0888
0.0401
0.3553
0.1604
Equalisation
0.1949
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
Gross
Income tax
Net revenue
Equalisation
distributed
revenue
20%
2014
Group 1
Distribution
Distribution
Distribution
Distribution
Distribution
Group 2
Distribution
Distribution
Distribution
Distribution
Distribution
Amount
distributed
2013
No.
No.
No.
No.
No.
54
55
56
57
58
0.4740
0.4730
0.4771
0.4736
0.4725
0.0948
0.0946
0.0954
0.0947
0.0945
0.3792
0.3784
0.3817
0.3789
0.3780
-
0.3792
0.3784
0.3817
0.3789
0.3780
0.4057
0.3925
0.3961
0.3745
0.3738
No.
No.
No.
No.
No.
54
55
56
57
58
0.1955
0.1990
0.2509
0.2584
0.2173
0.0391
0.0398
0.0502
0.0517
0.0435
0.1564
0.1592
0.2007
0.2067
0.1738
0.2228
0.2192
0.1810
0.1722
0.2042
0.3792
0.3784
0.3817
0.3789
0.3780
0.4057
0.3925
0.3961
0.3745
0.3738
43
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 44
FIDELITY EXTRA INCOME FUND
D I S T R I B U T I O N S TAT E M E N T - C O N T I N U E D
for the six month period ended 31 August 2014
(unaudited)
Gross paying Y Income Shares - interim distribution No. 59 in pence per share
Group 1 - Shares purchased on or before 31 July 2014.
Group 2 - Shares purchased from 1 August 2014 to 31 August 2014.
Gross revenue
Group 1
Group 2
0.4445
0.1782
Equalisation
0.2663
Amount
distributed
25/09/14
Amount
distributed
25/09/13
0.4445
0.4445
0.4626
0.4626
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
Gross revenue
Equalisation
distributed
2014
Group 1
Distribution
Distribution
Distribution
Distribution
Distribution
Group 2
Distribution
Distribution
Distribution
Distribution
Distribution
Amount
distributed
2013
No.
No.
No.
No.
No.
54
55
56
57
58
0.4742
0.4731
0.4775
0.4738
0.4726
-
0.4742
0.4731
0.4775
0.4738
0.4726
0.4966
0.4894
0.4941
0.4689
0.4688
No.
No.
No.
No.
No.
54
55
56
57
58
0.1974
0.2565
0.2599
0.2821
0.2492
0.2768
0.2166
0.2176
0.1917
0.2234
0.4742
0.4731
0.4775
0.4738
0.4726
0.4966
0.4894
0.4941
0.4689
0.4688
44
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 45
FIDELITY GENESIS FUND
INVESTMENT OBJECTIVE AND POLICY
PERFORMANCE RECORD
The fund’s investment objective is to achieve long term capital growth from a
portfolio mainly made up of the securities of companies from around the world.
The ACD is not restricted in its choice of the industrial or geographical split of
the portfolio. The fund may invest in securities providing exposure to
commodities and property. Derivatives may also be used for investment
purposes.
Due to the nature and purpose of the fund, a comparative index is not
appropriate. A Discrete performance table has not been included.
RISK PROFILE
If you make regular withdrawals from your investment, this may reduce your
capital over time if the fund’s growth does not compensate for the withdrawals.
The value of your investment and the income from it can go down as well as
up. You may not get back the amount you invested. What you get back is not
guaranteed. It will depend on investment performance. This fund invests in
overseas markets. You may get back more or less as a result of currency
fluctuations. For this fund, derivatives and forward transactions may be used
for investment purposes, as well as for hedging and other efficient
management purposes as permitted for all funds. Where this is the case, their
use may lead to higher volatility in the fund’s share price. The use of financial
derivative instruments may give rise to leverage and result in increased gains
or losses within the fund. For funds that use derivative transactions, there is a
risk that the counterparty to the transaction will wholly or partially fail to honour
its contractual obligations. This may result in financial loss to the fund. Where
appropriate, collateral will be required to reduce exposure to a counterparty.
F U N D M A N AG E R ’ S CO M M E N TA RY
MARKET REVIEW
European equities declined over the six-month period, underperforming most
other world markets. There were concerns about the pace of economic
recovery in Europe, which dampened investor sentiment. Furthermore,
Portuguese banking group Banco Espirito Santo missed its debt payments,
leading to worries about the health of Europe’s banking system. Rising
geopolitical tensions as the European Union (EU) and the US imposed
sanctions against Russia also hampered performance. However, losses were
capped somewhat following European Central Bank (ECB) President Mario
Draghi’s statement that the central bank was preparing an asset purchase
programme to counter low inflation. Increased corporate merger activity also
supported markets.
PORTFOLIO ACTIVITY
The fund was launched in order to enhance the investment universe available
to Fidelity Solutions, the investment team that manages “funds of funds” within
Fidelity Worldwide Investment. Over the period, the fund had exposure to
European stocks. The allocation to Unilever and Danone, both of which operate
in the food industry, contributed to returns. In contrast, positions in banks such
as BNP Paribas and Unicredit detracted from performance. Shares in the
former were sold towards the end of the period on news that US regulators
could potentially impose a $10 billion fine on BNP Paribas for breaching US
sanctions against trade with Sudan, Iran and Cuba. A new position in Barclays
was purchased; however, its shares slid as the New York Attorney General
alleged that theВ UK bankВ fraudulently mislead investors. In the automobile
sector, German automaker Volkswagen held back returns as it came under
pressure after reporting a decline in its second quarter earnings and concerns
around organic growth. Meanwhile, Renault’s shares fell due to fears about
expected demand weakness in the Russian market, given that the US and the
EU imposed sanctions against the country. Selected holdings in oil and gas
companies also hampered returns. New positions in Royal Dutch Shell and
Total held back gains. However, Total is expected to generate significant cash
flow and production growth in the coming years, as the majority of its project
pipeline is already in the production or development phase. Meanwhile, BG
Group rose on prospects of deal activity following the resignation of its CEO.
The stake in the company was sold early in the period to take profits.
Elsewhere, the position in publisher and information provider Reed Elsevier was
also sold.
OUTLOOK
Domestic demand is expected to benefit from the continued monetary
support by the ECB. However, recent economic indicators, such as
slower than expected expansion in manufacturing and services activity in
August, signal moderate growth in the third quarter of 2014. Investor
confidence is expected to improve, but geopolitical risks and worries about
developments in global financial markets could result in short-term volatility in
equities. Nonetheless, we continue to believe that equities will offer better
returns than cash or bonds.
Nick Peters
Fund Manager
31 August 14
45
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 46
FIDELITY GENESIS FUND
P O R T F O L I O I N F O R M AT I O N
31/08/14
%
Consumer Goods
20.93
Health Care
16.78
Financials
13.87
Oil & Gas
11.61
Basic Materials
10.56
Utilities
8.43
Technology
6.86
Consumer Services
4.41
Other
5.66
Cash and other net assets/(liabilities)
0.89
FUND FAC TS
28/02/14
%
35.25
14.15
11.07
2.40
6.91
2.04
4.73
5.88
12.46
5.11
TOP HOLDINGS
INCOME (pence per share)
No distributions were due in the six month period.
ONGOING CHARGES (%)
A Accumulation Shares
1.69
1.72
31/08/14
31/08/13
The Ongoing Charges Figure is calculated as the ratio of the annual cost of managing and
operating the fund to the average net asset value; it excludes portfolio transaction costs.
FUND SIZE
Total net Net asset
assets value per
Shares
(ВЈm) share (p)
in issue
A Accumulation Shares
59.4
393.40
15,094,769
31/08/14
The top ten holdings in the fund as at 31 August 2014 and
at the previous year end are shown below.
Top holdings as at 31/08/14
Roche
Novartis (Reg'd)
Royal Dutch Shell A (UK)
Sanofi-Aventis
BP
Total (B)
British American Tobacco
GlaxoSmithKline
Bayer
Siemens (Bearer)
Top holdings as at 28/02/14
Novartis (Reg'd)
GlaxoSmithKline
Sanofi-Aventis
British American Tobacco
BASF
Siemens (Bearer)
DaimlerChrysler (Reg'd)
BNP Paribas
Diageo
SAP
% of total
net assets
4.12
4.06
3.51
3.42
3.40
3.33
3.17
3.11
3.03
2.95
% of total
net assets
3.94
3.31
3.18
3.04
2.92
2.80
2.78
2.71
2.63
2.60
Footnotes:
1. The net asset value is the accounting value at the period end on a fair
value basis.
46
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 47
FIDELITY GENESIS FUND
S TAT E M E N T O F T O TA L R E T U R N
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Income
Net capital gains/(losses)
Revenue
Expenses
Finance costs: Interest/other
31/08/13
£’000
£’000
£’000
(1,662)
1,277
(499)
(1)
gggggggggggggggggggg
Net revenue/(expense) before taxation
Taxation
11,793
1,740
(1,604)
gggggggggggggggggggg
777
(72)
136
(240)
gggggggggggggggggggg
gggggggggggggggggggg
Net revenue/(expense) after taxation
705
(104)
gggggggggggggggggggg
Total return before distributions
gggggggggggggggggggg
(957)
Finance costs: Equalisation
Change in net assets attributable to shareholders from
investment activities
11,689
27
-
gggggggggggggggggggg
gggggggggggggggggggg
(930)
11,689
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
S TAT E M E N T O F C H A N G E I N N E T A S S E T S AT T R I B U TA B L E T O S H A R E H O L D E R S
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Opening net assets attributable to shareholders
Movement due to sales and repurchases of shares
Amounts receivable on issue of shares
Amounts payable on cancellation of shares
31/08/13
£’000
£’000
56,346
6,666
(2,700)
£’000
178,764
3,928
(11,135)
gggggggggggggggggggg
gggggggggggggggggggg
3,966
Change in net assets attributable to shareholders from
investment activities (see above)
(7,207)
(930)
11,689
gggggggggggggggggggg
Closing net assets attributable to shareholders
gggggggggggggggggggg
gggggggggggggggggggg
59,382
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
183,246
BALANCE SHEET
as at 31 August 2014
(unaudited)
31/08/14
£’000
Assets
Investment assets
Debtors
Cash and bank balances
28/02/14
£’000
£’000
58,842
493
450
Total assets
Liabilities
Creditors
Bank overdrafts
gggggggggggggggggggg
943
9,912
gggggggggggggggggggg
gggggggggggggggggggg
59,785
63,377
gggggggggggggggggggg
gggggggggggggggggggg
(403)
-
(5,550)
(1,481)
gggggggggggggggggggg
Total liabilities
gggggggggggggggggggg
(403)
gggggggggggggggggggg
Net assets attributable to shareholders
(7,031)
gggggggggggggggggggg
gggggggggggggggggggg
59,382
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.
47
53,465
5,734
4,178
gggggggggggggggggggg
Total other assets
£’000
56,346
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 48
FIDELITY GLOBAL DIVIDEND FUND
INVESTMENT OBJECTIVE AND POLICY
PERFORMANCE RECORD
The fund’s investment objective is to achieve income and long-term capital
growth from a portfolio consisting primarily of the shares of companies from
around the world. The ACD will choose investments which it believes offer
attractive dividend yields in addition to price appreciation. The Fund may also
invest in other transferable securities, units in collective investment schemes,
money market instruments, cash and deposits.
DISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:
F U N D M A N AG E R ’ S CO M M E N TA RY
MARKET REVIEW
Global equities rose over the review period, supported by expectations that
major central banks would retain their accommodative monetary policies.
Investor sentiment was supported by continued strength in the US economy,
with improvements in business and consumer surveys, an improving housing
market and tighter labour market. Increasing corporate activity and positive
economic data supported investor sentiment in the UK, but low risk appetite
amid concerns about the pace of the European economic recovery hampered
returns from European equities. In Asia, the Chinese market was supported by
policymakers’ efforts to support economic growth, while Japanese equities
advanced on strong corporate earnings and monetary policy reforms.
However, there were periods of volatility due to geopolitical tensions amid an
escalation of the conflict in Iraq and Ukraine.
31/08/10
31/08/11
31/08/12
31/08/13
31/08/14
A Income Shares
-
-
-
18.7
9.5
A Accumulation Shares
-
-
-
18.7
9.6
Y Income Shares
-
-
-
19.2
10.1
Y Accumulation Shares
-
-
-
19.2
10.1
W Accumulation Shares
-
-
-
-
10.4
W Income Shares
-
-
-
-
10.4
*Comparative Index
-
-
-
18.6
12.7
* Comparative Index: MSCI AC World Index (Net)
Source: Fidelity and RIMES, bid to bid, UKВЈ, net income reinvested.
Performance excludes initial charge. Past performance is not a reliable
indicator of future results.
RISK PROFILE
If you make regular withdrawals from your investment, this may reduce your
capital over time if the fund’s growth does not compensate for the withdrawals.
The value of your investment can go down as well as up. You may not get back
the amount you invested. What you get back is not guaranteed. It will depend
on investment performance. The fund takes its annual management charge
from your capital and not from the income generated by the fund. This means
that any capital growth in the fund will be reduced by the charge and your
capital may be reduced over time if the fund's growth does not compensate
for it. This fund invests in overseas markets. You may get back more or less as
a result of currency fluctuations. The fund may invest in derivatives for the
purposes of the efficient management of the fund. For funds that use derivative
transactions, there is a risk that the counterparty to the transaction will wholly
or partially fail to honour its contractual obligations. This may result in financial
loss to the fund. Where appropriate, collateral will be required to reduce
exposure to a counterparty. The use of financial derivative instruments may
give rise to leverage and result in increased gains or losses within the fund.
PORTFOLIO ACTIVITY
The fund’s performance was mainly impacted by the overweight stance in
European equities. Some of our key holdings, such as Danish
telecommunications group TDC and leading construction and concessions
company VINCI, were among the notable detractors from returns. While I
believe that the long-term potential for capital and income growth in Europe
remains intact, the current weak economic environment in the region has
negatively impacted investor sentiment. The underweight stance in US stocks
further hampered performance as these shares were supported by better
growth prospects. However, I think that US stocks had a strong run last year,
and there are concerns about the sustainability of corporate earnings growth,
which is at a multi-year high. Moreover, the dividend yield from the US market
is less compelling compared to the rest of the world. On a positive note,
positions in South Korean dividend-paying stocks SK Telecom and cigarette
manufacturer KT&G supported returns. I took some profits in both these
companies following the sharp rise in their share prices in order to lock-in
gains. During the period, I bought a position in US health care major Johnson
& Johnson with a long-term view. It is a fundamentally strong company with an
attractive stock valuation and provides a good dividend yield. I also bought a
new position in Spanish oil & gas group Repsol at a discounted stock valuation
following its underperformance relative to the European energy sector.
Norwegian integrated oil company Statoil was another new position. It looks
set to benefit from high gas exposure to Europe and has good cash flows in
addition to a strong dividend yield. However, I sold the holding in the US toy
manufacturer Mattel in view of its expensive stock valuation and weak earnings
outlook.
OUTLOOK
I have a relatively cautious view on equity markets. Dividends are likely to
become a bigger component of total returns going forward. Therefore, I will
continue to look for companies with sustainable dividend yields and dividend
growth potential. In my view, businesses with resilient franchises and strong
balance sheets that are trading on reasonable valuations provide the best
potential for healthy income and real capital preservation.
Dan Roberts
Fund Manager
31 August 14
* Holdings can vary from those in the index quoted. For this reason the
comparative index is used for reference only.
48
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 49
FIDELITY GLOBAL DIVIDEND FUND
P O R T F O L I O I N F O R M AT I O N
31/08/14
%
United States
39.95
Netherlands
12.60
United Kingdom
9.56
Switzerland
7.66
France
6.67
Japan
6.17
Norway
3.27
Spain
2.93
Other
10.37
Cash and other net assets/(liabilities)
0.82
FUND FAC TS
28/02/14
%
34.21
11.92
10.28
8.70
7.40
6.46
1.78
1.71
11.28
6.26
INCOME (pence per share)
XD date
01/09/14
01/06/14
Interim distribution
Interim distribution
Top holdings as at 31/08/14
Fidelity Institutional Liquidity Fund (USD)
Reed Elsevier
Wolters Kluwer
Roche
Johnson & Johnson
Kimberly Clark
Astellas Pharmaceutical
Novartis (Reg'd)
Omnicom
Comcast (A)
Interim distribution
Interim distribution
ONGOING CHARGES (%)
31/08/14
31/08/13
A Income Shares
1.73
1.75
W Income Shares
0.98
0.74
31/08/14
31/08/13
Y Income
Shares
1.20
1.18
A Accumulation
Shares
1.74
1.72
31/08/14
31/08/13
W Accumulation
Shares
0.98
0.60
Y Accumulation
Shares
1.20
1.09
The Ongoing Charges Figure is calculated as the ratio of the annual cost of managing and
operating the fund to the average net asset value; it excludes portfolio transaction costs.
FUND SIZE
Total net Net asset
assets value per
(ВЈm) share (p)1
A Income Shares
31/08/14
Top holdings as at 28/02/14
Reed Elsevier
Roche
Omnicom
Wolters Kluwer
Astellas Pharmaceutical
Kimberly Clark
Novartis (Reg'd)
TDC (B)
VINCI
HSBC (UK) (Reg'd)
% of total
net assets
3.43
3.38
3.17
3.17
2.69
2.35
2.32
2.27
2.14
2.14
Y Income
Shares
0.9810
0.9360
01/09/14
01/06/14
% of total
net assets
5.83
4.10
3.58
3.47
3.23
3.19
2.71
2.65
2.40
2.22
W Income
Shares
0.9360
0.9360
XD date
TOP HOLDINGS
The top ten holdings in the fund as at 31 August 2014 and
at the previous year end are shown below.
A Income
Shares
0.9550
0.9360
15.7
31/08/14
31/08/14
1. The net asset value is the accounting value at the period end on a fair
value basis.
49
Total net
assets
(ВЈm)
Net asset
value per
Shares
share (p)1
in issue
W Income Shares
131.31
11,925,944
Y Income Shares
14.7
125.33
11,749,838
A Accumulation Shares
0.3
133.20
201,888
W Accumulation Shares
34.1
142.00
24,011,075
Y Accumulation Shares
30.6
Footnotes:
Shares
in issue
131.42
23,311,081
1.8
143.97
1,230,164
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 50
FIDELITY GLOBAL DIVIDEND FUND
S TAT E M E N T O F T O TA L R E T U R N
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Income
Net capital gains/(losses)
Revenue
Expenses
Finance costs: Interest/other
31/08/13
£’000
£’000
£’000
3,042
2,389
(645)
(4)
gggggggggggggggggggg
Net revenue/(expense) before taxation
Taxation
1,373
1,109
(391)
gggggggggggggggggggg
1,740
(247)
718
(93)
gggggggggggggggggggg
gggggggggggggggggggg
Net revenue/(expense) after taxation
1,493
625
gggggggggggggggggggg
gggggggggggggggggggg
4,535
1,998
Total return before distributions
Finance costs: Distributions
(193)
(192)
gggggggggggggggggggg
Change in net assets attributable to shareholders from
investment activities
gggggggggggggggggggg
gggggggggggggggggggg
4,342
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
1,806
S TAT E M E N T O F C H A N G E I N N E T A S S E T S AT T R I B U TA B L E T O S H A R E H O L D E R S
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Opening net assets attributable to shareholders
Movement due to sales and repurchases of shares
Amounts receivable on issue of shares
Amounts payable on cancellation of shares
31/08/13
£’000
£’000
£’000
84,052
21,447
(12,681)
35,073
18,653
(2,763)
gggggggggggggggggggg
gggggggggggggggggggg
8,766
(3)
Stamp duty reserve tax
Change in net assets attributable to shareholders from
investment activities (see above)
Closing net assets attributable to shareholders
15,890
(5)
4,342
1,806
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
97,157
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
52,764
BALANCE SHEET
as at 31 August 2014
(unaudited)
31/08/14
£’000
Assets
Investment assets
Debtors
Cash and bank balances
28/02/14
£’000
£’000
96,363
809
1,856
Total assets
Liabilities
Creditors
Bank overdrafts
Net distributions payable on income shares
gggggggggggggggggggg
2,665
8,673
gggggggggggggggggggg
gggggggggggggggggggg
99,028
87,460
gggggggggggggggggggg
gggggggggggggggggggg
(1,871)
-
(1,512)
(1,659)
(237)
gggggggggggggggggggg
Total liabilities
gggggggggggggggggggg
(1,871)
gggggggggggggggggggg
Net assets attributable to shareholders
(3,408)
gggggggggggggggggggg
gggggggggggggggggggg
97,157
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.
50
78,787
2,068
6,605
gggggggggggggggggggg
Total other assets
£’000
84,052
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 51
FIDELITY GLOBAL DIVIDEND FUND
D I S T R I B U T I O N S TAT E M E N T
for the six month period ended 31 August 2014
(unaudited)
A Income Shares - interim distribution No. 11 in pence per share
Group 1 - Shares purchased on or before 31 May 2014.
Group 2 - Shares purchased from 1 June 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
0.9550
-
Equalisation
0.9550
Amount
distributed
18/10/14
Amount
distributed
18/10/13
0.9550
0.9550
0.9360
0.9360
Amount
distributed
18/07/14
Amount
distributed
18/07/13
0.9360
0.9360
0.9000
0.9000
Amount
distributed
18/10/14
Amount
distributed
18/10/13
0.9360
0.9360
0.9360
0.9360
Amount
distributed
18/07/14
Amount
distributed
18/07/13
0.9360
0.9360
0.9000
0.9000
A Income Shares - interim distribution No. 10 in pence per share
Group 1 - Shares purchased on or before 28 February 2014.
Group 2 - Shares purchased from 1 March 2014 to 31 May 2014.
Net revenue
Group 1
Group 2
0.9360
0.2873
Equalisation
0.6487
W Income Shares - interim distribution No. 8 in pence per share
Group 1 - Shares purchased on or before 31 May 2014.
Group 2 - Shares purchased from 1 June 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
0.9360
-
Equalisation
0.9360
W Income Shares - interim distribution No. 7 in pence per share
Group 1 - Shares purchased on or before 28 February 2014.
Group 2 - Shares purchased from 1 March 2014 to 31 May 2014.
Net revenue
Group 1
Group 2
0.9360
0.0571
51
Equalisation
0.8789
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 52
FIDELITY GLOBAL DIVIDEND FUND
D I S T R I B U T I O N S TAT E M E N T - C O N T I N U E D
for the six month period ended 31 August 2014
(unaudited)
Y Income Shares - interim distribution No. 11 in pence per share
Group 1 - Shares purchased on or before 31 May 2014.
Group 2 - Shares purchased from 1 June 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
0.9810
-
Equalisation
0.9810
Amount
distributed
18/10/14
Amount
distributed
18/10/13
0.9810
0.9810
0.9360
0.9360
Amount
distributed
18/07/14
Amount
distributed
18/07/13
0.9360
0.9360
0.9000
0.9000
Y Income Shares - interim distribution No. 10 in pence per share
Group 1 - Shares purchased on or before 28 February 2014.
Group 2 - Shares purchased from 1 March 2014 to 31 May 2014.
Net revenue
Group 1
Group 2
0.9360
0.2252
52
Equalisation
0.7108
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 53
FIDELITY GLOBAL ENHANCED INCOME FUND
INVESTMENT OBJECTIVE AND POLICY
PERFORMANCE RECORD
The fund’s investment objective is to achieve income with the potential for some
capital growth from a portfolio made up mainly of the securities of companies
from around the world. Derivatives and forward transactions may be used for
investment purposes and this may include using derivative instruments to
generate additional income, for example, by the writing of call options. The
Fund may also invest in other transferable securities, units in collective
investment schemes, money market instruments, cash and deposits.
Over the period since its launch on 2/10/2013 to 31 August 2014, the fund has
returned 9.41%
A discrete 1 year performance table has not been included as the fund does
not have a full twelve month performance record.
Source: Fidelity and RIMES, bid to bid, UKВЈ, net income reinvested. Past
performance is not a reliable indicator of future results.
F U N D M A N AG E R ’ S CO M M E N TA RY
RISK PROFILE
MARKET REVIEW
Global equities rose over the review period, supported by expectations that
major central banks would retain their accommodative monetary policies.
Investor sentiment was supported by continued strength in the US economy,
with improvements in business and consumer surveys, an improving housing
market and tighter labour market. Increasing corporate activity and positive
economic data supported investor sentiment in the UK, but low risk appetite
amid concerns about the pace of the European economic recovery hampered
returns from European equities. Meanwhile, the Chinese market was supported
by policymakers’ efforts to support economic growth, while Japanese equities
advanced on strong corporate earnings and monetary policy reforms.
However, there were periods of volatility due to geopolitical tensions amid an
escalation of the conflict in Iraq and Ukraine.
If you make regular withdrawals from your investment, this may reduce your
capital over time if the fund’s growth does not compensate for the withdrawals.
The value of your investment can go down as well as up. You may not get back
the amount you invested. What you get back is not guaranteed. It will depend
on investment performance. This fund invests in overseas markets. You may get
back more or less as a result of currency fluctuations. For this fund, derivatives
and forward transactions may be used for investment purposes, as well as for
hedging and other efficient management purposes as permitted for all funds.
Where this is the case, their use may lead to higher volatility in the fund’s share
price. The use of financial derivative instruments may give rise to leverage and
result in increased gains or losses within the fund. For funds that use derivative
transactions, there is a risk that the counterparty to the transaction will wholly
or partially fail to honour its contractual obligations. This may result in financial
loss to the fund. Where appropriate, collateral will be required to reduce
exposure to a counterparty. Some funds invest more heavily than others in
smaller companies, which can carry a higher risk because their prices may be
more volatile than those of larger companies. In respect of the Income Shares
the annual management charge will be taken from your capital and not from
the income generated by the fund. This means that any capital growth in the
fund will be reduced by the charge. Your capital may reduce over time if the
fund’s growth does not compensate for it.
PORTFOLIO ACTIVITY
The fund’s performance was mainly impacted by the overweight stance in
European equities. Some of our key holdings, such as Danish
telecommunications group TDC and leading construction and concessions
company VINCI, were among the notable detractors from returns. While we
believe that the long-term potential for capital and income growth in Europe
remains intact, the current weak economic environment in the region has
negatively impacted investor sentiment. The underweight stance in US stocks
further hampered performance as these shares were supported by better
growth prospects. However, we think that US stocks had a strong run last year,
and there are concerns about the sustainability of corporate earnings growth,
which is at a multi-year high. Moreover, the dividend yield from the US market
is less compelling compared to the rest of the world. On a positive note,
positions in South Korean dividend-paying stocks SK Telecom and cigarette
manufacturer KT&G supported returns. We took some profits in both these
companies following the sharp rise in their share prices in order to lock-in
gains. During the period, we bought a position in US health care major
Johnson & Johnson with a long-term view. It is a fundamentally strong company
with an attractive stock valuation and provides a good dividend yield. We also
bought a new position in Spanish oil & gas group Repsol at a discounted stock
valuation following its underperformance relative to the European energy
sector. Norwegian integrated oil company Statoil was another new position.
However, we sold the holding in the US toy manufacturer Mattel in view of its
expensive stock valuation and weak earnings outlook. Within the derivatives
segment of the portfolio, the fund uses covered call options, which are
instruments that allow the fund to generate additional income from existing
investments. We ended the period with around 52% of the portfolio overwritten.
OUTLOOK
Dividends are likely to become a bigger component of total returns going
forward. Therefore, we will continue to look for companies with sustainable
dividend yields and dividend growth potential. In our view, businesses with
resilient franchises and strong balance sheets that are trading on reasonable
valuations provide the best potential for healthy income and real capital
preservation.
Dan Roberts & David Jehan
Fund Managers
31 August 14
53
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 54
FIDELITY GLOBAL ENHANCED INCOME FUND
P O R T F O L I O I N F O R M AT I O N
31/08/14
%
United States
42.64
Netherlands
12.60
Switzerland
7.71
France
6.74
Japan
6.17
Norway
4.29
Spain
2.91
Denmark
2.82
Other
7.09
Cash and other net assets/(liabilities)
7.03
FUND FAC TS
28/02/14
%
34.75
11.96
8.68
7.57
6.64
3.59
1.70
2.25
8.97
13.89
TOP HOLDINGS
Fidelity Institutional Liquidity Fund (USD)
Reed Elsevier
Wolters Kluwer
Roche
Johnson & Johnson
Kimberly Clark
Astellas Pharmaceutical
Novartis (Reg'd)
Omnicom
Comcast (A)
Top holdings as at 28/02/14
Roche
Omnicom
Reed Elsevier
Wolters Kluwer
Astellas Pharmaceutical
Kimberly Clark
TDC (B)
VINCI
Novartis (Reg'd)
Oracle
XD date
01/09/14
01/06/14
Interim distribution
Interim distribution
A Income
Shares
1.4540
1.7315
XD date
Interim distribution
Interim distribution
% of total
net assets
8.41
4.12
3.59
3.49
3.27
3.25
2.70
2.66
2.43
2.26
W Income
Shares
1.4734
1.7661
W Accumulation
Shares
1.4090
1.8025
01/09/14
01/06/14
ONGOING CHARGES (%)
A Income Shares
1.79
31/08/14
W Income Shares
1.03
W Accumulation Shares
1.03
31/08/14
The top ten holdings in the fund as at 31 August 2014 and
at the previous year end are shown below.
Top holdings as at 31/08/14
INCOME (pence per share)
The Ongoing Charges Figure is calculated as the ratio of the annual cost of managing and
operating the fund to the average net asset value; it excludes portfolio transaction costs.
FUND SIZE
Total net Net asset
assets value per
(ВЈm) share (p)1
A Income Shares
31/08/14
1.2
31/08/14
104.56
Shares
in issue
Total net
assets
(ВЈm)
Net asset
value per
Shares
share (p)1
in issue
W Income Shares
1,148,502
5.9
105.15
5,593,138
W Accumulation Shares
1.6
% of total
net assets
3.46
3.27
3.27
3.27
2.77
2.41
2.25
2.21
2.16
2.15
Footnotes:
1. The net asset value is the accounting value at the period end on a fair
value basis.
54
109.97
1,485,373
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 55
FIDELITY GLOBAL ENHANCED INCOME FUND
S TAT E M E N T O F T O TA L R E T U R N
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Income
Net capital gains/(losses)
Revenue
Expenses
Finance costs: Interest/other
£’000
157
295
(47)
(2)
gggggggggggggggggggg
Net revenue/(expense) before taxation
Taxation
246
(39)
gggggggggggggggggggg
Net revenue/(expense) after taxation
207
gggggggggggggggggggg
Total return before distributions
364
Finance costs: Distributions
(233)
gggggggggggggggggggggggg
Change in net assets attributable to shareholders from
investment activities
131
gggggggggggggggggggg
gggggggggggggggggggg
S TAT E M E N T O F C H A N G E I N N E T A S S E T S AT T R I B U TA B L E T O S H A R E H O L D E R S
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Opening net assets attributable to shareholders
Movement due to sales and repurchases of shares
Amounts receivable on issue of shares
Amounts payable on cancellation of shares
£’000
6,848
2,026
(333)
gggggggggggggggggggg
1,693
Change in net assets attributable to shareholders from
investment activities (see above)
131
Retained distribution on accumulation shares
44
gggggggggggggggggggg
Closing net assets attributable to shareholders
8,716
gggggggggggggggggggg
gggggggggggggggggggg
BALANCE SHEET
as at 31 August 2014
(unaudited)
31/08/14
£’000
Assets
Investment assets
Derivative assets
Debtors
Cash and bank balances
28/02/14
£’000
£’000
8,178
33
143
660
80
1,000
gggggggggggggggggggg
Total assets
Liabilities
Derivative liabilities
Creditors
Bank overdrafts
Net distributions payable on income shares
5,938
49
gggggggggggggggggggg
Total other assets
803
1,080
gggggggggggggggggggg
gggggggggggggggggggg
9,014
7,067
gggggggggggggggggggg
gggggggggggggggggggg
(107)
(92)
(99)
gggggggggggggggggggg
(191)
gggggggggggggggggggg
Total liabilities
(298)
Net assets attributable to shareholders
(129)
gggggggggggggggggggg
(219)
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
8,716
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.
55
(90)
(46)
(22)
(61)
gggggggggggggggggggg
Total other liabilities
£’000
6,848
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 56
FIDELITY GLOBAL ENHANCED INCOME FUND
D I S T R I B U T I O N S TAT E M E N T
for the six month period ended 31 August 2014
(unaudited)
A Income Shares - interim distribution No. 4 in pence per share
Group 1 - Shares purchased on or before 31 May 2014.
Group 2 - Shares purchased from 1 June 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
1.4540
0.6308
Equalisation
0.8232
Amount
distributed
18/10/14
1.4540
1.4540
A Income Shares - interim distribution No. 3 in pence per share
Group 1 - Shares purchased on or before 28 February 2014.
Group 2 - Shares purchased from 1 March 2014 to 31 May 2014.
Net revenue
Group 1
Group 2
1.7315
0.9607
Equalisation
0.7708
Amount
distributed
18/07/14
1.7315
1.7315
W Income Shares - interim distribution No. 4 in pence per share
Group 1 - Shares purchased on or before 31 May 2014.
Group 2 - Shares purchased from 1 June 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
1.4734
0.5794
Equalisation
0.8940
Amount
distributed
18/10/14
1.4734
1.4734
W Income Shares - interim distribution No. 3 in pence per share
Group 1 - Shares purchased on or before 28 February 2014.
Group 2 - Shares purchased from 1 March 2014 to 31 May 2014.
Net revenue
Group 1
Group 2
1.7661
0.5280
Equalisation
1.2381
Amount
distributed
18/07/14
1.7661
1.7661
W Accumulation Shares - interim distribution No. 4 in pence per share
Group 1 - Shares purchased on or before 31 May 2014.
Group 2 - Shares purchased from 1 June 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
1.4090
0.7860
56
Equalisation
0.6230
Amount
accumulated
18/10/14
1.4090
1.4090
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 57
FIDELITY GLOBAL ENHANCED INCOME FUND
D I S T R I B U T I O N S TAT E M E N T - C O N T I N U E D
for the six month period ended 31 August 2014
(unaudited)
W Accumulation Shares - interim distribution No. 3 in pence per share
Group 1 - Shares purchased on or before 28 February 2014.
Group 2 - Shares purchased from 1 March 2014 to 31 May 2014.
Net revenue
Group 1
Group 2
1.8025
0.6684
57
Equalisation
1.1341
Amount
accumulated
18/07/14
1.8025
1.8025
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 58
FIDELITY GLOBAL FOCUS FUND
INVESTMENT OBJECTIVE AND POLICY
PERFORMANCE RECORD
The fund’s investment objective is to achieve long term capital growth from a
diversified portfolio primarily made up of the shares of companies from around
the world. In terms of geographical split, the portfolio is invested broadly in
relation to the relative sizes and attractiveness of world equity markets. Within
the portfolio there is a bias towards the larger quoted companies in each
market, but the ACD is not restricted in this regard, or in terms of the industrial
or geographical split of the portfolio.
DISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:
31/08/10
31/08/11
31/08/12
31/08/13
31/08/14
A Accumulation Shares
11.5
8.9
11.1
18.4
10.2
W Accumulation Shares
-
-
-
-
11.0
Y Accumulation Shares
*Comparative Index
F U N D M A N AG E R ’ S CO M M E N TA RY
-
-
-
-
10.8
7.7
8.0
9.5
18.6
12.7
* Comparative Index: MSCI AC World Index (Net)
Source: Fidelity and RIMES, bid to bid, UKВЈ, net income reinvested. Benchmark
to 31/10/11 was MSCI World (Net). Performance excludes initial charge. Past
performance is not a reliable indicator of future results.
MARKET REVIEW
Global equities rose over the review period, supported by expectations that
major central banks would retain their accommodative monetary policies.
Investor sentiment was supported by continued strength in the US economy,
with improvements in business and consumer surveys, an improving housing
market and tighter labour market. Japanese equities advanced on monetary
policy reforms and strong corporate earnings announcements. In emerging
markets, Brazilian and Indian equities led the region’s strong performance. The
Chinese market was supported by policymakers’ efforts to support economic
growth. However, there were periods of volatility due to geopolitical tensions
amid an escalation of the conflicts in both Iraq and Ukraine.
RISK PROFILE
If you make regular withdrawals from your investment, this may reduce your
capital over time if the fund’s growth does not compensate for the withdrawals.
The value of your investment can go down as well as up. You may not get back
the amount you invested. What you get back is not guaranteed. It will depend
on investment performance. This fund invests in overseas markets. You may get
back more or less as a result of currency fluctuations. This fund invests in a
relatively small number of companies which can make it more volatile than
funds that are more diversified. The fund may invest in derivatives for the
purposes of the efficient management of the fund. For funds that use derivative
transactions, there is a risk that the counterparty to the transaction will wholly
or partially fail to honour its contractual obligations. This may result in financial
loss to the fund. Where appropriate, collateral will be required to reduce
exposure to a counterparty. The use of financial derivative instruments may
give rise to leverage and result in increased gains or losses within the fund.
PORTFOLIO ACTIVITY
The holding in advertising company Rocket Fuel detracted from performance
after it reported losses despite a surge in revenues; the position was sold. I
also sold the holding in drug development services company Covance as my
conviction on the stock weakened. Its shares declined after it issued lower
revenue and earnings guidance for 2014. Certain financial sector holdings also
detracted from performance. For instance, banking conglomerate KBC
registered lower-than-expected first quarter revenues and the Netherlandsbased insurer Delta Lloyd reported a fall in first quarter single premiums as
household savings in the country declined. On a positive note, energy sector
holding Anadarko Petroleum contributed strongly to returns. It agreed to pay
more than $5 billion in environmental clean-up costs as part of the settlement
in a case against Kerr-McGee, which it had acquired in 2006. This settlement
was well-received by investors. Overall, I increased the exposure to the energy
sector by purchasing positions in Royal Dutch Shell, Peabody Energy and
Weatherford International. Elsewhere, I bought holdings in health care stocks
HCA and Sun Pharmaceutical’s, which added value. Hospital operator HCA
rose on robust second quarter results, primarily driven by broad-based growth
in its core operations, good cost control and better health care reform benefits
than were initially expected. Sun Pharmaceuticals US business continues to do
well on the back of timely product launches and successful acquisitions such as
Caraco and Taro. These new purchases were funded by selling positions in
Grifols and Merck & Co.
OUTLOOK
Equities as an asset class are still relatively attractive, but I remain cautious as
valuations are no longer cheap following several years of strong performance.
Going forward, we will need to see fundamental improvements, and earnings
growth and upgrades will be significant drivers for stock markets. While the
economic recovery is well-recognised in the US, I continue to monitor activity in
the housing market given its impact on the wider economy. There are pockets
of improvement in Europe, but in the UK, the recent steep rise in property prices
appears to be unsustainable. Elsewhere, the Japanese economy is slowly
recovering, but China’s economic rebalancing could have short-term growth
implications. In the longer-term, however, structural growth prospects such as
favourable demographics, rising consumption and increasing income levels in
emerging markets remain positive.
Amit Lodha
Fund Manager
31 August 14
* Holdings can vary from those in the index quoted. For this reason the
comparative index is used for reference only.
58
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 59
FIDELITY GLOBAL FOCUS FUND
P O R T F O L I O I N F O R M AT I O N
31/08/14
%
United States
51.24
United Kingdom
8.17
Japan
7.84
India
3.95
Sweden
3.62
Canada
3.40
Netherlands
3.34
France
3.18
Other
15.41
Cash and other net assets/(liabilities) -0.15
FUND FAC TS
28/02/14
%
49.47
4.12
8.80
2.52
4.41
2.16
3.95
3.11
18.80
2.66
The top ten holdings in the fund as at 31 August 2014 and
at the previous year end are shown below.
Fidelity Institutional Liquidity Fund (USD)
Microsoft
Novartis (Reg'd)
Citigroup
Apple
Amgen
Royal Dutch Shell B (UK)
Express Scripts
CVS Caremark
US Bancorp
Top holdings as at 28/02/14
Oracle
Kinnevik Investment (B)
US Bancorp
Amgen
Microsoft
Citigroup
Novartis (Reg'd)
Google (A)
Express Scripts
AbbVie
ONGOING CHARGES (%)
A Accumulation
Shares
1.71
1.74
31/08/14
31/08/13
W Accumulation
Shares
0.95
0.97
Y Accumulation
Shares
1.18
1.20
31/08/14
31/08/13
The Ongoing Charges Figure is calculated as the ratio of the annual cost of managing and
operating the fund to the average net asset value; it excludes portfolio transaction costs.
TOP HOLDINGS
Top holdings as at 31/08/14
INCOME (pence per share)
No distributions were due in the six month period.
FUND SIZE
Total net Net asset
assets value per
Shares
(ВЈm) share (p)1
in issue
A Accumulation Shares
% of total
net assets
2.38
2.02
1.82
1.74
1.71
1.68
1.67
1.64
1.63
1.60
31/08/14
336.4
31/08/14
1,214.97
27,682,941
Total net Net asset
assets value per
Shares
(ВЈm) share (p)1
in issue
W Accumulation Shares
14.4
1,301.96
1,105,617
Y Accumulation Shares
0.1
% of total
net assets
2.04
1.98
1.80
1.79
1.75
1.75
1.73
1.71
1.66
1.57
Footnotes:
1. The net asset value is the accounting value at the period end on a fair
value basis.
59
1,301.11
9,874
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 60
FIDELITY GLOBAL FOCUS FUND
S TAT E M E N T O F T O TA L R E T U R N
for the six month period ended 31 August 2014
(unaudited)
31/08/14
ВЈ'000
Income
Net capital gains/(losses)
Revenue
Expenses
31/08/13
ВЈ'000
ВЈ'000
ВЈ'000
17,214
3,848
(2,920)
gggggggggggggggggggg
Net revenue/(expense) before taxation
Taxation
9,880
4,205
(3,152)
gggggggggggggggggggg
928
(338)
1,053
(282)
gggggggggggggggggggg
gggggggggggggggggggg
Net revenue/(expense) after taxation
590
771
gggggggggggggggggggg
gggggggggggggggggggg
17,804
10,651
Total return before distributions
Finance costs: Equalisation
(18)
(59)
gggggggggggggggggggg
Change in net assets attributable to shareholders from
investment activities
gggggggggggggggggggg
gggggggggggggggggggg
17,786
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
10,592
S TAT E M E N T O F C H A N G E I N N E T A S S E T S AT T R I B U TA B L E T O S H A R E H O L D E R S
for the six month period ended 31 August 2014
(unaudited)
31/08/14
ВЈ'000
Opening net assets attributable to shareholders
Movement due to sales and repurchases of shares
Amounts receivable on issue of shares
Amounts payable on cancellation of shares
31/08/13
ВЈ'000
ВЈ'000
349,842
4,250
(21,015)
ВЈ'000
379,256
2,422
(45,694)
gggggggggggggggggggg
gggggggggggggggggggg
(16,765)
(1)
Stamp duty reserve tax
Change in net assets attributable to shareholders from
investment activities (see above)
Closing net assets attributable to shareholders
(43,272)
(17)
17,786
10,592
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
350,862
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
346,559
BALANCE SHEET
as at 31 August 2014
(unaudited)
31/08/14
ВЈ'000
Assets
Investment assets
Debtors
Cash and bank balances
28/02/14
ВЈ'000
ВЈ'000
351,406
835
671
Total assets
Liabilities
Creditors
Bank overdrafts
gggggggggggggggggggg
1,506
20,575
gggggggggggggggggggg
gggggggggggggggggggg
352,912
361,151
gggggggggggggggggggg
gggggggggggggggggggg
(2,050)
-
(9,548)
(1,761)
gggggggggggggggggggg
Total liabilities
gggggggggggggggggggg
(2,050)
gggggggggggggggggggg
Net assets attributable to shareholders
(11,309)
gggggggggggggggggggg
gggggggggggggggggggg
350,862
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
The fund's financial statements have been prepared on the same basis as the Company's financial statements.
60
340,576
9,799
10,776
gggggggggggggggggggg
Total other assets
ВЈ'000
349,842
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 61
FIDELITY GLOBAL HIGH YIELD FUND
INVESTMENT OBJECTIVE AND POLICY
PERFORMANCE RECORD
The fund’s investment objective is to achieve a combination of both income
and capital growth from a portfolio primarily invested in high-yielding, sub
investment grade securities of issuers globally (those with a rating of BB+ or
less from Standard & Poor’s or equivalent rating from an internationally
recognised rating agency). 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 be used for
investment purposes.
DISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:
F U N D M A N AG E R ’ S CO M M E N TA RY
MARKET REVIEW
High yield markets advanced over the review period but lagged investment
grade corporate bonds after a series of events impacted investors’ risk
appetite. For instance, the geopolitical turmoil in Ukraine, Argentina’s debt
default and potential burden-sharing for bond holders of Portuguese bank
Banco Espirito Santo negatively impacted investor sentiment. Technical factors
such as low market liquidity further hurt sentiment. As a result, yields rose in
July and early August, but partially recovered due to increased net buying by
mutual funds. Demand for the asset class remained robust over the period as
investors preferred higher yielding assets given very low yields in a low interest
rate environment.
31/08/10
31/08/11
31/08/12
31/08/13
31/08/14
A Income Shares
-
-
-
6.9
9.3
A Accumulation Shares
-
-
-
6.8
9.4
Gross paying
A Income Shares**
-
-
-
8.0
10.3
Y Income Shares
-
-
-
7.3
9.9
Gross paying
Y Income Shares**
-
-
-
8.5
10.9
Gross paying A
Accumulation Shares**
-
-
-
7.9
10.4
Y Accumulation Shares
-
-
-
7.4
9.8
Gross paying Y
Accumulation Shares**
-
-
-
8.3
10.8
I Accumulation Shares
-
-
-
6.6
10.3
*Comparative Index
-
-
-
7.0
9.5
* Comparative Index: The BofA Merrill Lynch Global High Yield Constrained Index Hedged to GBP
Source: Fidelity and RIMES, bid to bid, UKВЈ, net income reinvested.
**gross income reinvested. Performance excludes initial charge. Past
performance is not a reliable indicator of future results.
PORTFOLIO ACTIVITY
Favourable security selection was the largest contributor to performance.
Within the high yield credit spectrum, the fund is overweight in lower rated
securities given their better relative valuation. Positioning in non-financials
supported returns. For example, an overweight stance in basic industry through
holdings in Trinseo and Petrologistics enhanced gains. Over the period, I
moved to an overweight position within this sector by purchasing holdings in
Vedanta Resources and CITIC Pacific. I also raised the allocation to the
consumer cyclical sector by buying a new holding in Melco Crown
Entertainment. Elsewhere, financials contributed to performance. For instance,
the holding in Credit Agricole in the banking sector buoyed returns. However,
I grew cautious over the period and moved to an underweight position in the
banking sector by selling holdings in Lloyds Banking Group, KBC Bank and
Credit Suisse. On the other hand, I increased the exposure to the property
sector. For instance, a new position was purchased in CareTrust REIT. Overall,
I continue to favour sectors where performance and sales are not highly
correlated with the economic cycle.
RISK PROFILE
If you make regular withdrawals from your investment, this may reduce your
capital over time if the fund’s growth does not compensate for the withdrawals.
The value of your investment can go down as well as up. You may not get back
the amount you invested. What you get back is not guaranteed. It will depend
on investment performance. Investments in small and emerging markets can
be more volatile than other more developed markets. This fund invests in
overseas markets. You may get back more or less as a result of currency
fluctuations. This fund invests in a relatively small number of companies which
can make it more volatile than funds that are more diversified. For this fund,
derivatives and forward transactions may be used for investment purposes, as
well as for hedging and other efficient management purposes as permitted
for all funds. Where this is the case, their use may lead to higher volatility in
the fund’s share price. The use of financial derivative instruments may give rise
to leverage and result in increased gains or losses within the fund. For funds
that use derivative transactions, there is a risk that the counterparty to the
transaction will wholly or partially fail to honour its contractual obligations. This
may result in financial loss to the fund. Where appropriate, collateral will be
required to reduce exposure to a counterparty. With funds that invest in bonds,
there is a risk that the issuer of the bond may default on its repayments. The
likelihood of this happening will depend on the credit-worthiness of the issuer.
This fund will invest in �sub-investment grade’ bonds. These bonds may
produce a higher level of income than �investment grade’ bonds but at a
higher risk to your capital.
OUTLOOK
The overall macroeconomic picture provides a positive backdrop for global
high yield bonds. High yield defaults are low and expected to stay this way
over the medium term, with most companies refinancing existing debt rather
than adding additional debt. However, more aggressive financial policies by
corporate issuers are starting to emerge, which have an impact on credit
quality, though the trend is not surprising as the credit cycle is maturing. While
more acute in the US, we expect a similar maturing cycle to emerge in Europe
over the next 12–18 months. With yields at historic lows, coupon income will be
the major driver of returns over the next 12 months. Therefore, we expect
mid-single-digit total returns from high yield bonds.
Peter Khan
Fund Manager
31 August 14
* Holdings can vary from those in the index quoted. For this reason the
comparative index is used for reference only.
61
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 62
FIDELITY GLOBAL HIGH YIELD FUND
P O R T F O L I O I N F O R M AT I O N
31/08/14
%
B Rated
47.19
BB Rated
29.42
CCC Rated
15.69
Not Rated
4.39
BBB Rated
2.58
Equities
0.65
AAA Rated
0.01
AA Rated
-0.04
Other
-3.98
Cash and other net assets/(liabilities)
4.09
FUND FAC TS
28/02/14
%
33.86
29.46
12.92
1.93
3.68
0.04
0.00
3.74
-0.36
14.73
TOP HOLDINGS
The top ten holdings in the fund as at 31 August 2014 and
at the previous year end are shown below.
Top holdings as at 31/08/14
% of total
net assets
Wind Acquisition Finance 7.00% 23/04/2021 Reg S
Petroleos de Venezuela 5.25% 12/04/2017
Caesars Entertainment 8.00% 01/10/2020
GMAC 8.00% 01/11/2031
Brasil Telecom 5.75% 10/02/2022 Reg S
Entegris 6.00% 01/04/2022
Oberthur Technologies 9.25% 30/04/2020 Reg S
Samson Investment Step 15/02/2020
CITIC 6.625% 15/04/2021
Virgin Media Securities 6.25% 28/03/2029 Reg S
Top holdings as at 28/02/14
Belgium 3.25% 28/09/2016
Marlin Intermediate 10.50% 01/08/2020 Reg S
Sprint 7.125% 15/06/2024
Edu UK Bondco 8.875% 15/09/2018 Reg S
Credit Agricole 8.125% 19/09/2033 Reg S
Telecom Italia 7.20% 18/07/2036
Community Health 6.875% 01/01/2022
Frontier Communication 7.125% 15/01/2023
First Data 10.62% 15/06/2021 Reg S
GMAC 8.00% 01/11/2031
1.30
1.22
1.05
1.02
1.02
0.96
0.95
0.95
0.93
0.91
% of total
net assets
3.76
1.48
1.33
1.33
1.16
1.11
1.08
1.06
1.00
0.96
Footnotes:
INCOME (pence per share)
distribution
distribution
distribution
distribution
distribution
distribution
XD date
01/09/14
01/08/14
01/07/14
01/06/14
01/05/14
01/04/14
A Income
Shares
3.9132
3.4947
2.9830
3.1324
3.0804
3.1956
Gross paying
A Income Shares
4.8962
4.3840
3.7337
3.9132
3.8505
4.0081
distribution
distribution
distribution
distribution
distribution
distribution
XD date
01/09/14
01/08/14
01/07/14
01/06/14
01/05/14
01/04/14
Y Income
Shares
4.3099
3.9040
3.3714
3.5268
3.4481
3.5987
Gross paying
Y Income Shares
5.3856
4.8810
4.2122
4.4101
4.3333
4.5023
A Income
Shares
Gross paying
A Income Shares
31/08/14
1.57
1.57
31/08/13
1.57
1.57
31/08/14
31/08/13
Y Income
Shares
1.05
1.06
Gross paying
Y Income Shares
1.04
1.05
Interim
Interim
Interim
Interim
Interim
Interim
Interim
Interim
Interim
Interim
Interim
Interim
ONGOING CHARGES (%)
A Accumulation
Gross paying A
Shares Accumulation Shares
1.57
1.57
1.57
1.57
31/08/14
31/08/13
I Accumulation
Shares
0.64
0.66
31/08/14
31/08/13
Y Accumulation
Shares
1.04
1.06
Gross paying Y
Accumulation Shares
1.04
1.02
31/08/14
31/08/13
The Ongoing Charges Figure is calculated as the ratio of the annual cost of managing and
operating the fund to the average net asset value; it excludes portfolio transaction costs.
FUND SIZE
Total net Net asset
assets value per
(ВЈm) share (p)1
A Income Shares
1. The net asset value is the accounting value at the period end on a fair
value basis.
31/08/14
0.2
31/08/14
2.7
1,093.31
248,729
A Accumulation Shares
31/08/14
0.1
1,207.59
12,058
I Accumulation Shares
31/08/14
7.0
1,219.62
570,325
Gross paying Y Accumulation Shares
31/08/14
1.0
62
1,093.21
Y Income Shares
Shares
in issue
1,250.94
13,974
80,633
Total net Net asset
assets value per
Shares
(ВЈm) share (p)1
in issue
Gross paying A Income Shares
0.4
1,093.43
41,496
Gross paying Y Income Shares
0.2
1,092.28
19,362
Gross paying A Accumulation Shares
0.6
1,237.79
45,290
Y Accumulation Shares
10.5
1,220.62
863,649
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 63
FIDELITY GLOBAL HIGH YIELD FUND
S TAT E M E N T O F T O TA L R E T U R N
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Income
Net capital gains/(losses)
Revenue
Expenses
Finance costs: Interest/other
31/08/13
£’000
£’000
£’000
303
735
(116)
(2)
gggggggggggggggggggg
Net revenue/(expense) before taxation
Taxation
(347)
485
(86)
gggggggggggggggggggg
617
-
399
(59)
gggggggggggggggggggg
gggggggggggggggggggg
Net revenue/(expense) after taxation
617
340
gggggggggggggggggggg
gggggggggggggggggggg
Total return before distributions
920
Finance costs: Distributions
(7)
(245)
(110)
gggggggggggggggggggg
Change in net assets attributable to shareholders from
investment activities
gggggggggggggggggggg
gggggggggggggggggggg
675
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
(117)
S TAT E M E N T O F C H A N G E I N N E T A S S E T S AT T R I B U TA B L E T O S H A R E H O L D E R S
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Opening net assets attributable to shareholders
Movement due to sales and repurchases of shares
Amounts receivable on issue of shares
Amounts payable on cancellation of shares
31/08/13
£’000
£’000
£’000
23,568
7,212
(8,705)
15,333
2,156
(1,541)
gggggggggggggggggggg
gggggggggggggggggggg
(1,493)
Change in net assets attributable to shareholders from
investment activities (see above)
615
675
Closing net assets attributable to shareholders
(117)
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
22,750
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
15,831
BALANCE SHEET
as at 31 August 2014
(unaudited)
31/08/14
£’000
Assets
Investment assets
Derivative assets
Debtors
Cash and bank balances
28/02/14
£’000
£’000
22,803
7
1,388
3,101
1,240
2,790
gggggggggggggggggggg
Total assets
Liabilities
Derivative liabilities
Creditors
Bank overdrafts
Net distributions payable on income shares
20,195
31
gggggggggggggggggggg
Total other assets
4,489
4,030
gggggggggggggggggggg
gggggggggggggggggggg
27,299
24,256
gggggggggggggggggggg
gggggggggggggggggggg
(994)
(3,528)
(27)
gggggggggggggggggggg
(3,555)
gggggggggggggggggggg
Total liabilities
(4,549)
gggggggggggggggggggg
Net assets attributable to shareholders
(558)
gggggggggggggggggggg
(688)
gggggggggggggggggggg
gggggggggggggggggggg
22,750
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.
63
(130)
(517)
(10)
(31)
gggggggggggggggggggg
Total other liabilities
£’000
23,568
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 64
FIDELITY GLOBAL HIGH YIELD FUND
D I S T R I B U T I O N S TAT E M E N T
for the six month period ended 31 August 2014
(unaudited)
A Income Shares - interim distribution No. 30 in pence per share
Group 1 - Shares purchased on or before 31 July 2014.
Group 2 - Shares purchased from 1 August 2014 to 31 August 2014.
Group 1
Group 2
Gross
revenue
Income tax
20%
Net revenue
4.8915
0.1828
0.9783
0.0366
3.9132
0.1462
Equalisation
3.7670
Amount
distributed
18/10/14
Amount
distributed
18/10/13
3.9132
3.9132
3.5535
3.5535
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 classifed as Group 1 shares.
Amount
Gross
Income tax
Net revenue
Equalisation
distributed
revenue
20%
2014
Group 1
Distribution
Distribution
Distribution
Distribution
Distribution
Group 2
Distribution
Distribution
Distribution
Distribution
Distribution
Amount
distributed
2013
No.
No.
No.
No.
No.
25
26
27
28
29
3.9945
3.8505
3.9155
3.7288
4.3684
0.7989
0.7701
0.7831
0.7458
0.8737
3.1956
3.0804
3.1324
2.9830
3.4947
-
3.1956
3.0804
3.1324
2.9830
3.4947
3.6590
2.8460
3.5159
3.5186
3.6452
No.
No.
No.
No.
No.
25
26
27
28
29
0.2021
0.1673
0.1425
0.1348
0.1250
0.0404
0.0335
0.0285
0.0270
0.0250
0.1617
0.1338
0.1140
0.1078
0.1000
3.0339
2.9466
3.0184
2.8752
3.3947
3.1956
3.0804
3.1324
2.9830
3.4947
3.6590
2.8460
3.5159
3.5186
3.6452
Amount
distributed
18/10/14
Amount
distributed
18/10/13
4.8962
4.8962
4.2348
4.2348
Gross paying A Income Shares - interim distribution No. 30 in pence per share
Group 1 - Shares purchased on or before 31 July 2014.
Group 2 - Shares purchased from 1 August 2014 to 31 August 2014.
Gross revenue
Group 1
Group 2
4.8962
0.1276
64
Equalisation
4.7686
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 65
FIDELITY GLOBAL HIGH YIELD FUND
D I S T R I B U T I O N S TAT E M E N T - C O N T I N U E D
for the six month period ended 31 August 2014
(unaudited)
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 classifed as Group 1 shares.
Amount
Gross revenue
Equalisation
distributed
2014
Group 1
Distribution
Distribution
Distribution
Distribution
Distribution
Group 2
Distribution
Distribution
Distribution
Distribution
Distribution
Amount
distributed
2013
No.
No.
No.
No.
No.
25
26
27
28
29
4.0081
3.8505
3.9132
3.7337
4.3840
-
4.0081
3.8505
3.9132
3.7337
4.3840
4.6019
3.7539
4.4198
4.3975
4.5558
No.
No.
No.
No.
No.
25
26
27
28
29
0.1987
0.2564
0.2120
0.1019
2.4414
3.8094
3.5941
3.7012
3.6318
1.9426
4.0081
3.8505
3.9132
3.7337
4.3840
4.6019
3.7539
4.4198
4.3975
4.5558
Amount
distributed
18/10/14
Amount
distributed
18/10/13
4.3099
4.3099
3.8162
3.8162
Y Income Shares - interim distribution No. 30 in pence per share
Group 1 - Shares purchased on or before 31 July 2014.
Group 2 - Shares purchased from 1 August 2014 to 31 August 2014.
Group 1
Group 2
Gross
revenue
Income tax
20%
Net revenue
5.3874
0.7714
1.0775
0.1543
4.3099
0.6171
65
Equalisation
3.6928
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 66
FIDELITY GLOBAL HIGH YIELD FUND
D I S T R I B U T I O N S TAT E M E N T - C O N T I N U E D
for the six month period ended 31 August 2014
(unaudited)
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 classifed as Group 1 shares.
Amount
Gross
Income tax
Net revenue
Equalisation
distributed
revenue
20%
2014
Group 1
Distribution
Distribution
Distribution
Distribution
Distribution
Group 2
Distribution
Distribution
Distribution
Distribution
Distribution
Amount
distributed
2013
No.
No.
No.
No.
No.
25
26
27
28
29
4.4984
4.3101
4.4085
4.2143
4.8800
0.8997
0.8620
0.8817
0.8429
0.9760
3.5987
3.4481
3.5268
3.3714
3.9040
-
3.5987
3.4481
3.5268
3.3714
3.9040
4.0535
3.3495
3.8998
3.8917
4.0200
No.
No.
No.
No.
No.
25
26
27
28
29
2.0986
2.8288
1.0819
0.1474
2.6315
0.4197
0.5658
0.2164
0.0295
0.5263
1.6789
2.2630
0.8655
0.1179
2.1052
1.9198
1.1851
2.6613
3.2535
1.7988
3.5987
3.4481
3.5268
3.3714
3.9040
4.0535
3.3495
3.8998
3.8917
4.0200
Amount
distributed
18/10/14
Amount
distributed
18/10/13
5.3856
5.3856
4.7019
4.7019
Gross paying Y Income Shares - interim distribution No. 30 in pence per share
Group 1 - Shares purchased on or before 31 July 2014.
Group 2 - Shares purchased from 1 August 2014 to 31 August 2014.
Gross revenue
Group 1
Group 2
5.3856
2.0361
Equalisation
3.3495
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 classifed as Group 1 shares.
Amount
Gross revenue
Equalisation
distributed
2014
Group 1
Distribution
Distribution
Distribution
Distribution
Distribution
Group 2
Distribution
Distribution
Distribution
Distribution
Distribution
Amount
distributed
2013
No.
No.
No.
No.
No.
25
26
27
28
29
4.5023
4.3333
4.4101
4.2122
4.8810
-
4.5023
4.3333
4.4101
4.2122
4.8810
5.0638
4.1735
4.8061
4.8692
5.0251
No.
No.
No.
No.
No.
25
26
27
28
29
1.8486
2.7015
2.7177
0.2779
2.4040
2.6537
1.6318
1.6924
3.9343
2.4770
4.5023
4.3333
4.4101
4.2122
4.8810
5.0638
4.1735
4.8061
4.8692
5.0251
66
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 67
FIDELITY GLOBAL PROPERTY FUND
INVESTMENT OBJECTIVE AND POLICY
PERFORMANCE RECORD
The fund’s investment objective is to achieve a combination of income and long
term capital growth from a portfolio primarily made up of the securities of
companies principally involved in the real estate industry and other real estaterelated investments.
DISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:
F U N D M A N AG E R ’ S CO M M E N TA RY
MARKET REVIEW
Global property stocks advanced over the review period. Performance across
geographies and property segments was mixed. Hong Kong’s property market
rose as regulatory easing released pent-up demand. Following a slight decline
in the first quarter, Japanese property stocks increased amid rising interest
from foreign investors. Strong real estate fundamentals and demand/supply
dynamics supported US property stocks. UK property stocks also continued to
rise, driven by the improvement in economic growth, lower unemployment,
growing consumer confidence and low interest rates. Conversely, Singapore’s
home prices came under pressure as tighter mortgage measures weakened
demand.
31/08/10
31/08/11
31/08/12
31/08/13
A Accumulation Shares
20.0
6.8
15.4
6.3
31/08/14
11.9
Y Accumulation Shares
-
-
-
6.9
12.5
W Accumulation Shares
-
-
-
-
12.8
W Income Shares
-
-
-
-
-
22.1
9.0
15.4
9.5
12.0
*Comparative Index
* Comparative Index: FTSE EPRA/NAREIT Developed Index (Gross)
Source: Fidelity and RIMES, bid to bid, UKВЈ, net income reinvested.
Performance excludes initial charge. Past performance is not a reliable
indicator of future results.
RISK PROFILE
If you make regular withdrawals from your investment, this may reduce your
capital over time if the fund’s growth does not compensate for the withdrawals.
The value of your investment can go down as well as up. You may not get back
the amount you invested. What you get back is not guaranteed. It will depend
on investment performance. Investments in small and emerging markets can
be more volatile than other more developed markets. This fund invests in
overseas markets. You may get back more or less as a result of currency
fluctuations. The fund takes its annual management charge from your capital
and not from the income generated by the fund. This means that any capital
growth in the fund will be reduced by the charge and your capital may be
reduced over time if the fund’s growth does not compensate for it. This fund
invests in a relatively small number of companies which can make it more
volatile than funds that are more diversified. This fund may invest in derivatives
for the purposes of the efficient management of the fund. For funds that use
derivative transactions, there is a risk that the counterparty to the transaction
will wholly or partially fail to honour its contractual obligations. This may result
in financial loss to the fund. Where appropriate, collateral will be required to
reduce exposure to a counterparty. The use of financial derivative instruments
may give rise to leverage and result in increased gains or losses within the
fund.
PORTFOLIO ACTIVITY
Security selection in Japan, the US and China were the primary contributors to
returns. The holding in Japan-based NTT Urban Development was the largest
contributor to performance as it reported strong financial results driven by an
increase in condominium sales. The management’s indication of a share
buyback further lifted its shares. Hong-Kong based Sun Hung Kai Properties,
one of the key holdings in the portfolio, supported returns amid a rally in the
country’s property sector, driven by expectations for solid first-half earnings. I
lowered the exposure to the stock to lock-in gains. The position in German
property firm Gagfah advanced after it raised its 2014 earnings and dividend
guidance on the back of solid first half results. The increased guidance reflects
the company’s improving operating performance and lower cash interest costs
following the refinancing of a part of its loan. The new holding in China-based
Shimao Property buoyed performance given positive investor sentiment around
its strong management team, robust balance sheet and attractive valuations.
Meanwhile, I bought a new position in Australia-based Federation Centres as
I believe the company stands to benefit from rental growth, stable cash flows
and a strong dividend yield. Conversely, despite posting strong quarterly
results, shares in Great Portland Estates declined. Nonetheless, I increased the
overweight stance in the company given its exposure to the attractive central
London office market. Elsewhere, I sold the position in Avalon Properties
following the rise in its share price over the last few quarters as it met my share
price target. I also sold the holding in Singapore-based Global Logistic
Properties.
OUTLOOK
The outlook for property stocks remains positive. Property fundamentals are
improving, albeit gradually, and demand/supply dynamics remain supportive
at least for the next one to three years. Consequently, I continue to find many
investment opportunities and make use of periods of volatility to buy stocks at
relatively attractive prices.
Dirk Philippa
Fund Manager
31 August 14
* Holdings can vary from those in the index quoted. For this reason the
comparative index is used for reference only.
67
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 68
FIDELITY GLOBAL PROPERTY FUND
P O R T F O L I O I N F O R M AT I O N
31/08/14
%
United States
49.45
Japan
12.51
Hong Kong
11.53
Australia
7.93
Singapore
6.62
United Kingdom
5.78
Luxembourg
1.58
Germany
1.10
Other
2.91
Cash and other net assets/(liabilities)
0.59
FUND FAC TS
28/02/14
%
46.21
12.80
12.32
5.72
7.68
5.56
1.38
0.99
4.62
2.72
INCOME (pence per share)
Interim distribution
XD date
01/09/14
W Income
Shares
1.6326
A Accumulation
Shares
0.9527
Interim distribution
XD date
01/09/14
W Accumulation
Shares
1.2795
Y Accumulation
Shares
1.1581
31/08/14
31/08/13
W Income
Shares
0.95
-
A Accumulation
Shares
1.72
1.74
31/08/14
31/08/13
W Accumulation
Shares
0.96
0.96
Y Accumulation
Shares
1.19
1.21
ONGOING CHARGES (%)
TOP HOLDINGS
The top ten holdings in the fund as at 31 August 2014 and
at the previous year end are shown below.
Top holdings as at 31/08/14
% of total
net assets
Simon Property Real Estate Investment Trust
7.15
Sun Hung Kai Properties
5.09
Mitsui Fudosan
4.84
General Growth Properties
4.08
Fidelity Institutional Liquidity Fund (USD)
3.98
Macerich Company
3.66
Host Hotels and Resorts Real Estate Investment Trust 3.58
Great Portland Estates
3.46
CBL & Associates Properties
2.96
Sun Communities Real Estate Investment Trust
2.89
Top holdings as at 28/02/14
The Ongoing Charges Figure is calculated as the ratio of the annual cost of managing and
operating the fund to the average net asset value; it excludes portfolio transaction costs.
FUND SIZE
Total net Net asset
assets value per
(ВЈm) share (p)1
W Income Shares
31/08/14
31/08/14
Shares
in issue
Total net Net asset
assets value per
Shares
(ВЈm) share (p)1
in issue
A Accumulation Shares
0.2
111.31
206,986
W Accumulation Shares
159.9
133.90 119,360,135
Y Accumulation Shares
21.7
% of total
net assets
Simon Property Real Estate Investment Trust
7.44
Mitsui Fudosan
4.98
Sun Hung Kai Properties
4.94
Macerich Company
3.96
Westfield
3.90
Host Hotels and Resorts Real Estate Investment Trust 2.97
Great Portland Estates
2.89
Avalonbay Communities Real Estate Investment Trust 2.87
Hong Kong Land (SG)
2.84
Sl Green Realty Real Estate Investment Trust
2.75
Footnotes:
1. The net asset value is the accounting value at the period end on a fair
value basis.
68
120.05
18,064,994
1.9
120.96
1,601,117
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 69
FIDELITY GLOBAL PROPERTY FUND
S TAT E M E N T O F T O TA L R E T U R N
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Income
Net capital gains/(losses)
Revenue
Expenses
Finance costs: Interest/other
31/08/13
£’000
£’000
£’000
21,646
3,537
(1,596)
(3)
gggggggggggggggggggg
Net revenue/(expense) before taxation
Taxation
(17,979)
4,421
(2,327)
gggggggggggggggggggg
1,938
(336)
2,094
(396)
gggggggggggggggggggg
gggggggggggggggggggg
Net revenue/(expense) after taxation
1,602
1,698
gggggggggggggggggggg
gggggggggggggggggggg
Total return before distributions
23,248
Finance costs: Distributions
(16,281)
(1,525)
(1,536)
gggggggggggggggggggg
Change in net assets attributable to shareholders from
investment activities
gggggggggggggggggggg
gggggggggggggggggggg
21,723
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
(17,817)
S TAT E M E N T O F C H A N G E I N N E T A S S E T S AT T R I B U TA B L E T O S H A R E H O L D E R S
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Opening net assets attributable to shareholders
Movement due to sales and repurchases of shares
Amounts receivable on issue of shares
Amounts payable on cancellation of shares
31/08/13
£’000
£’000
185,573
27,511
(52,514)
£’000
275,570
29,617
(69,420)
gggggggggggggggggggg
gggggggggggggggggggg
Stamp duty reserve tax
(25,003)
(1)
(39,803)
(8)
21,723
(17,817)
Change in net assets attributable to shareholders from
investment activities (see above)
Retained distribution on accumulation shares
Closing net assets attributable to shareholders
1,387
1,343
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
183,679
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
219,285
BALANCE SHEET
as at 31 August 2014
(unaudited)
31/08/14
£’000
Assets
Investment assets
Derivative assets
Debtors
Cash and bank balances
28/02/14
£’000
£’000
182,495
122
1,512
626
966
5,811
gggggggggggggggggggg
Total assets
Liabilities
Creditors
Bank overdrafts
Net distributions payable on income shares
2,138
6,777
gggggggggggggggggggg
gggggggggggggggggggg
184,755
187,282
gggggggggggggggggggg
gggggggggggggggggggg
(1,073)
(3)
(793)
(916)
-
gggggggggggggggggggg
Total liabilities
gggggggggggggggggggg
(1,076)
gggggggggggggggggggg
Net assets attributable to shareholders
(1,709)
gggggggggggggggggggg
gggggggggggggggggggg
183,679
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.
69
180,505
-
gggggggggggggggggggg
Total other assets
£’000
185,573
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 70
FIDELITY GLOBAL PROPERTY FUND
D I S T R I B U T I O N S TAT E M E N T
for the six month period ended 31 August 2014
(unaudited)
W Income Shares - interim distribution No. 2 in pence per share
Group 1 - Shares purchased on or before 28 February 2014.
Group 2 - Shares purchased from 1 March 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
1.6326
0.8757
Equalisation
0.7569
Amount
distributed
31/10/14
1.6326
1.6326
A Accumulation Shares - interim distribution No. 16 in pence per share
Group 1 - Shares purchased on or before 28 February 2014.
Group 2 - Shares purchased from 1 March 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
0.9527
0.5377
Equalisation
0.4150
Amount
accumulated
31/10/14
Amount
accumulated
31/10/13
0.9527
0.9527
0.7247
0.7247
Amount
accumulated
31/10/14
Amount
accumulated
31/10/13
1.2795
1.2795
1.1378
1.1378
Amount
accumulated
31/10/14
Amount
accumulated
31/10/13
1.1581
1.1581
0.9808
0.9808
W Accumulation Shares - interim distribution No. 4 in pence per share
Group 1 - Shares purchased on or before 28 February 2014.
Group 2 - Shares purchased from 1 March 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
1.2795
0.6376
Equalisation
0.6419
Y Accumulation Shares - interim distribution No. 4 in pence per share
Group 1 - Shares purchased on or before 28 February 2014.
Group 2 - Shares purchased from 1 March 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
1.1581
0.6413
70
Equalisation
0.5168
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:54 Page 71
FIDELITY GLOBAL SPECIAL SITUATIONS FUND
INVESTMENT OBJECTIVE AND POLICY
PERFORMANCE RECORD
The fund’s investment objective is to achieve long term capital growth from a
portfolio primarily made up of the shares of companies around the world. 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 size
or industry, or in terms of the geographical split of the portfolio, 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, cash and deposits.
Derivatives and forward transactions may also be used for investment
purposes.
DISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:
31/08/10
31/08/11
31/08/12
31/08/13
J Accumulation Shares
5.9
2.8
6.5
25.6
31/08/14
11.5
A Accumulation Shares
6.0
2.8
6.5
25.5
11.5
Y Accumulation Shares
-
-
-
26.0
12.0
W Accumulation Shares
-
-
-
-
12.3
7.7
8.0
9.3
18.6
12.7
*Comparative Index
* Comparative Index: MSCI AC World Index (Net)
F U N D M A N AG E R ’ S CO M M E N TA RY
Source: Fidelity and RIMES, bid to bid, UKВЈ, net income reinvested. Benchmark
to 29/02/2012 was MSCI World Index (Net). Performance excludes initial
charge. Past performance is not a reliable indicator of future results.
MARKET REVIEW
Global equities rose over the review period, supported by expectations that
major central banks would retain their accommodative monetary policies.
Investor sentiment was supported by continued strength in the US economy,
with improvements in business and consumer surveys, an improving housing
market and tighter labour market. Japanese equities advanced on monetary
policy reforms and strong corporate earnings announcements. Meanwhile,
Brazilian and Indian equities led the strong performance in emerging markets.
Chinese equities were also buoyed by policymakers’ efforts to support
economic growth. However, there were periods of volatility due to geopolitical
tensions amid an escalation of the conflicts in both Iraq and Ukraine.
RISK PROFILE
If you make regular withdrawals from your investment, this may reduce your
capital over time if the fund’s growth does not compensate for the withdrawals.
The value of your investment can go down as well as up. You may not get back
the amount you invested. What you get back is not guaranteed. It will depend
on investment performance. Investments in small and emerging markets can
be more volatile than other more developed markets. This fund invests in
overseas markets. You may get back more or less as a result of currency
fluctuations. This fund invests more heavily than others in smaller companies,
which can carry a higher risk because their share prices may be more volatile
than those of larger companies. For this fund, derivatives and forward
transactions may be used for investment purposes, as well as for hedging and
other efficient management purposes as permitted for all funds. Where this is
the case, their use may lead to higher volatility in the fund’s share price. The
use of financial derivative instruments may give rise to leverage and result in
increased gains or losses within the fund. For funds that use derivative
transactions, there is a risk that the counterparty to the transaction will wholly
or partially fail to honour its contractual obligations. This may result in financial
loss to the fund. Where appropriate, collateral will be required to reduce
exposure to a counterparty.
PORTFOLIO ACTIVITY
The lack of exposure to Apple hurt relative returns as its share price rose on
positive expectations around its new product launches. Aircraft manufacturer
Airbus Group fell after it terminated Japan-based Skymark Airlines’ purchase
order for six A380s aircraft. German aviation company Lufthansa declined after
its second quarter profits were negatively impacted by a pilot strike in April and
weak demand on certain routes. On a positive note, the holding in India-based
Maruti Suzuki gained amid a broad-based rally in cyclical sectors driven by
positive expectations from the new government, which is seen as business
friendly. Biopharmaceutical company Gilead Services contributed to returns
following strong operational performance, largely due to the success of its
Hepatitis-C drug Sovaldi. Skyworks Solutions, which makes radio frequency
chips for mobile devices, delivered higher-than-expected revenues due to
increased demand for internet-enabled devices. I continued to increase the
exposure to companies that are likely to benefit from corporate change. These
are typically companies that are undergoing near-term restructuring, mergers
and acquisition (M&A) or spin-offs. According to recent data releases, M&A
activity, particularly outside the US, has been very strong in the first half of
2014. I bought a new holding in ING as it is on track to complete its
restructuring in the next 12–18 months, which will enable it to generate greater
shareholder value. A new position was also purchased in Ally Financial, which
is refocusing on its automobile finance division by selling non-core businesses.
I bought a new holding in Lam Research, an attractively valued chip
manufacturer with expertise in complex NAND semiconductor manufacturing. I
funded these purchases by taking profits in Prysmian, Allegion and Safran.
OUTLOOK
I remain positive on the US economy, given continued gains in employment
and the recovery in the housing sector. US stocks do not appear to be too
expensive relative to history in price-to-earnings terms. I also continue to
monitor the macroeconomic situation in Japan, where investor expectations
from the government’s reform agenda are now quite subdued. There have
been some signs of improvement in Europe, but the economy remains sluggish.
Emerging markets, meanwhile, present a mixed picture. While Chinese GDP
forecasts have been upgraded recently, I believe it will take some time before
we can see the full effects of the reform measures.
Jeremy Podger
Fund Manager
31 August 14
* Holdings can vary from those in the index quoted. For this reason the
comparative index is used for reference only.
71
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 72
FIDELITY GLOBAL SPECIAL SITUATIONS FUND
P O R T F O L I O I N F O R M AT I O N
31/08/14
%
United States
56.32
Japan
7.95
United Kingdom
5.51
France
4.97
Switzerland
4.58
Netherlands
3.29
Germany
2.48
China
2.26
Other
12.57
Cash and other net assets/(liabilities)
0.07
FUND FAC TS
28/02/14
%
53.21
8.08
6.52
7.39
3.47
1.35
2.45
2.40
13.25
1.88
The top ten holdings in the fund as at 31 August 2014 and
at the previous year end are shown below.
Walt Disney
Microsoft
Comcast (A)
Aetna
JPMorgan Chase
Fidelity Institutional Liquidity Fund (GBP)
Lowes
Gilead Sciences
Google (A)
KDDI
Top holdings as at 28/02/14
Walt Disney
Google (A)
KDDI
Fidelity Institutional Liquidity Fund (GBP)
Comcast (A)
eBay
Aetna
Morgan Stanley
JPMorgan Chase
Johnson & Johnson
ONGOING CHARGES (%)
31/08/14
31/08/13
A Accumulation
Shares
1.70
1.70
J Accumulation
Shares
1.67
1.67
31/08/14
31/08/13
W Accumulation
Shares
0.95
0.94
Y Accumulation
Shares
1.17
1.17
The Ongoing Charges Figure is calculated as the ratio of the annual cost of managing and
operating the fund to the average net asset value; it excludes portfolio transaction costs.
TOP HOLDINGS
Top holdings as at 31/08/14
INCOME (pence per share)
No distributions were due in the six month period.
FUND SIZE
% of total
net assets
2.85
2.65
2.45
2.42
2.33
2.31
2.28
2.12
2.06
2.05
Total net Net asset
assets value per
Shares
(ВЈm) share (p)1
in issue
A Accumulation Shares
Total net Net asset
assets value per
Shares
(ВЈm) share (p)1
in issue
J Accumulation Shares
1,408.1
2,244.08
62,744,588
W Accumulation Shares
4.5
195.27
2,299,394
Y Accumulation Shares
31/08/14
31/08/14
109.7
% of total
net assets
2.52
2.38
2.38
2.30
2.30
2.28
2.10
1.96
1.94
1.93
Footnotes:
1. The net asset value is the accounting value at the period end on a fair
value basis.
72
2,100.03
5,225,713
6.7
2,195.02
307,468
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 73
FIDELITY GLOBAL SPECIAL SITUATIONS FUND
S TAT E M E N T O F T O TA L R E T U R N
for the six month period ended 31 August 2014
(unaudited)
31/08/14
ВЈ'000
Income
Net capital gains/(losses)
Revenue
Expenses
Finance costs: Interest/other
31/08/13
ВЈ'000
ВЈ'000
ВЈ'000
60,918
14,067
(12,620)
280
gggggggggggggggggggg
Net revenue/(expense) before taxation
Taxation
83,235
19,527
(13,067)
(466)
gggggggggggggggggggg
1,727
(284)
5,994
(1,708)
gggggggggggggggggggg
gggggggggggggggggggg
Net revenue/(expense) after taxation
1,443
4,286
gggggggggggggggggggg
gggggggggggggggggggg
62,361
87,521
Total return before distributions
Finance costs: Equalisation
(16)
(119)
gggggggggggggggggggg
Change in net assets attributable to shareholders from
investment activities
gggggggggggggggggggg
gggggggggggggggggggg
62,345
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
87,402
S TAT E M E N T O F C H A N G E I N N E T A S S E T S AT T R I B U TA B L E T O S H A R E H O L D E R S
for the six month period ended 31 August 2014
(unaudited)
31/08/14
ВЈ'000
Opening net assets attributable to shareholders
Movement due to sales and repurchases of shares
Amounts receivable on issue of shares
Amounts payable on cancellation of shares
31/08/13
ВЈ'000
ВЈ'000
1,532,396
31,473
(97,196)
ВЈ'000
1,476,171
9,625
(80,465)
gggggggggggggggggggg
gggggggggggggggggggg
(65,723)
(2)
Stamp duty reserve tax
Change in net assets attributable to shareholders from
investment activities (see above)
Closing net assets attributable to shareholders
(70,840)
(10)
62,345
87,402
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
1,529,016
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
1,492,723
BALANCE SHEET
as at 31 August 2014
(unaudited)
31/08/14
ВЈ'000
Assets
Investment assets
Derivative assets
Debtors
Cash and bank balances
28/02/14
ВЈ'000
ВЈ'000
1,508,555
22,151
11,379
1,344
Total assets
Liabilities
Derivative liabilities
Creditors
Bank overdrafts
1,487,885
19,544
8,445
48,572
gggggggggggggggggggg
Total other assets
gggggggggggggggggggg
12,723
57,017
gggggggggggggggggggg
gggggggggggggggggggg
1,543,429
1,564,446
gggggggggggggggggggg
gggggggggggggggggggg
(3,411)
(11,002)
-
gggggggggggggggggggg
(11,002)
gggggggggggggggggggg
Total liabilities
(14,413)
Net assets attributable to shareholders
(28,417)
gggggggggggggggggggg
(32,050)
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
1,529,016
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
The fund's financial statements have been prepared on the same basis as the Company's financial statements.
73
(3,633)
(6,650)
(21,767)
gggggggggggggggggggg
Total other liabilities
ВЈ'000
1,532,396
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 74
FIDELITY INDEX EMERGING MARKETS FUND
INVESTMENT OBJECTIVE AND POLICY
PERFORMANCE RECORD
The Fund’s investment objective is to achieve long term capital growth by
closely matching the performance of the MSCI Emerging Markets Index. The
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 ACD
may deem appropriate). In order to manage the cash position of the portfolio,
the ACD may utilise stock index futures as allowed by the regulations.
Over the period since its launch on 6 March to 31 August 2014, the P
accumulation shares of the fund, based on its midday valuation, returned
14.49% with net income reinvested, compared to the MSCI Emerging Markets
Index (Net) market close return of 14.79%.
A discrete 1 year performance table has not been included as the fund does
not have a full twelve month performance record.
Note: This fund is 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.
Source: Fidelity and RIMES, bid to bid, UKВЈ, net income reinvested. Past
performance is not a reliable indicator of future results.
RISK PROFILE
If you make regular withdrawals from your investment, this may reduce your
capital over time if the fund’s growth does not compensate for the withdrawals.
The value of your investment can go down as well as up. You may not get back
the amount you invested. What you get back is not guaranteed. It will depend
on investment performance. Investments in emerging markets can be more
volatile than other more developed markets. This fund invests in overseas
markets. You may get back more or less as a result of currency fluctuations.
The fund may invest in derivatives for the purposes of the efficient
management of the fund. For funds that use derivative transactions, there is a
risk that the counterparty to the transaction will wholly or partially fail to honour
its contractual obligations. This may result in financial loss to the fund. Where
appropriate, collateral will be required to reduce exposure to a counterparty.
The use of financial derivative instruments may give rise to leverage and result
in increased gains or losses within the fund.
F U N D M A N AG E R ’ S CO M M E N TA RY
MARKET REVIEW
Emerging market equities rose during the period. A rebound in Chinese
economic growth supported equities, although there were some concerns over
domestic demand and its manufacturing sector. Gains were partially held back
by escalating geopolitical tensions related to Russia’s forceful annexation of
Crimea. This resulted in the US and the European Union imposing multiple
sanctions against Russian individuals and companies. Nonetheless, Russian
markets advanced after the country’s parliament cancelled an earlier
resolution sanctioning the use of military force in Ukraine.
PORTFOLIO ACTIVITY
The fund aims to achieve long term capital growth by closely matching the
performance of the MSCI Emerging Markets Index (Net). Therefore, the return
of the fund and the index should be similar over time, before costs. However,
the fund is priced at midday, whereas the index is priced based on emerging
market closing prices. This timing difference can cause positive or negative
variations in apparent relative returns and increase the reported tracking error
of the fund. By revaluing the P accumulation shares of the fund at market close
and comparing this return of 14.46% to the return of the index over the period,
the difference in performance amounts to -0.33%. This difference is mainly
explained by this class’ ongoing charges, taxation and transaction costs. Gains
or losses may also be made from currency exchange rates. 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. Please note, the fund’s cash position
does not mean that it is under exposed to the index, as any cash balance is
typically equitised with equity index futures contracts. 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 sector and top
holdings weights more closely match the index.
OUTLOOK
Going forward, China’s focus on promoting domestic consumption as a
sustainable driver of economic expansion may impact equities to some extent.
Nonetheless, strong domestic consumption in emerging markets, will give rise
to attractive investment opportunities in these countries. Therefore, from a
longer term perspective, emerging markets continue to offer many structurally
attractive opportunities across a variety of consumer markets.
Geode Capital Management
Fund Manager
31 August 14
74
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 75
FIDELITY INDEX EMERGING MARKETS FUND2
P O R T F O L I O I N F O R M AT I O N
Financials
Information Technology
Energy
Consumer Discretionary
Materials
Consumer Staples
Telecommunications
Industrials
Other
Cash and other net assets/(liabilities)
FUND FAC TS
31/08/14
%
32.49
12.85
8.27
7.45
6.85
6.36
6.16
5.36
4.17
10.04
The top ten holdings in the fund as at 31 August 2014 are
shown below.
Fidelity Institutional Liquidity Fund (USD)
Samsung Electronics
Taiwan Semiconductor Manufacturing
US Treasury Bill 0.00% 11/12/2014
Tencent
China Mobile
US Treasury Bill 0.00% 22/01/2015
China Construction Bank
Naspers
Industrial & Commercial Bank of China
XD date
01/09/14
P Income Shares
0.1887
W Income Shares
0.1886
31/08/14
P Income Shares
0.23
W Income Shares
0.25
31/08/14
F Accumulation
Shares
0.17
P Accumulation
Shares
0.23
Interim distribution
ONGOING CHARGES (%)
W Accumulation Shares
0.25
31/08/14
The Ongoing Charges Figure is calculated as the ratio of the annual cost of managing and
operating the fund to the average net asset value; it excludes portfolio transaction costs.
TOP HOLDINGS
Top holdings as at 31/08/14
INCOME (pence per share)
FUND SIZE
Total net Net asset
assets value per
(ВЈm) share (p)1
P Income Shares
% of total
net assets
7.30
2.69
2.05
1.71
1.68
1.50
1.22
1.06
1.01
0.97
Shares
in issue
31/08/14
0.1
103.00
39,853
F Accumulation Shares
31/08/14
5.3
31/08/14
1,143.74
463,322
Total net
assets
(ВЈm)
0.2
103.00
194,672
P Accumulation Shares
14.6
114.34
12,894,958
W Accumulation Shares
4.4
Footnotes:
1. The net asset value is the accounting value at the period end on a fair
value basis.
2. The fund launched on 6 March 2014.
75
Net asset
value per
Shares
share (p)1
in issue
W Income Shares
107.10
4,070,163
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 76
FIDELITY INDEX EMERGING MARKETS FUND
S TAT E M E N T O F T O TA L R E T U R N
for the period ended 31 August 2014
(unaudited)
31/08/14
£’000
Income
Net capital gains/(losses)
Revenue
Expenses
£’000
1,938
277
(16)
gggggggggggggggggggg
Net revenue/(expense) before taxation
Taxation
261
(37)
gggggggggggggggggggg
Net revenue/(expense) after taxation
224
gggggggggggggggggggg
Total return before distributions
2,162
Finance costs: Distributions
99
gggggggggggggggggggg
Change in net assets attributable to shareholders from
investment activities
2,261
gggggggggggggggggggg
gggggggggggggggggggg
S TAT E M E N T O F C H A N G E I N N E T A S S E T S AT T R I B U TA B L E T O S H A R E H O L D E R S
for the period ended 31 August 2014
(unaudited)
31/08/14
£’000
Opening net assets attributable to shareholders*
Movement due to sales and repurchases of shares
Amounts receivable on issue of shares
Amounts payable on cancellation of shares
£’000
-
23,495
(1,124)
gggggggggggggggggggg
22,371
12
Dilution levy
Change in net assets attributable to shareholders from
investment activities (see above)
2,261
gggggggggggggggggggg
Closing net assets attributable to shareholders
24,644
gggggggggggggggggggg
gggggggggggggggggggg
* The fund was launched on 6 March 2014.
BALANCE SHEET
as at 31 August 2014
(unaudited)
31/08/14
£’000
Assets
Investment assets
Derivative assets
Debtors
Cash and bank balances
£’000
22,087
83
1,258
1,840
gggggggggggggggggggg
Total other assets
3,098
gggggggggggggggggggg
Total assets
25,268
gggggggggggggggggggg
Liabilities
Creditors
Net distributions payable on income shares
(623)
(1)
gggggggggggggggggggg
Total liabilities
(624)
gggggggggggggggggggg
Net assets attributable to shareholders
24,644
gggggggggggggggggggg
gggggggggggggggggggg
The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.
76
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 77
FIDELITY INDEX EMERGING MARKETS FUND
D I S T R I B U T I O N S TAT E M E N T
for period ended 31 August 2014
(unaudited)
P Income - interim distribution No. 1 in pence per share
Group 1 - See note below*
Group 2 - Shares purchased from 5 August 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
0.1887
0.0517
Equalisation
0.1370
Amount
distributed
18/10/14
0.1887
0.1887
* This share class was launched on 4 August 2014.
W Income Shares - interim distribution No. 1 in pence per share
Group 1 - See note below*
Group 2 - Shares purchased from 5 August 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
0.1886
0.0751
* This share class was launched on 4 August 2014.
77
Equalisation
0.1135
Amount
distributed
18/10/14
0.1886
0.1886
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 78
FIDELITY INDEX EUROPE EX UK FUND
INVESTMENT OBJECTIVE AND POLICY
PERFORMANCE RECORD
The fund’s investment objective is to achieve long term capital growth by
closely matching the performance of the MSCI Europe ex UK Index. The ACD
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
deem appropriate). In order to manage the cash position of the portfolio, the
ACD may utilise stock index futures as allowed by the regulations.
Over the six month period to 31 August 2014, the P accumulation shares of the
fund, based on its midday valuation, returned -1.19% with net income
reinvested, compared to the MSCI Europe ex UK Index (Gross) market close
return of -1.10%.
A discrete 1 year performance table has not been included as the fund
launched on 22 January 2014 and does not have a full twelve month
performance record.`
Note: This fund is 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.
Source: Fidelity and RIMES, bid to bid, UKВЈ, net income reinvested.
Performance excludes initial charge. Past performance is not a reliable
indicator of future results.
RISK PROFILE
If you make regular withdrawals from your investment, this may reduce your
capital over time if the fund’s growth does not compensate for the withdrawals.
The value of your investment can go down as well as up. You may not get back
the amount you invested. What you get back is not guaranteed. It will depend
on investment performance. This fund invests in overseas markets. You may get
back more or less as a result of currency fluctuations. The fund may invest in
derivatives for the purposes of the efficient management of the fund. For funds
that use derivative transactions, there is a risk that the counterparty to the
transaction will wholly or partially fail to honour its contractual obligations. This
may result in financial loss to the fund. Where appropriate, collateral will be
required to reduce exposure to a counterparty. The use of financial derivative
instruments may give rise to leverage and result in increased gains or losses
within the fund.
F U N D M A N AG E R ’ S CO M M E N TA RY
MARKET REVIEW
Developed market European equities declined over the period due to concerns
about the pace of the economic recovery in the region. The weak financial
health of Portuguese bank Banco Espirito Santo and rising geopolitical
tensions, with the US and the European Union imposing sanctions against
Russia, also weighed on markets. However, investor sentiment improved as
European Central Bank President Mario Draghi’s speech triggered optimism
that the central bank was preparing an asset purchase programme to counter
low inflation. Increased corporate merger activity also supported markets.
PORTFOLIO ACTIVITY
The fund aims to achieve long term capital growth by closely matching the
performance of the MSCI Europe ex UK Index (Gross). Therefore, the return of
the fund and the index should be similar over time, before costs. However, the
fund is priced at midday, whereas the index is priced several hours later, when
Europe ex UK stock markets close. This timing difference can cause positive or
negative variations in apparent relative returns and increase the reported
tracking error of the fund. By revaluing the P accumulation shares of the fund
at Europe ex UK market close and comparing this return of -1.76% to the return
of the index over the period, the difference in performance amounts to -0.66%.
This difference is mainly explained by this class’ ongoing charges, taxation and
transaction costs. Gains or losses may also be made from currency exchange
rates. 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. Please note, the
fund’s cash position does not mean that it is under exposed to the index, as
any cash balance is typically equitised with equity index futures contracts. 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
sector and top holdings weights more closely match the index.
OUTLOOK
Valuations of European equities have normalised. As the economic recovery
that the market was anticipating has not materialised, investors are likely to
focus on higher quality stocks with sustainable growth potential. Meanwhile,
global growth expectations, healthy corporate balance sheets and an increase
in merger activity are likely to support equities going forward.
Geode Capital Management
Fund Manager
31 August 14
78
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 79
FIDELITY INDEX EUROPE EX UK FUND
P O R T F O L I O I N F O R M AT I O N
31/08/14
%
France
20.49
Switzerland
19.33
Germany
18.75
Spain
7.64
Sweden
6.33
Netherlands
5.97
Italy
4.98
Denmark
3.15
Other
9.32
Cash and other net assets/(liabilities)
4.04
FUND FAC TS
28/02/14
%
21.07
19.52
19.86
7.18
6.87
6.04
4.74
2.91
8.58
3.23
INCOME (pence per share)
XD date
01/09/14
P Income Shares
0.0327
W Income Shares
0.0327
31/08/14
P Income Shares
0.10
W Income Shares
0.12
31/08/14
F Accumulation
Shares
0.09
P Accumulation
Shares
0.12
Interim distribution
ONGOING CHARGES (%)
W Accumulation
Shares
0.12
31/08/14
TOP HOLDINGS
The Ongoing Charges Figure is calculated as the ratio of the annual cost of managing and
operating the fund to the average net asset value; it excludes portfolio transaction costs.
The top ten holdings in the fund as at 31 August 2014 and
at the previous year end are shown below.
Top holdings as at 31/08/14
Nestle (Reg'd)
Novartis (Reg'd)
Roche
Total (B)
Sanofi-Aventis
Banco Santander Central Hispano
Bayer
Siemens (Bearer)
BASF
Novo Nordisk (B)
Top holdings as at 28/02/14
Nestle (Reg'd)
Roche
Novartis (Reg'd)
Total (B)
Sanofi-Aventis
Bayer
BASF
Siemens (Bearer)
Banco Santander Central Hispano
Novo Nordisk (B)
FUND SIZE
Total net Net asset
assets value per
(ВЈm) share (p)1
P Income Shares
% of total
net assets
3.97
3.28
3.25
2.25
2.08
1.92
1.77
1.58
1.51
1.45
31/08/14
Shares
in issue
0.1
102.46
61,531
F Accumulation Shares
31/08/14
12.3
31/08/14
1,002.26
1,240,722
Total net
assets
(ВЈm)
0.1
102.46
16,876
P Accumulation Shares
10.6
100.20
10,578,029
W Accumulation Shares
9.1
% of total
net assets
3.89
3.43
3.05
2.19
1.95
1.83
1.66
1.66
1.64
1.50
Footnotes:
1. The net asset value is the accounting value at the period end on a fair
value basis.
79
Net asset
value per
Shares
share (p)1
in issue
W Income Shares
96.20
9,426,921
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 80
FIDELITY INDEX EUROPE EX UK FUND
S TAT E M E N T O F T O TA L R E T U R N
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Income
Net capital gains/(losses)
Revenue
Expenses
£’000
(401)
273
(8)
gggggggggggggggggggg
Net revenue/(expense) before taxation
Taxation
265
(30)
gggggggggggggggggggg
Net revenue/(expense) after taxation
235
gggggggggggggggggggg
Total return before distributions
(166)
Finance costs: Distributions
254
gggggggggggggggggggg
Change in net assets attributable to shareholders from
investment activities
88
gggggggggggggggggggg
gggggggggggggggggggg
S TAT E M E N T O F C H A N G E I N N E T A S S E T S AT T R I B U TA B L E T O S H A R E H O L D E R S
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Opening net assets attributable to shareholders
Movement due to sales and repurchases of shares
Amounts receivable on issue of shares
Amounts payable on cancellation of shares
£’000
5,533
31,983
(5,420)
gggggggggggggggggggg
26,563
Change in net assets attributable to shareholders from
investment activities (see above)
88
gggggggggggggggggggg
Closing net assets attributable to shareholders
32,184
gggggggggggggggggggg
gggggggggggggggggggg
BALANCE SHEET
as at 31 August 2014
(unaudited)
31/08/14
£’000
Assets
Investment assets
Derivative assets
Debtors
Cash and bank balances
28/02/14
£’000
£’000
30,864
14
28,540
214
Total assets
Liabilities
Derivative liabilities
Creditors
5,356
116
162
gggggggggggggggggggg
Total other assets
£’000
gggggggggggggggggggg
28,754
278
gggggggggggggggggggg
gggggggggggggggggggg
59,632
5,634
gggggggggggggggggggg
gggggggggggggggggggg
(1)
(27,448)
(100)
gggggggggggggggggggg
Total other liabilities
gggggggggggggggggggg
(27,448)
gggggggggggggggggggg
Total liabilities
(27,448)
gggggggggggggggggggg
Net assets attributable to shareholders
(101)
gggggggggggggggggggg
gggggggggggggggggggg
32,184
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.
80
(100)
gggggggggggggggggggg
5,533
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 81
FIDELITY INDEX EUROPE EX UK FUND
D I S T R I B U T I O N S TAT E M E N T
for the six month period ended 31 August 2014
(unaudited)
P Income Shares - interim distribution No. 1 in pence per share
Group 1 - See note below*
Group 2 - Shares purchased from 5 August 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
0.0327
0.0143
Equalisation
0.0184
Amount
distributed
18/10/14
0.0327
0.0327
* This share class was launched on 4 August 2014.
W Income Shares - interim distribution No. 1 in pence per share
Group 1 - See note below*
Group 2 - Shares purchased from 5 August 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
0.0327
-
* This share class was launched on 4 August 2014.
81
Equalisation
0.0327
Amount
distributed
18/10/14
0.0327
0.0327
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 82
FIDELITY INDEX JAPAN FUND
OUTLOOK
The performance of Japanese stocks has started to improve as negative
factors are already priced in and risk aversion has eased. Global growth is
generally improving and there are some signs that activity could accelerate,
led by the US. This would be positive for Japanese exporters. The Japanese
economy is gradually recovering from the effects of April’s sales tax hike,
though the market has seen some volatility, and government-led reform
measures are positive from an equity perspective. Corporate earnings are firm
and earnings visibility is improving, with many Japanese companies likely to
exceed their conservative guidance. Meanwhile, valuation multiples continue
to look undemanding compared with other major markets.
INVESTMENT OBJECTIVE AND POLICY
The fund’s investment objective is to achieve long term capital growth by
closely matching the performance of the MSCI Japan Index. The ACD will aim
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).
In order to manage the cash position of the portfolio, the ACD may utilise stock
index futures as allowed by the regulations.
Note: This fund is 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.
Geode Capital Management
Fund Manager
31 August 14
PERFORMANCE RECORD
Over the six month period to 31 August 2014, the P accumulation shares of the
fund returned 3.72% with net income reinvested, compared to the MSCI Japan
Index (Net) market close return of 4.54%.
A discrete 1 year performance table has not been included as the fund does
not have a full twelve month performance record.
Source: Fidelity and RIMES, bid to bid, UKВЈ, net income reinvested.
Performance excludes initial charge. Past performance is not a reliable
indicator of future results.
F U N D M A N AG E R ’ S CO M M E N TA RY
MARKET REVIEW
After a disappointing start to the year, the Japanese market rebounded from
mid-May. Improving US economic indicators and signs of a recovery in China
enhanced the global growth outlook, which is positive for Japanese exporters,
while concerns about the impact of Japan’s sales tax hike started to ease.
Meanwhile, Prime Minister Shinzo Abe announced the government’s revised
growth strategy and share prices responded positively to largely upbeat firstquarter earnings results. The Japanese market slid sharply in early August,
however, as heightened geopolitical risks and disappointing macroeconomic
news flow hurt sentiment. Although stocks subsequently rebounded, aided by
renewed yen weakness, which makes exports cheaper, they fell again towards
the end of the period.
RISK PROFILE
If you make regular withdrawals from your investment, this may reduce your
capital over time if the fund’s growth does not compensate for the withdrawals.
The value of your investment can go down as well as up. You may not get back
the amount you invested. What you get back is not guaranteed. It will depend
on investment performance. This fund invests in overseas markets. You may get
back more or less as a result of currency fluctuations. The fund may invest in
derivatives for the purposes of the efficient management of the fund. For funds
that use derivative transactions, there is a risk that the counterparty to the
transaction will wholly or partially fail to honour its contractual obligations. This
may result in financial loss to the fund. Where appropriate, collateral will be
required to reduce exposure to a counterparty. The use of financial derivative
instruments may give rise to leverage and result in increased gains or losses
within the fund.
PORTFOLIO ACTIVITY
The fund aims to achieve long-term capital growth by closely matching the
performance of the MSCI Japan Index (Net). Therefore, the return of the fund
and the index should be similar over time, before costs. However, the fund is
priced at midday, whereas the index is priced several hours earlier, when the
Japanese stock market closes. This timing difference can cause positive or
negative variations in apparent relative returns and increase the reported
tracking error of the fund. By revaluing the P accumulation shares of the fund
at Japan market close and comparing this return of 4.25% to the return of the
index over the period, the difference in performance amounts to -0.29%. This
difference is mainly explained by this class’ ongoing charges, taxation and
transaction costs. Gains or losses may also be made from currency exchange
rates. The fund belongs to a group known as “passive” or “index tracker” funds,
whereby the portfolio holds securities that are representative of the index. The
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. Please note, the
fund’s cash position does not mean that it is under exposed to the index, as
any cash balance is typically equitised with equity index futures contracts. 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
sector and top holdings weights more closely match the index.
82
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 83
FIDELITY INDEX JAPAN FUND
P O R T F O L I O I N F O R M AT I O N
31/08/14
%
Electrical Machinery
13.92
Transport Equipment
12.61
Banks
9.02
Information & Communication
6.78
Chemicals
5.17
Pharmaceuticals
5.13
Machinery
4.72
Wholesale
4.28
Other
36.73
Cash and other net assets/(liabilities)
1.64
FUND FAC TS
28/02/14
%
13.73
13.06
9.80
6.85
4.97
5.17
4.58
4.10
36.12
1.62
The top ten holdings in the fund as at 31 August 2014 and
at the previous year end are shown below.
Toyota Motor
Mitsubishi UFJ Financial
Softbank
Honda Motor
Sumitomo Mitsui Financial
Mizuho Financial
Canon
Japan Tobacco
Hitachi
Takeda Pharmaceutical
Top holdings as at 28/02/14
Toyota Motor
Mitsubishi UFJ Financial
Softbank
Honda Motor
Sumitomo Mitsui Financial
Mizuho Financial
Takeda Pharmaceutical
Hitachi
Canon
Japan Tobacco
XD date
01/09/14
P Income Shares
0.0264
W Income Shares
0.0264
31/08/14
P Income Shares
0.10
W Income Shares
0.12
31/08/14
F Accumulation
Shares
0.09
P Accumulation
Shares
0.12
Interim distribution
ONGOING CHARGES (%)
W Accumulation Shares
0.12
31/08/14
The Ongoing Charges Figure is calculated as the ratio of the annual cost of managing and
operating the fund to the average net asset value; it excludes portfolio transaction costs.
TOP HOLDINGS
Top holdings as at 31/08/14
INCOME (pence per share)
FUND SIZE
Total net Net asset
assets value per
(ВЈm) share (p)1
P Income Shares
% of total
net assets
5.64
2.61
2.51
1.96
1.84
1.56
1.37
1.35
1.33
1.33
31/08/14
Shares
in issue
0.1
99.86
98,102
F Accumulation Shares
31/08/14
13.1
31/08/14
984.87
1,328,225
Total net
assets
(ВЈm)
0.2
99.86
159,768
P Accumulation Shares
6.0
98.47
6,129,780
W Accumulation Shares
6.3
% of total
net assets
5.72
2.77
2.70
2.17
2.15
1.79
1.48
1.38
1.38
1.31
Footnotes:
1. The net asset value is the accounting value at the period end on a fair
value basis.
83
Net asset
value per
Shares
share (p)1
in issue
W Income Shares
105.35
6,008,082
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 84
FIDELITY INDEX JAPAN FUND
S TAT E M E N T O F T O TA L R E T U R N
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Income
Net capital gains/(losses)
Revenue
Expenses
£’000
473
93
(7)
gggggggggggggggggggg
Net revenue/(expense) before taxation
Taxation
86
(9)
gggggggggggggggggggg
Net revenue/(expense) after taxation
77
gggggggggggggggggggg
Total return before distributions
550
Finance costs: Distributions
92
gggggggggggggggggggg
Change in net assets attributable to shareholders from
investment activities
642
gggggggggggggggggggg
gggggggggggggggggggg
S TAT E M E N T O F C H A N G E I N N E T A S S E T S AT T R I B U TA B L E T O S H A R E H O L D E R S
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Opening net assets attributable to shareholders
Movement due to sales and repurchases of shares
Amounts receivable on issue of shares
Amounts payable on cancellation of shares
£’000
5,818
23,930
(4,686)
gggggggggggggggggggg
19,244
Change in net assets attributable to shareholders from
investment activities (see above)
642
gggggggggggggggggggg
Closing net assets attributable to shareholders
25,704
gggggggggggggggggggg
gggggggggggggggggggg
BALANCE SHEET
as at 31 August 2014
(unaudited)
31/08/14
£’000
Assets
Investment assets
Debtors
Cash and bank balances
28/02/14
£’000
£’000
25,283
732
398
Total assets
Liabilities
Derivative liabilities
Creditors
5,725
8
108
gggggggggggggggggggg
Total other assets
gggggggggggggggggggg
1,130
116
gggggggggggggggggggg
gggggggggggggggggggg
26,413
5,841
gggggggggggggggggggg
gggggggggggggggggggg
(1)
(708)
gggggggggggggggggggg
(708)
gggggggggggggggggggg
Total liabilities
(709)
Net assets attributable to shareholders
(18)
gggggggggggggggggggg
(23)
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
25,704
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.
84
(5)
(18)
gggggggggggggggggggg
Total other liabilities
£’000
5,818
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 85
FIDELITY INDEX JAPAN FUND
D I S T R I B U T I O N S TAT E M E N T
for the six month period ended 31 August 2014
(unaudited)
P Income Shares - interim distribution No. 1 in pence per share
Group 1 - See note below*
Group 2 - Shares purchased from 5 August 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
0.0264
0.0243
Equalisation
0.0021
Amount
distributed
18/10/14
0.0264
0.0264
* This share class was launched on 4 August 2014.
W Income Shares - interim distribution No. 1 in pence per share
Group 1 - See note below*
Group 2 - Shares purchased from 5 August 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
0.0264
0.0215
* This share class was launched on 4 August 2014.
85
Equalisation
0.0049
Amount
distributed
18/10/14
0.0264
0.0264
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 86
FIDELITY INDEX PACIFIC EX JAPAN FUND
OUTLOOK
There is significant growth potential arising from ongoing changes in the
Pacific ex Japan region. In Australia, cost cutting measures by mining
companies; higher consumption aided by low interest rates; and attractive
dividend yields and high corporate governance standards are likely to
continue to attract investor interest. China is a key driver of market
performance in the region. Structural reforms initiated by the government are
expected to expand domestic demand and revitalise private sectors. Growth
in developed markets is also likely to boost exports from the region.
INVESTMENT OBJECTIVE AND POLICY
The fund’s investment objective is to achieve long term capital growth by
closely matching the performance of the MSCI Pacific ex Japan Index. The 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 may
deem appropriate). In order to manage the cash position of the portfolio, the
ACD may utilise stock index futures as allowed by the regulations.
Note: This fund is 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.
Geode Capital Management
Fund Manager
31 August 14
PERFORMANCE RECORD
Over the six month period to 31 August 2014, the P accumulation shares of the
fund, based on its midday valuation, returned 11.51% with net income
reinvested, compared to the MSCI Pacific ex Japan Index (Net) return of
12.09%.
A discrete 1 year performance table has not been included as the fund
launched on 6 February 2014 and does not have a full twelve month
performance record.
Source: Fidelity and RIMES, bid to bid, UKВЈ, net income reinvested.
Performance excludes initial charge. Past performance is not a reliable
indicator of future results.
F U N D M A N AG E R ’ S CO M M E N TA RY
RISK PROFILE
MARKET REVIEW
Pacific ex Japan stock markets advanced over the six-month period. In
Australia, resilient earnings growth and attractive yields supported
performance. Given its close linkages with China, investor sentiment in Hong
Kong improved following the announcement of reform measures to support the
Chinese property market. Notable among these was the People’s Bank of
China’s new monetary policy tool, which aims to offer targeted support for the
property sector. At the sector level, financials rose strongly, with robust gains
across banking, real estate, diversified financial companies and insurance
providers. However, the consumer discretionary sector declined. Notably, fears
that slower growth in China and the country’s attempts to curb corruption would
limit high net worth tourists weighed on Macau-based casino operators.
If you make regular withdrawals from your investment, this may reduce your
capital over time if the fund’s growth does not compensate for the withdrawals.
The value of your investment can go down as well as up. You may not get back
the amount you invested. What you get back is not guaranteed. It will depend
on investment performance. Investments in emerging markets can be more
volatile than other more developed markets. This fund invests in overseas
markets. You may get back more or less as a result of currency fluctuations.
The fund may invest in derivatives for the purposes of the efficient
management of the fund. For funds that use derivative transactions, there is a
risk that the counterparty to the transaction will wholly or partially fail to honour
its contractual obligations. This may result in financial loss to the fund. Where
appropriate, collateral will be required to reduce exposure to a counterparty.
The use of financial derivative instruments may give rise to leverage and result
in increased gains or losses within the fund.
PORTFOLIO ACTIVITY
The fund aims to achieve long term capital growth by closely matching the
performance of the MSCI Pacific ex Japan Index (Net). Therefore, the return of
the fund and the index should be similar over time, before costs. However, the
fund is priced at midday, whereas the index is priced earlier, when Pacific ex
Japan stock markets close. This timing difference can cause positive or
negative variations in apparent relative returns and increase the reported
tracking error of the fund. By revaluing the P accumulation shares of the fund
at Pacific ex Japan market close and comparing this return of 12.03% to the
return of the index over the period, the difference in performance amounts to
-0.06%. This difference is mainly explained by this class’ ongoing charges,
taxation and transaction costs. Gains or losses may also be made from
currency exchange rates. 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. Please note, the fund’s cash position does not mean that it is
under exposed to the index, as any cash balance is typically equitised with
equity index futures contracts. 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 sector and top holdings weights more closely match
the index.
86
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 87
FIDELITY INDEX PACIFIC EX JAPAN FUND
P O R T F O L I O I N F O R M AT I O N
31/08/14
%
Financials
50.95
Materials
10.92
Industrials
8.16
Consumer Staples
5.99
Consumer Discretionary
5.41
Energy
7.38
Telecommunications
3.39
Health Care
2.90
Other
0.52
Cash and other net assets/(liabilities)
4.38
FUND FAC TS
28/02/14
%
50.68
12.24
8.55
6.61
6.80
7.01
3.28
2.98
0.50
1.35
INCOME (pence per share)
XD date
01/09/14
P Income Shares
0.6060
W Income Shares
0.6061
31/08/14
P Income Shares
0.13
W Income Shares
0.15
31/08/14
F Accumulation
Shares
0.11
P Accumulation
Shares
0.16
Interim distribution
ONGOING CHARGES (%)
W Accumulation Shares
0.15
31/08/14
The Ongoing Charges Figure is calculated as the ratio of the annual cost of managing and
operating the fund to the average net asset value; it excludes portfolio transaction costs.
TOP HOLDINGS
The top ten holdings in the fund as at 31 August 2014 and
at the previous year end are shown below.
FUND SIZE
Top holdings as at 31/08/14
Commonwealth Bank of Australia
BHP Billiton (AU)
Westpac Banking
Australia & New Zealand Banking
National Australia Bank
AIA
Wesfarmers
Woolworths (AU)
CSL
Woodside Petroleum
Top holdings as at 28/02/14
BHP Billiton (AU)
Commonwealth Bank of Australia
Westpac Banking
ANZ Banking (AU)
National Australia Bank
AIA
Wesfarmers
Woolworths (AU)
CSL
Hutchison Whampoa
Total net Net asset
assets value per
(ВЈm) share (p)1
P Income Shares
% of total
net assets
6.88
6.13
5.67
4.77
4.31
3.65
2.57
2.37
1.84
1.65
31/08/14
Shares
in issue
0.1
102.23
34,456
F Accumulation Shares
31/08/14
11.4
31/08/14
1,156.86
988,002
Total net
assets
(ВЈm)
0.3
102.23
325,253
P Accumulation Shares
4.5
115.67
3,859,968
W Accumulation Shares
3.6
% of total
net assets
6.90
6.72
5.78
4.95
4.57
3.74
2.76
2.54
1.95
1.78
Footnotes:
1. The net asset value is the accounting value at the period end on a fair
value basis.
87
Net asset
value per
Shares
share (p)1
in issue
W Income Shares
105.71
3,401,551
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 88
FIDELITY INDEX PACIFIC EX JAPAN FUND
S TAT E M E N T O F T O TA L R E T U R N
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Income
Net capital gains/(losses)
Revenue
Expenses
Finance costs: Interest/other
£’000
1,049
241
(8)
(2)
gggggggggggggggggggg
Net revenue/(expense) before taxation
Taxation
231
(4)
gggggggggggggggggggg
Net revenue/(expense) after taxation
227
gggggggggggggggggggg
Total return before distributions
1,276
Finance costs: Distributions
105
gggggggggggggggggggg
Change in net assets attributable to shareholders from
investment activities
1,381
gggggggggggggggggggg
gggggggggggggggggggg
S TAT E M E N T O F C H A N G E I N N E T A S S E T S AT T R I B U TA B L E T O S H A R E H O L D E R S
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Opening net assets attributable to shareholders
Movement due to sales and repurchases of shares
Amounts receivable on issue of shares
Amounts payable on cancellation of shares
£’000
6,366
19,135
(7,024)
gggggggggggggggggggg
12,111
Change in net assets attributable to shareholders from
investment activities (see above)
1,381
gggggggggggggggggggg
Closing net assets attributable to shareholders
19,858
gggggggggggggggggggg
gggggggggggggggggggg
BALANCE SHEET
as at 31 August 2014
(unaudited)
31/08/14
£’000
Assets
Investment assets
Derivative assets
Debtors
Cash and bank balances
28/02/14
£’000
£’000
18,988
1
11,322
1,025
56
62
gggggggggggggggggggg
Total assets
Liabilities
Creditors
Net distributions payable on income shares
12,347
118
gggggggggggggggggggg
gggggggggggggggggggg
31,336
6,399
gggggggggggggggggggg
gggggggggggggggggggg
(11,476)
(2)
(33)
-
gggggggggggggggggggg
Total liabilities
gggggggggggggggggggg
(11,478)
Net assets attributable to shareholders
(33)
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
19,858
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.
88
6,277
4
gggggggggggggggggggg
Total other assets
£’000
6,366
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 89
FIDELITY INDEX PACIFIC EX JAPAN FUND
D I S T R I B U T I O N S TAT E M E N T
for the six month period ended 31 August 2014
(unaudited)
P Income Shares - interim distribution No. 1 in pence per share
Group 1 - See note below*
Group 2 - Shares purchased from 5 August 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
0.6060
0.1420
Equalisation
0.4640
Amount
distributed
18/10/14
0.6060
0.6060
* This share class was launched on 4 August 2014.
W Income Shares - interim distribution No. 1 in pence per share
Group 1 - See note below*
Group 2 - Shares purchased from 5 August 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
0.6061
0.2047
* This share class was launched on 4 August 2014.
89
Equalisation
0.4014
Amount
distributed
18/10/14
0.6061
0.6061
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 90
FIDELITY INDEX UK FUND
(FORMERLY FIDELITY MONEYBUILDER UK INDEX FUND)
INVESTMENT OBJECTIVE AND POLICY
PERFORMANCE RECORD
The fund’s investment objective is to achieve long term capital growth by
closely matching the performance of the FT-SE Actuaries All-Share Index. The
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
as the ACD may deem appropriate). In order to manage the cash position of
the portfolio, the ACD may utilise stock index futures as allowed by the
regulations. Note: 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. "FTSEв„ў" and "FT-SEВ®" are trade marks of the
London Stock Exchange Plc and The Financial Times Limited and are used by
FTSE International Limited under licence. "All-Shareв„ў" is a trade mark of FTSE
International Limited.
DISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:
31/08/10
31/08/11
31/08/12
31/08/13
31/08/14
A Accumulation Shares
8.2
6.6
11.6
18.4
9.1
F Accumulation Shares
-
-
-
-
-
I Accumulation Shares
-
-
-
-
-
P Accumulation Shares
-
-
-
-
-
W Accumulation Shares
-
-
-
-
-
P Income Shares
-
-
-
-
-
W Income Shares
-
-
-
-
-
9.0
7.1
12.5
19.0
9.6
*Comparative Index
* Comparative Index: FTSE All Share Mid Day TR
Source: Fidelity and RIMES, bid to bid, UKВЈ, net income reinvested.
Performance excludes initial charge. Past performance is not a reliable
indicator of future results.
RISK PROFILE
If you make regular withdrawals from your investment, this may reduce your
capital over time if the fund’s growth does not compensate for the withdrawals.
The value of your investment can go down as well as up. You may not get back
the amount you invested. What you get back is not guaranteed. It will depend
on investment performance. The fund may invest in derivatives for the purposes
of the efficient management of the fund. For funds that use derivative
transactions, there is a risk that the counterparty to the transaction will wholly
or partially fail to honour its contractual obligations. This may result in financial
loss to the fund. Where appropriate, collateral will be required to reduce
exposure to a counterparty. The use of financial derivative instruments may
give rise to leverage and result in increased gains or losses within the fund.
F U N D M A N AG E R ’ S CO M M E N TA RY
MARKET REVIEW
The UK stock market advanced over the period, as increasing corporate activity
and positive economic data in the UK supported investor sentiment. However,
there were periods of volatility, largely owing to geopolitical tensions in the
Middle East and Ukraine, while speculation of an increase in interest rates in
the UK also held back overall market performance. There was a marked
change in market conditions in the first half of the period, as growth-oriented
stocks, particularly in small-sized companies, started to underperform, with
value and especially large-cap value shares performing the best. At a sector
level, utilities, oil & gas and health care were the best performers, while
telecommunications, consumer services, industrials and technology stocks
recorded negative returns.
PORTFOLIO ACTIVITY
The fund aims to achieve long-term capital growth by closely matching the
performance of the index. Therefore, the return of the fund and the index
should be similar over time, before costs. 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. Please note, the fund’s cash position does not mean
that it is under exposed to the index, as any cash balance is typically equitised
with equity index futures contracts. This helps to efficiently manage cash flows
in the fund at reduced costs. When taking into account exposure achieved by
these futures contracts, the fund’s sector and top holdings weights more closely
match the index.
OUTLOOK
The economic recovery in the UK is gaining strength, inflation is below the Bank
of England’s (BoE) 2% target and unemployment has declined further. Against
this backdrop, there are increasing expectations that the BoE may increase
interest rates. Nevertheless, when the central bank does decide to increase
interest rates, it is likely to be gradual and to remain below average historical
levels for some time to come.
Geode Capital Management
Fund Manager
31 August 14
90
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 91
FIDELITY INDEX UK FUND
P O R T F O L I O I N F O R M AT I O N
31/08/14
%
Financials
27.92
Oil & Gas
14.05
Consumer Goods
12.98
Consumer Services
9.64
Industrials
9.41
Health Care
7.95
Basic Materials
7.60
Telecommunications
4.18
Other
5.18
Cash and other net assets/(liabilities)
1.09
FUND FAC TS
28/02/14
%
23.29
12.60
11.70
9.69
9.03
6.97
7.19
4.45
5.00
10.08
TOP HOLDINGS
The top ten holdings in the fund as at 31 August 2014 and
at the previous year end are shown below.
Top holdings as at 31/08/14
HSBC (UK) (Reg'd)
Fidelity Institutional Liquidity Fund (GBP)
Royal Dutch Shell A (UK)
BP
GlaxoSmithKline
British American Tobacco
Royal Dutch Shell B (UK)
AstraZeneca
Vodafone
Diageo
Top holdings as at 28/02/14
HSBC (UK) (Reg’d)
BP
Royal Dutch Shell A (UK)
GlaxoSmithKline
Vodafone
British American Tobacco
Royal Dutch Shell B (UK)
Fidelity Institutional Liquidity Fund (GBP)
AstraZeneca
Diageo
(FORMERLY FIDELITY MONEYBUILDER UK INDEX FUND)
% of total
net assets
5.58
4.86
4.30
3.99
3.21
3.01
2.80
2.60
2.46
2.01
INCOME (pence per share)
XD date
01/09/14
P Income Shares
0.5163
W Income Shares
0.5165
31/08/14
31/08/13
P Income Shares
0.07
-
W Income Shares
0.09
-
31/08/14
31/08/13
A Accumulation
Shares
0.30
0.30
F Accumulation
Shares
0.05
-
31/08/14
31/08/13
I Accumulation
Shares
0.15
-
P Accumulation
Shares
0.07
-
Interim distribution
ONGOING CHARGES (%)
W Accumulation
Shares
0.09
-
31/08/14
31/08/13
The Ongoing Charges Figure is calculated as the ratio of the annual cost of managing and
operating the fund to the average net asset value; it excludes portfolio transaction costs.
FUND SIZE
Total net Net asset
assets value per
(ВЈm) share (p)1
P Income Shares
Shares
in issue
Total net
assets
(ВЈm)
Net asset
value per
Shares
share (p)1
in issue
W Income Shares
31/08/14
0.2
101.91
174,640
A Accumulation Shares
3.6
101.91
3,522,396
F Accumulation Shares
% of total
net assets
31/08/14
985.5
85.05 1,158,807,219
I Accumulation Shares
33.2
1,033.77
3,215,402
P Accumulation Shares
4.94
3.91
3.51
3.39
2.76
2.56
2.41
2.31
2.11
1.96
31/08/14
9.8
105.68
9,228,393
W Accumulation Shares
31/08/14
88.0
Footnotes:
1. The net asset value is the accounting value at the period end on a fair
value basis.
91
100.51
87,578,984
174.3
103.36
168,609,356
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 92
FIDELITY INDEX UK FUND
(FORMERLY FIDELITY MONEYBUILDER UK INDEX FUND)
S TAT E M E N T O F T O TA L R E T U R N
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Income
Net capital gains/(losses)
Revenue
Expenses
Finance costs: Interest/other
31/08/13
£’000
£’000
£’000
(6,044)
26,676
(1,656)
(10)
gggggggggggggggggggg
Net revenue/(expense) before taxation
Taxation
25,107
23,686
(1,528)
gggggggggggggggggggg
25,010
(63)
22,158
(111)
gggggggggggggggggggg
gggggggggggggggggggg
Net revenue/(expense) after taxation
24,947
22,047
gggggggggggggggggggg
gggggggggggggggggggg
18,903
47,154
Total return before distributions
Finance costs: Distributions
738
(22,047)
gggggggggggggggggggg
Change in net assets attributable to shareholders from
investment activities
gggggggggggggggggggg
gggggggggggggggggggg
19,641
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
25,107
S TAT E M E N T O F C H A N G E I N N E T A S S E T S AT T R I B U TA B L E T O S H A R E H O L D E R S
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Opening net assets attributable to shareholders
Movement due to sales and repurchases of shares
Amounts receivable on issue of shares
Amounts payable on cancellation of shares
31/08/13
£’000
£’000
1,160,071
299,709
(184,661)
£’000
984,414
37,919
(30,251)
gggggggggggggggggggg
gggggggggggggggggggg
Stamp duty reserve tax
115,048
(142)
7,668
(329)
19,641
25,107
Change in net assets attributable to shareholders from
investment activities (see above)
Retained distribution on accumulation shares
Closing net assets attributable to shareholders
-
22,177
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
1,294,618
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
1,039,037
BALANCE SHEET
as at 31 August 2014
(unaudited)
31/08/14
£’000
Assets
Investment assets
Derivative assets
Debtors
Cash and bank balances
28/02/14
£’000
£’000
1,278,987
1,606
13,325
3,604
12,515
118,648
gggggggggggggggggggg
Total assets
Liabilities
Creditors
Bank overdrafts
Net distributions payable on income shares
16,929
131,163
gggggggggggggggggggg
gggggggggggggggggggg
1,297,522
1,174,466
gggggggggggggggggggg
gggggggggggggggggggg
(2,885)
(19)
(2,116)
(12,279)
-
gggggggggggggggggggg
Total liabilities
gggggggggggggggggggg
(2,904)
gggggggggggggggggggg
Net assets attributable to shareholders
(14,395)
gggggggggggggggggggg
gggggggggggggggggggg
1,294,618
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.
92
1,037,452
5,851
gggggggggggggggggggg
Total other assets
£’000
1,160,071
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 93
FIDELITY INDEX UK FUND
(FORMERLY FIDELITY MONEYBUILDER UK INDEX FUND)
D I S T R I B U T I O N S TAT E M E N T
for the six month period ended 31 August 2014
(unaudited)
P Income Shares - interim distribution No. 1 in pence per share
Group 1 - See note below*
Group 2 - Shares purchased from 5 August 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
0.5163
0.1729
Equalisation
0.3434
Amount
distributed
18/10/14
0.5163
0.5163
* This share class was launched on 4 August 2014.
W Income Shares - interim distribution No. 1 in pence per share
Group 1 - See note below*
Group 2 - Shares purchased from 5 August 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
0.5165
0.0166
* This share class was launched on 4 August 2014.
93
Equalisation
0.4999
Amount
distributed
18/10/14
0.5165
0.5165
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 94
FIDELITY INDEX US FUND
(FORMERLY FIDELITY MONEYBUILDER US INDEX FUND)
OUTLOOK
Despite US equities reaching record highs, valuations do not appear to be
overextended compared to history. As always, it is important to consider the
context – we are still in an environment of record low interest rates and the US
earnings outlook is both robust and improving. Moreover, the broader US
economy is supported by a number of structural factors, such as the shale oil
boom, and corporate confidence is at its highest in a long time as is evident
from the marked pick-up in M&A activity.
INVESTMENT OBJECTIVE AND POLICY
The fund’s investment objective is to achieve long term capital growth by
closely matching the performance of the S&P 500 index. The ACD will aim to
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
order to manage the cash position of the portfolio, the ACD may utilise stock
index futures as allowed by the regulations.
Geode Capital Management
Fund Manager
31 August 14
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 Trademark 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 Entities. 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 determination 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.
PERFORMANCE RECORD
DISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:
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.
31/08/10
31/08/11
31/08/12
31/08/13
31/08/14
A Accumulation Shares
-
-
-
-
15.6
F Accumulation Shares
-
-
-
-
15.8
I Accumulation Shares
-
-
-
-
15.7
P Accumulation Shares
-
-
-
-
-
W Accumulation Shares
-
-
-
-
-
P Income Shares
-
-
-
-
-
W Income Shares
-
-
-
-
-
*Comparative Index
-
-
-
-
16.3
* Comparative Index: S&P 500 Index (NUK)
Source: Fidelity and RIMES, bid to bid, UKВЈ, net income reinvested.
Performance excludes initial charge. Past performance is not a reliable
indicator of future results.
RISK PROFILE
F U N D M A N AG E R ’ S CO M M E N TA RY
If you make regular withdrawals from your investment, this may reduce your
capital over time if the fund’s growth does not compensate for the withdrawals.
The value of your investment can go down as well as up. You may not get back
the amount you invested. What you get back is not guaranteed. It will depend
on investment performance. This fund invests in overseas markets. You may get
back more or less as a result of currency fluctuations. The fund may invest in
derivatives for the purposes of the efficient management of the fund. For funds
that use derivative transactions, there is a risk that the counterparty to the
transaction will wholly or partially fail to honour its contractual obligations. This
may result in financial loss to the fund. Where appropriate, collateral will be
required to reduce exposure to a counterparty. The use of financial derivative
instruments may give rise to leverage and result in increased gains or losses
within the fund.
MARKET REVIEW
US equities rose during the review period. Investors largely ignored the first
quarter economic contraction, which was largely attributed to an unseasonably
harsh winter. Sentiment was buoyed by improving economic data, mergers and
acquisitions (M&A) activity, and positive earnings announcements. However,
geopolitical tensions and interest rate speculation led to periods of volatility.
Investors moved away from growth stocks and smaller-sized companies
between the end of March and May, preferring to invest in value and largesized companies instead. The Federal Reserve (Fed) remained in focus during
the period as it continued to gradually lower its monthly bond purchases. The
Fed also reinforced that interest rates are likely to remain at record lows for a
“considerable time” after the asset purchase programme ends.
PORTFOLIO ACTIVITY
The fund aims to achieve long term capital growth by closely matching the
performance of the S&P 500 Index (NUK). Therefore, the return of the fund and
the index should be similar over time, before costs. However, the fund is priced
at midday, whereas the index is priced several hours later, when the US stock
market closes. This timing difference can cause positive or negative variations
in apparent relative returns and increase the reported tracking error of the
fund. By revaluing the P accumulation shares of the fund at US market close
and comparing this return of 10.51% to the return of the index over the period,
the difference in performance amounts to 0.30%. Ordinarily, this difference is
expected to be negative and mainly explained by this class’ ongoing charges
and transaction costs. Gains or losses may also be made from currency
exchange rates. 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. Please
note, the fund’s cash position does not mean that it is under exposed to the
index, as any cash balance is typically equitised with equity index futures
contracts. 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 sector and top holdings weights more closely match the index.
94
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 95
FIDELITY INDEX US FUND
P O R T F O L I O I N F O R M AT I O N
31/08/14
%
Information Technology
18.83
Financials
16.77
Health Care
13.11
Consumer Discretionary
11.68
Energy
9.99
Industrials
9.89
Consumer Staples
9.12
Materials
3.39
Other
5.50
Cash and other net assets/(liabilities)
1.72
FUND FAC TS
28/02/14
%
18.65
16.27
13.35
12.33
9.80
10.51
9.28
3.43
5.60
0.78
TOP HOLDINGS
The top ten holdings in the fund as at 31 August 2014 and
at the previous year end are shown below.
Top holdings as at 31/08/14
Apple
ExxonMobil
Microsoft
Johnson & Johnson
Fidelity Institutional Liquidity Fund (USD)
General Electric
Wells Fargo
ChevronTexaco
Berkshire Hathaway
Procter & Gamble
Top holdings as at 28/02/14
Apple
ExxonMobil
Google (A)
Microsoft
General Electric
Johnson & Johnson
ChevronTexaco
Wells Fargo
JPMorgan Chase
Procter & Gamble
(FORMERLY FIDELITY MONEYBUILDER US INDEX FUND)
% of total
net assets
3.36
2.33
1.84
1.59
1.44
1.42
1.34
1.34
1.34
1.23
INCOME (pence per share)
XD date
01/09/14
P Income Shares
0.1945
W Income Shares
0.1946
31/08/14
31/08/13
P Income Shares
0.08
-
W Income Shares
0.10
-
31/08/14
31/08/13
A Accumulation
Shares
0.30
0.29
F Accumulation
Shares
0.04
0.03
31/08/14
31/08/13
I Accumulation
Shares
0.15
0.15
P Accumulation
Shares
0.08
-
Interim distribution
ONGOING CHARGES (%)
W Accumulation Shares
0.10
-
31/08/14
31/08/13
The Ongoing Charges Figure is calculated as the ratio of the annual cost of managing and
operating the fund to the average net asset value; it excludes portfolio transaction costs.
FUND SIZE
Total net Net asset
assets value per
(ВЈm) share (p)1
P Income Shares
Shares
in issue
Total net
assets
(ВЈm)
Net asset
value per
Shares
share (p)1
in issue
W Income Shares
31/08/14
0.1
104.75
82,890
A Accumulation Shares
0.8
104.75
753,869
F Accumulation Shares
31/08/14
30.3
143.16
21,190,816
I Accumulation Shares
111.5
1,438.37
7,749,667
P Accumulation Shares
% of total
net assets
31/08/14
2.82
2.48
2.03
1.70
1.53
1.53
1.32
1.31
1.26
1.26
31/08/14
1.6
143.57
1,079,678
52.1
110.26
47,282,861
W Accumulation Shares
14.5
Footnotes:
1. The net asset value is the accounting value at the period end on a fair
value basis.
95
106.50
13,618,959
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 96
FIDELITY INDEX US FUND
(FORMERLY FIDELITY MONEYBUILDER US INDEX FUND)
S TAT E M E N T O F T O TA L R E T U R N
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Income
Net capital gains/(losses)
Revenue
Expenses
Finance costs: Interest/other
31/08/13
£’000
£’000
£’000
10,133
963
(62)
(3)
gggggggggggggggggggg
Net revenue/(expense) before taxation
Taxation
1,103
272
(35)
gggggggggggggggggggg
898
(132)
237
(37)
gggggggggggggggggggg
gggggggggggggggggggg
Net revenue/(expense) after taxation
766
200
gggggggggggggggggggg
gggggggggggggggggggg
10,899
1,303
Total return before distributions
Finance costs: Distributions
Change in net assets attributable to shareholders from
investment activities
804
26
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
11,703
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
1,329
S TAT E M E N T O F C H A N G E I N N E T A S S E T S AT T R I B U TA B L E T O S H A R E H O L D E R S
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Opening net assets attributable to shareholders
Movement due to sales and repurchases of shares
Amounts receivable on issue of shares
Amounts payable on cancellation of shares
31/08/13
£’000
£’000
£’000
56,320
162,882
(20,037)
18,296
13,536
(4,521)
gggggggggggggggggggg
gggggggggggggggggggg
142,845
Change in net assets attributable to shareholders from
investment activities (see above)
Closing net assets attributable to shareholders
9,015
11,703
1,329
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
210,868
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
28,640
BALANCE SHEET
as at 31 August 2014
(unaudited)
31/08/14
£’000
Assets
Investment assets
Derivative assets
Debtors
Cash and bank balances
28/02/14
£’000
£’000
207,191
36
5,986
645
319
876
gggggggggggggggggggg
Total assets
Liabilities
Creditors
Bank overdrafts
Net distributions payable on income shares
6,631
1,195
gggggggggggggggggggg
gggggggggggggggggggg
213,858
57,076
gggggggggggggggggggg
gggggggggggggggggggg
(2,988)
(2)
(53)
(703)
-
gggggggggggggggggggg
Total liabilities
gggggggggggggggggggg
(2,990)
gggggggggggggggggggg
Net assets attributable to shareholders
96
55,870
11
gggggggggggggggggggg
Total other assets
£’000
(756)
gggggggggggggggggggg
gggggggggggggggggggg
210,868
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
56,320
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 97
FIDELITY INDEX US FUND
(FORMERLY FIDELITY MONEYBUILDER US INDEX FUND)
D I S T R I B U T I O N S TAT E M E N T
for the six month period ended 31 August 2014
(unaudited)
P Income Shares - interim distribution No. 1 in pence per share
Group 1 - see note below*
Group 2 - Shares purchased from 5 August 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
0.1945
0.0927
Equalisation
0.1018
Amount
distributed
18/10/14
0.1945
0.1945
*This share class was launched on 4 August 2014.
W Income Shares - interim distribution No. 1 in pence per share
Group 1 - see note below*
Group 2 - Shares purchased from 5 August 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
0.1946
0.0500
*This share class was launched on 4 August 2014.
97
Equalisation
0.1446
Amount
distributed
18/10/14
0.1946
0.1946
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 98
FIDELITY INDEX WORLD FUND
(FORMERLY FIDELITY MONEYBUILDER WORLD INDEX FUND)
OUTLOOK
Earnings growth will be vital to maintain a sustained improvement in equities
in 2014. Overall stock valuation levels in developed markets are now quite
high. With the US Federal Reserve reducing its monthly bond purchases,
economic and company-specific fundamentals will be key to generating
returns. In Europe, a meaningful improvement in economic activity is yet to be
seen beyond Germany.
INVESTMENT OBJECTIVE AND POLICY
The fund’s investment objective is to achieve long term capital growth by
closely matching the performance of the MSCI World index. The ACD will aim
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).
In order to manage the cash position of the portfolio, the ACD may utilise stock
index futures as allowed by the regulations.
Geode Capital Management
Fund Manager
31 August 14
Note: This fund is 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 affilaites 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
liabilityfor any errors, omissions or interrruptions of or in connection with any MSCI index or any data included
therein. Further, none of the MSCI parties makes any express or implied waranties 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.
PERFORMANCE RECORD
DISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:
F U N D M A N AG E R ’ S CO M M E N TA RY
31/08/10
31/08/11
31/08/12
31/08/13
31/08/14
A Accumulation Shares
-
-
-
-
12.2
F Accumulation Shares
-
-
-
-
12.4
I Accumulation Shares
-
-
-
-
12.3
P Accumulation Shares
-
-
-
-
-
W Accumulation Shares
-
-
-
-
P Income Shares
-
-
-
-
-
W Income Shares
-
-
-
-
-
*Comparative Index
-
-
-
-
12.8
* Comparative Index: MSCI World Index (Net)
MARKET REVIEW
Global developed market equities rose over the review period, supported by
expectations that most major central banks would retain their accommodative
monetary policies. Investor sentiment was supported by continued strength in
the US economy, with improvements in business and consumer surveys, an
improving housing market and tighter labour market. Increasing corporate
activity and positive economic data supported investor sentiment in the UK.
However, low risk appetite amid concerns about the pace of the European
economic recovery hampered returns from European equities. Japanese
equities advanced on monetary policy reforms and strong corporate earnings
announcements. However, there were periods of volatility due to geopolitical
tensions amid an escalation of the conflicts in both Iraq and Ukraine.
Source: Fidelity and RIMES, bid to bid, UKВЈ, net income reinvested.
Performance excludes initial charge. Past performance is not a reliable
indicator of future results.
RISK PROFILE
If you make regular withdrawals from your investment, this may reduce your
capital over time if the fund’s growth does not compensate for the withdrawals.
The value of your investment can go down as well as up. You may not get back
the amount you invested. What you get back is not guaranteed. It will depend
on investment performance. This fund invests in overseas markets. You may get
back more or less as a result of currency fluctuations. The fund may invest in
derivatives for the purposes of the efficient management of the fund. For funds
that use derivative transactions, there is a risk that the counterparty to the
transaction will wholly or partially fail to honour its contractual obligations. This
may result in financial loss to the fund. Where appropriate, collateral will be
required to reduce exposure to a counterparty. The use of financial derivative
instruments may give rise to leverage and result in increased gains or losses
within the fund.
PORTFOLIO ACTIVITY
The fund aims to achieve long term capital growth by closely matching the
performance of the MSCI World Index (Net). Therefore, the return of the fund
and the index should be similar over time, before costs. However, the fund is
priced at midday, whereas the index is priced based on global stock market
closing prices. This timing difference can cause positive or negative variations
in apparent relative returns and increase the reported tracking error of the
fund. By revaluing the P accumulation shares of the fund at global market close
and comparing this return of 7.98% to the return of the index over the period,
the difference in performance amounts to 0.40%. Ordinarily, this difference is
expected to be negative and mainly explained by this class’ ongoing charges
and transaction costs. Taxation may be a positive source of tracking difference
where the fund’s withholding tax treatment is more favourable versus the net
index. Gains or losses may also be made from currency exchange rates. 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. Please note, the fund’s cash
position does not mean that it is under exposed to the index, as any cash
balance is typically equitised with equity index futures contracts. 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 sector and top
holdings weights more closely match the index.
98
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 99
FIDELITY INDEX WORLD FUND
P O R T F O L I O I N F O R M AT I O N
31/08/14
%
United States
53.69
United Kingdom
8.30
Japan
7.76
Canada
4.22
France
3.67
Switzerland
3.64
Germany
3.36
Australia
3.12
Other
10.51
Cash and other net assets/(liabilities)
1.73
FUND FAC TS
28/02/14
%
53.53
8.25
8.06
3.73
3.80
3.69
3.59
3.05
10.24
2.06
TOP HOLDINGS
The top ten holdings in the fund as at 31 August 2014 and
at the previous year end are shown below.
Top holdings as at 31/08/14
Fidelity Institutional Liquidity Fund (USD)
Apple
ExxonMobil
Microsoft
Johnson & Johnson
General Electric
Wells Fargo
Nestle (Reg'd)
ChevronTexaco
Procter & Gamble
Top holdings as at 28/02/14
Fidelity Institutional Liquidity Fund (USD)
Apple
ExxonMobil
Google (A)
Microsoft
General Electric
Johnson & Johnson
Nestle (Reg'd)
Wells Fargo
ChevronTexaco
(FORMERLY FIDELITY MONEYBUILDER WORLD INDEX FUND)
% of total
net assets
2.30
1.81
1.23
1.01
0.83
0.74
0.73
0.71
0.70
0.64
INCOME (pence per share)
XD date
01/09/14
P Income Shares
0.1980
W Income Shares
0.1980
31/08/14
31/08/13
P Income Shares
0.18
-
W Income Shares
0.20
-
31/08/14
31/08/13
A Accumulation
Shares
0.30
0.29
F Accumulation
Shares
0.08
0.05
31/08/14
31/08/13
I Accumulation
Shares
0.15
0.15
P Accumulation
Shares
0.18
-
Interim distribution
ONGOING CHARGES (%)
W Accumulation Shares
0.20
-
31/08/14
31/08/13
The Ongoing Charges Figure is calculated as the ratio of the annual cost of managing and
operating the fund to the average net asset value; it excludes portfolio transaction costs.
FUND SIZE
Total net Net asset
assets value per
(ВЈm) share (p)1
P Income Shares
Shares
in issue
Total net
assets
(ВЈm)
Net asset
value per
Shares
share (p)1
in issue
W Income Shares
31/08/14
0.1
103.68
63,169
A Accumulation Shares
0.1
103.68
57,205
F Accumulation Shares
31/08/14
26.9
132.60
20,289,773
I Accumulation Shares
0.1
1,331.81
5,472
P Accumulation Shares
% of total
net assets
31/08/14
24.3
5.17
1.37
1.21
0.96
0.86
0.74
0.74
0.69
0.66
0.64
31/08/14
132.93
18,277,352
15.4
107.83
14,302,941
W Accumulation Shares
7.3
Footnotes:
1. The net asset value is the accounting value at the period end on a fair
value basis.
99
103.98
7,024,020
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 100
FIDELITY INDEX WORLD FUND
(FORMERLY FIDELITY MONEYBUILDER WORLD INDEX FUND)
S TAT E M E N T O F T O TA L R E T U R N
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Income
Net capital gains/(losses)
Revenue
Expenses
Finance costs: Interest/other
31/08/13
£’000
£’000
£’000
3,177
802
(64)
(2)
gggggggggggggggggggg
Net revenue/(expense) before taxation
Taxation
462
425
(34)
gggggggggggggggggggg
736
(75)
391
(44)
gggggggggggggggggggg
gggggggggggggggggggg
Net revenue/(expense) after taxation
661
347
gggggggggggggggggggg
gggggggggggggggggggg
3,838
809
Total return before distributions
Finance costs: Distributions
Change in net assets attributable to shareholders from
investment activities
131
72
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
3,969
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
881
S TAT E M E N T O F C H A N G E I N N E T A S S E T S AT T R I B U TA B L E T O S H A R E H O L D E R S
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Opening net assets attributable to shareholders
Movement due to sales and repurchases of shares
Amounts receivable on issue of shares
Amounts payable on cancellation of shares
31/08/13
£’000
£’000
£’000
41,825
30,638
(2,306)
17,196
19,253
(8,064)
gggggggggggggggggggg
gggggggggggggggggggg
28,332
-
Stamp duty reserve tax
Change in net assets attributable to shareholders from
investment activities (see above)
Closing net assets attributable to shareholders
11,189
(4)
3,969
881
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
74,126
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
29,262
BALANCE SHEET
as at 31 August 2014
(unaudited)
31/08/14
£’000
Assets
Investment assets
Derivative assets
Debtors
Cash and bank balances
28/02/14
£’000
£’000
72,812
35
1,709
277
1,681
870
gggggggggggggggggggg
Total assets
Liabilities
Creditors
Bank overdrafts
1,986
2,551
gggggggggggggggggggg
gggggggggggggggggggg
74,833
43,524
gggggggggggggggggggg
gggggggggggggggggggg
(706)
(1)
(1,093)
(606)
gggggggggggggggggggg
Total liabilities
gggggggggggggggggggg
(707)
gggggggggggggggggggg
Net assets attributable to shareholders
100
40,888
85
gggggggggggggggggggg
Total other assets
£’000
(1,699)
gggggggggggggggggggg
gggggggggggggggggggg
74,126
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
41,825
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 101
FIDELITY INDEX WORLD FUND
(FORMERLY FIDELITY MONEYBUILDER WORLD INDEX FUND)
D I S T R I B U T I O N S TAT E M E N T
for the six month period ended 31 August 2014
(unaudited)
P Income Shares - Interim distribution No. 1 in pence per share
Group 1 - See note below*
Group 2 - Shares purchased from 5 August 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
0.1980
0.0290
Equalisation
0.1690
Amount
distributed
18/10/14
0.1980
0.1980
* This share class was launched on 4 August 2014.
W Income Shares - Interim distribution No. 1 in pence per share
Group 1 - See note below*
Group 2 - Shares purchased from 5 August 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
0.1980
0.0967
* This share class was launched on 4 August 2014.
101
Equalisation
0.1013
Amount
distributed
18/10/14
0.1980
0.1980
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 102
FIDELITY INTERNATIONAL FUND
INVESTMENT OBJECTIVE AND POLICY
PERFORMANCE RECORD
The fund’s investment objective is to achieve long term capital growth from a
diversified portfolio primarily made up of shares issued by companies around
the world. At least half the portfolio will be invested in the EU, with the balance
invested in the world’s major equity markets, broadly in relation to their size
and relative attractiveness. Within the portfolio there is a bias towards the
larger companies in each market, but the ACD is not restricted in this regard
or in terms of the industrial or geographical split of the portfolio (outside of that
mentioned above).
DISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:
31/08/10
31/08/11
31/08/12
31/08/13
31/08/14
A Accumulation Shares
4.5
6.4
7.6
23.3
10.3
*Comparative Index
8.9
7.8
10.6
20.1
11.9
* Comparative Index: 40 % FTSE All Share Index (Net), 60 % MSCI World Index (Net)
Source: Fidelity and RIMES, bid to bid, UKВЈ, net income reinvested.
Performance excludes initial charge. Past performance is not a reliable
indicator of future results.
F U N D M A N AG E R ’ S CO M M E N TA RY
RISK PROFILE
MARKET REVIEW
Global equity markets gained over the six-month period as improving
economic data and positive earnings announcements in the US supported
investor sentiment. Additional stimulus measures introduced by the European
Central Bank and signs of stabilisation in the Chinese economy, following
targeted pro-growth measures, also aided equity market performance. Gains
were, however, limited by geopolitical tensions in Ukraine and Iraq. Against this
backdrop, Pacific ex Japan and emerging markets gained the most in sterling
terms. They were followed by the US, Japan and the UK. Europe ex UK declined
as lacklustre corporate earnings, concerns about the European banking system
and worries about economic recovery in the region hurt investor sentiment.
If you make regular withdrawals from your investment, this may reduce your
capital over time if the fund’s growth does not compensate for the withdrawals.
The value of your investment can go down as well as up. You may not get back
the amount you invested. What you get back is not guaranteed. It will depend
on investment performance. This fund invests in overseas markets. You may get
back more or less as a result of currency fluctuations. The fund may invest in
derivatives for the purposes of the efficient management of the fund. For funds
that use derivative transactions, there is a risk that the counterparty to the
transaction will wholly or partially fail to honour its contractual obligations. This
may result in financial loss to the fund. Where appropriate, collateral will be
required to reduce exposure to a counterparty. The use of financial derivative
instruments may give rise to leverage and result in increased gains or losses
within the fund.
PORTFOLIO ACTIVITY
The fund is run using a manager selection process under which we allocate
assets to regional Fidelity sub-managers for stock picking. The UK segment
detracted from returns, as selected holdings fell after a period of significant
contribution. Online grocery group Ocado was the main detractor from
performance as its shares were caught in a general sell-off in technology and
internet related companies owing to valuation concerns in April. The position in
Foxtons also hampered overall returns as the real estate agent said that
prospects for further price rises in the London property market could slow
demand in the second half of the year. Elsewhere, the position in power station
operator Drax hurt returns and was subsequently sold as competition from wind
power producers and mild weather prompted the company to issue a profit
warning. The holding in Anadarko Petroleum was also sold and the exposure
to TalkTalk Telecom was reduced following a period of strong performance. In
contrast, new holdings with strong growth prospects, such as cut-price retailer
Poundland, greeting card manufacturer Card Factory and e-commerce venture
Koovs, were purchased. Meanwhile, stock selection in the financials and
consumer discretionary sectors hurt returns from the Europe ex UK segment.
The performance of the North American segment was weakened by positions
in information technology firms and by a holding in Valeant Pharmaceuticals,
which declined after Allergan rejected its takeover offer. The overweight stance
in selected chemicals and transport equipment companies detracted from
returns in the Japanese segment. This was partly offset by the Pacific ex Japan
segment, where the overweight exposure to selected capital goods companies
supported performance. The portfolio’s asset allocation was maintained in line
with the comparative index over the period.
OUTLOOK
Central banks in most developed countries continue to support their economies
by maintaining adequate money supply, which should aid global growth and
equity market performance. At a regional level, we favour the US in view of its
improving economy. In Japan, the impact of the sales tax hike is easing, with
the country, which is a major exporter to the US, well-positioned to benefit from
a US-led recovery. Economic data remains mixed in Europe, while Pacific ex
Japan and emerging markets, which are dependent on external financing,
appear to be likely to be hurt by any reduction in money supply by the US
Federal Reserve.
Ayesha Akbar & Nick Peters
Fund Managers
31 August 14
* Holdings can vary from those in the index quoted. For this reason the
comparative index is used for reference only.
102
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 103
FIDELITY INTERNATIONAL FUND
P O R T F O L I O I N F O R M AT I O N
31/08/14
%
United Kingdom
37.46
United States
32.30
Japan
4.95
France
4.26
Netherlands
4.04
Canada
2.35
Australia
2.28
Switzerland
2.10
Other
8.86
Cash and other net assets/(liabilities)
1.40
FUND FAC TS
28/02/14
%
35.51
33.62
4.72
4.07
4.10
2.15
1.87
2.20
10.84
0.92
TOP HOLDINGS
INCOME (pence per share)
No distributions were due in the six month period.
ONGOING CHARGES (%)
A Accumulation Shares
1.73
1.75
31/08/14
31/08/13
The Ongoing Charges Figure is calculated as the ratio of the annual cost of managing and
operating the fund to the average net asset value; it excludes portfolio transaction costs.
FUND SIZE
Total net Net asset
assets value per
Shares
(ВЈm) share (p)1
in issue
A Accumulation Shares
31/08/14
211.9
The top ten holdings in the fund as at 31 August 2014 and
at the previous year end are shown below.
Top holdings as at 31/08/14
BG Group
Rio Tinto
Shire
Capita
Diageo
Unilever (UK)
BT
Microsoft
Ocado
Google (A)
Top holdings as at 28/02/14
BG Group
Rio Tinto
Diageo
Unilever (UK)
Novo Nordisk (B)
Ocado
Capita
Google (A)
TalkTalk Telecom
Electronic Arts
% of total
net assets
1.75
1.45
1.37
1.28
1.24
1.22
1.22
1.19
1.17
1.10
% of total
net assets
1.99
1.43
1.39
1.36
1.36
1.32
1.32
1.26
1.24
1.23
Footnotes:
1. The net asset value is the accounting value at the period end on a fair
value basis.
103
145.81
145,302,926
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 104
FIDELITY INTERNATIONAL FUND
S TAT E M E N T O F T O TA L R E T U R N
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Income
Net capital gains/(losses)
Revenue
Expenses
31/08/13
£’000
£’000
£’000
3,246
2,729
(1,819)
gggggggggggggggggggg
Net revenue/(expense) before taxation
Taxation
13,797
4,284
(2,124)
gggggggggggggggggggg
910
(103)
2,160
(251)
gggggggggggggggggggg
gggggggggggggggggggg
Net revenue/(expense) after taxation
807
1,909
gggggggggggggggggggg
gggggggggggggggggggg
4,053
15,706
Total return before distributions
Finance costs: Equalisation
(18)
(46)
gggggggggggggggggggg
Change in net assets attributable to shareholders from
investment activities
gggggggggggggggggggg
gggggggggggggggggggg
4,035
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
15,660
S TAT E M E N T O F C H A N G E I N N E T A S S E T S AT T R I B U TA B L E T O S H A R E H O L D E R S
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Opening net assets attributable to shareholders
Movement due to sales and repurchases of shares
Amounts receivable on issue of shares
Amounts payable on cancellation of shares
31/08/13
£’000
£’000
220,337
44
(12,555)
£’000
248,041
329
(14,910)
gggggggggggggggggggg
gggggggggggggggggggg
(12,511)
(1)
Stamp duty reserve tax
Change in net assets attributable to shareholders from
investment activities (see above)
Closing net assets attributable to shareholders
(14,581)
(4)
4,035
15,660
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
211,860
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
249,116
BALANCE SHEET
as at 31 August 2014
(unaudited)
31/08/14
£’000
Assets
Investment assets
Debtors
Cash and bank balances
28/02/14
£’000
£’000
208,937
3,269
1,819
Total assets
Liabilities
Creditors
Bank overdrafts
gggggggggggggggggggg
5,088
3,225
gggggggggggggggggggg
gggggggggggggggggggg
214,025
221,530
gggggggggggggggggggg
gggggggggggggggggggg
(2,165)
-
(900)
(293)
gggggggggggggggggggg
Total liabilities
gggggggggggggggggggg
(2,165)
gggggggggggggggggggg
Net assets attributable to shareholders
The fund’s financial statements have been prepared on a realisation basis.
104
218,305
998
2,227
gggggggggggggggggggg
Total other assets
£’000
(1,193)
gggggggggggggggggggg
gggggggggggggggggggg
211,860
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
220,337
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 105
FIDELITY JAPAN FUND
INVESTMENT OBJECTIVE AND POLICY
PERFORMANCE RECORD
The fund’s investment objective is to achieve long term capital growth from a
portfolio primarily made up of shares of Japanese 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 industry.
DISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:
F U N D M A N AG E R ’ S CO M M E N TA RY
31/08/10
31/08/11
31/08/12
31/08/13
31/08/14
A Accumulation Shares
-3.9
-2.6
-1.3
18.2
0.0
Y Accumulation Shares
-
-
-
18.8
0.5
W Accumulation Shares
*Comparative Index
MARKET REVIEW
After a disappointing start to the year, the Japanese market rebounded from
mid-May. Improving US economic indicators and signs of a recovery in China
enhanced the global growth outlook, which is positive for Japanese exporters,
while concerns about the impact of Japan’s sales tax hike started to ease.
Meanwhile, Prime Minister Shinzo Abe announced the government’s revised
growth strategy and share prices responded positively to largely upbeat firstquarter earnings results. The Japanese market slid sharply in early August,
however, as heightened geopolitical risks and disappointing macroeconomic
news flow hurt sentiment. Although stocks subsequently rebounded, aided by
renewed yen weakness, which makes exports cheaper, they fell again towards
the end of the period.
-
-
-
-
0.7
-1.0
1.0
-3.1
26.1
3.3
* Comparative Index: TOPIX Index (Net)
Source: Fidelity and RIMES, bid to bid, UKВЈ, net income reinvested.
Performance excludes initial charge. Past performance is not a reliable
indicator of future results.
RISK PROFILE
If you make regular withdrawals from your investment, this may reduce your
capital over time if the fund’s growth does not compensate for the withdrawals.
The value of your investment can go down as well as up. You may not get back
the amount you invested. What you get back is not guaranteed. It will depend
on investment performance. This fund invests in overseas markets. You may get
back more or less as a result of currency fluctuations The fund may invest in
derivatives for the purposes of the efficient management of the fund. For funds
that use derivative transactions, there is a risk that the counterparty to the
transaction will wholly or partially fail to honour its contractual obligations. This
may result in financial loss to the fund. Where appropriate, collateral will be
required to reduce exposure to a counterparty. The use of financial derivative
instruments may give rise to leverage and result in increased gains or losses
within the fund.
PORTFOLIO ACTIVITY
Stock selection in the financials sector detracted quite heavily from returns.
Holdings that had previously performed well struggled, as the prospect of
additional easing by the Bank of Japan receded and long-term interest rates
remained low. Mega bank Sumitomo Mitsui Financial (SMF) and Mizuho
Financial were among the most significant detractors from returns. Elsewhere,
shares in information technology (IT) services provider SCSK fell as investors
locked-in profits, while transport company Seino faced a decline in freight
volumes following the consumption tax hike. Conversely, the share price of
confectionary maker Ezaki Glico, a new position in the fund, rose sharply after
it reported strong quarterly results and raised its dividend forecast. Recent
purchases in the industrials sector also performed well. For instance,
machinery company Juki raised its earnings guidance in response to the strong
performance of its mainstay sewing machine business. The new holding in
general contractor Kajima also rose on expectations that price hikes would
improve its profitability. I took over the management of the fund in June 2014
and since then, it has become more diversified. I increased the number of
holdings to more than 100, with a broader market cap exposure. I am focusing
on attractively priced domestic growth stocks in areas such as internet services.
Globally competitive exporters that are benefiting from a weaker yen are also
key holdings. On the other hand, I significantly reduced the exposure to the
financials sector. Major banks such as SMF are facing an uncertain outlook
given international capital regulations and payout ratios remain low. I also sold
resource-related stocks, including oil companies Inpex and Japan Petroleum
Exploration.
OUTLOOK
The performance of Japanese stocks has started to improve as negative
factors are already priced in and risk aversion has eased. Global growth is
generally improving and there are some signs that activity could accelerate,
led by the US. This would be positive for Japanese exporters. The Japanese
economy is gradually recovering from the effects of April’s sales tax hike,
though the market has seen some volatility, and government-led reform
measures are positive from an equity perspective. Corporate earnings are firm
and earnings visibility is improving, with many Japanese companies likely to
exceed their conservative guidance. Meanwhile, valuation multiples continue to
look undemanding compared with other major markets.
Hiroyuki Ito
Fund Manager
31 August 14
* Holdings can vary from those in the index quoted. For this reason the
comparative index is used for reference only.
105
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 106
FIDELITY JAPAN FUND
P O R T F O L I O I N F O R M AT I O N
31/08/14
%
Electrical Machinery
13.60
Transport Equipment
13.15
Information & Communication
10.20
Banks
7.12
Machinery
5.34
Nonferrous Metals
4.13
Land Transportation
4.06
Services
3.91
Other
35.96
Cash and other net assets/(liabilities)
2.53
FUND FAC TS
28/02/14
%
6.30
13.38
10.39
16.88
4.25
0.00
4.24
0.00
42.80
1.76
The top ten holdings in the fund as at 31 August 2014 and
at the previous year end are shown below.
Toyota Motor
Mitsubishi UFJ Financial
Softbank
Hitachi
Mazda Motor
Astellas Pharmaceutical
Mizuho Financial
Kajima
Nippon Telegraph & Telephone
Honda Motor
Top holdings as at 28/02/14
Mitsubishi UFJ Financial
Toyota Motor
Sumitomo Mitsui Financial
Mizuho Financial
Honda Motor
MS&AD Insurance
Hitachi
Sumitomo
Nippon Telegraph & Telephone
Japan Tobacco
ONGOING CHARGES (%)
A Accumulation
Shares
1.73
1.74
31/08/14
31/08/13
W Accumulation
Shares
0.98
0.97
Y Accumulation
Shares
1.20
1.21
31/08/14
31/08/13
The Ongoing Charges Figure is calculated as the ratio of the annual cost of managing and
operating the fund to the average net asset value; it excludes portfolio transaction costs.
TOP HOLDINGS
Top holdings as at 31/08/14
INCOME (pence per share)
No distributions were due in the six month period.
FUND SIZE
Total net Net asset
assets value per
Shares
(ВЈm) share (p)1
in issue
A Accumulation Shares
% of total
net assets
4.10
3.19
2.98
2.97
2.56
2.21
1.90
1.90
1.83
1.73
31/08/14
50.9
31/08/14
245.89
20,702,277
Total net Net asset
assets value per
Shares
(ВЈm) share (p)1
in issue
W Accumulation Shares
7.0
240.25
2,928,614
Y Accumulation Shares
0.2
% of total
net assets
5.99
5.29
5.12
4.98
4.41
3.22
3.22
2.93
2.85
2.79
Footnotes:
1. The net asset value is the accounting value at the period end on a fair
value basis.
106
237.16
74,984
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 107
FIDELITY JAPAN FUND
S TAT E M E N T O F T O TA L R E T U R N
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Income
Net capital gains/(losses)
Revenue
Expenses
Finance costs: Interest/other
31/08/13
£’000
£’000
£’000
2,659
668
(486)
(1)
gggggggggggggggggggg
Net revenue/(expense) before taxation
Taxation
2,476
933
(727)
gggggggggggggggggggg
181
(66)
206
(67)
gggggggggggggggggggg
gggggggggggggggggggg
Net revenue/(expense) after taxation
115
139
gggggggggggggggggggg
gggggggggggggggggggg
2,774
2,615
Total return before distributions
Finance costs: Equalisation
(2)
(21)
gggggggggggggggggggg
Change in net assets attributable to shareholders from
investment activities
gggggggggggggggggggg
gggggggggggggggggggg
2,772
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
2,594
S TAT E M E N T O F C H A N G E I N N E T A S S E T S AT T R I B U TA B L E T O S H A R E H O L D E R S
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Opening net assets attributable to shareholders
Movement due to sales and repurchases of shares
Amounts receivable on issue of shares
Amounts payable on cancellation of shares
31/08/13
£’000
£’000
£’000
58,213
7,853
(10,720)
83,031
5,811
(11,470)
gggggggggggggggggggg
gggggggggggggggggggg
(2,867)
Change in net assets attributable to shareholders from
investment activities (see above)
Closing net assets attributable to shareholders
(5,659)
2,772
2,594
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
58,118
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
79,966
BALANCE SHEET
as at 31 August 2014
(unaudited)
31/08/14
£’000
Assets
Investment assets
Debtors
Cash and bank balances
28/02/14
£’000
£’000
56,644
3,978
1,000
Total assets
Liabilities
Creditors
Bank overdrafts
gggggggggggggggggggg
4,978
1,365
gggggggggggggggggggg
gggggggggggggggggggg
61,622
59,322
gggggggggggggggggggg
gggggggggggggggggggg
(3,504)
-
(445)
(664)
gggggggggggggggggggg
Total liabilities
gggggggggggggggggggg
(3,504)
gggggggggggggggggggg
Net assets attributable to shareholders
(1,109)
gggggggggggggggggggg
gggggggggggggggggggg
58,118
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.
107
57,957
565
800
gggggggggggggggggggg
Total other assets
£’000
58,213
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 108
FIDELITY JAPAN SMALLER COMPANIES FUND
INVESTMENT OBJECTIVE AND POLICY
PERFORMANCE RECORD
The fund’s investment objective is to provide long term growth potential from a
portfolio of Japanese equities. The portfolio is 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.
DISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:
F U N D M A N AG E R ’ S CO M M E N TA RY
31/08/10
31/08/11
31/08/12
31/08/13
W Accumulation Shares
-
-
-
-
31/08/14
9.0
A Accumulation Shares
-2.9
13.3
-4.1
23.9
8.2
*Comparative Index
-0.5
5.2
-5.0
23.8
7.7
* Comparative Index: Russell/Nom Mid Small Cap Index (Net)
MARKET REVIEW
After a disappointing start to the year, the Japanese market rebounded from
mid-May. Improving US economic indicators and signs of a recovery in China
enhanced the global growth outlook, which is positive for Japanese exporters,
while concerns about the impact of Japan’s sales tax hike started to ease.
Meanwhile, Prime Minister Shinzo Abe announced the government’s revised
growth strategy and share prices responded positively to largely upbeat firstquarter earnings results. The Japanese market slid sharply in early August,
however, as heightened geopolitical risks and disappointing macroeconomic
news flow hurt sentiment. Although stocks subsequently rebounded, aided by
renewed yen weakness, which makes exports cheaper, they fell again towards
the end of the period.
Source: Fidelity and RIMES, bid to bid, UKВЈ, net income reinvested.
Performance excludes initial charge. Past performance is not a reliable
indicator of future results.
RISK PROFILE
If you make regular withdrawals from your investment, this may reduce your
capital over time if the fund’s growth does not compensate for the withdrawals.
The value of your investment can go down as well as up. You may not get back
the amount you invested. What you get back is not guaranteed. It will depend
on investment performance. This fund invests in overseas markets. You may get
back more or less as a result of currency fluctuations. This fund invests more
heavily than others in smaller companies, which can carry a higher risk
because their share prices may be more volatile than those of larger
companies. The fund may invest in derivatives for the purposes of the efficient
management of the fund. For funds that use derivative transactions, there is a
risk that the counterparty to the transaction will wholly or partially fail to honour
its contractual obligations. This may result in financial loss to the fund. Where
appropriate, collateral will be required to reduce exposure to a counterparty.
The use of financial derivative instruments may give rise to leverage and result
in increased gains or losses within the fund.
PORTFOLIO ACTIVITY
Stock selection in economically sensitive sectors detracted from returns, as
holdings that had performed well over the past 12 months succumbed to profit
taking. Automobile parts makers Takata and Denso, and plant control and
measuring equipment manufacturer Yokogawa Electric detracted most heavily
from performance. Similarly, the share price of insecticide company Nihon
Nohyaku slid following its previous strong performance, though both its
fundamentals and valuations remain attractive. Conversely, stock picking in the
health care sector and the underweight stance in power utilities supported
returns. Nippon Shinyaku gained on positive news flow regarding the
development of new drugs and Nihon Kohden rose on expectations that sales
of new medical equipment products overseas would bolster its earnings.
Elsewhere, Takeuchi Manufacturing generated strong sales of mini
construction/housing machinery in Europe and the US. I continue to run a
diversified portfolio with a relatively large number of holdings. Growth stocks
that are more sensitive to the economic cycle in the machinery, technology and
automobile sectors remain key holdings. On the other hand, stocks in
companies whose performance and sales are not highly correlated with the
economic cycle and that trade on rich valuations are held at an underweight
stance. I sold traditional automobile parts companies such as Takata (airbags,
seatbelts) and TS Tech (seats) and increased exposure to electronic
components makers that are benefiting from vehicle electrification.
Semiconductor manufacturers Rohm and Sanken Electric are prime examples.
I took some profits in regional lenders such as Bank of Yokohama, but remain
overweight in financials overall. Meanwhile, the development of new
treatments in the health care sector enhanced the earnings outlook for drug
companies such as Santen Pharmaceutical.
OUTLOOK
The performance of Japanese stocks has started to improve as negative
factors are already priced in and risk aversion has eased. Global growth is
generally improving and there are some signs that activity could accelerate,
led by the US. This would be positive for Japanese exporters. The Japanese
economy is gradually recovering from the effects of April’s sales tax hike,
though the market has seen some volatility, and government-led reform
measures are positive from an equity perspective. Corporate earnings are firm
and earnings visibility is improving, with many Japanese companies likely to
exceed their conservative guidance. Meanwhile, valuation multiples continue to
look undemanding compared with other major markets.
Jun Tano
Fund Manager
31 August 14
* Holdings can vary from those in the index quoted. For this reason the
comparative index is used for reference only.
108
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 109
FIDELITY JAPAN SMALLER COMPANIES FUND
P O R T F O L I O I N F O R M AT I O N
31/08/14
%
Electrical Machinery
17.94
Machinery
17.78
Transport Equipment
7.94
Information & Communication
6.34
Chemicals
5.31
Pharmaceuticals
5.26
Other Financing Business
5.07
Banks
4.89
Other
29.17
Cash and other net assets/(liabilities)
0.30
FUND FAC TS
28/02/14
%
16.62
19.40
10.01
5.45
4.68
3.44
4.04
6.03
29.43
0.90
INCOME (pence per share)
No distributions were due in the six month period.
ONGOING CHARGES (%)
31/08/14
31/08/13
Top holdings as at 31/08/14
Nidec
Otsuka
Daikin Industries
Sumitomo Electric Industries
Omron
Misumi
Brother Industries
Nippon Shinyaku
Fuji Heavy Industries
Mazda Motor
Top holdings as at 28/02/14
Nidec
Otsuka
Daikin Industries
Kubota
Sumitomo Electric Industries
Nihon Nohyaku
Omron
Misumi
Suruga Bank
Mazda Motor
W Accumulation
Shares
0.99
1.00
The Ongoing Charges Figure is calculated as the ratio of the annual cost of managing and
operating the fund to the average net asset value; it excludes portfolio transaction costs.
FUND SIZE
Total net Net asset
assets value per
Shares
(ВЈm) share (p)1
in issue
A Accumulation Shares
TOP HOLDINGS
The top ten holdings in the fund as at 31 August 2014 and
at the previous year end are shown below.
A Accumulation
Shares
1.75
1.74
31/08/14
61.5
% of total
net assets
4.25
3.54
2.95
2.10
2.00
1.87
1.84
1.74
1.67
1.63
% of total
net assets
4.05
3.71
2.98
2.69
2.17
2.01
1.99
1.73
1.72
1.68
Footnotes:
1. The net asset value is the accounting value at the period end on a fair
value basis.
109
170.22
36,134,501
Total net Net asset
assets value per
Shares
(ВЈm) share (p)1
in issue
W Accumulation Shares
6.7
182.13
3,662,687
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 110
FIDELITY JAPAN SMALLER COMPANIES FUND
S TAT E M E N T O F T O TA L R E T U R N
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Income
Net capital gains/(losses)
Revenue
Expenses
31/08/13
£’000
£’000
£’000
3,214
574
(556)
gggggggggggggggggggg
Net revenue/(expense) before taxation
Taxation
4,487
610
(622)
gggggggggggggggggggg
18
(57)
(12)
(44)
gggggggggggggggggggg
gggggggggggggggggggg
Net revenue/(expense) after taxation
(39)
gggggggggggggggggggg
3,175
4,431
Total return before distributions
Finance costs: Equalisation
Change in net assets attributable to shareholders from
investment activities
(56)
gggggggggggggggggggg
-
6
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
3,175
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
4,437
S TAT E M E N T O F C H A N G E I N N E T A S S E T S AT T R I B U TA B L E T O S H A R E H O L D E R S
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Opening net assets attributable to shareholders
Movement due to sales and repurchases of shares
Amounts receivable on issue of shares
Amounts payable on cancellation of shares
31/08/13
£’000
£’000
£’000
68,358
4,218
(7,573)
64,672
5,485
(6,702)
gggggggggggggggggggg
gggggggggggggggggggg
(3,355)
Change in net assets attributable to shareholders from
investment activities (see above)
Closing net assets attributable to shareholders
(1,217)
3,175
4,437
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
68,178
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
67,892
BALANCE SHEET
as at 31 August 2014
(unaudited)
31/08/14
£’000
Assets
Investment assets
Debtors
Cash and bank balances
28/02/14
£’000
£’000
67,978
1,430
860
Total assets
Liabilities
Creditors
Bank overdrafts
gggggggggggggggggggg
2,290
1,384
gggggggggggggggggggg
gggggggggggggggggggg
70,268
69,136
gggggggggggggggggggg
gggggggggggggggggggg
(2,090)
-
(761)
(17)
gggggggggggggggggggg
Total liabilities
gggggggggggggggggggg
(2,090)
Net assets attributable to shareholders
(778)
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
68,178
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.
110
67,752
965
419
gggggggggggggggggggg
Total other assets
£’000
68,358
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 111
FIDELITY MONEYBUILDER BALANCED FUND
INVESTMENT OBJECTIVE AND POLICY
PERFORMANCE RECORD
The fund’s investment objective is to achieve an attractive level of income
together with some long term capital growth from a portfolio invested primarily
in the UK. The portfolio will be invested in a combination of UK government
and corporate bonds and other fixed interest securities, preference shares,
convertibles and ordinary shares.
DISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:
31/08/10
31/08/11
31/08/12
31/08/13
31/08/14
A Income Shares
11.3
7.2
14.1
10.3
9.0
Y Income Shares
-
-
-
-
9.6
9.7
6.0
11.2
10.1
9.0
*Comparative Index
F U N D M A N AG E R ’ S CO M M E N TA RY
* Comparative Index: Comprises 65 % FTSE All Share Index (Net), 35 % FTSE All Stocks Index (Net)
MARKET REVIEW
The UK stock market advanced over the period, as increasing corporate activity
and positive economic data in the UK supported investor sentiment. However,
there were periods of volatility, largely owing to geopolitical tensions in the
Middle East and Ukraine, while speculation of an increase in interest rates in
the UK also held back overall market performance. There was a marked
change in market conditions in the first half of the period, as growth-oriented
stocks, particularly in small-sized companies, started to underperform, with
value and especially large-cap value shares performing the best. UK bonds
advanced, with government bonds (Gilts) marginally outperforming corporate
bonds over the review period.
Source: Fidelity and RIMES, bid to bid, UKВЈ, net income reinvested.
Performance excludes initial charge. Past performance is not a reliable
indicator of future results.
RISK PROFILE
If you make regular withdrawals from your investment, this may reduce your
capital over time if the fund’s growth does not compensate for the withdrawals.
The value of your investment and the income from it can go down as well as
up. You may not get back the amount you invested. What you get back is not
guaranteed. It will depend on investment performance. With funds that invest
in bonds, there is a risk that the issuer of the bond may default on its
repayments. The likelihood of this happening will depend on the creditworthiness of the issuer. The risk of default is usually greatest with bonds that
are classed as sub-investment grade. This fund invests in overseas markets.
You may get back more or less as a result of currency fluctuations. This fund
takes its annual management charge from your capital and not from the
income generated by the fund. This means that any capital growth in the fund
will be reduced by the charge and your capital may be reduced over time if
the fund’s growth does not compensate for it. The fund may invest in
derivatives for the purposes of the efficient management of the fund. For funds
that use derivative transactions, there is a risk that the counterparty to the
transaction will wholly or partially fail to honour its contractual obligations. This
may result in financial loss to the fund. Where appropriate, collateral will be
required to reduce exposure to a counterparty. The use of financial derivative
instruments may give rise to leverage and result in increased gains or losses
within the fund.
PORTFOLIO ACTIVITY
We focus on companies that deliver consistent dividend growth, which
supported returns over the period. The position in pharmaceuticals major
AstraZeneca buoyed returns, supported by news that Pfizer expressed its
interest in acquiring the company in a multibillion-dollar takeover. The
allocation to tobacco companies Altria and Imperial Tobacco also contributed
to performance owing to their dividend prospects, while bid activity in the US
tobacco sector further supported these shares. We have been increasing the
exposure to the oil & gas sector, mainly by raising the holding in Royal Dutch
Shell in view of its attractive dividend yields. Moreover, there has been a
noticeable change in the way big oil businesses are run, with an increased
focus on cash generation and better cost controls. However, the overall
underweight stance in the company held back relative performance as
escalating violence in the Middle East, one of the largest oil-producing regions,
drove oil prices higher. We bought a new position in specialist insurance group
Novae, which has the potential to release capital that can be paid out as
dividends. We also bought a small holding in renewable energy group Infinis
Energy, which has been showing good performances in both its landfill gas
and wind businesses, and also provides a strong dividend yield. A new
position was also purchased in Barclays, as its recent share price weakness
presented a good opportunity to own the stock with a low level of risk.
Conversely, we sold positions in beverages companies SABMiller and C&C
Group, as well as the small holding in British Sky Broadcasting. Within the bond
portion of the portfolio, the fund’s interest rate strategy was the most significant
contributor to returns. While the fund’s short duration (ensuring that the portfolio
is less sensitive to interest rate changes than the index) position hurt returns as
Gilt yields fell, losses were more-than-offset by the cross-market exposure to US
dollar duration.
OUTLOOK
UK economic growth continues to strengthen, inflation has fallen back below
the Bank of England’s 2% target and the unemployment rate has declined
further. Businesses are also doing well, but real disposable incomes are under
pressure and there are concerns about the strong rise in housing market
indicators. There is also a likelihood of an increase in interest rates, although
any rise is likely to be gradual. We continue to find good opportunities for
income generation in the UK.
Michael Clark & Ian Spreadbury
Fund Managers
31 August 14
* Holdings can vary from those in the index quoted. For this reason the
comparative index is used for reference only.
111
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 112
FIDELITY MONEYBUILDER BALANCED FUND
P O R T F O L I O I N F O R M AT I O N
31/08/14
%
AA Rated
27.18
Financials
12.46
Consumer Goods
12.37
Health Care
11.92
Utilities
8.53
Industrials
7.51
Oil & Gas
5.93
Consumer Services
4.23
Other
8.39
Cash and other net assets/(liabilities)
1.48
FUND FAC TS
28/02/14
%
24.84
9.35
13.27
14.48
8.80
7.68
4.66
4.37
10.88
1.67
The top ten holdings in the fund as at 31 August 2014 and
at the previous year end are shown below.
UK Gilt Treasury 5.00% 07/09/2014
AstraZeneca
GlaxoSmithKline
UK Gilt Treasury 1.25% 22/07/2018
Imperial Tobacco
BAE Systems
HSBC (UK) (Reg'd)
BP
UK Gilt Treasury 4.25% 07/03/2036
UK Gilt Treasury 3.25% 22/01/2044
Top holdings as at 28/02/14
UK Gilt Treasury 2.25% 07/03/2014
AstraZeneca
GlaxoSmithKline
UK Gilt 1.25% 22/07/2018
Imperial Tobacco
BP
BT
Reckitt Benckiser
UK Gilt Treasury 4.25% 07/03/2036
British American Tobacco
Interim
Interim
Interim
Interim
Interim
Interim
XD date
01/09/14
01/08/14
01/07/14
01/06/14
01/05/14
01/04/14
distribution
distribution
distribution
distribution
distribution
distribution
A Income Shares
0.1200
0.1200
0.1200
0.1200
0.1200
0.1200
Y Income Shares
0.1469
0.1551
0.1605
0.1635
0.1200
0.1200
A Income Shares
1.20
1.20
Y Income Shares
0.67
0.66
ONGOING CHARGES (%)
31/08/14
31/08/13
The Ongoing Charges Figure is calculated as the ratio of the annual cost of managing and
operating the fund to the average net asset value; it excludes portfolio transaction costs.
TOP HOLDINGS
Top holdings as at 31/08/14
INCOME (pence per share)
FUND SIZE
Total net Net asset
assets value per
(ВЈm) share (p)1
A Income Shares
% of total
net assets
9.51
4.48
3.67
3.58
2.64
2.54
2.45
2.36
2.28
2.22
31/08/14
333.4
% of total
net assets
8.32
5.51
5.15
4.19
3.05
3.04
2.58
2.56
2.46
2.23
Footnotes:
1. The net asset value is the accounting value at the period end on a fair
value basis.
112
49.38
Shares
in issue
Total net
assets
(ВЈm)
675,062,521
93.9
Net asset
value per
Shares
share (p)1
in issue
Y Income Shares
56.96
164,904,150
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 113
FIDELITY MONEYBUILDER BALANCED FUND
S TAT E M E N T O F T O TA L R E T U R N
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Income
Net capital gains/(losses)
Revenue
Expenses
Finance costs: Interest/other
31/08/13
£’000
£’000
£’000
7,824
8,052
(2,188)
(1)
gggggggggggggggggggg
Net revenue/(expense) before taxation
Taxation
6,898
7,094
(1,912)
gggggggggggggggggggg
5,863
(106)
5,182
(90)
gggggggggggggggggggg
gggggggggggggggggggg
Net revenue/(expense) after taxation
5,757
5,092
gggggggggggggggggggg
gggggggggggggggggggg
13,581
11,990
Total return before distributions
Finance costs: Distributions
(5,604)
(4,376)
gggggggggggggggggggg
Change in net assets attributable to shareholders from
investment activities
gggggggggggggggggggg
gggggggggggggggggggg
7,977
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
7,614
S TAT E M E N T O F C H A N G E I N N E T A S S E T S AT T R I B U TA B L E T O S H A R E H O L D E R S
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Opening net assets attributable to shareholders
Movement due to sales and repurchases of shares
Amounts receivable on issue of shares
Amounts payable on cancellation of shares
31/08/13
£’000
£’000
363,294
74,315
(18,252)
£’000
294,429
30,923
(1,190)
gggggggggggggggggggg
gggggggggggggggggggg
56,063
(35)
Stamp duty reserve tax
Change in net assets attributable to shareholders from
investment activities (see above)
Closing net assets attributable to shareholders
29,733
(65)
7,977
7,614
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
427,299
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
331,711
BALANCE SHEET
as at 31 August 2014
(unaudited)
31/08/14
£’000
Assets
Investment assets
Derivative assets
Debtors
Cash and bank balances
28/02/14
£’000
£’000
420,863
137
6,795
3,241
Total assets
Liabilities
Derivative liabilities
Creditors
Net distributions payable on income shares
357,134
100
4,985
6,463
gggggggggggggggggggg
Total other assets
gggggggggggggggggggg
10,036
11,448
gggggggggggggggggggg
gggggggggggggggggggg
431,036
368,682
gggggggggggggggggggg
gggggggggggggggggggg
(88)
(2,597)
(1,052)
gggggggggggggggggggg
(3,649)
gggggggggggggggggggg
Total liabilities
(3,737)
Net assets attributable to shareholders
(5,345)
gggggggggggggggggggg
(5,388)
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
427,299
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.
113
(43)
(928)
(4,417)
gggggggggggggggggggg
Total other liabilities
£’000
363,294
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 114
FIDELITY MONEYBUILDER BALANCED FUND
D I S T R I B U T I O N S TAT E M E N T
for the six month period ended 31 August 2014
(unaudited)
A Income Shares - interim distribution No. 258 in pence per share
Group 1 - Shares purchased on or before 31 July 2014.
Group 2 - Shares purchased from 1 August 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
0.1200
-
Equalisation
0.1200
Amount
distributed
28/09/14
Amount
distributed
28/09/13
0.1200
0.1200
0.1200
0.1200
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 classifed as Group 1 shares.
Amount
Net revenue
Equalisation
distributed
2014
Group 1
Distribution
Distribution
Distribution
Distribution
Distribution
Group 2
Distribution
Distribution
Distribution
Distribution
Distribution
Amount
distributed
2013
No.
No.
No.
No.
No.
253
254
255
256
257
0.1200
0.1200
0.1200
0.1200
0.1200
-
0.1200
0.1200
0.1200
0.1200
0.1200
0.0940
0.0940
0.1200
0.1200
0.1200
No.
No.
No.
No.
No.
253
254
255
256
257
0.0256
0.0431
-
0.0944
0.0769
0.1200
0.1200
0.1200
0.1200
0.1200
0.1200
0.1200
0.1200
0.0940
0.0940
0.1200
0.1200
0.1200
Amount
distributed
28/09/14
Amount
distributed
28/09/13
0.1469
0.1469
0.1200
0.1200
Y Income Shares - interim distribution No. 24 in pence per share
Group 1 - Shares purchased on or before 31 July 2014.
Group 2 - Shares purchased from 1 August 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
0.1469
-
114
Equalisation
0.1469
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 115
FIDELITY MONEYBUILDER BALANCED FUND
D I S T R I B U T I O N S TAT E M E N T - C O N T I N U E D
for the six month period ended 31 August 2014
(unaudited)
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 classifed as Group 1 shares.
Amount
Net revenue
Equalisation
distributed
2014
Group 1
Distribution
Distribution
Distribution
Distribution
Distribution
Group 2
Distribution
Distribution
Distribution
Distribution
Distribution
Amount
distributed
2013
No.
No.
No.
No.
No.
19
20
21
22
23
0.1200
0.1200
0.1635
0.1605
0.1551
-
0.1200
0.1200
0.1635
0.1605
0.1551
0.0940
0.0940
0.1200
0.1200
0.1200
No.
No.
No.
No.
No.
19
20
21
22
23
0.0113
0.0203
-
0.1087
0.0997
0.1635
0.1605
0.1551
0.1200
0.1200
0.1635
0.1605
0.1551
0.0940
0.0940
0.1200
0.1200
0.1200
115
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 116
FIDELITY MONEYBUILDER DIVIDEND FUND
INVESTMENT OBJECTIVE AND POLICY
PERFORMANCE RECORD
The fund’s investment objective is to achieve a combination of income and long
term capital growth from a portfolio primarily made up of investments in the
UK, including ordinary shares, preference shares, convertibles and fixed
interest securities. 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 industry.
DISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:
31/08/10
31/08/11
31/08/12
31/08/13
31/08/14
A Income Shares
11.9
10.2
16.4
17.9
10.9
Y Income Shares
-
-
-
18.4
11.5
A Accumulation Shares
F U N D M A N AG E R ’ S CO M M E N TA RY
*Comparative Index
-
-
-
-
-
10.6
7.3
10.2
18.9
10.3
* Comparative Index: FTSE All Share Index (Net)
MARKET REVIEW
The UK stock market advanced over the period, as increasing corporate activity
and positive economic data in the UK supported investor sentiment. However,
there were periods of volatility, largely owing to geopolitical tensions in the
Middle East and Ukraine, while speculation of an increase in interest rates in
the UK also held back overall market performance. There was a marked
change in market conditions in the first half of the period, as growth-oriented
stocks, particularly in small-sized companies, started to underperform, with
value and especially large-cap value shares performing the best. At a sector
level, utilities, oil & gas and health care were the best performers, while
telecommunications, consumer services, industrials and technology stocks
recorded negative returns.
Source: Fidelity and RIMES, bid to bid, UKВЈ, net income reinvested.
Performance excludes initial charge. Past performance is not a reliable
indicator of future results.
RISK PROFILE
If you make regular withdrawals from your investment, this may reduce your
capital over time if the fund’s growth does not compensate for the withdrawals.
The value of your investment and the income from it can go down as well as
up. You may not get back the amount you invested. What you get back is not
guaranteed. It will depend on investment performance. This fund invests in
overseas markets. You may get back more or less as a result of currency
fluctuations. The fund takes its annual management charge from your capital
and not from the income generated by the fund. This means that any capital
growth in the fund will be reduced by the charge and your capital may be
reduced over time if the fund’s growth does not compensate for it. The fund
may invest in derivatives for the purposes of the efficient management of the
fund. For funds that use derivative transactions, there is a risk that the
counterparty to the transaction will wholly or partially fail to honour its
contractual obligations. This may result in financial loss to the fund. Where
appropriate, collateral will be required to reduce exposure to a counterparty.
The use of financial derivative instruments may give rise to leverage and result
in increased gains or losses within the fund.
PORTFOLIO ACTIVITY
I focus on companies that deliver consistent dividend growth, which supported
returns over the period. Selected holdings in the health care and consumer
goods sectors were among the noteworthy contributors to performance. The
position in pharmaceuticals major AstraZeneca buoyed returns, supported by
news that Pfizer expressed its interest in acquiring the company in a multibilliondollar takeover. The allocation to tobacco companies Altria and Imperial
Tobacco also buoyed returns owing to their dividend prospects, while bid
activity in the US tobacco sector further supported these shares. In the
financials sector, sub-prime lender Provident Financial was a major contributor
to performance, largely due to its growth prospects. I have been increasing the
exposure to the oil & gas sector, mainly by raising the holding in Royal Dutch
Shell, in view of its attractive dividend yields. Moreover, there has been a
noticeable change in the way big oil businesses are run, with an increased
focus on cash generation and better cost controls. However, the overall
underweight stance in the company held back relative performance as
escalating violence in the Middle East, one of the largest oil-producing regions,
drove oil prices higher. I focus on companies with visible earnings, high return
on capital, positive cashflows and the ability to deliver consistent dividend
growth over the long term, even in tough economic times. I bought a new
position in specialist insurance group Novae, which has the potential to release
capital that can be paid out as dividends. I also bought a small holding in
renewable energy group Infinis Energy, which has been showing good
performances in both landfill gas and wind businesses, and also provides a
strong dividend yield. A new position was purchased in Barclays, as its recent
share price weakness presented a good opportunity to own the stock with a
low level of risk. Conversely, I sold positions in beverages companies SABMiller
and C&C Group, as well as the small holding in British Sky Broadcasting.
OUTLOOK
UK economic growth continues to strengthen, inflation has fallen back below
the Bank of England’s 2% target and the unemployment rate has declined
further. Businesses are also doing well, but real disposable incomes are under
pressure and there are concerns about the strong rise in housing market
indicators. There is also a likelihood of an increase in interest rates, although
any rise is likely to be gradual. I continue to find good opportunities for income
generation in the UK.
Michael Clark
Fund Manager
31 August 14
* Holdings can vary from those in the index quoted. For this reason the
comparative index is used for reference only.
116
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 117
FIDELITY MONEYBUILDER DIVIDEND FUND
P O R T F O L I O I N F O R M AT I O N
31/08/14
%
Financials
18.77
Consumer Goods
18.67
Health Care
18.00
Utilities
12.88
Industrials
11.32
Oil & Gas
8.96
Consumer Services
6.38
Telecommunications
4.89
Basic Materials
0.47
Cash and other net assets/(liabilities) -0.34
FUND FAC TS
28/02/14
%
13.87
19.69
21.51
13.06
11.41
6.92
6.51
6.26
0.28
0.49
The top ten holdings in the fund as at 31 August 2014 and
at the previous year end are shown below.
AstraZeneca
GlaxoSmithKline
Imperial Tobacco
BAE Systems
HSBC (UK) (Reg'd)
BP
Reckitt Benckiser
British American Tobacco
Royal Dutch Shell A (UK)
BT
Top holdings as at 28/02/14
AstraZeneca
GlaxoSmithKline
Imperial Tobacco
BP
BT
Reckitt Benckiser
British American Tobacco
Pennon
National Grid Transco
Provident Financial
XD date
01/09/14
01/06/14
Interim distribution
Interim distribution
A Income Shares
2.0000
2.0000
Y Income Shares
1.0037
1.0000
A Income Shares
1.20
1.20
Y Income Shares
0.67
0.67
ONGOING CHARGES (%)
31/08/14
31/08/13
A Accumulation Shares
1.20
1.18
31/08/14
31/08/13
The Ongoing Charges Figure is calculated as the ratio of the annual cost of managing and
operating the fund to the average net asset value; it excludes portfolio transaction costs.
TOP HOLDINGS
Top holdings as at 31/08/14
INCOME (pence per share)
FUND SIZE
Total net Net asset
assets value per
(ВЈm) share (p)1
A Income Shares
% of total
net assets
6.77
5.54
3.99
3.84
3.71
3.56
3.33
3.28
3.25
2.96
31/08/14
478.9
31/08/14
254.97
Shares
in issue
187,821,254
Total net
assets
(ВЈm)
400.1
127.12 314,774,127
A Accumulation Shares
84.5
% of total
net assets
8.19
7.65
4.52
4.51
3.83
3.80
3.31
2.62
2.59
2.47
Footnotes:
1. The net asset value is the accounting value at the period end on a fair
value basis.
117
Net asset
value per
Shares
share (p)1
in issue
Y Income Shares
108.46
77,922,772
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 118
FIDELITY MONEYBUILDER DIVIDEND FUND
S TAT E M E N T O F T O TA L R E T U R N
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Income
Net capital gains/(losses)
Revenue
Expenses
Finance costs: Interest/other
31/08/13
£’000
£’000
£’000
9,326
20,300
(4,381)
(14)
gggggggggggggggggggg
Net revenue/(expense) before taxation
Taxation
30,256
16,793
(3,595)
gggggggggggggggggggg
15,905
(359)
13,198
(264)
gggggggggggggggggggg
gggggggggggggggggggg
Net revenue/(expense) after taxation
15,546
12,934
gggggggggggggggggggg
gggggggggggggggggggg
24,872
43,190
Total return before distributions
Finance costs: Distributions
(11,344)
(10,443)
gggggggggggggggggggg
Change in net assets attributable to shareholders from
investment activities
gggggggggggggggggggg
gggggggggggggggggggg
13,528
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
32,747
S TAT E M E N T O F C H A N G E I N N E T A S S E T S AT T R I B U TA B L E T O S H A R E H O L D E R S
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Opening net assets attributable to shareholders
Movement due to sales and repurchases of shares
Amounts receivable on issue of shares
Amounts payable on cancellation of shares
31/08/13
£’000
£’000
743,850
281,040
(74,755)
£’000
574,554
83,497
(63,122)
gggggggggggggggggggg
gggggggggggggggggggg
206,285
(136)
Stamp duty reserve tax
Change in net assets attributable to shareholders from
investment activities (see above)
Closing net assets attributable to shareholders
20,375
(257)
13,528
32,747
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
963,527
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
627,419
BALANCE SHEET
as at 31 August 2014
(unaudited)
31/08/14
£’000
Assets
Investment assets
Debtors
Cash and bank balances
28/02/14
£’000
£’000
966,827
11,701
8,427
gggggggggggggggggggg
gggggggggggggggggggg
Total assets
Liabilities
Creditors
Net distributions payable on income shares
11,690
20,128
gggggggggggggggggggg
gggggggggggggggggggg
978,517
760,310
gggggggggggggggggggg
gggggggggggggggggggg
(8,074)
(6,916)
(4,557)
(11,903)
gggggggggggggggggggg
Total liabilities
gggggggggggggggggggg
(14,990)
Net assets attributable to shareholders
(16,460)
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
963,527
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.
118
740,182
10,604
1,086
Total other assets
£’000
743,850
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 119
FIDELITY MONEYBUILDER DIVIDEND FUND
D I S T R I B U T I O N S TAT E M E N T
for the six month period ended 31 August 2014
(unaudited)
A Income Shares - interim distribution No. 135 in pence per share
Group 1 - Shares purchased on or before 31 May 2014.
Group 2 - Shares purchased from 1 June 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
2.0000
-
Equalisation
2.0000
Amount
distributed
18/10/14
Amount
distributed
18/10/13
2.0000
2.0000
2.0000
2.0000
Amount
distributed
18/07/14
Amount
distributed
18/07/13
2.0000
2.0000
2.0000
2.0000
Amount
distributed
18/10/14
Amount
distributed
18/10/13
1.0037
1.0037
1.0000
1.0000
Amount
distributed
18/07/14
Amount
distributed
18/07/13
1.0000
1.0000
1.0000
1.0000
A Income Shares - interim distribution No. 134 in pence per share
Group 1 - Shares purchased on or before 28 February 2014.
Group 2 - Shares purchased from 1 March 2014 to 31 May 2014.
Net revenue
Group 1
Group 2
2.0000
1.0345
Equalisation
0.9655
Y Income Shares - interim distribution No. 11 in pence per share
Group 1 - Shares purchased on or before 31 May 2014.
Group 2 - Shares purchased from 1 June 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
1.0037
-
Equalisation
1.0037
Y Income Shares - interim distribution No. 10 in pence per share
Group 1 - Shares purchased on or before 28 February 2014.
Group 2 - Shares purchased from 1 March 2014 to 31 May 2014.
Net revenue
Group 1
Group 2
1.0000
-
119
Equalisation
1.0000
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 120
FIDELITY MONEYBUILDER GROWTH FUND
INVESTMENT OBJECTIVE AND POLICY
PERFORMANCE RECORD
The fund’s investment objective is to achieve a combination of income and long
term capital growth from a portfolio primarily made up of the shares of 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
industry.
DISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:
ISA class Income Shares
Y Income Shares
A Income Shares
F U N D M A N AG E R ’ S CO M M E N TA RY
*Comparative Index
MARKET REVIEW
The UK stock market advanced over the period, as increasing corporate activity
and positive economic data in the UK supported investor sentiment. However,
there were periods of volatility, largely owing to geopolitical tensions in the
Middle East and Ukraine, while speculation of an increase in interest rates in
the UK also held back overall market performance. There was a marked
change in market conditions in the first half of the period, as growth-oriented
stocks, particularly in small-sized companies, started to underperform, with
value and especially large-cap value shares performing the best. At a sector
level, utilities, oil & gas and health care were the best performers, while
telecommunications, consumer services, industrials and technology stocks
recorded negative returns.
31/08/10
31/08/11
31/08/12
31/08/13
8.5
1.4
10.6
30.5
31/08/14
8.3
-
-
-
30.9
8.6
8.3
1.2
10.3
30.2
8.1
10.6
7.3
10.2
18.9
10.3
* Comparative Index: FTSE All Share Index (Net)
Source: Fidelity and RIMES, bid to bid, UKВЈ, net income reinvested.
Performance excludes initial charge. Past performance is not a reliable
indicator of future results.
RISK PROFILE
If you make regular withdrawals from your investment, this may reduce your
capital over time if the fund’s growth does not compensate for the withdrawals.
The value of your investment can go down as well as up. You may not get back
the amount you invested. What you get back is not guaranteed. It will depend
on investment performance. Investments in small and emerging markets can
be more volatile than other more developed markets. This fund invests in
overseas markets. You may get more or less as a result of currency fluctuations.
The fund takes its annual management charge from your capital and not from
the income generated by the fund. This means that any capital growth in the
fund will be reduced by the charge and your capital may be reduced over time
if the fund’s growth does not compensate for it. The fund may invest in
derivatives for the purposes of the efficient management of the fund. For funds
that use derivative transactions, there is a risk that the counterparty to the
transaction will wholly or partially fail to honour its contractual obligations. This
may result in financial loss to the fund. Where appropriate, collateral will be
required to reduce exposure to a counterparty.The use of financial derivative
instruments may give rise to leverage and result in increased gains or losses
within the fund.
PORTFOLIO ACTIVITY
Holdings in airlines stocks such as International Consolidated Airlines and
easyJet were the leading detractors from performance. These stocks were
among the main contributors to returns in 2013, but gave back some gains
after German carrier Lufthansa issued a profit warning citing strong
competition and pricing pressures. I reduced the exposure to these stocks
slightly, but they remain key holdings in the portfolio in view of their long-term
growth prospects. While I have started to build up a sizeable position in oil &
gas major Royal Dutch Shell, the overall underweight stance in the company
held back relative performance as escalating violence in the Middle East drove
oil prices higher. The position in pharmaceuticals major GlaxoSmithKline, which
lowered its full-year outlook, also detracted from returns. On a positive note,
bid activity lifted selected positions such as UK pharmaceuticals group Shire
and InterContinental Hotels. The holding in Shire rose after it agreed to a
takeover proposal from US drug company AbbVie. I took some profits in Shire
following the rise in its share price. The position in InterContinental Hotels also
contributed strongly to returns driven by reports of a takeover offer from an
unidentified bidder. The lack of exposure to supermarket major Tesco also
supported relative performance as the company issued a profit warning.
Following a long period of weakness, the fundamentals in the resources
sectors appear to be improving. As a result, I bought a new position in mining
group BHP Billiton, which is planning a massive restructuring of its business. I
also increased the exposure to Rio Tinto. In other notable transactions, I bought
a holding in British American Tobacco as its growth prospects are appealing,
but sold the position in packaging business Smurfit Kappa following a period
of strong performance.
OUTLOOK
We are likely to remain in an environment of sub-par GDP growth and low
interest rates for some time to come. Against this backdrop, strong companies
should continue to make progress. However, stock markets could remain
volatile as geopolitical tensions continue to worsen and we get closer to an
interest rate increase in the UK.
James Griffin
Fund Manager
31 August 14
* Holdings can vary from those in the index quoted. For this reason the
comparative index is used for reference only.
120
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 121
FIDELITY MONEYBUILDER GROWTH FUND
P O R T F O L I O I N F O R M AT I O N
31/08/14
%
Financials
24.49
Health Care
18.53
Consumer Services
18.34
Industrials
13.97
Consumer Goods
10.93
Telecommunications
5.33
Basic Materials
4.96
Oil & Gas
4.69
Technology
0.00
Cash and other net assets/(liabilities) -1.24
FUND FAC TS
28/02/14
%
25.20
16.88
21.72
15.18
11.03
2.99
2.74
3.43
0.72
0.11
INCOME (pence per share)
XD date
A Income Shares
Interim distribution
01/09/14
1.0267
Interim distribution
XD date
01/09/14
Y Income Shares
1.0332
ONGOING CHARGES (%)
A Income Shares
31/08/14
31/08/13
1.20
1.20
ISA class
income Shares
1.00
0.98
Y Income Shares
0.67
0.66
31/08/14
31/08/13
TOP HOLDINGS
ISA class
income Shares
1.0888
The top ten holdings in the fund as at 31 August 2014 and
at the previous year end are shown below.
The Ongoing Charges Figure is calculated as the ratio of the annual cost of managing and
operating the fund to the average net asset value; it excludes portfolio transaction costs.
Top holdings as at 31/08/14
FUND SIZE
HSBC (UK) (Reg'd)
GlaxoSmithKline
Lloyds Banking Group
Rolls-Royce
Wolseley
Vodafone
Barclays
British Sky Broadcasting
AstraZeneca
Roche
Top holdings as at 28/02/14
GlaxoSmithKline
Lloyds Banking Group
Shire
HSBC (UK) (Reg'd)
Barclays
Wolseley
International Consolidated Airlines
Rolls-Royce
Taylor Wimpey
WPP
% of total
net assets
7.48
6.85
5.95
4.19
4.06
3.83
3.50
3.39
3.38
3.05
Total net Net asset
assets value per
(ВЈm) share (p)1
A Income Shares
31/08/14
507.5
31/08/14
69.95
Shares
in issue
725,589,101
Total net
assets
(ВЈm)
ISA
125.7
31.1
% of total
net assets
7.31
6.98
5.52
5.28
5.07
4.04
4.02
4.00
3.71
3.50
Footnotes:
1. The net asset value is the accounting value at the period end on a fair
value basis.
121
Net asset
value per
Shares
share (p)1
in issue
class income Shares
70.53 178,195,377
Y Income Shares
69.78
44,561,424
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 122
FIDELITY MONEYBUILDER GROWTH FUND
S TAT E M E N T O F T O TA L R E T U R N
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Income
Net capital gains/(losses)
Revenue
Expenses
Finance costs: Interest/other
31/08/13
£’000
£’000
£’000
(18,199)
12,068
(3,900)
(3)
gggggggggggggggggggg
Net revenue/(expense) before taxation
Taxation
50,880
12,243
(4,063)
gggggggggggggggggggg
8,165
(83)
8,180
(1)
gggggggggggggggggggg
gggggggggggggggggggg
Net revenue/(expense) after taxation
8,082
8,179
gggggggggggggggggggg
gggggggggggggggggggg
Total return before distributions
(10,117)
Finance costs: Distributions
59,059
(10,121)
(10,084)
gggggggggggggggggggg
Change in net assets attributable to shareholders from
investment activities
gggggggggggggggggggg
(20,238)
48,975
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
S TAT E M E N T O F C H A N G E I N N E T A S S E T S AT T R I B U TA B L E T O S H A R E H O L D E R S
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Opening net assets attributable to shareholders
Movement due to sales and repurchases of shares
Amounts receivable on issue of shares
Amounts payable on cancellation of shares
31/08/13
£’000
£’000
738,097
33,665
(87,165)
£’000
660,693
15,810
(30,497)
gggggggggggggggggggg
gggggggggggggggggggg
(53,500)
(35)
Stamp duty reserve tax
Change in net assets attributable to shareholders from
investment activities (see above)
(14,687)
(102)
(20,238)
48,975
gggggggggggggggggggg
Closing net assets attributable to shareholders
gggggggggggggggggggg
gggggggggggggggggggg
664,324
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
694,879
BALANCE SHEET
as at 31 August 2014
(unaudited)
31/08/14
£’000
Assets
Investment assets
Debtors
Cash and bank balances
28/02/14
£’000
£’000
672,566
6,611
54
Total assets
Liabilities
Creditors
Bank overdrafts
Net distributions payable on income shares
gggggggggggggggggggg
6,665
18,622
gggggggggggggggggggg
gggggggggggggggggggg
679,231
755,847
gggggggggggggggggggg
gggggggggggggggggggg
(2,806)
(2,251)
(9,850)
(9,653)
(3,533)
(4,564)
gggggggggggggggggggg
Total liabilities
gggggggggggggggggggg
(14,907)
gggggggggggggggggggg
Net assets attributable to shareholders
(17,750)
gggggggggggggggggggg
gggggggggggggggggggg
664,324
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.
122
737,225
14,811
3,811
gggggggggggggggggggg
Total other assets
£’000
738,097
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 123
FIDELITY MONEYBUILDER GROWTH FUND
D I S T R I B U T I O N S TAT E M E N T
for the six month period ended 31 August 2014
(unaudited)
A Income Shares - interim distribution No. 42 in pence per share
Group 1 - Shares purchased on or before 28 February 2014.
Group 2 - Shares purchased from 1 March 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
1.0267
0.5354
Equalisation
0.4913
Amount
distributed
12/10/14
Amount
distributed
12/10/13
1.0267
1.0267
0.9357
0.9357
Amount
distributed
12/10/14
Amount
distributed
12/10/13
1.0888
1.0888
0.9889
0.9889
Amount
distributed
12/10/14
Amount
distributed
12/10/13
1.0332
1.0332
0.8425
0.8425
ISA class income Shares - interim distribution No. 30 in pence per share
Group 1 - Shares purchased on or before 28 February 2014.
Group 2 - Shares purchased from 1 March 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
1.0888
0.6797
Equalisation
0.4091
Y Income Shares - interim distribution No. 5 in pence per share
Group 1 - Shares purchased on or before 28 February 2014.
Group 2 - Shares purchased from 1 March 2014 to 31 August 2014.
Net revenue
Group 1
Group 2
1.0332
0.6310
123
Equalisation
0.4022
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 124
FIDELITY MONEYBUILDER INCOME FUND
INVESTMENT OBJECTIVE AND POLICY
PERFORMANCE RECORD
The fund’s investment objective is to achieve an attractive level of income from
a portfolio primarily invested in sterling-denominated fixed interest securities.
DISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:
F U N D M A N AG E R ’ S CO M M E N TA RY
MARKET REVIEW
UK bonds advanced, with government bonds (Gilts) marginally outperforming
corporate bonds over the review period. Gilts rose in line with US Treasuries
and German bunds as investors preferred safe assets given worries over
geopolitical events in Ukraine and the Middle East. Major global central banks
also maintained an easy monetary stance, further supporting Gilts. Better
economic prospects led to expectations that the Bank of England (BoE) would
increase interest rates by 0.25% in the first quarter of 2015, the first rise since
June 2009. However, the central bank reiterated that interest rate rises would
be implemented at a measured pace. Meanwhile, inflation continued to
decline, with the July Consumer Price Index (CPI) falling to 1.6%, which was
below market expectations. Through the review period, the BoE maintained its
interest rate at 0.5% and its asset purchase facility at ВЈ375 billion.
31/08/10
31/08/11
31/08/12
31/08/13
31/08/14
A Accumulation Shares
13.6
1.7
10.6
1.6
8.1
Gross paying A
Income Shares
14.6
2.6
11.5
2.3
8.9
Gross paying Y
Income Shares
-
3.0
11.9
2.8
9.4
Y Accumulation Shares
-
-
-
-
8.6
Y Income Shares
-
2.0
11.0
1.9
8.5
Gross paying Y
Accumulation Shares
-
-
-
2.7
9.4
A Income Shares
13.5
1.7
10.6
1.6
8.1
*Comparative Index
12.3
0.6
11.7
2.0
8.1
* Comparative Index: BofA ML Euro-Sterling (Net)
Source: Fidelity and RIMES, bid to bid, UKВЈ, net income reinvested.
Performance excludes initial charge. Past performance is not a reliable
indicator of future results.
PORTFOLIO ACTIVITY
The fund’s interest rate strategy was the most significant contributor to returns.
While the fund’s short duration (ensuring that the portfolio is less sensitive to
interest rate changes than the index) position hurt returns as Gilt yields fell,
losses were more-than-offset by the cross-market exposure to US dollar
duration. Asset allocation and corporate bond selection also supported
performance. Specifically, the fund is overweight in lower rated bonds within
the high grade spectrum and is biased towards defensive sectors such as
transportation, consumer staples and communications. This positioning
contributed to returns. At the sector level, favourable security selection within
subordinated bank bonds supported performance. Overall, the fund remains
underweight in financials with the exception of covered bonds, which offer a
higher level of investor protection than senior and subordinated financial
bonds. I continue to focus on bonds issued by companies with a defensive
business profile, i.e. those whose business performance and sales are not
highly correlated with the economic cycle, while also offering a yield above the
market average. During the review period, I bought newly issued bonds in
Bupa, AA Bond Company and Virgin Media. Elsewhere, profits were taken in
UBS contingent convertible bonds following a period of strong outperformance
within the subordinated financials sub-sector. I also sold positions in Mondelez
and Philip Morris (CZ).
RISK PROFILE
If you make regular withdrawals from your investment, this may reduce your
capital over time if the fund’s growth does not compensate for the withdrawals.
The value of your investment and the income from it can go down as well as
up. You may not get back the amount you invested. What you get back is not
guaranteed. It will depend on investment performance. The main aim of this
fund is to produce income. When this income is paid out instead of being
reinvested, there is little prospect of any real capital growth. A portion of this
fund will invest in �sub-investment grade’ bonds. These bonds may produce a
higher level of income than �investment grade’ bonds but at a higher risk to
your capital. With funds that invest in bonds, there is a risk that the issuer of
the bond may default on its repayments. The likelihood of this happening will
depend on the credit-worthiness of the issuer. When interest rates rise bonds
may fall in value. Rising interest rates may cause the value of your investment
to fall. The fund may invest in derivatives for the purposes of the efficient
management of the fund. For funds that use derivative transactions, there is a
risk that the counterparty to the transaction will wholly or partially fail to honour
its contractual obligations. This may result in financial loss to the fund. Where
appropriate, collateral will be required to reduce exposure to a counterparty.
The use of financial derivative instruments may give rise to leverage and result
in increased gains or losses within the fund.
OUTLOOK
The UK economy continues to recover, but the growth rate remains below the
historical average. There are increased expectations that the BoE will raise
interest rates. Though the central bank said that interest rates would be
increased at a measured pace, the markets have priced in the possibility of
aggressive interest rate hikes. Meanwhile, inflation remains firmly below the
BoE’s 2.0% target, allowing the central bank to maintain its easy monetary
policy. This should support Gilt valuations in the near term. Investment grade
corporate bonds still offer the best risk-adjusted return potential, supported by
healthy corporate balance sheets and investors’ strong demand for income.
However, given the recent rise in shareholder-friendly initiatives, careful bond
selection is required to generate healthy risk-adjusted returns.
Ian Spreadbury
Fund Manager
31 August 14
* Holdings can vary from those in the index quoted. For this reason the
comparative index is used for reference only.
124
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 125
FIDELITY MONEYBUILDER INCOME FUND
P O R T F O L I O I N F O R M AT I O N
FUND FAC TS
31/08/14
%
BBB Rated
42.37
AA Rated
18.30
A Rated
18.27
AAA Rated
10.99
BB Rated
4.32
Not Rated
2.54
B Rated
1.23
Equities
0.00
Other
-0.30
Cash and other net assets/(liabilities)
2.28
28/02/14
%
48.03
11.28
19.53
12.17
3.97
2.22
1.13
0.00
-0.13
1.80
TOP HOLDINGS
The top ten holdings in the fund as at 31 August 2014 and
at the previous year end are shown below.
Top holdings as at 31/08/14
Interim
Interim
Interim
Interim
Interim
Interim
Interim
Interim
Interim
Interim
Interim
Interim
distribution
distribution
distribution
distribution
distribution
distribution
distribution
distribution
distribution
distribution
distribution
distribution
2.56
2.54
2.17
2.11
1.49
1.33
1.27
1.22
1.15
1.10
XD date
A Income Shares
01/09/14
01/08/14
01/07/14
01/06/14
01/05/14
01/04/14
0.0784
0.0826
0.0805
0.0818
0.0808
0.0842
XD date
Y Income Shares
01/09/14
01/08/14
01/07/14
01/06/14
01/05/14
01/04/14
0.2925
0.3099
0.3018
0.3071
0.3027
0.3150
XD date
% of total
net assets
European Investment Bank 6.00% 07/12/2028
UK Gilt Treasury 4.25% 07/03/2036
UK Gilt Treasury 4.25% 07/06/2032
UK Gilt Treasury War Loan 3.50% (Perpetual)
Abbey National Treasury 5.125% 14/04/2021
EDF 6.00% 23/01/2114 Reg S
Aspire Defence Finance 4.674% 31/03/2040 (A)
Enterprise Inns 6.375% 26/09/2031
UK Gilt Treasury 2.75% 22/01/2015
AA Bond Company 4.7201% 31/07/2018 Reg S
Top holdings as at 28/02/14
INCOME (pence per share)
Interim
Interim
Interim
Interim
Interim
Interim
distribution
distribution
distribution
distribution
distribution
distribution
01/09/14
01/08/14
01/07/14
01/06/14
01/05/14
01/04/14
2.43
1.92
1.89
1.46
1.23
1.21
1.20
1.13
1.12
1.09
Gross paying
Y Income Shares
0.3707
0.3876
0.3774
0.3842
0.3786
0.3939
Y Accumulation
Gross paying Y
Shares Accumulation Shares
2.7823
3.9362
2.9015
4.1019
2.8170
3.9806
2.8657
4.0396
2.8154
3.9676
2.9188
4.1141
ONGOING CHARGES (%)
A Income Shares
31/08/14
31/08/13
1.00
0.99
% of total
net assets
European Investment Bank 6.00% 07/12/2028
UK Gilt Treasury 4.25% 07/06/2032
UK Gilt Treasury War Loan 3.50% (Perpetual)
Abbey National Treasury 5.125% 14/04/2021
EDF 6.00% 23/01/2114 Reg S
Aspire Defence Finance 4.674% 31/03/2040 (A)
Tesco Property Finance 6.0517% 13/10/2039
Fidelity Institutional Liquidity Fund (GBP)
Enterprise Inns 6.375% 26/09/2031
GlaxoSmithKline Capital 3.375% 20/12/2027
Gross paying
A Income Shares
0.0982
0.1033
0.1006
0.1023
0.1011
0.1053
Y Income Shares
Gross paying
A Income Shares
1.00
0.99
31/08/14
31/08/13
0.56
0.56
Gross paying
Y Income Shares
0.56
0.56
31/08/14
31/08/13
A Accumulation
Shares
1.00
0.99
Y Accumulation
Shares
0.56
0.55
Gross paying Y
Accumulation Shares
0.56
0.56
31/08/14
31/08/13
Footnotes:
1. The net asset value is the accounting value at the period end on a fair
value basis.
The Ongoing Charges Figure is calculated as the ratio of the annual cost of managing and
operating the fund to the average net asset value; it excludes portfolio transaction costs.
FUND SIZE
Total net Net asset
assets value per
(ВЈm) share (p)1
A Income Shares
Shares
in issue
Total net Net asset
assets value per
Shares
(ВЈm) share (p)1
in issue
Gross paying A Income Shares
31/08/14
867.0
34.87 2,485,839,424
Y Income Shares
790.2
34.88 2,265,590,590
Gross paying Y Income Shares
31/08/14
693.0
116.65
594,138,319
A Accumulation Shares
401.4
116.68 344,044,216
Y Accumulation Shares
31/08/14
146.2
31/08/14
155.72
93,898,285
94.8
1,097.50
8,641,333
Gross paying Y Accumulation Shares
123.1
125
1,242.90
9,904,609
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 126
FIDELITY MONEYBUILDER INCOME FUND
S TAT E M E N T O F T O TA L R E T U R N
for the six month period 31 August 2014
(unaudited)
31/08/14
£’000
Income
Net capital gains/(losses)
Revenue
Expenses
Finance costs: Interest/other
31/08/13
£’000
£’000
£’000
108,729
68,816
(13,089)
(3,569)
Net revenue/(expense) before taxation
Taxation
(70,075)
74,667
(15,058)
(2,189)
gggggggggggggggggggg
gggggggggggggggggggg
52,158
-
57,420
-
gggggggggggggggggggg
gggggggggggggggggggg
Net revenue/(expense) after taxation
52,158
57,420
gggggggggggggggggggg
gggggggggggggggggggg
Total return before distributions
160,887
Finance costs: Distributions
(12,655)
(55,736)
(61,274)
gggggggggggggggggggg
Change in net assets attributable to shareholders from
investment activities
gggggggggggggggggggg
gggggggggggggggggggg
105,151
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
(73,929)
S TAT E M E N T O F C H A N G E I N N E T A S S E T S AT T R I B U TA B L E T O S H A R E H O L D E R S
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Opening net assets attributable to shareholders
Movement due to sales and repurchases of shares
Amounts receivable on issue of shares
Amounts payable on cancellation of shares
31/08/13
£’000
£’000
3,095,412
205,160
(293,310)
£’000
3,309,281
181,114
(207,228)
gggggggggggggggggggg
gggggggggggggggggggg
Stamp duty reserve tax
(88,150)
-
(26,114)
(4)
Change in net assets attributable to shareholders from
investment activities (see above)
105,151
(73,929)
Retained distribution on accumulation shares
Closing net assets attributable to shareholders
3,284
456
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
3,115,697
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
3,209,690
BALANCE SHEET
as at 31 August 2014
(unaudited)
31/08/14
£’000
Assets
Investment assets
Derivative assets
Debtors
Cash and bank balances
28/02/14
£’000
£’000
3,051,258
4,842
67,773
20,761
74,396
28,054
gggggggggggggggggggg
Total assets
Liabilities
Derivative liabilities
Creditors
Net distributions payable on income shares
3,044,742
4,547
gggggggggggggggggggg
Total other assets
88,534
102,450
gggggggggggggggggggg
gggggggggggggggggggg
3,144,634
3,151,739
gggggggggggggggggggg
gggggggggggggggggggg
(11,332)
(10,395)
(7,210)
gggggggggggggggggggg
(17,605)
gggggggggggggggggggg
Total liabilities
(28,937)
Net assets attributable to shareholders
(46,444)
gggggggggggggggggggg
(56,327)
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
3,115,697
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.
126
(9,883)
(38,858)
(7,586)
gggggggggggggggggggg
Total other liabilities
£’000
3,095,412
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 127
FIDELITY MONEYBUILDER INCOME FUND
D I S T R I B U T I O N S TAT E M E N T
for the six month period ended 31 August 2014
(unaudited)
A Income Shares - interim distribution No. 227 in pence per share
Group 1 - Shares purchased on or before 31 July 2014.
Group 2 - Shares purchased from 1 August 2014 to 31 August 2014.
Group 1
Group 2
Gross
revenue
Income tax
20%
Net revenue
0.0980
0.0561
0.0196
0.0112
0.0784
0.0449
Equalisation
0.0335
Amount
distributed
26/09/14
Amount
distributed
26/09/13
0.0784
0.0784
0.0843
0.0843
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 classifed as Group 1 shares.
Amount
Gross
Income tax
Net revenue
Equalisation
distributed
revenue
20%
2014
Group 1
Distribution
Distribution
Distribution
Distribution
Distribution
Group 2
Distribution
Distribution
Distribution
Distribution
Distribution
Amount
distributed
2013
No.
No.
No.
No.
No.
222
223
224
225
226
0.1053
0.1010
0.1023
0.1006
0.1033
0.0211
0.0202
0.0205
0.0201
0.0206
0.0842
0.0808
0.0818
0.0805
0.0826
-
0.0842
0.0808
0.0818
0.0805
0.0826
0.0881
0.0850
0.0854
0.0829
0.0857
No.
No.
No.
No.
No.
222
223
224
225
226
0.0566
0.0626
0.0584
0.0600
0.0540
0.0113
0.0125
0.0117
0.0120
0.0108
0.0453
0.0501
0.0467
0.0480
0.0432
0.0389
0.0307
0.0351
0.0325
0.0394
0.0842
0.0808
0.0818
0.0805
0.0826
0.0881
0.0850
0.0854
0.0829
0.0857
Amount
distributed
26/09/14
Amount
distributed
26/09/13
0.0982
0.0982
0.1053
0.1053
Gross paying A Income Shares - interim distribution No. 141 in pence per share
Group 1 - Shares purchased on or before 31 July 2014.
Group 2 - Shares purchased from 1 August 2014 to 31 August 2014.
Gross
revenue
Group 1
Group 2
0.0982
0.0417
127
Equalisation
0.0565
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 128
FIDELITY MONEYBUILDER INCOME FUND
D I S T R I B U T I O N S TAT E M E N T - C O N T I N U E D
for the six month period ended 31 August 2014
(unaudited)
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 classifed as Group 1 shares.
Amount
Gross
Equalisation
distributed
revenue
2014
Group 1
Distribution
Distribution
Distribution
Distribution
Distribution
Group 2
Distribution
Distribution
Distribution
Distribution
Distribution
Amount
distributed
2013
No.
No.
No.
No.
No.
136
137
138
139
140
0.1053
0.1011
0.1023
0.1006
0.1033
-
0.1053
0.1011
0.1023
0.1006
0.1033
0.1102
0.1064
0.1068
0.1037
0.1071
No.
No.
No.
No.
No.
136
137
138
139
140
0.0469
0.0539
0.0447
0.0467
0.0440
0.0584
0.0472
0.0576
0.0539
0.0593
0.1053
0.1011
0.1023
0.1006
0.1033
0.1102
0.1064
0.1068
0.1037
0.1071
Amount
distributed
26/09/14
Amount
distributed
26/09/13
0.2965
0.2965
0.3146
0.3146
Y Income Shares - interim distribution No. 59 in pence per share
Group 1 - Shares purchased on or before 31 July 2014.
Group 2 - Shares purchased from 1 August 2014 to 31 August 2014.
Group 1
Group 2
Gross
revenue
Income tax
20%
Net revenue
0.3706
0.1935
0.0741
0.0387
0.2965
0.1548
Equalisation
0.1417
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 classifed as Group 1 shares.
Amount
Gross
Income tax
Net revenue
Equalisation
distributed
revenue
20%
2014
Group 1
Distribution
Distribution
Distribution
Distribution
Distribution
Group 2
Distribution
Distribution
Distribution
Distribution
Distribution
Amount
distributed
2013
No.
No.
No.
No.
No.
54
55
56
57
58
0.3938
0.3784
0.3839
0.3773
0.3874
0.0788
0.0757
0.0768
0.0755
0.0775
0.3150
0.3027
0.3071
0.3018
0.3099
-
0.3150
0.3027
0.3071
0.3018
0.3099
0.3283
0.3175
0.3200
0.3094
0.3195
No.
No.
No.
No.
No.
54
55
56
57
58
0.1778
0.2136
0.1946
0.1976
0.2039
0.0356
0.0427
0.0389
0.0395
0.0408
0.1422
0.1709
0.1557
0.1581
0.1631
0.1728
0.1318
0.1514
0.1437
0.1468
0.3150
0.3027
0.3071
0.3018
0.3099
0.3283
0.3175
0.3200
0.3094
0.3195
128
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 129
FIDELITY MONEYBUILDER INCOME FUND
D I S T R I B U T I O N S TAT E M E N T - C O N T I N U E D
for the six month period ended 31 August 2014
(unaudited)
Gross paying Y Income Shares - interim distribution No. 59 in pence per share
Group 1 - Shares purchased on or before 31 July 2014.
Group 2 - Shares purchased from 1 August 2014 to 31 August 2014.
Gross
revenue
Group 1
Group 2
0.3707
0.1919
Equalisation
0.1788
Amount
distributed
26/09/14
Amount
distributed
26/09/13
0.3707
0.3707
0.3934
0.3934
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 classifed as Group 1 shares.
Amount
Gross
Equalisation
distributed
revenue
2014
Group 1
Distribution
Distribution
Distribution
Distribution
Distribution
Group 2
Distribution
Distribution
Distribution
Distribution
Distribution
Amount
distributed
2013
No.
No.
No.
No.
No.
54
55
56
57
58
0.3939
0.3786
0.3842
0.3774
0.3876
-
0.3939
0.3786
0.3842
0.3774
0.3876
0.4109
0.3972
0.4003
0.3871
0.3996
No.
No.
No.
No.
No.
54
55
56
57
58
0.1745
0.1820
0.2175
0.1802
0.2012
0.2194
0.1966
0.1667
0.1972
0.1864
0.3939
0.3786
0.3842
0.3774
0.3876
0.4109
0.3972
0.4003
0.3871
0.3996
Amount
accumulated
26/09/14
Amount
accumulated
26/09/13
2.7823
2.7823
2.8570
2.8570
Y Accumulation Shares - interim distribution No. 15 in pence per share
Group 1 - Shares purchased on or before 31 July 2014.
Group 2 - Shares purchased from 1 August 2014 to 31 August 2014.
Group 1
Group 2
Gross
revenue
Income tax
20%
Net revenue
3.4779
1.7616
0.6956
0.3523
2.7823
1.4093
129
Equalisation
1.3730
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 130
FIDELITY MONEYBUILDER INCOME FUND
D I S T R I B U T I O N S TAT E M E N T - C O N T I N U E D
for the six month period ended 31 August 2014
(unaudited)
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 classifed as Group 1 shares.
Amount
Amount
Gross
Income tax
Net revenue
Equalisation
accumulated
accumulated
revenue
20%
2014
2013
Group 1
Distribution
Distribution
Distribution
Distribution
Distribution
Group 2
Distribution
Distribution
Distribution
Distribution
Distribution
No.
No.
No.
No.
No.
10
11
12
13
14
3.6485
3.5193
3.5821
3.5213
3.6269
0.7297
0.7039
0.7164
0.7043
0.7254
2.9188
2.8154
2.8657
2.8170
2.9015
-
2.9188
2.8154
2.8657
2.8170
2.9015
0.5695
2.8562
-
No.
No.
No.
No.
No.
10
11
12
13
14
1.6820
1.6731
1.6931
1.9693
1.8735
0.3364
0.3346
0.3386
0.3939
0.3747
1.3456
1.3385
1.3545
1.5754
1.4988
1.5732
1.4769
1.5112
1.2416
1.4027
2.9188
2.8154
2.8657
2.8170
2.9015
0.5695
2.8562
-
Amount
accumulated
26/09/14
Amount
accumulated
26/09/13
3.9362
3.9362
3.9905
3.9905
Gross paying Y Accumulation Shares - interim distribution No. 17 in pence per share
Group 1 - Shares purchased on or before 31 July 2014.
Group 2 - Shares purchased from 1 August 2014 to 31 August 2014.
Gross
revenue
Group 1
Group 2
3.9362
1.9052
Equalisation
2.0310
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 classifed as Group 1 shares.
Amount
Amount
Gross
Equalisation
accumulated
accumulated
revenue
2014
2013
Group 1
Distribution
Distribution
Distribution
Distribution
Distribution
Group 1
Distribution
Distribution
Distribution
Distribution
Distribution
No.
No.
No.
No.
No.
12
13
14
15
16
4.1141
3.9676
4.0396
3.9806
4.1019
-
4.1141
3.9676
4.0396
3.9806
4.1019
16.0545
4.0505
-
No.
No.
No.
No.
No.
12
13
14
15
16
1.9714
2.2531
2.1793
2.2347
2.0025
2.1427
1.7145
1.8603
1.7459
2.0994
4.1141
3.9676
4.0396
3.9806
4.1019
16.0545
4.0505
-
130
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 131
FIDELITY SOUTH-EAST ASIA FUND
INVESTMENT OBJECTIVE AND POLICY
PERFORMANCE RECORD
The fund’s investment objective is to achieve long term capital growth from a
portfolio made up of the shares of companies throughout the Pacific Basin, 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 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.
DISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:
31/08/10
31/08/11
31/08/12
31/08/13
A Accumulation Shares
23.9
8.5
-3.3
8.1
9.8
Y Accumulation Shares
-
9.1
-2.8
8.7
10.3
W Accumulation Shares
*Comparative Index
F U N D M A N AG E R ’ S CO M M E N TA RY
31/08/14
-
-
-
-
10.6
23.0
5.1
0.2
11.0
10.4
* Comparative Index: MSCI AC Far East ex Jpn (Net)
Source: Fidelity and RIMES, bid to bid, UKВЈ, net income reinvested.
Performance excludes initial charge. Past performance is not a reliable
indicator of future results.
MARKET REVIEW
South East Asian stocks rose over the review period as monetary policy
measures introduced to stabilise growth in China renewed optimism. Investor
sentiment improved with the launch of reform measures aimed at supporting
the Chinese property market. Notable among these was the People’s Bank of
China’s new monetary policy tool known as pledged supplementary lending,
which aims to offer targeted support for the property sector. Against this
backdrop, Chinese stocks rose despite periods of volatility. Taiwanese and Thai
stocks also registered strong gains. Investors favoured Taiwanese technology
and component suppliers, which play a central role in the global electronics
supply chain. Ongoing positive political progress and improving
macroeconomic data boosted sentiment towards Thai stocks. Meanwhile,
Indonesian equities were supported by the election of a pro-reform president.
RISK PROFILE
If you make regular withdrawals from your investment, this may reduce your
capital over time if the fund’s growth does not compensate for the withdrawals.
The value of your investment can go down as well as up. You may not get back
the amount you invested. What you get back is not guaranteed. It will depend
on investment performance. Investments in small and emerging markets can
be more volatile than other more developed markets. This fund invests in
overseas markets. You may get back more or less as a result of currency
fluctuations. The fund may invest in derivatives for the purposes of the efficient
management of the fund. For funds that use derivative transactions, there is a
risk that the counterparty to the transaction will wholly or partially fail to honour
its contractual obligations. This may result in financial loss to the fund. Where
appropriate, collateral will be required to reduce exposure to a counterparty.
The use of financial derivative instruments may give rise to leverage and result
in increased gains or losses within the fund.
PORTFOLIO ACTIVITY
Security selection in the energy and utilities sectors, particularly those related
to renewable energy, detracted from returns. The position in Newocean Energy,
a liquid petroleum gas (LPG) distributor based in Guangdong, fell due to
concerns that a depreciating Chinese renminbi would increase input costs, and
that the Guangdong local government may favour the use of liquefied natural
gas (LNG) versus LPG in the transportation sector. I reduced the exposure to
Newocean, but am still confident of the expansion of LPG usage in the
Guangdong region. Renewable utilities companies China Longyuan Power and
Huaneng Renewables also fell as their earnings were below expectations
owing to higher-than-expected operating costs. I still believe in the renewable
energy opportunity in China, but I did reduce the exposure to these holdings.
Elsewhere, the position Macau-based casino Sands China declined after an
unexpected decline in mass gaming revenues hurt sentiment towards the
sector. However, Sands China is likely to remain a notable beneficiary of the
rising Chinese consumption trend over the long term, and is a leading player
in the mass market gaming segment. Encouragingly, the new holding in
Amorepacific supported performance as the Korean cosmetics company
delivered solid results. Its revenues and operating profits grew at a faster pace
than estimated, aided by strong Chinese and duty free cosmetics sales. The
allocation to Brilliance China Automotive Holdings benefited from healthy
automobile sales in China, where the BMW brand remains very popular. I
purchased new automobile holdings in China’s SAIC Motor and India’s Hero
MotoCorp. Elsewhere, selected semiconductor positions were key contributors
to performance. For instance, dynamic random-access memory (DRAM) chip
manufacturers Inotera Memories and SK Hynix buoyed returns. Better-thanexpected demand for DRAM chips, which is an essential component in
smartphones, supported their pricing power and gross margins.
OUTLOOK
I select companies with solid management teams that have the potential to
generate sustainable earnings growth over the long term. I believe that South
East Asia offers good investment opportunities given attractive valuations and
solid companies that will benefit from long-term growth in regional economies.
Over the longer term, Chinese economic reforms will likely sustain economic
growth. Positive political changes in India and Indonesia are also expected to
drive long-term improvements. Meanwhile, Apple’s new product cycles are
likely to benefit Taiwanese stocks, given that technology and component
suppliers based in the country play a central role in the Apple’s supply chain.
Teera Chanpongsang
Fund Manager
31 August 14
* Holdings can vary from those in the index quoted. For this reason the
comparative index is used for reference only.
131
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 132
FIDELITY SOUTH-EAST ASIA FUND
P O R T F O L I O I N F O R M AT I O N
31/08/14
%
China
29.45
Korea
21.08
Hong Kong
14.41
Taiwan
14.05
Indonesia
5.13
Singapore
4.44
Malaysia
3.06
India
2.92
Other
4.80
Cash and other net assets/(liabilities)
0.66
FUND FAC TS
28/02/14
%
29.77
21.21
19.33
15.18
2.90
3.37
3.83
0.00
4.94
-0.53
The top ten holdings in the fund as at 31 August 2014 and
at the previous year end are shown below.
Taiwan Semiconductor Manufacturing
Tencent
AIA
Samsung Electronics
Industrial & Commercial Bank of China
Hyundai Motor
Hutchison Whampoa
SK Hynix
Shinhan Financial
United Overseas Bank
Top holdings as at 28/02/14
Taiwan Semiconductor Manufacturing
Tencent
Samsung Electronics
AIA
Hyundai Motor
Hutchison Whampoa
NHN
SK Hynix
China State Construction
Industrial & Commercial Bank of China
ONGOING CHARGES (%)
A Accumulation
Shares
1.74
1.75
31/08/14
31/08/13
W Accumulation
Shares
0.98
0.99
Y Accumulation
Shares
1.21
1.22
31/08/14
31/08/13
The Ongoing Charges Figure is calculated as the ratio of the annual cost of managing and
operating the fund to the average net asset value; it excludes portfolio transaction costs.
TOP HOLDINGS
Top holdings as at 31/08/14
INCOME (pence per share)
No distributions were due in the six month period.
% of total
net assets
6.46
4.13
4.03
3.54
3.14
3.05
2.52
2.34
2.19
2.10
FUND SIZE
Total net Net asset
assets value per
Shares
(ВЈm) share (p)1
in issue
A Accumulation Shares
31/08/14
1,619.8
31/08/14
781.55
207,250,337
Total net Net asset
assets value per
Shares
(ВЈm) share (p)1
in issue
W Accumulation Shares
257.0
754.68
34,053,770
Y Accumulation Shares
38.8
% of total
net assets
6.01
5.31
5.20
3.79
3.23
3.01
2.26
2.08
2.00
1.87
Footnotes:
1. The net asset value is the accounting value at the period end on a fair
value basis.
132
143.91
26,963,554
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 133
FIDELITY SOUTH-EAST ASIA FUND
S TAT E M E N T O F T O TA L R E T U R N
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Income
Net capital gains/(losses)
Revenue
Expenses
Finance costs: Interest/other
31/08/13
£’000
£’000
150,913
29,660
(15,358)
(44)
(215,645)
40,525
(19,056)
-
gggggggggggggggggggg
Net revenue/(expense) before taxation
Taxation
£’000
gggggggggggggggggggg
14,258
(2,007)
21,469
(3,065)
gggggggggggggggggggg
gggggggggggggggggggg
Net revenue/(expense) after taxation
12,251
18,404
gggggggggggggggggggg
gggggggggggggggggggg
Total return before distributions
163,164
Finance costs: Equalisaton
(197,241)
(173)
(344)
gggggggggggggggggggg
Change in net assets attributable to shareholders from
investment activities
gggggggggggggggggggg
gggggggggggggggggggg
162,991
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
(197,585)
S TAT E M E N T O F C H A N G E I N N E T A S S E T S AT T R I B U TA B L E T O S H A R E H O L D E R S
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Opening net assets attributable to shareholders
Movement due to sales and repurchases of shares
Amounts receivable on issue of shares
Amounts payable on cancellation of shares
31/08/13
£’000
£’000
1,909,352
56,866
(213,650)
£’000
2,384,113
27,743
(158,654)
gggggggggggggggggggg
gggggggggggggggggggg
(156,784)
-
Stamp duty reserve tax
Change in net assets attributable to shareholders from
investment activities (see above)
(130,911)
(1)
162,991
Closing net assets attributable to shareholders
(197,585)
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
1,915,559
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
2,055,616
BALANCE SHEET
as at 31 August 2014
(unaudited)
31/08/14
£’000
Assets
Investment assets
Debtors
Cash and bank balances
28/02/14
£’000
£’000
1,902,693
19,930
22,358
gggggggggggggggggggg
gggggggggggggggggggg
Total assets
Liabilities
Creditors
Bank overdrafts
42,063
42,288
gggggggggggggggggggg
gggggggggggggggggggg
1,944,756
1,961,886
gggggggggggggggggggg
gggggggggggggggggggg
(24,824)
(4,373)
(35,719)
(16,815)
gggggggggggggggggggg
Total liabilities
gggggggggggggggggggg
(29,197)
Net assets attributable to shareholders
(52,534)
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
1,915,559
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.
133
1,919,598
27,207
14,856
Total other assets
£’000
1,909,352
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 134
FIDELITY SPECIAL SITUATIONS FUND
INVESTMENT OBJECTIVE AND POLICY
PERFORMANCE RECORD
The fund’s investment objective is to achieve long term capital growth from a
portfolio primarily made up of the shares of UK companies. 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 size or industry, 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, cash and deposits.
Derivatives and forward transactions may also be used for investment
purposes.
DISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:
31/08/10
31/08/11
31/08/12
31/08/13
31/08/14
A Accumulation Shares
0.1
-4.8
15.9
36.9
5.3
Y Accumulation Shares
-
-4.6
16.5
37.5
5.9
W Accumulation Shares
*Comparative Index
-
-
-
-
6.1
10.6
7.3
10.2
18.9
10.3
* Comparative Index: FTSE All Share Index (Net)
F U N D M A N AG E R ’ S CO M M E N TA RY
Source: Fidelity and RIMES, bid to bid, UKВЈ, net income reinvested.
Performance excludes initial charge. Past performance is not a reliable
indicator of future results.
MARKET REVIEW
The UK stock market advanced over the period, as increasing corporate activity
and positive economic data in the UK supported investor sentiment. However,
there were periods of volatility, largely owing to geopolitical tensions in the
Middle East and Ukraine, while speculation of an increase in interest rates in
the UK also held back overall market performance. There was a marked
change in market conditions in the first half of the period, as growth-oriented
stocks, particularly in small-sized companies, started to underperform, with
value and especially large-cap value shares performing the best. At a sector
level, utilities, oil & gas and health care were the best performers, while
telecommunications, consumer services, industrials and technology stocks
recorded negative returns.
RISK PROFILE
If you make regular withdrawals from your investment, this may reduce your
capital over time if the fund’s growth does not compensate for the withdrawals.
The value of your investment can go down as well as up. You may not get back
the amount you invested. What you get back is not guaranteed. It will depend
on investment performance. Investments in small and emerging markets can
be more volatile than other more developed markets. This fund invests in
overseas markets. You may get more or less as a result of currency fluctuations.
This fund invests more heavily than others in smaller companies, which can
carry a higher risk because their share prices may be more volatile than those
of larger companies. For this fund, derivatives and forward transactions may
be used for investment purposes, as well as for hedging and other efficient
management purposes as permitted for all funds. Where this is the case, their
use may lead to higher volatility in the fund’s share price. For funds that use
derivative transactions, there is a risk that the counterparty to the transaction
will wholly or partially fail to honour its contractual obligations. This may result
in financial loss to the fund. Where appropriate, collateral will be required to
reduce exposure to a counterparty. The use of financial derivative instruments
may give rise to leverage and result in increased gains or losses within the
fund.
PORTFOLIO ACTIVITY
The position in insurer and pensions provider Friends Life was a leading
detractor from returns after the UK government scrapped the requirement for
pension savers to buy an annuity product. The regulator also announced a
review into the insurance sector. Meanwhile, the position in Carnival, the
world's largest cruise operator, declined after it said that its quarterly profits
will fall below market estimates, due to increased competition in the
Caribbean. The holding in Regus, a provider of serviced offices, fell as it said
that its accelerated expansion plans will hurt profits in the short term. The
company is expanding in order to meet higher demand, particularly from
technology clients. On a positive note, video game maker Electronic Arts was
among the leading contributors to performance. Its earnings growth has been
very encouraging, driven by strong sales of games such as Titanfall. Moreover,
the company is extending its subscription service to more countries as it seeks
to attract new players. I increased the exposure to the stock. The position in
utility group Scottish & Southern Energy also buoyed returns as the company
said that it plans to freeze power and gas prices, legally split its retail and
wholesale units, and sell assets. These steps helped to allay some regulatory
concerns. As a result of the rally in large-cap value stocks, I took profits in some
positions such as National Grid, but I am still finding attractive opportunities in
this segment. For instance, I bought a holding in Spanish oil & gas group
Repsol during a stake sale by one of its shareholders, which allowed me to
buy these shares at an attractive valuation. I also raised the allocation to Royal
Mail, which is expected to benefit from strong pricing growth and expansion in
its parcel business. I reduced the exposure to packaging group Smurfit Kappa,
due to a weakening business outlook, and sold the position in TalkTalk Telecom
in view of its unattractive stock valuation.
OUTLOOK
I have a fairly balanced outlook on the economy and stock market. I focus on
overlooked stocks that have the potential for positive change. Value-focused
investors like me have to work a little harder to find the next investment idea.
The more companies we can meet, the higher the chances of finding the next
stock that is likely to drive the fund’s performance over the rest of 2014
and beyond.
Alex Wright
Fund Manager
31 August 14
* Holdings can vary from those in the index quoted. For this reason the
comparative index is used for reference only.
134
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 135
FIDELITY SPECIAL SITUATIONS FUND
P O R T F O L I O I N F O R M AT I O N
31/08/14
%
Financials
38.61
Industrials
12.58
Consumer Services
12.46
Oil & Gas
10.35
Consumer Goods
10.06
Basic Materials
4.50
Utilities
4.34
Health Care
3.98
Other
2.42
Cash and other net assets/(liabilities)
0.70
FUND FAC TS
28/02/14
%
37.57
6.82
17.60
11.62
4.89
0.89
6.90
2.79
8.34
2.58
The top ten holdings in the fund as at 31 August 2014 and
at the previous year end are shown below.
HSBC (UK) (Reg'd)
Royal Dutch Shell B (UK)
Lloyds Banking Group
Scottish & Southern Energy
Citigroup
Fidelity Institutional Liquidity Fund (GBP)
GlaxoSmithKline
Electronic Arts
Resolution
ICAP
Top holdings as at 28/02/14
Lloyds Banking Group
Royal Dutch Shell B (UK)
HSBC (UK) (Reg'd)
Scottish & Southern Energy
Resolution
Carnival
BP
Citigroup
Barclays
Phoenix (UK)
ONGOING CHARGES (%)
A Accumulation
Shares
1.70
1.69
31/08/14
31/08/13
W Accumulation
Shares
0.94
0.93
Y Accumulation
Shares
1.17
1.16
31/08/14
31/08/13
The Ongoing Charges Figure is calculated as the ratio of the annual cost of managing and
operating the fund to the average net asset value; it excludes portfolio transaction costs.
TOP HOLDINGS
Top holdings as at 31/08/14
INCOME (pence per share)
No distributions were due in the six month period.
FUND SIZE
Total net Net asset
assets value per
Shares
(ВЈm) share (p)1
in issue
A Accumulation Shares
% of total
net assets
6.61
6.45
4.60
4.33
3.91
3.77
3.58
2.75
2.50
2.08
31/08/14
2,355.7
31/08/14
2,805.60
83,966,645
Total net Net asset
assets value per
Shares
(ВЈm) share (p)1
in issue
W Accumulation Shares
403.1
2,524.94
15,963,630
Y Accumulation Shares
28.9
% of total
net assets
5.91
5.72
5.63
4.81
3.71
3.05
3.00
2.91
2.70
2.60
Footnotes:
1. The net asset value is the accounting value at the period end on a fair
value basis.
135
164.65
17,540,403
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 136
FIDELITY SPECIAL SITUATIONS FUND
S TAT E M E N T O F T O TA L R E T U R N
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Income
Net capital gains/(losses)
Revenue
Expenses
Finance costs: Interest/other
31/08/13
£’000
£’000
(118,779)
57,517
(22,826)
(1,115)
265,720
61,218
(22,893)
(31)
gggggggggggggggggggg
Net revenue/(expense) before taxation
Taxation
£’000
gggggggggggggggggggg
33,576
-
38,294
(132)
gggggggggggggggggggg
gggggggggggggggggggg
Net revenue/(expense) after taxation
33,576
38,162
gggggggggggggggggggg
gggggggggggggggggggg
Total return before distributions
(85,203)
Finance costs: Equalisation
303,882
(141)
(396)
gggggggggggggggggggg
Change in net assets attributable to shareholders from
investment activities
gggggggggggggggggggg
(85,344)
303,486
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
S TAT E M E N T O F C H A N G E I N N E T A S S E T S AT T R I B U TA B L E T O S H A R E H O L D E R S
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Opening net assets attributable to shareholders
Movement due to sales and repurchases of shares
Amounts receivable on issue of shares
Amounts payable on cancellation of shares
31/08/13
£’000
£’000
2,893,242
234,920
(254,857)
£’000
2,585,854
24,776
(112,404)
gggggggggggggggggggg
gggggggggggggggggggg
(19,937)
(240)
Stamp duty reserve tax
Change in net assets attributable to shareholders from
investment activities (see above)
(87,628)
(795)
(85,344)
303,486
gggggggggggggggggggg
Closing net assets attributable to shareholders
gggggggggggggggggggg
gggggggggggggggggggg
2,787,721
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
2,800,917
BALANCE SHEET
as at 31 August 2014
(unaudited)
31/08/14
£’000
Assets
Investment assets
Derivative assets
Debtors
Cash and bank balances
28/02/14
£’000
£’000
2,762,205
29,502
26,870
4,167
Total assets
Liabilities
Derivative liabilities
Creditors
2,817,705
24,063
40,735
82,654
gggggggggggggggggggg
Total other assets
gggggggggggggggggggg
31,037
123,389
gggggggggggggggggggg
gggggggggggggggggggg
2,822,744
2,965,157
gggggggggggggggggggg
gggggggggggggggggggg
(23,215)
(11,808)
gggggggggggggggggggg
(11,808)
gggggggggggggggggggg
Total liabilities
(35,023)
gggggggggggggggggggg
Net assets attributable to shareholders
(48,695)
gggggggggggggggggggg
(71,915)
gggggggggggggggggggg
gggggggggggggggggggg
2,787,721
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.
136
(23,220)
(48,695)
gggggggggggggggggggg
Total other liabilities
£’000
2,893,242
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 137
FIDELITY STRATEGIC BOND FUND
INVESTMENT OBJECTIVE AND POLICY
PERFORMANCE RECORD
The fund’s investment objective is to achieve a relatively high income with the
possibility of capital growth from a portfolio primarily invested in sterlingdenominated (or hedged back to sterling) fixed interest securities. Derivatives
and forward transactions may also be used for investment purposes.
DISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:
F U N D M A N AG E R ’ S CO M M E N TA RY
MARKET REVIEW
UK bonds advanced, with government bonds (Gilts) marginally outperforming
corporate bonds over the review period. Gilts rose in line with US Treasuries
and German bunds as investors preferred safe assets given worries over
geopolitical events in Ukraine and the Middle East. Major global central banks
also maintained an easy monetary stance, further supporting Gilts. Better
economic prospects led to expectations that the Bank of England (BoE) would
increase interest rates by 0.25% in the first quarter of 2015, the first rise since
June 2009. However, the central bank reiterated that interest rate rises would
be implemented at a measured pace. Meanwhile, inflation continued to
decline, with the July Consumer Price Index (CPI) falling to 1.6%, which was
below market expectations. Through the review period, the BoE maintained its
interest rate at 0.5% and its asset purchase facility at ВЈ375 billion.
31/08/10
31/08/11
31/08/12
31/08/13
31/08/14
A Income Shares
14.3
1.4
10.4
3.5
9.1
Gross paying A
Income Shares
15.4
2.1
11.1
4.1
9.8
A Accumulation Shares
-
1.4
10.5
3.5
9.0
Gross paying Y Income Shares
-
2.6
11.7
4.7
10.3
Gross paying A
Accumulation Shares
-
2.2
11.0
4.1
9.8
Y Income Shares
-
1.8
10.9
3.9
9.6
Y Accumulation Shares
-
-
-
-
-
Gross paying Y
Accumulation Shares
-
-
-
-
-
There is no official benchmark for this fund.
Source: Fidelity and RIMES, bid to bid, UKВЈ, net income reinvested.
Performance excludes initial charge. Past performance is not a reliable
indicator of future results.
PORTFOLIO ACTIVITY
The fund’s interest rate risk exposure was the most significant contributor to
returns as core sovereign bond yields fell. Almost 20% of the fund is invested in
a stable mix of government, supranational and inflation-linked bonds. This
helps to protect fund returns during periods of market volatility and provides
liquidity in the portfolio. Elsewhere, the exposure to corporate bonds supported
returns. Specifically, the fund is biased towards lower rated bonds within the
high grade spectrum such as Glencore and FirstGroup enhanced returns.
Overall, asset allocation is skewed towards corporate bonds, with half the fund
invested in investment grade bonds and nearly a third in high yield bonds. The
largest sector weights in the fund are consumer staples, utilities, transportation
and telecommunications, which are typically more resilient to a tough
economic environment. The moderate exposure to financials, balanced
between high-quality covered bonds and subordinated bonds, was
maintained. During the period, I purchased newly issued bonds from Virgin
Media Securities, AA Bond Company and EDF. Elsewhere, I took profits in UBS
contingent convertible bonds, following a period of strong outperformance
within the subordinated financials sub-sector. Positions in Mondelez and Philip
Morris were also sold.
RISK PROFILE
If you make regular withdrawals from your investment, this may reduce your
capital over time if the fund’s growth does not compensate for the withdrawals.
The value of your investment and the income from it can go down as well as
up. You may not get back the amount you invested. What you get back is not
guaranteed. It will depend on investment performance. With funds that invest
in bonds, there is a risk that the issuer of the bond may default on its
repayments. The likelihood of this happening will depend on the creditworthiness of the issuer. When interest rates rise bonds may fall in value. Rising
interest rates may cause the value of your investment to fall. A portion of this
fund will invest in �sub-investment grade’ bonds. These bonds may produce a
higher level of income than �investment grade’ bonds but at a higher risk to
your capital. For this fund, derivatives and forward transactions may be used
for investment purposes, as well as for hedging and other efficient
management purposes as permitted for all funds. Where this is the case, their
use may lead to higher volatility in the fund’s share price. For funds that use
derivative transactions, there is a risk that the counterparty to the transaction
will wholly or partially fail to honour its contractual obligations. This may result
in financial loss to the fund. Where appropriate, collateral will be required to
reduce exposure to a counterparty. The use of financial derivative instruments
may give rise to leverage and result in increased gains or losses within the
fund.
OUTLOOK
The UK economy continues to recover, but the growth rate remains below the
historical average. There are increased expectations that the BoE will raise
interest rates. Though the central bank said that interest rates would be
increased at a measured pace, the markets have priced in the possibility of
aggressive interest rate hikes. Meanwhile, inflation remains firmly below the
BoE’s 2.0% target, allowing the central bank to maintain its easy monetary
policy. This should support Gilt valuations in the near term. Investment grade
corporate bonds still offer the best risk-adjusted return potential, supported by
healthy corporate balance sheets and investors’ strong demand for income.
However, given the recent rise in shareholder-friendly initiatives, careful bond
selection is required to generate healthy risk-adjusted returns.
Ian Spreadbury
Fund Manager
31 August 14
* Holdings can vary from those in the index quoted. For this reason the
comparative index is used for reference only.
137
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 138
FIDELITY STRATEGIC BOND FUND
P O R T F O L I O I N F O R M AT I O N
31/08/14
%
BBB Rated
30.28
BB Rated
16.12
AA Rated
13.78
A Rated
11.45
B Rated
10.41
Not Rated
9.06
AAA Rated
7.64
CCC Rated
0.36
Other
-0.90
Cash and other net assets/(liabilities)
1.80
FUND FAC TS
28/02/14
%
37.48
14.37
8.17
12.35
9.11
8.12
8.13
0.66
-0.63
2.24
INCOME (pence per share)
Interim
Interim
Interim
Interim
Interim
Interim
distribution
distribution
distribution
distribution
distribution
distribution
The top ten holdings in the fund as at 31 August 2014 and
at the previous year end are shown below.
Interim
Interim
Interim
Interim
Interim
Interim
Top holdings as at 31/08/14
ONGOING CHARGES (%)
TOP HOLDINGS
% of total
net assets
UK Gilt Treasury 2.75% 22/01/2015
3.91
Fidelity Funds - Institutional European High Yield Fund1.79
New Zealand I/L 3.00% 20/09/2030
1.75
Australia 3.25% 21/04/2029
1.74
US Treasury Note 0.75% 15/02/2042
1.59
UK Gilt Treasury War Loan 3.50% (Perpetual)
1.45
Norway 5.00% 15/05/2015
1.42
Enterprise Inns 6.375% 26/09/2031
1.31
Fidelity Funds - Emerging Markets Inflation Linked Bond
Fund
1.18
EDF 6.00% 23/01/2114 Reg S
1.18
Top holdings as at 28/02/14
distribution
distribution
distribution
distribution
distribution
distribution
XD date
A Income Shares
01/09/14
01/08/14
01/07/14
01/06/14
01/05/14
01/04/14
0.0721
0.0676
0.0650
0.0668
0.0639
0.0680
XD date
Y Income Shares
01/09/14
01/08/14
01/07/14
01/06/14
01/05/14
01/04/14
0.3219
0.3046
0.2932
0.3014
0.2883
0.3056
A Income Shares
Footnotes:
Gross paying
Y Income Shares
0.4026
0.3797
0.3661
0.3770
0.3617
0.3819
31/08/14
1.21
Gross paying
A Income Shares
1.20
31/08/13
1.24
1.24
Y Income Shares
Gross paying
Y Income Shares
0.67
0.69
31/08/14
31/08/13
0.67
0.69
A Accumulation
Gross paying A
Shares Accumulation Shares
1.21
1.21
1.24
1.24
31/08/14
31/08/13
Y Accumulation Shares
Gross paying Y
Accumulation Shares
0.67
0.67
0.68
0.68
% of total
net assets
Fidelity Funds - Institutional European High Yield Fund1.92
US Treasury Note 0.75% 15/02/2042
1.44
UK Gilt Treasury War Loan 3.50% (Perpetual)
1.37
BAA Funding I/L 3.334% 09/12/2039
1.19
EDF 6.00% 23/01/2114 Reg S
1.15
Australia 3.25% 21/04/2029
1.13
New Zealand I/L 3.00% 20/09/2030
1.03
Enterprise Inns 6.375% 26/09/2031
1.01
UK Gilt Treasury 4.50% 07/12/2042
0.99
Australia Index Linked 3.00% 20/09/2025
0.94
Gross paying
A Income Shares
0.0901
0.0843
0.0812
0.0836
0.0802
0.0851
31/08/14
31/08/13
The Ongoing Charges Figure is calculated as the ratio of the annual cost of managing and
operating the fund to the average net asset value; it excludes portfolio transaction costs.
FUND SIZE
Total net Net asset
assets value per
(ВЈm) share (p)1
A Income Shares
Shares
in issue
Total net Net asset
assets value per
Shares
(ВЈm) share (p)1
in issue
Gross paying A Income Shares
31.66 1,131,574,613
Y Income Shares
161.9
31.66 511,176,622
Gross paying Y Income Shares
31/08/14
358.2
31/08/14
499.8
122.19
409,030,390
A Accumulation Shares
189.8
122.16 155,347,424
Gross paying A Accumulation Shares
31/08/14
125.7
131.64
95,474,492
Y Accumulation Shares
58.9
135.41
43,488,375
Gross paying Y Accumulation Shares
31/08/14
104.6
1. The net asset value is the accounting value at the period end on a fair
value basis.
138
108.94
96,050,948
21.9
108.25
20,271,003
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 139
FIDELITY STRATEGIC BOND FUND
S TAT E M E N T O F T O TA L R E T U R N
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Income
Net capital gains/(losses)
Revenue
Expenses
Finance costs: Interest/other
31/08/13
£’000
£’000
£’000
50,445
34,173
(7,014)
(1,580)
gggggggggggggggggggg
Net revenue/(expense) before taxation
Taxation
(23,746)
31,440
(7,893)
(2,674)
gggggggggggggggggggg
25,579
(645)
20,873
1
gggggggggggggggggggg
gggggggggggggggggggg
Net revenue/(expense) after taxation
24,934
20,874
gggggggggggggggggggg
gggggggggggggggggggg
Total return before distributions
75,379
Finance costs: Distributions
(2,872)
(20,486)
(17,617)
gggggggggggggggggggg
Change in net assets attributable to shareholders from investment activities
gggggggggggggggggggg
gggggggggggggggggggg
54,893
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
(20,489)
S TAT E M E N T O F C H A N G E I N N E T A S S E T S AT T R I B U TA B L E T O S H A R E H O L D E R S
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Opening net assets attributable to shareholders
Movement due to sales and repurchases of shares
Amounts receivable on issue of shares
Amounts payable on cancellation of shares
31/08/13
£’000
£’000
1,425,349
213,318
(172,727)
£’000
1,345,718
239,111
(145,930)
gggggggggggggggggggg
gggggggggggggggggggg
40,591
(9)
Stamp duty reserve tax
Change in net assets attributable to shareholders from
investment activities (see above)
93,181
(21)
54,893
Closing net assets attributable to shareholders
(20,489)
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
1,520,824
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
1,418,389
BALANCE SHEET
as at 31 August 2014
(unaudited)
31/08/14
£’000
Assets
Investment assets
Derivative assets
Debtors
Cash and bank balances
28/02/14
£’000
£’000
1,504,123
6,001
36,283
9,611
40,435
23,880
gggggggggggggggggggg
Total assets
Liabilities
Derivative liabilities
Creditors
Bank overdrafts
Net distributions payable on income shares
1,402,632
4,356
gggggggggggggggggggg
Total other assets
45,894
64,315
gggggggggggggggggggg
gggggggggggggggggggg
1,556,018
1,471,303
gggggggggggggggggggg
gggggggggggggggggggg
(16,762)
(14,489)
(724)
(3,219)
gggggggggggggggggggg
(18,432)
gggggggggggggggggggg
Total liabilities
(35,194)
Net assets attributable to shareholders
(32,513)
gggggggggggggggggggg
(45,954)
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
1,520,824
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.
139
(13,441)
(20,772)
(8,010)
(3,731)
gggggggggggggggggggg
Total other liabilities
£’000
1,425,349
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 140
FIDELITY STRATEGIC BOND FUND
D I S T R I B U T I O N S TAT E M E N T
for the six month period ended 31 August 2014
(unaudited)
A Income Shares - interim distribution No. 112 in pence per share
Group 1 - Shares purchased on or before 31 July 2014.
Group 2 - Shares purchased from 1 August 2014 to 31 August 2014.
Group 1
Group 2
Gross
revenue
Income tax
20%
Net revenue
0.0901
0.0391
0.0180
0.0078
0.0721
0.0313
Equalisation
0.0408
Amount
distributed
25/09/14
Amount
distributed
25/09/13
0.0721
0.0721
0.0519
0.0519
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 classifed as Group 1 shares.
Amount
Gross
Income tax
Net revenue
Equalisation
distributed
revenue
20%
2014
Group 1
Distribution
Distribution
Distribution
Distribution
Distribution
Group 2
Distribution
Distribution
Distribution
Distribution
Distribution
Amount
distributed
2013
No.
No.
No.
No.
No.
107
108
109
110
111
0.0850
0.0799
0.0835
0.0813
0.0845
0.0170
0.0160
0.0167
0.0163
0.0169
0.0680
0.0639
0.0668
0.0650
0.0676
-
0.0680
0.0639
0.0668
0.0650
0.0676
0.0618
0.0621
0.0624
0.0549
0.0521
No.
No.
No.
No.
No.
107
108
109
110
111
0.0339
0.0449
0.0351
0.0420
0.0399
0.0068
0.0090
0.0070
0.0084
0.0080
0.0271
0.0359
0.0281
0.0336
0.0319
0.0409
0.0280
0.0387
0.0314
0.0357
0.0680
0.0639
0.0668
0.0650
0.0676
0.0618
0.0621
0.0624
0.0549
0.0521
Amount
distributed
25/09/14
Amount
distributed
25/09/13
0.0901
0.0901
0.0643
0.0643
Gross paying A Income Shares - interim distribution No. 112 in pence per share
Group 1 - Shares purchased on or before 31 July 2014.
Group 2 - Shares purchased from 1 August 2014 to 31 August 2014.
Gross revenue
Group 1
Group 2
0.0901
0.0498
140
Equalisation
0.0403
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 141
FIDELITY STRATEGIC BOND FUND
D I S T R I B U T I O N S TAT E M E N T - C O N T I N U E D
for the six month period ended 31 August 2014
(unaudited)
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 classifed as Group 1 shares.
Amount
Gross revenue
Equalisation
distributed
2014
Group 1
Distribution
Distribution
Distribution
Distribution
Distribution
Group 2
Distribution
Distribution
Distribution
Distribution
Distribution
Amount
distributed
2013
No.
No.
No.
No.
No.
107
108
109
110
111
0.0851
0.0802
0.0836
0.0812
0.0843
-
0.0851
0.0802
0.0836
0.0812
0.0843
0.0775
0.0777
0.0779
0.0688
0.0650
No.
No.
No.
No.
No.
107
108
109
110
111
0.0423
0.0507
0.0400
0.0493
0.0548
0.0428
0.0295
0.0436
0.0319
0.0295
0.0851
0.0802
0.0836
0.0812
0.0843
0.0775
0.0777
0.0779
0.0688
0.0650
Amount
distributed
25/09/14
Amount
distributed
25/09/13
0.3219
0.3219
0.2492
0.2492
Y Income Shares - interim distribution No. 59 in pence per share
Group 1 - Shares purchased on or before 31 July 2014.
Group 2 - Shares purchased from 1 August 2014 to 31 August 2014.
Group 1
Group 2
Gross
revenue
Income tax
20%
Net revenue
0.4024
0.2088
0.0805
0.0418
0.3219
0.1670
Equalisation
0.1549
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 classifed as Group 1 shares.
Amount
Gross
Income tax
Net revenue
Equalisation
distributed
revenue
20%
2014
Group 1
Distribution
Distribution
Distribution
Distribution
Distribution
Group 2
Distribution
Distribution
Distribution
Distribution
Distribution
Amount
distributed
2013
No.
No.
No.
No.
No.
54
55
56
57
58
0.3820
0.3604
0.3768
0.3665
0.3808
0.0764
0.0721
0.0754
0.0733
0.0762
0.3056
0.2883
0.3014
0.2932
0.3046
-
0.3056
0.2883
0.3014
0.2932
0.3046
0.2801
0.2811
0.2840
0.2529
0.2419
No.
No.
No.
No.
No.
54
55
56
57
58
0.1604
0.1859
0.1818
0.2123
0.1655
0.0321
0.0372
0.0364
0.0425
0.0331
0.1283
0.1487
0.1454
0.1698
0.1324
0.1773
0.1396
0.1560
0.1234
0.1722
0.3056
0.2883
0.3014
0.2932
0.3046
0.2801
0.2811
0.2840
0.2529
0.2419
141
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 142
FIDELITY STRATEGIC BOND FUND
D I S T R I B U T I O N S TAT E M E N T - C O N T I N U E D
for the six month period ended 31 August 2014
(unaudited)
Gross paying Y Income Shares - interim distribution No. 59 in pence per share
Group 1 - Shares purchased on or before 31 July 2014.
Group 2 - Shares purchased from 1 August 2014 to 31 August 2014.
Gross revenue
Group 1
Group 2
0.4026
0.2007
Equalisation
0.2019
Amount
distributed
25/09/14
Amount
distributed
25/09/13
0.4026
0.4026
0.3095
0.3095
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 classifed as Group 1 shares.
Amount
Gross revenue
Equalisation
distributed
2014
Group 1
Distribution
Distribution
Distribution
Distribution
Distribution
Group 2
Distribution
Distribution
Distribution
Distribution
Distribution
Amount
distributed
2013
No.
No.
No.
No.
No.
54
55
56
57
58
0.3819
0.3617
0.3770
0.3661
0.3797
-
0.3819
0.3617
0.3770
0.3661
0.3797
0.3505
0.3518
0.3552
0.3163
0.3030
No.
No.
No.
No.
No.
54
55
56
57
58
0.1715
0.1650
0.1912
0.1946
0.1964
0.2104
0.1967
0.1858
0.1715
0.1833
0.3819
0.3617
0.3770
0.3661
0.3797
0.3505
0.3518
0.3552
0.3163
0.3030
142
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 143
FIDELITY UK GROWTH FUND
INVESTMENT OBJECTIVE AND POLICY
PERFORMANCE RECORD
The fund’s investment objective is to achieve long term capital growth from a
portfolio primarily made up of the shares of UK companies. The portfolio is
likely to have a bias towards larger and medium-sized shares, although the
ACD is not restricted in its choice of company by either size or industry.
DISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:
F U N D M A N AG E R ’ S CO M M E N TA RY
31/08/10
31/08/11
31/08/12
31/08/13
31/08/14
A Accumulation Shares
8.5
5.3
6.8
25.3
7.1
Y Accumulation Shares
-
-
-
25.9
7.7
W Accumulation Shares
*Comparative Index
MARKET REVIEW
The UK stock market advanced over the period, as increasing corporate activity
and positive economic data in the UK supported investor sentiment. However,
there were periods of volatility, largely owing to geopolitical tensions in the
Middle East and Ukraine, while speculation of an increase in interest rates in
the UK also held back overall market performance. There was a marked
change in market conditions in the first half of the period, as growth-oriented
stocks, particularly in small-sized companies, started to underperform, with
value and especially large-cap value shares performing the best. At a sector
level, utilities, oil & gas and health care were the best performers, while
telecommunications, consumer services, industrials and technology stocks
recorded negative returns.
-
-
-
-
7.9
10.6
7.3
10.2
18.9
10.3
* Comparative Index: FTSE All Share Index (Net)
Source: Fidelity and RIMES, bid to bid, UKВЈ, net income reinvested.
Performance excludes initial charge. Past performance is not a reliable
indicator of future results.
RISK PROFILE
If you make regular withdrawals from your investment, this may reduce your
capital over time if the fund’s growth does not compensate for the withdrawals.
The value of your investment and the income from it can go down as well as
up. You may not get back the amount you invested. What you get back is not
guaranteed. It will depend on investment performance. Investments in small
and emerging markets can be more volatile than other more developed
markets. This fund invests in overseas markets. You may get back more or less
as a result of currency fluctuations. The fund may invest in derivatives for the
purposes of the efficient management of the fund. For funds that use derivative
transactions, there is a risk that the counterparty to the transaction will wholly
or partially fail to honour its contractual obligations. This may result in financial
loss to the fund. Where appropriate, collateral will be required to reduce
exposure to a counterparty. The use of financial derivative instruments may
give rise to leverage and result in increased gains or losses within the fund.
PORTFOLIO ACTIVITY
Selected holdings fell after a period of strong performance. The holding in
online grocery group Ocado was the main detractor from returns. Its shares
were caught in a general sell-off in technology and internet related companies
owing to valuation concerns in April. There were also concerns over the difficult
competitive environment. However, Ocado’s partnership with Morrisons in the
UK and the possibility of similar deals abroad, points to the attractiveness of
its customer proposition. The position in Foxtons held back overall returns as
the real estate agent said that prospects for further price rises in the London
property market could slow demand in the second half of the year. Elsewhere,
the position in power station operator Drax detracted from returns as
competition from wind power and mild weather prompted the company to
issue a profit warning. I sold this holding. On a positive note, the allocation to
pharmaceuticals group Shire advanced after it received a merger proposal
from US company AbbVie. Shire also raised its earnings guidance for the full
year. I took some profits in this position. I continue to focus on those areas of
the market where I can identify emerging growth themes that have the
potential to deliver positive returns. During the period, I bought a new holding
in cut-price retailer Poundland, which is a well-managed company with a strong
market position and significant prospects for future growth, both in the UK and
overseas. I also purchased a new position in greeting card manufacturer Card
Factory, which has a unique business model and strong growth prospects. The
exposure to telecommunications major BT was also increased. BT’s new
content strategy is expected to support growth while its Openreach
infrastructure business is likely to benefit from a supportive regulatory
environment and an increase in fibre demand. I sold the position in Anadarko
Petroleum following a period of strong performance.
OUTLOOK
The economic recovery in the UK is gaining strength, inflation is below the Bank
of England’s (BoE) 2% target and unemployment has declined further. Against
this backdrop, there are increasing expectations that the BoE may increase
interest rates. Nevertheless, when the central bank does decide to increase
interest rates, it is likely to be gradual and to remain below average historical
levels for some time to come.
Thomas Ewing
Fund Manager
31 August 14
* Holdings can vary from those in the index quoted. For this reason the
comparative index is used for reference only.
143
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 144
FIDELITY UK GROWTH FUND
P O R T F O L I O I N F O R M AT I O N
31/08/14
%
Consumer Services
21.69
Consumer Goods
12.78
Health Care
12.30
Industrials
12.20
Technology
10.90
Oil & Gas
8.68
Financials
8.65
Basic Materials
8.25
Other
3.95
Cash and other net assets/(liabilities)
0.60
FUND FAC TS
28/02/14
%
17.09
12.81
12.35
11.54
10.38
12.76
6.71
9.30
7.07
-0.01
The top ten holdings in the fund as at 31 August 2014 and
at the previous year end are shown below.
BG Group
Rio Tinto
Diageo
Capita
Unilever (UK)
BT
Ocado
Shire
Electronic Arts
Novo Nordisk (B)
Top holdings as at 28/02/14
BG Group
Rio Tinto
Novo Nordisk (B)
Diageo
Unilever (UK)
Capita
Ocado
TalkTalk Telecom
Shire
Randgold Resources
ONGOING CHARGES (%)
A Accumulation
Shares
1.71
1.70
31/08/14
31/08/13
W Accumulation
Shares
0.95
0.94
Y Accumulation
Shares
1.17
1.17
31/08/14
31/08/13
The Ongoing Charges Figure is calculated as the ratio of the annual cost of managing and
operating the fund to the average net asset value; it excludes portfolio transaction costs.
TOP HOLDINGS
Top holdings as at 31/08/14
INCOME (pence per share)
No distributions were due in the six month period.
FUND SIZE
Total net Net asset
assets value per
Shares
(ВЈm) share (p)1
in issue
A Accumulation Shares
% of total
net assets
4.29
3.42
3.01
3.00
2.99
2.99
2.86
2.77
2.69
2.54
31/08/14
364.1
31/08/14
346.44
105,117,550
Total net Net asset
assets value per
Shares
(ВЈm) share (p)1
in issue
W Accumulation Shares
14.7
326.77
4,498,145
Y Accumulation Shares
0.5
% of total
net assets
4.86
3.51
3.41
3.35
3.28
3.27
3.24
2.99
2.84
2.71
Footnotes:
1. The net asset value is the accounting value at the period end on a fair
value basis.
144
349.55
132,137
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 145
FIDELITY UK GROWTH FUND
S TAT E M E N T O F T O TA L R E T U R N
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Income
Net capital gains/(losses)
Revenue
Expenses
Finance costs: Interest/other
31/08/13
£’000
£’000
£’000
(8,284)
4,761
(3,240)
(4)
gggggggggggggggggggg
Net revenue/(expense) before taxation
Taxation
23,155
5,717
(3,238)
gggggggggggggggggggg
1,517
(44)
2,479
(29)
gggggggggggggggggggg
gggggggggggggggggggg
Net revenue/(expense) after taxation
1,473
2,450
gggggggggggggggggggg
gggggggggggggggggggg
Total return before distributions
(6,811)
Finance costs: Equalisation
25,605
(23)
(47)
gggggggggggggggggggg
Change in net assets attributable to shareholders from
investment activities
gggggggggggggggggggg
(6,834)
25,558
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
S TAT E M E N T O F C H A N G E I N N E T A S S E T S AT T R I B U TA B L E T O S H A R E H O L D E R S
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Opening net assets attributable to shareholders
Movement due to sales and repurchases of shares
Amounts receivable on issue of shares
Amounts payable on cancellation of shares
31/08/13
£’000
£’000
402,589
5,485
(21,892)
£’000
376,528
600
(17,522)
gggggggggggggggggggg
gggggggggggggggggggg
(16,407)
(16)
Stamp duty reserve tax
Change in net assets attributable to shareholders from
investment activities (see above)
(16,922)
(25)
(6,834)
Closing net assets attributable to shareholders
25,558
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
379,332
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
385,139
BALANCE SHEET
as at 31 August 2014
(unaudited)
31/08/14
£’000
Assets
Investment assets
Debtors
Cash and bank balances
28/02/14
£’000
£’000
376,993
513
2,133
gggggggggggggggggggg
gggggggggggggggggggg
Total assets
Liabilities
Creditors
Bank overdrafts
3,649
2,646
gggggggggggggggggggg
gggggggggggggggggggg
380,642
405,263
gggggggggggggggggggg
gggggggggggggggggggg
(1,310)
-
(1,214)
(1,460)
gggggggggggggggggggg
Total liabilities
gggggggggggggggggggg
(1,310)
Net assets attributable to shareholders
(2,674)
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
379,332
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.
145
402,617
3,226
423
Total other assets
£’000
402,589
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 146
FIDELITY UK SELECT FUND
INVESTMENT OBJECTIVE AND POLICY
PERFORMANCE RECORD
The fund’s investment objective is to achieve long term capital growth from a
portfolio primarily invested in the shares of UK companies. The portfolio is likely
to have a bias towards the shares of medium and smaller-sized companies
although the ACD is not restricted in its choice of company by either size or
industry.
DISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:
31/08/10
31/08/11
31/08/12
31/08/13
31/08/14
A Accumulation Shares
9.7
9.4
10.8
19.6
8.7
I Accumulation Shares
10.6
10.3
11.7
20.7
9.6
W Accumulation Shares
F U N D M A N AG E R ’ S CO M M E N TA RY
*Comparative Index
MARKET REVIEW
The UK stock market advanced over the six-month period, as increasing
corporate activity and positive economic data in the UK supported investor
sentiment. However, there were periods volatility, largely owing to geopolitical
tensions in the Middle East and Ukraine, while speculation of an increase in
interest rates in the UK also held back overall market performance. There was
a marked change in market conditions in the first half of the period, as growthoriented stocks, particularly in small-sized companies, started to underperform,
with value and especially large-cap value shares performing the best. At a
sector level, utilities, oil & gas and health care were the best performers, while
telecommunications, consumer services, industrials and technology stocks
recorded negative returns.
-
-
-
-
-
10.6
7.3
10.2
18.9
10.3
* Comparative Index: FTSE All Share Index (Net)
Source: Fidelity and RIMES, bid to bid, UKВЈ, net income reinvested.
Performance excludes initial charge. Past performance is not a reliable
indicator of future results.
RISK PROFILE
If you make regular withdrawals from your investment, this may reduce your
capital over time if the fund’s growth does not compensate for the withdrawals.
The value of your investment can go down as well as up. You may not get back
the amount you invested. What you get back is not guaranteed. It will depend
on investment performance. Investments in small and emerging markets can
be more volatile than other more developed markets. This fund invests in
overseas markets. You may get more or less as a result of currency fluctuations.
This fund may invest more heavily than others in smaller companies, which can
carry a higher risk because their share prices may be more volatile than those
of larger companies. The fund may invest in derivatives for the purposes of the
efficient management of the fund. For funds that use derivative transactions,
there is a risk that the counterparty to the transaction will wholly or partially
fail to honour its contractual obligations. This may result in financial loss to the
fund. Where appropriate, collateral will be required to reduce exposure to a
counterparty. The use of financial derivative instruments may give rise to
leverage and result in increased gains or losses within the fund.
PORTFOLIO ACTIVITY
Consumer stocks contributed strongly to returns while financial holdings held
back gains. At a stock level, the position in Foxtons held back overall returns
as the real estate agent said that prospects for further price rises in the London
property market could slow demand in the second half of the year. The holding
was sold as I do not want a particularly high exposure to the UK
housing/construction markets. Shares in office outsourcing services provider
Regus also hampered returns; the position was sold. Meanwhile, I increased
the exposure to the oil & gas sector, mainly by raising the allocation to Royal
Dutch Shell given its increased focus on efficient capital management and the
turnaround potential for some of its business units. However, the overall
underweight stance in the company over the period held back relative
performance as escalating violence in the Middle East drove oil prices higher.
On a positive note, Anadarko Petroleum’s shares rose on news that it would
pay more than $5 billion to resolve a long-running lawsuit over environmental
liabilities. Elsewhere, video game maker Electronic Arts enhanced gains as
investors gained confidence in its turnaround efforts after it posted profits. I
took some profits in the stock to lock-in gains. Other consumer holdings such
as Intercontinental Hotels and Next also performed well. During the period, I
purchased shares in Burberry, which is trading at a reasonable valuation and
has a strong brand as well as good online presence that can enable it to
generate high returns in the long term. Moreover, it is one of the few remaining
independent luxury companies, which makes it an acquisition target. I also
increased the exposure to UK-based specialty biopharmaceutical company
Shire, which has agreed to a revised takeover offer from US group AbbVie.
OUTLOOK
I have a cautious view on the global economic outlook, which impacts the sales
and exports of several UK companies that have global exposure. There are
also concerns over some developed economies that have high debt levels, low
growth and high unemployment. Therefore, I continue to favour large
companies that are well-positioned to benefit from the growing trend of middle
class consumption in developing countries. The fund is well-positioned to
benefit from a global recovery, notably through quality consumer stocks.
Aruna Karunathilake
Fund Manager
31 August 14
* Holdings can vary from those in the index quoted. For this reason the
comparative index is used for reference only.
146
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 147
FIDELITY UK SELECT FUND
P O R T F O L I O I N F O R M AT I O N
31/08/14
%
Consumer Services
19.22
Financials
18.47
Consumer Goods
15.94
Industrials
12.61
Health Care
11.40
Oil & Gas
8.87
Basic Materials
7.08
Utilities
3.46
Other
2.74
Cash and other net assets/(liabilities)
0.21
FUND FAC TS
28/02/14
%
25.86
18.89
9.93
12.82
11.97
6.40
6.78
0.00
3.61
3.74
The top ten holdings in the fund as at 31 August 2014 and
at the previous year end are shown below.
Royal Dutch Shell A (UK)
Unilever (UK)
Lloyds Banking Group
Next
Diageo
Fidelity Institutional Liquidity Fund (GBP)
National Grid Transco
GlaxoSmithKline
Wolseley
Compass
Top holdings as at 28/02/14
Lloyds Banking Group
GlaxoSmithKline
HSBC (UK) (Reg'd)
Diageo
Next
WPP
Unilever (UK)
Sanofi-Aventis
Rio Tinto
Royal Dutch Shell A (UK)
ONGOING CHARGES (%)
A Accumulation
Shares
1.71
1.70
31/08/14
31/08/13
I Accumulation
Shares
0.88
0.87
W Accumulation
Shares
0.96
-
31/08/14
31/08/13
The Ongoing Charges Figure is calculated as the ratio of the annual cost of managing and
operating the fund to the average net asset value; it excludes portfolio transaction costs.
TOP HOLDINGS
Top holdings as at 31/08/14
INCOME (pence per share)
No distributions were due in the six month period.
FUND SIZE
Total net Net asset
assets value per
Shares
(ВЈm) share (p)1
in issue
A Accumulation Shares
% of total
net assets
4.85
4.59
4.51
3.74
3.57
3.51
3.46
3.42
3.39
3.19
31/08/14
249.8
31/08/14
220.60
113,215,018
Total net Net asset
assets value per
Shares
(ВЈm) share (p)1
in issue
I Accumulation Shares
8.5
224.23
3,811,078
W Accumulation Shares
14.5
% of total
net assets
4.91
4.86
3.85
3.82
3.63
3.38
3.19
3.05
2.83
2.82
Footnotes:
1. The net asset value is the accounting value at the period end on a fair
value basis.
147
213.54
6,773,946
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 148
FIDELITY UK SELECT FUND
S TAT E M E N T O F T O TA L R E T U R N
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Income
Net capital gains/(losses)
Revenue
Expenses
Finance costs: Interest/other
31/08/13
£’000
£’000
£’000
179
4,473
(2,165)
(19)
gggggggggggggggggggg
Net revenue/(expense) before taxation
Taxation
13,965
6,086
(2,355)
gggggggggggggggggggg
2,289
(98)
3,731
(126)
gggggggggggggggggggg
gggggggggggggggggggg
Net revenue/(expense) after taxation
2,191
3,605
gggggggggggggggggggg
gggggggggggggggggggg
2,370
17,570
Total return before distributions
Finance costs: Equalisation
100
(88)
gggggggggggggggggggg
Change in net assets attributable to shareholders from
investment activities
gggggggggggggggggggg
gggggggggggggggggggg
2,470
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
17,482
S TAT E M E N T O F C H A N G E I N N E T A S S E T S AT T R I B U TA B L E T O S H A R E H O L D E R S
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Opening net assets attributable to shareholders
Movement due to sales and repurchases of shares
Amounts receivable on issue of shares
Amounts payable on cancellation of shares
31/08/13
£’000
£’000
264,494
28,980
(23,152)
£’000
266,897
10,772
(22,227)
gggggggggggggggggggg
gggggggggggggggggggg
5,828
(25)
Stamp duty reserve tax
Change in net assets attributable to shareholders from
investment activities (see above)
Closing net assets attributable to shareholders
(11,455)
(59)
2,470
17,482
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
272,767
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
272,865
BALANCE SHEET
as at 31 August 2014
(unaudited)
31/08/14
£’000
Assets
Investment assets
Derivative assets
Debtors
Cash and bank balances
28/02/14
£’000
£’000
272,089
145
1,175
215
3,323
7,931
gggggggggggggggggggg
Total assets
Liabilities
Creditors
1,390
11,254
gggggggggggggggggggg
gggggggggggggggggggg
273,624
265,850
gggggggggggggggggggg
gggggggggggggggggggg
(857)
(1,356)
gggggggggggggggggggg
Total liabilities
gggggggggggggggggggg
(857)
Net assets attributable to shareholders
(1,356)
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
272,767
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
The fund’s financial statements have been prepared on the same basis as the Company’s financial statements.
148
254,596
-
gggggggggggggggggggg
Total other assets
£’000
264,494
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 149
FIDELITY UK SMALLER COMPANIES FUND
INVESTMENT OBJECTIVE AND POLICY
PERFORMANCE RECORD
The fund’s investment objective is to achieve long term capital growth from a
portfolio primarily made up of the shares of smaller capitalisation United
Kingdom Companies. There is no policy to restrict investment to particular
economic sectors. 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 for investment
purposes.
DISCRETE 1 YEAR PERFORMANCE OVER THE LAST 5 YEARS TO:
31/08/10
31/08/11
31/08/12
31/08/13
A Accumulation Shares
26.9
22.2
20.4
56.2
12.5
Y Accumulation Shares
27.5
22.2
21.2
56.2
13.2
W Accumulation Shares
*Comparative Index
F U N D M A N AG E R ’ S CO M M E N TA RY
31/08/14
-
-
-
-
13.4
0.0
10.0
12.4
36.0
11.3
* Comparative Index: Numis UK Smaller Cos ex Investment Companies (Net)
Source: Fidelity and RIMES, bid to bid, UKВЈ, net income reinvested. Benchmark
to 10/02/2011 was FTSE Sm Cap ex-ITs (NUK). Performance excludes initial
charge. Past performance is not a reliable indicator of future results.
MARKET REVIEW
The UK stock market advanced over the period, as increasing corporate activity
and positive economic data in the UK supported investor sentiment. However,
there were periods of volatility, largely owing to geopolitical tensions in the
Middle East and Ukraine, while speculation of an increase in interest rates in
the UK also held back overall market performance. There was a marked
change in market conditions in the first half of the period, as growth-oriented
stocks, particularly in small-sized companies, started to underperform, with
value and especially large-cap value shares performing the best. At a sector
level, utilities, oil & gas and health care were the best performers, while
telecommunications, consumer services, industrials and technology stocks
recorded negative returns.
RISK PROFILE
If you make regular withdrawals from your investment, this may reduce your
capital over time if the fund’s growth does not compensate for the withdrawals.
The value of your investment and the income from it can go down as well as
up. You may not get back the amount you invested. What you get back is not
guaranteed. It will depend on investment performance. For this fund,
derivatives and forward transactions may be used for investment purposes, as
well as for hedging and other efficient management purposes as permitted
for all funds. Where this is the case, their use may lead to higher volatility in
the fund’s share price. For funds that use derivative transactions, there is a risk
that the counterparty to the transaction will wholly or partially fail to honour its
contractual obligations. This may result in financial loss to the fund. Where
appropriate, collateral will be required to reduce exposure to a counterparty.
This fund invests more heavily than others in smaller companies, which can
carry a higher risk because their share prices may be more volatile than those
of larger companies. The use of financial derivative instruments may give rise
to leverage and result in increased gains or losses within the fund.
PORTFOLIO ACTIVITY
Strong stock selection supported returns during the period, with several of our
key holdings across sectors making significant contributions to performance.
However, overall returns were negatively impacted by the weak performance
of selected positions, which fell due to stock specific reasons. At the stock level,
Electronic Arts was a major contributor to returns. The video game maker’s
earnings growth has been very encouraging, driven by strong sales of games
such as Titanfall. Moreover, the company is extending its subscription service
to more countries as it seeks to attract new players. We took some profits in
this position to lock-in gains. The allocation to support services group DCC also
supported performance as its annual results beat consensus estimates. The
company also acquired Williams Medical, a UK medical and pharmaceutical
products supplier, which is expected to be a good strategic fit. Meanwhile, the
position in chipmaker Wolfson Microelectronics buoyed returns after it agreed
to be taken over by semiconductor supplier Cirrus Logic in a ВЈ278 million deal.
On the downside, the holding in Regus, a provider of serviced offices, fell as it
said that its accelerated expansion plans will hurt profits in the short term. The
company is expanding in order to meet higher demand, particularly from
technology clients. We typically look for companies with inherent strengths that
should enable them to avoid significant share price reductions, and
unrecognised growth potential. We bought a new position in investment trust
Electra Private Equity, which is seeing significant new investment and positive
performance from its investment portfolio. A new holding was also purchased
in information management specialist SDL, which is going through a business
turnaround and has an attractive stock valuation. Elsewhere, we increased the
exposure to UK-based home emergency repair group HomeServe, which is a
fundamentally strong company and is finding growth opportunities in the US
market. We sold positions in some companies that have performed well in the
past, such as housebuilder Redrow and communication services group KCOM.
OUTLOOK
Share prices of small-sized companies have fallen, enabling us to find
investment opportunities in this segment that have the potential to support fund
returns. We are still finding companies that fulfil our investment criteria of
having low investment risk and unrecognised growth options. Mergers &
acquisitions continue to make a significant contribution to returns and we
believe this theme can continue, and perhaps gather pace going forward.
Jonathan Winton & Alex Wright
Fund Managers
31 August 14
* Holdings can vary from those in the index quoted. For this reason the
comparative index is used for reference only.
149
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 150
FIDELITY UK SMALLER COMPANIES FUND
P O R T F O L I O I N F O R M AT I O N
31/08/14
%
Industrials
27.37
Consumer Services
22.83
Financials
22.05
Consumer Goods
9.97
Technology
7.51
Oil & Gas
3.59
Health Care
2.73
Basic Materials
2.15
Other
0.00
Cash and other net assets/(liabilities)
1.80
FUND FAC TS
28/02/14
%
27.86
20.8
23.86
12.22
4.22
5.00
2.79
0.78
0.78
1.69
The top ten holdings in the fund as at 31 August 2014 and
at the previous year end are shown below.
Electronic Arts
Speedy Hire
Pendragon
Lavendon
Xchanging
Brewin Dolphin
C & C (UK)
United Drug
CLS
Conygar
Top holdings as at 28/02/14
United Drug
Electronic Arts
Speedy Hire
Brewin Dolphin
Brammer
Lavendon
CLS
Redrow
Conygar
NMC Health
ONGOING CHARGES (%)
A Accumulation
Shares
1.72
1.71
31/08/14
31/08/13
W Accumulation
Shares
0.96
0.96
Y Accumulation
Shares
1.18
1.18
31/08/14
31/08/13
The Ongoing Charges Figure is calculated as the ratio of the annual cost of managing and
operating the fund to the average net asset value; it excludes portfolio transaction costs.
TOP HOLDINGS
Top holdings as at 31/08/14
INCOME (pence per share)
No distributions were due in the six month period.
% of total
net assets
3.00
2.84
2.52
2.52
2.50
2.40
2.31
2.27
2.26
2.17
FUND SIZE
Total net Net asset
assets value per
Shares
(ВЈm) share (p)1
in issue
A Accumulation Shares
31/08/14
144.2
31/08/14
188.03
76,702,888
Total net Net asset
assets value per
Shares
(ВЈm) share (p)1
in issue
W Accumulation Shares
121.0
166.99
72,464,050
Y Accumulation Shares
14.6
% of total
net assets
3.68
3.48
3.31
3.12
2.92
2.87
2.70
2.59
2.48
2.35
Footnotes:
1. The net asset value is the accounting value at the period end on a fair
value basis.
150
190.14
7,676,370
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 151
FIDELITY UK SMALLER COMPANIES FUND
S TAT E M E N T O F T O TA L R E T U R N
for the six month period ended 31 August 2014
(unaudited)
31/08/14
ВЈ'000
Income
Net capital gains/(losses)
Revenue
Expenses
Finance costs: Interest/other
31/08/13
ВЈ'000
ВЈ'000
ВЈ'000
(6,911)
3,535
(2,159)
(208)
gggggggggggggggggggg
Net revenue/(expense) before taxation
Taxation
56,524
4,409
(2,450)
gggggggggggggggggggg
1,168
(11)
1,959
(17)
gggggggggggggggggggg
gggggggggggggggggggg
Net revenue/(expense) after taxation
1,157
1,942
gggggggggggggggggggg
gggggggggggggggggggg
Total return before distributions
(5,754)
Finance costs: Equalisation
Change in net assets attributable to shareholders from
investment activities
58,466
13
78
gggggggggggggggggggg
gggggggggggggggggggg
(5,741)
58,544
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
S TAT E M E N T O F C H A N G E I N N E T A S S E T S AT T R I B U TA B L E T O S H A R E H O L D E R S
for the six month period ended 31 August 2014
(unaudited)
31/08/14
ВЈ'000
Opening net assets attributable to shareholders
Movement due to sales and repurchases of shares
Amounts receivable on issue of shares
Amounts payable on cancellation of shares
31/08/13
ВЈ'000
ВЈ'000
340,729
40,712
(95,824)
ВЈ'000
247,849
64,842
(16,921)
gggggggggggggggggggg
gggggggggggggggggggg
(55,112)
(48)
Stamp duty reserve tax
Change in net assets attributable to shareholders from
investment activities (see above)
47,921
(120)
(5,741)
58,544
gggggggggggggggggggg
Closing net assets attributable to shareholders
gggggggggggggggggggg
gggggggggggggggggggg
279,828
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
354,194
BALANCE SHEET
as at 31 August 2014
(unaudited)
31/08/14
ВЈ'000
Assets
Investment assets
Derivative assets
Debtors
Cash and bank balances
28/02/14
ВЈ'000
ВЈ'000
271,109
5,157
4,898
2,133
Total assets
Liabilities
Derivative liabilities
Creditors
327,148
9,500
10,621
8,603
gggggggggggggggggggg
Total other assets
gggggggggggggggggggg
7,031
19,224
gggggggggggggggggggg
gggggggggggggggggggg
283,297
355,872
gggggggggggggggggggg
gggggggggggggggggggg
(1,469)
(2,000)
gggggggggggggggggggg
(2,000)
gggggggggggggggggggg
Total liabilities
(3,469)
gggggggggggggggggggg
Net assets attributable to shareholders
(13,447)
gggggggggggggggggggg
(15,143)
gggggggggggggggggggg
gggggggggggggggggggg
279,828
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
The fund's financial statements have been prepared on the same basis as the Company's financial statements.
151
(1,696)
(13,447)
gggggggggggggggggggg
Total other liabilities
ВЈ'000
340,729
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 152
FIDELITY GLOBAL REAL ASSET SECURITIES FUND
S TAT E M E N T O F T O TA L R E T U R N
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Income
Net capital gains/(losses)
Revenue
Expenses
31/08/13
£’000
£’000
£’000
81
20
(10)
gggggggggggggggggggg
Net revenue/(expense) before taxation
Taxation
(69)
34
(20)
gggggggggggggggggggg
10
(2)
14
(2)
gggggggggggggggggggg
gggggggggggggggggggg
Net revenue/(expense) after taxation
8
12
gggggggggggggggggggg
gggggggggggggggggggg
Total return before distributions
89
Finance costs: Distributions
(57)
(7)
1
gggggggggggggggggggg
Change in net assets attributable to shareholders from
investment activities
gggggggggggggggggggg
gggggggggggggggggggg
82
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
(56)
S TAT E M E N T O F C H A N G E I N N E T A S S E T S AT T R I B U TA B L E T O S H A R E H O L D E R S
for the six month period ended 31 August 2014
(unaudited)
31/08/14
£’000
Opening net assets attributable to shareholders
Movement due to sales and repurchases of shares
Amounts receivable on issue of shares
Amounts payable on cancellation of shares
31/08/13
£’000
£’000
£’000
1,656
227
(1,968)
1,280
582
(69)
gggggggggggggggggggg
gggggggggggggggggggg
Change in net assets attributable to shareholders from
investment activities (see above)
Retained distribution on accumulation shares
(1,741)
513
82
(56)
5
Closing net assets attributable to shareholders
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
2
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
1,737
BALANCE SHEET
as at 31 August 2014
(unaudited)
31/08/14
£’000
Assets
Investment assets
Debtors
Cash and bank balances
28/02/14
£’000
£’000
90
114
gggggggggggggggggggg
gggggggggggggggggggg
Total assets
Liabilities
Creditors
Bank overdrafts
1,208
204
gggggggggggggggggggg
gggggggggggggggggggg
1,208
1,747
gggggggggggggggggggg
gggggggggggggggggggg
(1,177)
(29)
(76)
(15)
gggggggggggggggggggg
Total liabilities
gggggggggggggggggggg
(1,206)
Net assets attributable to shareholders
The fund’s financial statements have been prepared on a realisation basis.
152
1,543
3
1,205
Total other assets
£’000
(91)
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
2
gggggggggggggggggggg
gggggggggggggggggggg
gggggggggggggggggggg
1,656
c_FundFacts_Accounts_v07_Layout 1 23/10/2014 08:55 Page 153
FIDELITY GLOBAL REAL ASSET SECURITIES FUND
D I S T R I B U T I O N S TAT E M E N T
for the six month period ended 31 August 2014
(unaudited)
A Accumulation Shares - final distribution No. 4 in pence per share
Group 1 - Shares purchased on or before 28 February 2014.
Group 2 - Shares purchased from 1 March 2014 to 25 August 2014*
Net revenue
Group 1
Group 2
0.4000
0.0662
Equalisation
0.3338
Amount
accumulated
7/10/14
0.4000
0.4000
* This share class closed on 26 August 2014.
W Accumulation Shares - final distribution No. 3 in pence per share
Group 1 - Shares purchased on or before 28 February 2014.
Group 2 - Shares purchased from 1 March 2014 to 25 August 2014*
Net revenue
Group 1
Group 2
0.8995
0.5849
Equalisation
0.3146
Amount
accumulated
7/10/14
0.8995
0.8995
* This share class closed on 26 August 2014.
Y Accumulation Shares - final distribution No. 4 in pence per share
Group 1 - Shares purchased on or before 28 February 2014.
Group 2 - Shares purchased from 1 March 2014 to 25 August 2014*
Net revenue
Group 1
Group 2
1.0296
-
* This share class closed on 26 August 2014.
153
Equalisation
1.0296
Amount
accumulated
7/10/14
1.0296
1.0296
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:04 Page 154
FIDELITY AMERICAN FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
INFORMATION TECHNOLOGY - (19.18%)
583,865
1,260,631
49,684
548,324
648,546
360,519
446,282
744,580
593,494
318,137
175,228
813,034
317,545
356,852
213,819
159,769
87,802
Apple
Intel
Google (A)
Texas Instruments
Altera
TE Connectivity
Twitter
EMC
Micron Technology
Red Hat
VMware
Ciena
Solarwinds
Juniper Networks
Electronic Arts
Ubiquiti Networks
Sunpower
35,984
26,326
17,377
15,869
13,735
13,473
13,287
13,198
11,736
11,627
10,341
10,030
8,137
4,985
4,778
4,379
2,012
3.69
2.70
1.78
1.63
1.41
1.38
1.36
1.35
1.20
1.19
1.06
1.03
0.83
0.51
0.49
0.45
0.21
217,274
22.27
27,849
18,794
15,435
14,887
12,442
11,994
11,700
9,065
8,620
7,694
2,418
2.85
1.93
1.58
1.53
1.28
1.23
1.20
0.93
0.88
0.79
0.25
140,898
14.44
16,137
15,681
15,215
13,984
10,298
9,740
9,715
9,633
8,645
8,374
6,036
1.65
1.61
1.56
1.43
1.06
1.00
1.00
0.99
0.89
0.86
0.62
123,458
12.65
FINANCIALS - (9.17%)
USD 46,209,266
918,797
608,923
2,517,953
383,225
228,979
377,705
441,593
455,506
258,739
353,500
Fidelity Institutional Liquidity Fund (USD)
Weyerhaeuser
US Bancorp
Huntington Bancshares
Texas Capital Bancshares
AON
Citigroup
Morgan Stanley
CBRE
Ryman Hospitality Properties
Wisdomtree Investments
HEALTH CARE - (19.22%)
493,842
311,036
256,974
143,026
179,751
90,261
255,378
1,092,500
206,028
392,486
167,026
Hospira
Covance
Edwards Lifesciences
Allergan
Techne
Illumina
Medtronic
Allscripts Healthcare Solutions
Biomarin Pharmaceutical
Alere
Tenet Healthcare
154
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:04 Page 155
FIDELITY AMERICAN FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
ENERGY - (6.56%)
267,424
412,148
377,875
572,120
159,522
192,632
180,104
511,561
182,355
72,838
Anadarko Petroleum
Halliburton
Baker Hughes
Southwestern Energy
Concho Resources
Helmerich & Payne
EQT
Patterson-UTI Energy
Gulfport Energy
Cimarex Energy
17,903
16,732
15,762
13,941
13,364
11,968
10,636
10,341
6,373
6,277
1.83
1.71
1.62
1.43
1.37
1.23
1.09
1.06
0.65
0.64
123,297
12.64
20,891
16,378
15,690
11,480
9,751
7,932
7,434
5,635
4,962
2.14
1.68
1.61
1.18
1.00
0.81
0.76
0.58
0.51
100,153
10.26
16,188
14,127
13,203
11,358
10,832
10,293
10,190
9,425
3,161
1.66
1.45
1.35
1.16
1.11
1.05
1.04
0.97
0.32
98,777
10.12
22,386
17,784
16,831
14,924
11,141
9,443
2.29
1.82
1.72
1.53
1.14
0.97
92,509
9.48
INDUSTRIALS - (11.45%)
319,043
144,561
210,975
758,605
356,596
528,982
106,002
180,111
170,400
Caterpillar
TransDigm
General Dynamics
Knight Transport
Timken
Werner Enterprises
Rockwell
Woodward
United Continental
CONSUMER DISCRETIONARY - (18.95%)
39,625
369,308
64,430
203,715
290,133
246,385
400,084
322,376
190,785
Chipotle Mexican Grill
Harley-Davidson
Amazon.com
Home Depot
Borg-Warner
Delphi Automotive
DeVry
Johnson Controls
Apollo (A)
CONSUMER STAPLES - (9.42%)
405,985
310,351
351,536
682,358
957,346
464,526
Brown Forman (Non-voting) (B)
Mead Johnson Nutrition
CVS Caremark
Mondelez International
Flowers Foods
Fresh Market
155
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:04 Page 156
FIDELITY AMERICAN FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
MATERIALS - (4.58%)
221,827
332,991
208,012
125,341
309,657
270,106
Martin Marietta Materials
Albemarle
Eagle Materials
Praxair
Timkensteel
United States Steel
Portfolio of investments
Cash and other net assets/(liabilities)
Net assets
The figures in brackets represent the sector distributions at 28 February 2014.
The percentage of net assets disclosed above is subject to rounding.
156
17,457
12,687
12,686
9,929
8,891
6,111
1.79
1.30
1.30
1.02
0.91
0.63
67,761
6.94
964,127
98.80
11,708
1.20
975,835
100.00
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:04 Page 157
FIDELITY AMERICAN SPECIAL SITUATIONS FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
INFORMATION TECHNOLOGY - (23.20%)
520,258
467,980
840,303
376,379
225,850
415,904
320,980
504,409
301,786
452,941
104,969
293,059
135,407
Oracle
Microsoft
Cisco Systems
Electronic Arts
eBay
EMC
Altera
NVIDIA
Mantech International
Nuance Communications
Check Point Software Technologies
Symantec
Science Applicaations International
12,940
12,658
12,585
8,411
7,545
7,372
6,798
5,895
5,220
4,605
4,438
4,267
3,622
3.21
3.14
3.13
2.09
1.87
1.83
1.69
1.46
1.30
1.14
1.10
1.06
0.90
96,356
23.93
11,801
10,997
10,433
9,533
9,207
7,247
6,518
5,317
4,123
2.93
2.73
2.59
2.37
2.29
1.80
1.62
1.32
1.02
75,176
18.67
22,564
10,809
8,524
7,389
6,487
5,601
5,089
4,477
5.60
2.68
2.12
1.84
1.61
1.39
1.26
1.11
70,940
17.62
9,183
8,605
7,893
7,736
7,284
2.28
2.14
1.96
1.92
1.81
40,701
10.11
HEALTH CARE - (19.55%)
132,658
131,587
148,893
214,308
246,607
190,510
145,668
69,108
126,172
Bard (CR)
Amgen
WellPoint
Express Scripts
Quest Diagnostics
Eli Lilly
AstraZeneca ADR
Humana
Hospira
FINANCIALS - (14.16%)
USD 37,444,428
1,828,155
362,749
359,971
101,424
180,816
217,068
91,026
Fidelity Institutional Liquidity Fund (USD)
Huntington Bancshares
Bank of New York Mellon
Morgan Stanley
ACE
Citigroup
Validus
Capital One
CONSUMER STAPLES - (9.41%)
183,501
179,730
177,914
399,477
193,402
Procter & Gamble
CVS Caremark
Molson Coors Brewing (B)
Conagra
Dr Pepper Snapple
157
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:04 Page 158
FIDELITY AMERICAN SPECIAL SITUATIONS FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Portfolio of investments
Market value/
Unrealised gain/(loss)
£’000
Percentage
of total
net assets
%
16,010
12,646
8,171
3,537
3.98
3.14
2.03
0.88
40,364
10.03
11,076
6,612
5,504
5,292
4,661
2.75
1.64
1.37
1.31
1.16
33,145
8.23
9,812
5,729
5,483
4,373
2.44
1.42
1.36
1.09
25,397
6.31
INDUSTRIALS - (8.43%)
439,097
170,035
115,163
155,150
URS
General Dynamics
Dun & Bradstreet
Navistar International
CONSUMER DISCRETIONARY - (11.83%)
15,701
327,085
169,662
753,009
128,135
NVR
Block H & R
Childrens Place Retail Stores
Staples
Target
ENERGY - (9.13%)
397,876
85,573
304,475
276,843
Marathon Oil
Anadarko Petroleum
Rowan Companies
Ultra Petroleum
TELECOMMUNICATIONS - (0.00%)
513,005
Verizon Communications
15,277
3.79
15,277
3.79
4,070
1.01
MATERIALS - (1.38%)
140,774
The Mosaic Company
Portfolio of investments
Cash and other net assets/(liabilities)
Net assets
The figures in brackets represent the sector distributions at 28 February 2014.
The percentage of net assets disclosed above is subject to rounding.
158
4,070
1.01
401,426
99.70
1,205
0.30
402,631
100.00
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:04 Page 159
FIDELITY ASIAN DIVIDEND FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Portfolio of investments
Market value/
Unrealised gain/(loss)
£’000
Percentage
of total
net assets
%
218
90
56
51
48
44
41
39
38
31
31
28
27
24
22
20
20
19
18
15
14
13
7.90
3.26
2.03
1.85
1.74
1.59
1.49
1.41
1.38
1.12
1.12
1.01
0.98
0.87
0.80
0.72
0.72
0.69
0.65
0.54
0.51
0.47
907
32.84
71
59
46
33
33
26
26
24
15
11
7
2.57
2.14
1.67
1.20
1.20
0.94
0.94
0.87
0.54
0.40
0.25
351
12.76
96
74
55
38
30
28
3.48
2.68
1.99
1.38
1.09
1.01
321
11.63
FINANCIALS - (21.73%)
21,269
4,775
1,815
115,000
120,000
4,000
29,000
12,460
10,500
15,500
13,800
6,381
3,307
14,000
39,000
8,205
18,000
18,900
59,000
11,000
52,000
9,000
Lyxor India ETF MCSI
Australia & New Zealand Banking
Shinhan Financial
China Construction Bank
Industrial & Commercial Bank of China
Cheung Kong
CITIC Securities
Macquarie Goodman
Link Real Estate Investment Trust
Bank of China
China Pacific Insurance
Challenger Financial Services
Woori Finance
China Overseas Land & Investments
Bank Rakyat Indonesia
Stockland Trust Property
Ascendas Real Estate Investment Trust
Cathay Financial
China Cinda Asset Management
Shimao Property
Country Garden
Huaku Construction
INDUSTRIALS - (14.44%)
9,000
34,512
41,846
34,000
68,800
5,000
44,000
20,000
130,000
16,000
3,000
Hutchison Whampoa
GWA International
Air New Zealand
China State Construction
Sino-Thai Engineering and Construction
Keppel (SG)
Zhejiang Expressway
ComfortDelGro
Singamas Containers
United Envirotech
Turvo International
INFORMATION TECHNOLOGY - (17.23%)
131
7,500
22,000
19,095
3,000
9,000
Samsung Electronics
Tencent
Taiwan Semiconductor Manufacturing
Chicony Electronics
MediaTek
Novatek Microelectronics
159
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:04 Page 160
FIDELITY ASIAN DIVIDEND FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Portfolio of investments
Market value/
Unrealised gain/(loss)
£’000
Percentage
of total
net assets
%
80
52
38
38
29
28
21
16
2.90
1.88
1.38
1.38
1.05
1.01
0.76
0.58
302
10.98
95
51
27
27
23
12
8
3.44
1.85
0.98
0.98
0.83
0.43
0.29
243
8.77
38
35
30
26
23
22
17
16
10
1.38
1.27
1.09
0.94
0.83
0.80
0.62
0.58
0.36
217
7.90
38
36
17
15
13
1.38
1.30
0.62
0.54
0.47
119
4.35
48
44
20
1.74
1.59
0.72
112
4.02
TELECOMMUNICATIONS - (11.03%)
25,660
7,000
234
54,280
14,100
14,000
152,500
335
Telstra
China Mobile
SK Telecom
HKT Trust
Total Access Communication
Starhub
Telekomunikasi Indonesia
Philippine Long Distance Telephone
MATERIALS - (8.76%)
4,601
319
28,000
137
4,858
1,400
8,936
BHP Billiton (AU)
LG Chemical
Taiwan Cement
Posco
Fletcher Building
Siam Cement
Metro Performance Glass
CONSUMER DISCRETIONARY - (14.92%)
274
1,669
16,000
32,000
62,000
609
3,328
5,439
10,800
Hyundai Motor
Twenty First Century Fox (B)
Shenzhou International
Sunny Optical Technology
Xinyi Glass
Kia Motors
Eclat Textile
Makalot Industrial
Man Wah (HK)
UTILITIES - (3.19%)
7,000
34,000
4,000
68,000
18,000
Power Assets
China Gas
ENN Energy
Huaneng Renewables (H)
Guangdong Investments
ENERGY - (3.10%)
56,000
72,000
3,647
PetroChina
China Petroleum & Chemical
Oil Search
160
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:04 Page 161
FIDELITY ASIAN DIVIDEND FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Portfolio of investments
Market value/
Unrealised gain/(loss)
£’000
Percentage
of total
net assets
%
32
24
17
13
9
1.16
0.87
0.62
0.47
0.33
95
3.41
2,667
96.66
HEALTH CARE - (2.59%)
9,908
808
8,500
12,000
10,030
ResMed CDI
Ramsay Health Care
Shanghai Fosun Pharmaceuticals
China Shineway Pharmaceutical
Monash IVF
Portfolio of investments
Cash and other net assets/(liabilities)
Net assets
The figures in brackets represent the sector distributions at 28 February 2014.
The percentage of net assets disclosed above is subject to rounding.
161
92
3.34
2,759
100.00
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:04 Page 162
FIDELITY CHINA CONSUMER FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
FINANCIALS - (26.18%)
420,600
162,000
661,688
275,200
319,000
474,000
315,746
83,800
48,000
84,000
224,475
72,198
129,000
22,046
92,000
17,789
11,206
1,290
7,392
AIA
Ping An Insurance
Cathay Financial
China Pacific Insurance
China Life Insurance
China Galaxy Securities
China Life Insurance
China Insurance
China Overseas Land & Investments
Haitong Securities (H)
Yuanta Finanical
Fubon
China Cinda Asset Management
UBS (SAIC Motor Corporation A) ELN 16/09/2014
Taifook Securities
BNP (SAIC Motor Corporation A) ELN 05/08/2015
UBS (Midea Grou) ELN 15
UBS (Kweichow Moutai A) ELN 09/07/2015
BNP Paribas Arbit (Midea Group)
1,379
795
681
622
552
209
177
122
81
81
73
71
40
37
31
30
24
20
16
8.42
4.85
4.16
3.80
3.37
1.28
1.08
0.74
0.49
0.49
0.45
0.43
0.24
0.23
0.19
0.18
0.15
0.12
0.10
5,041
30.78
776
565
209
128
128
120
114
111
103
101
94
85
83
74
72
69
66
65
57
57
54
53
53
52
51
48
47
39
4.74
3.45
1.28
0.78
0.78
0.73
0.70
0.68
0.63
0.62
0.57
0.52
0.51
0.45
0.44
0.42
0.40
0.40
0.35
0.35
0.33
0.32
0.32
0.32
0.31
0.29
0.29
0.24
CONSUMER DISCRETIONARY - (27.43%)
198,000
125,000
188,000
167,000
427,000
160,000
7,300
25,200
965,563
104,000
84,000
56,000
44,000
118,000
119,605
34,800
4,775
132,000
122,000
284,000
31,000
2,606
690,000
20,500
11,700
20,800
142,000
34,000
Sands China
K Wah Construction Materials
Brilliance China Automotive
Belle International
Goodbaby International
Li & Fung
China Lodging ADR
Merida Industry
GOME Electrical Appliances
Yulon Motor Company
Dongfeng Motor
SJM
Shenzhou International
Guangzhou Automobile
Far Eastern Department Stores
MGM China Holdings
New Oriental Education & Technology ADR
Ajisen China
Sa Sa International
Shanghai Jin International Hotels
Haier Electronics
TAL Education ADR
Xiao Nan Guo Restaurants
Great Wall Automotive
Bona Film ADR
Wynn Macau
Embry
Anta Sports Products
162
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:04 Page 163
FIDELITY CHINA CONSUMER FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
70,000
17,000
30,000
218
14,000
3,000
12,168
800
24,500
Percentage
of total
net assets
%
Portfolio of investments
Market value/
Unrealised gain/(loss)
£’000
Nexteer Automotive
Luk Fook International
Shangri-La Asia
Vipshop ADR
Techtronic Industries
Hotai Motor
Weifu High Technology
500.Com ADR
Intime Department Store
36
32
28
27
26
25
25
17
13
0.22
0.20
0.17
0.16
0.16
0.15
0.15
0.10
0.08
3,703
22.61
1,359
165
103
79
58
47
41
40
32
25
20
8.30
1.01
0.63
0.48
0.35
0.29
0.25
0.24
0.20
0.15
0.12
1,969
12.03
276
257
204
174
155
124
99
96
87
84
64
62
55
48
34
32
3
1.69
1.57
1.25
1.06
0.95
0.76
0.60
0.59
0.53
0.51
0.39
0.38
0.34
0.29
0.21
0.20
0.02
1,854
11.32
INFORMATION TECHNOLOGY - (17.15%)
138,200
852,000
1,930
1,494
652,000
228,000
315
102,425
5,277
900
400
Tencent
Kingdee International Software
NetEase
Qihoo 360 Technology ADR
Baioo Family Interactive
Beijing Development (HK)
Baidu ADR
Tian Ge Interactive
PChome Online
Sina.com
YY Sponsored ADR
CONSUMER STAPLES - (10.97%)
99,000
40,000
184,838
38,000
92,000
167,000
425,000
61,892
358,000
284,000
14,000
251,600
100,000
25,893
69,000
163,000
52,000
China Mengniu Dairy
Hengan
Uni-President Enterprises
President Chain Store
Tingyi
Want Want China
Tenwow International
Standard Foods Taiwan
China Foods
China Modern Dairy
Tsingtao Brewery
China Agri-Industries
Changshouhua Food
Yantai Changyu Pioneer Wine (B)
WH Group
Tibet 5100 Water Resources Holdings
Dynasty Fine Wines*
163
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:04 Page 164
FIDELITY CHINA CONSUMER FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
TELECOMMUNICATIONS - (4.69%)
135,000
284,000
486,000
133,000
93,220
31,000
China Mobile
China Unicom
China Telecom
Far EasTone Telecommunications
HKT Trust
Chunghwa Telecom
1,008
305
180
171
66
58
6.16
1.86
1.10
1.04
0.40
0.35
1,788
10.92
118
106
101
99
85
67
65
62
37
29
1
0.72
0.65
0.62
0.60
0.52
0.41
0.40
0.38
0.23
0.18
0.01
770
4.70
73
60
54
48
47
31
18
0.45
0.37
0.33
0.29
0.29
0.19
0.11
331
2.01
77
59
48
47
13
0.47
0.36
0.29
0.29
0.08
244
1.50
35
33
0.21
0.20
68
0.42
HEALTH CARE - (3.68%)
135,000
50,400
330,000
216,000
168,000
3,035
97,669
132,000
2,900
81,000
1,132
China Medical System (HK)
Sinopharm
Lijun International Pharmaceutical
China Animal Healthcare
Dawnrays Pharmaceutical
Wuxi Pharmatech Cayman ADR
Luye Pharma
Consun Pharmaceutical
Ikang Healthcare
Biosensors International
Scinopharm Taiwan
INDUSTRIALS - (1.98%)
90,565
60,000
2,600
234,000
9,000
37,000
16,000
Shenzhen International
Kerry Logistics Network
51job ADR
China Eastern Airline
Beijing Enterprises
China Everbright International
Cathay Pacific Airways
UTILITIES - (0.98%)
119,000
751,000
216,000
134,000
12,000
China Longyuan Power (H)
SIIC Environment
Huaneng Renewables (H)
Huadian Fuxin Energy
China Gas
MATERIALS - (0.57%)
60,300
30,000
Universal Cement
Bloomage Biotech
164
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:04 Page 165
FIDELITY CHINA CONSUMER FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
ENERGY - (0.33%)
118,000
Newocean Energy
Portfolio of investments
Cash and other net assets/(liabilities)
Net assets
The figures in brackets represent the sector distributions at 28 February 2014.
*Securities valued at the ACD's valuation.
The percentage of net assets disclosed above is subject to rounding.
165
40
0.24
40
0.24
15,808
96.53
568
3.47
16,376
100.00
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:04 Page 166
FIDELITY EMERGING ASIA FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
INDIA - (31.44%)
10,905
43,435
39,531
26,138
66,760
16,057
150,092
114,223
6,506
4,298
11,743
81,032
26,305
14,847
1,332
17,573
39,719
10,708
2,883
22,847
118,910
14,014
Infosys Technology
Sun Pharmaceutical Industries (Dematerialised)
HDFC Bank (Dematerialised)
Housing Development Finance
Axis Bank
Larsen & Tourbo
Power Grid Corporation of India
Infrastructure Development Finance
Tata Consultancy Services
Grasim Industries (Dematerialised)
Bata India
Hindalco Industries
Tata Motors
Shriram Transport Finance
Eicher Motors (Dematerialised)
ING Vysya Bank
Mahindra & Mahindra Financial Services
Reliance Industries (Dematerialised)
Maruti Suzuki
LIC Housing Finance
Edelweiss Financial Services
ITC
392
371
356
280
270
246
193
164
164
154
150
138
138
135
129
112
111
107
83
69
59
50
3.45
3.27
3.13
2.47
2.38
2.17
1.70
1.44
1.44
1.36
1.32
1.22
1.22
1.19
1.14
0.99
0.98
0.94
0.73
0.61
0.52
0.44
3,871
34.09
582
423
217
206
159
144
143
142
138
135
132
124
100
86
81
72
59
59
54
40
38
36
5.12
3.72
1.91
1.81
1.40
1.27
1.26
1.25
1.22
1.19
1.16
1.09
0.88
0.76
0.71
0.63
0.52
0.52
0.48
0.35
0.33
0.32
3,170
27.89
CHINA - (31.55%)
1,447,000
43,000
356,000
42,000
594,000
6,500
352,000
19,000
143,600
612,000
78,000
3,849
90,000
115,000
43,000
374,000
91,000
2,100
154,000
85,000
9,600
30,000
Industrial & Commercial Bank of China
Tencent
China Petroleum & Chemical
Ping An Insurance
Sitc International
Wuxi Pharmatech Cayman ADR
Sinotrans
China Mobile
Haitong Securities (H)
Huaneng Renewables (H)
China Overseas Land & Investments
China Biologic Products
Brilliance China Automotive
Want Want China
Shenzhou International
Kingdee International Software
China Longyuan Power (H)
Autohome ADR
Huadian Fuxin Energy
Nine Dragons Paper
Sands China
CNOOC
166
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:04 Page 167
FIDELITY EMERGING ASIA FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
INDONESIA - (8.70%)
433,000
349,500
58,200
156,800
328,500
795,100
982,800
469,600
280,100
353,700
Bank Rakyat Indonesia
Bank Central Asia
Gudang Garam
Lippo Pacific Finance
Aneka Kimia Raya
Global Mediacom
Summarecon Agung
Tempo Scan Pacific
Indosat
Wijaya Karya
246
202
162
130
89
79
68
68
55
52
2.17
1.78
1.43
1.14
0.78
0.70
0.60
0.60
0.48
0.46
1,151
10.13
305
168
139
115
94
77
76
66
41
2.69
1.48
1.22
1.01
0.83
0.68
0.67
0.58
0.36
1,081
9.52
114
96
73
64
59
1.00
0.85
0.64
0.56
0.52
406
3.58
174
80
77
61
1.53
0.70
0.68
0.54
392
3.45
273
57
56
2.40
0.50
0.49
386
3.40
145
57
1.28
0.50
202
1.77
MALAYSIA - (9.15%)
158,087
119,700
111,700
350,147
101,100
43,700
165,800
105,900
17,500
Malayan Banking
CIMB
IJM
7-Eleven Malaysia
Malaysian Plantations
RHB Capital
Airasia
Astro Malaysia
Tenaga Nasional
PHILIPPINES - (4.56%)
836,900
111,960
345,800
53,954
174,000
Lafarge Republic
Robinsons Retail
LT
Metropolitan Bank & Trust
Alliance Global
HONG KONG - (4.81%)
162,000
120,000
229,000
29,100
China Unicom
CIMC Enric
Hui Xian Real Estate Investment Trust
Samsonite International (SA)
THAILAND - (6.17%)
64,300
153,900
13,200
Kasikornbank
Mega Lifesciences
Kasikornbank
SINGAPORE - (0.00%)
75,000
47,000
Petra Foods
Goodpack
167
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:04 Page 168
FIDELITY EMERGING ASIA FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
UNITED STATES - (0.00%)
3,000
2,800
Cognizant Technology Solutions (A)
JD.Com ADR
82
53
0.72
0.47
135
1.19
48
0.42
48
0.42
SRI LANKA - (0.51%)
42,247
John Keells
VIETNAM - (0.47%)
11,760
Vietnam Dairy Products ELN 08/07/2019
Portfolio of investments
Cash and other net assets/(liabilities)
Net assets
The figures in brackets represent the sector distributions at 28 February 2014.
The percentage of net assets disclosed above is subject to rounding.
168
37
0.33
37
0.33
10,879
95.77
479
4.23
11,358
100.00
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:04 Page 169
FIDELITY EMERGING EUROPE, MIDDLE EAST AND AFRICA FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
SOUTH AFRICA - (41.42%)
180,382
538,449
2,328,955
478,012
246,815
867,041
825,706
644,751
167,699
244,470
701,899
545,055
835,577
848,883
103,923
1,018,596
110,806
152,881
411,188
123,269
79,662
126,128
274,819
1,147,082
1,328,087
723,839
42,609
Naspers
MTN
Steinhoff International
Remgro
Bidvest
Brait
Woolworths
Discovery
Aspen Pharmacare
Imperial Holdings
AVI
Telkom
Netcare
Spur
Omnia
Clover Industries
Distell
Famous Brands
Metair Investment
Coronation Fund Managers
Exxaro Resources
PSG Group
Group Five
Blue Label Telecoms
Zeder Investments
Capevin
City Lodge Hotels
13,875
7,387
6,955
6,599
3,978
3,975
3,706
3,587
2,879
2,649
2,440
1,773
1,531
1,421
1,334
1,021
854
851
819
709
680
673
632
575
437
346
290
9.77
5.20
4.90
4.65
2.80
2.80
2.61
2.53
2.03
1.87
1.72
1.25
1.08
1.00
0.94
0.72
0.60
0.60
0.58
0.50
0.48
0.47
0.45
0.40
0.31
0.24
0.20
71,976
50.69
4,503
3,439
3,303
3,214
3,090
2,918
1,876
621
3.17
2.42
2.33
2.26
2.18
2.05
1.32
0.44
22,964
16.17
3,137
2,816
1,903
1,550
1,271
1,197
501
2.21
1.98
1.34
1.09
0.90
0.84
0.35
12,375
8.71
RUSSIA - (24.93%)
10,086,440
3,788,969
92,417
271,976
270,151
86,085
1,556,022
19,586
Surgutneftegaz (Pref'd)
Sberbank of Russia (Pref'd)
Magnit GDR
JSC MMC Norilsk Nickel ADR (UK)
X5 Retail
LUKOIL
Sberbank of Russia
Bashneft
NIGERIA - (8.36%)
34,239,035
4,330,066
362,972
27,932,310
34,849,288
10,649,775
22,163,504
Zenith Bank
Nigerian Breweries
Guaranty Trust Bank GDR Reg S
First Bank of Nigeria
Access Bank
Guaranty Trust Bank
Diamond Bank
169
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:04 Page 170
FIDELITY EMERGING EUROPE, MIDDLE EAST AND AFRICA FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
TURKEY - (4.64%)
940,434
127,808
563,867
Turkiye Halk Bankasi
Coca-Cola Icecek Sanayi
Akbank Turk Anonim Sirketi
4,233
1,834
1,323
2.98
1.29
0.93
7,390
5.20
1,640
1,184
597
593
1.15
0.83
0.42
0.42
4,014
2.83
2,471
1,100
1.74
0.77
3,571
2.51
UNITED ARAB EMIRATES - (2.18%)
547,620
923,945
374,441
451,472
First Gulf Bank
Dubai Islamic Bank
National Bank of Ras Al-Khai
Abu Dhabi Commercial Bank
ISRAEL - (3.75%)
2,166,871
26,013
Bezeq Israeli Telecommunications
Check Point Software Technologies
CANADA - (0.00%)
227,823
First Quantum Minerals
3,062
2.16
3,062
2.16
1,699
814
540
1.20
0.57
0.38
3,053
2.15
1,725
897
283
1.21
0.63
0.20
2,905
2.05
1,559
613
1.10
0.43
2,172
1.53
KENYA - (2.60%)
900,033
2,555,700
6,094,617
East African Breweries
Equity Bank
Safaricom
KAZAKHSTAN - (1.61%)
259,771
100,617
26,124
Halyk Savings Bank GDR Reg S
Kcell JSC
KazMunaiGaz Exploration & Production GDR Reg S
BERMUDA - (0.67%)
877,950
2,581,738
Petra Diamonds
Aquarius Platinum (UK)
QATAR - (0.00%)
52,824
Qatar National Bank
1,757
1.24
1,757
1.24
EGYPT - (0.00%)
406,994
Commercial International Bank GDR
1,550
1.09
1,550
1.09
1,206
0.85
1,206
0.85
UNITED STATES - (0.00%)
USD
2,001,134
Fidelity Institutional Liquidity Fund (USD)
OMAN - (0.00%)
866,036
Bank Muscat
170
987
0.70
987
0.70
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:04 Page 171
FIDELITY EMERGING EUROPE, MIDDLE EAST AND AFRICA FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
UNITED KINGDOM - (1.08%)
48,352
IBS
884
0.62
884
0.62
230
0.16
230
0.16
VIRGIN ISLANDS (BRITISH) - (2.11%)
14,180
Mail.Ru Group Reg S
CYPRUS - (0.59%)
20,905
Global Ports Investments GDR Reg S
Portfolio of investments
Cash and other net assets/(liabilities)
Net assets
The figures in brackets represent the sector distributions at 28 February 2014.
The percentage of net assets disclosed above is subject to rounding.
171
99
0.07
99
0.07
140,195
98.73
1,804
1.27
141,999
100.00
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:04 Page 172
FIDELITY ENHANCED INCOME FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
FINANCIALS - (14.12%)
GBP
1,606,465
311,111
6,349,642
2,529,353
31,620
242,630
894,166
468,352
418,259
682,963
237,354
230,852
1,091,952
59,105
141,227
112,769
HSBC (UK) (Reg'd)
Provident Financial
Fidelity Institutional Liquidity Fund (GBP)
Barclays
Munich Reinsurance (Reg'd)
Admiral
Direct Line Insurance
Catlin
Amlin
Beazley
Hiscox (BM)
Novae
Greencoat UK Wind
Close Brothers
Investec
ICAP
10,471
6,658
6,350
5,659
3,839
3,244
2,640
2,414
1,876
1,719
1,548
1,242
1,201
791
768
428
3.87
2.46
2.35
2.09
1.42
1.20
0.98
0.89
0.69
0.64
0.57
0.46
0.44
0.29
0.28
0.16
50,848
18.79
11,602
9,856
8,821
5,726
3,726
3,593
2,258
2,210
1,284
645
480
113
4.29
3.64
3.26
2.12
1.38
1.33
0.83
0.82
0.47
0.24
0.18
0.04
50,314
18.59
19,610
16,363
3,829
626
96
7.25
6.05
1.41
0.23
0.04
40,524
14.97
6,661
6,206
5,681
5,335
4,629
2,770
2,404
2.46
2.29
2.10
1.97
1.71
1.02
0.89
33,686
12.45
CONSUMER GOODS - (18.37%)
GBP
444,515
188,637
248,628
215,184
130,327
69,917
126,813
47,256
190,649
720,150
35,892
8,494
Imperial Tobacco
Reckitt Benckiser
British American Tobacco
Unilever (UK)
Associated British Foods
Philip Morris International
Diageo
Nestle (Reg'd)
Tate & Lyle
McBride
Cranswick
Associated British Foods CFD
HEALTH CARE - (20.43%)
CHF
CHF
427,307
1,110,092
57,964
110,659
33,197
AstraZeneca
GlaxoSmithKline
Sanofi-Aventis
Novartis CFD
Roche CFD
UTILITIES - (13.68%)
742,998
773,317
1,782,590
352,176
237,127
316,170
379,438
National Grid Transco
Pennon
Centrica
Scottish & Southern Energy
Severn Trent
United Utilities
Drax
172
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:04 Page 173
FIDELITY ENHANCED INCOME FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
INDUSTRIALS - (10.16%)
2,306,339
289,822
237,308
1,078,819
669,731
122,767
534,841
420,433
114,031
71,232
393,364
77,546
BAE Systems
Rolls-Royce
Capita
Group 4 Securicor
HomeServe
Bunzl
Cobham
Serco
PayPoint
Smiths
Premier Farnell
Stobart
10,192
2,968
2,895
2,855
2,115
2,011
1,582
1,299
1,230
941
761
95
3.77
1.10
1.07
1.05
0.78
0.74
0.58
0.48
0.45
0.35
0.28
0.04
28,944
10.69
10,191
8,541
7,692
3.77
3.16
2.84
26,424
9.76
5,000
4,978
1,813
1,625
1,553
1,316
783
637
1.85
1.84
0.67
0.60
0.57
0.49
0.29
0.24
17,705
6.54
11,406
2,618
1,516
4.21
0.97
0.56
15,540
5.74
0
0
0
0
(1)
(1)
(1)
(2)
(2)
(3)
(3)
(3)
(3)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
OIL & GAS - (6.67%)
2,113,664
350,745
642,877
BP
Royal Dutch Shell A (UK)
BG Group
CONSUMER SERVICES - (6.77%)
449,216
2,117,545
423,355
373,853
869,059
160,439
586,921
117,655
Pearson
Tesco
Marks & Spencer
Brown (N)
Morrison (WM) Supermarkets
Greene King
Ladbrokes
Greggs
TELECOMMUNICATIONS - (7.00%)
2,948,395
865,553
1,538,602
BT
TalkTalk Telecom
KCOM
OPTIONS - ( (1.01)%)
(250)
(500)
(250)
(150)
(100)
(150)
(100)
(250)
(105)
(45)
(65)
(60)
(250)
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
BP LIFFE 17/10/2014
Centrica LIFFE 19/09/2014
BP LIFFE 19/09/2014
BG Group LIFFE 19/09/2014
Munich RE LIFFE 17/10/2014
BG Group LIFFE 17/10/2014
Munich RE LIFFE 19/09/2014
BP LIFFE 19/09/2014
Roche Holdings LIFFE 19/09/2014
BAT UK LIFFE 17/10/2014
Unilever LIFFE 19/09/2014
BAT UK LIFFE 19/09/2014
BP LIFFE 17/10/2014
173
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:04 Page 174
FIDELITY ENHANCED INCOME FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
(600)
(200)
(50)
(700)
(150)
(750)
(300)
(150)
(125)
(600)
(210)
(405)
(150)
(180)
(65)
(350)
(105)
(350)
(105)
(45)
(250)
(389)
(600)
(225)
(70)
(300)
(350)
(800)
(150)
(250)
(600)
(100)
(800)
(105)
(100)
(350)
(55)
(350)
(80)
(235)
(190)
(45)
(75)
(235)
(100)
(703)
(40)
(200)
(500)
(700)
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
BT Group LIFFE 19/09/2014
Mark & Spencer LIFFE 19/09/2014
Royal Dutch Shell LIFFE 19/09/2014
BAE Systems LIFFE 19/09/2014
Nestle LIFFE 17/10/2014
Barclays LIFFE 19/09/2014
United Utilities LIFFE 19/09/2014
Nestle LIFFE 21/11/2014
Rolls Royce LIFFE 19/09/2014
BT Group LIFFE 17/10/2014
Mark & Spencer LIFFE 17/10/2014
Pearson LIFFE 19/09/2014
Nestle LIFFE 19/09/2014
Sanofi LIFFE 19/09/2014
Unilever LIFFE 17/10/2014
Novartis LIFFE 19/09/2014
Roche Holdings LIFFE 17/10/2014
BAE Systems LIFFE 17/10/2014
Munich RE LIFFE 21/11/2014
Reckitt Benckiser LIFFE 17/10/2014
Imperial Tobacco LIFFE 19/09/2014
HSBC Holdings LIFFE 19/09/2014
Centrica LIFFE 21/11/2014
Severn Trent LIFFE 19/09/2014
Unilever LIFFE 21/11/2014
SSE LIFFE 19/09/2014
BAE Systems LIFFE 17/10/2014
Barclays LIFFE 21/11/2014
Imperial Tobacco LIFFE 19/09/2014
HSBC Holdings LIFFE 17/10/2014
BT Group LIFFE 21/11/2014
Royal Dutch Shell LIFFE 21/11/2014
Barclays LIFFE 17/10/2014
Roche Holdings LIFFE 21/11/2014
BUNZL LIFFE 19/09/2014
Novartis LIFFE 17/10/2014
AstraZeneca LIFFE 17/10/2014
Novartis LIFFE 21/11/2014
BAT UK LIFFE 21/11/2014
National Grid LIFFE 21/11/2014
Sanofi LIFFE 21/11/2014
Reckitt Benckiser LIFFE 19/12/2014
Royal Dutch Shell LIFFE 19/09/2014
National Grid LIFFE 17/10/2014
Royal Dutch Shell LIFFE 17/10/2014
BAE Systems LIFFE 21/11/2014
Reckitt Benckiser LIFFE 19/09/2014
BG Group LIFFE 21/11/2014
HSBC Holdings LIFFE 21/11/2014
BT Group LIFFE 19/12/2014
(4)
(4)
(4)
(6)
(6)
(8)
(8)
(9)
(9)
(9)
(10)
(10)
(12)
(13)
(13)
(14)
(14)
(15)
(15)
(15)
(16)
(17)
(18)
(18)
(23)
(24)
(25)
(25)
(25)
(25)
(27)
(28)
(28)
(30)
(30)
(31)
(33)
(33)
(34)
(34)
(35)
(36)
(38)
(38)
(39)
(39)
(40)
(41)
(43)
(44)
174
Percentage
of total
net assets
%
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.02)
(0.02)
(0.02)
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:04 Page 175
FIDELITY ENHANCED INCOME FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
(55)
(180)
(235)
(45)
(250)
(55)
(200)
(55)
Written
Written
Written
Written
Written
Written
Written
Written
Call
Call
Call
Call
Call
Call
Call
Call
AstraZeneca LIFFE 19/09/2014
Sanofi LIFFE 17/10/2014
National Grid LIFFE 19/09/2014
Reckitt Benckiser LIFFE 21/11/2014
HSBC Holdings LIFFE 17/10/2014
AstraZeneca LIFFE 22/11/2014
Capita LIFFE 19/09/2014
AstraZeneca LIFFE 19/12/2014
Portfolio of investments
(44)
(45)
(50)
(50)
(51)
(56)
(66)
(76)
(0.02)
(0.02)
(0.02)
(0.02)
(0.02)
(0.02)
(0.02)
(0.03)
(1,572)
(0.58)
262,413
Cash and other net assets/(liabilities)
Net assets
The figures in brackets represent the sector distributions at 28 February 2014.
The percentage of net assets disclosed above is subject to rounding.
175
Percentage
of total
net assets
%
96.95
8,248
3.05
270,661
100.00
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:04 Page 176
FIDELITY EUROPEAN FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
FRANCE - (22.65%)
1,658,946
2,145,107
1,830,000
511,192
679,104
847,171
1,105,572
2,041,597
498,836
180,873
270,428
487,000
82,306
Sanofi-Aventis
Total (B)
BNP Paribas
Christian Dior
Essilor International
Schneider Electric
Legrand
Edenred
Sodexo
Iliad
Bic
Societe Bains de Mer
Remy Cointreau
109,601
85,625
74,880
54,873
43,414
43,095
36,459
36,325
29,531
23,944
22,193
16,838
3,931
4.53
3.54
3.10
2.27
1.80
1.78
1.51
1.50
1.22
0.99
0.92
0.70
0.16
580,709
24.02
139,088
114,460
74,705
51,704
39,325
34,726
12,509
5.75
4.73
3.09
2.14
1.63
1.44
0.52
466,517
19.30
83,366
57,533
49,070
38,947
28,890
26,283
17,800
14,964
14,456
11,038
3.45
2.38
2.03
1.61
1.19
1.09
0.74
0.62
0.60
0.46
342,347
14.16
76,842
60,918
24,946
21,443
3.18
2.52
1.03
0.89
184,149
7.62
50,001
45,865
30,464
16,214
2.07
1.90
1.26
0.67
142,544
5.90
SWITZERLAND - (20.03%)
2,974,153
652,340
6,932,052
4,406,880
215,774
396,418
263,760
Nestle (Reg'd)
Roche
UBS (Reg'd)
GAM
Zurich Financial
Schindler (Reg'd)
DKSH
GERMANY - (15.89%)
1,770,513
423,052
409,799
901,401
896,671
617,031
209,496
384,930
274,202
441,129
SAP
Volkswagen (Pref'd)
Linde
Deutsche Boerse
Symrise
Fresenius Medical Care
Hugo Boss
Fielmann
MTU Aero Engines
GFK
BELGIUM - (7.75%)
1,146,269
1,767,161
1,699,738
735,097
Anheuser-Busch InBev
KBC
Bpost
Umicore
NORWAY - (5.36%)
2,936,163
3,264,800
2,707,390
530,551
Statoil
Telenor
DnB NOR
Schibsted (B)
176
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:04 Page 177
FIDELITY EUROPEAN FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
DENMARK - (5.88%)
3,371,697
318,372
543,509
Novo Nordisk (B)
Carlsberg (B)
CHR Hansen
93,212
17,640
13,437
3.86
0.73
0.56
124,289
5.14
61,389
35,500
26,418
2.54
1.47
1.09
123,307
5.10
46,717
40,607
1.93
1.68
87,324
3.61
40,020
37,290
1.66
1.54
77,310
3.20
39,150
35,653
1.62
1.47
74,803
3.09
56,000
18,593
2.32
0.77
74,593
3.09
38,570
15,853
1.60
0.66
54,423
2.25
FINLAND - (4.55%)
2,064,566
1,394,437
1,742,881
Sampo Insurance (A)
Kone (B)
Fortum
NETHERLANDS - (2.51%)
809,806
1,667,661
ASML (NL)
Royal Dutch Shell A (NL)
UNITED KINGDOM - (3.30%)
10,193,483
1,333,210
3i
Intertek
SPAIN - (3.08%)
1,952,255
703,518
Enagas
Red Electrica
SWEDEN - (3.16%)
2,179,477
920,149
Hennes & Mauritz (B)
Swedish Match
ITALY - (1.46%)
24,287,258
8,747,862
Intesa Sanpaolo (Pref'd)
Intesa Sanpaolo
LUXEMBOURG - (1.72%)
1,762,668
SES Global (A)
38,991
1.61
38,991
1.61
12,052
11,949
0.50
0.49
24,001
0.99
9,831
0.41
9,831
0.41
TURKEY - (0.61%)
4,976,432
832,499
Turkiye Garanti Bankasi (AS)
Coca-Cola Icecek Sanayi
GREECE - (0.45%)
2,449,317
Fourlis (SA)
CZECH REPUBLIC - (0.40%)
25,806
Philip Morris (CZ)
177
7,722
0.32
7,722
0.32
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:04 Page 178
FIDELITY EUROPEAN FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
IRELAND - (0.00%)
EUR
6,849
Fidelity Institutional Liquidity Fund (EUR)
5
0.00
5
0.00
0
0.00
CANADA - (0.00%)
3,773,155
Airsea Lines International (B)*
Portfolio of investments
Cash and other net assets/(liabilities)
Net assets
The figures in brackets represent the sector distributions at 28 February 2014.
*Securities valued at the ACD's valuation.
The percentage of net assets disclosed above is subject to rounding.
178
0
0.00
2,412,865
99.81
4,757
0.19
2,417,622
100.00
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:04 Page 179
FIDELITY EUROPEAN OPPORTUNITIES FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
FRANCE - (17.19%)
340,502
122,175
226,432
225,547
214,925
158,746
104,277
48,544
701,618
Sanofi-Aventis
LVMH
Schneider Electric
BNP Paribas
Teleperformance
Renault
Arkema
Sopra
Gameloft.com
22,496
12,814
11,518
9,229
8,413
7,558
4,709
2,820
2,705
5.59
3.19
2.86
2.29
2.09
1.88
1.17
0.70
0.67
82,262
20.45
24,918
10,197
9,754
6,063
5,843
5,827
5,012
4,382
3,629
2,166
1,920
6.19
2.53
2.42
1.51
1.45
1.45
1.25
1.09
0.90
0.54
0.48
79,711
19.82
19,923
17,617
6,298
4,894
4,206
3,231
2,273
1,259
4.95
4.38
1.57
1.22
1.05
0.80
0.57
0.31
59,701
14.84
26,921
8,154
3,016
6.69
2.03
0.75
38,091
9.47
8,906
6,484
6,125
1,814
2.21
1.61
1.52
0.45
23,329
5.80
GERMANY - (21.37%)
183,225
85,159
75,037
234,359
183,900
105,111
134,000
162,106
215,456
818,200
146
Volkswagen (Pref'd)
Linde
Continental
United Internet (Reg'd)
Brenntag
Porsche Auto (Non-Voting) (Pref'd)
LANXESS
Aareal Bank
CTS Eventim
JK Wohnbau
Big Foot I (One) Temp*
SWITZERLAND - (19.88%)
113,549
1,035,561
2,752
55,870
358,497
72,671
10,410
191,614
Roche
Credit Suisse
Sika Finanz
Schindler (Reg'd)
GAM
SFS Group
Syngenta
Meyer Burger Technology
DENMARK - (8.59%)
973,797
593,100
66,600
Novo Nordisk (B)
GN Store Nord
Pandora
IRELAND - (3.71%)
EUR
11,204,404
168,862
1,085,792
1,141,184
Fidelity Institutional Liquidity Fund (EUR)
Paddy Power
Ryanair
Petroceltic International (Ireland)
179
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:04 Page 180
FIDELITY EUROPEAN OPPORTUNITIES FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
SPAIN - (3.95%)
385,600
490,270
Grifols ADR
Inditex
9,235
8,608
2.30
2.14
17,843
4.44
11,761
5,675
2.92
1.41
17,436
4.33
7,882
6,691
1.96
1.66
14,573
3.62
7,809
4,457
1.94
1.11
12,266
3.05
11,384
0
2.83
0.00
11,384
2.83
ITALY - (2.02%)
784,533
3,131,709
ENI
Intesa Sanpaolo
NETHERLANDS - (1.65%)
945,382
1,870,551
ING
Ichor Coal
VIRGIN ISLANDS (BRITISH) - (3.46%)
1,094,410
274,200
Playtech
Mail.Ru Group Reg S
BELGIUM - (2.17%)
330,246
3,570
KBC
Credit Commercial International*
LUXEMBOURG - (2.15%)
1,266,354
Grand City Properties
9,827
2.44
9,827
2.44
7,300
842
1.81
0.21
8,142
2.02
UNITED KINGDOM - (2.17%)
399,319
1,122,000
IBS
SKIL Ports & Logistics
SWEDEN - (1.05%)
142,151
ASSA ABLOY (B)
4,329
1.08
4,329
1.08
BRAZIL - (0.95%)
1,463,215
Alpargatas (PN)
4,324
1.07
4,324
1.07
3,151
1,140
0.78
0.28
4,291
1.07
2,997
837
229
0
0.75
0.21
0.06
0.00
4,063
1.01
SOUTH AFRICA - (1.28%)
6,288,602
302,978
Blue Label Telecoms
Africa Oil (CAD)
CANADA - (2.45%)
CAD
4,688,761
4,183,833
1,040,000
3,517,333
Platinum Metals
WG Limted (Unlisted)*
WG 5.00% 15/06/2014*
Rock Well Petroleum (Placing)*
180
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FIDELITY EUROPEAN OPPORTUNITIES FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
NORWAY - (0.94%)
425,040
Aker Solutions
3,913
0.97
3,913
0.97
1,824
85
0.45
0.02
1,909
0.47
RUSSIA - (0.56%)
290,336
3,900
Vozrozhdeniye Bank
Luxoft
FUTURES - (0.00%)
EUR
14,167,501
EURO STOXX 50 Future 19/09/2014
Portfolio of investments
Cash and other net assets/(liabilities)
Net assets
The figures in brackets represent the sector distributions at 28 February 2014.
*Securities valued at the ACD's valuation.
The percentage of net assets disclosed above is subject to rounding.
181
243
0.06
243
0.06
397,637
98.84
4,622
1.16
402,259
100.00
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:04 Page 182
FIDELITY EXTRA INCOME FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
AAA RATED - (4.07%)
GBP
GBP
GBP
GBP
GBP
GBP
GBP
5,005,046
2,100,000
1,800,000
1,450,000
1,000,000
1,000,000
725,000
Fidelity Institutional Liquidity Fund (GBP)
Abbey National Treasury 5.25% 16/02/2029
Abbey National 5.75% 02/03/2026 Reg S
Lloyds Bank 5.125% 07/03/2025
Lloyds Bank 6.00% 08/02/2029
HBOS Gilt Treasury Services 4.875% 20/12/2024
Barclays Bank 4.25% 12/01/2022
5,005
2,585
2,271
1,719
1,317
1,171
805
1.12
0.58
0.51
0.39
0.30
0.26
0.18
14,873
3.34
12,410
12,209
9,943
6,176
3,712
2,262
1,396
1,386
1,106
772
700
559
396
276
153
(2)
(15)
(74)
2.78
2.74
2.23
1.38
0.83
0.51
0.31
0.31
0.25
0.17
0.16
0.13
0.09
0.06
0.03
0.00
0.00
(0.02)
53,365
11.97
3,380
2,257
2,120
1,977
1,962
1,911
1,723
1,720
1,666
1,636
1,449
1,378
1,306
1,297
1,249
1,203
1,105
925
833
0.76
0.51
0.48
0.44
0.44
0.43
0.39
0.39
0.37
0.37
0.32
0.31
0.29
0.29
0.28
0.27
0.25
0.21
0.19
AA RATED - (4.87%)
GBP 10,200,000
GBP 12,200,000
GBP 9,850,000
GBP 4,750,000
GBP 4,000,000
GBP 2,000,000
GBP 1,091,091
GBP 1,150,000
GBP
942,220
GBP
550,000
USD 1,050,000
GBP
450,000
GBP
300,000
USD
450,000
USD
250,000
USD (1,700,000)
USD (2,000,000)
USD (32,900,000)
UK Gilt Treasury 4.25% 07/03/2036
UK Gilt Treasury 5.00% 07/09/2014
UK Gilt Treasury 2.75% 22/01/2015
UK Gilt Treasury 4.50% 07/12/2042
UK Gilt Treasury War Loan 3.50% (Perpetual)
Clydesdale Bank 4.625% 08/06/2026
Trafford Centre Finance 6.50% 28/07/2033
UK Gilt Treasury 4.25% 07/06/2032
Telereal Securitisation 5.5534% 10/12/2031
UK Gilt Treasury 6.00% 07/12/2028
US Treasury Bond 3.625% 15/08/2043
UK Gilt Treasury 5.00% 07/03/2025
UK Gilt Treasury 4.75% 07/12/2038
General Electric 4.125% 09/10/2042
US Treasury Note 2.50% 15/05/2024
US Treasury 5 Year Future 31/12/14
US Ultra Bond Future 19/12/2014
US Treasury 10 Year Future 19/12/2014
A RATED - (7.45%)
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
USD
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
2,700,000
1,959,012
1,650,000
2,000,000
1,736,851
1,500,000
1,400,000
1,697,000
2,400,000
1,450,000
1,231,293
1,300,000
1,100,000
1,000,000
1,000,000
1,150,000
1,000,000
800,000
800,000
EDF 6.00% 23/01/2114 Reg S
Greene King Finance 5.318% 15/09/2031
Heathrow Funding 6.75% 03/12/2026
Unite (USAF) 3.37% 30/06/2028
NATS (en Route) 5.25% 31/03/2026
BAT International Finance 6.00% 24/11/2034
London Merchant Securities 6.50% 16/03/2026
Intu Properties 3.875% 17/03/2023
EDF 6.00% 22/01/2114
HSBC 5.75% 20/12/2027
Dignity Finance 6.31% 31/12/2023
Dali Capital 4.79924% 21/12/2037
EDF 5.50% 17/10/2041
National Grid 6.50% 27/07/2028
Dwr Cymru 6.015% 31/03/2028
Lloyds Bank 6.875% 17/11/2025
HSBC 6.375% VRN 18/10/2022
Thames Water Utilities 7.241% 09/04/2058
Centrica 4.375% 13/03/2029
182
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FIDELITY EXTRA INCOME FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Portfolio of investments
GBP
GBP
GBP
EUR
GBP
GBP
GBP
GBP
GBP
USD
GBP
EUR
GBP
Dwr Cymru 4.473% 31/03/2057
Intu Metro 4.125% 06/12/2028
Comcast 5.50% 23/11/2029
SPP Distribucia 2.625% 23/06/2021 Reg S
BL Superstore Finance 5.27% 04/10/2025
Wales & West Utilities 4.625% 13/12/2023
Munich Re 6.625% 26/05/2042
Wales & West Utilities 5.00% 07/03/2028
Dwr Cymru 6.907% 31/03/2021
Centrica 4.00% 10/10/2023
Yorkshire Water Services 6.375% 19/08/2039
BAT Holdings 3.125% 06/03/2029 Reg S
AT&T 4.25% 01/06/2043
700,000
650,000
550,000
650,000
474,607
450,000
400,000
400,000
352,000
550,000
250,000
300,000
250,000
Market value/
Unrealised gain/(loss)
£’000
Percentage
of total
net assets
%
757
672
657
526
521
493
464
451
435
338
336
264
246
0.17
0.15
0.15
0.12
0.12
0.11
0.10
0.10
0.10
0.08
0.08
0.06
0.06
37,257
8.35
5,184
4,915
4,332
3,717
3,553
3,513
3,389
3,157
2,902
2,757
2,736
2,655
2,542
2,539
2,495
2,427
2,426
2,411
2,335
2,247
2,240
2,214
2,135
2,132
1,836
1,793
1,732
1,681
1,631
1,586
1,534
1,516
1,497
1,448
1,419
1.16
1.10
0.97
0.83
0.80
0.79
0.76
0.71
0.65
0.62
0.61
0.60
0.57
0.57
0.56
0.54
0.54
0.54
0.52
0.50
0.50
0.50
0.48
0.48
0.41
0.40
0.39
0.38
0.37
0.36
0.34
0.34
0.34
0.32
0.32
BBB RATED - (38.06%)
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
EUR
GBP
GBP
GBP
USD
GBP
GBP
GBP
GBP
GBP
GBP
USD
GBP
EUR
USD
USD
EUR
GBP
4,500,000
3,650,000
4,250,000
2,980,000
3,000,000
3,000,000
2,500,000
3,000,000
2,000,000
2,500,000
2,250,000
2,500,000
2,000,000
1,950,000
2,320,000
2,000,000
2,150,000
2,800,000
1,755,587
1,850,000
2,000,000
3,250,000
1,800,000
2,000,000
1,650,000
1,832,398
1,600,000
1,547,897
2,250,000
1,500,000
1,796,000
1,956,000
2,000,000
1,429,493
1,384,000
Great Rolling Stock 6.25% 27/07/2020
Imperial Tobacco Finance 9.00% 17/02/2022
Royal London Finance Bonds 6.125% VRN (Perpetual)
Ondeo Services UK 6.875% 06/02/2023
Daily Mail & General Trust 6.375% 21/06/2027
Porterbrook Rail Finance 6.50% 20/10/2020
Daily Mail & General Trust 10.00% 09/04/2021 Reg S
Aviva 6.125% VRN (Perpetual)
SMFG Preferred Capital 10.231% VRN (Perpetual) Reg S
Southern Water Services Finance 5.00% 31/03/2021
Associated British Ports 6.25% 14/12/2026
CPUK Finance 4.811% 28/02/2042
Lloyds Bank 7.625% 22/04/2025
Porterbrook Rail Finance 7.125% 10/10/2026
Aspire Defence Finance 4.674% 31/03/2040 (B)
Gatwick Funding 6.125% 02/03/2028
Gatwick Funding 5.25% 23/01/2024
HBOS 4.50% VRN 18/03/2030
Tesco Property Finance 7.6227% 13/07/2039
Eversholt Rail 6.359% 02/12/2025
London Power Networks 5.125% 31/03/2023
Verizon Communication 5.15% 15/09/2023
SPD Finance UK 5.875% 17/07/2026
Siemens Finance 6.125% VRN 14/09/2066
Daily Mail & General Trust 5.75% 07/12/2018
Bishopsgate Asset Finance 4.808% 14/08/2044
Arqiva Financing 5.34% 30/12/2037 Reg S
UPP Bond Issuer 1.00% 28/02/2040
Time Warner Cable 5.875% 15/11/2040
AA Bond Company 4.7201% 31/07/2018 Reg S
LBG Capital 2 - 6.385% 12/05/2020 18
Verizon Communication 6.55% 15/09/2043
News America 6.15% 15/02/2041
Channel Link 5.892% 30/06/2041
Barclays Bank 6.125% VRN (Perpetual)
183
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FIDELITY EXTRA INCOME FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Portfolio of investments
GBP
EUR
GBP
GBP
GBP
GBP
GBP
GBP
GBP
USD
EUR
GBP
GBP
USD
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
EUR
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
USD
EUR
GBP
GBP
USD
GBP
GBP
EUR
GBP
GBP
GBP
GBP
EUR
GBP
FirstGroup 5.25% 29/11/2022
Linde Finance 7.375% VRN 14/07/2066
Woolwich Building Society 9.50% 01/08/2021
South Eastern Power Networks 5.625% 30/09/2030
Tesco Property Finance 5.744% 13/04/2040
Wales & West Utilities 6.75% 17/12/2036
Scottish Widows 7.00% 16/06/2043
Dignity Finance 8.151% 31/12/2030 (B)
HSBC 5.844% VRN (Perpetual)
Verizon Communications 5.01% 21/08/2054 Reg S
AXA 5.25% VRN 16/04/2040
Time Warner Cable 5.75% 02/06/2031
Southern Gas Network 4.875% 05/10/2023
Glencore Funding 4.125% 30/05/2023 144A
ABN Amro Bank 5.00% (Perpetual) 31/12/2049
Direct Line Insurance 9.25% 27/04/2042
EDF Energy Networks 6.125% 12/11/2031
Imperial Tobacco Finance 6.25% 04/12/2018
Eversholt Funding 5.831% 02/12/2020
AVLN 6.625% VRN 03/06/2041
Heathrow Funding 6.25% 10/09/2018
DirecTV 4.375% 14/09/2029
Delamare Finance 5.5457% 19/02/2029 (A)
Aspire Defence Finance 4.674% 31/03/2040 (A)
SP Manweb 4.875% 20/09/2027
Northern Gas Networks 5.625% 23/03/2040
Credit Agricole 5.00% (Perpetual)
Glencore Finance 5.50% 03/04/2022
Assicurazioni Generali 7.75% 12/12/2042
AXA 5.625% 16/01/2054 Reg S
AA Bond Company 4.2487% 31/07/2020 Reg S
Eastern Power 4.75% 30/09/2021
British Telecom 5.75% 07/12/2028
Imperial Tobacco 5.50% 28/09/2026
United Utilities Electrics 8.875% 25/03/2026 (Bearer)
RMPA Services 5.337% 30/09/2038
FirstGroup 6.125% 18/01/2019
Credit Suisse 6.50% 08/08/2023 Reg S
Snam 5.25% 19/09/2022
Tesco Property Finance 5.6611% 13/10/2041
Northumbrian Water Finance 5.125% 23/01/2042
Altria 10.20% 06/02/2039
Aviva 5.9021% 27/07/2049
AA Bond Company 3.781% 31/07/2019 Reg S
Veolia Environment 4.625% 30/03/2027
Scottish Power 6.75% 29/05/2023
Scottish Widows 5.50% 16/06/2023
Koninklijke 5.75% 17/09/2029
Telefonica Emisiones 5.597% 12/03/2020 Reg S
Assicurazioni Generali 10.125% 10/07/2042
Tesco Property Finance 6.0517% 13/10/2039
1,250,000
1,495,000
1,000,000
1,100,000
1,136,187
1,100,000
1,050,000
875,000
1,200,000
1,961,000
1,350,000
1,000,000
1,050,000
1,900,000
1,136,000
900,000
900,000
1,000,000
1,000,000
1,000,000
1,000,000
1,094,000
1,000,000
1,000,000
975,000
850,000
1,000,000
800,000
900,000
799,000
800,000
700,000
650,000
650,000
500,000
600,663
600,000
1,000,000
650,000
546,056
500,000
550,000
500,000
500,000
500,000
400,000
450,000
400,000
400,000
400,000
375,027
Market value/
Unrealised gain/(loss)
£’000
184
1,354
1,320
1,307
1,299
1,270
1,257
1,257
1,252
1,248
1,234
1,212
1,175
1,167
1,162
1,153
1,152
1,148
1,142
1,137
1,126
1,122
1,122
1,100
1,078
1,067
1,043
1,008
917
909
858
829
770
769
740
735
694
664
663
656
605
575
571
520
508
494
493
474
455
448
447
436
Percentage
of total
net assets
%
0.30
0.30
0.29
0.29
0.28
0.28
0.28
0.28
0.28
0.28
0.27
0.26
0.26
0.26
0.26
0.26
0.26
0.26
0.25
0.25
0.25
0.25
0.25
0.24
0.24
0.23
0.23
0.21
0.20
0.19
0.19
0.17
0.17
0.17
0.16
0.16
0.15
0.15
0.15
0.14
0.13
0.13
0.12
0.11
0.11
0.11
0.11
0.10
0.10
0.10
0.10
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:04 Page 185
FIDELITY EXTRA INCOME FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
GBP
350,000
GBP
350,000
GBP
400,000
GBP
400,000
EUR
400,000
GBP
350,000
GBP
500,000
USD 10,000,000
EUR
450,000
GBP
350,000
EUR 2,000,000
GBP
250,000
EUR
350,000
EUR
300,000
GBP
243,930
USD 5,000,000
EUR
1,000,000
EUR 3,000,000
Western Power 5.75% 23/03/2040
Western Power Distribution 5.75% 23/03/2040
EDF 6.00% (Perpetual)
EDF 5.875% (Perpetual) Reg S
Gas Natural Capital Markets 6.00% 27/01/2020
Linde Finance 8.125% VRN 14/07/2066
Barclays FRN (Perpetual)
Bought Protection on Russian Federation 20/06/2019
ING Verzekeringen 4.625% 08/04/2044 Reg S
Porterbrook Rail 4.625% 04/04/2029
Sold Protection on Wendel SA 20/03/2021
Imperial Tobacco Finance 8.125% 15/03/2024
Hutchison Whampoa Europe 3.75% (Perpetual) Reg S
Gas Natural Finance 3.875% 17/01/2023
Marstons Issuer FRN 15/07/2020
Bought Protection on Russian Federation 20/06/2019
Sold Protection on Wendel SA 20/06/2021
Bought protection on Banco Santander 20/12/2016
Percentage
of total
net assets
%
433
432
427
418
397
386
386
382
373
367
343
333
286
279
241
191
174
(247)
0.10
0.10
0.10
0.09
0.09
0.09
0.09
0.09
0.08
0.08
0.08
0.07
0.06
0.06
0.05
0.04
0.04
(0.06)
141,369
31.70
5,022
4,149
3,796
3,653
3,643
3,291
3,235
3,220
3,217
3,036
2,734
2,623
2,481
2,426
2,375
2,236
2,180
2,144
2,142
2,101
1,989
1,942
1,785
1,734
1,665
1,621
1,592
1,557
1,412
1,410
1,352
1.13
0.93
0.85
0.82
0.82
0.74
0.73
0.72
0.72
0.68
0.61
0.59
0.56
0.54
0.53
0.50
0.49
0.48
0.48
0.47
0.45
0.44
0.40
0.39
0.37
0.36
0.36
0.35
0.32
0.32
0.30
BB RATED - (22.26%)
GBP
GBP
GBP
USD
GBP
GBP
GBP
USD
GBP
USD
GBP
GBP
GBP
USD
EUR
GBP
GBP
EUR
GBP
GBP
GBP
EUR
USD
GBP
EUR
GBP
EUR
GBP
EUR
GBP
EUR
4,850,000
3,675,000
3,500,000
5,745,000
2,200,000
2,800,000
3,000,000
5,150,000
3,171,244
5,000,000
2,600,000
2,500,000
2,200,000
4,000,000
3,000,000
2,150,000
2,000,000
2,550,000
1,750,000
2,000,000
2,000,000
2,300,000
2,725,000
1,500,000
1,950,000
1,550,000
2,000,000
1,500,000
1,450,000
1,350,000
1,500,000
Virgin Media Securities 6.25% 28/03/2029 Reg S
Royal Bank of Scotland 9.50% 12/08/2049
Telecom Italia 6.375% 24/06/2019
UPCB Finance 6.625% 01/07/2020 144A
Lloyds Bank 13.00% VRN (Perpetual)
Lafarge 8.75% 30/05/2017
BAA 7.125% 01/03/2017
Lynx 5.375% 15/04/2021 144A
Unique Pub Finance 5.659% 30/06/2027
Nielsen Finance 5.00% 15/04/2022
Infinis 7.00% 15/02/2019 Reg S
Telecom Italia 5.875% 19/05/2023
Natwest 6.50% 07/09/2021
Centurylink 7.65% 15/03/2042
Smurfit Kappa 3.25% 01/06/2021 Reg S
Priory Group 7.00% 15/02/2018 Reg S
CPUK Finance 11.625% 28/02/2042 Reg S
Unitymedia 5.125% 21/01/2023 Reg S
HBOS Sterling Finance Jersey 7.881% (Perpetual)
Telefonica Europe 6.75% (Perpetual) Reg S
Deutsche Bank VRN (Perpetual) Reg S
Unitymedia 7.50% 15/03/2019 Reg S
Credit Suisse 7.50% Perpetual Reg S
Old Mutual 8.00% 03/06/2021
Lottomatica 8.25% VRN 31/03/2066 Reg S
Lynx 6.00% 15/04/2021 Reg S
Wind Acquisition Finance 4.00% 15/07/2020 Reg S
Assicurazioni Generali 6.269% VRN (Perpetual)
UniCredit 6.95% 31/10/2022 Reg S
ENEL 6.625% 15/09/2076 Reg S
Intesa Sanpaolo 8.047% VRN (Perpetual)
185
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FIDELITY EXTRA INCOME FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Portfolio of investments
USD
GBP
EUR
EUR
EUR
GBP
GBP
USD
USD
EUR
GBP
GBP
GBP
GBP
EUR
USD
USD
USD
USD
USD
EUR
USD
EUR
EUR
EUR
GBP
GBP
GBP
EUR
EUR
EUR
USD
USD
USD
EUR
EUR
Barclays 7.625% 21/11/2022
Assicurazioni Generali 6.416% VRN (Perpetual)
Barclays VRN (Perpetual)
MAPFRE 5.921% VRN 24/07/2037
UPCB Finance 7.625% 15/01/2020 Reg S
EDP Finance 8.625% 04/01/2024
Enterprise Inns 6.50% 06/12/2018
Telecom Italia 7.20% 18/07/2036
Barclays Bank 7.75% 10/04/2023
Fiat Industrial 6.25% 09/03/2018
William Hill 4.25% 05/06/2020 Reg S
Unique Pub Finance 6.542% 30/03/2021
Barclays 7.00% Variable (Perpetual)
AA Bond Company 9.50% 31/07/2019 Reg S
Rexam 6.75% VRN 29/06/2067
Dresdner Funding Trust 8.151% 30/06/2031 144A
Telecom Italia 5.303% 30/05/2024
Unicredit 6.375% 5/2/2023 Reg S
Societe Generale 7.875% (Perpetual)
Wind Acquisition 4.75% 15/07/2020
ENEL 5.00% 15/01/2075
JBS Investments 7.75% 28/10/2020 Reg S
Unitymedia 5.50% 15/09/2022 Reg S
Rottapharm 6.125% 15/11/2019 Reg S
Barclays 4.875% (Perpetual)
Enel 7.75% 10/09/2075 Reg S
EDP Finance 6.625% 09/08/2017
Credit Agricole 8.175% VRN (Perpetual)
UPCB Finance 6.375% 01/07/2020 Reg S
Credit Agricole 6.50% (Perpetual) Reg S
Wind Acquisition Finance FRN 15/07/2020 Reg S
Telecom Italia 6.00% 30/09/2034
Commerzbank 8.125% 19/09/2023 Reg S
UPCB Finance 7.25% 15/11/2021 144A
OTE 4.625% 20/05/2016
Sold protection on Virgin Media Finance 20/12/2017
2,000,000
1,300,000
1,500,000
1,450,000
1,350,000
900,000
1,000,000
1,600,000
1,500,000
1,100,000
1,000,000
920,000
897,000
750,000
950,000
1,000,000
1,090,000
1,000,000
1,000,000
1,010,000
725,000
900,000
650,000
650,000
670,000
450,000
363,000
350,000
400,000
400,000
340,000
400,000
300,000
300,000
150,000
800,000
Market value/
Unrealised gain/(loss)
£’000
Percentage
of total
net assets
%
1,352
1,352
1,287
1,223
1,133
1,132
1,067
1,062
1,003
987
983
964
882
831
800
715
669
646
627
612
611
585
552
552
522
495
400
399
336
336
271
243
217
200
124
69
0.30
0.30
0.29
0.27
0.25
0.25
0.24
0.24
0.22
0.22
0.22
0.22
0.20
0.19
0.18
0.16
0.15
0.14
0.14
0.14
0.14
0.13
0.12
0.12
0.12
0.11
0.09
0.09
0.08
0.08
0.06
0.05
0.05
0.04
0.03
0.02
103,002
23.10
7,825
3,315
3,199
3,119
2,937
2,525
2,242
2,196
2,159
1,816
1,701
1,701
1,688
1.75
0.74
0.72
0.70
0.66
0.57
0.50
0.49
0.48
0.41
0.38
0.38
0.38
B RATED - (13.83%)
GBP
EUR
EUR
USD
GBP
EUR
GBP
GBP
GBP
GBP
GBP
EUR
EUR
7,855,000
3,500,000
3,800,000
4,400,000
3,000,000
3,000,000
2,250,000
2,070,000
2,000,000
1,752,000
1,500,000
2,000,000
2,000,000
Enterprise Inns 6.375% 26/09/2031
Polish Television 11.00% 15/01/2021 Reg S
Labco S.A.S 8.50% 15/01/2018 Reg S
Cemex Finance 9.375% 12/10/2022 Reg S
Johnston Press Bond 8.625% 01/06/2019 Reg S
Numericable 5.625% 15/05/2024 Reg S
Domestc & General 6.375% 15/11/2020 Reg S
Gala Finance 8.875% 01/09/2018 Reg S
Findus Bondco 9.50% 01/07/18 Reg S
Edu UK Bondco 8.875% 15/09/2018 Reg S
Marlin Intermediate 10.50% 01/08/2020 Reg S
SMCP SAS 8.875% 15/06/2020 Reg S
Altice 7.25% 15/05/2022 Reg S
186
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FIDELITY EXTRA INCOME FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Portfolio of investments
EUR
GBP
USD
USD
EUR
EUR
EUR
GBP
GBP
GBP
USD
GBP
EUR
EUR
GBP
EUR
EUR
EUR
EUR
GBP
GBP
EUR
EUR
GBP
USD
EUR
EUR
USD
USD
USD
EUR
EUR
Cerba European Lab 7.00% 01/02/2020 Reg S
House of Fraser 8.875% 15/08/2018 Reg S
Wind Acquisition Finance 7.375% 23/04/2021
Aston Escrow 9.50% 15/08/2021
Thom Europe 7.375% 15/07/2019 Reg S
Unitymedia 9.50% 15/03/2021 Reg S
Cable Communications 7.50% 01/11/2020 Reg S
HSS Financing 6.75% 01/08/2019 Reg S
Cabot Finance 10.375% 01/10/2019 Reg S
Cabot Financial 6.50% 01/04/2021 Reg S
Reynolds 5.75% 15/10/2020
Arrow Global Finance 7.875% 01/03/2020 Reg S
HP Pelzer 7.50% 15/07/2021 Reg S
Boing Finance 6.625% 15/07/2019 Reg S
Iceland Foods 6.75% 15/07/2024 Reg S
Gamenet 7.25% 01/08/2018 Reg S
Numericable 5.375% 15/05/2022 Reg S
Aldesa Finance Services 7.25% 01/04/2021 Reg S
Altice Financing 6.50% 15/01/2022 Reg S
Mizzen Bondco 7.00% 01/05/2021 Reg S
Bakkavor 8.25% 15/02/2018 Reg S
SGD Group 5.625% 15/04/2019 Reg S
Hema Bondco 6.25% 15/06/2019 Reg S
Aston Martin 9.25% 15/07/2018 Reg S
Sitv 10.375% 01/07/2019
Governor & Co Bank 10.00% 19/12/2022
Telenet Finance 6.75% 15/08/2024 Reg S
Columbus International 7.375% 30/03/2021 Reg S
Afren 11.50% 01/02/2016 Reg S
Nostrum Oil & Gas 6.375% 14/02/2019 Reg S
Telenet Finance 6.25% 15/08/2022 Reg S
OTE 6.00% 12/02/2015
1,900,000
1,500,000
2,000,000
2,000,000
1,500,000
1,200,000
1,250,000
1,020,000
950,000
1,000,000
1,350,000
800,000
1,000,000
1,000,000
800,000
950,000
900,000
900,000
850,000
650,000
550,000
700,000
700,000
500,000
800,000
450,000
350,000
400,000
350,000
350,000
250,000
133,000
Market value/
Unrealised gain/(loss)
£’000
Percentage
of total
net assets
%
1,630
1,595
1,274
1,202
1,166
1,076
1,070
1,055
1,055
975
849
839
824
790
786
776
758
729
721
646
582
566
561
529
483
459
311
262
221
219
216
108
0.37
0.36
0.29
0.27
0.26
0.24
0.24
0.24
0.24
0.22
0.19
0.19
0.18
0.18
0.18
0.17
0.17
0.16
0.16
0.14
0.13
0.13
0.13
0.12
0.11
0.10
0.07
0.06
0.05
0.05
0.05
0.02
60,756
13.62
1,198
897
663
0.27
0.20
0.15
2,758
0.62
3,401
2,719
2,369
2,163
1,825
1,733
1,620
1,350
1,271
1,180
1,140
0.76
0.61
0.53
0.49
0.41
0.39
0.36
0.30
0.28
0.26
0.26
CCC RATED - (1.46%)
GBP
USD
EUR
1,200,000
1,445,000
850,000
Domestc & General 7.875% 15/11/2021 Reg S
Laureate Education 9.25% 01/09/2019 144A
Dometic 9.50% 06/2019 Reg S
NOT RATED - (6.00%)
GBP
USD
GBP
GBP
GBP
EUR
EUR
GBP
GBP
EUR
GBP
3,300,000
3,900,000
2,000,000
2,000,000
1,500,000
2,000,000
2,000,000
1,300,000
1,000,000
1,450,000
850,000
F&C Pacific Investment Trust 11.25% 31/12/2014
Gems Mea Sukuk 12.00% (Perpetual) Reg S
Investec Bank 9.625% 17/02/2022
British Land 5.264% 24/09/2035
Temple Bar Investment Trust 9.875% 31/12/2017
Stichting Bank Certificate 6.50% (Perpetual) Reg S
International Personal Finance 5.75% 07/04/2021 Reg S
Virgin Money 7.875% (Perpetual) Reg S
Peel 9.875% 30/04/2011
Prosieben Media 2.625% 15/04/2021 Reg S
Peel South East 10.00% 30/04/2026
187
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FIDELITY EXTRA INCOME FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Portfolio of investments
GBP
GBP
CNY
GBP
EUR
EUR
USD
GBP
GBP
USD
USD
USD
EUR
EUR
EUR
EUR
EUR
British Insurance 6.625% VRN 09/12/2030
Novae 6.50% 27/04/2017
Lafarge Shui Cement 9.00% 14/11/2014
Intu Debenture 5.562% 31/12/2027
Boats Investment 11.00% 31/03/2017 (NL)
Groupama 6.375% (Perpetual) Reg S
Blue Ocean Resources 11.00% 31/12/2020 Reg S
Cattles 6.875% 17/01/2014*
Cattles 7.125% 05/07/2017*
Remedial Cayman 10.00% 28/03/2012*
BTA Bank 5.50% 21/12/2022 Reg S
MPF 10.00% 08/05/2013*
Teksid Aluminium 11.375% 15/07/2011 Reg S*
Tim Hellas Telecommunications FRN 15/07/2015 Reg S*
BCM Ireland (Pref'd) Equity FRN 15/02/2017 Reg S*
TXU Europe Funding 7.00% 30/11/2005*
Thomson 5.75% VRN (Perpetual)*
800,000
495,000
4,900,000
366,688
950,700
300,000
504,999
2,081,000
200,000
470,705
5,466
1,500,000
310,000
674,083
6,294,538
4,000,000
700,000
Market value/
Unrealised gain/(loss)
£’000
Percentage
of total
net assets
%
813
489
485
394
287
245
122
62
6
6
2
0
0
0
0
0
0
0.18
0.11
0.11
0.09
0.06
0.05
0.03
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
23,682
5.31
533
388
247
1
0
0
0
0.12
0.09
0.06
0.00
0.00
0.00
0.00
1,169
0.26
(3)
(19)
(277)
0.00
0.00
(0.07)
(299)
(0.07)
15
3
2
1
1
0
0
(2)
(3)
(55)
(713)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.01)
(0.16)
(751)
(0.17)
EQUITIES - (0.26%)
879
273
2,408,053
2,303
100,000
52,960
29,380
Ally Financial 7.00% Reg S (Pref'd) (Perpetual)
Gallery Capital (Unlisted)*
Independent News & Mediagmac
BTA Bank GDR Reg S
Damovo (Unlisted)*
Alliance Bank GDR (Pref'd)*
Alliance Bank GDR*
INDEX FUTURES - ( (0.05)%)
EUR
EUR
EUR
(400,000)
(200,000)
(7,400,000)
EURO BOBL Future 08/09/2014
EURO BUXL Future 08/09/2014
EURO BUND Future 08/09/2014
FORWARD FOREIGN EXCHANGE CONTRACTS - ( (0.08)%)
1,169,224
452,672
471,630
1,055,801
495,517
1,101,373
692,191
676,589
530,676
66,017,251
50,855,189
Bought
Bought
Bought
Bought
Bought
Bought
Bought
Bought
Bought
Bought
Bought
USD sold GBP @ 1.67975 for settlement 13/11/2014
USD sold GBP @ 1.66788 for settlement 13/11/2014
USD sold GBP @ 1.66656 for settlement 13/11/2014
EUR sold GBP @ 1.25781 for settlement 13/11/2014
EUR sold GBP @ 1.25929 for settlement 13/11/2014
USD sold GBP @ 1.65793 for settlement 13/11/2014
GBP sold USD @ 1.65850 for settlement 13/11/2014
EUR sold GBP @ 1.25335 for settlement 13/11/2014
EUR sold GBP @ 1.24935 for settlement 13/11/2014
GBP sold EUR @ 1.25784 for settlement 13/11/2014
GBP sold USD @ 1.68150 for settlement 13/11/2014
188
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 189
FIDELITY EXTRA INCOME FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
INDEX CREDIT DEFAULT SWAPS - ( (0.38)%)
EUR 20,000,000
Bought Protection on ITRAXX Europe Crossover Series 21 20/06/2019
Portfolio of investments
(1,841)
(0.41)
(1,841)
(0.41)
435,340
Cash and other net assets/(liabilities)
Net assets
2.38
445,967
100.00
The figures in brackets represent the sector distributions at 28 February 2014.
*Securities valued at the ACD's valuation.
The fund has deposited ВЈ1,496,000 of bond stocks as collateral with third party counterparties
in relation to positions it holds in over the counter derivative contracts (2014: ВЈ440,000).
The percentage of net assets disclosed above is subject to rounding.
189
97.62
10,627
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 190
FIDELITY GENESIS FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
CONSUMER GOODS - (35.25%)
53,127
24,570
31,102
54,140
28,621
9,275
18,245
187,872
22,511
British American Tobacco
Anheuser-Busch InBev
DaimlerChrysler (Reg'd)
Imperial Tobacco
Heineken (Bearer)
Volkswagen (Pref'd)
Henkel (Pref'd)
Fiat
Renault
1,885
1,647
1,546
1,413
1,312
1,261
1,161
1,131
1,072
3.17
2.77
2.60
2.38
2.21
2.12
1.96
1.90
1.81
12,428
20.93
2,447
2,408
2,031
1,844
1,235
4.12
4.06
3.42
3.11
2.08
9,965
16.78
1,515
1,504
1,437
1,353
1,325
1,099
2.55
2.53
2.42
2.28
2.23
1.85
8,233
13.87
2,086
2,019
1,980
810
3.51
3.40
3.33
1.36
6,895
11.61
1,800
1,656
1,456
1,356
3.03
2.79
2.45
2.28
6,268
10.56
1,291
1,268
1,249
1,195
2.17
2.14
2.10
2.01
5,003
8.43
HEALTH CARE - (14.15%)
13,932
44,533
30,746
125,123
41,733
Roche
Novartis (Reg'd)
Sanofi-Aventis
GlaxoSmithKline
Fresenius
FINANCIALS - (11.07%)
140,602
672,051
96,315
746,506
43,239
40,166
UBS (Reg'd)
Barclays
AXA
Intesa Sanpaolo
Societe Generale de Paris
Julius Baer Gruppe
OIL & GAS - (2.40%)
85,654
418,717
49,593
31,895
Royal Dutch Shell A (UK)
BP
Total (B)
Royal Dutch Shell B (UK)
BASIC MATERIALS - (6.91%)
22,219
26,612
45,095
17,549
Bayer
BASF
Rio Tinto
Air Liquide
UTILITIES - (2.04%)
401,920
85,558
82,431
50,498
Enel
GDF Suez
Scottish & Southern Energy
RWE
190
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 191
FIDELITY GENESIS FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
TECHNOLOGY - (4.73%)
33,393
21,716
250,801
SAP
ASML (NL)
Nokia
1,572
1,253
1,246
2.65
2.11
2.10
4,071
6.86
1,429
1,190
2.41
2.00
2,619
4.41
CONSUMER SERVICES - (5.88%)
55,616
106,957
Hennes & Mauritz (B)
Pearson
INDUSTRIALS - (12.46%)
23,088
Siemens (Bearer)
1,749
2.95
1,749
2.95
1,551
60
2.61
0.10
1,611
2.71
58,842
99.11
TELECOMMUNICATIONS - (0.00%)
161,904
29,228
Telefonica (SA)
Vodafone
Portfolio of investments
Cash and other net assets/(liabilities)
Net assets
The figures in brackets represent the sector distributions at 28 February 2014.
The percentage of net assets disclosed above is subject to rounding.
191
540
0.89
59,382
100.00
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 192
FIDELITY GLOBAL DIVIDEND FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
UNITED STATES - (34.21%)
USD
9,401,392
50,611
47,555
53,630
65,569
58,820
71,227
54,784
49,631
68,563
29,760
63,958
63,112
24,891
52,679
88,453
26,310
71,129
27,612
56,299
Fidelity Institutional Liquidity Fund (USD)
Johnson & Johnson
Kimberly Clark
Omnicom
Comcast (A)
AbbVie
Microsoft
RJ Reynolds American
Medtronic
US Bancorp
PepsiCo
Ameren
BB&T
McDonalds
Oracle
Symantec
CVS Caremark
Cisco Systems
Dr Pepper Snapple
Pfizer
5,666
3,141
3,099
2,334
2,154
1,971
1,927
1,915
1,888
1,738
1,661
1,530
1,415
1,412
1,310
1,288
1,260
1,065
1,040
997
5.83
3.23
3.19
2.40
2.22
2.03
1.98
1.97
1.94
1.79
1.71
1.57
1.46
1.45
1.35
1.33
1.30
1.10
1.07
1.03
38,811
39.95
3,979
3,474
1,817
1,580
1,392
4.10
3.58
1.87
1.63
1.43
12,242
12.60
1,988
1,948
1,923
1,647
1,059
719
2.05
2.01
1.98
1.70
1.09
0.74
9,284
9.56
3,370
2,574
1,499
3.47
2.65
1.54
7,443
7.66
1,995
1,786
1,428
1,273
2.05
1.84
1.47
1.31
6,482
6.67
NETHERLANDS - (11.92%)
289,706
208,007
74,636
62,849
75,644
Reed Elsevier
Wolters Kluwer
Royal Dutch Shell A (NL)
Unilever
Koninklijke Philips Electronics
UNITED KINGDOM - (10.28%)
221,733
298,839
130,486
108,704
23,080
348,762
National Grid Transco
HSBC (UK) (Reg'd)
GlaxoSmithKline
Scottish & Southern Energy
AstraZeneca
Vodafone
SWITZERLAND - (8.70%)
19,208
47,593
4,271
Roche
Novartis (Reg'd)
Swisscom (Reg'd)
FRANCE - (7.40%)
30,191
45,354
35,763
68,934
Sanofi-Aventis
VINCI
Total (B)
Scor Ree
192
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 193
FIDELITY GLOBAL DIVIDEND FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
JAPAN - (6.46%)
302,800
69,400
30,200
27,100
Astellas Pharmaceutical
Asahi Breweries
KDDI
Secom
2,630
1,320
1,050
998
2.71
1.36
1.08
1.03
5,998
6.17
1,693
1,486
1.74
1.53
3,179
3.27
1,863
989
1.92
1.02
2,852
2.93
1,702
1,013
1.75
1.04
2,715
2.79
1,603
1,010
1.65
1.04
2,613
2.69
NORWAY - (1.78%)
135,680
87,290
Gjensidige Forsikring
Statoil
SPAIN - (1.71%)
100,483
65,971
Gas Natural SDG (E)
Repsol
DENMARK - (2.27%)
327,555
16,847
TDC (B)
Trygvesta
GERMANY - (5.00%)
13,204
23,380
Munich Reinsurance (Reg'd)
Deutsche Boerse
AUSTRALIA - (1.45%)
616,485
Telstra
1,930
1.99
1,930
1.99
1,007
1.04
1,007
1.04
LUXEMBOURG - (0.00%)
45,534
SES Global (A)
NEW ZEALAND - (0.00%)
667,797
Spark New Zealand
988
1.02
988
1.02
480
339
0.49
0.35
819
0.84
96,363
99.18
KOREA - (1.74%)
2,962
6,012
SK Telecom
KT&G
Portfolio of investments
Cash and other net assets/(liabilities)
Net assets
The figures in brackets represent the sector distributions at 28 February 2014.
The percentage of net assets disclosed above is subject to rounding.
193
794
0.82
97,157
100.00
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 194
FIDELITY GLOBAL ENHANCED INCOME FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
UNITED STATES - (34.75%)
USD
1,230,121
4,577
4,326
4,858
5,958
5,223
6,366
4,931
4,483
6,193
2,743
5,749
5,583
2,167
4,703
7,929
2,386
2,507
6,227
5,026
(5)
(5)
(4)
(10)
(15)
(10)
(10)
(5)
(5)
(10)
(5)
(20)
(15)
(10)
(8)
(5)
(10)
(5)
(5)
(5)
(5)
(5)
(5)
(5)
(15)
(10)
(5)
(10)
(10)
(20)
Fidelity Institutional Liquidity Fund (USD)
Johnson & Johnson
Kimberly Clark
Omnicom
Comcast (A)
AbbVie
Microsoft
RJ Reynolds American
Medtronic
US Bancorp
PepsiCo
Ameren
BB&T
McDonalds
Oracle
Symantec
CVS Caremark
Dr Pepper Snapple
Cisco Systems
Pfizer
Written Call CVS CBOE 20/09/2014
Written Call ABBVIE CBOE 20/09/2014
Written Call Kimberly Clark CBOE 20/09/2014
Written Call Cisco Systems CBOE 18/10/2014
Written Call Omnicom Group CBOE 20/09/2014
Written Call Cisco Systems CBOE 18/10/2014
Written Call Microsoft CBOE 18/10/2014
Written Call Microsoft CBOE 20/09/2014
Written Call ABBVIE CBOE 22/11/2014
Written Call Comcast A CBOE 18/10/2014
Written Call McDonalds CBOE 20/09/2014
Written Call Cisco Systems CBOE 20/09/2014
Written Call BB&T CBOE 20/09/2014
Written Call US Bancorp CBOE 20/09/2014
Written Call Kimberly Clark CBOE 18/10/2014
Written Call Pepsi Co CBOE 18/10/2014
Written Call Oracle CBOE 20/09/2014
Written Call Johnson & Johnson CBOE 18/10/2014
Written Call Comcast A CBOE 20/09/2014
Written Call ABBVIE CBOE 22/11/2014
Written Call Pepsi Co CBOE 17/01/2015
Written Call US Bancorp CBOE 20/12/2014
Written Call Medtronic CBOE 17/01/2015
Written Call Johnson & Johnson CBOE 22/11/2014
Written Call Oracle CBOE 22/11/2014
Written Call Symantec CBOE 18/10/2014
Written Call McDonalds CBOE 22/11/2014
Written Call Comcast A CBOE 17/01/2015
Written Call ABBVIE CBOE 18/10/2014
Written Call Symantec CBOE 20/09/2014
194
732
284
282
211
196
175
172
172
171
157
154
138
125
123
117
115
114
94
93
89
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
8.41
3.27
3.25
2.43
2.26
2.02
1.98
1.98
1.97
1.81
1.77
1.58
1.43
1.41
1.34
1.32
1.31
1.08
1.07
1.02
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 195
FIDELITY GLOBAL ENHANCED INCOME FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
(10)
(20)
(10)
(10)
(7)
(15)
(5)
(10)
(5)
(5)
(5)
(5)
(5)
(10)
(5)
(15)
(15)
(10)
(12)
(10)
(15)
(20)
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Written
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
Call
US Bancorp CBOE 22/11/2014
US Bancorp CBOE 18/10/2014
Cisco Systems CBOE 22/11/2014
US Bancorp CBOE 20/09/2014
CVS CBOE 22/11/2014
Oracle CBOE 18/10/2014
Comcast A CBOE 20/09/2014
Reynolds A CBOE 20/09/2014
Pepsi Co CBOE 18/10/2014
Reynolds A CBOE 22/11/2014
Oracle CBOE 20/09/2014
Reynolds A CBOE 20/09/2014
Medtronic CBOE 20/09/2014
Medtronic CBOE 22/11/2014
Medtronic CBOE 22/11/2014
Microsoft CBOE 20/09/2014
Omnicom Group CBOE 18/10/2014
Microsoft CBOE 18/10/2014
Dr Pepper CBOE 22/11/2014
Kimberly Clark CBOE 17/01/2015
Reynolds A CBOE 18/10/2014
Microsoft CBOE 22/11/2014
Percentage
of total
net assets
%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(1)
(1)
(1)
(1)
(1)
(1)
(1)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
3,717
42.64
359
313
164
136
126
0
0
0
4.12
3.59
1.88
1.56
1.45
0.00
0.00
0.00
1,098
12.60
304
232
136
0
0
0
0
3.49
2.66
1.56
0.00
0.00
0.00
0.00
672
7.71
NETHERLANDS - (11.96%)
26,120
18,727
6,744
5,411
6,829
(5)
(10)
(10)
Reed Elsevier
Wolters Kluwer
Royal Dutch Shell A (NL)
Unilever
Koninklijke Philips Electronics
Written Call Royal Dutch Shell EOE 19/09/2014
Written Call Koninklijk EOE 19/09/2014
Written Call Koninklijk EOE 21/11/2014
SWITZERLAND - (8.68%)
1,734
4,299
387
(6)
(6)
(12)
(4)
Roche
Novartis (Reg'd)
Swisscom (Reg'd)
Written Call Swisscom
Written Call Swisscom
Written Call Swisscom
Written Call Swisscom
EUREX
EUREX
EUREX
EUREX
21/11/2014
21/11/2014
19/09/2014
17/10/2014
195
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 196
FIDELITY GLOBAL ENHANCED INCOME FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
FRANCE - (7.57%)
2,732
4,104
3,276
6,142
(10)
Sanofi-Aventis
VINCI
Total (B)
Scor Ree
Written Call Total EUREX 19/09/2014
180
162
131
113
0
2.07
1.86
1.51
1.30
0.00
586
6.74
235
120
92
90
2.70
1.38
1.06
1.03
537
6.17
152
135
44
44
0
0
0
0
0
1.74
1.55
0.50
0.50
0.00
0.00
0.00
0.00
0.00
375
4.29
169
88
(1)
(1)
(2)
1.94
1.01
(0.01)
(0.01)
(0.02)
253
2.91
155
93
0
(1)
(1)
1.78
1.07
0.00
(0.01)
(0.01)
246
2.82
JAPAN - (6.64%)
27,100
6,300
2,500
2,600
Astellas Pharmaceutical
Asahi Breweries
Secom
KDDI
NORWAY - (3.59%)
12,187
7,925
269
779
(5)
(5)
(10)
(15)
(15)
Gjensidige Forsikring
Statoil
SK Telecom
KT&G
Written Call Statoil OSE
Written Call Statoil OSE
Written Call Statoil OSE
Written Call Statoil OSE
Written Call Statoil OSE
20/11/2014
16/10/2014
18/09/2014
18/09/2014
16/10/2014
SPAIN - (1.70%)
9,119
5,841
(25)
(25)
(30)
Gas Natural SDG (E)
Repsol
Written Call Gas Natura MEFF 19/09/2014
Written Call Gas Natura MEFF 17/10/2014
Written Call Gas Natura MEFF 21/11/2014
DENMARK - (2.25%)
29,766
1,543
(5)
(5)
(5)
TDC (B)
Trygvesta
Written Call TRYG CSE 17/10/2014
Written Call TRYG CSE 21/11/2014
Written Call TRYG CSE 19/09/2014
196
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 197
FIDELITY GLOBAL ENHANCED INCOME FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
GERMANY - (5.19%)
1,176
2,082
(15)
(5)
(6)
(10)
(15)
(40)
(10)
(10)
(10)
(6)
(10)
(10)
(10)
(30)
(3)
(3)
(10)
(10)
(10)
(35)
(15)
(15)
(10)
(80)
(50)
(70)
Munich Reinsurance (Reg'd)
Deutsche Boerse
Written Call Koninklijk EUREX 17/10/2014
Written Call Royal Dutch Shell EUREX 21/11/2014
Written Call Deutsche Bank EUREX 21/11/2014
Written Call Royal Dutch Shell EUREX 17/10/2014
Written Call Wolters Kluwer EUREX 19/09/2014
Written Call Wolters Kluwer EUREX 17/10/2014
Written Call Unilever EUREX 17/10/2014
Written Call Vinci EUREX 17/10/2014
Written Call Unilever EUREX 21/11/2014
Written Call Deutsche Bank EUREX 17/10/2014
Written Call Total EUREX 17/10/2014
Written Call Unilever EUREX 17/10/2014
Written Call Reed Elsevier EUREX 17/10/2014
Written Call Reed Elsevier EUREX 19/09/2014
Written Call Deutsche Bank EUREX 19/09/2014
Written Call Deutsche Bank EUREX 19/09/2014
Written Call Vinci EUREX 19/09/2014
Written Call Wolters Kluwer EUREX 17/10/2014
Written Call Koninklijk EUREX 19/09/2014
Written Call Wolters Kluwer EUREX 19/09/2014
Written Call Unilever EUREX 19/09/2014
Written Call Royal Dutch Shell EUREX 19/09/2014
Written Call Total EUREX 22/11/2014
Written Call Reed Elsevier EUREX 21/11/2014
Written Call Reed Elsevier EUREX 19/09/2014
Written Call Reed Elsevier EUREX 17/10/2014
143
90
0
0
0
0
0
0
0
0
0
0
0
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(2)
(2)
(2)
1.64
1.03
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.02)
(0.02)
(0.02)
215
2.46
172
1.97
172
1.97
AUSTRALIA - (1.47%)
54,905
Telstra
LUXEMBOURG - (0.00%)
4,217
SES Global (A)
93
1.07
93
1.07
NEW ZEALAND - (0.00%)
59,632
Spark New Zealand
197
88
1.01
88
1.01
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 198
FIDELITY GLOBAL ENHANCED INCOME FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
UNITED KINGDOM - (1.42%)
GBP
GBP
GBP
GBP
GBP
2,075
19,368
9,857
(3)
(5)
(5)
(5)
(12)
(3)
(4)
(5)
(6)
(14)
(8)
(5)
(6)
(6)
(10)
(14)
(5)
(6)
(6)
(8)
(9)
27,236
11,892
33,802
AstraZeneca
National Grid CFD
Scottish & Southern CFD
Written Call Munich RE LIFFE 21/11/2014
Written Call Vodafone LIFFE 21/11/2014
Written Call HSBC Holdings LIFFE 19/09/2014
Written Call Vodafone LIFFE 21/11/2014
Written Call Novartis LIFFE 19/09/2014
Written Call Munich RE LIFFE 19/09/2014
Written Call Munich RE LIFFE 17/10/2014
Written Call Roche Holdings LIFFE 19/09/2014
Written Call HSBC Holdings LIFFE 17/10/2014
Written Call Novartis LIFFE 21/11/2014
Written Call HSBC Holdings LIFFE 21/11/2014
Written Call Roche Holdings LIFFE 21/11/2014
Written Call HSBC Holdings LIFFE 17/10/2014
Written Call National Grid LIFFE 17/10/2014
Written Call Vodafone LIFFE 17/10/2014
Written Call Novartis LIFFE 17/10/2014
Written Call Roche Holdings LIFFE 17/10/2014
Written Call National Grid LIFFE 21/11/2014
Written Call National Grid LIFFE 19/09/2014
Written Call SSE LIFFE 19/09/2014
Written Call Sanofi LIFFE 21/11/2014
HSBC CFD
GlaxoSmithKline CFD
Vodafone CFD
Portfolio of investments
Cash and other net assets/(liabilities)
Net assets
The figures in brackets represent the sector distributions at 28 February 2014.
The percentage of net assets disclosed above is subject to rounding.
198
95
25
8
0
0
0
0
0
0
0
0
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(2)
(3)
(13)
(46)
1.09
0.29
0.09
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.01)
(0.02)
(0.03)
(0.15)
(0.53)
52
0.59
8,104
92.98
612
7.02
8,716
100.00
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 199
FIDELITY GLOBAL FOCUS FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
UNITED STATES - (49.47%)
USD 13,873,111
261,852
196,529
97,365
70,319
129,372
119,710
221,994
79,342
156,254
268,387
277,814
144,169
238,592
119,263
60,690
275,229
79,060
221,034
95,917
156,202
246,675
35,222
89,469
81,738
50,898
52,863
71,063
53,590
68,713
15,051
137,966
54,471
98,727
7,966
45,639
161,366
32,891
44,251
89,162
151,720
156,549
27,567
199,606
87,201
44,106
82,952
153,380
74,616
217,949
Fidelity Institutional Liquidity Fund (USD)
Microsoft
Citigroup
Apple
Amgen
Express Scripts
CVS Caremark
US Bancorp
Anadarko Petroleum
AbbVie
T-Mobile (US)
General Electric
Verizon Communications
EMC
eBay
Caterpillar
Weatherford International
Crown Castle International
FNF
Verisk Analytics
Textron
Activision Blizzard
Allergan
Medtronic
HCA
SBA Communications (A)
Occidental Petroleum
Estee Lauder (A)
Eagle Materials
CME
Amazon.com
Mondelez International
Marathon Petroleum
The Mosaic Company
Google (A)
Tripadvisor
Chesapeake Energy
Hubbell
Monster Beverage
Coca-Cola
Symantec
Juniper Networks
Rockwell
Peabody Energy
Alere
Citrix Systems
Altera
Nuance Communications
Synchrony Financial
Orexigen Therapeutics
199
8,361
7,083
6,088
6,000
5,877
5,755
5,731
5,627
5,312
5,237
4,827
4,357
4,293
4,229
3,984
3,974
3,870
3,801
3,765
3,693
3,577
3,470
3,444
3,404
3,398
3,395
3,314
3,284
3,268
3,171
3,084
3,017
2,981
2,854
2,786
2,733
2,624
2,394
2,351
2,237
2,209
2,187
1,933
1,883
1,860
1,854
1,757
1,559
1,155
753
2.38
2.02
1.74
1.71
1.68
1.64
1.63
1.60
1.51
1.49
1.38
1.24
1.22
1.21
1.14
1.13
1.10
1.08
1.07
1.05
1.02
0.99
0.98
0.97
0.97
0.97
0.94
0.94
0.93
0.90
0.88
0.86
0.85
0.81
0.79
0.78
0.75
0.68
0.67
0.64
0.63
0.62
0.55
0.54
0.53
0.53
0.50
0.44
0.33
0.21
179,800
51.24
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 200
FIDELITY GLOBAL FOCUS FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
UNITED KINGDOM - (4.12%)
231,345
4,994,622
106,270
1,368,234
923,770
1,283,773
322,641
43,622
945,625
Royal Dutch Shell B (UK)
Lloyds Banking Group
SABMiller
Legal & General
BBA Aviation
Vodafone
Inmarsat
Randgold Resources ADR
Barclays
5,876
3,818
3,521
3,303
2,971
2,646
2,236
2,181
2,116
1.67
1.09
1.00
0.94
0.85
0.75
0.64
0.62
0.60
28,668
8.17
4,240
4,014
3,858
3,696
3,291
3,217
2,920
2,284
1.21
1.14
1.10
1.05
0.94
0.92
0.83
0.65
27,520
7.84
4,837
3,449
1,879
1,419
872
773
629
1.38
0.98
0.54
0.40
0.25
0.22
0.18
13,858
3.95
5,473
4,352
2,875
1.56
1.24
0.82
12,700
3.62
5,124
3,527
3,274
1.46
1.01
0.93
11,925
3.40
4,215
3,009
2,667
1,814
1.20
0.86
0.76
0.52
11,705
3.34
JAPAN - (8.80%)
466,000
211,100
846,000
490,000
167,900
133,000
141,400
198,700
Orix
Nomura Research Institute
Hitachi
Mitsubishi Electric
Suzuki Motor
Seven & I
Japan Tobacco
Sega Sammy
INDIA - (2.52%)
451,200
404,307
146,258
1,465,211
83,928
559,582
83,342
Housing Development Finance
Sun Pharmaceutical Industries (Dematerialised)
Jubilant Foodworks
Indian Hotels (Dematerialised)
Kotak Mahindra Bank
IIFL Holdings
Info Edge
SWEDEN - (4.41%)
221,133
576,343
366,117
Kinnevik Investment (B)
Ericsson (LM) Telefon (B)
Nordea Bank
CANADA - (2.16%)
208,564
262,453
102,888
Suncor Energy
First Quantum Minerals
Imperial Oil
NETHERLANDS - (3.95%)
149,698
52,166
182,349
44,945
Nielsen
ASML (NL)
Delta Lloyd
NXP Semiconductors
200
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 201
FIDELITY GLOBAL FOCUS FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
FRANCE - (3.11%)
33,828
44,451
59,834
34,941
Christian Dior
Sanofi-Aventis
Danone
Sodexo
3,631
2,937
2,537
2,068
1.03
0.84
0.72
0.59
11,173
3.18
4,543
2,914
1,666
1.29
0.83
0.47
9,123
2.60
4,264
3,704
1.22
1.06
7,968
2.27
AUSTRALIA - (2.24%)
109,216
82,649
261,320
CSL
Rio Tinto (AU)
Newcrest Mining
CHINA - (1.83%)
6,994,000
1,639,600
China Petroleum & Chemical
China Pacific Insurance
SWITZERLAND - (3.41%)
117,820
Novartis (Reg'd)
6,372
1.82
6,372
1.82
3,259
2,672
0.93
0.76
5,931
1.69
3,255
1,862
0.93
0.53
5,117
1.46
3,673
1.05
3,673
1.05
KOREA - (1.55%)
132,241
5,860
KB Financial
Naver
BRAZIL - (0.74%)
106,353
175,900
Brasileira de Distribuicao ADR
Smiles
SPAIN - (1.47%)
209,202
Inditex
GERMANY - (1.69%)
25,464
Volkswagen (Pref'd)
3,463
0.99
3,463
0.99
BELGIUM - (1.24%)
96,088
KBC
3,312
0.94
3,312
0.94
2,737
0.78
2,737
0.78
HONG KONG - (0.58%)
663,000
Hong Kong Land (SG)
JERSEY - (0.85%)
78,197
Wolseley
201
2,530
0.72
2,530
0.72
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 202
FIDELITY GLOBAL FOCUS FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
DENMARK - (1.38%)
342,834
TDC (B)
1,781
0.51
1,781
0.51
1,170
0.33
1,170
0.33
KENYA - (0.32%)
619,675
East African Breweries
LUXEMBOURG - (0.28%)
1,081
Spotify Technology*
Portfolio of investments
Cash and other net assets/(liabilities)
880
0.25
880
0.25
351,406
100.15
(544)
Net assets
350,862
The figures in brackets represent the sector distributions at 28 February 2014.
*Securities valued at the ACD's valuation.
The percentage of net assets disclosed above is subject to rounding.
202
(0.15)
100.00
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 203
FIDELITY GLOBAL HIGH YIELD FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
AAA RATED - (0.00%)
GBP
1,782
Fidelity Institutional Liquidity Fund (GBP)
2
0.01
2
0.01
1
1
(1)
(11)
0.00
0.00
0.00
(0.05)
(10)
(0.04)
297
277
239
218
198
191
188
186
185
184
182
173
170
166
163
162
158
153
152
148
147
140
138
132
131
131
130
129
129
128
128
127
127
127
126
125
125
125
124
123
1.30
1.22
1.05
0.96
0.87
0.84
0.83
0.82
0.81
0.81
0.80
0.76
0.75
0.73
0.72
0.71
0.69
0.67
0.67
0.65
0.65
0.62
0.61
0.58
0.58
0.58
0.57
0.57
0.57
0.56
0.56
0.56
0.56
0.56
0.55
0.55
0.55
0.55
0.55
0.54
AA RATED - (3.74%)
USD
USD
USD
GBP
100,000
700,000
(1,300,000)
(1,200,000)
US Ultra Bond Future 19/12/2014
US Treasury 10 Year Future 19/12/2014
US Treasury 5 Year Future 31/12/14
Long Gilt Future 29/12/2014
B RATED - (33.86%)
EUR
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
EUR
USD
EUR
EUR
USD
USD
USD
EUR
USD
EUR
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
350,000
575,000
400,000
350,000
300,000
300,000
300,000
300,000
300,000
300,000
300,000
275,000
200,000
250,000
200,000
200,000
250,000
250,000
250,000
175,000
250,000
150,000
225,000
200,000
202,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
Wind Acquisition Finance 7.00% 23/04/2021 Reg S
Petroleos de Venezuela 5.25% 12/04/2017
Caesars Entertainment 8.00% 01/10/2020
Entegris 6.00% 01/04/2022
Wavedivision Escrow 8.125% 01/09/2020
Waterjet Holdings 7.625% 01/02/2020
Cemex Finance 6.00% 01/04/2024 Reg S
Rosetta Resources 5.875% 01/06/2022
Sprint 7.125% 15/06/2024
Hardwoods Acquisition 7.50% 01/08/2021
Atlas Pipeline 5.875% 01/08/2023
Reynolds 5.75% 15/10/2020
SMCP SAS 8.875% 15/06/2020 Reg S
Studio City 8.50% 01/12/2020
Fiat Finance & Trade 6.875% 13/02/2015
Aldesa Finance Services 7.25% 01/04/2021 Reg S
Community Health Systems 6.875% 01/02/2022
CTR Partner 5.875% 01/06/2021
Marfrig 6.875% 24/06/2019
Altice 7.25% 15/05/2022 Reg S
West 5.375% 18/06/2022
Eileme 2 - 11.75% 31/01/2020 Reg S
Cobre del Mayo 10.75% 15/11/2018 Reg S
Pacific Emerald 9.75% 25/07/2018 Reg S
Trinseo Materials 8.75% 01/02/2019
Magnetation 11.00% 15/05/2018
Pacnet 9.00% 12/2018 Reg S
VTR Finance 6.875% 15/01/2024
Millennium Offshore 9.50% 15/02/2018 144A
LBC Tank Terminals 6.875% 15/05/2023 144A
Lee Enterprises 9.50% 15/03/2022
Global Shipping Lease 10.00% 01/04/2019
VRG Linhas Aereas 10.75% 12/02/2023
Alcatel-Lucent 6.75% 15/11/2020
United Rental 5.75% 15/11/2024
Empresas ICA 8.875% 29/05/2024
Berry Petroleum 6.375% 15/09/2022
Digicel 6.00% 15/04/2021 Reg S
China South City 8.25% 21/01/2019 Reg S
Pakuwon Prima 7.125% 02/07/2019 Reg S
203
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 204
FIDELITY GLOBAL HIGH YIELD FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Portfolio of investments
EUR
EUR
USD
USD
USD
USD
USD
USD
EUR
GBP
GBP
GBP
GBP
USD
USD
USD
GBP
USD
USD
USD
USD
USD
USD
USD
EUR
USD
USD
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
USD
EUR
USD
USD
USD
USD
EUR
USD
USD
USD
USD
USD
USD
USD
USD
INEOS 5.75% 15/02/2019 Reg S
Officine Macca 5.75% 01/06/2021 Reg S
Sitv 10.375% 01/07/2019
KCA Deutag 7.25% 15/05/2021
Future Land Development 10.25% 21/07/2019 Reg S
Zenith Bank 6.25% 22/04/2019
Vantage 9.50% 15/06/2017
EVRAZ 6.50% 22/04/2020
Governor & Co Bank 10.00% 19/12/2022
Phones4U Finance 9.50% 01/04/2018 Reg S
Bibby Offshore 7.50% 15/06/2021 Reg S
Mizzen Bondco 7.00% 01/05/2021 Reg S
Johnston Press Bond 8.625% 01/06/2019 Reg S
Salix Pharmaceuticals 6.00% 15/01/2021
Clear Channel 7.625% 15/03/2020
Fairpoint Communication 8.75% 15/08/2019 144A
Boparan Finance 5.25% 15/07/2019 Reg S
Service 5.375% 15/05/2024
Navios South American Logistics 7.25% 1/05/2022
Sanchez Energy 6.125% 15/01/2023
Advanced Micro 7.00% 01/07/2024
Gulfmark 6.375% 15/03/2022
Kindred Healthcare 6.375% 1504/2022
Offshore 7.125% 01/04/2023
TVN Finance 7.38% 15/12/2020 Reg S
Hercules Off 7.50% 01/10/2021
Hiland Partners 5.50% 15/05/2022
Autodis 6.50% 01/02/2019 Reg S
HP Pelzer 7.50% 15/07/2021 Reg S
Cirsa Funding 8.75 15/05/2018 Reg S
SGD Group 5.625% 15/04/2019 Reg S
Novafives Sas 4.50% 30/06/2021 Reg S
Monitchem Holdco 5.25% 15/06/2021 Reg S
Hema Bondco 6.25% 15/06/2019 Reg S
Boing Finance 6.625% 15/07/2019 Reg S
Neustar 4.50% 15/01/2023
Thom Europe 7.375% 15/07/2019 Reg S
Poindexter 9.00% 01/04/2022 144A
Blueline Rental 7.00% 01/02/2019
MDC Partners 6.75% 01/04/2020 144A
First Quantum 7.00% 15/02/2021
Greece STEP 24/02/2026
CBS Outdoor Americas 5.625% 15/02/2024
Paperwork Industries 9.50% 15/08/2019
Modular Space 10.25% 31/01/2019
Toys R US Property 8.50% 01/12/2017
Tesla Motors 01/03/2021
Aston Escrow 9.50% 15/08/2021
Mirant Americas 8.50% 01/10/2021
Sprint Capital 6.875% 15/11/2028
150,000
150,000
200,000
200,000
200,000
200,000
200,000
200,000
100,000
100,000
100,000
100,000
100,000
150,000
150,000
150,000
100,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
100,000
150,000
140,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
150,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
Market value/
Unrealised gain/(loss)
£’000
204
Percentage
of total
net assets
%
123
121
121
121
120
120
115
108
102
102
101
99
98
98
97
97
96
94
94
93
92
91
91
90
88
86
85
83
82
82
81
81
80
80
79
78
78
66
64
63
63
62
62
62
62
61
60
60
59
59
0.54
0.53
0.53
0.53
0.53
0.53
0.51
0.47
0.45
0.45
0.44
0.44
0.43
0.43
0.43
0.43
0.42
0.41
0.41
0.41
0.40
0.40
0.40
0.40
0.39
0.38
0.37
0.36
0.36
0.36
0.36
0.36
0.35
0.35
0.35
0.34
0.34
0.29
0.28
0.28
0.28
0.27
0.27
0.27
0.27
0.27
0.26
0.26
0.26
0.26
10,732
47.19
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 205
FIDELITY GLOBAL HIGH YIELD FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
BBB RATED - (3.68%)
USD
USD
USD
GBP
BRL
300,000
200,000
150,000
50,000
300,000
CITIC 6.625% 15/04/2021
Midcontinent 6.70% 15/09/2019
International Game Technology 5.35% 15/10/2023
SMFG Preferred Capital 10.231% VRN (Perpetual) Reg S
BRF 7.75% 22/05/2018 Reg S
211
137
95
73
70
0.93
0.60
0.42
0.32
0.31
586
2.58
233
231
207
204
199
194
191
164
157
145
138
134
132
130
129
128
128
127
127
126
125
124
124
123
123
122
121
121
118
117
117
115
113
104
100
98
98
95
95
94
94
93
1.02
1.02
0.91
0.90
0.87
0.85
0.84
0.72
0.69
0.64
0.61
0.59
0.58
0.57
0.57
0.56
0.56
0.56
0.56
0.55
0.55
0.55
0.55
0.54
0.54
0.54
0.53
0.53
0.52
0.51
0.51
0.51
0.50
0.46
0.44
0.43
0.43
0.42
0.42
0.41
0.41
0.41
BB RATED - (29.46%)
USD
USD
GBP
USD
EUR
USD
EUR
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
GBP
GBP
USD
USD
USD
USD
USD
USD
USD
USD
300,000
400,000
200,000
300,000
250,000
300,000
200,000
250,000
250,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
100,000
100,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
GMAC 8.00% 01/11/2031
Brasil Telecom 5.75% 10/02/2022 Reg S
Virgin Media Securities 6.25% 28/03/2029 Reg S
Vedanta Resources 8.25% 07/06/2021 Reg S
Hellenic Telecom 3.50% 09/07/2020
NSG Holdings 7.75% 15/12/2025 144A
Unicredit VRN (Perpetual)
ArcelorMittal 7.00% 15/10/2039
Constelliumm 5.75% 15/05/2024
Commerzbank 8.125% 19/09/2023
AES 7.375% 01/07/2021
Barclays Bank 7.75% 10/04/2023
Favor Sea 11.75% 04/02/2019 Reg S
China Shanshui 10.50% 27/04/2017 Reg S
Kaisa 10.25% 08/01/2020 Reg S
Shimao Property 8.125% 22/01/2021 Reg S
PFB Finance 8.25% 15/02/2020
Theta Capital PTE 7.00% 11/04//2022 Reg S
Frontier Communication 7.125% 15/01/2023
Calcipar 6.875% 01/05/2018 144A
Chalieco HK 6.875% VAR (Perpetual) Reg S
China Automation 7.75% 20/04/2016
Puma International Finance 6.75% 01/02/2021 Reg S
Vedanta Resources 5.50% 13/07/2016
Centurylink 7.60% 15/09/2039
Yingde Gases 7.25% 28/02/2020 Reg S
ESAL 6.25% 05/02/2023
Wind Acquisition 4.75% 15/07/2020
Digitalglobe 5.25% 01/02/2021 144A
Steel Capital 5.90% 17/10/2022 Reg S
Longfor Properties 6.75% 29/01/2023
Zoomlion HK 6.125% 20/12/2022 Reg S
Natwest 6.50% 07/09/2021
ENEL 6.625% 15/09/2076 Reg S
Sealed Air 6.50% 01/12/2020 144A
Meg Energy 7.00% 31/03/2024
Amerigas Finance 7.00% 20/05/2022
CIT 5.00% 01/08/2023
Access Midstream 4.875% 15/03/2024
Sabine Pass 5.75% 05/2024
Icahn Enterprises 5.875% 01/02/2022
SLM 6.125% 25/03/2024
205
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 206
FIDELITY GLOBAL HIGH YIELD FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Portfolio of investments
USD
EUR
EUR
EUR
USD
USD
USD
USD
USD
USD
BRL
USD
USD
USD
EUR
USD
EUR
Markwest Energy 4.50% 15/07/2023
Deutsche Annington Finance 4.625% 08/04/2074 Reg S
KBC Bank 5.625% VAR (Perpetual) Reg S
Titan Global Finance 4.25% 10/07/2019 Reg S
Firstenergy 7.375% 15/11/2031
Chesapeake Energy 5.75% 15/03/2023
Dish DBS 6.75% 01/06/2021
FMG Resources 6.875% 01/04/2022
Regency Energy Partners 5.875% 01/03/2022
Nova Chemicals 5.25% 01/08/2023 144A
Arcos Dorad 10.25% 13/07/2016 Reg S
BCP Sing vi Finance 8.00% 15/04/2021
Tesoro 5.125% 01/04/2024
Targa Res 6.375% 01/08/2022
Barclays 4.875% (Perpetual)
Telecom Italia 7.20% 18/07/2036
Bought protection on Fiat Finance 20/03/2015
150,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
250,000
100,000
100,000
75,000
50,000
50,000
200,000
Market value/
Unrealised gain/(loss)
£’000
Percentage
of total
net assets
%
92
82
79
78
73
67
67
66
65
64
63
63
60
49
39
33
(4)
0.40
0.36
0.35
0.34
0.32
0.29
0.29
0.29
0.29
0.28
0.28
0.28
0.26
0.22
0.17
0.15
(0.02)
6,694
29.42
216
216
176
161
155
150
135
131
126
125
124
121
120
97
96
94
93
92
91
85
82
81
78
72
68
65
63
63
61
61
61
54
0.95
0.95
0.77
0.71
0.68
0.66
0.59
0.58
0.55
0.55
0.55
0.53
0.53
0.43
0.42
0.41
0.41
0.40
0.40
0.37
0.36
0.36
0.34
0.32
0.30
0.29
0.28
0.28
0.27
0.27
0.27
0.24
CCC RATED - (12.92%)
EUR
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
EUR
USD
USD
USD
USD
USD
USD
EUR
EUR
USD
EUR
EUR
USD
USD
USD
USD
USD
USD
USD
USD
USD
250,000
350,000
300,000
227,000
250,000
250,000
225,000
200,000
200,000
200,000
200,000
150,000
200,000
150,000
150,000
150,000
150,000
150,000
100,000
100,000
125,000
100,000
100,000
125,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
Oberthur Technologies 9.25% 30/04/2020 Reg S
Samson Investment Step 15/02/2020
America Energy FRN 01/08/2019
First Data 11.75% 15/08/2021
Laureate Education 9.25% 01/09/2019 144A
Signode Luxembourg 6.375% 01/05/2022
APX 8.75% 01/12/2020
Banco BMG 9.95% 05/11/2019
DJO Finance 9.75% 15/10/2017
Ardagh 8.625% 15/06/2019
Noranda Aluminium 11.00% 01/06/2019
Play Topco 7.75% 28/02/2020 Reg S
Radiation Therapy 8.875% 15/01/2017
Vander Intermediate VAR 01/02/2019
Halcon Resources 9.25% 15/02/2022
Verso Paper 11.75% 15/01/2019
Petrobakken Energy 8.625% 01/02/2020 144A
Wok Acquisition 10.25% 30/06/2020 144A
Snai 12.00% 15/12/2018 Reg S
Verisure Holding 8.75% 01/12/2018 Reg S
Mariposa Borrower 8.75% 15/10/2021
R&R Ice 9.25% 10/05/2018 Reg S
Glasstank 8.50% 15/05/2019 Reg S
Ortho-Clinical Diagnostics 6.625% 15/05/2022
Kinetic Concept 12.50% 01/11/2019
Reynolds Step 8.25% 15/02/2021
Clear Channel 9.00% 15/12/2019
JC Penney 7.95% 01/04/2017
Caesars Entertainment 11.00% 01/10/2021
Ithaca Energy 8.125% 01/07/2019
Ancestry 9.625% 15/10/2018
JC Penney 5.65% 01/06/2020
206
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 207
FIDELITY GLOBAL HIGH YIELD FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Portfolio of investments
USD
USD
USD
USD
JC Penney 6.375% 15/10/2036
BC Mountain 7.00% 01/02/2021 144A
Ceridian HCM 11.00% 15/03/2021
Mariposa Borrower 8.00% 15/10/2021
100,000
69,000
50,000
50,000
Market value/
Unrealised gain/(loss)
£’000
Percentage
of total
net assets
%
51
39
35
32
0.22
0.17
0.15
0.14
3,570
15.69
162
152
119
104
102
98
94
83
82
43
28
(8)
(19)
(42)
0.71
0.67
0.52
0.46
0.45
0.43
0.41
0.36
0.36
0.19
0.12
(0.04)
(0.08)
(0.18)
998
4.39
45
42
35
22
4
0.20
0.18
0.15
0.10
0.02
148
0.65
2
1
1
1
0
0
0
0
0
0
0
0
(1)
(1)
(1)
(1)
(1)
(2)
(3)
(4)
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.01)
(0.01)
(0.02)
NOT RATED - (1.93%)
EUR
EUR
USD
GBP
GBP
CNY
EUR
USD
EUR
EUR
USD
USD
EUR
USD
200,000
200,000
200,000
100,000
100,000
1,000,000
100,000
150,000
100,000
50,000
40,827
400,000
250,000
850,000
International Personal Finance 5.75% 07/04/2021 Reg S
BES 2.625% 08/05/2017
Teekay Offshore Partners 6.00% 30/07/2019
PGH Capital 5.75% 07/07/2021 Reg S
Credit Agricole 7.50% (Perpetual) Reg S
China Unicom Hong Kong 3.80% 24/07/2016 Reg S
Bano Popular Espanol 11.50% VRN (Perpetual) Reg S
Argentina 7.00% 03/10/2015
Societe Generale VRN 31/12/2049 Reg S
Stichting Bank Certificate 6.50% (Perpetual) Reg S
First Data 14.50% 24/09/2019
Sold Protection on HCA 20/06/2019
Bought Protection on Wind Acquisition 20/09/2017
Bought Protection on CDX High Yield Series 22 20/06/2019
EQUITIES - (0.04%)
3,000
46,428
3,000
12,000
3,250
Ally Financial
Banca Monte dei Paschi di Siena
Trinseo
Intesa Sanpaolo
Broadview Networks*
FORWARD FOREIGN EXCHANGE CONTRACTS - (0.01%)
68,991
476,035
67,344
138,961
31,764
75,440
120,134
81,143
302,907
552,909
110,379
111,037
180,120
76,350
192,460
152,410
65,912
68,942
115,467
4,131,833
Bought
Bought
Bought
Bought
Bought
Bought
Bought
Bought
Bought
Bought
Bought
Bought
Bought
Bought
Bought
Bought
Bought
Bought
Bought
Bought
RUB sold GBP @ 62.83404 for settlement 13/11/2014
GBP sold PLN @ 5.31684 for settlement 13/11/2014
USD sold GBP @ 1.67795 for settlement 13/11/2014
USD sold GBP @ 1.66953 for settlement 13/11/2014
EUR sold GBP @ 1.25929 for settlement 13/11/2014
GBP sold USD @ 1.65695 for settlement 13/11/2014
GBP sold USD @ 1.65648 for settlement 13/11/2014
EUR sold GBP @ 1.25704 for settlement 13/11/2014
EUR sold GBP @ 1.25781 for settlement 13/11/2014
USD sold GBP @ 1.65850 for settlement 13/11/2014
GBP sold USD @ 1.65793 for settlement 13/11/2014
EUR sold GBP @ 1.25184 for settlement 13/11/2014
PLN sold GBP @ 5.29647 for settlement 13/11/2014
GBP sold USD @ 1.67650 for settlement 13/11/2014
GBP sold USD @ 1.66787 for settlement 13/11/2014
GBP sold USD @ 1.66656 for settlement 13/11/2014
GBP sold CNY @ 10.45340 for settlement 13/11/2014
GBP sold RUB @ 62.87922 for settlement 13/11/2014
GBP sold BRL @ 3.94052 for settlement 13/11/2014
GBP sold EUR @ 1.25804 for settlement 13/11/2014
207
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 208
FIDELITY GLOBAL HIGH YIELD FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
17,377,551Bought GBP sold USD @ 1.68183 for settlement 13/11/2014
Percentage
of total
net assets
%
(247)
(1.09)
(256)
(1.13)
(32)
(64)
(115)
(115)
(138)
(184)
(0.14)
(0.28)
(0.51)
(0.51)
(0.61)
(0.81)
(648)
(2.85)
INDEX CREDIT DEFAULT SWAPS - ( (0.31)%)
EUR
EUR
EUR
EUR
EUR
EUR
350,000
700,000
1,250,000
1,250,000
1,500,000
2,000,000
Bought
Bought
Bought
Bought
Bought
Bought
Protection
Protection
Protection
Protection
Protection
Protection
on
on
on
on
on
on
ITRAXX
ITRAXX
ITRAXX
ITRAXX
ITRAXX
ITRAXX
Europe
Europe
Europe
Europe
Europe
Europe
Crossover
Crossover
Crossover
Crossover
Crossover
Crossover
Series
Series
Series
Series
Series
Series
21
21
21
21
21
21
20/06/2019
20/06/2019
20/06/2019
20/06/2019
20/06/2019
20/06/2019
Portfolio of investments
21,816
Cash and other net assets/(liabilities)
Net assets
The figures in brackets represent the sector distributions at 28 February 2014.
*Securities valued at the ACD's valuation.
The fund has deposited ВЈ315,000 of bond stocks as collateral with third party counterparties
in relation to positions it holds in over the counter derivative contracts (2014: nil).
The percentage of net assets disclosed above is subject to rounding.
208
95.91
934
4.09
22,750
100.00
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 209
FIDELITY GLOBAL PROPERTY FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
UNITED STATES - (46.21%)
128,790
512,154
USD 12,122,445
171,569
482,094
476,252
164,389
41,548
73,020
102,081
268,659
97,517
336,354
145,057
67,456
115,700
179,444
65,560
USD
78,304
Simon Property Real Estate Investment Trust
General Growth Properties
Fidelity Institutional Liquidity Fund (USD)
Macerich Company
Host Hotels and Resorts Real Estate Investment Trust
CBL & Associates Properties
Sun Communities Real Estate Investment Trust
Essex Property Trust
Sl Green Realty Real Estate Investment Trust
Taubman Centers
Dupont Fabros Technology
Ventas Real Estate Investment Trust
DDR
American Campus Communities Real Estate Investment Trust
Home Properties Real Estate Investment Trust
Tanger Factory Outlet Real Estate Investment Trust
Parkway Properties Real Estate Investment Trust
HCP
Blackstone CFD
13,124
7,491
7,306
6,718
6,572
5,428
5,317
4,815
4,807
4,670
4,542
3,869
3,645
3,455
2,596
2,415
2,236
1,703
122
7.15
4.08
3.98
3.66
3.58
2.96
2.89
2.62
2.62
2.54
2.47
2.11
1.98
1.88
1.41
1.31
1.22
0.93
0.07
90,831
49.45
8,893
4,112
3,897
3,191
2,880
4.84
2.24
2.12
1.74
1.57
22,973
12.51
9,351
5,272
4,171
2,387
5.09
2.87
2.27
1.30
21,181
11.53
5,112
3,640
3,263
2,555
2.78
1.98
1.78
1.39
14,570
7.93
3,418
3,402
2,879
2,461
1.86
1.85
1.57
1.34
12,160
6.62
JAPAN - (12.80%)
463,000
595,000
4,829
1,148
864
Mitsui Fudosan
NTT Urban Development
Orix J Real Estate Investment Trust
Blife Investment Real Estate Investment Trust
Kenedix Realty Real Estate Investment Trust
HONG KONG - (12.32%)
1,026,018
1,277,000
1,411,627
90,270,000
Sun Hung Kai Properties
Hong Kong Land (SG)
Hysan Development
CSI Properties
AUSTRALIA - (5.72%)
1,192,883
1,158,506
1,694,318
1,706,094
Westfield
Macquarie Goodman
Scentre Group Stapled Unit
Federation Centres
SINGAPORE - (7.68%)
4,189,000
3,011,000
4,140,000
2,548,000
CapitaCommercial Real Estate Investment Trust
Ascendas Real Estate Investment Trust
Mapletree Industrial Real Estate Investment Trust
CapitaMall Trust
209
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 210
FIDELITY GLOBAL PROPERTY FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
UNITED KINGDOM - (5.56%)
973,559
585,603
Great Portland Estates
British Land
6,362
4,260
3.46
2.32
10,622
5.78
2,900
1.58
2,900
1.58
LUXEMBOURG - (1.38%)
245,835
GAGFAH
GERMANY - (0.99%)
149,401
Deutsche Wohnen (Bearer)
2,028
1.10
2,028
1.10
NETHERLANDS - (1.09%)
61,249
Eurocommercial Properties
1,840
1.00
1,840
1.00
1,671
0.91
1,671
0.91
SWEDEN - (1.96%)
170,238
Castellum
CHINA - (0.00%)
746,500
Shimao Property
987
0.54
987
0.54
854
0.46
FRANCE - (1.57%)
5,277
Unibail-Rodamco
Portfolio of investments
Cash and other net assets/(liabilities)
Net assets
The figures in brackets represent the sector distributions at 28 February 2014.
The percentage of net assets disclosed above is subject to rounding.
210
854
0.46
182,617
99.41
1,062
0.59
183,679
100.00
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 211
FIDELITY GLOBAL SPECIAL SITUATIONS FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
UNITED STATES - (53.21%)
USD
USD
USD
USD
USD
USD
USD
USD
800,000
1,500,000
1,140,000
750,000
1,000,000
1,100,000
500,000
90,000
500,000
1,500,000
750,000
420,000
600,000
700,000
740,000
760,000
260,000
1,800,000
370,000
400,000
275,000
450,000
1,000,000
320,000
260,000
160,000
900,000
700,000
210,000
300,000
1,000,000
200,000
250,000
200,000
100,000
225,000
200,000
190,000
200,000
260,000
360,000
400,000
210,000
9,984,315
(200,000)
40,000
(88,000)
(330,000)
(400,000)
(130,000)
Walt Disney
Microsoft
Comcast (A)
Aetna
JPMorgan Chase
Lowes
Gilead Sciences
Google (A)
Johnson & Johnson
Morgan Stanley
Halliburton
Occidental Petroleum
Lam Research
eBay
Citigroup
Mylan Laboratories
Amgen
NVIDIA
Marathon Petroleum
KLA Tencor
SanDisk
AbbVie
Ally Financial
Express Scripts
Varian Medical Systems
Jones Lang Lasalle
Activision Blizzard
T-Mobile (US)
Tripadvisor
Baker Hughes
Corning
Western Digital
Sirona Dental Systems
CIGNA
IntercontinentalExchange
McGraw-Hill
Prudential Financial
Viacom (B)
Baxter International
Skyworks Solutions
American Airlines
Anadarko Petroleum CFD
Ingersoll Rand (A)
Fidelity Institutional Liquidity Fund (USD)
Fireeye CFD
CIGNA CFD
Boeing CFD
Hertz Global CFD
Cablevision CFD
Salesforce.Com CFD
211
43,508
40,573
37,458
37,020
35,661
34,831
32,397
31,477
31,032
30,791
30,447
26,333
25,989
23,385
22,924
22,041
21,729
21,035
20,248
18,401
16,290
15,082
14,965
14,235
13,289
12,794
12,660
12,589
12,574
12,513
12,397
12,303
12,155
11,396
11,371
10,969
10,735
9,249
9,031
8,701
8,499
8,368
7,662
6,017
633
102
(43)
(628)
(805)
(1,241)
2.85
2.65
2.45
2.42
2.33
2.28
2.12
2.06
2.03
2.01
1.99
1.72
1.70
1.53
1.50
1.44
1.42
1.38
1.32
1.20
1.07
0.99
0.98
0.93
0.87
0.84
0.83
0.82
0.82
0.82
0.81
0.80
0.79
0.75
0.74
0.72
0.70
0.60
0.59
0.57
0.56
0.55
0.50
0.39
0.04
0.01
0.00
(0.04)
(0.05)
(0.08)
861,142
56.32
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 212
FIDELITY GLOBAL SPECIAL SITUATIONS FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
JAPAN - (8.08%)
JPY
JPY
JPY
JPY
900,000
700,000
2,000,000
1,200,000
1,700,000
250,000
440,000
1,350,000
1,200,000
(800,000)
(3,400,000)
KDDI
Japan Airlines
Orix
Komatsu
Sumco
Santen Pharmaceutical
Nippon Shinyaku
Bridgestone CFD
MS&AD Insurance CFD
Advantest CFD
Ana CFD
31,296
23,741
18,198
16,377
8,821
8,696
8,418
5,132
806
238
(92)
2.05
1.55
1.19
1.07
0.58
0.57
0.55
0.34
0.05
0.02
(0.01)
121,631
7.95
35,288
18,369
11,515
9,570
8,535
997
2.31
1.20
0.75
0.63
0.56
0.07
84,274
5.51
24,418
24,083
14,283
13,155
1.60
1.58
0.93
0.86
75,939
4.97
21,303
15,450
14,820
10,103
7,861
418
1.39
1.01
0.97
0.66
0.51
0.03
69,955
4.58
19,166
16,676
14,422
1.25
1.09
0.94
50,264
3.29
11,872
9,702
8,145
7,824
345
0.78
0.63
0.53
0.51
0.02
37,888
2.48
UNITED KINGDOM - (6.52%)
GBP 35,287,861
900,000
500,000
2,750,000
7,500,000
GBP
800,000
Fidelity Institutional Liquidity Fund (GBP)
London Stock Exchange
InterContinental Hotels
Merlin Entertainments
Taylor Wimpey
Scottish & Southern CFD
FRANCE - (7.39%)
620,000
650,000
300,000
283,600
VINCI
Airbus
Renault
Atos Origin
SWITZERLAND - (3.47%)
CHF
370,000
320,000
1,400,000
600,000
36,000
(18,000)
Cie Financiere Richemont (A)
Holcim (Reg'd)
Clariant (Reg'd)
Noble Switzerland
Syngenta
Swatch CFD
NETHERLANDS - (1.35%)
475,000
2,000,000
250,000
NXP Semiconductors
ING
ASML (NL)
GERMANY - (2.45%)
EUR
1,300,000
175,000
60,000
750,000
(340,000)
Commerzbank
Porsche Auto (Non-Voting) (Pref'd)
Volkswagen
Lufthansa
K&S CFD
212
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 213
FIDELITY GLOBAL SPECIAL SITUATIONS FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
CHINA - (2.40%)
26,000,000
80,000
850,000
HKD
(500,000)
China Petroleum & Chemical
Baidu ADR
Tencent
Hengan CFD
15,851
10,308
8,362
3
1.04
0.67
0.55
0.00
34,524
2.26
17,076
14,636
50
1.12
0.96
0.00
31,762
2.08
14,079
12,896
661
0.92
0.84
0.04
27,636
1.81
IRELAND - (1.81%)
EUR
125,000
280,000
63,091
Actavis
Covidien
Fidelity Institutional Liquidity Fund (EUR)
HONG KONG - (1.17%)
3,000,000
12,000,000
HKD (7,000,000)
Wharf
China Unicom
Li & Fung CFD
ISRAEL - (1.06%)
400,000
Check Point Software Technologies
16,911
1.11
16,911
1.11
14,529
1,039
0.95
0.07
15,568
1.02
14,775
(152)
0.97
(0.01)
14,623
0.96
14,370
0.94
14,370
0.94
SWEDEN - (0.89%)
SEK
1,000,000
(600,000)
Svenska Cellulosa (B)
Elekta CFD
INDONESIA - (0.81%)
USD
26,000,000
(5,000,000)
Bank Rakyat Indonesia
Semen Indonesia CFD
SPAIN - (0.65%)
600,000
Grifols ADR
KOREA - (1.38%)
18,000
Samsung Electronics
13,178
0.86
13,178
0.86
INDIA - (0.60%)
440,000
Maruti Suzuki
12,628
0.83
12,628
0.83
8,343
0.55
8,343
0.55
SINGAPORE - (0.50%)
12,000,000
Mapletree Industrial Real Estate Investment Trust
NORWAY - (0.59%)
900,000
Aker Solutions
8,286
0.54
8,286
0.54
PAPUA NEW GUINEA - (0.00%)
1,500,000
Oil Search
213
8,185
0.54
8,185
0.54
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 214
FIDELITY GLOBAL SPECIAL SITUATIONS FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
RUSSIA - (0.63%)
5,400,000
Sberbank of Russia
6,510
0.43
6,510
0.43
5,437
0.36
5,437
0.36
5,282
0
0
0.35
0.00
0.00
5,282
0.35
PHILIPPINES - (0.00%)
16,000,000
Alliance Global
BERMUDA - (0.00%)
SEK
2,400,000
221,975
116,500
Great Eagle
Vostok Gas SDR*
Vostok Gas CFD*
DENMARK - (0.25%)
DKK
750,000
GN Store Nord CFD
3,182
0.21
3,182
0.21
227
0.01
227
0.01
POLAND - (0.00%)
PLN
(600,000)
Polski Koncern CFD
CANADA - (0.00%)
USD
(200,000)
Thomson Reuters CFD
Portfolio of investments
Cash and other net assets/(liabilities)
Net assets
The figures in brackets represent the sector distributions at 28 February 2014.
*Securities valued at the ACD's valuation.
The percentage of net assets disclosed above is subject to rounding.
214
(450)
(0.03)
(450)
(0.03)
1,527,295
99.93
1,721
0.07
1,529,016
100.00
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 215
FIDELITY INDEX EMERGING MARKETS FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
FINANCIALS - (0.00%)
USD
USD
USD
2,990,367
700,000
500,000
587,000
601,000
22,510
20,700
646,000
23,473
3,469
61,000
23,379
20,100
16,500
3,139
9,698
25,470
67,300
34,388
5,900
7,000
25,411
2,347
34,000
99,100
3,948
39,229
5,700
14,533
55,000
14,800
7,059
551
90,300
21,600
172,000
106,000
271
18,755
12,300
36,500
468
78,000
74,900
16,600
1,060
8,200
14,536
18,500
3,457
7,600
Fidelity Institutional Liquidity Fund (USD)
US Treasury Bill 0.00% 11/12/2014
US Treasury Bill 0.00% 22/01/2015
China Construction Bank
Industrial & Commercial Bank of China
ITAU Unibanco (Pref'd)
Banco Bradesco
Bank of China (H)
Sberbank ADR
Shinhan Financial
China Life Insurance
Public Bank (LOC)
Grupo Financiero Banorte
Ping An Insurance
KB Financial
Standard Bank
Itausa (Invest Itau) (Pref'd)
Cathay Financial
Malayan Banking
Cielo
Banco do Brasil
Firstrand
Hana Financial
China Overseas Land & Investments
Bank Central Asia
Remgro
CIMB
BB Seguridade Participaco
Sanlam
Fubon
BM&F Bovespa
Powszechna Kasa Oszcz Bank
Credicorp
Bank Rakyat Indonesia
China Pacific Insurance
Agricultural Bank of China
Chinatrust
Samsung Fire & Marine
Turkiye Garanti Bankasi (AS)
Siam Commercial Bank (F)
China Merchants Bank
Powszechny Zalkad Ubezpie
Mega Financial
Bank Mandiri Persero
Fibra Uno Administracion
Bank Polska Kasa Opieki
Kasikornbank
Akbank Turk Anonim Sirketi
Grupo Financiero Inbursa
Bancolombia S A (Pref'd)
Banco Santander Brasil
1,800
422
301
262
240
239
222
180
117
108
106
86
84
81
77
76
73
69
66
66
63
62
59
58
57
55
55
54
54
54
52
51
51
51
49
48
47
45
45
43
42
41
41
40
36
36
35
34
34
32
31
215
7.30
1.71
1.22
1.06
0.97
0.97
0.90
0.73
0.47
0.44
0.43
0.35
0.34
0.33
0.31
0.31
0.30
0.28
0.27
0.27
0.26
0.25
0.24
0.24
0.23
0.22
0.22
0.22
0.22
0.22
0.21
0.21
0.21
0.21
0.20
0.19
0.19
0.18
0.18
0.17
0.17
0.17
0.17
0.16
0.15
0.15
0.14
0.14
0.14
0.13
0.13
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 216
FIDELITY INDEX EMERGING MARKETS FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
492
71,000
50,000
12,954
7,136
6,400
2,988
6,800
26,000
14,500
756
14,643
67,000
16,919
72,775
2,559
5,022
3,600
16,000
106,000
7,715
17,318
46,200
1,531
1,568
12,346
15,852
2,445
54,590
1,784
62,662
47,927
14,500
66,099
503,089
5,787
1,774
1,260
26,066
44,290
224
30,617
1,500
57,600
6,900
1,700
55,120
507
111
11,500
2,676
1,480
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Samsung Life Insurance
Bank of Communications
China Minsheng Bank
National Bank of Greece
Commercial International Bank Egypt
Kasikornbank
Masraf Al Rayan
Bangkok Bank
PICC Property & Casualty
Grupo Financiero Santander
Qatar National Bank
Emaar Properties
China CITIC Bank
Growthpoint Properties
Yuanta Finanical
Absa
Turkiye Halk Bankasi
Br Malls Participacoes
China Resources Land Beijing
China Development Financial
Sabanci
Bank of Piraeus
Ayala Land
Suramericana de Inversiones
Nedbank
Turkiye Is Bankasi
VTB Bank GDR Reg S
Woori Finance
First Financial
OTP Bank
Taishin Financial
E Sun
AMMB
Eurobank Ergasias
Banco Santander Chile
RMB
Industrial Bank of Korea
Grupo de Inv Suramericana (Pref'd)
Aldar Properties
Hua Nan Financial
Bank Zachodni
Alpha Credit Bank
Banco Bradesco
Bank Negara Indonesia (L)
New China Life Insurance
Cetip Balcao Organizado
Sinopac
Samsung Securities
Komercni Banka
Shimao Property
Discovery
BS Financial
31
31
28
28
27
27
26
26
26
26
25
25
25
24
24
24
23
22
22
22
22
21
21
21
21
20
20
20
20
19
19
19
19
18
18
18
18
17
17
17
16
16
16
16
15
15
15
15
15
15
15
15
216
Percentage
of total
net assets
%
0.13
0.13
0.11
0.11
0.11
0.11
0.11
0.11
0.11
0.11
0.10
0.10
0.10
0.10
0.10
0.10
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.08
0.08
0.08
0.08
0.08
0.08
0.08
0.08
0.07
0.07
0.07
0.07
0.07
0.07
0.07
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 217
FIDELITY INDEX EMERGING MARKETS FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
1,510
56,000
40,950
24,200
26,285
9,500
9,000
65,000
8,271
348
10,800
31,620
7,500
15,522
9,650
9,067
48,000
53,500
4,975
1,581
11,600
25,800
2,052
1,030
5,386
1,758
3,395
141,046
34,000
330
10,600
7,000
115
38,000
679
16,652
320
6,707
11,500
27,000
163,000
600
3,400
8,000
512
786
900
396
5,835
22,000
8,500
9,110
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Ayala
People's Insurance
Taiwan Cooperative Financial
China Life Insurance
Redefine Properties
Compartamos
CITIC Securities
Shin Kong Financial
MMI
Dongbu Insurance
China Vanke
Chang HWA Bank
Chailease
Emlak Konut Gyo
BDO Unibank
Abu Dhabi Commercial Bank
Evergrande Real Estate Group
SM Prime
National Bank of Abu Dhabi
Daewoo Securities
Haitong Securities (H)
Krung Thai Bank
Investec
DGB Financial
RMI
Coronation Fund Managers
First Gulf Bank
Banco de Chile
China Cinda Asset Management
Korea Investment Corporation
Central Pattana (F)
China Insurance
M Bank
Country Garden
Corporacion Financiera Colombiana
Dubai Financial Market
Samsung Card
Yapi ve Kredi Bankasi
Longfor Properties Reg S
Sino-Ocean
Lippo Karawaci
Multiplan Empreendimento
Hong Leong Bank
China Everbright
Hyundai Fire & Marine Insurance
Banco Davivienda (Pref'd)
Porto Seguro
Qatar Islamic Bank
Turkiye Vakiflar Bankasi T.A.O
New World China Land
Malaysian Plantations
Talaat Moustafa
14
14
14
14
14
13
13
13
13
13
12
12
12
12
12
12
12
12
11
11
11
11
11
11
10
10
10
10
10
10
10
10
10
10
9
9
9
9
9
9
9
9
9
9
9
8
8
8
8
8
8
8
217
Percentage
of total
net assets
%
0.06
0.06
0.06
0.06
0.06
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.03
0.03
0.03
0.03
0.03
0.03
0.03
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 218
FIDELITY INDEX EMERGING MARKETS FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
6,470
93,000
231
5,320
929
15,000
1,058
1,714
1,400
6,000
1,500
97,300
12,000
13,000
192
8,800
3,634
1,400
44,000
802
730,233
18,000
18,000
14,000
1,500
91,000
252
30,000
26,000
3,309
30,500
9,309
11,000
62,500
4,500
337
3,851
8,853
1,100
17,000
19,760
266
4,000
234
154
101
1,020
11,996
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Moscow Exchange MICEX (Rights)
Metro Pacific Investments
Banco de Credito e Inversiones
Bank of Philippine Island
Liberty
Soho China
Woori Investment & Securities
Hanwha Life Insurance
BR Properties
Ruentex Development
Bangkok Bank Public
TMB Bank
Agile Property
IOI Properties
Mirae Asset Securities
Guangzhou R&F Properties
RHB Capital
Banco Estado Rio Grande
Yuexiu Property Company
Barwa Real Estate
Corpbanca
China Everbright Bank H
Chongqing Rur Communication Bank Ltd-H
UEM Land
Hong Leong Financial
Megaworld
Bank Handlowy w Warszawie
Franshion Properties (China)
Bank Danamon (A) (L)
Bank Millennium
Shui On Land
Getin Noble Bank
Far East Horizon
Bumi Serpong Damai
Highwealth Construction
Alior Bank
Dubai Islamic Bank
Grupo Aval Acciones (Pref'd)
Sul America
Poly Hong Kong Investment
Taiwan Business Bank
Commercial Bank of Qatar
Farglory Developers
Doha Bank
Kyongnam Bank
Kwangju Bank
Metropolitan Bank & Trust
African Bank Investments*
218
Percentage
of total
net assets
%
7
7
7
7
7
7
7
7
6
6
6
6
6
6
6
6
6
6
6
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
4
4
4
4
3
3
2
1
1
1
0
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.01
0.01
0.01
0.00
0.00
0.00
0.00
8,002
32.49
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 219
FIDELITY INDEX EMERGING MARKETS FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
INFORMATION TECHNOLOGY - (0.00%)
905
202,000
42,100
101,920
4,642
12,000
231
170
15,000
1,000
50,000
450
1,904
51,000
6,000
22,000
5,000
99,000
6,000
172
71,000
5,000
24,000
64,306
19,000
34,000
82,000
17,060
13,000
6,000
495
5,000
36,000
19,280
1,100
131
2,000
7,350
4,000
21,000
11,000
5,000
12,000
19,000
7,000
92,000
4,000
4,015
5,600
2,000
Samsung Electronics
Taiwan Semiconductor Manufacturing
Tencent
Hon Hai Precision
SK Hynix
MediaTek
Naver
Samsung Electronics (Pref'd)
Delta Electronics
Largan Precision
Lenovo
Samsung SDI
LG.Philips LCD
Advanced Semiconductor Engineering
Asustek Computer
Quanta Computer
Catcher
United Microelectronics
AAC Acoustic Technology
SK C&C
AU Optronics
BYD
Siliconware Precision Industries
Innolux Display
Inotera Memories
Compal Electronics
GCL Poly Energy
Lite on Technology
Pegatron
HTC
Samsung Electro-Mechanics
Novatek Microelectronics
Beijing Enterprises Water
Wistron
TOTVS
Ncsoft
Advantech
Foxconn Technology
Radiant Opto-Electronics
Acer
Synnex Technology International
Kingsoft
WPG
Inventec
Epistar
Hanergy Solar
Realtek Semiconductor
Chicony Electronics
ZTE
TPK Holdings
663
506
414
209
125
121
105
103
64
50
46
40
40
38
38
37
31
27
23
22
21
21
21
20
19
18
18
17
17
17
16
15
15
14
12
11
11
11
10
10
10
9
9
9
9
9
9
8
8
8
219
2.69
2.05
1.68
0.85
0.51
0.49
0.43
0.42
0.26
0.20
0.19
0.16
0.16
0.15
0.15
0.15
0.13
0.11
0.09
0.09
0.09
0.09
0.09
0.08
0.08
0.07
0.07
0.07
0.07
0.07
0.06
0.06
0.06
0.06
0.05
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.03
0.03
0.03
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 220
FIDELITY INDEX EMERGING MARKETS FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
88
2,000
5,500
6,000
7,000
4,000
2,000
10,000
2,000
1,000
2,000
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
LG Innotek
Simplo Technology
Kingboard Chemical
Powertech Technology
Vanguard International Semiconductor
Clevo
Kinsus Interconnect Technology
Unimicron Technology
Transcend Information
Phison Electronics
Zhen Ding Techongy
Percentage
of total
net assets
%
7
7
7
7
6
5
5
5
4
4
4
0.03
0.03
0.03
0.03
0.02
0.02
0.02
0.02
0.02
0.02
0.02
3,165
12.85
213
210
176
158
146
142
141
128
50
49
46
45
44
42
42
36
35
28
28
26
25
24
20
16
15
15
14
13
12
11
11
10
9
8
8
8
7
5
0.86
0.85
0.71
0.64
0.59
0.58
0.57
0.52
0.20
0.20
0.19
0.18
0.18
0.17
0.17
0.15
0.14
0.11
0.11
0.11
0.10
0.10
0.08
0.06
0.06
0.06
0.06
0.05
0.05
0.04
0.04
0.04
0.04
0.03
0.03
0.03
0.03
0.02
ENERGY - (0.00%)
48,811
34,300
146,000
4,513
172,000
24,600
4,149
210,000
11,610
28,000
747
3,000
1,950
40,946
7,000
9,640
11,400
3,763
496
26,000
14,000
30,000
2,680
12
1,031
10,000
15,048
35,000
1,000
424
355
375
8,900
118,800
16,000
2,100
6,800
8,400
Gazprom (UK)
Petrobras
CNOOC
Sasol
PetroChina
Petrobras - Petroleo Brasiliero
Lukoil (UK) ADR
China Petroleum & Chemical
Surgutneftegaz ADR
China Shenhua Energy
Novatek Reg S
Ultrapar Participacoes
Tatneft GDR Reg S
Ecopetrol
PTT (F)
Rosneft OC GDR Reg S
PTT Exploration & Production (F)
Copec (Cia de Petr Chile)
SK Energy
Kunlun Energy Company
China Oilfield
Sapura Kencana Petroleum
Polski Koncern Naftowy Orlen
Transneft (Pref'd)
Tupras Turkiye Petrol Rafinerileri
Formosa Petrochemical
Polish Oil & Gas
China Coal Energy
Cosan Industria Comercio
GS
Mol Hungarian Oil & Gas
S-Oil
Inner Mongolia Yitai Coal
Adaro Energy
Yanzhou Coal Mining
Petronas Dagangan
Thai Oil
Banpu Public (F)
220
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 221
FIDELITY INDEX EMERGING MARKETS FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
80,000
7,100
3,400
633
7,800
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Thai Petrochemical Industries (F)
Tambang Batubara Bukit
Indo Tambangraya Megah
Grupa Lotos
Bumi Armada
Percentage
of total
net assets
%
5
5
5
4
4
0.02
0.02
0.02
0.02
0.02
2,039
8.27
249
156
97
93
78
64
51
50
43
40
35
33
29
28
27
25
23
23
22
22
21
20
19
19
19
18
18
18
18
17
17
16
16
16
16
13
12
12
11
11
10
10
10
10
1.01
0.63
0.39
0.38
0.32
0.26
0.21
0.20
0.17
0.16
0.14
0.13
0.12
0.11
0.11
0.10
0.09
0.09
0.09
0.09
0.09
0.08
0.08
0.08
0.08
0.07
0.07
0.07
0.07
0.07
0.07
0.06
0.06
0.06
0.06
0.05
0.05
0.05
0.04
0.04
0.04
0.04
0.04
0.04
CONSUMER DISCRETIONARY - (0.00%)
3,242
1,130
556
21,200
2,142
163,700
17,218
2,843
457
881
7,932
17,900
38,000
6,175
24,000
22,000
1,945
26,300
444
8,500
983
1,000
2,500
593
275
1,824
91
201
13,000
1,571
2,000
10,000
9,000
122
3,850
3,171
124
17,000
13,300
1,649
16,000
4,200
1,000
1,500
Naspers
Hyundai Motor
Hyundai Precision
Grupo Televisa
Kia Motors
Astra International
Steinhoff International
Kroton Educacional
Hyundai Motor (Pref'd)
LG Electronics
S.A.C.I Falabella
Genting
Belle International
Woolworths
Brilliance China Automotive
Dongfeng Motor
Mr Price
Genting Malaysia
Coway
Great Wall Automotive
Kangwon Land
Lojas Renner
Estacio Participacoes
Hankook Tire
Hotel Shilla
Greek Organisation of Football Prognostics
Lotte Shopping
Hyundai Motor (Pref'd)
Cheng Shin Rubber Industry
Imperial Holdings
Hotai Motor
China Resources Enterprise
Haier Electronics
Hyundai WIA
Lojas Americanas
Truworths International
Hyundai Department Stores
Pou Chen
Lippo Pacific Finance
Foschini
Guangzhou Automobile
UMW (Malaysia)
B2W Companhia Global
El Puerto Liverpool
221
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 222
FIDELITY INDEX EMERGING MARKETS FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
2,000
13,300
2,100
2,500
292
697
81,704
5,000
13,900
3,640
40,000
8,000
38,200
8,600
6,700
2,144
56
1,692
271
832
13,200
298
1,100
5,000
57,300
16,000
28,000
44,300
6,000
1,625
7,486
10,000
40,000
1,040
8,160
5,000
529
7,000
5,500
884
1,000
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Giant Manufacturing
Minor International (F)
Merida Industry
Cyrela Brazil Realty (SA)
Halla Climate Control Company
Cheil Communications
GOME Electrical Appliances
Shenzhou International
Astro Malaysia
Jollibee Foods
Geely Automobile
Anta Sports Products
Surya Citra Media
BEC World
Chongqing Changan Automobile
Arcelik
Shinsegae
Cyfrowy Polsat
Folli Follie
Jumbo (SA)
Indorama Ventures
Paradise
Via Varejo
Ruentex Industries
Global Mediacom
Avichina Industry & Technology
Home Product Center
Media Nusantara Citra
Yulon Motor Company
Lojas Americanas (Reg'd)
Berjaya Sports Toto
Intime Department Store
Alibaba Pictures
Eclat Textile
Far Eastern Department Stores
Golden Eagle Retail
Ford Otomotive Sanayii
Formosa Taffeta
Zhongsheng
Tofa Turk Otomobil Fabrikasi
China Motor
Percentage
of total
net assets
%
10
9
9
9
9
9
9
9
9
9
9
9
8
8
8
8
8
8
7
7
7
7
7
7
6
6
6
6
6
6
5
5
5
5
5
4
4
4
4
3
1
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.01
0.00
1,835
7.45
115
107
78
75
68
58
56
53
0.47
0.43
0.32
0.30
0.28
0.24
0.23
0.22
MATERIALS - (0.00%)
16,400
539
9,900
94,808
31,500
365
39,000
4,506
Vale (Pref'd) (A)
Posco
Vale
Cemex
Grupo Mexico
LG Chemical
Nan Ya Plastics
JSC MMC Norilsk Nickel ADR (UK)
222
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 223
FIDELITY INDEX EMERGING MARKETS FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
34,000
98,940
27,000
3,315
1,174
1,415
22,800
27,000
580
2,165
7,200
4,469
10,000
24,400
7,700
6,408
1,160
2,100
70
2,273
6,000
13,600
10,399
12,100
17,340
1,625
11,515
24,000
2,000
12,000
796
3,248
136
4,855
127
450
4,339
2,400
557
1,900
1,745
1,204
926
14,000
1,200
34,000
190
13,300
81
52,000
7,000
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Formosa Plastic
China Steel
Formosa Chemicals & Fibre
Anglogold
KGHM Polska Miedz (Brazil)
Southern Copper (US)
Petronas Chemicals
Taiwan Cement
Hyundai Steel
Uralkali
Gerdau (Pref'd)
Impala Platinum
Anhui Conch Cement
Semen Gresik
Mexichem
Gold Fields
Industrias Penoles
Siam Cement
Korea Zinc
Grupo Argos
Siderurgica Nacional
PTT Global Chemical (F)
Manufacturera Papeles y Carton
Indocement Tunggal Prakarsa
Asia Cement
Buenaventura ADR
Eregli Demir Ve Celik
China National Building Material
Fibria Celulose
Jiangxi Copper
Sociedad Quimica Y Minera de Chile (Pref'd)
Cementos Caribe
DC Chemical
Nampak
Honam Petrochemical
Anglo Platinum
Sappi
Metalurgica Gerdau
Kumba Iron Ore
Bradespar (Pref'd)
Severstal GDR
Exxaro Resources
African Rainbow Minerals
Fosun International
Siam Cement
Aluminum Corporation of China
Hyosung
Alrosa
LG Chemical (Pref'd)
Zijin Mining
Taiwan Fertilizer
53
52
41
34
30
28
27
26
26
25
25
24
22
20
20
18
18
17
17
17
16
16
15
15
14
14
14
13
13
13
13
12
12
12
12
11
11
10
10
10
10
10
10
10
10
9
9
9
8
8
8
223
Percentage
of total
net assets
%
0.22
0.21
0.17
0.14
0.12
0.11
0.11
0.11
0.11
0.10
0.10
0.10
0.09
0.08
0.08
0.07
0.07
0.07
0.07
0.07
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.03
0.03
0.03
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 224
FIDELITY INDEX EMERGING MARKETS FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
1,060
1,370
859
4,371
3,200
16,000
11,500
3,500
3,050
377
13,000
422
369
9,000
5,300
3,334
2,420
2,700
28,000
302
702
1,500
112
1,300
14,000
4,721
9,500
5,150
11,000
410
498
1,320
1,015
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Grupo Argos (Pref'd)
Cemex Latam
Hanwha Chemical
PPC
Usiminas (Pref'd) Reg (A)
China Resources Cement
Klabin SA
Lafarge Malayan Cement
Northam Platinum
Han Wha
Nine Dragons Paper
Grupa Azoty
Titan Cement
Yingde Gases
Minera Frisco (A)
Harmony Gold Mining
Duratex
Suzano Papel E Cel
Sinopec Shanghai Petrochemical H
Assore
Cia Aceros Pacifico
Klabin Unit
Korea Kumho Petrochemical
Braskem
China Blue Chemical (H)
Synthos
BBMG
Taiwan Synthetic Rubber
Lee & Man Paper
Koza Altin Isletmeleri
Jastrzebska Spolka Weglow
Indorama Ventures (Warrants 24/08/2017)
Indorama Ventures (Warrants 24/08/2018)
Percentage
of total
net assets
%
8
8
8
8
7
7
7
7
7
7
6
6
6
6
6
6
6
6
6
5
5
5
5
5
4
4
4
4
4
3
3
0
0
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.01
0.01
0.00
0.00
1,686
6.85
169
92
86
76
71
48
43
42
37
37
34
32
32
31
27
27
0.69
0.37
0.35
0.31
0.29
0.19
0.17
0.17
0.15
0.15
0.14
0.13
0.13
0.13
0.11
0.11
CONSUMER STAPLES - (0.00%)
38,629
15,900
5,400
2,135
43,200
855
39,220
6,500
1,200
49,000
27
3,772
35,900
11,000
13,700
16,000
AmBev
Fomento Economico Mexicano
BRF
Magnit GDR
Wal-Mart de Mexico (V)
KT&G
Uni-President Enterprises
Hengan
Companhia Brasileira de Distribuicao (Pref'd)
Want Want China
Amorepacific
Shoprite
CP All
China Mengniu Dairy
Grupo Bimbo
Tingyi
224
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 225
FIDELITY INDEX EMERGING MARKETS FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
1,757
172
78
1,365
3,500
5,000
24,500
13,200
13,200
10,603
4,000
4,200
1,500
1,692
6,200
2,900
3,100
7,300
3,300
65
38,900
1,759
19,500
23
63,200
22,900
4,300
1,800
1,600
800
3,500
1,353
12,300
3,700
645
5,100
6
300
1,290
49,000
922
11,001
1,291
2,700
1,890
18,100
10,900
19,000
760
3,180
3,914
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
BIM Birlesik Magazalar
E-Mart
LG Household & Health Care
Tiger Brands
Coca Cola Femsa
President Chain Store
IOI
Kimberly-Clark Mexico (A)
Unilever Indonesia
Cencosud
Tsingtao Brewery
Kuala Lumpur Kepong
Natura Cosmeticos
Almacenes Exito
JBS
Souza Cruz Industria Comerico
Hypermarcas
Universal Robina
Arca Continental
CJ Cheiljedang
Indofood Sukses Makmur
Anadolu Efes Biracilik ve Malt Sanayii
Sun Art Retail
Amoreg
Charoen Pokphand
Charoen Pokhand Foods
PPB Group
Drogasil
Gruma (B)
British American Tobacco (MY)
Gudang Garam
SPAR
Felda Global Ventures
Controladora Commer Mex
Coca-Cola Icecek Sanayi
Grupo Lala
Lotte Confectionery
M.Dias Branco
Cervecerias Unidas
China Huishan Dairy
Massmart
Uni-President China
Ulker Biskuvi Sanayi
Grupo Comercial Chedraui
Pick n Pay Stores
Alliance Global
Indofood
China Agri-Industries
Eurocash
Standard Foods Taiwan
Vina Concha Y Toro
25
25
24
24
23
23
22
22
21
19
18
18
17
17
17
16
16
16
15
15
14
14
14
14
13
13
12
11
11
11
10
10
9
9
9
8
8
8
8
7
7
6
6
6
6
6
6
5
5
5
5
225
Percentage
of total
net assets
%
0.10
0.10
0.10
0.10
0.09
0.09
0.09
0.09
0.09
0.08
0.07
0.07
0.07
0.07
0.07
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.05
0.05
0.05
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.03
0.03
0.03
0.03
0.03
0.03
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 226
FIDELITY INDEX EMERGING MARKETS FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
2,604
2,300
3,200
1,500
248
Embotelladora Andina (Pref'd)
Genting Plantations
Astra Agro Lestari
Biostime International
Hite Jinro
Percentage
of total
net assets
%
5
4
4
3
3
0.02
0.02
0.02
0.01
0.01
1,572
6.36
370
206
189
58
57
50
43
42
34
29
28
28
27
26
23
22
20
20
18
17
17
17
13
13
13
12
11
11
11
11
11
9
9
9
8
8
7
7
6
5
4
2
1
1.50
0.84
0.77
0.24
0.23
0.20
0.17
0.17
0.14
0.12
0.11
0.11
0.11
0.11
0.09
0.09
0.08
0.08
0.07
0.07
0.07
0.07
0.05
0.05
0.05
0.05
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.03
0.03
0.03
0.03
0.02
0.02
0.02
0.01
0.00
1,522
6.16
TELECOMMUNICATIONS - (0.00%)
49,500
281,200
13,796
31,000
414,300
4,252
40,000
114,000
8,600
21,600
25,600
2,400
14,000
7,273
6,900
3,048
15,900
1,387
14,000
355
1,975
80,988
677
767
79
1,778
539
1,161
5,400
23,234
8,730
2,788
20,000
22,700
24,800
4,411
275
1,036
20,000
13,000
3,672
15,000
118
China Mobile
America Movil
MTN
Chunghwa Telecom
Telekomunikasi Indonesia
Mobile Telesystems ADR
China Unicom
China Telecom
Advanced Information Service (F)
Axiata Berhad
DiGi Swisscom
Telefonica Brasil (Pref'd)
Taiwan Cellular
Turkcell Iletisim Hizmet
Tim Participacoes
Vodacom
Maxis
Sistema GDR Reg S
Far EasTone Telecommunications
Philippine Long Distance Telephone
OTE
Telecomasia (F)
Ooredoo
MegaFon GDR
SK Telecom
LG Uplus
KT
Rostelecom ADR
Orange Polska
Global Telecom
Telekom Malaysia
Vodafone Qatar
CITIC 21CN
Oi
XL Axiata
Turk Telekomunikasyon
Globe Telecom
Empresa Nacional de Telecomunicaciones
China Communication
Asia Pacific Telecom
Telecom Egypt Sae
True
Telefonica
226
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 227
FIDELITY INDEX EMERGING MARKETS FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
INDUSTRIALS - (0.00%)
26,100
1,025
23,300
2,658
7,300
794
5,400
343
1,333
589
704
216
4,000
10,144
2,676
107
2,100
27,540
4,800
5,661
20,000
30
2,270
36,000
1,381
3,600
13,700
14,000
39
20,690
1,390
14,000
866
121
1,200
1,700
16,680
14,200
1,700
16,000
9,300
229
2,060
14,114
9,200
2,500
1,866
5,900
456
33,000
4,000
Sime Darby Berhad
Samsung Corporation
Alfa (A)
Bidvest
Cia de Concessoes Rodoviaria
LG Chemical Investments
Embraer SA
Hyundai Heavy Industries
Samsung Heavy Industries
Hyundai Engineering & Construction
Industries of Qatar
SK Holdings
Beijing Enterprises
China Merchants International
Latam Airlines
Hyundai Glovis
Promotora Y Op de Infrash
Far Eastern Textile
Grupo Carso
KOC
China Everbright International
Orion
WEG
China Communications Construction
DP World
Airports of Thailand (F)
United Tractors
CITIC Pacific
KCC Corporation
JG Summit
SM Investments
China State Construction
Daewoo Shipbuilding & Marine Engineering
CJ
Localiza
Grupo Aeroportuario del Sureste
Aboitiz Equity Ventures
Gamuda
Qualicorp
Teco Electric & Machinery
Malaysia International Shipping (L)
Daelim Industrial
Hiwin Technologies
Cosco Pacific
IJM
Grupo Aeropuerto Pacifico
Barlow
OHL Mexico
Hyundai Housing & Industrial Development
China Railway
Weichai Power
47
45
45
43
39
33
31
29
22
22
22
21
21
20
20
19
18
18
18
18
17
16
16
16
16
16
16
16
16
15
15
14
13
13
13
13
13
13
13
12
12
12
12
12
11
11
11
11
11
10
10
227
0.19
0.18
0.18
0.17
0.16
0.13
0.13
0.12
0.09
0.09
0.09
0.09
0.09
0.08
0.08
0.08
0.07
0.07
0.07
0.07
0.07
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.04
0.04
0.04
0.04
0.04
0.04
0.04
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 228
FIDELITY INDEX EMERGING MARKETS FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
5,926
4,500
16,000
49,000
16,000
227
4,711
27,860
358
384
4,000
3,700
5,000
479
325
386
1,117
12,000
1,412
16,200
1,900
90
14,000
10,000
4,440
6,740
159
9,052
9,500
146
28,000
22,000
4,097
16,000
19,100
5,000
5,598
70
14,000
906
238
21,000
10,800
9,000
4,000
12,200
122
31,000
4,000
22,000
14,000
14,000
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Malaysia Airports
Zhuzhou CSR Times Electric (H)
China South Locomotive and Rolling Stock
BTS Group
China Railway Construction
Samsung Engineering
Turk Hava Yollari
Dialog
Korea Aerospace Industries
Daewoo International
Shanghai Industrial
All America Latina Logistics
Haitian International
Doosan Heavy Industries and Construction
Samsung Techwin
LG Construction
Daewoo Heavy Industries & Machinery
Zhejiang Expressway
TAV Havalimanlari
Tower Bersama Infrastructure
EcoRodovias Infraestrutura e Logistica
Hyundai Mipo Dockyard
Beijing Capital International Airport
Jiangsu Express
International Container Terminal Services
DMCI
S-1
Arabtec
Sinopec Engineering
LS
Walsin Lihwa
Shanghai Electric
Enka Insaat ve Sanayi
Evergreen Marine
Jasa Marga
CTCI
Turk Sise ve Cam Fabrikalari
Doosan
Air China
SK Networks
Korean Air Lines
China COSCO
Airasia
Taiwan Glass
China International Marine Containers
Changsha Zoo
LS Industrial Systems
China Shipping Continental Line
U-Ming Marine Transport
China Airlines
Yang Ming Marine Transprt
Eva Airways
9
9
9
9
9
9
9
9
8
8
8
8
8
8
8
8
8
7
7
7
7
7
7
7
7
7
7
7
7
6
6
6
6
6
6
5
5
5
5
5
5
5
5
5
5
5
5
5
4
4
4
4
228
Percentage
of total
net assets
%
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 229
FIDELITY INDEX EMERGING MARKETS FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
592
835
7,900
Hyundai Merchant Marine
Daewoo Engineering & Construction
Malaysia Mining (MY)
Percentage
of total
net assets
%
4
4
4
0.02
0.02
0.02
1,323
5.36
54
52
31
31
29
27
26
25
25
25
22
19
17
16
16
15
14
14
12
12
11
11
10
10
9
9
9
8
8
8
8
7
7
7
6
6
6
6
6
6
5
5
5
4
3
0.22
0.21
0.13
0.13
0.12
0.11
0.11
0.10
0.10
0.10
0.09
0.08
0.07
0.06
0.06
0.06
0.06
0.06
0.05
0.05
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.01
662
2.69
UTILITIES - (0.00%)
22,900
2,100
6,200
157,765
16,000
90,600
6,000
6,150
5,700
27,664
1,275
26,000
16,000
2,800
25,000
20,000
1,400
8,000
2,000
1,500
69,327
35,100
3,166
9,105
8,961
5,700
23,159
800
24,000
234
935
12,800
23,627
1,678
1,900
1,917
64,600
2,700
6,661
217
500
900
1,600
700
9,990
Tenaga Nasional
Korea Electric Power
Companhia Energetica de Minas Gerais (Cemig) (Pref'd)
Enersis
China Resouces Power
Perushaan Gas Negara (B)
ENN Energy
PGE
Petronas Gas
Endesa (Emp Nac de Elec)
CEZ
Huaneng Power International (H)
China Gas
Sabesp
China Longyuan Power (H)
Guangdong Investments
Tractebel Energia
China Resources Gas
CPFL Energia
CESP (Pref'd) (B)
Colbun
YTL
Interconexion Electrica
Rushydro ADR
Tauron Polska Energia
Glow Energy (F)
Aguas Andinas (A)
Paranaense de Energia (Copel) (Pref'd) 'B'
Datang Power Generation
Korea Gas
Public Power of Greece
Aboitiz Power
Aes Gener
Energa
Energias do Brasil
Enea
PNOC Energy Development
Eletrobras
Isagen
Qatar Electricity & Water
Cia de Saneamento Minas
AES Tiete (pef'd)
Centrais Eletricas Brasileiras (Eletrobras) (Pref'd) (B)
Terna Participacoes Unit
YTL Power International
229
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 230
FIDELITY INDEX EMERGING MARKETS FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
HEALTH CARE - (0.00%)
2,687
21,700
7,975
8,400
3,177
190,500
8,240
35,000
24,000
532
1,230
7,000
16,000
26,700
3,000
6,500
79
3,500
12,000
2,100
3,120
Aspen Pharmacare
IHH Healthcare Berhard (Malaysia)
Life Healthcare
Sinopharm
Medi Clinic
Kalbe Farma
Netcare
Sihuan Pharmaceuticals
Sino Biopharmaceutical
Celltrion
Richter Gedeon
Genomma Lab Internacional
Shandong Weigao Medical Polymer
Bangkok Dusit Medical Services (F)
Bumrungrad Hospital
Shanghai Pharma
Yuhan
Shanghai Fosun Pharmaceuticals
CSPC Pharmaceutical
Odontoprev
Scinopharm Taiwan
46
20
20
18
17
16
15
14
13
13
12
11
10
10
8
8
8
7
6
5
4
0.19
0.08
0.08
0.07
0.07
0.06
0.06
0.06
0.05
0.05
0.05
0.04
0.04
0.04
0.03
0.03
0.03
0.03
0.02
0.02
0.02
281
1.14
72
11
0.29
0.04
FUTURES - (0.00%)
USD
USD
5,705,485
2,246,501
MINI MSCI EM Future 19/09/2014
SGX CNX NIFTY Future 25/09/2014
Portfolio of investments
Cash and other net assets/(liabilities)
Net assets
The figures in brackets represent the sector distributions at 28 February 2014.
*Securities valued at the ACD's valuation.
The percentage of net assets disclosed above is subject to rounding.
230
83
0.34
22,170
89.96
2,474
10.04
24,644
100.00
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 231
FIDELITY INDEX EUROPE EX UK FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
FRANCE - (21.07%)
18,172
10,131
8,988
2,371
15,399
2,923
4,427
2,042
4,823
6,105
4,989
12,294
10,236
4,103
15,745
826
1,803
3,772
1,732
5,226
1,578
2,302
643
1,632
8,498
1,586
2,256
1,539
1,225
463
23,696
869
641
801
1,453
1,071
2,054
1,835
3,496
1,627
480
7,873
1,727
1,579
3,970
667
221
3,325
2,383
2,287
Total (B)
Sanofi-Aventis
BNP Paribas
LVMH
AXA
Air Liquide
Schneider Electric
L'Oreal
Danone
Societe Generale de Paris
Airbus
GDF Suez
Vivendi Universal
VINCI
France Telecom
Unibail-Rodamco
Pernod-Ricard
St Gobain
Essilor International
Carrefour
Michelin (B) (Reg'd)
Sagem
Kering
Renault
Credit Agricole
Lafarge (Bearer)
Legrand
Publicis Groupe
Capgemini
Christian Dior
Alcatel Lucent
Technip Coflexip
Valeo
Sodexo
Accor
Dassault Systemes
Electricite de France
Alstom
Veolia Environnement
Bouygues
Casino Guichard Perrachon
Natexis Banque
Edenred
Zodiac Aerospace
Groupe Eurotunnel
Atos Origin
Iliad
Peugeot Citreon
Suez Environnement
Rexel
725
669
368
249
230
226
225
206
205
187
185
182
162
162
144
134
127
116
111
109
106
90
83
78
76
74
74
69
53
50
49
48
47
47
43
43
40
39
38
36
34
33
31
31
31
31
29
28
27
27
231
2.25
2.08
1.14
0.77
0.71
0.70
0.70
0.64
0.64
0.58
0.57
0.57
0.50
0.50
0.45
0.42
0.39
0.36
0.34
0.34
0.33
0.28
0.26
0.24
0.24
0.23
0.23
0.21
0.16
0.16
0.15
0.15
0.15
0.15
0.13
0.13
0.12
0.12
0.12
0.11
0.11
0.10
0.10
0.10
0.10
0.10
0.09
0.09
0.08
0.08
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 232
FIDELITY INDEX EUROPE EX UK FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
1,874
786
1,308
925
1,304
847
480
268
243
252
46
314
1,002
1,458
187
320
240
291
566
206
Bureau Veritas
Thales
Eutelsat Communications
Vallourec
Scor Ree
Klepierre
Arkema
Marine Wendel
Bic
Aeroports de Paris
Bollore
Icade
Lagardere (Reg'd)
CNP Assurances
Gecina
Eurazeo
Fonciere Des Regions
Imerys
JC Decaux
Remy Cointreau
Percentage
of total
net assets
%
27
27
26
25
24
24
22
20
20
20
18
18
17
17
16
15
15
14
12
10
0.08
0.08
0.08
0.08
0.07
0.07
0.07
0.06
0.06
0.06
0.06
0.06
0.05
0.05
0.05
0.05
0.05
0.04
0.04
0.03
6,594
20.49
1,279
1,056
1,047
334
256
255
231
219
173
148
94
86
79
71
69
66
66
64
63
52
44
42
41
41
38
37
34
32
3.97
3.28
3.25
1.04
0.80
0.79
0.72
0.68
0.54
0.46
0.29
0.27
0.25
0.22
0.21
0.21
0.21
0.20
0.20
0.16
0.14
0.13
0.13
0.13
0.12
0.11
0.11
0.10
SWITZERLAND - (19.52%)
27,384
19,533
5,966
30,998
18,674
4,433
1,265
12,877
791
2,991
1,944
262
79
3,066
198
321
1,447
868
47
1,901
456
273
741
18
1
459
392
403
Nestle (Reg'd)
Novartis (Reg'd)
Roche
UBS (Reg'd)
ABB (Reg'd) (Switz)
Cie Financiere Richemont (A)
Zurich Financial
Credit Suisse
Syngenta
Swiss Re
Holcim (Reg'd)
Swatch (BR)
Givaudan (Reg'd)
Transocean (Swiss)
Swisscom (Reg'd)
Geberit (Reg'd)
Adecco (Reg'd)
Actelion (Reg'd)
SGS
Julius Baer Gruppe
Phonak (B) (Reg'd)
Swiss Life
Aryzta
Sika Finanz
Lindt & Spruengli (Reg'd)
Kuehne & Nagel International (Reg'd)
Schindler
Baloise (Reg'd)
232
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 233
FIDELITY INDEX EUROPE EX UK FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
449
423
148
488
6
70
204
181
262
19
Percentage
of total
net assets
%
Portfolio of investments
Market value/
Unrealised gain/(loss)
£’000
Lonza (Reg'd)
Swatch (Reg'd)
Partners
Swiss Prime Site
Lindt & Spruengli
EMS-Chemie
Sulzer (Reg'd)
Schindler (Reg'd)
Pargesa
Barry Callebaut (Reg'd)
31
26
24
24
19
18
16
16
14
14
0.10
0.08
0.07
0.07
0.06
0.06
0.05
0.05
0.04
0.04
6,219
19.33
569
510
485
406
401
368
242
240
200
189
188
187
185
162
121
98
96
95
80
78
75
72
71
67
64
58
57
55
46
45
42
42
34
33
29
29
28
27
26
1.77
1.58
1.51
1.26
1.25
1.14
0.75
0.75
0.62
0.59
0.58
0.58
0.57
0.50
0.38
0.30
0.30
0.30
0.25
0.24
0.23
0.22
0.22
0.21
0.20
0.18
0.18
0.17
0.14
0.14
0.13
0.13
0.11
0.10
0.09
0.09
0.09
0.08
0.08
GERMANY - (19.86%)
7,022
6,733
7,800
8,176
3,877
7,824
11,714
26,456
2,812
1,577
1,381
16,992
1,523
8,214
934
4,156
1,513
3,206
1,777
1,837
8,218
1,300
1,639
9,574
3,845
1,097
992
1,197
856
1,858
1,312
1,553
251
2,430
777
1,376
1,463
461
989
Bayer
Siemens (Bearer)
BASF
DaimlerChrysler (Reg'd)
Allianz
SAP
Deutsche Bank
Deutsche Telekom (Reg'd)
BMW
Linde
Volkswagen (Pref'd)
E.ON
Munich Reinsurance (Reg'd)
Deutsche Post
Continental
RWE
Henkel (Pref'd)
Fresenius
Adidas
Fresenius Medical Care
Commerzbank
Porsche Auto (Non-Voting) (Pref'd)
Deutsche Boerse
Infineon Technologies
Thyssenkrupp
Merck
Henkel (BR)
Heidelberg Cement
Beiersdorf
ProSieben Sat.1 Media
Brenntag
GEA
Volkswagen
Deutsche Wohnen (Bearer)
LANXESS
Metro
K&S
BMW (Pref'd)
United Internet (Reg'd)
233
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 234
FIDELITY INDEX EUROPE EX UK FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
512
269
299
3,724
1,958
329
756
188
603
314
336
2,367
196
430
Hannover Rueckversicherungs AG
Hugo Boss
Man Group (Reg'd)
Sky Deutschland
Lufthansa
RTL (DE)
Osram Licht
Kabel Deutschland
Fuchs Petrolub (Pref'd)
Fraport
Springer Axel Verlag (Reg'd)
Telefonica Deutschland
Hochtief
Celesio
Percentage
of total
net assets
%
26
23
21
20
20
19
19
16
15
13
12
11
9
9
0.08
0.07
0.07
0.06
0.06
0.06
0.06
0.05
0.05
0.04
0.04
0.03
0.03
0.03
6,033
18.75
618
367
333
197
163
112
73
56
55
55
54
47
46
43
43
38
36
35
31
26
18
13
0
1.92
1.14
1.03
0.61
0.51
0.35
0.23
0.17
0.17
0.17
0.17
0.15
0.14
0.13
0.13
0.12
0.11
0.11
0.10
0.08
0.06
0.04
0.00
2,459
7.64
207
203
195
120
119
102
100
94
89
0.64
0.63
0.61
0.37
0.37
0.32
0.31
0.29
0.28
SPAIN - (7.18%)
102,310
50,098
34,776
44,193
9,263
7,498
3,231
14,895
28,961
2,974
15,078
919
39,120
3,433
3,489
1,513
1,267
1,723
8,624
5,252
7,845
1,450
28
Banco Santander Central Hispano
Banco Bilbao Vizcaya Argentaria
Telefonica (SA)
Iberdrola
Inditex
Repsol
Amadeus
Banco Popular Espanol (Reg'd)
Banco de Sabadell
Gas Natural SDG (E)
CaixaBank
Red Electrica
Bankia
Abertis Infraestructuras
Cintra Concesiones
ACS Actividades de Construccion y Servicios
Grifols
Enagas
International Consolidated Airline
Distribuidora International Alimentation
MAPFRE
Zardoya Otis
Zardoya Otis
SWEDEN - (6.87%)
8,062
25,795
25,843
4,239
7,691
12,899
5,694
12,983
20,214
Hennes & Mauritz (B)
Nordea Bank
Ericsson (LM) Telefon (B)
Svenska Handelsbanken (A)
Swedbank (A)
Skandinaviska Enskilda (A)
Atlas Copco
Volvo (B)
Teliasonera
234
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 235
FIDELITY INDEX EUROPE EX UK FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
3,869
2,837
4,983
9,055
3,325
1,999
3,363
2,161
3,227
2,672
1,715
2,043
1,700
2,324
3,130
1,890
2,707
2,660
3,462
1,047
Investor (B)
ASSA ABLOY (B)
Svenska Cellulosa (B)
Sandvik
Atlas Copco (B)
Kinnevik Investment (B)
SKF (B)
Hexagon (B)
Skanska (B)
Alfa Laval
Swedish Match
Electrolux (B)
Getinge (B)
Boliden
Elekta Instrument (A)
Lundin Petroleum
Tele2 (B)
Securitas (B)
Husqvarna (B)
Industrivarden (C)
Percentage
of total
net assets
%
86
86
72
68
54
49
47
43
40
37
35
31
27
22
22
21
20
18
16
12
0.27
0.27
0.22
0.21
0.17
0.15
0.15
0.13
0.12
0.11
0.11
0.10
0.08
0.07
0.07
0.07
0.06
0.06
0.05
0.04
2,035
6.33
348
272
175
152
90
87
82
81
74
60
54
43
42
40
37
36
31
30
28
28
25
25
19
18
17
15
14
1.08
0.85
0.54
0.47
0.28
0.27
0.25
0.25
0.23
0.19
0.17
0.13
0.13
0.12
0.11
0.11
0.10
0.09
0.09
0.09
0.08
0.08
0.06
0.06
0.05
0.05
0.04
1,923
5.97
NETHERLANDS - (6.04%)
13,833
32,614
3,036
8,240
1,957
2,037
7,900
5,922
15,386
1,476
27,193
2,563
8,019
673
1,272
856
1,055
2,035
5,413
736
736
1,728
584
597
3,768
716
631
Unilever
ING
ASML (NL)
Koninklijke Philips Electronics
Heineken (Bearer)
Akzo Nobel
Ahold Koninklijke
Reed Elsevier
Aegon
Koninklijke
KPN
Wolters Kluwer
CNH Industrial
Gemalto
Ziggo
Heineken (A)
Randstad
Qiagen
STMicroelectronics
Altice
Boskalis West
Delta Lloyd
Corio
Koninklijke Vopak
TNT Express
OCI
Fugro
235
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 236
FIDELITY INDEX EUROPE EX UK FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
ITALY - (4.74%)
21,603
55,897
98,877
37,486
9,915
17,226
85,157
3,507
1,420
7,435
12,797
7,276
36,933
2,249
3,076
51,514
5,120
14,859
1,731
3,436
837
2,020
7,645
7,809
ENI
Enel
Intesa Sanpaolo
Unicredito Italiano
Assicurazioni Generali
SNAM
Telecom Italia
Autostrade
Luxottica
Fiat
Terna
Unione di Banche Italiane
Banca Monte dei Paschi di Siena
Saipem
Banco Popolare
Telecom Italia RISP
Mediobanca
Enel Green Power
Prysmian
Finmeccanica
Exor
Pirelli
Sai
Intesa Sanpaolo (Pref'd)
324
180
179
176
123
60
59
54
46
45
40
34
33
32
29
28
27
25
21
20
20
19
14
12
1.01
0.56
0.56
0.55
0.38
0.19
0.18
0.17
0.14
0.14
0.12
0.11
0.10
0.10
0.09
0.09
0.08
0.08
0.07
0.06
0.06
0.06
0.04
0.04
1,600
4.98
467
95
85
57
51
49
48
44
36
34
28
11
9
1.45
0.30
0.26
0.18
0.16
0.15
0.15
0.14
0.11
0.11
0.09
0.03
0.03
1,014
3.15
DENMARK - (2.91%)
16,909
5,567
56
2,033
919
1,903
943
979
6,892
23
1,528
185
192
Novo Nordisk (B)
Danske Bank
A P Moller (B)
Novozymes (B)
Carlsberg (B)
Vestas Wind Systems
Coloplast (B)
Pandora
TDC (B)
A P Moller (A)
DSV de Sammenslut
Trygvesta
William Demant
236
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 237
FIDELITY INDEX EUROPE EX UK FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
BELGIUM - (2.53%)
6,827
2,127
961
504
685
1,884
870
1,291
917
631
442
Anheuser-Busch InBev
KBC
UCB
Solvay (A)
Groupe Bruxelles Lambert
Ageas
Delhaize Group
Belgacom
Umicore
Colruyt
Telenet
458
73
57
48
41
38
37
28
27
18
16
1.42
0.23
0.18
0.15
0.13
0.12
0.11
0.09
0.08
0.06
0.05
841
2.61
158
113
68
57
40
38
24
23
20
20
19
13
0.49
0.35
0.21
0.18
0.12
0.12
0.07
0.07
0.06
0.06
0.06
0.04
593
1.84
161
93
90
47
41
38
21
12
0.50
0.29
0.28
0.15
0.13
0.12
0.07
0.04
503
1.57
242
90
60
50
9
0.75
0.28
0.19
0.16
0.03
451
1.40
FINLAND - (1.93%)
31,801
3,796
2,654
3,771
4,495
1,256
4,675
958
1,206
843
963
1,088
Nokia
Sampo Insurance (A)
Kone (B)
Fortum
UPM-Kymmene
Wartsila
Stora Enso (FI)
Metso
Elisa (A)
Orion (B)
Nokian Tyres
Neste Oil
NORWAY - (1.41%)
9,477
8,299
6,438
1,538
11,423
6,920
1,698
1,280
Statoil
DnB NOR
Telenor
Yara International
Norsk Hydro
Orkla (A)
Gjensidige Forsikring
Aker Solutions
IRELAND - (0.72%)
EUR
304,089
6,235
1,343
206,123
1,528
Fidelity Institutional Liquidity Fund (EUR)
CRH
Kerry (A)
Bank of Ireland
Ryanair
237
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 238
FIDELITY INDEX EUROPE EX UK FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
LUXEMBOURG - (0.76%)
8,487
2,580
4,010
562
2,390
ArcelorMittal (NL)
SES Global (A)
Tenaris (IL)
Millicom Interntional Cellular
Subsea 7
74
57
53
31
24
0.23
0.18
0.16
0.10
0.07
239
0.74
36
29
24
20
16
15
9
6
0.11
0.09
0.07
0.06
0.05
0.05
0.03
0.02
155
0.48
57
35
24
18
0
0.18
0.11
0.07
0.06
0.00
134
0.42
AUSTRIA - (0.61%)
2,372
1,248
951
617
995
8,129
323
1,059
Erste Bank
OMV
Voest-Alpine Stahl
Andritz
Raiffeisen Bank International
Immofinanz
Wiener Staedtische Versicherung
Telekom Austria
PORTUGAL - (0.40%)
19,665
3,274
299,162
2,137
13,570
Electricidade de Portugal
Galp Energia
Banco Com Portugue (Reg'd)
Jeronimo Martins & Filho
Banco Espirito Santo (Reg'd)*
BERMUDA - (0.22%)
3,188
SeaDrill
71
0.22
71
0.22
14
0.04
FUTURES - (0.00%)
EUR
1,760,410
EURO STOXX 50 Future 19/09/2014
Portfolio of investments
Cash and other net assets/(liabilities)
Net assets
The figures in brackets represent the sector distributions at 28 February 2014.
*Securities valued at the ACD's valuation.
The percentage of net assets disclosed above is subject to rounding.
238
14
0.04
30,878
95.96
1,306
4.04
32,184
100.00
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 239
FIDELITY INDEX JAPAN FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
ELECTRICAL MACHINERY - (13.73%)
17,900
75,000
2,900
34,200
30,000
16,300
700
3,100
64,000
5,300
29,000
3,000
2,600
40,000
3,000
10,500
2,000
1,800
1,400
2,100
7,100
23,000
3,600
1,400
500
3,100
2,200
3,500
9,000
1,500
3,300
1,900
400
2,500
5,400
Canon
Hitachi
Fanuc
Panasonic
Mitsubishi Electric
Sony
Keyence
Murata Manufacturing
Toshiba
Kyocera
Fujitsu
Nidec
Tokyo Electron
NEC
Omron
Ricoh
Seiko Epson
TDK
Rohm
Sysmex
Konica Minola
Sharp
Brother Industries
Hamamatsu Photonics
Hirose Electric
Casio Computer
Stanley Electric
Yaskawa Electronics
Fuji Electric
Koito Manufacturing
Yokogawa Electric
Ibiden
Mabuchi Motor
Advantest
Japan Display
352
342
292
252
226
188
181
179
170
149
120
115
107
86
78
68
61
54
54
49
47
44
42
40
39
33
31
27
26
25
23
22
21
17
16
1.37
1.33
1.14
0.98
0.88
0.73
0.70
0.70
0.66
0.58
0.47
0.45
0.42
0.33
0.30
0.26
0.24
0.21
0.21
0.19
0.18
0.17
0.16
0.16
0.15
0.13
0.12
0.11
0.10
0.10
0.09
0.09
0.08
0.07
0.06
3,576
13.92
1,449
505
229
201
154
118
110
86
75
69
66
47
5.64
1.96
0.89
0.78
0.60
0.46
0.43
0.33
0.29
0.27
0.26
0.18
TRANSPORT EQUIPMENT - (13.06%)
42,000
24,800
39,600
7,700
9,000
8,300
5,600
1,200
18,000
2,400
9,600
21,000
Toyota Motor
Honda Motor
Nissan Motor
Denso
Fuji Heavy Industries
Mazda Motor
Suzuki Motor
Shimano
Isuzu Motors
Toyota Industries
Mitsubishi Motors
Kawasaki Heavy Industries
239
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 240
FIDELITY INDEX JAPAN FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
3,900
3,900
2,900
1,500
900
Yamaha Motor
Hino Motors
Daihatsu Motor
NOK
Toyoda Gosei
Percentage
of total
net assets
%
44
33
30
20
10
0.17
0.13
0.12
0.08
0.04
3,246
12.61
672
472
402
121
111
60
50
47
41
35
35
34
32
30
26
23
23
22
22
22
21
20
2.61
1.84
1.56
0.47
0.43
0.23
0.19
0.18
0.16
0.14
0.14
0.13
0.12
0.12
0.10
0.09
0.09
0.09
0.09
0.09
0.08
0.08
2,321
9.02
644
313
250
231
52
41
32
31
31
22
20
20
18
14
11
8
5
2.51
1.22
0.97
0.90
0.20
0.16
0.12
0.12
0.12
0.09
0.08
0.08
0.07
0.05
0.04
0.03
0.02
1,743
6.78
BANKS - (9.80%)
193,900
19,400
350,400
49,000
33,800
18,000
8,000
11,000
13,000
17,000
12,000
3,000
25,000
5,000
5,000
3,700
2,500
6,000
8,900
18,000
6,000
7,000
Mitsubishi UFJ Financial
Sumitomo Mitsui Financial
Mizuho Financial
Sumitomo Mitsui Trust
Resona
Bank of Yokohama
Shizuoka Bank
Chiba Bank
Joyo Bank
Aozora Bank
Fukuoka Financial
Suruga Bank
Shinsei Bank
Yamaguchi Financial
Bank of Kyoto
Iyo Bank
Chugoku Bank
Hachijuni Bank
Seven Bank
Hokuhoku Financial
GUNMA Bank
Hiroshima Bank
INFORMATION & COMMUNICATION - (6.85%)
14,800
9,000
24,000
5,700
21,500
1,900
1,700
1,600
2,200
1,600
800
6,100
700
2,600
300
1,600
200
Softbank
KDDI
NTT DoCoMo
Nippon Telegraph & Telephone
Yahoo Japan
NTT Data
Nomura Research Institute
Trend Micro
Toho
Konami
Oracle Japan
Gungho Online Entertainmnt
Otsuka
Nexon
Hikari Tsushin
Gree
Itochu Techno-Solutions
240
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 241
FIDELITY INDEX JAPAN FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
CHEMICALS - (4.97%)
6,500
8,100
6,800
19,000
1,900
2,300
20,200
5,300
22,000
3,000
6,000
5,100
4,000
3,300
5,000
6,000
12,000
2,000
1,600
3,000
4,000
Shin-Etsu Chemical
Kao
Fujifilm
Asahi Kasei
Uni-Charm
Nitto Denko
Mitsubishi Chemical
Shiseido
Sumitomo Chemical
Nippon Paint
Sekisui Chemical
Kuraray
Kansai Paint Osaka
JSR
Daicel Chemical Industries
Mitsubishi Gas Chemical
Mitsui Chemicals
Air Water
Hitachi Chemical
Nippon Sanso
Kaneka
243
210
123
92
75
73
61
59
48
45
43
38
38
35
33
23
21
19
18
16
14
0.95
0.82
0.48
0.36
0.29
0.28
0.24
0.23
0.19
0.18
0.17
0.15
0.15
0.14
0.13
0.09
0.08
0.07
0.07
0.06
0.05
1,327
5.17
341
289
140
100
93
64
64
63
38
36
33
20
19
18
1.33
1.12
0.54
0.39
0.36
0.25
0.25
0.25
0.15
0.14
0.13
0.08
0.07
0.07
1,318
5.13
202
178
158
146
126
57
57
56
32
0.79
0.69
0.61
0.57
0.49
0.22
0.22
0.22
0.12
PHARMACEUTICALS - (5.17%)
12,400
33,300
6,400
9,400
3,700
1,200
4,500
3,300
1,100
3,900
4,000
2,400
800
400
Takeda Pharmaceutical
Astellas Pharmaceutical
Otsuka
Dai-Ichi Sankyo
Eisai
Ono Pharmaceutical
Shionogi
Chugai Pharmaceutical
Santen Pharmaceutical
Mitsubishi Tanabe Pharma
Kyowa Hakko Kirin
Dainippon Sumitomo Pharmaceutical
Hisamitsu Pharmaceutical
Taisho Pharma
MACHINERY - (4.58%)
14,800
48,000
3,800
17,000
800
20,000
1,700
7,000
2,800
Komatsu
Mitsubishi Heavy Industries
Daikin Industries
Kubota
SMC
IHI Corporation
Makita
NSK
Sega Sammy
241
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 242
FIDELITY INDEX JAPAN FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
2,200
5,300
3,100
1,800
8,000
1,800
1,700
700
THK
Amada
JTEKT
Nabtesco
Sumitomo Heavy Industries
Kurita Water Industries
Hitachi Construction Machinery
Sankyo (Gunma)
Percentage
of total
net assets
%
31
30
30
25
25
24
20
16
0.12
0.12
0.12
0.10
0.10
0.09
0.08
0.06
1,213
4.72
276
266
184
143
104
49
25
18
17
16
1.07
1.03
0.72
0.56
0.40
0.19
0.10
0.07
0.07
0.06
1,098
4.28
248
194
83
67
66
57
55
54
44
37
33
30
25
24
0.96
0.75
0.32
0.26
0.26
0.22
0.21
0.21
0.17
0.14
0.13
0.12
0.10
0.09
1,017
3.96
347
114
97
88
46
45
43
38
38
38
26
23
1.35
0.44
0.38
0.34
0.18
0.18
0.17
0.15
0.15
0.15
0.10
0.09
WHOLESALE - (4.10%)
22,100
27,100
24,000
18,400
24,000
3,100
700
900
1,000
2,100
Mitsubishi
Mitsui & Co
Itochu
Sumitomo
Marubeni
Toyota Tsusho
Alfresa
Suzuken
Hitachi High Technologies
Mediceo
LAND TRANSPORTATION - (3.54%)
5,300
2,300
2,900
16,000
5,300
16,000
26,000
9,000
14,000
7,000
12,000
12,000
4,000
1,900
East Japan Railway
Central Japan Railway
West Japan Railway
Tokyu
Yamato Transport
Hankyu Hanshin
Kintetsu
Odakyu Electric Railway
Tobu Railway
Keihin Elec Express Railway
Nippon Express
Nagoya Railroad
Keisei Electric Railway
Seibu
FOODS - (3.62%)
16,800
6,000
12,000
9,000
2,100
900
1,300
3,000
1,100
2,000
2,000
1,100
Japan Tobacco
Asahi Breweries
Kirin
Ajinomoto
Suntory Beverage & Food
Meiji
Yakult Honsha
Nippon Meat Packers
Nissin Food Products
Toyo Suisam Kaisha
Kikkoman
Calbee
242
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 243
FIDELITY INDEX JAPAN FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
2,900
1,000
Nisshin Seifun
Yamazaki Baking
Percentage
of total
net assets
%
20
8
0.08
0.03
971
3.78
269
264
117
33
31
25
22
21
21
16
15
1.05
1.03
0.46
0.13
0.12
0.10
0.09
0.08
0.08
0.06
0.06
834
3.24
285
151
61
43
36
36
29
27
25
23
21
18
16
16
15
15
1.11
0.59
0.24
0.17
0.14
0.14
0.11
0.11
0.10
0.09
0.08
0.07
0.06
0.06
0.06
0.06
817
3.18
200
146
102
71
64
32
0.78
0.57
0.40
0.28
0.25
0.12
615
2.40
187
74
66
62
56
43
0.73
0.29
0.26
0.24
0.22
0.17
REAL ESTATE - (3.35%)
14,000
19,000
5,000
7,200
6,000
3,600
1,700
2,400
1,900
1,500
2,200
Mitsui Fudosan
Mitsubishi Estate
Sumitomo Realty & Development
Tokyu Fudosan
Tokyo Tatemono
Shoei
AEON Mall
Iida
Nomura Real Estate
Park24
NTT Urban Development
RETAIL - (3.20%)
11,800
800
9,400
1,000
5,000
1,000
900
3,500
12,900
900
4,000
3,600
1,100
300
500
900
Seven & I
Fast Retailing
Aeon
Lawson
Isetan Mitsukoshi
Nitori
Don Quijote
J Front Retailing
Yamada Denki
Familymart
Takashimaya
Marui
McDonald's Japan
Shimamura
International Trading
Sanrio
INSURANCE - (2.22%)
10,900
16,900
7,500
4,900
8,600
3,300
Tokio Marine
Dai Ichi Life Insurance
MS&AD Insurance
NKSJ
T&D
Sony Financial
OTHER FINANCING BUSINESS - (4.03%)
20,500
22
20
2,800
3,900
34
Orix
Nippon Building Fund
Japan Real Estate Asset Management
Aisin Seiki
Japan Exchange
Japan Retail Fund Investment
243
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 244
FIDELITY INDEX JAPAN FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
2,000
12
2,200
7,600
6,000
Aeon Credit Service
Japan Prime Realty Investment
Credit Saison
Mitsubishi UFJ Lease And Finance
Acom
Percentage
of total
net assets
%
28
27
26
24
12
0.11
0.11
0.10
0.09
0.05
605
2.35
127
70
67
60
47
45
39
35
34
21
21
20
0.49
0.27
0.26
0.23
0.18
0.18
0.15
0.14
0.13
0.08
0.08
0.08
586
2.27
114
95
94
78
37
33
31
22
22
21
21
14
0.44
0.37
0.37
0.30
0.14
0.13
0.12
0.09
0.09
0.08
0.08
0.05
582
2.27
103
82
61
54
52
46
45
37
13
0.40
0.32
0.24
0.21
0.20
0.18
0.18
0.14
0.05
493
1.92
205
90
45
0.80
0.35
0.18
ELECTRIC POWER & GAS - (2.42%)
37,000
10,100
27,000
10,900
21,400
6,700
6,300
4,400
1,700
6,000
2,800
2,500
Tokyo Gas
Chubu Electric Power
Osaka Gas
Kansai Electric Power
Tokyo Electric Power
Tohoku Electric Power
Kyushu Electric Power
Chugoku Electric Power
Electric Power Development
Toho Gas
Shikoku Electric Power
Hokuriku Electric Power
SERVICES - (2.11%)
3,100
12,200
800
3,200
8,000
3,300
2,900
800
2,300
3,400
1,000
1,900
Secom
Rakuten
Oriental Land
Dentsu
Keio
USS
M3
Fujirebio
Kakaku.com
Hakuhodo DY
Benesse
DeNa
CONSTRUCTION - (0.00%)
9,000
1,100
8,100
15,000
3,000
10,000
9,000
12,000
2,000
Daiwa House Industries
Daito Trust Construction
Sekisui House
Taisei
JGC
Obayashi
Shimizu
Kajima
Chiyoda
IRON & STEEL - (1.55%)
120,000
7,400
46,000
Nippon Steel
JFE
Kobe Steel
244
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 245
FIDELITY INDEX JAPAN FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
3,000
1,200
4,000
500
Hitachi Metals
Maruichi Steel Tube
Daido Steel
Yamato Kogyo
Percentage
of total
net assets
%
31
19
11
10
0.12
0.07
0.04
0.04
411
1.60
221
132
22
0.86
0.51
0.09
375
1.46
131
80
68
45
21
18
0.51
0.31
0.26
0.18
0.08
0.07
363
1.41
107
57
44
35
30
19
0.42
0.22
0.17
0.14
0.12
0.07
292
1.14
98
73
49
35
0.38
0.28
0.19
0.14
255
0.99
211
22
16
0.82
0.09
0.06
249
0.97
61
53
45
29
18
0.24
0.21
0.18
0.11
0.07
206
0.80
SECURITIES - (1.51%)
57,300
27,000
3,100
Nomura
Daiwa Securities
Softbank Investment
PRECISION INSTRUMENTS - (1.35%)
6,700
3,700
4,500
5,100
4,000
4,100
Hoya
Olympus
Terumo
Nikon
Shimadzu
Citizen Watch
OTHER PRODUCTS - (1.29%)
1,600
9,000
2,600
8,000
2,400
2,200
Nintendo
Dai Nippon Printing
Namco Bandai
Toppan Printing
Asics
Yamaha
NONFERROUS METALS - (0.81%)
11,100
8,000
15,000
17,000
Sumitomo Electric Industries
Sumitomo Metal Mining
Asahi Glass
Mitsubishi Materials
RUBBER PRODUCTS - (1.00%)
10,200
2,600
3,000
Bridgestone
Sumitomo Rubber Industries
Yokohama Rubber
GLASS & CERAMICS - (0.96%)
4,000
3,000
18,000
4,000
6,000
NGK Insulators
NGK Spark Plug
Taiheiyo Cement
Toto
Nippon Electric Glass
245
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 246
FIDELITY INDEX JAPAN FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
OIL & COAL PRODUCTS - (0.64%)
34,600
4,000
2,800
1,300
JX
Tonengeneral Sekiyu
Showa Shell Sekiyu
Idemitsu Kosan
107
22
18
17
0.42
0.09
0.07
0.07
164
0.64
117
0.46
117
0.46
52
27
21
14
0.20
0.11
0.08
0.05
114
0.44
90
21
0.35
0.08
111
0.43
36
31
18
17
0.14
0.12
0.07
0.07
102
0.40
42
35
0.16
0.14
77
0.30
31
25
0.12
0.10
56
0.21
MINING - (0.86%)
13,500
Inpex
METAL PRODUCTS - (0.55%)
3,900
500
2,500
2,400
Lixil
Rinnai
Toyo Seikan Kaisha
NHK Spring
TEXTILES & APPAREL - (0.43%)
22,000
14,000
Toray Industries
Teijin
WAREHOUSING & HARBOUR TRANSPORTATION SERVICES - (0.47%)
37
21
2,000
3,000
United Urban Investment
Nippon Prologis
Mitsubishi Logistic
Kamigumi
MARINE TRANSPORTATION - (0.37%)
24,000
16,000
Nippon Yusen
Mitsui OSK Lines
AIR TRANSPORTATION - (0.19%)
900
17,000
Japan Airlines
All Nippon Airways
PULP & PAPER - (0.15%)
12,000
Oji Paper
29
0.11
29
0.11
INDEX FUTURES - ( (0.09)%)
JPY
46,512,760
Nikkei 225 Future (Yen Denom) 11/09/2014
Portfolio of investments
(1)
0.00
(1)
0.00
25,282
Cash and other net assets/(liabilities)
Net assets
The figures in brackets represent the sector distributions at 28 February 2014.
The percentage of net assets disclosed above is subject to rounding.
246
98.36
422
1.64
25,704
100.00
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 247
FIDELITY INDEX PACIFIC EX JAPAN FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
FINANCIALS - (50.68%)
29,741
57,032
50,338
43,180
221,000
25,000
31,250
18,614
23,281
27,113
47,434
23,602
97,668
54,257
5,302
24,617
42,955
36,214
42,500
14,100
68,000
28,000
43,311
31,693
11,500
42,000
10,064
57,000
18,800
47,000
3,551
95,770
67,730
30,918
99,667
23,396
54,226
7,960
17,000
15,000
6,650
39,380
21,400
44,000
37,000
8,000
26,189
12,000
44,000
37,000
Commonwealth Bank of Australia
Westpac Banking
Australia & New Zealand Banking
National Australia Bank
AIA
Cheung Kong
DBS
Hong Kong Exchanges & Clearing
United Overseas Bank
Sun Hung Kai Properties
Oversea-Chinese Banking
Suncorp
Scentre Group Stapled Unit
AMP
Macquarie
QBE Insurance
Insurance Australia
Westfield
Link Real Estate Investment Trust
Hang Seng Bank
Bank of China
Wharf
Stockland Trust Property
Macquarie Goodman
Swire Pacific (A)
Hang Lung Properties
Lend Lease
Global Logistic Properties
Henderson Land Development
Capitaland
Australian Stock Exchange
New World Development
Mirvac
GPT
Dexus Property
Bank of East Asia
Sino Land
Bendigo and Adelaide Bank
Wheelock & Co
Singapore Exchange
Bank of Queensland
CFS Retail Property Trust
Swire Properties
CapitaMall Trust
Ascendas Real Estate Investment Trust
City Developments
Federation Centres
Hysan Development
First Pacific
CapitaCommercial Real Estate Investment Trust
1,366
1,125
947
855
725
274
270
258
258
247
229
192
188
180
174
159
156
155
152
144
137
131
103
100
93
83
81
78
75
75
75
73
70
69
67
60
58
56
54
53
47
47
43
42
42
39
39
35
31
30
247
6.88
5.67
4.77
4.31
3.65
1.38
1.36
1.30
1.30
1.24
1.15
0.97
0.95
0.91
0.88
0.80
0.79
0.78
0.77
0.73
0.69
0.66
0.52
0.50
0.47
0.42
0.41
0.39
0.38
0.38
0.38
0.37
0.35
0.35
0.34
0.30
0.29
0.28
0.27
0.27
0.24
0.24
0.22
0.21
0.21
0.20
0.20
0.18
0.16
0.15
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 248
FIDELITY INDEX PACIFIC EX JAPAN FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
12,000
8,128
13,000
5,429
1,166
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Kerry Properties
UOL
Keppel Land
Oversea-Chinese Bank (Rights 15/09/2014)
Sun Hung Kai Properties (Warrants 22/04/2016)
Percentage
of total
net assets
%
27
25
22
6
2
0.14
0.13
0.11
0.03
0.01
10,122
50.95
1,217
282
142
90
79
67
59
59
53
44
40
38
6.13
1.42
0.72
0.45
0.40
0.34
0.30
0.30
0.27
0.22
0.20
0.19
2,170
10.92
306
153
150
142
105
63
63
58
52
51
50
49
45
44
42
41
32
31
30
29
25
24
20
16
1.54
0.77
0.76
0.72
0.53
0.32
0.32
0.29
0.26
0.26
0.25
0.25
0.23
0.22
0.21
0.21
0.16
0.16
0.15
0.15
0.13
0.12
0.10
0.08
1,621
8.16
MATERIALS - (12.24%)
58,915
7,993
22,135
14,061
6,804
28,560
12,618
8,169
30,175
14,358
46,331
7,680
BHP Billiton (AU)
Rio Tinto (AU)
Amcor
Newcrest Mining
Orica
Fortescue Metals
Fletcher Building
James Hardie Industries
Incitec Pivot
Boral New
Alumina
Iluka Resources
INDUSTRIALS - (8.55%)
39,000
28,671
33,048
27,000
39,206
26,500
17,893
5,932
79,286
29,000
19,920
10,000
37,000
18,000
12,497
95,000
17,470
27,290
7,232
15,000
22,000
1,863
35,000
19,743
Hutchison Whampoa
Brambles
Transurban
Keppel (SG)
Aurizon
MTR
Asciano
SEEK
Noble
Singapore Technologies Engineering
Sydney Airport
Singapore Airlines
ComfortDelGro
Sembcorp
Toll
Hutchison Port Trust
Auckland International Airport
NWS
ALS
Sembcorp Marine
Cathay Pacific Airways
Leighton
Yangzijiang Shipbuilding Holdings
Qantas Airways
248
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 249
FIDELITY INDEX PACIFIC EX JAPAN FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
ENERGY - (3.35%)
13,602
35,000
20,245
115,700
17,926
25,500
10,486
15,332
11,000
2,476
3,796
31,062
6,726
1,835
Woodside Petroleum
CLP
Origin Energy
Hong Kong & China Gas
Santos
Power Assets
AGL Energy
Apa
Cheung Kong Infrastructure
Caltex Australia
WorleyParsons
SP Ausnet
Contact Energy
AGL Energy
327
178
177
158
150
140
83
67
48
40
35
25
19
11
1.65
0.90
0.89
0.80
0.76
0.71
0.42
0.34
0.24
0.20
0.18
0.13
0.10
0.06
1,458
7.38
511
470
53
53
34
32
26
11
2.57
2.37
0.27
0.27
0.17
0.16
0.13
0.06
1,190
5.99
194
174
81
66
65
59
58
54
49
46
43
35
28
27
26
25
24
19
0.98
0.88
0.41
0.33
0.33
0.30
0.29
0.27
0.25
0.23
0.22
0.18
0.14
0.14
0.13
0.13
0.12
0.10
1,073
5.41
CONSUMER STAPLES - (6.61%)
20,973
23,067
35,000
10,505
11,913
130,000
16,297
9,000
Wesfarmers
Woolworths (AU)
Wilmar International
Coca-Cola Amatil
Treasury Wine Estates
Golden Agri-Resources
Metcash
Olam International
CONSUMER DISCRETIONARY - (6.80%)
43,000
44,400
108,000
112,000
28,400
6,681
29,000
36,000
26,314
25,000
2,000
17,600
13,996
1,015
967
13,500
26,000
9,743
K Wah Construction Materials
Sands China
Li & Fung
Genting Singapore
Wynn Macau
Crown
Singapore Press
SJM
Tattersalls
Techtronic Industries
Jardine Cycle & Carriage
MGM China Holdings
Tabcorp
Flight Centre
REA
Yue Yuen Industial
Shangri-La Asia
Harvey Norman
249
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 250
FIDELITY INDEX PACIFIC EX JAPAN FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
TELECOMMUNICATIONS - (3.28%)
146,000
79,889
33,544
48,600
73,068
11,000
5,097
Singapore Telecommunications
Telstra
Spark New Zealand
HKT Trust
PCCW
Starhub
TPG Telecom
274
250
50
34
28
22
17
1.38
1.26
0.25
0.17
0.14
0.11
0.09
675
3.39
365
71
69
43
28
1.84
0.36
0.35
0.22
0.14
576
2.90
60
28
15
0.30
0.14
0.08
103
0.51
HEALTH CARE - (2.98%)
8,785
2,410
6,985
1,047
6,879
CSL
Ramsay Health Care
Sonic Healthcare
Cochlear
Ryman Healthcare
INFORMATION TECHNOLOGY - (0.44%)
8,673
4,400
1,171
Computershare
ASM Pacific Technology
Xero
FUTURES - (0.06%)
AUD
1,261,203
SPI 200 Index Future 18/09/2014
Portfolio of investments
Cash and other net assets/(liabilities)
Net assets
The figures in brackets represent the sector distributions at 28 February 2014.
The percentage of net assets disclosed above is subject to rounding.
250
1
0.01
1
0.01
18,989
95.62
869
4.38
19,858
100.00
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 251
FIDELITY INDEX UK FUND
(FORMERLY FIDELITY MONEYBUILDER UK INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
FINANCIALS - (23.29%)
11,080,720
GBP 62,886,632
31,395,262
1,478,924
9,533,049
1,174,219
1,707,338
3,413,341
2,846,986
1,391,118
454,283
1,231,684
584,424
673,012
903,916
580,043
413,351
792,308
111,576
557,655
298,262
86,021
528,088
765,106
306,969
68,427
451,250
355,007
55,194
114,394
449,203
615,878
233,352
127,172
315,336
349,313
206,594
217,162
179,586
187,583
91,240
321,593
933,467
81,547
214,532
135,248
672,742
240,608
255,142
59,252
HSBC (UK) (Reg'd)
Fidelity Institutional Liquidity Fund (GBP)
Lloyds Banking Group
Prudential
Barclays
Standard Chartered
Aviva
Legal & General
Old Mutual
Standard Life
Land Securities
Royal Bank of Scotland
British Land
Royal & Sun Alliance Insurance
Direct Line Insurance
Aberdeen Asset Management
Hammerson
Resolution
London Stock Exchange
3i
St James's Place Capital
Provident Financial
INTU Properties
Scottish Mortgage Investment Trust
Investec
Schroders
Slough Estates
Alliance Trust
Derwent London
Admiral
Capital and Counties Property
Henderson
IG
Hargreaves Lansdown
Amlin
Foreign & Colonial Investment Trust
Great Portland Estates
Templeton Emerging Markets Investment Trust
Shaftesbury
Hiscox (BM)
Close Brothers
ICAP
Man Group
RIT Capital Partners
Catlin
Phoenix (UK)
HICL Infrastructure
Intermediate Capital
Jupiter Fund Management
The Mercantile Investment Trust
72,221
62,887
24,002
21,378
21,330
14,284
8,861
8,240
5,654
5,324
4,902
4,472
4,252
3,075
2,668
2,531
2,509
2,417
2,277
2,189
2,133
1,841
1,804
1,739
1,670
1,666
1,660
1,598
1,532
1,529
1,493
1,441
1,420
1,415
1,415
1,362
1,350
1,301
1,227
1,223
1,221
1,219
1,112
1,106
1,106
1,005
984
980
960
870
251
5.58
4.86
1.85
1.65
1.65
1.10
0.68
0.64
0.44
0.41
0.38
0.35
0.33
0.24
0.21
0.20
0.19
0.19
0.18
0.17
0.16
0.14
0.14
0.13
0.13
0.13
0.13
0.12
0.12
0.12
0.12
0.11
0.11
0.11
0.11
0.11
0.10
0.10
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.08
0.08
0.08
0.07
0.07
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 252
FIDELITY INDEX UK FUND
(FORMERLY FIDELITY MONEYBUILDER UK INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
198,162
236,790
320,477
130,083
76,206
148,838
68,904
104,944
113,391
725,613
189,197
23,257
54,556
329,441
224,306
420,203
134,414
90,060
269,158
119,251
407,192
28,015
263,755
26,564
143,102
135,524
101,269
481,430
93,393
122,861
387,163
370,716
148,940
311,752
74,056
76,876
117,213
19,409
83,730
66,364
77,342
153,069
16,342
67,668
72,415
65,670
28,846
232,486
132,990
125,041
954
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Schroder Ventures International Investment Trust
Ashmore
Beazley
Edinburgh Investment Trust
Jardine Lloyd Thompson
International Personal Finance
Murray International Trust
Witan Investment Trust
Lancashire Holdings
Neuberger Berman Global Floating Rate Income Fund
Paragon
Electra Private Equity
Aberforth Smaller Companies
Bluecrest AllBlue Fund
TR Property Investment Trust
London & Stamford Property
UNITE
Savills
IP Group
Merrill Lynch World Mining Trust
Babcock & Brown Public Partnership
BH Macro (GBP)
Grainger Trust
Rathbone Brothers
City of London Investment Trust
Monks Investment Trust
British Empire Securities & General Trust
Hansteen
Countrywide
Perpetual Income & Growth Investment Trust
Fidelity China Special Situations
John Laing Infrastructure
Brewin Dolphin
3i Infrastructure
Scottish Investment Trust
Genesis Emerging Markets Fund
St. Modwen Properties
Caledonia Investments
Polar Capital Technolgy
Workspace
Big Yellow
Esure
Bank of Georgia
Bankers Investment Trust
Law Debenture
JPMorgan Emerging Markets Investment Trust
Temple Bar Investment Trust
Fidelity European Values
JPMorgan American Investment Trust
Tullett Prebon
Personal Assets Trust
252
835
827
807
797
780
768
754
741
708
708
649
624
606
605
601
590
584
580
570
568
551
550
548
544
544
519
513
495
477
462
447
444
438
435
435
431
429
420
412
412
405
404
403
386
385
381
361
352
343
340
327
Percentage
of total
net assets
%
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 253
FIDELITY INDEX UK FUND
(FORMERLY FIDELITY MONEYBUILDER UK INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
128,943
255,259
46,848
67,776
57,444
20,368
104,421
313,145
35,856
22,651
47,735
23,774
494,960
76,388
28,020
21,219
167,340
111,683
86,291
144,150
293,722
85,713
80,578
24,544
96,011
38,014
60,523
38,433
16,994
54,008
111,622
43,874
98,983
52,138
50,397
18,928
210,336
21,079
17,285
27,784
11,698
21,337
58,457
108,988
71,436
63,253
79,035
13,810
26,464
50,203
72,615
72,105
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Foxtons
F&C Property Trust
Herald Investment Trust
JPMorgan Indian Investment Trust
Merchants Trust
Finsbury Worldwide Pharmaceutical
Edinburgh Dragon Trust
Quintain Estates & Development
Murray Income Trust
Brevan Howard Global (GBP)
Biotech Growth Trust
Kennedy Wilson Europe Real Estate
Wichford
Chesnara
Fidelity Special Values
BH Macro (USD)
British Assets Trust
JPMorgan European Smaller Companies Trust
Brit
Impax Environmental
Raven Russia
Arrow Global
Schroder Asia Pacific Fund
Scottish Oriental Smaller Companies Trust
Safestore
Novae
Helical Bar
Finsbury Growth Trust
Pantheon International Participations
LSL Property Services
Dexion Absolute
Jupiter European Opportunities Trust
Utilico Emerging Markets Fund
Primary Health Properties
Baillie Gifford Japan Trust
Gartmore European Investment Trust
UK Commercial Property Trust
BlackRock Smaller Companies Fund
Aberdeen Asian Smaller Companies Investment Trust
Graphite Enterprise Trust
Lowland Investment
Foreign & Colonial Eurotrust
Dunedin Income Growth Investment Trust
Just Retirement
JPMorgan Asian Investment Trust
Fidelity Asian Values
Henderson Pacific Investment Trust
HgCapital Trust
Henderson Smaller Companies Investment Trust
Invesco Income Growth Trust
Invesco Asia Trust
Aberdeen New Dawn Investment Trust
253
326
323
315
294
289
288
286
279
278
270
262
261
258
252
251
241
229
227
219
218
217
216
214
208
206
205
204
199
196
195
190
188
187
180
178
174
171
168
164
164
161
156
156
156
156
151
149
144
143
141
135
132
Percentage
of total
net assets
%
0.03
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 254
FIDELITY INDEX UK FUND
(FORMERLY FIDELITY MONEYBUILDER UK INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
151,004
62,089
14,302
63,800
255,110
7,072
22,877
30,677
101,239
57,295
12,376
2,514
26,977
192,369
112,969
15,243
135,225
56,164
51,993
61,656
92,506
63,559
25,462
44,047
64,467
11,823
8,004
26,819
5,905
26,930
56,279
34,532
22,012
30,045
36,289
28,109
81,050
11,687
51,792
14,443
17,164
44,046
30,604
29,951
41,987
9,382
53,446
28,666
32,900
87,502
11,461
42,914
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
F&C UK Real Estate Invesment Fund
Aberdeen Asian Income Fund
F&C Smaller Companies Investment Trust
Schroder Oriental Income Fund
Capital & Regional Property
Keystone Investment Trust
TR European Growth Trust
Standard Life Equity Trust
Schroder Japan Growth Fund
JPMorgan Fleming Euro Investment Trust Growth Fund
JPMorgan Overseas Investment Trust
Daejan
Advance Developing Markets Fund
ING UK Real Estate
The Renewables Infrastructure
Henderson EuroTrust
Leo Capital
Development Securities
JPMorgan Japanese Investment Trust
Henderson High Income Trust
Partnership Assurance
Martin Currie Global Portfolio Trust
JPMorgan Russian Securities
Scottish American Investment Trust
Ecofin Water & Power Opportunities
Riverstone Energy
CLS
Edinburgh Worldwide Investment Trust
North Atlantic Smaller Companies Investment Trust
Gartmore Global Trust
Pacific Assets Trust
Martin Currie Pacific Trust
Mucklow (A & J)
Henderson Far East Income Trust
Value & Income Trust
Edinburgh UK Tracker Trust
ING Global Real Estate Securities Fund
JPMorgan Enterprise Investment Trust
JPMorgan Chinese Investment Trust
JPMorgan Claverhouse Investment Trust
Merrill Lynch American Investment Trust
Pacific Horizon Investment Trust
Schroder Income Growth Fund
New India Investment Trust
City Merchants High Yield Trust
Edinburgh US Tracker Trust
City Natural Resources High Yield Trust
Foreign & Colonial PEP Investment Trust
Merrill Lynch Greater Europe Investment Trust
Medicx Fund
Baring Emerging Europe
Schroder UK Growth Fund Investment Trust
254
131
128
126
124
124
124
124
124
124
123
121
121
121
120
119
118
116
115
114
110
110
109
109
108
107
106
105
104
101
101
100
100
100
98
96
89
89
88
87
87
84
82
82
81
79
78
75
75
74
74
73
73
Percentage
of total
net assets
%
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 255
FIDELITY INDEX UK FUND
(FORMERLY FIDELITY MONEYBUILDER UK INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
33,100
29,551
4,614
23,284
25,407
27,317
66,396
18,166
19,048
18,545
45,002
7,309
16,303
68,061
4,682
13,910
5,255
291
8,911
9,600
243
15,904
16,796
3,680
9,926
10,000
10,000
10,000
10,000
1,819
55
32,619
16
50,735
23,344
18,253
91,251
23,068
366,619
41,342
41,433
12,933
21,673
81,950
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Standard Life Euro Private Equity Trust
Eastern European Trust
BH Macro (EUR)
Throgmorton Trust
Scottish Value Trust
Witan Pacific Investment Trust
Standard Life Investment Property Income Fund
Shires Investment
McKay Securities
Charles Taylor
Hansard Global
Brunner Investment Trust
Liontrust Asset Management
Insight Foundation
Brevan Howard Global (USD)
Town Centre Securities
Candover Investments
Camellia
Standard Life UK Smaller Companies Trust
Macau Property Opportunities Fund
Mountview Estates
Blackrock North American Income Trust
Foresight Solar Fund
Schroder UK Mid Cap Fund
Real Estate Credit Investments
Twentyfour Income Fund
Polar Capital Global Financials Trust
Starwood Euro Real Estate
John Laing Environment Assets Group
International Biotechnology
Bluecrest Bluetrend
Dexion Equity*
F&C Private Equity Trust
Real Estate Opportunities*
London Scottish Bank*
Anglo & Overseas Trust*
DTZ *
Henderson Electrical & General Investment Trust*
Bradford & Bingley*
MWB*
Dexion Trading Fund*
Govett Strategic Investment Trust*
Themsis FTSE All-Small Index*
Securities Trust of Scotland*
255
Percentage
of total
net assets
%
71
70
70
67
63
63
51
45
43
42
41
39
37
36
34
32
29
28
25
24
19
17
17
17
16
12
10
10
10
6
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.01
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
361,515
27.92
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 256
FIDELITY INDEX UK FUND
(FORMERLY FIDELITY MONEYBUILDER UK INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
OIL & GAS - (12.60%)
2,285,758
10,710,579
1,425,353
1,973,044
527,718
174,353
150,530
214,405
314,916
84,849
294,374
639,695
143,185
337,333
455,301
139,657
157,473
58,192
69,266
95,426
25,517
Royal Dutch Shell A (UK)
BP
Royal Dutch Shell B (UK)
BG Group
Tullow Oil
AMEC
Petrofac
John Wood
Premier Oil
Hunting
Ophir Energy
Afren
Soco
Cairn Energy
Enquest
Lamprell
Salamander Energy
Exillon Energy
Hardy Oil & Gas
JKX Oil & Gas
Gulf Marine Services
55,658
51,641
36,204
23,607
3,860
1,963
1,689
1,679
1,102
762
680
617
606
604
551
216
166
90
70
43
40
4.30
3.99
2.80
1.82
0.30
0.15
0.13
0.13
0.09
0.06
0.05
0.05
0.05
0.05
0.04
0.02
0.01
0.01
0.01
0.00
0.00
181,848
14.05
38,953
26,077
19,616
18,662
18,204
14,648
5,802
3,702
3,297
2,299
2,123
2,076
1,866
1,744
1,656
1,133
995
690
649
637
483
405
384
366
362
255
230
3.01
2.01
1.52
1.44
1.41
1.13
0.45
0.29
0.25
0.18
0.16
0.16
0.14
0.13
0.13
0.09
0.08
0.05
0.05
0.05
0.04
0.03
0.03
0.03
0.03
0.02
0.02
CONSUMER GOODS - (11.70%)
1,097,876
1,464,599
375,435
701,319
549,403
561,214
202,945
259,993
942,243
174,669
1,865,558
563,725
277,126
73,137
117,086
71,305
144,464
81,369
244,718
172,670
134,973
30,294
60,058
88,043
133,043
104,970
38,238
British American Tobacco
Diageo
Reckitt Benckiser
Unilever (UK)
SABMiller
Imperial Tobacco
Associated British Foods
Burberry
GKN
Persimmon
Taylor Wimpey
Barratt Developments
Tate & Lyle
Berkeley
Coca Cola
Bellway
Britvic
Bovis Homes
Greencore (UK)
PZ Cussons
Crest Nicholson
Cranswick
Barr
Dairy Crest
Redrow
Devro
Vitec
256
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 257
FIDELITY INDEX UK FUND
(FORMERLY FIDELITY MONEYBUILDER UK INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
19,580
394,382
40,529
64,473
69,158
25,558
1,751
1,296
3,797
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Super
Premier Foods
Stock Spirits
Photo-Me International
McBride
AGA Foodservice
Games Workshop
Hilton Food
Battersea Power Station (Warrants 26/05/2012)*
Percentage
of total
net assets
%
218
167
120
88
62
38
10
6
0
0.02
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.00
168,023
12.98
10,943
9,771
9,653
6,665
6,171
5,321
5,255
4,621
4,571
4,276
4,148
4,070
3,198
2,408
2,376
2,245
1,924
1,903
1,896
1,851
1,778
1,404
1,182
1,145
1,097
1,068
1,055
1,054
1,006
958
941
915
875
790
766
718
656
651
630
593
0.85
0.75
0.75
0.51
0.48
0.41
0.41
0.36
0.35
0.33
0.32
0.31
0.25
0.19
0.18
0.17
0.15
0.15
0.15
0.14
0.14
0.11
0.09
0.09
0.08
0.08
0.08
0.08
0.08
0.07
0.07
0.07
0.07
0.06
0.06
0.06
0.05
0.05
0.05
0.05
CONSUMER SERVICES - (9.69%)
4,653,733
773,001
984,450
677,370
87,291
609,518
472,127
105,660
2,175,591
1,182,800
1,377,108
949,621
138,852
819,830
106,263
1,256,106
144,409
367,007
556,071
274,635
508,390
55,904
873,245
308,052
133,784
146,342
838,426
165,520
289,135
263,257
517,390
717,049
76,350
241,576
120,418
538,502
256,781
60,699
424,865
124,682
Tesco
WPP
Compass
Reed Elsevier
Next
British Sky Broadcasting
Pearson
Whitbread
ITV
International Consolidated Airlines
Kingfisher
Marks & Spencer
InterContinental Hotels
Sainsbury (J)
Carnival
Morrison (WM) Supermarkets
easyJet
T&F Informa
Carphone Warehouse
Inchcape
William Hill
Rightmove
Booker
Tui Travel
Greene King
Sports Direct International
Thomas Cook
United Business Media
Merlin Entertainments
Stagecoach
Home Retail
FirstGroup
Smith (WH)
Ocado
City Centre Restaurants
Ladbrokes
National Express
Betfair
Wolverhampton & Dudley Breweries
Halfords
257
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 258
FIDELITY INDEX UK FUND
(FORMERLY FIDELITY MONEYBUILDER UK INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
26,660
140,420
163,287
272,035
35,921
86,552
761,873
84,532
108,052
53,312
129,874
128,601
56,402
321,526
69,341
422,899
17,362
158,650
131,549
80,093
311,695
679,561
51,084
75,810
90,704
17,743
233,318
92,404
80,529
115,695
136,953
43,650
57,486
83,160
26,062
93,216
44,178
49,134
65,345
65,621
1,735,253
27,923
24,000
9,440
34,687
14,942
45,513
25,422
203,509
44,160
8,000
120,390
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Go-Ahead
Mitchells & Butlers
United Drug
Moneysupermarket.com
Dignity
Domino's Pizza
Debenhams
Millennium & Copthorne Hotels
Brown (N)
Dunelm
Entertainment One
Cineworld
JD Wetherspoon
Enterprise Inns
Greggs
Bwin.Party Digital Entertainment
Ted Baker
ITE
Trinity Mirror
Poundland
Spirit Pub
Pendragon
John David
Just Eat
AO World
Euromoney Institutional Investor
Darty
Pets at Home
Ruffer Investment
Lookers
Flybe
Chime Communications
Findel
Rank
Carpetright
888
Mothercare
Perform Group
Mecom
Topps Tiles
Johnston Press
Mccoll's Retail
Bloomsbury Publishing
SMG
Moss Brothers
UTV Media
Centaur
Sportech
Punch Taverns
Laura Ashley
Huntsworth
The Game Group*
591
576
562
529
517
513
505
490
470
470
458
422
418
402
375
373
339
320
272
250
235
214
203
196
195
194
189
165
163
163
148
141
138
133
132
118
110
102
94
74
70
54
42
35
35
31
27
20
18
11
4
0
258
Percentage
of total
net assets
%
0.05
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.03
0.03
0.03
0.03
0.03
0.03
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 259
FIDELITY INDEX UK FUND
(FORMERLY FIDELITY MONEYBUILDER UK INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
313,198
6,498
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Woolworths*
Wembley*
Percentage
of total
net assets
%
0
0
0.00
0.00
124,854
9.64
11,122
8,149
6,169
6,065
4,987
4,701
3,278
3,259
3,245
3,050
2,834
2,674
2,501
2,409
2,402
2,241
2,135
2,084
1,896
1,766
1,710
1,614
1,568
1,450
1,423
1,410
1,360
1,308
1,286
1,200
1,152
1,149
994
985
960
933
901
885
880
850
824
809
799
766
743
682
668
0.86
0.63
0.48
0.47
0.39
0.36
0.25
0.25
0.25
0.24
0.22
0.21
0.19
0.19
0.19
0.17
0.16
0.16
0.15
0.14
0.13
0.12
0.12
0.11
0.11
0.11
0.11
0.10
0.10
0.09
0.09
0.09
0.08
0.08
0.07
0.07
0.07
0.07
0.07
0.07
0.06
0.06
0.06
0.06
0.06
0.05
0.05
INDUSTRIALS - (9.03%)
1,086,123
1,844,016
429,912
578,690
154,155
385,297
292,916
123,058
198,119
230,860
291,758
95,615
143,502
140,630
907,708
475,505
157,364
410,988
641,286
49,762
623,121
362,112
547,681
234,375
51,934
1,108,483
70,157
44,433
366,319
140,293
107,652
867,540
321,808
306,162
398,728
430,127
64,967
265,062
194,441
270,274
128,118
114,788
44,733
166,529
261,583
390,511
273,095
Rolls-Royce
BAE Systems
CRH (IR)
Experian
Wolseley
Capita
Babcock International
Weir
Bunzl
Smiths
Ashtead
Intertek
Travis Perkins
Aggreko
Group 4 Securicor
Meggitt
IMI
Rexam
Cobham
DCC (UK)
Melrose
Royal Mail
DS Smith
Halma
Rotork
Rentokil Initial
Spectris
Spirax-Sarco Engineering
Galiform
Filtrona
Berendsen
Hays
Serco
BBA Aviation
Balfour Beatty
QinetiQ
Atkins (WS)
Carillion
Michael Page International
Mitie
Grafton
Bodycote International
Ultra Electronics
Vesuvius
Senior Engineering
Regus
Electrocomponents
259
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FIDELITY INDEX UK FUND
(FORMERLY FIDELITY MONEYBUILDER UK INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
50,664
341,764
110,344
90,370
32,947
173,336
171,054
72,526
173,686
45,669
70,186
246,117
84,809
117,591
68,645
42,163
132,324
31,800
21,995
106,187
296,746
129,090
69,359
104,668
19,625
137,908
107,380
22,555
35,882
160,782
45,145
102,392
8,044
59,150
112,050
23,393
24,506
101,252
24,898
52,355
39,800
8,623
62,349
179,357
13,580
42,085
41,892
109,610
63,906
25,942
14,643
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Galliford
SIG
RPC
Interserve
Kier
Morgan Crucible
HomeServe
De la Rue
Laird
PayPoint
Diploma
Premier Farnell
Northgate
Fenner
Domino Printing Sciences
Keller
RPS
Oxford Instruments
Renishaw
Hellermanntyton
Shanks
Chemring
Brammer
Lupus Capital
James Fisher & Sons
TT Electronics
Lavendon
Dialight
Hill & Smith
Stobart
Xaar
Xchanging
Clarkson
Cape
Smiths News
Hyder Consulting
Vibroplant
E2V Technologies
John Menzies
Costain
S Three
XP Power
Marshalls
Speedy Hire
Morgan Sindall
Polypipe
St Ives
Low & Bonar
Wincanton
Robert Walters
Braemar Seascope
655
639
629
598
566
555
540
519
508
493
477
476
425
423
399
391
375
374
364
330
309
297
295
284
261
234
217
208
197
196
188
186
183
177
173
173
157
154
154
149
142
133
117
113
113
106
90
89
89
81
73
260
Percentage
of total
net assets
%
0.05
0.05
0.05
0.05
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 261
FIDELITY INDEX UK FUND
(FORMERLY FIDELITY MONEYBUILDER UK INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
10,129
105,191
8,940
91,255
7,074
7,426
15,367
88,281
20,495
28,245
98,298
1,785
15,838
54,030
11,590
50,350
7,594
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Ricardo
Hogg Robinson
British Polythene Industries
Severfield-Reeve
Business Post
Mears
Exova
Management Consulting
Trifast
Communisis
Norcros
Porvair
Latium Litigation*
ROK*
Carter & Carter*
Connaught*
Battersea Power Station *
Percentage
of total
net assets
%
65
60
55
55
42
34
28
23
23
19
17
5
0
0
0
0
0
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
121,776
9.41
41,599
33,636
16,755
5,407
1,409
1,408
594
408
395
323
301
176
162
159
93
75
39
38
3.21
2.60
1.29
0.42
0.11
0.11
0.05
0.03
0.03
0.02
0.02
0.01
0.01
0.01
0.01
0.01
0.00
0.00
102,977
7.95
23,425
23,289
20,136
11,507
3,742
2,703
2,171
1,702
1,624
927
837
791
1.81
1.80
1.56
0.89
0.29
0.21
0.17
0.13
0.13
0.07
0.06
0.06
HEALTH CARE - (6.97%)
2,822,178
733,046
341,445
520,427
219,184
81,826
40,077
36,381
54,679
241,804
27,385
57,581
17,732
32,135
203,172
23,983
20,030
17,510
GlaxoSmithKline
AstraZeneca
Shire
Smith & Nephew
BTG
Hikma Pharmaceuticals
Synergy Healthcare
Genus
Dechra Pharmaceutical
Vectura
Al Noor Hospitals
Skyepharma
Bespak
NMC Health
Assura
Circassia Pharmaceuticals
Optos
Cambian
BASIC MATERIALS - (7.19%)
725,554
1,228,666
5,574,781
756,303
118,417
53,958
212,003
78,269
207,457
98,006
47,990
279,274
Rio Tinto
BHP Billiton
Glencore Xstrata
Anglo American (UK)
Johnson Matthey
Randgold Resources
Mondi
Croda
Antofagasta
Fresnillo
Victrex
Elementis
261
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FIDELITY INDEX UK FUND
(FORMERLY FIDELITY MONEYBUILDER UK INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
115,487
58,897
250,674
132,986
252,952
148,277
666,058
169,901
295,122
98,852
1,696,042
741,587
76,858
98,496
95,220
60,565
97,632
43,875
15,011
53,601
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Polymetal International
Vedanta Resources
Lonmin
Alent
Petra Diamonds
Kazakhmys
Centamin (GBP)
Synthomer
Evraz
African Barrick Gold
Kenmare Resources (UK)
Aquarius Platinum (UK)
Gem Diamonds
Hochschild Mining
Ferrexpo
Anglo Pacific Resources
Petropavlovsk New
BUMI
Carclo
New World Resources (A)
Percentage
of total
net assets
%
617
589
568
465
449
433
424
387
334
226
191
176
165
161
124
98
32
29
20
4
0.05
0.05
0.04
0.04
0.03
0.03
0.03
0.03
0.03
0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.00
0.00
0.00
0.00
98,346
7.60
31,787
17,686
1,747
997
806
527
357
269
2.46
1.37
0.13
0.08
0.06
0.04
0.03
0.02
54,176
4.18
20,035
9,443
8,652
3,519
2,768
1,845
1,492
144
1.55
0.73
0.67
0.27
0.21
0.14
0.12
0.01
47,898
3.70
7,843
2,548
884
806
802
792
729
601
0.61
0.20
0.07
0.06
0.06
0.06
0.06
0.05
TELECOMMUNICATIONS - (4.45%)
15,423,142
4,571,247
252,107
329,387
1,641,101
35,845
362,898
190,687
Vodafone
BT
Inmarsat
TalkTalk Telecom
Cable & Wireless
Telecom Plus
KCOM
Colt Telecom
UTILITIES - (3.20%)
2,234,813
2,962,933
571,092
401,725
141,825
229,883
235,545
67,059
National Grid Transco
Centrica
Scottish & Southern Energy
United Utilities
Severn Trent
Pennon
Drax
Infinis Energy
TECHNOLOGY - (1.30%)
808,937
646,066
119,663
113,017
104,424
37,654
83,101
183,762
ARM
Sage
Telecity
Playtech
CSR
Aveva
Micro Focus International
Pace Micro Technology
262
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 263
FIDELITY INDEX UK FUND
(FORMERLY FIDELITY MONEYBUILDER UK INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
22,329
380,001
50,378
129,920
706,669
94,520
214,242
41,148
50,385
246,628
22,720
11,046
14,616
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
RoyalBlue
Spirent
Computacenter
Imagination Technologies
Innovation
NCC
Anite
Kofax
SDL
BATM Advanced Communications
Sepura
Servelec
RM
Percentage
of total
net assets
%
497
387
308
280
210
203
200
192
167
40
33
29
23
0.04
0.03
0.02
0.02
0.02
0.02
0.02
0.01
0.01
0.00
0.00
0.00
0.00
17,574
1.36
1,606
0.12
INDEX FUTURES - (0.50%)
GBP 77,083,877
FTSE 100 Index Future 19/09/2014
Portfolio of investments
Cash and other net assets/(liabilities)
Net assets
The figures in brackets represent the sector distributions at 28 February 2014.
*Securities valued at the ACD's valuation.
The percentage of net assets disclosed above is subject to rounding.
263
1,606
0.12
1,280,593
98.91
14,025
1.09
1,294,618
100.00
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 264
FIDELITY INDEX US FUND
(FORMERLY FIDELITY MONEYBUILDER US INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
INFORMATION TECHNOLOGY - (18.65%)
115,122
143,518
18,165
95,042
5,408
5,408
65,551
32,225
97,805
32,829
9,597
19,184
35,729
21,777
39,089
20,608
12,087
9,205
17,877
20,436
8,837
10,785
23,243
11,617
24,982
7,803
5,420
4,319
10,610
3,994
6,235
4,806
6,363
13,206
5,495
3,000
4,759
5,998
20,856
1,035
6,325
6,181
4,320
3,166
4,350
3,095
6,005
3,615
3,129
5,132
Apple
Microsoft
IBM
Intel
Google (A)
Google
Oracle
QUALCOMM
Cisco Systems
Facebook (A)
Visa
Mastercard
Hewlett-Packard
eBay
EMC
Texas Instruments
Accenture
Automatic Data Processing
Yahoo
Micron Technology
Adobe Systems
Salesforce.com
Applied Materials
Cognizant Technology Solutions (A)
Corning
TE Connectivity
Intuit
SanDisk
Broadcom (A)
Western Digital
Seagate
Avago Technologies
Agilent Technologies
Symantec
Fidelity National Information Services
Amphenol (A)
Fiserv
Analog Devices
Xerox
Alliance Data Systems
NetApp
Paychex
Motorola Solutions
KLA Tencor
Autodesk
Lam Research
Electronic Arts
Red Hat
Citrix Systems
Xilinx
7,092
3,882
2,102
1,985
1,891
1,855
1,630
1,483
1,465
1,461
1,241
881
818
727
693
596
590
463
413
404
380
379
319
318
310
292
272
256
250
246
233
221
219
192
188
187
185
185
173
165
160
156
155
146
142
134
134
132
131
129
264
3.36
1.84
1.00
0.94
0.90
0.88
0.77
0.70
0.69
0.69
0.59
0.42
0.39
0.34
0.33
0.28
0.28
0.22
0.20
0.19
0.18
0.18
0.15
0.15
0.15
0.14
0.13
0.12
0.12
0.12
0.11
0.10
0.10
0.09
0.09
0.09
0.09
0.09
0.08
0.08
0.08
0.07
0.07
0.07
0.07
0.06
0.06
0.06
0.06
0.06
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 265
FIDELITY INDEX US FUND
(FORMERLY FIDELITY MONEYBUILDER US INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
5,981
9,046
10,653
4,517
3,398
3,824
10,289
1,446
6,089
2,766
2,033
3,011
2,359
2,343
3,171
2,704
3,532
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Altera
Juniper Networks
NVIDIA
Linear Technology
Akamai Technologies
Microchip Technology
Western Union
F5 Networks
CA Incorporated
Computer Sciences
Harris
Teradata
VeriSign
Garmin
Total System Services
Flir Systems
Jabil Circuit
Percentage
of total
net assets
%
127
126
124
123
123
111
108
108
103
100
87
82
80
76
60
55
46
0.06
0.06
0.06
0.06
0.06
0.05
0.05
0.05
0.05
0.05
0.04
0.04
0.04
0.04
0.03
0.03
0.02
39,700
18.83
3,045
2,822
2,821
2,577
1,937
1,797
933
928
878
850
704
604
549
537
520
512
474
473
450
412
382
377
355
335
334
320
307
305
297
290
278
274
1.44
1.34
1.34
1.22
0.92
0.85
0.44
0.44
0.42
0.40
0.33
0.29
0.26
0.25
0.25
0.24
0.22
0.22
0.21
0.20
0.18
0.18
0.17
0.16
0.16
0.15
0.15
0.14
0.14
0.14
0.13
0.13
FINANCIALS - (16.27%)
USD
5,051,681
91,511
34,376
72,260
200,771
57,999
17,382
27,620
34,656
7,940
21,490
5,932
26,722
10,913
10,198
21,773
2,389
8,820
7,556
6,447
22,357
6,634
8,225
8,903
10,493
8,671
13,718
8,286
5,661
2,767
6,026
3,625
Fidelity Institutional Liquidity Fund (USD)
Wells Fargo
Berkshire Hathaway
JPMorgan Chase
Bank of America
Citigroup
American Express
American International
US Bancorp
Goldman Sachs
MetLife
Simon Property Real Estate Investment Trust
Morgan Stanley
Capital One
PNC Bank
Bank of New York Mellon
BlackRock
Prudential Financial
American Tower
ACE
Charles Schwab
Travelers Companies
State Street
Discover Financial Services
Marsh & McLennan
Aflac
BB&T
Allstate
AON
Public Storage
CME
Ameriprise Financial
265
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 266
FIDELITY INDEX US FUND
(FORMERLY FIDELITY MONEYBUILDER US INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
7,670
4,668
6,413
2,197
5,017
5,832
9,541
10,173
8,748
5,620
2,326
2,922
3,328
10,051
8,261
3,590
16,239
14,452
8,586
2,511
4,244
5,224
5,036
26,329
10,399
5,829
9,955
1,194
16,865
1,056
7,839
4,915
5,184
3,469
2,686
5,325
15,805
6,052
8,071
3,382
2,515
2,810
9,475
5,506
3,867
2,249
1,962
2,789
1,368
9,086
5,922
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Franklin Resources
Chubb Insurance
Equity Residential Properties Real Estate Investment Trust
IntercontinentalExchange
T Rowe Price
Health Care Real Estate Investment Trust
Prologis
SunTrust Banks
HCP
Ventas Real Estate Investment Trust
Avalonbay Communities Real Estate Investment Trust
Boston Properties Real Estate Investment Trust
Vornado Realty Trust
Weyerhaeuser
Invesco
Moodys
Fifth Third Bancorp
Host Hotels and Resorts Real Estate Investment Trust
Hartford Financial Services
M&T Bank
Northern Trust
Principal Financial
Lincoln National
Regions Financial
Progressive -OHIO
Loews
General Growth Properties
Essex Property Trust
Keycorp
Affiliated Managers
Kimco Realty
Unum
XL Capital (A)
Comerica
Macerich Company
CBRE
Huntington Bancshares
Leucadia National
Navient
Plum Creek Timber Real Estate Investment Trust
Torchmark
Cincinnati Financial
Genworth (A)
E Trade Financial
Zions Bancorporation
NASDAQ OMX
Legg Mason
Apartment Investment & Management (A) Real Estate Investment Trust
Assurant
Hudson City Banking Corporation
Peoples United Financial
266
Percentage
of total
net assets
%
260
257
256
250
244
236
234
232
227
223
214
213
211
206
202
201
198
197
191
186
176
170
166
160
156
153
146
138
137
134
110
107
106
105
105
101
93
90
86
83
83
82
80
74
68
59
58
57
55
54
53
0.12
0.12
0.12
0.12
0.12
0.11
0.11
0.11
0.11
0.11
0.10
0.10
0.10
0.10
0.10
0.10
0.09
0.09
0.09
0.09
0.08
0.08
0.08
0.08
0.07
0.07
0.07
0.07
0.06
0.06
0.05
0.05
0.05
0.05
0.05
0.05
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.03
0.03
0.03
0.03
0.03
0.03
0.03
35,360
16.77
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 267
FIDELITY INDEX US FUND
(FORMERLY FIDELITY MONEYBUILDER US INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
HEALTH CARE - (13.35%)
54,014
121,786
55,796
29,320
14,454
30,359
18,708
31,640
4,529
15,290
28,675
19,074
18,808
5,051
14,758
5,681
7,617
4,402
10,360
8,609
3,776
5,340
6,823
1,521
5,129
6,496
5,645
3,689
4,509
2,554
2,955
5,426
7,136
9,566
4,312
5,638
686
3,204
25,254
3,394
1,456
2,014
3,959
3,191
2,160
2,758
1,619
1,985
1,619
2,707
1,865
Johnson & Johnson
Pfizer
Merck & Co
Gilead Sciences
Amgen
AbbVie
UnitedHealth
Bristol-Myers Squibb
Biogen IDEC
Celgene
Abbott Laboratories
Medtronic
Eli Lilly
Actavis
Express Scripts
Allergan
Thermo Electron
McKesson
Baxter International
Covidien
Alexion Pharmaceuticals
WellPoint
Aetna
Regeneron Pharmaceuticals
CIGNA
Cardinal Health
Stryker
Becton Dickinson
Vertex Pharmaceuticals
Perrigo
Humana
St Jude Medical
Mylan Laboratories
Zoetis (A)
AmerisourceBergen
Cerner
Intuitive Surgical
Zimmer
Boston Scientific
Davita
Bard (CR)
Edwards Lifesciences
CareFusion
Hospira
Mallinckrodt
Quest Diagnostics
Laboratory Corporation of America
Varian Medical Systems
Waters
Dentsply International
Tenet Healthcare
3,352
2,156
2,018
1,900
1,208
1,017
973
964
931
873
732
726
715
690
656
555
551
512
468
450
383
374
337
318
292
287
281
259
252
231
227
212
207
204
199
194
192
192
188
152
130
119
108
104
104
103
103
101
101
78
67
267
1.59
1.02
0.96
0.90
0.57
0.48
0.46
0.46
0.44
0.41
0.35
0.34
0.34
0.33
0.31
0.26
0.26
0.24
0.22
0.21
0.18
0.18
0.16
0.15
0.14
0.14
0.13
0.12
0.12
0.11
0.11
0.10
0.10
0.10
0.09
0.09
0.09
0.09
0.09
0.07
0.06
0.06
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.04
0.03
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 268
FIDELITY INDEX US FUND
(FORMERLY FIDELITY MONEYBUILDER US INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
2,161
1,568
PerkinElmer
Patterson
Percentage
of total
net assets
%
58
38
0.03
0.02
27,642
13.11
1,672
1,631
1,458
1,456
1,071
793
784
781
755
674
669
603
525
482
472
464
440
371
367
364
334
328
259
253
253
243
224
220
215
206
191
188
186
184
183
180
174
168
163
163
159
155
151
139
136
135
133
0.79
0.77
0.69
0.69
0.51
0.38
0.37
0.37
0.36
0.32
0.32
0.29
0.25
0.23
0.22
0.22
0.21
0.18
0.17
0.17
0.16
0.16
0.12
0.12
0.12
0.12
0.11
0.10
0.10
0.10
0.09
0.09
0.09
0.09
0.09
0.09
0.08
0.08
0.08
0.08
0.08
0.07
0.07
0.07
0.06
0.06
0.06
CONSUMER DISCRETIONARY - (12.33%)
30,750
49,637
7,117
26,120
18,872
75,497
36,556
16,842
1,001
14,373
14,083
19,041
25,107
13,371
5,320
8,946
12,095
12,680
8,427
7,468
9,305
1,144
6,881
6,573
5,197
594
5,790
5,276
4,935
635
2,026
8,373
3,666
4,055
1,547
4,682
4,192
3,432
2,979
4,365
4,169
2,933
3,895
4,965
1,484
6,477
3,721
Walt Disney
Comcast (A)
Amazon.com
Home Depot
McDonalds
Ford Motor
Twenty First Century Fox
Time Warner
Priceline.com
Starbucks
Nike (B)
Lowes
General Motors
TJX
Time Warner Cable
DirecTV
Target
Johnson Controls
Yum! Brands
Viacom (B)
CBS
Netflix.com
Macys
VF
McGraw-Hill
Chipotle Mexican Grill
Dollar General
Delphi Automotive
Omnicom
AutoZone
O'Reilly Automotive
Carnival (Paired CTF)
Starwood Hotels & Resorts
Ross Stores
Wynn Resorts
L Brands
Marriott International
Michael Kors
Stanley Black & Decker
Borg-Warner
Harley-Davidson
Genuine Parts
Bed Bath & Beyond
GAP
Whirlpool
Mattel
Kohl's
268
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FIDELITY INDEX US FUND
(FORMERLY FIDELITY MONEYBUILDER US INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
4,209
3,092
2,119
3,949
2,125
2,431
5,235
1,118
2,684
1,571
4,163
2,645
5,283
5,236
1,958
1,168
5,261
9,507
2,047
8,089
1,300
1,826
4,330
12,345
1,894
5,270
6,123
3,356
6,506
2,519
2,206
2,188
2,648
910
1,947
4,133
1,209
86
CarMax
Under Armour (A)
Tiffany & Co
Dollar Tree
Tripadvisor
Wyndham Worldwide
Coach
Ralph Lauren
Nordstrom
PVH
Discovery Communication
Tractor Supply
Newell Rubbermaid
Block H & R
Expedia
Mohawk Industries
Best Buy
News New (A)
Scripps Network Interactive
Interpublic
Harman International Industries
Family Dollar Stores
Gannett
Staples
Petsmart
Goodyear Tire & Rubber
Dr Horton
Lennar
Pulte
Darden Restaurants
Hasbro
Gamestop
Leggett & Platt
Fossil
Urban Outfitters
Cablevision Systems
Autonation
Graham
Percentage
of total
net assets
%
132
130
130
128
127
118
116
114
113
111
108
107
106
106
102
102
102
101
99
96
90
88
88
87
82
82
80
79
75
72
69
57
56
55
47
46
39
36
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.03
0.03
0.03
0.03
0.03
0.02
0.02
0.02
0.02
24,631
11.68
4,922
2,821
1,651
1,139
940
682
655
646
564
499
450
422
2.33
1.34
0.78
0.54
0.45
0.32
0.31
0.31
0.27
0.24
0.21
0.20
ENERGY - (9.80%)
81,991
36,345
24,862
23,440
14,999
10,434
16,124
9,643
10,804
14,100
7,364
8,192
ExxonMobil
ChevronTexaco
Schlumberger (US)
ConocoPhillips
Occidental Petroleum
EOG Resources
Halliburton
Anadarko Petroleum
Phillips 66
Williams Companies
Apache
National-Oilwell
269
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FIDELITY INDEX US FUND
(FORMERLY FIDELITY MONEYBUILDER US INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
8,324
2,731
10,188
7,320
12,805
12,908
12,757
5,039
5,510
6,859
3,899
2,897
4,490
6,741
7,968
9,667
3,221
6,497
1,661
4,462
2,065
3,221
4,389
2,469
4,853
4,998
3,438
2,604
6,715
5,180
1,310
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Baker Hughes
Pioneer Natural Resources
Valero Energy
Devon Energy
Spectra Energy
Marathon Oil
Kinder Morgan
Hess
Marathon Petroleum
Noble Energy
Cameron International
EQT
FMC Technologies
Southwestern Energy
Cabot Oil & Gas (A)
Chesapeake Energy
Range Resources
Transocean (USD)
Cimarex Energy
Ensco (A)
Helmerich & Payne
Murphy Oil
Consol Energy
Tesoro Petroleum
Noble Switzerland
Nabors Industries
QEP Resources
Newfield Exploration
Denbury Resources
Peabody Energy
Diamond Offshore Drilling
Percentage
of total
net assets
%
347
338
333
329
320
318
306
304
302
293
175
171
167
164
160
157
152
150
143
134
128
119
105
96
82
79
73
69
69
49
35
0.16
0.16
0.16
0.16
0.15
0.15
0.15
0.14
0.14
0.14
0.08
0.08
0.08
0.08
0.08
0.07
0.07
0.07
0.07
0.06
0.06
0.06
0.05
0.05
0.04
0.04
0.03
0.03
0.03
0.02
0.02
21,058
9.99
3,002
1,095
1,059
1,030
981
859
790
780
534
528
519
473
463
405
389
385
382
380
356
1.42
0.52
0.50
0.49
0.47
0.41
0.37
0.37
0.25
0.25
0.25
0.22
0.22
0.19
0.18
0.18
0.18
0.18
0.17
INDUSTRIALS - (10.51%)
191,455
17,294
16,103
11,867
12,808
14,952
13,458
11,918
5,090
11,486
13,398
5,304
6,219
2,764
16,189
7,248
9,102
5,912
19,176
General Electric
Union Pacific
United Technologies
Minnesota Mining & Manufacturing
Boeing
Honeywell International
United Parcel Service (B)
Caterpillar
Lockheed Martin
Danaher
Emerson Electrics
FedEx
General Dynamics
Precision Castparts
Delta Airlines
Illinois Tool Works
Eaton
Norfolk Southern
CSX
270
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 271
FIDELITY INDEX US FUND
(FORMERLY FIDELITY MONEYBUILDER US INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
6,945
5,974
4,088
3,265
6,772
13,209
8,807
8,260
2,844
2,644
4,792
1,906
1,162
3,178
5,787
3,717
4,684
2,107
5,212
3,038
5,329
5,103
2,622
2,587
1,617
2,834
2,330
1,647
2,094
6,807
3,768
4,160
1,112
2,526
3,509
2,625
1,928
3,327
1,908
3,262
3,869
1,357
1,015
1,714
706
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Deere & Co
Raytheon
Northrop Grumman
Cummins
Paccar
Southwest Airlines
Tyco International
Waste Management
Parker Hannifin
Rockwell
Ingersoll Rand (A)
Roper Industries
Grainger
Dover
Nielsen
Pentair
Ametek
Kansas City Southern
Fastenal
Fluor
Textron
Republic Services
Flowserve
Rockwell Collins
Stericycle
CH Robinson Worldwide
Equifax
L 3 Communications
Pall
Masco
Expeditors International of Washington
Quanta Services
Snap-On
Jacobs Engineering
Xylem
Robert Half International
Cintas
ADT
Joy Global
Iron Mountain
Pitney-Bowes
First Solar
Ryder System
Allegion
Dun & Bradstreet
271
Percentage
of total
net assets
%
352
346
313
285
256
255
237
233
197
185
175
173
172
169
163
153
150
145
142
136
122
121
120
120
116
116
110
109
105
96
94
91
84
83
79
79
77
74
73
70
63
57
55
53
50
0.17
0.16
0.15
0.14
0.12
0.12
0.11
0.11
0.09
0.09
0.08
0.08
0.08
0.08
0.08
0.07
0.07
0.07
0.07
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.05
0.05
0.05
0.05
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.03
0.03
0.03
0.03
0.03
0.03
0.02
20,864
9.89
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 272
FIDELITY INDEX US FUND
(FORMERLY FIDELITY MONEYBUILDER US INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
CONSUMER STAPLES - (9.28%)
51,663
72,167
28,945
30,030
30,774
22,324
37,926
32,295
16,603
16,763
8,368
7,194
11,366
11,732
12,496
9,729
11,161
6,922
4,824
3,859
5,941
2,424
4,867
3,095
3,223
7,018
2,849
8,041
3,749
2,584
3,034
2,455
5,615
4,464
1,979
2,492
4,397
3,416
2,571
8,295
Procter & Gamble
Coca-Cola
PepsiCo
Philip Morris International
Wal-Mart Stores
CVS Caremark
Altria
Mondelez International
Colgate-Palmolive
Walgreen
Costco Wholesale
Kimberly Clark
Kraft Foods
General Mills
Archer Daniels Midland
Kroger
Sysco
Lorillard
Estee Lauder (A)
Mead Johnson Nutrition
RJ Reynolds American
Keurig Green Mountain
Kellogg
Brown Forman (Non-voting) (B)
Constellation Brands (A)
Whole Foods Market
Hershey
Conagra
Dr Pepper Snapple
Monster Beverage
Molson Coors Brewing (B)
Clorox
Tyson Foods (A)
Coca-Cola Enterprises
Smucker (J.M.)
McCormick (Non-voting)
Safeway (US)
Campbell Soup
Hormel Foods
Avon Products
272
2,585
1,811
1,615
1,543
1,408
1,069
981
706
646
611
610
469
401
376
375
299
254
247
223
221
208
196
190
171
169
166
158
156
141
137
135
131
129
128
122
104
92
92
78
70
1.23
0.86
0.77
0.73
0.67
0.51
0.47
0.33
0.31
0.29
0.29
0.22
0.19
0.18
0.18
0.14
0.12
0.12
0.11
0.10
0.10
0.09
0.09
0.08
0.08
0.08
0.07
0.07
0.07
0.06
0.06
0.06
0.06
0.06
0.06
0.05
0.04
0.04
0.04
0.03
19,223
9.12
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 273
FIDELITY INDEX US FUND
(FORMERLY FIDELITY MONEYBUILDER US INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
MATERIALS - (3.43%)
22,988
17,533
10,008
7,953
5,593
19,832
5,159
2,639
4,053
8,271
22,382
1,617
6,080
6,176
994
9,518
2,869
2,269
2,662
2,543
1,552
2,497
1,160
1,277
3,205
3,710
3,152
1,818
2,073
1,926
Dow Chemical
Dupont de Nemours & Co
Monsanto
Lyondellbasell Industries (A)
Praxair
Freeport McMoRan (B)
Ecolab
PPG Industries
Air Products & Chemicals
International Paper
Alcoa
Sherwin Williams
Nucor
The Mosaic Company
CF Industries
Newmont Mining
Eastman Chemical
Sigma Aldrich
Ball
FMC
International Flavors & Fragrances
Vulcan Materials
Martin Marietta Materials
Air Gas
MeadWestvaco
Sealed Air
Owens-Illinois
Avery Dennison
Allegheny Technologies
Bemis
743
699
698
544
443
432
356
327
326
241
223
213
198
179
156
154
143
142
102
101
95
95
91
85
83
80
59
53
52
47
0.35
0.33
0.33
0.26
0.21
0.20
0.17
0.16
0.15
0.11
0.11
0.10
0.09
0.08
0.07
0.07
0.07
0.07
0.05
0.05
0.05
0.05
0.04
0.04
0.04
0.04
0.03
0.03
0.02
0.02
7,160
3.39
597
490
467
453
326
299
275
263
247
219
215
195
184
167
166
164
159
158
0.28
0.23
0.22
0.21
0.15
0.14
0.13
0.12
0.12
0.10
0.10
0.09
0.09
0.08
0.08
0.08
0.08
0.07
UTILITIES - (2.99%)
13,503
8,327
11,104
17,008
16,395
9,318
4,353
12,684
8,873
6,221
9,660
5,592
9,584
3,969
6,033
8,017
3,380
3,425
Duke Energy
Nextera Energy
Dominion Resources
Southern Company
Exelon
American Electric Power
Sempra Energy
PPL
PG&E
Edison International
Public Service Enterprise
Consolidated Edison
Xcel Energy
Oneok Inc
Northeast Utilities
FirstEnergy
DTE Energy
Entergy
273
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 274
FIDELITY INDEX US FUND
(FORMERLY FIDELITY MONEYBUILDER US INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
6,012
8,205
6,439
4,306
12,602
4,632
5,145
2,704
4,792
2,107
2,277
1,527
4,454
Nisource
Centerpoint Energy
NRG Energy
Wisconsin Energy
AES
Ameren
CMS Energy
Scana
Pepco
Pinnacle West Capital
AGL Resources
Integrys Energy
Teco Energy
Percentage
of total
net assets
%
143
123
118
117
115
111
94
84
79
72
72
62
48
0.07
0.06
0.06
0.06
0.05
0.05
0.04
0.04
0.04
0.03
0.03
0.03
0.02
6,282
2.98
2,354
2,075
306
269
110
79
78
1.12
0.98
0.15
0.13
0.05
0.04
0.04
5,271
2.50
TELECOMMUNICATIONS - (2.59%)
79,065
99,090
6,373
10,936
4,163
11,506
19,136
Verizon Communications
AT&T
Crown Castle International
CenturyTel
Discovery Communications
Windstream
Frontier Communications
FUTURES - (0.02%)
USD
9,946,642
S&P 500 EMINI Future 19/09/2014
Portfolio of investments
Cash and other net assets/(liabilities)
Net assets
The figures in brackets represent the sector distributions at 28 February 2014.
The percentage of net assets disclosed above is subject to rounding.
274
36
0.02
36
0.02
207,227
98.28
3,641
1.72
210,868
100.00
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 275
FIDELITY INDEX WORLD FUND
(FORMERLY FIDELITY MONEYBUILDER WORLD INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
UNITED STATES - (53.53%)
USD
2,839,607
21,815
15,157
27,658
9,927
35,168
17,532
6,700
9,516
13,283
14,522
3,451
22,400
18,263
10,319
17,432
37,073
5,396
13,907
989
1,007
10,654
3,928
5,840
12,625
5,339
6,584
5,562
1,369
4,902
5,927
18,056
5,679
7,531
1,768
2,651
4,302
3,203
3,050
4,149
3,477
2,214
2,475
5,573
3,474
6,995
3,346
5,793
2,792
830
Fidelity Institutional Liquidity Fund (USD)
Apple
ExxonMobil
Microsoft
Johnson & Johnson
General Electric
Wells Fargo
ChevronTexaco
Procter & Gamble
JPMorgan Chase
Verizon Communications
IBM
Pfizer
AT&T
Merck & Co
Intel
Bank of America
Gilead Sciences
Coca-Cola
Google (A)
Google
Citigroup
Berkshire Hathaway
Walt Disney
Oracle
PepsiCo
Facebook (A)
Philip Morris International
Amazon.com
Home Depot
QUALCOMM
Cisco Systems
Wal-Mart Stores
Comcast (A)
Visa
Amgen
ConocoPhillips
Union Pacific
United Technologies
CVS Caremark
McDonalds
Minnesota Mining & Manufacturing
Boeing
AbbVie
UnitedHealth
Altria
American Express
Bristol-Myers Squibb
Occidental Petroleum
Biogen IDEC
1,706
1,344
910
748
616
551
541
520
476
474
432
399
396
382
373
364
358
350
349
346
345
330
322
318
314
298
293
286
281
273
273
270
260
247
229
222
209
203
201
199
197
192
190
187
181
181
180
176
175
171
275
2.30
1.81
1.23
1.01
0.83
0.74
0.73
0.70
0.64
0.64
0.58
0.54
0.53
0.52
0.50
0.49
0.48
0.47
0.47
0.47
0.47
0.45
0.43
0.43
0.42
0.40
0.40
0.39
0.38
0.37
0.37
0.36
0.35
0.33
0.31
0.30
0.28
0.27
0.27
0.27
0.27
0.26
0.26
0.25
0.24
0.24
0.24
0.24
0.24
0.23
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 276
FIDELITY INDEX WORLD FUND
(FORMERLY FIDELITY MONEYBUILDER WORLD INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
3,600
4,883
2,852
6,401
1,507
6,674
2,610
2,504
2,233
3,131
4,283
5,425
183
4,260
12,929
3,544
3,516
5,957
3,255
1,841
7,115
2,656
1,915
3,227
2,973
2,725
2,484
1,767
3,165
3,608
1,547
1,101
5,137
3,351
2,481
3,795
2,062
5,190
2,211
1,047
957
1,382
2,011
1,880
2,470
808
1,044
470
3,977
4,468
2,494
Mastercard
American International
Celgene
US Bancorp
Goldman Sachs
Hewlett-Packard
Honeywell International
United Parcel Service (B)
Caterpillar
Time Warner
eBay
Abbott Laboratories
Priceline.com
Dow Chemical
Ford Motor
Eli Lilly
Medtronic
Mondelez International
Dupont de Nemours & Co
Monsanto
EMC
Starbucks
EOG Resources
Colgate-Palmolive
Halliburton
Express Scripts
Nike (B)
Anadarko Petroleum
Walgreen
Lowes
Costco Wholesale
Simon Property Real Estate Investment Trust
Twenty First Century Fox
MetLife
Duke Energy
Texas Instruments
Phillips 66
Morgan Stanley
Danaher
Allergan
Lockheed Martin
Thermo Electron
Capital One
PNC Bank
Emerson Electrics
McKesson
FedEx
BlackRock
Bank of New York Mellon
General Motors
TJX
165
164
163
162
161
153
150
147
146
145
143
138
138
138
136
135
134
130
130
128
126
125
125
125
121
121
118
118
115
114
113
112
110
110
110
110
108
107
102
102
100
100
99
96
96
94
93
93
93
93
90
276
Percentage
of total
net assets
%
0.22
0.22
0.22
0.22
0.22
0.21
0.20
0.20
0.20
0.20
0.19
0.19
0.19
0.19
0.18
0.18
0.18
0.18
0.18
0.17
0.17
0.17
0.17
0.17
0.16
0.16
0.16
0.16
0.16
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.14
0.14
0.14
0.13
0.13
0.13
0.13
0.13
0.13
0.13
0.13
0.13
0.13
0.12
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 277
FIDELITY INDEX WORLD FUND
(FORMERLY FIDELITY MONEYBUILDER WORLD INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
1,528
1,696
2,462
1,335
1,618
974
1,912
2,036
1,386
1,690
3,119
1,385
1,033
3,660
3,370
2,108
1,502
1,019
1,411
510
2,092
3,711
1,666
1,241
2,012
1,667
695
1,094
2,194
993
4,097
2,310
2,327
1,557
3,569
1,362
1,516
950
1,532
1,104
1,275
1,032
1,233
501
1,725
2,566
1,649
2,474
1,876
1,360
4,885
Nextera Energy
DirecTV
Williams Companies
Kimberly Clark
Prudential Financial
Time Warner Cable
Baxter International
Dominion Resources
Apache
Automatic Data Processing
Southern Company
American Tower
Praxair
Freeport McMoRan (B)
Yahoo
Target
National-Oilwell
General Dynamics
Illinois Tool Works
Precision Castparts
Kraft Foods
Micron Technology
Adobe Systems
Travelers Companies
Salesforce.com
Eaton
Alexion Pharmaceuticals
Norfolk Southern
General Mills
WellPoint
Charles Schwab
Archer Daniels Midland
Johnson Controls
Yum! Brands
CSX
Viacom (B)
State Street
Ecolab
Baker Hughes
Raytheon
Aetna
Hess
Deere & Co
Pioneer Natural Resources
CBS
Kinder Morgan
Discover Financial Services
Marathon Oil
Valero Energy
Devon Energy
Corning
90
88
87
87
87
86
86
86
85
85
83
82
82
80
78
77
77
76
75
75
74
73
72
71
71
70
70
70
70
70
70
69
68
68
66
66
65
65
64
64
63
62
62
62
62
62
62
61
61
61
61
277
Percentage
of total
net assets
%
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.11
0.11
0.11
0.11
0.11
0.11
0.11
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.08
0.08
0.08
0.08
0.08
0.08
0.08
0.08
0.08
0.08
0.08
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 278
FIDELITY INDEX WORLD FUND
(FORMERLY FIDELITY MONEYBUILDER WORLD INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
1,920
486
743
1,201
3,027
2,370
1,606
277
1,426
1,577
203
2,129
4,253
1,046
2,528
1,181
733
1,731
1,277
971
627
1,220
1,744
519
1,143
827
681
1,571
2,073
1,308
695
1,231
1,271
788
950
356
1,396
846
438
1,210
296
2,012
771
923
1,081
809
393
2,178
1,798
1,236
900
Marsh & McLennan
PPG Industries
Air Products & Chemicals
Stryker
Exelon
Spectra Energy
Aflac
Regeneron Pharmaceuticals
Las Vegas Sands
Allstate
Netflix.com
Cognizant Technology Solutions (A)
Applied Materials
Marathon Petroleum
BB&T
Crown Castle International
Northrop Grumman
American Electric Power
Noble Energy
CIGNA
Cummins
Cardinal Health
Kroger
Public Storage
CME
Sempra Energy
Ameriprise Financial
Comcast (A)
CenturyTel
Macys
Becton Dickinson
Equity Residential Properties Real Estate Investment Trust
Paccar
Western Digital
Intuit
LinkedIn (A)
Franklin Resources
Chubb Insurance
Illumina
VF
Tesla Motors
Sysco
SanDisk
McGraw-Hill
HCA
Vertex Pharmaceuticals
IntercontinentalExchange
PPL
Prologis
Lorillard
T Rowe Price
278
61
60
60
60
60
59
59
58
58
58
58
58
58
57
57
57
56
56
55
55
55
54
54
54
53
52
51
51
51
49
49
49
48
48
48
48
47
47
47
47
47
46
46
45
45
45
45
45
44
44
44
Percentage
of total
net assets
%
0.08
0.08
0.08
0.08
0.08
0.08
0.08
0.08
0.08
0.08
0.08
0.08
0.08
0.08
0.08
0.08
0.08
0.08
0.07
0.07
0.07
0.07
0.07
0.07
0.07
0.07
0.07
0.07
0.07
0.07
0.07
0.07
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 279
FIDELITY INDEX WORLD FUND
(FORMERLY FIDELITY MONEYBUILDER WORLD INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
1,097
1,577
1,859
1,123
106
1,519
456
1,846
1,441
1,620
530
1,777
1,013
811
891
689
1,114
1,145
2,687
824
979
1,770
1,854
292
961
116
524
1,073
1,075
451
1,281
132
808
3,069
3,722
671
1,135
582
993
516
1,038
2,465
2,662
371
587
830
4,660
1,575
557
902
483
Health Care Real Estate Investment Trust
PG&E
Broadcom (A)
Dollar General
Chipotle Mexican Grill
Waste Management
Avalonbay Communities Real Estate Investment Trust
SunTrust Banks
International Paper
HCP
Humana
Public Service Enterprise
Ventas Real Estate Investment Trust
Cheniere Energy
Omnicom
Mead Johnson Nutrition
RJ Reynolds American
Agilent Technologies
Weatherford International
Estee Lauder (A)
St Jude Medical
Zoetis (A)
Weyerhaeuser
Sherwin Williams
Kellogg
AutoZone
Boston Properties Real Estate Investment Trust
Edison International
Cerner
Keurig Green Mountain
Mylan Laboratories
Intuitive Surgical
AmerisourceBergen
Fifth Third Bancorp
Alcoa
Moodys
Nucor
Vornado Realty Trust
Ingersoll Rand (A)
Parker Hannifin
Consolidated Edison
Symantec
Host Hotels and Resorts Real Estate Investment Trust
O'Reilly Automotive
Zimmer
Marriott International
Boston Scientific
Hartford Financial Services
Amphenol (A)
Fiserv
Rockwell
279
44
44
44
43
43
43
42
42
42
42
41
40
40
39
39
39
39
39
38
38
38
38
38
38
38
38
38
38
37
37
37
37
37
37
37
37
37
37
36
36
36
36
36
35
35
35
35
35
35
35
34
Percentage
of total
net assets
%
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 280
FIDELITY INDEX WORLD FUND
(FORMERLY FIDELITY MONEYBUILDER WORLD INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
677
1,168
758
748
818
1,059
1,780
1,001
1,089
279
388
857
361
3,991
1,520
1,232
434
217
605
756
195
1,731
532
5,047
1,270
1,311
1,924
831
1,520
470
1,131
545
772
560
1,514
794
2,001
716
578
816
1,203
186
1,196
831
883
748
626
602
449
615
1,701
1,523
Starwood Hotels & Resorts
The Mosaic Company
Cameron International
Ross Stores
Northern Trust
Principal Financial
Xcel Energy
Fidelity National Information Services
Analog Devices
Wynn Resorts
Concho Resources
L Brands
Roper Industries
Xerox
Twenty First Century Fox (B)
Loews
M&T Bank
Grainger
Dover
Oneok Inc
CF Industries
Liberty Interactive
EQT
Regions Financial
Southwestern Energy
Whole Foods Market
Chesapeake Energy
FMC Technologies
FirstEnergy
SBA Communications (A)
Northeast Utilities
Hershey
Dish Network
Genuine Parts
Cabot Oil & Gas (A)
Harley-Davidson
Progressive -OHIO
Pentair
Constellation Brands (A)
Borg-Warner
NetApp
Alliance Data Systems
Paychex
Motorola Solutions
Lincoln National
Bed Bath & Beyond
DTE Energy
Range Resources
Tiffany & Co
Davita
Newmont Mining
Hertz Global
34
34
34
34
34
34
34
34
34
33
33
33
33
33
32
32
32
32
32
32
31
31
31
31
31
31
31
31
31
31
31
30
30
30
30
30
30
30
30
30
30
30
30
30
29
29
29
28
28
28
28
28
280
Percentage
of total
net assets
%
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 281
FIDELITY INDEX WORLD FUND
(FORMERLY FIDELITY MONEYBUILDER WORLD INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
787
1,427
513
1,066
604
1,866
538
847
508
717
310
1,117
379
222
952
3,203
804
564
1,826
630
463
587
405
3,219
796
266
766
272
285
878
353
573
1,109
2,097
535
427
405
402
851
549
3,338
1,152
647
1,145
1,712
1,018
995
368
633
993
272
647
Kohl's
Conagra
Stanley Black & Decker
Discovery Communication
Entergy
General Growth Properties
Eastman Chemical
Ametek
Monster Beverage
Dr Pepper Snapple
Cimarex Energy
Nisource
Kansas City Southern
Essex Property Trust
Fastenal
Keycorp
Autodesk
KLA Tencor
Activision Blizzard
Citrix Systems
Clorox
Under Armour (A)
Sigma Aldrich
American Rlty Capital Property
CarMax
Charter Communications (A)
Dollar Tree
Whirlpool
Bard (CR)
GAP
United Rentals
Lam Research
Electronic Arts
NVIDIA
Fluor
Brown Forman (Non-voting) (B)
TRW Automotive
Tripadvisor
Coca-Cola Enterprises
Molson Coors Brewing (B)
Annaly Mortgage Management Real Estate Investment Trust
Mattel
Red Hat
Altera
Juniper Networks
Tyson Foods (A)
Textron
Helmerich & Payne
Murphy Oil
Republic Services
FleetCor Technologies
Akamai Technologies
281
28
28
28
28
28
27
27
27
27
27
27
27
26
26
26
26
26
26
26
26
25
25
25
25
25
25
25
25
25
25
25
25
25
25
24
24
24
24
24
24
24
24
24
24
24
23
23
23
23
23
23
23
Percentage
of total
net assets
%
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 282
FIDELITY INDEX WORLD FUND
(FORMERLY FIDELITY MONEYBUILDER WORLD INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
849
922
347
546
177
471
211
10,242
320
412
169
2,389
448
949
248
291
343
766
295
1,424
509
357
436
491
279
872
2,017
778
320
1,385
619
321
660
227
480
701
529
1,051
289
848
297
965
538
490
235
990
1,083
1,152
991
490
708
642
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Linear Technology
Xilinx
Autoliv
CH Robinson Worldwide
Affiliated Managers
Flowserve
Ralph Lauren
Sirius XM
Universal Health Services (B)
Whiting Petroleum
Equinix
AES
Equifax
Coach
Advance Auto Parts
Stericycle
Smucker (J.M.)
Realty Income Real Estate Investment Trust
Henry Schein
MGMMirage
Church & Dwight
Edwards Lifesciences
Wyndham Worldwide
Nordstrom
F5 Networks
Ameren
Western Union
Wisconsin Energy
Sl Green Realty Real Estate Investment Trust
Centerpoint Energy
Hospira
Waters
Hollyfrontier
Polaris Industries
Biomarin Pharmaceutical
Liberty Media
Verisk Analytics
Best Buy
PVH
Consol Energy
L 3 Communications
Block H & R
Celanese
FMC
IHS
Newell Rubbermaid
NRG Energy
CA Incorporated
CBRE
Ball
CareFusion
Comerica
23
23
22
22
22
22
22
22
22
22
22
22
21
21
21
21
21
21
21
21
21
21
21
21
21
21
21
21
21
21
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
19
19
19
19
282
Percentage
of total
net assets
%
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 283
FIDELITY INDEX WORLD FUND
(FORMERLY FIDELITY MONEYBUILDER WORLD INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
400
674
170
695
377
372
307
361
411
367
653
631
498
873
1,352
935
480
1,530
210
465
449
464
1,257
244
972
915
504
970
213
581
350
666
1,033
1,117
700
444
2,445
1,217
411
229
288
741
1,203
392
441
767
482
96
246
480
1,459
377
Mallinckrodt
CIT
TransDigm
Campbell Soup
Pall
Varian Medical Systems
Laboratory Corporation of America
Expedia
Rockwell Collins
B/E Aerospace
Microchip Technology
American Water Works
Macerich Company
Unum
Kimco Realty
TD Ameritrade
Quest Diagnostics
Interpublic
Mohawk Industries
Endo International
Tractor Supply
Tesoro Petroleum
Masco
Federal Realty Investment Trust
CMS Energy
Trimble Navigation
Computer Sciences
Maxim Integrated Products
Martin Marietta Materials
Cincinnati Financial
Family Dollar Stores
Expeditors International of Washington
LKQ
Leucadia National
Delta Airlines
Vulcan Materials
Staples
American Capital Agency
McCormick (Non-voting)
Pharmacyclics
VMware
OGE Energy
Calpine
Harris
Digital Realty Trust
Safeway (US)
Jacobs Engineering
Mettler Toledo
Towers Watson
Torchmark
Navient
Oceaneering International
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
19
18
18
18
18
18
18
18
18
18
18
18
18
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
17
16
16
16
16
16
16
16
283
Percentage
of total
net assets
%
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 284
FIDELITY INDEX WORLD FUND
(FORMERLY FIDELITY MONEYBUILDER WORLD INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
267
254
880
457
613
445
1,434
506
510
692
159
478
588
625
60
680
603
209
938
540
305
287
3,707
827
597
499
472
365
1,175
434
355
316
647
286
439
793
606
1,475
1,692
218
370
646
330
306
442
385
1,999
551
287
1,183
624
460
International Flavors & Fragrances
Ashland
UDR
VeriSign
Level 3 Communications
Servicenow
News New (A)
Hormel Foods
Dentsply International
Quanta Services
Continental Resources
ResMed
MeadWestvaco
American Airlines
Alleghany
Sealed Air
Plum Creek Timber Real Estate Investment Trust
Energizer
Nabors Industries
Teradata
Ansys
Workday
Frontier Communications
T-Mobile (US)
Lennar
Crown
Rock Tenn Company (A)
Cintas
Pulte
Hasbro
Omnicare
J.B. Hunt Transport Services
Toll Brothers
Scripps Network Interactive
Raymond James Financial
FNF
Xylem
New York Community Banking Corporation
Genworth (A)
Air Gas
Joy Global
ADT
Petsmart
Camden Property Trust
Scana
Alliant Energy
Windstream
Synopsys
Manpower
Duke Realty Investments Real Estate Investment Trust
QEP Resources
Darden Restaurants
284
16
16
16
16
16
16
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
14
14
14
14
14
14
14
14
14
14
14
14
14
14
14
14
14
14
14
14
14
14
14
14
13
13
13
13
Percentage
of total
net assets
%
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 285
FIDELITY INDEX WORLD FUND
(FORMERLY FIDELITY MONEYBUILDER WORLD INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
USD
461
214
1,515
1,245
960
446
420
391
809
496
555
507
581
777
392
404
500
462
335
256
645
416
1,208
281
500
513
417
581
564
415
267
376
174
1,048
429
424
337
396
485
1,756
446
161
300
514
2,002,486
553
237
319
992
147
326
308
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
First Republic Bank
Ulta Salon Cosmetics & Fragrances
Avon Products
Denbury Resources
Dr Horton
Robert Half International
Twitter
Pinnacle West Capital
Pepco
Discovery Communications
Leggett & Platt
Voya Financial
Iron Mountain
Hologic
Legg Mason
WR Berkley
Realogy
Avnet
Arrow Electronics
Energen
MDU Resources
NASDAQ OMX
Peoples United Financial
Albemarle
Liberty Property Trust - Real Estate Investment Trust
Superior Energy Services
Gamestop
Owens-Illinois
Southwest Airlines
Cree
Integrys Energy
Dicks Sporting Goods
Westlake Chemical
Cobalt International Energy
Urban Outfitters
Eaton Vance (Non-voting)
Avery Dennison
Lululemon Athletica
Rayonier
Hudson City Banking Corporation
SEI Investments
Fossil
Regency Centers Real Estate Investment Trust
Flir Systems
MINI MSCI EAFE Future 19/09/2014
Total System Services
Assurant
AGCO
Peabody Energy
SPX
United Continental
Liberty Media (A)
285
13
13
13
13
13
13
13
13
13
13
12
12
12
12
12
12
12
12
12
12
12
11
11
11
11
11
11
11
11
11
11
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
9
9
9
9
9
Percentage
of total
net assets
%
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 286
FIDELITY INDEX WORLD FUND
(FORMERLY FIDELITY MONEYBUILDER WORLD INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
USD
132
289
415,286
501
415
723
565
318
247
2,466
772
137
392
150
215
200
181
122
264
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Dun & Bradstreet
Autonation
S&P Mid 400 EMINI Future 19/09/2014
Vantiv
Rackspace Hosting
Cablevision Systems
KBR
Patterson
Quintiles Transnational
Sprint
Nuance Communications
Netsuite
Ocwen Financial
Antero Resources
Sears
Diamond Offshore Drilling
Fireeye
Rayonier Advanced Materials
Fidelity National Financial
Percentage
of total
net assets
%
9
9
9
9
9
8
8
8
8
8
8
7
6
5
5
5
3
2
2
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.00
0.00
0.00
39,796
53.69
431
319
313
252
235
218
203
191
157
154
145
143
141
135
130
129
120
119
118
112
108
104
101
89
75
68
67
58
57
54
53
0.58
0.43
0.42
0.34
0.32
0.29
0.27
0.26
0.21
0.21
0.20
0.19
0.19
0.18
0.18
0.17
0.16
0.16
0.16
0.15
0.15
0.14
0.14
0.12
0.10
0.09
0.09
0.08
0.08
0.07
0.07
UNITED KINGDOM - (8.25%)
66,121
13,082
64,869
17,067
6,632
8,570
4,425
92,890
8,827
200,825
4,477
11,977
7,451
37,406
9,002
57,437
4,518
2,280
13,179
3,387
27,814
8,545
2,062
3,393
4,923
6,614
28,535
5,950
17,918
10,436
1,010
HSBC (UK) (Reg'd)
Royal Dutch Shell A (UK)
BP
GlaxoSmithKline
British American Tobacco
Royal Dutch Shell B (UK)
AstraZeneca
Vodafone
Diageo
Lloyds Banking Group
Rio Tinto
BG Group
BHP Billiton
Glencore Xstrata
Prudential
Barclays
Unilever (UK)
Reckitt Benckiser
National Grid Transco
SABMiller
BT
Standard Chartered
Shire
Imperial Tobacco
Anglo American (UK)
Rolls-Royce
Tesco
Compass
Centrica
Aviva
AON
286
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 287
FIDELITY INDEX WORLD FUND
(FORMERLY FIDELITY MONEYBUILDER WORLD INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
3,435
21,027
10,921
1,867
4,954
3,957
545
3,456
1,228
17,041
2,924
8,586
3,619
3,102
8,403
2,818
2,228
12,922
613
3,377
5,561
810
7,943
3,097
1,589
2,493
777
678
5,618
1,712
818
1,177
726
1,328
800
592
884
4,089
5,220
5,166
2,458
3,291
285
3,495
5,189
7,572
812
831
3,243
620
1,015
2,785
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Scottish & Southern Energy
Legal & General
BAE Systems
Liberty Global
ARM
Reed Elsevier
Next
Experian
Associated British Foods
Old Mutual
Pearson
Standard Life
British Sky Broadcasting
Smith & Nephew
Royal Bank of Scotland
Land Securities
Capita
ITV
Whitbread
British Land
Marks & Spencer
Ensco (A)
Kingfisher
Tullow Oil
Burberry
United Utilities
Liberty Global (A)
Johnson Matthey
GKN
Babcock International
InterContinental Hotels
Bunzl
Weir
Smiths
Olympus
Intertek
Severn Trent
Sage
Resolution
Direct Line Insurance
Hammerson
Royal & Sun Alliance Insurance
Randgold Resources
3i
Group 4 Securicor
Morrison (WM) Supermarkets
Travis Perkins
Aggreko
Aberdeen Asset Management
Carnival
Persimmon
Meggitt
52
51
48
48
48
39
39
36
35
34
33
33
32
32
31
30
27
27
27
25
24
24
24
23
23
22
21
21
20
19
19
19
19
18
17
17
17
16
16
15
15
15
14
14
14
14
14
14
14
14
13
13
287
Percentage
of total
net assets
%
0.07
0.07
0.06
0.06
0.06
0.05
0.05
0.05
0.05
0.05
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 288
FIDELITY INDEX WORLD FUND
(FORMERLY FIDELITY MONEYBUILDER WORLD INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
GBP
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
650
1,771
4,011
2,402
1,066
4,109
913
3,159
3,200
957
3,833
2,016
3,322
2,296
1,316
449
920
418
701
1,309
2,501
595
744
1,727
756
1,592
148
287
18
London Stock Exchange
Tate & Lyle
Cobham
Rexam
AMEC
Sainsbury (J)
IMI
William Hill
Carphone Warehouse
Petrofac
Melrose
Investec
INTU Properties
Royal Mail
Antofagasta
Croda
Hargreaves Lansdown
Schroders
Admiral
Inmarsat
Slough Estates
easyJet
Fresnillo
Tui Travel
Sports Direct International
ICAP
ASOS
Paragon Offshore
Fidelity Institutional Liquidity Fund (GBP)
Percentage
of total
net assets
%
13
12
12
12
12
12
12
11
11
11
11
11
11
10
10
10
10
10
9
9
9
8
7
6
6
6
4
2
0
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.00
0.00
6,155
8.30
333
154
148
116
107
91
78
78
77
74
71
70
66
63
61
60
58
57
56
56
0.45
0.21
0.20
0.16
0.14
0.12
0.11
0.11
0.10
0.10
0.10
0.09
0.09
0.08
0.08
0.08
0.08
0.08
0.08
0.08
JAPAN - (8.06%)
9,700
44,500
3,400
5,700
4,400
79,700
3,800
17,000
3,900
2,700
700
2,000
7,600
2,600
4,900
6,100
3,000
7,700
1,200
4,000
Toyota Motor
Mitsubishi UFJ Financial
Softbank
Honda Motor
Sumitomo Mitsui Financial
Mizuho Financial
Japan Tobacco
Hitachi
Canon
Takeda Pharmaceutical
Fanuc
KDDI
Astellas Pharmaceutical
Seven & I
Mitsubishi
Mitsui & Co
Mitsui Fudosan
Panasonic
East Japan Railway
Mitsubishi Estate
288
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 289
FIDELITY INDEX WORLD FUND
(FORMERLY FIDELITY MONEYBUILDER WORLD INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
5,300
7,000
1,300
1,400
200
8,400
12,500
1,800
27,000
2,200
1,700
3,200
2,400
3,700
500
11,000
4,500
700
5,100
200
14,000
4,000
2,000
800
3,700
200
1,100
3,800
1,600
6,000
7,000
1,500
1,300
11,000
3,100
400
8,000
700
1,800
700
7,800
1,300
1,300
600
2,700
7,600
5,600
2,200
2,900
200
2,000
1,700
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
NTT DoCoMo
Mitsubishi Electric
Nippon Telegraph & Telephone
Shin-Etsu Chemical
Keyence
Nissan Motor
Nomura
Kao
Nippon Steel
Bridgestone
Denso
Komatsu
Tokio Marine
Sony
Central Japan Railway
Mitsubishi Heavy Industries
Orix
Murata Manufacturing
Itochu
Fast Retailing
Toshiba
Kubota
Fuji Heavy Industries
Daikin Industries
Dai Ichi Life Insurance
SMC
Kyocera
Sumitomo
Fujifilm
Daiwa Securities
Fujitsu
Hoya
Otsuka
Sumitomo Mitsui Trust
Inpex
Nintendo
Tokyo Gas
Nidec
Mazda Motor
Secom
Resona
Asahi Breweries
Suzuki Motor
Tokyo Electron
Sumitomo Electric Industries
JX
Marubeni
Dai-Ichi Sankyo
Rakuten
Oriental Land
Daiwa House Industries
MS&AD Insurance
55
53
53
52
52
49
48
47
46
46
44
44
44
43
42
41
41
40
39
38
37
34
34
33
32
32
31
30
29
29
29
29
28
27
27
27
27
27
26
26
26
25
25
25
24
24
24
23
23
23
23
23
289
Percentage
of total
net assets
%
0.07
0.07
0.07
0.07
0.07
0.07
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.05
0.05
0.05
0.05
0.05
0.05
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 290
FIDELITY INDEX WORLD FUND
(FORMERLY FIDELITY MONEYBUILDER WORLD INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
900
1,000
2,700
300
300
5,000
2,000
1,600
4,000
600
9,000
1,000
2,000
700
1,100
700
4,000
4,000
600
1,200
1,000
5
400
300
2,000
2,200
1,200
800
1,000
1,000
2,300
500
2,200
6,000
4,500
2,200
4,000
1,000
5,000
4,000
1,900
500
1,900
2,600
1,000
2,000
6,000
1,200
400
1,000
1,000
4,000
Eisai
Sumitomo Realty & Development
Kirin
Shimano
Daito Trust Construction
Toray Industries
Ajinomoto
JFE
Asahi Kasei
Nitto Denko
NEC
NGK Spark Plug
Sumitomo Metal Mining
Omron
Terumo
Dentsu
Isuzu Motors
Tokyu
West Japan Railway
NKSJ
JGC
Nippon Building Fund
Uni-Charm
Ono Pharmaceutical
NSK
Mitsubishi Motors
Yamato Transport
Chugai Pharmaceutical
Nippon Paint
NGK Insulators
Ricoh
Seiko Epson
Chubu Electric Power
Osaka Gas
Mitsubishi Chemical
Aeon
Taisei
Shionogi
IHI Corporation
Hankyu Hanshin
Sekisui House
Toyota Industries
T&D
Kansai Electric Power
Japan Exchange
Dai Nippon Printing
Kintetsu
Shiseido
Makita
Nippon Meat Packers
Kikkoman
Bank of Yokohama
23
23
22
22
22
21
20
20
19
19
19
18
18
18
17
17
17
17
17
17
17
17
16
16
16
15
15
15
15
15
15
15
15
15
14
14
14
14
14
14
14
14
14
14
14
13
13
13
13
13
13
13
290
Percentage
of total
net assets
%
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 291
FIDELITY INDEX WORLD FUND
(FORMERLY FIDELITY MONEYBUILDER WORLD INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
600
4,000
4
3,000
500
12,000
900
2,000
400
2,000
5,000
300
6,000
2,000
700
1,200
500
5,000
5,000
6,000
200
5,000
1,700
1,000
1,000
300
1,000
2,000
600
2,000
900
300
200
4,000
8
4,000
3,000
1,000
900
2,000
200
3,000
2,000
9
2,000
1,000
3,000
1,500
800
400
1,400
1,400
Aisin Seiki
Asahi Glass
Japan Real Estate Asset Management
Chiba Bank
Sysmex
Kobe Steel
Lixil
Odakyu Electric Railway
TDK
Shizuoka Bank
Yahoo Japan
Rohm
Sharp
Keihin Elec Express Railway
Toyota Tsusho
Nikon
Suntory Beverage & Food
Sumitomo Chemical
Kawasaki Heavy Industries
Nippon Yusen
Rinnai
Tokyo Electric Power
Konica Minola
Suruga Bank
Hitachi Metals
Santen Pharmaceutical
Kansai Paint Osaka
Tokyo Tatemono
Namco Bandai
Shimizu
Yamaha Motor
Yakult Honsha
Meiji
Taiheiyo Cement
Japan Retail Fund Investment
Mitsui OSK Lines
Tobu Railway
Hino Motors
USS
Toppan Printing
Lawson
Kajima
Keio
United Urban Investment
Obayashi
Air Water
Fukuoka Financial
Kyushu Electric Power
Brother Industries
NTT Data
Tohoku Electric Power
Amada
13
13
13
13
12
12
12
12
12
12
12
12
11
11
11
11
11
11
11
11
11
11
11
11
10
10
10
10
10
10
10
10
10
10
10
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
8
291
Percentage
of total
net assets
%
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 292
FIDELITY INDEX WORLD FUND
(FORMERLY FIDELITY MONEYBUILDER WORLD INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
1,000
1,000
1,000
4,000
400
3,000
700
1,000
4,000
400
100
400
300
200
700
5
700
500
1,000
700
200
1,000
1,000
200
1,000
3,000
3,000
1,000
200
700
1,000
900
500
3,200
200
1,000
4,000
900
600
4,000
400
400
2,000
2,000
200
400
1,000
2,000
400
1,300
800
300
J Front Retailing
Kyowa Hakko Kirin
Kuraray
Mitsubishi Materials
Calbee
Nippon Express
Sega Sammy
Yaskawa Electronics
Aozora Bank
Nomura Research Institute
Hirose Electric
Electric Power Development
Otsuka
Alfresa
Casio Computer
Nippon Prologis
M3
Stanley Electric
Shoei
Daihatsu Motor
Nitori
Sekisui Chemical
Isetan Mitsukoshi
Nissin Food Products
Daicel Chemical Industries
Oji Paper
Nagoya Railroad
Chiyoda
Japan Airlines
JTEKT
Toto
Chugoku Electric Power
Asics
Yamada Denki
Don Quijote
Keisei Electric Railway
All Nippon Airways
Iyo Bank
Mitsubishi Tanabe Pharma
Teijin
THK
Aeon Credit Service
Sumitomo Heavy Industries
Fuji Electric
Fujirebio
Toho
Kamigumi
Hiroshima Bank
Nabtesco
Tokyu Fudosan
Softbank Investment
Trend Micro
8
8
8
8
8
8
8
8
8
8
8
8
8
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
292
Percentage
of total
net assets
%
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 293
FIDELITY INDEX WORLD FUND
(FORMERLY FIDELITY MONEYBUILDER WORLD INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
500
400
5,000
2,000
800
200
1,800
1,000
1,000
1,000
400
1,000
1,000
200
4,000
3,000
200
400
600
200
500
410
100
1,000
100
500
300
500
400
600
1,000
700
1,700
300
100
1,000
300
500
100
600
200
700
700
2
1,000
300
400
200
500
550
1,000
1,000
Credit Saison
Konami
Shinsei Bank
Joyo Bank
Yokogawa Electric
Hamamatsu Photonics
Mitsubishi UFJ Lease And Finance
Yamaguchi Financial
Tonengeneral Sekiyu
Nippon Sanso
NOK
Takashimaya
Bank of Kyoto
Familymart
Hokuhoku Financial
Mitsui Chemicals
Sankyo (Gunma)
Idemitsu Kosan
Yamaha
Hisamitsu Pharmaceutical
JSR
AEON Mall
Shimamura
Yokohama Rubber
Taisho Pharma
Chugoku Bank
Koito Manufacturing
Sony Financial
Ibiden
Hokuriku Electric Power
Shimadzu
Shikoku Electric Power
Gungho Online Entertainmnt
Hitachi High Technologies
Mabuchi Motor
GUNMA Bank
McDonald's Japan
Iida
Hikari Tsushin
Hakuhodo DY
Benesse
NHK Spring
Marui
Japan Prime Realty Investment
Hachijuni Bank
Hitachi Construction Machinery
Hitachi Chemical
Suzuken
Mediceo
Nisshin Seifun
Mitsubishi Gas Chemical
Kaneka
6
6
6
6
6
6
6
6
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
293
Percentage
of total
net assets
%
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 294
FIDELITY INDEX WORLD FUND
(FORMERLY FIDELITY MONEYBUILDER WORLD INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
400
1,000
400
600
1,600
600
1,000
200
400
100
200
500
400
400
1,000
1,300
600
100
1,000
1,000
100
200
100
200
100
100
300
Nomura Real Estate
Citizen Watch
Kakaku.com
Advantest
Seven Bank
NTT Urban Development
Daido Steel
Sanrio
Sumitomo Rubber Industries
International Trading
Kurita Water Industries
Showa Shell Sekiyu
Toyo Seikan Kaisha
Dainippon Sumitomo Pharmaceutical
Japan Display
Acom
Nexon
Itochu Techno-Solutions
Toho Gas
Nippon Electric Glass
Yamato Kogyo
DeNa
Maruichi Steel Tube
Park24
Oracle Japan
Toyoda Gosei
Gree
Percentage
of total
net assets
%
4
4
4
4
4
4
3
3
3
3
3
3
3
3
3
3
3
3
3
3
2
2
2
2
2
1
1
0.01
0.01
0.01
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
5,749
7.76
227
207
170
128
126
105
99
88
81
81
79
78
74
63
56
54
51
47
47
44
36
35
0.31
0.28
0.23
0.17
0.17
0.14
0.13
0.12
0.11
0.11
0.11
0.11
0.10
0.08
0.08
0.07
0.07
0.06
0.06
0.06
0.05
0.05
CANADA - (3.73%)
5,072
6,482
4,276
5,197
2,933
2,281
3,814
2,924
2,490
1,408
6,507
1,117
616
2,996
1,967
787
2,726
2,780
2,087
4,001
2,608
1,425
Royal Bank of Canada
Toronto-Dominion Bank
Bank of Nova Scotia
Suncor Energy
Canadian National Railway
Bank of Montreal
Canadian National Resources
Enbridge
TransCanada
CIBC
Manulife Financial
Valeant Pharmaceuticals International
CP Railway
Potash of Saskatchewan
Brookfield Asset Management (A)
Magna International (A)
Cenovus Energy
Goldcorp
Sun Life Financial Services of Canada
Barrick Gold (CA)
Encana
Crescent Point Energy
294
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 295
FIDELITY INDEX WORLD FUND
(FORMERLY FIDELITY MONEYBUILDER WORLD INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
1,064
1,141
1,321
1,155
1,319
501
1,936
1,993
1,425
916
789
1,234
458
3,632
1,425
1,237
1,049
1,631
718
1,089
568
69
1,083
1,172
447
286
921
574
520
425
726
716
726
1,316
775
3,083
508
397
273
366
400
732
327
1,008
307
2,489
525
585
516
210
367
Imperial Oil
National Bank of Canada
Rogers Communications (Non-voting) (B)
Pembina Pipeline
Thomson
Agrium
Teck (Sub-voting) (B)
First Quantum Minerals
Alimentation Couche (B)
BCE
Loblaw
Husky Energy
Tim Hortons
Talisman Energy
Shaw Communications (B)
Power of Canada
Inter Pipeline
Canadian Oil Sands
Catamaran
Arc Resources
Franco-Nevada
Fairfax Financial
Great-West Lifeco
Silver Wheaton
Intact Financial
Canadian Tire (A)
Power Financial
Tourmaline Oil
SNC-Lavalin
Saputo
Agnico-Eagle Mines
Telus
CGI (A)
Cameco
CI Financial
Yamana Gold
Altagas
Gildan Activewear
Keyera
Vermilion Energy
Open Text
Fortis
Methanex
Pacific Rubiales Energy
Metro (A) (Sub-voting)
Eldorado Gold
MEG Energy
Finning International
Peyto Exploration & Development
Dollarama
Investors Group
34
33
33
32
30
29
27
27
26
25
24
23
22
22
22
22
21
21
20
19
19
19
19
18
18
18
18
17
16
16
16
16
16
15
15
15
15
14
14
14
14
14
13
13
12
12
11
11
11
11
11
295
Percentage
of total
net assets
%
0.05
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.01
0.01
0.01
0.01
0.01
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 296
FIDELITY INDEX WORLD FUND
(FORMERLY FIDELITY MONEYBUILDER WORLD INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
CAD
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
5,249
430
1,762
364
4,285
287
635
1,861
205
426
177
543
2,080
1,041
3,212
285
1,041
492
1,395
969
250
197
175,124
172
Bombardier
Baytex Energy
Blackberry
Industrial Alliance Insurance
Kinross Gold
Onex
Enerplus
Penn West Petroleum
Empire (A)
Canadian Utilities (A)
George Weston
RioCan Real Estate Investment Trust
Pengrowth Energy
CAE
Turquoise Hill Resources
Atco
Transalta
H&R Real Estate Investment Trust
New Gold
Athabasca Oil
First Capital Realty
Bell Aliant
S&P/Toronto Stock Exchange 60 Index Future 18/09/2014
New Gold
Percentage
of total
net assets
%
11
11
11
10
10
10
9
9
9
9
8
8
8
8
7
7
7
6
5
4
3
3
2
1
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.00
0.00
0.00
0.00
3,125
4.22
300
277
152
103
95
94
93
86
85
77
76
75
67
67
59
55
53
48
45
45
43
38
34
32
31
0.40
0.37
0.21
0.14
0.13
0.13
0.13
0.12
0.11
0.10
0.10
0.10
0.09
0.09
0.08
0.07
0.07
0.06
0.06
0.06
0.06
0.05
0.05
0.04
0.04
FRANCE - (3.80%)
7,507
4,188
3,717
981
6,375
1,211
1,831
848
1,997
2,527
2,063
5,077
1,695
4,240
6,505
343
757
1,561
704
2,170
642
956
267
676
654
Total (B)
Sanofi-Aventis
BNP Paribas
LVMH
AXA
Air Liquide
Schneider Electric
L'Oreal
Danone
Societe Generale de Paris
Airbus
GDF Suez
VINCI
Vivendi Universal
France Telecom
Unibail-Rodamco
Pernod-Ricard
St Gobain
Essilor International
Carrefour
Michelin (B) (Reg'd)
Sagem
Kering
Renault
Lafarge (Bearer)
296
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 297
FIDELITY INDEX WORLD FUND
(FORMERLY FIDELITY MONEYBUILDER WORLD INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
941
3,383
608
198
9,926
483
268
365
322
580
433
742
1,492
823
639
190
728
3,180
1,702
287
972
624
1,401
87
791
336
403
958
346
516
218
562
107
111
677
79
136
98
146
134
338
16
278
83
74
Legrand
Credit Agricole
Publicis Groupe
Christian Dior
Alcatel Lucent
Capgemini
Valeo
Technip Coflexip
Sodexo
Accor
Dassault Systemes
Alstom
Veolia Environnement
Electricite de France
Bouygues
Casino Guichard Perrachon
Edenred
Natexis Banque
Groupe Eurotunnel
Atos Origin
Rexel
Zodiac Aerospace
Peugeot Citreon
Iliad
Bureau Veritas
Thales
Vallourec
Suez Environnement
Klepierre
Eutelsat Communications
Arkema
Scor Ree
Bic
Aeroports de Paris
CNP Assurances
Gecina
Imerys
Marine Wendel
Eurazeo
Icade
Lagardere (Reg'd)
Bollore
JC Decaux
Fonciere Des Regions
Remy Cointreau
297
Percentage
of total
net assets
%
31
30
27
21
21
21
20
20
19
17
17
16
16
16
14
14
13
13
13
13
12
12
12
12
11
11
11
11
10
10
10
10
9
9
8
7
7
7
7
7
6
6
6
5
4
0.04
0.04
0.04
0.03
0.03
0.03
0.03
0.03
0.03
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
2,722
3.67
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 298
FIDELITY INDEX WORLD FUND
(FORMERLY FIDELITY MONEYBUILDER WORLD INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
SWITZERLAND - (3.69%)
11,313
8,081
2,467
12,823
1,838
7,728
524
5,331
328
1,243
1,444
1,574
788
107
33
1,281
85
605
129
348
19
7
751
183
105
199
7
297
176
861
165
405
178
164
675
63
185
29
130
71
8
75
Nestle (Reg'd)
Novartis (Reg'd)
Roche
UBS (Reg'd)
Cie Financiere Richemont (A)
ABB (Reg'd) (Switz)
Zurich Financial
Credit Suisse
Syngenta
Swiss Re
TE Connectivity
Tyco International
Holcim (Reg'd)
Swatch (BR)
Givaudan (Reg'd)
Transocean (Swiss)
Swisscom (Reg'd)
Adecco (Reg'd)
Geberit (Reg'd)
Actelion (Reg'd)
SGS
Lindt & Spruengli
Julius Baer Gruppe
Phonak (B) (Reg'd)
Swiss Life
Kuehne & Nagel International (Reg'd)
Sika Finanz
Aryzta
Schindler
Noble Switzerland
Baloise (Reg'd)
Garmin
Lonza (Reg'd)
Swatch (Reg'd)
Coca Cola
Partners
Swiss Prime Site
EMS-Chemie
Pargesa
Schindler (Reg'd)
Barry Callebaut (Reg'd)
Sulzer (Reg'd)
298
529
437
433
138
106
106
95
91
72
61
54
42
38
35
33
30
30
28
27
26
26
22
21
18
16
16
16
16
15
14
13
13
12
10
10
10
9
8
7
6
6
6
0.71
0.59
0.58
0.19
0.14
0.14
0.13
0.12
0.10
0.08
0.07
0.06
0.05
0.05
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.03
0.03
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
2,701
3.64
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 299
FIDELITY INDEX WORLD FUND
(FORMERLY FIDELITY MONEYBUILDER WORLD INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
GERMANY - (3.59%)
2,904
2,784
3,219
3,380
1,602
3,237
4,842
10,917
1,166
582
652
7,011
603
3,409
389
648
1,308
1,621
787
739
3,402
522
3,972
654
1,534
459
496
386
346
650
712
510
94
990
579
619
329
186
427
213
133
112
877
153
109
286
265
1,400
153
164
1,147
Bayer
Siemens (Bearer)
BASF
DaimlerChrysler (Reg'd)
Allianz
SAP
Deutsche Bank
Deutsche Telekom (Reg'd)
BMW
Volkswagen (Pref'd)
Linde
E.ON
Munich Reinsurance (Reg'd)
Deutsche Post
Continental
Henkel (Pref'd)
Fresenius
RWE
Fresenius Medical Care
Adidas
Commerzbank
Porsche Auto (Non-Voting) (Pref'd)
Infineon Technologies
Deutsche Boerse
Thyssenkrupp
Merck
Heidelberg Cement
Henkel (BR)
Beiersdorf
GEA
ProSieben Sat.1 Media
Brenntag
Volkswagen
Deutsche Wohnen (Bearer)
Metro
K&S
LANXESS
BMW (Pref'd)
United Internet (Reg'd)
Hannover Rueckversicherungs AG
Man Group (Reg'd)
Hugo Boss
Lufthansa
RTL (DE)
Kabel Deutschland
Fuchs Petrolub (Pref'd)
Osram Licht
Sky Deutschland
Fraport
Springer Axel Verlag (Reg'd)
Telefonica Deutschland
235
211
200
168
166
152
100
99
83
79
78
77
73
67
51
41
39
38
34
33
31
29
28
28
26
24
23
22
19
18
17
16
13
13
12
12
12
11
11
11
10
10
9
9
9
7
7
7
6
6
5
299
0.32
0.28
0.27
0.23
0.22
0.21
0.13
0.13
0.11
0.11
0.11
0.10
0.10
0.09
0.07
0.06
0.05
0.05
0.05
0.04
0.04
0.04
0.04
0.04
0.04
0.03
0.03
0.03
0.03
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 300
FIDELITY INDEX WORLD FUND
(FORMERLY FIDELITY MONEYBUILDER WORLD INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
136
61
87
Celesio
Hochtief
RWE (Pref'd) (Non-Voting)
Percentage
of total
net assets
%
3
3
2
0.00
0.00
0.00
2,493
3.36
258
233
215
181
163
98
90
71
56
55
48
37
36
35
34
33
30
29
29
29
28
27
27
20
19
19
17
15
15
14
14
14
13
13
13
12
12
12
12
12
11
11
11
11
11
0.35
0.31
0.29
0.24
0.22
0.13
0.12
0.10
0.08
0.07
0.06
0.05
0.05
0.05
0.05
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.03
0.03
0.03
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.01
0.01
0.01
0.01
0.01
AUSTRALIA - (3.05%)
5,646
11,287
10,895
9,615
8,250
4,018
4,406
1,701
2,336
1,561
15,222
4,505
18,714
10,586
3,936
1,013
6,942
4,440
5,494
7,857
3,315
4,133
5,900
7,277
7,832
5,921
2,659
1,851
1,896
1,248
1,379
649
444
12,354
19,614
1,177
3,361
5,176
2,845
5,528
1,578
1,263
2,090
1,564
1,639
Commonwealth Bank of Australia
BHP Billiton (AU)
Westpac Banking
Australia & New Zealand Banking
National Australia Bank
Wesfarmers
Woolworths (AU)
CSL
Woodside Petroleum
Rio Tinto (AU)
Telstra
Suncorp
Scentre Group Stapled Unit
AMP
Origin Energy
Macquarie
Westfield
QBE Insurance
Brambles
Insurance Australia
Santos
Amcor
Transurban
Aurizon
Stockland Trust Property
Macquarie Goodman
Newcrest Mining
Lend Lease
AGL Energy
Orica
Sonic Healthcare
Australian Stock Exchange
Ramsay Health Care
Mirvac
Dexus Property
SEEK
Asciano
Fortescue Metals
Apa
GPT
James Hardie Industries
Crown
Coca-Cola Amatil
Bendigo and Adelaide Bank
Computershare
300
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FIDELITY INDEX WORLD FUND
(FORMERLY FIDELITY MONEYBUILDER WORLD INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
5,760
5,224
1,365
214
7,823
2,905
2,622
3,529
1,631
5,264
510
9,122
9,823
768
1,608
1,962
227
3,104
4,664
158
2,478
262
1,557
838
379
Percentage
of total
net assets
%
Portfolio of investments
Market value/
Unrealised gain/(loss)
£’000
Incitec Pivot
Tattersalls
Bank of Queensland
Cochlear
CFS Retail Property Trust
Boral New
Toll
Sydney Airport
Iluka Resources
Federation Centres
Caltex Australia
Alumina
SP Ausnet
WorleyParsons
ALS
Treasury Wine Estates
Flight Centre
Tabcorp
Qantas Airways
REA
Metcash
Leighton
Harvey Norman
TPG Telecom
AGL Energy
10
10
10
9
9
9
9
9
8
8
8
8
8
7
7
6
6
6
4
4
4
3
3
3
2
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.00
0.00
0.00
0.00
2,313
3.12
256
152
138
82
67
46
30
24
24
23
23
18
18
17
17
15
15
15
12
12
7
4
0
0.35
0.21
0.19
0.11
0.09
0.06
0.04
0.03
0.03
0.03
0.03
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.01
0.01
0.00
1,015
1.37
SPAIN - (1.30%)
42,364
20,785
14,432
18,400
3,844
3,057
1,347
6,469
12,347
6,230
1,221
15,453
355
1,348
1,354
596
548
751
2,301
3,332
3,263
483
19
Banco Santander Central Hispano
Banco Bilbao Vizcaya Argentaria
Telefonica (SA)
Iberdrola
Inditex
Repsol
Amadeus
Banco Popular Espanol (Reg'd)
Banco de Sabadell
CaixaBank
Gas Natural SDG (E)
Bankia
Red Electrica
Cintra Concesiones
Abertis Infraestructuras
ACS Actividades de Construccion y Servicios
Grifols
Enagas
Distribuidora International Alimentation
International Consolidated Airline
MAPFRE
Zardoya Otis
Zardoya Otis
301
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FIDELITY INDEX WORLD FUND
(FORMERLY FIDELITY MONEYBUILDER WORLD INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
NETHERLANDS - (1.33%)
5,715
13,476
1,629
1,254
3,416
811
844
3,295
2,421
6,489
1,085
628
11,014
1,046
3,090
524
167
263
627
518
340
351
790
305
336
421
2,322
729
251
248
301
279
1,345
Unilever
ING
Lyondellbasell Industries (A)
ASML (NL)
Koninklijke Philips Electronics
Heineken (Bearer)
Akzo Nobel
Ahold Koninklijke
Reed Elsevier
Aegon
Nielsen
Koninklijke
KPN
Wolters Kluwer
CNH Industrial
Sensata Technologies Holding
Core Laboratories
Gemalto
Royal Dutch Shell A (NL)
Ziggo
Heineken (A)
Chicago Bridge & Iron ADR
Qiagen
Altice
Boskalis West
Randstad
STMicroelectronics
Delta Lloyd
Koninklijke Vopak
Corio
Fugro
OCI
TNT Express
144
112
111
72
63
37
36
34
33
31
31
25
22
17
16
16
16
16
15
15
14
13
12
12
12
12
12
11
8
8
7
6
6
0.19
0.15
0.15
0.10
0.08
0.05
0.05
0.05
0.04
0.04
0.04
0.03
0.03
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.01
0.01
0.01
0.01
0.01
0.01
995
1.34
86
84
81
51
50
43
41
39
37
36
35
31
27
22
20
0.12
0.11
0.11
0.07
0.07
0.06
0.06
0.05
0.05
0.05
0.05
0.04
0.04
0.03
0.03
SWEDEN - (1.24%)
3,329
10,676
10,676
1,780
3,212
5,424
2,337
5,372
8,466
1,177
1,546
2,107
3,606
1,389
1,425
Hennes & Mauritz (B)
Nordea Bank
Ericsson (LM) Telefon (B)
Svenska Handelsbanken (A)
Swedbank (A)
Skandinaviska Enskilda (A)
Atlas Copco
Volvo (B)
Teliasonera
ASSA ABLOY (B)
Investor (B)
Svenska Cellulosa (B)
Sandvik
Atlas Copco (B)
SKF (B)
302
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FIDELITY INDEX WORLD FUND
(FORMERLY FIDELITY MONEYBUILDER WORLD INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
770
895
1,160
1,232
690
845
668
1,003
815
1,139
1,142
1,144
1,510
415
Kinnevik Investment (B)
Hexagon (B)
Alfa Laval
Skanska (B)
Swedish Match
Electrolux (B)
Getinge (B)
Boliden
Lundin Petroleum
Tele2 (B)
Securitas (B)
Elekta Instrument (A)
Husqvarna (B)
Industrivarden (C)
Percentage
of total
net assets
%
19
18
16
15
14
13
11
10
9
9
8
8
7
5
0.03
0.02
0.02
0.02
0.02
0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
845
1.14
139
63
55
55
36
33
32
29
28
27
26
20
16
15
14
13
12
12
11
11
9
9
9
9
7
6
6
5
4
4
0
0.19
0.08
0.07
0.07
0.05
0.04
0.04
0.04
0.04
0.04
0.04
0.03
0.02
0.02
0.02
0.02
0.02
0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.00
715
0.96
HONG KONG - (0.90%)
42,400
8,000
3,973
6,041
8,000
6,500
23,160
8,070
6,000
5,000
2,600
2,500
8,000
20,000
3,425
17,684
4,504
5,000
7,000
10,086
4,400
3,000
5,000
2,000
9,440
2,000
1,000
12,400
4,000
2,000
333
AIA
Hutchison Whampoa
Hong Kong Exchanges & Clearing
Sun Hung Kai Properties
K Wah Construction Materials
CLP
Hong Kong & China Gas
Link Real Estate Investment Trust
Wharf
Power Assets
Hang Seng Bank
Swire Pacific (A)
Hang Lung Properties
Li & Fung
Henderson Land Development
New World Development
Bank of East Asia
MTR
SJM
Sino Land
Swire Properties
Wheelock & Co
Techtronic Industries
Cheung Kong Infrastructure
HKT Trust
Hysan Development
ASM Pacific Technology
PCCW
Cathay Pacific Airways
Kerry Properties
Sun Hung Kai Properties (Warrants 22/04/2016)
303
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 304
FIDELITY INDEX WORLD FUND
(FORMERLY FIDELITY MONEYBUILDER WORLD INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
ITALY - (0.85%)
8,965
23,143
15,539
39,248
3,995
7,004
31,257
1,366
3,259
561
5,480
3,191
16,413
953
26,264
2,208
6,408
1,148
366
1,530
851
628
5,081
3,565
ENI
Enel
Unicredito Italiano
Intesa Sanpaolo
Assicurazioni Generali
SNAM
Telecom Italia
Autostrade
Fiat
Luxottica
Terna
Unione di Banche Italiane
Banca Monte dei Paschi di Siena
Saipem
Telecom Italia RISP
Mediobanca
Enel Green Power
Banco Popolare
Exor
Finmeccanica
Pirelli
Prysmian
Intesa Sanpaolo (Pref'd)
Sai
134
74
73
71
50
25
22
21
20
18
17
15
15
14
14
12
11
11
9
9
8
8
8
7
0.18
0.10
0.10
0.10
0.07
0.03
0.03
0.03
0.03
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
666
0.90
127
109
83
42
37
26
20
20
14
3
0.17
0.15
0.11
0.06
0.05
0.04
0.03
0.03
0.02
0.00
481
0.65
53
51
45
44
39
26
15
14
13
12
0.07
0.07
0.06
0.06
0.05
0.04
0.02
0.02
0.02
0.02
IRELAND - (0.60%)
927
2,234
1,582
459
2,543
572
82,811
975
541
557
Actavis
Accenture
Covidien
Perrigo
CRH
Kerry (A)
Bank of Ireland
XL Capital (A)
Willis Group
Ryanair
SINGAPORE - (0.60%)
6,089
27,000
4,075
9,138
848
5,000
11,000
2,161
8,000
20,000
DBS
Singapore Telecommunications
United Overseas Bank
Oversea-Chinese Banking
Avago Technologies
Keppel (SG)
Global Logistic Properties
Flextronics International
Capitaland
Genting Singapore
304
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 305
FIDELITY INDEX WORLD FUND
(FORMERLY FIDELITY MONEYBUILDER WORLD INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
3,000
6,000
2,000
5,000
2,000
21,000
6,000
8,000
7,000
8,000
3,000
8,000
2,032
3,000
3,000
2,000
5,000
2,000
1,142
Singapore Exchange
Singapore Technologies Engineering
City Developments
Singapore Press
Singapore Airlines
Hutchison Port Trust
Wilmar International
Ascendas Real Estate Investment Trust
ComfortDelGro
CapitaMall Trust
Sembcorp
CapitaCommercial Real Estate Investment Trust
UOL
Sembcorp Marine
Olam International
Starhub
Yangzijiang Shipbuilding Holdings
Keppel Land
Oversea-Chinese Bank (Rights 15/09/2014)
Percentage
of total
net assets
%
11
11
10
10
10
9
9
9
8
8
7
7
6
6
4
4
3
3
1
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.00
0.00
0.00
448
0.60
194
38
37
22
21
21
19
18
16
15
11
5
4
0.26
0.05
0.05
0.03
0.03
0.03
0.03
0.02
0.02
0.02
0.01
0.01
0.01
421
0.57
189
29
22
20
17
15
14
11
10
8
7
0.25
0.04
0.03
0.03
0.02
0.02
0.02
0.01
0.01
0.01
0.01
342
0.46
304
0.41
304
0.41
DENMARK - (0.53%)
7,005
2,251
24
793
815
380
367
388
2,999
10
590
106
63
Novo Nordisk (B)
Danske Bank
A P Moller (B)
Novozymes (B)
Vestas Wind Systems
Carlsberg (B)
Coloplast (B)
Pandora
TDC (B)
A P Moller (A)
DSV de Sammenslut
William Demant
Trygvesta
BELGIUM - (0.45%)
2,823
841
381
214
293
725
335
381
477
286
201
Anheuser-Busch InBev
KBC
UCB
Solvay (A)
Groupe Bruxelles Lambert
Ageas
Delhaize Group
Umicore
Belgacom
Colruyt
Telenet
NETHERLANDS ANTILLES - (0.35%)
4,578
Schlumberger (US)
305
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FIDELITY INDEX WORLD FUND
(FORMERLY FIDELITY MONEYBUILDER WORLD INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
BERMUDA - (0.32%)
1,188
1,539
1,372
509
498
167
168
393
1,312
159
8,303
ACE
Invesco
SeaDrill
Bunge
Arch Capital
Everest Reinsurance
Partner
Axis Capital
Marvell Technology
Renaissancere
First Pacific
76
38
30
26
17
16
11
11
11
10
6
0.10
0.05
0.04
0.04
0.02
0.02
0.01
0.01
0.01
0.01
0.01
252
0.34
65
48
27
23
16
15
10
9
9
8
8
6
0.09
0.06
0.04
0.03
0.02
0.02
0.01
0.01
0.01
0.01
0.01
0.01
244
0.33
67
39
38
19
16
15
9
4
0.09
0.05
0.05
0.03
0.02
0.02
0.01
0.01
207
0.28
55
34
26
12
10
7
5
4
4
0.07
0.05
0.04
0.02
0.01
0.01
0.01
0.01
0.01
157
0.21
97
0.13
FINLAND - (0.35%)
13,130
1,599
1,059
1,537
1,749
486
426
366
1,688
413
506
541
Nokia
Sampo Insurance (A)
Kone (B)
Fortum
UPM-Kymmene
Wartsila
Metso
Orion (B)
Stora Enso (FI)
Nokian Tyres
Elisa (A)
Neste Oil
NORWAY - (0.26%)
3,928
2,743
3,399
642
4,466
2,710
725
474
Statoil
Telenor
DnB NOR
Yara International
Norsk Hydro
Orkla (A)
Gjensidige Forsikring
Aker Solutions
CHINA - (0.24%)
5,000
8,800
13,000
5,200
15,090
3,600
4,187
2,000
4,000
Cheung Kong
Sands China
Bank of China
Wynn Macau
Noble
MGM China Holdings
NWS
Yue Yuen Industial
Shangri-La Asia
ISRAEL - (0.18%)
3,102
Teva Pharmaceutical Industries
306
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 307
FIDELITY INDEX WORLD FUND
(FORMERLY FIDELITY MONEYBUILDER WORLD INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
3,397
4,375
1,820
7,244
632
157
9
13
Bank Hapoalim (Reg'd)
Bank Leumi
Israel Chemical
Bezeq Israeli Telecommunications
Mizrahi Tefahot Bank
Nice Systems
Israel Corporation
Delek
Percentage
of total
net assets
%
12
10
8
8
5
4
3
3
0.02
0.01
0.01
0.01
0.01
0.01
0.00
0.00
150
0.20
60
45
31
0.08
0.06
0.04
136
0.18
31
24
21
13
11
0.04
0.03
0.03
0.02
0.01
100
0.13
15
12
11
9
7
6
3
3
0.02
0.02
0.01
0.01
0.01
0.01
0.00
0.00
66
0.09
22
14
10
7
0
0.03
0.02
0.01
0.01
0.00
53
0.07
42
10
0.06
0.01
52
0.07
JERSEY - (0.18%)
4,776
1,074
965
WPP
Delphi Automotive
Wolseley
LUXEMBOURG - (0.14%)
3,582
1,066
1,570
235
1,064
ArcelorMittal (NL)
SES Global (A)
Tenaris (IL)
Millicom Interntional Cellular
Subsea 7
AUSTRIA - (0.11%)
972
534
442
272
3,856
362
90
565
Erste Bank
OMV
Voest-Alpine Stahl
Andritz
Immofinanz
Raiffeisen Bank International
Wiener Staedtische Versicherung
Telekom Austria
PORTUGAL - (0.08%)
7,630
1,341
127,805
906
7,511
Electricidade de Portugal
Galp Energia
Banco Com Portugue (Reg'd)
Jeronimo Martins & Filho
Banco Espirito Santo (Reg'd)*
CAYMAN ISLANDS - (0.06%)
1,129
321
Seagate
Herbalife
307
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 308
FIDELITY INDEX WORLD FUND
(FORMERLY FIDELITY MONEYBUILDER WORLD INDEX FUND)
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
NEW ZEALAND - (0.05%)
2,563
6,812
3,712
996
1,257
182
Fletcher Building
Spark New Zealand
Auckland International Airport
Ryman Healthcare
Contact Energy
Xero
12
10
7
4
4
2
0.02
0.01
0.01
0.01
0.01
0.00
39
0.05
33
0.04
33
0.04
VIRGIN ISLANDS (BRITISH) - (0.05%)
680
Michael Kors
PANAMA - (0.04%)
1,371
Carnival (Paired CTF)
31
0.04
31
0.04
LIBERIA - (0.02%)
557
Royal Carribean Cruises
21
0.03
21
0.03
14
0.02
14
0.02
FUTURES - (0.00%)
USD
2,278,306
S&P 500 EMINI Future 19/09/2014
MAURITIUS - (0.01%)
28,000
Golden Agri-Resources
Portfolio of investments
Cash and other net assets/(liabilities)
Net assets
The figures in brackets represent the sector distributions at 28 February 2014.
*Securities valued at the ACD's valuation.
The percentage of net assets disclosed above is subject to rounding.
308
7
0.01
7
0.01
72,847
98.27
1,279
1.73
74,126
100.00
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 309
FIDELITY INTERNATIONAL FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
UNITED KINGDOM - (35.51%)
309,970
95,255
59,056
222,850
146,965
97,250
667,252
756,811
42,864
260,126
1,724,707
507,270
101,857
473,807
608,629
74,365
658,084
127,604
123,270
500,173
461,617
147,007
321,847
456,437
64,097
218,510
381,890
1,307,722
553,626
506,953
2,490,021
146,131
423,936
387,382
913,489
43,937
32,100
659,914
419,653
273,274
66,469
348,783
29,731
353,047
35,165
2,369,598
553,380
132,003
186,847
151,284
BG Group
Rio Tinto
Shire
Capita
Diageo
Unilever (UK)
BT
Ocado
Randgold Resources
CSR
Nanoco
Merlin Entertainments
Hikma Pharmaceuticals
PZ Cussons
Elementis
Carnival
Foxtons
Galliford
Close Brothers
Chime Communications
Tungsten
Experian
Michael Page International
Poundland
Provident Financial
Domino Printing Sciences
Cineworld
Rockhopper Exploration
Imagination Technologies
Barclays
Boohoo.Com
Tullow Oil
Mothercare
Zoopla Property
Moss Brothers
Aveva
Derwent London
Vectura
Perform Group
TalkTalk Telecom
Standard Chartered
Card Factory
Rightmove
Boot Henry
Ted Baker
Sinclair Pharmaceutical
Man Group
Lo Q
Ashmore
Marks & Spencer
3,699
3,075
2,898
2,719
2,617
2,588
2,582
2,476
2,147
1,998
1,858
1,765
1,753
1,748
1,724
1,663
1,662
1,649
1,649
1,611
1,608
1,541
1,456
1,424
1,372
1,270
1,253
1,233
1,194
1,134
1,108
1,069
1,058
965
934
924
891
881
872
827
809
753
747
711
687
663
659
653
653
648
309
1.75
1.45
1.37
1.28
1.24
1.22
1.22
1.17
1.01
0.94
0.88
0.83
0.83
0.83
0.81
0.78
0.78
0.78
0.78
0.76
0.76
0.73
0.69
0.67
0.65
0.60
0.59
0.58
0.56
0.54
0.52
0.50
0.50
0.46
0.44
0.44
0.42
0.42
0.41
0.39
0.38
0.36
0.35
0.34
0.32
0.31
0.31
0.31
0.31
0.31
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 310
FIDELITY INTERNATIONAL FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
42,131
263,104
191,658
257,620
81,102
103,698
199,096
160,575
172,239
207,639
736,466
105,000
91,580
77,267
27,154
829,347
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
GlaxoSmithKline
Parkmead
RPS
Vodafone
United Business Media
BP
Terrace Hill
Group 4 Securicor
Exova
Koovs
London Mining (UK)
Hochschild Mining
Morrison (WM) Supermarkets
Avanti Communications
Synety
ROK*
Percentage
of total
net assets
%
621
575
543
531
516
500
432
425
316
257
221
171
164
143
61
0
0.29
0.27
0.26
0.25
0.24
0.24
0.20
0.20
0.15
0.12
0.10
0.08
0.08
0.07
0.03
0.00
79,354
37.46
2,517
2,326
2,292
2,154
1,726
1,720
1,611
1,590
1,560
1,436
1,418
1,328
1,327
1,185
1,151
1,131
1,118
1,036
1,027
1,018
1,014
1,009
1,009
991
946
925
901
899
898
878
838
818
814
1.19
1.10
1.08
1.02
0.81
0.81
0.76
0.75
0.74
0.68
0.67
0.63
0.63
0.56
0.54
0.53
0.53
0.49
0.48
0.48
0.48
0.48
0.48
0.47
0.45
0.44
0.43
0.42
0.42
0.41
0.40
0.39
0.38
UNITED STATES - (33.62%)
93,060
6,650
102,556
27,750
178,850
52,350
26,140
34,550
24,070
46,360
32,100
39,540
27,720
25,540
60,810
25,410
52,120
34,010
11,520
10,650
34,040
42,740
18,100
27,730
16,020
17,160
35,310
36,150
20,880
13,870
17,040
17,700
17,700
Microsoft
Google (A)
Electronic Arts
ChevronTexaco
Bank of America
Comcast (A)
Apple
QUALCOMM
Gilead Sciences
Citigroup
Duke Energy
American International
CVS Caremark
Time Warner
CBRE
Facebook (A)
Twenty First Century Fox
Bristol-Myers Squibb
FedEx
Salix Pharmaceuticals
Verizon Communications
American Airlines
Home Depot
Lorillard
EQT
Medivation
Abbott Laboratories
Oracle
Adobe Systems
Union Pacific
Capital One
Estee Lauder (A)
Danaher
310
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 311
FIDELITY INTERNATIONAL FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
14,190
16,740
21,100
12,720
23,070
20,670
13,607
14,180
18,650
14,520
19,328
20,750
18,080
19,450
18,660
11,800
12,500
17,280
20,240
9,530
13,860
13,710
6,500
6,520
10,770
3,550
14,090
10,750
12,720
15,130
6,650
7,360
7,960
7,510
4,720
5,730
21,760
6,110
65,460
5,290
9,100
6,000
10,200
2,270
11,820
3,160
5,970
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
PepsiCo
Starbucks
Ingersoll Rand (A)
American Tower
MetLife
TJX
Walt Disney
Pall
Medtronic
McGraw-Hill
CBS
eBay
Macys
Fidelity National Information Services
Edison International
Marathon Petroleum
National-Oilwell
FMC Technologies
Kroger
Ashland
State Street
HCA
Mohawk Industries
Cummins
Constellation Brands (A)
CF Industries
Colgate-Palmolive
Procter & Gamble
Biomarin Pharmaceutical
Agilent Technologies
Boeing
United Technologies
Hess
Occidental Petroleum
Allergan
M&T Bank
Total System Services
SBA Communications (A)
Regions Financial
Boston Properties Real Estate Investment Trust
Eaton
Smucker (J.M.)
JPMorgan Chase
PPG Industries
T-Mobile (US)
Yelp
Gran Tierra Energy
311
Percentage
of total
net assets
%
792
785
770
757
756
745
740
713
709
708
694
693
680
665
658
646
644
641
622
614
599
570
570
569
565
557
548
538
534
521
509
484
481
471
461
424
410
408
399
386
382
370
364
281
213
157
24
0.37
0.37
0.36
0.36
0.36
0.35
0.35
0.34
0.33
0.33
0.33
0.33
0.32
0.31
0.31
0.30
0.30
0.30
0.29
0.29
0.28
0.27
0.27
0.27
0.27
0.26
0.26
0.25
0.25
0.25
0.24
0.23
0.23
0.22
0.22
0.20
0.19
0.19
0.19
0.18
0.18
0.17
0.17
0.13
0.10
0.07
0.01
68,438
32.30
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 312
FIDELITY INTERNATIONAL FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
JAPAN - (4.72%)
17,500
11,800
97,000
9,400
9,500
15,300
35,300
16,300
11,500
31,600
11,200
30,000
25,100
8,100
12,100
52,600
6,000
8,600
38,000
23,000
8,000
900
4,200
11,900
81,000
20,100
8,100
3,000
1,100
28,000
3,700
2,400
6,700
2,800
1,600
3,800
12,400
6,000
3,900
4,600
2,500
2,000
1,400
4,400
4,900
9,200
4,760
15,000
2,500
2,900
Toyota Motor
Nidec
Hitachi
Softbank
Daikin Industries
Sumitomo Mitsui Financial
Astellas Pharmaceutical
Tokio Marine
Otsuka
Orix
Bridgestone
Mitsubishi Electric
Sumitomo Electric Industries
Omron
Fuji Heavy Industries
Mitsubishi UFJ Financial
Takeuchi Manufacturing
Misumi
Fujitsu
Daicel Chemical Industries
Nippon Shinyaku
SMC
Makita
Brother Industries
Nippon Steel
Nihon Nohyaku
THK
Shin-Etsu Chemical
Fanuc
Mitsubishi Heavy Industries
Denso
Nippon Telegraph & Telephone
Mazda Motor
Nihon Kohden
Murata Manufacturing
Sysmex
Mitsubishi Motors
Japan Aviation Electronics Industry
Japan Tobacco
NGK Spark Plug
Don Quijote
Disco
Ono Pharmaceutical
Maruichi Steel Tube
Nippon Parkerizing
NTT Urban Development
AEON Mall
Toray Industries
Jafco
Temp Holdings
601
454
442
409
395
373
307
300
293
288
232
226
222
211
207
182
165
161
157
154
153
142
141
139
138
127
116
112
111
104
97
97
95
93
92
89
85
83
81
81
80
77
75
70
68
64
63
62
61
60
312
0.28
0.21
0.21
0.19
0.19
0.18
0.14
0.14
0.14
0.14
0.11
0.11
0.10
0.10
0.10
0.09
0.08
0.08
0.07
0.07
0.07
0.07
0.07
0.07
0.07
0.06
0.05
0.05
0.05
0.05
0.05
0.05
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.03
0.03
0.03
0.03
0.03
0.03
0.03
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 313
FIDELITY INTERNATIONAL FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
1,500
5,000
1,600
11,000
6,000
2,100
2,800
5,100
14,000
9,000
12,200
10,000
2,100
2,700
12,000
10,000
1,900
15,000
5,000
1,400
4,900
2,600
1,100
14,000
1,700
27,800
1,800
4,600
6,000
2,400
1,800
600
1,700
2,400
9,000
1,300
2,600
1,900
4,700
1,600
1,000
600
1,000
2,100
800
1,000
500
2,000
2,000
4,000
800
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Rohm
Yamaha Motor
Santen Pharmaceutical
Sanken Electric
Kubota
Dentsu
H.I.S.
Alps Electric
EBARA
Tsubakimoto Chain
Iino Kaiun Kaisha
Makino Milling Machine
Honda Motor
Hitachi Capital
Calsonic Kansei
Isuzu Motors
Aisin Seiki
Toshiba
NSK
Asahi Intecc
Yaskawa Electronics
NKSJ
Nitto Denko
Sumitomo Mitsui Trust
Yamato Kogyo
Mizuho Financial
NS Solutions
Yokogawa Electric
Tokyo Tatemono
Sega Sammy
Totetsu Kogyo
Lawson
Shionogi
JTEKT
Taiheiyo Cement
Okinawa Cellular Telephone
Dai Ichi Life Insurance
Daiseki
Citizen Watch
Unipres
Mitsui Fudosan
Seiko Epson
Zenkoku Hosho
T&D
Chugai Pharmaceutical
Kaken Pharmaceutical
Piolax
Daido Metal
Nippon Kayaku
GS Yuasa
Welcia
58
56
56
55
52
51
50
49
48
46
46
45
43
43
42
42
42
40
40
39
38
38
35
35
34
32
32
32
31
28
27
26
24
23
23
22
22
21
20
19
19
18
16
16
15
15
15
15
15
14
14
313
Percentage
of total
net assets
%
0.03
0.03
0.03
0.03
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 314
FIDELITY INTERNATIONAL FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
1,900
1,400
2,000
400
1,800
2,300
2,000
1,100
1,000
1,700
1,000
300
500
4,000
400
700
100
Nittoku Engineering
NSD
Shinmaywa Industries
Hoshizaki Electric
Tohoku Electric Power
Haseko
Maeda
Toyo Tire & Rubber
Kansai Paint Osaka
Aida Engineering
Maeda Road Construction
Tsuruha
Asahi Breweries
GNI
OBIC
Rakuten
Pal A&L UC
Percentage
of total
net assets
%
13
13
12
12
12
11
11
11
10
10
10
10
10
8
8
5
2
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
10,480
4.95
2,146
2,107
1,343
872
806
784
687
286
1.01
0.99
0.63
0.41
0.38
0.37
0.32
0.13
9,031
4.26
1,589
1,144
1,048
1,005
940
932
800
650
451
0.75
0.54
0.49
0.47
0.44
0.44
0.38
0.31
0.21
8,559
4.04
946
726
308
300
173
142
121
112
111
106
97
0.45
0.34
0.15
0.14
0.08
0.07
0.06
0.05
0.05
0.05
0.05
FRANCE - (4.07%)
32,476
209,854
33,639
13,007
54,403
16,476
41,587
23,874
Sanofi-Aventis
UBISOFT Entertainment
Total (B)
Michelin (B) (Reg'd)
GDF Suez
Renault
Lagardere (Reg'd)
CNP Assurances
NETHERLANDS - (4.10%)
65,269
68,505
219,296
14,700
184,553
63,731
43,461
16,100
19,255
Royal Dutch Shell A (NL)
Wolters Kluwer
Aegon
Lyondellbasell Industries (A)
STMicroelectronics
Delta Lloyd
Koninklijke Philips Electronics
NXP Semiconductors
ASM International (NL)
CANADA - (2.15%)
13,432
25,600
9,660
6,700
7,062
11,700
1,000
3,900
3,300
3,500
4,400
Valeant Pharmaceuticals
Catamaran (US)
Toronto-Dominion Bank
Royal Bank of Canada
Suncor Energy
Manulife Financial
CP Railway
Brookfield Asset Management (A)
Franco-Nevada
Enbridge
Telus
314
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 315
FIDELITY INTERNATIONAL FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
4,900
4,600
4,000
3,300
1,100
1,600
2,400
1,600
900
2,800
400
1,700
1,500
2,800
1,300
3,600
1,800
1,300
1,300
2,200
2,400
1,600
700
4,900
1,100
500
1,200
500
1,660
2,600
1,500
1,300
4,200
900
500
3,000
850
2,000
1,300
1,100
1,400
500
400
100
400
293,512
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Alimentation Couche (B)
Cenovus Energy
CGI (A)
Canadian National Resources
Magna International (A)
Bank of Montreal
Tourmaline Oil
Intact Financial
Valeant Pharmaceuticals International
Prairiesky Royalty
Constellation Software
Onex
Methanex
Peyto Exploration & Development
Canadian National Railway
Secure Energy Services
Loblaw
Bank of Nova Scotia
Gildan Activewear
CI Financial
Arc Resources
Rogers Communications (Non-voting) (B)
Agrium
Precision Drilling
Shawcor
CCL Industries
Agnico-Eagle Mines
Keyera
Melcor Developments
Trican Well Service
Tahoe Resources
Goldcorp
Eldorado Gold
Cineplex
Autocanada
Raging River Exploration
Potash of Saskatchewan
Computer Modelling
Veresen
Cardinal Energy
Kinaxis
Westjet Airlines
Enghouse Systems
Stantec
Constellation Software (Rights 07/11/2014)
Airsea Lines International (B)*
315
Percentage
of total
net assets
%
89
87
86
86
75
74
72
66
63
61
60
60
60
58
56
54
54
52
45
43
42
40
40
37
36
32
27
26
23
23
23
22
21
20
19
18
18
14
13
13
13
8
8
4
0
0
0.04
0.04
0.04
0.04
0.04
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.00
4,983
2.35
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 316
FIDELITY INTERNATIONAL FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
AUSTRALIA - (1.87%)
14,871
23,680
7,984
15,265
81,236
33,822
34,286
28,051
86,566
6,429
26,613
21,247
22,468
48,019
33,702
9,088
47,949
217,597
55,374
42,963
16,006
13,493
14,219
70,542
51,433
Commonwealth Bank of Australia
BHP Billiton (AU)
CSL
Australia & New Zealand Banking
AMP
Computershare
Sims Metal Management
Suncorp
Sydney Airport
Macquarie
QBE Insurance
Lend Lease
James Hardie Industries
Cabcharge Australia
Asciano
Leighton
Charter Hall Retail Real Estate Investment Trust
Fairfax Media
Ainsworth Game Technology
Pact
Super Retail Group
Carsales.Com.Au
Coca-Cola Amatil
Qantas Airways
Sunland
681
489
332
287
269
234
232
228
216
211
172
171
162
146
119
115
107
106
104
92
85
84
72
58
51
0.32
0.23
0.16
0.14
0.13
0.11
0.11
0.11
0.10
0.10
0.08
0.08
0.08
0.07
0.06
0.05
0.05
0.05
0.05
0.04
0.04
0.04
0.03
0.03
0.02
4,823
2.28
2,058
1,264
607
514
0.97
0.60
0.29
0.24
4,443
2.10
783
762
641
631
337
171
0.37
0.36
0.30
0.30
0.16
0.08
3,325
1.57
SWITZERLAND - (2.20%)
27,776
117,329
57,373
6,536
Actelion (Reg'd)
UBS (Reg'd)
Clariant (Reg'd)
Baloise (Reg'd)
GERMANY - (2.24%)
37,383
5,600
14,832
13,391
14,901
19,326
Metro
Volkswagen (Pref'd)
Deutsche Boerse
SAP
Salzgitter
TUI
316
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 317
FIDELITY INTERNATIONAL FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
CHINA - (1.66%)
208,300
14,000
246,000
25,000
6,200
168,000
2,900
126,500
16,000
Tencent
Cheung Kong
Uni-President China
Ping An Insurance
New Oriental Education & Technology ADR
Nine Dragons Paper
Mindray Medical International ADR
Hankore Environment Technology
Luk Fook International
2,049
154
134
123
86
79
55
54
30
0.97
0.07
0.06
0.06
0.04
0.04
0.03
0.03
0.01
2,764
1.30
2,191
1.03
2,191
1.03
1,143
455
0.54
0.21
1,598
0.75
DENMARK - (1.36%)
79,242
Novo Nordisk (B)
BERMUDA - (1.25%)
16,306
18,600
Signet Jewelers (UK)
Invesco
NETHERLANDS ANTILLES - (0.49%)
21,800
Schlumberger (US)
1,448
0.68
1,448
0.68
1,142
279
0.54
0.13
1,421
0.67
333
184
127
122
118
114
83
0.16
0.09
0.06
0.06
0.06
0.05
0.04
1,081
0.51
437
324
0.21
0.15
761
0.36
ISRAEL - (0.61%)
36,350
195,000
Teva Pharmaceutical Industries ADR
Sarin Technologies
HONG KONG - (0.44%)
101,400
100,500
138,000
26,000
21,500
418,000
39,900
AIA
Techtronic Industries
Lenovo
Wharf
Power Assets
Champion Real Estate Investment Trust
Samsonite International (SA)
ITALY - (0.43%)
285,423
60,519
Sorin
Mediobanca
SOUTH AFRICA - (0.28%)
202,087
Africa Oil (SEK)
757
0.36
757
0.36
JERSEY - (0.32%)
17,800
Delphi Automotive
317
744
0.35
744
0.35
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 318
FIDELITY INTERNATIONAL FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
FINLAND - (0.12%)
23,360
41,297
14,610
Fortum
Nokia
Neste Oil
354
205
173
0.17
0.10
0.08
732
0.35
684
0.32
684
0.32
SPAIN - (0.27%)
36,902
Gas Natural SDG (E)
BELGIUM - (0.58%)
33,054
Ageas
671
0.32
671
0.32
80
78
12
0.04
0.04
0.01
170
0.08
153
0.07
153
0.07
NEW ZEALAND - (0.04%)
17,376
52,979
13,239
Fletcher Building (AUS)
Spark New Zealand
Metro Performance Glass
NORWAY - (0.22%)
535,490
Sevan Drilling
PAPUA NEW GUINEA - (0.06%)
25,030
Oil Search
137
0.06
137
0.06
82
33
0.04
0.02
115
0.05
SINGAPORE - (0.10%)
230,000
3,000
Biosensors International
Great Eastern
MALAYSIA - (0.05%)
330,000
Nam Cheong
Portfolio of investments
Cash and other net assets/(liabilities)
Net assets
The figures in brackets represent the sector distributions at 28 February 2014.
*Securities valued at the ACD's valuation.
The percentage of net assets disclosed above is subject to rounding.
318
74
0.03
74
0.03
208,937
98.60
2,923
1.40
211,860
100.00
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 319
FIDELITY JAPAN FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
ELECTRICAL MACHINERY - (6.30%)
379,000
121,000
20,200
24,500
18,900
12,600
124,000
118,000
12,700
19,000
25,000
18,800
7,900
Hitachi
Mitsubishi Electric
Rohm
Seiko Epson
Nidec
Mabuchi Motor
Sanken Electric
Fujitsu
Nihon Kohden
Stanley Electric
Minebea
Mitsuba
Sysmex
1,728
913
776
749
726
646
622
488
423
271
189
187
184
2.97
1.57
1.34
1.29
1.25
1.11
1.07
0.84
0.73
0.47
0.33
0.32
0.32
7,902
13.60
2,380
1,488
1,004
787
595
595
463
331
4.10
2.56
1.73
1.35
1.02
1.02
0.80
0.57
7,643
13.15
1,731
1,064
890
592
467
285
253
168
145
127
105
101
2.98
1.83
1.53
1.02
0.80
0.49
0.44
0.29
0.25
0.22
0.18
0.17
5,928
10.20
1,854
1,107
710
465
3.19
1.90
1.22
0.80
4,136
7.12
TRANSPORT EQUIPMENT - (13.38%)
69,300
104,600
49,300
30,100
34,700
69,600
16,000
56,000
Toyota Motor
Mazda Motor
Honda Motor
Denso
Fuji Heavy Industries
Hino Motors
Toyota Industries
Shinmaywa Industries
INFORMATION & COMMUNICATION - (10.39%)
39,800
26,300
25,600
61,100
50,400
13,800
9,900
13,300
25,400
9,500
6,700
27,400
Softbank
Nippon Telegraph & Telephone
KDDI
Alps Electric
Nippon Television Network
OBIC
Otsuka
Internet Initiative Japan
Global Media Online
Dwango
Kadokawa
SKY Perfect JSAT
BANKS - (16.88%)
535,100
965,600
287,000
143,000
Mitsubishi UFJ Financial
Mizuho Financial
Sumitomo Mitsui Trust
Seventy Seventh Bank
319
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 320
FIDELITY JAPAN FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
MACHINERY - (4.25%)
324,000
80,700
138,000
10,200
9,900
18,000
9,800
7,300
Juki
Fujitec
EBARA
Daikin Industries
Makita
Sato
Hoshizaki Electric
Teikoku Piston Ring
592
569
470
424
333
313
288
115
1.02
0.98
0.81
0.73
0.57
0.54
0.50
0.20
3,104
5.34
925
573
273
261
197
173
1.59
0.99
0.47
0.45
0.34
0.30
2,402
4.13
811
739
656
156
1.40
1.27
1.13
0.27
2,362
4.06
448
387
361
319
310
234
214
0.77
0.67
0.62
0.55
0.53
0.40
0.37
2,273
3.91
1,105
434
386
293
1.90
0.75
0.66
0.50
2,218
3.82
1,286
678
249
2.21
1.17
0.43
2,213
3.81
NONFERROUS METALS - (0.00%)
104,800
130,000
134,000
102,000
92,000
32,000
Sumitomo Electric Industries
Sanwa
Mitsubishi Materials
Furukawa-Sky Aluminium
Kumagai Gumi
Dowa Mining
LAND TRANSPORTATION - (4.24%)
17,300
269,000
116,000
48,000
East Japan Railway
Nippon Express
Seino
Fukuyama Transporting
SERVICES - (0.00%)
29,900
21,500
38,200
15,500
14,900
8,500
16,200
Sohgo Security Services
H.I.S.
Kakaku.com
Cyberagent
Temp Holdings
Nishio Rent All
Resorttrust
CONSTRUCTION - (1.38%)
359,000
121,000
84,000
91,000
Kajima
Taisei
Obayashi
Nishimatsu Construction
PHARMACEUTICALS - (4.86%)
148,100
83,000
13,000
Astellas Pharmaceutical
Kyowa Hakko Kirin
Nippon Shinyaku
320
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 321
FIDELITY JAPAN FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
FOODS - (2.79%)
81,000
42,400
76,000
18,000
Ezaki Glicko
Asahi Breweries
Nichirei
Ajinomoto
953
806
215
176
1.64
1.39
0.37
0.30
2,150
3.70
696
503
362
269
145
1.20
0.87
0.62
0.46
0.25
1,975
3.40
647
504
298
244
172
1.11
0.87
0.51
0.42
0.30
1,865
3.21
633
410
385
384
1.09
0.71
0.66
0.66
1,812
3.12
743
361
332
1.28
0.62
0.57
1,436
2.47
719
623
1.24
1.07
1,342
2.31
528
491
166
0.91
0.84
0.29
1,185
2.04
618
248
231
1.06
0.43
0.40
1,097
1.89
REAL ESTATE - (3.62%)
135,000
108,900
26,000
31,200
13,800
Tokyo Tatemono
Tokyu Fudosan
Mitsubishi Estate
Iida
Park24
CHEMICALS - (2.33%)
24,900
225,000
20,000
21,800
27,200
Kao
Central Glass
Nippon Paint
Hitachi Chemical
Nihon Nohyaku
WHOLESALE - (7.26%)
37,600
41,700
96,000
50,100
Hitachi High Technologies
Mitsui & Co
Nachi-Fujikoshi
Itochu
OTHER PRODUCTS - (0.00%)
44,100
41,800
26,900
Namco Bandai
Yamaha
Asics
IRON & STEEL - (2.88%)
70,000
365,000
Hitachi Metals
Nippon Steel
RETAIL - (3.50%)
7,800
15,900
11,600
Ryohin Keikaku
International Trading
Start Today
OTHER FINANCING BUSINESS - (3.06%)
67,900
17,700
42,500
Orix
Aeon Credit Service
Gulliver International
321
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 322
FIDELITY JAPAN FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
SECURITIES - (0.00%)
145,200
17,200
Nomura
Jafco
561
418
0.97
0.72
979
1.68
535
179
0.92
0.31
714
1.23
476
234
0.82
0.40
710
1.22
INSURANCE - (4.52%)
29,100
23,900
Tokio Marine
T&D
METAL PRODUCTS - (0.00%)
8,900
8,000
Rinnai
Piolax
RUBBER PRODUCTS - (2.00%)
63,000
Sumitomo Rubber Industries
542
0.93
542
0.93
403
0.69
403
0.69
GLASS & CERAMICS - (0.00%)
22,900
NGK Spark Plug
TEXTILES & APPAREL - (1.63%)
45,000
Nisshinbo Industries
Portfolio of investments
Cash and other net assets/(liabilities)
Net assets
The figures in brackets represent the sector distributions at 28 February 2014.
The percentage of net assets disclosed above is subject to rounding.
322
253
0.44
253
0.44
56,644
97.47
1,474
2.53
58,118
100.00
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 323
FIDELITY JAPAN SMALLER COMPANIES FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
ELECTRICAL MACHINERY - (16.62%)
75,400
52,300
107,400
31,400
223,000
35,200
11,600
68,900
34,000
9,700
71,000
11,200
42,100
7,100
23,100
51,000
10,200
3,900
Nidec
Omron
Brother Industries
Nihon Kohden
Fujitsu
Sysmex
Murata Manufacturing
Yokogawa Electric
Japan Aviation Electronics Industry
Rohm
Sanken Electric
Seiko Epson
Yaskawa Electronics
IRISO Electronics
Nippon Ceramic
GS Yuasa
Stanley Electric
Japan Digital Laboratory
2,899
1,364
1,255
1,047
922
821
668
480
471
373
356
342
326
315
215
185
146
43
4.25
2.00
1.84
1.54
1.35
1.20
0.98
0.70
0.69
0.55
0.52
0.50
0.48
0.46
0.32
0.27
0.21
0.06
12,228
17.94
2,008
1,087
1,050
1,022
940
774
677
671
551
496
412
371
345
303
282
241
239
155
144
108
92
83
73
2.95
1.59
1.54
1.50
1.38
1.14
0.99
0.98
0.81
0.73
0.60
0.54
0.51
0.44
0.41
0.35
0.35
0.23
0.21
0.16
0.13
0.12
0.11
12,124
17.78
MACHINERY - (19.40%)
48,300
6,900
38,300
71,600
27,900
50,700
117,700
17,400
123,000
62,000
43,000
109,000
40,000
59,000
39,500
21,000
45,300
50,000
10,400
10,000
13,100
12,500
2,500
Daikin Industries
SMC
Takeuchi Manufacturing
THK
Makita
Oiles
Aida Engineering
Disco
Makino Milling Machine
NSK
JTEKT
EBARA
Kubota
Tsubakimoto Chain
Daifuku
Sega Sammy
Hisaka Works
Sumitomo Heavy Industries
Nabtesco
Tadano
Komori
Nittoku Engineering
Hoshizaki Electric
323
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 324
FIDELITY JAPAN SMALLER COMPANIES FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
TRANSPORT EQUIPMENT - (10.01%)
66,500
78,200
104,100
46,500
34,000
94,000
23,300
65,000
9,700
30,000
12,000
17,100
Fuji Heavy Industries
Mazda Motor
Mitsubishi Motors
Yamaha Motor
Nippon Seiki
Calsonic Kansei
Unipres
Isuzu Motors
Denso
Shinmaywa Industries
Daido Metal
Nihon Plast
1,139
1,112
713
519
457
327
277
271
254
177
92
74
1.67
1.63
1.05
0.76
0.67
0.48
0.41
0.40
0.37
0.26
0.13
0.11
5,412
7.94
2,411
450
424
325
222
208
143
141
3.54
0.66
0.62
0.48
0.33
0.31
0.21
0.21
4,324
6.34
1,024
905
527
303
287
189
121
118
77
67
1.50
1.33
0.77
0.44
0.42
0.28
0.18
0.17
0.11
0.10
3,618
5.31
1,186
860
591
314
273
264
101
1.74
1.26
0.87
0.46
0.40
0.39
0.15
3,589
5.26
INFORMATION & COMMUNICATION - (5.45%)
94,500
25,300
45,000
33,500
5,100
10,100
8,500
22,600
Otsuka
NS Solutions
NSD
Alps Electric
Softbank
OBIC
Okinawa Cellular Telephone
ITC Networks
CHEMICALS - (4.68%)
153,000
143,200
38,000
41,000
9,100
39,000
11,500
37,000
8,000
11,900
Daicel Chemical Industries
Nihon Nohyaku
Nippon Parkerizing
Nippon Kayaku
Nitto Denko
Asahi Kasei
JSP
Nippon Soda
Kansai Paint Osaka
Sakata Inx
PHARMACEUTICALS - (3.44%)
62,000
16,000
17,000
22,100
18,000
24,900
5,300
Nippon Shinyaku
Ono Pharmaceutical
Santen Pharmaceutical
Shionogi
Kaken Pharmaceuticals
Eiken Chemical
Chugai Pharmaceutical
324
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 325
FIDELITY JAPAN SMALLER COMPANIES FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
OTHER FINANCING BUSINESS - (4.04%)
325,400
51,800
29,900
19,400
18,400
31,200
Mitsubishi UFJ Lease And Finance
Century Tokyo Leasing
Hitachi Capital
Aisin Seiki
Zenkoku Hosho
Orix
1,047
922
474
432
297
284
1.54
1.35
0.70
0.63
0.44
0.42
3,456
5.07
1,099
1,069
805
293
70
1.61
1.57
1.18
0.43
0.10
3,336
4.89
764
608
325
258
235
190
140
136
129
127
99
81
62
40
33
1.12
0.89
0.48
0.38
0.34
0.28
0.21
0.20
0.19
0.19
0.15
0.12
0.09
0.06
0.05
3,227
4.73
689
582
325
257
169
96
8
1.01
0.85
0.48
0.38
0.25
0.14
0.01
2,126
3.12
BANKS - (6.03%)
96,000
326,800
392,000
88,000
55,000
Suruga Bank
Resona
Aozora Bank
Bank of Yokohama
Shinsei Bank
SERVICES - (4.88%)
36,700
33,800
13,300
30,700
33,900
6,900
5,000
7,000
11,900
17,600
10,500
5,500
30,000
3,100
4,200
Temp Holdings
H.I.S.
Dentsu
Sumitomo Densetsu
Escrit
Nishio Rent All
DIP
Meitec
Daiseki
Accordia Golf
Kakaku.com
Aeon Delight
GNI
En-Japan
Rakuten
RETAIL - (2.25%)
21,600
16,100
9,900
3,800
3,900
5,400
500
Don Quijote
Yaoko
Tsuruha
Ryohin Keikaku
Lawson
Welcia
Pal A&L UC
325
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 326
FIDELITY JAPAN SMALLER COMPANIES FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
WHOLESALE - (2.82%)
67,900
19,400
93,000
9,800
13,200
8,100
15,000
Misumi
Nagaileben
Hanwa
Doshisha
Kuriyama
SiiX Corporation
Nachi-Fujikoshi
1,273
228
221
107
93
80
60
1.87
0.33
0.32
0.16
0.14
0.12
0.09
2,062
3.02
945
322
281
143
114
82
1.39
0.47
0.41
0.21
0.17
0.12
1,887
2.77
767
473
225
195
1.13
0.69
0.33
0.29
1,660
2.44
1,434
73
2.10
0.11
1,507
2.21
616
602
229
0.90
0.88
0.34
1,447
2.12
470
260
180
175
0.69
0.38
0.26
0.26
1,085
1.59
525
194
132
104
0.77
0.28
0.19
0.15
955
1.40
CONSTRUCTION - (1.74%)
63,300
64,500
51,000
5,700
25,200
8,000
Totetsu Kogyo
Haseko
Maeda
Sho-Bond
Yahagi Construction
Toshiba Plant Systems & Services
IRON & STEEL - (2.14%)
47,900
142,000
132,000
9,800
Maruichi Steel Tube
Toyo Kohan
Nippon Steel
Yamato Kogyo
NONFERROUS METALS - (2.41%)
162,500
53,000
Sumitomo Electric Industries
Furukawa
INSURANCE - (2.29%)
82,300
41,300
23,700
T&D
NKSJ
Sony Financial
REAL ESTATE - (2.44%)
35,810
43,100
26,000
34,000
AEON Mall
Daibiru
NTT Urban Development
Tokyo Tatemono
RUBBER PRODUCTS - (2.73%)
25,400
13,200
13,400
12,100
Bridgestone
Nitta
Toyo Tire & Rubber
Sumitomo Rubber Industries
326
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FIDELITY JAPAN SMALLER COMPANIES FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
GLASS & CERAMICS - (0.00%)
41,600
59,000
NGK Spark Plug
Taiheiyo Cement
732
149
1.07
0.22
881
1.29
396
380
49
0.58
0.56
0.07
825
1.21
PRECISION INSTRUMENTS - (1.53%)
92,500
13,500
3,500
Citizen Watch
Asahi Intecc
Topcon
SECURITIES - (1.54%)
26,700
Jafco
649
0.95
649
0.95
TEXTILES & APPAREL - (0.00%)
96,000
Toray Industries
395
0.58
395
0.58
385
0.56
385
0.56
204
114
0.30
0.17
318
0.47
196
0.29
196
0.29
MARINE TRANSPORTATION - (0.44%)
101,300
Iino Kaiun Kaisha
METAL PRODUCTS - (0.51%)
17,100
3,900
Tocalo
Piolax
OTHER PRODUCTS - (0.26%)
120,000
Daiken
WAREHOUSING & HARBOUR TRANSPORTATION SERVICES - (0.29%)
29,700
AIT
138
0.20
138
0.20
ELECTRIC POWER & GAS - (0.22%)
11,000
Tohoku Electric Power
73
0.11
73
0.11
70
0.10
70
0.10
FOODS - (0.88%)
3,700
Asahi Breweries
AIR TRANSPORTATION - (0.00%)
2,000
Pasco
Portfolio of investments
Cash and other net assets/(liabilities)
Net assets
The figures in brackets represent the sector distributions at 28 February 2014.
The percentage of net assets disclosed above is subject to rounding.
327
5
0.01
5
0.01
67,978
99.70
200
0.30
68,178
100.00
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 328
FIDELITY MONEYBUILDER BALANCED FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
AAA RATED - (0.68%)
GBP
GBP
GBP
EUR
GBP
GBP
EUR
750,000
400,000
250,000
250,000
150,000
144,599
50,000
Lloyds Bank 5.125% 07/03/2025
Abbey National Treasury 5.125% 14/04/2021
Lloyds Bank 4.875% 30/03/2027
Germany 3.25% 04/07/2021
Royal Bank of Scotland 5.125% 13/01/2024
Eddystone Finance Series 2006-1 Class A2 FRN 19/04/2021
Germany 4.25% 04/07/2018
889
464
293
236
177
143
46
0.21
0.11
0.07
0.06
0.04
0.03
0.01
2,248
0.53
40,633
15,292
9,740
9,489
7,692
6,523
3,881
3,381
3,002
2,837
2,730
2,543
2,491
909
898
612
553
422
384
380
283
281
202
177
165
150
137
128
124
102
(7)
9.51
3.58
2.28
2.22
1.80
1.53
0.91
0.79
0.70
0.66
0.64
0.60
0.58
0.21
0.21
0.14
0.13
0.10
0.09
0.09
0.07
0.07
0.05
0.04
0.04
0.04
0.03
0.03
0.03
0.02
0.00
116,134
27.18
AA RATED - (24.84%)
GBP 40,600,000
GBP 15,450,000
GBP 8,000,000
GBP 9,000,000
GBP 8,290,000
GBP 5,250,000
GBP 4,000,000
GBP 2,600,000
GBP 3,000,000
GBP 2,150,000
GBP 2,450,000
GBP 2,000,000
GBP 1,775,000
GBP
800,000
GBP
900,000
GBP
500,000
GBP
471,110
GBP
350,000
GBP
350,000
USD
650,000
GBP
250,000
GBP
250,000
GBP
200,000
USD
300,000
USD
250,000
GBP
125,000
GBP 15,100,000
EUR
150,000
GBP
100,000
GBP
100,000
USD (3,000,000)
UK Gilt Treasury 5.00% 07/09/2014
UK Gilt Treasury 1.25% 22/07/2018
UK Gilt Treasury 4.25% 07/03/2036
UK Gilt Treasury 3.25% 22/01/2044
UK Gilt Treasury War Loan 3.50% (Perpetual)
UK Gilt Treasury 5.00% 07/03/2025
UK Gilt Treasury 1.75% 07/09/2022
UK Gilt Treasury 4.50% 07/12/2042
UK Gilt Treasury 1.75% 22/07/2019
UK Gilt Treasury 4.25% 07/12/2055
UK Gilt Treasury 3.75% 07/09/2021
UK Gilt Treasury 4.00% 22/01/2060
UK Gilt Treasury 6.00% 07/12/2028
UK Gilt Treasury 4.00% 07/03/2022
UK Gilt Treasury 2.25% 07/09/2023
Reseau Ferre de France 5.25% 07/12/2028
Telereal Securitisation 5.5534% 10/12/2031
UK Gilt Treasury 4.25% 07/06/2032
UK Gilt Treasury 3.75% 07/09/2019
Microsoft 2.375% 01/05/2023
Clydesdale Bank 4.625% 08/06/2026
UK Gilt Treasury 4.50% 07/03/2019
MetLife Global 3.50% 30/09/2026 Reg S
Statoil 3.95% 15/05/2043
US Treasury Note 3.50% 15/05/2020
Community Finance 1 5.017% 31/07/2034
Long Gilt Future 29/12/2014
Microsoft 2.625% 02/05/2033
Reseau Ferre de France 5.25% 31/01/2035
UK Gilt Treasury 1.75% 22/01/2017
US Treasury 10 Year Future 19/12/2014
328
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 329
FIDELITY MONEYBUILDER BALANCED FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
A RATED - (1.68%)
GBP
GBP
GBP
GBP
USD
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
USD
GBP
700,000
497,000
400,000
318,164
500,000
300,000
250,000
250,000
250,000
250,000
200,000
188,204
150,000
150,000
150,000
150,000
200,000
50,000
EDF 6.00% 23/01/2114 Reg S
Intu Properties 3.875% 17/03/2023
BAT International Finance 6.375% 12/12/2019
Dignity Finance 6.31% 31/12/2023
EDF 6.00% 22/01/2114
Dali Capital 4.79924% 21/12/2037
Wales & West Utilities 6.25% 30/11/2021
Intu Properties 4.625% 17/03/2028
Anheuser-Busch 4.00% 24/09/2025
Lloyds Bank 6.9625% VRN 29/05/2020
EDF Energy Networks 6.125% 12/11/2031
Unique Pub Finance 5.659% 30/06/2027
BAT International Finance 6.00% 24/11/2034
Wales & West Utilities 5.00% 07/03/2028
Wales & West Utilities 4.625% 13/12/2023
HSBC 5.00% 20/03/2023
Merck 3.60% 15/09/2042
Yorkshire Water Services 6.375% 19/08/2039
876
504
471
374
347
318
300
267
262
258
255
191
191
169
164
160
112
67
0.21
0.12
0.11
0.09
0.08
0.07
0.07
0.06
0.06
0.06
0.06
0.04
0.04
0.04
0.04
0.04
0.03
0.02
5,286
1.24
974
808
651
584
544
496
461
428
425
386
368
334
328
310
293
282
280
275
272
269
241
239
224
213
166
156
135
119
116
0.23
0.19
0.15
0.14
0.13
0.12
0.11
0.10
0.10
0.09
0.09
0.08
0.08
0.07
0.07
0.07
0.07
0.06
0.06
0.06
0.06
0.06
0.05
0.05
0.04
0.04
0.03
0.03
0.03
BBB RATED - (3.18%)
USD
GBP
GBP
GBP
USD
GBP
GBP
USD
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
EUR
GBP
GBP
GBP
GBP
GBP
GBP
USD
GBP
1,000,000
750,000
500,000
470,300
750,000
450,000
400,000
700,000
400,000
350,000
300,000
300,000
300,000
300,000
250,000
250,000
250,000
250,000
234,392
250,000
238,249
200,000
200,000
200,000
148,198
150,000
100,000
200,000
100,000
British Telecom 8.875% 15/12/2030
Aspire Defence Finance 4.674% 31/03/2040 (A)
Porterbrook Rail Finance 7.125% 10/10/2026
Great Rolling Stock 6.875% 27/07/2035
Time Warner Cable 5.875% 15/11/2040
Southern Water Services Finance 5.00% 31/03/2021
Great Rolling Stock 6.25% 27/07/2020
Glencore Funding 4.125% 30/05/2023 144A
CPUK Finance 4.811% 28/02/2042
Linde Finance 8.125% VRN 14/07/2066
Northern Gas Networks 5.625% 23/03/2040
Southern Gas Network 4.875% 05/10/2023
Co-Op Bank 4.75% 11/11/2021
Bupa Finance 5.00% 25/04/2023 Reg S
Porterbrook Rail Finance 6.50% 20/10/2020
Gatwick Funding 5.25% 23/01/2024
Tesco 5.50% 13/12/2019
Delamare Finance 5.5457% 19/02/2029 (A)
Tesco Property Finance 6.0517% 13/10/2039
Aspire Defence Finance 4.674% 31/03/2040 (B)
Channel Link 5.892% 30/06/2041
Comcast 5.50% 23/11/2029
Telefonica Emisiones 5.597% 12/03/2020 Reg S
Siemens Finance 6.125% VRN 14/09/2066
Tesco Property Finance 5.744% 13/04/2040
HSBC 5.844% VRN (Perpetual)
Imperial Tobacco Finance 9.00% 17/02/2022
Imperial Tobacco Finance 3.50% 11/02/2023 144A
Tesco 6.125% 24/02/2022
329
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 330
FIDELITY MONEYBUILDER BALANCED FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Portfolio of investments
GBP
GBP
SP Manweb 4.875% 20/09/2027
Arqiva Financing 4.882% 31/12/2032
100,000
100,000
Market value/
Unrealised gain/(loss)
£’000
Percentage
of total
net assets
%
109
106
0.03
0.02
10,592
2.48
269
267
54
0.06
0.06
0.01
590
0.14
824
353
284
268
0
0.19
0.08
0.07
0.06
0.00
1,729
0.40
10,486
7,503
5,511
4,965
4,001
3,654
3,320
2,489
2,354
1,826
1,635
1,515
1,137
1,102
1,090
651
2.45
1.76
1.29
1.16
0.94
0.86
0.78
0.58
0.55
0.43
0.38
0.35
0.27
0.26
0.26
0.15
53,239
12.46
11,284
9,409
9,281
6,397
5,231
3,648
2,958
1,439
1,247
1,158
792
2.64
2.20
2.17
1.50
1.22
0.85
0.69
0.34
0.29
0.27
0.19
52,844
12.37
BB RATED - (0.30%)
GBP
GBP
GBP
270,000
250,000
50,000
Enterprise Inns 6.375% 26/09/2031
Enterprise Inns 6.50% 06/12/2018
Telecom Italia 6.375% 24/06/2019
NOT RATED - (0.64%)
GBP
GBP
GBP
GBP
GBP
800,000
300,000
250,000
200,000
500,000
F&C Pacific Investment Trust 11.25% 31/12/2014
GESB 8.35% 15/11/2018 (Bearer)
Annes Gate Property 5.661% 30/06/2031
Peel South East 10.00% 30/04/2026
Confederation Life Insurance 9.875% 03/03/2003*
FINANCIALS - (9.35%)
GBP
1,608,757
350,622
2,463,033
1,106,689
4,001,220
30,098
248,338
843,277
456,643
725,430
303,972
1,377,715
174,369
202,662
81,490
171,657
HSBC (UK) (Reg'd)
Provident Financial
Barclays
Amlin
Fidelity Institutional Liquidity Fund (GBP)
Munich Reinsurance (Reg'd)
Admiral
Direct Line Insurance
Catlin
Beazley
Novae
Greencoat UK Wind
Hiscox (BM)
Investec
Close Brothers
ICAP
CONSUMER GOODS - (13.27%)
432,339
180,086
261,580
247,305
196,587
127,587
221,048
80,807
185,194
1,294,353
77,954
Imperial Tobacco
Reckitt Benckiser
British American Tobacco
Altria
Unilever (UK)
Associated British Foods
Cranswick
Diageo
Tate & Lyle
McBride
Nichols
330
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FIDELITY MONEYBUILDER BALANCED FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
HEALTH CARE - (14.48%)
417,365
1,064,348
97,543
77,188
25,528
119,159
AstraZeneca
GlaxoSmithKline
Novartis (Reg'd)
Sanofi-Aventis
Roche
Smith & Nephew
19,151
15,688
5,275
5,100
4,479
1,238
4.48
3.67
1.23
1.19
1.05
0.29
50,931
11.92
7,750
6,688
5,494
4,900
4,345
2,969
2,924
1,373
1.81
1.57
1.29
1.15
1.02
0.69
0.68
0.32
36,443
8.53
10,861
3,029
2,881
2,446
2,354
2,267
2,057
1,818
1,354
986
944
486
368
223
2.54
0.71
0.67
0.57
0.55
0.53
0.48
0.43
0.32
0.23
0.22
0.11
0.09
0.05
32,074
7.51
10,063
9,185
4,941
1,169
2.36
2.15
1.16
0.27
25,358
5.93
5,147
4,809
1,920
1,670
1,396
1,323
1,003
797
1.20
1.13
0.45
0.39
0.33
0.31
0.23
0.19
18,065
4.23
UTILITIES - (8.80%)
864,472
833,452
362,637
1,537,459
222,586
468,640
333,818
638,408
National Grid Transco
Pennon
Scottish & Southern Energy
Centrica
Severn Trent
Drax
United Utilities
Infinis Energy
INDUSTRIALS - (7.68%)
2,457,689
248,280
1,088,630
226,735
143,740
717,889
200,862
614,880
438,106
74,665
487,760
67,939
133,201
182,914
BAE Systems
Capita
Group 4 Securicor
PayPoint
Bunzl
HomeServe
Rolls-Royce
Cobham
Serco
Smiths
Premier Farnell
De la Rue
AA
Stobart
OIL & GAS - (4.66%)
2,087,185
377,204
412,945
46,024
BP
Royal Dutch Shell A (UK)
BG Group
Royal Dutch Shell B (UK)
CONSUMER SERVICES - (4.37%)
462,468
2,045,148
441,486
934,678
170,258
308,714
185,470
597,189
Pearson
Tesco
Brown (N)
Morrison (WM) Supermarkets
Greene King
Marks & Spencer
Greggs
Ladbrokes
331
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 332
FIDELITY MONEYBUILDER BALANCED FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
TELECOMMUNICATIONS - (4.22%)
GBP
2,166,545
1,259,298
1,665,902
250,000
BT
TalkTalk Telecom
KCOM
British Telecom 5.75% 07/12/2028
8,382
3,811
1,641
296
1.96
0.89
0.38
0.07
14,130
3.31
1,330
0.31
1,330
0.31
0
(40)
0.00
(0.01)
(40)
(0.01)
BASIC MATERIALS - (0.19%)
61,168
Croda
FORWARD FOREIGN EXCHANGE CONTRACTS - (0.00%)
159,773
2,844,075
Bought GBP sold EUR @ 1.25804 for settlement 13/11/2014
Bought GBP sold USD @ 1.68174 for settlement 13/11/2014
INDEX FUTURES - ( (0.01)%)
EUR
(1,100,000)
EURO BUND Future 08/09/2014
Portfolio of investments
(41)
(0.01)
(41)
(0.01)
420,912
Cash and other net assets/(liabilities)
Net assets
The figures in brackets represent the sector distributions at 28 February 2014.
*Securities valued at the ACD's valuation.
The percentage of net assets disclosed above is subject to rounding.
332
98.52
6,387
1.48
427,299
100.00
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 333
FIDELITY MONEYBUILDER DIVIDEND FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
FINANCIALS - (13.87%)
5,477,813
1,110,920
8,386,621
3,768,274
GBP 14,913,693
102,483
845,592
2,871,356
1,554,867
2,470,088
1,028,052
4,691,117
593,726
690,065
277,472
584,492
1,033,032
HSBC (UK) (Reg'd)
Provident Financial
Barclays
Amlin
Fidelity Institutional Liquidity Fund (GBP)
Munich Reinsurance (Reg'd)
Admiral
Direct Line Insurance
Catlin
Beazley
Novae
Greencoat UK Wind
Hiscox (BM)
Investec
Close Brothers
ICAP
Barclays Lake Acquisition Unlisted ELN 31/01/2019*
35,704
23,774
18,765
16,904
14,914
12,443
11,306
8,476
8,015
6,217
5,531
5,160
3,871
3,754
3,713
2,216
91
3.71
2.47
1.95
1.75
1.55
1.29
1.17
0.88
0.83
0.65
0.57
0.54
0.40
0.39
0.39
0.23
0.01
180,854
18.77
38,422
32,039
31,601
21,782
17,812
12,420
10,071
4,872
4,247
3,945
2,689
3.99
3.33
3.28
2.26
1.85
1.29
1.05
0.51
0.44
0.41
0.28
179,900
18.67
65,209
53,419
17,962
17,364
15,252
4,216
6.77
5.54
1.86
1.80
1.58
0.44
173,422
18.00
26,389
22,774
18,707
16,684
14,794
10,109
9,957
4,669
2.74
2.36
1.94
1.73
1.54
1.05
1.03
0.48
124,083
12.88
CONSUMER GOODS - (19.69%)
1,472,115
613,192
890,681
842,073
669,378
434,435
752,667
273,615
630,586
4,407,268
264,691
Imperial Tobacco
Reckitt Benckiser
British American Tobacco
Altria
Unilever (UK)
Associated British Foods
Cranswick
Diageo
Tate & Lyle
McBride
Nichols
HEALTH CARE - (21.51%)
1,421,128
3,624,103
332,132
262,825
86,923
405,737
AstraZeneca
GlaxoSmithKline
Novartis (Reg'd)
Sanofi-Aventis
Roche
Smith & Nephew
UTILITIES - (13.06%)
2,943,525
2,837,902
1,234,777
5,235,044
757,906
1,595,717
1,136,651
2,171,621
National Grid Transco
Pennon
Scottish & Southern Energy
Centrica
Severn Trent
Drax
United Utilities
Infinis Energy
333
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 334
FIDELITY MONEYBUILDER DIVIDEND FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
INDUSTRIALS - (11.41%)
8,368,425
845,394
3,706,783
772,032
489,434
2,444,410
683,936
2,093,664
1,491,749
254,235
1,660,820
231,333
447,841
552,702
BAE Systems
Capita
Group 4 Securicor
PayPoint
Bunzl
HomeServe
Rolls-Royce
Cobham
Serco
Smiths
Premier Farnell
De la Rue
AA
Stobart
36,980
10,314
9,808
8,330
8,017
7,719
7,004
6,191
4,610
3,358
3,214
1,654
1,236
674
3.84
1.07
1.02
0.86
0.83
0.80
0.73
0.64
0.48
0.35
0.33
0.17
0.13
0.07
109,109
11.32
34,266
31,275
16,824
3,981
3.56
3.25
1.75
0.41
86,346
8.96
17,526
16,375
6,539
5,687
4,719
4,505
3,417
2,713
0
1.82
1.70
0.68
0.59
0.49
0.47
0.35
0.28
0.00
61,481
6.38
28,542
12,975
5,587
2.96
1.35
0.58
47,104
4.89
4,528
0.47
OIL & GAS - (6.92%)
7,106,859
1,284,378
1,406,076
156,713
BP
Royal Dutch Shell A (UK)
BG Group
Royal Dutch Shell B (UK)
CONSUMER SERVICES - (6.51%)
1,574,703
6,963,724
1,503,259
3,182,576
575,503
1,051,170
631,526
2,033,427
16,807,500
Pearson
Tesco
Brown (N)
Morrison (WM) Supermarkets
Greene King
Marks & Spencer
Greggs
Ladbrokes
Woolworths*
TELECOMMUNICATIONS - (6.26%)
7,377,080
4,287,906
5,672,391
BT
TalkTalk Telecom
KCOM
BASIC MATERIALS - (0.28%)
208,277
Croda
Portfolio of investments
Cash and other net assets/(liabilities)
4,528
0.47
966,827
100.34
(3,300)
Net assets
963,527
The figures in brackets represent the sector distributions at 28 February 2014.
*Securities valued at the ACD's valuation.
The percentage of net assets disclosed above is subject to rounding.
334
(0.34)
100.00
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 335
FIDELITY MONEYBUILDER GROWTH FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
FINANCIALS - (25.20%)
7,618,341
51,669,285
10,402,904
1,373,153
769,684
3,173,802
156,221
GBP
4,813
HSBC (UK) (Reg'd)
Lloyds Banking Group
Barclays
Prudential
London Stock Exchange
Royal Bank of Scotland
Rathbone Brothers
Fidelity Institutional Liquidity Fund (GBP)
49,661
39,501
23,276
19,849
15,709
11,524
3,198
5
7.48
5.95
3.50
2.99
2.36
1.73
0.48
0.00
162,723
24.49
45,492
22,480
20,253
19,097
11,023
4,751
6.85
3.38
3.05
2.87
1.66
0.72
123,096
18.53
22,553
19,752
12,998
11,849
11,035
9,924
9,768
7,271
6,644
6,595
3,422
3.39
2.97
1.96
1.78
1.66
1.49
1.47
1.09
1.00
0.99
0.52
121,811
18.34
27,839
26,950
17,196
8,681
8,535
3,612
4.19
4.06
2.59
1.31
1.28
0.54
92,813
13.97
18,108
17,028
14,348
13,006
10,115
2.73
2.56
2.16
1.96
1.52
72,605
10.93
HEALTH CARE - (16.88%)
3,086,322
489,929
115,429
389,179
166,847
87,846
GlaxoSmithKline
AstraZeneca
Roche
Shire
Sanofi-Aventis
Novartis (Reg'd)
CONSUMER SERVICES - (21.72%)
2,583,420
5,463,940
6,186,731
529,919
873,025
430,928
877,661
289,469
32,420
1,934,584
256,901
British Sky Broadcasting
International Consolidated Airlines
ITV
Carnival
WPP
InterContinental Hotels
Pearson
Rightmove
Amazon.com
Carphone Warehouse
easyJet
INDUSTRIALS - (15.18%)
2,718,645
833,084
1,409,473
604,954
814,422
1,169,054
Rolls-Royce
Wolseley
Capita
CRH (IR)
Experian
Serco
CONSUMER GOODS - (11.03%)
546,492
14,963,451
404,399
730,464
2,890,753
SABMiller
Taylor Wimpey
British American Tobacco
Diageo
GKN
335
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 336
FIDELITY MONEYBUILDER GROWTH FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
TELECOMMUNICATIONS - (2.99%)
12,352,280
1,440,282
Vodafone
Inmarsat
25,458
9,981
3.83
1.50
35,439
5.33
19,277
9,025
4,654
2.90
1.36
0.70
32,956
4.96
13,851
10,032
7,240
2.08
1.51
1.09
31,123
4.69
672,566
101.24
BASIC MATERIALS - (2.74%)
597,102
476,119
147,280
Rio Tinto
BHP Billiton
Johnson Matthey
OIL & GAS - (3.43%)
545,321
2,080,745
605,109
Royal Dutch Shell B (UK)
BP
BG Group
Portfolio of investments
Cash and other net assets/(liabilities)
(8,242)
Net assets
664,324
The figures in brackets represent the sector distributions at 28 February 2014.
The percentage of net assets disclosed above is subject to rounding.
336
(1.24)
100.00
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 337
FIDELITY MONEYBUILDER INCOME FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
AAA RATED - (12.17%)
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
59,150,000
39,950,000
16,361,000
18,555,000
17,150,000
13,600,000
13,408,000
12,625,000
11,600,000
10,050,000
10,000,000
10,300,000
10,034,859
7,081,000
6,250,000
6,450,000
6,900,000
4,900,000
4,289,880
3,380,682
European Investment Bank 6.00% 07/12/2028
Abbey National Treasury 5.125% 14/04/2021
Lloyds Bank 6.00% 08/02/2029
Wellcome Trust Finance 4.75% 28/05/2021
Lloyds Bank 5.125% 07/03/2025
Abbey National Treasury 5.25% 16/02/2029
Lloyds Bank 4.875% 30/03/2027
Barclays Bank 4.25% 12/01/2022
European Investment Bank 4.50% 07/06/2029
Abbey National 5.75% 02/03/2026 Reg S
Nationwide Building 5.625% 28/01/2026 Reg S
Royal Bank of Scotland 5.125% 13/01/2024
Fidelity Institutional Liquidity Fund (GBP)
International Bank for Reconstruction & Development 5.75% 07/06/2032
Johnson & Johnson 5.50% 06/11/2024
HBOS Gilt Treasury Services 4.875% 20/12/2024
Deco 2012 M-Hill FRN 28/07/2021
HMI Series 2010-1X Class A5 01/10/2054
Meadowhall Finance 4.986% 12/01/2032
BL Superstore Finance 4.482% 04/10/2025
79,916
46,299
21,552
20,991
20,333
16,741
15,728
14,018
13,656
12,679
12,516
12,152
10,035
9,843
7,669
7,552
6,894
5,183
4,926
3,692
2.56
1.49
0.69
0.67
0.65
0.54
0.50
0.45
0.44
0.41
0.40
0.39
0.32
0.32
0.25
0.24
0.22
0.17
0.16
0.12
342,375
10.99
79,078
67,524
65,835
35,886
33,265
30,102
22,675
21,012
18,560
11,974
11,868
11,808
11,741
11,247
10,699
10,408
9,257
9,202
8,703
7,381
6,955
6,492
5,783
5,671
5,417
5,094
4,492
4,068
2.54
2.17
2.11
1.15
1.07
0.97
0.73
0.67
0.60
0.38
0.38
0.38
0.38
0.36
0.34
0.33
0.30
0.30
0.28
0.24
0.22
0.21
0.19
0.18
0.17
0.16
0.14
0.13
AA RATED - (11.28%)
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
USD
GBP
GBP
GBP
GBP
USD
GBP
USD
USD
GBP
GBP
GBP
USD
GBP
GBP
GBP
GBP
USD
GBP
64,950,000
56,025,000
70,950,000
35,550,000
23,700,000
23,150,000
20,050,000
18,500,000
18,600,000
20,500,000
10,650,000
11,800,000
9,950,000
8,850,000
16,050,000
8,500,000
15,500,000
15,050,000
8,800,000
7,291,000
6,042,695
10,000,000
4,821,260
4,432,556
4,616,878
4,300,000
7,530,000
3,400,000
UK Gilt Treasury 4.25% 07/03/2036
UK Gilt Treasury 4.25% 07/06/2032
UK Gilt Treasury War Loan 3.50% (Perpetual)
UK Gilt Treasury 2.75% 22/01/2015
UK Gilt Treasury 6.00% 07/12/2028
UK Gilt Treasury 4.50% 07/12/2042
Clydesdale Bank 4.625% 08/06/2026
UK Gilt Treasury 4.00% 07/03/2022
UK Gilt Treasury 2.25% 07/09/2023
Microsoft 2.375% 01/05/2023
UK Gilt Treasury 3.75% 07/09/2021
UK Gilt Treasury 5.00% 07/09/2014
Channel Tunnel Rail Link 5.234% 02/05/2035
UK Gilt Treasury 4.25% 07/12/2046
US Treasury Bond 3.625% 15/08/2043
Reseau Ferre de France 5.25% 07/12/2028
US Treasury Note 1.25% 30/11/2018
US Treasury Note 2.50% 15/05/2024
Commonwealth Bank Australia 3.00% 04/09/2026
MetLife Global 3.50% 30/09/2026 Reg S
Telereal Securitisation 5.388% 10/12/2031
GE Corporation 4.50% 11/03/2044
Annington Finance 8.00% 02/10/2021
Trafford Centre Finance 6.50% 28/07/2033
Telereal Securitisation 5.5534% 10/12/2031
Land Securities 5.391% VRN 31/03/2027
Walmart Stores 4.00% 11/04/2043
Community Finance 1 5.017% 31/07/2034
337
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 338
FIDELITY MONEYBUILDER INCOME FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Portfolio of investments
GBP 3,100,000
GBP 3,250,000
USD 6,400,000
GBP 2,500,000
USD 5,199,000
EUR 3,400,000
USD 4,950,000
GBP 2,415,000
USD 4,350,000
GBP 1,900,000
GBP 2,259,880
GBP 1,750,000
GBP 1,379,000
USD 1,550,000
USD 17,500,000
USD 17,500,000
USD 17,500,000
USD 17,500,000
EUR 15,000,000
USD 6,600,000
USD (19,900,000)
USD (30,800,000)
USD (284,900,000)
Reseau Ferre de France 5.25% 31/01/2035
Canary Wharf Finance Series II 5.952% 22/01/2035
Statoil 3.95% 15/05/2043
SNCF 5.375% 18/03/2027
Shell International Finance 3.625% 21/08/2042
Microsoft 2.625% 02/05/2033
US Treasury Note 1.625% 15/11/2022
Telereal Securitisation 4.9741% 10/12/2033
General Electric 4.125% 09/10/2042
UK Gilt Treasury 4.75% 07/12/2038
Eddystone Finance Series 2006-1 Class A2 FRN 19/04/2021
SLM Student Loan Trust 5.15% 15/12/2039 (A)
Land Securities 5.125% VRN 07/02/2036
US Treasury Note 2.75% 15/02/2024
Sold protection on Coca Cola 20/09/2017
Sold protection on Coca Cola 20/09/2017
Sold protection on Procter & Gamble 20/09/2017
Sold protection on Procter & Gamble 20/09/2017
Sold protection on Shell International Finance 20/06/2017
US Long Bond Future 19/12/2014
US Treasury 5 Year Future 31/12/14
US Ultra Bond Future 19/12/2014
US Treasury 10 Year Future 19/12/2014
Market value/
Unrealised gain/(loss)
£’000
Percentage
of total
net assets
%
3,839
3,792
3,786
3,008
2,962
2,895
2,855
2,723
2,672
2,509
2,227
1,672
1,652
969
290
290
283
283
276
23
(21)
(225)
(642)
0.12
0.12
0.12
0.10
0.10
0.09
0.09
0.09
0.09
0.08
0.07
0.05
0.05
0.03
0.01
0.01
0.01
0.01
0.01
0.00
0.00
(0.01)
(0.02)
570,315
18.30
41,563
22,728
19,367
18,524
17,196
16,659
16,310
15,249
14,530
14,422
14,377
14,065
13,832
11,829
11,428
11,065
10,972
10,349
10,052
10,050
9,328
9,324
9,260
9,022
9,003
8,377
1.33
0.73
0.62
0.59
0.55
0.53
0.52
0.49
0.47
0.46
0.46
0.45
0.44
0.38
0.37
0.36
0.35
0.33
0.32
0.32
0.30
0.30
0.30
0.29
0.29
0.27
A RATED - (19.53%)
GBP
GBP
USD
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
EUR
GBP
GBP
GBP
GBP
GBP
33,200,000
17,691,000
27,900,000
15,720,000
13,500,000
16,854,000
13,000,000
14,800,000
13,650,000
14,750,000
10,700,000
12,166,000
11,189,000
9,950,000
11,276,000
9,627,983
9,850,000
8,617,000
7,723,000
7,951,000
11,300,000
8,550,000
7,700,000
7,600,000
8,650,000
7,900,000
EDF 6.00% 23/01/2114 Reg S
Heathrow Funding 6.75% 03/12/2026
EDF 6.00% 22/01/2114
BAT International Finance 6.375% 12/12/2019
BAT International Finance 6.00% 24/11/2034
Unite (USAF) 3.37% 30/06/2028
Electricite de France 6.125% 02/06/2034
National Grid 4.00% 08/06/2027
HSBC 5.00% 20/03/2023
GlaxoSmithKline Capital 3.375% 20/12/2027
Yorkshire Water Services 6.375% 19/08/2039
Thames Water Utilities 7.241% 09/04/2058
Dwr Cymru 6.907% 31/03/2021
National Grid Gas 6.375% 03/03/2020
Intu Properties 3.875% 17/03/2023
BBC 5.0636% 10/08/2033 Reg S
America Movil 5.00% 27/10/2026
Wales & West Utilities 6.25% 30/11/2021
BAT International Finance 7.25% 12/03/2024
Yorkshire Water Services 6.454% 28/05/2027
Scentre Management 2.25% 16/07/2024 Reg S
ELM 6.3024% (Perpetual)
National Grid 5.875% 02/02/2024
EDF 5.50% 17/10/2041
Centrica 4.375% 13/03/2029
Heathrow Fund 4.625% 31/10/2048 Reg S
338
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 339
FIDELITY MONEYBUILDER INCOME FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Portfolio of investments
GBP
EUR
GBP
GBP
GBP
GBP
GBP
EUR
GBP
GBP
USD
GBP
GBP
GBP
GBP
USD
GBP
USD
USD
GBP
GBP
GBP
GBP
GBP
GBP
USD
GBP
GBP
EUR
GBP
EUR
GBP
USD
USD
USD
GBP
GBP
GBP
GBP
EUR
GBP
GBP
GBP
EUR
EUR
EUR
EUR
EUR
EUR
USD
USD
EUR
NATS (en Route) 5.25% 31/03/2026
AT&T 3.55% 17/12/2032
Anheuser-Busch 4.00% 24/09/2025
Intu Metro 4.125% 06/12/2028
Anglian Water Services Finance 4.50% 05/10/2027
Anglian Water Services Financing 6.875% 21/08/2023
HSBC 6.375% VRN 18/10/2022
SPP Distribucia 2.625% 23/06/2021 Reg S
Dignity Finance 6.31% 31/12/2023
HSBC 5.75% 20/12/2027
Swire Pacific 4.50% 09/10/2013 Reg S
Heathrow Funding 5.225% VRN 15/02/2025 Reg S
Comcast 5.50% 23/11/2029
Lloyds Bank 6.875% 17/11/2025
HSBC 6.50% 07/07/2023
Philip Morris International 2.90% 15/11/2021
Wales & West Utilities 4.625% 13/12/2023
Merck 3.60% 15/09/2042
AT&T 4.80% 15/06/2044
Dali Capital 4.79924% 21/12/2037
Wales & West Utilities 5.00% 07/03/2028
London Merchant Securities 6.50% 16/03/2026
Munich Re 6.625% 26/05/2042
Freshwater Finance 4.556% 03/04/2036
Dwr Cymru 6.015% 31/03/2028
Centrica 4.00% 10/10/2023
Greene King Finance 5.318% 15/09/2031
Mitchells & Butler 5.574% 28/12/2030
BAT Holdings 3.125% 06/03/2029 Reg S
BL Superstore Finance 5.27% 04/10/2025
Air Liquide 2.125% 15/10/2021
National Grid 6.50% 27/07/2028
Abbvie 2.90% 06/11/2022
BAT International Finance 3.25% 07/06/2022 144A
Swire Properties Finance 2.75% 07/03/2020 Reg S
Dwr Cymru 4.473% 31/03/2057
BG Transco 7.00% 16/12/2024
Anglian Water Services Financing 5.837% 30/07/2022
Intu Properties 4.625% 17/03/2028
Hannover Finance 5.75% 14/09/2040
AT&T 4.25% 01/06/2043
Greene King Finance FRN 15/09/2021
Hydro-Quebec 12.625% 08/03/2015 (Bearer)
Hannover Finance VRN 30/06/2043
Sold protection on Anheuser Busch 20/12/2017
Sold protection on Groupe Danone 20/12/2017
Sold protection on Anheuser Busch 20/09/2017
Sold protection on SAB London 20/06/2018
Sold protection on SAB London 20/03/2018
Sold protection on BHP Finance 20/06/2017
Sold protection on Rio Tinto Finance 20/06/2017
Sold protection on SAB London 20/03/2018
7,230,412
8,900,000
7,700,000
7,750,000
7,300,000
5,744,000
6,450,000
8,750,000
5,660,131
5,750,000
10,000,000
4,900,000
4,604,000
5,150,000
4,396,000
8,350,000
4,600,000
8,850,000
7,750,000
4,500,000
4,100,000
3,700,000
3,900,000
4,000,000
3,000,000
5,950,000
2,996,136
2,875,916
3,750,000
2,990,024
3,800,000
2,394,000
5,200,000
4,900,000
4,900,000
2,500,000
1,900,000
2,000,000
2,159,000
2,150,000
2,000,000
1,434,450
1,150,000
1,100,000
15,000,000
15,000,000
15,000,000
6,000,000
6,000,000
7,500,000
7,500,000
3,000,000
Market value/
Unrealised gain/(loss)
£’000
339
Percentage
of total
net assets
%
8,168
8,095
8,067
8,010
7,829
7,304
7,126
7,077
6,660
6,488
6,469
5,541
5,499
5,388
5,214
5,107
5,036
4,955
4,881
4,769
4,625
4,553
4,519
4,215
3,746
3,660
3,452
3,321
3,295
3,281
3,228
3,106
3,072
2,976
2,907
2,702
2,491
2,381
2,307
2,008
1,969
1,408
1,213
1,012
297
293
288
121
119
89
78
59
0.26
0.26
0.26
0.26
0.25
0.23
0.23
0.23
0.21
0.21
0.21
0.18
0.18
0.17
0.17
0.16
0.16
0.16
0.16
0.15
0.15
0.15
0.15
0.14
0.12
0.12
0.11
0.11
0.11
0.11
0.10
0.10
0.10
0.10
0.09
0.09
0.08
0.08
0.07
0.06
0.06
0.05
0.04
0.03
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.00
569,355
18.27
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 340
FIDELITY MONEYBUILDER INCOME FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
BBB RATED - (48.03%)
GBP
GBP
GBP
GBP
GBP
GBP
GBP
USD
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
USD
GBP
GBP
GBP
USD
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
EUR
GBP
GBP
USD
GBP
EUR
GBP
GBP
GBP
GBP
GBP
GBP
GBP
36,797,000
32,440,000
29,299,011
30,800,000
29,720,000
24,549,660
21,650,000
35,100,000
17,091,000
18,060,000
18,532,201
16,350,000
14,126,000
15,000,000
15,184,000
14,600,000
15,675,000
15,525,000
12,500,000
13,362,000
14,140,000
13,700,000
11,962,000
11,700,000
17,991,000
12,600,000
12,064,000
14,020,590
21,950,000
9,950,000
11,350,000
12,910,000
12,429,000
10,330,000
11,348,000
10,157,000
10,900,000
11,500,000
11,400,000
10,350,000
18,051,000
10,900,000
13,800,000
9,660,000
8,950,000
9,300,000
7,190,000
9,374,000
9,150,000
9,450,000
Aspire Defence Finance 4.674% 31/03/2040 (A)
AA Bond Company 4.7201% 31/07/2018 Reg S
Tesco Property Finance 6.0517% 13/10/2039
CPUK Finance 4.811% 28/02/2042
Aviva 6.125% VRN (Perpetual)
Great Rolling Stock 6.875% 27/07/2035
Great Rolling Stock 6.25% 27/07/2020
Verizon Communication 5.15% 15/09/2023
Ondeo Services UK 6.875% 06/02/2023
Gatwick Funding 5.25% 23/01/2024
UPP Bond Issuer 1.00% 28/02/2040
Imperial Tobacco Finance 6.25% 04/12/2018
Porterbrook Rail Finance 7.125% 10/10/2026
Eversholt Rail 6.359% 02/12/2025
Time Warner Cable 5.75% 02/06/2031
SPD Finance UK 5.875% 17/07/2026
Arqiva Financing 4.882% 31/12/2032
Siemens Finance 6.125% VRN 14/09/2066
EDF Energy Networks 6.125% 12/11/2031
ENW Finance 6.125% 21/07/2021
FirstGroup 5.25% 29/11/2022
Bupa Finance 5.00% 25/04/2023 Reg S
Mondelez International 7.25% 18/07/2018
Scottish Widows 7.00% 16/06/2043
Verizon Communication 6.55% 15/09/2043
SP Manweb 4.875% 20/09/2027
Southern Water Services 6.125% 31/03/2019
Bishopsgate Asset Finance 4.808% 14/08/2044
Glencore Funding 4.125% 30/05/2023 144A
Imperial Tobacco Finance 9.00% 17/02/2022
Porterbrook Rail Finance 6.50% 20/10/2020
DirecTV 4.375% 14/09/2029
Royal London Finance Bonds 6.125% VRN (Perpetual)
Associated British Ports 6.25% 14/12/2026
Co-Op Bank 4.75% 11/11/2021
Gatwick Funding 6.125% 02/03/2028
Arqiva Financing 5.34% 30/12/2037 Reg S
Assicurazioni Generali 7.75% 12/12/2042
AA Bond Company 3.781% 31/07/2019 Reg S
American International 5.00% 26/04/2023
Verizon Communications 5.01% 21/08/2054 Reg S
HSBC 5.844% VRN (Perpetual)
Channel Link FRN 30/06/2050
Southern Water Services Finance 5.00% 31/03/2021
South Eastern Power Networks 5.625% 30/09/2030
Western Power 5.25% 17/01/2023
Dignity Finance 8.151% 31/12/2030 (B)
AXA 5.625% 16/01/2054 Reg S
Aspire Defence Finance 4.674% 31/03/2040 (B)
AA Bond Company 4.2487% 31/07/2020 Reg S
340
39,653
34,293
34,027
32,711
31,277
30,460
24,940
23,912
21,316
20,375
20,120
18,674
18,391
18,220
17,846
17,316
16,548
16,546
15,946
15,694
15,311
14,153
14,138
14,008
13,948
13,795
13,789
13,721
13,424
13,400
13,292
13,244
12,670
12,562
12,403
12,327
11,801
11,613
11,586
11,585
11,361
11,340
10,888
10,654
10,571
10,472
10,291
10,068
9,839
9,787
1.27
1.10
1.09
1.05
1.00
0.98
0.80
0.77
0.68
0.65
0.65
0.60
0.59
0.58
0.57
0.56
0.53
0.53
0.51
0.50
0.49
0.45
0.45
0.45
0.45
0.44
0.44
0.44
0.43
0.43
0.43
0.43
0.41
0.40
0.40
0.40
0.38
0.37
0.37
0.37
0.36
0.36
0.35
0.34
0.34
0.34
0.33
0.32
0.32
0.31
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 341
FIDELITY MONEYBUILDER INCOME FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
USD 9,850,000
GBP 8,565,000
GBP 7,700,000
EUR
9,291,703
GBP 8,300,000
GBP 8,600,000
GBP 8,007,000
USD 13,000,000
GBP 7,618,000
GBP 7,350,000
EUR
9,250,000
GBP 6,651,951
GBP 6,400,000
EUR 8,900,000
GBP 6,200,000
GBP 6,076,132
GBP 5,300,000
GBP 5,950,000
USD 11,350,000
GBP 6,000,000
GBP 5,300,000
EUR 6,200,000
GBP 5,900,000
GBP 4,900,000
GBP 4,900,000
GBP 4,370,000
GBP 5,900,000
GBP 5,000,000
GBP 5,650,000
GBP 7,500,000
GBP 5,452,000
EUR 5,700,000
GBP 4,222,899
GBP 5,000,000
GBP 5,200,000
GBP 4,750,000
EUR 6,050,000
GBP 5,050,000
GBP 4,186,000
GBP 4,600,000
GBP 4,950,000
GBP 4,341,935
GBP 4,800,000
EUR 5,850,000
EUR 5,800,000
USD 8,150,000
GBP 3,900,000
GBP 4,370,000
GBP 3,900,000
EUR 5,500,000
GBP 4,058,000
British Telecom 8.875% 15/12/2030
Linde Finance 8.125% VRN 14/07/2066
Northern Gas Networks 5.625% 23/03/2040
Channel Link 5.892% 30/06/2041
Telefonica Emisiones 5.597% 12/03/2020 Reg S
Royal KPN 5.00% 18/11/2026
South East Water 5.6577% 30/09/2019
Orange 5.50% 06/02/2044
London Power Networks 5.125% 31/03/2023
Eversholt Funding 5.831% 02/12/2020
AXA 5.25% VRN 16/04/2040
Tesco Property Finance 5.6611% 13/10/2041
Glencore Finance 5.50% 03/04/2022
FCE Bank 1.875% 24/06/2021 Reg S
Eastern Power 4.75% 30/09/2021
Tesco Property Finance 5.744% 13/04/2040
Direct Line Insurance 9.25% 27/04/2042
Imperial Tobacco 5.50% 28/09/2026
Altria 2.85% 09/08/2022
SPI Australia Assets 5.125% 11/02/2021
London Power 6.125% 07/06/2027
Snam 5.25% 19/09/2022
Imperial Tobacco 4.875% 01/06/2032 Reg S
Eversholt Funding 6.697% 22/02/2035
Bank of Scotland 10.50% 16/02/2018
Daily Mail & General Trust 10.00% 09/04/2021 Reg S
Santander Finance 7.30% VRN 29/07/2019
Amgen 5.50% 07/12/2026
Lloyds Bank 6.9625% VRN 29/05/2020
Barclays FRN (Perpetual)
Aviva 5.9021% 27/07/2049
Veolia Environment 4.625% 30/03/2027
Tesco Property Finance 7.6227% 13/07/2039
Heathrow Funding 6.25% 10/09/2018
EDF 5.875% (Perpetual) Reg S
Koninklijke 5.75% 17/09/2029
NASDAQ OMX 3.875% 07/06/2021
Scottish Widows 5.50% 16/06/2023
Lloyds Bank 7.625% 22/04/2025
Southern Gas Network 4.875% 05/10/2023
Western Power 3.875% 17/10/2024 Reg S
RMPA Services 5.337% 30/09/2038
Arqiva Financing 4.04% 30/06/2020
Coca-Cola HBC 2.375% 18/06/2020
Banca Monte 2.875% 16/04/2021 Reg S
Imperial Tobacco Finance 3.50% 11/02/2023 144A
NIE Finance 6.375% 02/06/2026
Delamare Finance 5.5457% 19/02/2029 (A)
Aviva 6.875% VRN 20/05/2058
ING Verzekeringen 4.625% 08/04/2044 Reg S
FirstGroup 6.125% 18/01/2019
341
9,592
9,454
9,445
9,413
9,304
9,180
8,941
8,818
8,532
8,356
8,305
7,368
7,334
7,218
6,817
6,789
6,782
6,772
6,663
6,618
6,468
6,253
6,239
6,150
6,033
5,925
5,919
5,855
5,820
5,784
5,666
5,632
5,617
5,608
5,438
5,403
5,373
5,323
5,320
5,114
5,076
5,019
4,923
4,892
4,847
4,842
4,838
4,807
4,680
4,562
4,489
Percentage
of total
net assets
%
0.31
0.30
0.30
0.30
0.30
0.29
0.29
0.28
0.27
0.27
0.27
0.24
0.24
0.23
0.22
0.22
0.22
0.22
0.21
0.21
0.21
0.20
0.20
0.20
0.19
0.19
0.19
0.19
0.19
0.19
0.18
0.18
0.18
0.18
0.17
0.17
0.17
0.17
0.17
0.16
0.16
0.16
0.16
0.16
0.16
0.16
0.16
0.15
0.15
0.15
0.14
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 342
FIDELITY MONEYBUILDER INCOME FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Portfolio of investments
GBP
USD
EUR
GBP
USD
EUR
GBP
EUR
USD
EUR
GBP
GBP
EUR
EUR
GBP
GBP
USD
GBP
USD
GBP
EUR
GBP
GBP
USD
USD
GBP
GBP
USD
GBP
EUR
USD
GBP
USD
GBP
GBP
GBP
GBP
USD
USD
GBP
GBP
GBP
GBP
USD
GBP
GBP
GBP
EUR
USD
EUR
USD
Standard Life MACS 6.546% VRN (Perpetual)
Time Warner Cable 5.875% 15/11/2040
Credit Suisse 5.75% Variable 09/2025 Reg S
Porterbrook Rail 4.625% 04/04/2029
Viacom 4.25% 01/09/2023
Aviva 3.875% 03/07/2044 Reg S
Western Power Distribution 5.75% 23/03/2040
HBOS 4.50% VRN 18/03/2030
Altria 10.20% 06/02/2039
LBG Capital 2 - 6.385% 12/05/2020 18
Amgen 4.00% 13/09/2029
EDF 6.00% (Perpetual)
Hutchison Whampoa Europe 3.75% (Perpetual) Reg S
Gas Natural Capital Markets 6.00% 27/01/2020
British Telecom 6.375% 23/06/2037
Western Power 5.75% 23/03/2040
News America 5.40% 01/10/2043
Porterbrook Rail 5.50% 20/04/2019
Conagra Foods 3.20% 25/01/2023
AVLN 6.625% VRN 03/06/2041
Linde Finance 7.375% VRN 14/07/2066
Southern Gas 4.875% 02/12/2020
British Telecom 5.75% 07/12/2028
Altria Group 5.375% 31/01/2044
Kraft Foods 3.50% 06/06/2022
United Utilities Electrics 8.875% 25/03/2026 (Bearer)
Western Power Distribution 5.50% 09/05/2025
Credit Suisse 6.50% 08/08/2023 Reg S
Deutsche Telekom International Finance 8.875% 27/11/2028
Gas Natural Finance 3.875% 17/01/2023
EDF 5.25% 29/01/2049 Reg S
Time Warner Cable 5.25% 15/07/2042
Tyson Foods 3.95% 15/08/2024
Scottish Power 6.75% 29/05/2023
Daily Mail & General Trust 6.375% 21/06/2027
Woolwich Building Society 9.50% 01/08/2021
Tesco 6.125% 24/02/2022
News America 6.15% 15/02/2041
Reynolds Amern 4.85% 15/09/2023
Tesco I/L 1.982% 24/03/2036
Experian Finance 3.50% 01/10/2021 Reg S
Southern Water Services Finance 3.706% 31/03/2034
Imperial Tobacco Finance 8.125% 15/03/2024
Reynolds Amern 6.15% 15/09/2043
Xstrata Canada Finance 7.375% 27/05/2020
Lloyds Bank 4.00% VRN 16/12/2021
Marstons Issuer FRN 15/07/2020
Assicurazioni Generali 10.125% 10/07/2042
Altria Group 4.00% 31/01/2024
AXA 6.211% VRN (Perpetual)
Tyson Foods 4.875% 15/08/2034
4,050,000
5,900,000
4,750,000
4,000,000
6,550,000
5,000,000
3,250,000
4,550,000
3,700,000
4,490,000
3,765,000
3,500,000
4,550,000
3,700,000
2,800,000
2,900,000
5,000,000
3,100,000
5,715,000
3,000,000
3,775,000
3,000,000
2,800,000
4,950,000
5,316,000
2,150,000
2,582,000
4,650,000
1,970,000
3,200,000
4,400,000
2,400,000
4,200,000
2,100,000
2,150,000
1,850,000
2,050,000
3,000,000
3,450,000
1,500,000
2,000,000
1,000,000
1,450,000
2,700,000
1,500,000
1,507,000
1,731,903
1,500,000
2,500,000
1,790,000
2,400,000
Market value/
Unrealised gain/(loss)
£’000
342
4,406
4,276
4,221
4,197
4,142
4,024
4,014
3,918
3,843
3,834
3,781
3,737
3,716
3,669
3,637
3,586
3,458
3,411
3,389
3,378
3,333
3,322
3,314
3,300
3,296
3,163
3,103
3,085
3,021
2,973
2,729
2,717
2,588
2,587
2,547
2,418
2,374
2,246
2,245
2,123
2,054
2,044
1,930
1,906
1,804
1,759
1,710
1,678
1,563
1,553
1,524
Percentage
of total
net assets
%
0.14
0.14
0.14
0.13
0.13
0.13
0.13
0.13
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.11
0.11
0.11
0.11
0.11
0.11
0.11
0.11
0.11
0.10
0.10
0.10
0.10
0.10
0.09
0.09
0.08
0.08
0.08
0.08
0.08
0.07
0.07
0.07
0.07
0.07
0.06
0.06
0.06
0.06
0.05
0.05
0.05
0.05
0.05
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 343
FIDELITY MONEYBUILDER INCOME FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
USD 33,000,000
USD 20,000,000
GBP
404,676
EUR 10,000,000
Bought Protection on Russian Federation 20/06/2019
Bought Protection on Russian Federation 20/06/2019
Bruntwood Alpha Series 2007-1 Class A 15/01/2017
Bought protection on Banco Santander 20/12/2016
Percentage
of total
net assets
%
1,261
764
406
(824)
0.04
0.02
0.01
(0.03)
1,320,175
42.37
16,460
10,862
10,838
10,287
9,997
8,947
7,666
7,506
5,928
5,216
4,898
4,400
4,196
4,018
3,379
2,771
2,655
2,527
2,396
2,133
1,963
1,816
1,557
1,253
607
311
0.53
0.35
0.35
0.33
0.32
0.29
0.25
0.24
0.19
0.17
0.16
0.14
0.13
0.13
0.11
0.09
0.09
0.08
0.08
0.07
0.06
0.06
0.05
0.04
0.02
0.01
134,587
4.32
38,166
235
1.22
0.01
38,401
1.23
8,340
7,537
7,014
6,894
6,627
6,101
6,015
5,161
4,827
3,443
3,346
3,109
0.27
0.24
0.23
0.22
0.21
0.20
0.19
0.17
0.15
0.11
0.11
0.10
BB RATED - (3.97%)
GBP 16,225,100
GBP 10,178,000
GBP 9,610,000
GBP 10,463,000
GBP 9,575,000
GBP 8,250,000
GBP 7,290,000
GBP 7,250,000
GBP 5,700,000
USD 7,800,000
GBP 4,338,000
EUR 5,225,000
EUR 5,000,000
GBP 3,650,000
GBP 3,250,000
USD 4,378,000
USD 4,000,000
GBP 2,150,000
EUR 3,000,000
EUR 2,740,000
EUR 2,300,000
USD 2,760,000
GBP 1,500,000
GBP 1,196,000
USD 1,000,000
USD
475,000
Unique Pub Finance 5.659% 30/06/2027
Enterprise Inns 6.50% 06/12/2018
Natwest 6.50% 07/09/2021
Barclays 7.00% Variable (Perpetual)
ENEL 6.625% 15/09/2076 Reg S
Telecom Italia 6.375% 24/06/2019
Enterprise Inns 6.875% 09/05/2025
Virgin Media Securities 6.25% 28/03/2029 Reg S
Assicurazioni Generali 6.416% VRN (Perpetual)
Barclays Bank 7.75% 10/04/2023
Royal Bank of Scotland 9.50% 12/08/2049
ENEL 5.00% 15/01/2075
Credit Agricole 6.50% (Perpetual) Reg S
Enel 7.75% 10/09/2075 Reg S
Priory Group 7.00% 15/02/2018 Reg S
Lloyds Bank 7.50% 31/12/2049
Telecom Italia 7.20% 18/07/2036
Lafarge 8.75% 30/05/2017
ING 4.176% (Perpetual)
Barclays 4.875% (Perpetual)
Lottomatica 8.25% VRN 31/03/2066 Reg S
LBG Capital 8.00% (Perpetual)
Assicurazioni Generali 6.269% VRN (Perpetual)
Unique Pub Finance 6.542% 30/03/2021
Telecom Italia 6.00% 30/09/2034
Credit Suisse 7.50% Perpetual Reg S
B RATED - (1.13%)
GBP 38,314,000
GBP
233,316
Enterprise Inns 6.375% 26/09/2031
Bruntwood Alpha Series 2007-1 Class C FRN 15/01/2017 Reg S
NOT RATED - (2.22%)
EUR 10,250,000
GBP 6,400,000
GBP 6,850,000
GBP 6,690,000
GBP 5,150,000
GBP 5,683,664
USD 10,000,000
GBP 4,900,000
GBP 3,600,000
GBP 3,340,000
GBP 2,750,000
GBP 3,000,000
Prosieben Media 2.625% 15/04/2021 Reg S
GESB 8.35% 15/11/2018 (Bearer)
Admiral 5.50% 25/07/2024 Reg S
F&C Pacific Investment Trust 11.25% 31/12/2014
Edinburgh Investment Trust 7.75% 30/09/2022
Intu Debenture 5.562% 31/12/2027
ICD Sukuk 3.508% 21/05/2020 Reg S
GHQB 12.625% 13/03/2015
Peel South East 10.00% 30/04/2026
F&C Commercial Property 5.23% 30/06/2017
Temple Bar Investment Trust 9.875% 31/12/2017
PGH Capital 5.75% 07/07/2021 Reg S
343
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 344
FIDELITY MONEYBUILDER INCOME FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Portfolio of investments
GBP
EUR
GBP
GBP
GBP
GBP
GBP
USD
GBP
EUR
GBP
Annes Gate Property 5.661% 30/06/2031
Rabobank Nederland 6.875% 19/03/2020 Reg S
British Empire Securities & General Trust 8.125% 02/07/2023*
Peel 9.875% 30/04/2011
Novae 6.50% 27/04/2017
British Land 5.357% 31/03/2028
British Land 5.264% 24/09/2035
BTA Bank 5.50% 21/12/2022 Reg S
British & Commonwealth Utilities 10.50% 31/07/2012*
TXU Europe Funding 7.00% 30/11/2005*
Confederation Life Insurance 9.875% 03/03/2003*
2,000,000
2,200,000
1,500,000
900,000
1,125,000
1,000,000
1,000,000
21,866
1,000,000
5,100,000
250,000
Market value/
Unrealised gain/(loss)
£’000
Percentage
of total
net assets
%
2,270
2,070
1,956
1,144
1,111
1,092
1,082
10
0
0
0
0.07
0.07
0.06
0.04
0.04
0.04
0.03
0.00
0.00
0.00
0.00
79,149
2.54
3
0.00
3
0.00
EQUITIES - (0.00%)
9,214
BTA Bank GDR Reg S
INDEX CREDIT DEFAULT SWAPS - ( (0.01)%)
EUR 63,000,000
Bought Protection on ITRAXX Europe Sub Financial Series 19 20/12/2018
(1,026)
(0.03)
(1,026)
(0.03)
(1)
(14)
(31)
(32)
(45)
(89)
(96)
(913)
(938)
(939)
(1,068)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.03)
(0.03)
(0.03)
(0.03)
(4,166)
(0.13)
28
(10)
(4,418)
0.00
0.00
(0.14)
(4,400)
(0.14)
FORWARD FOREIGN EXCHANGE CONTRACTS - ( (0.02)%)
4,289,588
4,959,595
7,811,719
5,169,758
5,696,136
94,552,630
93,794,660
65,421,711
65,999,732
65,426,506
69,106,816
Bought
Bought
Bought
Bought
Bought
Bought
Bought
Bought
Bought
Bought
Bought
USD sold GBP @ 1.65774 for settlement 13/11/2014
GBP sold USD @ 1.66304 for settlement 13/11/2014
EUR sold GBP @ 1.25184 for settlement 13/11/2014
EUR sold GBP @ 1.24899 for settlement 13/11/2014
GBP sold USD @ 1.67148 for settlement 13/11/2014
GBP sold EUR @ 1.25797 for settlement 13/11/2014
GBP sold EUR @ 1.25807 for settlement 13/11/2014
GBP sold USD @ 1.68140 for settlement 13/11/2014
GBP sold USD @ 1.68183 for settlement 13/11/2014
GBP sold USD @ 1.68204 for settlement 13/11/2014
GBP sold USD @ 1.68389 for settlement 13/11/2014
INDEX FUTURES - ( (0.10)%)
EUR
300,000
EUR (1,200,000)
EUR (118,000,000)
EURO BUXL Future 08/09/2014
EURO BOBL Future 08/09/2014
EURO BUND Future 08/09/2014
Portfolio of investments
3,044,768
Cash and other net assets/(liabilities)
Net assets
70,929
2.28
3,115,697
100.00
The figures in brackets represent the sector distributions at 28 February 2014.
*Securities valued at the ACD's valuation.
The fund has deposited ВЈ1,879,000 of bond stocks as collateral with third party counterparties
in relation to positions it holds in over the counter derivative contracts (2014: ВЈ1,554,000).
The percentage of net assets disclosed above is subject to rounding.
344
97.72
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 345
FIDELITY SOUTH-EAST ASIA FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
CHINA - (29.77%)
8,046,100
150,587,020
4,732,500
3,200,000
30,904,000
17,725,000
48,530,000
66,160,300
5,842,000
58,068,000
30,368,000
74,782,000
8,569,000
9,528,000
236,900
8,090,500
2,159,500
10,325,600
21,041,000
15,420,000
23,798,000
8,544,000
3,396,000
21,292,000
1,328,000
17,959,000
29,371,721
3,669,980
2,096,834
2,547,128
Tencent
Industrial & Commercial Bank of China
China Mobile
Cheung Kong
Brilliance China Automotive
China Life Insurance
China Petroleum & Chemical
China Construction Bank
Sands China
Huadian Fuxin Energy
China Longyuan Power (H)
Huaneng Renewables (H)
Shenzhou International
China Overseas Land & Investments
NetEase
CITIC Securities
Ping An Insurance
Haitong Securities (H)
Sinotrans
CSPC Pharmaceutical
Skyworth Digital
Tong Ren Tang Technologies
Bank of China
Beijing Jingneng Clean Energy
ENN Energy
China Cinda Asset Management
China Suntien Green Energy
Chong Qing Changan Auto ELN 30/09/2015
Weifu High Technology
SAIC Motor
79,151
60,191
35,348
35,112
34,366
30,669
29,587
29,583
22,897
20,546
19,743
16,516
16,126
16,115
12,606
11,576
10,596
9,925
8,541
7,710
7,643
7,229
6,866
5,663
5,654
5,502
5,322
4,691
4,390
4,222
4.13
3.14
1.85
1.83
1.79
1.60
1.54
1.54
1.20
1.07
1.03
0.86
0.84
0.84
0.66
0.60
0.55
0.52
0.45
0.40
0.40
0.38
0.36
0.30
0.30
0.29
0.28
0.24
0.23
0.22
564,086
29.45
67,734
58,419
44,878
41,951
36,256
23,281
20,987
20,178
19,685
16,915
16,126
11,013
10,278
9,639
6,408
3.54
3.05
2.34
2.19
1.89
1.22
1.10
1.05
1.03
0.88
0.84
0.57
0.54
0.50
0.33
403,748
21.08
KOREA - (21.21%)
92,516
422,254
1,666,610
1,348,283
79,504
932,400
16,751
66,242
119,467
105,704
26,626
286,211
383,358
265,681
38,651
Samsung Electronics
Hyundai Motor
SK Hynix
Shinhan Financial
Naver
Korea Electric Power
Amorepacific
LG Household & Health Care
Samsung Fire & Marine
LG Chemical
Samsung Electronics (Pref'd)
BGF Retail
Grand Korea Leisure
Kia Motors
LG Home Shopping
345
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FIDELITY SOUTH-EAST ASIA FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
HONG KONG - (19.33%)
23,516,600
6,151,000
35,460,800
3,544,000
11,319,000
1,180,345
35,482,000
27,247,000
43,197,000
10,471,000
20,700,000
6,640,800
2,481,000
17,692,000
588,000
AIA
Hutchison Whampoa
China State Construction
Power Assets
Haitian International
Hong Kong Exchanges & Clearing
Newocean Energy
China Overseas Grand Oceans
GCL Poly Energy
Sunny Optical Technology
Xinyi Glass
Man Wah (HK)
Techtronic Industries
Sinosoft Technology
Sinomedia
77,173
48,263
34,359
19,430
17,648
16,348
12,113
10,319
9,339
8,550
7,807
6,414
4,553
3,508
251
4.03
2.52
1.79
1.01
0.92
0.85
0.63
0.54
0.49
0.45
0.41
0.33
0.24
0.18
0.01
276,075
14.41
123,824
39,808
35,455
16,469
13,370
13,296
11,437
10,651
4,776
6.46
2.08
1.85
0.86
0.70
0.69
0.60
0.56
0.25
269,086
14.05
31,198
17,181
15,561
13,538
13,486
7,295
1.63
0.90
0.81
0.71
0.70
0.38
98,259
5.13
40,200
10,859
10,060
9,964
5,663
5,073
3,159
2.10
0.57
0.53
0.52
0.30
0.26
0.16
84,978
4.44
TAIWAN - (15.18%)
49,469,128
19,428,864
34,438,567
16,684,000
1,326,000
2,908,000
38,281,000
1,881,000
4,333,658
Taiwan Semiconductor Manufacturing
Hon Hai Precision
Cathay Financial
Inotera Memories
MediaTek
President Chain Store
AU Optronics
Advantech
Uni-President Enterprises
INDONESIA - (2.90%)
54,899,500
125,074,500
39,853,900
25,315,700
23,359,900
8,776,400
Bank Rakyat Indonesia
Telekomunikasi Indonesia
Astra International
Bank Mandiri Persero
Bank Central Asia
Lippo Pacific Finance
SINGAPORE - (3.37%)
3,630,950
5,650,598
1,911,500
8,222,000
5,012,000
5,227,000
1,740,000
United Overseas Bank
Raffles Medical
Keppel (SG)
ComfortDelGro
Ascendas Real Estate Investment Trust
First Resources
M1
346
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FIDELITY SOUTH-EAST ASIA FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
MALAYSIA - (3.83%)
8,967,200
10,395,101
10,573,400
3,547,300
Tenaga Nasional
Malayan Banking
Axiata Berhad
Malaysian Plantations
21,223
20,032
13,988
3,296
1.11
1.05
0.73
0.17
58,539
3.06
19,902
19,884
12,815
3,253
1.04
1.04
0.67
0.17
55,854
2.92
26,340
8,858
6,575
3,402
2,676
1,990
0
1.38
0.46
0.34
0.18
0.14
0.10
0.00
49,841
2.60
8,546
5,299
3,079
0.45
0.28
0.16
16,924
0.88
10,656
5,297
0.56
0.28
15,953
0.83
INDIA - (0.00%)
2,211,585
1,854,728
491,620
110,010
HDFC Bank (Dematerialised)
Housing Development Finance
Hero MotoCorp
Dr Reddy's Laboratories
THAILAND - (1.86%)
6,205,200
4,327,300
5,087,300
798,000
2,070,800
972,073
100
Kasikornbank
Total Access Communication
Shin Corporation
Kasikornbank
Shin Corporation
Total Access Communication (New) (F)
Telecomasia (F)
PHILIPPINES - (1.28%)
25,148,700
6,177,560
1,371,670
Alliance Global
Robinsons Retail
Universal Robina
UNITED STATES - (1.80%)
USD 17,680,456
279,900
Fidelity Institutional Liquidity Fund (USD)
JD.Com ADR
CAYMAN ISLANDS - (0.00%)
16,864,000
Sino Biopharmaceutical
Portfolio of investments
Cash and other net assets/(liabilities)
Net assets
The figures in brackets represent the sector distributions at 28 February 2014.
The percentage of net assets disclosed above is subject to rounding.
347
9,350
0.49
9,350
0.49
1,902,693
99.34
12,866
0.66
1,915,559
100.00
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 348
FIDELITY SPECIAL SITUATIONS FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
FINANCIALS - (37.57%)
28,262,703
167,622,947
3,516,317
GBP 105,008,321
22,821,086
15,257,453
23,863,683
6,945,641
14,564,878
1,305,794
4,014,471
5,952,244
2,210,665
1,911,408
10,962,503
20,700,000
12,710,549
2,708,461
34,541,207
4,621,836
1,809,896
4,409,912
911,275
EUR 196,248,248
2,346,514
35
23,102,431
HSBC (UK) (Reg'd)
Lloyds Banking Group
Citigroup
Fidelity Institutional Liquidity Fund (GBP)
Resolution
ICAP
Barclays
Phoenix (UK)
Brewin Dolphin
Electra Private Equity
Conwert Immobil Invest
Alliance Trust
GAGFAH
CLS
Development Securities
Sherborne Investors (B)
Burford Capital
Countrywide
Guinness Peat
McKay Securities
Novae
Terrace Hill
Finsbury Trust (A)
Bank of Ireland CFD
LXB Retail Properties
Burford Capital (Placing)*
Max Property*
184,220
128,148
108,928
105,008
69,627
57,856
53,395
51,606
42,879
35,008
30,000
26,785
26,076
25,039
22,446
20,493
14,998
13,840
10,535
10,341
9,737
9,570
8,475
8,302
3,074
63
12
6.61
4.60
3.91
3.77
2.50
2.08
1.92
1.85
1.54
1.26
1.08
0.96
0.94
0.90
0.81
0.74
0.54
0.50
0.38
0.37
0.35
0.34
0.30
0.30
0.11
0.00
0.00
1,076,460
38.61
55,316
50,453
43,537
29,507
18,966
18,132
17,782
17,411
15,059
14,503
13,357
11,811
11,338
10,553
9,110
7,431
5,445
2,331
350
331
197
1.98
1.81
1.56
1.06
0.68
0.65
0.64
0.62
0.54
0.52
0.48
0.42
0.41
0.38
0.33
0.27
0.20
0.08
0.01
0.01
0.01
INDUSTRIALS - (6.82%)
31,663,272
11,317,461
13,786,314
16,212,781
14,910,076
3,911,937
10,459,991
14,692,526
4,682,438
3,404,535
21,117,548
3,688,758
2,484,945
10,147,487
1,156,805
1,351,134
627,347
GBP
485,621
EUR
1,120,000
4,408,243
EUR
172,542
Regus
Royal Mail
HomeServe
Xchanging
Rentokil Initial
Mears
TT Electronics
DX
BBA Aviation
Brammer
Speedy Hire
Morgan Crucible
Castings
Shanks
Hargreaves Services
Hill & Smith
Staffline
DCC (UK) CFD
CPL Resources CFD
Promethean*
Smurfit Kappa CFD
348
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FIDELITY SPECIAL SITUATIONS FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
GBP
GBP
EUR
(2,004,943)
(112,113)
3,462,798
(232,477)
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Carillion CFD
RPC CFD
Carter & Carter*
Ingenico CFD
Percentage
of total
net assets
%
149
21
0
(2,333)
0.01
0.00
0.00
(0.08)
350,757
12.58
55,111
37,901
28,736
27,859
26,172
24,789
24,468
24,112
21,191
19,526
14,794
12,129
8,069
7,173
4,414
4,376
3,928
2,241
1,827
1,588
(338)
(2,625)
1.98
1.36
1.03
1.00
0.94
0.89
0.88
0.86
0.76
0.70
0.53
0.44
0.29
0.26
0.16
0.16
0.14
0.08
0.07
0.06
(0.01)
(0.09)
347,441
12.46
179,928
48,186
27,598
8,437
8,088
7,591
7,523
6,783
2,021
(156)
(3,007)
(4,382)
6.45
1.73
0.99
0.30
0.29
0.27
0.27
0.24
0.07
(0.01)
(0.11)
(0.16)
288,610
10.35
CONSUMER SERVICES - (17.60%)
USD
GBP
EUR
USD
GBP
41,312,651
11,017,734
91,225,136
19,793,314
7,414,251
986,836
4,821,290
13,262,889
13,260,819
8,296,731
7,615,753
5,831,293
9,918
2,227,530
2,603,272
(625,496)
15,735,500
4,394,110
2,537,296
823,817
(613,085)
(2,272,965)
Ladbrokes
United Drug
Pendragon
Lookers
Entertainment One
Rightmove
Carpetright
Home Retail
Rank
Dalata Hotel
Mccoll's Retail
UTV Media
Spotify Technology*
Chime Communications
Eniro
Dorman Products CFD
Ports Design
Cambria Automobiles
Carnival CFD
Delhaize CFD
La Quinta CFD
WH Smith CFD
OIL & GAS - (11.62%)
7,083,798
13,767,463
1,841,494
3,861,464
8,581,785
1,631,680
26,266,131
11,210,832
14,698,478
NOK (1,419,524)
GBP 8,294,803
EUR
(960,426)
Royal Dutch Shell B (UK)
Premier Oil
Repsol
Parkmead
Rockhopper Exploration
Green Dragon Gas
Sevan Drilling
Lekoil
Serica Energy
Seadrill CFD
BP CFD
Vopak CFD
349
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FIDELITY SPECIAL SITUATIONS FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
CONSUMER GOODS - (4.89%)
3,436,552
410,240
14,581,418
2,867,125
7,884,198
3,250,642
4,620,672
3,936,189
2,045,742
GBP
(874,744)
39,699
USD 2,406,250
EUR
279,576
NOK (2,807,791)
EUR
(860,825)
Electronic Arts
Volkswagen (Pref'd)
Redrow
UBISOFT Entertainment
C & C (UK)
Vitec
Headlam
New Britain Palm Oil
Total Produce (UK)
Devro CFD
M P Evans
Alpargatas CFD
Renault CFD
Marine Harvest CFD
Viscofan CFD
76,798
55,791
39,720
28,782
26,633
19,520
19,176
16,926
1,616
585
183
(36)
(542)
(1,859)
(2,927)
2.75
2.00
1.42
1.03
0.96
0.70
0.69
0.61
0.06
0.02
0.01
0.00
(0.02)
(0.07)
(0.10)
280,366
10.06
47,921
35,309
15,543
15,313
8,788
1,859
847
1.72
1.27
0.56
0.55
0.32
0.07
0.03
125,580
4.50
120,802
105
4.33
0.00
120,907
4.34
99,674
8,738
4,106
1,038
(2,648)
3.58
0.31
0.15
0.04
(0.09)
110,908
3.98
27,105
15,322
9,241
6,153
0.97
0.55
0.33
0.22
57,821
2.07
12,003
(2,362)
0.43
(0.08)
9,641
0.35
BASIC MATERIALS - (0.89%)
21,054,843
2,320,661
4,440,886
8,622,088
4,092,341
13,521,178
507,291
Synthomer
Anglo American (UK)
Alent
Petra Diamonds
Gem Diamonds
Pan African Resources UK
Central Asia Metals
UTILITIES - (6.90%)
7,973,728
48,793
Scottish & Southern Energy
Infinis Energy
HEALTH CARE - (2.79%)
EUR
EUR
SEK
6,762,165
1,561,703
829,444
(350,661)
(470,403)
GlaxoSmithKline
Sanofi-Aventis CFD
NMC Health
Diasorin CFD
Hexagon (B) CFD
TECHNOLOGY - (2.53%)
77,499
4,632,650
3,711,072
16,298,090
Google (A)
SDL
Zoopla Property
Blinkx
TELECOMMUNICATIONS - (5.81%)
DKK
6,577,148
3,520,761
Manx Telecom
TDC CFD
350
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 351
FIDELITY SPECIAL SITUATIONS FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Portfolio of investments
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
2,768,492
Cash and other net assets/(liabilities)
Net assets
The figures in brackets represent the sector distributions at 28 February 2014.
*Securities valued at the ACD's valuation.
The percentage of net assets disclosed above is subject to rounding.
351
Percentage
of total
net assets
%
99.30
19,229
0.70
2,787,721
100.00
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 352
FIDELITY STRATEGIC BOND FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
AAA RATED - (8.13%)
AUD 49,250,000
NOK 216,000,000
GBP 10,700,000
GBP 8,750,000
GBP 5,850,000
GBP 5,450,000
GBP 3,900,000
GBP 3,550,000
GBP 3,500,000
GBP 2,900,000
GBP 2,850,000
GBP 3,175,000
GBP 2,900,000
GBP 2,065,985
AUD 56,900,000
GBP
400,000
CAD 69,300,000
GBP
912
Australia 3.25% 21/04/2029
Norway 5.00% 15/05/2015
Abbey National Treasury 5.125% 14/04/2021
Lloyds Bank 4.875% 30/03/2027
Abbey National Treasury 5.25% 16/02/2029
Lloyds Bank 5.125% 07/03/2025
Lloyds Bank 6.00% 08/02/2029
International Bank for Reconstruction & Development 5.75% 07/06/2032
Royal Bank of Scotland 5.125% 13/01/2024
European Investment Bank 6.00% 07/12/2028
Abbey National 5.75% 02/03/2026 Reg S
Barclays Bank 4.25% 12/01/2022
Deco 2012 M-Hill FRN 28/07/2021
Meadowhall Finance 4.986% 12/01/2032
Australian 10 Year Bond Future 15/09/2014
Wellcome Trust Finance 4.75% 28/05/2021
Canadian 10 Year Bond Future 18/12/2014
Fidelity Institutional Liquidity Fund (GBP)
26,392
21,567
12,400
10,264
7,201
6,462
5,137
4,935
4,129
3,918
3,596
3,525
2,897
2,373
772
453
141
1
1.74
1.42
0.82
0.67
0.47
0.42
0.34
0.32
0.27
0.26
0.24
0.23
0.19
0.16
0.05
0.03
0.01
0.00
116,163
7.64
59,515
26,573
24,219
22,084
12,475
8,907
7,351
5,782
5,000
3,730
3,713
3,603
3,473
3,066
2,877
2,844
2,618
2,282
2,192
1,548
1,384
1,047
1,044
844
791
784
592
187
124
124
3.91
1.75
1.59
1.45
0.82
0.59
0.48
0.38
0.33
0.25
0.24
0.24
0.23
0.20
0.19
0.19
0.17
0.15
0.14
0.10
0.09
0.07
0.07
0.06
0.05
0.05
0.04
0.01
0.01
0.01
AA RATED - (8.17%)
GBP
NZD
USD
GBP
EUR
GBP
GBP
GBP
USD
USD
USD
GBP
USD
GBP
GBP
GBP
GBP
USD
USD
GBP
USD
GBP
USD
GBP
GBP
USD
USD
GBP
USD
USD
58,950,000
48,700,000
38,900,000
23,800,000
10,000,000
6,850,000
6,500,000
4,550,000
7,500,000
6,100,000
6,150,000
2,900,000
5,350,000
3,100,000
2,050,000
2,850,000
2,274,934
3,650,000
3,675,000
1,250,000
2,400,000
875,000
1,700,000
700,000
650,000
930,000
1,000,000
146,128
7,500,000
7,500,000
UK Gilt Treasury 2.75% 22/01/2015
New Zealand I/L 3.00% 20/09/2030
US Treasury Note 0.75% 15/02/2042
UK Gilt Treasury War Loan 3.50% (Perpetual)
France O.A.T. 1.80% I/L 25/07/2040
UK Gilt Treasury 4.50% 07/12/2042
Clydesdale Bank 4.625% 08/06/2026
UK Gilt Treasury 4.25% 07/12/2046
US Treasury Bond 3.625% 15/08/2043
US Treasury Note 2.50% 15/05/2024
US Treasury Note 1.625% 30/04/2019
UK Gilt Treasury 5.00% 07/03/2025
GE Corporation 4.50% 11/03/2044
Commonwealth Bank Australia 3.00% 04/09/2026
UK Gilt Treasury 6.00% 07/12/2028
UK Gilt Treasury 2.25% 07/09/2023
Telereal Securitisation 5.388% 10/12/2031
US Treasury Note 2.75% 15/02/2024
Walmart Stores 4.00% 11/04/2043
Reseau Ferre de France 5.25% 31/01/2035
US Treasury Note 1.625% 15/11/2022
Community Finance 1 5.017% 31/07/2034
General Electric 4.125% 09/10/2042
UK Gilt Treasury 4.25% 07/06/2032
UK Gilt Treasury 4.25% 07/03/2036
US Treasury Bond 6.125% 15/11/2027
Statoil 3.95% 15/05/2043
Trafford Centre Finance 6.50% 28/07/2033
Sold protection on Coca Cola 20/09/2017
Sold protection on Coca Cola 20/09/2017
352
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 353
FIDELITY STRATEGIC BOND FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
USD 7,500,000
USD 7,500,000
EUR 5,000,000
GBP
47,111
USD (9,000,000)
USD (8,900,000)
USD (9,600,000)
USD (12,500,000)
USD 20,000,000
GBP (49,600,000)
JPY (20,000,000,000)
Sold protection on Procter & Gamble 20/09/2017
Sold protection on Procter & Gamble 20/09/2017
Sold protection on Shell International Finance 20/06/2017
Telereal Securitisation 5.5534% 10/12/2031
US Treasury 5 Year Future 31/12/14
US Treasury 10 Year Future 19/12/2014
US Long Bond Future 19/12/2014
US Ultra Bond Future 19/12/2014
Bought protection on Government of Japan 20/12/2017
Long Gilt Future 29/12/2014
Japanese 10 Year Bond Future 10/09/2014
Percentage
of total
net assets
%
121
121
92
55
(9)
(20)
(39)
(91)
(308)
(457)
(684)
0.01
0.01
0.01
0.00
0.00
0.00
0.00
(0.01)
(0.02)
(0.03)
(0.04)
209,554
13.78
17,902
14,461
12,564
9,211
7,252
6,474
6,210
5,321
4,816
4,457
4,392
3,886
3,817
3,688
3,617
3,584
3,503
3,316
3,235
3,121
2,945
2,914
2,707
2,582
2,574
2,267
2,203
2,092
2,017
1,906
1,741
1,630
1,588
1,506
1,494
1,466
1,413
1,274
1.18
0.95
0.83
0.61
0.48
0.43
0.41
0.35
0.32
0.29
0.29
0.26
0.25
0.24
0.24
0.24
0.23
0.22
0.21
0.21
0.19
0.19
0.18
0.17
0.17
0.15
0.14
0.14
0.13
0.13
0.11
0.11
0.10
0.10
0.10
0.10
0.09
0.08
A RATED - (12.35%)
GBP
PLN
USD
MXN
GBP
GBP
GBP
EUR
GBP
EUR
GBP
GBP
GBP
GBP
GBP
GBP
GBP
EUR
USD
GBP
USD
GBP
GBP
GBP
GBP
USD
MXN
GBP
GBP
GBP
GBP
USD
GBP
GBP
EUR
GBP
GBP
EUR
14,300,000
60,775,000
18,100,000
34,100,000
6,100,000
6,550,000
6,128,000
5,850,000
3,700,000
5,400,000
3,700,000
3,302,539
3,600,000
2,900,000
3,500,000
3,000,000
2,750,000
4,100,000
5,000,000
2,700,000
4,850,000
2,800,000
2,750,000
2,150,000
2,400,000
3,600,000
48,000,000
2,000,000
1,850,000
1,850,000
1,629,000
2,650,000
1,450,000
1,300,000
1,700,000
1,300,000
1,100,000
1,500,000
EDF 6.00% 23/01/2114 Reg S
Poland 5.75% 25/04/2029
EDF 6.00% 22/01/2114
Mexico I/L 4.00% 15/11/2040
National Grid Gas 6.375% 03/03/2020
Unite (USAF) 3.37% 30/06/2028
Intu Properties 3.875% 17/03/2023
AT&T 3.55% 17/12/2032
BAT International Finance 7.25% 12/03/2024
Scentre Management 2.25% 16/07/2024 Reg S
EDF 5.50% 17/10/2041
Dignity Finance 6.31% 31/12/2023
Heathrow Fund 4.625% 31/10/2048 Reg S
Anglian Water Services Financing 6.875% 21/08/2023
Intu Metro 4.125% 06/12/2028
Comcast 5.50% 23/11/2029
BAT International Finance 6.00% 24/11/2034
SPP Distribucia 2.625% 23/06/2021 Reg S
Swire Pacific 4.50% 09/10/2013 Reg S
Thames Water Utilities 7.241% 09/04/2058
BAT International Finance 3.25% 07/06/2022 144A
Centrica 4.375% 13/03/2029
AT&T 4.25% 01/06/2043
Wales & West Utilities 6.25% 30/11/2021
Anglian Water Services Finance 4.50% 05/10/2027
AT&T 4.80% 15/06/2044
America Movil 6.45% 05/12/2022
Lloyds Bank 6.875% 17/11/2025
ELM 6.3024% (Perpetual)
National Grid 4.00% 08/06/2027
Intu Properties 4.625% 17/03/2028
Centrica 4.00% 10/10/2023
Wales & West Utilities 4.625% 13/12/2023
Munich Re 6.625% 26/05/2042
BAT Holdings 3.125% 06/03/2029 Reg S
Wales & West Utilities 5.00% 07/03/2028
Heathrow Funding 6.75% 03/12/2026
Air Liquide 2.125% 15/10/2021
353
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 354
FIDELITY STRATEGIC BOND FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
GBP 1,300,000
USD 2,000,000
USD 1,950,000
GBP 1,000,000
GBP
938,957
USD 1,550,000
GBP
806,652
EUR
850,000
GBP
687,501
GBP
414,000
GBP
400,000
EUR
400,000
GBP
250,000
GBP
267,314
GBP
250,000
GBP
225,000
GBP
176,000
EUR 10,000,000
EUR 10,000,000
GBP
142,000
GBP
142,382
EUR 5,000,000
EUR 5,000,000
EUR 4,000,000
EUR 4,000,000
GBP
56,870
GBP
50,000
GBP
50,000
EUR 2,000,000
USD 2,500,000
USD 2,500,000
EUR 10,000,000
GlaxoSmithKline Capital 3.375% 20/12/2027
Swire Properties Finance 2.75% 07/03/2020 Reg S
Abbvie 2.90% 06/11/2022
HSBC 6.375% VRN 18/10/2022
NATS (en Route) 5.25% 31/03/2026
Philip Morris International 2.90% 15/11/2021
Greene King Finance 5.318% 15/09/2031
Hannover Finance 5.75% 14/09/2040
Broadgate Financing FRN 05/01/2020
National Grid 6.50% 27/07/2028
HSBC 5.75% 20/12/2027
Hannover Finance VRN 30/06/2043
Yorkshire Water Services 6.375% 19/08/2039
BBC 5.0636% 10/08/2033 Reg S
Dali Capital 4.79924% 21/12/2037
HSBC 5.00% 20/03/2023
Dwr Cymru 6.907% 31/03/2021
Sold protection on Groupe Danone 20/12/2017
Sold Protection on Electricite de France 20/06/2019
Yorkshire Water Services 6.454% 28/05/2027
BL Superstore Finance 5.27% 04/10/2025
Sold protection on Anheuser Busch 20/12/2017
Sold protection on Anheuser Busch 20/09/2017
Sold protection on SAB London 20/06/2018
Sold protection on SAB London 20/03/2018
Mitchells & Butler 5.574% 28/12/2030
Yorkshire Electricity 9.25% 17/01/2020
Dwr Cymru 6.015% 31/03/2028
Sold protection on SAB London 20/03/2018
Sold protection on BHP Finance 20/06/2017
Sold protection on Rio Tinto Finance 20/06/2017
Bought Protection on ENI 20/06/2019
Percentage
of total
net assets
%
1,271
1,186
1,152
1,105
1,061
948
929
794
673
537
451
368
336
307
265
240
218
195
189
179
156
99
96
81
79
66
65
62
40
30
26
(193)
0.08
0.08
0.08
0.07
0.07
0.06
0.06
0.05
0.04
0.04
0.03
0.02
0.02
0.02
0.02
0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.00
(0.01)
174,157
11.45
13,827
10,798
10,089
9,514
8,945
8,862
8,286
8,178
7,469
7,390
7,018
6,914
6,758
6,681
6,659
6,346
5,747
0.91
0.71
0.66
0.63
0.59
0.58
0.54
0.54
0.49
0.49
0.46
0.45
0.44
0.44
0.44
0.42
0.38
BBB RATED - (37.48%)
EUR 15,000,000
USD 15,850,000
GBP 9,500,000
GBP 9,000,000
GBP 8,500,000
EUR 10,850,000
GBP 8,000,000
GBP 7,532,635
GBP 6,019,840
GBP 6,550,000
USD 9,052,000
GBP 5,953,559
EUR 6,670,966
GBP 5,800,000
GBP 6,150,000
GBP 6,100,000
GBP 4,800,000
Italy BTPS 2.55% 15/09/2041
Verizon Communication 5.15% 15/09/2023
CPUK Finance 4.811% 28/02/2042
AA Bond Company 4.7201% 31/07/2018 Reg S
Aviva 6.125% VRN (Perpetual)
Hutchison Whampoa Europe 3.75% (Perpetual) Reg S
AA Bond Company 4.2487% 31/07/2020 Reg S
UPP Bond Issuer 1.00% 28/02/2040
Great Rolling Stock 6.875% 27/07/2035
Gatwick Funding 5.25% 23/01/2024
Verizon Communication 6.55% 15/09/2043
Tesco Property Finance 6.0517% 13/10/2039
Channel Link 5.892% 30/06/2041
Great Rolling Stock 6.25% 27/07/2020
FirstGroup 5.25% 29/11/2022
HSBC 5.844% VRN (Perpetual)
Scottish Widows 7.00% 16/06/2043
354
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 355
FIDELITY STRATEGIC BOND FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
GBP 4,400,000
USD
9,081,000
GBP 5,000,000
GBP 5,200,000
USD 9,300,000
EUR 5,600,000
GBP 5,000,000
GBP 4,977,000
GBP 4,670,000
EUR 5,600,000
GBP 4,951,000
GBP 5,000,000
GBP 3,879,000
GBP 4,000,000
GBP 3,900,000
EUR 6,000,000
GBP 3,900,000
GBP 4,300,000
EUR 5,450,000
GBP 4,244,000
GBP 4,300,000
GBP 3,900,000
USD 7,000,000
GBP 4,450,000
GBP 4,000,000
ZAR 77,000,000
GBP 4,250,000
USD 7,000,000
GBP 4,000,000
EUR 4,400,000
USD 5,000,000
GBP 2,850,000
GBP 2,900,000
GBP 2,900,000
GBP 2,200,000
USD 5,200,000
GBP 2,750,000
GBP 2,700,000
GBP 2,400,000
GBP 2,400,000
GBP 2,100,000
USD 3,950,000
USD 4,350,000
GBP 2,000,000
EUR 2,900,000
GBP 2,400,000
GBP 2,000,000
GBP 2,184,223
GBP 1,950,000
EUR 2,300,000
GBP 2,250,000
Porterbrook Rail Finance 7.125% 10/10/2026
Verizon Communications 5.01% 21/08/2054 Reg S
Southern Water Services 6.125% 31/03/2019
SP Manweb 4.875% 20/09/2027
Glencore Funding 4.125% 30/05/2023 144A
Assicurazioni Generali 7.75% 12/12/2042
Arqiva Financing 5.34% 30/12/2037 Reg S
Aspire Defence Finance 4.674% 31/03/2040 (A)
Time Warner Cable 5.25% 15/07/2042
Caja Madrid 4.125% 24/03/2036
DirecTV 4.375% 14/09/2029
Reed Elsevier In 2.75% 01/08/2019 Reg S
Ondeo Services UK 6.875% 06/02/2023
SPD Finance UK 5.875% 17/07/2026
Associated British Ports 6.25% 14/12/2026
Channel Link FRN 30/06/2050
Gatwick Funding 6.125% 02/03/2028
Porterbrook Rail 5.50% 20/04/2019
HBOS 4.50% VRN 18/03/2030
Co-Op Bank 4.75% 11/11/2021
AXA 5.625% 16/01/2054 Reg S
Porterbrook Rail Finance 6.50% 20/10/2020
Wanda Properties International 7.25% 29/01/2024
AA Bond Company 3.781% 31/07/2019 Reg S
Heathrow Funding 6.25% 10/09/2018
Transnet Soc 9.50% 13/05/2021 Reg S
Royal London Finance Bonds 6.125% VRN (Perpetual)
Greenland Global Investment 5.875% 03/07/2024 Reg S
Arqiva Financing 4.882% 31/12/2032
Credit Suisse 5.75% Variable 09/2025 Reg S
News America 6.15% 15/02/2041
Eversholt Rail 6.359% 02/12/2025
Glencore Finance 5.50% 03/04/2022
AVLN 6.625% VRN 03/06/2041
SMFG Preferred Capital 10.231% VRN (Perpetual) Reg S
Imperial Tobacco Finance 3.50% 11/02/2023 144A
Southern Gas Network 4.875% 05/10/2023
Imperial Tobacco 4.875% 01/06/2032 Reg S
Daily Mail & General Trust 6.375% 21/06/2027
South Eastern Power Networks 5.625% 30/09/2030
Direct Line Insurance 9.25% 27/04/2042
Credit Suisse 6.50% 08/08/2023 Reg S
Altria 2.85% 09/08/2022
Lloyds Bank 7.625% 22/04/2025
SSE VRN (Perpetual)
EDF 5.875% (Perpetual) Reg S
Scottish Power 6.75% 29/05/2023
Tesco Property Finance 5.6611% 13/10/2041
Firstgroup 6.875% 18/09/2024
Snam 5.25% 19/09/2022
Western Power 3.875% 17/10/2024 Reg S
355
5,729
5,715
5,715
5,693
5,687
5,655
5,413
5,363
5,287
5,197
5,079
5,056
4,838
4,744
4,743
4,734
4,733
4,731
4,693
4,639
4,619
4,567
4,529
4,522
4,486
4,386
4,332
4,248
4,223
3,910
3,743
3,462
3,323
3,266
3,192
3,089
3,057
2,855
2,843
2,835
2,687
2,620
2,554
2,542
2,519
2,510
2,464
2,419
2,353
2,320
2,307
Percentage
of total
net assets
%
0.38
0.38
0.38
0.37
0.37
0.37
0.36
0.35
0.35
0.34
0.33
0.33
0.32
0.31
0.31
0.31
0.31
0.31
0.31
0.31
0.30
0.30
0.30
0.30
0.29
0.29
0.28
0.28
0.28
0.26
0.25
0.23
0.22
0.21
0.21
0.20
0.20
0.19
0.19
0.19
0.18
0.17
0.17
0.17
0.17
0.17
0.16
0.16
0.15
0.15
0.15
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 356
FIDELITY STRATEGIC BOND FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Portfolio of investments
EUR
GBP
EUR
GBP
GBP
GBP
USD
GBP
GBP
GBP
EUR
EUR
GBP
GBP
GBP
GBP
EUR
EUR
GBP
EUR
USD
GBP
GBP
EUR
USD
USD
EUR
GBP
GBP
GBP
GBP
GBP
GBP
GBP
GBP
USD
GBP
USD
GBP
GBP
GBP
USD
EUR
GBP
USD
USD
GBP
EUR
GBP
GBP
GBP
GBP
LBG Capital 2 - 6.385% 12/05/2020 18
Southern Water Services Finance 6.192% 31/03/2029
Banca Monte 2.875% 16/04/2021 Reg S
British Telecom 5.75% 07/12/2028
London Power Networks 5.125% 31/03/2023
Imperial Tobacco Finance 6.25% 04/12/2018
Time Warner Cable 5.875% 15/11/2040
Scottish Widows 5.50% 16/06/2023
Northern Gas 4.875% 30/06/2027
Tesco I/L 1.982% 24/03/2036
ING Verzekeringen 4.625% 08/04/2044 Reg S
Coca-Cola HBC 2.375% 18/06/2020
Arqiva Financing 4.04% 30/06/2020
Daily Mail & General Trust 10.00% 09/04/2021 Reg S
Santander Finance 7.30% VRN 29/07/2019
Amgen 4.00% 13/09/2029
Linde Finance 7.375% VRN 14/07/2066
Veolia Environment 4.625% 30/03/2027
Northern Gas Networks 5.625% 23/03/2040
NASDAQ OMX 3.875% 07/06/2021
British Telecom 8.875% 15/12/2030
Porterbrook Rail 4.625% 04/04/2029
FirstGroup 6.125% 18/01/2019
Aviva 3.875% 03/07/2044 Reg S
Viacom 4.25% 01/09/2023
EDF 5.25% 29/01/2049 Reg S
Telefonica Emisiones 4.693% 11/11/2019
Northumbrian Water Finance 5.125% 23/01/2042
Bishopsgate Asset Finance 4.808% 14/08/2044
Wales & West Utilities 6.75% 17/12/2036
Eversholt Funding 5.831% 02/12/2020
Rabobank Nederland 6.91% VRN (Perpetual)
EDF Energy Networks 6.125% 12/11/2031
SPI Australia Assets 5.125% 11/02/2021
Eastern Power 4.75% 30/09/2021
Kraft Foods 3.50% 06/06/2022
Imperial Tobacco Finance 9.00% 17/02/2022
News America 5.40% 01/10/2043
Aviva 5.9021% 27/07/2049
British Telecom 6.375% 23/06/2037
Barclays Bank 6.125% VRN (Perpetual)
Altria Group 5.375% 31/01/2044
Gas Natural Capital Markets 6.00% 27/01/2020
Tesco Property Finance 5.744% 13/04/2040
Conagra Foods 3.20% 25/01/2023
Tyson Foods 3.95% 15/08/2024
NIE Finance 6.375% 02/06/2026
Wendel 4.375% 09/08/2017
Western Power Distribution 5.50% 09/05/2025
Aviva 6.875% VRN 20/05/2058
Severn Trent Water 3.62% 16/01/2026
Imperial Tobacco 5.50% 28/09/2026
2,694,000
1,835,000
2,700,000
1,900,000
2,000,000
1,950,000
3,000,000
2,050,000
1,925,000
1,500,000
2,550,000
2,500,000
2,000,000
1,500,000
2,000,000
1,988,000
2,250,000
2,000,000
1,600,000
2,200,000
2,000,000
1,850,000
1,750,000
2,400,000
2,950,000
3,000,000
2,000,000
1,600,000
1,832,398
1,550,000
1,550,000
1,549,000
1,300,000
1,500,000
1,500,000
2,618,000
1,200,000
2,300,000
1,500,000
1,190,000
1,500,000
2,300,000
1,500,000
1,284,386
2,243,000
2,050,000
1,000,000
1,400,000
1,000,000
1,000,000
1,150,000
1,000,000
Market value/
Unrealised gain/(loss)
£’000
356
2,300
2,288
2,256
2,249
2,240
2,227
2,174
2,161
2,131
2,123
2,115
2,091
2,051
2,034
2,006
1,997
1,986
1,976
1,963
1,954
1,948
1,941
1,936
1,932
1,865
1,861
1,859
1,841
1,793
1,772
1,762
1,692
1,658
1,654
1,649
1,623
1,616
1,591
1,559
1,546
1,538
1,534
1,488
1,435
1,330
1,263
1,240
1,216
1,202
1,200
1,147
1,138
Percentage
of total
net assets
%
0.15
0.15
0.15
0.15
0.15
0.15
0.14
0.14
0.14
0.14
0.14
0.14
0.13
0.13
0.13
0.13
0.13
0.13
0.13
0.13
0.13
0.13
0.13
0.13
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.11
0.11
0.11
0.11
0.11
0.11
0.10
0.10
0.10
0.10
0.10
0.10
0.09
0.09
0.08
0.08
0.08
0.08
0.08
0.08
0.07
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 357
FIDELITY STRATEGIC BOND FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
GBP
854,069
EUR
1,200,000
GBP 1,000,000
GBP
750,000
USD 1,600,000
GBP 1,000,000
EUR
900,000
GBP
850,000
GBP
810,000
GBP
700,000
EUR 5,000,000
USD 1,200,000
GBP
700,000
GBP
600,000
USD 1,150,000
USD 1,150,000
EUR 4,000,000
EUR 5,000,000
USD
650,000
GBP
500,000
USD 14,000,000
GBP
450,000
EUR
500,000
GBP
300,000
GBP
350,000
GBP
500,000
USD 10,000,000
GBP
250,000
GBP
200,000
GBP
150,000
GBP
200,000
GBP
100,000
GBP
100,000
GBP
85,809
GBP
50,000
GBP
24,393
GBP
21,299
EUR 2,000,000
EUR 10,000,000
EUR 2,000,000
Tesco Property Finance 7.6227% 13/07/2039
Gas Natural Finance 3.875% 17/01/2023
EDF 6.00% (Perpetual)
Deutsche Telekom International Finance 7.125% 15/06/2030
Reynolds Amern 4.85% 15/09/2023
Credit Agricole 5.00% (Perpetual)
Assicurazioni Generali 10.125% 10/07/2042
Standard Life MACS 6.546% VRN (Perpetual)
Aspire Defence Finance 4.674% 31/03/2040 (B)
Western Power Distribution 5.75% 23/03/2040
Sold Protection on Wendel SA 20/03/2021
Reynolds Amern 6.15% 15/09/2043
Linde Finance 8.125% VRN 14/07/2066
Western Power 5.75% 23/03/2040
Tyson Foods 4.875% 15/08/2034
Altria Group 4.00% 31/01/2024
Sold Protection on Wendel SA 20/06/2021
Sold Protection on Wendel SA 20/12/2018
Altria 10.20% 06/02/2039
Woolwich Building Society 9.50% 01/08/2021
Bought Protection on Russian Federation 20/06/2019
Tesco 6.125% 24/02/2022
AXA 5.25% VRN 16/04/2040
Dignity Finance 8.151% 31/12/2030 (B)
Koninklijke 5.75% 17/09/2029
Barclays FRN (Perpetual)
Bought Protection on Russian Federation 20/06/2019
Delamare Finance 5.5457% 19/02/2029 (A)
Imperial Tobacco Finance 8.125% 15/03/2024
Deutsche Telekom International Finance 8.875% 27/11/2028
Telefonica Emisiones 5.597% 12/03/2020 Reg S
South East Water 5.6577% 30/09/2019
Southern Water Services Finance 5.00% 31/03/2021
RMPA Services 5.337% 30/09/2038
United Utilities Electrics 8.875% 25/03/2026 (Bearer)
Marstons Issuer FRN 15/07/2020
Bruntwood Alpha Series 2007-1 Class A 15/01/2017
Bought protection on Assicurazioni Generale 20/12/2016
Bought protection on Hammerson 20/12/2016
Bought protection on Banco Santander 20/12/2016
Percentage
of total
net assets
%
1,136
1,115
1,068
1,066
1,041
1,008
1,007
925
871
865
857
847
773
742
730
719
695
681
675
653
535
521
449
429
398
386
382
275
266
230
224
112
110
99
74
24
21
(91)
(146)
(165)
0.07
0.07
0.07
0.07
0.07
0.07
0.07
0.06
0.06
0.06
0.06
0.06
0.05
0.05
0.05
0.05
0.05
0.04
0.04
0.04
0.04
0.03
0.03
0.03
0.03
0.03
0.03
0.02
0.02
0.02
0.01
0.01
0.01
0.01
0.00
0.00
0.00
(0.01)
(0.01)
(0.01)
460,465
30.28
14,081
11,590
9,795
8,761
7,448
7,411
7,355
7,093
6,669
0.93
0.76
0.64
0.58
0.49
0.49
0.48
0.47
0.44
BB RATED - (14.37%)
GBP
EUR
EUR
GBP
EUR
GBP
GBP
USD
GBP
13,600,000
13,578,000
11,650,000
8,330,000
9,400,000
6,800,000
7,000,000
11,155,000
6,150,000
Virgin Media Securities 6.25% 28/03/2029 Reg S
Lottomatica 8.25% VRN 31/03/2066 Reg S
UPCB Finance 6.375% 01/07/2020 Reg S
Infinis 7.00% 15/02/2019 Reg S
Telecom Italia 5.25% 17/03/2055
CPUK Finance 11.625% 28/02/2042 Reg S
Telefonica Europe 6.75% (Perpetual) Reg S
UPCB Finance 6.625% 01/07/2020 144A
Telecom Italia 6.375% 24/06/2019
357
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 358
FIDELITY STRATEGIC BOND FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
GBP 6,263,000
USD 10,000,000
GBP 5,000,000
GBP 5,150,000
GBP 4,950,000
USD 7,350,000
USD 7,000,000
GBP 4,375,000
EUR 5,000,000
GBP 4,300,000
USD 7,000,000
GBP 3,950,000
EUR 5,000,000
USD 6,480,000
USD 6,000,000
USD 6,000,000
GBP 3,600,000
GBP 3,526,000
EUR 4,000,000
GBP 3,300,000
GBP 3,352,000
GBP 2,650,000
USD 4,850,000
USD 5,000,000
EUR 2,700,000
GBP 2,600,000
GBP 2,287,000
GBP 2,400,000
USD 4,000,000
EUR 2,900,000
USD 3,600,000
EUR 2,800,000
GBP 2,200,000
EUR 2,600,000
USD 3,500,000
EUR 2,425,000
USD 3,000,000
EUR 2,580,000
GBP 1,963,913
EUR 2,350,000
USD 3,000,000
GBP 1,500,000
EUR
1,950,000
EUR
1,900,000
EUR 2,000,000
JPY 300,000,000
GBP 1,600,000
EUR 2,000,000
GBP 1,349,000
EUR
1,700,000
USD 1,840,000
Lloyds Bank 7.875% Variable (Perpetual) Reg S
Nielsen 5.50% 01/10/2021
Old Mutual 8.00% 03/06/2021
Enterprise Inns 6.50% 06/12/2018
Assicurazioni Generali 6.269% VRN (Perpetual)
Barclays Bank 7.75% 10/04/2023
FMG Resources 6.875% 01/04/2022
ENEL 6.625% 15/09/2076 Reg S
Unitymedia Hessen 6.25% 15/01/2029
Telecom Italia 5.875% 19/05/2023
Kaisa 9.00% 06/06/2019 Reg S
Enel 7.75% 10/09/2075 Reg S
Telecom Italia 4.50% 25/01/2021 Reg S
Nielsen Finance 5.00% 15/04/2022
Country Garden 7.875% 27/05/2019 Reg S
Centurylink 7.65% 15/03/2042
Deutsche Bank VRN (Perpetual) Reg S
Barclays 7.00% Variable (Perpetual)
Barclays VRN (Perpetual)
Priory Group 7.00% 15/02/2018 Reg S
Lloyd Bank Group 7.00% Variable (Perpetual) Reg S
Lafarge 8.75% 30/05/2017
Centurylink 7.60% 15/09/2039
Brasil Telecom 5.75% 10/02/2022 Reg S
UniCredit 6.95% 31/10/2022 Reg S
Veolia Environneme 4.85% (Perpetual)
Societe Generale 8.875% (Perpetual)
Enterprise Inns 6.875% 09/05/2025
Societe Generale 7.875% (Perpetual)
Unitymedia 7.50% 15/03/2019 Reg S
Telecom Italia 7.20% 18/07/2036
Solvay Finance VRN (Perpetual) Reg S
Assicurazioni Generali 6.416% VRN (Perpetual)
Natixis 6.307% VRN (Perpetual)
JBS Investments 7.75% 28/10/2020 Reg S
ENEL 5.00% 15/01/2075
Barclays 7.625% 21/11/2022
Barclays 4.875% (Perpetual)
Unique Pub Finance 5.659% 30/06/2027
Credit Agricole 6.50% (Perpetual) Reg S
Lynx 5.375% 15/04/2021 144A
HBOS Sterling Finance Jersey 7.881% (Perpetual)
Intesa Sanpaolo 8.047% VRN (Perpetual)
Fiat Industrial 6.25% 09/03/2018
Unitymedia 5.50% 15/09/2022 Reg S
Eksportfinans 0.72% 28/07/2016
Lynx 6.00% 15/04/2021 Reg S
Royal Bank of Scotland 5.125% VRN (Perpetual)
AA Bond Company 9.50% 31/07/2019 Reg S
MAPFRE 5.921% VRN 24/07/2037
Lloyds Bank 7.50% 31/12/2049
358
6,576
6,238
5,781
5,496
5,138
4,915
4,594
4,568
4,547
4,511
4,383
4,348
4,279
3,935
3,780
3,639
3,580
3,467
3,433
3,431
3,411
3,115
2,971
2,892
2,629
2,598
2,597
2,524
2,508
2,448
2,390
2,317
2,288
2,281
2,277
2,042
2,028
2,009
1,992
1,972
1,876
1,836
1,757
1,705
1,698
1,696
1,674
1,586
1,494
1,434
1,165
Percentage
of total
net assets
%
0.43
0.41
0.38
0.36
0.34
0.32
0.30
0.30
0.30
0.30
0.29
0.29
0.28
0.26
0.25
0.24
0.24
0.23
0.23
0.23
0.22
0.20
0.20
0.19
0.17
0.17
0.17
0.17
0.16
0.16
0.16
0.15
0.15
0.15
0.15
0.13
0.13
0.13
0.13
0.13
0.12
0.12
0.12
0.11
0.11
0.11
0.11
0.10
0.10
0.09
0.08
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 359
FIDELITY STRATEGIC BOND FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Portfolio of investments
GBP
EUR
EUR
GBP
GBP
USD
USD
EUR
USD
EUR
USD
EUR
EUR
EUR
Royal Bank of Scotland 9.50% 12/08/2049
UPCB Finance 7.625% 15/01/2020 Reg S
Rexam 6.75% VRN 29/06/2067
Unique Pub Finance 6.542% 30/03/2021
Natwest 6.50% 07/09/2021
LBG Capital 8.00% (Perpetual)
Country Garden 7.875% 27/05/2019
Unitymedia 5.125% 21/01/2023 Reg S
Telecom Italia 6.00% 30/09/2034
OTE 4.625% 20/05/2016
Credit Suisse 7.50% Perpetual Reg S
Wind Acquisition Finance 4.00% 15/07/2020 Reg S
Sold protection on Virgin Media Finance 20/12/2017
Bought protection on Nokia Corporation 20/12/2017
1,000,000
1,200,000
1,150,000
920,000
850,000
1,160,000
1,000,000
600,000
400,000
200,000
225,000
150,000
800,000
5,000,000
Market value/
Unrealised gain/(loss)
£’000
Percentage
of total
net assets
%
1,129
1,007
968
964
959
763
630
505
243
165
147
119
69
(516)
0.07
0.07
0.06
0.06
0.06
0.05
0.04
0.03
0.02
0.01
0.01
0.01
0.00
(0.03)
245,204
16.12
19,861
17,022
7,832
7,340
6,236
5,331
5,177
4,442
4,388
4,306
4,285
4,279
4,274
4,249
4,183
3,998
3,950
3,764
3,388
2,957
2,699
2,466
2,405
2,358
2,233
2,145
2,117
2,096
2,044
1,909
1,871
1,868
1,813
1,307
1,222
1.31
1.12
0.51
0.48
0.41
0.35
0.34
0.29
0.29
0.28
0.28
0.28
0.28
0.28
0.28
0.26
0.26
0.25
0.22
0.19
0.18
0.16
0.16
0.16
0.15
0.14
0.14
0.14
0.13
0.13
0.12
0.12
0.12
0.09
0.08
B RATED - (9.11%)
GBP 19,938,000
EUR 20,000,000
GBP 8,000,000
EUR
7,750,000
EUR
7,150,000
GBP 4,700,000
EUR 6,150,000
GBP 4,000,000
EUR 5,200,000
EUR 4,850,000
USD 6,435,000
EUR 5,000,000
EUR 5,500,000
GBP 4,100,000
USD 7,000,000
EUR 5,000,000
EUR 5,000,000
USD 6,000,000
GBP 3,400,000
EUR 2,900,000
GBP 2,500,000
EUR 2,900,000
USD 4,000,000
GBP 2,400,000
GBP 2,100,000
EUR 2,500,000
GBP 2,000,000
GBP 2,000,000
USD 3,200,000
GBP 1,800,000
USD 3,000,000
USD 3,000,000
USD 3,000,000
EUR
1,600,000
USD 1,950,000
Enterprise Inns 6.375% 26/09/2031
Wind Acquisition Finance 7.00% 23/04/2021 Reg S
Johnston Press Bond 8.625% 01/06/2019 Reg S
Polish Television 11.00% 15/01/2021 Reg S
UPC Holding 6.75% 15/03/2023 Reg S
Marlin Intermediate 10.50% 01/08/2020 Reg S
Labco S.A.S 8.50% 15/01/2018 Reg S
Cabot Finance 10.375% 01/10/2019 Reg S
Altice 7.25% 15/05/2022 Reg S
Telenet Finance 6.75% 15/08/2024 Reg S
Heinz HJ Finance 7.125% 01/08/2039 144A
UPC Holding 6.375% 15/09/2022 Reg S
Thom Europe 7.375% 15/07/2019 Reg S
Edu UK Bondco 8.875% 15/09/2018 Reg S
Future Land Development 10.25% 21/07/2019 Reg S
Empark Funding FRN 01/12/2019 Reg S
Boing Finance 6.625% 15/07/2019 Reg S
KWG Property 8.975% 14/01/2019 Reg S
Domestc & General 6.375% 15/11/2020 Reg S
Governor & Co Bank 10.00% 19/12/2022
Findus Bondco 9.50% 01/07/18 Reg S
SMCP SAS 8.875% 15/06/2020 Reg S
Aston Escrow 9.50% 15/08/2021
Iceland Foods 6.75% 15/07/2024 Reg S
House of Fraser 8.875% 15/08/2018 Reg S
Cerba European Lab 7.00% 01/02/2020 Reg S
Aston Martin 9.25% 15/07/2018 Reg S
Arrow Global Finance 7.875% 01/03/2020 Reg S
Lee Enterprises 9.50% 15/03/2022
Gala Finance 8.875% 01/09/2018 Reg S
Numericable 6.25% 15/05/2024
Numericable 6.00% 15/05/2022
Sitv 10.375% 01/07/2019
Gamenet 7.25% 01/08/2018 Reg S
Nostrum Oil & Gas 6.375% 14/02/2019 Reg S
359
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 360
FIDELITY STRATEGIC BOND FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Portfolio of investments
GBP
USD
GBP
GBP
EUR
EUR
USD
USD
EUR
USD
EUR
EUR
GBP
Mizzen Bondco 7.00% 01/05/2021 Reg S
Afren 11.50% 01/02/2016 Reg S
Cabot Financial 6.50% 01/04/2021 Reg S
Bakkavor 8.25% 15/02/2018 Reg S
Aldesa Finance Services 7.25% 01/04/2021 Reg S
Numericable 5.625% 15/05/2024 Reg S
Cemex Espana 9.875% 30/04/2019 Reg S
Cemex Finance 9.375% 12/10/2022 Reg S
OTE 6.00% 12/02/2015
Wind Acquisition Finance 7.375% 23/04/2021
Numericable 5.375% 15/05/2022 Reg S
HP Pelzer 7.50% 15/07/2021 Reg S
Bruntwood Alpha Series 2007-1 Class C FRN 15/01/2017 Reg S
1,100,000
1,550,000
1,000,000
900,000
1,100,000
650,000
425,000
350,000
189,000
200,000
100,000
100,000
14,582
Market value/
Unrealised gain/(loss)
£’000
Percentage
of total
net assets
%
1,094
978
975
953
891
547
290
248
154
127
84
82
15
0.07
0.06
0.06
0.06
0.06
0.04
0.02
0.02
0.01
0.01
0.01
0.01
0.00
158,253
10.41
2,441
1,498
1,474
0.16
0.10
0.10
5,413
0.36
27,238
18,018
12,985
11,624
8,362
5,891
5,346
4,532
4,421
4,285
3,982
3,919
3,865
3,458
3,430
3,109
1,919
1,782
1,575
1,341
1,317
1,271
1,269
905
644
462
284
244
195
50
9
1.79
1.18
0.85
0.76
0.55
0.39
0.35
0.30
0.29
0.28
0.26
0.26
0.25
0.23
0.23
0.20
0.13
0.12
0.10
0.09
0.09
0.08
0.08
0.06
0.04
0.03
0.02
0.02
0.01
0.00
0.00
CCC RATED - (0.66%)
USD
GBP
USD
4,000,000
1,500,000
2,375,000
Ancestry 9.625% 15/10/2018
Domestc & General 7.875% 15/11/2021 Reg S
Laureate Education 9.25% 01/09/2019 144A
NOT RATED - (8.12%)
EUR
CNY
EUR
USD
USD
USD
EUR
EUR
EUR
EUR
GBP
GBP
GBP
EUR
GBP
GBP
EUR
GBP
GBP
GBP
EUR
GBP
GBP
USD
GBP
GBP
GBP
226,181
2,666,828
2,038,525
1,560,338
9,650,000
60,000,000
6,000,000
6,500,000
7,350,000
7,000,000
5,000,000
4,400,000
4,750,000
4,000,000
3,350,000
3,000,000
1,787,604
2,200,000
1,550,000
1,000,000
1,400,000
1,000,000
1,507,000
680,000
2,136,404
468,000
250,000
1,009,997
180,000
1,650,000
310,000
Fidelity Funds - Institutional European High Yield Fund
Fidelity Funds - Emerging Markets Inflation Linked Bond Fund
Fidelity Funds - Emerging Market Corporate Debt Fund
Fidelity Funds - Global High Yield Focus Fund
Stichting Bank Certificate 6.50% (Perpetual) Reg S
China Unicom Hong Kong 4.00% 16/04/2017 Reg S
GAGFAH 1.50% 20/5/2019 Reg S
Gems Mea Sukuk 12.00% (Perpetual) Reg S
ICD Sukuk 3.508% 21/05/2020 Reg S
Shui On Development 9.625% 10/06/2019 Reg S
Sacyr 4.00% 08/05/2019 Reg S
Davide Campari 4.50% 25/10/2019
Prosieben Media 2.625% 15/04/2021 Reg S
Leg Immobilien 0.50% 01/07/2021 Reg S
Admiral 5.50% 25/07/2024 Reg S
PGH Capital 5.75% 07/07/2021 Reg S
Intu Debenture 5.562% 31/12/2027
International Personal Finance 5.75% 07/04/2021 Reg S
British Insurance 6.625% VRN 09/12/2030
Peel South East 10.00% 30/04/2026
Rabobank Nederland 6.875% 19/03/2020 Reg S
Peel 9.875% 30/04/2011
Town Centre Securities 5.375% 20/11/2031
Shaftesbury 8.50% 31/03/2024
Boats Investment 11.00% 31/03/2017 (NL)
Novae 6.50% 27/04/2017
Annes Gate Property 5.661% 30/06/2031
Blue Ocean Resources 11.00% 31/12/2020 Reg S
British Land 5.264% 24/09/2035
Cattles 7.125% 05/07/2017*
Cattles 6.875% 17/01/2014*
360
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 361
FIDELITY STRATEGIC BOND FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Portfolio of investments
USD
USD
EUR
EUR
USD
Remedial Cayman 10.00% 28/03/2012*
BTA Bank 5.50% 21/12/2022 Reg S
BCM Ireland (Pref'd) Equity FRN 15/02/2017 Reg S*
Tim Hellas Telecommunications FRN 15/07/2015 Reg S*
MPF 10.00% 08/05/2013*
619,953
1,639
7,325,028
1,200,387
1,000,000
Market value/
Unrealised gain/(loss)
£’000
Percentage
of total
net assets
%
7
1
0
0
0
0.00
0.00
0.00
0.00
0.00
137,740
9.06
4
0
0
0.00
0.00
0.00
4
0.00
(122)
(1,730)
(0.01)
(0.11)
(1,852)
(0.12)
195
117
80
37
13
10
(2)
(4)
(7)
(85)
(105)
(134)
(272)
(390)
(1,033)
(1,039)
(1,042)
(1,148)
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.00
(0.01)
(0.01)
(0.01)
(0.02)
(0.03)
(0.07)
(0.07)
(0.07)
(0.08)
(4,809)
(0.32)
(488)
(920)
(5,522)
(0.03)
(0.06)
(0.36)
(6,930)
(0.46)
EQUITIES - (0.00%)
182
691
540
Delta Airlines
BTA Bank GDR Reg S
Remedial Cayman (Unlisted)*
INDEX FUTURES - ( (0.20)%)
EUR (1,300,000)
EUR (46,200,000)
EURO BUXL Future 08/09/2014
EURO BUND Future 08/09/2014
FORWARD FOREIGN EXCHANGE CONTRACTS - ( (0.06)%)
6,945,772
7,277,295
6,207,508
5,523,605
2,926,237
4,793,169
102,243,210
8,266,537
2,516,930
101,761,920
102,687,666
24,287,809
9,624,975
16,187,739
73,231,647
73,135,926
73,193,253
74,239,586
Bought
Bought
Bought
Bought
Bought
Bought
Bought
Bought
Bought
Bought
Bought
Bought
Bought
Bought
Bought
Bought
Bought
Bought
ZAR sold GBP @ 18.33000 for settlement 13/11/2014
TRY sold GBP @ 3.70220 for settlement 13/11/2014
USD sold GBP @ 1.67974 for settlement 13/11/2014
GBP sold EUR @ 1.24828 for settlement 13/11/2014
GBP sold EUR @ 1.25109 for settlement 13/11/2014
EUR sold GBP @ 1.25929 for settlement 13/11/2014
GBP sold EUR @ 1.25681 for settlement 13/11/2014
GBP sold AUD @ 1.78479 for settlement 13/11/2014
GBP sold USD @ 1.66274 for settlement 13/11/2014
GBP sold EUR @ 1.25784 for settlement 13/11/2014
GBP sold EUR @ 1.25807 for settlement 13/11/2014
GBP sold NZD @ 2.00413 for settlement 13/11/2014
GBP sold MXN @ 22.4225 for settlement 13/11/2014
GBP sold AUD @ 1.82700 for settlement 13/11/2014
GBP sold USD @ 1.68165 for settlement 13/11/2014
GBP sold USD @ 1.68180 for settlement 13/11/2014
GBP sold USD @ 1.68185 for settlement 13/11/2014
GBP sold USD @ 1.68389 for settlement 13/11/2014
INDEX CREDIT DEFAULT SWAPS - ( (0.37)%)
EUR 30,000,000
EUR 10,000,000
EUR 60,000,000
Bought Protection on ITRAXX Europe Sub Financial Series 19 20/12/2018
Bought Protection on ITRAXX Europe Crossover Series 21 20/06/2019
Bought Protection on ITRAXX Europe Crossover Series 21 20/06/2019
Portfolio of investments
1,493,362
Cash and other net assets/(liabilities)
Net assets
The figures in brackets represent the sector distributions at 28 February 2014.
*Securities valued at the ACD's valuation.
'
The fund has deposited no bond stocks as collateral with third party counterparties
in relation to positions it holds in over the counter derivative contracts (2014: 633,000).
The percentage of net assets disclosed above is subject to rounding.
361
98.20
27,462
1.80
1,520,824
100.00
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 362
FIDELITY UK GROWTH FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
CONSUMER SERVICES - (17.09%)
3,318,114
2,212,264
2,195,669
2,007,131
1,678,370
228,122
72,143
10,955,414
1,870,482
4,093,649
1,847,936
132,651
1,528,010
60,030
86,173
154,744
912,649
Ocado
Merlin Entertainments
Chime Communications
Poundland
Cineworld
Carnival
Signet Jewelers (UK)
Boohoo.Com
Mothercare
Moss Brothers
Perform Group
Rightmove
Card Factory
Walt Disney
CBS
Ted Baker
Koovs
10,857
7,699
7,070
6,262
5,508
5,101
5,056
4,875
4,667
4,186
3,840
3,332
3,301
3,264
3,093
3,025
1,132
2.86
2.03
1.86
1.65
1.45
1.34
1.33
1.29
1.23
1.10
1.01
0.88
0.87
0.86
0.82
0.80
0.30
82,268
21.69
11,412
11,348
10,214
7,812
7,675
3.01
2.99
2.69
2.06
2.02
48,461
12.78
10,499
9,628
8,159
7,683
3,884
3,872
2,928
2.77
2.54
2.15
2.03
1.02
1.02
0.77
46,653
12.30
11,382
7,246
6,763
6,355
5,564
3,063
2,384
1,853
1,393
266
0
3.00
1.91
1.78
1.68
1.47
0.81
0.63
0.49
0.37
0.07
0.00
46,269
12.20
CONSUMER GOODS - (12.81%)
640,930
426,458
457,058
778,165
2,079,926
Diageo
Unilever (UK)
Electronic Arts
UBISOFT Entertainment
PZ Cussons
HEALTH CARE - (12.35%)
213,966
348,263
7,572,180
446,427
52,426
2,900,258
10,456,366
Shire
Novo Nordisk (B)
Nanoco
Hikma Pharmaceuticals
Actelion (Reg'd)
Vectura
Sinclair Pharmaceutical
INDUSTRIALS - (11.54%)
932,946
560,860
645,334
1,404,700
957,705
1,522,233
841,934
700,225
759,311
118,102
3,611,553
Capita
Galliford
Experian
Michael Page International
Domino Printing Sciences
Boot Henry
RPS
Group 4 Securicor
Exova
Synety
ROK*
362
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 363
FIDELITY UK GROWTH FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
TECHNOLOGY - (10.38%)
1,141,465
860,000
2,044,863
2,414,430
1,702,819
192,306
581,369
342,093
CSR
Tencent
Tungsten
Imagination Technologies
Zoopla Property
Aveva
Lo Q
Avanti Communications
8,766
8,460
7,121
5,208
4,240
4,044
2,878
635
2.31
2.23
1.88
1.37
1.12
1.07
0.76
0.17
41,352
10.90
16,256
5,435
4,700
3,325
2,530
671
0
4.29
1.43
1.24
0.88
0.67
0.18
0.00
32,917
8.68
7,297
7,240
6,010
3,910
3,558
2,885
1,903
1.92
1.91
1.58
1.03
0.94
0.76
0.50
32,803
8.65
12,969
9,066
7,545
965
759
3.42
2.39
1.99
0.25
0.20
31,304
8.25
11,347
3,619
2.99
0.95
OIL & GAS - (12.76%)
1,358,566
5,766,418
642,531
887,366
1,157,944
2,343,910
874,400
BG Group
Rockhopper Exploration
Tullow Oil
Africa Oil (SEK)
Parkmead
Sevan Drilling
Rock Well Petroleum (Placing)*
FINANCIALS - (6.71%)
2,890,067
541,132
280,860
140,914
292,475
825,761
876,974
Foxtons
Close Brothers
Provident Financial
Derwent London
Standard Chartered
Ashmore
Terrace Hill
BASIC MATERIALS - (9.30%)
401,712
180,952
2,664,189
3,215,702
464,820
Rio Tinto
Randgold Resources
Elementis
London Mining (UK)
Hochschild Mining
TELECOMMUNICATIONS - (5.17%)
2,932,793
1,195,806
BT
TalkTalk Telecom
Portfolio of investments
Cash and other net assets/(liabilities)
Net assets
The figures in brackets represent the sector distributions at 28 February 2014.
*Securities valued at the ACD's valuation.
The percentage of net assets disclosed above is subject to rounding.
363
14,966
3.95
376,993
99.40
2,339
0.60
379,332
100.00
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 364
FIDELITY UK SELECT FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
CONSUMER SERVICES - (25.86%)
144,368
887,434
515,056
128,674
2,392,548
177,130
3,031,703
485,071
892,552
58,213
Next
Compass
WPP
Whitbread
ITV
Rightmove
Booker
Sports Direct International
Cineworld
InterContinental Hotels
10,207
8,701
6,510
5,627
5,027
4,450
4,105
3,541
2,929
1,341
3.74
3.19
2.39
2.06
1.84
1.63
1.50
1.30
1.07
0.49
52,438
19.22
12,303
9,583
6,913
6,191
6,015
5,100
4,285
0
4.51
3.51
2.53
2.27
2.21
1.87
1.57
0.00
50,390
18.47
12,518
9,728
8,085
6,429
5,455
1,274
4.59
3.57
2.96
2.36
2.00
0.47
43,489
15.94
9,234
7,988
6,644
5,437
5,098
3.39
2.93
2.44
1.99
1.87
34,401
12.61
9,341
8,598
6,765
6,381
3.42
3.15
2.48
2.34
31,085
11.40
13,217
5,820
5,167
4.85
2.13
1.89
24,204
8.87
FINANCIALS - (18.89%)
16,092,597
GBP 9,582,797
1,060,582
303,327
449,546
249,136
200,224
448,343
Lloyds Banking Group
Fidelity Institutional Liquidity Fund (GBP)
HSBC (UK) (Reg'd)
London Stock Exchange
Close Brothers
Rathbone Brothers
Provident Financial
Third Advance Value Realisation*
CONSUMER GOODS - (9.93%)
470,412
546,389
244,004
287,676
383,050
306,948
Unilever (UK)
Diageo
SABMiller
Electronic Arts
Burberry
Headlam
INDUSTRIALS - (12.82%)
285,445
487,690
381,202
1,690,746
173,209
Wolseley
Bunzl
Travis Perkins
BBA Aviation
Spirax-Sarco Engineering
HEALTH CARE - (11.97%)
633,705
130,140
244,716
130,040
GlaxoSmithKline
Sanofi-Aventis
Novo Nordisk (B)
Shire
OIL & GAS - (6.40%)
542,861
86,940
431,832
Royal Dutch Shell A (UK)
Anadarko Petroleum
BG Group
364
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 365
FIDELITY UK SELECT FUND
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
BASIC MATERIALS - (6.78%)
251,113
191,093
273,100
Rio Tinto
Johnson Matthey
BHP Billiton
8,107
6,039
5,177
2.97
2.21
1.90
19,323
7.08
9,433
3.46
9,433
3.46
6,013
1,313
0
2.20
0.48
0.00
7,326
2.69
UTILITIES - (0.00%)
1,052,210
National Grid Transco
TECHNOLOGY - (2.49%)
1,524,610
527,168
901,100
Sage
Zoopla Property
Danogue*
INDEX FUTURES - (0.00%)
GBP
6,667,663
FTSE 100 Index Future 19/09/2014
Portfolio of investments
Cash and other net assets/(liabilities)
Net assets
The figures in brackets represent the sector distributions at 28 February 2014.
*Securities valued at the ACD's valuation.
The percentage of net assets disclosed above is subject to rounding.
365
145
0.05
145
0.05
272,234
99.79
533
0.21
272,767
100.00
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 366
FIDELITY UK SMALLER COMPANIES
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
INDUSTRIALS - (27.86%)
EUR
EUR
12,551,180
3,475,402
3,846,947
1,254,314
1,677,362
2,734,245
2,582,240
1,617,370
1,341,998
23,869,189
935,516
3,524,935
456,275
1,120,000
1,760,980
556,774
1,586,367
415,262
4,178,172
404,415
(58,313)
(24,136)
Speedy Hire
Lavendon
Xchanging
Mears
BBA Aviation
Regus
TT Electronics
Lupus Capital
HomeServe
Norcros
Brammer
WYG
Business Post
Cohort
DX
Falkland Islands Holdings
Somero Enterprises
Castings
Tanfield
Shanks
Vopak (Koninklijke) CFD
Ingenico CFD
7,938
7,038
7,001
5,814
5,394
4,777
4,390
4,383
4,238
4,117
3,985
3,736
2,701
2,184
2,087
1,949
1,920
1,895
679
421
137
(194)
2.84
2.52
2.50
2.08
1.93
1.71
1.57
1.57
1.51
1.47
1.42
1.34
0.97
0.78
0.75
0.70
0.69
0.68
0.24
0.15
0.05
(0.07)
76,590
27.37
7,041
6,352
5,192
4,895
4,813
4,338
3,604
3,466
3,432
3,274
2,926
2,917
2,202
1,965
1,773
1,446
1,426
1,397
797
543
504
49
(457)
2.52
2.27
1.86
1.75
1.72
1.55
1.29
1.24
1.23
1.17
1.05
1.04
0.79
0.70
0.63
0.52
0.51
0.50
0.28
0.19
0.18
0.02
(0.16)
63,895
22.83
CONSUMER SERVICES - (20.80%)
22,352,300
1,846,389
1,612,568
3,063,198
3,607,648
1,738,764
1,732,655
981,987
3,120,211
2,619,526
2,709,338
574,726
506,200
834,773
912,500
16,071,539
1,394,315
2,739,364
404,418
6,783,461
1,482,667
3,253,011
GBP
(195,961)
Pendragon
United Drug
Chime Communications
Rank
Ladbrokes
Mothercare
UTV Media
Entertainment One
Creston
Next Fifteen Communications
Flybe
Carpetright
Brown (N)
Dalata Hotel
Mccoll's Retail
Porta Communications
Moss Brothers
Begbies Traynor
Wilmington
Snoozebox
All Leisure
Snoozebox (Warrants 15/12/2014)
WH Smith CFD
366
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 367
FIDELITY UK SMALLER COMPANIES
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
FINANCIALS - (23.86%)
GBP
GBP
USD
EUR
EUR
GBP
2,278,875
483,640
3,465,560
4,369,300
1,367,232
4,103,366
1,976,300
281,700
12,289,495
1,407,965
6,061,890
1,305,536
1,181,616
53,058
570,758
776,900
14,316,805
4,491,423
(69,754)
903,928
484,684
2
2,111,665
999,072
(416,600)
Brewin Dolphin
CLS
Conygar
LXB Retail Properties
ICAP
Fidelity Institutional Liquidity Fund (GBP)
Development Securities
DCC CFD
Guinness Peat
Marwyn Value Investors
Impax Asset Management
Ashcourt Rowan
H&T
Electra Private Equity
McKay Securities
Burford Capital
Ingenious Media Active Capital
Ambrian Capital
Dorman Products CFD
CPL Resources CFD
Conwert Immobil Investments CFD
Burford Capital (Placing)*
Max Property*
Silverdell*
Breedon CFD
6,709
6,336
6,065
5,724
5,185
4,103
4,046
3,835
3,748
3,076
2,728
2,454
2,003
1,422
1,277
917
680
517
495
300
189
4
1
0
(103)
2.40
2.26
2.17
2.05
1.85
1.47
1.45
1.37
1.34
1.10
0.97
0.88
0.72
0.51
0.46
0.33
0.24
0.18
0.18
0.11
0.07
0.00
0.00
0.00
(0.04)
61,711
22.05
8,384
6,475
4,487
3,337
2,832
1,271
1,150
412
66
(185)
(335)
3.00
2.31
1.60
1.19
1.01
0.45
0.41
0.15
0.02
(0.07)
(0.12)
27,894
9.97
4,554
4,326
3,943
3,507
2,854
1,013
807
2
1.63
1.55
1.41
1.25
1.02
0.36
0.29
0.00
21,006
7.51
CONSUMER GOODS - (12.22%)
375,170
1,916,711
770,346
555,717
282,112
1,609,100
396,551,720
89,547
GBP
(99,430)
NOK
(285,407)
EUR
(98,613)
Electronic Arts
C & C (UK)
Games Workshop
Vitec
UBISOFT Entertainment
Total Produce (UK)
Get Lenses*
Hilton Food
Devro CFD
Marine Harvest CFD
Viscofan SA CFD
TECHNOLOGY - (4.22%)
1,265,085
1,307,949
3,399,105
1,245,536
22,383,264
2,682,695
276,275
2,345
Tracsis
SDL
Allocate Software
Vizrt
Lombard Risk Management
Blinkx
Stanley Gibbons
Phoenix IT
367
d_Portfolio Statements_v06_ 0404_PortChanfull_v1 22/10/2014 11:05 Page 368
FIDELITY UK SMALLER COMPANIES
P O R T F O L I O S TAT E M E N T
as at 31 August 2014
Holdings/
Holdings
Equivalent
Market value/
Unrealised gain/(loss)
£’000
Portfolio of investments
Percentage
of total
net assets
%
OIL & GAS - (5.00%)
NOK
3,479,100
642,994
174,670
1,580,437
480,840
3,620,565
908,897
(155,515)
Renewable Energy Generation
Premier Oil
Hunting
Rockhopper Exploration
Parkmead
Sevan Drilling
Lekoil
Seadrill CFD
2,296
2,250
1,569
1,490
1,051
1,037
550
(195)
0.82
0.80
0.56
0.53
0.38
0.37
0.20
(0.07)
10,048
3.59
5,948
1,553
135
2.13
0.55
0.05
7,636
2.73
5,386
631
1.92
0.23
6,017
2.15
274,797
98.20
5,031
1.80
279,828
100.00
HEALTH CARE - (2.79%)
EUR
1,201,607
169,850
(72,940)
NMC Health
Bespak
Diasorin CFD
BASIC MATERIALS - (0.78%)
2,366,560
16,837,000
Synthomer
Goldplat
Portfolio of investments
Cash and other net assets/(liabilities)
Net assets
The figures in brackets represent the sector distributions at 28 February 2014.
*Securities valued at the ACD's valuation.
The percentage of net assets disclosed above is subject to rounding.
368
e_Purchases&Sales_v04_OEICS_Temp_AcctsLong_Curr04.qxd 22/10/2014 13:25 Page 369
FIDELITY INVESTMENT FUNDS INTERIM REPORT & FINANCIAL
STATEMENTS FOR THE SIX MONTH PERIOD ENDED 31 AUGUST 2014
T O TA L P U R C H A S E A N D S A L E S F O R T H E P E R I O D
PURCHASES
31/08/14
31/08/13
£’000
£’000
655,083
591,597
FUND NAME
Fidelity American Fund
Fidelity American Special Situations Fund
1
Fidelity Asian Dividend Fund
31/08/14
£’000
704,209
SALES
31/08/13
£’000
666,035
199,397
115,394
84,878
117,656
631
1,994
481
40
Fidelity China Consumer Fund
7,025
2,472
3,922
3,504
Fidelity Emerging Asia Fund
4,739
6,341
3,350
2,466
Fidelity Emerging Europe, Middle East and Africa Fund
143,921
59,656
136,909
52,633
Fidelity Enhanced Income Fund
110,427
65,753
78,406
17,856
Fidelity European Fund
347,406
252,925
445,392
345,406
Fidelity European Opportunities Fund
122,513
87,789
126,648
140,969
Fidelity Extra Income Fund
173,280
167,125
173,221
166,203
47,175
22,596
40,351
29,902
43,868
19,636
29,498
5,674
4,366
-
2,385
-
156,268
207,278
162,788
248,754
Fidelity Genesis Fund
Fidelity Global Dividend Fund
2
Fidelity Global Enhanced Income Fund
Fidelity Global Focus Fund
Fidelity Global High Yield Fund
32,455
12,712
29,867
11,716
Fidelity Global Property Fund
79,135
103,725
98,759
141,127
Fidelity Global Special Situations Fund
408,750
333,154
445,461
380,871
3
29,770
-
9,392
-
32,811
-
7,033
-
Fidelity Index Japan Fund
19,359
-
291
-
Fidelity Index Pacific ex Japan Fund6
11,978
-
248
-
Fidelity Index UK Fund
351,365
805,520
108,259
-
Fidelity Index US Fund
194,473
22,699
52,872
12,093
45,767
19,689
16,825
8,845
Fidelity Index Emerging Markets Fund
4
Fidelity Index Europe ex UK Fund
5
Fidelity Index World Fund
Fidelity International Fund
60,149
94,687
72,896
108,623
Fidelity Japan Fund
58,225
18,297
62,176
21,751
Fidelity Japan Smaller Companies Fund
17,914
38,335
20,920
37,941
Fidelity MoneyBuilder Balanced Fund
136,343
94,857
52,100
45,673
Fidelity MoneyBuilder Dividend Fund
345,747
76,503
128,493
48,344
Fidelity MoneyBuilder Growth Fund
243,231
76,147
290,565
95,321
Fidelity MoneyBuilder Income Fund
801,646
948,332
892,370
969,050
Fidelity South-East Asia Fund
558,566
1,547,826
722,628
1,647,954
1,548,291
325,260
1,450,003
503,822
671,433
917,941
599,970
710,616
Fidelity UK Growth Fund
84,591
114,186
102,116
128,340
Fidelity UK Select Fund
118,255
67,742
99,936
78,784
93,938
109,597
137,446
69,034
Fidelity Special Situations Fund
Fidelity Strategic Bond Fund
Fidelity UK Smaller Companies Fund
Footnotes:
1. This fund launched on 19 August 2013.
2. This fund launched on 2 October 2013.
3. This fund launched on 6 March 2014.
4. This fund launched on 22 January 2014.
5. This fund launched on 22 January 2014.
6. This fund launched on 6 February 2014.
369
f_Risk_&_Reward_v04_OEICS_Temp_AcctsLong_Curr04.qxd 22/10/2014 13:31 Page 370
FIDELITY INVESTMENT FUNDS INTERIM REPORT & FINANCIAL
STATEMENTS FOR THE SIX MONTH PERIOD ENDED 31 AUGUST 2014
RISK AND REWARD PROFILES
FUND
SHARE CLASS
Fidelity American Fund
A Accumulation Shares
W Accumulation Shares
Y Accumulation Shares
6
6
6
Fidelity American Special Situations Fund
A Accumulation Shares
W Accumulation Shares
Y Accumulation Shares
6
6
6
Fidelity Asian Dividend Fund
A Accumulation Shares
A Income Shares
W Accumulation Shares
W Income Shares
6
6
6
6
Fidelity China Consumer Fund
A Accumulation Shares
W Accumulation Shares
Y Accumulation Shares
6
6
6
Fidelity Emerging Asia Fund
A Accumulation Shares
Y Accumulation Shares
6
6
Fidelity Emerging Europe, Middle East and Africa Fund
A Accumulation Shares
W Accumulation Shares
Y Accumulation Shares
6
6
6
Fidelity Enhanced Income Fund
A Accumulation Shares
A Income Shares
W Accumulation Shares
W Income Shares
Y Accumulation Shares
Y Income Shares
5
5
5
5
5
5
Fidelity European Fund
A Accumulation Shares
A Income Shares
W Accumulation Shares
W Income Shares
Y Accumulation Shares
6
6
6
6
6
Fidelity European Opportunities Fund
A Accumulation Shares
W Accumulation Shares
Y Accumulation Shares
6
6
6
Fidelity Extra Income Fund
A Accumulation Shares
Gross paying A Accumulation Shares
A Income Shares
Gross paying A Income Shares
Y Accumulation Shares
Gross paying Y Accumulation Shares
Y Income Shares
Gross paying Y Income Shares
3
3
3
3
3
4
3
3
Fidelity Genesis Fund
A Accumulation Shares
6
Fidelity Global Dividend Fund
A Accumulation Shares
A Income Shares
W Accumulation Shares
W Income Shares
Y Accumulation Shares
Y Income Shares
5
5
5
5
5
5
Fidelity Global Enhanced Income Fund
A Income Shares
W Accumulation Shares
W Income Shares
5
5
5
370
SRRI*
f_Risk_&_Reward_v04_OEICS_Temp_AcctsLong_Curr04.qxd 22/10/2014 13:31 Page 371
FIDELITY INVESTMENT FUNDS INTERIM REPORT & FINANCIAL
STATEMENTS FOR THE SIX MONTH PERIOD ENDED 31 AUGUST 2014
RISK AND REWARD PROFILES
FUND
SHARE CLASS
Fidelity Global Focus Fund
A Accumulation Shares
W Accumulation Shares
Y Accumulation Shares
6
5
5
Fidelity Global High Yield Fund
A Accumulation Shares
Gross paying A Accumulation Shares
A Income Shares
Gross paying A Income Shares
I Accumulation Shares
Y Accumulation Shares
Gross paying Y Accumulation Shares
Y Income Shares
Gross paying Y Income Shares
4
4
4
4
4
4
4
4
4
Fidelity Global Property Fund
A Accumulation Shares
W Accumulation Shares
W Income Shares
Y Accumulation Shares
6
6
6
6
Fidelity Global Special Situations Fund
A Accumulation Shares
J Accumulation Shares
W Accumulation Shares
Y Accumulation Shares
6
6
6
6
Fidelity Index Emerging Markets Fund
F Accumulation Shares
P Accumulation Shares
P Income Shares
W Accumulation Shares
W Income Shares
6
6
6
6
6
Fidelity Index Europe ex UK Fund
F Accumulation Shares
P Accumulation Shares
P Income Shares
W Accumulation Shares
W Income Shares
6
6
6
6
6
Fidelity Index Japan Fund
F Accumulation Shares
P Accumulation Shares
P Income Shares
W Accumulation Shares
W Income Shares
6
6
6
6
6
Fidelity Index Pacific ex Japan Fund
F Accumulation Shares
P Accumulation Shares
P Income Shares
W Accumulation Shares
W Income Shares
6
6
6
6
6
Fidelity Index UK Fund
A Accumulation Shares
F Accumulation Shares
I Accumulation Shares
P Accumulation Shares
P Income Shares
W Accumulation Shares
W Income Shares
6
6
6
6
6
6
6
Fidelity Index US Fund
A Accumulation Shares
F Accumulation Shares
I Accumulation Shares
P Accumulation Shares
P Income Shares
W Accumulation Shares
W Income Shares
6
6
6
6
6
6
6
371
SRRI*
f_Risk_&_Reward_v04_OEICS_Temp_AcctsLong_Curr04.qxd 22/10/2014 13:31 Page 372
FIDELITY INVESTMENT FUNDS INTERIM REPORT & FINANCIAL
STATEMENTS FOR THE SIX MONTH PERIOD ENDED 31 AUGUST 2014
RISK AND REWARD PROFILES
FUND
SHARE CLASS
Fidelity Index World Fund
A Accumulation Shares
F Accumulation Shares
I Accumulation Shares
P Accumulation Shares
P Income Shares
W Accumulation Shares
W Income Shares
5
5
5
5
5
5
5
Fidelity International Fund
A Accumulation Shares
6
Fidelity Japan Fund
A Accumulation Shares
W Accumulation Shares
Y Accumulation Shares
6
6
6
Fidelity Japan Smaller Companies Fund
A Accumulation Shares
W Accumulation Shares
6
6
Fidelity MoneyBuilder Balanced Fund
A Income Shares
Y Income Shares
4
4
Fidelity MoneyBuilder Dividend Fund
A Accumulation Shares
A Income Shares
Y Income Shares
6
5
5
Fidelity MoneyBuilder Growth Fund
A Income Shares
ISA class income Shares
Y Income Shares
6
6
6
Fidelity MoneyBuilder Income Fund
A Accumulation Shares
A Income Shares
Gross paying A Income Shares
Y Accumulation Shares
Y Income Shares
Gross paying Y Accumulation Shares
Gross paying Y Income Shares
3
3
3
3
3
3
3
Fidelity South-East Asia Fund
A Accumulation Shares
W Accumulation Shares
Y Accumulation Shares
6
6
6
Fidelity Special Situations Fund
A Accumulation Shares
W Accumulation Shares
Y Accumulation Shares
6
6
6
Fidelity Strategic Bond Fund
A Accumulation Shares
Gross paying A Accumulation Shares
A Income Shares
Gross paying A Income Shares
Y Accumulation Shares
Gross paying Y Accumulation Shares
Y Income Shares
Gross paying Y Income Shares
3
3
3
3
3
3
3
3
Fidelity UK Growth Fund
A Accumulation Shares
W Accumulation Shares
Y Accumulation Shares
6
6
6
372
SRRI*
f_Risk_&_Reward_v04_OEICS_Temp_AcctsLong_Curr04.qxd 22/10/2014 13:31 Page 373
FIDELITY INVESTMENT FUNDS INTERIM REPORT & FINANCIAL
STATEMENTS FOR THE SIX MONTH PERIOD ENDED 31 AUGUST 2014
RISK AND REWARD PROFILES
FUND
SHARE CLASS
Fidelity UK Select Fund
A Accumulation Shares
I Accumulation Shares
W Accumulation Shares
SRRI*
6
6
6
Fidelity UK Smaller Companies Fund
A Accumulation Shares
W Accumulation Shares
Y Accumulation Shares
5
5
5
*The synthetic risk and reward indicator (SRRI) is explained below:
Lower risk
Higher risk
Typically lower rewards
1
2
3
Typically higher rewards
4
5
6
7
• The risk category was calculated using historical volatility data, based upon 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 unpredictably by diverse factors including political and economic events.
• The risk category may not be a reliable indication of the future risk profile of the fund.
• The risk category shown is not guaranteed and may shift over time.
• The lowest category does not mean �risk free’.
For fund specific risks, please refer to the latest Key Investor Information document.
373
g_LF_BackPage_v01_f_LF_BackPage_v1.qxd 22/10/2014 13:31 Page 271
FIDELITY INVESTMENT FUNDS INTERIM REPORT & FINANCIAL
STATEMENTS FOR THE SIX MONTH PERIOD ENDED 31 AUGUST 2014
F U R T H E R I N F O R M AT I O N
• Stamp Duty Reserve Tax (SDRT)
HM Revenue and Customs introduced legislation in Schedule 19 of the Finance Act 1999 as a result of which the Company may become liable to a
SDRT charge on the redemption of shares by investors. The maximum liability will be 0.5% of the value of the redemptions. As permitted by FCA
regulations, any SDRT arising under the regime will be transferred to the capital account of the relevant fund.
As announced in Budget 2013, legislation was introduced to abolish this special Stamp Duty Reserve Tax charge on collective investment schemes in
Schedule 19 Finance Act 1999. The charge was abolished from 30 March 2014.
• 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 enables 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 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.
Fidelity Worldwide Investment refers to the group of companies which form the global investment management organisation that provides information on
products and services in designated jurisdictions outside of North America.
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 Worldwide Investment, and all views expressed are those of
Fidelity Worldwide Investment.
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 Worldwide Investment 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.
SFR1935
374
1408_RO_LF_cover_v01_Covers 22/10/2014 15:35 Page 2
Fidelity, Fidelity Worldwide Investment, the Fidelity Worldwide Investment logo and symbol are trademarks of FIL Limited

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