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Annual Report and Audited Financial Statements For the financial year ended 31 January 2020

Fidelity UCITS II ICAV

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


TABLE OF CONTENTS

Page GENERAL INFORMATION 2 INVESTMENT MANAGER’S REPORT 7 SCHEDULES OF INVESTMENTS: Fidelity MSCI Emerging Markets Index Fund 11 Fidelity MSCI Europe Index Fund 37 Fidelity MSCI Japan Index Fund 49 Fidelity MSCI Pacific ex-Japan Index Fund 56 Fidelity MSCI World Index Fund 61 Fidelity S&P 500 Index Fund 98 Fidelity Enhanced Reserve Fund 108 STATEMENT OF FINANCIAL POSITION 121 STATEMENT OF COMPREHENSIVE INCOME 129 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES 133 STATEMENT OF CASH FLOWS 135 NOTES TO THE FINANCIAL STATEMENTS 139 DIRECTORS’ REPORT 191 REPORT FROM THE DEPOSITARY TO THE SHAREHOLDERS (UNAUDITED) 195 INDEPENDENT AUDITOR’S REPORT 196 DIRECTORY (UNAUDITED) 199 APPENDIX 1 - STATEMENT OF SIGNIFICANT CHANGES IN THE COMPOSITION OF PORTFOLIO (UNAUDITED) 200 APPENDIX 2 – REPORT OF REMUNERATION (UNAUDITED) 208 APPENDIX 3 – TRACKING ERROR (UNAUDITED) 209 APPENDIX 4 – SECURITIES FINANCING TRANSACTIONS (UNAUDITED) 210


GENERAL INFORMATION

Fidelity UCITS II ICAV (the “Fund”) was registered in Ireland pursuant to the Irish Collective Asset-management Vehicles Act 2015 (as amended) on 14 November 2017 under registration number C174793 and is authorised by the Central Bank of Ireland (the “Central Bank”) under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) (the “UCITS Regulations”). Except where the context otherwise requires, defined terms shall bear the meaning given to them in the Prospectus of the Fund. The Fund is organised in the form of an umbrella fund with segregated liability between sub-funds. The Prospectus provides that the Fund may offer separate sub-funds. Each sub-fund will have a distinct schedule of investments. Currently, there are 20 Sub-Funds under the umbrella. Of these 20 sub-funds, 10 Sub-Funds have 31 December year end and 10 Sub-Funds have 31 January year end. These 31 January year end financial statements are prepared for the below 7 Sub-Funds which were launched as of the financial year end (each, a “Sub-Fund” and, collectively, the “Sub-Funds”). There are three other Sub-Funds of the umbrella with 31 January year end (Fidelity Global Credit ex US Fund, Fidelity MSCI Eurozone Index Fund and Fidelity MSCI UK Index Fund) that have been approved by the Central Bank of Ireland, but they have not been launched as at the financial year end. Sub-Fund Launch Date Fidelity MSCI Emerging Markets Index Fund 20 March 2018 Fidelity MSCI Europe Index Fund 20 March 2018 Fidelity MSCI Japan Index Fund 20 March 2018 Fidelity MSCI Pacific ex-Japan Index Fund 20 March 2018 Fidelity MSCI World Index Fund 20 March 2018 Fidelity S&P 500 Index Fund 20 March 2018 Fidelity Enhanced Reserve Fund 26 March 2018 With the prior approval of the Central Bank, the Fund from time to time may create an additional Sub-Fund or Sub-Funds, the investment policies and objectives for which will be outlined in a Relevant Supplement, together with details of the initial offer period, the initial subscription price for each Share and such other relevant information in relation to the additional Sub-Fund or Sub-Funds as the Directors may deem appropriate, or the Central Bank requires, to be included. Each Relevant Supplement will form part of, and should be read in conjunction with, the Prospectus. In addition, the Fund may create additional Classes of Shares within a Sub-Fund to accommodate different terms, including different charges and/or fees and/or brokerage arrangements provided that the Central Bank is notified in advance, and gives prior clearance, of the creation of any such additional Class of Shares. The most recent Prospectus of the Fund and Relevant Supplements for the Sub-Funds are dated 12 November 2019. The following Sub-Funds are the launched Index Tracking Sub-Funds: Fidelity MSCI Emerging Markets Index Fund, Fidelity MSCI Europe Index Fund, Fidelity Japan Index Fund, Fidelity MSCI Pacific ex-Japan Index Fund, Fidelity MSCI World Index Fund and Fidelity S&P 500 Index Fund. Fidelity Enhanced Reserve is an Actively Managed Sub-Fund. The benchmark indices for the Index Tracking Sub-Funds launched as at the year end are listed below: Sub-Fund Index Fidelity MSCI Emerging Markets Index Fund MSCI Emerging Markets Index Fidelity MSCI Europe Index Fund MSCI Europe Index Fidelity MSCI Japan Index Fund MSCI Japan Index Fidelity MSCI Pacific ex-Japan Index Fund MSCI Pacific ex-Japan Index Fidelity MSCI World Index Fund MSCI World Index Fidelity S&P 500 Index Fund S&P 500 Index The investment objective of the Index Tracking Sub-Funds is to provide investors with a total return, taking into account both capital and income returns, which reflects, before fees and expenses, the return of the relevant index (each, an “Index”). The investment objective of the Fidelity Enhanced Reserve Fund is to provide an attractive level of risk adjusted total return (income plus capital appreciation) from a portfolio of debt securities issued worldwide.

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GENERAL INFORMATION (CONTINUED)

Fidelity MSCI Emerging Markets Index Fund The MSCI Emerging Markets Index is designed to reflect the performance of large and mid-capitalisation companies across emerging market countries which comply with MSCI's size, liquidity and free float criteria. These criteria are designed to identify those companies whose securities make up 85% of the publically traded market (i.e., the large and mid-capitalisation companies). Full details of the criteria are available on the Index provider’s website at https://www.msci.com/index-methodology. The investment objective of the Sub-Fund is to track the performance of the Index as closely as possible, regardless of whether the Index level rises or falls, while seeking to minimise as far as possible the tracking error between the Sub-Fund’s performance and that of the Index. In order to seek to achieve this investment objective, Geode Capital Management LLC (the “Investment Manager”) will aim to replicate the Index by holding all of the Index securities in a similar proportion to their weighting in the Index. However, where full replication of the Index is not reasonably practical (for example as a result of the number of securities or the illiquidity of certain securities within the Index), the Sub-Fund will use optimisation to select the Index securities in order to build a representative portfolio that provides a return that is comparable to that of the Index. The following are the active Share Classes in the Sub-Fund as at 31 January 2020: Share Class Share Class Launch Date Currency P EUR Acc 20 March 2018 EUR P USD Acc 20 March 2018 USD P PLN Acc 27 February 2019 PLN Fidelity MSCI Europe Index Fund The MSCI Europe Index is designed to reflect the performance of large and mid-capitalisation companies across developed market countries in Europe which comply with MSCI's size, liquidity and free float criteria. These criteria are designed to identify those companies whose securities make up 85% of the publically traded market (i.e., the large and mid-capitalisation companies). Full details of the criteria are available on the Index provider’s website at https://www.msci.com/index-methodology. The investment objective of the Sub-Fund is to track the performance of the Index as closely as possible, regardless of whether the Index level rises or falls, while seeking to minimise as far as possible the tracking error between the Sub-Fund’s performance and that of the Index. In order to seek to achieve this investment objective, the Investment Manager will aim to replicate the Index by holding all of the the index securities in a similar proportion to their weighting in the Index. However, where full replication of the Index is not reasonably practical (for example as a result of the number of securities or the illiquidity of certain securities within the Index), the Sub-Fund will use optimisation to select the Index securities in order to build a representative portfolio that provides a return that is comparable to that of the Index. The following are the active Share Classes in the Sub-Fund as at 31 January 2020: Share Class Share Class Launch Date Currency P EUR Acc 20 March 2018 EUR P USD Acc 20 March 2018 USD P EUR Hedged Acc 20 March 2018 EUR P GBP Hedged Acc 21 June 2018 GBP P PLN Acc 27 February 2019 PLN P PLN Hedged Acc 25 November 2019 PLN

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Fidelity MSCI Japan Index Fund The MSCI Japan Index is designed to reflect the performance of large and mid-capitalisation companies in Japan which comply with MSCI's size, liquidity and free float criteria. These criteria are designed to identify those companies whose securities make up 85% of the publically traded market (i.e., the large and mid-capitalisation companies). Full details of the criteria are available on the Index provider’s website at https://www.msci.com/index-methodology. The investment objective of the Sub-Fund is to track the performance of the Index as closely as possible, regardless of whether the Index level rises or falls, while seeking to minimise as far as possible the tracking error between the Sub-Fund’s performance and that of the Index. In order to seek to achieve this investment objective, the Investment Manager will aim to replicate the Index by holding all of the Index securities in a similar proportion to their weighting in the Index. However, where full replication of the Index is not reasonably practical (for example as a result of the number of securities or the illiquidity of certain securities within the Index), the Sub-Fund will use optimisation to select the Index securities in order to build a representative portfolio that provides a return that is comparable to that of the Index. The following are the active Share Classes in the Sub-Fund as at 31 January 2020: Share Class Share Class Launch Date Currency P EUR Acc 20 March 2018 EUR P USD Acc 20 March 2018 USD P EUR Hedged Acc 20 March 2018 EUR P GBP Hedged Acc 21 June 2018 GBP P PLN Acc 27 February 2019 PLN Fidelity MSCI Pacific ex-Japan Index Fund The MSCI Pacific ex-Japan Index is designed to reflect the performance of large and mid-capitalisation companies across developed market countries in the Pacific region excluding Japan which comply with MSCI's size, liquidity and free float criteria. These criteria are designed to identify those companies whose securities make up 85% of the publically traded market (i.e., the large and mid-capitalisation companies). Full details of the criteria are available on the Index provider’s website at https://www.msci.com/index-methodology. The investment objective of the Sub-Fund is to track the performance of the Index as closely as possible, regardless of whether the Index level rises or falls, while seeking to minimise as far as possible the tracking error between the Sub-Fund’s performance and that of the Index. In order to seek to achieve this investment objective, the Investment Manager will aim to replicate the Index by holding all of the Index securities in a similar proportion to their weighting in the Index. However, where full replication of the Index is not reasonably practical (for example as a result of the number of securities or the illiquidity of certain securities within the Index), the Sub-Fund will use optimisation to select the Index securities in order to build a representative portfolio that provides a return that is comparable to that of the Index. The following are the active Share Classes in the Sub-Fund as at 31 January 2020: Share Class Share Class Launch Date Currency P USD Acc 20 March 2018 USD P GBP Hedged Acc 21 June 2018 GBP P PLN Acc 27 February 2019 PLN Fidelity MSCI World Index Fund The MSCI World Index is designed to reflect the performance of large and mid-capitalisation companies across developed market countries which comply with MSCI's size, liquidity and free float criteria. These criteria are designed to identify those companies whose securities make up 85% of the publically traded market (i.e., the large and mid-capitalisation companies). Full details of the criteria are available on the Index provider’s website at https://www.msci.com/index-methodology. The investment objective of the Sub-Fund is to track the performance of the Index as closely as possible, regardless of whether the Index level rises or falls, while seeking to minimise as far as possible the tracking error between the Sub-Fund’s performance and that of the Index.

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Fidelity MSCI World Index Fund (continued) In order to seek to achieve this investment objective, the Investment Manager will aim to replicate the Index by holding all of the Index securities in a similar proportion to their weighting in the Index. However, where full replication of the Index is not reasonably practical (for example as a result of the number of securities or the illiquidity of certain securities within the Index), the Sub-Fund will use optimisation to select the Index securities in order to build a representative portfolio that provides a return that is comparable to that of the Index. The following are the active Share Classes in the Sub-Fund as at 31 January 2020: Share Class Share Class Launch Date Currency P EUR Acc 20 March 2018 EUR P USD Acc 20 March 2018 USD P EUR Hedged Acc 20 March 2018 EUR P GBP Hedged Acc 21 June 2018 GBP P CZK Hedged Acc 14 January 2019 CZK P PLN Acc 27 February 2019 PLN

Fidelity S&P 500 Index Fund The S&P 500 Index measures the performance of 500 stocks from top US companies in leading industries of the US economy which comply with S&P’s size, liquidity and free-float criteria. These criteria are designed to identify those companies whose securities make up 85% of the publically traded market (i.e., the large and mid-capitalisation companies). Full details of the criteria are available on the Index provider’s website at http://us.spindices.com/indices/equity/sp-500. The investment objective of the Sub-Fund is to track the performance of the Index as closely as possible, regardless of whether the Index level rises or falls, while seeking to minimise as far as possible the tracking error between the Sub-Fund’s performance and that of the Index. In order to seek to achieve this investment objective, the Investment Manager will aim to replicate the Index by holding all of the Index securities in a similar proportion to their weighting in the Index. However, where full replication of the Index is not reasonably practical (for example as a result of the number of securities or the illiquidity of certain securities within the Index), the Sub-Fund will use optimisation to select the Index securities in order to build a representative portfolio that provides a return that is comparable to that of the Index. The following are the active Share Classes in the Sub-Fund as at 31 January 2020: Share Class Share Class Launch Date Currency P EUR Acc 20 March 2018 EUR P USD Acc 20 March 2018 USD P EUR Hedged Acc 20 March 2018 EUR P GBP Hedged Acc 20 March 2018 GBP P PLN Acc 27 February 2019 PLN P PLN Hedged Acc 25 November 2019 PLN Fidelity Enhanced Reserve Fund The investment policy of the Sub-Fund is to invest primarily in a broad range of fixed income securities and money market instruments which are issued by governments, government agencies or corporate issuers worldwide. The Sub-Fund may invest in such securities issued in both developed and emerging market countries. FIL Investment Management (Hong Kong) Limited (The “Investment Manager”) will not focus on any particular market sector or industry and investments may be in a number of sectors, including the financial services, industrials, and technology sectors. The Investment Manager will approach investment opportunities from a total return perspective, benefiting not only from the debt securities’ regular coupon payments but also from capital appreciation. The Investment Manager will seek to deliver attractive risk adjusted returns by extracting the highest level of return per unit of risk or minimising the risk for each unit of return.

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Fidelity Enhanced Reserve Fund (continued) The following are the active Share Classes in the Sub-Fund as at 31 January 2020: Share Class Share Class Launch Date Currency A-ACC USD 26 March 2018 USD

A-MINCOME(G)-USD 26 March 2018 USD

A-MINCOME(G)-SGD Hedged 26 March 2018 SGD

I-QINCOME(G)-USD 26 March 2018 USD

A-ACC SGD Hedged 26 March 2018 SGD

A-MINCOME(G)-AUD Hedged 26 March 2018 AUD

A-MINCOME(G)-EUR Hedged 26 March 2018 EUR

Y-ACC USD 26 March 2018 USD

Y-ACC-SGD Hedged 26 March 2018 SGD

A-MINCOME(G)-GBP Hedged 10 August 2018 GBP

Y-MINCOME(G)-USD 16 November 2018 USD

A-ACC HKD 21 November 2019 HKD

A-MINCOME(G)-HKD 21 November 2019 HKD

R-ACC USD 21 November 2019 USD

Y-ACC-EUR Hedged 21 November 2019 EUR

Y-ACC-CHF Hedged 21 November 2019 CHF

Y-ACC HKD 21 November 2019 HKD

Y-MINCOME(G)-AUD Hedged 21 November 2019 AUD

Y-MINCOME(G)-EUR Hedged 21 November 2019 EUR

Y-MINCOME(G)-GBP Hedged 21 November 2019 GBP

Y-MINCOME(G)-HKD 21 November 2019 HKD

Y-MINCOME(G)-SGD Hedged 21 November 2019 SGD

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INVESTMENT MANAGER’S REPORT

Fidelity MSCI Emerging Markets Index Fund The MSCI Emerging Markets Index (“Index”) was up 3.81% for the year ending January 31, 2020. The Fidelity MSCI Emerging Markets Index Fund (“Sub-Fund”) return was behind the index by forty eight basis points returning 3.33% (gross of fees). The Sub-Fund is managed on a risk-controlled basis and is constructed to approximate the exposure to its mandated benchmark. Expected sources of performance variance include the impact of security selection from the portfolio optimization employed, trading costs associated with index rebalances, and tax differences between the Sub-Fund and the Index. Ten of the twenty six countries within the Index had positive returns. Taiwan (+27.9%) and China (+6.4%) were both positive contributors. The two countries detracted the most were South Africa and Korea, they fell -8.9% and -3.6% respectively. On a stock level, Taiwan Semiconductor led the way up 52.9%, followed by Alibaba Group (China) which rose 22.6%. Detractors, include two large Chinese names, Baidu (down -28.4%) and China Mobile (down -17.8%). The Sub-Fund seeks to track benchmark returns by replicating the constituents and characteristics of the MSCI Emerging Market Index, investing dividend income, and implementing trading strategies for index events with the most cost effective means available. As a result, the Sub-Fund is expected to perform in line with its benchmark. Please see table in Appendix 3 - Tracking Error section on page 209. February 2020 Fidelity MSCI Europe Index Fund The MSCI Europe Index (“Index”) gained 17.21% for the one year ending January 31, 2020. The Fidelity MSCI Europe Index Fund (“Sub-Fund”) performed better, up 17.58% (gross of fees). The Sub-Fund is managed on a risk-controlled basis and is constructed to closely replicate its mandated benchmark. Expected sources of performance variance include the impact of security selection from the portfolio optimization employed, use of futures contracts to keep fully equitized, and tax differences between the Sub-Fund and the Index. All fifteen of the countries within the Index had positive returns. Switzerland (+29.8%) and France (+19.0%) were the top two positive contributors. The two smallest countries Norway (+1.5%) and Austria (+1,7%) contributed the least to the index return. Three Swiss stocks that were positive contributors included Nestle (+33.3%), Roche Holdings (+33.6%), and Novatis (+30.0%). A few of the stocks that were a drag to index performance were Nokia in Norway falling -35.1% and Glencore Plc in the U.K. which was off 21.0%. The Sub-Fund seeks to track benchmark returns by replicating the constituents and characteristics of the MSCI Europe Index, investing dividend income, and implementing trading strategies for index events with the most cost effective means available. As a result, the Sub-Fund is expected to perform closely to its benchmark. Please see table in Appendix 3 - Tracking Error section on page 209. February 2020 Fidelity MSCI Japan Index Fund The MSCI Japan Index (“Index”) rose 11.20% since for the year ending January 31, 2019. The Fidelity MSCI Japan Index Fund (“Sub-Fund”) return was one basis point behind it’s index, up 11.19% (gross of fees). The Sub-Fund is managed on a risk-controlled basis and is constructed to closely replicate its mandated benchmark. Expected sources of performance variance include the impact of security selection from the portfolio optimization employed and withholding tax differences between the Sub-Fund and the Index. Nine of the eleven sectors within the Index had positive returns. Information Technology which represents almost 12% for the index exposure contributed the most it was up 29.2%, followed by Health Care which gained 27.1%. Utilities and Energy both were down for the period dropping 18.3% and 13.3% respectively. Two of the top contributors on a stock level were Sony Corp. and Toyota Motor Corp. they appreciated 42.7% and 18.4% respectively. Two other automotive companies were the primary laggards. Nissan Motor Co. fell 32.4% and Honda was off 9.5% for the financial year.

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INVESTMENT MANAGER’S REPORT (CONTINUED)

Fidelity MSCI Japan Index Fund (continued) The Sub-Fund seeks to track benchmark returns by replicating the constituents and characteristics of the MSCI Japan Index, investing dividend income, and implementing trading strategies for index events with the most cost effective means available. As a result, the Sub-Fund is expected to perform closely to its benchmark. Please see table in Appendix 3 - Tracking Error section on page 209. February 2020 Fidelity MSCI Pacific ex-Japan Index Fund The MSCI Pacific ex Japan Index (“Index”) rose 8.59% for the year ending January 31, 2020. The Fidelity MSCI Pacific ex-Japan Index Fund (“Sub-Fund”) outperformed by thirty one basis points returning 8.90% (gross of fees). The Sub-Fund is managed on a risk-controlled basis and is constructed to closely replicate its mandated benchmark. Expected sources of performance variance include the impact of security selection from the portfolio optimization employed, the use of futures contracts to maintain full exposure, and withholding tax differences between the Sub-Fund and the Index. Three of the four countries within the Index had positive returns. Australia New Zealand, and Singapore were the gainers while Hong Kong was down for the financial year. Australia being the largest country in the index, had the most impactful stocks. The two Australian holdings that led the way were CSL Ltd. (+48.4%) and Commonwealth Bank of Australia (+18.6%). On the other side, CK Asset Holdings and South32 Ltd were drivers resulting in an offsetting drag for the financial year. Both stocks were down 20.2% and 28.6% respectively. The Sub-Fund seeks to track benchmark returns by replicating the constituents and characteristics of the Fidelity MSCI Pacific ex Japan Index, investing dividend income, and implementing trading strategies for index events with the most cost effective means available. As a result, the Sub-Fund is expected to perform closely to its benchmark. Please see table in Appendix 3 - Tracking Error section on page 209. February 2020 Fidelity MSCI World Index Fund The MSCI World Index (“Index”) rose 17.73% for the year ending January 31, 2019. The Fidelity MSCI World Index Fund (“Sub-Fund”) return was up slightly more, gaining 17.78% (gross of fees). The Sub-Fund is managed on a risk-controlled basis and is constructed to closely replicate its mandated benchmark. Expected sources of performance variance include the impact of security selection from the portfolio optimization employed and withholding tax differences between the Sub-Fund and the Index. Twenty of the twenty three countries within the Index had positive returns for the year. Positive contributors included U.S. and Japan, they rose 21.2% and 11.4%, respectively. Offsetting performance came in Hong Kong (-2.2%), Norway (-1.9%) and Austria (-1.8%). On a stock level, helping the U.S. outperform, Apple Inc., (+87.9%), Microsoft Corp. (+64.7%), and Amazon Inc. (+16.9%) all gained for the financial year. On the other side of performance the prices of Exxon Mobile (-12.4%), Boeing (-16.1%), and Pfizer Inc. (-9.9%) all fell over the financial year. The Sub-Fund seeks to track benchmark returns by replicating the constituents and characteristics of the MSCI World Index, investing dividend income, and implementing trading strategies for index events with the most cost effective means available. As a result, the Sub-Fund is expected to perform closely to its benchmark. Please see table in Appendix 3 - Tracking Error section on page 209.

February 2020 Fidelity S&P 500 Index Fund The S&P 500 index (“Index”) gained 20.96% for the one year period ending January 31, 2020. The Fidelity S&P 500 Index Fund (“Sub-Fund”) return was slightly better, up 20.98% (gross of fees). The Sub-Fund is managed on a risk-controlled basis and is constructed to closely replicate its mandated benchmark. Expected sources of performance variance include the impact of trading costs and withholding tax differences between the Sub-Fund and the Index.

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Fidelity S&P 500 Index Fund (continued) All but one of the eleven sectors within the Index had positive returns. Information Technology led the way up 45.5% followed by Financials which rose 17.5%. The Energy sector was the most significant drag falling 11.5%. Constituents that drove the index return included Apple Inc., Microsoft Corp, and Amazon Inc. they all contributed to the positive side. Stock that struggled for the year included Exxon Mobile Corp. which fell 12.4% and Boeing Co. dropped 16.1%. The Sub-Fund seeks to track benchmark returns by replicating the constituents and characteristics of the S&P500 Index, investing dividend income, and implementing trading strategies for index events with the most cost effective means available. As a result, the Sub-Fund is expected to perform closely to its benchmark. Please see table in Appendix 3 - Tracking Error section on page 209. February 2020 Geode Capital Management LLC Fidelity Enhanced Reserve Fund Market review During the review financial year, rates on the US dollar London Interbank Offered Rate (LIBOR) fell. This was driven by a dovish US Federal reserve (Fed) as the central bank kept rates steady during the first half of the year and then implemented insurance cuts to keep the economy’s record-long expansion going. The US Fed cut its interest rate three times by 0.25% each in 2019. Consequently, the 10-year US Treasury yield posted its biggest decline in eight years. This resulted in a US Treasury yield curve inversion in the third quarter of 2019, as yields on 10-year notes slumped below those on two-year notes. And finally, during its December 2019 and January 2020 meetings, the Fed unanimously agreed to hold interest rates for the duration of 2020 as it monitors trade issues and economic data. The markets have been on the run (volatility) since the trade tensions started. However, in December, the two economies announced an agreement on a ‘phase one’ trade deal, easing tensions over their 18-month trade war that unnerved financial markets and hurt global economic sentiment. The Institute for Supply Management’s (ISM) manufacturing Purchasing Managers’ Index (PMI) had been on a declining trend over the financial year, with January 2020 PMI at 50.9 vs 56.6 in January 2019. The lingering trade friction took a toll on the manufacturing sector, as evident from slowing demand and weakness in new orders. Elsewhere, China’s manufacturing Purchasing Managers’ Index (PMI) returned on the expansionary mode, after falling for six straight months, towards the end of the review financial year. The surprise improvement signals a recovery in activity amid government support and offers a glimmer of hope that China’s economy may be able to hold its slide towards sub-6% growth. Over the review financial year, the Chinese government undertook various policy easing measures including a tax cut package, target RRR cut and liquidity support to revitalize a slumping economy that has suffered from its deleveraging campaign and the US-China trade war. Performance During the financial year (February 01 2019 - January 31 2020) the Fidelity Enhanced Reserve Sub-Fund returned 5.0% on a gross basis. One-week US LIBID (unofficial internal benchmark for the Fund) returned 2.0% during the same period. The Sub-Fund performance was primarily supported by stable coupon income and term structure positioning. Exposure to quasi-sovereigns supported performance At a sector level, quasi-sovereigns, and banks & brokers added notable value. Bonds within the 0-1 years maturity bucket enhanced gains. Additionally, high coupon income from property sector also proved rewarding. No sector detracted from performance. At a rating level, allocation to BBB rated bonds contributed the most to returns. None of the rating bucket detracted from performance. Maintained exposure to Fidelity’s Institutional Liquidity Fund The Sub-Fund added exposure to Fidelity’s Institutional Liquidity Fund to ensure efficient liquidity management and enhance cash yield. Offered stable return profile Additionally, the Sub-Fund continued to offer a stable return profile with one-year standard deviation of less than 1% as of January 2020.

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Fidelity Enhanced Reserve Fund (continued) Positioning and outlook Looking ahead, we are turning more cautious on market volatility in view of risks in the current late-cycle environment. However, the Sub-Fund will continue to focus on liquidity and stability and maintain high levels of cash. While global recession fears and slowing Chinese growth present headwinds to financial markets, high-quality, short-dated investments should continue to see strong demand. Overall, we expect the Sub-Fund to offer relatively attractive carry, barring unexpected interest rate cuts by the US Federal Reserve. Credit spreads at the short end have also tightened in 2019, and we see less room for further tightening. Focus on liquidity and stability The portfolio’s short average duration will keep price volatility low in the current situation. Geographically, the portfolio is currently biased towards Asia as valuations in the region are more attractive than in Europe or the US. The Sub-Fund’s core liquidity is typically 20–30%, which includes cash, US Treasury notes and bills, commercial papers and certificate of deposits. Holdings in short-term bonds, many of which have a maturity of less than one year, further enhance the Sub-Fund’s liquidity position. Besides, the large allocation to floating rate notes (FRNs) mitigate Sub-Fund’s sensitivity to rate movements. The Sub-Fund will not chase yield by extending duration or going down the credit curve. February 2020 FIL Investment Management (Hong Kong)

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Fidelity MSCI Emerging Markets Index Fund SCHEDULE OF INVESTMENTS AS AT 31 JANUARY 2020

Number of

Shares Fair Value

USD% of Sub-

Fund NAV*

Equities 97.12% (31 January 2019: 97.24%)

Argentina 0.16% (31 January 2019: - )

Banco Macro 213 6,533 0.02%Globant 178 21,841 0.07%Grupo Financiero Galicia 477 6,845 0.02%Telecom Argentina 541 6,102 0.02%YPF 923 8,667 0.03%

Total Argentina 49,988 0.16%

Belgium 0.01% (31 January 2019: - )

Titan Cement International 212 4,398 0.01%

Brazil 7.11% (31 January 2019: 7.87%)

Ambev 24,700 103,176 0.32%Atacadao 2,200 11,630 0.04%B2W Cia Digital 1,128 18,794 0.06%B3 - Brasil Bolsa Balcao 10,700 120,690 0.38%Banco Bradesco 6,868 50,386 0.16%Banco Bradesco Preference Shares 20,628 158,768 0.50%Banco BTG Pactual 1,200 21,061 0.07%Banco do Brasil 4,500 51,116 0.16%Banco Santander Brasil 2,200 21,659 0.07%BB Seguridade Participacoes 3,500 28,486 0.09%BR Malls Participacoes 4,000 17,223 0.05%Braskem 1,000 7,383 0.02%BRF 3,000 21,447 0.07%CCR 6,400 27,318 0.09%Centrais Eletricas Brasileiras - Eletrobras 122 1,071 0.00%Centrais Eletricas Brasileiras 1,900 17,438 0.05%Centrais Eletricas Brasileiras Depositary Receipt 388 3,243 0.01%Centrais Eletricas Brasileiras Preference Shares 800 7,651 0.02%Cielo 6,700 11,085 0.03%Cogna Educacao 7,900 21,482 0.07%Compania Brasileira de Distribuicao 800 15,928 0.05%Compania de Saneamento Basico do Estado de Sao Paulo 1,800 25,695 0.08%Compania Energetica de Minas Gerais 5,000 17,493 0.06%Compania Siderurgica Nacional 3,500 10,566 0.03%Cosan 800 14,921 0.05%Embraer 3,800 16,131 0.05%Energisa 900 11,619 0.04%Engie Brasil Energia 1,050 12,789 0.04%Equatorial Energia 4,500 25,105 0.08%Gerdau 5,700 26,744 0.08%Hapvida Participacoes e Investimentos 1,100 15,463 0.05%Hypera 2,000 16,648 0.05%IRB Brasil Resseguros 3,650 38,292 0.12%Itau Unibanco Holding 25,350 194,697 0.61%Itausa - Investimentos Itau 23,130 69,608 0.22%JBS 5,700 36,788 0.12%Klabin 3,600 17,481 0.06%Localiza Rent a Car 3,145 39,470 0.12%Lojas Americanas 36 232 0.00%Lojas Americanas Preference Shares 4,000 25,788 0.08%Lojas Renner 4,150 55,793 0.18%Magazine Luiza 3,788 49,464 0.16%Multiplan Empreendimentos Imobiliarios 1,500 12,173 0.04%Natura 3,338 37,167 0.12%Notre Dame Intermedica Participacoes 2,500 41,075 0.13%Petrobras Distribuidora 3,600 24,263 0.08%Petroleo Brasileiro 14,900 105,825 0.33%

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Fidelity MSCI Emerging Markets Index Fund SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 JANUARY 2020

Number of

Shares Fair Value

USD% of Sub-

Fund NAV*

Equities 97.12% (31 January 2019: 97.24%) (continued)

Brazil 7.11% (31 January 2019: 7.87%) (continued)

Petroleo Brasileiro Preference Shares 22,700 151,130 0.48%Porto Seguro 500 7,738 0.02%Raia Drogasil 1,200 34,883 0.11%Rumo 5,600 30,403 0.10%Sul America 1,500 22,114 0.07%Suzano 2,861 26,560 0.08%Telefonica Brasil 2,400 33,355 0.10%TIM Participacoes 4,600 18,031 0.06%Ultrapar Participacoes 3,800 22,463 0.07%Vale 16,600 195,280 0.61%WEG 4,250 39,196 0.12%

Total Brazil 2,259,478 7.11%

Chile 0.69% (31 January 2019: 1.12%)

Aguas Andinas 14,207 5,323 0.02%Banco de Chile 235,481 23,174 0.07%Banco de Credito e Inversiones 251 10,474 0.03%Banco Santander Chile 343,280 16,973 0.05%Cencosud 7,754 9,587 0.03%Colbun 42,149 6,132 0.02%Compania Cervecerias Unidas 701 6,185 0.02%Embotelladora Andina 1,899 4,956 0.02%Empresa Nacional de Telecomunicaciones 841 5,514 0.02%Empresas CMPC 5,864 13,438 0.04%Empresas Copec 2,102 18,743 0.06%Enel Americas 195,933 38,588 0.12%Enel Chile 146,347 13,872 0.04%ItauBanca 913,912 4,440 0.02%Latam Airlines Group 1,228 10,195 0.03%SACI Falabella 4,042 15,850 0.05%Sociedad Quimica y Minera de Chile 591 16,459 0.05%

Total Chile 219,903 0.69%

China 29.88% (31 January 2019: 26.10%)

360 Security Technology 200 702 0.00%3SBio 7,000 8,997 0.03%51job 137 9,885 0.03%58.com 498 27,699 0.09%AAC Technologies Holdings 3,500 25,129 0.08%Accelink Technologies 300 1,266 0.00%AECC Aero-Engine Control 600 1,105 0.00%AECC Aviation Power 300 925 0.00%Agile Group Holdings 6,000 7,990 0.03%Agricultural Bank of China (Class A) 17,600 8,847 0.03%Agricultural Bank of China (Class H) 158,000 61,451 0.19%Aier Eye Hospital Group 990 5,655 0.02%Air China (Class A) 400 471 0.00%Air China (Class H) 10,000 8,294 0.03%Aisino 300 981 0.00%Alibaba Group Holding 8,859 1,830,181 5.76%A-Living Services 2,000 6,710 0.02%Aluminum Corporation of China (Class A) 1,200 565 0.00%Aluminum Corporation of China (Class H) 24,000 7,109 0.02%Angang Steel 2,002 678 0.00%Angel Yeast 300 1,198 0.00%Anhui Gujing Distillery 100 2,045 0.01%Anhui Kouzi Distillery 200 1,457 0.00%Anhuinch Cement (Class A) 1,100 7,540 0.02%Anhuinch Cement (Class H) 6,500 41,939 0.13%

12


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


China 29.88% (31 January 2019: 26.10%) (continued)

ANTA Sports Products 6,000 52,660 0.17%Anxin Trust 800 420 0.00%Asymchem Laboratories Tianjin 100 2,171 0.01%Autobio Diagnostics 100 1,621 0.01%Autohome 309 23,632 0.07%AVIC Aircraft 400 950 0.00%AVIC Capital 1,300 843 0.00%AVIC Electromechanical Systems 2,000 1,954 0.01%AVIC Jonhon Optronic Technology 400 2,135 0.01%AVIC Shenyang Aircraft 100 414 0.00%AviChina Industry & Technology 12,000 5,038 0.02%Avicopter 300 1,903 0.01%BAIC BluePark New Energy Technology 1,600 1,481 0.01%BAIC Motor 7,500 3,738 0.01%Baidu 1,447 178,791 0.56%Bank of Beijing 8,500 6,579 0.02%Bank of Chengdu 600 744 0.00%Bank of China (Class A) 7,300 3,763 0.01%Bank of China (Class H) 427,000 166,623 0.53%Bank of Guiyang 700 887 0.00%Bank of Hangzhou 2,440 3,195 0.01%Bank of Jiangsu 4,800 4,764 0.02%Bank of Nanjing 3,100 3,661 0.01%Bank of Ningbo 1,800 6,922 0.02%Bank of Shanghai 5,142 6,542 0.02%Bank of Communications (Class A) 7,300 5,702 0.02%Bank of Communications (Class H) 51,000 32,840 0.10%Baoshan Iron & Steel 6,900 5,350 0.02%Baozun 236 7,106 0.02%BBMG (Class A) 800 388 0.00%BBMG (Class H) 14,000 3,786 0.01%Beijing Capital Development 1,200 1,271 0.00%Beijing Capital International Airport 10,000 8,088 0.03%Beijing Dabeinong Technology Group 600 501 0.00%Beijing Enlight Media 1,100 1,660 0.01%Beijing New Building Materials 700 2,574 0.01%Beijing Oriental Yuhong Waterproof Technology 500 1,940 0.01%Beijing Originwater Technology 1,500 1,836 0.01%Beijing Shiji Information Technology 100 536 0.00%Beijing Shunxin Agriculture 200 1,497 0.01%Beijing Sinnet Technology 600 1,816 0.01%Beijing Tiantan Biological Products 400 1,789 0.01%Beijing Tongrentang 200 781 0.00%Beijing Yanjing Brewery 1,500 1,352 0.00%BEST 1,005 5,337 0.02%Betta Pharmaceuticals 100 1,047 0.00%BGI Genomics 200 2,271 0.01%BOE Technology Group 11,200 7,549 0.02%Bohai Leasing 4,200 2,075 0.01%BTG Hotels Group 500 1,228 0.00%BYD (Class A) 300 2,563 0.01%BYD (Class H) 3,500 18,526 0.06%BYD Electronic International 3,500 6,869 0.02%By-health 600 1,439 0.00%Caitong Securities 500 773 0.00%Centre Testing International Group 600 1,388 0.00%CGN Power 55,000 13,600 0.04%Changchun High & New Technology Industry Group 100 7,111 0.02%Changjiang Securities 800 786 0.00%Changzhou Xingyu Automotive Lighting Systems 100 1,407 0.00%

13


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Chaozhou Three-Circle Group 300 994 0.00%Chengdu Kanghong Pharmaceutical Group 300 1,639 0.01%Chengdu Xingrong Environment 2,100 1,334 0.00%China Aerospace Times Electronics 2,000 1,754 0.01%China Aoyuan Group 6,000 8,129 0.03%China Avionics Systems 800 1,639 0.01%China Cinda Asset Management 44,000 8,896 0.03%China CITIC Bank (Class A) 700 582 0.00%China CITIC Bank (Class H) 47,000 24,696 0.08%China Coal Energy 10,000 3,426 0.01%China Communications Services 12,000 8,144 0.03%China Conch Venture Holdings 8,000 35,699 0.11%China Construction Bank (Class A) 2,500 2,488 0.01%China Construction Bank (Class H) 503,000 385,433 1.21%China East Education Holdings 2,000 3,745 0.01%China Eastern Airlines (Class A) 1,400 1,020 0.00%China Eastern Airlines (Class H) 10,000 4,610 0.01%China Enterprise 3,000 1,954 0.01%China Everbright Bank (Class A) 14,000 8,037 0.03%China Everbright Bank (Class H) 15,000 6,046 0.02%China Evergrande Group 9,000 20,121 0.06%China Film 100 197 0.00%China Fortune Land Development 1,100 4,147 0.01%China Galaxy Securities 19,000 9,543 0.03%China Gezhouba Group 800 719 0.00%China Grand Automotive Services Group 1,100 580 0.00%China Greatwall Technology Group 900 1,822 0.01%China Hongqiao Group 8,000 3,956 0.01%China Huarong Asset Management 50,000 6,632 0.02%China International Capital 6,800 11,928 0.04%China International Travel Service 600 7,026 0.02%China Jushi 1,400 1,999 0.01%China Lesso Group Holdings 5,000 6,491 0.02%China Life Insurance (Class A) 500 2,303 0.01%China Life Insurance (Class H) 39,000 94,626 0.30%China Literature 1,400 5,869 0.02%China Longyuan Power Group 17,000 10,115 0.03%China Medical System Holdings 7,000 9,412 0.03%China Meheco 900 1,712 0.01%China Merchants Bank (Class A) 6,400 33,641 0.11%China Merchants Bank (Class H) 20,500 100,059 0.32%China Merchants Energy Shipping 2,000 1,802 0.01%China Merchants Securities 2,100 5,623 0.02%China Merchants Shekou Industrial Zone Holdings 2,800 7,249 0.02%China Minsheng Banking (Class A) 10,600 9,203 0.03%China Minsheng Banking (Class H) 38,800 27,283 0.09%China Molybdenum (Class A) 3,300 1,942 0.01%China Molybdenum (Class H) 24,000 8,963 0.03%China National Accord Medicines 200 1,413 0.00%China National Building Material 20,000 19,343 0.06%China National Chemical Engineering 800 802 0.00%China National Medicines 400 1,691 0.01%China National Nuclear Power 6,300 4,363 0.01%China National Software & Service 200 2,065 0.01%China Northern Rare Earth Group High-Tech 500 724 0.00%China Oilfield Services 8,000 11,725 0.04%China Oriental Group 3 1 0.00%China Pacific Insurance Group (Class A) 3,900 20,027 0.06%China Pacific Insurance Group (Class H) 11,200 37,718 0.12%China Petroleum & Chemical (Class A) 7,200 5,079 0.02%

14


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



China Petroleum & Chemical (Class H) 134,000 71,272 0.22%China Railway Construction (Class A) 3,700 4,977 0.02%China Railway Construction (Class H) 11,000 10,809 0.03%China Railway Group (Class A) 3,500 2,779 0.01%China Railway Group (Class H) 23,000 12,707 0.04%China Railway Hi-tech Industry 1,300 1,921 0.01%China Railway Signal & Communication 7,000 3,399 0.01%China Reinsurance Group 28,000 4,003 0.01%China Resources Double Crane Pharmaceutical 800 1,573 0.01%China Resources Pharmaceutical Group 8,000 6,728 0.02%China Resources Sanjiu Medical & Pharmaceutical 100 511 0.00%China Shenhua Energy (Class A) 700 1,727 0.01%China Shenhua Energy (Class H) 18,500 32,736 0.10%China Shipbuilding Industry 7,400 5,326 0.02%China South Publishing & Media Group 100 175 0.00%China Southern Airlines (Class A) 1,500 1,377 0.00%China Southern Airlines (Class H) 10,000 5,602 0.02%China Spacesat 200 842 0.00%China State Construction Engineering 15,240 11,904 0.04%China Telecom 72,000 28,188 0.09%China Tower 218,000 45,762 0.14%China TransInfo Technology 500 1,621 0.01%China United Network Communications 10,200 8,230 0.03%China Vanke (Class A) 2,900 12,001 0.04%China Vanke (Class H) 8,000 28,436 0.09%China Yangtze Power 7,000 17,143 0.05%China Zhongwang Holdings 8,000 2,679 0.01%China Communications Construction (Class A) 500 600 0.00%China Communications Construction (Class H) 23,000 16,350 0.05%Chinese Universe Publishing and Media Group 1,000 2,052 0.01%Chongqing Brewery 200 1,368 0.00%Chongqing Changan Automobile 600 847 0.00%Chongqing Fuling Zhacai Group 300 1,009 0.00%Chongqing Rural Commercial Bank 12,000 5,533 0.02%Chongqing Zhifei Biological Products 500 4,255 0.01%CIFI Holdings Group 14,797 10,328 0.03%CITIC Guoan Information Industry 100 49 0.00%CITIC Securities (Class A) 2,700 9,215 0.03%CITIC Securities (Class H) 11,500 22,452 0.07%CNOOC 94,000 143,574 0.45%Contemporary Amperex Technology 700 13,052 0.04%COSCO SHIPPING Development 4,300 1,492 0.01%COSCO SHIPPING Energy Transportation (Class A) 1,200 1,014 0.00%COSCO SHIPPING Energy Transportation (Class H) 6,000 2,643 0.01%COSCO SHIPPING Holdings (Class A) 900 610 0.00%COSCO SHIPPING Holdings (Class H) 14,500 5,229 0.02%Country Garden Holdings 38,906 49,905 0.16%Country Garden Services Holdings 6,000 19,627 0.06%CRRC (Class A) 7,700 7,433 0.02%CRRC (Class H) 24,000 15,918 0.05%CSC Financial 900 4,357 0.01%CSPC Pharmaceutical Group 24,000 53,471 0.17%Dali Foods Group 10,500 7,424 0.02%Dalian Port 6,200 1,735 0.01%Daqin Railway 6,000 6,597 0.02%Datang International Power Generation 14,000 2,452 0.01%Dawning Information Industry 400 2,379 0.01%DHC Software 100 199 0.00%Dong-E-E-Jiao 100 487 0.00%Dongfang Electric 400 507 0.00%

15


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Dongfeng Motor Group 14,000 10,565 0.03%Dongxing Securities 400 701 0.00%East Money Information 2,300 4,953 0.02%ENN Energy Holdings 4,100 48,102 0.15%Eve Energy 300 2,583 0.01%Everbright Securities 600 1,062 0.00%Fangda Carbon New Material 447 716 0.00%Fiberhome Telecommunication Technologies 500 1,856 0.01%Financial Street Holdings 600 643 0.00%First Capital Securities 100 110 0.00%Focus Media Information Technology 5,040 4,232 0.01%Foshan Haitian Flavouring & Food 700 10,717 0.03%Fosun International 13,000 17,445 0.06%Founder Securities 3,400 3,904 0.01%Foxconn Industrial Internet 900 2,570 0.01%Fujian Sunner Development 300 897 0.00%Fuyao Glass Industry Group (Class A) 400 1,405 0.00%Fuyao Glass Industry Group (Class H) 2,400 6,923 0.02%Ganfeng Lithium 200 1,239 0.00%GCL System Integration Technology 1,900 1,598 0.01%GD Power Development 11,000 3,487 0.01%GDS Holdings 322 16,651 0.05%GEM 1,800 1,483 0.01%Gemdale 1,600 3,009 0.01%Genscript Biotech 4,000 9,293 0.03%GF Securities (Class A) 1,200 2,538 0.01%GF Securities (Class H) 7,000 7,744 0.02%Giant Network Group 400 1,034 0.00%Gigadevice Semiconductor Beijing 100 4,041 0.01%Glodon 400 2,285 0.01%GoerTek 700 2,360 0.01%GOME Retail Holdings 48,000 4,451 0.01%Grandjoy Holdings Group 1,400 1,267 0.00%Great Wall Motor 16,500 11,050 0.04%Gree Electric Appliances of Zhuhai 1,000 9,131 0.03%Greenland Holdings 3,500 3,244 0.01%Greentown Service Group 6,000 6,367 0.02%GRG Banking Equipment 900 1,302 0.00%Guangdong Haid Group 500 2,431 0.01%Guangdong HEC Technology Holding 1,200 1,578 0.01%Guanghui Energy 1,200 557 0.00%Guangshen Railway 900 369 0.00%Guangzhou Automobile Group (Class A) 400 620 0.00%Guangzhou Automobile Group (Class H) 16,400 16,643 0.05%Guangzhou Baiyun International Airport 700 1,533 0.01%Guangzhou Baiyunshan Pharmaceutical Holdings 600 3,228 0.01%Guangzhou Haige Communications Group 100 170 0.00%Guangzhou Kingmed Diagnostics Group 100 720 0.00%Guangzhou R&F Properties 6,800 10,369 0.03%Guosen Securities 1,500 2,635 0.01%Guotai Junan Securities (Class A) 1,500 3,763 0.01%Guotai Junan Securities (Class H) 4,600 7,393 0.02%Guoyuan Securities 1,900 2,358 0.01%Haidilao International Holding 2,000 7,727 0.02%Haier Smart Home 2,100 5,569 0.02%Haitian International Holdings 3,000 6,553 0.02%Haitong Securities (Class A) 2,100 4,363 0.01%Haitong Securities (Class H) 16,000 15,681 0.05%Hangzhou Hikvision Digital Technology 2,900 14,908 0.05%Hangzhou Robam Appliances 100 469 0.00%

16


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Hangzhou Silan Microelectronics 500 1,210 0.00%Hangzhou Tigermed Consulting 150 1,569 0.01%Hansoh Pharmaceutical Group 2,000 7,212 0.02%Hefei Meiya Optoelectronic Technology 300 1,580 0.01%Heilongjiang Agriculture 800 1,120 0.00%Henan Shuanghui Investment & Development 900 3,761 0.01%Hengan International Group 3,500 25,693 0.08%Hengli Petrochemical 1,820 4,436 0.01%Hengtong Optic-electric 300 710 0.00%Hengyi Petrochemical 400 784 0.00%Hesteel 1,700 585 0.00%Hithink RoyalFlush Information Network 200 3,114 0.01%HLA 400 425 0.00%Hongfa Technology 300 1,472 0.01%Hua Hong Semiconductor 2,000 4,873 0.02%Huaan Securities 100 100 0.00%Huadian Power International (Class A) 700 354 0.00%Huadian Power International (Class H) 8,000 2,648 0.01%Huadong Medicine 240 715 0.00%Hualan Biological Engineering 500 2,577 0.01%Huaneng Power International (Class A) 1,000 773 0.00%Huaneng Power International (Class H) 18,000 8,554 0.03%Huaneng Renewables 26,000 10,681 0.03%Huatai Securities (Class A) 2,300 6,221 0.02%Huatai Securities (Class H) 8,600 13,667 0.04%Huaxi Securities 400 605 0.00%Huaxia Bank 5,800 6,129 0.02%Huaxin Cement 500 1,528 0.01%Huayu Automotive Systems 1,000 3,813 0.01%Huazhu Group 696 24,012 0.08%Hubei Biocause Pharmaceutical 600 555 0.00%Hubei Energy Group 700 383 0.00%Hubei Jumpcan Pharmaceutical 400 1,489 0.01%Hunan Valin Steel 2,200 1,392 0.00%Hundsun Technologies 200 2,533 0.01%HUYA 309 5,525 0.02%Hytera Communications 900 1,056 0.00%Iflytek 700 3,518 0.01%Industrial & Commercial Bank of China (Class A) 7,500 6,126 0.02%Industrial & Commercial Bank of China (Class H) 351,000 235,962 0.74%Industrial Bank 6,600 17,521 0.06%Industrial Securities 1,000 971 0.00%Inner Mongolia BaoTou Steel Union 16,300 2,910 0.01%Inner Mongolia First Machinery Group 1,000 1,515 0.01%Inner Mongolia Junzheng Energy & Chemical Industry Group 1,200 500 0.00%Inner Mongolia Yili Industrial Group 2,000 8,751 0.03%Inner Mongolia Yitai Coal 8,076 6,388 0.02%Innovent Biologics 4,000 15,454 0.05%Inspur Electronic Information Industry 400 1,950 0.01%iQIYI 645 14,345 0.05%Jafron Biomedical 100 1,154 0.00%JD.com 3,854 145,257 0.46%Jiangsu Changshu Rural Commercial Bank 1,100 1,310 0.00%Jiangsu Expressway 6,000 7,457 0.02%Jiangsu Hengli Hydraulic 300 2,163 0.01%Jiangsu Hengrui Medicine 1,420 17,842 0.06%Jiangsu King's Luck Brewery 400 1,763 0.01%Jiangsu Yanghe Brewery Joint-Stock 500 7,651 0.02%Jiangsu Yangnong Chemical 100 921 0.00%

17


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Jiangsu Yuyue Medical Equipment & Supply 500 1,743 0.01%Jiangsu Zhongnan Construction Group 1,400 1,857 0.01%Jiangsu Zhongtian Technology 1,800 2,123 0.01%Jiangxi Zhengbang Technology 800 1,581 0.01%Jiangxipper (Class A) 1,500 3,241 0.01%Jiangxipper (Class H) 4,000 4,750 0.02%Jilin Aodong Pharmaceutical Group 1,200 2,798 0.01%Jinduicheng Molybdenum 100 104 0.00%Jinke Properties Group 800 816 0.00%Jinyu Bio-Technology 500 1,439 0.00%Joincare Pharmaceutical Group Industry 900 1,334 0.00%Jointown Pharmaceutical Group 300 705 0.00%Jonjee Hi-Tech Industrial And Commercial Holding 300 1,622 0.01%JOYY 305 18,462 0.06%Juewei Food 200 1,090 0.00%Juneyao Airlines 900 1,696 0.01%Kaisa Group Holdings 13,000 5,475 0.02%Kangmei Pharmaceutical 100 49 0.00%Kingdee International Software Group 12,000 13,012 0.04%Kingsoft 4,000 12,286 0.04%Kweichow Moutai 400 60,136 0.19%KWG Group Holdings 6,000 7,866 0.03%Laobaixing Pharmacy Chain 100 1,050 0.00%Legend Holdings 1,700 3,179 0.01%Lenovo Group 38,000 25,105 0.08%Lens Technology 800 2,362 0.01%Lepu Medical Technology Beijing 600 2,734 0.01%Leyard Optoelectronic 1,600 1,727 0.01%Li Ning 10,000 29,685 0.09%Liaoning Cheng Da 300 700 0.00%Lingyi iTech Guangdong 1,800 3,331 0.01%Livzon Pharmaceutical Group 300 1,626 0.01%Logan Property Holdings 6,000 9,180 0.03%Lomon Billions Group 800 1,850 0.01%Longfor Group Holdings 9,000 38,365 0.12%LONGi Green Energy Technology 1,200 4,978 0.02%Luxshare Precision Industry 1,619 10,438 0.03%Luye Pharma Group 5,500 3,570 0.01%Luzhou Laojiao 500 5,901 0.02%Maanshan Iron & Steel (Class A) 800 324 0.00%Maanshan Iron & Steel (Class H) 4,000 1,422 0.00%Mango Excellent Media 170 1,116 0.00%Meinian Onehealth Healthcare Holdings 1,304 2,620 0.01%Meituan Dianping 5,300 67,778 0.21%Metallurgical Corporation of China (Class A) 1,500 576 0.00%Metallurgicaloration of China (Class H) 18,000 3,524 0.01%Momo 768 23,501 0.07%Muyuan Foodstuff 500 5,832 0.02%NanJi E-Commerce 900 1,319 0.00%Nanjing King-Friend Biochemical Pharmaceutical 200 1,421 0.00%Nanjing Securities 1,400 2,547 0.01%NARI Technology 1,600 4,151 0.01%NAURA Technology Group 200 3,384 0.01%NavInfo 700 1,574 0.01%NetEase 371 119,002 0.38%New China Life Insurance (Class A) 400 2,741 0.01%New China Life Insurance (Class H) 4,600 17,417 0.06%New Hope Liuhe 1,300 3,368 0.01%New Oriental Education & Technology Group 741 90,069 0.28%Newland Digital Technology 500 1,333 0.00%

18


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Ninestar 200 1,114 0.00%Ningbo Joyson Electronic 600 1,862 0.01%Ningbo Zhoushan Port 1,700 889 0.00%NIO 3,675 13,891 0.04%Noah Holdings 194 6,582 0.02%Northeast Securities 1,600 1,972 0.01%Oceanwide Holdings 2,200 1,436 0.00%Offshore Oil Engineering 1,000 1,027 0.00%OFILM Group 600 1,535 0.01%Oppein Home Group 100 1,614 0.01%Orient Securities 2,600 3,820 0.01%Oriental Pearl Group 530 804 0.00%Ovctek China 100 745 0.00%Pacific Securities 3,500 1,759 0.01%Pangang Group Vanadium Titanium & Resources 3,700 1,384 0.00%People's Insurance Group of China 44,000 15,866 0.05%Perfect World 200 1,356 0.00%PetroChina (Class A) 10,500 8,457 0.03%PetroChina (Class H) 102,000 45,319 0.14%PICC Property & Casualty 36,000 38,898 0.12%Pinduoduo 1,011 35,607 0.11%Ping An Bank 5,400 11,983 0.04%Ping An Healthcare & Technology 1,600 13,816 0.04%Ping An Insurance Group of China (Class A) 2,200 26,229 0.08%Ping An Insurance Group of China (Class H) 30,000 342,696 1.08%Poly Developments & Holdings Group 3,900 8,538 0.03%Postal Savings Bank of China 39,000 24,360 0.08%Power Construction Corporation of China 7,100 4,126 0.01%Qudian 769 2,215 0.01%RiseSun Real Estate Development 700 906 0.00%Rongsheng Petro Chemical 1,600 2,628 0.01%SAIC Motor 2,600 8,395 0.03%Sanan Optoelectronics 1,300 4,188 0.01%Sangfor Technologies 100 2,199 0.01%Sansteel Minguang Fujian 1,100 1,329 0.00%Sany Heavy Industry 2,700 6,181 0.02%SDIC Capital 500 997 0.00%SDIC Power Holdings 2,600 3,030 0.01%Sealand Securities 2,990 1,985 0.01%Seazen Group 10,000 10,148 0.03%Seazen Holdings 700 3,399 0.01%Semiconductor Manufacturing International 15,500 28,545 0.09%SF Holding 600 3,360 0.01%Shaanxi Coal Industry 3,200 3,834 0.01%Shandong Buchang Pharmaceuticals 200 594 0.00%Shandong Gold Mining 820 3,802 0.01%Shandong Hualu Hengsheng Chemical 600 1,560 0.01%Shandong Linglong Tyre 300 945 0.00%Shandong Nanshan Aluminum 6,000 1,919 0.01%Shandong Sinocera Functional Material 300 1,052 0.00%Shandong Sun Paper Industry 1,000 1,327 0.00%Shandong Weigao Group Medical Polymer 12,000 14,357 0.05%Shandong Xinchao Energy 4,300 1,253 0.00%Shanghai 2345 Network Holding Group 2,600 1,173 0.00%Shanghai AJ Group 1,500 1,947 0.01%Shanghai Baosight Software 300 1,612 0.01%Shanghai Construction Group 2,100 1,014 0.00%Shanghai Electric Group (Class A) 1,400 970 0.00%Shanghai Electric Group (Class H) 12,000 3,570 0.01%Shanghai Electric Power 1,600 1,704 0.01%

19


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Shanghai Fosun Pharmaceutical Group (Class A) 200 748 0.00%Shanghai Fosun Pharmaceutical Group (Class H) 3,000 8,075 0.03%Shanghai International Airport 300 2,955 0.01%Shanghai International Port Group 1,700 1,262 0.00%Shanghai Jahwa United 200 813 0.00%Shanghai Jinjiang International Hotels 400 1,488 0.01%Shanghai Lujiazui Finance & Trade Zone Development 17,012 16,093 0.05%Shanghai M&G Stationery 300 2,146 0.01%Shanghai Pharmaceuticals Holding (Class A) 200 540 0.00%Shanghai Pharmaceuticals Holding (Class H) 4,600 8,602 0.03%Shanghai Pudong Development Bank 9,400 15,235 0.05%Shanghai Tunnel Engineering 200 166 0.00%Shanghai Waigaoqiao Free Trade Zone Group 500 1,209 0.00%Shanghai Yuyuan Tourist Mart Group 1,500 1,626 0.01%Shanghai Zhangjiang High-Tech Park Development 300 621 0.00%Shanxi Lu'an Environmental Energy Development 100 96 0.00%Shanxi Meijin Energy 1,300 1,446 0.00%Shanxi Securities 100 113 0.00%Shanxi Taigang Stainless Steel 2,900 1,594 0.01%Shanxi Xinghuacun Fen Wine Factory 300 3,928 0.01%Shanxi Xishan Coal & Electricity Power 100 80 0.00%Shanying International Holding 3,100 1,483 0.01%Shenergy 700 554 0.00%Shengyi Technology 700 2,431 0.01%Shennan Circuits 100 2,535 0.01%Shenwan Hongyuan Group 9,500 6,539 0.02%Shenzhen Airport 800 1,032 0.00%Shenzhen Energy Group 500 422 0.00%Shenzhen Expressway 4,000 5,193 0.02%Shenzhen Goodix Technology 100 4,828 0.02%Shenzhen Hepalink Pharmaceutical Group 400 1,302 0.00%Shenzhen Inovance Technology 600 2,506 0.01%Shenzhen Kangtai Biological Products 200 2,862 0.01%Shenzhen Mindray Bio-Medical Electronics 100 2,680 0.01%Shenzhen Overseas Chinese Town 3,200 3,235 0.01%Shenzhen Salubris Pharmaceuticals 400 1,060 0.00%Shenzhen Sunway Communication 300 1,885 0.01%Shenzhen Zhongjin Lingnan Nonfemet 2,500 1,449 0.00%Shenzhou International Group Holdings 3,900 52,135 0.16%Shijiazhuang Yiling Pharmaceutical 700 1,622 0.01%Shui On Land 16,000 3,214 0.01%Siasun Robot & Automation 900 1,945 0.01%Sichuan Chuantou Energy 700 911 0.00%Sichuan Kelun Pharmaceutical 200 714 0.00%Sichuan Languang Development 1,400 1,373 0.00%Sichuan Swellfun 200 1,468 0.00%Sina 348 13,482 0.04%Sinochem International 2,100 1,562 0.01%Sinolink Securities 2,200 2,774 0.01%Sino-Ocean Group Holding 14,000 5,084 0.02%Sinopec Engineering Group 8,500 4,620 0.01%Sinopec Shanghai Petrochemical (Class A) 500 277 0.00%Sinopec Shanghai Petrochemical (Class H) 20,000 5,126 0.02%Sinopharm Group 6,800 22,331 0.07%Sinotrans (Class A) 3,400 1,995 0.01%Sinotrans (Class H) 9,000 2,782 0.01%Sinotruk Hong Kong 3,500 6,085 0.02%SOHO China 11,500 4,413 0.01%Songcheng Performance Development 200 769 0.00%SooChow Securities 700 914 0.00%

20


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Southwest Securities 3,600 2,606 0.01%Spring Airlines 100 559 0.00%Sunac China Holdings 13,000 63,620 0.20%Suning.com 3,700 5,284 0.02%Sunny Optical Technology Group 4,600 75,058 0.24%Sunwoda Electronic 600 2,082 0.01%Suzhou Dongshan Precision Manufacturing 400 1,639 0.01%Suzhou Gold Mantis Construction Decoration 500 620 0.00%Tahoe Group 1,900 1,522 0.01%TAL Education Group 2,011 100,349 0.32%Tangshan Jidong Cement 500 1,092 0.00%TangShan Port Group 5,500 1,940 0.01%Tasly Pharmaceutical Group 200 447 0.00%TBEA 1,100 999 0.00%TCL 5,100 3,685 0.01%Tencent Holdings 30,000 1,441,100 4.54%Tencent Music Entertainment Group 473 6,002 0.02%Tian Di Science & Technology 3,700 1,638 0.01%Tianjin Zhonghuan Semiconductor 900 2,015 0.01%Tianma Microelectronics 300 709 0.00%Tianqi Lithium 260 1,144 0.00%Tingyi Cayman Islands Holding 10,000 16,948 0.05%Toly Bread 200 1,095 0.00%Tonghua Dongbao Pharmaceutical 300 521 0.00%Tongkun Group 700 1,415 0.00%Tongling Nonferrous Metals Group 1,600 505 0.00%Tongwei 800 1,547 0.01%Topchoice Medical 100 1,464 0.00%Transfar Zhilian 600 608 0.00%TravelSky Technology 5,000 10,908 0.03%Trip.com Group 2,459 79,008 0.25%Tsingtao Brewery (Class A) 100 690 0.00%Tsingtao Brewery (Class H) 2,000 11,153 0.04%Tunghsu Optoelectronic Technology 1,400 610 0.00%Unigroup Guoxin Microelectronics 200 1,595 0.01%Uni-President China Holdings 7,000 7,176 0.02%Unisplendour 600 2,833 0.01%Universal Scientific Industrial Shanghai 500 1,412 0.00%Venustech Group 300 1,679 0.01%Vipshop Holdings 2,308 29,381 0.09%Visionox Technology 500 1,107 0.00%Walvax Biotechnology 500 2,015 0.01%Wanda Film Holding 900 2,222 0.01%Wangsu Science & Technology 300 351 0.00%Wanhua Chemical Group 1,000 7,413 0.02%Want Want China Holdings 26,000 21,597 0.07%Wanxiang Qianchao 2,300 1,938 0.01%Weibo 300 12,786 0.04%Weichai Power (Class A) 900 1,739 0.01%Weichai Power (Class H) 11,000 19,550 0.06%Weifu High-Technology Group 600 1,566 0.01%Weihai Guangwei Composites 200 1,339 0.00%Wens Foodstuffs Group 1,700 7,933 0.03%Western Securities 500 660 0.00%Westone Information Industry 300 1,102 0.00%Will Semiconductor 200 5,299 0.02%Winning Health Technology Group 600 1,365 0.00%Wuchan Zhongda Group 3,000 2,163 0.01%Wuhu Sanqi Interactive Entertainment Network Technology Group 700 3,240 0.01%

21


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Wuliangye Yibin 1,200 21,619 0.07%WUS Printed Circuit Kunshan 500 1,711 0.01%WuXi AppTec (Class A) 300 4,104 0.01%WuXi AppTec (Class H) 1,000 12,196 0.04%Wuxi Biologics Cayman 3,000 38,423 0.12%Wuxi Lead Intelligent Equipment 100 628 0.00%XCMG Construction Machinery 1,300 963 0.00%Xiamen C&D 100 122 0.00%Xiamen Tungsten 600 1,071 0.00%Xiaomi 39,800 59,047 0.19%Xinhu Zhongbao 1,300 652 0.00%Xinjiang Goldwind Science & Technology (Class A) 400 672 0.00%Xinjiang Goldwind Science & Technology (Class H) 4,684 4,965 0.02%Xinjiang Zhongtai Chemical 1,300 1,151 0.00%Xinxing Ductile Iron Pipes 2,600 1,426 0.00%Xinyi Energy Holdings 1,400 361 0.00%Xinyi Solar Holdings 16,172 11,455 0.04%Xinyu Iron & Steel 2,300 1,547 0.01%Yango Group 1,600 1,638 0.01%Yantai Jereh Oilfield Services Group 300 1,584 0.01%Yanzhoual Mining (Class A) 500 691 0.00%Yanzhoual Mining (Class H) 10,000 7,444 0.02%Yealink Network Technology 200 2,344 0.01%Yifan Pharmaceutical 500 1,278 0.00%Yifeng Pharmacy Chain 100 1,185 0.00%Yihai International Holding 2,000 11,372 0.04%Yintai Gold 600 1,062 0.00%Yonghui Superstores 3,400 3,675 0.01%Yonyou Network Technology 800 3,720 0.01%Yuan Longping High-tech Agriculture 600 1,540 0.01%Yum China Holdings 1,856 79,938 0.25%Yunda Holding 300 1,271 0.00%Yunnan Baiyao Group 400 4,947 0.02%Yunnan Energy New Material 200 1,688 0.01%Yunnan Tin 900 1,357 0.00%Yuzhou Properties 7,918 3,691 0.01%Zhangzhou Pientzehuang Pharmaceutical 200 3,678 0.01%Zhaojin Mining Industry 5,500 6,240 0.02%Zhejiang Chint Electrics 900 3,426 0.01%Zhejiang Dahua Technology 1,100 3,160 0.01%Zhejiang Dingli Machinery 100 996 0.00%Zhejiang Expressway 8,000 6,573 0.02%Zhejiang Huahai Pharmaceutical 500 1,249 0.00%Zhejiang Huayou Cobalt 200 1,348 0.00%Zhejiang Juhua 1,200 1,194 0.00%Zhejiang Longsheng Group 500 955 0.00%Zhejiang NHU 800 2,693 0.01%Zhejiang Sanhua Intelligent Controls 1,000 2,970 0.01%Zhejiang Semir Garment 200 266 0.00%Zhejiang Supor 200 2,017 0.01%Zhejiang Wanfeng Auto Wheel 1,300 1,346 0.00%Zhejiang Weixing New Building Materials 600 1,062 0.00%Zhejiang Wolwo Bio-Pharmaceutical 200 1,382 0.00%Zhengzhou Yutong Bus 300 676 0.00%Zhenro Properties Group 7,000 4,336 0.01%Zheshang Securities 1,700 2,566 0.01%ZhongAn Online P&C Insurance 1,600 5,234 0.02%Zhongji Innolight 200 1,527 0.01%Zhongjin Gold 800 926 0.00%Zhongsheng Group Holdings 3,000 11,127 0.04%

22


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Zhuzhou CRRC Times Electric 3,000 10,161 0.03%Zijin Mining Group (Class A) 3,100 1,899 0.01%Zijin Mining Group (Class H) 34,000 14,931 0.05%Zoomlion Heavy Industry Science & Technology (Class A) 7,600 5,647 0.02%Zoomlion Heavy Industry Science & Technology (Class H) 1,000 900 0.00%ZTE (Class A) 1,100 6,153 0.02%ZTE (Class H) 3,800 12,406 0.04%ZTO Express Cayman 1,647 35,773 0.11%

Total China 9,490,314 29.88%

Colombia 0.37% (31 January 2019: 0.40%)

Bancolombia 1,083 13,419 0.04%Bancolombia Preference Shares 2,608 34,037 0.11%Ecopetrol 27,676 25,696 0.08%Grupo Argos 1,644 8,390 0.03%Grupo Aval Acciones y Valores 25,158 10,651 0.03%Grupo de Inversiones Suramericana 1,410 13,174 0.04%Interconexion Electrica 2,360 12,954 0.04%

Total Colombia 118,321 0.37%

Cyprus 0.06% (31 January 2019: - )

Polymetal International 1,047 17,729 0.06%

Czech Republic 0.13% (31 January 2019: 0.16%)

CEZ 823 18,036 0.06%Komercni banka 395 13,619 0.04%Moneta Money Bank 2,626 9,620 0.03%

Total Czech Republic 41,275 0.13%

Egypt 0.14% (31 January 2019: 0.11%)

Commercial International Bank Egypt (Registered) 5,125 26,958 0.08%Commercial International Bank Egypt 2,261 12,175 0.04%Eastern 4,313 4,097 0.01%ElSewedy Electric 3,000 2,142 0.01%

Total Egypt 45,372 0.14%

Greece 0.27% (31 January 2019: 0.21%)

Alpha Bank 7,199 14,472 0.04%Eurobank Ergasias 12,503 11,549 0.04%Hellenic Telecommunications Organization 1,247 18,656 0.06%Jumbo 580 11,807 0.04%Motor Oil Hellas Corinth Refineries 328 6,979 0.02%National Bank of Greece 2,984 9,537 0.03%OPAP 1,010 12,592 0.04%

Total Greece 85,592 0.27%

Hong Kong 3.42% (31 January 2019: 4.26%)

Alibaba Health Information Technology 18,000 25,407 0.08%Alibaba Pictures Group 80,000 11,436 0.04%Beijing Enterprises Holdings 2,500 10,995 0.03%Beijing Enterprises Water Group 24,000 10,787 0.03%Bosideng International Holdings 18,000 5,981 0.02%Brilliance China Automotive Holdings 16,000 14,362 0.05%China Agri-Industries Holdings 11,000 5,907 0.02%China Ding Yi Feng Holdings 8,000 731 0.00%

23


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Hong Kong 3.42% (31 January 2019: 4.26%) (continued)

China Education Group Holdings 3,000 3,697 0.01%China Everbright 4,000 6,192 0.02%China Everbright International 18,222 13,048 0.04%China First Capital Group 14,000 451 0.00%China Gas Holdings 9,400 37,286 0.12%China Jinmao Holdings Group 28,000 18,967 0.06%China Mengniu Dairy 14,000 51,926 0.16%China Merchants Port Holdings 6,000 9,303 0.03%China Mobile 32,000 264,575 0.83%China Overseas Land & Investment 20,000 65,036 0.21%China Power International Development 19,000 3,695 0.01%China Resources Beer Holdings 8,000 37,348 0.12%China Resources Cement Holdings 12,000 13,584 0.04%China Resources Gas Group 4,000 21,172 0.07%China Resources Land 14,000 58,958 0.19%China Resources Power Holdings 10,000 13,497 0.04%China State Construction International Holdings 10,000 7,998 0.03%China Taiping Insurance Holdings 8,200 17,298 0.05%China Traditional Chinese Medicine Holdings 12,000 5,594 0.02%China Unicom Hong Kong 32,000 26,952 0.09%CITIC 30,000 34,038 0.11%COSCO SHIPPING Ports 8,262 5,873 0.02%Far East Horizon 11,000 9,775 0.03%Geely Automobile Holdings 26,000 41,989 0.13%Guangdong Investment 16,000 32,639 0.10%Haier Electronics Group 7,000 21,230 0.07%Hutchison China MediTech 307 7,537 0.02%Jiayuan International Group 3 1 0.00%Kingboard Holdings 3,000 7,997 0.03%Kingboard Laminates Holdings 5,500 5,709 0.02%Kunlun Energy 18,000 14,094 0.04%Lee & Man Paper Manufacturing 6,000 4,196 0.01%Legend Holdings - Rights Issue 130 – 0.00%Nine Dragons Paper Holdings 8,000 7,645 0.02%Shanghai Industrial Holdings 2,000 3,544 0.01%Shenzhen International Holdings 4,857 9,758 0.03%Shenzhen Investment 14,318 4,979 0.02%Shimao Property Holdings 6,000 19,588 0.06%Sino Biopharmaceutical 35,500 47,639 0.15%SSY Group 8,000 7,387 0.02%Sun Art Retail Group 12,500 14,923 0.05%Towngas China 6,000 3,732 0.01%Wharf Holdings 5,000 12,441 0.04%Yuexiu Property 32,000 6,470 0.02%

Total Hong Kong 1,085,367 3.42%

Hungary 0.28% (31 January 2019: 0.31%)

MOL Hungarian Oil & Gas 2,210 18,713 0.06%OTP Bank 1,165 53,987 0.17%Richter Gedeon 723 15,518 0.05%

Total Hungary 88,218 0.28%

India 8.83% (31 January 2019: 8.26%)

Adani Ports & Special Economic Zone 3,089 15,997 0.05%Ambuja Cements 3,005 8,633 0.03%Ashok Leyland 6,168 7,084 0.02%Asian Paints 1,499 37,749 0.12%Aurobindo Pharma 1,421 9,598 0.03%Avenue Supermarts 666 19,908 0.06%

24


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


India 8.83% (31 January 2019: 8.26%) (continued)

Axis Bank 10,937 112,041 0.35%Bajaj Auto 419 18,684 0.06%Bajaj Finance 907 55,674 0.18%Bajaj Finserv 202 26,794 0.08%Bandhan Bank 1,984 12,523 0.04%Berger Paints India 1,157 9,082 0.03%Bharat Forge 1,203 8,261 0.03%Bharat Petroleum 3,430 21,943 0.07%Bharti Airtel 12,803 89,109 0.28%Bharti Infratel 1,879 6,533 0.02%Bosch 34 6,611 0.02%Britannia Industries 303 13,548 0.04%Cipla 1,819 11,418 0.04%Coal India 6,627 17,046 0.05%Colgate-Palmolive India 321 5,996 0.02%Container Corporation of India 1,058 8,422 0.03%Dabur India 2,845 19,791 0.06%Divi's Laboratories 410 11,221 0.04%DLF 3,051 11,132 0.04%Dr Reddy's Laboratories 583 25,409 0.08%Eicher Motors 68 19,288 0.06%GAIL India 8,674 14,635 0.05%Godrej Consumer Products 1,907 17,966 0.06%Grasim Industries 1,577 17,183 0.05%Havells India 1,279 10,822 0.03%HCL Technologies 5,655 46,884 0.15%HDFC Asset Management 216 9,611 0.03%HDFC Life Insurance 2,686 22,585 0.07%Hero MotoCorp 528 18,491 0.06%Hindalco Industries 6,253 16,597 0.05%Hindustan Petroleum 3,340 10,885 0.03%Hindustan Unilever 3,383 96,663 0.30%Housing Development Finance 8,577 290,445 0.91%ICICI Bank 25,012 184,302 0.58%ICICI Lombard General Insurance 923 17,097 0.05%ICICI Prudential Life Insurance 1,730 12,413 0.04%Indian Oil 10,143 16,126 0.05%Info Edge India 312 12,417 0.04%Infosys 17,825 194,268 0.61%InterGlobe Aviation 511 9,918 0.03%ITC 18,026 59,415 0.19%JSW Steel 4,563 16,018 0.05%Larsen & Toubro 2,507 48,132 0.15%LIC Housing Finance 1,503 9,268 0.03%Lupin 1,135 11,425 0.04%Mahindra & Mahindra 3,942 31,422 0.10%Mahindra & Mahindra Financial Services 1,423 7,362 0.02%Marico 2,481 11,027 0.04%Maruti Suzuki India 554 53,779 0.17%Motherson Sumi Systems 4,838 9,085 0.03%Nestle India 121 26,052 0.08%NTPC 12,559 19,862 0.06%Oil & Natural Gas 13,284 20,552 0.07%Page Industries 28 9,578 0.03%Petronet LNG 3,252 12,141 0.04%Pidilite Industries 607 12,808 0.04%Piramal Enterprises 528 11,425 0.04%Power Grid Corporation of India 9,693 25,442 0.08%REC 3,669 7,378 0.02%Reliance Industries 14,939 295,190 0.93%

25


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


India 8.83% (31 January 2019: 8.26%) (continued)

SBI Life Insurance 1,848 25,731 0.08%Shree Cement 44 14,182 0.04%Shriram Transport Finance 851 12,154 0.04%Siemens 350 7,352 0.02%State Bank of India 9,377 41,801 0.13%Sun Pharmaceutical Industries 4,292 26,194 0.08%Tata Consultancy Services 4,713 137,538 0.43%Tata Motors 8,519 21,119 0.07%Tata Power 6,118 4,956 0.02%Tata Steel 1,818 11,172 0.04%Tech Mahindra 2,424 27,176 0.09%Titan 1,583 26,389 0.08%UltraTech Cement 531 32,906 0.10%United Spirits 1,545 13,453 0.04%UPL 2,848 21,026 0.07%Vedanta 9,962 19,224 0.06%Wipro 5,887 19,511 0.06%Zee Entertainment Enterprises 4,099 15,395 0.05%

Total India 2,803,443 8.83%

Indonesia 1.92% (31 January 2019: 2.25%)

Ace Hardware Indonesia 35,800 4,509 0.01%Adaro Energy 72,600 6,513 0.02%Astra International 106,200 49,386 0.16%Bank Central Asia 51,500 122,197 0.39%Bank Mandiri 98,000 54,185 0.17%Bank Negara Indonesia 38,400 20,248 0.06%Bank Rakyat Indonesia 290,500 94,883 0.30%Bank Tabungan Negara 25,600 3,506 0.01%Barito Pacific 144,600 13,819 0.04%Bukit Asam 19,000 3,075 0.01%Bumi Serpong Damai 34,800 2,842 0.01%Charoen Pokphand Indonesia 38,800 18,896 0.06%Gudang Garam 2,500 10,211 0.03%Hanjaya Mandala Sampoerna 52,500 7,959 0.03%Indah Kiat Pulp & Paper 14,300 7,069 0.02%Indocement Tunggal Prakarsa 9,900 11,945 0.04%Indofood CBP Sukses Makmur 13,000 10,829 0.03%Indofood Sukses Makmur 23,300 13,352 0.04%Jasa Marga 10,200 3,436 0.01%Kalbe Farma 110,200 11,541 0.04%Pabrik Kertas Tjiwi Kimia 7,300 4,865 0.02%Pakuwon Jati 76,600 2,917 0.01%Perusahaan Gas Negara 58,300 7,279 0.02%Semen Indonesia 15,800 13,827 0.04%Telekomunikasi Indonesia 259,300 72,160 0.23%Unilever Indonesia 38,500 22,415 0.07%United Tractors 8,600 12,092 0.04%XL Axiata 18,600 3,950 0.01%

Total Indonesia 609,906 1.92%

Luxembourg 0.05% (31 January 2019: 0.04%)

Reinet Investments 755 16,238 0.05%

Malaysia 1.75% (31 January 2019: 2.22%)

AirAsia Group 9,200 3,210 0.01%AMMB Holdings 9,100 8,216 0.03%Axiata Group 14,784 15,513 0.05%

26


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Malaysia 1.75% (31 January 2019: 2.22%) (continued)

British American Tobacco Malaysia 700 2,012 0.01%CIMB Group Holdings 24,997 30,072 0.09%Dialog Group 18,700 14,922 0.05%DiGi.Com 15,800 16,309 0.05%Fraser & Neave Holdings 700 5,613 0.02%Gamuda 9,000 8,477 0.03%Genting 10,900 14,629 0.05%Genting Malaysia 15,300 11,275 0.04%Genting Plantations 1,100 2,819 0.01%HAP Seng Consolidated 3,200 7,598 0.02%Hartalega Holdings 7,800 11,268 0.03%Hong Leong Bank 3,400 13,275 0.04%Hong Leong Financial Group 1,300 5,120 0.02%IHH Healthcare 11,700 16,274 0.05%IJM 13,500 6,984 0.02%IOI 9,500 10,525 0.03%Kuala Lumpur Kepong 2,200 12,240 0.04%Malayan Banking 20,651 42,481 0.13%Malaysia Airports Holdings 5,400 8,881 0.03%Maxis 12,400 16,067 0.05%MISC 6,900 12,948 0.04%Nestle Malaysia 300 10,564 0.03%Petronas Chemicals Group 12,300 18,579 0.06%Petronas Dagangan 1,500 8,111 0.03%Petronas Gas 4,100 16,008 0.05%PPB Group 3,040 13,813 0.04%Press Metal Aluminium Holdings 7,400 8,812 0.03%Public Bank 16,300 73,982 0.23%QL Resources 3,300 6,684 0.02%RHB Bank 8,700 12,080 0.04%Sime Darby 14,300 7,607 0.02%Sime Darby Plantation 10,500 12,991 0.04%Telekom Malaysia 5,600 5,275 0.02%Tenaga Nasional 16,000 48,648 0.15%Top Glove 7,100 10,135 0.03%Westports Holdings 4,400 4,241 0.01%YTL 12,600 2,752 0.01%

Total Malaysia 557,010 1.75%

Mexico 2.28% (31 January 2019: 2.67%)

Alfa 15,500 11,585 0.04%Alsea 2,800 6,773 0.02%America Movil 176,100 146,052 0.46%Arca Continental 2,400 13,576 0.04%Cemex 80,000 32,139 0.10%Coca-Cola Femsa 2,800 17,012 0.05%El Puerto de Liverpool 900 4,750 0.02%Fomento Economico Mexicano 10,100 90,958 0.29%Gruma 1,110 11,782 0.04%Grupo Aeroportuario del Pacifico 1,900 23,455 0.07%Grupo Aeroportuario del Sureste 1,055 20,247 0.06%Grupo Bimbo 8,800 15,727 0.05%Grupo Carso 2,400 8,643 0.03%Grupo Financiero Banorte 13,600 83,456 0.26%Grupo Financiero Inbursa 12,600 14,313 0.05%Grupo Mexico 18,400 49,078 0.15%Grupo TelevisaB 12,300 27,197 0.09%Industrias Penoles 740 7,720 0.02%Infraestructura Energetica Nova 2,900 13,606 0.04%

27


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Mexico 2.28% (31 January 2019: 2.67%) (continued)

Kimberly-Clark de Mexico 8,200 16,892 0.05%Megacable Holdings 1,400 5,203 0.02%Orbia Advance 5,600 13,087 0.04%Promotora y Operadora de Infraestructura 1,145 12,339 0.04%Wal-Mart de Mexico 27,400 79,442 0.25%

Total Mexico 725,032 2.28%

Pakistan 0.03% (31 January 2019: 0.04%)

Habib Bank 2,400 2,532 0.01%MCB Bank 2,000 2,726 0.01%Oil & Gas Development 4,300 3,838 0.01%

Total Pakistan 9,096 0.03%

Peru 0.32% (31 January 2019: 0.41%)

Cia de Minas Buenaventura 1,166 15,076 0.05%Credicorp 347 71,683 0.22%Southern Copper 426 16,052 0.05%

Total Peru 102,811 0.32%

Philippines 0.88% (31 January 2019: 1.07%)

Aboitiz Equity Ventures 10,780 10,456 0.03%Aboitiz Power 6,600 4,200 0.01%Altus San Nicolas 180 18 0.00%Ayala 1,450 20,724 0.07%Ayala Land 38,000 31,100 0.10%Bank of the Philippine Islands 4,578 7,430 0.02%BDO Unibank 10,070 29,321 0.09%Globe Telecom 185 6,879 0.02%GT Capital Holdings 517 6,866 0.02%International Container Terminal Services 5,130 13,120 0.04%JG Summit Holdings 15,200 20,962 0.07%Jollibee Foods 2,310 8,689 0.03%Manila Electric 1,150 5,792 0.02%Megaworld 63,900 5,091 0.02%Metro Pacific Investments 65,400 4,130 0.01%Metropolitan Bank & Trust 9,705 10,950 0.03%PLDT 440 8,622 0.03%Robinsons Land 11,200 5,619 0.02%Security Bank 1,080 3,761 0.01%SM Investments 1,230 23,497 0.07%SM Prime Holdings 51,800 39,642 0.13%Universal Robina 4,700 13,407 0.04%

Total Philippines 280,276 0.88%

Poland 0.84% (31 January 2019: 1.17%)

Bank Millennium 2,911 4,458 0.01%Bank Polska Kasa Opieki 871 22,225 0.07%CCC 135 3,374 0.01%CD Projekt 358 25,990 0.08%Cyfrowy Polsat 1,247 8,744 0.03%Dino Polska 258 10,808 0.03%Grupa Lotos 493 9,779 0.03%KGHM Polska Miedz 747 17,563 0.06%LPP 7 15,276 0.05%mBank 82 7,847 0.03%Orange Polska 3,659 6,608 0.02%PGE Polska Grupa Energetyczna 4,689 8,293 0.03%Polski Koncern Naftowy ORLEN 1,577 30,760 0.10%

28


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Poland 0.84% (31 January 2019: 1.17%) (continued)

Polskie Gornictwo Naftowe i Gazownictwo 9,618 8,921 0.03%Powszechna Kasa Oszczednosci Bank Polski 4,478 39,493 0.12%Powszechny Zaklad Ubezpieczen 3,085 31,988 0.10%Santander Bank Polska 181 13,364 0.04%

Total Poland 265,491 0.84%

Qatar 0.94% (31 January 2019: 1.02%)

Barwa Real Estate 9,920 9,645 0.03%Commercial Bank 10,675 14,073 0.04%Industries Qatar 9,693 26,515 0.08%Masraf Al Rayan 18,937 21,428 0.07%Mesaieed Petrochemical Holding 23,369 14,056 0.04%Ooredoo 4,319 8,220 0.03%Qatar Electricity & Water 2,775 12,232 0.04%Qatar Fuel 2,588 15,652 0.05%Qatar Insurance 7,470 6,504 0.02%Qatar International Islamic Bank 3,751 9,643 0.03%Qatar Islamic Bank 5,899 27,057 0.09%Qatar National Bank 23,752 133,340 0.42%

Total Qatar 298,365 0.94%

Romania 0.05% (31 January 2019: 0.06%)

NEPI Rockcastle 1,940 15,973 0.05%

Russia 3.84% (31 January 2019: 3.79%)

Alrosa 13,190 16,552 0.05%Gazprom 55,790 197,893 0.62%Inter RAO 195,000 17,650 0.06%LUKOIL 2,060 211,137 0.67%Magnit 1,921 26,125 0.08%Magnitogorsk Iron & Steel Works 11,400 8,011 0.03%MMC Norilsk Nickel 331 107,724 0.34%Mobile TeleSystems 2,594 26,433 0.08%Moscow Exchange MICEX-RTS 7,080 12,179 0.04%Novatek 476 85,680 0.27%Novolipetsk Steel 6,530 14,100 0.04%PhosAgro 555 7,043 0.02%Polyus 143 17,485 0.06%Rosneft Oil 6,110 45,936 0.14%Sberbank of Russia 56,450 222,757 0.70%Severstal 1,055 15,045 0.05%Surgutneftegas 39,700 28,602 0.09%Surgutneftegas Preference Shares 32,500 18,360 0.06%Tatneft 8,003 95,293 0.30%Transneft 3 7,743 0.02%VTB Bank 17,230,000 12,509 0.04%X5 Retail Group 649 23,711 0.08%

Total Russia 1,217,968 3.84%

Saudi Arabia 2.54% (31 January 2019: - )

Advanced Petrochemical 597 7,669 0.02%Al Rajhi Bank 6,404 113,333 0.36%Alinma Bank 3,807 26,280 0.08%Almarai 1,248 15,800 0.05%Arab National Bank 3,075 21,759 0.07%Bank AlBilad 2,004 14,555 0.05%Bank Al-Jazira 2,106 8,442 0.03%Banque Saudi Fransi 2,785 27,538 0.09%

29


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Saudi Arabia 2.54% (31 January 2019: - ) (continued)

Bupa Arabia for Cooperative Insurance 129 3,534 0.01%Co. for Cooperative Insurance 280 5,597 0.02%Dar Al Arkan Real Estate Development 2,713 7,108 0.02%Emaar Economic City 2,042 5,453 0.02%Etihad Etisalat 1,917 13,463 0.04%Jarir Marketing 302 12,959 0.04%National Industrialization 1,716 5,863 0.02%National Commercial Bank 6,284 78,634 0.25%Rabigh Refining & Petrochemical 1,155 6,157 0.02%Riyad Bank 6,139 38,549 0.12%Sahara International Petrochemical 1,972 9,082 0.03%Samba Financial Group 5,034 40,653 0.13%Saudi Airlines Catering 181 4,959 0.01%Saudi Arabian Fertilizer 849 16,971 0.05%Saudi Arabian Mining 2,216 25,338 0.08%Saudi Arabian Oil 5,119 46,592 0.15%Saudi Basic Industries 3,926 91,558 0.29%Saudi British Bank 3,689 31,413 0.10%Saudi Cement 426 7,653 0.02%Saudi Electricity 4,411 23,325 0.07%Saudi Industrial Investment Group 1,256 7,900 0.02%Saudi Kayan Petrochemical 3,774 10,008 0.03%Saudi Telecom 2,095 50,979 0.16%Savola Group 1,314 12,520 0.04%Yanbu National Petrochemical 1,157 16,251 0.05%

Total Saudi Arabia 807,895 2.54%

Singapore 0.03% (31 January 2019: 0.03%)

BOC Aviation 1,000 9,247 0.03%

South Africa 4.19% (31 January 2019: 5.82%)

Absa Group 3,790 34,728 0.11%Anglo American Platinum 283 22,631 0.07%AngloGold Ashanti 2,173 44,009 0.14%Aspen Pharmacare Holdings 2,082 16,107 0.05%Bid 1,749 38,742 0.12%Bidvest Group 1,540 21,253 0.07%Capitec Bank Holdings 243 21,808 0.07%Clicks Group 1,335 21,742 0.07%Discovery 2,107 16,432 0.05%Exxaro Resources 1,351 10,968 0.03%FirstRand 17,480 67,359 0.21%Foschini Group 1,235 11,346 0.04%Gold Fields 4,295 28,001 0.09%Impala Platinum Holdings 4,169 39,329 0.12%Investec 1,375 7,705 0.02%Kumba Iron Ore 324 7,550 0.02%Liberty Holdings 634 4,463 0.01%Life Healthcare Group Holdings 7,437 12,415 0.04%Momentum Metropolitan Holdings 4,335 5,777 0.02%Mr Price Group 1,350 15,311 0.05%MTN Group 8,883 47,845 0.15%MultiChoice Group 2,287 16,279 0.05%Naspers 2,296 376,667 1.19%Nedbank Group 1,905 24,856 0.08%Northam Platinum 1,900 15,921 0.05%Old Mutual 25,452 29,356 0.09%Pepkor Holdings 4,565 4,997 0.02%Pick n Pay Stores 2,009 8,699 0.03%

30


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


South Africa 4.19% (31 January 2019: 5.82%) (continued)

PSG Group 784 11,199 0.04%Rand Merchant Investment Holdings 4,337 7,842 0.02%Remgro 2,733 33,253 0.11%RMB Holdings 3,991 19,618 0.06%Sanlam 9,719 47,897 0.15%Sasol 2,950 47,038 0.15%Shoprite Holdings 2,428 18,949 0.06%Sibanye Gold 11,945 31,122 0.10%SPAR Group 980 12,526 0.04%Standard Bank Group 6,796 71,351 0.22%Telkom SOC 1,617 3,478 0.01%Tiger Brands 873 11,466 0.04%Vodacom Group 3,379 26,413 0.08%Woolworths Holdings 5,286 15,640 0.05%

Total South Africa 1,330,088 4.19%

South Korea 11.38% (31 January 2019: 13.62%)

Amorepacific 168 26,500 0.08%Amorepacific Group 148 8,966 0.03%Amorepacific Preference Shares 50 3,507 0.01%BGF Retail 37 5,122 0.02%BNK Financial Group 1,447 8,195 0.03%Celltrion 492 68,113 0.21%Celltrion Healthcare 266 12,766 0.04%Cheil Worldwide 328 5,821 0.02%CJ 70 4,863 0.02%CJ CheilJedang 43 8,569 0.03%CJ ENM 57 6,609 0.02%CJ Logistics 50 6,125 0.02%Daelim Industrial 152 10,330 0.03%Daewoo Engineering & Construction 999 3,646 0.01%Daewoo Shipbuilding & Marine Engineering 163 3,378 0.01%DB Insurance 271 9,664 0.03%Doosan Bobcat 287 7,417 0.02%E-mart 109 10,151 0.03%Fila Holdings 246 9,123 0.03%GS Engineering & Construction 319 7,494 0.02%GS Holdings 261 10,008 0.03%GS Retail 128 4,258 0.01%Hana Financial Group 1,574 43,845 0.14%Hankook Tire & Technology 386 9,295 0.03%Hanmi Pharm 33 7,780 0.02%Hanon Systems 1,047 9,224 0.03%Hanwha 226 4,124 0.01%Hanwha Life Insurance 1,934 3,327 0.01%Hanwha Solutions 552 7,804 0.03%HDC Hyundai Development 120 2,104 0.01%HDC Hyundai Development-Engineering & Construction 60 138 0.00%Helixmith 96 6,218 0.02%HLB 171 13,300 0.04%Hotel Shilla 158 11,586 0.04%Hyundai Department Store 67 4,385 0.01%Hyundai Engineering & Construction 405 12,981 0.04%Hyundai Glovis 97 11,964 0.04%Hyundai Heavy Industries Holdings 50 11,474 0.04%Hyundai Marine & Fire Insurance 300 5,538 0.02%Hyundai Mobis 347 66,818 0.21%Hyundai Motor 751 78,764 0.25%Hyundai Motor New Preference Shares 228 15,361 0.05%

31


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


South Korea 11.38% (31 January 2019: 13.62%) (continued)

Hyundai Motor Preference Shares 111 6,817 0.02%Hyundai Steel 409 9,712 0.03%Industrial Bank of Korea 1,328 11,978 0.04%Kakao 258 34,419 0.11%Kangwon Land 602 13,915 0.04%KB Financial Group 2,078 76,627 0.24%KCC 23 3,889 0.01%KCC Glass 22 629 0.00%Kia Motors 1,376 47,219 0.15%KMW 132 5,488 0.02%Korea Aerospace Industries 374 9,445 0.03%Korea Electric Power 1,363 28,990 0.09%Korea Gas 165 4,499 0.01%Korea Investment Holdings 230 12,833 0.04%Korea Shipbuilding & Offshore Engineering 200 19,130 0.06%Korea Zinc 43 13,710 0.04%Korean Air Lines 221 4,385 0.01%KT&G 609 48,593 0.15%Kumho Petrochemical 98 5,378 0.02%LG 488 28,784 0.09%LG Chem 244 69,094 0.22%LG Chem Preference Shares 33 4,970 0.02%LG Display 1,208 15,609 0.05%LG Electronics 547 30,245 0.10%LG Household & Health Care 49 51,720 0.16%LG Household & Health Care Preference Shares 10 6,393 0.02%LG Innotek 73 9,310 0.03%LG Uplus 596 6,626 0.02%Lotte 149 4,413 0.01%Lotte Chemical 88 13,992 0.04%Lotte Shopping 65 6,299 0.02%Medy-Tox 24 6,542 0.02%Meritz Securities 1,817 5,580 0.02%Mirae Asset Daewoo 2,037 11,776 0.04%NAVER 733 110,394 0.35%NCSoft 86 45,892 0.14%Netmarble 131 9,848 0.03%NH Investment & Securities 676 6,267 0.02%OCI 102 4,775 0.02%Orange Life Insurance 155 3,576 0.01%Orion 121 10,406 0.03%Ottogi 6 2,552 0.01%Pan Ocean 1,204 4,021 0.01%Pearl Abyss 34 5,181 0.02%POSCO 411 76,210 0.24%POSCO Chemical 131 6,309 0.02%Posco International 261 3,690 0.01%S-1 81 6,191 0.02%Samsung Biologics 87 35,366 0.11%Samsung C&T 450 40,966 0.13%Samsung Card 144 4,585 0.01%Samsung Electro-Mechanics 288 30,205 0.10%Samsung Electronics Preference Shares 4,245 169,180 0.53%Samsung Electronics 25,032 1,184,549 3.73%Samsung Engineering 839 12,143 0.04%Samsung Fire & Marine Insurance 158 27,972 0.09%Samsung Heavy Industries 2,382 13,291 0.04%Samsung Life Insurance 361 21,051 0.07%Samsung SDI 363 84,061 0.27%Samsung SDS 184 29,950 0.09%

32


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


South Korea 11.38% (31 January 2019: 13.62%) (continued)

Samsung Securities 321 9,494 0.03%Shinhan Financial Group 2,356 77,390 0.24%Shinsegae 39 8,737 0.03%SK Holdings 181 35,764 0.11%SK Hynix 2,843 223,032 0.70%SK Innovation 292 31,850 0.10%SK Telecom 103 19,834 0.06%S-Oil 231 14,769 0.05%Woongjin Coway 266 19,595 0.06%Woori Financial Group 2,461 20,958 0.07%Yuhan 48 8,780 0.03%

Total South Korea 3,614,498 11.38%

Spain 0.02% (31 January 2019: - )

AmRest Holdings 379 4,700 0.02%

Taiwan 11.17% (31 January 2019: 10.36%)

Accton Technology 3,000 16,187 0.05%Acer 14,000 7,832 0.02%Advantech 2,000 19,266 0.06%Airtac International Group 1,000 15,525 0.05%ASE Technology Holding 18,000 44,450 0.14%Asia Cement 11,000 16,441 0.05%Asustek Computer 4,000 29,660 0.09%AU Optronics 45,000 15,045 0.05%Catcher Technology 3,000 24,231 0.08%Cathay Financial Holding 41,306 55,582 0.18%Chailease Holding 6,211 26,111 0.08%Chang Hwa Commercial Bank 27,010 19,179 0.06%Cheng Shin Rubber Industry 10,000 13,026 0.04%Chicony Electronics 3,010 8,559 0.03%China Airlines 12,000 3,186 0.01%China Development Financial Holding 65,000 19,989 0.06%China Life Insurance 14,378 11,756 0.04%China Steel 61,000 46,645 0.15%Chunghwa Telecom 20,000 71,502 0.23%Compal Electronics 22,000 13,364 0.04%CTBC Financial Holding 95,000 69,342 0.22%Delta Electronics 10,000 47,337 0.15%E.Sun Financial Holding 53,631 49,887 0.16%Eclat Textile 1,000 12,910 0.04%Eva Airways 10,607 4,284 0.01%Evergreen Marine Corporation Taiwan 11,109 4,321 0.01%Far Eastern New Century 17,000 15,869 0.05%Far EasTone Telecommunications 8,000 18,167 0.06%Feng TAY Enterprise 2,100 12,721 0.04%First Financial Holding 50,702 39,610 0.12%Formosa Chemicals & Fibre 18,000 50,588 0.16%Formosa Petrochemical 6,000 17,856 0.06%Formosa Plastics 23,000 71,111 0.22%Formosa Taffeta 4,000 4,476 0.01%Foxconn Technology 5,000 10,014 0.03%Fubon Financial Holding 34,000 50,703 0.16%Giant Manufacturing 2,000 11,917 0.04%Globalwafers 1,000 13,241 0.04%Highwealth Construction 4,000 5,992 0.02%Hiwin Technologies 1,060 10,737 0.03%Hon Hai Precision Industry 73,200 201,604 0.63%Hotai Motor 2,000 41,180 0.13%

33


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Taiwan 11.17% (31 January 2019: 10.36%) (continued)

Hua Nan Financial Holdings 39,754 28,491 0.09%Innolux 44,000 12,817 0.04%Inventec 13,000 9,876 0.03%Lite-On Technology 11,000 17,187 0.05%MediaTek 8,000 102,751 0.32%Mega Financial Holding 56,000 58,486 0.18%Micro-Star International 3,000 9,216 0.03%Nan Ya Plastics 26,000 59,989 0.19%Nanya Technology 6,000 15,512 0.05%Nien Made Enterprise 1,000 8,193 0.03%Novatek Microelectronics 3,000 21,649 0.07%Pegatron 10,000 21,053 0.07%Phison Electronics 1,000 10,576 0.03%Pou Chen 11,000 12,781 0.04%Powertech Technology 4,000 14,300 0.05%President Chain Store 3,000 29,644 0.09%Quanta Computer 14,000 28,733 0.09%Realtek Semiconductor 2,000 16,386 0.05%Ruentex Development 3,200 4,497 0.01%Ruentex Industries 2,200 4,959 0.02%Shanghaimmercial & Savings Bank 17,137 28,364 0.09%Shin Kong Financial Holding 55,414 18,068 0.06%SinoPac Financial Holdings 54,540 23,290 0.07%Standard Foods 2,000 4,581 0.01%Synnex Technology International 7,000 8,690 0.03%Taishin Financial Holding 48,980 22,942 0.07%Taiwan Business Bank 27,270 11,149 0.04%Taiwan Cement 24,472 34,064 0.11%Taiwan Cooperative Financial Holding 45,879 31,589 0.10%Taiwan High Speed Rail 10,000 11,967 0.04%Taiwan Mobile 8,000 28,336 0.09%Taiwan Semiconductor Manufacturing 129,000 1,366,480 4.30%Tatung 9,000 5,839 0.02%Uni-President Enterprises 25,000 60,081 0.19%United Microelectronics 57,000 28,114 0.09%Vanguard International Semiconductor 5,000 12,447 0.04%Walsin Technology 2,000 13,936 0.04%Win Semiconductors 2,000 18,670 0.06%Winbond Electronics 14,000 7,855 0.02%Wistron 14,205 12,814 0.04%WPG Holdings 7,520 9,459 0.03%Yageo 1,198 15,327 0.05%Yuanta Financial Holding 52,000 33,910 0.11%Zhen Ding Technology Holding 3,000 11,867 0.04%

Total Taiwan 3,548,338 11.17%

Thailand 2.41% (31 January 2019: 2.38%)

Advanced Info Service 6,100 39,923 0.13%Airports of Thailand 22,500 50,890 0.16%B Grimm Power 6,400 12,730 0.04%Bangkok Bank 2,400 11,088 0.04%Bangkok Dusit Medical Services 47,600 38,025 0.12%Bangkok Expressway & Metro 36,300 12,810 0.04%Banpu 20,300 6,578 0.02%Berli Jucker 5,600 7,366 0.02%BTS Group Holdings 36,044 14,455 0.05%Bumrungrad Hospital 2,100 8,994 0.03%Central Pattana 11,600 22,608 0.07%Charoen Pokphand Foods 20,400 19,634 0.06%

34


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Thailand 2.41% (31 January 2019: 2.38%) (continued)

CP ALL 30,800 69,910 0.22%Electricity Generating 1,400 13,654 0.04%Energy Absolute 8,900 12,349 0.04%Global Power Synergy 5,700 15,361 0.05%Gulf Energy Development 2,900 17,910 0.06%Home Product Center 29,500 13,818 0.04%Indorama Ventures 10,800 9,788 0.03%Intouch Holdings 12,100 21,642 0.07%IRPC 52,000 4,805 0.02%Kasikornbank 10,200 45,977 0.14%Krung Thai Bank 17,100 8,833 0.03%Land & Houses 42,100 12,561 0.04%Minor International 15,900 15,686 0.05%Muangthai Capital 2,700 5,630 0.02%Osotspa 4,300 6,105 0.02%PTT 60,600 84,086 0.26%PTT Exploration & Production 6,900 27,560 0.09%PTT Global Chemical 12,500 19,650 0.06%Ratch Group 3,400 7,417 0.02%Siam Cement 4,100 47,090 0.15%Siam Commercial Bank 4,300 13,519 0.04%Srisawad 4,500 10,828 0.03%Thai Oil 5,900 9,843 0.03%Thai Union Group 15,400 7,559 0.02%TMB Bank 116,728 5,280 0.02%Total Access Communication 4,200 5,996 0.02%True 63,000 7,600 0.02%

Total Thailand 765,558 2.41%

Turkey 0.50% (31 January 2019: 0.67%)

Akbank 14,910 20,578 0.07%Anadolu Efes Biracilik Ve Malt Sanayii 964 3,991 0.01%Arcelik 925 3,230 0.01%Aselsan Elektronik Sanayi Ve Ticaret 1,807 7,083 0.02%BIM Birlesik Magazalar 2,210 18,012 0.06%Eregli Demir ve Celik Fabrikalari 7,455 11,622 0.04%Ford Otomotiv Sanayi 330 4,135 0.01%Haci Omer Sabanci Holding 4,345 7,078 0.02%KOC Holding 4,129 13,481 0.04%TAV Havalimanlari Holding 997 4,538 0.01%Tupras Turkiye Petrol Rafinerileri 633 11,909 0.04%Turk Hava Yollari 2,975 6,800 0.02%Turkcell Iletisim Hizmetleri 5,803 13,671 0.04%Turkiye Garanti Bankasi 12,060 23,979 0.08%Turkiye Is Bankasi 8,390 10,163 0.03%

Total Turkey 160,270 0.50%

United Arab Emirates 0.62% (31 January 2019: 0.70%)

Abu Dhabi Commercial Bank 14,314 29,813 0.09%Aldar Properties 19,932 12,102 0.04%DP World 926 12,964 0.04%Dubai Islamic Bank 8,424 13,096 0.04%Emaar Malls 11,950 5,921 0.02%Emaar Properties 18,856 20,740 0.07%Emirates Telecommunications Group 9,155 40,578 0.13%First Abu Dhabi Bank 14,268 60,133 0.19%

Total United Arab Emirates 195,347 0.62%

35


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


United States 0.01% (31 January 2019: 0.04%)

Nexteer Automotive Group 4,000 2,967 0.01%

Total Equities 30,846,472 97.12%

Transferable Securities 0.22% (31 January 2019: 0.40%)

Mexico 0.08% (31 January 2019: 0.09%)

Fibra Uno Administracion REIT 16,600 27,210 0.08%

South Africa 0.14% (31 January 2019: 0.31%)

Fortress REIT 6,456 7,941 0.03%Growthpoint Properties REIT 15,451 21,725 0.07%Redefine Properties REIT 28,490 13,657 0.04%

Total South Africa 43,323 0.14%

Total Transferable Securities 70,533 0.22%

Warrants 0.00% (31 January 2019: 0.00%)


BTS Group Holdings (expires 16/02/2021) 3,604 0 0.00%Minor International (expires 31/12/2021) 435 30 0.00%

Total Thailand 30 0.00% Total Warrants 30 0.00%

Principal Currency Principal Maturity Date Coupon

Fair ValueUSD

% of Sub-Fund NAV*

Corporate Bonds 0.00% (31 January 2019: - )

India 0.00% (31 January 2019: - )

Britannia Industries INR 8,100 28/08/2022 8.00% 118 0.00%

Total Corporate Bonds 118 0.00%

Financial Assets at Fair Value Through Profit or Loss 30,917,153 97.34%

Financial Derivative Instruments (0.14%) (31 January 2019: 0.18%)

Futures Contracts (0.14%) (31 January 2019: 0.18%)

BrokerNumber of Contracts

Notional Amount

UnrealisedGain/(Loss)

USD% of Sub-

Fund NAV*MSCI Emerging Markets 20 March 2020 Morgan Stanley 15 833,111 (45,536) (0.14%)Total Futures Contracts (45,536) (0.14%)

Total Financial Derivative Instruments (45,536) (0.14%) Other Assets and Liabilities 888,699 2.80%Net Assets Attributable to Holders of Redeemable Participating Shares 31,760,316 100.00%

Portfolio Analysis USD% of Sub-

Fund Assets*(a) Transferable securities admitted to an official stock exchange listing 30,917,035 96.75%(b) Transferable securities dealt in on another regulated market 118 0.00%(c) Financial derivative instruments (45,536) (0.14%)(d) Other assets 1,085,464 3.40%Total Assets 31,957,081 100.00%*The percentage of net assets disclosed above is subject to rounding.

36

Fidelity MSCI Europe Index Fund SCHEDULE OF INVESTMENTS AS AT 31 JANUARY 2020

A

Number of

Shares Fair Value

EUR% of Sub-

Fund NAV*


Australia 0.50% (31 January 2019: 0.56%)

BHP Group 3,548 70,049 0.50%

Austria 0.34% (31 January 2019: 0.38%)

ANDRITZ 117 4,161 0.03%Erste Group Bank 533 17,674 0.13%OMV 240 10,798 0.08%Raiffeisen Bank International 227 4,676 0.03%Verbund 127 6,060 0.04%Voestalpine 191 4,187 0.03%

Total Austria 47,556 0.34%

Belgium 1.53% (31 January 2019: 1.56%)

Ageas 290 14,433 0.10%Anheuser-Busch 1,287 88,057 0.63%Colruyt 85 3,838 0.03%Galapagos 74 14,955 0.11%Groupe Bruxelles Lambert 140 12,701 0.09%KBC Group 416 27,564 0.20%Proximus 275 7,073 0.05%Solvay 122 11,412 0.08%Telenet Group Holding 71 2,981 0.02%UCB 213 17,696 0.12%Umicore 332 13,801 0.10%

Total Belgium 214,511 1.53%

Chile 0.05% (31 January 2019: 0.05%)

Antofagasta 661 6,465 0.05%

Denmark 3.04% (31 January 2019: 2.70%)

AP Moller - Maersk (Class A) 7 7,119 0.05%AP Moller - Maersk (Class B) 11 11,911 0.09%Carlsberg 184 24,287 0.17%Chr. Hansen Holding 178 11,976 0.09%Coloplast 208 23,686 0.17%Danske Bank 1,103 16,664 0.12%Demant 202 5,920 0.04%DSV 370 36,322 0.26%Genmab 109 22,718 0.16%H. Lundbeck 115 4,413 0.03%ISS 266 5,827 0.04%Novo Nordisk 2,980 164,493 1.17%Novozymes 357 16,811 0.12%Orsted 318 31,319 0.22%Pandora 168 7,855 0.06%Tryg 228 6,236 0.05%Vestas Wind Systems 316 28,450 0.20%

Total Denmark 426,007 3.04%

Finland 1.82% (31 January 2019: 1.99%)

Elisa 238 12,933 0.09%Fortum 758 16,570 0.12%Kone 572 33,325 0.24%Metso 185 5,940 0.04%Neste 710 25,475 0.18%Nokia 9,479 33,361 0.24%Nokian Renkaat 215 5,227 0.04%Nordea Bank 5,384 38,368 0.27%

37

Fidelity MSCI Europe Index Fund SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 JANUARY 2020

Number of

Shares Fair Value

EUR% of Sub-

Fund NAV*


Finland 1.82% (31 January 2019: 1.99%) (continued)

Orion 175 7,467 0.05%Sampo 748 30,571 0.22%Stora Enso 963 11,325 0.08%UPM-Kymmene 908 25,905 0.19%Wartsila 752 8,328 0.06%

Total Finland 254,795 1.82%

France 16.87% (31 January 2019: 16.30%)

Accor 293 10,850 0.08%Aeroports de Paris 54 9,234 0.07%Air Liquide 796 104,077 0.74%Airbus 984 131,108 0.93%Alstom 329 15,772 0.11%Amundi 106 7,765 0.06%Arkema 113 9,381 0.07%Atos 166 12,473 0.09%AXA 3,261 78,525 0.56%BioMerieux 69 6,172 0.04%BNP Paribas 1,893 90,949 0.65%Bollore NV 3 11 0.00%Bollore 1,783 6,551 0.05%Bouygues 364 13,006 0.09%Bureau Veritas 480 11,957 0.09%Capgemini 272 30,559 0.22%Carrefour 1,044 15,978 0.11%Casino Guichard Perrachon 88 3,226 0.02%Cie de Saint-Gobain 825 28,244 0.20%Cie Generale des Etablissements Michelin 285 29,925 0.21%CNP Assurances 363 5,906 0.04%Credit Agricole 1,954 23,897 0.17%Danone 1,041 75,368 0.54%Dassault Aviation 4 4,392 0.03%Dassault Systemes 220 34,474 0.25%Edenred 412 20,101 0.14%Eiffage 128 13,408 0.10%Electricite de France 1,012 11,289 0.08%Engie 3,059 47,598 0.34%EssilorLuxottica 474 63,635 0.45%Eurazeo 63 4,076 0.03%Eutelsat Communications 267 3,617 0.03%Faurecia 132 5,698 0.04%Getlink 771 12,297 0.09%Hermes International 55 37,213 0.27%Iliad 34 4,036 0.03%Ingenico Group 102 10,730 0.08%Ipsen 63 4,221 0.03%JCDecaux 130 3,143 0.02%Kering 128 71,040 0.51%Legrand 447 32,363 0.23%L'Oreal 426 107,309 0.76%LVMH 468 185,000 1.32%Natixis 1,645 6,289 0.04%Orange 3,377 43,243 0.31%Pernod Ricard 357 55,871 0.40%Peugeot 978 18,201 0.13%Publicis Groupe 360 14,411 0.10%Remy Cointreau 37 3,522 0.02%Renault 336 11,842 0.08%Safran 551 80,418 0.57%

38


Number of

Shares Fair Value

EUR% of Sub-

Fund NAV*


France 16.87% (31 January 2019: 16.30%) (continued)

Sanofi 1,898 165,031 1.18%Sartorius Stedim Biotech 46 7,457 0.05%Schneider Electric 938 84,908 0.60%SCOR 266 10,222 0.07%SEB 45 5,225 0.04%Societe Generale 1,377 40,243 0.29%Sodexo 146 13,812 0.10%Suez 572 8,483 0.06%Teleperformance 101 22,907 0.16%Thales 177 17,562 0.12%Total 4,027 177,772 1.27%Ubisoft Entertainment 142 9,747 0.07%Valeo 405 10,903 0.08%Veolia Environnement 895 23,879 0.17%Vinci 865 86,673 0.62%Vivendi 1,445 35,778 0.25%Wendel 42 5,065 0.04%Worldline 175 11,156 0.08%

Total France 2,367,194 16.87%

Germany 13.38% (31 January 2019: 13.74%)

adidas 304 86,883 0.62%Allianz 719 155,196 1.11%BASF 1,552 94,781 0.68%Bayer 1,572 114,835 0.82%Bayerische Motoren Werke 554 35,644 0.25%Bayerische Motoren Werke Preference Shares 97 4,889 0.04%Beiersdorf 171 17,510 0.12%Brenntag 256 12,001 0.09%Carl Zeiss Meditec 67 7,404 0.05%Commerzbank 1,654 8,601 0.06%Continental 184 18,941 0.14%Covestro 283 10,796 0.08%Daimler 1,525 63,753 0.45%Delivery Hero 191 13,297 0.09%Deutsche Bank 3,302 27,354 0.20%Deutsche Boerse 319 46,909 0.33%Deutsche Lufthansa 456 6,306 0.05%Deutsche Post 1,655 52,257 0.37%Deutsche Telekom 5,599 81,779 0.58%Deutsche Wohnen 603 23,035 0.16%E.ON 3,775 38,656 0.28%Evonik Industries 337 8,348 0.06%Fraport Frankfurt Airport Services Worldwide 85 5,724 0.04%Fresenius 700 32,288 0.23%Fresenius Medical Care 357 24,883 0.18%FUCHS PETROLUB 122 4,880 0.04%GEA Group 258 6,989 0.05%Hannover Rueck 106 18,603 0.13%HeidelbergCement 251 15,381 0.11%Henkel 171 14,279 0.10%Henkel Preference Shares 302 27,766 0.20%HOCHTIEF 40 4,184 0.03%Infineon Technologies 2,101 41,129 0.29%KION Group 109 6,180 0.04%Knorr-Bremse 84 8,275 0.06%LANXESS 139 7,550 0.05%Merck 217 25,150 0.18%METRO 276 3,476 0.03%

39


Number of

Shares Fair Value

EUR% of Sub-

Fund NAV*


Germany 13.38% (31 January 2019: 13.74%) (continued)

MTU Aero Engines 88 24,147 0.17%Muenchener Rueckversicherungs-Gesellschaft 240 63,912 0.46%Porsche Automobil Holding 259 15,835 0.11%Puma 138 9,991 0.07%RWE 998 31,277 0.22%SAP 1,658 195,346 1.39%Sartorius 60 12,636 0.09%Siemens 1,288 143,792 1.02%Siemens Healthineers 260 11,045 0.08%Symrise 217 20,168 0.14%Telefonica Deutschland Holding 1,367 3,736 0.03%Thyssenkrupp 679 7,581 0.05%TUI 730 6,759 0.05%Uniper 333 9,860 0.07%United Internet 170 4,981 0.04%Volkswagen 61 10,102 0.07%Volkswagen Preference Shares 305 49,526 0.35%Vonovia 865 44,582 0.32%Wirecard 199 26,507 0.19%Zalando 232 10,076 0.07%

Total Germany 1,877,771 13.38%

Ireland 1.41% (31 January 2019: 1.00%)

AerCap Holdings 219 11,187 0.08%AIB Group 1,311 3,479 0.02%Bank of Ireland Group 1,629 7,191 0.05%CRH 1,371 46,504 0.33%DCC 161 11,743 0.08%Experian 1,525 47,835 0.34%Kerry Group 265 30,555 0.22%Kingspan Group 265 14,747 0.11%Paddy Power Betfair 135 13,838 0.10%Smurfit Kappa Group 362 11,323 0.08%

Total Ireland 198,402 1.41%

Isle Of Man 0.07% (31 January 2019: 0.06%)

GVC Holdings 967 10,090 0.07%

Italy 3.28% (31 January 2019: 3.12%)

Assicurazioni Generali 1,827 32,146 0.23%Atlantia 832 18,445 0.13%Davide Campari-Milano 966 8,433 0.06%Enel 13,710 107,692 0.77%ENI 4,278 54,151 0.39%Ferrari 204 31,110 0.22%FinecoBank Banca Fineco 1,009 10,670 0.08%Intesa Sanpaolo 24,951 56,028 0.40%Leonardo 681 7,614 0.05%Mediobanca Banca di Credito Finanziario 1,039 9,363 0.07%Moncler 303 11,817 0.08%Pirelli & C 650 2,842 0.02%Poste Italiane 849 8,787 0.06%Prysmian 397 7,972 0.06%Recordati 180 6,953 0.05%Snam 3,491 16,886 0.12%Telecom Italia 15,907 7,744 0.06%Telecom Italia (RSP) 9,669 4,593 0.03%Terna Rete Elettrica Nazionale 2,452 15,438 0.11%

40


Number of

Shares Fair Value

EUR% of Sub-

Fund NAV*


Italy 3.28% (31 January 2019: 3.12%) (continued)

UniCredit 3,407 41,163 0.29%

Total Italy 459,847 3.28%


ArcelorMittal 1,117 14,919 0.10%Aroundtown 1,616 13,794 0.10%Eurofins Scientific 20 9,720 0.07%Millicom International Cellular 162 6,907 0.05%SES 605 6,718 0.05%Tenaris 791 7,378 0.05%

Total Luxembourg 59,436 0.42%

Netherlands 7.56% (31 January 2019: 7.57%)

ABN AMRO Bank 692 10,878 0.08%Adyen 18 14,958 0.11%Aegon 2,893 10,614 0.07%Akzo Nobel 390 33,267 0.24%Altice Europe 1,137 6,613 0.05%ASML Holding 717 182,297 1.30%EXOR 184 12,262 0.09%Heineken 444 43,654 0.31%Heineken Holding 190 16,891 0.12%ING Groep 6,528 64,138 0.46%Koninklijke Ahold Delhaize 1,999 44,378 0.32%Koninklijke DSM 303 33,421 0.24%Koninklijke KPN 6,169 15,626 0.11%Koninklijke Philips 1,529 63,300 0.45%Koninklijke Vopak 112 5,418 0.04%NN Group 499 15,669 0.11%NXP Semiconductors 473 54,146 0.38%Prosus 829 54,076 0.38%QIAGEN 381 11,491 0.08%Randstad 196 10,184 0.07%Royal Dutch Shell (A Shares) 7,359 174,580 1.24%Royal Dutch Shell (B Shares) 6,355 151,185 1.08%Wolters Kluwer 477 32,398 0.23%

Total Netherlands 1,061,444 7.56%

Norway 0.94% (31 January 2019: 1.19%)

Aker BP 173 4,423 0.03%DNB 1,588 25,160 0.18%Equinor 1,666 27,261 0.20%Gjensidige Forsikring 339 6,670 0.05%Mowi 738 15,908 0.11%Norsk Hydro 2,274 6,458 0.05%Orkla 1,264 11,013 0.08%Schibsted 183 4,694 0.03%Telenor 1,220 19,939 0.14%Yara International 296 9,719 0.07%

Total Norway 131,245 0.94%

Portugal 0.27% (31 January 2019: 0.25%)

Energias de Portugal 4,279 19,358 0.14%Galp Energia 813 11,089 0.08%Jeronimo Martins 451 7,011 0.05%

Total Portugal 37,458 0.27%

41


Number of

Shares Fair Value

EUR% of Sub-

Fund NAV*


Russia 0.02% (31 January 2019: - )

Evraz 833 3,494 0.02%

Spain 4.44% (31 January 2019: 4.81%)

ACS Actividades de Construccion y Servicios 445 13,363 0.10%Aena SME 111 18,554 0.13%Amadeus IT Group 725 51,344 0.37%Banco Bilbao Vizcaya Argentaria 11,155 52,077 0.37%Banco de Sabadell 9,403 7,654 0.05%Banco Santander 28,040 99,654 0.71%Bankia 1,880 3,086 0.02%Bankinter 1,208 7,072 0.05%CaixaBank 6,043 15,953 0.11%Cellnex Telecom 422 18,956 0.13%Enagas 415 10,093 0.07%Endesa 527 13,054 0.09%Ferrovial 848 24,304 0.17%Grifols 501 15,180 0.11%Iberdrola 176 1,737 0.01%Iberdrola Interim 10,453 103,171 0.74%Industria de Diseno Textil 1,827 55,486 0.40%Mapfre 1,652 3,819 0.03%Naturgy Energy Group 482 11,472 0.08%Red Electrica 712 12,841 0.09%Repsol 2,442 30,440 0.22%Siemens Gamesa Renewable Energy 394 5,676 0.04%Telefonica 7,977 48,731 0.35%

Total Spain 623,717 4.44%

Sweden 3.88% (31 January 2019: 3.94%)

Alfa Laval 521 11,755 0.08%Assa Abloy 1,677 36,000 0.26%Atlas Copco (A Shares) 1,172 37,525 0.27%Atlas Copco (B Shares) 614 17,245 0.12%Boliden 483 10,369 0.07%Electrolux 371 7,943 0.06%Epiroc (A Shares) 954 9,976 0.07%Epiroc (B Shares) 800 8,171 0.06%Essity 1,037 29,708 0.21%Hennes & Mauritz 1,366 27,067 0.19%Hexagon 440 21,634 0.16%Husqvarna 821 5,589 0.04%ICA Gruppen 158 6,269 0.05%Industrivarden 349 7,427 0.05%Investor 783 38,719 0.28%Kinnevik 407 8,870 0.06%L. E. Lundbergforetagen 116 4,546 0.03%Lundin Petroleum 307 8,438 0.06%Sandvik 1,890 31,168 0.22%Securitas 528 7,501 0.05%Skandinaviska Enskilda Banken 2,726 24,306 0.17%Skanska 555 11,587 0.08%SKF 644 10,653 0.08%Svenska Handelsbanken 2,604 23,082 0.17%Swedbank 1,524 21,152 0.15%Swedish Match 291 14,858 0.11%Tele2 826 11,244 0.08%Telefonaktiebolaget LM Ericsson 5,158 36,584 0.26%Telia 4,455 17,204 0.12%

42


Number of

Shares Fair Value

EUR% of Sub-

Fund NAV*


Sweden 3.88% (31 January 2019: 3.94%) (continued) Volvo 2,475 38,301 0.27%Total Sweden 544,891 3.88%

Switzerland 15.75% (31 January 2019: 14.80%)

ABB 3,100 65,289 0.47%Adecco Group 257 13,634 0.10%Alcon 695 37,026 0.26%Baloise Holding 79 12,883 0.09%Barry Callebaut 5 9,992 0.07%Chocoladefabriken Lindt & Spruengli 3 22,694 0.16%Cie Financiere Richemont 876 57,897 0.41%Clariant 356 7,238 0.05%Coca-Cola HBC 327 10,837 0.08%Credit Suisse Group 4,324 49,418 0.35%Dufry 74 5,798 0.04%EMS-Chemie Holding 13 7,687 0.05%Geberit 63 30,014 0.21%Givaudan 16 47,605 0.34%Glencore 18,227 48,240 0.34%Julius Baer Group 379 17,127 0.12%Kuehne + Nagel International 92 13,428 0.10%LafargeHolcim 818 37,578 0.27%Lonza Group 127 47,078 0.34%Nestle 5,015 499,152 3.56%Novartis 3,619 308,704 2.20%Pargesa Holding 59 4,270 0.03%Partners Group Holding 32 26,491 0.19%Roche Holding 1,184 359,253 2.56%Schindler Holding 64 14,934 0.11%Schindler Holding Registered 41 9,207 0.07%SGS 9 23,502 0.17%Sika 216 35,064 0.25%Sonova Holding 95 21,492 0.15%STMicroelectronics 1,148 29,033 0.21%Straumann Holding 17 14,633 0.10%Swatch Group 47 10,673 0.08%Swatch Group Registered 116 5,103 0.04%Swiss Life Holding 58 26,341 0.19%Swiss Prime Site 133 14,659 0.10%Swiss Re 487 49,666 0.35%Swisscom 42 20,811 0.15%Temenos 110 16,045 0.11%UBS Group 6,469 72,631 0.52%Vifor Pharma 79 13,157 0.09%Zurich Insurance Group 250 93,726 0.67%

Total Switzerland 2,210,010 15.75%


NMC Health 209 3,212 0.02%

United Kingdom 22.60% (31 January 2019: 23.44%)

3i Group 1,613 21,192 0.15%Admiral Group 449 12,065 0.09%Anglo American 1,739 41,073 0.29%Ashtead Group 769 22,456 0.16%Associated British Foods 592 18,492 0.13%AstraZeneca 2,210 195,161 1.39%Auto Trader Group 1,541 10,302 0.07%AVEVA Group 107 6,259 0.04%

43


Number of

Shares Fair Value

EUR% of Sub-

Fund NAV*


United Kingdom 22.60% (31 January 2019: 23.44%) (continued)

Aviva 6,498 30,794 0.22%BAE Systems 5,371 40,339 0.29%Barclays 28,828 57,609 0.41%Barratt Developments 1,694 16,176 0.12%Berkeley Group Holdings 196 12,217 0.09%BP 34,256 186,093 1.33%British American Tobacco 3,860 154,158 1.10%BT Group 13,990 26,779 0.19%Bunzl 563 13,159 0.09%Burberry Group 680 15,797 0.11%Centrica 9,642 9,730 0.07%CNH Industrial 1,749 15,083 0.11%Coca-Cola European Partners 385 18,277 0.13%Compass Group 2,664 59,479 0.42%Croda International 210 12,450 0.09%Diageo 3,974 142,284 1.01%Direct Line Insurance Group 2,815 11,311 0.08%easyJet 259 4,292 0.03%Ferguson 382 30,907 0.22%Fiat Chrysler Automobiles 1,823 21,388 0.15%G4S 3,510 8,158 0.06%GlaxoSmithKline 8,392 178,083 1.27%Halma 628 15,739 0.11%Hargreaves Lansdown 475 9,746 0.07%HSBC Holdings 34,432 225,999 1.61%Imperial Brands 1,599 37,104 0.26%Informa 2,441 22,497 0.16%InterContinental Hotels Group 287 15,996 0.11%Intertek Group 271 18,568 0.13%ITV 5,948 9,580 0.07%J. Sainsbury 3,816 9,187 0.07%JD Sports Fashion 732 7,156 0.05%Johnson Matthey 318 9,854 0.07%Kingfisher 3,490 8,469 0.06%Legal & General Group 9,940 36,121 0.26%Lloyds Banking Group 117,762 79,550 0.57%London Stock Exchange Group 529 49,308 0.35%M&G 4,248 12,137 0.09%Marks & Spencer Group 3,230 6,762 0.05%Meggitt 1,264 10,158 0.07%Melrose Industries 8,068 22,380 0.16%Micro Focus International 570 6,951 0.05%Mondi 821 15,098 0.11%National Grid 5,805 69,451 0.50%Next 221 18,118 0.13%Ocado Group 770 11,206 0.08%Pearson 1,280 8,654 0.06%Persimmon 531 19,283 0.14%Prudential 4,362 70,150 0.50%Reckitt Benckiser Group 1,191 88,982 0.63%RELX (GBP) 3,260 78,059 0.56%Rentokil Initial 3,022 16,787 0.12%Rio Tinto 1,901 92,349 0.66%Rolls-Royce Holdings 2,895 23,072 0.16%Royal Bank of Scotland Group 8,054 20,914 0.15%RSA Insurance Group 1,713 11,215 0.08%Sage Group 1,789 15,713 0.11%Schroders 212 8,102 0.06%Severn Trent 390 11,964 0.09%Smith & Nephew 1,457 31,655 0.23%

44


Number of

Shares Fair Value

EUR% of Sub-

Fund NAV*



Smiths Group 649 13,043 0.09%Spirax-Sarco Engineering 121 12,838 0.09%SSE 1,711 30,701 0.22%St. James's Place 860 11,703 0.08%Standard Chartered 4,523 33,948 0.24%Standard Life Aberdeen 4,037 14,478 0.10%Taylor Wimpey 5,513 14,106 0.10%Tesco 16,356 48,035 0.34%Unilever NV 2,471 130,222 0.93%Unilever 1,868 100,733 0.72%United Utilities Group 1,126 13,575 0.10%Vodafone Group 44,933 79,797 0.57%Weir Group 560 8,979 0.06%Whitbread 221 11,751 0.08%Wm Morrison Supermarkets 4,083 8,837 0.06%WPP 2,117 23,797 0.17%

Total United Kingdom 3,172,140 22.60%


Carnival 261 9,680 0.07%



France 0.47% (31 January 2019: 0.55%)

Covivio REIT 89 9,541 0.07%Gecina REIT 75 12,780 0.09%ICADE REIT 46 4,637 0.03%Klepierre REIT 330 10,141 0.07%Unibail-Rodamco-Westfield REIT 239 29,301 0.21%

Total France 66,400 0.47%


British Land REIT 1,451 9,572 0.07%Land Securities Group REIT 1,164 12,987 0.09%Segro REIT 1,779 19,269 0.14%

Total United Kingdom 41,828 0.30%



Financial Derivative Instruments (0.12%) (31 January 2019: (0.03%))



Notional Amount


EUR% of Sub-

Fund NAV*Euro STOXX 50 20 March 2020 Morgan Stanley 4 148,600 (3,040) (0.02%)Total Futures Contracts (3,040) (0.02%)

45


Financial Derivative Instruments (0.12%) (31 January 2019: (0.03%)) (continued)

Open Forward Foreign Exchange Contracts held for Portfolio Hedging Purposes (0.09%) (31 January 2019: (0.04%))

Currency Buy Amount Currency Sell Amount Counterparty Settlement Date

Unrealised Gain/(Loss)

EUR% of Sub-

Fund NAV*EUR 104,395 SEK (1,100,886) Brown Brothers Harriman 17/02/2020 1,349 0.01%EUR 24,258 NOK (240,224) Brown Brothers Harriman 17/02/2020 759 0.00%EUR 3,628 SEK (38,337) Brown Brothers Harriman 17/02/2020 39 0.00%EUR 801 NOK (7,920) Brown Brothers Harriman 17/02/2020 26 0.00%EUR 1,725 SEK (18,194) Brown Brothers Harriman 17/02/2020 22 0.00%EUR 2,072 SEK (21,905) Brown Brothers Harriman 17/02/2020 22 0.00%EUR 3,745 SEK (39,823) Brown Brothers Harriman 17/02/2020 18 0.00%EUR 1,158 SEK (12,209) Brown Brothers Harriman 17/02/2020 16 0.00%EUR 1,121 SEK (11,832) Brown Brothers Harriman 17/02/2020 14 0.00%EUR 484 NOK (4,815) Brown Brothers Harriman 17/02/2020 13 0.00%EUR 397 NOK (3,935) Brown Brothers Harriman 17/02/2020 12 0.00%EUR 71,823 DKK (536,600) Brown Brothers Harriman 17/02/2020 11 0.00%EUR 522 NOK (5,252) Brown Brothers Harriman 17/02/2020 9 0.00%EUR 740 SEK (7,817) Brown Brothers Harriman 17/02/2020 9 0.00%EUR 417 SEK (4,396) Brown Brothers Harriman 17/02/2020 5 0.00%EUR 168 NOK (1,660) Brown Brothers Harriman 17/02/2020 5 0.00%EUR 1,607 SEK (17,132) Brown Brothers Harriman 17/02/2020 4 0.00%EUR 96 NOK (951) Brown Brothers Harriman 17/02/2020 3 0.00%EUR 395 NOK (4,011) Brown Brothers Harriman 17/02/2020 3 0.00%GBP 307 EUR (363) Brown Brothers Harriman 17/02/2020 3 0.00%EUR 282 NOK (2,865) Brown Brothers Harriman 17/02/2020 1 0.00%GBP 143 EUR (169) Brown Brothers Harriman 17/02/2020 1 0.00%GBP 57 EUR (67) Brown Brothers Harriman 17/02/2020 0 0.00%EUR 25 SEK (266) Brown Brothers Harriman 17/02/2020 0 0.00%EUR 22 SEK (230) Brown Brothers Harriman 17/02/2020 0 0.00%EUR 1,169 DKK (8,736) Brown Brothers Harriman 17/02/2020 0 0.00%EUR 6 NOK (58) Brown Brothers Harriman 17/02/2020 0 0.00%EUR 2,086 DKK (15,583) Brown Brothers Harriman 17/02/2020 0 0.00%EUR 1,965 DKK (14,681) Brown Brothers Harriman 17/02/2020 0 0.00%EUR 8 NOK (77) Brown Brothers Harriman 17/02/2020 0 0.00%EUR 26 SEK (272) Brown Brothers Harriman 17/02/2020 0 0.00%CHF 120 EUR (112) Brown Brothers Harriman 17/02/2020 0 0.00%EUR 2,141 DKK (16,001) Brown Brothers Harriman 17/02/2020 0 0.00%EUR 5 SEK (56) Brown Brothers Harriman 17/02/2020 0 0.00%EUR 986 DKK (7,369) Brown Brothers Harriman 17/02/2020 0 0.00%EUR 283 DKK (2,111) Brown Brothers Harriman 17/02/2020 0 0.00%EUR 4 SEK (47) Brown Brothers Harriman 17/02/2020 0 0.00%CHF 20 EUR (19) Brown Brothers Harriman 17/02/2020 0 0.00%EUR 510 DKK (3,812) Brown Brothers Harriman 17/02/2020 0 0.00%EUR 1 NOK (12) Brown Brothers Harriman 17/02/2020 0 0.00%EUR 3,907 DKK (29,192) Brown Brothers Harriman 17/02/2020 0 0.00%EUR 39 DKK (295) Brown Brothers Harriman 17/02/2020 0 0.00%GBP 28 EUR (33) Brown Brothers Harriman 17/02/2020 0 0.00%EUR 21 DKK (159) Brown Brothers Harriman 17/02/2020 (0) (0.00%)EUR 4 DKK (31) Brown Brothers Harriman 17/02/2020 (0) (0.00%)EUR 10 DKK (71) Brown Brothers Harriman 17/02/2020 (0) (0.00%)EUR 22 DKK (166) Brown Brothers Harriman 17/02/2020 (0) (0.00%)DKK 237 EUR (32) Brown Brothers Harriman 17/02/2020 (0) (0.00%)DKK 376 EUR (50) Brown Brothers Harriman 17/02/2020 (0) (0.00%)EUR 8 DKK (60) Brown Brothers Harriman 17/02/2020 (0) (0.00%)DKK 63 EUR (8) Brown Brothers Harriman 17/02/2020 (0) (0.00%)DKK 40 EUR (5) Brown Brothers Harriman 17/02/2020 (0) (0.00%)EUR 49 DKK (367) Brown Brothers Harriman 17/02/2020 (0) (0.00%)NOK 10 EUR (1) Brown Brothers Harriman 17/02/2020 (0) (0.00%)NOK 13 EUR (1) Brown Brothers Harriman 17/02/2020 (0) (0.00%)USD 1 EUR (1) Brown Brothers Harriman 18/02/2020 (0) (0.00%)USD 1 EUR (1) Brown Brothers Harriman 18/02/2020 (0) (0.00%)USD 3 EUR (3) Brown Brothers Harriman 18/02/2020 (0) (0.00%)CHF 31 EUR (29) Brown Brothers Harriman 17/02/2020 (0) (0.00%)EUR 31 CHF (33) Brown Brothers Harriman 17/02/2020 (0) (0.00%)

46



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



EUR% of Sub-

Fund NAV*USD 7 EUR (6) Brown Brothers Harriman 18/02/2020 (0) (0.00%)NOK 12 EUR (1) Brown Brothers Harriman 17/02/2020 (0) (0.00%)NOK 77 EUR (8) Brown Brothers Harriman 17/02/2020 (0) (0.00%)USD 7 EUR (7) Brown Brothers Harriman 18/02/2020 (0) (0.00%)SEK 118 EUR (11) Brown Brothers Harriman 17/02/2020 (0) (0.00%)EUR 99 CHF (106) Brown Brothers Harriman 17/02/2020 (0) (0.00%)SEK 53 EUR (5) Brown Brothers Harriman 17/02/2020 (0) (0.00%)USD 18 EUR (16) Brown Brothers Harriman 18/02/2020 (0) (0.00%)NOK 65 EUR (6) Brown Brothers Harriman 17/02/2020 (0) (0.00%)EUR 18 CHF (20) Brown Brothers Harriman 17/02/2020 (0) (0.00%)EUR 19 CHF (20) Brown Brothers Harriman 17/02/2020 (0) (0.00%)EUR 30 GBP (25) Brown Brothers Harriman 17/02/2020 (0) (0.00%)CHF 221 EUR (207) Brown Brothers Harriman 17/02/2020 (0) (0.00%)NOK 61 EUR (6) Brown Brothers Harriman 17/02/2020 (0) (0.00%)SEK 441 EUR (41) Brown Brothers Harriman 17/02/2020 (0) (0.00%)EUR 91 CHF (98) Brown Brothers Harriman 17/02/2020 (0) (0.00%)EUR 182 USD (203) Brown Brothers Harriman 18/02/2020 (0) (0.00%)SEK 313 EUR (30) Brown Brothers Harriman 17/02/2020 (0) (0.00%)EUR 75 CHF (80) Brown Brothers Harriman 17/02/2020 (0) (0.00%)EUR 103 USD (115) Brown Brothers Harriman 18/02/2020 (1) (0.00%)GBP 222 EUR (264) Brown Brothers Harriman 17/02/2020 (1) (0.00%)EUR 136 CHF (146) Brown Brothers Harriman 17/02/2020 (1) (0.00%)EUR 91 CHF (98) Brown Brothers Harriman 17/02/2020 (1) (0.00%)EUR 151 GBP (128) Brown Brothers Harriman 17/02/2020 (1) (0.00%)EUR 8,163 GBP (6,868) Brown Brothers Harriman 17/02/2020 (2) (0.00%)EUR 427 USD (477) Brown Brothers Harriman 18/02/2020 (2) (0.00%)EUR 238 GBP (204) Brown Brothers Harriman 17/02/2020 (4) (0.00%)EUR 13,303 CHF (14,227) Brown Brothers Harriman 17/02/2020 (9) (0.00%)EUR 1,444 CHF (1,554) Brown Brothers Harriman 17/02/2020 (10) (0.00%)EUR 2,575 CHF (2,764) Brown Brothers Harriman 17/02/2020 (12) (0.00%)EUR 5,506 CHF (5,900) Brown Brothers Harriman 17/02/2020 (15) (0.00%)EUR 7,253 CHF (7,771) Brown Brothers Harriman 17/02/2020 (19) (0.00%)EUR 7,526 GBP (6,352) Brown Brothers Harriman 17/02/2020 (26) (0.00%)EUR 5,437 CHF (5,853) Brown Brothers Harriman 17/02/2020 (40) (0.00%)EUR 5,978 CHF (6,434) Brown Brothers Harriman 17/02/2020 (42) (0.00%)EUR 2,528 GBP (2,163) Brown Brothers Harriman 17/02/2020 (44) (0.00%)EUR 4,482 GBP (3,820) Brown Brothers Harriman 17/02/2020 (59) (0.00%)EUR 18,731 CHF (20,116) Brown Brothers Harriman 17/02/2020 (92) (0.00%)EUR 14,403 GBP (12,221) Brown Brothers Harriman 17/02/2020 (127) (0.00%)EUR 10,452 GBP (8,944) Brown Brothers Harriman 17/02/2020 (183) (0.00%)EUR 25,625 GBP (21,924) Brown Brothers Harriman 17/02/2020 (442) (0.00%)EUR 365,681 CHF (393,523) Brown Brothers Harriman 17/02/2020 (2,549) (0.02%)EUR 638,615 GBP (546,502) Brown Brothers Harriman 17/02/2020 (11,160) (0.08%) Unrealised Gain on Open Forward Foreign Exchange Contracts held for Portfolio Hedging Purposes 2,344 0.01%Unrealised Loss on Open Forward Foreign Exchange Contracts held for Portfolio Hedging Purposes (14,842) (0.10%) Total Open Forward Foreign Exchange Contracts held for Portfolio Hedging Purposes (12,498) (0.09%)

47



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



EUR% of Sub-

Fund NAV*GBP 8,355 EUR (9,765) Brown Brothers Harriman 17/02/2020 169 0.00%EUR 1,184 PLN (5,072) Brown Brothers Harriman 17/02/2020 5 0.00%GBP 91 EUR (106) Brown Brothers Harriman 17/02/2020 2 0.00%GBP 86 EUR (100) Brown Brothers Harriman 17/02/2020 2 0.00%GBP 113 EUR (133) Brown Brothers Harriman 17/02/2020 1 0.00%EUR 111 GBP (93) Brown Brothers Harriman 17/02/2020 0 0.00%EUR 662 PLN (2,848) Brown Brothers Harriman 17/02/2020 0 0.00%GBP 6 EUR (7) Brown Brothers Harriman 17/02/2020 0 0.00%EUR 1 PLN (4) Brown Brothers Harriman 17/02/2020 0 0.00%EUR 0 GBP (0) Brown Brothers Harriman 17/02/2020 (0) (0.00%)EUR 140 GBP (118) Brown Brothers Harriman 17/02/2020 (0) (0.00%)PLN 207 EUR (48) Brown Brothers Harriman 17/02/2020 (0) (0.00%)EUR 51 GBP (44) Brown Brothers Harriman 17/02/2020 (1) (0.00%)EUR 137 GBP (116) Brown Brothers Harriman 17/02/2020 (1) (0.00%)PLN 502 EUR (118) Brown Brothers Harriman 17/02/2020 (2) (0.00%)PLN 3,385 EUR (789) Brown Brothers Harriman 17/02/2020 (3) (0.00%)PLN 1,639 EUR (388) Brown Brothers Harriman 17/02/2020 (7) (0.00%)PLN 1,759 EUR (416) Brown Brothers Harriman 17/02/2020 (7) (0.00%)PLN 73,728 EUR (17,356) Brown Brothers Harriman 17/02/2020 (217) (0.00%)PLN 170,663 EUR (40,350) Brown Brothers Harriman 17/02/2020 (677) (0.01%) Unrealised Gain on Open Forward Foreign Exchange Contracts held for Class Hedging Purposes 179 0.00%Unrealised Loss on Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (915) (0.01%) Total Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (736) (0.01%)

Total Financial Derivative Instruments (16,274) (0.12%) Other Assets and Liabilities 152,828 1.09%Net Assets Attributable to Holders of Redeemable Participating Shares 14,034,196 100.00%

Portfolio Analysis EUR% of Sub-

Fund Assets*(a) Transferable securities admitted to an official stock exchange listing 13,897,642 98.41%(b) Financial derivative instruments (16,274) (0.12%)(c) Other assets 240,940 1.71%Total Assets 14,122,308 100.00%*The percentage of net assets disclosed above is subject to rounding.

48

Fidelity MSCI Japan Index Fund SCHEDULE OF INVESTMENTS AS AT 31 JANUARY 2020

Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Japan 95.53% (31 January 2019: 97.78%)

ABC-Mart 1,800 116,917 0.06%Acom 22,000 104,738 0.05%Advantest 9,600 519,924 0.26%Aeon 35,700 742,261 0.37%AEON Financial Service 6,200 99,019 0.05%Aeon Mall 5,600 94,345 0.05%AGC 10,000 346,450 0.17%Air Water 10,000 140,333 0.07%Aisin Seiki 9,100 310,232 0.15%Ajinomoto 23,700 394,690 0.20%Alfresa Holdings 10,500 215,745 0.11%Alps Alpine 10,700 197,642 0.10%Amada Holdings 17,500 187,780 0.09%ANA Holdings 6,300 199,024 0.10%Aozora Bank 6,500 177,635 0.09%Asahi Group Holdings 19,400 910,351 0.45%Asahi Intecc 10,900 306,228 0.15%Asahi Kasei 69,400 728,673 0.36%Astellas Pharma 101,300 1,822,998 0.90%Bandai Namco Holdings 10,300 606,112 0.30%Bank of Kyoto 3,000 123,172 0.06%Benesse Holdings 4,000 111,270 0.05%Bridgestone 31,200 1,122,952 0.56%Brother Industries 12,300 245,467 0.12%Calbee 4,400 145,740 0.07%Canon 54,500 1,451,439 0.72%Casio Computer 10,000 189,048 0.09%Central Japan Railway 8,000 1,593,209 0.79%Chiba Bank 29,300 163,011 0.08%Chubu Electric Power 36,100 495,611 0.24%Chugai Pharmaceutical 11,700 1,216,040 0.60%Chugoku Electric Power 15,700 208,155 0.10%Coca-Cola Bottlers Japan Holdings 6,900 184,174 0.09%Concordia Financial Group 58,000 224,219 0.11%Credit Saison 8,000 131,088 0.06%CyberAgent 5,500 224,039 0.11%Dai Nippon Printing 13,100 368,035 0.18%Daicel 13,600 131,627 0.06%Daifuku 5,600 347,723 0.17%Dai-ichi Life Holdings 60,500 924,371 0.46%Daiichi Sankyo 30,900 2,121,390 1.05%Daikin Industries 13,100 1,889,731 0.93%Daito Trust Construction 4,000 476,265 0.24%Daiwa House Industry 30,800 983,520 0.49%Daiwa Securities Group 84,800 437,438 0.22%Denso 23,400 980,604 0.48%Dentsu Group 11,300 381,584 0.19%Disco 1,500 357,614 0.18%East Japan Railway 17,000 1,521,428 0.75%Eisai 13,300 1,022,057 0.51%Electric Power Development 8,100 185,265 0.09%FamilyMart 11,200 248,831 0.12%FANUC 10,000 1,874,798 0.93%Fast Retailing 2,500 1,368,732 0.68%Fuji Electric 6,900 209,448 0.10%FUJIFILM Holdings 19,300 976,530 0.48%Fujitsu 10,900 1,168,091 0.58%Fukuoka Financial Group 9,400 166,951 0.08%GMO Payment Gateway 2,300 150,879 0.07%Hakuhodo DY Holdings 12,900 187,576 0.09%

49

Fidelity MSCI Japan Index Fund SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 JANUARY 2020

Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Japan 95.53% (31 January 2019: 97.78%) (continued)

Hamamatsu Photonics 7,800 338,239 0.17%Hankyu Hanshin Holdings 12,800 527,896 0.26%Hikari Tsushin 1,200 299,045 0.15%Hino Motors 15,100 144,334 0.07%Hirose Electric 1,770 224,547 0.11%Hisamitsu Pharmaceutical 2,900 150,371 0.07%Hitachi 54,100 2,111,390 1.04%Hitachi Chemical 5,800 245,892 0.12%Hitachi Construction Machinery 5,200 143,691 0.07%Hitachi High-Technologies 3,800 277,677 0.14%Hitachi Metals 11,900 186,869 0.09%Honda Motor 89,700 2,342,951 1.16%Hoshizaki 3,000 279,559 0.14%Hoya 21,400 2,092,910 1.03%Hulic 16,700 205,543 0.10%Idemitsu Kosan 10,533 268,706 0.13%IHI 8,100 196,475 0.10%Iida Group Holdings 8,100 139,004 0.07%Inpex 57,100 542,894 0.27%Isetan Mitsukoshi Holdings 17,800 141,401 0.07%Isuzu Motors 30,300 305,558 0.15%ITOCHU 74,700 1,769,891 0.87%Itochu Techno-Solutions 5,300 158,680 0.08%J. Front Retailing 12,300 150,934 0.07%Japan Airlines 6,400 182,756 0.09%Japan Airport Terminal 2,800 132,011 0.07%Japan Exchange Group 28,600 523,526 0.26%Japan Post Bank 23,700 222,164 0.11%Japan Post Holdings 87,900 807,997 0.40%Japan Post Insurance 12,652 216,304 0.11%Japan Tobacco 66,700 1,425,264 0.70%JFE Holdings 27,400 332,435 0.16%JGC 11,400 167,973 0.08%JSR 10,600 194,230 0.10%JTEKT 10,500 114,702 0.06%JXTG Holdings 176,800 764,717 0.38%Kajima 24,600 319,118 0.16%Kakaku.com 7,600 201,666 0.10%Kamigumi 5,900 127,543 0.06%Kansai Electric Power 39,500 447,534 0.22%Kansai Paint 9,800 239,247 0.12%Kao 26,100 2,114,778 1.05%Kawasaki Heavy Industries 7,800 158,109 0.08%KDDI 93,800 2,830,833 1.40%Keihan Holdings 5,400 247,368 0.12%Keikyu 12,300 229,919 0.11%Keio 5,600 324,473 0.16%Keisei Electric Railway 6,800 249,075 0.12%Keyence 10,300 3,551,331 1.76%Kikkoman 7,300 361,683 0.18%Kintetsu Group Holdings 9,700 516,391 0.26%Kirin Holdings 45,300 1,008,315 0.50%Kobayashi Pharmaceutical 2,700 221,460 0.11%Koito Manufacturing 5,800 257,665 0.13%Komatsu 50,800 1,156,282 0.57%Konami Holdings 4,437 173,575 0.09%Konica Minolta 24,200 151,829 0.07%Kose 1,900 258,218 0.13%Kubota 57,900 929,787 0.46%Kuraray 16,800 206,929 0.10%

50


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Kurita Water Industries 5,500 164,160 0.08%Kyocera 16,300 1,093,935 0.54%Kyowa Kirin 12,700 303,014 0.15%Kyushu Electric Power 21,300 176,869 0.09%Kyushu Railway 9,000 297,689 0.15%Lawson 2,800 163,786 0.08%LINE 3,400 168,141 0.08%Lion 12,500 241,270 0.12%LIXIL Group 14,800 250,706 0.12%M3 22,700 674,392 0.33%Makita 12,600 494,653 0.24%Marubeni 87,100 639,036 0.32%Marui Group 9,800 229,934 0.11%Maruichi Steel Tube 3,100 87,521 0.04%Mazda Motor 31,700 273,172 0.13%McDonald's Holdings Japan 3,700 176,833 0.09%Mebuki Financial Group 49,000 110,763 0.05%Medipal Holdings 10,200 219,839 0.11%MEIJI Holdings 6,300 448,734 0.22%Mercari 4,200 74,518 0.04%MINEBEA MITSUMI 19,400 391,276 0.19%MISUMI Group 15,900 406,504 0.20%Mitsubishi 75,100 1,956,058 0.97%Mitsubishi Chemical Holdings 71,100 524,796 0.26%Mitsubishi Electric 101,400 1,445,431 0.71%Mitsubishi Estate 65,500 1,300,512 0.64%Mitsubishi Gas Chemical 8,900 138,774 0.07%Mitsubishi Heavy Industries 17,900 664,572 0.33%Mitsubishi Materials 6,100 156,630 0.08%Mitsubishi Motors 37,300 142,131 0.07%Mitsubishi UFJ Financial Group 692,200 3,630,721 1.79%Mitsubishi UFJ Lease & Finance 22,200 142,149 0.07%Mitsui 92,200 1,667,741 0.82%Mitsui Chemicals 10,000 226,507 0.11%Mitsui Fudosan 49,200 1,321,639 0.65%Mitsui OSK Lines 6,300 156,301 0.08%Mizuho Financial Group 1,362,500 2,042,776 1.01%MonotaRO 7,000 172,570 0.09%MS&AD Insurance Group Holdings 26,500 894,132 0.44%Murata Manufacturing 32,200 1,879,980 0.93%Nabtesco 6,200 184,767 0.09%Nagoya Railroad 10,400 308,493 0.15%NEC 13,800 626,434 0.31%Nexon 27,500 376,782 0.19%NGK Insulators 13,700 234,727 0.12%NGK Spark Plug 8,700 156,285 0.08%NH Foods 4,200 186,972 0.09%Nidec 12,600 1,632,182 0.81%Nikon 16,900 208,784 0.10%Nintendo 6,300 2,369,802 1.17%Nippon Express 4,300 228,915 0.11%Nippon Paint Holdings 8,200 399,465 0.20%Nippon Shinyaku 2,570 231,901 0.11%Nippon Steel 45,100 638,936 0.32%Nippon Telegraph & Telephone 72,000 1,851,068 0.92%Nippon Yusen 8,300 135,851 0.07%Nissan Chemical 6,200 262,278 0.13%Nissan Motor 129,700 717,398 0.35%Nisshin Seifun Group 10,200 176,737 0.09%Nissin Foods Holdings 3,600 274,355 0.14%

51


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Nitori Holdings 4,500 705,194 0.35%Nitto Denko 8,000 456,890 0.23%Nomura Holdings 185,600 969,740 0.48%Nomura Real Estate Holdings 6,900 172,206 0.09%Nomura Research Institute 18,900 421,996 0.21%NSK 19,000 163,205 0.08%NTT Data 31,300 449,061 0.22%NTT DOCOMO 74,900 2,147,108 1.06%Obayashi 35,300 395,063 0.20%Obic 3,600 498,556 0.25%Odakyu Electric Railway 16,000 359,607 0.18%Oji Holdings 47,100 245,962 0.12%Olympus 61,800 1,017,503 0.50%Omron 9,900 585,496 0.29%Ono Pharmaceutical 21,200 496,724 0.25%Oracle Japan 2,100 184,841 0.09%Oriental Land 11,200 1,473,562 0.73%ORIX 74,400 1,275,409 0.63%Osaka Gas 20,900 358,087 0.18%Otsuka 5,800 230,106 0.11%Otsuka Holdings 21,000 951,912 0.47%Pan Pacific International Holdings 24,700 402,684 0.20%Panasonic 123,200 1,252,631 0.62%Park24 6,400 162,679 0.08%PeptiDream 5,200 251,400 0.12%Persol Holdings 9,900 181,312 0.09%Pigeon 6,500 234,788 0.12%Pola Orbis Holdings 5,100 112,790 0.06%Rakuten 47,100 371,985 0.18%Recruit Holdings 73,300 2,910,764 1.44%Renesas Electronics 42,500 278,798 0.14%Resona Holdings 117,400 493,820 0.24%Ricoh 36,500 423,984 0.21%Rinnai 1,900 138,137 0.07%Rohm 5,200 386,216 0.19%Ryohin Keikaku 13,200 224,334 0.11%Sankyo 2,500 85,113 0.04%Santen Pharmaceutical 20,000 379,388 0.19%SBI Holdings 13,200 313,970 0.16%Secom 10,900 976,811 0.48%Sega Sammy Holdings 9,600 132,771 0.07%Seibu Holdings 11,200 176,807 0.09%Seiko Epson 14,000 209,254 0.10%Sekisui Chemical 20,200 343,485 0.17%Sekisui House 33,800 736,281 0.36%Seven & i Holdings 41,400 1,610,775 0.80%Seven Bank 32,300 97,748 0.05%SG Holdings 8,000 171,610 0.08%Sharp 11,800 165,702 0.08%Shimadzu 12,300 354,071 0.17%Shimamura 1,200 91,452 0.05%Shimano 4,200 653,338 0.32%Shimizu 32,000 334,511 0.17%Shin-Etsu Chemical 19,500 2,287,609 1.13%Shinsei Bank 10,800 168,400 0.08%Shionogi 14,200 860,110 0.43%Shiseido 21,500 1,405,826 0.69%Shizuoka Bank 24,400 174,921 0.09%Showa Denko 7,300 180,168 0.09%SMC 3,200 1,423,961 0.70%

52


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Softbank 94,200 1,300,209 0.64%SoftBank Group 82,700 3,451,906 1.71%Sohgo Security Services 4,000 210,730 0.10%Sompo Holdings 18,600 709,266 0.35%Sony 70,500 5,020,243 2.48%Sony Financial Holdings 8,300 195,123 0.10%Square Enix Holdings 5,100 253,153 0.13%Stanley Electric 7,300 192,359 0.10%Subaru 33,600 855,617 0.42%SUMCO 13,700 219,938 0.11%Sumitomo 66,000 997,444 0.49%Sumitomo Chemical 81,600 355,355 0.18%Sumitomo Dainippon Pharma 8,100 142,218 0.07%Sumitomo Electric Industries 41,200 562,587 0.28%Sumitomo Heavy Industries 6,000 162,310 0.08%Sumitomo Metal Mining 12,500 364,903 0.18%Sumitomo Mitsui Financial Group 74,900 2,684,058 1.33%Sumitomo Mitsui Trust Holdings 18,600 700,685 0.35%Sumitomo Realty & Development 17,800 665,129 0.33%Sumitomo Rubber Industries 9,400 105,374 0.05%Sundrug 4,000 137,657 0.07%Suntory Beverage & Food 7,800 334,281 0.17%Suzuken 4,000 156,295 0.08%Suzuki Motor 19,700 914,614 0.45%Sysmex 9,400 684,890 0.34%T&D Holdings 30,800 338,449 0.17%Taiheiyo Cement 6,600 181,708 0.09%Taisei 11,100 451,640 0.22%Taisho Pharmaceutical Holdings 1,900 137,085 0.07%Taiyo Nippon Sanso 7,200 160,561 0.08%Takeda Pharmaceutical 83,300 3,248,688 1.61%TDK 6,400 700,909 0.35%Teijin 9,600 174,932 0.09%Terumo 32,900 1,209,333 0.60%THK 6,700 174,076 0.09%Tobu Railway 10,500 374,913 0.19%Toho 6,200 231,388 0.11%Toho Gas 4,200 164,497 0.08%Tohoku Electric Power 24,000 227,633 0.11%Tokio Marine Holdings 35,500 1,960,304 0.97%Tokyo Century 2,400 125,331 0.06%Tokyo Electric Power 86,200 345,961 0.17%Tokyo Electron 7,900 1,785,764 0.88%Tokyo Gas 20,900 464,337 0.23%Tokyu 27,500 490,197 0.24%Tokyu Fudosan Holdings 33,200 237,701 0.12%Toppan Printing 15,200 307,969 0.15%Toray Industries 76,800 513,866 0.25%Toshiba 27,800 897,726 0.44%Tosoh 14,000 203,183 0.10%TOTO 7,500 313,120 0.15%Toyo Seikan Group Holdings 7,100 122,892 0.06%Toyo Suisan Kaisha 4,900 207,962 0.10%Toyoda Gosei 3,600 83,735 0.04%Toyota Industries 8,300 459,473 0.23%Toyota Motor 127,600 9,008,582 4.45%Toyota Tsusho 11,000 389,214 0.19%Trend Micro 6,300 334,806 0.17%Tsuruha Holdings 2,000 247,820 0.12%Unicharm 22,700 790,002 0.39%

53


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



USS 12,100 223,278 0.11%Welcia Holdings 2,600 144,651 0.07%West Japan Railway 9,000 770,088 0.38%Yakult Honsha 6,700 343,082 0.17%Yamada Denki 34,600 175,897 0.09%Yamaha 7,200 375,993 0.19%Yamaha Motor 14,800 281,567 0.14%Yamato Holdings 16,400 268,580 0.13%Yamazaki Baking 6,800 131,000 0.06%Yaskawa Electric 12,500 446,902 0.22%Yokogawa Electric 11,900 212,561 0.11%Yokohama Rubber 6,100 106,315 0.05%Z Holdings 148,500 600,111 0.30%ZOZO 6,000 100,918 0.05%

Total Japan 193,235,856 95.53%

Total Equities 193,235,856 95.53%


Japan 1.62% (31 January 2019: 1.22%)

Daiwa House REIT Investment 104 277,788 0.14%Japan Prime Realty Investment 44 203,386 0.10%Japan Real Estate Investment 74 540,056 0.27%Japan Retail Fund Investment 147 314,249 0.15%Nippon Building Fund 76 615,657 0.30%Nippon Prologis REIT 112 322,406 0.16%Nomura Real Estate Master Fund 230 404,890 0.20%Orix JREIT 146 308,879 0.15%United Urban Investment 165 295,793 0.15%

Total Japan 3,283,104 1.62%

Total Transferable Securities 3,283,104 1.62%



Futures Contracts (0.11%) (31 January 2019: (0.01%))


Notional Amount


USD% of Sub-

Fund NAV*Nikkei 225 12 March 2020 Morgan Stanley 55 5,980,325 (218,227) (0.11%)Total Futures Contracts (218,227) (0.11%)




USD% of Sub-

Fund NAV*EUR 40,487 JPY (4,856,577) Brown Brothers Harriman 17/02/2020 62 0.00%EUR 34,966 JPY (4,193,727) Brown Brothers Harriman 17/02/2020 59 0.00%JPY 3,752,427 EUR (31,224) Brown Brothers Harriman 17/02/2020 16 0.00%EUR 33,014 JPY (3,964,342) Brown Brothers Harriman 17/02/2020 11 0.00%EUR 33,959 JPY (4,078,575) Brown Brothers Harriman 17/02/2020 6 0.00%JPY 6,038 EUR (49) Brown Brothers Harriman 17/02/2020 1 0.00%JPY 25,481 GBP (178) Brown Brothers Harriman 17/02/2020 1 0.00%JPY 42,459 EUR (353) Brown Brothers Harriman 17/02/2020 0 0.00%JPY 3,541 EUR (29) Brown Brothers Harriman 17/02/2020 (0) (0.00%)JPY 74,754 EUR (623) Brown Brothers Harriman 17/02/2020 (0) (0.00%)

54


Financial Derivative Instruments (0.13%) (31 January 2019: 0.01%) (continued) Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (0.02%) (31 January 2019: 0.02%) (continued)



USD% of Sub-

Fund NAV*GBP 142 JPY (20,330) Brown Brothers Harriman 17/02/2020 (0) (0.00%)GBP 132 JPY (18,861) Brown Brothers Harriman 17/02/2020 (0) (0.00%)JPY 39,865 EUR (332) Brown Brothers Harriman 17/02/2020 (1) (0.00%)JPY 75,167 EUR (627) Brown Brothers Harriman 17/02/2020 (1) (0.00%)EUR 37,904 JPY (4,553,297) Brown Brothers Harriman 17/02/2020 (2) (0.00%)EUR 125 JPY (15,341) Brown Brothers Harriman 17/02/2020 (3) (0.00%)EUR 118 JPY (14,507) Brown Brothers Harriman 17/02/2020 (3) (0.00%)JPY 40,887 GBP (289) Brown Brothers Harriman 17/02/2020 (4) (0.00%)GBP 12,027 JPY (1,719,783) Brown Brothers Harriman 17/02/2020 (20) (0.00%)JPY 5,741,525 EUR (47,862) Brown Brothers Harriman 17/02/2020 (70) (0.00%)EUR 16,660 JPY (2,038,404) Brown Brothers Harriman 17/02/2020 (343) (0.00%)EUR 21,237 JPY (2,590,948) Brown Brothers Harriman 17/02/2020 (369) (0.00%)EUR 29,403 JPY (3,587,535) Brown Brothers Harriman 17/02/2020 (514) (0.00%)EUR 36,126 JPY (4,417,180) Brown Brothers Harriman 17/02/2020 (717) (0.00%)EUR 1,920,845 JPY (235,018,504) Brown Brothers Harriman 17/02/2020 (39,579) (0.02%) Unrealised Gain on Open Forward Foreign Exchange Contracts held for Class Hedging Purposes 156 0.00%Unrealised Loss on Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (41,626) (0.02%) Total Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (41,470) (0.02%)

Total Financial Derivative Instruments (259,697) (0.13%) Other Assets and Liabilities 6,016,001 2.98%Net Assets Attributable to Holders of Redeemable Participating Shares 202,275,264 100.00%


Fund Assets*(a) Transferable securities admitted to an official stock exchange listing 196,518,960 96.73%(b) Financial derivative instruments (259,697) (0.13%)(c) Other assets 6,915,511 3.40%Total Assets 203,174,774 100.00%* The percentage of net assets disclosed above is subject to rounding.

55

Fidelity MSCI Pacific ex-Japan Index Fund

SCHEDULE OF INVESTMENTS AS AT 31 JANUARY 2020

Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



AGL Energy 2,452 32,748 0.50%Alumina 8,931 13,034 0.20%AMP 12,190 14,893 0.23%APA Group 4,384 33,252 0.51%Aristocrat Leisure 2,141 51,885 0.79%ASX 725 41,580 0.64%Aurizon Holdings 7,454 26,996 0.41%AusNet Services 6,892 8,166 0.13%Australia & New Zealand Banking Group 10,512 181,209 2.77%Bendigo & Adelaide Bank 1,853 12,913 0.20%BHP Group 10,928 288,241 4.40%BlueScope Steel 1,868 17,820 0.27%Boral 4,287 14,292 0.22%Brambles 5,884 49,750 0.76%Caltex Australia 909 20,921 0.32%Challenger 2,013 12,061 0.18%CIMIC Group 346 6,784 0.10%Coca-Cola Amatil 1,865 14,957 0.23%Cochlear 212 34,213 0.52%Coles Group 4,209 46,633 0.71%Commonwealth Bank of Australia 6,567 374,827 5.73%Computershare 1,855 22,341 0.34%Crown Resorts 1,427 11,177 0.17%CSL 1,682 351,373 5.37%Flight Centre Travel Group 198 5,211 0.08%Fortescue Metals Group 5,071 38,667 0.59%Harvey Norman Holdings 2,000 5,664 0.09%Incitec Pivot 5,821 12,782 0.20%Insurance Australia Group 8,599 40,757 0.62%LendLease Group 2,048 24,843 0.38%Macquarie Group 1,199 116,203 1.78%Magellan Financial Group 464 20,896 0.32%Medibank 10,391 21,564 0.33%National Australia Bank 10,693 185,117 2.83%Newcrest Mining 2,854 56,420 0.86%Oil Search 4,986 24,166 0.37%Orica 1,439 21,993 0.34%Origin Energy 6,592 36,187 0.55%Qantas Airways 2,679 11,496 0.18%QBE Insurance Group 4,904 45,141 0.69%Ramsay Health Care 604 32,024 0.49%REA Group 192 14,666 0.22%Santos 6,577 38,262 0.59%SEEK 1,222 18,562 0.28%Sonic Healthcare 1,675 35,512 0.54%South32 18,504 32,703 0.50%Suncorp Group 4,685 40,334 0.62%Sydney Airport 4,176 23,455 0.36%Tabcorp Holdings 7,636 23,975 0.37%Telstra 15,548 39,969 0.61%TPG Telecom 1,320 6,610 0.10%Transurban Group 10,037 105,493 1.61%Treasury Wine Estates 2,639 23,020 0.35%Washington H Soul Pattinson 426 6,146 0.09%Wesfarmers 4,221 127,752 1.95%Westpac Banking 12,938 217,573 3.32%WiseTech Global 525 8,797 0.13%Woodside Petroleum 3,463 80,515 1.23%Woolworths Group 4,654 130,358 1.99%

56


SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 JANUARY 2020

Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Australia 51.46% (31 January 2019: 48.59%) (continued)

Worley 1,291 13,171 0.20%Total Australia 3,368,070 51.46%

China 0.42% (31 January 2019: 0.60%)

BeiGene 142 21,635 0.33%Yangzijiang Shipbuilding Holdings 8,500 5,916 0.09%

Total China 27,551 0.42%


AIA Group 44,800 448,583 6.85%ASM Pacific Technology 1,100 15,030 0.23%Bank of East Asia 4,610 9,998 0.15%BOC Hong Kong Holdings 13,500 45,117 0.69%Budweiser Brewing 4,900 14,893 0.23%CK Asset Holdings 9,500 61,417 0.94%CK Hutchison Holdings 10,000 89,248 1.36%CK Infrastructure Holdings 2,500 17,547 0.27%CLP Holdings 6,000 62,705 0.96%Dairy Farm International Holdings 1,203 6,195 0.09%Galaxy Entertainment Group 8,000 53,059 0.81%Hang Lung Properties 8,000 16,855 0.26%Hang Seng Bank 2,800 57,046 0.87%Henderson Land Development 5,730 25,975 0.40%HK Electric Investments & HK Electric Investments 9,500 9,494 0.14%HKT Trust & HKT 14,000 20,987 0.32%Hong Kong & China Gas 37,650 72,537 1.11%Hong Kong Exchanges & Clearing 4,484 149,449 2.28%Hongkong Land Holdings 4,151 22,125 0.34%Jardine Matheson Holdings 788 44,057 0.67%Jardine Strategic Holdings 888 27,377 0.42%Kerry Properties 2,500 7,035 0.11%Melco Resorts & Entertainment 764 15,410 0.24%MTR 5,628 31,819 0.49%New World Development 23,000 29,058 0.44%NWS Holdings 6,000 7,773 0.12%PCCW 15,000 8,867 0.14%Power Assets Holdings 5,000 36,253 0.55%Sino Land 10,423 14,309 0.22%SJM Holdings 7,000 7,906 0.12%Sun Hung Kai Properties 6,000 84,457 1.29%Swire Pacific 2,000 17,734 0.27%Swire Properties 4,200 13,144 0.20%Techtronic Industries 5,000 40,535 0.62%Vitasoy International Holdings 2,186 7,953 0.12%WH Group 35,500 34,106 0.52%Wharf Real Estate Investment 5,000 26,079 0.40%Wheelock 3,000 18,410 0.28%Yue Yuen Industrial Holdings 2,500 6,971 0.11%


Ireland 0.53% (31 January 2019: 0.29%)

James Hardie Industries 1,621 34,509 0.53%

Macau 0.87% (31 January 2019: 1.00%)

Sands China 9,200 45,023 0.69%Wynn Macau 5,600 11,799 0.18%

Total Macau 56,822 0.87%

57



Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


New Zealand 2.29% (31 January 2019: 1.81%)

a2 Milk 2,739 26,588 0.40%Auckland International Airport 3,531 19,766 0.30%Fisher & Paykel Healthcare 2,146 32,359 0.49%Fletcher Building 3,036 10,904 0.17%Mercury 2,423 8,217 0.12%Meridian Energy 4,661 16,123 0.25%Ryman Healthcare 1,515 16,167 0.25%Spark New Zealand 6,704 20,217 0.31%

Total New Zealand 150,341 2.29%


CapitaLand 9,700 25,726 0.40%City Developments 1,700 13,203 0.20%ComfortDelGro 7,700 12,242 0.19%DBS Group Holdings 6,700 124,536 1.90%Genting Singapore 23,000 14,492 0.22%Jardine Cycle & Carriage 400 8,563 0.13%Keppel 5,300 25,939 0.40%Oversea-Chinese Banking 12,025 95,414 1.46%SATS 2,400 8,018 0.12%Sembcorp Industries 3,500 5,436 0.09%Singapore Airlines 2,000 12,528 0.19%Singapore Exchange 3,000 19,122 0.29%Singapore Press Holdings 5,800 8,584 0.13%Singapore Technologies Engineering 5,900 17,766 0.27%Singapore Telecommunications 30,400 73,500 1.12%United Overseas Bank 4,700 88,360 1.35%UOL Group 1,700 9,939 0.15%Venture 1,000 11,964 0.18%Wilmar International 7,000 20,053 0.31%

Total Singapore 595,385 9.10%


Rio Tinto 1,373 90,785 1.39%




Dexus REIT 4,062 34,590 0.53%Goodman Group REIT 6,130 61,104 0.93%GPT Group REIT 7,282 29,250 0.45%Mirvac Group REIT 14,422 32,826 0.50%Scentre Group REIT 19,653 50,785 0.78%Stockland REIT 8,870 29,215 0.45%Vicinity Centres REIT 11,604 19,731 0.30%

Total Australia 257,501 3.94%


Link REIT 7,800 79,357 1.21%


Ascendas REIT 10,768 24,851 0.38%CapitaLand Mall Trust REIT 10,000 18,463 0.28%CapitaLand Commercial Trust REIT 9,900 14,942 0.23%Mapletree Commercial Trust REIT 7,200 12,396 0.19%

58



Number of

Shares Fair Value

USD% of Sub-

Fund NAV*

Transferable Securities 6.37% (31 January 2019: 6.18%) (continued)

Singapore 1.22% (31 January 2019: 0.98%) (continued)

Suntec REIT 7,000 9,437 0.14%Total Singapore 80,089 1.22%



Financial Derivative Instruments 0.05% (31 January 2019: 0.08%)

Futures Contracts 0.04% (31 January 2019: 0.08%)


Notional Amount


USD% of Sub-

Fund NAV*SPI 200 19 March 2020 Morgan Stanley 1 114,007 2,377 0.04%Total Futures Contracts 2,377 0.04%

Open Forward Foreign Exchange Contracts held for Portfolio Hedging Purposes 0.01% (31 January 2019: (0.00%))



USD% of Sub-

Fund NAV*USD 8,847 AUD (12,818) Brown Brothers Harriman 18/02/2020 265 0.01%USD 5,525 AUD (8,007) Brown Brothers Harriman 18/02/2020 164 0.00%USD 1,624 SGD (2,187) Brown Brothers Harriman 18/02/2020 22 0.00%USD 646 AUD (940) Brown Brothers Harriman 18/02/2020 17 0.00%USD 1,033 SGD (1,392) Brown Brothers Harriman 18/02/2020 13 0.00%USD 468 NZD (704) Brown Brothers Harriman 18/02/2020 12 0.00%USD 376 NZD (568) Brown Brothers Harriman 18/02/2020 8 0.00%USD 172 AUD (250) Brown Brothers Harriman 18/02/2020 4 0.00%USD 122 AUD (176) Brown Brothers Harriman 18/02/2020 4 0.00%USD 119 SGD (160) Brown Brothers Harriman 18/02/2020 2 0.00%HKD 1,582 USD (204) Brown Brothers Harriman 18/02/2020 0 0.00%USD 9 NZD (14) Brown Brothers Harriman 18/02/2020 0 0.00%HKD 1,574 USD (202) Brown Brothers Harriman 18/02/2020 0 0.00%HKD 760 USD (98) Brown Brothers Harriman 18/02/2020 0 0.00%HKD 1,264 USD (163) Brown Brothers Harriman 18/02/2020 0 0.00%USD 30 HKD (233) Brown Brothers Harriman 18/02/2020 (0) (0.00%)NZD 15 USD (10) Brown Brothers Harriman 18/02/2020 (0) (0.00%)USD 274 HKD (2,131) Brown Brothers Harriman 18/02/2020 (0) (0.00%)SGD 61 USD (45) Brown Brothers Harriman 18/02/2020 (0) (0.00%)SGD 41 USD (30) Brown Brothers Harriman 18/02/2020 (0) (0.00%)NZD 116 USD (77) Brown Brothers Harriman 18/02/2020 (2) (0.00%)AUD 466 USD (315) Brown Brothers Harriman 18/02/2020 (3) (0.00%)NZD 259 USD (171) Brown Brothers Harriman 18/02/2020 (4) (0.00%)USD 4,256 HKD (33,086) Brown Brothers Harriman 18/02/2020 (4) (0.00%)USD 2,685 HKD (20,888) Brown Brothers Harriman 18/02/2020 (4) (0.00%) Unrealised Gain on Open Forward Foreign Exchange Contracts held for Portfolio Hedging Purposes 511 0.01%Unrealised Loss on Open Forward Foreign Exchange Contracts held for Portfolio Hedging Purposes (17) (0.00%) Total Open Forward Foreign Exchange Contracts held for Portfolio Hedging Purposes 494 0.01%

59



Financial Derivative Instruments 0.05% (31 January 2019: 0.08%) (continued)

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



USD% of Sub-

Fund NAV*GBP 8,350 USD (10,880) Brown Brothers Harriman 18/02/2020 131 0.00%GBP 12,000 USD (15,693) Brown Brothers Harriman 18/02/2020 131 0.00%USD 78 GBP (60) Brown Brothers Harriman 18/02/2020 (1) (0.00%)USD 339 GBP (258) Brown Brothers Harriman 18/02/2020 (1) (0.00%)USD 313 GBP (240) Brown Brothers Harriman 18/02/2020 (4) (0.00%) Unrealised Gain on Open Forward Foreign Exchange Contracts held for Class Hedging Purposes 262 0.00%Unrealised Loss on Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (6) (0.00%) Total Open Forward Foreign Exchange Contracts held for Class Hedging Purposes 256 0.00%

Total Financial Derivative Instruments 3,127 0.05% Other Assets and Liabilities 119,482 1.82%Net Assets Attributable to Holders of Redeemable Participating Shares 6,540,532 100.00%


Fund Assets*(a) Transferable securities admitted to an official stock exchange listing 6,417,923 96.76%(b) Financial derivative instruments 3,127 0.05%(c) Other assets 211,807 3.19%Total Assets 6,632,857 100.00%*The percentage of net assets disclosed above is subject to rounding.

60

Fidelity MSCI World Index Fund SCHEDULE OF INVESTMENTS AS AT 31 JANUARY 2020

Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Argentina 0.07% (31 January 2019: 0.04%)

MercadoLibre 152 100,776 0.07%


AGL Energy 2,158 28,821 0.02%Alumina 8,584 12,527 0.01%AMP 11,941 14,589 0.01%APA Group 3,857 29,255 0.02%Aristocrat Leisure 1,931 46,796 0.03%ASX 657 37,680 0.03%Aurizon Holdings 6,812 24,671 0.02%AusNet Services 5,374 6,368 0.00%Australia & New Zealand Banking Group 9,631 166,022 0.11%Bendigo & Adelaide Bank 1,754 12,224 0.01%BHP Group 10,224 269,672 0.18%BHP Group (London Listed) 7,117 155,716 0.10%BlueScope Steel 1,822 17,381 0.01%Boral 4,261 14,206 0.01%Brambles 5,247 44,364 0.03%Caltex Australia 862 19,840 0.01%Challenger 1,813 10,863 0.01%CIMIC Group 320 6,275 0.00%Coca-Cola Amatil 1,800 14,436 0.01%Cochlear 203 32,761 0.02%Coles Group 3,832 42,456 0.03%Commonwealth Bank of Australia 6,156 351,368 0.23%Computershare 1,528 18,402 0.01%Crown Resorts 1,353 10,597 0.01%CSL 1,542 322,127 0.21%Flight Centre Travel Group 216 5,684 0.00%Fortescue Metals Group 4,957 37,797 0.03%Harvey Norman Holdings 2,264 6,411 0.00%Incitec Pivot 5,519 12,119 0.01%Insurance Australia Group 7,739 36,681 0.02%Lendlease Group 1,985 24,079 0.02%Macquarie Group 1,177 114,070 0.08%Magellan Financial Group 428 19,275 0.01%Medibank 10,056 20,869 0.01%National Australia Bank 9,784 169,380 0.11%Newcrest Mining 2,587 51,142 0.03%Oil Search 4,486 21,743 0.01%Orica 1,369 20,923 0.01%Origin Energy 6,000 32,937 0.02%Qantas Airways 2,434 10,445 0.01%QBE Insurance Group 4,690 43,171 0.03%Ramsay Health Care 533 28,260 0.02%REA Group 169 12,909 0.01%Santos 5,887 34,248 0.02%SEEK 1,203 18,273 0.01%Sonic Healthcare 1,504 31,887 0.02%South32 17,884 31,607 0.02%Suncorp Group 4,524 38,948 0.03%Sydney Airport 3,905 21,933 0.01%Tabcorp Holdings 7,135 22,402 0.02%Telstra 13,976 35,928 0.02%TPG Telecom 1,098 5,498 0.00%Transurban Group 9,170 96,380 0.06%Treasury Wine Estates 2,328 20,307 0.01%Washington H Soul Pattinson 364 5,251 0.00%Wesfarmers 3,857 116,735 0.08%

61

Fidelity MSCI World Index Fund


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Australia 2.14% (31 January 2019: 2.26%) (continued)

Westpac Banking 11,852 199,310 0.13%WiseTech Global 494 8,278 0.01%Woodside Petroleum 3,166 73,609 0.05%Woolworths Group 4,278 119,826 0.08%Worley 1,287 13,131 0.01%

Total Australia 3,270,863 2.14%

Austria 0.07% (31 January 2019: 0.09%)

ANDRITZ 236 9,300 0.00%Erste Group Bank 1,003 36,858 0.02%OMV 524 26,126 0.02%Raiffeisen Bank International 538 12,282 0.01%Verbund 224 11,846 0.01%Voestalpine 387 9,401 0.01%

Total Austria 105,813 0.07%

Belgium 0.32% (31 January 2019: 0.33%)

Ageas 603 33,259 0.02%Anheuser-Busch InBev 2,583 195,851 0.13%Colruyt 213 10,657 0.01%Galapagos 153 34,267 0.02%Groupe Bruxelles Lambert 272 27,346 0.02%KBC Group 839 61,607 0.04%Proximus 496 14,137 0.01%Solvay 239 24,775 0.02%Telenet Group Holding 157 7,304 0.00%UCB 454 41,799 0.03%Umicore 703 32,386 0.02%

Total Belgium 483,388 0.32%

Bermuda 0.10% (31 January 2019: 0.06%)

Arch Capital Group 1,381 60,985 0.04%Athene Holding 486 21,170 0.01%Everest Re Group 139 38,443 0.03%RenaissanceRe Holdings 157 29,742 0.02%

Total Bermuda 150,340 0.10%

Canada 3.36% (31 January 2019: 3.46%)

Agnico Eagle Mines 793 49,047 0.03%Air Canada 394 13,206 0.01%Algonquin Power & Utilities 1,883 28,845 0.02%Alimentation Couche-Tard 2,969 99,292 0.06%AltaGas 892 14,373 0.01%Atco 278 10,851 0.01%Aurora Cannabis 2,266 4,283 0.00%Bank of Montreal 2,176 166,061 0.11%Bank of Nova Scotia 4,296 234,785 0.15%Barrick Gold 5,988 110,972 0.07%BCE 508 23,953 0.02%BlackBerry 1,764 10,750 0.01%Bombardier 7,669 7,132 0.00%Brookfield Asset Management 3,031 185,589 0.12%CAE 952 28,253 0.02%Cameco 1,288 10,391 0.01%Canadian Imperial Bank of Commerce 1,509 123,134 0.08%Canadian National Railway 2,506 234,333 0.15%Canadian Natural Resources 4,016 113,021 0.07%Canadian Pacific Railway 469 124,666 0.08%

62



Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Canada 3.36% (31 January 2019: 3.46%) (continued)

Canadian Tire 207 22,214 0.01%Canadian Utilities 458 14,025 0.01%Canopy Growth 422 9,509 0.01%CCL Industries 526 22,197 0.01%Cenovus Energy 3,697 32,203 0.02%CGI 811 62,137 0.04%CI Financial 857 15,027 0.01%Constellation Software 68 71,522 0.05%Cronos Group 595 4,287 0.00%Dollarama 959 32,695 0.02%Emera 804 35,843 0.02%Empire 561 13,022 0.01%Enbridge 7,042 286,515 0.19%Fairfax Financial Holdings 90 40,297 0.03%First Quantum Minerals 2,504 19,615 0.01%Fortis 1,458 63,631 0.04%Franco-Nevada 624 70,975 0.05%George Weston 247 19,918 0.01%Gildan Activewear 724 20,074 0.01%Great-West Lifeco 1,163 30,153 0.02%Husky Energy 1,241 8,079 0.01%Hydro One 1,039 21,133 0.01%iA Financial 387 21,311 0.01%IGM Financial 314 9,086 0.01%Imperial Oil 874 20,737 0.01%Intact Financial 470 50,950 0.03%Inter Pipeline 1,461 24,358 0.02%Keyera 696 18,172 0.01%Kinross Gold 4,584 23,257 0.02%Kirkland Lake Gold 935 38,367 0.03%Loblaw 616 32,250 0.02%Lululemon Athletica 376 90,011 0.06%Lundin Mining 2,380 12,489 0.01%Magna International 978 49,612 0.03%Manulife Financial 6,645 129,529 0.08%Methanex 237 7,689 0.01%Metro 814 33,205 0.02%National Bank of Canada 1,157 64,238 0.04%Nutrien 1,928 82,351 0.05%Onex 266 17,076 0.01%Open Text 955 43,008 0.03%Parkland Fuel 582 20,265 0.01%Pembina Pipeline 1,855 71,083 0.05%Power Financial 946 24,570 0.02%Power of Canada 986 24,617 0.02%PrairieSky Royalty 805 8,832 0.01%Quebecor 612 15,196 0.01%Restaurant Brands International 892 54,455 0.04%Rogers Communications 1,214 60,822 0.04%Royal Bank of Canada 5,000 395,373 0.26%Saputo 834 25,640 0.02%Shaw Communications 1,582 30,933 0.02%Shopify 341 158,912 0.10%Stars Group 824 19,676 0.01%Sun Life Financial 2,013 94,703 0.06%Suncor Energy 5,276 161,366 0.11%TC Energy 3,157 173,229 0.11%Teck Resources 1,768 22,859 0.01%TELUS 661 26,514 0.02%Thomson Reuters 680 54,701 0.04%

63



Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Toronto-Dominion Bank 6,328 349,953 0.23%West Fraser Timber 182 7,296 0.00%Wheaton Precious Metals 1,585 46,691 0.03%WSP Global 347 24,676 0.02%

Total Canada 5,148,066 3.36%

Chile 0.01% (31 January 2019: 0.01%)

Antofagasta 1,416 15,347 0.01%

China 0.02% (31 January 2019: 0.01%)

BeiGene 139 21,178 0.02%Yangzijiang Shipbuilding Holdings 7,500 5,220 0.00%

Total China 26,398 0.02%

Denmark 0.62% (31 January 2019: 0.59%)

AP Moller - Maersk (Class A) 9 10,143 0.01%AP Moller - Maersk (Class B) 26 31,200 0.02%Carlsberg 360 52,660 0.03%Chr Hansen Holding 375 27,961 0.02%Coloplast 398 50,227 0.03%Danske Bank 2,215 37,084 0.02%Demant 371 12,049 0.01%DSV 734 79,851 0.05%Genmab 219 50,582 0.03%H. Lundbeck 239 10,165 0.01%ISS 545 13,230 0.01%Novo Nordisk 6,103 373,329 0.24%Novozymes 731 38,147 0.03%Orsted 637 69,525 0.05%Pandora 351 18,187 0.01%Tryg 414 12,549 0.01%Vestas Wind Systems 638 63,655 0.04%

Total Denmark 950,544 0.62%

Finland 0.37% (31 January 2019: 0.43%)

Elisa 515 31,013 0.02%Fortum 1,468 35,563 0.02%Kone 1,149 74,184 0.05%Metso 371 13,202 0.01%Neste 1,439 57,218 0.04%Nokia 19,064 74,356 0.05%Nokian Renkaat 446 12,015 0.01%Nordea Bank 10,931 86,326 0.05%Orion 360 17,023 0.01%Sampo 1,493 67,621 0.04%Stora Enso 1,937 25,244 0.02%UPM-Kymmene 1,796 56,784 0.04%Wartsila 1,622 19,907 0.01%

Total Finland 570,456 0.37%

France 3.49% (31 January 2019: 3.55%)

Accor 600 24,622 0.02%Aeroports de Paris 103 19,519 0.01%Air Liquide 1,641 237,776 0.16%Airbus 2,012 297,085 0.19%Alstom 656 34,851 0.02%Amundi 203 16,479 0.01%

64



Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Arkema 242 22,265 0.01%Atos 352 29,311 0.02%AXA 6,738 179,807 0.12%BioMerieux 151 14,968 0.01%BNP Paribas 3,912 208,288 0.14%Bollore 3,138 12,776 0.01%Bouygues 721 28,549 0.02%Bureau Veritas 1,031 28,461 0.02%Capgemini 537 66,860 0.04%Carrefour 2,000 33,922 0.02%Casino Guichard Perrachon 201 8,166 0.00%Cie de Saint-Gobain 1,650 62,600 0.04%Cie Generale des Etablissements Michelin 573 66,675 0.04%CNP Assurances 635 11,449 0.01%Credit Agricole 3,849 52,167 0.03%Danone 2,093 167,929 0.11%Dassault Aviation 9 10,951 0.01%Dassault Systemes 445 77,276 0.05%Edenred 865 46,770 0.03%Eiffage 262 30,414 0.02%Electricite de France 2,219 27,431 0.02%Engie 6,173 106,445 0.07%EssilorLuxottica 960 142,825 0.09%Eurazeo 130 9,321 0.01%Eutelsat Communications 651 9,772 0.01%Faurecia 277 13,252 0.01%Getlink 1,558 27,539 0.02%Hermes International 107 80,230 0.05%Iliad 79 10,392 0.01%Ingenico Group 209 24,366 0.02%Ipsen 136 10,098 0.01%JCDecaux 232 6,217 0.00%Kering 257 158,068 0.10%Legrand 892 71,568 0.05%L'Oreal 875 244,261 0.16%LVMH 957 419,234 0.27%Natixis 3,262 13,820 0.01%Orange 6,709 95,204 0.06%Pernod Ricard 720 124,872 0.08%Peugeot 2,008 41,412 0.03%Publicis Groupe 777 34,469 0.02%Remy Cointreau 77 8,124 0.00%Renault 690 26,950 0.02%Safran 1,108 179,210 0.12%Sanofi 3,877 373,580 0.24%Sartorius Stedim Biotech 96 17,245 0.01%Schneider Electric 1,874 187,989 0.12%SCOR 517 22,018 0.01%SEB 73 9,392 0.01%Societe Generale 2,734 88,546 0.06%Sodexo 290 30,402 0.02%Suez 1,159 19,048 0.01%Teleperformance 197 49,514 0.03%Thales 358 39,364 0.03%Total 8,332 407,614 0.27%Ubisoft Entertainment 312 23,733 0.02%Valeo 860 25,656 0.02%Veolia Environnement 1,800 53,220 0.03%Vinci 1,778 197,432 0.13%Vivendi 2,870 78,750 0.05%

65



Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Wendel 97 12,964 0.01%Worldline 358 25,292 0.02%

Total France 5,336,775 3.49%

Germany 2.78% (31 January 2019: 2.97%)

adidas 612 193,835 0.13%Allianz 1,468 351,153 0.23%BASF 3,211 217,313 0.14%Bayer 3,167 256,381 0.17%Bayerische Motoren Werke 1,052 75,009 0.05%Bayerische Motoren Werke Preference Shares 428 23,905 0.02%Beiersdorf 334 37,902 0.02%Brenntag 520 27,015 0.02%Carl Zeiss Meditec 139 17,021 0.01%Commerzbank 3,562 20,526 0.01%Continental 391 44,605 0.03%Covestro 573 24,225 0.02%Daimler 3,071 142,274 0.09%Delivery Hero 403 31,093 0.02%Deutsche Bank 6,620 60,774 0.04%Deutsche Boerse 645 105,110 0.07%Deutsche Lufthansa 833 12,767 0.01%Deutsche Post 3,338 116,801 0.08%Deutsche Telekom 11,743 190,076 0.12%Deutsche Wohnen 1,194 50,546 0.03%E.ON 7,592 86,154 0.06%Evonik Industries 755 20,725 0.01%Fraport Frankfurt Airport Services Worldwide 150 11,194 0.01%Fresenius 1,418 72,482 0.05%Fresenius Medical Care 725 56,000 0.04%FUCHS PETROLUB 249 11,038 0.01%GEA Group 545 16,361 0.01%Hannover Rueck 202 39,287 0.03%HeidelbergCement 494 33,548 0.02%Henkel 366 33,868 0.02%Henkel Preference Shares 592 60,318 0.04%HOCHTIEF 82 9,505 0.01%Infineon Technologies 4,221 91,571 0.06%KION Group 238 14,955 0.01%Knorr-Bremse 167 18,231 0.01%LANXESS 303 18,240 0.01%Merck 450 57,798 0.04%METRO 647 9,031 0.01%MTU Aero Engines 175 53,216 0.03%Muenchener Rueckversicherungs-Gesellschaft 510 150,508 0.10%Porsche Automobil Holding 510 34,555 0.02%Puma 298 23,910 0.02%RWE 1,977 68,663 0.04%SAP 3,386 442,104 0.29%Sartorius 126 29,407 0.02%Siemens 2,643 326,990 0.21%Siemens Healthineers 538 25,327 0.02%Symrise 427 43,979 0.03%Telefonica Deutschland Holding 3,253 9,852 0.01%Thyssenkrupp 1,442 17,842 0.01%TUI 1,506 15,453 0.01%Uniper 716 23,495 0.01%United Internet 395 12,826 0.01%Volkswagen 110 20,187 0.01%

66



Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Germany 2.78% (31 January 2019: 2.97%) (continued)

Volkswagen Preference Shares 628 113,008 0.07%Vonovia 1,746 99,726 0.06%Wirecard 393 58,012 0.04%Zalando 490 23,583 0.01%



AIA Group 42,600 426,554 0.28%ASM Pacific Technology 1,000 13,664 0.01%Bank of East Asia 4,888 10,601 0.01%BOC Hong Kong Holdings 12,500 41,775 0.03%Budweiser Brewing 4,700 14,285 0.01%CK Asset Holdings 9,000 58,185 0.04%CK Hutchison Holdings 9,000 80,323 0.05%CK Infrastructure Holdings 2,500 17,547 0.01%CLP Holdings 5,500 57,480 0.04%Dairy Farm International Holdings 991 5,104 0.00%Galaxy Entertainment Group 9,000 59,692 0.04%Hang Lung Properties 7,000 14,748 0.01%Hang Seng Bank 2,500 50,934 0.03%Henderson Land Development 5,410 24,525 0.02%HK Electric Investments & HK Electric Investments 8,000 7,995 0.01%HKT Trust & HKT 14,000 20,987 0.01%Hong Kong & China Gas 35,340 68,087 0.04%Hong Kong Exchanges & Clearing 4,020 133,984 0.09%Hongkong Land Holdings 3,721 19,833 0.01%Jardine Matheson Holdings 765 42,771 0.03%Jardine Strategic Holdings 799 24,633 0.02%Kerry Properties 2,000 5,628 0.00%Melco Resorts & Entertainment 747 15,067 0.01%MTR 5,575 31,519 0.02%New World Development 21,000 26,531 0.02%NWS Holdings 6,000 7,773 0.01%PCCW 16,000 9,458 0.01%Power Assets Holdings 5,000 36,253 0.02%Sino Land 10,103 13,870 0.01%SJM Holdings 7,000 7,906 0.01%Sun Hung Kai Properties 5,500 77,419 0.05%Swire Pacific 1,500 13,300 0.01%Swire Properties 4,200 13,144 0.01%Techtronic Industries 4,500 36,481 0.02%Vitasoy International Holdings 2,000 7,276 0.00%WH Group 32,500 31,224 0.02%Wharf Real Estate Investment 4,000 20,863 0.01%Wheelock 3,000 18,410 0.01%Yue Yuen Industrial Holdings 2,000 5,576 0.00%


Ireland 1.07% (31 January 2019: 0.92%)

Accenture 2,198 451,052 0.29%AerCap Holdings 438 24,795 0.02%AIB Group 2,609 7,673 0.00%Allegion 311 40,218 0.03%Aptiv 860 72,919 0.05%Bank of Ireland Group 3,508 17,160 0.01%CRH 2,694 101,268 0.07%DCC 350 28,291 0.02%Experian 3,092 107,481 0.07%James Hardie Industries 1,579 33,615 0.02%

67



Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Ireland 1.07% (31 January 2019: 0.92%) (continued)

Jazz Pharmaceuticals 188 26,950 0.02%Kerry Group 537 68,615 0.04%Kingspan Group 515 31,761 0.02%Medtronic 4,626 534,025 0.35%Paddy Power Betfair 267 30,329 0.02%Perrigo 468 26,695 0.02%Smurfit Kappa Group 795 27,558 0.02%

Total Ireland 1,630,405 1.07%

Isle of Man 0.02% (31 January 2019: 0.01%)

GVC Holdings 2,079 24,040 0.02%

Israel 0.20% (31 January 2019: 0.19%)

Azrieli Group 156 11,536 0.01%Bank Hapoalim 3,535 30,497 0.02%Bank Leumi Le-Israel 4,705 34,014 0.02%Check Point Software Technologies 390 44,581 0.03%CyberArk Software 127 17,555 0.01%Elbit Systems 86 13,217 0.01%Israel Chemicals 2,703 11,452 0.01%Israel Discount Bank 4,285 19,546 0.01%Mizrahi Tefahot Bank 500 13,674 0.01%Nice 225 39,017 0.02%Teva Pharmaceutical Industries 3,944 41,018 0.03%Wix.com 168 23,972 0.02%

Total Israel 300,079 0.20%

Italy 0.69% (31 January 2019: 0.67%)

Assicurazioni Generali 3,753 73,179 0.05%Atlantia 1,782 43,782 0.03%Davide Campari-Milano 1,960 18,962 0.01%Enel 28,290 246,262 0.16%ENI 9,405 131,930 0.09%Ferrari 411 69,459 0.05%FinecoBank Banca Fineco 2,172 25,454 0.02%Intesa Sanpaolo 50,477 125,610 0.08%Leonardo 1,441 17,854 0.01%Mediobanca Banca di Credito Finanziario 2,206 22,032 0.01%Moncler 644 27,834 0.02%Pirelli & C 1,294 6,269 0.00%Poste Italiane 1,871 21,460 0.01%Prysmian 841 18,714 0.01%Recordati 358 15,326 0.01%Snam 7,151 38,332 0.03%Telecom Italia 22,182 11,967 0.01%Telecom Italia - RSP 26,688 14,048 0.01%Terna Rete Elettrica Nazionale 4,725 32,967 0.02%UniCredit 6,800 91,047 0.06%

Total Italy 1,052,488 0.69%

Japan 7.93% (31 January 2019: 8.28%)

ABC-Mart 100 6,495 0.00%Acom 1,500 7,141 0.00%Advantest 700 37,911 0.02%Aeon 2,200 45,742 0.03%AEON Financial Service 300 4,791 0.00%Aeon Mall 300 5,054 0.00%AGC 600 20,787 0.01%

68



Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Air Water 500 7,017 0.00%Aisin Seiki 600 20,455 0.01%Ajinomoto 1,400 23,315 0.01%Alfresa Holdings 600 12,328 0.01%Alps Alpine 700 12,930 0.01%Amada Holdings 1,200 12,876 0.01%ANA Holdings 400 12,636 0.01%Aozora Bank 400 10,931 0.01%Asahi Group Holdings 1,200 56,310 0.04%Asahi Intecc 700 19,666 0.01%Asahi Kasei 4,500 47,248 0.03%Astellas Pharma 6,400 115,175 0.07%Bandai Namco Holdings 700 41,192 0.03%Bank of Kyoto 200 8,211 0.00%Benesse Holdings 200 5,563 0.00%Bridgestone 2,000 71,984 0.05%Brother Industries 800 15,965 0.01%Calbee 300 9,937 0.01%Canon 3,300 87,885 0.06%Casio Computer 700 13,233 0.01%Central Japan Railway 500 99,576 0.06%Chiba Bank 2,200 12,240 0.01%Chubu Electric Power 2,300 31,576 0.02%Chugai Pharmaceutical 800 83,148 0.05%Chugoku Electric Power 1,000 13,258 0.01%Coca-Cola Bottlers Japan Holdings 300 8,008 0.00%Concordia Financial Group 3,600 13,917 0.01%Credit Saison 500 8,193 0.00%CyberAgent 400 16,294 0.01%Dai Nippon Printing 800 22,475 0.01%Daicel 700 6,775 0.00%Daifuku 300 18,628 0.01%Dai-ichi Life Holdings 3,600 55,004 0.04%Daiichi Sankyo 1,900 130,441 0.08%Daikin Industries 900 129,829 0.08%Daito Trust Construction 300 35,720 0.02%Daiwa House Industry 2,000 63,865 0.04%Daiwa Securities Group 5,400 27,856 0.02%Denso 1,500 62,859 0.04%Dentsu Group 700 23,638 0.01%Disco 100 23,841 0.02%East Japan Railway 1,000 89,496 0.06%Eisai 900 69,162 0.04%Electric Power Development 500 11,436 0.01%FamilyMart 900 19,995 0.01%FANUC 700 131,236 0.09%Fast Retailing 200 109,499 0.07%Fuji Electric 400 12,142 0.01%FUJIFILM Holdings 1,200 60,717 0.04%Fujitsu 700 75,015 0.05%Fukuoka Financial Group 600 10,656 0.01%GMO Payment Gateway 100 6,560 0.00%Hakuhodo DY Holdings 900 13,087 0.01%Hamamatsu Photonics 500 21,682 0.01%Hankyu Hanshin Holdings 800 32,993 0.02%Hikari Tsushin 100 24,920 0.02%Hino Motors 1,000 9,559 0.01%Hirose Electric 100 12,686 0.01%Hisamitsu Pharmaceutical 200 10,370 0.01%Hitachi 3,300 128,791 0.08%

69



Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Hitachi Chemical 400 16,958 0.01%Hitachi Construction Machinery 400 11,053 0.01%Hitachi High-Technologies 200 14,615 0.01%Hitachi Metals 800 12,563 0.01%Honda Motor 5,500 143,659 0.09%Hoshizaki 200 18,637 0.01%Hoya 1,300 127,139 0.08%Hulic 1,000 12,308 0.01%Idemitsu Kosan 682 17,398 0.01%IHI 500 12,128 0.01%Iida Group Holdings 600 10,297 0.01%Inpex 3,200 30,425 0.02%Isetan Mitsukoshi Holdings 1,200 9,533 0.01%Isuzu Motors 2,000 20,169 0.01%ITOCHU 4,600 108,989 0.07%Itochu Techno-Solutions 300 8,982 0.01%J Front Retailing 800 9,817 0.01%Japan Airlines 400 11,422 0.01%Japan Airport Terminal 200 9,429 0.01%Japan Exchange Group 1,700 31,119 0.02%Japan Post Bank 1,400 13,124 0.01%Japan Post Holdings 5,300 48,719 0.03%Japan Post Insurance 700 11,968 0.01%Japan Tobacco 4,100 87,610 0.06%JFE Holdings 1,800 21,839 0.01%JGC 700 10,314 0.01%JSR 700 12,826 0.01%JTEKT 900 9,832 0.01%JXTG Holdings 11,200 48,444 0.03%Kajima 1,700 22,053 0.01%Kakaku.com 500 13,268 0.01%Kamigumi 300 6,485 0.00%Kansai Electric Power 2,500 28,325 0.02%Kansai Paint 600 14,648 0.01%Kao 1,600 129,642 0.08%Kawasaki Heavy Industries 500 10,135 0.01%KDDI 6,000 181,077 0.12%Keihan Holdings 300 13,743 0.01%Keikyu 800 14,954 0.01%Keio 300 17,382 0.01%Keisei Electric Railway 500 18,314 0.01%Keyence 600 206,874 0.13%Kikkoman 500 24,773 0.02%Kintetsu Group Holdings 600 31,942 0.02%Kirin Holdings 2,800 62,324 0.04%Kobayashi Pharmaceutical 200 16,404 0.01%Koito Manufacturing 400 17,770 0.01%Komatsu 3,100 70,560 0.05%Konami Holdings 300 11,736 0.01%Konica Minolta 1,700 10,666 0.01%Kose 100 13,590 0.01%Kubota 3,500 56,205 0.04%Kuraray 1,100 13,549 0.01%Kurita Water Industries 400 11,939 0.01%Kyocera 1,100 73,824 0.05%Kyowa Kirin 900 21,473 0.01%Kyushu Electric Power 1,400 11,625 0.01%Kyushu Railway 600 19,846 0.01%Lawson 200 11,699 0.01%LINE 200 9,891 0.01%

70



Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Lion 800 15,441 0.01%LIXIL Group 1,000 16,940 0.01%M3 1,600 47,534 0.03%Makita 800 31,407 0.02%Marubeni 5,100 37,418 0.02%Marui Group 700 16,424 0.01%Maruichi Steel Tube 200 5,647 0.00%Mazda Motor 2,000 17,235 0.01%McDonald's Holdings Japan 200 9,559 0.01%Mebuki Financial Group 3,700 8,364 0.01%Medipal Holdings 600 12,932 0.01%MEIJI Holdings 400 28,491 0.02%Mercari 300 5,323 0.00%Minebea Mitsumi 1,300 26,219 0.02%Misumi Group 1,000 25,566 0.02%Mitsubishi 4,600 119,812 0.08%Mitsubishi Chemical Holdings 4,000 29,524 0.02%Mitsubishi Electric 6,200 88,379 0.06%Mitsubishi Estate 3,900 77,435 0.05%Mitsubishi Gas Chemical 600 9,356 0.01%Mitsubishi Heavy Industries 1,100 40,840 0.03%Mitsubishi Materials 400 10,271 0.01%Mitsubishi Motors 2,200 8,383 0.01%Mitsubishi UFJ Financial Group 41,800 219,249 0.14%Mitsubishi UFJ Lease & Finance 1,400 8,964 0.01%Mitsui 5,600 101,294 0.07%Mitsui Chemicals 600 13,590 0.01%Mitsui Fudosan 3,000 80,588 0.05%Mitsui OSK Lines 400 9,924 0.01%Mizuho Financial Group 81,600 122,342 0.08%MonotaRO 400 9,861 0.01%MS&AD Insurance Group Holdings 1,600 53,985 0.03%Murata Manufacturing 2,000 116,769 0.08%Nabtesco 400 11,920 0.01%Nagoya Railroad 600 17,798 0.01%NEC 800 36,315 0.02%Nexon 1,700 23,292 0.01%NGK Insulators 900 15,420 0.01%NGK Spark Plug 600 10,778 0.01%NH Foods 300 13,355 0.01%Nidec 800 103,631 0.07%Nikon 1,100 13,590 0.01%Nintendo 400 150,464 0.10%Nippon Express 300 15,971 0.01%Nippon Paint Holdings 500 24,358 0.02%Nippon Shinyaku 200 18,047 0.01%Nippon Steel 2,600 36,834 0.02%Nippon Telegraph & Telephone 4,400 113,121 0.07%Nippon Yusen 600 9,821 0.01%Nissan Chemical 400 16,921 0.01%Nissan Motor 7,600 42,037 0.03%Nisshin Seifun Group 700 12,129 0.01%Nissin Foods Holdings 200 15,242 0.01%Nitori Holdings 300 47,013 0.03%Nitto Denko 500 28,556 0.02%Nomura Holdings 11,200 58,519 0.04%Nomura Real Estate Holdings 400 9,983 0.01%Nomura Research Institute 1,200 26,793 0.02%NSK 1,400 12,026 0.01%NTT Data 2,300 32,998 0.02%

71



Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



NTT DOCOMO 4,500 128,998 0.08%Obayashi 2,300 25,741 0.02%Obic 200 27,698 0.02%Odakyu Electric Railway 1,100 24,723 0.02%Oji Holdings 3,000 15,666 0.01%Olympus 4,000 65,858 0.04%Omron 600 35,485 0.02%Ono Pharmaceutical 1,200 28,116 0.02%Oracle Japan 100 8,802 0.01%Oriental Land 700 92,098 0.06%ORIX 4,500 77,142 0.05%Osaka Gas 1,400 23,987 0.02%Otsuka 400 15,869 0.01%Otsuka Holdings 1,300 58,928 0.04%Pan Pacific International Holdings 1,500 24,454 0.02%Panasonic 7,500 76,256 0.05%Park24 400 10,167 0.01%PeptiDream 300 14,504 0.01%Persol Holdings 600 10,989 0.01%Pigeon 400 14,448 0.01%Pola Orbis Holdings 300 6,635 0.00%Rakuten 3,000 23,693 0.02%Recruit Holdings 4,600 182,667 0.12%Renesas Electronics 2,700 17,712 0.01%Resona Holdings 6,500 27,341 0.02%Ricoh 2,400 27,878 0.02%Rinnai 100 7,270 0.00%Rohm 300 22,282 0.01%Ryohin Keikaku 900 15,295 0.01%Sankyo 100 3,405 0.00%Santen Pharmaceutical 1,200 22,763 0.01%SBI Holdings 800 19,028 0.01%Secom 700 62,731 0.04%Sega Sammy Holdings 600 8,298 0.00%Seibu Holdings 700 11,050 0.01%Seiko Epson 1,000 14,947 0.01%Sekisui Chemical 1,100 18,705 0.01%Sekisui House 2,100 45,745 0.03%Seven & i Holdings 2,600 101,160 0.07%Seven Bank 2,500 7,566 0.00%SG Holdings 500 10,726 0.01%Sharp 700 9,830 0.01%Shimadzu 800 23,029 0.01%Shimamura 100 7,621 0.00%Shimano 300 46,667 0.03%Shimizu 2,200 22,998 0.01%Shin-Etsu Chemical 1,200 140,776 0.09%Shinsei Bank 700 10,915 0.01%Shionogi 900 54,514 0.04%Shiseido 1,400 91,542 0.06%Shizuoka Bank 1,600 11,470 0.01%Showa Denko 500 12,340 0.01%SMC 200 88,998 0.06%Softbank 5,500 75,915 0.05%SoftBank Group 5,300 221,222 0.14%Sohgo Security Services 200 10,536 0.01%Sompo Holdings 1,200 45,759 0.03%Sony 4,400 313,320 0.20%Sony Financial Holdings 600 14,105 0.01%Square Enix Holdings 300 14,891 0.01%

72



Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Stanley Electric 500 13,175 0.01%Subaru 2,000 50,930 0.03%SUMCO 900 14,448 0.01%Sumitomo 4,000 60,451 0.04%Sumitomo Chemical 4,600 20,032 0.01%Sumitomo Dainippon Pharma 600 10,535 0.01%Sumitomo Electric Industries 2,400 32,772 0.02%Sumitomo Heavy Industries 400 10,821 0.01%Sumitomo Metal Mining 800 23,354 0.01%Sumitomo Mitsui Financial Group 4,500 161,258 0.10%Sumitomo Mitsui Trust Holdings 1,100 41,438 0.03%Sumitomo Realty & Development 1,100 41,103 0.03%Sumitomo Rubber Industries 600 6,726 0.00%Sundrug 300 10,324 0.01%Suntory Beverage & Food 500 21,428 0.01%Suzuken 200 7,815 0.00%Suzuki Motor 1,200 55,712 0.04%Sysmex 600 43,716 0.03%T&D Holdings 2,000 21,977 0.01%Taiheiyo Cement 400 11,013 0.01%Taisei 700 28,482 0.02%Taisho Pharmaceutical Holdings 100 7,215 0.00%Taiyo Nippon Sanso 400 8,920 0.01%Takeda Pharmaceutical 5,055 197,144 0.13%TDK 500 54,758 0.04%Teijin 700 12,755 0.01%Terumo 2,200 80,867 0.05%THK 400 10,393 0.01%Tobu Railway 700 24,994 0.02%Toho 400 14,928 0.01%Toho Gas 300 11,750 0.01%Tohoku Electric Power 1,500 14,227 0.01%Tokio Marine Holdings 2,200 121,484 0.08%Tokyo Century 100 5,222 0.00%Tokyo Electric Power 5,400 21,673 0.01%Tokyo Electron 600 135,628 0.09%Tokyo Gas 1,200 26,661 0.02%Tokyu 1,800 32,086 0.02%Tokyu Fudosan Holdings 2,200 15,751 0.01%Toppan Printing 900 18,235 0.01%Toray Industries 4,900 32,786 0.02%Toshiba 1,700 54,897 0.04%Tosoh 900 13,062 0.01%TOTO 500 20,875 0.01%Toyo Seikan Group Holdings 500 8,654 0.01%Toyo Suisan Kaisha 300 12,732 0.01%Toyoda Gosei 200 4,652 0.00%Toyota Industries 500 27,679 0.02%Toyota Motor 7,800 550,681 0.36%Toyota Tsusho 700 24,768 0.02%Trend Micro 400 21,258 0.01%Tsuruha Holdings 100 12,391 0.01%Unicharm 1,400 48,723 0.03%USS 700 12,917 0.01%Welcia Holdings 200 11,127 0.01%West Japan Railway 500 42,783 0.03%Yakult Honsha 400 20,483 0.01%Yamada Denki 2,200 11,184 0.01%Yamaha 500 26,111 0.02%Yamaha Motor 900 17,122 0.01%

73



Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Yamato Holdings 1,100 18,014 0.01%Yamazaki Baking 400 7,706 0.00%Yaskawa Electric 800 28,602 0.02%Yokogawa Electric 800 14,290 0.01%Yokohama Rubber 500 8,714 0.01%Z Holdings 9,500 38,391 0.02%ZOZO 400 6,728 0.00%

Total Japan 12,132,756 7.93%


ArcelorMittal 2,383 35,271 0.02%Aroundtown 3,263 30,867 0.02%Eurofins Scientific 40 21,543 0.02%Millicom International Cellular 323 15,261 0.01%SES 1,242 15,285 0.01%Tenaris 1,490 15,402 0.01%

Total Luxembourg 133,629 0.09%

Macau 0.04% (31 January 2019: 0.05%)

Sands China 8,400 41,108 0.03%Wynn Macau 6,000 12,642 0.01%

Total Macau 53,750 0.04%


ABN AMRO Bank 1,521 26,497 0.02%Adyen 34 31,311 0.02%Aegon 5,789 23,538 0.01%Akzo Nobel 755 71,370 0.05%Altice Europe 2,368 15,262 0.01%ASML Holding 1,459 411,088 0.27%EXOR 368 27,177 0.02%Heineken 878 95,665 0.06%Heineken Holding 410 40,393 0.03%ING Groep 13,742 149,624 0.10%Koninklijke Ahold Delhaize 3,996 98,310 0.06%Koninklijke DSM 609 74,441 0.05%Koninklijke KPN 12,192 34,224 0.02%Koninklijke Philips 3,075 141,079 0.09%Koninklijke Vopak 250 13,404 0.01%NN Group 995 34,624 0.02%NXP Semiconductors 945 119,883 0.08%Prosus 1,644 118,841 0.08%QIAGEN 804 26,872 0.02%Randstad 394 22,687 0.01%Royal Dutch Shell (Class A) 14,327 376,659 0.24%Royal Dutch Shell (Class B) 13,317 351,089 0.23%Wolters Kluwer 976 73,463 0.05%



a2 Milk 2,638 25,608 0.02%Auckland International Airport 3,458 19,357 0.01%Fisher & Paykel Healthcare 1,903 28,695 0.02%Fletcher Building 2,730 9,805 0.01%Mercury 2,259 7,660 0.00%Meridian Energy 4,327 14,967 0.01%Ryman Healthcare 1,447 15,442 0.01%

74



Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


New Zealand 0.09% (31 January 2019: 0.08%) (continued)

Spark New Zealand 6,681 20,148 0.01%Total New Zealand 141,682 0.09%

Norway 0.19% (31 January 2019: 0.24%)

Aker BP 360 10,201 0.01%DNB 3,181 55,853 0.04%Equinor 3,370 61,110 0.04%Gjensidige Forsikring 718 15,657 0.01%Mowi 1,503 35,905 0.02%Norsk Hydro 4,704 14,804 0.01%Orkla 2,631 25,403 0.02%Schibsted 334 9,493 0.00%Telenor 2,401 43,486 0.03%Yara International 632 22,996 0.01%

Total Norway 294,908 0.19%

Portugal 0.05% (31 January 2019: 0.06%)

Energias de Portugal 8,477 42,499 0.03%Galp Energia 1,661 25,108 0.01%Jeronimo Martins 838 14,436 0.01%

Total Portugal 82,043 0.05%

Russia 0.00% (31 January 2019: - )

Evraz 1,647 7,655 0.00%


CapitaLand 8,600 22,809 0.01%City Developments 1,700 13,203 0.01%ComfortDelGro 7,600 12,083 0.01%DBS Group Holdings 6,000 111,525 0.07%Genting Singapore 21,000 13,232 0.01%Jardine Cycle & Carriage 400 8,563 0.01%Keppel 4,900 23,981 0.02%Oversea-Chinese Banking 10,801 85,702 0.06%SATS 2,400 8,018 0.00%Sembcorp Industries 2,900 4,504 0.00%Singapore Airlines 1,900 11,902 0.01%Singapore Exchange 2,800 17,848 0.01%Singapore Press Holdings 5,500 8,140 0.01%Singapore Technologies Engineering 5,200 15,658 0.01%Singapore Telecommunications 27,300 66,005 0.04%United Overseas Bank 4,200 78,960 0.05%UOL Group 1,700 9,939 0.01%Venture 1,000 11,964 0.01%Wilmar International 6,900 19,766 0.01%


Spain 0.92% (31 January 2019: 1.04%)

ACS Actividades de Construccion y Servicios 897 29,852 0.02%Aena SME 226 41,863 0.03%Amadeus IT Group 1,466 115,056 0.07%Banco Bilbao Vizcaya Argentaria 22,474 116,272 0.08%Banco de Sabadell 19,551 17,636 0.01%Banco Santander 57,634 226,994 0.15%Bankia 3,997 7,271 0.00%Bankinter 2,502 16,232 0.01%CaixaBank 11,534 33,744 0.02%

75



Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Spain 0.92% (31 January 2019: 1.04%) (continued)

Cellnex Telecom 846 42,114 0.03%Enagas 867 23,367 0.02%Endesa 1,059 29,070 0.02%Ferrovial 1,672 53,104 0.03%Grifols 1,003 33,679 0.02%Iberdrola (Interim) 425 4,649 0.00%Iberdrola 21,380 233,853 0.15%Industria de Diseno Textil 3,723 125,301 0.08%Mapfre 3,708 9,501 0.01%Naturgy Energy Group 1,053 27,773 0.02%Red Electrica 1,532 30,619 0.02%Repsol 5,151 71,154 0.05%Siemens Gamesa Renewable Energy 894 14,272 0.01%Telefonica 15,731 106,499 0.07%

Total Spain 1,409,875 0.92%

Sweden 0.81% (31 January 2019: 0.85%)

Alfa Laval 1,062 26,554 0.02%Assa Abloy 3,395 80,766 0.05%Atlaspco (Class A) 2,205 78,238 0.05%Atlaspco (Class B) 1,404 43,699 0.03%Autoliv 293 22,453 0.01%Boliden 980 23,314 0.01%Electrolux 827 19,623 0.01%Epiroc (Class A) 2,417 28,010 0.02%Epiroc (Class B) 1,516 17,160 0.01%Essity 2,052 65,145 0.04%Hennes & Mauritz 2,753 60,452 0.04%Hexagon 928 50,566 0.03%Husqvarna 1,389 10,479 0.01%ICA Gruppen 304 13,366 0.01%Industrivarden 591 13,937 0.01%Investor 1,524 83,515 0.05%Kinnevik 848 20,482 0.01%L. E. Lundbergforetagen 262 11,378 0.01%Lundin Petroleum 677 20,622 0.01%Sandvik 3,803 69,501 0.05%Securitas 1,094 17,224 0.01%Skandinaviska Enskilda Banken 5,487 54,217 0.04%Skanska 1,226 28,365 0.02%SKF 1,282 23,502 0.02%Svenska Handelsbanken 5,078 49,881 0.03%Swedbank 3,013 46,342 0.03%Swedish Match 615 34,800 0.02%Tele2 1,812 27,334 0.02%Telefonaktiebolaget LM Ericsson 10,299 80,950 0.05%Telia 9,049 38,726 0.03%Volvo 5,020 86,092 0.06%

Total Sweden 1,246,693 0.81%


ABB 6,245 145,757 0.09%Adecco Group 506 29,748 0.02%Alcon 1,409 83,186 0.05%Baloise Holding 163 29,458 0.02%Barry Callebaut 11 24,362 0.02%Chocoladefabriken Lindt & Spruengli 7 58,681 0.04%Chubb 1,582 240,448 0.16%Cie Financiere Richemont 1,763 129,129 0.08%

76



Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Switzerland 3.51% (31 January 2019: 3.41%) (continued)

Clariant 760 17,124 0.01%Coca-Cola HBC 707 25,965 0.02%Credit Suisse Group 8,625 109,238 0.07%Dufry 154 13,371 0.01%EMS-Chemie Holding 30 19,659 0.01%Garmin 450 43,627 0.03%Geberit 130 68,636 0.04%Givaudan 31 102,214 0.07%Glencore 36,558 107,224 0.07%Julius Baer Group 736 36,859 0.02%Kuehne + Nagel International 180 29,115 0.02%LafargeHolcim 1,662 84,612 0.06%Lonza Group 252 103,523 0.07%Nestle 10,219 1,127,168 0.74%Novartis 7,384 698,014 0.46%Pargesa Holding 150 12,030 0.01%Partners Group Holding 64 58,714 0.04%Roche Holding 2,413 811,380 0.53%Schindler Holding 59 14,682 0.01%Schindler Holding 146 37,755 0.02%SGS 18 52,090 0.03%Sika 427 76,815 0.05%Sonova Holding 181 45,379 0.03%STMicroelectronics 2,301 64,489 0.04%Straumann Holding 36 34,341 0.02%Swatch Group 118 29,694 0.02%Swatch Group Registered 179 8,727 0.01%Swiss Life Holding 112 56,369 0.04%Swiss Prime Site 268 32,734 0.02%Swiss Re 995 112,453 0.07%Swisscom 90 49,421 0.03%TE Connectivity 1,136 104,716 0.07%Temenos 234 37,825 0.02%UBS Group 13,047 162,335 0.11%Vifor Pharma 154 28,422 0.02%Zurich Insurance Group 523 217,291 0.14%



NMC Health 448 7,630 0.00%


3i Group 3,288 47,872 0.03%Admiral Group 636 18,939 0.01%Amcor 4,308 45,622 0.03%Amcor 1,084 11,531 0.01%Anglo American 3,485 91,217 0.06%Aon 803 176,861 0.12%Ashtead Group 1,579 51,099 0.03%Associated British Foods 1,223 42,335 0.03%AstraZeneca 4,512 441,559 0.29%Auto Trader Group 3,314 24,551 0.02%AVEVA Group 223 14,457 0.01%Aviva 13,240 69,533 0.05%BAE Systems 10,883 90,580 0.06%Barclays 58,438 129,415 0.08%Barratt Developments 3,286 34,774 0.02%Berkeley Group Holdings 426 29,425 0.02%BP 70,253 422,938 0.28%

77



Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



British American Tobacco 7,907 349,952 0.23%BT Group 28,282 59,993 0.04%Bunzl 1,111 28,778 0.02%Burberry Group 1,389 35,759 0.02%Capri Holdings 538 16,119 0.01%Centrica 21,048 23,539 0.02%CNH Industrial 3,388 32,380 0.02%Coca-Cola European Partners 765 40,247 0.03%Compass Group 5,385 133,239 0.09%Croda International 431 28,316 0.02%Diageo 8,173 324,287 0.21%Direct Line Insurance Group 4,559 20,301 0.01%easyJet 514 9,438 0.01%Ferguson 780 69,938 0.05%Fiat Chrysler Automobiles 3,672 47,741 0.03%G4S 5,123 13,196 0.01%GlaxoSmithKline 17,193 404,322 0.26%Halma 1,265 35,135 0.02%Hargreaves Lansdown 1,023 23,262 0.02%HSBC Holdings 69,642 506,564 0.33%IHS Markit 1,298 102,360 0.07%Imperial Brands 3,232 83,112 0.05%Informa 4,321 44,132 0.03%InterContinental Hotels Group 618 38,170 0.02%Intertek Group 545 41,381 0.03%ITV 11,548 20,611 0.01%J. Sainsbury 6,088 16,243 0.01%JD Sports Fashion 1,488 16,119 0.01%Johnson Matthey 687 23,591 0.02%Kingfisher 7,454 20,045 0.01%Legal & General Group 20,213 81,400 0.05%Liberty Global (Class A) 305 6,259 0.00%Liberty Global (Class C) 1,644 32,025 0.02%Linde 1,857 377,212 0.25%Lloyds Banking Group 237,780 178,004 0.12%London Stock Exchange Group 1,070 110,525 0.07%M&G 9,196 29,117 0.02%Marks & Spencer Group 6,790 15,753 0.01%Meggitt 2,765 24,624 0.02%Melrose Industries 16,630 51,121 0.03%Micro Focus International 1,218 16,460 0.01%Mondi 1,610 32,811 0.02%National Grid 11,843 157,020 0.10%Next 432 39,247 0.03%Ocado Group 1,627 26,241 0.02%Pearson 2,751 20,612 0.01%Pentair 552 23,697 0.02%Persimmon 1,084 43,625 0.03%Prudential 8,825 157,280 0.10%Reckitt Benckiser Group 2,474 204,838 0.13%RELX 6,610 175,399 0.11%Rentokil Initial 6,353 39,109 0.03%Rio Tinto 1,235 81,660 0.05%Rio Tinto (London Listed) 3,934 211,788 0.14%Rolls-Royce Holdings 5,819 51,393 0.03%Royal Bank of Scotland Group 15,841 45,585 0.03%RSA Insurance Group 3,605 26,156 0.02%Sage Group 3,639 35,421 0.02%Schroders 426 18,043 0.01%Severn Trent 846 28,761 0.02%

78



Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Smith & Nephew 2,971 71,533 0.05%Smiths Group 1,325 29,509 0.02%Spirax-Sarco Engineering 274 32,218 0.02%SSE 3,441 68,424 0.04%St James's Place 1,887 28,456 0.02%Standard Chartered 9,221 76,699 0.05%Standard Life Aberdeen 8,589 34,136 0.02%Taylor Wimpey 11,659 33,059 0.02%TechnipFMC 1,525 25,178 0.02%Tesco 33,213 108,096 0.07%Unilever 5,068 295,982 0.19%Unilever (London Listed) 3,771 225,357 0.15%United Utilities Group 2,286 30,541 0.02%Vodafone Group 90,875 178,849 0.12%Weir Group 888 15,779 0.01%Whitbread 453 26,692 0.02%Willis Towers Watson 439 92,756 0.06%Wm Morrison Supermarkets 8,684 20,828 0.01%WPP 4,254 52,992 0.03%



3M 1,990 315,733 0.21%Abbott Laboratories 6,107 532,164 0.35%AbbVie 5,111 414,093 0.27%Abiomed 163 30,365 0.02%Activision Blizzard 2,603 152,223 0.10%Acuity Brands 137 16,148 0.01%Adobe 1,675 588,159 0.38%Advance Auto Parts 235 30,961 0.02%Advanced Micro Devices 3,504 164,688 0.11%AES 2,232 44,328 0.03%Aflac 2,520 129,956 0.08%Agilent Technologies 1,047 86,440 0.06%Air Products & Chemicals 748 178,555 0.12%Akamai Technologies 560 52,276 0.03%Albemarle 376 30,185 0.02%Alexion Pharmaceuticals 761 75,636 0.05%Align Technology 253 65,046 0.04%Alleghany 49 39,085 0.03%Allergan 1,118 208,664 0.14%Alliance Data Systems 149 15,316 0.01%Alliant Energy 804 47,725 0.03%Allstate 1,124 133,239 0.09%Ally Financial 1,310 41,959 0.03%Alnylam Pharmaceuticals 378 43,391 0.03%Alphabet 1,059 1,518,850 0.99%Alphabet 1,042 1,492,957 0.98%Altice USA 527 14,419 0.01%Altria Group 6,443 306,236 0.20%Amazon.com 1,443 2,898,583 1.89%AMERCO 30 11,138 0.01%Ameren 836 68,594 0.04%American Airlines Group 391 10,494 0.01%American Electric Power 1,736 180,926 0.12%American Express 2,447 317,792 0.21%American Financial Group 267 29,047 0.02%American International Group 2,953 148,418 0.10%American Water Works 615 83,763 0.05%

79



Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


United States 59.59% (31 January 2019: 57.61%) (continued)

Ameriprise Financial 445 73,607 0.05%AmerisourceBergen 522 44,662 0.03%AMETEK 778 75,583 0.05%Amgen 2,065 446,143 0.29%Amphenol 1,078 107,229 0.07%Analog Devices 1,253 137,517 0.09%ANSYS 308 84,494 0.06%Anthem 895 237,426 0.16%AO Smith 495 21,132 0.01%Apache 1,284 35,233 0.02%Apple 15,501 4,797,715 3.14%Applied Materials 3,136 181,857 0.12%Aqua America 729 37,864 0.02%Aramark 845 37,298 0.02%Archer-Daniels-Midland 1,886 84,417 0.06%Arconic 1,412 42,289 0.03%Arista Networks 192 42,881 0.03%Arrow Electronics 260 19,744 0.01%Arthur J Gallagher 642 65,850 0.04%Assurant 215 28,070 0.02%AT&T 25,098 944,187 0.62%Atmos Energy 386 45,174 0.03%Autodesk 745 146,653 0.10%Automatic Data Processing 1,479 253,486 0.17%AutoZone 83 87,811 0.06%Avery Dennison 288 37,797 0.02%Axalta Coating Systems 756 21,780 0.01%Baker Hughes 2,138 46,309 0.03%Ball 1,069 77,160 0.05%Bank of America 30,441 999,378 0.65%Bank of New York Mellon 2,878 128,877 0.08%Bausch Health 1,048 28,772 0.02%Baxter International 1,650 147,213 0.10%Becton Dickinson 917 252,340 0.16%Berkshire Hathaway 4,585 1,029,012 0.67%Best Buy 816 69,107 0.05%Biogen 626 168,300 0.11%BioMarin Pharmaceutical 667 55,694 0.04%Bio-Rad Laboratories 78 28,152 0.02%Black Knight 498 33,326 0.02%BlackRock 396 208,831 0.14%Blackstone Group 2,253 137,591 0.09%Boeing 1,838 584,980 0.38%Booking Holdings 147 269,091 0.18%Booz Allen Hamilton Holding 466 36,367 0.02%BorgWarner 729 24,997 0.02%Boston Scientific 4,731 198,087 0.13%Bristol-Myers Squibb 8,053 506,936 0.33%Broadcom 1,374 419,290 0.27%Broadridge Financial Solutions 404 48,137 0.03%Brown & Brown 785 35,246 0.02%Brown-Forman 1,049 70,954 0.05%Bunge 459 24,065 0.02%Burlington Stores 225 48,931 0.03%Cabot Oil & Gas 1,486 20,938 0.01%Cadence Design Systems 933 67,279 0.04%Campbell Soup 595 28,792 0.02%Capital One Financial 1,601 159,780 0.10%Cardinal Health 1,016 52,029 0.03%CarMax 560 54,342 0.04%

80



Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Carnival 1,426 62,074 0.04%Carnival (London Listed) 561 23,058 0.01%Caterpillar 2,008 263,751 0.17%Cboe Global Markets 383 47,193 0.03%CBRE Group 1,083 66,117 0.04%CDK Global 432 23,190 0.02%CDW 488 63,660 0.04%Celanese 424 43,884 0.03%Centene 1,994 125,243 0.08%CenterPoint Energy 1,694 44,857 0.03%CenturyLink 3,321 45,365 0.03%Cerner 1,067 76,643 0.05%CF Industries Holdings 715 28,800 0.02%CH Robinson Worldwide 462 33,366 0.02%Charles Schwab 3,995 181,972 0.12%Charter Communications 537 277,876 0.18%Cheniere Energy 782 46,326 0.03%Chevron 6,545 701,231 0.46%Chipotle Mexican Grill 89 77,142 0.05%Church & Dwight 835 61,974 0.04%Cigna 1,319 253,749 0.17%Cincinnati Financial 528 55,414 0.04%Cintas 294 82,017 0.05%Cisco Systems 14,731 677,184 0.44%Citigroup 7,792 579,803 0.38%Citizens Financial Group 1,505 56,106 0.04%Citrix Systems 442 53,579 0.03%Clorox 420 66,070 0.04%CME Group 1,240 269,216 0.18%CMS Energy 962 65,907 0.04%Coca-Cola 13,967 815,673 0.53%Cognex 586 29,868 0.02%Cognizant Technology Solutions 1,874 115,026 0.08%Colgate-Palmolive 2,774 204,666 0.13%Comcast 15,607 674,066 0.44%Comerica 528 32,292 0.02%Conagra Brands 1,646 54,186 0.04%Concho Resources 682 51,682 0.03%ConocoPhillips 3,769 223,992 0.15%Consolidated Edison 1,127 105,938 0.07%Constellation Brands 567 106,766 0.07%Continental Resources 345 9,391 0.01%Cooper 172 59,665 0.04%Copart 704 71,428 0.05%Corning 2,633 70,275 0.05%Corteva 2,532 73,225 0.05%CoStar Group 124 80,971 0.05%Costco Wholesale 1,515 462,863 0.30%Coty 1,090 11,183 0.01%Crown Holdings 481 35,608 0.02%CSX 2,577 196,728 0.13%Cummins 506 80,945 0.05%CVS Health 4,549 308,513 0.20%Danaher 2,129 342,492 0.22%Darden Restaurants 436 50,763 0.03%DaVita 370 29,552 0.02%Deere 1,015 160,959 0.11%Dell Technologies 556 27,116 0.02%Delta Air Lines 539 30,044 0.02%Dentsply Sirona 758 42,448 0.03%

81



Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Devon Energy 1,445 31,385 0.02%DexCom 313 75,355 0.05%Diamondback Energy 506 37,646 0.02%Discover Financial Services 1,081 81,216 0.05%Discovery (Class A) 666 19,487 0.01%Discovery (Class C) 1,111 30,852 0.02%DISH Network 840 30,878 0.02%DocuSign 373 29,284 0.02%Dollar General 874 134,080 0.09%Dollar Tree 791 68,872 0.04%Dominion Energy 2,861 245,331 0.16%Domino's Pizza 130 36,627 0.02%Dover 494 56,242 0.04%Dow 2,514 115,820 0.08%DR Horton 1,189 70,389 0.05%Dropbox 819 13,939 0.01%DTE Energy 625 82,881 0.05%Duke Energy 2,529 246,906 0.16%DuPont de Nemours 2,522 129,076 0.08%DXC Technology 954 30,414 0.02%E*TRADE Financial 821 34,991 0.02%East West Bancorp 518 23,745 0.02%Eastman Chemical 450 32,071 0.02%Eaton 1,427 134,809 0.09%Eaton Vance 379 17,339 0.01%eBay 2,673 89,706 0.06%Ecolab 905 177,480 0.12%Edison International 1,215 93,008 0.06%Edwards Lifesciences 707 155,441 0.10%Elanco Animal Health 1,442 44,558 0.03%Electronic Arts 999 107,812 0.07%Eli Lilly 2,990 417,524 0.27%Emerson Electric 2,092 149,850 0.10%Entergy 672 88,381 0.06%EOG Resources 1,968 143,487 0.09%EPAM Systems 185 42,206 0.03%Equifax 411 61,609 0.04%Equitable Holdings 1,392 33,436 0.02%Erie Indemnity 89 14,819 0.01%Estee Lauder 752 146,760 0.10%Evergy 806 58,161 0.04%Eversource Energy 1,096 101,314 0.07%Exact Sciences 497 46,360 0.03%Exelon 3,299 156,999 0.10%Expedia Group 470 50,972 0.03%Expeditors International of Washington 564 41,195 0.03%Exxon Mobil 14,587 906,144 0.59%F5 Networks 211 25,767 0.02%Facebook 8,263 1,668,382 1.09%FactSet Research Systems 132 37,767 0.02%Fastenal 1,948 67,946 0.04%FedEx 841 121,642 0.08%Fidelity National Financial 934 45,533 0.03%Fidelity National Information Services 2,128 305,708 0.20%Fifth Third Bancorp 2,442 69,475 0.05%First Republic Bank 567 62,869 0.04%FirstEnergy 1,953 99,193 0.06%Fiserv 2,005 237,813 0.16%FleetCor Technologies 294 92,678 0.06%Flex 1,823 23,972 0.02%

82



Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



FLIR Systems 472 24,327 0.02%Flowserve 466 21,753 0.01%FMC 462 44,163 0.03%Ford Motor 13,281 117,138 0.08%Fortinet 493 56,872 0.04%Fortive 1,020 76,429 0.05%Fortune Brands Home & Security 480 32,981 0.02%Fox (Class A) 1,255 46,535 0.03%Fox (Class B) 523 19,001 0.01%Franklin Resources 993 25,123 0.02%Freeport-McMoRan 4,870 54,057 0.04%Gap 744 12,953 0.01%Gartner 305 49,038 0.03%General Dynamics 830 145,615 0.10%General Electric 30,064 374,297 0.24%General Mills 2,047 106,894 0.07%General Motors 4,354 145,380 0.09%Genuine Parts 482 45,101 0.03%Gilead Sciences 4,301 271,823 0.18%Global Payments 1,021 199,554 0.13%Globe Life 371 38,680 0.03%GoDaddy 593 39,856 0.03%Goldman Sachs Group 1,138 270,560 0.18%GrubHub 316 17,111 0.01%Guidewire Software 294 33,075 0.02%Halliburton 2,959 64,536 0.04%Hanesbrands 1,271 17,489 0.01%Harley-Davidson 573 19,138 0.01%Hartford Financial Services Group 1,229 72,855 0.05%Hasbro 435 44,313 0.03%HCA Healthcare 929 128,945 0.08%HD Supply Holdings 612 24,933 0.02%HEICO 200 24,486 0.02%HEICO (Class A) 228 21,922 0.01%Henry Schein 499 34,401 0.02%Hershey 506 78,516 0.05%Hess 928 52,497 0.03%Hewlett Packard Enterprise 4,405 61,362 0.04%Hilton Worldwide Holdings 920 99,176 0.06%HollyFrontier 488 21,921 0.01%Hologic 902 48,275 0.03%Home Depot 3,758 857,200 0.56%Honeywell International 2,484 430,278 0.28%Hormel Foods 991 46,835 0.03%HP 5,035 107,346 0.07%Humana 460 154,670 0.10%Huntington Bancshares 3,474 47,142 0.03%Huntington Ingalls Industries 148 38,628 0.03%IDEX 257 42,109 0.03%IDEXX Laboratories 292 79,135 0.05%Illinois Tool Works 1,133 198,252 0.13%Illumina 498 144,455 0.09%Incyte 617 45,084 0.03%Ingersoll-Rand 819 109,115 0.07%Ingredion 242 21,296 0.01%Insulet 216 41,913 0.03%Intel 15,226 973,398 0.64%InterActiveCorp 266 64,795 0.04%Intercontinental Exchange 1,906 190,104 0.12%International Business Machines 3,050 438,377 0.29%

83



Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



International Flavors & Fragrances 343 44,971 0.03%International Paper 1,252 50,981 0.03%Interpublic Group 1,371 31,122 0.02%Intuit 884 247,856 0.16%Intuitive Surgical 392 219,434 0.14%Invesco 1,428 24,704 0.02%Ionis Pharmaceuticals 469 27,352 0.02%IPG Photonics 137 17,491 0.01%IQVIA Holdings 565 87,716 0.06%Jack Henry & Associates 260 38,880 0.03%Jacobs Engineering Group 447 41,361 0.03%JB Hunt Transport Services 297 32,055 0.02%Jefferies Financial Group 825 17,853 0.01%JM Smucker 395 40,926 0.03%Johnson & Johnson 9,050 1,347,274 0.88%Johnson Controls International 2,701 106,554 0.07%Jones Lang LaSalle 176 29,888 0.02%JPMorgan Chase 10,986 1,454,107 0.95%Juniper Networks 1,116 25,601 0.02%Kansas City Southern 345 58,198 0.04%Kellogg 869 59,274 0.04%KeyCorp 3,475 65,017 0.04%Keysight Technologies 634 58,956 0.04%Kimberly-Clark 1,173 168,021 0.11%Kinder Morgan 6,924 144,504 0.09%KKR 1,667 53,177 0.03%KLA 539 89,334 0.06%Knight-Swift Transportation Holdings 454 16,834 0.01%Kohl's 578 24,710 0.02%Kraft Heinz 2,274 66,401 0.04%Kroger 2,706 72,683 0.05%L3Harris Technologies 758 167,768 0.11%Laboratory of America Holdings 332 58,233 0.04%Lam Research 491 146,421 0.10%Lamb Weston Holdings 488 44,559 0.03%Las Vegas Sands 1,171 76,478 0.05%Lear 205 25,252 0.02%Leggett & Platt 469 22,320 0.01%Leidos Holdings 449 45,111 0.03%Lennar 964 63,971 0.04%Lennox International 111 25,861 0.02%Liberty Broadband 380 50,513 0.03%Liberty Media-Liberty Formula One 660 30,881 0.02%Liberty Media-Liberty SiriusXM (Class A) 343 16,660 0.01%Liberty Media-Liberty SiriusXM (Class C) 528 25,883 0.02%Lincoln National 659 35,902 0.02%Live Nation Entertainment 484 32,989 0.02%LKQ 1,099 35,921 0.02%Lockheed Martin 883 378,030 0.25%Loews 1,016 52,273 0.03%Lowe's 2,679 311,407 0.20%LyondellBasell Industries 903 70,308 0.05%M&T Bank 429 72,295 0.05%ManpowerGroup 207 18,938 0.01%Marathon Oil 2,871 32,643 0.02%Marathon Petroleum 2,231 121,590 0.08%Markel 46 53,957 0.04%MarketAxess Holdings 128 45,335 0.03%Marriott International 947 132,637 0.09%Marsh & McLennan 1,725 192,959 0.13%

84



Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Martin Marietta Materials 211 55,662 0.04%Marvell Technology Group 2,122 51,013 0.03%Masco 966 45,904 0.03%Mastercard 3,103 980,362 0.64%Match Group 196 15,331 0.01%Maxim Integrated Products 1,091 65,591 0.04%McCormick 417 68,125 0.04%McDonald's 2,611 558,676 0.36%McKesson 629 89,702 0.06%Merck 8,789 750,932 0.49%MetLife 2,710 134,714 0.09%Mettler-Toledo International 85 64,360 0.04%MGM Resorts International 1,659 51,529 0.03%Microchip Technology 805 78,471 0.05%Micron Technology 3,747 198,928 0.13%Microsoft 24,944 4,246,217 2.78%Middleby 194 21,759 0.01%Mohawk Industries 215 28,311 0.02%Molson Coors Beverage 626 34,793 0.02%Mondelez International 4,996 286,670 0.19%MongoDB 148 24,259 0.02%Monster Beverage 1,390 92,574 0.06%Moody's 580 148,938 0.10%Morgan Stanley 4,218 220,433 0.14%Mosaic 1,313 26,050 0.02%Motorola Solutions 560 99,120 0.06%MSCI 287 82,025 0.05%Mylan 1,857 39,777 0.03%Nasdaq 390 45,419 0.03%National Oilwell Varco 1,366 28,153 0.02%NetApp 813 43,414 0.03%Netflix 1,506 519,706 0.34%Neurocrine Biosciences 297 29,724 0.02%Newell Brands 1,417 27,674 0.02%Newmont 2,765 124,591 0.08%News 1,320 17,978 0.01%NextEra Energy 1,644 440,921 0.29%Nielsen Holdings 1,267 25,847 0.02%Nike 4,309 414,957 0.27%NiSource 1,250 36,638 0.02%Noble Energy 1,536 30,367 0.02%Nordstrom 388 14,302 0.01%Norfolk Southern 896 186,556 0.12%Northern Trust 693 67,782 0.04%Northrop Grumman 546 204,515 0.13%NortonLifeLock 2,035 57,835 0.04%Norwegian Cruise Line Holdings 723 38,934 0.03%NRG Energy 864 31,873 0.02%Nucor 987 46,873 0.03%NVIDIA 1,994 471,441 0.31%NVR 12 45,804 0.03%Occidental Petroleum 3,037 120,630 0.08%OGE Energy 708 32,462 0.02%Okta 362 46,354 0.03%Old Dominion Freight Line 210 41,208 0.03%Omnicom Group 715 53,847 0.04%ON Semiconductor 1,405 32,526 0.02%ONEOK 1,403 105,043 0.07%Oracle 8,046 422,013 0.28%O'Reilly Automotive 260 105,586 0.07%

85



Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Ovintiv 948 14,780 0.01%Owensrning 362 21,897 0.01%PACCAR 1,172 86,974 0.06%Packaging of America 359 34,374 0.02%Palo Alto Networks 325 76,304 0.05%Parker-Hannifin 433 84,734 0.06%Paychex 1,171 100,437 0.07%Paycom Software 165 52,496 0.03%PayPal Holdings 3,845 437,907 0.29%People's United Financial 1,417 21,850 0.01%PepsiCo 4,820 684,536 0.45%PerkinElmer 371 34,310 0.02%Pfizer 18,989 707,150 0.46%Philip Morris International 5,343 441,866 0.29%Phillips 66 1,521 138,974 0.09%Pinnacle West Capital 384 37,513 0.02%Pinterest 499 10,993 0.01%Pioneer Natural Resources 566 76,410 0.05%PNC Financial Services Group 1,585 235,452 0.15%Polaris 201 18,460 0.01%PPG Industries 797 95,512 0.06%PPL 2,445 88,485 0.06%Principal Financial Group 943 49,932 0.03%Procter & Gamble 8,592 1,070,735 0.70%Progressive 1,988 160,412 0.10%Prudential Financial 1,366 124,388 0.08%PTC 391 32,500 0.02%Public Service Enterprise Group 1,715 101,528 0.07%PulteGroup 900 40,185 0.03%PVH 268 23,362 0.02%Qorvo 402 42,556 0.03%Qualcomm 4,193 357,705 0.23%Quest Diagnostics 456 50,466 0.03%Ralph Lauren 185 20,998 0.01%Raymond James Financial 423 38,675 0.03%Raytheon 946 209,009 0.14%Regeneron Pharmaceuticals 275 92,934 0.06%Regions Financial 3,406 53,031 0.03%Reinsurance Group of America 213 30,683 0.02%Republic Services 771 73,284 0.05%ResMed 486 77,259 0.05%RingCentral 244 50,162 0.03%Robert Half International 411 23,908 0.02%Rockwell Automation 396 75,897 0.05%Roku 307 37,132 0.02%Rollins 510 19,355 0.01%Roper Technologies 354 135,108 0.09%Ross Stores 1,246 139,789 0.09%Royal Caribbean Cruises 601 70,365 0.05%RPM International 441 31,474 0.02%S&P Global 838 246,146 0.16%Sabre 969 20,872 0.01%salesforce.com 2,870 523,230 0.34%Sarepta Therapeutics 267 30,961 0.02%Schlumberger 4,691 157,195 0.10%Seagate Technology 861 49,068 0.03%Sealed Air 565 20,058 0.01%Seattle Genetics 400 43,356 0.03%SEI Investments 419 27,344 0.02%Sempra Energy 934 150,038 0.10%

86



Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Sensata Technologies Holding 533 25,195 0.02%ServiceNow 637 215,453 0.14%Sherwin-Williams 290 161,527 0.11%Signature Bank 199 28,236 0.02%Sirius XM Holdings 5,287 37,379 0.02%Skyworks Solutions 582 65,853 0.04%Snap 2,413 44,351 0.03%Snap-on 184 29,372 0.02%Southern 3,625 255,200 0.17%Southwest Airlines 479 26,335 0.02%Spirit AeroSystems Holdings 369 24,103 0.02%Splunk 509 79,027 0.05%Sprint 2,819 12,319 0.01%Square 1,161 86,715 0.06%SS&C Technologies Holdings 776 48,896 0.03%Stanley Black & Decker 514 81,896 0.05%Starbucks 4,137 350,942 0.23%State Street 1,265 95,672 0.06%Steel Dynamics 742 22,171 0.01%STERIS 286 43,097 0.03%Stryker 1,144 241,041 0.16%SVB Financial Group 184 44,221 0.03%Synchrony Financial 2,206 71,496 0.05%Synopsys 510 75,230 0.05%Sysco 1,660 136,352 0.09%T Rowe Price Group 806 107,625 0.07%Take-Two Interactive Software 381 47,488 0.03%Tapestry 925 23,837 0.02%Targa Resources 829 30,259 0.02%Target 1,734 192,023 0.13%TD Ameritrade Holding 937 44,489 0.03%Teledyne Technologies 122 44,537 0.03%Teleflex 157 58,327 0.04%Teradyne 567 37,416 0.02%Tesla 465 302,515 0.20%Texas Instruments 3,226 389,217 0.25%Textron 739 33,942 0.02%Thermo Fisher Scientific 1,387 434,395 0.28%Tiffany 371 49,721 0.03%TJX 4,122 243,363 0.16%T-Mobile US 1,164 92,177 0.06%Tractor Supply 393 36,529 0.02%TransDigm Group 163 104,855 0.07%TransUnion 638 58,505 0.04%Travelers 887 116,747 0.08%Trimble 863 36,695 0.02%TripAdvisor 355 9,699 0.01%Truist Financial 4,826 248,877 0.16%Twilio 391 48,617 0.03%Twitter 2,486 80,745 0.05%Tyler Technologies 131 42,402 0.03%Tyson Foods 999 82,547 0.05%Uber Technologies 665 24,133 0.02%UGI 745 30,985 0.02%Ulta Beauty 190 50,903 0.03%Under Armour (Class A) 719 14,509 0.01%Under Armour (Class C) 662 11,890 0.01%Union Pacific 2,427 435,452 0.28%United Airlines Holdings 234 17,503 0.01%United Parcel Service 2,421 250,622 0.16%

87



Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



United Rentals 265 35,958 0.02%United Technologies 2,817 423,113 0.28%UnitedHealth Group 3,249 885,190 0.58%Universal Health Services 275 37,705 0.02%Unum Group 766 20,445 0.01%US Bancorp 5,326 283,450 0.19%Vail Resorts 133 31,190 0.02%Valero Energy 1,405 118,456 0.08%Varian Medical Systems 306 43,014 0.03%Veeva Systems 441 64,655 0.04%VeriSign 362 75,347 0.05%Verisk Analytics 528 85,784 0.06%Verizon Communications 14,240 846,426 0.55%Vertex Pharmaceuticals 875 198,669 0.13%VF 1,146 95,084 0.06%Viacom 1,896 64,710 0.04%Visa 5,933 1,180,489 0.77%Vistra Energy 1,251 28,173 0.02%VMware 274 40,568 0.03%Voya Financial 473 28,252 0.02%Vulcan Materials 447 63,309 0.04%WABCO Holdings 210 28,487 0.02%Walgreens Boots Alliance 2,603 132,363 0.09%Walmart 4,910 562,146 0.37%Walt Disney 6,188 855,862 0.56%Waste Connections 924 88,990 0.06%Waste Management 1,447 176,100 0.11%Waters 225 50,353 0.03%Wayfair 218 20,427 0.01%WEC Energy Group 1,116 111,477 0.07%Wells Fargo 14,400 675,936 0.44%West Pharmaceutical Services 250 38,988 0.03%Western Digital 1,004 65,762 0.04%Western Union 1,383 37,203 0.02%Westinghouse Air Brake Technologies 617 45,572 0.03%Westlake Chemical 129 7,895 0.01%Westrock 925 36,075 0.02%Whirlpool 218 31,865 0.02%Williams 4,095 84,726 0.06%Workday 556 102,654 0.07%WR Berkley 499 36,691 0.02%WW Grainger 155 46,914 0.03%Wynn Resorts 326 41,128 0.03%Xcel Energy 1,744 120,667 0.08%Xerox Holdings 713 25,361 0.02%Xilinx 855 72,230 0.05%XPO Logistics 323 28,721 0.02%Xylem 622 50,793 0.03%Yum! Brands 1,028 108,732 0.07%Zayo Group Holdings 817 28,391 0.02%Zebra Technologies 193 46,131 0.03%Zillow Group 454 20,979 0.01%Zimmer Biomet Holdings 760 112,404 0.07%Zions Bancorp 583 26,521 0.02%Zoetis 1,626 218,225 0.14%

Total United States 91,182,084 59.59%

88



Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Total Equities 148,116,499 96.81%



Dexus REIT 3,629 30,903 0.02%Goodman Group REIT 5,571 55,532 0.04%GPT Group REIT 6,904 27,731 0.02%Mirvac Group REIT 13,042 29,685 0.02%Scentre Group REIT 19,498 50,384 0.03%Stockland REIT 7,980 26,284 0.02%Vicinity Centres REIT 10,070 17,123 0.01%

Total Australia 237,642 0.16%

Canada 0.03% (31 January 2019: 0.02%)

Canadian Apartment Properties REIT 262 11,212 0.01%First Capital REIT 369 6,046 0.00%H&R REIT 527 8,523 0.01%RioCan REIT 546 11,213 0.01%SmartCentres REIT 281 6,674 0.00%

Total Canada 43,668 0.03%

France 0.10% (31 January 2019: 0.11%)

Covivio REIT 167 19,839 0.01%Gecina REIT 154 29,081 0.02%ICADE REIT 100 11,171 0.01%Klepierre REIT 691 23,532 0.02%Unibail-Rodamco-Westfield REIT 464 63,042 0.04%

Total France 146,665 0.10%


Link REIT 7,700 78,340 0.05%

Japan 0.13% (31 January 2019: 0.12%)

Daiwa House REIT Investment 6 16,026 0.01%Japan Prime Realty Investment REIT 3 13,867 0.01%Japan REIT 4 29,192 0.02%Japan Retail Fund Investment REIT 10 21,378 0.01%Nippon Building Fund REIT 5 40,504 0.03%Nippon Prologis REIT 7 20,150 0.01%Nomura Real Estate Master Fund REIT 14 24,646 0.02%Orix JREIT 9 19,040 0.01%United Urban Investment REIT 11 19,720 0.01%

Total Japan 204,523 0.13%


Ascendas REIT 9,264 21,380 0.01%CapitaLand Mall Trust REIT 9,200 16,986 0.01%CapitaLandmmercial Trust REIT 9,600 14,489 0.01%Mapletreemmercial Trust REIT 7,000 12,052 0.01%Suntec REIT 7,500 10,111 0.01%



British Land REIT 3,064 22,400 0.01%Land Securities Group REIT 2,321 28,699 0.02%

89



Number of

Shares Fair Value

USD% of Sub-

Fund NAV*

Transferable Securities 2.65% (31 January 2019: 2.49%) (continued)


Segro REIT 3,773 45,289 0.03%Total United Kingdom 96,388 0.06%


AGNC Investment REIT 1,811 33,667 0.02%Alexandria Real Estate Equities REIT 380 62,016 0.04%American Tower REIT 1,528 354,099 0.23%Annaly Capital Management REIT 4,930 48,117 0.03%AvalonBay Communities REIT 474 102,711 0.07%Boston Properties REIT 589 84,433 0.06%Camden Property Trust REIT 349 39,238 0.03%Crown Castle International REIT 1,457 218,317 0.14%Digital Realty Trust REIT 705 86,708 0.06%Duke Realty REIT 1,215 44,117 0.03%Equinix REIT 288 169,842 0.11%Equity LifeStyle Properties REIT 589 42,850 0.03%Equity Residential REIT 1,255 104,265 0.07%Essex Property Trust REIT 227 70,316 0.05%Extra Space Storage REIT 432 47,814 0.03%Federal Realty Investment Trust REIT 254 31,755 0.02%Healthpeak Properties REIT 1,663 59,851 0.04%Host Hotels & Resorts REIT 2,508 40,981 0.03%Invitation Homes REIT 1,903 59,887 0.04%Iron MountaiN REIT 1,012 31,989 0.02%Kimco Realty REIT 1,471 28,023 0.02%Liberty Property Trust REIT 560 35,084 0.02%Medical Properties Trust REIT 1,698 37,611 0.02%Mid-America Apartment Communities REIT 383 52,551 0.03%National Retail Properties REIT 547 30,632 0.02%Omega Healthcare Investors REIT 720 30,204 0.02%Prologis REIT 2,149 199,599 0.13%Public Storage REIT 534 119,488 0.08%Realtyome REIT 1,074 84,212 0.05%Regency Centers REIT 571 35,425 0.02%SBA Communications REIT 383 95,581 0.06%Simon Property Group REIT 1,044 139,009 0.09%SL Green Realty REIT 300 27,612 0.02%Sun Communities REIT 309 50,111 0.03%UDR REIT 973 46,616 0.03%Ventas REIT 1,263 73,077 0.05%VEREIT REIT 3,507 34,228 0.02%VICI Properties REIT 1,554 41,647 0.03%Vornado REIT 577 37,949 0.02%Welltower REIT 1,377 116,921 0.08%Weyerhaeuser REIT 2,519 72,925 0.05%WP Carey REIT 606 50,977 0.03%




90






Notional Amount


USD% of Sub-

Fund NAV*E-mini S&P 500 20 March 2020 Morgan Stanley 4 644,844 (44) (0.00%)MSCI EAFE 20 March 2020 Morgan Stanley 3 301,970 (5,495) (0.00%)Total Futures Contracts (5,539) (0.00%)

Open Forward Foreign Exchange Contracts held for Portfolio Hedging Purposes (0.04%) (31 January 2019: 0.00%)



USD % of Sub-

Fund NAV*JPY 208,649,736 USD (1,900,993) Brown Brothers Harriman 18/02/2020 25,548 0.02%USD 520,723 AUD (754,633) Brown Brothers Harriman 18/02/2020 15,412 0.01%GBP 963,546 USD (1,255,560) Brown Brothers Harriman 18/02/2020 15,043 0.01%USD 2,373,507 EUR (2,128,639) Brown Brothers Harriman 18/02/2020 12,581 0.01%USD 764,941 CAD (998,948) Brown Brothers Harriman 18/02/2020 9,643 0.01%USD 558,405 AUD (826,226) Brown Brothers Harriman 18/02/2020 5,154 0.00%JPY 37,970,987 USD (345,981) Brown Brothers Harriman 18/02/2020 4,620 0.00%USD 200,593 SEK (1,897,236) Brown Brothers Harriman 18/02/2020 3,629 0.00%USD 818,948 CAD (1,078,677) Brown Brothers Harriman 18/02/2020 3,367 0.00%USD 99,124 AUD (143,651) Brown Brothers Harriman 18/02/2020 2,934 0.00%GBP 175,350 USD (228,416) Brown Brothers Harriman 18/02/2020 2,814 0.00%USD 455,447 EUR (408,460) Brown Brothers Harriman 18/02/2020 2,414 0.00%USD 145,366 CAD (189,835) Brown Brothers Harriman 18/02/2020 1,833 0.00%USD 46,450 NOK (412,573) Brown Brothers Harriman 18/02/2020 1,689 0.00%USD 96,786 SGD (130,400) Brown Brothers Harriman 18/02/2020 1,249 0.00%JPY 8,279,107 USD (75,268) Brown Brothers Harriman 18/02/2020 1,176 0.00%CHF 717,301 USD (743,303) Brown Brothers Harriman 18/02/2020 1,143 0.00%USD 102,476 AUD (151,625) Brown Brothers Harriman 18/02/2020 946 0.00%USD 31,139 AUD (45,112) Brown Brothers Harriman 18/02/2020 931 0.00%USD 141,605 EUR (126,884) Brown Brothers Harriman 18/02/2020 875 0.00%USD 136,082 DKK (911,832) Brown Brothers Harriman 18/02/2020 737 0.00%USD 38,184 SEK (361,151) Brown Brothers Harriman 18/02/2020 691 0.00%USD 45,656 CAD (59,550) Brown Brothers Harriman 18/02/2020 630 0.00%USD 148,787 CAD (195,974) Brown Brothers Harriman 18/02/2020 612 0.00%USD 48,228 NOK (440,293) Brown Brothers Harriman 18/02/2020 459 0.00%USD 20,671 NZD (31,234) Brown Brothers Harriman 18/02/2020 454 0.00%USD 101,258 SGD (137,635) Brown Brothers Harriman 18/02/2020 421 0.00%HKD 2,008,427 USD (258,202) Brown Brothers Harriman 18/02/2020 387 0.00%GBP 21,622 USD (28,139) Brown Brothers Harriman 18/02/2020 373 0.00%USD 8,842 NOK (78,537) Brown Brothers Harriman 18/02/2020 322 0.00%EUR 47,289 USD (52,170) Brown Brothers Harriman 18/02/2020 279 0.00%USD 18,424 SGD (24,823) Brown Brothers Harriman 18/02/2020 238 0.00%CHF 130,538 USD (135,249) Brown Brothers Harriman 18/02/2020 228 0.00%USD 209,305 SEK (2,014,080) Brown Brothers Harriman 18/02/2020 211 0.00%USD 11,953 SEK (113,215) Brown Brothers Harriman 18/02/2020 199 0.00%USD 22,833 NZD (34,975) Brown Brothers Harriman 18/02/2020 196 0.00%JPY 1,596,917 USD (14,553) Brown Brothers Harriman 18/02/2020 192 0.00%USD 6,543 AUD (9,545) Brown Brothers Harriman 18/02/2020 152 0.00%USD 26,054 DKK (174,580) Brown Brothers Harriman 18/02/2020 141 0.00%JPY 968,066 USD (8,801) Brown Brothers Harriman 18/02/2020 138 0.00%EUR 22,362 USD (24,669) Brown Brothers Harriman 18/02/2020 133 0.00%USD 4,472 AUD (6,481) Brown Brothers Harriman 18/02/2020 132 0.00%JPY 2,223,565 USD (20,411) Brown Brothers Harriman 18/02/2020 120 0.00%GBP 7,375 USD (9,607) Brown Brothers Harriman 18/02/2020 118 0.00%

91



Financial Derivative Instruments (0.14%) (31 January 2019: 0.04%) (continued)

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



USD % of Sub-

Fund NAV*JPY 3,024,935 USD (27,817) Brown Brothers Harriman 18/02/2020 113 0.00%USD 20,559 EUR (18,438) Brown Brothers Harriman 18/02/2020 109 0.00%USD 2,750 NOK (24,415) Brown Brothers Harriman 18/02/2020 101 0.00%USD 8,351 CAD (10,920) Brown Brothers Harriman 18/02/2020 94 0.00%USD 3,935 NZD (5,946) Brown Brothers Harriman 18/02/2020 86 0.00%USD 8,777 NOK (80,126) Brown Brothers Harriman 18/02/2020 84 0.00%USD 6,562 CAD (8,569) Brown Brothers Harriman 18/02/2020 83 0.00%USD 5,728 SGD (7,712) Brown Brothers Harriman 18/02/2020 78 0.00%USD 18,427 SGD (25,047) Brown Brothers Harriman 18/02/2020 77 0.00%ILS 92,115 USD (26,652) Brown Brothers Harriman 18/02/2020 75 0.00%HKD 365,717 USD (47,015) Brown Brothers Harriman 18/02/2020 71 0.00%CHF 13,006 USD (13,435) Brown Brothers Harriman 18/02/2020 63 0.00%GBP 3,614 USD (4,704) Brown Brothers Harriman 18/02/2020 62 0.00%USD 2,277 AUD (3,311) Brown Brothers Harriman 18/02/2020 60 0.00%USD 3,351 SEK (31,758) Brown Brothers Harriman 18/02/2020 54 0.00%USD 8,402 DKK (56,249) Brown Brothers Harriman 18/02/2020 53 0.00%USD 41,856 CHF (40,280) Brown Brothers Harriman 18/02/2020 53 0.00%GBP 12,426 USD (16,337) Brown Brothers Harriman 18/02/2020 49 0.00%USD 3,421 CAD (4,471) Brown Brothers Harriman 18/02/2020 40 0.00%USD 4,293 AUD (6,351) Brown Brothers Harriman 18/02/2020 40 0.00%USD 38,091 SEK (366,542) Brown Brothers Harriman 18/02/2020 38 0.00%USD 4,707 DKK (31,467) Brown Brothers Harriman 18/02/2020 36 0.00%USD 4,154 NZD (6,363) Brown Brothers Harriman 18/02/2020 36 0.00%EUR 5,558 USD (6,132) Brown Brothers Harriman 18/02/2020 33 0.00%USD 1,220 NZD (1,837) Brown Brothers Harriman 18/02/2020 32 0.00%USD 1,720 SEK (16,271) Brown Brothers Harriman 18/02/2020 31 0.00%USD 1,075 AUD (1,564) Brown Brothers Harriman 18/02/2020 27 0.00%USD 6,206 CAD (8,175) Brown Brothers Harriman 18/02/2020 25 0.00%EUR 4,074 USD (4,495) Brown Brothers Harriman 18/02/2020 24 0.00%JPY 410,235 USD (3,766) Brown Brothers Harriman 18/02/2020 22 0.00%JPY 573,102 USD (5,270) Brown Brothers Harriman 18/02/2020 21 0.00%EUR 6,774 USD (7,492) Brown Brothers Harriman 18/02/2020 21 0.00%DKK 25,984 USD (3,837) Brown Brothers Harriman 18/02/2020 20 0.00%USD 402 NOK (3,569) Brown Brothers Harriman 18/02/2020 15 0.00%JPY 115,266 USD (1,050) Brown Brothers Harriman 18/02/2020 14 0.00%ILS 16,763 USD (4,850) Brown Brothers Harriman 18/02/2020 14 0.00%JPY 96,931 USD (881) Brown Brothers Harriman 18/02/2020 14 0.00%USD 632 NZD (956) Brown Brothers Harriman 18/02/2020 13 0.00%GBP 2,514 USD (3,303) Brown Brothers Harriman 18/02/2020 13 0.00%ILS 13,157 USD (3,806) Brown Brothers Harriman 18/02/2020 12 0.00%DKK 14,561 USD (2,150) Brown Brothers Harriman 18/02/2020 12 0.00%DKK 10,670 USD (1,573) Brown Brothers Harriman 18/02/2020 11 0.00%USD 837 SGD (1,128) Brown Brothers Harriman 18/02/2020 11 0.00%USD 414 NZD (623) Brown Brothers Harriman 18/02/2020 11 0.00%USD 635 SEK (6,021) Brown Brothers Harriman 18/02/2020 10 0.00%CHF 5,540 USD (5,740) Brown Brothers Harriman 18/02/2020 10 0.00%USD 6,371 EUR (5,736) Brown Brothers Harriman 18/02/2020 10 0.00%CHF 1,677 USD (1,732) Brown Brothers Harriman 18/02/2020 8 0.00%HKD 69,701 USD (8,967) Brown Brothers Harriman 18/02/2020 7 0.00%USD 206 NOK (1,837) Brown Brothers Harriman 18/02/2020 7 0.00%USD 1,185 DKK (7,940) Brown Brothers Harriman 18/02/2020 6 0.00%GBP 538 USD (703) Brown Brothers Harriman 18/02/2020 6 0.00%USD 336 NZD (509) Brown Brothers Harriman 18/02/2020 6 0.00%USD 420 NZD (639) Brown Brothers Harriman 18/02/2020 6 0.00%USD 746 DKK (4,985) Brown Brothers Harriman 18/02/2020 6 0.00%USD 179 NZD (270) Brown Brothers Harriman 18/02/2020 4 0.00%DKK 4,729 USD (698) Brown Brothers Harriman 18/02/2020 4 0.00%USD 289 SGD (389) Brown Brothers Harriman 18/02/2020 4 0.00%USD 169 NZD (256) Brown Brothers Harriman 18/02/2020 4 0.00%

92







USD % of Sub-

Fund NAV*USD 369 NOK (3,371) Brown Brothers Harriman 18/02/2020 4 0.00%USD 775 SGD (1,053) Brown Brothers Harriman 18/02/2020 3 0.00%HKD 15,266 USD (1,962) Brown Brothers Harriman 18/02/2020 3 0.00%HKD 39,639 USD (5,101) Brown Brothers Harriman 18/02/2020 3 0.00%GBP 165 USD (215) Brown Brothers Harriman 18/02/2020 3 0.00%ILS 3,039 USD (879) Brown Brothers Harriman 18/02/2020 2 0.00%USD 77 AUD (111) Brown Brothers Harriman 18/02/2020 2 0.00%EUR 403 USD (445) Brown Brothers Harriman 18/02/2020 2 0.00%DKK 2,634 USD (389) Brown Brothers Harriman 18/02/2020 2 0.00%HKD 49,283 USD (6,343) Brown Brothers Harriman 18/02/2020 2 0.00%USD 79 NZD (119) Brown Brothers Harriman 18/02/2020 2 0.00%DKK 1,946 USD (287) Brown Brothers Harriman 18/02/2020 2 0.00%ILS 2,244 USD (649) Brown Brothers Harriman 18/02/2020 2 0.00%USD 136 NOK (1,236) Brown Brothers Harriman 18/02/2020 2 0.00%USD 81 AUD (119) Brown Brothers Harriman 18/02/2020 2 0.00%GBP 84 USD (109) Brown Brothers Harriman 18/02/2020 2 0.00%USD 1,602 SEK (15,420) Brown Brothers Harriman 18/02/2020 2 0.00%USD 175 NZD (268) Brown Brothers Harriman 18/02/2020 1 0.00%USD 95 CAD (124) Brown Brothers Harriman 18/02/2020 1 0.00%USD 163 CAD (214) Brown Brothers Harriman 18/02/2020 1 0.00%USD 44 AUD (64) Brown Brothers Harriman 18/02/2020 1 0.00%HKD 10,683 USD (1,374) Brown Brothers Harriman 18/02/2020 1 0.00%USD 61 NZD (93) Brown Brothers Harriman 18/02/2020 1 0.00%ILS 1,566 USD (453) Brown Brothers Harriman 18/02/2020 1 0.00%USD 74 NZD (113) Brown Brothers Harriman 18/02/2020 1 0.00%EUR 173 USD (191) Brown Brothers Harriman 18/02/2020 1 0.00%CHF 394 USD (408) Brown Brothers Harriman 18/02/2020 1 0.00%JPY 17,517 USD (161) Brown Brothers Harriman 18/02/2020 1 0.00%ILS 1,259 USD (364) Brown Brothers Harriman 18/02/2020 1 0.00%JPY 18,810 USD (173) Brown Brothers Harriman 18/02/2020 1 0.00%ILS 705 USD (204) Brown Brothers Harriman 18/02/2020 1 0.00%HKD 7,475 USD (962) Brown Brothers Harriman 18/02/2020 1 0.00%HKD 5,210 USD (670) Brown Brothers Harriman 18/02/2020 1 0.00%GBP 110 USD (145) Brown Brothers Harriman 18/02/2020 1 0.00%CHF 78 USD (80) Brown Brothers Harriman 18/02/2020 0 0.00%ILS 578 USD (167) Brown Brothers Harriman 18/02/2020 0 0.00%USD 22 SEK (211) Brown Brothers Harriman 18/02/2020 0 0.00%HKD 8,936 USD (1,150) Brown Brothers Harriman 18/02/2020 0 0.00%USD 22 SEK (205) Brown Brothers Harriman 18/02/2020 0 0.00%USD 33 DKK (220) Brown Brothers Harriman 18/02/2020 0 0.00%USD 327 DKK (2,204) Brown Brothers Harriman 18/02/2020 0 0.00%ILS 285 USD (82) Brown Brothers Harriman 18/02/2020 0 0.00%DKK 199 USD (29) Brown Brothers Harriman 18/02/2020 0 0.00%ILS 231 USD (67) Brown Brothers Harriman 18/02/2020 0 0.00%USD 14 SGD (19) Brown Brothers Harriman 18/02/2020 0 0.00%USD 28 SEK (270) Brown Brothers Harriman 18/02/2020 0 0.00%USD 4 NOK (39) Brown Brothers Harriman 18/02/2020 0 0.00%HKD 1,125 USD (145) Brown Brothers Harriman 18/02/2020 0 0.00%DKK 111 USD (16) Brown Brothers Harriman 18/02/2020 0 0.00%DKK 83 USD (12) Brown Brothers Harriman 18/02/2020 0 0.00%USD 4 NZD (5) Brown Brothers Harriman 18/02/2020 0 0.00%ILS 95 USD (28) Brown Brothers Harriman 18/02/2020 0 0.00%USD 6 NOK (52) Brown Brothers Harriman 18/02/2020 0 0.00%USD 3 NZD (5) Brown Brothers Harriman 18/02/2020 0 0.00%NOK 4,252 USD (461) Brown Brothers Harriman 18/02/2020 0 0.00%HKD 471 USD (61) Brown Brothers Harriman 18/02/2020 0 0.00%USD 2 NZD (3) Brown Brothers Harriman 18/02/2020 0 0.00%USD 4 NZD (6) Brown Brothers Harriman 18/02/2020 0 0.00%HKD 379 USD (49) Brown Brothers Harriman 18/02/2020 0 0.00%USD 2 NZD (4) Brown Brothers Harriman 18/02/2020 0 0.00%

93







USD % of Sub-

Fund NAV*ILS 26 USD (8) Brown Brothers Harriman 18/02/2020 0 0.00%HKD 376 USD (48) Brown Brothers Harriman 18/02/2020 0 0.00%ILS 26 USD (7) Brown Brothers Harriman 18/02/2020 0 0.00%ILS 58 USD (17) Brown Brothers Harriman 18/02/2020 0 0.00%HKD 199 USD (26) Brown Brothers Harriman 18/02/2020 0 0.00%ILS 12 USD (3) Brown Brothers Harriman 18/02/2020 0 0.00%ILS 10 USD (3) Brown Brothers Harriman 18/02/2020 0 0.00%USD 3 ILS (10) Brown Brothers Harriman 18/02/2020 (0) (0.00%)USD 3 ILS (11) Brown Brothers Harriman 18/02/2020 (0) (0.00%)USD 6 ILS (20) Brown Brothers Harriman 18/02/2020 (0) (0.00%)USD 72 ILS (247) Brown Brothers Harriman 18/02/2020 (0) (0.00%)USD 5 ILS (17) Brown Brothers Harriman 18/02/2020 (0) (0.00%)SEK 335 USD (35) Brown Brothers Harriman 18/02/2020 (0) (0.00%)USD 25 HKD (194) Brown Brothers Harriman 18/02/2020 (0) (0.00%)NOK 56 USD (6) Brown Brothers Harriman 18/02/2020 (0) (0.00%)DKK 188 USD (28) Brown Brothers Harriman 18/02/2020 (0) (0.00%)USD 35 HKD (274) Brown Brothers Harriman 18/02/2020 (0) (0.00%)USD 35 ILS (120) Brown Brothers Harriman 18/02/2020 (0) (0.00%)NZD 4 USD (2) Brown Brothers Harriman 18/02/2020 (0) (0.00%)NZD 10 USD (6) Brown Brothers Harriman 18/02/2020 (0) (0.00%)USD 12 DKK (81) Brown Brothers Harriman 18/02/2020 (0) (0.00%)SEK 274 USD (29) Brown Brothers Harriman 18/02/2020 (0) (0.00%)USD 15 DKK (99) Brown Brothers Harriman 18/02/2020 (0) (0.00%)USD 33 DKK (220) Brown Brothers Harriman 18/02/2020 (0) (0.00%)SGD 10 USD (8) Brown Brothers Harriman 18/02/2020 (0) (0.00%)NOK 93 USD (10) Brown Brothers Harriman 18/02/2020 (0) (0.00%)USD 392 ILS (1,351) Brown Brothers Harriman 18/02/2020 (0) (0.00%)SGD 34 USD (25) Brown Brothers Harriman 18/02/2020 (0) (0.00%)NZD 8 USD (5) Brown Brothers Harriman 18/02/2020 (0) (0.00%)CAD 91 USD (69) Brown Brothers Harriman 18/02/2020 (0) (0.00%)SGD 17 USD (13) Brown Brothers Harriman 18/02/2020 (0) (0.00%)NOK 53 USD (6) Brown Brothers Harriman 18/02/2020 (0) (0.00%)NOK 36 USD (4) Brown Brothers Harriman 18/02/2020 (0) (0.00%)USD 77 ILS (265) Brown Brothers Harriman 18/02/2020 (0) (0.00%)DKK 540 USD (80) Brown Brothers Harriman 18/02/2020 (0) (0.00%)NZD 18 USD (12) Brown Brothers Harriman 18/02/2020 (0) (0.00%)USD 106 ILS (365) Brown Brothers Harriman 18/02/2020 (0) (0.00%)EUR 183 USD (204) Brown Brothers Harriman 18/02/2020 (0) (0.00%)SEK 7,010 USD (728) Brown Brothers Harriman 18/02/2020 (0) (0.00%)USD 147 GBP (112) Brown Brothers Harriman 18/02/2020 (0) (0.00%)SEK 370 USD (39) Brown Brothers Harriman 18/02/2020 (0) (0.00%)USD 100 CHF (96) Brown Brothers Harriman 18/02/2020 (1) (0.00%)USD 1,062 HKD (8,252) Brown Brothers Harriman 18/02/2020 (1) (0.00%)USD 204 ILS (705) Brown Brothers Harriman 18/02/2020 (1) (0.00%)SGD 75 USD (56) Brown Brothers Harriman 18/02/2020 (1) (0.00%)USD 218 ILS (754) Brown Brothers Harriman 18/02/2020 (1) (0.00%)NOK 238 USD (27) Brown Brothers Harriman 18/02/2020 (1) (0.00%)USD 585 HKD (4,552) Brown Brothers Harriman 18/02/2020 (1) (0.00%)USD 101 GBP (78) Brown Brothers Harriman 18/02/2020 (1) (0.00%)NOK 1,324 USD (144) Brown Brothers Harriman 18/02/2020 (1) (0.00%)USD 768 ILS (2,651) Brown Brothers Harriman 18/02/2020 (1) (0.00%)CAD 130 USD (99) Brown Brothers Harriman 18/02/2020 (1) (0.00%)NZD 77 USD (51) Brown Brothers Harriman 18/02/2020 (1) (0.00%)USD 556 ILS (1,919) Brown Brothers Harriman 18/02/2020 (1) (0.00%)NZD 228 USD (149) Brown Brothers Harriman 18/02/2020 (1) (0.00%)AUD 218 USD (147) Brown Brothers Harriman 18/02/2020 (1) (0.00%)USD 310 DKK (2,101) Brown Brothers Harriman 18/02/2020 (1) (0.00%)SEK 6,409 USD (667) Brown Brothers Harriman 18/02/2020 (2) (0.00%)USD 312 EUR (283) Brown Brothers Harriman 18/02/2020 (2) (0.00%)SEK 1,105 USD (116) Brown Brothers Harriman 18/02/2020 (2) (0.00%)

94







USD% of Sub-

Fund NAV*USD 506 ILS (1,750) Brown Brothers Harriman 18/02/2020 (2) (0.00%)USD 1,962 HKD (15,256) Brown Brothers Harriman 18/02/2020 (2) (0.00%)USD 347 DKK (2,351) Brown Brothers Harriman 18/02/2020 (2) (0.00%)AUD 115 USD (79) Brown Brothers Harriman 18/02/2020 (2) (0.00%)USD 1,486 ILS (5,129) Brown Brothers Harriman 18/02/2020 (2) (0.00%)NOK 2,168 USD (238) Brown Brothers Harriman 18/02/2020 (2) (0.00%)NZD 170 USD (112) Brown Brothers Harriman 18/02/2020 (2) (0.00%)SEK 39,114 USD (4,063) Brown Brothers Harriman 18/02/2020 (2) (0.00%)SGD 807 USD (594) Brown Brothers Harriman 18/02/2020 (3) (0.00%)NOK 4,554 USD (497) Brown Brothers Harriman 18/02/2020 (3) (0.00%)EUR 1,233 USD (1,371) Brown Brothers Harriman 18/02/2020 (3) (0.00%)SGD 386 USD (286) Brown Brothers Harriman 18/02/2020 (3) (0.00%)USD 2,156 HKD (16,774) Brown Brothers Harriman 18/02/2020 (3) (0.00%)USD 295 JPY (32,255) Brown Brothers Harriman 18/02/2020 (3) (0.00%)NOK 801 USD (90) Brown Brothers Harriman 18/02/2020 (4) (0.00%)NZD 264 USD (175) Brown Brothers Harriman 18/02/2020 (4) (0.00%)NOK 1,554 USD (173) Brown Brothers Harriman 18/02/2020 (4) (0.00%)USD 3,072 HKD (23,896) Brown Brothers Harriman 18/02/2020 (4) (0.00%)USD 4,036 ILS (13,930) Brown Brothers Harriman 18/02/2020 (5) (0.00%)CAD 582 USD (446) Brown Brothers Harriman 18/02/2020 (5) (0.00%)DKK 7,534 USD (1,125) Brown Brothers Harriman 18/02/2020 (6) (0.00%)NZD 405 USD (269) Brown Brothers Harriman 18/02/2020 (7) (0.00%)AUD 441 USD (302) Brown Brothers Harriman 18/02/2020 (7) (0.00%)USD 1,597 DKK (10,812) Brown Brothers Harriman 18/02/2020 (8) (0.00%)NZD 1,256 USD (821) Brown Brothers Harriman 18/02/2020 (8) (0.00%)USD 554 JPY (60,916) Brown Brothers Harriman 18/02/2020 (8) (0.00%)SEK 34,858 USD (3,627) Brown Brothers Harriman 18/02/2020 (8) (0.00%)CAD 2,540 USD (1,928) Brown Brothers Harriman 18/02/2020 (8) (0.00%)USD 1,125 DKK (7,637) Brown Brothers Harriman 18/02/2020 (9) (0.00%)USD 2,723 CHF (2,633) Brown Brothers Harriman 18/02/2020 (9) (0.00%)SGD 1,044 USD (775) Brown Brothers Harriman 18/02/2020 (10) (0.00%)USD 6,049 CHF (5,838) Brown Brothers Harriman 18/02/2020 (10) (0.00%)USD 1,907 DKK (12,923) Brown Brothers Harriman 18/02/2020 (11) (0.00%)NZD 892 USD (590) Brown Brothers Harriman 18/02/2020 (12) (0.00%)NOK 11,850 USD (1,298) Brown Brothers Harriman 18/02/2020 (13) (0.00%)USD 15,023 HKD (116,785) Brown Brothers Harriman 18/02/2020 (13) (0.00%)NOK 3,277 USD (369) Brown Brothers Harriman 18/02/2020 (14) (0.00%)USD 4,850 ILS (16,763) Brown Brothers Harriman 18/02/2020 (14) (0.00%)SGD 1,694 USD (1,255) Brown Brothers Harriman 18/02/2020 (14) (0.00%)SGD 4,420 USD (3,253) Brown Brothers Harriman 18/02/2020 (14) (0.00%)USD 4,798 ILS (16,589) Brown Brothers Harriman 18/02/2020 (15) (0.00%)NOK 4,209 USD (475) Brown Brothers Harriman 18/02/2020 (19) (0.00%)SEK 15,147 USD (1,602) Brown Brothers Harriman 18/02/2020 (30) (0.00%)SEK 24,010 USD (2,529) Brown Brothers Harriman 18/02/2020 (36) (0.00%)AUD 5,781 USD (3,909) Brown Brothers Harriman 18/02/2020 (37) (0.00%)USD 47,015 HKD (365,486) Brown Brothers Harriman 18/02/2020 (42) (0.00%)CAD 15,596 USD (11,843) Brown Brothers Harriman 18/02/2020 (51) (0.00%)USD 5,740 CHF (5,589) Brown Brothers Harriman 18/02/2020 (61) (0.00%)USD 9,580 CHF (9,294) Brown Brothers Harriman 18/02/2020 (65) (0.00%)USD 47,413 HKD (368,806) Brown Brothers Harriman 18/02/2020 (72) (0.00%)USD 26,652 ILS (92,118) Brown Brothers Harriman 18/02/2020 (76) (0.00%)CAD 8,105 USD (6,206) Brown Brothers Harriman 18/02/2020 (79) (0.00%)USD 25,206 ILS (87,147) Brown Brothers Harriman 18/02/2020 (79) (0.00%)USD 5,290 GBP (4,074) Brown Brothers Harriman 18/02/2020 (83) (0.00%)NZD 6,279 USD (4,154) Brown Brothers Harriman 18/02/2020 (91) (0.00%)USD 14,553 JPY (1,587,521) Brown Brothers Harriman 18/02/2020 (105) (0.00%)EUR 16,901 USD (18,852) Brown Brothers Harriman 18/02/2020 (107) (0.00%)USD 13,243 GBP (10,125) Brown Brothers Harriman 18/02/2020 (108) (0.00%)USD 10,530 GBP (8,082) Brown Brothers Harriman 18/02/2020 (128) (0.00%)AUD 6,219 USD (4,293) Brown Brothers Harriman 18/02/2020 (128) (0.00%)

95







USD% of Sub-

Fund NAV*USD 9,607 GBP (7,385) Brown Brothers Harriman 18/02/2020 (132) (0.00%)USD 18,852 EUR (17,129) Brown Brothers Harriman 18/02/2020 (147) (0.00%)DKK 179,141 USD (26,740) Brown Brothers Harriman 18/02/2020 (149) (0.00%)AUD 24,696 USD (16,697) Brown Brothers Harriman 18/02/2020 (160) (0.00%)USD 12,466 JPY (1,369,614) Brown Brothers Harriman 18/02/2020 (180) (0.00%)USD 15,808 JPY (1,734,754) Brown Brothers Harriman 18/02/2020 (209) (0.00%)USD 26,740 DKK (181,563) Brown Brothers Harriman 18/02/2020 (210) (0.00%)USD 134,259 CHF (129,582) Brown Brothers Harriman 18/02/2020 (227) (0.00%)USD 258,202 HKD (2,007,197) Brown Brothers Harriman 18/02/2020 (229) (0.00%)SGD 24,826 USD (18,427) Brown Brothers Harriman 18/02/2020 (238) (0.00%)NOK 77,930 USD (8,777) Brown Brothers Harriman 18/02/2020 (322) (0.00%)USD 249,073 HKD (1,937,448) Brown Brothers Harriman 18/02/2020 (377) (0.00%)NZD 34,500 USD (22,833) Brown Brothers Harriman 18/02/2020 (503) (0.00%)USD 72,835 GBP (55,703) Brown Brothers Harriman 18/02/2020 (619) (0.00%)SEK 360,163 USD (38,091) Brown Brothers Harriman 18/02/2020 (701) (0.00%)DKK 984,375 USD (146,951) Brown Brothers Harriman 18/02/2020 (838) (0.00%)USD 65,470 JPY (7,193,011) Brown Brothers Harriman 18/02/2020 (945) (0.00%)USD 146,951 DKK (997,807) Brown Brothers Harriman 18/02/2020 (1,156) (0.00%)USD 705,302 CHF (680,734) Brown Brothers Harriman 18/02/2020 (1,194) (0.00%)SGD 136,418 USD (101,258) Brown Brothers Harriman 18/02/2020 (1,313) (0.00%)USD 135,249 CHF (131,692) Brown Brothers Harriman 18/02/2020 (1,427) (0.00%)USD 112,635 JPY (12,386,528) Brown Brothers Harriman 18/02/2020 (1,735) (0.00%)NOK 428,226 USD (48,228) Brown Brothers Harriman 18/02/2020 (1,769) (0.00%)CAD 194,306 USD (148,787) Brown Brothers Harriman 18/02/2020 (1,873) (0.00%)EUR 401,864 USD (448,195) Brown Brothers Harriman 18/02/2020 (2,477) (0.00%)USD 345,981 JPY (37,741,311) Brown Brothers Harriman 18/02/2020 (2,499) (0.00%)USD 231,132 GBP (177,404) Brown Brothers Harriman 18/02/2020 (2,806) (0.00%)AUD 148,526 USD (102,476) Brown Brothers Harriman 18/02/2020 (3,021) (0.00%)USD 228,416 GBP (175,597) Brown Brothers Harriman 18/02/2020 (3,139) (0.00%)USD 448,195 EUR (407,246) Brown Brothers Harriman 18/02/2020 (3,492) (0.00%)SEK 1,979,085 USD (209,305) Brown Brothers Harriman 18/02/2020 (3,844) (0.00%)USD 347,586 JPY (38,142,541) Brown Brothers Harriman 18/02/2020 (4,599) (0.00%)USD 743,303 CHF (723,754) Brown Brothers Harriman 18/02/2020 (7,841) (0.01%)CAD 1,069,419 USD (818,948) Brown Brothers Harriman 18/02/2020 (10,367) (0.01%)USD 1,900,993 JPY (207,369,836) Brown Brothers Harriman 18/02/2020 (13,730) (0.01%)EUR 2,208,235 USD (2,462,942) Brown Brothers Harriman 18/02/2020 (13,735) (0.01%)USD 1,213,958 GBP (931,766) Brown Brothers Harriman 18/02/2020 (14,738) (0.01%)AUD 809,290 USD (558,405) Brown Brothers Harriman 18/02/2020 (16,495) (0.01%)USD 1,255,560 GBP (965,222) Brown Brothers Harriman 18/02/2020 (17,253) (0.01%)USD 2,462,942 EUR (2,237,920) Brown Brothers Harriman 18/02/2020 (19,189) (0.01%)USD 1,825,973 JPY (200,374,240) Brown Brothers Harriman 18/02/2020 (24,157) (0.02%) Unrealised Gain on Open Forward Foreign Exchange Contracts held for Portfolio Hedging Purposes 122,670 0.06%Unrealised Loss on Open Forward Foreign Exchange Contracts held for Portfolio Hedging Purposes (181,732) (0.10%) Total Open Forward Foreign Exchange Contracts held for Portfolio Hedging Purposes (59,062) (0.04%)




USD% of Sub-

Fund NAV*GBP 150,563 USD (196,192) Brown Brothers Harriman 18/02/2020 2,351 0.00%USD 83,574 EUR (74,956) Brown Brothers Harriman 18/02/2020 438 0.00%EUR 3,335 USD (3,677) Brown Brothers Harriman 18/02/2020 22 0.00%EUR 4,000 USD (4,418) Brown Brothers Harriman 18/02/2020 18 0.00%GBP 1,590 USD (2,083) Brown Brothers Harriman 18/02/2020 14 0.00%GBP 3,305 USD (4,346) Brown Brothers Harriman 18/02/2020 12 0.00%

96




Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (0.10%) (31 January 2019: 0.00%) (continued)



USD% of Sub-

Fund NAV*GBP 29 USD (38) Brown Brothers Harriman 18/02/2020 0 0.00%USD 37 EUR (33) Brown Brothers Harriman 18/02/2020 (0) (0.00%)USD 0 EUR 0 Brown Brothers Harriman 18/02/2020 (0) (0.00%)USD 16 EUR (15) Brown Brothers Harriman 18/02/2020 (0) (0.00%)USD 72 EUR (66) Brown Brothers Harriman 18/02/2020 (0) (0.00%)EUR 12,888 USD (14,296) Brown Brothers Harriman 18/02/2020 (2) (0.00%)USD 2,115 EUR (1,920) Brown Brothers Harriman 18/02/2020 (16) (0.00%)USD 3,469 GBP (2,665) Brown Brothers Harriman 18/02/2020 (46) (0.00%)USD 4,038 GBP (3,099) Brown Brothers Harriman 18/02/2020 (48) (0.00%)EUR 9,006 USD (10,052) Brown Brothers Harriman 18/02/2020 (63) (0.00%)USD 13,290 GBP (10,169) Brown Brothers Harriman 18/02/2020 (119) (0.00%)CZK 1,178,505 USD (52,002) Brown Brothers Harriman 18/02/2020 (143) (0.00%)CZK 1,017,362 USD (45,062) Brown Brothers Harriman 18/02/2020 (294) (0.00%)EUR 247,501 USD (274,942) Brown Brothers Harriman 18/02/2020 (432) (0.00%)USD 104,740 CZK (2,402,479) Brown Brothers Harriman 18/02/2020 (980) (0.00%)USD 574,140 EUR (520,454) Brown Brothers Harriman 18/02/2020 (3,108) (0.00%)EUR 1,221,699 USD (1,363,570) Brown Brothers Harriman 18/02/2020 (8,554) (0.00%)CZK 97,817,583 USD (4,331,769) Brown Brothers Harriman 18/02/2020 (27,374) (0.02%)EUR 20,408,176 USD (22,755,831) Brown Brothers Harriman 18/02/2020 (120,622) (0.08%) Unrealised Gain on Open Forward Foreign Exchange Contracts held for Class Hedging Purposes 2,855 0.00%Unrealised Loss on Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (161,801) (0.10%) Total Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (158,946) (0.10%)

Total Financial Derivative Instruments (223,547) (0.14%) Other Assets and Liabilities 1,058,504 0.68%Net Assets Attributable to Holders of Redeemable Participating Shares 153,006,155 100.00%


Fund Assets*(a) Transferable securities admitted to an official stock exchange listing 152,171,198 99.17%(b) Financial derivative instruments (223,547) (0.15%)(c) Other assets 1,503,131 0.98%Total Assets 153,450,782 100.00%

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

97

Fidelity S&P 500 Index Fund

SCHEDULE OF INVESTMENTS AS AT 31 JANUARY 2020

Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Bermuda 0.04% (31 January 2019: 0.04%)

Everest Re Group 156 43,145 0.04%

Ireland 1.21% (31 January 2019: 1.10%)

Accenture 2,433 499,276 0.48%Allegion 355 45,908 0.05%Aptiv 976 82,755 0.08%Medtronic 5,143 593,708 0.57%Perrigo 520 29,661 0.03%

Total Ireland 1,251,308 1.21%


Chubb 1,742 264,767 0.26%Garmin 552 53,516 0.05%TE Connectivity 1,278 117,806 0.11%

Total Switzerland 436,089 0.42%


Amcor 6,305 66,770 0.06%Aon 895 197,124 0.19%Capri Holdings 579 17,347 0.02%IHS Markit 1,547 121,996 0.12%Linde 2,061 418,651 0.40%Pentair 642 27,561 0.03%TechnipFMC 1,606 26,515 0.02%Willis Towers Watson 491 103,743 0.10%

Total United Kingdom 979,707 0.94%


3M 2,210 350,639 0.34%Abbott Laboratories 6,772 590,112 0.57%AbbVie 5,679 460,113 0.44%Abiomed 173 32,228 0.03%Activision Blizzard 2,957 172,925 0.17%Adobe 1,856 651,716 0.63%Advance Auto Parts 265 34,914 0.03%Advanced Micro Devices 4,280 201,160 0.19%AES 2,537 50,385 0.05%Aflac 2,836 146,253 0.14%Agilent Technologies 1,183 97,668 0.09%Air Products & Chemicals 847 202,187 0.20%Akamai Technologies 631 58,904 0.06%Alaska Air Group 471 30,422 0.03%Albemarle 405 32,513 0.03%Alexion Pharmaceuticals 846 84,084 0.08%Align Technology 274 70,445 0.07%Allergan 1,262 235,540 0.23%Alliance Data Systems 157 16,138 0.02%Alliant Energy 918 54,492 0.05%Allstate 1,238 146,753 0.14%Alphabet (Class A) 1,148 1,644,831 1.59%Alphabet (Class C) 1,149 1,647,930 1.59%Altria Group 7,167 340,648 0.33%Amazon.com 1,599 3,211,943 3.10%Ameren 940 77,127 0.07%American Airlines Group 1,490 39,992 0.04%American Electric Power 1,888 196,767 0.19%American Express 2,581 335,194 0.32%American International Group 3,348 168,270 0.16%

98

Fidelity S&P 500 Index Fund SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 JANUARY 2020

Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



American Water Works 700 95,340 0.09%Ameriprise Financial 484 80,058 0.08%AmerisourceBergen 574 49,111 0.05%AMETEK 874 84,909 0.08%Amgen 2,282 493,026 0.48%Amphenol 1,133 112,700 0.11%Analog Devices 1,417 155,516 0.15%ANSYS 331 90,803 0.09%Anthem 974 258,383 0.25%AO Smith 524 22,370 0.02%Apache 1,437 39,431 0.04%Apple 16,031 4,961,755 4.79%Applied Materials 3,557 206,270 0.20%Archer-Daniels-Midland 2,154 96,413 0.09%Arconic 1,480 44,326 0.04%Arista Networks 207 46,231 0.04%Arthur J Gallagher 713 73,132 0.07%Assurant 232 30,290 0.03%AT&T 28,042 1,054,940 1.02%Atmos Energy 466 54,536 0.05%Autodesk 847 166,732 0.16%Automatic Data Processing 1,663 285,022 0.28%AutoZone 92 97,332 0.09%Avery Dennison 319 41,866 0.04%Baker Hughes 2,483 53,782 0.05%Ball 1,250 90,225 0.09%Bank of America 31,090 1,020,685 0.99%Bank of New York Mellon 3,233 144,774 0.14%Baxter International 1,964 175,228 0.17%Becton Dickinson 1,038 285,637 0.28%Berkshire Hathaway 7,509 1,685,245 1.63%Best Buy 870 73,680 0.07%Biogen 694 186,582 0.18%BlackRock 451 237,835 0.23%Boeing 2,050 652,453 0.63%Booking Holdings 161 294,719 0.28%BorgWarner 789 27,055 0.03%Boston Scientific 5,355 224,214 0.22%Bristol-Myers Squibb 8,999 566,487 0.55%Broadcom 1,521 464,148 0.45%Broadridge Financial Solutions 447 53,260 0.05%Brown-Forman 696 47,077 0.05%Cabot Oil & Gas 1,559 21,966 0.02%Cadence Design Systems 1,089 78,528 0.08%Campbell Soup 646 31,260 0.03%Capital One Financial 1,780 177,644 0.17%Cardinal Health 1,118 57,253 0.06%CarMax 628 60,941 0.06%Carnival 1,531 66,644 0.06%Caterpillar 2,131 279,907 0.27%Cboe Global Markets 424 52,245 0.05%CBRE Group 1,279 78,083 0.08%CDW 549 71,617 0.07%Celanese 462 47,817 0.05%Centene 2,249 141,260 0.14%CenterPoint Energy 1,919 50,815 0.05%CenturyLink 3,750 51,225 0.05%Cerner 1,216 87,345 0.08%CF Industries Holdings 831 33,473 0.03%CH Robinson Worldwide 517 37,338 0.04%

99


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Charles Schwab 4,395 200,192 0.19%Charter Communications 601 310,993 0.30%Chevron 7,260 777,836 0.75%Chipotle Mexican Grill 98 84,942 0.08%Church & Dwight 938 69,618 0.07%Cigna 1,433 275,681 0.27%Cimarex Energy 389 17,073 0.02%Cincinnati Financial 581 60,976 0.06%Cintas 320 89,270 0.09%Cisco Systems 16,291 748,897 0.72%Citigroup 8,382 623,705 0.60%Citizens Financial Group 1,661 61,922 0.06%Citrix Systems 468 56,731 0.05%Clorox 480 75,509 0.07%CME Group 1,375 298,526 0.29%CMS Energy 1,085 74,333 0.07%Coca-Cola 14,794 863,970 0.83%Cognizant Technology Solutions 2,093 128,468 0.12%Colgate-Palmolive 3,295 243,105 0.23%Comcast 17,431 752,845 0.73%Comerica 551 33,699 0.03%Conagra Brands 1,860 61,231 0.06%Concho Resources 768 58,199 0.06%ConocoPhillips 4,213 250,379 0.24%Consolidated Edison 1,285 120,790 0.12%Constellation Brands 646 121,642 0.12%Cooper 192 66,603 0.06%Copart 782 79,342 0.08%Corning 2,939 78,442 0.08%Corteva 2,860 82,711 0.08%Costco Wholesale 1,696 518,162 0.50%Coty 1,130 11,594 0.01%CSX 2,991 228,333 0.22%Cummins 593 94,862 0.09%CVS Health 4,998 338,964 0.33%Danaher 2,451 394,292 0.38%Darden Restaurants 469 54,606 0.05%DaVita 343 27,395 0.03%Deere 1,212 192,199 0.19%Delta Air Lines 2,200 122,628 0.12%Dentsply Sirona 850 47,600 0.05%Devon Energy 1,479 32,124 0.03%Diamondback Energy 616 45,830 0.04%Discover Financial Services 1,198 90,006 0.09%Discovery (Class A) 604 17,673 0.02%Discovery (Class C) 1,282 35,601 0.03%DISH Network 978 35,951 0.03%Dollar General 981 150,495 0.15%Dollar Tree 904 78,711 0.08%Dominion Energy 3,173 272,085 0.26%Dover 555 63,187 0.06%Dow 2,859 131,714 0.13%DR Horton 1,301 77,019 0.07%DTE Energy 749 99,325 0.10%Duke Energy 2,811 274,438 0.26%DuPont de Nemours 2,859 146,324 0.14%DXC Technology 978 31,179 0.03%E*TRADE Financial 863 36,781 0.04%Eastman Chemical 520 37,060 0.04%Eaton Corp 1,580 149,263 0.14%

100


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



eBay 2,922 98,062 0.09%Ecolab 964 189,050 0.18%Edison International 1,370 104,873 0.10%Edwards Lifesciences 802 176,328 0.17%Electronic Arts 1,116 120,439 0.12%Eli Lilly 3,247 453,411 0.44%Emerson Electric 2,328 166,755 0.16%Entergy 761 100,087 0.10%EOG Resources 2,239 163,245 0.16%Equifax 463 69,404 0.07%Estee Lauder 856 167,057 0.16%Evergy 871 62,851 0.06%Eversource Energy 1,237 114,348 0.11%Exelon 3,747 178,320 0.17%Expedia Group 534 57,912 0.06%Expeditors International of Washington 651 47,549 0.05%Exxon Mobil 16,246 1,009,202 0.97%F5 Networks 232 28,332 0.03%Facebook 9,236 1,864,841 1.80%Fastenal 2,192 76,457 0.07%FedEx 925 133,792 0.13%Fidelity National Information Services 2,358 338,750 0.33%Fifth Third Bancorp 2,712 77,156 0.07%First Republic Bank 644 71,407 0.07%FirstEnergy 2,089 106,100 0.10%Fiserv 2,192 259,993 0.25%FleetCor Technologies 336 105,917 0.10%FLIR Systems 513 26,440 0.03%Flowserve 500 23,340 0.02%FMC 495 47,317 0.05%Ford Motor 14,881 131,250 0.13%Fortinet 542 62,525 0.06%Fortive 1,145 85,795 0.08%Fortune Brands Home & Security 532 36,554 0.04%Fox (Class A) 1,355 50,243 0.05%Fox (Class B) 620 22,525 0.02%Franklin Resources 1,066 26,970 0.03%Freeport-McMoRan 5,545 61,549 0.06%Gap 813 14,154 0.01%Gartner 342 54,987 0.05%General Dynamics 902 158,247 0.15%General Electric 33,477 416,789 0.40%General Mills 2,310 120,628 0.12%General Motors 4,845 161,775 0.16%Genuine Parts 570 53,335 0.05%Gilead Sciences 4,854 306,773 0.30%Global Payments 1,157 226,136 0.22%Globe Life 381 39,723 0.04%Goldman Sachs Group 1,225 291,244 0.28%H&R Block 746 17,307 0.02%Halliburton 3,355 73,173 0.07%Hanesbrands 1,382 19,016 0.02%Harley-Davidson 590 19,706 0.02%Hartford Financial Services Group 1,377 81,629 0.08%Hasbro 486 49,509 0.05%HCA Healthcare 1,023 141,992 0.14%Helmerich & Payne 414 16,788 0.02%Henry Schein 561 38,675 0.04%Hershey 567 87,981 0.08%Hess 990 56,004 0.05%

101


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Hewlett Packard Enterprise 4,945 68,884 0.07%Hilton Worldwide Holdings 1,089 117,394 0.11%HollyFrontier 567 25,470 0.02%Hologic 1,025 54,858 0.05%Home Depot 4,184 954,370 0.92%Honeywell International 2,742 474,969 0.46%Hormel Foods 1,063 50,237 0.05%HP 5,719 121,929 0.12%Humana 509 171,146 0.17%Huntington Bancshares 3,947 53,561 0.05%Huntington Ingalls Industries 156 40,716 0.04%IDEX 291 47,680 0.05%IDEXX Laboratories 328 88,891 0.09%Illinois Tool Works 1,126 197,027 0.19%Illumina 566 164,180 0.16%Incyte 683 49,907 0.05%Ingersoll-Rand 925 123,238 0.12%Intel 16,702 1,067,759 1.03%Intercontinental Exchange 2,140 213,444 0.21%International Business Machines 3,401 488,826 0.47%International Flavors & Fragrances 408 53,493 0.05%International Paper 1,526 62,139 0.06%Interpublic Group 1,482 33,641 0.03%Intuit 999 280,100 0.27%Intuitive Surgical 444 248,542 0.24%Invesco 1,422 24,601 0.02%IPG Photonics 136 17,363 0.02%IQVIA Holdings 690 107,122 0.10%Jack Henry & Associates 294 43,965 0.04%Jacobs Engineering Group 518 47,931 0.05%JB Hunt Transport Services 326 35,185 0.03%JM Smucker 436 45,174 0.04%Johnson & Johnson 10,099 1,503,438 1.45%Johnson Controls International 2,948 116,299 0.11%JPMorgan Chase 12,031 1,592,423 1.54%Juniper Networks 1,279 29,340 0.03%Kansas City Southern 379 63,934 0.06%Kellogg 952 64,936 0.06%KeyCorp 3,764 70,424 0.07%Keysight Technologies 717 66,674 0.06%Kimberly-Clark 1,318 188,790 0.18%Kinder Morgan 7,500 156,525 0.15%KLA 603 99,941 0.10%Kohl's 598 25,565 0.02%Kraft Heinz 2,380 69,496 0.07%Kroger 3,065 82,326 0.08%L Brands 887 20,543 0.02%L3Harris Technologies 850 188,131 0.18%Laboratory of America Holdings 371 65,073 0.06%Lam Research 558 166,401 0.16%Lamb Weston Holdings 558 50,951 0.05%Las Vegas Sands 1,291 84,315 0.08%Leggett & Platt 503 23,938 0.02%Leidos Holdings 509 51,139 0.05%Lennar 1,070 71,005 0.07%Lincoln National 758 41,296 0.04%Live Nation Entertainment 538 36,670 0.04%LKQ 1,171 38,274 0.04%Lockheed Martin 952 407,570 0.39%Loews 1,008 51,862 0.05%

102


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Lowe's 2,941 341,862 0.33%LyondellBasell Industries 995 77,471 0.07%M&T Bank 504 84,934 0.08%Macy's 1,181 18,837 0.02%Marathon Oil 3,057 34,758 0.03%Marathon Petroleum 2,504 136,468 0.13%MarketAxess Holdings 145 51,356 0.05%Marriott International 1,046 146,503 0.14%Marsh & McLennan 1,939 216,897 0.21%Martin Marietta Materials 239 63,048 0.06%Masco 1,086 51,607 0.05%Mastercard 3,408 1,076,724 1.04%Maxim Integrated Products 1,034 62,164 0.06%McCormick 472 77,111 0.07%McDonald's 2,889 618,159 0.60%McKesson 689 98,258 0.09%Merck 9,775 835,176 0.81%MetLife 3,036 150,920 0.15%Mettler-Toledo International 93 70,418 0.07%MGM Resorts International 1,968 61,126 0.06%Microchip Technology 913 88,999 0.09%Micron Technology 4,253 225,792 0.22%Microsoft 29,274 4,983,313 4.81%Mohawk Industries 227 29,891 0.03%Molson Coors Beverage 718 39,906 0.04%Mondelez International 5,535 317,598 0.31%Monster Beverage 1,477 98,368 0.09%Moody's 625 160,494 0.15%Morgan Stanley 4,725 246,929 0.24%Mosaic 1,336 26,506 0.03%Motorola Solutions 655 115,935 0.11%MSCI 324 92,599 0.09%Mylan 1,972 42,240 0.04%Nasdaq 438 51,009 0.05%National Oilwell Varco 1,474 30,379 0.03%NetApp 872 46,565 0.04%Netflix 1,682 580,441 0.56%Newell Brands 1,456 28,436 0.03%Newmont 3,133 141,173 0.14%News (Class A) 1,485 20,226 0.02%News (Class B) 465 6,496 0.01%NextEra Energy 1,873 502,339 0.48%Nielsen Holdings 1,360 27,744 0.03%Nike 4,780 460,314 0.44%NiSource 1,427 41,825 0.04%Noble Energy 1,828 36,140 0.03%Nordstrom 409 15,076 0.01%Norfolk Southern 1,003 208,835 0.20%Northern Trust 810 79,226 0.08%Northrop Grumman 602 225,491 0.22%NortonLifeLock 2,191 62,268 0.06%Norwegian Cruise Line Holdings 813 43,780 0.04%NRG Energy 961 35,451 0.03%Nucor 1,187 56,371 0.05%NVIDIA 2,349 555,374 0.54%NVR 13 49,621 0.05%Occidental Petroleum 3,443 136,756 0.13%Old Dominion Freight Line 244 47,880 0.05%Omnicom Group 832 62,658 0.06%ONEOK 1,579 118,220 0.11%

103


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Oracle 8,302 435,440 0.42%O'Reilly Automotive 292 118,581 0.11%PACCAR 1,343 99,664 0.10%Packaging of America 362 34,662 0.03%Parker-Hannifin 497 97,258 0.09%Paychex 1,217 104,382 0.10%Paycom Software 191 60,769 0.06%PayPal Holdings 4,502 512,733 0.49%People's United Financial 1,697 26,168 0.03%PepsiCo 5,348 759,523 0.73%PerkinElmer 425 39,304 0.04%Pfizer 21,231 790,642 0.76%Philip Morris International 5,966 493,388 0.48%Phillips 66 1,710 156,243 0.15%Pinnacle West Capital 430 42,007 0.04%Pioneer Natural Resources 633 85,455 0.08%PNC Financial Services Group 1,683 250,010 0.24%PPG Industries 904 108,335 0.10%PPL 2,763 99,993 0.10%Principal Financial Group 987 52,262 0.05%Procter & Gamble 9,572 1,192,863 1.15%Progressive 2,250 181,553 0.18%Prudential Financial 1,552 141,325 0.14%Public Service Enterprise Group 1,958 115,914 0.11%PulteGroup 973 43,444 0.04%PVH 283 24,669 0.02%Qorvo 444 47,002 0.05%Qualcomm 4,377 373,402 0.36%Quanta Services 544 21,298 0.02%Quest Diagnostics 515 56,995 0.05%Ralph Lauren 190 21,565 0.02%Raymond James Financial 472 43,155 0.04%Raytheon 1,069 236,185 0.23%Regeneron Pharmaceuticals 309 104,423 0.10%Regions Financial 3,686 57,391 0.06%Republic Services 805 76,515 0.07%ResMed 556 88,387 0.09%Robert Half International 449 26,118 0.03%Rockwell Automation 442 84,714 0.08%Rollins 538 20,417 0.02%Roper Technologies 398 151,901 0.15%Ross Stores 1,394 156,393 0.15%Royal Caribbean Cruises 657 76,922 0.07%S&P Global 939 275,812 0.27%salesforce.com 3,401 620,036 0.60%Schlumberger 5,329 178,575 0.17%Seagate Technology 883 50,322 0.05%Sealed Air 590 20,945 0.02%Sempra Energy 1,077 173,009 0.17%ServiceNow 725 245,217 0.24%Sherwin-Williams 314 174,895 0.17%Skyworks Solutions 651 73,661 0.07%Snap-on 217 34,640 0.03%Southern 4,025 283,360 0.27%Southwest Airlines 1,810 99,514 0.10%Stanley Black & Decker 581 92,571 0.09%Starbucks 4,537 384,874 0.37%State Street 1,390 105,126 0.10%STERIS 324 48,824 0.05%Stryker 1,236 260,425 0.25%

104


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



SVB Financial Group 197 47,345 0.05%Synchrony Financial 2,272 73,636 0.07%Synopsys 582 85,851 0.08%Sysco 1,950 160,173 0.15%T Rowe Price Group 893 119,242 0.11%Take-Two Interactive Software 432 53,844 0.05%Tapestry 1,054 27,162 0.03%Target 1,946 215,500 0.21%Teleflex 177 65,757 0.06%Texas Instruments 3,585 432,530 0.42%Textron 872 40,051 0.04%Thermo Fisher Scientific 1,540 482,313 0.47%Tiffany 413 55,350 0.05%TJX 4,658 275,008 0.27%T-Mobile US 1,210 95,820 0.09%Tractor Supply 452 42,013 0.04%TransDigm Group 192 123,510 0.12%Travelers 995 130,962 0.13%Truist Financial 5,151 265,637 0.26%Twitter 3,003 97,537 0.09%Tyson Foods 1,128 93,207 0.09%Ulta Beauty 218 58,404 0.06%Under Armour (Class A) 719 14,509 0.01%Under Armour (Class C) 744 13,362 0.01%Union Pacific 2,661 477,437 0.46%United Continental Holdings 832 62,234 0.06%United Parcel Service 2,692 278,676 0.27%United Rentals 287 38,943 0.04%United Technologies 3,111 467,272 0.45%UnitedHealth Group 3,637 990,901 0.96%Universal Health Services 307 42,093 0.04%Unum Group 788 21,032 0.02%US Bancorp 5,480 291,646 0.28%Valero Energy 1,583 133,463 0.13%Varian Medical Systems 347 48,778 0.05%VeriSign 395 82,215 0.08%Verisk Analytics 626 101,706 0.10%Verizon Communications 15,888 944,383 0.91%Vertex Pharmaceuticals 989 224,552 0.22%VF 1,251 103,795 0.10%Viacom 2,065 70,478 0.07%Visa 6,569 1,307,034 1.26%Vulcan Materials 506 71,665 0.07%Walgreens Boots Alliance 2,888 146,855 0.14%Walmart 5,452 624,199 0.60%Walt Disney 6,918 956,829 0.92%Waste Management 1,492 181,576 0.18%Waters 246 55,052 0.05%WEC Energy Group 1,205 120,367 0.12%Wells Fargo 14,779 693,726 0.67%Western Digital 1,137 74,474 0.07%Western Union 1,602 43,094 0.04%Westinghouse Air Brake Technologies 696 51,407 0.05%Westrock 986 38,454 0.04%Whirlpool 242 35,373 0.03%Williams 4,632 95,836 0.09%WR Berkley 554 40,736 0.04%WW Grainger 167 50,546 0.05%Wynn Resorts 369 46,553 0.04%Xcel Energy 2,004 138,657 0.13%

105


Number of

Shares Fair Value

USD% of Sub-

Fund NAV*



Xerox Holdings 710 25,255 0.02%Xilinx 961 81,185 0.08%Xylem 688 56,182 0.05%Yum! Brands 1,168 123,539 0.12%Zebra Technologies 206 49,238 0.05%Zimmer Biomet Holdings 786 116,249 0.11%Zions Bancorp. 651 29,614 0.03%Zoetis 1,830 245,604 0.24%





Alexandria Real Estate Equities 469 76,541 0.07%American Tower 1,698 393,494 0.38%Apartment Investment & Management 569 29,992 0.03%AvalonBay Communities 534 115,712 0.11%Boston Properties 565 80,993 0.08%Crown Castle International 1,597 239,294 0.23%Digital Realty Trust 798 98,146 0.09%Duke Realty 1,405 51,016 0.05%Equinix 328 193,431 0.19%Equity Residential 1,334 110,829 0.11%Essex Property Trust 253 78,369 0.08%Extra Space Storage 495 54,787 0.05%Federal Realty Investment Trust 268 33,505 0.03%Healthpeak Properties 1,891 68,057 0.07%Host Hotels & Resorts 2,741 44,788 0.04%Iron Mountain 1,097 34,676 0.03%Kimco Realty 1,614 30,747 0.03%Mid-America Apartment Communities 436 59,824 0.06%Prologis 2,427 225,420 0.22%Public Storage 579 129,557 0.13%Realty Income 1,245 97,620 0.09%Regency Centers 640 39,706 0.04%SBA Communications 435 108,559 0.10%Simon Property Group 1,187 158,049 0.15%SL Green Realty 311 28,624 0.03%UDR 1,120 53,659 0.05%Ventas 1,424 82,393 0.08%Vornado Realty Trust 605 39,791 0.04%Welltower 1,565 132,884 0.13%Weyerhaeuser 2,848 82,450 0.08%




Financial Derivative Instruments 0.01% (31 January 2019: 0.19%)

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


Notional Amount


USD% of Sub-

Fund NAV*E-mini S&P 500 20 March 2020 Morgan Stanley 6 964,983 2,217 0.00%Total Futures Contracts 2,217 0.00%

106


Financial Derivative Instruments 0.01% (31 January 2019: 0.19%) (continued)

Open Forward Foreign Exchange Contracts held for Class Hedging Purposes 0.01% (31 January 2019: 0.18%)



USD% of Sub-

Fund NAV*GBP 3,155,842 USD (4,112,245) Brown Brothers Harriman 18/02/2020 49,285 0.05%EUR 82,837 USD (91,383) Brown Brothers Harriman 18/02/2020 493 0.00%GBP 40,514 USD (53,080) Brown Brothers Harriman 18/02/2020 345 0.00%GBP 21,460 USD (27,964) Brown Brothers Harriman 18/02/2020 335 0.00%GBP 38,947 USD (51,195) Brown Brothers Harriman 18/02/2020 164 0.00%GBP 3,300 USD (4,313) Brown Brothers Harriman 18/02/2020 39 0.00%EUR 3,783 USD (4,171) Brown Brothers Harriman 18/02/2020 25 0.00%PLN 4,069 USD (1,044) Brown Brothers Harriman 18/02/2020 6 0.00%USD 167 EUR (150) Brown Brothers Harriman 18/02/2020 0 0.00%PLN 289 USD (74) Brown Brothers Harriman 18/02/2020 0 0.00%GBP 26 USD (35) Brown Brothers Harriman 18/02/2020 0 0.00%GBP 5 USD (6) Brown Brothers Harriman 18/02/2020 0 0.00%USD 1 EUR (1) Brown Brothers Harriman 18/02/2020 0 0.00%GBP 0 USD (0) Brown Brothers Harriman 18/02/2020 (0) (0.00%)USD 1 PLN (5) Brown Brothers Harriman 18/02/2020 (0) (0.00%)USD 1 GBP (1) Brown Brothers Harriman 18/02/2020 (0) (0.00%)USD 24 GBP (18) Brown Brothers Harriman 18/02/2020 (0) (0.00%)USD 79 GBP (61) Brown Brothers Harriman 18/02/2020 (1) (0.00%)PLN 422 USD (111) Brown Brothers Harriman 18/02/2020 (1) (0.00%)USD 236 GBP (181) Brown Brothers Harriman 18/02/2020 (3) (0.00%)USD 1,993 PLN (7,743) Brown Brothers Harriman 18/02/2020 (3) (0.00%)USD 368 GBP (283) Brown Brothers Harriman 18/02/2020 (5) (0.00%)PLN 2,734 USD (719) Brown Brothers Harriman 18/02/2020 (14) (0.00%)PLN 3,105 USD (819) Brown Brothers Harriman 18/02/2020 (18) (0.00%)USD 2,905 GBP (2,222) Brown Brothers Harriman 18/02/2020 (24) (0.00%)EUR 6,645 USD (7,424) Brown Brothers Harriman 18/02/2020 (55) (0.00%)EUR 24,467 USD (27,280) Brown Brothers Harriman 18/02/2020 (143) (0.00%)PLN 108,257 USD (28,322) Brown Brothers Harriman 18/02/2020 (412) (0.00%)EUR 121,006 USD (134,983) Brown Brothers Harriman 18/02/2020 (772) (0.00%)USD 163,791 EUR (148,476) Brown Brothers Harriman 18/02/2020 (887) (0.00%)PLN 210,849 USD (55,580) Brown Brothers Harriman 18/02/2020 (1,219) (0.00%)USD 91,980 GBP (70,682) Brown Brothers Harriman 18/02/2020 (1,226) (0.00%)EUR 6,555,875 USD (7,310,030) Brown Brothers Harriman 18/02/2020 (38,748) (0.04%) Unrealised Gain on Open Forward Foreign Exchange Contracts held for Class Hedging Purposes 50,692 0.05%Unrealised Loss on Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (43,531) (0.04%) Total Open Forward Foreign Exchange Contracts held for Class Hedging Purposes 7,161 0.01%

Total Financial Derivative Instruments 9,378 0.01% Other Assets and Liabilities 991,820 0.96%Net Assets Attributable to Holders of Redeemable Participating Shares 103,572,624 100.00%


Fund Assets*(a) Transferable securities admitted to an official stock exchange listing 102,571,426 98.63%(b) Financial derivative instruments 9,378 0.01%(c) Other assets 1,417,683 1.36%Total Assets 103,998,487 100.00%*The percentage of net assets disclosed above is subject to rounding.

107

Fidelity Enhanced Reserve Fund SCHEDULE OF INVESTMENTS AS AT 31 JANUARY 2020


Fair ValueUSD

% of Sub-Fund NAV*

Certificates of Deposits 2.17% (31 January 2019: 4.33%)

Macau 0.35% (31 January 2019: - )

China Construction Bank HKD 30,000,000 27/02/2020 2.60% 3,862,482 0.35%

United Kingdom 1.82% (31 January 2019: 0.87% )

Goldman Sachs USD 10,000,000 23/07/2020 1.94% 9,912,611 0.91%Mizuho Bank USD 10,000,000 08/04/2020 1.87% 9,968,930 0.91%


Total Certificates of Deposits 23,744,023 2.17%

Commercial Papers 3.19% (31 January 2019: 2.58%)

France 0.91% (31 January 2019: 0.86%)

La Banque Postale USD 10,000,000 28/02/2020 1.98% 9,986,097 0.91%

Germany 0.46% (31 January 2019: 1.72%)

DekaBank USD 5,000,000 12/02/2020 2.18% 4,996,852 0.46%

Netherlands 0.91% (31 January 2019: - )

ABN AMRO Bank USD 10,000,000 08/05/2020 1.85% 9,954,583 0.91%

United Kingdom 0.45% (31 January 2019: - )

Standard Chartered USD 5,000,000 08/07/2020 1.86% 4,960,563 0.45%

United States 0.46% (31 January 2019: - )

Broadcom USD 5,000,000 20/02/2020 2.24% 4,992,978 0.46%

Total Commercial Papers 34,891,073 3.19%

Corporate Bonds 72.57% (31 January 2019: 68.59%)


Australia & New Zealand Banking Group HKD 11,000,000 25/01/2021 2.25% 1,415,007 0.13%Australia & New Zealand Banking Group USD 750,000 23/11/2021 2.55% 761,072 0.07%Australia & New Zealand Banking Group USD 5,000,000 21/11/2022 2.05% 5,043,516 0.46%Australia & New Zealand Banking Group USD 5,000,000 21/11/2022 2.38% 5,031,317 0.46%Australia & New Zealand Banking Group USD 3,875,000 22/07/2030 2.95% 3,916,969 0.36%Commonwealth Bank of Australia USD 965,000 04/06/2024 2.72% 978,811 0.09%Commonwealth Bank of Australia USD 400,000 20/10/2026 3.38% 406,606 0.04%Shandong Energy Australia USD 1,500,000 26/07/2020 4.55% 1,497,057 0.14%Woolworths Group USD 1,000,000 12/04/2021 4.55% 1,027,768 0.09%

Total Australia 20,078,123 1.84%

Bermuda 0.44% (31 January 2019: 1.22%)

China Oil & Gas Group USD 2,500,000 20/04/2022 4.63% 2,528,081 0.23%China Oil & Gas Group USD 1,225,000 25/01/2023 5.50% 1,263,791 0.12%SOCAM Development USD 1,000,000 23/01/2022 6.25% 996,250 0.09%

Total Bermuda 4,788,122 0.44%

British Virgin Islands 14.85% (31 January 2019: 10.31%)

Beijing Capital Polaris Investment USD 2,000,000 26/03/2021 4.25% 2,032,043 0.19%Beijing Gas Singapore Capital USD 2,300,000 31/05/2022 2.75% 2,316,604 0.21%Bluestar Finance Holdings USD 3,500,000 11/06/2020 4.38% 3,523,305 0.32%Bluestar Finance Holdings USD 3,000,000 30/09/2021 3.50% 3,046,860 0.28%CCTI 2017 USD 1,000,000 08/08/2022 3.63% 1,001,927 0.09%Chalco Hong Kong Investment(I) USD 1,000,000 07/11/2021 4.25% 1,014,564 0.09%Charming Light Investments USD 4,900,000 21/12/2020 3.08% 4,915,411 0.45%China Cinda Finance 2015 I USD 3,000,000 23/04/2020 3.13% 3,005,070 0.27%China Cinda Finance 2017 I USD 1,000,000 09/03/2022 3.65% 1,024,974 0.09%

108

Fidelity Enhanced Reserve Fund SCHEDULE OF INVESTMENTS (CONTINUED) AS AT 31 JANUARY 2020


Fair ValueUSD

% of Sub-Fund NAV*

Corporate Bonds 72.57% (31 January 2019: 68.59%) (continued)

British Virgin Islands 14.85% (31 January 2019: 10.31%) (continued)

China Great Wall International Holdings III USD 2,480,000 31/08/2020 2.75% 2,485,022 0.23%China Huaneng Group Hong Kong Treasury Management Holding USD 5,875,000 10/12/2022 2.40% 5,913,580 0.54%China Merchants Finance USD 1,000,000 03/08/2020 3.50% 1,004,540 0.09%CICC Hong Kong Finance 2016 USD 7,625,000 25/04/2021 2.99% 7,651,382 0.70%CICC Hong Kong Finance 2016 USD 1,000,000 03/05/2022 2.94% 1,004,960 0.09%CICC Hong Kong Finance 2016 USD 4,500,000 03/05/2022 3.38% 4,577,445 0.42%CITIC Securities Finance USD 6,000,000 24/10/2022 2.75% 6,057,875 0.55%CLP Power Hong Kong Financing USD 1,000,000 19/03/2020 4.75% 1,003,405 0.09%CLP Power Hong Kong Financing HKD 1,000,000 20/09/2021 3.93% 132,400 0.01%COSCO Finance 2011 USD 5,840,000 03/12/2022 4.00% 6,089,952 0.56%COSL Finance USD 4,000,000 06/09/2022 3.25% 4,062,839 0.37%Cssc Capital One USD 1,400,000 27/09/2021 4.13% 1,433,048 0.13%Dianjian Haiyu USD 2,000,000 20/06/2022 3.00% 2,020,304 0.18%Eastern Creation II Investment Holdings HKD 12,000,000 18/12/2021 3.85% 1,558,335 0.14%Eastern Creation II Investment Holdings USD 1,275,000 15/07/2022 2.80% 1,282,282 0.12%Easy Tactic USD 1,500,000 10/01/2021 8.75% 1,539,233 0.14%Easy Tactic USD 1,000,000 25/04/2021 7.00% 1,006,677 0.09%Easy Tactic USD 1,000,000 28/07/2022 9.13% 1,055,496 0.10%ENN Clean Energy International Investment USD 1,500,000 27/02/2021 7.50% 1,548,982 0.14%Fita International USD 6,000,000 10/02/2020 7.00% 6,004,039 0.55%Fortune Star USD 3,775,000 31/01/2021 6.88% 3,862,380 0.35%Franshion Development USD 1,500,000 15/04/2021 6.75% 1,573,318 0.14%Fuqing Investment Management USD 2,900,000 12/06/2022 4.00% 2,927,531 0.27%GRAM International USD 4,000,000 02/11/2020 2.75% 4,003,001 0.37%Haiguo Xintai Capital USD 3,475,000 08/10/2022 4.30% 3,459,082 0.32%Horse Gallop Finance USD 4,980,000 28/06/2021 3.14% 4,997,551 0.46%Huaneng Hong Kong Capital(I) USD 2,000,000 30/10/2022 3.60% 2,013,984 0.18%IFC Development Corporate Treasury HKD 28,000,000 26/03/2020 3.40% 3,608,806 0.33%Inventive Global Investments USD 4,340,000 19/09/2021 2.75% 4,362,519 0.40%IS Hong Kong Investment USD 10,000,000 30/12/2022 2.90% 10,118,480 0.93%Joyous Glory Group USD 900,000 07/03/2020 5.70% 901,240 0.08%LTC GB USD 1,000,000 26/05/2021 2.75% 1,000,965 0.09%New Metro Global USD 500,000 23/05/2021 7.13% 505,083 0.05%NWD MTN USD 200,000 30/11/2022 4.38% 208,822 0.02%PCCW Capital No 4 USD 3,454,000 17/04/2022 5.75% 3,690,487 0.34%RKI Overseas Finance 2016 B USD 2,250,000 06/09/2021 4.70% 2,245,610 0.21%RKPF Overseas 2019 A USD 1,400,000 01/02/2023 7.88% 1,501,055 0.14%RKPF Overseas 2019 B USD 1,000,000 18/04/2021 7.75% 1,042,020 0.10%Scenery Journey USD 3,475,000 24/10/2022 11.50% 3,394,281 0.31%Sinopec Group Overseas Development 2013 USD 1,000,000 17/10/2023 4.38% 1,077,320 0.10%Sinopec Group Overseas Development 2016 USD 1,000,000 03/05/2021 2.75% 1,008,120 0.09%Spic 2018 Usd Senior Perpetual Bond(I) USD 3,600,000 21/05/2022 5.80% 3,817,654 0.35%State Elite Global USD 2,550,000 24/10/2024 2.57% 2,556,881 0.23%Studio City USD 1,500,000 30/11/2021 7.25% 1,530,375 0.14%Studio City Finance USD 3,000,000 11/02/2024 7.25% 3,186,255 0.29%Sunny Express Enterprises(I) USD 2,450,000 23/10/2022 3.35% 2,477,587 0.23%Tewoo Group No 4 USD 1,000,000 01/12/2020 3.15% 972,634 0.09%Trade Horizon Global USD 500,000 02/08/2021 4.34% 506,000 0.05%Tuspark Forward USD 800,000 18/06/2022 6.95% 673,180 0.06%Value Success International HKD 2,000,000 28/09/2021 3.00% 255,479 0.02%Wanda Properties Global USD 500,000 27/02/2020 6.25% 499,687 0.05%Wanda Properties Overseas USD 1,225,000 23/07/2023 6.88% 1,198,405 0.11%Xingsheng BVI USD 3,000,000 20/09/2021 4.50% 3,089,325 0.28%Xingsheng BVI USD 2,200,000 25/07/2022 3.38% 2,232,653 0.20%Yuexiu REIT USD 2,610,000 27/04/2021 4.75% 2,679,387 0.24%

Total British Virgin Islands 162,489,711 14.85%

Canada 0.38% (31 January 2019: 0.34%)

Harvest Operations USD 1,000,000 21/09/2022 3.00% 1,027,050 0.09%

109



Fair ValueUSD

% of Sub-Fund NAV*



Methanex USD 3,000,000 01/12/2024 4.25% 3,132,504 0.29%

Total Canada 4,159,554 0.38%

Cayman Islands 10.72% (31 January 2019: 8.49%)

ADCB Finance Cayman USD 500,000 10/03/2020 2.63% 500,658 0.05%Agile Group Holdings USD 2,000,000 23/11/2020 9.50% 2,085,209 0.19%Agile Group Holdings USD 1,700,000 18/07/2021 8.50% 1,790,622 0.16%Anton Oilfield Services Group USD 2,000,000 02/12/2022 7.50% 1,878,367 0.17%Azure Nova International Finance USD 1,407,000 01/11/2021 2.63% 1,407,443 0.13%Azure Orbit IV International Finance USD 2,000,000 25/01/2021 3.50% 2,017,302 0.18%Baidu USD 5,000,000 30/06/2020 3.00% 5,018,700 0.46%CCBL Cayman 1 USD 300,000 12/07/2023 3.10% 302,732 0.03%CDBL Funding 1 USD 1,000,000 15/11/2021 3.16% 1,008,899 0.09%CDBL Funding 2 HKD 16,000,000 23/01/2021 3.20% 2,065,299 0.19%CDBL Funding 2 USD 200,000 18/07/2021 2.97% 200,633 0.02%CDBL Funding 2 USD 2,000,000 11/03/2022 3.75% 2,053,990 0.19%Central China Real Estate USD 500,000 23/10/2020 6.88% 501,291 0.05%CFLD Cayman Investment USD 2,000,000 28/02/2021 8.63% 2,045,304 0.19%CFLD Cayman Investment USD 275,000 08/04/2022 7.13% 275,811 0.02%CFLD Cayman Investment USD 3,000,000 13/01/2023 6.90% 2,946,489 0.27%China Aoyuan Group USD 1,400,000 07/09/2021 7.95% 1,447,581 0.13%China Aoyuan Group USD 225,000 23/01/2022 8.50% 235,156 0.02%China Evergrande Group USD 1,000,000 23/03/2020 7.00% 997,500 0.09%China Evergrande Group USD 600,000 24/05/2021 8.90% 597,717 0.05%China Evergrande Group USD 200,000 11/04/2022 9.50% 193,796 0.02%China Evergrande Group USD 1,875,000 22/01/2023 11.50% 1,836,288 0.17%China Overseas Finance Cayman II USD 2,000,000 10/11/2020 5.50% 2,044,960 0.19%China SCE Group Holdings USD 800,000 15/01/2021 8.75% 823,108 0.08%China SCE Group Holdings USD 2,000,000 17/04/2021 7.45% 2,042,789 0.19%CIFI Holdings Group USD 700,000 02/05/2020 6.38% 704,200 0.06%CIFI Holdings Group USD 1,500,000 23/01/2022 5.50% 1,511,531 0.14%CIFI Holdings Group USD 200,000 28/02/2023 7.63% 208,843 0.02%CNI Capital CNH 14,000,000 01/11/2022 3.97% 2,010,245 0.18%Country Garden Holdings USD 2,300,000 09/03/2020 7.50% 2,306,210 0.21%Country Garden Holdings USD 2,000,000 27/01/2022 7.13% 2,112,967 0.19%Country Garden Holdings USD 1,000,000 25/04/2022 7.13% 1,064,026 0.10%CSCEC Finance Cayman I USD 500,000 19/11/2020 2.95% 502,402 0.05%Fantasia Holdings Group USD 500,000 08/03/2021 8.38% 505,578 0.05%Fantasia Holdings Group USD 1,000,000 04/10/2021 7.38% 985,174 0.09%Fantasia Holdings Group USD 500,000 18/10/2022 12.25% 523,531 0.05%Fantasia Holdings Group USD 975,000 09/01/2023 10.88% 981,200 0.09%Foxconn Far East USD 350,000 23/09/2021 2.25% 349,783 0.03%Golden Eagle Retail Group USD 2,500,000 21/05/2023 4.63% 2,469,788 0.23%Greentown China Holdings USD 1,200,000 11/08/2020 5.88% 1,215,056 0.11%Greentown China Holdings USD 8,200,000 10/11/2020 4.55% 8,221,269 0.75%Health & Happiness H&H International Holdings USD 2,000,000 24/10/2024 5.63% 2,102,483 0.19%Hilong Holding USD 1,500,000 26/09/2022 8.25% 1,524,375 0.14%Honghua Group USD 1,000,000 01/08/2022 6.38% 1,011,558 0.09%JD.com USD 1,300,000 29/04/2021 3.13% 1,310,252 0.12%Jingrui Holdings USD 500,000 31/07/2020 13.00% 503,750 0.05%Kaisa Group Holdings USD 2,000,000 30/06/2020 7.25% 2,008,045 0.18%Kaisa Group Holdings USD 500,000 26/02/2021 11.75% 523,831 0.05%Kaisa Group Holdings USD 300,000 09/04/2022 11.25% 315,075 0.03%Kaisa Group Holdings USD 425,000 15/01/2025 10.50% 415,283 0.04%KWG Group Holdings USD 800,000 26/11/2020 9.85% 831,285 0.08%KWG Group Holdings USD 1,600,000 09/08/2021 7.88% 1,653,890 0.15%KWG Group Holdings USD 1,000,000 15/09/2022 6.00% 998,308 0.09%KWG Group Holdings USD 1,300,000 01/09/2023 7.88% 1,339,352 0.12%Lenovo Perpetual Securities(I) USD 1,500,000 16/03/2022 5.38% 1,518,750 0.14%

110



Fair ValueUSD

% of Sub-Fund NAV*


Cayman Islands 10.72% (31 January 2019: 8.49%) (continued)

Longfor Group Holdings USD 800,000 13/07/2022 3.88% 822,809 0.07%Metropolitan Light USD 4,566,000 21/11/2022 5.50% 4,746,685 0.43%New World China Land HKD 4,500,000 28/01/2022 5.00% 597,891 0.05%New World China Land HKD 20,500,000 30/03/2022 4.75% 2,707,880 0.25%Overseas Chinese Town Asia Holdings(I) USD 1,000,000 10/10/2020 4.30% 1,005,577 0.09%Powerlong Real Estate Holdings USD 800,000 19/07/2020 5.95% 802,027 0.07%Powerlong Real Estate Holdings USD 1,400,000 17/04/2021 6.95% 1,414,224 0.13%QNB Finance USD 500,000 31/05/2021 3.26% 503,520 0.05%Redco Properties Group USD 1,000,000 08/12/2020 11.50% 1,000,105 0.09%Redco Properties Group USD 450,000 02/05/2021 9.88% 436,583 0.04%Redsun Properties Group USD 500,000 03/12/2020 13.50% 520,736 0.05%Redsun Properties Group USD 1,000,000 04/03/2021 11.50% 1,027,652 0.09%Redsun Properties Group USD 1,500,000 11/04/2022 9.95% 1,540,009 0.14%Ronshine China Holdings USD 2,300,000 01/02/2021 8.25% 2,351,941 0.21%Ronshine China Holdings USD 1,500,000 01/03/2022 10.50% 1,598,155 0.15%Ronshine China Holdings USD 1,275,000 09/06/2023 8.10% 1,291,920 0.12%Seazen Group USD 500,000 16/02/2020 5.00% 498,191 0.05%Shimao Property Holdings USD 800,000 15/10/2021 6.38% 837,173 0.08%Shimao Property Holdings USD 975,000 21/02/2024 6.13% 1,031,335 0.09%Soar Wise USD 500,000 06/11/2021 4.63% 516,605 0.05%Soar Wise(I) USD 2,000,000 23/10/2022 3.45% 2,006,280 0.18%Sun Hung Kai Properties Capital Market HKD 2,000,000 24/02/2021 4.05% 262,426 0.02%Sun Hung Kai Properties Capital Market HKD 1,000,000 01/06/2021 3.90% 131,563 0.01%Sun Hung Kai Properties Capital Market HKD 10,000,000 27/09/2021 3.45% 1,314,435 0.12%Sunac China Holdings USD 500,000 08/08/2020 6.88% 503,147 0.05%Sunac China Holdings USD 1,000,000 15/01/2021 8.38% 1,028,884 0.09%Sunac China Holdings USD 350,000 14/06/2022 7.25% 357,917 0.03%Sunac China Holdings USD 500,000 19/04/2023 8.35% 521,990 0.05%Sunac China Holdings USD 275,000 10/01/2025 6.50% 266,310 0.02%Times China Holdings USD 200,000 27/11/2020 10.95% 210,319 0.02%Times China Holdings USD 1,600,000 17/01/2021 6.25% 1,614,615 0.15%Times China Holdings USD 525,000 21/02/2022 7.63% 542,827 0.05%Times China Holdings USD 500,000 26/04/2022 5.75% 501,364 0.05%Yuzhou Properties USD 800,000 11/05/2021 7.90% 825,118 0.08%Yuzhou Properties USD 1,200,000 04/02/2023 8.50% 1,259,831 0.11%Yuzhou Properties USD 1,000,000 30/10/2024 8.38% 1,027,456 0.09%Zhenro Properties Group USD 500,000 28/06/2020 10.50% 508,511 0.05%Zhenro Properties Group USD 1,000,000 02/01/2021 12.50% 1,055,128 0.10%

Total Cayman Islands 117,234,823 10.72%

China 4.68% (31 January 2019: 4.98%)

Agricultural Bank of China USD 2,905,000 20/10/2020 2.75% 2,916,054 0.27%Agricultural Bank of China USD 500,000 07/11/2021 2.63% 501,450 0.05%Agricultural Bank of China USD 5,000,000 23/09/2022 2.59% 5,005,975 0.46%Bank of China HKD 7,000,000 17/04/2021 2.45% 903,935 0.08%Bank of China USD 1,000,000 09/08/2021 2.65% 1,003,295 0.09%Bank of China USD 1,000,000 20/11/2021 2.65% 1,003,950 0.09%Bank of China USD 1,000,000 11/07/2022 2.73% 1,007,650 0.09%Bank of Communications USD 1,000,000 04/12/2020 2.70% 1,001,694 0.09%China Life Insurance Overseas/Hong Kong USD 3,400,000 27/07/2027 3.35% 3,425,160 0.31%China Minmetals(I) USD 2,000,000 13/05/2021 4.45% 2,034,263 0.19%China Construction Bank USD 2,000,000 24/09/2021 2.68% 2,007,120 0.18%China Construction Bank USD 11,000,000 22/10/2022 2.46% 11,026,400 1.01%Industrial & Commercial Bank of China USD 200,000 05/03/2021 2.64% 200,373 0.02%Industrial & Commercial Bank of China USD 1,000,000 25/10/2021 2.54% 1,003,395 0.09%Industrial & Commercial Bank of China USD 200,000 11/06/2022 2.61% 200,687 0.02%Industrial & Commercial Bank of China USD 400,000 27/06/2022 2.82% 402,860 0.04%Industrial & Commercial Bank of China USD 2,300,000 16/09/2022 2.25% 2,307,026 0.21%Industrial & Commercial Bank of China USD 2,500,000 16/09/2022 2.56% 2,506,338 0.23%

111



Fair ValueUSD

% of Sub-Fund NAV*



Industrial & Commercial Bank of China USD 400,000 14/12/2022 2.76% 402,796 0.04%Industrial & Commercial Bank of China USD 2,500,000 16/09/2024 2.67% 2,512,700 0.23%Jinke Properties Group USD 2,050,000 20/06/2021 8.38% 2,074,148 0.19%Kunming Rail Transit Group USD 3,000,000 12/12/2022 3.50% 3,003,571 0.27%Shanghai Pudong Development Bank USD 750,000 13/02/2020 2.38% 749,987 0.07%Shaoxing Shangyu State-owned Capital Investment Operation USD 1,000,000 04/12/2022 4.18% 1,001,898 0.09%Zhuhai Da Heng Qin Investment USD 3,000,000 27/11/2022 3.80% 3,015,480 0.27%

Total China 51,218,205 4.68%

Denmark 0.23% (31 January 2019: - )

Danske Bank USD 2,500,000 20/09/2022 3.00% 2,529,021 0.23%

France 0.56% (31 January 2019: 0.86%)

BPCE USD 3,000,000 12/09/2023 3.13% 3,062,706 0.28%Credit Agricole USD 3,000,000 24/04/2023 2.82% 3,039,341 0.28%

Total France 6,102,047 0.56%

Germany 0.27% (31 January 2019: 0.50%)

TLG Immobilien EUR 1,100,000 23/09/2022 0.38% 1,224,314 0.11%Volkswagen Bank EUR 1,500,000 01/08/2022 1.07% 1,695,577 0.16%


Guernsey 0.14% (31 January 2019: 1.30%)

Credit Suisse Group Funding Guernsey USD 1,500,000 10/12/2020 3.13% 1,515,307 0.14%


Avenue International Holding USD 5,500,000 25/10/2020 3.25% 5,479,079 0.50%Bank of East Asia USD 2,836,000 16/07/2020 6.13% 2,882,439 0.26%Bocom Leasing Management Hong Kong USD 2,000,000 22/01/2022 4.00% 2,063,070 0.19%Bocom Leasing Management Hong Kong USD 7,550,000 05/09/2024 3.07% 7,637,591 0.70%Bocom Leasing Management Hong Kong USD 5,000,000 10/12/2024 2.97% 5,042,313 0.46%China Huarong International Holdings HKD 50,000,000 27/10/2020 3.00% 6,429,871 0.59%Chong Hing Bank USD 4,000,000 04/11/2020 6.00% 4,095,481 0.37%Chong Hing Bank USD 3,000,000 26/07/2027 3.88% 3,048,525 0.28%CITIC USD 3,700,000 10/04/2020 6.38% 3,726,658 0.34%CITIC USD 1,162,000 15/04/2021 6.63% 1,221,285 0.11%CNAC HK Finbridge USD 2,000,000 14/03/2021 4.13% 2,036,680 0.19%CNAC HK Finbridge USD 1,000,000 19/06/2022 3.13% 1,013,720 0.09%CNAC HK Synbridge USD 2,500,000 05/05/2020 5.00% 2,519,950 0.23%Dah Sing Bank USD 1,000,000 11/02/2020 6.63% 1,000,795 0.09%Gemdale Ever Prosperity Investment USD 1,800,000 06/09/2021 6.00% 1,841,732 0.17%Gemdale Ever Prosperity Investment USD 1,000,000 14/06/2022 5.60% 1,016,890 0.09%Gemdale Ever Prosperity Investment USD 1,000,000 26/07/2022 4.95% 1,002,784 0.09%GET International Investment Holdings USD 2,200,000 18/07/2022 3.75% 2,230,736 0.20%Hainan Airlines Hong Kong USD 2,000,000 07/02/2020 3.63% 2,000,212 0.18%HBIS Group Hong Kong USD 2,000,000 18/12/2022 3.75% 2,009,887 0.18%Henderson Land Development HKD 50,000,000 09/11/2023 3.60% 6,676,235 0.61%ICBCIL Finance USD 2,580,000 15/11/2022 3.13% 2,624,453 0.24%Industrial & Commercial Bank of China Asia HKD 1,500,000 21/06/2020 3.00% 193,574 0.02%Industrial & Commercial Bank of China Asia USD 500,000 21/06/2021 2.68% 501,527 0.05%MCC Holding Hong Kong USD 3,500,000 31/05/2020 2.95% 3,506,699 0.32%Wanda Group Overseas USD 1,000,000 24/07/2022 7.50% 967,007 0.09%Weichai International Hong Kong Energy Group USD 700,000 30/09/2020 4.13% 707,844 0.06%Westwood Group Holdings USD 2,000,000 19/04/2021 4.88% 2,055,200 0.19%Yango Justice International USD 2,400,000 12/02/2023 10.00% 2,466,533 0.23%Yango Justice International USD 300,000 15/04/2023 9.25% 298,320 0.03%

112



Fair ValueUSD

% of Sub-Fund NAV*


Hong Kong 7.59% (31 January 2019: 3.83%) (continued)

Yanlord Land USD 1,600,000 23/01/2022 5.88% 1,622,699 0.15%Yanlord Land USD 3,100,000 23/04/2023 6.75% 3,158,681 0.29%


India 2.15% (31 January 2019: 1.56%)

Bank of Baroda USD 3,000,000 04/04/2022 3.50% 3,057,795 0.28%Bharat Petroleum USD 8,890,000 24/01/2022 4.38% 9,150,868 0.83%ICICI Bank USD 1,465,000 16/11/2020 5.75% 1,503,142 0.14%JSW Steel USD 2,000,000 13/04/2022 5.25% 2,051,978 0.19%JSW Steel USD 1,000,000 18/04/2024 5.95% 1,035,091 0.09%Power Grid Corporation of India USD 1,700,000 17/01/2023 3.88% 1,760,388 0.16%REC USD 1,500,000 18/12/2020 3.07% 1,507,343 0.14%ReNew Power USD 1,500,000 27/09/2022 6.45% 1,557,375 0.14%Shriram Transport Finance USD 500,000 27/02/2022 5.70% 511,249 0.05%Shriram Transport Finance USD 1,400,000 24/10/2022 5.95% 1,434,534 0.13%

Total India 23,569,763 2.15%

Indonesia 0.26% (31 January 2019: - )

Bank Tabungan Negara USD 2,775,000 23/01/2025 4.20% 2,806,742 0.26%

Israel 0.17% (31 January 2019: - )

Bank Leumi Le-Israel USD 1,875,000 29/01/2031 3.28% 1,878,047 0.17%

Italy 0.31% (31 January 2019: - )

FCA Bank EUR 1,000,000 21/02/2022 1.00% 1,125,181 0.10%FCA Bank EUR 2,000,000 21/06/2022 1.25% 2,267,071 0.21%

Total Italy 3,392,252 0.31%

Japan 1.82% (31 January 2019: 2.84%)

Aozora Bank USD 3,000,000 09/09/2022 2.55% 3,028,709 0.28%Mitsubishi UFJ Financial Group USD 1,000,000 01/03/2021 2.95% 1,013,406 0.09%Mitsubishi UFJ Financial Group USD 2,000,000 13/09/2021 2.95% 2,026,245 0.18%Mitsubishi UFJ Lease & Finance USD 500,000 21/10/2020 2.75% 502,640 0.05%Mitsubishi UFJ Lease & Finance USD 200,000 07/09/2021 2.25% 199,698 0.02%Mizuho Financial Group USD 6,000,000 16/07/2023 2.68% 6,040,450 0.55%Panasonic USD 3,000,000 19/07/2022 2.54% 3,041,626 0.28%Sumitomo Mitsui Financial Group USD 3,000,000 18/10/2022 2.56% 3,020,942 0.28%Sumitomo Mitsui Financial Group USD 1,000,000 16/10/2023 2.64% 1,007,822 0.09%

Total Japan 19,881,538 1.82%


Becton Dickinson Euro Finance EUR 1,667,000 04/06/2023 0.63% 1,871,422 0.17%Doosan Power Systems USD 200,000 25/10/2048 3.75% 205,652 0.02%Holcim US Finance USD 500,000 12/09/2023 5.15% 547,628 0.05%SPIC Luxembourg Latin America Renewable Energy Investment USD 1,000,000 30/10/2021 4.25% 1,027,020 0.09%

Total Luxembourg 3,651,722 0.33%

Malaysia 1.44% (31 January 2019: 0.69%)

Axiata SPV1 Labuan USD 1,500,000 28/04/2020 5.38% 1,510,305 0.14%Axiata SPV2 USD 200,000 19/11/2020 3.47% 201,860 0.02%Cagamas Global USD 3,000,000 26/04/2020 2.53% 3,002,445 0.27%CIMB Bank USD 400,000 15/03/2020 2.69% 400,246 0.04%CIMB Bank USD 5,000,000 09/10/2024 2.66% 5,035,039 0.46%Malayan Banking USD 4,000,000 16/08/2024 2.70% 4,029,990 0.37%Malayan Banking USD 1,000,000 29/10/2026 3.91% 1,023,340 0.09%

113



Fair ValueUSD

% of Sub-Fund NAV*


Malaysia 1.44% (31 January 2019: 0.69%) (continued)

RHB Bank USD 500,000 06/10/2021 2.50% 504,016 0.05%

Total Malaysia 15,707,241 1.44%

Mauritius 0.68% (31 January 2019: - )

Azure Power Energy USD 3,000,000 03/11/2022 5.50% 3,084,240 0.28%Greenko Investment USD 750,000 16/08/2023 4.88% 751,312 0.07%Greenko Mauritius USD 1,000,000 21/02/2023 6.25% 1,036,209 0.10%Neerg Energy USD 2,500,000 13/02/2022 6.00% 2,534,950 0.23%

Total Mauritius 7,406,711 0.68%

Mongolia 0.09% (31 January 2019: - )

Trade & Development Bank of Mongolia USD 1,000,000 19/05/2020 9.38% 1,016,348 0.09%


Cooperatieve Rabobank USD 2,000,000 26/09/2023 2.81% 2,015,901 0.18%Digital Dutch Finco EUR 738,000 15/10/2022 0.13% 817,756 0.07%Greenko Dutch USD 2,250,000 24/07/2022 4.88% 2,269,422 0.21%ING Groep USD 4,600,000 02/10/2023 2.91% 4,666,425 0.43%Mylan USD 104,000 15/12/2020 3.75% 105,428 0.01%Mylan USD 2,000,000 15/06/2021 3.15% 2,030,526 0.19%NXP Funding USD 3,000,000 01/06/2021 4.13% 3,080,539 0.28%Shell International Finance USD 1,500,000 13/11/2023 2.30% 1,504,465 0.14%Syngenta Finance USD 800,000 24/04/2020 3.70% 801,677 0.07%Wintershall Dea Finance EUR 3,000,000 25/09/2023 0.45% 3,334,995 0.31%



ASB Finance USD 1,500,000 01/09/2021 2.13% 1,507,515 0.14%

Norway 0.93% (31 January 2019: - )

Aker BP USD 3,000,000 15/06/2024 4.75% 3,119,970 0.29%DNB Bank USD 3,500,000 02/12/2022 2.15% 3,526,507 0.32%DNB Bank USD 3,500,000 02/12/2022 2.53% 3,529,968 0.32%

Total Norway 10,176,445 0.93%

Pakistan 0.12% (31 January 2019: - )

Third Pakistan International Sukuk USD 750,000 13/10/2021 5.50% 769,106 0.07%Third Pakistan International Sukuk USD 500,000 05/12/2022 5.63% 517,625 0.05%

Total Pakistan 1,286,731 0.12%

Philippines 0.28% (31 January 2019: - )

SMC Global Power Holdings(I) USD 3,000,000 26/02/2021 6.75% 3,072,577 0.28%


BOC Aviation USD 5,150,000 02/05/2021 2.81% 5,175,750 0.47%DBS Group Holdings USD 1,000,000 25/07/2022 2.42% 1,006,230 0.09%Indika Energy Capital II USD 1,000,000 10/04/2022 6.88% 1,032,779 0.09%Indika Energy Capital III USD 1,000,000 09/11/2024 5.88% 942,082 0.09%Medco Straits Services USD 3,000,000 17/08/2022 8.50% 3,177,632 0.29%Parkway Pantai(I) USD 700,000 27/07/2022 4.25% 704,200 0.06%Sinochem International Development USD 4,200,000 25/07/2022 3.13% 4,253,718 0.39%United Overseas Bank USD 500,000 18/03/2020 2.50% 500,407 0.05%United Overseas Bank USD 700,000 23/04/2021 2.29% 702,198 0.06%United Overseas Bank USD 1,000,000 23/04/2021 3.20% 1,016,194 0.09%

114



Fair ValueUSD

% of Sub-Fund NAV*


Singapore 2.43% (31 January 2019: 3.56%) (continued) United Overseas Bank USD 5,000,000 16/09/2026 3.50% 5,086,000 0.47%United Overseas Bank USD 3,000,000 08/03/2027 2.88% 3,027,960 0.28%

Total Singapore 26,625,150 2.43%


Hyundai Capital Services USD 400,000 16/03/2021 2.88% 403,213 0.04%KEB Hana Bank USD 6,000,000 02/10/2022 2.61% 6,029,880 0.55%KEB Hana Bank USD 4,000,000 13/06/2024 2.64% 4,030,090 0.37%Kookmin Bank USD 1,000,000 23/10/2021 3.63% 1,029,115 0.09%Kookmin Bank USD 1,300,000 09/06/2022 2.84% 1,312,788 0.12%Korea Midland Power USD 1,425,000 22/01/2022 3.38% 1,464,026 0.13%Korea Western Power USD 5,000,000 22/07/2022 2.38% 5,053,475 0.46%Korean Air Lines USD 5,000,000 04/09/2022 2.00% 5,007,875 0.46%LOTTE Property & Development USD 6,000,000 06/08/2022 2.68% 6,028,890 0.55%Mirae Asset Daewoo USD 4,000,000 07/05/2022 3.13% 4,071,552 0.37%NongHyup Bank USD 2,000,000 17/07/2022 2.88% 2,042,980 0.19%NongHyup Bank USD 800,000 30/07/2023 3.88% 848,344 0.08%POSCO USD 7,500,000 12/11/2022 2.38% 7,533,614 0.69%POSCO USD 3,675,000 17/01/2023 2.38% 3,699,116 0.34%Shinhan Bank USD 700,000 15/04/2020 2.25% 700,458 0.06%Shinhan Bank USD 700,000 07/12/2026 3.88% 717,903 0.07%Woori Bank USD 1,300,000 13/04/2021 5.88% 1,359,024 0.12%Woori Bank USD 5,500,000 21/05/2024 2.66% 5,537,042 0.51%


Switzerland 0.56% (31 January 2019: - )

Credit Suisse Group USD 3,000,000 09/01/2023 3.57% 3,086,323 0.28%Credit Suisse Group USD 2,000,000 14/12/2023 3.00% 2,051,254 0.19%Credit Suisse Group USD 1,000,000 14/12/2023 3.09% 1,012,657 0.09%



Bangkok Bank USD 200,000 19/03/2024 4.05% 214,146 0.02%TMB Bank USD 200,000 01/10/2021 3.11% 202,023 0.02%

Total Thailand 416,169 0.04%


DP World USD 500,000 18/05/2020 3.25% 501,500 0.04%First Abu Dhabi Bank USD 1,500,000 11/02/2020 2.25% 1,500,520 0.14%

Total United Arab Emirates 2,002,020 0.18%


HSBC Holdings USD 2,000,000 18/05/2024 2.90% 2,027,459 0.19%Lloyds Bank USD 2,000,000 14/08/2022 2.25% 2,020,980 0.18%Lloyds Banking Group USD 2,000,000 12/03/2024 3.90% 2,133,321 0.19%Lloyds Banking Group USD 5,000,000 05/02/2026 2.44% 5,025,385 0.46%NatWest Markets EUR 400,000 18/06/2021 0.32% 443,989 0.04%NatWest Markets USD 1,500,000 29/09/2022 3.36% 1,525,302 0.14%NatWest Markets USD 1,500,000 29/09/2022 3.63% 1,560,263 0.14%NatWest Markets EUR 2,542,000 28/05/2024 1.00% 2,887,339 0.26%Royal Bank of Scotland Group USD 1,000,000 15/05/2023 3.38% 1,016,936 0.09%Royal Bank of Scotland Group USD 371,000 01/11/2029 3.75% 384,656 0.04%Santander USD 5,000,000 13/01/2023 2.10% 5,028,678 0.46%Standard Chartered USD 1,000,000 25/01/2022 5.70% 1,064,980 0.10%Standard Chartered USD 5,000,000 10/09/2022 3.09% 5,050,544 0.46%Vodafone Group USD 2,000,000 16/01/2024 2.83% 2,027,134 0.19%


115



Fair ValueUSD

% of Sub-Fund NAV*



AbbVie USD 2,000,000 21/11/2022 2.30% 2,021,491 0.18%AbbVie USD 2,850,000 21/11/2022 2.54% 2,875,849 0.26%Aetna USD 500,000 15/06/2023 2.80% 513,097 0.05%AT&T USD 6,000,000 12/06/2024 3.07% 6,108,103 0.56%Bank of America USD 3,000,000 24/04/2023 2.80% 3,041,383 0.28%Becton Dickinson USD 500,000 06/06/2022 2.89% 511,289 0.05%Becton Dickinson EUR 3,000,000 24/05/2023 1.40% 3,452,049 0.32%Broadcom USD 3,000,000 15/04/2021 3.13% 3,040,809 0.28%Broadcom USD 500,000 15/01/2023 2.65% 507,422 0.05%Campbell Soup USD 143,000 15/03/2023 3.65% 150,014 0.01%Cigna USD 500,000 17/09/2021 3.40% 513,164 0.05%Citibank USD 625,000 23/01/2024 3.65% 666,778 0.06%Citigroup USD 2,000,000 24/01/2023 3.14% 2,044,883 0.19%CVS Health USD 797,000 09/03/2021 3.35% 810,120 0.07%Dell International USD 1,000,000 15/06/2021 4.42% 1,029,913 0.09%DISH DBS USD 400,000 01/06/2021 6.75% 418,228 0.04%DPL USD 488,000 15/10/2021 7.25% 518,695 0.05%Energy Transfer Partners/ Regency Energy Finance USD 1,000,000 01/03/2022 5.88% 1,062,199 0.10%Energy Transfer Partners/ Regency Energy Finance USD 4,000,000 01/10/2022 5.00% 4,240,530 0.39%Fidelity National Information Services EUR 5,646,000 21/05/2023 0.75% 6,377,130 0.58%Ford Motor Credit EUR 2,000,000 17/02/2023 1.51% 2,242,378 0.20%General Electric USD 1,000,000 16/09/2020 4.38% 1,014,928 0.09%General Motors Financial USD 500,000 06/11/2021 3.01% 502,724 0.05%General Motors Financial USD 500,000 06/11/2021 4.20% 517,624 0.05%General Motors Financial USD 1,000,000 08/07/2022 3.55% 1,031,931 0.09%General Motors Financial USD 2,000,000 05/01/2023 3.25% 2,059,124 0.19%Hanjin International USD 4,400,000 28/09/2020 2.91% 4,418,499 0.40%Hyundai Capital America USD 206,000 03/04/2020 2.55% 206,133 0.02%Hyundai Capital America USD 214,000 30/10/2020 3.00% 215,614 0.02%Hyundai Capital America USD 400,000 12/03/2021 3.45% 405,721 0.04%Hyundai Capital America USD 5,000,000 08/07/2021 2.81% 5,015,450 0.46%Hyundai Capital America USD 2,000,000 01/02/2022 3.95% 2,068,795 0.19%Hyundai Capital America USD 3,000,000 20/06/2022 3.00% 3,053,454 0.28%Hyundai Capital America USD 4,000,000 01/11/2022 2.85% 4,068,771 0.37%International Business Machines USD 2,000,000 13/05/2021 2.30% 2,010,427 0.18%JPMorgan Chase USD 1,000,000 24/10/2023 3.03% 1,020,048 0.09%JPMorgan Chase USD 2,000,000 10/01/2025 2.68% 2,024,893 0.19%McKesson USD 1,000,000 30/11/2020 3.65% 1,014,157 0.09%Morgan Stanley USD 5,000,000 24/10/2023 3.20% 5,121,667 0.47%Morgan Stanley USD 1,000,000 08/05/2024 3.12% 1,019,897 0.09%MPLX USD 3,000,000 01/12/2022 3.50% 3,102,025 0.28%Occidental Petroleum USD 1,050,000 13/08/2021 2.60% 1,060,530 0.10%Occidental Petroleum USD 2,000,000 15/08/2022 3.36% 2,011,353 0.18%Thermo Fisher Scientific EUR 3,000,000 12/09/2024 0.75% 3,415,112 0.31%Volkswagen Group of America Finance USD 3,000,000 24/09/2021 2.79% 3,026,232 0.28%Western Midstream Operating USD 5,000,000 01/06/2021 5.38% 5,152,337 0.47%Western Midstream Operating USD 750,000 13/01/2023 2.70% 749,972 0.07%


Total Corporate Bonds 793,806,906 72.57%

Government Bonds 4.35% (31 January 2019: 15.84%)

China 1.01% (31 January 2019: 0.87%)

China Development Bank USD 10,000,000 06/03/2020 2.44% 10,003,850 0.92%China Development Bank USD 1,000,000 12/12/2021 2.52% 1,003,343 0.09%

Total China 11,007,193 1.01%

Dominican Republic 0.49% (31 January 2019: - )

Dominican Republic International Bond USD 5,000,000 18/04/2024 5.88% 5,364,625 0.49%

116



Fair ValueUSD

% of Sub-Fund NAV*

Government Bonds 4.35% (31 January 2019: 15.84%) (continued)

Mongolia 0.10% (31 January 2019: - )

Mongolia Government International Bond USD 500,000 06/04/2021 10.88% 540,073 0.05%Mongolia Government International Bond USD 500,000 05/12/2022 5.13% 509,250 0.05%

Total Mongolia 1,049,323 0.10%

Philippines 0.80% (31 January 2019: - )

Philippine Government International Bond EUR 8,000,000 03/02/2023 0.00% 8,807,347 0.80%


Export-Import Bank of Korea USD 1,000,000 27/11/2021 3.50% 1,031,040 0.09%Export-Import Bank of Korea USD 400,000 01/06/2023 2.68% 404,756 0.04%Export-Import Bank of Korea HKD 2,000,000 03/11/2023 2.10% 257,007 0.02%Korea Development Bank USD 400,000 12/03/2021 2.44% 400,890 0.04%Korea Development Bank HKD 6,000,000 12/04/2021 4.42% 790,361 0.07%Korea Development Bank USD 1,000,000 19/03/2022 3.00% 1,025,558 0.09%Korea Housing Finance USD 250,000 11/10/2021 2.00% 250,491 0.02%Korea Housing Finance USD 500,000 31/10/2022 3.00% 514,363 0.05%Korea National Oil HKD 1,000,000 04/03/2021 4.50% 131,529 0.01%Korea Resources USD 1,580,000 29/04/2020 2.25% 1,582,671 0.15%Korea Resources USD 2,000,000 19/04/2021 2.25% 2,005,179 0.18%Korea Resources USD 6,300,000 24/04/2022 3.00% 6,414,640 0.59%


Sri Lanka 0.35% (31 January 2019: 0.17%)

Sri Lanka Government International Bond USD 2,800,000 04/10/2020 6.25% 2,838,006 0.26%Sri Lanka Government International Bond USD 1,000,000 18/01/2022 5.75% 1,014,150 0.09%

Total Sri Lanka 3,852,156 0.35%


Export Import Bank of Thailand USD 1,700,000 20/11/2023 2.80% 1,714,849 0.16%Export Import Bank of Thailand USD 1,000,000 23/05/2024 2.76% 1,005,514 0.09%

Total Thailand 2,720,363 0.25%

Total Government Bonds 47,609,492 4.35%

Number of

Shares Fair Value

USD% of Sub-

Fund NAV*


Ireland 9.64% (31 January 2019: 2.69%)

Fidelity Institutional Liquidity Fund - The United States Dollar Fund 9,965 105,460,217 9.64%


Financial Assets at Fair Value Through Profit or Loss 1,005,511,711 91.92%

117



Open Forward Foreign Exchange Contracts held for Portfolio Hedging Purposes 0.01% (31 January 2019: (0.06%))



USD% of Sub-

Fund NAV*USD 12,785,699 EUR 11,448,000 Royal Bank of Canada 03/02/2020 151,109 0.01%USD 9,627,126 EUR 8,660,000 Morgan Stanley 03/02/2020 69,513 0.01%USD 1,046,119 CNY 7,000,000 HSBC 10/02/2020 40,508 0.00%USD 2,291,706 EUR 2,057,000 Brown Brothers Harriman 03/02/2020 21,497 0.00%USD 5,721,232 EUR 5,170,000 Royal Bank of Canada 03/02/2020 15,359 0.00%USD 822,699 EUR 737,000 HSBC 03/02/2020 9,309 0.00%USD 994,671 CNH 7,000,000 Royal Bank of Canada 04/08/2020 (1,762) (0.00%)USD 6,427,024 HKD 50,000,000 Brown Brothers Harriman 23/04/2020 (2,267) (0.00%)USD 9,899,335 HKD 77,000,000 HSBC 28/02/2020 (8,476) (0.00%)USD 4,591,392 HKD 36,000,000 HSBC 19/11/2020 (31,591) (0.00%)USD 8,405,487 HKD 65,800,000 HSBC 18/09/2020 (47,670) (0.00%)USD 39,907,013 EUR 36,037,000 Brown Brothers Harriman 04/05/2020 (85,573) (0.01%) Unrealised Gain on Open Forward Foreign Exchange Contracts held for Portfolio Hedging Purposes 307,295 0.02%Unrealised Loss on Open Forward Foreign Exchange Contracts held for Portfolio Hedging Purposes (177,339) (0.01%) Total Open Forward Foreign Exchange Contracts held for Portfolio Hedging Purposes 129,956 0.01%




USD% of Sub-

Fund NAV*GBP 13,585,770 USD (17,687,314) Brown Brothers Harriman 18/02/2020 152,433 0.01%USD 1,751,329 SGD (2,362,960) Brown Brothers Harriman 18/02/2020 20,967 0.00%USD 378,449 SGD (510,468) Brown Brothers Harriman 18/02/2020 4,640 0.00%GBP 200,000 USD (260,211) Brown Brothers Harriman 18/02/2020 2,413 0.00%EUR 797,866 USD (879,558) Brown Brothers Harriman 18/02/2020 1,744 0.00%USD 67,333 AUD (98,019) Brown Brothers Harriman 18/02/2020 1,718 0.00%USD 42,899 AUD (62,200) Brown Brothers Harriman 18/02/2020 1,261 0.00%USD 69,266 SGD (93,343) Brown Brothers Harriman 18/02/2020 912 0.00%EUR 200,000 USD (220,273) Brown Brothers Harriman 18/02/2020 642 0.00%GBP 39,674 USD (51,652) Brown Brothers Harriman 18/02/2020 445 0.00%USD 35,072 EUR (31,389) Brown Brothers Harriman 18/02/2020 400 0.00%USD 46,149 AUD (68,360) Brown Brothers Harriman 18/02/2020 388 0.00%USD 101,174 SGD (137,697) Brown Brothers Harriman 18/02/2020 341 0.00%USD 496 SGD (669) Brown Brothers Harriman 18/02/2020 6 0.00%USD 85 AUD (123) Brown Brothers Harriman 18/02/2020 2 0.00%USD 174 SGD (235) Brown Brothers Harriman 18/02/2020 2 0.00%USD 173 EUR (154) Brown Brothers Harriman 18/02/2020 2 0.00%USD 173 EUR (154) Brown Brothers Harriman 18/02/2020 2 0.00%USD 115 SGD (155) Brown Brothers Harriman 18/02/2020 1 0.00%USD 96 SGD (129) Brown Brothers Harriman 18/02/2020 1 0.00%USD 45 SGD (61) Brown Brothers Harriman 18/02/2020 1 0.00%USD 43 SGD (58) Brown Brothers Harriman 18/02/2020 1 0.00%USD 12 SGD (16) Brown Brothers Harriman 18/02/2020 0 0.00%USD 3 SGD (4) Brown Brothers Harriman 18/02/2020 0 0.00%SGD 1 USD (1) Brown Brothers Harriman 18/02/2020 (0) (0.00%)SGD 27 USD (20) Brown Brothers Harriman 18/02/2020 (0) (0.00%)SGD 8 USD (6) Brown Brothers Harriman 18/02/2020 (0) (0.00%)SGD 15 USD (11) Brown Brothers Harriman 18/02/2020 (0) (0.00%)AUD 9 USD (6) Brown Brothers Harriman 18/02/2020 (0) (0.00%)AUD 18 USD (12) Brown Brothers Harriman 18/02/2020 (0) (0.00%)SGD 500 USD (367) Brown Brothers Harriman 18/02/2020 (1) (0.00%)AUD 89 USD (61) Brown Brothers Harriman 18/02/2020 (2) (0.00%)SGD 252 USD (187) Brown Brothers Harriman 18/02/2020 (3) (0.00%)SGD 344 USD (256) Brown Brothers Harriman 18/02/2020 (4) (0.00%)

118



Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (0.49%) (31 January 2019: 0.34%) (continued)



USD% of Sub-

Fund NAV*CHF 716 USD (744) Brown Brothers Harriman 18/02/2020 (4) (0.00%)SGD 511 USD (378) Brown Brothers Harriman 18/02/2020 (5) (0.00%)SGD 200,000 USD (146,464) Brown Brothers Harriman 18/02/2020 (7) (0.00%)USD 1,372 GBP (1,052) Brown Brothers Harriman 18/02/2020 (9) (0.00%)SGD 694,778 USD (508,801) Brown Brothers Harriman 18/02/2020 (24) (0.00%)SGD 19,600 USD (14,428) Brown Brothers Harriman 18/02/2020 (75) (0.00%)SGD 10,003 USD (7,429) Brown Brothers Harriman 18/02/2020 (104) (0.00%)SGD 19,950 USD (14,770) Brown Brothers Harriman 18/02/2020 (160) (0.00%)SGD 42,013 USD (30,926) Brown Brothers Harriman 18/02/2020 (161) (0.00%)CHF 48,664 USD (50,518) Brown Brothers Harriman 18/02/2020 (237) (0.00%)EUR 45,138 USD (50,391) Brown Brothers Harriman 18/02/2020 (532) (0.00%)EUR 45,138 USD (50,391) Brown Brothers Harriman 18/02/2020 (532) (0.00%)SGD 248,860 USD (182,853) Brown Brothers Harriman 18/02/2020 (616) (0.00%)SGD 67,683 USD (50,270) Brown Brothers Harriman 18/02/2020 (706) (0.00%)SGD 130,194 USD (96,694) Brown Brothers Harriman 18/02/2020 (1,355) (0.00%)AUD 73,547 USD (50,720) Brown Brothers Harriman 18/02/2020 (1,487) (0.00%)SGD 1,259,581 USD (924,439) Brown Brothers Harriman 18/02/2020 (2,066) (0.00%)EUR 350,000 USD (388,707) Brown Brothers Harriman 18/02/2020 (2,107) (0.00%)SGD 312,635 USD (231,453) Brown Brothers Harriman 18/02/2020 (2,515) (0.00%)AUD 146,000 USD (100,305) Brown Brothers Harriman 18/02/2020 (2,571) (0.00%)USD 377,451 GBP (289,418) Brown Brothers Harriman 18/02/2020 (2,590) (0.00%)AUD 120,000 USD (83,170) Brown Brothers Harriman 18/02/2020 (2,841) (0.00%)SGD 588,226 USD (436,016) Brown Brothers Harriman 18/02/2020 (5,267) (0.00%)SGD 770,000 USD (570,053) Brown Brothers Harriman 18/02/2020 (6,193) (0.00%)SGD 617,364 USD (458,292) Brown Brothers Harriman 18/02/2020 (6,205) (0.00%)AUD 311,203 USD (214,848) Brown Brothers Harriman 18/02/2020 (6,526) (0.00%)SGD 638,485 USD (474,327) Brown Brothers Harriman 18/02/2020 (6,774) (0.00%)AUD 1,200,000 USD (810,336) Brown Brothers Harriman 18/02/2020 (7,042) (0.00%)AUD 1,944,001 USD (1,308,797) Brown Brothers Harriman 18/02/2020 (7,460) (0.00%)SGD 1,041,065 USD (771,819) Brown Brothers Harriman 18/02/2020 (9,462) (0.00%)SGD 1,070,360 USD (795,054) Brown Brothers Harriman 18/02/2020 (11,245) (0.00%)AUD 894,539 USD (612,828) Brown Brothers Harriman 18/02/2020 (14,013) (0.00%)SGD 1,515,990 USD (1,124,951) Brown Brothers Harriman 18/02/2020 (14,813) (0.00%)SGD 1,506,910 USD (1,119,817) Brown Brothers Harriman 18/02/2020 (16,328) (0.00%)SGD 2,000,000 USD (1,484,674) Brown Brothers Harriman 18/02/2020 (20,102) (0.00%)SGD 1,990,306 USD (1,478,242) Brown Brothers Harriman 18/02/2020 (20,770) (0.00%)SGD 2,019,450 USD (1,499,833) Brown Brothers Harriman 18/02/2020 (21,018) (0.00%)SGD 2,449,246 USD (1,819,279) Brown Brothers Harriman 18/02/2020 (25,731) (0.00%)AUD 2,111,870 USD (1,451,311) Brown Brothers Harriman 18/02/2020 (37,600) (0.00%)AUD 2,000,000 USD (1,380,086) Brown Brothers Harriman 18/02/2020 (41,263) (0.01%)EUR 9,212,534 USD (10,284,597) Brown Brothers Harriman 18/02/2020 (108,678) (0.01%)SGD 26,384,467 USD (19,596,306) Brown Brothers Harriman 18/02/2020 (275,335) (0.03%)AUD 35,752,476 USD (24,655,980) Brown Brothers Harriman 18/02/2020 (722,854) (0.07%)SGD 401,357,176 USD (298,096,536) Brown Brothers Harriman 18/02/2020 (4,188,366) (0.38%) Unrealised Gain on Open Forward Foreign Exchange Contracts held for Class Hedging Purposes 188,322 0.01%Unrealised Loss on Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (5,593,759) (0.50%) Total Open Forward Foreign Exchange Contracts held for Class Hedging Purposes (5,405,437) (0.49%)

Total Financial Derivative Instruments (5,275,481) (0.48%) Other Assets and Liabilities 93,698,261 8.56%Net Assets Attributable to Holders of Redeemable Participating Shares 1,093,934,491 100.00%

119


Portfolio Analysis USD

% of Sub-Fund Assets*

(a) Transferable securities dealt in on another regulated market 1,005,511,711 87.45%(b) Financial derivative instruments (5,275,481) (0.46%)(c) Other assets 149,633,838 13.01%Total Assets 1,149,870,068 100.00%*The percentage of net assets disclosed above is subject to rounding. (I) Indicates a perpetual bond. Maturity date represents next call date.

120


STATEMENT OF FINANCIAL POSITION AS AT 31 JANUARY 2020

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

Fidelity MSCI Emerging Markets

Index Fund Fidelity MSCI Europe Index Fund

31 January 2020 31 January 2019 31 January 2020 31 January 2019 Note USD USD EUR EUR

Current Assets Cash and Cash Equivalents 2c, 3 757,959 453,504 109,312 101,090 Margin Cash Due from Broker 4 69,362 – 8,608 2,910 Financial Assets at Fair Value Through Profit or Loss 2b, 11f 30,917,153 20,565,917 13,897,642 5,834,496 Financial Derivative Instruments 2d, 2e, 11f – 37,313 2,523 2,738 Investments Sold awaiting settlement 2h 5,239 – 45 100 Capital Shares Sold awaiting settlement 150,632 36,677 90,978 91,271 Dividends Receivable 56,733 43,420 13,200 8,048 Interest Receivable from Financial Assets at Fair Value Through Profit or Loss 3 – – – Total Assets 31,957,081 21,136,831 14,122,308 6,040,653 Current Liabilities Margin Cash Due to Broker 4 – 9,273 39 – Financial Derivative Instruments 2d, 2e, 11f 45,536 – 18,797 4,300 Investments Purchased awaiting settlement 2h 3,117 23,330 61,276 87,456 Capital Shares Redeemed awaiting settlement 45,068 64 1,256 64,757 Capital Gain Tax Payable 82,356 33,331 – – Management Fees Payable 7 20,688 3,394 6,744 613 Other Liabilities – 3,715 – – Total Liabilities 196,765 73,107 88,112 157,126 Net Assets Attributable to Holders of Redeemable Participating Shares (for financial reporting purposes) 31,760,316 21,063,724 14,034,196 5,883,527

Represented by: Net Assets Attributable to Holders of Redeemable Participating Shares (for Shareholder dealing purposes) 31,760,316 21,063,724 14,034,196 5,883,527 Dilution adjustment 2q – – – – Net Assets Attributable to Holders of Redeemable Participating Shares (for financial reporting purposes) 31,760,316 21,063,724 14,034,196 5,883,527

121


STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 JANUARY 2020


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

31 January 2020 31 January 2019 31 January 2020 31 January 2019 Note USD USD USD USD

Current Assets Cash and Cash Equivalents 2c, 3 5,392,700 86,626 112,152 104,851 Margin Cash Due from Broker 4 353,274 7,863 12,743 – Financial Assets at Fair Value Through Profit or Loss 2b, 11f 196,518,960 15,365,715 6,417,923 6,575,362 Financial Derivative Instruments 2d, 2e, 11f 156 2,536 3,150 5,372 Investments Sold awaiting settlement 2h 3,702 1,952,296 – – Capital Shares Sold awaiting settlement 615,169 – 81,170 – Dividends Receivable 290,813 23,249 5,719 6,645 Total Assets 203,174,774 17,438,285 6,632,857 6,692,230 Current Liabilities Margin Cash Due to Broker 4 – – 9,185 494 Financial Derivative Instruments 2d, 2e, 11f 259,853 2,046 23 88 Investments Purchased awaiting settlement 2h 436,694 – 78,812 – Capital Shares Redeemed awaiting settlement 166,597 1,913,598 – – Management Fees Payable 7 36,366 1,440 4,305 675 Total Liabilities 899,510 1,917,084 92,325 1,257 Net Assets Attributable to Holders of Redeemable Participating Shares (for financial reporting purposes) 202,275,264 15,521,201 6,540,532 6,690,973

Represented by: Net Assets Attributable to Holders of Redeemable Participating Shares (for Shareholder dealing purposes) 202,275,264 15,521,201 6,544,632 6,690,973 Dilution adjustment 2q – – 4,100 – Net Assets Attributable to Holders of Redeemable Participating Shares (for financial reporting purposes) 202,275,264 15,521,201 6,540,532 6,690,973

122




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

31 January 2020 31 January 2019 31 January 2020 31 January 2019 Note USD USD USD USD

Current Assets Cash and Cash Equivalents 2c, 3 837,201 746,266 1,095,529 102,008 Margin Cash Due from Broker 4 44,279 22,872 21,437 3,362 Financial Assets at Fair Value Through Profit or Loss 2b, 11f 152,171,198 47,231,615 102,571,426 42,215,595 Financial Derivative Instruments 2d, 2e, 11f 125,525 20,870 52,909 219,094 Investments Sold awaiting settlement 2h 22,322 934,448 – – Capital Shares Sold awaiting settlement 123,921 72,129 170,204 1,891,857 Dividends Receivable 126,336 49,744 86,982 42,609 Total Assets 153,450,782 49,077,944 103,998,487 44,474,525 Current Liabilities Margin Cash Due to Broker 4 19,245 – – – Financial Derivative Instruments 2d, 2e, 11f 349,072 192 43,531 136,618 Investments Purchased awaiting settlement 2h, 11f 9,252 332 2,502 1,821,459 Capital Shares Redeemed awaiting settlement – 1,212,194 349,804 77,050 Management Fees Payable 7 67,058 5,246 30,026 4,439 Total Liabilities 444,627 1,217,964 425,863 2,039,566 Net Assets Attributable to Holders of Redeemable Participating Shares (for financial reporting purposes) 153,006,155 47,859,980 103,572,624 42,434,959

Represented by: Net Assets Attributable to Holders of Redeemable Participating Shares (for Shareholder dealing purposes) 153,006,155 47,850,166 103,572,624 42,434,959 Dilution adjustment 2q – (9,814) – – Net Assets Attributable to Holders of Redeemable Participating Shares (for financial reporting purposes) 153,006,155 47,859,980 103,572,624 42,434,959

123




Fidelity Enhanced Reserve Fund

31 January 2020 31 January 2019 Note USD USD

Current Assets Cash and Cash Equivalents 2c, 3 124,343,845 12,948,708 Financial Assets at Fair Value Through Profit or Loss 2b, 11f 1,005,511,711 108,704,015 Financial Derivative Instruments 2d, 2e, 11f 495,617 398,015 Investments Sold awaiting settlement 2h 2,685,355 4,387 Capital Shares Sold awaiting settlement 9,636,563 1,037,438 Interest Receivable from Financial Assets at Fair Value Through Profit or Loss 7,196,977 775,505 Total Assets 1,149,870,068 123,868,068 Current Liabilities Financial Derivative Instruments 2d, 2e, 11f 5,771,098 69,829 Investments Purchased awaiting settlement 2h 18,419,823 8,479,581 Capital Shares Redeemed awaiting settlement 30,236,973 2,330 Management Fees Payable 7 1,507,683 49,361 Total Liabilities 55,935,577 8,601,101 Net Assets Attributable to Holders of Redeemable Participating Shares (for financial reporting purposes) 1,093,934,491 115,266,967

Represented by: Net Assets Attributable to Holders of Redeemable Participating Shares (for Shareholder dealing purposes) 1,092,818,791 115,391,338 Dilution adjustment 2q (1,115,700) 124,371 Net Assets Attributable to Holders of Redeemable Participating Shares (for financial reporting purposes) 1,093,934,491 115,266,967

124




Fidelity MSCI Emerging Markets Index Fund Class P EUR Acc Class P USD Acc Class P PLN Acc Net Asset Value EUR USD PLN As at 31 January 2020 9,045,733 21,724,900 42,414As at 31 January 2019 5,221,513 15,072,230 –Net Asset Value per Share EUR USD PLN As at 31 January 2020 5.05 4.56 26.12As at 31 January 2019 4.72 4.42 –Shares In Issue As at 31 January 2020 1,792,735 4,767,820 1,624As at 31 January 2019 1,105,458 3,412,706 –

Fidelity MSCI Europe Index Fund Class P EUR Acc Class P USD Acc Class P EUR Hedged Acc Class P GBP Hedged Acc Net Asset Value EUR USD EUR GBP As at 31 January 2020 11,146,520 14,477 2,796,159 8,180As at 31 January 2019 4,184,189 9,161 1,580,629 96,585Net Asset Value per Share EUR USD EUR GBP As at 31 January 2020 5.77 5.21 5.61 5.72As at 31 January 2019 4.91 4.59 4.87 4.92Shares In Issue As at 31 January 2020 1,933,435 2,780 498,507 1,431As at 31 January 2019 852,541 1,996 324,381 19,647

Class P PLN Acc Class P PLN Hedged Acc Net Asset Value PLN PLN As at 31 January 2020 54,508 240,798As at 31 January 2019 – –Net Asset Value per Share PLN PLNAs at 31 January 2020 28.11 24.99As at 31 January 2019 – –Shares In Issue As at 31 January 2020 1,939 9,636As at 31 January 2019 – –

Fidelity MSCI Japan Index Fund Class P EUR Acc Class P USD Acc Class P EUR Hedged Acc Class P GBP Hedged Acc Net Asset Value EUR USD EUR GBP As at 31 January 2020 174,559,364 6,436,097 2,134,573 11,939As at 31 January 2019 540,180 13,814,044 939,702 6,893Net Asset Value per Share EUR USD EUR GBP As at 31 January 2020 5.68 5.13 5.13 5.09As at 31 January 2019 4.94 4.62 4.68 4.59Shares In Issue As at 31 January 2020 30,747,797 1,255,539 415,953 2,346As at 31 January 2019 109,427 2,992,763 200,882 1,503

Class P PLN AccNet Asset Value PLNAs at 31 January 2020 43,718As at 31 January 2019 –Net Asset Value per Share PLNAs at 31 January 2020 28.05As at 31 January 2019 –Shares In Issue As at 31 January 2020 1,559As at 31 January 2019 –

125




Fidelity MSCI Pacific ex-Japan Index Fund Class P USD Acc Class P GBP Hedged Acc Class P PLN Acc Net Asset Value USD GBP PLN As at 31 January 2020 6,507,490 19,791 42,858As at 31 January 2019 6,681,414 7,267 –Net Asset Value per Share USD GBP PLN As at 31 January 2020 5.26 5.46 26.79As at 31 January 2019 4.84 4.87 –Shares In Issue As at 31 January 2020 1,236,211 3,624 1,600As at 31 January 2019 1,381,309 1,493 –

Fidelity MSCI World Index Fund Class P EUR Acc Class P USD Acc Class P EUR Hedged Acc Class P GBP Hedged Acc Net Asset Value EUR USD EUR GBP As at 31 January 2020 76,945,403 39,802,505 21,180,477 138,659As at 31 January 2019 5,330,457 41,668,505 39,163 7,315Net Asset Value per Share EUR USD EUR GBP As at 31 January 2020 6.36 5.74 5.64 5.64As at 31 January 2019 5.22 4.88 4.87 4.83Shares In Issue As at 31 January 2020 12,094,661 6,928,006 3,758,714 24,588As at 31 January 2019 1,020,904 8,534,932 8,035 1,516

Class P CZK Hedged Acc Class P PLN Acc Net Asset Value CZK PLN As at 31 January 2020 97,089,100 46,772As at 31 January 2019 239,481 –Net Asset Value per Share CZK PLN As at 31 January 2020 121.54 29.12As at 31 January 2019 103.06 –Shares In Issue As at 31 January 2020 798,519 1,605As at 31 January 2019 2,324 –

Fidelity S&P 500 Index Fund Class P EUR Acc Class P USD Acc Class P EUR Hedged Acc Class P GBP Hedged AccNet Asset Value EUR USD EUR GBPAs at 31 January 2020 40,023,292 47,745,453 6,534,267 3,132,602As at 31 January 2019 2,498,781 31,494,006 2,832,070 3,667,237Net Asset Value per Share EUR USD EUR GBPAs at 31 January 2020 6.73 6.08 5.73 5.85As at 31 January 2019 5.38 5.03 4.89 4.93Shares In Issue As at 31 January 2020 5,946,257 7,856,266 1,140,038 535,924As at 31 January 2019 464,878 6,266,107 579,431 743,870

126




Fidelity S&P 500 Index Fund (continued) Class P PLN Acc Class P PLN Hedged Acc Net Asset Value PLN PLN As at 31 January 2020 47,153 316,120As at 31 January 2019 – –Net Asset Value per Share PLN PLN As at 31 January 2020 29.90 25.71As at 31 January 2019 – –Shares In Issue As at 31 January 2020 1,577 12,286As at 31 January 2019 – –


Class A-ACC USDClass A-MINCOME(G)-

USD Class A-MINCOME(G)-

SGD Hedged Class I-QINCOME(G)-USD Net Asset Value USD USD SGD USD As at 31 January 2020 198,773,936 179,082,411 414,781,021 107,443,462As at 31 January 2019 32,634,692 22,985,854 60,344,427 6,339Net Asset Value per Share USD USD SGD USD As at 31 January 2020 10.70 10.19 10.04 10.27As at 31 January 2019 10.25 10.07 9.99 10.13Shares In Issue As at 31 January 2020 18,583,081 17,575,599 41,331,934 10,458,402As at 31 January 2019 3,182,798 2,282,525 6,042,421 626

Class A-ACC SGD HedgedClass A-MINCOME(G)-

AUD Hedged Class A-MINCOME(G)-

EUR Hedged Class Y-ACC USD Net Asset Value SGD AUD EUR USD As at 31 January 2020 29,755,039 44,336,037 10,586,480 76,372,035As at 31 January 2019 5,533,999 172,869 2,529,026 6,316,270Net Asset Value per Share SGD AUD EUR USD As at 31 January 2020 10.54 10.07 9.65 10.74As at 31 January 2019 10.17 10.03 9.83 10.27Shares In Issue As at 31 January 2020 2,822,216 4,401,698 1,097,405 7,114,191As at 31 January 2019 544,143 17,236 257,214 614,960

Class Y-ACC-SGD HedgedClass A-MINCOME(G)-

GBP Hedged Class Y-MINCOME(G)-

USD Class A-ACC HKD Net Asset Value SGD GBP USD HKD As at 31 January 2020 2,798,238 13,548,544 3,367,801 39,128As at 31 January 2019 173,980 1,008,485 5,048 –Net Asset Value per Share SGD GBP USD HKD As at 31 January 2020 10.58 9.94 10.24 10.02As at 31 January 2019 10.19 9.97 10.10 –Shares In Issue As at 31 January 2020 264,469 1,363,294 328,988 3,913As at 31 January 2019 17,080 101,161 500 –

127




Fidelity Enhanced Reserve Fund (continued) Class A-MINCOME(G)-HKD Class R-ACC USD Class Y-ACC-EUR Hedged Class Y-ACC-CHF Hedged Net Asset Value HKD USD EUR CHF As at 31 January 2020 39,027 140,732,010 45,285 53,249As at 31 January 2019 – – – –Net Asset Value per Share HKD USD EUR CHF As at 31 January 2020 9.94 10.08 10.02 10.73As at 31 January 2019 – – – –Shares In Issue As at 31 January 2020 3,913 13,963,854 4,518 4,962As at 31 January 2019 – – – –

Class Y-ACC HKDClass Y-MINCOME(G)-AUD

Hedged Class Y-MINCOME(G)-EUR

Hedged Class Y-MINCOME(G)-GBP

Hedged Net Asset Value HKD AUD EUR GBP As at 31 January 2020 39,142 73,741 45,166 38,790As at 31 January 2019 – – – –Net Asset Value per Share HKD AUD EUR GBP As at 31 January 2020 10.02 10.03 9.99 10.02As at 31 January 2019 – – – –Shares In Issue As at 31 January 2020 3,913 7,354 4,518 3,871As at 31 January 2019 – – – –

Class Y-MINCOME(G)-

HKD Class Y-MINCOME(G)-

SGD Hedged Net Asset Value HKD SGD As at 31 January 2020 39,042 68,320As at 31 January 2019 – –Net Asset Value per Share HKD SGD As at 31 January 2020 9.94 10.04As at 31 January 2019 – –Shares In Issue As at 31 January 2020 3,913 6,808As at 31 January 2019 – –

Signed on behalf of the Board of Directors by: Date: 27 May 2020

Date: 27 May 2020

128


STATEMENT OF COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2020


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

31 January 2020 31 January 2019 31 January 2020 31 January 2019 Note USD USD EUR EUR Operating Income Interest from Financial Assets at Fair Value Through Profit or Loss 2i 3 – – – Interest on Cash 7,334 3,236 61 – Dividend Income 2j 777,608 408,203 371,944 151,591 Miscellaneous Income 343 195 924 507 Net Gain/(Loss) on Financial Assets at Fair Value Through Profit or Loss and Financial Derivative Instruments 13 263,747 (1,768,969) 1,614,870 (276,133)Total Operating Income/(Loss) 1,049,035 (1,357,335) 1,987,799 (124,035) Operating Expenses Management Fees 7 53,005 28,102 14,521 5,275 Transaction Costs 2k, 10 18,737 28,544 35,595 13,470 Capital Gain Tax Expenses 37,328 33,331 – – Other Expenses 3,484 281 – 723Total Operating Expenses 112,554 90,258 50,116 19,468 Finance Costs Overdraft Expense 522 354 125 135Total Finance Costs 522 354 125 135 Net Investment Income/(Loss) for the Financial Year/Period before Tax 935,959 (1,447,947) 1,937,558 (143,638) Foreign Withholding Tax 2m (97,148) (55,133) (29,466) (15,435)Net Investment Income/(Loss) for the Financial Year/Period after Tax 838,811 (1,503,080) 1,908,092 (159,073)

Net Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares from Operations 838,811 (1,503,080) 1,908,092 (159,073)

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

129


STATEMENT OF COMPREHENSIVE INCOME (CONTINUED) FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2020


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

31 January 2020 31 January 2019 31 January 2020 31 January 2019 Note USD USD USD USD Operating Income Interest on Cash 371 452 1,501 729 Dividend Income 2j 877,864 348,662 268,183 185,180 Miscellaneous Income 2 – 206 122 Net Gain/(Loss) on Financial Assets at Fair Value Through Profit or Loss and Financial Derivative Instruments 13 (277,256) (1,578,811) 565,008 (323,121)Total Operating Income/(Loss) 600,981 (1,229,697) 834,898 (137,090) Operating Expenses Management Fees 7 51,321 14,242 9,553 6,035 Transaction Costs 2k, 10 25,580 5,278 6,793 4,350 Other Expenses – – 16 16Total Operating Expenses 76,901 19,520 16,362 10,401 Finance Costs Interest Expenses 1,130 – – – Overdraft Expense 184 499 130 57Total Finance Costs 1,314 499 130 57 Net Investment Income/(Loss) for the Financial Year/Period before Tax 522,766 (1,249,716) 818,406 (147,548) Foreign Withholding Tax 2m (131,656) (52,292) (4,139) (3,841)Net Investment Income/(Loss) for the Financial Year/Period after Tax 391,110 (1,302,008) 814,267 (151,389)

Net Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares from Operations 391,110 (1,302,008) 814,267 (151,389)


130




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

31 January 2020 31 January 2019 31 January 2020 31 January 2019 Note USD USD USD USD Operating Income Interest on Cash 17,338 4,758 7,358 2,943 Dividend Income 2j 2,404,458 598,421 1,844,304 498,090 Miscellaneous Income 584 – – 33 Net Gain/(Loss) on Financial Assets at Fair Value Through Profit or Loss and Financial Derivative Instruments 13 15,139,160 (2,015,667) 16,755,323 (3,616,254)Total Operating Income/(Loss) 17,561,540 (1,412,488) 18,606,985 (3,115,188) Operating Expenses Management Fees 7 139,350 31,995 66,258 26,115 Transaction Costs 2k, 10 82,047 34,413 5,970 3,490 Other Expenses 4,737 921 9,307 –Total Operating Expenses 226,134 67,329 81,535 29,605 Finance Costs Overdraft Expense 1,428 761 382 61Total Finance Costs 1,428 761 382 61 Net Investment Income/(Loss) for the Financial Year/Period before Tax 17,333,978 (1,480,578) 18,525,068 (3,144,854) Foreign Withholding Tax 2m (485,605) (136,571) (556,420) (183,709)Net Investment Income/(Loss) for the Financial Year/Period after Tax 16,848,373 (1,617,149) 17,968,648 (3,328,563)

Net Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares from Operations 16,848,373 (1,617,149) 17,968,648 (3,328,563)


131




Fidelity Enhanced Reserve Fund†

31 January 2020 31 January 2019 Note USD USD Operating Income Interest from Financial Assets at Fair Value Through Profit or Loss 2i 13,890,712 1,007,009 Interest on Cash 820,070 61,835 Miscellaneous Income 71 – Net Gain/(Loss) on Financial Assets at Fair Value Through Profit or Loss and Financial Derivative Instruments 13 4,182,774 807,890Total Operating Income/(Loss) 18,893,627 1,876,734 Operating Expenses Management Fees 7 2,652,575 178,493 Other Expenses 152 –Total Operating Expenses 2,652,727 178,493 Finance Costs Overdraft Expense 2 2 Distribution Paid 2o 8,131,374 499,427 Income Equalisation 2p (3,972,582) (254,007)Total Finance Costs 4,158,794 245,422 Net Investment Income/(Loss) for the Financial Year/Period before Tax 12,082,106 1,452,819 Foreign Withholding Tax 2m (39,121) –Net Investment Income/(Loss) for the Financial Year/Period after Tax 12,042,985 1,452,819

Net Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares from Operations 12,042,985 1,452,819 † The Sub-Fund launched on 26 March 2018.

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

132


STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2020


w


31 January 2020 31 January 2019 31 January 2020 31 January 2019 USD USD EUR EURIncrease/(Decrease) in Net Assets Net Increase/(Decrease) in Net Assets Attributable to

Holders of Redeemable Participating Shares from Operations 838,811 (1,503,080) 1,908,092 (159,073)

Capital Transactions Subscriptions 11,996,7491 22,688,391 17,069,5902 6,248,769 Redemptions (2,138,968)1 (121,587) (10,827,013)2 (206,169) Total Capital Transactions 9,857,781 22,566,804 6,242,577 6,042,600 Total Increase/(Decrease) for the Year/Period 10,696,592 21,063,724 8,150,669 5,883,527Net Assets Attributable to Holders of Redeemable Participating Shares Beginning of Year/Period 21,063,724 – 5,883,527 –End of Year/Period 31,760,316 21,063,724 14,034,196 5,883,527


31 January 2020 31 January 2019 31 January 2020 31 January 2019 USD USD USD USDIncrease/(Decrease) in Net Assets Net Increase/(Decrease) in Net Assets Attributable to

Holders of Redeemable Participating Shares from Operations 391,110 (1,302,008) 814,267 (151,389)

Capital Transactions Subscriptions 208,657,1963 18,893,084 6,079,8214 6,872,2735

Redemptions (22,294,243)3 (2,069,875) (7,044,529)4 (29,911)5

Total Capital Transactions 186,362,953 16,823,209 (964,708) 6,842,362 Total Increase/(Decrease) for the Year/Period 186,754,063 15,521,201 (150,441) 6,690,973Net Assets Attributable to Holders of Redeemable Participating Shares Beginning of Year/Period 15,521,201 – 6,690,973 –End of Year/Period 202,275,264 15,521,201 6,540,532 6,690,973

*

The Sub-Fund launched on 20 March 2018.

1) Includes the exchange of 2,400 Shares of Class P USD Acc for 1,624 Shares of Class P PLN Acc valued USD10,711.

2) Includes the exchange of 2,200 Shares of Class P EUR Acc for 1,939 Shares of Class P PLN Acc valued EUR11,237.



5) Includes the exchange of 1,493 Shares of Class P USD Acc for 2,000 Shares of Class P GBP Hedged Acc valued USD9,898.

133


STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES (CONTINUED) FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2020



31 January 2020 31 January 2019 31 January 2020 31 January 2019 USD USD USD USDIncrease/(Decrease) in Net Assets Net Increase/(Decrease) in Net Assets Attributable to

Holders of Redeemable Participating Shares from Operations 16,848,373 (1,617,149) 17,968,648 (3,328,563)

Capital Transactions Subscriptions 157,434,0276 64,885,4027 158,110,6968 99,448,890 Redemptions (69,136,225)6 (15,408,273)7 (114,941,679)8 (53,685,368) Total Capital Transactions 88,297,802 49,477,129 43,169,017 45,763,522 Total Increase/(Decrease) for the Year/Period 105,146,175 47,859,980 61,137,665 42,434,959Net Assets Attributable to Holders of Redeemable Participating Shares Beginning of Year/Period 47,859,980 – 42,434,959 –End of Year/Period 153,006,155 47,859,980 103,572,624 42,434,959


31 January 2020 31 January 2019 USD USDIncrease/(Decrease) in Net Assets Net Increase/(Decrease) in Net Assets Attributable to

Holders of Redeemable Participating Shares from Operations 12,042,985 1,452,819

Capital Transactions Subscriptions 1,221,456,1199 149,070,78410

Reinvestments 1,495,535 55,162 Redemptions (256,327,115)9 (35,311,798)10

Total Capital Transactions 966,624,539 113,814,148 Total Increase/(Decrease) for the Year/Period 978,667,524 115,266,967Net Assets Attributable to Holders of Redeemable Participating Shares Beginning of Year/Period 115,266,967 –End of Year/Period 1,093,934,491 115,266,967

*


† The Sub-Fund launched on 26 March 2018.


7) Includes the exchange of 4,200 Shares of Class P USD Acc for 1,510 Shares of Class P GBP Hedged Acc and 2,324 Shares ofClass P CZK Hedged Acc valued USD10,048 and USD10,398, respectively.

8) Includes the exchange of 1,630 Shares of Class P EUR Acc for 1,577 Shares of P PLN Acc valued USD10,400.

9) Includes the exchange of 91,736 Shares of Class A-ACC SGD Hedged for 94,758 Shares of Class A-MINCOME(G)-SGD Hedged valued USD696,515.

10) Includes the exchange of 68,691 Shares of Class A-Acc SGD Hedged for 69,952 Shares of Class A-MDIST(G) SGD Hedged valuedUSD516,669.

134


STATEMENT OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2020



31 January 2020 31 January 2019 31 January 2020 31 January 2019 USD USD EUR EUR Cash flows from operating activities: Net Increase/(Decrease) in Net Assets

Attributable to Holders of Redeemable Participating Shares from Operations 838,811 (1,503,080) 1,908,092 (159,073)

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

cash equivalents 4,344 (2,529) (372) (85) Change in Financial Assets at Fair Value

Through Profit or Loss (10,351,236) (20,565,917) (8,063,146) (5,834,496) Change in Financial Derivative Instruments 82,849 (37,313) 14,712 1,562 Change in Margin Cash Due from/to Broker (78,635) 9,273 (5,659) (2,910) Change in Investments Sold awaiting settlement (5,239) – 55 (100) Change in Dividends Receivable (13,312) (43,420) (5,152) (8,048) Change in Interest Receivable from Financial

Assets at Fair Value Through Profit or Loss (4) – – – Change in Investments Purchased awaiting

settlement (20,213) 23,330 (26,180) 87,456 Change in Management Fees Payable 17,294 3,394 6,131 613 Change in Capital Gain Tax Payable 49,025 33,331 – – Change in Other Liabilities (3,715) 3,715 – – Net cash flows from operating activities (9,480,031) (22,079,216) (6,171,519) (5,915,081) Cash flows from financing activities: Proceeds from redeemable shares issued 11,882,7941 22,651,714 17,069,8832 6,157,498

Redemption of redeemable shares (2,093,964)1 (121,523) (10,890,514)2 (141,412)

Net cash provided by/(used in) financing activities 9,788,830 22,530,191 6,179,369 6,016,086

Net increase/(decrease) in cash and cash

equivalents 308,799 450,975 7,850 101,005 Cash and cash equivalents at beginning of the

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

cash equivalents (4,344) 2,529 372 85 Cash and cash equivalents at end of the

Year/Period 757,959 453,504 109,312 101,090 *



2) Includes the exchange of 2,200 Shares of Class P EUR Acc for 1,939 Shares of Class P PLN Acc valued EUR11,237.

135


STATEMENT OF CASH FLOWS (CONTINUED) FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2020



31 January 2020 31 January 2019 31 January 2020 31 January 2019 USD USD USD USD Cash flows from operating activities: Net Increase/(Decrease) in Net Assets

Attributable to Holders of Redeemable Participating Shares from Operations 391,110 (1,302,008) 814,267 (151,389)


cash equivalents (59,632) (704) 1,816 (1,491) Change in Financial Assets at Fair Value

Through Profit or Loss (181,153,245) (15,365,715) 157,439 (6,575,362) Change in Financial Derivative Instruments 260,187 (490) 2,157 (5,284) Change in Margin Cash Due from/to Broker (345,411) (7,863) (4,052) 494 Change in Investments Sold awaiting settlement 1,948,594 (1,952,296) – – Change in Dividends Receivable (267,564) (23,249) 926 (6,645) Change in Investments Purchased awaiting

settlement 436,694 – 78,812 – Change in Management Fees Payable 34,926 1,440 3,630 675 Net cash flows from operating activities (178,754,341) (18,650,885) 1,054,995 (6,739,002) Cash flows from financing activities: Proceeds from redeemable shares issued 208,042,0273 18,893,084 5,998,6514 6,872,2735

Redemption of redeemable shares (24,041,244)3 (156,277) (7,044,529)4 (29,911)5

Net cash provided by/(used in) financing activities 184,000,783 18,736,807 (1,045,878) 6,842,362

Net increase/(decrease) in cash and cash

equivalents 5,246,442 85,922 9,117 103,360 Cash and cash equivalents at beginning of the


cash equivalents 59,632 704 (1,816) 1,491 Cash and cash equivalents at end of the

Year/Period 5,392,700 86,626 112,152 104,851 *




5) Includes the exchange of 1,493 Shares of Class P USD Acc for 2,000 Shares of Class P GBP Hedged Acc valued USD9,898.

136





31 January 2020 31 January 2019 31 January 2020 31 January 2019 USD USD USD USD Cash flows from operating activities: Net Increase/(Decrease) in Net Assets

Attributable to Holders of Redeemable Participating Shares from Operations 16,848,373 (1,617,149) 17,968,648 (3,328,563)


cash equivalents 1,731 (1,731) (1,336) 1,319 Change in Financial Assets at Fair Value

Through Profit or Loss (104,939,583) (47,231,615) (60,355,831) (42,215,595) Change in Financial Derivative Instruments 244,225 (20,678) 73,098 (82,476) Change in Margin Cash Due from/to Broker (2,162) (22,872) (18,075) (3,362) Change in Investments Sold awaiting settlement 912,126 (934,448) – – Change in Dividends Receivable (76,592) (49,744) (44,373) (42,609) Change in Investments Purchased awaiting

settlement 8,920 332 (1,818,957) 1,821,459 Change in Management Fees Payable 61,812 5,246 25,587 4,439 Net cash flows from operating activities (86,941,150) (49,872,659) (44,171,239) (43,845,388) Cash flows from financing activities: Proceeds from redeemable shares issued 157,382,2356 64,813,2737 159,832,3498 97,557,033 Redemption of redeemable shares (70,348,419)6 (14,196,079)7 (114,668,925)8 (53,608,318) Net cash provided by/(used in) financing

activities 87,033,816 50,617,194 45,163,424 43,948,715 Net increase/(decrease) in cash and cash

equivalents 92,666 744,535 992,185 103,327 Cash and cash equivalents at beginning of the


cash equivalents (1,731) 1,731 1,336 (1,319) Cash and cash equivalents at end of the

Year/Period 837,201 746,266 1,095,529 102,008 *



7) Includes the exchange of 4,200 Shares of Class P USD Acc for 1,510 Shares of Class P GBP Hedged Acc and 2,324 Shares of Class P CZK Hedged Acc valued USD10,048 and USD10,398, respectively.

8) Includes the exchange of 1,630 Shares of Class P EUR Acc for 1,577 Shares of P PLN Acc valued USD10,400.

137





31 January 2020 31 January 2019 USD USD Cash flows from operating activities: Net Increase/(Decrease) in Net Assets

Attributable to Holders of Redeemable Participating Shares from Operations 12,042,985 1,452,819


cash equivalents (131,126) (9,312) Distributions Paid 8,131,374 499,427 Change in Financial Assets at Fair Value

Through Profit or Loss (896,807,696) (108,704,015) Change in Financial Derivative Instruments 5,603,667 (328,186) Change in Investments Sold awaiting settlement (2,680,968) (4,387) Change in Interest Receivable from Financial

Assets at Fair Value Through Profit or Loss (6,421,472) (775,505) Change in Investments Purchased awaiting

settlement 9,940,242 8,479,581 Change in Management Fees Payable 1,458,322 49,361 Net cash flows from operating activities (868,864,672) (99,340,217) Cash flows from financing activities: Proceeds from redeemable shares issued 1,212,856,9949 148,033,34610

Reinvestments 1,495,535 55,162 Redemption of redeemable shares (226,092,472)9 (35,309,468)10

Distributions Paid (8,131,374) (499,427) Net cash provided by/(used in) financing

activities 980,128,683 112,279,613 Net increase/(decrease) in cash and cash

equivalents 111,264,011 12,939,396 Cash and cash equivalents at beginning of the

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

cash equivalents 131,126 9,312 Cash and cash equivalents at end of the

Year/Period 124,343,845 12,948,708 † The Sub-Fund launched on 26 March 2018.

9) Includes the exchange of 91,736 Shares of Class A-ACC SGD Hedged for 94,758 Shares of Class A-MINCOME(G)-SGD Hedged valued USD696,515.

10) Includes the exchange of 68,691 Shares of Class A-Acc SGD Hedged for 69,952 Shares of Class A-MDIST(G) SGD Hedged valued USD516,669.

138


NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2020

1. Organisation Fidelity UCITS II ICAV (the “Fund”) was registered in Ireland pursuant to the Irish Collective Asset-management Vehicles Act 2015 (as amended) on 14 November 2017 under registration number C174793 and is authorised by the Central Bank of Ireland (the “Central Bank”) under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) (the “UCITS Regulations”). The Fund is organised in the form of an umbrella fund with segregated liability between Sub-Funds. The Prospectus provides that the Fund may offer separate Sub-Funds. Each Sub-Fund will have a distinct schedule of investments. The portfolio of assets maintained for each Sub-Fund will be invested in accordance with the investment objectives and policies applicable to such Sub-Fund. For more information please refer to the General Information section. 2. Significant Accounting Policies The significant accounting policies and estimation techniques adopted by each Sub-Fund are as follows: a) Basis of Preparation of Financial Statements The financial statements are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS’), interpretations adopted by the International Accounting Standards Board (‘IASB’) , ICAV ACT 2015 and certain requirements of the UCITS Regulations and the Central Bank’s (Supervision and Enforcement) Act 2013 (section 48(1)) UCITS Regulations 2019 (the “Central Bank UCITS Regulations”) that apply to financial reports. The financial statements have been prepared on the going concern basis and under the historical cost convention, as modified by the revaluation of financial assets and financial liabilities held at fair value through profit or loss. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates as adopted by the European Union. It also requires the Directors to exercise their judgement in the process of applying each Sub-Fund’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to each Sub-Fund’s financial statements are disclosed in the following notes. The Fund is authorised by the Central Bank as a UCITS pursuant to the UCITS Regulations. The comparative period is not one year, but the period from the respective Sub-Fund’s inception to 31 January 2019, which may be different for each Sub-Fund. New standards and amendments to existing standards IFRIC 23 “Uncertainty over Income Tax Treatments” was issued in June 2017 and became effective for periods beginning on or after 1 January 2019. It clarifies the accounting for uncertainties in income taxes which is applied to the determination of taxable profits (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, when there is uncertainty over income tax treatments in accordance with IAS 12. It clarifies that the Fund should consider whether tax treatments should be considered independently or collectively, whether the relevant tax authority will or will not accept each tax treatment and, the requirement to reassess its judgements and estimates if facts and circumstances change. The application of IFRIC 23 has not had a significant effect on the Fund’s financial position, performance or disclosures in its financial statements. There are no other standards, amendments to standards or interpretations that are effective for annual periods beginning on 1 January 2019 that have a material effect on the financial statements of the Sub-Funds. New standards, amendments and interpretations effective after 1 January 2020 and have not been early adopted A number of new standards, amendments to standards and interpretations are effective for annual periods beginning after 1 January 2020 and have not been early adopted in preparing these financial statements. None of these are expected to have a material effect on the financial statements of the Sub-Funds.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2020 (CONTINUED)

2. Significant Accounting Policies (continued) b) Financial Instruments at Fair Value through Profit or Loss Classification (i) Assets The Sub-Funds classify their investments based on both the Sub-Funds business model for managing those financial assets and the contractual cash flow characteristics of the financial assets. The portfolio of financial assets is managed and performance is evaluated on a fair value basis. The Sub-Funds are primarily focused on fair value information and use that information to assess the assets’ performance and to make decisions. The Sub-Funds have not taken the option to irrevocably designate any equity securities as fair value through other comprehensive income. The contractual cash flows of the Sub-Funds debt securities are solely principal and interest, however, these securities are neither held for the purpose of collecting contractual cash flows nor held both for collecting contractual cash flows and for sale. The collection of contractual cash flows is only incidental to achieving each the Sub-Fund’s business model’s objective. Consequently, all investments are measured at fair value through profit or loss. The contractual cash flows of the Sub-Fund’s debt securities are solely principal and interest, however, these securities are neither held for the purpose of collecting contractual cash flows nor held both for collecting contractual cash flows and for sale. The collection of contractual cash flows is only incidental to achieving each Sub-Fund’s business model’s objective. Consequently, all investments are measured at fair value through profit or loss. (ii) Liabilities Financial liabilities, other than those at fair value through profit or loss, are measured at amortised cost using the effective Interest rate. Financial liabilities are classified according to the substance of the contractual arrangements entered into. Recognition, derecognition and measurement Purchases and sales of investments are recognised on trade date, the date on which the Sub-Funds commit to purchase or sell the asset. Investments are initially recognised at fair value. Transaction costs for all financial assets and liabilities carried at fair value through profit and loss are expensed as incurred in the Statement of Comprehensive Income. Subsequent to initial recognition, all investments continue to be classified at fair value through profit or loss, and the changes in fair value are recognised as net unrealised gain/loss on investments in the Statement of Comprehensive Income in the period in which they arise. Investments are derecognised when the contractual rights to the cash-flows from the financial asset expire or a Sub-Fund has transferred the financial asset and the transfer qualifies for de-recognition. A financial liability is de-recognised when the obligation specified in the contract is discharged, cancelled or has expired. Realised gains and losses on sales of investments are calculated based on the average cost of the investment in local currency and are recognised in net realised gain/loss on investments in the Statement of Comprehensive Income in the period in which they arise. Realised gains and losses on investment transactions in debt instruments are calculated as the difference between sales proceeds and the historic cost of the instrument. Fair value estimation At the financial year end, the Investments were valued at last traded price as is consistent with the Prospectus. In circumstances where the last traded price is not within the bid-ask spread, the Investment Manager will determine the point within the bid-ask spread that is most representative of fair value. Where market quotations are not available or are unrepresentative, fair value may be determined by the Sub- Fund’s using reputable pricing sources (such as pricing agencies) or indicative prices from bond/debt market makers. Broker quotes as obtained from the pricing sources may be indicative and not executable or binding. The Sub-Fund’s would exercise judgement and estimates on the quantity and quality of pricing sources used. Where no market data is available, each Sub-Fund may value positions using their own models, which are usually based on valuation methods and techniques generally recognised as standard within the industry. Shares or units in collective investment schemes shall be valued on the basis of the latest unaudited available net asset value per shares or units as published by the collective investment scheme. Transfers between levels of the fair value hierarchy Transfers between levels of the fair value hierarchy are deemed to have occurred at the beginning of the reporting period.

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2. Significant Accounting Policies (continued) c) Cash and Cash Equivalents Cash and cash equivalents include cash in hand, deposits held on call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. All cash at bank balances are held with Brown Brothers Harriman, or with third party institutions approved by the Manager on overnight deposit or directly with a sub-custodian. All deposits held on call with banks are returned to the Depositary the following day. d) Futures Contracts A futures contract is a legal agreement, to buy or sell a particular commodity or financial instrument at a predetermined price at a specified time in the future. Initial margin deposits are made upon entering into open futures contracts and are generally made in cash or cash equivalents. Subsequent payments (variation margin) to and from the clearing broker are made on a daily basis based on changes in the market value of futures contracts. Initial margin and variation margin is presented under Margin Cash Due from Broker or Margin Cash Due to Broker on the Statement of Financial Position. The fair value of open futures contracts is based upon their quoted daily settlement prices. Changes in the value of open futures contracts are recognised as unrealised gains or losses on futures contracts until the contracts are terminated, at which time realised gains and losses are recognised. e) Forward Foreign Exchange Contracts Forward foreign exchange contracts are agreements between two parties to exchange two designated currencies at a specific time in the future. The fair value of open forward foreign exchange contracts is calculated as the difference between the contracted rate and the current forward rate that would close out the contract on the valuation date. Changes in the value of forward foreign exchange contracts are recognised as unrealised gains or losses on forward foreign exchange contracts until the contracts are terminated, at which time realized gains and losses are recognised. A Sub-Fund may use forward foreign exchange contracts for the purposes of hedging the currency exposure of the underlying securities into the relevant base currency or on behalf of a specific class in order to hedge some or all of the foreign exchange risk for such class. For each relevant Sub-Fund, gains or losses on open foreign currency exchange spot contracts are included in Cash and Cash Equivalents in the Statement of Financial Position. Unrealised gains and losses on open forward foreign currency exchange contracts are included in Financial Derivative instruments under assets or liabilities, as appropriate, on the Statement of Financial Position and are shown on the Schedule of Investments of each relevant Sub-Fund. Realised gains and losses and change in unrealised gains and losses on forward foreign currency contracts are included in Net Gain/(Loss) in Financial Assets at Fair Value through Profit or Loss and Financial Derivative Instruments on the Statement of Comprehensive Income. f) Warrants Warrants grant the right to acquire an underlying security from the issuer (as opposed to an option where a third party grants a right to acquire an underlying security as described above) at a fixed price. The fair value of warrants is based upon their quoted daily prices. Changes in the value of warrants and realised gains and losses on warrants are recognised as Net Gain/(Loss) in Financial Assets at fair Value through Profit or Loss and Financial Derivative Instruments on the Statement of Comprehensive Income. A Sub-Fund may hold warrants on securities as a substitute for taking a position in the underlying security and/or to gain an exposure within the limits laid down by the Central Bank.

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2. Significant Accounting Policies (continued) g) Foreign Exchange Translation Functional and Presentation Currency Items included in the Sub-Funds’ financial statements are measured using the currency in which Shareholder transactions take place (the “functional currency”). The functional currency and presentation currency of each Sub-Fund is as follows: Sub-Fund Functional currency Presentation currency Fidelity MSCI Emerging Markets Index Fund USD USD Fidelity MSCI Europe Index Fund EUR EUR Fidelity MSCI Japan Index Fund USD USD Fidelity MSCI Pacific ex-Japan Index Fund USD USD Fidelity MSCI World Index Fund USD USD Fidelity S&P 500 Index Fund USD USD Fidelity Enhanced Reserve Fund USD USD Transactions and Balances Assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates ruling at the Statement of Financial Position date. Transactions in currencies other than the functional currency are translated into the functional currency at the exchange rates ruling at the dates of the transactions. Gains and losses on foreign exchange transactions are recognised in the Statement of Comprehensive Income in determining the result for the period. Proceeds from subscriptions and amounts paid for redemptions in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transactions. h) Investments Purchased and Sold Investments purchased and sold represent receivables for securities sold and payables for securities purchased that have been contracted for but not yet settled or delivered on the statement of financial position date respectively. The due from brokers balance is held for collection. These amounts are recognised initially at fair value and subsequently measured at amortised cost. At each reporting date, the Sub-Funds shall measure the loss allowance on amounts due from broker at an amount equal to the lifetime expected credit losses if the credit risk has increased significantly since initial recognition. If, at the reporting date, the credit risk has not increased significantly since initial recognition, the Sub-Funds shall measure the loss allowance at an amount equal to 12-month expected credit losses. Significant financial difficulties of the broker, probability that the broker will enter bankruptcy or financial reorganisation, and default in payments are all considered indicators that a loss allowance may be required if the credit risk increases to the point that it is considered to be credit impaired. During the financial year ended 31 January 2020 and the financial period ended 31 January 2019 no such impairments have occurred. i) Interest from Financial Assets Through Fair Value and Profit and Loss Interest from financial assets through fair value and profit and loss is recognised on the effective yield interest method and credited to the Statement of Comprehensive Income. j) Dividend Income Dividends are credited to the Statement of Comprehensive Income on the dates on which the relevant securities are listed as “ex-dividend”. Income is shown gross of any non-recoverable withholding taxes and net of any tax credits. Withholding tax is disclosed in the Statement of Comprehensive Income.

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2. Significant Accounting Policies (continued) k) Transaction Costs Transaction costs are costs incurred to acquire financial assets or liabilities at fair value through profit or loss. They include fees and commissions paid to agents, advisers, brokers and dealers. Transaction costs are expensed as incurred in the Statement of Comprehensive Income. l) Expenses Expenses are recognised in the Statement of Comprehensive Income on an accrual basis. m) Foreign Withholding Taxes Dividends, interest and capital gains (if any) received on investments made by each Sub-Fund may be subject to withholding taxes imposed by the country from which the investment income/gains are received and such taxes may not be recoverable by the Sub-Funds or their Shareholders. Dividend and interest revenue is shown gross of any non-recoverable withholding taxes, which are disclosed separately in the Statement of Comprehensive Income, and net of any tax credits. n) Redeemable Participating Shares Redeemable Participating Shares provide the Shareholders with the right to redeem their shares for cash equal to their proportionate share of the Net Asset Value of the Sub-Funds and, accordingly, are classified as financial liabilities. The liability to Shareholders is presented in the Statement of Financial Position as “Net Assets Attributable to Holders of Redeemable Participating Shares” and is based on the residual assets of each Sub-Fund after deducting all other liabilities. o) Distribution Policy

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

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


In respect of Distributing Classes, it is the current intention of the Directors, subject to any de minimis threshold, to declare dividends out of gross income attributable to each of the Distributing Classes.

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2. Significant Accounting Policies (continued) o) Distribution Policy (continued)

Fidelity Enhanced Reserve Fund (continued)

Distributions out of gross income are made up of Net Income and capital. Under normal circumstances, the Directors intend that: (a) in respect of monthly Distributing Classes (MINCOME), dividends shall be declared on the first Business Day of each month and paid on the fifth Business Day of each month, or any such other Business Day that the Directors deem appropriate; and (b) in respect of quarterly Distributing Classes (QINCOME), dividends shall be declared on the first Business Day of and paid on the fifth Business Day of February, May, August and November, or any such other Business Day that the Directors deem appropriate. However, Shareholders should note that the Directors may, in their discretion, decide not to make such payment in respect of a Distributing Class. Dividends will be automatically paid out to Shareholders in cash unless the Shareholder elects to reinvest the dividends in the Sub-Fund in respect of which the dividend is declared. Dividends for the financial year ended 31 January 2020 are disclosed in the table below:

Sub-Fund Ex-Dividend Date Amount Paid (USD) Dividend per Share (USD)Fidelity Enhanced Reserve Fund

Class A-MINCOME(G)-AUD Hedged 1 February 2019 323 0.0187 1 March 2019 316 0.0184 1 April 2019 957 0.0184 1 May 2019 948 0.0182 3 June 2019 935 0.0179 1 July 2019 941 0.0180 1 August 2019 921 0.0177 2 September 2019 20,924 0.0173 1 October 2019 38,436 0.0173 1 November 2019 47,826 0.0178 2 December 2019 54,334 0.0175 2 January 2020 60,497 0.0180 Class A-MINCOME(G)-EUR Hedged 1 February 2019 7,582 0.0295 1 March 2019 7,877 0.0293 1 April 2019 11,153 0.0289 1 May 2019 11,217 0.0289 3 June 2019 11,546 0.0287 1 July 2019 11,796 0.0291 1 August 2019 11,482 0.0284 2 September 2019 13,442 0.0282 1 October 2019 19,878 0.0280 1 November 2019 24,766 0.0287 2 December 2019 27,011 0.0283 2 January 2020 27,447 0.0287 Class A-MINCOME(G) GBP Hedged 1 February 2019 3,409 0.0337 1 March 2019 3,452 0.0341 1 April 2019 3,421 0.0338 1 May 2019 3,411 0.0337 3 June 2019 3,432 0.0326 1 July 2019 3,544 0.0326 1 August 2019 3,573 0.0312 2 September 2019 4,768 0.0311 1 October 2019 12,756 0.0317 1 November 2019 17,894 0.0334 2 December 2019 18,058 0.0333 2 January 2020 34,643 0.0341

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2. Significant Accounting Policies (continued) o) Distribution Policy (continued) Sub-Fund Ex-Dividend Date Amount Paid (USD) Dividend per Share (USD)Fidelity Enhanced Reserve Fund (continued) Class A-MINCOME(G)-HKD 2 January 2020 13 0.0033 Class I-QINCOME(G)-USD 1 February 2019 48 0.0774 1 May 2019 55,763 0.0774 1 August 2019 181,299 0.0774 1 November 2019 173,349 0.0774 Class A-MINCOME(G)-SGD Hedged 1 February 2019 115,597 0.0191 1 March 2019 133,280 0.0191 1 April 2019 254,199 0.0190 1 May 2019 291,901 0.0190 3 June 2019 332,711 0.0188 1 July 2019 389,851 0.0191 1 August 2019 433,304 0.0188 2 September 2019 507,109 0.0185 1 October 2019 545,450 0.0186 1 November 2019 606,979 0.0190 2 December 2019 726,207 0.0189 2 January 2020 767,660 0.0191 Class A-MINCOME(G)-USD 1 February 2019 58,889 0.0258 1 March 2019 63,118 0.0258 1 April 2019 77,449 0.0258 1 May 2019 80,662 0.0258 3 June 2019 91,706 0.0258 1 July 2019 100,785 0.0258 1 August 2019 98,997 0.0258 2 September 2019 168,743 0.0258 1 October 2019 252,313 0.0258 1 November 2019 305,968 0.0258 2 December 2019 358,060 0.0258 2 January 2020 394,587 0.0258

Class Y-MINCOME(G)-AUD Hedged 2 January 2020 133 0.0180Class Y-MINCOME(G)-EUR Hedged

2 January 2020 130 0.0289Class Y-MINCOME(G)-GBP Hedged

2 January 2020 132 0.0341 Class Y-MINCOME(G)-HKD

2 January 2020 13 0.0033Class Y-MINCOME(G)-SGD Hedged

2 January 2020 130 0.0191

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2. Significant Accounting Policies (continued) o) Distribution Policy (continued) Sub-Fund Ex-Dividend Date Amount Paid (USD) Dividend per Share (USD)Fidelity Enhanced Reserve Fund (continued) Class Y-MINCOME(G)-USD 1 February 2019 13 0.0258 1 March 2019 13 0.0258 1 April 2019 1,927 0.0258 1 May 2019 1,927 0.0258 3 June 2019 1,927 0.0258 1 July 2019 1,927 0.0258 1 August 2019 2,433 0.0258 2 September 2019 2,433 0.0258 1 October 2019 2,433 0.0258 1 November 2019 3,985 0.0258 2 December 2019 14,940 0.0258 2 January 2020 5,965 0.0258 Dividends for the financial period ended 31 January 2019 are disclosed in the table below:

Sub-Fund

Ex-Dividend Date

Amount Paid (USD)

Dividend per Share (USD)


Class A-MDIST(G) USD 2 July 2018 5,156 0.0258 1 August 2018 5,156 0.0258 3 September 2018 15,376 0.0258 1 October 2018 18,667 0.0258 1 November 2018 29,042 0.0258 3 December 2018 41,233 0.0258 2 January 2019 42,490 0.0258 Class A-MDIST(G) SGD Hedged 2 July 2018 6,201 0.0189 1 August 2018 6,228 0.019 3 September 2018 6,183 0.0188 1 October 2018 18,062 0.0188 1 November 2018 54,794 0.0187 3 December 2018 77,610 0.0189 2 January 2019 85,757 0.0189 I-QDIST(G) USD 1 August 2018 30,932 0.0774 1 November 2018 30,159 0.0774 Class A-MDIST(G) AUD Hedged 2 July 2018 491 0.019 1 August 2018 495 0.0192 3 September 2018 481 0.0186 1 October 2018 481 0.0186 1 November 2018 478 0.0184 3 December 2018 492 0.019 2 January 2019 312 0.018

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2. Significant Accounting Policies (continued)

Distributions are recognised in the Statement of Comprehensive Income as Finance Costs. p) Income Equalisation In respect of the distributing classes, each Sub-Fund operates equalisation arrangements and makes equalisation payments in respect of each share of such Distributing Classes to reflect the pro rata payment of distributions based on the period of time the share has been owned by a shareholder. Income Equalisation is recognised in the Statement of Comprehensive Income as Finance Costs. q) Dilution Adjustment Large transactions in or out of a Sub-Fund can create “dilution” of the Sub-Fund’s assets because the price at which an investor buys or sells Shares in the Sub-Fund may not entirely reflect the dealing and other costs that arise when the Investment Manager has to trade in underlying investments to accommodate large cash inflows or outflows. In order to counter this and enhance the protection of existing Shareholders, there may be an adjustment to a Sub-Fund’s Net Asset Value as part of the regular valuation process to counter the impact of dealing and other costs on occasions when these are deemed to be significant. On any Dealing Day, the Net Asset Value of a Sub-Fund may be adjusted upwards or downwards as applicable to reflect the costs that may be deemed to be incurred in liquidating or purchasing investments to satisfy net daily transactions of that Sub-Fund. The Directors reserve the right to make such an adjustment taking into account factors such as the estimated dilution costs (such as underlying dealing spreads, commissions and other trading expenses) and the size of the relevant Sub-Fund. In deciding whether to make such an adjustment the Directors will have regard to the interests of existing, continuing and potential Shareholders in the Sub-Fund. The adjustment will be upwards when the net aggregate transactions result in an increase of the number of Shares and will be downwards when the net aggregate transactions result in a decrease of the number of Shares. The adjusted Net Asset Value will be applicable to all transactions on that day. Because the determination of whether to adjust the Net Asset Value is based on the net transaction activity of the Dealing Day, Shareholders transacting in the opposite direction of the Sub-Fund’s net transaction activity may benefit at the expense of the other Shareholders in the Sub-Fund. In addition, the Sub-Fund’s Net Asset Value and short-term performance may experience greater volatility as a result of this adjustment methodology. Dilution adjustment, if any, is recognised in the Statement of Financial Position.

Sub-Fund

Ex-Dividend Date

Amount Paid (USD)

Dividend per Share (USD)

Fidelity Enhanced Reserve Fund Class A-MDIST(G) EUR Hedged 2 July 2018 485 0.0299 1 August 2018 487 0.03 3 September 2018 484 0.0298 1 October 2018 1,839 0.0293 1 November 2018 1,864 0.0293 3 December 2018 4,930 0.0291 2 January 2019 6,255 0.0293 A-MINCOME(G) GBP Hedged 1 October 2018 347 0.0336 1 November 2018 343 0.0333 3 December 2018 3,006 0.0328 2 January 2019 3,098 0.0326 Y-MINCOME(G) USD 2 January 2019 13 0.0258

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3. Cash and Cash Equivalents Cash and Cash Equivalents amount for the Sub-Funds for the financial years ended 31 January 2020 and 31 January 2019 are disclosed in the table below:

In line with the Central Bank Guidance paper entitled Umbrella Funds – Cash Accounts Holding Subscription, Redemption and Dividend Monies published in March 2016, one or more Umbrella Cash Accounts at umbrella level in the name of the Fund (each, an "Umbrella Cash Account") are being operated by the Administrator in accordance with the requirements of the Central Bank. Such Umbrella Cash Accounts are designed to hold unprocessed subscription monies received from investors, redemption monies payable to investors and/or other amounts due to investors. On Fidelity Enhanced Reserve Fund the amount held in these cash accounts as at 31 January 2020 and 31 January 2019 was USD1,289,776 and USD1,152,561, respectively. Any balances held on these cash accounts at the financial period end are reflected on the Statement of Financial Position.

Sub-Fund Counterparty 31 January 2020 31 January 2019 Fidelity MSCI Emerging Markets Index Fund USD USD Brown Brothers Harriman 88,256 107,400 SEB Group 669,703 - Sumitomo Bank - 346,104 Total 757,959 453,504 Fidelity MSCI Europe Index Fund EUR EUR BNP Paribas Brown 50,180 - Brown Brothers Harriman 2,572 3,492 Citi 56,560 - HSBC - 97,598 Total 109,312 101,090 Fidelity MSCI Japan Index Fund USD USD Australia & New Zealand Banking Group - 27,370 Brown Brothers Harriman (966) (14) JPMorgan Chase 152,161 - Mitsubishi UFJ Financial Group 5,241,505 59,270 Total 5,392,700 86,626 Fidelity MSCI Pacific ex-Japan Index Fund USD USD Australia & New Zealand Banking Group 109,493 85,462 Brown Brothers Harriman 2,659 19,389 Total 112,152 104,851 Fidelity MSCI World Index Fund USD USD Australia & New Zealand Banking Group - 635,291 Banco Santander - 32,786 Brown Brothers Harriman 23,332 42,205 Citi 813,869 - HSBC - 35,984 Total 837,201 746,266 Fidelity S&P 500 Index Fund USD USD Bank of Nova Scotia 1,084,209 - Brown Brothers Harriman 11,320 1,381 Sumitomo Bank - 100,627 Total 1,095,529 102,008 Fidelity Enhanced Reserve Fund USD USD Australia & New Zealand Banking Group - 11,318,869 Bank of Nova Scotia 13,981,551 - BNP Paribas 63,551 - Brown Brothers Harriman (1,159,647) 1,186,081 Citi - 443,758 SEB Group 111,458,390 Total 124,343,845 12,948,708

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3. Cash and Cash Equivalents (continued) All cash and cash equivalents balances at the period end are held with Brown Brothers Harriman or with approved counterparties on overnight deposit or directly with a sub-custodian. All deposits held on call with banks are returned to the Depositary the following business day. 4. Margin Cash Margin cash due from and due to broker for the Sub-Funds for the financial year ended 31 January 2020 and the financial period ended 31 January 2019 are disclosed in the table below:

There were no cash collateral due from and due to broker for the Sub-Funds for the financial year ended 31 January 2020 and the financial period ended 31 January 2019.

31 January 2020 Sub-Fund / Counterparty Margin Cash Due from Broker Margin Cash Due to Broker Fidelity MSCI Emerging Markets Index Fund USD USD Morgan Stanley 69,362 - Fidelity MSCI Europe Index Fund EUR EUR Morgan Stanley 8,608 39 Fidelity MSCI Japan Index Fund USD USD Morgan Stanley 353,274 - Fidelity MSCI Pacific ex-Japan Index Fund USD USD Morgan Stanley 12,743 9,185 Fidelity MSCI World Index Fund USD USD Morgan Stanley 44,279 19,245 Fidelity S&P 500 Index Fund USD USD Morgan Stanley 21,437 -

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

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5. Share Capital The Fund may issue up to 500,000,000,002 Shares of no par value. The maximum issued Share capital of the Fund shall be 500,000,000,002 Shares of no par value and the minimum issued Share capital of the Fund shall be €2 represented by two Subscriber Shares of no par value issued for €1 each. The issued share capital of the Fund shall not be less than the currency equivalent of €2 represented by two shares of no par value. The Subscriber Shares entitle the holders to attend and vote at any general meetings of the Fund but do not entitle the holders to participate in the profits or assets of the Fund except for a return of capital on a winding-up. The Shares entitle the holders to attend and vote at general meetings of the Fund and (other than the Subscriber Shares) to participate equally in the profits and assets of the Sub-Fund to which the Shares relate, subject to any differences between fees, charges and expenses applicable to different Classes. The movement in the number of redeemable participating Shares for each Sub-Fund for the financial year ended 31 January 2020 and the financial period ended 31 January 2019 is as follows: Fidelity MSCI Emerging Markets Index Fund

Share Class P EUR Acc P USD Acc P PLN Acc

Balance at inception – – –Shares Issued During the Period 1,129,411 3,412,708 –Shares Redeemed During the Period (23,953) (2) –Balance at 31 January 2019 1,105,458 3,412,706 –Shares Issued During the Year 1,009,534 1,434,147 1,624Shares Redeemed During the Year (322,257) (79,033) –Balance at 31 January 2020 1,792,735 4,767,820 1,624 Fidelity MSCI Europe Index Fund

Share Class P EUR Acc P USD Acc P EUR Hedged Acc P GBP Hedged Acc

Balance at inception – – – –Shares Issued During the Period 860,432 1,996 357,762 19,659Shares Redeemed During the Period (7,891) – (33,381) (12)Balance at 31 January 2019 852,541 1,996 324,381 19,647Shares Issued During the Year 1,755,262 784 258,211 959,203Shares Redeemed During the Year (674,368) – (84,085) (977,419)Balance at 31 January 2020 1,933,435 2,780 498,507 1,431

Share Class P PLN Acc P PLN Hedged Acc

Balance at inception – –Shares Issued During the Period – –Shares Redeemed During the Period – –Balance at 31 January 2019 – –Shares Issued During the Year 1,939 9,636Balance at 31 January 2020 1,939 9,636

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

Share Class P EUR Acc P USD Acc P EUR Hedged ACC P GBP Hedged Acc

Balance at inception – – – –Shares Issued During the Period 470,302 2,994,783 207,067 1,503Shares Redeemed During the Period (360,875) (2,020) (6,185) –Balance at 31 January 2019 109,427 2,992,763 200,882 1,503Shares Issued During the Year 31,326,681 1,700,068 282,768 919Shares Redeemed During the Year (688,311) (3,437,292) (67,697) (76)Balance at 31 January 2020 30,747,797 1,255,539 415,953 2,346

Share Class P PLN Acc

Balance at inception –Shares Issued During the Period –Shares Redeemed During the Period –Balance at 31 January 2019 –Shares Issued During the Year 1,559Shares Redeemed During the Year –Balance at 31 January 2020 1,559


Share Class P USD Acc P GBP Hedged Acc P PLN Acc

Balance at inception – – –Shares Issued During the Period 1,387,747 1,493 –Shares Redeemed During the Period (6,438) – –Balance at 31 January 2019 1,381,309 1,493 –Shares Issued During the Year 276,784 675,019 1,600Shares Redeemed During the Year (421,882) (672,888) –Balance at 31 January 2020 1,236,211 3,624 1,600 Fidelity MSCI World Index Fund


Balance at inception – – – –Shares Issued During the Period 3,663,190 8,540,439 8,035 1,516Shares Redeemed During the Period (2,642,286) (5,507) – –Balance at 31 January 2019 1,020,904 8,534,932 8,035 1,516Shares Issued During the Year 13,768,147 3,711,575 6,787,600 375,347Shares Redeemed During the Year (2,694,390) (5,318,501) (3,036,921) (352,275)Balance at 31 January 2020 12,094,661 6,928,006 3,758,714 24,588

Share Class P CZK Hedged Acc P PLN Acc

Balance at inception – –Shares Issued During the Period 2,324 –Shares Redeemed During the Period – –Balance at 31 January 2019 2,324 –Shares Issued During the Year 796,195 1,605Balance at 31 January 2020 798,519 1,605

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5. Share Capital (continued)



Balance at inception – – – –Shares Issued During the Period 1,100,011 7,634,728 821,125 7,607,602Shares Redeemed During the Period (635,133) (1,368,621) (241,694) (6,863,732)Balance at 31 January 2019 464,878 6,266,107 579,431 743,870Shares Issued During the Year 8,143,272 15,739,401 1,419,213 1,278,785Shares Redeemed During the Year (2,661,893) (14,149,242) (858,606) (1,486,731)Balance at 31 January 2020 5,946,257 7,856,266 1,140,038 535,924

Share Class P PLN Acc P PLN Hedged Acc

Balance at inception – –Shares Issued During the Period – –Shares Redeemed During the Period – –Balance at 31 January 2019 – –Shares Issued During the Year 1,577 12,286Balance at 31 January 2020 1,577 12,286 Fidelity Enhanced Reserve Fund

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

Hedged I-QINCOME(G)-USD

Balance at inception – – – –Shares Issued During the Period 5,615,417 2,531,709 6,453,508 399,639Shares Redeemed During the Period (2,432,619) (249,184) (411,087) (399,013)Balance at 31 January 2019 3,182,798 2,282,525 6,042,421 626Shares Issued During the Year 26,379,711 18,327,372 42,747,537 11,105,504Shares Redeemed During the Year (10,979,428) (3,034,298) (7,458,024) (647,728)Balance at 31 January 2020 18,583,081 17,575,599 41,331,934 10,458,402

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

HedgedA-MINCOME(G)-EUR

Hedged Y-ACC USD

Balance at inception – – – –Shares Issued During the Period 630,427 25,851 264,380 634,442Shares Redeemed During the Period (86,284) (8,615) (7,166) (19,482)Balance at 31 January 2019 544,143 17,236 257,214 614,960Shares Issued During the Year 3,675,234 4,728,417 844,391 9,195,904Shares Redeemed During the Year (1,397,161) (343,955) (4,200) (2,696,673)Balance at 31 January 2020 2,822,216 4,401,698 1,097,405 7,114,191

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

Hedged Y-MINCOME(G)-USD A-ACC HKD

Balance at inception – – – –Shares Issued During the Period 26,288 101,161 500 –Shares Redeemed During the Period (9,208) – – –Balance at 31 January 2019 17,080 101,161 500 –Shares Issued During the Year 363,614 1,271,689 676,375 3,913Shares Redeemed During the Year (116,225) (9,556) (347,887) –Balance at 31 January 2020 264,469 1,363,294 328,988 3,913

152



5. Share Capital (continued)


Share Class A-MINCOME(G)-HKD R-ACC USD Y-ACC-EUR Hedged Y-ACC-CHF Hedged

Balance at inception – – – –Shares Issued During the Period – – – –Shares Redeemed During the Period – – – –Balance at 31 January 2019 – – – –Shares Issued During the Year 3,913 14,233,095 4,518 4,962Shares Redeemed During the Year – (269,241) –Balance at 31 January 2020 3,913 13,963,854 4,518 4,962

Share Class Y-ACC HKDY-MINCOME(G)-AUD

HedgedY-MINCOME(G)-EUR

HedgedY-MINCOME(G)-GBP

Hedged

Balance at inception – – – –Shares Issued During the Period – – – –Shares Redeemed During the Period – – – –Balance at 31 January 2019 – – – –Shares Issued During the Year 3,913 7,354 4,518 3,871Shares Redeemed During the Year – – – –Balance at 31 January 2020 3,913 7,354 4,518 3,871

Share Class Y-MINCOME(G)-HKDY-MINCOME(G)-SGD

Hedged

Balance at inception – –Shares Issued During the Period – –Shares Redeemed During the Period – –Balance at 31 January 2019 – –Shares Issued During the Year 3,913 6,808Shares Redeemed During the Year – –Balance at 31 January 2020 3,913 6,808

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

153



6. Taxation (continued) Generally a chargeable event arises on any distribution, redemption, repurchase, cancellation, transfer of Shares by an Irish resident Shareholder or on the ending of a “Relevant Period”. A “Relevant Period” for these purposes is an eight year period beginning with the acquisition of the Shares by the Irish resident Shareholder and each subsequent period of eight years beginning immediately after the preceding Relevant Period. A gain on a chargeable event does not arise in respect of:

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

(ii) certain exempted Irish resident investors who have provided the Sub-Fund with the necessary signed statutory declaration. Capital gains, dividends, and interest received by the Sub-Funds may be subject to withholding taxes imposed by the country of origin and such taxes may not be recoverable by the Sub-Funds or their Shareholders. 7. Fees All of the fees and expenses payable in respect of each Sub-Fund are paid as one single fee. This is referred to as the total expense ratio or “TER”. The Manager is responsible for arranging the payment from the TER of all operational expenses of the Sub-Funds, including Directors’, Auditors’, Legal Advisors’, Administrator’s, Depositary’s and other service providers’ fees and expenses and Class hedging costs. The Manager is entitled to an annual fee in respect of the services that it provides to the Sub-Funds. However, this fee will only be paid in circumstances where there is a residual amount left from the TER after the other operational expenses have been paid. Save where another party has agreed to reimburse the Sub-Funds, the TER includes but is not limited to fees and expenses of the Investment Manager, Depositary, Administrator, Secretary and any sub-investment advisor. Subject to applicable law and regulation, the Manager, the Investment Manager, any Sub-Investment Manager, the Administrator, the Depositary, the General Distributor or any Sub-Distributor may pay part or all of its fees to any person that invests in or provides services to the Fund or in respect of the Sub-Funds. The TER does not include extraordinary costs, transaction costs and related expenses, including but not limited to, transaction charges, stamp duty or other taxes on the investments of the Sub-Funds, including duties and charges for portfolio re-balancing, withholding taxes, commissions and brokerage fees incurred with respect to the Sub-Funds’ investments, interest on borrowings and bank charges incurred in negotiating, effecting or varying the terms of such borrowings, any commissions charged by intermediaries in relation to an investment in the Sub-Funds and such extraordinary or exceptional costs and expenses (if any) as may arise from time to time, such as material litigation in relation to the Sub-Funds or the Fund, which will be paid separately out of the assets of the relevant Sub-Fund. The TER is calculated and accrued daily from the Net Asset Value of the Sub-Funds and payable at least quarterly in arrears. The TER of each Sub-Fund is as listed in the Relevant Supplement. If the Sub-Funds’ expenses exceed the TER outlined above in relation to operating the Sub-Funds, the Manager will cover any shortfall from its own assets. ‘

154



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

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

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

Sub-Fund

TER (% of Net Asset

Value) Fidelity MSCI Emerging Markets Index Fund

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

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

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

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

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

155



7. Fees (continued)

Fidelity Enhanced Reserve Fund (continued) Class R-ACC USD 0.10 Class Y-ACC-EUR Hedged 0.43 Class Y-ACC-CHF Hedged 0.43 Class Y-ACC HKD 0.40 Class Y-MINCOME(G)-AUD Hedged 0.43 Class Y-MINCOME(G)-EUR Hedged 0.43 Class Y-MINCOME(G)-GBP Hedged 0.43 Class Y-MINCOME(G)-HKD 0.40 Class Y-MINCOME(G)-SGD Hedged 0.43

Directors’ Fees The aggregate emoluments of the Directors paid by the Manager out of the TER on behalf of the Sub-Fund (including expenses) for the financial year ended 31 January 2020 was EUR30,000 which were paid to Denise Kinsella an Independent Director and for the financial period ended 31 January 2019 was EUR30,000 which were paid to David Dillon (resigned 23 May 2018) and Denise Kinsella as Independent Directors. Executive Directors are not paid a fee from the Fund. Auditors’ Remuneration The statutory audit fee (including out-of-pocket expenses incurred by the auditors in connection with their work) paid by the Manager on behalf of the Fund for the financial year ended 31 January 2020 amounted to EUR61,880 (excluding VAT) and for the financial period ended 31 January 2019 was EUR63,450 (excluding VAT). There were no other fees paid to the auditors other than the statutory audit fee. 8. Net Asset Value per Redeemable Participating Share The Net Asset Value per redeemable participating share is calculated by dividing the total net assets (as calculated for shareholder dealing purposes) of each Sub-Fund by the number of redeemable participating Shares of that Class in issue. 9. Related Parties Related Party Disclosures In the opinion of the Directors, the list of related parties under IAS 24 “Related Party Transactions”’ is as follows:

FIL Limited – the ultimate holding company of the Manager and fellow subsidiary undertakings namely: (i) FIL Fund Management (Ireland) Limited

(ii) FIL Distributors (iii) FIL Investment Management (Hong Kong) (iv) FIL Fondsbank GmbH

The Directors of the Fund and their dependents. The Managers and the Investment Manager of Fidelity Enhanced Reserve Fund are related parties to the Sub-Fund and receive

fees, as outlined on the Note 7. The amounts payable as at 31 January 2020 are disclosed in the Statement of Financial Position. Information on fees paid to related parties is disclosed in Note 7 of these financial statements.

156



9. Related Parties (continued) Related Party Disclosures (continued)

The following related parties held Shares in the Sub-Funds as at 31 January 2020:

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

Class P EUR Acc FIL Fondsbank GmbH FIL Limited

72,389 1,628

Class P USD Acc FIL Fondsbank GmbH FIL Limited

1,598 2,991,444

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

Class P EUR Acc FIL Fondsbank GmbH 31,526 Class P USD Acc FIL Fondsbank GmbH 784 Class P EUR Hedged Acc FIL Fondsbank GmbH 21,554

Fidelity MSCI Japan Index Fund Class P EUR Acc FIL Fondsbank GmbH 2,808 Class P EUR Hedged Acc FIL Fondsbank GmbH 19,670

Fidelity MSCI Pacific ex-Japan Index Fund Class P USD Acc FIL Fondsbank GmbH 16,581

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

FIL Limited 178,575

1,629 Class P USD Acc FIL Fondsbank GmbH 6,255 Class P EUR Hedged Acc FIL Fondsbank GmbH

FIL Limited 9,802 1,629

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

Fidelity S&P 500 Index Fund Class P EUR Acc FIL Fondsbank GmbH 63,086 Class P USD Acc FIL Fondsbank GmbH 35,222 Class P EUR Hedged Acc FIL Fondsbank GmbH

FIL Limited 30,720

1,630 Class P GBP Hedged Acc FIL Limited 1,427 Class P PLN Acc FIL Limited 1,577 Class P PLN Hedged Acc FIL Limited 3,885

Fidelity Enhanced Reserve Fund Class A-MINCOME(G)-SGD Hedged FIL Limited 7,204 Class A-ACC-SGD Hedged FIL Limited 7,059 Class A-MINCOME(G)-AUD Hedged FIL Limited 9,937 Class A-MINCOME(G)-EUR Hedged FIL Limited 4,854 Class Y-ACC USD FIL Limited 500 Class Y-ACC-SGD Hedged FIL Limited 8,015 Class A-MINCOME(G)-GBP Hedged FIL Limited 4,266 Class Y-MINCOME(G)-USD FIL Limited 500 Class A-ACC HKD FIL Limited 3,913 Class A-MINCOME(G)-HKD FIL Limited 3,913 Class R-ACC USD FIL Limited 500 Class Y-ACC-EUR Hedged FIL Limited 4,518 Class Y-ACC-CHF Hedged FIL Limited 4,962 Class Y-ACC HKD FIL Limited 3,913 Class Y-MINCOME(G)-AUD Hedged FIL Limited 7,354 Class Y-MINCOME(G)-EUR Hedged FIL Limited 4,518 Class Y-MINCOME(G)-GBP Hedged FIL Limited 3,871 Class Y-MINCOME(G)-HKD FIL Limited 3,913 Class Y-MINCOME(G)-SGD Hedged FIL Limited 6,808

157



9. Related Parties (continued)

Related Party Disclosures (continued) As at 31 January 2020, Fidelity Enhanced Reserve Fund held 19.80% of the net assets of Fidelity Institutional Liquidity Fund which is managed by FIL Fund Management (Ireland) Limited who is a related party to the Fund.

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

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


53,356 1,628

Class P USD Acc FIL Fondsbank GmbH FIL Limited

61 2,993,830

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

FIL Limited 34,340

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


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


2,998 1,629

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

FIL Limited 292

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

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

FIL Limited 2,815

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

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

FIL Limited 206,535

1,629 Class P USD Acc FIL Fondsbank GmbH

FIL Limited 447

3,044,884 Class P EUR Hedged Acc FIL Fondsbank GmbH


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

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

FIL Limited 87,391

1,630 Class P USD Acc FIL Fondsbank GmbH 18,342 Class P EUR Hedged Acc FIL Fondsbank GmbH


Class P GBP Hedged Acc FIL Limited 1,427

158



9. Related Parties (continued)

Related Party Disclosures (continued)

10. Transaction Costs Transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of the of the financial asset or liability. In order to achieve its investment objective, each Sub-Fund incurs transaction costs in relation to trading activity on its portfolio. These costs may include broker commissions, settlement fees, stamp duties, and financial transaction taxes. For some financial instruments, such as debt securities, repurchase agreements, and forward foreign exchange contracts, transaction costs are embedded in the price of the instruments and are not separately identifiable. Identifiable transaction costs incurred during the financial year ended 31 January 2020 and the financial period ended 31 January 2019 are recognised as an expense for financial reporting purposes in the Statement of Comprehensive Income. 11. Financial Risk Management Each Sub-Fund may be exposed to market price risk, interest rate risk, credit risk, liquidity risk or currency risk arising from the financial instruments it holds. The Sub-Funds’ overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on financial performance. The policies documented below are standard operational practices and are reviewed regularly by the Investment Manager. In certain market conditions, the Investment Manager may apply additional risk procedures to minimise potential adverse effects on the Sub-Funds’ financial performance. The Directors and the Investment Manager perform the financial risk management procedures on behalf of the Fund. a) Global Exposure Under the UCITS Regulations, the Manager employs a risk management process which enables it to accurately monitor and manage the global exposure of the Sub-Funds to financial derivative instruments (“FDI”) (which are a subset of the financial instruments in which the Sub-Funds invest). The Sub-Funds’ global exposure and leverage is calculated using the commitment approach and the Sub-Funds’ global exposure will not exceed 100% of Net Asset Value. The commitment approach converts the Sub-Funds’ FDI positions into the equivalent positions in the underlying assets and seeks to ensure that the FDI risk is monitored in terms of any future “commitments” to which it is (or may be) obligated.

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

159



11. Financial Risk Management (continued) b) Market Risk This risk comprises of three main types of risk: market price risk, currency risk and interest rate risk. i) Market Price Risk For Sub-Funds which invest in equities, the value of those equities may fluctuate, sometimes dramatically, in response to the activities and results of individual companies or because of general market and economic conditions or other events. Currency exchange rate movements will also cause changes in value when the currency of the investment is other than the Base Currency of the Sub-Fund holding that investment. The Sub-Funds policy is to manage market price risk through diversification and selection of securities and other financial instruments within specified limits set by the Board of Directors. The following sensitivity analysis assumes a change in the market price of investments of 5% while holding all other variables constant. In practice this is unlikely to occur, and changes in some of the variables may be correlated. In addition, as the sensitivity analysis uses historical data as a basis for determining future events, it does not encompass all possible scenarios, particularly those that are of an extreme nature. The Investment Manager deems the percentage used applicable for the Sub-Funds’ analysis. At 31 January 2020 and 31 January 2019, had the fair value of investments increased by 5%, with all other variable held constant, the net asset attributable to shareholders for each Sub-Fund would have increased as set out in the table below:

Sub-Fund CurrencyEffect on NAV

31 January 2020Effect on NAV

31 January 2019Fidelity MSCI Emerging Markets Index Fund USD 1,543,581 1,030,162Fidelity MSCI Europe Index Fund EUR 694,730 291,728Fidelity MSCI Japan Index Fund USD 9,815,037 768,184Fidelity MSCI Pacific ex-Japan Index Fund USD 321,015 329,030Fidelity MSCI World Index Fund USD 7,608,283 2,362,603Fidelity S&P 500 Index Fund USD 5,128,682 2,110,992Fidelity Enhanced Reserve Fund USD 50,275,586 5,435,201

ii) Currency Risk The Sub-Funds’ total return and Statement of Financial Position can be significantly affected by foreign exchange rate movements if the Sub-Funds’ assets and income are denominated in currencies other than the Base Currency of the Sub-Funds and this means that currency movements may significantly affect the Sub-Funds’ Net Asset Value per Share. The three principal areas of foreign currency risk are where movements in exchange rates affect the value of investments, short term timing differences or income received. The tables below set out the Sub-Funds’ total exposure to foreign currency at the financial year ended 31 January 2020 and the financial period ended 31 January 2019, including sensitivity analysis. Forward Foreign Exchange Contracts held for Class Hedging Purposes are excluded from the analysis, as they are not considered to be exposed to the risk.

160



11. Financial Risk Management (continued) b) Market Risk (continued) ii) Currency Risk (continued) Fidelity MSCI Emerging Markets Index Fund 31 January 2020

Monetary

AssetsNon-Monetary

AssetsMonetary Liabilities

Non-Monetary Liabilities Total

Effect on NAV of 5%change in foreign

exchange rateCurrency USD USD USD USD USD USDAED 11,464 182,382 - - 193,846 573 BRL 13,842 2,259,478 136 - 2,273,184 685 CLP 4,031 219,902 - - 223,933 202 CNH - 1,234,392 - - 1,234,392 -CNY 8,506 - - - 8,506 425 COP 8,278 118,321 - - 126,599 414 CZK 4,487 41,275 - - 45,762 224 EGP - 18,414 - - 18,414 -EUR 16,613 89,990 285 - 106,318 816 HKD 3,948 6,369,017 2,697 - 6,370,268 63 HUF 82 88,218 - - 88,300 4 IDR 279 609,906 - - 610,185 14 INR 1,325 2,803,561 - - 2,804,886 66 KRW 37,414 3,614,497 - - 3,651,911 1,871 MXN 378 752,242 - - 752,620 19 MYR 791 557,010 - - 557,801 40 PHP 215 280,276 - - 280,491 11 PKR 1,457 9,096 - - 10,553 73 PLN 1,477 270,191 - - 271,668 74 QAR 6,251 298,365 - - 304,616 313 RUB - 1,090,415 - - 1,090,415 -SAR 1,192 807,895 - - 809,087 60 THB 6,349 765,589 - - 771,938 317 TRY 174 160,270 - - 160,444 9 TWD 18,055 3,548,338 - - 3,566,393 903 ZAR 1,233.00 1,405,622 - - 1,406,855 62

161



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

Monetary

AssetsNon-Monetary




exchange rateCurrency USD USD USD USD USD USDAED 14,136 136,149 - - 150,285 707BRL 27,208 1,657,418 5,848 - 1,678,778 1360CLP 539 235,241 - - 235,780 27CNH - 107,907 - - 107,907 -CNY 600 - - - 600 30COP 613 84,806 - - 85,419 31CZK 2,898 34,348 - - 37,246 145EUR 13,494 44,016 152 - 57,358 675HKD 249 4,727,736 - - 4,727,985 12HUF 466 65,592 - - 66,058 23IDR 2,792 473,412 - - 476,204 140INR 9,557 1,738,843 2,607 - 1,745,793 478KRW 38,182 2,866,090 2,772 - 2,901,500 1909MXN 2,487 581,427 4,064 - 579,850 124MYR 3,283 467,064 - - 470,347 164PHP 364 224,831 - - 225,195 18PKR 2,303 8,953 - - 11,256 115PLN 9,507 24,6798 - - 256,305 475QAR 3,726 215,783 - - 219,509 186RUB - 686,615 - - 686,615 -THB 2,973 500,985 - - 503,958 149TRY 11,494 141,633 3,941 - 149,186 575TWD 620 2,182,573 - - 2,183,193 31ZAR 2,769 1,326,988 3,946 - 1,325,811 138 Fidelity MSCI Europe Index Fund 31 January 2020

Monetary

AssetsNon-Monetary




exchange rateCurrency EUR EUR EUR EUR EUR EURCHF 554 2,121,899 3,589 2,791 2,116,073 152DKK 349 426,019 2,843) - 423,525 125GBP 9,031 3,583,170 30,671 12,047 3,549,483 1,082NOK 587 132,077 629 - 132,035 2SEK 662 591,663 1,663 1 590,661 50USD 56,354 83,611 191 3 139,771 2,808

162



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

Monetary

AssetsNon-Monetary




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

Fidelity MSCI Japan Index Fund 31 January 2020

Monetary

AssetsNon-Monetary




exchange rateCurrency USD USD USD USD USD USDEUR 615,169 - 2,115 - 613,054 30,653 JPY 5,569,235 196,518,960 434,579 218,227 201,435,389 256,733 31 January 2019

Monetary

AssetsNon-Monetary




exchange rateCurrency USD USD USD USD USD USDJPY 2,019,288 15,365,715 - 2,046 17,382,957 100,964 Fidelity MSCI Pacific ex-Japan Index Fund 31 January 2020

Monetary

AssetsNon-Monetary




exchange rateCurrency USD USD USD USD USD USDAUD 326 - - - 326 16 GBP 100,404 136,799 - - 237,203 5,020 HKD 19,098 3,753,696 44,344 3 3,728,447 1,262NZD 1,061 681,427 9,438 1 673,049 419SGD 249 1,698,528 23,576 8 1,675,193 1,166

163



11. Financial Risk Management (continued) b) Market Risk (continued) ii) Currency Risk (continued) Fidelity MSCI Pacific ex-Japan Index Fund (continued) 31 January 2019

Monetary

AssetsNon-Monetary




exchange rateCurrency USD USD USD USD USD USDAUD 78,039 3,622,421 - 75 3,700,385 3,902GBP 324 - - - 324 16HKD 1,999 1,935,171 - - 1,937,170 100NZD 7,203 120,836 - 4 128,035 360SGD 8,954 724,074 - 9 733,019 448 Fidelity MSCI World Index Fund 31 January 2020

Monetary

AssetsNon-Monetary




exchange rateCurrency USD USD USD USD USD USDAUD 5,503 3,505,390 - 19,853 3,491,040 275 CAD 10,838 5,161,607 9,070 12,385 5,150,990 88 CHF 1,079 4,789,816 - 10,834 4,780,061 54 DKK 785 951,574 - 2,391 949,968 39 EUR 137,070 15,726,678 181 39,151 15,824,416 6,844 GBP 18,953 8,092,099 - 39,007 8,072,045 948 HKD 1,393 1,596,563 - 743 1,597,213 70 ILS 485 173,062 - 198 173,349 24 JPY 32,662 12,369,259 19,245 48,170 12,334,506 671 NOK 1,794 297,590 - 2,151 297,233 90 NZD 697 142,536 - 630 142,603 35 SEK 1,358 1,330,695 - 4,626 1,327,427 68 SGD 2,027 626,119 - 1,596 626,550 101 31 January 2019

Monetary

AssetsNon-Monetary




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

164



11. Financial Risk Management (continued) b) Market Risk (continued) ii) Currency Risk (continued) Fidelity S&P 500 Index Fund 31 January 2020

Monetary

AssetsNon-Monetary




exchange rateCurrency USD USD USD USD USD USDEUR - - 119 - 119 6GBP 768 - - - 768 38 31 January 2019

Monetary

AssetsNon-Monetary




exchange rateCurrency USD USD USD USD USD USDEUR - - 15 - 15 -GBP 766 - - - 766 38 Fidelity Enhanced Reserve Fund 31 January 2020

Monetary

AssetsNon-Monetary




exchange rateCurrency USD USD USD USD USD USD CNH 1,853,291 - - 1,762 1,851,529 92,665 CNY 177,196 40,508 - - 217,704 8,860 EUR 40,211,364 266,787 8,794,060 85,573 31,598,518 1,570,865 HKD 33,658,679 - - 90,003 33,568,676 1,682,934 SGD 671,279 - 18,062 - 653,217 32,661 31 January 2019

Monetary

AssetsNon-Monetary




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

165



11. Financial Risk Management (continued) b) Market Risk (continued) iii) Interest Rate Risk Interest rate risk arises from the effects of fluctuations in the prevailing levels of market interest rates on the fair value of financial assets and future cash flows. The majority of the Index Tracking Sub-Funds’ financial assets and liabilities are non-interest bearing as at 31 January 2020 and 31 January 2019. As a result, the Index Tracking Sub Funds are not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. The interest rate risk profile of financial assets and financial liabilities of the Fidelity Enhanced Reserve Fund by the maturity date was as follows:


As at 31 January 2020 Up to 1 yearUSD

1 - 5 yearsUSD

Over 5 years USD

Non InterestBearing

USDTotal USD

Assets Cash and Cash Equivalents 124,343,845 – – – 124,343,845 Financial Assets at Fair Value Through Profit or Loss 209,879,858 662,025,433 28,146,203 105,460,217 1,005,511,711 Financial Derivative Instruments – – – 495,617 495,617 Receivables for investments sold – – – 2,685,355 2,685,355 Other assets – – – 16,833,540 16,833,540 Total Assets 334,223,703 662,025,433 28,146,203 125,474,729 1,149,870,068 Liabilities Financial Derivative Instruments – – – 5,771,098 5,771,098 Payable for investments purchased – – – 18,419,823 18,419,823 Other liabilities – – – 31,744,656 31,744,656 Total Liabilities excluding net assets attributable to Shareholders – – – 55,935,577 55,935,577 As at 31 January 2019

Up to 1 year

USD 1 - 5 years

USD Over 5 years

USD

Non Interest Bearing

USD Total USD

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

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

166



11. Financial Risk Management (continued) c) Credit Risk Each Sub-Fund may be exposed to credit risk, which is the risk that a counterparty will be unable to pay amounts in full when they fall due. Impairment provisions are provided for losses that have been incurred by the Statement of Financial Position date, if any. The main concentration to which each Sub-Fund is exposed arises from each Sub-Fund’s investments in derivative instruments. Each Sub-Fund is also exposed to counterparty credit risk on the cash and cash equivalents, amounts due from brokers and other receivable balances. The Index Tracking Sub-Funds invest in equity securities and have limited or no credit risk on their investments. The Fidelity Enhanced Reserve Fund invests in debt securities and this Sub-Fund may be exposed to losses resulting from default of issuers or borrowers of debt which this Sub-Fund holds. As at 31 January 2020 and 31 January 2019, the institutions where the Sub-Funds’ cash was held and their respective short term credit ratings, as rated by Fitch, are listed below: Institution Short Term Credit Indicator

31 January 2020 Short Term Credit Indicator 31 January 2019

Australia & New Zealand Banking Group F1+ F1+ Banco Santander F1 F1 Bank of Nova Scotia F1+ - BNP Paribas F1+ - Brown Brothers Harriman F1 F1 Citi F1+ F1+ DBS Bank F1+ - HSBC F1+ F1+ JPMorgan Chase F1+ - Mitsubishi UFJ Financial Group F1 F1 SEB Group F1+ - Sumitomo Bank F1 F1 All cash and cash equivalents balances at the financial year end are held with Brown Brothers Harriman in segregated accounts or swept to overnight time deposits held in pooled accounts in eligible institutions. The Fidelity Enhanced Reserve Fund has the following exposure to issuer credit risk: Security ratings, if any, are obtained from S&P/Moody’s/Fitch Investor Service. % of Investments % of Investments

Rating 31 January 2020 31 January 2019AAA 3.13 10.04AA 6.10 11.00A 26.57 29.77BBB 27.65 25.21BB 9.90 5.24B 5.74 13.11Not Rated 20.91 5.63Total 100.00 100.00

167



11. Financial Risk Management (continued) d) Liquidity Risk In normal market conditions the assets of each Sub-Fund comprise mainly realisable investments which can be readily sold. Each Sub-Fund’s main liability is the redemption of any Shares that investors wish to sell. In general, the investments, including cash, of each Sub-Fund are managed so that it can meet its liabilities. Investments held may need to be sold if insufficient cash is available to finance such redemptions. If the size of the disposals are sufficiently large, or the market is illiquid, then there is a risk that either the investments might not be sold or the price at which they are sold may adversely affect the Net Asset Value of the Sub-Funds. The Investment Manager employs an appropriate liquidity risk management process, which takes into account efficient portfolio management transactions employed by the Sub-Funds, in order to ensure that the Sub-Funds are able to comply with their stated redemption obligations. However, it is possible that in the type of circumstances described above, the Sub-Funds may not be able to realise sufficient assets to meet all redemption requests that they receive or the Sub-Funds may determine that the circumstances are such that meeting some or all of such requests is not in the best interests of the Shareholders. The tables below analyse the Sub-Funds’ financial liabilities into relevant maturity groupings based on the remaining period at the Statement of Financial Position date to the contractual maturity date. The amounts in the table below are the contractual undiscounted cash flows. Detailed analyses of the Sub-Funds’ assets are not shown as they are considered liquid based on the fact that they could be converted to cash in less than one month at close to their carrying value. Forward Foreign Exchange Contracts held for Class Hedging Purposes are excluded from the analysis, as they are not considered to be exposed to the risk. Fidelity MSCI Emerging Markets Index Fund

As at 31 January 2020

Less than orequal to1 month

USD

1 month- 3 months

USD

More than3 months

USDTotalUSD

Financial Derivative Instruments – 45,536 – 45,536Capital Shares Redeemed awaiting settlement 45,068 – – 45,068Investments Purchased awaiting settlement 3,117 – – 3,117Capital Gain Tax Payable 82,356 – – 82,356Management Fees Payable 20,688 – – 20,688Redeemable Participating Shares 31,760,316 – – 31,760,316Total Financial Liabilities 31,911,545 45,536 – 31,957,081


Less than orequal to 1 month

USD

1 month- 3 months

USD

More than 3 months

USDTotalUSD

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

168



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



USD

1 month- 3 months

EUR

More than3 months

EURTotalEUR

Financial Derivative Instruments 14,842 3,040 – 17,882Margin Cash Due to Broker 39 – – 39Capital Shares Redeemed awaiting settlement 1,256 – – 1,256Investments Purchased awaiting settlement 61,276 – – 61,276Management Fees Payable 6,744 – – 6,744Redeemable Participating Shares 14,034,196 – – 14,034,196Total Financial Liabilities 14,118,353 3,040 – 14,121,393



EUR

1 month- 3 months

EUR

More than 3 months

EURTotalEUR

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

Fidelity MSCI Japan Index Fund



USD

1 month- 3 months

USD

More than3 months

USDTotalUSD

Financial Derivative Instruments – 218,227 – 218,227Capital Shares Redeemed awaiting settlement 166,597 – – 166,597Investments Purchased awaiting settlement 436,694 – – 436,694Management Fees Payable 36,366 – – 36,366Redeemable Participating Shares 202,275,264 – – 202,275,264Total Financial Liabilities 202,914,921 218,227 – 203,133,148



USD

1 month- 3 months

USD

More than 3 months

USDTotalUSD

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

169



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



USD

1 month- 3 months

USD

More than3 months

USDTotalUSD

Financial Derivative Instruments 17 – – 17Margin Cash Due to Broker 9,185 – – 9,185Investments Purchased awaiting settlement 78,812 – – 78,812Management Fees Payable 4,305 – – 4,305Redeemable Participating Shares 6,540,532 – – 6,540,532Total Financial Liabilities 6,632,851 – – 6,632,851



USD

1 month- 3 months

USD

More than 3 months

USDTotalUSD

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




USD

1 month- 3 months

USD

More than3 months

USDTotalUSD

Financial Derivative Instruments 181,732 5,539 – 187,271Margin Cash Due to Broker 19,245 – – 19,245Investments Purchased awaiting settlement 9,252 – – 9,252Management Fees Payable 67,058 – – 67,058Redeemable Participating Shares 153,006,155 – – 153,006,155Total Financial Liabilities 153,283,442 5,539 – 153,288,981



USD

1 month- 3 months

USD

More than 3 months

USDTotalUSD

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

170



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



USD

1 month- 3 months

USD

More than3 months

USDTotalUSD

Capital Shares Redeemed awaiting settlement 349,804 – – 349,804Investments Purchased awaiting settlement 2,502 – – 2,502Management Fees Payable 30,026 – – 30,026Redeemable Participating Shares 103,572,624 – – 103,572,624Total Financial Liabilities 103,954,956 – – 103,954,956



USD

1 month- 3 months

USD

More than 3 months

USDTotalUSD

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



Less than orequal to1 month

USD

1 month- 3 months

USD

More than3 months

USDTotalUSD

Financial Derivative Instruments 8,476 2,267 166,596 177,339Capital Shares Redeemed awaiting settlement 30,236,973 – – 30,236,973Investments Purchased awaiting settlement 18,419,823 – – 18,419,823Management Fees Payable 1,507,683 – – 1,507,683Redeemable Participating Shares 1,093,934,491 – – 1,093,934,491Total Financial Liabilities 1,144,107,446 2,267 – 1,144,276,309



USD

1 month- 3 months

USD

More than 3 months

USDTotalUSD

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

171



11. Financial Risk Management (continued) e) Capital Risk Management The capital of each Sub-Fund is represented by the Net Assets Attributable to Holders of Redeemable Participating Shares. The amount of Net Assets Attributable to Holders of redeemable participating Shares is subject to subscriptions and redemptions at the discretion of the Shareholders as well as changes resulting from the Sub-Fund’s performance. The Investment Manager’s objective when managing capital is to safeguard each Sub-Fund’s ability to continue as a going concern in order to provide returns for Shareholders, provide benefits to other stakeholders and maintain a strong capital base to support the development of the investment activities of the Sub-Fund. In order to maintain the capital structure, the Investment Manager’s policy is to perform the following: • monitor liquidity relative to the assets under management and the dealing cycle; • make appropriate adjustments to distributions the Sub-Funds pay to redeeming Shareholders; and • redeem and issue new Shares in accordance with the Prospectus which permits the restriction of redemptions in certain circumstances and require certain minimum holdings and subscriptions. f) Fair Value Estimation Each Sub-Fund has classified fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels: (i) Level 1: Investments whose values are based on quoted market prices in active markets and are therefore classified within level 1 include equities listed on an active stock exchange, U.S. government treasury bills and certain non-U.S. sovereign obligations. Quoted prices for these instruments are not adjusted. (ii) Level 2: Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within level 2. These include investment-grade corporate bonds and certain non-U.S. sovereign obligations and over the counter derivatives. As level 2 investments include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information. (iii) Level 3: Investments classified within level 3 have significant unobservable inputs, as they trade infrequently. Level 3 instruments include certain corporate debt securities. As observable prices are not available for these securities, the Sub-Funds have used valuation techniques to derive the fair value. The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the financial asset or liability. The determination of what constitutes ‘observable’ requires significant judgment by the Directors. The Directors have delegated this task to the Administrator. The Administrator considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. As at 31 January 2020 and 31 January 2019, cash and cash equivalents are classified as Level 1. All other assets and liabilities not disclosed in the tables below are classified as Level 2. There were no investments classified at Level 3 at the financial year ended 31 January 2020 and financial period ended 31 January 2019. The following tables analyse within the fair value hierarchy of the Sub-Funds’ financial assets and liabilities measured at fair value at 31 January 2020 and 31 January 2019:

172



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

31 January 2020 Level 1 Level 2 Level 3 Total USD USD USD USD

Assets

Equities 30,846,472 – – 30,846,472 Corporate Bonds – 118 – 118 Warrants 30 – – 30 Transferable Securities 70,533 – – 70,533

Total Assets 30,917,035 118 – 30,917,153 Liabilities

Futures Contracts 45,536 – – 45,536 Total Liabilities 45,536 – – 45,536


Assets

Equities 20,480,805 – – 20,480,805 Warrants – 35 – 35 Futures Contracts 37,313 – – 37,313 Transferable Securities 85,077 – – 85,077

Total Assets 20,603,195 35 – 20,603,230

There were no transfers between levels as at 31 January 2020. Fidelity MSCI Europe Index Fund

31 January 2020 Level 1 Level 2 Level 3 Total EUR EUR EUR EUR

Assets

Equities 13,789,414 – – 13,789,414 Open Forward Foreign Exchange Contracts – 2,523 – 2,523 Transferable Securities 108,228 – – 108,228

Total Assets 13,897,642 2,523 – 13,900,165 Liabilities

Open Forward Foreign Exchange Contracts – 15,757 – 15,757 Futures Contracts 3,040 – – 3,040 Total Liabilities 3,040 15,757 – 18,797

173



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

31 January 2019 Level 1 Level 2 Level 3 Total EUR EUR EUR EUR

Assets

Equities 5,781,642 – – 5,781,642 Open Forward Foreign Exchange Contracts – 2,668 – 2,668 Futures Contracts 70 – – 70 Transferable Securities 52,854 – – 52,854

Total Assets 5,834,566 2,668 – 5,837,234 Liabilities

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

There were no transfers between levels as at 31 January 2020. Fidelity MSCI Japan Index Fund


Assets

Equities 193,235,856 – – 193,235,856 Open Forward Foreign Exchange Contracts – 156 – 156 Transferable Securities 3,283,104 – – 3,283,104

Total Assets 196,518,960 156 – 196,519,116

Liabilities



Assets

Equities 15,176,444 – – 15,176,444 Open Forward Foreign Exchange Contracts – 2,536 – 2,536 Transferable Securities 189,271 – – 189,271

Total Assets 15,365,715 2,536 – 15,368,251

Liabilities

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

There were no transfers between levels as at 31 January 2020.

174



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


Assets

Equities 6,000,976 – – 6,000,976 Open Forward Foreign Exchange Contracts – 773 – 773 Futures Contracts 2,377 – – 2,377 Transferable Securities 416,947 – – 416,947

Total Assets 6,420,300 773 – 6,421,073 Liabilities

Open Forward Foreign Exchange Contracts – 23 – 23 Total Liabilities – 23 – 23


Financial Assets at Fair Value Through Profit or Loss

Equities 6,161,613 – – 6,161,613 Open Forward Foreign Exchange Contracts – 140 – 140 Futures Contracts 5,232 – – 5,232 Transferable Securities 413,749 – – 413,749

Total Assets 6,580,594 140 – 6,580,734

Financial Liabilities at Fair Value Through Profit or Loss


There were no transfers between levels as at 31 January 2020. Fidelity MSCI World Index Fund


Assets

Equities 148,116,499 – – 148,116,499 Open Forward Foreign Exchange Contracts – 125,525 – 125,525 Transferable Securities 4,054,699 – – 4,054,699

Total Assets 152,171,198 125,525 – 152,296,723

Liabilities


175



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



Equities 46,041,016 – – 46,041,016 Warrants – 7 – 7 Open Forward Foreign Exchange Contracts – 420 – 420 Futures Contracts 20,450 – – 20,450 Transferable Securities 1,190,592 – – 1,190,592

Total Assets 47,252,058 427 – 47,252,485



There were no transfers between levels as at 31 January 2020. Fidelity S&P 500 Index Fund


Assets

Equities 99,598,513 – – 99,598,513 Open Forward Foreign Exchange Contracts – 50,692 – 50,692 Futures Contracts 2,217 – – 2,217 Transferable Securities 2,972,913 – – 2,972,913

Total Assets 102,573,643 50,692 – 102,624,335

Liabilities


176



11. Financial Risk Management (continued) f) Fair Value Estimation (continued)

Fidelity S&P 500 Index Fund (continued)



Equities 40,960,131 – – 40,960,131 Open Forward Foreign Exchange Contracts – 214,856 – 214,856 Futures Contracts 4,238 – – 4,238 Transferable Securities 1,255,464 – – 1,255,464

Total Assets 42,219,833 214,856 – 42,434,689



There were no transfers between levels as at 31 January 2020. Fidelity Enhanced Reserve Fund


Assets

Certificates of Deposits 23,744,023 – – 23,744,023 Commercial Papers – 34,891,073 – 34,891,073 Corporate Bonds – 793,806,906 – 793,806,906 Open Forward Foreign Exchange Contracts – 495,617 – 495,617 Government Bonds – 47,609,492 – 47,609,492 Transferable Securities – 105,460,217 – 105,460,217

Total Assets 23,744,023 982,263,305 – 1,006,007,328

Liabilities

Open Forward Foreign Exchange Contracts – 5,771,098 – 5,771,098 Total Liabilities – 5,771,098 – 5,771,098

177



11. Financial Risk Management (continued) f) Fair Value Estimation (continued)




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

Total Assets 13,944,922 95,157,108 – 109,102,030



There were no transfers between levels as at 31 January 2020. g) Cybersecurity Risk The Fund and its service providers (including the Investment Manager) are susceptible to cyber-attacks and technological malfunctions that may have effects that are similar to those of a cyber-attack. Cyber-attacks include, among others, stealing or corrupting data maintained online or digitally, preventing legitimate users from accessing information or services on a website, releasing confidential information without authorisation, and causing operational disruption. Successful cyber-attacks against, or security breakdowns of, the Fund, the Investment Manager, or the Depositary, or other service provider may adversely affect the Sub-Funds or their Shareholders. For instance, cyber-attacks may interfere with the processing of Shareholder transactions, affect the Fund’s ability to calculate its Net Asset Value, cause the release or misappropriation of private Shareholder information or confidential Sub-Fund information, impede trading, cause reputational damage, and subject the Fund to regulatory fines, penalties or financial losses, reimbursement or other compensation costs, and additional compliance costs. The Manager and the Investment Manager have established business continuity plans and systems designed to prevent cyber-attacks. Such plans and systems are subject to inherent limitations. Similar types of cyber security risks also are present for issuers of securities in which the Sub-Funds invest, which could result in material adverse consequences for such issuers, and may cause the Sub-Funds’ investments in such securities to lose value. h) Offsetting The Sub-Funds are required to disclose the impact of offsetting assets and liabilities represented in the statement of financial position to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities. These recognized assets and liabilities are derivative instruments that are either subject to an enforceable master netting arrangement or similar agreement or meet the following right of set-off criteria: the amounts owed by a Sub-Fund to another party are determinable, the Sub-Fund has the right to set-off the amounts owed with the amounts owed by the other party, the Sub-Fund intends to set-off on a net basis, and the Sub-Funds right of set-off is enforceable at law.

178



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

Fidelity MSCI Europe Index Fund

31 January 2020

Counterparty

Derivative Assets

EUR

Derivative Liabilities

EUR

Net DerivativeAssets (Liabilities)

EUR

Collateral(Received) Pledged

EURNet Amount

EURBrown Brothers Harriman 2,523 (15,757) (13,234) – (13,234)Total 2,523 (15,757) (13,234) – (13,234)

31 January 2019

Counterparty

Derivative Assets

EUR


EUR


EUR


EURNet Amount

EUR Brown Brothers Harriman 2,668 (4,300) (1,632) - (1,632) Total 2,668 (4,300) (1,632) - (1,632)


31 January 2020

Counterparty

Derivative Assets

USD


USD


USD


USDNet Amount

USDBrown Brothers Harriman 156 (41,626) (41,470) – (41,470)Total 156 (41,626) (41,470) – (41,470)

31 January 2019

Counterparty

Derivative Assets

USD


USD


USD


USDNet Amount

USD Brown Brothers Harriman 2,536 (2) 2,534 - 2,534 Total 2,536 (2) 2,534 - 2,534


31 January 2020

Counterparty

Derivative Assets

USD


USD


USD


USDNet Amount

USDBrown Brothers Harriman 773 (23) 750 – 750Total 773 (23) 750 – 750

31 January 2019

Counterparty

Derivative Assets

USD


USD


USD


USDNet Amount

USD Brown Brothers Harriman 140 (88) 52 - 52 Total 140 (88) 52 - 52

179



11. Financial Risk Management (continued) h) Offsetting (continued)


31 January 2020

Counterparty

Derivative Assets

USD


USD


USD


USDNet Amount

USDBrown Brothers Harriman 125,525 (343,533) (218,008) – (218,008)Total 125,525 (343,533) (218,008) – (218,008)

31 January 2019

Counterparty

Derivative Assets

USD


USD


USD


USDNet Amount

USD Brown Brothers Harriman 420 (192) 228 - 228 Total 420 (192) 228 - 228


31 January 2020

Counterparty

Derivative Assets

USD


USD


USD


USDNet Amount

USDBrown Brothers Harriman 50,692 (43,531) 7,161 – 7,161Total 50,692 (43,531) 7,161 – 7,161

31 January 2019

Counterparty

Derivative Assets

USD


USD


USD


USDNet Amount

USD Brown Brothers Harriman 214,856 (136,618) 78,238 - 78,238 Total 214,856 (136,618) 78,238 - 78,238


31 January 2020

Counterparty

Derivative Assets

USD


USD


USD


USDNet Amount

USDBrown Brothers Harriman 209,819 (5,681,599) (5,471,780) – (5,471,780)HSBC 49,817 (87,737) (37,920) – (37,920)Morgan Stanley 69,513 – 69,513 – 69,513Royal Bank of Canada 166,468 (1,762) 164,706 – 164,706Total 495,617 (5,771,098) (5,275,481) – (5,275,481) 31 January 2019

Counterparty

Derivative Assets

USD


USD


USD


USDNet Amount

USDBrown Brothers Harriman 396,564 (29,931) 366,633 - 366,633HSBC 1,451 (39,898) (38,447) - (38,447)Total 398,015 (69,829) 328,186 - 328,186 i) Custody and Title Risk The Depositary is under a duty to hold in custody all financial instruments that may be registered in a financial instruments account opened in the depositary’s books and all financial instruments that can be physically delivered to the depositary. The Depositary is required to ensure that all financial instruments that can be registered in a financial instruments account opened in the depositary’s books are registered in the depositary’s books within segregated accounts. For other assets, the Depositary shall verify the Fund’s ownership of such assets.

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11. Financial Risk Management (continued) i) Custody and Title Risk (continued) The Depositary will maintain a record of the financial instruments entrusted to it and those assets for which it is satisfied that the Company holds the ownership. When the Depositary employs a sub-custodian the Depositary retains responsibility for the assets of the Sub-Fund. However, it should be noted that not all jurisdictions have the same rules and regulations as Ireland regarding the custody of assets and the recognition of the interests of a beneficial owner such as a Sub-Fund. Therefore, in such jurisdictions, there is a risk that if a subcustodian becomes bankrupt or insolvent, the Sub-Fund’s beneficial ownership of the assets held by such sub-custodian may not be recognised and consequently the creditors of the sub-custodian may seek to have recourse to the assets of the Sub-Fund. In those jurisdictions where the Sub-Fund’s beneficial ownership of its assets is ultimately recognised, the Sub-Fund may suffer delay and cost in recovering those assets. The Sub-Funds may invest in markets where custodial and/or settlement systems are not fully developed, therefore the assets of a Sub Fund which are traded in such markets and which have been entrusted to sub-custodians, in circumstances where the use of such sub custodians is necessary, may be exposed to risk. The Depositary shall maintain an appropriate level of supervision over the sub-custodian and make appropriate enquiries from time to time to confirm that the obligations of the agent continue to be competently discharged. 12. Exchange Rates The following exchange rates have been used to translate assets and liabilities in currencies other than functional currency of the Sub- Funds:

31 January 2020 FX to USD FX to EURAustralian Dollar 1.4938 –Brazilian Real 4.2733 –British Pound 0.7586 0.8407Canadian Dollar 1.3226 –Chilean Peso 800.7350 –Chinese Yuan Renminbi (CNH) 6.9887 –Chinese Yuan Renminbi (CNY) 6.9300 –Colombian Peso 3,425.0500 –Czech Koruna 22.7243 –Danish Krone 6.7434 7.4730Egyptian Pound 15.8000 –Euro 0.9024 1.0000Hong Kong Dollar 7.7649 –Hungarian Forint 304.7013 –Indian Rupee 71.3575 –Indonesian Rupiah 13,655.0000 –Israeli New Shekel 3.4485 –Japanese Yen 108.3850 –Malaysian Ringgit 4.0980 –Mexican Peso 18.9180 –New Taiwan Dollar 30.2090 –New Zealand Dollar 1.5452 –Norwegian Krone 9.2178 10.2152Pakistan Rupee 154.6100 –Philippine Peso 50.8300 –Polish Zloty 3.8790 –Qatari Rial 3.6410 –Russian Ruble 63.9113 –Saudi Arabia Riyal 3.7520 –Singapore Dollar 1.3649 –South African Rand 14.9995 –South Korean Won 1,191.8500 –Swedish Krona 9.6387 10.6816Swiss Franc 0.9645 1.0688Thai Baht 31.1700 –

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12. Exchange Rates (continued)

31 January 2020 (continued) FX to USD FX to EURTurkish Lira 5.9850 –United Arab Emirates Dirham 3.6730 –United States Dollar 1.0000 1.1036 31 January 2019 FX to USD FX to EURAustralian Dollar 1.3715 -Brazilian Real 3.6428 -British Pound 0.7616 0.8722Canadian Dollar 1.3133 -Chilean Peso 653.1800 -Chinese Yuan (CNH) 6.7128 -Chinese Renminbi (CNY) 6.7055 -Colombian Peso 3,106.2900 -Czech Koruna 22.4446 -Danish Krone 6.5069 7.4663Emirati Dirham 3.6730 -Euro 0.8714 1.0000Hong Kong Dollar 7.8461 -Hungarian Forint 275.5415 -Indian Rupee 71.1200 -Indonesian Rupiah 13,972.5000 -Israeli New Shekel 3.6333 -Japanese Yen 108.8300 -Malaysian Ringgit 4.0960 -Mexican Peso 19.0283 -New Zealand Dollar 1.4418 -Norwegian Krone 8.4235 9.6655Pakistani Rupee 138.2000 -Philippine Peso 52.1100 -Polish Zloty 3.7137 -Qatari Riyal 3.6413 -Russian Ruble 65.4788 -Soudanese Pound 1.3456 -South African Rand 13.2700 -South Korean Won 1,112.6500 -Swedish Krona 9.0473 10.3812Swiss Franc 0.9921 1.1384New Taiwan Dollar 30.7215 -Thai Baht 31.2425 -Turkish Lira 5.1759 -United States Dollar 1.0000 1.1474

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13. Net Gain/(Loss) on Financial Assets and Liabilities at Fair Value through Profit or Loss and Financial Derivative Instruments Net Gain/(Loss) on Financial Assets and Liabilities at Fair Value through Profit or Loss and Financial Derivative Instruments for the financial year ended 31 January 2020 and the financial period ended 31 January 2019 is disclosed in the tables below:

Fidelity MSCI Emerging Markets Index Fund Fidelity MSCI Europe Index Fund 31 January 2020

USD31 January 2019

USD 31 January 2020

EUR31 January 2019

EUR Realised and Unrealised Gains/(Losses) on Investments Net Realised (Loss)/Gain on Investments (480,107) (74,145) 511,434 24,413 Net Realised Gain/(Loss) on Forward Foreign Currency Contracts – – 111,599 (9,865) Net Realised Gain/(Loss) on Futures 45,554 (23,015) 24,670 (9,190) Net Realised Currency (Loss)/Gain (11,716) (44,759) 1,600 (971) (446,269) (141,919) 649,303 4,387 Movement in Unrealised Gain/(Loss) on Investments 797,211 (1,205,677) 979,911 (305,281) Movement in Unrealised Loss on Forward Foreign Currency Contracts – – (11,607) (1,632) Movement in Unrealised (Loss)/Gain on Futures (82,850) 37,312 (3,110) 70 Movement in Unrealised Currency (Loss)/Gain (4,345) (458,685) 373 26,323 710,016 (1,627,050) 965,567 (280,520) Net Gain/(Loss) on Financial Assets at Fair Value through Profit or Loss and Financial Derivative Instruments 263,747 (1,768,969) 1,614,870 (276,133)

Fidelity MSCI Japan Index Fund Fidelity MSCI Pacific ex-Japan Index Fund 31 January 2020

USD31 January 2019

USD 31 January 2020

USD31 January 2019

USD Realised and Unrealised Gains/(Losses) on Investments Net Realised Gain/(Loss) on Investments 56,065 (147,469) 88,725 (3,091) Net Realised (Loss)/Gain on Forward Foreign Currency Contracts (7,184) (39,796) 91,449 (148) Net Realised Gain/(Loss) on Futures 48,837 (13,919) 24,985 (11,964) Net Realised Currency Loss (24,228) (71,436) (1,592) (6,017) 73,490 (272,620) 203,567 (21,220) Movement in Unrealised (Loss)/Gain on Investments (150,192) (1,058,735) 365,413 (157,701) Movement in Unrealised (Loss)/Gain on Forward Foreign Currency Contracts (44,003) 2,534 699 52 Movement in Unrealised (Loss)/Gain on Futures (216,183) (2,044) (2,855) 5,231 Movement in Unrealised Currency Gain/(Loss) 59,632 (247,946) (1,816) (149,483) (350,746) (1,306,191) 361,441 (301,901) Net (Loss)/Gain on Financial Assets at Fair Value through Profit or Loss and Financial Derivative Instruments (277,256) (1,578,811) 565,008 (323,121)

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

Fidelity MSCI World Index Fund Fidelity S&P 500 Index Fund 31 January 2020

USD31 January 2019

USD 31 January 2020

USD31 January 2019

USD Realised and Unrealised Gains/(Losses) on Investments Net Realised Gain/(Loss) on Investments 4,002,677 (625,826) 6,871,870 (2,141,201) Net Realised Loss on Forward Foreign Currency Contracts (402,911) (1,641) (240,867) (1,459,297) Net Realised Gain/(Loss) on Futures 60,125 (41,527) 97,507 (64,783) Net Realised Currency Gain/(Loss) 5,659 (23,949) 7,368 2,633 3,665,550 (692,943) 6,735,878 (3,662,648) Movement in Unrealised Gain/(Loss) on Investments 11,719,565 (1,286,526) 10,091,208 (34,762) Movement in Unrealised (Loss)/Gain on Forward Foreign Currency Contracts (218,235) 228 (71,077) 78,238 Movement in Unrealised (Loss)/Gain on Futures (25,989) 20,450 (2,021) 4,237 Movement in Unrealised Currency (Loss)/Gain (1,731) (56,877) 1,335 (1,319) 11,473,610 (1,322,725) 10,019,445 46,394 Net Gain/(Loss) on Financial Assets at Fair Value through Profit or Loss and Financial Derivative Instruments 15,139,160 (2,015,668) 16,755,323 (3,616,254)

Fidelity Enhanced Reserve Fund 31 January 2020

USD 31 January 2019

USDRealised and Unrealised Gains/(Losses) on Investments Net Realised Gain on Investments 34,241 1,865 Net Realised Gain on Forward Foreign Currency Contracts 3,455,834 247,150 Net Realised Currency (Loss)/Gain (201,950) 18,108 3,288,125 267,123 Movement in Unrealised Gain on Investments 6,367,190 145,047 Movement in Unrealised (Loss)/Gain on Forward Foreign Currency Contracts (5,603,667) 328,186 Movement in Unrealised Currency Gain 131,126 67,534 894,649 540,767 Net Gain on Financial Assets at Fair Value through Profit or Loss and Financial Derivative Instruments 4,182,774 807,890

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

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14. Soft Commission Agreements There were no soft commission arrangements entered into during the financial year ended 31 January 2020 and the financial period ended 31 January 2019. 15. Cross-trades The Manager and/or the Investment Manager may enter into trades for the account of a Sub-Fund with: (i) the accounts of other clients managed by the Manager, the Investment Manager or its affiliates; or (ii) their house accounts (i.e., accounts owned by the Manager, the Investment Manager or any of its connected persons over which it can exercise control and influence) (“cross-trades”). Such cross-trades will only be undertaken in accordance with the relevant requirements promulgated by the relevant authorities. For the financial year ended 31 January 2020, the Fidelity Enhanced Reserve Fund entered into the following cross trades: Trade Date Security Name Currency Execution Amount 08/03/2019 Sri Lanka Government International Bond USD 3,019,800 23/04/2019 Shandong Energy Australia USD 1,495,613 13/08/2019 Alam Synergy USD 212,125 13/08/2019 CFLD Cayman Investment USD 275,516 13/08/2019 Indika Energy Capital II USD 206,100 25/09/2019 Fortune Star USD 898,516 26/09/2019 China Oil & Gas Group USD 1,502,813 31/10/2019 Hanjin International USD 401,911 31/10/2019 Industrial & Commercial Bank of China USD 201,248 31/10/2019 Korea Development Bank USD 200,429 17/12/2019 Fantasia Holdings Group USD 487,500 17/12/2019 Greentown China Holdings USD 3,003,750 09/01/2020 GET International Investment Holdings USD 202,150 09/01/2020 Xingsheng BVI USD 202,174 21/01/2020 Doosan Power Systems USD 205,063 21/01/2020 Export Import Bank of Thailand USD 504,720 21/01/2020 JD.com USD 302,022 For the financial period ended 31 January 2019, the Fidelity Enhanced Reserve Fund entered into the following cross trades: Trade Date Security Name Currency Execution Amount 27/08/2018 West China Cement USD 202,175 31/01/2019 Sun Hung Kai Properties Capital Market USD 200,100 16. Efficient Portfolio Management The Sub-Funds may employ investment techniques and instruments for efficient portfolio management purposes only, subject to the conditions and within the limits from time to time laid down by the Central Bank of Ireland. Any such technique or instrument must be one which (alone or in combination with one or more other techniques or instruments) is believed by the Investment Manager to be economically appropriate to the efficient portfolio management of the Sub-Fund, i.e. the use of a technique or instrument may only be undertaken for the purposes of one or more of the following: (a) a reduction in risk, (b) a reduction in costs, (c) the generation of additional capital or income for the Sub-Fund with an appropriate level of risk, taking into account the risk profile of the Sub-Fund and the general provisions of the UCITS Regulations. During the financial year ended 31 January 2020 and the financial period ended 31 January 2019, the Sub-Funds used futures contracts for efficient portfolio management purposes. The exposure, counterparties, net revenues and costs from using these techniques are all detailed below. Exposure obtained through the efficient portfolio management:

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16. Efficient Portfolio Management (continued) Fidelity MSCI Emerging Market Index Fund 31 January 2020

Collateral Issuer Type Net Exposure

USD Morgan Stanley Futures Contract (45,536)

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

Futures Contracts Revenues

USD Costs

USD Futures Commission Expense – 398 Net Realised Gain on Futures Contracts 45,554 – Net Movement in Unrealised position on Futures Contracts (82,850) – Net Revenue on Futures Contracts (37,296) 398 31 January 2019


USD Morgan Stanley Futures Contract 37,313



USD Costs

USD Futures Commission Expense – 186 Net Realised Loss on Futures Contracts (23,016) – Net Movement in Unrealised position on Futures Contracts 37,313 – Net Revenue on Futures Contracts 14,298 186 Fidelity MSCI Europe Index Fund 31 January 2020


EUR Morgan Stanley Futures Contract (3,040)



EUR Costs

EUR Futures Commission Expense – 156 Net Realised Gain on Futures Contracts 24,670 – Net Movement in Unrealised position on Futures Contracts (3,110) – Net Revenue on Futures Contracts 21,560 156 31 January 2019

Counterparty Type Net Exposure

EUR Morgan Stanley Futures Contract 70

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


EUR Costs

EUR Futures Commission Expense – 86 Net Realised Loss on Futures Contracts (9,190) – Net Movement in Unrealised position on Futures Contracts 70 – Net Revenue on Futures Contracts (9,120) 86 Fidelity MSCI Japan Index Fund 31 January 2020





USD Costs

USD Futures Commission Expense – 603 Net Realised Gain on Futures Contracts 48,837 – Net Movement in Unrealised position on Futures Contracts (216,183) – Net Revenue on Futures Contracts (167,346) 603 31 January 2019





USD Costs

USD Futures Commission Expense – 142 Net Realised Loss on Futures Contracts (13,919) – Net Movement in Unrealised position on Futures Contracts (2,044) – Net Revenue on Futures Contracts (15,963) 142 Fidelity MSCI Pacific ex-Japan Index Fund 31 January 2020



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


USD Costs

USD Futures Commission Expense – 47 Net Realised Gain on Futures Contracts 24,985 – Net Movement in Unrealised position on Futures Contracts (2,855) – Net Revenue on Futures Contracts 22,130 47 31 January 2019





USD Costs

USD Futures Commission Expense – 28 Net Realised Loss on Futures Contracts (11,964) – Net Movement in Unrealised position on Futures Contracts 5,232 – Net Revenue on Futures Contracts (6,732) 28 16. Efficient Portfolio Management (continued) Fidelity MSCI World Index Fund 31 January 2020





USD Costs






USD Costs

USD Futures Commission Expense – 171 Net Realised Loss on Futures Contracts (41,527) – Net Movement in Unrealised position on Futures Contracts 20,450 – Net Revenue on Futures Contracts (21,077) 171

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16. Efficient Portfolio Management (continued) Fidelity S&P 500 Index Fund 31 January 2020





USD Costs






USD Costs

USD Futures Commission Expense – 131 Net Realised Loss on Futures Contracts (64,783) – Net Movement in Unrealised position on Futures Contracts 4,238 – Net Revenue on Futures Contracts (60,545) 131 17. Significant Events during the Financial Year The Relevant Supplements for each of the Index Tracking Sub-Funds were updated on 6 February 2019 reflecting the creation of a new “P PLN Acc” Share Class. The Prospectus for the Fund was updated on 15 March 2019 to reflect, among other things, amendments to German tax reporting disclosure, minor updates to fees and expenses disclosure and the update of the list of Sub-Funds of the Fund. The revised Supplement for each Sub-Fund has been amended only to reflect the date of the revised Prospectus and updated initial offer periods for Share Classes. The Supplement for Fidelity MSCI Japan Index Fund was updated on 16 July 2019 to reflect a change to the settlement time for subscriptions for the shares of this Sub-Fund from T+3 to T+2 and updated initial offer periods. The Prospectus for the Fund was updated on 12 November 2019 to reflect, among other things, provision for the use of the International Central Securities Depositary (ICSD) settlement model, the establishment of both ETF shares and non-ETF shares, inclusion of enhanced share class currency hedging disclosure, updates to taxation disclosure, a change in the composition of the board of the Fund and the Manager, and some minor Brexit related amendments. The Relevant Supplements for the Index Tracking Sub-Funds were updated on 12 November 2019 only to reflect the date of the revised Prospectus of the Fund and updated initial offer periods for Share Classes. The Supplement for Fidelity Enhanced Reserve Fund was updated on 12 November 2019 to also reflect a reduction of the maximum limit on investment in below-investment grade securities from 50% to 30% of the net asset value of the Sub-Fund and the creation of a number of new HKD-denominated Share Classes, a CHF-denominated accumulation Share Class and a USD-denominated restricted ‘zero’ fee accumulation Share Class.

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17. Significant Events during the Financial Year (continued) Eimhin Ni Mhuircheartaigh resigned as a director of the Fund, effective 13 September 2019. Bronwyn Wright was appointed as a director of the Fund, effective 6 January 2020. Effective from 22 July 2019, the Independent Auditors of the Fund changed from PricewaterhouseCoopers to Deloitte Ireland LLP. There have been no other significant events affecting the Fund during the financial year. 18. Events since the Financial Year Following the United Kingdom formally leaving the European Union (“EU”) since January 2020, commonly referred to as "BREXIT", the Fund and the wider Fidelity International Group have considered the implications of BREXIT. Currently, until 1 January 2021, there is a transition period until end of 2020, while the UK and EU negotiate additional arrangements. While at the time of finalisation of these financial statements, the ultimate outcome of these negotiations is still uncertain, the Board has considered the key risks and possible impacts, including the impact of a 'hard' or negative BREXIT outcomes. The Fidelity Group and the Fund have planned for and taken certain mitigating steps to reduce the impact of a ‘hard’ BREXIT where deemed required. Specific BREXIT related management actions have included availing of the UK regulator FCA Temporary Permission Regime ("TPR") since March 2019. According to the Brexit withdrawal agreement, both the UK and the EU will start assessing the equivalence of each other’s financial regulatory systems by June 2020. However, uncertainty remains for financial services in terms of the ultimate outcome of the equivalence basis and these UK / EU negotiations. Since late January 2020, the number of COVID-19 cases and countries affected outside of China has grown rapidly, and on 11 March 2020, the WHO declared COVID-19 to be a global pandemic. During this period, national governments and various private sector organisations have taken significant measures to contain the virus, including quarantines and school, store, plant and border closures. Consequences of the outbreak have also contributed to significant volatility in global stock markets since late February 2020. The Central Bank of Ireland have been provided with regular liquidity reports on the Sub-Funds since early March and there have been no issues to report. The Board have carefully considered the impacts of COVID-19 at and after the entity’s reporting date up to the date of approval of these financial statements. They are comfortable that the impact of COVID 19 has not created any going concern and/or liquidity issues to highlight for the Shareholders attention at this time. Fidelity Global Credit ex US Fund was approved as a new sub-fund of the Fund on 7 February 2020. The Supplement for Fidelity Enhanced Reserve Fund was updated on 14 February 2020 to reflect, among other things, the fact that this Sub-Fund is actively managed and the portfolio is not constrained by reference to any index, and the establishment of a new ‘R-MINCOME USD‘ Share Class. Dominic Rossi was appointed as a director of the Fund, effective 21 April 2020. There were no other significant events that had a material effect on the financial statements. 19. Approval of Financial Statements The annual report and audited financial statements were approved by the Board of Directors of the Fund on 27 May 2020.

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DIRECTORS’ REPORT

The Directors present, herewith their annual report and audited financial statements for Fidelity UCITS II ICAV (the “Fund”) for the financial year ended 31 January 2020. Statement of Directors’ Responsibilities The Directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations. The Irish Collective Asset-management Vehicles Act 2015 (the “ICAV Act”) as amended requires the Directors to prepare financial statements for each financial period which give a true and fair view of the Fund’s assets, liabilities and financial position as at the end of the financial period and the profit or loss of the Fund for the financial period. The Directors have elected to prepare the financial statements in accordance with applicable Irish law and International Financial Reporting Standards, as adopted by the European Union (“IFRS”). In preparing these financial statements, the Directors are required to: - select suitable accounting policies and then apply them consistently; - make judgements and estimates that are reasonable and prudent;

- state whether the financial statements have been prepared in accordance with applicable accounting standards and identify the standards in question, subject to any material departures from those standards being disclosed and explained in the notes to the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Fund will continue in business. The Directors are responsible for keeping adequate accounting records which disclose with reasonable accuracy, at any time, the assets and liabilities and financial position of the Fund and enable them to ensure that the financial statements are prepared in accordance with IFRS and comply with the ICAV Act 2015 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (“UCITS Regulations”). They are also responsible for safeguarding the assets of the Fund and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Fund’s website. Legislation in Ireland governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The Directors are required to entrust the assets of the Fund to a Depositary for safe-keeping. In carrying out this duty, the Fund has appointed Brown Brothers Harriman Trustee Services (Ireland) Limited as Depositary (the “Depositary”). The Financial Statements are available from website at the following link: https://www.fidelity.ie/fidelity-ucits-ii-icav/

Accounting Records The Fund is obliged to keep or cause to be kept adequate accounting records as outlined in Section 110 of the ICAV Act. To achieve this, the Directors have appointed a service organisation Brown Brothers Harriman Fund Administration Services (Ireland) Limited (the “Administrator”). The Fund’s accounting records are retained at the Administrator’s registered office at 30 Herbert Street, Dublin 2, Ireland. Principal Activities The objective of the Fund is the collective investment in transferable securities and/or other liquid financial assets of capital raised from the public, operating on the principle of risk spreading in accordance with the UCITS Regulations. The Fund was registered in Ireland on 14 November 2017 as an Irish collective asset-management vehicle with variable capital and having segregated liability between its Sub-Funds and is structured as an umbrella collective asset-management vehicle in that the share capital of the Fund may be divided into different Share Classes with one or more Share Classes representing a separate Sub-Fund of the Fund. Each Sub-Fund may have more than one Share Class. The assets of each Sub-Fund are invested in accordance with the investment objectives applicable to such Sub-Fund.

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Fidelity UCITS II ICAV DIRECTORS’ REPORT (CONTINUED)

Principal Activities (continued) The Fund is organised in the form of an umbrella fund with segregated liability between sub-funds. The Prospectus provides that the Fund may offer separate sub-funds. Each Sub-Fund will have a distinct schedule of investments. Currently there are 20 Sub-Funds under the umbrella. Of these 20 Sub-Funds, 10 Sub-Funds have a December year end and 10 Sub-Funds have a January year end. These January year end financial statements are prepared for the below 7 Sub-Funds which were launched as of the financial year end (each, a “Sub-Fund” and, collectively, the “Sub-Funds”). There are three other Sub-Funds of the umbrella with a January year end that has been approved by the Central Bank of Ireland. Sub-Fund Launch Date Fidelity MSCI Emerging Markets Index Fund 20 March 2018 Fidelity MSCI Europe Index Fund 20 March 2018 Fidelity MSCI Japan Index Fund 20 March 2018 Fidelity MSCI Pacific ex-Japan Index Fund 20 March 2018 Fidelity MSCI World Index Fund 20 March 2018 Fidelity S&P 500 Index Fund 20 March 2018 Fidelity Enhanced Reserve Fund 26 March 2018 Review of Business The investment objectives of each individual Sub-Fund trading during the year ended 31 January 2020 are stated in the General Information section on page 2. The performance of the Sub-Funds against these investment objectives for the relevant fiscal year is detailed in the Investment Manager Reports on page 7. In addition to providing the performance of each Sub-Fund these reports also provide an additional portfolio commentary and a future outlook relevant to each individual Sub-Fund. Principal Developments The development and future activity for each Sub-Fund is detailed in the Investment Manager Reports on page 7. The portfolio commentary refers to the main contributors and detractors to performance of the Sub-Fund portfolios during the year. Results for the Period and Assets, Liabilities and Financial Position at 31 January 2020 Details of the assets, liabilities and financial position of the Sub-Funds and results for the financial year ended 31 January 2020 are set out in the Statement of Financial Position, Statement of Comprehensive Income and Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares. Directors The names of the persons who were Directors at any time during the financial period are listed below: Ms. Denise Kinsella (Ireland) (Chairperson) Mr. David Greco (USA) Mr. Nick King (UK) Ms. Catherine Fitzsimons (Ireland) Ms. Eímhín Ní Mhuircheartaigh (Ireland) (resigned on 13 September 2019) Ms. Bronwyn Wright (Ireland) (appointed 6 January 2020) All current Directors are Non-Executive. Ms. Denise Kinsella and Ms. Bronwyn Wright are Independent Directors.

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Directors’ Interests None of the Directors, the Secretary, nor their families holds or held any beneficial interests in the Fund at 31 January 2020 and 31 January 2019 or during the financial years.

Transactions Involving Directors There are no contracts or arrangements of any significance in relation to the business of the Fund in which the Directors had any interest, as defined in the ICAV Act, at any time during the financial year ended 31 January 2020 other than those disclosed in Note 7 ‘Fees’ of these financial statements. Connected Person Transactions Connected Persons The Manager, the Depositary, the Investment Manager and each of their respective affiliates are considered to be connected persons of the Fund for the purposes of the Central Bank UCITS Regulations. The following table details the types of transaction entered into with counterparties that are connected persons: Type of Transaction Counterparty Administration Brown Brothers Harriman Fund Administration Services (Ireland) Limited Depositary, FX and Hedging Services Brown Brothers Harriman Trustee Services (Ireland) Limited Distributor FIL Distributors Manager FIL Fund Management (Ireland) Limited Investment Manager FIL Investments Management (Hong Kong) Limited Dealing with Connected Persons Regulation 43 of the Central Bank UCITS Regulations “Restriction on transactions with connected persons” states that “a responsible person shall ensure that any transaction between a UCITS and connected person is: (i) conducted at arm’s length; and (ii) in the best interest of the unit-holders of the UCITS”. In accordance with Regulation 81(4) of the Central Bank UCITS Regulations, the Directors are satisfied that: (i) there are in place arrangements, evidenced by written procedures, to ensure that the obligations that are prescribed by Regulation 43 (1) are applied to all transactions with a connected person; and (ii) all transactions with connected persons that were entered into during the period to which the report relates complied with the obligations that are prescribed by Regulation 43(1). Risk Management Objectives and Policies

The principal risks and uncertainties faced by the Fund are outlined in Note 11 ‘Financial Risk Management’.

Dividends and Retention

The dividend distributions declared and paid during the period are disclosed in the Statement of Comprehensive Income and Note 2o “Distribution Policy”.

Future Developments

The Sub-Funds will continue to pursue their investment objectives as set out in the Prospectus and outlined in these financial statements.

Independent Auditors

Effective from 22 July 2019, the Fund has appointed Deloitte Ireland LLP, Chartered Accountants & Registered Auditors, as its Independent Auditor.

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Irish Funds Corporate Governance Code for Management Companies

The Board of Directors has assessed the measures included in the voluntary Corporate Governance Code for Collective Investment Schemes and Management Companies as published by Irish Funds in December 2011 (the “IF Code”). The Board has adopted all corporate governance practices and procedures in the IF Code. Signed on behalf of the Board of Directors by: Date: 27 May 2020

Date: 27 May 2020

194

Deloitte Ireland LLP

Chartered Accountants &

Statutory Audit Firm

INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF FIDELITY UCITS II ICAV

Report on the audit of the annual accounts Opinion on the annual accounts of Fidelity UCITS II ICAV (the ‘Fund’)

In our opinion the annual accounts:

give a true and fair view of the assets, liabilities and financial position of the Fund as at 31 January 2020 and of the profit for the financial year then ended; and

have been properly prepared in accordance with the relevant financial reporting framework and the applicable Regulations.

The annual accounts we have audited comprise:

the Statement of Financial Position; the Statement of Comprehensive Income; the Statement of Changes in Net Assets attributable to holders of Redeemable Participating Shares;

the Statement of Cash Flows; and the related notes 1 to 19, including a summary of significant accounting policies as set out in note

2. The relevant financial reporting framework that has been applied in their preparation is the Irish Collective Asset-management Vehicles Act 2015 (“the ICAV Act”) and International Financial Reporting Standards (IFRS) as adopted by the European Union (“the relevant financial reporting framework”). The applicable regulations that have been applied in their preparation is the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 and Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in

Transferable Securities) Regulations, 2019 (“the applicable Regulations”). Basis for opinion We conducted our audit in accordance with International Standards on Auditing (Ireland) (ISAs (Ireland)) and applicable law. Our responsibilities under those standards are described below in the “Auditor's responsibilities for the audit of the annual accounts” section of our report. We are independent of the Fund in accordance with the ethical requirements that are relevant to our audit of the annual accounts in Ireland, including the Ethical Standard issued by the Irish Auditing and Accounting Supervisory Authority, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern We have nothing to report in respect of the following matters in relation to which ISAs (Ireland) require us to report to you where:

the directors’ use of the going concern basis of accounting in preparation of the annual accounts is not appropriate; or

the directors have not disclosed in the annual accounts any identified material uncertainties that may cast significant doubt about the Fund’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the annual accounts are authorised for issue.

Continued on next page/

/Continued from previous page

INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF

FIDELITY UCITS II ICAV Other information The directors are responsible for the other information. The other information comprises the information included in the Annual Report and Audited Financial Statements, other than the annual accounts and our auditor’s report thereon. Our opinion on the annual accounts does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the annual accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the annual accounts or our

knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the annual accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of directors As explained more fully in the Statement of Directors’ Responsibilities, the directors are responsible for the preparation of annual accounts that give a true and fair view and have been properly prepared in accordance with the ICAV Act, and for such internal control as the directors determine is necessary to enable the

preparation of annual accounts that are free from material misstatement, whether due to fraud or error. In preparing the annual accounts, the directors are responsible for assessing the Fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Fund or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the audit of the annual accounts Our objectives are to obtain reasonable assurance about whether the annual accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance

with ISAs (Ireland) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these annual accounts. As part of an audit in accordance with ISAs (Ireland), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the annual accounts, whether due to fraud or

error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that

are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates

and related disclosures made by the directors.

Continued on next page/

/Continued from previous page

INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF

FIDELITY UCITS II ICAV Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based

on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the annual accounts or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of the auditor’s report. However, future events or conditions may cause the entity (or where relevant, the group) to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the annual accounts represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that the auditor identifies during the audit. This report is made solely to the Fund's shareholders, as a body, in accordance with Section 120(1)(b) of the ICAV Act. Our audit work has been undertaken so that we might state to the Fund's shareholders those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Fund and the Fund's shareholders

as a body, for our audit work, for this report, or for the opinions we have formed. Report on other legal and regulatory requirements Matters on which we are required to report by the ICAV Act and the applicable Regulations In our opinion, the information given in the directors’ report is consistent with the annual accounts and the directors’ report has been prepared in accordance with the ICAV Act. Matters on which we are required to report by exception Based on the knowledge and understanding of the Fund and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.

We have nothing to report in respect of the provisions in the ICAV Act which require us to report to you if, in our opinion, the disclosures of directors’ remuneration specified by the ICAV Act are not made. Opinion on other matters prescribed by the applicable Regulations Based solely on the work undertaken in the course of the audit, we report that: We have obtained all the information and explanations which we consider necessary for the purposes of

our audit. In our opinion the accounting records of the Fund were sufficient to permit the annual accounts to be

readily and properly audited. The annual accounts are in agreement with the accounting records.

Christian MacManus For and on behalf of Deloitte Ireland LLP Chartered Accountants and Statutory Audit Firm Deloitte & Touche House, Earlsfort Terrace, Dublin 2 28 May 2020


DIRECTORY (UNAUDITED)

Directors: Ms. Denise Kinsella (Ireland) (Chairperson) Mr. David Greco (USA) Mr. Nick King (UK) Ms. Catherine Fitzsimons (Ireland) Ms. Eímhín Ní Mhuircheartaigh (Ireland) (resigned on 13 September 2019) Ms. Bronwyn Wright (Ireland) (appointed 6 January 2020) Mr. Dominic Rossi (UK) (appointed 21 April 2020) All current Directors are Non-Executive. Ms. Denise Kinsella and Ms. Bronwyn Wright are Independent Directors.

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

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

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

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

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

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

Independent Auditors: From 22 July 2019: Deloitte Ireland LLP Deloitte & Touche House 29 Earlsfort Terrace Dublin 2 D02 AY28 Ireland Until 19 July 2019: PricewaterhouseCoopers One Spencer Dock North Wall Quay Dublin 1 D01 X9R7 Ireland

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

199


APPENDIX 1 – STATEMENT OF SIGNIFICANT CHANGES IN THE COMPOSITION OF PORTFOLIO (UNAUDITED)

In accordance with the UCITS Regulations, as amended, a statement of changes in the composition of the Schedule of Investments during the reporting period is provided to ensure that Shareholders can identify changes in the investments held by the Sub-Funds. The following statements present the aggregate purchases and sales of transferable securities exceeding one percent of the total value of purchases or sales, respectively, for the period. At a minimum, the largest twenty purchases and twenty sales are presented, if available.

Fidelity MSCI Emerging Markets Index Fund

Top Twenty Purchases for the financial year ended 31 January 2020

Security Description Quantity Cost USD Alibaba Group Holding 3,868 718,595 Tencent Holdings 10,300 473,320 Taiwan Semiconductor Manufacturing 46,000 400,775 Samsung Electronics 7,969 323,220 Naspers 766 165,133 China Construction Bank 173,000 144,319 Al Rajhi Bank 6,629 116,184 Ping An Insurance Group of China 10,000 116,074 Saudi Basic Industries 4,141 114,712 ICICI Bank 16,664 112,665 China Mobile 11,000 100,489 Reliance Industries 5,079 96,312 Hon Hai Precision Industry 33,000 90,257 Housing Development Finance 3,058 88,950 National Commercial Bank 6,482 88,604 Industrial & Commercial Bank of China 121,000 87,051 LUKOIL 988 85,938 Itau Unibanco Holding 8,400 72,291 Vale 5,700 70,449 Sberbank of Russia 19,380 68,303

Top Twenty Sales for the financial year ended 31 January 2020

Security Description Quantity Proceeds USD Prosus 2,129 164,809 Taiwan Semiconductor Manufacturing 14,000 123,722 Tencent Holdings 2,800 117,829 Samsung Electronics 1,784 68,594 LUKOIL 637 51,447 China Construction Bank 48,000 38,334 Naspers 193 36,496 Hon Hai Precision Industry 13,000 32,217 Industrial & Commercial Bank of China 46,000 31,869 Samsung Electronics 910 30,921 Alibaba Group Holding 161 27,661 Reliance Industries 1,337 26,827 Shanghai Lujiazui Finance & Trade Zone Development 26,748 25,627 Housing Development Finance 802 25,155 China Mobile 3,000 24,944 SK Hynix 419 24,877 Zhen Ding Technology Holding 6,000 23,617 Inner Mongolia Yitai Coal 24,024 21,921 Infosys 2,110 21,543 Yageo 2,000 21,420

200


APPENDIX 1 – STATEMENT OF SIGNIFICANT CHANGES IN THE COMPOSITION OF PORTFOLIO (UNAUDITED) (CONTINUED)



Security Description Quantity Cost EUR Nestle 6,288 573,420 Roche Holding 1,462 368,904 Novartis 4,456 343,777 HSBC Holdings 42,832 306,486 Royal Dutch Shell (A Shares) 9,601 259,939 BP 41,608 243,154 Total 5,075 238,860 SAP 2,017 230,697 LVMH 585 213,034 Royal Dutch Shell (B Shares) 7,906 212,321 AstraZeneca 2,707 204,843 Allianz 925 194,237 ASML Holding 920 192,160 GlaxoSmithKline 10,247 191,462 Sanofi 2,367 187,392 Diageo 4,805 177,289 Novo Nordisk 3,834 177,143 Siemens 1,577 166,114 British American Tobacco 4,658 152,735 Airbus 1,195 145,458


Security Description Quantity Proceeds EUR Nestle 3,762 355,457 Roche Holding 851 228,862 Novartis 2,607 213,435 HSBC Holdings 25,126 174,037 Royal Dutch Shell (A Shares) 6,070 159,963 Total 2,936 139,355 SAP 1,135 137,736 LVMH 338 133,052 BP 23,651 132,862 ASML Holding 527 129,686 AstraZeneca 1,533 128,506 GlaxoSmithKline 5,911 118,828 Allianz 545 118,561 Royal Dutch Shell (B Shares) 4,523 117,197 Sanofi 1,353 116,747 Novo Nordisk 2,333 114,238 Diageo 2,831 103,868 Siemens 893 99,989 British American Tobacco 2,680 93,337 Unilever 1,646 88,951

201





Security Description Quantity Cost USD Toyota Motor 128,000 9,025,199 Sony 70,800 4,594,021 Mitsubishi UFJ Financial Group 700,600 3,759,300 Keyence 9,800 3,635,031 SoftBank Group 83,400 3,421,832 Takeda Pharmaceutical 83,500 3,343,567 Sumitomo Mitsui Financial Group 75,500 2,774,935 KDDI 95,000 2,758,894 Recruit Holdings 74,500 2,697,141 Nintendo 6,400 2,609,811 Honda Motor 90,000 2,584,229 Mizuho Financial Group 1,373,400 2,150,766 Kao 26,200 2,139,496 Hitachi 53,900 2,112,751 Shin-Etsu Chemical 19,600 2,101,401 NTT DOCOMO 74,900 2,047,579 Mitsubishi 75,100 2,027,907 FANUC 10,300 2,006,191 Tokio Marine Holdings 35,500 2,002,516 Daiichi Sankyo 31,000 1,952,964

Top Twenty Sales for the year ended 31 January 2020

Security Description Quantity Proceeds USD Toyota Motor 11,100 769,306 Fast Retailing 900 515,445 SoftBank Group 9,900 450,332 Sony 6,200 426,143 Mitsubishi UFJ Financial Group 63,400 331,492 Tokyo Electron 1,400 301,186 Keyence 700 280,438 KDDI 9,500 277,691 Takeda Pharmaceutical 7,100 276,159 Sumitomo Mitsui Financial Group 6,800 245,678 Recruit Holdings 6,400 237,167 Nintendo 600 232,902 FANUC 1,200 225,505 Honda Motor 7,900 217,286 Daikin Industries 1,500 207,822 Shin-Etsu Chemical 1,800 197,506 Kao 2,400 194,946 Mizuho Financial Group 124,000 187,884 Daiichi Sankyo 2,800 181,572 SMC 400 177,407

202




Major Purchases for the financial year ended 31 January 2020

Security Description Quantity Cost USD AIA Group 43,200 417,586 Commonwealth Bank of Australia 6,685 362,932 CSL 1,687 284,849 BHP Group 11,028 271,496 Westpac Banking 12,987 250,544 National Australia Bank 10,878 209,102 Australia & New Zealand Banking Group 10,416 195,474 Hong Kong Exchanges & Clearing 4,100 128,311 Woolworths Group 4,837 122,013 Wesfarmers 4,410 121,160 DBS Group Holdings 6,600 120,810 Macquarie Group 1,265 114,850 Transurban Group 9,941 98,225 Oversea-Chinese Banking 11,902 94,177 Rio Tinto 1,411 87,686 CK Hutchison Holdings 9,000 84,174 Woodside Petroleum 3,682 82,557 Sun Hung Kai Properties 5,500 80,557 Link REIT 7,300 78,358 United Overseas Bank 4,000 76,151 CK Asset Holdings 10,000 70,211 Hong Kong & China Gas 35,000 69,424 CLP Holdings 6,500 67,123 Singapore Telecommunications 27,900 66,019 Galaxy Entertainment Group 10,000 65,631

203



Fidelity MSCI Pacific ex-Japan Index Fund (continued)

Major Sales for the financial year ended 31 January 2020

Security Description Quantity Proceeds USD AIA Group 47,000 479,399 Commonwealth Bank of Australia 7,039 388,786 BHP Group 11,994 325,943 CSL 1,784 320,963 Westpac Banking 13,949 248,950 National Australia Bank 11,775 209,555 Australia & New Zealand Banking Group 11,195 202,097 Hong Kong Exchanges & Clearing 4,400 145,227 DBS Group Holdings 7,100 134,111 Woolworths Group 5,347 131,292 Wesfarmers 4,638 129,051 Macquarie Group 1,334 125,655 Oversea-Chinese Banking 13,100 106,265 Transurban Group 10,181 103,770 Rio Tinto 1,493 103,193 CK Hutchison Holdings 10,000 98,120 Woodside Petroleum 3,901 94,663 Sun Hung Kai Properties 6,000 91,924 United Overseas Bank 4,700 90,488 Galaxy Entertainment Group 12,000 84,404 Link REIT 8,000 83,941 CK Asset Holdings 11,000 80,540 Hong Kong & China Gas 38,000 76,960 CLP Holdings 7,000 75,852 Singapore Telecommunications 30,500 74,237

204





Security Description Quantity Cost USD Apple 16,538 3,822,474 Microsoft 26,286 3,633,198 Amazon.com 1,536 2,766,694 Facebook 8,644 1,620,060 Alphabet Class A 1,158 1,444,972 Alphabet Class C 1,052 1,307,811 Johnson & Johnson 9,496 1,292,509 Nestle 11,068 1,148,181 Exxon Mobil 15,081 1,081,528 Visa 6,184 1,076,379 Procter & Gamble 9,019 1,052,858 JPMorgan Chase 8,121 949,941 Walt Disney 6,842 888,951 Verizon Communications 14,770 874,457 UnitedHealth Group 3,417 856,030 Mastercard 3,126 844,456 Intel 15,853 843,423 Chevron 6,775 799,547 Merck 9,180 773,956 Coca-Cola 14,577 761,465


Security Description Quantity Proceeds USD Apple 6,956 1,841,163 Microsoft 10,259 1,555,120 Amazon.com 601 1,104,500 Facebook 3,351 686,004 Alphabet 471 623,927 JPMorgan Chase 4,926 622,858 Alphabet 389 529,087 Johnson & Johnson 3,734 519,879 Nestle 4,586 490,089 Visa 2,416 453,682 Berkshire Hathaway 2,024 438,024 Procter & Gamble 3,475 422,690 Exxon Mobil 5,676 394,598 AT&T 10,097 376,121 UnitedHealth Group 1,344 369,730 Bank of America 11,371 367,714 Walt Disney 2,471 354,625 Intel 6,269 351,493 Wells Fargo 6,539 328,787 Verizon Communications 5,589 326,919

205


APPENDIX 1 – STATEMENT OF SIGNIFICANT CHANGES IN THE COMPOSITION OF PORTFOLIO (CONTINUED)



Security Description Quantity Cost USD Microsoft 44,949 5,865,837 Apple 25,830 5,328,969 Amazon.com 2,465 4,481,449 Facebook 14,220 2,627,303 Berkshire Hathaway 10,851 2,255,399 Alphabet (Class C) 1,803 2,151,012 Johnson & Johnson 15,641 2,137,540 Alphabet (Class A) 1,758 2,103,973 JPMorgan Chase 18,004 2,036,589 Exxon Mobil 25,324 1,889,896 Visa 10,217 1,706,722 Procter & Gamble 14,788 1,635,689 Verizon Communications 24,491 1,427,087 Walt Disney 10,740 1,415,781 UnitedHealth Group 5,641 1,397,979 Bank of America 47,135 1,379,797 Chevron 11,234 1,344,349 AT&T 40,452 1,341,130 Intel 26,285 1,326,588 Pfizer 33,123 1,326,158


Security Description Quantity Proceeds USD Apple 18,181 4,423,138 Microsoft 30,045 4,195,123 Amazon.com 1,630 2,917,961 Facebook 9,451 1,819,889 Alphabet (Class C) 1,226 1,574,525 Berkshire Hathaway 7,286 1,569,604 JPMorgan Chase 12,688 1,518,331 Alphabet (Class A) 1,166 1,505,041 Johnson & Johnson 10,529 1,467,067 Visa 6,916 1,221,682 Exxon Mobil 16,951 1,217,644 Procter & Gamble 9,849 1,130,259 Intel 18,072 1,039,045 Bank of America 33,004 1,020,116 UnitedHealth Group 3,793 1,004,627 AT&T 27,202 953,690 Verizon Communications 16,286 951,753 Pfizer 22,644 908,191 Chevron 7,528 882,293 Walt Disney 6,740 880,229

206


APPENDIX 1 – STATEMENT OF SIGNIFICANT CHANGES IN THE COMPOSITION OF PORTFOLIO (CONTINUED)



Security Description Quantity Cost USD Fidelity Institutional Liquidity Fund - The United States Dollar Fund 9,994 104,924,557 United States Treasury Note 1.50% 30/09/2021 60,000,000 59,802,377 United States Treasury Bill 0.00% 31/12/2019 20,000,000 19,974,617 China Construction Bank 2.46% 22/10/2022 11,000,000 11,000,000 IS Hong Kong Investment 2.90% 30/12/2022 10,000,000 10,057,500 China Development Bank 2.44% 06/03/2020 10,000,000 10,005,000 Kingdom of Belgum 0.00% 01/10/2019 10,000,000 9,995,821 Agence Centrale 0.00% 03/10/2019 10,000,000 9,992,062 Kingdom of Belgum 0.00% 11/10/2019 10,000,000 9,989,858 Landeskreditbank 0.00% 081/2020 10,000,000 9,988,638 La Banque Postale 0.00% 021/2020 10,000,000 9,983,494 Landesbank Hessen 0.00% 13/01/2020 10,000,000 9,977,882 Instituto de Credit 0.00% 21/01/2020 10,000,000 9,972,299 La Banque Postale 1.98% 28/02/2020 10,000,000 9,960,556 Mizuho Bank 1.87% 08/ 4/2020 10,000,000 9,952,953 ABN AMRO Bank 1.85% 08/05/2020 10,000,000 9,938,204 Goldman Sachs 1.94% 23/07/2020 10,000,000 9,903,123 United States Treasury Bill 0.00% 21/11/2019 10,000,000 9,884,048 Bharat Petroleum 4.38% 24/01/2022 8,890,000 9,135,054 United States Treasury Bill 0.00% 30/05/2019 9,000,000 8,947,236

Major Sales for the financial year ended 31 January 2020

Security Description Quantity Proceeds USD United States Treasury Note 1.50% 30/09/2021 60,000,000 59,935,156 United States Treasury Bill 0.00% 31/12/2019 10,000,000 9,994,462 Amipeace 2.50% 5/12/2024 8,000,000 8,050,880 United States Treasury Note 1.50% 31/10/2021 6,000,000 5,991,797 United States Treasury Inflation Indexed Bonds 0.50% 15/04/2024 5,096,200 5,174,634 United States Treasury Note 1.50% 31/08/2021 5,000,000 4,993,359 United States Treasury Note 0.75% 15/07/2019 5,000,000 4,979,475 United States Treasury Bill 0.00% 10/09/2020 5,000,000 4,917,108 United States Treasury Bill 0.00% 9/01/2020 4,000,000 3,971,803 United States Treasury Bill 0.00% 26/03/2020 4,000,000 3,933,727 Fidelity Institutional Liquidity Fund PLC - The United States Dollar Fund 175 3,124,557 United States Treasury Note 2.50% 15/02/2022 3,000,000 3,057,305 United States Treasury Note 1.63% 30/06/2021 3,000,000 3,001,992 United States Treasury Bill 0.00% 26/09/2019 3,000,000 2,966,694 Avenue International Holding 3.25% 25/10/2020 2,500,000 2,500,000 Vedanta Resources 6.38% 30/07/2022 2,500,000 2,460,400 Logan Property Holdings 8.75% 12/12/2020 2,300,000 2,402,350 Huarong Finance 4.11% 27/0/2022 2,088,000 2,117,086 Fuqing Investment Management 4.00% 12/06/2022 2,100,000 2,094,750 United States Treasury Note 2.50% 28/02/2021 2,000,000 2,022,578 United States Treasury Note 2.50% 31/01/2021 2,000,000 2,020,859 Huarong Finance 3.25% 03/06/2021 2,000,000 2,009,140 LS Finance 4.88% 15/07/2024 2,000,000 1,997,500 GOME Retail Holdings 5.00% 10/03/2020 2,000,000 1,951,000 Tsinghua Unic 4.75% 31/01/2021 2,000,000 1,750,000

207


APPENDIX 2 – REPORT OF REMUNERATION (UNAUDITED)

The Fund is managed by FIL Fund Management (Ireland) Limited (“FFM(I)L”), a wholly owned subsidiary of FIL Limited (“FIL”). FFM(I)L will take reasonable steps to ensure that any decisions are consistent with the overall business strategy, objectives and the Global Remuneration Policy and try to manage any conflicts of interest which may arise. The FIL Group Remuneration Committee has established a Global Remuneration Policy to ensure the requirements of the UCITS Directive are met at a global level for all its UCITS management companies, including FFM(I)L. The Remuneration Committee reviews the remuneration policy at least annually to reflect the relevant local market practices and regulatory requirements applicable from time to time. The Directors of FFM(I)L review its general principles at least annually and oversee its implementation. The Global Remuneration Policy is consistent with and promotes sound and effective risk management and is designed not to encourage risk-taking which is inconsistent with the risk profile of FFM(I)L and the Fund. The Global Remuneration Policy is in line with the business strategy, objectives, values and interests of FFM(I)L and the Fund and includes measures to avoid conflicts of interest. There were no material changes to the Global Remuneration Policy to report during the financial period. The Global Remuneration Policy applies to all employees, with a focus on the staff whose professional activities have a material impact on the risk profile of the relevant management company or fund (the ‘Identified Staff’). The Identified Staff are individuals whose roles can materially affect the risk of the management company or any UCITS fund that it manages. These roles are identified in line with the requirements of the UCITS Directive and guidance issued by the European Securities and Markets Authority. Identified Staff supporting FFM(I)L, include the following individuals: a) Senior Management (Registered Directors); b) Risk Takers (Senior Management Team); and c) Staff Engaged in Control Functions (Risk, Compliance, Audit, HR and Finance). FFM(I)L does not employ staff directly so the total remuneration to be disclosed under this remuneration disclosure for the financial period is NIL. The fees received by independent Directors of FFM(I)L do not have any variable component. The aggregate total remuneration paid to the Identified Staff, considering all existing delegation arrangements and where information has been made available, is as follows: USD Fixed: 10,668 Variable: 0 Total: 10,668 It is to be noted that the remuneration information disclosed from the delegate for its relevant staff pertains to the financial year ended 31 January 2020. For any additional information on the Global Remuneration Policy, a summary is available at https://www.fil.com.

208


APPENDIX 3 – TRACKING ERROR (UNAUDITED)

Each of the Index Tracking Sub-Funds employ a “passive” investment strategy designed to replicate the performance of the Index by holding all of the Index securities in a similar proportion to their weighting in the Index. However, where full replication of the Index is not reasonably possible (for example as a result of the number of securities or the illiquidity of certain securities within the Index), the Sub-Funds will use optimisation to select the Index securities in order to build a representative portfolio that provides a return that is comparable to that of the Index. Tracking error measures the volatility of the return difference between each Sub-Fund and the Index. It is calculated as the standard deviation of the delivered excess returns over an annual period. Anticipated tracking error is disclosed for the Sub-Funds in the table below. Realised (ex-post) tracking error may vary from the anticipated tracking error, depending on a range of circumstances. These include transaction costs, securities lending income and withholding tax differences. The anticipated tracking error and ex-post tracking error are not expected to vary significantly under normal circumstances. For the financial year ended 31 January 2020, the anticipated tracking errors and the ex-post tracking errors were as follows: Sub-Fund Anticipated tracking error (bps) Ex-post tracking error (bps) Fidelity MSCI Emerging Markets Index Fund 50 20 Fidelity MSCI Europe Index Fund 20 19 Fidelity MSCI Japan Index Fund 40 13 Fidelity MSCI Pacific ex-Japan Index Fund 40 13 Fidelity MSCI World Index Fund 20 11 Fidelity S&P 500 Index Fund 15 6 The table below compares the realised Sub-Fund’s performance against the performance of the relevant benchmark Index during the financial year ended 31 January 2020. An explanation for the difference gross of TER is provided: Sub-Fund

Sub-Fund return for the financial year

ended 31/01/2020

%

Benchmark

return for the financial year ended 31/01/2020

%

Tracking difference

net of TER

%

TER %

Tracking difference

gross of TER

%

Explanation of the tracking difference

Fidelity MSCI Emerging Markets Index Fund

3.33 3.81 (0.48) 0.20 (0.28) The underperformance of the Sub Fund was due to the portfolio optimisation employed and withholding tax differences between the Sub-Fund and Index.


17.58 17.21 0.37 0.10 0.47 The outperformance of the Sub Fund was due to the sampling techniques employed.


11.19 11.20 (0.01) 0.10 0.09 The outperformance of the Sub- Fund was due to the sampling techniques employed.


8.90 8.59 0.31 0.13 0.44 The outperformance of the Sub- Fund was due to the sampling techniques employed.





209

Fidelity UCITS II ICAV APPENDIX 4 – SECURITIES FINANCING TRANSACTIONS (UNAUDITED)

The Securities Financing Transactions (“SFTs”) Regulation (the “Regulation”) came into force on 12 January 2016 and introduced additional disclosure requirements around securities lending, repurchase agreement/reverse repurchase agreements, total return swaps (TRSs) and other lending/borrowing transactions in annual and semi-annual financial statements, published after 13 January 2017. The Regulation came about due to what was perceived as ‘shadow banking’ risk in the securities financing markets and aims to reduce this risk by improving transparency in the securities financing markets in a number of ways: - By imposing conditions on the 'reuse' of collateral, so that clients and counterparties understand the risks involved and give their consent to the reuse, - By requiring managers to make detailed disclosures to their investors of the use they make of SFTs both in their periodic financial statements and pre-contractual documentation; and - By requiring counterparties to report SFTs to a trade repository so as to provide transparency to regulators on the use of SFTs by market participants. As the Sub-Funds did not hold any SFTs as at 31 January 2020, the report for the financial year end 31 January 2020 and financial statements do not include any additional disclosures.

210

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